Annual Report 17-18 - AIC OF INDIA

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Our Vision

Accelerate the economic momentum of the Nation by bringing financial stability to rural India

Innovated and develop rural-oriented and farmer-friendly Insurance products for all agricultural andallied risks

Cast a protective net over agricultural and allied activities from natural perils and risks

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fo"k; lwph / CONTENTS

funs'kd eaMy ,oa izca/ku Board and Management 5

iz/kku dk;kZy; esa ofj"B izcaèku Senior Management at Head Office 12

{ks=h; izcaèkd Regional Managers 13

vè;{kh; Hkk"k.k Chairman’s Speech 20

fu;a=d ,oa egkys[kk ijh{kd dh izfrosnu C & AG Report 24

ys[kkijh{kd dh Lora= izfrosnu Independent Auditors’ Report 26

funs'kdksa dh izfrosnu Directors’ Report 56

izcaèku izfrosnu Management Report 154

foÙkh; fooj.k Financial Statements 160

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funs'kd vkSj izcaèkd e.MyBoard and Management

vè;{k o izcaèk funs'kd@Chairman-cum-Managing Director

lqJh fV- ,y- vyesywMs. T. L. Alamelu

funs'kd@Director(s)

MkW- vk'kh"k dqekj HkqVkuh MkW- ,u- ,l- jko Jh ds- ,u- Hk.MkjhDr. Ashish Kumar Bhutani Dr. N. S. Rao Mr. K. N. Bhandari

lqJh ,sfyl th- oS|u Jh ,e- ds- eqnxyMs. Alice G. Vaidyan Mr. M. K. Mudgal

Jh ds- luFkdqekj Jh th- Jhfuoklu Jh ,e- ,u- lekZ Jh ,- oh- fxfjtkdqekjMr. K. Sanathkumar Mr. G. Srinivasan Mr. M. N. Sarma Mr. A.V. Girijakumar

egkizcUèkd@General Manager(s)

Jh ,e- ds- iksn~nkj Jh jktho pkSèkjh Jh vfHkuUn ?kks"kMr. M. K. Poddar Mr. Rajeev Chaudhary Mr. Avinanda Ghosh

mi egkizcUèkd@Deputy General Manager(s)

MkW- ,e- Mh- xqIrk Jh ,l- ,l- lDlsuk Jh ch- ,l- jkgqyDr. M. D. Gupta Mr. S. S. Saxena Mr. B. S. Rahul

Jh jkeiky ,l jkor Jh vt; fla?kyMr. Rampal S Rawat Mr. Ajay Singhal

iSuy chekafdd@Panel Actuary

Jh lQnj tkQj@Mr. Safder Jaffer

dEiuh lfpo@Company Secretary

lqJh dfudk 'kekZ 'kkafMY;@Ms. Kanika Sharma Shandil

la;qDr laoSèkkfud ys[kk ijh{kd@Joint Statutory Auditors

esllZ Hklhu jk?kou ,.M da-] pkVZMZ ,dkmaVsaV~l / M/s Bhasin Raghavan & Co., Chartered Accountants, JSA

esllZ ih- vkj- esgjk ,.M da-] pkVZMZ ,dkmaVsaV~l / M/s P. R. Mehra & Co., Chartered Accountants, JSA

lfpoh; ys[kk ijh{kd@Secretarial Auditors

esllZ bduhr dkSj ,.M da-] lfpo / M/s Iqneet Kaurr & Co., Secretarial Auditor

lh-vkbZ-,u- ua- % ;w74999Mh,y2002ih,ylh118123CIN U74999DL2002PLC118123

iathd`r dk;kZy;@Registered Office

IysV&ch ,oa lh] 5oka ry] vkWfQl Cykd&1] iwoZ fdnobZ uxj] fjax jksM] ubZ fnYyh&110023Plate-B & C, 5th Floor, Office Block-1, East Kidwai Nagar, Ring Road, New Delhi-110023

www.aicofindia.com

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BOARD OF DIRECTORS

MS. T. L. ALAMELU joined the industry in 1983 as a Direct Recruit Officer in‘The New India Assurance Company Limited’, immediately after completion ofpost-graduation & worked under different capacities in the Head Office, RegionalOffices and Branch Office thus giving her an edge of understanding the groundlevel to strategic level decision making.

After her long stint of 25 years in New India Assurance, upon Promotion shejoined United India Insurance Company Limited as Deputy General Manager inAugust 2008 and subsequently became General Manager in October 2012.

In October 2016, she was promoted to the post of Director and General Managerin the New India Assurance Company Limited, which made her one of the youngest Director andGeneral Manager in Public Sector General Insurance Companies in India.

She joined as the Chairperson and Managing Director of Agriculture Insurance Company of IndiaLimited on 31st May 2017. She is the first woman CMD of the Company.

She's been a Council Member of Insurance Institute of India, Mumbai and a guest lecturer at theNational Insurance Academy of Pune. She has featured as one of the 100 Influential Women in Re/Insurance by 'Intelligent Insurer' in 2015.

DR. ASHISH KR BHUTANI

He is the Chief Executive Officer, Pradhan Mantri Fasal Bima Joint Secretary ofDepartment of Agriculture, Cooperation & Farmers' Welfare, Ministry ofAgriculture & Farmers Welfare, Government of India.

He is qualified as MBBS. He is a 1992 batch IAS officer of Assam-Meghalaya cadre.

He has worked in various capacities in the Government in Agriculture andCooperation Urban Development, Guwahati Metro Development Authority andLand Revenue Management and District Administration.

DR. N. SRINIVASA RAO

He is the Economic Advisor, Department of Financial Services, Ministry of Finance,Government of India, New Delhi. He is holding Master's Degree in Economicsand Ph.D. in Economics.

He is on the Board of the Oriental Insurance Company Limited. He was on theBoard of BharathiyaMahila Bank as Government Nominee. He has worked invarious capacities in the Government of Andhra Pradesh, Planning Commissionand Department of Financial Services, Ministry of Finance, Govt. of India. In hiscareer spanning more than 18 years in the Indian Economic Service, he has carried

out analysis and evaluation of various Governmental Schemes, aided in Financial Management ofpublic projects, formulation of policies pertaining to investments in Agriculture and allied activities,preparation of Investment Policy Regulations for Insurance Companies etc.

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vDVwcj] 2016 esa os U;w bafM;k ,';ksjsal daiuh fyfeVsM esa funs'kd ,oa egkizcaèkd ds in ij izksUur gqb± vkSj bl izdkjos Hkkjr esa ljdkjh {ks= dh lkèkkj.k chek daifu;ksa esa funs'kd ,oa egkizcaèkd ds in dks lq'kksfHkr djus okys ;qokvfèkdkfj;ksa esa ls ,d cu xbZaA

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mUgksaus Hkkjrh; chek laLFkku] eqacbZ dh ifj"kn ds lnL; ds :i esa Hkh dk;Z fd;k gS rFkk fofHkUu voljksa ij jk"Vªh;chek vdkneh] iq.ks esa vfrfFk O;k[;krk ds :i esa Hkh xbZ gSaA mUgsa 2015 esa ^baVsyhtsaV ba';ksjj* }kjk iquchZek@chekesa 100 izHkko'kkyh efgyk O;fDRkRoksa esa 'kkfey fd;k x;k FkkA

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;g vksfj,aVy ba';ksjsal daiuh fyfeVsM ds cksMZ esa 'kkfey gSaA ;g Hkkjrh; efgyk cSad ds cksMZ ijljdkjh ukekafdr O;fä ds :i esa Hkh 'kkfey Fks A bUgksaus vkaèkz çns'k ljdkj] ;kstuk vk;ksx vkSjfoÙkh; lsok,a foHkkx] foÙk ea=ky;] Hkkjr ljdkj ds fofHkUu inksa ij dk;Z fd;k gqvk gSA bUgksaus vius18 ls vfèkd o"kZ ds dfj;j esa Hkkjrh; vkÆFkd lsok esa fofHkUu ljdkjh ;kstukvksa dk fo'ys"k.k vkSjewY;kadu fd;k] lkoZtfud ifj;kstukvksa ds foÙkh; çcaèku esa lgk;rk dh] —f"k vkSj lac) xfrfofèk;ksa

esa fuos'k ls lacfUèkr uhfr;ksa dk fuekZ.k fd;k rFkk chek daifu;ksa vkfn ds fy, fuos'k uhfr fofu;eksa dks rS;kj fd;kA

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MS. ALICE G. VAIDYAN CMD GIC Re. Chairman-cum-Managing Director,GIC Re, is the first lady CMD in the public-sector Insurance industry in India(both life and non-life).

Mrs Vaidyan is also non-executive Chairman of GIC Re South Africa Limited andGIC Housing Finance Limited. She is a Member of the Council of AsianReinsurance Corporation as well. Mrs Vaidyan is also a Director on the Board ofLife Insurance Corporation of India, ECGC Ltd., Indian Register of Shipping,KenIndia Assurance Company Limited, and Health Insurance TPA Limited. Sheis also been appointed as Director on Board of International Insurance Society.

A post graduate in English literature and a Fellow of the Insurance Institute of India, Mrs Vaidyan hasalso trained at the Harvard Business School, Boston. She has won several national and internationalawards.

MR. M. K. MUDGAL is the Chief General Manager of National Bank forAgriculture and Rural Development (NABARD), Mumbai. Mr. Mudgal has headedGujarat Office of NABARD during 2013-15. Mr. Mudgal had been CEO ofNABARD Consultancy Services during 2011-13. Mr. Mudgal currently is theCountry Head of Corporate Planning Department of NABARD at its Head Officein Mumbai. Mr. Mudgal is having work experience of 34 years in developmentalbanking Mr. Mudgal is Masters of Science in Dairying from National DairyResearch Institute (NDRI), Karnal. He is also an MBA from IIM, Ahmedabad.

MR. K.N. BHANDARI is a Bharat Vikas Ratan Awardee. He served as Chairman-cum-Managing Director of New India Assurance Company Limited Mumbai andUnited India Insurance Company Ltd. He served as Chairman of GeneralInsurance (Public Sector) Company's Association (GIPSA) New India Assurance(Trinidad & Tobago) Limited and General Insurance Council of India, Mumbai.Mr. Bhandari was Member of Tariff Advisory Committee, Governing Board,National Insurance Academy, Pune and IRDA Committee to review role ofsurveyors and Intermediaries.

Mr. Bhandari also served as Member of the Board of Director of General InsuranceCorporation of India, Loss Prevention Association of India Ltd., Ken India Insurance Co. Limited.Mr. Bhandari is a former Secretary of General Insurance Council of India.

Presently, Mr. Bhandari is Honorary Director of School of Insurance Studies, National Law University,Jodhpur and, also on the Board of many companies including Hindalco Industries, Andhra Cementsand Jaiprakash Associates.

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lqJh ,fyl th- oS|u lh,eMh thvkbZlh js- vè;{k&lg&izcaèk funs'kd] thvkbZlh js- Hkkjr esaljdkjh {ks= ds chek m|ksx dh izFke efgyk lh,eMh gSa ¼thou vkSj xSj&thou chek nksuksa½A

Jherh oS|u thvkbZlh js- lkmFk vÝhdk fyfeVsM rFkk thvkbZlh gkmflax Qkbusal fyfeVsMdh xSj&dk;Zdkjh vè;{k Hkh gSaA os ,f'k;kbZ iquchZek fuxe ifj"kn dh lnL; Hkh gSaA JherhoS|u Hkkjrh; thou chek fuxe] bZlhthlh fyfeVsM] bafM;u jftLVj vkWQ f'kfiax] dsubafM;k ,';ksjsal daiuh fyfeVsM rFkk gSYFk ba';ksjsal Vhih, fyfeVsM ds cksMks± dh funs'kd HkhgSaA mUgsa varjkZ"Vªh; chek lkslkbVh ds cksMZ ds funs'kd ds :i esa Hkh fu;qDr fd;k x;k gSA

vaxzsth lkfgR; esa LukrdksÙkj rFkk Hkkjrh; chek laLFkku dh Qsyks Jherh oS|u us gkoZMZ fctusl Ldwy] cksLVu esaizf'k{k.k Hkh iznku fd;k gSA mUgksaus vusd jk"Vªh; vkSj varjkZ"Vªh; iqjLdkj thrs gSaA

Jh ,e-ds- eqnxy jk"Vªh; —f"k vkSj xzkeh.k fodkl cSad ¼ukckMZ½ eaaqcbZ ds eq[; egkizcaèkdgSaA Jh eqnxy us 2013&15 ds nkSjku ukckMZ ds xqtjkr dk;kZy; dk usr`Ro fd;kA Jh eqnxy2011&13 ds nkSjku ukckMZ ijke'khZ lsokvksa ds lhbZvks jgsA Jh eqnxy orZeku esa ukckMZ dseqacbZ fLFkr eq[;ky; esa dkjiksjsV ;kstuk foHkkx ds daVªh gSM gSaA Jh eqnxy dks fodklkRedcSafdax esa 34 o"kZ dk dk;Z vuqHko izkIr gSA Jh eqnxy jk"Vªh; Ms;jh vuqlaèkku laLFkku¼,uMhvkjvkbZ½ ls Ms;fjax esa foKku fu".kkr gSaA mUgksaus vkbZvkbZ,e] vgenkckn ls ,ech, Hkhfd;k gSA

Jh ds-,u- HkaMkjh Hkkjr fodkl jRu iqjLdkj fotsrk gSaA mUgksaus U;w bafM;k b';ksjsal daiuhfyfeVsM] eqacbZ vkSj ;wukbVsM bafM;k ba';ksjsal daiuh fyfeVsM] psUubZ ds vè;{k&lg&izcaèkfuns'kd ds :i esa dk;Z fd;k gSA mUgksaus lkèkkj.k chek ¼ljdkjh {ks=½ daiuh ,lksfl,'ku¼thvkbZih,l,½]U;w bafM;k ba';ksjsal ¼f=fuMkM ,oa VkscSxks½ fyfeVsM rFkk tujy ba';ksjsaldkmafly vkWQ bafM;k] eqacbZ ds vè;{k ds :i esa Hkh dk;Z fd;kA Jh HkaMkjh VSfjQ lykgdkjlfefr ds] jk"Vªh; chek vdkneh] iq.ks ds 'kklh eaMy ds lnL; jgs rFkk losZ;jksa dh rFkke/;orhZ laLFkkvksa dh Hkwfedk dh leh{kk djus ds fy, vkbZvkjMh, lfefr ds lnL; jgsA

Jh HkaMkjh tujy b';ksjsal dkiksZjs'ku vkWQ bafM;k ds] ykWl izhosa'ku ,lksfl,'ku vkWQ bafM;kfyfeVsM ds] dsu bafM;k ba';ksjsal da- fyfeVsM ds funs'kd jgsA Jh HkaMkjh Hkkjrh; lkèkkj.k chek ifj"kn ds iwoZ lfpoHkh jgs gSaA

orZeku esa] Jh HkaMkjh Ldwy vkWQ ba';wjsal LVMht+] jk"Vªh; fofèk fo'ofo|ky;] tksèkiqj ds ekun funs'kd gSa rFkk vusdvxz.kh daifu;ksa ds cksMZ esa 'kkfey gSa ftuesa fgaMkYdks baMLVªht] vkaèkz lhesaV~l vkSj t;izdk'k ,lksfl,V~l izeq[k gSaA

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MR. G. SRINIVASAN is the Chairman cum Managing Director of The NewIndia Assurance Company Limited since 18th October 2012. Prior to hisappointment as CMD of New India, he was the CMD of United India InsuranceCompany Limited. He is an Associate of Institute of Cost Accountants and also aFellow of The Insurance Institute of India. He has vast experience in the GeneralInsurance Industry at various places in India and abroad having handled bothoperations and well as Corporate management level portfolios. He was ManagingDirector of New India Assurance Company (Trinidad & Tobago) Limited, in theCaribbean. He is a Member of many Committees of Government of India, IRDAIetc. He is Chairman, General Insurance Council and GIPSA (General Insurance

Public Sector Association), Delhi. He is a Director on many Boards. Mr. G. Srinivasan has won manyawards and accolades in the field of Insurance.

MR. A. V. GIRIJA KUMAR was elevated to the post of Chairman-cum-ManagingDirector of the Oriental Insurance Company Limited w.e.f. 31.05.2017. He hasmore than three decades of rich and vast experience in Non-Life Insurance Industryhaving joined New India Assurance Company as a Direct Recruit officer in 1980and served in various parts of the Country including a stint in Saudi Insurance.He was Director & General Manager & also Officiating Chairman-cum-ManagingDirector of National Insurance Company & United India Insurance Company.

MR. M.N. SARMA is the Chairman and Managing Director of United IndiaInsurance Company Limitedsince 13th September 2017. Mr. Sarma served as GM& Director in UIIC and Oriental Insurance. Before that he was Managing Directorand CEO of Health Insurance TPA of India. He served on the Board of GICHousing Finance Limited, KenIndia Assurance India Limited and IIFCL AssetManagement Company Limited. He is holding a Master's Degree in Economicswith Bachelors of Law. He was an Associate of III.

Mr. Sarma began his career in 1982 at New India Assurance had served in variousresponsibilities including heading the Company's Hyderabad office, DivisionalOffices, Heading IT Investment Marine Cargo/Hull/ Aviation, Oil & Energy,Health and Internal Audit, also foreign operations

MR. K. SANATH KUMAR is the Chairman-cum-Managing Director of NationalInsurance Company Limited since 18th February 2016. He has more than 37 yearsof experience in general insurance industry. He has served on the Boards of TheNew India Assurance Company Limited, General Insurance Corporation ofIndia, The United India Insurance Company Limited, Jordan, Kenindia AssuranceCompany Limited, Nairobi, Prestige Assurance Plc Lagos, Nigeria & OTC Exchangeof India. Till taking the current charge, he was acting CMD of GIC Re. and was aMember of the Academic Council of Insurance Institute of India.

Presently, he is on the Board of Health Insurance TPA of India Limited, GICHousing Finance Limited and India International Insurance Pte. Limited,

Singapore. He is also a Member of the Governing Board of National Insurance Academy, Pune.

He holds Bachelor's Degree in Science and Law, Diploma in Insurance Law and also an Associate ofInsurance Institute of India, Mumbai.

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Jh th- Jhfuoklu 18 vDrwcj] 2012 ls fn U;w bafM;k ,';ksjsal daiuh fyfeVsM dsvè;{k&lg&izcaèk funs'kd gSaA U;w bafM;k esa lh,eMh ds :i esa fu;qfDr ls iwoZ os ;wukbVsMbafM;k ba';ksjsal daiuh fyfeVsM esa lh,eMh FksA os bafLVV~;wV vkWQ dkWLV ,dkmaVsaV~l ds,lksfl,V rFkk Hkkjrh; chek laLFkku ds Qsyks Hkh gSaA mUgsa Hkkjr vkSj fons'k esa fofHkUu LFkkuksaesa lkèkkj.k chek m|ksx esa O;kid vuqHko gkfly gS rFkk mUgksaus izpkyu rFkk dkjiksjsV Lrjh;iksVZQksfy;ks] nksuksa gh dk c[kwch lapkyu fd;k gSA os dSfjfc;u esa U;w bafM;k ,';ksjsal daiuh¼fVªfunkn ,oa VkscSxks½ fyfeVsM esa izcaèk funs'kd ds in ij FksA os Hkkjr ljdkj] vkbZvkjMh,vkbZ]vkfn dh vusd lfefr;ksa ds lnL; Hkh gSaA os tujy ba';ksjsal dkmafly rFkk thvkbZih,l,

¼tujy ba';ksjsal ifCyd lsDVj ,lksfl,'ku½] fnYyh ds vè;{k Hkh gSaA os vusd cksMks± ds funs'kd gSaA Jh th-Jhfuoklu us chek ds {ks= esa vusd iqjLdkj rFkk iz'kfLr;ka izkIr dh gSaA

Jh ,-oh- fxfjtk dqekj 31-05-2017 ls vksfj,aVy ba';ksjsal daiuh fyfeVsM ds vè;{k&lg&izcaèkfuns'kd ds in ij izksUur gq,A mUgsa xSj&thou chek m|ksx dk rhu n'kd ls vfèkd dkO;kid vkSj vxkèk vuqHko gS D;ksafd mUgksaus 1980 esa lhèkh HkrhZ vfèkdkjh ds :i esa U;w bafM;k,';ksjsal daiuh esa dk;ZHkkj xzg.k fd;k Fkk rFkk Hkkjr ds fofHkUu Hkkxksa esa lsok dh ftlesalmnh chek esa ,d dk;Zdky Hkh 'kkfey gSA os us'kuy ba';ksjsal daiuh rFkk ;wukbVsM bafM;kba';ksjsal daiuh ds dk;Zokgd vè;{k&lg&izcaèk funs'kd Hkh jgs A

Jh ,e- ,u- lekZ 13 flrEcj 2017 ls la;qDr jkT; chek daiuh fyfeVsM ds vè;{k vkSjizcaèk funs'kd gSaA Jh lekZ us ;w-vkbZ-vkbZ-lh- vkSj vksfj,aVy ba';ksjsal esa th,e vkSj funs'kdds :i esa dk;Z fd;kA blls igys og Hkkjr ds LokLF; chek Vhih, ds izcaèk funs'kd vkSjlhbZvks FksA mUgksaus th-vkbZ-lh gkÅflax Qkbusal fyfeVsM] dsu bafM;k ,';ksjsal bafM;kfyfeVsM vkSj vkbZvkbZ,Qlh,y ,lsV eSusesaV daiuh fyfeVsM ds cksMZ ij dk;Z fd;kA ogcSpylZ vkWQ ykW ds lkFk vFkZ'kkL= esa ekLVj fMxzh /kkjd gSaA og III ds lg;ksxh FksA Jh lekZus 1982 esa U;w bafM;k ,a';ksjsal esa daiuh ds gSnjkckn dk;kZy;] fMohtuy vkWfQl] gsfMaxvkbZVh fuos'k leqnzh dkxksZ@gy@foekuu] rsy vkSj ÅtkZ] LokLF; vkSj vkarfjd ys[kkijh{kk]fons'kh ifjpkyuksa lfgr izeq[k ftEesnkfj;ksa esa Hkh dk;Z fd;k FkkA

Jh ds- luFk dqekj 18 Qjojh] 2016 ls us'kuy ba';ksjsal daiuh fyfeVsM ds vè;{k&lg&izcaèkfuns'kd gSaA mUgsa lkèkkj.k chek m|ksx esa 37 ls vfèkd o"kZ dk vuqHko gSA mUgksaus fn U;w bafM;k,';ksjsal daiuh fyfeVsM] Hkkjrh; lkèkkj.k chek fuxe] fn ;wukbVsM bafM;k ba';ksjsal daiuhfyfeVsM] tkWMZu] dsubafM;k ,';ksjsal daiuh fyfeVsM] uSjksch] izsLVht ,';ksjsal ihvkbZlh ykxksl]ukbthfj;k rFkk vksVhlh ,Dlpsat vkWQ bafM;k ds cksMksZa esa Hkh dk;Z fd;k gSA viuk orZekudk;ZHkkj laHkkyus ls iwoZ os thvkbZlh js- esa dk;Zokgd lh,eMh ds :i esa dk;Z dj jgs Fks rFkk,dsMsfed dkmafly vkWQ ba';ksjsal bafLVV~;wV vkWQ bafM;k ds lnL; FksA

orZeku esa] os gSYFk ba';ksjsal Vhih, vkWQ bafM;k fyfeVsM] thvkbZlh gkmflax Qkbusal fyfeVsMrFkk bafM;k baVjus'kuy ba';ksjsal ihVhbZ- fyfeVsM] flaxkiqj ds cksMZ ij gSaA os jk"Vªh; chek vdkneh] iq.ks ds vfèk'kklheaMy ds lnL; Hkh gSaA mUgksaus foKku vkSj fofèk esa Lukrd fMxzh vkSj chek fofèk esa fMIyksek izkIr fd;k gS rFkk osHkkjrh; chek laLFkku] eqacbZ ds ,lksfl,V Hkh gSaA

12

iz/kku dk;kZy; esa ofj"B izcaèkdSENIOR MANAGEMENT AT HEAD OFFICE

MkW- ,e Mh xqIrk] mi egkizcU/kdDr. M. D. Gupta

Deputy General Manager

Jh ,e-ds- iksn~nkj] egkizca/kdMr. M. K. PoddarGeneral Manager

Jh jktho pkS/kjh] egkizcU/kdMr. Rajeev Chaudhary

General Manager

Jh ,l ,l lDlsuk] mi egkizcU/kdMr. S. S. Saxena


Jh jkeiky ,l jkor] mi egkizcU/kdMr. Rampal S. Rawat


Jh ch ,l jkgqy] mi egkizcU/kdMr. B. S. Rahul


Jh vfHkuUn ?kks"k] egkizcU/kdMr. Avinanda Ghosh

General Manager

Jh vt; fla?ky] mi egkizcU/kdMr. Ajay Singhal


lqJh fV- ,y- vyesyw]v/;{k ,oa izca/k funs'kd

Ms. T. L. AlameluChairman-cum-Managing Director

13

{ks=h; izcUèkd ¼dksa½REGIONAL MANAGER(S)

(as on 31.03.2018) ¼31.03.2018 rd½

Jh Mh th gkYos] vgenkcknMr. D. G. Halve Ahmedabad

lqJh jkts'ojh flag] gSnjkcknMs. Rajeshwari Singh,Hyderabad & Guntur

Jh nljFkh flag] Hkqous'ojMr. Dasrathi Singh,

Bhubaneswar

Jh ch-ih- tsuk] iVukMr. B. P. Jena

Patna

lqJh Hkkjrh ofTtjosyq] pSUubZMs. Bharthi Vajjiravelu,

Chennai

Jh ds-ds- eksgik=k] dksydkrkMr. K. K. Mohapatra,

Kolkata

MkW- 'k=q/u izlkn] nsgjknwuDr. Shatrughan Prasad,

Dehradun

Jh Mh] jkts'k] fr#ouUriqjeMr. D. Rajesh,

Thiruvananthapuram

lqJh vuqiek Bkdqj] HkksikyMs. Anupama Thakur

Bhopal

Jh Mh- Mh- Mkaxs] eqEcbZMr. D. D. Dange,

Mumbai

Jh ch-ch- lkgk] jkaphMr. B.B.Saha

Ranchi

Jh dhfrZ csgsjk] xqokgVhMr. Kirti Chandra Behera,

Guwahati

Jh fo'kky ts- [kjcMs] jk;iqj ¼LFkkukiUu½Mr. Vishal J. Kharbade

Raipur (Officiating)

Jh r:u dqekj flag] y[kuÅ ¼LFkkukiUu½Mr. Tarun Kumar Singh

Lucknow(Officiating)

Jh egkfr cujk] cSaxyw:Mr. Mahati Banra,

Bangalore

Jh iq"dj fiz;n'khZ] t;iqjMr. Pushkar Priyadarshi,

Jaipur

Jh tliky flag [kqjeh] p.Mhx<+Mr. Jaspal Singh Khurmi,

Chandigarh

14

Puja Ceremony at New Premises of Head Office, Delhi

15

Puja Ceremony at New Premises of Head Office, Delhi

16

Inauguration of New Premises of Head Office, Delhi

17

Inauguration of New Premises of Head Office, Delhi

18

View of the New Head Office Premises, Delhi

19

View of the New Head Office Premises, Delhi

20

CHAIRMAN'S SPEECHFinancial Year 2017-18

Dear Shareholders,

I have great pleasure in welcoming you to the 15th Annual General Meeting of your Company. The factthat the AGM is being conducted in your own elegant new premises which was inaugurated today byShri Rajiv Kumar Secretary Financial Services makes this meeting even more special.

The Government's deep concern for the farmers who face numerous challenges during a crop cycle makingit one of the most volatile business resulted in the birth of AIC. In line with your company's vision ofcreating farmer friendly Insurance products to cast protective net over agriculture and allied activitiesagainst natural perils, AIC for the past fifteen years has been to give succor to the farmers of our countrythrough various schemes like NAIS, MNAIS, WBCIS. The latest in the stable of products is the PMFBY.The Pradhan Mantri Fasal Bima Yojana provides comprehensive risk coverage and is a boon to the farmersas it covers all stages of crop cycle from pre - sowing to post harvest losses.

Your company's close association with the farmers in the past decade and half along with the experienceand expertise of handling various crop insurance schemes makes it the most suitable candidate to implementPMFBY most effectively.

I am pleased to report to you that in line with our objectives we have during the Financial Year, 2017-18

21

fiz; 'ks;j/kkjd]

vkidh daiuh dh 15oha okf"kZd vke cSBd esa vkidk Lokxr djrs gq, eq>s vikj g"kZ gks jgk gSA ;g ckr bl cSBd ds vk;kstudks vkSj Hkh fo'ks"k cukrh gS fd okf"kZd vke cSBd dk vk;kstu vkids ml HkO; u, ifjlj esa fd;k tk jgk gS] ftldk mn~?kkVuvkt Jh jktho dqekj] lfpo] foRrh; lsok,a }kjk fd;k x;k FkkA

Qly pØ ds nkSjku vusd pqukSfr;ksa dk lkeuk djus okys fdlkuksa ds izfr ljdkj }kjk n'kkZbZ xbZ xaHkhj fpark bl O;olk; dkslokZf/kd vfLFkj O;olk; cukrh gS ftlds QyLo:Ik ,vkbZlh dh 'kq:vkr gqbZA d`f"k vkSj lac) fØ;kdykiksa dks izkd`frd tksf[keksads fo:) lqj{kk doj iznku djus ds fy, d`"kd&fgrS"kh chek mRikn rS;kj djus laca/kh vkidh daiuh dk n`f"Vdks.k fofHkUu;kstukvksa ds ek/;e ls lewps ns'k ds fdlkuksa dks jkgr iznku djus ij vk/kkfjr gS tSls ,u,vkbZ,l] ,e,u,vkbZ,l] MCY;wchlhvkbZ,l vkfnA bu mRiknksa dh Ja[kyk esa uohure mRikn ih,e,QchokbZ gSA iz/kkuea=h Qly chek ;kstuk Ik;kZIr tksf[ke dojmiyC/k djkrh gS vkSj ;g fdlkuksa ds fy, ojnku gS D;ksafd ;g Qly cqvkbZ ls igys ls ysdj Qly dVkbZ rd ds Qly pØdh lHkh voLFkkvksa esa gq, uqdlkuksaa dks doj djrh gSA

vkidh daiuh dk fiNys nl n'kd ls fdlkuksa ds lkFk ?kfu"B lg;ksx rFkk lkFk gh fofHkUu Qly chek ;kstukvksa dks lapkfyrdjus esa bldk vuqHko rFkk bldh fo'ks"kKrk bls ih,e,QchokbZ dks lokZf/kd izHkkoh <ax ls fØ;kfUor djus ds fy, lokZfèkd ;ksX;mEehnokj cukrh gSA

eq>s vkidks ;g lwfpr djrs gq, g"kZ gks jgk gS fd vius mís'; ds vuq:Ik geus foÙkh; o"kZ 2017&18 ds nkSjku 57855-49 djksM+ #0

vè;{kh; Hkk"k.kfoÙkh; o"kZ 2017&18

22

insured 218.22 lakh farmers, cultivating a total land area of 190.66 lakh hectares with a Sum Insured ofRs. 57855.49 crore. Your Company had its footprint in the States of Andhra Pradesh, Assam, Bihar,Chhattisgarh, Gujarat, Himachal Pradesh, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha,Rajasthan, Tamil Nadu, Telangana, Uttarakhand and West Bengal under PMFBY and R-WBCIS covering174 districts.

This has resulted in increase of Gross Premium Income from Rs. 6,980 crore to Rs. 7,893 crore. Out ofGross Premium of Rs. 7,893 crore the farmers' shares were Rs. 1209.16 crore only. We are committed toquick settlement of claims and we have paid Rs 7040 crore of claim benefiting more than 58 lakh offarmers during the last two seasons.

The Net Profit has increased from Rupees Rs. 324 crore to Rs. 596 crore and the Investment earnings havealso increased from Rs. 465 crore to Rs. 532 crore.

We are augmenting our goal to maximize coverage and faster claims settlement with SEWA the cutting-edge IT eco-system of the Company, which is in an advanced stage of development; despite challenges onthe way. We are hopeful of putting it live before the end of the current year.

Use of Technology in Crop Insurance by your Company is emphatic with Mobile App, Remote SensingTechnology, Unmanned Aerial Vehicle (UAV) or Drones for crop identification, acreage estimation, crophealth monitoring, and yield estimation etc. in collaboration with various domestic and internationalorganisations such as National Remote Sensing Centre (NRSC-ISRO), Tamil Nadu Agriculture University,etc.

Your Company marked its CSR initiatives to the tune of Rs. 8.22 crore, including Projects such as Lightinga Billion Lives (LaBL), Mid-day meal program, BADHTE KADAM, RISE (Remedial Innovation in SchoolEducation), Integrated Village Development Program (IVDP) and Construction of 7 classrooms in GandhiBadhir Senior Secondary School, Jodhpur. The highlight of the CSR programme is the adoption of fiftyvillages in five states which were not a beneficiary of any support. These villages were given Solar lamps,water pumps and toilets.A study by TISS brought out the impact change in these villages.

Your Company has a fully implemented Grievance Redressal Mechanism as per the direction ofGovernment of India through Internet portal. Additionally, our in-house toll-free Call Centre is setup topursue quick action for redressal and extremely consumer friendly.

The Company participated extensively in various Rural/Kisanmelas and organized awareness workshopsat District/Tehsil/Block level. Pamphlets and literature on the schemes was distributed in vernacularacross all the Districts.

Your Company is recommending dividend of Re. 1.50/- per share on 20,00,00,000 Equity Shares ofRs. 10/- each of the Company for the financial year 2017-18.

As market leader in crop insurance will be our continued endeavor to work more closely with farmers'organizations, financial institutions, Ministries of Finance and Agriculture, as well as the State Governmentsto ensure that crop insurance becomes the most efficient and economical risk mitigation tool in the handsof farmers of our country.

Namaskar,Chairman

23

dh chekjkf'k ds lkFk 218-22 yk[k fdlkuksa dk chek fd;k tks dqy 190-66 yk[k gsDVs;j Hkwfe ij iSnkokj dj jgs FksA vkidh daiuhih,e,QchokbZ vkSj vkj&MCY;wchlhvkbZ,l ds varxZr vka/kzizns'k] vle] fcgkj] NRrhlx<+] xqtjkr] fgekpy izns'k] dukZVd] dsjy] eè;izns'k] egkjk"Vª] vksfM'kk] jktLFkku] rfeyukMq] rsyaxkuk] mRrjk[kaM vkSj if'pe caxky jkT;ksa eas lsok iznku dj jgh gS ftlesa 174 ftys'kkfey gaSA

blds ifj.kkeLo:Ik ldy izhfe;e vk; 6]980 djksM+ #0 ls c<+dj 7]893 djksM+ #0 gks xbZ gSA 7]853 djksM+ #0 ds ldy izhfe;eesa ls] fdlkuksa dk fgLlk ek= 1209-16 djksM+ #0 FkkA ge nkoksa dk ;Fkk 'kh?kz fuiVku djus ds fy, izfrc) gSa rFkk geus fiNysnks ekSleksa esa nkoksa ds :Ik esa 7040 djksM+ #0 dk Hkqxrku fd;k ftlls 58 yk[k ls vf/kd fdlku ykHkkfUor gq,A

fuoy ykHk 324 djksM+ #0 ls c<+dj 596 djksM+ #0 gks x;k gS rFkk fuos'k ij vk; Hkh 465 djksM+ #0 ls c<+dj 532 djksM+ #0gks xbZ gSA

ge vius ekxZ esa fo|eku vusd pqukSfr;ksa ds ckotwn dojst dks vf/kdre cukus rFkk daiuh dh v/kqukru vkbZVh ikfjfLFkdh&iz.kkyh^lsok^ ds lkFk nkoksa dk rsth ds lkFk fuiVku djus ds vius y{; dks izkIr djus ds fy, iz;kl dj jgs gSa] tks vius fodkl dhvfxze voLFkk ij gSA ge orZeku o"kZ dh lekfIr gksus ls iwoZ bls fØ;kfUor djus ds izfr vk'kkoku gSaA

vki dh daiuh Qly dh igpku] {ks=Qy ds vuqeku] Qly dh fLFkfr dh fuxjkuh vkSj iSnkokj ds vuqeku vkfn ds fy, eksckby,si] fjeksV lsaflax izkS|ksfxdh] ekuo jfgr gokbZ okgu ¼ ;w,oh½ vFkok Mªksuksa dk iz;ksx djrs gq, Qly chek esa izkS|ksfxdh dkizHkko'kkyh <ax ls iz;ksx dj jgh gS ftlds fy, fofHkUu ns'kh; vkSj varjkZ"Vªh; laxBuksa ds lkFk lg;ksx fd;k x;k gS tSls jk"Vªh;fjeksV lsaflax dsUnz ¼,uvkj,llh&bljks½] rfeyukMq d`f"k fo'o fo|ky; vkfnA

vkidh daiuh us 8-22 djksM+ #0 dh jkf'k ds lkFk vius lh,lvkj igyksa dks fØ;kfUor fd;k ftuesa fofHkUu ifj;kstuk,a 'kkfeyFkha tSls ykbfVax , fcfy;u ykbOl ¼,y,ch,y½] feM Ms ehy dk;ZØe] c<+rs dne] jkbt+ ¼Ldwyh f'k{kk esa mipkjkRed vfHkuork½],dhd`r xzke fodkl dk;ZØe ¼vkbZohMhih½ vkSj xka/kh cf/kj mPp ek/;fed fo|ky;] tks/kiqj esa 7 d{kkvksa dk fuekZ.k fd;kAlh,lvkj dk;ZØe dh eq[; fo'ks"rk ik¡p jkT;ksa ds ipkl xk¡o dks viukuk gS] tks vU; fdlh vkJ; ds ykHkkFkhZ ugha FksA bu xkaoksadks lkSj ySEi] ty iEi vkSj 'kkSpky; miyC/k djk, x,A VhvkbZ,l,l }kjk fd, x, ,d v/;;u us bu xkaoksa esa gq, ifjoRkZuksads izHkko dks n'kkZ;k gSA

vkidh daiuh ds ikl Hkkjr ljdkj ds funs'kksa ds vuqlkj baVjusViksVZy ds ek/;e ls iw.kZr% fØ;kfUor f'kdk;r fuokj.k ra= fo|ekugSA blds vykok] f'kdk;rksa ds fuokj.k gsrq Rofjr dk;Zokgh djus ds fy, ,d fu%'kqYd vkarfjd dkWylsaVj Hkh LFkkfir fd;k x;kgS tks iwjh rjg ls miHkksDrk&fgrS"kh gSA

daiuh us O;kid :Ik ls xzkeh.k@fdlku esyksa esa Hkkx fy;k vkSj ftyk@rglhy@[kaM Lrj ij tkx:drk dk;Z'kkyk,a vk;ksftrdhaA lHkh ftyksa esa ;kstukvksa ds ckjs esa LFkkuh; Hkk"kkvksa esa ipksaZ vkSj lkfgR; dk Hkh forj.k fd;k x;kA

vkidh daiuh foRrh; o"kZ 2017&18 ds fy, daiuh ds 10@& #0 izR;sd ds 20]00]00]000 bfDoVh 'ks;jksa ij 1-50@& #0 izfr'ks;j dh nj ls ykHkka'k dh flQkfj'k dj jgh gSA

Qly chek ds {ks= esa cktkj ds vxz.kh ds :Ik esa gekjk ;g fujarj iz;kl jgsxk fd ge fdlku laxBuksa] foRrh; laLFkkvksa] foÙkvkSj d`f"k ea=ky;ksa vkSj jkT; ljdkjksa ds lkFk vkSj vf/kd ?kfu"Brk ds lkFk dk;Z djrs jgsa rkfd ;g lqfuf'pr fd;k tk lds fdQly chek gekjs vius ns'k ds fdlkuksa ds gkFk esa vkfFkZd tksf[ke dks de djus okys lokZf/kd n{k gfFk;kj ds :Ik esa LFkkfir gksx;k gSA

ueLdkj]v/;{k

24

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION143(6) (b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OFAGRICULTURE INSURANCE COMPANY OF INDIA LIMITED FOR THE YEAR ENDED31 MARCH 2018.

The preparation of financial statements of Agriculture Insurance Company of India Limited for the year

ended 31 March 2018 in accordance with the financial reporting framework prescribed under the Insurance

Act, 1938 read with the Insurance Regulatory and Development Authority (Preparation of Financial

Statements and Auditor's Report of Insurance Companies) Regulations, 2002 and the companies Act,

2013 (Act) is the responsibility of the management of the company. The statutory auditors appointed by

the Comptroller and Auditor Genera! of India under section 139(5) of the Act is responsible for expressing

opinion on the financial statements under section 143 of the Act based on independent audit in accordance

with the standards on auditing prescribed under section 143(10) of the Act. This is stated to have been

done by them vide their Audit Report dated 27 April 2018.

I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit

under section 143(6) (a) of the financial statements of Agriculture Insurance Company of India Limited

for the year ended 31 March 2018. This supplementary audit has been carried out independently without

access to the working papers of the statutory auditors and is limited primarily to inquiries of the statutory

auditors and company personnel and a selective examination of some of the accounting records. On the

basis of my audit nothing significant has come to my knowledge which would give rise to any comment

upon or supplement to statutory auditors' report.

For and on behalf of theComptroller and Auditor General of India

Sd/-(Nandana Munshi)

Director General of Commercial Audit& Ex-officio Member, Audit Board - II,

New DelhiPlace: New DelhiDate: 05.07.2018

25

,xzhdYpj ba';ksjsal dEiuh vkWQ bf.M;k fyfeVsM ds 31 ekpZ 2018 dks lekIr o"kZ ds foÙkh; fooj.k ijdEiuh vfèfu;e 2013 dh èkkjk 143 ¼6½¼[k½ ds vUrxZr Hkkjr ds fu;a=d ,oa egkys[kk ijh{kd dhfVIif.k;k¡

31 ekpZ 2018 dks lekIr o"kZ ds fy, Hkkjrh; chek fofu;ked vkSj fodkl izkfèkdj.k ¼chek dEifu;ksa ds foÙkh; fooj.k vkSjys[kk ijh{kd dh fjiksVZ rS;kj djuk½ fofu;e] 2002 rFkk dEiuh vfèfu;e 2013 ds lkFk ifBr chek fofu;ked] 1938 esafofgr foÙkh; izfrosnu <kaps ds vuqlkj ,xzhdYpj ba';ksjsal dEiuh vkWQ bf.M;k fyfeVsM dk foÙkh; fooj.k rS;kj djusdh ftEesnkjh dEiuh dh gksrh gSA vfèkfu;e dh èkkjk 139 ¼5½ ds varxZr Hkkjr ds fu;a=d vkSj egkys[kkijh{kd }kjk fu;qDrlafofèkd ys[kkijh{kd] vfèkfu;e dh èkkjk 143 ¼10½ ds varxZr fuèkkZfjr ys[kkadu ekudksa ds vuqlkj Lora= ys[kk ijh{kk ijvkèkkfjr vfèkfu;e dh èkkjk 143 ds vraxZr bu foÙkh; fooj.kksa ij fopkj vfHkO;Dr djus ds fy, ftEesnkj gSaA mudh ys[kkijh{kk fjiksVZ] fnukad 27 vizSy 2018 }kjk ;g mYys[k gS fd mUgksaus ys[kk ijh{kk dj yh gSA

eSaus] Hkkjr ds fu;a=d ,oa egkys[kk ijh{kd dh vksj ls vfèkfu;e dh èkkjk 143¼6½ ¼d½ ds varxZr 31 ekpZ 2018 dkslekIr gq, o"kZ ds fy, ,xzhdYpj ba';ksjsal dEiuh vkWQ bf.M;k fyfeVsM ds foÙkh; c;ku ds fy, ,d vuqiwjd ys[kkijh{kk dk vk;kstu fd;k gSA bl vuqiwjd ys[kkijh{kk dk vk;kstu lkafofèkd ys[kk ijh{kdksa ds dke ds dkxtkr dkmi;ksx fd, fcuk Lora= :i ls fd;k x;k gS vkSj ;g eq[; :i ls lkafofèkd ys[kk ijh{kdksa vkSj daiuh ds dfeZ;ksa vkSjys[kk vfHkys[kksa esa ls dqN dh ,d p;ukRed tkap rd lhfer gSA esjh ys[kk ijh{kk ds vkèkkj ij esjh tkudkjh esa ,slhdksbZ egRoiw.kZ ckr ugha vkbZ gS ftlds fy, fdlh fVIi.kh ;k lkafofèkd ys[kk ijh{kdksa dh fjiksVZ ds fy, iwjd dhvko';drk gksA

d`rs Hkkjr ds fu;a=d vkSj egk ys[kkijh{kd

g0@%¼uanuk eqa'kh½

egkfuns'kd okf.kfT;d ys[kk ijh{kk rFkk insu lnL;] ys[kk ijh{kk cksMZ&II

ubZ fnYyhLFkku % ubZ fnYyhfnukad % 05-07-2018

26

Bhasin Raghavan & Co. P.R. Mehra & Co.Chartered Accountants, Chartered Accountants,F-48, Bhagat Singh Market, 901 New Delhi House,New Delhi- 110001 Connaught Place

New Delhi- 110001

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF

Agriculture Insurance Company of India Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Agriculture Insurance Companyof India Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2018, the RevenueAccount of crop insurance business, the Profit and Loss Account, the Cash Flow Statement and a summaryof the significant accounting policies and other explanatory information for the year then ended, in whichare incorporated the Returns of Company's 17 Regional Offices for the year ended on that date whichhave been audited by the other firms of Chartered Accountants ("Regional Office Auditors") appointedby the Comptroller and Auditor General of India under section 139 of the Companies Act, 2013.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the CompaniesAct, 2013 with respect to the preparation of these standalone Financial Statements that give a true andfair view of the financial position, underwriting results, financial performance and cash flows of theCompany in accordance with the Insurance Act, 1938, the accounting principles as prescribed in InsuranceRegulatory and Development Authority of India (Preparation of Financial Statements and Auditor's Reporton Insurance Companies) Regulations 2002 and orders or directions issued by the Insurance Regulatoryand Development Authority of India as amended from time to time including the Accounting Standardsspecified under Section 133 of the Companies Act, read with Rule 7 of the Companies (Accounts)Rules, 2014 as amended from time to time ("The Act, Regulations and Rules"). This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions of the CompaniesAct, 2013, for safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design, implementation and maintenance of adequateInternal Financial Controls, that were operating effectively for ensuring the accuracy and completenessof the accounting records, relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Financial Statements based on our audit.

We have taken into account the provisions of the ("The Act, Regulations and Rules"), the accounting andauditing standards and matters which are required to be included in the audit report under the provisionsof the ("The Act, Regulations and Rules") made thereunder.

27

Hklhu jk?kou ,.M dEiuh ih-vkj- esgjk ,.M dEiuhpkVZMZ ,dkamVsaV~l pkVZMZ ,dkamVsaV~l,Q&48] Hkxr flag ekdsZV 901] ubZ fnYyh gkmlubZ fnYyh & 110001 dukWV Iysl]

ubZ fnYyh & 110001

ys[kk ijh{kd dh Lora= fjiksVZ

lsok esa]

,xzhdYPkj ba';ksjsal dEiuh vkWQ bf.M;k fyfeVsM ds lnL;

LVSaMvyksu foÙkh; fooj.kksa ij izfrosnu

geus ,xzhdpj ba';ksjsal daiuh vkWQ baf.M;k fyfeVsM ¼^^daiuh**½ ds LVSaM vyksu foÙkh; fooj.kksa ds ys[kkijh{kk dh gSftlesa 31 ekpZ] 2018 dh fLFkfr ds vuqlkj rqyu&i=] Qly chek O;olk; dk jktLo ys[kk] ykHk vkSj gkfu ys[kk]udnh izokg fooj.k vkSj mYys[kuh; ys[kkdj.k uhfr;ksa dk lkjka'k rFkk rRle; lekIr gq, o"kZ ds fy, vU; O;k[;kRedtkudkjh fufgr gS] ftlesa daiuh ds 17 {ks=h; dk;kZy;ksa dh ml rkjh[k dks lekIr o"kZ ds fy, foojf.k;ka Hkh varfoZ"VgSa ftudh ys[kkijh{kk daiuh vfèkfu;e] 2013 dh èkkjk 139 ds varxZr Hkkjr ds fu;a=d ,oa egkys[kkijh{kd }kjk fu;qDrvU; Qeks± ds pkVZMZ ,dkmaVsaVksa ¼^{ks=h; dk;kZy;ksa ds ys[kkijh{kdksa*½ }kjk dh xbZ gSA

LVSaMvyksu foÙkh; fooj.kksa gsrq izcUèku dh ftEesnkjh

daiuh dk funs'kd eaMy bu LVSaM vyksu foÙkh; fooj.kksa dks rS;kj djus ds lacaèk esa daiuh vfèkfu;e] 2013 dh èkkjk134¼5½ esa of.kZr ekeyksa ds fy, mÙkjnk;h gS tks chek vfèkfu;e 1938] Hkkjrh; chek fofu;ked vkSj fodl izkfèkdj.k¼chek daifu;ksa ds foÙkh; fooj.kksa vkSj ys[kkijh{kd fjiksVZ dks rS;kj djuk½ fofu;e] 2002] le;≤ ij ;Fkkla'kksfèkr]chek fofu;ked vkSj fodkl izkfèkdj.k }kjk tkjh vkns'kksa vkSj vuqns'kksa ¼^vfèkfu;e] fu;e vkSj fofu;e*½ ftlesale;≤ ij ;Fkkla'kksfèkr daiuh ¼ys[kk½ fu;e] 2014 ds fu;e 7 ds lkFk ifBr vfèkfu;e dh èkkjk 133 ds varxZrfofufnZ"V ys[kkdj.k ekud Hkh 'kkfey gS] esa ;FkkfofufnZ"V ys[kkdj.k fl)karksa ds vuq#i daiuh dh foÙkh; fLFkfr]vaMjjkbfVax ifj.kkeksa] foÙkh; fu"iknu vkSj udnh izokg dk okLrfod vkSj mfpr Lo:i iznku djrs gSaA bl ftEesokjhesa] dEiuh dh laifÙk dh lqj{kk rFkk èkks[kkèkM+h vkSj vU; vfu;ferrkvksa dks jksdus o irk yxkus ds fy, daiuh vfèkfu;e2013 ds izkoèkkuksa ds vuqlkj i;kZIr ys[kk vfHkys[kksa dk j[kj[kko] mfpr ys[kkadu uhfr;ksa dk vkosnu rFkk p;u] mfprrFkk foosdiw.kZ fu.kZ; vkSj vuqeku] lR; vkSj Li"V n'kkZrs gq, foÙkh; fooj.k] tks lR; :i ls n'kkZ;s x, gSa rFkkèkks[kkèkM+h] =qfV rFkk xyr c;kuh ls iw.kZr% eqDr gS] tks fd ys[kk vfHkys[kksa dh lVhdrk vkSj laiw.kZrk lqfuf'pr djrsgq, izHkkoh <ax ls lapkfyr] dks rS;kj djus ,oa izLrqr djus ds lacaèk esa fMtkbu] dk;kZUo;u vkSj vkarfjd fu;a=.k dkvuqj{k.k djuk 'kkfey gSA

ys[kkijh{kd dh ftEesnkjh

gekjh ftEesokjh gekjh ys[kk ijh{kk ij vkèkkfjr bu LVSaMvyksu foÙkh; fooj.kksa ij fopkj vfHkO;Dr djuk gSA

geus vfèkfu;e] fu;e vkSj fofu;eksa ds izkoèkkuksa dks è;ku esa j[kk gS vkSj ys[kk fjiksVZ esa 'kkfey gksus ds fy,vko';d ys[kkijh{kk ekudksa vkSj ekeyksa ds izkoèkkuksa ds rgr cuk, x, gSaA

28

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10)of the Companies Act, 2013. Those Standards require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether the Standalone Financial Statementsare free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosuresin the Financial Statements. The procedures selected depend on the Auditor's judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments, the Auditor considers internal Financial Control relevant to theCompany's preparation of the Financial Statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the Accounting Policies used and the reasonableness of the Accounting Estimatesmade by the Company's Directors, as well as evaluating the overall presentation of the Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour Qualified Audit Opinion on the Standalone Financial Statements.

Basis for Qualified Opinion

1(i) In terms of Ministry of Finance, Government of India letter F.No.C-13014/16/2004- Ins.1dated 23.12.2009, the Company was asked to pay Rs.200,00,00 thousands to theConsolidated Fund of India from the retained Profits/Reserves (created out of NAIS activity)as a prelude to the recasting of the National Agricultural Insurance Scheme (NAIS). TheCompany has paid the above amount of Rs.200,00,00 thousands to the Consolidated Fundof India during the Financial Year 2009-10 and the same is continued to be shown as"Advances and Other Assets" in the Balance Sheet of the Company since then. Even thoughnumber of letters has been written by the Company to the Govt. of India for refund of theabove amount, the same is yet to be received. Presently, even the NAIS has been discontinuedwith effect from Kharif season 2016.

Ministry of Agriculture and Farmer's Welfare, the Govt. of India vide its letter dated 27th

June, 2017 to the Company has stated that the matter is linked with the accrual of hugePremium savings with the Company after adjusting all the liabilities etc. from erstwhileNAIS and the matter regarding surplus funds with the Company has once again taken upwith the Department of Financial Services vide letter dated 7th November, 2016. The matteris still pending. In view of the above facts, in our opinion, the recovery of above amount isdoubtful which resulted in overstatement of "Advances and Other Assets" and "Reserves& Surplus" of the company as on 31st March, 2018 to that extent. (Refer Note 5.13)

(ii)(a) We draw attention to Note 5.17.2 (iii) regarding method of estimation of Gross Premiumincome by applying season-wise cluster Premium Rates to the Premium collected fromfarmers in a cluster and remitted to the Company by banks as the farmer-wise detailsincluding amount of Gross Insurance Premium and Subsidy Receivables from Central andState Governments ("Governments") are yet to be entered into the Govt. of India portal("Portal").

In our opinion, instead of using season-wise cluster Premium Rates to Estimate GrossPremium Income, the Company should have ascertained district-wise season/crop-wisePremium collected from the farmers and used district-wise season/crop-wise PremiumRates to ascertain Gross Premium Income and subsidy receivables from Governments toensure more accuracy in the estimation so that there is no wide variation between estimation

29

geus dEiuh vfèkfu;e 2013] dh èkkjk 143 ¼10½ ds rgr fufnZ"V vads{k.k ij ekudksa ds vuqlkj viuh ys[kk ijh{kkdh gSA mu ekudksa esa ;g visf{kr gS fd ge vkpkj lafgrk dh vko';drkvksa dk vuqikyu djsa vkSj ys[kkijh{kkdks ml izdkj vk;ksftr ,oa fu"iknu djsa rkfd foÙkh; fooj.kksa ds lEcUèk esa egRoiw.kZ xyr c;kuh ls eqDr gkssusdk rkfdZd :i ls vko'oklu izkIr dj ldsA

ys[kk ijh{kk esa] foÙkh; fooj.k esa jkf'k;ksa rFkk izdVhdj.k ds ckjs esa ys[kkijh{kk lk{; izkIr djus dh fu"iknu izfØ;k,a 'kkfeygksrh gSaA p;fur izfØ;k,a ys[kkijh{kd ds fu.kZ; ij vkèkkfjr gksrh gS] ftlesa foÙkh; fooj.kksa esa egRoiw.kZ xyr c;kuh dstksf[keksa dk vkdyu djuk 'kkfey gksrk gS] pkgs og èkks[kkèkM+h ls vFkok =qfV ls gksA bu tksf[keksa dk vkdyu djus esa]ys[kk ijh{kd] dEiuh dk foÙkh; fooj.k rS;kj djus ,oa mfpr :i ls izLrqr djus ls lEcfUèkr vkarfjd ys[kk fu;a=.k dksè;ku esa j[krk gS] rkfd ys[kkijh{kk dh izfØ;kvksa dk vfHkdYiu dj lds tks mu ifjfLFkfr;ksa esa vuqdwy gSA ys[kk ijh{kkesa iz;qDr ys[kkadu uhfr;ksa ds vkSfpR; dk ewY;kadu djuk vkSj dEiuh ds funs'kdksa }kjk fd, x, ys[kkadu izkoèkkuksa dhrkfdZdrk rFkk foÙkh; fooj.kksa ds lexz foÙkh; izLrqrhdj.kksa dk ewY;kadu djuk Hkh 'kkfey gSA

gekjk fo'okl gS fd geus tks ys[kkijh{kk lk{; izkIr fd, gSa] os LVSaMvyksu foÙkh; fooj.kksa ij gekjs vgZrk izkIr ys[kkijh{kk fopkj gsrq ,d vkèkkj eqgS;k djkus ds fy, i;kZIr ,oa mi;qDr gSaA

vgZrk izkIr fopkj ds fy, vkèkkj

1¼i½ foÙk ea=ky;] Hkkjr ljdkj ds i= ,Q la- lh&13014@16@2004& baLV-1 fnukad 23-12-2009 dsfucaèkuksa ds vuqlkj] daiuh dks jk"Vªh; —f"k chek ;kstuk ¼,u,vkbZ,l½ ds iquxZBu ds iwokZuqeku ds :Ikesa ykHkksa@ fjtoZ tks fd uk;l dh xfrfof/k;ksa ls izkIr gqvk Fkk] esa ls 200]00]00 gtkj #i, dk HkqxrkuHkkjr dh lafpr fufèk esa djus ds fy, dgk x;kA daiuh us foÙkh; o"kZ 2009&10 ds nkSjku Hkkjr dhlafpr fufèk esa 200]00]00 gtkj #i, dh mDr jkf'k tek djk nh gS rFkk mls mlds ckn ls daiuh dsrqyu&i= esa bls ^vfxze vkSj vU; vkfLr;ka** ds :Ik esa fn[kk;k tk jgk gSA gkykafd daiuh }kjk Hkkjrljdkj dks ml jkf'k dks okil ykSVkus ds fy, vusd i= fy[ks x, gSa] ;g jkf'k vHkh rd izkIr ughagqbZ gSA orZeku esa] ;gka rd fd [kjhQ ekSle 2016 ls ,u,vkbZ,l Hkh lekIr dj fn;k x;k gSA

—f"k vkSj fdlku dY;k.k ea=ky;] Hkkjr ljdkj us daiuh dks fy[ks x, vius fnukad 27 twu] 2017 dsi= esa ;g dgk gS fd ;g ekeyk rRdkyhu ,u,vkbZ,l ls lHkh ns;rkvksa ds lek;kstu ds mijkar daiuhds lkFk O;kid izhfe;e cpr ds izksn~Hkwr gksus ls lac) gS rFkk vfèk'ks"k fufèk;ksa ds ckjs esa ekeys dksfnukad 7 uoEcj] 2016 ds i= }kjk foÙkh; lsok,a foHkkx ds lkFk iqu% mBk;k x;k gSA mi;qZDr rF;ksadks è;ku esa j[krs gq,] gekjh jk; esa] mDr jkf'k dh olwyh lansgkLin gS ftlds dkj.k 31 ekpZ] 2017dh fLFkfr ds vuqlkj daiuh ds ^^vfxzeksa vkSj vU; vkfLr;ksa** vkSj ^^fjtoZ vkSj vfèk'ks"k** esa ml lhekrd vfr;qfDr gqbZA

¼ii½¼d½ ge DyLVj es fdlkuksa ls ,df=r rFkk cSadksa }kjk daiuh dks varfjr fd, x, izhfe;e dh ekSle&okjDyLVj izhfe;e njksa dk iz;ksx djrs gq, ldy izhfe;e vk; ds vuqeku dh i)fr ds ckjs esa fVIi.kh5-17-2 ¼iii½ dh vksj è;ku vk—"V djrs gSa ldy chek izhfe;e dh jkf'k lfgr —"kd&okj fooj.k rFkkdsUnzh; vkSj jkT; ljdkjksa ¼^^ljdkjksa ^½ ls izkIr gksus okyh jkt&lgk;rk dks Hkkjr ljdkj ds iksVZy¼^^iksVZy**½ esa vHkh izfo"V fd;k tkuk gSA

gekjh jk; esa] ldy izhfe;e vk; dk vuqeku yxkus ds fy, ekSle&okj DyLVj izhfe;e dk iz;ksxdjus ds LFkku ij daiuh dks fdlkuksa ls olwy fd, x, ftykokj ekSle@Qlyokj izhfe;e dk fuèkkZj.kfd;k tkuk pkfg, Fkk rFkk ldy izhfe;e vk; vkSj ljdkjksa ls izkIr gksus okyh jktlgk;rk dk fuèkkZj.kdjus ds fy, ftykokj ekSle@Qlyokj izhfe;e njksa dk iz;ksx fd;k tkuk pkfg, Fkk rkfd vkdyu

30

and actuals. When the data is actually entered in the Portal in the Financial Year 2018-19and subsequently confirmed by the Company, the actual Gross Premium Income would bedifferent from the estimated amount of Gross Premium Income of Rs. 5732233 thousands(Net of reinsurance Rs.1433058 thousands) accounted for in the Financial Year 2017-18.We are unable to quantify the impact of estimation on the standalone Financial Statements.

(b) We draw attention to Note 5.17.2 (ii) regarding accounting of Gross Premium Income ofRs. 30658776 thousands (net of reinsurance Rs. 7664694 thousands) in respect of thosetransactions where Premium has been collected by the banks and remitted to the Companyand the data has also been entered in the Portal but the same is yet to be confirmed by theCompany. Difference between amounts of such Premium Income accounted for in FinancialYear 2017-18 and the actual amount of premium income to be received/accounted for inthe Financial Year 2018-19 can't be quantified at this stage.

(iii) The Company's Accounting Policy (Accounting Policy No. 3.1) in respect of recognizingpremium of Government Schemes being implemented by the Company upon remittancereceived from the Nodal Banks/Branches out of such Premium collected by them andassumption of risk despite not receiving such premium (not compliant with Section 64 VBof the Insurance Act, 1938) and Accounting Policy (Accounting Policy No. 11.3) in respectof Recognizing Reinsurance Premium accepted on receipt of statement from the Reinsurersare not in accordance with the accrual concept of accounting (Fundamental AccountingAssumption) as laid down in Accounting Standard 1 "Disclosure of Accounting Policies"and Accounting Standard 9 "Revenue Recognition" as prescribed under The Companies(Accounting Standard) Rules, 2006, as amended from time to time.

Accordingly, the non-accounting of balance of Premium Receivable as Current PeriodIncome & non adjustment for corresponding figures for the Previous Period has resulted inunderstatement (or overstatement) of Current Period Premium. The monetary impact ofthe same is not ascertainable.

Similarly the non-accounting of Claims relating to the above stated Premium Receivable &non adjustment for corresponding figures for the Previous Year's Claims has resulted inunderstatement (or overstatement) of Current Year Claims. The monetary impact of thesame is not ascertainable.

(iv) Non- accounting of Premium (Net of insurance ceded) as Current Period Income for Rabi2017-18 season out of Rs. 533156 thousands received from Nodal Banks/branches andshown as "Excess Collection " in Schedule 13 has resulted in under statement of CurrentPeriod Premium. The consequential impact of the same on Revenue Account and Profitand Loss Account is not ascertainable.

2. Overall impact of the above Para 1 and the consequential effects on Revenue Account, Profit andLoss Account, Assets, Liabilities and Reserves and Surplus as on 31st March, 2018 are notascertainable.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, exceptfor the possible effects of the matter described in the Basis for Qualified Opinion paragraph on the RevenueAccount, Profit and Loss Account, Assets, Liabilities and Reserves and Surplus as on 31st March, 2018,the aforesaid standalone Financial Statements read with the Significant Accounting Policies and Notes

31

djus esa vfèkd lVhdrk lqfuf'pr dh tk ldsA ftlesa fd vuqeku vkSj okLrfod jkf'k esa vfèkd varju gksus ik,A tc vkdaM+ksa dks okLrfod :i ls foÙkh; o"kZ 2018&19 esa iksVZy esa izfo"V fd;k tk,xk rFkkrRi'pkr~ daiuh }kjk mldh iqf"V dh xbZ] rc okLrfod ldy izhfe;e 5732233 gtkj #i, dh ldyizhfe;e vk; dh vuqekfur jkf'k ls fHkUu Fkk ¼1433078 gtkj #i, ds iquZchek dk fuoy½ ftls foÙkh;o"kZ 2017&18 esa fglkc esa fy;k x;k FkkA ge LVSaMvyksu foÙkh; fooj.kksa ij vkdyu ds izHkko ds ifjek.kdk vkdyu djus esa vleFkZ gSA

¼[k½ ge mu laO;ogkjksa] tgka izhfe;e cSad }kjk ,df=r fd;k x;k gS vkSj daiuh dks varfjr fd;k x;k gSrFkk vkadM+ksa dks iksVZy esa Hkh 'kkfey fd;k x;k gS] ijarq mldh iqf"V vHkh cSad }kjk dh tkuh gS] ds laacaèkesa 30658776 gtkj #i, ¼7664694 gtkj #i, ds iquchZek dk fuoy½ dh ldy izhfe;e vk; dsifjdyu ds ckjs esa fVIi.kh 5-17-2 ¼ii½ dh vksj è;ku vk—"V djrs gSaA foÙkh; o"kZ 2017&18 esa fglkcesa yh xbZ ,slh izhfe;e vk; dh jkf'k rFkk foÙkh; o"kZ 2018&19 esa izkIr dh tkus okyh@fglkc esa yhtkus okyh izhfe;e vk; dh okLrfod jkf'k ds chp varj dk ifjek.k bl voLFkk ij fuèkkZfjr ugha fd;ktk ldrk gSA

¼iii½ ljdkjh ;kstukvksa ds izhfe;e dks ekU;rk nsus ds ckjs esa] dEiuh dh ys[kkadu uhfr dk vuqlj.k¼ys[kkadu uhfr la- 3-1½ dEiuh }kjk ,df=r fd, tk jgs ,sls izhfe;e esa ls] tks uksMy cSadksa ls izkIrizs"k.k ij dEiuh }kjk dk;kZUof;r fd;k tk jgk gS rFkk dEiuh ¼ys[kkadu ekud½ fu;e] 2006 ds varxZr;Fkk fu/kkZfjr ys[kkadu ekud 9 ^jktLo ekU;rk** rFkk chek vf/kfu;e] 1938 dh /kkjk 64 ohch ds lkFkvuqikyuh; rFkk ys[kkadu ekud 1 ^^ys[kkdau uhfr;ksa dk fo?kVu** esa ;Fkk fu/kkZfjr ys[kkadu ¼ewyHkwrys[kkadu vo/kkj.kk½ dh izksnHkwr vo/kkj.kk ds vuqlkj u gksa] ,sls izhfe;e ds izkIr u gksus dh tksf[kedh dYiuk ds ckotwn vfHkxzghr fd;k tkrk gSA

rnuqlkj] orZeku vofèk dh vk; ds :Ik esa izkIr gksus okys izhfe;e dh 'ks"k jkf'k ds xSj&ys[kkdj.k rFkkiwoZorhZ o"kZ ds fy, rnuq#ih vkadM+ksa ds fy, xSj&lek;kstu ds QyLo:Ik orZeku vofèk ds izhfe;e dhvYi;qfDr ¼vFkok vfr;qfDr½ gqbZA bldk ekSfnzd izHkko fuèkkZj.k ;ksX; ugha gSA

blh izdkj Åij mfYyf[kr izkI;~ izhfe;e rFkk fiNys o"kZ ds nkoksa ds rnuq:ih vkadM+ksa dk lek;kstuu djus ds QyLo:i pkyw o"kZ ds nkoksa dh U;wuksfDr vFkok vfr;qfDr gqbZ gSA blds vkfFkZd izHkko dkirk ugha yxk;k tk ldrkA

¼iv½ jch 2017&18 l= ds fy, pkyw o"kZ vk; ds :i esa izhfe;eksa dk xSj&ys[kkadu ¼lkSais x, 'kq) chek½533156 gtkj #i, esa ls uksMy cSadksa ls çkIr pkyw o"kZ dh ¼çhfe;e½ dks de vkadk x;k gSA jktLo[kkrs vkSj ykHk vkSj gkfu [kkrs esa mlds ifj.kkeh çHkko fuèkkZj.k ;ksX; ugha gSA

2- Åij iSjk 1 dk lexz izHkko rFkk 31 ekpZ] 2018 dh fLFkfr ds vuqlkj jktLo ys[kk] ykHk vkSj gkfu ys[kk]vkfLr;ksa] ns;rkvksa rFkk fjtoZ vkSj vfèk'ks"kksa ij blds ifj.kkeh izHkko fuèkkZj.k;ksX; ugha gSaA

;ksX; jk;

gekjh jk; esa vkSj gekjh Js"B tkudkjh ds vuqlkj rFkk gesa fn, x, Li"Vhdj.kksa ds vuqlkj jktLo ys[kk] ykHk vkSjgkfu ys[kk] vkfLr;ksa] ns;rkvksa vkSj fjtoks± rFkk vfèk'ks"kksa ij 31 ekpZ] 2018 dh fLFkfr ds vuqlkj ;ksX; jk; iSjk ds fy,vkèkkj esa of.kZr ekeys ds laHkkfor izHkkoksa dks NksM+dj mYys[kuh; ys[kkdj.k uhfr;ksa vkSj mu ij nh xbZ fVIif.k;ksa dslkFk ifBr mDrlanfHkZr foÙkh; fooj.k daiuh vfèkfu;e] 2013] chek vfèkfu;e] 1938] chek fofu;ked vkSj fodkl

32

thereon give the information as required by the Companies Act, 2013, the Insurance Act, 1938, theInsurance Regulatory and Development Authority of India (Preparation of Financial Statements andAuditor's Report of Insurance Companies) Regulations, 2002, as amended from time to time, to the extentapplicable and in the manner so required and give a true and fair view in conformity with the AccountingPrinciples generally accepted in India as applicable to insurance companies:

(a) in case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2018;

(b) in case of the Revenue Account, of the surplus in the crop insurance business for the yearended on that date;

(c) in case of the Profit and Loss Account, of the profit for the year ended on that date and

(d) in case of Cash Flow Statement, of the cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to the following matters:

(i) Balances due from/to bodies carrying insurance business, reinsurance accounts, Certaininvestments, bank balance in certain current and fixed deposit accounts and otherdebtors/creditors are pending for confirmation/reconciliation and consequentialadjustments, effect of which, if any, is not ascertainable at this stage and can't be commentedupon. (Note No. 24.1).

(ii) The Internal Audit System of the Company requires strengthening in areas of audit coverageand scope. Similarly, Concurrent Audit of Investment Operations requires strengtheningin areas of transaction audit and compliance verifications.

(iii) We draw attention to Note No. 9.6(i) relating to change in Significant Accounting Policy i.enot making 0.40% Provision for Standard Assets, which resulted in increase in Profit BeforeTax for the year ended March 31, 2018 by Rs. 2,04,307 thousands.

Our opinion is not qualified in respect of these matters.

Other Matters

We did not audit the Financial Statements/information of seventeen Regional Offices included in theStandalone Financial Statements of the Company whose Financial Statements/Financial Information reflecttotal Assets of Rs. 10021080 thousands at 31st March, 2018 and total Revenues/Income Rs. 78956464thousands for the year ended on that date, as considered in the Standalone Financial Statements of theCompany. The Financial Statements/Information of these Regional Offices have been Audited by theRegional Office Auditors whose reports have been furnished to us and our opinion in so far as it relates tothe amounts and disclosures included in respect of these Regional Offices, is based solely on the report ofsuch Regional Office Auditors on which we have relied upon. Our opinion is not qualified in respect ofthis matter.

Report on Other Legal and Regulatory Requirements

(1) As required by sub section (5) of section 143 of the Companies Act, 2013, we enclose herewith"Annexure A" a Statement on the Directions and Sub-Directions issued by the Comptroller andAuditor General of India.

(2) As required by the Section 143 (3) of the Companies Act, 2013 and the Insurance Regulatory andDevelopment Authority of India (Preparation of Financial Statements and Auditor's Report ofInsurance Companies) Regulations, 2002, we report that:

33

izkfèkdj.k ¼chek daifu;ksa ds foÙkh; fooj.k vkSj ys[kkijh{kd dh fjiksVZ rS;kj djuk½ fofu;e] 2002] le;≤ ij;Fkkla'kksfèkr] }kjk visf{kr tkudkjh ;Fkkykxw ifjek.k esa vkSj ;Fkk visf{kr jhfr ls iznku djrs gSa rFkk ,d okLrfodvkSj mfpr n`f"Vdks.k iznku djrs gSa tks chek daifu;ksa ds fy, ;Fkk ykxw Hkkjr esa lkekU;r% Lohdk;Z ys[kkdj.k fl)karksads vuq:i gSA

i) 31 ekpZ 2018 dks dEiuh dh dk;Z dh fLFkfr ds rqyu i= ds ekeys esa]

ii) mDr rkjh[k dks lekIr o"kZ ds fy, Qly chek dkjksckj esa vfèk'ks"k ds jktLo ys[kk ds ekeys esa]

iii) mDr rkjh[k dks lekIr o"kZ ds fy, ykHk ds ykHk vkSj gkfu ys[kk ds ekeys esa] rFkk]

iv) mDr rkjh[k dks lekIr o"kZ ds fy, udn izokgksa ds udn izokg fooj.k ds ekeys esa]

egRoiw.kZ ekeys

ge fuEufyf[kr ekeyksa dh vksj è;ku vk—"V djrs gSa%

¼i½ chek O;olk;] iquchZek ys[kkvksa vkSj lg&chek ys[kkvksa dk lapkyu djus okys fudk;ksa ls@dks ns; 'ks"kjkf'k lekèkku@iqf"V rFkk ifj.kkeh lek;kstu ds fy, yafcr gS ftldk izHkko] ;fn dksbZ gS] bl voLFkkij fuèkkZj.k;ksX; ugha gS rFkk ml ij fVIi.kh ugha dh tk ldrh gS ¼fVIi.kh la[;k 24-1½A

¼ii½ daiuh dh vkarfjd ys[kkijh{kk iz.kkyh esa ys[kkijh{kk dojst vkSj O;kfIr ds {ks=ksa esa lqn`<+hdj.k fd, tkusdh vko';drk gSA blh izdkj] fuos'k ifjpkyu dh leorhZ ys[kkijh{kk dk Hkh laO;ogkj ys[kkijh{kk vkSjvuqikyu lR;kiu ds {ks=ksa esa lqn`<+hdj.k fd, tkus dh vko';drk gSA

¼iii½ ge mYys[kuh; ys[kkdj.k uhfr esa ifjorZu vFkkZr~ ekud lEifÙk;ksa ds fy, 0-40 izfr'kr dk izkoèkku udjuk ls lacafèkr fVIi.kh la[;k 9-6¼i½ dh vksj è;ku vk—"V djrs gSa] ftlds ifj.kkeLo:i 31 ekpZ]2018 dks lekIr gq, o"kZ ds fy, dj ls iwoZ 2]04]307 gtkj #i, ds ykHk esa o`f) gqbZA

bu ekeyksa ds laacaèk esa gekjh jk; ;ksX; ugha gSA

vU; ekeys

geus daiuh ds foÙkh; fooj.kksa esa 'kkfey fd, x, l=g {ks=h; dk;kZy;ksa dh foÙkh; foojf.k;ksa@tkudkjh dh ys[kkijh{kkugha dh ftudh foÙkh; foojf.k;ksa@foÙkh; tkudkjh 31 ekpZ] 2018 dh fLFkfr ds vuqlkj 10021080 gtkj #i, dh dqyvkfLr;ka n'kkZbZ rFkk ml rkjh[k dks lekIr gq, o"kZ ds fy, dqy jktLo@vk; 78956464 gtkj #i, Fkh ftls daiuh dsLVSaM vyksu foÙkh; fooj.kksa esa fopkfjr fd;k x;k FkkA bu {ks=h; dk;kZy;ksa ds foÙkh; fooj.kksa@tkudkjh dh ys[kkijh{kk{ks=h; dk;kZy;ksa ds ys[kkijh{kdksa }kjk dh xbZ Fkh ftudh fjiksVZsa gesa Hksth xbZ gSa rFkk gekjh jk; esa] tgka rd ;s bu {ks=h;dk;kZy;ksa ds lacaèk esa 'kkfey dh xbZ jkf'k;ksa vkSj izdVuksa ls lacafèkr gSa] iw.kZr% ,sls {ks=h; dk;kZy;ksa ds ys[kkijh{kdksadh fjiksVZ ij vkèkkfjr gS ftu ij geus fo'okl fd;k gSA bl ekeys ds lacaèk esa gekjh jk; ;ksX; ugha gSA

vU; fofèkd vkSj fofu;ked vis{kkvksa ij fjiksVZ

¼1½ tSlk fd daiuh vfèkfu;e] 2013 dh èkkjk 143 dh mièkkjk ¼5½ }kjk visf{kr gS] ge Hkkjr ds fu;a=degkys[kkijh{kd }kjk tkjh funs'kksa vkSj mi&funs'kksa ij ,d fooj.k ,rn~}+kjk vuqcaèk d* ds :i esa layXu djrsgSaA

¼2½ tSlk fd daiuh vfèkfu;e] 2013 dh èkkjk 143¼3½ rFkk chek fofu;ked vkSj fodkl izkfèkdj.k ¼chek daiuh dh foÙkh;foojf.k;ksa rFkk ys[kkijh{kd dh fjiksVZ rS;kj djuk½ fofu;e] 2002 }kjk visf{kr gS] ge lwfpr djrs gSa fd %

34

(a) We have sought and except for the matters described in the Basis for Qualified Opinionparagraph, obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit and;

(b) Except for the effects of the matters described in the Basis for Qualified Opinion paragraphabove, in our opinion, proper Books of Account as required by law have been kept by theCompany so far as it appears from our examination of those books and proper returns,audited, from the 17 Regional Offices have been received and are adequate for the purposeof our audit;

(c) The reports on the Accounts of the Regional Offices of the Company audited under Section143(8) of the Companies Act, 2013, by Regional Office Auditors have been sent to us andhave been properly dealt with by us in preparing this report;

(d) The Balance Sheet, the Revenue Account, the Profit and Loss Account, and the Cash FlowStatement dealt with by this Report are in agreement with the Books of Account and withthe returns received from the 17 Regional Offices audited by other Auditors under section143(8) of the Companies Act, 2013;

(e) Except for the effects of the matters described in the Basis for Qualified Opinion paragraphabove, in our opinion, the aforesaid Standalone Financial Statements comply with theAccounting Standards specified under Section 133 of the Companies Act, 2013 read withRule 7 of the Companies (Accounts) Rules, 2014, to the extent applicable to the Companyand in the manner so required and are also prepared in accordance with the requirementsof the Insurance Act, 1938, the Insurance Regulatory and Development Authority of IndiaAct, 1999; the Insurance Regulatory and Development Authority of India (Preparation ofFinancial Statements and Auditor's Report of Insurance Companies) Regulations, 2002 orany order or directions as amended from time to time issued by IRDAI in this behalf;

(f) The matters described in Basis for Qualified Opinion paragraph above, in our opinion,may have an adverse effect on the functioning of the Company;

(g) The provisions of Section 164 sub section (2) of the Companies Act, 2013 with regard todisqualifications for appointment of directors is not applicable to the Company in terms ofthe Notification No. GSR 463E dated 5th June, 2015 issued by the Ministry of CorporateAffairs, Govt. of India, it being a Government Company;

(h) The qualification relating to the maintenance of Accounts and other matters connectedtherewith are as stated in the Basis for Qualified Opinion paragraph above;

(i) With respect to the adequacy of the Internal Financial Controls over financial reporting ofthe Company and the operating effectiveness of such controls, refer to our separate Reportin "Annexure B".

(3) With respect to the other matters to be included in the Auditor's Report in accordance with Rule11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of ourinformation and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in itsStandalone Financial Statements-Refer Note No.5.1.5 of Annexure 2;

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

35

¼d½ geus ;ksX; jk; ds fy, vkèkkj iSjkxzkQ esa of.kZr fd, x, ekeyksa dks NksM+dj og leLr tkudkjh vkSjLi"Vhdj.k izkIr fd, gSa] tks gekjh Js"B tkudkjh vkSj fo'okl ds vkèkkj ij gekjh ys[kkijh{kk dsiz;kstuksa ds fy, vko';d Fks(

¼[k½ mi;qZDr ;ksX; jk; ds fy, vkèkkj iSjkxzkQ esa of.kZr ekeyksa ds izHkkoksa ds vykok gekjh jk; esa daiuh}kjk fofèk }kjk ;Fkkvisf{kr leqfpr ys[kkcfg;ksa dk j[k&j[kko fd;k x;k gS] tgka rd fd ,slk bucfg;ksa dh gekjh tkap ls irk pyrk gS rFkk 17 {ks=h; dk;kZy;ksa ls leqfpr vkSj ys[kkijhf{kr foojf.k;kaizkIr gqbZ gSa rFkk ;s gekjh ys[kkijh{kk ds iz;kstu ds fy, i;kZIr gSa(

¼x½ {ks=h; dk;kZy;ksa ds ys[kkijh{kdksa }kjk daiuh vfèkfu;e] 2013 dh èkkjk 143¼8½ ds varxZr ys[kkijhf{krdaiuh ds {ks=h; dk;kZy;ksa ds ys[kkvksa dh fjiksVsaZ gesa Hksth xbZ gSa rFkk bl fjiksVZ dks rS;kj djrs le;gekjs }kjk mUgsa leqfpr :i ls ns[k fy;k x;k gS(

¼?k½ bl fjiksVZ }kjk fujhf{kr rqyu&i=] jktLo ys[kk] ykHk vkSj gkfu ys[kk rFkk udnh izokg fooj.k ys[kkcfg;ksa rFkk daiuh vfèkfu;e] 2013 dh èkkjk 143¼8½ ds varxZr vU; ys[kkijh{kdksa }kjk ys[kkijhf{kr 17{ks=h; dk;kZy;ksa ls izkIr foojf.k;ksa ds vuq:i gSa(

¼M-½ mi;qZDr ;ksX; jk; ds fy, vkèkkj iSjkxzkQ esa of.kZr ekeyksa ds izHkkoksa dks NksM+dj] gekjh jk; esa] mDrlanfHkZr LVSaM vyksu foÙkh; foojf.k;ka daiuh ds fy, ykxw daiuh ¼ys[kk½ fu;e] 2014 dh èkkjk 7 ds lkFkifBr daiuh vfèkfu;e] 2013 dh èkkjk 133 ds varxZr fofufnZ"V ys[kkdj.k ekudksa dk ;Fkk visf{kr jhfrls vuqikyu djrh gSa rFkk mUgsa chek vf/kfu;e 1938] chek fofu;ked vkSj fodkl izkfèkdj.k vfèkfu;e]1999] chek fofu;ked vkSj fodkl izkfèkdj.k ¼chek daifu;ksa dh foÙkh; foojf.k;ksa vkSj ys[kkijh{kd dhfjiksVZ rS;kj djuk½ fofu;e] 2002 vFkok bl lacaèk esa vkbZvkjMh, }kjk tkjh fdlh vkns'k vFkok funs'k]le;≤ ij ;Fkkla'kksfèkr] dh vis{kkvksa ds vuqlkj rS;kj fd;k x;k gS(

¼p½ Åij ;ksX; jk; ds fy, vkèkkj iSjkxzkQ esa of.kZr ekeys] gekjh jk; esa] daiuh ds dk;Zdj.k ij izfrdwyizHkko Mky ldrs gSa(

¼N½ funs'kdksa dh fu;qfDr ds fy, vugZrk ds lacaèk esa] daiuh vfèkfu;e] 2013 dh èkkjk 164 dh mièkkjk ¼2½ds micaèk ljdkjh daiuh gksus ds ukrs dkjiksjsV dk;Z ea=ky;] Hkkjr ljdkj }kjk tkjh vfèklwpuk la-th,lvkj 463¼bZ½ fnukad 5 twu] 2015 ds fucaèkuksa ds vuqlkj daiuh ij ykxw ugha gksrs gSa(

¼t½ ys[kkvksa ds vuqj{k.k rFkk mlls lacafèkr vU; ekeyksa ls lacafèkr vgZrk,a mlh izdkj gSa] tSlh Åij ;ksX;jk; ds fy, vkèkkj esa ;Fkkof.kZr gSa(

¼>½ daiuh dh foÙkh; fjiksfV±x ij vkarfjd foÙkh; fu;a=.kksa dh i;kZIrrk rFkk ,sls fu;a=.kksa dh izpkyukRedizHkkodkfjrk ds lacaèk esa ^vuqcaèk [k* ij j[kh gekjh i`Fkd fjiksVZ dk voyksdu djsaA

¼3½ daiuh ¼ys[kkijh{kk vkSj ys[kkijh{kd½ fu;e] 2014 ds fu;e 11 ds vuqlkj ys[kkijh{kk dh fjiksVZ esa 'kkfey vU;ekeyksa ds laacaèk esa] gekjh jk; esa vkSj gekjh loksZÙke tkudkjh ds vuqlkj rFkk geas fn, x, Li"Vhdj.kksa dsvuqlkj %

i. daiuh us vius foÙkh; fooj.kksa esa viuh foÙkh; fLFkfr ij eqdneksa ds yafcr jgus ds izHkko dks izdV fd;kgS & vuqcaèk 2 dh fVIi.kh la- 5-1-3 ns[ksaA

ii. daiuh ds O;qRiUu lafonkvksa lfgr dksbZ nh?kkZofèkd lafonk ugha dh gS ftlds fy, dksbZ rkfRod iwokZHkklh?kkVk gksrk gks(

iii. ,slh dksbZ jkf'k ugha gS ftls daiuh }kjk fuos'kd f'k{kk vkSj laj{k.k fufèk esa varfjr fd, tkus dh vis{kkgks(

36

iii. There were no amounts which were required to be transferred to the Investor Educationand Protection Fund by the Company.

