fok; lwph contents - agriculture insurance company of … ys[kkadu uhfr;ka significant accounting...

funs'kd eaMy Board of Director 1

eq[; dk;kZy; esa ofj"B çcU/kd Senior Management at Head Office 1

{ks=kh; çcU/kd Regional Managers 2

v/;{kh; Hkk"k.k Chairman's Speech 3

fu;a=kd ,oa egkys[kk ijh{kd dh fjiksVZ C&AG Report 5

ys[kkijh{kd dh Lora=k fjiksVZ Independent Auditor's Report 6

funs'kdksa dh fjiksVZ Directors' Report 19

çcU/ku çfrosnu Management Report 58

jktLo ys[kk Revenue Account 61

ykHk vkSj gkfu [kkrk Profit and Loss Account 62

rqyu i=k Balance Sheet 64

ys[kkvksa dh vuqlwfp;ka Schedules to the Accounts 65

egRoiw.kZ ys[kkadu uhfr;ka Significant Accounting Policies 76

ys[kkvksa esa lekfo"V fVIif.k;ka Notes forming part of Accounts 83

foÙkh; fooj.k dk lkjka'k Summary of Financial Statements 114

çeq[k ys[kkadu vuqikr Key Accounting Ratios 115

udn çokg fooj.k Cash Flow Statements 116

vuqlwfp;ksa dk iquoZxhZdj.k Regrouping of Schedules 118

fo"k; lwph @ Contents

funs'kd vkSj izca/kd e.My Board and Management

v/;{k o izca/k funs'kdChairman-cum-Managing Director

Jh ih- ts- tkslWQ Mr. P. J. Joseph

funs'kd@Director(s) Jh vuwi o/kkou +Jh jkt flag Jh ds- ,u- Hk.Mkjh Mr. Anup Wadhawan Mr. Raj Singh Mr. K.N. Bhandari

Jh xksiky uk;d Jh ijhtkr nÙkk Jh ujs'k xqIrk Mr. Gopal Naik Mr. Parijat Dutta Mr. Naresh Gupta

Jh ih- osadVjeS;k Jh ih- uk;d Jh dqynhi flag lqJh vk'kk uk;j Mr. P. Venkataramiah Mr. P. Nayak Mr. Kuldip Singh Ms. Asha Nair

egkizca/kd@General Manager(s) Jh ,e- ds- iksn~nkj Jh jktho pkS/kjh Jh vfHkuUn ?kks"k Mr. M. K. Poddar Mr. Rajeev Chaudhary Mr. Avinanda Ghosh

mi egkizca/kd@ 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

fu;qDr chekafdd@Appointed Actuary

lqJh ;ksfxrk vjksM+k@Ms. Yogita Arora

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

ys[kk ijh{kd@AuditorseSllZ ,l-lh- oklqnso ,.M da-] pkVZMZ ,dkmaVsaV~l@M/s S. C. Vasudeva & Co., Chartered Accountants

eSllZ ds- ds- ?kbZ ,.M da-] pkVZMZ ,dkmaVsaV~l@M/s K. K. Ghei & Co., Chartered Accountants

iathÏr dk;kZy;@Registered Office^^vEcknhi** ¼13oha eafty½] 14] dLrwjck xka/kh ekxZ] ubZ fnYyh&110001

Qksu % 011&46869800] QSDl % 011&46869815"Ambadeep" (13th Floor), 14, Kasturba Gandhi Marg, New Delhi-110001

Phone : 011-46869800, Fax : 011-46869815

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lqJh vk'kk uk;j funs'kd ,ao egkizca] ;qvkbZvkbZlh

Ms. Asha Nair Director & GM, UIIC

Jh xksiky uk;d izksQslj vkbZvkbZ,e] caxykSj

Mr. Gopal Naik Professor, IIM, Bangalore

Jh ijhtkr nÙkk egkizca] thvkbZlh

Mr. Parijat Dutta GM, GIC

Jh ih- ts- tkslWQ v/;{k&o&izcU/k funs'kd

Mr. P. J. Joseph Chairman-cum- Managing Director

Jh ds- ,u- Hk.Mkjh LkEekuuh; funs'kd]

jk"Vªh; fof/k fo'ofo|ky;Mr. K. N. Bhandari

Honorary Director, NLU

+Jh jkt flag la;qDr lfpo] Ñ-ea-] Hkk-l-

Mr. Raj Singh JS. MoA, GoI

+Jh vuwi o/kkou la;qDr lfpo] fo-ea] Hkk-l-

Mr. Anup Wadhawan JS. DFS, MoF, GoI

Jh ih- uk;d egkizca] ,u,lh

Mr. P. Nayak GM, NAC

Jh dqynhi flagfuns'kd ,oa egkizca] vksvkbZlh

Mr. Kuldip Singh Director & GM, OIC

Jh ih- osadVjeS;k egkizca] ,uvkbZlh

Mr. P. Venkataramiah GM, NIC

funs'kd eaMyBoard of Directors

Jh ujs'k xqIrk eq[; egkizca] ukckMZ

Mr. Naresh Gupta CGM, NABARD

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eq[; dk;kZy; esa ofj"B izca/kdSenior Management at Head Office

Jh vfHkuUn ?kks"k egkizca/kd

Mr. Avinanda GhoshGeneral Manager

Jh ,l-,l- lDlsuk mi egkizca/kd

Mr. S. S. Saxena Deputy General Manager

Jh ch-,l- jkgqy mi egkizca/kdMr. B. S. Rahul

Deputy General Manager

lqJh ;ksfxrk vjksM+k fu;qDr chekafdd

Ms. Yogita Arora Appointed Actuary

Jh ,e- ds- iksn~nkj egkizca/kd

Mr. M. K. Poddar General Manager

MkW ,e- Mh- xqIrk mi egkizca/kd

Dr. M. D. Gupta Deputy General Manager

Jh jktho pkS/kjh egkizca/kd

Mr. Rajeev ChaudharyGeneral Manager

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{ks=h; izca/kdRegional Manager(s)

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

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

lqJh Hkkjrh oftjkosyq] pSUubZMs. Bharthi Vajjiravelu, Chennai

Jh iq"dj fiz;n'khZ] iVukMr. Pushkar Priyadarshi, Patna

Jh Ñ".kk izlkn] HkksikyMr. Krishna Prasad, Bhopal

Jh lh- vucjklq] caxykSjMr. C. Anbarasu, Bangalore

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

Jh Mh- jkts'k] fr:oariqje~Mr. D. Rajesh, Thiruvananthapuram

MkW 'k=q?u izlkn] nsgjknwuDr. Shatrughan Prasad, Dehradun

Jh nljFkh flag] Hkqcus'ojMr. Dasrathi Singh, Bhubaneswar

Jh vuqie nkl] y[kuÅMr. Anupam Das, Lucknow

Jh gsear dqekj ik.Mk] jkaphMr. Hemant Kumar Panda, Ranchi

Jh dhfrZ csgjk] xqokgVhMr. Kriti Chandra Behera, Guwahati

Jh ,l- iVuk;d] jk;iqjMr. S. Patnaik, Raipur

Jh ,e-vkj- edokuk] t;iqjMr. M. R. Makwana, Jaipur

Jh Mh-Mh- Mkaxs] eqEcbZ Mr. D. D. Dange, Mumbai

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

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Dear Shareholders,

I extend a hearty welcome to you all to the 12th Annual General Meeting of Agriculture Insurance Company of India Limited.

Indian farm sector has made huge strides in the past few decades. Agriculture productivity has increased significantly with better use of fertilizer, pesticide and technological interventions. The net area under irrigation has increased from 38.72 million hectares in the year 1980 to 65.3 million hectares in 2014. Various initiatives taken by the Central and State Governments have increased the farmers’ access to farm credit, quality inputs and markets to sell their produce. The last decade has seen substantial increase in export of agricultural products but imports have remained stagnant which, augurs well for the agriculture sector, in particular, and for the economy in general. There has been significant progress in the agriculture economy but the condition of majority of the farmers remain grim. The productivity gains have not translated into higher incomes as the number of individuals dependent on agriculture for their livelihood is far higher than the optimum. Loss of production due to vagaries of nature and fluctuating prices of agricultural commodities also contribute to the problem.

Indian agriculture sector has gone through trying times during the current financial year on account of less than normal rain during monsoon and unseasonal rains during the Rabi cropping season. While agriculture production suffered only marginally in the aggregate, losses were significantly higher than in the past for AIC as some of the states where the Company had commitments were affected badly. The adverse effects of climate change are no longer merely a threat of the future but a reality of today. Increased competition experienced in the crop insurance market, also, brought in its wake challenges for your Company.

The uncertainty in the crop insurance regime prevalent in the country in the previous year continued in the current year as well. State Governments were given the liberty to choose between the administered price scheme (NAIS) and the actuarial price scheme (NCIP). State Governments by and large chose between the two at the inception of the season but, in one case the State withdrew the notification for implementing the actuarially priced scheme and issued fresh notification to implement NAIS.

While your Company had allocated capacity for States which are traditionally with us, the business generated from some of these States was much less than expected. For example, Andhra Pradesh, which is entirely insured with AIC saw a significant dip in business due to poor off take of crop loans consequent to non-payment of loans taken previously, on the expectation of waiver of crop loans by the government. This has resulted in reduction in business as compared to the previous year. As mentioned earlier, poor monsoon combined with unseasonal rains in the Rabi season has increased the loss of crops affecting our bottom line adversely.

Chairman's Speech

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fç; 'ks;j/kkjd]

eSa ,xzhdYpj ba';ksjsal daiuh v‚Q bafM;k fyfeVsM daiuh dh 12oha okf"kZd vke cSBd ds fy, vki lHkh dk gkfnZd Lokxr djrk gwaA

Hkkjrh; —f"k {ks= us fiNys dqN n'kdksa esa Hkkjh çxfr dh gSA moZjd] dhVuk'kd vkSj rduhdh mik;ksa ds csgrj mi;ksx ds lkFk —f"k mRikndrk dkQh c<+ x;h gSA flapkbZ gsrq 'kq) {ks= 1980 esa 38-72 yk[k gsDVs;j ls c<+dj 2014 esa 65-3 yk[k gsDVs;j gks x;k gSA dsUæ vkSj jkT; ljdkjksa }kjk mBk, x, fofHkUu mik;ksa dh otg ls fdlkuksa dks —f"k _.k gkfly djus] xq.koÙkk c<+kus vkSj viuh mit cspus ds fy, cktkjksa dh lqxerk esa o`f) gqbZ gSA fiNys ,d n'kd ls —f"k mRiknksa ds fu;kZr esa i;kZIr o`f) ns[kh xbZ gS] ysfdu vk;kr dh fLFkfr fLFkj cuh gqbZ gS] tks fd —f"k {ks= ds fy, fo'ks"k :i ls vkSj vFkZO;oLFkk ds fy, lkekU; :i esa 'kqHk ladsr gSA —f"k vFkZO;oLFkk esa mYys[kuh; çxfr gqbZ gS] fdUrq cgqyrk esa fdlkuksa dh gkyr fodV cuh gqbZ gSA vkthfodk gsrq cM+h la[;k esa ns'k ds yksx vU; {ks=ksa dh ctk; [ksrh ij fuHkZj djrs gSa fQj Hkh ;fn vf/kd mRiknu dks csgrj vk; esa ifjofrZr ugha fd;k tk ldk rks ;g ,d foQyrk gh gksxhA ç—fr dk çdksi vkSj —f"k oLrqvksa dh vfLFkj dher Hkh mRiknu esa deh ds fy, egRoiw.kZ dkj.k gSaA

pkyw foÙkh; o"kZ esa Hkkjrh; —f"k {ks= esa jch Qly ekSle ds nkSjku dbZ ckj lkekU; ls de o"kkZ ;k csekSle o"kkZ eqf'dy dk lcc cu pqdh gSA lexz :i ls —f"k mRiknu esa Hkys gh uqdlku Fkk] ij ,vkbZlh ds fy, ?kkVs iwoZ dh rqyuk esa dkQh vf/kd Fks D;ksafd dqN jkT;ksa esa tgka ,vkbZlh opuc) Fkh os jkT; cqjh rjg ls çHkkfor gq;sA tyok;q ifjorZu dk çfrdwy çHkko dsoy Hkfo"; ds fy, ,d [krjk ugha jg x;k gS cfYd vkt dh ,d okLrfodrk gSA Qly chek cktkj esa c<+rh çfrLi/kkZ ds eísutj gekjh daiuh dks Hkh vusd pqukSfr;ksa dk lkeuk djuk iM+ jgk gSA

fiNys o"kZ ns'k esa çpfyr Qly chek O;oLFkk esa vfuf'pRrk pkyw foÙkh; o"kZ esa Hkh tkjh jghaA jkT; ljdkjksa dks ç'kkflr dher ;kstuk ¼jk-Ñ-ch-;ks-½ vkSj chekafdd dher ;kstuk ¼,ulhvkbZih½ ds chp p;u djus ds fy, Lora=rk ns nh x;h FkhA jkT; ljdkjsa dqy feykdj ekSle dh 'kq#vkr esa nksuksa esa ls ,d ;kstuk dks pquk ysfdu] ,d ekeysa esa jkT; us chekafdd dher ;kstuk dks dk;kZUof;r djus dh vf/klwpuk dks okil ys fy;k rFkk jk"Vªh; —f"k chek ;kstuk dks ykxw djus ds fy, u, fljs ls vf/klwpuk tkjh dj nhA

tcfd vkidh daiuh us jkT;ksa dks {kerk dk vkoaVu dj fn;k gS tks ikjaifjd :i ls gekjs lkFk gSa fQj Hkh dqN jkT;ksa ls mEehn ds eqrkfcd O;kikj ugha gks ldkA mnkgj.kLo:i] vka/kz çns'k] tks fd ,vkbZlh ds }kjk iw.kZr% chfer Fkk ljdkj }kjk Qly _.k dh ekQh dh mEehn ij iqjkus fy, x, _.kksa dk Hkqxrku u djus ds QyLo:i Qly _.k ds fuEu Lrjh; lapkyu ds dkj.k O;kikj esa Hkkjh {kfr ns[kus dks feyhA bldk ifj.kke ;g gqvk fd fiNys o"kZ dh rqyuk esa daiuh ds O;kikj esa deh vk x;hA tSlk fd igys mYys[k fd;k x;k gS fd csekSle cjlkr ds lkFk&lkFk [kjkc ekulwu us jch ekSle esa Qlyksa dks dkQh uqdlku igqapk;k ftldk gekjs y{;ksa ij çfrdwy çHkko iM+k gSA

v/;{k&o&izcU/k funs'kd dh dye ls

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The dissatisfaction with the existing crop insurance schemes has provoked the stakeholders to demand changes in the existing arrangement. Discussions are underway at various levels to address the issues like high cost of premium, delay in settlement of claims, poor publicity, non-compliance with the compulsory provision etc. There is also a thinking that the insurance needs of the farmer should be looked at in its entirety and a product launched which provides insurance cover for his life and all his assets including crop under a single package. This concept is not new as such products are available in other countries. In India we have a adopted an area based approach to insure crops independently for Kharif and Rabi and hence innovative ways have to be found to combine crop insurance which is purchased seasonally with annual insurance of other assets of the farmers individually.

Farm Income Insurance is another demand which has gained currency recently. This comes out of the expectation that through insurance farmers can be indemnified in the event of loss of income arising out of fall in the price of their output. Normally, crop production and price have an inverse correlation i.e. lower production results in higher prices and higher production results in lower prices. This offsetting behavior helps the farmers by keeping the monetary loss within acceptable limits in the event of production loss or price drop. If losses take place in spite of the offsetting behavior insurance comes into the picture to offer indemnity. However, if insurance protection is offered against loss of incomes arising out of fall in price without reference to the actual yield, it may not be sustainable particularly, in the Indian context where, the price is not a function of demand and supply but dependent on a host of other factors, most significant among them being the Government level market interventions. The absence of commodity markets with sufficient depth and liquidity adds to the complexity. Policy makers are aware of the expectations of the farming community and also the challenges in developing and administering insurance products that meet with their expectations.

Yield index products which are popular suffer from delays in claim settlement due to the large number of crop cutting experiments that need to be carried out every season. The only way this problem can be solved is through the extensive use of Remote Sensing technology (RST) and Geographical Information System (GIS) technology. We have been partnering with Government and private sector initiatives to use RST to make crop cutting experiments more efficient but progress has been slow because of limitations in technology and operational challenges in validating inferences arrived at by use of technology. We expect that in the near term appropriate technology will be available to speed up the claim process by optimizing the number of CCEs to be carried out in a given unit area.

We have also seen policy makers at the highest level taking a keen interest in understanding the problems of the industry which augurs well for all stakeholders. I have no doubt in my mind that crop insurance can succeed in our country only with the active involvement of the Centre and State Governments. While governments’ involvement was always there, it is expected that the heightened interest shown by the Governments in the recent past will bring about an orderly growth of the industry to the benefit of millions of farmers in India. Your Company will be working with the Governments and other stakeholders to fulfill this expectation.

Thanks

Mr. P. J. Joseph

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ekStwnk Qly chek ;kstukvksa dks ysdj vlarks"k ekStwnk O;oLFkk esa ifjorZu dh ekax djus ds fy, fgr/kkjdksa dksa mdlk;k gSA çhfe;e dh mPp ykxr] nkoksa ds fuLrkj.k esa nsjh] fuEu Lrjh; çpkj] vfuok;Z çko/kkuksa dk vuqikyu u djuk vkfn eqíksa ds lek/kku gsrq fofHkUu Lrjksa ij ppkZ;sa py jgha gSaA ;g Hkh ,d lksp gS fd fdlkuksa dh chek laca/kh t:jrksa dks laiw.kZrk ls ns[kk tkuk pkfg, rFkk ,d ,sls mRikn dk çekspu djuk pkfg, ftlds rgr fdlkuksa ds thou rFkk mudh ifjlaifÙk;ksa ds lkFk&lkFk mudh Qlyksa dk chek Hkh ,d gh iSdst ds varxZr gks tk,A Hkkjr esa geus Lora= :i ls [kjhQ vkSj jch Qlyksa dk chek djus ds fy, ,d {ks= vk/kkfjr –f"Vdks.k viuk;k gS vkSj blfy, _rq ds vuqlkj [kjhns tkus okyh Qly chek dks O;fäxr :i ls fdlkuksa dh vU; ifjlaifÙk;ksa ds okf"kZd chek ds lkFk feykus gsrq vfHkuo rjhds [kkstus pkfg,A

—f"k vk; chek ,d vkSj ekax gS ftles gky esa ykHk gqvk gSA blls fdlkukas dks ;g mEehn feyrh gS fd chek ds ek/;e ls muds mRiknu dh dher esa vkbZ deh ls gksus okyh gkfu dh {kfriwfrZ gks ldrh gS vke rkSj ls] Qlyksa ds mRiknu rFkk mudh dherksa esa foijhr laca/k gS vFkkZr~~ ;fn mRiknu de gksrk gS rks dhersa c<+ tkrh gS rFkk ;fn mRiknu vf/kd gksrk gS rks mlds ifj.kkeLo:i dherksa esa fxjkoV ntZ dh tkrh gS bl çdkj ds foijhr O;ogkj ds dkj.k gh fdlku mRiknu esa deh ;k ewY; esa fxjkoV ds dkj.k gq, ekSfæd uqdlku dks ,d Lohdk;Z lhek rd lhfer j[k ldrs gSaA ;fn chek csgrj O;ogkj {kfriwfrZ dh is'kd'k djrs gq, iVy ij vkrk gS fQj Hkh fdlkuksa dks gkfu igqprh gS rks ;g ,d fopkj.kh; eqík gSA gkykafd] ;fn ewY; esa fxjkoV dh otg ls gksus okyh vk; dk uqdlku okLrfod mit dks lanHkZ esa fy, fcuk gh fn;k tk jgk gS rks ;g LFkk;h ugha gks ldrk gS fo'ks"k :i ls Hkkjrh; ifjis{; esa tgka ij ewY;] ekax vkSj vkiwfrZ ij ugha cfYd vU; dkjdksa ij Hkh vk/kkfjr gksrk gS ftlesa lcls egRoiw.kZ ljdkj }kjk cktkj Lrj ij gLr{ksi gSA i;kZIr xgjkbZ rFkk rjyrk okys oLrq cktkj dh deh us bl leL;k vkSj vf/kd tfVy cuk fn;k gSaA uhfr&fuekZrk] —"kd&leqnk; dh vis{kkvksa ls rFkk chek mRiknksa dks çLrqr djus rFkk mudks dk;kZUof;r djus dh pqukSfr;ksa ls HkyhHkk¡fr ifjfpr gSa rFkk dksf'k'k djrs gSa fd muds }kjk yk;h tkus okyh uhfr —"kdksa dh mEehnksa ij [kjh mrjsaA mit lwpdkad mRiknu tks fd cgqr cM+s Lrj ij gksus okys Qly dVkbZ ç;ksxks dh otg ls nkoksa ds fuLrkj.k esa nsjh ds fy, çfl) gS mls çR;sd ekSle esa djus dh t:jr gS bl leL;k dks gy djus dk ,dek= jkLrk gS fd ge nwj laosnh çkS|ksfxdh ¼vkj,lVh½ vkSj HkkSxksfyd lwpuk ç.kkyh ¼th vkbZ ,l½ çkS|ksfxdh dk O;kid mi;ksx djsaA gekjs }kjk Qly dVkbZ ç;ksxks dks vkSj vf/kd dq'ky cukus gsrq fjeksV lsfUlax çkS|ksfxdh dk ç;ksx ljdkj rFkk futh {ks= dh igy ds lkFk lk>snkjh ds :i esa fd;k tk jgk gS fdUrq ;g çfØ;k çkS|ksfxdh dh lhekvksa rFkk çkS|ksfxdh ds mi;ksx ls feyus okys vuqekuksa ds ewY;kadu ds ifjpkyu esa pqukSfr;ksa dh otg ls /kheh iM+ x;h gSA ge mEehn djrs gSa fd fudV Hkfo"; esa nkoksa ds fuLrkj.k esa rsth ykus ds fy, mi;qä çkS|ksfxdh miyC/k gks tk,xh ftlds }kjk fdlh fn;s x, bdkbZ {ks= esa Qly dVkbZ ç;ksxksa fd la[;k dks fu/kkZfjr fd;k tk ldsxkA

geus ;g Hkh ns[kk gS fd mPp Lrj ij uhfr fuekZrk m|ksx dh leL;kvksa dks le>us esa xgjh #fp j[krs gSa tks fd ge lHkh fgr/kkjdksa ds fy, 'kqHk ladsr gSA bl fo"k; esa eSa fu%lansg gw¡ fd gekjs ns'k esa Qly chek dk;ZØe rHkh lQy gks ldrk gS tc dsaæ ,oa jkT; ljdkj nksuksa gh lkFk esa lfØ; Hkkxhnkjh fuHkk,¡A gkykafd] ljdkjksa dh Hkkxhnkjh ges'kk ls gh jgh gS rFkk ;g mEehn gS fd ljdkjksa }kjk chrs dqN le; esa fn[kkbZ x;h mPp fnypLih Hkkjr ds yk[kksa fdlkuksa rFkk —f"k chek {ks= dks Hkh lqO;ofLFkr fodkl dh vksj vxzlj djsxhA vkidh daiuh ljdkj rFkk fgr/kkjdksa ds lkFk dke djrs gq, bu vis{kkvksa dh iwfrZ djsxhA

/kU;okn ih- ts- tkslWQ

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COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6) (b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF AGRICULTURE INSURANCE COMPANY OF INDIA LIMITED FOR THE YEAR ENDED 31 MARCH 2015.

The preparation of financial statements of Agriculture Insurance Company of India Limited for the year ended 31

March 2015 in accordance with the financial reporting framework prescribed under the Insurance Act, 1938 read

with the Insurance Regulatory and Development Authority (Preparation of Financial Statement and Auditor's Report

of Insurance Companies) Regulation, 2002 and the Companies Act, 2013 is the responsibility of the management

of the Company. The statutory auditors appointed by the Comptroller and Auditor General of India under Section

139(5) of the Act are responsible for expressing opinion on the financial statements under Section 143 of the Act

based on independent audit in accordance with the standards on auditing prescribed under Section 143(10) of the

Act. This is stated to have been done by them vide their Audit Report dated 6th June, 2015.

I, on behalf of the Comptroller and Auditor General of India have decided not to conduct the supplementary audit of the

financial statements of Agriculture Insurance Company of India Limited for the year ended 31st March 2015 and as such

have no comments to make under Section 143(6)(b) of the Act.

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

Sd/-

(Suparna Deb)

Principal Director of Commercial Audit

& Ex-officio Member, Audit Board-II, New Delhi

Place: New Delhi

Date: 13.08.2015

5

,xzhdYpj ba';ksjsal dEiuh vkWQ bf.M;k fyfeVsM ds 31 ekpZ 2015 dks lekIr o"kZ ds foÙkh; fooj.k ij dEiuh vf/kfu;e 2013 dh /kkjk 143 (6 )([k) ds vUrxZr Hkkjr ds fu;a=kd ,oa egkys[kk ijh{kd dh fVIif.k;ka

31 ekpZ 2015 dks lekIr o"kZ ds fy,] Hkkjrh; chek fofu;ked vkSj fodkl izkf/kdj.k ¼chek dEifu;ks a ds foÙkh; fooj.k vkSj ys[kk ijh{kd dh fjiksVZ rS;kj djuk½ fofu;e] 2002 rFkk dEiuh vf/kfu;e] 2013 ds lkFk ifBr chek vf/kfu;e] 1938 es a fofgr foÙkh; izfrosnu <kaps ds vuqlkj ,xzhdYpj ba';ksj s al dEiuh vkWQ bf.M;k fyfeVsM ds foÙkh; fooj.k rS;kj djus dh ftEesnkjh dEiuh dh gksrh gSA vf/kfu;e dh /kkjk 139 ¼5½ ds varxZr Hkkjr ds fu;a=d vkSj egkys[kkijh{kd }kjk fu;qDr lafof/kd ys[kkijh{kd] vf/kfu;e dh /kkjk 143 ¼10½ ds varxZr fu/kk Zfjr ys[kkdau ekudks a ds vuqlkj Lora= ys[kk ijh{kk ij vk/kkfjr vf/kfu;e dh /kkjk 143 ds varxZr bu foÙkh; fooj.kk s a ij fopkj vfHkO;Dr djus ds fy, ftEesnkj gS aA mudh ys[kk ijh{kk fjiksVZ] fnukad 6 twu] 2015 }kjk ;g mYys[k gS fd mUgks aus ys[kk ijh{kk dj yh gSA

eS aus] Hkkjr ds fu;a=d vkSj egkys[kkijh{kd dh vksj ls] ,xzhdYpj ba';ksj s al dEiuh vkWQ bf.M;k fyfeVsM ds 31 ekpZ 2015 dks lekIr o"kZ ds foÙkh; fooj.k dk vuqiwjd ys[kkijh{kd dk lapkyu u djus dk fu.kZ; fy;k gS rFkk] bl rjg ls] vf/kfu;e dh /kkjk 143 ¼6½ ¼[k½ ds varxZr dksbZ fVIi.kh ugh djuh gSA

Ñrs Hkkjr ds fu;a=kd vkSj egk ys[kkijh{kd

¼lqi.kkZ nsc½

iz/kku funs'kd] okf.kfT;d ys[kk ijh{kk rFkk insu lnL;] ys[kk ijh{kk cksMZ&II ubZ fnYyh

LFkku % ubZ fnYyh fnukad % 13.08.2015

5

S. C. Vasudeva & Co., K. K. Ghei & Co., Chartered Accountants, Chartered Accountants, B-41, Panchsheel Enclave, 806, Hemkunt House New Delhi – 110017 6, Rajendra Place New Delhi-110008

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF Agriculture Insurance Company of India Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Agriculture Insurance Company of India Limited (“the Company”), which comprise the Balance Sheet as at 31st March, 2015 , the Revenue Account ,the Profit and Loss Account in respect of crop insurance business and the Cash Flow Statement for the year then ended, in which are incorporated the returns of seventeen Regional Offices audited by the other firms of Chartered Accountants, which have been taken into consideration by us and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating

6

,l-lh-oklqnso ,aM dEiuh pkVZMZ ,dkamVsaV~l ch&41] iap'khy ,Udyso ubZ fnYyh&110017

ds-ds-?kbZ ,aM dEiuh pkVZMZ ,dkamVsaV~l

806] gsedqaB gkmLk 6] jktsUnz Iysl]

ubZ fnYyh&110008

ys[kk ijh{kdksa dh Lora= fjiksVZlsok esa] ,xzhdYpj ba';ksjsal dEiuh vkWWQ bf.M;k fyfeVsM ds LknL;

foÙkh; fooj.k ij fjiksVZ

geus ,xzhdYpj ba”;ksjasl dEiuh vkWQ bf.M;k fyfeVsM ¼^fn dEiuh*½ ds layXu foÙkh; fooj.kksa dh ys[kk ijh{kk dh gS] ftlesa mä lekIr o’kZ ds fy, Qly chek dkjksckj ds laca/k esa 31 ekpZ] 2015 dks rqyu Ik= vkSj jktLo ys[kk rFkk ykHk vkSj gkfu ys[kk vkSj udn izokg fooj.k “kkfey fd, x, gSa vkSj egÙoiw.kZ ys[kkdau uhfr;ksa ds lkjka”k vkSj vU; O;k[;kRed lwpuk dks /;ku esa j[kk x;k gSA

foÙkh; fooj.kksa ds fy, izcU/ku dh ftEesnkjh

bu foÙkh; fooj.kksa] tks dEiuh ¼ys[kk½ fu;e] 2014 ds fu;e 7 ds lkFk ifBr vf/kfu;e dh /kkjk 133 ds vuqlkj fufnZ’V ys[kk ekudksa ds lfgr Hkkjr esa vke rkSj ij Lohdk;Z ys[kkadu fl)karksa ds vuqlkj dEiuh dh foÙkh; fLFkfr] foÙkh; fu’iknu vkSj udn izokgksa dks lR; vkSj Li’V :i esa n”kkZ;k x;k gS] tks fd dEiuh vf/kfu;e] 2013 ¼Þvf/kfu;eß½ dh /kkjk 134¼5½ ls lEca/k j[krk gS] dks rS;kj djus dh ftEesnkjh izcU/ku dh gSA bl ftEesokjh esa] dEiuh dh laifÙk dh lqj{kk rFkk /kks[kk/kM+h vkSj vU; vfu;feRrkvksa dks jksdus o irk yxkus ds fy, vf/kfu;e ds izko/kkuksa ds vuqlkj i;kZIr ys[kk vfHkys[kksa dk j[kj[kko] mfpr ys[kkadu uhfr;ksa dk vkosnu rFkk p;u] mfpr rFkk 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 rFkk /kks[kk/kM+h] =qVh rFkk xyr c;kuh ls iw.kZr% eqDr gS] tks fd ys[kk vfHkys[kksa dh lVhdrk vkSj laiw.kZrk lqfuf'pr djrs gq, izHkkoh <ax ls lapkfyr] dks rS;kj djus ,oa izLrqr djus ds lEca/k esa fMtkbu] dk;kZUo;u vkSj vkarfjd fu;a=.k dk vuqj{k.k djuk 'kkfey gSA

ys[kkijh{kd dh ftEesnkjh

gekjh ftEesokjh ys[kk ijh{kk ij vk/kkfjr bu foÙkh; fooj.kksa ij fopkj vfHkO;Dr djuk gSA vf/kfu;e vkSj mlds vUnj cus fu;eksa ds rgr ys[kk fjiksVZ esa 'kkfey gksus ds fy, vko';d ys[kkijh{kk ekudksa vkSj ekeyksa ds çko/kkuksa ds rgr cuk, x, gSaA

geus vf/kfu;e dh /kkjk 143 ¼10½ ds rgr fufnZ"V vads{k.k ij ekudksa ds vuqlkj viuh ys[kk ijh{kk dh gSA mu ekudksa esa ;g visf{kr gS fd ge vkpkj lafgrk dh vko”;drkvksa dk vquikyu djsa vkSj ys[kkijh{kk dk ml izdkj vk;kstu ,oa fu’iknu djsa rkfd foÙkh; fooj.kksa ds lEcU/k esa egRoiw.kZ xyr c;kuh ls eqä gksus dk rkfdZd :Ik ls vko”oklu izkIr dj ldsA

ys[kk ijh{kk esa] foÙkh; fooj.kksa es jkf”k;ksa vkSj izdVhdj.k ds ckjs esa ys[kkijh{kk lk{; izkIr djus dh fu’iknu izfØ;k,a “kkfey gksrh gSA p;fur izfØ;k,a ys[kkijh{kd ds fu.kZ; ij vk/kkfjr gksrh gS] ftlesa foÙkh; fooj.kksa esa egRoiw.kZ xyr c;kuh ds tksf[keksa dk vkdyu djuk “kkfey gksrk gS] pkgs og /kks[kk/kM+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 :Ik esa izLrqr djus ls lEcfU/kr vkarfjd fu;a=.k dks /;ku esa j[krk gS] rkfd ys[kkijh{kk dh izfØ;kvksa dk vfHkdYiu dj ldsa tks mu ifjfLFkfr;ksa esa vuqdwy gS ijUrq dEiuh ds vkarfjd fu;a=.k dh izHkkodkfjrk ij fopkj izdV djus ds iz;kstu ds fy, ugha gSA ys[kk ijh{kk esa iz;qÙk ys[kkdau uhfr;ksa ds

6

the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.

Basis for Qualified Opinion

(i) During the Financial Year 2009-10, the company has paid an amount of Rs.200,00,00 thousands to the Consolidated Fund of India in terms of Govt. letter Ref. F.No.C-13014/16/2004-Ins.I dated 23.12.2009 as a prelude to the recasting of the National Agricultural Insurance Schemes and the same is continued to be shown as ‘Advances and Other Assets’ in the Balance Sheet. This amount has not been adjusted against the retained profits / reserves, pending recasting of the said scheme. This has resulted in overstatement of Advances and Other Assets and Reserves of the company to that extent. (Refer Note 4.13 of Annexure 2)

(ii) The company’s accounting policy (Accounting Policy No. 3.1) in respect of recognizing premium of Government Schemes being implemented by the Company upon remittance received from the Nodal Banks out of such premium collected by them and assumption of risk despite not receiving such premium is not in accordance with the accrual concept of accounting (Fundamental Accounting Assumptions) as laid down in Accounting Standard 1 “Disclosure of Accounting Policies” and Accounting Standard 9 “Revenue Recognition’ as prescribed under The Companies (Accounting Standard) Rules, 2006 and not compliant with Section 64 VB of the Insurance Act, 1938.

Accordingly, the non-accounting of balance of NAIS,MNAIS and WBCIS Premium receivable for Rabi 2014-15 as current year income (as referred in Note 4.17.2 of Annexure-2) & non adjustment for corresponding figures for the previous year has resulted in understatement (or overstatement) of current year premium. The monetary impact of the same is not ascertainable.

Similarly the non-accounting of the claims relating to the above stated premium receivable (as referred in Note 4.17.2 of Annexure-2) & non adjustment for corresponding figures for the previous year’s claims has resulted in understatement (or overstatement) of current year claims. The monetary impact of the same is not ascertainable.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the Significant Accounting Policies and Notes thereon are prepared and give the information as required by the Insurance Act,1938; the Insurance Regulatory and Development Authority Act, 1999, and the Companies Act,2013, to the extent applicable and in the manner so required except for the effects of the matter described in the Basis for Qualified Opinion paragraph, having the consequential effect on the Revenue Account, Profit & loss account, Assets, Liabilities and Reserves and Surplus as on 31.03.2015 to the extent as quantified as above and to the extent not ascertainable, the financial statements give a true and fair view in conformity with the accounting principles generally accepted in India:

i) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2015,

ii) in the case of the Revenue Account, of the surplus in the crop insurance business for the year ended on that date; and

iii) in the case of the Profit and Loss Account, of the Profit for the year ended on that date.

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

7

vkSfpR; dk ewY;kdau djuk vkSj izcU/ku }kjk fd, x, ys[kkadu izkdyuksa dh rkfdZdrk RkFkk foÙkh; fooj.kksa ds lexz foÙkh; izLrqrhdj.kksa dk ewY;kadu djuk Hkh “kkfey gSA

gekjs fo'okl gS fd geus tks ys[kkijh{kk lk{; izkIr fd, gSa] os gekjs vgZrkizkIr ys[kk ijh{kk fopkj gsrq ,d vk/kkj eqgS;k djkus ds fy, i;kZIr ,oa mi;qDr gSA

vgZrkizkIr fopkj ds fy, vk/kkj

¼d½ foÙkh; o’kZ 2009&10 ds nkSjku] dEiuh us jk’Vªh; —f’k chek ;kstukvksa dks iqu% fu/kkZfjr djus ds iwokZekl ds :Ik esa ljdkj ds Ik=] lanHkZ ,Q] la[;k lh&13014@16@2004 bal&I fnukad 23-12-2009 ds vuqlkj] Hkkjr dh lesfdr fuf/k dks 200]0000 gtkj dh jkf”k dk Hkqxrku fd;k gS vkSj bls rqyui= esa ^^vfxze vkSj vU; ifjlEifÙk;ka** ds :Ik esa n”kkZ;k tkrk jgk gSA ;g jkf”k] mä ;kstuk ds :ds iM+s iqu% fu/kkZj.k ds fy, izfr/kkfjr ykHkksa@vkj{k.kksa blds ifj.kkeLo:i vkSj vfxzeksa vkSj vU; ifjlEifr;kas rFkk mä lhek rd dEiuh ds vkj{k.kkas dk vf/kfooj.k ds izfr le;ksftr ugha fd;k x;k gSA ¼vuqca/k 2 ds fVIi.kh 4-13 dk lanHkZ ysa½

¼[k½ ljdkjh ;kstukvksa ds izhfe;e dks ekU;rk nsus ds ckjs esa] dEiuh dh ys[kkdau uhfr dk vuqlj.k ¼ys[kkadu uhfr la-3-1½ dEiuh }kjk ,df=r fd, tk jgs ,sls izhfe;e esa ls] tks uksMy cSadks ls izkIr izs’k.k ij dEiuh }kjk dk;kZUof;r fd;k tk jgk gS rFkk dEiuh ¼ys[kkdau ekud½ fu;e] 2006 ds varxZr ;Fkk fu/kkZfjr ys[kkdau ekud 9 ^^jktLo ekU;rk** rFkk chek vf/kfu;e] 1938 dh /kkjk 64 ohch ds lkFk vuqikyuh; rFkk ys[kkdau ekud 1 ^ys[kkdau uhfr;ksa dk fo?kVu** esa ;Fkk fu/kkZfjr ys[kkdau ¼ewyHkwr ys[kkdau vo/kkj.kk½ dh izksn~Hkwr vo/kkj.kk ds vuqlkj u gksa] ,sls izhfe;e ds izkIr u gksus dh tksf[ke dh dYiuk ds ckotwn vfHkxzghr fd;k tkrk gS A

rn~uqlkj] pkyw o’kZ dh vk; ds :Ik esa jch 2014&15 ds fy, izkIr jk-Ñ-ch-;ks-] la-jk-Ñ-ch-;ks- vkSj ekS-vk-Q-ch-;ks- izhfe;e ds cdk;k dk xSj ys[kkadu ¼vuqca/k&2 dh fVIi.kh 4-17-2 esa ;Fkk mfYyf[kr½ vkSj fiNys oxZ ds rnuq:ih vk¡dM+ks dk lek;kstu u djus ds QyLo:i pkyw o’kZ ds izhfe;e dh U;wuksfä gqbZ A bldk vkfFkZd izHkko Kkr ugha fd;k tk ldrk gS A

blh izdkj] Åij mfYyf[kr izkIr izhfe;e ¼vuqca/k&2 dh fVIi.kh 4-17-2 esa rFkk lanfHkZr½ rFkk fiNys o"kZ ds nkoksa ds rnuq:ih vkadMksa dk lek;kstu u gksus ij ¼vFkok vf/kfooj.k½ pkyw o"kZ ds nkoksa dk U;wuksfä ¼vFkok vf/kfooj.k½ gksxkA blds vkfFkZd izHkko dk irk ugha yxk;k tk ldrk A

vgZrkizkIr fopkj

gekjs fopkj esa] vkSj gesa nh xbZ iwjh tkudkjh rFkk LIk’Vhdj.kksa ds vuqlkj egÙoiw.kZ ys[kkdau uhfr;ksa vkSj mu ij fVIif.k;ksa ds lkFk ifBr vkSj muesa chek vf/kfu;e] 1938 }kjk ;Fkk visf{kr lwpuk nh xbZ gS] Hkkjrh; chek fofu;ked vkSj fodkl izf/kdj.k] vf/kfu;e] 1999] vkSj dEiuh vf/kfu;e] 2013 vuqes; lhek rd vkSj mlh rjhds ls mä ys[kk rS;kj fd, x, gS ftl rjhds ls visf{kr gSa] vgZrk izkIr vfHker iSjkxzkQ] ftuesa 31-03-2015 dks jktLo ys[kk] ykHk] vkSj gkfu ys[kk] ifjlEifÙk;ksa] ns;rkvksa vkSj jktLoksa rFkk vf/k”ks"k ;Fkksä rFkk ek=k fu/kkZfjr lhek rd vkSj ml lhek rd ftl rd irk yxk;k tk ldsa] ds vykok] foÙkh; fooj.k Hkkjr esa lekU;r;k Lohdk;Z ys[kkdau fl)karksa ds lekuq:i LkR; vkSj mfpr n`”; izLrqqr djrs gS%

i½ 31 ekpZ 2015 dks dEiuh ds dk;ksZ dh fLFkfr ds rqyu Ik= ds ekeys esa]

ii½ mä rkjh[k dks lekIr o’kZ ds fy, Qly chek dkjksckj esa vf/k”ks"k ds jktLo ys[kk ds ekeys esa]

iii½ mä rkjh[k dks lekIr o’kZ ds fy, YkkHk ds ykHk vkSj gkfu ys[kk ds ekeys esa] rFkk ]

iv½ mä rkjh[k dks lekIr o’kZ ds fy, udn izokgksa ds udn izokg fooj.k ds ekeys esa]

7

Emphasis of Matter

We draw attention to the following notes to the financial statements :

i) Note No.4.17.3 regarding the change in the method of computation of Premium Deficiency Reserve which has resulted in a Premium Deficiency of Rs. 21,67,47 thousands for the current year as compared to NIL if the Premium Deficiency were to be calculated by the earlier method .

ii) Note No. 21 regarding the change of appointed actuary by the Company during the year with the approval of IRDA. The newly appointed actuary of the Company has adopted a method for assessment of IBNR(Incurred but not reported) and IBNER (Incurred but not enough reported) claims at the year-end which is different from the method applied in the preceding year. The current methodology has resulted in the claim provisioning for the year of Rs 1,237,85,79 thousands as compared to Rs 623,08,34 thousands computed as per the earlier method.

Our opinion is not qualified in respect of these aforesaid matters .

Report on Other Legal and Regulatory Requirements

As required by Section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account, as required by law have been kept by the Company so far as appears from our examination of such books and proper returns from the Regional Offices have been received and are adequate for the purpose of our audit. We relied upon the work of Regional office’s Statutory Auditors for information contained in such returns.

(c) The Balance Sheet, the Revenue Account , the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account and with the returns received from Regional Offices audited by other auditors under section 143(8) of the Companies Act,2013;

(d) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph, in our opinion the Balance Sheet, Revenue Account , Profit and Loss Account and Cash Flow Statement comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 , to the extent applicable to the Company and are also in conformity with the accounting principles as prescribed in the IRDA (Auditor’s Report) and IRDA (Preparation of Financial Statements) Regulations or any order or directions issued by IRDA in this behalf.

(e) The actuarial valuations of liabilities as at the year-end are duly certified by the Appointed Actuary. We have relied upon such certification for forming our opinion on the financial statements of the Company.

(f) The provisions of Section 164 sub-section (2) of the Companies Act , 2013 with regard to disqualifications for appointment of directors is not applicable to the company in terms of the Notification dated 5th June 2015 issued by the Ministry of Corporate Affairs , Government of India , it being a Government Company.

(g) In our opinion, the investments have been valued in accordance with the provisions of the Insurance Act, 1938 and the applicable IRDA Regulations, 2002.

(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

8

ekeys ij t+ksj

ge foÙkh; fooj.kksa ds fuEu fVIif.k;ksa dh vksj /;ku vkdf"kZr djrs gSa %&

I) izhfe;e deh vkjf{kr dh x.kuk dh fof/k esa ifjorZu ds lEca/k esa fVIi.kh la[;k 4-17-3 ds ifj.kker% xr o"kZ 'kwU; dh rqyuk esa ;fn izhfe;e deh iwoZ fof/k ls x.kuk dh tk;s] pkyw o"kZ ds fy, #- 21]67]47 gtkj #i;ksa dh izhfe;e esa deh gqbZ gSA

II) pkyw o"kZ ds nkSjku] dEiuh us vkbZvkjMh,vkbZ ds vuqeksnu ls vius fu;qDr chekafddks dks cnyus ds laca/k esa fVIi.kh la[;k 21A dEiuh ds uofu;qDr chekafdd us vkbZch,uvkj ¼mixr ijarq lwfpr ugha fd;k x;k½ vkSj vkbZch,ubZvkj ¼mixr ijarq i;kZIr lwfpr ugha fd;k x;k½ nkoksa ds fu/kkZj.k ds fy, ,d i)fr dks viuk;k gS tks fiNys o"kks± esa vuqiz;qDr i)fr ls vyx gSA iwoZ i)fr dh x.kuk ds vuqlkj 623]08]34 gtkj #i;ksa dh rqyuk esa pkyw i)fr ds dkj.k nkoksa ds izko/kku o"kZ dk 1]237]85]79 gtkj #i;s gqvkA

gekjs fopkj esa bu mDr ekeyksa ds laca/k esa vgZrkizkIr mfpr ugha gSaA

vU; fof/kd vkSj fofu;ked vis{kkvksa ij fjiksVZ%

1- vf/kfu;e dh /kkjk 143¼3½ }kjk ;Fkk visf{kr] ge fjiksVZ djrs gS fd%

¼d½ geus iwjh tkudkjh vkSj Li’Vhdj.k izkIr dj fy, gS tks gekjh lEiw.kZ tkudkjh vkSj iwjs fo”okl ls gekjh ys[kk ijh{kk ds iz;kstu ds fy, vfuok;Z FksA

¼[k½ gekjs fopkj esa] dEiuh }kjk fof/k }kjk ;Fkkisf{kr ys[kk cfg;ka j[kh xbZ tgk¡ rd ,slh cfg;ksa dh gekjs }kjk dh xbZ tk¡p ls izrhr gksrk gS vkSj {ks=h; dk;kZy;ksa ls mfpr foojf.k;ka izkIr dj yh gS vkSj ;s gekjh ys[kk ijh{kk ds iz;kstu ds fy, i;kZIr gSA bu foojf.k;ksa es fufgr lwpuk ds fy, {ks=h; dk;kZy; ds lakfof/kd ys[kk ijh{kdksa ds dk;Z ij ge Hkjkslk djrs gSA

¼x½ bl fjiksVZ esa fn, x, rqyu Ik=] jktLo ys[kk] ykHk vkSj gkfu ys[kk rFkk udn izokg fooj.k daiuh vf/kfu;e] 2013 dh /kkjk 143¼8½ ds rgr vU; ys[kk ijh{kdksa }kjk ys[kkijh{kk {ks=h; dk;kZy;kas ls izkIr ys[kk cfg;ksa vkSj fooj.kksa ds vuq:i gSaA

¼?k½ vgZrkizkIr vfHker iSjkxzkQ ds vk/kkj esa mfYyf[kr fo’k; ds izHkko dks NksM+dj] gekjs fopkj ls] rqyui=] jktLo ys[kk] ykHk vkSj gkfu ys[kk rFkk udn izokg fooj.k dEiuh ij vuqHko lhek rd vf/kfu;e dh /kkjk 133] dEiuh ¼ys[kk½ fu;e] 2014 ds fu;e 7 ifBr] esa mfYyf[kr ys[kkdau ekudksa ds lekuq:i gS vkSj vkbZvkjMh, esa ;Fkkfu/kkZfjr ys[kkdau fl)karksa ¼ys[kk ijh{kk fjiksVZ½ vkSj vkbZvkjMh, fofu;e ¼foÙkh; fooj.k rS;kj djuk½ vFkok ml lEcU/k esa vkbZvkjMh, }kjk tkjh vU; fdlh vkns”k vFkok fn”kk funsZ”k ds Hkh lekuq:i gSA

¼M½ o’kZ ds vUr rd ns;rkvksa ds chekadd ewY;kdau fu;qä fd, x, chekdad }kjk fof/kor izekf.kr gSA gesa vius er fu/kkZjr ds fy, dEiuh ds foÙkh; fooj.kksa ds ,sls izek.ku ij iwjk Hkjkslk gSA

¼p½ dkjiksjsV dk;Z ea=ky;] Hkkjr ljdkj }kjk tkjh fd, x, 5 twu 2015 dh vf/klwpuk ds ekeys esa] daiuh vf/kfu;e] 2013 dh /kkjk 164 dh mi/kkjk ¼2½ ds çko/kkuksa ds rgr funs'kdksa dh fu;qfDr dh v;ksX;rk ds laca/k esa] ljdkjh dEiuh gksus ds dkj.k] dEiuh ds fy, ykxw ugha gSA

¼N½ gekjs fopkj esa] fuos”kksa dk ewY;kdau] chek vf/kfu;e] 1938 ds izko/kkuks vkSj vuqes; vkbZvkjMh, fofu;e] 2002 ds vuqlkj fd;k x;k gSA

¼t½ dEiuh ¼ys[kk ijh{kk vkSj ys[kk ijh{kdksa½ fu;e] 2014 ds fu;e 11 ds vuqlj.k ys[kk ijh{kdksa dh fjiksVZ esa vU; ekeyksa dks lfEefyr djus ds laca/k esa] gekjh jk; vkSj vPNh tkudkjh gksus ds ckn rFkk gesa Li"Vhdj.k nsus ds vuqlkj %

8

i. There is no impact of any pending litigations against the company on its financial position on account of the insurance policies issued by it.

ii. The Company has not entered into any long term contracts including derivative contracts requiring any provision under any law or acounting standards for material forseeable losses.

iii. There are no amounts which are required to be transferred to the Investor Education and Protection Fund by the Company.

For M/s. S. C. Vasudeva & Co. For M/s. K. K. Ghei & Co. Chartered Accountants Chartered Accountants Firm Regn. No. 00235N Firm Regn. No. 01342N

Abhinav Khosla D S Sobti Partner Partner M. No. 087010 M. No. 016416

Place: New Delhi Date: 6th June , 2015

19

I) dEiuh }kjk tkjh fd, x, chek ikWfyfl;ksa ds dkj.k dEiuh dh foÙkh; fLFkfr ij yfEcr eqdneksa dk dksbZ çHkko ugha gSA

II) iwokZuqekfur HkkSfrd uqdlku ds fy, fdlh Hkh dkuwu ;k ys[kk ekudksa ds rgr fdlh Hkh çko/kku dh vko’;drk gksrh gS O;qRiUu vuqca/k lfgr] dEiuh us fdlh Hkh yach vof/k ds vuqca/k ntZ ugh fd;s gSA

III) dEiuh }kjk fuos’kd f’k{kk vkSj laj{k.k dks"k esa visf{kr gLrkarfjr djus ds fy, dksbZ jkf’k ugha gSaA

d`rs eSllZ oklqnso ,aM dEiuh pkVZMZ ,dkmaVsaV~l QeZ iathdj.k la- 000235 ,u

d`rs eSllZ ds- ds- ?kbZ ,aM dEiuh pkVZMZ ,dkmaVsaV~l

QeZ iathdj.k la- 01342 ,u

vfHkuo [kkslyk Hkkxhnkjh ,e-l- 087010

Mh-,l- lkscrh Hkkxhnkjh

,e la- 016416

LFkku% ubZ fnYyh fnukad% 06 twu] 2015

19


Independent Auditor’s Supplementary Report

TO THE MEMBERS OF Agriculture Insurance Company of India Limited

On the compliance with the directions issued u/s 143(5) of the Companies Act 2013.

We refer to our report on the financial statements of Agriculture Insurance Company of India Ltd (“the Company”) for the year ended 31st March 2015 issued on 6th June 2015. A clarification dated 2nd July 2015 was received by us on 6th July 2015 from the office of the Comptroller and Auditor General of India (“C&AG”) regarding the inclusion of the compliance with the directions issued by the C&AG u/s 143(5) of the Companies Act 2013 in our audit report. Since the audit report was already issued on 6th June 2015 i.e. before the clarification was received by us, our audit report does not contain the compliance with the directions issued by the C&AG u/s 143(5) of the Companies Act 2013. The compliance with the directions was, however as per past practice, separately submitted to the C&AG.

Based on the discussions with the Company, we give hereinafter a statement in Annexure ‘A’ on the compliance with those directions, the action taken thereon and its impact on the accounts and financial statements of the Company. This may be treated as an Annexure to our aforesaid Report on financial statements for the year ended 31st March 2015 under the heading “Report on Other Legal and Regulatory Requirements” and should be read as a part of our audit report dated 6th June 2015.

For M/s. S. C. Vasudeva & Co. For M/s. K. K. Ghei & Co. Chartered Accountants Chartered Accountants Firm Regn. No. 00235N Firm Regn. No. 01342N

Abhinav Khosla D S Sobti Partner Partner M. No. 087010 M. No. 016416

Place: New Delhi Date: 9th July , 2015

10

,l-lh-oklqnso ,aM dEiuh pkVZMZ ,dkamVsaV~l ch&41] iap'khy ,Udyso ubZ fnYyh&110017

ds-ds-?kbZ ,aM dEiuh pkVZMZ ,dkamVsaV~l


ubZ fnYyh&110008

Lora=k ys[kkijh{kd dh vfrfjDr fjiksVZlsok esa] ,xzhdYpj ba';ksjsal dEiuh vkWWQ bf.M;k fyfeVsM ds LknL;

dEiuh vf/kfu;e 2013 ds vuqPNsn 143(5) ds varxZr tkjh funsZ'kksa dk vuqikyu

ge 31 ekpZ 2015 dks lekIr gksus okys ,xzhdYpj bU”;ksjsal dEiuh vkWQ bafM;k fyfeVsM ¼dEiuh½ ds foÙkh; fooj.kksa ij viuh fjiksVZ Hkst jgs gSa tks 6 twu 2015 dks tkjh dh xbZ gSA 6 tqykbZ 2015 dks gesa Hkkjr ds fu;a=d ,oa egkys[kk ijh{kd ¼lh ,.M ,th½ ls ,d Li’Vhdj.k fnukad 2 tqykbZ 2015] izkIr gqvk ftldk laca/k dEiuh vf/kfu;e 2013 ds vuqPNsn 143 ¼5½ ds varxZr lh ,.M ,th ds }kjk tkjh funsZ”kksa ds vuqikyu dks gekjh ys[kkijh{kk fjiksVZ esa “kkfey djus ls FkkA D;ksafd ys[kkijh{kk fjiksVZ 6 twu 2015 dks igys gh vFkkZr~ Li’Vhdj.k gekjs ikl igqapus ls igys tkjh gks pqdh Fkh] blfy, gekjh fjiksVZ esa dEiuh vf/kfu;e 2013 ds vuqPNsn 143 ¼5½ ds varxZr Hkkjr ds fu;a=d ,oa egkys[kk ijh{kd }kjk tkjh funsZ”kksa dk vuqikyu gekjs ys[kkijh{kk fjiksVZ esa ugha fd;k x;k gSA ysfdu bu funsZ”kksa ds vuqikyu dks O;ogkfjdrk ds vuqlkj vyx ls Hkkjr ds fu;a=d ,oa egkys[kk ijh{kd dks Hksth xbZA

dEiuh ds lkFk ppkZ djus ds ckn ge mu funsZ”kksa ds vuqikyu] mu ij dh xbZ dk;Zokgh vkSj dEiuh ds [kkrksa vkSj foÙkh; fooj.kksa ij blds izHkko ds laca/k esa ,d fooj.k lyaXud ^,* ds :i esa izLrqr dj jgs gSaA bls ßvU; dkuwuh vkSj fu;ked vko”;drkvksa ij fjiksVZÞ uked “kh’kZd ds varxZr 31 ekpZ 2015 ds fy, foÙkh; fooj.kksa ij gekjh fjiksVZ dk ,d lyaXud le>k tk, vkSj 6 twu 2015 dks tkjh ys[kkijh{kk fjiksVZ ds ,d Hkkx ds :i esa i<+k tk,A

d`rs eSllZ oklqnso ,aM dEiuh pkVZMZ ,dkmUVsaV~l QeZ iathdj.k la- 000235 ,u

d`rs eSllZ ds-ds- ?kbZ ,aM dEiuh pkVZMZ ,dkmUVsaV~l

QeZ iathdj.k la- 01342 ,u

vfHkuo [kkslyk Hkkxhnkjh ,e-l- 087010

Mh-,l- lkscrh Hkkxhnkjh

,e la- 016416

LFkku% ubZ fnYyh fnukad% 09 tqykbZ] 2015

10

Annexure - A


DirectionsDirections indicating the areas to be examined by the Statutory Auditors during the course of audit of annual accounts of Agriculture Insurance Co. of India Ltd. for the Financial Year 2014-15 issued by Comptroller & Auditor General of India under section 143(5) of Companies Act, 2013

1. If the Company has been selected for disinvestment, a complete status report in terms of valuation of Assets (including intangible assets and land) and Liabilities (including Committed & General Reserves) may be examined including the mode and present stage of disinvestment process.

According to the information provided to us the Company has not been selected for disinvestment.

2. Please report whether there are any cases of waiver/ write off of debts/loans/interest etc., if yes, the reasons there for and the amount involved.

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

3. Whether proper records are maintained for inventories lying with third parties & assets received as gift from Govt. or other authorities.

Since the Company is in insurance business it does not hold any inventory.

As per information provided to us by the Company, it has not received any assets as gift from Govt. or other authorities.

4. A report on age-wise analysis of pending legal/ arbitration cases including the reasons of pendency and existence/ effectiveness of a monitoring mechanism for expenditure on all legal cases (foreign and local) may be given.

The report on age-wise analysis of pending legal/ arbitration cases is as per Annexure 1. Total number of such pending legal/ arbitration cases is 4427 and these pertain to Insurance policy claims.

11

vuqca/k&d

,l-lh-oklqnso ,aM dEiuh pkVZMZ ,dkmaVsaV~l ch&41] iap'khy ,Udyso ubZ fnYyh&110017

ds-ds-?kbZ ,aM dEiuh pkVZMZ ,dkmaVsaV~l


ubZ fnYyh&110008

funsZ'kfoÙkh; o’kZ 2014&15 ds fy, ,xzhdYpj bU”;ksjsal dEiuh vkWQ bafM;k fyfeVsM ds okf’kZd ys[kkijh{kk ds nkSjku lkafof/kd ys{kkijh{kdksa }kjk dh xbZ tkus okyh tkap ds {ks=ksa ds ckjs esa funsZ”k ftUgsa Hkkjr ds fu;a=d ,oa egkys[kk ijh{kd }kjk dEiuh vf/kfu;e] 2013 ds vuqPNsn 143 ¼5½ ds varxZr tkjh fd;k x;k gSA

1- ;fn dEiuh dks fofuos”k ds fy, pquk tk pqdk gS] rks lEifRr;ksa ¼vewrZ lEifRr;ksa vkSj tehu lfgr½ vkSj nsuknkfj;ksa ¼izfrc) vkSj lkekU; fuf/k lfgr½ ds ewY;kadu dh fLFkfr dh lEiw.kZ fjiksVZ dh tkap dh tk ldrh gS ftlesa fofuos”k izfØ;k dh fof/k vkSj orZeku Lrj “kkfey gSA

gesa nh xbZ lwpuk ds vuqlkj dEiuh dks fofuos”k ds fy, ugha pquk x;k gSA

2- Ñi;k fooj.k nssa fd D;k vf/kR;kx@cV~Vs [kkrs fy[kk x;k dtZ@_.k@C;kt vkfn dk dksbZ ekeyk gS] ;fn gS rks “kkfey jkf”k vkSj dkj.kksa dk fooj.k nsaA

vf/kR;kx@dtZ@_.k@C;kt vkfn dks cV~Vs [kkrs Mkyus dk dksbZ ekeyk ugha gSA

3- D;k rhljs i{k ds ikl j[kh xbZ lEifÙk vkSj Hkkjr ljdkj ;k vU; izkf/kdkjksa ls migkj ds :i esa izkIr lEifRr;ksa dk mfpr ys[kk&tks[kk j[kk x;k gSA

pwadh ;g dEiuh chek O;kikj djrh gS blfy, blds ikl dksbZ lEifÙklwph ¼bUosaVjh½ miyC/k ugha gSA dEiuh }kjk gesa nh xbZ lwpuk ds vuqlkj bls Hkkjr ljdkj ;k fdlh vU; izkf/kdkj ls dksbZ lEifRr migkj ds :i esa izkIr ugha gqbZ gSA

4- v/kwjs dkuwuh@e/;LFkrk ekeyksa dh vof/k ds vuqlkj fo”ys’k.k ij ,d fjiksVZ Hksth tk ldrh gS ftlesa v/kwjs jgus ds dkj.kksa vkSj lHkh dkuwuh eqdneksa ds vfLrRo@lHkh dkuwuh eqdneksa ¼fons”kh vkSj LFkkuh;½ ds fy, O;; ij fuxjkuh j[kus dh fof/k dh izHkko”khyrk ds ckjs esa dkj.k “kkfey gkssus pkfg,A

v/kwjs dkuwuh@e/;LFkrk ekeyksa dk vk;q ds vuqlkj fo”ys’k.k dh fjiksVZ lyaXud 1 esa nh xbZ gSA bl izdkj ds v/kwjs dkuwuh@e/;LFkrk ekeyksa dh dqy la[;k 4427 gS vkSj ;s lHkh ekeys chek ikWfylh ds nkoksa ls lacaf/kr gSaA

11

Sub Directions

1. Number of cases where the amount of equity investments depicted in the Company’s books has not been arrived at with reference to year end last quoted price in NSE and stock not listed in NSE valued at last quoted price in BSE, may be verified and discrepancy found may be suitably reported.

There are no such cases where the amount of equity investments listed on NSE depicted in the Company’s books has not been arrived at with reference to year end last quoted price in NSE.There are no such equity securities which are not listed on NSE.

2. 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 which are not in agreement with the respective amounts shown in the Company’s books of accounts may be verified and discrepancy found may be suitably reported.

S No Category Number1 Central

Government Security

33

2 State Government Security 503 Bonds/Debentures 1104 Equity 335 Mutual Funds 3(Physical)

All the above mentioned numbers are in agreement with the respective amounts as per the Company’s books of accounts.

3.(a) Statutory auditor may verify:(i) Total number of outstanding claims provided by the

Company.(ii) The number of cases test checked by statutory auditor at

HO and by the branch auditor at RO/DO/BO level.(iii) The number of cases where adequate provisions have

not been made on the basis of amounts estimated in preliminary loss advices, interim/final survey reports etc.

(iv) The amount of short provisioning of claims and the percentage of sample selected may be reported.

Total number of outstanding claims provided by the Company is 8657063. Region wise details as certified by the regional office auditors are as per Annexure-2.The Claims are Outstanding at Regional Office Level which have been audited by respective Regional Auditors. As per information provided by these auditors about 20 percent of the claims outstanding have been verified by them.No such cases found during the period under audit.Provision for Incurred but not reported claims and Incurred but not enough reported claims is made on the basis of Actuarial Valuation which is considered to be adequate.

3. (b) Whether there is an assurance that provision for employees liabilities such as pension fund, leave encashment, gratuity etc. and provision for IBNR & IBNER claims are as per actuarial valuation. Whether accurate & complete data was provided by the PSU to the Actuary and the benchmark used by Actuary for assumptions such as discount rate, inflation rate etc. was appropriate.

i) Yes, the provision for employee’s liabilities viz. pension fund, leave encashment, gratuity & leave travel subsidy is as per actuarial valuation, and accurate & complete data was provided by the Company to the Actuary. The benchmark used by Consulting Actuary for assumptions such as discount rate, inflation rate etc. is appropriate.

12

mi&funsZ'k

1- tgka us'kuy LVkWd ,Dlpast esa lky ds var esa yxkbZ xbZ vafre cksyh dh dher vkSj us'kuy LVkWd ,Dlpast esa vlwphc) LVkWd ftls ch,lbZ esa vafre cksyh ds vk/kkj ij vkadk x;k gS] ds lanHkZ esa dEiuh ds [kkrksa esa of.kZr bfDoVh fuos”kksa dh jkf”k ls lacaf/kr ekeyksa dh dqy la[;k dks ugha fn;k x;k gS] mudks izekf.kr fd;k tk ldrk gS vkSj muesa irk yxh xyrh dk fooj.k mfpr rjhds ls fn;k tk ldrk gSA

,slk dksbZ ekeyk ugha gS tgka dEiuh ds [kkrks aesa us'kuy LVkWd ,Dlpast esa lwphc) bfDoVh fuos”kksa dh n”kkZ;h xbZ jkf”k dk vkadyu us'kuy LVkWd ,Dlpast esa o’kZ ds var esa vafre cksyh dh dher ds lanHkZ esa ugha fd;k x;k gSA ,slh dksbZ bfDoVh izfrHkwfr ugha gS ftls ,u,lbZ esa u lwphc) u fd;k gksA

2- ewrZ@vewrZ :e esa miyC/k lhth,l@,lth,l@ckaM@_.ki=ksa vkfn ds laca/k esa LokfeRo ds “kh’kZdksa dh la[;k vkSj buesa ls fdruh la[;k esa fdrus ,sls ekeys gSa ftudk feyku dEiuh ds [kkrksa esa n”kkZ;h xbZ laacaf/kr jkf”k ls ugah gks jgk gSA budh iqf’V dh tk ldrh gS vkSj xyrh dh fjiksVZ mfpr izdkj ls Hksth tk ldrh gSA

Øe la[;k

Js.kh la[;k

1 dsanz ljdkj dh izfrHkwfr 33

2 jkT; ljdkj dh izfrHkwfr 50

3 ckW.M@_.ki= 110

4 bfDoVh 33

5 E;qpqvy QaM 3¼HkkSfrd½mDr lHkh la[;kvksa dk feyku dEiuh ds [kkrksa esa n”kkZ;h xbZ jkf”k ls gks jgk gSA

3- ¼d½ lkafof/kd ys[kkijh{kd fuEu dks izekf.kr dj ldrk gS%¼1½ dEiuh }kjk iznku fd, x, cdk;k nkoksa dh dqy la[;k ¼2½ eq[;ky; esa lkafof/kd ys[kkijh{kd }kjk vkSj vkjvks@

Mhvks@chvks Lrj ij 'kk[kk ys[kkijh{kd }kjk tkaps x, ekeyksa dh la[;k

¼3½ mu ekeyksa dh la[;k tgka izkjafHkd gkfu fgnk;r] varfje@vafre losZ{k.k fjiksVZ vkfn esa vuqekfur jkf”k ds vk/kkj ij i;kZIr izko/kku ugha fd, x, gSaA

¼4½ nkoksa ds y?kq izko/kkuksa dh jkf”k vkSj pqus x, uewus ds izfr”kr dk fooj.k fn;k tk ldrk gSA

dEiuh }kjk iznku fd, x, cdk;k nkoksa dh la[;k 8657063 gSA {ks= vuqlkj {ks=h; dk;kZy;ksa ds ys[kkijh{kdksa }kjk izekf.kr fjiksVZ lyaXud&2 ds vuqlkj gSankos {ks=h; dk;Zy;ksa ds Lrj ij cdk;k gSa ftudks lacaf/kr {ks=h; ys[kkijh{kdksa }kjk ys[kkijhf{kr fd;k x;k gSA bu ys[kkijh{kdksa }kjk iznku dh xbZ lwpuk ds vuqlkj 20 izfr”kr cdk;k nkoksa dks izekf.kr ugha fd;k x;k gSA ys[kkijh{kk ds varxZr vof/k ds nkSjku bl izdkj dk dksbZ ekeyk ugha feykA ,sls nkos tks vfLrRo esa gSa ysfdu ftudh fjiksVZ ugha Hksth xbZ vkSj tks vfLrRo esa gSa ysfdu ftudh iwjh fjiksVZ izkIr ugha gqbZ gS muds fy, izko/kku chekafdd ewY;kadu ds vk/kkj ij fd;k x;k gS ftls i;kZIr ekuk x;k gSA

3- ¼[k½ D;k dksbZ ,slk vk”oklu gS fd deZpkfj;ksa dh nsunkfj;ksa] tSls isa'ku QaM] vodk”k c<+ksÙkjh] Hkfo’;fuf/k vkfn ds fy, izko/kku vkSj vkbZch,uvkj vkSj vkbZch,ubZvkj ds nkoksa ds fy, izko/kku chekadd ewY;kadu ds vuqlkj ugha gSA D;k lkoZtfud {ks= esa miØe }kjk chekafdd dks “kq) vkSj iw.kZ vkadM+s iznku fd, Fks vkSj chekafdd }kjk NwV nj] egaxkbZ nj vkfn ds fy, iz;ksx fd;k x;k ekun.M mfpr FkkA

1½ gka] deZpkjh dh nsunkfj;ksa ds fy, izko/kku] tSls isa'ku QaM] vodk”k c<+ksrjh] Hkfo’;fuf/k vkSj vodk”k ;k=k lfClMh chekafdd ewY;kadu ds vuqlkj gS] vkSj dEiuh }kjk chekafdd dks “kq) vkadM+s iznku fd, x, FksA NwV nj] egaxkbZ nj vkfn /kkj.kkvksa ds fy, ijke”kZ chekafdd }kjk iz;ksx fd, x, ekun.M mfpr gSaA

12

ii) Regarding IBNR & IBNER claims, the provision is as per actuarial valuation, and accurate & complete data was provided by the Company to the Appointed Actuary. As confirmed by the Appointed Actuary while arriving at provision of IBNR and IBNER claims no Inflation rate and discount rate has been considered.

