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Annual ReportAnnual Report

Agriculture Insurance Company of India Limited,xzhdYpj ba';ksjsal dEiuh vkWQ bafM;k fyfeVsM ¼,-vkbZ-lh-½

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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 9

{ks=h; izcaèkd Regional Managers 9

vè;{kh; Hkk"k.k Chairman’s Speech 10

fu;a=d ,oa egkys[kk ijh{kd dh izfrosnu C & AG Report 12

ys[kkijh{kd dh Lora= izfrosnu Independent Auditors’ Report 14

funs'kdksa dh izfrosnu Directors’ Report 27

izcaèku izfrosnu Management Report 81

foÙkh; fooj.k Financial Statements 84

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Board and Managementvè;{k o izcaèk funs'kd@Chairman-cum-Managing Director

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

funs'kd@Director(s)Jh euh"k xqIrk Jh ds- ,u- Hk.Mkjh izks- xksiky uk;dMr. Manish Gupta Mr. K. N. Bhandari Prof. Gopal Naik

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

Jh ds- luFkdqekj Jh th- Jhfuoklu Jh ,- oh- fxfjtkdqekjMr. K. Sanathkumar Mr. G. Srinivasan Mr. A.V. Girijakumar

egkizcUèkd@General Manager(s)Jh ,e- ds- iksn~nkj Jh jktho pkSèkjh Jh vfHkuUn ?kks"k

Mr. 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- jkgqy

Dr. 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 ActuarylqJh rkfu;k pØorhZ@Ms. Taniya Chakravarty

dEiuh lfpo@Company SecretarylqJh dfudk 'kekZ 'kkafMY;@Ms. Kanika Sharma Shandil

la;qDr laoSèkkfud ys[kk ijh{kd@Joint Statutory AuditorseSllZ 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 AuditorseSllZ 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^^vEcknhi** ¼13oha eafty½] 14] dLrwjck xk¡èkh ekxZ] ubZ fnYyh& 110001

Qksu % 011&46869800] QSDl % 011&46869815

“Ambadeep” (13th Floor), 14, Kasturba Gandhi Marg, New Delhi- 110001Phone : 011-46869800, Fax : 011-46869815, www.aicofindia.com

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BOARD OF DIRECTORSMS. 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.

MR. MANISH GUPTA is from Indian Railway Service of Electrical EngineersService currently holding the position of Director, Department of FinancialServices, Ministry of Finance, Government of India handling Agriculture Credit,Regional Rural Banks and Vigilance Sections in Department of Financial Services.He is also Government Nominee Director on the Board of Corporation Bank. Hehas worked as Director, RDSO, Lucknow. Mr. Gupta is having work experienceof 20 years in Government of India.

Mr. Gupta is a Bachelor from College of Engineering and Technology, New Delhiand Masters in Measurement and Instrumentation (Gold Medalist) from IIT,

Roorkee plus an MBA in Finance

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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PROF. GOPAL NAIK is Economics & Social Sciences, Dean, Faculty of IndianInstitute of Management Bangalore. Professor Naik has been working in the areasof public policy, forecasting, marketing research, futures market, commoditymarkets, WTO, irrigation and forest management. Professor Naik is holding PhD,University of Illinois, Urbana-Champaign, IL, USA, MSc (Agriculture). G. B. PantUniversity of Agriculture & Technology, Pantnagar, India and BSc (Ag Mark andCoop), University of Agricultural Sciences, Bangalore, India

He has been on the editorial board of national and international journals. He hasbeen consultant to organizations such as the Ford Foundation, WHO, FAO, World

Bank, NAFED, Central Silk Board, Spices Board, ICAR, Cadilla Pharma, Mahyco-Monsanto, JK Seeds,HSBC, DELL, Murugappa Group, Ministry of Commerce, Food Processing (GOI), FSSAI, NDDB, Ministryof Agriculture, and Forward Market Commission. He is consultant to State and Central Governments,international organizations and private companies and has designed and coordinated programmesfor civil service officers, and state and international legislators.

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.

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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 aMember 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.

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.

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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

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

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iz/kku dk;kZy; esa ofj"B izcaèkd

SENIOR MANAGEMENT AT HEAD OFFICE

Jh ,e Mh xqIrk] mi egkizcU/kdMr. 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


lqJh 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


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{ks=h; izcUèkd

REGIONAL MANAGER(S)

Jh Mh th gkYos] vgenkcknMr. D G Halve Ahmedabad

lqJh jkts'ojh flag] gSnjkcknMs. Rajeshwari Singh,

Hyderabad

Jh nljFkh flag] Hkqous'ojMr. Dasrathi Singh,

Bhubaneswar

lqJh Hkkjrh oftjkosyq] pSUubZMs. Bharthi Vajjiravelu,

Chennai

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

Kolkata

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

Jaipur

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

Thiruvananthapuram

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

Mumbai

Jh dhfrZ csgjk] xqokgVhMr. Kirti Chandra Behera,

Guwahati

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

Dehradun

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

Chandigarh

Jh egkfr cujk] cSaxyw:Mr. Mahati Banra,

BANGALORE

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

RANCHI

Jh fo'kky ts- [kjcMs] jk;iqjMr. Vishal J. Kharbade

RAIPUR

lqJh vuqiek Bkdqj] HkksikyMs. Anupama Thakur

BHOPAL

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

PATNA

Jh r:u dqekj flag] y[kuÅMr. Tarun Kumar Singh

LUCKNOW

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CHAIRMAN’S SPEECH

Dear Shareholders,

I extend a hearty welcome to you to the 14th Annual General Meeting of Agriculture Insurance Companyof India Limited.

The Agriculture Sector occupies a vital position in the overall economy of the country and is consideredthe backbone of the Indian economy. Agriculture is the principal source of livelihood for more than 58%of the population of the country. Agriculture contributes 17.32% to the Gross Domestic Product and isthe fourth largest exported principal commodity with a share of 10% of the total exports. Over 60% ofIndia’s land area is arable, making it the second largest country in terms of total arable land. India is alsothe second largest producer and consumer of spices and spice products. India’s fruit production hasgrown faster than production of vegetables, making it the second largest fruit producer in the world. Itranks third in farm and agricultural outputs.Given this background of importance of agriculture to theIndian Economy, the Government has focused on key initiatives in this sector to boost growth andsustainability.

The total allocation in the Union Budget for rural, agricultural and allied sectors for FY 2017-18 has beenincreased by 24 per cent year-on-year to Rs 1,87,223 crore (US$ 28.1 billion).

The Agriculture Sector in India is expected to generate greater momentum in the next few years due toincreased investment in agricultural infrastructure such as irrigation facilities, warehousing and coldstorage. Factors such as reduced transaction costs and time, improved port gate management and betterfiscal incentives would contribute to the sector’s growth. Furthermore, the growing use of geneticallymodified crops will likely improve the yield for Indian farmers.

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fç; 'ks;jèkkjdksa]

eSa ,xzhdYpj ba';ksjsal daiuh v‚Q bafM;k fyfeVsM dh 14oha okf"kZd vke cSBd esa vkidk gkfnZd vfHkuanu djrh gw¡A

—f"k {ks=] ns'k dh lexz vFkZO;oLFkk esa ,d egRoiw.kZ LFkku j[krk gS vkSj Hkkjrh; vFkZO;oLFkk dk eq[; vkèkkj ¼jh<+ dhgìh½ ekuk tkrk gSA —f"k ns'k dh 58% ls vfèkd vkcknh dh thfodk dk çeq[k lzksr gSA —f"k ns'k ds ldy ?kjsyw mRiknesa 17-32% vkSj dqy fu;kZr esa 10% dh fgLlsnkjh djrs gq, pkSFkh lokZfèkd fu;kZr dh tkus okyh çeq[k lkexzh gSA Hkkjrdh 60% ls vfèkd Hkwfe —f"k;ksX; {ks= gS vkSj dqy —f"k ;ksX; Hkwfe gksus ds fygkt ls Hkkjr fo'o esa nwljk lcls cM+kns'k gSA elkyksa vkSj elkyk mRiknksa ds miHkksäk vkSj mRiknd ds :i esa Hkh Hkkjr fo'o esa nwljk lcls cM+k ns'k gSAHkkjr esa Qy&mRiknu us lfCt;ksa ds mRiknu ls vfèkd rhoz o`f) dh gS vkSj ;g fo'o esa nwljk lcls cM+k Qy&mRikndcu x;k gSA [ksrh ,oa —f"k iSnkokj esa Hkkjr fo'o esa rhljs LFkku ij gSA Hkkjrh; vFkZO;oLFkk esa —f"k ds egRo dh bli`"BHkwfe dks ns[krs gq, ljdkj us bl {ks= esa o`f) vkSj fujarjrk dks c<+kus ds fy, dqN egRoiw.kZ igydneh dh gSA

foÙkh; o"kZ 2017&18 ds la?k ds ctV esa xzkeh.k —f"k lacaèkh {ks=ksa ds fy, dqy fuèkkZfjr jkf'k esa lky&nj&lky 24%

dh o`f) dh xbZ vkSj ;g jkf'k 1]87]223 djksM+ #- ¼vejhdh M‚yj 28-1 vjc½ gSA

—f"k lajpuk tSls fd flapkbZ O;oLFkk] eky&xksnke vkSj 'khr laxzg.k esa fuos'k esa o`f) ds dkj.k vkxkeh dqN o"kksaZ esa]Hkkjr esa —f"k {ks= esa cgqr vfèkd o`f) vk,xhA ifjogu ykxr ,oa le; esa deh] la'kksfèkr iksVZ xsV çcaèku vkSj csgrjvkfFkZd çksRlkgu bl {ks= dh o`f) esa vkSj ;ksxnku djsaxsA blds vfrfjä vkuqokaf'kd :i ls vk'kksfèkr Qlyksa ds c<+rsç;ksx ls Hkkjrh; fdlkuksa dh mit esa lqèkkj gksus dh laHkkouk gSA

—f"k ,oa fdlku dY;k.k ea=ky;] Hkkjr ljdkj —f"k {ks= ds cgqla[;d fgrèkkjdksa ls ijke'kZ dj jgh gS vkSj lq>ko

vè;{kh; Hkk"k.k

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The Ministry of Agriculture, Government of India, has been having consultations and seeking suggestionsfrom numerous stakeholders in the agriculture sector, to devise a strategy to double the income of farmersby 2022.

It is known that agricultural production activity is associated with very high degree of weather risk,which is further aggravated by frequent weather events aberrations particularly in recent times.

It is in this background that the Pradhan Mantri Fasal Bima Yojana has been introduced as an ideal RiskManagement tool for the farmers, which protects them from a financial cripple owing to crop losses dueto the vagaries of nature.

After introduction of PMFBY from kharif 2016 season, the crop insurance coverage and premium hasseen a quantum jump. The scheme is implemented by 18 companies on competitive basis and couldprocure more than Rs. 22000 cr. gross premium making crop insurance the 3rd largest line of non-lifeinsurance business in India after motor and health. India is now the third largest agriculture insurancemarket globally.

As your Company has the experience and expertise in Crop Insurance for more than fourteen years, itwas able to maintain the leadership with 32% market share in 2016 -2017.

During Kharif 2016 and Rabi 2016-17, the Company implemented PMFBY in 228 districts and 222 districtsrespectively. This gave the Company a well-diversified portfolio from different agro-climatic geographies.The implementation of the scheme has thrown up many new challenges, particularly in the areas ofcoverage of individual farmers, assessment of individual losses and supervision of multiple crop cuttingexperiments. AIC is meeting the challenges with the enhancement of Human Resource, Infrastructure,and Information Technology.

While implementing the PMFBY in accordance with sound insurance and commercial principles, yourCompany has always remained mindful of the social welfare impact amongst the farming population. Inrespect of the Kharif 2016 and Rabi 2016-17 seasons, your Company has till date, mitigated the hardshipsof 37 lakh farmers by claim pay out to the tune of Rs. 4000 crores.

To improve service efficiency to the remotest and poorest farmer, your Company has undertaken veryadvanced technology eco-system, titled “SEWA”, whereby the business and administrative processes willbe largely automated and the last-mile farmer will be given an opportunity to avail crop insurance protectionat an affordable cost. The development of SEWA is in progress and is expected to catch the Kharif 2018season.

As envisioned in PMFBY Guidelines, the Company is putting necessary efforts to explore and leveragevarious technologiesand alsoworking in collaboration with national and international organisations sothat going forward the crop insurance programme becomes more transparent, efficient and acceptable toall stakeholders. As the Govt. of India is contemplating to increase the crop insurance penetration fromthe present level of 30% during last year to 40% in 2017-18 and 50% in 2018-19, the growth in this line ofinsurance will be substantial and your Company will take all necessary steps to maintain its leadership.During 2016-17, the Company conducted several awareness and publicity campaigns for its productsthrough print and audio-visual media and also by distributing leaflets, pamphlets and brochures amongthe farmer and also among the Bank and State Government Officials. Your Company also participated invarious Kisan Melas organized by Government Authorities for increasing awareness on crop insurance.

Thus, it will be our continued endeavour to work more closely with farmers’ organizations, lending institutions,Ministries of Finance and Agriculture,as well as the State Governments to ensure that crop insurance becomesthe most efficient and economical risk mitigationtool in the hands of farmers of our country.

Namaskar,Chairman

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ekax jgh gS rkfd ,d ,slh ;kstuk cukbZ tk lds ftlls o"kZ 2022 rd fdlkuksa dh vk; nqxquh dh tk ldsA

;g ,d tkuh gqbZ ckr gS fd —f"k mRiknu xfrfofèk cgqr vfèkd ekSle ds tksf[ke ls tqM+h gqbZ gS] tks fd yxkrkjvlkekU; ekSleh ?kVukvksa ds pyrs vkSj vfèkd fcxM+rh tk jgh gS fo'ks"k :i ls vHkh gky dh ekSleh ?kVukvksa lsA

blh i`"BHkwfe esa fdlkuksa ds fy, vkn'kZ tksf[ke çcaèku midj.k ds :i esa çèkkuea=h Qly chek ;kstuk ¼ih,e,QchokbZ½dh 'kq#vkr dh xbZ] tks fdlkuksa dks çk—frd vfuf'prrkvksa ds dkj.k gksus okys Qly uqdlkuksa ls mUgsa vkfFkZd fucZyrkls lqj{kk nsxkA

[kjhQ 2016 ekSle ls ih,e,QchokbZ dh 'kq#vkr ds ckn Qly chek vkoj.k vkSj çhfe;e dh la[;k esa mNky vk;kgSA ;g ;kstuk 18 daifu;ksa }kjk çfr;ksxh vkèkkj ij dk;kZfUor dh tk jgh gS vkSj 22000 djksM+ ds ldy çhfe;e lsHkh vfèkd dk çhfe;e gkfly dj ldrh gS ftlls Hkkjr esa] Qly chek] eksVj vkSj LokLF; chek ds ckn xSj thouchek O;olk; esa rhljk lcls cM+k chek cu tkrk gSA Hkkjr vc fo'o cktkj esa rhljk lcls cM+k —f"k chek {ks= gSA

pw¡fd vkidh daiuh dks Qly chek esa 14 o"kksaZ ls vfèkd dk vuqHko vkSj fo'ks"kKrk gkfly gS] 2016&17 esa 32% ekdsZV'ks;j gkfly djds vkidh daiuh us viuk usrRo cuk, j[kkA

[kjhQ 2016 vkSj jch 2016&17 ds nkSjku vkidh daiuh us Øe'k% 228 ftyksa vkSj 222 ftyksa esa ih,e,QchokbZ dkdk;kZUo;u fd;k] blls daiuh dks fofHkUu —f"k&tyok;q Hkwxksyksa esa fofHkUu lafoHkkxksa esa dk;Z djus dk vuqHko feykAbl ;kstuk ds fØ;kUo;u us dbZ pqukSfr;k¡ çLrqr dh] fo'ks"k:i ls O;fäxr fdlkuksa dks vkoj.k çnku djus] O;fäxrgkfu;ksa ds vkdyu djus vkSj cgqla[;d Qly dVkbZ ç;ksxksa dk i;Zos{k.k djus ds {ks= esa ,vkbZlh bu pqukSfr;ksa dklkeuk vius ekuo lalkèku volajpuk vkSj lwpuk çkS|ksfxdh esa o`f) djds dj jgh gSA

xgu chek vkSj okf.kfT;d fl)karksa ds vuq:i ih,e,QchokbZ dk dk;kZUo;u djrs gq,] vkidh daiuh ges'kkfdlku&turk esa lkekftd dY;k.k ds çHkko ds çfr lpsr jgh gSA [kjhQ 2016 vkSj jch 2016&17 ekSleksa esa vkidhdaiuh us vkt dh rkjh[k rd 37 yk[k fdlkuksa dks 4000 djksM+ #- ds nkoksa dk Hkqxrku djds mudh dfBukb;ksa dksde fd;k gSA

lqnwj lhekar vkSj lcls xjhc fdlku dks fuiq.k lsok çnku djus esa vkSj lqèkkj ykus ds fy, vkidh daiuh us lsok* ukedh vfr vkèkqfud rduhd] bdks&ç.kkyh dk ç;ksx fd;k gS ftlds }kjk O;kolkf;d vkSj ç'kklfud çfØ;k,¡ O;kid:i ls Lopkfyr gks tk,axh vkSj nwjLFk xjhc fdlku dks oguh; dher ij Qly chek lqj{kk çkIr djus dk ekSdk fn;ktk ldsxkA ^lsok* dk fodkl çxfr ij gS vkSj [kjhQ 2018 ekSle esa çkjEHk gksus dh laHkkouk gSA

tSlk fd ih,e,QchokbZ ds ekxZfunsZ'kksa esa bfPNr gS daiuh fofHkUu rduhdksa dh tk¡p ,oa mudk ykHk mBkus ds vko';dç;Ru dj jgh gS vkSj jk"Vªh; ,oa varjk"Vªh; laxBuksa ds lg;ksx ls dk;Z dj jgh gS rkfd Qly chek dk;ZØe Hkfo";esa vfèkd ikjn'khZ] çHkkoh vkSj lHkh fgrèkkjdksa dks Lohdk;Z cu tk,A pw¡fd Hkkjr ljdkj Qly chek dk QSyko fiNyso"kZ ds 30% ls c<+k dj o"kZ 2017&18 esa 40% vkSj o"kZ 2018&19 esa 50% djus ij fopkj dj jgh gS] bl çdkj chekdh o`f) cgqr vfèkd gksxh vkSj vkidh daiuh viuk usr`Ro dk;e j[kus ds fy, lHkh vko';d dne mBk,xhA 2016&17ds nkSjku daiuh us dbZ tkx:drk vkSj lkoZtfud&vfHk;ku vk;ksftr fd,] ftlesa vius mRiknksa dk fçaV ,oa JO;&n`';ehfM;k ds ekè;e ls çpkj fd;k rFkk ipsZ] çpkj&iqfLrdk,¡ vkSj czks'kj fdlkuksa ,oa cSadksa vkSj jkT; ljdkj ds vfèkdkfj;ksads chp ck¡V dj çpkj fd;kA vkidh daiuh us Qly chek ds çfr tkx:drk c<+kus ds fy, ljdkjh çkfèkdj.kksa }kjkvk;ksftr fdlku&esyksa esa Hkh Hkkx fy;kA

bl çdkj] ;g lqfuf'pr djus ds fy, fd Qly chek gekjs ns'k ds fdlkuksa ds fy, lokZfèkd çHkko'kkyh vkSj fdQk;rhtksf[ke&jkgr midj.k cu tk,] ge fdlkuksa ds laxBuksa] _.k&çnkrk laLFkkuksa] foÙk ,oa —f"k ea=ky;ksa rFkk jkT;ljdkjksa ds lkFk ?kfu"B :i ls fey dj dk;Z djrs jgsaxsA

ueLdkjvè;{k

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COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION143(6)(b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF THEAGRICULTURE INSURANCE COMPANY OF INDIA LIMITED FOR THE YEAR ENDED 31MARCH 2017

The preparation of financial statements of Agriculture Insurance Company of India Limited for the yearended 31 March 2017 in accordance with the financial reporting framework prescribed under the InsuranceAct, 1938 read with the Insurance Regulatory and Development Authority (Preparation of FinancialStatements 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 bythe Comptroller and Auditor General of India under section 139(5) of the Act are responsible for expressingopinion on the financial statements under section 143 of the Act based on independent audit in accordancewith the standards on auditing prescribed under section 143(10) of the Act. This is stated to have beendone by them vide their Audit Report dated 27 July, 2017.

I, on the behalf of the Comptroller and Auditor General of India, have conducted a supplementary auditunder section 143(6)(a) of the Act of the financial statements of the Agriculture Insurance Company ofIndia Limited for the year ended 31 March 2017. This supplementary audit has been carried outindependently without access to the working papers of the statutory auditors and is limited primarily toinquire of the statutory auditors and company personnel and a selective examination of some of theaccounting records. Based on my supplementary audit, I would like to highlight the following significantmatters under section 143(6)(b) of the Act, which have come to my attention and which in my view arenecessary for enabling a better understanding of the financial statements and the related Audit Report:

A. Comments on ProfitabilityAl. Profit and Loss Accounts

Provisions (Schedule-14)-Rs. 925.30 Crore

The above includes Rs.18.07 crore (including Rs.4.17 crore made during 2016-17) being provision towardsInvestment in Government Securities/Bonds at the rate of 0.40%. As per IRDA Master Circular (October2012) provision at the rate of 0.40% should be made only on Loans and Advances categorized as StandardAssets.

Creation of provision on Investments has resulted in overstatement of provisions by Rs.18.07 crore andunderstatement of the profit for the current year by Rs.4.17 Crore. Consequently, it has also resulted inunderstatement of Reserve & Surplus by Rs.13.90 crore.

B. Comments on Financial position

B.1 Balance Sheet as on 31 March 2017Investments (Schedule-8 & 8A)-Rs.7487.52 CrorePolicyholders’ investments (Schedule 8A)-Rs.4409.40 CroreShareholders’ investments (Schedule-8)-Rs.3078.12 Crore

(a) IRDAI vide circular dated 4 April 2016 read with the IRDAI’s Investments Regulations, 2016 andsubsequent circular dated 12 January 2017 required segregation of Shareholders’ Funds and Policyholders’Funds as well as investments made from these funds. Components of Shareholders’ Funds1 as well asPolicyholders’ Funds2 were also defined under the above circulars.

The company did not comply with the said orders of IRDAI and bifurcated the investments as per itsexisting policy. Consequently, Shareholders’ Investment and Policyholders’ Investments were bifurcated

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,xzhdYpj ba';ksjsal dEiuh vkWQ bf.M;k fyfeVsM ds 31 ekpZ 2017 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 2017 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 tqykbZ 2017 }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 2017 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 esjh vuqiwjd ys[kkijh{kk ds vkèkkj ij] eSa vfèkfu;e dh èkkjk 143¼6½¼[k½ ds varxZr fuEufyf[krmYys[kuh; ekeyksa dk mYys[k djuk pkgrk gwa tks esjs è;ku esa vk, gSa rFkk tks foRrh; fooj.kksa vkSj lacafèkr ys[kkijh{kkizfrosnu dh csgrj le> dks leFkZ cukus ds fy, esjs fopkj ls vko’;d gSaA

d- ykHk vtZu ij fVIif.k;ka

d1- ykHk vkSj gkfu ys[kk izkoèkku ¼vuqlwph&14½ & 925-30 djksM+ #0A

mi;qZDr esa 'kkfey gS 18-07 djksM+ #0 ¼ftlesa 2016&17 ds nkSjku ds 4-17 djksM+ #0 Hkh lfEefyr gSa½ tks 0-40 izfr'krdh nj ij ljdkjh izfrHkwfr;ksa@ckaMksa esa fuos'k ds fy, fd;k x;k izkoèkku gSA vkbZvkjMh, ekLVj ifji= ¼vDrwcj 2012½ds vuqlkj 0-40 izfr'kr dh nj ij izkoèkku dsoy _.kksa vkSj vfxzeksa ij gh fd, tkus pkfg, ftUgsa ekud ifjlaifRr;ksads :Ik esa Js.khc) fd;k x;k gSA

fuos'k ij izkoèkku ds l`tu ds ifj.kkeLo:Ik 18-07 djksM+ #0 ds izkoèkku dh vfr;qfDr gqbZ rFkk pkywo"kZ ds fy, 4-17djksM+ #0 ds ykHk dh U;wuksfDr gqbZA blds ifj.kkeLo:Ik] fjtoZ vkSj vfèk'ks"k esa 13-90 djksM+ #0 dh U;wuksfDr Hkh gqbZA

[k- foRrh; fLFkfr ij fVIif.k;ka

[k1- 31 ekpZ 2017 dh fLFkfr ds vuqlkj rqyui=fuos'k ¼vuqlwph&8 vkSj 8d½& 7487-52 djksM+ #0ikfylhèkkjdksa dk fuos'k ¼vuqlwph&,Lk,½ & 4409-40 djksM+ #0'ks;jèkkjdksa dk fuos'k ¼vuqlwph&8½ & 3078-12 djksM+ #0

¼d½ vkbZvkjMh,vkbZ us vkbZvkjMh,vkbZ ds fuos'k fofu;e] 2016 ds lkFk ifBr fnukad 4 vizSy] 2016 ds ifji= rFkkfnukad 12 tuojh] 2017 ds Ik’pkr~orhZ ifji= }kjk 'ks;jèkkjdksa dh fufèk;ksa vkSj ikfylhèkkjdksa dh fufèk;ksa rFkk lkFk ghbu fufèk;ksa ls fd, x, fuos'kksa dks i`Fkd cukus dh vis{kk dh FkhA 'ks;jèkkjdksa dh fufèk 1 vkSj ikfylhèkkjdksa dh fufèk

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at Rs.3078.12 crore and Rs.4409.40 crore instead of Rs.2018.49 crore and Rs.5469.03 crore respectively.This has resulted in overstatements of shareholders investments and understatement of policyholders ‘investments by Rs.1059.63 crore.

(b) In addition to above requirement, IRDAI also directed to bifurcate the Fair Value Change (FVC)Account under the Policyholders’ Funds and Shareholders’ Funds. The same has also not been compliedwith.

For and on the behalf of theComptroller & Auditor General of India

(Neelesh Kumar Sah)Principal Director of Commercial Audit

& Ex-officio Member, Audit Board-IINew Delhi

Place: New DelhiDate: 27.09.2017

1 Share Capital plus all Reserves and Surplus (except Revaluation Reserve and fair value change account)net of accumulated losses and Miscellaneous expenditure to the extent not written off as at the BalanceSheet date.

2 Outstanding claims including IBNR and IBNER, UPR, PDR, Catastrophe Reserve and Other Liabilitiesnet off other Assets.

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2 dks Hkh mDr ifji=ksa ds varxZr ifjHkkf"kr fd;k x;k FkkA

daiuh us vkbZvkjMh,vkbZ ds mDr vkns'kksa dk vuqikyu ugha fd;k rFkk viuh fo|eku uhfr ds vuqlkj vius fuos'kksadk foHkktu fd;kA blds ifj.kkeLo:Ik] 'ks;jèkkjdksa ds fuos'k vkSj ikfylhèkkjdksa ds fuos'k dks Øe'k% 3078-12 djksM+#0 vkSj 4409-40 djksM+ #0 ds :Ik esa foHkkftr fd;k x;kA blds ifj.kkeLo:Ik] 'ks;jèkkjdksa ds fuos'k esa vfr;qfDr rFkkikWfylh/kkjdksa ds fuos'k esa 1059-63 djksM+ #- dh U;wuksfDr gqbZA

¼[k½ mDr vis{kk ds vfrfjDr] vkbZvkjMh,vkbZ us ikfylhèkkjd fufèk rFkk 'ks;jèkkjd fufèk ds varxZr leqfpr ewY;ifjorZu ¼,Qohlh½ ys[kk ds i`FkDdhdj.k dk Hkh funs'k fn;k FkkA bldk vuqikyu Hkh ugha fd;k x;k gSA

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

¼uhys'k dqekj lkg½ izèkku funs'kd okf.kfT;d ys[kk ijh{kk

rFkk insu lnL;] ys[kk ijh{kk cksMZ&IIubZ fnYyh

LFkku % ubZ fnYyhfnukad % 27-09-2017

1- lafpr ?kkVksa vkSj rqyu i= dh rkjh[k rd cV~Vs [kkrs esa ugha Mkys x, fofo/k [kpks± ds fuoy 'ks;j iwath ,oa leLrfjtoZ vkSj vf/k'ks"k ¼iqoZewY;kadu fjtoZ vkSj mfpr ewY; ifjorZu ys[kk ds vfrfjDr½

2- cdk;k nkoksa esa lfEefyr gSa vkbZch,uvkj vkSj vkbZch,ubZvkj] ;wihvkj] ihMhvkj] vkikr~ fjtoZ rFkk vU;ifjlaifRr;ksa dh fuoy vU; ns;rk,aA

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Bhasin Raghava & 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 stand alone financial statements of Agriculture Insurance Companyof India Limited (“the Company”), which comprise the Balance Sheet as at 31st March, 2017, 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’sReport on Insurance Companies) Regulations 2002 and orders or directions issued by the InsuranceRegulatory and Development Authority, as amended from time to time (“the Act, Rules and Regulations”),including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of theCompanies (Accounts) Rules, 2014 as amended from time to time. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Companies Act,2013, for safeguarding of the assets of the Company and for preventing and detecting frauds and otherirregularities ; 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 completeness ofthe accounting records, relevant to the preparation and presentation of the financial statements that givea 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, Rules and Regulations”), the accounting andauditing standards and matters which are required to be included in the audit report under the provisionsof the (“the Act, Rules and Regulations”) made there under.

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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] 2017 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

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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 estimates madeby 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 Government of India for refundof the above amount, the same is yet to be received. Presently, even the NAIS has beendiscontinued with effect from Khariff 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. In view ofthe above facts, in our opinion, the recovery of above amount is doubtful which resulted inoverstatement of “Advances and Other Assets” and “Reserves& Surplus” of the companyas on 31st March, 2017 to that extent.

(ii) 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 out of such premium collected by them and assumption ofrisk despite not receiving such premium (not compliant with Section 64 VB of the InsuranceAct, 1938) and accounting policy (Accounting Policy No. 11.3) in respect of recognizingreinsurance premium accepted on receipt of statement from the reinsurers are not inaccordance with the accrual concept of accounting (Fundamental Accounting Assumption)as laid down in Accounting Standard 1 “Disclosure of Accounting Policies” and AccountingStandard 9 “Revenue Recognition” as prescribed under The Companies (AccountingStandard) Rules, 2006, as amended from time to time,.

Accordingly, the non-accounting of balance of premium receivable as current period income

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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=.kdks è;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

¼i½ 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

¼ii½ 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 dh

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& 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.

(iii) Non- accounting of premium (Net of insurance ceded) as current period income for Rabi2016-17 season out of Rs. 1080978 thousands received from Nodal Banks has resulted inunderstatement of current period premium. The consequential impact of the same onRevenue Account and Profit and Loss Account is not ascertainable.

2. Overall impact of the above Para 1andthe consequential effects on Revenue Account, Profit andLoss Account, Assets, Liabilities and Reserves and Surplus as on 31st March, 2017 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, 2017,the aforesaid financial statements read with the Significant Accounting Policies and Notes thereon givethe information as required by the Companies Act, 2013, the Insurance Act, 1938, the Insurance Regulatoryand Development Authority (Preparation of Financial Statements and Auditor’s Report of InsuranceCompanies) Regulations, 2002, as amended from time to time, to the extent applicable and in the mannerso required and give a true and fair view in conformity with the accounting principles generally acceptedin 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, 2017;(b) in case of the Revenue Account, of the surplus in the crop insurance business for the year

ended 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 and coinsurance accounts are pending for reconciliation / confirmation and consequentialadjustments, effect of which, if any, is not ascertainable at this stage and can’t be commentedupon. (Note No. 23.1).

(ii) The company is yet to comply with the requirements of disclosure under the Micro, Smalland Medium Enterprises Development Act 2006. (Note No. 20).

(iii) The Internal Audit System of the company requires substantial strengthening in areas ofaudit coverage and scope.

(iv) Recognition of Reserve for Unexpired risks as per The Insurance Act, 1938:As required by The Insurance Act, 1938, the company, as per past practice, has created ,

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vYi;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

¼iii½ jch 2016&17 l= ds fy, pkyw o"kZ vk; ds :i esa izhfe;eksa dk xSj&ys[kkadu ¼lkSais x, 'kq) chek½1080978 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] 2017 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

vgZd 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] 2017 dh fLFkfr ds vuqlkj vgZd 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 fodklizkfèkdj.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 2017 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]

ekeys dk cy

ge fuEufyf[kr ekeyksa dh vksj è;ku vkdf"kZr djrs gSa%

¼i½ chek O;olk; lapkfyr djus okys fudk;ksa ls@dks ns; 'ks"k jkf'k] iquchZek ys[ks rFkk lg&chek ys[kslekèkku@iqf"V rFkk ifj.kkeh le;kstu ds fy, ns; gSa ftuds izHkko] ;fn dksbZ gS] bl voLFkk ijfuèkkZj.k;ksX; ugha gS rFkk mu ij fVIi.kh ugha dh tk ldrh gS ¼fVIi.kh la- 23-1½A

¼ii½ daiuh dks lw{e] y?kq vkSj eè;e m|e fodkl vfèkfu;e] 2006 ds varxZr izdVhdj.k dh vis{kkvksa dkvuqikyu vHkh djuk gS ¼fVIi.kh la- 20½A

¼iii½ daiuh dh vkarfjd ys[kkijh{kk iz.kkyh esa ys[kkijh{kk dojst rFkk O;kfIr ds {ks=ksa esa i;kZIr lqn`<+hdj.kfd;k tkuk visf{kr gSA

¼iv½ chek vfèkfu;e] 1938 ds vuqlkj lekIr u gq, tksf[keksa ds fy, fjtoZ dh igpku %&

tSlk fd chek vfèkfu;e] 1938 }kjk visf{kr gS] daiuh] iwoZ izFkk ds vuqlkj] 31 ekpZ] 2017 dks lekIrgqbZ ckjg ekg dh vofèk ds nkSjku mls izkIr gq, vFkok izkIr gksus okys izhfe;e iquchZek ds fuoy dk

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“Unearned Premium Reserve” (UPR) of 50% of the premium, net of re-insurance, receivedor receivable during the twelve months period ended 31 March, 2017, amounting toRs.8889585 thousands as on 31 March, 2017 (As on 31 March, 2016 Rs. 11140235 thousands)related to unexpired risks.As per IRDAI circular dated April 04, 2016, the insurers now have an option to createUPR either at 50% of Net written Premium of the preceding twelve months or on the basisof 1/365 method on the unexpired period of the respective policies. Any change in themethod of provisioning can be done with the prior written approval of the IRDAI.In our opinion, keeping in view the nature of crop insurance business where the period ofunexpired risks as at the end of the financial year for Khariff season does not exist and forRabi season the same may also not be material, the company should review both the optionsnow available so that the option which is more appropriate in giving a true and fair viewof the financial position, underwriting results and financial performance of the companycan be adopted after obtaining prior written approval of IRDAI.

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 the financialstatements of the Company whose financial statements / financial information reflect total assets of Rs.18042841 thousands at 31st March, 2017 and total revenues / income Rs.69952358 thousands for the yearended on that date, as considered in the stand alone financial statements of the company. The financialstatements/information of these regional offices have been audited by the Regional Office auditors whosereports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosuresincluded in respect of these regional offices, is based solely on the report of such Regional Office auditorson which we have relied upon. Our opinion is not qualified in respect of this 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 (Preparation of Financial Statements and Auditor’s Report of InsuranceCompanies) Regulations, 2002, we report that:

(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 Flow

17

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50 izfr'kr xSj&lekIr tksf[keksa ls lacafèkr ^^xSj&vftZr izhfe;e fjtoZ ^ ¼;wihvkj½ l`ftr fd;k gS tks31 ekpZ] 2017 dh fLFkfr ds vuqlkj 8889585 gtkj #i, gS ¼31 ekpZ] 2016 dh fLFkfr ds vuqlkj11140235 gtkj #i,½A

vkbZvkjMh,vkbZ ds fnukad 4 vizSy] 2016 ds ifji= ds vuqlkj] chekdrkZ dks vc ;k rks iwoZorhZ ckjgekgksa ds fuoy fjVuZ izhfe;e ds 50 izfr'kr ij vFkok lacafèkr ikfyfl;ksa dh lekIr u gqbZ vofèk ij1@385 dh i)fr ds vkèkkj ij ;wihvkj lftr djus dk fodYi gSA bl izkoèkku dh i)fr esa dksbZHkh ifjorZu vkjvkjMhvkbZ dh iwoZ fyf[kr eatwjh ls gh fd;k tk ldrk gSA

gekjh jk; esa] Qly chek O;olk; dh iz—fr dks è;ku esa j[krs gq, tgka [kjhQ ekSle ds fy, foÙkh;o"kZ dh lekfIr ij lekIr u gq, tksf[keksa dh vofèk fo|eku ugha gksrh gS rFkk jch ekSle ds fy, ogvfèkd ek;us ugha j[krh gS] daiuh dks vc miyCèk nksuksa fodYiksa dh leh{kk djuh pkfg, rkfdvkbZvkjMh,vkbZ dk iwoZ fyf[kr vuqeksnu izkIr djus ds i’pkr~ og fodYi viuk;k tk lds tks daiuhdh foÙkh; fLFkfr] vaMjjkbfVax ifj.kkeksa rFkk foÙkh; fu"iknu dk ,d okLrfod vkSj mfpr n`f"Vdks.kdks n'kkZus esa vfèkd mi;qDr gksA

bu ekeyksa ds lacaèk esa gekjh jk; vgZd 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 us 31 ekpZ] 2017 dh fLFkfr ds vuqlkj 18042841 gtkj #i, dh dqyvkfLr;ka n'kkZbZ rFkk ml rkjh[k dks lekIr gq, o"kZ ds fy, dqy jktLo@vk; 69952358 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; vgZd 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 %

¼d½ geus vgZd 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 vgZd 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(

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Statement 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 Act,1999; the Insurance Regulatory and Development Authority (Preparation of FinancialStatements and Auditor’s Report of Insurance Companies) Regulations, 2002 or any orderor directions as amended from time to time issued by IRDA 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, Government 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 pending litigations on its financial position in itsfinancial statements-Refer Note No.5.1.3 of Annexure 2;

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

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

iv. The disclosure requirement in respect of Specified Bank Notes (SBN) as envisaged inNotification no. G.S.R. 308 (E) dated 30 March 2017 is not applicable to the company beingan insurance company. Refer Note No. 24 in Annexure 2.

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

(a) The actuarial valuation of liabilities of the Company in respect of “Claims Incurred but notreported” (IBNR) including “Claims Incurred but not enough reported” (IBNER) and“Premium deficiency reserve” (PDR) as at the year-end has been duly certified by the PenalActuary of General Insurance, as established by IRDAI, appointed by the company andother liabilities as required for the purpose for ascertaining employee benefits in accordancewith AS-15 as at the year-end has been duly certified by the consulting Actuary of the

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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 vgZd 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 vgZd 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 vgZdjk; 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(

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;k

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Company. These Actuaries have also certified that the assumptions considered for suchvaluation are in accordance with guidelines and norms prescribed by IRDAI and/ or theActuarial Society of India in concurrence with the authority. We have relied upon suchcertification for forming our opinion on the standalone financial 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 IRDA in thisbehalf.

(c) The accounting policies selected by the Company are appropriate and are in compliancewith the applicable accounting standards and with the accounting principles, as prescribedin these Regulations or any order or direction issued by the Authority in this behalf.

(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;

(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;

(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.

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 Kumar)Partner Partner

Membership No.093458 Membership No. 014211

Place: New DelhiDated: 27.07.2017

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gS 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 daiuh }kjk p;u dh xbZ ys[kkdj.k uhfr;ka mi;qDr gSa rFkk ykxw ys[kkdj.k ekudksa rFkk ys[kkdj.kfl)karksa ds vuq:i gS vkSj muds vuqikyu esa gS] tSlk fd bu fofu;eksa vFkok izkfèkdj.k }kjk bl lacaèkesa tkjh fdlh vU; vkns'k vFkok 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(

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

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

¼foØe flag½ ¼lfoUnz dqekj½Hkkxhnkj Hkkxhnkj

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


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BhasinRaghavan& 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 at31st March, 2017 and the Revenue Account and Profit and Loss Account in respect of crop insurancebusiness and Cash Flow Statement for the year then ended, in which are incorporated the returns ofseventeen Regional Offices audited by the other firms of Chartered Accountants, which have been takeninto consideration by us and a summary of significant accounting policies and other explanatory informationand on the basis of our examination we certify that

(a) We have reviewed the management report and there is no apparent mistake or materialinconsistency with 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 theCompany, the 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 OfficeBank Balances : Bank Confirmation Certificates at Head OfficeInvestments : 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 beeninformed that there are no investments held at Regional Office level.

(e) To the best of our information and explanations given to us and on the basis of representationsmade by 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 applicationand investments of the policyholders’ funds.






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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] 2017 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

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






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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 2016-17 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.

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.

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

foÙkh; o"kZ 2016&17 ds fy, ,xzhdYPkj ba';ksjsal daiuh vkWQ bafM;k fyfeVsM ds okf"kZd [kkrksa dh ys[kk ijh{kk ds

nkSjku 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 funs'k

1- funsZ'k

gk¡]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

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2. Sub Directions

1. Number of titles of ownership in respect of CGS/SGS/Bonds/Debentures etc. available in physical/demat form and out of these number of cases whichare not in agreement with the respective amountsshown in the Company’s books of accounts maybe verified and discrepancy found may be suitablyreported.

2. During recent de-monetization drive ofGovernment of India (GOI), insurance companieswere required to give a discount or credit in casepayment was made through digital means.Financial impact of above initiative may bereported.

S No Category Number

1 Central 44GovernmentSecurity

2 State 65GovernmentSecurity

3 Bonds/Debentures 122

4 Equity 53

5 Mutual Funds 26 (Physical)

All the above mentioned numbers are in agreementwith the respective amounts as per the Company’sbooks of accounts.

No such instance found as reported by RegionalOffice auditors.






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1- lhth,l@,lth,l@ckaM@fMcsapj vkfn ds fy,HkkSfrd@MheSV çk:i esa miyCèk LokfeRo ds nLrkostksa dhla[;k vkSj buesa ls fdrus ekeys daiuh ds [kkrksa esa n'kkZbZ xbZla[;k ds vuq:i ugha gSa] bUgsa lR;kfir fd;k tk, vkSj ikbZ xbZfolaxfr dks mi;qDr izdkj ls fjiksVZ fd;k tk,A

2- mi&funZs'k

Øe Js.kh la[;k

la[;k

1- dsUnz ljdkj dh izfrHkwfr 44

2- jkT; ljdkj dh izfrHkwfr 65

3- ckW.M@_.ki= 122

4- bfDoVh 53

5- E;qpqvy Q.M 26 ¼HkkSfrd½

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

2- Hkkjr ljdkj ¼thvksvkbZ½ }kjk gky gh esa fd, x, foeqnzhdj.kvfH;ku ds nkSjku] chek daifu;ksa dks fMftVy lk/kuksa ds ek/;els Hkqxrku ekeys esa NwV ;k ØsfMV nsuk FkkA bl igy ds foÙkh;izHkko dks n'kkZ;k tk ldrk gSA

{ks=h; dk;kZy; ds ys[kk ijh{kdksa }kjk fjiksVZ dh xbZ fd ,slkdksbZ mnkgj.k ugha feykA






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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 insurance Companyof India Limited(“the Company”) as of March 31, 2017 in conjunction with our audit of the standalonefinancial 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 financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of its business, includingadherence to company’s policies, the safeguarding of its assets, the prevention and detection of fraudsand errors, the accuracy and completeness of the accounting records, and the timely preparation ofreliable 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 Audit ofInternal Financial Controls Over Financial Reporting and the Standards on Auditing, issued by ICAI anddeemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to anaudit of internal financial controls, both applicable to an audit of Internal Financial Controls and, bothissued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting was established and maintainedand 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 financial controlsover financial reporting, assessing the risk that a material weakness exists, and testing and evaluating thedesign and operating effectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgment, including the assessment of the risks of material misstatement of thefinancial 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 overfinancial 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

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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] 2017 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

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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 that receiptsand Expenditures of the company are being made only in accordance with authorizations ofmanagement 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 financial controlover financial reporting may become inadequate because of changes in conditions, or that the degree ofcompliance with the policies or procedures may deteriorate.

Qualified Opinion

According to the information and explanations given to us and based on our audit at Head Office, thefollowing material weaknesses have been identified as at March 31, 2017:

(i) In respect of financial returns/statements received from Regional offices, the scrutiny andmonitoring thereof at Head Office needs to be strengthened in view of our observationsstated in para 1(ii) & (iii) in “Basis for Qualified Opinion” of our audit report.

(ii) The internal financial control over financial reporting of premium income on account offunds received from Nodal Banks needs strengthening.

(iii) The Internal Audit System of the company requires substantial strengthening in areas ofaudit coverage and scope.

(iv) 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 audit purposes.