(4) As required by Regulations, we report that:

(a) In the absance of appointed Actuary, the actuarial valuation of liabilities of the Companyin respect of "Claims Incurred but Not Reported" (IBNR) including "Claims Incurred butNot Enough Reported" (IBNER) and "Premium Deficiency Reserve" (PDR) as at the year-end has been duly certified by the Panel Actuary of General Insurance, as established byIRDAI, appointed by the Company and other liabilities as required for the purpose forascertaining employee benefits in accordance with AS-15 as at the year-end has been dulycertified by the Consulting Actuary of the Company. These Actuaries have also certifiedthat the assumptions considered for such valuation are in accordance with guidelines andnorms prescribed by IRDAI and/ or the Actuarial Society of India in concurrence with theAuthority. We have relied upon such certification for forming our opinion on the StandaloneFinancial Statements of the Company;

(b) In our opinion, the investments have been valued in accordance with the provisions of theInsurance Act, 1938 and the regulations, directions and orders issued by IRDAI in thisbehalf.

(c) Except for the effects of the matters described in the Basis for Qualified Opinion paragraphabove, the Accounting Policies selected by the Company are appropriate and are incompliance with the applicable Accounting Standards and with the Accounting Principles,as prescribed in these Regulations or any order or direction issued by the Authority in thisbehalf.

(5) As required by IRDAI Regulations 2002, we report that:

(a) We have reviewed the Management report and there is no apparent mistake or materialinconsistencies with the Standalone Financial Statements;

(b) The Company has complied with the terms and conditions of the registration stipulated byInsurance Regulatory and Development Authority of India;

(c) To the best of our information and explanations given to us and representations made bythe Company, there are no investments and transactions related to any trust undertakenby the Insurer as Trustee;

(d) We have verified the cash and bank balances, investments on the following basis:

Cash : Physical verification at Head Office

Bank Balances : *Bank Confirmation Certificates at Head Office

Investments : Custodian Certificate at Head Office

The cash and bank balances for Regional Offices have been verified by the Regional OfficeAuditors as mentioned in their Audit Reports and the same have been relied upon by us.We have been informed that there are no investments held at Regional Office level;

*Bank confirmation certificates for fixed deposit balances amounting to Rs. 5992450thousands are not available with the company even though we have physically verifiedthese fixed deposit receipts.

37

iv. fofufnZ"V cSad uksV~l ¼,lch,u½ ds lacaèk esa izdVhdj.k vis{kk] tSlk fd vfèklwpuk th-,l-vkj 308¼v½fnukad 30 ekpZ] 2017 ds ifjdfYir gS] ,d chek daiuh gksus ds ukrs daiuh ij ykxw ugha gSA vuqcaèk2 dh fVIi.kh la- 24 ns[ksaA

¼4½ fofue;ksa }kjk ;Fkkvisf{kr jhfr ls] ge lwfpr djrs gSa fd%

¼d½ o"kZ dh lekfIr ij ^mixr ijarq i;kZIrr% lwfpr u fd, x, nkos** ¼vkbZch,ubZvkj½ lfgr ^mixr ijarqlwfpr u fd, x, nkos ¼vkbZch,uvkj½ vkSj ^^izhfe;e vi;kZIrrk fjtoZ** ¼ihMhvkj½ ds lacaèk esa daiuhdh ns;rkvksa dh chekafdd ewY;&fuèkkZj.k vkbZvkjMh,vkbZ }kjk ;FkkLFkkfir rFkk daiuh }kjk fu;qDriSuy ,Dpqvjh vkWQ tujy ba';ksjsal }kjk lE;d :i ls lR;kfir fd;k x;k gS rFkk o"kZ dh lekfIrij ,,l&15 ds vuqlkj deZpkjh ykHk fuèkkZfjr djus ds iz;kstukFkZ ;Fkkvisf{kr vU; ns;rk,a daiuh dsijke'kZd chekafddh }kjk lE;d :i ls izekf.kr dh xbZ gSaA bu chekafdfd;ksa us ;g Hkh izekf.kr fd;kgS fd ,sls ewY;&fuèkkZj.k vkbZvkjMh,vkbZ vkSj@vFkok Hkkjrh; chekafddh lkslkbVh }kjk fofufnZ"Vfn'kk&funsZ'kksa vkSj ekun.Mksa ds vuq:i gS rFkk izkfèkdj.k }kjk lgefr O;Dr dh xbZ gSA geus daiuhds LVSaM&vyksu foÙkh; fooj.kksa ij viuh jk; rS;kj djus esa ,sls izek.ku ij fo'okl fd;k gSA

¼[k½ gekjh jk; esa] fuos'k dks chek vfèkfu;e] 1938 ds micaèkksa rFkk bl lacaèk esa vkbZvkjMh, }kjk tkjhfofu;eksa] funs'kksa vkSj vkns'kksa ds vuq:i ewY;&fuèkkZfjr fd;k x;k gSA

¼x½ mijksDr lkis{k jk; iSjkxzkQ ds vk/kkj ij oftZr ekeyksa ds izHkkoksa ds vykok daiuh }kjk p;u dh xbZys[kkdj.k uhfr;ka mi;qDr gSa rFkk ykxw ys[kkdj.k ekudksa rFkk ys[kkdj.k fl)karksa ds vuq:i gS vkSjmuds vuqikyu esa gS] tSlk fd bu fofu;eksa vFkok izkfèkdj.k }kjk bl lacaèk esa tkjh fdlh vU; vkns'kvFkok funs'k esa fofufnZ"V fd;k x;k gSA

¼5½ vkbZvkjMh,vkbZ fofu;e 2002 dh vis{kkvksa ds vuqlkj] ge fjiksVZ djrs gSa fd %

¼d½ geus izcaèku fjiksVZ dh leh{kk dh gS rFkk LVSaM&vyksu foÙkh; foojf.k;ksa esa dksbZ Li"V =qfV vFkokrkfRod folaxfr ugha gS(

¼[k½ daiuh us chek fofu;ked vkSj fodkl izkfèkdj.k }kjk fofuèkkZfjr jftLVªs'ku ds fucaèku vkSj 'krks± dkvuqikyu fd;k gS(

¼x½ gekjh Js"B tkudkjh rFkk gesa fn, x, Li"Vhdj.kksa rFkk daiuh }kjk fd, x, vH;kosnuksa ds vuqlkj]chekdrkZ }kjk U;klh ds :i esa y, x, fdlh U;kl ls lacfèkr dksbZ fuos'k vFkok laO;ogkj fo|ekuugha gS(

¼?k½ geus fuEufyf[kr vkèkkj ij udnh vkSj cSad esa 'ks"k jkf'k] fuos'k dk lR;kiu fd;k gS%

udnh % izèkku dk;kZy; esa HkkSfrd lR;kiu

cSad esa 'ks"k jkf'k % izèkku dk;kZy; esa cSad iqf"Vdj.k izek.k i=

fuos'k % izèkku dk;kZy; esa vfHkj{kd izek.k&i=

{ks=h; dk;kZy;ksa dh udnh rFkk cSad esa 'ks"k jkf'k dk lR;kiu {ks=h; dk;kZy; ds ys[kkijh{kdksa }kjkfd;k x;k gS] tSlk fd mudh ys[kkijh{kk fjiksVks± esa mYys[k fd;k x;k gS rFkk geus ml ij fo'okln'kkZ;k gSA gesa lwfpr fd;k x;k gS fd {ks=h; dk;kZy; Lrj ij dksbZ fuos'k èkkfjr ugha fd;k x;k gS(

daiuh ds ikl 5992450 #i, dh jkf'k ds dfri; lkof/k tek ds laca/k esa cSad iqf"Vdj.k izek.k&i= dsikl miyC/k ugha Fks] gkykafd geus bu lkof/k tek jlhnksa dk HkkSfrd :i ls lR;kiu fd;k FkkA

38

(e) To the best of our information and explanations given to us and on the basis ofrepresentations made by the company, no part of the assets of the Policyholders' Funds hasbeen directly or indirectly applied in contravention of the provisions of the Insurance Act,1938, relating to the application and investments of the Policyholders' Funds.

(6) As required by IRDAI Master Circular on Unclaimed Amounts of Policyholders, we report thatan amount of Rs. 13283 thousands, which represents net increase in unclaimed amounts of Policyholdersduring the year of Rs. 2294 thousands and interest income allocated of Rs.10989 thousands, is yet to beinvested by the company.

For M/s Bhasin Raghavan & Co. For M/s P. R. Mehra & Co.Chartered Accountants Chartered Accountants

Firm Regn. No. 000197N Firm Regn. No. 000051N

Vikram Singh Swinder KumarPartner Partner

Membership No.093458 Membership No. 014211

Place: New DelhiDated: 27.04.2018

39

¼M-½ gekjh Js"B tkudkjh rFkk gesa fn, x, Li"Vhdj.kksa rFkk daiuh }kjk fd, x, vH;kosnuksa ds vuqlkj]ikfylhèkkjd dh fufèk;ksa dh vkfLr dk dksbZ Hkh Hkkx izR;{kr% vFkok vizR;{kr% ikWfylhèkkjd dh fufèkds vuqiz;ksx vkSj fuos'k ls lacfèkr chek vfèkfu;e] 1938 ds micaèkksa dk mYya?ku djrs gq, dgha Hkhfuosf'kr ugha fd;k x;k gSA

¼6½ tSlk fd ikWfylh/kkjdksa ds nkok u fd, x, jkf'k ij vkbZvkjMhvkbZ ds ekLVj ifji= dh vko';drkuqlkj] gefjiksVZ djrs gSa fd o"kZ ds nkSjku #- 13283 gtkj] ikWfylh/kkjdksa dh vfuok;Z jde esa 'kq) o`f) dk izfrfu/kRo djrk gS#- 2294 gtkj vkSj C;kt vk; #- 10989 gtkj vkoafVr dh xbZ gS] dks vHkh daiuh }kjk fuos'k fd;k tkuk ckdh gSA

d`rs eSa- Hklhu jk?kou ,.M da- d`rs eS- ih- vkj- esgjk ,.M da-pkVZMZ ,dkmaVsaV~l pkVZMZ ,dkmaVsaV~l

QeZ jft- ua- 000197 ,u QeZ jft- ua- 000051 ,u

foØe flag lfoUnz dqekjHkkxhnkj Hkkxhnkj

lnL;rk la- 093458 lnL;rk la- 014211

LFkku % ubZ fnYyhfnukad % 27-04-2018

40

Bhasin Raghavan & Co. P. R. Mehra & Co.,Chartered Accountants, Chartered Accountants,F-48, Bhagat Singh Market, 901, New Delhi HouseNew Delhi - 110001 Connaught Place

New Delhi-110001

CertificateTo the Members ofAGRICULTURE INSURANCE COMPANY OF INDIA LIMITED

We have audited the accompanying Standalone Financial Statements of AGRICULTURE INSURANCECOMPANY OF INDIA LIMITED ( 'the Company' ), which comprise of the Balance Sheet as at 31st March,2018 and the Revenue Account and Profit and Loss Account in respect of crop insurance business and CashFlow Statement for the year then ended, in which are incorporated the returns of seventeen Regional Officesaudited by the other firms of Chartered Accountants, which have been taken into consideration by us and asummary of Significant Accounting Policies and other explanatory information and on the basis of ourexamination we certify that

(a) We have reviewed the Management Report and there is no apparent mistake or material inconsistencywith the Financial Statements .

(b) As per information and explanations given by the Management, the terms and conditions as laiddown in Section 3(4) of the Insurance Act, 1938 regarding registration have been complied with.

(c) To the best of our information and explanations given to us and representations made by the Company,there are no investments and transactions related to any trust undertaken by the Insurer as Trustee.

(d) We have verified the cash and bank balances, investments on the following basis:

Cash : Physical verification at Head OfficeBank Balances : Bank Confirmation Certificates at Head Office*Investments : Custodian certificate at Head Office.

The Cash and Bank Balances for Regional Offices have been verified by the Regional Office Auditorsas mentioned in their Audit Reports and the same have been relied upon by us. We have been informedthat there are no investments held at Regional Office level.

*Bank Confirmation Certificates for certain Fixed Deposits with banks amounting to Rs. 5992450thousands are not available with the Company even though we have physically verified these FixedDeposits receipts.

(e) To the best of our information and explanations given to us and on the basis of representations madeby the Company, no part of the assets of the Policyholders' Funds has been directly or indirectlyapplied in contravention of the provisions of the Insurance Act, 1938, relating to the application andinvestments of the Policyholders' Funds.

For M/s Bhasin Raghavan & Co. For M/s P. R. Mehra & Co.Chartered Accountants Chartered Accountants


Vikram Singh Swinder KumarPartner Partner


Place: New DelhiDated: 27.04.2018

41

Hklhu jk?kou ,.M dEiuh ih-vkj esgjk ,.M dEiuhpkVZMZ ,dkamVsaV~l pkVZMZ ,dkamVsaV~l,Q&48] Hkxr flag ekdsZV 901] ubZ fnYyh gkmlubZ fnYyh & 110001 dukWV Iysl]

ubZ fnYyh & 110001

çek.ki=lsok esa lnL;,xzhdYPkj ba';ksjsal daiuh vkWQ bafM;k fyfeVsM

geus ,xzhdYPkj ba';ksjsal daiuh vkWQ bf.M;k fyfeVsM ¼^n daiuh*½ ds foÙkh; oäO;ksa dk ys[kk ijh{k.k fd;k gS] ftlesa31 ekpZ] 2018 rd dk rqyu&i= vkSj jktLo [kkrk rFkk ml rkjh[k dks lekIr gksus okys o"kZ ds fy, Qly chek dkjksckj vkSjudn çokg ds lacaèk esa ykHk&gkfu [kkrk 'kkfey gS] ftlesa vU; lunh ys[kkdkjksa dh daifu;ksa }kjk ys[kk ijhf{kr l=g {ks=h;dk;kZy;ksa ds fjVuZ lekosf'kr fd, x, gSa] ftls geus è;ku esa j[kk gS vkSj egRoiw.kZ ys[kkadu uhfr;ksa vkSj vU; O;k[;kRed tkudkjhds lkjka'k rFkk gekjh ys[kk ijh{kk ds vkèkkj ij ge çekf.kr djrs gSa fd&

¼d½ geus çcaèku dh fjiksVZ dh leh{kk dh gS vkSj mlesa dksbZ Li"V xyrh ;k foÙkh; oäO;ksa ds lkFk lkefxzd folaxfr ugha gS

¼[k½ çcaèku }kjk nh xbZ tkudkjh vkSj Li"Vhdj.k ds vuqlkj] iathdj.k ds lacaèk esa chek vfèkfu;e] 1938 dh èkkjk 3 ¼4½ esafuèkkZfjr fu;e vkSj 'krksaZ dk ikyu fd;k x;k gSA

¼x½ gekjh loZJs"B tkudkjh vkSj daiuh }kjk gesa fn, x, Li"Vhdj.k rFkk fd, x, vH;kosnu ds vuqlkj] U;klh ds :i esachek daiuh }kjk fdlh Hkh U;kl ls lacafèkr dksbZ Hkh fuos'k ;k ysunsu ugha fd;k x;k gSA

¼?k½ geus fuEufyf[kr vkèkkj ij udnh vkSj cSad cSysal] fuos'k dks lR;kfir fd;k gS %

udn % çèkku dk;kZy; esa HkkSfrd lR;kiucSad cSysal % çèkku dk;kZy; esa cSad iqf"V çek.k i=fuos'k % çèkku dk;kZy; esa dLVksfM;u çek.k i=A

{ks=h; dk;kZy;ksa ds fy, udn vkSj cSad cSysal dk {ks=h; dk;kZy; ds ys[kk ijh{kdksa }kjk lR;kiu fd;k x;k gS] ftldkmUgksaus viuh ys[kk ijh{kk fjiksVZ esa mYys[k fd;k gS vkSj geus bu ij Hkjkslk fd;k gSA gesa crk;k x;k gS fd {ks=h; dk;kZy;Lrj ij dksbZ fuos'k ugha fd;k x;k gSA

cSad ds ikl 5992450 #i, dh jkf'k ds dfri; lkofèk tek ds lacaèk esa cSad iqf"Vdj.k izek.k&i= daiuh ds ikl miyCèkugha Fks] gkykafd geus bu lkofèk tek jlhnksa dk HkkSfrd :i ls lR;kiu fd;k FkkA

¼³½ gekjh lcls vPNh tkudkjh vkSj gesa fn, x, Li"Vhdj.k rFkk daiuh }kjk fd, x, vH;kosnu ds vkèkkj ij] i‚fylhèkkjdksads èku ds fdlh Hkh fgLls dk çR;{k ;k ijks{k :i ls] chek vfèkfu;e 1938] ds i‚fylhèkkjdksa ds èku ds vkosnu vkSj fuos'kls lacafèkr ds çkoèkkuksa ds mYya?ku esa mi;ksx ugha fd;k x;k gSA






42

Annexure A- to Independent Auditors ReportStatement on Directions and Sub-Directions indicating the areas to be examined by the StatutoryAuditors during the course of audit of Annual Accounts of Agriculture Insurance Co. of India Ltd. forthe Financial Year 2017-18 issued by Comptroller & Auditor General of India under section 143(5) ofCompanies Act, 2013 :

1. Statement on Directions :

1. Whether the Company has clear title/leasedeeds for free hold and lease holdrespectively? If not please state the area offreehold and leasehold land for whichtitle/lease deeds are not available?

2. Whether there are any cases of waiver/write off of debts/loans/interest etc., if yes,the reasons thereof and the amountinvolved.

3. Whether proper records are maintained forinventories lying with third parties & assetsreceived as gift/grant(s) from Govt. or otherauthorities.

Yes subject to following observations:

Notes:

1. Conveyance Deed is not yet executed inrespect of Cabin NO.7 on 3rd Floor ofAgro Mall, Sector 20, Panchkula,Haryana.

2. Original conveyance deed not available for20 Flats at D-6 ,Vasant Kunj, New Delhi.However, certified true copy was shownto us.

There are no cases of waiver/ write off of debts/loans/interest etc.

Since the Company is in insurance business, it doesnot hold any inventory.

As per the information provided to us by theCompany, it has not received any assets as gift/grant(s) from Govt. or other authorities.

43

vuqyXud&d ys[kk ijh{kd dh Lora= fjiksVZ

foÙkh; o"kZ 2017&18 ds fy, ,xzhdYPkj ba';ksjsal daiuh vkWQ bafM;k fyfeVsM ds okf"kZd [kkrksa dh ys[kk ijh{kk dsnkSjku daiuh vfèkfu;e] 2013 dh èkkjk 143 ¼5½ ds varxZr Hkkjr ds fu;a=d ,oa egkys[kk ijh{kd }kjk tkjh fd, x,lkafofèkd ys[kk ijh{kdksa }kjk tkap fd, tkus okys {ks=ksa dk ladsr ds fy, fn'kk funsZ'k ,oa mi fn'kk funZs'k

1- funZs'kksa dk fooj.k %

1- D;k daiuh ds ikl Øe'k% LokfeRo vkSj iês ds fy,Li"V LokfeRo@iês ds nLrkost gSa\ vxj ugha rksdi;k LokfeRo vkSj iêkèkr Hkwfe dk {ks= crk,a] ftldsfy, LokfeRo@iês ds nLrkost miyCèk ugha gSa\

_.k@mèkkj@C;kt vkfn esa NwV@ekQ djus dk dksbZ ekeykugha gSA

2- D;k fdlh _.k@mèkkj@C;kt vkfn esa NwV@ekQdjus vkfn dk dksbZ ekeyk gSA ;fn gka] rks rRlacaèkhdkj.kksa vkSj mudh jkf'k dks crk,A

pwafd daiuh chek dkjksckj esa gS ;g lkexzh dh dksbZ Hkh lwphugha j[krh gSA

daiuh }kjk gesa nh xbZ tkudkjh ds vuqlkj] bls ljdkj ;kvU; izkfèkdkfj;ksa ls migkj@vuqnku ¼uksa½ ds :i esa dksbZ HkhlaifÙk ugha feyh gSA

3- D;k rhljs i{k ds ikl iM+h lkexzh vkSj ljdkj ;kvU; vfèkdkfj;ksa ls migkj@vuqnku¼uksa½ ds :i esaçkIr dh xbZ laifÙk ds fy, mfpr fjd‚MZ j[kk tkrkgSA

th gka] fuEufyf[kr fVIif.k;ksa ds vè;èkhu%

1- ,xzks eky] lsDVj 20] iapdqyk] gfj;k.kk ds rrh; ryij dsfcu la- 7 ds lacaèk esa gLrkarj.k foys[k miyCèkugha gS!

2- Mh&6] olar dqat] ubZ fnYyh esa 20 ¶ySVksa ds fy, ewygLrkarj.k foys[k miyCèk ugha gSA rFkkfi] izekf.krlR; izfr gesa fn[kkbZ xbZ FkhA

44

2. Statement on Sub-Directions:

1. Number of titles ofownership in respect ofC G S/S G S/Bonds/Debentures etc.available in physical/demat form and out ofthese, number of caseswhich are not inagreement with therespective amountsshown in theCompany's Books ofAccounts may beverified and discrepancyfound may be suitablyreported.

S No Category Number

1 Central Government Security 36

2 State Government Security 71

3 Bonds/Debentures 119

4 Equity 52*

5 Mutual Funds 3 (Physical)

6 Fixed Deposits with banks including 48 (Physical) #FFD and MIBOR Deposit.

All the above mentioned numbers are in agreement with the respectiveamounts as per the Company's Books of Accounts except as mentionedbelow:

* 'The holding of equity shares of GAIL also includes 41133 Bonus sharesreceived in DEMAT account of the Company on 10.04.2018 but has beenincluded in the holding as per Books of Accounts as on 31.03.2018 as theCompany is entitled to receive Bonus on 29.03.2018 (Effective Date). Theabove 41133 shares have been verified in DEMAT form on 10.04.2018."

# Includes Flexi Fixed Deposits of Government Funds with bank and FD ofUnclaimed amount of policyholders.

For M/s Bhasin Raghavan & Co. For M/s P. R. Mehra & Co.

Chartered Accountants Chartered Accountants


Vikram Singh Swinder Kumar

Partner Partner


Place: New Delhi

Dated: 27.04.2018

45

1- lhth,l@,lth,l@ckaM@fMcsapj vkfn ds fy,HkkSfrd@MheSV çk:i esamiyCè k Lo k feRo d snLrkostksa dh la[;k vkSjbuesa ls fdrus ekeys daiuhds [kkrksa esa n'kkZbZ xbZ la[;kds vuq:i ugha gSa] bUgsalR;kfir fd;k tk, vkSjikbZ xbZ folaxfr dksmi;qDr izdkj ls fjiksVZfd;k tk,A

2- mi&funZs'k

mijksä lHkh la[;k,a daiuh ds [kkrksa ds vuqlkj lacafèkr ek=k ds vuq:i gSaA

*xsy ds bfDoVh 'ks;jksa dh èkkfjrk esa daiuh MheSV [kkrs esa 10-4-2018 dks izkIr 41133 cksul'ks;j Hkh 'kkfey gS ijarq mUgsa ys[kkcfg;ksa ds vuqlkj 31-03-2018 dh èkkfjrk esa 'kkfey fd;k x;kD;ksafd daiuh 29-03-2018 ¼izHkkoh rkjh[k½ dks cksul izkIr djus dh gdnkj gSA mi;qZDr 41133'ks;jksa dks 10-04-2018 dks MheSV iz:i esa lR;kfir fd;k x;k gSA**

#blesa cSad ds ikl ljdkjh fufèk;ksa ds lkof/k tek fu{ksi rFkk ikWfylh èkkjdksa dh ,QMh dhvnkok—r jkf'k 'kkfey gSA






Øe Js.kh la[;k

la[;k

1- dsUnz ljdkj dh izfrHkwfr 36

2- jkT; ljdkj dh izfrHkwfr 71

3- ckW.M@_.ki= 119

4- bfDoVh 52*

5- E;qpqvy Q.M 3 ¼HkkSfrd½

6- 48 ¼HkkSfrd½

46

ANNEXURE-B TO THE INDEPENDENT AUDITOR'SREPORT

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

We have audited the Internal Financial Controls over Financial Reporting of Agriculture insuranceCompany of India Limited ("the Company") as of March 31, 2018 in conjunction with our audit of theStandalone Financial Statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining Internal Financial Controlsbased on the internal control over Financial Reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design, implementation and maintenance of adequate Internal FinancialControls that were operating effectively for ensuring the orderly and efficient conduct of its business,including adherence to Company's policies, the safeguarding of its assets, the prevention and detection offrauds and errors, the accuracy and completeness of the accounting records, and the timely preparationof reliable financial information, as required under the Companies Act, 2013.

Auditors' Responsibility

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

Our audit involves performing procedures to obtain audit evidence about the adequacy of the InternalFinancial Controls system over Financial Reporting and their operating effectiveness.Our audit of InternalFinancial Controls over Financial Reporting included obtaining an understanding of Internal FinancialControls over Financial Reporting, assessing the risk that a material weakness exists, and testing andevaluating the design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment, including the assessment of the risks of materialmisstatement of the Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's Internal Financial Controls system over Financial Reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's Internal Financial Control over Financial Reporting is a process designed to provide reasonableassurance regarding the reliability of Financial Reporting and the preparation of Financial Statements forexternal purposes in accordance with Generally Accepted Accounting Principles. A company's Internal

47

vuqyXud&[k Lora= ys[kk ijh{kd dh fjiksVZ

daiuh vfèkfu;e] 2013 ¼vf/kfu;e½ dh èkkjk 143 dh mièkkjk 3 ds [kaM ¼i½ ds varxZr vkarfjd foÙkh;fu;a=.k ij fjiksVZ

geus viuh ys[kk ijh{kk ds lkFk la;kstu ds :i esa 31 ekpZ] 2018 dks ml rkjh[k dks lekIr gksus okys o"kZ ds fy,,xzhdYpj ba';ksjsal dEiuh vkWQ bafM;k fyfeVsM daiuh ds LVSaM vyksu foÙkh; fooj.kksa dh foÙkh; fjiksfVaZx ij mldsvkarfjd foÙkh; fu;a=.k dk ys[kk ijh{k.k fd;k gSA

vkarfjd foÙkh; fu;a=.k ds fy, çcaèku dh ftEesnkjh

vkarfjd foÙkh; fjiksfVaZx dh ys[kk ijh{kk ij ^^Hkkjrh; lunh ys[kkdkj laLFkku** }kjk tkjh dh xbZ ekxZn'kZd fVIi.khesa mfYyf[kr foÙkh; fjiksfVaZx dks fu;af=r djus okys vkarfjd fu;a=.k ds vko';d ?kVdksa ij fopkj dj daiuh }kjkLFkkfir fd;s x;s foÙkh; fjiksfVaZx ekunaM ds vkarfjd fu;a=.k ij vkèkkfjr vkarfjd foÙkh; fu;a=.k dh LFkkiuk vkSjmls cuk, j[kuk daiuh ds çcaèku dh ftEesnkjh gSA bu ftEesnkfj;ksa esa vius O;kikj dk lgh vkSj dq'ky lapkyulqfuf'pr djus] daiuh dh uhfr;ksa ds ikyu lfgr] viuh laifÙk dh lqj{kk] èkks[kkèkM+h vkSj =qfV;ksa dk irk yxkus vkSjmudh jksdFkke] ys[kk vfHkys[kksa dh lVhdrk vkSj iw.kZrk] vkSj daiuh vfèkfu;e] 2013 ds varxZr vko';d vuqlkjfo'oluh; foÙkh; tkudkjh dh le; ij rS;kjh ds fy, i;kZIr vkarfjd foÙkh; fu;a=.k dh fMtkbu] dk;kZUo;u vkSjçHkkoh <ax ls dke djuk rFkk j[kj[kko 'kkfey gSaA

ys[kk ijh{kdksa dh ftEesnkjh

gekjh ftEesnkjh viuh ys[kk ijh{kk ds vkèkkj ij foÙkh; fjiksfVaZx ij daiuh ds vkarfjd foÙkh; fu;a=.k ij jk; O;ädjuk gSA geus viuh ys[kk ijh{kk dk vk;kstu vkbZlh,vkbZ }kjk tkjh fd, x, foÙkh; fjiksfVaZx ij vkarfjd foÙkh;fu;a=.k dh ys[kkijh{kk ij ekxZn'kZd fVIi.kh vkSj Hkkjrh; lunh ys[kkdkj laLFkku }kjk tkjh fd, x, ys[kk ijh{kk dsekudksa vkSj vkarfjd foÙkh; fu;a=.k dh ys[kk ijh{kk] nksuksa ds vuqlkj fd;k gS] tks ykxw gn rd daiuh vfèkfu;e] 2013dh èkkjk 143 ¼10½ ds varxZr fuèkkZfjr ekus tkrs gSaA mu ekudksa vkSj ekxZn'kZd fVIi.kh ds fy, vko';d gS fd ge uSfrdvko';drkvksa dk ikyu djsa vkSj bl ckr dk mfpr vkSj i;kZIr vk'oklu ikus ds fy, viuh ys[kk ijh{kk dh ;kstukcuk,a vkSj mls vk;ksftr djsa fd D;k foÙkh; fjiksfVaZx ij i;kZIr vkarfjd foÙkh; fu;a=.k LFkkfir fd;k x;k vkSj mlscuk, j[kk x;k gS vkSj D;k og lHkh lkefxzd ekeyksa esa çHkkoh <ax ls fu;a=.k djrk gSA

gekjh ys[kk ijh{kk dh çfØ;k esa foÙkh; fjiksfVaZx ij vkarfjd foÙkh; fu;a=.k ç.kkyh dh i;kZIrrk vkSj muds izHkkohifjpkyu ds ckjs esa ys[kk ijh{kk lk{; çkIr djuk 'kkfey gSA foÙkh; fjiksfVaZx ij vkarfjd foÙkh; fu;a=.k dh gekjhys[kk ijh{kk esa foÙkh; fjiksfVaZx ij vkarfjd foÙkh; fu;a=.k dh ,d le> çkIr djus] ,d lkefxzd detksjh ekStwn gksusds tksf[ke dk vkdyu djuk] vkSj tksf[ke ds vkdyu ds vkèkkj ij vkarfjd fu;a=.k dh fMtkbu vkSj çHkko'khyrkdk ijh{k.k vkSj ewY;kadu 'kkfey FksA p;fur çfØ;k,a ys[kk ijh{kd ds QSlys ij fuHkZj djrh gS] ftlesa foÙkh; c;kudh lkexzh dh xyr c;kuh ds tksf[ke dk vkdyu Hkh 'kkfey gS] pkgs og èkks[kkèkM+h ls gqvk gks ;k =qfV ds dkj.kA

ge ekurs gSa fd geus tks ys[kk ijh{kk lk{; çkIr fd, gSa os foÙkh; fjiksfVaZx ij daiuh dh vkarfjd foÙkh; fu;a=.kç.kkyh ij gekjs ys[kk ijh{kk dh jk; ds fy, ,d vkèkkj çnku djus ds fy, i;kZIr vkSj mfpr gSaA

foÙkh; fjiksfVaZx ij vkarfjd foÙkh; fu;a=.k dk vFkZ

foÙkh; fjiksfVaZx ij ,d daiuh dk vkarfjd foÙkh; fu;a=.k] vke rkSj ij Lohdk;Z ys[kkadu fl)karksa ds vuqlkj ckgjhç;kstuksa ds fy, foÙkh; fjiksfVaZx dh fo'oluh;rk vkSj foÙkh; c;ku dh rS;kjh ds lacaèk esa mfpr vk'oklu çnku djus

48

Financial Control over Financial Reporting includes those policies and procedures that

(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect thetransactions and dispositions of the assets of the Company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation ofFinancial Statements in accordance with Generally Accepted Accounting Principles, and thatreceipts and expenditures of the company are being made only in accordance with authorizationsof Management and Directors of the Company; and

(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,use, or disposition of the Company's assets that could have a material effect on the FinancialStatements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of Internal Financial Controls over Financial Reporting, including thepossibility of collusion or improper management override of controls, material misstatements due to erroror fraud may occur and not be detected. Also, projections of any evaluation of the Internal FinancialControls over Financial Reporting to future periods are subject to the risk that the Internal FinancialControl over Financial Reporting may become inadequate because of changes in conditions, or that thedegree of compliance with the policies or procedures may deteriorate.

Qualified Opinion

According to the information and explanations given t o us and based on our audit at Head Office andaudit at Regional Offices by the Regional Office Auditors, the following material weaknesses have beenidentified as at March 31, 2018:

(i) The Internal Financial Control over Financial Reporting of Accounting of Premium Incomeon account of Funds received from Nodal Banks/branches and for entering farmer-wisedata timely in Government portals including method of estimation of Premium Income forFinancial Reporting purposes needs to be reviewed and strengthened in view of ourobservations stated in paragraph l (ii) to (iv) in the "Basis for Qualified Opinion" paragraphof our Audit Report.

(ii) In our opinion, the Company needs to get its Internal Financial Controls and their operatingeffectiveness tested at Head Office and Regional Offices and submit reports for auditpurposes.

(iii) A firm of Chartered Accountants has examined the compliance of Investment RiskManagement Systems & Processes in the Financial Year 2017 -18 and has highlighted certainirregularities and non-compliances including certain very serious risk category nature ininvestment operations and IT Applications & Systems in their certificate dated November10, 2017. In view of these observations, the Company has modified its InformationManagement Policy subsequently by incorporating additional systems, procedures, processes& controls in the above policy. In our opinion, these modified systems, procedures, processes& controls introduced now in the above policy by the Company should be got examined /tested by an independent agency to ensure that the Company has complied with all theconditions of Investment Risk Management Systems & Processes prescribed under the IRDAI(Investment Regulations), 2016.

49

ds fy, fMtkbu dh xbZ ,d çfØ;k gSA foÙkh; fjiksfVaZx ij ,d daiuh ds vkarfjd foÙkh; fu;a=.k esa os uhfr;ka vkSjçfØ;k,a 'kkfey gSa tks

¼1½ mfpr foLrkj ls] mu vfHkys[kksa ds j[kj[kko ls lacafèkr gS] tks daiuh ds ysunsu vkSj laifÙk ds fuiVku dksfu"i{krk ls n'kkZrs gSa]

¼2½ bl ckr dk mfpr vk'oklu çnku djrs gSa fd ysunsu dks vke rkSj ij Lohd`r ys[kkadu fl)karksa ds vuqlkjfoÙkh; oäO;ksa dh rS;kjh dh vuqefr ds fy, vko';d :i esa ntZ fd;k tk jgk gSa vkSj daiuh dh çkfIr;ksa vkSjO;; dks dsoy çcaèku vkSj daiuh ds funs'kdksa ds çkfèkdj.k ds vuqlkj fd;k tk jgk gS( rFkk

¼3½ daiuh dh laifÙk ds vufèkd`r vfèkxzg.k] mi;ksx] ;k fuiVku dk le; ij irk yxkus ;k jksdFkke ds ckjs esamfpr vk'oklu çnku djsa] ftudk foÙkh; c;ku ij ,d lkefxzd çHkko gks ldrk gSA

foÙkh; fjiksfVaZx ij vkarfjd foÙkh; fu;a=.k dh fufgr lhek,a

fu;a=.k dh vfHklafèk ;k vuqfpr çcaèku dh laHkkouk lfgr foÙkh; fjiksfVaZx ij vkarfjd foÙkh; fu;a=.k dh varfuZfgrlhekvksa ds dkj.k] =qfV ;k èkks[kkèkM+h gksrh gS vkSj gks ldrk gS fd budk irk u pysA blds vykok] Hkfo"; dh vofèkds fy, foÙkh; fjiksfVaZx ij vkarfjd foÙkh; fu;a=.k ds fdlh Hkh ewY;kadu ds vuqeku tksf[ke ds vèkhu gSa D;ksafdfLFkfr;ksa esa cnyko ds dkj.k foÙkh; fjiksfVaZx ij vkarfjd foÙkh; fu;a=.k vi;kZIr gks ldrk gS] ;k uhfr;ksa ;k çfØ;kvksads vuqikyu dh Lrj esa deh gks ldrh gSA

;ksX; jk;

gesa iznku dh xbZ tkudkjh rFkk Li"Vhdj.kksa ds vuqlkj rFkk iz/kku dk;kZy; esa gekjh ys[kkijh{kk rFkk {ks=h; dk;kZy;ksads ys[kkijh{kdksa dh ys[kkijh{kk ds vkèkkj ij 31 ekpZ] 2018 dh fLFkfr dks fuEufyf[kr rkfRod [kkfe;ka ns[kh xbZ gSa%

¼i½ uksMy cSadksa@'kk[kkvksa ls izkIr fufèk;ksa ds dkj.k izhfe;e vk; ds ys[kkdj.k dh foÙkh; fjiksfV±x ijvkarfjd foÙkh; fu;a=.k rFkk foÙkh; fjiksZfVax ds iz;kstuksa ds fy, izhfe;e vk; ds ifjdyu dh i)frlfgr ljdkjh iksVZyksa esa le; ij fdlkuokj vkadM+s izfo"V djus ds fy, izfØ;k dh gekjh ys[kkijh{kkfjiksVZ ds ^;ksX; jk; ds fy, vkèkkj* iSjkxzkQ esa iSjk 1 ¼ii½ ls ¼iv½ esa of.kZr gekjh fVIif.k;ksa dks è;kuesa j[krs gq, leh{kk fd, tkus vkSj mls lqn`<+ cuk, tkus dh vko';drk gSA

¼ii½ gekjh jk; esa] daiuh dks vius vkarfjd foÙkh; fu;a=.kksa rFkk mldh izpkyu izHkkodkfjrk dh izèkkudk;kZy; vkSj {ks=h; dk;kZy;ksa esa ijh{kk djkus rFkk bl lacaèk esa ys[kkijh{kk iz;kstuksa ds fy, fjiksVZlkSaius dh vko';drk gSA

¼iii½ pkVZMZ vdkmaVsaVksa dh ,d QeZ us foÙkh; o"kZ 2017&18 esa fuos'k tksf[ke izcaèku iz.kkfy;ksa vkSj izfØ;kvksads vuqikyu dh tkap dh Fkh rFkk vius fnukad 10 uoEcj] 2017 ds izek.k&i= esa dfri; vfu;ferrkvksavkSj xSj&vuqikyuksa dks mtkxj fd;k Fkk ftuesa fuos'k izpkyuksa rFkk vkbZVh vuqiz;ksxksa vkSj iz.kkfy;ksa esadfri; vR;ar xaHkhj tksf[ke Js.kh iz—fr dh vfu;ferrk,a Hkh 'kkfey FkhaA bu fVIif.k;ksa dks è;ku esaj[krs gq,] daiuh us viuh lwpuk izcaèk uhfr esa vk'kksèku fd;k ftlds rgr mlus bl uhfr esa vfrfjDriz.kkfy;ksa] izfØ;kvksa] i)fr;ksa vkSj fu;a=.kksa dk lekos'k fd;kA gekjh jk; esa daiuh }kjk mi;qZDr uhfresa vc izkjaHk dh xbZ bu vk'kksfèkr iz.kkfy;ksa] izfØ;kvksa] i)fr;ksa vkSj fu;a=.kksa dh fdlh Lora= ,tsalh}kjk tkap@ijh{kk djkbZ tkuh pkfg, rkfd ;g lqfuf'pr fd;k tk lds fd daiuh us vkbZvkjMh,¼fuos'k½ fofu;e] 2016 ds varxZr fofufnZ"V fuos'k tksf[ke izcaèk iz.kkfy;ksa vkSj izfØ;kvksa dh lHkh 'krks±dk vuqikyu dj fy;k gSA

50

(iv) Compliances under IRDA (Investment) Regulations, 2016:

(a) As per the Regulations, the system should automatically monitor various regulatorylimits at instrument, group, promoter group and industry sector levels exposureswhereas these were monitored manually during the year.

(b) As per the Regulations, the system should auto capture ratings and should haveability to track changes in ratings over a period and generate appropriate alerts,along with ability to classify Investments between Approved and Other Investmentwhereas there was no such system in existence during the year which also resultedin not classifying few investments as "Other Investments" during the year when therating of certain instruments had gone down.

(c) As per the Regulations, the system should automatically track and report all internallimits (Limits specified in Investment Policy) breaches whereas these have not beenfed into the system to comply with the above guidelines.

(d) As per the Regulations, deals can only be rejected by back office and can never beedited whereas in some cases, deals/ data input has been edited later on. In view ofthe above observations, in our opinion, the compliance mechanism includingConcurrent Audit needs to be strengthened to ensure adherence to the IRDAI(Investment) Regulations, 2016.

(v) In respect of Regional Office Patna, the Regional Office Auditor has stated that the RegionalOffice has in all material respects, an adequate Internal Financial Controls system overFinancial Reporting and such Internal Financial Controls over Financial Reporting wereoperating effectively as at March 31, 2018, based on the Internal Control over FinancialReporting criteria established by the Company considering the essential components ofInternal Control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India except forclaims paid through transfer of funds to banks for utilizing the fund to the beneficiariessince banks have sent Utilization Certificates without details of beneficiaries of Rs. 2667200thousand and no Utilization Certificates received for Rs. 4342200 thousand which maylead mis-utilization of fund or fraud as there are no crosschecking by the Company.

In our opinion, except for the possible effects of the weaknesses described above on theachievement of the objectives of the control criteria, the Company has maintained, in allthe material respects, adequate Internal Financial Controls over Financial Reporting andsuch Internal Financial Controls over Financial Reporting were operating effectively as ofMarch 31, 2018, based on the internal control over Financial Reporting criteria establishedby the company considering the essential components of internal control stated in theGuidance Note on Audit of Intern al Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India.

We have considered the weaknesses identified and reported above in determining the nature, timing andextent of audit tests applied in our audit of the March 31, 2018 Standalone Financial Statements of theCompany, and these weaknesses do effect our opinion on the Standalone Financial Statements of the

51

¼iv½ vkbZvkjMh, ¼fuos'k½ fofu;e] 2016 ds varxZr vuqikyu

¼d½ fofu;eksa ds vuqlkj] iz.kkyh dks fy[kr] lewg] izoZrd lewg vkSj m|ksx {ks= Lrjh; vofLFkfr;ksaij fofHkUu fofu;ked lhekvksa dk Lor% gh vuqoh{k.k djuk pkfg, tcfd budk vuqoh{k.k o"kZds nkSjku deZpkfj;ksa }kjk fd;k x;kA

¼[k½ fofu;eksa ds vuqlkj] iz.kkyh dks jsfVaXl Lor% gh dSIpj djuh pkfg, rFkk mlesa ,d fuf'prvofèk esa jsfVaxksa esa ifjorZuksa ij utj j[kus vkSj mi;qDr ,yVZ l`ftr djus dh ;ksX;rk gksuhpkfg, rFkk lkFk gh vuqeksfnr vkSj vU; fuos'kksa ds chp fuos'kksa dk oxhZdj.k djus dh Hkh ;ksX;rkgksuh pkfg, tcfd o"kZ ds nkSjku ,slh dksbZ iz.kkyh fo|eku ugha Fkh ftlds ifj.kkeLo:i o"kZds nkSjku tc dfri; fy[krksa dh jsfVax uhps pyh xbZ Fkh] rc dfri; fuos'kksa dks vU; fuos'k*ds :i esa oxhZd`r Hkh ugha fd;k tk ldkA

¼x½ fofu;eksa ds vuqlkj] iz.kkyh dks leLr vkarfjd lhek ¼fuos'k uhfr esa fufnZ"V lhek,a½ mYya?kuksaij Lor% gh ut+j j[kuh vkSj mldh lwpuk nsuh pkfg, tcfd mi;qZDr fn'kk&funsZ'kksa dkvuqikyu djus ds fy, bUgsa iz.kkyh esa 'kkfey ugha fd;k x;kA

¼?k½ fofu;eksa ds vuqlkj] Mhy dks dsoy iwoZ dk;kZy; }kjk gh vLoh—r fd;k tk ldrk gS rFkk mUgsadHkh Hkh laikfnr ugha fd;k tk ldrk tcfd dqN ekeyksa esa Mhy@MkVk buiqV ckn esa laikfnrfd, x,A mi;qZDr fVIif.k;ksa dks è;ku esa j[krs gq,] gekjh jk; esa] leorhZ ys[kkijh{kk lfgrvuqikyu ra= dk lqn`<+hdj.k fd, tkus dh vko';drk gS rkfd vkbZvkjMh,vkbZ ¼fuos'k½fofu;e] 2016 dk vuqikyu lqfuf'pr fd;k tk ldsA

¼v½ {ks=h; dk;kZy; iVuk ds lacaèk esa] {ks=h; dk;kZy; ds ys[kkijh{kd us crk;k fd {ks=h; dk;kZy;esa leLr rkfRod lacaèkksa esa foÙkh; fjiksfV±x ds fy, ,d i;kZIr vkarfjd foÙkh; fu;a=.k iz.kkyhgS rFkk foÙkh; fjiksfV±x ds lanHkZ esa ,sls vkarfjd foÙkh; fu;a=.k 31 ekpZ] 2018 dh fLFkfr dsvuqlkj izHkko'kkyh rjhds ls izpkfyr fd, tk jgs gSa tks ykHkkfFkZ;ksa ds fy, fufèk ds mi;ksx dsfy, cSadksa dks fufèk;ksa ds varj.k ds ekè;e ls lanÙk nkoksa dks NksM+dj Hkkjrh; pkVZt ,dkmaVsaVlaLFkku }kjk tkjh foÙkh; fu;a=.kksa dh ys[kkijh{kk lacaèkh ekxZn'khZ fVIi.kh esa of.kZr vkarfjdfu;a=.k ds vfuok;Z vo;oksa ij fopkj djrs gq, daiuh }kjk LFkkfir foÙkh; fjiksfV±x ekn.M dsvuq:i vkarfjd fu;a=.k ij vkèkkfjr gS pwafd cSadksa us 2667200 gtkj #i, ds ykHkkfFkZ;ksa dsfooj.kksa ds fcuk mi;ksx izek.k&i= Hksts Fks rFkk 4342200 gtkj #i, ds fy, dksbZ mi;ksxizek.k&i= izkIr ugha gqvk ftlds dkj.k fufèk;ksa dks xyr mi;ksx vFkok èkks[kkèkM+h gqbZ D;ksafddaiuh }kjk bldh izfr&tkap ugha dh xbZ FkhA

gekjh jk; esa] fu;a=.k ekunaMksa ds mís';ksa dh miyfC/k ij mijksDr of.kZr detksfj;ksa dslaHkkfor izHkkoksa dks NksM+dj] daiuh us lHkh HkkSfrd lEekuksa esa] foÙkh; fjiksfVZax ij i;kZIrvkarfjd foÙkh; fu;a=.k vkSj foÙkh; ij ,sls vkarfjd foÙkh; fu;a=.kksa dks cuk, j[kk gS laLFkku}kjk tkjh foÙkh; fjiksfVZax ij vkarfjd fjiksfVZax ij vkarfjd vy foÙkh; fu;a=.kksa dsys[kkijh{kk ij ekxZn'kZu uksV esa mfYyf[kr vkarfjd fu;a=.k ds vko';d ?kVdksa ij fopkjdjrs gq, daiuh }kjk LFkkfir foÙkh; fjiksfVZax ekunaMksa ij vkarfjd fu;a=.k ds vk/kkj ij31 ekpZ] 2018 rd fjiksfVZax izHkkoh <ax ls ifjpkyu dj jgh FkhA

geus 31 ekpZ] 2018 dks daiuh ds LVSaMvyksu foÙkh; oDrO;ksa ds gekjs ys[kkijh{kk esa ykxw ys[kkijh{kk ijh{k.kksa dh izd`fr]le; vkSj lhek fu/kkZfjr djus esa mijksDr igpku dh vkSj detksfj;ksa ij fopkj fd;k gS] vkSj ;s detksfj;ka LVSaMvyksu

52

Company as reported in paragraph "Basis for Qualified Opinion" of our Audit Report under section 143(3) of the Companies Act, 2013.

Other Matters

(i) We did not audit the Financial Statements/Information and the Internal Financial Controlsover Financial Reporting of 17 Regional Offices which have been audited by Regional OfficeAuditors. As such our aforesaid report under Section 143(3)(i) of the Act insofar it relatesto 17 Regional Offices is based on the corresponding reports of the Auditors of the respectiveRegional Offices.

(ii) In the absence of Appointed Actuary, the actuarial valuation of liabilities of the Companyin respect of "Claims Incurred but Not Reported" (IBNR) including "Claims Incurred ButNot Enough Reported " (IBNER) and "Premium Deficiency reserve" (PDR) as at the year-end has been duly certified by the Panel Actuary of General Insurance, as established byIRDAI, appointed by the Company and has been relied upon by us. Accordingly, ouropinion on the Internal Financial Controls over Financial Reporting does not includereporting on the adequacy and operating effectiveness of the internal controls over thevaluation and adequacy of the actuarial liabilities.

For M/s Bhasin Raghavan & Co. For M/s P. R. Mehra & Co.

Chartered Accountants Chartered Accountants


Vikram Singh Swinder Kumar

Partner Partner


Place: New Delhi

Dated: 27.04.2018

53

foÙkh; fooj.kksa ij gekjh jk; dks izHkkfor djrh gSa daiuh vf/kfu;e] 2013 dh /kkjk 143¼3½ ds rgr gekjh ys[kkijh{kkfjiksVZ ds vuqPNsn ^;ksX;rk ds vk/kkj** esa vuqPNsn esa crk;k x;k gSA

vU; ekeys

¼i½ geus 17 {ks=h; dk;kZy;ksa ds foÙkh; fooj.kksa@lwpuk rFkk mudh foÙkh; fjiksfV±x ij vkarfjd foÙkh;fu;a=.kksa dh ys[kkijh{kk ugha dh ftls vU; ys[kkijh{kdksa }kjk fd;k x;k gSA vr% vfèkfu;e dh èkkjk143¼3½¼i½ ds varxZr gekjh mDr lanfHkZr fjiksVZ] tgka rd ;g 17 {ks=h; dk;kZy;ksa ls lacafèkr gS] lacafèkr{ks=h; dk;kZy;ksa ds ys[kkijh{kdksa dh rnuq:ih fjiksVks± ij vkèkkfjr gSA

¼ii½ fu;qDr chekafdd dh vuqifLFkfr esa] o"kZ dh lekfIr ij ^^mixr ijarq i;kZIr lwfpr u fd, x, nkos**¼vkbZch,ubZvkj½ lfgr ^^mixr ijarq lwfpr u fd, x, nkos ¼vkbZch,uvkj½ vkSj ^^izhfe;e vi;kZIrrkfjtoZ** ¼ihMhvkj½ ds lacaèk esa daiuh dh ns;rkvksa dh chekafdd ewY;&fuèkkZj.k vkbZvkjMh,vkbZ }kjk;FkkLFkkfir rFkk daiuh }kjk fu;qDr iSuy ,Dpqvjh vkWQ tujy ba';ksjsal }kjk lE;d :i ls lR;kfirfd;k x;k gS rFkk ml ij geus fo'okl fd;k gSA rnuqlkj] foÙkh; fjiksfV±x ij vkarfjd foÙkh;fu;a=.kksa ls lacfèkr gekjh jk; esa chekafdd ns;rkvksa ds ewY;&fuèkkZj.k vkSj i;kZIrrk ij vkarfjdfu;a=.kksa dh i;kZIrrk vkSj izpkyu izHkkodkfjrk ij fjiksfV±x 'kkfey ugha gSA






54

Annexure 2

S. No. Regional Office Total No of outstanding claims.

1 Ahmedabad 259585

2 Bangalore 3292

3 Bhopal 7353002

4 Bhubneshwar 40

5 Chandigarh 729

6 Chennai 27231

7 Dehradun 9654

8 Guwahati 16737

9 Hyderabad 827920

10 Jaipur 522

11 Kolkata 414978

12 Lucknow 2516

13 Mumbai 10853

14 Patna 2934000

15 Raipur 633191

16 Ranchi 1203049

17 Thiruvanantpuram 5943

Total 13703242

55

vuqcaèk&2

Øe la[;k {ks=h; dk;kZy; cdk;k nkoksa dh la[;k

1 vgenkckn 259585

2 caSxyksj 3292

3 Hkksiky 7353002

4 Hkqous'oj 40

5 paMhx< 729

6 psUubZ 27231

7 nsgjknwu 9654

8 xqokgkVh 16737

9 gSnjkckn 827920

10 t;iqj 522

11 dksydkrk 414978

12 y[kuÅ 2516

13 eqEcbZ 10853

14 iVuk 2934000

15 jk;qij 633191

16 jkaph 1203049

17 fr#ouariqje 5943

dqy 13703242

56

DIRECTORS' REPORT

(For the Financial Year 2017-18)

TO THE MEMBERS

Your Directors are pleased to present the 15thAnnual Report of your Company together with the AuditedFinancial Statements for the year ended on March 31, 2018. Management Discussion and Analysis Reportforms part of this Report.

FINANCIAL PERFORMANCE

SN Particulars Current Year Previous Year2017-18 2016-17

Revenue Account (Rupees in crore)

1 Gross Direct Premium 7893.39 6979.56

2 Net Premium (net of re-insurance) 1781.13 1777.92

3 Net Premium Earned 1779.52 2002.98

4 Net Incurred Claims 1819.23 2399.22

5 Commission earned (Net) (540.51) (594.49)

6 Operating Expenses 163.41 166.67

7 Net Investment Income apportioned to Revenue A/c 366.28 285.10

8 Premium Deficiency 0 0

9 Other Income/Expenses 0.27 (10.48)*

10 Revenue Profit/(Loss) 703.40 312.83

Profit & Loss Account

11 Net Investment Income apportioned to P&L A/c 159.33 190.43

12 Other Incomes 9.54 2.29*

13 Corporate Social Responsibility 8.32 13.99

14 Other Expenses & Provisions (15.90) 4.48

15 Profit Before Tax 879.85 487.08

16 Provision for Taxes 284.18 163.31

17 Profit After Tax 595.67 323.77

18 Proposed dividend NIL NIL

19 Dividend Distribution Tax NIL NIL

20 Transfer to General Reserve 595.67 323.77

21 Balance of Profit c/f NIL NIL

57

funs'kd dh fjiksVZ¼foÙkh; o"kZ 2017&18½

lnL;ksa dks lEcksfèkr

vkids funs'kdksa dks vkidh dEiuh dh 15oha okf"kZd fjiksVZ ds lkFk 31 ekpZ 2018 dks lekIr gksus okys foÙkh; o"kZ dsfy, ys[kkijh{k.k fd, gq, foÙkh; fooj.k vkSj bl fjiksVZ dh izcaèkdh; ppkZ vkSj fo'ys"k.k fjiksVZ dks izLrqr djds [kq'khgks jgh gSA

foÙkh; dk;Z fu"iknu

Ø- fooj.k pkyw o"kZ fiNyk o"kZla- 2017&18 2016&17

jktLo [kkrk ¼#i;s djksM+ksa esa½

1 ldy izR;{k izhfe;e 7893.39 6979.56

2 'kq) izhfe;e ¼'kq) iqu% chek½ 1781.13 1777.92

3 vftZr 'kq) izhfe;e 1779.52 2002.98

4 'kq) laxzfgr nkos 1819.23 2399.22

5 vftZr deh'ku ¼'kq)½ (540.51) (594.49)

6 ifjpkyu [kpsZ 163.41 166.67

7 jktLo [kkrs esa izHkkftr 'kq) fuos'k vk; 366.28 285.10

8 izhfe;e ?kkVk 0 0

9 vU; vk;@[kpsZ 0.27 (10.48)*

10 vk; ls ykHk@¼gkfu½ 703.40 312.83

ykHk ,oa gkfu [kkrk

11 ykHk ,oa gkfu [kkrs esa izHkkftr 'kq) fuos'k vk; 159.33 190.43

12 vU; vk; 9.54 2.29*

13 fuxfer lkekftd ftEesnkjh 8.32 13.99

14 vU; [kpZs ,oa izkoèkku (15.90) 4.48

15 dj ls igys ykHk 879.85 487.08

16 djksa ds fy, izkoèkku 284.18 163.31

17 dj ds ckn ykHk 595.67 323.77

18 izLrkfor ykHkka'k 'kwU; 'kwU;

19 ykHkka'k forj.k dj 'kwU; 'kwU;

20 lkekU; fjtoZ esa gLrkarfjr 595.67 323.77

21 vkxs yk;k x;k 'ks"k ykHk 'kwU; 'kwU;

58

* An amount of Rs. 14.33 crore being income from administration of coinsurance business under pointno. 12 (other income) during FY 2016-17, has now regrouped under point no. 9 (other income/expenses),as per requirement from IRDAI vide letter no. 206/F&A (NL)/AIC/ANA/01/2017-18/257 andaccordingly, the figures under the said rows stands revised to that extent.

The Board approved and adopted Financial Statements for the Year 2017-18 at its 82ndMeeting held on23rd May 2018 read with Joint Statutory Auditors' Report thereon.

SHARE CAPITAL OF THE COMPANY

The Authorised Share Capital of the Company is Rs. 1500 crore and the Paid-up Share Capital of theCompany is Rs. 200 crore. During the year, there is no change in the Authorised and Paid-up ShareCapital of the Company. No Bonus Shares were issued during the year under review. The Company hasnot provided any Stock Option Scheme to its employees. The Company has not issued any Shares withDifferential Voting Rights.

DIVIDEND AND TRANSFER TO GENERAL RESERVES

During the year, the Company earned a post-tax profit of Rs. 595.67 crore. Based on the Company'sperformance, the Board is pleased to recommend for approval of the Members a dividend of Re. 1.50/-per share on 20,00,00,000 Equity Shares of Rs. 10/- each of the Company for the financial year 2017-18aggregating to Rs. 30 crore (exclusive of corporate dividend tax). The dividend, if approved, will be paidto the eligible Members well within the stipulated period.

The Company did not have any funds lying unpaid or unclaimed for a period of last 7 years. Therefore,there were no funds which were required to be transferred to Investor Education and Protection Fund.

The Company transferred Rs. 595.67 crore to the General Reserve from the 'Profit after Tax andAppropriations' as on 31st March 2018.

SOLVENCY MARGIN

During the year, Solvency Ratio was above the stipulated IRDAI requirement of 1.50. As on 31st March2018, the Company's Solvency Ratio was 2.03 (previous year 1.84).

This solvency has been arrived at without considering Rs. 200 crore ad-hoc payment made to theGovernment of India as per their letter no. F. No. C-13014/16/2004- Ins. I dated 23rd December 2009,although the same, pending recasting of the National Agricultural Insurance Scheme, has been accountedfor as 'Other Advances' in the Annual Accounts as on 31st March 2018.

EXPENSES OF MANAGEMENT

During the year, the Company's Expenses of Management amounted to Rs. 163.41 crore (previous yearRs. 166.67 crore), resulting in ME ratio of 2.07% (previous year 2.39%).

As per Part – IV "Allocation and Apportionment of Expenses of Management" of the IRDAI Regulationnotified on 27th April 2016, Expenses of Management Policy was adopted by the Board in its 79th Meetingheld on 17th November 2017. The Returns under the said Regulation were also filed with the Authorityfor the reported year.

INVESTMENTS

During the year, the Company's investment portfolio was Rs. 7608 crore (previous year Rs. 7487 crore),

59

*foÙkh; o"kZ 2016&17 ds nkSjku fcanq la[;k 12 ¼vU; vk;½ ds varxZr lg&chek O;olk; ds iz'kklu ls vk; ds :i esa izkIr14-33 djksM+ #i, dh jkf'k dks vkbZvkjMh,vkbZ ds i= la- 206@,Q,aM , ¼,u,y½@,vkbZlh@,,u,@01@2017&18@257dh vis{kk ds vuqlkj fcanq la[;k 9 ¼vU; vk;@O;;½ ds varxZr vc iqu% lewgh—r fd;k x;k gS rFkk rnuqlkj mDr iafDr;ksads varxZr fo|eku vkadM+s ml ifjek.k rd la'kksfèkr fd, x, gSaA

cksMZ us 23 ebZ] 2018 dks vk;ksftr viuh 82oha cSBd esa foÙkh; o"kZ 2017&18 ds fy, foÙkh; fooj.kksa dks Lohdkj fd;k gSvkSj eatwjh ns nh gS] tks la;qä lkafofèkd ys[kk ijh{kdksa dh fjiksVZ ds lkFk ifBr gksxkA

daiuh dh 'ks;j iwath

daiuh dh çkfèk—r 'ks;j iwath 1500 djksM+ #i, gS rFkk daiuh dh çnÙk 'ks;j iwath 200 djksM+ #i, gSA o"kZ ds nkSjku] daiuhdh çkfèk—r vkSj çnÙk 'ks;j iwath esa dksbZ ifjorZu ugha gqvkA leh{kkèkhu o"kZ ds nkSjku dksbZ cksul 'ks;j tkjh ugha fd,x,A daiuh us vius deZpkfj;ksa dks dksbZ LV‚d fodYi Ldhe miyCèk ugha djkbZA daiuh us foHksndkjh ernku vfèkdkjksa dslkFk dksbZ 'ks;j tkjh ugha fd;kA

ykHkka'k vkSj lkekU; fjtoZ ds fy, varj.k

o"kZ ds nkSjku] daiuh us 595-67 djksM+ #i, dk djksijkar ykHk vftZr fd;kA daiuh ds fu"iknu ds vkèkkj ij cksMZ foÙkh;o"kZ 2017&18 ds fy, daiuh ds 10@& #i, izR;sd ds 20]00]00]000 bfDoVh 'ks;jksa ij 1-50@& #i, izfr 'ks;j ds ykHkka'kdks] ftldk ;ksx 30 djksM+ #i, gS ¼dkWjiksjsV ykHkka'k dj dks gVkdj½ ykHkka'k ;fn vuqeksfnr gksrk gS rks] fu/kkZfjr vof/k esa ik= lnL;ksa dks Hkqxrku fd;k tk,xkA

fiNys 7 o"kksaZ dh vofèk esa daiuh ij dksbZ Hkh u pqdkbZ xbZ ;k nkok ugha dh xbZ jkf'k cdk;k ugha FkhA blfy,] ,slh dksbZfufèk ugha Fkh ftls fuos'kd f'k{kk vkSj laj{k.k dks"k dks gLrkarfjr djuk gksA

daiuh us 31 ekpZ 2018 rd ^dj i'pkr~ ykHk vkSj fofu;kstu* ls 595-67 djksM+ #i, lkekU; fufèk esa varfjr fd,A

_.k'kksèku {kerk ykHk

o"kZ ds nkSjku] _.k'kksèku {kerk dk vuqikr vkbZvkjMh, }kjk fuèkkZfjr 1-50 dh vfuok;Zrk ls Åij FkkA 31 ekpZ] 2018 dsvuqlkj] daiuh dh 'kksèku {kerk dk vuqikr 2-03 ¼fiNys o"kZ 31-84½ FkkA

;g 'kksèku {kerk Hkkjr ljdkj dks muds i= la- ,Q ua lh&13014@16@2004& vkbZ,u,l] fnukad% 23 fnlacj] 2009 dsvuqlkj fd, x, 200 djksM+ #i, ds rnFkZ Hkqxrku ij fopkj fd, fcuk Fkh] gkykafd mls] jk"Vªh; d`f"k chek ;kstuk ds yafcriqufuZekZ.k] ds fy, 31 ekpZ] 2018 dks okf"kZd ys[kk esa ^vU; vfxzeksa* ds :i esa 'kkfey fd;k x;k gS A

çcaèku dk [kpZ

o"kZ ds nkSjku daiuh ds çcaèku dk [kpZ 163-41 djksM+ #i, ¼fiNys o"kZ #- 166-67 djksM+½ Fkk ftlds ifj.kkeLo:i izcaèku[kpZ dk vuqikr 2-07% ¼fiNys o"kZ 2-39%½ jgkA

27 vizSy] 2016 dks vfèklwfpr vkjvkbZMh,vkbZ ds Hkkx&IV ^^izcaèku ds O;;ksa dk vkcaVu vkSj fofu;kstu^^ ds vuqlkj cksMZ}kjk izcaèk O;; uhfr dks 17 uoEcj] 2017 dks vk;ksftr 79oha cSBd esa vaxhd`r dh xbZ FkhA mDr fofu;e ds varxZr fooj.khHkh izfrosnu ds o"kZ ds fy, izkfèkdj.k ds ikl nk;j dh xbZ FkhA

fuos'k

o"kZ ds nkSjku daiuh dk fuos'k iksVZQksfy;ks 7608 djksM+ #i, Fkk ¼fiNys o"kZ 7487 djksM+ #i,½] fuos'k ls 532 djksM+ dh vk;

60

earning an investment income of Rs. 532 crore (previous year Rs. 465 crore) at an annual average yield of6.73%. The investments in Government and other securities are made on 'held to maturity' basis, therefore,the market fluctuations do not have any impact on the yield.

Stewardship Policy in the light of Guidelines on Stewardship Code for Insurers in India under IRDAIRegulation viz., IRDA/F&A/GDL/CMP/059/03/2017 dated 20th March 2017 was adopted by theCompany via Board approval dated 17th November 2018.

EXTRACT OF ANNUAL RETURN

The extract of the Annual Return in prescribed Form MGT-9 is enclosed at annexure-A.

BUSINESS REVIEW

Season, Economic Conditions, Insurance Market Vis A Vis Operations

SW Monsoon 2017

The rainfall over the country as a whole during the monsoon season (June - September) was 95% of itslong period average (LPA). Seasonal rainfall over Northwest India, Central India, south Peninsula andNortheast (NE) India were recorded at 90%, 94%, 100% and 96% of respective LPAs.

Out of the total 36 meteorological subdivisions, 25 subdivisions constituting 65% of the total area of thecountry received normal seasonal rainfall, 5 subdivisions received excess rainfall (18% of the total area),and 6 subdivisions (17% of the total area) received deficient seasonal rainfall.

Monthly rainfall over the country realized as a whole was 104% of LPA in June, 102% of LPA in July,87% of LPA in August, and 88% of LPA in September. Monsoon withdrawal was delayed and commencedfrom parts of northwest India on 27th September (with a delay of nearly 3 weeks). It withdrew fromsome more parts of northwest India on 30th September.

Crop Insurance Schemes Implemented by the Company

The Company implemented Pradhan Mantri FasalBimaYojya (PMFBY), Restructured Weather BasedCrop Insurance Scheme (RWBCIS) and Unified Package Insurance Scheme (UPIS) along with CPIS during2017-18.

Pradhan Mantri Fasal Bima Yojna (PMFBY)

Pradhan Mantri Fasal Bima Yojna (PMFBY) was introduced by Goverment of India with effect fromKharif 2016 season and has been implemented on commercial/actuarial basis with premium subsidycontribution from Union and State Governments. PMFBY has been implemented in 18 empanelledinsurance companies along with AIC during 2017-18. AIC has implemented this Scheme in 16 Statesspread over 168 Districts during Kharif 2017 season. Similarly, during Rabi 2017-18 season, PMFBY hasbeen implemented in 11 States spread over 125 Districts. The States were divided into clusters whichwere allotted to the empanelled Insurance Companies by State Governments through bidding process.

PMFBY though is an area yield based insurance scheme, also provides the following covers:

1. Prevented Sowing/Planting risk due to deficit rainfall or adverse seasonal conditions.

2. Individual loss assessment claims due to localised calamities viz. Hail Storm, Landslide,and Inundation.

61

¼fiNys o"kZ 465 djksM+ #i,½ 6-73% dh okf"kZd vkSlr nj ij vftZr dh xbZA ljdkj vkSj vU; çfrHkwfr;ksa esa ^ifjiDork dsfy, vk;ksftr* vkèkkj ij fuos'k fd;k tkrk gS] blfy,] cktkj esa mrkj p<+ko dk ykHk ij dksbZ çHkko ugha gSA

vkbZvkjMh,vkbZ fofu;e vFkkZr~ vkbZvkjMh,@,Q ,aM ,@thMh,y@lh,lih@059@03@2017 fnukad 20 ekpZ] 2017 dsvarxZr Hkkjr esa chfefr;ksa ds fy, izcaèko`fÙk lafgrk ij fn'kk&funsZ'kksa ds ifjizs{; esa daiuh }kjk 17 uoEcj] 2018 ls cksMZvuqeksnu ds ekè;e ls izcaèko`fÙk uhfr vaxh—r dh xbZ FkhA

okf"kZd izfrQy dk lkjka'k

okf"kZd fjVuZ dk lkjka'k fuèkkZfjr çi= ,ethVh&9 esa vuqyXud&d ds :i esa layXu gSA

O;kikj dh leh{kk

ekSle] vkfFkZd fLFkfr] chek cktkj cuke lapkyu

nf{k.kh&if'peh ekulwu 2017

ns'k Hkj esa ekulwu ds ekSle ¼twu&flrEcj½ ds nkSjku lexz o"kkZ bldh nh?kZ vofèk vkSlr ¼,yih,½ dh 95 çfr'kr FkhAmÙkj&if'pe Hkkjr] eè; Hkkjr] nf{k.k çk;}hi vkSj mÙkj&iwoZ Hkkjr esa ekSleh; o"kkZ lacafèkr ,yih, dh Øe'k% 90 çfr'kr]94 izfr'kr] 100 izfr'kr vkSj 96 izfr'kr FkhA

dqy 36 ekSleh mi foHkktuksa esa ls 25 mi foHkktuksa esa ns'k ds dqy {ks=Qy dk 65% 'kkfey gS tgka lkekU; ekSleh o"kkZgqbZ vkSj 5 mi foHkktuksa ¼ns'k ds dqy {ks=Qy dk 18%½ esa vfèkd ckfj'k gqbZA rFkkfi ns'k ds ¼dqy {ks=Qy ds 17%½ dkxBu djus okys 6 mi[kaMksa esa de ckfj'k gqbZA

ns'k esa gqbZ lexz o"kkZ dk ekfld fooj.k bl izdkj gS & twu esa ,yih, dk 104 izfr'kr] tqykbZ esa ,yih, dk 102 izfr'kr vkSjflrEcj esa ,yih, dk 88 izfr'krA ekulwu dh okilh foyafcr gqbZ rFkk 27 flrEcj dks ;g mÙkj&if'pe Hkkjr ds Hkkxksa lsizkjaHk gqbZA ¼yxHkx 3 lIrkg dk foyac½A bldh okilh 30 flrEcj dks mÙkj&if'pe Hkkjr ds dqN Hkkxksa ls Hkh gqbZA

daiuh }kjk fØ;kfUor Qly chek ;kstuk,¡

daiuh us 2017&18 ds nkSjku lhihvkbZ,l ds lkFk izèkkuea=h Qly chek ;kstuk ¼ih,e,QchokbZ½] iquxZfBr ekSle vkèkkfjrQly chek ;kstuk ¼vkjMCYkwchlh,vkbZ,l½ vkSj ,dh—r iSdst chek ;kstuk ¼;wihvkbZ,l½ Hkh fØ;kfUor dhA

çèkkuea=h Qly chek ;kstuk ¼ih,e,QchokbZ½

Hkkjr ljdkj }kjk izèkkuea=h Qly chek ;kstuk ¼ih,e,QchokbZ½ [kjhQ 2016 ekSle ls izkjaHk dh xbZ Fkh rFkk bls la?k vkSjjkT; ljdkjksa ls izhfe;e jktlgk;rk va'knku ds lkFk okf.kfT;d@chekadu vkèkkj ij fØ;kfUor fd;k tk jgk gSAih,e,QchokbZ dks 2017&18 ds nkSjku ,vkbZlh ds lkFk 18 iSuy ij j[kh xbZ chek daifu;ksa ds }kjk fØ;kfUor fd;k tk jgkgSA ,vkbZlh us [kjhQ 2017 ekSle ds nkSjku bl Ldhe dks 16 jkT;ksa esa QSys 168 ftyksa esa fØ;kfUor fd;k gSA blh izdkj] jch2017&18 ekSle ds nkSjku ih,e,QchokbZ dks 11 jkT;ksa esa QSys 125 ftyksa esa fØ;kfUor fd;k x;k gSA jkT;ksa dks DyLVjksa esafoHkkftr fd;k x;k ftUgsa cksyh izfØ;k ds ekè;e ls jkT; ljdkjksa }kjk iSuy ij j[kh xbZ chek daiuh dks vkcafVr fd;k x;kA

gkykafd ih,e,QchokbZ {ks= iSnkokj vkèkkfjr chek ;kstuk gS] ;g fuEufyf[kr doj Hkh miyCèk djkrh gS%

1- vYi o"kkZ vFkok izfrdwy ekSleh; ifjfLFkfr;ksa ds dkj.k fuokfjr cqvkbZ@jksikbZ tksf[keA

2- LFkkuh; vkinkvksa tSls vksyko`f"V] HkwL[kyu vkSj ck<+ ds dkj.k oS;fDrd gkfu vkdyu nkosA

62

3. On-account claims due to mid-season adversity viz. floods, prolonged dry spells, severedrought etc.

4. Post-harvest losses on individual basis due to cyclone, cyclonic and unseasonal rains.

Restructured Weather Based Crop Insurance Scheme (RWBCIS)

Apart from the above yield guarantee insurance Scheme, the Government of India has also introducedimproved version of WBCIS called Restructured Weather Based Crop Insurance Scheme (RWBCIS) alongwith PMFBY with effect from Kharif 2016 season. The Scheme operates on commercial/actuarial basiswith equal contribution in premium subsidy by Union and State Governments.

The Scheme was implemented by the Company in 5 States spread over 48 Districts during Kharif 2017season and during Rabi 2016-17season, in 7 States spread over 95 Districts.

The Company accepted 30% coinsurance from New India Assurance Company Limitedfrom their businessin Gujarat during Kharif 2017 season. The Company effectively utilized the services of Common ServiceCentre (CSC) for coverage of non-loanee farmers under PMFBY and RWBCIS during Kharif 2017 andRabi 2017-18 seasons.

Coconut Palm Insurance Scheme (CPIS)

Coconut Palm Insurance Scheme (CPIS) which was earlier a component of NCIP was continued to beimplemented solely by the Company during the year. This Scheme is open for all States, where coconut isgrown.

Other Products

Apart from the above, the Company also underwrote Coffee Rainfall Insurance Scheme and RubberPlantation Insurance. Besides this the Company, also implemented some products on experimental basis.

REINSURANCE

Annual Treaty Reinsurance arrangement was successfully renewed in 2017-18. The Annual Treatycombines Kharif and Rabi Seasons and Yield Index and Weather Index products into single treaty bringingin administrative and business efficiency. As practised in the previous year, two separate treaties tookcare of the reinsurance need of your Company i.e., one annual proportional treaty in the form of QuotaShare and one annual non-proportional treaty in the form of Stop Loss arrangement to protect theCompany's net retention. For quota share treaty, the Company, after retaining its share of 25% of grosspremium, ceded 75% of gross premium to various Reinsurers duly following the Regulatory prescription.The Company first explored and exhausted the domestic market capacity comprising GIC and otherReinsurers who have recently opened their branch offices in India. Thus, after exhausting the domesticmarket, placement in the international market for the remaining capacity was made. Company's netretention was further protected by Stop Loss arrangement of 70 XS 110, for both seasons and both productscombined.

RESEARCH AND DEVELOPMENT

A study is in progress since 2016 in collaboration with NRSC (National Remote Sensing Centre) to developa methodology to generate homogeneous insurance units in terms of villages with reduced basis risk andestimate yield using Remote Sensing Technology coupled with crop modelling and other inputs.

63

3- ekSle ds eè; izfrdwyrk tSls ck<+] nh?kZdkfyd lw[ks dh vofèk] xaHkhj lw[kk vkfn ds dkj.k [kkrsnkjksa ds nkosA

4- pØokr] rwQkuh vkSj xSj&ekSle dh o"kkZ ds dkj.k oS;fDrd vkèkkj ij Qly mijkar gkfu;kaA

iqul±jfpr ekSle vkèkkfjr Qly chek ;kstuk ¼vkjMCY;wchlhvkbZ,l½

mi;qZDr iSnkokj xkjaVh chek ;kstuk ds vykok] Hkkjr ljdkj us [kjhQ 2016 ekSle ls ih,e,QchokbZ ds lkFkMCY;wch,lvkbZlh ds la'kksfèkr laLdj.k dh 'kq#vkr Hkh dh gS ftls iqul±jfpr ekSle vkèkkfjr Qly chek ;kstuk¼vkjMCY;wchlhvkbZ,l½ dgk tkrk gSA ;g ;kstuk dsUnzh; vkSj jkT; ljdkjksa }kjk izhfe;e lgk;rk esa leku ;ksnku ds lkFkokf.kfT;d@chek vkèkkj ij izpkfyr dh tkrh gSA

;g ;kstuk daiuh }kjk [kjhQ 2017 ekSle ds nkSjku 5 jkT;ksa esa QSys 48 ftyksa esa vkSj jch 2016&17 ds nkSjku 7 jkT;ksa esaQSys 95 ftyksa esa fØ;kfUor dh xbZ FkhA

daiuh us [kjhQ 2017 ekSle ds nkSjku xqtjkr esa vius O;olk; ls U;w bafM;k ,';wjsal daiuh fyfeVsM ls 30 izfr'kr lg&chekLohdkj fd;kA daiuh us [kjhQ 2017 rFkk jch 2017&18 ekSle ds nkSjku ih,e,QchokbZ vkSj vkjMCY;wchlhvkbZ,l ds varxZrxSj&_.kh fdlkuksa dh dojst ds fy, dkWeu lfoZl lsaVj ¼lh,llh½ dh lsokvksa dk izHkkoh <ax ls mi;ksx fd;kA

ukfj;y ike chek ;kstuk ¼lhihvkbZ,l½

ukfj;y ike chek ;kstuk ¼lhihvkbZ,l½ tks igys ,ulhvkbZih dk ,d ?kVd Fkk] o"kZ ds nkSjku] daiuh }kjk iwjh rjg lsykxw fd;k tk jgk gSA ;g ;kstuk mu lHkh jkT;ksa esa] tgka ukfj;y mxk;k tkrk gS] ds fy, ykxw gSA

vU; mRikn

mijksä ds vykok] daiuh us dkWQh] o"kkZ chek ;kstuk vkSj jcM ds cxkuksa dk chek ys[ku fd;kA blds vykok] daiuh usçk;ksfxd vkèkkj ij Hkh dqN mRiknksa dks ykxw fd;k gSA

iquchZek

vkidh daiuh ds iquchZek foHkkx }kjk foÙkh; o"kZ 2017&18 esa vkjaHk dh xbZ okf"kZd lafèk iquchZek O;oLFkk dk 2016&17 esalQyrkiwoZd uohdj.k fd;k x;kA okf"kZd lafèk [kjhQ vkSj jch ekSleksa rFkk iSnkokj lwpdkad vkSj ekSle lwpdkad mRiknksadks ,d lafèk esa tksM+rh gS ftlls ç'kklfud vkSj O;kikj dk;Zdq'kyrk vkrh gSA tSlk fd fiNys o"kZ Hkh fd;k x;k Fkk] nksi`Fkd lafèk;ksa us vkidh daiuh dh iquchZek vko';drkvksa dh iwfrZ dh Fkh vFkkZr~ dksVk 'ks;j ds :i esa ,d okf"kZd vkuqikfrdlafèk rFkk vkidh daiuh dh fuoy èkkfjrk dh laj{kk djus ds fy, gkfu jksdus dh O;oLFkk ds :i esa xSj&vkuqikfrd lafèkAdksVk 'ks;j lafèk ds fy, daiuh us ldy çhfe;e ds 25 çfr'kr dk viuk 'ks;j j[kus ds ckn fofu;ked çfØ;kvksa dkfofèkor :i ls ikyu djrs gq, ldy çhfe;d dk 75 çfr'kr fofHkUu iquchZekdrkZvksa dks lkSaikA daiuh us igys ?kjsyw cktkjdh {kerk dk vUos"k.k fd;k vkSj mldk iw.kZ mi;ksx fd;k ftlesa thvkbZlh rFkk vU; iquchZekdrkZ Hkh 'kkfey Fks ftUgksausgky gh esa Hkkjr esa viuh 'kk[kk,a [kksyh FkhaA bl izdkj ?kjsyw cktkj dk b"Vre ç;ksx djus ds mijkar 'ks"k {kerk ds fy,varjkZ"Vªh; cktkj esa LFkkiu fd;k x;kA daiuh dh fuoy çfrèkkfjrk dk nksuksa ekSleksa ds fy, vkSj lHkh mRiknksa dk la;qä:i ls 70 x ,l 110 dh gkfu jksdus okyh O;oLFkk }kjk vkxs laj{k.k fd;k x;kA

vuqlaèkku vkSj fodkl

Qly ekWMfyax vkSj vU; fufof"V;ksa ds lkFk&lkFk lqnwj laosnu rduhdh dk iz;ksx djrs gq, de tksf[ke vkèkkfjr tksf[kevkSj vuqekfur iSnkokj okys xkaoksa ds lanHkZ esa ln`'k chek bdkb;ksa dks l`ftr djus ds fy, ,d fØ;kfofèk fodflr djusds iz;kstukFkZ ,uvkj,llh ¼jk"Vªh; lqnwj laosnu dsUnz½ ds lg;ksx ls 2016 ls ,d vè;;u lapkfyr fd;k tk jgk gSA

64

Your Company has been in technical collaboration with International Water Management Institute (IWMI),Colombo, which is a part of Consultative Group on International Agricultural Research (CGIAR) towork on and develop innovative climate risk management products. As a result of this collaboration, aflood index insurance product, Index Based Flood Insurance (IBFI) was developed to provide protectionagainst loss in crop production owing to a flood event happening in the area insured, which could be aresult of excess rainfall happening in the same area, or in nearby areas upstream of the river(s) that formsthe primary source of flood in the insured area. The IBFI was piloted for paddy growers, includingsharecroppers and tenant farmers, of selected villages of Muzaffarpur District of Bihar during Kharif2017 and covered 200 farmers. The whole premium was borne by IWMI and reinsurance protection wasobtained from GIC Re and Swiss Re for this pilot.

Apart from the above, in-house monitoring of Crop health, loss assessment and acreage estimation usingRST is being done in few States.

ACTUARIAL

Your Company has ensured that all relevant Regulatory compliances related to actuarial function, suchas Claims Incurred But Not Reported (IBNR) Report, Asset Liability Management (ALM) Reports,Economic Capital Report (ECR), Financial Condition Assessment Report (FCAR) were submitted to theAuthority. The actuarial methodologies have been further reviewed and improved in the current year sothat the same closely reflects the changes in the nature of the business. Efforts were put in to understandthe business operations at the ground level through interactions with the Regional Offices. The Departmentalso assisted in various crucial decision making processes such as pricing framework for the new products,reinsurance levels and overall business growth that the Company can aim to write during the financialyear. The department could achieve the desired results and meet Regulatory requirements even thoughthe regular Appointed Actuary quitted the Company at a short notice in the last week of March 2017.The Company, however, with the approval of Board and IRDAI appointed a Panel Actuary from theActuaries empanelled by IRDAI and completed all the requirements.