4.(a) Statutory auditor may verify: (i) The total number of cases of unconfirmed co-insurance

balances in respect of premium/claims due to and due from other insurance companies.

(ii) The number of cases test checked by statutory auditor at HO and by the branch auditor at RO/DO/BO level

(iii) The number of cases where discrepancy was observed with reference to co-insurance agreements and/or correspondences with insured etc.

(iv) The impact of such discrepancy on the revenue account and the percentage of sample selected may be reported

Co-Insurance is done as per the agreement entered with GIPSA Companies. As such no Confirmation is provided in respect of balances of premium/claims due to and due from GIPSA Companies.All the Co-Insurance tie up is at Head Office level with all the 4 GIPSA Companies and all the 4 agreements have been verified.

NONE

NIL

4.(b) Statutory auditor may verify:(i) Total number of preliminary loss advices and claim loss

advices sent to the reinsurers in respect of reinsurance ceded business.

(ii) Total number of preliminary loss advices and claim loss advices received by the company in respect of reinsurance inward acceptances.

(iii) The number of cases mentioned in (i) and (ii) above test checked by statutory auditor.

(iv) The number of cases where discrepancy was observed with reference to reinsurance agreements and/or correspondences with reinsurers/ brokers etc.

(v) The impact of such discrepancy on the revenue account and the percentage of sample selected may be reported.

(i) Preliminary loss advices (PLA): 31 Loss Advices (LA) : 537(ii) Preliminary loss advices (PLA): Nil Loss Advices (LA) : Nil50 per cent of the cases specified in (i) above are checked.

NONE

NIL

5. Whether the Company has provided in its accounts the Reserve for unexpired Risk based on actual days of policy in operation in the relevant accounting year. If the same is provided on average basis then comparative data of both methods may be obtained from the company for suitable disclosure/ report.

The Company has not provided for Reserve for Unexpired Risk (RUR) based on actual days of policy/average basis.According to provisions of Section 64V (1)(ii)(b) of the Insurance Act, 1938 the Company is required to value Reserve for Unexpired Risk in respect of Miscellaneous Business at 50 per cent of premium net of reinsurance during the preceding 12 months. The Company has valued RUR accordingly as per the provisions of the statute since the Company’s business falls in Miscellaneous business only.

13

2½ vkbZch,uvkj vkSj vkbZch,ubZvkj nkoksa ds laca/k esa fd;k x;k izko/kku chekafdd ewY;kadu] vkSj dEiuh }kjk fu;qDr chekafdd dks “kq) vkSj iw.kZ vkadM+s iznku fd, x, gSaA tSlk fd fu;qDr fd, x, chekafdd }kjk iqf’V dh xbZ gS] vkbZch,uvkj vkSj vkbZch,ubZvkj nkoksa dks fu/kkZfjr djrs gq, dksbZ egaxkbZ nj vkSj NwV nj ij fopkj ugha fd;k x;k gSA

4- ¼d½ lkafof/kd ys[kkijh{kd fuEu dks izekf.kr dj ldrk gS% 1- vU; chek dEifu;ksa dks ns; vkSj muls izkI; izhfe;e@noksa

ds laca/k esa viqf’VÑr lg&chek “ks’kksa ds ekeyksa dh dqy la[;k

2- eq[;ky; ij lkafof/kd ys[kkijh{kd vkSj vkjvks@Mhvks@chvks ds Lrj ij “kk[kk ys[kkijh{kd }kjk ijh{k.k tkap fd, x, ekeyksa dh la[;k

3- mu ekeyksa dh la[;k tgka lg&chek le>kSrksa vkSj@;k chfer ds lkFk i=kpkj ds lanHkZ xyfr;k¡ ik;h xbZA

4- jktLo [kkrs ij xyrh dk izHkko vkSj pqus x, uewus ds izfr”kr dk fooj.k fn;k tk ldrk gSA

lg&chek dks ftIlk dEifu;ksa ds lkFk fd, x, le>kSrs ds vuqlkj fd;k tkrk gSA bl izdkj ftIlk dEifu;ksa dks ns; vkSj muls izkI; izhfe;e@nkoksa ds laca/k esa dksbZ iqf’V ugha dh tkrh gSA lHkh 4 ftIlk dEifu;ksa ds lkFk lHkh lg&chek le>kSrs eq[; dk;kZy; ds Lrj ij gksrs gSa vkSj lHkh pkjksa le>kSrksa dks izekf.kr fd;k x;k gSA dksbZ ugha“kwU;

4- ¼[k½ lkafof/kd ys[kkijh{kd fuEu dks izekf.kr dj ldrk gS%¼1½ chek lRrkarfjr O;kikj ds laca/k esa iquchZekdrkZvksa dks Hksth

xbZ izkjafHkd gkfu fgnk;rksa vkSj nkok gkfu fgnk;rksa dh dqy la[;kA

¼2½ vkarfjd LohÑfr;ksa ds laca/k esa dEiuh }kjk izkIr izkjafHkd gkfu fgnk;rksa vkSj nkok gkfu fgnk;rksa dh la[;kA

¼3½ Åij ¼1½ vkSj ¼2½ esa of.kZr ekeyksa dh lkafof/kd ys[kkijh{kksa }kjk ijh{k.k tkapA

¼4½ ,sls ekeyksa dh la[;k tgka iquchZek le>kSrksa vkSj@;k chekdrkZvksa@nykyksa vkfn ds lkFk i=kpkjksa ds laca/k esa xyfr;k¡ fn[kkbZ nhA

¼5½ bl izdkj dh =qfV dk jktLo [kkrs ij izHkko vkSj pqus x, uewus ds izfr”kr dk fooj.k Hkstk tk ldrk gSA

1- izkjafHkd gkfu fgnk;rsa ¼ih,y,½% 31 gkfu fgnk;rsa ¼,y,½% 537 2- izkjafHkd gkfu fgnk;rsa ¼ih,y,½% dksbZ ugha gkfu fgnk;rsa ¼,y,½% dksbZ ughaÅij ¼1½ esa fn, x, 50 izfr”kr ekeyksa dh tkap dh xbZ gS dqN ugha

dqN ugha

5- D;k dEiuh us lacaf/kr [kkrk o’kZ esa pkyw ikWfylh ds okLrfod fnuksa ds vk/kkj ij vlekIr tksf[ke ds fy, vius [kkrksa esa fuf/k iznku dh gSA ;fn bls vkSlr vk/kkj ij iznku fd;k x;k gS rks nksuksa fof/k;ksa ds rqyukRed vkadM+ksa dks mfpr ?kks’k.kk@fjiksVZ ds fy, dEiuh ls izkIr fd;k tk ldrk gSA

dEiuh us ikWfylh ds fnuksa@vkSlr vk/kkj ij vlekIr tksf[ke ds fy, fuf/k ¼vkj;wvkj½ iznku ugha dh gSA chek vf/kfu;e 1938 ds vuqPNsn 64V (1)(ii)(b) ds izko/kkuksa ds vuqlkj dEiuh dks fofo/k O;kikjksa ds laaca/k esa fiNys 12 ekg ds nkSjku iquchZek ds “kq) izhfe;e dk 50 izfr”kr fgLlk vlekIr tksf[ke ds fy, fuf/k esa gksuk pkfg,A blh ds vuqlkj dEiuh us laoS/kkfud izko/kkuksa ds vuqlkj vkj;wvkj dk ewY;kadu fd;k gS D;ksafd dEiuh dk O;kikj dsoy fofo/k O;kikj dh Js.kh esa vkrk gSA

13

Annexure 1

AGE-WISE ANALYSIS OF PENDING CASES AT REGIONAL OFFICE AS ON 31ST MARCH 2015Name of the RO, State : Ahmedabad, Gujarat

NAME OF THE COURT AGE OF THE PENDING CASE REASONS OF PENDENCY

0-6 MONTHS 6-12 MONTHS 1-2 YEARS 2-3 YEARS 3 YEARS OR MORE Total

District Consumer Forums 1 1 4 6 Proceedings are on

State Commission 2 143 1 198 344 Out of 198, in 119 cases everything is complete. Only final hearing is pending.

National Commission

High Court 5 9 3 17 Proceedings are on

Supreme Court

Civil Courts 3 3 Proceedings are on

Lok Adalat

Any other

Court/Tribunal

TOTAL 3 149 9 4 205 370

Name of the RO, State : Bangalore, Karnataka

District Consumer Forums 9 10 1323 1342 Pending at District Forum

State Commission 221 221 Pending at State Commission

National Commission 86 86 Pending at National Commission

High Court 0

Supreme Court 1 1 Pending at Supreme Court

Civil Courts 0

Lok Adalat 0

Any other 0

Court/Tribunal 0

TOTAL 0 0 9 10 1631 1650

Name of the RO, State : Bhopal , Madhya Pradesh

District Consumer Forums 332 27 19 12 14 404 Final arguments, large amout of cases pendency, unreached. One judge officiating at 2-3 forum, sitting once in a week/fortnight in some forums, respondents have not replied, AIC have not replied due to clarification awaited from banks.

State Commission 4 24 8 26 17 79 Sequence of hearing, Listed but not unreached, newly made party.

National Commission

High Court 4 1 5 Motion hearing- after notice served for admission as per HC website, AIC has not filed reply due to clarifications awaited from banks.

Supreme Court

Civil Courts

Lok Adalat

Any other

Court/Tribunal

TOTAL 340 51 27 39 31 488

Name of the RO, State : Bhubaneswar, Odisha

District Consumer Forums 3 5 15 2 23 48 Delay in Court Proceedings

State Commission 20 28 4 10 201 263 Delay in Court Proceedings

National Commission Delay in Court Proceedings

High Court 54 74 32 12 32 204 Delay in Court Proceedings

Supreme Court Delay in Court Proceedings

Civil Court 2 2 Delay in Court Proceedings

Lok Adalat 70 23 22 3 118 Delay in Court Proceedings

Any other Delay in Court Proceedings

Court/Tribunal Delay in Court Proceedings

Total 149 130 73 27 256 635

Name of the RO, State : Chandigarh, Haryana, Himachal Pradesh

District Consumer Forums (HR) 19 1 20 Pending for hearing / evidence

District Consumer Forums (HP) 5 2 7 Pending for hearing / evidence

State Commission (HR) 1 1 Pending for hearing / arguements

National Commission 0

High Court (HR) 1 1 2 Pending for hearing / arguements

High Court (HP) 1 1 Pending for hearing / arguements

Supreme Court 0

Civil Courts 0

Lok Adalat (HR) 1 6 7 Pending for hearing/evidence

Any other 0

14

vuqca/k&1

31 ekpZ 2015 dks {ks=kh; dk;kZy; esa yfEcr ekeyksa dk vof/k ds vuqlkj fo'ys"k.k{ks- dk;kZ dk uke] jkT; % vgenkckn] xqtjkr

vnkyr dk uke yfEcr ekeyksa dh vk;q yfEcr jgus dk dkj.k0-6 ekg 6-12 ekg 1-2 o"kZ 2-3 o"kZ 3 o"kZ ;k vf/kd dqy

ftyk miHkksDrk eap 1 1 4 6 dk;Zokgh ij gSjkT; vk;ksx 2 143 1 198 344 198 esa ls] 119 ekeyksa esa lHkh dqN fuiV x;k gSA dsoy vafre lquokbZ yfEcrjk"Vªh; vk;ksxmPp U;k;ky; 5 9 3 17 dk;Zokgh ij gSmPpre U;k;ky;flfoy U;k;ky; 3 3 dk;Zokgh ij gSyksd vnkyrdksbZ vU;U;k;ky;@U;k;kf/kdj.kdqy 3 149 9 4 205 370

{ks- dk;kZ dk uke] jkT; % cSaxyw:] dUkkZVdftyk miHkksDrk eap 9 10 1323 1342 ftyk eap esa yfEcrjkT; vk;ksx 221 221 jkT; vk;ksx esa yfEcrjk"Vªh; vk;ksx 86 86 jk"Vªh; vk;ksx esa yfEcrmPp U;k;ky; 0

mPpre U;k;ky; 1 1 mPpre U;k;ky; esa yfEcrflfoy U;k;ky; 0

yksd vnkyr 0

dksbZ vU; 0

U;k;ky;@U;k;kf/kdj.k 0

dqy 0 0 9 10 1631 1650

{ks- dk;kZ dk uke] jkT; % Hkksiky] e/; izns'kftyk miHkksDrk eap 332 27 19 12 14 404 vafre cgl] dkQh ekeyksa ds yEcu] rd ugha igqap ldsA 2-3 eap ij ,d U;k;k/kh'k

LFkkukiUu] dqN eap ij g¶rs@ikf{kd esa ,d ckj cSBs] mÙkjnkrkvksa us tokc ugha fn;k] cSadks ls Li"Vhdj.k izkIr djus ds vHkko esa ,vkbZlh us tokc ugha fn;k

jkT; vk;ksx 4 24 8 26 17 79 lquokbZ ds vuqØe] vuqlwfpr ij igqapuk ckdh] ubZ ikVhZ dk xBujk"Vªh; vk;ksxmPp U;k;ky; 4 1 5 eks'ku lquokbZ&,p lh osclkbV ds vuqlkj izos'k dh lwpuk iznku dh xbZ] cSadks ls

Li"Vhdj.k izkIr djus ds vHkko es ,vkbZlh us tokc ugha fn;kmPpre U;k;ky;flfoy U;k;ky;yksd vnkyrdksbZ vU;U;k;ky;@U;k;kf/kdj.kdqy 340 51 27 39 31 488

{ks- dk;kZ dk uke] jkT; % Hkqous'oj] jkT; dk uke % vksfMlkftyk miHkksDrk eap 3 5 15 2 23 48 vnkyr dh dk;Zokgh esa foyEcjkT; vk;ksx 20 28 4 10 201 263 vnkyr dh dk;Zokgh esa foyEcjk"Vªh; vk;ksx vnkyr dh dk;Zokgh esa foyEcmPp U;k;ky; 54 74 32 12 32 204 vnkyr dh dk;Zokgh esa foyEcmPpre U;k;ky; vnkyr dh dk;Zokgh esa foyEcflfoy U;k;ky; 2 2 vnkyr dh dk;Zokgh esa foyEcyksd vnkyr 70 23 22 3 118 vnkyr dh dk;Zokgh esa foyEcdksbZ vU; vnkyr dh dk;Zokgh esa foyEcU;k;ky;@U;k;kf/kdj.k vnkyr dh dk;Zokgh esa foyEcdqy 149 130 73 27 256 635

{ks- dk;kZ dk uke] jkT; % p.Mhx<] gfj;k.kk] fgekpy izns'kftyk miHkksDrk eap ¼,pvkj½ 19 1 20 lquokbZ@lcwr ds fy, yfEcrftyk miHkksDrk eap ¼,pvkj½ 5 2 7 lquokbZ@lcwr ds fy, yfEcrjkT; vk;ksx ¼,pvkj½ 1 1 lquokbZ@cgl ds fy, yfEcrjk"Vªh; vk;ksx ¼,pvkj½ 0

mPp U;k;ky; ¼,pvkj½ 1 1 2 lquokbZ@cgl ds fy, yfEcrmPp U;k;ky; ¼,pvkj½ 1 1 lquokbZ@cgl ds fy, yfEcrmPpre U;k;ky; 0

flfoy U;k;ky; 0

yksd vnkyr 1 6 7 lquokbZ@lcwr ds fy, yfEcrdksbZ vU; 0

14



Court/Tribunal 0

TOTAL 0 21 11 4 2 38

Name of the RO, State : Chennai, Tamilnadu

District Consumer Forums 15 6 0 5 26 Other side has not filed written statement

State Commission 0 0 0 2 0 2 Member post vacant


High Court 0 0 0 6 4 10 Other side has not filed written statement

Supreme Court 0

Civil Courts 0 0 0 2 0 2 Stage of trial

Lok Adalat 0

Any other 0

Court/Tribunal 0

TOTAL 15 0 6 10 9 40

Name of the RO, State : Dehradun, Uttarakhand

District Consumer Forums 9 1 10

State Commission 7 7


High Court 0

Supreme Court 0

Civil Courts 0

Lok Adalat 0

Any other 0

Court/Tribunal 0

TOTAL 7 9 0 0 1 17

Name of the RO, State : Guwahati, Assam

District Consumer Forums 0

State Commission 0


High Court 1 1 Case was filed on 23.06.2014 and written statement has already filed by RO

Supreme Court 0

Civil Courts 0

Lok Adalat 0

Any other 0

Court/Tribunal 0

TOTAL 0 1 0 0 0 1

Name of the RO, State : Guwahati, Meghalaya, Manipur, Mizoram

District Consumer Forums

State Commission

National Commission

High Court

Supreme Court

Civil Courts

Lok Adalat

Any other

Court/Tribunal

TOTAL 0 0 0 0 0 0

Name of the RO, State : Hyderabad, Andhra Pradesh

District Consumer Forums 68 11 42 121



High Court 3 36 39 subjudious

Supreme Court 0

Civil Courts 2 2

Lok Adalat 0

Any other 0

Court/Tribunal 2 2

TOTAL 0 0 77 14 82 173

Name of the RO, State : Hyderabad, Telangana

District Consumer Forums 1 1 23 25



15



dqy 0 21 11 4 2 38

{ks- dk;kZ dk uke] jkT; % pSUubZ] rfeyukMwftyk miHkksDrk eap 15 6 0 5 26 nwljs i{k us fyf[kr c;ku ugha nk;j fd;kjkT; vk;ksx 0 0 0 2 0 2 lnL; in fjDrjk"Vªh; vk;ksx 0

mPp U;k;ky; 0 0 0 6 4 10 nwljs i{k us fyf[kr c;ku ugha nk;j fd;kmPpre U;k;ky; 0

flfoy U;k;ky; 0 0 0 2 0 2 ijh{k.k ds pj.kyksd vnkyr 0

dksbZ vU; 0


dqy 15 0 6 10 9 40

{ks- dk;kZ dk uke] jkT; % nsgjknwu] mrjk[k.Mftyk miHkksDrk eap 9 1 10

jkT; vk;ksx 7 7

jk"Vªh; vk;ksx 0

mPp U;k;ky; 0

mPpre U;k;ky; 0

flfoy U;k;ky; 0

yksd vnkyr 0

dksbZ vU; 0


dqy 7 9 0 0 1 17

{ks- dk;kZ dk uke] jkT; % xqokgkVh] vleftyk miHkksDrk eap 0

jkT; vk;ksx 0

jk"Vªh; vk;ksx 0

mPp U;k;ky; 1 1 ekeyk 23.06.2014 dks ntZ djk;k x;k vkSj fyf[kr c;ku igys ls gh {ks- dk;kZ- }kjk ntZ

mPpre U;k;ky; 0

flfoy U;k;ky; 0

yksd vnkyr 0

dksbZ vU; 0


dqy 0 1 0 0 0 1

{ks- dk;kZ dk uke] jkT; % xqokgVh] es?kky;] ef.kiqj] fet+ksjeftyk miHkksDrk eapjkT; vk;ksxjk"Vªh; vk;ksxmPp U;k;ky;mPpre U;k;ky;flfoy U;k;ky;yksd vnkyrdksbZ vU;U;k;ky;@U;k;kf/kdj.kdqy 0 0 0 0 0 0

{ks- dk;kZ dk uke] jkT; % gSnjkckn] vkU/kz izns'kftyk miHkksDrk eap 68 11 42 121

jkT; vk;ksx 9 9

jk"Vªh; vk;ksx 0

mPp U;k;ky; 3 36 39 U;k;ky;k/khumPpre U;k;ky; 0

flfoy U;k;ky; 2 2

yksd vnkyr 0

dksbZ vU; 0

U;k;ky;@U;k;kf/kdj.k 2 2

dqy 0 0 77 14 82 173

{ks- dk;kZ dk uke] jkT; % gSnjkckn] rsyaxkukftyk miHkksDrk eap 1 1 23 25

jkT; vk;ksx 4 4

jk"Vªh; vk;ksx 0

15



High Court 1 73 74

Supreme Court 0

Civil Courts 0

Lok Adalat 0

Any other 0

Court/Tribunal 0

TOTAL 0 0 5 2 96 103

Name of the RO, State : Jaipur, Rajasthan

District Consumer Forums 28 22 36 1 14 101

State Commission 4 0 5 0 1 10 1.More number of cases are pending at Forum/Commission/High Court & awaiting listing

National Commission 0 0 0 9 0 9

High Court 0 0 2 0 5 7

Supreme Court 0 0 0 0 0 0

Civil Courts 0 0 0 0 0 0 2. Lok Adalat not working due to non fulfilment of Quorum

Lok Adalat 0 0 0 0 27 27

Any other 0 0 0 0 0 0

Court/Tribunal 0

TOTAL 32 22 43 10 47 154

Name of the RO, State : Kolkata, West Bengal

District Consumer Forums 1 2 1 0 4 Process of hearing

State Commission 8 2 1 1 0 12 Process of hearing


High Court 24 0 0 0 8 32 Admission hearing yet to happen

Supreme Court 0

Civil Courts 0

Lok Adalat 0

Any other 0

Court/Tribunal 0

TOTAL 33 2 3 2 8 48

Name of the RO, State : Patna, Bihar

District Consumer Forums 3 19 15 27 64

State Commission 2 25 27

National Commission 0 0

High Court 7 7

Supreme Court 0

Civil Courts 0

Lok Adalat 0

Any other 0

Court/Tribunal 0

TOTAL 0 3 19 24 52 98

Name of the RO, State : Lucknow, Uttar Pradesh

District Consumer Forums 15 0 2 4 142 163 Dates of hearing are decided by the respective forums/courts. Hearing is in progress as per the dates decided by them.State Commission 0 0 0 0 52 52


High Court 0 0 0 0 19 19

Supreme Court 0

Civil Courts 0

Lok Adalat 0

Any other 0

Court/Tribunal 0

TOTAL 15 0 2 4 213 234

Name of the RO, State : Mumbai, Maharashtra

District Consumer Forums 133 165 9 5 9 321 Matter yet not listed by Hon. Court

State Commission 0 2 1 0 14 17


High Court 2 0 0 0 11 13

Supreme Court 0 0 0 0 0 0

Civil Courts 0 1 1 0 0 2

Lok Adalat 0 0 0 0 0 0

Any other 0 0 0 0 0 0

Court/Tribunal 0 0 0 0 0 0

TOTAL 135 168 11 5 36 355

16


mPp U;k;ky; 1 73 74

mPpre U;k;ky; 0

flfoy U;k;ky; 0

yksd vnkyr 0

dksbZ vU; 0


dqy 0 0 5 2 96 103

{ks- dk;kZ dk uke] jkT; % t;iqj] jktLFkkuftyk miHkksDrk eap 28 22 36 1 14 101

jkT; vk;ksx 4 0 5 0 1 10 1. eap@vk;ksx@mPp U;k;ky; esa vf/kd ekeys yfEcr rFkk lwphc) dh izfr{kkjk"Vªh; vk;ksx 0 0 0 9 0 9

mPp U;k;ky; 0 0 2 0 5 7

mPpre U;k;ky; 0 0 0 0 0 0

flfoy U;k;ky; 0 0 0 0 0 0 2. dksje ds vHkko esa yksd vnkyr dke ugha dj jgkyksd vnkyr 0 0 0 0 27 27

dksbZ vU; 0 0 0 0 0 0


dqy 32 22 43 10 47 154

{ks- dk;kZ dk uke] jkT; % dksydkrk] if'pe caxkyftyk miHkksDrk eap 1 2 1 0 4 lquokbZ dh izfØ;kjkT; vk;ksx 8 2 1 1 0 12 lquokbZ dh izfØ;kjk"Vªh; vk;ksx 0

mPp U;k;ky; 24 0 0 0 8 32 izos'k lquokbZ vHkh gksuh gSmPpre U;k;ky; 0

flfoy U;k;ky; 0

yksd vnkyr 0

dksbZ vU; 0


dqy 33 2 3 2 8 48

{ks- dk;kZ dk uke] jkT; % iVuk] fcgkjftyk miHkksDrk eap 3 19 15 27 64

jkT; vk;ksx 2 25 27

jk"Vªh; vk;ksx 0 0

mPp U;k;ky; 7 7

mPpre U;k;ky; 0

flfoy U;k;ky; 0

yksd vnkyr 0

dksbZ vU; 0


dqy 0 3 19 24 52 98

{ks- dk;kZ dk uke] jkT; % y[kuÅ] mÙkj izns'kftyk miHkksDrk eap 15 0 2 4 142 163 Øe'k% eapks@U;k;ky;ksa

}kjk lquokbZ dh rkjh[kksa dk fu.kZ;@fuf.kZr rkjh[kksa ij lquokbZ tkjh gSAjkT; vk;ksx 0 0 0 0 52 52

jk"Vªh; vk;ksx 0

mPp U;k;ky; 0 0 0 0 19 19

mPpre U;k;ky; 0

flfoy U;k;ky; 0

yksd vnkyr 0

dksbZ vU; 0


dqy 15 0 2 4 213 234

{ks- dk;kZ dk uke] jkT; % eqEcbZ] egkjk"Vªftyk miHkksDrk eap 133 165 9 5 9 321 ekuuh; U;k;y;ksa }kjk ekeyksa dks lwphc) ugha fd;k x;kAjkT; vk;ksx 0 2 1 0 14 17

jk"Vªh; vk;ksx 0 0 0 0 2 2

mPp U;k;ky; 2 0 0 0 11 13

mPpre U;k;ky; 0 0 0 0 0 0

flfoy U;k;ky; 0 1 1 0 0 2

yksd vnkyr 0 0 0 0 0 0

dksbZ vU; 0 0 0 0 0 0

U;k;ky;@U;k;kf/kdj.k 0 0 0 0 0 0

dqy 135 168 11 5 36 355

16



Name of the RO, State : Raipur, Chattisgarh

District Consumer Forums 1 1 Decision Pending

State Commission 0


High Court 0

Supreme Court 0

Civil Courts 0

Lok Adalat 2 2 Decision Pending

Any other 0

Court/Tribunal 0

TOTAL 3 0 0 0 0 3

Name of the RO, State : Ranchi, Jharkhand


State Commission

National Commission

High Court

Supreme Court

Civil Courts

Lok Adalat

Any other

Court/Tribunal

TOTAL 0 0 0 0 0 0

Name of the RO, State : Thiruvananthapuram, Kerala

District Consumer Forums 3 1 1 5 1 case (1-2 years) at hearing stage and 1 case (>3 years) kept for orders

State Commission 1 1 Version to be filed by other opposite parties


High Court 1 1 2 Yet to be listed for hearing

Supreme Court 0

Civil Courts 0

Lok Adalat 0

Any other 0

Court/Tribunal 0

TOTAL 3 0 3 1 1 8

Head Office


State Commission

National Commission 1 1 2 2 6 will be listed in due course

High Court

Supreme Court 1 1 4 6 will be listed in due course

Civil Courts

Lok Adalat

Any other

Court/Tribunal

TOTAL 2 0 1 3 6 12

Consolidated

District Consumer Forums 532 251 187 62 1629 2661

State Commission 45 199 38 44 729 1055


High Court 84 80 44 34 188 430

Supreme Court 1 - - 2 6 9

Civil Courts 2 1 1 3 5 12

Lok Adalat 72 23 22 3 27 147

Any other - - - - - -

Court/Tribunal - 1 6 - 2 9

TOTAL 737 556 299 159 2676 4427

17


{ks- dk;kZ dk uke] jkT; % jk;iqj] NÙkhlx<+ftyk miHkksDrk eap 1 1 fu.kZ; yfEcrjkT; vk;ksx 0

jk"Vªh; vk;ksx 0

mPp U;k;ky; 0

mPpre U;k;ky; 0

flfoy U;k;ky; 0

yksd vnkyr 2 2 fu.kZ; yfEcrdksbZ vU; 0


dqy 3 0 0 0 0 3

{ks- dk;kZ dk uke] jkT; % jkaph] >kj[k.Mftyk miHkksDrk eapjkT; vk;ksxjk"Vªh; vk;ksxmPp U;k;ky;mPpre U;k;ky;flfoy U;k;ky;yksd vnkyrdksbZ vU;U;k;ky;@U;k;kf/kdj.kdqy 0 0 0 0 0 0

{ks- dk;kZ dk uke] jkT; % fr:oariqje] dsjyftyk miHkksDrk eap 3 1 1 5 1 ekeyk (1-2 o"kZ) lquokbZ pj.k ij rFkk 1 ekeyk (3 o"kZ ls vf/kd) funsZ'kksa ds fy;s j[kk

x;kjkT; vk;ksx 1 1 vU; foi{k ikfVZ;ksa }kjk laLdj.k nk;j gksuk 'ks"kjk"Vªh; vk;ksx 0

mPp U;k;ky; 1 1 2 lquokbZ ds fy, lHkh lwphc) fd;k tk,xkAmPpre U;k;ky; 0

flfoy U;k;ky; 0

yksd vnkyr 0

dksbZ vU; 0


dqy 3 0 3 1 1 8

iz/kku dk;kZy;ftyk miHkksDrk eapjkT; vk;ksxjk"Vªh; vk;ksx 1 1 2 2 6 'kh?kz lwphc) fd;k tk,xkmPp U;k;ky;mPpre U;k;ky; 1 1 4 6 'kh?kz lwphc) fd;k tk,xkflfoy U;k;ky;yksd vnkyrdksbZ vU;U;k;ky;@U;k;kf/kdj.kdqy 2 0 1 3 6 12

lesfdrftyk miHkksDrk eap 532 251 187 62 1629 2661

jkT; vk;ksx 45 199 38 44 729 1055

jk"Vªh; vk;ksx 1 1 1 11 90 104

mPp U;k;ky; 84 80 44 34 188 430

mPpre U;k;ky; 1 - - 2 6 9

flfoy U;k;ky; 2 1 1 3 5 12

yksd vnkyr 72 23 22 3 27 147

dksbZ vU; - - - - - -

U;k;ky;@U;k;kf/kdj.k - 1 6 - 2 9

dqy 737 556 299 159 2676 4427

17

Annexure 2

S.No. Name of Regional Office No of claims outstanding1 Ahmedabad 312130

2 Bangalore 72197

3 Bhopal 1297

4 Bhubaneshwar 40

5 Chandigarh 20409

6 Chennai 413769

7 Dehradun 11

8 Guwahati 7555

9 Hyderabad 449647

10 Jaipur 373930

11 Kolkata 639418

12 Lucknow 14092

13 Mumbai 3502510

14 Patna 2643456

15 Raipur 0

16 Ranchi 190842

17 Thiru'puram 15760

TOTAL 8657063

18

vuqca/k 2

Øe la[;k {ks=kh; dk;kZy; cdk;k nkoksa dh la[;k1 vgenkckn 312130

2 caxyw: 72197

3 Hkksiky 1297

4 Hkqous'oj 40

5 paMhx< 20409

6 psUubZ 413769

7 nsgjknwu 11

8 xqokgkVh 7555

9 gSnjkckn 449647

10 t;iqj 373930

11 dksydkrk 639418

12 y[kuÅ 14092

13 eqEcbZ 3502510

14 iVuk 2643456

15 jk;iqj 0

16 jkaph 190842

17 fr:ouariqje~ 15760

dqy 8657063

18

DIRECTORS' REPORT(For the Financial Year 2014-15)

TO THE MEMBERS

Your Directors are pleased to present the 12th Annual Report of the Company together with the audited financial statements for the year ended on March 31st, 2015 and the Management Discussion and Analysis Report form part of this report.

FINANCIAL PERFORMANCE

SN Particulars Current Year2014-15

Previous Year2013-14

Revenue Account (Rupees in crore)

1 Gross Direct Premium 2739.70 3395.01

2 Net Premium (net of re-insurance) 1496.41 1700.34

3 Net Premium Earned 1598.38 1647.86

4 Net Incurred Claims 1733.71 1724.45

5 Commission earned (Net) (68.17) (172.18)

6 Operating Expenses 69.36 63.21

7 Net Investment Income apportioned to Revenue A/c 227.64 192.28

8 Premium Deficiency 21.68 0.00

9 Other Expenses 0.33 8.37

10 Revenue Profit/(Loss) 69.11 216.29

Profit & Loss Account11 Net Investment Income apportioned to P&L A/c 175.97 148.74

12 Other Incomes 1.55 1.24

13 Corporate Social Responsibility 4.00 0.00

14 Other Expenses & Provisions 0.54 0.48

15 Profit Before Tax 242.09 365.79

16 Provision for Taxes 74.04 117.14

17 Profit After Tax 168.05 248.65

18 Proposed dividend 20.00 0.00

19 Dividend Distribution Tax 4.07 0.00

20 Transfer to General Reserve 143.98 248.65

21 Balance of Profit c/f NIL NIL

The Board approved and adopted Financial Statements for the Financial Year 2014-15 at its 63rd Meeting held on 26th May, 2015 read with Joint Statutory Auditors’ Report and Secretarial Audit Report thereon.

19

funs'kd dh fjiksVZ¼foÙkh; o"kZ 2014-15 ds fy,½

lnL;ksa dks lEcksf/kr

vkids funs”kdksa dks vkidh dEiuh dh 12oha okf’kZd fjiksVZ ds lkFk 31 ekpZ 2015 dks lekIr gksus okys foÙkh; o’kZ ds fy, ys[kkijh{k.k fd, gq, foÙkh; fooj.k vkSj bl fjiksVZ dh izca/kdh; ppkZ vkSj fo”ys’k.k fjiksVZ dks izLrqr djds [kq”kh gks jgh gSA

foÙkh; dk;Z fu"iknu

Ø- la-

fooj.k pkyw o"kZ fiNyk o"kZ 2014-15 2013-14

jktLo [kkrk ¼#i;s djksM+ksa esa½

1 ldy izR;{k izhfe;e 2739.70 3395.01

2 “kq) izhfe;e ¼”kq) iqu% chek½ 1496.41 1700.34

3 dek;k x;k “kq) izhfe;e 1598.38 1647.86

4 “kq) laxzfgr nkos 1733.71 1724.45

5 dek;k x;k deh”ku ¼”kq)½ (68.17) (172.18)

6 ifjpkyu [kpsZ 69.36 63.21

7 “kq) vk; ftls jktLo [kkrs esa foHkkftr fd;k x;k gS 227.64 192.28

8 izhfe;e ?kkVk 21.68 0.00

9 vU; [kpZ 0.33 8.37

10 vk; ykHk@¼gkfu½ 69.11 216.29

ykHk ,oa gkfu [kkrk

11 ih ,oa ,y [kkrs esa foHkkftr “kq) fuos”k vk; 175.97 148.74

12 vU; vk; 1.55 1.24

13 fuxfer lkekftd ftEesnkjh 4.00 0.00

14 vU; [kpZ ,oa izko/kku 0.54 0.48

15 dj ls igys ykHk 242.09 365.79

16 djksa ds fy, izko/kku 74.04 117.14

17 dj ds ckn ykHk 168.05 248.65

18 izLrkfor ykHkka”k 20.00 0.00

19 YkHkka”k forj.k dj 4.07 0.00

20 lkekU; fjtoZ esa gLrkarfjr 143.98 248.65

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

cksMZ us 26 ebZ 2015 dks vk;ksftr viuh 63 oha cSBd esa la;qDr lkafof/kd ys[kkijh{kdksa ,oa lfpoh; ys[kk ijh{kk dh fjiksVZ lfgr foÙkh; o’kZ 2014&15 ds foÙkh; fooj.k dk vuqeksnu fd;k vkSj mls LohÑfr iznku dhA

19

SHARE CAPITAL OF THE COMPANY

There is no change in the Authorised and Paid-up Share Capital of the Company.

DIVIDEND AND TRANSFER TO GENERAL RESERVES

During the year, Company has earned a post-tax profit of Rs. 168.05 crore. The Board of the Company has decided to recommend 10% dividend for this financial year and to appropriate the profits to the General 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, Company has transferred Rs. 143.98 crore to the General Reserve from the ‘Profit after Tax and Appropriations’.

EXTRACT OF ANNUAL RETURN

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

BUSINESS REVIEW AND SUMMARY OF OPERATIONS

Monsoon 2014

For the country as a whole, the rainfall for the season (June-September) was deficient (88% of Long Periodic Average (LPA)). Seasonal rainfall was 79% of its LPA over Northwest India, 90% of its LPA over Central India, 93% of its LPA over south Peninsula and 88% of its LPA over Northeast (NE) India. South Interior Karnataka was the only subdivision out of 36 subdivisions to receive excess rainfall. Four (4) subdivisions (i.e. Himachal Pradesh, west Uttar Pradesh, east Uttar Pradesh and Telangana) were deficient/scantly during all the four months of the season.

During the season, out of 615 Districts, 56 Districts received excess rainfall, 279 received normal rainfall, 223 received deficient rainfall, 56 Districts received scanty rainfall and 1 District no rainfall.

The conditions over the equatorial Pacific during prior and early part of the monsoon season were close to be classified as the border line El Niño. Forecasts from several global models were also indicating formation of weak El Niño during the middle of the monsoon season. However, subsequent weak air-sea coupling over the region led to the weakening of border line El Niño conditions from early July resulting in ENSO neutral conditions during remaining part of the monsoon season.

Crop Insurance Schemes Implemented by the Company

The Company continued to implement “National Agricultural Insurance Scheme” (NAIS) during the year after Government of India (GoI) permitted it to be implemented on the request of many State Governments. National Crop Insurance Programme (NCIP) launched during the previous year was also implemented with its three component Schemes namely Modified National Agricultural Insurance Scheme (MNAIS), Weather Based Crop Insurance Schemes (WBCIS) and Coconut Palm Insurance Schemes (CPIS) by the Company during the year in many States.

National Agricultural Insurance Scheme (NAIS)

National Agricultural Insurance Scheme (NAIS) was implemented in many States both during Kharif-2014 and Rabi 2014-15. The Scheme was implemented in 216 Districts across 10 States during Kharif-2014 season and in 349 Districts across 16 States during Rabi 2014-15.

20

dEiuh dh 'ks;j iwath

dEiuh dh izkf/kÑr vkSj pqdrk “ks;j iwath esa dksbZ cnyko ugha gSA

ykHkka'k vkSj lkekU; fuf/k esa LFkkukarj.k

o’kZ ds nkSjku dEiuh us dj pqdkus ds ckn 168-05 djksM+ #i;s dk ykHk dek;kA dEiuh ds cksMZ us bl foÙkh; o’kZ ds fy, 10 izfr”kr ykHkka”k dh flQkfj'k djus vkSj dEiuh dh foÙkh; fLFkfr dks vkSj vf/kd etcwr cukus ds fy, bldh lkekU; fuf/k esa ykHkksa dks LFkkukarfjr djus dk fu.kZ; fd;k gSA

dEiuh ds ikl fiNys 7 o’kZ ls dksbZ vpqdrk ;k nkok jfgr QaM ekStwn ugha gSA blfy, fuos”kdksa dh f”k{kk vkSj lqj{kk QaM esa LFkkukarfjr djus ds fy, dksbZ foÙk ugha FkkA

o’kZ ds nkSjku dEiuh us ßdj vkSj fofu;kstu ds ckn ykHkÞ esa ls 143-98 djksM+ #i;s lkekU; fuf/k esa LFkkukarfjr fd, gSaA

okf"kZd vk; dk lkjka'k

okf’kZd vk; dk lkjka”k fu/kkZfjr izi= ,ethVh&9 esa lyaXud&Þdß ds :i esa fn;k x;k gSA

O;kikfjd leh{kk vkSj lapkyuksa dk lkjka'k

ekulwu 2014

iwjs ns”k esa bl ekSle ds nkSjku ¼twu&flrEcj½ ckfj”k de gqbZ ¼yEch vof/k dh vkSlr dk 88 izfr”kr ¼,yih,½½A mRrj&if”pe Hkkjr esa ekSleh ckfj”k ,yih, dk 79 izfr”kr] e/; Hkkjr esa ,yih, dk 90 izfr”kr] nf{k.kh izk;}hi esa ,yih, dk 93 izfr”kr vkSj mRrj&iwoZ Hkkjr esa ,yih, dk 88 izfr”kr jghA nf{k.kh dukZVd dk vkarfjd Hkkx 36 mie.Myksa esa ls ,d ek= ,slk mie.My Fkk tgka vf/kd o’kkZ gqbZA pkj ¼4½ mie.Myksa ¼vFkkZr~ fgekpy izns”k] if”peh mRrj izns”k] iwohZ mRrj izns”k vkSj rsyaxkuk½ esa ekSle ds nkSjku de@vkaf”kd o’kkZ gqbZA

ekSle ds nkSjku 615 ftyksa esa ls 56 ftyksa esa vf/kd o’kkZ gqbZ] 279 ftyksa esa lkekU; ckfj”k gqbZ] 223 esa de o’kkZ gqbZ] 56 ftyks esa vkaf”kd o’kkZ gqbZ vkSj 1 ftys esa o’kkZ ugha gqbZA

ekulwu ds izkjaHk esa vkSj igys fgLls ds nkSjku Hkwe/; iz”kkar egklkxj ds Åij dh ifjfLFkfr;k¡ ,y uhuksa ds :i esa oxhZÑr fd, tkus ds djhc FkhA ekulwu ds ekSle ds e/; ds nkSjku dqN fo”oLrjh; izfrekuksa ls izkIr ekSle dh Hkfo’;okf.k;k¡ Hkh tqykbZ ds izkjaHk ls detksj ,y uhuks dh vksj ladsr dj jgh Fkh ftlds dkj.k ekulwu ds “ks’k cps ekSle ds nkSjku bZ,u,lvks dh rVLFk ifjfLFkfr;k¡ cuhA

dEiuh }kjk ykxw dh xbZ Qly chek ;kstuk,a

dEiuh us Hkkjr ljdkj ls vuqefr feyus ds ckn ßjk’Vªh; Ñf’k chek ;kstukÞ dks o’kZ ds nkSjku dbZ jkT;ksa ds vkxzg djus ij tkjh j[kkA jk’Vªh; Qly chek dk;ZØe ftls fiNys o’kZ “kq: fd;k x;k Fkk] mls Hkh bldh rhu ;kstukvksa vFkkZr~ la'kksf/kr jk’Vªh; Ñf’k chek ;kstuk ¼la-jk-Ñ-ch-;ks-½] ekSle v/kkfjr Qly chek ;kstuk ¼EkkS-vk-Q-ch-;ks-½ vkSj ukfj;y rkM+ chek ;kstuk ¼uk-rk-ch-;ks-½ dks dEiuh }kjk cgqr ls jkT;ksa esa o’kZ ds nkSjku ykxw fd;kA

jk"Vªh; Ñf"k chek ;kstuk ¼jk-Ñ-ch-;ks-½

jk’Vªh; Ñf’k chek ;kstuk ¼jk-Ñ-ch-;ks-½ dks cgqr ls jkT;ksa esa [kjhQ&2014 vkSj jch 2014&15 ds nkSjku ykxw fd;k x;kA bl ;kstuk dks [kjhQ ds ekSle ds nkSjku 10 jkT;ksa ds 216 ftyksa esa ykxw fd;k x;k vkSj jch 2014&15 ds nkSjku 16 jkT;ksa ds 349 ftyksa esa ykxw fd;k x;kA

20

Modified National Agricultural Insurance Scheme (MNAIS)

National Crop Insurance Programme (NCIP) introduced with effect from 1st November, 2013 has MNAIS as a component which is an improved version of NAIS. The Scheme before being incorporated in NCIP was implemented separately as MNAIS on pilot basis from Rabi 2010-11 to Kharif 2013. The modified version has many improvements viz. Insurance Unit for major crops are village panchayat or other equivalent unit; in case of prevented / failed sowing claims up to 25 percent of the sum insured is payable, post-harvest losses caused by cyclonic rains are assessed at farm level for the crop harvested and left in ‘cut & spread’ condition up to a period of 2 weeks; individual farm level assessment of losses in case of localized calamities, like hailstorm and landslide; on-account payment up to 25% of likely claim as advance, for providing immediate relief to farmers in case of severe calamities; Threshold Yield based on average yield of past seven years, excluding up to two years of declared natural calamities; minimum indemnity level of 80 percent is available (against 60 percent in NAIS); and premium rates are actuarial supported by up-front subsidy in premium, which ranges from 25 percent to 75 percent, equally shared by Centre and States. Insurer is responsible for the claims liabilities. The Company has been implementing MNAIS since its inception. During Kharif 2014, the MNAIS was implemented by the Company in 133 Districts across 13 States and during Rabi 2014-15 as part of NCIP in 87 Districts across 9 States.

Weather Based Crop Insurance Scheme (WBCIS)

Apart from the above, two yield guarantee insurance Schemes, the Government of India had introduced another Pilot namely, Pilot Weather Based Crop Insurance Scheme (WBCIS) with effect from Kharif 2007, which became full-fledged Scheme as a component of NCIP with its introduction. The Scheme operates on an actuarial basis with premium subsidy contribution from Union and State Governments. The Company has since implemented the Scheme in various States during all previous Kharif and Rabi seasons starting Kharif 2007. WBCIS is a parametric insurance product designed to provide insurance protection to the cultivator against adverse weather incidence during the cultivation period, such as deficit & excess rainfall, frost, heat (temperature), relative humidity, wind speed etc., which are deemed to adversely impact the crop yield.

Crops and ‘Reference Unit Areas (RUA)’ are notified before the commencement of the season by the State Government. Each RUA is linked to a Reference Weather Station (RWS), on the basis of which pay-out / claims are processed. The pay-outs are made on the basis of adverse variations in the current season’s weather parameters as measured at Reference Weather Station (RWS). Claim under WBCIS is area based and automatic. The Company insured many food, oilseed and pulse crops besides insuring perennial crops like Apple, Citrus crops, Grapes, Mango, Pomegranate, Cashew nut, Oil palm and spices etc. During Kharif 2014, the Scheme was implemented by the Company, in 102 Districts across 14 States and during Rabi 2014-15 as part of NCIP in 88 Districts across 11 States.

The Company covered many non-loanee farmers under MNAIS and WBCIS through network of four Public Sector General Insurance Companies (GIPSA) under co-insurance agreement.

Coconut Palm Insurance Scheme (CPIS)

Coconut Palm Insurance Scheme (CPIS) is another component of NCIP implemented solely by the Company during the year. This Scheme is open for all States, where coconut is grown.

21

la'kksf/kr jk"Vªh; Ñf"k chek ;kstuk ¼la-jk-Ñ-ch-;ks-½

jk’Vªh; Qly chek dk;ZØe ¼,ulhvkbZih½ dh “kq:vkr 1 uoEcj 2013 dks dh xbZ FkhA bldk ,d :i gS la”kksf/kr jk’Vªh; Ñf’k chek ;kstukA bl ;kstuk dks ,ulhvkbZih ds varxZr ykxw djus ls igys bls ik;yV vk/kkj ij jch 2010&11 ls [kjhQ 2013 rd vyx ls ykxw fd;k x;k FkkA bl la”kksf/kr laLdj.k esa cgqr ls la”kks/ku fd, gSa] tSls eq[; Qlyksa ds fy, chek bdkbZ xkao dh iapk;r gS ;k blds leku dksbZ bdkbZ gS( ;fn Qly cksbZ ugha tkrh gS rks chfer jkf”k dk 25 izfr”kr Hkqxrku fd;k tkrk gS] pØokrh o’kkZ ds dkj.k Qly dkVus ds ckn gq, uqdlku ewY;kadu [ksr ds Lrj ij 2 lIrkg dh vof/k rd dVh gqbZ vkSj fc[kjh gqbZ Qly ds vk/kkj ij fd;k tkrk gS( LFkkuh; vkinkvksa tSls vksys iM+uk vkSj HkwL[kyu] ds dkj.k O;fDrxr [ksr ds Lrj ij ewY;kadu( Hk;adj vkinkvksa ds ekeys esa fdlkuksa dks rqjar jkgr iznku djus ds fy, laHkkfor nkos dk Hkqxrku( fiNys lkr o’kksZ a dh iSnkokj ds vk/kkj ij Fkzs”kgksYM ;hYM] ftlesa nks o’kksZ a dh ?kksf’kr vkink,a “kkfey ugha gSa( U;wure 80 izfr”kr {kfriwfrZ Lrj miyC/k gS ¼jk-Ñ-ch-;ks- esa 60 izfr”kr dh rqyuk esa½( vkSj izhfe;e dh njsa chekafdd gSa tks izhfe;e esa vfxze lfClMh }kjk lefFkZr gSa] tks 25 ls 75 izfr”kr ds nk;js esa gSa] ftUgsa leku :i ls dsanz vkSj jkT;ksa }kjk lka>k fd;k tkrk gSA chekdrkZ nkoksa dh nsunkjh ds fy, ftEesnkj gSA dEiuh la-jk-Ñ-ch-;ks- dks bldh “kq:vkr ls gh ykxw dj jgh gSA [kjhQ 2014 ds nkSjku la-jk-Ñ-ch-;ks- dks dEiuh ds }kjk 13 jkT;ksa ds 133 ftyksa esa ykxw fd;k x;k Fkk vkSj jch 2014&15 ds nkSjku 9 jkT;ksa ds 87 ftyksa a esa ,ulhvkbZih ds ,d Hkkx ds :i esa ykxw fd;k x;k FkkA

ekSle vk/kkfjr Qly chek ;kstuk ¼ekS-vk-Q-ch-;ks-½

mDr ds vfrfjDr nks iSnkokj xkjaVh ;kstuk,a] ftUgsa Hkkjr ljdkj us ik;yV ;kstuk ds :i esa “kq: fd;k Fkk] gSa ik;yV ekSle vk/kkfjr Qly chek ;kstuk ¼EkkS-vk-Q-ch-;ks-½ tks [kjhQ 2007 ls ykxw dh xbZ Fkh] tks ,ulhvkbZih dh “kq:vkr ls gh bldk ,d fgLls ds :i esa ,d iw.kZ ;kstuk cu xbZA ;g ;kstuk chekafdd vk/kkj ij lapkfyr gksrh gS ftlesa izhfe;e lfClMh ;ksxnku dasnz vkSj jkT; ljdkjksa }kjk fn;k tkrk gSA rc ls ysdj dEiuh bl ;kstuk dks [kjhQ 2007 ls “kq: djds fofHkUu jkT;ksa esa fiNys lHkh [kjhQ vkSj jch ekSleksa esa ykxw fd;k gSA EkkS-vk-Q-ch-;ks- ,d ekud chek mRikn gS ftls cqokbZ ds le; ds nkSjku foijhr ekSle izHkkoksa ds fy, fdlkuksa dks chek lqj{kk iznku djus ds fy, fMtkbu fd;k x;k gS] tSls de ;k vf/kd o’kkZ] ikyk] vf/kd rkieku] lkisf{kd ueh] gok dh xfr vkfn tks Qly dh iSnkokj ij foijhr izHkko Mky ldrh gSaA

Qlyksa vkSj ßlanHkZ bdkbZ {ks= ¼fjÝsUl ;qfuV ,fj;k½Þ dks jkT; ljdkj }kjk ekSle dh “kq:vkr ls igys vf/klwfpr fd;k tkrk gSA izR;sd lanHkZ bdkbZ {ks= dks ,d lanHkZ ekSle LVs”ku ¼vkjMcY;q,l½ ls tksM+k tkrk gS] ftlds vk/kkj ij nkoksa dk vkadyu fd;k tkrk gSA nkoksa dk Hkqxrku pkyw o’kZ esa lanHkZ ekSle LVs”ku ¼vkjMcY;q,l½ ij fuèkkZfjr ekSle ds ekudksa esa foifjr fofo/krkvksa ds vk/kkj ij fd;k tkrk gSA EkkS-vk-Q-ch-;ks- ds varxZr nkos {ks= vkèkkfjr vkSj Lopkfyr gSaA dEiuh us dbZ [kkn~;] frygu vkSj nygu Qlyksa ds vykok lsc] lkbVªl Qlyksa] vaxwj] vke] vukj] dktw] ukfj;y] vkSj elkyksa vkfn dh Qlyksa dk chek fd;kA [kjhQ 2014 ds nkSjku bl ;kstuk dks dEiuh }kjk 11 jkT;ksa ds 88 ftyksa esa py jgh ,ulhvkbZih ;kstuk ds fgLls ds :i esa 14 jkT;ksa ds 102 ftyksa esa jch 2014&15 ds nkSjku ykxw fd;k x;kA

dEiuh us jk-Ñ-ch-;ks- vkSj EkkS-vk-Q-ch-;ks- ds varxZr cgqr ls ,sls fdlkuksa dks lg&chek le>kSrs ds varxZr lkoZtfud {ks= dh pkj lk/kkj.k chek dEifu;ksa ds usVodZ ds ek/;e ls “kkfey fd;k ftUgksaus _.k ugha fy;k gqvk FkkA

ukfj;y rkM+ chek ;kstuk ¼uk-rk-ch-;ks-½

ukfj;y rkM+ chek ;kstuk ¼uk-rk-ch-;ks-½ ,ulhvkbZih dh ,d vU; ?kVd ;kstuk gS ftls dsoy dEiuh }kjk bl o’kZ ls ykxw fd;k x;kA ;g ;kstuk mu lHkh jkT;ksa ds fy, miyC/k gS tgka ukfj;y dh [ksrh dh tkrh gSA

21

Other Products

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

Reinsurance

During the year, Company continued to engage the reinsurers, both domestic and international, successfully, to garner reinsurance capacity and also to protect its net account. During the year, for Kharif 2014 the Company’s retention was 30% for WBCIS and MNAIS and 48.50% in respect of NAIS. The balance 70% of WBCIS and MNAIS business was ceded to reinsurance on quota share basis in the domestic and international markets. Company’s net retention was further protected by Stop Loss arrangement of 70 XS 110 for MNAIS and 90 XS 110 for WBCIS. Stop Loss protection was not availed for NAIS due to loss ratio cap (150%) provided by Government of India.

In order to have better spread across geography and risks, the Company decided to combine the yield insurance products i.e. NAIS & MNAIS into one portfolio for RI placement for Rabi 2014-15 reducing the number of Quota Share treaties to two. The net retention of Company was 44% and 30% for WBCIS and MNAIS-NAIS combined, respectively. The balance 56% and 70%, respectively, was ceded to reinsurance in the domestic and international markets. NAIS – MNAIS combined retention was further protected by 90 XS 110 Stop Loss while no SL was arranged for WBCIS due to reduced portfolio.

Grievances

During the year, all out efforts are being made to redress the grievances registered on line and off line with the Company in vernacular language within the turnaround time prescribed by IRDAI. The Grievances Redressal Officers have been sensitized to handle the grievances with utmost sincerity. With the consistent efforts to spread awareness about the Grievance Redressal Mechanism in the Company there is a fourfold increase in the number of grievances registered with the Company. All the grievances registered during the year, stands redressed to the satisfaction of customers which can be measured in terms of appeals preferred which are hardly 2% of the grievances received.

Legal

The judgment of the National Commission dated 22nd April, 2009 directing the lower forums of Karnataka to decide the cases after carefully going through the provisions of NAIS and remitting around 8000 cases back to District forums had salutary effect and there is a significant drop in the number of cases. This case is being used as panacea while pleading defense in so many other cases and it has become a land mark judgment to support our Schemes. The direct technical assistance launched by the Company to help the Officers at RO is yielding rich dividends and many complaints are getting dismissed at the District level itself. We are also encouraging our Officers to go to Districts and brief the advocates in person to strengthen the defense and the litigation is nipped in the bud and with the result very few cases are reaching up to National Commission.

Right To Information (RTI)

During the year, we have complied with the statutory provisions of Right to Information (RTI) Act 2005 and placed Officers at All Regional Offices and Head Office to deal with the applications filed under RTI. The applications are being disposed off within the time limits set by the Act and Officers are being trained to handle the applications as per the provisions of RTI Act. Utmost transparency is being observed keeping the democratic ideals in view. Hardly few appeals have reached Central Information Commission and all have been disposed off in favour of the Company and there is not even a single adverse order against the Company since inception of the Act

22

vU; mRikn

mDr ds vfrfjDr] dEiuh us fofHkUu vkarfjd mRiknksa dks ykxw djuk tkjh j[kk] ftuesa jsuQkWy bU”;ksjsal] o’kkZ chek] dkWQh o"kkZ chek ;kstuk] iYi oqM] tSfod b±/ku chek vkSj jcM+ [ksrh chek “kkfey gSaA blds vfrfjDr dEiuh us dqN mRiknksa dks iz;ksx ds vk/kkj ij Hkh “kq: fd;kA

iquchZek

o’kZ ds nkSjku dEiuh lQyrkiwoZd ?kjsyw vkSj varjkZ’Vªh; chekdrkZvksa dh lsokvksa dks ysuk tkjh j[kk rkfd chek {kerk dks c<k;k tk lds vkSj blds “kq) [kkrs dks ckpk;k tk ldsA o’kZ ds nkSjku [kjhQ 2014 ds fy, EkkS-vk-Q-ch-;ks- vkSj la-jk-Ñ-ch-;ks- ds fy, fjVsaU”ku 30 izfr”kr Fkk vkSj jk-Ñ-ch-;ks- ds fy, 48-50 izfr”kr FkkA EkkS-vk-Q-ch-;ks- vkSj la-jk-Ñ-ch-;ks- O;kikj dk “ks’k 70 izfr”kr fgLlk ?kjsyw vkSj varjkZ’Vªh; cktkjksa esa dksVk “ks;j vk/kkj ij chek dks iznku dj fn;k x;kA dEiuh dk “kq) fjVsaU”ku dks la-jk-Ñ-ch-;ks- ds fy, 70 XS 110 vkSj EkkS-vk-Q-ch-;ks- ds fy, 90 XS 110 LVkWi ykWl O;oLFkk ds }kjk cuk, j[kk x;kA Hkkjr ljdkj }kjk iznku dh xbZ gkfu vuqikr lhek ¼150 izfr”kr½ ds dkj.k LVkWi ykWl lqj{kk jk-Ñ-ch-;ks- ds fy, miyC/k ugha dh xbZA

HkkSxksfyd {ks= vkSj tksf[keksa dks csgrj rjhds ls foLrr djus ds fy, dEiuh us iSnkokj chek mRiknksa] vFkkZr~ jk-Ñ-ch-;ks- vkSj la-jk-Ñ-ch-;ks- dks feykdj ,d iksVZQksfy;ks cukus dk fu.kZ; fd;k rkfd dksVk “ks;j le>kSrksa dks ?kVkdj 2 djrs gq, jch 2014&15 ds fy, vkjvkbZ dk IyslesaV fd;k tk ldsA dEiuh dk “kq) fjVsaU”ku EkkS-vk-Q-ch-;ks- vkSj ,ujk-Ñ-ch-;ks-&jk-Ñ-ch-;ks- dks feykdj Øe”k% 44 izfr”kr vkSj 30 izfr”kr FkkA “ks’k Øe”k% 56 izfr”kr vkSj 70 izfr”kr dks ?kjsyw vkSj varjkZ’Vªh; cktkjksa esa chek dks iznku dj fn;k x;kA jk-Ñ-ch-;ks-&la-jk-Ñ-ch-;ks- dh la;qDr fjVsa”ku dks vkxs 90 XS 110 LVkWi ykWl ds }kjk cuk, j[kk x;k tcfd ?kV pqds iksVZQksfy;ks ds dkj.k EkkS-vk-Q-ch-;ks- ds fy, fdlh LVkWi ykWl dh O;oLFkk ugha dh xbZA

f'kdk;rsa

o’kZ ds nkSjku dEiuh us {ks=h; Hkk’kkvksa esa dh xbZ vkWu ykbu vkSj vkWQ ykbu iathÑr f”kdk;rksa dk vkbZvkjMh,vkbZ }kjk fu/kkZfjr le;lhek ds vanj fuiVkus dk iqjtksj iz;kl fd;k tk jgk gSA f”kdk;r fuokj.k vf/kdkfj;ksa dks laosnu”khy cuk;k x;k gS rkfd f”kdk;rksa dks csgn bZekunkjh ls fuiVk;k tk ldsA dEiuh dh f”kdk;r fuokj.k izfØ;k ds ckjs esa tkx#drk QSykus ds fujarj iz;klksa ds dkj.k dEiuh esa iathÑr f”kdk;rksa dh la[;k esa pkj xquk c<+ksÙkjh gqbZ gSA o’kZ ds nkSjku iathÑr lHkh f”kdk;rsa xzkgdksa dh larqf’V ds vuq:i nwj dh tkrh gSa ftldk irk dh xbZ ;kfpdkvksa ls pyrk gS tks izkIr f”kdk;rksa dk ek= 2 izfr”kr gSaA

fof/kjk’Vªh; vk;ksx us 22 vizSy 2009 dks dukVZd ds fupys U;k;ky;ksa dks funsZ”k fn;k fd os jk-Ñ-ch-;ks- ds izko/kkuksa dks lko/kkuhiwoZd i<+dj ekeyksa dk fuiVkjk djsa vkSj 8000 ekeyksa dks okfil ftyk U;k;ky;ksa esa Hkstk x;k ftlds dkj.k ekeyksa dh la[;k esa dkQh deh vkbZ gSA bl ekeys dks vU; cgqr ls ekeyksa esa cpko ds fy, jkeck.k bZykt ds :i esa iz;ksx fd;k tk jgk gS vkSj ;g vkns”k gekjh ;kstukvksa ds leFkZu esa ,d ehy dk iRFkj cu x;k gSA {ks=h; dk;kZy;ksa esa vf/kdkfj;ksa dh lgk;rk djus ds fy, dEiuh }kjk “kq: dh xbZ izR;{k rduhdh lgk;rk mi;ksxh lkfcr gks jgh gS vkSj cgqr lh f”kdk;rsa ftyk Lrj ij gh fujLr dh tk jgh gSaA ge gekjs vf/kdkfj;ksa dks ftyksa esa tkus vkSj odhyksa ls O;fDrxr :i ls feyus ds fy, izksRlkfgr fd;k tk jgk gS rkfd cpko dks vkSj vf/kd lqn< cuk;k tk lds vkSj eqdneksa dks “kq:vkr esa gh [kRe fd;k tk lds ftlds ifj.kkeLo:i cgqr de ekeys jk’Vªh; vk;ksx ds ikl igqap jgs gSaA

lwpuk dk vf/kdkj ¼vkjVhvkbZ½o’kZ ds nkSjku geus lwpuk dk vf/kdkj vf/kfu;e] 2005 ds lkafof/kd izko/kkuksa dk vuqikyu fd;k vkSj vkjVhvkbZ ds varxZr fd, x, vkosnuksa dk fuiVkjk djus ds fy, lHkh {ks=h; dk;kZy;ksa rFkk ç/kku dk;kZy; esa vf/kdkfj;ksa dh fu;qfDr dhA vkosnuksa dks vkjVhvkbZ vf/kfu;e }kjk fu/kkZfjr le; lhek ds vanj fuiVk;k tk jgk gSA ?kjsyw vkn”kksZa dks /;ku esa j[krs gq, csgn ikjnf”kZrk dks viuk;k tk jgk gSA cgqr de ;kfpdk,a dsanzh; lwpuk vk;ksx ds ikl igaqph gSa vkSj lHkh dk fuiVkjk dEiuh ds i{k esa gqvk gS vkSj bl vf/kfu;e ds “kq: gksus ds ckn ls dEiuh ds fo#) ,d Hkh vkns”k ugha vk;k gSA

22

Personnel and Industrial Relations

During the year, the Company initiated the recruitment exercise for recruitment of 40 specialist Officers in the various disciplines of Agriculture, Finance, IT, Statistics, Actuarial, Legal and Generalist in the entry cadre of Administrative Officer (Scale I), out of which 2 Officers in Actuarial discipline have been recruited through lateral entry.

During the year, the Company has promoted 36 Class I Officers in various cadres. The Company has also promoted 9 employees within the cadre of Class III and Class IV.

During the year, to rejuvenate and upgrade the skills and knowledge of the employees, the Company has embarked upon an effective training schedule, whereby 135 officers were nominated to different technical and professional training programmes conducted by reputed institutions like National Insurance Academy at Pune, Administrative Staff College of India at Hyderabad and others.

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

Actuarial Functions

During the year, Company’s Actuarial Department was formed and now has a full time Appointed Actuary and a team of 4 people. During the year, this team closed all the pending statutory reporting requirements for FY 2013-14. Team focused on improving the respective models of IBNR, ECR, ALM, PDR and others, and adopted methodologies that closely reflect the atypical nature of crop insurance business. Also, efforts were put in the direction of creating a standardized data base of premiums and claims of the Company and standardizing the technical terms used across the Company, so as to better meet the statutory requirements and improve the day to day business decisions by providing insightful analytics. To achieve the same, it conducted a Company-wide two day’ workshop on “IRDAI Data Requirements” to create awareness on accuracy, completeness and reliability of data and imparting understanding of the technical terms used. Also, it provided active support to product scheme design, pricing and reinsurance modelling.

In the next financial year, Actuarial Department’s will focus on strictly adhering to the IRDAI statuary reporting requirements and provide actuarial inputs and get actively involved in the areas of product design, pricing, reinsurance, experience investigation, capital modelling and investments etc.