In our opinion, except for the possible effects of the weaknesses described above on the achievement ofthe objectives of the control criteria, the company has maintained, in all the material respects, adequateinternal financial controls over financial reporting and such internal financial controls over financialreporting were operating effectively as of March 31, 2017, based on the internal control over financialreporting criteria established by the company considering the essential components of internal controlstated in the Guidance Note on Audit of Internal Financial Controls over financial reporting issued by theInstitute 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 31st March, 2017 financial statements of the Company,and these weaknesses do effect our opinion on the financial statements of the Company as reported in

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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 fn, x, Li"Vhdj.kksa rFkk izèkku dk;kZy; esa gekjh ys[kkijh{kk ds vkèkkj ij31 ekpZ] 2017 dh fLFkfr ds vuqlkj fuEufyf[kr okLrfod detksfj;ka è;ku esa vkbZ gSa%

¼i½ {ks=h; dk;kZy;ksa ls izkIr foÙkh; foojf.k;[email protected] ds lacaèk esa] gekjh ys[kkijh{kk fjiksVZ ds ^^vgZdjk; ds fy, vkèkkj** es aiSjk 1¼ii½ vkSj ¼iii½ esa nh xbZ gekjh fVIif.k;ksa dks è;ku esa j[krs gq, izèkkudk;kZy; es amudh laoh{kk vkSj fuxjkuh dks lqn`<+ cuk, tkus dh vko’;drk gSA

¼ii½ uksMy cSadksa ls izkIr fufèk;ksa ds QyLo:i izhfe;e dh foÙkh; fjiksfV±x ij vkarfjd foÙkh; fu;a=.k lqn`<+cuk, tkus dh vko’;drk gSA

¼iii½ daiuh dh vkarfjd ys[kkijh{kk iz.kkyh dks ys[kkijh{kk dojst vkSj O;kfIr ds {ks=ksa esa i;kZIr :i ls lqn`<+cuk, tkus dh vko’;drk gSA

¼iv½ gekjh jk; esa] daiuh dks izèkku dk;kZy; rFkk {ks=h; dk;kZy;ksa esa vius vkarfjd foÙkh; fu;a=.kksa rFkkviuh izpkyu lacaèkh izHkkodkfjrk dh tkap fd, tkus rFkk ys[kkijh{kk iz;kstuksa ds fy, fjiksVZ izLrqrdjus dh vko’;drk gSA

gekjh jk; esa] fu;a=.k ekinaM ds mís';ksa dh çkfIr ij Åij of.kZr detksfj;ksa ds laHkkfor çHkko ds vykok] daiuh uslHkh lkefxzd ekeyksa esa] foÙkh; fjiksfVaZx ij i;kZIr vkarfjd foÙkh; fu;a=.k cuk, j[kk gS] vkSj bl rjg ds vkarfjdfoÙkh; fu;a=.k 31 ekpZ] 2017 ls çHkkoh :i ls lapkfyr fd, x, gSa] ftUgsa Hkkjrh; lunh ys[kkdkj laLFkku }kjk tkjhfd, x, foÙkh; fjiksfVaZx ij foÙkh; fjiksfVaZx ekunaM ds vkarfjd fu;a=.k ds vko';d ?kVdksa ij fopkj djds daiuh}kjk LFkkfir fd;k x;k gSA

geus fpfUgr detksfj;ksa ij fopkj fd;k gS vkSj mudh çd`fr] le; vkSj gn dks 31 ekpZ] 2017 ds daiuh ds foÙkh;oäO;ksa dh gekjh ys[kk ijh{kk esa fuèkkZfjr fd;k gS] tks Åij of.kZr gS] vkSj bu detksfj;ksa us daiuh ds foÙkh; c;ku

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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 other auditors.As such our aforesaid report under Section 143(3)(i) of the Act in so far it relates to 17Regional Offices is based on the corresponding reports of the auditors of the respectiveRegional Offices.

(ii) The actuarial valuation of liabilities of the Company in respect of “Claims Incurred but notreported” (IBNR) including “Claims Incurred but not enough reported” (IBNER) and“Premium deficiency reserve” (PDR) as at the year-end has been duly certified by the PanelActuary of General Insurance, as established by IRDAI, appointed by the company andhas been relied upon by us. Accordingly, our opinion on the internal financial controlsover financial reporting does not include reporting on the adequacy and operatingeffectiveness of the internal controls over the valuation and adequacy of the actuarialliabilities.



(Vikram Singh) (Swinder Kumar) Partner Partner



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ij gekjh jk; dks çHkkfor fd;k gS] tSlk fd daiuh vfèkfu;e] 2013 dh èkkjk 143¼3½ ds varxZr gekjh ys[kk ijh{kk fjiksVZds ;ksX; jk; ds vuqPNsn esa of.kZr 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 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;qDrihuy ,Dpqvjh vkWQ tujy ba’;ksjsal }kjk lE;d :i ls lR;kfir fd;k x;k gS rFkk ml ij geusfo’okl fd;k gSA rnuqlkj] foÙkh; fjiksfV±x ij vkarfjd foÙkh; fu;a=.kksa ls lacfèkr gekjh jk; esachekafdd ns;rkvksa ds ewY;&fuèkkZj.k vkSj i;kZIrrk ij vkarfjd fu;a=.kksa dh i;kZIrrk vkSj izpkyuizHkkodkfjrk ij fjiksfV±x 'kkfey ugha gSA






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46

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

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47

vuqcaèk&2

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

1 vgenkckn 259585

2 caxyw: 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

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48

DIRECTORS’ REPORT(For the Financial Year 2016-17)

TO THE MEMBERS

Your Directors are pleased to present their Report to be read with the Audited Financial Statements forthe financial year ended on March 31, 2017. Management Discussion and Analysis Report forms part ofthis report.

FINANCIAL PERFORMANCE

SN Particulars Current Year Previous Year2016-17 2015-16

Revenue Account (Rupees in crore)

1 Gross Direct Premium 6979.56 3521.22

2 Net Premium (net of re-insurance) 1777.92 2228.05

3 Net Premium Earned 2002.98 1862.23

4 Net Incurred Claims 2399.22 1855.94

5 Commission earned (Net) (594.49) (149.60)

6 Operating Expenses 166.67 115.90

7 Net Investment Income apportioned to Revenue A/c 270.77 238.57

8 Premium Deficiency 0 -21.68

9 Other Expenses 3.85 0.07

10 Revenue Profit/(Loss) 298.51 300.16

Profit & Loss Account

11 Net Investment Income apportioned to P&L A/c 186.26 170.26

12 Other Incomes 16.62 1.43

13 Corporate Social Responsibility 13.99 7.20

14 Other Expenses & Provisions 0.32 1.02

15 Profit Before Tax 487.08 463.63

16 Provision for Taxes 163.31 156.69

17 Profit After Tax 323.77 306.94

18 Proposed dividend NIL NIL

19 Dividend Distribution Tax NIL NIL

20 Transfer to General Reserve 323.77 306.94

21 Balance of Profit c/f NIL NIL

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49

funs'kd dh fjiksVZ¼foÙkh; o"kZ 2016&17½

lnL;ksa dks lEcksfèkr

vkids funs'kdksa dks vkidh dEiuh dh 14oha okf"kZd fjiksVZ ds lkFk 31 ekpZ 2017 dks lekIr gksus okys foÙkh; o"kZ ds fy,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'kh gks jgh gSA

foÙkh; dk;Z fu"iknu

Ø- fooj.k pkyw o"kZ fiNyk o"kZla- 2016&17 2015&16

jktLo [kkrk ¼#i;s djksM+ksa esa½

1 ldy izR;{k izhfe;e 6979.56 3521.22

2 'kq) izhfe;e ¼'kq) iqu% chek½ 1777.92 2228.05

3 dek;k x;k 'kq) izhfe;e 2002.98 1862.23

4 'kq) laxzfgr nkos 2399.22 1855.94

5 dek;k x;k deh'ku ¼'kq)½ (594.49) (149.60)

6 ifjpkyu [kpsZ 166.67 115.90

7 'kq) vk; ftls jktLo [kkrs esa foHkkftr fd;k x;k gS 270.77 238.57

8 izhfe;e ?kkVk 0 -21.68

9 vU; [kpsZ 3.85 0.07

10 vk; ykHk@¼gkfu½ 298.51 300.16

ykHk ,oa gkfu [kkrk

11 ih ,oa ,y [kkrs esa foHkkftr 'kq) fuos'k vk; 186.26 170.26

12 vU; vk; 16.62 1.43

13 fuxfer lkekftd ftEesnkjh 13.99 7.20

14 vU; [kpZ ,oa izkoèkku 0.32 1.02

15 dj ls igys ykHk 487.08 463.63

16 djksa ds fy, izkoèkku 163.31 156.69

17 dj ds ckn ykHk 323.77 306.94

18 izLrkfor ykHkka'k 'kwU; 'kwU;

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

20 lkekU; fjtoZ esa gLrkarfjr 323.77 306.94

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

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50

The Board approved and adopted Financial Statements for the Financial Year 2016-17 at its 77th Meetingheld on 27th July 2017 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 duringthe year under review.

DIVIDEND AND TRANSFER TO GENERAL RESERVES

During the year, the Company earned a post-tax profit of Rs. 323.77 crore. The Board of the Companydecided not to recommend any dividend for this financial year and to appropriate the profits to theGeneral Reserve to further strengthen the Company’s financials.

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.

During the year, the Company transferred Rs. 323.77 crore to the General Reserve from the ‘Profit afterTax and Appropriations’.

SOLVENCY MARGIN

During the year, Solvency Ratio was above the stipulated IRDAI requirement of 1.50. As on 31st March2017, the Company’s Solvency Ratio was 1.84 (previous year 3.26).

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 2017.

EXPENSES OF MANAGEMENT

During the year, the Company’s expenses of management amounted to Rs. 167 crore (previous year Rs.116 crore), resulting in ME ratio of 2.39% (previous year 3.29%).

INVESTMENTS

During the year, the Company’s investment portfolio was Rs. 7478 crore (previous year Rs. 6123 crore),earning an investment income of Rs. 465 crore (previous year Rs. 413 crore) at an annual average yield of7.86%. 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.

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 2016

The rainfall during monsoon season (June-September) over the country as a whole was 97% of its long

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51

cksMZ us 27 tqykbZ] 2017 dks vk;ksftr viuh 77oha cSBd esa foÙkh; o"kZ 2016&17 ds fy, foÙkh; fooj.kksa dks Lohdkj fd;kgS vkSj eatwjh ns nh gS] la;qä lkafofèkd ys[kk ijh{kdksa dh fjiksVZ ds lkFk ifBrA

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 323-77 djksM+ #i, dk dj&i'pkr ykHk vftZr fd;kA daiuh ds cksMZ us bl foÙk o"kZ ds fy, fdlhHkh ykHkka'k dh flQkfj'k ugha dh vkSj daiuh dh foÙkh; fLFkfr dks vkSj etcwr cukus ds fy, ykHk dks lkekU; fufèk esa varfjrdjus dk QSlyk fd;kA

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

o"kZ ds nkSjku daiuh us ^dj i'pkr~ ykHk vkSj fofu;kstu* ls 323-77 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] 2017 dsvuqlkj] daiuh dh 'kksèku {kerk dk vuqikr 1-84 ¼fiNys o"kZ 3-26½ 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; df"k chek ;kstuk ds yafcriqufuZekZ.k] ds fy, 31 ekpZ] 2017 dks okf"kZd ys[kk esa ^vU; vfxzeksa* ds :i esa 'kkfey fd;k x;k gSA

çcaèku dk [kpZ

o"kZ ds nkSjku daiuh ds çcaèku dk [kpZ 167 djksM+ #i, ¼fiNys o"kZ #- 116 djksM+½ Fkk ftlds ifj.kkeLo:i izcaèku [kpZdk vuqikr 2-39% ¼fiNys o"kZ 3-29%½ jgkA

fuos'k

o"kZ ds nkSjku daiuh dk fuos'k iksVZQksfy;ks 7478 djksM+ #i, Fkk ¼fiNys o"kZ 6123 djksM+ #i,½] fuos'k ls 465 djksM+ dhvk; ¼fiNys o"kZ 413 djksM+ #i,½ 7-86% dh okf"kZd vkSlr nj ij vftZr dh xbZA ljdkj vkSj vU; çfrHkwfr;ksa esa^ifjiDork ds fy, vk;ksftr* vkèkkj ij fuos'k fd;k tkrk gS] blfy,] cktkj esa mrkj p<+ko dk ykHk ij dksbZ çHkko ughagSA

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 2016

ns'k Hkj esa ekulwu ds ekSle ¼twu&flrEcj½ ds nkSjku lexz o"kkZ bldh nh?kZ vofèk vkSlr ¼,yih,½ dh 97 çfr'kr FkhA

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period average (LPA). Seasonal rainfalls over Northwest India, Central India, South Peninsula andNortheast India were 95%, 106%, 92% and 89% of respective LPA.

Out of the total 36 meteorological subdivisions, 23 sub-divisions constituting 72% of the total area of thecountry received normal rainfall and 4 sub-divisions received excess rainfall (13% of the total area) duringthe season. However, 9 sub-divisions constituting 15% of the total area of the country received deficientseasonal rainfall.

Monthly rainfall over the country as a whole was 89% of LPA in June 107% of LPA in July 91% of LPA inAugust and 97% of LPA in September. Southwest monsoon advanced into south Andaman Sea andNicobar Islands on 18th May (2 days ahead of its normal date). However, further advance was sluggish.It set in over Kerala on 8th June (7 days behind the normal schedule of 1st June) and covered the entirecountry by 13th July (against the normal date of 15th July). Monsoon withdrawal commenced from WestRajasthan on 15th September with a delay of 2 weeks. It withdrew from most parts of Northwest India ason 10th October 2016.

Crop Insurance Schemes Implemented by the Company

The Company had implemented “National Agricultural Insurance Scheme” (NAIS) and National CropInsurance Programme (NCIP) launched during Rabi 2013 with its three component Schemes namelyModified National Agricultural Insurance Scheme (MNAIS), Weather Based Crop Insurance Schemes(WBCIS) and Coconut Palm Insurance Schemes (CPIS) upto 2015-16. These schemes had been rolledback by Ministry of Agriculture and Farmers’ Welfare with effect from Kharif 2016 season except CoconutPalm Insurance Scheme. In place of these schemes, Ministry of Agriculture (MoA), Government of Indiahas introduced new Crop Insurance Schemes viz. Pradhan Mantri Fasal BimaYojya (PMFBY), RestructuredWeather Based Crop Insurance Scheme (RWBCIS) and Unified Package Insurance Scheme (UPIS) alongwith CPIS which was earlier a part of NCIP.

Pradhan Mantri Fasal BimaYojna (PMFBY)

Pradhan Mantri Fasal BimaYojna (PMFBY) introduced by Goverment of India with effect from Kharif2016 season vide their letter dated 23.02.2016. The Scheme is the improved version of National AgriculturalInsurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS) and has beenoperated commercial/actuarial basis with premium subsidy contribution from Union and StateGovernments. PMFBY has been implemented in 21 States by 10 empanelled insurance companies alongwith AIC during Kharif 2016 season. AIC has implemented this scheme in 14 States during Kharif 2016season. Similarly, during Rabi 2016-17 season, PMFBY has been implemented in 23 States and 2 UTs byall empanelled insurance companies whereas AIC has implemented this scheme in 13 States and 1 UT.The States were divided into clusters which were allotted to the empanelled insurance companies byState governments through bidding process.

PMFBY though it is yield based area approach insurance Scheme, provides the following covers:

1. Individual loss assessment claims due to localised calamities viz. Hail Storm, Landslide, andInundation.

2. Post-harvest losses due to cyclone, cyclonic and unseasonal rains. Losses are assessed on individualbasis.

3. Prevented Sowing/Planting risk due to deficit rainfall or adverse seasonal conditions.4. On-account claims due to mid-season adversity viz. floods, prolonged dry spells, severe drought

etc.

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mÙkj&if'pe Hkkjr] eè; Hkkjr] nf{k.k çk;}hi vkSj mÙkj&iwoZ Hkkjr esa ekSleh; o"kkZ lacafèkr ,yih, dh Øe'k% 95 çfr'kr]106 izfr'kr] 92 izfr'kr vkSj 89 izfr'kr FkhA

dqy 36 ekSleh mi foHkktuksa esa ls 23 mi foHkktuksa esa ns'k ds dqy {ks=Qy dk 72% 'kkfey gS tgka lkekU; ekSleh o"kkZgqbZ vkSj 4 mi foHkktuksa ¼ns'k ds dqy {ks=Qy dk 13%½ esa vfèkd ckfj'k gqbZA rFkkfi ns'k ds dqy {ks=Qy ds 15% dk xBudjus okys 9 mi[kaMksa esa de ckfj'k gqbZA

ns'k esa lexz :i ls ekfld o"kkZ twu esa ,yih, dh 89 çfr'kr] tqykbZ esa ,yih, dh 107 çfr'kr] vxLr esa ,yih, dh91 çfr'kr rFkk flrEcj esa ,yih, dh 97 çfr'kr FkhA nf{k.k if'pe ekulwu 18 ebZ ¼lkekU; rkjh[k ls nks fnu iwoZ½ dksnf{k.k vaMeku lkxj vkSj fudksckj }hilewg dh vksj c<+kA rFkkfi] bldh vkxs xfr dqN èkheh jghA ;g 8 twu dks ¼1 twudh lkekU; vofèk ls 7 fnu ihNs½ dsjy esa vk x;k rFkk blus 13 tqykbZ ¼15 tqykbZ dh lkekU; rkjh[k dh rqyuk esa½ rdlewps ns'k dks doj dj fy;kA ekulwu dh okilh 2 lIrkg ds foyac ds lkFk 15 flrEcj dks if'pe jktLFkku ls gqbZA;g 10 väwcj] 2016 dks mÙkj&if'pe Hkkjr ds vfèkdka'k Hkkxksa ls okil gks x;kA

daiuh }kjk fØ;kfUor Qly chek ;kstuk,¡

daiuh us ^jk"Vªh; —f"k chek ;kstuk* ¼,u,vkbZ,l½ vkSj ^jk"Vªh; Qly chek dk;ZØe* ¼,ulhvkbZih½ ftls bldh rhu ?kVd;kstukvksa ds lkFk vFkkZr~ vk'kksfèkr jk"Vªh; d`f"k chek ;kstuk ¼,e,u,vkbZ,l½] ekSle vkèkkfjr Qly chek ;kstuk¼MCY;wchlhvkbZ,l½ ukfj;y ike chek ;kstuk ¼lhihvkbZ,l½ dks 2015&16 rd dk;kZfUor fd;kA ukfj;y ike chek ;kstukds vykok bu ;kstukvksa dks —f"k vkSj fdlku dY;k.k ea=ky; }kjk [kjhQ 2016 ekSle ls okil ys fy;k x;k gSA bu ;kstukvksads LFkku ij] —f"k ea=ky;] Hkkjr ljdkj us ubZ Qly chek ;kstuk,a vkjaHk dh gSa vFkkZr~ çèkkuea=h Qly chek ;kstuk¼ih,e,QchokbZ½] iquxZfBr ekSle vkèkkfjr Qly chek ;kstuk ¼vkjMCY;w chlhvkbZ,l½ vkSj ,dh—r iSdst chek ;kstuk¼;wihvkbZ,l½ rFkk lkFk gh lhihvkbZ,l] tks iwoZ esa ,ulhvkbZih dk Hkkx FkhA

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

Hkkjr ljdkj }kjk çèkkuea=h Qly chek ;kstuk ¼ih,e,QchokbZ½ [kjhQ 2016 Qly ls mlds fnukad 23-02-2016 ds i=}kjk vkjaHk dh xbZ FkhA ;g ;kstuk jk"Vªh; —f"k chek ;kstuk ¼,u,vkbZ,l½ rFkk la'kksfèkr jk"Vªh; —f"k chek ;kstuk¼,e,u,vkbZ,l½ dk laofèkZr laLdj.k gS rFkk bldk çpkyu dsUæ vkSj jkT; ljdkjksa ls çkIr çeq[k vkfFkZd lgk;rk;ksxnku ds lkFk okf.kfT;d@chekafdd vkèkkj ij fd;k tkrk gSA ih,e,QchokbZ dks [kjhQ 2016 ekSle ds nkSjku ,vkbZlhds lkFk iSuy ij j[kh xbZ 10 chek daifu;ksa }kjk 21 jkT;ksa esa fØ;kfUor fd;k x;k gSA ,vkbZlh us bl ;kstuk dks [kjhQ2016 ekSle ds nkSjku 14 jkT;ksa esa fØ;kfUor fd;k gSA blh çdkj] jch 2016&17 ekSle ds nkSjku] ih,e,QchokbZ dks iSuyij j[kh xbZ lHkh chek daifu;ksa }kjk 23 jkT;ksa vkSj 2 la?k jkT; {ks=ksa esa fØ;kfUor fd;k x;k gS tcfd ,vkbZlh us bl ;kstukdks 13 jkT;ksa vkSj 1 la?k jkT; {ks= esa fØ;kfUor fd;k gSA jkT;ksa dks DyLVjksa esa foHkkftr fd;k x;k ftUgsa jkT; ljdkjksa}kjk cksyh çfØ;k ds ekè;e ls iSuy ij j[kh xbZ chek daifu;ksa dks vkcafVr fd;k x;kA

gkykafd ih,e,QchokbZ iSnkokj vkèkkfjr {ks= –f"Vdks.k ;kstuk gS] ;g fuEufyf[kr doj miyCèk djkrh gS%

1- LFkkuh; vkinkvksa vFkkZr~ vksyk&of"V] HkwL[kyu vkSj tyIykou ds dkj.k oS;fäd gkfu vkdyu ds nkosA

2- pØokr] pØokrh vkSj csekSleh o"kkZ ds dkj.k iSnkokj ds mijkar gqbZ gkfuA gkfu;ksa dk vkdyu oS;fäd vkèkkjij fd;k tkrk gSA

3- vYi o`f"V vFkok çfrdwy ekSleh; ifjfLFkfr;ksa ds dkj.k cqvkbZ u gks ikuk@ikni&jksi.k tksf[keA

4- ekSle ds eè; çfrdwy ifjfLFkfr;ksa tSls ck<+] nh?kkZofèkd lw[ks dh fLFkfr] xaHkhj lw[kk vkfn ds dkj.k vkWu ,dkmUVnkosA

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5. Wide spread calamities claims based on yield data submitted by the state governments.

Weather Based Crop Insurance Scheme (WBCIS)

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.

During Kharif 2016 season, the Scheme was implemented, in 12 States and during Rabi 2016-17 in9 States allocated based on the tenders called by the State Governments from empanelled insurancecompanies. However, AIC has implemented this scheme in 4 States during Kharif 2016 season and in3 States during Rabi 2016-17 season.

The Company covered many non-loanee farmers under PMFBY and RWBCIS through agency networkof four Public Sector General Insurance Companies (GIPSA) under co-insurance agreement in Kharif2016 season apart from intermediaries.

Coconut Palm Insurance Scheme (CPIS)

Coconut Palm Insurance Scheme (CPIS) which was earlier a component of NCIP implemented is alsobeing implemented solely by the Company during the year. This Scheme is open for all States, wherecoconut is grown.

Unified Package Insurance Scheme (UPIS)

Unified Package Insurance Scheme (UPIS) has also been introduced with effect from Kharif 2016 in theselected Districts. This is the package insurance scheme containing 7 sections viz. (I) PMFBY/WBCIS (II)Personal Accident Insurance (III) Life Insurance (IV) Building and Contents insurance (V) AgriculturePump set insurance (VI) Student Safety Insurance (VII) Agricultural Tractor Insurance. Section (I) iscompulsory however, farmer has to choose 2 more sections to avail subsidy.

Other Products

Apart from the above, the Company continued to market various in-house products, including RainfallInsurance, Varsha Bima, Coffee Rainfall Insurance Scheme, Pulp Wood, Bio fuel Insurance and RubberPlantation Insurance. Besides this the Company, also implemented some products on experimental basis.

REINSURANCE

Annual Treaty Reinsurance arrangement which the Reinsurance Department of your Company startedin the Financial Year 2015-16 was successfully renewed in 2016-17. The Annual Treaty combines Kharifand Rabi Seasons and Yield Index and Weather Index products into single treaty bringing in administrativeand business efficiency. As practised in the previous year, two separate treaties took care of the reinsuranceneed of your Company i.e., one annual proportional treaty in the form of Quota Share and one non-proportional treaty in the form of Stop Loss arrangement to protect the Company’s net retention. Forquota share treaty, the Company, after retaining its share of 25% of gross premium, ceded 75% of grosspremium to various Reinsurers duly following the regulatory prescription. The Company first exploredand exhausted the domestic market capacity comprising GIC and other Reinsurers who has recentlyopened their Branch Offices in India. Thus, after exhausting the domestic market, placement in theinternational market for the remaining capacity was made. Company’s net retention was further protectedby Stop Loss arrangement of 70 XS 110, for both seasons and all products combined.

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5- jkT; ljdkjksa }kjk çLrqr iSnkokj vkadM+ksa ds vkèkkj ij O;kid vkink nkosA

ekSle vkèkkfjr Qly chek ;kstuk ¼MCY;wchlhvkbZ,l½

mi;qä iSnkokj xkjaVh chek ;kstukvksa ds vykok] Hkkjr ljdkj us [kjhQ 2016 ekSle ls ih,e,QchokbZ ds lkFkMCY;wchlhvkbZ,l dk la'kksfèkr laLdj.k vFkkZr~ iquxZfBr ekSle vkèkkfjr Qly chek ;kstuk ¼vkjMCY;wchlhvkbZ,l½ HkhvkjaHk fd;k gSA ;g ;kstuk dsUæ rFkk jkT; ljdkjksa }kjk çhfe;e dh vkfFkZd lgk;rk ds lkFk leku va'knku ijokf.kfT;d@chekafdd vkèkkj ij çpkfyr dh tkrh gSA

[kjhQ 2016 l= ds nkSjku] ;g ;kstuk 12 jkT;ksa esa fØ;kfUor dh xbZ rFkk jch 2016&17 ds nkSjku 9 jkT;ksa esa bldk vkcaVujkT; ljdkjksa }kjk iSuy ij j[kh xbZ chek daifu;ksa ls ekaxh xbZ fufonkvksa ds vkèkkj ij fd;k x;kA rFkkfi] ,vkbZlh us bl;kstuk dks [kjhQ 2016 ekSle ds nkSjku 4 jkT;ksa esa vkSj jch 2016&17 ekSle ds nkSjku 3 jkT;ksa esa fØ;kfUor fd;k gSA

daiuh us ih,e,QchokbZ vkSj vkjMCY;wchlhvkbZ,l ds varxZr eè;ofrZ;ksa ds vykok [kjhQ 2016 ekSle esa lg&chek djkjds varxZr pkj ljdkjh {ks= dh lkèkkj.k chek daifu;ksa ¼ftIlk½ ds ,tsalh usVodZ ds ekè;e ls vusd xSj&_.kh fdlkuksadks Hkh doj fd;k gSA

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

,dh—r iSdst chek Ldhe ¼;wihvkbZ,l½

,dh—r iSdst chek ;kstuk ¼;wihvkbZ,l½ Hkh pqfuank ftyksa esa [kjhQ 2016 ls vkjaHk dh xbZ gSA ;g iSdst chek ;kstuk gSftlesa 7 [k.M gSa vFkkZr~ ¼I½ ih,e,QchokbZ@MCY;wchlhvkbZ,l ¼II½ oS;fäd nq?kZVuk chek ¼III½ thou chek ¼IV½ Hkou vkSjfufgr oLrq chek ¼V½ —f"k iai&lsV chek ¼VI½ Nk= lqj{kk chek ¼VII½ —f"k VªSDVj chekA [k.M ¼I½ vfuok;Z gS] rFkkfi fdlkuksadks vkfFkZd lgk;rk çkIr djus ds fy, 2 vkSj [kaMksa dk p;u djuk gksxkA

vU; mRikn

mijksä ds vykok] daiuh us jsuQkWy chek] o"kkZ chek] d‚Qh o"kkZ chek ;kstuk] yqxnh ydM+h] tSo b±èku chek vkSj jcj ckxkuchek lfgr fofHkUu vius mRiknksa dks cktkj ds fy, tkjh j[kk gSA blds vykok] daiuh us çk;ksfxd vkèkkj ij Hkh dqNmRiknksa dks ykxw fd;k gSA

iquchZek

vkidh daiuh ds iquchZek foHkkx }kjk foÙkh; o"kZ 2015&16 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

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RESEARCH AND DEVELOPMENT

After four years of implementation of RIICE (Remote Sensing-Based Information and Insurance for Cropsin Emerging Economies project, an international research programme led by International Rice ResearchInstitute wherein AIC is the insurance partner), Tamil Nadu State Government notified the use of RIICEdata as one of the proxy indicators for assessing prevented / failed sowing of Paddy crop under Rabi2016-17. Claims have been settled on the basis of the RST data for prevented sowing during Rabi 2016-17for Paddy II crop. It has also been notified for Kharif 2017 and Rabi 2017-18 by Tamil Nadu.

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.

Apart from the above, in-house monitoring of Crop health, loss assessment and acreage estimation usingRST 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, EconomicCapital Report (ECR), Financial Condition Assessment Report (FCAR) were submitted to the Authority.The actuarial methodologies have been further reviewed and improved in the current year so that thesame closely reflects the changes in the nature of the business. Efforts were put in to understand thebusiness 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 organisation 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)

The Company received 167 applications in the current year and all of them are disposed of as per theprovisions of the Act. Only fourteen appeals were received and no second appeal has been reported byCentral Information Commission (CIC) confirming satisfaction of applicants.

OFFICIAL LANGUAGE

The Company has been dedicatedly increasing the use of Hindi in its day to day official work. It has takenmany steps to achieve the targets fixed by Department of Official Language, Home Ministry by way ofawarding the employees/ Departments/Regional Offices. For instance, for the promotion of HindiLanguage our company have taken these following steps:

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

� Rajbhasha departmental Awards for the best work done by employees of Departments of HeadOffice.

� Publication of Hindi House Magazine “SujlamSuflam”.

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vuqlaèkku vkSj fodkl

vkjvkbZvkbZlhbZ ¼mHkjrh vFkZO;oLFkkvksa ifj;kstuk esa lqnwjorhZ lsaflax&vkèkkfjr lwpuk Qlyksa ds vkSj chek tks varjkZ"Vªh;pkoy vuqlaèkku laLFkk ds usr`Ro esa ,d varjkZ"Vªh; vuqlaèkku dk;ZØe gS ftlesa ,vkbZlh chek Hkkxhnkj gS½ ds fØ;kUo;uds pkj o"kZ i'pkr~ rfeyukMq jkT; ljdkj us jch 2016&17 ds varxZr èkku dh Qly dh fuokfjr@foQy cqvkbZ dkvkdyu djus ds fy, ijks{k ladsrdksa esa ,d :i esa vkjvkbZvkbZlhbZ vkadM+ksa ds ç;ksx dks vfèklwfpr fd;kA èkku&II Qlyds fy, jch 2016&17 ds nkSjku fuokfjr cqvkbZ ds fy, vkj,lVh vkadM+ksa ds vkèkkj ij nkoksa dk fuiVku fd;k x;kA blsrfeyukMq ljdkj }kjk [kjhQ 2017 vkSj jch 2017&18 ds fy, Hkh vfèklwfpr fd;k x;k gSA

Qly ekWMfyax vkSj vU; vknkuksa ds lkFk lqnwjorhZ lsaflax izkS|ksfxdh dk iz;ksx djrs gq, de vkèkkjHkwr tksf[ke vkSjvuqekfur iSnkokj okys xkaoksa ds lanHkZ esa ,d:Ik chek bdkb;ksa dk l`tu djus ds fy, ,d dk;Z&iz.kkyh fodflr djusds iz;kstukFkZ ,uvkj,llh ¼jk"Vªh; fjeksV lsaflax dsUnz½ ds lkFk lg;ksx djrs gq, 2016 ls ,d vè;;u izxfr ij gSA

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 167 vkosnu izkIr gq, rFkk mu lHkh dk fuiVku vfèkfu;e ds micaèkksa ds vuqlkj dj fn;k x;kAdsoy pkSng vihysa izkIr gqbZ rFkk dsUnzh; lwpuk vk;ksx ¼lhvkbZlh½ }kjk fdlh Hkh f}rh; vihy dh lwpuk ugha nh xbZftlls vkosndksa dh larqf"V dh iqf"V gksrh gSA

jktHkk"kk

daiuh vius nSfud ljdkjh dkedkt esa fganh ds iz;ksx dks c<+kus ds fy, iwjs leiZ.k Hkko ls dk;Z dj jgh gSA blus jktHkk"kkfoHkkx] x`g ea=ky; }kjk fuèkkZfjr fd, x, y{;ksa dh izkfIr ds fy, vusd dne mBk, gSaA ftuesa deZpkfj;ksa@foHkkxksa@{ks=h;dk;kZy;ksa dks iqjL—r djuk Hkh 'kkfey gSA mnkgj.k ds fy,] fganh Hkk"kk ds laoèkZu ds fy, gekjh daiuh us fuEufyf[krdne mBk, gSa%

� {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"kk iqjLdkjvkjaHk fd, x,A

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

� fganh xg if=dk ^lqtyke lqQyke* dk izdk'kuA

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� Updation of companies’ website bilingually.

� Celebration of Hindi Fortnight/Hindi day with great enthusiasm by arranging many competitionsin Hindi.

� Organised Regular Hindi workshops to facilitate and educate employees for doing their more andmore official work in Hindi.

� Purchased Hindi Books and Magazines for its Library.

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

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

During the financial year your Company has been inspected twice by the Committee of Parliament onOfficial Language, once by Drafting and Evidence Sub-Committee, another by third sub-Committee ofthe Committee of Parliament on Official Language. Both the inspections have been found to be satisfactory.

INFORMATION TECHNOLOGY

The new Project “SEWA” which was launched last year with 6 Tender components, has seen a greatprogress and a near completion of many of them. The Data Centre and Disaster Recovery sites have beensuccessfully set-up and the migration from the earlier DC-DR is complete. The connectivity has beenchanged over to a new Network and the new connectivity has been commissioned. The Microsoft ExchangeEmail Solution has been successfully implemented and is working fine. The HRMS Application is underimplementation on the Adrenalin product.

During this year, the newCore Business Solution - #SEWACORE, has been initiated, with the aim ofdeveloping a bespoke Core Solution for Crop Insurance, which would eventually replace the customizedproduct being used under the present Project ANNAPOORNA.

#SEWACORE, being the largest amongst all the SEWA components, will be the future IT environment ofthe Company, whose outreach would be much beyond the present Project perimeter. M/s. Wipro Limitedhad been selected as the Implementation Vendor for #SEWACORE.

#SEWACORE development has been planned in 2 Waves, the immediate criticality and comprehensivetotality. During the year, the #SEWACORE was in the requirement stage, to be followed by Architectureand Design, Development, UAT and Go-live. #SEWACORE consists of a bouquet of Applications andServices, which are being procured/developed/customized on cutting edge technology catering to thevaried and agile business needs of AIC. #SEWACORE will go beyond the conventional back-end Systemand will have new modules like Mobility, Document Management System, Stakeholder Portals, etc.

PARTICULARS OF EMPLOYEES

The total employee strength of the Company as on 31st March 2017 was 285.

During the financial year or part thereof, there were no employees whose remuneration was Rs. 5 lakh ormore per month and holds whether by himself or along with his/her spouse and dependent children, 2%or more equity shares of the Company. There are ‘nil’ submissions under the provisions of Companies

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

� fgUnh dh vusd izfr;ksfxrk,a vk;ksftr djrs gq, fganh i[kokM+s@fgUnh fnol dk vR;ar mRlkg ds lkFk vk;kstuA

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

� iqLrdky; ds fy, fganh iqLrdksa vkSj if=dkvksa dh [kjhnA

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

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

foÙkh; o"kZ ds nkSjku vkidh daiuh dk lalnh; jktHkk"kk lfefr }kjk nks ckj fujh{k.k fd;k x;k] igyh ckj vkys[k ,oalk{; mi&lfefr }kjk rFkk nwljh ckj lalnh; jktHkk"kk lfefr dh rhljh mi&lfefr }kjkA nksuksa gh fujh{k.k larks"ktud:i ls laiUu gq,A

lwpuk izkS|ksfxdh

6 VsaMj vo;oksa ds lkFk fiNys o"kZ izkjaHk dh xbZ ubZ ifj;kstuk ^lsok* us i;kZIr izxfr gkfly dh gS rFkk muesa ls vusdvo;o iw.kZ gksus ds dxkj ij gSaA MkVk dsUnz rFkk vkink iqu% cgkyh LFky lQyrkiwoZd LFkkfir fd, tk pqds gSa vkSj iwoZds Mhlh&Mhvkj ls LFkkukarj.k iwjk gks pqdk gSA la;ksturk dks ,d u, usVodZ esa ifjofrZr dj fn;k x;k gS rFkk ubZla;ksturk pkyw dh xbZ gSA ekbØkslkW¶V ,Dlpsat bZ&esy lksyw'ku lQyrkiwoZd fØ;kfUor fd;k x;k gS rFkk ;g mfpr:Ik ls dk;Z dj jgk gSA ,pvkj,e,l vuqiz;ksx ,Mªsufyu mRikn ds fy, fØ;kUo;ukèkhu gSA

Ok"kZ ds nkSjku] u;k dsUnzh; O;olk; lksyw'ku ^lsokdksj* vkjaHk fd;k x;k gS ftldk mís'; Qly chek ds fy, csLiksd dksjlksyw'ku fodflr djuk gS tks varr% orZeku ifj;kstuk vUuiw.kkZ ds varxZr iz;ksx fd, tk jgs xzkgdh—r mRikn dk LFkkuysxkA

lHkh lsok vo;oksa esa ls lcls fo'kky gksus ds ukrs lsokdksj daiuh ds vkbZVh ifjos'k dk Hkfo"; gksxk ftldh igqap orZekuifj;kstuk dh igqap dh rqyuk esa dgha vfèkd gksxhA eSllZ foizks fyfeVsM dks lsokdksj ds fy, fØ;kUo;u osaMj ds :i esapquk x;k gSA

lsokdksj fodkl dh ;kstuk nks pj.kksa esa cukbZ xbZ gS] rkRdkfyd vko';drk rFkk O;kid lexzrkA o"kZ ds nkSjku lsokdksjvko';drk dh voLFkk esa Fkk ftlds ckn okLrqdkj vkSj fMtkbu] fodkl] ;w,Vh rFkk xks&ykbo }kjk fd;k tkuk FkkAlsokdksj esa vusd vuqiz;ksx vkSj lsok,a gSa ftUgsa uohure izkS|ksfxdh ds lkFk [kjhnk@fodflr@xzkgdh—r fd;k tk jgkgS tks ,vkbZlh dh fofoèk ,oa uohu O;olk; vko';drkvksa dh iwfrZ djsaxhA lsokdksj ikjaifjd cSad&,aM iz.kkyh ls dghavfèkd mi;ksxh lsok iznku djsxk rFkk blesa u, ekWM~;wy gksaxs] tSls eksfcfyVh] MkWD;qesaV eSustesaV flLVe] LVsdgksYMj iksVZYlvkfnA

deZpkfj;ksa dk fooj.k

31 ekpZ] 2017 dks daiuh ds dqy deZpkfj;ksa dh la[;k 285 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 izkIr

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Act, 2013 read with Companies (appointment and remuneration of managerial personnel) 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 34 Class I Officers across the cadres starting fromAdministrative Officer (Scale I) to Manager under its promotion exercise 2016-17.

To rejuvenate and upgrade the skills and knowledge of the employees, 157 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 theyear under review, ‘Nil’, complaints were received by the company.

WELFARE OF SC/ST AND OBC

Regarding the welfare of SC/ST/OBC and Persons with Disabilities, 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.

ESTATE

As your Company’s business is on a upward trend, it needs to be supported by augmenting theinfrastructure and other facilities. In order to support the business, the Company has acquired additional/new premises with due approval from the Board and Authority wherever needed. New Office premisesfor 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 whichis expected shortly. The Company has started initiative for interior works 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 premiseshave been taken from LIC for Bhopal Regional Office and additional space for Bhubaneshwar RegionalOffice has been acquired on lease.

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ugha 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 izksUufr izfØ;k 2016&17 ds varxZr iz'kklfud vfèkdkjh ¼Ldsy I½ ds Lrj ls ysdj izcaèkdlaoxZ rd fofHkUu laoxks± esa 34 Js.kh I vfèkdkfj;ksa dks izksUur fd;kA

deZpkfj;ksa ds dkS'kyksa vkSj Kku dks LQwrZ cukus vkSj mUur djus ds fy, 157 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&jksèkh 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

laink

vkidh daiuh dk O;olk; fujarj izxfr dh vksj vxzlj gS rFkk bls volajpuk vkSj vU; lqfoèkkvksa esa c<+ksrjh djrs gq,lgk;rk iznku fd, tkus dh vko';drk gSA O;olk; dks lgk;rk iznku djus ds mís'; ls] daiuh us] tgka vko';d Fkk]cksMZ vkSj izkfèkdj.k ls lE;d vuqeksnu izkIr djrs gq, fuEufyf[kr vfrfjDr@u, ifjlj vftZr fd, gSaA daiuh dsdkjiksjsV 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 daiuhus ,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 blds vykok] ,yvkbZlh ls iês ij Hkksiky {ks=h; dk;kZy; ds fy, ,d u;k dk;kZy;ifjlj fy;k x;k gS rFkk Hkqous'oj {ks=h; dk;kZy; ds fy, vfrfjDr LFkku iV~Vs ij vftZr fd;k x;k gSA

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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 Internal Audit Department, as per the mandate, has examined the processes and functionsof all Departments at Regional Offices and completed the Internal Audit exercise of 13 Regional Officesduring the year under review. As far as Internal Audit of Head Office is concerned, the same, with theapproval of the Board, has been entrusted to a professional CA Firm, M/s Kishore & Kishore whocompleted the exercise for the year under review. The Report of the Internal Audit has been submitted tothe Board Audit Committee on quarterly basis.

LEGAL

The Company has been able to secure two landmark orders from National Commission upholding theprovisions of yield based as well as weather based insurance schemes. On the strength of these orders, ina good number of the cases at various District Forums and State Commissions the cases were dismissed infavour of the company.Further, proactive measures of Head Office Legal Department in hand holdingregional offices and their dealing counsels, have yielded good results as most of the orders are beingdelivered in favour of the Company. In order to strengthen the first line of defence, training and workshopshave been organised involving officers handling legal cases at the Regional Offices. Due these proactiveefforts, few cases are reaching the National Commission for adjudication.

GRIEVANCES

All the complaints/grievances received in the Company through various modes including those filedover CPGRAMS of GOI were registered for thorough examination and proper disposal within laid-downtimeframe under Grievance Redressal Policy of the Company. Grievance Redressal Officers not belowthe rank of Scale-II at Regional Offices and a Dealing Officer at GR Department reporting to Scale-VOfficer as GRO at HO were handling the grievances under the supervision of CGRO. Efforts made tospread awareness about the Grievance Redressal Mechanism resulted in increased number of grievancesregistered during the year. Out of 394 grievance cases registered, 389 were redressed to the satisfaction ofcomplainants leaving some cases pending for clarification from the complainant and banks. About 15cases related to previous FY 2015-16 treated under additional claims are kept for decision of MOA & FW.Appeals related 2 cases out of total grievances received have been resolved amicably.

STATUTORY AUDIT REPORT ON THE FINANCIAL STATEMENTS OF 2016-17

The Statutory Audit Report by the Joint 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 enclosed to the FinancialStatements for the Financial Year ended on 31st March 2017.

The Qualifications of Joint Statutory Auditors (JSAs) in their Report, and Management Reply thereof aregiven as follows:

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 the Consolidated Fund ofIndia from the retained profits / reserves (created out of NAIS activity) as a prelude to the recasting of theNational Agricultural Insurance Scheme (NAIS). The company has paid the above amount of Rs.200,00,00thousands to the Consolidated Fund of India during the financial year 2009-10 and the same is continued to be

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vkarfjd foÙk fu;a=.k

vkarfjd ys[kkijh{kk ra= iz.kkyh vkSj izfØ;kvksa esa lqèkkj djus rFkk fu;a=.k iz.kkyh esa fo|eku [kkfe;ksa dh le; ij igpkudjus esa daiuh dh lgk;rk djrk gSA vkarfjd fu;a=.k iz.kkyh dk fØ;kUo;u djus ds mís'; ls] daiuh ds ikl cksMZys[kkijh{kk lfefr }kjk vuqeksfnr rFkk lehf{kr lqLFkkfir vkarfjd ys[kkijh{kk fu;ekoyh gSA vkarfjd ys[kkijh{kk foHkkxus vfèkns'k ds vuqlkj leh{kkèkhu o"kZ ds nkSjku {ks=h; dk;kZy;ksa ds lHkh foHkkxksa dh izfØ;kvksa vkSj dk;ks± dh leh{kk dhgS rFkk 13 {ks=h; dk;kZy;ksa dh vkarfjd ys[kkijh{kk izfØ;k iw.kZ dh gSA tgka rd izèkku dk;kZy; ds vkarfjd ys[kkijh{kkdk lacaèk gS] cksMZ ds vuqeksnu ls bl dk;Z dks ,d O;kolkf;d QeZ eSllZ fd'kksj ,oa fd'kksj dks lkSaik x;k gS ftlusleh{kkèkhu o"kZ ds fy, izfØ;k dks iw.kZ fd;k gSA vkarfjd ys[kkijh{kk dh fjiksVZ frekgh vkèkkj ij cksMZ ys[kkijh{kk lfefrdks izLrqr dh xbZ gSA

fofèk

daiuh jk"Vªh; vk;ksx ls nks ,sfrgkfld vkns'k izkIr djus esa leFkZ jgh gS ftlus iSnkokj vkèkkfjr rFkk ekSle vkèkkfjr chek;kstukvksa ds micaèkksa dks cuk, j[kkA bu vkns'kksa ds cy ij] fofHkUu ftyk Qksjeksa vkSj jkT; deh'kuksa esa py jgs cM+h la[;kesa ekeyksa dk fuiVku daiuh ds i{k esa dj fn;k x;kA blds vykok] lgk;d {ks=h; dk;kZy;ksa rFkk muds lgk;dvfèkoDrkvksa ds lkFk izèkku dk;kZy; ds fofèk foHkkx }kjk fd, x, izHkkoh mik;ksa us vR;ar ykHkizn ifj.kke n'kkZ, gSa D;ksafdvfèkdka'k vkns'k daiuh ds i{k esa gh fn, tk jgs gSaA izfrj{kk ds izFke pj.k dks lqn`<+ cukus ds mís'; ls] izf'k{k.k vkSjdk;Z'kkyk,a vk;ksftr dh xbZ gSa ftuesa {ks=h; dk;kZy;ksa esa fofèk ekeyksa dk fuiVku djus okys vfèkdkfj;ksa dks 'kkfey fd;kx;k gSA bl iwoZ&lfØ; iz;klksa ds QyLo:i] vc dqN ekeys gh U;k;fu.kZ;u ds fy, jk"Vªh; vk;ksx igqap jgs gSaA

f'kdk;rsa

fofHkUu ekè;eksa ls daiuh esa izkIr lHkh f'kdk;rksa@ifjoknksa dks] ftlesa Hkkjr ljdkj ds lhih&xzkEl esa nk;j dh xbZf'kdk;rsa Hkh 'kkfey gSa] xgu tkap djus rFkk daiuh dh f'kdk;r fuokj.k uhfr ds varxZr fuèkkZfjr le;&lhek ds Hkhrjmudk fuiVku djus ds fy, jftLVMZ fd;k x;kA f'kdk;r fuokj.k vfèkdkjh tks {ks=h; dk;kZy;ksa esa Ldsy&II ds jSad lsde ugha gSa rFkk thvkj foHkkx esa fuiVku vfèkdkjh thvkjvks ds :Ik esa eq[;ky; esa Ldsy&V vfèkdkjh dks fjiksVZ djrs gSa]lhthvkjvks ds Ik;Zos{k.k ds vèkhu f'kdk;rksa dk fuiVku djrs gSaA f'kdk;r fuokj.k ra= ds ckjs esa tkx:drk dkizpkj&izlkj djus ds fy, iz;kl fd, x, ftlds QyLo:Ik o"kZ ds nkSjku vfèkd la[;k esa f'kdk;rsa ntZ dh xbZA ntZ dhxbZ f'kdk;rksa ds 394 ekeyksa esa ls] 389 dk fuiVku f'kdk;rdrkZvksa dh larqf"V ds vuq#i dj fn;k x;k ftlesa dqN ekeysf'kdk;rdrkZ vkSj cSadksa ls Li"Vhdj.k ds fy, yafcr jg x,A fiNys foÙkh; o"kZ 2015&16 ls lacafèkr yxHkx 15 ekeyksa]ftUgsa vfrfjDr nkoksa ds varxZr ekuk x;k Fkk] dks ,evks, ,oa ,QMCY;w ds fu.kZ; ds fy, j[kk x;k gSA dqy f'kdk;rksa esals 2 ekeyksa esa izkIr gqbZ vihyksa dk lekèkku Hkh izHkkoh :i ls dj fn;k x;kA

2016&17 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] lunh ys[kkdkj] ubZ fnYyh ¼QeZ iathdj.kla 000197,u½ vkSj eS- ih- vkj- esgrk] lunh ys[kkdkj] ubZ fnYyh ¼QeZ iathdj.k la- 000051,u½ dh 31 ekpZ] 2017 dkslekIr foÙkh; o"kZ ds foÙkh; c;ku dh ys[kk ijh{kk fjiksVZ layXu gSA

viuh fjiksVZ esa la;qä lkafofèkd ys[kk ijh{kdksa ¼ts,l,,l½ dh ;ksX;rk] vkSj çcaèku ds rRlacaèkh mÙkj uhps fn;s x,gSa %&

1¼i½ ys[kkijh{kk vgZrk % 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 mDr

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shown as “Advances and Other Assets” in the Balance Sheet of the company since then. Even though number ofletters has been written by the Company to the Government of India for refund of the above amount, the same isyet to be received. Presently, even the NAIS has been discontinued with effect from Khariff season 2016. Ministryof Agriculture and Farmer’s Welfare, the Govt. of India vide its letter dated 27th June 2017 to the company hasstated that the matter is linked with the accrual of huge premium savings with the company after adjusting all theliabilities etc. from erstwhile NAIS and the matter regarding surplus funds with the company has once againtaken up with the Department of Financial Services vide letter dated 7th November 2016. In view of the abovefacts, in our opinion, the recovery of above amount is doubtful which resulted in overstatement of “Advances andOther Assets” and “Reserves & Surplus” of the company as on 31st March 2017 to that extent.