RIGHT TO INFORMATION (RTI)

We have received 419 applications in the current year and all stands disposed. In addition, 32 first appealsreceived were disposed of at Company level. No second appeal was reported by Central InformationCommission. These statistics show the highest satisfaction level of applicants.

OFFICIAL LANGUAGE

The use of official language Hindi is increasing day by day in the office work of the Company. Theemployees of the Company had made concise efforts in this direction. The Company is focusing onachieving the targets fixed by the Department of Official Language, Ministry of Home Affairs. TheCompany has taken effecting steps for promotion of Hindi language in the day to day office work suchas:

l Cash incentive scheme running throughout the year for employees doing their day to dayoffice work in Hindi.

l Started Rajbhasha Awards for the best work done by Regional Offices as per their categoriesi.e. A, B and C.

l Started Rajbhasha departmental Awards for the best work done by employees ofDepartments of Head Office.

65

vkidh daiuh us varjkZ"Vªh; ty izcaèku laLFkku ¼vkbZMCY;w,evkbZ½] dksyacksa ds lkFk rduhdh lg;ksx fd;k gS tks varjkZ"Vªh;—f"k ijke'khZ lewg dk Hkkx gS ftlds rgr vfHkuo tyok;q tksf[ke izcaèk mRiknksa ds lacaèk esaa dk;Z fd;k tk,xk vkSj mudkfodkl fd;k tk,xkA bl lg;ksx ds QyLo:i chfer {ks= esa ck<+ dh fLFkfr tks leku {ks= esa gksus okyh vR;fèkd o"kkZ vFkokfudVorhZ {ks=ksa esa mu ufn;ksa esa ty izokg esa o`f) gksus] tks chfer {ks= esa ck<+ dk izeq[k lzksr gS] ls mRiUu gksrh gS] ds dkj.kQly mRiknu dh gkfu ds fy, laj{k.k iznku djus ds iz;kstukFkZ ck<+ lwpdkad chek mRikn] lwpdkad vkèkkfjr ck<+ chek¼vkbZch,QvkbZ½ fodflr fd;k x;kA vkbZch,QvkbZ dks [kjhQ 2017 ds nkSjku fcgkj ds eqt¶Qjiqj ftys ds p;fur xkaoksads èkku mRikndksa] ftuesa caVkbZnkj Qly mRiknd vkSj iV~Vsnkj fdlku Hkh 'kkfey gSa] ds fy, ik;yV vk/kkj ij 'kq: fd;kx;k Fkk rFkk blesa 200 fdlkuksa dks vkPNkfnr doj fd;k x;k gSA bl ifj;kstuk ds fy, leLr izhfe;e dk oguvkbZMCY;w,evkbZ }kjk fd;k x;k rFkk iquchZek laj{k.k thvkbZlh vkjbZ vkSj fLol vkjbZ ls izkIr gqvkA

mi;qZDr ds vykok] dqN jkT;ksa esa vkj,lVh dk iz;ksx djrs gq, Qly dh fLFkfr dh vkarfjd fuxjkuh] gkfu vkdyu rFkk{ks=Qy vuqeku Hkh yxk;k tk jgk gSA

chekafdd

vkidh daiuh us ;g lqfuf'pr fd;k fd chekafdd dk;Z ls lacafèkr lHkh izklafxd fofu;ked vuqikyu izkfèkdj.k dks izLrqrfd, x, tSls mixr ij lwfpr u fd, x, nkoksa ¼vkbZch,uvkj½ lacaèkh fjiksVZ] vkfLr ns;rk izcaèku ¼,,y,e½ fjiksVZsa] vkfFkZdiwath fjiksVZ ¼bZlhvkj½] foÙkh; fLFkfr vkdyu fjiksVZ ¼,Qlh,vkj½A orZeku o"kZ esa] chekafdd dk;Z&iz.kkfy;ksa dh vkxs vkSj leh{kkdh xbZ rFkk muesa lqèkkj yk;k x;k rkfd os O;olk; dh iz—fr esa vk, ifjorZuksa dks Li"Vr% izfrfcafcr djsaA {ks=h; dk;kZy;ksads lkFk laidks± ds ekè;e ls tehuh Lrj ij O;olk; izpkyuksa dks le>us ds fy, iz;kl fd, x,A foHkkx us vusd egRoiw.kZfu.kZ; ysus okyh izfØ;kvksa esa Hkh lgk;rk dh tSls u, mRiknksa dk ewY;&fuèkkZj.k <kapk] iquchZek Lrj rFkk ldy O;olk; of)ftUgsa daiuh foÙkh; o"kZ ds nkSjku fy[kus dk y{; j[k ldrh gSA foHkkx visf{kr ifj.kkeksa dks izkIr djus rFkk fofu;ked vis{kkvksadh iwfrZ djus esa lQy jg ldk gkykafd fu;fer :Ik ls fu;qDr chekafddh us ekpZ] 2017 ds vafre lIrkg esa vYi uksfVl ijlaxBu NksM+ fn;k FkkA rFkkfi] daiuh us cksMZ rFkk vkbZvkjMh,vkbZ ds vuqeksnu ls vkbZvkjMh,vkbZ }kjk iSuy ij j[ks x,chekafdfd;ksa esa ls iSuy ds ,d chekafddh dks fu;qDr fd;k rFkk leLr vis{kkvksa dh iwfrZ dhA

lwpuk dk vfèkdkj ¼vkjVhvkbZ½

daiuh dks pkyw o"kZ esa 419 vkosnu izkIr gq, gSa rFkk mu lHkh dk fuiVku fd;k x;k gSA blds vykok izkIr 32 izFke vihyksadk fuiVku daiuh Lrj ij gh dj fn;kA dsUnzh; lwpuk vk;ksx ¼lhvkbZlh½ }kjk fdlh Hkh f}rh; vihy dh lwpuk ughafeyh FkhA ;s vkadM+s vkosndksa ds mPpre larqf"V Lrj dks fn[kkrs gSaA

jktHkk"kk

daiuh ds ljdkjh dkedkt esa fganh ds iz;ksx fnu izfrfnu c<+ jgk gSA daiuh ds deZpkfj;ksa us bl fn'kk esa lkeqfgd iz;klfd, gSaA blus jktHkk"kk foHkkx] x`g ea=ky; }kjk fuèkkZfjr fd, x, y{;ksa dh izkfIr ds fy, /;ku dsfUnzr dj jgh gSA daiuhus dk;kZy;h dk;Z esa fganh Hkk"kk ds laoèkZu ds fy, fuEufyf[kr dne mBk, gSa%

l deZpkfj;ksa dks muds fnu&çfrfnu dk;kZy; ds dke fgUnh esa djus ds fy, lky Hkj py jgs udn iqjLdkj;kstukA

l {ks=h; dk;kZy;ksa dks mudh Jsf.k;ksa vFkkZr~ d] [k vkSj x ds vuqlkj fganh esa Js"B dk;Z djus ds fy, jktHkk"kkiqjLdkj vkjaHk fd, x,A

l izèkku dk;kZy; ds foHkkxksa ds deZpkfj;ksa }kjk fd, x, Js"B dk;Z ds fy, jktHkk"kk foHkkxh; iqjLdkj dhigyA

66

l Updation of Companie's website bilingually.

l Celebration of Hindi Fortnight/Hindi day with great enthusiasm by arranging manyenlightening and interesting competitions in Hindi for employees.

l Organized Regular Hindi workshops to facilitate and educate employees for doing theirmore and more official work in Hindi.

l Arranging a special workshop for new recruits at Head Office for making them awareabout official language rules.

l Employees/officers of Head Office and Regional Offices awarded commendation letter formajor contribution in the official language for the year 2017-18.

l Cash incentive prizes for eminent writers of in-house magazine Sujlam Suflam.

l Five Officers have successfully completed Hindi Training organized by Central HindiTeaching institute, department. of Official Language, Ministry of Home Affairs.

The Company has actively and regularly participated in the Meetings of TOLIC and the competitionsorganised by TOLIC Member Companies.

This financial year "Sujlam Suflam" our in-house Hindi magazine (second edition) has won the consolationaward by TOLIC (Town Official Language Implementation Committee) on 2nd February 2018, amongstall Public Sector Companies in Delhi.

The Company has maintained its efforts to send the relevant mandatory reports to the Ministry of Finance,Government of India and Rajbhasha Vibhag always on time.

During the year, your Company has been inspected by the Joint Director (Official Language) of Departmentof Financial Services, Ministry of Finance, Government of India. The finding of the inspection has beenfound to be satisfactory.

INFORMATION TECHNOLOGY

The paradigm shift in the Crop Insurance business process under PMFBY & RWBCIS has created a newimperative for the IT eco-system of the Company, which is being addressed by its new IT Project "SEWA".Already, under this Project, many of the services have been deployed, such as the Microsoft ExchangeEmail Solution, the Sify Network and the Sify Co-Hosting Services at DC and DR.

The centrepiece of Project SEWA, i.e. #SEWACORE (containing 20 modules), has seen progress duringthe year. Infrastructure implementation for #SEWACORE is done and awaiting deployment. This bespokeCore Solution is undergoing development by Wipro Limited, and the first Wave is expected to Go-livevery shortly. However, a lot remains to be done, such as the second Wave Modules, Data Migration andReverse Transition of the Applications to be retained from ANNAPOORNA.

The ANNAPOORNA System, which is in the Sustenance period, has been suitably upgraded to meet thenew business requirements of PMFBY and RWBCIS, and to keep the lights on till the transition to the newSEWA environment. However, if the transition period is extended, then there may be a need for TechRefresh to cater to the scale and complexity in the new regime.

The new HRMS Solution under the SEWA umbrella, "Adrenalin", is being implemented by M/s. IntellectDesign Arena Ltd. in 2 Phases. Phase 1 has largely been completed, wherein Employee Record

67

l daiuh dh osclkbV dks f}Hkk"kh esa v|ru cukukA

l fgUnh dh vusd f'k{kkizn vkSj jkspd izfr;ksfxrk,a vk;ksftr djrs gq, fganh i[kokM+s@fgUnh fnol dkvR;ar mRlkg ds lkFk vk;kstuA

l deZpkfj;ksa dks mudk vfèkdkfèkd dk;kZy;h dkedkt fganh esa djus ds fy, lgk;rk iznku djus vkSj mUgsabl iz;kstukFkZ tkx:d cukus ds fy, fganh dk;Z'kkykvksa dk fu;fer :Ik ls vk;kstuA

l uo fu;qDr vkf/kdkfj;ksa dks jktHkk"kk fu;eksa ls voxr djkus ds fy, iz/kku dk;kZy; esa ,d fo'ks"k dk;Z'kkykdk vk;kstuA

l iz/kku dk;kZy; vkSj {ks=h; dk;kZy;ksa ds deZpkfj;ksa@vfèkdkfj;ksa dks o"kZ 2017&18 ds fy, jktHkk"kk esa mudseq[; ;ksxnku ds fy, iz'kfLr&i= iznku fd, x,A

l fganh x`g if=dk ^lqtyke lqQyke* ds Js"B ys[kdksa dks udn izksRlkgu iqjLdkjA

l ikap vfèkdkfj;ksa us dsUnzh; fgUnh f'k{k.k laLFkku] jktHkk"kk foHkkx] x`g ea=ky; }kjk vk;ksftr fganh izf'k{k.kdks lQyrkiwoZd iwjk fd;kA

daiuh us uxj jktHkk"kk dk;kZUo;u lfefr ¼ujkdkl½ dh cSBdksa rFkk ujkdkl lnL; daifu;ksa }kjk vk;ksftr izfr;ksfxrkvksaesa lfØ;rk vkSj fu;fer :i ls Hkkx fy;kA

bl foÙkh; o"kZ gekjh Çgnh x`g if=dk Þlqtyke~ lqQyke~Þ ¼f}rh; laLdj.k½ us fnYyh esa lHkh lkoZtfud {ks= dh daifu;ksads chp 2 Qjojh 2018 dks ujkdl ¼uxj jktHkk"kk dk;kZUo;u lfefr½ }kjk lkaRouk iqjLdkj thrk gSA

daiuh us foÙk ea=ky;] Hkkjr ljdkj rFkk jktHkk"kk foHkkx dks izklafxd vfuok;Z fjiksVs± lnSo le; ij gh izsf"kr djus esavius iz;klksa dks cuk, j[kkA

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lwpuk izkS|ksfxdh

ih,e,QchokbZ vkSj vkjMCY;wchlhvkbZ,l ds varxZr Qly chek O;olk; izfØ;k esa fd, x, izfreku :ikarj.k us daiuh dhlwpuk izkS|ksfxdh ikfjfLFkdh ds fy, ,d ubZ vfuok;Zrk dk l`tu fd;k gS] ftldk fuokj.k bldh ubZ lwpuk izkS|ksfxdhifj;sktuk ^^lsok** }kjk fd;k tk jgk gSA bl ifj;kstuk ds varxZr] igys ls gh vusd lsok,a izkjaHk dh xbZ gSa] tSls MhlhvkSj Mhvkj esa ekbØkslk¶V ,Dlpsat] bZ&esy lksYkw'ku] flQh usVodZ vkSj flQh dks&gksfLVax lsok,aA

lsok ifj;kstuk ds lsaVjihl vFkkZr~ #lsokdksj ¼ftlesa 20 ekWM~;wy 'kkfey gSa½ us o"kZ ds nkSjku izxfr n'kkZbZ gSA #lsokdksj dsfy, volajpuk fØ;kUo;u fd;k tk pqdk gS rFkk mldh laLFkkiuk izrhf{kr gSA bl lkadsfrd dksj lksyw'ku dk fodkl foizksfyfeVsM }kjk fd;k tk jgk gS rFkk izFke oso ds cgqr tYn xks&ykbo gksus dh laHkkouk gSA rFkkfi] vHkh dkQh dqN dk;Zfd;k tkuk gS tSls vUuiw.kkZ }kjk izfrèkkfjr fd, tkus okys vkosnuksa ds osc ekWM~;wYl] MkVk ekbxzs'ku rFkk fjolZ Vªkalh'kuA

vUukiw.kkZ flLVe] tks ifjiq"V vofèk esa gS] dks ih,e,QchokbZ vkSj vkjMCY;wchlhvkbZ,l dh ubZ O;olk; vis{kkvksa dh iwfrZdjus ds fy, rFkk u, lsok ifjos'k esa varj.k rd izdk'k O;oLFkk cuk, j[kus ds fy, mi;qDr :i ls mUuf;r fd;k tkjgk gSA rFkkfi] ;fn varj.k vofèk dks c<+k;k tkrk gS] rks ubZ iz.kkyh esa ifjek.k vkSj tfVyrk dk fuokj.k djus ds fy,Vsd fjÝs'k dh vko';drk gksxhA

lsok dh ifjfèk ds varxZr u, ,pvkj,e,l lksyw'ku ,Mªsufyu* dk f}rh; pj.k esa fØ;kUo;u eSllZ baVsysDV fMtkbu ,jhukfyfeVsM }kjk fd;k tk jgk gSA pj.k 1 eksVs ekSj ij iw.kZ gks x;k gS ftlesa deZpkjh vfHkys[k izcaèk] isjksy] mifLFkfr] Nqfê;ka]

68

Management, Payroll, Attendance, Leave, Loans & Advances, Reimbursements are Live, as alsointegration with FMS, Active Directory, Bio-metric, Email and SMS.

The Information Management Policy (IMP v2.0) of the Company has been updated this year, incorporatingthe IRDAI guidelines on Cyber Security.

PARTICULARS OF EMPLOYEES

The total employee strength of the Company as on 31st March 2018 was 324.

During the year or part thereof, there were no employees whose remuneration was Rs. 5 lakh or more permonth and hold whether by himself or along with his/her spouse and dependent children, 2% or moreequity shares of the Company. Further, no employee was in receipt of remuneration which is more thanthe remuneration drawn by Managing Director of the Company. There are 'nil' submissions under theprovisions of Companies Act, 2013 read with Companies (appointment and remuneration of managerialpersonnel) Rules, 2014. The Directors' Report is being sent to the Shareholders of the Company.

PERSONNEL AND INDUSTRIAL RELATIONS

During the year, the Company has promoted 37 Class I Officers across the cadres starting fromAdministrative Officer (Scale I) to Chief Manager under its promotion exercise 2017-18.

During the year, the Company has initiated Recruitment Exercise for 50 Administrative Officers (Scale I)of which 43 AOs have joined the Company as on 31st March 2018.

To rejuvenate and upgrade the skills and knowledge of the employees, 173 Officers were nominated todifferent technical and professional training programmes conducted by reputed institutions like NationalInsurance Academy at Pune, Administrative Staff College of India at Hyderabad and other reputedtraining institutes.

Industrial relations remained cordial throughout the year and the Company continued to receive unstintedcooperation from its Officers and staff.

Prevention of Sexual Harassment

Your Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the SexualHarassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. InternalComplaints Committee (ICC) has been constituted with more than 50% of women Members.

During the year under review, the Company received 'Nil' complaint.

WELFARE OF SC/ST AND OBC

Regarding the welfare of SC/ST/OBC and Persons with Disabilities (PWD), the Company complies withimplementation of all the instructions received from Government in this regard from time to time. TheChief Liaison Officers have been appointed separately for SC/ST and OBC employees. The HRDepartment at Head Office has a SC/ST cell, which looks after the redressal of complaints if any, fromSC/ST/OBC employees. The cadre-wise rosters for recruitment are maintained and updated strictly asper the terms and conditions prescribed in this regard. The interests of SC/ST Officers, in cases of promotionare protected by the already incorporated Protection Clause in the Promotion Policy and for Class III andClass IV employees by provisions, specific to these cadres, figuring in respective promotion policy.

69

_.k vkSj vfxze] izfriwfrZ vkfn ykbo gSa rFkk ,Q,e,l] ,fDVo Mk;jsDVjh] ck;ksehfVªd] bZ&esy vkSj ,l,e,l ds lkFk,dhdj.k Hkh fd;k x;k gSA

daiuh dh lwpuk izcaèk uhfr ¼vkbZ,eih oh 2-0½ bl o"kZ v|ru cukbZ xbZ gS ftlesa lkbcj lqj{kk ij vkbZvkjMh,vkbZfn'kk&funsZ'kksa dk lekos'k fd;k x;k gSA

deZpkfj;ksa dk fooj.k

31 ekpZ] 2018 dks daiuh ds dqy deZpkfj;ksa dh la[;k 324 FkhA

iwjs foÙkh; o"kZ ds nkSjku] ;k mlds Hkkx esa çfr ekg 5 yk[k #i, ;k mlls vfèkd ikfjJfed ij dksbZ deZpkjh dk;Zjrugha Fkk vkSj [kqn ds }kjk ;k mldh@mlds ifr ;k iRuh vkSj vkfJr cPpksa }kjk daiuh ds bfDoVh 'ks;jksa ds 2% ;k mllsvfèkd dks èkkfjr ugha djrkA blds vfrfjDr fdlh Hkh deZpkjh dks daiuh ds izcaèk funs'kd ls vf/kd dk ikfjJfed izkIrugha gqvkA daifu;ksa ¼izca/kdh; dkfeZdksa dh fu;qfDr vkSj ikfjJfed½ fu;e 2014 ds lkFk ifBr daiuh vfèkfu;e 2013 dsizkoèkkuksa ds varxZr ^'kwU;* izLrqfr;ka jgh gSaA daiuh ds 'ks;jèkkjdksa dks funs'kdksa dh fjiksVZ Hksth tk jgh gSA

dkfeZd vkSj vkS|ksfxd lacaèk

o"kZ ds nkSjku] daiuh us viuh inksUufr izfØ;k 2017&18 ds varxZr iz'kklfud vfèkdkjh ¼Ldsy I½ ds Lrj ls ysdj eq[;izcaèkd laoxZ rd fofHkUu laoxks± esa 37 Js.kh I vfèkdkfj;ksa dks inksUur fd;k gSA

o"kZ ds nkSjku] daiuh us 50 iz'kklfud vf/kdkfj;ksa ¼Ldsy 1½ ds fy, HkrhZ izfØ;k vkjaHk dh] ftuesa ls 43 iz'kklfudvf/kdkjh 31 ekpZ 2018 rd daiuh esa 'kkfey gq,A

deZpkfj;ksa ds dkS'kyksa vkSj Kku dks LQwrZ cukus vkSj mUur djus ds fy, 173 vfèkdkfj;ksa dks fofHkUu rduhdh vkSjO;kolkf;d izf'k{k.k dk;ZØeksa ds fy, ukekafdr fd;k x;k ftudk lapkyu izfrf"Br laLFkkvksa }kjk fd;k x;k Fkk] tSls fdjk"Vªh; chek vdkneh] iq.ks] Hkkjrh; iz'kklfud LVkWd dkyst] gSnjkckn vkSj vU; izfrf"Br izf'k{k.k laLFkkuA

lewps o"kZ ds nkSjku vkS|ksfxd laacaèk vR;ar lkSgknZiw.kZ cus jgs rFkk daiuh us vius vfèkdkfj;ksa vkSj deZpkfj;ksa ls i;kZIrlg;ksx izkIr djuk tkjh j[kkA

;kSu&mRihM+u dk fuokj.k

vkidh daiuh us dk;ZLFky ij efgykvksa dk ySafxd mRihM+u ¼fuokj.k] izfr"ksèk vkSj izfrrks"k½ vfèkfu;e] 2013 dh vis{kkvksads vuq#i ySafxd mRihM+u&fojksèkh uhfr LFkkfir dh gSA ipkl izfr'kr ls vfèkd efgyk lnL;ksa ds lkFk vkarfjd f'kdk;rlfefr ¼vkbZlhlh½ xfBr dh xbZ gSA

leh{kkèkhu o"kZ ds nkSjku daiuh dks bl lacaèk esa dksbZ f'kdk;r izkIr ugha gqbZA

vuqlwfpr tkfr@vuqlwfpr tutkfr vkSj vU; fiNM+k oxZ ds dY;k.k

vuqlwfpr tkfr@vuqlwfpr tutkfr@vU; fiNM+k oxZ vkSj fodykax O;fä;ksa ds dY;k.k ds ckjs esa] daiuh le;≤ ij bllacaèk esa ljdkj ls çkIr funsZ'k ds vuq:i dk;kZUo;u dj jgh gSA vuqlwfpr tkfr@vuqlwfpr tutkfr vkSj vU; fiNM+k oxZds deZpkfj;ksa ds fy, vyx ls eq[; lEidZ vfèkdkjh fu;qä fd, x, gSaA çèkku dk;kZy; ds ekuo lalkèku foHkkx esa ,dvuqlwfpr tkfr@tutkfr çdks"B gS] tks vuqlwfpr tkfr@vuqlwfpr tutkfr@vU; fiNM+k oxZ ds deZpkfj;ksa dh f'kdk;rksa];fn dksbZ gks] dk fuokj.k djrk gSA HkrhZ ds fy, dSMj ds fygkt ls jksLVj cuk, j[ks x, gSa vkSj mls bl lacaèk esa fuèkkZfjrfu;eksa vkSj 'krksaZ ds vuqlkj gh v|frr fd;k tkrk gSA inksUufr ds ekeyksa esa vuqlwfpr tkfr@vuqlwfpr tutkfr dsvfèkdkfj;ksa ds fgr inksUufr uhfr esa 'kkfey ^laj{k.k [k.M* }kjk lajf{kr gSa] rrh; vkSj prqFkZ Js.kh ds deZpkfj;ksa dks budeZpkfj;ksa ds fy, fof'k"V inksUufr uhfr }kjk buds fgrksa dk è;ku j[kk tkrk gSA

70

ESTATE

As your Company's business is on an upward trend, it needs to be supported by augmenting theinfrastructure and other facilities. In order to support the business, the Company has acquired followingadditional/new premises with due approval from the Board and Authority wherever needed.

The new Office premises for Company's Corporate Office was purchased in East Kidwai Nagar, Delhi,which is a project of NBCC, an undertaking of Ministry of Urban Development, measuring approx.26,000 sq.ft., possession of which is expected shortly. The Company has started initiative for interiorworks with NBCC Services Limited, a subsidiary of NBCC.

The Company has opened its 18th Regional Office at Guntur, Andhra Pradesh. The newly opened GunturRegional Office has started operations with effect from 1st July 2017.

Further, a new leased office premises have been taken from LIC for Bhopal Regional Office; and additionalspace for Bhubaneshwar Regional Office has been acquired on lease.

INTERNAL FINANCIAL CONTROLS

Internal audit mechanism helps the Company to improve the system and processes and facilitates timelyidentification of weakness in the control system. In order to implement the Internal control system, theCompany has a well-laid out Internal Audit Manual approved and reviewed by the Board AuditCommittee. The Audit Program is focused on the areas enunciated in the Internal Audit Manual.

During the year, Internal Audit Department has done the internal audit exercise of eight (8) RegionalOffices namely Bhubaneswar, Guwahati, Chennai, Hyderabad, Patna, Lucknow, Kolkata andThiruvananthapuram. Further M/s Kishore and Kishore, Chartered Accountants has also audited four(4) namely Ahmedabad, Jaipur, Bhopal and Mumbai having target premium of Rs. 500 Crore and above.Gross Premium of these four is Rs. 5,862/- out of total Gross Premium of Rs. 7,896/- crore (74%), auditedby M/s Kishore and Kishore, Chartered Accountants. Apart from this Internal Audit of Head Office hasbeen carried out by M/s Kishore & Kishore for the year under review. The Internal Audit Report hasbeen submitted to the Board Audit Committee on quarterly basis.

LEGAL

In view of the National Commission upholding the weather and yield based Schemes by various orderswe are able to arrest the trend of filing of large number of cases by farmers on flimsy grounds challengingthe Scheme provisions in various pockets. Besides the proactive measures taken by us in briefing theadvocates yielding good results and there are few number of cases at National Commission as of now.

GRIEVANCES

The Company has registered all the complaints/grievances received through various modes includingthose filed over CPGRAMS/INGRAM of GoI Grievances Portal for thorough scrutiny and their appropriateredressal within the prescribed timeframe under Grievance Redressal Policy of the Company.

After the IRDAI Notification vide F. No. IRDAI/Reg/8/145/2017 dated 22nd June 2017 issued underProtection of Policyholders' Interests Regulations-2017, the Company:

l incorporated the amended relevant portions in the existing GRPolicy of the Company asper Board approval dated 27th July 2017;

71

laink

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daiuh ds dkjiksjsV dk;kZy; ds fy, iwohZ fdnobZ uxj] fnYyh esa yxHkx 26]000 oxZQqV {ks=Qy dk u;k dk;kZy; ifjlj [kjhnkx;k tks 'kgjh fodkl ea=ky; ds miØe ,uchlhlh dh ,d ifj;kstuk gSA bldk dCtk 'kh?kz gh feyus dh vk'kk gSA daiuh us,uchlhlh dh ,d vuq"kaxh daiuh ,uchlhlh lfoZlst+ fyfeVsM ds lkFk vkarfjd lkt&lTtk dk;Z izkjaHk dj fn;k gSA

daiuh us xqaVwj] vkaèkz izns'k esa viuk 18oka {ks=h; dk;kZy; [kksyk gSA u, [kksys x, xqaVwj {ks=h; dk;kZy; us 1 tqykbZ] 2017ls dk;Z djuk vkjaHk dj fn;k gSA

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vkarfjd foÙk fu;a=.k

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ys[kkijh{kk dk;ZØe vkarfjd ys[kkijh{kk eSU;qvy esa 'kkfey {ks=ksa ij dsfUnzr gSA o"kZ ds nkSjku] vkarfjd ys[kkijh{kk foHkkx}kjk vkB ¼8½ {ks=h; dk;kZy;ksa Hkqous'oj] xqokgkVh] psUubZ] gSnjkckn] iVuk] y[kuÅ] dksydkrk vkSj fr#ouUriqje dkvkarfjd ys[kkijh{kk fd;k x;kA 500 djksM+ vkSj mlls vf/kd izhfe;e y{; okys pkj ¼4½ {ks=h; dk;kZy; vgenkckn]t;iqj] Hkksiky vkSj eqEcbZ dk eSllZ fd'kksj ,.M fd'kksj] pkVZMZ ,dkamVsVal }kjk ys[kkijh{kk dh xbZA bu 4 dk dqy ldyizhfe;e 7896 djksM+ ¼74%½ esa ls 5862 djksM+ #i, dk ldy izhfe;e tks eSllZ fd'kksj ,.M fd'kksj pkVZMZ ,dkmaVsV~M}kjk ys[kkijhf{kr dh xbZA blds vykok leh{kk/khu vkarfjd ys[kkijh{kk dh xbZA vkarfjd ys[kkijh{kk fjiksVZ frekgh vk/kkj ij cksMZ ys[kkijh{kk lfefr dks tek dj nh xbZ gSA

fofèk

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f'kdk;rsa

daiuh us fofHkUu ekè;eks a ls izkIr lHkh f'kdk;rks a@ifjoknks a ftuesa Hkkjr ljdkj ds f'kdk;r iksVZy es alhihthvkj,,e,l@vkbZ,uthvkj,,e ij ntZ dh xbZ f'kdk;rsa Hkh 'kkfey gSa] dks xgu laoh{kk vkSj daiuh dh f'kdk;rfuokj.k uhfr ds varxZr fuèkkZfjr le;&lhek ds Hkhrj muds leqfpr lekèkku ds fy, mUgsa jftLVªhd`r fd;k gSA

ikfylhèkkjdksa ds fgrksa dk laj{k.k fofu;e] 2017 ds varxZr tkjh vkbZvkjMh,vkbZ vfèklwpuk la- ,Q-la- vkbZvkjMh,vkbZ@iath-@8@145@2017 fnukad 22 twu] 2017 ds mijkar daiuh us%

• cksMZ ds fnukad 27 tqykbZ] 2017 ds vuqeksnu ds vuqeksnu vuqlkj daiuh dh fo|eku thvkj uhfr esa izklafxdHkkxksa esa la'kksèku 'kkfey fd, x, gSa(

72

l designated the head of its Regional Offices as the Grievance Redressal Officer at its RegionalOffices.

During the year, the GROs at Regional Offices and Head Office assisted by Dealing Officers handling thegrievances were reporting to the CGRO at Head Office. The Company adhered to submit the number ofcases reviewed weekly by CMD on monthly basis under PRAGATI Scheme of GoI. Efforts made tospread awareness about the Grievance Redressal Mechanism of the Company and the availability of TollFree Number for registering complaints by the aggrieved have registered increase in number of grievancesduring the year. A total number of 1175 grievance cases were registered and 96.94% of them wereredressed to the satisfaction of the complainants. About 14 cases related to Financial Year 2017-18 werecontinued to be kept under additional claims category for the decision of Ministry of Agriculture & Farmer'sWelfare (MoA F&W). During the year, one appeal case was registered and amicably resolved.

AWARDS

During the year, the Company has been the proud recipient of:

l Dainik Bhaskar's "INDIA PRIDE AWARD" for excellence in Public Service;

l Consolation award by TOLIC (Town Official Language Implementation Committee),amongst Public Sector Companies of Delhi to "SujlamSuflam" our in-house Hindi magazinesecond edition;

l Insurance India Award for Technology Initiative of the Year;

l Finnoviti 2018 Award for GIPSA Innovation;

l Gems of Digital Enterprise Award for Technology Initiatives;

l Skoch Cyber Security Award 2017- Order-of-Merit

STATUTORY AUDIT REPORT ON THE FINANCIAL STATEMENTS OF 2017-18

The Statutory Audit Report to the Financial Statements for the Year ended on 31st March 2018 by theJoint Statutory Auditors of the Company, namely, M/s Bhasin Raghavan & Co., Chartered Accountants,New Delhi (Firm Registration No. 000197N) and M/s P. R. Mehta, Chartered Accountants, New Delhi(Firm Registration No. 000051N), is included in the Annual Report 2017-18.

The following are the management replies to audit qualifications: -

1(i) Audit Qualification: -In terms of Ministry of Finance, Government of India letter F.No.C-13014/16/2004- Ins.1 dated 23.12.2009; the Company was asked to pay Rs.200,00,00 thousands to theConsolidated Fund of India from the retained profits / reserves (created out of NAIS activity) as a preludeto the recasting of the National Agricultural Insurance Scheme (NAIS). The Company has paid the aboveamount of Rs. 200,00,00 thousands to the Consolidated Fund of India during the Financial Year 2009-10and the same is continued to be shown as "Advances and Other Assets" in the Balance Sheet of theCompany since then. Even though number of letters has been written by the Company to the Governmentof India for refund of the above amount, the same is yet to be received. Presently, even the NAIS has beendiscontinued with effect from Kharif season 2016.

Ministry of Agriculture and Farmer's Welfare, the Government.of India vide its letter dated 27th June,2017 to the Company has stated that the matter is linked with the accrual of huge Premium savings with

73

• vius {ks=h; dk;kZy;ksa ds izeq[kksa dks {ks=h; dk;kZy;ksa esa f'kdk;r fuokj.k vfèkdkjh ds :i esa vfHkfgr fd;k gSA

o"kZ ds nkSjku] {ks=h; dk;kZy;ksa vkSj izèkku dk;kZy; esa lgk;d vfèkdkfj;ksa }kjk lgk;rkizkIr thvkjvks izèkku dk;kZy; esalhthvkjvks dks fjiksVZ dj jgs FksA daiuh us Hkkjr ljdkj dh izxfr ;kstuk ds varxZr ekfld vkèkkj ij lh,eMh }kjk izR;sdlIrkg leh{kk fd, x, ekeyksa dh la[;k izLrqr dhA daiuh ds f'kdk;r fuokj.k ra= ds ckjs esa tkx:drk dk izpkj&izlkjdjus rFkk O;fFkr xzkgdksa }kjk f'kdk;rksa dk jftLVªhdj.k djus ds fy, Vksy&Ýh uEcj dh miyCèkrk ds fo"k; esa lwfprdjus ds iz;kl fd, x, ftlds ifj.kkeLo:i o"kZ ds nkSjku f'kdk;rksa dh la[;k esa o`f) ntZ dh xbZA dqy 1175 f'kdk;rsantZ dh xbZ rFkk muesa ls 96-94 izfr'kr dk lekèkku f'kdk;rdrkZvksa dh larqf"V ds vuqlkj fd;k x;kA foÙkh; o"kZ 2017&18ls lacafèkr yxHkx 14 ekeys —f"k vkSj fdlku dY;k.k ea=ky; ¼,evks, ,Q,aMMCY;w½ ds fu.kZ; ds vfrfjDr nkok Js.kh dsvarxZr tkjh j[ks x,A o"kZ ds nkSjku] ,d vihy ekeyk ntZ fd;k x;k rFkk mldk lekèkku larks"ktud :i ls fd;k x;kA

iqjLdkj

o"kZ ds nkSjku daiuh dks fuEufyf[kr iqjLdkjksa ls lEekfur fd;k x;k%

• yksd lsok esa mRd`"Vrk ds fy, nSfud HkkLdj dk ^^bafM;k izkbZM vkWokMZ**(

• gekjh fgUnh if=dk ^lqtyke lqQyke** ds f}rh; laLdj.k ds fy, fnYyh ds ljdkjh {ks= dh daifu;ksa dks ujkdkl¼uxj jktHkk"kk dk;kZUo;u lfefr½ }kjk lkaRouk iqjLdkj(

• o"kZ esa izkS|ksfxdh igydneksa ds fy, ba';ksjsal bafM;k vkWoMZ(

• thvkbZih,l, vfHkuork ds fy, fQuksforh 2018 iqjLdkj(

• izkS|ksfxdh igydneksa ds fy, tse vkWQ fMftVy ,aVj izkbt iqjLdkj(

• Ldksp lkbcj flD;wfjVh iqjLdkj 2017 & vkWMZj vkWQ esfjVA

2017&18 ds foÙkh; fooj.kksa ij oSèkkfud ys[kk ijh{kk fjiksVZ

daiuh ds la;qä lkafofèkd ys[kk ijh{kdksa] vFkkZr~] eS- Hklhu jk?kou ,oa daiuh] pkVZMZ ,dkamVsaV] ubZ fnYyh ¼QeZ iathdj.kla 000197,u½ vkSj eS- ih- vkj- esgrk] pkVZMZ ,dkamVsaV] ubZ fnYyh ¼QeZ iathdj.k la- 000051,u½ dh 31 ekpZ] 2018 dkslekIr foÙkh; o"kZ ds foÙkh; c;ku dh ys[kk ijh{kk fjiksVZ layXu gSA

ys[kkijh{kk ;ksX;rk ds izca/ku tokc fuEufyf[kr gSa %&

1¼i½ ys[kkijh{kk ;ksX;rk % foÙk ea=ky;] Hkkjr ljdkj ds i= ,Q la- lh&13014@16@2004& vkbZ ,e ,l 1 fnukad23-12-2009 ds fucaèkuksa ds vuqlkj] daiuh dks vkjf{kr ykHkksa@fjtoZ ¼uk,l dh xfrfofèk;ksa ls l`ftr½ esa ls jk"Vªh; —f"kchek ;kstuk ¼,u,vkbZ,l½ ds iquxZBu ds iwokZuqeku ds :Ik esa 200]00]00 gtkj #i, dk Hkqxrku Hkkjr dh lafpr fufèk esadjus ds fy, dgk x;kA daiuh us foÙkh; o"kZ 2009&10 ds nkSjku Hkkjr dh lafpr fufèk esa 200]00]00 gtkj #i, dh mDrjkf'k tek djk nh gS rFkk mls mlds ckn ls daiuh ds rqyu&i= esa bls ^^vfxze vkSj vU; vkfLr;ka** ds :Ik esa fn[kk;ktk jgk gSA gkykafd daiuh }kjk Hkkjr ljdkj dks ml jkf'k dks okil ykSVkus ds fy, vusd i= fy[ks x, gSa] ;g jkf'kvHkh rd izkIr ugha gqbZ gSA orZeku esa] ;gka rd fd [kjhQ ekSle 2016 ls ,u,vkbZ,l Hkh lekIr dj fn;k x;k gSA

d`f"k vkSj fdlku dY;k.k ea=ky;] Hkkjr ljdkj us daiuh dks fy[ks x, vius fnukad 27 twu] 2017 ds i= esa ;g dgk gSfd ;g ekeyk rRdkyhu ,u,vkbZ,l ls lHkh ns;rkvksa ds lek;kstu ds mijkar daiuh ds lkFk O;kid izhfe;e cpr ds

74

the Company after adjusting all the liabilities etc. from erstwhile NAIS and the matter regarding surplusfunds with the Company has once again been taken up with the Department of Financial Services videits letter dated 7th November, 2016. Matter is still pending. In view of the above facts, in our opinion, therecovery of above amount is doubtful which resulted in overstatement of "Advances and Other Assets"and "Reserves & Surplus" of the Company as on 31st March, 2018 to that extent. (Refer Note 5.13).

Management Reply: The Committee informed the JSAs that:

a) Payment amounting to Rs. 200,00,00 thousand (Rs.200 crores) was released in favour ofPAO (Secretariat I), Ministry of Agriculture, in accordance with decision of Ministry ofFinance, to draw down the said amount, as per Government letter Ref. F.No.C-13014/16/2004-Ins.I dated 23.12.2009.

b) As stated in the above letter, the said payment was "Adhoc Payment, subject to adjustmenton re-casting of the existing scheme viz. NAIS". Accordingly, we have treated the saidpayment as "Advance to GoI", and hence there is no overstatement of Advances and OtherAssets and Reserves of the Company.

c) MoA and Farmers' Welfare, Government of India vide letter of 27 June 2017 to the Companyhas stated that the matter is linked with the accrual of huge Premium savings with theCompany after adjusting all tax liabilities etc. from erstwhile NAIS and matter regardingsurplus funds with the Company has once again taken up with the Department. of FinancialServices vide letter dated 7th November 2016 and matter is still pending.

The matter is being continuously followed up with Ministry of Finance, to seek refund of Rs. 200 crore.

1(ii)(a) Audit Qualification: -We draw attention to Note 5.17.2 (iii) regarding method of estimation ofgross Premium income by applying season-wise Cluster Premium rates to the Premium collected fromfarmers in a Cluster and remitted to the Company by Banks as the farmer-wise details including amountof Gross Insurance Premium and subsidy receivables from Central and State Governments ("Governments")are yet to be entered into the Government of India portal ("Portal").

In our opinion, instead of using season-wise Cluster Premium rates to estimate gross Premium income,the Company should have ascertained District-wise season / Crop-wise Premium collected from thefarmers and used District-wise season / Crop-wise Premium rates to ascertain Gross Premium Incomeand Subsidy receivables from Governments to ensure more accuracy in the estimation so that there is nowide variation between estimation and actuals. When the data is actually entered in the Portal in theFinancial Year 2018-19 and subsequently confirmed by the Company, the actual Gross Premium Incomewould be different from the estimated amount of Gross Premium Income of Rs. 5732233 thousands (Netof reinsurance Rs.1433058 thousands) accounted for in the financial year 2017-18. We are unable toquantify the impact of estimation on the standalone financial statements.

Management Reply: Under PMFBY, to diversify/ spread the risk and cover high-risk/ low-risk Districts/area equally, the State Governments group the Districts in such a way that each group contains a mix ofDistricts with different risk profiles known as "Clusters". The State Government divides the State intomultiple Clusters of approximately equal number of Districts. While Clustering/Clubbing, the followingcriteria are followed:

a) Different Clusters are defined based on risk profile of the District so as to increase thediversification of risk within a Cluster and enable risk spreading for insurer.

75

izksn~Hkwr gksus ls lac) gS rFkk vfèk'ks"k fufèk;ksa ds ckjs esa ekeys dks fnukad 7 uoEcj] 2016 ds i= }kjk foÙkh; lsok,a foHkkxds lkFk iqu% mBk;k x;k gSA ekeyk vHkh Hkh yafcr gSA mijksDr rF;ksa dks /;ku esa j[krs gq,] gekjh jk; esa] mijksDr jkf'kdh olwyh lafnX/k gSA ftlds ifj.kkeLo:i 31 ekpZ 2018 rd dEiuh ds vfxze vkSj vU; lEifÙk* vkSj fjtoZ vkSj vfèkos"k*dk vf/kd foLrkj gqvk ¼lanHkZ uksV 5-13½

çcaèku dk mÙkj% lfefr us ts,l,, dks crk;k gS fd%&

d½ foÙk ea=ky; ds fu.kZ; ds vuqlkj 200]00]00 gtkj #i, dh jkf'k ¼200 djksM+ #i,½ dk Hkqxrku ih,vks¼lfpoky;&I½] d`f"k ea=ky; ds i{k esa tkjh fd;k x;k Fkk] mä jkf'k dk ljdkj ds i= lanHkZ ,Q-la-lh&13014@16@2004&vkbZ,u,l- I fnukafdr 23-12-2009 ds vuqlkj Hkqxrku fd;k x;k FkkA

[k½ tSlk fd mijksä i= esa dgk x;k gS] mä Hkqxrku ^^rnFkZ Hkqxrku Fkk] ftldk lek;kstu ekStwnk ;kstukds fQj ls xBu ds vèkhu** fd;k x;k FkkA rnuqlkj] geus mä Hkqxrku dks ^^ljdkj ds fy, vfxze** dsvèkhu j[kk gS] vkSj blfy, vfxze vkSj vU; laifÙk rFkk daiuh ds vkj{k.k esa dksbZ vfèkd c;kuh ugha gSA

¼x½ —f"k vkSj fdlku dY;k.k ea=ky;] Hkkjr ljdkj us daiuh dks fy[ks x, vius fnukad 27 twu] 2017 dsi= esa ;g dgk gS fd ;g ekeyk rRdkyhu ,u,vkbZ,l ls lHkh ns;rkvksa ds lek;kstu ds mijkar daiuhds lkFk O;kid izhfe;e cpr ds izksn~Hko gksus ls lacaèk gS rFkk vfèk'ks"k fufèk;ksa ds ckjs esa ekeys dks fnukad7 uoEcj] 2016 ds i= }kjk foÙkh; lsok,a foHkkx ds lkFk iqu% mBk;k x;k vkSj ;g ekeyk vHkh yafcr gSA

bl ekeys ij 200 djksM+ #i, dh okilh izkIr djus ds fy, foÙk ea=ky; ds lkFk fujarj i=&O;ogkj fd;k tk jgk gSA

1 ¼ii½ ¼d½ ys[kkijh{kk ;ksX;rk % ge DyLVj es afdlkuksa ls laxzfgr rFkk cSadksa }kjk daiuh dks varfjr fd, x, izhfe;e dhekSle&okj DyLVj izhfe;e njksa dk iz;ksx djrs gq, ldy izhfe;e vk; ds vuqeku dh i)fr ds ckjs esa fVIi.kh 5-17-2¼iii½ dh vksj è;ku vkd"V djrs gSa D;ksafd ldy chek izhfe;e dh jkf'k lfgr —"kd&okj fooj.k rFkk dsUnzh; vkSj jkT; ljdkjksa¼*ljdkjksa ½ ls izkIr gksus okyh jkt&lgk;rk dks Hkkjr ljdkj ds iksVZy ¼^iksVZy*½ esa vHkh izfo"V fd;k tkuk gSA

gekjh jk; esa] ldy izhfe;e vk; dk vuqeku yxkus ds fy, ekSle&okj DyLVj izhfe;e dk iz;ksx djus ds LFkkuij daiuh dks fdlkuksa ls olwy fd, x, ftykokj ekSle@Qlyokj izhfe;e dk fuèkkZj.k fd;k tkuk pkfg, Fkk rFkk ldyizhfe;e vk; vkSj ljdkjksa ls izkIr gksus okyh jktlgk;rk dk fuèkkZj.k djus ds fy, ftykokj ekSle@Qlyokj izhfe;enjksa dk iz;ksx fd;k tkuk pkfg, Fkk rkfd vkdyu djus esa vfèkd lVhdrk lqfuf'pr dh tk lds ftlesa fd vuqeku vkSjokLrfod jkf'k esa vfèkd varj u gksus ik,A tc vkdaM+ksa dks okLrfod :i ls foÙkh; o"kZ 2018&19 esa iksVZy esa izfo"V fd;kx;k rFkk rRi'pkr~ daiuh }kjk mldh iqf"V dh xbZ] rc okLrfod ldy izhfe;e 5732233 gtkj #i, dh ldy izhfe;evk; dh vuqekfur jkf'k ls fHkUu Fkk ¼1433058 gtkj #i, ds iquchZek dk fuoy½ ftls foÙkh; o"kZ 2017&18 esa fglkc esafy;k x;k FkkA ge LVSaMvyksu foÙkh; fooj.kksa ij vkdyu ds izHkko ds ifjek.k dk vkdyu djus esa vleFkZ gSA

izcaèku dk mÙkj % ih,e,QchokbZ ds varxZr] mPp&tksf[ke@fuEu tksf[ke] ftyksa@{ks=ksa ds tksf[ke dks ifjofrZr@izlkfjrdjus rFkk mls leku :i ls doj djus ds fy, ftyksa ds jkT; ljdkj lewgksa us ,slh uhfr ls dk;Zokgh dh gS fd izR;sdlewg esa fofHkUu tksf[ke izksQkby okys ftyksa dk feJ.k gS ftls ^DyLVj* dgk tkrk gSA jkT; ljdkj jkT; dks fofHkUuDyLVjksa esa foHkkftr djrh gS ftudh la[;k ftyksa dh la[;k ds yxHkx leku gksrh gSA DyLVfjax@Dyfcax djrs le;]fuEufyf[kr ekun.Mksa dk vuqikyu fd;k tkrk gS%

¼d½ fofHkUu DyLVjksa dks ftys esa tksf[ke izksQkby ds vkèkkj ij ifjHkkf"kr fd;k tkrk gS ftlls fd fdlhDyLVj ds Hkhrj tksf[ke ds oSfoè;hdj.k esa o`f) gks vkSj chfer ds fy, tksf[ke doj esa Hkh o`f) dh tkldsA

76

b) Cluster contains Districts with mixed agro-climatic zones so as to increase the diversificationof risk within a Cluster.

c) Crop-wise associated risk is also diversified among the Clusters and not concentrated withinthe Cluster.

Based on the above factors and State Government's projected area insured for the ensuing season foreach District-crop combination, the Company quotes weighted average Premium in a District of theCluster and the Company with the lowest weighted average Premium in the Cluster is selected as L1.

In view of the above, season-wise Cluster Premium rates (weighted average Premium rate) factor inDistrict-wise/Crop-wise Premium rate. So, there will not be a material variation between estimationbased on District-wise/Crop-wise Premium rate and season-wise Cluster Premium rates.

1 (ii)(b) Audit Qualification:- We draw attention to Note 5.17.2 (ii) regarding accounting of GrossPremium Income of Rs. 30658776 thousands (net of Reinsurance Rs. 7664694 thousands) in respect ofthose transactions where Premium has been collected by the Banks and remitted to the Company and thedata has also been entered in the Portal but the same is yet to be confirmed by the Company. Differencebetween amounts of such Premium Income accounted for in Financial Year 2017-18 and the actual amountof Premium Income to be received / accounted for in the Financial Year 2018-19 can't be quantified atthis stage.

Management Reply: The basic concept for this methodology is the same as has been followed consistentlyin the past. Estimation or Provisions are done to reflect true and fair view of Accounts, where actualscannot be ascertained at the material time. This is a standard practice.

As per the PMFBY Guidelines, it has been made mandatory to enter Policy details on the GoI/StateGovernment. Portal by Banks remitting the Premium, which is to be verified and approved by the Company.The data verified in the Portal is then downloaded and uploaded in the Business Operations Module ofthe Company for underwriting the Premium during the Financial Year.

There are certain transactions in respect of which Collection has been credited in the Bank account of theCompany, and the particulars of the transactions are entered in the Portal are pending for confirmationand migration to the Business Operation (BO) module. These are accounted for as Premium Income byway of Journal Voucher during the Financial Year, which is reversed at the beginning of the next FinancialYear. There may not be any material difference between amount of Journal Voucher and actual Incomeaccounted for later.

1(iii) Audit Qualification: - The Company's Accounting Policy (Accounting Policy No. 3.1) in respect ofrecognizing Premium of Government Schemes being implemented by the Company upon remittancereceived from the Nodal Banks / branches out of such Premium collected by them and assumption of riskdespite not receiving such Premium (not compliant with Section 64 VB of the Insurance Act, 1938) andAccounting Policy (Accounting Policy No. 11.3) in respect of recognizing Reinsurance Premium acceptedon receipt of statement from the reinsurers are not in accordance with the accrual concept of accounting(Fundamental Accounting Assumption) as laid down in Accounting Standard 1 "Disclosure of AccountingPolicies" and Accounting Standard 9 " Revenue Recognition " as prescribed under The Companies(Accounting Standard) Rules, 2006, as amended from time to time.

Accordingly, the non-accounting of balance of Premium receivable as current period income & nonadjustment for corresponding figures for the previous period may have resulted in understatement (oroverstatement) of current period Premium. The monetary impact of the same is not ascertainable.

77

¼[k½ DyLVj esa fefJr —f"k&ekSleh; vapyksa ds ftys gksrs gSa ftlls fd fdlh DyLVj ds Hkhrj tksf[ke dsoSfoèkhdj.k esa o`f) dh tk ldsA

¼x½ Qly&okj laca/kh tksf[ke Hkh DyLVjksa ds eè; fofoèkrkiw.kZ fd;k tkrk gS rFkk mls DyLVj ds Hkhrj dsfUnzrugha fd;k tkrk gSA

mi;qZDr dkjdksa rFkk izR;sd ftyk&Qly la;kstu ds fy, ekSle lqfuf'pr djus ds iz;kstukFkZ chfer jkT; ljdkj dsvuqekfur {ks= ds vkèkkj ij daiuh DyLVj ds ftys esa Hkkfjr vkSlr izhfe;e mn~èk`r djrh gS rFkk DyLVj esa fuEuor HkkfjrvkSlr izhfe;e okyh daiuh dks ,y1 ds :i esa pquk tkrk gSA

mi;qZDr dks è;ku esa j[krs gq,] ftyk&okj@Qly&okj izhfe;e nj esa ekSle&okj DyLVj izhfe;e njsa ¼Hkkfjr vkSlr izhfe;enj½ dkjd fuèkkZfjr fd;k tkrk gSA vr% ftyk&okj@Qly&okj izhfe;e nj rFkk ekSle&okj DyLVj izhfe;e njksa ijvkèkkfjr vuqekuksa ds chp dksbZ rkfRod varj ugha gksrk gSA

1- ¼ii½ ¼[k½ ys[kkijh{kk ;ksX;rk % ge mu laO;ogkjksa] tgka izhfe;e cSad }kjk laxzfgr fd;k x;k gS vkSj daiuh dks varfjrfd;k x;k gS rFkk vkadM+ksa dks iksVZy esa Hkh 'kkfey fd;k x;k gS] ijarq mldh iqf"V vHkh cSad }kjk dh tkuh gS] ds laacaèk esa30658776 gtkj #i, ¼7664694 gtkj #i, ds iquchZek dk fuoy½ dh ldy izhfe;e vk; ds ifjdyu ds ckjs esa fVIi.kh5-17-2 ¼ii½ dh vksj è;ku vk—"V djrs gSaA foÙkh; o"kZ 2017&18 esa fglkc esa yh xbZ ,slh izhfe;e vk; dh jkf'k rFkk foÙkh;o"kZ 2018&19 esa izkIr dh tkus okyh@fglkc esa yh tkus okyh izhfe;e vk; dh okLrfod jkf'k ds chp varj dk ifjek.kbl voLFkk ij fuèkkZfjr ugha fd;k tk ldrk gSA

izcaèku dk mÙkj % bl fØ;kfofèk ds fy, vkèkkjHkwr voèkkj.kk ogh gS ftldk vuqikyu iwoZ ls fd;k tk jgk gSA izkoèkkuksads fy, vuqeku ys[kkvksa dk lR; vkSj leqfpr n`f"Vdks.k izfrfcafcr djus ds fy, yxk;k tkrk gS] tgka rkfRod le; ijokLrfod ys[kk fuèkkZfjr ugha fd, tk ldrs gSaA ;g ,d ekud izfØ;k gSA

ih,e,QchokbZ fn'kk&funsZ'kksa ds vuqlkj izhfe;e dks izsf"kr djus okys cSadksa }kjk Hkkjr ljdkj@jkT; ljdkjksa ds iksVZy ijikfylh ds fooj.k izfo"V djuk vfuok;Z cuk;k x;k gS ftldk lR;kiu rFkk vuqeksnu daiuh }kjk fd;k tkrk gSA bldsmijkar] iksVZy esa lR;kfir vkadM+ksa dks MkmuyksM fd;k tkrk gS rFkk foÙkh; o"kZ ds nkSjku izhfe;e dh vaMjjkbfVax ds fy,daiuh ds O;olk; izpkyu ekM~;wyksa esa viyksM fd;k tkrk gSA

,sls dfri; laO;ogkj gksrs gSa ftuds lacaèk esa daiuh ds cSad [kkrs esa laxzg.k ØsfMV fd, tkrs gSa vkSj iksVZy esa izfo"V fd, x,laO;ogkjksa ds fooj.k O;olk; izpkyu ¼chvks½ ekWM~;wy esa iqf"V vkSj varj.k ds fy, yafcr jgrs gSaA bUgsa foÙkh; o"kZ ds nkSjku tuZyokmpj ds ekè;e ls izhfe;e vk; ds :i esa fglkc esa fy;k tkrk gS] ftls vkxkeh foÙkh; o"kZ ds izkjaHk esa izfryksfer fd;k tkrkgSA tuZy okmpj rFkk ckn esa fglkc esa yh xbZ okLrfod vk; ds chp dksbZ rkfRod varj ugha gksrk gSA

1- ¼iii½ ys[kkijh[kk ;ksX;rk % cSadksa }kjk laxzfgr fd, tk jgs izhfe;e esa ls uksMy cSadksa@'kk[kkvksa ls izkIr izs"k.kksa ij daiuh}kjk fØ;kfUor dh tk jgh ljdkjh ;kstukvksa ds izhfe;e dks ekU;rk iznku djus vkSj ,sls izhfe;e dks izkIr u djus dsckotwn ¼chek vfèkfu;e] 1938 dh èkkjk 64V[k dk xSj&vuqikyu½ tksf[ke dk vuqeku yxkus ds lacaèk esa daiuh dh ys[kkdauuhfr ¼ys[kkadu uhfr la- 3-1½ rFkk iquchZfefr;ksa ls fooj.kh dh izkfIr ij Lohdk;Z izhfe;e dks ekU;rk iznku djus ds lacaèkesa ys[kkadu uhfr ¼ys[kkadu uhfr la- 11-3½ ys[kkadu ¼vkèkkjHkwr ys[kkadu voèkkj.k½ dh izksn~Hkwr voèkkj.kk ds vuq:i ugha gStSlk fd ys[kkadu ekud 1 ^^ys[kkdau uhfr;ksa dk izdVhdj.k** vkSj ys[kkadu ekud 9 ^^jktLo ekU;rk** esa fuèkkZfjr fd;kx;k gS vkSj le;≤ ij ;Fkkla'kksfèkr daiuh ¼ys[kkadu ekud½ fu;e] 2006 ds varxZr fofufnZ"V fd;k x;k gSA

rnuqlkj] fo|eku vofèk dh vk; ds :i esa izkfIr;ksX; izhfe;e ds 'ks"k dk xSj&ys[kkadu rFkk iwoZ o"kZ ds fy, rnuq:ih vkadM+ksads fy, xSj&lek;kstu ds QyLo:i pkyw vofèk ds izhfe;e dh U;wuksfDr ¼vFkok vfr;qfDr½ gqbZA bldk ekSfnzd izHkkofuèkkZj.k;ksX; ugha gSA

78

Similarly the non-accounting of claims relating to the above stated Premium receivable & non adjustmentfor corresponding figures for the previous year's claims has resulted in understatement (or overstatement)of current year claims. The monetary impact of the same is not ascertainable.

Management Reply: The qualification relating to Company's Accounting Policy No. 3.1 in respect ofrecognizing Premium of Government Schemes is self-explanatory. The Company admitted under 'Notesto Accounts', that under Insurance Act 1938 (Section 64VB), risk can be assumed only when the requisitePremium is received. However, the Company assumes risk, but recognizes the Premium upon the samebeing remitted by the collecting bank later, since the Company cannot anticipate the accrual in the absenceof such receipt. Thereby, the assumption of risk is strictly not in accordance with the provisions of theaforesaid section. However, in response to Company's letter dated 9th August 2010, IRDA vide its letterdated 26th August 2010 has allowed the Company to continue with this practice, till further orders. Thebalance of Premium for Rabi 2017-18 for the schemes PMFBY & RWBCIS, collected by the Banks from thefarmers, has neither been remitted to the Company, nor any consequential provision for claims accountedfor, in the absence of requisite data up to 31stMarch 2018.

For qualification relating to Company's Accounting Policy No. 11.3 in respect of recognizing reinsurancePremium accepted on receipt of statement from the reinsurers, we hereby state that the ReinsurancePremium (accepted) is accounted for on receipt of statement from reinsurer and four quarters pertainingto underwriting year 2017 have been considered in the books of accounts for Financial Year 2017-18.

1(iv) Audit Qualification: -Non- Accounting of Premium (Net of insurance ceded) as current periodincome for Rabi 2017-18 season out of Rs. 533156 thousand received from Nodal Banks / branches andshown as "Excess Collection" in Schedule 13 has resulted in understatement of current period Premium.The consequential impact of the same on Revenue Account and Profit and Loss Account is notascertainable.

Management Reply: As on 31.03.2018, an amount of Rs. 58,78,08 thousand has been booked as ExcessCollection in the Annual Accounts, under point no. 10(a) of Schedule 13. The major portion of ExcessCollection amounting to Rs. 53,31,56 thousand pertains to Rabi 17-18 season, under Pradhan MantriFasalBima Yojana (PMFBY) as detailed below:

(Rs. in '000)

SN Regional Office Excess Collection

1 Lucknow 20,60,43

2 Jaipur 20,12,45

3 Mumbai 4,55,73

4 Bhopal 3,13,46

5 Chennai 2,95,30

Total 53,31,56

The said amount has been sent to AIC by various banks, but mere receipt of funds can not automaticallybe construed as Premium Income of the Company, due to several reasons. Some of the major reasons areas follows:

79

blh izdkj] mDrlanfHkZr izkfIr;ksX; izhfe;e ls lacafèkr nkoksa ds xSj&ys[kkdau rFkk iwoZ o"kZ ds nkoksa ds fy, rnuq:ih vkadM+ksadk lek;kstu u fd, tkus ds QyLo:i pkyw o"kZ ds nkoksa dh U;wuksfDr ¼vFkok vfr;qfDr½ gqbZA bldk ekSfnzd izHkko fuèkkZfjrugha fd;k tk ldrk gSA

izcaèku dk mÙkj % ljdkjh ;kstukvksa ds izhfe;e dks ekU;rk iznku djus ds lacaèk esa daiuh dh ys[kkadu uhfr la- 3-1 lslacafèkr vgZrk Lor% Li"V gSA daiuh us ^ys[kkvksa* ij fVIi.kh ds varxZr Lohdkj fd;k gS fd chek vfèkfu;e] 1938 ¼èkkjk64VB½ ds varxZr tksf[ke dh dYiuk dsoy rHkh dh tk ldrh gS tc visf{kr izhfe;e izkIr gksrk gSA rFkkfi] daiuh tksf[kedk voèkkj.k djrh gS ijarq mlds lacaèk esa izhfe;e dks dsoy rHkh ekU;rk nsrh gS tc mls ckn esa laxzg.kdrkZ cSad }kjk izsf"krdj fn;k tkrk gS] pwafd daiuh ,slh izkfIr ds vHkko esa izksn~Hkwr dk vuqeku ugha yxk ldrh gSA vr% tksf[ke dk voèkkj.kiw.kZr% mDr èkkjk ds micaèkksa ds vuqlkj ugha gSA rFkkfi] daiuh ds 9 vxLr] 2010 ds i= }kjk daiuh dks ;g i)fr vkxkehvkns'kksa rd tkjh j[kus dh vuqefr nh gSA ih,e,QchokbZ vkSj vkjMCY;wchlhvkbZ,l ;kstukvksa ds fy, 31 ekpZ 2018 rdvisf{kr vkadM+ksa ds vHkko esa jch 2017&18 ds fy, cSadksa }kjk fdlkuksa ls laxzfgr fd, x, izhfe;e dh 'ks"k jkf'k u rks daiuhdks izsf"kr dh xbZ gS vkSj u gh nkoksa ds fy, fdlh Hkh ifj.kkeh izkoèkku dks fglkc esa fy;k x;k gSA

iquchZfefr;ksa ls fooj.kh dh izkfIr ij Lohdkj fd, x, iquchZek izhfe;e dks ekU;rk iznku djus ds lacaèk esa daiuh dh ys[kkaduuhfr la- 11-3 ls lacafèkr ;ksX;rk ds fy, ge ,rn~}kjk ;g of.kZr djrs gSa fd iquchZek izhfe;e ¼Lohdk;Z½ dks iquchZfefr;ksals fooj.kh dh izkfIr ij fglkc esa fy;k tkrk gS rFkk chek ys[ku o"kZ 2017 ls lacafèkr pkj frekfg;ksa ij foÙkh; o"kZ 2017&18ds fy, ys[kk&cfg;ksa esa fopkj fd;k x;k gSA

1- ¼iv½ ys[kkijh{kk ;ksX;rk % uksMy cSadksa@'kk[kkvksa ls izkIr 533156 gtkj #i, esa ls jch 2017&18 ds fy, pkyw vofèkdh vk; ds :Ik esa izhfe;e ds xSj&ys[kkadu ¼lkSais x, chek dk fuoy½ rFkk bls vuqlwph 13 esas ^vfrfjDr laxzg.k* ds :Ikesa n'kkZ, tkus ds QyLo:i pkyw vofèk ds izhfe;e dh vYi;qfDr gqbZA jktLo ys[kk rFkk ykHk vkSj gkfu ys[kk ij bldkifj.kkeh izHkko fuèkkZj.k;ksX; ugha gSA

izcaèku dk mÙkj % 31-03-2018 dh fLFkfr ds vuqlkj] vuqlwph 13 ds fcanq la- 10¼d½ ds varxZr okf"kZd ys[kkvksa esa vfrfjDrlaxzg.k ds :Ik esa 58]78]08 gtkj dh jkf'k cqd dh xbZ gSA vfrfjDr laxzg.k ds izeq[k Hkkx dh 53]31]56 gtkj #i, dh jkf'kizèkkuea=h Qly chek ;kstuk ¼ih,e,QchokbZ½ ds varxZr jch 2017&18 ekSle ls lacfèkr gS ftldk fooj.k uhps fn;k x;k gS%

(#- 000 esa)

Øe la- {ks=h; dk;kZy; vf/kd laxzg

1 y[kuÅ 20,60,43

2 t;iqj 20,12,45

3 eqEcbZ 4,55,73

4 Hkksiky 3,13,46

5 pSUubZ 2,95,30

dqy 53,31,56

mDr jkf'k fofHkUu cSadksa }kjk ,vkbZlh dks Hksth xbZ gS ijarq vusd dkj.kksa ls fufèk;ksa dh izkfIr ek= dks Lor% gh daiuh dhizhfe;e vk; ds :Ik esa ugha ekuk tk ldrkA buesa ls dqN izeq[k dkj.k uhps fn, x, gSa%

80

a) Change of Notification by some State Governments: The State Government Notificationforms the basis of Crop Insurance coverage. In some States, the State Government, afterissuing Notification for a particular Season, tends to revise it subsequently, even severaltimes. The declarations, which have been already sent by the Bank in the meantime, wouldall have to be revised at the Bank's end, to align them with the revised Notification. Thisrequires a lot of correspondence to and fro between AIC and Banks.

b) Issue of Scale of Finance (SOF): Some State Governments mandate that Premium can bebooked only as per SOF of the concerned District; however Banks sometimes give Loansbeyond the SOF, and cover the entire loan under Crop Insurance. This has to be clarifiedfrom a large number of Banks.

c) Declarations at end of the Financial Year: We receive the maximum number ofdeclarations at the very end of March for Rabi season, and many declarations have materialdiscrepancies. Without accurate clarification, these risks cannot be assumed and the amountscannot be booked as Premium.

d) Notified Area (NA): We receive a large number of Declarations with blank NA/wrongNA/and non-Notified Area. NAs are essential for identifying the yield of a crop for claims.

e) Notified Crops: There are many discrepancies like blank crop or non-Notified crop, orunclear crop (e.g. "Paddy" instead of "Paddy Irrigated" or "Paddy Un-irrigated"). All theseneed to be clarified from the banks by correspondence.

f) Language issue: In many States, the correspondence is in Hindi or other vernacular language,which takes a lot of time, in case of a large number of clarification letters/correspondence.

g) Remittance by non-nodal branches: In earlier years, only Nodal Banks used to send theDeclarations to the Company. They were well versed and experienced. But now-a-days, alarge number of non-Nodal branches directly send the Declarations. As they do not have adetailed idea of the Schemes/parameters, they tend to make numerous errors/mistakes.We have to explain the Scheme provisions through correspondence, so that defectiveDeclarations are rectified/modified, resulting in substantial delay.

h) Underwriting in IT system: Our entire underwriting process is through the IT system,where only accurate information can be entered (mostly through Masters). So until theentire clarification is received, the Declaration cannot be underwritten and Premium cannotbe booked.

i) Dependency on Government Portal: At Regional Offices, Banks remit the farmer share ofPremium directly to the respective the Company Regional Offices. of The Policy entries inrespect of the Said farmer share of Premium is entered in the Crop Insurance Portal ofGovernment by the Banks. There is a time lag between the above two activities. Accordingly,Regional Office has accounted for only those Policies as Premium Income for FinancialYear 2017-18, for which the entries are done by Bank in GoI portal. Many times, there ismismatch between amount collected and amount shown in the portal due to duplicationof farmer details, wrong area uploaded by Banks etc.

The above are widely prevalent reasons in some States/areas of the Country, and without properclarification, these cannot be booked as Premium. Much of this clarification has not come even till thedate of finalization of Company's Accounts. The same practice is being continued from the earlier years.

81

d½ dqN jkT; ljdkjksa }kjk vfèklwpuk dk cnyko% jkT; ljdkj dh vfèklwpuk Qly chek dojst dk vkèkkjcukrh gSA dqN jkT;ksa esa] jkT; ljdkjsa] ,d fo'ks"k ekSle ds fy, vfèklwpuk tkjh djus ds ckn] ckn esa bls dbZckj la'kksfèkr Hkh djrh gSaA ,slh ?kks"k.kk,a tks bl nkSjku cSad }kjk igys gh Hksth xbZ gSa] mUgsa la'kksfèkr vfèklwpukds lkFk rkyesy cSBkus ds fy, cSadksa }kjk la'kksfèkr fd;k tkuk gksrk gSA ;g djus ds fy, ,vkbZlh vkSj cSadksa dschp vkil esa dkQh i=kpkj dh vko';drk gksrh gSA

[k½ foÙk ¼,lvks,Q½ ds iSekus tkjh djuk% dqN jkT; ljdkjksa dk tukns'k gS fd izhfe;e dsoy lacafèkr ftys ds,lvks,Q ds vuqlkj gh cqd dh tk ldrh gSa( gkykafd cSad dHkh dHkh ,lvks,Q ls vfèkd _.k nsrs gSa vkSj iwjs _.kdks Qly chek ds varxZr doj fd;k tkrk gSA bls cSadksa dh ,d cM+h la[;k ls Li"V fd;k tkuk gksrk gSA

x½ foÙkh; o"kZ ds var esa ?kks"k.kk,a% ge jch ds ekSle ds fy, ekpZ ds var esa vfèkdre ?kks"k.kk,a çkIr djrs gSa] vkSjdbZ ?kks"k.kkvksa esa lkefxzd folaxfr;ka gksrh gSaA lVhd Li"Vhdj.k ds fcuk] bu tksf[keksa dks Lohdkj ugha fd;k tkldrk vkSj jde dks izhfe;e ugha ekuk tk ldrkA

?k½ vfèklwfpr {ks= ¼,u,½% ge [kkyh ,u,@ xyr ,u,@vkSj xSj&vfèklwfpr {ks= ds lkFk ?kks"k.kkvksa dh ,d cM+hla[;k çkIr djrs gSaA nkoksa ds fy, ,d Qly dh mit dh igpku djus ds fy, ,u, dk gksuk vko';d gSA

³½ vfèklwfpr Qlysa% Qly dk mYys[k u gksuk ;k xSj&vfèklwfpr Qly] ;k vLi"V Qly ¼tSls ^^flafpr èkku**;k ^vflafpr èkku** dh ctk; ^èkku**½ tSlh dbZ folaxfr;ka gksrh gSaA bu lHkh dks cSadksa ls i=kpkj }kjk Li"V djusdh t:jr gSA

p½ Hkk"kk dk eqík% dbZ jkT;ksa esa] i=kpkj dk ekè;e fganh ;k vU; LFkkuh; Hkk"kk,a gS] tks Li"Vhdj.k i=@i=kpkjdh ,d cM+h la[;k ds ekeys esa cgqr le; ysrk gSA

¼N½ xSj&uksMy 'kk[kkvksa }kjk izs"k.k % iwoZ ds o"kks± esa] dsoy uksMy cSad gh daiuh dks ?kks"k.kk,a izsf"kr fd;k djrs FksAos Ik;kZIr tkudkj vkSj vuqHkoh FksA ijarq vc] cM+h la[;k esa xSj&uksMy 'kk[kk,a lhèks gh ?kks"k.kk,a izsf"kr dj nsrh gSaApwafd muds ikl [email protected] dh foLr`r tkudkjh ugha gksrh gS] os vusd =qfV;ka@xyfr;ka djrs gSaA geusi=kpkj ds ekè;e ls Ldhe ds izkoèkkuksa dk o.kZu fd;k gS rkfd =qfViw.kZ ?kks"k.kkvksa dks lqèkkjk@vk'kksfèkr fd;k tklds ftuds ifj.kkeLo:Ik i;kZIr foyac gksrk gSA

¼t½ vkbZVh iz.kkyh esa chekys[ku % gekjh leLr chekys[ku izfØ;k vkbZVh iz.kkyh ds ekè;e ls dh tkrh gS tgkadsoy lVhd tkudkjh dh gh izfof"V dh tk ldrh gS ¼vfèkdka'kr% fo'ks"kKksa ds ekè;e ls½A vr% tc rd laiw.kZLi"Vhdj.k izkIr ugha gks ikrk gS] rc rd ?kks"k.kk dk chekys[ku ugha fd;k tk ldrk gS vkSj izhfe;e cqd ugha gksldrk gSA

¼N½ ljdkj ds iksVZy ij fuHkZjrk % {ks=h; dk;kZy;ksa esa] cSad fdlku ds fgLls dk izhfe;e lhèks daiuh ds lacafèkr{ks=h; dk;kZy;ksa dks izsf"kr dj nsrs gSaA izhfe;e esa fdlku ds mDr fgLls ds lacaèk esa uhfrxr izfof"V;ka cSadksa }kjkljdkj ds Qly chek iksVZy ij izfo"V dh tkrh gSA mi;qZDr nksuksa xfrfof/k;ksa ds chp le; varjky gksrk gSArnuqlkj {ks=h; dk;kZy; us foÙkh; o"kZ 2017&18 ds fy, izhfe;e vk; ds :i esa dsoy mUgha ikfyfl;ksa dks fglkcesa fy;k gS ftuds fy, cSad }kjk Hkkjr ljdkj ds iksVZy esa izfof"V;ka dh tkrh gSaA vusd ckj] fdlkuksa ds fooj.kksaesa nksgjko] cSad }kjk viyksM fd, x, xyr {ks= vkfn ds dkj.k laxzfgr dh xbZ jkf'k rFkk iksVZy esa n'kkZbZ xbZ jkf'kds chp vlekurk gksrh gSA

ns'k ds dqN jkT;ksa@{ks=ksa esa mi;qZDr vR;ar izpfyr dkj.k jgs gSa rFkk leqfpr Li"Vhdj.k ds fcuk bUgsa izhfe;e ds :Ikesa cqd ugha fd;k tk ldrk gSA daiuh ds ys[kkvksa dks vafre :i iznku djus dh vafre rkjh[k rd Hkh buesa ls vfèkdka'k

82

The Accounting of this collection amount of Rs. 128, 44, 32 thousand shall be placed before the BoardAudit Committee.

SUPPLEMENTARY AUDIT REPORT BY C&AG

As per the provisions of Section 143 (5) of the Companies Act, 1956, the Company's Financial Statements2017-18 were also subjected to Supplementary Audit by the Comptroller and Auditor General of India(C&AG). C&AG have conducted the Supplementary Audit of the Financial Statements of the Companyfor the Financial Year ended 31st March 2018. (Under its letter no. MAB-II/Ins./AICL/A/CS./38-7/2018-19/82 dated 05.07.2018, have no comments to make under Section 143(6)(b) of the Companies Act,2013. Supplementary Audit Report on Company's Financial Statements 2017-18 forms part of this AnnualReport.

JOINT STATUTORY AUDITORS OF THE COMPANY

The Joint Statutory Auditors viz., M/s Bhasin Raghavan & Co., Chartered Accountants, New Delhi andM/s. P. R. Mehta & Co., Chartered Accountants, New Delhi, in addition to the Auditors appointed forRegional Offices shall retire at the conclusion of the ensuing Annual General Meeting. The Board ofDirectors wishes to place on record its appreciation for the services rendered by them.

Under letter CA.V/COY/CENTRAL GOVERNMENT, AGRINS (20)/553 dated 10.08.2018 C&AGnominated and the Board recommended the appointed of M/s Bhasin Raghavan & Co., CharteredAccountants, New Delhi and M/s P. R. Mehra & Co. as the Joint Statutory Auditors of the Companyfrom the conclusion of this Annual General Meeting to the conclusion of next Annual General Meeting ofthe Company to the Members of the Company. The same is presented for reappointment by the shareholdersin the ensuing Annual General Meeting (AGM)as per in-principal Board approval. The appointment ofAuditors and the payment of remuneration to them is required to be approved by a special resolution bythe Members of the Company, pursuant to Section 139 of the Companies Act, 2013.Accordingly, in theAGM, the Shareholders are requested to appoint the Auditors and give authority to the Board AuditCommittee to fix the terms and conditions relating with their appointment including fee from time totime.

Implementation of Indian Accounting Standards (IND-AS) in Insurance Companies

IRDAI vide its Circular dated June 28,2017 read with Companies (Indian Accounting Standards)(Amendment) Rules 2016 and IFRS 17 deferred Implementation of IND-AS in the insurance sector inIndia for a period of two year and the same shall be implemented effective from 2020-21.

SECRETARIAL AUDIT OF THE COMPANY

During the year, in accordance with the provisions of Section 204 of the Companies Act, 2013 and theCompanies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company hadappointed M/s Iqneet Kaurr & Co., a firm of Practising Company Secretaries for conducting SecretarialAudit of the Company for Financial Year 2017-18. The Secretarial Audit Report in Form MR-3 is enclosedat annexure – B1 along with replies at annexure – B2.

ICSI - SECRETARIAL STANDARDS

The 80th Board Meeting held on 06.02.2018 adopted the revised Secretarial Standards 1 (SS1) andSecretarial Standards 2 (SS2), though the Company was always in line with the given provisions.

83

Li"Vhdj.k izkIr ugha gks lds gSA 128]44]32 gtkj #i, dh bl laxzg.k jkf'k dks ys[kkdj.k cksMZ ys[kkijh{kk lfefr dsle{k izLrqr fd;k tk,xkA foxr o"kZ ls gh ;g vH;kl tkjh j[kk tk jgk gSA

lh ,aM ,th }kjk iwjd ys[kkijh{kk fjiksVZ

daiuh vfèkfu;e] 1956 dh èkkjk 143 ¼5½ ds çkoèkkuksa ds vuqlkj] daiuh ds foÙkh; oäO; 2017&18 Hkh Hkkjr ds fu;a=dvkSj egkys[kk ijh{kd ¼lh ,aM ,th½ }kjk vuqiwjd ys[kkijh{kk djus ds vèkhu fd, x, FksA fu;a=d ,oa egkys[kk ijh{kdus 31 ekpZ] 2018 dks lekIr foÙkh; o"kZ ds fy, daiuh ds foÙkh; c;kuksa dh vuqiwjd ys[kkijh{kk dk vk;kstu fd;k gSA bldsi= la-,e,ch&II@chek@,vkbZlhvkbZ,y@,dkamV~l@38&7@2018&19@82 fnukafdr 05-7-2018 ds varxZr] daiuh vfèkfu;e]2013 dh èkkjk 143¼6½ ¼[k½ds varxZr dksbZ fVIi.kh ugha dh xbZ gSA daiuh ds foÙkh; oäO;ksa 2017&18 dh vuqiwjd ys[kkijh{kkfjiksVZ bl okf"kZd fjiksVZ ds ,d fgLls dk xBu djrh gSA

daiuh ds la;qä lkafofèkd ys[kk ijh{kd

la;qä lkafofèkd ys[kk ijh{kd vFkkZr~ eS- Hklhu jk?kou ,oa daiuh] lunh ys[kkdkj] ubZ fnYyh vkSj eS- ih- vkj- esgrk ,oa daiuh] lunhys[kkdkj] ubZ fnYyh] ds vykok {ks=h; dk;kZy;ksa ds fy, fu;qä ys[kk ijh{kd vkxkeh okf"kZd vke cSBd ds lekiu ij vodk'k xzg.kdjsaxsA funs'kd eaMy muds }kjk çnku dh xbZ lsokvksa ds fy, budh ljkguk ntZ djuk pkgrk gSA

Ik= la- lh, oh@lhvksokbZ@dsUnzh; ljdkj] ,fxzal ¼20½@553 fnukad 10-08-2018 ds varxZr fu;a=d&egkys[kkijh{kd usdaiuh ds lnL;ksa dh bl okf"kZd vke cSBd dh lekfIr ls daiuh dh vkxkeh okf"kZd vke cSBd dh lekfIr ij eSllZ Hklhujk?kou ,aM daiuh] pkVZMZ vdkmaVsaV~l] ubZ fnYyh rFkk eSllZ ih-vkj- esgjk ,aM daiuh dks daiuh ds la;qDr lkafofèkdys[kkijh{kdksa ds :Ik esa fu;qDr djus ds fy, ukekafdr fd;k vkSj cksMZ }kjk bldh vuq'kalk dh xbZA cksMZ ds fl)kar :iesa vuqeksnu ds vuqlkj 'ks;jèkkjdksa }kjk mUgsa vkxkeh okf"kZd vke cSBd ¼,th,e½ esa iqufuZ;qfDr ds fy, izLrqr fd;k x;kgSA ys[kkijh{kdksas dh fu;qfDr rFkk mUgsa ikfjJfed ds Hkqxrku dk vuqeksnu daiuh vfèkfu;e] 2013 dh èkkjk 139 ds vuqlj.kesa daiuh ds lnL;ksa }kjk ,d fo'ks"k ladYi }kjk fd;k tkuk visf{kr gSA rnuqlkj] ,th,e esa 'ks;jèkkjdksa ls vuqjksèk fd;kx;k gS fd os ys[kkijh{kdksa dks fu;qDr djsa rFkk cksMZ dh ys[kkijh{kk lfefr dks izkfèkdkj ns fd og le;≤ ij ;FkkfufnZ"VQhl ds lkFk mudh fu;qfDr ls lacafèkr fucaèku vkSj 'krs± fuèkkZfjr djsA

chek daifu;ksa esa Hkkjrh; ys[kkdj.k ekudksa ¼baM&,,l½ dk fØ;kUo;u

vkbZvkjMh,vkbZ us daiuh ¼Hkkjrh; ys[kkadu ekud½ ¼la'kksèku½ fu;e] 2016 rFkk vkbZ,Qvkj,l 17 ds lkFk ifBr 28 twu]2017 ds vius ifji= }kjk Hkkjr esa chek {ks= esa vkbZ,uMh&,,l ds fØ;kUo;u dks nks o"kZ dh vofèk ds fy, vkLFkfxr djfn;k rFkk bldk fØ;kUo;u 2020&21 ls izHkkoh gksxkA

daiuh dh lfpoh; ys[kk ijh{kk

o"kZ ds nkSjku daiuh vfèkfu;e] 2013 dh èkkjk 204 ds çkoèkkuksa vkSj daifu;ksa ¼çcaèkdh; dfeZ;ksa dh fu;qfä vkSj ikfjJfed½ds fu;e] 2014 ds vuqlkj] daiuh us eS- bduhr dkSj ,oa daiuh] dEiuh lfpoksa dh ,d QeZ dks foÙkh; o"kZ 2015&16 dsfy, daiuh dh lfpoh; ys[kk ijh{kk vk;ksftr djus ds fy, fu;qä fd;k FkkA vuqyXud ch 1 esa QkeZ ,evkj &3 esa lfpoh;ys[kk ijh{kk fjiksVZ vkSj vuqyXud ch 2 ds :i esa mÙkj ds lkFk layXu gSA

vkbZlh,lvkbZ&lfpoky;h ekud

06-02-2018 dks vk;ksftr cksMZ dh 80oha cSBd esa la'kksfèkr lfpoky;h ekud 1 ¼,l,l 1½ vkSj lfpoky;h ekud 2 ¼,l,l2½ vaxhd`r fd, x, gkykafd daiuh lnSo gh fuèkkZfjr ekudksa dk vuqikyu dj jgh gSA

84

DISCLOSURE OF PENDING CASES / INSTANCES OF NON-COMPLIANCE

During the year, there were no instances of penalties and strictures imposed on the Company by anyother Statutory Authority.

There were no significant or material orders passed by the Regulators, Courts or Tribunals which wouldimpact the going concern status of the Company or its future operations.

PARTICULARS REGARDING FOREIGN EXCHANGE EARNINGS AND OUTGO,CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

The Company has 'nil' submissions on expenditure and earnings in foreign exchange during the yearunder review. Since the Company does not carry out any manufacturing activity, other particulars relatingto conservation of energy and technology absorption stipulated in Companies (Accounts) Rules, 2014 arenot applicable.

