FUTURE IGL Directors Report

To


The Members


The Directors have pleasure in presenting the Eighteenth Annual Report and the Company’s audited financial statements for the financial year ended March 31, 2017.


Physical Performance


During the year, the Company recorded sales as under:


Figures in Million Standard Cubic Meters (mmscm)




































Product



For the Year 31 March 2017



For the Year 31 March 2016



% Growth (YoY)



Compressed Natural Gas (CNG)



1268.42



1123.00



13



Piped Natural Gas (PNG)



406.09



342.05



19



Total



1674.51



1465.05



14



Average Sales Per day (mmscmd)



4.59



4.00



Financial Results


The Company’s financial performance for the year ended March 31, 2017 is summarised below:


(Rs. in Crores)
































































































Items



For the Year 31 March 2017



For the Year 31 March 2016



Net Sales & Other Income



3880.00



3715.68



Profit before Depreciation & Tax



1027.76



794.71



Depreciation



167.07



156.25



Profit before tax



860.69



638.46



Provision for tax



289.62



219.41



Profit after tax



571.07



419.05



Other comprehensive income



(0.86)



(0.35)



Total comprehensive income



570.21



418.70



Retained Earnings - opening balance



2072.93



1796.95



Add : Profit for the period



571.07



419.05



Profit available for appropriations



2644.00



2216.00



Appropriations:



Dividends including Interim Dividend



133.00



84.00



Corporate dividend tax



27.08



17.10



Transferred to general reserve



-



41.62



Other comprehensive income recognised directly in retained earnings



(0.86)



(0.35)



Retained Earnings - closing balance



2483.06



2072.93



Financial Review


During the year, the gross turnover of the Company increased from Rs. 4052.14 Crores in 2015-16 to Rs. 4205.43 Crores in 2016-17. The increase of 3.8% in gross turnover, despite an increase of 14% in sales volume, is mainly on account of reduction in the selling price of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG)-domestic, which was reduced in line with the reduction in the APM prices of input gas which was passed on to the customers, by reducing the selling price of CNG and PNG-domestic. Further, the selling price of gas to industrial and commercial customers was reduced on account of reduction in the price of Term-RLNG during the year.


The Profit after tax (PAT) increased by 36.28% from Rs. 419.05 Crores in 2015-16 to Rs. 571.07 Crores in 2016-17.


The Company has prepared the Consolidated Financial Statements also which includes the Company’s share of profit in its Associates combined on a equity method in accordance with Ind AS 28 - “Investment in Associates and Joint Ventures”. The Consolidated PAT during FY 2016-17 is Rs. 606.34 Crores against Rs. 457.88 Crores in the previous year.


Dividend


Your Directors are pleased to recommend a dividend of 50% (Rs. 5.00 per share) in addition to the interim dividend of 35% (Rs. 3.50 per share) paid during the FY 2016-17. The proposed dividend, including corporate dividend tax, would absorb Rs. 84.25 Crores. The outflow of interim dividend, including corporate dividend tax, was Rs. 58.98 Crores.


Performance Highlights Compressed Natural Gas Business


During the year, your Company further expanded its CNG infrastructure and commissioned 81 new CNG Stations (including 78 stations at retail outlets of Oil Marketing Companies) and thereby enhancing its installed compression capacity to 71 Lakhs kg/day in March 2017.


Your Company launched the pilot project to run two wheelers on Compressed Natural Gas (CNG), as part of its endeavour to curb pollution, thereby increasing the trust of customers in CNG as a “cleaner fuel”.


Your Company has also taken an initiative to promote the use of CNG and attract customers during non-peak hours, by providing special incentive like discount on the selling price, during non-peak hours in the night time. The Company had total 421 CNG stations as on March 31, 2017 catering to over 9,75,000 vehicles including 5,78,000 private vehicles.


Piped Natural Gas Business


PNG - Domestic Connections


Your Company has increased its steel pipeline network from 707 kms in FY 2015-16 to 778 kms in FY 2016-17 and its MDPE network from 9443 kms in FY 2015-16 to 9940 kms in FY 2016-17.