Management Reply: The Committee informed the JSAs that:

a) Payment amounting to Rs. 200,00,00 thousand (200 crores) was released in favour of PAO(Secretariat I), Ministry of Agriculture, in accordance with decision of Ministry of Finance, todraw down the said amount, as per Government Letter Ref. F.No.C-13014/16/2004-Ins.I dated23.12.2009.

b) As stated in the above letter, the said payment was “Adhoc payment, subject to adjustment on re-casting of the existing scheme”. Accordingly, we have treated the said payment as “Advance toGoI”, and hence there is no overstatement of Advances and Other Assets and Reserves of theCompany.

c) MOA and Farmers’ Welfare, GOI vide dated letter of 27 June 2017 to the Company has stated thatthe matter is linked with the accrual of huge Premium savings with the Company after adjustingall tax liabilities etc. from erstwhile NAIS and matter regarding surplus funds with the Companyhas once again taken up with the Department of Financial Services vide letter dated 7 November2016 and matter is still pending.

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

1(ii) Audit Qualification: The company’s accounting policy (Accounting Policy No. 3.1) in respect of recognizingpremium of Government Schemes being implemented by the Company upon remittance received from the NodalBanks out of such premium collected by them and assumption of risk despite not receiving such premium (notcompliant with Section 64 VB of the Insurance Act, 1938) and accounting policy (Accounting Policy No. 11.3) inrespect of recognizing reinsurance premium accepted on receipt of statement from the reinsurers are not inaccordance with the accrual concept of accounting (Fundamental Accounting Assumption) as laid down inAccounting Standard 1 “Disclosure of Accounting Policies” and Accounting Standard 9 “Revenue Recognition“ asprescribed 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 & non adjustment for correspondingfigures for the previous period has resulted in understatement (or overstatement) of current period premium. Themonetary impact of the same is not ascertainable.

Similarly, the non-accounting of claims relating to the above stated premium receivable & non-adjustment forcorresponding figures for the previous year’s claims has resulted in understatement (or overstatement) of currentyear 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 requisite

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jkf'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 df"kvkSj fdlku dY;k.k ea=ky;] Hkkjr ljdkj us daiuh dks fy[ks x, vius fnukad 27 twu] 2017 ds i= esa ;g dgk gS fd;g ekeyk rRdkyhu ,u,vkbZ,l ls lHkh ns;rkvksa ds lek;kstu ds mijkar daiuh ds lkFk O;kid izhfe;e cpr ds izksn~Hkwrgksus ls lac) gS rFkk vfèk'ks"k fufèk;ksa ds ckjs esa ekeys dks fnukad 7 uoEcj] 2016 ds i= }kjk foÙkh; lsok,a foHkkx ds lkFkiqu% mBk;k x;k gSA mi;qZDr rF;ksa dks è;ku esa j[krs gq,] gekjh jk; esa] mDr jkf'k dh olwyh lansgkLin gS ftlds dkj.k31 ekpZ] 2017 dh fLFkfr ds vuqlkj daiuh ds ^^vfxzeksa vkSj vU; vkfLr;ksa** vkSj ^^fjtoZ vkSj vfèk'ks"k** esa ml lhek rdvfr;qfDr gqbZA

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 ;kstuk ds fQjls xBu ds vèkhu** fd;k x;k FkkA rnuqlkj] geus mä Hkqxrku dks ^^ljdkj ds fy, vfxze** ds vèkhu 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 ds i= esa ;gdgk gS fd ;g ekeyk rRdkyhu ,u,vkbZ,l ls lHkh ns;rkvksa ds lek;kstu ds mijkar daiuh ds lkFk O;kidizhfe;e cpr ds izksn~Hko gksus ls lacaèk gS rFkk vfèk'ks"k fufèk;ksa ds ckjs esa ekeys dks fnukad 7 uoEcj] 2016 ds i=}kjk foÙkh; lsok,a foHkkx ds lkFk iqu% mBk;k x;k vkSj ;g ekeyk vHkh yafcr gSA

?k½ bl ekeys ij 200 djksM+ #i, dh okilh izkIr djus ds fy, foÙk ea=ky; ds lkFk fujarj i=&O;ogkj fd;k tkjgk gSA

1¼ii½ ys[kkijh{kk vgZrk % daiuh }kjk uksMy cSadksa ls muds }kjk laxzfgr fd, x, ,slh izhfe;e esa ls izkIr èku&izs"k.kds vkèkkj ij fØ;kfUor dh tk jgh ljdkjh ;kstukvksa ds izhfe;e dks ekU;rk iznku djus ds lacaèk esa daiuh dh ys[kkdj.kuhfr ¼ys[kkdj.k uhfr la- 3-1½ rFkk ,sls izhfe;eksa dks izkIr u djus ds ckotwn tksf[ke èkkj.k ¼chek vfèkfu;e] 1938 dh èkkjk64 oh-ch- ds vuqikyu esa ugha½ vkSj iquchZekdrkZvksa ls fooj.k dh izkfIr ij Lohdkj iquchZek izhfe;e dks ekU;rk iznku djusds lacaèk esa ys[kkdj.k uhfr ¼ys[kkdj.k uhfr la- 11-3½ ys[kkdj.k ekud 1 ^^ys[kkdj.k uhfr;ksa dk izdVhdj.k** vkSjys[kkdj.k ekud 9 ^^jktLo ekU;rk** esa ;FkkfuèkkZfjr ys[kkdj.k dh izksn~Hkwr voèkkj.kk ¼vkèkkjHkwr ys[kkdj.k iwokZuqeku½ dsvuq#i ugha gS tSlk fd le;≤ ij ;Fkkla'kksfèkr daiuh ¼ys[kkdj.k ekud½ fu;e] 2006 ds varxZr fofufnZ"V fd;k x;kgSA rnuqlkj] orZeku vofèk dh vk; ds :Ik esa izkIr gksus okys izhfe;e dh 'ks"k jkf'k ds xSj&ys[kkdj.k rFkk iwoZorhZ o"kZ dsfy, rnuq#ih vkadM+ksa ds fy, xSj&lek;kstu ds QyLo:Ik orZeku vofèk ds izhfe;e dh vYi;qfDr ¼vFkok vfr;qDr½ gqbZAbldk ekSfnzd izHkko fuèkkZj.k;ksX; ugha gSA

blh izdkj] Åij of.kZr fd, x, izkfIr;ksX; izhfe;e rFkk iwoZorhZ o"kZ ds nkoksa ds fy, rnuq:ih vkadM+ksa ds fy, xSj lek;kstuds QyLo:Ik orZeku o"kZ ds nkoksa dh vYi;qfDr ¼vFkok vfr;qDr½ gqbZ gSA bldk ekSfnzd izHkko fuèkkZj.k;ksX; ugha gSA

izcaèku dk mÙkj % ljdkjh ;kstukvksa ds izhfe;e dks ekU;rk iznku djus ds lacaèk esa daiuh dh ys[kkdj.k uhfr la- 3-1ds ckjs esa vgZrk Lor% Li"V gSA daiuh us ^^ys[kkvksa ij fVIif.k;ka** ds varxZr Lohdkj fd;k fd chek vfèkfu;e 1938 èkkjk64 VB ds varxZr tksf[ke dks dsoy rHkh èkkfjr fd;k tk ldrk gS tc visf{kr izhfe;e izkIr gksrk gSA rFkkfi] daiuh tksf[ke

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premium is received. However, the Company assumes risk, but recognizes the premium upon the samebeing remitted by the collecting bank at a later date, since the Company cannot anticipate the accrual inthe absence of such receipt. Thereby, the assumption of risk is strictly not in accordance with the provisionsof the aforesaid section. However, in response to Company’s letter dated 9th August 2010, IRDA vide itsletter dated 26th August 2010 has allowed the Company to continue with this practice, till further orders.The balance of Premium for Rabi 2016-17 for the schemes PMFBY & RWBCIS, collected by the banksfrom the farmers, has neither been remitted to the company, nor any consequential provision for claimsaccounted for, in the absence of requisite data up to 31st March 2017.

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 under writing year 2016 have been considered in the books of accounts for FY 2016-17.

1(iii) Non- accounting of premium (Net of insurance ceded) as current period income for Rabi 2016-17 seasonout of Rs. 1080978 thousands received from Nodal Banks has resulted in understatement of current periodpremium. The consequential impact of the same on Revenue Account and Profit and Loss Account is notascertainable.

Management Reply: As on 31.03.2017, an amount of Rs. 128,44,32 thousand (including interest allocatedto unclaimed amount due to Policyholders) has been booked as Excess Collection in the Annual Accounts,under point no. 10(a) and 11(b) of Schedule 13. The major portion of Excess Collection amounting toRs. 108,09,78 thousand pertains to Rabi 16-17 season, under Pradhan Mantri Fasal Bima Yojana (PMFBY)as detailed below:-

(Rs. in ‘000)

Sr. No. Regional Office Excess Collection

1 Chennai 5,17,72

2 Hyderabad 5,07,98

3 Jaipur 18,27,18

4 Lucknow 79,56,91

Total 108,09,78

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:

a) Change of Notification by some State Governments: The State Government Notification formsthe basis of Crop Insurance coverage. In some States, the State Government, after issuingNotification for a particular Season, tends to revise it subsequently, even several times. Thedeclarations, which have been already sent by the bank in the meantime, would all have to berevised at the bank’s end, to align them with the revised Notification. This requires a lot ofcorrespondence to and fro between AIC and banks.

b) Issue of Scale of Finance (SOF): Some State Governments mandate that premium can be bookedonly as per SOF of the concerned district; however, banks sometimes give Loans beyond the SOF,

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èkkj.k djrh gS ijarq izhfe;e dks fdlh Ik'pkr~orhZ rkjh[k ij laxzg.kdrkZ cSad }kjk izsf"kr dh xbZ jkf'k ds :i esa ekurhgS] D;ksafd daiuh ,slh izkfIr ds vHkko esa izksn~Hkwr gksus okyh jkf'k dk iwokZuqeku ugha yxk ldrh gSA blds QyLo:i] tksf[kedks èkkj.k djuk iw.kZr% mDr èkkjk ds micaèkksa ds vuq:Ik ugha gSA rFkkfi] daiuh ds 9 vxLr] 2010 ds i= ds mÙkj esavkbZvkjMh, us vius 26 vxLr] 2010 ds i= }kjk daiuh dks vxys vkns'kksa rd blh izfØ;k dks tkjh j[kus dh vuqefr nsnhA cSadksa }kjk ih,e,QchokbZ vkSj vkjMCY;wchlhvkbZ,l Ldheksa ds fy, fdlkuksa ls jch 2016&17 ds fy, laxzfgr fd, x,izhfe;e dh 'ks"k jkf'k u rks daiuh dks izsf"kr dh xbZ gS vkSj u gh 31 ekpZ] 2017 rd visf{kr vkadM+ksa ds vHkko esa nkoksa dsfy, fdlh ifj.kkeh micaèk dks è;ku esa j[kk x;k gSA

iquchZekdrkZvksa ls fooj.k dh izkfIr ij Lohdkj fd, x, iquchZek izhfe;e dks ekU;rk nsus ds lacaèk esa daiuh dh ys[kkdj.kuhfr la- 11-3 ds lacaèk esa vgZrk ds fy,] ge ,rn~}kjk of.kZr djrs gSa fd iquchZek izhfe;e ¼Lohdkj fd;k x;k½ dksiquchZekdrkZ ls fooj.k dh izkfIr gksus ij fglkc esa fy;k x;k gS rFkk vYi;qfDr o"kZ 2016 ls lacafèkr pkj frekfg;ksa ijfoÙkh; o"kZ 2016&17 dh ys[kkcfg;ksa esa fopkj fd;k x;k gSA

1¼iii½ uksMy cSadksa ls izkIr 1080978 gtkj #i, esa ls jch 2016&17 ekSle ds fy, orZeku vofèk vk; ds :Ik esa izhfe;eds xSj&ys[kkdj.k ¼lkSais x, fuoy chek½ ds QyLo:Ik orZeku vofèk dh izhfe;e dh vYi;qfDr gqbZA jktLo ys[ks rFkk ykHk,oa gkfu ys[ks ij bldk ifj.kkfed izHkko fuèkkZj.k;ksX; ugha gSaA

izcaèku dk mÙkj % 31-03-2017 dh fLFkfr ds vuqlkj] vuqlwph 13 ds fcanq la- 10¼d½ vkSj 11¼[k½ ds varxZr 128]44]32 gtkj#i, dh jkf'k ¼ftlesa ikWfylhèkkjdksa ds nkok u dh xbZ jkf'k ds fy, vkcafVr C;kt 'kkfey gS½] okf"kZd ys[kkvksa esa vfèkdlaxzg.k ds :i esa cqd dh xbZ gSA 108]09]78 gtkj #0 dh vfèkd laxzg.k jkf'k dk ,d cM+k Hkkx izèkkuea=h Qly chek ;kstuk¼ih,e,QchokbZ½ ds varxZr jch 2016&17 ekSle ls lacafèkr gS] ftldk o.kZu uhps fd;k x;k gS%

(#- 000 esa)

Øe la- {ks=h; dk;kZy; vf/kd laxzg

1 pSUubZ 5,17,72

2 gSnjkckn 5,07,98

3 t;iqj 18,27,18

4 y[kuÅ 79,56,91

dqy 108,09,78

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%

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 _.k

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and cover the entire Loan under Crop Insurance. This has to be clarified from a large number ofbanks.

c) Declarations at end of the Financial Year: We receive the maximum number of declarations atthe very end of March for Rabi season, and many declarations have material discrepancies. Withoutaccurate clarification, these risks cannot be assumed and the amounts cannot be booked as premium.

d) Notified Area (NA): We receive a large number of Declarations with blank NA/wrong NA/andnon-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, or unclearcrop (e.g. “Paddy” instead of “Paddy Irrigated” or “Paddy Un-irrigated”). All these need to beclarified 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 the Declarationsto AIC. They were well versed and experienced. But now-a-days, a large number of non-Nodalbranches directly send the Declarations. As they do not have a detailed idea of the Schemes/parameters, they tend to make numerous errors/mistakes. We have to explain the Scheme provisionsthrough correspondence, so that defective Declarations are rectified/modified, resulting insubstantial delay.

h) Underwriting in IT system: Our entire underwriting process is through the IT system, whereonly accurate information can be entered (mostly through Masters). So until the entire clarificationis received, the Declaration cannot be underwritten and premium cannot be booked.

i) Dependency on State Government Portal: At Regional Office Jaipur, during Rabi 2016-17, Bankswere required to make the policy entries on PMFBY Portal, as designed by State Govt. and madethe premium remittance to Regional Office. As per Rabi 2016-17 Notification, for a policy to bevalidated, Farmer Aadhar Number and Mobile Number should be updated on the State Govt.portal. Accordingly, RO has accounted for only those policies as premium income for Rabi 2016-17, for which the Banks/Farmers had shared the Aadhar Number and mobile number on Portal.For remaining policies, the State Govt has been extending the time to Banks/Farmers to uploadthe Aadhar and Mobile Number on the Portal.

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 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 Statements2016-17 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 2017. Under its letter no. MAB-II/Ins./A.A./AICIL/38-10/17-18/187 dated 27.09.2017, have given two comments under Section 143(6)(b) of the Companies Act,

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dks 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

N½ xSj uksMy 'kk[kkvksa }kjk çs"k.k% iwoZ o"kksaZ esa] dsoy uksMy cSadksa }kjk ,vkbZlh dks ?kks"k.kk,a Hksth tkrh FkhaA osvPNh rjg ls okfdQ vkSj vuqHkoh FksA ysfdu vktdy] xSj uksMy 'kk[kkvksa dh ,d cM+h la[;k lhèks ?kks"k.kk,a HkstrhgSaA mUgsa ;kstukvksa@ekudksa dh foLr`r tkudkjh ugha gksus ds dkj.k] os dbZ =qfV;ka@xyfr;ka djrs gSaA gesa i=kpkjds ekè;e ls bl ;kstuk ds çkoèkkuksa dh O;k[;k djuh gksrh gS] ftlls nks"kiw.kZ ?kks"k.kkvksa dks lqèkkjk@la'kksfèkr fd;ktkrk gS] ftlds ifj.kkeLo:i i;kZIr nsj gks tkrh 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

¼>½ jkT; ljdkj ds iksVZy ij fuHkZjrk % {ks=h; dk;kZy; t;iqj esa jch 2016&17 ds nkSjku] cSadksa dks jkT; ljdkj}kjk vfHkfgr fd, x, vuqlkj ikWfylh dh izfof"V;ksa dks ih,e,QchokbZ iksVZy ij izfo"V djuk rFkk {ks=h;dk;kZy; dks izhfe;e dk izs"k.k djuk visf{kr FkkA jch 2016&17 dh vfèklwpuk ds vuqlkj] fdlh uhfr dks oSèk fd,tkus ds fy,] fdlku ds vkèkkj uEcj vkSj eksckby uEcj dks jkT; ljdkj ds iksVZy ij v|ru cuk;k tkuk FkkArnuqlkj] {ks=h; dk;kZy; us jch 2016&17 ds fy, izhfe;e vk; ds :Ik esa dsoy bu ikWfyfl;ksa dks gh fglkc esafy;k ftlds fy, cSadksa@fdlkuksa us iksVZy ij vkèkkj uEcj vkSj eksckby uEcj iznku fd, FksA 'ks"k ikWfyfl;ksa dsfy,] jkT; ljdkj us vkèkkj vkSj eksckby uEcj iksVZy ij viyksM djus ds fy, cSadksa@fdlkuksa ds fy, le;&lhekesa foLrkj dj fn;k 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'kLi"Vhdj.k izkIr ugha gks lds gSA

128]44]32 gtkj #i, dh bl laxzg.k jkf'k dk ys[kkdj.k cksMZ ys[kkijh{kk lfefr ds le{k izLrqr fd;k tk,xkA

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; 2016&17 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] 2017 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&f}rh;@chek@,vkbZlhvkbZ,y@,dkamV~l@38&18@2016&17@220 fnukad 22-7-2016 ds varxZr] daiuh

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2013. Supplementary Audit Report on Company’s Financial Statements 2016-17 forms a part of thisAnnual Report. The comments with management replies are as follows:

A. Comments on Profitability

A1. Profit and Loss Accounts

Provisions (Schedule-14)-925.30 crore

The above includes Rs. 18.07 crore (including Rs. 4.17 crore made during 2016-17) being provision towardsInvestment in Government Securities/Bonds at the rate of 0.40%. As per IRDAI Master Circular (October2012) provision at the rate of 0.40% should be made only on Loans and Advances categorised as StandardAssets. Creation of provision on Investments has resulted in overstatement of provisions by Rs. 18.07crore and understatement of the profit for the current year by Rs. 4.17 crore. Consequently, it has alsoresulted in understatement of Reserve & Surplus by Rs. 13.90 crore

Management Reply:

Para no. 5.8.2 of the Company’s Significant Accounting Policies, up to 31.03.2017read as follows:

“The Investment in Government Securities and Corporate Bonds are considered as Standard Assets, onwhich provision @ 0.40% is made”.

The matter had been pointed out by C&AG vide Office Management letter no. MAB-II/INS./AA/AICIL/38-18/16-17/254 dated 05.08.2016, concluding as “The same may be reviewed and proper provision bemade in the books of accounts.”

Accordingly, we had put the same to our Board of Directors, at their 70th meeting held on 10.08.2016, asfollows:

“The practice followed by the Company and the current status of provisioning on standard assets areelucidated as follows:-

With effect from 01.04.2006, the Company have initiated the provisioning on Standard Assets @ 0.40%on the Debt Securities held by the Company, in view of the prudential norms of RBI, as mandated byIRDAI, with the concurrence of the Statutory Auditors.

The Company has been following the same practice consistently without any deviation ever since, tilldate.

No qualification has ever been submitted by any of the Auditors (Statutory as well as C&AG) in theirreports, hence the practice has been continued”.

The Board having considered the Management Submission, did not advise any modification to the existingpractice.

In view of the above, the Company continued to create provision of Standard Assets in accordance withthe then Significant Accounting Policy No. 5.8.2, as per practice.

Now, the proposed modification to the Standard Accounting Procedure was again put to the Board attheir 78th meeting held on 22.09.2017, wherein they approved the modification in the Accounting Policy(Point no. 5.8), which read as follows:

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vfèkfu;e] 2013 dh èkkjk 143¼6½ ¼[k½ds varxZr dksbZ fVIi.kh ugha dh xbZ gSA daiuh ds foÙkh; oäO;ksa 2016&17 dh vuqiwjdys[kkijh{kk fjiksVZ bl okf"kZd fjiksVZ ds ,d fgLls dk xBu djrh gSA

¼d½ ykHkçnrk ij fVIi.kh

¼d1½ ykHk vkSj gkfu [kkrk

çkoèkku ¼vuqlwph & 14½ & 925-30 djksM+

mi;qZä esa 18-07 djksM+ #- ¼2016&17 ds nkSjku fd, x, 4-17 djksM+ #- lfgr½ 'kkfey gS tks fd 0-40% dh nj lsljdkjh çfrHkwfr@ckaM esa fuos'k ds fy, çkoèkku ds :i esa gSA bjMk ekLVj ifji= ¼vDVwcj 2012½ ds vuqlkj 0-40%dh nj dk çkoèkku ekud laifÙk ds :i esa _.k vkSj vfxze esa oxhZ—r gksuk pkfg,A fuos'k ij çkoèkku djus dsifj.kkeLo:i 18-07 djksM+ #- dh vR;qfä vkSj pkyw o"kZ ds fy, equkQs esa 4-17 djksM+ #- dh U;wuksfä gqbZ gSA bldsifj.kkeLo:i fjtoZ vkSj vfèk'ks"k esa Hkh 13-90 djksM+ #- dh U;wuksfä gqbZ gSA

çcaèku dk tokc%

daiuh dh 31-03-2017 dks egRoiw.kZ ys[kk uhfr;ksa dh vuqPNsn la- 5-8-2] dks fuEu çdkj i<+k tk,%

Þljdkjh çfrfHkfr;ksa vkSj d‚iksZjsV ckaM esa fuos'k dks ekud ifjlaifÙk;ksa ds :i esa ekuk tkrk gS] ftl ij @ 0-40%ds çkoèkku dh O;oLFkk dh xbZ gSAß

ekeys dks lh ,aM ,th }kjk dk;kZy; çcaèku i= la[;k ,e,ch&II@vkbZ,u,l@,,@,vkbZlh,y@38&18@16&17@254fnukad 05-08-2016 }kjk js[kkafdr fd;k gS vkSj fu"d"kZ fn;k gS fd Þbl dh leh{kk dh tkuh pkfg, vkSj cgh [kkrksa esamfpr çkoèkku fd;k tkuk pkfg,Aß

rnuqlkj] geus bls vius funs'kd eaMy ds le{k fnukad 10-08-2016 dks vk;ksftr 70oha cSBd esa fuEu çdkj j[kk %

daiuh }kjk viuk;h xbZ i)fr vkSj ekud ifjlaifÙk;ksa ij çkoèkku dh orZeku fLFkfr dks fuEukuqlkj Li"V fd;k x;kgS%

vkjchvkbZ ds foosdiw.kZ ekunaMksa dks è;ku esa j[krs gq,] bjMk }kjk fn;s x, vkKki=] lkafofèkd ys[kk ijh{kd dh lgefrds lkFk daiuh }kjk èkkfjr _.k çfrHkwfr;ksa ij 0-40% ls ekud ifjlaifÙk;ksa ds çkoèkku dk vkjaHk fd;k gSA

daiuh vkt rd fcuk fdlh varj ds blh i)fr dk vuqikyu dj jgh gSA

fdlh Hkh v‚fMVj ¼lkafofèkd vkSj lh,aM,th½ }kjk viuh fjiksVZ esa dHkh dksbZ fVIi.kh ugha dh xbZ gS] blfy, ;g vH;kltkjh j[kk x;k gSAß

cksMZ us çcaèku çLrqrhdj.k ij fopkj djrs gq,] ekStwnk i)fr esa fdlh Hkh la'kksèku dh lykg ugha nh gSA

mi;qZä dks ns[krs gq, daiuh us iwoZ vH;kl ds vuqlkj ml le; dh egRoiw.kZ ys[kkadu uhfr la[;k 5-8-2 ds vuqlkjekud ifjlaifÙk;ksa ds çkoèkku dks tkjh j[kk gSA

vc ekud ys[kk çfØ;k esa çLrkfor la'kksèku dks fnukad 22-09-2017 dks nksckjk e.My dh 78oha cSBd esa j[kk x;k] ftlesamUgksaus ys[kkadu uhfr ¼en la[;k 5-8½ esa lqèkkj dh eatwjh nh] tks fuEukuqlkj i<+k tk, %

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“Provisions on Loans & Advances are made on the basis of IRDAI Master Circular (on Preparation ofFinancial Statements- General Insurance Companies, issued in October 2012) Para 3 “Guidelines onprudential norms for Income Recognition, Asset classification, provisioning of Standard Assets and otherrelated matters in respect of Loans and Advances”.

Thereafter, the Company has started to comply with the suggested recommendation w.e.f. FY 2017-18.

B. Comments on Financial position

B.1 Balance Sheet as on 31 March 2017

Investments (Schedule-8 & 8A)-Rs. 7487.52 Crore

Policyholders’ Investments (Schedule-8A)-Rs. 4409.40 Crore

Shareholders’ Investments (Schedule-8)-Rs. 3078.12 Crore

(a) IRDAI vide circular dated 4 April 2016 read with the IRDAI Investment Regulations, 2016 andsubsequent circular dated 12 January 2017 required segregation of Shareholders‘ Funds andPolicyholders‘ Funds as well as Investments made from these funds. Components of Shareholders‘Funds as well as Policyholders‘ Funds were also defined under the above circulars.

The Company did not comply with the said orders of IRDAI and bifurcated the Investments, asper its existing Policy. Consequently, Shareholders’ Investments and Policyholders’ Investmentswere bifurcated at Rs. 3078.12 crore and Rs. 4409.40 Crore instead of Rs. 2018.49 crore andRs. 5469.03 crore respectively. This has resulted in overstatements of Shareholders’ Investmentsand understatement of Policyholders’ Investments by Rs. 1059.63 crore.

(b) In addition to above requirement, IRDAI also directed to bifurcate the Fair Value Change (FVC)Account under the Policyholders’ Funds and Shareholders’ Funds. The same has also not beencomplied with.

Management Reply:

C&AG has pointed out the non-compliance of IRDAI circular Dt. 04.04.2016, which mainly pertains todefinition of Policyholder’s Funds and Shareholder Funds, and Investments to be made accordingly w.e.f.FY 2016-17.

As per above, segregation of Investments should be done with the revised definition of Shareholder andPolicyholder Funds.

Therefore, the Board at their 78th meeting held on 22.09.2017, has adopted the modified AccountingPolicies (Point no. 2), which read as follows:

2 Policyholders’ Fund and Shareholders’ Fund

2.1 Policyholders’ Funds:

The Policyholders’ Funds for this purpose shall include the following:

a) Outstanding Claims including Incurred but Not Reported (IBNR) & Incurred But Not EnoughReported (IBNER);

b) Unearned Premium Reserve;

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Þ_.k vkSj vfxzeksa ij çkoèkku bjMk ekLVj ifji= ¼foÙkh; fooj.k rS;kj djuk& lkèkkj.k chek daifu;k¡ vDVwcj 2012esa tkjh½ vuqPNsn 3 Þvk; ekU;rk] ifjlaifÙk oxhZdj.k] ekud ifjlaifÙk;ksa ds çkoèkku vkSj _.k vkSj vfxze ds lacaèkesa vU; lacfUèkr ekeyksa ds fy, foosdiw.kZ ekunaMksa ij fn'kkfunsZ'kß ds vkèkkj ij fd;k x;k

blds ckn daiuh us foÙkh; o"kZ 2017&18 ls lq>kbZ xbZ laLrqfr dk vuqikyu djuk 'kq: dj fn;k gSA

[k- foÙkh; fLFkfr ij fVIi.kh

[k-1 31 ekpZ 2017 dks rqyu i=

fuos'k ¼vuqlwph&8 ,oa 8,½&#- 7487-52 djksM+

i‚fylh èkkjdksa ds fuos'k ¼vuqlwph&8,½&#- 4409-40 djksM+

'ks;j èkkjdksa ds fuos'k ¼vuqlwph&8½&#- 3078-12 djksM+

¼v½ vkbZvkjMh,vkbZ fuos'k fofu;e 2016 ds lkFk ifBr fnukad 4 vçSy 2016 ds vkbZvkjMh,vkbZ ifji= vkSj cknds fnukad 12 tuojh 2017 ds ifji= ds }kjk 'ks;jèkkjdksa ds QaM vkSj ikWfyflèkkjdksa ds QaMksa dks ,oa bu QaMksals gq, fuos'kksa dks vyx djuk vko';d gSA mi;qZä ifji= esa 'ks;jèkkjdksa ds QaM ds lkFk&lkFk iksfyflèkkjdksads QaM ds vo;oksa dks Hkh ifjHkkf"kr fd;k x;k FkkA

dEiuh us vkbZvkjMh,vkbZ ds vkns'k dk vuqikyu ugha fd;k vkSj ekStwnk i‚fylh ds vuqlkj fuos'kksa dks foHkkftrdj fn;kA ifj.kker% 'ks;jèkkjdksa ds fuos'kksa vkSj i‚fylh èkkjdksa ds fuos'kksa dks 2018-49 djksM+ vkSj #- 5469-03 djksM+Øe'k% dh ctk; #- 3078-12 djksM+ vkSj #- 4409-40 djksM+ Øe'k% esa ckaV fn;kA blds ifj.kke Lo#i 1059-63djksM+ # ls 'ks;jèkkjdksa ds fuos'k dh vfr;qfä vkSj i‚fylh èkkjdksa ds fuos'k dh U;wuksfä ¼deh½ gqbZ gSA

¼vk½ mi;qZä vis{kk ds vykok vkbZvkjMh,vkbZ us mfpr ewY; ifjorZu ¼,Qohlh½ [kkrksa dks i‚fylh èkkjdksa ds QaM,oa 'ks;j èkkjdksa ds QaM ds varxZr foHkktu ds fy, funsZ'k fn, FksA bldk Hkh vuqikyu ugha fd;k x;k gSA

çcaèku dk tokc%

fu;a=d ,oa egkys[kk ijh{kd us fnukad 04-04-2016 ds bjMk ds ifji= ds xSj&vuqikyu dks js[kkafdr fd;k gS tks eq[;:i ls i‚fylhèkkjd iw¡th vkSj 'ks;jèkkjd iw¡th dh O;k[;k vkSj rnuqlkj foÙkh; o"kZ 2016&17 ls fuos'k fd, tkus FksA

mi;qZä vuqlkj] 'ks;jèkkjd vkSj i‚fylhèkkjd iw¡th dh la'kksfèkr O;k[;k ds lkFk fuos'k dk i`FkDdj.k fd;k tkuk pkfg,Fkk

vr% fnukad-22-09-2017 dks vk;ksftr 78oha funs'kd eaMy dh cSBd esa la'kksfèkr ys[kkdj.k uhfr ¼fcanq fcUnq la[;k& 2½dks viuk;k gS tks fuEu vuqlkj gS%&

2 i‚fylh èkkjdksa ds QaM ,oa 'ks;jèkkjdksa ds QaM

2-1 i‚fylh èkkjdksa ds QaM%

bl mís'; ds fy, i‚fylh èkkjdksa ds QaM esa fuEu 'kkfey gS %

d½ cdk;k nkoksa lfgr O;; ijUrq lwfpr ugha ¼vkbZch,uvkj½ ,oa O;; ijUrq i;kZIr fjiksVZ ugha ¼vkbZch,ubZvkj½

[k½ vuftZr vkjf{kr çhfe;e

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c) Premium Deficiency Reserve, 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) Due to other Members of a Pool such as Third-PartyPool; Terrorism Pool; etc. (vi) Sundry Creditors (due to Policyholders).

Other Assets in point (e) above, comprise of (i) Outstanding Premium (ii) due from other entities carryingon Insurance Business including Reinsurers (iii) Balance with Pool such as Thirty Party Pool; Terrorismpool; etc.

2.2 Shareholders’ Funds:

Shareholders’ Funds comprise of Share Capital plus all Reserves and Surplus (except Revaluation Reserveand fair value change account) net of Accumulated Losses and Miscellaneous Expenditure to the extentnot written off as at the Balance Sheet date.”

With regard to the segregation of Investments and FVC with revised definition of Shareholder Funds andPolicyholder Funds, the Company will ascertain applicability and compliance with the suggestedrecommendation w.e.f. FY 2017-18.

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 (19)/869 dated 10.08.2017, 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. The appointment of Auditors and the payment of remunerationto them is required to be approved by a special resolution, pursuant to Section 139 of the Companies Act,2013. Accordingly, the shareholders are requested to appoint the Auditors and fix their remuneration orgive authority to the Board Audit Committee to fix their remuneration from time to time.

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

IRDAI vide its order dated March 01, 2016 has issued directions for the implementation of the IndianAccounting Standards (Ind AS) as notified under the Companies (Indian Accounting Standards) Rules,2015 for accounting period beginning from April 1, 2018 onwards. Ind AS implementation is likely tosignificantly impact the financial reporting systems and processes and would also have an impact on thefinancial position including adequacy of capital taking into account the solvency regulations requirement.

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 had

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x½ vkjf{kr çhfe;e U;wurk] ;fn dksbZ gksA?k½ vkink ds fy, vkj{k.k] ;fn dksbZ gks] ,oa³½ vU; ifjlaifr lek;ksftr vU; ns;rk

mi;qZä fcanq ¼bZ½ vU; ns;rk esa 'kkfey gS ¼i½ vfxze çkIr çhfe;e ¼ii½ xSj vkcafVr çhfe;e ¼iii½ vU; chek dEiuh ijcdk;k ¼iv½ iwy ds vU; lnL;ksa ds la;kstu tSls rhljs i{k la;kstu- vkradokn la;kstu vkfn ds dkj.k cdk;k ¼vi½fofHkUu ysunkj ¼i‚fylh èkkjdksa dks ns;½A

mi;qZä fcanq ¼bZ½ vU; ifjlaifÙk esa 'kkfey gS ¼i½ cdk;k çhfe;e ¼ii½ iquchZekdrkZ lfgr chek O;olk; djus okyh vU;laLFkkvksa ds cdk;k ¼iii½ vU; iwy ds la;kstu tSls rhljk i{k la;kstu vkardokn la;kstu vkfn ds cdk;k

2-2 'ks;jèkkjdksa ds QaM%&

'ks;j èkkjdksa dh iwath esa lfEefyr gS 'ks;j dSfiVy lfgr lHkh vkjf{kr vkSj vfèk'ks"k ¼vkjf{kr iquewZY;kadu vkSj mfprewY; ifjorZu [kkrs ds vfrfjä½ fuoy lafpr gkfu vkSj rqyu i= ds rkjh[k cês [kkrs u Mkys x, dh lhek rd fofoèkO;;A

fuos'kksa ds i`FkDdhdj.k ,oa 'ks;jèkkjdksa ds QaM ,oa i‚fylh èkkjdksa ds QaM dh la'kksfèkr ifjHkk"kk ds lkFk ,Qohlh dslacaèk esa] dEiuh vuqç;ksT;rk lqfuf'pr djsxh vkSj foÙkh; o"kZ 2017&18 ls laLrqr lq>ko dk vuqikyu djsxhA

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

i= lh,- oh@lkvksokbZ@dsUæh; ljdkj] ,thvkjvkbZ,u,l ¼19½@869 fnukad 10-08-2017] ds vèkhu fu;a=d ,oa egkys[kk ijh{kdus eS- Hklhu jk?kou ,oa daiuh] lunh ys[kkdkj] ubZ fnYyh vkSj eS- ih- vkj esgjk ,oa daiuh dks ukfer fd;k vkSj cksMZ us daiuhds lnL;ksa ls budh flQkfj'k dh vkSj daiuh dh bl okf"kZd vke cSBd ds lekiu ls vxyh okf"kZd vke cSBd ds lekiu rdds fy, bUgsa daiuh ds la;qä lkafofèkd ys[kk ijh{kdksa ds :i esa fu;qä fd;kA bls vkxkeh okf"kZd vke cSBd esa 'ks;jèkkjdksa }kjkiqufuZ;qfä ds fy, çLrqr fd;k tk,xkA ys[kk ijh{kdksa dh fu;qfä vkSj mUgsa ikfjJfed ds Hkqxrku ds fy, ,d fo'ks"k çLrko dk]daiuh vfèkfu;e] 2013 dh èkkjk 139 ds vuqlkj vuqeksfnr fd;k tkuk vko';d gSA rnuqlkj] 'ks;jèkkjdksa ls ys[kk ijh{kdksa dhfu;qfä vkSj mudk ikfjJfed r; djus ;k cksMZ ys[kk ijh{kk lfefr dks le;≤ ij mudk ikfjJfed r; djus ds fy,izkfèkdkj r; djus ds fy, vuqjks/k fd;k tkrk gSA

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

vkbZvkjMh,vkbZ us vius fnukad 1 ekpZ] 2016 ds i= }kjk 1 vizSy] 2018 ds ckn ls vkjaHk gksus okyh ys[kkdj.k vofèk dsfy, Hkkjrh; ys[kkdj.k ekudks ¼baM&,,l½ dks fØ;kfUor djus ds fy, funs'k tkjh fd, gSa] tSlk fd daiuh ¼Hkkjrh;ys[kkdj.k ekud½ fu;e] 2015 ds varxZr vfèklwfpr fd;k x;k gSA baM&,,l ds fØ;kUo;u ls foÙkh; fjiksfV±x iz.kkfy;ksavkSj izfØ;kvksa ij mYys[kuh; izHkko iM+us dh laHkkouk gS rFkk bldk foÙkh; fLFkfr ij Hkh izHkko iM+sxk ftlesa 'kksèku&{kerkfofu;eksa dh vis{kkvksa dks è;ku esa j[krs gq, iwath dh i;kZIrrk Hkh 'kkfey gSA

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 ds

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appointed M/s Iqneet Kaurr & Co., a firm of Practising Company Secretaries for conducting SecretarialAudit of the Company for Financial Year 2015-16. The Secretarial Audit Report in Form MR-3 is enclosedat annexure - B 1 along with replies thereto at annexure - B 2.

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.

During 2014-15, IRDAI has imposed penalty amounting to Rs. 10 lakh on the Company. During the year,Service Tax Authority has imposed penalty amounting to Rs. 5 thousand on the Company. Though therewere no other instances of penalties and strictures imposed on the Company by any other statutoryauthority during the last three financial years.

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

During the year, Risk Management Processes and profile was reviewed by the Board Sub-Committeecalled Risk Management Committee (RMC), which has duly been constituted in accordance with CorporateGovernance Guidelines of IRDAI. RMC meets every quarter and takes note of business performanceacross various Products, States and Seasons. Currently the various risks are identified and categorizedunder five broad groups viz., Insurance Risk, Credit Risk, Operational Risk, Market Risk and StrategicRisk. The insurance risk is the inherent uncertainty as to occurrence, timing and amount of Insuranceliabilities/claims. The insurance risks are mitigated by spreading the coverage throughout the country,which is achieved through consideration of past, current and expected environmental and competitivefactors while determining the premium rates for various crops under various Districts; adherence toseasonality discipline for coverage to avoid adverse selection; investigation on coverage particulars; properindemnity assessment mechanism. 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 premiumfrom various channels; regular follow up with Banks and Government for receivables; substantial part ofthe investments is held in government securities and highly rated corporate bonds and for the equities,investments are made in shares of companies with proven track record. The Operational Risks are mitigatedby reviewing internal processes; Anti-Fraud Management Policy and regular review of the same. InternalAudit Department checks for the operational processes of each Regional Office. 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. The Strategic Risks are mitigated by market intelligence informationgathered from various sources. Business Plan is made considering all these inputs and managementoversight.

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fy, 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

yafcr ekeyksa @ xSj&vuqikyu dh ?kVukvksa dk çdVhdj.k

o"kZ ds nkSjku] fdlh vU; laoSèkkfud çkfèkdkjh }kjk daiuh ij naM vkSj çfrcaèk yxkus dh dksbZ ?kVuk ugha gqbZ FkhA

o"kZ 2014&15 ds nkSjku] vkbZvkjMh,vkbZ us daiuh ij 10 yk[k #i, dh 'kkfLr vfèkjksfir dhA o"kZ ds nkSjku] lsokdj

izkfèkdj.k us daiuh ij 5 gtkj #i, dh jkf'k dh 'kkfLr vfèkjksfir dhA gkykafd] fiNys rhu foÙk o"kks± ds nkSjku

fdlh vU; lkafofèkd izkfèkdkjh }kjk daiuh ij dksbZ 'kkfLr vFkok izfrcaèk yxk, tkus dk dksbZ vU; mnkgj.k fo|eku

ugha 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

o"kZ ds nkSjku] cksMZ mi&lfefr vFkkZr~ tksf[ke izcaèku lfefr ¼vkj,elh½ }kjk tksf[ke izcaèku izfØ;kvksa vkSj izksQkby dhleh{kk dh xbZ ftldk lE;d :i ls xBu vkbZvkjMh,vkbZ ds dkjiksjsV 'kklu fn'kk&funsZ'kksa ds vuq:i fd;k x;k FkkAvkj,elh dh cSBdsa gj frekgh esa vk;ksftr dh tkrh gSa rFkk muesa fofHkUu mRiknksa] jkT;ksa vkSj ekSleksa esa O;olk; ds fu"iknudk voyksdu fd;k tkrk gSA orZeku esa] fofHkUu tksf[keksa dh igpku djrs gq, mUgsa ikap O;kid lewgksa esa Js.khc) fd;k x;kgS] vFkkZr~ chek tksf[ke] ØsfMV tksf[ke] izpkyukRed tksf[ke] cktkj tksf[ke vkSj uhfrxr tksf[keA chek tksf[ke cheknkf;Roksa@nkoksa ds ?kfVr gksus] muds le; vkSj jkf'k ls lacafèkr uSlfxZd vfuf'prrk gSA chek tksf[keksa dks lewps ns'k esadojst dk izlkj djrs gq, U;wure fd;k tkrk gS] ftldh izkfIr fofHkUu ftyksa ds varxZr fofHkUu Qlyksa ds fy, izhfe;edh njksa dk fuèkkZj.k djrs le; foxr] orZeku vkSj izR;kf'kr i;kZoj.kh; vkSj izfrLièkhZ dkjdksa ij fopkj djrs gq, dh tkrhgS ftlesa 'kkfey gS & izfrdwy p;u ls cpus ds fy, dojst gsrq ekSle ds vuqlkj vuq'kklu dk ikyu djuk( dojstfooj.kksa ij vUos"k.k djuk rFkk leqfpr {kfriwfrZ vkdyu ra=A iquchZek doj vR;ar mPp jsfVax okyh LFkkuh; vkSj oSf'oddaifu;ksa ls izkIr fd, tkrs gSa ¼ftudh jsfVax de&ls&de chchch gks½A ØsfMV tksf[ke fofHkUu pSuyksa ls izhfe;e dh iw.kZizkfIr gksus ds mijkar gh nkoksa ds Hkqxrku( izkfIr;ksX; jkf'k ds fy, cSadksa vkSj ljdkj ds lkFk fu;fer :i ls QkWyksvi djdsU;wure fd, tkrs gSa rFkk fuos'kksa dk ,d cM+k Hkkx ljdkjh izfrHkwfr;ksa rFkk mPp jsfVax okys dkWjiksjsV ckaMksa esa yxk;k tkrkgS rFkk bfDoVh ds fy, mR—"V VªSd fjdkMZ okyh daifu;ksa ds 'ks;jksa esa fuos'k fd;k tkrk gSA izpkyukRed tksf[keksa dksvkarfjd izfØ;kvksa] èkks[kkèkM+h&fuokj.k izcaèku uhfr dh fu;fer :i ls leh{kk djds U;wure fd;k tkrk gSA izR;sd {ks=h;dk;kZy; dh izpkyukRed izfØ;kvksa dh vkarfjd ys[kkijh{kk foHkkx }kjk tkap dh tkrh gSA cktkj tksf[keksa dks mR—"Vfuos'k uhfr dk ikyu djrs gq, U;wure fd;k tkrk gSA cksMZ }kjk bl uhfr dh fu;fer :i ls leh{kk dh tkrh gSA daiuhfuos'k&fu"iknu dh cksMZ dh fuos'k lfefr }kjk fu;fer laoh{kk dh tkrh gSA cktkj esa gksus okys mrkj&p<+koksa ds izHkkoksadks de djus ds fy, ljdkjh rFkk vU; izfrHkwfr;ksa esa fuos'k ^ifjiDork rd èkkfjr* vkèkkj ij fd;k tkrk gSA fofHkUu lzksrksals izkIr gksus okyh cktkj vklwpuk tkudkjh ls uhfrxr tksf[keksa dks U;wure fd;k tkrk gSA bu leLr buiqVksa rFkk izcaèkufuxjkuh ij fopkj djrs gq, O;olk; ;kstuk rS;kj dh tkrh gSA

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Insurance industry is going through rapid changes in economic, social, political and regulatoryenvironment. These changes are bringing a lot of emerging risks to the industry which were unforeseentill date. To cope with these challenges, AIC’s Management would like to inculcate a more comprehensiverisk management process into the Company operation and already started the process of identifying,analysing the various risks that are prevalent in Indian crop insurance business. These Enterprise RiskManagement findings, in the long run, will support in defining and assessing the risk policies that affectthe Company and in determining the risk propensity and risk strategy.