RISK MANAGEMENT AND MATERIAL RISKS

Enterprise Risk Management Policy of the Company was approved by the Board during the year 2017-18. The Company is in the process of implementing the Risk Management Policy in all its offices. RMCmeets every quarter and takes note of business performance across various Products, States and Seasons.Various risks have been identified and categorized under six broad groups viz., Regulatory Risk, CreditRisk, Operational Risk, Market Risk, IT Risk and Strategic Risk.

The Regulatory risks are mitigated by timely compliance to all the statutory requirements. The businessoperational risks are mitigated by spreading the coverage throughout the country, which is achievedthrough consideration of past, current and expected environmental and competitive factors whiledetermining the premium rates for various crops under various Districts; adherence to seasonality disciplinefor coverage to avoid adverse selection; investigation on coverage particulars; proper indemnity assessmentmechanism. Reinsurance covers are taken from highly rated local and global players (at least BBB rated).The Credit Risks are mitigated by payment of claims only after receipt of full premium from variouschannels; regular follow up with Banks and Government for receivables; substantial part of the investmentsis held in government securities and highly rated corporate bonds and for the equities, investments aremade in shares of companies with proven track record. The Operational Risks are mitigated by reviewinginternal processes; Anti-Fraud Management Policy and regular review of the same. The Market Risks aremitigated by adherence to the prudent Investment Policy. This policy is regularly monitored by Board.The investment performance of the company is regularly reviewed by investment Committee of the Board.The investment in Government and other securities are made on 'held to maturity' basis to avoid thevagaries of market fluctuations. IT risks are mitigated through Data Loss Prevention tool, regular Securitypatch updates. Installation of Host based Intrusion System, Database Access Monitoring tool, Antivirussoftware; regular backup of information, Firewall, Cyber Security Insurance Policy availed with cyberfraud cover, 100% Replication between DC and DR and Authorized user access to devices with restrictedand controlled allocation of privileges for use. Internal Audit Department checks for the operationalprocesses of each Regional Office. The Strategic Risks are mitigated by market intelligence gathered fromvarious sources. Business plan is made considering all these inputs and management oversight.

Insurance industry particularly crop insurance is going through rapid changes in economic, social, politicaland regulatory environment. These changes are bringing a lot of emerging risks to the Company especiallyin view of its monoline business. To cope with these challenges, AIC is now on the path of implementation

85

o"kZ 2014&15 ds nkSjku] vkbZvkjMh,vkbZ us daiuh ij 10 yk[k #i, dh 'kkfLr vfèkjksfir dhA o"kZ ds nkSjku] lsokdjizkfèkdj.k us daiuh ij 5 gtkj #i, dh jkf'k dh 'kkfLr vfèkjksfir dhA gkykafd] fiNys rhu foÙk o"kks± ds nkSjkufdlh vU; lkafofèkd izkfèkdkjh }kjk daiuh ij dksbZ 'kkfLr vFkok izfrcaèk yxk, tkus dk dksbZ vU; mnkgj.k fo|ekuugha gSA

fu;kedksa] U;k;ky;ksa ;k U;k;kfèkdj.k }kjk ,sls dksbZ egRoiw.kZ ;k HkkSfrd vkns'k ikfjr ugha fd, x, tks daiuh ;k mldsHkfo"; ds vfHk;kuksa dh fLFkfr ds fy, fpark dk fo"k; cusaA

fons'kh eqæk vk; vkSj O;;] ÅtkZ vkSj çkS|ksfxdh ds vo'kks"k.k ds laj{k.k ds lacaèk esa C;kSjk

leh{kkèkhu o"kZ ds nkSjku fons'kh eqæk esa vk; vkSj O;; ij daiuh dh ^'kwU;* çLrqfr gSA pwafd daiuh dksbZ Hkh fuekZ.k xfrfofèkugha djrh] daifu;ksa ¼ys[kk½ fu;e] 2014 esa fuèkkZfjr ÅtkZ vkSj çkS|ksfxdh ds vo'kks"k.k ds laj{k.k ls lacafèkr vU; fooj.kykxw ugha gSaA

tksf[ke izcaèku vkSj okLrfod tksf[ke

daiuh dh miØe tksf[ke izcaèk uhfr cksMZ }kjk o"kZ 2017&18 ds nkSjku vuqeksfnr dh xbZ FkhA daiuh vius lHkh dk;kZy;ksaesa tksf[ke izcaèk uhfr ds fØ;kUo;u dh izfØ;k esa gSA vkj,elh dh cSBd izR;sd frekgh esa dh tkrh gS rFkk fofHkUu mRiknksa]jkT;ksa vkSj ekSleksa esa O;olk; ds fu"iknu dh leh{kk dh tkrh gSA fofHkUu tksf[keksa dh igpku dh xbZ gS rFkk mUgsa Ng Jsf.k;ksads varxZr oxhZ—r fd;k x;k gS vFkkZr~ fofu;ked tksf[ke] ØsfMV tksf[ke] ifjpkyu tksf[ke] cktkj tksf[ke] lwpuk izkS|ksfxdhtksf[ke vkSj dk;Zuhfr tksf[keA

fofu;ked tksf[keksa dk mi'keu leLr lkafofèkd vis{kkvksa dk le; ij vuqikyu djrs gq, fd;k tkrk gSA O;olk;ifjpkyukRed tksf[keksa dk mi'keu leLr ns'k esa dojst dk izlkj djrs gq, fd;k tkrk gS] ftldh izkfIr fofHkUu ftyksads varxZr fofHkUu Qlyksa ds fy, izhfe;d njksa dk fuèkkZj.k djrs le; iwoZ] orZeku vkSj vuqekfur Ik;kZoj.kh; vkSj izfrLièkhZdkjdksa ij fopkj djrs gq,] izfrdwy p;u dk ifjgkj djus ds fy, dojst gsrq ekSleh; vuq'kklu dk ikyu djrs gq,]dojst fooj.kksa dh tkap djrs gq,] leqfpr {kfriwfrZ vkdyu ra= dk ikyu djrs gq, fd;k tk jgk gSA iquchZek doj mPpjsVsM LFkkuh; vkSj oSf'od daifu;ksa ¼de&ls&de chchch jsVsM½ ls fy, tkrs gSaA ØsfMV tksf[keksa dk mi'keu dsoy fofHkUupSuyksa ls iw.kZ izhfe;e dh izkfIr ds mijakr] izkfIr;ksX; jkf'k ds fy, cSadksas vkSj ljdkj ds lkFk fu;fer :Ik ls ekeys dksmBk dj fd;k tkrk gS rFkk fuos'kksa dk Ik;kZIr Hkkx ljdkj izfrHkwfr;ksa vkSj mPp jsVsM dkjiksjsV ckaMksa esa èkkfjr fd;k tkrkgS vkSj bfDoVh ds fy, fuos'k csgrj VªSd fjdkMZ okys daifu;ksa ds ikl 'ks;jksa ds :i esa fd;k tkrk gSA ifjpkyu tksf[keksadk mi'keu vkarfjd izfØ;kvksa èkks[kkèkM+h&fojksèkh izcaèk uhfr;ksa dh leh{kk djds vkSj mudh fu;fer :i ls leh{kk djdsfd;k tkrk gSA cktkj tksf[keksa dk mi'keu foosdiw.kZ fuos'k uhfr dk vuqikyu djrs gq, fd;k tkrk gSA bl uhfr dk cksMZ}kjk fu;fer :i ls vuqoh{k.k fd;k tkrk gSA daiuh ds fuos'k fu"iknu dh cksMZ dh fuos'k lfefr }kjk fu;fer :i lsleh{kk dh tkrh gSA ljdkjh rFkk vU; izfrHkwfr;ksa esa fuos'k dks cktkj ds mrkj&p<+koksa ds tksf[ke ls cpkus ds fy,^ifjiDork ij èkkfjr* vkèkkj ij fd;k tkrk gSA lwpuk izkS|ksfxdh ds tksf[keksa dk mi'keu MkVk gkfu fuokj.k midj.k]fu;fer lqj{kk iSp viMsVksa ds ekè;e ls fd;k tkrk gSA gksLV&vkèkkfjr bWVª'ksau iz.kkyh] MkVkcsl ,Dlsl vuqoh{k.k midj.k],aVh ok;jl lk¶Vos;j dh laLFkkiuk] lwpuk ds fu;fer cSdvi] Qk;joSy] lkbcj èkks[kkèkM+h doj ds lkFk izkIr dh xbZvuqdj.k rFkk iz;ksx ds fy, fo'ks"kkfèkdkjksa ds fuc±fèkr vkSj fu;af=r vkcaVu ds lkFk midj.kksa dh igqap ds fy, izkfèk—riz;ksDrk igqap LFkkfir dh xbZ gSA vkarfjd ys[kkijh{kk foHkkx izR;sd {ks=h; dk;kZy; dh izpkyukRed izfØ;kvksa dh tkapdjrk gSA dk;Zuhfrd tksf[keksa dk mi'keu fofHkUu lzksrksa ls izkIr cktkj lwpuk }kjk fd;k tkrk gSA O;olk; ;kstuk bulHkh buiqVksa vkSj izcaèk fuxjkuh dks è;ku esa j[krs gq, cukbZ tkrh gSA

chek m|ksx fo'ks"k :Ik ls Qly chek vkfFkZd] lkekftd] jktuhfrd vkSj fofu;ked ifjos'k esa rsth ls gksus okys ifjorZuksa dsnkSj ls xqtj jgk gSA ;g ifjorZu fo'ks"k :Ik ls daiuh ds eksuksykbu O;ok; dks è;ku esa j[krs gq, daiuh ds fy, vusd tksf[ke

86

of its Board approved ERM policy. AIC has already started the process of identifying and analysing thevarious risks that are prevalent in the organisation. These Enterprise Risk Management findings, in thelong run, will support in defining and assessing the risk policies that affect the Company and in determiningthe risk propensity and risk management strategy.

MATERIAL CHANGES AND COMMITMENTS

No material changes and commitments affecting the financial position of the Company has occurredbetween 1st April 2017 and the date on which this Report has been signed.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

In terms of the provisions of sub-section 11 of Section 186 of the Companies Act, 2013 as amended by theCompanies (Removal of Difficulties) Order, 2015 dated February 13, 2015, issued by the Ministry ofCorporate Affairs, there are 'nil' submissions under particulars of loans, guarantees and investmentsunder section 186 of Companies Act, 2013.

NUMBER OF BOARD MEETINGS

During the year, the Board met seven (5) times on 10th April 2017, 27th July 2017, 22nd September 2017, 17th

November 2017, and 6th February 2018. The details of attendance of the Directors at the Meetings of theBoard and its Committee (s) are provided in the Report of the Board on Corporate Governance.

BOARD AND KEY MANAGERIAL PERSONS (KMP)

BOARD OF DIRECTORS

The Board composition is given in the Corporate Governance Report.

Key Managerial Personnel (KMP) appointed or resigned during the year

As per the provisions of Section 203 of the Companies Act, 2013, read with Rule 8 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules, 2014, as per approval of the Board inits Meeting held on 27th July 2017 nominated below named in their respective capacity as Key ManagerialPersonnel (KMP) of the Company:

(i) Ms. Alamelu T. Lakshmanachari, Chairman-cum-Managing Director as Chief ExecutiveOfficer (CEO)

(ii) Mr. Avinanda Ghosh, General Manager as Chief Financial Officer (CFO)

(iii) Ms. Kanika Sharma Shandil, Manager as Company Secretary (CS)

The Government of India dated 31st May 2017, vide Notification F. No.A-15011/07/2013-Ins. I under thepowers conferred on Central Government by Article 12(x) of Memorandum and Articles of Associationof Agriculture Insurance Company of India Limited, appointed of Ms. Alamelu T. Lakshmanachari,General Manager, The New India Assurance Company Limited (NIA), as Chairman- cum-ManagingDirector of Agriculture Insurance of India Limited for a period of five years from the date of Notificationof Appointment, or up to the date of superannuation, until further orders, whichever is the earliest. TheBoard took note of the said GoI Notification and appointed Ms. Alamelu as CMD / CEO of the Companysince 31st May 2017.

87

mRiUu dj jgk gSA bu pqukSfr;ksa dk lkeuk djus ds fy,] ,vkbZlh vius cksMZ dh vuqeksfnr bZvkj,e uhfr ds fØ;kUo;u dhjkg ij c<+ jgk gSA ,vkbZlh us mu fofHkUu tksf[keksa dh igpku vkSj fo'ys"k.k djus dh izfØ;k vkjaHk dj nh gS tks laxBu esafo|eku gSaA ;s miØe tksf[ke izcaèk fu"d"kZ vkxs pkyd mu tksf[ke uhfr;ksa dks ifjHkkf"kr vkSj vkdfyr djus] tks daiuh dksizHkkfor dj jgs gSa rFkk tksf[ke fo|ekurk vkSj tksf[ke izcaèk dk;Zuhfr dk fuèkkZj.k djus esa lgk;rk iznku djsaxsA

lkefxzd ifjorZu vkSj çfrc)rk,¡

1 vçSy] 2017 vkSj bl fjiksVZ ij gLrk{kj djus dh rkjh[k ds chp dksbZ lkefxzd ifjorZu ugha gqvk gS] tks daiuh dh foÙkh;fLFkfr vkSj çfrc)rkvksa dks çHkkfor djsA

èkkjk 186 ds varxZr _.k] xkjaVh ;k fuos'k dk fooj.k

daiuh vfèkfu;e] 2013 dh èkkjk 186 dh mi&èkkjk 11 ds çkoèkkuksa ds lanHkZ esa dkjiksjsV ekeyksa ds ea=ky; }kjk tkjh]fnukad% 13 Qjojh] 2015 ds daifu;ksa }kjk la'kksèku ¼dfBukb;k¡ dk gVkuk½ vkns'k] 2015 ds varxZr] daiuh vfèkfu;e] 2013dh èkkjk 186 ds varxZr _.k] xkjaVh vkSj fuos'k ds C;kSjs ds varxZr ^'kwU;* çLrqfr;k¡ gSaA

cksMZ dh cSBdksa dh la[;k

o"kZ ds nkSjku] 10 vizSy 2017] 27 tqykbZ] 2017] 22 flracj 2017] 17 uoacj 2017] vkSj 06 Qjojh 2018] dks ik¡p ¼5½ ckjcksMZ dh cSBdsa gqb±A cksMZ vkSj bldh lfefr ¼;ksa½ dh cSBd esa funs'kdksa dh mifLFkfr dk C;kSjk fuxfer ç'kklu ij funs'kdksadh fjiksVZ esa çnku fd;k x;k gSA

cksMZ vkSj çeq[k çcaèkdh; O;fä ¼ds,eih½

funs'kd eaMy

cksMZ dh lajpuk fuxfer ç'kklu dh fjiksVZ esa nh xbZ gSA

o"kZ ds nkSjku fu;qä ;k bLrhQk nsus okys çeq[k çcaèkdh; dkfeZd ¼ds,eih½

daiuh vfèkfu;e] 2013 dh èkkjk 203 ds çkoèkkuksa ds vuqlkj] daifu;ksa ds ¼fu;qfä vkSj ikfjJfed çcaèkdh; dfeZ;ksa dh½fu;e] 2014 ds fu;e 8 ds lkFk ifBr] 27 tqykbZ 2017 dks vk;ksftr viuh cSBd esa cksMZ us mudh lacafèkr ukfer {kerkesa uhps mfYyf[kr vf/kdkfj;ksa dks daiuh ds çeq[k çcaèkdh; dfeZ;ksa ¼ds,eih½ ds :i esa ukfer fd;k%&

¼i½ lqJh vyesyw Vh- y{e.kpkjh] vè;{k&,oa&çcaèk funs'kd dks eq[; dk;Zdkjh vfèkdkjh ¼lhbZvks½ ds :i esa

¼ii½ Jh vfHkuUn ?kks"k] eq[; çcaèkd dks eq[; foÙkh; vfèkdkjh ¼lh,Qvks½ ds :i esa

¼iii½ lqJh dfudk 'kekZ 'kkafMy] çcaèkd dks daiuh lfpo ¼lh,l½ ds :i esa

Hkkjr ljdkj us ,xzhdYpj ba';ksjsal dEiuh vkWQ bafM;k fyfeVsM ds laxe Kkiu vkSj vuqPNsn ds vuqPNsn 12 ¼X½ }kjkdsUnzh; ljdkj dks iznRr 'kfDr;ksa ds varxZr fnukad 31 ebZ 2017 dh vfèklwpuk ,Q- la0 ,&15011@07@2013&bal- 1}kjk lqJh vykessyq Vh- y{e.kpkjh] egkizcaèkd] fn U;w bafM;k ,'kqjsal daiuh fyfeVsM ¼,uvkbZ,½ dks ,xzhdYpj ba';ksjsal dEiuhvkWQ bafM;k fyfeVsM ds vè;{k&,oa&izcaèk funs'kd ds :i esa vkxkeh vkns'kksa rd fu;qfDr dh vfèklwpuk dh rkjh[k ls ikapo"kZ ds fy, vFkok lsokfuo`fRr dh rkjh[k rd] tks Hkh igys gks] fu;qDr fd;kA cksMZ us Hkkjr ljdkj dh mDr vfèklwpukdk è;ku esa j[krs gq, lqJh vykesyq dks 31 ebZ 2017 ls daiuh ds lh,eMh@lhbZvks ds :i esa fu;qDr fd;kA

88

The remuneration of KMPs is enclosed with the report at annexure -C.

Company's Policy on Directors' Appointment

The Directors' on the Board of the Company are appointed as per Article of Association of the Company,whereby it states, "there shall be one Director each nominated by the General Insurance Corporation ofIndia, National Insurance Company of India Limited, New India Assurance Company Limited, OrientalInsurance Company Limited, United India Insurance Company Limited and National Bank for Agricultureand Rural Development, one Director nominated by the Ministry of Finance, Government of India andtwo Directors nominated by Ministry of Agriculture, Government of India, and three other Directorsshall be nominated by the Government of India, who shall be experts in the relevant fields." Further it isalso specified that the term of office of Chairman-cum-Managing Director (CMD) appointed by theGovernment of India shall be five years from the date of such appointment or the date of superannuation,whichever is earlier, and he will be eligible for reappointment for another term of five years or the date ofsuperannuation, whichever is earlier, subject to such reappointment being approved by the Governmentof India. Further as per the respective provision,the Non–Executive Directors of the Company are liableto retire by rotation. One–third of the said Directors are liable to retire every year and, if eligible, offerthemselves for re-appointment.

As on 31st March 2018, as per Article of Association of the Company, there is one vacancy of Ministry ofAgriculture & Farmers Welfare, GoI on the Board of the Company. The Company has reported the sameto its administrative ministry, viz., DFS, MoF, GoI.

Further, as per IRDAI Corporate Governance Guidelines 2016, the Company has requested DFS, MoF,Government of India for appointing Independent Directors on the Board of the Company.

Re-appointment of Directors liable to retire by rotation

The Board Meeting held on 23rd May 2018 has approved and recommended the proposal of thereappointment of Mr. K. N. Bhandari, Mr. G. Srinivasan and Mr. M. K. Mudgal, Directors retiring byrotation, have been longest in office since their last appointment, in the ensuing 15thAnnual GeneralMeeting (AGM) of the Company.

Since retirement of and further withdrawal from respective Nominee Bank/Co. Mr. M. K. Mudgal andMr. G. Srinivasan on 30th June and 31st July 2018, respectively, Mr. K. N. Bhandari is proposed forreappointment in the 15thAGM of the Company as per the Board approval.

Appointment of Director other than retiring Directors

Since last Annual General Meeting of the Company, Dr. N. S. Rao, Economic Advisor, DFS, MoF, GoIwas appointed as Additional Director on the Board of the Company. The Board Meeting held on 06th Feb2018, approved the proposal and recommended his appointment in the capacity of 'director by rotation'on the Board of the Company in the ensuing Annual General Meeting:

Remuneration of Board Members

Remuneration is paid only to the Chairman-cum-Managing Director (CMD) of the Company. The termsand conditions of service of CMD is stipulated by Government of India, Ministry of Finance, Departmentof Financial Services, vide S. O. No. 370 (E) dated 8th February 2017 notified the General Insurance(Rationalization of Pay Scales and Other Conditions of Service of Officers) Amendment Scheme, 2017,

89

izeq[k izcaèkdh; dkfeZdksa dk ikfjJfed fjiksVZ ds lkFk vuqcaèk&x ij layXu fd;k x;k gSA

funs'kdksa dh fu;qfä ij daiuh dh uhfr

daiuh ds funs'kd eaMy esa funs'kdksa dh fu;qfä daiuh ds laLFkk ds varfuZ;e ds vuqlkj dh xbZ gS] ftlds varxZr ;g dgkx;k gS fd ^^,d&,d funs'kd dks Hkkjrh; lkèkkj.k chek fuxe] us'kuy ba';ksjsal daiuh v‚Q bafM;k fyfeVsM] U;w bafM;k,';ksjsal bafM;k fyfeVsM] vksfj,aVy ba';ksjsal daiuh fyfeVsM] ;wukbVsM bafM;k ba';ksjsal daiuh fyfeVsM vkSj jk"Vªh; d`f"k vkSjxzkeh.k fodkl cSad izR;sd }kjk ukfer fd;k tk,xk] ,d funs'kd foÙk ea=ky;] Hkkjr ljdkj }kjk vkSj nks funs'kd d`f"kea=ky;] Hkkjr ljdkj }kjk ukfer fd, tk,axs] vkSj rhu vU; funs'kdksa dks Hkkjr ljdkj }kjk ukfer fd;k tk,xk tkslacafèkr {ks=ksa esa fo'ks"kK gksaxsA** blds vykok] ;g Hkh fufnZ"V fd;k tkrk gS fd Hkkjr ljdkj }kjk fu;qä vè;{k&lg&çcaèkfuns'kd ¼lh,eMh½ dh dk;Z vofèk ,slh fu;qfä dh frfFk ds fy, ;k lsokfuo`fÙk dh frfFk] tks Hkh igys gks] gksxh] vkSj ogdk;Zdky ikap lky dh bl rjg dh ,d vkSj iqufuZ;qfä ;k lsokfuo`fÙk dh frfFk] tks Hkh igys gks] ds fy, ik= gksxk] c'krsZfd Hkkjr ljdkj us iqufuZ;qfä ds eatwjh nh gksA daiuh ds xSj&dk;Zdkjh funs'kd ¼Lora= funs'kdksa dks NksM+dj½ ifjpØ.kls vodk'k xzg.k djus ds v/khu gSaA mä funsZ'kdksa esa ls ,d&frgkbZ gj lky vodk'k xzg.k djus ds v/khu gSa vkSj ;fnik= gSa rks [kqn dks fQj ls fu;qfä ds fy, çLrqr dj ldrs gSaA

31 ekpZ] 2018 dh fLFkfr ds vuqlkj daiuh ds laxe vuqPNsn ds vuqlkj] daiuh ds cksMZ esa —f"k vkSj fdlku dY;k.k ea=ky;]Hkkjr ljdkj dh ,d fjfDr fo|eku gSA daiuh us bldh lwpuk vius iz'kklfud ea=ky; vFkkZr~ foÙkh; lsok,a foHkkx] foÙkea=ky;] Hkkjr ljdkj dks nh gSA

blds vykok] vkbZvkjMh,vkbZ dkjiksjsV 'kklu fn'kk&funsZ'k] 2016 ds vuqlkj] daiuh us foÙkh; lsok,a foHkkx] foÙk ea=ky;]Hkkjr ljdkj ls vuqjksèk fd;k gS fd og daiuh ds cksMZ esa Lora= funs'kdksa dh fu;qfDr djsA

pØkuqØe esa lsokfuo`Ùk gksus ds v/khu funs'kdksa dh iqu%fu;qfDr

cksMZ us 23 ebZ 2018 dks gqbZ viuh cSBd esa pØkuqØe esa lsokfuo`Ùk gksus okys funs'kdksa esa Jh ds-,u- Hk.Mkjh }kjk] Jh th-Jhfuokl vkuan] Jh ,e-ds- eqn~nxy] ftudh fiNyh fu;qfDr ls in ij vf/kdÙke le;kofO; jgh gS] fd iqufuZ;qfDr ds fy,izLrko dk vuqeksnu fd;k rFkk mls daiuh dh vkxkeh 15 okf"kZd vke cSBd ¼,th,e½ esa j[ks tkus dh vuq'ka[kk dhA

Jh ,e-ds- eqn~nxy vkSj Jh th- Jhfuokl] dh 30 twu vkSj 31 tqykbZ 2018] dks Øe'k% lsokfuo`fÙk ds ckn] Jh ds-,u- HkaMkjh]ds iqu% fu;qfDr ds fy, izLrko dks cksMZ dh 15oh ¼,th,e½ esa vuqeksnu fn;k x;kA

vodk'k xzg.k djus okys funs'kdksa ds vykok vU; funs'kdksa dh fu;qfä

daiuh dh fiNyh okf"kZd vke cSBd ds ckn ls] uhps ukfer funs'kdksa dks daiuh ds funs'kd eaMy esa vfrfjä funs'kd ds:i esa fu;qä fd;k x;kA cksMZ dh 27 tqykbZ] 2017 dks vk;ksftr cSBd esa bl çLrko dks eatwjh ns nh xbZ gS vkSj vkxkehokf"kZd vke cSBd esa daiuh ds funs'kd eaMy esa ^ckjh&ckjh ls funs'kd* dh {kerk esa fu;qfä ds fy, uhps fn, x, ukeksadh flQkfj'k dh xbZ gS%&

cksMZ ds lnL;ksa dks ikfjJfed

dsoy daiuh ds vè;{k&lg&izcaèk funs'kd ¼lh,eMh½ dks gh ikfjJfed dk Hkqxrku fd;k tkrk gSA lh,eMh dh lsok dsfucaèku vkSj 'krks± dks Hkkjr ljdkj] foÙk ea=ky;] foÙkh; lsok,a foHkkx ds ,l-vks-la- 370¼bZ½ fnukad 8 Qjojh] 2017 }kjkfofuèkkZfjr fd;k x;k gS ftls lkèkkj.k chek ¼vfèkdkfj;ksa ds osruekuksa rFkk lsok dh vU; 'krks± dk ;qDrhdj.k½ la'kksèku;kstuk] 2017 }kjk vfèklwfpr fd;k x;k Fkk] ftlesa dsUnzh; flfoy lsok,a ¼la'kksfèkr osru½ fu;e] 2016 ds vkèkkj ij

90

revising pay scales and other conditions of service of CMD on the basis of Central Civil Services (RevisedPay) Rules, 2016 promulgated vide notification no G. S. R. 721 (E) dated 25th July 2016 on implementationof the recommendations of the 7th Central Pay Commission.

The CMD is also eligible for Profit Linked Incentive (PLI) as per Department of Financial Services, Ministryof Finance, Government of India, vide its letter F No. 11012/01/2007-Ins. III dated 20th July 2007.

Sitting fees is paid to Mr. K. N. Bhandari and Prof. Gopal Naik, the Government Nominee Director(s) onthe Board of the Company at the rate of Rs. 20,000/- for attending Board Meetings and Rs. 10,000/- forattending Meetings of Committee(s) of the Board as per Ministry of Finance Government of India, vide itsletter reference 15011/01/2011-Ins.I (Part File) dated 14.10.2016 and no other pecuniary relationship ortransaction exists between them and the Company.

There were no transactions with the Directors, the management, the promoters or the relatives of theDirectors that have a potential conflict with the interest of the Company at large.

Statement indicating the manner in which formal Annual Evaluation has been made by the Board of itsown performance and that of its Committees and Individual Directors

As per Article of Association of the Company the power to nominate Members on the Board of theCompany is with its Promoters and Government of India respectively. Further, in accordance with theletter dated 16th August 2016 with the caption 'Nomination of CMDs of 04 PSGICs on the Board ofAICIL', issued by General Insurers' (Public Sector) Association of India (GIPSA), directed the GIPSACompanies and GIC Re. to nominate their CMDs only on AIC's Board in place of GMs of the respectiveCompanies.

Reading the above in the light of MCA Notification GSR 163(E) dated 5th June 2015, with the underlinethat their annual evaluation is directly or indirectly subjected to Government of India (GoI) as per itsevaluation methodology, their annual evaluation is not conducted.

BOARD AUDIT COMMITTEE

Under the provisions of Section 177 of the Companies Act, 2013, it is stated that the Board Audit Committeecomprises three (3) Members all non-executive Directors without any Independent Director (please readthe reply to MR3 in this respect). During the year, Board accepted all recommendations made by theBoard Audit Committee. The other detail about the Committee is given in the Corporate GovernanceReport.

DIRECTORS' RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 134(5) of the Companies Act, 2013 and based on theinformation provided by the Management, your Directors state that:

(a) In the preparation of the annual accounts, the applicable accounting standards had beenfollowed along with proper explanation relating to material departures;

(b) The Directors had selected such accounting policies and applied them consistently andmade judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the Financial Year 2016-17and of the Profit and Loss of the Company as on 31st March 2017;

91

lh,eMh ds osrueku rFkk lsok dh vU; 'krks± dks la'kksfèkr fd;k x;k Fkk] tks 7osa osru vk;ksx dh flQkfj'kksa ds fØ;kfUorgksus ij vfèklwpuk la] th-,l-vkj- 721¼bZ½ fnukad 25 tqykbZ] 2016 }kjk vfèklwfpr fd, x, FksA iwoZ&lh,eMh vFkkZr~ Jhih-ts- tkslQ dks mDr la'kksèku ds vuq:i iznÙk fd, x, la'kksfèkr osru ds Hkqxrku ds vykok fiNys foÙkh; o"kZ esa lh,eMhdks dksbZ vU; Hkqxrku ugha fd;k x;k gS D;ksafd Jh vkyksd VaMu] la;qDr lfpo] foÙkh; lsok,a foHkkx] foÙk ea=ky;] Hkkjrljdkj rFkk Jh Jh vkj-,u- nwcs] vkfFkZd lykgdkj] foÙkh; lsok,a foHkkx] foÙk ea=ky;] Hkkjr ljdkj] daiuh ds lh,eMhds muds vfrfjDr izHkkj ds fy, Hkkjr ljdkj ds lacafèkr vkns'kksa ds fucaèku vkSj 'krks± ds vuqlkj fdlh Hkh izdkj dsikfjJfed ds ik= ugha FksA

foÙkh; lsok,a foHkkx] foÙk ea=ky;] Hkkjr ljdkj }kjk i= ,Q la- ,Q&11012@01@2007&bal- III fnukad 20 tqykbZ] 2017ds vuqlkj lh,eMh ykHk lac) izksRlkgu ¼ih,yvkbZ½ ds fy, Hkh ik= gSaA cksMZ dh mi lfefr;ksa ds vykok mDr vfèklwpukds vuq:i ,d ikfjJfed lfefr xfBr dh xbZ gSA

daiuh ds cksMZ ij ljdkjh funs'kd Jh ds-,u- HkaMkjh vkSj izks- xksiky uk;d dks foÙk ea=ky;] Hkkjr ljdkj ds i= lanHkZ15011@01@2011&bal- I ¼ikVZ Qkby½ fnukad 14-10-2016 ds vuqlkj cksMZ dh cSBdksa esa Hkkx ysus ds fy, 20]000@& #i,rFkk cksMZ dh lfefr;ksa dh cSBdksa esa Hkkx ysus ds fy, 10]000@& #i, dh nj ls cSBd 'kqYd dk Hkqxrku fd;k tkrk gSrFkk muds vkSj daiuh ds chp dksbZ vU; vkfFkZd lacaèk vFkok laO;ogkj ugha gSA

funs'kdksa] izcaèku] izorZdksa rFkk funs'kdksa ds lacafèk;ksa ds lkFk dksbZ laO;ogkj ugha gqvk ftudk lexz :i esa daiuh ds fgrds lkFk i;kZIr laacaèk fo|eku gSA

cksMZ }kjk vius Lo;a ds rFkk mldh lfefr;ksa vkSj oS;fDrd funs'kdksa ds dk;Z fu"iknu dk ftl rjhds ls vkSipkfjd okf"kZdewY;kadu fd;k x;k] mls n'kkZrk fooj.kA

daiuh ds laxe vuqPNsn ds vuqlkj daiuh ds cksMZ ds fy, lnL;ksa dks ukfer djus dh 'kfDr blds izorZdksa vkSj Hkkjrljdkj ds ikl gSA blds vykok] tujy ba';ksjlZ ¼ljdkjh {ks=½ ,lksfl,'ku vkWQ bafM;k ¼ftIlk½ }kjk ^^,vkbZlhvkbZ,yds cksMZ esa 04 ih,lthvkbZlh ds lh,eMh dk ukefunsZ'ku** fo"k; ij muds fnukad 16 vxLr] 2016 ds i= ds vuqlkj ftIlkdaifu;ksa rFkk thvkbZlhjs dks funs'k fn;k x;k gS fd os viuh&viuh daifu;ksa ds egkizcaèkdksa ds LFkku ij ,vkbZlh ds cksMZesa dsoy vius lh,eMh dks gh ukefufnZ"V djsaA

,elh, vfèklwpuk th,lvkj 163¼bZ½ fnukad 5 twu] 2015 ds ifjizs{; esa mDr ds ckjs esa] daiuh ds cksMZ }kjk mudk okf"kZdewY;kadu bl èkkj.kk ds rgr lapkfyr ugha fd;k tkrk gS fd mudk okf"kZd ewY;kadu izR;{kr% vFkok vizR;{kr% Hkkjr ljdkjdh ewY;kadu fØ;kfofèk ds vuqlkj Hkkjr ljdkj ds vèkhu gSA

cksMZ ys[kk ijh{kk lfefr

daiuh vfèkfu;e] 2013 dh èkkjk 177 ds çkoèkkuksa ds varxZr ;g dgk x;k gS fd cksMZ ys[kk ijh{kk lfefr esa fdlh Hkh Lora=funs'kd ds fcuk rhu ¼3½ lnL;] lHkh xSj&dk;Zdkjh funs'kd 'kkfey gSA ¼d`i;k bl lacaèk esa ,evkj 3 ds tokc dks i<+sa½o"kZ ds nkSjku] cksMZ us cksMZ ys[kk ijh{kk lfefr }kjk dh xbZ lHkh flQkfj'kksa dks Lohdkj dj fy;kA lfefr ds ckjs esa vU;fooj.k fuxfer ç'kklu dh fjiksVZ esa fn, x, gSaA

funs'kdksa dh ftEesnkjh dk oäO;

daiuh vfèkfu;e] 2013 dh èkkjk 134¼5½ ds çkoèkkuksa ds vuqlkj vkSj çcaèku }kjk miyCèk djkbZ xbZ tkudkjh ds vkèkkj ij]vkids funs'kd dk dguk gS fd%

¼d½ okf"kZd [kkrksa dh rS;kjh esa] lkefxzd fopyu ls lacafèkr mfpr fooj.k ds lkFk ykxw ys[kk ekudksa dk ikyu fd;k x;k Fkk(

¼[k½ funsZ'kdksa us ,slh ys[kkadu uhfr;ksa dk p;u fd;k gS vkSj mUgsa yxkrkj ykxw fd;k gS vkSj ,sls fu.kZ; vkSj vuqeku

92

(c) The Directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of Companies Act, 2013; InsuranceAct, 1938 and related Rules thereof; Regulations, Order, Guidelines and Circulars of IRDAIfor safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

(d) The Directors had prepared the annual accounts on a going concern basis; and

(e) The Directors had devised proper systems to ensure compliance with the provisions of allapplicable laws and that such systems were adequate and operating effectively

In accordance with the provisions of IRDAI Circular dated 28th January 2010 Ms. T.L. Alamelu, the CMD& CEO and Mr. Avinanda Ghosh, CFO hereby certify that to the best of their knowledge and belief thefinancial results for the year ended 31st March 2018 as placed before the Board of Directors of the Companydo not contain any false or misleading statement or figures. Further, to the best of their knowledge andinformation on the said financial statements do not omit any material fact which may make the statement(s)or figures contained therein misleading.

PUBLIC DEPOSITS

During the year, the Company has not accepted any public deposit.

SUBSIDIARIES

During the year, the Company has no subsidiaries, joint ventures and associate companies.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

During the year, CSR Policy was revised by the Board in its Meeting held on 10th April 2017. The revisedCSR Policy was published on the website of the Company.

In the financial year 2017-18 an amount of Rs. 8.22 crore was earmarked for CSR activities, which includedthe amount carried forward (i.e. Rs. 26 lakh from 2016-17) from previous year. During the year,Companycontinued with the implementation of its approved Project i.e. Lighting a Billion Lives (LaBL), Mid-daymeal program, BADHTE KADAM, RISE (Remedial Innovation in School Education), Integrated VillageDevelopment Program (IVDP) and Construction of seven (7) classrooms in Gandhi Badhir SeniorSecondary School, Jodhpur to serve the educational needs of deaf and dumb children.

The related appendix drafted in accordance with the CSR Rules is enclosed at annexure-D.

RELATED PARTY TRANSACTIONS

During the year, there were no related party transactions.

Though the remuneration of the Chairman-cum-Managing Director/Chief Executive Officer (CMD/CEO) and Key Managerial Personnel (KMPs) is given in Annexure 'A' and Annexure 'C' to the CorporateGovernance Report, forming part of this Report.

Acknowledgements

In conclusion, the Board wishes to thank Central and State Governments, financial institutions, publicand private sector banks, government agencies and non-government institutions who have extendedtheir support in the development and growth of your Company. The Board wishes to thank the Insurance

93

yxk, gSa tks mfpr vkSj foosdiw.kZ gSa vkSj foÙkh; o"kZ 2016&17 ds var esa daiuh ds ekeyksa ds vkSj 31 ekpZ] 2017dks daiuh ds ykHk vkSj gkfu dh fLFkfr dk lPpk vkSj fu"i{k fooj.k nsrs gSa]

¼x½ funs'kdksa us daiuh vfèkfu;e] 2013 vkSj chek vfèkfu;e] 1938 ,oa mlds lacafèkr fu;e; fofu;e] vkns'k] funsZ'kksa dsçkoèkkuksa vkSj daiuh dh laifÙk dh lqj{kk vkSj èkks[kkèkM+h vkSj vU; vfu;ferrkvksa dk irk yxkus vkSj mUgsa jksdus ds fy,vkbZvkjMh,vkbZ ds ifji=ksads vuqlkj ys[kk vfHkys[kksa ds j[kj[kko ds fy, mfpr vkSj i;kZIr è;ku j[kk Fkk(

¼?k½ funs'kdksa us ,d yxkrkj è;ku j[kus ds fo"k; ds vkèkkj ij okf"kZd ys[kk rS;kj fd;k gS( rFkk

¼³½ funs'kdksa us lHkh ykxw dkuwuksa ds çkoèkkuksa ds vuqikyu lqfuf'pr djus ds fy, mfpr ç.kkyh rS;kj dh Fkh vkSjmä ç.kkfy;ka i;kZIr vkSj çHkkoh <ax ls dke dj jgh FkhaA

vkbZvkjMh, ifji= fnukad 28 tuojh 2010 ds çkoèkkuksa ds vuqlkj rRdkyhu lh-,e-Mh ,oa lh-bZ-vks- lqJh fV-,y- vyesywvkSj lh-,Q-vks Jh vfHkuan ?kks"k] vius iw.kZ Kku vkSj fo'okl ds lkFk çekf.kr djrs gSa fd 31 ekpZ] 2017 dks lekIr gq,o"kZ ds fy, foÙkh; ifj.kke] tSlk fd daiuh ds funs'kd eaMy ds le{k çLrqr fd;k x;k gS] esa fdlh Hkh çdkj dk dksbZxyr ;k Hkzked dFku vkSj vkdM+s 'kfey ugha gSaA blds vfrfjä vius iw.kZ Kku vkSj tkudkjh ds vuqlkj mfYyf[kr foÙkh;c;ku esa ,sls fdlh Hkh çdkj ds egRoiw.kZ rF; dks 'kkfey djus esa dksbZ pwd ugha gqbZ gS] ftlls fd dFku ¼uksa½ vkSj vkadM+ksads C;kSjs esa HkzkfUr mRiUu gks ldsA

lkoZtfud tek

o"kZ ds nkSjku] daiuh us dksbZ lkoZtfud tek Lohdkj ugha fd;k gSA

lg;ksxh

o"kZ ds nkSjku daiuh dh dksbZ lgk;d] la;qä m|eksa vkSj lg;ksxh daiuh ugha jgh gSA

dkjiksjsV lkekftd nkf;Ro ¼lh,lvkj½

o"kZ ds nkSjku] cksMZ }kjk viuh 10 vizSy] 2017 dks gqbZ cSBd esa lh,lvkj uhfr dk la'kks/ku fd;k x;kA la'kksf/kr lh,lvkjuhfr daiuh dh osclkbV ij izdkf'kr dh xbZA

foÙkh; o"kZ 2017&18 esa] lh,lvkj fØ;kdykiksa ds fy, 8-22 djksM #i, dh jkf'k fu/kkZfjr dh xbZ Fkh] ftlesa iwoZ o"kZ lsvkxs ys tkbZ xbZ jkf'k ¼2016&17 ls 26 yk[k #i,½ Hkh 'kkfey FkhA o"kZ ds nkSjku] daiuh us viuh vuqeksfnr ifj;kstukvksadk fØ;kUo;u tkjh j[kk vFkkZr~ yk[kksa thouksa esa jks'kuh djuk ¼,y,ch,y½] nksigj dk Hkkstu dk;ZØe] c<+rs dne] jkbt¼fo|ky;h f'k{kk esa mipkjkRed vfHkuork½] ,dh—r xzke fodkl dk;ZØe ¼vkbZohMhih½ vkSj ewd ,oa cf?kj ofj"B ek/;fedfo|ky; esa lkr ¼7½ d{kkvksa dk fuekZ.kA

lh,lvkj fu;eksa ds vuqlkj rS;kj fd, x, lacaf/kr ifjf'k"V vuqca/k&?k ij layXu gSA

lacafèkr i{kdkjks ads lkFk laO;ogkj

o"kZ ds nkSjku] lacafèkr i{kdkjksa ds lkFk dksbZ laO;ogkj ugha fd;k x;kA

gkykafd] vè;{k&lg&izcaèk funs'kd rFkk izeq[k izcaèkdh; dkfeZdksa ds ikfjJfed dks dkjiksjsV 'kklu fjiksVZ ds vuqcaèk ^d*vkSj vuqcaèk ^x* es afn;k x;k gS] tks bl fjiksVZ dk Hkkx gSA

vkHkkj

var esa] funs'kd eaMy] dsUæ vkSj jkT; ljdkjksa] foÙkh; laLFkkuksa] lkoZtfud vkSj futh {ks= ds cSadksa] ljdkjh ,tsafl;ksa vkSjxSj&ljdkjh laLFkkvksa dk 'kqfØ;k vnk djuk pkgrk gS] ftUgksaus vkidh daiuh ds fodkl vkSj mUufr esa viuk leFkZu fn;kgSA cksMZ muds fujarj leFkZu vkSj ekxZn'kZu ds fy, Hkkjrh; chek fu;ked ,oa fodkl çkfèkdj.k vkSj vU; izkfèkdj.kksa dk

94

Regulatory and Development Authority of India and other Authorities for their continued support andguidance. We acknowledge the significant role played by the employees of the Company in contributingto the growth of the Company's business. The Board would also like to thank its promoters for theirsupport, the faith and confidence reposed by them in the Company.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS'

Date: 27th April 2018

T. L. ALAMELUCHAIRMAN-CUM-MANAGING DIRECTOR

95

'kqfØ;k vnk djuk pkgrk gSA ge daiuh ds dkjksckj ds fodkl esa ;ksxnku djus esa daiuh ds deZpkfj;ksa }kjk fuHkkbZ tkusokyh egRoiw.kZ Hkwfedk dks Lohdkj djrs gSaA funs'kd eaMy daiuh ds leFkZu vkSj mlesa fo'okl vkSj Hkjkslk trkus ds fy,vius çeksVjksa dks èkU;okn nsuk pkgrk gSA

funs'kd eaMy dh vksj ls

fnukad 27 vizSy 2018fV-,y- vyesyw

vè;{k ,oa izcaèk funs'kd

96

REPORT ON CORPORATE GOVERNANCE FORMINGPART OF DIRECTORS REPORT

Philosophy on Corporate Governance

The philosophy on Corporate Governance of the Company is transparency, disclosure, accountabilityand integrity towards its stakeholders. The systems of laws, regulations and judicial decisions are theframework of corporate governance but other factors, such as politics and cultural and historical roots,matter too. The Board has to make a system that ensures accountability, fairness and transparency in theCompany's relationship with its stakeholders.

Report of the Board on Corporate Governance

Corporate Governance Report forming part of Directors' Report inter alia detail the status of complianceof the various provisions of the Insurance Regulatory and Development Authority of India (IRDAI)Corporate Governance Guidelines and Companies Act, 2013.

Board of Directors

As per Article of Association of the Company, out of the total strength of twelve of the Board, there wereonly ten Members as on 31st March 2018. There is one vacancy of nominee Director from Ministry ofAgriculture and Farmers Welfare, Government of India and one from Ministry of Finance, GoI.

Detail of Directors' of the Company since 1st April 2017

With other Directorships of current Directors

Name(Mr./Ms.) Date of Date of Other Directorshipsappointment cessation

Mr. R. N. Dubey, CMD 07.03.2017 31.05.2017 IIFC, Syndicate Bank

Ms. T. L. Alamelu, CMD 31.05.2017 -

Dr. Ashish Kumar Bhutani 22.09.2017JS, MoA, GoI

Mr. Manish Gupta 28.10.2015 22.11.2017 Corporation BankDirector DFS, MoF, GoI

Dr. N. S. Rao 22.11.2017 The Oriental Insurance CompanyEconomic Advisory Limited Vijaya Bank

Mr. K. N. Bhandari 28.06.2003 Andhra Cements LimitedHonorary Director, School Jaiprakash Power Ventures Limitedof Insurance Studies, Shristi Infrastructure DevelopmentNational Law University, Corporation LimitedJodhpur Magma HDI General Insurance Company

LimitedJaiprakash Associates LimitedSaurashtra Cement LimitedHindalco Industries LimitedGujrat Sidhee Cement Limited

97

funs'kd dh fjiksVZ dk fgLlk cuus okysfuxfer ç'kklu ij fjiksVZ

fuxfer ç'kklu dk n'kZu

ikjnf'kZrk] çdVhdj.k] tokcnsgh vkSj vius fgrèkkjdksa ds çfr lR;fu"Bk daiuh ds fuxfer ç'kklu dk fl)kar gSAdkuwuksa] fofu;eksa vkSj U;kf;d fu.kZ;ksa dh ç.kkfy;ka fuxfer ç'kklu dk <kapk gSa] ysfdu jktuhfr vkSj lkaL—frd ,oa,sfrgkfld tM+ksa tSls vU; dkjdksa dk Hkh viuk egRo gSA eaMy dks ,d ,slh ç.kkyh cukuh gksxh tks vius fgrèkkjdksads lkFk daiuh ds lacaèkksa esa tokcnsgh] ikjnf'kZrk vkSj fu"i{krk lqfuf'pr djsA

fuxfer ç'kklu ij funs'kd eaMy dh fjiksVZ

funs'kdksa dh fjiksVZ dk fgLlk cuus okyh fuxfer ç'kklu dh fjiksVZ esa vU; ckrksa ds lkFk Hkkjrh; chek fu;ked ,oafodkl çkfèkdj.k ¼vkbZvkjMh,vkbZ½ fuxfer ç'kklu ds fn'kk funsZ'kksa vkSj daiuh vfèkfu;e] 2013 ds fofHkUu çkoèkkuksads vuqikyu dh fLFkfr dk foLrkj ls mYys[k gSA

funs'kd eaMy

dEiuh ds varfuZ;eksa ds vuqlkj 31 ekpZ] 2018 dh fLFkfr ds vuqlkj funs'kd eaMy dh ckjg dh dqy la[;k esa ls dsoynl lnL; FksA d`f"k ,oa fdlku dY;k.k ea=ky;] Hkkjr ljdkj ls ,d vkSj foÙk ea=ky;] Hkkjr ljdkj ls ,d ukekafdrfuns'kd dk in fjDr gSA

1 vizSy 2017 ls dEiuh ds funs'kdksa dk fooj.k ,oa orZeku funs'kdksa ds vU; funs'kd in

uke ¼Jh@Jherh½ fu;qfDr dh lsokfuo`Ùk vU; funs'kd in frfFk gksus dh frfFk

Jh vkj- ,u- nwcs] lh,eMh 31.05.2017 vkbZvkbZ,Qlh] flafMdsV cSad

Jh fV- ,y- vyesyw 31.05.2017 &

MkW- v'kh"k dqekj HkwVkuh 22.09.2017

ts,l] fo-e-] Hkk-l-

Jh euh"k xqIrk] funs'kd] 28.10.2015 22.11.2017 dkWjiksjs'ku cSadMh,Q,l] fo-e-] Hkk-l-

MkW- ,u- ,l- jko 22.11.2017 fn vksfj,aVy ba';ksjsal daiuh fyfeVsMfoÙkh; lykgdkj fot;k cSad

Jh ds- ,u- Hk.Mkjh 28.06.2003 vkaèkz lhesaV~l fyfeVsMekud funs'kd] Ldwy vkWQ t;çdk'k ikoj osaplZ fyfeVsMba';ksjsal LVMht l`f"V baÝkLVªDpj MsoyiesaVus'kuy y‚ ;wfuoflZVh] tksèkiqj fuxe fyfeVsM

esXek ,pMhvkbZ tujy ba';ksjsal daiuh fyfeVsMt;çdk'k ,lksfl,V~l fyfeVsMlkSjk"Vª lhesaV fyfeVsMfgaMkYdks baMLVªht fyfeVsMxqtjkr flèkh lhesaV fyfeVsM

98

Suvas Holdings LimitedKenbee Consultants LLP

Prof. Gopal Naik 13.02.2015 06.02.2018 Foretell Business Solutions Private Limited,Professor, IIM-B Edubridge Learning Private Limited

Ms. Alice G. Vaidyan 29.09.2016 General Insurance Corporation of IndiaCMD GIC Re. ECGC Limited

GIC Re. South AfricaKenindia Assurance Co. LimitedHealth Insurance TPA of India Ltd.Asian Reinsurance Corporation LifeInsurance Corporation of IndiaGIC Housing Finance LimitedIndian Register of Shipping InternationalInsurance Society

Mr M. K. Mudgal 16.06.2017

Dr. B. G. Mukhopadhyay 10.08.2016 16.06.2017 NabKisanCGM, NABARD

Mr. K. Sanathkumar 10.08.2016 National Insurance Company LimitedCMD, NIC Health Insurance TPA of India Limited

GIC Housing Finance LimitedIndia International Insurance Pte. Limited,Singapore

Mr. G. Srinivasan 27.10.2016 The New India Assurance Co. Ltd.CMD, NAC GIC Housing Finance Ltd., Mumbai

Prestige Assurance Plc, Lagos, NigeriaThe New India Assurance Co.(Trinidad and Tobago Ltd. Port of Spain)India International Pte. Singapore NationalInsurance Academy Pune InsuranceInformation BureauHealth Insurance TPA of India Limited

Mr. A. V. Girijakumar 16.06.2017 The Oriental Insurance Company LimitedCMD, OIC Health Ins. TPA Limited

Mr. Sujay Banarji 29.09.2016 16.06.2017 The Oriental Insurance Company LimitedOfficial CMD, OIC Health Ins. TPA Limited

Mr. M. N. Sarma 22.09.2017 GIC Housing Finance LimitedCMD, UIIC United India Insurance Company Limited

Health Insurance TPA of India LimitedIIFCL Asset Management Company LimitedKen India Assurance Company Limited

Name(Mr./Ms.) Date of Date of Other Directorshipsappointment cessation

99

uke ¼Jh@Jherh½ fu;qfDr dh lsokfuo`Ùk vU; funs'kd in frfFk gksus dh frfFk

lqokl gksfYMaXl fyfeVsM

dsuch dalYVsaVl ,y,yih

izks- xksiky uk;d 13.02.2015 06.02.2018 QksjVsy fctusl l‚Y;w'kal çkbosV fyfeVsM]izksQslj] vkbZvkbZ,e&ch ,Mqfczt yfuaZx çkbosV fyfeVsM

Jherh ,fyl th oS|u 29.09.2016 Hkkjrh; lk/kkj.k chek fuxev/;{k ,oa izca/k funs'kd bZlhthlh fyfeVsMthvkbZlhfj thvkbZlh iqu% nf{k.k vÝhdk

dsubf.M;k ,';ksjsal daiuh fyfeVsMgsYFk ba';ksjsal Vhih, vkWQ bafM;k fyfeVsM,f'k;kbZ iquchZek fuxeHkkjrh; thou chek fuxethvkbZlh gkmflax Qkbusal fyfeVsMukSogu varjkZ"Vªh; chek lekt ds Hkkjrh; jftLVj

Jh ,e ds eqnxy 16.06.2017

MkW- ch- th- eq[kksikè;k; 10.08.2016 16.06.2017 ucfdlkueq[; egkizca/kd- ukckMZ

Jh ds- luFk dqekj 10.08.2016 us'kuy ba';ksjsal dEiuh fyfeVsMlh,eMh] ,uvkbZlh gsYFk ba';ksjsal Vhih, vkWQ bafM;k fyfeVsM

thvkbZlh gkmflax QkbZusal fyfeVsMbafM;k baVjus'kuy ba';ksjasl ihVhbZ fy- flaxkiqj

Jh th Jhfuoklu 27.10.2016 n U;w bafM;k ,';ksjsal daiuh fyfeVsMAlh,eMh] ,u,lh thvkbZlh gkmflax Qk;ukal fyfeVsM] eqacbZ

çsLVht ,';ksjsal ih,ylh] ykxksl] ukbthfj;kn U;w bafM;k ,';ksjsal daiuh ¼f=funknvkSj Vkscsxks fyfeVsM iksVZ v‚Q Lisu½bafM;k baVjus'kuy] ihVhbZ] flaxkiqjus'kuy ba';ksjsal ,dsMeh] iw.ksba';ksjsal bUQksesZ'ku C;wjksgsYFk ba';ksjsal Vhih, vkWQ bafM;k fyfeVsM

Jh , oh fxfjtk dqekj 16.06.2017 fn vksfj,aVy ba';ksjsal daiuh fyfeVsMlh,eMh] vks vkbZ lh LokLF; chek Vhih, fyfeVsM

Jh lqtk; cSuthZ 29.09.2016 16.06.2017 fn vksfj,aVy ba';ksjsal daiuh fyfeVsMvkfèkdkfjd lh,eMh] vksvkbZlh LokLF; chek Vhih, fyfeVsM

Jh ,e- ,u 'kekZ 22.09.2017 thvkbZlh gkmflax QkbZusal fyfeVsMlh,eMh] ;wvkbZvkbZlh ;wukbVsM bafM;k ba';ksjsal daiuh fyfeVsM

LokLF; chek Vhih, vkWQ bf.M;k fyfeVsMvkÃvkÃ,Qlh,y laifÙk çcaèku daiuh fyfeVsMdsu bf.M;k ,';ksjsal daiuh fyfeVsM

100

The Department of Financial Services, Ministry of Finance, Government of India notified on 31st May2017, vide Notification F. No.A-15011/07/2013-Ins.I under the powers conferred on Central Governmentby Article 12(x) of Memorandum and Articles of Association of Agriculture Insurance Company of IndiaLimited, appointed Ms. Alamelu T. Lakshmanachari, General Manager, The New India AssuranceCompany Limited (NIA), appointment as Chairman- cum-Managing Director of Agriculture Insuranceof India Limited for a period of five years from the date of Notification of appointment, or up to the dateof superannuation, until further orders, whichever is the earliest.

The Board recorded appreciation for the valuable suggestions, direction and guidance provided by theoutgoing Board Members viz., Prof Gopal Naik, IIM Bangalore, and Mr. Manish Gupta Director fromDFS, MoF, GoI, who ceased to be Member(s) of the Board since last General Meeting of the Company.Further, all the Directors hereby confirm that they comply with the 'fit and proper' criteria prescribedunder the Insurance Regulatory and Development Authority of India (IRDAI) Corporate GovernanceGuidelines.

The Board of the Company is not having any Independent Director as required under IRDAI CorporateGovernance Guidelines 2016.

The Chairman cum Managing Director (CMD), who is also the Chief Executive Officer (CEO) of theCompany, is the only Executive Director on the Board of the Company, and all other Directors are Non-Executive Directors.

There was no conflict of interest between the Company and its shareholder(s).

No one is holding two positions in the Company, may it be Auditors, Appointed Actuary and Directorsand no family member or a close relative (of any Director) as defined in the Companies Act, 2013 or theirassociate (Partner, Director etc.) is on the Board of the Company.

GENERAL BODY MEETINGS

The details of last three Annual General Meetings of the Company i.e. Date, Time and Location, are givenas under:

Financial Year Date of AGM Venue

2016-17 28.09.2017 Board Room, 13th Floor, Ambadeep Building, 14, KasturbaGandhi Marg, New Delhi-110001

2015-16 29.09.2016 Connaught Hall, Hotel Royal Plaza, Ashoka Road, NewDelhi – 110001

2014-15 15.09.2015 Board Room, 13th Floor, Ambadeep Building, 14, KasturbaGandhi Marg, New Delhi-110001

The CMD of the Company with Chairman of the Audit Committee and a representative fromadministrative Ministry viz., Ministry of Finance, Government of India attended the AGM. The JointStatutory Auditors and Secretarial Auditor of the year under review were present in the last AnnualGeneral Meeting.

BOARD MEETINGS

The Board observes a set of appropriate standard procedures in the conduct of Board Meetings which issummarised below.

101

foÙkh; lsok,a foHkkx] foÙk ea=ky;] Hkkjr ljdkj us 31 ebZ] 2017 dks vfèklwpuk ,Q la- ,&15011@07@2013&31 ebZ] 2017 bal&I

}kjk ,xzhdYpj ba';ksjsal dEiuh vkWQ bafM;k fyfeVsM ds laxe Kkiu vkSj vuqPNsn ds vuqPNsn 12 ¼X½ }kjk dsUnzh; ljdkj dks

iznÙk 'kfDr;ksa ds varxZr lqJh vyesyw fV- y{e.kpkjh] egkizcaèkd] U;w bafM;k ,'kqjsal daiuh fyfeVsM ¼,uvkbZ,½ dks fu;qfDr dh

vfèklwpuk dh rkjh[k ls ikap o"kZ dh vofèk vFkok lsokfuo`fÙk dh rkjh[k rd] tks Hkh igys gks] vkxkeh vkns'kksa rd Hkkjrh; fdlh

chek fyfeVsM dk vè;{k&lg&izcaèk funs'kd fu;qDr fd;kA

cksMZ us lsokeqDr gksus okys cksMZ ds lnL;ksa vFkkZr~ izks- xksiky uk;d] vkbZvkbZ,l csaxywj vkSj lqJh euh"k xqIrk] funs'kd] foÙk ea=ky;]

Hkkjr ljdkj tks daiuh dh fiNyh vke cSBd ls cksMZ ds lnL; ugha jgs Fks] ls izkIr ewY;oku lq>koksa] funsZ'kksa vkSj ekxZn'kZu dh

ljkguk dhA blds vykok] funs'kdksa us ;g iqf"V dh fd mUgksaus Hkkjrh; chek fofu;ked vkSj fodkl izkfèkdj.k ds dkjiksjsV 'kklu

fn'kk&funsZ'kksa ds varxZr fofuèkkZfjr mi;qDr vkSj leqfpr* ekun.Mksa dk vuqikyu fd;kA

vkbZvkjMh,vkbZ dkWiksjsV fu;eu fn'kkfunsZ'k 2016 ds vuqlkj dEiuh ds cksMZ esa dksbZ Hkh Lora= funs'kd ugha gSA

daiuh ds eq[; dk;Zdkjh vf/kdkjh ¼lhbZvks½ v/;{k lg çca/k funs'kd ¼lh,eMh½] daiuh cksMZ ds ,dek= dk;Zdkjh funs'kd gSa] vkSj

vU; lHkh funs'kd xSj&dk;Zdkjh funs'kd gSaA

dEiuh vkSj blds 'ks;jèkkjdksa ds chp fgrksa dk dksbZ Vdjko ugha gSA

dEiuh dk dksbZ Hkh lnL; nks inksa ij èkkfjr ugha djrk] pkgs os ys[kkijh{kd gksa] fu;qDr fd, x, chekafdd vkSj funs'kd gksa vkSj

fdlh Hkh funs'kd ds ifjokj dk lnL; ;k djhch fj'rsnkj ;k mudk lg;ksxh ¼lk>snkj] funs'kd vkfn½ dEiuh ds cksMZ esa 'kkfey

ugha gS tSlk fd dEiuh vfèkfu;e 2013 esa ifjHkkf"kr gSA

vke lHkk dh cSBdsa

daiuh dh fiNyh rhu okf"kZd vke lHkk cSBdksa ds fooj.k vFkkZr~ rkjh[k] le; vkSj LFkku uhps fn, x, gSa%

foÙk o"kZ okf"kZd vke cSBd dh frfFk LFkku

2016&17 28-09-2017 cksMZ :e] 13oka ry] vEcknhi fcfYMax] 14 dLrwjck xkaèkh ekxZ]ubZ fnYyh&110001

2015&16 29-09-2016 dukWV gkWy] gksVy jkW;y Iyktk] v'kksd jksMubZ fnYyh&110001

2014&15 15-09-2015 cksMZ :e] 13oka ry] vEcknhi fcfYMax] 14 dLrwjck xkaèkh ekxZ]ubZ fnYyh&110001

daiuh ds lh,eMh] ys[kkijh{kk lfefr ds vè;{k vkSj iz'kklfud ea=ky; vFkkZr~] foÙk ea=ky;] Hkkjr ljdkj ds ,d izfrfuf/k us

,th,e esa Hkkx fy;kA leh{kkèkhu o"kZ ds nkSjku la;qDr lkafofèkd ys[kkijh{kk vkSj lfpoky;h ys[kkijh{kd fiNyh okf"kZd vke cSBd

esa mifLFkr FksA

cksMZ dh cSBdas

cksMZ dh cSBdksa ds vk;kstu esa cksMZ ,d mfpr fuèkkZfjr ekud izfØ;k dk ikyu djrk gS ftldk lkjka'k uhps fn;k x;k gSA

o"kZ ds nkSjku cksMZ dh cSBdsa tks/kiqj esa vk;ksftr 79oha cksMZ cSBd ds vykok fnYyh esa vk;ksftr dh tkrh gSA cksMZ dh cSBdksa ds

102

During the year, Meetings of the Board were held in Delhi, except 79th Board Meeting which was held inJodhpur. The time interval between Board Meetings is in accordance with the provisions of CompaniesAct, 2013 and IRDAI Regulations and Guidelines and other applicable Laws. The Notice of each Boardand its Sub-Committee'(s) Meeting is given in writing to each Director. The Board meets at least once aquarter to review the financial, operational and investment performance of the Company.

The Company Secretary prepares detailed agenda for the Meetings. The Company Secretary communicateswith all Departments in advance with regard to matters requiring approval of the Board to enable inclusionof the same in the agenda for the Meetings. With the objective of transparent flow of information fromthe Management, detailed agenda notes are sent to all Directors in advance.

The Board Members have access to all information of the Company. General Managers are invited toattend the Board Meetings so as to provide additional inputs on the items being discussed by the Board.Appointed Actuary is also invited as per the requirement of the Board / its Sub-Committee Meetings.Urgent matters are also considered and approved by passing Resolution through Circulation, which areconfirmed at the next Board Meeting. The Company Secretary records the Minutes of the proceedings ofeach Board and its Sub- Committee Meetings. The draft Minutes are circulated to the Members of theBoard/Committee within fifteen days from the date of Meeting and the comments, if any, on the draftMinutes are received within seven days of its circulation. The Minutes are finalised within thirty daysand thereafter recorded in the Minutes Book.

During the year, the Board met Five (5) times on 10th April 2017, 27th July 2017, 22nd September 2017, 17th

November 2017, and 6th February 2018.

During the year, attendance of Members of the Board in its Meetings is detailed herein below.

SN Name of Board Members 10.04.2017 27.07.2017 22.09.2017 17.11.2017 06.02.2018

1 Mr. R. N. Dubey, CMD

Ms. T. L. Alamelu, CMD YES YES YES YES

2 Dr. A. K. Bhutani LOA LOA LOA

3 Mr. Manish Gupta LOA LOA YES LOA

Dr. N. S. Rao YES

4 Mr. K. N. Bhandari YES YES YES YES YES

5 Professor Gopal Naik YES YES YES YES YES

6 Ms. Alice G. Vaidyan YES YES LOA LOA LOA

7 Dr. B. G. Mukhopadhyay LOA

Mr. M. K. Mudgal YES YES LOA YES

8 Mr. K. Sanathkumar YES LOA LOA LOA LOA

9 Mr G. Srinivasan YES YES LOA LOA LOA

10 Mr. SujayBanarji YES

Mr. A. V. Girijakumar YES LOA LOA YES

11 Mr. M. N. Sarma LOA YES YES

103

chp dk varj dEiuh vfèkfu;e] 2013 vkSj vkbZvkjMh,vkbZ ds fu;eksa vkSj fn'kkfunsZ'kksa ds vuqlkj gSA cksMZ vkSj lfefr dh izR;sdcSBd dk uksfVl izR;sd funs'kd dks fyf[kr esa fn;k tkrk gSA cksMZ dh cSBd dEiuh ds foÙkh;] lapkyukRed vkSj fuos'kdk;Zfu"iknu dh leh{kk djus ds fy, izR;sd frekgh esa de ls de ,d ckj vo'; gksrh gSA

dEiuh lfpo cSBdksa ds fy, foLrr dk;Zlwph rS;kj djrk gSA dEiuh lfpo igys ls gh lHkh foHkkxksa dks cksMZ ds vko';d vuqeksnuksads ekeyksa ds ckjs esa lwfpr djrk gS rkfd mUgsa cSBd ds fy, dk;Zlwph esa 'kkfey fd;k tk ldsA izcaèku ls lwpuk ds izokg dks ikjn'khZcukus ds mís'; ls foLr`r dk;Zlwph funs'kdksa dks vfxze :i ls iznku dh tkrh gSA

cksMZ ds lnL;ksa ds ikl dEiuh dh lHkh lwpuk,a miyCèk gksrh gSaA egkizcaèkdksa dks cksMZ dh cSBdksa esa vkeaf=r fd;k tkrk gS rkfdcksMZ }kjk dh xbZ ppkZvksa esa vfrfjDr buiqV iznku fd;k tk ldsA fu;qDr fd;k x;k chekafdd cksMZ bldh lfefr dh cSBdksa esavko;'drk ds vuqlkj vkeaf=r gksrk gSA egRoiw.kZ eqn~nksa ij Hkh ppkZ dh tkrh gS vkSj mudk vuqeksnu ifjlapj.k ds }kjk izLrkoikl djds fd;k tkrk gS] ftudksa cksMZ dh vkxkeh cSBd esa uksV fd;k tkrk gSA dEiuh lfpo cksMZ vkSj lfefr dh izR;sd cSBdds dk;Zo`r fcUnqvksa dks uksV djrk gSA cSBd ds dk;Zo`Ùk ds Mªk¶V dks cksMZ@lfefr ds lnL;ksa dks cSBd ds ckn iUnzg fnu ds Hkhrjifjpkfyr fd;k tkrk gS vkSj ;fn dksbZ fVIi.kh gksrh gS rks mls ifjlapj.k ds ckn lkr fnu ds vanj Lohdkj fd;k tkrk gSA cSBdds dk;Zo`Ùk dks rhl fnu ds vUnj vafre :i fn;k tkrk gS vkSj mlds ckn dk;Zo`Ùk iqfLrdk esa fy[kk tkrk gSA

o"kZ ds nkSjku] cksMZ dh cSBd ikap ¼5½ ckj 10 vizSy 2017] 27 tqykbZ 2017] 22 flracj 2017] 17 uoEcj 2017] 06 Qjojh 2018]dks gqbZA

o"kZ ds nkSjku cksMZ ds lnL;ksa dh cSBd esa mifLFkfr dk fooj.k uhps fn;k x;k gS%

Ø-la cksMZ ds lnL;ksa ds uke 10.04.2017 27.07.2017 22.09.2017 17.11.2017 06.02.2018

1 Jh vkj- ,u- nwcs] lh,eMh

lqJh fV- ,y- vyesyw lh,eMh gk¡ gk¡ gk¡ gk¡

2 MkW- ,- ds- HkwVkuh vodk'k vodk'k vodk'k

3 Jh euh"k xqIrk gk¡ vodk'k gk¡ vodk'k

MkW- ,l- ,u jko gk¡

5 Jh ds-,u- Hk.Mkjh gk¡ gk¡ gk¡ gk¡ gk¡

5 izksQslj xksiky uk;d gk¡ gk¡ gk¡ gk¡ gk¡

6 lqJh ,fyl th oS|u gk¡ gk¡ vodk'k vodk'k vodk'k

7 MkW- ch- th- e[kksikè;k; vodk'k

Jh ,e- ds- eqnxy gk¡ gk¡ vodk'k gk¡

8 Jh ds luFkdqekj gk¡ vodk'k vodk'k vodk'k vodk'k

9 Jh th- Jhfuoklu gk¡ gk¡ vodk'k vodk'k vodk'k

10 Jh lqtk; csuthZ gk¡

Jh ,- oh- fxfjtkdqekj vodk'k gk¡ vodk'k vodk'k gk¡

11 Jh ,e- ,u 'kekZ vodk'k gk¡ gk¡

104

BOARD SUB-COMMITTEES

During the year, Board has the following sub-Committees:

(i) Audit Committee

(ii) Investment Committee

(iii) Risk Management Committee

(iv) Policyholders' Protection Committee

(v) Corporate Social Responsibility Committee

(vi) Nomination and Remuneration Committee

(vii) Personnel Committee

(viii) IT Committee

(ix) Remuneration Committee

(x) Ethics Committee

The said Board Sub-Committees were constituted to enable better and more focused attention on theaffairs of the Company. As per the requirement of the Company and keeping pace with the provisions ofCompanies Act, Insurance Act and relevant Regulation of IRDAI, the said Committees were constituted.These Committees prepare the groundwork for decision-making and report at the subsequent BoardMeeting. The 'Terms of Reference', of the respective Committees as per IRDAI (Corporate Governance)Guidelines 2016 and/or Companies Act, 2013. Meetings of the Committees, which are constituted inaccordance with the mandate of the IRDAI (Corporate Governance) Guidelines, are held in every quarterand other Committees meet at regular basis depending upon the business to be transacted by the respectiveCommittee. The function of Asset Liability Management Committee is merged with Risk ManagementCommittee. Minutes of the Committee's Meetings/report on the activities of the Committee are submittedto the Board on periodical basis. Matters requiring the Board's attention/approval are generally placed inthe form of recommendations to the Board from the respective Committee.

The role and composition of various Committees, including the number of Meetings held during the yearand the related attendance of the Committee Members at the said Meetings, are given below: -

Audit Committee

During the year, Audit Committee met five (5) times on 16thJune 2017, 27th July 2017, 22nd September2017, 17th November 2017, and 6th February 2018. The Committee met on 16th June 2017, for review offinancial statements of the Company for Financial Year 2017-18 read with Joint Statutory Audit Report.As on 31st March 2018, the Committee Compositions was three non-Executive Directors; without anyIndependent Director (please read replies to MR3). The Committee inter alia oversees the recommendationfor appointment, remuneration and terms of appointment of auditors of the Company; review and monitorthe auditor's independence and performance, and effectiveness of audit process; examination of the financialstatement and the auditors' report thereon; approval or any subsequent modification of transactions ofthe Company with related parties; scrutiny of loans and investments; valuation of undertakings or assetsof the Company, wherever it is necessary; evaluation of internal financial controls and risk managementsystems. It also reviews the reports of the internal auditors, statutory auditors and concurrent auditor forinvestment along with the comments and action taken reports of the Management. The Committee givesappropriate directions to the Management in areas that need to be strengthened. Chairman-cum-ManagingDirector, Chief Financial Officer, Chief Risk officer, Chief Investment Officer with Senior Managementare the regular attendees from the Management. The Appointed Actuary and Auditors were invited toparticipate in the Meetings of the Committee as and when necessary. The Company Secretary is theSecretary of the Audit Committee. The Committee recommends to the Board, the appointment or re-

105

cksMZ dh mi&lfefr;k¡

o"kZ ds nkSjku cksMZ dh fuEu milfefr;k¡ jgh gSa%

(i) ys[kk ijh{kk lfefr(ii) fuos'k lfefr(iii) tksf[ke izcaèku lfefr(iv) ikWfylhèkkjd lqj{kk lfefr(v) fuxfer lkekftd ftEesnkjh lfefr(vi) ukekadu vkSj ikfjJfed lfefr(vii) dkfeZd lfefr(viii) lwpuk izkS|ksfxdh lfefr(ix) eqvkotk lfefr(x) uSfrdrk lfefr

cksMZ dh mDr mi&lfefr;ksa dk xBu blfy, fd;k x;k Fkk rkfd dEiuh ds ekeyksa dks csgrj vkSj vfèkd è;ku ls ns[kk tk ldsAdEiuh dh vko';drkvksa ds vuqlkj vkSj dEiuh vfèkfu;e] chek vfèkfu;e vkSj vkbZvkjMh,vkbZ ds laxr izkoèkkuksa ds vuqlkj mDrmi&lfefr;ksa dk xBu fd;k x;k FkkA ;s lfefr;k¡ fu.kZ; vkSj vkxkeh cksMZ cSBdksa dh fjiksVZ ds fy, vkèkkj rS;kj djrh gSAvkbZvkjMh,vkbZ ¼daiuh iz'kklu½ fu;ekoyh vkSj dEiuh vfèkfu;e] 2013] tks Hkh ykxw gks] ds vuqlkj lfefr;ksa }kjk rS;kj dh xbZ^lanHkZ 'krs±** cksMZ }kjk viukbZ tkrh gSaA lfefr dh cSBdsa] ftudk xBu vkbZvkjMh,vkbZ ¼dEiuh iz'kklu½ fu;ekoyh ds vkns'kkuqlkjfd;k tkrk gS] izR;sd frekgh esa gksrh gSa vkSj nwljh lfefr;ksa dh cSBdsa lacafèkr lfefr;ksa }kjk fd, x, dkjksckj ds vkèkkj ij fu;fer:i ls dh tkrh gSA lfefr;ksa dh cSBdksa ds dk;Zo`Ùk dk fooj.k@lfefr dh xfrfofèk;ksa dh fjiksVZ vkofèkd :i ls cksMZ dks Hksthtkrh gSaA ftu ekeyksa ds fy, cksMZ ds è;ku@vuqeksnu dh vko';drk gksrh gS mUgsa lacafèkr lfefr ls izkIr flQkfj'kksa ds :i esacksMZ ds le{k j[kk tkrk gSA

o"kZ ds nkSjku dh xbZ cSBdksa dh la[;k vkSj bu cSBdksa esa lnL;ksa dh mifLFkfr lfgr fofHkUu lfefr;ksa dk xBu vkSj Hkwfedk,¡ uhpsnh xb± gSaA

ys[kk ijh{kk lfefr

o"kZ ds nkSjku] ys[kkijh{kk dh cSBd ikap ¼05½ ckj vk;ksftr dh xbZ vFkkZr~ 16 twu] 2017] 27 tqykbZ] 2017] 22 flrEcj] 2017]17 uoEcj] 2017 vkSj 6 Qjojh] 2018- lfefr dh cSBd la;qDr lkafofèkd ys[kkijh{kd dh fjiksVZ ds lkFk ifBr foÙkh; o"kZ 2017ds fy, daiuh ds foÙkh; fooj.kksa dh leh{kk gsrq lfefr dh cSBd 16 twu] 2017 dks vk;ksftr dh xbZA 31 ekpZ] 2018 dh fLFkfrds vuqlkj] lfefr dh lajpuk esa rhu xSj&dk;Zdkjh funs'kd Fks rFkk dksbZ Hkh Lora= funs'kd ugha Fkk ¼—Ik;k ,evkj 3 esa fn, x,mÙkj dk voyksdu djsa½A lfefr vU; ckrksa ds lkFk&lkFk daiuh ds ys[kkijh{kdksa dh vuqefr] ikfjJfed vkSj fu"iknu dh 'krks±dh flQkfj'kksa dh leh{kk djrh gS] ys[kkijh{kdksa dh Lora=rk vkSj fu"iknu rFkk ys[kkijh{kk izfØ;k dh izHkkodkfjrk dh leh{kkvkSj fuxjkuh djrh gS] foÙkh; fooj.kksa rFkk mu ij ys[kkijh{kd ds izfrosnu dh tkap djrh gS] _.kksa vkSj fuos'kksa dh laoh{kk djrhgS] tgka dgha vko';d gksrk gS] daiuh ds miØeksa vFkok vkfLr;ksa dk ewY;&fuèkkZj.k djrh gS] vkarfjd foÙk fu;a=.kksa vkSj tksf[keizcaèk iz.kkfy;ksa dk ewY;kadu djrh gSA ;g izcaèku dh fjiksVks± ij fVIif.k;ksa vkSj dh&xbZ&dk;Zokgh ds lkFk&lkFk funs'k ds fy,vkarfjd ys[kkijh{kdksa] lkafofèkd ds lkFk&lkFk funs'k ds fy, vkarfjd ys[kkijh{kdksa] dh fjiksVks± dh leh{kk Hkh djrh gSA lfefrmu {ks=ksa] ftUgsa lqn`<+ cuk, tkus dh vko';drk gS] esa izcaèku dks mi;qDr funs'k nsrh gSA vè;{k&lg&izcaèk funs'kd] eq[; foÙkh;vfèkdkjh] eq[; tksf[ke vfèkdkjh] eq[; fuos'k chekadd vkSj ys[kkijh{kd izcaèku ls cSBdksa esa fu;fer :Ik ls Hkkx ysrs gSaA tc dHkhvko';d le>k x;k] fu;qDr chekadd vkSj ys[kkijh{kdksa dks lfefr dh cSBdksa esa Hkkx ysus ds fy, vkeaf=r fd;k x;kA daiuh

106

appointment of Statutory Auditors, Internal Auditors and Concurrent Auditors and approved theremuneration of Statutory Auditors of the Company as per the mandate of Members of the Companygiven in the Last Annual General Meeting of the Company. The Chairman of the Audit Committee briefsthe Board about significant discussions and decisions taken at the Committee Meeting.

During the year, the composition of the Board Audit Committee and the attendance of the Members atthe Meetings are given below:

Name of Members Date of Committee Meetings

16.06.2017 27.07.2017 22.09.2017 17.11.2017 06.02.2018

Mr. K. N. Bhandari, Chairman YES YES YES YES YES

Prof. Gopal Naik YES YES YES YES YES

Mr. A.V. GirijaKumar LOA YES LOA LOA YES

*LoA=Leave of Absence

Investment Committee

During the year, Investment Committee met four (4) times on 16th June 2017, 22nd September 2017, 17th

November 2017, and 6th February 2018. As on 31st March 2018, the Committee Compositions was CMD,two non-executives Directors Chief Financial Officer, Chief Risk Officer, & Chief Investment Officer,ofthe Company. As per IRDAI (Investment) Regulation, as amended and Guidelines issued thereunderfrom time to time, the vacancy in the office of Appointed Actuary was put on record. The changes incomposition of the Committee was communicated to the Authority within 30 days of change. TheCommittee annually reviews the Investment Policy of the Company, its implementation and the operationalframework for the investment operations, ensuring liquidity for smooth operations, compliance withprudential regulatory norms on investments, risk management / mitigation strategies to ensure adequatereturn on investment of Policyholder and Shareholder Funds. The Committee also reviews the Company'scapital and solvency position, the investment strategies adopted from time to time and gives suitabledirections as needed in the best interest of the Company. The committee furnished a report on investmentportfolio analysis and future outlook thereof to the Board on the performance of investment on quarterlybasis. All Members of the Committee are made fully conversant with the various responsibilities cast onthem by the IRDAI (Investment) Regulation, as amended and Guidelines issued thereunder from time totime. The Committee regularly apprises the Board on the performance and analysis of Company'sinvestment portfolio. The Company Secretary is the Secretary of the Investment Committee.

During the year, details of the composition of the Investment Committee and the attendance of the BoardMembers at the Meetings are given below:


16.06.2017 22.09.2017 17.11.2017 06.02.2018

Ms.T.L.Alamelu,CMD YES YES YES YES

Mr. G. Srinivasan LOA

Mr. K. N. Bhandari, Chairman YES YES YES YES

Mr. A. V. Girijakumar LOA LOA YES YES


107

ds lfpo ys[kkijh{kk lfefr ds lfpo gSaA lfefr lkafofèkd ys[kkijh{kdksa] vkarfjd ys[kijh{kdksa rFkk leorhZ ys[kkijh{kdksa dhfu;qfDr vFkok iqufuZ;qfDr dh cksMZ dks vuq'kalk djrh gS rFkk mlus daiuh dh fiNyh okf"kZd vke cSBd esa fn, x, daiuh ds lnL;ksads vfèkns'k ds vuqlkj daiuh ds lkafofèkd ys[kkijh{kdksa ds ikfjJfed dk vuqeksnu fd;kA ys[kkijh{kk lfefr ds vè;{k cksMZ dkslfefr dh cSBdksa esa dh xbZ ppkZ rFkk fy, x, fu.kZ;ksa ds ckjs esa tkudkjh nsrs gSaA

o"kZ ds nkSjku ys[kkijh{kk lfefr ds lnL;ksa vkSj cSBdksa esa mudh mifLFkfr dk C;kSjk uhps fn;k x;k gSA

lnL;ksa ds uke lfefr dh cSBd dh frfFk

16.06.2017 27.07.2017 22.09.2017 17.11.2017 06.02.2018

Jh ds- ,u- Hk.Mkjh v/;{k gk¡ gk¡ gk¡ gk¡ gk¡

izks- xksiky ukbZd gk¡ gk¡ gk¡ gk¡ gk¡

Jh ,- oh- fxfjtkdqekj vodk'k gk¡ vodk'k vodk'k gk¡

*vodk'k = NqV~Vh

fuos'k lfefr

o"kZ ds nkSjku fuos'k lfefr dh cSBdsa pkj ¼4½ ckj gqbZ vFkkZr~ 16 twu 2017] 22 flrEcj 2017] 17 uoacj 2017 vkSj06 Qjojh] 2018 dks vk;ksftr dh xbZA 31 ekpZ 2018 dks v/;{k&lg&izca/k funs'kd ,oa lhbZvks dh vuqifLFkfr esa lfefresa pkj ¼4½ xSj&dk;Zdkjh funs'kd lnL; FksA vkxs buds lkFk&lkFk eq[; foÙkh; vfèkdkjh] fu;qDr chekafdd] eq[; tksf[kevfèkdkjh vkSj dEiuh dk eq[; fuos'k vfèkdkjh 'kkfey gSaA tksfd le;≤ ij la'kksfèkr vkbZvkjMh,vkbZ ¼fuos'k½fu;ekoyh ds izkoèkkuksa ds vuqlkj gSA lfefr dEiuh dh fuos'k uhfr] blds ykxw djus vkSj fuos'k lapkyuksa ds fy,dk;Zdkjh <k¡ps dh okf"kZd leh{kk djrh gS] vkSj py&fufèk ds lgt lapkyu] fuos'k lacaèkh lqj{kk fu;eksa dk vuqikyu]tksf[ke izcaèku@de djus dh j.kuhfr;ksa dks lqfuf'pr djrh gS rkfd ikWfylhèkkjdksa vkSj 'ks;jèkkjdksa dh fuf/k;ksa ds fuos'kls i;kZIr vk; dks lqfuf'pr fd;k tk ldsA ;g lfefr dEiuh dh iwath vkSj _.k'kksèku fLFkfr] le;≤ ij viukbZxbZ fuos'k j.kuhfr;ksa dh leh{kk djrh gS vkSj dEiuh ds loksZÙke fgr esa le;≤ ij funsZ'k nsrh gSA lfefr ds lHkhlnL;ksa dks le;≤ ij la'kksfèkr vkbZvkjMh,vkbZ ¼fuos'k½ fu;ekoyh] }kjk fuèkkZfjr ftEesnkfj;ksa ds ckjs esa vPNh rjgvoxr djk;k tkrk gSA ;g lfefr dEiuh ds fuos'k dk;Z ds fu"iknu vkSj muds fo'ys"k.k ls cksMZ dks fu;fer :i ls lwfprj[krh gSA dEiuh lfpo] fuos'k lfefr dh lfpo gksrh gSA

o"kZ ds nkSjku fuos'k lfefr ds lnL;ksa vkSj cSBdksa esa mudh mifLFkfr dk C;kSjk uhps fn;k x;k gSA


16.06.2017 22.09.2017 17.11.2017 06.02.2018


Jh th Jhfuoklu vodk'k

Jh ds-,u- Hk.Mkjh gk¡ gk¡ gk¡ gk¡

Jh ,- oh- fxfjtkdqekj vodk'k vodk'k gk¡ gk¡*vodk'k = NqV~Vh

108

Risk Management Committee

During the year, Risk Management Committee met four (4) times on 16th June 2017, 22nd September 2017,17th November 2017and 6th February 2018. As on 31st March 2018, theCommittee Compositions wasCMDwith two non-Executive Directors. The terms of reference of the Committee includes overseeing theCompany's Underwriting Policies and Practices, reviewing various risks and frauds associated with thebusiness of the Company. The Risk Management Committee also takes course of the business premiumand claim payment status vis-a-vis risk management framework in relation to strategic and operationalmatters. The Chief Risk Officer is the conveyor of the Committees Meetings and has direct access to theBoard.The General Managers, are the attendees from the Management. The Company Secretary is theSecretary of the Risk Management Committee.