Welfare of SC/ST and OBC

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

Official Language

The Company’s relentless efforts for increased use of Hindi in its official working continued and effective steps have been taken on the implementation of provisions of the Official Languages Act and Rules framed thereunder. During the year, the Company has put in efforts to comply with the targets set by Department of Official Language, Ministry of Home Affairs, and Government of India. The Company submits all the mandatory reports to the Ministry of Finance,

23

O;fDrxr vkSj vkS|ksfxd laca/k

o’kZ ds nkSjku dEiuh us Ñf’k] foÙk] vkbZVh] lkaf[;dh] chekafdd] fof/k vkSj tsujfyLV ds fofHkUu {ks=ksa esa iz”kklfud vf/kdkjh ¼Ldsy 1½ dh Js.kh esa 40 fo”ks’kK vf/kdkfj;ksa dh HkrhZ “kq: dh] ftuesa ls chekafdd fo’k; ds nks vf/kdkfj;ksa dks ysVjy ,aVªh ds ek/;e ls HkrhZ fd;k tk pqdk gSA

o’kZ ds nkSjku dEiuh us fofHkUu foHkkxksa esa 36 vf/kdkfj;ksa dks izFke Js.kh ds vf/kdkfj;ksa ds :i esa inksUur fd;kA dEiuh us 9 deZpkfj;ksa dks Js.kh 3 vkSj Js.kh 4 ds vanj inksUur fd;kA

o’kZ ds nkSjku deZpkfj;ksa ds dkS”ky vkSj Kku dk mUu;u djus ds fy, vkidh dEiuh us ,d izHkkoh dk;ZØe dk lgkjk fy;k gS ftlds varxZr 135 vf/kdkfj;ksa dks fofHkUu rduhdh vkSj O;olkf;d izf”k{k.k dk;ZØeksa ds fy, euksuhr fd;k x;k ftUgsa [;kfr izkIr laLFkkuksa }kjk vk;ksftr fd;k x;k tSls jk’Vªh; chek vdkneh] iq.ks] Hkkjrh; iz”kklfud deZpkjh egkfon~;ky;] gSnjkckn ,oa dbZ vU;A

vkS|ksfxd laca/k iwjs o’kZ e/kqj jgs vkSj dEiuh dks blds vf/kdkfj;ksa vkSj deZpkfj;ksa ls =qfVjfgr lg;ksx feyrk jgkA

chekafdd dk;Z

o’kZ ds nkSjku dEiuh dk chekafdd foHkkx lftr fd;k x;k vkSj vc ,d iw.kZdkfyd fu;qDr chekafdd ¼eqa”kh½ vkSj ,d pkj lnL;h; Vhe dke dj jgh gSaA o’kZ ds nkSjku bl Vhe us foÙkh; o’kZ 2013&14 dh lHkh v/kwjh lkafof/kd fjiksfVZax dks iwjk fd;k tSls vkbZch,uvkj ds fy, vkjf{kr fuf/k ds vuqeku ij fu;qDr chekafdd dh fjiksVZ] lEifRr mRrjnkf;Ro izca/ku ¼,,y,e½ fjiksVZ&frekgh@okf’kZd nksuksa] vkfFkZd iwath fjiksVZ ¼bZlhvkj½] foÙkh; fLFkfr ewY;kadu fjiksVZ ¼,Qlh,vkj½ vkSj vU; lkafof/kd vko”;drk,aA Vhe us vkbZch,uvkj] bZlhvkj] ,,y,e] ihMhvkj vkSj vU; laacaf/kr izfrekuksa esa lq/kkj djus ij xkSj fd;k] vkSj ,slh fof/k;ksa dks viuk;k x;k tks Qly chek O;kikj dh lkekU; izÑfr dks utnhd ls le>rh gSA dEiuh ds izhfe;e vkSj nkoksa vkSj dk ,d ekudhÑr MkVk csl dks rS;kj djus vkSj dEiuh esa iz;ksx fd, tkus okys rduhdh “kCnksa dk ekudhdj.k djus dh fn”kk esa iz;kl fd, x,] rkfd lkafof/kd vko”;drkvksa dks csgrj rjhds ls iwjk fd;k tk lds vkSj Kku ls ifjiw.kZ fo”ys’k.k fof/k dks iznku djds nSfud O;kikfjd fu.kZ;ksa esa lq/kkj fd;k tk ldsA bls izkIr djus ds fy, blus ßvkbZvkjMh,vkbZ dh vkWdM+s laca/kh vko”;drk,aÞ fo’k; ij ,d nks fnolh; dk;Z”kkyk dk vk;kstu dEiuh esa fd;k rkfd vkWdM+s dh “kq)rk] iw.kZrk vkSj fo”oluh;rk ds izfr iwjh dEiuh esa tkx#drk ykbZ tk lds vkSj iz;ksx fd, x, rduhdh “kCnksa dk Kku iznku fd;k tk ldsA blus mRikn ;kstuk fMtkbu] dherksa vkSj iquchZek izfreku esa Hkh lfØ; lgk;rk iznku dhA

vxys foÙkh; o’kZ esa chekafdd foHkkx vkbZvkjMh,vkbZ dh lkafof/kd fjiksfVZax dh vko”;drkvksa dk l[rh ls ikyu djus vkSj chekafdd buiqV iznku djus ij xkSj djsxk vkSj mRikn fMtkbu] dherksa] iquchZek] vuqHko tkap] iwath izfreku vkSj fuos”k vkfn esa lfØ; :i ls “kkfey gksxkA

,l,lh@,lVh vkSj vkschlh dk dY;k.k

,llh@,lVh@vkschlh vkSj fodykax yksxksa ds dY;k.k ds laca/k esa dEiuh us le;≤ ij Hkkjr ljdkj ls izkIr funsZ”kksa dk ikyu fd;kA eq[; lEidZ vf/kdkfj;ksa dks ,llh@,lVh vkSj vkschlh deZpkfj;ksa ds fy, fu;qDr fd;k x;k gSA ç/kku dk;kZy; ds ekuo lalk/ku foHkkx esa ,d ,llh@,lVh@vkschlh lsy gS] tks ,llh@,lVh@vkschlh deZpkfj;ksa dh f”kdk;rksa] ;fn dksbZ gS] dk fuokj.k djrh gSA HkrhZ ds fy, Js.kh ds vuqlkj jksLVj dks cuk, j[kk tkrk gS vkSj bl laca/k esa fu;e vkSj “krksZa ds vuqlkj bls vn~;frr fd;k tkrk gSA inksUufr ds ekeyksa esa ,llh@,lVh vf/kdkfj;ksa ds fgrksa dh j{kk inksUufr uhfr esa igys ls fu/kkZfjr lqj{kk mifu;e ds }kjk dh tkrh gS vkSj oxZ 3 vkSj oxZ 4 ds deZpkfj;ksa ds fgrksa dh j{kk bu oxksZa ds fy, fo”ks’k izko/kkuksa }kjk dh tkrh gS] tks inksUufr uhfr esa of.kZr gSaA

jktHkk"kk

fgUnh dks dEiuh dh jktHkk’kk ds :i esa vf/kd vf/kd ls iz;ksx djus ds iz;kl tkjh j[ks x, vkSj jktHkk’kk vf/kfu;e vkSj mlds vanj cuk, x, fu;eksa ds izko/kkuksa dks ykxw djus ykxw djus ds fy, izHkkoh dne mBk, x,A o’kZ ds nkSjku vkidh dEiuh us jktHkk’kk foHkkx] xg ea=ky;] Hkkjr ljdkj }kjk fu/kkZfjr y{;ksa dk vuqikyu djus ds fy, iz;kl fd,A vkidh dEiuh foÙkh; lsok,a foHkkx] Hkkjr ljdkj vkSj jktHkk’kk foHkkx esa vfuok;Z fjiksVksZa dks le; ij Hkstrh gSA dEiuh dk eq[;ky; igys

23

Government of India and Rajbhasha Vibhag in time. Company’s Head Office is already enrolled under Section 10(4) of the Official Language Act of Government of India which signifies that 80 percent of the work force of Head Office of the Company has working knowledge of the Official Language and those employees who are proficient in Hindi are doing their work in Hindi. Four Departments are earmarked for doing their maximum work in Hindi.

Information Technology

During the year, InfoTech Project Annapoorna had reached its completion date on 25th March 2015 and thereafter has been extended for next 6 months. The major Applications of Business Operations, Financial Management, Human Resource Management, etc. have been stabilized during the year and their usage have increased substantially. Many of the running Applications have been enhanced during the year with new processes and corresponding functionalities. The usage of Flexi Reporting tool for various reports generation had increased significantly and the HRMS Application has been integrated with the Financial Management System (FMS). Furthermore, Claims can now be generated through BO System.

The Comprehensive System Audit (including Security Audit) of the Annapoorna System and Data Migration Audit has been taken up during the year.

Investments

During the year, the Company’s investment portfolio was Rs. 4712 crore (previous year Rs. 4029 crore), earning an investment income of Rs. 407 crore (previous year Rs. 343 crore) at an annual average yield of 8.78%. 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.

Expenses of Management

During the year, the Company’s expenses of management amounted to Rs. 69 crore (previous year Rs. 63 crore), resulting in ME ratio of 2.53% (previous year 1.86%).

Solvency Margin

During the year, the Company has been able to maintain solvency ratio above the stipulated requirement of 1.50. As on 31st March 2015, the Company’s solvency ratio, stands at 3.18 (previous year 2.60).

This solvency has been arrived at without considering Rs. 200 crore ad-hoc payment made to the Government 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 accounted for as ‘Other Advances’ in the Annual Accounts as on 31st March, 2015.

PARTICULARS OF EMPLOYEES

The total employee strength of the Company as on 31st March, 2015 was 274.

During the year, there were no employees employed throughout the financial year or part thereof, at a remuneration of Rs. 5 lakh or more per month and holds, whether by himself or along with his/her spouse and dependent children, 2% or more of the equity shares of the Company, was in receipt of remuneration which is in excess of that drawn by managing director of the Company. Under the provisions of Companies Act, 2013 read with Companies (appointment and remuneration of managerial personnel) Rules, 2014, there are ‘nil’ submissions. The Directors’ Report is being sent to the shareholders of the Company.

24

gh Hkkjr ljdkj ds jktHkk’kk vf/kfu;e ds vuqPNsn 10 ¼4½ ds varxZr iathÑr gks pqdk gS ftldk vFkZ gS fd dEiuh ds eq[;ky; esa dk;Zjr~ lHkh deZpkfj;ksa esa ls 80 izfr”kr dks jktHkk’kk dk O;ogkfjd Kku gS vkSj tks deZpkjh fgUnh dk Kku j[krs gSa os viuk dk;Z fgUnh esa dj jgs gSaA pkj foHkkxksa dks viuk dk;Z vf/kd ls vf/kd fgUnh esa djus ds fy, fpfUgr fd;k x;k gSA

lwpuk rduhdh

o’kZ ds nkSjku bUQks Vsd ifj;kstuk vUuiw.kkZ 25-03-2015 dks iw.kZ gks pqdh Fkh vkSj blds ckn bls vfrfjDr 6 eghus ds fy, c<+k;k tk pqdk gSA O;kikj lapkyu] foÙkh; izca/ku] ekuo lalk/ku izca/ku vkfn ds eq[; ,Iyhds”kuksa dks o’kZ ds nkSjku etcwr cuk;k x;k gS vkSj mudk iz;ksx vf/kd ls vf/kd c<+k;k x;k gSA o’kZ ds nkSjku py jgh cgqr lh ,Iyhds”kUkksa dks ubZ izfØ;kvksa vkSj lacaf/kr dk;Ziz.kkfy;ksa ds lkFk c<+k;k x;k gSA fofHkUu fjiksVksZa ds fuekZ.k ds fy, ¶ysDlh fjiksfVZax dk iz;ksx dkQh c< x;k Fkk vkSj ekuo lalk/ku izca/ku iz.kkyh ,Iyhds”kuksa dks foÙkh; izca/ku iz.kkyh ¼,Q,e,l½ ds lkFk ,dhÑr fd;k x;k A blds vykok vc nkoksa dks chvks flLVe ds ek/;e ls tsujsV fd;k tk ldrk gSA

vUuiw.kkZ iz.kkyh vkSj MkVk ekbxzs”ku ys[kkijh{kk ds O;kid iz.kkyh ys[kkijh{kk ¼lqj{kk ys[kkijh{kk lfgr½ dks o’kZ ds nkSjku viuk;k x;kA

fuos'k

o’kZ ds nkSjku dEiuh dk fuos”k iksVZQksfy;ks 4712 djksM+ #i;s Fkk ¼fiNys o’kZ 4029 djksM+ #i;s Fkk½] vkSj blus vkSlr 8-78 izfr”kr dh okf’kZd c<+ksÙkjh ds lkFk 407 djksM+ dh fuos”k vk; izkIr dh ¼fiNys o’kZ 343 djksM+ #i;s dh vk; izkIr dh Fkh½A ljdkjh vkSj nwljh izfrHkwfr;ksa esa fuos”k ^ifjiDork rd j[kus* ds vk/kkj ij fd;k x;k] blfy, cktkj ds mrkj p<koksa dk vk; ij dksbZ izHkko ugha iM+kA

izca/ku O;;

o’kZ ds nkSjku dEiuh dk izca/ku O;; 69 djksM+ rd igaqpk ¼fiNys o’kZ 63 djksM+ Fkk½] ftlds ifj.kkeLo:i ,ebZ vuqikr 2-53 izfr”kr Fkk ¼fiNys o’kZ ;g 1-86 izfr”kr½ FkkA

_.k'kks/ku ykHk

o’kZ ds nkSjku dEiuh fu/kkZfjr 1-50 dh vko”;drk ls Åij _.k”kks/ku vuqikr dks cuk, j[kus esa dke;kc jghA 31 ekpZ 2015 dks dEiuh dh _.k”kks/ku {kerk vuqikr 3-18 Fkk ¼fiNys o’kZ 2-60½A

;g _.k”kks/ku {kerk dk vkWdyu esa Hkkjr ljdkj dks muds i= la[;k F. No. C-13014/16/2004- Ins. I fnukad 23 fnlEcj 2009 ds vuqlkj 200 djksM+ ds Hkqxrku dks “kkfey ugha fd;k x;k gS] ;|fi bls 31 ekpZ 2015 dks okf’kZd [kkrksa esa ^vU; vfxze* ds :i esa izfo’V fd;k x;k gS] tcfd jk’Vªh; Ñf’k chek ;kstuk dks iqu% ykxw djuk ckdh jgrk gSA

deZpkfj;ksa dk fooj.k

31 ekpZ 2015 dks dEiuh ds deZpkfj;ksa dh dqy la[;k 274 FkhA

o’kZ ds nkSjku iwjs foÙkh; o’kZ ;k blds fdlh Hkkx ds nkSjku ,slk dksbZ deZpkjh fu;qDr ugha fd;k x;k ftldk ekuns; 5 yk[k #i;s ekfld ;k blls vf/kd gks vkSj ,slk dksbZ deZpkjh ugha gS] ftlds Lo;a ds ikl ;k mlds thoulkFkh vkSj vkfJr cPpksa ds ikl dEiuh ds 2 izfr”kr ;k vf/kd bfDoVh “ks;j gSa] vkSj ftldk ekuns; dEiuh ds izca/k funs”kd ls vf/kd FkkA dEiuh ¼izca/kdh; deZpkjh dh fu;qfDr vkSj ekuns;½ fu;ekoyh] 2014 ds lkFk lkFk dEiuh vf/kfu;e] 2013 ds izko/kkuksa ds varxZr tek “kwU; gSA funs”kdksa dh fjiksVZ dks dEiuh ds “ks;j/kkjdksa ds ikl Hksth tk jgh gSA

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STATUTORY AUDITORS AND SUPPLEMENTARY AUDIT BY C & AG OF INDIA

The Statutory Audit Report by the Joint Statutory Auditors of the Company, namely, M/s S. C. Vasudeva & Co, Chartered Accountants, New Delhi (Firm Registration No. 00235N) and M/s K. K. Ghei & Co, Chartered Accountants, New Delhi (Firm Registration No. 01342N), is annexed to the Financial Statements for the year ended on 31st March, 2015.

The observations of Joint Statutory Auditors in their report, read with the relevant notes to accounts, are self-explanatory and, therefore, do not require any further explanation. The Board of Directors wishes to place on record its appreciation for the services rendered by the Statutory Auditors.

It is pertinent to mention here that as per the provisions of Section 143 (5) of the Companies Act, 1956, the Company’s Annual Accounts 2014-15 were also subjected to Supplementary Audit by the C & AG. Under its letter no. MAB-II/INS/A-A/CS/AIC2/38-4/15-16/229 dated 13th August, 2015, C&AG have decided not to conduct the Supplementary Audit of the Financial Statements of the Company for the year ended 31st March, 2015 and as such have no comments to make under section 143(6)(b) of the Companies Act, 2013. The said letter forms a part of this Annual Report.

The Joint Statutory Auditors viz. M/s S. C. Vasudeva & Co, Chartered Accountants, New Delhi and M/s K. K. Ghei & Co, Chartered Accountants, New Delhi, in addition to the Auditors appointed for Regional Offices shall retire at the conclusion of this Annual General Meeting. Under letter CA.V/COY/CENTRAL GOVERNMENT, AGRINS (19)/554 dated 17.07.2015, C&AG nominated and the Board recommended the reappointment of M/s K. K. Ghei & Co, Chartered Accountants, New Delhi and appointment of M/s. Bhasin Raghavan & Co. as the Joint Statutory Auditors of the Company from the conclusion of this Annual General Meeting to the conclusion of next Annual General Meeting of the Company to the Members of the Company. The same is presented for reappointment by the shareholders in the ensuing Annual General Meeting. The appointment of Auditors and the payment of remuneration to 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.

SECRETARIAL AUDIT OF THE COMPANY

During the year, in accordance with the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed M/s Aggarwal S. & Associates, a firm of Practising Company Secretaries for conducting Secretarial Audit of the Company for Financial Year 2014-15. The Secretarial Audit Report in Form MR-3 is appended along with replies thereto at annexure –'B'.

DISCLOSURE OF PENDING CASES / INSTANCES OF NON-COMPLIANCE

During the year, IRDAI has imposed penalty amounting to Rs. 10 lakh on the Company. There were no other instances of penalties and strictures imposed on the Company by any other statutory authority during the last three years.

There were no significant or material orders passed by the Regulators, Courts or Tribunals which would impact 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 year under review. Since the Company does not carry out any manufacturing activity, other particulars relating to conservation of energy and technology absorption stipulated in Companies (Accounts) Rules, 2014 are not applicable.

RISK MANAGEMENT AND MATERIAL RISKSThe Company’s Risk Management Processes aims to ensure that various risks are studied from time to time as been driven by Government Policies and Programmes. The Company reviews its Risk Management Processes and profile

25

lkafof/kd ys[kkijh{kdksa vkSj Hkkjr ljdkj ds fu;a=kd ,oa egkys[kkijh{kd }kjk dh xbZ iwjd ys[kkijh{kk

dEiuh ds la;qDr lkafof/kd ys[kkijh{kdksa] vFkkZr~ eSllZ ,l-lh- oklqnso ,.M dEiuh] pkVZMZ ys[kkijh{kd] ubZ fnYyh ¼QeZ iathdj.k la[;k 000235N½ vkSj eSllZ ds-ds- ?kbZ ,.M dEiuh] pkVZMZ ys[kkiky ubZ fnYyh ¼QeZ iathdj.k la[;k 001342N½] }kjk ys[kkijh{kd fjiksVZ dks 31 ekpZ 2015 dks lekIr gksus okys o’kZ ds fy, foÙkh; fooj.k ds lkFk lyaXu fd;k x;k gSA

[kkrksa dh lacaf/kr fVIif.k;ksa lfgr la;qDr lkafof/kd ys[kijh{kdks dh fjiksVZ esa fn, x, muds voyksdu Lo;a ifjHkkf’kr gSa] vkSj blfy, fdlh vfrfjDr O;k[;k dh vko”;drk ugha gSA funs”kd cksMZ lkafof/kd ys[kkijh{kdksa }kjk iznku dh xbZ lsokvksa ds fy, mudh iz”kalk dks ntZ djkuk pkgrk gSA

;gka ;g crkuk Hkh vko”;d gS fd dEiuh vf/kfu;e] 1956 ds vuqPNsn 143 ¼5½ ds izko/kkuksa ds vuqlkj dEiuh ds 2014&15 ds okf’kZd [kkrs fu;a=d ,oa egkys[kkijh{kd }kjk fd, x, iwjd ys[kkijh{kk dk fo’k; FksA fu;a=d ,oa egkys[kkijh{kd us vius i= la[;k MAB-II/INS/A-A/CS/AIC2/38-4/15-16/229 fnukad 13 vxLr 2015 ds ek/;e ls 31 ekpZ 2015 dks lekIr gksus okys o’kZ ds fy, dEiuh ds foÙkh; fooj.kksa dk ys[kkijh{k.k u djus dk fu.kZ; fd;k gS vkSj blfy, dEiuh vf/kfu;e] 2013 ds vuqPNsn 143 ¼6½ ¼ch½ ds varxZr dksbZ fVIi.kh ugha dh xbZ gSA mDr i= bl okf’kZd fjiksVZ dk fgLlk gSA

la;qDr lkafof/kd ys[kkijh{kd] vFkkZr~ eSllZ ,l-lh- oklqnso ,.M dEiuh] pkVZM ,dkmaVsaV~l] ubZ fnYyh vkSj eSllZ ds-ds- ?kbZ ,.M dEiuh] pkVZM ,dkmaVsaV~l] ubZ fnYyh] ds vfrfjDr {ks=h; dk;kZy;ksa ds fy, fu;qDr fd, x, ys[kkijh{kd bl lkekU; okf’kZd cSBd esa lsokfuoÙk gksaxsA i= la[;k CA.V/COY/CENTRALGOVERNMENT, AGRINS (19)/554 fnukad 17-7-2015 ds varxZr lh ,.M ,th us eSllZ ds-ds- ?kbZ ,.M dEiuh] pkVZM ,dkmaVsaV~l] ubZ fnYyh vkSj eSllZ Hklhu jk?kou ,.M dEiuh dks dEiuh ds la;qDr lkafof/kd ys[kkijh{kd ds :i esa euksuhr fd;k vkSj cksMZ us mudh fu;qfDr bl lkekU; cSBd ls ysdj vxyh lkekU; cSBd rd djus dh flQkfj'k dhA bls vkus vkxkeh okf’kZd lkekU; cSBd esa “ks;j/kkjdksa }kjk iqu% fu;qfDr djus ds fy, izLrqr fd;k x;k gSA dEiuh vf/kfu;e 2013 ds vuqPNsn 139 ds varxZr ys[kkijh{kdksa dh fu;qfDr vkSj muds ekuns; ds Hkqxrku dk vuqeksnu ,d fo”ks’k izLrko }kjk djus dh t:jr gSA blfy, “ks;j/kkjdksa dks ys[kkijh{kdksa dh fu;qfDr djus vkSj mudk ekuns; fu/kkZfjr djus dk fuosnu fd;k tkrk gSA

dEiuh dh lfpfod ys[kkijh{kk

o’kZ ds nkSjku] dEiuh vf/kfu;e 2013 ds vuqPNsn 204 vkSj dEiuh ¼izca/kdh; deZpkfj;ksa dh fu;qfDr vkSj ekuns;½ fu;ekoyh ds izko/kkuksa ds vuqlkj dEiuh us eSllZ vxzoky ,l- ,.M ,lksfl,V~l dks dEiuh ds fy, foÙkh; o’kZ 2014&15 dk lfpfod ys[kkijh{kk ds fy, fu;qDr fd;k gS] tks fd ,d vH;kldrkZ dEiuh lfpoksa dh ,d QeZ gSA lfpfod ys[kkijh{kk fjiksVZ izi= la[;k ,evkj&3 ds :i esa fjiksVZ ds tokcksa ds lkFk lyaXud&^c* ds :i esa miyC/k gSA

v/kwjs [email protected] dk vuqikyu u djus laca/kh ?kks"k.kk

o’kZ ds nkSjku] vkbZvkjMh,vkbZ us dEiuh ij 10 yk[k #i;s dk tqekZuk yxk;kA fiNys rhu o’kksaZ ds nkSjku dEiuh ij fdlh vU; lkafof/kd izkf/kdkj }kjk tqekZuk vkSj fuank dk dksbZ nwljk mnkgj.k ugha gSA

fofu;kekdksa] U;k;ky;ksa ;k vf/kdj.kksa }kjk tkjh dksbZ ,slk vkns”k ;k izekf.kd vkns”k ugha gS tks dEiuh ds orZeku lapkyuksa dh fLFkfr vkSj Hkfo’; ds lapkyuksa dks izHkkfor djrk gksA

fons'kh fofue; vk; vkSj jokuxh] ÅtkZ laj{k.k vkSj rduhdh dks viukus laca/kh fooj.k

leh{kk o’kZ ds nkSjku dEiuh ds ikl fons”kh fofue; esa [kpZ vkSj vk; dk tek “kwU; gSA D;ksafd dEiuh dksbZ mRiknd xfrfof/k ugha djrh] blfy, dEiuh ¼ys[kkadu½ fu;ekoyh] 2014 ds varxZr ÅtkZ laj{k.k vkSj rduhdh vo”ks’k.k ls lacaf/kr vU; fooj.k ykxw ugha gksrsA

tksf[ke izca/ku vkSj HkkSfrd tksf[kedEiuh dh tksf[ke izca/ku izfØ;kvksa dk mn~ns”; gS ;g lqfuf”pr djuk fd ljdkj dh uhfr;ksa vkSj dk;ZØeksa }kjk lapkfyr fofHkUu tksf[keksa dk le; le; ij v/;;u djukA dEiuh viuh tksf[ke izca/ku izfØ;k vkSj izksQkby dh leh{kk tksf[ke izca/ku lfefr ¼vkj,elh½ uked cksMZ dh mi&lfefr ds ek/;e ls djrh gS] ftldk xBu vkbZvkjMh,vkbZ ds dEiuh

25

through the Board sub-committee called Risk Management Committee (RMC), which has duly been constituted in accordance with Corporate Governance Guidelines of IRDAI. RMC meets every quarter and takes note of business performance across various Products, States and Seasons. Further, detailed account of risk mitigation exercises adopted by the Company is also placed before the RMC for their review.

Enterprise wide risks are identified and categorized under five broad categories: viz., Underwriting Risk, Credit Risk, Operational Risk, Market Risk and Strategic Risk are monitored regularly. The Underwriting Risks are mitigated by consideration of past, current and expected environmental, historical and demographic factors while determination of premium rates of various crops and Districts with adherence to seasonality discipline for coverage to avoid adverse selection and conducting of investigation of coverage particulars and indemnity assessment mechanism. The Credit Risks are mitigated by acceptance of risk only after receipt of full premium from various channels and regular follow up with Banks and Government for receipt of their liabilities with seeking reinsurance cover only from B+ reinsurers. The Operational Risks are mitigated with concrete Anti-Fraud Management Policy and regular review of the same. Separate vertical is formed with Internal Audit Department for checking and control of operational processes. Witnessing CCEs for yield insurance and monitoring AWS for weather insurance and application of area reduction factor for areas with coverage more than area sown for a crop mitigates operational risks. The Market Risks are mitigated with Annual Investment Policy and regular monitoring of the Policy and investment performance by Investment Committee of the Board. Further, the investment in Government and other securities are made on ‘held to maturity’ basis to avoid effect market fluctuations on their yield. The Strategic Risks are mitigated with market intelligence system for regular update of market environment and use of recent technologies for more accurate weather and crop condition forecasting.

MATERIAL CHANGES AND COMMITMENTS No material changes and commitments affecting the financial position of the Company has occurred between 1st April, 2014 and the date on which this Report has been signed.

INTERNAL FINANCIAL CONTROLS During the year, under the Companies Act, 2013, reporting mechanism has been set up for the Board confirming compliance under relevant Laws / Acts / Returns to the apex Authority of the Company viz., IRDAI, changes if any, from time to time, among domain Departments of the Company.

Further, under the current practice the accounts of the Company are subject to internal audit, which is conducted by the Internal Audit Firms as appointed by the Board for Head Office and Regional Office(s) respectively and their Reports are submitted quarterly to the Board Audit Committee. For recognising the importance of internal financial controls under the Companies Act, 2013, separate verticals has been set up in the form of ‘Internal Audit Department’ and ‘Enterprise Risk Management Department’, under the guidance of Chief of Internal Auditor in the next Financial Year as it would eventually help in improving the systems and processes in the Company with timely recognition of risks and developing mitigation tools thereof.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186In terms of the provisions of sub-section 11 of Section 186 of the Companies Act, 2013 as amended by the Companies (Removal of Difficulties) Order, 2015 dated 13th February 2015, issued by the Ministry of Corporate Affairs, there are nil submissions under particulars of loans, guarantees and investments under section 186 of Companies Act, 2013.

NUMBER OF BOARD MEETINGS During the year, the Board met six (6) times on 6th June, 2014; 11th August, 2014; 17th October, 2014; 28th November, 2014; 13th February, 2015 and 25th March, 2015. The details of attendance of the Directors at the Board Meetings are provided in the Report of the Directors on Corporate Governance.

26

fu;a=.k funsZ”kksa ds vuqlkj fd;k x;k gSA vkj,elh dh cSBd izR;sd frekgh ds ckn gksrh gS vkSj blesa fofHkUu mRiknksa] jkT;ksa vkSj ekSleksa ds laca/k esa O;kikj ds dk;Zfu’iknu ij /;ku fn;k tkrk gSA blds vykok dEiuh }kjk tksf[ke dks de djus ds fy, mBk, x, dneksa dh foLrr ppkZ dh tkrh gS vkSj blds ckn bls leh{k ds fy, vkj,elh ds ikl Hkstk tkrk gSA

lEiw.kZ miØe ds tksf[keksa dh igpku vkSj oxhZdj.k ikap Jsf.k;ksa vFkkZr~ gkehankjh tksf[ke] _.k tksf[ke] lapkyu tksf[ke] cktkj ds tksf[ke vkSj j.kuhfrd tksf[ke] ds varxZr fd;k tkrk gSA budh fu;fer :i ls fuxjkuh dh tkrh gSA gkehankjh tksf[keksa dks fofHkUu Qlyksa vkSj ftyksa ds fy, izhfe;e njksa dk fu/kkZj.k djrs gq, Hkwrdky] orZeku vkSj vkxkeh i;kZoj.kh;] ,sfrgkfld vkSj tula[;k laca/kh dkjdksa ij fopkj djds de fd;k tkrk gS vkSj lqj{kk fooj.kksa vkSj {kfriwfrZ ewY;kadu ra= ds xyr pquko ls cpus ds fy, ekSle ds v/;;u dk vuqikyu fd;k tkrk gSA _.k dks tksf[keksa dks de djus ds fy, tksf[ke dks dsoy fofHkUu pSuyksa ls iw.kZ izhfe;e ds izkIr gksus ds ckn gh Lohdkj fd;k tkrk gS vkSj cSadksa vkSj ljdkj ds lkFk mudh nsunkfj;ksa dh izkfIr;ksa ds fy, fujarj vkxs dh dk;Zokgh dh tkrh gS vkSj dsoy ch$ chekdrkZvksa ls gh iquchZek dk iz;kl fd;k tkrk gSA lapkyu laca/kh tksf[keksa dks lqn<+ tkylkth&fujks/kd izca/kdh; uhfr vkSj bldh fu;fer :i ls leh{kk ds ek/;e ls de fd;k tkrk gSA vkarfjd ys[kkijh{kk foHkkx dh lgk;rk ls ,d vyx dk;Z{ks= rS;kj fd;k tkrk gS rkfd lapkyu laca/kh izfØ;kvksa dh tkap vkSj mudk fu;a=.k fd;k tk ldsA iSnkokj chek ds fy, Qly dVkbZ iz;ksx dks ns[kuk vkSj ekSle chek ds fy, Lopkfyr ekSle LVs'ku ij utj j[kuk rFkk Qly {ks= ls vf/kd {ks= dh lqj{kk okys {ks= dks de djus okys dkjdksa dk iz;ksx djuk lapkyu tksf[keksa dks de djrk gSA cktkj laca/kh tksf[keksa dks okf’kZd fuos”k uhfr vkSj bldh cksMZ dh fuos”k lfefr ds fuos”k laca/kh dk;Zfu’iknu dh leh{kk ds ek/;e ls de fd;k tkrk gSA blds vykok ljdkjh vkSj vU; izfrHkwfr;ksa esa ^ifjiDork rd pkyw j[kus* ds vk/kkj ij fuos”k fd, tkrs gSa rkfd vk; ij cktkj laca/kh mrkj&p<koksa ds izHkko ls cpk tk ldsA j.kuhfrd tksf[keksa dks cktkj ds okrkoj.k dks fu;fer :i ls v|fnr djus ds fy, cktkj vklwpuk iz.kkyh flLVe vkSj vf/kd “kq) ekSle vkSj Qly laca/kh fLFkfr;ksa dks tkuus ds fy, uohure~ rduhdksa dk iz;ksx fd;k tkrk gSA

HkkSfrd ifjorZu vkSj izfrc)rk,a1 vizSy 2014 vkSj bl fjiksVZ ij gLrk{kj djus dh frfFk ds chp ,sls dksbZ HkkSfrd ifjorZu vkSj izfrc)rk,a ugha dh xbZ tks dEiuh dh foÙkh; fLFkfr dks izHkkfor djrh gSaA

vkarfjd foÙkh; fu;a=k.ko’kZ ds nkSjku] dEiuh vf/kfu;e] 2013 ds varxZr fjiksfVZax iz.kkyh dks cksMZ ds fy, dEiuh dh loksZPp laLFkk vFkkZr~~ vkbZvkjMh,vkbZ ds lacaf/kr fu;eksa@vf/kfu;[email protected] vkSj le; le; ij dEiuh ds foHkkxksa esa fd, x, cnykoksa ds] ;fn dksbZ gS] ds vuqlkj LFkkfir fd;k x;k gSA

blds vfrfjDr dEiuh ds orZeku esa [kkrs vkarfjd ys[kkijh{kk dk fo’k; gSa] ftls eq[;ky; vkSj {ks=h; dk;kZy;ksa ds fy, fu;qDr ys[kkijh{kk QeZ ds }kjk fd;k tkrk gS vkSj mudh fjiksVZ dks frekgh vk/kkj ij cksMZ ys[kkijh{kk desVh ds ikl Hkstk tkrk gSA dEiuh vf/kfu;e] 2013 ds varxZr vkarfjd foÙkh; fu;a=.k ds egRo dks igpkurs gq, eq[; vkarfjd ys[kkijh{kk ds ekxZn”kZu esa vxys foÙkh; o’kZ esa ^vkarfjd ys[kkijh{kk foHkkx* vkSj ^miØe tksf[ke izca/ku foHkkx* ds :i esa ,d vyx dk;Z{ks= cuk;k x;k gS] D;ksafd vkf[kj esa ;g tksf[keksa dks le; ij igpkuus vkSj mudks de djus dh fof/k;ksa dk fodkl djds dEiuh dh iz.kkfy;ksa vkSj izfØ;kvksa esa lq/kkj djsxkA

vuqPNsn 186 ds varxZr _.kksa] xkjafV;ksa ;k fuos'kksa dk fooj.kdEiuh vf/kfu;e] 2013] dEiuh ¼dfBukb;ksa dks nwj djuk½ vkns”k] 2015 fnukad 13 Qjojh 2015 lfgr] ds vuqPNsn 186 ds mi&vuqPNsn 11 ds izko/kkuksa ds vuqlkj] ftls dkWiksZjsV dk;Z ea=ky; }kjk tkjh fd;k x;k gS] dEiuh vf/kfu;e 2013 ds vuqPNsn 186 ds varxZr _.kksa] xkjafV;ksa vkSj fuos”k dk fooj.k “kwU; gSA

cksMZ dh cSBdksa dh la[;ko’kZ ds nkSjku cksMZ dh cSBdsa Ng ¼6½ ckj 6 twu 2014] 11 vxLr 2014] 17 vDVwcj 2014] 28 uoEcj 2014] 13 Qjojh 2015 vkSj 25 ekpZ 2015 dks gqbZA funs”kdksa dh mifLFkfr dk fooj.k vkSj dEiuh fu;a=.k ij funs”kdksa dh fjiksVZ esa iznku fd;k x;k gSA

26

BOARD AND KEY MANAGERIAL PERSONS (KMP)

Board of DirectorsThe composition of the Board is given in the Corporate Governance Report.Key Managerial Personnel (KMP) appointed or resigned during the yearAs 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, the Board in its meeting held on 13th February, 2015 nominated below named in their respective capacity as Key Managerial Personnel (KMP) of the Company:-(i) Mr. P. J. Joseph, Chairman-cum-Managing Director as Chief Executive Officer (CEO)(ii) Mr. K. K. Gupta, Manager as Chief Financial Officer (CFO)(iii) Ms. Kanika Sharma Shandil, Manager as Company Secretary (CS)The remuneration of KMPs is appended with the report at annexure -"C".Company’s Policy on Directors’ Appointment The Policy of the Company on Directors’ Appointment is as per its Article of Association, whereby it states, “there shall be one Director each nominated by the General Insurance Corporation of India, National Insurance Company of India Limited, New India Assurance Company Limited, Oriental Insurance Company Limited, United India Insurance Company Limited and National Bank for Agriculture and Rural Development, one Director nominated by the Ministry of Finance, Government of India and two Directors nominated by Ministry of Agriculture, Government of India, and three other Directors shall be nominated by the Government of India, who shall be experts in the relevant fields.” Further it is also specified that the term of office of Chairman-cum-Managing Director (CMD) appointed by the Government 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 of superannuation, whichever is earlier, subject to such reappointment being approved by the Government of India. The Non–Executive Directors of the Company (excluding Independent Directors) are liable to retire by rotation. One–third of the said Directors are liable to retire every year and, if eligible, offer themselves for re-appointment.At present, the Board of Company does not have any Independent Director.Re-appointment of Directors liable to retire by rotationDuring the year, Mr. Anup Wadhawan, Mr. Kuldip Singh and Ms. Asha Nair, the Directors being the longest in the office since their last appointment in the Board of the Company are liable to retire by rotation in the ensuing 12th Annual General Meeting of the Company. The Board Meeting held on 26th May, 2015 has approved and recommended the proposal of their reappointment in the ensuing 12th Annual General Meeting of the Company. Appointment of Director other than retiring DirectorsThe term of nomination from DFS, MoF, GoI of Professor Gopal Naik, Indian Institute of Management, Bangalore, expired on 12th December, 2014.

During the year, the Company received nomination from DFS, MoF, GoI of Professor Gopal Naik, Indian Institute of Management, Bangalore. The Board in its meeting of 13th February, 2015, appointed Professor Gopal Naik as Additional Director of the Company, who will relinquish his office on the date of ensuing Annual General Meeting (AGM). Referring to the Board Meeting of 26th May, 2015, wherein the Board recommended his appointment under the provisions of Section 160 of the Companies Act, 2013 read with the nomination from DFS, MoF, GoI for his appointment as Directors of the Company.

National Bank for Agriculture and Rural Development (NABARD) vide its letter NB.HO.DSSI/56/AICIL/2015-16 dated 10th June, 2015, nominated Mr. Naresh Gupta, Chief General Manager in place of Mr H. R. Dave, DMD, NABARD, which was approved by the Board in its Meeting held on 30th June, 2015. He was also recommended for reappointment in the ensuing 12th Annual General Meeting of the Company by the Board.

127

cksMZ vkSj egRoiw.kZ izca/kdh; deZpkjh ¼ds,eih½

cksMZ ds funs'kdcksMZ ds xBu dk fooj.k dEiuh fu;a=.k fjiksVZ esa fn;k x;k gSAo’kZ ds nkSjku fu;qDr fd, x, ;k R;kxi= nsus okys egRoiw.kZ izca/kdh; deZpkjhdEiuh ¼izca/kdh; deZpkfj;ksa dh fu;qfDr vkSj ekuns;½ fu;ekoyh] 2014 ds fu;e 8 lfgr dEiuh vf/kfu;e 2013 ds vuqPNsn 203 ds izko/kkuksa ds vuqlkj cksMZ us 13 Qjojh 2015 dks vk;ksftr viuh cSBd esa fuEu O;fDr;ksa dks dEiuh ds egRoiw.kZ izca/kdh; deZpkjh ¼ds,eih½ ds :i esa dkeZ djus ds fy, euksuhr fd;k%&1- Jh ih- ts- tkslWQ] v/;{k ,oa izca/kfuns”kd] eq[; dk;Zdkjh vf/kdkjh ¼eq[; dk;Zdkjh vf/kdkjh½ ds :i esa2- Jh ds- ds- xqIrk] egkizca/kd] eq[; foÙkh; vf/kdkjh ¼lh,Qvks½3- lqJh dfudk “kekZ “kkafMY;] izca/kd] dEiuh lfpo ¼lh,l½ ds :i esa

ds,eih dk ekuns; bl fjiksVZ ds lkFk lyaXud&Þxß ds :i esa lyaXu gSA funs'kdksa dh fu;qfDr ij dEiuh dh uhfrfuns”kdksa dh fu;qfDr ij dEiuh dh uhfr bldh dEiuh fu;ekoyh ds vuqlkj gS] ftlds vqulkj] ßHkkjrh; lk/kkj.k chek fuxe] us”kuy bU”;ksjsal dEiuh vkWQ bafM;k fyfeVsM] U;q bafM;k ,”;ksjsal dEiuh fyfeVsM] vksfj,aVy bU”;ksjsal dEiuh fyfeVsM] ;qukbVsM bafM;k bU”;ksjsal dEiuh fyfeVsM vkSj jk’Vªh; Ñf’k ,oa xzkeh.k fodkl cSad ds }kjk ,d ,d funs”kd fu;qDr fd;k tk,xk] ,d funs”kd dks foÙk ea=ky;] Hkkjr ljdkj ds }kjk] vkSj nks funs”kdksa dks Ñf’k ea=ky; }kjk fu;qDr fd;k tk,xk vkSj rhu funs'kdksa dks Hkkjr ljdkj }kjk fu;qDr fd;k tk,xkAÞ blds vykok ;g Hkh fu/kkZfjr fd;k tkrk gS fd Hkkjr ljdkj }kj fu;qDr v/;{k ,oa izca/k funs”kd ¼lh,eMh½ dk dk;Zdky fu;qfDr dh frfFk ls ;k lsokfuoÙk gksus dh frfFk ls tks Hkh igys gks] ikap o’kZ ds fy, gksxk] vkSj og vxys ikap o’kZ ds fy, fu;qfDr ds ;ksX; gksxk] tks fd Hkkjr ljdkj ds vuqeksnu ij fuHkZj gSA dEiuh ds xSj&dk;Zdkjh funs”kd ¼Lora= funs”kdksa dks NksM+dj½ ckjh ckjh ls lsokfuoÙk gksaxsA mDr funs”kdksa esa ls ,d frgkbZ gj o’kZ lsokfuoÙk gksaxs vkSj ;fn ;ksX; gSa rks vius vkidks iqu% fu;qDr gksus ds fy, is”k djsaxsA orZeku esa dEiuh ds cksMZ esa dksbZ Hkh Lora= funs”kd ugha gSA ckjh ckjh ls lsokfuo`Ùk gksus okys funs'kdksa dh iqu% fu;qfDro’kZ ds nkSjku] Jh vuwi o/kkou] Jh dqynhi flag vkSj lqJh vk”kk uk;j dk dk;Zdky lcls yEch vof/k dk gS blfy, os dEiuh dh 12oha okf’kZd lkekU; cSBd esa ckjh ckjh ls lsokfuoÙk gksaxsA 26 ebZ 2015 dks dEiuh ds cksMZ dh 12oha okf’kZd lkekU; cSBd esa mudh mudh iqu% fu;qfDr ds izLrko dk vuqeksnu vkSj flQkfj'k dhA lsokfuo`Ùk funs'kdksa ds vfrfjDr funs'kd dh fu;qfDrfoÙkh; lsok,a foHkkx] foÙk ea=ky;] Hkkjr ljdkj dh rjQ ls euksuhr izksQslj xksiky uk;d] Hkkjrh; izca/ku laLFkku] cSaxykSj dk dk;Zdky 12 fnlEcj 2014 dks lekIr gqvkA o’kZ ds nkSjku] dEiuh dks foÙkh; lsok,a foHkkx] foÙk ea=ky;] Hkkjr ljdkj dh rjQ ls izksQslj xksiky uk;d] Hkkjrh; izca/ku laLFkku] cSaxyksj dk ukekadu izkIr gqvkA 13 Qjojh 2015 dks vk;ksftr cSBd esa cksMZ us izksQslj xksiky uk;d dks dEiuh dk vfrfjDr funs”kd fu;qDr fd;k] tks vkxkeh okf’kZd lkekU; cSBd ¼,th,e½ esa vius in ls R;kxi= nsaxsA 26 ebZ 2015 dks vk;ksftr cksMZ dh cSBd dks ns[ksa ftlesa cksMZ us dEiuh vf/kfu;e] 2013 ds vuqPNsn 160 ds izko/kkuksa ds varxZr o foÙkh; lsok,a foHkkx] foÙk ea=ky;] Hkkjr ljdkj }kjk mUgsa dEiuh ds funs”kd ds :i esa fu;qDr djus ds ukekadu ds funsZ'kksa dks ns[ksaA

jk’Vªh; Ñf’k ,oa xzkeh.k fodkl cSad ¼ukckMZ½ us vius i= la[;k NB.HO.DSSI/56/AICIL/2015-16 fnukad 10 twu 2015 ds ek/;e ls Jh ujs”k xqIrk] eq[; izca/k funs”kd dks Jh ,p-vkj- nos] Mh,eMh] ukckMZ ds LFkku ij euksuhr fd;k] ftldk vuqeksnu cksMZ us 30 twu 2015 dks vk;ksftr viuh cSBd esa fd;kA cksMZ }kjk vkxkeh 12 oha okf’kZd lkekU; cSBd esa mudh iqu% fu;qfDRk ds fy, Hkh flQkfj'k dh xbZA

127

Remuneration of Board MembersRemuneration is paid only to Chairman-cum-Managing Director (CMD) of the Company. The terms and conditions of service of CMD is stipulated by Insurance Division, Department of Financial Services, Ministry of Finance and his remuneration is as per Twelfth Schedule of Central Civil Services (Revised Pay) Rules, 2008. In addition to this the CMD is eligible for Profit Linked Incentive (PLI) 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.

Sitting fees is paid to Mr. K. N. Bhandari and Prof. Gopal Naik, the Government Director(s) on the Board of the Company at the rate of Rs. 10,000/- for attending Board Meetings and Rs. 5000/- for attending Meetings of Committee(s) of the Board as per Ministry of Finance Government of India, vide its letter reference A15011/0/2011-Ins.I dated 03.01.2012 and no other pecuniary relationship or transaction exists between them and the Company.

There were no transactions with the Directors, the management, the promoters or the relatives of the Directors 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 its own performance and that of its Committees and Individual Directors

The composition of the Board is as per Article of Association of the Company which gives power to its Promoters and Government of India to nominate its Members. Accordingly, Members of the Board are either from General Insurance Corporation of India, NABARD and 4 Public Sector General Insurance Companies or from Government of India itself. Hence, their annual evaluation is directly or indirectly subjected to Government of India as per its own evaluation methodology.

BOARD AUDIT COMMITTEEUnder the provisions of Section 177 of the Companies Act, 2013, it is stated that the Board Audit Committee comprises five (5) Members all non-executive Directors without any Independent Director (please read the reply to MR3 in this respect). During the year, Board accepted all recommendations made by the Board Audit Committee. The other details about the Committee is given in the Corporate Governance Report.

DIRECTORS’ RESPONSIBILITY STATEMENTIn accordance with the provisions of Section 134(5) of the Companies Act, 2013 and based on the information provided by the Management, your Directors state that:

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

(b) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year 2014-15 and of the profit and loss of the Company as on 31st March, 2015;

(c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 2013; Insurance Act, 1938 and related Rules thereof; Regulations, Order, Guidelines and circulars of IRDAI for safeguarding the assets 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 applicable laws and that such systems were adequate and operating effectively.

28

cksMZ ds lnL;ksa dk ekuns;

ekuns; dsoy dEiuh ds v/;{k ,oa izca/kfuns”kd ¼lh,eMh½ dks gh feyrk gSA v/;{k ,oa izca/kfuns”kd dh lsok ds fu;e ,oa “krsZa chek vuqHkkx] foÙkh; lsok,a foHkkx] foÙk ea=ky; }kjk fu/kkZfjr fd, tkrs gSa vkSj mldk ekuns; dsanzh; ukxfjd lsok ¼la”kksf/kr osru½ fu;ekoyh] 2008 ds vuqlkj fn, tkrs gSaA blds vfrfjDr funs”kd foÙkh; lsok,a foHkkx] foÙk ea=ky;] Hkkjr ljdkj ds i= Øekad F No. 11012/01/2007-Ins. III fnukad 20 tqykbZ 2007 ds vuqlkj ykHk ls tqM+s izksRlkgu ¼ih,yvkbZ½ ds fy, ;ksX; gksrk gSA

i= Øekad A15011/0/2011-Ins.I fnukad 03.01.2012 ds vuqlkj foÙk ea=ky;] Hkkjr ljdkj }kjk ljdkjh funs”kdksa Jh ds-,u- Hk.Mkjh vkSj izksQslj xksiky uk;d dks cksMZ dh cSBd esa mifLFkfr gksus ds fy, 10000@&#i;s vkSj lfefr;ksa dh cSBd esa mifLFkr gksus ds fy, 5000@& #i;s dk Hkqxrku cSBd “kqYd ds :i esa fd;k tkrk gS vkSj blds vfrjfDr muds vkSj dEiuh ds chp esa dksbZ foÙkh; laca/k ugha gSA

funs”kdksa] izca/ku] lao/kZdksa ;k funs”kdksa ds lacaf/k;ksa ds lkFk ,slk dksbZ ysunsu ugha fd;k x;k ftlls cM+s Lrj ij dEiuh ds fgrksa ds lkFk laHkkfor izfrjks/k gksA

dEiuh }kjk blds lkekU; O;kikfjd ysunsu esa izfo’V rhljs i{k ds ysunsuksa dks [kkrksa dh fVIif.k;ksa ¼uksV~l Vw vdkmaV~l½ esa “kkfey gSaA

cksMZ }kjk blds Lo;a ds vkSj bldh lfefr;ksa vkSj O;fDrxr funs'kdksa ds dk;Zfu"iknu ds vkSipkfjd okf"kZd ewY;kadu dh fof/k dk fooj.k

cksMZ dk xBu dEiuh dh fu;ekoyh ds vuqlkj fd;k x;k gS tks blds lao/kZdksa vkSj Hkkjr ljdkj dks blds lnL;ksa dks euksuhr djus dh “kfDr iznku djrk gSA blds vuqlkj cksMZ ds lnL; ;k rks Hkkjrh; lk/kkj.k chek fuxe] ukckMZ vkSj 4 lkoZtfud {ks= dh lk/kkj.k chek dEifu;ksa ls fy, tkrs gSa ;k Lo;a Hkkjr ljdkj ls fy, tkrs gSaA blfy, mudk okf’kZd ewY;kadu izR;{k ;k vizR;{k :i ls Hkkjr ljdkj dh Lo;a dh ewY;kadu fof/k dk fo’k; gSA

cksMZ dh ys[kkijh{kk lfefr

dEiuh vf/kfu;e 2013 ds vuqPNsn 177 ds izko/kkuks a ds varxZr of.kZr gS fd cksMZ dh ys[kkijh{kk lfefr es a ikap ¼5½ lnL; gks axs tks lHkh xSj&dk;Zdkjh funs”kd gks axs ftues a dksbZ Hkh Lora= funs”kd ugha gksxk ¼bl laca/k es a Ñi;k ,evkj 3 dks dks fn;k x;k tokc i<s a +½A o’k Z ds nkSjku cksMZ us cksMZ ys[kkijh{kk lfefr }kjk dh xbZ lHkh flQkfj'kk s a dks Lohdkj fd;kA bl lfefr ds ckjs es a vU; fooj.k dEiuh fu;a=.k fjiksVZ es a fn;k x;k gSA

funs'kd ds mRrjnkf;Ro dk fooj.k

dEiuh vf/kfu;e] 2013 ds vuqPNsn 134 ¼5½ ds izko/kkuksa vkSj izca/ku }kjk iznku dh xbZ lwpuk ds vuqlkj] vkids funs”kd vfHkO;Dr djrs gSa fd%

d½ okf’kZd [kkrksa dks rS;kj djus esa ykxw ys[kkadu ekun.Mksa ds lkFk lkFk HkkSfrd jokuxh ls lacaf/kr mfpr O;k[;kvksa dk vuqikyu fd;k x;k gSA

[k½ funs”kdksa us ,slh ys[kkadu uhfr;ksa dk pquko fd;k gS vkSj mUgsa fu;fer :i ls ykxw fd;k gS ,sls fu.kZ; fd, gSa tks mfpr vkSj i;kZIr gSa rkfd foÙkh; o’kZ 2014&15 ds var esa dEiuh dh okLrfod fLFkfr vkSj 31 ekpZ 2015 dks dEiuh ds ykHk vkSj gkfu dh okLrfod vkSj lgh vkSj lPph rLohj izLrqr dh tk ldsA

x½ dEiuh dh lEifRr;ksa dh lqj{kk djus vkSj gsjkQsjh vkSj vU; vfu;feÙkkvksa dks jksdus ds fy, funs”kdksa us dEiuh vf/kfu;e] 2013 ds izko/kkuksa ds vuqlkj] chek vf/kfu;e] 1938 vkSj blds lacaf/kr fu;eksa ds vuqlkj] vkbZvkjMh, ds fofu;eksa dk mfpr vuqikyuk fd;k gS vkSj mUgsa cuk, j[kk gSA

?k½ funs”kdksa us ykHkkdkjh laLFkku ds vk/kkj ij okf’kZd [kkrksa dks rS;kj fd;k gS(

M+½ funs”kdksa us lHkh ykxw dkuwuksa ds izko/kkuksa ds vuqikyu dks lqfuf”pr djus ds fy, mfpr iz.kkyh dk fuekZ.k fd;k vkSj ;g lqfuf”pr fd;k fd bl izdkj dh iz.kkfy;k¡ i;kZIr gksa vkSj lgh dke djsaA

28

PUBLIC DEPOSITSDuring the year, Company has not accepted any public deposits

SUBSIDIARIESThe Company has no subsidiaries, joint ventures and associate companies.

CORPORATE SOCIAL RESPONSIBILITY (CSR)During the year, Board set up its sub-committee called Board CSR Committee. The Board approved the CSR Policy and CSR Plan for the financial year 2014-15 on the recommendation of Board CSR Committee. An amount of Rs. 10.80 crore (approx.) was marked for CSR activities during financial year 2014-15.

The CSR Policy of the Company is available on our website www.aicofindia.com.

CSR as such is inextricably linked to AIC’s sphere of activities considering its objectives being seeking farmers’ welfare through implementing Crop Insurance Schemes of Government of India.

During the initial year of CSR’s implementation, the Company started laying down the road map for its CSR initiatives and contributed Rs. 2 Crore to “Swachchh Bharat Kosh” towards the Swachchh Vidyalaya Campaign set up by the Central Government for socio-economic development. The Company has also contributed, in the reporting period, Rs. 2 Crore to “Clean Ganga Fund” set up by the Central Government towards a national effort to mobilize resources for improving the condition of the river Ganga. The related appendix drafted in accordance with the CSR Rules is enclosed at annexure-"D".

Since Financial Year 2014-15, was the first year when CSR was made mandatory under Companies Act, 2013 the initial preparatory activities and basic readiness took time to stabilize, viz., formulation of CSR policy, operational modalities, identification of CSR projects, viability and suitable assessment of organizations etc. as such, due to time constraints and lack of procedural clarity, the Company has been able to spend only Rs. 4 crore out of the total allocated amount of Rs. 10.80 crore (approx). In accordance with the suggestion of the Board, the balance of Rs. 6.80 crore (approx.) has been carried forward to the next Financial Year 2015-16.

RELATED PARTY TRANSACTIONSDuring the year, there were no related party transactions.

AWARDS During the year, Project Annapoorna has been adjudged a Finalist in the “Technology Innovation” category of the IASA Awards by the Ward Group, USA.

The Project has also been recognized by the InfoTech industry in India through the “CISO TOP 100 AWARD, 2014”

AcknowledgementsIn conclusion, the Board wishes to thank Central and State Governments, financial institutions, public and private sector banks, government agencies and non-government institutions who have extended their support in the development and growth of your Company. The Board wishes to thank the Insurance Regulatory and Development Authority of India and other regulatory Authorities for their continued support and guidance. We acknowledge the significant role played by the employees and officers of the Company in contributing to the growth of the Company’s business. The Board would also like to thank all the shareholders for their support, the faith and confidence reposed by them in the Company.

For and on behalf of the 'Board of Directors’

(P. J. Joseph) Chairman-cum-Managing Director

29

turk }kjk tek jkf'k;k¡o’kZ ds nkSjku] dEiuh us bl izdkj dh dksbZ jkf”k Lohdkj ugha dhA

lgk;d dEifu;k¡o’kZ ds nkSjku dEiuh ds ikl dksbZ lg&dEifu;k¡] la;qDr m|e vkSj lg;ksxh dEifu;k¡ ugha FkhA

fuxfer lkekftd ftEesnkjh ¼lh,lvkj½o’kZ ds nkSjku cksMZ us lh,lvkj lfefr uked ,d lfefr dk xBu fd;kA cksMZ us lh,,lvkj lfefr dh flQkfj'k ij foÙkh; o’kZ 2014&15 ds fy, lh,lvkj ikWfylh vkSj lh,lvkj ;kstuk dk vuqeksnu fd;kA foÙkh; o’kZ 2014&15 ds nkSjku lh,lvkj xfrfof/k;ksa ds fy, 10-80 djksM+ #i;s dh jkf”k dks vkcafVr fd;k x;kA

dEiuh dh lh,lvkj ikWfylh gekjh osclkbV www.aicofindia.com ij miyC/k gSA

bl izdkj lh,lvkj ,vkbZlh dh xfrfof/k;ksa ds {ks= dk ,d vfHkUu vax gS] tks fd Hkkjr ljdkj dh Qly chek ;kstukvksa dk dk;kZUo;u djrs gq, fdlkuksa dk dY;k.k djus dk iz;kl djuk gSA

lh,lvkj dks ykxw djus ds izkjafHkd o’kZ ds nkSjku dEiuh us vius lh,lvkj izksRlkguksa ds fy, [kkdk rS;kj djuk “kq: fd;k vkSj lkekftd&vkfFkZd fodkl ds fy, ds fy, Hkkjr ljdkj }kjk LFkkfir LoPN Hkkjr vfHk;ku ds fy, LoPN Hkkjr dks’k esa 2 djksM+ #i;s dk ;ksxnku fn;kA vkidh dEiuh us fjiksfVZax vof/k ds nkSjku ^LoPN xaxk fuf/k* ¼Dyhu xaxk QaM½ esa 2 djksM+ #i;s dk ;ksxnku fn;k ftls dsanz ljdkj }kjk xaxk unh dh fLFkfr esa lq/kkj djus ds fy, jk’Vªh; Lrj ij iz;kl djus ds fy, LFkkfir fd;k x;k gSA lh,lvkj ds fu;eksa ds vuqlkj lacaf/kr Mªk¶V rS;kj fd;k x;k tks fd ifjf”k’V lyaXud&Þ?kß ds :i esa lyaXu gSA

foÙkh; o’kZ 2014&15 lh,lvkj dks dEiuh vf/kfu;e] 2013 ds varxZr vfuok;Z :i ls ykxw djus dk igyk o’kZ Fkk blfy, izkjafHkd rS;kfj;ksa vkSj vk/kkjHkwr rRijrk vFkkZr~ lh,lvkj ikWfylh dk fuekZ.k] lapkyu laca/kh izfreku] lh,lvkj ifj;kstukvksa dh igpku] laxBuks adh O;ogkfjdrk vkSj mfpr ewY;kadu vkfn esa le; yxkA blfy, le; de gksus vkSj lgh izfØ;kRed Li’Vrk ds vHkko esa dEiuh 10-80 djksM+ dh vkoafVr jkf”k esa ls dsoy 4 djksM+ #i;s gh [kpZ dj ldhA cksMZ ds lq>koksa ds vuqlkj “ks’k cph 6-80 djksM+ #i;s dh jkf”k dks vxys foÙkh; o’kZ 2015&16 esa ys tk;k x;kA

lacaf/kr i{k ds lkFk dkjksckjo’kZ ds nkSjku laacaf/kr i{k ds lkFk dksbZ dkjksckj ugha fd;k x;kA

iqjLdkjo’kZ ds nkSjku vUuiw.kkZ ifj;kstuk dks oYMZ xzqi] ;w,l, ds vkbZ,,l, iqjLdkj dh ^rduhdh [kkst* Js.kh esa QkbufyLV ds :i esa pquk x;kA

bl ifj;kstuk dks Hkkjr esa bUQks Vsd baMLVªh }kjk ^fldks VkWi 100 vokMZ] 2014* ds ek/;e ls igpkuk x;k gSA

vkHkkjvar esa cksMZ dsanz vkSj jkT; ljdkjksa] foÙkh; laLFkkuksa] lkoZtfud vkSj futh {ks= ds cSadksa] ljdkjh ,tsafl;ksa vkSj xSj ljdkjh laLFkkuksa dk vkHkkj O;Dr djrk gS ftUgksaus vkidh dEiuh dh of) vkSj fodkl esa lgk;rk dhA cksMZ Hkkjrh; chek fofu;ked vkSj fodkl izkf/kdj.k vkSj vU; fu;ked izkf/kdkjksa dk mudh fujarj lgk;rk vkSj ekxZn”kZu ds fy, /kU;okn djrk gSA ge dEiuh ds deZpkfj;ksa vkSj vf/kdkfj;ksa dk dEiuh ds O;kikj dh of) vkSj fodkl esa ;ksxnku esa Hkwfedk ds fy, vkHkkj O;Dr djrs gSaA cksMZ lHkh “ks;j/kkjdksa dk muds leFkZu vkSj fo”okl ds fy, /kU;okn djrk gSa tks mUgksaus dEiuh esa fn[kk;kA

funs'kd cksMZ dh rjQ ls vkSj cksMZ ds fy,

¼ih- ts- tkslWQ½ v/;{k ,oa izca/kfuns'kd

29

REPORT ON CORPORATE GOVERNANCE FORMING PART OF DIRECTORS’ REPORT

Philosophy on Corporate Governance

The philosophy on Corporate Governance of the Company is transparency, disclosure, accountability and integrity towards its stakeholders.

It is to be borne in mind that mere legislation does not ensure good governance. Good governance flows from ethical business practices even when there is no legislation. This is accomplished by establishing a framework of rules, mechanism and practices by which the Board of Directors ensures accountability, fairness and transparency in a Company’s relationship with its stakeholders.

Report of the Board on Corporate Governance

The Directors’ Report on Corporate Governance inter alia detailing the status of compliance of the various provisions of the Corporate Governance Guidelines prescribed by Insurance Regulatory and Development Authority of India (IRDAI) and covered under Companies Act, 2013.

Board of Directors

The total strength of the Board as on 31st March, 2015 was eleven Directors as detailed herein below excluding a vacancy from Ministry of Agriculture and Farmers Welfare, Government of India, wherein nomination is awaited since resignation of Mr. Mukesh Khullar, Ex-Joint Secretary, MoAFW, GoI from the Board:

SN Name of Member Designation Category (Managing Director / Executive

/ Non-Executive / Independent)

Appointed by Government of India

1 Mr. P. J. Joseph Chairman-cum-Managing Director CMD, Executive

Nomination from Government of India

2 Mr. Anup Wadhawan Joint Secretary, GoI, Ministry of Finance, DFS Non-Executive

3 Mr. Raj Singh Joint Secretary, GoI, Ministry of Agriculture and Farmers Welfare, DCC

Non-Executive

4 Mr. K. N. Bhandari Honorary Director, School of Insurance Studies, National Law University

Non-Executive

5 Prof. Gopal Naik Professor, IIM, Bangalore Non-Executive

Nomination from Promoters’

6 Mr. P. Dutta GM, General Insurance Corporation, Mumbai Non-Executive

7 Mr. Naresh Gupta CGM, National Bank for Agriculture and Rural Development, Mumbai

Non-Executive

30

dEiuh fu;a=.k ij fjiksVZ tks funs'kdksa dh fjiksVZ dk ,d Hkkx gS

dEiuh fu;a=k.k dk n'kZudEiuh fu;a=.k ds laca/k esa dEiuh dk n”kZu gS ikjnf”kZrk] izdVu] ftEesnkjh vkSj lka>snkjksa ds izfr bZekunkjhA

;g /;ku j[kuk pkfg, fd dsoy dkuwu cukuk vPNs iz”kklu dks lqfuf”pr ugha djrkA vPNk iz”kklu rc izkIr gksrk gS tc dkuwu u gksus ij Hkh O;kikj dh uSfrd xfrfof/k;ksa dks viuk;k tkrk gSA

bls fu;eksa dk <kapk] iz.kkyh vkSj dk;ZO;ogkj ds }kjk LFkkfir fd;k tk ldrk gS ftlds }kjk funs”kd cksMZ dEiuh ds mlds lka>snkjksa ds lkFk laca/kksa esa ftEesnkjh] bZekunkjh vkSj ikjnf”kZrk dks lqfuf”pr dj ldrk gSA

dEiuh fu;a=k.k ij cksMZ dh fjiksVZdEiuh ds fu;a=.k ij funs”kdksa dh fjiksVZ vius vki esa Hkkjrh; chek fofu;ked vkSj fodkl izkf/kdj.k ¼vkbZvkjMh,vkbZ½ vkSj dEiuh vf/kfu;e] 2013 ds varxZr fu/kkZfjr dEiuh fu;a=.k funsZ”kksa ds izko/kkuksa ds vuqikyu dh fLFkfr dh O;k[;k djrh gSA

funs'kd cksMZdEiuh esa ,d cgqLrjh; izca/ku ljapuk gS ftlesa lcls Åij funs”kd cksMZ gS vkSj mlds ckn ofj’B izca/ku] e/; izca/ku vkSj dfu"B iazca/kdh; inksa ij deZpkjh “kkfey gSaA 31 ekpZ 2015 cksMZ ds funs”kdksa dh la[;k X;kjg gS ftldk fooj.k uhps fn;k x;k gS ftlesa Ñf’k ,oa fdlku dY;k.k ea=ky;] Hkkjr ljdkj dh rjQ ls fjDr in “kkfey ugha gS] ftlesa Jh eqds”k [kqYyj] iwoZ la;qDr lfpo] Ñf’k ,oa fdlku dY;k.k ea=ky;] Hkkjr ljdkj ds cksMZ ls R;kxi= ds ckn ls bl in ij euksu;u fd;k tkuk gSA

Øe lnL; dk uke in oxZ¼izca/kfuns'kd@dk;Zdkjh@xSj

dk;Zdkjh@Lora=k½

Hkkjr ljdkj }kjk fu;qDr

1 Jh ih-ts- tkslWQ v/;{k ,oa izca/k funs”kd lh,eMh] dk;Zdkjh

Hkkjr ljdkj }kjk euksuhr

2 Jh vuqi o/kkou la;qDr lfpo] Hkkjr ljdkj] foÙk ea=ky;] foÙkh; lsok,a foHkkx

xSj&dk;Zdkjh

3 Jh jkt flag la;qDr lfpo] Hkkjr ljdkj] Ñf’k vkSj fdlku dY;k.k ea=ky;] Mhlhlh

xSj&dk;Zdkjh

4 Jh ds-,u- Hk.Mkjh lEekuuh; funs”kd] Ldwy vkWQ bU”;ksjsal LVMht] jk’Vªh; fof/k fo”ofon~;ky;

xSj&dk;Zdkjh

5 izks- xksiky uk;d izksQslj] vkbZvkbZ,e] cSaxykSj xSj&dk;Zdkjh

lao/kZdksa ¼izkseksVlZ½ dh rjQ ls euksuhr

6 Jh- ih- nRrk egkizca/kd] tujy bU”;ksjsal dkWiksZjs”ku] eqEcbZ xSj&dk;Zdkjh

30

SN Name of Member Designation Category (Managing Director / Executive

/ Non-Executive / Independent)

8 Mr. P. Nayak GM, New India Assurance Company Limited, Mumbai

Non-Executive

9 Mr. P. Venkataramiah GM, National Insurance Company Limited, Kolkata

Non-Executive

10 Mr. Kuldip Singh Director & GM, Oriental Insurance Company Limited, Delhi

Non-Executive

11 Ms. Asha Nair Director & GM, United India Insurance Company Limited, Chennai

Non-Executive

The Board recorded appreciation for the valuable suggestions, direction and guidance provided by the outgoing Directors viz., Mr. H. R. Dave, DMD, NABARD; Mr. Raj Singh, Ex-Joint Secretary, Ministry of Agriculture and Farmers Welfare, Government of India, Dr. Ashish Kumar Bhutani, Joint Secretary, Ministry of Agriculture and Farmers Welfare, Government of India; Mr. Mukesh Khullar, Ex-Joint Secretary, Ministry of Agriculture and Farmers Welfare, Government of India and Mr. G. C. Gaylong, Ex-General Manager, National Insurance Company Limited who ceased to be Member(s) of the Board since last General Meeting of the Company. Further, all the Directors hereby confirm that they comply with the ‘fit and proper’ criteria prescribed under the Corporate Governance Guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI).

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

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 & Directors and no family member or a close relative (of any Director) as defined in the Companies Act, 2013 or their associate (Partner, Director etc.) is on the Board of the Company.

Detail of Directorship of AIC’s Directors’ on the Board of the other Companies

Name(Mr./Ms.)