MATERIAL CHANGES AND COMMITMENTS

No material changes and commitments affecting the financial position of the Company has occurredbetween 1st April 2016 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 (7) times on 24th May 2016, 10th August 2016, 29th September 2016,29th November 2016, 24th January 2017, 15th February 2017 and 24th March 2017. The details of attendanceof the Directors at the Meetings of the Board and its Committee (s) are provided in the Report of theDirectors on Corporate Governance.

BOARD AND KEY MANAGERIAL PERSONS (KMP)

BOARD OF DIRECTORS

Composition of the Board 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 30th June 2015 and 10th August 2016 nominated below named in their respectivecapacity as Key Managerial Personnel (KMP) of the Company:

(i) Mr. R. N. Dubey, Chairman-cum-Managing Director as Chief Executive Officer (CEO)

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

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

The office of CEO was vacant since 6th September 2016, as the tenure of Mr. Dubey expired and there wasno extension of the GoI Order of 7th June 2016 till GoI order F No. A-15011/03/2016-Ins.I dated 17th

March 2017, assigned additional charge of the post of CMD, AIC to Mr. R. N. Dubey for a period of ninemonths with effect from 7th June 2016 or till regular appointment is made to the post or until furtherorders, whichever is earliest. This order was ineffective on the date of its issuance as period of ninemonths from 6th June 2016 expired on 6th March 2017. Further, vide GoI Order F No. A-15011/03/2016-

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chek m|ksx] vkfFkZd] lkekftd] jktuhfrd vkSj fofu;ked okrkoj.k esa rsth ls gks jgs cnyko ls xqtj jgk gSA ;s ifjorZum|ksx esa dbZ mHkjrs tksf[ke yk jgs gSa] tks vkt rd vçR;kf'kr FksA bu pqukSfr;ksa ls fuiVus ds fy,] ,vkbZlh dk çcaèkudaiuh ds ifjpkyu esa ,d vfèkd O;kid tksf[ke çcaèku dh çfØ;k fodflr djuk pkgrk gS vkSj igys ls gh Hkkjrh; Qlychek dkjksckj esa çpfyr fofHkUu tksf[keksa dh igpku vkSj fo'ys"k.k djus dh çfØ;k 'kq: dj nh gSA ;s m|e tksf[ke çcaèkufu"d"kZ] yacs le; esa] tksf[ke uhfr;ksa dks ifjHkkf"kr djus vkSj daiuh ij buds çHkko dk vkdyu djus vkSj tksf[ke ço`fÙkvkSj tksf[ke j.kuhfr dk fuèkkZj.k djus esa lgk;rk djsaxsA

lkefxzd ifjorZu vkSj çfrc)rk,¡

1 vçSy] 2016 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] 24 ebZ 2016] 10 vxLr] 2016] 29 flracj 2016] 29 uoacj 2016] 24 tuojh 2017] 15 Qjojh 2017 vkSj24 ekpZ 2017 dks lkr ¼7½ ckj cksMZ dh cSBdsa gqb±A cksMZ vkSj bldh lfefr ¼;ksa½ dh cSBd esa funs'kdksa dh mifLFkfr dkC;kSjk fuxfer ç'kklu ij funs'kdksa dh 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] 30 twu 2015 vkSj 10 vxLr 2016 dks vk;ksftr viuh cSBd esa cksMZ us mudh lacafèkrukfer {kerk esa uhps mfYyf[kr vf/kdkfj;ksa dks daiuh ds çeq[k çcaèkdh; dfeZ;ksa ¼ds,eih½ ds :i esa ukfer fd;k%&

¼i½ Jh vkj-,u- nwcs] vè;{k&lg&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

lhbZvks dk in 6 flrEcj] 2016 ls fjDr Fkk D;ksafd Jh nwcs dk dk;Zdky lekIr gks x;k Fkk vkSj Hkkjr ljdkj ds 7 twu]2016 ds vkns'k dks dksbZ foLrkj ugha fn;k x;k FkkA ljdkj us vius fnukad 17 ekpZ] 2017 ds vkns'k ,Q- la-,&15011@03@2016&bal- I }kjk lh,eMh] ,vkbZlh ds in dk vfrfjDr izHkkj Jh vkj-,u- nwcs dks 7 twu] 2016 ls ukSekg dh vofèk rd vFkok in ij fdlh fu;fer fu;qfDr fd, tkus rd vFkok vxys vkns'kksa rd] tks Hkh igys gks] lkSaikA;g vkns'k blds tkjh djus dh rkjh[k ls fu"izHkkoh gks x;k D;ksafd 6 twu] 2016 ls ukS ekg dh vofèk 6 ekpZ] 2017 dkslekIr gks xbZ FkhA blds vykok] Hkkjr ljdkj ds vkns'k ,Q-la- ,&15011@03@2016&bal-1@II fnukad 27 ebZ] 2017

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Ins.1/II dated 27th May 2017, Mr. R. N. Dubey was assigned additional charge of CMD, AIC for a periodof three months with effect from 7th March 2017 or till regular appointment is made to the post or untilfurther orders, whichever earliest. To take effect of the said GoI order a Board Meeting was called butbefore this Board Meeting can be convened to adopt the said GoI Order, the Department of FinancialServices, Ministry of Finance, Government of India Notified on 31st May 2017, vide Notification F. No.A-15011/07/2013-Ins.I under the powers conferred on Central Government by Article 12(x) of Memorandumand Articles of Association of Agriculture Insurance Company of India Limited, the appointment of Ms.Alamelu T. Lakshmanachari, General Manager, The New India Assurance Company Limited (NIA), asChairman-cum-Managing Director of Agriculture Insurance of India Limited for a period of five yearsfrom the date of Notification of Appointment, or up to the date of superannuation, until further orders,whichever is the earliest. The Board took note of the said GoI Notification and appointed Ms. Alamelu asCMD / CEO of the Company since 31st May 2017 in its meeting held on 27 July 17.

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. The Non-Executive Directors of the Company (excluding Independent Directors) are liable toretire by rotation. One-third of the said Directors are liable to retire every year and, if eligible, offerthemselves for re-appointment.

At present, there are no representatives from Ministry of Agriculture & Farmers Welfare on the Board ofthe Company. Further the Board of Company does not have any Independent Director. The Companyhas requested Government of India for appointing / recognising Independent Director on the Board ofthe Company. Simultaneously has reported its current vacancies to the Government of India.

Appointment of Chairman-cum-Managing Director

The approval of the Members of the Company be obtained in the ensuing AGM for appointment ofMs. T. L. Alamelu as Chairman-cum-Managing Director of the Company, as approved by the BoardMeeting of 27th July 2017, taking note of the Government of India, Ministry of Finance, Department ofFinancial Services, Notification F. No.A-15011/07/2013-Ins.I dated 31st May 2017.

Re-appointment of Directors liable to retire by rotation

The Board Meeting held on 27th July 2017 has approved and recommended the proposal of thereappointment of Mr. Manish Gupta, Ms. Alice G. Vaidyan and Mr. K. Sanathkumar, Directors retiringby rotation, have been longest in office since their last appointment, in the ensuing 14th Annual GeneralMeeting of the Company.

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}kjk Jh vkj-,u- nwcs dks 7 ekpZ] 2017 ls rhu ekg dh vofèk ds fy, vFkok in ij fu;fer fu;qfDr fd, tkus vFkok vxysvkns'kksa rd] tks Hkh igys gks] lh,eMh] ,vkbZlh dk vfrfjDr izHkkj fufnZ"V fd;k x;kA Hkkjr ljdkj ds mDr vkns'k dksizHkkoh djus ds fy, cksMZ dh cSBd cqykbZ xbZ ijarq Hkkjr ljdkj ds mDr vkns'k dks vaxh—r djus ds fy, cksMZ dh dksbZcSBd vk;ksftr fd, tkus ls iwoZ gh foÙkh; lsok,a foHkkx] foÙk ea=ky;] Hkkjr ljdkj us ,xzhdYpj ba';ksjsal vkWQ bafM;kfyfeVsM ds laxe Kkiu vkSj vuqPNsnksa ds vuqPNsn 12¼x½ }kjk dsUnzh; ljdkj dks iznÙk vfèkdkjksa ds varxZr 31 ebZ] 2017dh vfèklwpuk la- ,Q-la- ,&15011@07@2013&bal- I }kjk fn U;w bafM;k ,’;qjsal daiuh fyfeVsM ¼,uvkbZ,½ dh egkizcaèkdlqJh vyesyw Vh- y{e.kkpkjh dks vfèklwpuk dh rkjh[k ls ikap o"kZ rd dh vofèk ds fy, vFkok vfèkof"kZrk dh vk;q rdvFkok vxys vkns'kksa rd] tks Hkh igys gks] ,xzhdYpj ba';ksjsal vkWQ bafM;k fyfeVsM ds vè;{k&lg&egkizcaèkd ds :i esafu;qDr dj fn;kA cksMZ us viuh 27 tqykbZ 2017 dh cSBd esa Hkkjr ljdkj dh mDr vfèklwpuk dks uksV djrs gq, lqJhvyesyw dks 31 ebZ] 2017 ls daiuh dk lh,eMh@lhbZvks fu;qDr dj fn;kA

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 df"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 lsokfuofÙk dh frfFk] tks Hkh igys gks] gksxh] vkSj ogdk;Zdky ikap lky dh bl rjg dh ,d vkSj iqufuZ;qfä ;k lsokfuofÙk 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

orZeku esa] daiuh ds funs'kd eaMy esa df"k ,oa fdlku dY;k.k ea=ky; dh vksj ls dksbZ çfrfufèk ugha gSA blds vykok daiuhds funs'kd eaMy esa dksbZ Hkh Lora= funs'kd ugha gSA daiuh us Hkkjr ljdkj ls daiuh ds funs'kd eaMy esa Lora= funs'kd dhfu;qfä@igpku djus ds fy, vuqjksèk fd;k gSA blds lkFk gh Hkkjr ljdkj dks viuh ekStwnk fjfä;ksa dh lwpuk nh gSA

vè;{k&lg& izcaèk funs'kd dh fu;qfDr

foÙkh; lsok,a foHkkx foÙk ea=ky;] Hkkjr ljdkj] dh vfèklwpuk ,Q la- ,&15011@07@2013&bal- I fnukad 31 ebZ] 2017dks uksV djrs gq, cksMZ dh fnukad 27 tqykbZ] 2017 dks gqbZ cSBd }kjk ;Fkk vuqeksfnr lqJh Vh-,y- vyesyq dh daiuh dhvè;{k&lg&izcaèk funs'kd ds :i esa fu;qfDr ds lacaèk esa daiuh ds lnL;ksa dk vuqeksnu vkxkeh okf"kZd vke cSBd esa izkIrfd;k tk,xkA

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

cksMZ us 27 tqykbZ] 2017 dks gqbZ viuh cSBd esa pØkuqØe esa lsokfuo`Ùk gksus okys funs'kdksa esa Jh euh"k xqIrk] lqJh ,fylth- oS|kuan] Jh ds- lur dqekj] ftudh mudh fiNyh fu;qfDr ls in ij vfèkdre le;kofèk jgh gS] dh iqufuZ;qfDr dsfy, izLrko dk vuqeksnu fd;k rFkk mls daiuh dh vkxkeh 14oha okf"kZd vke cSBd esa j[ks tkus dh vuq'kalk dhA

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Appointment of Director other than retiring Directors

Since last Annual General Meeting of the Company, the below named Directors were appointed asAdditional Director on the Board of the Company. The Board Meeting held on 27th July 2017, approvedthe proposal and recommended the appointment of the below named in the capacity of ‘director byrotation’ on the Board of the Company in the ensuing Annual General Meeting:

1. Mr. G. Srinivasan, CMD, NAC

2. Mr. M. K. Mudgal, CGM, NABARD

3. Mr. A. V. Girija Kumar, CMD, OIC

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,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. Except for payment of revised Salary inaccordance with the said revision paid to ex-CMD viz., Mr. P. J. Joseph, no other payment was made tothe CMD in the last Financial Year, as Mr. Alok Tandon, Joint Secretary, DFS, MoF, GoI and Mr. R. N.Dubey, Economic Advisor, DFS, MoF, GoI, were not entitled to any remuneration for their additionalcharge of CMD of the Company as per the terms and condition of the respective GoI Orders.

As per Department of Financial Services, Ministry of Finance, Government of India, vide its letter F No.11012/01/2007-Ins. III dated 20th July 2007, the CMD of the company is also eligible for Profit LinkedIncentive (PLI). A Remuneration Committee is formed as per the said Notification in addition to theBoard Sub-Committees.

Sitting fees is paid to Mr. K. N. Bhandari and Prof. Gopal Naik, the Government Director(s) on the Boardof the Company at the rate of Rs. 20,000/- for attending Board Meetings and Rs. 10,000/- for attendingMeetings of Committee(s) of the Board as per Ministry of Finance Government of India, vide its letterreference 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. Further, in accordance with the letter dated16th August 2016 with the caption ’Nomination of CMDs of 04 PSGICs on the Board of AICIL’, issued byGeneral Insurers’ (Public Sector) Association of India (GIPSA), directed the GIPSA Companies and GICRe. to nominate their CMDs only on AIC’s Board in place of GMs of the respective Companies.

Reading the above in the light of MCA Notification GSR 163(E) dated 5th June 2015, Company’s Board

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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%&

1- Jh th- Jhfuoklu v/;{k&,oa&lg&izca/k funs'kd] U;w bafM;k ,';ksjsal da- ,u , lh

2- M‚- ,e-ds- eqnxy] eq[; egkçcaèkd] ukckMZ

3- Jh ,-oh- fxfjtk dqekj] vè;{k lg çcaèk funs'kd] vks vkbZlh

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 ijlh,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 muds i= ,Q la- ,Q&11012@01@2007&bal- III fnukad 20 tqykbZ]2017 ds vuqlkj lh,eMh ykHk lac) izksRlkgu ¼ih,yvkbZ½ ds fy, Hkh ik= gSaA cksMZ dh mi lfefr;ksa ds vykok mDrvfèklwpuk ds 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

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Members are CMDs of either from General Insurance Corporation of India, & 4 Public Sector GeneralInsurance Companiesand Chief General Manager from NABARD, and from the Government of India.Their annual evaluation is not conducted by the Board of the Company under the assumption that theirannual evaluation is directly or indirectly subjected to Government of India as per evaluation methodologyof Government of India.

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 been followedalong with proper explanation relating to material departures;

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

(c) The Directors had taken proper and sufficient care for the maintenance of adequate accountingrecords in accordance with the provisions of Companies Act, 2013; Insurance Act, 1938 andrelated Rules thereof; Regulations, Order, Guidelines and Circulars of IRDAI for safeguarding theassets of the Company and for preventing and detecting fraud and other 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 all applicablelaws 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 2017 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.

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,elh, vfèklwpuk th,lvkj 163¼bZ½ fnukad 5 twu] 2015 ds ifjizs{; esa mDr ds ckjs esa] daiuh ds cksMZ ds lnL; ;k rks Hkkjrh;lkèkkj.k chek fuxe vkSj 4 ljdkjh {ks= dh lkèkkj.k chek daifu;ksa ds lh,eMh gSa vkSj ukckMZ ds eq[; egkizcaèkd vkSj Hkkjrljdkj ds gSaA daiuh ds cksMZ }kjk mudk okf"kZd ewY;kadu bl èkkj.kk ds rgr lapkfyr ugha fd;k tkrk gS fd mudk okf"kZdewY;kadu izR;{kr% vFkok vizR;{kr% Hkkjr ljdkj dh ewY;kadu fØ;kfofèk ds vuqlkj Hkkjr ljdkj ds vè;èkhu 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;kx;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 vuqekuyxk, 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

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CORPORATE SOCIAL RESPONSIBILITY (CSR)

In the financial year 2016-17, an amount of Rs. 14.23 crore was earmarked for CSR activities. During theyear, the Company continued implementation of its projects of the previous financial year and renewedfour of the ongoing projects, i.e., Lighting a Billion Lives (LaBL), Mid-day meal program by AkhshayPatra, BADHTE KADAM and RISE (Remedial Innovation in School Education). Additionally, the Companyalso approved sponsoring of construction of 7 classrooms on the first floor of the existing building ofGandhi Badhir Senior Secondary School, Jodhpur to serve the educational needs of 291 deaf and dumbchildren. The Company also undertook the Integrated Village Development Program (IVDP) in fiftyunderprivileged villages of Bihar, Jharkhand, Maharashtra, Madhya Pradesh and Uttar Pradesh consistingof the following three interventions:

� Provision of drinking water supply by providing solar water lifting pump.

� Provision of Solar Street Lights by installing need-based solar street lights in selected villages.

� Improving Village Sanitation by building Household toilets and running community awarenesscamps for sanitation.

The aforesaid IVDP is implemented through the Indian Institute of Corporate Affairs (IICA) an AutonomousInstitute under the Ministry of Corporate Affairs (MCA) as Implementing Agency (IA). Thus, during theyear, the Company has been able to spend Rs. 13.97 crore out of the total allocated amount of Rs. 14.23crore. The following is the reason as approved by the 77th Meeting of the Board for unutilised CSR Fundfor FY 2016-17 of Rs. 26 lakh:

“Majority of the CSR Projects in the CSR Expenditure status 2016-17 have been initiated in the FinancialYear 2016-17 and will continue in the Financial Year 2017-18. Therefore, the carried forward CSRExpenditure Fund of Rs. 26 lakh only will be utilized towards the disbursement against the Projectsalready approved by the Board.”

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 and Key Managerial Personnel(s) isgiven in Annexure ‘A’ and Annexure ‘C’ to the Corporate Governance Report which forms part of thisReport.

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 InsuranceRegulatory 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’(T. L. Alamelu)

Chairman-cum-Managing Director

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dkjiksjsV lkekftd nkf;Ro ¼lh,lvkj½

foÙkh; o"kZ 2016&17 esa] lh,lvkj fØ;kdykiksa ds fy, 14-23 djksM #i, dh jkf'k fuèkkZfjr dh xbZ FkhA o"kZ ds nkSjku]daiuh us iwoZorZ foÙk o"kZ dh viuh ifj;kstukvksa ds fØ;kUo;u dks tkjh j[kk rFkk pkj pkyw ifj;kstukvksa dks uoh—r fd;kvFkkZr~ yk[kksa thou jks'ku djuk ¼,y,ch,y½] v{k;&i=k }kjk nksigj dk Hkkstu dk;ZØe] c<+rs dne vkSj jkbt+ ¼fo|ky;f'k{kk esa mipkjkRed vfHkuork½A blds vfrfjDr] daiuh us 291 ewd vkSj cfèkj ckydksa dh f'k{k.k lacaèkh t:jrksa dks iwjkdjus ds fy, xkaèkh cfèkj ofj"B ekè;fed fo|ky; ds fo|eku Hkou ds izFke ry ij d{kkvksa ds fuekZ.k dk;Z dks izk;ksftrdjus dk vuqeksnu Hkh iznku fd;kA daiuh us fcgkj] >kj[kaM] egkjk"Vª] eè; izns'k vkSj mÙkj izns'k ds ipkl fiNM+s xkaoksaesa ,dh—r xzke fodkl dk;ZØe ¼vkbZohMhih½ Hkh lapkfyr fd;k ftlesa fuEufyf[kr rhu gLr{ksi 'kkfey Fks%

� lkSj ty&fyf¶Vax iai miyCèk djkrs gq, is;ty vkiwfrZ dk izkoèkkuA

� p;fur xkaoksa esa vko’;drk vkèkkfjr lkSj ekxZ izdk'k&LraHk dh LFkkiuk }kjk lkSj ekxZ izdk'k dh O;oLFkkA

� ?kjksa esa 'kkSpky;ksa dk fuekZ.k djds rFkk LoPNrk ds fy, fujarj leqnk; tkx:drk f'kfojksa dk vk;kstu djds xzkeLoPNrk esa lqèkkj ykukA

mi;qZDr vkbZohMhih dk fØ;kUo;u dkjiksjsV dk;Z ea=ky; ¼,elh,½ ds varxZr Lok;Ùk'kklh laLFkku Hkkjrh; dkjiksjsV dk;ZlaLFkku ¼vkbZvkbZlh,½ ds ekè;e ls fØ;kUo;u ,tsalh ds :i esa fd;k tk jgk gSA bl izdkj] o"kZ ds nkSjku daiuh 14-23djksM+ #i, dh dqy vkcafVr jkf'k esa ls 13-97 djksM+ #i, O;; djus esa leFkZ jghA foÙkh; o"kZ 2016&17 ds fy, lh,lvkjfufèk esa ls 26 yk[k #i, dh viz;qDr jkf'k ds fy, dkj.k fuEukuqlkj gSa ftUgsa cksMZ dh 77oha cSBd }kjk vuqeksfnr fd;kx;k gS%

^^lh,lvkj O;; fLFkfr 2016&17 es avfèkdka'k lh,lvkj ifj;kstuk,a foÙkh; o"kZ 2016&17 esa vkjaHk dh xbZ gSa rFkk ;s foÙkh;o"kZ 2017&18 rd tkjh jgsaxhA vr% 26 yk[k #i, dsoy dh vkxs ys tkbZ xbZ lh,lvkj O;; fufèk dk mi;kx dsoy cksMZ}kjk igys ls gh vuqeksfnr ifj;kstukvksa ds fy, laforj.k ds fy, gh fd;k tk,xkA**

lh,lvkj fu;eksa ds vuq:i rS;kj fd;k x;k lacafèkr ifjf'k"V vuqcaèk&?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'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 ls¼fV-,y- vyesyw½

vè;{k ,oa izcaèk funs'kd

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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 GovernanceCorporate 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 eight Members as on 31st March 2017 excluding the vacancy in the office of the Chairman cumManaging Director of the Company, to be appointed by MoF, GoI-the administrative Ministry of theCompany; two vacancies from Ministry of Agriculture and Farmers Welfare, Government of India, whereinnomination is awaited and a nomination awaited from United India Insurance Company Limited.Detail of Directors’ of the Company since 1st April 2016

With other Directorships of current Directors

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

Ms T L Alamelu 31.05.2017 -

Mr. R. N. Dubey 07.06.2016 06.09.2016* Syndicate Bank, IFCI LimitedChairman-cum-ManagingDirector

Mr. Alok Tandon 28.03.2016 07.06.2016 IFCI LimitedChairman-cum-Managing UCM Coal Company LimitedDirector United India Insurance Company Limited

Mr. Manish Gupta, Director 28.10.2015 Corporation BankDFS, MoF, GoI

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 Limited

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funs'kd dh fjiksVZ dk fgLlk cuus okys

fuxfer 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] 2017 dh fLFkfr ds vuqlkj funs'kd eaMy dh ckjg dh dqy la[;k esa ls dsoyvkB lnL; Fks buesa dEiuh v/;{k o izca/k funs'kd dk fjDr in 'kkfey ugha gS ftls dEiuh ds iz'kklfud foÙk ea=ky;Hkkjr ljdkj }kjk fu;qDr fd;k tkuk gSA buesa —f"k ,oa fdlku dY;k.k ea=ky;] Hkkjr ljdkj dh nks fjfä;ksa dks'kkfey ugha fd;k x;k gS] ,oa ;qukbZVsM bf.M;k ba';ksjsal ls ,d fjfDr gSA

1 vizSy 2016 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 fV- ,y- vyesyw 31.05.2017 &

Jh vkj-,u- nwcs 07.06.2016 06.09.2016 flafMdsV cSad] vkbZ,QlhvkbZ fyfeVsMvè;{k o izcUèk funs'kd

Jh vkyksd V.Mu 28.03.2016 07.06.2016 vkbZ,QlhvkbZ fyfeVsMvè;{k o izcUèk ;wlh,e dks;yk daiuh fyfeVsMfuns'kd ;wukbVsM bafM;k ba';ksjsal daiuh fyfeVsM

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

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

esXek ,pMhvkbZ tujy ba';ksjsal daiuh fyfeVsMt;çdk'k ,lksfl,V~l fyfeVsM

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Saurashtra Cement LimitedHindalco Industries LimitedGujrat Sidhee Cement LimitedDahej Harbour and Infrastructure Limited

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

Ms Alice G. Vaidyan 29.09.2016 General Insurance Corporation of IndiaECGC LimitedGIC Re. South AfricaKenindia Assurance Co. LimitedHealth Insurance TPA of India Ltd.Asian Reinsurance CorporationLife Insurance Corporation of IndiaGIC Housing Finance LimitedIndian Register of Shipping

Mr. G. C. Gaylong 24.05.2016 29.09.2016Director & GM, GIC Re.

Mr M. K. Mudgal 16.06.2017

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

Mr. Naresh Gupta 30.06.2015 10.08.2016CGM, 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. P. Venkatramaiah 11.08.2014 31.07.2016Director & GM, NIC

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. (Trinidadand Tobago Ltd. Port of Spain)India International Pte.SingaporeNational Insurance Academy PuneInsurance Information BureauHealth Insurance TPA

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49


lkSjk"Vª lhesaV fyfeVsMfgaMkYdks baMLVªht fyfeVsMxqtjkr flèkh lhesaV fyfeVsMnkgst canjxkg vkSj bUÝkLVªDpj fyfeVsM

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

Jherh ,fyl th oS|u 29.09.2016 Hkkjrh; lk/kkj.k chek fuxebZlhthlh fyfeVsMthvkbZlh iqu% nf{k.k vÝhdkdsubf.M;k ,';ksjsal daiuh fyfeVsMgsYFk ba';ksjsal Vhih, vkWQ bafM;k fyfeVsM,f'k;kbZ iquchZek fuxeHkkjrh; thou chek fuxethvkbZlh gkmflax Qkbusal fyfeVsMukSogu ds Hkkjrh; jftLVj

Jh th- lh- xsyk¡x 24.05.2016 29.09.2016funs'kd ,oa egkizca/kd] thvkbZlh js

Jh ,e ds eqnxy 16.06.2017

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

Jh ujs'k xqIrk 30.06.2015 10.08.2016eq[; 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 ih- osadVjeS;k 11.08.2014 31.07.2016funs'kd ,oa egkizca/kd] ,uvkbZlh

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,

92


Mr. P. Nayak 11.08.2014 01.06.2016Director & GM, NAC

Mr. A V Girija Kumar 16.06.2017 Health Ins. TPA LimitedCMD, OIC

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

Ms. K Ramadevi 28.10.2015 29.09.2016GM & Director, OIC

Mr. A. Hoda 28.10.2015 31.12.2016CMD,UIIC

* Chairman cum Managing Director (CMD), who is also the Chief Executive Officer (CEO) of the Company,is the only Executive Director on the Board of the Company, and all other Directors are Non-ExecutiveDirectors.

As per GoI order F No. 14/4/2003-Ins-IV dated 23 March 2016, Mr. Alok Tandon, Joint Secretary, Ministryof Finance, GoI was assigned the additional charge of CMD of the Company with immediate effect for aperiod of three months or until further orders, whichever is earlier.Further by GoI order F No. 14/4/2003-Ins-IV dated 7th June 2016, Mr. R. N. Dubey, Economic Advisor, Department of Financial Services,Ministry of Finance, Government of India was assigned the additional charge of CMD of the Companywith immediate effect for a period of three months or until further orders, whichever is earlier. On 6thSeptember 2016, the tenure of Mr. Dubey expired and there was no extension of the GoI Order of 7thJune 2016. The Annual General Meeting of the Company was conducted on 29th September 2016, withthe approval of the Board, under the Chairmanship of Board elected Member. GoI order F No. A-15011/03/2016-Ins.I dated 17th March 2017, assigned additional charge of the post of CMD, AIC to Mr. R. N.Dubey for a period of nine months with effect from 7th June 2016 or till regular appointment is made tothe post or until further orders, whichever is earliest. This order was ineffective on the date of its issuance.Meanwhile, the respective Board Meetings were conducted, as per the legal requirement, under theChairmanship of Board elected Member.This is to inform that vide GoI Order F No. A-15011/03/2016-Ins.1/II dated 27th May 2017, Mr. R. N. Dubey was assigned additional charge of CMD, AIC for a periodof three months with effect from 7th March 2017 or till regular appointment is made to the post or untilfurther orders, whichever earliest.

Before any Board Meeting can be convened to adopt the said GoI Order, the Department of FinancialServices, Ministry of Finance, Government of India notified on 31st May 2017, vide Notification F. No.A-15011/07/2013-Ins.I under the powers conferred on Central Government by Article 12(x) of Memorandumand Articles of Association of Agriculture Insurance Company of India Limited, the appointment of Ms.Alamelu T. Lakshmanachari, General Manager, The New India Assurance Company Limited (NIA), asChairman- cum-Managing Director of Agriculture Insurance of India Limited for a period of five yearsfrom the date of Notification of Appointment, or up to the date of superannuation, until further orders,whichever is the earliest.

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Hkkjr ljdkj ds vkns'k ,Q la- 14@4@2003&bal- IV fnukad 23 ekpZ] 2016 ds vuqlkj Jh vkyksd VaMu] la;qDrlfpo] foÙk ea=ky; Hkkjr ljdkj dks rRdky izHkko ls rhu ekg dh vofèk ds fy, vFkok vkxkeh vkns'kksa rd] tks Hkhigys gks] daiuh ds lh,eMh dk vfrfjDr izHkkj fufnZ"V fd;k x;k FkkA blds vykok] Hkkjr ljdkj ds vkns'k ,Q la-14@4@2003&bal- IV fnukad 7 twu] 2016 }kjk Jh vkj-,u- nwcs] vkfFkZd lykgdkj] foÙkh; lsok,a foHkkx] foÙk ea=ky;]Hkkjr ljdkj dks rRdky izHkko ls rhu ekg dh vofèk ds fy, vFkok vxys vkns'kksa rd] tks Hkh igys gks] daiuh dslh,eMh dk vfrfjDr izHkkj fufnZ"V fd;k x;k FkkA 6 flrEcj] 2016 dks] Jh nwcs dk dk;Zdky lekIr gks x;k rFkk Hkkjrljdkj ds 7 twu] 2016 ds vkns'k dks foLrkj ugha fn;k x;kA cksMZ ds vuqeksnu ds lkFk cksMZ }kjk fuokZfpr lnL; dhvè;{krk esa daiuh dh okf"kZd vke cSBd 29 flrEcj] 2016 dks lapkfyr dh xbZA Hkkjr ljdkj ds vkns'k ,Q la-,&15011@03@2016&bal- I fnukad 17 ekpZ] 2017 }kjk lh,eMh] ,vkbZlh ds in dk vfrfjDr izHkkj Jh vkj-,u- nwcsdks 7 twu] 2016 ls ukS ekg dh vofèk ds fy, vFkok in ij fu;fer fu;qfDr fd, tkus rd vFkok vkxkeh vkns'kksa rd]tks Hkh igys gks] lh,eMh] ,vkbZlh ds in dk vfrfjDr izHkkj lkSaik x;kA ;g vkns'k blds tkjh gksus dh rkjh[k dksgh fu"izHkkoh gks x;kA bl nkSjku] fofèk vis{kk ds vuqlkj cksMZ }kjk fuokZfpr lnL; dh vè;{krk esa cksMZ dh lacafèkrcSBdsa vk;ksftr dh xb±A ;g lwfpr fd;k tkrk gS fd Hkkjr ljdkj ds vkns'k ,Q la- ,&15011@03@2016&bal-1@II

fnukad 27 ebZ] 2007 }kjk Jh vkj-,u- nwcs dks 7 ebZ] 2017 ls rhu ekg dh vofèk ds fy, vFkok in ij fu;fer fu;qfDrfd, tkus rd vFkok vxys vkns'kksa rd] tks Hkh igys gks] lh,eMh] vkbZlh dk vfrfjDr izHkkj fufnZ"V fd;k x;k FkkA

Hkkjr ljdkj ds mDr vkns'k dks vaxhd`r djus ds fy, cksMZ dh cSBd vk;ksftr fd, tkus ls iwoZ gh foÙkh; lsok,a foHkkx]foÙk ea=ky;] Hkkjr ljdkj us ,xzhdYpj ba';ksjsal da- vkWQ bafM;k fy- ds dEiuh ds varfuZ;eksa ds vuqPNsn 12 ¼x½ }kjkdsUnzh; ljdkj dks iznÙk vfèkdkjksa ds varxZr 31 ebZ] 2017 dh vfèklwpuk la- ,Q-la- ,&15011@07@2013&bal- }kjkfn U;w bafM;k ,';ksjsal daiuh fyfeVsM ¼,uvkbZ,½ dh egkizcaèkd lqJh vyesyw Vh- y{e.kkpkjh dks vfèklwpuk dh rkjh[kls ikap o"kZ rd dh vofèk ds fy, vFkok vfèkof"kZrk dh vk;q rd vFkok vxys vkns'kksa rd] tks Hkh igys gks] ,xzhdYpjba';ksjsal da- vkWQ bafM;k fy- ds vè;{k&lg&egkizcaèkd ds :i esa fu;qDr dj fn;kA


Jh ih- uk;d 11.08.2014 01.06.2016funs'kd ,oa egkizca/kd] ,u,lh

Jh , oh fxfjtk dqekj 16.06.2017 LokLF; chek Vhih, fyfeVsMlh,eMh] vks vkbZ lh

Jh lqtk; cSuthZ 29.09.2016 16.06.2017 LokLF; chek Vhih, fyfeVsMvkfèkdkfjd lh,eMh] vksvkbZlh fn vksfj,aVy ba';ksjsal daiuh fyfeVsM

lqJh ds- jeknsoh 28.10.2015 29.09.2016th,e vkSj funs'kd] vksvkbZlh

Jh ,- gkSnk 28.10.2015 31.12.2016lh,eMh] ;wvkbZvkbZlh

* vè;{k ,oa izczèk funs'kd ¼lh,eMh½ tks daiuh ds eq[; dk;Zdkjh vfèkdkjh ¼lhbZvks½ Hkh gSa] daiuh ds cksMZ ds ,dek=dk;Zdkjh funs'kd gSa] vkSj vU; lHkh funs'kd xSj&dk;Zdkjh funs'kd gSaA

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The Board recorded appreciation for the valuable suggestions, direction and guidance provided by theoutgoing Board Members viz., Mr. R. N. Dubey, Ex-CMD, AIC; Mr. Alok Tandon Ex-CMD; Dr. B. G.Mukhopadhyay CGM, NABARD; Mr. A. Hoda, Ex-Official CMD, UIIC;, Mr. Naresh Gupta, CGM,NABARD, and Mr. Sujay Banarji, Ex-Official CMD who ceased to be Member(s) of the Board since lastGeneral Meeting of the Company. Further, all the Directors hereby confirm that they comply with the ‘fitand proper’ criteria prescribed under the Insurance Regulatory and Development Authority of India(IRDAI) Corporate Governance Guidelines.

The Board of the Company is not having any Independent Director (please read replies to MR3).

Chairman cum Managing Director (CMD), who is also the Chief Executive Officer (CEO) of the Company,is the only Executive Director on the Board of the Company, and all other Directors are Non-ExecutiveDirectors.

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

2015-16 29.09.2016 Connaught Hall, hotel royal Plaza, Ashoka Road,New Delhi - 110001

2014-15 15.09.2015 Board Room, 13th Floor, Ambadeep Building, 14,Kasturba Gandhi Marg, New Delhi-110001

2013-14 29.09.2014 Board Room, 13th Floor, Ambadeep Building, 14,Kasturba Gandhi Marg, New Delhi-110001

The Annual General Meeting of the Company was conducted on 29th September 2016, with the approvalof the Board, under the Chairmanship of Board elected Member as the GoI order F. No. 14/4/2003-Ins-IV dated 7th June 2016, assiging additional charge of CMD of the Company to Mr. R. N. Dubey, EconomicAdvisor, Department of Financial Services, Ministry of Finance, Government of India for a period ofthree months or until further orders, whichever is earlier, expired on 6th September 2016, and there wasno extension of the said GoI Order on the AGM date.

The Chairman of the Audit Committee along with five other Board Members and a representative fromadministrative Ministry of the Company viz., Ministry of Finance, Government of India attended theAGM. The Joint Statutory Auditors and Secretarial Auditor of the year under review were present in thelast Annual General Meeting.

BOARD MEETINGS

The Board observes a set of appropriate standard procedures in the conduct of Board Meetings which issummarised below.

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cksMZ us ckgj tkus okys lnL; vFkkZr~ Jh vkj-,u- nwcs] iwoZ lh,eMh] ,vkbZlh] Jh vkyksd VaMu] iwoZ lh,eMh MkW- chtheq[kksik/;k; lhth,e] ukckMZ] Jh , gksMk iwoZ dk;Zdkjh lh,eMh ;wvkbZvkbZlh Jh ujs'k xqIrk lhth,e uokMZ vkSj lqtkW; cSuthZiwoZ dk;Zdkjh lh,eMh] tks dEiuh dh fiNyh vke cSBd ls cksMZ ds lnL; ugha jgsa] ds ewY;oku lq>koksa] funsZ'kksa vkSj ekxZn'kZu dksntZ fd;kA blds vfrfjDr] lHkh funs'kd ,rn~ }kjk iqf"V djrs gSa fd os vkbZvkjMh,vkbZ }kjk tkjh dEiuh fu;a=.k fn'kkfunsZ'kksa}kjk fuèkkZfjr ekun.Mksa lgh ,oa mfpr* dk vuqikyu djrs gSaA

dEiuh ds cksMZ esa dksbZ Hkh Lora= funs'kd ugha gS ¼di;k ,evkj 3 dks fn, x, tokcksa dks i<+sa½A

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] vkSjvU; 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 vkSjfdlh Hkh funs'kd ds ifjokj dk lnL; ;k djhch fj'rsnkj ;k mudk lg;ksxh ¼lk>snkj] funs'kd vkfn½ dEiuh ds cksMZ esa 'kkfeyugha 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 LFkku

cSBd dh frfFk

2015&16 29-09-2016 dukWV gkWy] gksVy jkW;y Iyktk] v'kksd jksM ubZ fnYyh&110001

2014&15 15-09-2015 cksMZ :e] 13oka ry] vEcknhi fcfYMax] 14 dLrwjck xkaèkh ekxZ]ubZ fnYyh&110001

2013&14 29-09-2014 cksMZ :e] 13oka ry] vEcknhi fcfYMax] 14 dLrwjck xkaèkh ekxZ]ubZ fnYyh&110001

cksMZ ds vuqeksnu ls cksMZ ds lnL;ksa }kjk fuokZfpr lnL; dh vè;{krk esa 29 flrEcj] 2016 dks daiuh dh okf"kZd vke cSBd lapkfyrdh xbZA D;ksafd Hkkjr ljdkj ds vkns'k ,Q la- 14@4@2003&bal- IV fnukad 7 twu] 2016 }kjk Jh vkj-,u- nwcs] vkfFkZdlykgdkj] foÙkh; lsok,a foHkkx] foÙk ea=ky;] Hkkjr ljdkj dks rhu ekg dh vofèk ds fy, vFkok vxys vkns'kkasa rd] tks Hkh igysgks] daiuh ds lh,eMh dk vfrfjDr izHkkj lkSaik x;k FkkA 6 flrEcj] 2016 dks Jh nwcs dk dk;Zdky lekIr gks x;k rFkk okf"kZdvke cSBdksa dh rkjh[k dks Hkkjr ljdkj ds 7 twu] 2016 ds vkns'k dks vkxs ugha c<+k;k x;k FkkA

ys[kkijh{kk lfefr ds vè;{k rFkk cksMZ ds ikap vU; lnL;ksa vkSj diuh ds iz'kklfud ea=ky; vFkkZr~ foÙk ea=ky;] Hkkjr ljdkjds ,d izfrfufèk us okf"kZd vke cSBd esa Hkkx fy;kA la;qDr lkafofèkd ys[kkijh{kd rFkk o"kZ ds lfpoky;h ys[kkijh{kd fiNyh okf"kZdvke 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

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During the year, Meetings of the Board are generally held in Delhi, in the close circuit of the RegisteredOffice of the Company. The time interval between Board Meetings is in accordance with the provisions ofCompanies Act, 2013 and IRDAI Regulations and Guidelines. The Notice of each Board and CommitteeMeeting is given in writing to each Director. The Board meets at least once a quarter 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 Committee Meetings. Urgentmatters are also considered and approved by passing Resolution through Circulation, which are noted atthe next Meeting of the Board. The Company Secretary records the Minutes of the proceedings of eachBoard and Committee Meetings. The draft Minutes are circulated to the Members of the Board/Committeewithin fifteen days from the date of Meeting and the comments, if any, on the draft Minutes are receivedwithin seven days of its circulation. The Minutes are finalised within thirty days and thereafter recordedin the Minutes Book.

During the year, the Board met seven (7) times on 24thMay 2016, 10thAugust 2016, 29thSeptember 2016,29thNovember 2016, 24thJanuary 2017, 15thFebruary 2017 and 24thMarch 2017.

During the year, attendance of Members of the Board in its Meetings is detailed herein below.

SN Name of Board Members 24. 05. 2016 10. 08 .2016 29. 09. 2016 29. 11. 2016 24. 01. 2017 15. 02. 2017 24. 03. 2017

1 Mr. Alok Tandon, CMD Yes

Mr. R. N. Dubey, CMD Yes

2 Mr. Manish Gupta Yes Yes Yes LoA Yes Yes Yes

3 Mr. K. N. Bhandari Yes Yes Yes Yes LoA Yes Yes

4 Professor Gopal Naik Yes LoA Yes Yes Yes Yes Yes

5 Mr. G. C. Gaylong Yes LoA

Ms. Alice G. Vaidyan LoA LoA LoA Yes LoA

6 Dr. B. G. Mukhopadhyay Yes Yes Yes LoA LoA Yes

Mr. Naresh Gupta LoA

7 Mr. K Sanathkumar LoA LoA Yes Yes Yes LoA

Mr. P. Venkatramaiah Yes

8 Mr G. Srinivasan LoA Yes LoA LoA

Mr. P. Nayak Yes

9 Mr. SujayBanarji Yes Yes Yes Yes Yes

Ms. K. Ramadevi Yes Yes

10 Mr. A. Hoda Yes Yes Yes Yes

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o"kZ ds nkSjku cksMZ dh cSBdsa lkekU;r% fnYyh esa iathdr dk;kZy; ds utnhd vk;ksftr dh tkrh gSA cksMZ dh cSBdksa ds chp dkvarj dEiuh vfèkfu;e] 2013 vkSj vkbZvkjMh,vkbZ ds fu;eksa vkSj fn'kkfunsZ'kksa ds vuqlkj gSA cksMZ vkSj lfefr dh izR;sd cSBddk uksfVl izR;sd funs'kd dks fyf[kr esa fn;k tkrk gSA cksMZ dh cSBd dEiuh ds foÙkh;] lapkyukRed vkSj fuos'k dk;Zfu"iknudh 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 foLrr 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;Zor fcUnqvksa dks uksV djrk gSA cSBd ds dk;ZoÙk 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;ZoÙk dks rhl fnu ds vUnj vafre :i fn;k tkrk gS vkSj mlds ckn dk;ZoÙk iqfLrdk esa fy[kk tkrk gSA

o"kZ ds nkSjku] cksMZ dh cSBd lkr ¼7½ ckj 24 ebZ 2016] 10 vxLr 2016] 29 flracj 2016] 29 uoEcj 2016] 24 tuojh 2017]15 Qjojh 2017 vkSj 24 ekpZ 2017 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 24. 05. 2016 10. 08. 2016 29. 09. 2016 29. 11. 2016 24. 01. 2017 15. 02. 2017 24. 03. 2017

1 Jh vkyksd V.Mu] lh,eMh gk¡

Jh vkj-,u- nwcs] lh,eMh gk¡

2 Jh euh'k xqIrk gk¡ gk¡ gk¡ vodk'k gk¡ gk¡ gk¡

3 Jh ds-,u- Hk.Mkjh gk¡ gk¡ gk¡ gk¡ vodk'k gk¡ gk¡

4 izksQslj xksiky uk;d gk¡ vodk'k gk¡ gk¡ gk¡ gk¡ gk¡

5 Jh th lh xsykax gk¡ vodk'k gk¡

lqJh ,fyl th oS|u vodk'k vodk'k vodk'k gk¡ vodk'k

6 MkW- ch- th- e[kksikè;k; gk¡ gk¡ gk¡ vodk'k vodk'k gk¡

Jh ujs'k xqIrk vodk'k

7 Jh ds luFkdqekj vodk'k vodk'k gk¡ gk¡ gk¡ vodk'k

Jh ih- osadV jeS;k gk¡

8 Jh th- Jhfuoklu vodk'k gk¡ vodk'k vodk'k

Jh ih- uk;d gk¡

9 Jh lqtk; csuthZ gk¡ gk¡ gk¡ gk¡ gk¡

lqJh ds- jeknsoh gk¡ gk¡

10 Jh ,- gkSnk gk¡ gk¡ gk¡ gk¡ gk¡

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BOARD SUB-COMMITTEES

During the year, Board has 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) Ethics Committee

The said sub-Committees of Board 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 are drafted as per IRDAI (CorporateGovernance) Guidelines and Companies Act, 2013, as applicable, are adopted by the Board. Meetings ofthe Committees, which are constituted in accordance with the mandate of the IRDAI (CorporateGovernance) Guidelines, are held in every quarter and other Committees meet at regular basis dependingupon the business to be transacted by the respective Committee. Minutes of the Committee’s Meetings/report on the activities of the Committee are submitted to the Board on a periodical basis. Matters requiringthe Board’s attention/approval are generally placed in the form of recommendations to the Board fromthe 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 (4) times on 24th May, 2016; 10thAugust,2016; 29thNovember2016 and 15thFebruary, 2017. The Committee also met on 27th July 2017, for review of audited financialstatements of the Company for Financial Year 2016-17 and recommended the same for the approval ofthe Board. The Audit Committee as on 31st March 2017,comprised three (3) Members – all non-executiveDirectors without any Independent Director (please read replies to MR3). The Committee inter alia overseesthe recommendation for appointment, remuneration and terms of appointment of auditors of the Company;review and monitor the auditor’s independence and performance, and effectiveness of audit process;examination of the financial statement and the auditors’ report thereon; approval or any subsequentmodification of transactions of the Company with related parties; scrutiny of loans and investments;valuation of undertakings or assets of the Company, wherever it is necessary; evaluation of internal

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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) 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 lsns[kk tk ldsA dEiuh dh vko';drkvksa ds vuqlkj vkSj dEiuh vfèkfu;e] chek vfèkfu;e vkSj vkbZvkjMh,vkbZ dslaxr izkoèkkuksa ds vuqlkj mDr mi&lfefr;ksa dk xBu fd;k x;k FkkA ;s lfefr;k¡ fu.kZ; vkSj vkxkeh cksMZ cSBdksa dhfjiksVZ ds fy, vkèkkj rS;kj djrh gSA vkbZvkjMh,vkbZ ¼daiuh iz'kklu½ fu;ekoyh vkSj dEiuh vfèkfu;e] 2013] tks Hkhykxw gks] ds vuqlkj lfefr;ksa }kjk rS;kj dh xbZ lanHkZ 'krs±** cksMZ }kjk viukbZ tkrh gSaA lfefr dh cSBdsa] ftudk xBuvkbZvkjMh,vkbZ ¼dEiuh iz'kklu½ fu;ekoyh ds vkns'kkuqlkj fd;k tkrk gS] izR;sd frekgh esa gksrh gSa vkSj nwljhlfefr;ksa dh cSBdsa lacafèkr lfefr;ksa }kjk fd, x, dkjksckj ds vkèkkj ij fu;fer :i ls dh tkrh gSA lfefr;ksa dhcSBdksa ds dk;Zo`Ùk dk fooj.k@lfefr dh xfrfofèk;ksa dh fjiksVZ vkofèkd :i ls cksMZ dks Hksth tkrh gSaA ftu ekeyksads fy, cksMZ ds è;ku@vuqeksnu dh vko';drk gksrh gS mUgsa lacafèkr lfefr ls izkIr flQkfj'kksa ds :i esa cksMZ ds le{kj[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 vkSjHkwfedk,¡ uhps nh xb± gSaA

ys[kk ijh{kk lfefr

o"kZ ds nkSjku] ys[kk ijh{kk lfefr dh cSBd ik¡p ¼pkj½ ckj gqbZ vFkkZr~ 24 ebZ 2016] 10 vxLr 2016] 29 uoacj 2016vkSj 15 Qjojh] 2017 dksA lfefr us foÙkh; o"kZ 2016&17 ds fy, daiuh ds vadsf{kr foÙkh; c;ku dh leh{kk dsfy, 27 tqykbZ 2016 dks Hkh cSBd dh vkSj funs'kd eaMy ls mldk vuqeksnu djus dh flQkfj'k dh FkhA 31 ekpZ2017 dh fLFkfr ds vuqlkj ys[kk ijh{kk lfefr esa fdlh Hkh Lora= funs'kd ds fcuk rhu ¼3½ lnL; 'kkfey gSa] ;slHkh xSj&dk;Zdkjh funs'kd ¼—i;k çcaèku dk tokc 3 i<+sa½ gSaA lfefr vU; ckrksa ds lkFk daiuh ds ys[kk ijh{kdksadh fu;qfä] ikfjJfed vkSj fu;qfä ds lanHkksaZ ds fy, flQkfj'kksa ys[kk ijh{kd dh vktknh vkSj dk;Z çn'kZu vkSjys[kk ijh{kk dh çfØ;k dh çHkko'khyrk dh fuxjkuh ys[kk ijh{kdksa ds foÙkh; fooj.k vkSj çfrosnu dh ijh{kk lacafèkrikfVZ;ksa ds lkFk daiuh ds ysu&nsu esa fdlh Hkh la'kksèku ;k vuqeksfnr _.k vkSj fuos'k dh tkap] daiuh ds miØeksa;k ifjlaifÙk;ksa dk ewY;kadu] tgk¡ Hkh ;g vko';d gks] vkarfjd foÙkh; fu;a=.k vkSj tksf[ke çcaèku ç.kkfy;ksa ds

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financial controls and risk management systems. It also reviews the reports of the internal auditors,statutory auditors and concurrent auditor for investment along with the comments and action takenreports of the Management. The Committee gives appropriate directions to the Management in areasthat need to be strengthened. Till 6th September 2016, Chairman-cum-Managing Director attended thesaid Committee Meetings. Chief Financial Officer, Chief Investment Officer along 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-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 Annual General Meeting of last financial year. The Chairman of the Audit Committee briefsthe Board about significant discussions and decisions taken at the Committee Meetings.