During the year, the composition of the Risk Management Committee and the attendance of the Membersat the Meetings are given below:


16.06.2017 22.09.2017 17.11.2017 06.02.2018

Ms. T. L. Alamelu, CMD YES YES YES YES

Mr. K. N. Bhandari, Chairman YES YES YES YES

Ms. A. G. Vaidyan LOA

Mr. M. K. Mudgal YES YES LOA YES


Policyholders' Protection Committee

During the year, Policyholder's Protection Committee met four (4) times. The Meetings were held on 16th

June 2017, 22nd September 2017, 17th November 2017and 6th February, 2018. As on 31st March 2018, theCommittee Compositions was CMD with two non-Executive Directors. The Committee reviews theprocesses being followed by the Company in redressal of policyholder grievances and the grievanceredressal mechanism of the Company and suggests mechanism for speedy redressal of complaints/grievances from policyholders. The Committee regularly submits its report to the Board inter alia withregard to complaints/grievances received and resolved, mechanism in place/process being followed forresolution of the complaints/grievances and its observations on the efficacy of the existing mechanism.The Grievance Redressal Policy of the Company is available on the website of the Company. The keyobjective of the Policy is to provide for a mechanism to speedily redress the grievance and complaints ofthe policyholders to their satisfaction in accordance with the applicable laws. The designated portal ofthe Company enables policyholders to submit their grievance/complaint and its speedy redressal. TheMinutes of the Committee are placed as an agenda to the Board. The Chief Redressal Grievance Officer(CGRO) is the regular attendee from the Management. The Chairman of the Committee is Professor IIM,(Bangalore), a domain expert. The Company Secretary is the Secretary of the Policyholders' ProtectionCommittee.

During the year, the composition of the Policyholders' Protection Committee and the attendance of theMembers at the Meetings are given below:

109

tksf[ke izcaèku lfefr

o"kZ ds nkSjku tksf[ke izcaèku lfefr dh cSBdsa pkj ¼4½ ckj gqbZ vFkkZr~ 16 twu 2017] 22 flrEcj 2017] 17 uoacj 2017 vkSj06 Qjojh] 2018A dEiuh dh v/;{k&,oa&izca/k funs'kd ,oa lhbZvks dh mifLFkfr esa 31 ekpZ] 2018 dks lfefr esa pkj ¼4½xSj&dk;Zdkjh funs'kd lnL; 'kkfey FksA lfefr ds fopkjkFkZ fo"k;ksa esa dEiuh dh chekys[ku uhfr;k¡ vkSj dk;Ziz.kkyh dhns[kjs[k djuk 'kkfey gSA blds vykok ;g foÙkh; o"kZ ls igys vuqekfur iquchZek dk;ZØe dh ns[kjs[k djrh gS] dEiuhds O;kikj ls lacafèkr fofHkUu tksf[keksa vkSj /kks[kk/kM+h dh leh{kk djrh gS] vkSj bl izdkj [kjhQ vkSj jch ds ekSleksa ds nkSjkuiquchZek ds okLrfod O;oLFkk dh leh{kk djrh gS] tksf[ke izca/ku lfefr O;kikj izhfe;e vkSj nkok Hkqxrku dh fLFkfr dkdk;Zuhfr vkSj ifjpkyu ekeyksa ds izca/ku dk Hkh dke djrh gSA egkizca/kd] eq[; tksf[ke vf/kdkjh vkSj fu;qDr chekafdd]izca/ku dh rjQ ls mifLFkr gksrs gSaA dEiuh lfpo tksf[ke izcaèku lfefr dk lfpo gksrk gSA

o"kZ ds nkSjku tksf[ke izcaèku lfefr dh lajpuk dk fooj.k vkSj cSBdksa esa lnL;ksa dh mifLFkfr uhps lwphc) gS%&


16.06.2017 22.09.2017 17.11.2017 06.02.2018


Jh Jh ds-,u- Hk.Mkjh v/;{k vodk'k

lqJh ,fyl th oS|u gk¡ gk¡ gk¡ gk¡

Jh ,e- ds- eqnxy vodk'k vodk'k gk¡ gk¡

*vodk'k = NqV~Vh

ikWfylhèkkjdksa ds fy, lqj{kk lfefr

o"kZ ds nkSjku ikWfylhèkkjdksa ds fy, lqj{kk lfefr dh cSBdsa pkj ¼4½ ckj vk;ksftr dh xbZA cSBdsa 16 twu 2017]22 flrEcj 2017] 17 uoacj 2017 vkSj 06 Qjojh] 2017 dks gqbZA 31 ekpZ 2018 dks dEiuh ds v/;{k&lg&izca/k funs'kd,oa lh-bZ-vks dh vuqifLFkfr esa lfefr esa rhu xSj dk;Zdkjh funs'kd gSA ;g lfefr dEiuh }kjk ikWfylhèkkjdksa dhf'kdk;rksa] ds tYnh fuokj.k ds fy, viukbZ tkus okyh izfØ;k dh leh{kk djrh gS vkSj ikWfylh /kkjdksa ls izkIrf'kdk;rksa ds rhoz xfr ls fuiVku ds fy, izfØ;k lq>krh gSA ;g lfefr vU; ckrksa ds lkFk&lkFk izkIr gqbZ vkSj gygqbZ f'kdk;rksa] fuokj.k ds fy, viukbZ tk jgh izfØ;k ds ckjs esa vkSj orZeku izfØ;k dh izHkko'khyrk ds ckjs esa cksMZdks fu;fer :i ls fjiksVZ Hkstrh gSA dEiuh dh f'kdk;r fuokj.k uhfr dEiuh dh osclkbV ij miyCèk gSA blikWfylh dk eq[; mís'; ykxw fu;eksa ds vuqlkj ikWfylhèkkjdksa dh f'kdk;rksa ds mudh larqf"V ds vuqlkj tYnhfuokj.k ds fy, ,d izfØ;k dks iznku djuk gSA deiuh dk fufnZ"V iksVZy f'kdk;rksa dks ntZ djus vkSj muds tYnhfuokj.k esa ikWfylhèkkjdksa dh lgk;rk djrk gSA egkizcaèkd bl lfefr dh cSBdksa esa izcaèku dh rjQ ls fu;fer :ils Hkkx ysrs gSaA dEiuh lfpo ikWfylhèkkjdksa dh lqj{kk ds fy, lfefr dk Hkh lfpo gSA

o"kZ ds nkSjku ikWfylhèkkjdksa dh lqj{kk ds fy, lfefr ds lnL;ksa vkSj cSBdksa esa mudh mifLFkfr dk C;kSjk uhps fn;k x;kgSA

110


16.06.2017 22.09.2017 17.11.2017 06.02.2018

Ms.T.L.Alamelu, CMD YES YES YES YES

Prof. Gopal Naik, Chairman YES YES YES YES

Mr. Manish Gupta YES

Mr. K. Sanathkumar LOA

Mr.M.K.Mudgal YES YES YES


Corporate Social Responsibility (CSR) Committee

During the year, Corporate Social Responsibility (CSR) Committee met two (2) times. The Meetings wereheld on 16th June 2017 and 22nd September 2017. As on 31st March 2018, the Committee CompositionswasCMD/CEO with two non-Executive Directors. There is no Independent Director in theCommittee(please read replies to MR3).

The Corporate Social Responsibility Policy of the Company is on the website of the Company. The CSRAnnual Action Plan 2017-18 was also approved by the Board. The terms of reference of the Committee isin accordance with the provisions of the Section 135 of the Companies Act, 2013; read with Companies(Corporate Social Responsibility Policy) Rules, 2014 with circulars thereto. The General Manager is theregular attendee from the Management. The Company Secretary is the Secretaryof the CSR Committee.

The details about the Policy and Implementation of Corporate Social Responsibility (CSR) during the yearis given in CSR Appendix, which forms part of this Report.

During the year, Composition of the Corporate Social Responsibility Committee (CSR Committee) andattendance of the Members at the Meetings during the year are given below:


16.06.2017 22.09.2017

Ms. T. L. Alamelu, CMD YES YES

Prof. Gopal Naik YES YES

Mr. A. V. Girijakumar LOA LOA


Personnel Committee

During the year, Personnel Committee met two (2) times. The Meetings were held on 16th June 2017 and17th November 2017. As on 31st March 2018, the Committee Compositions was CMD & CEO and twonon-Executive Directors. The Committee reviews personnel policies and procedures of the Company.

During the year, details of the composition of the Personnel Committee and attendance of the Membersat the said Meetings are listed below.

111


16.06.2017 22.09.2017 17.11.2017 06.02.2018


izksQslj xksiky uk;d v/;{k gk¡ gk¡ gk¡ gk¡

Jh euh'k xqIrk gk¡

Jh ds luFkdqekj vodk'k

Jh ,e- ds- eqnxy gk¡ gk¡ gk¡

*vodk'k = NqV~Vh

fuxfer lkekftd nkf;Ro ¼lh,lvkj½ lfefr

o"kZ ds nkSjku] fuxfer lkekftd nkf;Ro ¼lh,lvkj½ lfefr us rhu ¼2½ ckj cSBd dhA cSBdsa 16 twu 2017] 22 flrEcj2017 dks vk;ksftr dh xb±A 31 ekpZ] 2018 dks lfefr dh cSBd esa dEiuh ds v/;{k&lg&izca/k funs'kd ,oa lh-bZ-vksdh vuqifLFkfr esa nks xSj&dk;Zdkjh funs'kd FksA lfefr esa dksbZ Lora= funs'kd ugha gS ¼—i;k çcaèku dk tokc 3 i<+sa½A

dEiuh dh fuxfer lkekftd nkf;Ro uhfr dEiuh dh osclkbV ij miyCèk gSA lh,lvkj okf"kZd dk;Z ;kstuk 2017&18dks funs'kd eaMy }kjk vuqeksfnr fd;k x;k FkkA lfefr ds lanHkZ fu;e daiuh vfèkfu;e] 2013 dh èkkjk 135 ds çkoèkkuksadaifu;ksa ¼fuxfer lkekftd nkf;Ro uhfr½ fu;e] 2014 vkSj mlds ifji=ksa ds vuqlkj gSaA egkçcaèkd çcaèku ds fu;ferlgHkkxh gSA daiuh lfpo lh,lvkj lfefr ds lfpo gSA

o"kZ ds nkSjku fuxfer lkekftd nkf;Ro lfefr ¼lh,lvkj lfefr½ ds xBu vkSj mä cSBd esa lnL;ksa dh mifLFkfrdh lajpuk dk fooj.k uhps lwphc) gS%


16.06.2017 22.09.2017

lqJh fV- ,y- vyesyw lh,eMh gk¡ gk¡

izksQslj xksiky uk;d v/;{k gk¡ gk¡

Jh ,- oh- fxfjtkdqekj vodk'k vodk'k

*vodk'k = NqV~Vh

dkfeZd lfefr

o"kZ ds nkSjku dkfeZd lfefr dh cSBdsa nks ¼2½ ckj gqb±A cSBdsa 16 twu 2017] vkSj 17 uoacj 2017 dks vk;ksftr dhxb±A 31 ekpZ 2018 dks dEiuh esa v/;{k&o&izca/k funs'kd ,oa lhbZvks vkSj nks xSj dk;Zdkjh funs'kd dh mifLFkfr esabl lfefr esa rhu lnL; gSaA ;g lfefr dEiuh dh dkfeZd uhfr;ksa vkSj izfØ;kvksa dh leh{kk djrh gSA

o"kZ ds nkSjku dkfeZd lfefr ds xBu vkSj cSBdksa esa mudh mifLFkfr dk fooj.k uhps fn;k x;k gS%

112


16.06.2017 17.11.2017

Ms. T. L. Alamelu, CMD YES YES

Mr. K. N. Bhandari, Chairman YES YES


Mr. G. Srinivasan LOA LOA

*LoA=Leave of AbsenceIT Committee

During the year, IT Committee met two (2) times. The Meetings were held on 16th June 2017 and 17th

November 2017. As on 31st March 2018, the Committee Compositions was CMD/CEO of the Companyand two non-Executive Directors. The Committee reviews the IT Projects of the Company.

During the year, details of composition of the IT Committee and attendance of the Members at the saidMeetings are listed below:


16.06.2017 17.11.2017

Ms.T.L.Alamelu,CMD YES YES

Mr. Manish Gupta YES


Mr. M.K.Mudgal YES


Nomination and Remuneration Committee (NRC)

During the year, Nomination and Remuneration met three (3) times. The Meetings were held on 27th July2017, 22nd September, 2017 and 6th February 2018. As on 31st March 2018, the Committee Compositionswas threen on-Executive Directors. There is no Independent Director in the Committee (please read repliesto MR3).

During the year, details of composition of the Nomination and Remuneration and attendance of theMembers at the said Meetings are listed below:


27.07.2017 22.09.2017 06.02.2018

Mr. K. N. Bhandari, Chairman YES YES YES

Prof. Gopal Naik YES YES YES

Mr. M. K. Mudgal YES YES YES


113


16.06.2017 17.11.2017


Jh ds- ,u- Hk.Mkjh] v/;{k gk¡ gk¡

izks- xksiky ukbZd gk¡ gk¡

Jh th- Jhfuoklu vodk'k vodk'k

*vodk'k = NqV~VhvkbZVhlfefr

o"kZ ds nkSjku] vkbZVh lfefr us rhu ¼2½ cSBdsa dhaA ;s cSBdsa 16 twu 2017] vkSj 17 uoEcj] 2017 dks vk;ksftr dh xbZA31 ekpZ 2018 dh fLFkfr ds vuqlkj lfefr esa dEiuh ds v/;{k&o&izca/k funs'kd ,oa lhbZvks dh mifLFkfr esa nks ¼2½nks xSj dk;Zdkjh funs'kd 'kkfey Fks] lfefr daiuh dh vkbZVh ifj;kstuk dh leh{kk djrh gSA

o"kZ ds nkSjku vkbZVh lfefr ds xBu vkSj mä cSBdksa esa lnL;ksa dh mifLFkfr dh lajpuk ds fooj.k ds uhps lwphc) gSa%


16.06.2017 22.09.2017


Jh euh"k xqIrk gk¡

izksQslj xksiky uk;d gk¡ gk¡

Jh ,e- ds- eqnxy gk¡

*vodk'k = NqV~Vh

ukekadu vkSj ikfjJfed ¼,uvkjlh½ lfefr

o"kZ ds nkSjku] ukekadu vkSj ikfjJfed lfefr dh rhu ¼3½ cSBdsa gqb±A ;s cSaBdsa 27 tqykbZ] 2017] 22 flrEcj 2017 rFkk06 Qjojh] 2018 dks vk;ksftr dh xbZA 31 ekpZ] 2018 dh fLFkfr ds vuqlkj] lfefr esa blds lnL;ksa ds :i es rhuxSj&dk;Zdkjh funs'kd 'kkfey FksA lfefr esa dksbZ Lora= funs'kd ugha gSA ¼d`i;k ,evkj 3 esa fn, x, tokc dks i<+s½

o"kZ ds nkSjku] ukekadu vkSj ikfjJfed lfefr dh lajpuk rFkk mDr cSBdksa esa lnL;ksa dh mifLFkfr ds fooj.k uhps fn,x, gSa%&


27.07.2017 22.09.2017 06.02.2018

Jh ds-,u- Hk.Mkjh v/;{k gk¡ gk¡ gk¡

izksQslj xksiky uk;d gk¡ gk¡ gk¡

Jh ,e- ds- eqnxy gk¡ gk¡ gk¡

*vodk'k = NqV~Vh

114

Whistle Blower Policy

The Company promotes ethical behaviour in all its dealings, business or otherwise and has put in place aWhistle Blower Policy for reporting of illegal or unethical behaviour. The Policy provides for maintainingconfidentiality of such reporting and ensures that the Whistle Blowers are protected and not subject toany discriminatory practices. The Whistle Blower Policy of the Company is available on our websitewww.aicofindia.com. The Company constituted an 'Ethics' Management and Board sub-Committee. Noreporting during the year under review.

Means of Communication

The web site of the Company is having updated details about the Company. The financial results arebeing posted on the Company's web site. i.e. www.aicofindia.com. The financial results are also publishedin National Daily Newspapers in terms of IRDAI Regulations.

CODE OF CONDUCT

The Code of Conduct as framed under IRDAI (Corporate Governance) Regulation for Directors of theCompany which is applicable to all Directors is complied with. The senior management and otheremployees of the Company are governed by General Insurance Conduct Disciple and Appeal (CDA),Rules.

COMPLIANCE CERTIFICATE

In accordance with the provisions of Corporate Governance Guidelines issued by Insurance Regulatoryand Development Authority of India, I, Kanika Sharma Shandil Company Secretary of the Companyhereby certify that the Company has complied with the provisions of Corporate Governance Guidelinesfor Insurance Companies notified by IRDAI as amended from time to time and to the extent applicableand reported hereinand nothing has been concealed or suppressed.

115

lrdZrk uhfr ¼foly Cyksoj ikWfylh½

dEiuh vius lHkh O;ogkjksa] dkjksckj ;k vU; dk;ks± esa uSfrd O;ogkjksa dks c<+kok nsrh gS vkSj xSj dkuwuh ;k vuSfrdO;ogkj dh lwpuk nsus ds fy, ,d lrdZrk uhfr cukbZ xbZ gSA bl uhfr esa bl izdkj dh lwpuk dks xksiuh; j[kk tkrkgS vkSj lqfuf'pr fd;k tkrk gS fd lwpuk nsus okys dh lqj{kk dh tk, vkSj mlds lkFk fdlh Hkh izdkj dk HksnHkko ugksA dEiuh dh ldrZrk uhfr osclkbV www.aicofindia.com ij miyCèk gSA dEiuh us bl mís'; ds fy, ,duSfrdrk izcèku vkSj cksMZ mi lfefr dk xBu fd;k gSA laoh{kk/khu o"kZ esa dksbZ fjiksfVZax ugha gqbZ gSA

lEizs"k.k ds ekè;e

dEiuh dh osclkbV ij dEiuh dh v|ru lwpuk miyC/k gSA foÙkh; ifj.kkeksa dks dEiuh dh osclkbVwww.aicofindia.com ij iksLV fd;k tkrk gSA foÙkh; ifj.kkeksa dks vkbZvkjMh,vkbZ fu;ekoyh ds vuqlkj jk"Vªh;Lrj ds nSfud v[kckjksa esa Hkh izdkf'kr fd;k tkrk gSA

vkpkj lafgrk

dEiuh ds funs'kdksa ds fy, vkbZvkjMh,vkbZ ¼dEiuh fu;a=.k½ fu;ekoyh ds varxZr fufeZr vkpkj lafgrk dk vuqikyufd;k tkrk gS tks lHkh funs'kdksa ij ykxw gksrh gSA ofj"B izca/ku ,oa dEiuh ds deZpkfj;ksa ij lkèkkj.k chek vkpj.kvuq'kklu vkSj vihy ¼lhMh,½] fu;ekoyh ykxw gksrh gSA

vuqikyu izek.ki=

vkbZvkjMh,vkbZ }kjk tkjh dEiuh fu;a=.k fn'kkfunsZ'kksa ds izkoèkkuksa ds vuqlkj] eSa] dfudk 'kekZ 'kkafMY;&dEiuh dhdEiuh lfpo ,r~n }kjk izekf.kr djrh gw¡ fd dEiuh us chek dEifu;ksa ds fy, vkbZvkjMh,vkbZ }kjk vfèklwfpr vkSjle;≤ ij la'kksfèkr o ykxw dEiuh fu;a=.k fn'kkfunZs'kksa ds izkoèkkuksa dk vuqikyu fd;k gS rFkk dqN Hkh fNik;kugha x;k gSA

116

Annexure A

Form No. MGT-9

EXTRACT OF ANNUAL RETURN(as on the financial year ended on 31st March, 2017)

[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Managementand Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS:

1. CIN U74999DL2002PLC118123

2. Registration Date 20-12-2002

3. Name of the Company Agriculture Insurance Company Of India Limited

4. Category/Sub-category of the Company Company Limited by Shares

5. Address of the Registered office & 13th Floor, Ambadeep Building,Kasturba Gandhicontact details Marg,New Delhi-110001,91-1146869800

6. Whether listed company Unlisted

7. Name, Address & contact details of the N.A.Registrar & Transfer Agent, if any.

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the Company shall be stated:-

Sl. Name and Description of main products / NIC Code of the % to total turnover ofNo. services Product/service the company

1 Crop Insurance - 100%

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

S. Name andAddress of CIN/GLN Holding/ % ofshares ApplicableNo. the Company Subsidiary/ held Section

Associate

N.A.

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

(i) Category-wise Share Holding

Category of No. of Shares held at the beginning No. of Shares held at the end % ChangeShareholders of the year of the year during

Demat Physical Total % of Total Demat Physical Total % of Total the yearShares Shares

A. Promoters

(1) Indian

a) Individual/HUF 0 0 0 0 0 0 0 0 0

b) Central Govt - 0 0 0 0 0 0 0 0

117

vuqcaèk ^d*QkeZ la[;k ,ethVh&9okf"kZd fooj.kh dk lkj

¼31 ekpZ 2017 dks lekIr gq, foÙkh; o"kZ ds fy,½[dEiuh vfèkfu;e] 2013 dh èkkjk 92 ¼3½ vkSj

dEiuh ¼izcaèku ,oa iz'kklu½ fu;e] 2014 ds fu;e 12¼1½ ds vuqlkj

I. iathdj.k vkSj vU; fooj.k

1. lhvkbZ,u U74999DL2002PLC118123

2. iathdj.k frfFk 20-12-2002

3. dEiuh dk uke ,xzhdYpj ba';ksjsal dEiuh vkWQ bafM;k fyfeVsM4. dEiuh dh Js.kh@mi&Js.kh 'ks;jksa }kjk dEiuh fyfeVsM5. iathd`r dk;kZy; dk irk ,oa lEidZ 13oka ry] vEcknhi fcfYMax] dLrwjck xkaèkh ekxZ]

fooj.k ubZ fnYyh-110001, 91-1146869800

6. D;k lwphc) dEiuh gS vlwphc)7. jftLVªkj ,oa VªkalQj ,tsaV dk uke] irk o ykxw ugha

lEidZ fooj.k] ;fn dksbZ gks&

II. dEiuh dh eq[; O;olkf;d xfrfofèk;k¡

lHkh O;olkf;d xfrfofèk;k¡ ftudk dEiuh ds dqy dkjksckj esa 10% ;k mlls vfèkd ;ksxnku gS] mudks ;gk¡ crk;k tk,%&

Ø- eq[; mRiknu@lsokvksa dk uke ,oa fooj.k mRikn@lsok dk dEiuh dk dqyla- ,uvkbZlh dksM dkjksckj dk %

1 Qly chek - 100%

III. èkkfjrk] lgk;d vkSj lg;ksxh dEifu;ksa dk fooj.k

Ø- dEiuh dk uke o irk lhvkbZ,u@ èkkfjrk@ 'ks;jksa dk % ykxw vuqHkkxla- th,y,u lgk;d@ èkkfjr

lg;ksxh

ykxw ugha

IV. 'ks;j èkkfjrk Lo:i ¼dqy bfDoVh ds izfr'kr ds :i esa bfDoVh 'ks;j iwath dk C;kSjk½

(i) Js.khokj 'ks;j èkkfjrk

va'k èkkjd o"kZ ds 'kq:vkr esa èkkfjr 'ks;jksa dh la[;k o"kZ ds var esa èkkfjr 'ks;jksa dh o"kZ ds nkSjkudh Js.kh la[;k % cnyko

MheSV HkkSfrd dqy dqy 'ks;jksa MheSV HkkSfrd dqy dqy 'ks;jksadk % dk %

d. izorZd

(1) Hkkjrh;

d) O;fDrxr@,p;w,Q 0 0 0 0 0 0 0 0 0

[k) dsUnzh; ljdkj - 0 0 0 0 0 0 0 0

118


Demat Physical Total % of Total Demat Physical Total % of Total the yearShares Shares

c) State Govt(s) 0 0 0 0 0 0 0 0 0

d) BodiesCorp. 0 0 0 0 0 0 0 0 0

e) Banks / FI 0 2,00,000,000 2,00,000,000 100% - 2,00,000,000 2,00,000,000 100% No Change

f) Any Other…. 0 0 0 0 0 0 0 0 0

Sub-total(A) (1):- - 2,00,000,000 2,00,000,000 100% - 2,00,000,000 2,00,000,000 100% No Change

2) Foreign 0 0 0 0 0 0 0 0 0

a) NRIs -Individuals 0 0 0 0 0 0 0 0 0

b) Other –Individuals 0 0 0 0 0 0 0 0 0

c) BodiesCorp 0 0 0 0 0 0 0 0 0

d) Banks / FI 0 0 0 0 0 0 0 0 0

e) Any Other…. 0 0 0 0 0 0 0 0 0

Sub-total(A) (2):- 0 0 0 0 0 0 0 0 0

Total shareholding of - 2,00,000,000 2,00,000,000 100% - 2,00,000,000 2,00,000,000 100% No ChangePromoter(A) =(A)(1)+(A)(2)

B. PublicShareholding 0 0 0 0 0 0 0 0 0

1.Institutions 0 0 0 0 0 0 0 0 0

a) Mutual Funds 0 0 0 0 0 0 0 0 0

b) Banks / FI 0 0 0 0 0 0 0 0 0

c) Central Govt. 0 0 0 0 0 0 0 0 0

d) State Govt.(s) 0 0 0 0 0 0 0 0 0

e) Venture Capital Funds 0 0 0 0 0 0 0 0 0

f) Insurance Companies 0 0 0 0 0 0 0 0 0

g) FIIs 0 0 0 0 0 0 0 0 0

h) Foreign Venture 0 0 0 0 0 0 0 0 0Capital Fund

i) Others(specify) 0 0 0 0 0 0 0 0 0

Sub-total(B)(1):- 0 0 0 0 0 0 0 0 0

2. Non-Institutions 0 0 0 0 0 0 0 0 0

a) BodiesCorp. 0 0 0 0 0 0 0 0 0

i) Indian 0 0 0 0 0 0 0 0 0

119

va'k èkkjd o"kZ ds 'kq:vkr esa èkkfjr 'ks;jksa o"kZ ds var esa èkkfjr 'ks;jksa o"kZ ds nkSjkudh Js.kh dh la[;k dh la[;k % cnyko


x) jkT; ljdkj ¼jsa½ 0 0 0 0 0 0 0 0 0

?k) fudk; dk;Z 0 0 0 0 0 0 0 0 0

M) cSad@,QvkbZ 0 2,00,000,000 2,00,000,000 100% - 2,00,000,000 2,00,000,000 100% dksbZ ifjorZu ugha

p) dksbZ vU; 0 0 0 0 0 0 0 0 0

mi tksM ¼d½ (1):- - 2,00,000,000 2,00,000,000 100% - 2,00,000,000 2,00,000,000 100% dksbZ ifjorZu ugha

2) fons'kh 0 0 0 0 0 0 0 0 0

d) ,uvkjvkbZ&O;fDrxr 0 0 0 0 0 0 0 0 0

[k) vU;&O;fDrxr 0 0 0 0 0 0 0 0 0

x) fudk; dkWi 0 0 0 0 0 0 0 0 0

?k) cSad@,QvkbZ 0 0 0 0 0 0 0 0 0

M) dksbZ vU; 0 0 0 0 0 0 0 0 0

mi tksM+ (d) (2):- 0 0 0 0 0 0 0 0 0

izorZd dh dqy - 2,00,000,000 2,00,000,000 100% - 2,00,000,000 2,00,000,000 100% dksbZ ifjorZu'ks;jèkkfjrk (d) ugha=(d)(1)+(d)(2)

[k. lkoZtfud 'ks;jèkkfjrk 0 0 0 0 0 0 0 0 0

1. laLFkku 0 0 0 0 0 0 0 0 0

d) E;wpy QaM~l 0 0 0 0 0 0 0 0 0

[k) cSad@,QvkbZ 0 0 0 0 0 0 0 0 0

x) dsUnz ljdkj 0 0 0 0 0 0 0 0 0

?k) jkT; ljdkj ¼jsa½ 0 0 0 0 0 0 0 0 0

M) m|e ds fy, iwath 0 0 0 0 0 0 0 0 0dks"k

p) chek dEifu;ka 0 0 0 0 0 0 0 0 0

N) ,QvkbZvkbZ 0 0 0 0 0 0 0 0 0

t) m|e ds fy, 0 0 0 0 0 0 0 0 0fons'kh iwath dks"k

i) vU; (fufnZ"V) 0 0 0 0 0 0 0 0 0

mi&tksM+ ([k)(1):- 0 0 0 0 0 0 0 0 0

2. xSj laLFkku 0 0 0 0 0 0 0 0 0

d) fudkl dkWi 0 0 0 0 0 0 0 0 0

i) Hkkjrh; 0 0 0 0 0 0 0 0 0

ii) izoklh 0 0 0 0 0 0 0 0 0

[k) O;fDrxr 0 0 0 0 0 0 0 0 0

120


Demat Physical Total % ofTotal Demat Physical Total % of Total theShares Shares year

ii) Overseas 0 0 0 0 0 0 0 0 0

b) Individuals 0 0 0 0 0 0 0 0 0

i) Individual shareholders holding 0 0 0 0 0 0 0 0 0nominal share capital upto Rs. 1 lakh

ii) Individual shareholders holding 0 0 0 0 0 0 0 0 0nominal share capital in excessof Rs 1 lakh

c) Others (specify) 0 0 0 0 0 0 0 0 0

Sub-total(B)(2):- 0 0 0 0 0 0 0 0 0

Total Public Share holding (B) = (B) 0 0 0 0 0 0 0 0 0(1) + (B) (2)

0 0 0 0 0 0 0 0 0

C. Shares held by Custodian 0 0 0 0 0 0 0 0 0for GDRs & ADRs

Grand Total(A+B+C) - 2,00,000,000 2,00,000,000 100% - 2,00,000,000 2,00,000,000 100% No Change

Promoters

Sl Shareholder's Name Shareholding at the Shareholding at the end % change inNo. beginning of the year of the year shareholding

during theyear

No.Of % of % of Shares No. % of % ofShares total Pledged / of total Shares

Shares encumbered Shares Shares Pledged /of the to total of the encumberedcompany shares company to totalshares

1 General Insurance 70000000 35% 0% 70000000 35% 0% 0%Corporation of India

2 National Agriculture 60000000 30% 0% 60000000 30% 0% 0%Bank for RuralDevelopment

3 National Insurance 17500000 8.75% 0% 17500000 8.75% 0% 0%Company Ltd.& itsnominee

4 The New India 17500000 8.75% 0% 17500000 8.75% 0% 0%Assurance Company Ltd.& its nominee

5 The Oriental Insurance 17500000 8.75% 0% 17500000 8.75% 0% 0%Company Ltd.

6 United India Insurance 17500000 8.75% 0% 17500000 8.75% 0% 0%Company Ltd.

TOTAL 200000000 100% 0% 200000000 100% 0% 0%

121

va'k èkkjd o"kZ ds 'kq:vkr esa èkkfjr 'ks;jksa o"kZ ds var esa èkkfjr 'ks;jksa o"kZ ds nkSjkudh Js.kh dh la[;k dh la[;k % cnyko


i) #- 1 yk[k rd ukeek= 0 0 0 0 0 0 0 0 0

va'k iwath èkkjd O;fDrxr'ks;j èkkjd

ii) #- 1 yk[k ls vfèkd 0 0 0 0 0 0 0 0 0

ukeek= va'k iwath èkkjdO;fDrxr 'ks;j èkkjd

x) vU; ¼fufnZ"V½ 0 0 0 0 0 0 0 0 0

mi&tksM+ ([k)(2):- 0 0 0 0 0 0 0 0 0

dqy lkoZtfud 0 0 0 0 0 0 0 0 0

'k;sjèkkfjrk ([k)=([k)(1)+([k)(2)

0 0 0 0 0 0 0 0 0

C. thMhvkj rFkk ,Mhvkj 0 0 0 0 0 0 0 0 0

ds fy, vfHkj{kd }kjk'ks;j

dqy tksM+ (d$[k$x) - 2,00,000,000 2,00,000,000 100% - 2,00,000,000 2,00,000,000 100% dksbZ ifjorZu ugha

laoèkZudrkZ

Ø- 'ks;jèkkjd dk uke o"kZ ds 'kq:vkr esa o"kZ ds var esa o"kZ ds nkSjkula- 'ks;jèkkfjrk 'ks;jèkkfjrk 'ks;jèkkfjrk

esa % cnyko

'ks;jksa dh dEiuh ds dqy 'ks;jksa 'ks;jksa dh dEiuh ds dqy 'ks;jksala[;k dqy 'ks;jksa ls 'ks;j la[;k dqy 'ks;jksa ls 'ks;j

dk % HkkjxzLr@ dk % HkkjxzLr@fxjoh j[ksa fxjoh j[ksa

1 Hkkjrh; lkèkkj.k chek 70000000 35% 0% 70000000 35% 0% 0%fuxe

2 jk"Vªh; d`f"k vkSj 60000000 30% 0% 60000000 30% 0% 0%xzkeh.k fodkl cSad

3 us'kuy ba';ksjsal dEiuh 17500000 8.75% 0% 17500000 8.75% 0% 0%fy- vkSj blds ukferh

4 n U;w bf.M;k ,';ksjsal 17500000 8.75% 0% 17500000 8.75% 0% 0%dEiuh fy- vkSj bldsukferh

5 fn- vksfj,aVy ba';ksjsal 17500000 8.75% 0% 17500000 8.75% 0% 0%dEiuh fy-

6 ;qukbVsM bf.M;k ba';ksjsal 17500000 8.75% 0% 17500000 8.75% 0% 0%dEiuh fy-

dqy 200000000 100% 0% 200000000 100% 0% 0%

122

(iii) Change in Promoters' Shareholding (please specify, if thereis no change)

Sl Particulars Shareholding at the Cumulative ShareholdingNo. beginning of the year during the year

No. of % of total No. of % of totalshares shares of shares shares of

the company the company

1 At the beginning of the year

2 Date wise Increase /Decrease inPromoters Shareholding during theyear specifying the reasons for No Changeincrease/decrease(e.g. allotment /transfer/bonus/sweat equity etc.):

At the End of the year

(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders ofGDRs and ADRs):

Sl. For Each of the Top 10 Shareholding at the Cumulative ShareholdingNo. Shareholders beginning of the year during the year




2 Date wise Increase/Decrease inShareholding during the yearspecifying thereasons for increase/decrease (e.g. allotment/transfer/ N.A.bonus / sweat Equity etc.):

At the End of the year (or on thedate of separation, if separatedduring the year)

123

(iii) izorZdksa ds 'ks;jèkkfjrk esa cnyko ¼d`i;k fufnZ"V djsa] ;fn cnyko u gks½

Ø- fooj.k o"kZ ds 'kq: esa o"kZ ds nkSjku lap;hla- 'ks;jèkkfjrk 'ks;jèkkfjrk

'ks;jksa dh dEiuh ds dqy 'ks;jksa dh dEiuh ds dqyla[;k 'ks;jksa dk % la[;k 'ks;jksa dk %

1 o"kZ ds izkjEHk esa

2 c<+ksÙkjh@fxjkoV ds dkj.k fufnZ"V djrs gq, o"kZds nkSjku laoèkZudrkZ 'ks;jèkkfjrk esa frfFk vuqlkjc<+ksÙkjh@fxjkoV ¼tSls [email protected]@ cnyko ughacksul@LosV bfDoVh bR;kfn½

o"kZ ds var esa

(iv) 'kh"kZ nl 'ks;jèkkfjrk dk Lo:i ¼funs'kdksa] izorZdksa rFkk thMhvkj ,oa ,Mhvkj ds èkkfjr dksNksM+dj½

Ø- izR;sd 'kh"kZ nl 'ks;jèkkfjrkvksa o"kZ ds 'kq: esa o"kZ ds nkSjku lap;hla- ds fy, 'ks;jèkkfjrk 'ks;jèkkfjrk



2 c<+ksÙkjh@fxjkoV ds dkj.k fufnZ"V djrs gq, o"kZ

ds nkSjku 'ks;jèkkfjrk esa frfFk vuqlkj c<+ksÙkjh@

fxjkoV ¼tSls [email protected]@

cksul@LosV bfDoVh bR;kfn½ ykxw ugha

o"kZ ds var esa ¼;k vyxko dh frfFk ij]

;fn vyxko o"kZ ds nkSjku gks½

124

(v) Shareholding of Directors and Key Managerial Personnel:

Sl. For Each of the Directorsand KMP Shareholding at the Cumulative ShareholdingNo. beginning of the year during the year




2 Date wise Increase/Decrease inShareholding during the year Directors and Key Managerial Personnel are notspecifying the reasons for holding shares of the Companyincrease/ecrease (e.g.allotment/transfer/bonus/sweatequity etc.):

At the End of the year

V. INDEBTEDNESS

Secured Unsecured Deposits TotalLoans Loans Indebtednessexcludingdeposits

Indebtedness at the beginning of the - - - -financial year

i) Principal Amount

ii) Interest due but not paid

iii) Interest accrued but not due

Total (i+ii+iii) - - - -

Change in Indebtedness during the - - - -financial year

· Addition

· Reduction

Net Change

Indebtedness at the end of the - - - -financial year

i) Principal Amount

ii) Interest due but not paid

iii) Interest accrued but not due

Total (i+ii+iii) - - - -

125

(v) funs'kdksa rFkk izeq[k izcaèkdh; dkfeZdksa dh 'ks;jèkkfjrk%

Ø- izR;sd funs'kd ds ,e ih o"kZ ds 'kq: esa o"kZ ds nkSjku lap;hla- ds fy, 'ks;jèkkfjrk 'ks;jèkkfjrk



2 c<+ksÙkjh@fxjkoV ds dkj.k fufnZ"V djrs gq, o"kZds nkSjku laoèkZudrkZ 'ks;jèkkfjrk esa frfFk vuqlkjc<+ksÙkjh@fxjkoV ¼tSls [email protected]@ funs'kd rFkk izeq[k izcaèkdh; dkfeZd us dEiuh ds 'ks;j èkkj.k ugha fd, gSacksul@LosV bfDoVh bR;kfn½

o"kZ ds var esa

V. dtZnkjh@_.kxzLrrk %

tek NksM+dj vlqjf{kr tek dqylqjf{kr _.k _.k_.k

foÙkh; o"kZ dh 'kq:vkr esa & & & &dtZnkjh

i) ewy jkf'k

ii) C;kt ns; ij Hkqxrku ugha fd;k

iii) C;kt vftZr ij ns; ugha

dqy (i+ii+iii) & & & &

foÙkh; o"kZ ds nkSjku _.kxzLrrk esa & & & &cnyko

· ifjoèkZu

· ?kVkSrh

'kq) cnyko

foÙkh; o"kZ ds var esa _.kxzLrrk & & & &

i) ewy jkf'k

ii) C;kt ns; ij Hkqxrku ugha fd;k

iii) C;kt vftZr ij ns; ugha

dqy (i+ii+iii) & & & &

126

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIALPERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager (*See Note Below):

SN Particulars of Remuneration Name of MD/WTD/ Total AmountManager=CMD of theCompany

1 Gross salary 0 0

(a) Salary as per provisions contained in 0 0section 17(1) of the Income-tax Act,1961

(b) Value of perquisites u/s17(2) Income-tax 0 0Act,1961

(c) Profits in lieu of salary under section 17(3) 0 0Income tax Act, 1961

Gratuity 0 0

Leave Encashment 0 0

Arrears (wage revision) salary 0 0

2. Stock Option 0 0

3. Sweat Equity 0 0

4. Commission 0 0

- as % of profit

- Others, specify… 0 0

5. Others, please specify-Pension Contribution 0 0

Total (A) 0 0

Ceiling as per the Act

*Note: Ms. T.L Alamelu, CMD is also designated as the CEO of the Company. Please see table of

Remuneration to KMP below :

127

VI. funs'kdksa rFkk izeq[k izcaèkdh; dkfeZdksa dk ikfjJfed

d. izcaèk funs'kd] iw.kZ&dkfyd funs'kd rFkk@;k izcaèkd dks ikfjJfed ¼*uhps fn;k x;k uksV ns[ksa½

Ø- ikfjJfed dk fooj.k dEiuh ds ,eMh@ dqy jkf'kla- MCY;q VhMh@izcaèkd& dEiuh

ds lh,eMh ds uke

1 ldy osru 0 0

(d) vk;dj vfèkfu;e] 1961 dh èkkjk 17 ¼1½ esa fufgr 0 0izkoèkkuksa ds vuqlkj osru

([k) vk;dj vfèkfu;e] 1961 dh èkkjk 17 ¼2½ ds varxZr 0 0ifjyfC/k;ksa dk ewY;

(x) vk;dj vfèkfu;e 1961 dh èkkjk 17 ¼3½ ds varxZr 0 0osru ds ,ot esa equkQs

xzsP;qVh 0 0

NqVVh udnhdj.k 0 0

cdk;k jkf'k ¼osru la'kksèku½ osru 0 0

2. LVkWd fodYi 0 0

3. Losn bfDoVh 0 0

4. deh'ku 0 0

- ykHk ds % ds :i esa

- vU;] fufnZ"V 0 0

5. vU;] d`i;k fufnZ"V djsa&isa'ku ;ksxnku 0 0

dqy (d) 0 0

vfèkfu;e ds vuqlkj lhfyax

*fVIi.kh % lqJh fV-,y- vyesyw] lh,eMh dks daiuh ds lhÃvks ds :i esa Hkh ukfer fd;k x;k gSA —i;k uhps izeq[k izca/kdh;dkfeZ;ksa dh ikfjJfed rkfydk ns[ksa%

128

B. Remuneration to other directors:

SN Particulars of Remuneration Name of Directors Total Amount

K. N. Bhandari Gopal Naik

3. Independent Directors

lllll Fee for attending board /

committee meetings

lllll Commission

Others, please specify

Total (1)

4. Other Non-Executive Directors

lllll Fee for attending board / 257000 261000 518000

committee meetings

lllll Commission

lllll Others, please specify

Total (2)

Total (B)=(1+2) 257000 261000 518000

Total Managerial Remuneration

Overall Ceiling as per the Act

C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD

SN Particulars ofRemuneration

CEO Company CFO TotalSecretary

1. Gross salary

(a) Salary as per 2249465 1325262 2112284 5687011provisions contained insection 17(1)of theIncome-tax Act,1961

(b) Value of perquisites 24525 137801 247181 409507u/s17(2) Income-taxAct,1961

(c) Profits in lieu of salary 0 0 0 0under section 17(3)Income taxAct, 1961

Gratuity 0 0 0 0

NA

129

[k. vU; funs'kdksa ds fy, ikfjJfed

Ø-la- ikfjJfed dk fooj.k funs'kd ds uke dqy jkf'k

ds-,u- HkaMkjh xksiky uk;d

3. Lora= funs'kd

lllll cksMZ@lfefr dh cSBdksa esaHkkx ysus ds fy, 'kqYd

lllll nykyh

vU;] d`i;k fufnZ"V djsa

dqy (1)

4. vU; xSj&dk;Zdkjh funs'kd

lllll cksMZ@lfefr dh cSBdksa 257000 261000 518000esa Hkkx ysus ds fy, 'kqYd

lllll nykyh

lllll vU;] d`i;k fufnZ"V djsa

dqy (2)

dqy ([k)=(1+2) 257000 261000 518000

dqy izcaèkdh; ikfjJfed

vfèkfu;e ds vuqlkj lexz mPpre lhek

C. ,eMh@izcaèkd@MCYkwVhMh ds vykok izeq[k izcaèkdh; dfeZ;ksa dk ikfjJfed

Ø-la- ikfjJfed dk fooj.k

eq[; dEiuh lh,Qvks dqydk;Zdkjh vf/kdkjh lfpo

1. ldy osru

(d) vk;dj vfèkfu;e] 2249465 1325262 2112284 56870111961 dh èkkjk 17¼1½ esafufgr izkoèkkuksa dsvuqlkj osru

([k) vk;dj vfèkfu;e] 24525 137801 247181 4095071961 dh èkkjk 17¼2½ dsvarxZr ifjyfC/;ksa dk ewY;

(x) vk;dj vfèkfu;e] 0 0 0 01961 dh èkkjk 17¼3½ dsvarxZr osru ds ,ot esaequkQs

xzsP;qvVh 0 0 0 0

ykxw ugha

130

SN Particulars ofRemuneration

CEO Company CFO TotalSecretary

Leave Encashment 0 0 0 0

Arrears (wage revision) 0 0 0 0Salary

Perquisites (Wage 0 0 0 0Revision)

2. Stock Option 0 0 0 0

3. Sweat Equity 0 0 0 0

4. Commission 0 0 0 0- as % of profit

- Others, PF 209832 90932 139826 440590

5. Others, Pension 0Contribution

Arrears pension 0 0 0 0

TOTAL 2483822 1553995 2499291 6547108

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: NIL

Type Section of the Brief Details of Authority Appealmade,Companies Act Description Penalty / [RD/NCLT/ if any

Punishment/ COURT] (giveCompounding Details)fees imposed

A. COMPANY

Penalty*

Punishment

Compounding

B. DIRECTORS

Penalty

Punishment

Compounding

C. OTHER OFFICERS IN DEFAULT

Penalty

Punishment

Compounding

131

Ø-la- ikfjJfed dk fooj.k

eq[; dk;Zdkjh dEiuh lh,Qvks dqyvf/kdkjh lfpo

NqV~Vh dk uxnhdj.k 0 0 0 0

cdk;k 0 0 0 0¼osru la'kksèku½ osru

ifjyfC/k;ka ¼osru 0 0 0 0la'kksèku½

2. LVkWd fodYi 0 0 0 0

3. Losn bfDoVh 0 0 0 0

4. deh'ku 0 0 0 0- ykHk ds % :i esa- vU;] ih,Q 209832 90932 139826 440590

5. vU;] 0isa'ku ;ksxnkucdk;k isa'ku 0 0 0 0

dqy 2483822 1553995 2499291 6547108

VII. n.M@ltk@vijkèkksa dk iz'keu % 'kwU;

izdkj dEiuh laf{kIr n.M@ltk@ izkfèkdj.k vihy dhvfèkfu;e dh èkkjk fooj.k iz'keu [vkjMh@,ulh ;fn dksbZ

'kqYd yxkus ,yVh /vnkyr] ¼fooj.k nsa½dk fooj.k

d. dEiuh

n.M*

ltk

iz'keu

[k. funs'kd

n.M

ltk

iz'keu

x. vU; vfèkdkfj;ksa }kjk dh xbZ pwd

n.M

ltk

iz'keu

132

Annexure B1

ANNEXURE B to Boards' Report

SECRETARIAL AUDIT REPORTFor the Financial Year ended on 31st March 2017

(Pursuant to section 204(1) of the Companies Act, 2013 and Rule No. 9 ofthe Companies (Appointment and Remuneration Personnel) Rules, 2014)

To,

The Members,

Agriculture Insurance Company of India Limited13th Floor, Ambadeep BuildingKasturba Gandhi MargNew Delhi-110001

We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and theadherence to good corporate practices by Agriculture Insurance Company of India Limited (CINNO:U74999DL2002PLC118123) (hereinafter called the Company). Secretarial Audit was conducted in amanner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliancesand expressing our opinion thereon.

Based on our verification of the Company's books, papers, minute books, forms and returns filed andother records maintained by the Company and also the information provided by the Company, its officers,agents and authorized representatives during the conduct of secretarial audit, We hereby report that inour opinion, the Company has, during the audit period covering the Financial year ended on 31st March,2018 complied with the statutory provisions listed hereunder and also that the Company has properBoard-Processes and compliance mechanism in place to extent, in the manner and subject to the reportingmade hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintainedby Agriculture Insurance Company of India Limited (CIN NO:U74999DL2002PLC118123)for the financialyear ended on 31st March, 2018 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made thereunder;

(ii) The Securities Contracts (Regulation) Act, 1956 ('SCRA) and the rules made thereunder: NotApplicable

(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder: Not Applicable

(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to theextent of Foreign Direct Investment, Overseas Direct Investment and External CommercialBorrowings: Not Applicable

(v) The Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act,1992 ('SEBI Act') viz.:

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares andTakeovers) Regulations, 2011: Not Applicable

133

vuqca/k [k1

^eaMy dh fjiksVZ dk vuqca/k ^[k*

lfpoh; ys[kk ijh{kk fjiksVZ31 ekpZ 2017 dks lekIr foÙkh; o"kZ

daiuh vfèkfu;e] 2013 dh èkkjk 204¼1½ vkSj daiuh ¼dkfeZd fu;qfDr ,oa ikfjJfed½fu;e] 2014 ds fu;e 9 ds vuqlkj]

lsok esa]

lnL;

,xzhdYPkj ba';ksjsal dEiuh vkWQ bf.M;k fyfeVsM

13oka ry] vEcknhi fcfYMax

dLrwjck xka/kh ekxZ] ubZ fnYyh&110001

geus ykxw lkafofèkd izkoèkkuksa ds vuqikyu rFkk ,xzhdYpj ba';ksjsal dEiuh vkWQ bafM;k fyfeVsM ¼lhvkbZ,u ua-;w74999Mh,y2002ih,ylh118123½ ¼blds ckn ls dEiuh dgk x;k gS½ }kjk vPNh dkiksZjsV izFkkvksa ds ikyu dk lfpoh;ys[kk ijh{kk dk vk;kstu fd;k gSA lfpoh; ys[kkijh{kk bl rjhds ls vk;ksftr gqbZ gS fd geas dkjiksZjsV vkpkj@lkafofèkdvuqikyu dk ewY;kadu rFkk viuh jk; ml ij O;Dr djus ds fy, ,d mfpr vkèkkj iznku fd;k gSA

,vkbZlh dh fdrkcsa] dkxt] dk;Zo`Ùk] QkeZ ,oa nk;j fooj.kh rFkk daiuh }kjk j[ks x, vU; vfHkys[kksa dh tkap vkSj dEiuh]mlds vfèkdkfj;ksa] ,tsaVksa vkSj vfèkd`r izfrfufèk;ksa }kjk ys[kkijh{kk ds lapkyu ds nkSjku miyCèk djkbZ xbZ tkudkjh dsvkèkkj ij] ge ,rn~ }kjk ;g fjiksVZ djrs gSa fd gekjh jk; esa] dEiuh us 31 ekpZ 2018 dks lekIr foÙkh; o"kZ esa ys[kkijh{kkvofèk ds nkSjku fuEu vuqlwph ds lkafofèkd izkoèkkuksa dk vuqikyu fd;k gS rFkk uhps nh xbZ fjiksZfVax ds lkFk dEiuh esamfpr cksMZ&izfØ;kvksa ,oa vuqikyu ra= gSaA

geus fdrkcsa] dkxtkr] dk;Zo`Ùk] izi=ksa vkSj nk;j fooj.kh rFkk 31 ekpZ 2018 dks lekIr foÙkh; o"kZ ds fuEu izkoèkkuksa dsvuqlkj ,xzhdYpj ba';ksjsal dEiuh vkWQ bafM;k fy- ¼lhvkbZ,u ua- ;w74999Mh,y2002ih,ylhvkbZ18123½dEiuh }kjk j[ksx, vU; vfHkys[kksa dh tkap dh gS%

¼1½ daiuh vfèkfu;e] 2013 ¼vfèkfu;e½ vkSj mlds vèkhu cuk, x, fu;e(

¼2½ izfrHkwfr lafonk ¼fofu;e½ vfèkfu;e] 1956 ¼^,l lh vkj ,*½ rFkk mlds vèkhu cuk, x, fu;e]&ykxw ugha

¼3½ fu{ksikxkj vfèkfu;e] 1996 vkSj mlds vèkhu cuk, x, fofu;e rFkk mi&fu;e]&ykxw ugha

¼4½ fons'kh eqnzk izcaèku vfèkfu;e 1999 vkSj izR;{k fons'kh fuos'k] izoklh izR;{k fuos'k vkSj fons'kh okf.kfT;d mèkkjhdh lhek rd mlds vèkhu cuk, x, fu;e vkSj fofu;e]&ykxw ugha

¼5½ Hkkjr ds izfrHkwfr vkSj fofue; vfèkfu;e cksMZ] 1992 ds rgr fuèkkZfjr fofu;e vkSj fn'kk funsZ'k ¼^lschvfèkfu;e½ tSls fd%&

¼d½ Hkkjrh; izfrHkwfr ,oa fofue; cksMZ ¼'ks;j vkSj vfèkxzg.k ds i;kZIr vfèkxzg.k½ fu;eu] 2011] ykxw ugh a

134

(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations,1992:Not Applicable

(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)Regulations,2009:Not Applicable

(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and EmployeeStock Purchase Scheme) Guidelines, 1999:Not Applicable

(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations.2008:Not Applicable

(f) The Securities and Exchange Board of India (Registrars to an Issue and Share TransferAgents) Regulations,1993 regarding the Companies Act and dealing with client: NotApplicable

(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009:Not Applicable and

(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998: NotApplicable.

(vi) OTHER APPLICABLE ACTS,

(a) Payment of Wages Act, 1936, and rules made thereunder,

(b) The Minimum Wages Act, 1948, and rules made thereunder,

(c) Employees' State Insurance Act, 1948, and rules made thereunder,

(d) The Employees' Provident Fund and Miscellaneous Provisions Act, 1952, and rules madethereunder,

(e) Maternity Benefit Act 1961,

(f) The Insurance Act,1938

(g) The Insurance Regulatory and Development Authority of India Act, 1999and variousregulations made under it(herein referred as Authority),

(h) Sexual Harassment at The Workplace (Prevention, Prohibition and Redressal) Act and Rules,2013 and rules made thereunder,

(i) The payment of Bonus Act 1965 and rules made thereunder

The Board of Directors of the Company is not duly constituted in terms of the Corporate GovernanceGuidelines issued for the Insurance Companies by the Insurance Regulatory and Development Authorityof India. There should be minimum two Independent Directors on the Board of Unlisted InsuranceCompanies. At present the number of Independent Directors on the Board is NIL. Subsequently, theComposition of the Audit Committee is also not in compliance with the Corporate Governance Guidelinesissued for the Insurance Companies by the Authority. The Chairman of the Audit Committee should bean Independent Director should ideally be a professional Chartered Accountant or a person with strongfinancial analysis background. At present, the Chairman of the Audit Committee is a Government NomineeDirector on the Board of the Company.

The Company has constituted the following Committees:

135

¼[k½ Hkkjrh; izfrHkwfr ,oa fofue; cksMZ ¼bulkbMj VsªfMax ds fu"ksèk½ fu;eu] 1992%&ykxw ugha

¼x½ Hkkjrh; izfrHkwfr ,oa fofue; cksMZ ¼iwath tkjh djuk rFkk izdVhdj.k vko';drk,¡½ fu;eu] 2009%&ykxwugh a

¼?k½ Hkkjrh; izfrHkwfr ,oa fofue; cksMZ ¼deZpkjh Hk.Mkj.k fodYi ;kstuk vkSj deZpkjh LVkWd [kjhn ;kstuk½ dsfn'kk&funsZ'k] 1999%&ykxw ugha

¼M½ Hkkjrh; izfrHkwfr ,oa fofu;e cksMZ ¼_.k izfrHkwfr;ksa dh vfHklwph rFkk tkjh½ fofue; 2008%&ykxw ugha

¼p½ dEiuh vfèkfu;e rFkk xzkgd ds lkFk dke djus ds lacaèk esa Hkkjrh; izfrHkwfr ,oa fofue; cksMZ ¼jftLVªkjVw ,u b';w ,aM 'ks;j VªkalQj ,tsaV~l½ fofu;e] 1993%& ykxw ugha

¼N½ Hkkjrh; izfrHkwfr ,oa fofue; cksMZ ¼bfDoVh 'ks;j dk vlwph;u½ fofu;e] 2009%&ykxw ugha vkSj

¼t½ Hkkjrh; izfrHkwfr ,oa fofue; cksMZ ¼izfrHkwfr;ksa dh iqu[kZjhn½ fu;eu] 1998%&ykxw ugha

¼6½ vU; ykxw vfèkfu;e]

¼d½ etnwjh Hkqxrku vfèkfu;e] 1936] vkSj mlds vèkhu cuk, x, fu;e]

¼[k½ U;wure etnwjh vfèkfu;e] 1948] vkSj mlds vèkhu cuk, x, fu;e]

¼x½ deZpkjh jkT; chek vfèkfu;e] 1948] vkSj mlds vèkhu cuk, x, fu;e]

¼?k½ deZpkjh Hkfo"; fufèk vkSj fofoèk micaèk vfèkfu;e] 1952] vkSj mlds vèkhu cuk, x, fu;e]

¼³½ ekr`Ro ykHk vfèkfu;e 1961]

¼p½ chek vfèkfu;e 1938]

¼N½ Hkkjrh; chek fu;ked ,oa fodkl çkfèkdj.k vfèkfu;e] 1999 vkSj blds varxZr cuk, x, fofHkUu fu;e¼;gk¡ çkfèkdj.k ds :i esa lanfHkZr fd;k x;k gS½A

¼t½ dk;ZLFky ij ;kSu mRihM+u ¼jksdFkke] fu"ksèk vkSj fuokj.k½ vfèkfu;e vkSj fu;e] 2013 ds rgr cuk, x,fu;e

¼>½ cksul dk Hkqxrku vfèkfu;e 1965 vkSj mlds rgr cuk, x, fu;e

daiuh ds funs'kd eaMy dks Hkkjrh; chek fu;ked ,oa fodkl çkfèkdj.k }kjk Hkkjr dh chek daifu;ksa ds fy, tkjh fd,fuxfer ç'kklu ds fn'kk funsZ'kksa ds lanHkZ esa fofèkor xfBr ugha fd;k x;k gSA vlwphc) chek daifu;ksa ds funs'kd eaMyesa de ls de nks Lora= funs'kd gksus pkfg,A orZeku esa cksMZ esa Lora= funs'kdksa dh la[;k 'kwU; gSA blds vfrfjDr] ys[kkijh{kk lfefr dh jpuk Hkh çkfèkdj.k }kjk chek daifu;ksa ds fy, tkjh fd, x, fuxfer ç'kklu ds fn'kk funsZ'kksa dsvuqikyu esa ugha gSA ys[kk ijh{kk lfefr dk vè;{k ,d Lora= funs'kd vkSj vkn'kZ rkSj ij ,d is'ksoj lunh ys[kkdkj;k etcwr foÙkh; fo'ys"k.k i`"BHkwfe okyk dksbZ O;fä gksuk pkfg,A orZeku esa] ys[kk ijh{kk lfefr ds vè;{k daiuh ds cksMZesa ,d ljdkjh ukfer funs'kd gSA

daiuh us fuEufyf[kr lfefr;ksa dk xBu fd;k gS%

136

1. Audit committee

2. Investment committee

3. CSR Committee

4. Personnel Committee

5. Risk Management committee

6. Policyholders Protection committee

7. Nomination & Remuneration Committee

8. IT Committee

9. Ethics Committee

10. Remuneration Committee

All the Committees has met for appropriate number of times subject to minimum of four meetings of eachcommittee. The Committees are properly constituted except for the Audit Committee the reference ofwhich has already been mentioned. Adequate notice is given to all Directors and Members of theCommittees to schedule the Board Meetings, and Committee Meetings, agenda and detailed notes onagenda were sent at least seven days in advance.

We further report that there are adequate systems and processes in the company commensurate with thesize and operations of the company to monitor and ensure compliance with applicable laws, rules,regulations and guidelines.

The Following Observation was made during the conduct of Secretarial Audit of the Company:

Observation:1

As per Corporate Governance Guidelines issued vide Circular No. IRDA/F&A/GDL/CG/100/05/2016 dated 18thMay 2016 effective from 01.04.2016 and amendments thereof also stipulate the requirement of appointing minimumthree Independent Directors on the Board of the Company for unlisted Insurance Companies.

"As per terms of Section 149 (4) of the Companies Act, 2013 and Rule 4 of the Companies (Appointment andQualification of Directors) Rules, 2014, every listed company and every public company having a paid-up sharecapital of Ten Crore rupees or more; or a turnover of One Hundred Crore rupees or more; shall have atleast twoIndependent Directors on the Board of the Company. However as per general circular no 09/2017 vide No.1/22/2013-CL-V issued by Ministry of Corporate Affairs vide notification no G.S.R. 839(E) dated 5th July 2017 issuedthe Companies (Appointment and Qualification of Directors) Amendment Rules, 2017 inter-alia amending rule 4of the Companies (Appointment and Qualification of Directors) Rules, 2014. The said amended Rule 4 inter aliaprovides that an unlisted public company which is a joint venture, a wholly owned subsidiary or a dormantcompany will not be required to appoint Independent Directors.

Stakeholders have sought clarifications with regard to the meaning of joint venture for the purposes of availingexemption under Rule 4 of the aforesaid Rules as such a term is not defined in the Companies Act 2013. Thematter has been examined and it is hereby clarified that a "joint venture", would mean a joint arrangement,entered into in writing, whereby the parties that have joint control of the arrangement, have rights to the netassets of the arrangement. The usage of the term is similar to that under the Accounting Standards."

In regard to the above said Notification under Amended Companies Act 2017, the Company is hereby exemptedfrom the provision of appointing Independent Directors on its Board. Whereas under Corporate Governance

137

1- ys[kk ijh{kk lfefr

2- fuos'k lfefr

3- lh,lvkj lfefr

4- dkfeZd lfefr

5- tksf[ke çcaèku lfefr

6- i‚fylhèkkjd laj{k.k lfefr

7- ukekadu ,oa ikfjJfed lfefr

8- vkbZVh lfefr

9- vkpkj lfefr

10- ikfjJfed lfefr

lHkh lfefr;ksa us çR;sd lfefr ds fy, fuèkkZfjr U;wure pkj cSBdsa djus ds fo"k; esa mfpr la[;k esa cSBdsa dh gSaA ys[kkijh{kk lfefr ds lanHkZ dks NksM+dj] ftldk igys gh mYys[k fd;k x;k gS] lfefr;ksa dks Bhd ls xfBr fd;k x;k gSA cksMZdh cSBd] vkSj lfefr dh cSBdksa dh vuqlwph ds fy, lHkh funs'kdksa vkSj lfefr;ksa ds lnL;ksa dks i;kZIr uksfVl fn;k tkrkgSA dk;Zlwph vkSj dk;Zlwph ij foLr`r uksV de ls de lkr fnu igys Hksts x, FksA

ge vkxs lwfpr djrs gSa fd daiuh ds vkdkj ds vuq:i vkSj daiuh ds lapkyu ij utj j[kus vkSj ykxw dkuwuksa] fu;eksa]vfèkfu;eksa vkSj fn'kk funsZ'kksa dk vuqikyu lqfuf'pr djus ds fy, daiuh esa i;kZIr ç.kkfy;ka vkSj çfØ;k,a LFkkfir gSaA

daiuh dh lfpoh; ys[kk ijh{kk ds lapkyu ds nkSjku fuEufyf[kr voyksdu%

lfpoky;h ys[kkijh{kk fjiksVZ

fVIi.kh 1 %

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'ks;jèkkjdksa us mDrlanfHkZr fu;eksa ds fu;e 4 ds varxZr NwV izkIr djus ds iz;kstukFkZ la;qDr m|e ds vFkZ ds lanHkZ esaLi"Vhdj.k ekaxs gSa D;ksafd bl incaèk dks daiuh vfèkfu;e] 2013 esa ifjHkkf"kr ugha fd;k x;k gSA bl ekeys dh tkap dhxbZ Fkh rFkk ,rn}kjk ;g Li"Vhdj.k fn;k tkrk gS fd ^la;qDr m|e** dk vFkZ la;qDr djkj gksxk tks fyf[kr esa fd;k x;kgS] ftlds }kjk i{kdkjksa ds eè; O;oLFkk dk la;qDr fu;a=.k gS rFkk O;OkLFkk dh fuoy vkfLr;ksa ds vfèkdkj gSaA bl incaèkdk iz;ksx ^^ys[kkadu ekudksa ds varxZr fd, tkus okys iz;ksx ds gh leku gSA**

138

Guideline 2016, the Company is required to have atleast three independent directors on its Board. Since there areno Independent Directors on the Board of the Company, hence the Company is violating the above mentionedIRDAI Corporate Governance Guideline, 2016.

Opinion:

Also, it is prudent for the company to amend its bye laws and include the term Joint Venture in theircharter to complacent the definition of "Joint Venture".

Observation:2

As per Corporate Governance Guidelines issued vide Circular No. IRDA/F&A/GDL/CG/100/05/2016 dated May18, 2016, the Company should have minimum three independent directors in their Board of Directors.

Further as per above said Guideline the Chairperson of the Audit Committee should be an Independent Directorof the Board and the Audit Committee shall comprise of a minimum of three directors, majority of whom shall beIndependent Directors.

Further as per above said Guideline the Nomination and Remuneration Committee, may comprise of at least threenon-executive directors, with the Chairman of the Committee being an independent director. At least one-half ofthe Committee shall comprise of Independent Directors.

Further as per above said Guideline the CSR Committee, to be formed as per Section 135 of Company, maycomprise of at least one Independent Director.

Since the Company has not appointed any Independent Director on its Board and hence the composition of thesaid Committees is in violation of the above mentioned IRDAI Corporate Governance Guidelines

For Iqneet Kaur & Co.

Place: Delhi Ms. Iqneet Kaur

Date: April 23, 2018 FCS No.7669

COP No.: 7085

Note: This report is to be read with our letter of even date which is annexed as 'ANNEXURE A' and formsan integral part of this report.

139

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140

ANNEXURE A'

To,

The Members,

Agriculture Insurance Company of India Limited13th Floor, Ambadeep BuildingKasturba Gandhi MargNew Delhi-110001

Our report of even date is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the management of the company. Ourresponsibility is to express an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonableassurance about the correctness of the contents of the Secretarial records. The verification was done ontest basis to ensure that correct facts are reflected in secretarial records. We believe that the processes andpractices, we followed provide a reasonable basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records and Books ofAccounts of the company.

4. The compliance of the provisions of Corporate and other applicable laws, rules, regulations,standards is the responsibility of management. Our examination was limited to the verification ofprocedures on test basis.

5. The Certification of Forms by us is neither an assurance as to the future viability of the companynor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

For Iqneet Kaur & Co.

Place: Delhi Ms. Iqneet Kaur

Date: April 23, 2018 FCS No.7669

COP No.: 7085

141

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142

Annexure – B2

Management Replies to Secretarial Audit Report for FinancialYear 2017-18 forming part of Directors' Report 2017-18

Observation 1:

As per Corporate Governance Guidelines issued vide Circular No. IRDA/F&A/GDL/CG/100/05/2016 dated18th May 2016 effective from 01.04.2016and amendments thereof also stipulate the requirement of appointingminimum three Independent Directors on the Board of the Company for unlisted Insurance Companies.

"As per terms of Section 149 (4) of the Companies Act, 2013 and Rule 4 of the Companies (Appointmentand Qualification of Directors) Rules, 2014, every listed company and every public company having apaid up share capital of Ten Crore rupees or more; or a turnover of One Hundred Crore rupees or more;shall have atleast two Independent Directors on the Board of the Company. However as per generalcircular no 09/2017 vide No.1/22/2013-CL-V issued by Ministry of Corporate Affairs vide notificationno G.S.R. 839(E) dated 5rh July 2017 issued the Companies (Appointment and Qualification of Directors)Amendment Rules, 2017 inter-alia amending rule 4 of the Companies (Appointment and Qualification ofDirectors) Rules, 2014. The said amended Rule 4 inter alia provides that an unlisted public companywhich is a joint venture, a wholly owned subsidiary or a dormant company will not be required toappoint Independent Directors.

Stakeholders have sought clarifications with regard to the meaning of joint venture for the purposes ofavailing exemption under Rule 4 of the aforesaid Rules as such a term is not defined in the CompaniesAct, 2013.The matter has been examined and it is hereby clarified that a "joint venture", would mean ajoint arrangement, entered into in writing, whereby the parties that have joint control of the arrangement,have rights to the net assets of the arrangement. The usage of the term is similar to that under theAccounting Standards."

In regard to the above said notification under Amended Companies Act 2017, the company is herebyexempted from the provision of appointing Independent Directors on its Board. Whereas under CorporateGovernance Guideline 2016, the Company is required to have atleast three independent directors on itsBoard. Since there are no independent directors on the Board of the Company, hence the Company isviolating the above mentioned IRDAI Corporate Governance Guideline, 2016.

Opinion:

Also, it is prudent for the company to amend its bye laws and include the term Joint Venture in theircharter to complacent the definition of "Joint Venture".

Management Reply:

The Board of the Company is constituted as per Clause 12 of the Article of Association of the Company.Since implementation of Corporate Governance Guideline 2016, a request was made to the appointingauthority i.e. Ministry of Finance, Government of India to appoint three independent directors on theBoard of the Company. Reply is awaited

143

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^^daiuh vfèkfu;e] 2013 dh èkkjk 149¼4½ ds fucaèkuksa rFkk daiuh ¼funs'kdksa dh fu;qfDr vkSj vgZrk½ fu;e] 2014 ds fu;e4 ds vuqlkj izR;sd lwphc) daiuh o izR;sd izkbosV daiuh] ftldh lanÙk iwath nl djksM+ #i, vFkok vfèkd gS vFkokVuZvksoj ,d lkS djksM+ #i, vFkok vfèkd gS] daiuh ds funs'kd eaMy esa de&ls&de nks Lora= funs'kd j[ksxhA rFkkfi]dkjikjsV dk;Z ea=ky; }kjk tkjh vfèklwpuk la- th-,l-vkj- 839¼v½ fnukad 5 tqykbZ] 2017 ds ekè;e ls lkekU; ifji=la- 9@2017 la0 1@22@2013&lh,y&V }kjk tkjh daiuh ¼funs'kdksa dh fu;qfDr vkSj vgZrk½ la'kksèku fu;e] 2017 dsekè;e ls vU; ckrksa ds lkFk&lkFk daiuh ¼funs'kdksa dh fu;qfDr vkSj vgZrk½ fu;e] 2014 ds fu;e 4 esa la'kksèku fd, x,FksA mDr la'kksfèkr fu;e 4 ;g fofufnZ"V djrk gS fd dksbZ xSj&lwphc) lkoZtfud daiuh] tks la;qDr m|e gS] dh iw.kZr%LokfeRo okyh vuq"kaxh vFkok dskbZ fuf"Ø; daiuh ls Lora= funs'kd fu;qDr djuk visf{kr ugha gksxkA

fgrèkkjdksa us mDrlanfHkZr fu;eksa ds fu;e 4 ds varxZr NwV izkIr djus ds iz;kstukFkZ la;qDr m|e ds vFkZ ds lanHkZ esaLi"Vhdj.k ekaxs gSa D;ksafd bl 'krZ dks daiuh vfèkfu;e] 2013 esa ifjHkkf"kr ugha fd;k x;k gSA bl ekeys dh tkap dh xbZFkh rFkk ,rn}kjk ;g Li"Vhdj.k fn;k tkrk gS fd ^^la;qDr m|e** dk vFkZ la;qDr djkj gksxk tks fyf[kr esa fd;k x;kgS] ftlds }kjk i{kdkjksa ds eè; O;oLFkk dk la;qDr fu;a=.k gS rFkk O;OkLFkk dh fuoy vkfLr;ksa ds vfèkdkj gSaA bl incaèkdk iz;ksx ^^ys[kkadu ekudksa ds varxZr fd, tkus okys iz;ksx ds gh leku gSA**

la'kksfèkr daiuh vfèkfu;e] 2017 ds varxZr mDrlanfHkZr vfèklwpuk ds lacaèk esa] daiuh vius cksMZ esa Lora= funs'kd fu;qDrdjus ds izkoèkku ls ,rn~}kjk NwV izkIr gSA tcfd dkjiksjsV 'kklu fn'kk&funsZ'k 2016 ds varxZr daiuh ds fy, visf{krgS fd og vius cksMZ esa de&ls&de rhu Lora= funs'kd fu;qDr djsA pwafd daiuh ds cksMZ esa dksbZ Lora= funs'kd ugha gS]vr% daiuh mDr lanfHkZr vkbZvkjMh,vkbZ dkjiksjsV 'kklu fn'kk&funsZ'kksa] 2016 dk mYya?ku dj jgh gSA

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144

Observation 2:

As per Corporate Governance Guidelines issued vide Circular No. IRDA/F&A/GDL/CG/100/05/2016dated May 18, 2016, the company should have minimum three independent directors in their Board ofDirectors.

Further as per above said Guideline the Chairperson of the Audit Committee should be an IndependentDirector of the Board and the Audit Committee shall comprise of a minimum of three directors, majorityof whom shall be Independent Directors.

Further as per above saidGuidelinethe Nomination and Remuneration Committee, may comprise of atleast three non-executive directors, with the Chairman of the Committee being an independent director.At least one-half of the Committee shall comprise of Independent Directors.

Further as per above said Guideline the CSR Committee, to be formed as per Section 135 of Company,may comprise of at least one Independent Director.

Since the company has not appointed any Independent Director on its Board and hence the compositionof the said committees is in violation of the above mentioned IRDAI corporate governance guidelines.

Management Reply:

As said above the Company has already requested the appointing authority viz., DFS, MoF, GoI to appointindependent directors on the Board of the Company. The said Board Committees will be reconstitutedaccordingly thereafter.

145

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148

Annexure D

Annual Report on Corporate Social Responsibility (CSR)Activities during FY 2017-18

1. A brief outline of the Company's CSR Policy, including overview of Projects or Programs proposedto be undertaken and a reference to the web-link to the CSR Policy and Projects or Programs:

A brief outline of the Company's CSR Policy is as follows:

o The CSR Policy has been drafted based on the relevant section, i.e., Section 135 of TheCompanies Act, 2013 read with Schedule VII and the Companies (Corporate SocialResponsibility Policy) Rules, 2014, which are made integral part of the Policy.

o The Policy mentions, inter alia, the annual CSR budget calculation as per Section 135 (5) ofthe Act and also provides for carrying forward of unutilized amount, if any.

o The Policy discusses in detail about the Control and governance of CSR activities, viz.,constitution of Board CSR Committee as per Section 135 of the Act and also the ManagementLevel CSR Committee for proper monitoring and execution of the CSR activities.

o CSR Projects are to be identified by the Company and put-up before Management LevelCommittee, Board Level Committee or Board, as the case may be, while adhering to Rule 4of CSR Rules, 2014.

o The identified CSR Projects may be implemented by the Company either directly or throughan Implementing Agency, like, Section 8/25 Company or trust/Society in terms of Rule 4of CSR Rules. Company would also encourage involvement of its employees in the CSRinitiatives.

o Policy provides for details procedure for selecting the Implementing Agency, execution ofMOU with the selected Agency followed by the procedure for funds disbursement,monitoring and reporting of the status of the CSR Project.

o Policy ensures that the mandatory reporting as per the Act as well as CSR Rules 2014 willbe carried out.

The CSR Policy of the Company is available on our website www.aicofindia.com

2. The Composition of the CSR Committee:

The details regarding composition of CSR Committee are given in the Corporate Governance Reportannexed to the Directors' Report.

3. Average net profit of the Company for last three financial years is Rs. 397.93 crore (approximately).

4. Prescribed CSR Expenditure (two per cent of the amount as in item 3 above)

The prescribed CSR expenditure requirement for FY 2017-18 is Rs. 7.96 crore (approximately)

5. Details of CSR spent during the financial year:

(a) Total amount to be spent for the financial year: An amount of Rs. 8.22 Crore was availableto be spent towards CSR during 2017-18.

149

vuqyXud ?k

foÙkh; o"kZ 2017&18 ds nkSjku fuxfer lkekftd nkf;Ro ¼lh,lvkj½xfrfofèk;ksa ij okf"kZd fjiksVZ

1- vkjaHk fd, tkus ds fy, çLrkfor ifj;kstukvksa ;k dk;ZØeksa dh fVIi.kh lfgr daiuh dh lh,lvkj uhfr dh ,d laf{kIr:ijs[kk vkSj lh,lvkj uhfr vkSj ifj;kstukvksa ;k dk;ZØeksa ds lanHkZ ds fy, ist fyad%

daiuh dh lh,lvkj uhfr dh ,d laf{kIr :ijs[kk bl çdkj gS%

o çklafxd vuqHkkx ds vkèkkj ij lh,lvkj uhfr dk elkSnk rS;kj fd;k x;k gS] tSls fd] daiuh vfèkfu;e] 2013dh èkkjk 135] tks fd lkroha vuqlwph vkSj daifu;ksa ¼fuxfer lkekftd nkf;Ro uhfr½ fu;e] 2014 ds lkFk ifBr]ftUgsa uhfr dk vfHkUu vax cuk;k x;k gSA

o uhfr esa] vU; ckrksa ds lkFk vfèkfu;e dh èkkjk 135 ¼5½ds vuqlkj okf"kZd lh,lvkj ctV x.kuk dk mYys[k gSvkSj ;g] vç;qä jkf'k] vxj dksbZ gks] dks vxzsf"kr djus dk Hkh çkoèkku djrh gSA

o uhfr lh,lvkj xfrfofèk;ksa dks fu;af=r vkSj ç'kkflr djus ds ckjs esa vFkkZr~ vfèkfu;e dh èkkjk 135 ds vuqlkjfuns'kd eaMy dh lh,lvkj lfefr ds xBu vkSj lh,lvkj xfrfofèk;ksa dh mfpr fuxjkuh vkSj fu"iknu ds fy,çcaèku Lrj dh lh,lvkj lfefr ds xBu ij foLrkj ls ppkZ djrh gSA

o lh,lvkj ifj;kstukvksa dh dEiuh }kjk igpku dh tkuh gksrh gS vkSj mls izca/ku Lrj dh lfefr] eaMy Lrjlfefr ;k eaMy] tSlk Hkh ekeyk gS] ds le{k] lh ,l vkj fu;e 2014 ds fu;e dk ikyu djrs gq, izLrqr djukgksrk gSA

o fpfUgr lh,lvkj ifj;kstukvksa dks ;k rks daiuh }kjk çR;{k :i ls vFkok lh,lvkj fu;eksa ds fu;e 4 ds lanHkZ esa,d dk;kZUo;u ,tsalh] tSls fd èkkjk 8@25 dh daiuh ;k U;kl@lkslk;Vh ds ekè;e ls ykxw fd;k tk ldrk gSA daiuhlh,lvkj xfrfofèk;ksa esa vius deZpkfj;ksa dh Hkkxhnkjh dks Hkh çksRlkfgr djsxhA

o uhfr çcaèku Lrj lh,lvkj lfefr }kjk dk;kZUo;u ,tsalh ds p;u dh çfØ;k] p;fur ,tsalh ds lkFk le>kSrkKkiu ds fu"iknu ds lkFk èku ds forj.k] fuxjkuh vkSj lh,lvkj ifj;kstuk dh fLFkfr dh fjiksfVaZx esa vuqlj.kdh tkus okyh çfØ;k dk fooj.k çnku djrh gSA

o i‚fylh lqfuf'pr djrh gS fd bl vfèkfu;e ds lkFk gh lh,lvkj fu;e 2014 ds vuqlkj vfuok;Z fjiksfVaZxdh tk,A

daiuh dh lh,lvkj uhfr gekjh osclkbV www.aicofindia.com ij miyCèk gSA

2- lh,lvkj lfefr dh lajpuk

lkekftd nkf;Ro lfefr ¼lh,lvkj lfefr½ dh lajpuk ds ckjs esa fooj.k funs'kdksa dh fjiksVZ ls tqM+s dkWiksZjsV xous±l fjiksVZesa fn;k x;k gSA

3- fiNys rhu foÙkh; o"kksaZ ds fy, daiuh dk vkSlr 'kq) ykHk 397-93 djksM+ #i, ¼yxHkx½

4- fuèkkZfjr lh,lvkj O;; ¼Åij en 3 esa nh xbZ jkf'k dk nks çfr'kr½

foÙkh; o"kZ 2017&18 ds fy, fuèkkZfjr lh,lvkj O;; vko';drk 7-96 djksM+ #i, ¼yxHkx½

5- foÙk o"kZ ds nkSjku lh,lvkj ds [kpZ dk fooj.k%

¼d½ foÙkh; o"kZ ds fy, [kpZ dh tkus okyh dqy jkf'k % o"kZ 2017&18 ds nkSjku lh,lvkj ds fy, dqy 8-22 djksM+#i, dh jkf'k [kpZ fd, tkus ds fy, miyCèk FkhA foÙkh; o"kZ ds fy, [kpZ dh tkus okyh dqy jkf'k%

150

(b) Amount unspent- NIL.

(c) Manner in which the amount spent during the year is detailed below:

Rs. in Crore

S CSR Projects Sector in Projects or Amount Cumulative AmountN or activity which the Programs (State outlay Expenditure Spent: Direct

identified project is and district (budget) up to the Or throughcovered where project project reporting implementing

or program was of period agencyundertaken) program

wise

1 Through 'Lighting Rural Eastern U.P, 2.13 0.93 Agencya Billion Lives (LaBL)' development Bihar,

safe, clean, and West Bengal, affordable solar lighting Madhya Pradesh, and cooking equipment Jharkhand

were provided.

2 Under this Project Education Puri (Orissa), 1.98 1.22 Agencymid-day meals are Jaipur, Jodhpur

provided to students (Rajasthan),in government schools. Hubli (Karnataka)

and Ahmedabad(Gujrat),

Hyderabad(Telangana)

3 Under this Project Education Delhi (Deoli and 0.48 0.44 AgencyRISE (Remedial Tigri villages of

Innovation in School Sangam vihar, Education) Company New Delhi)

is supporting educationto 500 underprivileged

children.

4 This Project 'Badhte Education Delhi & NCR 0.50 0.37 Agencykadam' provides for the Khora village,

educational (Ghaziabad, U.P.) development of girl child.