Date of appointment

Date of cessation

Other Directorships

Mr. P. J. Joseph Chairman-cum-Managing Director

18.10.2012 National Insurance Company Limited

Mr. Anup Wadhawan JS, DFS, MoF, GoI

14.08.2013 Bank of India

Mr. Raj Singh, JS MoAFW, GoI

05.09.2014 Nil

Mr. Mukesh Khullar JS, DM, MoAFW, GoI

03.01.2007 25.03.2015 Maharashtra State Electricity Distribution Company Limited, MSEB holding Company Limited, Maharashtra State Electricity Transmission Company Limited, Maharashtra State Power Generation Company Limited, Ratnagiri Gas and Power Private Limited

31

Øe lnL; dk uke in oxZ¼izca/kfuns'kd@dk;Zdkjh@xSj

dk;Zdkjh@Lora=k½

7 Jh ,p-vkj- nos Mh,eMh] ukckMZ] eqEcbZ xSj&dk;Zdkjh

8 Jh ih-uk;d egkizca/kd] U;w bafM;k ,”;ksjsal dEiuh fyfeVsM] eqEcbZ xSj&dk;Zdkjh

9 Jh ih- osadVjeS;k egkizca/kd] us”kuy bU”;ksjsal dEiuh fyfeVsM] dksydkrk xSj&dk;Zdkjh

10 Jh dqynhi flag funs”kd ,oa egkizca/kd] vksfj,aVy bU”;ksjsal dEiuh fyfeVsM] fnYyh

xSj&dk;Zdkjh

11 lqJh vk”kk uk;j funs”kd ,oa egkizca/kd] ;qukbVsM bafM;k bU”;ksjsal dEiuh fyfeVsM] psUubZ

xSj&dk;Zdkjh

cksMZ us lsokfuoÙk gksus okys funs”kdksa vFkkZr~ Jh ujs'k xqIrk] lhth,e] ukckMZ( Jh jkt flag] iwoZ la;qDr lfpo] Ñf’kZ ,oa fdlku dY;k.k ea=ky;] Hkkjr ljdkj] MkW- vk”kh’k dqekj HkqVkuh] la;qDr lfpo] Ñf’k ,oa fdlku dY;k.k ea=ky;] Hkkjr ljdkj( Jh eqds”k dqekj] iwoZ la;qDr lfpo] Ñf’k ,oa fdlku dY;k.k ea=ky;] Hkkjr ljdkj] vkSj Jh th-lh- xsykWax] iwoZ egkizca/kd] us”kuy bU”;ksjsal dEiuh fyfeVsM ds ewY;oku lq>koksa] funsZ”kksa vkSj ekxZn”kZu dks ntZ fd;k tks dEiuh dh fiNyh lkekU; cSBd ds ckn ls cksMZ ds lnL; ugha jgsA blds vfrfjDr] lHkh funs”kd ,r~n }kjk iqf’V djrs gSa fd os vkbZvkjMh,vkbZ }kjk tkjh dEiuh fu;a=.k fn”kkfunsZ”kksa }kjk fu/kkZfjr ekun.Mksa ds varxZr ^lgh ,oa mfpr* gSaA

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

dEiuh vkSj blds “ks;j/kkjdksa ds chp fgrksa dk dksbZ Vdjko ugha gSA

dEiuh dk dksbZ Hkh lnL; nks inksa ij vkfJr ugha gS] pkgs os ys[kkijh{kd gksa] fu;qDr fd, x, chekafdd vkSj funs”kd gksa vkSj fdlh Hkh funs”kd ds ifjokj dk lnL; ;k djhch fj”rsnkj ;k mudk lg;ksxh ¼lk>snkj] funs”kd vkfn½ dEiuh ds cksMZ esa “kkfey ugha gS tSlk fd dEiuh vf/kfu;e] 2013 esa ifjHkkf’kr gSA

31 ekpZ 2015 dks ,vkbZlh ds funs'kdksa ds vU; dEifu;ksa ds cksMZ esa funs'kd inksa dk fooj.k

uke fu;qfDr dh frfFk

lsokfuo`Ùk gksus dh frfFk

31 ekpZ 2015 dks vU; funs'kd in

Jh ih-ts- tkslWQ v/;{k o izcU/kfuns'kd

14.02.2012 us”kuy bU”;ksjsal dEiuh fyfeVsM

Jh vuqi o/kkou la;qDr lfpo] fo-e-] Hkk-l-

14.08.2013 cSad vkWQ bafM;k

Jh jkt flag la;qDr lfpo] Ñ-ea-] Hkk- l-

05.09.2014 “kwU;

Jh eqds”k [kqYyj 03.01.2007 25.03.2015 egkjk’Vª jkT; fo|qr forj.k dEiuh fyfeVsM] ,e,lbZch gksfYMax dEiuh fyfeVsM] egkjk’Vª jkT; fo|qr izlkj.k dEiuh fyfeVsM] egkjk’Vª jkT; ÅtkZ mRiknu dEiuh fyfeVsM] jRukfxjh xSl ,oa ÅtkZ izkbosV fyfeVsM

31

Mr. K. N. BhandariDirector, NLU

28.06.2003 Kenbee Consultants Private LimitedAndhra Cements LimitedJaiprakash Power Ventures LimitedShristi Infrastructure Development Corporation LimitedMagma HDI General Insurance Company LimitedJaiprakash Associates LimitedSaurashtra Cement LimitedHindalco Industries LimitedGujrat Sidhee Cement Limited Dahej Harbour and Infrastructure Limited

Mr. Gopal NaikProfessor, IIM-B

12.12.2011 20.12.2014 Foretell Business Solutions Private Limited, Edubridge Learning Private Limited

13.02.2015 (re-appt.)

Mr. P. Venkataramiah,GM&FA, GIC

14.08.2013 11.08.2014 Nil

Mr. P. DuttaGM, GIC

05.09.2014 Nil

Mr. H. R. DaveDGM, NABARD

14.02.2014 30.06.2015 Nabard Consultancy Service Private Limited

Mr. Naresh Gupta CGM, NABARD

30.06.2015 Nil

Mr. G.C.GaylongGM, NIC

14.02.2014 11.08.2014 Nil

Mr. P. Venkataramiah, GM, NIC

11.08.2014 Nil

Mr. Kuldip Singh Director & GM, OIC

26.11.2013 The Industrial Credit Company Limited The Oriental Insurance Company Limited

Mr. S. Ramabhadran GM, NAC

27.11.2012 11.08.2014 Nil

Mr. P. Nayak GM, NAC

11.08.2014 Nil

Ms. Asha Nair Director & GM, UIIC

26.11.2013 United India Insurance Company Limited

Board Meetings

The Board observes a set of appropriate standard procedures in the conduct of Board meetings which is summarised below.

32

Jh ds-,u- Hk.Mkjh funs'kd ykW fo'ofo|ky;

28.06.2003 dsuch dUlYVSaV izkbosV fyfeVsMvka/kzk lhesaV fyfeVsMt;izdk”k ikWoj osaplZ fyfeVsMlf’V bUÝkLVªDpj MsoyiesaV dkWikZsjs'ku fyfeVsMeSXek ,pMhvkbZ tujy bU”;ksjsal dEiuh fyfeVsMt;izdk”k ,lksfl,V~l fyfeVsMlkSjk’Vª lhesaV fyfeVsMfgaMkydks baMLVªht fyfeVsMxqtjkr fl)h lhesaV fyfeVsMngst gkcZj ,oa bUÝkLVªDpj fyfeVsM

Jh xksiky uk;d izksQslj vkbZvkbZ,e] caxykSj

12.12.2011 20.12.2014 QksjVsy fctusl lkWY;q”kUl izkbosV fyfeVsM] ,tqfczt yfuZax izkbosV fyfeVsM

13.02.2015¼iqu%fu;qDr½

Jh ih- osadVjeS;kegkizca] thvkbZlh

14.08.2013 11.08.2014 “kwU;

Jh ih- nÙkk egk izca] thvkbZlh

05.09.2014 “kwU;

Jh ,p-vkj- nosMhth,e] ukckMZ

14.02.2014 30.06.2015 ukckMZ dUlYVSalh lfoZl izkbosV fyfeVsM

Jh ujs'k xqIrk eq[; egk izca- ukckMZ

30.06.2015 “kwU;

Jh th-lh xsykWaxegkizca- ,uvkbZlh

14.02.2014 11.08.2014 “kwU;

Jh ih- osadVjeS;kegkizca] ,uvkbZlh

11.08.2014 “kwU;

Jh dqynhi flag funs'kd ,oa egkizca] vksvkbZlh

26.11.2013 vkS|ksfxd ØsfMV daiuh fyfeVsMvksfj,aVy ba';ksjsal daiuh fyfeVsM

Jh ,l jkekHkæu egkizca] ,u,lh

27.11.2012 11.08.2014 “kwU;

Jh ih- uk;d egkizca] ,u,lh

11.08.2014 “kwU;

lqJh vk”kk uk;j funs'kd ,oa th,e] ;wvkbZvkbZlh

26.11.2013 ;qukbVsM bafM;k bU”;ksjsal dEiuh fyfeVsM

cksMZ dh cSBdsacksMZ dh cSBdksa ds vk;kstu esa cksMZ ,d mfpr fu/kkZfjr ekud izfØ;k dk ikyu djrk gS ftldk lkjka”k uhps fn;k x;k gSA

32

During the year, meetings of the Board were held in Delhi, in the close circuit of the Registered Office of the Company. The time interval between Board Meetings is in accordance with the provisions of Companies Act, 2013 and IRDAI Regulations and Guidelines. The notice of each Board Meeting 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 communicate with all Departments in advance with regard to matters requiring approval of the Board to enable inclusion of the same in the agenda for the Meetings. With the objective of transparent flow of information from the 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 to attend the Board Meetings so as to provide additional inputs on the items being discussed by the Board. Appointed Actuary is a permanent invitee at the Board Meetings. Urgent matters are also considered and approved by passing resolution through circulation, which are confirmed at the next meeting of the Board. The Company Secretary records the Minutes of the proceedings of each Board Meeting. The draft Minutes are circulated to the Members of the Board within fifteen days from the date of Meeting and the comments, if any, on the draft Minutes are received within seven days of its circulation. The Minutes are finalised within thirty days and thereafter recorded in the Minutes Book.

During the year, the Board met six (6) times on 6th June, 2014; 11th August, 2014; 17th October, 2014; 28th November, 2014; 13th February, 2015 and 25th March, 2015.

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

SN Name of Board Members 06.06.2014 11.08.2014 17.10.2014 28.11.2014 13.02.2015 25.03.2015

1 Mr. P. J. Joseph, Chairman-cum-Managing Director

Yes Yes Yes Yes Yes Yes

2 Mr. Anup Wadhawan, , JS, DFS, MoF, GoI

Yes Yes Yes Yes LoA LoA

3 Mr. Mukesh Khullar, JS, DM, MoAFW, GoI

- Resigned

4 Dr. A. K. Bhutani, JS, C&C, MoAFW, GoI

LoA NA

Mr. Raj Singh, JS, MoAFW, GoI NA Yes LoA LoA LoA

5 Mr. K. N. Bhandari, Professor, NLC Yes Yes Yes Yes Yes Yes

6 Mr. Gopal Naik, Professor, IIM-B Yes LoA Yes Yes Yes Yes

7 Mr. P. Venkataramiah, GM&FA, GIC Yes NA

Mr. Parijat Dutta, GM, GIC NA Yes LoA Yes Yes

8 Mr. H. R. Dave, DGM, NABARD LoA Yes Yes LoA Yes Yes

9 Mr. G. C.Gaylong, GM, NIC Yes NA

Mr. P. Venkataramiah, GM, NIC NA Yes LoA Yes LoA Yes

10 Mr. S. Ramabhadran, GM, NAC LoA NA

Mr. P. Nayak, GM, NAC NA Yes Yes Yes LoA LoA

11 Mr. Kuldip Singh, Director & GM, OIC Yes Yes Yes Yes LoA Yes

12 Ms. Asha Nair, Director & GM, UIIC LoA Yes Yes Yes Yes Yes

*LoA=Leave of Absence

33

o’kZ ds nkSjku cksMZ dh cSBdsa lkekU;r% fnYyh esa iathÑr dk;kZy; ds utnhd vk;ksftr dh tkrh gSaA cksMZ dh cSBdksa ds chp dk varj dEiuh vf/kfu;e] 2013 vkSj vkbZvkjMh,vkbZ ds fu;eksa vkSj fn”kkfunsZ”kksa ds vuqlkj gSA cksMZ vkSj lfefr dh izR;sd cSBd dk uksfVl fyf[kr esa izR;sd funs”kd dks fyf[kr esa fn;k tkrk gSA cksMZ dh cSBd dEiuh ds foÙkh;] lapkyukRed vkSj fuos”k dk;Zfu’iknu dh leh{kk djus ds fy, izR;sd frekgh esa de ls de ,d ckj vo”; gksrh gSA

dEiuh lfpo cSBdksa ds fy, foLrr dk;Zlwph rS;kj djrk gSA dEiuh lfpo lHkh igys ls gh lHkh foHkkxksa dks cksMZ vko”;d vuqeksnuksa ds ckjs esa lwfpr djrk gS rkfd mUgsa cSBd ds fy, dk;Zlwph esa “kkfey fd;k tk ldsA izca/ku ls lwpuk ds izokg dks ikjn”khZ cukus ds mn~ns”; ls foLrr dk;Zlwph dh lwpuk funs”kdksa dks vfxze iznku dh tkrh gSA

cksMZ ds lnL;ksa ds ikl dEiuh dh LkHkh lwpuk,a miyC/k gksrh gSaA egkizca/kdksa dks cksMZ dh cSBdksa esa vkeaf=r fd;k tkrk gS rkfd cksMZ }kjk dh xbZ ppkZvksa esa vfrfjDr buiqV iznku fd;k tk ldsA fu;qDr fd;k x;k chekafdd cksMZ dh cSBdksa eas LFkk;h :i ls vkeaf=r gksrk gSA egRoiw.kZ eqn~nksa ij Hkh ppkZ dh tkrh gS vkSj mudk vuqeksnu ifjlapj.k ds }kjk izLrko ikl djds fd;k tkrk gS] ftudks cksMZ dh vkxkeh cSBd esa uksV fd;k tkrk gSA dEiuh lfpo cksMZ vkSj lfefr dh izR;sd cSBd ds fcanqvksa dks uksV djrk gSA cSBd dh dk;Z fjiksVZ ds Mª¶V dks cksMZ@lfefr ds lnL;ksa dks cSBds ckn ianzg fnu ds Hkhrj ifjpkfyr 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 cSBd dh dk;Zokgh dks rhl fnu ds vanj vafre :i fn;k tkrk gS vkSj mlds ckn dk;Zokgh iqfLrdk esa fy[kk tkrk gSA

o’kZ ds nkSjku] cksMZ dh cSBd Ng ¼6½ ckj 6 twu 2014] 11 vxLr 2014] 17 vDVwcj 2014] 13 Qjojh 2015 vkSj 25 ekpZ 2015 dks gqbZA

o’kZ ds nkSjku cksMZ ds lnL;ksa dh cSBd esa mifLFkfr dk fooj.k uhps fn;k x;k gS%

Øe cksMZ ds lnL;ksa ds uke 06.06.2014 11.08.2014 17.10.2014 28.11.2014 13.02.2015 25.03.2015

1 Jh ih- ts- tkslWQ] v/;{k ,oa egkizca/kd gka gka gka gka gka gka2 Jh vuqi o/kkou] ts,l] Mh,Q,l]

foÙkh; ea=ky;] Hkkjr ljdkj gka gka gka gka vodk”k vodk”k

3 Jh eqds”k [kqYyj] ts,l] Mh,e] Ñf’k ,oa fdlku dY;k.k ea=ky;] Hkkjr ljdkj

- R;kxi=

4 MkW- ,- ds- HkqVkuh] ts,l] lh ,.M lh] Ñf’k ,oa fdlku dY;k.k ea=ky;] Hkkjr ljdkj

vodk”k ykxw ugha gS

Jh jktflag ] ts,l] Ñf’kZ ,oa fdlku dY;k.k ea=ky;] Hkkjr ljdkj

ykxw ugha gS gka vodk”k vodk”k vodk”k

5 Jh ds- ,u- Hk.Mkjh] izksQslj] jk-fo-fo- gka gka gka gka gka gka6 Jh xksiky uk;d] izksQslj] vkbZvkbZ,e]

caxykSj gka gka gka gka gka gka

7 Jh ih- osadVjeS;k] th,e ,oa ,Q,l] thvkbZlh

gka ykxw ugha gS

Jh ifjtkr nRrk] th,e] thvkbZlh ykxw ugha gS gka vodk”k gka gka8 Jh ,p-vkj= nos] Mhth,e] ukckMZ vodk”k gka gka vodk”k gka gka9 Jh thlh xsykWax] th,e] ,uvkbZlh gka ykxw ugha gS

Jh ih- osadVjeS;k] th,e] ,uvkbZlh ykxw ugha gS gka vodk”k gka vodk”k gka10 Jh ,l- jkeo/kZu] th,e] ,u,lh vodk”k ykxw ugha gS

Jh ih- uk;d] th,e] ,u,lh ykxw ugha gS gka gka gka vodk”k vodk”k11 Jh dqynhi flag] funs”kd ,oa izca/k

funs”kd] vksvkbZlh gka gka gka gka vodk”k gka

12 lqJh vk”kk uk;j] funs”kd ,oa egkizca/kd] ;wvkbZvkbZlh

vodk”k gka gka gka gka gka

33

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) Personnel Committee(vii) IT Committee(viii) Remuneration Committee (ix) Ethics Committee

The said sub-Committees of Board were constituted to enable better and more focused attention on the affairs of the Company. As per the requirement of the Company and keeping pace with the Provisions of Companies 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 Board Meeting. The ‘Terms of Reference’, of the Committees, drafted as per IRDAI (Corporate Governance) Guidelines and/or Companies Act, 2013 as applicable, for delegation of authority by the Board. Meetings of the Committees, which are constituted in accordance with the mandate of the IRDAI (Corporate Governance) Guidelines, are held in every quarter. Other Committees meet at regular basis depending upon 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 requiring the Board’s attention/approval are generally placed in the form of notes to the Board from the respective Committee.

The role and composition of various Committees, including the number of meetings held during the year and the related attendance of the Committee Members at the said meetings, are given below:-

Audit Committee

During the year, Audit Committee met six (6) times on 6th June, 2014; 11th August, 2014; 17th October, 2014; 28th November, 2014; 13th February, 2015 and 25th March, 2015.The Committee also met on 26th May, 2015, for review of audited annual accounts of the Company for financial year 2014-15 and recommended the same for the approval of the Board. The Audit Committee was re-constituted by the Board at its meeting held on 11th August, 2014 and comprises five (5) Members – all non-executive Directors without any Independent Director (please read replies to MR3). The Committee inter alia oversees the financial statements and financial reporting before submission to the Board, internal audit function, compliance function and the work of the statutory auditors. It also reviews the reports of the internal auditors, statutory auditors and concurrent auditor for investment along with the comments and action taken reports of the management. The Committee gives appropriate directions to the management in areas that need to be strengthened. The Chairman-cum-Managing Director along with Senior Management and Appointed Actuary are the regular attendees from the management. The Senior Actuary and Auditors are invited to participate in the meetings of the Committee as and when necessary. The Company Secretary is the Secretary of the Audit Committee. The Committee recommends to the Board, the appointment or re-appointment of Statutory Auditors, Internal Auditors, Concurrent Auditors and their remuneration. The Chairman of the Audit Committee briefs the Board about significant discussions and decisions taken at the Committee meetings.

The Chairman of the Audit Committee, three other Board Members and a representative from administrative Ministry of the Company viz., Ministry of Finance, Government of India attended the last Annual General Meeting held on 29th September, 2014 of the Company. The Joint Statutory Auditors were also present in this Annual General Meeting.

34

cksMZ dh mi&lfefr;k¡

o’kZ ds nkSjku cksMZ ds ikl fuEu lfefr;k¡ jgh gSa%

1- ys[kkijh{kk lfefr

2- fuos”k lfefr

3- tksf[ke izca/ku lfefr

4- ikWfylh /kkjd lqj{kk lfefr

5- fuxfer lkekftd ftEesnkjh lfefr

6- dkfeZd lfefr

7- lwpuk çkS|ksfxdh lfefr

8- ekuns; lfefr

9- uSfrdrk lfefr

cksMZ dh mDr mi&lfefr;ksa dk xBu blfy, fd;k x;k Fkk rkfd dEiuh ds ekeyksa dks csgrj vkSj vf/kd /;ku ls ns[kk tk ldsA dEiuh dh vko”;drkvksa ds vqulkj vkSj dEiuh vf/kfu;e] chek vf/kfu;e vkSj vkbZvkjMh,vkbZ ds mfpr izko/kkuksa ds vuqlkj mDr mi&lfefr;ksa dk xBu fd;k x;k FkkA ;s lfefr;k¡ fu.kZ; vkSj vkxkeh cksMZ cSBdksa dh fjiksVZ ds fy, vk/kkj rS;kj djrh gSaA vkbZvkjMh,vkbZ ¼daiuh fu;a=.k½ fu;ekoyh vkSj@;k dEiuh vf/kfu;e] 2013] tks Hkh ykxw gks] ds vuqlkj lfefr;ksa }kjk rS;kj dh xbZ ^lanHkZ “krsZa* cksMZ }kjk viukbZ tkrh gSaA lfefr dh cSBdsa] ftudk xBu vkbZvkjMh,vkbZ ¼dEiuh fu;a=.k½ fu;ekoyh ds vkns”kkuqlkj fd;k tkrk gS] izR;sd frekgh esa gksrh gSa vkSj nwljh lfefr;ksa dh cSBdssssssssssssssssssss lacaf/kr lfefr;ksa }kjk fd, x, dkjksckj ds vk/kkj ij fu;fer :i ls dh tkrh gSaA lfefr;ksa dh cSBdksa dh dk;Zokgh dk fooj.k@lfefr dh xfrfof/k;ksa dh fjiksVZ vkof/kd :i ls cksMZ dks Hksth tkrh gSaA ftu ekeyksa ds fy, cksMZ ds /;ku@vuqeksnu dh vko”;drk gS gksrh gS mUgsa lacaf/kr lfefr ls izkIr fVIif.k;ksa ds :i esa cksMZ ds le{k j[kk tkrk gSA

o’kZ ds nkSjku dh xbZ cSBdksa dh la[;k vkSj bu cSBdksa esa lnL;ksa dh mifLFkfr lfgr fofHkUu lfefr;ksa dk xBu vkSj Hkwfedk,a uhps nh xbZ gSa%

ys[kkijh{kk lfefr

o’kZ ds nkSjku ys[kkijh{kk lfefr dh cSBd Ng ¼6½ ckj gqbZ vFkkZr~ 6 twu 2014] 11 vxLr 2014] 17 vDVwcj 2014] 28 uoEcj 2014] 13 Qjojh 2015 vkSj 25 ekpZ 2015 dksA lfefr dh cSBd foÙkh; o’kZ 2014&15 ds dEiuh ds ys[kkijh{kk fd, x, okf’kZd [kkrksa dh leh{kk ds fy, 26 ebZ 2015 dks Hkh vk;ksftr dh xbZA ;g lfefr cksMZ ds ikl Hkstus ls igys foÙkh; fooj.k] foÙkh; fjiksfVZax] vkarfjd ys[kkijh{kk dk;Z] vuqikyu dk;Z vkSj lkafof/kd ys[kkijh{kdksa ds dk;ksZa ij Hkh fu;a=.k j[krh gSA ;g vkarfjd ys[kkijh{kkjksa] lkafof/kd ys[kkijh{kkjksa vkSj fuos”k ds fy, leorhZ ys[kkijh{kdksa dh fjiksVksZa ds lkFk lkFk izca/ku }kjk dh xbZ dk;Zokgh dh fjiksZV dh leh{kk Hkh djrh gSA ;g lfefr mu {ks=ksa esa izca/ku dks mfpr funsZ”k nsrh gS ftUgsa etcwr djus dh t:jr gksrh gSA v/;{k ,oa izca/k funs”kd ds lkFk lkFk ofj’B izca/ku vkSj fu;qDr fd;k x;k chekafdd izca/ku dh rjQ ls blesa Hkkx ysrs gSaA ofj’B chekafdd vkSj ys[kkijh{kdksa dks vko”;drk iM+us ij lfefr dh cSBdksa esa vkeaf=r fd;k tkrk gSA dEiuh lfpo ys[kkijh{kk lfefr dk lfpo gksrk gSA ;g lfefr cksMZ dks lkafof/kd ys[kkijh{kdksa] vkarfjd ys[kkijh{kdksa] leorhZ ys[kkijh{kdksa dh fu;qfDr ;k iqufuZ;qfDr vkSj ekuns; dh flQkfj'k djrh gSA ys[kkijh{kk lfefr dk v/;{k cSBd esa fy, x, egRoiw.kZ fu.kZ;ksa dh tkudkjh cksMZ dks nsrk gSA

dEiuh dh 29 flrEcj 2014 dks vk;ksftr fiNyh okf’kZd lekU; cSBd esa ys[kkijh{kk lfefr ds v/;{k ds lkFk&lkFk rhu vU; cksMZ lnL;ksa vkSj dEiuh ds iz”kklu ea=ky; vFkkZr~ foÙk ea=ky;] Hkkjr ljdkj ds ,d izfrfuf/k us fgLlk fy;kA bl lkekU; okf’kZd cSBd esa la;qDr lkafof/kd ys[kkijh{kd Hkh mifLFkr FksA

34

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

Name of Members Date of Committee Meetings06.06.2014 11.08.2014 17.10.2014 28.11.2014 13.02.2015 25.03.2015

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

Mr. Kuldip Singh Yes Yes Yes Yes LoA Yes

Mr. H. R. Dave LoA Yes Yes LoA Yes Yes

Mr. G. C. Gaylong Yes NA

Mr. S. Ramabhadran LoA NA

Ms. Asha Nair LoA Yes Yes Yes Yes Yes

Mr. P. Nayak NA Yes Yes Yes LoA LoA*LoA=Leave of Absence

Investment Committee During the year, Investment Committee met five (5) times on 6th June, 2014; 11th August, 2014; 17th October, 2014; 28th November, 2014 and 13th February, 2015. The Investment Committee comprises four (4) Board Members - three Non-Executive Directors, Chairman-cum-Managing Director & CEO along with Chief Financial Officer, Appointed Actuary and Chief Investment Officer of the Company, in accordance with the provisions of the IRDAI (Investment) Regulation, as amended and Guidelines issued thereunder from time to time. The Committee annually reviews the Investment Policy of the Company, its implementation and the operational framework for the investment operations, ensuring liquidity for smooth operations, compliance with prudential regulatory norms on investments, risk management / mitigation strategies to ensure adequate return on investment of Policyholder and Shareholder funds. The Committee also reviews the Company’s capital and solvency position, the investment strategies adopted from time to time and gives suitable directions as needed in the best interest of the Company. All Members of the Committee are made fully conversant with the various responsibilities cast on them by the IRDAI (Investment) Regulations, 2000, as amended and Guidelines issued thereunder from time to time. The Committee regularly apprises the Board on the performance and analysis of Company’s investment portfolio. The Company Secretary is the Secretary of the Investment Committee.

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

Name of Members Date of Committee Meetings06.06.2014 11.08.2014 17.10.2014 28.11.2014 13.02.2015

Mr. P. J. Joseph, Chairman Yes Yes Yes Yes YesMr. P. Venkataramiah Yes Yes LoA Yes LoAMr. Kuldip Singh Yes Yes Yes LoA LoAMs. Asha Nair LoA Yes Yes Yes Yes


Risk Management Committee

During the year, Risk Management Committee met five (5) times on 6th June, 2014; 11th August, 2014; 28th November, 2014; 13th February, 2015 and 25th March, 2015. The Risk Management Committee was re-constituted by the Board

35

o’kZ ds nkSjku ys[kkijh{kk lfefr ds lnL;ksa vkSj cSBdksa esa mudh mifLFkfr dk C;kSjk uhps fn;k x;k gS%

lnL;ksa ds uke lfefr dh cSBd dh frfFk

06.06.2014 11.08.2014 17.10.2014 28.11.2014 13.02.2015 25.03.2015

Jh ds- ,u- Hk.Mkjh] v/;{k gka gka gka gka gka gka

Jh dqynhi flag gka gka gka gka vodk”k gka

Jh ,p- vkj- nos vodk”k gka gka vodk”k gka gka

Jh th- lh- xsyksax gka ykxw ugha gS

Jh ,l- jkeo/kZu vodk”k ykxw ugha gS

lqJh vk”kk uk;j vodk”k gka gka gka gka gka

Jh ih- uk;d ykxw ugha gS gka gka gka vodk”k vodk”k

fuos'k lfefr

o’kZ ds nkSjku fuos”k lfefr dh cSBdsa ikap ¼5½ ckj gqbZ vFkkZr~ 6 twu 2014] 11 vxLr 2014] 17 vDVwcj 2014] 28 uoEcj 2014] vkSj 13 Qjojh 2015 dksA fuos”k lfefr esa pkj ¼4½ cksMZ lnL;&rhu xSj&dk;Zdkjh funs”kd] v/;{k ,oa egkizca/kd vkSj eq[; dk;Zdkjh vf/kdkjh ds lkFk lkFk eq[; foÙkh; vf/kdkjh] fu;qDr chekafdd vkSj dEiuh dk eq[; fuos”k vf/kdkjh “kkfey gSaA lfefr dk xBu le; le; ij la”kksf/kr vkbZvkjMh,vkbZ ¼fuos”k½ fu;ekoyh ds izko/kkuksa ds vuqlkj fd;k x;k gSA lfefr dEiuh dh fuos”k uhfr] blds ykxw djus vkSj fuos”k lapkyuksa ds fy, dk;Zdkjh <kaps dh okf’kZd leh{kk djrh gS] vkSj py&fuf/k ds lgt lapkyu] fuos”k laca/kh lqj{kk fu;eksa dk vuqikyu] tksf[ke izca/ku@de djus dh j.kuhfr;ksa dks lqfuf”pr djrh gS rkfd ikWfylh/kkjdksa vkSj “ks;j/kkjdksa ds foÙkh; ds fuos”k ls i;kZIr vk; dks lqfuf”pr fd;k tk ldsA ;g lfefr dEiuh dh iwath vkSj _.k”kks/ku fLFkfr] le;≤ ij viukbZ xbZ fuos”k j.kuhfr;ksa dh leh{kk djrh gS vkSj dEiuh ds fgr esa le; le; ij funsZ”k nsrh gSA lfefr ds lHkh lnL;ksa dks le; le; ij la”kksf/kr vkbZvkjMh,vkbZ ¼fuos”k½ fu;ekoyh] 2000 }kjk fu/kkZfjr ftEesnkfj;ksa ds ckjs esa vPNh rjg voxr djk;k tkrk gSA ;g lfefr fu;fer :i ls cksMZ ds dk;Z fu’iknu dk ewY;kadu djrh gS vkSj dEiuh ds fuos”k lwph dk fo”ys’k.k djrh gSA

o’kZ ds nkSjku o’kZ ds nkSjku fuos”k lfefr ds lnL;ksa vkSj mudh mifLFkfr dk C;kSjk uhps fn;k x;k gSA

lnL;ksa ds uke lfefr dh cSBdksa dh frfFk

06.06.2014 11.08.2014 17.10.2014 28.11.2014 13.02.2015

Jh ih- ts- tkslWQ] v/;{k gka gka gka gka gka

Jh ih- osadsVjeS;k gka gka vodk”k gka vodk”k

Jh dqynhi flag gka gka gka vodk”k vodk”k

lqJh vk”kk uk;j vodk”k gka gka gka gka

tksf[ke izaca/ku lfefr

tks o’kZ ds nkSjku tksf[ke izca/ku lfefr dh cSBdsa ikap ¼5½ ckj gqbZ vFkkZr~ 6 twu 2014] 11 vxLr 2014] 28 uoEcj 2014] 13 Qjojh 2015 vkSj 25 ekpZ 2015 dksA tksf[ke izca/ku lfefr dk iquxZBu cksMZ }kjk 11 vxLr 2014] 17

35

at its meetings held on 11th August, 2014; 17th October, 2014 and comprises six (6) Members – five Non-Executive Directors and Chairman-cum-Managing Director & CEO of the Company. The terms of reference of the Committee are in accordance with the provisions of the IRDAI Regulations and include overseeing the Company’s Underwriting Policies and Practices, with its Reinsurance Programme as anticipated before the financial year, reviewing various risks and frauds associated with the business of the Company and thereby reviewing actual placement of reinsurance during Kharif and Rabi seasons. The Risk Management Committee also takes course of the business premium and claim payment status vis-a-vis risk management framework in relation to strategic and operational matters. During the year, the Risk Management Committee has ensured that risk culture elevates risk management to a position that overarches individual business units, geographic locations and risk disciplines. The General Managers and Appointed Actuary are the regular attendees from the management. The Senior Actuary is invited to participate in the meetings of the Committee as and when necessary. The Company Secretary is the Secretary of the Risk Management Committee.

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

Name of Members Date of Committee Meetings06.06.2014 11.08.2014 28.11.2014 13.02.2015 25.03.2015

Mr. P. J. Joseph Yes Yes Yes Yes YesMr. A. K. Bhutani LoA LoA NAMr. Raj Singh NA LoA LoA LoAMr. K. N. Bhandari, Chairman Yes Yes Yes Yes YesMr. Gopal Naik Yes LoA Yes Yes YesMr. P. Venkataramiah Yes Yes NAMr. S. Ramabhadran LoA NAMr. P. Nayak NA LoA Yes LoA LoAMr. Parijat Dutta NA LoA Yes Yes


Policyholders’ Protection Committee

During the year, Policyholder’s Protection Committee met four (4) times. The meetings were held on 6th June, 2014; 11th August, 2014; 28th November, 2014; 13th February, 2015 and 25th March, 2015. The Committee comprises six (6) Members – five Non-Executive Directors, and Chairman-cum-Managing Director & CEO of the Company. The Committee reviews the processes being followed by the Company in redressal of Policyholder grievances and the grievance redressal mechanism of the Company and suggests mechanism for speedy redressal of complaints / grievances from Policyholders. The Committee regularly submits its report to the Board inter alia with regard to complaints / grievances received and resolved, mechanism in place / process being followed for resolution of the complaints / grievances and its observations on the efficacy of the existing mechanism. The Grievance Redressal Policy of the Company is available on the website of the Company. The key objective of the Policy is to provide for a mechanism to speedily redress the grievance and complaints of the Policyholders to their satisfaction in accordance with the applicable laws. The designated portal of the Company enables Policyholders to submit their grievance / complaint and its speedy redressal. The General Managers and Appointed Actuary are the regular attendees from the management. The Company Secretary is the Secretary of the Policyholders’ Protection Committee.

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

36

vDVwcj 2014 dks vk;ksftr cSBd esa fd;k x;k Fkk vkSj blesa Ng ¼6½ lnL; “kkfey gSa&ikap xSj&dk;Zdkjh funs”kd vkSj dEiuh dk v/;{k ,oa izca/k funs”kd vkSj eq[; dk;Zdkjh vf/kdkjhA lfefr dh lanHkZ “krsZa vkbZvkjMh,vkbZ fu;ekoyh ds izko/kkuksa ds vuqlkj gSa vkSj blds dk;ksZa esa dEiuh dh _.k”kks/ku uhfr;k¡ vkSj dk;Ziz.kkyh dh ns[kjs[k djuk “kkfey gSA blds vykok ;g foÙkh; o’kZ ls igys vuqekfur iquchZek dk;ZØe dh ns[kjs[k djrh gS] dEiuh ds O;kikj ls lacaf/kr fofHkUu tksf[keksa vkSj Ny&diV dh leh{kk djrh gS] vkSj bl izdkj [kjhQ vkSj jch ds ekSleksa ds nkSjku okLrfod iquchZek fu/kkZj.k dh leh{kk djrh gSA tksf[ke izca/ku lfefr j.kuhfrd vkSj lapkyu ekeyksa ds laca/k esa izca/kdh; <kaps dh rqyuk esa fctusl izhfe;e vkSj nkok Hkqxrku dh fLFkfr dh leh{kk Hkh djrh gSA o’kZ ds nkSjku tksf[ke izca/ku lfefr us lqfuf”pr fd;k fd tksf[ke laLÑfr tksf[ke izca/ku dks ,d ,slh fLFkfr rd igqapk, fd bldh igqap O;fDrxr O;kikfjd mn~;eksa] HkkSxksfyd {ks=ksa vkSj tksf[ke {ks=ksa rd gksA egkizca/kd vkSj fu;qDr chekafdd izca/ku dh rjQ ls bl cSBd es fu;fer :i ls Hkkx ysrs gSaA vko”;drk iM+us ij ofj’B chekafdd dks Hkh cSBdksa esa Hkkx ysus gsrq vkeaf=r fd;k tkrk gSA dEiuh lfpo tksf[ke izca/ku lfefr dk lfpo gksrk gSA

o’kZ ds nkSjku tksf[ke izca/ku lfefr ds lnL;ksa vkSj cSBdksa esa mudh mifLFkfr dk fooj.k uhps fn;k x;k gS%


06.06.2014 11.08.2014 28.11.2014 13.02.2015 25.03.2015

Jh ih- ts- tkslWQ gka gka gka gka gka

Jh ,- ds- HkqVkuh vodk”k vodk”k ykxw ugha gS

Jh jkt flag ykxw ugha gS vodk”k vodk”k vodk”k

Jh ds- ,u- Hk.Mkjh] v/;{k gka gka gka gka gka

Jh xksiky uk;d gka - gka gka gka

Jh ih- osadVjeS;k gka gka ykxw ugha gS


Jh ih- uk;d ykxw ugha gS vodk”k gka vodk”k vodk”k

Jh ifjtkr nRrk ykxw ugha gS vodk”k gka gka

ikWfylh/kkjdksa ds fy, lqj{kk lfefr

o’kZ ds nkSjku ikWfylh/kkjdksa ds fy, lqj{kk lfefr dh cSBdsa pkj ¼4½ ckj vk;ksftr dh xbZA cSBdsa 6 twu 2014] 11 vxLr 2014] 28 uoEcj 2014] 13 Qjojh 2015 vkSj 25 ekpZ 2015 dks gqbZA lfefr esa Ng ¼6½ lnL; gSa&ikap xSj dk;Zdkjh funs”kd] vkSj dEiuh dk v/;{k ,oa izca/kfuns”kd vkSj eq[; dk;Zdkjh vf/kdkjhA ;g lfefr dEiuh }kjk ikWfylh/kkjdksa dh f”kdk;rksa ds tYnh fuokj.k ds fy, viukbZ tkus okyh izfØ;k dh leh{kk djrh gSA ;g lehft izkIr gqbZ vkSj gy gqbZ 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 cksMZ dks fu;fer :i ls fjiksVZ Hkstrh gSA dEiuh dh f”kdk;r fuokj.k uhfr dEiuh dh osclkbV ij miyC/k gSA bl ikWfylh dk eq[; mn~ns”; ykxw fu;eksa ds vuqlkj ikWfylh/kkjdksa dh f”kdk;rksa ds mudh larqf’V ds vuqlkj tYnh fuokj.k ds fy, ,d izfØ;k dks iznku djuk gSA dEiuh dk fufnZ’V iksVZy f”kdk;rksa dks ntZ djus vkSj buds tYnh fuokj.k esa ikWfylh/kkjdksa dh lgk;rk djrk gSA egkizca/kd vkSj fu;qDr chekafdd bl lfefr dh cSBdksa esa izca/ku dh rjQ ls fu;fer :i ls Hkkx ysrs gSaA dEiuh lfpo ikWfylh/kkjdksa dh lqj{kk ds fy, lfefr dk Hkh lfpo gSA

o’kZ ds nkSjku ikWfylh/kkjdksa dh lqj{kk ds fy, lfefr ds lnL;ksa vkSj cSBdksa esa mudh mifLFkfr dk C;kSjk uhps fn;k x;k gS%

36

Name of Members Date of Committee Meetings06.06.2014 11.08.2014 28.11.2014 13.02.2015

Mr. P. J. Joseph Yes Yes Yes YesMr. Mukesh Khullar - - - -Mr. Anup Wadhawan Yes Yes Yes LoAMr. K. N. Bhandari, Chairman Yes Yes Yes YesMr. Gopal Naik Yes LoA Yes YesMr. P. Venkataramiah Yes Yes Yes LoA


Corporate Social Responsibility (CSR) Committee

During the year, under the provisions of Section 135 of the Companies Act, 2013 read with ‘Companies (Corporate Social Responsibility Policy) Rules, 2014 and revised Schedule VII of the Companies Act, 2013, the Company constituted a sub-Committee of the Board called Corporate Social Responsibility Committee (CSR Committee) (first Board Meeting of Financial Year 2014-15, held on 6th June, 2014) comprising three (3) Members – two Non-Executive Directors, and Chairman-cum-Managing Director & CEO of the Company. In the said Board meeting, the Corporate Social Responsibility Policy of the Company was also formed and adopted. During the year, Corporate Social Responsibility Committee met on 17th October, 2014; 28th November, 2014 and 25th March, 2015. The terms of reference of the Committee is in accordance with the provisions of the Section 135 of the Companies Act, 2013 and includes preparation of detailed plan of the CSR activities comprising, decisions regarding the expenditure, the type of activities to be undertaken, roles and responsibilities of the concerned individuals / firm / association and a monitoring and reporting mechanism. The General Managers are the regular attendees from the management. The Company Secretary is the Secretary of the CSR Committee.

The details about the Policy developed and implemented by the Company on Corporate Social Responsibility (CSR) initiative taken during the year is given in the CSR Annual Report at annexure 'D'. Further an amendment to the CSR Policy was made in the Board Meeting held on 25th March, 2015 to include following paragraph under Clause “CSR spends”:-

“Any unspent / unutilized CSR allocation of financial year 2014-15 will be carried forward to financial year 2015-16.”

During the year, details of composition of the Corporate Social Responsibility Committee (CSR Committee) and attendance of the Members at the said meetings are listed below:

Name of Members Date of Committee Meeting17.10.2014 28.11.2014 25.03.2015

Mr. P. J. Joseph, Chairman Yes Yes YesMr. Gopal Naik Yes Yes YesMs. Asha Nair Yes Yes Yes


Personnel Committee

During the year, Personnel Committee met four (4) times. The meetings were held on 6th June, 2014; 17th October, 2014; 13th February, 2015 and 25th March, 2015. The Committee comprises six (6) Members – five Non-Executive Directors, and Chairman-cum-Managing Director & CEO of the Company. The Committee reviews personnel policies

37


06.06.2014 11.08.2014 28.11.2014 13.02.2015

Jh- ih- ts- tkslWQ gka gka gka gka

Jh eqds”k [kqYyj - - - -

Jh vuqi o/kkou gka gka gka vodk”k

Jh ds- ,u- Hk.Mkjh] v/;{k gka gka gka gka

Jh xksiky uk;d gka vodk”k gka gka

Jh ih- osadVjeS;k gka gka gka vodk”k

fuxfer lkekftd ftEesnkjh ¼lh,lvkj½ lfefr

o’kZ ds nkSjku] dEiuh vf/kfu;e] 2013 ds vuqPNsn 135 vkSj dEiuh ¼fuxfer lkekftd ftEesnkjh uhfr½ fu;ekoyh] 2014 vkSj dEiuh vf/kfu;e] 2013 ds la”kksf/kr vuqlwph 6 ds izko/kkuksa ds vuqlkj dEiuh us fuxfer lkekftd ftEesnkjh lfefr ¼lh,lvkj lfefr½ uked cksMZ dh mi&lfefr dk xBu fd;k ¼6 twu 2014 dks vk;ksftr foÙkh; o’kZ 2014&15 dh cksMZ dh izFke cSBd½] ftlesa rhu ¼3½ lnL; “kkfey gSa&nks xSj dk;Zdkjh funs”kd] vkSj dEiuh dk v/;{k ,oa izca/kfuns”kd vkSj eq[; dk;Zdkjh vf/kdkjh “kkfey gSaA cksMZ dh mDr cSBd esa dEiuh dh fuxfer lkekftd ftEesnkjh ikWfylh dk xBu Hkh fd;k x;k vkSj mls LohÑfr nh xbZA o’kZ ds nkSjku fuxfer lkekftd ftEesnkjh lfefr dh cSBdsa 17 vDVwcj 2014] 28 uoEcj 2014] 25 ekpZ 2015 dks vk;ksftr dh xbZA bl lfefr dh lanHkZ “krsZa dEiuh vf/kfu;e 2013 ds vuqPNsn 135 ds izko/kkuksa ds vuqlkj gSa vkSj blesa lh,lvkj xfrfof/k;ksa dh foLrr ;kstuk dh rS;kjh “kkfey gS ftuesa O;; ds laca/k esa fu.kZ;] dh tkus okyh xfrfof/k;ksa dk izdkj] lacaf/kr yksxksa@miØe@,lksfl,”ku dh Hkwfedk,a vkSj ftEesnkfj;k¡ vkSj fuxjkuh vkSj fjiksVZ nsus dh izfØ;k,¡ “kkfey gSaA bldh cSBd esa izca/ku dh rjQ ls egkizca/kd fu;fer :i ls Hkkx ysrs gSaA dEiuh lfpo lh,lvkj lfefr dk Hkh lfpo gSA

o’kZ ds nkSjku dEiuh }kjk fuxfer lkekftd ftEesnkjh ¼lh,lvkj½ ds varxZr fd, tkus okys dk;Z ds fo"k; esa rS;kj vkSj ykxw uhfr dk fooj.k bl fjiksVZ esa fdlh vU; LFkku ij fn;k x;k gSA blds vykok lh,lvkj uhfr esa la”kks/ku 25 ekpZ 2015 dks vk;ksftr cksMZ dh cSBd esa fd;k x;k vkSj ^lh,lvkj O;;^ mi&vuqPNsn esa fuEu iSjk tksM+k x;k%&

ßfoÙkh; o’kZ 2014&15 ds fy, lh,lvkj ds fy, vkoafVr O;; tks [kpZ ugha fd;k x;k gS@mi;ksx esa ugha yk;k x;k gS mls foÙkh; o’kZ 2015&16 esa vkxs ys tk;k tk,xkAÞ

o’kZ ds nkSjku fuxfer lkekftd ftEesnkjh lfefr ¼lh,lvkj desVh½ ds lnL;ksa vkSj mDr cSBdksa esa mudh mifLFkfr dk fooj.k uhsp fn;k x;k gS%


17.10.2014 28.11.2014 25.03.2015

Jh ih- ts- tkslWQ gka gka gka

Jh xksiky uk;d gka gka gka

lqJh vk”kk uk;j gka gka gka

dkfeZd lfefr

o’kZ ds nkSjku deZpkjh lfefr dh cSBdsa pkj ¼4½ ckj gqbZA cSBdsa 6 twu 2014] 17 vDVwcj 2014] 13 Qjojh 2015 vkSj 25 ekpZ 2015 dks vk;ksftr dh xbZA bl lfefr esa Ng ¼6½ lnL; gSa&ikap xSj dk;Zdkjh funs”kd] vkSj dEiuh dk v/;{k ,oa

37

and procedures of the Company.During the year, details of composition of the Personnel Committee and attendance of the Members at the said meetings are listed below:

Name of Members Date of Committee Meeting06.06.2014 17.10.2014 13.02.2015 25.03.2015

Mr. P. J. Joseph Yes Yes Yes YesMr. K. N. Bhandari, Chairman Yes Yes Yes YesMr. Gopal Naik Yes Yes Yes YesMr. Kuldip Singh Yes Yes LoA YesMr. S. Ramabhadran LoA NAMr. P. Nayak NA Yes LoA LoA


IT CommitteeDuring the year, IT Committee met three (3) times. The meetings were held on 17th October, 2014; 13th February, 2015 and 25th March, 2015. The Committee comprises four (4) Members – three Non-Executive Directors, and Chairman-cum-Managing Director & CEO of the Company. The Committee reviews the IT Project of the Company.

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

Name of Members Date of Committee Meetings17.10.2014 13.02.2015 25.03.2015

Mr. P. J. Joseph, Chairman Yes Yes YesMr. Mukesh Khullar -Mr. Kuldip Singh Yes LoA YesMs. Asha Nair Yes Yes Yes


Remuneration CommitteeDuring the year, Remuneration Committee met once. The meeting was held on 29th September, 2014. The Committee comprises four (4) Members – all Non-Executive Members of the Board in accordance with the letter F No.11012/01/2007 – Ins. III dated 20th July 2007, read along with their letter No.F.C-13014/15/07- Ins l dated 3rd August 2007 from Department of Financial Services, Ministry of Finance, Government of India.

During the year, details of composition and attendance of Member(s) of the Remuneration Committee in the Meeting is given here in below:-

Name of Members Date of Committee Meeting

29.09.2014Mr. Anup Wadhawan Yes

Mr. K. N. Bhandari Yes

Prof. Gopal Naik Yes

Mr. H. R. Dave LoA

38

izca/k funs”kd vkSj eq[; dk;Zdkjh vf/kdkjhA ;g lfefr dEiuh dh deZpkjh uhfr;ksa vkSj izfØ;kvksa dh leh{kk djrh gSA

o’kZ ds nkSjku bl lfefr ds lnL;ksa vkSj cSBdksa esa mudh mifLFkfr dk fooj.k uhps fn;k x;k gS%

lnL;ksa ds uke lfefr dh cSBdksa dh frfFk06.06.2014 17.10.2014 13.02.2015 25.03.2015

Jh ih- ts- tkslWQ gka gka gka gka

Jh ds- ,u Hk.Mkjh] v/;{k gka gka gka gka

Jh xksiky uk;d gka gka gka gka

Jh dqynhi flag gka gka vodk”k gka


Jh ih- uk;d ykxw ugha gS gka vodk”k vodk”k

lwpuk izkS|ksfxdh lfefr

o’kZ ds nkSjku lwpuk izkS|ksfxdh lfefr dh rhu ¼3½ cSBdsa gqbZA ;s cSBdsa 17 vDVwcj 2014] 13 Qjojh 2015 vkSj 25 ekpZ 2015 dks vk;ksftr dh xbZA bl lfefr esa pkj lnL; gSa&rhu xSj&dk;Zdkjh funs”kd] vkSj dEiuh dk v/;{k ,oa izca/kfuns”kd vkSj eq[; dk;Zdkjh vf/kdkjhA

o’kZ ds nkSjku lwpuk izkS|ksfxdh lfefr ds lnL;ksa vkSj cSBdksa esa mudh mifLFkfr dk fooj.k uhps fn;k x;k gS%&


17.10.2014 13.02.2015 25.03.2015

Jh ih- ts- tkslWQ] v/;{k gka gka gka

Jh eqds”k [kqYyj - gka gka

Jh dqynhi flag gka vodk”k gka

lqJh vk”kk uk;j gka gka gka

ekuns; lfefr

o’kZ ds nkSjku ekuns; lfefr dh cSBd ,d ckj gqbZA cSBd 29 flrEcj 2014 dks gqbZA bl lfefr esa pkj ¼4½ lnL; “kkfey gSa&tks lHkh xSj dk;Zdkjh funs”kd gSa] tks foÙkh; lsok,a foHkkx] foÙk ea=ky;] Hkkjr ljdkj ds i= No.11012/01/2007 – Ins. III fnukad 20 tqykbZ 2007 vkSj i= No.F.C-13014/15/07- Ins l fnukad 3 vxLr 2007 ds vuqlkj gSaA

o’kZ ds nkSjku ekuns; lfefr ds lnL;ksa vkSj cSBdksa esa mudh mifLFkfr dk fooj.k uhps fn;k x;k gS%&


29.09.2014

Jh vuqi o/kkou gka

Jh ds-,u- Hk.Mkjh gka

Jh xksiky uk;d gka

Jh ,p-vkj- nos vodk”k

38

Whistle Blower Policy

The Company promotes ethical behaviour in all its dealings, business or otherwise and has put in place a Whistle Blower Policy for reporting of illegal or unethical behaviour. The Policy provides for maintaining confidentiality of such reporting and ensures that the Whistle Blowers are protected and not subject to any discriminatory practices. The Whistle Blower Policy of the Company is available on the website of the Company viz., www.aicofindia.com. The Company constituted for the purpose an ‘Ethics’ Management and Board sub-Committee.

Nomination and Remuneration Committee

During the year, the Company was not having Nomination and Remuneration Committee as required under Companies Act, 2013 due to the fact that the remuneration paid only to the CMD / CEO / Executive Director (currently Mr. P. J. Joseph) of the Board of the Company who is appointed by Government of India is as per Twelfth Schedule of Central Civil Services (Revised Pay) Rules, 2008. Further, the rest of the Board is of non-executive Directors whom no remuneration is paid except that sitting fee is paid to Mr. K. N. Bhandari and Prof. Gopal Naik in accordance with Ministry of Finance, Government of India, vide its letter reference A-15011/0/2011-Ins.I dated 03.01.2012. So, the Board of the Company / Board sub-Committee has no powers to pay / decide to pay any remuneration/sitting fee to its Members.

On the other hand, as per Clause 12 of Article of Association of the Company right to appoint the Board Members is either with its promoter companies or with the Government of India (GoI). The Board is only adopting the nomination received in accordance with the Article of Association of the Company.

Since to comply with the said implications of Companies Act, 2013, the first Board meeting of financial year 2015-16 of the Company has constituted Nomination and Remuneration Committee, just to route the received nominations from promoter companies and nominations/ appointments of Government of India through it.

Means of Communication

The web site of the Company is having updated details about the Company. The financial results are being posted on the Company’s web site. i.e. www.aicofindia.com. The financial results are also published in 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 the Company which is applicable to all Directors is complied with. The Employees 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 Regulatory and Development Authority of India, I, Kanika Sharma Shandil –Company Secretary of the Company hereby certify that the Company has complied with the provisions of Corporate Governance Guidelines for Insurance Companies notified by IRDAI as amended from time to time and to the extent applicable and nothing has been concealed or suppressed.

39

lrdZrk uhfr ¼foly Cyksoj ikWfylh½

dEiuh vius lHkh O;okgjksa] dkjksckj ;k vU; dk;ksZa esa uSfrd O;ogkjksa dks c<kok nsrh gS vkSj xSj dkuwuh ;k vuSfrd O;ogkj dh lwpuk nsus ds fy, ,d lrdZrk uhfr cukbZ xbZ gSA bl uhfr esa bl izdkj dh lwpuk dks xksiuh; j[kk tkrk gS vkSj lqfuf”pr fd;k tkrk gS fd lwpuk nsus okys dh lqj{kk dh tk, vkSj mlds lkFk fdlh Hkh izdkj dk HksnHkko u gksA dEiuh dh lrdZrk uhfr osclkbV www.aicofindia.com ij miyC/k gSA

euksu;u vkSj ekuns; lfefr

o’kZ ds nkSjku dEiuh ds ikl dEiuh vf/kfu;e] 2013 ds vuqlkj euksu;u vSj ekuns; lfefr ugha gS ftldk dkj.k ;g gS fd ekuns; dsoy dEiuh ds lh,eMh@eq[; dk;Zdkjh vf/kdkjh@dk;Zdkjh funs”kd ¼orZEkku esa Jh ih-ts- tkslWQ½ dks gh fn;k tkrk gS ftls dsanzh; ukxfjd lsok ¼la”kksf/kr osru½ fu;ekoyh] 2008 ds ckjgoha vuqlwph ds vuqlkj fu;qDr fd;k x;k gSA blds vfrfjDr cksMZ ds ckdh lnL; xSj&dk;Zdkjh funs”kd gSa ftUgsa Jh ds-,u- Hk.Mkjh vkSj izksQslj xksiky uk;d dks NksM+dj dksbZ ekuns; ugha fn;k tkrk] ftUgsa foÙk ea=ky;] Hkkjr ljdkj ds i= A-15011/0/2011-Ins.I fnukad 03.01.2012 ds vuqlkj cSBd “kqYd fn;k tkrk gS] dEiuh ds cksMZ@cksMZ dh mi&lfefr ds ikl blds lnL;ksa dks osru nsus@osru dk fu/kkZj.k@cSBd “kqYd dk fu/kkZj.k djus dh “kfDr;k¡ ugha gSaA

nwljh vksj dEiuh dh laLFkk fu;ekoyh ds 12osa vuqPNsn ds vuqlkj cksMZ ds lnL;ksa dh fu;qfDr djus dk vf/kdkj ;k rks dEiuh ds lao/kZdksa ds ikl gS ;k Hkkjr ljdkj ds ikl gSA cksMZ dsoy dEiuh dh laLFkk fu;ekoyh ds vuqlkj izkIr gq, ukekaduksa dks gh Lohdkj djrh gSA

dEiuh vf/kfu;e] 2013 ds dfFkr vk”k;ksa dk vuqikyu djus ds fy, foÙkh; o’kZ 2015&16 ds fy, dEiuh ds cksMZ dh cSBd esa euksu;u vkSj ekuns; lfefr dk xBu fd;k tk pqdk gS] ftldk mn~ns”; dsoy dEiuh ds lao/kZdksa vkSj Hkkjr ljdkj dh rjQ ls izkIr gq, ukekaduksa ds vk/kkj ij fu;qfDr iznku djuk gSA

lEisz"k.k ds ek/;e

dEiuh dh osclkbV dEiuh dh lwpuk dks v|frr dj jgh gSA foÙkh; ifj.kkeksa dks dEiuh dh osclkbV www.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 vuqikyu fd;k tkrk gS tks lHkh funs”kdksa ij ykxw gksrh gSA dEiuh ds deZpkfj;ksa ij lk/kkj.k chek O;ogkj vuq”kklu vkSj vihy ¼lhMh,½] fu;ekoyh ykxw gksrh gSA

vuqikyu izek.ki=k

vkbZvkjMh,vkbZ }kjk tkjh dEiuh fu;a=.k fn”kkfunsZ”kksa ds izko/kkuksa ds vuqlkj] eSa] dfudk “kekZ “kkafMY;&dEiuh dh dEiuh lfpo ,r~n }kjk izekf.kr djrh gwa fd dEiuh us chek dEifu;ksa ds fy, vkbZvkjMh,vkbZ }kjk vf/klwfpr vkSj le; le; ij la”kksf/kr o ykxw dEiuh fu;a=.k fn”kkfunsZ”kksa ds izko/kkuksa dh vuqikyu fd;k gS rFkk dqN Hkh fNik;k ugha x;k gSA

39

Annexure 'A'

Form No. MGT-9

EXTRACT OF ANNUAL RETURN as on the financial year ended on 31st March, 2015

[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and 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 & contact

details13th Floor, Ambadeep Building, Kasturba Gandhi Marg, New Delhi-110001,91-1146869800; www.aicofindia.com

6. Whether listed company Unlisted7. Name, Address & contact details of the

Registrar & Transfer Agent, if any.N.A.

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANYAll the business activities contributing 10 % or more of the total turnover of the Company shall be stated:-

Sl. No. Name and Description of main products / services

NIC Code of the Product/service

% to total turnover of the company

1 Crop Insurance – 100%

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES S.No.

Name and Address ofthe Company

CIN/GLN Holding/Subsidiary/ Associate

% of sharesheld

ApplicableSection

N.A.

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)(i) Category-wise Share Holding

Category of Shareholders

No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change during

Demat Physical Total % of TotalShares


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 0

c) State Govt(s) 0 0 0 0 0 0 0 0 0

d) Bodies Corp. 0 0 0 0 0 0 0 0 0

40

vuqca/k ^d*

QkeZ la[;k ,ethVh&931 ekpZ 2015 dks lekIr gq, foÙkh; o"kZ ds fy, okf"kZd fooj.kh dk lkj

[dEiuh ¼izca/ku ,oa iz'kklu½ fu;e] 2015 ds fu;e 12(1) rFkk dEiuh vf/kfu;e] 2013 dh /kkjk 92 ¼3½ ds vuqlkj]

I. iathdj.k rFkk vU; fooj.k %

1. lhvkbZ,u U74999DL2002PLC118123

2. iathdj.k frfFk 20-12-2002

3. dEiuh dk uke ,xzhdYpj ba';ksjsal dEiuh vkWQ bafM;k fyfeVsM4. dEiuh dh Js.kh@mi&Js.kh 'ks;jksa ds fygkt ls dEiuh fyfeVsM5. iathÑr dk;kZy; dk irk ,oa lEidZ

fooj.k13oka ry] vEcknhi fcfYMax] dLrwjck xak/kh ekxZ] ubZ fnYyh&110001, 91-1146869800, www.aicofindia.com

6. D;k lwphc} dEiuh gS vlwphc)7. jftLVªkj ,oa VªkalQj ,tsaV dk uke] irk o

lEidZ fooj.k] ;fn dksbZ gks&ykxw ugha

II dEiuh dh eq[; O;olkf;d xfrfof/k;k¡

lHkh O;olkf;d xfrfof/k;k¡ ftudk dEiuh ds dqy dkjksckj esa 10 % ;k mlls vf/kd ;ksxnku gS] mudks ;gk crk;k tk,xk %&

Ø- la-

eq[; mRikn@lsokvksa dk uke ,oa fooj.k mRikn@lsok dk ,uvkbZlh dksM

dEiuh ds dqy dkjksckj dk %

1 Qly chek – 100%

III /kkfjrk] lgk;d vkSj lg;ksxh dEifu;ksa dk fooj.k

Ø- la-

dEiuh dk uke o irk lhvkbZ,u@ th,y,u

/kkfjrk@lgk;d@ lg;ksxh

'ks;jks dk % /kkfjr

ykxw vuqHkkx

ykxw ugha

IV 'ks;j/kkfjrk iSVuZ ¼dqy bfDoVh ds izfr'kr ds :i esa bfDoVh 'ks;j iawth dk C;kSjk½

(i) Js.kh ds fygkt ls 'ks;j /kkfjrk

va'k /kkjd dh Js.kh o"kZ ds 'kq:vkr esa 'ks;jksa dh la[;k /kkfjr o"kZ ds var esa 'ks;jksa dh la[;k /kkfjr o"kZ ds nkSjku % cnyko

MheSV HkkSfrd dqy dqy 'ks;jksa dk %


d- lao/kZd

(1) Hkkjrh;

d) O;fDrxr@,p;w,Q 0 0 0 0 0 0 0 0 0

[k) dsUæh; ljdkj 0 0 0 0 0 0 0 0 0

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

40





e) Banks / FI - 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) Bodies Corp 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 Promoter(A) = (A)(1)+(A)(2)

- 2,00,000,000 2,00,000,000 100% - 2,00,000,000 2,00,000,000 100% No Change

B. Public Shareholding

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 Capital Fund

0 0 0 0 0 0 0 0 0

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) Bodies Corp. 0 0 0 0 0 0 0 0 0

i) Indian 0 0 0 0 0 0 0 0 0

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 nominal share capital upto Rs. 1 lakh

0 0 0 0 0 0 0 0 0

41




M-) cSad@,QvkbZ - 2,00,000,000 2,00,000,000 100% - 2,00,000,000 2,00,000,000 100% cnyko ugha

p) vU; 0 0 0 0 0 0 0 0 0

mi tksM+ (d) (1):- - 2,00,000,000 2,00,000,000 100% - 2,00,000,000 2,00,000,000 100% cnyko 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 'ks;j/kkfjrk(d) = (d)(1)+(d)(2)

- 2,00,000,000 2,00,000,000 100% - 2,00,000,000 2,00,000,000 100% cnyko ugha

[k- lkoZtfud 'ks;j/kkfjrk

0 0 0 0 0 0 0 0 0

1. laLFkku 0 0 0 0 0 0 0 0 0

d) E;wpoy QaM~l 0 0 0 0 0 0 0 0 0

[k) cSad@,QvkbZ 0 0 0 0 0 0 0 0 0

x) dsUæ 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 dks"k

0 0 0 0 0 0 0 0 0

p½ chek dEifu;ka 0 0 0 0 0 0 0 0 0

N½ ,QvkbZvkbZ 0 0 0 0 0 0 0 0 0

t½ m|e ds fy, fons'kh iwath dks"k

0 0 0 0 0 0 0 0 0

i) vU; ¼fufnZ"V½ 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

d½ fudk; 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

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

0 0 0 0 0 0 0 0 0

41





ii) Individual shareholders holding nominal share capital in excess of Rs 1 lakh

0 0 0 0 0 0 0 0 0

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 Shareholding (B)=(B)(1)+(B)(2)

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

C. Shares held by Custodian for GDRs & ADRs

0 0 0 0 0 0 0 0 0

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 No.

Shareholder’s Name Shareholding at thebeginning of the year

Shareholding at the endof the year

% change in shareholding during the year

No.Of Shares

% oftotalSharesof thecompany

%ofSharesPledged /encumbered to total shares

No.ofShares

% oftotalSharesof thecompany

%ofSharesPledged /encumbered to totalshares

1 General Insurance Corporation of India

70,000,000 35% 0% 70,000,000 35% 0% 0%

2 National Agriculture Bank for Rural Development

60,000,000 30% 0% 60,000,000 30% 0% 0%

3 National Insurance Company Ltd.& its nominee

17,500,000 8.75% 0% 17,500,000 8.75% 0% 0%

4 The New India Assurance Company Ltd. & its nominee

17,500,000 8.75% 0% 17,500,000 8.75% 0% 0%

5 The Oriental Insurance Company Ltd.

17,500,000 8.75% 0% 17,500,000 8.75% 0% 0%

6 United India Insurance Company Ltd.

17,500,000 8.75% 0% 17,500,000 8.75% 0% 0%

TOTAL 2,00,000,000 100% 0% 2,00,000,000 100% 0% 0%

42




ii) #- 1 yk[k ls vf/kd ukeek=k va'k iwath /kkjd O;fDrxr 'ks;j /kkjd

0 0 0 0 0 0 0 0 0

x½ 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 'ks;j/kkfjrk ([k)=([k)(1)+([k)(2)

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

C. thMhvkj rFkk ,Mhvkj ds fy, vfHkj{kd }kjk 'ks;j

0 0 0 0 0 0 0 0 0

dqy tksM+ (d+[k+x) - 2,00,000,000 2,00,000,000 100% - 2,00,000,000 2,00,000,000 100% cnyko ugha

lao/kZudrkZ

Ø- la-

'ks;j/kkjd dk uke o"kZ ds 'kq:vkr esa 'ks;j/kkfjrk o"kZ ds var esa 'ks;j/kkfjrk o"kZ ds nkSjku 'ks;j/kkfjrk esa % cnyko

'ks;jksa dh la[;k dEiuh ds dqy 'ks;jksa dk %

dqy 'ks;jksa ls 'ks;j HkkjxzLr@fxjoh j[ks

'ks;jksa dh la[;k

dEiuh ds dqy 'ks;jksa dk

%

dqy 'ks;jksa ls 'ks;j HkkjxzLr@

fxjoh j[ks

1 Hkkjrh; lk/kkj.k chek fuxe

70,000,000 35% 0% 70,000,000 35% 0% 0%

2 jk"Vªh; Ñf"k vkSj xzkeh.k fodkl cSad

60,000,000 30% 0% 60,000,000 30% 0% 0%

3 us'kuy ba';ksjsal dEiuh fy- vkSj blds ukferh

17,500,000 8.75% 0% 17,500,000 8.75% 0% 0%

4 n U;w bafM;k ,';ksajsal dEiuh fy- vkSj blds ukferh

17,500,000 8.75% 0% 17,500,000 8.75% 0% 0%

5 fn- vksfj,aVy ba';ksjsal dEiuh fy-

17,500,000 8.75% 0% 17,500,000 8.75% 0% 0%

6 ;qukbVsM bafM;k ba';ksjsal dEiuh fy-

17,500,000 8.75% 0% 17,500,000 8.75% 0% 0%

dqy 2,00,000,000 100% 0% 2,00,000,000 100% 0% 0%

42

(iii) Change in Promoters’ Shareholding (please specify, if there is no change)

SN Particulars Shareholding at the beginning of the year

Cumulative Shareholding during the year

No. of shares

% of total shares of the

company

No. of shares


company1 At the beginning of the year

No Change

2 Date wise Increase /Decrease in Promoters Shareholding during the year specifying the reasons for increase/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 of GDRs and ADRs):

SN For Each of the Top 10 Shareholders Shareholding at the beginning of the year


No. of shares

% of total shares of the company

No. of shares

% of total shares of the company

1 At the beginning of the year

N.A.

2 Date wise Increase/Decrease in Shareholding during the year specifying the reasons for increase /decrease (e.g.allotment /transfer /bonus / sweat equity etc): At the End of the year (or on the date of separation, if separated during the year)

(v) Shareholding of Directors and Key Managerial Personnel:

SN For Each of the Directors and KMP Shareholding at the beginning of the year


No. of shares


company

No. of shares


company1 At the beginning of the year

Directors and Key Managerial Personnel are not holding any shares of the Company

2 Date wise Increase/Decrease in Shareholding during the year specifying the reasons for increase /decrease (e.g.allotment /transfer /bonus / sweat equity etc):

At the End of the year

143

(iii) lao/kZudrkZ ds 'ks;j/kkfjrk esa cnyko ¼Ñi;k fufnZ"V djsa] ;fn cnyko u gks½

Ø- la-

fooj.k o"kZ ds 'kq: esa 'ks;j/kkfjrk

o"kZ ds nkSjku lap;h 'ks;j/kkfjrk

'ks;jksa dh la[;k

dEiuh ds dqy 'ks;jksa dk %

'ks;jksa dh la[;k


1 o"kZ ds izkjEHk esa

cnyko ugha

2 c<+ksÙkjh@fxjkoV ds dkj.k fufnZ"V djrs gq, o"kZ ds nkSjku lao/kZudrkZ 'ks;j/kkfjrk esa frfFk vuqlkj c<+ksÙkjh@fxjkoV ¼tSlk fd [email protected]@cksul@LosV bfDoVh bR;kfn½

o"kZ ds var esa

(iv) 'kh"kZ nl 'ks;j/kkfjrkvksa ds 'ks;j/kkfjrk dk Lo#i ¼funs'kdksa] lao/kZudrkZ rFkk ihMhvkj ,oa ,Mhvkj ds /kkfjrk dks NksM+dj½

Ø- la-

izR;sd 'kh"kZ nl 'ks;j/kkfjrkvksa ds fy, o"kZ ds 'kq: esa 'ks;j/kkfjrk


'ks;jksa dh la[;k


'ks;jksa dh la[;k



ykxw ugha


o"kZ ds var esa

(v) funs'kdksa rFkk izeq[k izca/kdh; dkfeZdksa dh 'ks;j/kkfjrk %

Ø- la-

izR;sd funs'kd rFkk ds,eihds fy, o"kZ ds 'kq: esa 'ks;j/kkfjrk


'ks;jksa dh la[;k


'ks;jksa dh la[;k



funs'kd rFkk eq[; izca/kdh; dkfeZd us dEiuh ds 'ks;j /kkj.k ugha fd, gSa


o"kZ ds var esa

143

V. INDEBTEDNESS : NIL

Secured Loans

excluding deposits

Unsecured Loans

Deposits Total Indebtedness

Indebtedness at the beginning of the financial yeari) Principal Amountii) Interest due but not paidiii) Interest accrued but not dueTotal (i+ii+iii)Change in Indebtedness during the financial year

· Addition· Reduction

Net ChangeIndebtedness at the end of the financial yeari) Principal Amountii) Interest due but not paidiii) Interest accrued but not dueTotal (i+ii+iii)

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager: In Rs.