During the year, details of the composition of the Audit Committee and the attendance of the Members atthe Meetings are listed below:

Name of Members Date of Committee Meetings

24.05.2016 10.08.2016 29.11.2016 15.02.2017

Mr. K. N. Bhandari, Chairman Yes Yes Yes Yes

Prof. Gopal Naik Yes LoA Yes Yes

Ms. K.Ramadevi Yes Yes

Mr. Sujay Banarji Yes Yes

*LoA=Leave of Absence

Investment Committee

During the year, Investment Committee met four (4) times on 26th May, 2016; 10th August, 2016; 29th

November, 2016 and 15th February, 2017. As on 31st March 2017, the Committee comprised four (4) Non-Executive Directors as its Members in the absence of CMD & CEO of the Company. Further the ChiefFinancial Officer, Appointed Actuary, Chief Risk Officer and Chief Investment Officer of the Companyare the other Members of the Committee as per IRDAI (Investment) Regulation, as amended and Guidelinesissued thereunder from time to time. The Committee annually reviews the Investment Policy of theCompany, its implementation and the operational framework for the investment operations, ensuringliquidity for smooth operations, compliance with prudential regulatory norms on investments, riskmanagement / mitigation strategies to ensure adequate return on investment of Policyholder andShareholder Funds. The Committee also reviews the Company’s capital and solvency position, theinvestment strategies adopted from time to time and gives suitable directions as needed in the best interestof the Company. All Members of the Committee are made fully conversant with the various responsibilitiescast on them by the IRDAI (Investment) Regulation, as amended and Guidelines issued thereunder fromtime to time. 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 Membersat the Meetings are listed below:

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101

ewY;kadu dh ns[kjs[k vkSj leh{kk djrh gSA ;g vkarfjd ys[kk ijh{kdksa] lkafofèkd ys[kk ijh{kdksa vkSj fuos'k ds fy,leorhZ ys[kk ijh{kd dh fVIif.k;ksa vkSj çcaèku }kjk dh xbZ dkjZokbZ dh fjiksVZ dh Hkh leh{kk djrh gSA lfefr ftu{ks=ksa dks etcwr djus dh t:jr gS muds fy, çcaèku dks mfpr funsZ'k nsrh gSA 6 flrEcj 2016 rdvè;{k&lg&izca/k] funs'kd us mDr lfefr dh cSBdksa esa Hkkx fy;kA eq[; foÙkh; vfèkdkjh] ofj"B çcaèku dslkFk&lkFk eq[; fuos'k vfèkdkjh çcaèku dh vksj ls fu;fer :i esa mifLFkr jgus okys yksx gSaA tc vkSj tSlhvko';drk gks] fu;qDr chekafdd vkSj ys[kk ijh{kdksa dks lfefr dh cSBdksa esa Hkkx ysus ds fy, vkeaf=r fd;k x;kFkkA daiuh lfpo ys[kk ijh{kk lfefr ds lfpo gSaA lfefr funs'kd eaMy ls] lkafofèkd ys[kk ijh{kdksa] vkarfjd ys[kkijh{kdksa vkSj leorhZ ys[kk ijh{kdksa dh fu;qfä ;k iqufuZ;qfä vkSj fiNys foÙkh; o"kZ dh okf"kZd vke cSBd esa daiuhds lnL;ksa ds tukns'k ds vuqlkj daiuh dh lkafofèkd ys[kk ijh{kdksa ds ikfjJfed dh flQkfj'k djrh gSA ys[kkijh{kk lfefr ds vè;{k egRoiw.kZ fopkj foe'kZ vkSj lfefr dh cSBdksa esa fy, x, fu.kZ;ksa ds ckjs esa funs'kd eaMydks fooj.k 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

24.05.2016 10.08.2016 29.11.2016 15.02.2017

Jh ds- ,u- Hk.Mkjh v/;{k gk¡ gk¡ gk¡ gk¡

izks- xksiky ukbZd gk¡ vodk'k gk¡ gk¡


Jh lqtkW; cSuthZ gk¡ gk¡

*vodk'k = NqV~Vh

fuos'k lfefr

o"kZ ds nkSjku fuos'k lfefr dh cSBdsa pkj ¼4½ ckj gqbZ vFkkZr~ 24 ebZ 2016] 10 vxLr 2016] 29 uoacj 2016 vkSj 15 Qjojh]2017 dksA 31 ekpZ 2017 dks v/;{k&lg&izca/k funs'kd ,oa lhbZvks dh vuqifLFkfr esa lfefr esa pkj ¼4½ xSj&dk;Zdkjhfuns'kd lnL; FksA vkxs buds lkFk&lkFk eq[; foÙkh; vfèkdkjh] fu;qDr chekafdd] eq[; tksf[ke vfèkdkjh vkSj dEiuhdk eq[; fuos'k vfèkdkjh 'kkfey gSaA tksfd le;≤ ij la'kksfèkr vkbZvkjMh,vkbZ ¼fuos'k½ fu;ekoyh ds izkoèkkuksads vuqlkj gSA lfefr dEiuh dh fuos'k uhfr] blds ykxw djus vkSj fuos'k lapkyuksa ds fy, dk;Zdkjh <k¡ps dh okf"kZdleh{kk djrh gS] vkSj py&fufèk ds lgt lapkyu] fuos'k lacaèkh lqj{kk fu;eksa dk vuqikyu] tksf[ke izcaèku@de djusdh j.kuhfr;ksa dks lqfuf'pr djrh gS rkfd ikWfylhèkkjdksa vkSj 'ks;jèkkjdksa dh fuf/k;ksa ds fuos'k ls i;kZIr vk; dkslqfuf'pr fd;k tk ldsA ;g lfefr dEiuh dh iwath vkSj _.k'kksèku fLFkfr] le;≤ ij viukbZ xbZ fuos'kj.kuhfr;ksa dh leh{kk djrh gS vkSj dEiuh ds loksZÙke fgr esa le;≤ ij funsZ'k nsrh gSA lfefr ds lHkh lnL;ksadks 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 :ils lwfpr j[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

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24. 05. 2016 10. 08. 2016 29. 11. 2016 15. 02. 2017

Mr. Alok Tandon, Chairman YesMr. R.N. Dubey, Chairman YesMr. P. Venkatramaiah YesMr. K. Sanathkumar LoA Yes YesMr. G.C. Gaylong Yes LoAMr. Naresh Gupta LoADr. B.G. Mukhopadhyay YesMr. G. Srinivasan LoA LoAMs. A.G. Vaidyan LoA YesMr. K.N.Bhandari Yes Yes


Risk Management Committee

During the year, Risk Management Committee met four (4) times on 24th May, 2016; 10th August, 2016;29th November, 2016 and 15th February, 2017. As on 31st March 2017, the Committee comprised four (4)Members non-Executive Directors as its Members in the absence of CMD & CEO of the Company. Theterms of reference of the Committee includes overseeing the Company’s Underwriting Policies and Practices,with its Reinsurance Programme as anticipated before the financial year, reviewing various risks andfrauds associated with the business of the Company and thereby reviewing actual placement ofreinsurance during Kharif and Rabi seasons. The Risk Management Committee also takes course of thebusiness premium and claim payment status vis-a-vis risk management framework in relation to strategicand operational matters. The General Managers, Chief Risk Officer and Appointed Actuary are theattendees from the Management. The Company Secretary is the Secretary of the Risk ManagementCommittee.

During the year, details of the composition of the Risk Management Committee and the attendance of theMembers at the Meetings are listed below:


24. 05. 2016 10. 08. 2016 29. 11. 2016 15. 02. 2017

Mr. Alok Tandon YesMr. R.N.Dubey YesMr. K.N. Bhandari, Chairman Yes Yes Yes YesMs. A.G. Vaidyan LoA YesMr. G. Srinivasan LoA LoAMr. G.C. Gaylong Yes LoAMr. A. Hoda Yes Yes YesDr. B.G. Mukhopadhyay Yes LoA


55

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24. 05. 2016 10. 08. 2016 29. 11. 2016 15. 02. 2017

Jh vkyksd V.Mu] v/;{k gk¡Jh vkj-,u- nwcs] v/;{k gk¡Jh ih osadVjeS;k gk¡Jh ds luFkdqekj vodk'k gk¡ gk¡Jh th lh xsykax gk¡ vodk'kJh ujs'k xqIrk vodk'kMkW- ch- th- eq[kksikè;k; gk¡Jh th Jhfuoklu vodk'k vodk'klqJh ,fyl th oS|u vodk'k gk¡Jh ds-,u- Hk.Mkjh gk¡ gk¡

*vodk'k = NqV~Vh

tksf[ke izcaèku lfefr

o"kZ ds nkSjku tksf[ke izcaèku lfefr dh cSBdsa pkj ¼4½ ckj gqbZ vFkkZr~ 24 ebZ 2016] 10 vxLr 2016] 29 uoacj 2016vkSj 15 Qjojh] 2017A dEiuh dh v/;{k&lg&izca/k funs'kd ,oa lhbZvks dh vuqifLFkfr esa 31 ekpZ] 2017 dks lfefresa pkj ¼4½ xSj&dk;Zdkjh funs'kd lnL; 'kkfey FksA lfefr ds fopkjkFkZ fo"k;ksa esa dEiuh dh chekys[ku uhfr;k¡ vkSjdk;Ziz.kkyh dh ns[kjs[k djuk 'kkfey gSA blds vykok ;g foÙkh; o"kZ ls igys vuqekfur iquchZek dk;ZØe dhns[kjs[k djrh gS] dEiuh ds 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 nkSjku iquchZek ds okLrfod O;oLFkk dh leh{kk djrh gS] tksf[ke izca/ku lfefr O;kikjizhfe;e vkSj nkok Hkqxrku dh fLFkfr dk j.kuhfrd 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 lfefrdk 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%&


24. 05. 2016 10. 08. 2016 29. 11. 2016 15. 02. 2017

Jh vkyksd V.Mu gk¡Jh vkj-,u- nwcs gk¡Jh ds- ,u- Hk.Mkjh] v/;{k gk¡ gk¡ gk¡ gk¡lqJh ,fyl th oS|u vodk'k gk¡Jh th Jhfuoklu vodk'k vodk'kJh th lh xsykax gk¡ vodk'kJh ,- gkSnk gk¡ gk¡ gk¡MkW- ch- th- e[kksikè;k; gk¡ vodk'k

*vodk'k = NqV~Vh

55

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Policyholders’ Protection Committee

During the year, Policyholder’s Protection Committee met four (4) times. The Meetings were held on 24th

May, 2016; 10th August, 2016; 29th November, 2016 and 15th February, 2017. As on 31st March 2017, theCommittee comprised three (3) non-Executive Directors as its Member in the absence of CMD& CEO ofthe Company. The Committee reviews the processes being followed by the Company in redressal ofpolicyholder grievances and the grievance redressal mechanism of the Company and suggests mechanismfor speedy redressal of complaints / grievances from policyholders. The Committee regularly submits itsreport to the Board inter alia with regard to complaints / grievances received and resolved, mechanismin place / process being followed for resolution of the complaints / grievances and its observations on theefficacy of the existing mechanism. The Grievance Redressal Policy of the Company is available on thewebsite of the Company. The key objective of the Policy is to provide for a mechanism to speedily redressthe grievance and complaints of the policyholders to their satisfaction in accordance with the applicablelaws. The designated portal of the Company enables policyholders to submit their grievance / complaintand its speedy redressal. The General Manager is the regular attendee from the Management. The CompanySecretary is the Secretary of the Policyholders’ Protection Committee.

During the year, details of the composition of the Policyholders’ Protection Committee and the attendanceof the Members at the said Meetings are listed below:


24. 05. 2016 10. 08. 2016 29. 11. 2016 15. 02. 2017

Mr. Alok Tandon Yes

Mr. R.N. Dubey Yes

Prof. Gopal Naik, Chairman Yes LoA Yes Yes

Mr. A. Hoda Yes Yes Yes

Mr. Manish Gupta LoA Yes

Mr. K. Sanathkumar Yes Yes


Corporate Social Responsibility (CSR) Committee

During the year, Corporate Social Responsibility (CSR) Committee met three (3) times. The Meetingswere held on 24th May, 2016; 29th November, 2016; and 24th March 2017. As on 31st March 2017, theCommittee comprised three (3) Members - three non-Executive Directors in the absence of the CMD&CEO of the Company and withno independent director (please read replies to MR3).

The Board Meeting held on 27th July 2017, amendedthe Corporate Social Responsibility Policy of theCompanywhich is available on the website of the Company. The CSR Annual Action Plan 2016-17 wasalso approved by the Board. The terms of reference of the Committee is in accordance with the provisionsof the Section 135 of the Companies Act, 2013; Companies (CorporateSocial Responsibility Policy) Rules,2014 with circulars thereto. The General Manager is the regular attendee from the Management. TheCompany Secretary is the Secretaryof the CSR Committee.

The details about the Policy developed and implemented by the Company on Corporate SocialResponsibility (CSR) initiative taken during the year is given in CSR Appendix, which forms part of this

56

105

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 24 ebZ 2016] 10vxLr 2016] 29 uoacj 2016 vkSj 15 Qjojh] 2017 dks gqbZA 31 ekpZ 2017 dks dEiuh ds v/;{k&lg&izca/k funs'kd ,oalh-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 uhpsfn;k x;k gSA


24. 05. 2016 10. 08. 2016 29. 11. 2016 15. 02. 2017

Jh vkyksd V.Mu gk¡

Jh vkj-,u- nwcs gk¡

izksQslj xksiky uk;d v/;{k gk¡ vodk'k gk¡ gk¡

Jh ,- gkSnk gk¡ gk¡ gk¡

Jh euh'k xqIrk vodk'k gk¡

Jh ds luFkdqekj 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 ¼3½ ckj cSBd dhA cSBdsa 24 ebZ 2016] 29 uoacj2016 vkSj 24 ekpZ] 2017 dks vk;ksftr dh xb±A 31 ekpZ] 2017 dks lfefr esa rhu ¼3½ lnL; 'kkfey FksA dEiuh ds v/;{k&lg&izca/k funs'kd ,oa lh-bZ-vks dh vuqifLFkfr esa rhu xSj&dk;Zdkjh funs'kd FksA lfefr esa dksbZ Lora= funs'kdugha gS ¼—i;k çcaèku dk tokc 3 i<+sa½A

27 tqykbZ] 2017 dks vk;ksftr funs'kd eaMy dh cSBd esa] daiuh us fuxfer lkekftd nkf;Ro uhfr ds elkSns dks nqckjkrS;kj fd;kA tks dEiuh dh csolkbV ij miyCèk gSA lh,lvkj okf"kZd dk;Z ;kstuk 2016&17 dks funs'kd eaMy }kjkvuqeksfnr fd;k x;k FkkA lfefr ds lanHkZ fu;e daiuh vfèkfu;e] 2013 dh èkkjk 135 ds çkoèkkuksa daifu;ksa ¼fuxferlkekftd nkf;Ro uhfr½ fu;e] 2014 vkSj mlds ifji=ksa ds vuqlkj gSaA egkçcaèkd çcaèku ds fu;fer lgHkkxh gSA daiuhlfpo lh,lvkj lfefr ds lfpo gSA

daiuh }kjk fuxfer lkekftd nkf;Ro ¼lh,lvkj½ ij uhfr dk fodkl vkSj o"kZ ds nkSjku dh xbZ igyksa ds dk;kZUo;uds ckjs esa fooj.k lh,lvkj ifjf'k"V esa fn;k x;k gS] tks bl fjiksVZ dk ,d fgLlk gSA blds vykok] 27 tqykbZ] 2017

56

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Report. Further, 77th Board Meeting held on 27th July 2017, recorded following reasons for unspent CSRFund of Rs. 26 lakh only for FY 2016-17:

“Majority of the CSR Projects in the CSR Expenditure status 2016-17 have been initiated in the FinancialYear 2016-17 and will continue in the Financial Year 2017-18. Therefore, the carried forward CSRExpenditure Fund of Rs. 26 lakh only will be utilized towards the disbursement against the Projectsalready approved by the Board.”

During the year, details of the composition of the Corporate Social Responsibility Committee (CSRCommittee) and attendance of the Members at the said Meetings is listed below:


24. 05. 2016 29. 11. 2016 24. 03. 2017

Mr. Alok Tandon, Chairman Yes

Prof. Gopal Naik Yes

Ms. K. Ramadevi Yes

Mr. K.N Bhandari, Chairman Yes Yes

Mr. G. Srinivasan LoA LoA

Dr. B.G. Mukhopadhyay Yes Yes


Personnel Committee

During the year, Personnel Committee met two (2) times. The Meetings were held on 10th August, 2016;and 29th November, 2016.As on 31st March 2017, the Committee comprised three (3) non-ExecutiveDirectors as its Member in the absence of CMD & CEO of the Company. The Committee reviews personnelpolicies 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.


10. 08. 2016 29. 11. 2016

Mr. R.N. Dubey Yes

Mr. K. N. Bhandari, Chairman Yes Yes

Prof. Gopal Naik LoA Yes

Ms. A. G. Vaidyan LoA


IT Committee

During the year, IT Committee met three (3) times. The Meetings were held on 10thAugust, 2016; 16th

November, 2016; and 24thJanuary, 2017. As on 31st March 2017, the Committee comprised threenon-

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dks vk;ksftr funs'kd eaMy dh 77oha cSBd esa foÙkh; o"kZ 2016&17 ds fy, lh,lvkj fufèk ds 26 yk[k #i;s ds [kpZu fd, tkus ds dkj.kksa dks uhps ntZ fd;k x;k gSA

^^lh,lvkj O;; fLFkfr 2016&17 esa vfèkdka'k lh,lvkj ifj;kstuk,a foÙkh; o"kZ 2016&17 esa vkjaHk dh xbZ gSa rFkk ;sfoÙkh; o"kZ 2017&18 rd tkjh jgsaxhA vr% 26 yk[k #i, dsoy dh vkxs ys tkbZ xbZ lh,lvkj O;; fufèk dk mi;ksxcksMZ }kjk igys ls gh vuqeksfnr ifj;kstukvksa ds laforj.k ds fy, gh fd;k tk,xkA**

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%


24. 05. 2016 29. 11. 2016 24. 03. 2017

Jh vkyksd V.Mu] v/;{k gk¡

izks- xksiky ukbZd gk¡

lqJh ds- jeknsoh gk¡

Jh ds-,u- Hk.Mkjh] v/;{k gk¡ gk¡

Jh th Jhfuoklu vodk'k vodk'k

MkW- ch- th- eq[kksikè;k; gk¡ gk¡

*vodk'k = NqV~Vh

dkfeZd lfefr

o"kZ ds nkSjku dkfeZd lfefr dh cSBdsa nks ¼2½ ckj gqb±A cSBdsa 10 vxLr 2016] vkSj 29 uoacj 2016 dks vk;ksftrdh xb±A 31 ekpZ 2017 dks dEiuh esa v/;{k&o&izca/k funs'kd ,oa lhbZvks dh vuqifLFkfr esa bl 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%


10. 08. 2016 29. 11. 2016

Jh vkj-,u- nwcs gk¡

Jh ds- ,u- Hk.Mkjh] v/;{k gk¡ gk¡

izks- xksiky ukbZd vodk'k gk¡

lqJh ,fyl th oS|u vodk'k

*vodk'k = NqV~Vh

vkbZVhlfefr

o"kZ ds nkSjku] vkbZVh lfefr us rhu ¼3½ cSBdsa dhaA ;s cSBdsa 10 vxLr 2016] 16 uoacj 2016 vkSj 24 tuojh] 2017 dksvk;ksftr dh xbZA 31 ekpZ 2017 dh fLFkfr ds vuqlkj lfefr esa dEiuh ds v/;{k&o&izca/k funs'kd ,oa lhbZvks dh

57

108

Executive Directors as its Member in the absence of CMD & CEO of the Company. The Committee reviewsthe IT Project of the Company.

During the year, details of composition of the IT Committee and attendance of the Members at the saidMeetings are listed below:


10. 08. 2016 16. 11. 2016 24. 01. 2017

Mr. R. N. Dubey, Chairman Yes

Mr. K. Sanathkumar LoA

Ms. K. Ramadevi Yes

Mr. Sujay Banarji, Chairman Yes Yes

Prof. Gopal Naik Yes Yes

Mr. Manish Gupta Yes Yes


Nomination and Remuneration Committee(NRC)

During the year, Nomination and Remuneration met three (3) times. The Meetings were held on 24th May2016, 10th August 2016 and 29th September 2016. As on 31st March 2017, the Committee comprisedthreenon-Executive Directors as its Members.

During the year, details of composition of the Nomination and Remuneration and attendance of theMembers at the said Meetings are listed below:


24. 05. 2016 10. 08. 2016 29. 09. 2016

Mr. K N Bhandari, Chairman Yes Yes Yes

Prof. Gopal Naik Yes LoA Yes

Ms. K Ramadevi Yes Yes

Mr. Manish Gupta Yes


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 for the purpose an ‘Ethics’ Management and Board sub-Committee.No reporting during the year under review.

58

109

vuqifLFkfr esa rhu ¼3½ rhu 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%


10. 08. 2016 16. 11. 2016 24. 01. 2017

Jh vkj- ,u- nwcs] v/;{k gk¡

Jh ds luFkdqekj vodk'k

lqJh ds- jeknsoh gk¡

Jh lqtk; cSuthZ] v/;{k gk¡ gk¡

izksQslj xksiky uk;d gk¡ gk¡

Jh euh"k xqIrk gk¡ 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 24 ebZ] 2016] 10 vxLr 2016 rFkk 29flrEcj] 2016 dks vk;ksftr dh xbZA 31 ekpZ] 2017 dh fLFkfr ds vuqlkj] lfefr esa blds lnL;ksa ds :i es rhuxSj&dk;Zdkjh funs'kd 'kkfey FksA

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%&


24. 05. 2016 10. 08. 2016 29. 09. 2016

Jh ds-,u- Hk.Mkjh v/;{k gk¡ gk¡ gk¡

izksQslj xksiky uk;d gk¡ vodk'k gk¡


Jh euh"k xqIrk gk¡

*vodk'k = NqV~Vh

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

58

110

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 applicable&reported herein and nothing has been concealed or suppressed.

59

111

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 ,rn~ }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

59

112

Annexure AForm 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 U74999DL2002PLC1181232. Registration Date 20-12-20023. Name of the Company Agriculture Insurance Company Of India Limited4. Category/Sub-category of the Company Company Limited by Shares5. Address of the Registered office & 13th Floor, Ambadeep Building,Kasturba Gandhi

contact details Marg,New Delhi-110001,91-11468698006. Whether listed company Unlisted7. 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

60

113

vuqcaèk ^d*QkeZ la[;k ,ethVh&9

31 ekpZ 2017 dks lekIr gq, foÙkh; o"kZ ds fy, okf"kZd fooj.kh dk lkj[dEiuh ¼izcaèku ,oa iz'kklu½ fu;e] 2014 ds fu;e 12¼1½ rFkk

dEiuh vfèkfu;e] 2013 dh èkkjk 92 ¼3½ ds vuqlkj]

I. iathdj.k vkSj vU; fooj.k

1. lhvkbZ,u U74999DL2002PLC1181232. iathdj.k frfFk 20-12-20023. dEiuh dk uke ,xzhdYpj ba';ksjsal dEiuh vkWQ bafM;k fyfeVsM4. dEiuh dh Js.kh@mi&Js.kh 'ks;jksa }kjk dEiuh fyfeVsM5. iathdr dk;kZy; dk irk ,oa lEidZ 13oka ry] vEcknhi fcfYMax] dLrwjck xkaèkh ekxZ]

fooj.k ubZ fnYyh-110001, 91-11468698006. 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 iSVuZ 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. izkseksVj

(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

60

114


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

61

115

va'k èkkjd o"kZ ds 'kq:vkr esa 'ks;jksa dh la[;k èkkfjr o"kZ ds var esa 'ks;jksa dh o"kZ ds nkSjkudh Js.kh la[;k èkkfjr % 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) 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; dk;Z 0 0 0 0 0 0 0 0 0

?k) cSad@,QvkbZ 0 0 0 0 0 0 0 0 0

M) vU;--- 0 0 0 0 0 0 0 0 0

mi tksM+ (d) (2):- 0 0 0 0 0 0 0 0 0

izeksVj 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 dk;Z 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

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116


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%

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117

va'k èkkjd o"kZ ds 'kq:vkr esa 'ks;jksa dh la[;k èkkfjr o"kZ ds var esa 'ks;jksa dh o"kZ ds nkSjkudh Js.kh la[;k èkkfjr % cnyko


i) #- 1 yk[k rd ukeek= 0 0 0 0 0 0 0 0 0va'k iwath èkkjd O;fDrxr'ks;j èkkjd

ii) #- 1 yk[k ls vfèkd 0 0 0 0 0 0 0 0 0ukeek= 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 0ds 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%

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118

(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)

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119

(iii) laoèkZudrkZ 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] laoèkZudrkZ 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

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120

(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) - - - -

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121

(v) funs'kdksa rFkk izeq[k izcaèkdh; dkfeZdksa dh 'ks;jèkkfjrk%

Ø- izR;sd funs'kd rFkk 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) & & & &

64

122

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: As per GoI Order F No. 14/4/2003-Ins-IV dated 23 March 2016, Mr. AlokTandon, Joint Secretary,Ministry of Finance, GoI was assigned the additional charge of CMD of the Company for a period ofthree months. Further by GoI order F No. 14/4/2003-Ins-IV dated 7th June 2016, Mr. R. N. Dubey,Economic Advisor, Department of Financial Services, Ministry of Finance, Government of India wasassigned the additional charge of CMD of the Company with immediate effect for a period of threemonths. On 6th September 2016, the tenure of Mr. Dubey expired and there was no extension of the GoIOrder of 7th June 2016. Further vide GoI order F No. A-15011/03/2016-Ins.I dated 17th March 2017,additional charge of the post of CMD, AIC was assigned to Mr. R. N. Dubey for a period of nine monthswith effect from 7th June 2016 or till regular appointment is made to the post. Further the GoI vide itsOrder F No. A-15011/03/2016-Ins.1/II dated 27th May 2017assigned additional charge of CMD, AIC toShri R.N. Dubey for a period of three months with effect from 7th March 2017 or till regular appointmentis made to the post.

Therefore during the period under review, no remuneration was paid to Mr Alok Tandon or toMr R. N. Dubey, CMD as they were given additional charge of the CMD in AIC.

65

123

VI. funs'kdksa rFkk izeq[k izcaèkdh; dkfeZdksa dk ikfjJfed

d. izcaèk funs'kd] iw.kZ&dkfyd funs'kd rFkk@;k izcaèkd dks ikfjJfed ¼uhps 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

(a) vk;dj vfèkfu;e] 1961 dh èkkjk 17 ¼1½ esa fufgr 0 0izkoèkkuksa ds vuqlkj osru

(b) vk;dj vfèkfu;e] 1961 dh èkkjk 17 ¼2½ esa 0 0esa vuqykHk dk ewY;

(c) 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. Losr bfDoVh 0 0

4. deh'ku 0 0

- ykHk ds % ds :i esa

- vU;] fufnZ"V 0 0

5. vU;] di;k fufnZ"V djsa&isa'ku ;ksxnku 0 0

dqy (d) 0 0

vfèkfu;e ds vuqlkj lhfyax

*fVIi.kh % Hkkjr ljdkj ds vkns'k ,Q la- 14@4@2003&bal- IV fnukad 23 ekpZ] 2016 ds vuqlkj Jh vkyksd VaMu] la;qDr lfpo]foÙk ea=ky; Hkkjr ljdkj dks rhu ekg dh vofèk ds fy, daiuh ds lh,eMh dk vfrfjDr izHkkj fufnZ"V fd;k x;k FkkA bldsvykok] Hkkjr ljdkj ds vkns'k ,Q la- 14@4@2003&bal- IV fnukad 7 twu] 2016 }kjk Jh vkj-,u- nwcs] vkfFkZd lykgdkj]foÙkh; lsok,a foHkkx] foÙk ea=ky;] Hkkjr ljdkj dks rRdky izHkko ls rhu ekg dh vofèk ds fy, daiuh ds lh,eMh dk vfrfjDrizHkkj fufnZ"V fd;k x;k FkkA 6 flrEcj] 2016 dks] Jh nwcs dk dk;Zdky lekIr gks x;k rFkk Hkkjr ljdkj ds 7 twu] 2016 dsvkns'k dks foLrkj ugha fn;k x;kA blds vykok] Hkkjr ljdkj vkns'k ,Q la- ,&15011@03@2016&bal- I fnukad 17 ekpZ] 2017}kjk Jh vkj-,u- nwcs dks 7 twu] 2016 ls ukS ekg dh vofèk ds fy, vFkok in ij fu;fer fu;qfDr fd, tkus rd lh,eMh] ,vkbZlhds in dk vfrfjDr izHkkj lkSaik x;kA blds vfrfjDr] Hkkjr ljdkj ds vkns'k ,Q la-,&15011@03@2016&bal-I@II fnukad 27ebZ] 2017 }kjk Jh vkj-,u- nwcs dks 7 ekpZ] 2017 ls rhu ekg dh vofèk ds fy, vFkok in ij fu;fer fu;qfDr fd, tkus rdlh,eMh] vkbZlh dk vfrfjDr izHkkj fufnZ"V fd;k x;k FkkA

vr% leh{kkèkhu vofèk ds nkSjku Jh vkyksd VaMu dks vFkok Jh vkj-,u- nwcs] lh,eMh dks dksbZ ikfjJfed ugha fn;k x;k D;ksafdmUgsa ,vkbZlh esa lh,eMh dk vfrfjDr izHkkj fn;k x;k FkkA

65

124

B. Remuneration to other directors:

SN Particulars of Remuneration Name of Directors Total Amount

K. N. Bhandari Gopal Naik

3. Independent Directors

� Fee for attending board /

committee meetings

� Commission

Others, please specify

Total (1)

4. Other Non-Executive Directors

� Fee for attending board / 274500 212400 486900

committee meetings

� Commission

� Others, please specify

Total (2)

Total (B)=(1+2) 274500 212400 486900

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 0 1252776 1889533 3142309provisions contained insection 17(1)of theIncome-tax Act,1961

(b) Value of perquisites 0 133661 223803 357464u/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

66

125

[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

� cksMZ@lfefr dh cSBdksa esaHkkx ysus ds fy, 'kqYd

� nykyh

vU;] di;k fufnZ"V djsa

dqy (1)

4. vU; xSj&dk;Zdkjh funs'kd

� cksMZ@lfefr dh cSBdksa 274500 212400 486900esa Hkkx ysus ds fy, 'kqYd

� nykyh

� vU;] di;k fufnZ"V djsa

dqy (2)

dqy ([k)=(1+2) 274500 212400 486900

dqy izcaèkdh; ikfjJfed

lhfyax vfèkfu;e ds vuqlkj

C. ,eMh@izcaèkd@MCY;wVhMh ds vykok izeq[k izcaèkdh; dkfeZd dks ikfjJfed

Ø-la- ikfjJfed dk fooj.k

eq[; dEiuh lh,Qvks dqydk;Zdkjh vf/kdkjh lfpo

1. ldy osru

(d) vk;dj vfèkfu;e] 0 1252776 1889533 31423091961 dh èkkjk 17¼1½ esafufgr izkoèkkuksa dsvuqlkj osru

([k) vk;dj vfèkfu;e] 0 133661 223803 3574641961 dh èkkjk 17¼2½ esavuqykHk 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

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126

SN Particulars ofRemuneration

CEO Company CFO TotalSecretary

Leave Encashment 0 0 0 0Arrears (wage revision) 0 0 0 0SalaryPerquisites (Wage 0 0 0 0Revision)

2. Stock Option 0 0 0 03. Sweat Equity 0 0 0 04. Commission 0 0 0 0

- as % of profit- Others, specify... 0 0 0 0

5. Others, Pension 0 88172 135903 224075ContributionArrears pension 0 0 0 0

TOTAL 0 1474609 2249238 3723847

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

*Insurance Regulatory and Development Authority of India has imposed penalty of Rs.10 lakh (Rupees Ten Lakh only) during the financial year2014-15. Further during the year under review service tex authority imposed penalty of Rs. 5000/- (Rupeers Five Thousand) on the Company.

67

127

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

vuqykHk ¼osru 0 0 0 0la'kksèku½

2. LVkWd fodYi 0 0 0 03. Losr bfDoVh 0 0 0 04. deh'ku 0 0 0 0

- ykHk ds % :i esa- vU;] fufnZ"V 0 0 0 0

5. vU;] 0 88172 135903 224075isa'ku ;ksxnkucdk;k isa'ku 0 0 0 0dqy 0 1474609 2249238 3723847

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

*Hkkjrh; chek fofu;ked ,oa fodkl izkfèkdj.k us foÙkh; o"kZ 2014&15 ds nkSjku #-10 yk[k ¼#i;s nl yk[k ek=½ dk n.M yxk;kgSA

67

128

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,


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,2017 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, 2017 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

(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations,1992:Not Applicable

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129

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

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 vkSjdEiuh] mlds vfèkdkfj;ksa] ,tsaVksa vkSj vfèkd`r izfrfufèk;ksa }kjk ys[kkijh{kk ds lapkyu ds nkSjku miyCèk djkbZ xbZtkudkjh ds vkèkkj ij] ge ,rn~ }kjk ;g fjiksVZ djrs gSa fd gekjh jk; esa] dEiuh us 31 ekpZ 2017 dks lekIr foÙkh;o"kZ esa ys[kkijh{kk vofèk ds nkSjku fuEu vuqlwph ds lkafofèkd izkoèkkuksa dk vuqikyu fd;k gS rFkk uhps nh xbZ fjiksZfVaxds lkFk dEiuh esa mfpr cksMZ&izfØ;kvksa ,oa vuqikyu ra= gSaA

geus fdrkcsa] dkxtkr] dk;Zo`Ùk] izi=ksa vkSj nk;j fooj.kh rFkk 31 ekpZ 2017 dks lekIr foÙkh; o"kZ ds fuEu izkoèkkuksads vuqlkj ,xzhdYpj ba';ksjsal dEiuh vkWQ bafM;k fy- ¼lhvkbZ,u ua- ;w74999Mh,y2002ih,ylhvkbZ18123½dEiuh }kjkj[ks x, 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] ykxwugh a

¼[k½ Hkkjrh; izfrHkwfr ,oa fofue; cksMZ ¼bulkbMj VsªfMax ds fu"ksèk½ fu;eu] 1992%&ykxw ugha

68

130

(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:

1. Audit committee

69

131

¼x½ Hkkjrh; izfrHkwfr ,oa fofue; cksMZ ¼iwath tkjh djuk rFkk izdVhdj.k vko';drk,¡½ fu;eu]2009%&ykxw ugh a

¼?k½ Hkkjrh; izfrHkwfr ,oa fofue; cksMZ ¼deZpkjh Hk.Mkj.k fodYi ;kstuk vkSj deZpkjh LVkWd [kjhn ;kstuk½ds fn'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'kdeaMy esa de ls de nks Lora= funs'kd gksus pkfg,A orZeku esa cksMZ esa Lora= funs'kdksa dh la[;k 'kwU; gSA bldsvfrfjDr] ys[kk ijh{kk lfefr dh jpuk Hkh çkfèkdj.k }kjk chek daifu;ksa ds fy, tkjh fd, x, fuxfer ç'kklu dsfn'kk funsZ'kksa ds vuqikyu esa ugha gSA ys[kk ijh{kk lfefr dk vè;{k ,d Lora= funs'kd vkSj vkn'kZ rkSj ij ,d is'ksojlunh 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 dsvè;{k daiuh ds cksMZ esa ,d ljdkjh ukfer funs'kd gSA

daiuh us fuEufyf[kr lfefr;ksa dk xBu fd;k gS%

1- ys[kk ijh{kk lfefr

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132

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 Observations were made during the conduct of Secretarial Audit of the Company:

Observation1:

In terms of Section 203 of the Companies Act, 2013 read with the Companies (Appointment andRemuneration of Managerial Personnel) Rules, 2014, the following class of Companies, namely everylisted company, and every other public company having paid up share capital of Rs. 10 Crore or moreshall have the following whole-time key managerial personnel,—

(i) Managing Director, or Chief Executive Officer or Manager and in their absence, a whole-Time Director;

(ii) Company Secretary; and

(iii) Chief Financial Officer

The above said provision of the Act was not complied with to the effect that there was practically noManaging Director from 6th September 2016 till 17thMarch 2017 to preside over the Shareholders, Boardand Committee Meetings although the GoI vide its order F No. A-15011/03/2016-Ins.I dated 17th March2017, assigned additional charge of the post of CMD, AIC to Mr. R. N. Dubey for a period of nine monthswith effect from 7th June 2016 or till regular appointment is made to the post or until further orders, andwhichever is earliest.The order cannot be taken in a good spirit as the very purpose of law is defeated.

Observation2:

In 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 paidup share capital of Ten Crore rupees or more; or a turnover of One Hundred Crore rupees or more; shall

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have atleast two Independent Directors on the Board of the Company. Further, the Corporate GovernanceGuidelines issued vide Circular No. IRDA/F&A/GDL/CG/100/05/2016 dated 18th May 2016 andamendments thereof also stipulate the requirement of appointing minimum three Independent Directorson the Board of the Company for unlisted Insurance Companies.

Observation3:

In terms of Section 177(1) of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of Boardand its Powers) Rules, 2014, every listed company and other public companies with a paid-up capital often crore rupees or more; or all public companies having turnover of one hundred crore rupees or more;or all public companies, having in aggregate, outstanding loans or borrowings or debentures or depositsexceeding fifty crore rupees or more, shall constitute an Audit Committee. Further, as per Section 177(2),the Audit Committee shall consist of a minimum of three directors with independent directors forming amajority.

Observation4:

In terms of Section 135(1), every company having net worth of rupees five hundred crore or more, orturnover of rupees one thousand crore or more or a net profit of rupees five crore or more during anyfinancial year shall constitute a Corporate Social Responsibility Committee of the Board consisting ofthree or more directors, out of which at least one director shall be an independent director. Further, interms of Section 135(5), the Board of every company referred to in sub-section (1), shall ensure that thecompany spends, in every financial year, at least two per cent of the average net profits of the companymade during the three immediately preceding financial years, in pursuance of its Corporate SocialResponsibility Policy.However, Funds remaining unutilized as on 31st March 2017 amounts to Rs. 26Lakh (Twenty Six Lakh).

Observation5:

Vacancy of Appointed Actuary:

As per Insurance Regulatory Development Authority (Appointed Actuary) Regulations, 2000 the positionof Actuary was vacant since 27th March 2017 as Ms. Megha Garg resigned from the post of Actuary on27th March 2017 and till date there has been no appointment of the Actuary and hence the violation ofabove mentioned regulations.

There have been the proper compliances of various Insurance Regulatory and Development Authority ofIndia Act, 1999 and various regulations made under it except of few instances where there has been thedelay in filing the information with IRDAI for couple of days.

For Iqneet Kaur & Co.

Place: Delhi Ms. Iqneet Kaur

Date: July 27, 2017 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.

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ANNEXURE A’

To,

The Members,


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: July 27, 2017 FCS No.7669

COP No.: 7085

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lhvksih ua- 7085

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Annexure ‘B2’

Replies to Secretarial Audit Report for Financial Year 2016-17forming part of Directors’ Report 2016-17

Observation 1:

In terms of Section 203 of the Companies Act, 2013 read with the Companies (Appointment andRemuneration of Managerial Personnel) Rules, 2014, the following class of Companies, namely everylisted company, and every other public company having paid up share capital of Rs. 10 Crore or moreshall have the following whole-time key managerial personnel:

(i) Managing Director, or Chief Executive Officer or manager and in their absence, a whole-time director;

(ii) Company secretary; and

(iii) Chief Financial Officer

The above said provision of the Act was not complied with to the effect that there was practically noManaging Director from 6th September 2016 till 17th March 2017 to preside over the Shareholders,Board and Committee Meetings although the GoI vide its order F No. A-15011/03/2016-Ins.I dated 17thMarch 2017, assigned additional charge of the post of CMD, AIC to Mr. R. N. Dubey for a period of ninemonths with effect from 7th June 2016 or till regular appointment is made to the post or until furtherorders, and whichever is earliest. The order cannot be taken in a good spirit as the very purpose of law isdefeated.

Management Reply:

The Clause 12 of the Article of Association of the Company reads as follows regarding the composition ofthe Board of the Company:

“There shall be one director each nominated by the General Insurance Corporation of India, NationalInsurance Company of India Limited, New India Assurance Company Limited, Oriental InsuranceCompany Limited, United India Insurance Company Limited and National Bank for Agriculture andRural Development, one director nominated by the Ministry of Finance, Government of India and twoDirectors nominated by Ministry of Agriculture, Government of India, and three other Directors shall benominated by the Government of India, who shall be experts in the relevant fields.”

As per GoI Order F No. 14/4/2003-Ins-IV dated 23 March 2016, Mr. Alok Tandon, Joint Secretary,Ministry of Finance, GoI was assigned the additional charge of CMD of the Company with immediateeffect for a period of three months or until further orders, whichever is earlier.

Further by GoI order F No. 14/4/2003-Ins-IV dated 7th June 2016, Mr. R. N. Dubey, Economic Advisor,Department of Financial Services, Ministry of Finance, Government of India was assigned the additionalcharge of CMD of the Company with immediate effect for a period of three months or until furtherorders, whichever is earlier. On 6th September 2016, the tenure of Mr. Dubey expired and there was noextension of the GoI Order of 7th June 2016.

The Annual General Meeting of the Company was conducted on 29th September 2016, with the approvalof the Board, under the Chairmanship of Board elected Member.

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GoI order F No. A-15011/03/2016-Ins.I dated 17th March 2017, assigned additional charge of the post ofCMD, AIC to Mr. R. N. Dubey for a period of nine months with effect from 7th June 2016 or till regularappointment is made to the post or until further orders, whichever is earliest. This order was ineffectiveon the date of its issuance.

Meanwhile, the respective Board Meetings were conducted, as per the legal provisions, under theChairmanship of Board elected Member.

This is to inform that vide GoI Order F No. A-15011/03/2016-Ins.1/II dated 27th May 2017, Mr. R. N.Dubey was assigned additional charge of CMD, AIC for a period of three months with effect from 7th

March 2017 or till regular appointment is made to the post or until further orders, whichever earliest.