5 Integrated Village Rural Sitamarhi (Bihar), 20.36 5.09 AgencyDevelopment Program development Hazaribagh(IVDP) in 50 villages (Jharkhand), Jalna

(Maharashtra),Sheopur (MadhyaPradesh), Lalitpur

(Uttar Pradesh)

151

¼[k½ [kpZ u dh xbZ jkf'k % 'kwU;

¼x½ o"kZ ds nkSjku ftl rjhds ls jkf'k [kpZ dh xbZ gS] mldk foLr`r fooj.k uhps fn;k x;k gS%

¼#i, djksM+ esa½

Ø- fpfUgr dh og {ks= ftlds ifj;kstuk,a jkf'k dk fjiksfV±x [kpZ dh xbZla- xbZ lh,vkj varxZr ;k dk;ZØe ifjO;; vofèk rd jkf'k% izR;{k

ifj;kstuk,a vFkok ifj;kstuk ¼jkT; vkSj ftyk dk;ZØe ds lap;h ;k ykxwfØ;kdyki ykxw dh xbZ tgka ifj;kstuk ;k vuqlkj ctV [kpZ djus okyh

dk;ZØe 'kq# ifj;kstuk ,tsalh dsfd;k x;k½ ekè;e ls

1- Ykk[kksa thou jks'ku djus xzkeh.k iwohZ mÙkj izns'k] 2-13 0-93 ,tsalh¼,y,ch,y½ ds ekè;e ls fodkl fcgkj] if'pe caxky]

lqjf{kr LoPN vkSj fdQk;rh eè; izns'k] lkSj izdk'k O;oLFkk rFkk >kj[kaM [kkuk idkus ds midj.k

miyCèk djk, x,A

2- bl ifj;kstuk ds varxZr f'k{kk iqjh ¼mM+hlk½] t;iqj] 1-98 1-22 ,tsalhljdkjh fo|ky;ksa esa Nk=ksa tksèkiqj ¼jktLFkku½]

dks nksigj dk Hkkstu gqcyh ¼dukZVd½miyCèk djk;k tkrk gS vgenkckn ¼xqtjkr½

vkSj gSnjkckn ¼rsyaxkuk½

3- bl ifj;kstuk jkbt+ f'k{kk laxe fogkj] 0-48 0-44 ,tsaalh¼fo|ky;h f'k{kk esa ubZ fnYyh

mipkjkRed vfHkuork½ ds nsoyh vkSjds varxZr daiuh 500 frxM+h] xzkefuèkZu cPpksa dks f'k{kk

lacafèkr lg;ksx ns jgh gSA

4- bl ifj;kstuk c<+rs dne* f'k{kk fnYyh vkSj ,ulhvkj 0-50 0-37 ,tsalhds varxZr daiuh ckfydkvksa [kksM+k xkao]dks 'kS{kf.kd fodkl miyCèk ¼xkft;kckn]

djk jgh gS mÙkj izns'k½

5- 50 xkaoksa esa ,dh—r xzke xzkeh.k Lkhrke<+h ¼fcgkj½] 20-36 5-09 ,tsalhfodkl dk;ZØe ¼vkbZohMhih½ fodkl gtkjhckx ¼>kj[kaM½

tkyuk ¼egkjk"Vª½f'k;ksiqj] ¼e/; izns'k½]yfyriqj] ¼mÙkj izns'k½

152

S CSR Projects Sector in Projects or Amount Cumulative AmountN or activity which the Programs (State outlay Expenditure Spent: Direct

identified project is and district (budget) up to the Or throughcovered where project project reporting implementing

or program was of period agencyundertaken) program

wise

6 Construction of 7 Education Jodhpur 0.37 0.30 DirectClassrooms for Deaf (Rajasthan)

and dumb students in Jodhpur.

7 Total amount spent on - - - 0.02 DirectCapacity building and

administrative overhead

* Dedicated ascertained amount for projects irrespective of financial year

6. In case the Company has failed to spend the two per cent of the average net profit of the last threefinancial years or any part thereof, the company shall provide the reasons for not spending theamount in its Board report: Not Applicable.

7. A responsibility statement of the CSR Committee that the implementation and monitoring of CSRPolicy, is in compliance with CSR objectives and Policy of the Company

The CSR Committee hereby confirms that the implementation and monitoring of CSR activitiesare in compliance with CSR objectives and the CSR Policy of the Company

Company in terms of Clause 4.1 of the CSR Policy, reviewed the policy and carried out appropriateamendments in Clauses 4 and 5 to incorporate the resolutions passed by the Board in its 60thmeeting held on 28.11.2014 delegating the financial authority to Management Level CSR Committeeand to Board CSR committee.

Clause 7 of the Policy is amended to enable the Company to consider agencies undertaking CSRactivities qualified as per Schedule VII of the Act and receiving support towards the capitalinfrastructure and operational expenses from Government sources.

The amended CSR Policy is placed on Company's website.

Sd/-T. L. AlemeluCEO & CMD

Chairman CSR CommitteeDate: 27.04.18

Place: New Delhi

153

Ø- fpfUgr dh og {ks= ftlds ifj;kstuk,a jkf'k dk fjiksfV±x [kpZ dh xbZla- xbZ lh,vkj varxZr ;k dk;ZØe ifjO;; vofèk rd jkf'k% izR;{k

ifj;kstuk,a vFkok ifj;kstuk ¼jkT; vkSj ftyk dk;ZØe ds lap;h ;k ykxwfØ;kdyki ykxw dh xbZ tgka ifj;kstuk ;k vuqlkj ctV [kpZ djus okyh

dk;ZØe 'kq# ifj;kstuk ,tsalh dsfd;k x;k½ ekè;e ls

* foÙkh; o"kZ ij è;ku u nsrs gq, ifj;kstukvksa ds fy, lefiZr fuèkkZfjr jkf'k

6- Tkksèkiqj esa ewd vkSj cfèkj f'k{kk Tkksèkiqj ¼jktLFkku½ 0-37 0-30 izR;{kNk=ksa ds fy, 7 d{kkvksa dk

fuekZ.k

7- {kerk] fuekZ.k rFkk iz'kklfud & & & 0-02 izR;{k mifjO;;ksa ij [kpZ dh xbZ

dqy jkf'k

6- ;fn daiuh fiNys rhu foÙkh; o"kks± ;k mlds fdlh Hkh fgLls ds vkSlr fuoy ykHk dk nks çfr'kr [kpZ djus esa foQyjgh gS] rks daiuh viuh cksMZ dh fjiksVZ esa ml jkf'k dks [kpZ u djus ds dkj.k çnku djsxh% ykxw ugÈ gSA

7- lh,lvkj lfefr dk ,d ftEesnkj c;ku fd lh,lvkj uhfr dk dk;kZUo;u vkSj fuxjkuh] lh,lvkj ds mís';ksa vkSj daiuhdh uhfr ds vuqikyu esa fd;k tk jgk gS

lh,lvkj lfefr ,rí~okjk bl ckr dh iqf"V djrh gS fd lh,lvkj xfrfofèk;ksa dk dk;kZUo;u vkSj fuxjkuh lh,lvkjds mís';ksa vkSj daiuh dh lh,lvkj uhfr ds vuqikyu esa gSA

çcaèku Lrj lh,lvkj lfefr vkSj cksMZ lh,lvkj lfefr dks foÙkh; vfèkdkj nsrs gq, lh,lvkj uhfr ds [k.M 4-1 ds ekeysesa daiuh us uhfr dh leh{kk dh vkSj 28-11-2014 dks vk;ksftr 60 oÈ cSBd esa cksMZ }kjk ikfjr çLrkoksa dks 'kkfey djusds fy, [k.M 4 vkSj 5 esa mfpr la'kksèku fd,A

uhfr ds [k.M 7 esa la'kksèku fd;k x;k gS rkfd daiuh vfèkfu;e dh vuqlwph VII ds vuqlkj ;ksX; lh,lvkj xfrfofèk;ksadks 'kq: djus okyh ,tsafl;ksa ij fopkj dj lds vkSj iwathxr cqfu;knh <kaps vkSj ljdkjh lzksrksa ls ifjpkyu O;;ksa ds fy,leFkZu çkIr dj ldsA

la'kksfèkr lh,lvkj uhfr daiuh dh osclkbV ij j[kh xÃ gSA

gLrk{kjfnukad % 27-04-18 fV- ,y- vyesywLFkku % ubZ fnYyh lh bZ vks vkSj vè;{k ,oa izcaèk funs'kd

vè;{k lh,lvkj lfefr

154

Annexure 3

MANAGEMENT REPORT

In accordance with Part IV of Schedule B of the Insurance Regulatory and Development Authority of

India (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations

2002, the Management of the Company hereby:

1. Confirms that the Registration Number 126 granted by the IRDA continues to be valid.

2. Certifies that all dues payable to the Statutory Authorities have been duly paid.

3. Confirms that the shareholding pattern and any transfer of shares during the year are in accordance

with the Statutory or Regulatory requirements.

4. Declares that the management has not directly or indirectly invested outside India the funds of

the holders of policies issued in India.

5. Confirms that the Company has maintained the required Solvency Margin.

6 Certifies that the value of all the assets have been reviewed on the date of the Balance Sheet and

that in our belief, the assets set forth in the Balance Sheet are shown in the aggregate at amounts

not exceeding their realizable or market value under the several headings - "Loans", "Investments"

"Agents balances", "Outstanding Premium", "Interest Dividends and Rent outstanding", "Interest

Dividends and Rent accruing but not due", "Amounts due from other persons or Bodies carrying

on insurance business", "Sundry Debtors", "Bills Receivable", "Cash" and the several items specified

under "Other Accounts".

7. Confirms that the Company's risk exposure under "National Agricultural Insurance Scheme

(NAIS)" is adequately limited by the provisions of the scheme, which restricts the Company's

liability to 100% of the Premium for Food Crops & Oilseeds for all normal coverage as per the

provision of the Scheme. Adequate provision in respect of the Company's share of Claims has

been made in the accounts, as per the Actuarial Certificate. Appropriate reinsurance has been

arranged in respect of Pradhan Mantri Fasal Bima Yojna (PMFBY), Weather Based Crop Insurance

Scheme (WBCIS), Modified National Agricultural Insurance Scheme (MNAIS), Company's own

products and Annual Commercial & Horticulture crops & additional coverage of Food Crops and

Oilseeds under NAIS.

8. Certifies that the Company does not operate outside India.

9. Ageing of Claims indicating the trends in average Claim settlement (in respect of total liability as per

the provision of the Scheme including Company's and Central & State/UTs Government's liability) time

during the preceding five years is presented below:-

155

vuqcaèk&3

izcUèku izfrosnu

chek fofu;ked vkSj fodkl izkfèkdj.k ¼chek dEifu;ksa ds foÙkh; fooj.k vkSj ys[kkijh[kd dh fjiksVZ rS;kj djuk½ fofu;e] 2002dh vuqlwph ^[k* ds Hkkx IV ds vuqlkj] dEiuh izcUèku ,rn~ }kjk%

1- iqf"V djrk gS fd vkbZvkjMh, }kjk iznÙk iathdj.k la[;k 126 vc Hkh oSèk gSA

2- izekf.kr djrk gS fd lkafofèkd izkfèkdj.kksa dks ns; lHkh cdk;ksa dk fofèkor Hkqxrku dj fn;k x;k gSA

3- iqf"V djrk gS fd 'ks;j èkkj.k iSVuZ vkSj o"kZ ds nkSjku 'ks;jksa dk dksbZ Hkh varj.k lkafofèkd vFkok fofu;ked vis{kkvksa dsvuq:i fd;k x;k gSA

4- ?kks"k.kk djrk gS fd izcaèku us Hkkjr esa tkjh dh xbZ ikWfylh èkkjdksa dh fufèk;ksa dks Hkkjr ds ckgj u rks izR;{k :i ls vkSju gh ijks{k :i ls fuos'k fd;k gSA

5- iqf"V djrk gS fd dEiuh us visf{kr _.k 'kksèku {kerk cukbZ gqbZ gSA

6- izekf.kr djrk gS fd rqyu&i= dh rkjh[k dks lHkh ifjlEifÙk;ksa ds ewY; dh leh{kk dj yh xbZ gS vkSj ;g fd gekjsfo'okl ls rqyui= esa fn[kkbZ xbZ ifjlEifÙk;ksa dh jkf'k lexz :i ls mudh olwyh ;ksX; ewY; vFkok cktkj ewY; lsvfèkd ugh gS vkSj bUgsa fofHkUu 'kh"kks±&^^_.k**] ^fuos'k**] ^,tsUV~l** ds ikl 'ks"k jkf'k**] ^cdk;k izhfe;e**] ^C;kt**] ykHkka'kvkSj cdk;k fdjk;k] C;kt] ykHkka'k vkSj mixr fdjk;k] ijUrq tks ns; u gks**] vU; O;fDr;ksa vFkok fudk;ksa] tks chek dkdkjksckj djrs gSa] ls ns; jkf'k;k¡**] ^fofoèk nsunkj**] ^izkIr djus ;ksx; fcy**] ^udn**] vkSj ^vU; ys[kksa** ds vUrxZr fofufnZ"Vvusd enksa ds vUrxZr n'kkZ;k x;k gSA

7- iqf"V djrk gS fd ^jk"Vªh; d`f"k chek ;kstuk ¼jk-d`-ch-;ks½ ds vUrxZr dEiuh dk tksf[ke ;kstuk ds izkoèkkuksa }kjk i;kZIr:i ls lhfer gS ftlls ;kstuk ds izkoèkku ds vuqlkj [kk|kUu Qlyksa vkSj fryguksa] ds lHkh lkekU; dojst ds fy, dEiuhdh ns;rk dks izhfe;e] ds 100 izfr'kr rd izfrcfUèkr fd;k x;k gSA nkoksa esa dEiuh dh fgLlsnkjh ds ckjs esa] chekadh;izek.k&i= ds vuqlkj ys[kksa esa i;kZIr izkoèkku fd;k x;k gSA iz/kku ea=h Qly chek ;kstuk ¼ih,e,QchokbZ½ekSle vkèkkfjrQly chek ;kstuk ¼M~CyqchlhvkbZ,l½] la'kksfèkr jk"Vªh; d`f"k chek ;kstuk ¼la-jk-d`-ch-;ks-½] dEiuh ds futh mRiknksa vkSjjk-d`-ch-;ks- ds varxZr okf"kZd okf.kfT;d vkSj ckxckuh Qly ,oa [kk|kUu Qlyksa vkSj fryguksa ds vfrfjDr vkoj.k dsfy, leqfpr iquchZek djus dh O;oLFkk dh xbZ gSA

8- izekf.kr djrk gS fd ;g dEiuh Hkkjr ds ckgj dk;Z ugha djrh gSA

9- foxr ikap o"kks± ds nkSjku vkSlr nkok fuiVku ¼dEiuh vkSj dsUnzh; jkT;@la?k 'kkflr ljdkjksa dh ns;rkvksa lfgr;kstuk ds izkoèkku ds vuqlkj lewph ns;rk ds lEcUèk esa½ izo`fÙk;ka dks n'kkZrs gq, nkoksa dh le;kofèk uhps izLrqr dhxbZ gS%

156

Mar-18 No. of Claims / 1184215 696107 2583819 1584078 9902 6058121(No. of farmers)

Amount Involved 93266 113905 275504 97976 11 580662(Rs in lakh)









10. Certifies that the value of Investments, Stocks and Shares, as shown in the Balance Sheet havebeen arrived at as stated in the "Significant Accounting Policies" (No. 5).

11. Certifies that the review of quality and performance of Investments, is as mentioned in the "Notesforming part of Accounts" (No.9). No loans except loans to staff members have been granted bythe Company.

12. Confirms that:-

(i) In the preparation of Financial Statements, the applicable Accounting Standards, Principlesand Policies have been followed along with proper explanations for material departures ifany;

(ii) Except for certain changes made in Significant Accounting Policies mentioned in Note 9.6(i), (ii), (iii) and (iv), the Management has adopted Accounting Policies and applied themconsistently (including those specifically required by various IRDA Regulations) and madejudgments and estimates, that are reasonable and prudent, so as to give a true and fairview of the state of affairs of the Company at the end of the Financial Year and of the Profitof the Company for the year;

Financial Particulars 30 days; 30 days to 6 months 1 year to 5 years TotalYear 6 months; to 1 year; 5 years and above

157

foÙkh; fooj.k 30 fnu 30 fnu ls 6 ekg ls 1 o"kZ ls 5 5 o"kZ vkSj dqyo"kZ 6 ekg rd 1 o"kZ rd o"kZ rd mlls vfèkd

ekpZ&18 nkoksa dh la[;k@ 1184215 696107 2583819 1584078 9902 6058121

¼fdlkuksa dh la[;k½

jkf'k 'kkfey 93266 113905 275504 97976 11 580662

¼#i;s yk[kksa esa½

ekpZ&17 nkoksa dh la[;k@ 192058 3088518 10982584 538563 149 14801872¼fdlkuksa dh la[;k½

jkf'k 'kkfey 58811 361033 1174793 71660 19 1666316¼#i;s yk[kksa esa½






jkf'k 'kkfey 37139 414543 180713 16290 0 648685

¼#i;s yk[kksa esa½

10- izekf.kr djrk gS fd rqyu&i= esa n'kkZ,] x, fuos'kks] LVkWd vkSj 'ks;jksa dk ewY; ^egRoiw.kZ** ys[kkadu uhr;ksa** ¼la[;k 5½

esa mfYyf[kr ds vuqlkj fudkyk x;k gSA

11- izekf.kr djrk gS fd fuos'kksa dh xq.koÙkk vkSj fu"iknu dh leh{kk ^^ys[kkvksa esa lekfo"V fVIif.k;ka** ¼la[;k 9½ esa ;Fkk

mfYyf[kr ds vuqlkj dh xbZ gSA dEiuh }kjk] LVkQ lnL;ksa dks _.k ds vykok dksbZ _.k ugha fn;k x;k gSA

12- iqf"V djrk gS fd%&

¼i½ foÙkh; fooj.k rS;kj djus esa] ;fn Hkkjh cnyko fd;k x;k gks rks mfpr Li"Vhdj.kksa ds lkFk&lkFk vuqes;

ys[kkadu ekudksa] fl)kUrksa vkSj uhfr;ksa dks viuk;k x;k gSA

¼ii½ fVIi.kh 9-6 ¼i½] ¼ii½] ¼iii½ vkSj ¼iv½ esa mfYyf[kr mYys[kuh; ys[kkadu uhfr;ksa esa fd, x, dqN ifjorZuksa ds vykok]

izcaèku us ys[kkadu uhfr;kas dks viuk;k gS rFkk mudk fujarj iz;ksx fd;k gS ¼ftlesa os Hkh 'kkfey gSa tks fofHkUu

vkbZvkjMh, fofu;eksa }kjk fofufnZ"V :i ls visf{kr gSa½ rFkk ,slk fu.kZ; vkSj vuqeku yxk;k gS] tks rdZlaxr vkSj

foosdiw.kZ gS] ftlls fd foÙkh; o"kZ dh lekfIr ij daiuh ds dk;ks± dh fLFkfr rFkk o"kZ ds fy, daiuh ds ykHk

dk ,d lR; vkSj mfpr n`f"Vdks.k is'k dh tk lds(

158

(iii) The Management has taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the applicable provisions of the Insurance Act 1938(4 of 1938)/Companies Act 2013 (1 of 2013) for safeguarding the assets of the companyand for preventing and detecting fraud and other irregularities;

(iv) The Management has prepared the Financial Statements on a "Going Concern" basis;

(v) Even though the Management has ensured that an internal audit system commensuratewith the size and nature of the business exists and is operating effectively, the process ofstrengthening it further would be undertaken during the current Financial Year.

13. Certifies that no payment has been made to individuals, firms, companies and organizations inwhich the Directors of the Company are interested.

S.No Name of Entity in which Interested as Amount of paymentthe Director he is interested during the Financial Year

(Rs. in lakhs)

NIL NIL NIL NIL NIL

Kanika Sharma Shandil Avinanda GhoshCompany Secretary GM & CFOPAN: BBDPS3656K PAN: AFSPG8954Q

K.N.Bhandari Alice G. Vaidyan T. L. AlameluDirector Director Chairman-cum-Managing DirectorDIN: 00026078 DIN: 07394437 DIN: 07628279

Place: New DelhiDate: 27.04.2018

159

¼iii½ izcaèku us daiuh dh ifjlEifÙk;ksa dh lqj{kk ds fy, rFkk èkks[kkèkM+h vkSj vU; vfu;ferrkvksa dk fuokj.k djus vkSj

mudk irk yxkus ds fy, chek vfèkfu;e] 1938 ¼1938 dk 4½@daiuh vfèkfu;e] 2013 ¼2013 dk 1½ ds ykxw

izko/kkuksa ds vuqlkj i;kZIr ys[kkadu fjdkMks± dk vuqj{k.k djus ds iz;kstukFkZ leqfpr vkSj i;kZIr lkoèkkuh cjrh gSa(

¼4½ izcUèku us ^^ykHkdkjh izfr"Bku** ds vkèkkj ij foÙkh; fooj.k rS;kj fd, gSaA

¼5½ ;|fi izcUèku us ;g lqfuf'pr fd;k gS fd ,d vkarfjd ys[kkijh{kk iz.kkyh ekStwn gS] tks dkjksckj ds vkdkj vkSj

izd`fr ds vuq:i gS rFkk izHkkoh <ax ls dk;Z dj jgh gS] orZeku foÙkh; o"kZ esa bls vkSj lqn`<+ cukus dh izfØ;kdh tk,xhA

13- izekf.kr djrk gS fd ,sls O;fDr;ksa] QeksZ] dEifu;ksa vkSj laxBuksa] ftuesa dEiuh ds funs'kdksa dh #fp gS] dks dksbZ Hkqxrkuugha fd;k x;k gSA

Øe funs'kd dk dEiuh] ftlesa fdl #i esa fofÙk; o"kZ ds nkSjku Hkqxrkula[;k uke mldh :fp gS #fp j[krs gSa dh xbZ jkf'k ¼#i;s yk[k esa½

(#i;s yk[kksa esa)

'kwU; 'kwU; 'kwU; 'kwU; 'kwU;

dfudk 'kekZ 'kkafMY; vfHkuUn ?kks"kdEiuh lfpo egkizcaèkd ,oa lh,Qvksisu % chchMhih,l3656ds isu % ,,Q,lihth8954D;q

ds- ,u- HkaMkjh ,fyl th- oS|u fV-,y vyesywfuns'kd funs'kd vè;{k&,oa&izcUèk funs'kdMhvkbZ,u 00026078 MhvkbZ,u 07394437 MhvkbZ,u 07628279


160

Agriculture Insurance Company of India Limited"Ambadeep" (13th Floor), 14, Kasturba Gandhi Marg, New Delhi- 110001

REGISTRATION NO. 126(DATE OF REGISTRATION WITH IRDA: OCTOBER 30, 2003)

REVENUE ACCOUNT FOR THE YEAR ENDED 31.03.2018CROP INSURANCE BUSINESS

Sl. Particulars Schedule Current Year Previous YearNo. 31.03.18 31.03.17

(Rs. '000) (Rs. '000)

1 Premium Earned (Net) 1 17795232 200298202 Profit/Loss on Sale/Redemption of Investments 39983 18503 Others:-

a) Accretion of Discount on Investments 488557 46461b) Income from administration of outgoing 0 143232Co-insurance Business

4 Interest, Dividend & Rent -Gross 3179343 2681865TOTAL (A) 21503115 22903228

1 Claims Incurred (Net) 2 18192295 239921722 Commission 3 (5405100) (5944947)3 Operating Expenses related to Insurance Business 4 1634097 16666744 Premium Deficiency 0 05 Bank Interest 2725 385466 Expenses related to Investments :

a) Amortization of Premium on Investments 42344 21036b) Bank Charges 7 4c) Stock Holding Charges 2716 1375d) Other Expenses 56 33

TOTAL (B) 14469140 19774893Operating Profit from Crop Insurance Business C=(A-B) 7033975 3128335APPROPRIATIONSTransfer to Shareholders' Account 7033975 3128335Transfer to Catastrophe Reserve 0 0Transfer to Other Reserves 0 0

TOTAL 7033975 3128335

(1) As required by Section 40 C (2) of the Insurance Act, 1938, we certify that to the best of our knowledge and belief allExpenses of Management, wherever incurred, whether directly or indirectly in respect of Crop Insurance Businesshave been fully debited in the Revenue Account as expenses in accordance with Accounting Policy No.6.

(2) Accounting Policies and Notes on Accounts are as per Annexure-1 & 2 respectively.


K.N.Bhandari Alice G. Vaidyan T. L. AlameluDirector Director Chairman-cum-DIN: 00026078 DIN: 07394437 Managing Director

DIN: 07628279

for M/s Bhasin Raghavan & Co. for M/s P.R.Mehra & Co.Chartered Accountants Chartered AccountantsFirm Regn. No. 000197N Firm Regn. No. 000051NVikram Singh Swinder KumarPartner PartnerM.No. 093458 M.No. 014211Place: New DelhiDate: 27.04.2018

161

,xzhdYpj ba';ksjsal dEiuh vkWQ bafM;k fyfeVsM^^vEcknhi** ¼13oha eafty½] 14] dLrwjck xk¡èkh ekxZ] ubZ fnYyh& 110001

iathdj.k la[;k 126vkbZvkjMh, ds lkFk iathdj.k dh rkjh[k 30 vDVwcj] 200331-03-2018 dks lekIr o"kZ ds fy, jktLo [kkrk

Qly chek dkjksckjØe fooj.k vuqlwph pkyw o"kZ xr o"kZla- 31-03-18 31-03-17

¼#- ^000½ ¼#- ^000½

1 vftZr izhfe;e ¼fuoy½ 1 17795232 200298202 fuos'kksa dh fcØh @izfrnku ij ykHk@gkfu 39983 18503 vU;

¼d½ fuos'k ij vfHko`f) dk izR;k;u 488557 46461¼[k½ czká lg&chek O;oLFkk ds iz'kklu ls vk; 0 143232

4 C;kt] ykHkka'k o ldy fdjk;k 3179343 2681865dqy (d) 21503115 22903228

1 mixr nkos ¼fuoy½ 2 18192295 239921722 deh'ku 3 (5405100) (5944947)3 chek dkjksckj ls lEcfUèkr ifjpkyu O;; 4 1634097 16666744 izhfe;e esa deh 0 05 cSad C;kt 2725 385466 fuos'k ls lacafèkr O;; :

d) fuos'k ij izhfe;e dk ifj'kksèku 42344 21036[k) cSad izHkkj 7 4x) LVkd gksfYMax izHkkj 2716 1375?k) vU; O;; 56 33

dqy ([k) 14469140 19774893Qly chek dkjksckj ls izpkyu ykHk x = ¼d&[k½ 7033975 3128335fofu;kstu'ks;j èkkjdksa ds [kkrksa esa varj.k 7033975 3128335vkink lap; esa varj.k 0 0vU; lap;ksa esa varj.k 0 0

dqy 7033975 3128335

¼1½ chek vfèkfu;e 1938 dh èkkjk 40 x ¼2½ ds vuqlkj] ge izekf.kr djrs gSa fd gekjh loksZÙke tkudkjh vkSj fo'okl ds vuqlkj izcaèkuds lHkh O;; tgk¡ Hkh fd;s x;s gSa] pkgs Qly chek dkjksckj ls izR;{k ;k ijks{k :i ls lEcfUèkr gksa] dks iwjh rjg ls jktLo ys[kk esays[kkadu uhfr la- 6 ds vuqlkj O;;ksa ds :i esa MsfcV dj fn;k x;k gSA

¼2½ [kkrs dh ys[kkadu uhfr;ksa vkSj fVIif.k;ka Øe'k% vuqcaèk&1 vkSj 2 vuqlkj gSA

dfudk 'kekZ 'kkafMY; vfHkuUn ?kks"kdEiuh lfpo egkizcaèkd ,oa lh,Qvksisu % chchMhih,l3656ds isu % ,,Q,lihth8954D;qds- ,u- HkaMkjh ,fyl th- oS|u fV-,y- vyesywfuns'kd funs'kd vè;{k&,oa&izcUèk funs'kdMhvkbZ,u 00026078 MhvkbZ,u 07394437 MhvkbZ,u 07628279

d`rs eSa- Hklhu jk?kou ,.M dEiuh d`rs eS- ih-vkj esgjk ,.M da-pkVZMZ ,dkmaVsaV~l pkVZMZ ,dkmaVsaV~lQeZ jft- ua- 000197,u QeZ jft- ua- 000051,u

foØe flag lfoUnz dqekjHkkxhnkj HkkxhnkjlnL;rk la- 093458 ,e la- 014211LFkku % ubZ fnYyhfnukad % 27-04-2018

162



PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31.03.2018CROP INSURANCE BUSINESS


(Rs. '000) (Rs. '000)

1. OPERATING PROFIT/(LOSS)Crop Insurance Business 7033975 3128335

2. INCOME FROM INVESTMENTSa) Interest,Dividend & Rent-Gross 1383010 1886081

b) Profit on Sale of Investments 18202 11464

Less: Loss on Sale of Investments (810) (10163)

c) Accretion of Discount on Investments 212521 32675

3. OTHER INCOMEa) Miscellaneous Receipts 85015 22882

b) Profit on Sale of Assets 286 63

c) Prior Period Income 10125 0

TOTAL (A) 8742324 5071337

4. PROVISIONS (other than Taxation)a) For dimunition in the value of Investments 0 0

b) For Doubtful Debts 21242 0

c) On Standard Assets (180665) 41628

5. OTHER EXPENSESa) Expenses other than those related to insurance business 0 0

i) Amortisation of Premium on Investments 18419 14794

ii) Stock Holding Charges 1181 967

iii) Bank Charges- Investment 3 3

iv) Other Expenses related to investment 24 23

b) Bad Debts written off 0 0

c) Others

i) Loss on Sale of Assets 0 3170

ii) Preliminary Expenses Written off 0 0

iii) Prior Period Expenses 449 32

iv) Wealth Tax 0 0

v) Corporate Social Responsibility 83210 139889

vi) Others 0 5

TOTAL (B) (56137) 200511

PROFIT BEFORE TAX (C=A-B) 8798461 4870826

163


iathdj.k la[;k 126vkbZvkjMh, ds lkFk iathdj.k dh rkjh[k 30 vDVwcj] 2003

jktLo [kkrk 31-03-2018 dks lekIr o"kZ ds ykHk vkSj gkfu dk ys[kkQly chek dkjksckj

Øe fooj.k vuqlwph pkyw o"kZ xr o"kZla- 31-03-18 31-03-17

¼#- ^000½ ¼#- ^000½

1. ifjpkyu ykHk @ ¼gkfu½Qly chek dkjksckj 7033975 3128335

2. fuos'k ls vk;d) C;kt] ykHkka'k vkSj fdjk;k&ldy 1383010 1886081

[k) fuos'kksa dh fcØh ij ykHk 18202 11464

de % fuos'k dh fcØh ij gkfu (810) (10163)

x) fuos'k ij NwV dh vfHko`f) 212521 32675

3. vU; vk;d) fofoèk izkfIr;k¡ 85015 22882

[k) ifjlEifÙk;ksa dh fcØh ij ykHk 286 63

x) iwoZ vofèk dh vk; 10125 0

dqy (d) 8742324 5071337

4. izkoèkku ¼djkèkku ds vykok½d) fuos'kksa ds ewY; dk voewY;u 0 0

[k) lafnXèk _.kksa ds fy, izkoèkku 21242 0

x) ekud ifjlEifÙk ij (180665) 41628

5. vU; O;;d) O;; tks chek dkjksckj ls lEcfUèkr ugha gSa 0 0

i) fuos'kksa ij izhfe;e dk ifj'kksèku 18419 14794

ii) LVkWd gksfYMax izHkkj 1181 967

iii) cSad izHkkj & fuos'k 3 3

iv) fuos'k ls lEcfUèkr vU; O;; 24 23

[k) cV~Vs [kkrs Mkys x, v'kksè; _.k 0 0

x) vU;i) ifjlEifÙk;ksa dh fcØh ls gkfu 0 3170

ii) fyf[kr izkjfEHkd O;; 0 0

ii) iwoZ vofèk O;; 449 32

iii) lEifÙk dj 0 0

iv) fuxfer lkekftd ftEesnkjh 83210 139889

v) vU; 0 5

dqy ([k) (56137) 200511

dj iwoZ ykHk (x=d-[k) 8798461 4870826

164

PROVISION FOR TAXATIONa) Income Tax (Current Year) 2936200 1652600

b) Income Tax (Earlier years) (18780) 0

c) Deferred Tax (75647) (19455)

TOTAL (D) 2841773 1633145

PROFIT AFTER TAX (E=C-D) 5956688 3237681

APPROPRIATIONS

a) Interim Dividend paid during the year 0 0

b) Proposed Final Dividend 0 0

c) Dividend Distribution Tax 0 0

d) Transfer to General Reserve 5956688 3237681

TOTAL 5956688 3237681

PROFIT AFTER TAX & APPROPRIATIONS 0 0

Add: Balance of Profit/(Loss) brought forward from 0 0last yearBALANCE CARRIED FORWARD TO BALANCE SHEET 0 0

Basic Earning per Share ( in Rs.) 29.78 16.19

Diluted Earning per Share ( in Rs.) 29.78 16.19

Number of Equity Shares (in thousands) 200000 200000

Nominal Value per Share ( in Rs.) 10.00 10.00



DIN: 07628279

for M/s Bhasin Raghavan & Co. for M/s P.R.Mehra & Co.Chartered Accountants Chartered AccountantsFirm Regn. No. 000197N Firm Regn. No. 000051N

Vikram Singh Swinder KumarPartner PartnerM.No. 093458 M.No. 014211



(Rs. '000) (Rs. '000)

165


¼#- ^000½ ¼#- ^000½

djkèkku dk izkoèkku

d) vk;dj (pkyw o"kZ) 2936200 1652600

[k) vk;dj (xr o"kZ) (18780) 0

[k) vkLFkfxr dj (75647) (19455)

dqy (x) 2841773 1633145

dj i'pkr ykHk ¼M+ = x&?k½ (M=x-?k) 5956688 3237681

fofu;ksx

d) o"kZ ds nkSjku varfje ykHkka'k dk Hkqxrku 0 0

[k) izLrkfor vfUre ykHkka'k 0 0

x) ykHkka'k forj.k dj 0 0

?k) lkekU; vkjf{kr dks"k esa varj.k 5956688 3237681

dqy 5956688 3237681

dj i'pkr ykHk vkSj fofu;ksx 0 0

tksMsa % xr o"kZ ls vkxs yk;h x;h ykHk@gkfu dh 'ks"k jkf'k 0 0

rqyu i= esa vkxs yk;h x;h 'ks"k jkf'k 0 0

izfr'ks;j vkèkkjHkwr vtZu ¼#- esa½ 29.78 16.19

izfr'ks;j ifj'kksfèkr vtZu ¼#- esa½ 29.78 16.19

bfDoVh 'ks;j dh la[;k 200000 200000

izfr'ks;j vafdr ewY; ¼#- esa½ 10.00 10.00


ds- ,u- HkaMkjh ,fyl th- oS|u fV-,y- vyesywfuns'kd funs'kd vè;{k&,oa&izcUèk funs'kdMhvkbZ,u 00026078 MhvkbZ,u 07394437 MhvkbZ,u 07628279

d`rs Hklhu jk?kou ,.M dEiuh d`rs eS- ih-vkj esgjk ,.M da-pkVZMZ ,dkmaVsaV~l pkVZMZ ,dkmaVsaV~lQeZ jft- ua- 000197 ,u QeZ jft- ua- 000051 ,u

foØe flag lfoUnz dqekjHkkxhnkj HkkxhnkjlnL;rk la- 093458 ,e la- 014211


166



BALANCE SHEET AS AT 31ST MARCH, 2018CROP INSURANCE BUSINESS

Sl. Particulars Schedule Current Year Previous Year

No. 31.03.18 31.03.17(Rs. '000) (Rs. '000)

A SOURCES OF FUNDS1 Share Capital 5 2000000 20000002 Reserves & Surplus 6 33629301 276726133 Fair Value Change Account

(a) Fair Value Change Account (Shareholders) 55711 39680(b) Fair Value Change Account (Policyholders) 128072 56842

4 Deferred Tax Liability (Net) 0 05 Borrowings 7 0 0

TOTAL 35813084 29769135B APPLICATION OF FUNDS1 Investments

(a) Investments (Shareholders) 8 23062712 30781199(b) Investments (Policyholders) 8A 53018025 44094008

2 Loans 9 93899 490293 Fixed Assets 10 2304149 10482784 Deferred Tax Asset (Net) 75732 865 Current Assets:

(a) Cash & Bank Balances 11 26491277 12702509(b) Advances & Other Assets 12 29293764 28653769

Sub- Total (A) 55785041 413562786 Current Liabilities 13 88693161 783067487 Provisions 14 9833313 9252995

Sub-Total (B) 98526474 87559743Net Current Assets (C) = (A) - (B) (42741433) (46203465)

8 Miscellaneous Expenditure 15 0 0(to the extent not written off or adjusted)

9 Debit Balance in Profit and Loss Account 0 0TOTAL 35813084 29769135



DIN: 07628279




167


iathdj.k la[;k 126bjMk ds lkFk iathdj.k dh rkjh[k 30 vDVwcj] 2003

31 ekpZ 2018 dk rqyu i=]Qly chek dkjksckj


¼#- ^000½ ¼#- ^000½

d fufèk;ksa ds lzksr1 'ks;j iw¡th 5 2000000 20000002 vkj{k.k ,oa vfèk'ks"k 6 33629301 276726133 mfpr ewY; ifjorZu ys[kkd mfpr ewY; ifjorZu ys[kk ¼'ks;j/kkjd½ 55711 39680[k mfpr ewY; ifjorZu ys[kk ¼ikWfylh/kkjd½ 7 128072 568424 vkLFkfxr dj ns;rk ¼fuoy½ 0 05 m/kkj 0 0

dqy 35813084 29769135[k fufèk;ksa dk vuqiz;ksx1 fuos'k

¼d½ fuos'k ¼'ks;j /kkjd½ 8 vkSj 23062712 30781199¼[k½ fuos'k ¼ikWfylh /kkjd½ 8 d 53018025 44094008

2 _.k 9 93899 490293 LFkk;h ifjlEifÙk;k¡ 10 2304149 10482784 vkLFkfxr dj ifjlEifÙk;k¡ (fuoy) 75732 865 pkyw ifjlEifÙk;k¡ :(d) udn ,oa cSad cdk;k 11 26491277 12702509([k) vfxze vkSj vU; ifjlEifÙk;k¡ 12 29293764 28653769

mi&tksM+ (d) 55785041 41356278

6 pkyw ns;rk,¡ 13 88693161 783067487 izkoèkku 14 9833313 9252995

mi&tksM+ ([k) 98526474 87559743

fuoy pkyw ifjlEifÙk;k¡ (x) = (d) - ([k) (42741433) (46203465)8 fofoèk O;; 15 0 0

(cV~Vs [kkrs esa Mkys x, vFkok lek;ksftr u fd, tkus dh lhek rd)9 ykHk vkSj gkfu ys[kk esa cdk;k tek 0 0

dqy 35813084 29769135

dfudk 'kekZ 'kkafMY; vfHkuUn ?kks"kdEiuh lfpo egkizcaèkd ,oa lh,Qvksisu % chchMhih,l3656ds isu % ,,Q,lihth8954D;qds- ,u- HkaMkjh ,fyl th- oS|u fV-,y- vyesywfuns'kd funs'kd vè;{k&,oa&izcUèk funs'kdMhvkbZ,u 00026078 MhvkbZ,u 07394437 MhvkbZ,u 07628279d`rs Hklhu jk?kou ,.M dEiuh d`rs eS- ih-vkj esgjk ,.M da-pkVZMZ ,dkmaVsaV~l pkVZMZ ,dkmaVsaV~lQeZ jft- ua- 000197 ,u QeZ jft- ua- 000051 ,ufoØe flag lfoUnz dqekjHkkxhnkj HkkxhnkjlnL;rk la- 093458 ,e la- 014211LFkku % ubZ fnYyhfnukad % 27-04-2018

168

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31.03.2018

SCHEDULE 1 : PREMIUM EARNED (NET)

Particulars Current Year Previous Year31.03.18 31.03.17

(Rs. '000) (Rs. '000)

Premium from Direct Business written 78933901 69795611

Add: Premium on Reinsurance Accepted 29556 87022

Less: Premium on Reinsurance Ceded 61152165 52103463

Net Premium 17811292 17779170

Adjustment for change in Reserve for Unexpired Risks (16060) 2250650

TOTAL PREMIUM EARNED (NET) 17795232 20029820

SCHEDULE 2 : CLAIMS INCURRED (NET)


(Rs. '000) (Rs. '000)

Claims Paid - Direct 45772667 27609536

Add: Reinsurance Accepted (1374) 60194

Less: Reinsurance Ceded 31232058 10706931

Net Claims paid 14539235 16962799

Add: Claims Outstanding at the end of the Year 145883794 108486297

Add: Reinsurance Accepted 0 16393


Net Claims Outstanding at the end of the Year 37372479 33719420

Less: Claims Outstanding at the beginning 108486296 52326983

Add: Reinsurance Accepted 16393 0


Net Claims Outstanding at the beginning 33719419 26690047

Gross Incurred Claims 83170165 83768850

Add: Reinsurance Accepted (17767) 76587


TOTAL CLAIMS INCURRED 18192295 23992172

169

31-03-2018 dks lekIr vofèk ds fy,

foÙkh; fooj.kksa esa lfEefyr vuqlwfp;k¡

vuqlwph&1 vftZr izhfe;e ¼fuoy½

fooj.k pkyw o"kZ xr o"kZ31-03-18 31-03-17¼#- ^000½ ¼#- ^000½

izR;{k fyf[kr dkjksckj ls izhfe;e 78933901 69795611

tksMas% Lohd`r iquchZek izhfe;e 29556 87022

?kVk,¡% vfiZr iquchZek ij izhfe;e 61152165 52103463

fuoy izhfe;e 17811292 17779170

vlekIr tksf[ke ds fy, vkj{k.k esa ifjorZu ds fy, lek;kstu (16060) 2250650

dqy vftZr izhfe;e ¼fuoy½ 17795232 20029820

vuqlwph&2 % mixr nkos ¼fuoy½


Hkqxrku fd, x, nkos & izR;{k 45772667 27609536

tksMsa % Lohd`r iquchZek (1374) 60194

?kVk,a % varfjr iquchZek 31232058 10706931

Hkqxrku fd, x, fuoy nkos 14539235 16962799

tksMsa % o"kZ ds var esa cdk;k nkos 145883794 108486297

tksMsa % Lohd`r iquchZek 0 16393


o"kZ ds var esa cdk;k fuoy nkos 37372479 33719420

?kVk,a % vkjEHk esa cdk;k nkos 108486296 52326983

tksMsa % Lohd`r iquchZek 16393 0


o"kZ ds vkjEHk esa cdk;k fuoy nkos 33719419 26690047

ldy mixr nkos 83170165 83768850

tksMsa % Lohd`r iquchZek (17767) 76587


dqy mixr nkos 18192295 23992172

170

SCHEDULE 3 : COMMISSION


(Rs. '000) (Rs. '000)

Commission Paid - Direct 86432 33247Add: Commission on Reinsurance Accepted 7287 21293Less: Commission on Reinsurance Ceded 5498819 5999487

NET COMMISSION (5405100) (5944947)

Break- up of the expenses (gross) incurred to procure business are furnished below:

Agents 0 0Brokers 67052 26656Corporate Agency 0 0Others:a) Micro Insurance Agents/NGO's 12035 5372b) Reimbursement to GIPSA Companies (Coinsurance-Tie Up) 0 1219c) Insurance Commission to Common Service Centre (CSC) 7345 0

TOTAL 86432 33247

SCHEDULE 4 : OPERATING EXPENSES RELATED TO INSURANCE BUSINESS

Sl. Particulars Current Year Previous YearNo. 31.03.18 31.03.17

(Rs. '000) (Rs. '000)

1 Employees' Remuneration & Welfare benefits 429703 3571102 Travel, Conveyance & Vehicle Running Expenses 38447 354573 Training Expenses 3450 20174 Rent, Rates & Taxes 111238 986505 Repairs 10805 95056 Printing & Stationery 7184 117937 Communication 7723 88638 Legal & Professional charges 24023 85539 Auditor's fees, expenses etc.a) as Auditor 4688 2941b) as Advisor or in any other capacity, in respect of(i) Taxation matters 0 0(ii) Insurance matters 0 0(iii) Management Services 0 0c) in any other capacity 0 010 Advertisement & Publicity 31105 2802811 Fees & Subscription to Statutory Authorities 25331 2177112 Interest & Bank Charges 9966 210513 Research & Development Expenses 2303 246614 EDP 173060 25335215 Depreciation 120207 12108116 Service charges to Banks/FI's 520593 64611517 Others 114271 56867

TOTAL 1634097 1666674

171

vuqlwph&3 deh'ku


Hkqxrku fd;k x;k deh'ku&izR;{k 86432 33247tksMsa % Lohd`r iquchZek ij deh'ku 7287 21293?kVk,a % varfjr iquchZek ij deh'ku 5498819 5999487

fuoy deh'ku (5405100) (5944947)dkjksckj vfèkxzg.k djus ds fy, mixr O;; ¼ldy½ dk C;kSjk uhps fn;k x;k gS

vfHkdrkZ 0 0nyky 67052 26656dkikZsjsV ,tsalh 0 0vU;%d½ lw{e chek vfHkdrkZ@xSj ljdkjh laxBu 12035 5372[k½ ftIlk dEifu;ksa dks izfriwfrZ ¼lgchek&VkbZvi½ 0 1219x½ chek vk;ksx lkekU; lsok dsUnz ds fy, chek deh'ku ¼lh,llh½ 7345 0

dqy ¼[k½ 86432 33247

vuqlwph&4 chek dkjksckj ds lEcUèk esa ifjpkyu O;;

Ø- fooj.k pkyw o"kZ xr o"kZla- 31-03-18 31-03-17

¼#- ^000½ ¼#- ^000½

1 deZpkfj;ksa dks ikfjJfed vkSj dY;k.k ykHk 429703 3571102 ;k=k] ifjogu vkSj okgu lapkyu O;; 38447 354573 izf'k{k.k O;; 3450 20174 fdjk;k] njsa vkSj dj 111238 986505 ejEersa 10805 95056 eqnz.k vkSj ys[ku lkexzh 7184 117937 lapkj 7723 88638 fofèkd vkSj O;kolkf;d izHkkj 24023 85539 ys[kkijh{kd dk 'kqYd] O;; vkfnd) ys[kk ijh{kd ds :i esa 4688 2941[k) lykgdkj vFkok vU; fdlh ;ksX; ds lEcUèk esa(i) djkèkku ekeys 0 0(ii) chek ekeys 0 0(iii) izcUèku lsok,a 0 0x) fdlh vU; ;ksX;rk ls 0 010 foKkiu ,oa izpkj 31105 2802811 lkafofèkd izkfèkdj.kksa dks 'kqYd ,oa lnL;rk 25331 2177112 C;kt vkSj cSad izHkkj 9966 210513 vuqlaèkku vkSj fodkl O;; 2303 246614 bZMhih 173060 25335215 ewY;âkl 120207 12108116 cSad@foÙkh; laLFkkuksa ds fy, lsok'kqYd 520593 64611517 vU; 114271 56867

dqy 1634097 1666674

172

SCHEDULE 5 : SHARE CAPITAL


(Rs. '000) (Rs. '000)

1 Authorised Capital

150 crore Equity Shares of Rs.10/- each 15000000 15000000

2 Issued Capital


3 Subscribed Capital


4 Called-up & Paid-up Capital


Less: Calls Unpaid 0 0

Add: Equity Shares forfeited (Amount originally paid-up) 0 0

Less: Par Value of Equity Shares bought back 0 0

Less: Preliminary Expenses 0 0

Expenses including commission or brokerage on underw- 0 0

riting or subscription of shares

TOTAL 2000000 2000000

SCHEDULE 5A : PATTERN OF SHAREHOLDING (AS CERTIFIED BY THE MANAGEMENT)

Sl. Shareholders Current Year Previous Year

No. 31.03.18 31.03.17

Number of % of Number of % of

Shares ('000) Holding Shares ('000) Holding

A. PROMOTERS - INDIAN

1 General Insurance Corporation of India 70000 35% 70000 35%

2 National Bank for Agriculture andRural Development 60000 30% 60000 30%

3 National Insurance Company Ltd.& its nominee 17500 8.75% 17500 8.75%

4 The Oriental Insurance Company Ltd. 17500 8.75% 17500 8.75%

5 United India Insurance Company Ltd. 17500 8.75% 17500 8.75%

6 The New India Assurance Company Ltd.& its nominee 17500 8.75% 17500 8.75%

TOTAL: 200000 100% 200000 100%

B. PROMOTERS - FOREIGN NIL NIL NIL NIL

TOTAL 200000 100% 200000 100%

173

vuqlwph&5 'ks;j iwath


¼#- ^000½ ¼#- ^000½

1 izkfèkd`r iwath10 #i;s izfr nj ls 150 djksM+ bfDoVh 'ks;j 15000000 15000000

2 fuxZr iwath10 #i;s izfr nj ls 20 djksM+ bfDoVh 'ks;j 2000000 2000000

3 vfHknÙk iwath10 #i;s izfr nj ls 20 djksM+ bfDoVh 'ks;j 2000000 2000000

4 ekaxh xbZ vkSj iznÙk iwath10 #i;s izfr nj ls 20 djksM+ bfDoVh 'ks;j 2000000 2000000

?kVk,a % viznÙk ekaxsa 0 0

tksM+sa % tCr fd, x, bfDoVh 'ks;j ¼ewy :i ls iznÙk jkf'k½ 0 0

?kVk,a % [kjhns x, bfDoVh 'ks;jksa dk leewY; 0 0

?kVk,a % izkjfEHkd O;; 0 0

'ks;jksa dh gkehnkjh ;k lnL;rk ij deh'ku vFkok nykyh lfgr O;; 0 0

dqy 2000000 2000000

vuqlwph 5 d % 'ks;j èkkfjrk dk Lo:i ¼tSlk izcUèku }kjk izekf.kr gS½

Ø- 'ks;j èkkjd pkyw o"kZ xr o"kZ

la- 31-03-18 31-03-17

'ks;jksa dh èkkfjrk dk 'ks;jksa dh èkkfjrk dkla[;k ¼#- 000½ % la[;k ¼#- 00 %

d- laoèkZu drkZ&Hkkjrh;

1 Hkkjrh; lkèkkj.k chek fuxe 70000 35% 70000 35%

2 jk"Vªh; d`f"k vkSj xzkeh.k fodkl cSad

¼ukckMZ½ 60000 30% 60000 30%

3 us'kuy ba';ksjsal dEiuh fy- vkSj blds ukferh 17500 8.75% 17500 8.75%

4 fn vksfj,aVy ba';ksjsal dEiuh fy- 17500 8.75% 17500 8.75%

5 ;qukbVsM bafM;k ba';ksjsal dEiuh fy- 17500 8.75% 17500 8.75%

6 fn U;w bafM;k ,';ksjsal dEiuh fy- vkSj 17500 8.75% 17500 8.75%

blds ukfefr

dqy 200000 100% 200000 100%

[k- laoèkZudÙkkZ&fons'kh 'kwU; 'kwU; 'kwU; 'kwU;

dqy 200000 100% 200000 100%

174

SCHEDULE 6 : RESERVES & SURPLUS

Sl. Particulars Current Year Previous Year

No. 31.03.18 31.03.17(Rs. '000) (Rs. '000)

1 Capital Reserve 0 0

2 Capital Redemption Reserve 0 0

3 Share Premium 0 0

4 General Reserves

Opening Balance 27672613 24434932

Add: Profit transferred during the year 5956688 33629301 3237681 27672613

5 Catastrophe Reserve 0 0

6 Other Reserves 0 0

7 Balance of Profit & Loss Account 0 0

TOTAL 33629301 27672613

SCHEDULE 7 : BORROWINGS


(Rs. '000) (Rs. '000)

1 Debentures & Bonds 0 0

2 Banks 0 0

3 Financial Institutions 0 0

4 Others 0 0

TOTAL 0 0

175

vuqlwph&6 vkj{k.k ,oa vfèk'ks"k


¼#- ^000½ ¼#- ^000½

1 iwathxr vkj{k.k 0 0

2 iwath&ekspu vkj{k.k 0 0

3 'ks;j izhfe;e 0 0

4 lkekU; vkj{k.k

izkjfEHkd 'ks"k 27672613 24434932

tksM+s % o"kZ ds nkSjku LFkkukUrfjr ykHk 5956688 33629301 3237681 27672613

5 vkink vkj{k.k 0 0

6 vU; vkj{k.k 0 0

7 ykHk vkSj gkfu ys[kk esa 'ks"k ykHk 0 0

dqy 33629301 27672613

vuqlwph&7 mèkkj jkf'k;ka


¼#- ^000½ ¼#- ^000½

1 _.ki= vkSj vuqca/k 0 0

2 cSad 0 0

3 foÙkh; laLFkk,a 0 0

4 vU; 0 0

dqy 0 0

176

SCHEDULE 8 : INVESTMENTS (SHARE HOLDERS)


(Rs. '000) (Rs. '000)

A. LONG TERM INVESTMENTS

1 Government securities and Government guaranteed 3367394 4910463

bonds including Treasury Bills

2 Other Approved Securities 2774381 3189931

3 Other Investments

(a) Shares

(aa) Equity 834041 853974

(ab) Preference 0 0

(b) Mutual Funds 0 0

(c) Derivative Instruments 0 0

(d) Debentures / Bonds 3111184 2809698

(e) Other Securities 0 0

(f) Subsidiaries 0 0

(g) Investment Properties - Real Estate 0 0

4 Investment in Infrastructure and Social Sector 2232802 2620181

5 Other than Approved Investments 30313 7174

Total (A) 12350115 14391421

B. SHORT TERM INVESTMENTS




3 Other Investments

(a) Shares 0 0

(aa) Equity 0 0

(ab) Preference 0 0









Total (B) 10712597 16389778

GRAND TOTAL (A+B) 23062712 30781199

Note : Market Value of Shareholders and Policyholders Investments on 31.03.2018 76080737 74875207(Includes ammortized Book Value of Investment other than Equity, ETF & Mutual Fund) 71080531 62378526Less: Fair Value Change Account (Shareholders) 55711 39680Less: Fair Value Change Account (Policyholders) 128072 56842Book Value of Shareholders and Policyholders Investments as on 31.03.2018 75896954 74778685

177

vuqlwph&8 fuos'k ¼'ks;j èkkjd½


¼#- ^000½ ¼#- ^000½

¼d½ nh?kZdkfyd fuos'k1 ljdkjh izfrHkwfr;ka vkSj ljdkjh jktLo lfgr xkjaVhd`r ckaM 3367394 4910463

2 vU; vuqeksfnr izfrHkwfr;ka 2774381 3189931

3 vU; fuos'k¼d½ 'ks;j 0 0

¼dd½ bfDoVh 834041 853974

¼d[k½ ojh;rk 0 0

¼[k½ E;qpqvy QaM 0 0

¼x½ O;qRiUu midj.k 0 0

¼?k½ _.k i=@ckaM 3111184 2809698

¼M½ vU; izfrHkwfr;ka 0 0

¼p½ lgk;d 0 0

¼N½ fuos'k lEifÙk;ka&fj;y ,LVsV 0 0

4 volajpuk vkSj lkekftd {ks= esa fuos'k 2232802 2620181

5 vuqeksfnr fuos'kksa ds vykok 30313 7174

mi&tksM+ ¼d½ 12350115 14391421

¼[k½ vYidkfyd fuos'k1 jktdks"k fcy lfgr ljdkjh izfrHkwfr;ka vkSj ljdkjh xkjaVhd`r ckaM 2790369 3440027



¼dd½ bfDoVh 0 0

¼d[k½ ojh;rk 0 0

¼[k½ E;qpqvy QaM 681695 164484


¼?k½ _.k i=@ckaM 802081 1099643

¼M½ vU; izfrHkwfr;ka 6066150 7075942

¼p½ lgk;d 0 0




mi&tksM+ ¼[k½ 10712597 16389778

ldy ¼d$[k½ 23062712 30781199

uksV % 31-03-2018 dks 'ks;j/kkjdksa vkSj ikWfylh/kkjdks ds fuos'kksa dk cktkj ewY; 76080737 74875207

¼bfDoVh] bZVh,Q vkSj E;wpqvy QaM ds vykok fuos'k ds ifj'kksf/kr cgh ewY; lfgr½ 71080531 62378526

?kVk,a % mfpr ewY; ifjorZu ys[kk ¼'ks;j/kkjd½ 55711 39680

?kVk,a % mfpr ewY; ifjorZu ys[kk ¼ikWfylh/kkjd½ 128072 56842

31-03-2018 dks 'ks;j/kkjdksa vkSj ikWfylh/kkjdks ds fuos'kksa dk vafdr ewY; 75896954 74778685

178

SCHEDULE 8A : INVESTMENTS (POLICY HOLDERS)


(Rs. '000) (Rs. '000)

A. LONG TERM INVESTMENTS

1 Government securities and Government guaranteed bonds 7741179 7034229

including Treasury Bills


3 Other Investments

(a) Shares 0 0

(aa) Equity 1917347 1223316

(ab) Preference 0 0









Total (A) 28391228 20615684

B. SHORT TERM INVESTMENTS




3 Other Investments

(a) Shares 0 0

(aa) Equity 0 0

(ab) Preference 0 0

(b) Mutual Funds 1567123 235622








Total (B) 24626797 23478324

GRAND TOTAL (A+B) 53018025 44094008

Note: Refer foot-note to Schedule 8.

179

vuqlwph 8d % fuos'k ¼ikWfylh èkkjd½


¼#- ^000½ ¼#- ^000½

¼d½ nh?kZdkfyd fuos'k

1 jktdks"k fcy lfgr ljdkjh izfrHkwfr;ka vkSj ljdkjh xkjaVhd`r ckaM 7741179 7034229


3 vU; fuos'k¼d½ 'ks;j¼dd½ bfDoVh 1917347 1223316

¼d[k½ ojh;rk 0 0

¼[k½ E;qpqvy QaM 0 0


¼?k½ _.k i=@ckaM 7152187 4024888

¼M½ vU; izfrHkwfr;ka 0 0

¼p½ lgk;d 0 0




mi&tksM+ ¼d½ 28391228 20615684

¼[k½ vYidkfyd fuos'k1 jktdks"k fcy lfgr ljdkjh izfrHkwfr;ka vkSj ljdkjh xkjaVhd`r ckaM 6414676 4927832



¼dd½ bfDoVh 0 0

¼d[k½ ojh;rk 0 0

¼[k½ E;qpqvy QaM 1567123 235622

¼x½ nwljs L=ksr ls izkIr lkèku 0 0

¼?k½ _.k i=@ckaM 1843875 1575237

¼M½ vU; izfrHkwfr;ka 13945250 10136274

¼p½ lgk;d 0 0




mi&tksM+ ¼[k½ 24626797 23478324

ldy ¼d$[k½ 53018025 44094008

uksV% vuqlwph 8 esa QwV&uksV dks ns[ksa

180

SCHEDULE 9 : LOANS


No. 31.03.18 31.03.17(Rs. '000) (Rs. '000)

1 SECURITY-WISE CLASSIFICATION

A. Secured:

a) On mortgage of Property:

(i) In India 0 0

(ii) Outside India 0 0

b) On Shares, Bonds, Government Securities 0 0

c) Others

(i) Loans to Staff 93899 49029

B. Unsecured 0 0

TOTAL 93899 49029

2 BORROWER-WISE CLASSIFICATION

a) Central & State Governments 0 0

b) Banks & Financial Institutions 0 0

c) Subsidiaries 0 0

d) Companies 0 0

e) Loan against policies 0 0

f) Others (Loans to Staff) 93899 49029

TOTAL 93899 49029

3 PERFORMANCE-WISE CLASSIFICATION

a) Loans classified as Standard:

(i) In India 93899 49029


b) Non-Performing Loans, less provisions:

(i) In India 0 0


TOTAL 93899 49029

4 MATURITY-WISE CLASSIFICATION

a) Short Term 3972 3614

b) Long Term 89927 45415

TOTAL 93899 49029

181

vuqlwph 9 % _.k


¼#- ^000½ ¼#- ^000½

1 izfrHkwfr&okj oxhZdj.k

d. izfrHkwfr

d) lEifÙk ds fxjoh j[kus ij

(i) Hkkjr esa 0 0

(ii) Hkkjr ls ckgj 0 0

[k) 'ks;jksa] vuqca/kksa] ljdkjh izfrHkwfr;ksa ij 0 0

x) vU; 0 0

(i) LVkQ dks _.k 93899 49029

[k. vizfrHkwr 0 0

dqy 93899 49029

2 mèkkj drkZ&okj&oxhZdj.k

d) dsUnzh; vkSj jkT; ljdkjsa 0 0

[k) cSad vkSj foÙkh; laLFkk,a 0 0

x) lgk;d 0 0

?k) daiuh ds izfrdwy _.k 0 0

M) ;kstuk ds izfrdwy _.k

M) vU; ¼LVkQ dks _.k½ 93899 49029

dqy 93899 49029

3 fUk"iknu&okj oxhZdj.k

d) ekud ds :i esa oxhZd`r _.k

(i) Hkkjr esa 93899 49029


[k) xSj fu"iknd _.k] izkoèkkuksa dks NksM+dj

(i) Hkkjr esa 0 0


dqy 93899 49029

4 ifjiDork&okj oxhZdj.kd) vYidkfyd 3972 3614

[k) nh?kZdkfyd 89927 45415

dqy 93899 49029

182

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23

14

60

81

51

70

dk;kZy

; mid

j.k

11

02

81

12

31

74

11

97

78

82

41

11

31

59

97

78

21

99

22

04

fctyh d

s mid

j.k v

kSj fQ

fVax

99

23

44

11

14

10

25

06

88

98

91

11

07

67

02

58

03

03

4

mi&

tksM

+ ¼[k½

59

61

91

62

09

52

44

26

55

84

42

57

96

84

66

70

17

52

30

28

86

35

29

58

33

82

23

¼x½ dk;Z i

zxfr i

j gS

58

27

31

13

07

59

51

26

20

18

77

70

60

00

01

87

77

06

58

27

31

dqy t

ksM+

16

44

98

81

38

93

88

15

06

23

01

93

14

59

67

10

12

02

07

17

52

71

51

65

28

99

10

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¼d$[k$x½

xr o

"kZ

10

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97

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13

74

16

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73

39

59

67

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10

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27

8-

184

SCHEDULE 11 : CASH AND BANK BALANCES


No. 31.03.18 31.03.17(Rs. '000) (Rs. '000)

1 Cash (including Cheques,Drafts & Stamps) 7 17

2 Bank Balances

(a) Deposit Accounts

(aa) Short term (due with in 12 months) ( Note 1 below) 10829966 4280353

(bb) Others 0 0

(b) Current Accounts 15661304 8422139

(c) Others 0 0

3 Money at Call and Short Notice

(a) With Banks 0 0

(b) With Other Institutions 0 0

4 Others 0 0

TOTAL 26491277 12702509

Notes: 1. Includes deposits of Govt. fund a/c Rs. 1018,95,22 thousand ( Previous year Rs. 428,03,53 thousand)2. Balance with Non-Scheduled Banks included in 2 and 3 above is NIL (Previous year NIL)

SCHEDULE 12 : ADVANCES AND OTHER ASSETS


No. 31.03.18 31.03.17(Rs. '000) (Rs. '000)

A. ADVANCES

1 Reserve Deposits with Ceding Companies 0 0

2 Application Money for Investments 0 0

3 Pre-payments 61139 21601

4 Advances to Directors/Officers 5771 4512

5 Advance Tax Paid & Taxes Deducted at Source 1787197 2004762

(Net of Provision for Taxation)

6 Others:

(a) Advance Rent paid 612 930

(b) Sundry Advances 47398 21960

Less: Provision for premium defalcation (17833) (17833)

Total (A) 1884284 2035932

B. OTHER ASSETS

1 Income accrued on investments

(a) Accrued but not due 1744568 1543600

(b) Accrued and due 8900 0

2 Outstanding Premium 0 0

185

vuqlwph 11 % udn vkSj cSad 'ks"k


¼#- ^000½ ¼#- ^000½

1 udn ¼pSd] Mªk¶V vkSj LVkWEi lfgr½ 7 17

2 cSad 'ks"k

(d) tek [kkrs

¼dd½ vYikofèk ¼12 eghus esa gksus ds dkj.k½ 10829966 4280353

([k[k) vU; 0 0

([k) pkyw [kkrs 15661304 8422139

(x) vU;

3 ekaxs tkus vkSj laf{kIr uksfVl ij jkf'k

d) cSadksa ds ikl 0 0

[k) vU; laLFkkvksa ds ikl 0 0

4 vU; 0 0

dqy 26491277 12702509

uksV %& 1- ljdkjh fuf/k [kkrs dh tek jkf'k 1018]95]22 gtkj #- lfgr ¼xro"kZ 428]03]53 gtkj #-½2- xSj fu/kkZfjr cSadksa lfgr mi;qZDr 2 vkSj 3 dk cdk;k 'kwU; gS ¼xro"kZ 'kwU; gS½

vuqlwph 12 % vfxze vkSj vU; ifjlEifÙk;ka


¼#- ^000½ ¼#- ^000½

d. vfxze1 lhfMax dEifu;ksa ds ikl vkjf{kr tek 0 0

2 fuos'k ds fy, vkosnu jkf'k 0 0

3 iwoZ&Hkqxrku 61139 21601

4 funs'kdksa@vfèkdkfj;ksa dks vfxze 5771 4512

5 Hkqxrku fd;k x;k vfxze dj vkSj L=ksr ij dkVs x, dj 1787197 2004762

(djkèkku ds fy, fuoy izkoèkku)

6 vU; :d) Hkqxrku fd;k x;k vfxze fdjk;k 612 930

[k) fofoèk vfxze 47398 21960

?kVk,¡ % izhfe;e xcu dk izkoèkku (17833) (17833)

mi&tksM+ ¼d½ 1884284 2035932

[k. vU; ifjlEifÙk;ka1 fuos'kksa ij mixr vk;

(d) mixr] fdUrq ns; ugha 1744568 1543600

([k) mixr] ,oa ns; 8900 0

2 cdk;k izhfe;e 0 0

186

3 Agents' Balances 0 0

4 Foreign Agencies Balances 0 0

5 Due from other entities carrying on Insurance 10063075 49162

Business (including reinsurers)

6 Due from subsidiaries/holding company 0 0

7 Deposit with Reserve Bank of India 0 0

(Pursuant to Section 7 of Insurance Act, 1938)

8 Others:

(a) Sundry Deposits 94147 85030

(b) Advance against Capital Assets 11379 864806

(c) Short Collection of Premium 92607 19655

(d) Adhoc payment to Govt. of India 2000000 2000000

(e) Government Balances 12992093 22034342

(Centre/States/UTs/Coffee Board etc.)

Sundry Debtors 0 0

(f) Input Tax Credit-GST 21506 21242

Less: Provision for Doubtful Debts (21242) 0

9 Deposit pertaining to Unclaimed Amount of policyholders

(a) Investment in Fixed Deposit with Banks 394730 0

(b) Interest Accrued but not due 7717 0

Total (B) 27409480 26617837

TOTAL (A+B) 29293764 28653769

SCHEDULE 13 : CURRENT LIABILITIES


No. 31.03.18 31.03.17(Rs. '000) (Rs. '000)

1 Agents Balances 0 0

2 Balances Due to other Insurance Companies 45137768 37445277

3 Deposits held on Reinsurance Ceded 0 0

4 Premiums received in advance 0 0

5 Unallocated Premium 0 0

6 (a) Sundry Creditors(EOM), other than 11 (c) 1902428 1472823

(b) Sundry Creditors(business) 306332 88941

7 Due to Subsidiary/Holding Company 0 0

8 Claims Outstanding, other than 11 (a) 37204481 33633406

9 Due to Officers/Directors 0 0

10 OTHERS:

(a) Excess Collection, other than 11 (b) 587808 1072621


No. 31.03.18 31.03.17(Rs. '000) (Rs. '000)

187


¼#- ^000½ ¼#- ^000½

3 ,tsaVksa ds cdk;k 0 04 fons'kh ,tsafl;ksa dk cdk;k 0 0

5 chek dk dkjksckj dj jgh vU; dEifu;ksa ls 10063075 49162ns; ¼iquchZekdrkZvksa lfgr½

6 lgk;d@èkkjdksa ls cdk;k 0 07 fjtoZ cSd vkWQ bf.M;k ds lkFk tek 0 0

¼chek vfèkfu;e] 1938 dh èkkjk 7 ds vuqlkj½8 vU; %

d) fofoèk tek 94147 85030

[k) iwathxr ifjlEifÙk;ksa ds izfr vfxze 11379 864806

x) izhfe;e dk vYi lap; 92607 19655?k) Hkkjr ljdkj dks rnFkZ Hkqxrku 2000000 2000000³) ljdkj ds cdk;k ¼dsanz@jkT;@la?k 'kkflr izns'k@ 12992093 22034342dkWQh cksMZ bR;kfn)fofo/k nsunkj 0 0

p) buiqV VSDl ØsfMV&th,lVh 21506 21242

de% lafnXèk _.k ds fy, çkoèkku (21242) 0

9 i‚fylhèkkjdksa dh vnkoh jkf'k ls lacafèkr tek

d½ cSadksa ds lkFk lkofèk tek esa fuos'k 394730 0

[k½ C;kt vÆtr ysfdu ns; ugÈ 7717 0

mi&tksM ¼[k½ 26617837 9795409

ldy ¼d$[k½ 28653769 10257730

vuqlwph 13 % fo|eku ns;rk,a


¼#- ^000½ ¼#- ^000½

1 ,tsVksa ds cdk;k 0 0

2 vU; chek dEifu;ksa dks ns; cdk;k 45137768 37445277

3 vfiZr iquchZek ij tek jkf'k 0 0

4 vfxze :i esa izkIr izhfe;e 0 0

5 vukcafVr izhfe;e 0 0

6 (d) fofoèk ysunkj ¼bZ vks ,e½] 11 ¼x½ ds vykok 1902428 1472823

([k) fofoèk ysunkj ¼dkjksckj½ 306332 88941

7 lgk;d@èkkjd dEiuh ds nkos 0 0

8 11 ¼d½ ds vfrfjDr cdk;k nkos 37204481 33633406

9 vfèkdkfj;ksa@funs'kdksa ds nkos 0 0

10 vU;%d) 11 ¼[k½ ds vykok] vfrfjDr lap; 587808 1072621

188

(b) Expenses Payable 102032 332497

(c) Earnest Money Deposit 4465 6506

(d) Government (Centre/States/UTs/Coffee Board) 3032116 3865974

11 Unclaimed Amount of policyholders fund

(a) Claims settled but not paid 165148 83658

(b) Excess Collection of Premium 112968 192924

(c) Cheques issued to insured, but not encashed 49721 48960

(d) Interest on Unclaimed Amount of Policyholders 87894 63161

TOTAL 88693161 78306748

SCHEDULE 14 : PROVISIONS


No. 31.03.18 31.03.17(Rs. '000) (Rs. '000)

1. Reserve for Unexpired Risk 8905646 8889585

2. For Taxation (Net of Advance Tax & TDS) 645000 0

3. For Proposed Dividend 0 0

4. For Dividend Distribution Tax 0 0

5. Others:

(a) Provision for Retirement Benefits 231044 166768

(b) Provision for Doubtful Debts 47 47

(c) Provision on Standard Assets 0 180665

(d) Provision for Outstanding Expenses 45846 10200

(e) Provision for Purchase 5722 5722

(f) Reserve for Loyalty Discount 8 8

TOTAL 9833313 9252995

SCHEDULE 15 : MISCELLANEOUS EXPENDITURE (To the extent not written off)


No. 31.03.18 31.03.17(Rs. '000) (Rs. '000)

1. Discount allowed in issue of shares 0 0

2 Others 0 0

TOTAL 0 0


No. 31.03.18 31.03.17(Rs. '000) (Rs. '000)

189


¼#- ^000½ ¼#- ^000½

[k) Hkqxrku fd, tkus okys O;; 102032 332497

x) c;kuk tek jkf'k 4465 6506

?k) ljdkj ¼dsUnz@jkT;@la?k 'kkflr {ks=@dkWQh cksMZ½ 3032116 3865974

11 ikWfylhèkkjd fuf/k dh vnkoh jkf'kd) nkos fuiVk, ij Hkqxrku ugha fd;k 165148 83658

[k) izhfe;e dk vfrfjDr 112968 192924

x) chekdrkZ dks pSd tkjh fd, x;s] ijarq udnh ugha dh xbZ 49721 48960

M½ i‚fylhèkkjdksa dh vnkoh jkf'k ij C;kt 87894 63161

dqy 88693161 78306748

vuqlwph 14 % izkoèkku


¼#- ^000½ ¼#- ^000½

1. vlekIr tksf[keksa ds fy, vkj{k.k 8905646 8889585

2. djkèkku ds fy, ¼fuoy vfxze dj vkSj VhMh,l½ 645000 0

3. izLrkfor ykHkka'k ds fy, 0 0

4. ykHkka'k forj.k dj ds fy, 0 0

5. vU; %

d) lsokfuo`fÙk ykHkksa ds fy, izkoèkku 231044 166768

[k) lafnXèk _.kksa ds fy, izkoèkku 47 47

x) ekud ifjlEifÙk;ksa ij izkoèkku 0 180665

?k) cdk;k O;;ksa ds fy, izkoèkku 45846 10200

M) Ø; ds fy, izkoèkku 5722 5722

p) ykW;YVh fMLdkmaV ds fy, vkj{k.k 8 8

dqy 9833313 9252995

vuqlwph 15 % fofoèk O;; ¼ftUgsa cV~Vs [kkrs ugha Mkyk x;k½


¼#- ^000½ ¼#- ^000½

1. 'ks;j tkjh djus esa NwV dh vuqefr 0 0

2 vU; 0 0

dqy 0 0

190

Annexure 1

SIGNIFICANT ACCOUNTING POLICIES

1 Accounting Convention

1.1 The Balance Sheet, Profit & Loss Account and Revenue Account are drawn up in accordancewith the provisions of Section 11 (1) of the Insurance Act, 1938, read with the provisions ofsection 133 of the Companies Act, 2013.

1.2 The Financial Statements conform to the stipulations specified under the InsuranceRegulatory and Development Authority of India (Preparation of Financial Statements andAuditors' Report of Insurance Companies) Regulations, 2002, to the extent applicable.

1.3 The said statements are prepared on "Historical Cost" convention, on "Accrual" & "GoingConcern" basis, in accordance with Generally Accepted Accounting Principles, and otherStatutory provisions and practices prevailing in the General Insurance Industry in India,to the extent applicable, complying with the Accounting Standards issued under TheCompanies (Accounting Standards) Rules, 2006, as amended and the relevant provisionsof the Companies Act, 2013, except as stated otherwise.

2 Policyholders' Fund and Shareholders' Fund

2.1 Policyholders' funds: The Policyholders' funds for this purpose shall include the following:

(a) Estimated liability for Outstanding Claims including Incurred But Not Reported(IBNR) & Incurred But Not Enough Report (IBNER);

(b) Unexpired Risk Reserve (URR);

(c) Premium Deficiency, if any.

(d) Catastrophe Reserve, if any; and

(e) Other Liabilities net off Other Assets

Other Liabilities in point (e) above, comprise of (i) Premium received in advance (ii)Unallocated Premium (iii) Balance due to Other Insurance Companies (iv) Sundry Creditors(due to Policyholders), etc.

Other Assets in point (e) above, comprise of (i) Outstanding Premium (ii) due from otherentities carrying on Insurance Business including Reinsurers (iii) Balance with TerrorismPool (if applicable).

2.2 Shareholders' funds: Shareholders' funds comprise of Share Capital plus all Reserves andSurplus (except Revaluation Reserve and Fair Value Change Account) net of AccumulatedLosses and Miscellaneous Expenditure to the extent not written off as at the Balance Sheetdate."

191

vuqyXud &1

egRoiw.kZ ys[kkadu uhfr;k¡

1 ys[kkadu ijEijk

1-1 rqyu&i=] ykHk vkSj gkfu ys[kk rFkk jktLo ys[kk dEiuh vfèkfu;e] 2013 dh èkkjk 133 ds lkFk ifBr chekvfèkfu;e] 1938 dh èkkjk 11¼1½ ds micaèkksa ds vuqlkj rS;kj fd, x, gSaA

1-2 foÙkh; fooj.k] chek fofu;ked vkSj fodkl izkfèkdj.k ¼chek dEifu;ksa dh foÙkh; foojf.k;ka vkSj ys[kk ijh{kdksadh fjiksVZ dh rS;kj djuk½ fofue; 2002 ds varxZr ;Fkk lEHko vuqes; lhek rd fofufnZ"V vuqcaèkksa ds vuq:igSA

1-3 mDr fooj.k] lkekU;r% Lohdk;Z ys[kkadu fl)karksa rFkk vU; lkafofèkd micaèkksa rFkk Hkkjr esa lkèkkj.k chek m|ksxesa ekStwnk i)fr;ksa ds] ;FkklEHko vuqes;] vuqlkj ^^mixeu** vkSj ^^py jgh dEiuh** ij vkèkkfjr ^^,sfrgkfldykxr** ij rS;kj fd, x, gSa] tks vU;Fkk mfYyf[kr ds vykok dEiuh ¼ys[kkadu ekud½ fu;e] 2006 vkSj dEiuhvfèkfu;e] 2013 ds laxr micaèkksa ds varxZr tkjh fd, x, ys[kkadu ekudksa ds vuq:i gSA

2- ikWfylh èkkjdksa dh fufèk o va'k&èkkjdks dh fufèk

2-1 ikfylhèkkjdksa dh fufèk;ka % bl iz;kstukFkZ ikfylh èkkjdksa dh fufèk;ksa esa fuEufyf[kr gkfly gksxk%

¼d½ mixr ijarq lwfpr ugha fd, x, nkoksa vkSj mixr ijarq i;kZIr :i ls lwfpr u fd, x, ds lkFk&lkFkcdk;k nkoksa ds fy, vuqekfur ns;rk(

¼[k½ lekIr u gq, tksf[ke fjtoZ ¼;wvkjvkj½(

¼x½ izhfe;e dh deh] ;fn dksbZ gS(

¼?k½ foifÙkdkyhu fjtoZ] ;fn dksbZ gS] vkSj

¼³½ vU; ns;rk,a usV vkWQ vU; vkfLr;ka

Åij fcanq ¼³½ esa vU; ns;rkvks esa 'kkfey gSa ¼i½ vfxze esa izkIr izhfe;e ¼ii½ xSj& vkcafVr izhfe;e ¼iii½ vU; chekdaifu;ksa dks ns; 'ks"k jkf'k ¼iv½ fofoèk _.knkrk ¼ikfylh èkkjdksa dks ns;½ vkfn

Åij fcanq ¼³½ esa vU; vkfLr;ksa esa 'kkfey gSa ¼i½ cdk;k izhfe;e ¼ii½ iquchZekdrkZvksa lfgr chek O;olk; lapkfyrdj jgh vU; daifu;ksa ls cdk;k ¼iii½ vkradokn iwy dk 'ks"k ¼;fn ykxw gS½

2-2 fgrèkkjdksa dh fufèk;ka % fgrèkkjdksa dh fufèk;ksa esa 'kkfey gS & 'ks;j iwath rFkk lHkh fjtoZ vkSj vfèk'ks"k¼iquewZY;kadu fjtoZ rFkk mfpr ewY; ifjorZu ys[kk ds vykok½ rqyu&i= dh rkjh[k dks cV~Vs [kkrs esa u MkyhxbZ lhek rd fuoy lap;h ?kkVs vkSj fofoèk O;;A

192

3 Revenue Recognition

3.1 Premium is recognized, net of Co-Insurance and Reinsurance, based on assumption ofrisk, in the Revenue Account. In respect of Government Schemes being implemented bythe Company, Premium is recognized upon remittance received from the Banks/Branchesout of such Premium collected by them subject to acceptance of Proposal/Declaration bythe Company. Risk however is assumed in accordance with the provisions of the relevantScheme, notwithstanding the delay, if any, in receipt of Premium by the Company fromthe Nodal Agencies/ Central / States/ UTs Government/ Government Agencies, as allowedby IRDAI vide its letter no. 34-1/IRDAI/Act1/IBNR/AIC/2009-10 dated 26/08/2010.

3.2 Premium Refunds/Adjustments are accounted for on the basis of Endorsements passedduring the Period.

3.3 Interest Income is accounted for on accrual basis in respect of investments in Fixed Depositswith Banks, Government Securities, Bonds & other Instruments.

3.4 Dividend is accounted for in the Period, when the right to receive has been established.Dividend/Interest on Shares/Debentures pending delivery/ under objection is accountedfor on realization. Interim Dividend is accounted for as income when the amount is received/credited in the bank accounts of the Company by end of the concerned Period.

4. Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. Cost includes the purchase price andany cost directly attributable to bringing the asset to its working condition for its intended use.Subsequent expenditure incurred on Fixed Assets is expensed out except where such expenditureincreases the future benefits from the existing assets.

Renovation of leased premises is accounted for as Revenue Expenditure. Expenditure towardsCapital items of movable nature is capitalized.

4.1 Depreciation on Fixed Assets: Depreciation on Fixed Assets is charged on "Written DownValue" method, based on useful life of the assets, as prescribed in Schedule II to theCompanies Act, 2013. Depreciation on addition/ deletion of Fixed Assets during the Periodis charged on pro-rata basis. Assets costing up to Rs. 5,000 (Rupees five Thousand) arefully depreciated in the year of acquisition.

4.2 Intangible Assets: Intangible assets are recognized when it is probable that futureeconomic benefit attributable to the assets will flow to the Company and the cost of theassets can be measured reliably. Such assets are stated at cost less accumulated amortization.

4.3 Amortization of Intangible Assets: Computer Software & Licenses, which are not anintegral part of the related hardware is classified as Intangible Asset and is amortized overits estimated useful life, not exceeding the Period of thirty-six months.