During the year, your Company provided 60,867 PNG connections in Delhi and 45,021 PNG connections in the NCR and the total number of connections went up from 6,36,318 in March 2016 to 7,42,206 in March 2017. It is noteworthy that your Company provided 1,05,888 domestic PNG connections in Financial Year 2016-17 which is the best performance of the Company. The increase in customer base from networked areas / colonies was achieved with the help of aggressive multi-media marketing and publicity drive. The use of innovative street level marketing, combined with print and popular FM channels, enabled your Company to tap additional customers from areas which were considered saturated. An increased customer base demands an infusion of information technology for more efficient operations. The conventional methods of data storage and documentation are in the process of replacement with modern IT tools. Your Company has successfully completed the testing phase of field mobility technology to replace convenient method of paper documentation at the time of new connections and visit at customer premises for operation & maintenance activities. These modules have helped to infuse information technology in all its customer operations to bring better efficiency, by sharing real time information within IGL and with our customers.


Your Company has increased its focus on 24 X 7 customer care centre for customer query/complaints redressal and additional call centre has also started for reducing the waiting time. The grievances are being monitored through CRM system and efforts are made to provide the resolution within defined timelines.


To enhance payment collection mode, your Company has started accepting payments through various options like E-Wallets, NEFT, QR Codes, Debit Card / Credit Card, Net Banking etc. Collection of smart meter reading is carried out through customized mobile application wherein photograph of meter installed at customer location is captured for improving billing accuracy. Your Company is also in process of improving the existing smart meter reading application with enhanced features. Apart from this, your Company is in process of introducing unique concepts like spot billing, self-billing, AMR, prepaid meters etc. to enhance further customer satisfaction.


Mobile application “IGL CONNECT” has been launched to enhance customer interface. The customer can download the app and can avail host of online facilities like change in profile, submit meter reading, view last invoices, make payments, lodge a request etc. The mobile application is being upgraded with new features.


PNG - Commercial & Industrial


PNG is gradually emerging as the key energy source for industrial and commercial users offering immense opportunities for growth. Your Company has plans to exploit significant demand potential for gas from industrial and commercial consumers in Delhi and NCR - Gautam Budh Nagar (Noida, Greater Noida) and Ghaziabad.


During the financial year 2016-17, your Company maintained its focus on the Industrial & Commercial segment as one of the potential growth areas in the forthcoming years. In spite of stiff competition from alternate fuels prices, like Furnace oil (FO)/ Diesel/ LPG, which have come down drastically due to lower crude prices, there was a growth of around 8% under industrial and around 6% under commercial segment in sales volume during financial year 2016-17. In terms of number of customers industrial customers increased from 821 in March, 2016 to 962 in March, 2017 and commercial customers increased from 1811 in March, 2016 to 1908 in March, 2017.


In addition, industrial and commercial segments in NCR towns of Noida, Greater Noida and Ghaziabad offer huge potential in the next few years, as PNG network is still being laid in few belts in these areas and many such units are still to be connected.


Your Company has already expanded its pipeline network to most of the major industrial areas of Delhi and the NCR i.e. Gautam Budh Nagar (Noida, Greater Noida) and Ghaziabad. Pipeline laying activities are underway in the remaining industrial areas in the NCR.


Associate Companies Central U.P. Gas Limited (CUGL)


CUGL is engaged in City Gas Distribution in the cities of Kanpur, Bareilly, Jhansi and Unnao in Uttar Pradesh. Your Company holds 50% of the paid-up equity share capital of CUGL.


CUGL achieved a gross turnover of Rs. 240.52 Crores and profit after tax of Rs. 48.37 Crores for the financial year ended March 31, 2017.


Maharashtra Natural Gas Limited (MNGL)


MNGL is in City Gas Distribution business in Pune, Pimpri, Chinchwad, Chakan, Talegaon and Hinjewadi in the State of Maharashtra. Your Company holds 50% of paid-up equity share capital of MNGL.


MNGL achieved a gross turnover of Rs. 531.16 Crores and profit after tax of Rs. 76.29 Crores for the financial year ended March 31, 2017.


The statement containing the salient features of the financial statement of Company’s Associates pursuant to the first proviso to sub-section (3) of Section 129, is appended as Annexure 1 to this Report.


Future Outlook


The Company has been expanding its area of operations in new geographical areas.


During the financial year 2016-17, your Company got authorization through bidding process from PNGRB for development of CGD network in the geographical area of Rewari in Haryana. The Company has already started sale of gas in this area. The sales volume in this area would increase gradually with the rollout of increased infrastructure.


Recently, your Company has received permission, as of now from Director of Industries & Commerce, Haryana to lay CGD network in Gurugram in the area lying between west side of Sohna Road and National Highway-8 of Gurugram. The entry of your Company in Gurugram offers vast potential of business growth. However, the matter of authorization for cities of Gurugram and Faridabad is sub judice in Hon’ble Supreme Court of India for final disposal.