Then, the Department of Financial Services, Ministry of Finance, Government of India notified on 31st

May 2017, vide Notification F. No.A-15011/07/2013-Ins.I under the powers conferred on CentralGovernment by Article 12(x) of Memorandum and Articles of Association of Agriculture InsuranceCompany of India Limited, the appointment of Ms. Alamelu T. Lakshmanachari, General Manager, TheNew India Assurance Company Limited (NIA), as Chairman- cum-Managing Director of AgricultureInsurance of India Limited for a period of five years from the date of Notification of Appointment, or upto the date of superannuation, until further orders, whichever is the earliest.

With the GoI Notification dated 31.05.2017, the regular CMD of the Company was appointed.

Observation 2:

In 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 share capital of Ten Crore rupees or more; or a turnover of One Hundred Crore rupees or more; shallhave atleast two Independent Directors on the Board of the Company. Further, the Corporate GovernanceGuidelines issued vide Circular No. IRDA/F&A/GDL/CG/100/05/2016 dated 18th May 2016 stipulatethe requirement of appointing minimum three Independent Directors on the Board of the Company forInsurance Companies.

Management Reply:

The Board of the Company is constituted as per Clause 12 of the Article of Association of the Company.Since implementation of Companies Act, 2013, a request was made to the appointing authority i.e. Ministryof Finance, Government of India to recognise the existing two Board Members viz., Mr. K. N. Bhandariand Prof. Gopal Naik, who are fulfilling the definition of Independent Director as given under the Act, sothat they may be appointed as Independent Director on the Board. The DFS, MoF, GoI was furtherinformed about the enhanced requirement of appointing minimum three Independent Directors as perIRDAI (Corporate Governance) Guideline on the Board of the Company.

Observation 3:

In terms of Section 177(1) of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of Boardand its Powers) Rules, 2014, every listed company and other public companies with a paid-up capital often crores rupees or more; or all public companies having turnover of one hundred crores rupees or more;or all public companies, having in aggregate, outstanding loans or borrowings or debentures or depositsexceeding fifty crores rupees or more, shall constitute an Audit Committee. Further, as per Section 177(2),the Audit Committee shall consist of a minimum of three directors with independent directors forming amajority.

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Hkkjr ljdkj ds vkns'k ,Q la- ,&15011@03@2016&bal- I fnukad 17 ekpZ] 2017 }kjk lh,eMh] ,vkbZlh ds in dkvfrfjDr izHkkj Jh vkj-,u- nwcs dks 7 twu] 2016 ls ukS ekg dh vofèk ds fy, vFkok in ij fu;fer fu;qfDr fd, tkusrd vFkok vkxkeh vkns'kksa rd] tks Hkh igys gks] lh,eMh] ,vkbZlh ds in dk vfrfjDr izHkkj lkSaik x;kA ;g vkns'kvius tkjh gksus dh rkjh[k ls fu"izHkkoh gks x;k FkkA

bl nkSjku] fofèk vis{kk ds vuqlkj cksMZ }kjk fuokZfpr lnL; dh vè;{krk esa cksMZ dh lacafèkr cSBdsa vk;ksftr dh xb±A

;g lwfpr fd;k tkrk gS fd Hkkjr ljdkj ds vkns'k ,Q la- ,&15011@03@2016&bal- I@II fnukad 27 ebZ] 2007}kjk Jh vkj-,u- nwcs dks 7 ekpZ] 2017 ls rhu ekg dh vofèk ds fy, vFkok in ij fu;fer fu;qfDr fd, tkus rdvFkok vxys vkns'kksa rd] tks Hkh igys gks] lh,eMh] vkbZlh dk vfrfjDr izHkkj fufnZ"V fd;k x;k FkkA

blds mijkar] foÙkh; lsok,a foHkkx] foÙk ea=ky;] Hkkjr ljdkj us ,xzhdYpj ba';ksjsal vkWQ bf.M;k fyfeVsM ds laxeKkiu vkSj vuqPNsnksa ds vuqPNsn 12 ds }kjk dsUnzh; ljdkj dks iznÙk vfèkdkjksa ds varxZr 31 ebZ] 2017 dh vfèklwpukla- ,Q-la- ,&15011@07@2013&bal- }kjk fn U;w bafM;k ,’;ksjsal daiuh fyfeVsM ¼,uvkbZ,½ dh egkizcaèkd Jherhvyesyw Vh- y{e.kkpkjh dks vfèklwpuk dh rkjh[k ls ikap o"kZ rd dh vofèk ds fy, vFkok vfèkof"kZrk dh vk;q rd vFkokvxys vkns'kksa rd] tks Hkh igys gks] ,xzhdYpj ba';ksjsal vkWQ bf.M;k fyfeVsM ds vè;{k&,oa&izca/k funs'kd ds :i esafu;qDr dj fn;kA

Hkkjr ljdkj dh fnukad 31 ebZ] 2017 dh vfèklwpuk ds vuqlj.k esa daiuh ds fu;fer vè;{k&lg&izcaèk funs'kd dhfu;qfDr dj nh xbZA

fVIi.kh 2%

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 vkSj lkoZtfud daiuh ftldh iznRr 'ks;j iwath nl djksM+ #0 vFkok vfèkd gS vFkokVuZvksoj ,d lkS djksM+ #0 vFkok vfèkd gS] esa daiuh ds cksMZ esa de&ls&de nks Lora= funs'kd gksaxsA blds vykok] ifji=la0 vkbZvkjMh,@,Q,aM,@thMh,y@lhth@100@05@2016 fnukad 18 ebZ] 2016 }kjk tkjh dkjiksjsV 'kklu fn'kk&funZs'kchek daifu;ksa ds fy, daiuh ds cksMZ esa U;wure rhu Lora= funs'kdksa dh fu;qfDr dh vis{kk fuèkkZfjr djrs gSaA

izcaèku dk mRrj%

daiuh ds cksMZ dk xBu daiuh ds laxe vuqPNsn ds [kaM 12 ds vuqlkj fd;k x;k gSA pwafd daiuh vfèkfu;e] 2013 dsvuqikyu fd;k tkuk Fkk] fu;qfDr izkfèkdkjh vFkkZr~ foRr ea=ky;] Hkkjr ljdkj dks fo|eku nks cksMZ lnL;ksa vFkkZr~ Jh ds-,u- HkaMkjh vkSj izks0 xksiky ukbZd] tks vfèkfu;e ds varxZr nh xbZ Lora= funs'kd dh ifjHkk"kk dh iwfrZ dj jgs Fks] dks ekU;rkiznku djus ds fy, vuqjksèk izsf"kr fd;k x;k Fkk rkfd mUgsa cksMZ ds Lora= funs'kdksa ds :Ik esa fu;qDr fd;k tk ldsA foRrh;lsok,a foHkkx] foRr ea=ky;] Hkkjr ljdkj dks daiuh ds cksMZ ds fy, vkbZvkjMh,vkbZ ¼dkjiksjsV 'kklu½ ds vuqlkj U;wurerhu Lora= funs'kdksa dh fu;qfDr dh vfrfjDr vis{kk ds ckjs esa Hkh lwfpr dj fn;k x;k FkkA

fVIi.kh 3%

daiuh vfèkfu;e] 2013 dh èkkjk 177¼1½ ds fucaèkuksa rFkk daiuh ¼cksMZ dh cSBdsa vkSj bldh 'kfDr;ka½ fu;e] 2014 ds fu;e6 ds vuqlkj] izR;sd lwphc) daiuh vkSj lkoZtfud daiuh ftldh iznRr 'ks;j iwath nl djksM+ #0 vFkok vfèkd gSvFkok lHkh lkoZtfud dEifu;ka ftudk VuZvksoj ,d lkS djksM+ #0 vFkok vfèkd gS vFkok lHkh lkoZtfud daifu;kaftudk lap;h dqy _.k vFkok mèkkjh vFkok fMcaspj vFkok fu{ksi ipkl djksM+ #0 vFkok vfèkd gS] ,d ys[kkijh{kklfefr dk xBu djsxhA blds vykok] èkkjk 177 ¼2½ ds vuqlkj ys[kkijh{kk lfefr esa U;wure rhu funs'kd gksaxs rFkkmuesa ls Lora= funs'kdksa dk cgqer gksxkA

74

142

Management Reply:

The Company has already taken up the matter with the DFS, MoF, GoI. Under the assumption that DFSwill recognize two of the Board Members as independent director, the Audit Committee of three Memberscomprises majority of proposed independent directors, satisfying the requirement of the provisions ofSection 177(1) of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of Board and itsPowers) Rules, 2014.

Observation 4:

In terms of Section 135(1), every company having net worth of rupees five hundred crore or more, orturnover of rupees one thousand crore or more or a net profit of rupees five crore or more during anyfinancial year shall constitute a Corporate Social Responsibility Committee of the Board consisting ofthree or more directors, out of which at least one director shall be an independent director.Further, interms of Section 135(5), the Board of every company referred to in sub-section (1), shall ensure that thecompany spends, in every financial year, at least two per cent of the average net profits of the companymade during the three immediately preceding financial years, in pursuance of its Corporate SocialResponsibility Policy. However, Funds remaining unutilized (as on 31st March 2017): 26 Lakh

Management Reply:

Under the assumption that DFS, GoI will give appointment of Independent Directors on the Board of theCompany, to the suggested Board Members, the CSR Committtee comprise one of the so suggested BoardMember. Further, as majority of the CSR Projects in the CSR Expenditure status 2016-17 have beeninitiated in the Financial Year 2016-17 and will continue in the Financial Year 2017-18. Therefore, thecarried forward CSR Expenditure Fund of Rs. 26 lakh only will be utilized towards the disbursementagainst the Projects already approved by the Board.

Observation 5:

Vacancy of Appointed Actuary: As per Insurance Regulatory Development Authority (AppointedActuary) Regulations, 2000 the position of Actuary was vacant since 27th March 2017 as Ms. MeghaGarg resigned from the post of Actuary on 27th March 2017 and till date there has been no appointmentof the Actuary and hence the violation of above- mentioned regulations.

Management Reply:

On the resignation of Ms. Megha Garg, Appointed Actuary of the Company with effect from 27th March2017, the Company immediately initiated the process of appointing Appointed Actuary on full timebasis. Since recruitment of Appointed Actuary would have taken some time, the Company explored toacquire the services of a Panel Actuary at the earliest for closure of the Financial Statements 2016-17 fromthe Panel of Actuaries for General Insurance as created by the Authority under IRDAI Circular dated31.03.2017. Thereby, Ms. Tania Chakrabarti was appointed as Panel Actuary of the Company foraddressing the specific requirement of closure of the Financial Year 2016-17.

75

143

izcaèku dk mRrj%

daiuh us ;g ekeyk igys gh foRrh; lsok,a foHkkx] foRr ea=ky;] Hkkjr ljdkj ds lkFk mBk;k gS bl èkkj.kk ds rgrfd foRrh; lsok,a foHkkx nks cksMZ lnL;ksa dks Lora= funs'kdksa ds :Ik esa ekU;rk nsxk] rhu lnL;ksa ls feydj cuhys[kkijh{kk lfefr] ftlesa izLrkfor Lora= funs'kdksa dk cgqer Hkh 'kkfey gS] xfBr gS tks daiuh vfèkfu;e] 2013 dhèkkjk 177¼1½ ds fucaèkuksa rFkk daiuh ¼cksMZ dh cSBdsa vkSj bldh 'kfDr;ka½ fu;e] 2014 ds fu;e 6 dh vis{kkvksa dh iwfrZdjrh gSA

voyksdu 4%

vuqPNsn 135 ¼1½ ds vuqlkj ,slh dksbZ Hkh dEiuh ftldh fdlh Hkh foÙkh; o"kZ ds nkSjku 'kq) lEifÙk ikap lkS djksM+;k vfèkd gS] ;k O;kikj ,d gtkj djksM+ ;k vfèkd gS ;k 'kq) ykHk ikap djksM+ ;k vfèkd gS ,d fuxfer lkekftdftEesnkjh lfefr dk xBu djsxh ftlesa rhu ;k vfèkd funs'kd 'kkfey gkssaxs] ftuesa ls de ls de ,d funs'kd Lora=funs'kd gksxkA blds vfrfjDr vuqPNsn 135 ¼5½ ds vuqlkj mi&vuqPNsn ¼1½ esa nh xbZ izR;sd dEiuh dk cksMZ ;glqfuf'pr djsxk fd dEiuh vius yxkrkj fiNys rhu foÙkh; o"kZ ds nkSjku dek, x, 'kq) ykHkksa esa ls de ls de 2izfr'kr vkSlr dks izfro"kZ viuh fuxfer lkekftd ftEesnkjh ikWfylh ds varxZr [kpZ djsxhA rFkkfi ¼fnukad 31 ekpZ2017 dks½ vç;qä 'ks"k #i;s 26 yk[k ¼NCchl yk[k½ gSA

izcaèku dk mRrj%

lh,lvkj O;; fLFkfr 2016&17 esa lh,lvkj ifj;kstukvksa esa ls vfèkdka'k foÙkh; o"kZ 2016&17 esa 'kq: dh xbZ gSa vkSjfoÙkh; o"kZ 2017&18 esa Hkh tkjh jgsxhA blhfy, vxzuhr lh,lvkj O;; fuf/k #0 26 yk[k dk cksMZ }kjk igys ls ghvuqeksfnr ifj;kstukvksa esa mi;ksx fd;k tk,xkA

fVIi.kh 5%

fu;qDr chekafdd dk fjDr in% chek fofu;ked fodkl izkfèkdj.k ¼fu;qDr chekafddh½ fofu;e] 2000 ds vuqlkjchekafdd dk in 27 ekpZ] 2017 ls fjDr Fkk D;kasfd lqJh es?kk xxZ us chekafdd ds in ls 27 ekpZ] 2017 dks R;kx&i=ns fn;k Fkk vkSj vkt dh rkjh[k rd chekafdd ds in ij dksbZ fu;qfDr ugha dh xbZ] vr% mDrlanfHkZr fofu;eksa dkmYya?ku gqvkA

izcaèku dk mRrj%

daiuh us fu;qDr chekafdd lqJh es?kk xxZ }kjk 27 ekpZ] 2017 dks R;kx&i= fn, tkus ij iw.kZdkfyd vkèkkj ij fu;qDrchekafdd ds in ij fu;qfDr dh izfØ;k rRdky vkjaHk dj nhA pwafd fu;qDr chekafddh dh HkrhZ esa dqN le; yxukFkk] daiuh us vkbZvkjMh,vkbZ ds fnukad 31-03-2017 ds ifji= ds varxZr izkfèkdj.k }kjk lkèkkj.k chek ds fy,chekafddh;ksa ds iSuy ls foRrh; fooj.k 2016&17 dh lekfIr ds fy, ;Fkk'kh?kz iSuy ij j[ks x, chekafdd dh lsok,aizkIr djus dh izfØ;k vkjaHk dj nhA rn~uqlkj lqJh rkfu;k pØorhZ dks foÙkh; o"kZ 2016&17 dh lekfIr rd fofufnZ"Vvis{kkvksa dh iwfrZ ds fy, daiuh ds iSuy chekafdd ds :Ik esa fu;qDr dj fy;k x;kA

75

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146

Annexure D

Annual Report on Corporate Social Responsibility (CSR)Activities during FY 2016-17

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:

As on 31st March 2017, the Corporate Social Responsibility Committee (CSR Committee) comprisingthree Non-Executive Directors as its Members in the absence of CMD & CEO of the Company withoutany Independent Director (please read replies to MR3).

The composition of the Committee is set out below:

a. Mr. K.N Bhandari

b. Mr. G. Srinivasan

c. Dr. B. G. Mukhopadhyay

3. Average net profit of the Company for last three financial years is Rs. 357.50 crore (approximately).

4. Prescribed CSR Expenditure (two per cent of the amount as in item 3 above)

The prescribed CSR expenditure requirement for FY 2016-17 is Rs. 7.15 crore (approximately)

77

147

vuqyXud ?k

foÙkh; o"kZ 2016&17 ds nkSjku fuxfer lkekftd nkf;Ro ¼lh,lvkj½

xfrfofèk;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 fy, osc fyad dk lanHkZ

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 Lrjdh 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

31 ekpZ] 2017 dh fLFkfr ds vuqlkj] lkekftd mÙkjnkf;Ro lfefr ¼lh,lvkj lfefr½ esa daiuh ds lh,eMh ,oa lhbZvksdh vuqifLFkfr es afcuk fdlh Lora= funs'kd ds] blds lnL;ksa ds :i esa rhu xSj&dk;Zdkjh funs'kd 'kkfey Fks ¼—i;k,evkj3 ds mÙkj if<+,½A

lfefr ds lajpuk uhps n'kkZbZ xbZ gSa%

1- Jh ds- ,u- Hk.Mkjh2- Jh th Jhfuoklu2- MkW- ch- th- eq[kksikè;k;

3- fiNys rhu foÙkh; o"kksaZ ds fy, daiuh dk vkSlr 'kq) ykHk 373-29 djksM+ #i, ¼yxHkx½

4- fuèkkZfjr lh,lvkj O;; ¼Åij en 3 esa nh xbZ jkf'k dk nks çfr'kr½

foÙkh; o"kZ 2016&17 ds fy, fuèkkZfjr lh,lvkj O;; vko';drk 7-15 djksM+ #i, ¼yxHkx½

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148

5. Details of CSR spent during the financial year:(a) Total amount to be spent for the financial year: An amount of Rs. 14.23 crore was available

to be spent towards CSR during 2016-17, including an amount of Rs. 7.08 crore carriedforward from FY 2015-16

(b) Amount unspent, if any: The amount unspent is Rs. 26 lakh.(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 0.80 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 1.44 Agency

mid-day meals are Jaipur, Jodhpurprovided to students (Rajasthan),

in government schools. Hubli (Karnataka)and Ahmedabad

(Gujrat),Hyderabad(Telangana)

3 Under this Project Education Delhi (Deoli and 0.48 0.47 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

kadam’ provides for the Khora village, educational (Ghaziabad, U.P.)

development of girl child. 0.50 0.46 Agency5 Under this Project Education Haryana 0.25 0.20 Agency

‘Saarthak’ Company is (Greenfield,supporting education Faridabad) Delhi

of 130 abandoned (Bawana, Outerchildren across 2 SOS Delhi)

Children’s Villageslocations.

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149

5- foÙk o"kZ ds nkSjku lh,lvkj ds [kpZ dk fooj.k%¼d½ foÙkh; o"kZ ds nkSjku [kpZ djus ds fy, fuèkkZfjr jkf'k% foÙkh; o"kZ 2016&17 ds nkSjku lh,lvkj ds fy, dqy

14-23 djksM+ #i, dh jkf'k [kpZ fd, tkus ds fy, miyCèk Fkh ftlesa ls 7-08 djksM+ :i, foÙk o"kZ 2015&16ls vkxs yk, x,A

¼[k½ [kpZ u dh xbZ jkf'k] ;fn dksbZ gks% [kpZ ugha dh xbZ jkf'k 26 yk[k #i, gSA¼x½ o"kZ ds nkSjku ftl rjhds ls jkf'k [kpZ dh xbZ gS] mldk foLrr 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 vkSj dk;ZØe fooj.k vofèk rd jkf'k% izR;{k

ifj;kstuk,a vFkok ifj;kstuk ¼jkT; vkSj ftyk ¼ctV½ lap;h ;k ykxwfØ;kdyki ykxw dh xbZ tgka ifj;kstuk ;k ifj;kstuk [kpZ djus okyh

dk;ZØe 'kq# ;k dk;ZØe ,tsalh dsfd;k x;k½ ds vuqlkj ekè;e ls

1- Ykk[kksa thou jks'ku djus xzkeh.k iwohZ mÙkj izns'k] 2-13 0-80 ,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 1-44 ,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 fnYyh ¼nsoyh vkSj 0-48 0-47 ,tsaalh¼fo|ky;h f'k{kk esa frxM+h] laxe fogkj]

mipkjkRed vfHkuork½ ubZ fnYyh ds xkao½ds varxZr daiuh 500fuèkZu 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 0-46 ,tsalhds varxZr daiuh ckfydkvksa ¼[kksM+k xkao]dks 'kS{kf.kd fodkl miyCèk xkft;kckn]

djk jgh gS mÙkj izns'k½

5- bl ifj;kstuk ^lkFkZd* f'k{kk gfj;k.kk ¼xzhu 0-25 0-20 ,tsalhds varxZr daiuh 2 ,lvks,l QhYM] Qjhnkckn½

cky xzke LFkkuksa ds 130 fnYyh ¼cokuk]NksM+s x, ckydksa dh f'k{kk ckgjh fnYyh½

dks lgk;rk ns jgh gS

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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 This project ‘Cataract Health Delhi & NCR 0.25 0.25 Agencyscreening and surgery’

was supported toperform 1000 cataractsurgeries to old needy

patients.7 Integrated Village Rural Sitamarhi (Bihar), 20.42 10.24 Agency

Development Program development Hazaribagh(IVDP) in 50 villages (Jharkhand), Jalna

(Maharashtra),Sheopur (MadhyaPradesh), Lalitpur

(Uttar Pradesh)8 Construction of 7 Education Jodhpur 0.37 0.07 Direct

Classrooms for Deaf (Rajasthan)and dumb students in

Jodhpur.9 Under Farmer Rural West Bengal 0.25 0.02 Direct

Financial Inclusion developmentFortnight (FFIF) Banks

and Insurance companiesaimed at creating

awareness to bringmore farmers of theState under formal

farm Credit deliverynetworks utilizing thefinancial instrument of

Kisan Credit Card(KCC) and involvingBank Correspondents

and the PACs10 Total amount spent on — — 0.02 0.02 Direct

Capacity building andadministrative overhead

* Dedicated ascertained amount for projects irrespective of financial year

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Ø- fpfUgr dh og {ks= ftlds ifj;kstuk,a jkf'k dk fjiksfV±x [kpZ dh xbZla- xbZ lh,vkj varxZr vkSj dk;ZØe fooj.k vofèk rd jkf'k% izR;{k

ifj;kstuk,a vFkok ifj;kstuk ¼jkT; vkSj ftyk ¼ctV½ lap;h ;k ykxwfØ;kdyki ykxw dh xbZ tgka ifj;kstuk ;k ifj;kstuk [kpZ djus okyh

dk;ZØe ;k dk;ZØe ,tsalh ds'kq# fd;k x;k½ ds vuqlkj ekè;e ls

6- bl ifj;kstuk ^eksfr;kfcan LokLF; fnYyh vkSj ,ulhvkj 0-25 0-25 ,tsalhdh tkap vkSj ltZjh* ds

varxZr o) vkSj t:jrean jksfx;ksa ds fy, 1000eksfr;kfcan vkWijs'kuksa dsfy, lgk;rk nh xbZ gSA

7- 50 xkaoksa esa ,dh—r xzke xzkeh.k Lkhrke<+h ¼fcgkj½] 20-42 10-24 ,tsalhfodkl dk;ZØe ¼vkbZohMhih½ fodkl gtkjhckx ¼>kj[kaM½

tkyuk ¼egkjk"Vª½f'k;ksiqj] e/; izns'k]

yfyriqj] ¼mÙkj izns'k½

8- Tkksèkiqj esa ewd vkSj cfèkj f'k{kk Tkksèkiqj ¼jktLFkku½ 0-37 0-07 izR;{kNk=ksa ds fy, 7 d{kkvksa dk

fuekZ.k

9- —"kd foÙkh; varosZ'ku i[kokM+s xzkeh.k fodkl if'pe caxky 0-25 0-02 izR;{k ¼,Q,QvkbZ,Q½ ds varxZr cSad vkSj foÙkh; daifu;ksa dky{; jkT; ds vfèkd fdlkuksa

dks fdlku ØsfMV dkMZ¼dslhlh½ ds foÙkh; midj.k dk iz;ksx djrs gq, rFkk cSad izfrfufèk;ksa vkSj ih,lh dks

'kkfey djrs gq, mUgsa vkSipkfjd —f"k ØsfMV forj.k ds varxZr 'kkfey djuk gS

10- {kerk] fuekZ.k rFkk iz'kklfud & & 0-02 0-02 izR;{k mifjO;;ksa ij [kpZ dh xbZ

dqy jkf'k

*foÙkh; o"kZ ij è;ku u nsrs gq, ifj;kstukvksa ds fy, lefiZr fuèkkZfjr jkf'k

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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: Majority of the CSR projects mentioned above have been initiated inthe Financial Year 2016-17 and will continue in the Financial Year 2017-18, therefore, the carriedforward CSR Expenditure Fund of Rs. 26 lakh will be utilized towards the disbursement againstthe projects already approved by the Board.”

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 activities isin compliance with CSR objectives and the CSR Policy of the Company

Sd/-T. L. AlemeluCEO & CMD

Chairman CSR Committee

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6- ;fn daiuh fiNys rhu foÙkh; o"kks± ds vkSlr fuoy ykHk dk nks izfr'kr vFkok mldk dksbZ Hkkx [kpZ djus esa vlQyjgrh gS] rks daiuh cksMZ dh fjiksVZ esa ml jkf'k dks O;; u dj ikus ds dkj.k n'kkZ,xhA Åij mYys[k dh xbZ vfèkdka'klh,lvkj ifj;kstuk,a foÙkh; o"kZ 2016&17 esa vkjaHk dh xbZ gSa rFkk ;s foÙkh; o"kZ 2017&18 esa tkjh jgsaxh] vr% 26 yk[k#i, dh vkxs ys tkbZ xbZ lh,lvkj O;; jkf'k dk mi;ksx cksMZ }kjk igys ls gh vuqeksfnr ifj;kstukvksa ds laforj.kds fy, fd;k tk,xkA

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

gLrk{kjfV- ,y- vyesyw

lh bZ vks vkSj vè;{k ,oa izcaèk funs'kdvè;{k lh,lvkj desVh

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Annexure 3

MANAGEMENT REPORTIn accordance with Part IV of Schedule B of the Insurance Regulatory and Development Authority(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 accordancewith the statutory or regulatory requirements.

4. Declares that the management has not directly or indirectly invested outside India the funds ofthe 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 andthat in our belief, the assets set forth in the Balance Sheet are shown in the aggregate at amountsnot exceeding their realizable or market value under the several headings - “Loans” “Investments”“Agents balances” “Outstanding Premium” “Interest Dividends and Rent outstanding” “InterestDividends and Rent accruing but not due” “Amounts due from other persons or Bodies carryingon insurance business” “Sundry Debtors” “Bills Receivable” “Cash” and the several items specifiedunder “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 to100% of the premium for food crops & oilseeds for all normal coverage as per the provision of theScheme. Adequate provision in respect of the company’s share of claims has been made in theaccounts, as per the actuarial certificate. Appropriate reinsurance has been arranged in respect ofPradhan Mantri Fasal Bima Yojna(PMFBY) Weather Based Crop Insurance Scheme (WBCIS),Modified National Agricultural Insurance Scheme (MNAIS) Company’s own products and AnnualCommercial & 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 perthe provision of the Scheme including Company’s and Central & State/UTs Government’s liability) timeduring the preceding five years is presented below:-

Financial Particulars 30 days 30 days to 6 months 1 year to 5 years TotalYear 6 months to 1 year 5 years and above

17-Mar No. of Claims / 192058 3088518 10982584 538563 149 14801872(No. of farmers)

Amount Involved 58811 361033 1174793 71660 19 1666316(Rs in lakh)

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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; df"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; df"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%&

foÙkh; fooj.k 30 fnu 30 fnu ls 6 ekg ls 1 o"kZ ls 5 5 o"kZ ;k dqyo"kZ 6 ekg rd 1 o"kZ rd o"kZ rd mlls vfèkd

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

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14-Mar No. of Claims / 2407164 6420352 1300417 302657 0 10430590 (No. of farmers)




10. Certifies that the value of investments, stocks and shares, as shown in the Balance Sheet have beenarrived 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. 8). 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) The management has adopted accounting policies and applied them consistently (includingthose specifically required by various IRDA Regulations) and made judgments and estimates,that are reasonable and prudent, so as to give a true and fair view of the state of affairs ofthe company at the end of the financial year and of the profit of the company for the year;

(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;

Financial Particulars 30 days; 30 days to 6 months 1 year to 5 years TotalYear 6 months; to 1 year; 5 years and above

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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 lhe{kk ^^ys[kkvksa esa lekfo"V fVIif.k;ka** ¼la[;k 8½ 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%&

¼1½ 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

¼2½ izcUèku us ys[kkadu uhfr;ksa dks viuk;k gS vkSj mudk yxkrkj vuqikyu djrk jgk gS ¼fofHkUu vkbZvkjMh,

fofu;eksa }kjk fo'ks"k :i ls visf{kr lfgr½ vkSj ,sls fu.kZ; fy, gSa vkSj vkdyu fd, gSa] tks rkfdZd ,oa foosdiw.kZ

gSa] rkfd o"kZ ds fy, dEiuh ds ykHk ,oa] o"kZ ds var esa dEiuh ds dk;ks± dh fLFkfr dh lgh ,oa mfpr fLFkfr

irk py ldsA

¼3½ izcUèku us] deiuh dh ifjlEifÙk;ksa dh lqj{kk ds fy, rFkk ?kksVkyksa dks jksdus vkSj vU; vfu;ferrkvksa dk irk

yxkus ds fy, chek vfèkfu;e] 1938 ¼1938 dk 4½ @ dEiuh vfèkfu;e 2013 ¼2013 dk 1½ ds vuqes; izkoèkkuksa

ds vuqlkj ys[kkadu vfHkys[kksa ds i;kZIr vuqj{k.k ij mfpr vkSj i;kZIr è;ku fn;k gSA

¼4½ izcUèku us ^^ykHkdkjh izfr"Bku** ds vkèkkj ij foÙkh; fooj.k rS;kj fd, gSaA

foÙkh; fooj.k 30 fnu 30 fnu ls 6 ekg ls 1 o"kZ ls 5 5 o"kZ ;k dqyo"kZ 6 ekg rd 1 o"kZ rd o"kZ rd mlls vfèkd

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(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 Ghosh)Company Secretary GM & CFOPAN: BBDPS3656K PAN: AFSPG8954Q

(K.N.Bhandari) (Alice G. Vaidyan) (T. L. Alamelu)Director Director Chairman-cum-DIN: 00026078 DIN: 07394437 Managing Director

DIN: 07628279


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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

izdfr 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;

¼dfudk 'kekZ 'kkafMY;½ ¼vfHkuUn ?kks"k½dEiuh lfpo egkizcaèkd ,oa lh,Qvksisu % chchMhih,l3656ds isu % ,,Q,lihth8954D;q

¼ds- ,u- HkaMkjh½ ¼,fyl th- oS|u½ ¼fV-,y vyesyw½funs'kd funs'kd vè;{k&,oa&izcUèk funs'kdMhvkbZ,u 00026078 MhvkbZ,u 07394437 MhvkbZ,u 07628279


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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 MARCH 31, 2017CROP INSURANCE BUSINESS

Sl. PARTICULARS Schedule Current Year Previous yearNo. 31.03.17 31.03.16

(Rs. ‘000) (Rs. ‘000)

1 Premium Earned (Net) 1 20029820 186223042 Profit/Loss on Sale/Redemption of Investments 1850 84893 Others:-

Accretion of Discount on Investments 46461 314004 Interest, Dividend & Rent -Gross 2681865 2357575

TOTAL (A) 22759996 210197681 Claims Incurred (Net) 2 23992172 185594222 Commission 3 (5944947) (1496038)3 Operating Expenses related to Insurance Business 4 1666674 11590094 Premium Deficiency 0 (216747)5 Bank Interest 38546 7056 Expenses related to Investments :

a) Amortization of Premium on Investments 21036 10328b) Bank Charges 4 14c) Stock Holding Charges 1375 1374d) Other Expenses 33 81

TOTAL (B) 19774893 18018148Operating Profit from Crop Insurance Business C=(A-B) 2985103 3001620APPROPRIATIONSTransfer to Shareholders’ Account 2985103 3001620Transfer to Catastrophe Reserve 0 0Transfer to Other Reserves 0 0

TOTAL 2985103 3001620

(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.



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 Kumar)Partner PartnerM.No. 093458 M.No. 014211Place: New DelhiDate: 27.07.2017

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,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] 2003

31 ekpZ 2017 dks lekIr o"kZ ds fy, jktLo [kkrkQly chek dkjksckj

Øe fooj.k vuqlwph pkyw o"kZ xr o"kZla- 31-03-17 31-03-16

¼#- ^000½ ¼#- ^000½

1 vftZr izhfe;e ¼fuoy½ 1 20029820 186223042 fuos'kksa dh fcØh @_.kekspu ij ykHk@gkfu 1850 84893 vU;

fuos'k ij fMLdkmaV dk izR;k;u 46461 314004 C;kt] ykHkka'k o ldy fdjk;k 2681865 2357575

dqy (d) 22759996 210197681 mixr nkos ¼fuoy½ 2 23992172 185594222 deh'ku 3 (5944947) (1496038)3 chek dkjksckj ls lEcfUèkr ifjpkyu O;; 4 1666674 11590094 izhfe;e esa deh 0 (216747)5 cSad C;kt 38546 7056 fuos'k ls lacafèkr O;; :

d) fuos'k ij izhfe;e dk ifj'kksèku 21036 10328[k) cSad izHkkj 4 14x) LVkd gksfYMax izHkkj 1375 1374?k) vU; O;; 33 81

dqy ([k) 19774893 18018148Qly chek dkjksckj ls izpkyu ykHk x = ¼d&[k½ 2985103 3001620fofu;kstu'ks;j èkkjdksa ds ys[kk esa varj.k 2985103 3001620vkink lap; esa varj.k 0 0vU; vkj{k.kksa esa varj.k 0 0

dqy 2985103 3001620

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[kkesa ys[kkadu uhfr la- 6 ds vuqlkj O;;ksa ds :i esa MsfcV dj fn;k x;k gSA

¼2½ ys[kk uhfr;ksa vkSj ys[kksa ij fVIif.k;ka Øe'k% vuqcaèk&1 vkSj 2 vuqlkj gSA

¼dfudk 'kekZ 'kkafMY;½ ¼vfHkuUn ?kks"k½dEiuh lfpo egkizcaèkd ,oa lh,Qvksisu % chchMhih,l3656ds isu % ,,Q,lihth8954D;q¼ds- ,u- HkaMkjh½ ¼,fyl th- oS|u½ ¼fV-,y- vyesyw½funs'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 ,u¼foØe flag½ ¼lfoUnz dqekj½Hkkxhnkj HkkxhnkjlnL;rk la- 093458 ,e la- 014211LFkku % ubZ fnYyhfnukad % 27-07-2017

84

162



PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31ST, 2017CROP INSURANCE BUSINESS


(Rs. ‘000) (Rs. ‘000)

1. OPERATING PROFIT/(LOSS)Crop Insurance Business 2985103 3001620

2. INCOME FROM INVESTMENTSa) Interest,Dividend & Rent-Gross 1886081 1705068b) Profit on Sale of Investments 11464 6140 Less: Loss on Sale of Investments (10163) 0c) Accretion of Discount on Investment 32675 22709

3. OTHER INCOMEa) Miscellaneous Receipts 22882 5575b) Income from administration of outgoing 143232 0Co-insurance Businessc) Profit on Sale of Assets 63 0d) Prior Period Income 0 8705

TOTAL (A) 5071337 47498174. PROVISIONS (other than Taxation)

a) For dimunition in the value of Investments 0 0b) For Doubtful Debts 0 0c) On Standard Assets 41628 22835

5. OTHER EXPENSESa) Expenses other than those related to insurance business 0 0i) Amortisation of Premium on Investments 14794 7469ii) Stock Holding Charges 967 994iii) Bank Charges- Investment 3 10iv) Other Expenses related to investment 23 58b) Bad Debts written off 0 0c) Othersi) Loss on Sale of Assets 3170 213ii) Prior Period Expenses 32 9iii) Wealth Tax 0 (41)iv) Corporate Social Responsibility 139889 71953v) Others 5 10000

TOTAL (B) 200511 113500

PROFIT BEFORE TAX (C=A-B) 4870826 4636317

85

163


iathdj.k la[;k 126vkbZvkjMh, ds lkFk iathdj.k dh rkjh[k 30 vDVwcj] 2003

jktLo [kkrk 31 ekpZ 2017 dks lekIr o"kZ ds ykHk vkSj gkfu dk ys[kkQly chek dkjksckj


¼#- ^000½ ¼#- ^000½

1. ifjpkyu ykHk @ ¼gkfu½Qly chek dkjksckj 2985103 3001620

2. fuos'k ls vk;d) C;kt] ykHkka'k vkSj fdjk;k&ldy 1886081 1705068[k) fuos'kksa dh fcØh ij ykHk 11464 6140de % fuos'k dh fcØh ij gkfu (10163) 0x) fuos'k ij NwV dh vfHko`f) 32675 22709

3. vU; vk;d) fofoèk izkfIr;k¡ 22882 5575[k) fuorZeku ds iz'kklu ls vk; lgchek dkjksckj 143232 0x) ifjlEifÙk;ksa dh fcØh ij ykHk 63 0?k) iwoZ vofèk dh vk; 0 8705

dqy (d) 5071337 4749817

4. izkoèkku ¼djkèkku ds vykok½d) fuos'kksa ds ewY; dk voewY;u 0 0[k) lafnXèk _.kksa ds fy, izkoèkku 0 0x) ekud ifjlEifÙk ij 41628 22835

5. vU; O;;d) O;; tks chek dkjksckj ls lEcfUèkr ugha gSa 0 0i) fuos'kksa ij izhfe;e dk ifj'kksèku 14794 7469ii) LVkWd gksfYMax izHkkj 967 994iii) cSad izHkkj & fuos'k 3 10iv) fuos'k ls lEcfUèkr vU; O;; 23 58[k) cV~Vs [kkrs Mkys x, v'kksè; _.k 0 0x) vU;i) ifjlEifÙk;ksa dh fcØh ls gkfu 3170 213ii) iwoZ vofèk O;; 32 9iii) lEifÙk dj 0 (41)iv) fuxfer lkekftd ftEesnkjh 139889 71953v) vU; 5 10000

dqy ([k) 200511 113500

dj iwoZ ykHk (x=d-[k) 4870826 4636317

85

164

PROVISION FOR TAXATION

a) Income Tax (Current Year) 1652600 1582200

b) Deferred Tax (19455) (15251)

TOTAL (D) 1633145 1566949

PROFIT AFTER TAX (E=C-D) 3237681 3069368

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 3237681 3069368

TOTAL 3237681 3069368

PROFIT AFTER TAX & APPROPRIATIONS 0 0

Add: Balance of Profit/(Loss) brought forward from last year 0 0

BALANCE CARRIED FORWARD TO BALANCE SHEET 0 0

Basic Earning per Share ( in Rs.) 16.19 15.35

Diluted Earning per Share ( in Rs.) 16.19 15.35

Number of Equity Shares 200000000 200000000

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 Kumar)Partner PartnerM.No. 093458 M.No. 014211



(Rs. ‘000) (Rs. ‘000)

86

165


¼#- ^000½ ¼#- ^000½

djkèkku dk izkoèkku

d) vk;dj (pkyw o"kZ) 1652600 1582200

[k) vkLFkfxr dj (19455) (15251)

dqy (x) 1633145 1566949

dj i'pkr ykHk (M=x-?k) 3237681 3069368

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 3237681 3069368

dqy 3237681 3069368

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 16.19 15.35

izfr'ks;j ifj'kksfèkr vtZu ¼#- esa½ 16.19 15.35

bfDoVh 'ks;j dh la[;k 200000000 200000000

izfr'ks;j vafdr ewY; ¼#- esa½ 10.00 10.00


¼ds- ,u- HkaMkjh½ ¼,fyl th- oS|u½ ¼fV-,y- vyesyw½funs'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

¼foØe flag½ ¼lfoUnz dqekj½Hkkxhnkj HkkxhnkjlnL;rk la- 093458 ,e la- 014211


86

166



BALANCE SHEET AS AT 31ST MARCH, 2017CROP INSURANCE BUSINESS


(Rs. ‘000) (Rs. ‘000)

A SOURCES OF FUNDS1 Share Capital 5 2000000 20000002 Reserves & Surplus 6 27672613 244349323 Fair Value Change Account 96522 (176831)4 Deferred Tax Liability (Net) 0 193705 Borrowings 7 0 0

TOTAL 29769135 26277471B APPLICATION OF FUNDS1 Investments 8 & 8A 74875207 610521702 Loans 9 49029 378323 Fixed Assets 10 1048278 5744874 Deferred Tax Asset (Net) 86 05 Current Assets:(a) Cash & Bank Balances 11 12702509 3614944(b) Advances & Other Assets 12 28653769 10257730

Total (A) 41356278 138726746 Current Liabilities 13 78306748 377076487 Provisions 14 9252995 11552044

Total (B) 87559743 49259692Net Current Assets (C) = (A) - (B) (46203465) (35387018)

8 Miscellaneous Expenditure 15 0 0(to the extent not written off or adjusted)

9 Debit Balance in Profit and Loss Account 0 0TOTAL 29769135 26277471



DIN: 07628279




87

167


iathdj.k la[;k 126bjMk ds lkFk iathdj.k dh rkjh[k 30 vDVwcj] 2003

31 ekpZ 2017 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 27672613 244349323 mfpr ewY; ifjorZu ys[kk 96522 (176831)4 vkLFkfxr dj ns;rk (fuoy) 0 193705 mèkkj 7 0 0

dqy 29769135 26277471[k fufèk;ksa dk vuqiz;ksx1 fuos'k 8 vkSj 8 d 74875207 610521702 _.k 9 49029 378323 LFkk;h ifjlEifÙk;k¡ 10 1048278 5744874 vkLFkfxr dj ifjlEifÙk;k¡ (fuoy) 86 05 pkyw ifjlEifÙk;k¡ :(d) udn ,oa cSad cdk;k 11 12702509 3614944([k) vfxze vkSj vU; ifjlEifÙk;k¡ 12 28653769 10257730

mi&tksM+ (d) 41356278 138726746 pkyw ns;rk,¡ 13 78306748 377076487 izkoèkku 14 9252995 11552044

mi&tksM+ ([k) 87559743 49259692fuoy pkyw ifjlEifÙk;k¡ (x) = (d) - ([k) (46203465) (35387018)

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 29769135 26277471



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



87

168

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH, 2017

SCHEDULE 1 : PREMIUM EARNED (NET)

PARTICULARS Current Year Previous year31.03.2017 31.03.2016

(Rs. ‘000) (Rs. ‘000)

Premium from Direct Business written (Net of Service Tax) 69795611 35212219

Add: Premium on Reinsurance Accepted 87022 0

Less: Premium on Reinsurance Ceded 52103463 12931749

Net Premium 17779170 22280470

Adjustment for change in Reserve for Unexpired Risks 2250650 (3658166)

TOTAL PREMIUM EARNED (NET) 20029820 18622304

SCHEDULE 2 : CLAIMS INCURRED (NET)

PARTICULARS Current Year Previous year31.03.2017 31.03.2016

(Rs. ‘000) (Rs. ‘000)

Claims Paid - Direct 27609536 29295792

Add: Reinsurance Accepted 60194 0

Less: Reinsurance Ceded 10706931 12815754

Net Claims paid 16962799 16480038

Add: Claims Outstanding at the end of the Year 108486297 52326983



Net Claims Outstanding at the end of the Year 33719420 26690047

Less: Claims Outstanding at the beginning 52326983 50135763



Net Claims Outstanding at the beginning 26690047 24610663

Gross Incurred Claims 83768850 31487012



TOTAL CLAIMS INCURRED 23992172 18559422

88

169

31 ekpZ 2017 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"kZ31-03-17 31-03-16¼#- ^000½ ¼#- ^000½

izR;{k fyf[kr dkjksckj ls izhfe;e ¼fuoy lsok dj½ 69795611 35212219

tksMas% Lohdr iquchZek izhfe;e 87022 0

?kVk,¡% vfiZr iquchZek ij izhfe;e 52103463 12931749

fuoy izhfe;e 17779170 22280470

vlekIr tksf[ke ds fy, vkj{k.k esa ifjorZu ds fy, lek;kstu 2250650 (3658166)

dqy vftZr izhfe;e ¼fuoy½ 20029820 18622304

vuqlwph&2 % mixr nkos ¼fuoy½


Hkqxrku fd, x, nkos & izR;{k 27609536 29295792

tksMsa % Lohdr iquchZek 60194 0

?kVk,a % varfjr iquchZek 10706931 12815754

Hkqxrku fd, x, fuoy nkos 16962799 16480038

tksMsa % o"kZ ds var esa cdk;k nkos 108486297 52326983



o"kZ ds var esa cdk;k fuoy nkos 33719420 26690047

?kVk,a % vkjEHk esa cdk;k nkos 52326983 50135763



o"kZ ds vkjEHk esa cdk;k fuoy nkos 26690047 24610663

ldy mixr nkos 83768850 31487012



dqy mixr nkos 23992172 18559422

88

170

SCHEDULE 3 : COMMISSIONPARTICULARS Current Year Previous year

31.03.2017 31.03.2016(Rs. ‘000) (Rs. ‘000)

Commission Paid - Direct 33247 8642Add: Commission on Reinsurance Accepted 21293 0Less: Commission on Reinsurance Ceded 5999487 1504680NET COMMISSION (5944947) (1496038)Break- up of the expenses (gross) incurred to procure business are furnished below:Agents 0 0Brokers 26656 3764Corporate Agency 0 0Others:a) Micro Insurance Agents/NGO’s 5372 1765b) Reimbursement to GIPSA Companies (Coinsurance-Tie Up) 1219 3113TOTAL 33247 8642

SCHEDULE 4 : OPERATING EXPENSES RELATED TO INSURANCE BUSINESS

S. PARTICULARS Current Year Previous yearNo. 31.03.2017 31.03.2016

(Rs. ‘000) (Rs. ‘000)

1 Employees’ Remuneration & Welfare benefits 357110 3665702 Travel, Conveyance & Vehicle Running Expenses 35457 249583 Training Expenses 2017 35554 Rent, Rates & Taxes 98650 799015 Repairs 9505 148466 Printing & Stationery 11793 53627 Communication 8863 66138 Legal & Professional charges 8553 88319 Auditor’s fees, expenses etc. 0 0a) as Auditor 2941 1812b) 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 28028 2738411 Fees & Subscription to Statutory Authorities 21771 3114312 Interest & Bank Charges 2105 58013 Research & Development Expenses 2466 145014 EDP 253352 20975915 Depreciation 121081 9772916 Service charges to Banks/FI’s 646115 24281017 Others 56867 35706

TOTAL 1666674 1159009

*Note :