SN Particulars of Remuneration Mr. P.J. Joseph CMD

Total Amount

1 Gross salary(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961

2008800 2008800

(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 43000 43000(c) Profits in lieu of salary under section 17(3) Income tax Act, 1961 0 0

2 Stock Option3 Sweat Equity - -4 Commission - -

- as % of profit- Others, specify… - -

5 Others, please specify-Pension Contribution 96300 96300Total (A) 2148100 2148100

44

(v) dtZnkjh@_.kxzLrrk % 'kwU;

tek NksM+dj lqjf{kr _.k

vlqjf{kr _.k

tek dqy _.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 _.k esa cnyko

• ifjo/kZu

• ?kVkSrh

'kq) cnyko

foÙk o"kZ ds var esa _.k

i) ewy jkf'k

ii) C;kt ns; ij Hkqxrku ugha fd;k

iii) C;kt vftZr ij ns; ugha

dqy (i+ii+iii)

VI. funs'kd rFkk izeq[k izca/kdh; dkfeZd dk ikfjJfed

d- izca/k funs'kd] iw.kZ&dkfyd funs'kd rFkk@ ;k izca/kd dks ikfjJfed

Ø- la-

ikfjJfed dk fooj.k Jh ih-ts- tkslWQ lh,eMh

dqy jkf'k

1 ldy osru

¼d½ vk;dj vf/kfu;e] 1961 dh /kkjk 17 ¼1½ esa fufgr izko/kkuksa ds vuqlkj osru 2008800 2008800

¼[k½ vk;dj vf/kfu;e] 1961 dh /kkjk 17¼2½ esa vuqykHk dk ewY; 43000 43000

¼x½ vk;dj vf/kfu;e] 1961 dh /kkjk 17 ¼3½ ds varxZr osru ds ,ot esa equkQs 0 0

2 LVkWd fodYi3 Losr bfDoVh - -

4 nykyh - -

& ykHk ds % :i esa

& vU;] fufnZ"V-------- - -

5 vU;] Ñi;k fufnZ"V djsa & isa'ku ;ksxnku 96300 96300

dqy ¼d½ 2148100 2148100

44

¼#i;s esa½

B. Remuneration to other directors: In Rs.

SN Particulars of Remuneration Name of Directors Total AmountMr. K. N. Bhandari Prof. Gopal Naik

3. Independent Directors

NA

•Fee for attending Board / Committee meetings

•CommissionOthers, please specifyTotal (1)

4. Other Non-Executive Directors•Fee for attending board / 160000 125000 285000•committee meetings•Commission•Others, please specifyTotal (2)Total (B)=(1+2) 160000 125000 285000Total Managerial Remuneration

C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD In Rs.

S N

Particulars of Remuneration Key Managerial PersonnelCEO Company

SecretaryCFO Total

1. Gross salary

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961

2008800 1022707 1097289 4128796

(b) Value of perquisites u/s 17(2) Income-tax Act, 1961

43000 134016 359 177375

(c) Profits in lieu of salary under section 17(3) Income tax Act, 1961

0 0 0 0

2. Stock Option - - - -

3. Sweat Equity - - - -

4. Commission

- as % of profit - - - -

- others, specify… - - - -

5. Others, Pension Contribution 96300 51708 148008

Total 21,48,100 11,56,723 11,49,356 44,69,939

145

[k- vU; funs'kdksa dks ikfjJfed

Ø- la-

ikfjJfed dk fooj.k funs'kd ds uke dqy jkf'kJh ds- ,u- HkaMkjh izks- xksiky uk;d

3. Lora=k funs'kd

ykxw ugha

• cksMZ@lfefr dh cSBdksa

esa Hkkx ysus ds fy, 'kqYd

• nykyh

• vU;] Ñi;k fufnZ"V djsa

dqy (1)4. vU; xSj&dk;Zdkjh funs'kd

• cksMZ@lfefr dh cSBdksa 160000 125000 285000

• esa Hkkx ysus ds fy, 'kqYd

• nykyh

• vU;] Ñi;k fufnZ"V djsa

dqy (2)dqy ([k)=(1+2) 160000 125000 285000

dqy izca/kdh; ikfjJfed

x- ,eMh@izca/kd@MCY;wVhMh ds vykok izeq[k izca/kdh; dkfeZd dks ikfjJfed

Ø- la-

ikfjJfed dk fooj.k izeq[k izca/kdh; dkfeZd

eq[; dk;Zdkjh vf/kdkjh

dEiuh lfpo

lh,Qvks dqy

1. ldy osru

¼d½ vk;dj vf/kfu;e] 1961 dh /kkjk 17 ¼1½ esa fufgr izko/kkuksa ds vuqlkj osru

2008800 1022707 1097289 4128796

¼[k½ vk;dj vf/kfu;e] 1961 dh /kkjk 17¼2½ esa vuqykHk dk ewY;

43000 134016 359 177375

¼x½ vk;dj vf/kfu;e] 1961 dh /kkjk 17 ¼3½ ds varxZr osru ds ,ot esa equkQs

0 0 0 0

2. LVkWd fodYi - - - -3. Losr bfDoVh - - - -4. deh'ku

& ykHk ds % :i esa - - - -

& vU;] fufnZ"V-------- - - - -

5. vU;] Ñi;k fufnZ"V djsa & isa'ku ;ksxnku 96300 51708 148008

dqy 21,48,100 11,56,723 11,49,356 44,69,939

145

¼#i;s esa½

¼#i;s esa½

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type Section ofthe

CompaniesAct

BriefDescription

Details of Penalty /Punishment/

Compoundingfees imposed

Authority[RD / NCLT

/ COURT]

Appeal made, if any (give Details)

A. COMPANYPenalty*PunishmentCompoundingB. DIRECTORSPenaltyPunishmentCompoundingC. OTHER OFFICERS IN DEFAULTPenaltyPunishmentCompounding

*Insurance Regulatory and Development Authority of India has imposed penalty of Rs.10 lakh (Rupees Ten Lakh only) during the financial year 2014-15

46

VII. naM@ ltk@ vijk/kksa dk ç'keu

izdkj dEiuh vf/kfu;e dh

/kkjk

laf{kIr fooj.k

naM@ltk@dEikmafMax 'kqYd yxkus dk

fooj.k

izkf/kdj.k [vkjVh@ ,ulh ,ao Vh vnkyr]

vihy dh ;fn dksbZ ¼fooj.k nsa½

d- dEiuh

naM*

ltk

ç'keu

[k- funs'kd

naM

ltk

ç'keu

x- vU; vf/kdkfj;ksa }kjk dh xbZ pwd

naM

ltk

ç'keu

*Hkkjrh; chek fofu;ked ,oa fodkl izkf/kdj.k us foÙkh; o"kZ 2014&15 ds nkSjku #- 10 yk[k ¼#i;s nl yk[k ek=½ dk naM yxk;k gSA

46

Annexure 'B1'

SECRETARIAL AUDIT REPORTFOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2015

To,

The Members,AGRICULTURE INSURANCE COMPANY OF INDIA LIMITED

I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Agriculture Insurance Company of India Limited (hereinafter called AIC/the Company’). Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.

Based on my verification of the AIC’s books, papers, minute books, forms and returns filed and other 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, I hereby report that in my opinion, the company has, during the audit period covering the financial period ended on 31st March, 2015 complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and Compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on 31st March, 2015 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; - Not Applicable

(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 the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings; - Not Applicable

(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation, 2011;- Not Applicable

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

(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009; - Not Applicable

(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999; - Not Applicable

(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; - Not Applicable

47

vuqca/k ^[k 1*

lfpoh; ys[kkijh{kk fjiksVZ31 ekpZ] 2015 dks lekIr foÙkh; o"kZ

lsok esa]

LknL;,xzhdYpj ba';ksjsal dEiuh vkWWQ bf.M;k fyfeVsM

eSus ykxw lkafof/kd izko/kkuksa dk vuqikyu rFkk ,xzhdYpj ba”;ksjsal dEiuh vkWQ bafM;k fyfeVsM ¼ckn esa , vkbZ lhA dEiuh dgk x;k gS½ }kjk vPNh dkiksZjsV izFkkvksa ds ikyu ds lfpoh; ys[kk ijh{kk dk vk;kstu fd;k gSA lfpoh; ys[kkijh{kk bl rjhds ls vk;ksftr gqbZ gS fd eq>s dkjiksZjsV vk;kstu@lkafof/kd vuqikyu dk ewY;kadu rFkk viuh jk; ml ij O;Dr djus ds fy, ,d mfpr vk/kkj iznku fd;k gSA

,vkbZlh dh fdrkcsa] dkxt] dk;ZoÙk] QkeZ ,oa nk;j fooj.kh rFkk daiuh }kjk j[ks x, vU; vfHkys[kksa dh tkap vkSj mlds vf/kdkfj;ksa] ,tsaVksa vkSj vf/kÑr izfrfuf/k;ksa }kjk ys[kkijh{kk ds lapkyu ds nkSjku miyC/k djkbZ xbZ tkudkjh ds vk/kkj ij] eSa] ;g fjiksVZ djrk gwa fd esjh jk; esa] dEiuh us 31 ekpZ 2015 dks lekIr foÙkh; o"kZ esa ys[kkijh{kk vof/k ds nkSjku fuEu vuqlwph ds lkafof/kd izko/kkuksa dk vuqikyu fd;k gS rFkk uhps nh xbZ fjiksZfVax ds lkFk dEiuh esa mfpr cksMZ&izfØ;kvksa ,oa vuqikyu ra= gSaA

EkSaus fdrkcsa] dkxtkr] dk;ZoÙk] izi=ksa vkSj nk;j fooj.kh rFkk 31 ekPkZ 2015 dks lekIRk foÙkh; o"kZ ds fuEu izko/kkuksa ds vuqlkj dEiuh }kjk j[ks x;s vU; vfHkys[kksa dh tkWp dh gS%

¼1½ daiuh vf/kfu;e] 2013 ¼vf/kfu;e½ vkSj mlds v/khu cuk, x, fu;e(

¼2½ izfrHkwfr lafonk ¼fofu;e½ vf/kfu;e] 1956 ¼^,l lh vkj*½ rFkk mlds v/khu cuk, x, fu;e(& ykxw ugha

¼3½ fu{ksikxkj vf/kfu;e] 1996 vkSj mlds v/khu cuk, x, fofu;e RkFkk mi&fu;e(& ykxw ugha

¼4½ fons'kh eqnzk izca/ku vf/kfu;e] 1999 vkSj izR;{k fons'kh fuos'k] izoklh izR;{k fuos”k vkSj fons'kh okf.kfT;d m/kkjh dh lhek rd mlds v/khu cuk, x, fu;eksa vkSj fofu;eks(& ykxw ugh

¼5½ Hkkjr vf/kfu;e ds izfrHkwfr vkSj fofu;e cksMZ] 1992 ds rgr fu/kkZfjr fuEufyf[kr fu;e vkSj fn'kk funsZ'k ¼^lsch vf/kfu;e*½%&

¼d½ Hkkjrh; izfrHkwfr ,oa fofu;e cksMZ ¼'ks;j vkSj vf/kxzg.k ds i;kZIr vf/kxzg.k½ fu;eu] 2011( ykxw ugha

¼[k½ Hkkjrh; izfrHkwfr ,oa fofu;e cksMZ ¼bulkbMj VsªfMax ds fu"ks/k½ fu;eu] 1992%& ykxw ugha

¼x½ Hkkjrh; izfrHkwfr ,oa fofu;e cksMZ ¼iwath tkjh rFkk izdVhdj.k vko';drkvksa½ fu;eu] 2009%& ykxw ugha

¼?k½ Hkkjrh; izfrHkwfr ,oa fofu;e cksMZ ¼deZpkjh Hk.Mkj.k fodYi ;kstuk vkSj deZpkjh 'ks;j [kjhn ;kstuk½ ds fn'kk&funsZ'k] 1999%& ykxw ugha

¼M½ Hkkjrh; izfrHkwfr ,oa fofu;e cksMZ ¼_.k izfrHkwfr;ksa dh vfHklwph RkFkk tkjh½ fofu;e 2008%& ykxw ugha

47

(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client; - Not Applicable

(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and - Not Applicable

(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; - Not Applicable

(vi) The Insurance Act, 1938

(vii) The Insurance Regulatory and Development Authority of India Act, 1999 and various Regulation made under it (hereinafter referred as Authority)

I have also examined compliance with the applicable clauses of the following:

(i) Secretarial Standards issued by the Institute of Company Secretaries of India (Not Mandatory for the Audit period).

(ii) The Listing Agreements entered into by the Company with National and Bombay Stock Exchange (s). - Not Applicable.

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above subject to the following observations:

(i) Observation 1: In terms of Section 149 (4) of the Companies Act, 2013 and Rule 4 of the Companies (Appointment and Qualification 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; shall have atleast two Independent Directors on the Board of the Company. Further, the Corporate Governance Guidelines issued vide Circular No. IRDA/F&A/CIR/025/2009-10 dated August 5, 2009 and amendments thereof also stipulate the requirement of appointing minimum two Independent Directors on the Board of the Company for unlisted Insurance Companies.

Remark: At present, the Board of Company does not consist of any Independent Director.

(ii) Observation 2:In terms of Section 177(1) of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014, every listed company and other public companies with a paid up capital of ten 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 deposits exceeding 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 a majority.

Remark: The Company does have an Audit Committee in terms of Section 177 (1) of the Companies Act, 2013. However, Sub-section (2) of Section 177 has not been complied with.

(iii) Observation 3:In terms of Section 135(1), every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which at least one director shall be an independent director.

111148

¼p½ dEiuh vf/kfu;e rFkk xzkgd ds lkFk dke dj jgs ds laca/k esa Hkkjrh; izfrHkwfr ,oa fofu;e cksMZ ¼jftLVªkj Vw ,u b';w ,aM 'ks;j VªklQj ,tsaV~l½ fofu;e] 1993%& ykxw ugha

¼N½ Hkkjrh; izfrHkwfr ,oa fofu;e cksMZ ¼bfDoVh 'ks;j dk vlwph;u½ fofu;e] 2009( ykxw ugha

¼t½ Hkkjrh; izfrHkwfr ,oa fofu;e cksMZ ¼çfrHkwfr;ksa dh iqu[kZjhn½ fu;eu] 1998%& ykxw ugha

¼6½ chek vf/kfu;e] 1935

¼7½ chek fu;ked ,oa fodkl izkf/kdj.k Hkkjrh; vf/kfu;e] 1998 rFkk blds v/khu cuk, x, fofu;e ¼vc ls

izkf/kdj.k ds :i esa½ EkSaus fuEu ykxw /kkjkvksa ds lkFk vuqikyu dh Hkh tkap dh gS%&

¼1½ baLV~VhU;wV vkWQ dEiuh lsØsVjht vkWQ bafM;k }kjk tkjh fd;k lfpoh; ekud ¼ys[kk ijh{kk vof/k ds fy,

vfuok;Z ugha½

¼2½ us”kuy vkSj ckWEcs LVkWd ,Dlpsat ds lkFk dEiuh dk lwphdj.k le>kSrks es izos'k%& ykxw ugha

mij mYysf[kr vf/kfu;e] fu;e] fofu;e] funsZ'k] ekud] bR;kfn ds izko/kkuksa dk dEiuh us] fuEufyf[kr

fVIif.k;ksa ds v/khu] leh{kk/khu vof/k ds nkSjku ikyu fd;k gS%&

¼1½ voyksdu 1%

dEiuh vf/kfu;e] 2013 vuqPNsn 149 ¼4½ vkSj dEiuh ¼funs”kdksa dh fu;qfDr vkSj ;ksX;rk½ fu;ekoyh 2014 ds vuqlkj izR;sd lwphc) dEiuh vkSj izR;sd lkoZtfud dEiuh] ftldh pqdrk iwath nl djksM+ ;k vf/kd gS] ;k ftldh dqy fcØh ,d lkS djksM+ #i;s ;k blls vf/kd gS] ds funs”kd e.My esa de ls de nks Lora= funs”kd gksaxsA blds vfrfjDr ifji= la[;k vkbZvkjMh,@,Q ,.M ,@lhvkbZvkj@025@2009&10 fnukad 5 vxLr 2009 ds }kjk tkjh O;kikj lapkyu fu;ekoyh vkSj blds la”kks/ku Hkh vlwphc) chek dEifu;ksa ds fy, dEiuh ds funs”kd e.My esa de ls de nks Lora= funs”kdksa dh vko”;drk dh “krZ j[krs gSaA

fVIi.kh% orZeku esa dEiuh ds funs”kd e.My eas dksbZ Lora= funs”kd ugha gSA

¼2½ voyksdu 2 :

dEiuh vf/kfu;e] 2013 ds vuqPNsn 177 ¼1½ ds vkSj dEiuh ¼cksMZ dh cSBdsa vkSj bldh “kfDr;k¡½ fu;ekoyh] 2014 ds fu;e 6 ds vuqlkj izR;sd lwphc) dEiuh vkSj dksbZ vU; lkoZtfud dEiuh] ftldh pqdrk iwath nl djksM+ ;k vf/kd gS] ;k ftldh dqy fcØh ,d lkS djksM+ #i;s ;k blls vf/kd gS( ;k lHkh lkoZtfud dEifu;k¡ ftudh fcØh ,d lkS djksM+ #i;s ;k blls vf/kd gS( ;k lHkh lkoZtfud dEifu;k¡ ftudk leqfpr cdk;k _.k ;k m/kkj ;k _.ki= ;k tek ipkl djksM+ #i;s ;k blls vf/kd gS] os ,d ys[kkijh{kd lfefr dk xBu djsaxhA

blds vfrfjDr vuqPNsn 177¼2½ ds vuqlkj ys[kk ijh{kd lfefr esa cgqer dk fuekZ.k djus ds fy, Lora= funs”kdksa ds lkFk de ls de rhu funs”kd gksaxsA

fVIi.kh% dEiuh ds ikl dEiuh vf/kfu;e] 2013 ds vuqPNsn 177 ¼1½ ds vuqlkj ,d ys[kk ijh{kd lfefr gksxhA ysfdu vuqPNsn 177 ds mi vuqPNsn ¼2½ dh vuqikyuk ugha dh xbZ gSA

¼3½ voyksdu 3 :

vuqPNsn 135 ¼1½ ds vuqlkj ,slh dksbZ Hkh dEiuh ftldh fdlh Hkh foÙkh; o’kZ ds nkSjku “kq) lEifRr ikap lkS djksM+ ;k vf/kd gS] ;k fcØh ,d gtkj djksM+ #i;s ;k vf/kd gS ;k “kq) ykHk ikap djksM+ ;k vf/kd gS ,d fuxfer lkekftd ftEesnkjh lfefr dk xBu djsxh ftlesa rhu ;k vf/kd funs”kd “kkfey gksaxs] ftuesa ls de ls de ,d funs”kd Lora= funs”kd gksxkA

111148

Further, in terms of Section 135(5), the Board of every company referred to in sub-section (1), shall ensure that the company spends, in every financial year, at least two per cent. of the average net profits of the company made during the three immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy.

Remark: The Company does have a Corporate Social Responsibility Committee of the Board. However, the constitution of the committee is not in compliance with the provisions of the Section 135 (1). Further, the amount of Rs. 6.80 Crores is still left to be unspent for CSR activities out of the total amount allocated for the same.

(iv) Observation 4:

In terms of Section 178(1) of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014, the Board of Directors of every listed company and other public companies with a paid up capital of ten 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 deposits exceeding fifty crore rupees or more, shall a Nomination and Remuneration Committee of the Board consisting of three or more non-executive directors out of which not less than one-half shall be independent directors.

Further, in terms of Section 178(2) of the Companies Act, 2013, the Nomination and Remuneration Committee shall carry out evaluation of every director’s performance.

In terms of Section 149 (4) & (5) read with Schedule IV (VIII), the performance evaluation of independent directors, shall be done by the entire Board of Directors, excluding the director being evaluated and on the basis of the report of performance evaluation, it shall be determined whether to extend or continue the term of appointment of the independent director.

In terms of Section 149 (8), the company and independent directors shall abide by the provisions specified in Schedule IV. Schedule IV lays down a Code for independent directors. As per Schedule IV (VII) (1) & (3), the independent directors of the Company shall hold at least one meeting in a year, without the attendance of non-independent directors and members of management to:

(a) review the performance of non-independent directors and the Board as a whole.

(b) review the performance of the Chairperson of the company, taking into account the views of executive directors and non-executive directors.

(c) assess the quality, quantity and timeliness of flow of information between the company management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

Remark: The Company does not have a Nomination and Remuneration Committee in terms of Section 178(1) and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014.Therefore, the compliance of Section 178(2) has also not been done. Provision of Schedule IV (VIII) has not been complied with.

(v) Observation 5:

In terms of Section 160 (1) of the Companies Act, 2013, a person who is not a retiring director in terms of section 152 shall, subject to the provisions of this Act, be eligible for appointment to the office of a director at any general meeting, if he, or some member intending to propose him as a director, has, not less than fourteen days before the meeting, left at the registered office of the company, a notice in writing under his hand signifying his candidature as a director or, as the case may be, the intention of such member to propose him as a candidate for that office, along with the deposit of one lakh rupees or such higher amount as may be prescribed which shall be refunded to such person or, as the case may be, to the member, if the person proposed gets elected as a director or gets more than twenty-five percent of total valid votes cast either on show of hands or on poll on such resolution.

49

blds vfrfjDr vuqPNsn 135 ¼5½ ds vuqlkj mi&vuqPNsn ¼1½ esa nh xbZ izR;sd dEiuh dk cksMZ ;g lqfuf”pr djsxk fd dEiuh vius yxkrkj fiNys rhu foÙkh; o’kZ ds nkSjku dek, x, “kq) ykHkksa esa ls de ls de 2 izfr”kr vkSlr dks izfro’kZ viuh fuxfer lkekftd ftEesnkjh ikWfylh ds varxZr [kpZ djsxhA

fVIi.kh% dEiuh us cksMZ dh fuxfer lkekftd ftEesnkjh lfefr dk xBu fd;k gSA ysfdu lfefr dk xBu vuqPNsn 135 ¼1½ ds izko/kkuksa ds vuqlkj ugha fd;k x;k gSA blds vfrfjDr lh,lvkj xfrfof/k;ksa ds fy, vkcafVr dqy jkf”k esa ls 6-80 djksM+ #i;s dh jkf”k vHkh Hkh [kpZ djuh “ks’k jgrh gSA

¼4½ voyksdu 4 :

dEiuh vf/kfu;e] 2013 vkSj dEiuh ¼cksMZ dh cSBdsa vkSj “kfDr;k¡½ fu;ekoyh] 2014 ds fu;e 6 ds vuqlkj izR;sd lwphc) dEiuh ;k vU; lkoZtfud dEifu;k¡] ftudh pqdrk iwath nl djksM+ #i;s ;k blls vf/kd gS( ;k os lHkh lkoZtfud dEifu;k¡ ftudh fcØh ,d lkS djksM+ #i;s ;k blls vf/kd( ;k os lHkh lkoZtfud dEifu;k¡ ftudk leqfpr cdk;k _.k ;k m/kkj ;k _.ki= ;k tek ipkl djksM+ ls vf/kd gSa] os dEifu;k¡ cksMZ dh ,d ukekadu ,oa ekuns; lfefr dk xBu djsaxh ftlesa rhu ;k vf/kd xSj&dk;Zdkjh funs”kd “kkfey gksaxs ftuesa ls de ls de vk/ks Lora= funs”kd gksus pkfg,A

blds vykok dEiuh vf/kfu;e] 2013 ds vuqPNsn 178 ¼2½ ds vuqlkj ukekadu vkSj ekuns; lfefr izR;sd funs”kd ds dk;Z fu’iknu dk ewY;kadu djsxhA

vuqlwph 4 ¼7½ lfgr vuqPNsn 149 ¼4½ vkSj ¼5½ ds laca/k esa Lora= funs”kdksa ds dk;Z fu’iknu dk ewY;kadu iwjs funs”kd cksMZ }kjk fd;k tk,xk] ftlesa og funs”kd “kkfey ugha gksxk ftldk ewY;kadu fd;k tk jgk gS vkSj ewY;kadu dh fjiksVZ ds vk/kkj ij ;g fu.kZ; fd;k tk,xk fd Lora= funs”kd dh fu;qfDr dh vof/k dks vkxs c<k;k tk, ;k ughaA

vuqPNsn 149 ¼8½ ds vuqlkj dEiuh vkSj Lora= funs”kd vuqlwph 4 ds izko/kkuksa dks ekuus ds fy, ck/; gksxkA vuqlwph 4 Lora= funs”kdksa ds fy, fu;e r; djrk gSA vuqlwph 4 ¼4½ ¼1½ vkSj ¼3½ ds vuqlkj dEiuh ds Lora= funs”kd vLora= funs”kdksa vkSj izca/ku ds lnL;ksa dh mifLFkfr ds fcuk ,d o’kZ esa de ls de ,d cSBd djsxk ftlds mn~ns”; fuEu gksaxs%

d½ vLora= funs”kdksa vkSj lEiw.kZ cksMZ ds dk;Z fu’iknu dh leh{kk djukA

[k½ dEiuh ds v/;{k ds dk;Z fu’iknu dh leh{kk djuk ftlesa dk;Zdkjh funs”kdksa vkSj xSj&dk;Zdkjh funs”kdksa dh jk; dks /;ku esa j[kk tk,xkA

x½ dEiuh ds izca/ku vkSj cksMZ ds e/; lwpuk ds izOkkg dh xq.koRrk] ek=k vkSj le; ikcanh dk ewY;kadu djuk tks fd cksMZ ds fy, vius dk;ksZa dks izHkkoh vkSj mfpr izdkj ls djus ds fy, vfuok;Z gSA

fVIi.kh% dEiuh ¼cksMZ dh cSBd vkSj “kfDr;k¡½ fu;ekoyh] 2014 ds vuqPNsn 178 ¼1½ vkSj fu;e 6 ds vuqlkj dEiuh ds ikl ukekadu vkSj ekuns; lfefr ugha gSA blfy, vuqPNsn 178 ¼2½ dk vuqikyu ugha fd;k x;k gSA vuqlwph 4 ¼8½ ds izko/kku dk vuqikyu ugha fd;k x;k gSA

¼5½ voyksdu 5 :

dEiuh vf/kfu;e] 2013 ds vuqPNsn 160 ¼1½ ds vuqlkj] ,d O;fDr tks vuqPNsn 152 ds vuqlkj lsokfuoÙk ugha gks jgk gS] tks bl vf/kfu;e ds izko/kkuksa dk fo’k; gS] og fdlh Hkh lkekU; cSBd esa funs”kd ds in ij fu;qDr gksus ds fy, ;ksX; gS] ;fn og ;k mls funs”kd ds :i esa fu;qDr nsus dk izLrko j[kus okyk dksbZ vU; lnL; cSBd ls de ls de 14 fnu igys dEiuh ds iathÑr dk;kZy; esa vius gkFk ls fy[kk gqvk uksfVl ugha nsrk ftlesa ,d funs”kd ds :i esa ;k] tks Hkh ekeyk gks] bl izdkj ds lnL; dk mls ml in ij fu;qDr djus dk izLrko nsus dk mn~ns”; Li’V gks] vkSj blds lkFk ,d yk[k #i;s dh jkf”k tek dh xbZ gks ;k fu/kkZfjr jkf”k tek dh xbZ gks] ftls ml O;fDr ;k] tks Hkh ekeyk gks] lnL; dks ykSVk fn;k tk,xk] ;fn izLrkfor O;fDr ,d funs”kd ds :i esa pquk tkrk gS ;k bl izdkj ds izLrko ij Mkys x, erksa ;k gkFk mBkdj fd, x, ernku esa dqy oksVksa dk iPphl izfr”kr izkIr dj ysrk gSA

49

Remark: The Company has appointed certain Nominee Directors before the 11th Annual General Meeting of the Company held on 29.09.2014. The resolution for regularization of the directors appointed during the year in terms of the applicable provisions of the Companies Act, 2013 was included as Special Business in the Notice of the Annual General Meeting of the Company. The Company has also mentioned in the explanatory Statement for the special business to be transacted in the AGM that a notice from the shareholder in terms of Section 160 of the Companies Act, 2013 has been received for their appointment. Company being a closely held Company and Composition of Board of Directors includes nominated directors from Ministry of Finance, Govt. of India. Board has consented in meeting held on 11th August, 2014 vide item no. 20.1 for regularization of directors appointed during the year by members at ensuing AGM. However, the 14 days’ advance notice under Section 160 of the Companies Act, 2013, from a Shareholder proposing the name of Director of the Company to be appointed in the AGM along with a deposit of Rs. One Lakh for each director being appointed was not available with the Company.

I further report that

The Board of Directors of the Company is not duly constituted in terms of the Corporate Governance Guidelines issued for the Insurance Companies by the Authority. There should be minimum two Independent Directors on the Board of Unlisted Insurance Companies. At present the number of Independent Directors on the Board is NIL.

Subsequently, the Composition of the Audit Committee is also not in compliance with the Corporate Governance Guidelines issued for the Insurance Companies by the Authority. The Chairman of the Audit Committee should be an Independent Director should ideally be a professional Chartered Accountant or a person with strong financial analysis background. At present, the Chairman of the Audit Committee is a Government Nominee Director on the Board of the Company.

Further, adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

Majority decision is carried through while the dissenting members’ views are captured, if any at relevant places, and recorded as part of the minutes.

I further report that there are adequate systems and processes in the company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

I further report that during the audit period, the Company has received an Order dated 19th March, 2015 from Insurance Regulatory and Development Authority (IRDA) imposing a total penalty of Rs. 10 Lakh (Rs. 5 Lakh each for two instances) on the Company for non-compliance of applicable Circulars and Regulations issued by the IRDA. The Order also consists of various instructions issued to the Company to be followed in future.

For M/s Agarwal S. & Associates Sachin AgarwalPlace: New Delhi FCS No. : 5774Date: 26th May, 2015 C.P No. : 5910

50

fVIi.kh% dEiuh us 29-09-2014 dks vk;ksftr dEiuh dh 11oha okf’kZd lkekU; cSBd ls igys dqN ukfer funs”kdksa dks fu;qDr dj fn;k gSA dEiuh vf/kfu;e] 2013 ds ykxw izko/kkuksa ds vuqlkj o’kZ ds nkSjku fu;qDr fd, x, funs”kdksa ds fu;ferhdj.k dk izLrko dEiuh dh okf’kZd cSBd ds uksfVl esa fo”ks’k dkedkt ds :i “kkfey fd;k x;k FkkA dEiuh us okf’kZd lkekU; cSBd esa iwjs fd, tkus okys fo”ks’k dke&dkt ds fy, O;k[;kRed dFku esa ;g Hkh dgk Fkk fd dEiuh vf/kfu;e] 2013 ds vuqlkj “ks;j/kkjd ls mudh fu;qfDr ds fy, ,d uksfVl izkIr gqvk gSA ;g dEiuh de fgLlsnkjksa okyh dEiuh gS vkSj funs”kd cksMZ esa foÙk ea=ky;] Hkkjr ljdkj }kjk euksuhr funs”kd “kkfey gSaA cksMZ 11 vxLr 2014 dks v;ksftr cSBd esa en la[;k 20-1 ds ek/;e ls o’kZ ds nkSjku vkxkeh okf’kZd lkekU; cSBd ds lnL;ksa }kjk fu;qDr fd, x, funs”kdksa ds fu;ferhdj.k ds fy, lgefr ns pqdk gSA

eS vkxs ;g Hkh fjiksVZ djrk gwa fd

daiuh ds funs'kd eaMy fof/kor izkf/kdj.k }kjk chek dEifu;ksa ds fy, tkjh fd, x, fuxfer iz'kklu ds fn'kk funsZ'kksa ds lanHkZ esa xfBr ugha fd;k x;k gSA vlwphc) chek dEifu;ksa ds cksMZ esa de ls de nks Lora= funsZ'kdksa dks gksuk pkfg,A orZeku esa cksMZ esa Lora= funs'kdksa dh la[;k 'kwU; gSA

blds ckn] ys[kk ijh{kk dh lajpuk izkf/kdj.k }kjk chek daifu;ksa ds fy, tkjh fd, x, fuxfer iz'kklu ds fn'kk funsZ'kksa ds vuqikyu esa Hkh ugha gSA ys[kkijh{kk lfefr dk v/;{k ,d Lora= funs'kd gksuk pkfg, tks vkn'kZ :i es ,d is'ksoj pkVZM ,dkmaVsaV ;k etcwr foÙkh; fo'ys"k.k i"BHkwfe ds lkFk gksuk pkfg,A orZeku esa] ys[kk ijh{kk lfefr dk v/;{k daiuh ds cksMZ esa ,d ljdkjh ukfer funs'kd gSA

blds vykok] lHkh funs'kdksa dh i;kZIr lwpuk de ls de lkr fnu igys Hksth xbZ rkfd dk;Zlwph] dk;Zlwph ij foLrr uksV rFkk cksMZ cSBd vuqlwph vkSj cSBd ls iwoZ rFkk cSBd esa lkFkZd Hkkxhnkjh ds fy, dk;Zlwph enksa ij Li"Vhdj.k] vkxs dh tkudkjh ysus rFkk izkIr djus ds fy, ,d iz.kkyh gksA

cgqer ds QSlys dks vkxs c<+k;k tkrk gSa rFkk vlgefr lnL;ksa ds fopkj ;fn dksbZ gks lacaf/kr LFkku ij] j[kk tkrk gS rFkk feuV ds fgLls ds :i esa ntZ gSA

eS vkxs ;g fjiksVZ djrk gwa fd ykxw dkuwuksa] fofu;eksa vkSj fn'kk&funsZ'kksa dk vuqikyu lqfuf'pr rFkk fuxjkuh djus ds fy, rFkk dEiuh ds vkdkj vkSj lapkyu ds vuq:i i;kZIr iz.kkfy;ka vkSj izfØ;k;sa dEiuh ds ikl gSA

eSa vkxs ;g fjiksVZ djrk gwa fd ys[kk ijh{kk vof/k ds nkSjku] dEiuh dks ,d funsZ'k fnukad 19 ekpZ 2015 Hkkjrh; chek fofu;ked ,oa fodkl izkf/kdj.k ¼vkbZvkjMh,½ ls izkIr gqvk ftlesa fd dEiuh ij vkbZvkjMh, }kjk tkjh ykxw ifji= ,oa fofu;e ds xSj vuqikyu ds fy, #- 10 yk[k ¼nks ekeyksa esa #- 5 yk[k izR;sd½ dk tqekZuk yxk;k x;kA vkns'k esa Hkfo"; esa viukbZ tkus okyh daiuh ds fy, tkjh fofHkUu funsZ'k Hkh gSA

eSllZ vxzoky ,l ,aM ,lksfl,V~l dh rjQ ls

lfpu vxzoky ,Qlh,l la- 5774

LFkku % ubZ fnYyh lhih la- 5910fnukad % 26 ebZ] 2015

50

Annexure 'B2'

Replies to Secretarial Audit Report 2014-15

(i) Observation 1:

In terms of Section 149 (4) of the Companies Act, 2013 and Rule 4 of the Companies (Appointment and Qualification 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; shall have at least two Independent Directors on the Board of the Company. Further, the Corporate Governance Guidelines issued vide Circular No. IRDA/F&A/CIR/025/2009-10 dated August 5, 2009 and amendments thereof also stipulate the requirement of appointing minimum two Independent Directors on the Board of the Company for unlisted Insurance Companies.

Remark: At present, the Board of Company does not consist of any Independent Director.

Reply: The Clause 12 of the Article of Association of the Company reads as follows with regard to the composition of the Board of the Company:-

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

Accordingly, the Company does not has any right as to appointment of its Board Members, so a request was made to the appointing authority i.e. Ministry of Finance, Government of India to recognise the existing two Board Members viz., Mr. K. N. Bhandari and Prof. Gopal Naik, who are fulfilling the definition of Independent Director as given under the Act, so that they may be appointed as Independent Director in the first Board meeting of financial year 2015-16.

(ii) Observation 2:

In terms of Section 177(1) of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014, every listed company and other public companies with a paid up capital of ten 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 deposits exceeding 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 a majority.

Remark: The Company does have an Audit Committee in terms of Section 177 (1) of the Companies Act, 2013. However, Sub-section (2) of Section 177 has not been complied with.

Reply: This is further to the submission in the last observation, the 63rd Board Meeting of the Company is proposing to reconstitute the Audit Committee to three members with two Independent Directors, assuming that Mr. K. N. Bhandari and Prof. Gopal Naik, two of the Board Members, as mentioned already on the Board of the Company are recognised as Independent Directors by the GoI.

51

vuqca/k ^[k 2*

lfpfod ys[kk ijh{k.k ys[kkijh{kk fjiksVZ 2014-15 ds tokc

¼1½ voyksdu 1%

dEiuh vf/kfu;e] 2013 vuqPNsn 149 ¼4½ vkSj dEiuh ¼funs”kdksa dh fu;qfDr vkSj ;ksX;rk½ fu;ekoyh 2014 ds vuqlkj izR;sd lwphc) dEiuh vkSj izR;sd lkoZtfud dEiuh] ftldh pqdrk iwath nl djksM+ ;k vf/kd gS] ;k ftldh dqy fcØh ,d lkS djksM+ #i;s ;k blls vf/kd gS] ds funs”kd e.My esa de ls de nks Lora= funs”kd gksaxsA blds vfrfjDr ifji= la- vkbZvkjMh,@,Q ,.M ,@lhvkbZvkj@025@2009&10 fnukad 5 vxLr 2009 ds }kjk tkjh O;kikj lapkyu fu;ekoyh vkSj blds la”kks/ku Hkh vlwphc) chek dEifu;ksa ds fy, dEiuh ds funs”kd e.My esa de ls de nks Lora= funs”kdksa dh vko”;drk dh “krZ j[krs gSaA

fVIi.kh% orZeku esa dEiuh ds funs”kd e.My eas dksbZ Lora= funs”kd ugha gSA

tokc% laLFkk fu;ekoyh ¼vkfVZdy vkWQ ,lksfl,”ku½ dk vuqPNsn 12 dEiuh ds funs”kd e.My ds laxBu ds ckjs esa fuEu O;k[;k djrk gS%

ßHkkjrh; lk/kkj.k chek fuxe] us”kuy bU';ksjsal dEiuh vkWQ bafM;k fyfeVsM] U;q bafM;k ,';ksjsal dEiuh fyfeVsM] vksfj,aVy bU';ksjsal dEiuh fyfeVsM] ;qukbVsM bafM;k bU';ksjsal dEiuh fyfeVsM vkSj jk’Vªh; Ñf’k vkSj xzkeh.k fodkl cSad] izR;sd ds }kjk ,d funs”kd dks euksuhr fd;k tk,xk] ,d funs”kd dks foÙk ea=ky; Hkkjr ljdkj }kjk euksuhr fd;k tk,xk vkSj nks funs”kdksa dks Ñf’k ea=ky;] Hkkjr ljdkj }kjk euksuhr fd;k tk,xk tks lacaf/kr {ks=ksa ds fo”ks’kK gksaxsAÞ

bl izdkj dEiuh ds ikl vius funs”kd e.My ds lnL;ksa dks fu;qDr djus dk vf/kdkj ugha gksxk] blfy, fu;qfDr djus okys izkf/kdkj vFkkZr~ foÙk ea=ky; Hkkjr ljdkj ls orZeku ds nks cksMZ lnL;ksa vFkkZr~ Jh ds ,u Hk.Mkjh vkSj izksQslj xksiky uk;d dks ekU;rk nsus dk vkxzg fd;k x;k] tks Lora= funs”kdksa dh ifjHkk’kk ds vuqlkj iw.kZ ;ksX;rk j[krs gSa tSlk fd vf/kfu;e ds vaxrxZr fn;k x;k gS] rkfd mUgsa foÙkh; o’kZ 2015&16 dh igyh cksMZ cSBd esa Lora= funs”kd fu;qDr fd;k tk ldsA

¼2½ voyksdu 2 :

dEiuh vf/kfu;e] 2013 ds vuqPNsn 177 ¼1½ ds vkSj dEiuh ¼cksMZ dh cSBdsa vkSj bldh “kfDr;k¡½ fu;ekoyh] 2014 ds fu;e 6 ds vuqlkj izR;sd lwphc) dEiuh vkSj dksbZ vU; lkoZtfud dEiuh] ftldh pqdrk iwath nl djksM+ ;k vf/kd gS] ;k ftldh dqy fcØh ,d lkS djksM+ #i;s ;k blls vf/kd gS( ;k lHkh lkoZtfud dEifu;k¡ ftudh fcØh ,d lkS djksM+ #i;s ;k blls vf/kd gS( ;k lHkh lkoZtfud dEifu;k¡ ftudk leqfpr cdk;k _.k ;k m/kkj ;k _.ki= ;k tek ipkl djksM+ #i;s ;k blls vf/kd gS] os ,d ys[kkijh{kd lfefr dk xBu djsaxhA

blds vfrfjDr vuqPNsn 177¼2½ ds vuqlkj ys[kk ijh{kd lfefr esa cgqer dk fuekZ.k djus ds fy, Lora= funs”kdksa ds lkFk de ls de rhu funs”kd gksaxsA

fVIi.kh% dEiuh ds ikl dEiuh vf/kfu;e] 2013 ds vuqPNsn 177 ¼1½ ds vuqlkj ,d ys[kk ijh{kd lfefr gksxhA ysfdu vuqPNsn 177 ds mi vuqPNsn ¼2½ dk vuqikyu ugha fd;k x;k gSA

tokc % fiNys voyksdu ds vfrfjDr] dEiuh ds cksMZ dh 63oha cSBd esa nks Lora= funs”kdksa lfgr rhu lnL;ksa dh ys[kk ijh{k.k lfefr ds xBu dk izLrko fd;k x;k gS] vkSj ;g ekuk x;k gS fd nks cksMZ lnL;ksa Jh ds ,u Hk.Mkjh vkSj izksQslj xksiky uk;d] tSlk fd igys crk;k tk pqdk gS] dks Hkkjr ljdkj }kjk Lora= funs”kd ds :i esa ekU;rk iznku dh xbZ gSA

51

(iii) Observation 3:In terms of Section 135(1), every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which at least one director shall be an independent director.

Further, in terms of Section 135(5), the Board of every company referred to in sub-section (1), shall ensure that the company spends, in every financial year, at least two per cent of the average net profits of the Company made during the three immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy.

Remark: The Company does have a Corporate Social Responsibility Committee of the Board. However, the constitution of the committee is not in compliance with the provisions of the Section 135 (1). Further, the amount of Rs. 6.80 Crores is still left to be unspent for CSR activities out of the total amount allocated for the same.

Reply: Since financial year 2014-15, was the first year when Corporate Social Responsibility was made mandatory under Companies Act, 2013 the initial preparatory activities and basic readiness took time to stabilize, viz. formulation of CSR policy, operational modalities, identification of CSR projects, viability and assessment of suitability of the organizations etc. As such, due to time constraints and lack of procedural clarity, the Company has been able to spend only Rs. 4 crore out of the total allocated amount of Rs. 10.80 crore (approx.) In accordance with the suggestion of the Board, the balance of Rs. 6.80 crore (approx.) has been carried forward to the new FY 2015-16.

Further, the CSR Policy was amended in the 62nd Board Meeting of the Company to carry forward the unspent / unutilized CSR allocation of financial year 2014-15 to 2015-16.

Again the CSR Committee has been constituted, with the assumption that Mr. Naik will be recognised as Independent Director by the GoI.

(iv) Observation 4:In terms of Section 178(1) of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014, the Board of Directors of every listed company and other public companies with a paid up capital of ten 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 deposits exceeding fifty crore rupees or more, shall a Nomination and Remuneration Committee of the Board consisting of three or more non-executive directors out of which not less than one-half shall be independent directors.

Further, in terms of Section 178(2) of the Companies Act, 2013, the Nomination and Remuneration Committee shall carry out evaluation of every director’s performance.

In terms of Section 149 (4) & (5) read with Schedule IV (VIII), the performance evaluation of independent directors, shall be done by the entire Board of Directors, excluding the director being evaluated and on the basis of the report of performance evaluation, it shall be determined whether to extend or continue the term of appointment of the independent director.

In terms of Section 149 (8), the company and independent directors shall abide by the provisions specified in Schedule IV. Schedule IV lays down a Code for independent directors. As per Schedule IV (VII) (1) & (3), the independent directors of the Company shall hold at least one meeting in a year, without the attendance of non-independent directors and members of management to:

(a) review the performance of non-independent directors and the Board as a whole.

(b) review the performance of the Chairperson of the company, taking into account the views of executive directors and non-executive directors.

52

¼3½ voyksdu 3 :

vuqPNsn 135 ¼1½ ds vuqlkj ,slh dksbZ Hkh dEiuh ftldh fdlh Hkh foÙkh; o’kZ ds nkSjku “kq) lEifRr ikap lkS djksM+ ;k vf/kd gS] ;k fcØh ,d gtkj djksM+ #i;s ;k vf/kd gS ;k “kq) ykHk ikap djksM+ ;k vf/kd gS ,d fuxfer lkekftd ftEesnkjh lfefr dk xBu djsxh ftlesa rhu ;k vf/kd funs”kd “kkfey gksaxs] 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 ;g lqfuf”pr djsxk fd dEiuh vius yxkrkj fiNys rhu foÙkh; o’kZ ds nkSjku dek, x, “kq) ykHkksa esa ls de ls de 2 izfr”kr vkSlr dks izfro’kZ viuh fuxfer lkekftd ftEesnkjh ikWfylh ds varxZr [kpZ djsxhA

fVIi.kh% dEiuh us cksMZ dh fuxfer lkekftd ftEesnkjh lfefr dk xBu fd;k gSA ysfdu lfefr dk xBu vuqPNsn 135 ¼1½ ds izko/kkuksa ds vuqlkj ugha fd;k x;k gSA blds vfrfjDr lh,lvkj xfrfof/k;ksa ds fy, vkoafVr dqy jkf”k esa ls 6-80 djksM+ #i;s dh jkf”k vHkh Hkh [kpZ djuh “ks’k cprh gSA

tokc% foÙkh; o’kZ 2014&15 igyk foÙkh; o’kZ Fkk tc fuxfer lkekftd ftEesnkjh dks dEiuh vf/kfu;e 2013 ds vuqlkj vfuok;Z fd;k x;k Fkk] blfy, izkjafHkd rS;kjh dh xfrfof/k;ksa vkSj vk/kkjHkwr rRijrk vFkkZr~~ lh,lvkj uhfr dks cukuk] lapkyu laca/kh izfrekuksa dk fuekZ.k] lh,lvkj ifj;kstukvksa dh igpku] laxBuksa vkfn dh O;ogkfjdrk vkSj ewY;kadu esa le; yxkA bl izdkj le; vkSj izfØ;kRed Li’Vrk dh deh ds dkj.k dEiuh dqy vkoafVr 10-80 djksM+ ¼yxHkx½ dh jkf”k esa ls dsoy 4 djksM+ #i;s gh [kpZ ikbZA cksMZ dh lykg ds vuqlkj “ks’k cph 6-80 djksM+ #i;s dh jkf”k dks u, foÙkh; o’kZ 2015&16 esa LFkkukarfjr dj fn;k x;kA

blds vykok lh,lvkj uhfr dk la”kks/ku dEiuh dh 62oha cksMZ cSBd esa fd;k x;k rkfd tks jkf”k [kpZ ugha dh xbZ gS@mi;ksx ugha dh xbZ gS mls foÙkh; o’kZ 2014&15 ls 2015&16 esa vkxs yk;k tk ldsA

blds vykok lh,lvkj lfefr dk xBu ;g ekurs gq, dj fn;k x;k gS fd Jh uk;d dks Hkkjr ljdkj }kjk Lora= funs”kd ds :i ekU;rk fey tk,xhA

¼4½ voyksdu 4 :

dEiuh vf/kfu;e] 2013 vkSj dEiuh ¼cksMZ dh cSBdsa vkSj “kfDr;k¡½ fu;ekoyh] 2014 ds fu;e 6 ds vuqlkj izR;sd lwphc) dEiuh ;k vU; lkoZtfud dEifu;k¡] ftudh pqdrk iwath nl djksM+ #i;s ;k blls vf/kd gS( ;k os lHkh lkoZtfud dEifu;k¡ fudh fcØh ,d lkS djksM+ #i;s ;k blls vf/kd( ;k os lHkh lkoZtfud dEifu;k¡ ftudk leqfpr cdk;k _.k ;k m/kkj ;k _.ki= ;k tek ipkl djksM+ ls vf/kd gSa] os dEifu;k¡ cksMZ dh ,d ukekadu ,oa ekuns; lfefr dk xBu djsaxh ftlesa rhu ;k vf/kd xSj&dk;Zdkjh funs”kd “kkfey gksaxs ftuesa ls de ls de vk/ks Lora= funs”kd gksus pkfg,A

blds vykok dEiuh vf/kfu;e] 2013 ds vuqPNsn 178 ¼2½ ds vuqlkj ukekadu vkSj ekuns; lfefr izR;sd funs”kd ds dk;Z fu’iknu dk ewY;kadu djsxhA

vuqlwph IV (VIII) lfgr vuqPNsn 149 ¼4½ vkSj ¼5½ ds laca/k esa Lora= funs”kdksa ds dk;Z fu’iknu dk ewY;kadu iwjs funs”kd cksMZ }kjk fd;k tk,xk] ftlesa og funs”kd “kkfey ugha gksxk ftldk ewY;kadu fd;k tk jgk gS vkSj ewY;kadu dh fjiksVZ ds vk/kkj ij ;g fu.kZ; fd;k tk,xk fd Lora= funs”kd dh fu;qfDr dh vof/k dks vkxs c<+k;k tk, ;k ughaA

vuqPNsn 149 ¼8½ ds vuqlkj dEiuh vkSj Lora= funs”kd vuqlwph 4 ds izko/kkuksa dks ekuus ds fy, ck/; gksxkA vuqlwph 4 Lora= funs”kdksa ds fy, fu;e r; djrk gSA vuqlwph 4 ¼4½ ¼1½ vkSj ¼3½ ds vuqlkj dEiuh ds Lora= funs”kd vLora= funs”kdksa vkSj izca/ku ds lnL;ksa dh mifLFkfr ds fcuk ,d o’kZ esa de ls de ,d cSBd djsxh ftlds mn~ns”; fuEu gksaxs%

d½ vLora= funs”kdksa vkSj lEiw.kZ cksMZ ds dk;Z fu’iknu dh leh{kk djukA

[k½ dEiuh ds v/;{k ds dk;Z fu’iknu dh leh{kk djuk ftlesa dk;Zdkjh funs”kdksa vkSj xSj&dk;Zdkjh funs”kdksa dh jk; dks /;ku esa j[kk tk,xkA

52

(c) assess the quality, quantity and timeliness of flow of information between the company management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

Remark: The Company does not have a Nomination and Remuneration Committee in terms of Section 178(1) and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014.Therefore, the compliance of Section 178(2) has also not been done. Provision of Schedule IV (VIII) has not been complied with.

Reply: The Remuneration of the CMD / CEO / Executive Director (Mr. P. J. Joseph) of the Board of the Company is as per Twelfth Schedule of Central Civil Services (Revised Pay) Rules, 2008. The non-executive Directors are not paid any remuneration except that Mr. Bhandari and Prof. Naik are paid only sitting fee. So the remuneration of the Directors is not decided by the Board of the Company.

Further, the Clause 12 of Article of Association of the Company the right to appoint the Board Members is either with its promoter companies or GoI. To respect this provision of law, the first Board meeting of financial year 2015-16 of the Company is constituting the Nomination and Remuneration Committee, to route the received appointment proposals (from GoI and/ or promoter companies) of Board members through it.

(v) Observation 5:

In terms of Section 160 (1) of the Companies Act, 2013, a person who is not a retiring director in terms of section 152 shall, subject to the provisions of this Act, be eligible for appointment to the office of a director at any general meeting, if he, or some member intending to propose him as a director, has, not less than fourteen days before the meeting, left at the registered office of the company, a notice in writing under his hand signifying his candidature as a director or, as the case may be, the intention of such member to propose him as a candidate for that office, along with the deposit of one lakh rupees or such higher amount as may be prescribed which shall be refunded to such person or, as the case may be, to the member, if the person proposed gets elected as a director or gets more than twenty-five percent of total valid votes cast either on show of hands or on poll on such resolution.

Remark: The Company has appointed certain Nominee Directors before the 11th Annual General Meeting of the Company held on 29.09.2014. The resolution for regularization of the directors appointed during the year in terms of the applicable provisions of the Companies Act, 2013 was included as Special Business in the Notice of the Annual General Meeting of the Company. The Company has also mentioned in the explanatory Statement for the special business to be transacted in the AGM that a notice from the shareholder in terms of Section 160 of the Companies Act, 2013 has been received for their appointment. Company being a closely held Company and Composition of Board of Directors includes nominated directors from Ministry of Finance, Govt. of India. Board has consented in meeting held on 11th August, 2014 vide item no. 20.1 for regularization of directors appointed during the year by members at ensuing AGM. However, the 14 days’ advance notice under Section 160 of the Companies Act, 2013, from a Shareholder proposing the name of Director of the Company to be appointed in the AGM along with a deposit of Rs. One Lakh for each director being appointed was not available with the Company.

Reply: The provision of Section 160 of the Companies Act, 2013 to procure an amount of Rs. 1 lakh, is basically in nature of a security to keep a check on the probability of proposals made in the Company for appointment of ‘directors other than retiring directors’, getting accepted or approved by the Shareholders of the Company in its General Meeting. In AIC, such proposals are either from Members/Shareholders of the Company or from the Government of India. The Board of the Company comprising of shareholders themselves and GOI representatives approves the proposal of regularization of its Directors. So, the regularization of Board Members of the Company in its General Meeting is not subjected to any kind of ambiguity, hence the security required to put a check on any probability is not required.

53

x½ dEiuh ds izca/ku vkSj cksMZ ds e/; lwpuk ds izOkkg dh xq.koRrk] ek=k vkSj le; ikcanh dk ewY;kadu djuk tks fd cksMZ ds fy, vius dk;ksZa dks izHkkoh vkSj mfpr izdkj ls djus ds fy, vkfuok;Z gSA

fVIi.kh% dEiuh ¼cksMZ dh cSBd vkSj “kfDr;k¡½ fu;ekoyh] 2014 ds vuqPNsn 178 ¼1½ vkSj fu;e 6 ds vuqlkj dEiuh ds ikl ukekadu vkSj ekuns; lfefr ugha gSA blfy, vuqPNsn 178 ¼2½ dk vuqikyu ugha fd;k x;kA vuqlwph IV (VIII) ds izko/kku dk Hkh vuqikyu ugha fd;k x;k gSA

tokc% dEiuh ds cksMZ ds lh,eMh@eq[; dk;Zdkjh vf/kdkjh@dk;Zdkjh funs”kd ¼Jh ih-ts- tkslWQ½ dk ekuns; dsanzh; ukxfjd lsok ¼la”kksf/kr osru½ fu;ekoyh] 2008 ds ckjgoha vuqlwph ds vuqlkj gSA xSj&dk;Zdkjh funs”kdksa dks dksbZ ekuns; ugha feyrk] NksM+dj bldks fd Jh Hk.Mkjh vkSj izksQslj uk;d dks dsoy cSBd “kqYd dk Hkqxrku fd;k tkrk gSA blfy, funs”kdksa ds ekuns; dk fu.kZ; dEiuh ds cksMZ }kjk ugha fd;k tkrkA

blds vykok dEiuh dh laLFkku fu;ekoyh dk mifu;e 12 ;g izko/kku djrk gS fd ,vkbZlh ,d cgqr de “ks;j/kkjdksa okyh dEiuh gS] ftlesa cksMZ ds lnL;ksa dks fu;qDr djus dk vf/kdkj ;k rks dEiuh ds lao/kZd ds ikl gS ;k Hkkjr ljdkj ds ikl gSA dkuwu ds bl izko/kku dk lEeku djrs gq, dEiuh ukekadu foÙkh; o’kZ 2015&16 dh igyh cksMZ cSBd esa ukekadu vkSj ekuns; lfefr dk xBu djus tk jgh gS] rkfd cksMZ lnL;ksa dh fu;qfDr ds fy, izkIr izLrkoksa ¼Hkkjr ljdkj vkSj@;k lao/kZd dEifu;ksa ls½ dks blds ek/;e ls ykxw fd;k tk ldsA

¼5½ voyksdu 5 :

dEiuh vf/kfu;e] 2013 ds vuqPNsn 160 ¼1½ ds vuqlkj] ,d O;fDr tks vuqPNsn 152 ds vuqlkj lsokfuoÙk ugha gks jgk gS] tks bl vf/kfu;e ds izko/kkuksa dk fo’k; gS] og fdlh Hkh lkekU; cSBd esa funs”kd ds in ij fu;qDr gksus ds fy, ;ksX; gS] ;fn og ;k mls funs”kd ds :i esa fu;qDr nsus dk izLrko j[kus okyk dksbZ vU; lnL; cSBd ls de ls de 14 fnu igys dEiuh ds iathÑr dk;kZy; esa vius gkFk ls fy[kk gqvk uksfVl ugha nsrk ftlesa ,d funs”kd ds :i esa ;k] tks Hkh ekeyk gks] bl izdkj ds lnL; dk mls ml in ij fu;qDr djus dk izLrko nsus dk mn~ns”; Li’V gks] vkSj blds lkFk ,d yk[k #i;s dh jkf”k tek dh xbZ gks ;k fu/kkZfjr jkf”k tek dh xbZ gks] ftls ml O;fDr ;k] tks Hkh ekeyk gks] lnL; dks ykSVk fn;k tk,xk] ;fn izLrkfor O;fDr ,d funs”kd ds :i esa pquk tkrk gS ;k bl izdkj ds izLrko ij Mkys x, erksa ;k gkFk mBkdj fd, x, ernku esa dqy oksVksa dk iPphl izfr”kr izkIr dj ysrk gSA

fVIi.kh% dEiuh us 29-09-2014 dks vk;ksftr dEiuh dh 11oha okf’kZd lkekU; cSBd ls igys dqN ukfer funs”kdksa dks fu;qDr dj fn;k gSA dEiuh vf/kfu;e] 2013 ds ykxw izko/kkuksa ds vuqlkj o’kZ ds nkSjku fu;qDr fd, x, funs”kdksa ds fu;ferhdj.k dk izLrko dEiuh dh okf’kZd cSBd ds uksfVl esa fo”ks’k dkedkt ds :i “kkfey fd;k x;k FkkA dEiuh us okf’kZd lkekU; cSBd esa iwjs fd, tkus okys fo”ks’k dke&dkt ds fy, O;k[;kRed dFku esa ;g Hkh dgk Fkk fd dEiuh vf/kfu;e] 2013 ds vuqlkj “ks;j/kkjd ls mudh fu;qfDr ds fy, ,d uksfVl izkIr gqvk gSA ;g dEiuh de fgLlsnkjksa okyh dEiuh gS vkSj funs”kd cksMZ esa foÙk ea=ky;] Hkkjr ljdkj }kjk euksuhr funs”kd “kkfey gSaA cksMZ 11 vxLr 2014 dks v;ksftr cSBd esa en la[;k 20-1 ds ek/;e ls o’kZ ds nkSjku vkxkeh okf’kZd lkekU; cSBd ds lnL;ksa }kjk fu;qfDr fd, x, funs”kdksa ds fu;ferhdj.k ds fy, lgefr ns pqdk gSA

tokc% 1 yk[k #i;s dh jkf”k dks tqVkus fy, dEiuh vf/kfu;e] 2013 ds vuqPNsn 160 dk izko/kku eq[; :i ls ,d izfrHkwfr ¼flD;qfjVh½ gS rkfd dEiuh dh lkekU; cSBd esa ^lsokfuoÙk gksus okys funs”kdksa ds vykok vU; funs”kdksa* dh fu;qfDr ds fy, dEiuh esa ikfjr fd tkus okys izLrkoksa dks dEiuh ds “ks;j/kkjdksa dh LohÑfr ;k vuqeksnu feyus dh laHkkouk dks jksdk tk ldsA ,vkbZlh esa bl izdkj ds izLrko ;k rks dEiuh ds lnL;ksa@ ”ks;j/kkjdksa ls izkIr gksrs gSa ;k Hkkjr ljdkj ls izkIr gksrs gSaA dEiuh ds cksMZ esa Lo;a “ks;j/kkjd vkSj Hkkjr ljdkj ds izfrfuf/k “kkfey gksrs gSa tks blds funs”kdksa ds fu;ferhdj.k ds izLrko dk vuqeksnu djrs gSaA blfy, dEiuh ds cksMZ lnL;ksa dks lkekU; cSBd esa fu;fer djuk fdlh Hkh izdkj dh vLi’Vrk dk fo’k; ugha gS] blfy, fdlh Hkh laHkkouk dks jksdus ds fy, izfrHkwfr dh dksbZ vko”;drk ugha gSA

53

Further reports reads as :

The Board of Directors of the Company is not duly constituted in terms of the Corporate Governance Guidelines issued for the Insurance Companies by the Authority. There should be minimum two Independent Directors on the Board of Unlisted Insurance Companies. At present the number of Independent Directors on the Board is NIL.

Subsequently, the Composition of the Audit Committee is also not in compliance with the Corporate Governance Guidelines issued for the Insurance Companies by the Authority. The Chairman of the Audit Committee should be an Independent Director should ideally be a professional Chartered Accountant or a person with strong financial analysis background. At present, the Chairman of the Audit Committee is a Government Nominee Director on the Board of the Company.

Reply: The Companies Act, 1956 has not defined ‘Independent Director’, but under the provisions of clause 49 of the Listing Agreement, two of the Members of the Board viz., Mr. K. N. Bhandari and Pro. Gopal Naik, who were having no pecuniary relationship with the Company, were recognised as ‘Independent Directors’ of the Company under Corporate Governance the Company. The Board Committees were also constituted incorporating the said ‘Independent Directors’ viz., the Audit Committee, Risk Management and Policyholders’ Protection Committee were headed by Mr. Bhandari and Prof. Naik was also its Member.

The Companies Act, 2013 gives a well-defined definition of ‘Independent Director’. According to which the nominee directors cannot be Independent Directors. Therefore, by virtue of provisions of Section 150 of the Companies Act, 2013 read with the Articles of Association of the Company, the Government of India, is requested to recognise Mr. K. N. Bhandari and Prof. Gopal Naik as Independent Director, who suffice the definition of ‘Independent Director’ as given in Section 149(6) of the Companies Act, 2013.

54

vU; fjiksVZ fuEu izdkj ls i<+h tk, %

dEiuh dk funs”kd cksMZ mfpr izdkj ls fuxfer iz”kklu funsZf”kdk ds mu fu;eksa ds vuqlkj xfBr ugha gS ftUgsa izkf/kdkj }kjk chek dEifu;ksa ds fy, tkjh fd;k tkrk gSA vlwphc) chek dEifu;ksa ds funs”kd cksMZ esa de ls de nks Lora= lnL; gksus pkfg,A orZeku esa cksMZ esa Lora= funs”kdksa dh la[;k “kwU; gSA

blds i”pkr ys[kkijh{kd lfefr ¼ys[kkijh{kk desVh½ dk xBu Hkh fuxfer iz”kklu fn”kkfunsZ”kksa ds vuqlkj ugha gS ftUgsa izkf/kdkj }kjk chek dEifu;ksa ds fy, tkjh fd;k tkrk gSA ys[kkijh{kd lfefr dk v/;{k ,d Lora= funs”kd gksuk pkfg, tks vkn”kZr% ,d O;olkf;d pkVZMZ ,dkmaVsaV ;k ,slk O;fDr gksuk pkfg, ftlds ikl foÙkh; fo”ys’k.k dh “kfDr”kkyh i’BHkwfe gksA orZeku esa dEiuh ds cksMZ ds v/;{k ljdkj }kjk ukekafdr ,d funs”kd gSA

tokc% dEiuh vf/kfu;e] 1956 us ^Lora= funs”kd* dks ifjHkkf’kr fd;k gS] ysfdu lwfpc)rk le>kSrs ¼fyfLVax ,xzhesaV½ ds mifu;e 46 ds izko/kkuksa ds varxZr cksMZ ds nks lnL; vFkkZr~ Jh ds-,u- Hk.Mkjh vkSj izksQslj xksiky uk;d] ftudk dEiuh ds lkFk dksbZ vkfFkZd laca/k ugha Fkk] dks dEiuh ds fuxfer iz”kklu ds varxZr Lora= funs”kdksa ds :i esa ekU;rk nh xbZA mDr Lora= funs”kdksa dks “kkfey djds cksMZ dh lfefr;ksa vFkkZr~~ ys[kkijh{kk lfefr] tksf[ke izca/ku vkSj ikWfylh/kkjd lqj{kk lfefr dk xBu fd;k x;k ftudk v/;{k Jh Hk.Mkjh dks cuk;k x;k vkSj izksQslj uk;d dks bldk lnL; cuk;k x;kA

dEiuh vf/kfu;e] 2013 ^Lora= funs”kd* dh ifjHkk’kk nsrk gS] ftlds vuqlkj ukfer funs”kd Lora= funs”kd ugha gks ldrsA blfy, dEiuh vf/kfu;e] 2013 ds vuqPNsn 150 o dEiuh dh laLFkk fu;ekoyh ds izko/kkuksa ds vuqlkj Hkkjr ljdkj ls Jh ds- ,u- Hk.Mkjh vkSj izksQslj ukbd dks Lora= funs”kd ds :i esa ekU;rk iznku djus dh flQkfj'k dh xbZ] tks dEiuh vfèkfu;e 2013 ds vuqPNsn 149 ¼6½ esa nh xbZ ^Lora= funs”kd* dh ifjHkk’kk dh ;ksX;rk dks iwjk djrs gSaA

54

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Annexure 'D'

Annual Report on Corporate Social Responsibility (CSR) Activities1. A brief outline of the Company’s CSR policy, including overview of projects or programs proposed to be

undertaken and a reference to the web-link to the CSR policy and projects or programs: AIC, as a socially committed and responsible corporate citizen, pledges that it would work towards up-liftment of the rural, poor, marginalized, disadvantaged and deprived communities of India. The CSR initiatives of AIC would be aimed at the basic life necessities of the individual and collective life amenities of the community as well.

AIC shall engage in CSR activities only within the framework of the provisions of the Companies Act, 2013, its related Rules, Schedule VII and the subordinate legislations issued by the MCA in this respect from time to time.

The CSR Policy of the Company is available on our website www.aicofindia.com.

2. Composition of the CSR Committee:

Corporate Social Responsibility Committee (CSR Committee) (formed on 6th June, 2014) comprising three (3) Members – two Non-Executive Directors, and Chairman-cum-Managing Director & CEO of the Company.

The composition of the Committee is set out below:

1. Mr. P. J. Joseph

2. Mrs. Asha Nair

3. Prof. Gopal Naik

The functions of the Committee include review of CSR initiatives undertaken by the company, formulation and recommendation to the Board of a CSR Policy indicating the activities to be undertaken and recommendation of the amount of the expenditure to be incurred on such activities, review and recommend the annual CSR plan to the Board, making recommendations to the Board with respect to the CSR initiatives, monitor the CSR activities, implementation and compliance with the CSR Policy and to review and implement, if required, any other matter related to CSR initiatives as recommended/suggested by Companies Act, 2013.

3. Average net profit of the Company for last three financial years Rs. 540 Crore (approximately)

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

During the year, Board set up its sub-committee called CSR Committee. The Board approved the CSR Policy and CSR Plan for financial year 2014-15 on the recommendation of CSR Committee. An amount of Rs. 10.8 crore (approximately) was marked for CSR activities during financial year 2014-15.