4.4 Impairment of Assets: Management Periodically assesses, using external and internalsources, whether there is any indication that an asset may be impaired. Impairment occurswhere the carrying value exceeds the present value of future cash flows expected to arise

193

3- jktLo dh igpku

3-1 izhfe;e dks jktLo ys[kk esa] tksf[ke dh iwoZèkkj.kk ds vkèkkj ij lgchek vkSj iquchZek ds fuoy ij Lohd`r fd;ktkrk gSA dEiuh }kjk dk;kZfUor dh tk jgh ljdkjh ;kstukvksa ds lEcUèk esa] izhfe;e] dEiuh }kjk laxzghr ,slsizhfe;e esa ls uksMy cSadkas ls izkIr tek jde ij Lohd`r fd;k tkrk gS c'krsZ fd izLrko@?kks"k.kk dEiuh }kjkLohdkj fd;k tk,A rFkkfi] tksf[ke dh iwoZèkkj.kk uksMy vfHkdj.kksa@dsUnz@jkT;ksa@la?k 'kkflr izns'kksa dhljdkj@ljdkjh vfHkdj.kksa ls dEiuh }kjk izkIr izhfe;e ls dksbZ foyEc] ;fn dksbZ gks] ds ckotwn Hkh lacfUèkr;kstukvksa ds micaèkksa ds vuqlkj dh tkrh gS] tSlk fd vkbZvkjMh, }kjk muds i= la[;k 34&1@vkbZvkjMh,@vfèkfu;e&1@vkbZch,uvkj@,vkbZlh@2009&10 fnukad 26-08-2010 }kjk vuqefr nh xbZ gSA

3-2 izhfe;e okilh@lek;kstuksa dk ys[kkadu bl vof/k ds nkSjku ikfjr i`"Bkaduksa ds vkèkkj ij fd;k x;k gSA

3-3 cSadksa esa lkofèk tek] ljdkjh izfrHkwfr;ksa] ckaMksa vkSj vU; lkèkuksa ds ikl fu;r tek jkf'k;ksa esa fuos'kksa ds ckjs esaC;kt ls vk; dh x.kuk mixr vkèkkj ij dh xbZ gSA

3-4 ykHkka'k dks bl vofèk esa fglkc esa fy;k x;k gS] tc izkIr djus dk vfèkdkj LFkkfir fd;k x;k FkkA forj.k yafcrgksus@vkifÙk ds vèkhu gksus rd 'ks;jksa@fMcsapjksa ij ykHkka'k@C;kt dks vU; ds :i esa rc fglkc esa fy;k x;k]tc lacafèkr vofèk dh lekfIr rd daiuh ds cSad [kkrksa esa jkf'k izkIr gqbZ@ØsfMV dh xbZ FkhA

4- LFkkbZ ifjlEifr;k¡

LFkkbZ ifjlEifÙk;ka lapf;r ewY; âkl ?kVkus ds ckn ykxr ij fuèkkZfjr dh tkrh gSA bl ykxr esa Ø; ewY; vkSj vU;dksbZ ykxr] tks ifjlEifÙk dks blds izk;ksftr mi;ksx ds fy, dk;Zdkjh fLFkfr esa ykus gsrq izR;{k :i ls izHkkfor djrhgS] 'kkfey gSA ,sls O;;] ftuls fo|eku ifjlEifÙk;ksa ds Hkkoh ykHkksa esa o`f) gksrh gS] dks NksM+dj LFkkbZ ifjlEifÙk;ksa ijckn esa vkus okys O;; dks ogu fd;k x;k gSA

iV~Vs ij fy, x, ifjlj ds iqu#)kj dh jktLo O;; ds :i esa x.kuk dh xbZ gS py fdLe dh iawthxr enksa ds fy, O;;iwathxr gSA

4-1 LFkkbZ lEifÙk;ksa ij ewY;âkl % LFkkbZ ifjlEifr;ksa ij ewY;âkl] dEiuh vfèkfu;e 2013 dh vuwlwph&II esafofufnZ"V njksa ij ^^fyf[kr voewY;u** ij izHkkfjr gSA bl vof/k ds nkSjku LFkk;h ifjlEifÙk;ksa dh o`f)Z@dehij ewY;âkl ;Fkkuqikr vèkkj ij izHkkfjr gSA #- 5000 ¼ikap gtkj #i;s½ rd ykxr dh lEifÙk;ksa ds vfèkxzg.kds o"kZ ds iw.kZ :i ls ewY;âkl gksxk

4-2 vizR;{k ifjlEifÙk;k¡% vizR;{k ifjlEifÙk;ksa dh igpku rc dh tkrh gS tc ;g lEHko gks fd dEiuh dksifjlEifÙk;ksa esa Hkkoh vkfFkZd ykHk gksxk rFkk ifjlEifÙk;ksa dh ykxr dh x.kuk fo'oluh; rjhds ls dh tkldrh gSA ,slh ifjlEifÙk;ksa dks lap;h _.k ifj'kksèku ?kVk dj ykxr ij fuèkkZfjr fd;k x;k gSA

4-3 vizR;{k ifjlEifÙk;ksa dk ifj'kksèku % dEI;wVj lkW¶Vos;j vkSj vuqKki= ¼ykblsal½] tks lEcfUèkr gkMZo;sj dkvfHkUu vax ugha gS] dks vizR;{k ifjlEifÙk ds :i esa oxhZd`r fd;k x;k gS vkSj bldh vuqekfur mi;ksxhvofèk] ;fn NÙkhl eghuksa ls vfèkd u gks] ds fy, ifj'kksèku fd;k x;k gSA

4-4 ifjleifÙk;ksa dh {kfr % izcUèku] vkofèkd :i ls] ckg~; vkSj vkarfjd L=ksrksa dk iz;ksx djrs gq,] bl ckrdk ewY;kadu djrk gS fd D;k dksbZ ,slk ladsr gS fd ifjlEifÙk;ksa dks {kfr gqbZ gSA {kfr rc gksrh gS] tc okgd

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from the continuing use of the asset and its eventual disposal. The impairment loss to beexpensed is determined as the excess of the carrying amount over the higher of the asset'snet sales price or present value as determined above. If at the Balance Sheet date there is anindication that a previously assessed impairment loss no longer exists, the recoverableamount is reassessed and the asset is reflected at the recoverable amount, subject to amaximum of Depreciable Historical Cost.

5 Investments

5.1 Investments in Debt Securities including Government Securities are considered as Held ToMaturity Securities and are valued at Historical Cost. In terms of IRDAI regulations, thePremium paid or discount earned at the time of acquisition of such securities is amortizedor accrued, as the case may be, over the residual Period of maturity.

5.2 Investments in Mutual Funds are valued at Net Asset Value (NAV) at the year end and thedifference between Cost/Book value and NAV is accounted for in Fair Value ChangeAccount. However, if there is decline (other than temporary) in value, the same is chargedto Revenue and the book value of investment is reduced accordingly.

5.3 Investment Portfolio in respect of Equity / Equity related instruments is segregated intoActively Traded and Thinly Traded as prescribed by IRDAI Regulations. A security is treatedas thinly traded, taking into consideration the prescribed SEBI guidelines, governing MutualFunds.

5.4 As per IRDAI Regulations, Actively Traded Equity /Equity related instruments are shownat their Fair Value. "Fair Value" for this purpose is the closing price at NSE on the BalanceSheet date. If the security is not traded at NSE, then the closing price of the securities atBSE shall be taken at the Balance Sheet date. The net Unrealized gain/loss on such valuationis reflected in the "Fair Value Change Account". On realization, it is reported in the Profit& Loss Account and un-realized gains/losses arising due to changes in the Fair Value ofActively Traded Equity shares are accounted in "Fair Value Change Account." Pendingrealization, the credit balance in the "Fair Value Change Account" is not available fordistribution.

5.5 Cost of sales: In case of equity, cost of sales is the Weighted Average Cost of the investmentand in case of debt securities, the cost of sales is the amortized/accredited cost of investment.

5.6 Investment in Thinly Traded Equity shares and Unlisted equity shares are shown at cost.However, difference between cost and break-up value is provided for as diminution invalue. If the Break-up value is negative, then the provision is made for the entire cost.Further, if the published accounts of an unlisted company are not available for last threeaccounting Years ending on or immediately preceding the date of working out diminutionin value, then provision is made for the entire cost.

5.7 Investment in listed Equity/Equity related instruments/Preference Shares made in thosecompanies, which are making losses continuously for the last 3 Years and where capital iseroded, are considered to have impaired in value. Further, if the published accounts of acompany are not available for the last three accounting Years ending on or immediatelypreceding the date of working out the impairment in value, it is presumed that the value of

195

ewY; Hkkoh udn izokg] ftlls ifjlEifÙk ds lrr mi;ksx vkSj blds laHkkfor fuiVku ds mRiUu gksus dhvk'kk gS] ds orZeku ewY; ls vfèkd gks tkrk gSA O;; fd, tkus okys {kfr&?kkVs dk fuèkkZj.k] ifjlEifÙk dsfuoy fcØh ewY; ls vfèkd okgd jkf'k ds :i esa fd;k tkrk gSA ;fn rqyu&i= rkjh[k dks ,slk dksbZ ladsrgksrk gS fd igys fuèkkZfjr fd;k x;k {kfr ?kkVk vc ekStwn ugha gS] rks olwyh ;ksX; jkf'k dk iqu% fuèkkZj.k fd;ktkrk gS vkSj ml ifjlEifÙk dks olwyh ;ksX; jkf'k esa n'kkZ;k tkrk gS] c'krsZ fd {kfr ;ksX; ,sfrgkfld ykxrvfèkdre gksA

5 fuos'k

5-1 _.k izfrHkwfr;ksa esa fuos'k ftlesa ljdkjh izfrHkwfr;k¡ 'kkfey gSa] dks izfrHkwfr;ksa dh vofèk dh ifjiDork gksus rdj[kk gqvk le>k tk,xk vkSj mudk ewY;kadu ,sfrgkfld ykxr ij fd;k tk,xkA vkbZvkjMh, fofu;eksa dsvuqlkj] Hkqxrku fd;k x;k izhfe;e vFkok ,slh izfrHkwfr;ksa ds vfèkxzg.k ds le; vftZr NwV dk ifj'kksèku vFkokmixeu tSlk Hkh ekeyk gks] ifjiDork dh 'ks"k cph vofèk ds vk/kkj ij fd;k tkrk gSA

5-2 o"kZ ds var esa E;qpqvy Q.Mksa esa fuos'k] dk ewY;kadu fuoy ifjlEifÙk ewY; ¼,u,oh½ ij fd;k tkrk gS vkSjykxr@vafdr ewY; vkSj ,u,oh ds chp ds varj dh x.kuk dks mfpr ewY; ifjorZu ys[kk esa j[kk tkrk gSA rFkkfi];fn ¼vLFkkbZ ls brj½ ewY; esa dksbZ fxjkoV gksrh gS] rks ;g jktLo esa izHkkfjr gksrh gS] vkSj fuos'k dk vafdr ewY;Hkh rn~uqlkj de gks tkrk gSA

5-3 bfDoVh@bfDoVh ls lEcfUèkr lkèkuksa ds fuos'k i=kèkku dks] vkbZvkjMh, fofu;eksa }kjk ;Fkk fuèkkZfjr] E;qpqvyQ.M ij ykxw lsch ds fofgr fn'kk funsZ'kksa dks è;ku esa j[krs gq,] lfØ; foØhr vFkok de foØhr ds :i esa le>ktk,xk

5-4 vkbZvkjMh, fofu;eksa ds vuqlkj] lfØ; foØhr bfDoVh@bfDoVh ls lEcfUèkr lkèkuksa dks muds mfpr ewY; ijn'kZ;k x;k gSA bl iz;kstu ds fy, ^^mfpr ewY;** rqyu&i= dh rkjh[k dks ,u,lbZ ij vfUre ewY; gSA ;fnizfrHkwfr ,u,lbZ ij ugha csph xbZ gks] rks ch,lbZ esa izfrHkwfr;ksa ds vafre ewY; dks rqyu&i= dh rkjh[k esa fy;ktk,xkA ,sls ewY; fuèkkZj.k ij izkIr fd, x, fuoy ykHk@gkfu dks ^mfpr ewY; ifjorZu ys[kk** esa n'kkZ;k x;kgSA vfèkizkfIr gksus ij] bls ykHk vkSj gkfu ys[kk esa j[kk x;k gS rFkk lfØ; foØhr bfDoVh 'ks;jksa ds mfpr ewY;esa ifjorZuksa ds dkj.k mRiUu vkSj vfèkizkIr u fd, x, ykHk@gkfu;ksa dh x.kuk ^mfpr ewY; ifjorZu ys[kk** esadh tkrh gSA yafcr olwyh] ^^mfpr ewY; ifjorZu ys[kk** esa cdk;k _.k forj.k ds fy, miyCèk ugha gSA

5-5 fcØh dh ykxr % bfDoVh ds ekeys esa] fcØh ykxr fuos'k dh Hkkfjr vkSlr fcØh ykxr gS vkSj _.k izfrHkwfr;ksads ekeys esa fcØh ykxr] fuos'k dh ifj'kksfèkr@izR;kf;r ykxr gksrh gSA

5-6 de fcØh ds bfDoVh 'ks;jksa vkSj bfDoVh 'ks;jksa] tks lwphc) ugha gSa] esa fuos'k ykxr esa n'kkZ;k x;k gSA rFkkfi]ykxr vkSj czsdvi ewY; ds chp varj dks ewY; esa deh ds :i esa izko/kku fd;k x;k gS ;fn cszsdvi ewY;udkjkRed gS] rks lewph ykxr ds fy, izkoèkku fd;k x;k gSA blds lkFk&lkFk fdlh dEiuh] tks lwphc) esaugha gS] ds izdkf'kr ys[ks] ewY; esa deh dh rkjh[k ls Bhd igys vFkok fiNys rhu ys[kk o"kks± dh lekfIr dh rkjh[kdks miyCèk ugha gS rks lewph ykxr dk izkoèkku j[kk tkrk gSA

5-7 mu dEifu;ksa esa] tks xr 3 o"kks± ls yxkrkj ?kkVs esa tk jgh gS vkSj ftudh iwath u"V gks xbZ gS] lwphc)bfDoVh@bfDoVh lEcaèkh lkèkuksa@ojh;rk 'ks;jksa esa fuos'k djuk ewY; dh deh le>k tk,xkA lkFk gh] ;fndEiuh ds izdkf'kr ys[ks xr rhu ys[kk o"kks± ds lekIr gksus dh rkjh[k dks vFkok ewY; dh deh dh x.kuk djusdh rkjh[k ls Bhd igys dh rkjh[k dks miyCèk ugha gS rks ;g eku fy;k tkrk gS fd fuos'k dk ewY; iw.kZ :i

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investment is fully impaired and is written off to a value of Rs. 1/- per company. Valuationof such investments is done as under: -

5.7.1 In respect of other than Actively Traded Equity Shares, the least of the Cost Priceand the Market Price of Break-up Value, provided the Break-up value is positive.However, if the Break-up Value is negative, the nominal value is taken at Rs. 1/-per company.

5.7.2 In respect of Preference Shares, if the dividend is not received for the last threeYears, the Preference Shares are written down to a value which will bear to its FaceValue, the same proportion as value taken / which would have been taken forwriting down equity shares / bears to the face value of the equity shares. However,if the Equity Shares are written down to Rs. 1/- per Company, Preference Sharesare also written down to a nominal value of Rs. 1/- per Company.

5.8 "Collateralized Borrowing and Lending Obligation" (CBLO) which is issued at discount tothe Face Value, is treated as Money Market Instrument as per RBI Notification. Discountearned, if any, at the time of lending through CBLO is shown as income, which isapportioned on time basis.

5.8.1 Provisions on Loans & Advances are made on the basis of IRDAI Master Circular(on Preparation of Financial Statements- General Insurance Companies, issued inOctober, 2012) Para 3 "Guidelines on prudential norms for Income Recognition,Asset Classification, provisioning of Standard Assets and other related matters inrespect of Loans and Advances"

5.9 In respect of Crop Insurance Schemes sponsored by the Government, the income oninvestment of funds received from the Government towards specific Funds (viz. "NAIS-Corpus Fund) and Govt funds released for PMFBY/WBCIS/CPIS" is credited to the NAIS-Corpus Fund and Govt Fund-Others Account respectively; no credit for investment income,if any, is given to the Government in respect of Govt. funds interest to meet the Financialliabilities under the Scheme as these amounts are meant for implementation of the Schemeand are required to be kept in readiness for disbursement of Claims/meeting out of otherFinancial obligations at short notice.

5.10 Income from Investments, other than Income earned on Fixed Deposits earmarked forUnclaimed Amount of Policyholders, is apportioned amongst the "Revenue Account","Profit and Loss Account" and the "NAIS-Corpus Fund" in the ratio of the balances standingin the "Policyholders' Fund", "Shareholders' Fund" & "NAIS-Corpus Fund" respectively atthe close of the Period.

5.11 Expenses relating to Investments, such as for safe custody, collection of interest/dividend,bank charges etc., are apportioned amongst the "Revenue Account" and "Profit and LossAccount" in the ratio of the balances standing in the "Policyholders' Fund" and "Shareholders'Fund" respectively at the close of the Period.

6 Apportionment of Expenses

Expenses not Directly Allocable to a particular Insurance Scheme/Product and/or a particularState/UT are apportioned amongst the relevant Schemes/Products and States/UTs annually onthe basis of Gross Premium.

197

ls âkl gks pqdk gS vkSj #- 1@& izfr dEiuh ds ewY; ij cV~Vs [kkrs Mky fn;k x;k gSA ,sls fuos'kksa dk ewY;kadufuEukuqlkj fd;k tkrk gSA

5-7-1 lfØ; foØhr bfDoVh 'ks;jksa ds vykok] 'ks;jksa ds ckjs esa] ykxr ewY; vkSj czsd vi ewY; dk ekdsZV ewY;esa ls tks de gks] c'krsZ czsd vi ewY; ldkjkRed gksA rFkkfi] ;fn czsd vi ewY; udkjkRed gS] rks#- 1@& izfr dEiuh ds fglkc ls lakdsfrd ewY; fy;k tkrk gSA

5-7-2 ojh;rk 'ks;jksa ds lEcUèk esa] ;fn xr rhu o"kks± esa ykHkka'k izkIr ugha gqvk gS rks ojh;rk 'ks;j mlâkflr ewY; rd vk tk,axs] tks bldk vafdr ewY; gS] ogh lekuqikr ewY;@âkflr bfDoVh 'ks;jds fy, x;k gS] bfDoVh 'ks;jksa dk vafdr ewY; gksxkA rFkkfi] ;fn bfDoVh 'ks;j #- 1@& izfrdEiuh rd âkflr gks tkrs gSa] rks ojh;rk 'ks;jksa dks Hkh #- 1@& izfr dEiuh ds lkadsfrd ewY;rd ?kVk;k tk,xkA

5-8 ^^lgorhZ mèkkj rFkk mèkkj ns;rk** ¼lhch,yvks½ tks vafdr ewY; ij NwV ds lkFk tkjh fd;s tkrs gSa] dks Hkkjrh;fjtZo cSad dh vfèklwpuk ds vuqlkj ^èku cktkj lkèku** ds :i esa le>k tkrk gSA vftZr NwV] ;fn lhch,yvksds ekè;e ls mèkkj ysrs le; feyh gks] dks vk; ds :i esa n'kkZ;k x;k gS] ftls le; ds vkèkkj ij izHkkftr fd;kx;k gSA

5-8-1 _.kksa vkSj vfxzeksa ds izkoèkku vkbZvkjMh,vkbZ ekLVj ifji= ¼foÙkh; foojf.k;ka rS;kj djus ij & lkekU;chek daifu;ka] vDrwcj] 2012 esa tkjh½ iSjk 3 ^^vk; dh ekU;rk] vkfLr oxhZdj.k] ekud vkfLr;ksa dkizkoèkku rFkk _.kksa vkSj vfxzeksa ds lacaèk esa vU; lacafèkr ekeyksa lacaèkh foosdiw.kZ ekun.Mksa ijfn'kk&funsZ'k½** ds vkèkkj ij fd, x, gSaA

5-9 ljdkj }kjk izk;ksftr Qly chek ;kstukvksa ds ckjs esa] fof'k"V èkujkf'k ¼uker% ^ûkbl&lexz fufèk**½ ds fy,ljdkj ls izkIr èkujkf'k ds fuos'k ij vk; dks laxr èkujkf'k esa tek djk fn;k x;k gSA ;kstuk ds varxZr] foÙkh;nkf;rkvksa dks iwjk djus ds fy, izkIr vU; jkf'k;ksa ij fuos'k vk;] ;fn dksbZ gks] dk dksbZ ØsfMV ljdkj dks ughafn;k tkrk D;ksafd ;s jkf'k;ka ;kstuk ds dk;kZUo;u ds fy, gksrh gSa rFkk nkoksa ds forj.k vYi lwpuk ij foÙkh;ns;rkvksa dks iwjk djus ds fy, rS;kj j[kh tkuh gksrh gSA

5-10 ikfylhèkkjdksa dh xSj&nkok—r jkf'k;ksa ds fy, fuèkkZfjr lkofèk%\ tek ij vftZr C;kt dks NksM+dj fuos'kksa ls vk;dks vofèk dh lekfIr ij îkfylhèkkjdksa dh fufèk**] ^'ks;jèkkjdksa dh fufèk** vkSj ^,u,vkbZ,l&dkf;d fufèk** esafo|eku 'ks"kksa ds vuqikr esa Øe'k% ^^jktLo ys[kk**] ^^ykHk vkSj gkfu ys[kk** vkSj ^^,u,vkbZ,e&dkf;d fufèk** dseè; fofu;ksftr fd;k x;k gSA

5-11 o"kZ ds vkjEHk esa fuos'kksa ls lEcfUèkr O;;ksa] dks] tSls lqj{kk vfHkj{kk C;kt@ykHkka'k dk laxzg] cSad izHkkj vkfn dks^^jktLo ys[kk** rFkk ^ykHk vkSj gkfu ys[kk** esa Øe'k% îkWfylh èkkjd fufèk** rFkk 'ks;j gksYMj fufèk** ds chp 'ks"k]cdk;ksa ds vuqikr esa izHkkftr fd, tkrs gSaA

6- O;;ksa dk izHkktu

O;;] tks fdlh fof'k"V chek ;kstuk@mrikn vkSj@vFkok fo'ks"k jkT;@la?k 'kkflr izns'k dks izR;{k :i ls vkoaVu ds;ksX; ugha gS] dks ldy izhfe;e ds vkèkkj ij] okf"kZd #i ls laxr ;kstukvksa@mRiknksa vkSj jkT;ksa@la?k 'kkflr izns'kksads chp izHkkftr fd;k tkrk gSA

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7 Short and Excess Collection

Short and Excess Collection of Premium, if any, is accounted for Nodal Bank/Party-wise afteradjustment of Short against Excess of the same Nodal Bank/Party.

8 Reserves for Un-Expired Risk/s

Unexpired risk reserves is the aggregate of Unearned Premium Reserve and Provision for PremiumDeficiency Reserve

(i) Unearned Premium Reserve (UPR): Provision for UPR is made as per the provision of theInsurance Act at 50% of net Premium income.

Net Premium income = Direct Premium (Net of Co-Insurance) + Premium on ReinsuranceAccepted – Premium on Reinsurance Ceded

(ii) Premium Deficiency Reserve (PDR): Provision for Premium Deficiency Reserve is madewhere the sum of expected Claims costs, related expenses and maintenance costs exceedthe related Unearned Premium.

9 Provision in respect of Crop Insurance Claims

Provisions are made at the time of Closing of Accounts. The total of the Provision for OutstandingClaims (including IBNR & IBNER) under NAIS (normal coverage) is not to exceed the "MaximumPotential Liability" [MPL] of the Company, as the Claims in excess thereof are borne by theGovernment. Currently, as per the statutory requirements and the Policy of the Company in force,the following Provisions are made:

9.1 Provision for Outstanding Claims: Estimated Liability for Outstanding Claims in respectof Crop Insurance Business is provided for at the Period-end, in terms of the concernedscheme/policy provisions.

No Provision is made for Claims contested by the Claimants through litigation but notacknowledged as debt by the Company.

In respect of litigation cases, where awards have been made against the Company,appropriate Provisions are made to the extent of the Company's liability.

9.2 Claims – IBNR & IBNER: Provisions for Claims Incurred but Not Reported (IBNR) andfor Claims Incurred but Not Enough Reported (IBNER) are made, as per the ActuarialCertification.

10. Accounting policy for Use of Estimates

The preparation of the Financial statements requires the Management to make estimatesand assumptions considered in the reported amounts of assets and liabilities (including contingentliabilities) and the reported income and expenses during the Period. The Management believesthat the estimates used in preparation of the Financial statements are prudent and reasonable.Future results could differ due to these estimates and the differences between the actual resultsand the estimates are recognized in the Periods in which the results are known/materialize.

199

7- vYi vkSj vfèkD; laxzg

izhfe;e dk vYi vkSj vfèkd laxzg] ;fn dksbZ gks] rks mls vfèkd laxzg ds fo#) vYi laxzg dk lek;kstu djus ds i'pkrmlh uksMy cSad@ikVhZ ds [kkrs esa Mky fn;k tkrk gSA

8- vlekIr tksf[ke@eksa ds fy, fjtoZ

vlekIr tksf[ke HkaMkj vukjf{kr çhfe;e fjtoZ vkSj çhfe;e dh deh ds fjtoZ ds izko/kku dk ldy gSA

¼i½ vuftZr çhfe;e fjtoZ ¼;wihvkj½% ;wihvkj ds fy, çkoèkku chek vfèkfu;e ds çkoèkku ds eqrkfcd 'kq)çhfe;e vk; dk 50% gSA

'kq) çhfe;e vk; ¾ izR;{k çhfe;e ¼lg&chek dk fuoy½ + Loh—r iquchZek ij çhfe;e & lkSais x, iquchZekij çhfe;e dk Hkqxrku

¼ii½ fjtoZ çhfe;e dh deh ¼ihMhvkj½% çhfe;e dh deh ds fy, çkoèkku fd;k tkrk gS tgka visf{kr nkoksa dhykxr] lacafèkr O;; vkSj j[kj[kko ykxr lacafèkr vutsZM çhfe;e ls vfèkd gks tkrh gSA

9- Qly chek nkoksa ds lEcUèk esa izkoèkku

;s izkoèkku okf"kZd ys[kkvksa dh lekfIr ds le; fd, tkrs gSaA jk-d`-ch-;ks- ¼lkekU; dojst½ ds vUrxZr cdk;k nkoksa¼vkbZch,uvkj ,oa vkbZch,ubZvkj lfgr½ ds fy, izkoèkku dk tksM+ dEiuh ds ^^vfèkdre dk;ZJe ns;rk** ¼,eih,y½ lsvfèkd ugha gksuk pkfg,] D;ksafd blls vfèkd ds nkos ljdkj }kjk ogu fd, tkrs gSaA orZeku esa] lkafofèkd vis{kkvksa vkSjdEiuh dh pkyw ikWfylh ds vuqlkj fuEufyf[kr izkoèkku fd, x, gSaA

9-1 cdk;k nkoksa ds fy, izkoèkku Qly chek dkjksckj ds lEcUèk esa cdk;k nkoksa dh vuqekfur ns;rk dk izkoèkkulEcafèkr Ldhe@ikWfylh ds izkoèkkuksa ds vuqlkj o"kZ ds var esa fd;k x;k gSA

nkosnkjksa }kjk eqdíesa ds ekè;e ls fd, x, nkoksa] ftUgsa dEiuh }kjk _.k ds :i esa Lohdkj ugha fd;k gS] ds fy,dksbZ izkoèkku ugha fd;k x;k gSA

eqdíes ds lEcUèk esa] ftuesa dEiuh ds f[kykQ vfèkfu.kZ; fd;k x;k gS] dEiuh dh ns;rk dh lhek rd leqfprizkoèkku fd;k x;k gSA

9-2 nkos&vkbZ ch ,u vkj ,oa vkbZ ch ,u bZ vkj % mixr nkos] ijUrq ftUgsa lwfpr ugha fd;k x;k ¼vkbZch,uvkj½vkSj fd, x, nkos] ijUrq ftudh iwjh rjg ls fjiksVZ ugha nh xbZ gS ¼vkbZch,ubZvkj½ ds nkoksa ds fy, chekafddds izek.ku ds vuqlkj izkoèkku fd;k x;k gSA

10- vkdyu ds mi;ksx ds fy, ys[kkadu uhfr

izcUèku dks foÙkh; fooj.k dks rS;kj djus ds fy, o"kZ ds nkSjku] ifjlEifÙk;ksa vkSj ns;rkvksa ¼vkdfLed ns;rkvksa lfgr½dh fjiksVZ dh xbZ jkf'k ds vkdyu rFkk iwokZuqeku rFkk izfrosfnr vk; vkSj O;;ksa ij fopkj djuk visf{kr gksrk gSA izcUèkudk ;g ekuuk gS fd foÙkh; fooj.kksa dks rS;kj djus esa iz;qDr vkdyu foosdiw.kZ ,oa rkfdZd gSA Hkkoh ifj.kke bu vkdyuksads dkj.k fHkUu gks ldrs gSa vkSj okLrfod ifj.kkeksa vkSj vuqekuksa ds chp ds vUrj dks mu vofèk;ksa esa ekU;rk nh tkrhgS ftlesa ifj.kke Kkr@izR;{k gksrs gSaA

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11 Reinsurance Business

11.1 Reinsurance Premium ceded is accounted for at the time of recognition of Premium income,in accordance with the Treaty or in-principle arrangement with the Reinsurers.

11.2 Commission received on Reinsurance Ceded is recognized as income, in the Period, inwhich Reinsurance Premium is Ceded.

11.3 Reinsurance Premium accepted is accounted for, as and when the Premium cession statementis received from the Reinsurers, as per RI agreement.

11.4 Commission paid on Reinsurance Accepted is recognized as expenses in the Period, inwhich Reinsurance Premium is accepted.

12 Accounting for Taxes on Income

Income tax expense is accrued in accordance with Accounting Standard (AS) – 22 "Accountingfor Taxes on Income" as specified in Companies (Accounting Standards) Rules, 2006.

12.1 Current Tax: Current Income Tax is aggregate of Income tax determined to be payable inrespect of taxes on income for the Period.

12.2 Deferred Tax: Deferred tax reflects the impact of current Period Timing Differences betweentaxable income and accounting income for the Period and reversal of Timing Differencesof earlier Years. Deferred Tax Assets and Liabilities are measured using the tax rates andtax laws that have been enacted or substantively enacted by the Balance Sheet date. DeferredTax Assets are recognised for all deductible timing differences only if there is reasonablecertainty as to its realisation. However, where there are unabsorbed tax losses includingunabsorbed depreciation, Deferred Tax Asset are recognised only if there is virtual certaintythat such Deferred Tax Assets can be realised against future taxable income.

The carrying amount of Deferred Tax Assets is reviewed at each Balance Sheet date andadjusted to the extent that it is no longer probable that sufficient taxable income will beavailable to allow all or part of the Deferred Tax Asset to be realized.

13 Employees' Benefits

13.1 Short Term Employee Benefits:

Short Term Employee Benefits are recognized as an expense on an undiscounted basis inthe Profit and Loss account of the Period in which the related service is rendered.

13.2 Post-Employment Benefits:

Defined Contribution Plans

(a) The Employer's Contribution to Provident Fund and Pension Scheme 1995, foremployees absorbed from GIC and employees appointed by the Company on orbefore 31st March, 2010 is a Defined contribution plan and is made in accordancewith the Provident Fund/Pension Scheme.

201

11- iquchZek dkjksckj

11-1 fn, x, iquchZek izhfe;e dh x.kuk] le>kSrs ds vuqlkj izhfe;e vk; dh ekU;rk ds le; vFkok iquchZek fd,tkus ds lkFk fl)kUrr% fd, x, djkj ds vuqlkj dh tkrh gSA

11-2 iquchZek fn, tkus ij izkIr deh'ku dks] ml vofèk esa] ftlesa iquchZek izhfe;e fn;k x;k gS] vk; ds :i esa ekuktk,xkA

11-3 vkjvkbZ le>kSrs ds vuqlkj iquchZek le>kSrs ds vuqlkj Lohd`r iquchZek dks tc vkSj tSls gh iquchZekdrkZvksa lsçhfe;e viZ.k fooj.k izkIr gksrk gS oSls gh fglkc esa ntZ fd;k tkrk gSA

11-4 Loh—r iquchZek ij Hkqxrku fd;k tkus okyk deh'ku vofèk esa [kpZ ds :i esa igpkuk tkrk gS] ftlesa iquchZekçhfe;e Lohdkj fd;k tkrk gSA

12 vk; ij djksa dk ys[kkadu

vk;dj O;; dks ys[kkadu ekud ¼,,l½&22 ^vk; ij djksa dk ys[kkadu** tSlk fd dEiuh ¼ys[kkadu ekud½ fu;e] 2006esa fofufnZ"V gS] ds vuqlkj mikftZr fd;k tkrk gSA

12-1 orZeku dj % orZeku vk;dj] o"kZ ds fy, vk; ij djksa dk Hkqxrku fd, tkus ds fy, fuèkkZfjr vk;dj dk ldytksM+ gSA

12-2 vkLFkkfxr dj % vkLFkkfxr dj dk vkdyu o"kZ dh dj ;ksX; vk; vkSj ys[kkadu vk; ds chp pkyw o"kZ ds le; ds vUrjvkSj fiNys o"kks± ds le; ds vUrj ds izHkko dks n'kkZrs gSaA vkLFkfxr dj ifjleifÙk;ka vkSj ns;rkvksa dks] dj njksa vkSj djfofèk;ksa] ftUgsa vfèkfu;fer dj fn;k x;k gks vFkok rqyu&i=d dh rkjh[k }kjk okLro esa vfèkfu;fer fd;k x;k gks] dkiz;ksx djds fd;k tkrk gSA dVkSrh ;ksX; lHkh le;kuqikr vUrjksa dks vkLFkfxr dj ifjlEifÙk;ksa dks rHkh ekU;rk nh tkrhgS] tc fd mldh izkfIr ds fy, dksbZ rkfdZd fuf'prrk gksrh gSA rFkkfi tgka dj dh vlekosf'kr gkfu;ka gksrh gS] ftuesavlekosf'kr ewY; âkl] vkLFkfxr dj ifjlEifÙk 'kkfey gS] mUgsa rHkh ekU;rk nh tkrh gS] tc okLro esa ;g fuf'pr gksfd ,slh vkLFkfxr dj ifjlEifÙk;ksa dks Hkkoh dj ;ksX; vk; ds izfr olwy fd;k tk ldrk gSA

vkLFkfxr dj ifjlEifÙk;ksa dh okgd jkf'k dh izR;sd rqyu&i= rkjh[k dks leh{kk dh tkrh gS vkSj bls mllhek rd lek;ksftr fd;k tkrk gS tc ;g fcYdqy laHko ugha gksrk gS fd i;kZIr dj ;ksX; vk; vkLFkfxr djifjlEifÙk dks lexz :i ls vFkok mlds ,d Hkkx dks olwy fd, tkus dh vuqefr feysxhA

13- deZpkfj;ksa dks ykHk

13-1 vYidkfyd deZpkjh ykHk

vYidkfyd deZpkjh ykHkksa dks o"kZ] ftlesa mUgksaus lsok dh gS] ds ykHk vkSj gkfu ys[kk esa NwV jfgr vkèkkj ij,d O;; ds :i esa ekU;rk nh tkrh gSA

13-2 fu;kstuksÙkj ykHk

ifjHkkf"kr ;ksxnku ;kstuk,¡

¼d½ thvkbZlh ls lekfo"V deZpkfj;ksa dh Hkfo"; fufèk vkSj deZpkjh isa'ku Ldhe 1995 vkSj 31 ekpZ] 2010 dks ;kmlls igys daiuh }kjk fu;qDr deZpkjh] tks ,d ifjHkkf"kr va'knku ;kstuk gS] esa fu;kstudÙkkZ dk va'knku Hkfo";fufèk@isa'ku ;kstuk ds vuqlkj fd;k tkrk gSA

202

(b) For the employees directly appointed by the Company on or after 1st April, 2010,the Employer's Contribution to Pension Fund is made in accordance with the NewPension Scheme, 2004 (i.e. recognised on accrual & paid monthly).

Defined Benefit Plans

(a) Gratuity: The Employees Gratuity Fund Scheme is a Defined Benefit Plan. Theliability for Gratuity is provided on Actuarial Valuation at the end of the Period,without any funding arrangement.

(b) Pension: The Pension plan of the Company is a Defined Benefit. The present valueof the Company's obligations under Pension in respect of erstwhile employeesabsorbed from GIC is recognized on the basis of an Actuarial Valuation as at theend of the Period in proportion to the service rendered to GIC and the Company.The liability is not funded.

In respect of employees covered under New Pension Scheme, the matchingEmployer's Contribution is recognized on accrual and paid monthly.

13.3 Long Term Employee Benefits

The liability for Leave Encashment, Sick Leave and Leave Travel Subsidy is recognized onthe basis of Actuarial Valuation at the end of the Period.

14 Earning per Share

Basic Earnings Per Share are calculated by dividing the net profit or loss for the Period attributableto equity shareholders by the weighted average number of equity shares outstanding during thePeriod. For the purpose of calculating Diluted Earnings Per Share, the net profit or loss for thePeriod attributable to equity shareholders and the weighted average number of shares outstandingduring the Period are adjusted for the effects of all Dilutive Potential Equity Shares.

15 Contingent Liabilities

Contingent Liabilities are disclosed when there is a possible obligation arising from past events,the existence of which will be confirmed only by the occurrence or non-occurrence of one or moreuncertain future events, not wholly within the control of the Company, or a present obligationthat arises from past events where it is either not probable that an outflow of resources will berequired to settle the obligation or a reliable estimate of the amount cannot be made.

16 Contingent Assets

Contingent Assets are neither recognized nor disclosed.

17 Accounting for Government Grants

Government Grants related to revenue are recognized in the Profit and Loss Account on a systematicbasis over the Periods necessary to match them with the related costs which they are intended tocompensate. Such grants are deducted in reporting the related expense.

203

¼[k½ 1 vizSy 2010 dks vFkok mlds ckn dEiuh }kjk lhèks rkSj ij fu;qDr fd, x, deZpkfj;ksa dh isa'ku fufèk esa fd;kx;k fu;kstudrkZ dk va'knku] ubZ isa'ku Ldhe] 2004 ¼vFkkZr~ mixeu ij ekU; vkSj ekfld Hkqxrku½ ds vuqlkjfd;k tkrk gSA

ifjHkkf"kr ykHk ;kstuk,a

¼d½ minku % deZpkjh minku fufèk ;kstuk ,d ifjHkkf"kr ykHk ;kstuk gSA minku dh ns;rk] fcuk fdlh fuèkh;uO;oLFkk ds o"kZ ds vUr esa chekafdr ewY; fuèkkZfjr ij iznÙk dh tkrh gSA

¼[k½ isa'ku % dEiuh dh isa'ku ;kstuk ,d ifjHkkf"kr ykHk gSA Hkkjrh; lkèkkj.k chek fuxe ls lekfo"V HkwriwoZdeZpkfj;ksa ds lacaèk esa isa'ku ds varxZr dEiuh ds nkf;Ro dk orZeku ewY;] o"kZ ds vUr esa] thvkbZlh vkSj dEiuhesa xbZ lsok ds lekuqikr esa okLrfod ewY; fuèkkZj.k ds vkèkkj ij ekU; gksrk gSA

ubZ is'aku ;kstuk ds varxZr vkus okys deZpkfj;ksa ds lEcUèk esa fu;kstudrkZ dk va'knku leku :i ls mixeuij ekU;rk izkIr gksrk gS vkSj bldk ekfld Hkqxrku fd;k tkrk gSA

13-3 nh?kZdkfyd deZpkjh ykHk

vodk'k udnhdj.k] vLoLF;rk vdk'k vkSj NqV~Vh ;k=k vkfFkZd&lgk;rk ds fy, ns;rk dks o"kZ ds var esachekafdd ewY; fuèkkZj.k ds vkèkkj ij ekU;rk nh tkrh gSA

14- izfr 'ks;j vtZu

izfr 'ks;j ewy vtZu dh x.kuk mDr vofèk ds nkSjku cdk;k bfDoVh 'ks;jksa dh Hkkfjr vkSlr la[;k }kjk bfDoVh 'ks;j èkkjdksadks vkjksI; vofèk ds fuoy ykHk vFkok gkfu dks foHkkftr djds dh tkrh gSA izfr 'ks;j voewY;u ds vtZu dh x.kuk dsiz;kstu ds fy,] bfDoVh 'ks;j èkkjdksa dks ml vofèk ds fy, vkjksI; fuoy ykHk vFkok gkfu rFkk vofèk ds nkSjku cdk;k'ks;jksa dh Hkkfjr vkSlr la[;k dks lHkh voewY;uh; dk;Z{ke bfDoVh 'ks;jksa ds izHkko ds fy, lek;ksftr fd;k tkrk gSA

15- vkdfLed ns;rk,a

vkdfLed ns;rk,a bl izdkj dh tkrh gSa tc iwoZ dh ?kVukvksa ls mRiUu gksus okyh dksbZ laHkkfor ns;rk lkeus vkrh gS]ftldh fo|ekurk dh dsoy ,d vFkok vfèkd vfuf'pr Hkkoh ?kVukvksa ls mRiUu gksus vFkok mRiUu u gksus ds ekè;els gh iqf"V dh tk ldrh gS] tks daiuh ds fu;a=.k ds Hkhrj iw.kZr% ugha gksrh] vFkok dksbZ ,slh orZeku ns;rk tks iwoZ dh?kVukvksa ls mRiUu gqbZ gS tgka bl ckr dk vuqeku ugha gS fd D;k ml ns;rk dk fuiVku djus ds fy, lalkèkuksa dkcfg%izokg visf{kr gksxk vFkok jkf'k dk fo'oluh; vuqeku ugha yxk;k tk ldrk gSA

16- vkdfLed ifjlEifÙk;ka

vkdfLed ifjlEifÙk;ksa dks u rks ekU;rk nh tkrh gS vkSj u gh mudk izdVu fd;k tkrk gSA

17- ljdkjh vuqnkuksa dk ys[kkadu

jktLo ls lEcfUèkr ljdkjh vuqnkuksa dks ,d lqO;ofLFkr vkèkkj ij ,d vofèk ds i'pkr ykHk vkSj gkfu ds ys[kk esa 'kkfeyekuk tkrk gS] tks lEcfUèkr ykxrksa ds lkFk feyku djus dss fy, vko';d gksrk gS vkSj ftudh izfriwfrZ djuk pkgrs gSaA,sls vuqnkuksa dks izfrosfnr lEcfUèkr O;; esa ls ?kVk fn;k tkrk gSA

204

18 Miscellaneous

Telephone/Electricity/Water or such other deposits with the Local /Statutory Authorities havebeen charged off to the Revenue Account after retaining Rs. 1/- under the Deposit Head, forcontrol purposes. If any amount is subsequently recovered towards these deposits, the same iscredited to "Miscellaneous Income".

Only those Prepaid Expenses which are Rs. 10,000/- or more are carried forward to the nextPeriod.






205

18- fofoèk

fu;a=.k djus ds iz;kstu ls LFkkuh;@lkafofèkd izkfèkdj.kksa ds ikl nwjHkk"k@fctyh@ikuh vFkok ,slh vU; tek jkf'kdks] tek 'kh"kZ ds varxZr #- 1@& j[kus ds ckn jktLo ys[kk dk 'kqYd eqDr dj fn;k tkrk gSA ;fn bu tek jkf'k;ksads izfr ckn esa fdlh jkf'k dh olwyh dh tkrh gS rks mls ^^fofoèk vk;** esa tek fd;k tkrk gSA

dsoy ,sls iwoZ Hkqxrku fd, x, O;;ksa] tks #- 10]000@& vFkok blls vfèkd dh jkf'k ds gSa] dks vxys foÙkh; o"kZ esa ystk;k tkrk gSA

dfudk 'kekZ 'kkafMY; vfHkuUn ?kks"kdEiuh lfpo egkizcaèkd ,oa lh,Qvksisu % chchMhih,l3656ds isu % ,,Q,lihth8954D;w


eSa- Hklhu jk?kou ,.M dEiuh d`rs eS- ih-vkj esgjk ,.M da-d`rs pkVZMZ ,dkmaVsaV~l pkVZMZ ,dkmaVsaV~lQeZ jft- ua- 000197 ,u QeZ jft- ua- 000051 ,u

foØe flag lfoUnz dqekjHkkxhnkj HkkxhnkjlnL;rk la- 093485 lnL;rk la- 014211

\LFkku % ubZ fnYyhfnukad % 27-04-2018

206

Annexure 2

NOTES FORMING PART OF ACCOUNTS

1 IRDAI Compliance

The Insurance Regulatory and Development Authority of India (Preparation of Financial Statementsand Auditors' Report of Insurance Companies) Regulations, 2002, have been complied with in thepresentation of these accounts, to the extent applicable.

2 2.1 Takeover of Crop Insurance Business : The Company was designated as the ImplementingAgency for 'National Agricultural Insurance Scheme' with effect from 1st April 2003 bythe Ministry of Agriculture, Government of India, vide its letter dated 22nd October 2003.Accordingly, the Crop Insurance business was taken over by the Company from the GeneralInsurance Corporation of India (GIC). Based on their Audited Statement, assets amountingto Rs.58,95,66 thousand and liabilities amounting to Rs.450,03,29 thousand relating toCrop Insurance business as on 31st March, 2003 were received from GIC vide their letterdated 3rd February 2004 and were incorporated in the books of accounts of the Company.

2.2 Reserve for Unexpired Risks amounting to Rs.184,91,47 thousand as on the date of transferof business from GIC to the Company i.e., 01st April, 2003 has not yet been transferred byGIC to the Company.

3 Change in Crop Insurance Scenario

Pradhan Mantri Fasal Bima Yojna (PMFBY) was operational from Kharif 2016, whereby the existingCrop Insurance Schemes- NAIS and MNAIS were discontinued. The existing WBCIS has beenrestructured with farmer premium rates same as PMFBY.

The major distinguishing features of PMFBY over earlier schemes are

l Farmer has to pay low Premium Rate of up to 2.0% and 1.5% for Kharif and Rabi Seasonsrespectively for Food & Oil-seed Crops and 5% for Annual Commercial & HorticultureCrops.

l 100% Claim liability of Insurance Company.

l Actuarial Premium rates are applicable, State and Central Governments pay Premiumsubsidy in 1:1 ratio for Actuarial Premium in excess of Farmer Share.

l Maximum digitization of Crop Insurance implementation processes is envisaged.

l Along with AIC, four GIPSA Companies and 12 Private Insurance Companies areempanelled.

l The Business allocation by State Govts. are based on tendering process.

4 Business & Geographical Segment

As per the Accounting Standard 17 -"Segment Reporting", the Company has only one BusinessSegment, i.e. "CROP INSURANCE", and only one Geographical Reportable Segment.

207

vuqcaèk&2

ys[kkvksa esa lekfo"V fVIif.k;k¡1- vkbZvkjMh, vuqikyu

chek fofu;ked vkSj fodkl izkfèkdj.k ¼chek dEifu;ksa vkSj foÙkh; foojf.k;kas ds ys[kk ijh{kd dh fjiksVZ rS;kj djuk½fofu;e] 2002 dk vuqes; lhek rd bu ys[kkvksa ds izLrqrhdj.k esa vuqikyu fd;k x;k gSA

2- 2-1 Qly chek dkjksckj dks vfèkdkj esa ysuk

dEiuh dks d`f"k ea=ky;] Hkkjr ljdkj ds fnukad 22 vDVwcj] 2003 ds i= ds rgr 1 vizSy 2003 ls ^jk"Vªh;d`f"k chek ;kstuk** ds dk;kZUo;u vfHkdj.k ds :i esa inukfer fd;k x;k FkkA rn~uqlkj bl dEiuh us Qlychek dkjksckj dks Hkkjrh; lkèkkj.k chek fuxe ¼thvkbZlh½ ls vius vfèkdkj esa ys fy;k FkkA mudsys[kkijhf{kr fooj.k ds vkèkkj ij] 31 ekpZ 2003 dks Qly chek dkjksckj ls lEcfUèkr #- 58]95]66 gtkjdh jkf'k dh ifjlEifÙk;ka vkSj #- 4]50]03]29 gtkj dh jkf'k dh ns;rk dks thvkbZlh ls muds fnukad 3Qjojh] 2004 ds i= }kjk izkIr fd;k x;k Fkk vkSj bu jkf'k;ksa dks dEiuh ds ys[kk cfg;ksa esa lfEefyr djfy;k x;k FkkA

2-2 thvkbZlh }kjk dEiuh dks dkjksckj varj.k djus dh rkjh[k] vFkkZr~ 01 vizSy] 2003 dks #- 184]91]47 gtkj#i;s ds vlekIr tksf[keksa ds fy, vkjf{kr jkf'k vHkh rd thvkbZlh }kjk dEiuh dks varfjr ugha dh xbZgSA

3- Qly chek ifj–'; esa cnyko

izèkkuea=h Qly chek ;kstuk ¼ih,e,QchokbZ½ [kjhQ 2016 ls ykxw dh xbZ Fkh] ftlds }kjk fo|eku Qly chek LdheksavFkkZr~ ,u,vkbZ,l vkSj ,e,u,vkbZ,l dks lekIr dj fn;k x;k FkkA fo|eku MCY;wchlhvkbZ,l dk iquxZBu fd;k x;kgS ftlesa ih,e,QchokbZ ds leku gh —"kd izhfe;e njsa j[kh xbZ gSaA

iwoZ Ldheksa dh rqyuk esa ih,e,QchokbZ dh izeq[k mR—"V fo'ks"krk,a bl izdkj gSa%

n fdlkuksa dks [kk| vkSj frygu dh Qlyksa ds fy, [kjhQ vkSj jch ekSleksa esa Øe'k% 2-0 izfr'kr vkSj 1-5 izfr'krrFkk okf"kZd okf.kfT;d vkSj ckxokuh Qlyksa ds fy, 5 izfr'kr dh de izhfe;e nj dk Hkqxrku djuk gksrk gS]

n chek daiuh dk 100 izfr'kr nkok ns;rkA

n chekafdd izhfe;e njsa ykxw gSa] jkT; vkSj dsUnz ljdkj fdlku ds fgLls ds vykok chekafdd izhfe;e ds fy, 1%1vuqikr esa izhfe;e lfClMh dk Hkqxrku djrh gSA

n Qly chek fØ;kUo;u izfØ;kvksa ds vfèkdre fMftVyhdj.k dh dYiuk dh xbZ gSA

n ,vkbZlh ds vykok] pkj ftIlk daifu;ka rFkk 12 izkbosV chek daifu;ka iSuy ij j[kh xbZ gSaA

n jkT; ljdkj }kjk O;olk; vkcaVu fufonk izfØ;k ij vkèkkfjr gSA

4- dkjksckj ,oa HkkSxksfyd [kaM

ys[kkadu ekud 17 ^^[kaM izfrosnu** ds vuqlkj dEiuh dk dsoy ,d dkjksckj [kaM vFkkZr~ ^^Qly chek** gS vkSj dsoy,d HkkSxksfyd [kaM gSA

208

5 Disclosures Forming Part of Financial Statements

5.1 Contingent liabilities

5.1.1 Partly paid-up Investments: NIL (Previous Year NIL)

5.1.2 Underwriting Commitments Outstanding: NIL (Previous Year NIL)

5.1.3 Claims against the Company, other than against Policies, not acknowledged as debt: NIL(Previous Year Rs. 4,75 thousand) Claims against the Company, those under Policies, notacknowledged as debt: Rs. 111,74,09 thousand (Previous Year Rs. 160,89,01 thousand)

5.1.4 Guarantees given by or on behalf of the Company: NIL (Previous Year NIL)

5.1.5 Statutory Demands /Liabilities disputes not provided for in respect of income tax:

(Rs. in Thousand)

Assessment Outstanding Issues Status of the caseYear Demand (Pending with)

2008-09 6,07,65 Income share on Income Tax Appellate TribunalCorpus Fund

2009-10 57,409 Income share on Income Tax Appellate TribunalCorpus Fund

2010-11 69,00 Expenses related Income Tax Appellate Tribunalto Exempt (Case decided in ITAT in favour

Income of our company for AY 2011-12)

2012-13 3,04,26 Income share on Income Tax Appellate TribunalCorpus Fund,

Expenses related toExempt Income

2014-15 5,14,04 Income share on Income Tax Appellate TribunalCorpus Fund,


2015-16 2,49,90 Income share on CIT AppealsCorpus Fund,


5.1.6 Reinsurance obligations to the extent not provided for in Accounts: NIL (Previous YearNIL)

5.1.7 Amounts transferred to the Senior Citizen Welfare Fund as per IRDAI Master Circular(Unclaimed Amount of Policyholders) : NIL

5.1.8 Others: NIL (Previous Year NIL)

209

5- foÙkh; fooj.kksa esa lekfo"V Li"Vhdj.k

5-1 vkdfLed ns;rk,a

5-1-1 vkaf'kd :i ds Hkqxrku fd, x, fuos'k % 'kwU; ¼xr o"kZ 'kwU;½

5-1-2 cdk;k chekys[ku izfrc)rk,a % 'kwU; ¼xr o"kZ 'kwU;½

5-1-3 dEiuh ds f[kykQ nkos] tks ikWfylh ds varxZr ugha vkrs] ftUgsa _.k ds :i esa Lohdkj ugha fd;k x;k gS%#- 4-75 gtkj ¼xr o"kZ 4-75 gtkj½ dEiuh ds f[kykQ nkos] tks ikWfylh ds vUrxZr vkrs gSa] ysfdu _.k ds :iesa Lohd`r ugha gSa% #- 111]74]09 gtkj ¼xr o"kZ #- 160]89]01 gtkj½

5-1-4 dEiuh }kjk ;k dEiuh dh rjQ ls nh tekur % 'kwU; ¼xr o"kZ 'kwU;½

5-1-5 vk;dj ds lEcUèk esa lkafofèkd ekax@ns;rk,a fookn ftudk izko/kku ugha fd;k x;kA

#- gtkj e

fu/kkZfjr o"kZ cdk;k eqís ekeys dh fLFkfr ekax ¼yafcr½

2008-09 6,07,65 lexz fufèk esa vk;dj vihyh; vfèkdj.kvk; dk 'ks;j

2009-10 57,409 lexz fufèk esa vk; vk;dj vihyh; vfèkdj.k dk 'ks;j

2010-11 69,00 vk; esa NwV ls vk;dj vihy vfèkdj.klacafèkr O;; ¼ekeyksa esa ys[kk o"kZ 2011&12

ds fy, gekjh daiuh ds i{k esavkbZVh,Vh esa fu.kZ; fn;k x;k½

2012-13 3,04,26 lexz fufèk esa vk;dj vihy vfèkdj.kvk; dk 'ks;j

2014-15 5,14,04 lexz fufèk esa vk;dj vihy vfèkdj.kvk; dk 'ks;jvk; esa NwV lslacafèkr O;;

2015-16 2,49,90 lexz fufèk esa lhvkbZVh vihyvk; dk 'ks;jvk; esa NwV lslacafèkr O;;

5-1-6 iquZchek nkf;Ro % ftUgs ys[kksa esa ugha fn;k tk ldk % 'kwU; ¼xr o"kZ 'kwU;½

5-17 vkbZvkjMh,vkbZ ekLVj ifji= ds vuqlkj ofj"B ukxfjd dY;k.k fufèk esa varfjr jkf'k;ka ¼ikfylhèkkjdksa dhvnkok—r jkf'k½ % 'kwU;

5-1-8 vU; % 'kwU; ¼xr o"kZ 'kwU;½

210

5.2 As at 31st March 2018, all the assets of the Company are free from encumbrances

5.3 Commitment made and outstanding as on 31st March 2018 for: -

i Loans and Investments: NIL (Previous Year NIL)

ii IT Project "Annapoorna" & SEWA under implementation: Rs. 2,36,05,27thousand (Previous Year Rs. 3,06,96,07 thousand)

iii Estimated amount of Contracts remaining to be executed on Capital Account andnot provided for: Rs. 24,89,49 thousand (Previous Year Rs. 15,91,16 thousand)

5.4 Claims less Re-Insurance, paid to claimants in/outside India:

a) In India : Rs. 14,53,92,36 thousandb) Outside India* : NIL

5.5 There are no products wherein the claims payment period, as per terms of the policy exceedsfour years. Hence Actuarial assumptions for determination of such claim liabilities are notrequired.

5.6 Ageing of claims is presented below, distinguishing between "Claims Outstanding for morethan six months" and "Other Claims i.e. Claims Outstanding up to six months":-

(Rs. in thousand)

Particulars 2017-18 2016-17

Foreign Business: NIL NIL

Indian Business:Claims outstanding for more than six months 24,06,14,61 12,33,24,98Claims outstanding up to six months 53,43,91,36 27,45,48,49



Indian Business:Legal Claims outstanding for more than six months 7,64,84 6,33,18Legal Claims outstanding up to six months 10,53 5,23



Indian Business:Legal Claims Exp. outstanding for more 3,19,07 1,39than six monthsLegal Claims Exp. outstanding up to six months 3,95 6

211

5-2 31 ekpZ 2018 dks dEiuh dh lHkh ifjlEifÙk;ka _.kHkkj eqDr gSA

5-3 fuEufyf[kr ds fy, 31 ekpZ 2018 dks dh xbZ vkSj cdk;k izfrc)rk%&

i mèkkj vkSj fuos'k % 'kwU; ¼xr o"kZ 'kwU;½

ii vkbZVh ifj;kstuk ^^vUuiw.kkZ** ,oa ^lsok* dk;kZUo;ukèkhu % #- 2]36]05]27 gtkj ¼xr o"kZ 306]96]07gtkj½

iii lafonkvksa dh vuqekfur jkf'k] tks iwath ys[kk ij fu"ikn ds fy, 'ks"k cph gS ijUrq ftldk izkoèkku ughafd;k x;k 24]89]49 gtkj ¼xr o"kZ 15]91]16 gtkj½

5-4 Hkkjr esa @ckgj nkosnkjksa dks Hkqxrku nkos ?kVk iquchZek

d½ Hkkjr esa % #i;s 14]53]92]36 gtkj[k½ Hkkjr ls ckgj % 'kwU;

5-5 ,slk dksbZ mRikn ugha gS ftlesa uhfr dh 'krks± ds vuqlkj nkoksa ds Hkqxrku dh vofèk pkj o"kks± ls vfèkd gksA vr%,sls nkoksa dh ns;rkvksa ds fuèkkZj.k ds fy, chekafdd voèkkj.kk,a visf{kr ugha gksrhA

5-6 nkoksa dh vofèk] ^^N% ekg ls vfèkd vofèk ds cdk;k nkos** vkSj ^^vU; nkos vFkkZr~ N% ekg rd** ds cdk;k nkosds chp varj djrs gq, uhps izLrqr gS%&

#i;s gtkj esa

fooj.k 2017&18 2016&17fons'kh dkjksckj % 'kwU; 'kwU;

Hkkjrh; dkjksckj

Ng ekg ls vfèkd ds cdk;k nkos 24,06,14,61 1233,24,98Ng ekg rd ds cdk;k nkos 53,43,91,36 2745,48,49


Hkkjrh; dkjksckj

Ng ekg ls vfèkd ds cdk;k dkuwuh nkos 7,64,84 6,33,18Ng ekg rd ds cdk;k dkuwuh nkos 10,53 5,23


Hkkjrh; dkjksckj

Ng ekg ls vfèkd ds cdk;k dkuwuh nkos [kpZ 3,19,07 1,39

Ng ekg rd ds cdk;k dkuwuh nkos [kpZ 3,95 6

212



Indian Business:Loss Assessment Expenses outstanding for 2,99 8,39more than six monthsLoss Assessment Expenses outstanding up to 57,99 3,44,37six months

5.7 Premium less Re-Insurance written from business in/outside India:

a) In India : Rs. 1781,12,92 thousand

b) Outside India* : NIL

5.8 Short Collection of Premium Included under 'Schedule of Advances and Other Assetwhich represents amounts receivable from Nodal banks Rs. 926,07 thousand as at 31.03.2018(Previous Year Rs 196,55 thousands) remains unconfirmed.

Excess Collection of Premium included under 'Schedule of Current liabilities' whichrepresents amounts payable to Nodal banks of Rs 72,70,59 thousand as at 31.03.2018(previous year Rs. 1,28,44,32 thousands) remains unconfirmed.

5.9 Value of Contracts in relation to Investments: - NIL

5.9.1 Purchases where deliveries are pending: NIL (Previous Year NIL)

5.9.2 Sales where payments are overdue: NIL (Previous Year NIL)

5.10 Computation of Managerial Remuneration as per Section 197 pursuant to Schedule V ofthe Companies Act 2013 is as mentioned hereinafter:

(Rs. in thousand)

Gross Salary Co's Contribution Other Perquisitesto PF/ Pension Fund

Current Previous Current Previous Current PreviousYear Year Year Year Year Year

22,49 1,43 2,10 42 25 0

5.11 The Company does not hold any Immovable Property for investment purposes.

5.12 As per IRDAI Master circular on preparation of Financial Statements –General InsuranceCompanies issued in October 2012 and effective from 1st April 2013 details of variouspenal actions taken by various Government Authorities during the year is as under:-

213

fooj.k 2017&18 2016&17

fons'kh dkjksckj % ykxw ugha ykxw ugha

Hkkjrh; dkjksckj

Ng ekg ls vfèkd ds cdk;k gkfu ewY;kadu [kpZ 2,99 8,39

Ng ekg rd ds cdk;k nkos gkfu ewY;kadu [kpZ 57,99 3,44,37

5-7 Hkkjr esa@Hkkjr ds ckgj ds dkjksckj ds fy[ks x, izhfe;e ?kVk iquchZek

d½ Hkkjr esa % #i;s 1781]12]92 gtkj

[k½ Hkkjr ls ckgj % 'kwU;

5-8 izhfe;e ds laxzg esa deh dks ^vfxzeksa vkSj vU; ifjlEifÙk;ksa dh vuqlwph** ds vUrxZr 'kkfey fd;k x;k gStks 31-03-2018 dks uksMy cSadksa ls izkI; #- 926]07 gtkj #i;s dh jkf'k ¼xr o"kZ 1]96]55 gtkj½ dks n'kkZrs gSavkSj ftudh vHkh iqf"V ugha dh xbZ gSA

izhfe;e dk vfèkd laxzg dks ^pkyw ns;rkvksa dh vuqlwph** ds varxZr 'kkfey fd;k x;k gS ftlesa 31-03-2018dks uksMy cSadksa dks ns; 72]70]59 gtkj #i;s dh jkf'k ¼xr o"kZ 126]55]45 gtkj #-½ dh iqf"V ugha dh xbZ gSA

5-9 fuos'kksa ds lEcUèk esa Bsdksa ds ewY; ds fy, %&

5-9-1 Ø;] tgka lqiqnZfx;k¡ dh tkuh yfEcr gS % 'kwU; ¼xr o"kZ 'kwU;½

5-9-2 fcØh] tgka Hkqxrku vfrns; gks x;k gks % 'kwU; ¼xr o"kZ 'kwU;½

5-10 dEiuh vfèkfu;e] 2013 dh èkkjk 197 ¼vuqlwph&V ds vuqlj.k esa½ ds vuqlkj izcUèkdh; ikfjJfed dk ifjdyudjus dk dk;Z ;gka mfYyf[kr vuqlkj%

#- gtkj esa

ldy osru Hkfo"; fufèk@iSa'ku fufèk vU; ifjyfCèk;kaesa dEiuh dk va'knku

pkyw xr pkyw xr pkyw xro"kZ o"kZ o"kZ o"kZ o"kZ o"kZ

22,49 1,43 2,10 42 25 0

5-11 fuos'k ds iz;kstuksa ds fy, dEiuh ds ikl dksbZ vpy lEifÙk ugha j[kh gSA

5-12 vDVwcj 2012 esa tkjh fd, x;s vkSj 1 vizSy 2013 ls ykxw foÙkh; fooj.k rS;kj djus ds fy, vkbZvkjMh, dseq[; ifji= ds vuqlkj&o"kZ ds nkSjku lkèkkj.k chek dEifu;ksa ds fofHkUu ljdkjh izkfèkdj.kksa }kjk dh xbZ fofHkUunaMuh; dkjZokgh dk fooj.k fuEukuqlkj gS%&

214

(Rs. in thousand)

Sl. Authority Non- Penalty Penalty Penalty

No. Compliance / Awarded Paid Waived/violation Reduced

1 Insurance Regulatory and NIL NIL NIL NIL

Development Authority of India

2 Service Tax Authorities NIL NIL NIL NIL

3 Income Tax Authorities NIL NIL NIL NIL

4 Any other Tax Authorities NIL NIL NIL NIL

5 Enforcement Directorate/ NIL NIL NIL NILAdjudicating Authority/Tribunal or any Authorityunder FEMA

6 Registrar of Companies/ NIL NIL NIL NILNCLT/CLB/ Departmentof Corporate Affairs or anyAuthority under CompaniesAct, 2013

7 Penalty awarded by any NIL NIL NIL NILCourt/Tribunal for anymatter including claimsettlement but excludingcompensation

8 Securities and Exchange N. A. N. A. N. A. N. A.Board of India*

9 Competition Commission NIL NIL NIL NILof India

10 Any other Central/State/ NIL NIL NIL NILLocal Govt./StatutoryAuthority

*Post listing.

5.13 The Government of India vide their letter no. F. No. C-13014/16/2004- Ins. I dated23.12.2009 called for Rs. 200,00,00 thousand from the Company from the retained profits/reserves (created out of NAIS activity) as a prelude to the recasting of the Scheme as an ad-hoc payment. Accordingly, an amount of Rs. 200,00,00 thousand was paid to theGovernment of India with due approval of the Board; and concurrence of IRDAI, subjectto certain conditions, vide their letter dated 01.01.2010 and the same being an ad-hocpayment has been accounted for as 'Other Advances' under Schedule 12 of the AnnualAccounts as on 31st March 2017 i.e. 'Advances and Other Assets' pending recast of theScheme. MOA and Farmers' Welfare, GOI vide letter dt of 27 June, 2017 to the Companyhas stated that the matter is linked with the accrual of huge Premium savings with theCompany after adjusting all tax liabilities etc from erstwhile NAIS and matter regardingsurplus funds with the Company has once again taken up with the Dept of FinancialServices vide letter dt 7 November, 2016 and matter is still pending.

215

jkf'k ¼#i;ksa esa½Ø izfèkdj.k vuqikyu nh xbZ Hkqxrku ekQ fd;k x;kla- u djuk@ isuYVh fd;k x;k @de fd;k

mYya?ku tqekZuk x;k tqekZuk

1 chek fofu;ked vkSj 'kwU; 'kwU; 'kwU; 'kwU;fodkl izkfèkdj.k

2 lsok dj izkfèkdj.k 'kwU; 5 5 'kwU;

3 vk; ij izkfèkdj.k 'kwU; 'kwU; 'kwU; 'kwU;

4 vU; dksbZ dj izkfèkdj.k 'kwU; 'kwU; 'kwU; 'kwU;

5 izorZu funs'kky;@vfèkfu.kkZ;d 'kwU; 'kwU; 'kwU; 'kwU;izkfèkdj.k@vfèkdj.k vFkok Qsekds vUrxZr dksbZ vU; izkfèkdj.k

6 dEiuh jftLVªkj@,ulh,yVh@ 'kwU; 'kwU; 'kwU; 'kwU;lh,ych@dkiksZjsV dk;Z foHkkxvFkok dEiuh vfèkfu;e] 2013 dsvèkhu vU; dksbZ izkfèkdj.k

7 fdlh ekeys] ftlesa nkoksa dk 'kwU; 'kwU; 'kwU; 'kwU;fuiVku 'kkfey gS ijUrq {kfriwfrZdks NksM+dj] ds fy, fdlhU;k;ky;@vfèkdj.k }kjk nh xbZisuYVh

8 izfrHkwfr;ka vkSj Hkkjrh; fofu;e ykxw ugha ykxw ugha ykxw ugha ykxw ughacksMZ *

9 Hkkjrh; izfrLièkkZ vk;ksx 'kwU; 'kwU; 'kwU; 'kwU;

10 dksbZ vU; dsUnz @ jkT;@LFkkuh; 'kwU; 'kwU; 'kwU; 'kwU;ljdkj@lkafofèkd izkfèkdj.k

*lwfpc) djus ds ckn

5.13 Hkkjr ljdkj us vius i= la- lh&13014@16@2004&bal&1 fnukad 23-12-2009 }kjk dEiuh ls muds jksdsx, ykHkksa@vkj{k.kksa ¼jk-d`-ch-;ks- xfrfofèk;ksa }kjk l`ftr½ esa ls] bl ;kstuk dks iqu% ykxw djus ds fy,'kq:vkrh rkSj ij rnFkZ Hkqxrku ds :i esa #i;s 2]00]00]00 gtkj #i;s dh jkf'k dh ekax dh gSA rn~uqlkj cksMZds fofèkor vuqeksnu ls Hkkjr ljdkj dks 2]00]00]00 gtkj jkf'k dk Hkqxrku fd;k x;k vkSj vkbZvkjMh, dsfnukad 01-01-2010 ds i= }kjk lgefr izkIr dj yh xbZ vkSj rnFkZ Hkqxrku gksus ds dkj.k 31 ekpZ 2017 dsokf"kZd ys[kk dh vuqlwph 12 ds varxZr ^vU; vfxze* esa ntZ fd;k x;k vFkkZr~ ;kstuk ds iqu% ykxw gksus rd^^vfxze ,oa vU; ifjlEifÙk;k¡** —f"k vkSj fdlku dY;k.k ea=ky;] Hkkjr ljdkj us daiuh dks fy[ks 27 twu]2017 ds i= }kjk ;g dgk fd rkRdkfyd ,u,vkbZ,l ls lHkh dj ns;rkvksa vkfn dk lek;kstu djus dsi'pkr~ ;g ekeyk daiuh ds lkFk O;kid izhfe;e cpr ds mn~Hkwr gksus ls tqM+k gS rFkk daiuh ds ikl vfrfjDrfufèk;ksa ds ckjs esa ,d ckj fQj 7 uoEcj] 2016 ds i= }kjk foÙkh; lsok,a foHkkx ds lkFk mBk;k x;k gS rFkk;g vHkh rd yafcr gSA

216

5.14.1 Unrealized Gain/Losses arising due to changes in the Fair Value of Listed Equity Shares,Exchange Traded Fund and Mutual Fund are taken to equity under the head 'Fair ValueChange Account' and on realization reported in Profit and Loss Account.

5.14.2 Pending realization, the credit balance in the 'Fair Value Change Account' is not availablefor distribution.

5.15 Details of expenses incurred under the following heads: -

(Rs. in thousand)

Outsourcing Rs.9,38,57 thousand (Previous Year Rs. 4,68,22 thousand)(for non-core functions)

Business development NIL (Previous Year Rs. 10 thousand)

Marketing support NIL (Previous Year NIL)

5.16 Claims settled and remaining unpaid for a period of more than six months as at 31st March2018 is Rs. 16,51,47 thousand (Previous Year Rs. 8,18,02 thousand)

5.17.1 Under Insurance Act 1938 (Section 64VB) risk can be assumed only when the requisitePremium is received.

However, the Company assumes risk but recognizes the Premium upon the same beingremitted by the collecting bank at a later date since the Company cannot anticipate theaccrual in the absence of such receipt. Thereby the assumption of risk is strictly not inaccordance with the provisions of the aforesaid section.

However, in response to Company's letter dated 9th August 2010 IRDAI vide its letterdated 26th August 2010 has allowed the Company to continue with this practice till furtherorders.

5.17.2 (i) The Premium collected from the Farmers by the Bankers is transferred to the BankAccounts maintained at the Regional offices of the Company. The details of transactiondata, including Gross Insurance Premium, State Govt. Subsidy and Central Govt.Subsidy entered in Government of India Portal ("Portal") by banks are reviewed andon confirmation by the Company, it is migrated to Business Operation (BO) module atthe Regional Offices of the Company. The value of these transactions is accounted foras Premium Income by way of Journal Voucher (JV 1).

(ii) There are certain transactions in respect of which the Remittance of Premium hasbeen received and credited in the bank account of the Company, and the particularsof the transactions are entered in the Portal, but confirmation and migration to theBusiness Operation (BO) module are pending. Such cases which are in draft modewherein the Gross Premium, Subsidies, etc. are known from the Portal, are alsoaccounted for as income by way of JV 2 amounting to Rs.30,65,87,76 thousand (net ofReinsurance Rs. 7,66,46,94 Thousands) . This journal entry will be reversed at thebeginning of the next year and subsequently once the transaction is confirmed andmigrated to BO module in future, it will be taken as Premium Income on actual basis.There may not be any material difference between amount of JV 2 and actual incomeaccounted for later on.

217

5.14 (d) lwphc) bDoVh 'ks;jksa vkSj O;qRiUu midj.kksa ds mfpr ewY; esa gq, ifjorZuksa ds dkj.k mRiUu olwyh ufd, x, ykHk@gkfu;ksa dks ^^mfpr ewY; ifjorZu ys[kk** 'kh"kZ ds varxZr bfDoVh esa fy;k x;k gS rFkkolwyh gks tkus ij ykHk vkSj gkfu ys[kk esa izfrosfnr fd;k tk,xkA

5.14 ([k) olwyh yfEcr gksus ds dkj.k] mfpr ewY; ifjorZu ys[kk* esa cdk;k _.k forj.k ds fy, miyCèk ugha gSA

5.15 fuEufyf[kr 'kh"kZ ds vUrxZr mixr O;;ksa dk fooj.k%&

#- gtkj esa

vkmVlksfl±x #i;s 9]38]57 gtkj ¼xr o"kZ #i;s 4]68]22 gtkj½¼ewy dk;ks± ls brj ds fy,½

dkjksckjh fodkl 'kwU; ¼xr o"kZ #i;s 10 gtkj½

foi.ku lgk;rk 'kwU; ¼xr o"kZ 'kwU;½

5.16 31 ekpZ 2018 dks N% ekg ls vfèkd vofèk ds fy, ,sls nkos ftudk lek;kstu fd;k tk pqdk gS ijUrq Hkqxrkufd;k tkuk ckdh gS] #i;s 16]51]47 gtkj ¼xr o"kZ #- 8]18]02 gtkj½ ds gSA

5.17.1 chek vfèkfu;e 1938 ¼èkkjk 64VB½ ds varxZr] tksf[ke dks rHkh ekuk tk,xk tc visf{kr izhfe;e izkIr gkstk,xkA

rFkkfi dEiuh us tksf[ke dk xzg.k fd;k gS ijUrq ml izhfe;e dks ekU;rk nh xbZ gS] ftls ckn dh rkjh[k dkslaxzg.kdrkZ cSad }kjk tek fd;k x;k gS] pw¡fd dEiuh ,slh ikorh ds vHkko esa mixr jkf'k dk iwokZuqeku ughayxk ldrhA bl izdkj] tksf[ke dh iwoZèkkj.kk okLro esa mi;qZDr èkkjk ds iw.kZ izkoèkkuksa ds vuqlkj ugha gSA

rFkkfi] dEiuh ds fnukad 9 vxLr 2010 ds i= ds mÙkj esa vkbZvkjMh us vius fnukad 28 vxLr 2010 ds i=}kjk dEiuh dks bl izfØ;k dks] vxys vkns'k gksus rd tkjh j[kus dh vuqefr ns nh gSA

5-17-2 ¼i½ cSadjksa }kjk fdlkuksa ls laxzfgr fd;k x;k izhfe;e daiuh ds {ks=h; dk;kZy;ks esa vuqjf{kr cSad [kkrksa esa varfjrfd;k x;k gSA cSadksa }kjk Hkkjr ljdkj iksVZy ¼^^iksVZy**½ esa izfo"V dh xbZ ldy chek izhfe;e] jkT; ljdkjjkt&lgk;rk vkSj dsUnzh; ljdkj jktlgk;rk dh jkf'k lfgr laO;ogkj vkadM+ksa ds fooj.kksa dh leh{kk dhtkrh gS rFkk daiuh }kjk iqf"V fd, tkus ds mijkar bls daiuh ds {ks=h; dk;kZy;ksa esa O;olk; izpkyu ¼chvks½ekWM~;wy esa varfjr fd;k tkrk gSA bl laO;ogkjksa ds ewY; dks tuZy okmpj ¼tsoh 1½ ds ekè;e ls izhfe;evk; ds :i esa fglkc esa fy;k tkrk gSA

¼ii½ ,sls vusd laO;ogkj gSa] ftuds lacaèk esa izhfe;e dk izs"k.k izkIr gqvk gS rFkk mls daiuh ds cSad [kkrs esa ØsfMVfd;k x;k gS vkSj laO;ogkjksa ds fooj.k iksVZy esa izfo"V fd, x, gSa] ijarq O;olk; izpkyu ¼chvks½ ekM~;wydh iqf"V vkSj varj.k yafcr gSA ,sls ekeyksa] tks Mªk¶V eksM esa gS ftuesa ldy izhfe;e] jktlgk;rk,a vkfniksVZy ls Kkr gksrh gS] vkSj muesa tsoh 2 ds ek/;e ls 30]65]87]76 gtkj #i, ¼7]66]46]94 gtkj #i, dkfuoy iquchZek½ dh vk; ds :i esa jkf'k 'kkfey dh xbZ gSA ;g tuZy izfof"V vkxkeh o"kZ ds izkjaHk esaizfryksfer dh tk,xh rFkk mlds mijkar tc laO;ogkj dh iqf"V gksxh vkSj Hkfo"; esa mls chvks ekM~;wy esavarfjr fd;k tk,xk] rks mls okLrfod vkèkkj ij] izhfe;e vk; ds :i esa fy;k tk,xkA tsoh 2 dh jkf'kvkSj ckn esa fglkc esa yh xbZ okLrfod vk; ds chp dksbZ rkfRod varj ugha gksuk pkfg,A

218

(iii) In those cases, where remittances have been received in the bank accounts of theCompany but are yet to be entered in the Portal or Business Operation (BO) module,have also been accounted for as income on estimated basis by application of the season-wise Cluster Premium Rate (Cluster consists of few districts) amounting to Rs. 5,73,22,33(net of Reinsurance Rs.1,43,30,58 Thousands). This also will be reversed at the beginningof the next year.

These transactions will be subsequently entered into Portal, being reviewed andconfirmed by the Company and the actual Premium is quantified and accounted foras income. There would be a difference between the estimated income accounted forbased on Season-Wise Cluster Premium Rate and actual income accounted for later onwhich cannot be quantified at this stage.

5.17.3 The balance of Premium for Rabi 2017-18 for the Schemes PMFBY & WBCIS collected bythe banks from the farmers has neither been remitted to the Company nor any consequentialprovision for claims accounted for in the absence of requisite data up to 31st March 2018.The amount is not ascertainable as on date.

5.17.4 Premium Deficiency is recognized if the sum of expected claim cost related expenses andmaintenance cost (related to claims handling) exceeds related Reserve for Unexpired Risk.Current Year NIL (Previous Year Rs. NIL)

6 Related Party Disclosure as per Accounting Standard - 18

Key Management Personnel

1. Ms. T. L. Alamelu

Nature of Transactions:

1. Salaries allowances and contributions during the year ended 31st March 2018: Rs. 24,84thousand (Previous Year Rs.1,85 thousand, Pertaining to Sh R. N. Dubey, Ex-CMD)

2. Loan balances due as on 31st March 2018: NIL (Previous Year NIL)

7 7.1 During the year the Company has received the following amounts from the Government(Central/States/UTs/Boards) towards implementation of PMFBY & NAIS and towardsPremium Subsidy in respect of Weather Based Crop Insurance, Modified NAIS & otherschemes:

(Rs. In thousand)

Sl. Particulars Current Year Previous YearNo. 2017-18 2016-17

1. NAIS - Premium Subsidy 1,85,88,93 2,38,04,44

2. NAIS - Bank Service Charges 395,33 16,06,37

3. NAIS - Claim Share* 177,36,68,09 222,80,08,74

4. NAIS - Corpus Fund 0 0

219

¼iii½ ,sls ekeyksa esa] tgka daiuh ds cSad [kkrksa esa izs"k.k izkIr gq, gSa] ijarq mUgsa vHkh rd iksVZy vFkok O;olk; izpkyu¼chvks½ ekM~;wy esa izfo"V ugha fd;k x;k gS] dks Hkh 5]73]22]33 gtkj #i, ¼1]43]30]58 gtkj #i, dk fuoyiquchZek½ dh jkf'k esa ekSleokj DyLVj izhfe;e nj ¼dqN ftyksa dks 'kkfey djrk DyLVj½ dk vuqiz;ksx djdsvuqeku vkèkkj ij vk; ds :i esa fglkc esa fy;k x;k gSA bls Hkh vkxkeh o"kZ dh 'kq#vkr esa izfrorhZ fd;ktk,xkA

bl laO;ogkjksa dks ckn esa iksVZy esa izfo"V fd;k tk,xk ftudh daiuh }kjk leh{kk vkSj iqf"V dh tk jghgS rFkk okLrfod izhfe;e dk ifjek.k fuèkkZfjr fd;k tk jgk gS vkSj mls vk; ds :i esa fglkc esa fy;ktk,xkA ekSleokj DyLVj izhfe;e nj ds vkèkkj ij fglkc esa yh xbZ okLrfod vk; ds chp varj gksxkftldk ifjek.k bl voLFkk ij ugha yxk;k tk ldrk gSA

5.17.3 ih,e,QchokbZ vkSj ekS-vk-jk-d`-ch-;ks- ;kstukvksa ds fy, jch 2017&18 ds izhfe;e dk cdk;k] tks cSadksa }kjkfdlkuksa ls laxzg fd;k x;k gS] dks 31 ekpZ 2018 rd u rks dEiuh esa tek fd;k vkSj u gh visf{kr vkadM+ksa dsvHkko esa ys[kkafdr nkoksa ds ifj.kkeh izkoèkku fd;k x;k gSA mDr rkjh[k rd bl jkf'k dks vHkh rd fuèkkZfjrugha fd;k tk ldk gSA

5.17.4 ;fn] izR;kf'kr nkok ykxr] laxr O;;ksa vkSj vuqj{k.k ykxr ¼gSMfyax nkoksa ls lEcfUèkr½ dk tksM+ vlekIr tksf[keds fy, laxr vkj{k.k dh jkf'k ls vfèkd gks tkrk gS rks izhfe;e ?kkVs dks ekU;rk nh tkrh gSA orZeku o"kZ&'kwU;¼xr o"kZ 'kwU;½

6 ys[kkadu ekud&18 ds vuqlkj lEcfèkr ikVhZ izdVu

izeq[k izcUèku dkfeZd

l Jherh fV- ,y- vyesyw

lkSns dk Lo:i%

1- 31 ekpZ 2018 dks osru] HkÙks vkSj va'knku% #i;s 24]84 gtkj ¼xr o"kZ esa #i;s 1]85 gtkj iwoZ lh,eMh Jh vkj-,u- nqcs ls lacaf/kr½

2. 31 ekpZ 2018 dks ns; _.k cdk;k % 'kwU; ¼xr o"kZ 'kwU;½

7 7.1 o"kZ ds nkSjku] dEiuh us ih,e,QchokbZ ,oa jk-d`-ch-;ks- ds dk;kZUo;u vkSj ekSle vkèkkfjr Qly chek] la'kksfèkrjk-d-ch-;ks- vkSj vU; ;kstukvksa ds fy, izhfe;e va'knku ds fy, ljdkj ¼dsUnzh;@jkT;@la?k 'kkflr izns'k cksMZ½ls fuEufyf[kr jkf'k izkIr dh gSA

#- gtkj esa

Ø- fooj.k pkyw o"kZ xr o"kZla- 2017-18 2016-17

1. jk-d`-ch-;ks-&izhfe;e vuqnku 1,85,88,93 2,38,04,44

2. jk-d`-ch-;ks-&cSad lsok izHkkj 395,33 16,06,37

3. jk-d`-ch-;ks-&nkos dk fgLlk* 177,36,68,09 222,80,08,74

220

5. WBCIS - Premium Subsidy 5,55,28,27 2,84,76,02

6. Modified NAIS- Premium Subsidy 7,92,47 2,36,71,47

7. Coffee Board 0 12,25

8. Coffee Board-State Govt. 0 6,09

9. Coconut Board 27,50 22,50

10. Coconut Board-State Govt. 0 0

TOTAL 184,90,00,59 230,56,07,86*

includes PMFBY subsidy also, in absence of breakup, separate figures cannot be furnished.

The following amounts were paid to Private Insurance Companies for implementation ofPMFBY, WBCIS & MNAIS Schemes during the year 2017-18.

(Rs. In thousand)


1. WBCIS - Premium Subsidy 9,11,25,12 4,44,05,72

2. Modified NAIS-Premium Subsidy 0 4,51,68,44

3 PMFBY-Premium Subsidy 96,22,16,58 46,42,93,09

TOTAL 105,33,41,70 55,38,67,25

Further the Government-wise balances as at 31st March 2018 are detailed in Annexure-4 &4A.