89

171

vuqlwph&3 deh'ku


Hkqxrku fd;k x;k deh'ku&izR;{k 33247 8642tksMsa % Lohdr iquchZek ij deh'ku 21293 0?kVk,a % varfjr iquchZek ij deh'ku 5999487 1504680

fuoy deh'ku (5944947) (1496038)dkjksckj vfèkxzg.k djus ds fy, mixr O;; ¼ldy½ dk C;kSjk uhps fn;k x;k gSvfHkdrkZ 0 0nyky 26656 3764dkikZsjsV ,tsalh 0 0vU;%d½ lw{e chek vfHkdrkZ@xSj ljdkjh laxBu 5372 1765[k½ ftIlk dEifu;ksa dks izfriwfrZ ¼lgchek&VkbZvi½ 1219 3113

dqy ¼[k½ 33247 8642

vuqlwph&4 chek dkjksckj ds lEcUèk esa ifjpkyu O;;

Ø- fooj.k pkyw o"kZ xr o"kZla- 31-03-17 31-03-16

¼#- ^000½ ¼#- ^000½

1 deZpkfj;ksa dks ikfjJfed vkSj dY;k.k ykHk 357110 3665702 ;k=k] ifjogu vkSj okgu lapkyu O;; 35457 249583 izf'k{k.k O;; 2017 35554 fdjk;k] njsa vkSj dj 98650 799015 ejEersa 9505 148466 eqnz.k vkSj ys[ku lkexzh 11793 53627 lapkj 8863 66138 fofèkd vkSj O;kolkf;d izHkkj 8553 88319 ys[kkijh{kd dk 'kqYd] O;; vkfn 0 0d) ys[kk ijh{kd ds :i esa 2941 1812[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 28028 2738411 lkafofèkd izkfèkdj.kksa dks 'kqYd ,oa lnL;rk 21771 3114312 C;kt vkSj cSad izHkkj 2105 58013 vuqlaèkku vkSj fodkl O;; 2466 145014 bZMhih 253352 20975915 ewY;âkl 121081 9772916 cSad@foÙkh; laLFkkuksa ds fy, lsok'kqYd 646115 24281017 vU; 56867 35706

dqy 1666674 1159009

*uksV %

89

172

SCHEDULE 5 : SHARE CAPITALSl. PARTICULARS Current Year Previous yearNo. 31.03.2017 31.03.2016

(Rs. ‘000) (Rs. ‘000)

1 Authorised Capital150 crore Equity Shares of Rs.10/- each 15000000 15000000

2 Issued Capital20 crore Equity Shares of Rs.10/- each 2000000 2000000

3 Subscribed Capital20 crore Equity Shares of Rs.10/- each 2000000 2000000

4 Called-up & Paid-up Capital20 crore Equity Shares of Rs.10/- each 2000000 2000000Less: Calls Unpaid 0 0Add: Equity Shares forfeited (Amount originally paid up) 0 0Less: Par Value of Equity Shares bought back 0 0Less: Preliminary Expenses 0 0Expenses including commission or brokerage on underw- 0 0riting or subscription of sharesTOTAL 2000000 2000000

SCHEDULE 5A : PATTERN OF SHAREHOLDING (AS CERTIFIED BY THE MANAGEMENT)

Sl. Shareholders Current Year Previous YearNo. 31.03.2017 31.03.2016

Number of % of Number of % ofShares (‘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%

90

173

vuqlwph&5 'ks;j iwath

Ø- fooj.k pkyw o"kZ xr o"kZ

la- 31-03-17 31-03-16¼#- ^000½ ¼#- ^000½

1 izkfèkdr 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- 31-03-2017 31-03-2016

'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; df"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%

90

174

SCHEDULE 6 : RESERVES & SURPLUS

Sl. PARTICULARS Current Year Previous YearNo. 31.03.2017 31.03.2016

(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 24434932 21365564

Add: Profit transferred during the year 3237681 27672613 3069368 24434932

5 Catastrophe Reserve 0 0

6 Other Reserves 0 0

7 Balance of Profit & Loss Account 0 0

TOTAL 27672613 24434932

SCHEDULE 7 : BORROWINGS

Sl. PARTICULARS Current Year Previous yearNo. 31.03.2017 31.03.2016

(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

91

175

vuqlwph&6 vkj{k.k ,oa vfèk'ks"k

Ø- fooj.k pkyw o"kZ xr o"kZla- 31-03-17 31-03-16

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 24434932 21365564

tksM+s % o"kZ ds nkSjku LFkkukUrfjr ykHk 3237681 27672613 3069368 24434932

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 27672613 24434932

vuqlwph&7 mèkkj jkf'k;ka


la- 31-03-17 31-03-16¼#- ^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

91

176

SCHEDULE 8 : INVESTMENTS (SHARE HOLDERS)


(Rs. ‘000) (Rs. ‘000)

A. LONG TERM INVESTMENTS1 Government securities and Government 4910463 4870867

guaranteed bonds including Treasury Bills2 Other Approved Securities 3189931 28561423 Other Investments

(a) Shares 0 0(aa) Equity 853974 442850(ab) Preference 0 0(b) Mutual Funds 0 0(c) Derivative Instruments 0 0(d) Debentures / Bonds 2809698 3105505(e) Other Securities 0 0(f) Subsidiaries 0 0(g) Investment Properties - Real Estate 0 0

4 Investment in Infrastructure and Social Sector 2620181 23383825 Other than Approved Investments 7174 5406

Total (A) 14391421 13619152B. SHORT TERM INVESTMENTS1 Government securities and Government 3440027 418145


(a) Shares 0(aa) Equity 0 0(ab) Preference 0 0(b) Mutual Funds 164484 477770(c) Derivative Instruments 0 0(d) Debentures / Bonds 1099643 629550(e) Other Securities 7075942 9101090(f) Subsidiaries 0 0(g) Investment Properties - Real Estate 0 0


Total (B) 16389778 12004444GRAND TOTAL (A+B) 30781199 25623596

Note: (1) A cumlative provision of Rs. 18,06,65 thousand (Previous Year Rs.13,90,38 thousand) on Standard Assets inrespect of Shareholders and Policyholders investment in Debentures/Bonds appears under item 5 (c) in Schdule14.Market Value of Shareholders and Policyholders Investments on 31.03.2017 74875207 61052171Less: Fair Value Change Account 96522 (176831)Book Value of Shareholders and Policyholders Investments as on 31.03.2017 74778685 61229002

92

177

vuqlwph&8 fuos'k ¼'ks;j èkkjd½


la- 31-03-17 31-03-16¼#- ^000½ ¼#- ^000½

¼d½ nh?kZdkfyd fuos'k1 ljdkjh izfrHkwfr;ka vkSj ljdkjh jktLo lfgr xkjaVhdr ckaM 4910463 48708672 vU; vuqeksfnr izfrHkwfr;ka 3189931 28561423 vU; fuos'k

¼d½ 'ks;j 0 0¼dd½ bfDoVh 853974 442850¼d[k½ ojh;rk 0 0¼[k½ E;qpqvy QaM 0 0¼x½ nwljs L=ksr ls izkIr lkèku 0 0¼?k½ _.k i=@ckaM 2809698 3105505¼M½ vU; izfrHkwfr;ka 0 0¼p½ lgk;d 0 0¼N½ fuos'k lEifÙk;ka&fj;y ,LVsV 0 0

4 volajpuk vkSj lkekftd {ks= esa fuos'k 2620181 23383825 vuqeksfnr fuos'kksa ds vykok 7174 5406

mi&tksM+ ¼d½ 14391421 13619152¼[k½ vYidkfyd fuos'k1 ljdkjh izfrHkwfr;ka vkSj ljdkjh gqfM;ksa lfgr ljdkjh xkjaVh 'kqnk ckaM 3440027 4181452 vU; vuqeksfnr izfrHkwfr;ka 0 340333 vU; fuos'k

¼d½ 'ks;j 0¼dd½ bfDoVh 0 0¼d[k½ ojh;rk 0 0¼[k½ E;qpqvy QaM 164484 477770¼x½ nwljs L=ksr ls izkIr lkèku 0 0¼?k½ _.k i=@ckaM 1099643 629550¼M½ vU; izfrHkwfr;ka 7075942 9101090¼p½ lgk;d 0 0¼N½ fuos'k lEifÙk;ka&fj;y ,LVsV 0 0


mi&tksM+ ¼[k½ 16389778 12004444 ldy ¼d$[k½ 30781199 25623596

uksV % 1½ vuqlph 14 esa en la[;k 5¼x½ ds vUrxZr n'kkZ, x, _.k i=ksa@vuqca/kksa esa 'ks;j/kkjdksa vkSj ikWfylh/kkjdksa ds fuos'k dsckjs esa ekud ifjlEifÙk;ksa ij #- 18,06,65 gtkj ¼xr o"kZ 13,90,38 gtkj½ dk izkoèkku31-03-2017 dks 'ks;j/kkjdksa vkSj ikWfylh/kkjdksa ds fuos'kksa dk cktkj ewY; 74875207 61052171?kVk,a % mfpr ewY; ifjorZu ys[kk 96522 (176831)31-03-2017 dks 'ks;j/kkjdksa vkSj ikWfylh/kkjdksa ds fuos'kksa dk vafdr ewY; 74778685 61229002

92

178

SCHEDULE 8A : INVESTMENTS (POLICY HOLDERS)


(Rs. ‘000) (Rs. ‘000)

A. LONG TERM INVESTMENTS1 Government securities and Government 7034229 6734726




Total (A) 20615684 18830579B. SHORT TERM INVESTMENTS1 Government securities and Government 4927832 578149




Total (B) 23478324 16597995

GRAND TOTAL (A+B) 44094008 35428574

Note: Refer foot-note to Schedule 8.

93

179

vuqlwph 8d % fuos'k ¼ikWfylh èkkjd½


la- 31-03-17 31-03-16¼#- ^000½ ¼#- ^000½

¼d½ nh?kZdkfyd fuos'k

1 ljdkjh izfrHkwfr;ka vkSj ljdkjh jktLo lfgr xkjaVhdr ckaM 7034229 67347262 vU; vuqeksfnr izfrHkwfr;ka 4569570 39490573 vU; fuos'k



mi&tksM+ ¼d½ 20615684 18830579¼[k½ vYidkfyd fuos'k1 ljdkjh izfrHkwfr;ka vkSj ljdkjh gqfM;ksa lfgr ljdkjh xkjaVh 'kqnk ckaM 4927832 5781492 vU; vuqeksfnr izfrHkwfr;ka 0 470573 vU; fuos'k



mi&tksM+ ¼[k½ 23478324 16597995

ldy ¼d$[k½ 44094008 35428574

uksV% vuqlwph 8 esa QwV&uksV dks ns[ksa

93

180

SCHEDULE 9 : LOANS


(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 49029 37832

B. Unsecured 0 0

TOTAL 49029 37832

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 (Loan to Staff) 49029 37832

TOTAL 49029 37832

3 PERFORMANCE-WISE CLASSIFICATION

a) Loans classified as Standard:

(i) In India 49029 37832


b) Non-Performing Loans, less provisions:

(i) In India 0 0


TOTAL 49029 37832

4 MATURITY-WISE CLASSIFICATION

a) Short Term 3614 3963

b) Long Term 45415 33869

TOTAL 49029 37832

94

181

vuqlwph 9 % _.k


la- 31-03-17 31-03-16¼#- ^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 49029 37832

[k. vizfrHkwr 0 0

dqy 49029 37832

2 mèkkj drkZ&okj&oxhZdj.k

d) dsUnz vkSj jkT; ljdkjsa 0 0

[k) cSad vkSj foÙkh; laLFkk,a 0 0

x) vuq"kaxh 0 0

?k) daiuh ds izfrdwy _.k 0 0

M) _.k

M) vU; 49029 37832

dqy 49029 37832

3 fUk"iknu&okj oxhZdj.k

d) ekud ds :i esa oxhZdr _.k

(i) Hkkjr esa 49029 37832


[k) xSj fu"iknudkjh _.k] izkoèkkuksa dks NksM+dj

(i) Hkkjr esa 0 0


dqy 49029 37832

4 ifjiDork&okj oxhZdj.k

d) vYidkfyd 3614 3963[k) nh?kZdkfyd 45415 33869

dqy 49029 37832

94

182

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95

184

SCHEDULE 11 : CASH AND BANK BALANCES


(Rs. ‘000) (Rs. ‘000)

1 Cash (including Cheques, Drafts & Stamps) 17 161642 Bank Balances

(a) Deposit Accounts(aa) Short term (due with in 12 months) 0 0(i) Govt. A/C with IDBI Bank 4280353 2935750(ab) Others(b) Current Accounts 8422139 663030(c) Others(i) Remittances in Transit 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 12702509 3614944Note: Balance with Non-Scheduled Banks included in 2 and 3 above is NIL (Previous year NIL)

SCHEDULE 12 : ADVANCES AND OTHER ASSETS


(Rs. ‘000) (Rs. ‘000)

A. ADVANCES1 Reserve Deposits with Ceding Companies 0 02 Application Money for Investments 0 03 Pre-payments 21601 424414 Advances to Directors/Officers 4512 36545 Advance Tax Paid & Taxes Deducted at Source 2004762 404976

(Net of Provision for Taxation)6 Others:

(a) Advance Rent paid 930 4921(b) Sundry Advances 21960 24162Less: Provision for premium defalcation (17833) (17833)Total (A) 2035932 462321

B. OTHER ASSETS1 Income accrued on investments

(a) Accrued but not due 1543600 1594175

96

185

vuqlwph 11 % udn vkSj cSad 'ks"k


la- 31-03-17 31-03-16¼#- ^000½ ¼#- ^000½

1 udn ¼pSd] Mªk¶V vkSj LVkWEi lfgr½ 17 16164

2 cSad 'ks"k(d) tek [kkrs¼[k½ vYivofèk ¼12 eghus esa gksus ds dkj.k½ 0 0(i) ljdkjh [kkrk vkbZMhchvkbZ cSad ds lkFk 4280353 2935750(ii) vU;([k) pkyw [kkrs 8422139 663030(x) vU;(i) VªkaftV esa izs"k.k 0 0

3 ekaxs tkus vkSj laf{kIr uksfVl ij jkf'kd) cSadksa ds ikl 0 0[k) vU; laLFkkvksa ds ikl 0 0

4 vU; 0 0

dqy 12702509 3614944

uksV %& 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


la- 31-03-17 31-03-16¼#- ^000½ ¼#- ^000½

d. vfxze

1 viZ.kdkjh dEifu;ksa ds ikl vkjf{kr tek 0 02 fuos'k ds fy, vkosnu jkf'k 0 03 iwoZ&Hkqxrku 21601 424414 funs'kdksa@vfèkdkfj;ksa dks vfxze 4512 36545 Hkqxrku fd;k x;k vfxze dj vkSj L=ksr ij dkVs x, dj 2004762 404976

(djkèkku ds fy, fuoy izkoèkku)6 vU; :d) Hkqxrku fd;k x;k vfxze fdjk;k 930 4921[k) fofoèk vfxze 21960 24162

?kVk,¡ % izhfe;e xcu dk izkoèkku (17833) (17833)mi&tksM+ ¼d½ 2035932 462321

[k. vU; ifjlEifÙk;ka

1 fuos'kksa ij mixr vk;

1(d) mixr] fdUrq ns; ugha 1543600 1594175

96

186

(b) Accrued and due 0 02 Outstanding Premiums 0 03 Agents’ Balances 0 04 Foreign Agencies Balances 0 05 Due from other entities carrying on Insurance 0 0

Business (including reinsurers) 49162 2505626 Due from subsidiaries/holding company 0 07 Deposit with Reserve Bank of India 0 0

(Pursuant to Section 7 of Insurance Act, 1938)8 Others:

(a) Sundry Deposits 85030 51602(b) Advance against Capital Assets 864806 776580(c) Short Collection of Premium 19655 78305(d) Adhoc payment to Govt. of India 2000000 2000000(e) Government Balances 22034342 5022652(Centre/States/UTs/Coffee Board etc.)(f) Service Tax Unutilized Credit 21242 21533

Total (B) 26617837 9795409

TOTAL (A+B) 28653769 10257730

SCHEDULE 13 : CURRENT LIABILITIES


(Rs. ‘000) (Rs. ‘000)

1 Agents Balances 0 02 Balances Due to other Insurance Companies 37445277 5879383 Deposits held on Reinsurance Ceded 0 04 Premiums received in advance 0 05 Unallocated Premium 0 06 (a) Sundry Creditors (EOM), other than 11 (c) 1472823 479557

(b) Sundry Creditors (business) 88941 833997 Due to Subsidiary/Holding Company 0 08 Claims Outstanding, other than 11 (a) 33633406 264482429 Due to Officers/Directors 0 010 OTHERS:

(a) Excess Collection of Premium, other than 11 (b) 1072621 953197


(Rs. ‘000) (Rs. ‘000)

97

187


la- 31-03-17 31-03-16¼#- ^000½ ¼#- ^000½

([k) mixr] ,oa ns; 0 02 cdk;k izhfe;e 0 0

3 ,tsaVksa ds cdk;k 0 0

4 fons'kh ,tsafl;ksa dk cdk;k 0 0

5 chek dk dkjksckj dj jgh vU; dEifu;ksa ls 0 0

ns; ¼iquchZekdrkZvksa lfgr½

6 lgk;d@èkkjdksa ls cdk;k 49162 250562

7 fjtoZ cSd vkWQ bf.M;k ds lkFk tek 0 0

¼chek vfèkfu;e] 1938 dh èkkjk 7 ds vuqlkj½

8 vU; %

d) fofoèk tek 85030 51602

[k) iwathxr ifjlEifÙk;ksa ds izfr vfxze 864806 776580

x) izhfe;e dk vYi laxzg 19655 78305

?k) Hkkjr ljdkj dks rnFkZ Hkqxrku 2000000 2000000

³) ljdkj ds cdk;k ¼dsanz@jkT;@la?k 'kkflr izns'k@ 22034342 5022652

dkWQh cksMZ bR;kfn)

p) lsokdj viz;qDr _.k 21242 21533mi&tksM ¼[k½ 26617837 9795409ldy ¼d$[k½ 28653769 10257730

vuqlwph 13 % fo|eku ns;rk,a


la- 31-03-17 31-03-16¼#- ^000½ ¼#- ^000½

1 ,tsVksa ds cdk;k 0 02 vU; chek dEifu;ksa dks ns; cdk;k 37445277 5879383 vfiZr iquchZek ij tek jkf'k 0 04 vfxze :i esa izkIr izhfe;e 0 05 vukcafVr izhfe;e 0 06 (d) fofoèk ysunkj ¼bZ vks ,e½] 11 ¼x½ ds vykok 1472823 479557 ([k) fofoèk ysunkj ¼dkjksckj½ 88941 833997 lgk;d@èkkjd dEiuh ds dkj.k cdk;k 0 08 cdk;k nkos 11 ¼d½ ds vfrfjDr 33633406 264482429 vfèkdkfj;ksa@funs'kdksa ds dkj.k cdk;k 0 010 vU;%d) izhfe;e dk vfèkd laxzg] 11 ¼[k½ ds vfrfjDr 1072621 953197

97

188

(b) Expenses Payable 332497 69983(c) Earnest Money Deposit 6506 3165(d) Government (Centre/States/UTs/Coffee Board) 3865974 8607709(e) Advance from Financial Institution 0 0

11 Unclaimed Amount of policyholders(a) Claims settled but not paid 123194 273857(b) Excess Collection of Premium 211811 151985(c) Cheques issued to insured, but not encashed 53698 48616

TOTAL 78306748 37707648

SCHEDULE 14 : PROVISIONS


(Rs. ‘000) (Rs. ‘000)

1. Reserve for Unexpired Risk 8889585 11140235

2. For Taxation (Net of Advance Tax & TDS) 0 0

3. For Proposed Dividend 0 0

4. For Dividend Distribution Tax 0 0

5. Others:

(a) Provision for Retirement Benefits 166768 251145

(b) Provision for Doubtful Debts 47 47

(c) Provision on Standard Assets 180665 139038

(d) Provision for Outstanding Expenses 10200 7205

(e) Provision for Purchase 5722 14366

(f) Reserve for Loyalty Discount 8 8

TOTAL 9252995 11552044

SCHEDULE 15 : MISCELLANEOUS EXPENDITURE (To the extent not written off)


(Rs. ‘000) (Rs. ‘000)

1. Discount allowed in issue of shares 0 0

2 Others 0 0TOTAL 0 0


(Rs. ‘000) (Rs. ‘000)

98

189


la- 31-03-16 31-03-15¼#- ^000½ ¼#- ^000½

[k) Hkqxrku fd, tkus okys O;; 332497 69983x) c;kuk tek jkf'k 6506 3165?k) ljdkj ¼dsUnz@jkT;@la?k 'kkflr {ks=@dkWQh cksMZ½ 3865974 8607709M) foÙkh; laLFkk ls vfxze 0 011 ikWfylhèkkjd ds fcuk nkos okyh jkf'k ikWfylhd) nkos fuiVk, ij Hkqxrku ugha fd;k 123194 273857[k) izhfe;e dk vfrfjDr laxzg 211811 151985x) chekdrkZ dks pSd tkjh fd, x;s] ijarq udnh ugha dh xbZ 53698 48616

dqy 78306748 37707648

vuqlwph 14 % izkoèkku


la- 31-03-16 31-03-15¼#- ^000½ ¼#- ^000½

1. vlekIr tksf[keksa ds fy, vkj{k.k 8889585 11140235

2. djkèkku ds fy, ¼fuoy vfxze dj vkSj L=ksr ij dj½ 0 0

3. izLrkfor ykHkka'k ds fy, 0 0

4. ykHkka'k forj.k dj ds fy, 0 0

5. vU; %

d) lsokfuofÙk ykHkksa ds fy, izkoèkku 166768 251145

[k) lafnXèk _.kksa ds fy, izkoèkku 47 47

x) ekud ifjlEifÙk;ksa ij izkoèkku 180665 139038

?k) cdk;k O;;ksa ds fy, izkoèkku 10200 7205

M) Ø; ds fy, izkoèkku 5722 14366

p) ykW;YVh fMLdkmaV ds fy, vkj{k.k 8 8

dqy 9252995 11552044

vuqlwph 15 % fofoèk O;; ¼ftUgsa cV~Vs [kkrs ugha Mkyk x;k½


la- 31-03-17 31-03-16¼#- ^000½ ¼#- ^000½

1. 'ks;j tkjh djus esa NwV dh vuqefr 0 0

2 vU; 0 0dqy 0 0

98

190

Annexure 1

SIGNIFICANT ACCOUNTING POLICIES1 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 (Preparation of Financial Statements and Auditors’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, tothe 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 The Policyholders’ Fund includes Technical Reserves (including Reserve for Unexpired Risks)and Provision for Outstanding Claims {including Incurred But Not Reported (IBNR) &Incurred But Not Enough Reported (IBNER)} & Reserve for Premium Deficiency.

2.2 The Shareholders’ Fund includes Share Capital, General Reserve, any other free Reserve,balance in Profit & Loss Account and Capital Reserves.

3 Revenue Recognition

3.1 Premium is recognized, net of co-insurance and reinsurance, based on assumption of risk,in the Revenue Account. In respect of Government Schemes being implemented by theCompany, premium is recognized upon remittance received from the Nodal Banks out ofsuch premium collected by them subject to acceptance of proposal/declaration by theCompany. 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 year.

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 year, 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, where the warrants are issued by 31st

March of the concerned financial year.

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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 ikWfylhèkkjdksa dh fufèk esa rduhdh lap; fufèk ¼ftlesa vlekIr tksf[keksa ds fy, lap; fufèk 'kkfey gS½ rFkkcdk;k nkoksa ds fy, izkoèkku ¼vkbZch,uvkj vkSj vkbZch,ubZvkj lfgr½ vkSj izhfe;e dh deh ds fy, vkjf{kr'kkfey gSA

2-2 va'k&èkkjdksa dh fufèk esa] va'k iwath] lkekU; vkj{k.k] vU; dksbZ eqDr vkj{k.k ykHk vkSj gkfu ys[kk esa 'ks"k rFkkiwathxr vkj{k.k 'kkfey gSA

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 Lohdr 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 Lohdr 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 o"kZ 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 dk ys[kk ml o"kZ esa fn;k x;k gS ftl o"kZ eas ykHkka'k izkIr djus ds vfèkdkj dh O;oLFkk dh xbZ gSA'ks;jksa fMcsapjksa ij ykHkka'k@varfje ykHkka'k dk ys[kkadu] lacafèkr foÙkh; o"kZ ds 31 ekpZ rd tkjh vfèki= dsvkèkkj ij fd;k x;k gS@_.k i=ksa ij C;kt] tks forj.k ds fy, yfEcr gS@mu ij vkifÙk gS@dh x.kukolwyh ij dh xbZ gSA

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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 yearis charged on pro-rata basis. Assets costing up to Rs. 5,000 (Rupees five thousand) are fullydepreciated 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 arisefrom 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.

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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 of) 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 o"kZ ds nkSjku LFkk;h ifjlEifÙk;ksa dh of)Z@deh ijewY;âkl ;Fkkuqikr vèkkj ij izHkkfjr gSA #- 5000 ¼ikap gtkj #i;s½ rd ykxr dh lEifÙk;ksa ds vfèkxzg.k dso"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 oxhZdr 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 ckr dkewY;kadu djrk gS fd D;k dksbZ ,slk ladsr gS fd ifjlEifÙk;ksa dks {kfr gqbZ gSA {kfr rc gksrh gS] tc okgd ewY;Hkkoh udn izokg] ftlls ifjlEifÙk ds lrr mi;ksx vkSj blds laHkkfor fuiVku ds mRiUu gksus dh vk'kk gS]ds orZeku ewY; ls vfèkd gks tkrk gSA O;; fd, tkus okys {kfr&?kkVs dk fuèkkZj.k] ifjlEifÙk ds fuoy fcØhewY; ls vfèkd okgd jkf'k ds :i esa fd;k tkrk gSA ;fn rqyu&i= rkjh[k dks ,slk dksbZ ladsr gksrk gS fd igysfuèkkZfjr fd;k x;k {kfr ?kkVk vc ekStwn ugha gS] rks olwyh ;ksX; jkf'k dk iqu% fuèkkZj.k fd;k tkrk gS vkSj mlifjlEifÙk dks olwyh ;ksX; jkf'k esa n'kkZ;k tkrk gS] c'krsZ fd {kfr ;ksX; ,sfrgkfld ykxr vfèkdre 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

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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 three accountingyears ending on or immediately preceding the date of working out diminution in 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 ofinvestment 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 for standard/non-performing loans/debt securities are made on the basisof prudential norms issued by RBI, as applicable to Financial Institutions, as requiredby IRDAI.

5.8.2 The investment in Government Securities and corporate Bonds are considered asstandard assets, on which provision @ 0.40% is made.

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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 :ils 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 vkbZvkjMh, }kjk ;Fkkisf{kr] foÙkh; laLFkkvksa dks ;Fkk vuqes; vkjchvkbZ }kjk tkjh fd, x, foosdiw.kZekudksa ds vkèkkj ij ekud@xSj fu"iknd _.k@_.k izfrHkwfr;ksa ds fy, izkoèkku fd, x, gSaA

5-8-2 ljdkjh izfrHkwfr;ksa vkSj fuxfer ckaMksa esa fuos'k dks ekud ifjlEifÙk;ksa ds :i esa le>k tk,xk ftudsfy, 0-40 izfr'kr dh nj dk izkoèkku fd;k x;k gSA

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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”) is credited to the relevant Fund ; no credit for investment income, if any, isgiven to the Government in respect of Govt. funds interest to meet the financial liabilitiesunder the Scheme as these amounts are meant for implementation of the Scheme and arerequired to be kept in readiness for disbursement of claims/meeting out of other financialobligations at short notice.

5.10 Income from Investments 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 at thebeginning of the year.

5.11 Expenses relating to Investments, such as for safe custody, collection of interest/dividend,bank charges, etc., are apportioned between the “Revenue Account” and “Profit and LossAccount” in the ratio of the balances standing in the “Policyholders’ Fund” and “Shareholders’Fund” respectively at the beginning of the year.

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.

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 annual closing of accounts. The total of the Provision forOutstanding Claims (including IBNR & IBNER) under NAIS (normal coverage) is not to exceedthe “Maximum Potential Liability” [MPL] of the Company, as the claims in excess thereof areborne by the Government. Currently, as per the statutory requirements and the Policy of theCompany in force, the following Provisions are made:

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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 o"kZ ds izkjaHk esa fuos'kksa ls vk; dks Øe'k% ^^jktLo ys[kk**] ^^ykHk vkSj gkfu ys[kk** rFkk ^^jk-d`-ch-;ks&lexzfufèk** dks ikWfylhèkkjd fufèk vkSj ^^'ks;j gksYMj fufèk** vkSj ûk;l lexz fuf/k** esa 'ks"k cdk;ksa ds vuqikresa izHkkftr fd;k tkrk 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

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

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9.1 Provision for Outstanding Claims: Estimated Liability for Outstanding Claims in respectof Crop Insurance Business is provided for at the year-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 year. The Management believes thatthe estimates used in preparation of the financial statements are prudent and reasonable. Futureresults could differ due to these estimates and the differences between the actual results and theestimates are recognized in the periods in which the results are known/materialize.

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, in whichreinsurance 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, in whichreinsurance 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 year.

12.2 Deferred Tax: Deferred tax reflects the impact of current year timing differences betweentaxable income and accounting income for the year and reversal of timing differences ofearlier years. Deferred tax assets and liabilities are measured using the tax rates and taxlaws 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.

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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

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 Lohdr 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 vUrj vkSj fiNys o"kks± ds le; ds vUrj ds izHkko dks n'kkZrs gSaA vkLFkfxr dj ifjleifÙk;ka vkSj ns;rkvksadks] dj njksa vkSj dj fofèk;ksa] ftUgsa vfèkfu;fer dj fn;k x;k gks vFkok rqyu&i=d dh rkjh[k }kjk okLroesa vfèkfu;fer fd;k x;k gks] dk iz;ksx djds fd;k tkrk gSA dVkSrh ;ksX; lHkh le;kuqikr vUrjksa dks vkLFkfxrdj ifjlEifÙk;ksa dks rHkh ekU;rk nh tkrh gS] tc fd mldh izkfIr ds fy, dksbZ rkfdZd fuf'prrk gksrh gSArFkkfi tgka dj dh vlekosf'kr gkfu;ka gksrh gS] ftuesa vlekosf'kr ewY; âkl] vkLFkfxr dj ifjlEifÙk 'kkfeygS] mUgsa rHkh ekU;rk nh tkrh gS] tc okLro esa ;g fuf'pr gks fd ,slh vkLFkfxr dj ifjlEifÙk;ksa dks Hkkohdj ;ksX; vk; ds izfr olwy fd;k tk ldrk gSA

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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 year 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, for employeesabsorbed from GIC is a defined contribution plan and is made in accordance with theProvident Fund/ Pension Scheme.

(b) For the employees directly appointed by the Company on or after January, 2010, theemployer’s contribution to pension fund is made in accordance with the New PensionScheme, 2004 (i.e. recognised on accrual & paid monthly).

Defined Benefit Plans

(a) Gratuity: The Employees Gratuity Fund Scheme is a defined benefit plan. The liability forGratuity is provided on actuarial valuation at the end of the year, without any fundingarrangement.

(b) Pension: The Pension plan of the Company is a defined benefit. The present value of theCompany’s obligations under Pension in respect of erstwhile employees absorbed fromGIC is recognized on the basis of an actuarial valuation as at the end of the year in proportionto the service rendered to GIC and the company. The liability is not funded.

In respect of employees covered under New Pension Scheme, the matching employer’scontribution 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 on thebasis of actuarial valuation at the end of the year.

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,

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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 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

¼[k½ tuojh 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;e

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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 can not 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.

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 nextfinancial year.


(K.N.Bhandari) (Alice G. Vaidyan) (T. L. Alamelu)Director Director Chairman-cum-Managing DirectorDIN: 00026078 DIN: 07394437 DIN: 07628279




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ls 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

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

¼dfudk 'kekZ 'kkafMY;½ ¼vfHkuUn ?kks"k½dEiuh 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

¼foØe flag½ ¼lfoUnz dqekj½Hkkxhnkj HkkxhnkjlnL;rk la- 093485 lnL;rk la- 014211

\LFkku % ubZ fnYyhfnukad % 27-07-2017

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Annexure 2

NOTES FORMING PART OF ACCOUNTS1 IRDAI Compliance

The Insurance Regulatory and Development Authority (Preparation of Financial Statements andAuditors’ 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.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 :

� 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.

� 100% Claim liability of Insurance Company.

� Actuarial Premium rates are applicable, State and Central Governments pay Premiumsubsidy in 1:1 ratio for Actuarial Premium in excess of farmer share.

� Maximum digitization of Crop Insurance implementation processes is envisaged. Alongwith AIC, four GIPSA Companies, and 12 Private Insurance Companies are empanelled.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.

5 Disclosures Forming Part of Financial Statements

5.1 Contingent liabilities

5.1.1 Partly paid-up Investments: NIL (Previous Year NIL)

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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 df"k ea=ky;] Hkkjr ljdkj ds fnukad 22 vDVwcj] 2003 ds i= ds rgr 1 vizSy 2003 ls ^^jk"Vªh;df"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 muds ys[kkijhf{krfooj.k ds vkèkkj ij] 31 ekpZ 2003 dks Qly chek dkjksckj ls lEcfUèkr #- 58]95]66 gtkj dh jkf'k dhifjlEifÙk;ka vkSj #- 4]50]03]29 gtkj dh jkf'k dh ns;rk dks thvkbZlh ls muds fnukad 3 Qjojh] 2004 dsi= }kjk izkIr fd;k x;k Fkk vkSj bu jkf'k;ksa dks dEiuh ds ys[kk cfg;ksa esa lfEefyr dj fy;k x;k FkkAthvkbZlh }kjk dEiuh dks dkjksckj varj.k djus dh rkjh[k] vFkkZr~ 01 vizSy] 2003 dks #- 184]91]47 gtkj #i;sds vlekIr tksf[keksa ds fy, vkjf{kr jkf'k vHkh rd thvkbZlh }kjk dEiuh dks varfjr ugha dh xbZ gSA

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%

� 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]

� chek daiuh dk 100 izfr'kr nkok ns;rkA

� 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

� Qly chek fØ;kUo;u izfØ;kvksa ds vfèkdre fMftVyhdj.k dh dYiuk dh xbZ gSA ,vkbZlh ds vykok] pkjftIlk daifu;ka rFkk 12 izkbosV chek daifu;ka iSuy ij j[kh xbZ gSaA jkT; ljdkj }kjk O;olk; vkcaVu fufonkizfØ;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

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

106

206

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:Rs. 4,75 thousand (Previous Year Rs. 4,75 thousand) Claims against the Company, thoseunder Policies, not acknowledged as debt: Rs.160,89,01 thousand (Previous YearRs.137,55,53 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 2008-09 2009-10 2010-11 2014-15Year

Outstanding 6,07,65 4,78,91 30,38 1,58,11Demand

Interest share Addition made Expenses Interest shareon Corpus to Corpus related to on Corpus

Issues Fund earned Fund exempt income Fund, Expensesnot credited related toto P&L A/c exempt income

Status of the CIT(Appeals) CIT(Appeals) Income Tax CIT(Appeals)case (Pending Appellate

with) Tribunal

5.1.6 Reinsurance obligations to the extent not provided for in Accounts: NIL (Previous YearNIL)

5.1.7 Others: NIL (Previous Year NIL)

5.2 As at 31st March 2017, all the assets of the Company are free from encumbrances

5.3 Commitment made and outstanding as on 31st March 2017 for: -

i Loans and Investments: NIL (Previous Year NIL)

ii IT Project “Annapoorna” & SEWA under implementation: Rs.306,96,07 thousand(Previous Year Rs.4,86,63 thousand)

iii Estimated amount of Contracts remaining to be executed on capital account andnot provided for: Rs. 15,91,16 thousand (Previous Year Rs. 28,17,33 thousand)

5.4 Claims less re-insurance, paid to claimants in/outside India:

a) In India : Rs. 1696,27,99 thousand

b) Outside India* : NIL

5.5 There are no products wherein the claims payment period, as per terms of the policy exceeds

107

207

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 Lohdr ugha gSa% #- 160]89]01 gtkj ¼xr o"kZ #- 137]55]53 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

fuèkkZj.k o"kZ 2008-09 2009-10 2010-11 2014-15

cdk;k ekax 6,07,65 4,78,91 30,38 1,58,11

eqn~ns dksiZl QaM ij dksiZl QaM vk; NwV ls dksiZl QaM ijvftZr C;kt 'ks;j ls tksM+ lacafèkr vftZr C;kt 'ks;j

ih ,.M ,y ,dkmaV fn;k x;k O;; vk; NwV ls esa tek ugha lacafèkr O;;

fd,

ekeys dh fLFkfr lhvkbZVh ¼vihy½ lhvkbZVh ¼vihy½ vk;dj vihyh; lhvkbZVh ¼vihy½¼yafcr½ U;k;kfèkdj.k

5-1-6 iquZchek nkf;Ro % ftUgs ys[kksa esa ugha fn;k tk ldk % 'kwU; ¼xr o"kZ 'kwU;½

5-1-7 vU; % 'kwU; ¼xr o"kZ 'kwU;½

5-2 31 ekpZ 2017 dks dEiuh dh lHkh ifjlEifÙk;ka _.kHkkj eqDr gSA

5-3 fuEufyf[kr ds fy, 31 ekpZ 2017 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 % #- 306]96]07 gtkj ¼xr o"kZ 4]86]63 gtkj½

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 15]91]16 gtkj ¼xr o"kZ 28]17]33 gtkj½

5-4 Hkkjr esa @ckgj nkosnkjksa dks Hkqxrku nkos ?kVk iquchZek

d½ Hkkjr esa % #i;s 1696]27]99 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%

107

208

four 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 2016-17 2015-16

Foreign Business: NIL NIL

Indian Business:Claims outstanding for more than six months 1233,24,98 319,59,75Claims outstanding up to six months 2745,48,49 1870,65,32



Indian Business:Legal Claims outstanding for more than six months 6,33,18 2,65,80Legal Claims outstanding up to six months 5,23 69,57



Indian Business:Legal Claims Exp. outstanding for more 1,39 1,13than six monthsLegal Claims Exp. outstanding up to six months 6 1,02



Indian Business:Loss Assessment Expenses outstanding for 8,39 27,13more than six monthsLoss Assessment Expenses outstanding up to 3,44,37 90,33six months

5.7 Premium less re-insurance written from business in/outside India:

a) In India : Rs. 1777,91,70 thousand

b) Outside India* : NIL

108

209

,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 2016&17 2015&16

fons'kh dkjksckj % 'kwU; 'kwU;

Hkkjrh; dkjksckj

Ng ekg ls vfèkd ds cdk;k nkos 1233,24,98 319,59,75Ng ekg rd ds cdk;k nkos 2745,48,49 1870,65,32

fooj.k 2016&17 2015&16


Hkkjrh; dkjksckj

Ng ekg ls vfèkd ds cdk;k dkuwuh nkos 6,33,18 2,65,80Ng ekg rd ds cdk;k dkuwuh nkos 5,23 69,57

fooj.k 2016&17 2015&16


Hkkjrh; dkjksckj

Ng ekg ls vfèkd ds cdk;k dkuwuh nkos [kpZ 1,39 1,13

Ng ekg rd ds cdk;k dkuwuh nkos [kpZ 6 1,02

fooj.k 2016&17 2015&16

fons'kh dkjksckj % ykxw ugha

Hkkjrh; dkjksckj

Ng ekg ls vfèkd ds cdk;k gkfu ewY;kadu [kpZ 8,39 27,13

Ng ekg rd ds cdk;k nkos gkfu ewY;kadu [kpZ 3,44,37 90,33

5-7 Hkkjr esa@Hkkjr ds ckgj ds dkjksckj ds fy[ks x, izhfe;e ?kVk iquchZek

d½ Hkkjr esa % #i;s 1777]91]70 gtkj

[k½ Hkkjr ls ckgj % 'kwU;

108

210

5.8 Short collection of Premium included under ‘Schedule of Advances and Other Asset whichrepresents amounts receivable from Nodal banks Rs.1,96,55 thousand as at 31.03.2017(Previous Year Rs. 7,83,05 thousands) remains unconfirmed. Excess collection of Premiumincluded under ‘Schedule of Current liabilities’ which may represents amounts payable toNodal banks and premium yet to be underwritten of Rs. 126,55,45 thousand (PreviousYear Rs. 110,10,75 thousands) as at 31.03.2017 [including Rs. 10,80,978 thousand ofpremium remaining yet to be underwritten, (Previous Year Rs. 95,31,97 thousands)] remainsunconfirmed.

5.9 Value of Contracts in relation to Investments for: -

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

1,43 61,55 42 1,02 0 2,76

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:-

(Rs. in thousand)

S.N Authority Non- Penalty Penalty PenaltyCompliance / Awarded Paid Waived/

violation Reduced

1 Insurance Regulatory and NIL NIL NIL NILDevelopment Authority

2 Service Tax Authorities NIL 5 5 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

109

211

5-8 izhfe;e ds laxzg esa deh dks ^^vfxzeksa vkSj vU; ifjlEifÙk;ksa dh vuqlwph** ds vUrxZr 'kkfey fd;k x;k gStks 31-03-2017 dks uksMy cSadksa ls izkI; #- 1]96]55 gtkj #i;s dh jkf'k ¼xr o"kZ 7]83]05 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 tks 31-03-2017 dks uksMy cSadksa dks ns; vkSj vHkh chekfyf[kr fd;k tkus okyk izhfe;e#i;s 126]55]45 gtkj #i;s dh jkf'k ¼xr o"kZ 110]10]75 gtkj #-½ 10]80]978 gtkj dh chek fyf[kr dh tkusokyh izhfe;e 'ks"k jkf'k ¼xr o"kZ 95]31]97 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

1,43 61,55 42 1,02 0 2,76

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%&

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

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212

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 dt 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 Dept of FinancialServices vide letter dt 7 November, 2016 and matter is still pending.

5.14 (a) Unrealized gain/losses arising due to changes in the fair value of listed equity sharesand derivative instruments are taken to equity under the head ‘Fair Value ChangeAccount’ and on realization reported in profit and loss Account.

5.14 (b) Pending realization, the credit balance in the ‘Fair Value Change Account’ is notavailable for distribution.

5.15 Details of expenses incurred under the following heads:-(Rs. in thousand)

Outsourcing Rs. 4,68,22 thousand (Previous Year(for non-core functions) Rs. 2,96,75 thousand)

Business development Rs. 10 thousand (Previous Year Rs. 3,50 thousand)

Marketing support NIL (Previous Year NIL)

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213

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

*lwphc) 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

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 4]68]22 gtkj ¼xr o"kZ¼ewy dk;ks± ls brj ds fy,½ #i;s 2,96,75 gtkj½

dkjksckjh fodkl #i;s 10 gtkj ¼xr o"kZ #i;s 3,50 gtkj½

foi.ku lgk;rk 'kwU; ¼xr o"kZ 'kwU;½

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5.16 Claims settled and remaining unpaid for a period of more than six months as at 31st March2017 is Rs. 8,18,02 thousand (Previous Year Rs. 24,07,29 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 The balance of Premium for Rabi 2016-17 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 2017.The amount is not ascertainable as on date.

5.17.3 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. Mr. R.N.Dubey

Nature of Transactions:

1. Salaries allowances and contributions during the year ended 31st March 2017: Rs. 1,85thousand (Previous Year Rs. 65,33 thousand, Pertaining to Sh P.J. Joseph, Ex-CMD)

2. Loan balances due as on 31st March 2017: 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 Year2016-17 2015-16

1. NAIS - Premium Subsidy 2,38,04,44 279,48,90

2. NAIS - Bank Service Charges 16,06,37 11,83,37

3. NAIS - Claim Share* 222,80,08,74 3766,91,45

4. NAIS - Corpus Fund 0 0

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5.16 31 ekpZ 2017 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 8]18]02 gtkj ¼xr o"kZ #- 24]07]29 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 ih,e,QchokbZ vkSj ekS-vk-jk-d-ch-;ks- ;kstukvksa ds fy, jch 2016&17 ds izhfe;e dk cdk;k] tks cSadksa }kjkfdlkuksa ls laxzg fd;k x;k gS] dks 31 ekpZ 2017 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

5.17.3 ;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

� Jh vkj- ,u- nwcs

lkSns dk Lo:i%

1- 31 ekpZ 2017 dks osru] HkÙks vkSj va'knku% #i;s 1]85 gtkj ¼xr o"kZ esa #i;s 65]33 gtkj iwoZ lh,eMh Jh ih-ts- tkslsQ ls lacaf/kr½

2. 31 ekpZ 2017 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- 2016-17 2015-16

1. jk-d-ch-;ks-&izhfe;e vuqnku 2,38,04,44 279,48,90

2. jk-d`-ch-;ks-&cSad lsok izHkkj 16,06,37 11,83,37

3. jk-d-ch-;ks-&nkos dk fgLlk* 222,80,08,74 3766,91,45

4. jk-d`-ch-;ks-&laxzg fufèk 0 0

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216

5. WBCIS - Premium Subsidy 284,76,02 1062,85,78

6. Modified NAIS- Premium Subsidy 236,71,47 676,84,05

7. Coffee Board 12,25 12,18

8. Coffee Board-State Govt. 6,09 16,25

9. Coconut Board 22,50 29,00

10. Coconut Board-State Govt. 0 2,50

TOTAL 23056,07,86 5786,70,11

* 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 2016-17.

(Rs. In thousand)


1. WBCIS - Premium Subsidy 444,05,72 594,72,77

2. Modified NAIS- Premium Subsidy 451,68,44 519,91,89

3 PMFBY-Premium Subsidy 4642,93,09 0

TOTAL 5538,67,25 1114,64,66

Further the Government-wise balances as at 31st March 2017 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 Rs.1,24,98 thousand (Previous Year Rs. 14,59,06thousand).

Accordingly the Company has received the following amounts from the Government (Central/States/UTs) towards reimbursement of following expenses related to NAIS :

(Rs. in thousand)


1. NAIS - A & O Expenses 3,69,32 1,22,15

2. NAIS - Publicity Expenses 25,40 33,29

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 respectiveGovernments.