The prescribed CSR expenditure requirement for FY 2014-15 is Rs. 10.8 crore (approximately)

5. Details of CSR spent during the financial year:

(a) Total amount to be spent for the financial year: An amount of Rs. 4 crore was spent towards CSR during 2014-15

(b) Amount unspent, if any: The amount unspent is Rs. 6.8 crore (approximately)

(c) Manner in which the amount spent during the year is detailed below:

156

vuqca/k ^?k*

fuxfer lkekftd ftEesnkjh ¼lh,lvkj½ xfrfof/k;ksa dh okf"kZd fjiksVZ1- leh{kk % lkekftd :i ls izfrc) vkSj ftEesnkj fuxfer ukxfjd ds :i esa ,vkbZlh “kiFk ysrk gS fd ;g

Hkkjr ds xzkeh.k] xjhc] gkf”k;kÑr] oafpr leqnk;ksa dks Åij mBkus ds fy, dke djsxkA ,vkbZlh dh lh,lvkj igy dk mn~ns”; O;fDr fo”ks’k ds thou dh vk/kkjHkwr t:jrksa dks iwjk djuk vkSj lkeqnkf;d thou dh lqfo/kkvksa dks iznku djuk gSA

,vkbZlh lh,lvkj xfrfof/k;ksa dks dsoy dEiuh vf/kfu;e] 2013 ds izko/kkuksa] blls lacaf/kr fu;eksa] vuqlwph 7 vkSj le; le; ij ,elh, }kjk tkjh lgk;d fu;eksa ds varxZr gh iwjk djsxkA

dEiuh dh lh,lvkj ikWfylh gekjh osclkbV www.aicofindia.com ij miyC/k gSA

2- lh,lvkj lfefr dh lajpuk%

fuxfer lkekftd ftEesnkjh ¼lh,lvkj lfefr½ ¼ftldk xBu 6 twu 2014 dks fd;k x;k Fkk½ lfefr esa ¼3½ lnL;&nks xSj dk;Zdkjh funs”kd] vkSj dEiuh ds v/;{k ,oa izca/kd funs'kd vkSj eq[; dk;Zdkjh vf/kdkjh “kkfey gSaA

lfefr ds xBu dk laf{kIr fooj.k uhps fn;k x;k gS%

1½ Jh ih ts tkslWQ

2½ Jherh vk”kk uk;j

3½ izksQslj xksiky uk;d

lfefr ds dk;ksZa esa dEiuh }kjk igy dh xbZ lh,lvkj xfrfof/k;ksa dh leh{kk] lh,lvkj uhfr dk fuekZ.k vkSj cksMZ dks flQkfj'k djuk ftlesa dh tkus okyh xfrfof/k;ka vkSj bl izdkj dh xfrfof/k;ksa esa vkus okys [kpZ dh flQkfj'k dh tkrh gS] okf’kZd lh,lvkj ;kstuk dh leh{kk vkSj cksMZ dks flQkfj'k] lh,lvkj ds varxZr dh tkus okyh “kq:vkrksa ds laca/k esa cksMZ dks flQkfj'k djuk] lh,lvkj xfrfof/k;ksa dh fuxjkuh j[kuk] lh,lvkj ikWfylh dks ykxw djuk vkSj vuqikyu djuk vkSj ;fn vko”;drk gks rks dEiuh vf/kfu;e 2013 ds varxZr lh,lvkj laca/kh fdlh vU; ekeys dh leh{kk djuk vkSj mls ykxw djuk “kkfey gSA

3- fiNys rhu foÙkh; o’kksZa ds fy, dEiuh dk vkSlr 'kq) ykHk yxHkx 540 djksM+ :i;s gSA

4- fu/kkZfjr lh,lvkj O;; ¼Åij fn, x, fcanq 3 ds vuqlkj jkf'k dk nks izfr'kr½A

o’kZ ds nkSjku cksMZ us viuh mi&lfefr dh LFkkiuk dh ftldk uke lh,lvkj lfefr gSA cksMZ us lh,lvkj lfefr dh flQkfj'k ds vk/kkj ij lh,lvkj uhfr vkSj lh,lvkj ;kstuk dks eatwjh nhA foÙkh; o’kZ 2014&15 ds nkSjku lh,lvkj dh xfrfof/k;ksa fy, yxHkx 10-8 djksM+ #i;s dh jkf”k dks fu/kkZfjr fd;k x;kA

foÙkh; o’kZ 2014&15 ds fy, fu/kkZfjr vko”;d lh,lvkj O;; yxHkx 10-8 djksM+ #i;s gSA

5- foRrh; o"kZ ds nkSjku lh,lvkj ds vUrxZr fd, x, O;; dk fooj.k %

d½ foÙkh; o’kZ ds fy, [kpZ dh tkus okyh dqy jkf”k% 2014&15 ds nkSjku lh,lvkj ds varxZr 4 djksM+ #i;s dh jkf”k [kpZ dh xbZA

[k½ “ks’k cph gqbZ jkf”k] ;fn dksbZ gS% yxHkx 6-8 djksM+ #i;s dh jkf”k “ks’k cph gqbZ gSA

x½ o’kZ ds nkSjku jkf”k dks [kpZ djus dk fooj.k uhps fn;k x;k gS%

156

Rs. in Crore

S. N.

CSR project or activity identified

Sector in which the project is covered

Projects or Programs

Amount outlay

(budget) project or programs

wise

Amount spent on the projects or programs

Cumulative expenditure

up to the reporting

period

Amount spent : Direct

or through implementing

agency*

1 “Swachchh Bharat Kosh”

Sanitation Swachchh Vidyalaya Campaign

2 2 2 Direct

2 “Clean Ganga Fund”

Environment Sustainability

- 2 2 2 Direct

6. Reasons for not spending the allocated CSR amount for FY 2014-15 : Since Financial Year 2014-15, was the first year when CSR was made mandatory under Companies Act, 2013 the initial preparatory activities and basic readiness took time to stabilize, viz., formulation of CSR policy, operational modalities, identification of CSR projects, viability and suitable assessment of organizations etc. as such, due to time constraints and lack of procedural clarity, the Company has been able to spend only Rs. 4 crore out of the total allocated amount of Rs. 10.8 crore (approximately). In accordance with the suggestion of the Board, the balance of Rs. 6.8 crore (approximately) has been carried forward to the next Financial Year 2015-16.

7. Responsibility statement of the CSR Committee : The CSR Committee hereby confirms that the implementation and monitoring of CSR activities is in compliance with CSR objectives and the CSR Policy of the Company

P. J. Joseph CEO& CMD

Chairman CSR Committee

57

#i;s djksM+ esa

Ø- la-

fpfUgr dh xbZ lh,vkj ifj;kstuk,a

;k xfrfof/k;ka

og {ks=k ftlds varxZr ifj;kstuk

vkrh gS

ifj;kstuk,a vkSj dk;ZØe

jkf'k dk fooj.k ¼ctV½ ifj;kstuk ;k dk;ZØe ds vuqlkj

dk;ZØeksa ;k ifj;kstukvksa ij [kpZ dh xbZ jkf'k

fjiksfVZax vof/k rd lap;h [kpZ

[kpZ dh xbZ jkf'k% izR;{k ;k ykxw djus okyh ,tsalh ds ek/;e

ls

1 LoPN Hkkjr dks’k

LoPNrk LoPN fo|ky; vfHk;ku

2 2 2 izR;{k

2 LoPN xaxk eqnzkdks’k

okrkoj.kh; fLFkjrk

& 2 2 2 izR;{k

6- dkj.k % D;ksafd dEiuh vf/kfu;e 2013 ds varxZr lh,lvkj dks foÙkh; o’kZ 2014&15 esa igyh ckj vfuok;Z :i ls ykxw fd;k x;k Fkk blfy, izkjafHkd rS;kjh laca/kh xfrfof/k;ksa vkSj vk/kkjHkwr rRijrk dks fLFkj gksus esa le; yxk] tSls lh,lvkj ikWfylh dk fuekZ.k] lapkyukRed izfreku] lh,lvkj ifj;kstukvksa dh igpku] laxBuksa vkfn dh O;ogkfjdrk vkSj mfpr ewY;kadu] bl izdkj le; dh deh ds dkj.k vkSj izfØ;kRed Li’Vrk ds vHkko esa dEiuh dqy vkoafVr 10-8 djksM+ #i;s dh jkf”k esa ls dsoy 4 djksM+ gh [kpZ dj ik;hA cksMZ ds lq>koksa ds vuqlkj “ks’k cps yxHkx 6-8 djksM+ #i;s dks foÙkh; o’kZ 2015&16 esa vkxs ys tk;k x;k gSA

7- ftEesnkjh dFku % lh,lvkj lfefr ,rn }kjk iqf’V djrh gS fd lh,lvkj xfrfof/k;ksa dk dk;kZUo;u vkSj fuxjkuh lh,lvkj xfrfof/k;ksa vkSj dEiuh dh lh,lvkj uhfr ds vuqlkj fd;k x;k gSA

ih- ts- tkslWQ

eq[; dk;Zdkjh vf/kdkjh ,oa lh,eMh

v/;{k] lh,lvkj lfefr

57

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 accordance with the statutory or regulatory requirements.

4. Declares that the management has not directly or indirectly invested outside India the funds of the holders of policies issued in India.

5. Confirms that the Company has maintained the required solvency margin.

6 Certifies that the value of all the assets have been reviewed on the date of the Balance Sheet and that, in our belief, the assets set forth in the Balance Sheet are shown in the aggregate at amounts not exceeding their realizable or market value under the several headings – “Loans”, “Investments”, “Agents balances”, “Outstanding Premium”, “Interest, Dividends and Rent outstanding”, “Interest, Dividends and Rent accruing but not due”, “Amounts due from other persons or Bodies carrying on insurance business”, “Sundry Debtors”, “Bills Receivable”, “Cash”, and the several items specified under “Other Accounts”.

7. Confirms that the Company’s risk exposure under “National Agricultural Insurance Scheme (NAIS)” is adequately limited by the provisions of the Scheme which restricts the Company’s liability to 100% of the premium for food crops & oilseeds, for all normal coverage as per the provision of the Scheme. Adequate provision in respect of the Company’s share of claims has been made in the accounts as per the actuarial certificate. Appropriate reinsurance has been arranged in respect of Weather Based Crop Insurance Scheme (Weather Based Crop Insurance Scheme), Modified National Agricultural Insurance Scheme (MNAIS), Company’s own products and Annual Commercial & Horticulture crops & additional coverage of Food Crops and Oilseeds under NAIS.

8. Certifies that the Company does not operate outside India.

9. Ageing of claims indicating the trends in average claim settlement (in respect of total liability as per the provision of the Scheme including Company’s and Central & State/UTs Government’s liability) time during the preceding five years is presented below:-

Financial Year

Particulars 30 days; 30 days to 6 months;

6 months to 1 year;

1 year to 5 years

5 years and above

Total

15-Mar No. of Claims / (No. of farmers)

31751 3161156 2840516 625898 357 6659678

Amount Involved (Rs in lakh)

1300 135958 313098 60464 30 510850


2407164 6420352 1300417 302657 0 10430590

58

vuqca/k&3

izcU/ku izfrosnuchek fofu;ked vkSj fodkl izkf/kdj.k ¼chek dEifu;ksa ds foÙkh; fooj.k vkSj ys[kkijh{kd dh fjiksVZ rS;kj djuk½ fofu;e] 2002 dh vuqlwph ^[k* ds Hkkx IV ds vuqlkj] dEiuh izcU/ku ,rn~}kjk%

1- lqfuf'pr djrk gS fd vkbZvkjMh, }kjk iznÙk iathdj.k la[;k 126 vc Hkh oS/k gSA

2- izekf.kr djrk gS fd lakfof/kd izkf/kdj.kksa dks ns; lHkh cdk;ksa dk fof/kor Hkqxrku dj fn;k x;k gSA

3- lqfuf'pr djrk gS fd 'ks;j /kkjd iSVuZ vkSj o"kZ ds nkSjku 'ks;jksa dk varj.k lakfof/kd vFkok fofu;ked vis{kkvksa ds vuq:i fd;k x;k gSA

4- ?kks"k.kk djrk gS fd izcU/ku us Hkkjr esa tkjh dh xbZ ikWfylh /kkjdksa dh fuf/k;ksa dks Hkkjr ds ckgj u rks izR;{k :i ls vkSj u gh ijks{k :i ls fuos”k fd;k gSA

5- lqfuf”pr djrk gS fd dEiuh us visf{kr _.k 'kks/ku {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 gekjs fo'okl ls rqyui= esa fn[kkbZ xbZ ifjlEifÙk;ksa dh jkf'k lexz :i ls mudh olwyh ;ksX; ewY; vFkok cktkj ewY; ls vf/kd ugha gS vkSj bUgsa fofHkUu 'kh"kksZa&^^_.k**] ^^fuos'k^^] ^^,tsUV~l** ds ikl 'ks"k jkf'k**] ^^cdk;k izhfe;e**] ^^C;kt] ykHkka'k vkSj cdk;k fdjk;k] C;kt] ykHkka'k vkSj mixar fdjk;k] ijUrq tks ns; u gks**] ^^vU; O;fÙk;ksa vFkok fudk;ksa] tks chek dk djksckj djrs gS] ns; jkf'k;ka**] ^^fofo/k nsunkj**] ^^izkIr djus ;ksX; fcy**] ^^udn**] vkSj ^^vU; ys[kksa** ds vUrxZr fofufnZ"V vusdenksa ds vUrxZr n'kkZ;k x;k gSA

7- lqfuf'pr djrk gS fd ^^jk"Vªh; df"k chek ;kstuk ¼jk-Ñ-ch-;ks-½ ds vUrxZr dEiuh dk tksf[ke ;kstuk ds izko/kkuksa }kjk i;kZIr :i ls lhfer gS ftlls ;kstuk ds izko/kku ds vuqlkj [kk|kUUk Qlyksa vkSj fryguksa] lHkh lkekU; dojst ds fy, dEiuh dh ns;rk dks izhfe;e ds 100 izfr'kr rd izfrcfU/kr fd;k x;k gS A nkoksa esa dEiuh dh fgLlsnkjh ds ckj esa] chekadh; izek.k&i= ds vuqlkj ys[kksa esa i;kZIr izko/kku fd;k x;k gSA ekSle vk/kkfjr Qly chek ;kstuk ¼McyqchlhvkbZ,l½] la'kksf/kr jk"Vªh; df"k chek ;kstuk ¼la-jk-Ñ-ch-;ks-½] dEiuh ds futh mRiknksa vkSj jk-Ñ-ch-;ks- ds varxZr okf"kZd okf.kfT;d vkSj ckxckuh Qly ,oa [kk|kUu Qlysa vkSj fryguksa ds vfrfjDr vkoj.k dh fy, leqfpr iquZchek 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"kksaZ ds nkSjku vkSlr nkok fuiVku vof/k esa ¼dEiuh vkSj dsUnzh; vkSj jkT;@la?k “kkflr ljdkjksa dh ns;rkvksa lfgr ;kstuk ds izko/kku ds vuqlkj lewph ns;rk ds lEcU/k esa½ izofÙk;ka dks lwfpr djrs gq, nkoksa dh le;kof/k uhps izLrqr dh xbZ gS%&

foÙkh; o"kZ

fooj.k 30 fnu 30 fnu ls 6 ekg rd

6 ekg ls 1 o"kZ rd

1 o"kZ ls 5 o"kZ rd

5 o"kZ ;k mlls vf/kd

dqy

ekpZ&15 nkoksa dh la[;k@¼fdlkuksa dh la[;k½

31751 3161156 2840516 625898 357 6659678

jkf'k 'kkfey ¼:i;s yk[k esa½

1300 135958 313098 60464 30 510850

ekpZ&14 nkoksa dh la[;k@ ¼fdlkuksa dh la[;k½

2407164 6420352 1300417 302657 0 10430590

58

Financial Year

Particulars 30 days; 30 days to 6 months;

6 months to 1 year;

1 year to 5 years

5 years and above

Total


37139 414543 180713 16290 0 648685


3310372 3212518 654778 102841 0 7280509


71707 150729 45888 29071 0 297394


3460546 774587 2159158 469855 0 6864146


247996 43823 23047 184 0 315050


154600 4977649 4757712 235879 0 10125840


10241 228370 282376 14541 0 535528

10. Certifies that the value of investments, stocks and shares, as shown in the Balance Sheet, have been arrived at as stated in the “Significant Accounting Policies” (No. 5).

11. Certifies that the review of quality and performance of investments is as mentioned in the “Notes forming part of Accounts” (No. 8). No loans, except loans to staff members, have been granted by the Company

12. Confirms that:-

(i) In the preparation of financial statements, the applicable accounting standards, principles and policies have been followed along with proper explanations for material departures, if any;

(ii) The management has adopted accounting policies and applied them consistently (including those 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 of the 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 adequate accounting records in accordance with the applicable provisions of the Insurance Act, 1938 (4 of 1938)/Companies Act, 2013, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) The management has prepared the financial statements on a “going concern” basis;

(v) The management has ensured that an internal audit system commensurate with the size and nature of the business exists and is operating effectively;

159

foÙkh; o"kZ

fooj.k 30 fnu 30 fnu ls 6 ekg rd

6 ekg ls 1 o"kZ rd

1 o"kZ ls 5 o"kZ rd

5 o"kZ ;k mlls vf/kd

dqy


37139 414543 180713 16290 0 648685


3310372 3212518 654778 102841 0 7280509


71707 150729 45888 29071 0 297394


3460546 774587 2159158 469855 0 6864146


247996 43823 23047 184 0 315050


154600 4977649 4757712 235879 0 10125840


10241 228370 282376 14541 0 535528

10- izekf.kr djrk gS fd rqyu&i= esa n'kkZ, x, fuos'kksa] LVkWd vkSj 'ks;jksa dk ewY; ^^egRoiw.kZ** ys[kkadu uhfr;ksa** ¼la[;k 5½ esa mfYyf[kr ds vuqlkj fudkyk x;k gSA

11- izekf.kr djrk gS fd fuos'kksa dh xq.koÙkk vkSj fu"iknu dh leh{kk ^^ys[kkvksa esa lekfo"V fVIif.k;ka** ¼la[;k 8½ esa ;Fkk mfYyf[kr ds vuqlkj dh xbZ gS A dEiuh }kjk] LVkQ lnL;ksa dks m/kkj ds vykok dksbZ _.k ugha fn;k x;k gSA

12- lqfuf'pr 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+)karksa vkSj uhfr;ksa dks viuk;k x;k gSA

¼2½ izcU/ku us ys[kkdau 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, gS vkSj vkdyu fd, gS] tks rkfdZd ,oa foosdiw.kZ gS] rkfd o"kZ ds nkSjku dEiuh ds ykHk ,oa] dEiuh ds dk;kasZ dh fLFkfr dh lgh ,oa mfpr fLFkfr irk py ldsaA

¼3½ izcU/ku us] dEiuh dh ifjlEifÙk;ksa dh lqj{kk ds fy, rFkk ?kksVkyksa dks jksdus vkSj vU; vfu;feÙkkvksa dk irk yxkus ds fy, chek vf/kfu;e] 1938 ¼1938 dk 4½@ dEiuh vf/kfu;e 2013 ds vuqes; izko/kkuksa ds vuqlkj ys[kkdau vfHkys[kksa ds i;kZIr vuqj{k.k ij mfpr vkSj i;kZIr /;ku fn;k gSA

¼4½ izcU/ku us ^^ykHkdkjh izfr"Bku** ds vk/kkj ij foÙkh; fooj.k rS;kj fd, gSA

¼5½ izcU/ku us ;g lqfuf”pr fd;k gS fd ,d vkarfjd ys[kkijh{kk iz.kkyh ekStwn gS] tks dkjksckj ds vkdkj vkSj fdLEk ds vuq:i gS rFkk izHkkoh <ax ls dk;Z dj jgh gSA

159

13. Certifies that no payment has been made to individuals, firms, companies and organizations in which the Directors of the Company are interested.

S.No Name of the Director

Entity in which he is interested

Interested as Amount of payment during the financial year (Rs. in lakh)

NIL NIL NIL NIL NIL

(Kanika Sharma Shandil) (K. K. Gupta) (M. K. Poddar) Company Secretary Chief Manager General Manager

(K.N. Bhandari) (Asha Nair) (P. J. Joseph) Director Director Chairman-cum-Managing Director DIN 00191219 DIN 06363501 DIN 05229601

Date: 26.05.2015 Place: New Delhi

60

13- izekf.kr djrk gS fd O;fÙk;ksa] QeksZ] dEifu;ksa vkSj laxBuksa] ftuesa dEiuh ds funs'kdksa dh :fp gS] dks dksbZ Hkqxrku ugha fd;k x;k gSA

Øe la[;k

funs'kd dk uke

dEiuh] ftlesa mldh :fp gS

fdl :i esa :fp j[krs gS

foÙkh; o"kZ ds nkSjku Hkqxrku dh xbZ jkf'k ¼:i;s yk[k esa½

'kwU; 'kwU; 'kwU; 'kwU; 'kwU;

(dfudk 'kekZ 'kkafMY; ) (ds- ds- xqIrk) (,e- ds- iksn~nkj) dEiuh lfpo eq[; izc/kad egk izc/kad

(ds- ,u- HkaMkjh) (vk'kk uk;j) (ih- ts- tkslWQ) funs'kd funs'kd v/;{k&,oa&izcU/k funs'kd MhvkbZ,u 00191219 MhvkbZ,u 06363501 MhvkbZ,u 05229601


60

REGISTRATION NO. 126 (DATE OF REGISTRATION WITH IRDAI: OCTOBER 30, 2003)

REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2015 CROP INSURANCE BUSINESS

Sl.No.

Particulars Schedule Current Year Previous Year31.03.2015(Rs. '000)

31.03.2014(Rs. '000)

1 Premium Earned (Net) 1 15983759 16478621 2 Profit/Loss on Sale/Redemption of Investments 0 2748 3 Accretion of Discount on Investment 46424 26649 4 Interest, Dividend & Rent -Gross 2240748 1903744

TOTAL (A) 18270931 18411762 1 Claims Incurred (Net) 2 17337069 17244505 2 Commission 3 (681669) (1721822)3 Operating Expenses related to Insurance Business 4 693585 632081 4 Premium Deficiency 216747 0 5 Bank Interest 3304 83684 6 Expenses related to Investments :

a) Amortization of Premium on Investments 9404 9323 b) Bank Charges 6 7 c) Stock Holding Charges 1320 1098 d) Other Expenses 32 32

TOTAL (B) 17579798 16248908 Operating Profit from Crop Insurance Business C=(A-B) 691133 2162854 APPROPRIATIONSTransfer to Shareholders' Account 691133 2162854 Transfer to Catastrophe Reserve 0 0 Transfer to Other Reserves 0 0

TOTAL 691133 2162854 (1) As required by Section 40 C (2) of the Insurance Act, 1938, we certify that to the best of our knowledge and belief all

expenses of management, wherever incurred, whether directly or indirectly in respect of Crop Insurance Business have 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.

(Kanika Sharma Shandil) (K. K. Gupta) (M. K. Poddar) Company Secretary Chief manager General Manager

(K. N. Bhandari) (Asha Nair) (P. J. Joseph) Director Director Chairman-cum-Managing Director DIN 00191219 DIN 06363501 DIN 05229601

for M/s S.C.VASUDEVA & CO. for M/s K. K. GHEI & CO. Chartered Accountants Chartered Accountants Firm Regn. No. 000235N Firm Regn. No. 001342N

(Abhinav Khosla) (D.S.Sobti) Partner Partner M.No. 087010 M.No.016416

Place: New Delhi Date: 26.05.2015

61

iathdj.k la[;k 126 ¼vkbZvkjMh,vkbZ esa iathj.k dh rkjh[k%30 vDVwcj] 2003½

31 ekpZ] 2015 dks lekIr vof/k dk jktLo ys[kk Qly chek dkjksckj

Ø- la-

fooj.k vuqlwph pkyw o"kZ xr o"kZ31.03.2015

(#- '000)31.03.2014

(#- '000)1 vftZr izhfe;e ¼fuoy½ 1 15983759 16478621 2 fuos'kksa dh fcØh@_.kekspu ij ykHk@gkfu 0 2748 3 fuos'k ij fMLdkmaV dk izR;k;u 46424 26649 4 C;kt] ykHkka'k vkSj ldy fdjk;k 2240748 1903744

dqy (d) 18270931 18411762 1 mixr nkosa ¼fuoy½ 2 17337069 17244505 2 deh'ku 3 (681669) (1721822)3 chek djksckj ls lEcfU/kr ifjpkyu O;; 4 693585 632081 4 izhfe;e esa deh 216747 0 5 cSad C;kt 3304 83684 6 fuos'kksa ls lEcaf/kr O;;

d½ fuos'kksa ij izhfe;e dk ifj'kks/ku 9404 9323 [k½ cSad izHkkj 6 7 x½ LVkWd gksfYMax izHkkj 1320 1098 ?k½ vU; O;; 32 32

dqy ([k) 17579798 16248908 Qly chek dkjksckj esa ifjpkyu ykHk x=¼d-[k½ 691133 2162854 fofu;ksx'ks;j /kkjdksa ds ys[kk esa varj.k 691133 2162854 vkink lap; vkj{k.k esa varj.k 0 0 vU; vkj{k.kksa esa varj.k 0 0

dqy 691133 2162854 ¼1½ tSlk fd chek vf/kfu;e 1938 dh /kkjk x¼2½ ds }kjk vis{kkuqlkj gSa ge izekf.kr djrs gSa fd gekjh tkudkjh vkSj fo'okl

ds vuqlkj izca/ku ds lHkh O;; tgka Hkh fd;s x;s gSa] pkgs os Qly chek djksckj ls izR;{k vFkok ijks{k :i ls lEcafU/kr gksa] dks iwjh rjg ls jktLo ys[kk esa ys[kkadu uhfr la- 6 ds vuqlkj O;;ksa ds :i esa tek dj fn;k x;k gSA

¼2½ ys[kk uhfr;ksa vkSj ys[kksa ij fVIif.k;ka Øe'k% vuqca/k &1 vkSj 2 ds vuqlkj gSaA

(dfudk 'kekZ 'kkafMY; ) (ds- ds- xqIrk) (,e- ds- iksn~nkj) dEiuh lfpo eq[; izc/kad egkizc/kad


Ñrs esllZ ,l-lh- oklqnso ,aM dEiuh Ñrs esllZ ds- ds- ?kbZ ,aM dEiuh pkVZMZ ,dkmaVsaV~l pkVZMZ ,dkmaVsaV~l QeZ iath- la- 000235,u QeZ iath- la- 001342,u

(vfHkuo [kkslyk) (Mh-,l- lkscrh) Hkkxhnkj Hkkxhnkj ,e-la- 087010 ,e-la- 016416


61


PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2015

Sl.No.

Particulars Schedule Current Year Previous Year

31.03.2015(Rs. '000)

31.03.2014(Rs. '000)

1. OPERATING PROFIT/(LOSS)

Crop Insurance Business 691133 2162854

2. INCOME FROM INVESTMENTS

a) Interest,Dividend & Rent-Gross 1747061 1478219

b) Profit on Sale of Investments 0 2134

c) Accretion of Discount on Investment 36196 20693

3. OTHER INCOME

a) Miscellaneous Receipts 14585 12376

b) Profit on Sale of Assets 19 0

c) Provision of Premium Defalcation written back 901 0

TOTAL (A) 2489895 3676276

4. PROVISIONS (other than Taxation)

a) Dimunition in the value of Investments 0 0

b) Provision on Standard Assets 15161 5552

5. OTHER EXPENSES

a) Expenses other than those related to insurance business

i) Amortisation of Premium on Investments 7332 7239

ii) Stock Holding Charges 1029 852

iii) Bank Charges 5 5

iv) Other Expenses related to investment 25 25

b) Bad Debts written off 0 0

c) Others

i) Loss on Sale of Assets 0 230

ii) Prior Period Expenses 11 195

iii) Wealth Tax 4455 4329

iv) Corporate Social Responsibility 40000 0

v) Others 1000 0

TOTAL (B) 69018 18427

PROFIT BEFORE TAX (C=A-B) 2420877 3657849

62


31 ekpZ] 2015 dks lekIr o"kZ ds ykHk vkSj gkfu dk ys[kkØ- la- fooj.k vuqlwph pkyw o"kZ xr o"kZ

31.03.2015(#- '000)

31.03.2014(#- '000)

1. ifjpkyu ykHk@¼gkfu½

Qly chek dkjksckj 691133 2162854

2. fuos'k ls vk;

d½ C;kt] ykHkka'k vkSj fdjk;k&ldy 1747061 1478219

[k½ fuos'kksa dh fcØh ij ykHk 0 2134

x½ fuos'k ij NwV dh vfHkonf/k 36196 20693

3. vU; vk;

ad½ fofo/k izkfIr;ka 14585 12376

[k½ ifjlEifÙk;ksa dh fcØh ij ykHk 19 0

x½ izhfe;e dk izko/kku xcu okil fy[kk 901 0

dqy (d) 2489895 3676276

4. izko/kku ¼djk/kku ds vykok½

d½ fuos'kksa ds ewY; dk voewY;u 0 0

[k½ ekud ifjlEifÙk;ksa ij izko/kku 15161 5552

5. vU; O;;

d½ O;; tks chek dkjksckj ls lEcfU/kr ugha gSa

i) fuos'kksa ij izhfe;e dk ifj'kks/ku 7332 7239

ii) LVkWd gksfYMax izHkkj 1029 852

iii) cSad izHkkj 5 5

iv) fuos'k ls lEcfU/kr vU; O;; 25 25

[k½ cV~Vs [kkrs Mkys x, v'kks/; _.k 0 0

x½ vU;

i) ifjlEifÙk;ksa dh fcØh ij gkfu 0 230

ii) iwoZ vof/k O;; 11 195

iii) lEifÙk dj 4455 4329

iv) fuxfer lkekftd ftEesnkjh 40000 0

v) vU; 1000 0

dqy ([k) 69018 18427

dj iwoZ ykHk ¼x=d-[k½ 2420877 3657849

62

Sl.No.

Particulars Schedule Current Year Previous Year

31.03.2015(Rs. '000)

31.03.2014(Rs. '000)

PROVISION FOR TAXATION

a) Income Tax (Current Year) 737487 1177425

b) Income Tax (pertaining to earlier years) 0 7357

c) Deferred Tax 2910 (13413)

TOTAL (D) 740397 1171369

PROFIT AFTER TAX (E=C-D) 1680480 2486480

APPROPRIATIONS

a) Proposed Final Dividend 200000 0

b) Dividend Distribution Tax 40715 0

c) Transfer to General Reserve 1439765 2486480

TOTAL 1680480 2486480

PROFIT AFTER TAX & APPROPRIATIONS 0 0

Add: Balance of Profit/(Loss) b/f from last year 0 0

BALANCE C/F TO BALANCE SHEET 0 0

Basic Earning per Share ( in Rs.) 8.40 12.43

Diluted Earning per Share ( in Rs.) 8.40 12.43

Number of Equity Shares 200000000 200000000

Nominal Value per Share ( in Rs.) 10.00 10.00



for M/s S. C. VASUDEVA & CO. for M/s K. K. GHEI & CO. Chartered Accountants Chartered Accountants Firm Regn. No. 000235N Firm Regn. No. 001342N

(Abhinav Khosla) (D. S. Sobti) Partner Partner M.No. 087010 M.No.016416


63

Ø- la- fooj.k vuqlwph pkyw o"kZ xr o"kZ

31.03.2015(#- '000)

31.03.2014(#- '000)

djk/kku dk izko/kku

d½ vk;dj ¼pkyw o"kZ½ 737487 1177425

[k½ vk;dj ¼fiNys o"kks± ls lEcaf/kr½ 0 7357

x½ vkLFkfxr dj 2910 (13413)

dqy (?k) 740397 1171369

dj i'pkr~ ykHk ¼M=x-?k½ 1680480 2486480

fofu;ksx

d½ izLrkfor vfUre ykHkka'k 200000 0

[k½ ykHkka'k forj.k dj 40715 0

x½ lkekU; vkjf{kr dks"k esa varj.k 1439765 2486480

dqy 1680480 2486480

dj i'pkr ykHk vkSj fofu;ksx 0 0

tksM+s % xr o"kZ ls vkxs yk;h x;h ykHk@gkfu dh 'ks"k jkf'k 0 0

rqyu&i=k esa vkxs yk;h x;h 'ks"k jkf'k 0 0

izfr'ks;j vk/kkjHkwr vtZu ¼#- esa½ 8.40 12.43

izfr'ks;j ifj'kksf/kr vtZu ¼#- esa½ 8.40 12.43

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

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


(ds- ,u-HkaMkjh) (vk'kk uk;j) (ih- ts- tkslWQ) funs'kd funs'kd v/;{k&,oa&izcU/k funs'kd MhvkbZ,u 00191219 MhvkbZ,u 06363501 MhvkbZ,u 05229601

Ñrs esllZ ,l-lh- oklqnso ,aM dEiuh Ñrs esllZ ds-ds- ?kbZ ,aM dEiuh pkVZMZ ,dkmaVsaV~l pkVZMZ ,dkmaVsaV~l QeZ iath- la- 000235,u QeZ iath- la- 001342,u

(vfHkuo [kkslyk) (Mh-,l- lkscrh) Hkkxhnkj Hkkxhnkj ,e-la- 087010 ,e-la- 016416


63


BALANCE SHEET AS AT 31ST MARCH, 2015

Sl.No.

Particulars Schedule Current Year Previous Year31.03.2015(Rs. '000)

31.03.2014(Rs. '000)

SOURCES OF FUNDSShare Capital 5 2000000 2000000Reserves & Surplus 6 21365564 19927613Fair Value Change Account (45168) (94986)Deferred Tax Liability (Net) 34621 31711 Borrowings 7 0 0

TOTAL 23355017 21864338 APPLICATION OF FUNDSInvestments 8 & 8A 47070224 40190673 Loans 9 38548 32140 Fixed Assets 10 429369 546539 Current Assets:Cash & Bank Balances 11 3557906 1490860 Advances & Other Assets 12 11293800 9777325

Sub - Total (A) 14851706 11268185 Current Liabilities 13 30729147 21344105 Provisions 14 8305683 8829094

Sub - Total (B) 39034830 30173199 Net Current Assets (C) = (A) - (B) (24183124) (18905014)

Miscellaneous Expenditure(to the extent not written off or adjusted) 0 0 Debit Balance in Profit and Loss Account 0 0

TOTAL 23355017 21864338



for M/s S. C. VASUDEVA & CO. for M/s K.K. GHEI & CO. Chartered Accountants Chartered Accountants Firm Regn. No. 000235N Firm Regn. No. 001342N



64


31 ekpZ] 2015 dk rqyu i=

Ø- la-

fooj.k vuqlwph pkyw o"kZ xr o"kZ31.03.2015

(#- '000)31.03.2014

(#- '000)fuf/k;ksa ds lzksr

'ks;j iwath 5 2000000 2000000

vkj{k.k ,oa vf/k'ks"k 6 21365564 19927613mfpr ewY; ifjorZu ys[kk (45168) (94986)

vkLFkfxr dj ns;rk ¼fuoy½ 34621 31711

m/kkj 7 0 0

dqy 23355017 21864338

fuf/k;ksa dk vuqiz;ksx

fuos'k 8 vkSj 8d 47070224 40190673

_.k 9 38548 32140

LFkk;h ifjlEifÙk;ka 10 429369 546539

pkyw ifjlEifÙk;kaudn vkSj cSad cdk;k 11 3557906 1490860 vfxze vkSj vU; ifjlEifÙk;ka 12 11293800 9777325

mi&tksM+ ¼d½ 14851706 11268185

pkyw ns;rk,a 13 30729147 21344105

izko/kku 14 8305683 8829094

mi&tksM+ ¼[k½ 39034830 30173199 fuoy pkyw ifjlEifÙk;ka ¼x½ = ¼d½ & ¼[k½ (24183124) (18905014)

fofo/k O;;

¼cV~Vs [kkrs u Mkys x, vFkok lek;ksftr u fd, tkus dh lhek rd½ 0 0

ykHk vkSj gkfu ys[kk esa cdk;k tek 0 0

dqy 23355017 21864338



Ñrs esllZ ,l- lh- oklqnso ,aM dEiuh Ñrs esllZ ds- ds- ?kbZ ,aM dEiuh pkVZMZ ,dkmaVsaV~l pkVZMZ ,dkmaVsaV~l QeZ iath- la- 000235,u QeZ iath- la- 001342,u

(vfHkuo [kkslyk) (Mh- ,l- lkscrh) Hkkxhnkj Hkkxhnkj ,e-la- 087010 ,e-la- 016416


64

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2015

SCHEDULE 1 : PREMIUM EARNED (NET)

Particulars Current Year Previous Year31.03.2015(Rs. '000)

31.03.2014(Rs. '000)

Premium from Direct Business Written (Net of Service Tax) 27396988 33950093

Add: Premium on Reinsurance Accepted 0 0

Less: Premium on Reinsurance Ceded 12432850 16946712

Net Premium 14964138 17003381

Adjustment for change in Reserve for Unexpired Risks 1019621 (524760)

TOTAL PREMIUM EARNED (NET) 15983759 16478621

SCHEDULE 2 : CLAIMS INCURRED (NET)


31.03.2014(Rs. '000)

Claims Paid - Direct 24335141 33193082

Add: Reinsurance Accepted 0 0

Less: Reinsurance Ceded 11981867 18510666

Net Claims paid 12353274 14682416

Add: Claims Outstanding at the end of the Year 50135763 42450303



Net Claims Outstanding at the end of the Year 24610663 19626868

Less: Claims Outstanding at the beginning 42450303 39605069



Net Claims Outstanding at the beginning 19626868 17064779

Gross Incurred Claims 32020601 36038316



NET CLAIMS INCURRED 17337069 17244505

65

31 ekpZ 2015 dks lekIr vof/k ds fy, foÙkh; fooj.kksa esa lekfo"V vuqlwfp;ka

vuqlwph 1 : vftZr izhfe;e ¼fuoy½

fooj.k pkyw o"kZ xr o"kZ

31.03.2015(#- '000)

31.03.2014(#- '000)

fyf[kr izR;{k dkjksckj ls izhfe;e ¼fuoy lsok dj½ 27396988 33950093

tksMs+ % LohÑr iquchZek ij izhfe;e 0 0

?kVk,a % varfje iquchZek ij izhfe;e 12432850 16946712

fuoy izhfe;e 14964138 17003381

vlekIr tksf[ke ds fy, vkj{k.k esa ifjorZu ds fy, lek;kstu 1019621 (524760)

dqy vftZr izhfe;e ¼fuoy½ 15983759 16478621

vuqlwph 2 : mixr nkos ¼fuoy½

fooj.k pkyw o"kZ xr o"kZ

31.03.2015(#- '000)

31.03.2014(#- '000)

Hkqxrku fd, x, nkos & izR;{k 24335141 33193082

tksM+sa % LohÑr iquchZek 0 0

?kVk,a % varfjr iquchZek 11981867 18510666

Hkqxrku fd, x, fuoy nkos 12353274 14682416

tksM+sa % o"kZ ds var esa cdk;k nkos 50135763 42450303

tksM+s % LohÑr iquchZek 0 0


o"kZ ds var esa cdk;k fuoy nkos 24610663 19626868

?kVk,a % vkjEHk esa cdk;k nkos 42450303 39605069

tksM+s % LohÑr iquchZek 0 0


o"kZ ds vkjEHk esa cdk;k fuoy nkos 19626868 17064779 ldy mixr nkos 32020601 36038316

tksM+s % LohÑr iquchZek 0 0 ?kVk,a % varfje iquchZek 14683532 18793811

mixr fuoy nkos 17337069 17244505

65

SCHEDULE 3 : COMMISSION

ParticularsCurrent Year Previous Year

31.03.2015(Rs. '000)

31.03.2014(Rs. '000)

Commission Paid - Direct 318974 350757Add: Commission on Reinsurance Accepted 0Less: Commission on Reinsurance Ceded 1000643 2072579

NET COMMISSION (681669) (1721822)Break- up of the expenses (gross) incurred to procure business to be furnished as per details indicated below:Agents 0 0Brokers 6007 6972Corporate Agency 0 0Others:a) Micro Insurance Agents/NGO's 2360 6123b) Service Charges to Banks 298514 334499c) Reimbursement to GIPSA Companies (Coinsurance-Tie Up) 12079 3163d) Insurance Commission to others 14 0

TOTAL (B) 318974 350757

SCHEDULE 4 : OPERATING EXPENSES RELATED TO INSURANCE BUSINESSSl.

No.Particulars Current Year Previous Year

31.03.2015(Rs. '000)

31.03.2014(Rs. '000)

1 Employees' Remuneration & Welfare benefits 238880 2332242 Travel, Conveyance & Vehicle Running Expenses 27174 286643 Training Expenses 2099 26494 Rent, Rates & Taxes 62013 543895 Repairs 10829 105766 Printing & Stationery 4494 41287 Communication 5754 50518 Legal & Professional charges 12344 116939 Auditor's fees, expenses etc.a) as Auditor 1458 1441b) as Advisor or in any other capacity, in respect of(i) Taxation matters 0 0 (ii) Insurance matters 0 0 (iii) Management Services 0 0 c) in any other capacity 320 321 10 Advertisement & Publicity 18258 1756011 Fees & Subscription to Statutory Authorities 35727 2939712 Interest & Bank Charges 67 8913 Research & Development Expenses 903 130914 Depreciation 111253 11014315 Information Technology Expenses 126935 9337916 Others 35077 28068

TOTAL 693585 632081

66

vuqlwph 3 : deh'ku

fooj.kpkyw o"kZ xr o"kZ

31.03.2015(#- '000)

31.03.2014(#- '000)

Hkqxrku fd;k x;k deh'ku & izR;{k 318974 350757tksMsa % LohÑr iquchZek ij deh'ku 0?kVk,a % varfjr iquchZek ij deh'ku 1000643 2072579

fuoy deh'ku (681669) (1721822)dkjksckj vf/kxzg.k djus ds fy, mixr O;; ¼ldy½ dk C;kSjk ftls uhps fn, x, fooj.k ds vuqlkj izLrqr djuk gSvfHkdrkZ 0 0nyky 6007 6972dkiksZjsV ,tsalh 0 0vU;d½ lw{e chek vfHkdrkZ @xSj ljdkjh laxBu 2360 6123[k½ cSadks dks lsok izHkkj 298514 334499?k½ ftIlk dEifu;ksa dks izfriwfrZ ¼lgchek&VkbZvi½ 12079 3163vU; dks chek deh'ku 14 0

dqy ¼[k½ 318974 350757

vuqlwph 4 : chek dkjksckj ds lEcU/k esa ifjpkyu O;;Ø-la-

fooj.k pkyw o"kZ xr o"kZ31.03.2015

(#- '000)31.03.2014

(#- '000)1 deZpkfj;ksa dks ikfjJfed vkSj dY;k.k ykHk 238880 2332242 ;k=k] ifjogu vkSj okgu lapkyu O;; 27174 286643 izf'k{k.k O;; 2099 26494 fdjk;k] njsa vkSj dj 62013 543895 ejEersa 10829 105766 eqnz.k vkSj ys[ku lkexzh 4494 41287 lapkj 5754 50518 fof/kd vkSj O;kolkf;d izHkkj 12344 116939 ys[kkijh{kd dk 'kqYd] O;; vkfnd½ ys[kk ijh{kd ds :i esa 1458 1441[k½ lykgdkj vFkok vU; fdlh gSfl;r ls fuEufyf[kr ds lEcU/k esa(i) djk/kku ekeys 0 0 (ii) chek ekeys 0 0 (iii) izcU/ku lsok,a 0 0 Xk½ fdlh vU; gSfl;r ls 320 321 10 foKkiu ,oa izpkj 18258 1756011 lkafof/kd izkf/kdj.kksa dks 'kqYd ,oa lnL;rk 35727 2939712 C;kt vkSj cSad izHkkj 67 8913 vuqla/kku vkSj fodkl O;; 903 130914 ewY;gzkl 111253 11014315 lwpuk izkS|ksfxdh O;; 126935 9337916 vU; 35077 28068

dqy 693585 632081

66

SCHEDULE 5 : SHARE CAPITALSl.


31.03.2015(Rs. '000)

31.03.2014(Rs. '000)

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

2 Issued Capital 20 crore Equity Shares of Rs.10/- each 2000000 2000000

3 Subscribed Capital 20 crore Equity Shares of Rs.10/- each 2000000 2000000

4 Called-up & Paid-up Capital 20 crore Equity Shares of Rs.10/- each 2000000 2000000 Less: Calls Unpaid 0 0 Add: Equity Shares forfeited (Amount originally paid up) 0 0 Less: Par Value of Equity Shares bought back 0 0 Less: Preliminary Expenses 0 0 Expenses including commission or brokerage on underwriting or subscription of shares

0 0

TOTAL 2000000 2000000

SCHEDULE 5A : PATTERN OF SHAREHOLDING (AS CERTIFIED BY THE MANAGEMENT)

Sl. No.

Shareholders Current Year Previous Year

31.03.2015 31.03.2014

Number of % of Number of % of

Shares ('000) Holding Shares ('000) Holding

A. PROMOTERS - INDIAN

1 General Insurance Corporation of India 70000 35% 70000 35%

2 National Agriculture Bank for Rural

Development (NABARD) 60000 30% 60000 30%

3 National Insurance Company Ltd. & its nominee 17500 8.75% 17500 8.75%

4 The New India Assurance Company Ltd. & its nominee

17500 8.75% 17500 8.75%

5 The Oriental Insurance Company Ltd. 17500 8.75% 17500 8.75%

6 United India Insurance Company Ltd. 17500 8.75% 17500 8.75%

TOTAL 200000 100% 200000 100%

B. PROMOTERS - FOREIGN NIL NIL NIL NIL

TOTAL 200000 100% 200000 100%

67

vuqlwph 5 : 'ks;j iwath

Ø-la-

fooj.k pkyw o"kZ xr o"kZ31.03.2015

(#- '000)31.03.2014

(#- '000)1 izkf/kÑr iwath

10 :i;s izfr 'ks;j ds 150 djksM+ bfDoVh 'ks;j 15000000 15000000 2 fuxZr iwath

10 #i;s izfr 'ks;j ds 20 djksM+ bfDoVh 'ks;j 2000000 2000000 3 vfHknÙk iwath

10 #i;s izfr 'ks;j ds 20 djksM+ bfDoVh 'ks;j 2000000 2000000 4 ekaxh xbZ vkSj iznÙk iwath

10 #i;s izfr 'ks;j ds 20 djksM+ bfDoVh 'ks;j 2000000 2000000

?kVk,a % viznÙk ekaxs 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 /kkfjrk dk Lo:i ¼tSlk izcU/ku }kjk izekf.kr gS½

Ø-la-

'ks;j /kkjd pkyw o"kZ xr o"kZ

31.03.2015 31.03.2014

'ks;jksa dhla[;k (#- 000)

/kkfjrk dk %

'ks;jksa dhla[;k (#- 000)

/kkfjrk dk %

d- lao/kZu drkZ & Hkkjrh;1 Hkkjrh; lk/kkj.k chek fuxe 70000 35% 70000 35%

2 jk"Vªh; Ñf"k vkSj xzkeh.k fodkl cSad ¼ukckMZ½ 60000 30% 60000 30%

3 us'kuy ba';ksjal dEiuh fy- vkSj blds ukferh 17500 8.75% 17500 8.75%

4 fn U;w bafM;k ,';ksajsal dEiuh fy- vkSj blds ukferh

17500 8.75% 17500 8.75%

5 fn vksfj,aVy ba';ksjal dEiuh fy- 17500 8.75% 17500 8.75%

6 ;qukbVsM bafM;k ba';ksjsal dEiuh fy- 17500 8.75% 17500 8.75%

dqy 200000 100% 200000 100%

[k- lao/kZudrkZ & fons'kh 'kwU; 'kwU; 'kwU; 'kwU;

dqy 200000 100% 200000 100%

67

SCHEDULE 6 : RESERVES & SURPLUS

Sl. No.

Shareholders Current Year Previous Year

31.03.2015(Rs. '000)

31.03.2014(Rs. '000)

1 Capital Reserve 0 0

2 Capital Redemption Reserve 0 0

3 Share Premium 0 0

4 General Reserve

Opening Balance 19927613 17441133

Add: Profit transferred during the year 1439765 2486480 19927613

Less: Change in Depreciation Reserve as per Companies Act 2013

1814 21365564

5 Catastrophe Reserve 0 0

6 Other Reserves 0 0

Balance of Profit in Profit & Loss Account 0 0

TOTAL 21365564 19927613

SCHEDULE 7 : BORROWINGSSl.


31.03.2015(Rs. '000)

31.03.2014(Rs. '000)

1 Debentures & Bonds 0 02 Banks 0 03 Financial Institutions 0 04 Others 0 0

TOTAL 0 0

68

vuqlwph 6 : vkj{k.k ,oa vf/k'ks"k

Ø-la-

'ks;j /kkjd pkyw o"kZ xr o"kZ

31.03.2015(#- '000)

31.03.2014(#- '000)

1 iwath xr 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 19927613 17441133

tksM+sa % o"kZ ds nkSjku LFkkukUrfjr ykHk 1439765 2486480 19927613

?kVk, % dEiuh vf/kfu;e 2013 ds vuqlkj ewY;gzkl vkj{k.k esa cnyko

1814 21365564

5 vkink vkj{k.k 0 0

6 vU; vkj{k.k 0 0

ykHk vkSj gkfu ys[kk esa 'ks"k ykHk 0 0

dqy 21365564 19927613

vuqlwph 7 : m/kkj jkf'k;kaØ-la-

fooj.k pkyw o"kZ xr o"kZ31.03.2015(#- '000)

31.03.2014(#- '000)

1 _.ki= vkSj ckaM 0 02 cSad 0 03 foÙkh; laLFkk,a 0 04 vU; 0 0

dqy 0 0

68

SCHEDULE 8 : INVESTMENTS(SHARE HOLDER )Sl.


31.03.2015(Rs. '000)

31.03.2014(Rs. '000)

A. LONG TERM INVESTMENTS1 Government securities and Government guaranteed bonds including

Treasury Bills3776212 3412838

2 Other Approved Securities 2331996 17748383 Other Investments

(a) Shares 0 0(aa) Equity 257852 104853(ab) Preference 0 0(b) Mutual Fund 0 0(c) Derivative Instruments 0 0(d) Debentures / Bonds 2628480 2225753(e) Other Securities 0 209344(f) Subsidiaries 0 0(g) Investment Properties - Real Estate 0 0

4 Investment in Infrastructure and Social Sector 2255074 18401005 Other than Approved Investments 10391 8819

Sub - Total (A) 11260005 9576545B. SHORT TERM INVESTMENTS1 Government securities and Government guaranteed bonds including





Sub - Total (B) 9361460 6925745GRAND TOTAL (A+B) 20621465 16502290

Note: (1) A provision of Rs.11,62,03 thousand ( Previous Year Rs.10,10,42 thousand) on Standard Assets in respect of investment in Debentures/Bonds appears under item 5 (iv) in Schdule 14.

Market Value of Investments on 31.03.2015 47070224 40190673 Less: Fair Value Change Account (45168) (94986) Book Value of Investments as on 31.03.2015 47115392 40285659

69

vuqlwph 8 : fuos'k ¼'ks;j /kkjd½

Ø-la-


31.03.2014(#- '000)

¼d½ nh?kZdkfyd fuos'k1 ljdkjh izfrHkwfr;ka vkSj ljdkjh gqafM;ksa lfgr ljdkjh xkjaVh 'kqnk ckaM 3776212 34128382 vU; vuqeksfnr izfrHkwfr;ka 2331996 17748383 vU; fuos'k

¼d½ 'ks;j 0 0¼dd½ bfDoVh 257852 104853¼d[k½ ojh;rk 0 0¼[k½ E;qpqvy QaM 0 0¼x½ nwljs lzksr ls izkIr lk/ku 0 0¼?k½ _.k i=@ckaM 2628480 2225753¼M-½ vU; izfrHkwfr;ka 0 209344¼p½ vuq"kaxh 0 0¼N½ fuos'k lEifÙk;ka & fj;y ,LVsV 0 0

4 volajpuk vkSj lkekftd {ks= esa fuos'k 2255074 18401005 vuqeksfnr fuos'kksa ds vykok 10391 8819

mi&tksM+ ¼d½ 11260005 9576545

¼[k½ vYidkfyd fuos'k1 ljdkjh izfrHkwfr;ka vkSj ljdkjh gqfM;ksa lfgr ljdkjh xkjaVh 'kqnk ckaM 587492 4218532 vU; vuqeksfnr izfrHkwfr;ka 0 556943 vU; fuos'k


4 volajpuk vkSj lkekftd {ks= esa fuos'k 328575 3000235 vuqeksfnr fuos'kksa ds vykokk 0 474813

mi&tksM+ ¼[k½ 9361460 6925745ldy ¼d+[k½ 20621465 16502290

fVIi.kh % 1½ vuqlwph 14 esa en la[;k 5(iv) ds varxZr n'kkZ, x, _.k i=ksa@ ckaMksa esa fuos'k ds ckjs esa ekud ifjlEifÙk;ksa ij `11,62,03 gtkj ¼xr o"kZ ` 10,10,42 gtkj½ dk izko/kkuA

31.03.2015 dks fuos'kksa dk cktkj ewY; 47070224 40190673 ?kVk,a % mfpr ewY; ifjorZu ys[kk (45168) (94986) 31.03.2012 dks fuos'kksa dk vfdar ewY; 47115392 40285659

69

SCHEDULE 8A : INVESTMENTS (POLICYHOLDER )Sl.


31.03.2015(Rs. '000)

31.03.2014(Rs. '000)

A. LONG TERM INVESTMENTS1 Government securities and Government guaranteed bonds including





Sub - Total (A) 14441902 13746750B. SHORT TERM INVESTMENTS1 Government securities and Government guaranteed bonds including





Sub - Total (B) 12006857 9941633GRAND TOTAL (A+B) 26448759 23688383

Note: (1) A provision of Rs.11,62,03 thousand ( Previous Year Rs.10,10,42 thousand) on Standard Assets in respect of investment in Debentures/Bonds appears under item 5 (iv) in Schdule 14.

Market Value of Investments on 31.03.2015 47070224 40190673 Less: Fair Value Change Account (45168) (94986) Book Value of Investments as on 31.03.2015 47115392 40285659

70

vuqlwph 8d : fuos'k ¼ikWfylh /kkjd½

Ø-la-


31.03.2014(#- '000)

¼d½ nh?kZdkfyd fuos'k1 ljdkjh izfrHkwfr;ka vkSj ljdkjh gqafM;ksa lfgr ljdkjh xkjaVh 'kqnk ckaM 4843308 48989932 vU; vuqeksfnr izfrHkwfr;ka 2990981 25477103 vU; fuos'k


4 volajpuk vkSj lkekftd {ks= esa fuos'k 2892322 26413905 vuqekfnr fuos'kksa ds vykok 13327 12660

mi&tksM+ ¼d½ 14441902 13746750¼[k½ vYidkfyd fuos'k1 ljdkjh izfrHkwfr;ka vkSj ljdkjh gqfM;ksa lfgr ljdkjh xkjaVh 'kqnk ckaM 753508 6055532 vU; vuqeksfnr izfrHkwfr;ka 0 799463 vU; fuos'k


4 volajpuk vkSj lkekftd {ks= esa fuos'k 421425 4306725 vuqeksfnr fuos'kksa ds vykok 0 681576

mi&tksM+ ¼[k½ 12006857 9941633ldy tksM+ ¼d+[k½ 26448759 23688383

fVIi.kh % 1½ vuqlwph 14 esa en la[;k 5(iv) ds varxZr n'kkZ, x, _.k i=ksa@ ckaMksa esa fuos'k ds ckjs esa ekud ifjlEifÙk;ksa ij `11,62,03 gtkj ¼xr o"kZ ` 10,10,42 gtkj½ dk izko/kkuA

31.03.2015 dks fuos'kksa dk cktkj ewY; 47070224 40190673 ?kVk,a % mfpr ewY; ifjorZu ys[kk (45168) (94986) 31.03.2012 dks fuos'kksa dk vfdar ewY; 47115392 40285659

70

SCHEDULE 9 : LOANSSl.


31.03.2015(Rs. '000)

31.03.2014(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 38548 32140

B. Unsecured 0 0

TOTAL 38548 32140

2 BORROWER-WISE CLASSIFICATION

a) Central & State Governments 0 0

b) Banks & Financial Institutions 0 0

c) Subsidiaries 0 0

d) Industrial Undertakings 0 0

e) Others(Loans to Staff) 38548 32140

TOTAL 38548 32140

3 PERFORMANCE-WISE CLASSIFICATION

a) Loans classified as Standard:

(i) In India 38548 32140


b) Non-Performing Loans, less provisions:

(i) In India 0 0


TOTAL 38548 32140

4 MATURITY-WISE CLASSIFICATION

a) Short Term 2929 2815

b) Long Term 35619 29325

TOTAL 38548 32140

71

vuqlwph 9 : _.k

Ø-la-


31.03.2014(#- '000)

1 izfrHkwfr&okj oxhZdj.k

d- izfrHkwfr

¼d½ lEifÙk ds fxjoh j[kus ij(i) Hkkjr esa 0 0 (ii) Hkkjr ls ckgj 0 0

¼[k½ 'ks;jksa] ckaMksa] ljdkjh izfrHkwfr;ksa ij 0 0

¼x½ vU;(i) LVkQ dks _.k 38548 32140

[k- vizfrHkwr 0 0

dqy 38548 32140

2 m/kkj drkZ&okj&oxhZdj.k

¼d½ dsUæ vkSj jkT; ljdkjsa 0 0

¼[k½ cSad vkSj foÙkh; laLFkk,a 0 0

¼x½ vuq"kaxh 0 0

¼?k½ vkS|ksfxdh miØe 0 0

¼M-½ vU; ¼LVkQ dks _.k½ 38548 32140

dqy 38548 32140

3 fu"iknu&okj oxhZdj.k

¼d½ ekud ds :i esa oxhZÑr _.k(i) Hkkjr esa 38548 32140

(ii) Hkkjr ls ckgj 0 0

¼[k½ xSj fu"iknudkjh _.k] izko/kkuksa dks NksM+dj(i) Hkkjr esa 0 0

(ii) Hkkjr ls ckgj 0 0

dqy 38548 32140

4 ifjiDork&okj oxhZdj.k

¼d½ vYidkfyd 2929 2815

¼[k½ nh?kZdkfyd 35619 29325

dqy 38548 32140

71

SCH

EDU

LE 1

0 : F

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ASS

ETS

(Rs.

'000)

Part

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ars

Cos

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year

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31.0

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31.0

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(A)T

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Ass

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Build

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3643

84

0 0

3643

84

3387

9 0

1609

9 0

4997

8 31

4406

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Furn

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1341

9 20

93

1542

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970

8509

57

18

77

1325

91

18

4852

49

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4186

30

59

4751

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333

2898

9 46

56

1237

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3875

6 65

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2073

9 23

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1 11

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7 79

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0 69

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3424

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361

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0 71

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2618

88

601

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2619

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1354

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PR

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R67

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3084

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1193

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2230

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5465

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72

vuqlwph

10 : LFkk;h ifjl

EifÙk;k¡

(#- '

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fooj

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ldy CykWd

ewY;

gzkl

fuoy

CykWd

01.0

4.20

14

tksM

s %

o"kZ ds

nkSjku

o`f)

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% o"kZ

ds n

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fcØh@

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jn~n d

h xb

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31.0

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2014

izfr/

kkfjr

vk; d

ks gL

rkarfjr

orZeku

o"kZ ds

fy,

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lek;kstu

ij

31.0

3.20

1531

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2015

31.0

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dks

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dks

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Hkou

3643

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0 0

3643

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3387

9 0

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8 31

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9 20

93

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57

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77

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1641

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2 33

3 28

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6511

4

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9 23

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2618

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1354

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9 20

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4293

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6617

2230

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72

SCHEDULE 11 : CASH AND BANK BALANCES

Sl.No.


31.03.2014(Rs. '000)

1 Cash (including Cheques,Drafts & Stamps) 7 184 2 Bank Balances (a) Deposit Accounts

(i) Flexi Deposit 30 672 (ii) Others 0 0

(b) Current Accounts 3557869 1490004 (c) Others ( to be specified) 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 3557906 1490860

SCHEDULE 12 : ADVANCES AND OTHER ASSETS

Sl.No.


31.03.2014(Rs. '000)

A. ADVANCES1 Reserve Deposits with Ceding Companies 0 0 2 Application Money for Investments 0 0 3 Pre-payments 43069 58409 4 Advances to Directors/Officers 2820 2738 5 Advance Tax Paid & Taxes Deducted at Source

(Net of Provision for Taxation) 1262680 380173 6 Others: a) Advance Rent paid 4212 222 b) Sundry Advances 32221 34177

Less: Provision for premium defalcation (17833) (18733)Sub - Total (A) 1327169 456986

B. OTHER ASSETS1 Income accrued on investments1(a) Accrued but not due 1736058 1220942

73

vuqlwph 11 : udn vkSj cSad 'ks"kØ-la-


31.03.2014(#- '000)

1 udn ¼pSd] Mªk¶V vkSj LVkWEi lfgr½ 7 184

2 cSad 'ks"k

d½ tek [kkrs

(i) ¶ySDlh tek 30 672

(ii) vU; 0 0

[k½ pkyw [kkrs 3557869 1490004

x½ vU; ¼fufnZ"V fd;k tk;sxk½ 0 0

3 ekaxs tkus vkSj laf{kIr uksfVl ij jkf'k

d½ cSadksa ds ikl 0 0

[k½ vU; laLFkkvksa ds ikl 0 0

4 vU; 0 0

dqy 3557906 1490860

vuqlwph 12 : vfxze vkSj vU; ifjlEifÙk;ka

Ø-la-


31.03.2014(#- '000)

d vfxze1 viZ.kdkjh dEifu;ksa ds ikl vkjf{kr tek 0 0

2 fuos'k ds fy, vkosnu jkf'k 0 0

3 iwoZ&Hkqxrku 43069 58409

4 funs'kdksa@vf/kdkfj;ksa dks vfxze 2820 2738

5 Hkqxrku fd;k x;k vfxze dj vkSj L=ksr ij dkVs x;s dj

¼djk/kku ds fy, fuoy izko/kku½ 1262680 380173

6 vU;

¼d½ Hkqxrku fd;k x;k vfxze fdjk;k 4212 222

¼[k½ fofo/k vfxze 32221 34177

de % izhfe;e xcu dk izko/kku (17833) (18733)

mi&tksM+ ¼d½ 1327169 456986

[k vU; ifjlEifÙk;ka1 fuos'kksa ij mixr vk;

1¼d½ mixr] fdUrq ns; ugha 1736058 1220942

73

Sl.No.


31.03.2014(Rs. '000)

1(b) Accrued and due 0 6960 2 Outstanding Premium 0 0 3 Agents' Balances 0 0 4 Due from other entities carrying on Insurance

Business (including reinsurers) 1084119 1908023 5 Due from subsidiaries/holding company 0 0 6 Others:a) Sundry Deposits 40642 34283 b) Advance against Capital Assets 576995 368654 c) Short Collection of Premium 29738 47919 d) Adhoc payment to Govt. of India 2000000 2000000 e) Government Balances (Centre/States/UTs/Coffee Board etc.) 4477225 3711217 f) Service Tax Unutilized Credit 21854 22341

Sub - Total (B) 9966631 9320339 GRAND TOTAL (A+B) 11293800 9777325

SCHEDULE 13 : CURRENT LIABILITIES

Sl.No.


31.03.2014(Rs. '000)

1 Agents Balances 0 0 2 Balance Due to other Insurance Companies 490908 195130 3 Deposits held on Reinsurance Ceded 0 0 4 Premium received in advance 0 0 5 Unallocated Premium 0 0 6 Sundry Creditors, other than 11 (c) 555443 787254 7 Due to Subsidiary/Holding Company 0 0 8 Claims Outstanding ,other than 11 (a) 15211409 19079139 9 Due to Officers/Directors 0 81 10 OTHERS:a) Excess Collection of Premium , other than 11 (b) 121618 17786 b) Expenses Payable 21692 22916 c) Earnest Money Deposit 725 750

74

Ø-la-


31.03.2014(#- '000)

1¼[k½ mixr] ,oa ns; 0 6960

2 cdk;k izhfe;e 0 0

3 ,tsUVksa ds cdk;k 0 0

4 chek dk dkjksckj dj jgh vU; dEifu;ksa ls ns; ¼iquchZekdrkZvksa lfgr½ 1084119 1908023

5 vuq"kaxh@/kkjd dEiuh ls ns; 0 0

6 vU;

¼d½ fofo/k tek 40642 34283

¼[k½ iwathxr ifjlEifÙk;ksa ds izfr vfxze 576995 368654

¼x½ izhfe;e dk vYi laxzg 29738 47919

¼?k½ Hkkjr ljdkj dks rnFkZ Hkqxrku 2000000 2000000

¼M-½ ljdkj ds cdk;k ¼dsUæ@jkT;@la?k 'kkflr izns'k@dkWQh cksMZ½ bR;kfn 4477225 3711217

¼p½ lsokdj viz;qDr _.k 21854 22341

mi&tksM+ ¼[k½ 9966631 9320339

ldy ¼d$[k½ 11293800 9777325

vuqlwph 13 : fo|eku ns;rk,a

Ø-la-


31.03.2014(#- '000)

1 vfHkdRkkZvksa ds cdk;k 0 0

2 vU; chek dEifu;ksa dks ns; cdk;k 490908 195130

3 vfiZr iquchZek ij tek jkf'k 0 0

4 vfxze :i esa izkIr izhfe;e 0 0

5 vukoafVr izhfe;e 0 0

6 foo/k ysunkj 11 ¼lh½ ds vykok 555443 787254

7 vuq"kaxh@/kkjd dEiuh dks ns; 0 0

8 cdk;k nkos 11 ¼d½ dks NksM+dj 15211409 19079139

9 vf/kdkfj;ksa@funs'kdksa dks ns; 0 81

10 vU;

d½ izhfe;e dk vf/kd laxzg] 11 ¼ch½ dks NksM+dj 121618 17786

[k½ Hkqxrku fd, tkus okys O;; 21692 22916

x½ c;kuk tek jkf'k 725 750

74

Sl.No.


31.03.2014(Rs. '000)

d) Government (Centre/States/UTs/Coffee Board) 4795641 410913 11 Unclaimed Amount of policyholdersa) Claims settled but not paid 9397037 543122 b) Excess Collection of Premium 74458 211868 c) Cheques issued to insured, but not encashed 60216 75146

TOTAL 30729147 21344105

SCHEDULE 14 : PROVISIONS

Sl.No.


31.03.2014(Rs. '000)

1. Reserve for Unexpired Risk 7482069 8501690

2. For Taxation (Net of Advance Tax & TDS) 0 0

3. For Proposed Dividend 200000 0

4. For Dividend Distribution Tax 40715 0

5. Others:

i) Provision for Retirement Benefits 161988 147724

ii) Provision for Doubtful Debts 47 47

iv) Provision on Standard Assets 116203 101042

v) Provision for Outstanding Expenses 72746 48766

vi) Provision for Purchase 15160 29753

vii) Reserve for Loyalty Discount 8 72

6) Reserve for Premium Deficiency 216747 0

TOTAL 8305683 8829094

SCHEDULE 15 : MISCELLANEOUS EXPENDITURE (To the extent not written off)

Sl.No.


31.03.2014(Rs. '000)

1. Discount allowed in issue of shares 0 0

2 Others 0 0

TOTAL 0 0

75

Ø-la-


31.03.2014(#- '000)

?k½ ljdkj ¼dsUæ@jkT;@la?k 'kkflr {ks=@dkWQh cksMZ½ 4795641 410913

11 ikfylh/kkjd ds fcuk nkos okyh jkf'k

d½ nkos fuiVk,a ij Hkqxrku ugha fd;k 9397037 543122

[k½ izhfe;e dk vfrfjDr laxzg 74458 211868

x½ chek ds pSd tkjh fd;s x;s] ij Hkquk;k ugh 60216 75146

dqy 30729147 21344105

vuqlwph 14 : izko/kku

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31.03.2014(#- '000)

1. vlekIr tksf[keksa ds fy, vkj{k.k 7482069 8501690

2. djk/kku ds fy, ¼fuoy vfxze dj vkSj L=ksr ij dj½ 0 0

3. izLrkfor ykHkka'k ds fy, 200000 0

4. ykHkka'k forj.k dj ds fy, 40715 0

5. vU;i) lsokfuofÙk ykHkksa ds fy, izko/kku 161988 147724

ii) lafnX/k _.kksa ds fy, izko/kku 47 47

iv) ekud ifjlEifÙ;ksa ij izko/kku 116203 101042

v) cdk;k O;;ksa ds fy, izko/kku 72746 48766

vi) Ø; ds fy, izko/kku 15160 29753

vii) ykW;YVh fMLdkmaV ds fy, vkj{k.k 8 72

6) izhfe;e esa deh ds fy, vkj{k.k 216747 0

dqy 8305683 8829094

vuqlwph 15 : fofo/k O;; ¼ftUgsa cV~Vs [kkrs ugha Mkyk x;k½

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dqy 0 0

75

Annexure 1

Significant Accounting Policies1 Accounting Convention

1.1 The Balance Sheet, Profit & Loss Account and Revenue Account are drawn up in accordance with the provisions of Section 11 (1) of the Insurance Act, 1938, read with the provisions of sub-sections (1), (2) and (5) of Section 211 and sub-section (5) of Section 227 of the Companies Act, 2013.