8 Sharing of Expenses of National Agricultural Insurance Scheme

As per NAIS provisions, the Administrative & Operating Expenses are shared among the Companythe Govt. of India and the State/Union Territory Governments on a specified basis. For the yearunder report, 20% (Previous Year 20%) of the total Administrative & Operating Expenses incurredfor NAIS are recoverable from the Govt. of India and the respective State/UT Governments. Thetotal recovered/recoverable share amounts to NIL (Previous Year Rs. 1,24,98 thousand) as NAISis discontinued. The Company has received the following amounts from the Government (Central/States/UTs) towards reimbursement of following expenses related to NAIS pertaining to previousyears:

(Rs. in thousand)


1. NAIS - A & O Expenses 1,66 369,32

2. NAIS - Publicity Expenses 4,26 25,40

221

4. jk-d`-ch-;ks-&laxzg fufèk 0 0

5. ekS-vk-Q-ch-;ks-&izhfe;e vuqnku 5,55,28,27 2,84,76,02

6. la'kksfèkr jk-d`-ch-;ks-&izhfe;e vuqnku 7,92,47 2,36,71,47

7. dkWQh cksMZ 0 12,25

8. dkWQh cksMZ&jkT; ljdkj 0 6,09

9. ukfj;y cksMZ 27,50 22,50

10. ukfj;y cksMZ&jkT; ljdkj 0 0

dqy 184,90,00,59 230,56,07,86*

ih,e,QchokbZ va'knku Hkh 'kkfey gS] czsdvi miyC/k u gksus ds dkj.k vyx vkadM+s ugha fn, tk ldsA

o"kZ 2017&18 ds nkSjku] ih-,e-,Q-ch-;ks- MCY;w chlhvkbZ,e rFkk la-jk-d`-ch-;ks- ;kstukvksa ds dk;kZUo;u ds fy,futh chek dEifu;ksa dks fuEu jkf'k Hkqxrku esa nh xbZ gSA

#- gtkj esa


1. ekS-vk-Q-ch-;ks-&izhfe;e vuqnku 9,11,25,12 4,44,05,72

2. la'kksfèkr jk-d`-ch-;ks-&izhfe;e vuqnku 0 4,51,68,44

3- ih,e,QchokbZ&çhfe;e lfClMh 96,22,16,58 46,42,93,09

dqy 105,33,41,70 55,38,67,25

blds lkFk&lkFk 31 ekpZ 2018 dks ljdkj okj 'ks"k] vuqcaèk&4 vkSj 4^d* esa foLrkj ls fn, x, gSaA

8 jk"Vªh; d`f"k chek ;kstuk ds O;;ksa esa fgLlsnkjh

jk-d-ch-;ks- izkoèkkuksa ds vuqlkj] iz'kklfud vkSj ifjpkyu O;;ksa dks dEiuh] Hkkjr ljdkj vkSj jkT;@la?k 'kkflr ljdkjksads chp fof'k"V vkèkkj ij ckaVk x;k gSA leh{kkèkhu o"kZ ds fy,] ,u,,vkbZ,l ds fy, fd, x, dqy iz'kklfud vkSjifjpkyu O;;ksa dk 20 izfr'kr ¼xr o"kZ 20 izfr'kr½ Hkkjr ljdkj vkSj lEcfèkr jkT;@la?k 'kkflr ljdkjksa ls olwyh ;ksX;gSA ,uvkbZ,l ds can gks tkus ls iqu% izkIr vkSj iqu% izkIr djus ;ksX; 'ks;j 'kwU; gks xbZ gSA ¼xr o"kZ #- 1]24]98 gtkj½cSBrk gSA dEiuh us xr o"kZ ls lEcfU/kr jk-d`-ch-;ks- ls lEcfUèkr fuEufyf[kr O;;ksa dh izfriwfrZ ds :i esa ljdkj¼dsUnzh;@jkT;@la?k 'kkflr izns'kksa½ ls fuEufyf[kr jkf'k;ka izkIr dh gSa%

#- gtkj esa


1. jk-d`-ch-;ks-&iz'kklfud o ifjpkyu [kpsZ 1,66 369,32

2. jk-d`-ch-;ks-&izpkj O;; 4,26 25,40

222

Expenses incurred towards NAIS shown under Schedule 4 are net of the Government's (Centre/States / UTs) share of 20% (Previous Year 20%) received/receivable from the respective Governments.

9 Investments

9.1 The Company has invested its funds as per the Investment Pattern prescribed by the IRDAIRegulations on Investments and the Company's Investment Policy. The amortised Bookvalue of Investments of the Company (other than Equity and Mutual Fund Investment) ason 31st March 2018 is Rs.71,08,05,31 thousand (Previous Year Rs. 62,37,85,26 thousand)and the Market value of the Company's Investments in Equity and Mutual Fund as on thatdate is Rs. 5,00,02,06 thousand (Previous Year Rs. 12,49,66,77 thousand). Gross Incomefrom Investments amounted to Rs. 5,36,17,88 thousand during the Financial Year includingProfit on Sale of Equity Rs. 38,574 thousand (Previous Year Rs 2,82,07 thousand) whichincludes an Investment Income of Rs. 2,95,64 thousand (Previous Year Rs. 4,87,69 thousand)credited to NAIS Corpus Fund and Rs. 1,10,95 thousand (Previous Year Rs. 2,55,88 thousand)pertaining to interest on Unclaimed Amount due to Policyholders in accordance with IRDAICircular No. IRDAI/F&A/CIR/CPM/134/07/2015 dated July 24, 2015.

9.2 The basis of Amortization/Accretion of Debt Securities is stated in the Significant AccountingPolicy No. 5.1. The total amount of Rs. 6,10,67 thousand has been amortized during theYear (Previous Year Rs. 3,64,40 thousand). The effect of accretion of debt securities is Rs.70,64,78 thousand (Previous Year Rs. 8,04,02 thousand)

9.3 The historical cost of those Investments which are valued on "Fair Value" basis isRs.4,81,64,23 thousand (Previous Year Rs. 12,40,01,58 thousand).

9.4 Income of Interest, Dividend and Rent (net of share of five months pertaining to unclaimedamount of policyholders determined based on opening balances) refer point no. 5 beloware apportioned between the "Revenue Account" "Profit and Loss Account" and "NAIS-Corpus Fund" in the ratio of the balances standing in the "Policyholders' Fund""Shareholders' Fund" & "NAIS-Corpus Fund" respectively at the end of the year.

9.5 Investment Income on the accumulated amount of Policyholders In accordance with IRDAICircular No. IRDAI/F&A/CIR/CPM/134/07/2015 dated July 24 2015 Investment Incomeon accumulated unclaimed amount has been credited for the Financial Year 2017-18 atrate 7.05% for 5 months (as the Investment Yield for the Year 2017-18) and for 7 monthsdirect income earned on earmarked deposits of Unclaimed Policyholders.

Accordingly, the details of unclaimed amounts and Investment income thereon are asfollows:

(Rs. in thousand)

Particulars Current PreviousFinancial Year Financial Year

Opening Balance 38,87,03 47,44,57

Add: Amount transferred to unclaimed amount 32,78,37 32,55,42

Add: Cheques issued out of the unclaimed NIL NILamount but not encashed by the policyholders(To be included only when the cheques are stale)

223

vuqlwph 4 ds vUrxZr jk-d`-ch-;ks- ds izfr fd, x, O;; ljdkjksa ¼dsUnz@jkT;@la?k 'kkflr izns'k½ ds lEcfUèkr ljdkjksals izkIr@izkIr fd, tkus ;ksX; dk fuoy va'k 20 izfr'kr ¼xr o"kZ 20 izfr'kr½ gSA

9 fuos'k

9-1 daiuh us vius èku dk fuos'k vkbZvkjMh,vkbZ fofu;eksa] vkSj daiuh dh fuos'k uhfr }kjk fuèkkZfjr fuos'k rjhds

ds vuqlkj fd;k gSA 31 ekpZ] 2018 dks daiuh bfOdVh vkSj E;wpqvy QaM fuos'k ds vykok fuos'k dk ifj'kksfèkr

[kkrk ewY; 71-08-05-31 gtkj #i, ¼fiNys o"kZ 62]37]85]26 gtkj #i, vkSj vkt dh rkjh[k esa daiuh ds

fuos'k dk cktkj ewY; 5]00]02]06 gtkj #i, ¼fiNys o"kZ 12]49]66]77 gtkj #i,½ gSA fjiksVZ ds varxZr

foÙkh; o"kZ ds nkSjku fuos'k ls ldy vk; 5]36]17]88 gtkj #i, ¼fiNys o"kZ gtkj 472]45]88 #i,½ gS]

ftlesa 38]574 gtkj #i, ¼fiNys o"kZ 2]82]07 gtkj #i,½ dh fuos'k ls vk; dh jkf'k] ,u,vkbZ,l Qly

dks"k esa LFkkukarfjr vkSj vkbZvkjMh,vkbZ ds fnukad 24 tqykbZ] 2015 ds ifji= la- vkbZvkjMh,vkbZ@,Q ,oa

,@lhvkbZvkj@lhih,e@134@07@2015 ds vuqlkj i‚fylhèkkjdksa dh nkok u dh tkus okyh jkf'k ij

C;kt dh 1]10]95 ¼fiNys o"kZ 255]88½ gtkj #i, dh jkf'k Hkh 'kkfey gSA

9-2 _.k izfrHkwfr;ksa dk _.k ifj'kksèku@izR;k;u] egRoiw.kZ ys[kkadu uhfr la[;k 5-1 esa fn;k x;k gSA o"kZ ds nkSjku

#- 6]10]67 gtkj dh dqy jkf'k dk _.k ifj'kksèku fd;k x;k gS ¼xr o"kZ 3]64]40 gtkj½ _.k izfrHkwfr;ksa ds

izR;k;u dk izHkko #i;s 70]64]78 gtkj ¼xr o"kZ 8]04]02 gtkj½ gSA

9.3 mu fuos'kksa dh ,sfrgkfld ykxr #- ftudk ^mfpr ewY;** ds vkèkkj ij ewY;kadu fd;k x;k gSA #- 4]81]64]23

gtkj ¼xr o"kZ #- 12]40]01]58 gtkj½ gSA

9-4 uhps fcanq la[;k 5 ds vuqlkj C;kt] ykHkka'k vkSj fdjk, ij vk; ¼vk| 'ks"k ds vkèkkj ij fuèkkZfjr ikWfylhèkkjdksa

dh vnko—r jkf'k ls lacafèkr ikap ekg dk fuoy 'ks;j½ dks o"kZ dh lekfIr ij ^^ikfylhèkkjdksa dh fufèk**]

^^'ks;jèkkjdksa dh fufèk** vkSj ^,u,vkbZ,l&dkf;d fufèk** esa fo|eku 'ks"k jkf'k ds vuqikr esa Øe'k% ^jktLo [kkrs**]

^^ykHk vkSj gkfu [kkrs** vkSj ^^,u,vkbZ,l & ewy fufèk** ds chp fofu;ksftr fd;k x;k gSA

9-5 ikfylhèkkjdksa dh lafpr jkf'k ij fuos'k vk; % vkbZvkjMh,vkbZ ifji= la[;k vkbZvkjMh,vkbZ@

,Q,aM,@lhvkbZvkj@lhih,e@134@07@2015 fnukad 24 tqykbZ 2015 ds vuqlkj lafpr vnkok—r jkf'k ij

fuos'k vk; dks foÙkh; o"kZ 2017&18 ds fy, 7-05 izfr'kr dh nj ls ¼o"kZ 2017&18 ds fuos'k vk; ds :i esa½

5 ekg ds fy, rFkk vnkokd`r ikfylhèkkjdksa ds fuèkkZfjr fu{ksiksa ij vftZr izR;{k vk; dks 7 ekg ds fy, ØsfMV

fd;k x;k gSA

rnuqlkj] nkok u dh xbZ jde vkSj mlds fuos'k ls vk; dk fooj.k bl çdkj gSa%#- gtkj esa

fooj.k pkyw foÙkh; fiNyk foÙkh;o"kZ o"kZ

çkjafHkd 'ks"k 38,87,03 47,44,57

tksM+sa% nkok u fd, x, [kkrksa esa LFkkukarfjr jkf'k 32,78,37 32,55,42

tksM+sa% nkok u dh xbZ jde esa ls tkjh psd 'kwU; 'kwU;ysfdu mUgsa i‚fylhèkkjd }kjk Hkquk;k ugha x;k¼dsoy psd ds iqjkuk gksus ds ckn gh tksM+k tk,xk½

224

Add: Investment Income on 2,47,33 2,49,37Unclaimed Amount

Less: Amount paid during the year 32,55,42 43,62,34

Less: Amount transferred to SCWF NIL NIL(net of Claims paid in respect of amountstransferred earlier)

Closing Balance of Unclaimed Amount Fund 41,57,31 38,87,03

9.6 The Financial Results for the Year ended 31st March 2018 are based on the same set ofAccounting Policies, as those followed in the Financial Statements for the Year 2016-17and are in compliance with the Circular no. IRDA/F&I/CIR/F&A/012/01/2010 dated28.01.2010 and subsequent Circular no. IRDA/F&I/CIR/F&A/231/10/2012 dated05.10.2012 on Public Disclosures by Insurers issued by IRDAI, except the followings:

(i) Hitherto, the Company was making Provision @ 0.40% on Standard Assets (Govt.Securities & Corporate Bonds) which are considered as Standard Assets whereas, noProvision was required to be made on Govt. Securities & Corporate Bonds as perIRDAI Master Circular on Preparation of Financial Statements General InsuranceBusiness- October 2012-Ver-1", S. No. 3 "Guidelines on Prudential Norms for IncomeRecognition, Asset Classification and Provisioning". Accordingly, existing Provisionof Rs.18,06,65 thousand has been written back. Had the Company followed previouspolicy, the profit for the year would have been lower by Rs.20,43,07 thousand.

(ii) In compliance of IRDAI Circular No. IRDA/F&A/CIR/CPM/056/03/2016 dated04.04.2016 on IRDAI (Preparation of Financial Statements and Auditors' Report ofInsurance Companies) Regulations, 2002 and subsequent Circular No. IRDAI/F&A/CIR/CPM/010/01/2017 dated 12.01.2017; Para 1 on "Segregation of Policyholders'and Shareholders' Funds", the existing Significant Accounting Policy no.2 has beenamended, which mainly resulted in inclusion of Other Liabilities net of Other Assetsunder Policyholders' Funds.

Change in Accounting policy has no material impact on the Financial Statements forthe Year ended 31st March 2018 except for allocation of investments into Policyholders'and Shareholders.

(iii) Income from Investments, other than Income earned on Unclaimed Amount ofPolicyholders, is apportioned between the "Revenue Account", "Profit and LossAccount" and the "NAIS-Corpus Fund" in the ratio of the balances standing in the"Policyholders' Fund", "Shareholders' Fund" & "NAIS-Corpus Fund" respectively atthe end of the Period.Change in Accounting policy has no material impact on theFinancial Statements for the Year ended 31st March 2018.

(iv) Due to Change in Significant Accounting Policies of 3.4 regarding accounting forInterim Dividend income, there is no financial impact on the Financial Statements ofthe Company.

225

tksM+sa% fuos'k vk; ¼fuoy O;; 2,47,3 32,49,37

?kVk,a% o"kZ ds nkSjku Hkqxrku dh xbZ jkf'k 32,55,42 43,62,34

?kVk,a% ,llhMCY;w,Q esa LFkkukarfjr jkf'k¼fd, x, nkoksa ds laca/k esa igys LFkkukarfjr jkf'k ds

lacaèk esaa 'kq) Hkqxrku½

nkok ugha dh xbZ jkf'k dk vafre 'ks"k 38,87,03 47,44,57

9-6 31 ekpZ] 2018 dks lekIr o"kZ ds fy, foÙkh; ifj.kke ys[kkadu uhfr;ksa ds leku lsV ij vkèkkfjr gSa D;ksafd ;so"kZ 2016&17 ds fy, foÙkh; fooj.kksa esa 'kkfey fd, x, Fks vkSj ;s vkbZvkjMh, }kjk chfefr;ksa }kjk lkoZtfudizdVhdj.k ij tkjh ifji= la[;k vkbZvkjMh,@,Q,aMvkbZ@lhvkbZvkj@,Q,aM,@012@01@2010 fnukad28-10-2012 vkSj i'pkrorhZ ifji= la[;k vkbZvkjMh,@,Q,aMvkbZ@lhvkbZvkj@,Q,aM,@231@10@2012fnukad 05-10-2012 dk vuqikyu djrs gSa ftlesa fuEufyf[kr 'kkfey ugha gSA

¼i½ vc rd daiuh ekud ifjlEifÙk;ka ¼ljdkjh izfrHkwfr;ka vkSj dkjiksjsV ckaM½ ftUgsa ekud ifjlEifÙk;ka ekuktkrk gS ij 0-40 izfr'kr dh nj ls izkoèkku dj jgh Fkh] tcfd lkekU; chek O;olk; foÙkh; foojf.k;karS;kj djuk ij vkbZvkjMh,vkbZ ekLVj ifji= & vDrwcj] 2012 & laLdj.k 1] Øe la[;k 03 ^vk; ekU;rk]ifjlEifÙk oxhZdj.k vkSj izkoèkku ds fy, foosdiw.kZ ekun.Mksa ij fn'kk&funsZ'k** ds vuqlkj ljdkjhizfrHkwfr;ksa vkSj dkjiksjsV ckaMksa ij fdlh izkoèkku dks fd;k tkuk visf{kr ugha FkkA rnuqlkj] 18]06]65 gtkj#i, dk ekStwnk izkoèkku okil ys fy;k x;k gSA ;fn daiuh iwoZ uhfr dk ikyu dj jgh gksrh rks o"kZ dsfy, 20]43]07 gtkj #i, dk ykHk de gksrkA

¼ii½ vkbZvkjMh,vkbZ ¼chek daifu;ksa dh foÙkh; foojf.k;ka vkSj ys[kkijh{kk fjiksVZ rS;kj djuk½ fofu;e 2002ij vkbZvkjMh,vkbZ ifji= la. vkbZvkjMh,@,Q,aM,@lhvkbZvkj@ lhih,e@056@03@2016 fnukad04-04-2016 rFkk i'pkr~orhZ ifji= la[;k vkbZvkjMh,@,Q,aM,@lhvkbZvkj@lhih,e@010@01@2017fnukad 12-01-2017 ds vuqikyu esa] ^ikfylhèkkjdksa dk i`FkDdhdj.k vkSj 'ks;jèkkjdksa dh fufèk** lacaèkh iSjk1 ij fo|eku mYys[kuh; ys[kkadu uhfr la- 2 esa la'kksèku fd;k x;k gS ftlds ifj.kkeLo:i ikfylhèkkjdfufèk;ksa ds varxZr vU; fuoy ifjlEifÙk;ksa esa vU; ns;rkvksa dk eq[; :i ls lekos'k gqvkA

fgr/kkjdksa vkSj ikWfylh/kkjdksa esa fuos'kks ds vkoaVu ds vfrfjDr 31 ekpZ 2018 dks lekIr o"kZ ds fy, foÙkh;foojf.k;ksa ij ys[kkadu uhfr esa ifjorZu dk dksbZ rkfRod izHkko ugha gqvkA

¼iii½ ikfylhèkkjdksa dh vnkok—r jkf'k ij vftZr vk; ds vykok fuos'kksa ls vk; dks vofèk dh lekfIr ij^^jktLo ys[kk**] ^ykHk vkSj gkfu ys[kk** vkSj ^,u,vkbZ,l&dkf;d fufèk** ds chp Øe'k% ^ikfylhèkkjdksa dhfufèk**] ^^'ks;jèkkjdksa dh fufèk**] vkSj ,u,vkbZ,l&dkf;d fufèk** esa fo|eku 'ks"k esa vuqikr esa fofu;ksftrfd;k x;k FkkA ¼ys[kkadu uhfr esa ifjorZu dk½ 31 ekpZ] 2018 dks lekIr gq, foÙkh; o"kZ ds fy, foÙkh;fooj.kksa esa dksbZ rkfRod izHkko ugha FkkA

¼iv½ varfje ykHkka'k vk; ds fy, ys[kkadu ds ckjs esa 3-4 dh mYys[kuh; ys[kkadu uhfr;ksa esa ifjorZu ds dkj.kdaiuh dh foÙkh; foojf.k;ksa esa dksbZ foÙkh; izHkko ugha gqvk gSA

226

10 Reinsurance

10.1 During the year under report, the Company paid a sum of Rs. 61,15,21,65 thousand(Previous Year Rs. 52,10,34,62 thousand) as Reinsurance Premium Ceded and earned acommission of Rs. 5,49,88,19 thousand (Previous Year Rs. 5,99,94,87 thousand) and hasaccounted for Reinsurance Claims recovery of Rs. 64,96,01,03 thousand (Previous YearRs. 59,85,32,65 thousand).

10.2 During the year under report, the Company received a sum of Rs. 2,95,56 thousand(Previous Year 8,70,22) as Reinsurane Premium Accepted and paid Reinsurance commissionof Rs. 72,87 thousand (Previous Year 2,12,93) and has accounted for Re-insurance Claimsincurred including IBNR of Rs. -17767 thousand (Previous Year 765,87).

11 Borrowings

As at the end of the Year under report, the Company has no borrowings (Previous Year Rs. NIL).

12 Wage revision is due from August, 2017. A provision of Rs. 3,00,00,000 calculated @ 15% of 8months' Gross Salary for FY 2017-18 has been created.

13 Retirement Benefits to Employees

13.1.1 The Company's liabilities on account of Retirement Benefits towards Pension, Gratuity,Leave Encashment, Sick Leave and Leave Travel Subsidy (LTS) in respect of employeeshave been duly provided for as per Actuarial Valuation in terms of Accounting Standard15, issued by the Institute of Chartered Accountants of India and the same has beenaccounted for under the head "Retirement Benefits" in Schedule 14 of the Balance Sheet.

13.1.2 "Agriculture Insurance Company of India Employees' Provident Trust Fund" & "AgricultureInsurance Company of India Employees' Pension Trust Fund" has been created & all theremittances for the employees of the Company absorbed from GIC and other employeescovered under Provident Fund/ Old Pension Fund are being made to these fundsrespectively.

13.1.3 The Pension Fund of the employees directly recruited by the Company after 01.04.2010 isas per the provisions of New Pension Scheme (NPS) stipulated by Pension Fund RegulatoryDevelopment Authority (PFRDA).

13.1.4 As per Govt. of India's Gazette Notification dated 23rd Feb. 2017 the applicability of NewPension Scheme has been shifted from 01.01.2004 to 01.04.2010 and hence the employeesappointed during this period are now governed with the Company's defined ContributionPension Scheme 1995.

13.2 The summarized position of Post-Employment Benefits and Long Term Employee benefitsrecognized in the Profit & Loss Account and Balance Sheet in accordance with AccountingStandard – 15 (Revised) are as under:-

227

10 iquchZek

10-1 leh{kkèkhu o"kZ ds nkSjku] dEiuh us iquchZek izhfe;e ds :i esa #- 61]15]21]65 gtkj ¼xr o"kZ 5210]34]62 gtkj½dk Hkqxrku fd;k vkSj #- 5]49]88]19 gtkj ¼xr o"kZ 599]94]87 gtkj½] dk deh'ku vftZr dh rFkk #-64]96]01]03 gtkj ¼xr o"kZ #- 5985]32]65 gtkj½ ds iquchZek nkoksa dh olwyh dks ys[kkc) fd;k gSA

10-2 fjiksVZ dh vofèk ds nkSjku daiuh us Lohdkj iquchZek izhfe;e ds :i esa 2]95]56 gtkj #i, ¼iwoZorhZ o"kZ esa8]70]22½ dh jkf'k izkIr dhrFkk 72]87 gtkj #i, ¼iwoZorhZ o"kZ esa 2]12]93½ dh iquchZek deh'ku dk Hkqxrkufd;k rFkk mixr iquchZek nkoksa dks fglkc esa fy;k ftlesa &17767 gtkj #i, dk vkbZch,uvkj Hkh 'kkfeyFkk ¼iwoZorhZ o"kZ esa 7]65]87½A

11 mèkkj yh xbZ jde

fjiksVZ ds varxrZ o"kZ ds var rd] daiuh ij dksbZ mèkkj ugha gSA ¼fiNys o"kZ 'kwU;½

12 osru esa la'kks/ku vxLr] 2017 ls ns; gSA foÙkh; o"kZ 2017&18 ds fy, 8 ekg ds ldy osru ds 15 izfr'kr dh nj ij3]00]00]000 #i, dk izko/kku l`ftr fd;k x;k gSA

13 deZpkfj;ksa dks lsokfuo`fÙk ykHk

13.1.1 deZpkfj;ksa dks isa'ku] minku] vodk'k udnhdj.k] voLFk;rk vodk'k rFkk NqV~Vh ;k=k lgk;rk ¼,yVh,l½ ds

izfr lsok fuo`fÙk ykHkksa ds dkj.k dEiuh dh ns;rkvksa dks Hkkjrh; pkVZM ys[kkdkj laLFkku }kjk tkjh ys[kkadu

ekud 15 ds #i esa chekafdd ewY;kadu ds vuqlkj fofèkor #i ls izkoèkku fd;k x;k vkSj bUgsa rqyu&i= dh

vuqlwph 14 esa ^^lsokfuo`fÙk ykHk** ds 'kh"kZd ds varxZr ys[kkafdr fd;k x;k gSA

13-1-2 ^^,xzhdYPkj ba';ksjsal da- vkWQ bafM;k ds deZpkfj;ksa dk ç‚foMsaV QaM VªLV** vkSj ^^,xzhdYpj vkWQ bafM;k ds

deZpkfj;ksa dk isa'ku VªLV QaM** cuk;k x;k gS vkSj daiuh ds thvkbZlh vkSj vU; Hkfo"; fufèk@o`) isa'ku fufèk

ds varxZr vko`r lHkh deZpkfj;ksa ds fy, çs"k.k dks Øe'k% bu fufèk;ksa esa tek fd;k tk jgk gSA

13-1-3 01-04-2010 ds ckn dEiuh }kjk lhèks HkrhZ fd, x, deZpkfj;ksa dh isa'ku fufèk] isa'ku fufèk fofu;ked fodkl

izfèkdj.k ¼ih,QvkjMh,½ }kjk vuqcafèkr ubZ isa'ku Ldhe ¼,uih,l½ ds izkoèkkuksa ds vuqlkj gSA

13-1-4 Hkkjr ljdkj dh fnukad 23 Qjojh] 2017 dh jkti= vfèklwpuk ds vuqlkj] jk"Vªh; isa'ku ;kstuk ds ykxw djus

dh rkjh[k 01-01-2004 ls 01-04-2010 ij LFkkukarfjr dj nh xbZ gS] blfy, bl vofèk ds nkSjku fu;qä

deZpkfj;ksa dks vc daiuh ds ifjHkkf"kr isa'ku ;ksxnku ;kstuk 1995 }kjk ç'kkflr fd;k tk jgk gS]

13.2 ys[kkadu ekud&15 ¼la'kksfèkr½ ds vuqlkj ykHk vkSj ys[kk rFkk rqyu&i= esa ekU;] fu;kstu i'pkr~ ykHk vkSjdeZpkjh nhèkZdkfyd ykHkksa dh la{ksi esa fLFkfr fuEukuqlkj gS%&

228

(Amount in Rs.)

S. Particulars Gratuity Leave Pension Plan Leave TravelN. Encashment Subsidy

(PL+SL) (Unfunded) (Unfunded) (Unfunded) (Unfunded)

Change in the present value of obligations

a Obligation as at 7,97,07,359 7,49,23,375 25,42,41,380 121,37,010April 01 2017

[7,65,29,972] [7,06,25,022] [39,43,80,006] [61,11,000]

b Current Service 78,17,093 3,88,13,663 1,42,61,250 33,31,308 Cost

[54,10,241] [3,30,87,446] [1,28,23,857] [68,63,940]

c Interest Cost 62,71,192 70,74,764 1,96,02,898 10,35,199

[63,38,807] [1,51,62,619] [1,60,31,677] [7,63,437]

d Actuarial (Gain) / 3,89,20,162 (2,18,69,105) (94,81,374) (26,22,962) Loss

[(85,02,585)] [(3,40,69,780)] [(16,58,70,585)] [17,72,065]

e Benefits paid (12,61,173) (80,62,684) (11,40,412) (51,71,055)

[(69,076)] [(98,81,932)] [(31,23,575)] [(33,73,432)]

f Obligation as at 13,14,54,633 9,08,80,013 27,74,83,742 87,09,500 March 31 2018

[7,97,07,359] [7,49,23,375] [25,42,41,380] [1,21,37,010]

Change in Fair Value of Plan Assets

a Fair Value of Plan 0 0 15,72,17,695 0Assets as at April01 2017

[0] [0] [16,64,77,067] [0]

b Expected Return 0 0 1,25,77,415 0on Plan Asset

[0] [0] [66,59,082] [0]

c Contributions 0 0 87,87,713 0

[0] [0] [1,36,42,359] [0]

d Benefits paid 0 0 (11,40,412) 0

[0] [0] [31,23,575] [0]

229

¼jkf'k #- esa½

Ø- fooj.k minku vodk'k udnhdj.k isa'ku ;kstuk NwV~Vh ;k=kvftZr vodk'k$ vkfFkZd lgk;rkchekjh vodk'k

(vfuèkh;r) (vfuèkh;r) (vfuèkh;r) (vfuèkh;r)

nkf;Roksa ds orZeku ewY; esa ifjorZu

d 1 vizSy] 2016 dks 7,97,07,359 7,49,23,375 25,42,41,380 121,37,010

nkf;Ro [7,65,29,972] [7,06,25,022] [39,43,80,006] [61,11,000]

[k pkwy lsok 78,17,093 3,88,13,663 1,42,61,250 33,31,308ykxr

[54,10,241] [3,30,87,446] [1,28,23,857] [68,63,940]

x C;kt ykxr 62,71,192 70,74,764 1,96,02,898 10,35,199 [63,38,807] [1,51,62,619] [1,60,31,677] [7,63,437]

?k chekadh; ¼ykHk½@ 3,89,20,162 (2,18,69,105) (94,81,374) (26,22,962) gkfu [(85,02,585)] [(3,40,69,780)] [(16,58,70,585)] [17,72,065]

M Hkqxrku dj fn;k x;k (12,61,173) (80,62,684) (11,40,412) (51,71,055) ykHk [(69,076)] [(98,81,932)] [(31,23,575)] [(33,73,432)]

p 31 ekpZ] 2018 dks 13,14,54,633 9,08,80,013 27,74,83,742 87,09,500 nkf;Ro [7,97,07,359] [7,49,23,375] [25,42,41,380] [1,21,37,010]

;kstukxr ifjlEifÙk;ksa ds mfpr ewY; esa ifjorZu

d 1 vizSy] 2017 dks 0 0 15,72,17,695 0;kstukxr ifjlEifÙk;ksads mfpr ewY;

[0] [0] [16,64,77,067] [0]

[k ;kstukxr ifjlEifÙk;ksa 0 0 1,25,77,415 0 ij izR;kf'kr ykHk

[0] [0] [66,59,082] [0]

x va'knku 0 0 87,87,713 0

[0] [0] [1,36,42,359] [0]

?k Hkqxrku dj fn;k x;k 0 0 (11,40,412) 0ykHk

[0] [0] [31,23,575] [0]

230

e Actuarial (Gain) / 0 0 (25,57,450) 0Loss [0] [0] [(2,64,37,238)] [0]

f Fair Value of Plan 0 0 17,99,99,861 0Assets as atMarch 31 2018

[0] [0] [15,72,17,695] [0]

Reconciliation of Fair Value of Assets and Obligations

a Present Value of 13,14,54,633 9,08,80,013 27,74,83,742 87,09,500Obligation as atMarch 31 2018

[7,97,07,359] [7,49,23,375] [25,42,41,380] [1,21,37,010]

b Fair Value of Plan 0 0 17,99,99,861 0Assets as atMarch 31 2018

0 0 [15,72,17,695] 0

c Unfunded amount (13,14,54,633) (9,08,80,013) 9,74,83,881 (87,09,500)recognized in theBalance Sheet

[(7,97,07,359)] [7,49,23,375] [9,70,23,685] [(1,21,37,010)]

Expense recognized in the Statement of Profit & Loss Account

a Current Service 78,17,093 3,88,13,663 1,42,61,250 33,31,308 Cost

[54,10,241] [3,30,87,446] [1,28,23,857] [68,63,940]

b Interest Cost 62,71,192 70,74,764 1,96,02,898 10,35,199

[63,38,807] [1,51,62,619] [1,60,31,677] [7,63,437]

c Past Service Cost 0 0 0 0

0 0 0 0

d Expected return 0 0 (1,25,77,415) 0 on Plan Assets

0 0 [(66,59,082)] 0

e Actuarial (Gain) / 3,89,20,162 (2,18,69,105) (1,20,38,824) (26,22,962) Loss

[(85,02,585)] [(3,40,69,780] [13,94,33,347] [17,72,065]

f Expenses 5,30,08,447 2,40,19,322 92,47,909 17,43,545recognized during

the year [32,46,463] [1,41,80,285] [(11,72,36,895)] [93,99,442]

231

M chekadh; ¼ykHk½@ 0 0 (25,57,450)[ 0gkfu

[0] [0] (2,64,37,238)] [0]

p 31 ekpZ 2017 dks 0 0 17,99,99,861 0;kstukxr ifjlEifÙk;ksadk mfpr ewY; [0] [0] [15,72,17,695] [0]

ifjlEifÙk;ksa vkSj nkf;Roksa ds mfpr ewY; dk lkeatL;

d 31 ekpZ 2017 dks 13,14,54,633 9,08,80,013 27,74,83,742 87,09,500nkf;Roksa dk orZeku

ewY; [7,97,07,359] [7,49,23,375] [25,42,41,380] [1,21,37,010]

[k 31 ekpZ] 2017 dks 0 0 17,99,99,861 0 ;kstukxr ifjlEifÙk;ksa

dk mfpr ewY;0 0 [15,72,17,695] 0

x rqyu i= esa ekU; (13,14,54,633) (9,08,80,013) 9,74,83,881 (87,09,500)vfufèkd jkf'k

[(7,97,07,359)] [7,49,23,375] [9,70,23,685] [(1,21,37,010)]

ykHk vkSj gkfu ys[kk fooj.k esa ekU; O;;

d pkyw lsok ykxr 78,17,093 3,88,13,663 1,42,61,250 33,31,308

[54,10,241] [3,30,87,446] [1,28,23,857] [68,63,940]

[k C;kt ykxr 62,71,192 70,74,764 1,96,02,898 10,35,199 [63,38,807] [1,51,62,619] [1,60,31,677] [7,63,437]

x foxr lsok ykxr 0 0 0 0

0 0 0 0

?k ;kstuk ifjlEifÙk;ksa 0 0 (1,25,77,415) 0 ij izR;kf'kr ykHk 0 0 [(66,59,082)] 0

M chekadh; ¼ykHk½@ 3,89,20,162 (2,18,69,105) (1,20,38,824) (26,22,962) gkfu [(85,02,585)] [(3,40,69,780] [13,94,33,347] [17,72,065]

p o"kZ ds nkSjku ekU;rk 5,30,08,447 2,40,19,322 92,47,909 17,43,545izkIr O;;

[32,46,463] [1,41,80,285] [(11,72,36,895)] [93,99,442]

232

Amount recognized in Balance Sheet

a Opening Net 7,97,07,359 7,49,23,3750 9,70,23,685 121,37,010 Liability

[7,65,29,972] [7,06,25,022] [22,79,02,939] [61,11,000]

b Expense as above 5,30,08,447 2,40,19,322 92,47,909 17,43,545

[32,46,463] [1,41,80,285] [(11,72,36,895)] [93,99,442]

C Additional (12,61,173) (80,62,684) (87,87,713) (51,71,055)contribution overand abovemandatory

[(69,076)] [(98,81,932)] [(1,36,42,359)] [(33,73,432)]

d Closing Net liability 13,14,54,633 (9,08,80,013) 9,74,83,881 87,09,500

[7,97,07,359] [7,49,23,375] [9,70,23,685] [1,21,37,010]

Principal Actuarial Assumption as expressed as Weighted AverageRate per annum

a Discount Rate 7.50% 7.50% 7.50% 7.50% (per annum)

[8.00%] [8.00%] [8.00%] [8.00%]

b Expected Rate of N.A N.A. 8.00% N.A.Return on PlanAssets (per annum)

[N.A] [N.A] [N.A] [N.A]

c Rate of Escalation 5.00% 5.00% 5.00% 6.00%in salary (perannum)

[5.00%] [5.00%] [5.00%] [6.00%]

**[figures in square brackets are Previous Year's figures]

14 Deferred Tax Assets / Liability The computation of Deferred Tax Asset/ Liability in accordancewith Accounting Standard - 22 "Accounting for Taxes on Income" has resulted in a Deferred TaxAsset of Rs. 7,57,33 thousand as at 31st March 2018 (Previous Year Rs. 86 thousand) and the samehas been provided for in the books of account as under:

(Rs. in thousand)

Deferred Tax Assets As on 31.03.2018 As on 31.03.2017

Difference in Depreciation 1,83,18 2,62,24

Retirement Benefits 2,36,58 25,66

Amortization of Investments 94,66 89,82

233

rqyu i= esa ekU;rk izkIr jkf'k

d izkjafHkd fuoy ns;rk 7,97,07,359 7,49,23,3750 9,70,23,685 121,37,010

[7,65,29,972] [7,06,25,022] [22,79,02,939] [61,11,000]

[k ;FkksDr O;; 5,30,08,447 2,40,19,322 92,47,909 17,43,545

[32,46,463] [1,41,80,285] [(11,72,36,895)] [93,99,442]

x vfuok;Z ls (12,61,173) (80,62,684) (87,87,713) (5,1,71,055)

vfèkd vfrfjDrva'knku

[(69,076)] [(98,81,932)] [(1,36,42,359)] [(33,73,432)]

?k lekIr fuoy 13,14,54,633 (9,08,80,013) 9,74,83,881 87,09,500

ns;rk

[7,97,07,359] [7,49,23,375] [9,70,23,685] [1,21,37,010]

Hkkfjr vkSlr ds :i esa ;Fkk vfHkO;Dr izeq[k chekadd iwoZèkkj.kk izfro"kZ dh njd fj;k;rh nj 7.50% 7.50% 7.50% 7.50%

¼izfro"kZ½ [8.00%] [8.00%] [8.00%] [8.00%]

[k ;kstukxr ifjlEifÙk;ksa ykxw ugha ykxw ugha ykxw ugha ykxw ugha ij ykHk dh izR;kf'kr

nj ¼izfr o"kZ½ [ykxw ugha] [ykxw ugha] [ykxw ugha] [ykxw ugha]

x osru esa o`f) dh nj 5.00% 5.00% 5.00% 6.00%

¼izfro"kZ½ [5.00%] [5.00%] [5.00%] [6.00%]

**[dks"Bdksa esa fn, x, vkadM+s xr o"kks± ds gSa ]

13 vkLFkfxr dj ifjlEifÙk;ka@ns;rk

31 ekpZ] 2018 dks] ys[kkadu ekud&22 ^vk; ij dj dh x.kuk** ds vuqlkj vkLFkkfxr dj ifjlEifÙk@ns;rkdh x.kuk ds ifj.kkeLo:i vkLFkfxr dj ifjlEifÙk #- 7]57]33 gtkj gS ¼xr o"kZ #- 86 gtkj½ vkSj bls ys[kkcfg;ksa ds fuEukuqlkj fn;k x;k gSA

:- gtkj esa

vkLFkfxr dj ifjlEifÙk;ka 31.03.2018 dk s 31.03.2017 dks

ewY; âkl esa varj 1,83,18 2,62,24

lsokfuo`fÙk ykHk 2,36,58 25,66

fuos'kksa dk ifj'kks/ku 94,66 89,82

234

Accretion of Investments 2,42,04 (1,83,16)

TOTAL 7,56,46 1,94,56

Deferred Tax Assets/ (Liability) 86 (1,93,70)

Net DTA/(DTL) 7,57,32 86

15 Impairment in the Value of Fixed Assets

In accordance with the Accounting Standard - 28 "Impairment of Assets", the Company hasassessed as on the Balance Sheet date whether there are any indications (listed in paragraphs 8 to10 of the Standard) with regard to Impairment of any of the assets. Based on such assessment, ithas been ascertained that there are no such indications and thereby no formal estimate of recoverableamount has been made. Accordingly, no impairment loss has been provided in the books of account.

16 Cash Flow Statement

The Company has prepared the "Cash Flow Statement" for the year under report adopting theDirect Method as required under the IRDAI Regulations (Annexure - 5).

17 Summary of Financial Statements

The "Summary of Financial Statements" as required under the IRDAI Regulations is as perAnnexure - 6.

18 Accounting Ratios

"Accounting Ratios" as required under the IRDAI Regulations is as per Annexure - 7.

19 Earnings Per Share [EPS]

The Earnings per Share (EPS) of the Company as per Accounting Standard - 20 issued by theInstitute of Chartered Accountants of India is as under:

Particulars Current Year 2017-18 Previous Year 2016-17

Profit after Tax (net of prior-period 5,95,66,88 thousand 3,23,76,81 thousandadjustments)

Weighted number of Equity Shares 20,00,00 thousand 20,00,00 thousand

Nominal Value of Share Rs. 10 per Share Rs. 10 per Share

Basic & Diluted EPS Rs. 29.78 per Share Rs. 16.19 per Share

20 Legal Cases

In respect of legal cases filed by the insured farmers under NAIS which have been awarded againstthe Company by the Original Court of jurisdiction, necessary provision there-against have beenmade to the extent of the liability of the Company as per the provisions of the Scheme.

235

fuos'kksa dh vfHko`f) 2,42,04 (1,83,16)

dqy 7,56,46 1,94,56

vkLFkfxr dj ifjlEifÙk;ka@ns;rk,a 86 (1,93,70)

usV MhVh,@¼MhVh,y½ 7,57,32 86

15 vpy ifjlEifÙk;ksa ds ewY; esa {kfr

ys[kkadu ekud&28 ^^ifjlEifÙk;ksa dh {kfr** ds vuqlkj dEiuh us] rqyu &i= dh rkjh[k dks ;g fuèkkZfjr fd;k gS fdfdlh ifjlEifÙk dh {kfr ds lEcUèk esa D;k ,sls dksbZ ladsr gSa ¼ekud ds iSjk 8 vkSj 10 esa lwphc)½A bl fuèkkZj.k ds vkèkkjij ;g fuf'pr fd;k x;k gS fd ,slk dksbZ ladsr ugha gS vkSj olwyh ;ksX; jkf'k dk dksbZ vkSipkfjd vuqeku ugha yxk;kx;k gSA rn~uqlkj] ys[kk cfg;ksa esa dksbZ {kfr ugha n'kkZbZ xbZ gSA

16 udn izokg fooj.k

leh{kkèkhyu o"kZ ds nkSjku dEiuh us vkbZvkjMh, fofu;eksa ¼vuqcaèk&5½ ds vUrxZr ;Fkkisf{kr izR;{k i)fr dks viukrs gq,^^udn izokg fooj.k** rS;kj fd;k gSA

17 foÙkh; fooj.kksa dk lkjka'k

vkbZvkjMh, fofu;eksa ds varxZr ;Fkkisf{kr ^^foÙkh; fooj.kksa dk lkjka'k**] vuqcaèk&6 ds vuqlkj fn;k x;k gSA

18 ys[kkadu vuqikr

vkbZvkjMh, fofu;eksa ds varxZr ;Fkkisf{kr ^^ys[kkadu vuqikr** vuqcaèk&7 esa fn, x, gSaA

19 izfr'ks;j vtZu ¼bZih,l½

Hkkjrh; pkVZM ,dkamVsaV~l laLFkku }kjk tkjh ys[kkadu ekud&20 ds vuqlkj dEiuh dk izfr'ks;j vtZu fuEukuqlkjgS%&

fooj.k pkyw o"kZ 2016-17 xr o"kZ 2015-16

dj i'pkr~ ykHk ¼iwokZofèk&lek;kstu½ 5,95,66,88 gtkj 323,76,81 gtkj

bfDoVh 'ks;jksa dh Hkkfjr la[;k 20,00,00 gtkj 20,00,00 gtkj

'ks;j dk vafdr ewY; #- 10/- izfr 'ks;j #- 10/- izfr 'ks;j

vkèkkjHkwr vkSj voewY;kafdr bZih,l #- 29.78 #- 16.19

19 fofèkd ekeys

jk-d`-ch-;ks- ds varxZr chekd`r fdlkuksa }kjk nk;j fd, x, fofèkd ekeyksa ds lEcUèk esa] ftUgsa ewy U;kf;d U;k;ky; }kjkdEiuh ds f[kykQ fu.kZ; fd;k x;k gS] muds f[kykQ dEiuh dh ns;rk dh lhek rd vko';d izkoèkku fd;k x;k gS]tSlk fd ;kstuk esa izkoèkku gSA

236

21 Micro Small and Medium Enterprises Development Act 2006

There are no Micro, Small and Medium Enterprise as Sundry Creditors during Financial Year2017-18. The Company has neither received any claims for interest nor provided any interestpayable to Micro, Small and Medium Enterprises as required by the Micro, Small and MediumEnterprises Development Act 2006.

22 Leases

The Company has entered into Operating Lease agreement for Office/Non Office premises. Thereis no non-cancellable lease agreement entered in by the Company. These agreements are cancellableand imposed no restriction on the Company.

Particulars For the Year ending For the Year ending31st March 2018 31st March 2017

Lease Rent charged 10,20,64 thousand 911,80 thousandto Profit and Loss Account

23 Pursuant to Sub-Section (5) of Section 135 of The Companies Act 2013 the Company was requiredto spend Rs. 822,24 thousand in pursuance of its "Corporate Social Responsibility Policy (CSRPolicy)" on eligible activities. During the financial year, the Company has spent Rs. 830,27 thousandon such eligible activities.

Accordingly, the unspent amount of CSR works out to be NIL thousand (Previous Year carriedforward unspent balance amounting to Rs. 23,61 thousand.) is being carried forward for spendingin future.

24 24.1 Balances due from/to bodies carrying on Insurance Business, Reinsurance Accounts, certainInvestments, Bank Balances in certain Current and Fixed Deposit Accounts and otherdebtors/creditors are pending for confirmation/reconciliation and consequentialadjustments, effect of which, if any, is not ascertainable at this stage.

24.2 Reinsurance Acceptance transactions pertaining to the year have been booked for advicesreceived upto 31st March 2018.

25 Proposed Dividend for the year 2017-18

On the 30th March, 2016, The Ministry of Corporate Affairs has notified the Companies(Accounting Standards) Amendment Rules, 2016, which became applicable w.e.f. 30.03.2016 forCompanies not yet following Ind AS.As per the amendments to AS 4 (Contingencies and EventOccurring after Balance Sheet Date), if an entity declares dividend to shareholders after the BalanceSheet date, the entity should not recognize those dividends as liability on the Balance Sheet date(because no obligation exists at that time). Such dividends are required to be disclosed in the Notesto Financial Statements.In view of the amendment to AS 4 as per the Companies (AccountingStandards) Amendment Rules, 2016, the Corporation has not made any provision for the Dividendin the Annual Accounts for the year 2017-18. The Proposed Dividend for the year 2017-18 is Rs.30,00,00 thousand and the corresponding Dividend Distribution Tax is Rs. 4,42,54 Thousand,which will be settled after approval at the AGM in the year 2018-19. (Previous Year Dividendpaid NIL, Dividend Distribution Tax NIL)

237

21 lw{e] y?kq vkSj eè;e m|e fodkl vfèkfu;e 2006

foÙkh; o"kZ 2017&18 ds nkSjku fofo/k ysunkjksa ds :i esa dksbZ lw{e] y?kq vkSj e/;e m|e ugha gSA daiuh us lw{e] y?kqvkSj e/;e m|eksa ds fodkl vf/kfu;e 2006 ds }kjk visf{kr] lw{e] y?kq vkSj e/;e m|eksa dks C;kt ds fy, fdlh Hkhnkos dks u rks izkIr fd;k gS vkSj u gh dksbZ C;kt iznku fd;k gSA

22 iV~Vksaa

dEiuh us dk;kZy;@xSj dk;kZy; ifjlj ds fy, ifjpkyu iV~Vk le>kSrk esa izos'k fd;k gSA deiuh }kjk dksbZ Hkh jn~nu gksus okyk xSj&jn~n iV~Vk le>kSrk ugha fd;k gSA ;g le>kSrs jn~n gks ldrs gSa rFkk dEiuh ij dksbZ izfrcaèk ugha yxrkgSA

fooj.k 31 ekpZ 2018 31 ekpZ 2017lekIr o"kZ ds fy, lekIr o"kZ ds fy,

ih ,aM ,y [kkrs esa iV~Vk fdjk;k izHkkj 10,20,64 gtkj 9,11,80 gtkj

23 daiuh vfèkfu;e 2013 dh èkkjk 135 dh mi&èkkjk ¼5½ ds vuqlj.k esa] daiuh }kjk viuh ^d‚iksZjsV lkekftd mÙkjnkf;Rouhfr ¼lh,lvkj uhfr½** ;ksX; xfrfofèk;ksa ij 822]24 gtkj #i, [kpZ djus dh t:jr FkhA foÙkh; o"kZ ds nkSjku daiuhus ,slh ;ksX; xfrfofèk;ksa ij 830]27 gtkj #i, [kpZ fd, gSaA

rnuqlkj] lh,lvkj dh [kpZ u dh xbZ jkf'k 'kwU; gS] ftlesa ¼fiNys o"kZ ds vkxs yk, x, [kpZ u dh xbZ 23]61 gtkj#i, dh jkf'k Hkh 'kkfey gS½ ftls Hkfo"; esa [kpZ djus ds fy, vkxs c<+k;k tk jgk gSA

24- 24-1 chek O;olk;] iquchZek ys[kk] vU; fuos'k] dqN ekStwnk vkSj lkof/k tek [kkrs esa cSad 'ks"k vkSjvU; nsunkj@ysunkjdh iqf"V@ lek;[email protected] lek;kstu ds fy, tks izHkkoh gSa] yafcr gSa ;fn dksbZ gS rks og bl pj.k esa irkyxkus ;ksX; ugha gSA

24-2 o"kZ ls lacafèkr iquchZek Lohdk;Zrk laO;ogkjksa dks 31 ekpZ] 2018 rd izkIr ijke'kks± ds fy, ntZ fd;k x;kgSA

25- o"kZ 2017&18 ds fy, izLrkfor ykHkka'k

30 ekpZ] 2016 dks] dkjiksjsV dk;Z ea=ky; us daiuh ¼ys[kkdj.k ekud½ la'kksèku fu;e] 2016 vfèklwfpr fd, tks vc rdHkkjrh; ys[kkadu ekudksa dk vuqikyu u dj jgh daifu;ksa ds fy, 30-03-2016 ls ykxw gq,A ,,l4 ¼rqyu i= dh rkjh[kds i'pkr~ mRiUu gksus okyh vkdfLedrk,a vkSj ?kVuk,a½ esa la'kksèkuksa ds vuqlkj ;fn dksbZ laLFkk rqyu&i= dh rkjh[k dsi'pkr~ 'ks;jèkkjdksa ds fy, ykHkka'k dh ?kks"k.kk djrh gS] rks laLFkk dks mu ykHkka'kksa dks rqyu&i= dh rkjh[k dks ns;rk ds:i esa ekU;rk ugha nsuh pkfg, ¼D;ksafd ml le; dksbZ ns;rk fo|eku ugha gS½A daiuh ¼ys[kkadu ekud½ la'kksèku fu;e]2016 ds vuqlkj ,,l 4 esa gq, la'kksèku dks è;ku esa j[krs gq, fuxe us o"kZ 2017&18 ds fy, okf"kZd ys[kkvksa esa ykHkka'kdk dksbZ izkoèkku ugha fd;kA o"kZ 2017&18 ds fy, izLrkfor ykHkka'k 30]00]00 gtkj #i, gS rFkk rnuq:ih ykHkka'k forj.kdj 4]42]54 gtkj #i, gS ftldk fuiVku o"kZ 2018&19 esa ,th,e esa vuqeksnu ds mijkar fd;k tk,xk ¼xr o"kZ esa iznÙkykHkka'k & 'kwU;] ykHkka'k forj.k dj & 'kwU;½A

238

26 Presentation

Figures in brackets, unless stated otherwise reflect negative figures.

27 Previous Year's Figures

Previous Year's figures have been regrouped and restated as per the requirements of IRDAI.Reporting norms, or else wherever deemed necessary, to make it comparable with the CurrentYear's figures.All Previous Year data which has been regrouped and reclassified is as requiredunder the IRDAI Regulations, and is as per Annexure- 8 (Regrouping of Schedules)

Statement showing the Age-wise Analysis of the Unclaimed Amount of thePolicyholders as on 31.03.2018

(Rs. in thousand)

SI. Particulars Total AGE-WISE ANALYSIS

No. Amount 0-6 7-12 13-18 19-24 25-30 31-36 Beyond 36months months months months months months months

1 Claims settled but not 165148 2862 81990 52842 12714 10094 3789 856paid to the policyholders /insured dueto any reasons exceptunder litigation from theinsured/policyholders

2 Sum due to the insured/ 0 0 0 0 0 0 0 0policyholders onmaturity or otherwise

3 Any excess collection 112968 5980 41544 17622 11180 10334 6125 20182of the Premium/Tax orany other charges whichis refundable to thepolicyholders either asterms of conditions of thepolicy or as per law oras may be directed bythe Authority but notrefunded so far.

4 Cheques issued by the 49721 466 479 133 111 2283 1324 44923insurer for Settlement ofClaims/excess collectionetc. and cheques havenot been encashed by thepolicyholders/insured.

239

31-03-2018 dks ikWfylh èkkjdksa dh v'kksfèkr jkf'k dsvofèk&okj fo'ys"k.k n'kkZus okyk fooj.k%&

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Hkqxrku ikWfylh èkkjdksa@chferksa dkschferksa@ikWfylh èkkjdksa }kjk fd,x, eqdneksa ds vykok] fdUgha dkj.kksals ugha fd;k x;k gSA

2 chferksa@ikWfylh èkkjdksa dks ifjiDork 0 0 0 0 0 0 0 0

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3 izhfe;e@dj vFkok fdlh izdkj ds 112968 5980 41544 17622 11180 10334 6125 20182

vU; izHkkj] tks okilh ;ksX; gS vkSjmls ikWfylh èkkjdksa dks] ;k rks ikWfylhdh 'krks± ds vuqlkj vFkok dkuwu dsvuqlkj vFkok tSlk fd izkfèkdj.k}kjk fn, x, funsZ'kksa ds vuqlkj] okilfd;k tkuk gS] fdUrq vHkh rd okilugha fd;k x;k gSA

4 chekdrkZ }kjk nkoksa@vfèkd laxzg ds 49721 466 479 133 111 2283 1324 44923

fuiVku ds fy, tkjh fd, x, pSdftudk ikWfylhèkkjdksa@chfer O;fDr;ksa}kjk udnhdj.k ugha fd;k x;k gSA

26 izLrqrhdj.k

dks"Bdksa esa fn, x, vk¡dMs] tc rd fd vU;Fkk crk, u tk,a] udkjkRed vk¡dM+ksa dks n'kkZrs gSaA

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240






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261

Ø-la-jkT;

@dsUn

zfooj

.kdkWQ

h chek

ukfj;

y chek

dksbZ

nkok

'ks;j

dqy

'kkflr izns'k

vU;

¼;fn d

ksbZ

ljd

kjekS-vk-Q

-ch-;

ks-la-jk-d

`-ch-;

ks-dkWQ

h cksMZ

jkT;

lhM

hch

jkT;

;kst

uk

gks½*

ekS-

la-

ljd

kjljd

kjdk

'ks;j

dk

'ks;j

Ukkes&

lek;kstu

¼ih,eV

h½0.0

00.0

00.0

00.0

0-2

5994.0

00.0

00.0

00.0

0-2

5994.0

0

Ukkes&

lek;kstu

¼vU;½

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

vU;

chek daifu;

ksa dks Hkqxrku

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

izHkkt

u0.0

0

Lkex

z fufèk

ij v

k; d

k 'ks;j

0.0

0

vafr

e 'ks"k ¼31-03

-201

8½0.0

00.0

00.0

00.0

0174006.0

00.0

00.0

00.0

0174006.0

0

6 ¼d

½ paMhx<+


-201

7½-7

2598110.6

80.0

00.0

00.0

00.0

00.0

00.0

00.0

0-7

2598110.6

8

fgekpy izns'k

izkfIr

;ka ¼ljd

kj l

s½145393889.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0145393889.0

0

_.k&lek;kstu ¼v

kjlhVh½

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

_.k&lek;kstu

¼vU;½

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

Hkqxrku

¼ljd

kj d

ks½0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

Ukkes&

lek;kstu

¼ih,eV

h½-4

9737247.3

70.0

00.0

00.0

00.0

00.0

00.0

00.0

0-4

9737247.3

7

Ukkes&

lek;kstu

¼vU;½

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

vU;

chek daifu;

ksa dks Hkqxrku

-50834370.6

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0-5

0834370.6

0

izHkkt

u0.0

0

Lkex

z fufèk

ij v

k; d

k 'ks;j

0.0

0

vafr

e 'ks"k ¼31-03

-201

8½-2

7775839.6

50.0

00.0

00.0

00.0

00.0

00.0

00.0

0-2

7775839.6

5

6 ¼[k½ gfj;

k.kk


-201

7½8

26

.42

0.0

00.0

00.0

00.0

00.0

00.0

00.0

08

26

.42

gfj;k.kk

izkfIr

;ka ¼ljd

kj l

s½0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

_.k&lek;kstu ¼v

kjlhVh½

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

_.k&lek;kstu

¼vU;½

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

Hkqxrku

¼ljd

kj d

ks½0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

Ukkes&

lek;kstu

¼ih,eV

h½0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

Ukkes&

lek;kstu

¼vU;½

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

vU;

chek daifu;

ksa dks Hkqxrku

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

izHkkt

u0.0

0

Lkex

z fufèk

ij v

k; d

k 'ks;j

0.0

0

vafr

e 'ks"k ¼31-03

-201

8½8

26

.42

0.0

00.0

00.0

00.0

00.0

00.0

00.0

08

26

.42

6 ¼x

½tEe

w ,oa d

'ehj


-201

7½0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

izkfIr

;ka ¼ljd

kj l

s½0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

_.k&lek;kstu ¼v

kjlhVh½

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

_.k&lek;kstu

¼vU;½

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

Hkqxrku

¼ljd

kj d

ks½0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

Ukkes&

lek;kstu

¼ih,eV

h½0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

Ukkes&

lek;kstu

¼vU;½

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

vU;

chek daifu;

ksa dks Hkqxrku

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

izHkkt

u0.0

0

Lkex

z fufèk

ij v

k; d

k 'ks;j

0.0

0

vafr

e 'ks"k ¼31-03

-201

8½0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

6 ¼?k½ iat

kcvkjfEHkd 'ks"k ¼01-04

-201

7½0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

izkfIr

;ka ¼ljd

kj l

s½0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

_.k&lek;kstu ¼v

kjlhVh½

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

_.k&lek;kstu

¼vU;½

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

Hkqxrku

¼ljd

kj d

ks½0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

Ukkes&

lek;kstu

¼ih,eV

h½0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

Ukkes&

lek;kstu

¼vU;½

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

vU;

chek daifu;

ksa dks Hkqxrku

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

izHkkt

u0.0

0

Lkex

z fufèk

ij v

k; d

k 'ks;j

0.0

0

vafr

e 'ks"k ¼31-03

-201

8½0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

262

7 (A

)CH

EN

NA

IO

pe

nin

g B

al. (

01

.04

.20

17

)-3

9533.3

939121100.7

5-7

75

.12

0.0

07086733.4

1777770.1

10.0

00.0

046945295.7

6

Ta

mil

Na

du

Re

ce

ipts

(fr

om

Go

vt.

)0.0

00.0

00.0

00.0

01000000.0

00.0

00.0

00.0

01000000.0

0

Cre

dit-a

dju

stm

en

ts (

rct)

0.0

08

29

44

.00

0.0

00.0

00.0

00.0

00.0

00.0

08

29

44

.00

Cre

dit-a

dju

stm

en

ts (

oth

ers

)0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

Pa

ym

en

ts (

to G

ovt.

)0.0

00.0

00.0

00.0

0-7

086744.8

30.0

00.0

00.0

0-7

086744.8

3

De

bit-a

dju

stm

en

ts (

pm

t)0.0

00.0

00.0

00.0

0-1

056507.0

0-5

28253.5

00.0

00.0

0-1

584760.5

0

De

bit-a

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stm

en

ts (

oth

ers

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ym

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er

Insu

ran

ce

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mp

an

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po

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en

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0

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me

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are

on

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rpu

s F

un

d0.0

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Clo

sin

g B

al. (

31

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18

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9533.3

939204044.7

5-7

75

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6518.4

2249516.6

10.0

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039356734.4

3

7 (

B)P

ON

DIC

HE

RR

YO

pe

nin

g B

al. (

01

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17

)0.0

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ce

ipts

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om

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Cre

dit-a

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en

ts (

rct)

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dit-a

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oth

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ym

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to G

ovt.

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bit-a

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pm

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ym

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mp

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7 (C

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ND

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pe

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5

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ICO

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ece

ipts

(fr

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Cre

dit-a

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Cre

dit-a

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bit-a

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8D

EH

RA

DU

NO

pe

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al. (

01

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7504122.6

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01

33

33

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-37490789.3

7

UT

TA

RA

KH

AN

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ece

ipts

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Cre

dit-a

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Cre

dit-a

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21485719.3

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263

7 ¼d

½ psUu

bZvkjfEHkd 'ks"k ¼01-04

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7½-3

9533.3

939121100.7

5-7

75

.12

0.0

07086733.4

1777770.1

10.0

00.0

046945295.7

6

rfeyukMq

izkfIr

;ka ¼ljd

kj l

s½0.0

00.0

00.0

00.0

01000000.0

00.0

00.0

00.0

01000000.0

0

_.k&lek;kstu ¼v

kjlhVh½

0.0

08

29

44

.00

0.0

00.0

00.0

00.0

00.0

00.0

08

29

44

.00

_.k&lek;kstu

¼vU;½

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

Hkqxrku

¼ljd

kj d

ks½0.0

00.0

00.0

00.0

0-7

086744.8

30.0

00.0

00.0

0-7

086744.8

3

Ukkes&

lek;kstu

¼ih,eV

h½0.0

00.0

00.0

00.0

0-1

056507.0

0-5

28253.5

00.0

00.0

0-1

584760.5

0

Ukkes&

lek;kstu

¼vU;½

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

vU;

chek daifu;

ksa dks Hkqxrku

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

izHkkt

u0.0

0

Lkex

z fufèk

ij v

k; d

k 'ks;j

0.0

0

vafr

e 'ks"k ¼31-03

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8½-3

9533.3

939204044.7

5-7

75

.12

0.0

0-5

6518.4

2249516.6

10.0

00.0

039356734.4

3

7 ¼[k½ ikWUM

hpSjh


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00.0

00.0

0

izkfIr

;ka ¼ljd

kj l

s½0.0

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00.0

00.0

00.0

00.0

00.0

0

_.k&lek;kstu ¼v

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0.0

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00.0

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00.0

00.0

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0

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00.0

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0

Hkqxrku

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00.0

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0

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00.0

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00.0

00.0

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0

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lek;kstu

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0.0

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00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

vU;

chek daifu;

ksa dks Hkqxrku

0.0

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00.0

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00.0

00.0

00.0

0

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0

Lkex

z fufèk

ij v

k; d

k 'ks;j

0.0

0

vafr

e 'ks"k ¼31-03

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8½0.0

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00.0

00.0

00.0

0

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½ vaMeku ,oa fudksckj


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50.0

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5

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;ka ¼ljd

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00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

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0.0

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00.0

00.0

00.0

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00.0

0

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0.0

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0

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ks½0.0

00.0

00.0

00.0

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00.0

00.0

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00.0

0

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lek;kstu

¼ih,eV

h½0.0

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00.0

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00.0

00.0

00.0

0

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lek;kstu

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0.0

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00.0

00.0

00.0

00.0

00.0

0

vU;

chek daifu;

ksa dks Hkqxrku

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00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

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0

Lkex

z fufèk

ij v

k; d

k 'ks;j

0.0

0

vafr

e 'ks"k ¼31-03

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50.0

00.0

00.0

00.0

00.0

00.0

00.0

5

8nsgjknwu


-201

7½-3

7504122.6

20.0

00.0

00.0

00.0

00.0

00.0

01

33

33

.25

-37490789.3

7

mÙkjkapy

izkfIr

;ka ¼ljd

kj l

s½154339000.0

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00.0

00.0

00.0

00.0

00.0

00.0

0154339000.0

0

_.k&lek;kstu ¼v

kjlhVh½

0.0

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00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

_.k&lek;kstu

¼vU;½

67

4.7

40.0

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00.0

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0-6

74

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0.0

0

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¼ljd

kj d

ks½0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

Ukkes&

lek;kstu

¼ih,eV

h½-2

21485719.3

10.0

00.0

00.0

00.0

00.0

00.0

00.0

0-2

21485719.3

1

Ukkes&

lek;kstu

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00.0

00.0

0

vU;

chek daifu;

ksa dks Hkqxrku

-180256.0

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00.0

00.0

00.0

00.0

00.0

00.0

0-1

80256.0

0

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0

Lkex

z fufèk

ij v

k; d

k 'ks;j

0.0

0

vafr

e 'ks"k ¼31-03

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04830423.1

90.0

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01

26

58

.51

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8

9 ¼d

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0

v

le

izkfIr

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0

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0.0

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00.0

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00.0

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0

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¼vU;½

0.0

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00.0

00.0

00.0

00.0

0

Hkqxrku

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00.0

00.0

00.0

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0

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lek;kstu

¼ih,eV

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00.0

00.0

00.0

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00.0

00.0

0

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lek;kstu

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vU;

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0

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0

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0

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0.0

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0

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0.0

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0

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0

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0

vU;

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00.0

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0

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0

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0

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0.0

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00.0

00.0

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0

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00.0

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00.0

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0

Ukkes&

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00.0

00.0

00.0

00.0

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0

Ukkes&

lek;kstu

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0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

vU;

chek daifu;

ksa dks Hkqxrku

0.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

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0

Lkex

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k; d

k 'ks;j

0.0

0

vafr

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8½0.0

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00.0

00.0

00.0

00.0

00.0

00.0

0

9 ¼?k½ fetksje


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00.5

00.0

00.0

00.0

00.0

00.0

00.0

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0

fetksje

izkfIr

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kj l

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00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

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0.0

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00.0

00.0

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00.0

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0

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0.0

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00.0

00.0

00.0

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0

Hkqxrku

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00.0

00.0

00.0

00.0

00.0

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00.0

0

Ukkes&

lek;kstu

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h½0.0

00.0

00.0

00.0

00.0

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00.0

00.0

0

Ukkes&

lek;kstu

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00.0

00.0

0

vU;

chek daifu;

ksa dks Hkqxrku

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0

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0

Lkex

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0

vafr

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00.0

00.0

00.0

00.0

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0

10gSnjkckn


-201

7½40417387.8

828552077.8

30.0

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01739621.7

4369833.2

00.0

00.0

071078920.6

5

vkaèkz izns'k

izkfIr

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00.0

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0500000.0

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00.0

00.0

0500000.0

0

_.k&lek;kstu ¼v

kjlhVh½

0.0

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00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

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0.0

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00.0

00.0

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0

Hkqxrku

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00.0

00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

Ukkes&

lek;kstu

¼ih,eV

h½-7

8801883.0

00.0

00.0

00.0

0-1

463882.0

0-2

31941.0

00.0

00.0

0-8

0497706.0

0

Ukkes&

lek;kstu

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0.0

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0

vU;

chek daifu;

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0

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0

vafr

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-201

8½-3

8384495.1

228552077.8

30.0

00.0

0775739.7

4137892.2

00.0

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0-8

918785.3

5

10 ¼d½ rsyaxkuk


-201

7½65043254.4

8148938210.9

20.0

00.0

00.0

00.0

00.0

00.0

0213981465.4

0

izkfIr

;ka ¼ljd

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077063056.0

00.0

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00.0

00.0

00.0

00.0

077063056.0

0

_.k&lek;kstu ¼v

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0.0

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00.0

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0

_.k&lek;kstu

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00.0

00.0

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0

Hkqxrku

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0

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h chek

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vU;

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uk

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la-

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266

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bit-a

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ts (

pm

t)-2

12298565.3

2-7

7200794.8

20.0

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89499360.1

4

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bit-a

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01545161.2

6

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267

Ukkes&

lek;kstu

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12298565.3

2-7

7200794.8

20.0

00.0

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00.0

00.0

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0-2

89499360.1

4

Ukkes&

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00.0

00.0

00.0

0

vU;

chek daifu;

ksa dks Hkqxrku

0.0

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0

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0

Lkex

z fufèk

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k; d

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0

vafr

e 'ks"k ¼31-03

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8½-1

47255310.8

5148800472.1

00.0

00.0

00.0

00.0

00.0

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01545161.2

6

11t;iqj


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7½0.0

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00.0

00.0

00.0

00.0

00.0

00.0

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0

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;ka ¼ljd

kj l

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00.0

00.0

00.0

00.0

00.0

00.0

00.0

0

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0.0

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00.0

00.0

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00.0

00.0

00.0

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0

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00.0

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00.0

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00.0

0

Ukkes&

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0

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0

vU;

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311448.9

30.0

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314543.3

7

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02186607.5

0

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00.0

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0

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00.0

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0200000.0

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0200000.0

0

Ukkes&

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0

Ukkes&

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vU;

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044993.1

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127944.4

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9

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0

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0

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00.0

00.0

00.0

00.0

0

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00.0

00.0

00.0

00.0

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0

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272

Annexure-6

SUMMARY OF FINANCIAL STATEMENTS(Rs. In Lakh)

S.N. PARTICULARS 2017-18 2016-17 2015-16 2014-15 2013-14

OPERATING RESULTS

1 Gross Direct Premium 789339 697956 352122 273970 339501

2 Net Earned Premium# 178113 177792 222805 149641 170034

3 Income from Investments (Net) 32165 26823 23646 22394 19054

4 Other Income 4462 1687 210 370 173

5 Total Income 214740 206301 246661 172405 189261

6 Commissions (Net) (Including 54051 59449 14960 6817 17218Brokerage)

7 Operating Expenses (16368) (17052) (11597) (6969) (7158)

8 Net Incurred Claims (181923) (239922) (185594) (173371) (172445)

9 Change in Unexpired Risk Reserve (161) 22506 (36582) 10196 (5248)

9(a) Premium Deficiency 0 0 2167 (2167) 0

10 Operating Profit/Loss 70339 31283 30016 6911 21629

NON-OPERATING RESULTS

11 Total Income under Shareholder's 17645 17425 16347 17297 14950account (Net)

12 Profit/(Loss) before Tax 87985 48708 46363 24209 36578

13 Provision for Tax & Deferred 28417 16331 15669 (7404) (11714)Tax Liability

14 Profit after Tax 59567 32377 30694 16805 24865

MISCELLANEOUS

15 POLICYHOLDERS' ACCOUNT

Total Funds 462753 426066 378623 320905 281240

Total Investments 530180 440940 354286 264488 236884

Yield on Investments 6.73 7.86 8.46 8.78 8.94

16 SHAREHOLDERS' ACCOUNT

Total Funds* 336293 276726 244349 213656 199276

Total Investments 230627 307812 256236 206215 165023

Yield on Investments 6.73 7.86 8.46 8.78 8.94

17 Paid up Equity Capital 20000 20000 20000 20000 20000

18 Net Worth* 336293 276726 244349 213656 199276

19 Total Assets 1343396 1173289 755372 624350 521513

20 Yield on Total Investments 6.73 7.86 8.46 8.78 8.94

21 Earnings per Share (Rs.) 29.78 16.19 15.35 8.40 12.43

22 Book Value per share (Rs.) 168.15 138.36 122.17 106.86 99.64

23 Total Dividend NIL NIL NIL 200000 NIL

24 Dividend per Share (Rs.) NIL NIL NIL 1.00 NIL

# Net of reinsurance*Does not include Rs 20000 Lakhs adhoc payment to Government of India.

273

vuqyXud&6foÙkh; fooj.k dk lkjka'k

¼#- yk[k esa½

Ø-la- fooj.k 2017-18 2016-17 2015-16 2014-15 2013-14

ifjpkyu ifj.kke

1 ldy izR;{k izhfe;e 789339 697956 352122 273970 339501

2 fuoy vftZr izhfe;e# 178113 177792 222805 149641 170034

3 fuos'kksa ls vk; (fuoy) 32165 26823 23646 22394 19054

4 vU; vk; 4462 1687 210 370 173

5 dqy vk; 214740 206301 246661 172405 189261

6 nykyh (fuoy) (nykyh lfgr) 54051 59449 14960 6817 17218

7 izpkyu O;; (16368) (17052) (11597) (6969) (7158)

8 fuoy mixr nkos (181923) (239922) (185594) (173371) (172445)

9 vlekIr tksf[ke vkj{k.k esa ifjorZu (161) 22506 (36582) 10196 (5248)

9(d) izhfe;e dh deh 0 0 2167 (2167) 0

10 ifjpkyu ykHk@gkfu 70339 31283 30016 6911 21629

xSj&ifjpkyu ifj.kke

11 'ks;j èkkjdksa ds ys[kksa ds varxZr dqy 17645 17425 16347 17297 14950vk; (fuoy)

12 dj iwoZ ykHk/(gkfu) 87985 48708 46363 24209 36578

13 dj vkSj vkLFkfxr dj ns;rk 28417 16331 15669 (7404) (11714)dk izkoèkku

14 dj i'pkr ykHk 59567 32377 30694 16805 24865

fofoèk

15 ikWfylh èkkjdksa dk [kkrk

dqy fufèk 462753 426066 378623 320905 281240

dqy fuos'k 530180 440940 354286 264488 236884

fuos'kksa ij ykHk 6.73 7.86 8.46 8.78 8.94

16 'ks;j èkkjdksa dk [kkrkdqy fufèk* 336293 276726 244349 213656 199276

dqy fuos'k 230627 307812 256236 206215 165023

fuos'k ij izfrQy 6.73 7.86 8.46 8.78 8.94

17 iznÙk bfDoVh iwath 20000 20000 20000 20000 20000

18 fuoy ewY;* 336293 276726 244349 213656 199276

19 dqy ifjlEifÙk;ka 1343396 1173289 755372 624350 521513

20 dqy fuos'kksa ij izfrQy 6.73 7.86 8.46 8.78 8.94

21 izfr 'ks;j vtZu ¼#-½ 29.78 16.19 15.35 8.40 12.43

22 izfr 'ks;j vafdr ewY; ¼#-½ 168.15 138.36 122.17 106.86 99.64

23 dqy ykHkka'k ¼#-½ 'kwU; 'kwU; 'kwU; 200000 'kwU;

24 izfr 'ks;j ykHkka'k ¼#-½ 'kwU; 'kwU; 'kwU; 1.00 'kwU;

# fuoy iquchZek*blesa Hkkjr ljdkj dks fd;k x;k 200 djksM+ #- ds rnFkZ Hkqxrku 'kkfey ugha gSA

274

Annexure-7

KEY ACCOUNTING RATIOS

SN PARTICULARS 2017-18 2016-17Percentage/ Ratio Percentage/ Ratio

1 Gross Direct Premium Growth Rate 13.09% 98.21%

2 Gross Direct Premium to Net Worth Ratio* 2.35 2.52

3 Growth Rate of Net Worth* 21.53% 13.25%

4 Net Retention Ratio 22.56% 25.44%

5 Net Commission Ratio -30.35% -33.44%

6 Expense of Management to Gross Direct 2.18% 2.44%Premium Ratio

7 Expense of Management to Net Written 9.66% 9.56%Premium Ratio

8 Net Incurred Claims to Net Earned Premium 102.23% 119.78%

9 Combined Ratio 81.06% 95.72%

10 Technical Reserves to Net Premium Ratio 2.60 2.40

11 Underwriting Balance Ratio 0.19 0.02

12 Operating Profit Ratio 39.80% 15.21%

13 Liquid Assets to Liabilities Ratio 1.34 1.23

14 Net Earnings Ratio 33.44% 18.21%

15 Return on Net Worth Ratio* 17.71% 11.70%

16 Available Solvency Margin Ratio to Required 2.03 1.84Solvency Margin Ratio*

17 NPA Ratio 0.00 0.00

18 Gross NPA Ratio 0.00 0.00

19 Net NPA Ratio 0.00 0.00

*Does not include Rs.200 crore adhoc payment to Government of India.


275

vuqcaèk 7

izeq[k ys[kkadu vuqikr

Øe fooj.k 2017-18 2016-17la- izfr'krrk@vuqikr izfr'krrk@vuqikr

1 ldy izR;{k izhfe;e o`f) nj 13.09% 98.21%

2 fuoy ewY; vuqikr esa ldy izR;{k izhfe;e* 2.35 2.52

3 fuoy ewY; dh o`f) nj* 21.53% 13.25%

4 fuoy èkkj.k vuqikr 22.56% 25.44%

5 fuoy nykyh vuqikr -30.35% -33.44%

6 ldy izR;{k izhfe;e vuqikr ds izcUèku 2.18% 2.44%ij O;;

7 fuoy fyf[kr izhfe;e vuqikr ds izcUèku 9.66% 9.56%ij O;;

8 fuoy vftZr izhfe;e ds fuoy mixr nkos 102.23% 119.78%

9 la;qDr vuqikr 81.06% 95.72%

10 fuoy izhfe;e vuqikr esa rduhdh vkj{k.k 2.60 2.40

11 chek ys[ku rqyu vuqikr 0.19 0.02

12 ifjpkyu ykHk vuqikr 39.80% 15.21%

13 ns;rk vuqikr esa udn ifjlEifÙk;ka 1.34 1.23

14 fuoy vtZu vuqikr 33.44% 18.21%

15 fuoy ewY; vuqikr ij izfrykHk* 17.71% 11.70%

16 visf{kr _.k 'kksèku lhekar vuqikr ij miyCèk _.k 2.03 1.84'kksèku lhekar vuqikr*

17 ,uih, vuqikr 0.00 0.00

18 ldy ,uih, vuqikr 0.00 0.00

19 fuoy ,uih, vuqikr 0.00 0.00

*blesa Hkkjr ljdkj dks fd;k x;k #- 200 djksM+ ds rnFkZ Hkqxrku 'kkfey ugha gSA


276

Annexure-5

CASH FLOW STATEMENTFOR THE YEAR ENDED 31ST MARCH, 2018

(As per Direct Method)

Sl.No. PARTICULARS Current Year Previous Year01.04.17 to 31.03.18 01.04.16 to 31.03.17

(Rs. '000) (Rs. '000)

A) CASH FLOW FROM OPERATINGACTIVITIES

1 Premium received from policyholders, 78325736 70120533

including advance receipts

2 Other receipts 95140 166113

3 Payments to the Re-Insurers, net of (24421782) (35391916)

Commissions and Claims

4 Payments to co-insurers, net of Claims recovery 0 0

5 Payments of Claims (45771293) (27669730)

6 Payments of Commission and Brokerage (93719) (54540)

7 Payments of other Operating Expenses (1675620) (1350819)

8 Preliminary and Pre-operative Expenses 0 0

9 Deposits, Advances and Staff Loans (44870) (11197)

10 Income Taxes paid (Net)** (2063655) (3252386)

11 Service Tax paid (264) 291

12 Other payments (83210) (139894)

13 Increase/decrease in Current Assets (556180) (16838382)

14 Increase/decrease in Liability 7529082 33122834

15 Cash Flows before extraordinary items 11239364 18700908

16 Cash Flow from extraordinary operations 0 0

17 Net Cash Flow from Operating Activities 11239364 18700908

Net Cash from Operating Activities (A) 11239364 18700908

B) CASH FLOW FROM INVESTINGACTIVITIES

1 Purchase of Fixed Assets (1376768) (688613)

2 Proceeds from Sale of Fixed Assets 976 928

3 Purchases of Investments 4169941 (18717166)

4 Loans Disbursed 0 0

5 Sales of Investments 0 0

6 Repayments Received 0 0

7 Rents/Interests/ Dividends Received 4409861 4621670

8 Investments in Money Market Instruments (4647895) 5210788and in Liquid Mutual Funds

277

vuqcaèk 531 ekpZ 2018 dks lekIr o"kZ ds fy,

udn izokg fooj.k¼izR;{k i)fr ds vuqlkj½

Øe fooj.k pkyw o"kZ xr o"kZla- 01.04.17 to 31.03.18 01.04.16 to 31.03.17

(#- '000) (#- '000 d)

d) ifjpkyu xfrfofèk;ksa ls udn izokg1 ikWfylhèkkjdksa ls izkIr vfxze ikofr;ksa 78325736 70120533

lfgr izhfe;e2 vU; izkfIr;ka 95140 166113

3 fuoy deh'ku vkSj nkoksa dk iquchZekdrkZvksa dks (24421782) (35391916)

Hkqxrku4 fuoy nkok olwfy;ksa dk lg&chekdrkZvksa dks 0 0

Hkqxrku5 nkoksa dk Hkqxrku (45771293) (27669730)

6 deh'ku vkSj nykyh ds Hkqxrku (93719) (54540)

7 vU; ifjpkyu O;;ksa dk Hkqxrku (1675620) (1350819)

8 izkjafHkd vkSj ifjpkyu iwoZ O;; 0 0

9 tek jkf'k;ka] vfxze vkSj LVkQ dks _.k (44870) (11197)

10 Hkqxrku fd;k x;k vk;dj ¼fuoy½** (2063655) (3252386)

11 Hkqxrku fd;k x;k lsokdj (264) 291

12 vU; Hkqxrku (83210) (139894)

13 orZeku ifjlaifÙk;ksa esa o`f)@deh (556180) (16838382)

14 nkf;Ro esa o`f)@deh 7529082 33122834

15 vfrfof'k"V enksa ls iwoZ udn izokg 11239364 18700908

16 vfrfof'k"V ifjpkyu ls udn izokg 0 0

17 ifjpkyu xfrfofèk;ksa ls fuoy udn izokg 11239364 18700908

ifjpkyu xfrfofèk;ksa ls fuoy udn ¼d½ 11239364 18700908

[k) fuos'k xfrfofèk;ksa ls udn izokg1 fu;r ifjlEifÙk;ksa dh [kjhn (1376768) (688613)

2 fu;r ifjlEifÙk;ksa dh fcØh ls izkfIr 976 928

3 fuos'kksa dh [kjhn 4169941 (18717166)

4 forfjr fd, x, _.k 0 0

5 fuos'kksa dh fcØh 0 0

6 iquHkqZxrku dh izkfIr 0 0

7 izkIr gq, fdjk,@C;kt@ykHkka'k 4409861 4621670

8 èku cktkj lkèkuksa vkSj vFkZlqyHk E;qP;qvy Q.M (4647895) 5210788

esa fuos'k

278

Sl.No. PARTICULARS Current Year Previous Year01.04.17 to 31.03.18 01.04.16 to 31.03.17

(Rs. '000) (Rs. '000)

9 Expenses related to Investments (3987) (2404)

10 Net Cash Flow from Investing Activities 2552128 (9574797)

Net Cash used in Investing Activities (B) 2552128 (9574797)

C) CASH FLOW FROM FINANCING

ACTIVITIES

1 Proceeds from Issuance of Share Capital 0 0

2 Proceeds from Borrowing 1932200 0

3 Repayments of Borrowing (1932200) 0

4 Interest/Dividends Paid (2725) (38546)

5 Net Cash Flow from Financing Activities (2725) (38546)

Net Cash from Financing Activities(C) (2725) (38546)

D) EFFECT OF FOREIGN EXCHANGE RATES 0 0

ON CASH AND CASH EQUIVALENTS, NET

E) NET INCREASE IN CASH & CASH

EQUIVALENTS:

1 Cash and Cash Equivalents at the beginning 12702510 3614944

of the Year

2 Cash and Cash equivalents at the end of the Year 26491277 12702510

Net increase in Cash & Cash equivalents (E) 13788767 9087565



for M/s Bhasin Raghavan & Co. for M/s P. R. Mehra & Co.Chartered Accountants Chartered AccountantsFirm Regn. No. 000197N Firm Regn. No. 000051N



279

9 fuos'kksa ls lEcfUèkr O;; (3987) (2404)

10 fuos'k xfrfofèk;ksa ls fuoy udn izokg 2552128 (9574797)

fuos'k xfrfofèk;ksa esa iz;qDr udnh izokg ¼[k½ 2552128 (9574797)

x) foÙkh;u xfrfofèk;ksa ls udn izokg

1 'ks;j iwath tkjh djus ls gqbZ izkfIr;ka 0 0

2 mèkkj ls izkfIr;ka 1932200 0

3 mèkkj dk iquHkqZxrku (1932200) 0

4 Hkqxrku fd;k x;k C;kt@ykHkka'k (2725) (38546)

5 foÙkh;u xfrfofèk;ksa ls fuoy udn izokg (2725) (38546)

foÙkh;u xfrfofèk;ksa ls fuoy udn ¼x½ (2725) (38546)

?k) fuoy] udn vkSj udn lerqY; ij fons'kh 0 0

fofu;e njksa dk izHkko

M) udn vkSj udn lerqY; esa fuoy o`f)

1 o"kZ ds vkjEHk esa udn vkSj udn lerqY; 12702510 3614944

2 o"kZ ds var esa udn vkSj udn lerqY; 26491277 12702510

udn vkSj udn lerqY;ksa esa fuoy o`f) ¼M-½ 13788767 9087565



d`rs eSa- Hklhu jk?kou ,.M dEiuh d`rs eS- ih- vkj- esgjk ,.M da-pkVZMZ ,dkmaVsaV~l pkVZMZ ,dkmaVsaV~lQeZ jft- ua- 000197,u QeZ jft- ua- 000051,u



Øe fooj.k pkyw o"kZ xr o"kZla- 01.04.17 to 31.03.18 01.04.16 to 31.03.17

(#- '000) (#- '000)

280

REGIONAL OFFICES OF THE COMPANY

Annual Report 17-18 - AIC OF INDIA

Documents

Transcript of Annual Report 17-18 - AIC OF INDIA