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5. ekS-vk-Q-ch-;ks-&izhfe;e vuqnku 284,76,02 1062,85,78

6. la'kksfèkr jk-d-ch-;ks-&izhfe;e vuqnku 236,71,47 676,84,05

7. dkWQh cksMZ 12,25 12,18

8. dkWQh cksMZ&jkT; ljdkj 6,09 16,25

9. ukfj;y cksMZ 22,50 29,00

10. ukfj;y cksMZ&jkT; ljdkj 0 2,50

dqy 23056,07,86 5786,70,11

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 2016&17 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

Ø- fooj.k pkyw o"kZ xr o"kZla- 2016-17 2015-161. ekS-vk-Q-ch-;ks-&izhfe;e vuqnku 444,05,72 594,72,77

2. la'kksfèkr jk-d-ch-;ks-&izhfe;e vuqnku 451,68,44 519,91,89

3- ih,e,QchokbZ&çhfe;e lfClMh 4642,93,09 0

dqy 5538,67,25 1114,64,66

blds lkFk&lkFk 31 ekpZ 2017 dks ljdkj okj 'ks"k] vuqcaèk&4 vkSj 4^d* esa foLrkj ls fn, x, gSaA

8 jk"Vªh; d`f"k chek ;kstuk esa 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 dqy olwy fd;k x;k@olwy fd;k tkus okyh jkf'k #- 1]24]98 gtkj ¼xr o"kZ #- 14]59]06 gtkj½ cSBrk gSA

rnuqlkj] dEiuh us jk-d-ch-;ks- ls lEcfUèkr fuEufyf[kr O;;ksa dh izfriwfrZ ds :i esa ljdkj ¼dsUnzh;@jkT;@la?k 'kkflrizns'kksa½ ls fuEufyf[kr jkf'k;ka izkIr dh gSa%

#- gtkj esa

Ø- fooj.k pkyw o"kZ xr o"kZla- 2016-17 2015-16

1. jk-d-ch-;ks-&iz'kklfud o ifjpkyu [kpsZ 3,69,32 1,22,15

2. jk-d-ch-;ks-&izpkj O;; 25,40 33,29

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

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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 amortized bookvalue of Investments of the Company as on 31st March 2017 is Rs. 7477,86,85 thousand(Previous Year Rs. 6122,90,02 thousand) and the Market value of the Company’s Investmentsas on that date is Rs. 7487,52,07 thousand (Previous Year Rs. 6105,21,71 thousand). GrossIncome from Investments amounted to Rs. 472,45,88 thousand during the financial yearunder report (Previous Year Rs. 422,81,56 thousand) which includes an investment incomeof Rs. 4,87,69 thousand (Previous Year Rs. 5,65,41 thousand) credited to NAIS CorpusFund and Rs. 2,55,88 thousand (Previous Year Rs. 4,02,33 thousand) pertaining to intereston unclaimed amount due to policyholders in accordance with IRDAI Circular 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.3,64,40 thousand has been amortized during theyear (Previous Year Rs. 1,95,58 thousand). The effect of accretion of debt securities is Rs.8,04,02 thousand (Previous Year Rs. 5,53,77 thousand)

9.3 The historical cost of those Investments which are valued on “Fair Value” basis isRs.1240,01,58 thousand (Previous Year Rs. 478,48,22 thousand).

9.4 Income of Interest, Dividend, and Rent are apportioned between the “Revenue Account”“Profit and Loss Account” “NAIS-Corpus Fund” and the “Unclaimed amount ofPolicyholders” in the ratio of the balances standing in the “Policyholders’ Fund” “Shareholders’Fund” & “NAIS-Corpus Fund” respectively at the beginning of the year and closing balanceof unclaimed amount of Policyholders as on 31.03.2017

9.5 Investment income on the accumulated amount of Policyholders

In accordance with IRDAI Circular No. IRDAI/F&A/CIR/CPM/134/07/2015 dated July24 2015 investment income on accumulated unclaimed amount has been credited for thefinancial year 2016-17 at rate 7.86% per annum (as the investment yield for the Year 2016-17)

Accordingly, the details of unclaimed amounts and Investment income thereon are asfollows:

(Rs. in thousand)

Particulars Current PreviousFinancial Year Financial Year

Opening Balance 47,44,57 953,17,11

Add: Amount transferred to unclaimed amount 32,55,42 26,90,42

Add: Cheques issued out of the unclaimed NIL NILamount but not encashed by the policyholders(To be included only when the cheques are stale)

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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] 2017 dks daiuh ds fuos'k dk ifj'kksfèkr [kkrk ewY; 7477]86]85 gtkj #i,

¼fiNys o"kZ 61]22]90]02 gtkj #i, vkSj vkt dh rkjh[k esa daiuh ds fuos'k dk cktkj ewY; 7487]52]07 gtkj

#i, ¼fiNys o"kZ 6105]21]71 gtkj #i,½ gSA fjiksVZ ds varxZr foÙkh; o"kZ ds nkSjku fuos'k ls ldy vk;

472]45]88 gtkj #i, ¼fiNys o"kZ gtkj 4]22]81]56 #i,½ gS] ftlesa 4]87]69 gtkj #i, ¼fiNys o"kZ 5]65]41

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 255]88 ¼finys o"kZ 402]33½ 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

#- 3]64]40 gtkj dh dqy jkf'k dk _.k ifj'kksèku fd;k x;k gS ¼xr o"kZ 195]58 gtkj½ _.k izfrHkwfr;ksa ds

izR;k;u dk izHkko #i;s 8]04]02 gtkj ¼xr o"kZ 5]53]77 gtkj½ gSA

9.3 mu fuos'kksa dh ,sfrgkfld ykxr #- ftudk ^mfpr ewY;** ds vkèkkj ij ewY;kadu fd;k x;k gSA #- 1240]01]58

gtkj ¼xr o"kZ #- 478]48]22 gtkj½ gSA

9-4 C;kt] ykHkka'k vkSj fdjk, dh vk; dks o"kZ dh 'kq#vkr esa ^^i‚fylhèkkjdksa ds dks"k**] ^^'ks;jèkkjdksa ds dks"k** ,oa

^^,u,vkbZ,l&Qly dks"k** vkSj i‚fylhèkkjdksa dh nkok ugha dh xbZ jkf'k dh vkSlr jkf'k dks ^^jktLo [kkrk**]

^^ykHk vkSj gkfu [kkrk**] ^^,u,vkbZ,l&lewg dks"k** vkSj 31-03-2017 dks ^^i‚fylhèkkjdksa dh nkok ugha dh xbZ

jkf'k** ds chp foHkkftr fd;k x;k gSA

9-5 i‚fylhèkkjdksa dh lafpr jkf'k ij fuos'k vk;&

vkbZvkjMh,vkbZ ds 24 tqykbZ] 2015 fnukafdr] ifji= la vkbZvkjMh,vkbZ@,Q ,oa ,@lhvkbZvkj@

lhih,e@134@07@2015 ds vuqlkj] nkok u dh xbZ lafpr jkf'k ij fuos'k vk; dks foÙkh; o"kZ 2016&17 ds

fy, 7-86 % izfro"kZ dh nj ls ¼o"kZ 2016&17 ds fuos'k vk; ds :i esa½ tek 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 47,44,57 953,17,11

tksM+sa% nkok u fd, x, [kkrksa esa LFkkukarfjr jkf'k 32,55,42 26,90,42

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

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Add: Investment Income (Net of Expenses 2,49,37 3,82,22Rs thousand.)

Less: Amount paid during the year 43,62,34 936,45,18

Closing Balance of Unclaimed Amount 38,87,03 47,44,57

10 Reinsurance

10.1 During the year under report, the Company paid a sum of Rs. 5210,34,62 thousand (PreviousYear Rs. 1293,17,49 thousand) as Reinsurance Premium Ceded and earned a commissionof Rs. 599,94,87 thousand (Previous Year Rs. 150,46,80 thousand) and has accounted forReinsurance Claims recovery of Rs. 5985,32,65 thousand (Previous Year Rs. 1292,75,90thousand).

10.2 During the year under report, the Company received a sum of Rs. 8,70,22 thousand (PreviousYear Nil) as Reinsurane Premium Accepted and paid Reinsurance commission of Rs. 2,12,93thousand (Previous Year NIL) and has accounted for Re-insurance Claims incurred includingIBNR of Rs.7,65,87 thousand (Previous Year NIL).

11 Borrowings

As at the end of the year under report, the Company has no borrowings (Previous Year Rs. NIL).

12 Retirement Benefits to Employees

12.1.1 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.

12.1.2 “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.

12.1.3 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).

12.1.4 As per Govt. of India’s Gazette Notification dated 23rd Feb. 2016 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

12.2 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:-

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tksM+sa% fuos'k vk; ¼fuoy 2,49,37 3,82,22O;;

?kVk,a% o"kZ ds nkSjku Hkqxrku dh xbZ jkf'k 43,62,34 936,45,18

nkok ugha dh xbZ jkf'k dk vafre 'ks"k 38,87,03 47,44,57

10 iquchZek

10-1 leh{kkèkhu o"kZ ds nkSjku] dEiuh us iquchZek izhfe;e ds :i esa #- 5210]34]62 gtkj ¼xr o"kZ 12]93]17]49 gtkj½dk Hkqxrku fd;k vkSj #- 599]94]87 gtkj ¼xr o"kZ 150]46]80 gtkj½] dk deh'ku vftZr dh rFkk #- 5985]32]65gtkj ¼xr o"kZ #- 12]92]75]90 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 8]70]22 gtkj #i, ¼iwoZorhZ o"kZ esa'kwU;½ dh jkf'k izkIr dhrFkk 2]12]93 gtkj #i, ¼iwoZorhZ o"kZ esa 'kwU;½ dh iquchZek deh'ku dk Hkqxrku fd;krFkk mixr iquchZek nkoksa dks fglkc esa fy;k ftlesa 7]65]87 gtkj #i, dk vkbZch,uvkj Hkh 'kkfey Fkk¼iwoZorhZ o"kZ esa 'kwU;½A

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 deZpkfj;ksa dks lsokfuo`fÙk ykHk

12.1.1 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 fuofÙk 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 ^^lsokfuofÙk ykHk** ds 'kh"kZd ds varxZr ys[kkafdr fd;k x;k gSA

12-1-2 ^^,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 vkor lHkh deZpkfj;ksa ds fy, çs"k.k dks Øe'k% bu fufèk;ksa esa tek fd;k tk jgk gSA

12-1-3 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

12-1-4 Hkkjr ljdkj dh fnukad 23 Qjojh] 2016 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]

12.2 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%&

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222

(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 7,65,29,972 7,06,25,022 39,43,80,006 61,11,000 at April 01 2016

[6,03,80,469] [5,19,49,750] [9,78,78,872] [69,28,086]

b Current Service 54,10,241 3,30,87,446 1,28,23,857 68,63,940Cost

[52,74,127] [3,24,53,390] [2,01,78,835] [34,56,000]

c Interest Cost 63,38,807 1,51,62,619 1,60,31,677 7,63,437

[50,41,403] [1,14,76,115] [86,37,463] [6,92,487]

d Actuarial (Gain) (85,02,585) (3,40,69,780) (16,58,70,585) 17,72,065/Loss

[1,25,21,949] [(1,03,91,122)] [26,76,84,836] [(1,90,856)]

e Benefits paid (69,076) (98,81,932) (31,23,575) (33,73,432)

[(66,87,976)] [(1,48,63,111)] [0] [(47,74,717)]

f Obligation as at 7,97,07,359 7,49,23,375 25,42,41,380 1,21,37,010March 31 2017

[7,65,29,972] [7,06,25,022] [39,43,80,006] [61,11,000]

Change in fair value of plan assets

a Fair Value of 0 0 16,64,77,067 0Plan Assets asat April 01 2016

[0] [0] [0] [0]b Expected return 0 0 66,59,082 0

on Plan Asset [0] [0] [33,29,541] [0]c Contributions 0 0 1,36,42,359 0 [0] [0] [16,64,77,067] [0]d Benefits paid 0 0 (31,23,575) 0 [0] [0] [0] [0]e Actuarial (Gain)/ 0 0 (31,23,575) 0

Loss[0] [0] [0] [0]

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223

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 7,65,29,972 7,06,25,022 39,43,80,006 61,11,000 nkf;Ro

[6,03,80,469] [5,19,49,750] [9,78,78,872] [69,28,086]

[k pkwy lsok 54,10,241 3,30,87,446 1,28,23,857 68,63,940ykxr

[52,74,127] [3,24,53,390] [2,01,78,835] [34,56,000]

x C;kt ykxr 63,38,807 1,51,62,619 1,60,31,677 7,63,437 [50,41,403] [1,14,76,115] [86,37,463] [6,92,487]

?k chekadh; ¼ykHk½@ (85,02,585) (3,40,69,780) (16,58,70,585) 17,72,065 gkfu [1,25,21,949] [(1,03,91,122)] [26,76,84,836] [(1,90,856)]

M Hkqxrku dj fn;k x;k (69,076) (98,81,932) (31,23,575) (33,73,432) ykHk [(66,87,976)] [(1,48,63,111)] [0] [(47,74,717)]

p 31 ekpZ] 2017 dks 7,97,07,359 7,49,23,375 25,42,41,380 1,21,37,010 nkf;Ro [7,65,29,972] [7,06,25,022] [39,43,80,006] [61,11,000]

;kstukxr ifjlEifÙk;ksa ds mfpr ewY; esa ifjorZu

d 1 vizSy] 2016 dks 0 0 16,64,77,067 0;kstukxr ifjlEifÙk;ksads mfpr ewY; [0] [0] [0] [0]

[k ;kstukxr ifjlEifÙk;ksa 0 0 66,59,082 0 ij izR;kf'kr ykHk [0] [0] [33,29,541] [0]

x va'knku 0 0 1,36,42,359 0 [0] [0] [16,64,77,067] [0]

?k Hkqxrku dj fn;k x;k 0 0 (31,23,575) 0ykHk

[0] [0] [0] [0]M chekadh; ¼ykHk½@ 0 0 (31,23,575) 0

gkfu[0] [0] [0] [0]

115

224

f Fair Value of Plan 0 0 15,72,17,695 0Assets as atMarch 31 2017 [0] [0] [16,64,77,067] [0]

Reconciliation of fair value of assets and obligations

a Present value of 7,97,07,359 7,49,23,375 25,42,41,380 1,21,37,010obligation as atMarch 31 2017

[7,65,29,972] [7,06,25,022] [39,43,80,006] [61,11,000]

b Fair Value of Plan - - 15,72,17,695 -Assets as atMarch 31 2017

[16,64,77,067]

c Unfunded amount (7,97,07,359) 7,49,23,375 9,70,23,685 (1,21,37,010)recognized in theBalance Sheet

[(7,65,29,972)] [(7,06,25,022] [22,79,02,939] [(61,11,000)]

Expense recognized in the Statement of Profit & Loss Account

a Current Service 54,10,241 3,30,87,446 1,28,23,857 68,63,940Cost

[52,74,127] [3,24,53,390] [2,01,78,835] [34,56,000]

b Interest Cost 63,38,807 1,51,62,619 1,60,31,677 7,63,437 [50,41,403] [1,14,76,115] [86,37,463] [6,92,487]

c Past Service 0 0 0 0 Cost

d Expected return 0 0 (66,59,082) 0on Plan Assets

0 0 [(33,29,541)] 0

e Actuarial (Gain) (85,02,585) (3,40,69,780) (13,94,33,347) 17,72,065 / Loss [1,25,21,949] [(1,03,91,122)] [27,10,14,377] [(1,90,856)]

f Expenses 32,46,463 1,41,80,285 (11,72,36,895) 93,99,442recognizedduring the year

[2,28,37,479] [3,35,38,383] [29,65,01,134] [39,57,631]

Amount recognized in balance sheet

a Opening Net 7,65,29,972 7,06,25,022 22,79,02,939 61,11,000Liability

[6,03,80,469] [5,19,49,750] [9,78,78,872] [69,28,086]

116

225

p 31 ekpZ 2017 dks 0 0 15,72,17,695 0;kstukxr ifjlEifÙk;ksadk mfpr ewY; [0] [0] [16,64,77,067] [0]

ifjlEifÙk;ksa vkSj nkf;Roksa ds mfpr ewY; dk lkeatL;

d 31 ekpZ 2017 dks 7,97,07,359 7,49,23,375 25,42,41,380 1,21,37,010nkf;Roksa dk orZeku

ewY; [7,65,29,972] [7,06,25,022] [39,43,80,006] [61,11,000]

[k 31 ekpZ] 2017 dks - - 15,72,17,695 - ;kstukxr ifjlEifÙk;ksa

dk mfpr ewY;[16,64,77,067]

x rqyu i= esa ekU; (7,97,07,359) 7,49,23,375 9,70,23,685 (1,21,37,010)vfufèkd jkf'k

[(7,65,29,972)] [(7,06,25,022] [22,79,02,939] [(61,11,000)]

ykHk vkSj gkfu ys[kk fooj.k esa ekU; O;;

d pkyw lsok ykxr 54,10,241 3,30,87,446 1,28,23,857 68,63,940

[52,74,127] [3,24,53,390] [2,01,78,835] [34,56,000]

[k C;kt ykxr 63,38,807 1,51,62,619 1,60,31,677 7,63,437 [50,41,403] [1,14,76,115] [86,37,463] [6,92,487]

x foxr lsok ykxr 0 0 0 0

?k ;kstuk ifjlEifÙk;ksa 0 0 (66,59,082) 0 ij izR;kf'kr ykHk 0 0 [(33,29,541)] 0

M chekadh; ¼ykHk½@ (85,02,585) (3,40,69,780) (13,94,33,347) 17,72,065 gkfu [1,25,21,949] [(1,03,91,122)] [27,10,14,377] [(1,90,856)]

p o"kZ ds nkSjku ekU;rk 32,46,463 1,41,80,285 (11,72,36,895) 93,99,442izkIr O;;

[2,28,37,479] [3,35,38,383] [29,65,01,134] [39,57,631]

rqyu i= esa ekU;rk izkIr jkf'k

d vFk'ks"k fuoy ns;rk 7,65,29,972 7,06,25,022 22,79,02,939 61,11,000

[6,03,80,469] [5,19,49,750] [9,78,78,872] [69,28,086]

116

226

b Expense as above 32,46,463 1,41,80,285 (11,72,36,895) 93,99,442 [2,28,37,479] [3,35,38,383] [29,65,01,134] [39,57,631]

c Additional (69,076) (98,81,932) (1,36,42,359) (33,73,432)contribution overand abovemandatory [(66,87,976)] [(1,48,63,11)] [(16,64,77,06)] [(47,74,717)]

d Closing Net 7,97,07,359 7,49,23,375 9,70,23,685 1,21,37,010 liability

[7,65,29,972] [7,06,25,022] [22,79,02,939] [61,11,000]

Principal actuarial assumption as expressed as weighted average

Rate per annum

a Discount Rate 8.00% 8.00% 8.00% 8.00%(per annum)

[8.00%] [8.00%] [8.00%] [8.00%]

b Expected rate of N.A N.A. N.A. 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

(per annum) [5.00%] [5.00%] [5.00%] [6.00%]

**[figures in square brackets are Previous Year’s figures]

13 Deferred Tax Assets / Liability

The computation of Deferred Tax Asset/ Liability in accordance with Accounting Standard - 22“Accounting for Taxes on Income” has resulted in a Deferred Tax Asset of Rs. 86 thousand as at31st March 2017 (Previous Year a Deferred Tax Liability of Rs. 1,93,70 thousand) and the samehas been provided for in the books of account as under:

(Rs. in thousand)Deferred Tax Assets As on 31.03.2017 As on 31.03.2016

Difference in Depreciation 2,62,24 95,07Retirement Benefits 25,66 1,03,97Provision for PLI 0 0Amortization of Investments 89,82 59,73Accretion of Investments (1,83,16) (1,06,26)TOTAL 1,94,56 1,52,51Deferred Tax Assets/ (Liability) (1,93,70) (34,621)Depreciation transferred toretained earning 0 0Net DTA/(DTL) 86 (1,93,70)

117

227

[k ;FkksDr O;; 32,46,463 1,41,80,285 (11,72,36,895) 93,99,442 [2,28,37,479] [3,35,38,383] [29,65,01,134] [39,57,631]

x vfuok;Z ls (69,076) (98,81,932) (1,36,42,359) (33,73,432)vfèkd vfrfjDrva'knku

[(66,87,976)] [(1,48,63,11)] [(16,64,77,06)] [(47,74,717)]

?k lekIr fuoy 7,97,07,359 7,49,23,375 9,70,23,685 1,21,37,010ns;rk

[7,65,29,972] [7,06,25,022] [22,79,02,939] [61,11,000]

Hkkfjr vkSlr ds :i esa ;Fkk vfHkO;Dr izeq[k chekadd iwoZèkkj.kk izfro"kZ dh njd fj;k;rh nj 8.00% 8.00% 8.00% 8.00% 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 of) dh nj 5.00% 5.00% 6.00% 6.00% ¼izfro"kZ½ [5.00%] [5.00%] [6.00%] [6.00%]

**[dks"Bdksa esa fn, x, vkadM+s xr o"kks± ds gSa ]

13 vkLFkfxr dj ifjlEifÙk;ka@ns;rk

31 ekpZ] 2017 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 #- 86 gtkj gS ¼xr o"kZ vkLFkfxr dj ns;rk #- 193]70gtkj½ vkSj bls ys[kk cfg;ksa ds fuEukuqlkj fn;k x;k gSA

:- gtkj esa

vkLFkfxr dj ifjlEifÙk;ka 31.03.2017 dk s 31.03.2016 dks

ewY; âkl esa varj 2,62,24 95,07lsokfuofÙk ykHk 25,66 1,03,97ih,yvkbZ dk izkoèkku 0 0fuos'kksa dk ifj'kks/ku 89,82 59,73fuos'kksa dh vfHko`f) (1,83,16) (1,06,26)dqy 1,94,56 1,52,51vkLFkfxr dj ifjlEifÙk;ka@ns;rk,a (1,93,70) (34,621)ewY;âkl dks izfrèkkfjr vk; esa 0 0gLrkarfjr fd;k

usV MhVh,@¼MhVh,y½ 86 (1,93,70)

117

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14 Impairment in the Value of Fixed Assets

In accordance with the Accounting Standard - 28 “Impairment of Assets”, the Company has assessedas on the Balance Sheet date whether there are any indications (listed in paragraphs 8 to 10 of theStandard) with regard to impairment of any of the assets. Based on such assessment, it has beenascertained that there are no such indications and thereby no formal estimate of recoverable amounthas been made. Accordingly, no impairment loss has been provided in the books of account.

15 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).

16 Summary of Financial Statements

The “Summary of Financial Statements” as required under the IRDAI Regulations is as perAnnexure - 6.

17 Accounting Ratios

“Accounting Ratios” as required under the IRDAI Regulations is as per Annexure - 7.

18 Earnings Per Share [EPS] The Earnings per Share (EPS) of the Company as per AccountingStandard - 20 issued by the Institute of Chartered Accountants of India is as under:

Particulars Current Year Previous Year2016-17 2015-16

Profit after Tax 323,76,81 thousand 306,93,68 thousand(net of prior-period adjustments)

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. 16.19 Rs. 15.35

19 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.

20 Micro Small and Medium Enterprises Development Act 2006

The management is currently in the process of identifying enterprises which have been providinggoods and services to the Company which qualify under the definition of Medium and SmallEnterprises as defined under Micro Small and Medium Enterprises Development Act 2006.Accordingly disclosure in respect of the amount payable to such Micro, Small and MediumEnterprises as at 31st March 2017 has not been made in Financial Statements. However in the viewof the management, the impact of interest, if any, that may be payable in accordance with theprovisions of the Act is not expected to be material.

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229

14 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

15 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

16 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

17 ys[kkadu vuqikr

vkbZvkjMh, fofu;eksa ds varxZr ;Fkkisf{kr ^^ys[kkadu vuqikr** vuqcaèk&7 esa fn, x, gSaA

18 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 fuEukuqlkj gS%&

fooj.k pkyw o"kZ xr o"kZ2016-17 2015-16

dj i'pkr~ ykHk ¼iwokZofèk&lek;kstu½ 323,76,81 gtkj 306,93,68 gtkj dk fuoy½

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 #- 16.19 #- 15.35

19 fofèkd ekeys

jk-d-ch-;ks- ds varxZr chekdr 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

20- lw{e] y?kq vkSj eè;e m|e fodkl vfèkfu;e 2006

izcaèku orZeku esa m|eksa dh igpku djus dh izfØ;k esa gS tks daiuh dks eky vkSj lsok,a iznku dj jgs gSa tks lw{e] y?kqvkSj eè;e m|e fodkl] vfèkfu;e] 2006 ds varxZr ;FkkifjHkkf"kr y?kq vkSj eè;e m|eksa dh ifjHkk"kk ds varxZr vgZdgksrs gSaA rnuqlkj foÙkh; fooj.kksa esa 31 ekpZ] 2017 dh fLFkfr ds vuqlkj lw{e] y?kq vkSj eè;e m|eksa dks lans; jkf'k dslanHkZ esa izdVhdj.k ugha fd;k x;k gSA rFkkfi] izcaèku dh jk; esa] C;kt ds izHkko] ;fn dksbZ gS] tks vfèkfu;e ds micaèkksads vuq:i lans; gS] dh rkfRod gksus dh vis{kk ugha gSA

118

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21 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 2017 31st March 2016

Lease Rent Charged 9,11,80 thousand 7,29,50 thousandto Profit and Loss Account

22 Pursuant to Sub-Section (5) of Section 135 of The Companies Act 2013 the Company was requiredto spend Rs. 7,15,00 thousand in pursuance of its “Corporate Social Responsibility Policy (CSRPolicy)” on eligible activities. During the financial year, the Company has spent Rs. 13,98,89thousand on such eligible activities.

Accordingly, the unspent amount of CSR works out to be Rs. 23,61 thousand (Previous Yearcarried forward unspent balance amounting to Rs. 7,07,50 thousand.) is being carried forward forspending in future.

23 23.1 The balance appearing in the amount due to/due from persons or bodies carrying oninsurance business including reinsurance business are subject to confirmation/reconciliationand consequential adjustments if any.

23.2 Reinsurance acceptance transactions pertaining to the year have been booked for advicesreceived upto 31 March 2017.

24 Specified Bank Notes

Ministry of Corporate Affairs Notification no. GSR 308(E) dated March 30, 2017 requires a disclosureon holdings as well as dealings of Specified Bank Notes (SBN) under Schedule III of the CompaniesAct, 2013. By virtue of Proviso (2) of sub section (1) of Section 129 of the Companies Act, 2013,provisions of Schedule III do not apply to Insurance companies. Accordingly, the Company hasnot made any disclosure in this regard.

25 Presentation

Figures in brackets unless stated otherwise reflect negative figures.

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231

21 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 2017 31 ekpZ 2016lekIr o"kZ ds fy, lekIr o"kZ ds fy,

ih ,aM ,y [kkrs esa iV~Vk 9,11,80 gtkj 7,29,50 gtkj fdjk;k izHkkj

22 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 7]15]00 gtkj #i, [kpZ djus dh t:jr FkhA foÙkh; o"kZ ds nkSjku daiuhus ,slh ;ksX; xfrfofèk;ksa ij 13]98]89 gtkj #i, [kpZ fd, gSaA

rnuqlkj] lh,lvkj dh [kpZ u dh xbZ jkf'k 23]61 gtkj #i, gS] ftlesa ¼fiNys o"kZ ds vkxs yk, x, [kpZ u dh xbZ7]07]50 gtkj #i, dh jkf'k Hkh 'kkfey gS½ ftls Hkfo"; esa [kpZ djus ds fy, vkxs c<+k;k tk jgk gSA

23- 23-1 iquchZek O;olk; lfgr chek O;olk; lapkfyr djus okys O;fDr;ksa vFkok fudk;ksa dks ns;@ls ns; jkf'k esa fn[kkbZiM+us okyk larqyu iqf"V@lek;kstu vkSj i’pkr~orhZ lek;kstuksa ds vè;èkhu gS] ;fn dksbZ gksA

23-2 o"kZ ls lacafèkr iquchZek Lohdk;Zrk laO;ogkjksa dks 31 ekpZ] 2017 rd izkIr ijke'kks± ds fy, ntZ fd;k x;k gSA

24- fofufnZ"V cSad uksV

dkjiksjsV dk;Z ea=ky; dh vfèklwpuk la[;k lk-dk-fu- 308¼v½ fnukad 30 ekpZ] 2017 daiuh vfèkfu;e] 2013 dh vuqlwphIII ds varxZr fofufnZ"V cSad uksVksa dh èkkfjrk rFkk muds laO;ogkj ds izdVu dh vis{kk djrh gSA daiuh vfèkfu;e] 2013dh èkkjk 129 dh mièkkjk ¼1½ ds ijarqd 2 }kjk vuqlwph III chek daifu;ksa ij ykxw ugha gksrh gSA rnuqlkj daiuh dks bllacaèk esa dksbZ izdVhdj.k ugha djuk gSA

25 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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Statement showing the Age-wise Analysis of the Unclaimed amount of thePolicyholders as on 31.03.2017

(Rs. in thousands)

S. Particulars Total AGE-WISE ANALYSISNo. Amount 4-12 13-18 19-24 25-30 31-36 Beyond 36

months months months months months months

1 Claims settled but not 8,36,58 3,01,32 1,68,65 24,98 80,89 2,47,45 13,29paid to the policyholders /insured dueto any reasons exceptunder litigation from theinsured/policyholders

2 Sum due to the insured/ 0 0 0 0 0 0 0policyholders onmaturity or otherwise

3 Any excess collection 19,29,25 12,80,79 2,57,07 1,20,90 68,66 68,23 1,33,60of 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 4,89,60 17,85 4,17 9,98 18,51 90,52 3,48,57insurer for Settlement ofClaims/excess collectionetc. and cheques havenot been encashed by thepolicyholders/insured.



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 Kumar)Partner PartnerM.No. 093458 M.No. 014211Place: New DelhiDate: 27.07.2017

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233

31-03-2017 dks ikWfylh èkkjdksa dh v'kksfèkr jkf'k dsvofèk&okj fo'ys"k.k n'kkZus okyk fooj.k%&

#- gtkj esa

Ø- fooj.k dqy vofèk&okj fo'kys"k.kla- jkf'k 4-12 13-18 19-24 25-30 31-36 36 ekg

ekg ekg ekg ekg ekg ds ckn1 fuiVk, x, nkos] fdUrq 8,36,58 3,01,32 1,68,65 24,98 80,89 2,47,45 13,29

ftudk Hkqxrku ikWfylhèkkjdksa@chferksa dks chferksa@ikWfylh èkkjdksa }kjk fd,x, eqdneksa ds vykok]fdUgha dkj.kksa ls ugha fd;kx;k gSA

2 chferksa@ikWfylh èkkjdksa dks 0 0 0 0 0 0 0ifjiDork vofèk vFkokvU;Fkk ds gksus ij nh tkusokyh jkf'k

3 izhfe;e@dj vFkok fdlh 19,29,25 12,80,79 2,57,07 1,20,90 68,66 68,23 1,33,60izdkj ds vU; izHkkj] tksokilh ;ksX; gS vkSjmls ikWfylh èkkjdksa dks] ;krks ikWfylh dh 'krks± ds vuq&lkj vFkok dkuwu ds vuqlkjvFkok tSlk fd izkfèkdj.k}kjk fn, x, funsZ'kksa ds vuq&lkj] okil fd;k tkukgS] fdUrq vHkh rd okilugha fd;k x;k gSA

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264


ANNEXURE 6SUMMARY OF FINANCIAL STATEMENTS

(Rs. In Lakh)

S.N. PARTICULARS 2016-17 2015-16 2014-15 2013-14 2012-13

OPERATING RESULTS1 Gross Direct Premiums 697956 352122 273970 339501 3297422 Net Earned Premium# 177792 222805 149641 170034 1595393 Income from Investments (Net) 26613 23543 22300 18960 151944 Other Income 465 314 464 266 12115 Total Income 204869 246661 172405 189261 1759446 Commissions (Net) 59449 14960 6817 17218 22254

(Including Brokerage)7 Operating Expenses (17052) (11597) (6969) (7158) (4744)8 Net Incurred Claims (239922) (185594) (173371) (172445) (144461)9 Change in Unexpired Risk Reserve 22506 (36582) 10196 (5248) (11914)9(a) Premium Deficiency 0 2167 (2167) 0 010 Operating Profit/Loss 29851 30016 6911 21629 37079

NON-OPERATING RESULTS11 Total Income under Shareholder’s 18857 16347 17297 14950 14114

account (Net)12 Profit/(Loss) before Tax 48708 46363 24209 36578 5119313 Provision for Tax & Deferred 16331 15669 (7404) (11714) (16371)

Tax Liability14 Profit after Tax 32377 30694 16805 24865 34821

MISCELLANEOUS15 POLICYHOLDERS’ ACCOUNT

Total Funds 426462 378623 320905 281240 250375Total Investments 440940 354286 264488 236884 234980Yield on Investments 7.86 8.46 8.78 8.94 9.03

16 SHAREHOLDERS’ ACCOUNTTotal Funds* 276726 244349 213656 199276 174411Total Investments 307812 256236 206215 165023 163696Yield on Investments 7.86 8.46 8.78 8.94 9.03

17 Paid up Equity Capital 20000 20000 20000 20000 2000018 Net Worth* 276726 244349 213656 199276 17441119 Total Assets 1173289 755372 624350 521513 50741020 Yield on Total Investments 7.86 8.46 8.78 8.94 9.0321 Earnings per Share (Rs.) 16.19 15.35 8.40 12.43 17.4122 Book Value per share (Rs.) 138.36 122.17 106.86 99.64 87.2123 Total Dividend NIL NIL 200000 NIL NIL24 Dividend per Share (Rs.) NIL NIL 1.00 NIL NIL

# Net of reinsurance*Does not include Rs 20000 Lakhs adhoc payment to Government of India.

136

265


vuqyXud&6foÙkh; fooj.k dk lkjka'k

¼#- yk[k esa½

Ø-l a - fooj.k 2016-17 2015-16 2014-15 2013-14 2012-13

ifjpkyu ifj.kke

1 ldy izR;{k izhfe;e 697956 352122 273970 339501 3297422 fuoy vftZr izhfe;e# 177792 222805 149641 170034 1595393 fuos'kksa ls vk; (fuoy) 26613 23543 22300 18960 151944 vU; vk; 465 314 464 266 12115 dqy vk; 204869 246661 172405 189261 1759446 nykyh (fuoy) (nykyh lfgr) 59449 14960 6817 17218 222547 izpkyu O;; (17052) (11597) (6969) (7158) (4744)8 fuoy mixr nkos (239922) (185594) (173371) (172445) (144461)9 vlekIr tksf[ke vkj{k.k esa ifjorZu 22506 (36582) 10196 (5248) (11914)9(d) izhfe;e dh deh 0 2167 (2167) 0 010 ifjpkyu ykHk@gkfu 29851 30016 6911 21629 37079

xSj&ifjpkyu ifj.kke

11 'ks;j èkkjdksa ds ys[kksa ds varxZr dqy 18857 16347 17297 14950 14114vk; (fuoy)

12 dj iwoZ ykHk/(gkfu) 48708 46363 24209 36578 5119313 dj vkSj vkLFkfxr dj ns;rk 16331 15669 (7404) (11714) (16371)

dk izkoèkku14 dj i'pkr ykHk 32377 30694 16805 24865 34821

fofoèk

15 ikWfylh èkkjdksa ds ys[ks

dqy fufèk 426462 378623 320905 281240 250375dqy fuos'k 440940 354286 264488 236884 234980fuos'kksa ij ykHk 7.86 8.46 8.78 8.94 9.03

16 'ks;j èkkjdksa ds ys[ks

dqy fufèk* 276726 244349 213656 199276 174411dqy fuos'k 307812 256236 206215 165023 163696fuos'k ij ykHk 7.86 8.46 8.78 8.94 9.03

17 iznÙk bfDoVh iwath 20000 20000 20000 20000 2000018 fuoy ewY;* 276726 244349 213656 199276 17441119 dqy ifjlEifÙk;ka 1173289 755372 624350 521513 50741020 dqy fuos'kksa ij ykHk 7.86 8.46 8.78 8.94 9.0321 izfr 'ks;j vtZu ¼#-½ 16.19 15.35 8.40 12.43 17.4122 izfr 'ks;j vafdr ewY; ¼#-½ 138.36 122.17 106.86 99.64 87.2123 dqy ykHkka'k ¼#-½ 'kwU; 'kwU; 200000 'kwU; 'kwU;24 izfr 'ks;j ykHkka'k ¼#-½ 'kwU; 'kwU; 1.00 'kwU; 'kwU;

# fuoy iquchZek*blesa Hkkjr ljdkj dks fd;k x;k 200 djksM+ #- ds rnFkZ Hkqxrku 'kkfey ugha gSA

136

266

Annexure-7

KEY ACCOUNTING RATIOS

SN PARTICULARS 2016-17 2015-16Percentage/ Ratio Percentage/ Ratio

1 Gross Direct Premium Growth Rate 98.21% 28.53%

2 Gross Direct Premium to Net Worth Ratio* 2.52 1.44

3 Growth Rate of Net Worth* 13.25% 14.37%

4 Net Retention Ratio 25.44% 63.27%

5 Net Commission Ratio -33.44% -6.71%

6 Expenses of Management to Gross Direct 2.44% 3.32%Premium Ratio

7 Expense of Management to Net Written 9.56% 5.24%Premium Ratio

8 Net Incurred Claims to Net Earned Premium 119.78% 99.66%

9 Combined Ratio 95.72% 98.15%

10 Technical Reserves to Net Premium Ratio 2.40 1.70

11 Underwriting Balance Ratio 0.02 0.02

12 Operating Profit Ratio 15.21% 15.02%

13 Liquid Assets to Liabilities Ratio 1.23 0.85

14 Net Earnings Ratio 18.21% 13.78%

15 Return on Net Worth Ratio* 11.70% 12.56%

16 Available Solvency Margin Ratio to Required 1.84 3.26Solvency Margin Ratio*

17 NPA Ratio 0.00 0.00

Gross NPA Ratio 0.00 0.00

Net NPA Ratio 0.00 0.00

*Does not include Rs.200 crore adhoc payment to Government of India.

137


267

vuqcaèk 6

izeq[k ys[kkadu vuqikr

Øe fooj.k 2016-17 2015-16la- izfr'krrk@vuqikr izfr'krrk@vuqikr

1 ldy izR;{k izhfe;e of) nj 98.21% 28.53%

2 fuoy ewY; vuqikr esa ldy izR;{k izhfe;e* 2.52 1.44

3 fuoy ewY; dh of) nj* 13.25% 14.37%

4 fuoy èkkj.k vuqikr 25.44% 63.27%

5 fuoy nykyh vuqikr -33.44% -6.71%

6 ldy izR;{k izhfe;e vuqikr ds izcUèku 2.44% 3.32%ij O;;

7 fuoy fyf[kr izhfe;e vuqikr ds izcUèku 9.56% 5.24%ij O;;

8 fuoy vftZr izhfe;e ds fuoy mixr nkos 119.78% 99.66%

9 la;qDr vuqikr 95.72% 98.15%

10 fuoy izhfe;e vuqikr esa rduhdh vkj{k.k 2.40 1.70

11 chek ys[ku rqyu vuqikr 0.02 0.02

12 ifjpkyu ykHk vuqikr 15.21% 15.02%

13 ns;rk vuqikr esa udn ifjlEifÙk;ka 1.23 0.85

14 fuoy vtZu vuqikr 18.21% 13.78%

15 fuoy ewY; vuqikr ij ykHk* 11.70% 12.56%

16 visf{kr _.k 'kksèku lhekar vuqikr ij miyCèk _.k 1.84 3.26'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

137


268

Annexure 5CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST MARCH, 2017(As per Direct Method)

S N PARTICULARS Current Year Previous Year01.04.16 to 31.03.17 01.04.15 to 31.03.16

(Rs. ‘000) (Rs. ‘000)A)

CASH FLOW FROM OPERATING

ACTIVITIES1 Premium received from policy holders, 70120533 36072758

including advance receipts2 Other receipts 166113 142803 Payments to the re-insurers, net of (35391916) 1422954

commissions and claims4 Payments to co-insurers, net of claims recovery 0 05 Payments of claims (27669730) (29295792)6 Payments of commission and brokerage (54540) (251452)7 Payments of other operating expenses (1350819) (730765)8 Preliminary and pre-operative expenses 0 09 Deposits, advances and staff loans (11197) 71610 Income taxes paid (Net)** (3252386) (724455)11 Service tax paid 291 32112 Other payments (139894) (81953)13 Increase/decrease in current assets (16838382) 28368614 Increase/decrease in liability 33122834 390745115 Cash flows before extraordinary items 18700908 1061774916 Cash flow from extraordinary operations 0 017 Net cash flow from operating activities 18700908 10617749

Net Cash from Operating Activities (A) 18700908 10617749B) CASH FLOW FROM

INVESTING ACTIVITIES1 Purchase of fixed assets (688613) (459328)2 Proceeds from sale of fixed assets 928 7103 Purchases of investments (18717166) (8661412)4 Loans disbursed 0 05 Sales of investments 0 06 Repayments received 0 07 Rents/Interests/ Dividends received 4621670 42191558 Investments in money market instruments 5210788 (5415886)

and in liquid mutual funds

138

269

vuqcaèk 531 ekpZ 2017 dks lekIr o"kZ ds fy,

udn izokg fooj.k¼izR;{k i)fr ds vuqlkj½

Øe fooj.k pkyw o"kZ xr o"kZla- 01.04.16 to 31.03.17 01.04.15 to 31.03.16

(#- ‘000) (#- ‘000)

d) ifjpkyu xfrfofèk;ksa ls udn izokg1 ikWfylhèkkjdksa ls izkIr vfxze ikofr;ksa 70120533 36072758

lfgr izhfe;e2 vU; izkfIr;ka 166113 142803 fuoy nykyh vkSj nkoksa dk iquchZekdrkZvksa dks (35391916) 1422954

Hkqxrku4 fuoy nkok olwfy;ksa dk lg&chekdrkZvksa dks 0 0

Hkqxrku5 nkoksa dk Hkqxrku (27669730) (29295792)6 deh'ku vkSj nykyh ds Hkqxrku (54540) (251452)7 vU; ifjpkyu O;;ksa dk Hkqxrku (1350819) (730765)8 izkjafHkd vkSj ifjpkyu iwoZ O;; 0 09 tek jkf'k;ka] vfxze vkSj LVkQ dks _.k (11197) 71610 Hkqxrku fd;k x;k vk;dj ¼fuoy½** (3252386) (724455)11 Hkqxrku fd;k x;k lsokdj 291 32112 vU; Hkqxrku (139894) (81953)13 orZeku ifjlaifÙk;ksa esa of)@deh (16838382) 28368614 nkf;Ro esa of)@deh 33122834 390745115 vfrfof'k"V enksa ls iwoZ udn izokg 18700908 1061774916 vfrfof'k"V ifjpkyu ls udn izokg 0 017 ifjpkyu xfrfofèk;ksa ls fuoy udn izokg 18700908 10617749 ifjpkyu xfrfofèk;ksa ls fuoy udn ¼d½ 18700908 10617749[k) fuos'k xfrfofèk;ksa ls udn izokg

1 fu;r ifjlEifÙk;ksa dh [kjhn (688613) (459328)2 fu;r ifjlEifÙk;ksa dh fcØh ls izkfIr 928 7103 fuos'kksa dh [kjhn (18717166) (8661412)4 forfjr fd, x, _.k 0 05 fuos'kksa dh fcØh 0 06 iquHkqZxrku dh izkfIr 0 07 izkIr gq, fdjk,@C;kt@ykHkka'k 4621670 42191558 èku cktkj lkèkuksa vkSj nzO; E;qP;qvy Q.M 5210788 (5415886)

esa fuos'k

138

270

9 Expenses related to investments (2404) (2531)10 Net cash flow from investing activities (9574797) (10319292)

Net Cash used in Investing Activities (B) (9574797) (10319292)C) CASH FLOW FROM

FINANCING ACTIVITIES1 Proceeds from issuance of share capital 0 02 Proceeds from borrowing 7095000 4662003 Repayments of borrowing (7095000) (466200)4 Interest/dividends paid (38546) (241420)5 Net cash flow from financing activities (38546) (241420)

Net Cash from Financing Activities(C) (38546) (241420)D) Effect of foreign exchange rates on cash and 0 0

cash equivalents, netE) Net increase in Cash & Cash equivalents:1 Cash and cash equivalents at the beginning 3614944 3557906

of the year2 Cash and cash equivalents at the end of the year 12702510 3614944

Net increase in Cash & Cash equivalents (E) 9087565 57037



for M/s Bhasin Raghavan & Co. for M/s P. R. Mehra & Co.Chartered Accountants Chartered AccountantsFirm Regn. No. 000197N Firm Regn. No. 000051N



S N PARTICULARS Current Year Previous Year01.04.16 to 31.03.17 01.04.15 to 31.03.16

(Rs. ‘000) (Rs. ‘000)A)

139

271

9 fuos'kksa ls lEcfUèkr O;; (2404) (2531)

10 fuos'k xfrfofèk;ksa ls fuoy udn izokg (9574797) (10319292)

fuos'k xfrfofèk;ksa esa iz;qDr udn izokg ¼[k½ (9574797) (10319292)

x) fuèkh;u xfrfofèk;ksa ls udn izokg

1 'ks;j iwath tkjh djus ls gqbZ izkfIr;ka 0 0

2 mèkkj ls izkfIr;ka 7095000 466200

3 mèkkj dk iquHkqZxrku (7095000) (466200)

4 Hkqxrku fd;k x;k C;kt@ykHkka'k (38546) (241420)

5 fuèkh;u xfrfofèk;ksa ls fuoy udn izokg (38546) (241420)

fuèkh;u xfrfofèk;ksa ls fuoy udn ¼x½ (38546) (241420)

?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; 3614944 3557906

2 o"kZ ds var esa udn vkSj udn lerqY; 12702510 3614944

udn vkSj udn lerqY;ksa esa fuoy o`f) ¼M-½ 9087565 57037

¼dfudk 'kekZ 'kkafMY;½ ¼vfHkuUn ?kks"k½dEiuh lfpo egkizcaèkd ,oa lh,Qvksisu % chchMhih,l3656ds isu % ,ih,lihth8954D;q


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- 01.04.16 to 31.03.17 01.04.15 to 31.03.16

(#- ‘000) (#- ‘000)

139

272

AICiansAICiansAICiansAICiansAICians

140

273

,-vkbZ-lh- ds deZpkjh ,oa vf/kdkjh

140

274

AICians AICians AICians AICians AICians ,-vkbZ-lh- ds deZpkjh ,oa vf/kdkjh

141

d`"kd ;Ru j{k.ke~

,xzhdYpj ba';ksjsal dEiuh vkWQ bafM;k fyfeVsM ¼,-vkbZ-lh-½

Regd. Office : 13th Floor), 14, Kasturba Gandhi Marg, Connaught Place, New Delhi-110001

Ph. : 91-11-46869800, Fax : 91-11-46869815

CIN : U74999DL2002PLC118123

Agriculture Insurance Company of India Ltd.iathd`r dk;kZy; % ^^vEcknhi** ¼13oka ry½] 14] dLrwjck xka/kh ekxZ] ubZ fnYyh

"AMBADEEP" (

nwjHkk"k % 91&11&46869800] QSDl % 91&11&46869815

Designed & Printed by : Chawri Bazar, Delhi-06 M. 9811419531Indu Cards & Graphics,

agriculture eng ar 2016-17 for printing

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