1.2 The Financial Statements conform to the stipulations specified under the Insurance Regulatory 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” & “Going Concern” basis, in accordance with the generally accepted Accounting Principles, and other Statutory provisions and practices prevailing in the general insurance industry in India, to the extent applicable, complying with the Accounting Standards issued under The Companies (Accounting Standards) Rules, 2006 and the relevant provisions of 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 IBNR & IBNER) & Reserve for Premium Deficiency.

2.2 The Shareholders’ Fund includes Share Capital, General Reserve, any other free Reserve, balance in Profit & Loss A/c and Capital Reserves.

3 Revenue Recognition

3.1 Premium is recognized, net of reinsurance, based on assumption of risk, in the Revenue Account. In respect of Government Schemes being implemented by the Company, premium is recognized upon remittance received from the Nodal Banks out of such premium collected by them. Risk however is assumed in accordance with the provisions of the relevant Scheme, notwithstanding the delay, if any, in receipt of premium by the Company from the nodal agencies/ Central / States/ UTs Government/ Government Agencies, as allowed by IRDA vide its letter no. 34-1/IRDA/Act1/IBNR/AIC/2009-10 dated 26/08/2010.

3.2 Premium refunds/adjustments are accounted for on the basis of endorsements passed during the year.

3.3 Interest Income is accounted for on accrual basis in respect of investments in Fixed Deposits with 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 accounted for on realization. Interim Dividend is accounted for where the warrants are issued by 31st March of the concerned financial year

4 Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. Cost includes the purchase price and any cost directly attributable to bringing the asset to its working condition for its intended use. Subsequent expenditure

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vuqca/k&I

egRoiw.kZ ys[kkdau uhfr;ka1 ys[kkdau ijEijk

1-1 rqyu&i=] ykHk vkSj gkfu ys[kk rFkk jktLo ys[kk dEiuh vf/kfu;e] 2013 dh /kkjk 211 dh mi&/kkjk ¼1½] ¼2½ vkSj ¼5½ rFkk /kkjk 227 dh mi/kkjk ¼5½ ds mica/kksa ds lkFk ifBr chek vf/kfu;e] 1938 dh /kkjk 11¼1½ ds mica/kksa ds vuqlkj rS;kj fd, x, gSA

1-2 foÙkh; fooj.k] chek fofu;ked vkSj fodkl çkf/kdj.k ¼chek dEifu;ksa dh foÙkh; foojf.k;ka vkSj ys[kk ijh{kdksa dh fjiksVZ rS;kj djuk½ fofu;e] 2002 ds varxZr ;Fkk lEHko vuqes; lhek rd fofufnZ"V vuqca/kksa ds vuq:i gSaA

1-3 mDr fooj.k] lkekU;r% Lohdk;Z ys[kkdau fl)karks rFkk vU; lkafof/kd mica/kks rFkk Hkkjr esa lkekU; chek m|ksx esa ekStwnk i)fr;ksa ds] ;FkklEHko vuqes;] vuqlkj ÞmixeuÞ vkSj Þpy jgh dEiuhÞ ij vk/kkfjr Þ,sfrgkfld ykxrÞ ij rS;kj fd, x, gSa] tks vU;Fkk mfYyf[kr ds vykok dEiuh ¼ys[kkdau ekud½ fu;e] 2006 vkSj dEiuh vf/kfu;e] 2013 ds laxr mica/kksa ds varxZr tkjh fd, x, ys[kkdau ekudksa ds vuq:i gSaA

2- ikWfylh /kkjdksa dh fuf/k vkSj va'k&/kkjdksa dh fuf/k

2-1 ikWfylh&/kkjdksa dh fuf/k esa rduhdh lap; fuf/k ¼ftlesa vlekIr tksf[keksa ds fy, lap; fuf/k 'kkfey gS½ rFkk cdk;k nkoksa ds fy, çko/kku ¼vkbZch,uvkj vkSj vkbZch,ubZvkj lfgr½ vkSj izhfe;e dh deh ds fy, vkjf{kr 'kkfey gSA

2-2 va'k&/kkjdksa dh fuf/k esa va'k iwath] lkekU; vkj{k.k] dksbZ vU; eqDr vkj{k.k ykHk vkSj gkfu ys[kk esa cdk;k rFkk iwathxr vkj{k.k 'kkfey gSA

3- jktLo dh igpku

3-1 çhfe;e dks jktLo ys[kk esa] tksf[ke dh iwoZ/kkj.k ds vk/kkj ij iquchZek ds fuoy ij LohÑr fd;k tkrk gSA dEiuh }kjk dk;kZfUor dh tk jgh ljdkjh Ldheksa ds lEcU/k esa] çhfe;e] dEiuh }kjk laxzghr ,sls çhfe;e esa ls uksMy cSadks ls çkIr tek jde ij LohÑr fd;k tkrk gSA rFkkfi] tksf[ke dh iwoZ/kkj.kk uksMy vfHkdj.kksa@dsUnz@jkT;ksa@la?k 'kkflr çns'kksa dh ljdkj@ljdkjh vfHkdj.kksa ls dEiuh }kjk çkIr çhfe;e esa dksbZ foyEc] ;fn dksbZ gks] ds ckotwn Hkh lacfU/kr Ldhe ds mica/kksa ds vuqlkj dh tkrh gS] tSlk fd vkbZvkjMh, }kjk muds i= la[;k 34&1@vkbZvkjMh,@vf/kfu;e&I@ vkbZch,uvkj@,vkbZlh@2009&10 fnukad 26-08-2010 }kjk vuqefr nh xbZ gSA

3-2 çhfe;e okilh@lek;kstuksa dk ys[kkdau o"kZ ds nkSjku ikfjr i"Bkaduksa ds vk/kkj ij fd;k x;k gSA

3-3 cSadks esa lkof/k tek] ljdkjh çfrHkwfr;ksa] ckaMksa vkSj vU; lk/kuksa ds ikl fu;r tek jkf'k;ksa esa fuos'kksa ds ckjs esa C;kt ls vk; dh x.kuk mixr vk/kkj ij dh xbZ gSA

3-4 ykHkka'k dk ys[kk ml o"kZ esa fn;k x;k gS ftl o"kZ esa ykHkka'k çkIr djus dk vf/kdkj dh O;oLFkk dh xbZ gSA 'ks;jksa ij ykHkka'k@varfje ykHkka'k dk ys[kkadu] lacaf/kr foÙkh; o"kZ ds 31 ekpZ rd tkjh vf/ki= ds vk/kkj ij fd;k x;k gS@_.k i=ksa ij C;kt] tks forj.k ds fy, yfEcr gSa@mu ij vkifÙk gS@dh x.kuk olwyh ij dh xbZ gSA

4- fu;r ifjlEifÙk;ka

fu;r ifjlEifÙk;ka lapf;r ewY; gzkl ?kVkus ds ckn ykxr ij fu/kkZfjr dh tkrh gSA bl ykxr esa Ø; ewY; vkSj vU; dksbZ ykxr] tks ifjlEifÙk dks blds çk;ksftr mi;ksx ds fy, dk;Zdkjh fLFkfr esa ykus gsrq çR;{k #i ls çHkkfor djrh

76

incurred on fixed assets is expensed out except where such expenditure increases the future benefits from the existing assets.

Renovation of leased premises is accounted for as revenue expenditure. Expenditure towards capital items of movable nature is capitalized.

4.1 Depreciation on Fixed Assets: Depreciation on Fixed Assets is charged on “Written Down Value” at the rates specified in Schedule II of the Companies Act, 2013. Depreciation on addition / deletion of Fixed Assets during the year is charged on pro-rata basis. Assets costing up to Rs. 5,000 (Rupees five thousand) are fully depreciated in the year of acquisition.

4.2 Intangible Assets: Intangible assets are recognized when it is probable that future economic benefit attributable to the assets will flow to the company and the cost of the assets 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 an integral part of the related hardware is classified as Intangible Asset and is amortized over its estimated useful life not exceeding the period of thirty six months.

4.4 Impairment of assets: Management periodically assesses, using external and internal sources, whether there is any indication that an asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as the excess of the carrying amount over the higher of the asset’s net sales price or present value as determined above. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount, subject to a maximum of depreciable historical cost.

5 Investments

5.1 Investments in debt securities including Government Securities are considered as held to maturity securities and are valued at historical cost. In terms of IRDA regulations the premium paid or discount earned at the time of acquisition of such securities is amortized or 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 the difference between cost/book value and NAV is accounted for in Fair Value Change Account. However, if there is decline (other than temporary) in value, the same is charged to Revenue and the book value of investment is reduced accordingly.

5.3 Investment Portfolio in respect of Equity / Equity related instruments is segregated into Actively Traded and Thinly Traded as prescribed by IRDA Regulations. A security is treated as thinly traded taking into consideration the prescribed SEBI guidelines governing mutual funds.

5.4 As per IRDA Regulations, Actively traded equity /equity related instruments are shown at their Fair Value. “Fair Value” for this purpose is the closing price at NSE on the Balance Sheet date. If the security is not traded at NSE, then the closing price of the securities at BSE shall be taken at the Balance Sheet date. The net unrealized gain/loss on such valuation is reflected in the “Fair Value

77

gS] 'kkfey gSaA ,sls O;;]ftuls fo|eku ifjlEifÙk;ksa ds Hkkoh ykHkksa esas of) gksrh gS] dks NksM+dj fu;r ifjlEifÙk;ksa ij ckn 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 gSA pyfdLe dh iwathxr enksa ds fy, O;; iwathxr gSA

4.1 LFkk;h ifjlEifÙk;ksa ij ewY; gzkl % LFkk;h ifjlEifÙk;ksa ij ewY;gzkl] dEiuh vf/kfu;d] 1956 dh vuqlwph II esa fofufnZ"V njksa ij Þfyf[kr voewY;uÞ ij çHkkfjr gSA o"kZ ds nkSjku LFkk;h ifjlEifÙk;ksa dh of)@deh ij ewY;gzkl ;Fkkuqikr vk/kkj ij çHkkfjr gSA `5,000/- ¼ikap gtkj #i;s½ rd dh ykxr dh ifjlEifÙk;ksa ds vf/kxzg.k ds o"kZ esa iw.kZ #i ls ewY; gzkl gksxkA

4.2 vçR;{k ifjlEifÙk;ka% vçR;{k ifjlEifÙk;ksa dh igpku rc dh tkrh gS tc ;g lEHko gks fd dEiuh dks ifjlEifÙk;ksa esa Hkkoh vkfFkZd ykHk gksxk rFkk ifjlEifÙk;ksa dh ykxr dh x.kuk fo'oluh; rjhds ls dh tk ldrh gSA ,slh ifjlEifÙk;ksa dks lap;h +_.k ifj'kks/ku ls de ykxr ij fu/kkZfjr fd;k x;k gSA

4.3 vçR;{k ifjlEifÙk;ksa dk ifj'kks/ku % dEI;wVj lkW¶Vos;j vkSj vuqKki= ¼ykblsal½] tks lEcfU/kr gkMZos;j dk vfHkUu vax ugha gS( dks vçR;{k ifjlEifÙk ds #i esa oxhZÑr fd;k x;k gS vkSj bldh vuqekfur mi;ksxh vof/k] ;fn NÙkhl eghuksa ls vf/kd u gks] ds ckn ifj'kks/ku fd;k x;k gSA

4.4 ifjlEifÙk;ksa dh {kfr% çcU/ku] vkof/kd #i ls] ckg~; vkSj vkarfjd L=ksrksa dk ç;ksx djrs gq,] bl ckr dk ewY;kadu djrk gS fd D;k dksbZ ,slk ladsr gS fd ifjlEifÙk;ksa dsk {kfr gqbZ gSA {kfr rc gksrh gS] tc okgd ewY;] Hkkoh udn çokg] ftlls ifjlEifÙk ds lrr mi;ksx vkSj blds laHkkfor fuiVku ds mRiUu gksus dh vk'kk gS] ds orZeku ewY; ls vf/kd gks tkrk gSA O;; fd, tkus okys {kfr&?kkVs dk fu/kkZj.k] ifjlEifÙk ds fuoy fcØh ewY; ls vf/kd okgd jkf'k ds #i esa fd;k tkrk gSA ;fn rqyu&i= rkjh[k dks ,slk dksbZ ladsr gksrk gS fd igys fu/kkZfjr fd;k x;k {kfr ?kkVk vc ekStwn ugha gS] rks olwyh ;ksX; jkf'k dk iqu% fu/kkZj.k fd;k tkrk gS vkSj ml ifjlEifÙk dks olwyh ;ksX; jkf'k esa n'kkZ;k tkrk gS] c'krs± fd {kfr ;ksX; ,sfrgkfld ykxr vf/kdre gksA

5- fuos'k

5-1 _.k çfrHkwfr;ksa esa fuos'k] ftlesa ljdkjh çfrHkwfr;ka 'kkfey gSa] dks çfrHkwfr;ksa dh vof/k dh ifjiDork gksus rd j[kk gqvk le>k tk,xk vkSj mudk ewY;kadu ,sfrgkfld ykxr ij fd;k tk,xkA vkbZvkjMh, fofu;eksa ds vuqlkj] Hkqxrku fd;k x;k çhfe;e vFkok ,slh çfrHkwfr;ksa ds vf/kxzg.k ds le; vftZr NwV dk ifj'kks/ku vFkok mixeu tSlk Hkh ekeyk gks] ifjiDork dh 'ks"k cph vof/k ls vf/kd gksus ij fd;k tkrk gSA

5-2 o"kZ ds var esa E;qpqvy QaMksa esa fuos'k] dk ewY;kadu fuoy ifjlaifÙk ewY; ¼,u,oh½ ij fd;k tkrk gS vkSj ykxr@vafdr ewY; ds chp ds varj dh vkSj ,u,oh 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 Hkh çHkkfjr gksrh gS] rn~uqlkj fuos'k dk vafdr ewY; Hkh de gks tkrk gSA

5-3 bfDoVh@bfDoVh ls lEcfU/kr lk/kuksa ds fuos'k i=k/kku dks] vkbZvkjMh, fofu;eksa }kjk ;Fkk fu/kkZfjr] E;qpqvy QaM ij ykxw lsch ds fofgr fn'kkfunsZ'kksa dks /;ku esa j[krs gq,] lfØ; foØhr vFkok de foØhr ds #i esa le>k tk,xkA

5-4 vkbZvkjMh, fofu;eksa ds vuqlkj] lfØ; foØhr bfDoVh@bfDoVh ls lEcfU/kr lk/kuksa dks muds mfpr ewY; ij n'kZ;k x;k gSA bl ç;kstu ds fy, Þmfpr ewY;Þ rqyu&i= dh rkjh[k dks ,u,lbZ ij vfUre ewY; gSA ;fn çfrHkwfr ,u,lbZ ij ugha csph xbZ gks] rks ch,lbZ esa çfrHkwfr;ksa ds

77

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 of actively traded equity shares are accounted in “Fair Value Change Account.” Pending realization, the credit balance in the “Fair Value Change Account” is not available for distribution.

5.5 Cost of sales: In case of equity, cost of sales is the Weighted Average Cost of the investment and 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 in value. 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 accounting years 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 those companies which are making losses continuously for the last 3 years and where capital is eroded, are considered to have impaired in value. Further, if the published accounts of a company are not available for the last three accounting years ending on or immediately preceding the date of working out the impairment in value, it is presumed that the value of investment is fully impaired and is written off to a value of Re. 1/- per company. Valuation of such investments is done as under:-

5.7.1 In respect of other than actively traded Equity Shares, the least of the Cost Price and 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 Re. 1/- per company

5.7.2 In respect of Preference Shares, if the dividend is not received for the last three years, the Preference Shares are written down to a value which will bear to its face value, the same proportion as value taken / which would have been taken for writing down equity shares / bears to the face value of the equity shares. However, if the Equity Shares are written down to Re. 1/- per company, Preference Shares are also written down to a nominal value of Re. 1/- per company.

5.8 “Collateralized Borrowing and Lending Obligation” (CBLO) which is issued at discount to the Face Value, is treated as Money Market Instrument as per RBI Notification. Discount earned, if any, at the time of lending through CBLO is shown as income, which is apportioned on time basis.

5.8.1 Provisions for standard/non-performing loans/debt securities are made on the basis of prudential norms issued by RBI as applicable to Financial Institutions, as required by IRDA.

5.8.2 The investment in Government Securities and corporate Bonds are considered as standard assets on which provision @ 0.40% is made.

5.9 In respect of Crop Insurance schemes sponsored by the Government, the income on investment 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, is given to the Government in respect of other amounts received to meet the financial liabilities under the Scheme as these amounts are meant for implementation of the Scheme and are required to be kept in readiness for disbursement of claims/meeting out of other financial obligations at short notice.

78

vafre ewY; dks rqyu&i= dh rkjh[k esa fy;k tk,xkA ,sls ewY; fu/kkZj.k ij çkIr fd, x, fuoy ykHk/gkfu dks Þmfpr ewY; ifjorZu ys[kkÞ esa n'kZ;k x;k gSA vf/kçkfIr 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 vf/kçkIr u fd, x, ykHk gkfu;ksa dh x.kuk Þmfpr ewY; ifjorZu ys[kkÞ esa dh tkrh gSA yafcr olwyh] Þmfpr ewY; ifjorZu ys[kkÞ esa cdk;k +_.k forj.k ds fy, miyC/k ugha gSA

5-5 fcØh dh ykxr % bfDoVh ds ekeys esa] fcØh ykxr fuos'k dh Hkkfjr vkSlr fcØh ykxr gS vkSj _.k çfrHkwfr;ksa ds ekeys esa fcØh ykxr] fuos'k dh ifj'kksf/kr@çR;kf;r ykxr gksrh gSA

5-6 de fcØh ds bfDoVh 'ks;jksa vkSj bfDoVh 'ks;jksa] tks lwphc) ugha gS] 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 fn;k x;k gS ;fn czsdvi ewY; udkjkRed gS] rks lewph ykxr ds fy, çko/kku fd;k x;k gSA blds lkFk lkFk fdlh dEiuh] tks lewph esa ugha gaS] ds çdkf'kr ys[ks] ewY; esa deh dh rkjh[k ls Bhd igys vFkok fiNys rhu ys[kk o"kks± dh lekfIr dh rkjh[k dks miyC/k ugha gS rks lewph ykxr dk çko/kku j[kk tkrk gSA

5-7 mu dEifu;ksa esa] tks xr 3 o"kks± ls yxkrkj ?kkVsa esa tk jgh gSa vkSj ftudh iwath u"V gks xbZ gS] lwphc) bfDoVh@bfDoVh lEca/kh lk/kuksa@ojh;rk 'ks;jksa esa fuos'k djuk ewY; dh deh le>k tk,xkA lkFk gh] ;fn fdlh dEiuh ds çdkf'kr ys[ks xr rhu ys[kk o"kks± ds lekIr gksus dh rkjh[k dks vFkok ewY; dh deh dh x.kuk djus dh rkjh[k ls Bhd igys dh rkjh[k dks miyC/k ugha gS rks ;g eku fy;k tkrk gS fd fuos'k dk ewY; iw.kZ #i ls gzkl gks pqdk gS vkSj `1/- çfr dEiuh ds ewY; ij cV~Vs [kkrs Mky fn;k x;k gSA ,sls fuos'kksa dk ewY;kadu fuEukuqlkj fd;k tkrk gS%&

5-7-1 lfØ; foØhr bfDoVh 'ks;jksa ds vykok] 'ks;jksa ds ckjs esa] U;wure ykxr ewY; vksj czsd vi ewY; dk cktkj 'krs± czd vi ewY; ldkjkRed fn;k tkrk gSA rFkkfi] ;fn czsd vi ewY; udkjkRed gS] rks `1/- çfr dEiuh ds fglkc ls lkadsfrd ewY; fy;k tkrk gSA

5-7-2 ojh;rk 'ks;jksa ds lEcU/k esa] ;fn xr rhu o"kks± esa ykHkka'k çkIr ugha gqvk gS rks ojh;rk 'ks;j ml gzkflr ewY; rd vk tk,axs] tks bldk vafdr ewY; gS] ogh lekuqikr ewY;@gzkflr bfDoVh 'ks;j ds fy, x;k gS] bfDoVh 'ks;jksa dk vafdr ewY; gksxkA rFkkfi] ;fn bfDoVh 'ks;j ` 1/- çfr dEiuh rd gzkflr gks tkrs gS] rks ojh;rk 'ks;jksa dks Hkh `1/- çfr dEiuh ds lkadsfrd ewY; rd ?kVk;k tk,xkA

5-8 ÞlgorhZ m/kkj rFkk m/kkj ns;rkÞ ¼lhch,yvks½ tks vafdr ewY; ij NwV ds lkFk tkjh fd;s tkrs gS] dks Hkkjrh; fjtZo cSad dh vf/klwpuk ds vuqlkj Þ/ku cktkj lk/kuÞ ds #i esa le>k tkrk gSA vftZr NwV] ;fn lhch,yvks ds ek/;e ls m/kkj ysrs le; feyh gks] dks vk; ds #i esa n'kkZ;k x;k gS] ftls le; ds vk/kkj ij çHkkftr fd;k x;k gSA

5-8-1 vkbZvkjMh, }kjk ;Fkkisf{kr] foÙkh; laLFkkvksa dks ;Fkk vuqes; vkjchvkbZ }kjk tkjh fd, x, foosdiw.kZ ekudksa ds vk/kkj ij ekud@xSj fu"iknd _.k@_.k çfrHkwfr;ksa ds fy, çko/kku fd, x, gSA

5-8-2 ljdkjh çfrHkwfr;ksa vkSj fuxfer ckaMksa esa fuos'k dks ekud ifjlEifÙk;ksa ds #i esa le>k tk,xk ftuds fy, 0-40 çfr'kr dh nj dk çko/kku fd;k x;k gSA

5-9 ljdkj }kjk çk;ksftr Qly chek ;kstukvksa ds ckjs esa] fof'k"V /kujkf'k ¼uker% Þukbl&lexz fuf/kÞ½ ds fy, ljdkj ls çkIr /kujkf'k ds fuos'k ij vk; dks laxr /kujkf'k esa tek djk fn;k x;k gSA ;kstuk ds vraxZr] foÙkh; nkf;rkvksa dks iwjk djus ds fy, çkIr vU; jkf'k;ksa ij fuos'k vk;] ;fn dksbZ gks] dk dksbZ ØsfMV ljdkj dks ugha fn;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

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5.10 Income from Investments is apportioned between the “Revenue Account”, “Profit and Loss Account”, and the “NAIS-Corpus Fund” in the ratio of the balances standing in the “Policyholders’ Fund”, “Shareholders’ Fund”, & “NAIS-Corpus Fund” respectively at the beginning 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 Loss Account” 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 particular State/UT are apportioned amongst the relevant Schemes/Products and States/UTs annually on the basis of Gross Premium.

7 Short and Excess Collection

Short and Excess Collection of Premium, if any, is accounted for Nodal Bank/Party-wise after adjustment of Short against Excess of the same Nodal Bank/Party.

8 Provision in respect of Crop Insurance Business

Provision in this regard is made at the time of annual closing of accounts. Currently, as per the statutory requirements and the Policy of the Company in force, the following Provisions are made:

Reserve for Unexpired Risks [RUR]

RUR is made to the extent of 50% of Net Premium Income of the year.

Net Premium = Direct Premium + Premium on reinsurance accepted – Premium on reinsurance ceded

9 Provision in respect of Crop Insurance Claims

Provisions are made at the time of annual closing of accounts. The total of the Provision for Outstanding Claims (including IBNR & IBNER) under NAIS (normal coverage) is not to exceed the “Maximum Potential Liability” [MPL] of the Company, as the claims in excess thereof are borne by the Government. Currently, as per the statutory requirements and the Policy of the Company in force, the following Provisions are made:

9.1 Provision for Outstanding Claims

Estimated Liability for Outstanding Claims in respect of Crop Insurance Business is provided for at the year-end, in terms of the concerned scheme/policy provisions.

No Provision is made for claims contested by the claimants through litigation but not acknowledged 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) and for Claims Incurred but Not Enough Reported (IBNER) are made as per the Actuarial Certification.

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5-10 o"kZ ds çkjaHk esa fuos'kksa ls vk; dks Øe'k% ÞjktLo ys[kkÞ] ÞykHk vkSj gkfu ys[kkÞ rFkk Þjk-Ñ-ch-;ks-&lexz fuf/kÞ dks ikWfylh/kkjd fuf/k vkSj Þ'ks;j gksYMj fuf/kÞ esa 'ks"k cdk;ksa ds vuqikr esa çHkkftr fd;k tkrk gSA

5-11 o"kZ ds vkjEHk esa fuos'kksa ls lEcfU/kr O;;ksa dks] tSls lqj{kk vfHkj{kk C;kt@ykHkka'k dk laxzg] cSad çHkkj vkfn dks ÞjktLo ys[kkÞ rFk ÞykHk vkSj gkfu ys[kkÞ esa Øe'k% ÞikWfylh /kkjd fuf/kÞ rFkk 'ks;j gksYMj fuf/kÞ ds chp 'ks"k] cdk;ksa ds vuqikr esa çHkkftr fd, tkrs gSaA

6- C;;ksa dk çHkktu

O;;] tks fdlh fof'k"V chek ;kstuk@mRikn vkSj@vFkok fo'ks"k jkT;@ la?k 'kkflr çns'k dks çR;{k #i ls vkoaVu ds ;ksX; ugha gSa] dks ldy çhfe;e ds vk/kkj ij] okf"kZd #i ls laxr ;kstukvksa@mRiknksa vkSj jkT;ksa@la?k 'kkflr çns'kksa ds chp çHkkftr fd;k tkrk gSaA

7- vYi vkSj vf/kd laxzg

çhfe;e dk vYi vkSj vf/kd laxzg] ;fn dksbZ gks] rks mls vf/kd laxzg ds fo:) vYi laxzg dk lek;kstu dj i'pkr mlh uksMy cSad@ikVhZ ds [kkrs esa Mky fn;k tkrk gSA

8- Qly chek dkjksckj ds laca/k esa çko/kku

bl lEcU/k esa çko/kku okf"kZd ys[kkvksa dh lekfIr ij fd, tkrs gSaA bl le;] lkafof/kd vis{kkvksa vkSj ykxw dEiuh dh ikWfylh ds vuqlkj fuEufyf[kr çko/kku fd, x, gS%

vlekIr tksf[keksa ds fy, vkj{k.k ¼vkj;wvkj½

vkj;wvkj] o"kZ dh fuoy çhfe;e vk; dk 50 çfr'kr rd j[kk x;k gSA

fuoy çhfe;e = çR;{k çhfe;e + LohÑr iquchZek ij çhfe;e - v/;fiZr iquchZek ij çhfe;eA

9- Qly chek nkoksa ds lEcU/k esa çko/kku

;s çko/kku okf"kZd ys[kkvksa dh lekfIr ds le; fd, tkrs gSaA jk-Ñ-ch-;ks- ¼lkekU; dojst½ ds varxZr cdk;k nkoksa ds fy, çko/kku dk tksM+ dEiuh ds Þvf/kdre dk;ZJe ns;rkÞ ¼,eih,y½ ls vf/kd ugha gksuk pkfg,] D;ksafd blls vf/kd ds nkos ljdkj }kjk ogu fd, tkrs gSaA orZeku esa] lkafof/kd vis{kkvksa vkSj dEiuh dh pkyw ikWfylh ds vuqlkj fuEufyf[kr çko/kku fd, x, gSaA

9.1 cdk;k nkoksa ds fy, çko/kku

Qly chek dkjksckj ds lEcU/k esa cdk;k nkoksa dh vuqekfur ns;rk dk çko/kku lEcaf/kr Ldhe@ikWfylh ds çko/kkuksa ds vuqlkj o"kZ ds var esa fd;k x;k gSA

nkosnkjksa }kjk eqdnesa ds ek/;e ls fd, x, nkoksa] ftUgsa dEiuh }kjk _.k ds #i esa Lohdkj ugha fd;k x;k gS] ds fy, dksbZ çko/kku ugha fd;k x;k gSA

eqdnesa ds lEcU/k esa] ftuesa dEiuh ds f[kykQ vf/kfu.kZ; fd;k x;k gS] dEiuh dh ns;rk dh lhek rd leqfpr çko/kku fd;k x;k gSA

9.2 nkos&vkbZch,uvkj vkSj vkbZch,ubZvkj % mixr nkos] ijUrq ftUgsa lwfpr ugha fd;k x;k ¼vkbZch,uvkj½ vkSj fd, x, nkos] ijUrq ftudh iwjh rjg ls fjiksVZ ugha nh xbZ gS ¼vkbZch,ubZvkj½ ds nkoksa ds fy, chekafdd ds çek.ku ds vuqlkj çko/kku fd;k x;k gSA

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10 Accounting policy for Use of Estimates

The preparation of the Financial statements requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known/materialize.

11 Reinsurance Business

(a) 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.

(b) Commission received on reinsurance ceded is recognized as income in the period in which reinsurance premium is ceded.

12 Accounting for Taxes on Income

Income tax expense is accrued in accordance with Accounting Standard (AS) – 22 “Accounting for 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 in respect of taxes on income for the year.

12.2 Deferred Tax: Deferred tax reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised for all deductible timing differences only if there is reasonable certainty as to its realisation. However, where there are unabsorbed tax losses including unabsorbed depreciation, deferred tax asset are recognised only if there is virtual certainty that such deferred tax assets can be realised against future taxable income.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and adjusted to the extent that it is no longer probable that sufficient taxable income will be available 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 in the 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 Employees Pension Scheme, of employees absorbed from GIC is a defined contribution plan and is made in accordance with the GIC Pension / Provident Fund and the funding continues to be with GIC Pension / Provident Fund Trust.

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10- vkdyu ds mi;ksx ds fy, ys[kkdau uhfr

çcU/ku dks foÙkh; fooj.k dks rS;kj djus ds fy, o"kZ ds nkSjku] ifjlEifÙk;ksa vkSj ns;rkvksa dh fjiksVZ dh xbZ jkf'k ds vkdyu rFkk iwokZuqeku rFkk çfrosfnr vk; vkSj O;;ksa ij fopkj djuk visf{kr gksrk gSA çcU/ku dk ;g ekuuk gS fd foÙkh; fooj.kksa dks rS;kj djus esa ç;qDr vkdyu foosdiw.kZ ,oa rkfdZd gSaA Hkkoh ifj.kke bu vkdyuksa ds dkj.k fHkUu gks ldrs gSa vkSj okLrfod ifj.kkeksa vkSj vuqekuksa ds chp ds vUrj dks mu vof/k;ksa esa ekU;rk nh tkrh gS ftlesa ifj.kke Kkr@çR;{k gksrs gSaA

11- iquchZek dkjksckj

¼d½ 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 LkkFk fl)karr% fd, x, djkj ds vuqlkj dh tkrh gSA

¼[k½ iquchZek fn;s tkus ij izkIr deh”ku dks] ml vof/k esa] ftlesa iquchZek izhfe;e fn;k x;k gS] vk; ds :Ik esa ekuk tk,xkA

12- vk; ij djksa dk ys[kkdau

vk;dj O;; dks ys[kkdau ekud ¼,,l½&22 ^^vk; ij djksa dk ys[kkdau** tSlk fd dEiuh ¼ys[kkdau ekud½ fu;e] 2006 esa fofufnZ’V gS] ds vuqlkj mikftZr fd;k tk,xkA

12.1 orZeku dj% orZeku vk;dj] o’kZ ds fy, vk; ij djksa dk Hkqxrku fd, tkus ds fy, fu/kkZfjr vk;dj dk ldy tksM+ gSA

12.2 vkLFkkfxr dj% vkLFkkfxr dj dk vkdyu o’kZ dh dj ;ksX; vk; vkSj ys[kkdau vk; ds chp pkyw o’kZ ds le; ds vUrj vkSj fiNys o’kkZs ds le; ds varj ds vfHk”kwU;u ds izHkko dks n”kkZrs gSA vkLFkfxr dj ifjlEifÙk;ka vkSj ns;rkvks dks] dj njksa vkSj dj fof/k;ksa] ftUgs vf/kfu;fer dj fn;k x;k gks vFkok rqyu&i=d dh rkjh[k }kjk okLro esa vf/kfu;fer fd;k x;k gks] dk iz;ksx djds fd;k tkrk gS A dVkSrh ;ksX; lHkh le;kuqikr vUrjksa dks vkLFkfxr dj ifjlEifÙk;ksa dks rHkh ekU;rk nh tkrh gS tc fd mldh izkfIr ds fy, dksbZ rkfdZd fuf”pRrk gksrh gSA rFkkfi tgk dj dh vlekosf”kr gkfu;ka gksrh gS] ftuesa vlekosf”kr ewY; ál] vkLFkfxr dj ifjlEifÙk “kkfey gS] mUgsa rHkh ekU;rk nh tkrh gS] tc okLro esa ;g fuf”Pkr gks fd ,slh vkLFkfxr dj ifjlEifÙk;ksa dks Hkkoh dj ;ksX; vk; ds izfr olwy fd;k tk ldrk gS A

vkLFkfxr dj ifjlEifÙk;ksa dh okgd jkf”k dh izR;sd rqyu&i= rkjh[k dks leh{kk dh tkrh gS vkSj bls ml lhek rd lek;ksftr fd;k tkrk gS tc ;g fcYdqy laHko ugh gksrk gS fd i;kZIr dj ;ksX; vk; vkLFkfxr dj ifjlEifÙk dks :Ik ls vFkok mlds ,d Hkkx dks olwy fd, tkus dh vuqefr feysxhA

13- deZpkfj;kas dks ykHk 13.1 vYidkfyd dEkZpkjh ykHk

vYidkfyd deZpkjh ykHkksa dks o’kZ] ftlesa mUgksus lsok dh gS] ds ykHk vkSj gkfu ys[kk esa NwV jfgr vk/kkj ij ,d O;; ds :Ik esa ekU;rk nh tkrh gSA

13.2 fu;kstuksÙkj ykHkifjHkkf"kr ;ksxnku ;kstuk,a

¼d½ thvkbZlh ls lekfo’V deZpkjh;ksa dh Hkfo’; fuf/k vkSj deZpkjh isa”ku Ldhe tks ,d ifjHkkf’kr va”knku ;kstuk gS] esa fu;kstudÙkkZ dk va”knku] thvkbZlh isa”ku@Hkfo’; fuf/k ds vuqlkj fd;k tkrk gS RkFkk ;g fu/kh;u thvkbZlh isa”ku@Hkfo’; fuf/k U;kl esa fd;k tkuk tkjh j[kk gS A

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(b) For the employees directly appointed by the Company on or after January, 2004 the employer’s contribution to pension fund is made in accordance with the New Pension Scheme, 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 for gratuity is provided on actuarial valuation at the end of the year, without any funding arrangement.

(b) Pension: The Pension plan of the Company is a defined benefit. The present value of the Company’s obligations under Pension in respect of erstwhile employees absorbed from GIC is recognized on the basis of an actuarial valuation as at the end of the year in proportion to the service rendered to GIC and the company. The liability is not funded.

In respect of employees covered under New Pension Scheme, the matching employer’s contribution is recognized on accrual and paid monthly

13.3 Long Term Employee Benefits

The liability for leave encashment, sick leave and leave travel subsidy is recognized on the basis 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 attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares

15 Contingent Liabilities

Contingent liability is disclosed in the case of:

(a) a present obligation arising from a past event when it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or;

(b) a possible obligation, unless the probability of outflow in settlement is remote

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 systematic basis over the periods necessary to match them with the related costs which they are intended to compensate. Such grants are deducted in reporting the related expense.

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¼[k½ tuojh] 2014 dks vFkok mlds ckn dEiuh }kjk lh/ks rkSj ij fu;qä fd, x, deZpkfj;ksa dh isa”ku fuf/k esa fd;k x;k fu;kstudrkZ dk va”knku] ubZ isa”ku Ldhe] 2004 ¼vFkkZr~~ mixeu ij ekU; vkSj ekfld Hkqxrku½ ds vuqlkj fd;k tkrk gSA

ifjHkkf"kr YkkHk ;kstuk,a

¼d½ minku% deZpkjh minku fuf/k ;kstuk ,d ifjHkkf’kr ykHk ;kstuk gS A minku dh ns;rk] fcuk fdlh fu/kh;u O;oLFkk ds o’kZ ds vUr esa chekafdr ewY; fu/kkZjr ij iznÙk dh tkrh gS A

¼[k½ isa'ku% dEiuh dh ias”ku ;kstuk ,d ifjHkkf’kr ykHk gSA Hkkjrh; lk/kkj.k chek fuxe ls lekfo"V HkwriwoZ deZpkfj;ksa ds lca/k esa is”ku ds varxZr dEiuh ds nkf;Ro dk orZeku ewY;] o’kZ ds var esa] thvkbZlh vkSj dEiuh esa xbZ lsok ds lekuqikr esa okLrfod ewY; fu/kkZj.k ds vk/kkj ij ekU; gksrk gS A

ubZ isa”ku ;kstuk ds varxZr vkus okys deZpkfj;ksa ds lEcU/k esa fu;kstudÙkkZ dk va”knku leku :Ik ls mixeu ij 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 vodk”k vkSj NqV~Vh ;k=k vkfFkZd&lgk;rk ds fy, ns;rk dks o’kZ ds var esa chekafdd ewY; fu/kkZj.k ds vk/kkj ij ekU;rk nh tkrh gS A

14- Ikzfr 'ks;j vtZu

izfr “ks;j ewy vtZu dh x.kuk mä vof/k ds nkSjku cdk;k bfDoVh “ks;jksa dh HkkfjRk vkSlr la[;k }kjk bfDoVh “ks;j /kkjdksa dks vkjksI; vof/k ds fuoy ykHk vFkok gkfu dks foHkkftr djds dh tkrh gSA izfr “ks;j voewY;u ds vtZu dh x.kuk ds iz;kstu ds fy,] bfDOkVh “ks;j /kkjdksa dks ml vof/k ds fy, vkjksI; fuoy ykHk vFkok gkfu rFkk vof/k ds nkSjku cdk;k “ks;jksa dh Hkkfjr vkSlr la[;k dks lHkh voewY;uh; dk;Z{ke bfDoVh “ks;jks ds izHkko ds fy, lek;ksftr fd;k tkrk gS A

15- vkdfLed ns;rk,a

fuEufyf[kr ekeyksa esa vkdfLed ns;rkvksa dk [kqyklk fd;k tkrk gS%

¼d½ foxr ifj.kke ls mRiUu dksbZ orZeku nkf;Ro] tc ;g lEHko u gks fd nkf;Roksa dk fuiVku djus ds fy, vkfFkZd ykHkksa lfgr lalk/kuksa dk fuxZeu visf{kr gksA

¼[k½ dksbZ laHko nkf;Ro] ftlds fuiVku ds fy, fuxZeu dh lEHkkouk nwj rd fn[kkbZ u nsrh gksA

16- vkdfLed ifjlEifÙk;ka

vkdfLed ifjlEifÙk;ksa dks u rks ekU;rk nh tkrh gS vkSj u gh mudk izdVu fd;k tkrk gS A

17- ljdkjh vuqnkuksa dk ys[kkdau

jktLo ls lEcfU/kr ljdkjh vuqnkuksa dks ,d lqO;ofLFkr vk/kkj ij ,d vof/k ds i”pkr ykHk vkSj gkfu ds ys[kk esa “kkfey ekuk tkrk gS] tks lEcfU/kr ykxrksa ds lkFk feyku djus ds fy, vko”;d gksrk gS vkSj ftudh izfriwfrZ djuk pkgrs gS A ,sls vuqnkuksa dks izfrosfnr lEcfU/kr O;; esa ls ?kVk fn;k tkrk gS A

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18 Miscellaneous

Telephone/Electricity/Water or such other deposits with the Local /Statutory Authorities have been charged off to the Revenue Account after retaining Re. 1 under the Deposit Head, for control purposes. If any amount is subsequently recovered towards these deposits, the same is credited to “Miscellaneous Income”

Only those prepaid expenses which are Rs. 10,000/- or more are carried forward to the next financial year.



for M/s S.C.Vasudeva & CO. for M/s K.K.Ghei & CO. Chartered Accountants Chartered Accountants Firm Regn. No. 000235N Firm Regn. No. 001342N



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18- fofo/k

fu;a=.k djus ds iz;kstu ls LFkkuh;@lkafof/kd izkf/kdj.kksa ds ikl nwjHkk’k@fctyh@ikuh vFkok ,slh vU; tek jkf”k dks] tek “kh’kZ ds varxZr : 1@& j[kus ds ckn jktLo ys[kk dks “kqYd eqä dj fn;k tkrk gS A ;fn bu tek jkf”k;ksa ds izfr ckn esa fdlh jkf”k dh olwyh dh tkrh gS rks mls ^^fofo/k vk;** esa tek fd;k tkrk gSA

dsoy ,sls iwoZ Hkqxrku fd, x, O;;ksa] tks : 10]000@& vFkok blls vf/kd dh jkf”k ds gS] dks vxys foÙkh; o’kZ esa ys tk;k tkrk gS A


(ds- ,u- HkaMkjh) (vk'kk uk;j) (ih-ts-tkslWQ) funs'kd funs'kd v/;{k&,oa&izcU/k funs'kd MhvkbZ,u 00191219 MhvkbZ,u 06363501 MhvkbZ,u 05229601




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Annexure – 2

Notes Forming Part of Accounts

1. IRDA Compliance

The Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2002, have been complied with in the presentation of these accounts, to the extent applicable.

2 2.1 Takeover of Crop Insurance Business

The Company was designated as the Implementing Agency for ‘National Agricultural Insurance Scheme’ with effect from 1st April 2003 by the 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 General Insurance Corporation of India (GIC). Based on their audited statement, assets amounting to Rs.58,95,66 thousand and liabilities amounting to Rs.450,03,29 thousand relating to crop insurance business as on 31st March, 2003 were received from GIC vide their letter dated 3rd February 2004 and were incorporated in the books of accounts of the company.

2.2 Reserve for Unexpired Risks amounting to Rs.184, 91, 47 thousand as on the date of transfer of business from GIC to the company i.e., 01st April, 2003 has not yet been transferred by GIC to the company.

3 Business & Geographical Segment

As per the Accounting Standard 17 -“Segment Reporting”, the company has only one Business Segment, i.e. “CROP INSURANCE”, and only one Geographical Segment, i.e. “INDIA”.

4. Disclosures Forming Part of Financial Statements

4.1 Contingent liabilities

4.1.1 Partly paid-up Investments: NIL (previous year NIL)

4.1.2 Underwriting commitments outstanding: NIL (previous year NIL)

4.1.3 Claims against the company, other than against Policies, not acknowledged as debt: NIL (previous year NIL)

Claims against the company, those under Policies, not acknowledged as debt: Rs.48,49,53 thousand (previous year Rs. 41,95,54 thousand)

4.1.4 Guarantees given by or on behalf of the Company: NIL (previous year NIL)

4.1.5 Statutory Demands /Liabilities in respect of income tax:

(a) In respect of Assessment Year 2008-09 Income Tax Department has disallowed certain expenses amounting Rs.82,69 thousand, claimed by the company and has made a tax demand of Rs. 16,36 thousand on account of the same. The company has filed an appeal against the aforesaid demand & the same is pending with Income Tax Appellate Tribunal.

83

vuqca/k&2

ys[kkvksa esa lekfo"V fVIIkf.k;ka

1. vkbZvkjMh, vuqikyu

chek fofu;ked vkSj fodkl izkf/kdj.k ¼chek dEifu;ksa vkSj foÙkh; foojf.k;ka ds ys[kk ijh{kd dh fjiksVZ rS;kj djuk½ fofu;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 vf/kdkj esa ysuk

dEiuh dks df"k ea=ky;] Hkkjr ljdkj ds fnukad 22 vDVwcj] 2003 ds Ik= ds rgr 1 vizSy 2003 ls ^^jk"Vªh; df"k chek ;kstuk** ds dk;kZUo;u vfHkdj.k ds :Ik esa inukfer fd;k x;k FkkA rn~uqlkj bl dEiuh us Qly chek dkjksckj dks Hkkjrh; lk/kkj.k chek fuxe ¼thvkbZlh½ ls vius vf/kdkj essa ys fy;k FkkA muds ys[kkijhf{kr fooj.k ds vk/kkj ij] 31 ekpZ 2003 dks Qly chek dkjksckj ls lEcfU/kr ` 58]95]66 gtkj dh jkf'k dh ifjlEifÙk;ka vkSj ` 4]50]03]29 gtkj dh jkf'k dh ns;rk dks thvkbZlh ls muds fnukad 3 Qjojh] 2004 ds Ik= }kjk izkIr fd;k Fkk vkSj bu jkf'k;ksa dks dEiuh ds ys[kk cfg;ksa esa lfEefyr dj fy;k x;k FkkA

2.2 thvkbZlh }kjk dEiuh dks dkjksckj varj.k djus dh rkjh[k] vFkkZr~ 01 vizSy] 2003 dks `184]91]47 gtkj :i;s ds vlekIr tksf[keksa ds fy, vkjf{kr jkf'k vHkh rd thvkbZlh }kjk dEiuh dks varfjr ugha dh xbZ gSA

3. 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 vFkkZr~~ ÞHkkjrß gSA

4. foÙkh; fooj.kksa esa lekfo"V Li"Vhdj.k

4.1 vkdfLed ns;rk,a

4-1-1 vkaf'kd :Ik ls Hkqxrku fd, x, fuos'k % 'kwU; ¼xr o"kZ 'kwU;½

4-1-2 cdk;k chekys[ku izfrc)rk,a % 'kwU; ¼xr o"kZ 'kwU;½

4-1-3 dEiuh ds f[kykQ nkos] tks ikWfylh ds varxZr ugha vkrs] ftUgs _.k ds :i esa Lohdkj ugh fd;k x;k gS% 'kwU; ¼xr o"kZ 'kwU;½

dEiuh ds f[kykQ nkos( tks ikWfylh ds vUrxZr vkrs gS] ysfdu _.k ds :Ik esa Lohdr ugha gS % `48]49]53 gtkj ¼xr o"kZ : 41]95]54 gtkj½

4-1-4 dEiuh }kjk ;k dEiuh dh rjQ ls nh tekur % 'kwU; ¼xr o"kZ 'kwU;½

4-1-5 vk;dj ds lEcU/k esa lkafof/kd ekax@ns;rk,a

¼d½ fu/kkZj.k o"kZ 2008&09 ds lEcU/k esa] vk;dj foHkkx us dEiuh }kjk nkok dh xbZ `82]69 gtkj :i;s dh jkf”k ds dqN O;;ksa dks Lohdr ugha fd;k gS vkSj ml ^ij `16]36 gtkj :i;s ds dj dh ekax dh gSA dEiuh us mi;qZä ekax ds f[kykQ vihy nk;j dh gS vkSj ;g ekeyk vk;dj vihy vf/kdj.k esa yfEcr gS A

83

(b) In respect of Assessment Year 2009-10 Income Tax Department has disallowed certain expenses amounting Rs.12,77 thousand, claimed by the company and has made a tax demand of Rs. 8,40 thousand on account of the same. The company has filed an appeal against the aforesaid demand & the same is pending for rectification u/s 154 with Deputy Commissioner Income Tax -Delhi.

(c) In respect of Assessment Year 2010-11 Income Tax Department has disallowed certain expenses amounting Rs.30,38 thousand, claimed by the company and has made a tax demand of Rs. 69,00 thousand on account of the same. The company has filed an appeal against the aforesaid demand & the same is pending with Income Tax Appellate Tribunal.

(d) In respect of Assessment Year 2011-12 Income Tax Department has disallowed certain expenses amounting Rs.2,50 thousand, claimed by the company and has made a tax demand of Rs.1,18 thousand on account of the same. The company has filed an appeal against the aforesaid demand & the same is pending with CIT (Appeals)-Delhi.

(e) In respect of Assessment Year 2012-13 Income Tax Department has disallowed certain expenses amounting Rs. 9,37,76 thousand, claimed by the company. The company has filed an appeal against the aforesaid demand & the same is pending with CIT (Appeals)-Delhi.

4.1.6 Reinsurance obligations to the extent not provided for in Accounts: NIL (previous year NIL)

4.1.7 Others: NIL (previous year NIL)

4.2 As at 31st March 2015, all the assets of the company are free from encumbrances, except (as mandatory under Section 7 of Insurance Act, 1938) Central Government Security – 8.24%, GOI, 2018, under the custody of PNB Gilts (approved by RBI). Total amortized book value of the security is Rs. 49,27,70 thousand (Face Value Rs. 50,00,00 thousands) (previous year amortized book value of Rs.49,04,07 thousand (Face Value Rs. 50,00,00 thousands) out of which amortized book value of Rs. 9,85,54 thousand having Face Value Rs. 10,00,00 thousand (previous year amortized book value of Rs. 9,80,81 thousand having Face Value Rs. 10,00,00 thousand) has been grouped in Schedule 8 & 8A of Shareholders and Policyholders respectively.

4.3 Commitment made and outstanding as on 31st March, 2015 for :-

i Loans and Investments: NIL (previous year NIL)

ii IT Project “Annapoorna” under implementation: Rs. 6,87,88 thousand (previous year NIL)

iii Estimated amount of Contracts remaining to be executed on capital account and not provided for : Rs. 45,22,81 thousand (previous year Rs. 66,03,45 thousand)

iv Engagement of Van Publicity Agency- Rs. 2,04,49 thousand (previous year NIL)

4.4 Claims less re-insurance, paid to claimants in/outside India:

a) In India : Rs.1235,32,74 thousand

b) Outside India : NIL

4.5 There are no products wherein the claims payment period as per terms of the policy exceeds four years. Hence Actuarial assumptions for determination of such claim liabilities are not required.

4.6 Ageing of claims is presented below, distinguishing between “Claims Outstanding for more than six months” and “Other Claims i.e. Claims Outstanding up to six months”:-

84

¼[k½ fu/kkZj.k o’kZ 2009&10 ds lEcU/k esa] vk; dj foHkkx us 12]77 gtkj :i;s dh dqN O;;ksa dh jkf”k ds dEiuh }kjk fd, x, nkoksa dks Lohdr ugha fd;k gS vkSj blds dkj.k 8]40 gtkj :i;s ds dj dh ekax dh gSA dEiuh us mä ekax ds f[kykQ ,d vihy nk;j dh gS vkSj ;g vihy mik;qä] vk;dj&fnYyh ds ikl /kkjk 154 ds rgr la”kks/ku gsrq yfEcr gSA

¼x½ fu/kkZj.k o’kZ 2010&11 ds lEcU/k esa] vk;dj foHkkx us daiuh }kjk nkok dh xbZ 30]38 gtkj :i;s dh dqN O;;ksa dh jkf”k dks Lohdr ugha fd;k gS vkSj blds fy, 69]00 gtkj :i;s ds dj dh ekax gh gSA dEiuh us mä ekax ds f[kykQ ,d vihy nk;j dh gS vkSj ;g vihy vk;dj vihyh; U;k;kf/kdj.k ds ikl yfEcr gSA

¼?k½ fu/kkZj.k o’kZ 2011&12 ds lEcU/k esa] vk;dj foHkkx us dEiuh }kjk fd, x, 2]50 gtkj :i;s dh jkf”k ds dqN O;;ksa ds nkoksa dks Lohdr ugha fd;k gS vkSj blds fy, 1]18 gtkj :i;s dk dj dh ekax dh gS A dEiuh us mä ekax ds f[kykQ ,d vihy nk;j dh gS vkSj ;g vihy lhvkbZVh ¼vihy½&fnYyh ds ikl yfEcr gSA

4-1-6 iquZchek nkf;Ro % ftUgs ys[kksa esa ugha fn;k tk ldk % “kwU; ¼xr o’kZ “kwU;½

4-1-7 vU; % “kwU; ¼xr o’kZ “kwU;½

4.2 31 ekpZ 2015 dks ih,uch fxYV~l ¼vkjchvkbZ }kjk vuqeksfnr½ dh lqj{kk ds rgr dsUnz ljdkj dh izfrHkwfr&8-24 izfr”kr] Hkkjr ljdkj] 2018 ds vykok dEiuh dh lHkh ifjlEifÙk;ka _.kHkkj eqÙk gS] dsoy mUgsa NksM+dj ¼tSlk fd chek vf/kfu;e] 1938 dh /kkjk 7 ds varxZr vfuok;Z gS½ izfrHkwfr dk dqy +_.k ifj”kksf/kr cgh ewY; 49]27]70 gtkj ¼vafdr ewY; 50]000 gtkj½ ¼xr o’kZ dk _.k ifj”kksf/kr cgh ewY; 49]04]07 gtkj ¼vafdr ewY; 50]000 gtkj½ gS ftlesa ls 9]85]54 gtkj dk ifj”kksf/kr cgh ewY;] ftldk vafdr ewY; 10]00-00 gtkj gS ¼xr o’kZ ifj”kksf/kr cgh ewY; 9]80]81 gtkj gS] ftldk vafdr ewY; 10]00]00 gtkj gS½ dks Øe”k% “ks;j /kkjdksa vkSj ikWfylh /kkjdksa dh vuqlwph 8 vkSj 8 ^d* esa lewgc) fd;k x;k gSA

4.3 fuEufyf[kr ds fy, 31 ekpZ 2015 dks dh xbZ vkSj cdk;k izfrc)rk%&

1 m/kkj vkSj fuos”k % “kwU; ¼xr o’kZ “kwU;½

2 vkbZVh ifj;kstuk ÞvUuiw.kkZß dk;kZUo;uk/khu % ` 6]87]88 gtkj ¼xr o’kZ 'kwU;½

3 lafonkvksa dh vuqekfur jkf”k] tks iwath ys[kk ij fu’ikn ds fy, “ks’k cph gS ijUrq ftldk izko/kku ugha fd;k x;k % 45]22]81 gtkj ¼xr o’kZ 66]03]45 gtkj½

4 oSu ifCyflVh ,tsalh dk p;u% ` 2,04,49 gtkj ¼xr o’kZ “kwU;½

4.4 Hkkjr esa@ckgj nkosnkjksa dk Hkqxrku nkos ?kVk iquchZek

d½ Hkkjr esa% :i;s 1235]32]74 gtkj

[k½ Hkkjr ls ckgj% “kwU;

4.5 ,slk dksbZ mRikn ugha gS ftlesa uhfr dh “krks± ds vuqlkj nkoksa ds Hkqxrku dh vof/k pkj o’kks± ls vf/kd gksA vr% ,sls nkoksa dh ns;rkvksa ds fu/kkZj.k ds fy, chekafdd vo/kkj.kk,a visf{kr ugha gksrh gSA

4.6 nkoksa dh vof/k] ÞN% ekg ls vf/kd vof/k ds cdk;k nkosß vkSj ÞvU; nkos vFkkZr~~ N% ekg rdß ds cdk;k nkos chp varj djrs gq, uhps izLrqr gS%&

84

Rs . in Thousand

Particulars 2014-15 2013-14Foreign Business: N. A.

Indian Business:Claims outstanding for more than six months 924,30,48 1683,45,24Claims outstanding up to six months 1426,63,56 351,39,13


Indian Business:Legal Claims outstanding for more than six months 1,03,43 1,81,06Legal Claims outstanding up to six months 0 0


Indian Business:Legal Claims Exp. outstanding for more than six months 0 0

Legal Claims Exp. outstanding up to six months 1,84 6,01

Particulars 2014-15 2013-14

Foreign Business: N. A.

Indian Business:LAE outstanding for more than six months 63 2LAE outstanding up to six months 2,46,53 4,47,56

4.7 Premium, less re-insurance, written from business in/outside India:

a) In India : Rs. 1496,41,38 thousand

b) Outside India : NIL

4.8 Short collection of Premium included under ‘Schedule of Advances and Other Assets’ which represents amounts receivable from Nodal banks of Rs. 2,97,38 thousand as at 31.03.2015 (previous year Rs. 4,79,19 thousands) remains unconfirmed.

Excess collection of Premium included under ‘Schedule of Current liabilities’ which represents amounts payable to Nodal banks of Rs.19,60,76 thousand as at 31.03.2015 (previous year Rs. 22,96,54 thousands) remains unconfirmed.

4.9 Value of Contracts in relation to Investments for :-

4.9.1 Purchases where deliveries are pending: NIL (previous year NIL)

4.9.2 Sales where payments are overdue: NIL (previous year NIL)

85

` gtkj esa

fooj.k 2014-15 2013-14fons'kh dkjksckj % ykxw ugha

Hkkjrh; dkjksckj

Ng ekg ls vf/kd ds cdk;k nkos 924,30,48 1683,45,24

Ng ekg rd ds cdk;k nkos 1426,63,56 351,39,13


Hkkjrh; dkjksckj

Ng ekg ls vf/kd ds cdk;k dkuwuh nkos 1,03,43 1,81,06

Ng ekg rd ds cdk;k dkuwuh nkos 0 0


Hkkjrh; dkjksckj

Ng ekg ls vf/kd ds cdk;k dkuwuh nkos 0 0

Ng ekg rd ds cdk;k dkuwuh nkos 1,84 6,01


Hkkjrh; dkjksckj

Ng ekg ls vf/kd ds cdk;k ,y,bZ 63 2

Ng ekg rd ds cdk;k nkos ,y,bZ 2,46,53 4,47,56

4.7 Hkkjr esa@Hkkjr ls ckgj ds dkjksckj ls fy[ks x, izhfe;e ?kVk iquchZek

d½ Hkkjr esa % :i;s 1496]41]38 gtkj

[k½ Hkkjr ls ckgj% “kwU;

4.8 izhfe;e ds laxzg esa deh dks ^^vfxzeksa vkSj vU; ifjlEifÙk;ksa dh vuqlwph** ds vUrxZr “kkfey fd;k x;k gS tks 31-03-2015 dks uksMy cSdksa ls izkI; 2]97]38 gtkj :i;s dh jkf”k ¼xr o’kZ 4]79]19 gtkj Fkh½ dks n”kkZrs gS vkSj ftldh vHkh iqf’V ugha dh xbZ gSA

izhfe;e dk vf/kd laxzg dks Þpkyw ns;rkvksa dh vuqlwphß ds varxZr “kkfey fd;k x;k gS tks 31-03-2015 dks uksMy cSdksa ls izkI; :i;s 19]60]76 gtkj :i;s dh jkf”k ¼xr o’kZ 22]96]54 gtkj Fkh½ dks n”kkZrs gS vkSj ftldh vHkh iqf’V ugha dh xbZ gS A

4.9 fuos”kksa ds lEcU/k esa Bsdksa ds ewY; ds fy, %&

4-9-1 Ø;] tgk¡ lqiqnZfx;k¡ dh tkuh yfEcr gS % “kwU; ¼xr o’kZ “kwU;½

4-9-2 fcØh] tgk¡ Hkqxrku vfrns; gks x;k gks % “kwU; ¼xr o’kZ “kwU;½

85

4.10 Computation of managerial remuneration as per Section 198 [pursuant to Schedule XIII] of the Companies Act, 2013 given to Mr. P.J.Joseph as mentioned hereinafter:

Rs . in ThousandGross Salary Co’s Contribution to PF/

Pension FundOther Perquisites

Current Year Previous Year Current Year Previous Year Current Year Previous Year

20,09 25,08 96 95 43 4

4.11 The Company does not hold any immovable property for investment purposes.

4.12 As per IRDA Master circular on preparation of Financial Statements –General Insurance Companies issued in October 2012 and effective from 1st April 2013, details of various penal actions taken by various Government Authorities during the year is as under:-

S.N. Authority Non-Compliance / violation

Amount in Rs.Penalty

AwardedPenalty

PaidPenalty Waived/ Reduced

1 Insurance Regulatory and Development Authority

Yes 10,00,000 10,00,000 NIL

2 Service Tax Authorities NIL NIL NIL NIL

3 Income Tax Authorities NIL NIL NIL NIL

4 Any other Tax Authorities NIL NIL NIL NIL

5 Enforcement Directorate/ Adjudicating Authority/ Tribunal or any Authority under FEMA

NIL NIL NIL NIL

6 Registrar of Companies/NCLT/CLB/ Department of Corporate Affairs or any Authority under Companies Act, 2013

NIL NIL NIL NIL

7 Penalty awarded by any Court/Tribunal for any matter including claim settlement but excluding compensation

NIL NIL NIL NIL

8 Securities and Exchange Board of India*

N. A. N. A. N. A. N. A.

9 Competition Commission of India

NIL NIL NIL NIL

10 Any other Central/State/ Local Govt./Statutory Authority

NIL NIL NIL NIL

*Post listing

86

4.10 dEiuh vf/kfu;e] 2013 dh /kkjk 198 ¼vuqlwph&XIII ds vuqlj.k esa½ dh /kkjk 198 ds vuqlkj izcU/kdh; ikfjJfed dk ifjdyu djus dk dk;Z ;gkW mfYyf[kr vuqlkj Jh ih-ts- tkslWQ dks fn;k x;kA

` gtkj esa

ldy osru Hkfo"; fuf/k@isa'ku fuf/k esa dEiuh dk va'knku

vU; ifjyfC/k;ka

pkyw o"kZ xr o"kZ pkyw o"kZ xr o"kZ pkyw o"kZ xr o"kZ

20,09 25,08 96 95 43 4

4.11 fuos”k ds iz;kstuksa ds fy, dEiuh ds ikl dksbZ vpy lEifÙk ugha j[kh gS A

4.12 vDVwcj 2012 esa tkjh fd;s x;s vkSj 1 vizSy] 2013 ls ykxw foÙkh; fooj.k rS;kj djus ds fy, vkbZvkjMh, ds eq[; ifji= ds vuqlkj&o’kZ ds nkSjku lk/kkj.k chek dEifu;ksa us dh gS] ds fofHkUUk ljdkjh izkf/kdj.kksa }kjk dh xbZ fofHkUu naMuh; dkjZokgh dk fooj.k fuEukuqlkj gS %&

Ø- la-

izf/kdj.k vuqikyu u djuk@ mYya?ku

jkf'k ¼#i;ksa esa½

nh xbZ isuYVh

Hkqxrku fd;k x;k tqekZuk

ekQ fd;k x;k@de fd;k x;k tqekZuk

1 chek fofu;ked vkSj fodkl izkf/kdj.k

gk¡ 10,00,000 10,00,000 'kwU;

2 Lskok dj izkf/kdj.k 'kwU; 'kwU; 'kwU; 'kwU;3 vk; dj izkf/kdj.k 'kwU; 'kwU; 'kwU; 'kwU;4 vU; dksbZ dj izkf/kdj.k 'kwU; 'kwU; 'kwU; 'kwU;5 izorZu funs'kky;@

vf/kfu.kkZ;d izkf/kdj.k@ vf/kdj.k vFkok Qsek ds vUrxZr dksbZ vU; izkf/kdj.k

'kwU; 'kwU; 'kwU; 'kwU;

6 dEiuh jftLVªkj@ ,ulh,yVh@lh,ych@ dkiksZjsV dk;Z foHkkx vFkok dEiuh vf/kfu;e] 2013 ds v/khu vU; dksbZ izkf/kdj.k


7 fdlh ekeys] ftlesa nkoksa dk fuiVku 'kkfey gS ijUrq {kfriwfrZ dks NksM+dj] ds fy, fdlh U;k;ky;@vf/kdj.k }kjk nh xbZ isUkYVh


8 izfrHkwfr;ka vkSj Hkkjrh; fofue; cksMZ*

'kwU; ykxw ugha ykxw ugha ykxw ugha

9 Hkkjrh; izfrLi/kkZ vk;ksx 'kwU; 'kwU; 'kwU; 'kwU;10 dksbZ vU; dsUnz@jkT;@LFkkuh;

ljdkj@lkafof/kd izkf/kdj.k'kwU; 'kwU; 'kwU; 'kwU;

* lwphc) djus ds ckn

86

4.13 The Government of India vide their letter no. F. No. C-13014/16/2004- Ins. I dated 23.12.2009, called for Rs. 2,00,00,00 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 the Government of India, with due approval of the Board; and concurrence of IRDA vide their letter dated 01.01.2010 and the same being an ad-hoc payment has been accounted for as ‘Other Advances’ under Schedule 12 of the Annual Accounts as on 31st March 2015 i.e., ‘Advances and Other Assets’ pending recast of the Scheme.

4.14 (a) Unrealized gain/losses arising due to changes in the fair value of listed equity shares and derivative instruments are taken to equity under the head ‘Fair Value Change Account’ and on realization reported in profit and loss Account.

4.14 (b) Pending realization, the credit balance in the ‘Fair Value Change Account’ is not available for distribution.

4.15 Details of expenses incurred under the following heads:-

Rs. in thousand

Outsourcing(for non-core functions)

Rs. 2,37,91 thousand (previous year Rs. 1,82,65 thousand)

Business development Rs. 12,03 thousand (previous year Rs. 21,65 thousand)

Marketing support NIL (previous year NIL)

4.16 Claims settled and remaining unpaid for a period of more than six months as at 31st March 2015 is Rs. 455,74,46 thousand(Previous year Rs. 48,97,99 thousand)

4.17.1 Under Insurance Act 1938 (Section 64VB), risk can be assumed only when the requisite premium is received.

However, the company assumes risk but recognizes the premium upon the same being remitted by the collecting bank at a later date since the company cannot anticipate the accrual in the absence of such receipt. Thereby, the assumption of risk is strictly not in accordance with the provisions of the aforesaid section.

However, in response to company’s letter dated 9th August, 2010 IRDA vide its letter dated 26th August, 2010 has allowed the company to continue with this practice, till further orders.

4.17.2 The balance of Premium for Rabi 2014-15 for the schemes NAIS, MNAIS, & WBCIS collected by the banks from the farmers has neither been remitted to the company nor any consequential provision for claims accounted for in the absence of requisite data up to 31st March, 2015. The amount is not ascertainable as on date.

4.17.3 Premium Deficiency is recognized if the sum of expected claim cost, related expenses and maintenance cost (related to claims handling) exceeds related reserve for unexpired risk.

Basis of Computation

Premium Deficiency Reserve for FY 2014-15 has been calculated at product level as difference between expected outgo and related reserve for the unexpired risk. Expected claim costs is calculated by using weighted average loss ratio in the previous years and expected expense costs (including commission) assumption is based on the latest experience.

87

4.13 Hkkjr ljdkj us vius Ik= la- lh&13014@16@2004&ba”k&1 fnukad 23-12-2009 }kjk dEiuh ls muds jksds x, ykHkksa@vkj{k.kkas ¼jk-Ñ-ch-;ks- xfrfof/k;ksa }kjk lftr½ esa ls] bl ;kstuk dks iqu% ykxw djus ds fy, “kq:vkrh rkSj ij rnFkZ Hkqxrku ds :Ik esa :i;s 2]00]00]00 gtkj :i;s dh jkf”k dh ekax gh gSA rn~uqlkj cksMZ ds fof/kor vuqeksnu ls Hkkjr ljdkj dks 2]00]00]00 gtkj dh jkf”k dk Hkqxrku fd;k x;k vkSj vkbZvkjMh, ds fnukad 01-01-2010 ds Ik= }kjk lgefr izkIr dj th xbZ rFkk 31 ekpZ 2015 dks okf’kZd ys[kksa dh vuqlwph 12 ds varxZr ^vU; vfxze* vFkkZr~ ;kstuk dks iqu% ykxw djus ds fy, yfEcr iMs+ vfxze vkSj vU; ifjlEifÙk;ksa ds :Ik esa bl jkf”k dk rnFkZ Hkqxrku fd;k x;k gSA

4.14 ¼d½ lwphc) bfDoVh “ks;jksa vkSj O;qRiUu midj.kksa ds mfpr ewY; esa gq, ifjorZuksa ds dkj.k mRiUu olwyh u fd, x, ykHk@gkfu;ksa dks ^mfpr ewY; ifjorZu ys[kk* “kh’kZ ds varxZr bfDoVh esa fy;k x;k gS rFkk olwyh gks tkus ij ykHk vkSj gkfu ys[kk esa izfrosfnr fd;k tk,xkA

4.14 ¼[k½ olwyh yfEcr gksus ds dkj.k] ^mfPkr ewY; ifjorZu ys[kk* es cdk;k _.k forj.k ds fy, miyC/k ugha gSA

4.15 fuEufyf[kr “kh’kZ ds vUrxZr mixr O;;ksa dk fooj.k%&#- gtkj esa

vkmVlksflaZx ¼ewy dk;ksZa ls brj ds fy,½ :i;s 2]37]91 gtkj ¼xr o"kZ : 1]82]65 gtkj½

dkjksckjh fodkl :i;s 12]03 gtkj ¼xr o"kZ : 21]65 gtkj½

foi.ku lgk;rk “kwU; ¼xr o"kZ “kwU;½

4.16 31 ekpZ 2015 dks N% ekg ls vf/kd dh vof/k ds fy, :i;s 455]74]46 gtkj ¼xr o"kZ #- 48]97]99 gtkj½ ds gSA ,sls nkos ftudk lek;kstu fd;k tk pqdk gS ijUrq Hkqxrku fd;k tkuk ckdh gS A

4.17.1 chek vf/kfu;e 1938 ¼/kkjk 64V [k½ ds varxZr] tksf[ke dh iwokZyksdu Hkh fd;k tk,xk tc rd fd visf{kr izhfe;e izkIr ugha gks tkrk gSA

rFkkfi dEiuh us tksf[ke dh iwokZyksdu fd;k gS ijUrq ml ij izhfe;e dks ekU;rk nh xbZ gS] ftls ckn dh rkjh[k dks laxzg.kdrkZcSad }kjk tek fd;k x;k gS] pw¡fd dEiuh ,slh ikorh ds vHkko esa chekadd jkf”k dk iwokZuqeku ugh yxk ldrhA bl izdkj] tksf[ke dh iwoZ/kkj.kk okLRko esa mi;qZä /kkjk ds izko/kkuksa ds vuqlkj ugha gS A

rFkkfi] dEiuh ds fnukad 9 vxLr 2010 ds Ik= ds mÙkj esa vkbZvkjMh, us vius fnukad 28 vxLr 2010 ds Ik= }kjk dEiuh dks ml izfØ;k dks] vxys vkns”k gksus rd tkjh j[kus dh vuqefr ns nh gSA

4-17-2 jk-Ñ-ch-;ks-] la-jk-Ñ-ch-;ks- vkSj ekS-vk-jk-Ñ-ch-;ks- ;kstukvksa ds fy, jch 2014&15 ds izhfe;e dk cdk;k] tks cSdksa }kjk fdlkuksa ls laxzg fd;k x;k gS] dks 31 ekpZ 2015 rd u rks dEIkuh es tek fd;k vkSj u gh visf{kr vkadM+ksa ds vHkko esa ys[kkfdar nkoksa ds ifj.kkeh izko/kku esa tek fd;k x;k gS A mä rkjh[k rd bl jkf”k dks vHkh rd fu/kkZfjr ugh fd;k tk ldk gSA

4-17-3 ;fn] izR;kf”kr nkok ykxr] laxr O;;ksa vkSj vuqj{k.k ykxr ¼gSMfyax nkoksa ls lEcfU/kr½ dk tksM+ vlekIr tksf[ke ds fy, laxr vkj{k.k dh jkf”k ls vf/kd gks tkrk gS rks izhfe;e ?kkVs dks ekU;rk nh tkrh gS A

lax.kuk ds vk/kkj

foÙk o"kZ 2014&15 ds fy, izhfe;e ?kkVk vkj{k.k mEehn [kpZ vkSj vlekIr tksf[ke ds fy, lEcfU/kr vkj{k.k ds chp vaarj ds :i esa mRikn ds Lrj ij x.kuk dh xbZ gSA vuqekfur nkok ykxr uohure vuqHko ij vk/kkfjr gS tks fiNys o"kZ vuqekfur [kpZ ykxr ¼deh'ku lfgr½ /kkj.kk rFkk Hkkfjr vkSlr uqdlku vuqikr dk mi;ksx djds x.kuk dh xbZ gSA

87

PDR for each product is as follows: (In thousands)

Products GWP Rabi NWP Rabi Unearned Premium

Final PDR

NAIS - Normal 177,54,93 177,54,93 88,77,46 -

NAIS -Additional 199,54,28 59,86,28 29,93,14 21,67,47

MNAIS 219,81,08 65,94,32 32,97,16 -

WBCIS 57,64,42 25,36,35 12,68,17 -

Other Products 92,87 84,16 42,08 -

All Products Together 655,47,59 329,56,04 164,78,02 -

Final PDR 21,67,47

The change in the method of computation of Premium Deficiency Reserve has resulted in lower operating profit & Net Profit before tax to the extent of Rs. 21,67,47 thousand (Previous year-NIL)

5 5.1 Related Party Disclosure as per Accounting Standard – 18 Key Managerial Personnel

• Mr. P.J.Joseph

Nature of Transactions:

1. Salaries, allowances and contributions as on 31st March 2015: Rs. 21,48 thousand (previous year Rs. 26,07 thousand)

2. Loan balances due as on 31st March 2015: Rs. 17,05 thousand (previous year NIL)

6 6.1 During the year, the Company has received the following amounts from the Government (Central/States/UTs/Boards) towards implementation of NAIS and towards Premium Subsidy in respect of Pilot Scheme on Weather Based Crop Insurance , Modified NAIS & other Schemes:

Rs. In thousand

S.N. Particulars Current Year 2014-15

Previous Year 2013-14

1. NAIS – Premium Subsidy 169,20,96 206,93,69

2. NAIS – Bank Service Charges 16,11,64 7,68,13

3. NAIS – Claim Share 2921,20,46 2806,02,71

4. NAIS – Corpus Fund 4,98,96 0

5. WBCIS – Premium Subsidy 981,25,43 1414,87,65

6. Modified NAIS– Premium Subsidy 1035,84,31 460,97,62

7. Coffee Board 22,61 2,82

8. Coffee Board-State Govt. 15,00 0

88

izR;sd mRikn dk ihMhvkj fuEu gS %#- gtkj esa

mRikn thMCY;wih jch ,uMCY;wih jch vukftZr izhfe;e

vafre ihMhvkj

jk-Ñ-ch-;ks-& lkekU; 177,54,93 177,54,93 88,77,46 -

jk-Ñ-ch-;ks-& vfrfjDr 199,54,28 59,86,28 29,93,14 21,67,47

la-jk-Ñ-ch-;ks- 219,81,08 65,94,32 32,97,16 -

EkS-vk-jk-Ñ-ch-;ks- 57,64,42 25,36,35 12,68,17 -

vU; mRikn 92,87 84,16 42,08 -

lHkh mRikn feykdj 655,47,59 329,56,04 164,78,02 -

vfUre ihMhvkj 21,67,47

izhfe;e ?kkVk vkj{k.k dh x.kuk esa fof/k esa ifjorZu ds dkj.k #- 21]67]47 gtkj ¼xr o"kZ& 'kwU;½ dh lhek rd ifjpkyu ykHk rFkk dj iwoZ 'kq) ykHk esa deh gqbZ gSA

5.1 Yks[kkadu ekud&18 ds vuqlkj lEcfU/kr ikVhZ izdVu izeq[k izcU/ku dkfeZd • Jh ih ts tkslWQ

lkSns dk Lo:i %

1- 31 ekpZ 2015 dks osru] HkÙks vkSj va”knku% :i;s 21]48 gtkj ¼xr o’kZ esa :i;s 26]07 gtkj½

2- 31 ekpZ 2015 dks ns; _.k cdk;k% :i;s 17]05 gtkj ¼xr o’kZ “kwU;½

6.1 o’kZ ds nkSjku] dEiuh us jk-Ñ-ch-;ks- ds dk;kZUo;u vkSj ik;yV EkkSle vk/kkfjr Qly chek] la”kksf/kr jk-Ñ-ch-;ks- vkSj vU; ;kstukvksa ds fy, izhfe;e va”knku ds fy, ljdkj ¼dsUnzh;@jkT;@la?k “kkflr izns”k½ ls fuEufyf[kr jkf”k izkIr dh gS A

#- gtkj essa

Ø- la-

fooj.k pkyw o"kZ 2014-15

xr o"kZ 2013-14

1. jk-Ñ-ch-;ks-&izhfe;e vuqnku 169,20,96 206,93,69

2. jk-Ñ-ch-;ks-&cSad lsok izHkkj 16,11,64 7,68,13

3. jk-Ñ-ch-;ks-&nkos dk fglkc 2921,20,46 2806,02,71

4. jk-Ñ-ch-;ks-&laxzg fuf/k 4,98,96 0

5. EkkS-vk-jk-Ñ-ch-;ks-& izhfe;e vuqnku 981,25,43 1414,87,65

6. la'kksf/kr jk-Ñ-ch-;ks-&izhfe;e vuqnku 1035,84,31 460,97,62

7. dkWQh cksMZ 22,61 2,82

8. dkWQh cksMZ&jkT; ljdkj 15,00 0

88

9. Coconut Board 43,63 40,40

10. Coconut Board-State Govt. 4,00 47,39

11. Comprehensive Crop Insurance Scheme 12,73,64 0

TOTAL 5142,20,64 4897,40,41

Out of above, the following amounts were paid to Private Insurance Companies for implementation of WBCIS & MNAIS Schemes during the year 2014-15.

Rs. In thousand



1. WBCIS – Premium Subsidy 742,09,82 525,78,68

2. Modified NAIS– Premium Subsidy 307,18,31 34,61,48

TOTAL 1049,28,13 560,40,16

Further, the Government-wise balances as at 31st March, 2015 are detailed in Annexure-7 & 7A

7 Sharing of Expenses of National Agricultural Insurance Scheme

As per NAIS provisions, the Administrative & Operating Expenses are shared among the Company, the Govt. of India, and the State/Union Territory Governments on a specified basis. For the year under review, 20% (previous year 20%) of the total Administrative & Operating Expenses incurred for NAIS are recoverable from the Govt. of India and the respective State/UT Governments. The total recovered/recoverable share amounts to Rs.7,47,03 thousand (previous year Rs. 5,20,23 thousand).

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 73,89 1,32,42 2. NAIS – Publicity Expenses 22,23 27,23

Expenses incurred towards NAIS shown under Schedule 4 are net of the Government’s (Centre/ States / UTs) share of 20% (previous year 20%) received/receivable from the respective Governments.

8 Investments8.1 The company has invested its funds as per the investment pattern prescribed by the IRDA Regulations

on Investments, and the Company’s Investment Policy. The amortized book value of Investments of the Company as on 31st March, 2015 is Rs. 4711,53,92 thousand (previous year Rs. 4028,56,58 thousand), and the Market value of the Company’s Investments as on that date is Rs. 4707,02,24 thousand (previous year Rs. 4019,06,73 thousand). Gross Income from Investments amounted to Rs. 412,96,86 thousand during the financial year under review (previous year Rs.357,06,71 thousand) which includes an investment income of Rs. 5,92,57 thousand (previous year Rs. 13,64,83 thousand), credited to NAIS Corpus Fund.

89

9. ukfj;y cksMZ 43,63 40,40

10. ukfj;y cksMZ& jkT; ljdkj 4,00 47,39

11. O;kid Qly chek ;kstuk 12,73,64 0

dqy 5142,20,64 4897,40,41

mijksDr ds vykok] o"kZ 2014&15 ds nkSjku] EkS-vk-jk-Ñ-ch-;ks- rFkk la-jk-Ñ-ch-;ks- ;kstukvksa ds dk;kZUo;u ds fy, futh chek dEifu;ksa dks fuEu jkf'k Hkqxrku esa nh x;h gSA

#- gtkj essa

Ø- la- fooj.k pkyw o"kZ 2014-15

xr o"kZ 2013-14

1. EkkS-vk-jk-Ñ-ch-;ks-&izhfe;e vuqnku 742,09,82 525,78,68

2. la'kksf/kr jk-Ñ-ch-;ks-&izhfe;e vuqnku 307,18,31 34,61,48

dqy 1049,28,13 560,40,16

blds lkFk&lkFk 31 ekpZ 2015 dks ljdkj okj cdk;k vuqca/k&7 vkSj 7 ^d* esa foLrkj ls fn, x, gS A

7 jk"Vªh; Ñf"k chek ;kstuk esa O;;ksa esa fgLlsnkjh

jk-Ñ-ch-;ks- izko/kkuksa ds vuqlkj] iz”kklfud vkSj ifjpkyu O;;ksa dks dEiuh] Hkkjr ljdkj vkSj jkT;@la?k “kkflr ljdkjksa ds chp fof”k’V vk/kkj ij ckaVk x;k gSA leh{kk/khu o’kZ ds fy,] ,u,vkbZ ds fy, fd, x, dqy iz”kklfud vkSj ifjpkyu O;;ksa dk 20 izfr”kr ¼xr o’kZ 20 izfr”kr½ dh olwyh Hkkjr ljdkj vkSj lEcf/kr jkT;@la?k “kkflr ljdkjksa ls dh xbZ gS A dqy olwy fd;k x;k@olwy fd;k tkus okyk fgLlk : 7]47]03 gtkj ¼xr o’kZ : 5]20]23 gtkj½ cSBrk gS Arnuqlkj] dEiuh us] jk-Ñ-ch-;ks- ls lEcfU/kr fuEufyf[kr O;;ksa dh izfriwfrZ ds :Ik esa ljdkj ¼dsUnzh;@jkT;@la?k “kkflr izns”kksa½ ls fuEufyf[kr jkf”k;ksa dh olwyh dh gS%

#- gtkj esa

Ø- la- fooj.k pkyw o"kZ 2014-15

xr o"kZ 2013-14

1. jk-Ñ-ch-;ks-&iz'kklfud o ifjpkyu [kps± 73,89 1,32,42

2. jk-Ñ-ch-;ks-&izpkj O;; 22,23 27,23

vuqlwph 4 ds vUrxZr jk-Ñ-ch-;ks- ds izfr fd, x, O;; ljdkjksa¼dsUnz@jkT;@la?k “kkflr izns”k½ ds lEcfU/kr ljdkjksa ls izkIr@izkIr fd, tkus ;ksX; dk fuoy va”k 20 izfr”kr ¼xr o’kZ 20 izfr”kr½ gSA

8 fuos'k

8.1 dEiuh us fuos”kksa ij vkbZvkjMh, fofu;eksa }kjk fu/kkZfjr fuos”k iSVUkZ vkSj dEiuh dh fuos”k uhfr ds vuqlkj viuh fuf/k;ksa dk fuos”k fd;k gSA 31] ekpZ] 2015 dks dEiuh ds fuos”kksa dk ogh ewY; : 47]11]53]92 gtkj ¼xr o’kZ :i;s 4028]56]58 gtkj½gS vkSj bl rkjh[k dks dEiuh ds fuos”k dk cktkj ewY; : 4707]02]24 gtkj ¼xr o’kZ :i;s 4019]06]73 gtkj½ gSA leh{kk/khu foÙkh; o’kZ ds nkSjku fuos”kksa ls ldy vk; dh jkf”k : 412]96]86 gtkj gS ¼xr o’kZ : 357]06]71 gtkj½ ftlesa : 5]92]57 gtkj ¼xr o’kZ : 13]64]83 gtkj½ dh fuos”k vk; “kkfey gS ftls jk-Ñ-ch-;ks- lexz fuf/k esa tek dj fn;k x;k gS A

89

8.2 The basis of amortization/accretion of Debt Securities is stated in the Significant Accounting Policy No. 5.1.The total amount of Rs.1,67,35 thousand has been amortized during the year (previous year Rs.1,65,62 thousand).The effect of accretion of debt securities is Rs.8,38,22 thousand (previous year Rs.4,92,24 thousand)

8.3 The historical cost of those Investments which are valued on “Fair Value” basis is Rs.150,48,29 thousand (previous year Rs.182, 13,17 thousand).

8.4 Income of Interest, Dividends and Rent are apportioned between the “Revenue Account”, “Profit and Loss Account”, and the “NAIS-Corpus Fund” in the ratio of the balances standing in the “Policyholders’ Fund”, “Shareholders’ Fund”, & “NAIS-Corpus Fund” respectively at the beginning of the year.

9 Reinsurance CededDuring the year under review, the company paid a sum of Rs.1243,28,50 thousand (previous year Rs.1694,67,12 thousand) as Reinsurance Premium and earned a commission of Rs. 100,06,43 thousand (previous year Rs. 207,25,79 thousand), and has accounted for Reinsurance Claims recovery of Rs. 1468,35,31 thousand (previous year Rs. 1879,38,11 thousand).

10 Borrowings As at the end of the year under review, the company has no borrowings (previous year Rs. NIL).

11 Retirement Benefits to Employees11.1.1 The company’s liabilities on account of Retirement Benefits towards Pension, Gratuity, Leave Encashment,

Sick Leave and Leave Travel Subsidy (LTS) in respect of employees have been duly provided for as per actuarial valuation in terms of Accounting Standard 15 issued by the Institute of Chartered Accountants of India and the same has been accounted for under the head “Retirement Benefits, in Schedule 14 of the Balance Sheet.

11.1.2 The Provident/Pension Fund of the employees of the Company absorbed from GIC is continued to be funded with GIC Pension/ Provident Trust.

11.1.3 The Pension Fund of the employees directly recruited by the Company is as per the provisions of New Pension Scheme (NPS) stipulated by Pension Fund Regulatory Development Authority (PFRDA).

11.2 The summarized position of Post-employment benefits and long term employee benefits recognized in the Profit & Loss Account and Balance Sheet as required in accordance with Accounting Standard – 15 (Revised) are as under:-

(Amount in Rs.)

S. N.

Particulars

Gratuity Leave Encashment

(PL+SL)

Pension Plan

Leave Travel Subsidy

(Unfunded) (Unfunded) (Unfunded) (Unfunded)Change in the present value of obligationsa Obligation as at April 01, 2014 5,68,05,522 4,75,04,715 4,06,42,512 27,71,289 [5,08,86,298] [3,90,42,762] [1,61,70,946] [68,86,397]b Current Service Cost 41,48,885 1,18,11,494 36,42,274 39,18,125 [38,75,577] [1,13,66,887] [38,98,762] [15,67,270]c Interest Cost 47,10,397 42,72,836 33,97,091 3,78,428 [42,25,927] [35,80,634] [14,49,626] [5,78,624]

90

8.2 _.k izfrHkwfr;ksa dk _.k ifj”kks/ku@izR;k;u] egROkiw.kZ ys[kkdau uhfr la[;k 5-1 es fn;k x;k gSA o’kZ ds nkSjku : 1]67]35 gtkj dh dqy jkf”k dk _.k ifj”kks/ku fd;k x;k gS ¼xr o’kZ 1]65]62 gtkj :½ _.k izfrHkwfr;ksa ds izR;k;u dk izHkko :i;s 8]38]22 gtkj¼ xr o’kZ :i;s 4]92]24½ gSA

8.3 mu fuos”kksa dh ,sfrgkfld ykxr : ftudk mfpr ewY; ds vk/kkj ij ewY;kdau fd;k x;k gS] : 150]48]29 gtkj ¼xr o’kZ : 182]13]17 gtkj½ gSA

8.4 o’kZ ds vkjEHk esa vk;] ykHkka”k vkSj fdjk;s dh vk; dks ÞjktLoys[kkß] ÞykHk vkSj gkfu ys[kkß RkFkk Þjk-Ñ-ch-;ks-&lewgfuf/kß ds chp Øe”k% ÞikWfylh /kkjdfuf/kß Þ“ks;j /kkjd fuf/kß vkSj Þjk-Ñ-ch-;ks-& lewgfuf/kß esa iMs+ cdk;k ds vuqikr esa IkzHkkftr fd;k x;k gSA

9 vH;fiZr iquchZek

leh{kk/khu o’kZ ds nkSjku] dEiuh us iquchZek izhfe;e ds :Ik eas : 1243]28]50 gtkj¼xr o’kZ : 1694]67]12 gtkj½ dk Hkqxrku fd;k vkSj : 100]06]43 gtkj ¼xr o’kZ : 207]25]79 gtkj½ dh nykyh vftZr dh RkFkk : 1468]35]31 gtkj¼xr o’kZ : 1879]38]11 gtkj½ ds iquchZek nkoksa dh olwyh dks ys[kkc) fd;k gS A

10 m/kkj

leh{kk/khu o’kZ ds var rd] dEiuh ij dksbZ m/kkj ugha gS ¼xr o’kZ “kwU;½

11 deZpkfj;ksa dks lsokfuo`fÙk ykHk

11-1-1 deZpkfj;ksa dks isa”ku] minku] vodk”k udnhdj.k] vLoLFk;rk vodk”k rFkk NqV~Vh ;k=k lgk;rk ¼,yVh,l½ ds izfr lsok fuofr ykHkksa ds dkj.k dEiuh dh ns;rkvksa dks Hkkjrh; pkVZM ys[kkdkj laLFkku }kjk tkjh ys[kkdau ekud 15 ds :Ik esa chekafdd ewY;kdau ds vuqlkj fof/kor :Ik ls izko/kku fd;k x;k vkSj bUgs rqyu&i= dh vuqlqPkh 14 esa ÞlsokfuofÙk ykHkÞ ds “kh’kZd ds varxZr ys[kkafdr fd;k x;k gS A

11-1-2 thvkbZlh ls lekfo’V fd, x, deZpkfj;ksa dh Hkfo’; fuf/k@isa”ku fuf/k esa thvkbZlh ias”ku@Hkfo’; fuf/k VªLV esa fu/kh;u fd;k tkuk tkjh jgkA

11-1-3 dEiuh }kjk lh/ks HkrhZ fd, x, deZpkjh;ksa dh isa”ku fuf/k] isa”ku] fuf/k fofu;ked fodkl izf/kdj.k ¼ih,QvkjMh,½ }kjk vuqcaf/kr ubZ isa”ku Ldhe ¼,uih,l½ ds izko/kkuksa ds vuqlkj gSA

11.2 ys[kkadu ekud&15 ¼la”kksf/kr½ ds vuqlkj ykHk vkSj gkfu ys[kk rFkk rqyu&i= esa ekU;] fu;kstu i”pkr~ YkkHk vkSj deZpkjh nh?kZdkfyd YkkHkksa dh la{ksi es fLFkfr fuEukuqlkj gS%&

¼jkf'k #- esa½

Ø- l-

fooj.k minku vodk'k vftZr vodk'k $ chekjh vodk'k

Iksa'ku ;kstuk NwV~Vh ;k=kk lgk;rk

¼vfu/kh;r½ ¼vfu/kh;r½ ¼vfu/kh;r½ ¼vfu/kh;r½nkf;Roksa ds orZeku ewY; esa ifjorZud 1 vizSy] 2014 dks nkf;Ro 5,68,05,522 4,75,04,715 4,06,42,512 27,71,289

[5,08,86,298] [3,90,42,762] [1,61,70,946] [68,86,397]

[k pkyw lsok ykxr 41,48,885 1,18,11,494 36,42,274 39,18,125

[38,75,577] [1,13,66,887] [38,98,762] [15,67,270]

x Ca;kt ykxr 47,10,397 42,72,836 33,97,091 3,78,428

[42,25,927] [35,80,634] [14,49,626] [5,78,624]

90

S. N.

Particulars


(PL+SL)

Pension Plan


(Unfunded) (Unfunded) (Unfunded) (Unfunded)d Actuarial (Gain) / Loss (10,22,290) (45,74,514) (47,94,604) 35,08,093 [(14,48,947)] [(35,83,038)] [1,91,23,178] [(24,73,284)]e Benefits paid (42,62,045) (70,64,781) (1,57,630) (36,47,849) [(7,33,333)] [(29,02,530)] [0.00] [(37,87,718)]f Obligation as at March 31, 2015 6,03,80,469 5,19,49,750 4,27,29,643 69,28,086 [5,68,05,522] [4,75,04,715] [4,06,42,512] [27,71,289]Change in fair value of plan assets a Fair Value of Plan Assets as at April

01, 20140 0 0 0

[0] [0] [0] [0]b Expected return on Plan Asset 0 0 0 0 [0] [0] [0] [0]c Contributions 0 0 0 0 [0] [0] [0] [0]d Benefits paid 0 0 0 0 [0] [0] [0] [0]e Fair Value of Plan Assets as at March

31, 2015 0

[0]0

[0]0

[0]0

[0]Reconciliation of fair value of assets and obligations a

Present value of obligation as at March 31, 2015

6,03,80,469[5,68,05,522]

5,19,49,750[4,75,04,715]

4,27,29,643[4,06,42,512]

69,28,086[27,71,289]

b Fair Value of Plan Assets as at March 31, 2015

- - - -

c

Unfunded amount recognized in the Balance Sheet

6,03,80,469[5,68,05,522]

5,19,49,750[4,75,04,715]

4,27,29,643[4,06,42,512]

69,28,086[27,71,289]

Expense recognized in the Statement of Profit & Loss Accounta Current Service Cost 41,48,885 118,11,494 36,42,274 39,18,125 [38,75,577] [1,13,66,887] [38,98,762] [15,67,270]b Interest Cost 47,10,397 42,72,836 33,97,091 3,78,428 [42,25,927] [35,80,634] [14,49,626] [5,78,624]c Past Service Cost - - - -d Expected return on Plan Assets - - - -e Actuarial (Gain) / Loss (10,22,290) (45,74,514) (47,94,604) 35,08,093 [(14,48,947)] [(35,83,038)] [1,91,23,178] [(24,73,284)]f Expenses recognized during the year 78,36,992

[66,52,557]1,15,09,816

[1,13,64,483]22,44,761

[2,44,71,566]78,04,646

[(3,27,390)]

91

Ø- l-



¼vfu/kh;r½ ¼vfu/kh;r½ ¼vfu/kh;r½ ¼vfu/kh;r½?k chekadh;¼ykHk½@gkfu (10,22,290) (45,74,514) (47,94,604) 35,08,093

[(14,48,947)] [(35,83,038)] [1,91,23,178] [(24,73,284)]

M Hkqxrku dj fn;k x;k YkkHk (42,62,045) (70,64,781) (1,57,630) (36,47,849)

[(7,33,333)] [(29,02,530)] [0.00] [(37,87,718)]

Pk 31 ekpZ] 2015 dks nkf;Ro 6,03,80,469 5,19,49,750 4,27,29,643 69,28,086 [5,68,05,522] [4,75,04,715] [4,06,42,512] [27,71,289];kstukxr ifjlEifÙk;ksa ds mfPkr ewY; esa ifjorZud 1 vizSy] 2014 dks ;kstukxr

ifjlEifÙk;ksa ds mfpr ewY;0 0 0 0

[0] [0] [0] [0]

[k ;kstukxr ifjlEifÙk ij izR;kf”kr ykHk 0 0 0 0

[0] [0] [0] [0]

x va'knku 0 0 0 0

[0] [0] [0] [0]

?k Hkqxrku dj fn;k x;k ykHk 0 0 0 0

[0] [0] [0] [0]

M 31 ekpZ 2015 dks ;kstuk xr ifjlEifÙk;ksa dk mfpr ewY;

0[0]

0 [0]

0[0]

0[0]

IkfjlEifÙk;ksa vkSj nkf;Roksa ds mfPkr ewY; dk lkeatL;d 31] ekpZ 2015 dks nkf;Rokas dk

orZeku ewY;6,03,80,469

[5,68,05,522]5,19,49,750

[4,75,04,715]4,27,29,643

[4,06,42,512]69,28,086

[27,71,289]

[k 31 ekpZ] 2015 dks ;kstukxr ifjlEifÙk;ksa dk mfpr ewY;

- - - -

x rqyu&i= esa ekU; vfu/kh;r jkf'k 6,03,80,469[5,68,05,522]

5,19,49,750[4,75,04,715]

4,27,29,643[4,06,42,512]

69,28,086[27,71,289]

YkkHk vkSj gkfu ys[kk fooj.k esa ekU; O;;d pkyw lsok ykxr 41,48,885 118,11,494 36,42,274 39,18,125

[38,75,577] [1,13,66,887] [38,98,762] [15,67,270]

[k C;kt ykxr 47,10,397 42,72,836 33,97,091 3,78,428

[42,25,927] [35,80,634] [14,49,626] [5,78,624]

x foxr lsok ykxr - - - -

?k ;kstuk ifjlEifÙk;ksa ij izR;kf'kr ykHk - - - -

M chekadh; ¼ykHk½@gkfu (10,22,290) (45,74,514) (47,94,604) 35,08,093

[(14,48,947)] [(35,83,038)] [1,91,23,178] [(24,73,284)]

p o"kZ ds nkSjku ekU;rk izkIr O;; 78,36,992[66,52,557]

1,15,09,816[1,13,64,483]

22,44,761[2,44,71,566]

78,04,646[(3,27,390)]

91

S. N.

Particulars


(PL+SL)

Pension Plan


(Unfunded) (Unfunded) (Unfunded) (Unfunded)Amount recognized in balance sheeta Opening Net Liability 5,68,05,522 4,75,04,715 4,06,42,512 27,71,289 [5,08,86,298] [3,90,42,762] [1,61,70,946] [68,86,397]b Expense as above 78,36,992 1,15,09,816 22,44,761 78,04,646 [66,52,557] [1,13,64,483] [2,44,71,566] [(3,27,390)]C Additional contribution over and

above mandatory (42,62,045)[(7,33,333)]

(70,64,781)[(29,02,530)]

(1,57,630)-

(36,47,849)[(37,87,718)]

d Closing Net liability 6,03,80,469 5,19,49,750 4,27,29,643 69,28,086 [5,68,05,522] [4,75,04,715] [4,06,42,512] [27,71,289]Principal actuarial assumption as expressed as weighted average

Rate per annuma Discount Rate (per annum) 8.00% 8.00% 8.00% 8.00% [8.00%] [8.00%] [8.00%] [8.00%]b Expected rate of return on Plan

Assets (per annum) N.A

[N.A]N.A.

[N.A]N.A.

[N.A]N.A.

[N.A]c Rate of escalation in salary (per

annum) 5.00%

[5.00%]5.00%

[5.00%]6.00%

[6.00%]6.00%

[6.00%]**[figures in square brackets are previous year’s figures ]

12 Deferred Tax Assets / LiabilityThe computation of Deferred Tax Asset/ Liability in accordance with Accounting Standard – 22 “Accounting for Taxes on Income”, has resulted in a Deferred Tax Liability of Rs. 3,46,21 thousand as at 31st March 2015 (previous year a Deferred Tax Liability of Rs. 3,17,11 thousand) and the same has been provided for in the books of account as under:-

Rs. in thousandDeferred Tax Assets As on 31.03.2015 As on 31.03.2014Difference in Depreciation 5,90 (2,15,34)Retirement Benefits 31,01 11,76,11Provision for Loyalty Discount 0 52Provision for PLI 5,65 1,36,02Amortization of Investments 54,17 2,89,08Accretion of Investments (1,32,00) (23,19,32)

TOTAL (35,27) (9,32,93)Deferred Tax Assets/ Liability (3,52,38) (3,17,11)Depreciation transferred to retained earning

6,17 0

Net DTL (3,46,21) (3,17,11)

92

Ø- l-



¼vfu/kh;r½ ¼vfu/kh;r½ ¼vfu/kh;r½ ¼vfu/kh;r½rqyu&i=k esa ekU;rk izkIr jkf'kd vFk'ks"k fuoy ns;rk 5,68,05,522 4,75,04,715 4,06,42,512 27,71,289

[5,08,86,298] [3,90,42,762] [1,61,70,946] [68,86,397]

[k ;Fkksä O;; 78,36,992 1,15,09,816 22,44,761 78,04,646

[66,52,557] [1,13,64,483] [2,44,71,566] [(3,27,390)]

x vfuok;Z ls vf/kd vfrfjDr va'knku (42,62,045)[(7,33,333)]

(70,64,781)[(29,02,530)]

(1,57,630)-

(36,47,849)[(37,87,718)]

?k lekIr fuoy ns;rk 6,03,80,469 5,19,49,750 4,27,29,643 69,28,086

[5,68,05,522] [4,75,04,715] [4,06,42,512] [27,71,289]

Hkkfjr vkSlr ds :i esa ;Fkk vfHkO;ä izeq[k chekdh; iwoZ/kkj.kk Rate per annum

d fj;k;rh nj ¼izfro"kZ½ 8.00% 8.00% 8.00% 8.00%

[8.00%] [8.00%] [8.00%] [8.00%]

[k ;kstukxr ifjlEifÙk;ksa ij ykHk dh izR;kf”kr nj ¼izfr o"kZ½

ykxw ugh [ykxw ugh]

ykxw ugh [ykxw ugh]

ykxw ugh [ykxw ugh]

ykxw ugh [ykxw ugh]

x osRku esa of) dh nj ¼izfro"kZ½ 5.00%[5.00%]

5.00%[5.00%]

6.00%[6.00%]

6.00%[6.00%]

**¼dks"Bdksa esa fn, x, vkadMs+ xr o"kksZ ds gS½

12 vkLFkfxr dj ifjlEifÙk;ka@ns;rk

31 ekpZ] 2015 dks] ys[kkdau ekud&22 Þvk; ij dj dh x.kukß ds vuqlkj vkLFkkfxr dj ifjlEifÙk@ns;rk dh x.kuk ds ifj.kkeLo:i vkLFkfxr dj ifjLkEifÙk : 3]46]21 gtkj gS ¼xr o’kZ vkLFkfxr dj ns;rk : 3]17]11 gtkj½ vkSj bls ys[kk cfg;ksa ds fuEukuqlkj fn;k x;k gS A

#- gtkj esa

vkLFkfxr dj ifjlEifÙk;ka 31.03.2015 dks 31.03.2014 dks

ewY; ál esa varj 5,90 (2,15,34)

Lksok fuofr ykHk 31,01 11,76,11

fu"Bk gsrw NwV dk izko/kku 0 52

ih,yvkbZ dk izko/kku 5,65 1,36,02

fuos'kksa dk ifj'kks/ku 54,17 2,89,08

fuos'kksa dk izR;k;u (1,32,00) (23,19,32)

dqy (35,27) (9,32,93)

vkLFkfxr dj ifjLkEifÙk;ka@ns;rk,a (3,52,38) (3,17,11)

ewY;gzkl dks izfr/kkfjr vk; esa gLrkarfjr fd;k 6,17 0

usV MhVh,y (3,46,21) (3,17,11)

92

13 Impairment in the Value of Fixed AssetsIn accordance with the Accounting Standard – 28 “Impairment of Assets”, the company has assessed as on the balance sheet date, whether there are any indications (listed in paragraphs 8 to 10 of the Standard) with regard to impairment of any of the assets. Based on such assessment, it has been ascertained that there are no such indications and, thereby no formal estimate of recoverable amount has been made. Accordingly, no impairment loss has been provided in the books of account.

14 Cash Flow StatementThe Company has prepared the “Cash Flow Statement” for the year under review, adopting the Direct Method as required under the IRDA Regulations (Annexure - 4).

15 Summary of Financial StatementsThe “Summary of Financial Statements”, as required under the IRDA Regulations, is as per Annexure - 5.

16 Accounting Ratios“Accounting Ratios”, as required under the IRDA Regulations, is as per Annexure - 6.

17 Earnings Per Share [EPS]The Earnings per Share (EPS) of the Company as per Accounting Standard – 20 issued by the Institute of Chartered Accountants of India is as under:

Particulars Current Year 2014-15


Profit after Tax (net of prior-period adjustments) Rs. 168,04,80 thousand Rs. 248,64,80 thousand Weighted number of Equity Shares 20,00,00 thousand 20,00,00 thousandNominal Value of Share Rs. 10/- per Share Rs. 10/- per ShareBasic & Diluted EPS Rs. 8.40 Rs.12.43

18 Legal CasesIn respect of legal cases filed by the insured farmers under NAIS which have been awarded against the Company by the Original Court of jurisdiction, necessary provision there-against have been made to the extent of the liability of the Company as per the provisions of the Scheme.

19 Micro, Small and Medium Enterprises Development Act, 2006The Company has no suppliers who fall into the category of Micro, Small and Medium Enterprises as defined in The Micro, Small and Medium Enterprises Development Act, 2006. Hence there is no amount due to Micro, Small and Medium Enterprises for the year ended 31st March, 2015. (Previous Year Rs. Nil).

20 LeasesThe company has entered into operating lease agreement for Office/Non Office premises. There is no non-cancellable lease agreement entered in by the company. These agreements are cancellable and imposed no restriction on the company.

Particulars For the Year ending 31st March 2015

For the Year ending 31st March 2014

Lease rent Charged to P& L Account Rs. 6,20,13 thousand Rs. 5,43,89 thousand

93

13. vpy ifjlEifÙk;ksa ds ewY; esa {kfrys[kkadu ekud&28 ÞifjlEifÙk;ksa dh {kfrß ds vuqlkj dEiuh us] rqyu&i= dh rkjh[k dks ;g fu/kkZfjr fd;k gS fd fdlh ifjlEifÙk dh {kfr ds lEcU/k esa D;k ,sls dksbZ ladsr gS ¼ekud ds iSjk 8 vkSj 10 esa lwphc)½A bl fu/kkZj.k ds vk/kkj ij ;g fuf”pr fd;k x;k gS fd ,slk dksbZ ladsr ugh gS vkSj olwyh ;ksX; jkf”k dk dksbZ vkSipkfjd vuqeku ugh yxk;k x;k gSA rnkuqlkj] ys[kk cfg;ksa esa dksbZ {kfr ugh n”kkZbZ xbZ gSA

14 udn izokg fooj.kleh{kk/khu o’kZ ds nkSjku dEiuh us vkbZvkjMh, fofu;eksa ¼vuqca/k&4½ ds vUrxZr ;Fkkisf{kr izR;{k i)fr dks viukrs gq, Þudn izokg fooj.kß rS;kj fd;k gSA

15 foÙkh; fooj.kksa dk lkjka'kvkbZvkjMh, fofu;eksa ds varxZr ;Fkkisf{kr ÞfoÙkh; fooj.kksa dk lkjka”kß] vuqca/k&5 ds vuqlkj fn;k x;k gSA

16 ys[kkadu vuqikrvkbZvkjMh, fofu;eksa ds varxZr ;Fkkisf{kr ÞYks[kkadu vuqikrß vuqca/k&6 esa fn, x, gSaA

17 izfr'ks;j vtZu ¼bZih,l½Hkkjrh; pkVZM ,dkmaVsaV~l laLFkku }kjk tkjh ys[kkdau ekud&20 ds vuqlkj dEiuh dk izfr”ks;j vtZu fuEukuqlkj gS%&

fooj.k pkyw o"kZ 2014-15 xr o"kZ 2013-14

dj i'pkr~ ykHk¼iwokZof/k&lek;kstu dk fuoy½ 168,04,80 gtkj 248,64,80 gtkj

bfDoVh 'ks;jksa dh Hkkfjr la[;k 20,00,00 gtkj 20,00,00 gtkj

'ks;j dk vafdr ewY; #. 10/- izfr 'ks;j #. 10/- izfr 'ks;j

vk/kkjHkwr vkSj voewY;kafdr bZih,l #. 8.40 #.12.43

18 fof/kd ekeys

jk-Ñ-ch-;ks- ds varxZr chekdr fdlkuksa }kjk fu.kZ; fd, x, fof/kd ekeyksa ds lEcU/k esa] ftUgs ewy U;kf;d U;k;ky; }kjk dEiuh ds f[kykQ fu.kZ; fd;k x;k gS] muds f[kykQ dEiuh dh ns;rk dh lhek rd vko”;d izko/kku fd;k x;k gS] tSlk fd ;kstuk esa izko/kku gSA

19 lw{e] y?kq vkSj e/;e m|eh fodkl vf/kfu;e] 2006

dEiuh ds ,sls dksbZ vkiwfrZdrk ugh gS tks lw{e] y?kq vkSj e/;e m|eh fodkl vf/kfu;e 2006 esa ;Fkk ifjHkkf’kr lw{e] y?kq vkSj e/;e m|fe;ksa dh Js.kh esa vkrs gksaA vr% 31 ekpZ 2015 dks lekIr o’kZ ds nkSjku lw{e] y?kq vkSj e/;e m|fe;ksa ds dkj.k dksbZ jkf”k cdk;k ugh gS ¼xr o’kZ “kwU;½

20 iV~Vksa

daiuh us dk;kZy;@xSj dk;kZy; ifjlj ds fy, ifjpkyu iV~Vk le>kSrk esa izos'k fd;k gSA daiuh }kjk dksbZ Hkh jn~n u gksus okyk xSj&jn~n iV~Vk le>kSrk ugha fd;k gSA ;g le>kSrsa jn~n gks ldrs gS rFkk dEiuh ij dksbZ izfrca/k ugha yxrk gSA

fooj.k 31 ekpZ 2015 lekIr o"kZ ds fy,

31 ekpZ 2014 lekIr o"kZ ds fy,

ih ,aM ,y [kkrsa esa iV~Vk fdjk;k izHkkj #- 6,20,13 gtkj #- 5,43,89 gtkj

93

21 During the current year, the company has changed its appointed actuary with the approval of IRDA. The newly appointed actuary of the company has adopted a method for assessment of IBNR (Incurred but not reported) & IBNER (Incurred but not enough reported) claims at the year-end which is different from the method applied in earlier year.

This has resulted in increase in claims incurred of Rs. 614,77,45 thousand, lower operating profit and Net Profit before tax to the extent of Rs. 614,77,45 thousand

22 Pursuant to Sub-Section (5) of Section 135 of The Companies Act 2013, the company was required to spend Rs. 10,80,02 thousand in pursuance of its “Corporate Social Responsibility Policy (CSR Policy)” on eligible activities. During the financial year, the company has spent Rs. 4,00,00 thousand on such eligible activities.

23 Presentation Figures in brackets, unless stated otherwise, reflect negative figures.

24 Previous Year’s Figures Previous year’s figures have been regrouped and restated, as per the requirements of IRDA reporting norms, or

else wherever deemed necessary, to make it comparable with the current year’s figures.

All previous year data which has been regrouped and reclassified as required under the IRDA Regulations is as per Annexure -8 (Regrouping of Schedules).

94

21 pkyw o’kZ ds nkSjku] dEiuh us vkbZvkjMh, ds vuqeksnu ls vius fu;qä chekafdd dks cny fn;k gS o’kZ ds var esa dEiuh ds uofu;qä chekafdd us vkbZch,uvkj ¼mixr ijarq lwfpr ugh fd;k x;k½ vkSj vkbZch,ubZvkj ¼mixr ijUrq i;kZIRk lwfpr ugh fd;k x;k½ nkoksa ds fu/kkZj.k ds fy, ,d i)fr dks viuk;k gS tks fiNys o’kks± esa vuqiz;qä i)fr ls vyx gSA ifj.kker% [kpZ nkoksa esa #- 614]77]45 gtkj dh of)] ifjpkyu ykHk vkSj dj iwoZ 'kq) ykHk esa 614]77]45 gtkj rd dh deh gqbZ gSA

22 dEiuh vf/kfu;e 2013 dh /kkjk 135 dh mi /kkjk (5) ds vuqlkj] dEiuh dks Þfuxfer lkekftd ftEesnkjh uhfr ¼lh,lvkj uhfr½ß ds vuqlj.k esa 10]80]02 gtkj #i;sa ik= xfrfof/k;ksa ij [kpZ djus FksA foÙkh; o"kZ ds nkSjku] dEiuh us 4]00]00 gtkj #- ,slh ik= xfrfof/k;ksa ij [kpZ fd;sA

23 izLrqrhdj.k

dks’Bdksa esa fn, x, vk¡dM+as] tc rd fd vU;Fkk crk, u tk,a] udkjkRed vk¡dM+ksa dks n”kkZrs gSA

24 foxr o"kZ ds vk¡dMs+a

vkbZvkjMh, ds izfrosnu ekudksa vFkok vU;=] tgka vko”;d le>s tk, ds vuqlkj iqu% lewgc) fd, x, gS vkSj iqu% mfYyf[kr fd, x, gSA rkfd mudh pkyw o’kZ ds vk¡dM+ksa ds lkFk rqyuk dh tk ldsA

foxr o’kZ ds vk¡dM+as ftUgsa vkbZMh, fofu;eksa ds vuqlkj iqu% lewgc) vkSj iqu% Js.khc) fd;k x;k gS] vuqca/k&8 ¼vuqlwfp;ksa dk iquZoxhZdj.k½ ds vuqlkj gS A

94

Statement showing the Age-wise Analysis of the Unclaimed amount of the Policyholders as on 31.03.2015

Rs. in thousands

S. N. Particulars Total

Amount

AGE-WISE ANALYSIS4-12

months13-18

months19-24

months25-30

month31-36

monthsBeyond 36

months1 Claims settled but not paid to

the policyholders /insured due to any reasons except under litigation from the insured/ policyholders

9397037 6071503 819438 1614570 876755 3725 11046

2 Sum due to the insured/ policyholders on maturity or otherwise

0 0 0 0 0 0 0

3 Any excess collection of the premium/tax or any other charges which is refundable to the policyholders either as terms of conditions of the policy or as per law or as may be directed by the Authority but not refunded so far.

74458 47516 4829 2594 4742 6288 8488

4 Cheques issued by the insurer for Settlement of Claims/excess collection etc. and cheques have not been encashed by the policyholders/insured.

60216 10997 3304 4197 3534 2276 35908



for M/s S. C. Vasudeva & CO. for M/s K. K. Ghei & CO. Chartered Accountants Chartered Accountants Firm Regn. No. 000235N Firm Regn. No. 001342N



95

31.03.2015 dks ikWfylh /kkjdksa dh v'kksf/kr jkf'k ds vof/k&okj fo'ys"k.k n'kkZusa okyk fooj.k%&

#- gtkj esa

Ø- la-

fooj.k dqy jkf'k vof/k&okj fo'kys"k.k

4-12 ekg 13-18 ekg

19-24 ekg

25-30 ekg

31-36 ekg

36 ekg ds ckn

1 fuiVk, x, nkos] fdUrq ftudk Hkqxrku ikWfylh /kkjdksa@chferksa dks chferksa@ikWfylh /kkjdksa }kjk fd, x, eqdneksa ds vykok] fdUgh dkj.kksa ls] ugha fd;k x;k gSA

9397037 6071503 819438 1614570 876755 3725 11046

2 chferksa@ikWfylh /kkjdksa dks ifjiDork vof/k vFkok vU;Fkk ds gksus ij nh tkus okyh jkf'k

0 0 0 0 0 0 0

3 izhfe;e@dj vFkok fdlh izdkj ds vU; izHkkj] tks vf/kd ys fy;k x;k gS vkSj mls ikWfylh /kkjdksa dks] ;k rks ikWfylh dh 'krksZ ds vuqlkj vFkok dkuwu ds vuqlkj vFkok tSlk fd izkf/kdj.k }kjk fn, x, funsZ'kksa ds vuqlkj] okil ugha fd;k tkuk gS] fdUrq vHkh rd okil ugha fd;k x;k gSA

74458 47516 4829 2594 4742 6288 8488

4 CkhekdrkZ }kjk nkoksa@vf/kd laxzg ds fuiVku ds fy, tkjh fd, x, pSd ftudk ikWfylh /kkjdksa@ chfer O;fÙk;ksa }kjk mudk udnhdj.k ugha fd;k x;k gSA

60216 10997 3304 4197 3534 2276 35908

(dfudk 'kekZ 'kkafMY; ) (ds- ds- xqIrk) (,e- ds-iksn~nkj) dEiuh lfpo eq[; izc/kad egkizc/kad





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r izn

s'k d

h ljd

kjfooj

.k

çhfe;e

lgk;r

k ¼x

Sj&jk-Ñ

-ch-;

ks-½

dqy

EkS-vk-j

k-Ñ-ch-;

ks-la-jk-Ñ

-ch-;

ks-

dkWQ

h chek

ukfj;y

chek

vU; d

ksbZ

Ldhe

nkok 'ks;j

¼;fn d

ksbZ

gks½

dkWQ

h cksMZ

jkT;

ljd

kj d

k 'ks;j

lhMhch

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ljd

kj

dk 'ks;j

_.k&lek;kstu

¼vU;

½0.

00

Hkqxrku

¼ljd

kj d

ks½0.

00

ukes

lek;kstu

¼ih,eV

h½0.

00

ukes

lek;kstu

¼vU;

½0.

00

vU;

chek dEifu;ksa d

ks Hkqx

rku

0.00

çHkkt

u 0.

00

lex

z fuf/k

ij v

k; d

k 'ks;j

0.00

vfUr

e 'ks"k

(31.

03.2

015)

0.00

0.

00

0.00

0.

00

0.00

0.

00

0.00

0.

00

0.00

9

( ?k)

fet+ksje

vkjfEH

kd 'ks"k

(01.

04.2

014)

0.00

0.

50

0.00

0.

00

0.00

0.

00

0.00

0.

00

0.50

çkfIr

;ka ¼ljd

kj l

s½0.

00

_.k&lek;kstu

¼vkjlhVh½

0.00

_

.k&lek;kstu

¼vU;

½0.

00

Hkqxrku

¼ljd

kj d

ks½0.

00

ukes

lek;kstu

¼ih,eV

h½0.

00

ukes

lek;kstu

¼vU;

½0.

00

vU;

chek dEifu;ksa d

ks Hkqx

rku

0.00

çHkkt

u 0.

00

lex

z fuf/k

ij v

k; d

k 'ks;j

0.00

vfUr

e 'ks"k

(31.

03.2

015)

0.00

0.

50

0.00

0.

00

0.00

0.

00

0.00

0.

00

0.50

10

gSnjkckn

vkjfEH

kd 'ks"k

(01.

04.2

014)

2835

2474

8.33

(9

7483

73.1

2)0.

00

0.00

13

4572

3.60

17

2861

.80

0.00

0.

00

2752

9496

0.61

vka/kz çn

s'kçkfIr

;ka ¼ljd

kj l

s½28

0000

000.

00

8018

3200

0.00

10

8183

2000

.00

_.k&lek;kstu

¼vkjlhVh½

0.00

_

.k&lek;kstu

¼vU;

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00

Hkqxrku

¼ljd

kj d

ks½0.

00

ukes

lek;kstu

¼ih,eV

h½(1

1803

1237

.58)

(389

8193

31.2

2)(5

0785

0568

.80)

ukes

lek;kstu

¼vU;

½0.

00

vU;

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ks Hkqx

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0.00

çHkkt

u 0.

00

lex

z fuf/k

ij v

k; d

k 'ks;j

0.00

vfUr

e 'ks"k

(31.

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015)

4454

9351

0.76

40

2264

295.

66

0.00

0.

00

1345

723.

60

1728

61.8

0 0.

00

0.00

84

9276

391.

82

10 ( d

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vkjfEH

kd 'ks"k

(01.

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014)

0.00

0.

00

0.00

0.

00

0.00

0.

00

0.00

0.

00

0.00

çkfIr

;ka ¼ljd

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6300

000.

00

3000

0000

.00

1763

0000

0.00

_

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0.00

_

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¼vU;

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00

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¼ljd

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ks½0.

00

ukes

lek;kstu

¼ih,eV

h½(5

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769.

98)

(222

4987

44.4

5)(2

7472

4514

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ukes

lek;kstu

¼vU;

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00

vU;

chek dEifu;ksa d

ks Hkqx

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0.00

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u 0.

00

lex

z fuf/k

ij v

k; d

k 'ks;j

0.00

vfUr

e 'ks"k

(31.

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015)

9407

4230

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4987

44.4

5)0.

00

0.00

0.

00

0.00

0.

00

0.00

(9

8424

514.

43)

11t;i

qjvkjfEH

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(01.

04.2

014)

(142

5522

75.3

2)(1

5507

6210

.62)

0.00

0.

00

0.00

0.

00

0.00

0.

00

(297

6284

85.9

4)jktLFkku

çkfIr

;ka ¼ljd

kj l

s½24

6745

9132

.82

1140

4508

67.1

8 36

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0.00

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00

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ks½0.

00

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lek;kstu

¼ih,eV

h½(5

2999

395.

40)

(381

6519

28.8

7)(4

3465

1324

.27)

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lek;kstu

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9411

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00)

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5807

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u 0.

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z fuf/k

ij v

k; d

k 'ks;j

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e 'ks"k

(31.

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2249

5679

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0.00

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00

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0.

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3027

2115

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12 (d

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380.

99)

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7187

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6)0.

00

0.00

0.

00

0.00

0.

00

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(9

5270

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if'p

e cax

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7.00

51

1552

058.

00

5130

2385

5.00

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00

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00

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4223

65.5

8)(2

4785

3483

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2758

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00

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ij v

k; d

k 'ks;j

0.00

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8948

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k)f=kiqjk

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00

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0.

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00

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7000

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lek;kstu

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chek dEifu;ksa d

ks Hkqx

rku

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çHkkt

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k 'ks;j

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113

ANNEXURE 5

SUMMARY OF FINANCIAL STATEMENTS(Rs. in Lakh)

S. NO. PARTICULARS 2014-15 2013-14 2012-13 2011-12 2010-11OPERATING RESULTS

1 Gross Direct Premiums 273970 339501 329742 257685 1950052 Net Earned Premium# 149641 170034 159539 135710 1283333 Income from Investments (Net) 22300 18960 15194 14887 108244 Other Income 464 266 1211 0 05 Total Income 172405 189261 175944 150597 1391566 Commissions (Net) (Including Brokerage) 6817 17218 22254 23660 126877 Operating Expenses (6969) (7158) (4744) (3637) (4060)8 Net Incurred Claims (173371) (172445) (144461) (102102) (95015)9 Change in Unexpired Risk Reserve 10196 (5248) (11914) (3689) (741)9(a) Premium Deficiency (2167) 0 0 0 0 10 Operating Profit/Loss 6911 21629 37079 64830 52028

NON-OPERATING RESULTS11 Total Income under Shareholder's account

(Net)17297 14950 14114 9624 5266

12 Profit/(Loss) before Tax 24209 36578 51193 74454 5729413 Provision for Tax & Deferred Tax Liability (7404) (11714) (16371) (24242) (19265)14 Profit after Tax 16805 24865 34821 50213 38030

MISCELLANEOUS 15 POLICYHOLDERS' ACCOUNT

Total Funds 320905 281240 250375 182859 179809Total Investments 264488 236884 234980 172140 163320Yield on Investments 8.78 8.94 9.03 8.98 7.85

16 SHAREHOLDERS' ACCOUNTTotal Funds* 213656 199276 174411 139590 112283Total Investments 206215 165023 163696 150235 101986Yield on Investments 8.78 8.94 9.03 8.98 7.85

17 Paid up Equity Capital 20000 20000 20000 20000 2000018 Net Worth* 213656 199276 174411 139590 11228319 Total Assets 624350 521513 507410 380236 37125020 Yield on Total Investments 8.78 8.94 9.03 8.98 7.8521 Earnings per Share (Rs.) 8.40 12.43 17.41 25.11 19.0122 Book Value per share (Rs.) 106.86 99.64 87.21 69.80 56.1423 Total Dividend 200000 NIL NIL 250000 20000024 Dividend per Share (Rs.) 1.00 NIL NIL 1.25 1.00

# Net of reinsurance *Does not include Rs 200 crore adhoc payment to Government of India.

114

vuqca/k 5

foÙkh; fooj.k dk lkjka'k¼#- yk[k esa½

Ø- la- fooj.k 2014-15 2013-14 2012-13 2011-12 2010-11ifjpkyu ifj.kke

1 ldy çR;{k çhfe;e 273970 339501 329742 257685 1950052 fuoy vftZr çhfe;e# 149641 170034 159539 135710 1283333 fuos'kksa ls vk; ¼fuoy½ 22300 18960 15194 14887 108244 vU; vk; 464 266 1211 0 05 dqy vk; 172405 189261 175944 150597 1391566 nykyh ¼fuoy½ ¼nykyh lfgr½ 6817 17218 22254 23660 126877 çpkyu O;; (6969) (7158) (4744) (3637) (4060)8 fuoy mixr nkos (173371) (172445) (144461) (102102) (95015)9 vlekiu tksf[ke vkj{k.k esa ifjorZu 10196 (5248) (11914) (3689) (741)

9(d) çhfe;e dh deh (2167) 0 0 0 0 10 ifjpkyu ykHk@gkfu 6911 21629 37079 64830 52028

xSj&ifjpkyu ifj.kke11 'ks;j /kkjdksa ds ys[kk ds varxZr dqy vk; ¼fuoy½ 17297 14950 14114 9624 526612 dj iwoZ ykHk@¼gkfu½ 24209 36578 51193 74454 5729413 dj vkSj vkLFkfxr dj ns;rk dk çko/kku (7404) (11714) (16371) (24242) (19265)14 dj i'pkr~ ykHk 16805 24865 34821 50213 38030

fofo/k 15 ikWfylh /kkjdksa ds ys[ks

dqy fuf/k 320905 281240 250375 182859 179809

dqy fuos'k 264488 236884 234980 172140 163320

fuos'kksa ij ykHk 8.78 8.94 9.03 8.98 7.8516 'ks;j /kkjdksa ds ys[ks

dqy fuf/k* 213656 199276 174411 139590 112283

dqy fuos'k 206215 165023 163696 150235 101986

fuos'kksa ij ykHk 8.78 8.94 9.03 8.98 7.8517 çnÙk bfDoVh iwath 20000 20000 20000 20000 2000018 fuoy ewY;* 213656 199276 174411 139590 11228319 dqy ifjlEifÙk;ka 624350 521513 507410 380236 37125020 dqy fuos'kksa ij ykHk 8.78 8.94 9.03 8.98 7.8521 çfr 'ks;j vtZu ¼#-½ 8.40 12.43 17.41 25.11 19.0122 çfr 'ks;j vafdr ewY; ¼#-½ 106.86 99.64 87.21 69.80 56.1423 dqy ykHkka'k ¼#-½ 200000 'kwU; 'kwU; 250000 20000024 çfr 'ks;j ykHkka'k ¼#-½ 1.00 'kwU; 'kwU; 1.25 1.00

# fyf[kr çhfe;e *Hkkjr ljdkj dks fd;k x;k #- 200 djksM+ ds rnFkZ Hkqxrku dks 'kkfey ugha fd;k x;k gSA

114

ANNEXURE 6

KEY ACCOUNTING RATIOS

SN PARTICULARS 2014-15 Percentage/ Ratio

2013-14 Percentage/

Ratio

1 Gross Direct Premium Growth Rate -19.30% 2.96%

2 Gross Direct Premium to Net Worth Ratio* 1.28 1.70

3 Growth Rate of Net Worth* 7.22% 14.26%

4 Net Retention Ratio 54.62% 50.08%

5 Net Commission Ratio -4.56% -10.13%

6 Expenses of Management to Gross Direct Premium Ratio 3.70% 2.89%

7 Expense of Management to Net Written Premium Ratio 6.77% 5.78%

8 Net Incurred Claims to Net Earned Premium 108.47% 104.65%

9 Combined Ratio 108.55% 98.24%

10 Technical Reserves to Net Premium Ratio 2.16 1.65

11 Underwriting Balance Ratio -0.09 0.02

12 Operating Profit Ratio 5.77% 13.70%

13 Liquid Assets to Liabilities Ratio 0.77 0.65

14 Net Earnings Ratio 11.23% 14.62%

15 Return on Net Worth Ratio* 7.87% 12.48%

16 Available Solvency Margin Ratio to Required Solvency Margin Ratio*

3.18 2.60

17 NPA Ratio 0.00 0.00

18 Gross NPA Ratio 0.00 0.00

18 Net NPA Ratio 0.00 0.00

*Does not include Rs.200 crore adhoc payment to Government of India.

115

vuqca/k 6

çeq[k ys[kkadu vuqikr

Øe la-

fooj.k 2014-15 çfr'krrk@vuqikr

2013-14 çfr'krrk@vuqikr

1 ldy çR;{k çhfe;e o`f) nj -19.30% 2.96%

2 fuoy ewY; vuqikr esa ldy çR;{k çhfe;e ¼le; ij½* 1.28 1.70

3 fuoy ewY; dh o`f) nj 7.22% 14.26%

4 fuoy /kkj.k vuqikr 54.62% 50.08%

5 fuoy nykyh vuqikr -4.56% -10.13%

6 ldy çR;{k çhfe;e vuqikr ds çcU/ku ij O;; 3.70% 2.89%

7 fuoy fyf[kr çhfe;e vuqikr ds çcU/ku ij O;; 6.77% 5.78%

8 fuoy vftZr çhfe;e ds fuoy mixr nkos 108.47% 104.65%

9 la;qDr vuqikr 108.55% 98.24%

10 fuoy çhfe;e vuqikr esa rduhdh vkj{k.k ¼le;≤ ij½

2.16 1.65

11 chek ys[ku rqyu vuqikr dh ftEesnkjh -0.09 0.02

12 ifjpkyu ykHk vuqikr 5.77% 13.70%

13 ns;rk vuqikr esa udn ifjlEifÙk;ka 0.77 0.65

14 fuoy vtZu vuqikr 11.23% 14.62%

15 fuoy ewY; ij ykHk 7.87% 12.48%

16 visf{kr _.k 'kks/ku lhekar vuqikr ij miyC/k _.k 'kks/ku lhekar vuqikr*

3.18 2.60

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

115

ANNEXURE 4

CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2015

(As per Direct Method)

S. No.

PARTICULARS Current Year Previous Year01.04.14 to 31.03.15

(Rs. '000)01.04.13 to 31.03.14

(Rs. '000)A) CASH FLOW FROM OPERATING

ACTIVITIES1 Premium received from policyholders, including

advance receipts27381591 34132834

2 Other receipts 14585 12376 3 Payments to the re-insurers, net of commissions and

claims(552051) (3636129)

4 Payments to co-insurers, net of claims recovery 0 0 5 Payments of claims 24335141 33193082 6 Payments of commission and brokerage 318974 350757 7 Payments of other operating expenses 532557 798332 8 Preliminary and pre-operative expenses 0 0 9 Deposits, advances and staff loans 6408 12925

10 Income taxes paid (Net)** 1624449 1213424 11 Service tax paid (487) (1046)12 Other payments 41000 013 Cash flows before extraordinary items 1090183 2213866 14 Cash flow from extraordinary operations 0 0 15 Net cash flow from operating activities 1090183 1090183 2213866 2213866

Net Cash from Operating Activities (A) 1090183 2213866 B) CASH FLOW FROM INVESTING

ACTIVITIES1 Purchase of fixed assets 10559 176157 2 Proceeds from sale of fixed assets 2599 792 3 Purchases of investments 2343800 808653 4 Loans disbursed 0 0 5 Sales of investments 0 0 6 Repayments received 0 0 7 Rents/Interests/ Dividends received 3479653 3560755 8 Investments in money market instruments and in

liquid mutual funds4420049 (494810)

9 Expenses related to investments 2417 2019

116

vuqca/k 4

31 ekpZ 2015 dks lekIr o"kZ ds fy,

udn çokg fooj.k (çR;{k i¼fr ds vuqlkj)

Øe la-

fooj.k pkyw o"kZ xr o"kZ01.04.14 to 31.03.15

(#- '000)01.04.13 to 31.03.14

(#- '000)d) ifjpkyu xfrfof/k;ksa ls udn çokg1 ikWfylh/kkjdksa ls çkIr vfxze ikofr;ksa lfgr çhfe;e 27381591 34132834

2 vU; çkfIr;ka 14585 12376

3 fuoy nykyh vkSj nkoksa dk iquchZekdrkZvksa dks Hkqxrku (552051) (3636129)

4 fuoy nkok olwfy;ksa dk lg&chekdrkZvksa dks Hkqxrku 0 0

5 nkoksa dk Hkqxrku 24335141 33193082

6 deh'ku vkSj nykyh ds Hkqxrku 318974 350757

7 vU; ifjpkyu O;;ksa dk Hkqxrku 532557 798332

8 çkjafHkd vkSj ifjpkyu iwoZ O;; 0 0

9 tek jkf'k;ka] vfxze vkSj LVkQ dks _.k 6408 12925

10 Hkqxrku fd;k x;k vk;dj ¼fuoy½** 1624449 1213424

11 Hkqxrku fd;k x;k lsokdkj (487) (1046)

12 vU; Hkqxrku 41000 0

13 vfrfof'k"V enksa ls iwoZ udn çokg 1090183 2213866

14 vfrfof'k"V ifjpkyu ls udn çokg 0 0

15 ifjpkyu xfrfof/k;ksa ls fuoy udn çokg 1090183 1090183 2213866 2213866

ifjpkyu xfrfof/k;ksa ls fuoy udn ¼d½ 1090183 2213866 [k) fuos'k xfrfof/k;ksa ls udn çokg1 fu;r ifjlEifÙk;ksa dh [kjhn 10559 176157

2 fu;r ifjlEifÙk;ksa dh fcØh ls çkfIr 2599 792

3 fuos'kksa dh [kjhn 2343800 808653

4 forfjr fd, x, _.k 0 0

5 fuos'kksa dh fcØh 0 0

6 iquHkZqxrku dh çkfIr 0 0

7 çkIr gq, fdjk,@C;kt@ykHkka'k 3479653 3560755

8 /ku cktkj lk/kuksa vkSj nzO; E;qP;qvy QaM esa fuos'k 4420049 (494810)

9 fuos'kksa ls lEcfU/kr O;; 2417 2019

116

S. No.

PARTICULARS Current Year Previous Year01.04.14 to 31.03.15

(Rs. '000)01.04.13 to 31.03.14

(Rs. '000)10 Net cash flow from investing activities (3294573) (3294573) 3069529 3069529

Net Cash used in Investing Activities (B) (3294573) 3069529 C) CASH FLOW FROM FINANCING

ACTIVITIES1 Proceeds from issuance of share capital 0 0 2 Proceeds from borrowing 1557900 9014810 3 Repayments of borrowing (1557900) (9014810)4 Interest/dividends paid (3304) (83684)5 Net cash flow from financing activities 4274740 4271436 (4544171) (4627855)

Net Cash from Financing Activities(C) 4271436 (4627855)D) Effect of foreign exchange rates on cash and

cash equivalents, net0 0

E) Net increase in Cash & Cash equivalents:1 Cash and cash equivalents at the beginning of the year 1490860 835320 2 Cash and cash equivalents at the end of the year 3557906 1490860

Net increase in Cash & Cash equivalents (E) 2067046 655540

(Kanika Sharma Shandil) (K. K. Gupta) (M. K. Poddar) Company Secretary Chief Manager General Manage


for M/s S. C. Vasudeva & CO. for M/s K. K. Ghei & CO. Chartered Accountants Chartered Accountants Firm Regn. No. 000235N Firm Regn. No. 001342N



117

Øe la-

fooj.k pkyw o"kZ xr o"kZ01.04.14 to 31.03.15

(#- '000)01.04.13 to 31.03.14

(#- '000)10 fuos'k xfrfof/k;ksa ls fuoy udn çokg (3294573) (3294573) 3069529 3069529

fuos'k xfrfof/k;ksa esa ç;qDr udn çokg ¼[k½ (3294573) 3069529 x) fu/kh;u xfrfof/k;ksa ls udn çokg1 'ks;j iwath tkjh djus ls gqbZ çkfIr;ka 0 0

2 m/kkj ls çkfIr;ka 1557900 9014810

3 m/kkj dk iquHkqZxrku (1557900) (9014810)

4 Hkqxrku fd;k x;k C;kt@ykHkka'k (3304) (83684)

5 fu/kh;u xfrfof/k;ksa ls fuoy udn çokg 4274740 4271436 (4544171) (4627855)

fu/kh;u xfrfof/k;ksa ls fuoy udn ¼x½ 4271436 (4627855)?k) fuoy udn vkSj udn lerqY; ij fons'kh fofu;e

njksa dk çHkko

0 0

³) udn vkSj udn lerqY; esa fuoy o`f) %1 o"kZ ds vkjEHk esa udn vkSj udn lerqY; 1490860 835320

2 o"kZ ds var esa udn vkSj udn lerqY; 3557906 1490860

udn vkSj udn lerqY; esa fuoy o`f) ¼³½ 2067046 655540

¼dfudk 'kekZ 'kkafMY;½ ¼ds- ds- xqIrk½ ¼,e- ds- iksíkj½ dEiuh lfpo egk çcU/kd egk çcU/kd

¼ds- ,u- HkaMkjh½ ¼vk'kk uk;j½ ¼ih- ts- tkslWQ½ funs'kd funs'kd v/;{k&,oa&çcU/k funs'kd MhvkbZ,u 00191219 MhvkbZ,u 06363501 MhvkbZ,u 05229601

Ñrs esllZ ,l-lh-oklqnso ,aM dEiuh Ñrs esllZ ds-ds-?kbZ ,aM dEiuh pkVZM ,dkmaVsaV~l pkVZM ,dkmaVsaV~l QeZ iath-l- 000235,u QeZ iath-l- 001342,u

¼vfHkuo [kkslyk½ ¼Mh-,l- lkscrh½ Hkkxhnkj Hkkxhnkj ,e-la- 087010 ,e-la- 016416

fnukad % 26.05.2015 LFkku % ubZ fnYyh

117

Annexure 8

S.No. Particulars Regrouping of Schedule

1 Schedule 11 Amount shown in Point 2 ( c ) under the head "Others" has been grouped under the head "Current Accounts"

2 Schedule 12 Provision for defalcation previously shown under Schedule 14 has been shown as negative in Schedule 12 under the head "Sundry Advances"

118

vuqca/k 8

Ø-la- fooj.k vuqlwph dk iquoZxhZdj.k

1 vuqlwph 11 fcUnq 2 ¼x½ esa ÞvU;ß ds rgr fn[kkbZ xbZ jkf'k dks Þpkyw [kkrsß ds varxZr oxhZÑr fd;k x;k gS

2 vuqlwph 12 xcu ds fy, izko/kku tks fd igys vuqlwph 14 esa fn[kk;k x;k Fkk vc Þfofo/k vfxzeß ds rgr vuqlwph 12 esa udkjkRed :i esa fn[kk;k x;k gS

118

fok; lwph contents - agriculture insurance company of … ys[kkadu uhfr;ka significant accounting...

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