Your Company has also participated in the bidding process of PNGRB for the geographical areas of Karnal, Ambala & Kurukshetra District and Bulandshar (part district).


Besides new geographies, your Company has been expanding its infrastructure in existing areas to consolidate its position for increased sales volume growth.


Your Company has earmarked Rs. 600 Crores for the FY 2017-18 for capital expenditure.


During the year FY 2016-17, your Company entered into collaboration with a renowned market player in Iran to introduce retrofittment of CNG kit in the 2-wheelers segment. The Company has completed the pilot project of installation of CNG kit in 2-wheelers successfully. Your Company has plans to carry forward this project further in a phased manner.


It is also expected that in order to further strengthen the Public Transport system in Delhi, the Government of NCT of Delhi has an aggressive plan to introduce additional buses, which would add volume to sales growth.


It is also expected, that the price differential of CNG versus alternate liquid fuel will continue to drive the conversion of petrol driven private vehicles to CNG mode. The introduction of more CNG variant models by car manufacturers would further add to CNG volumes.


MoP&NG has given target of 3 lacs connections to the Company for FY 2017-18. The Company is working aggressively to meet the target. The Company has targeted defence areas to provide PNG Connections which would provide good number of PNG connections and help in achieving targets.


Your Company has innovative plans to expand its PNG customer base as a part of mission of expanding PNG launched by the Ministry of Petroleum & Natural Gas, Government of India. Expanding PNG connectivity into newly constructed housing units in Gautam Budh Nagar by builders / government will be given priority to register ambitious growth. Though there has been a slack in demand for new residential units, which is a cause for concern in the short term, it is expected that FY 2017 -18 will witness some surge in demand from prospective buyers of properties. This demand recovery will enable your Company to push for aggressive targets for PNG connections in new residential projects. New high volume industrial & commercial customers will continue to be the target for achieving higher growth by your Company.


The landscape of CGD sector particularly in Delhi and NCR is changing quite rapidly in a dynamic environment with evolving regulatory regime and rising customer’s expectations. There has been a growing concern on the pollution levels in Delhi and NCR in the past months due to which various landmark judgments have been made by Judiciary & Statutory Authorities. Various Statutory Authorities like Environment Pollution Control Authority (EPCA), Centre for Science & Environment (CSE), Delhi Pollution Control Committee (DPCC) & Uttar Pradesh Pollution Control Board (UPPCB) are working in a synchronized manner to curb the air pollution levels further in Delhi and NCR, wherein one such proposed initiative is to ban use of Furnace Oil (FO) and Petcoke by industries in Delhi and NCR.


In this regard, your Company has made plans to take advantage of the recent opportunities under industrial segment in NCT of Delhi which can witness improvement in PNG volumes. Endeavours will be made to realize full market potential by tapping gas volumes from industries, which will come up after notification to ban use of Furnace Oil (FO) and Petcoke in NCT of Delhi and NCR.


Corporate Strategy


The Company has initiated a comprehensive internal exercise to analyse evolving business environment and technological changes that can affect future business of your Company. Various options for growth and diversification are being considered to ensure sustained long term growth for its stakeholders. It will be a continuing exercise under its Corporate Strategy Department.


Information Technology


Your Company being leader amongst major CGD companies in India is committed to establish the latest technology driven IT landscape to render world class customer centric applications and facilitate ‘ease of doing business’.


Your Company has launched “IGL Connect”, a user-friendly and feature-rich mobile app, for CNG and PNG users with simplicity of design, user interface and security. The app enables PNG customers to view billing and payment history, lodge complaints, track status of service request and complaints, share feedback, update mobile and phone number, submit meter reading and make online payments etc. Facility of ‘INSTAPAYMENT’ option is also available on IGL website as an option of online payment. PNG customers can now upload their documents online which has provided convenience to them for applying new connection. For the convenience of CNG customers, the app also includes details of CNG testing centres, Kit suppliers and useful information about CNG vehicle care, benefits of using CNG and ‘savings calculator’ etc. CNG customers can also search for CNG stations on the map or in a particular area using this app.


In order to facilitate customers visiting the walk-in-centres and to efficiently render services to them, your Company has developed “Queue Management System” through which customers shall be issued system generated tokens for assigning free counter as per the service selected by the customer. The system data may be later used for analytics for categorization of issues and resolution time taken against them. Your Company has introduced various schemes and discount offers for the benefit of PNG billing customers which are mapped in ERP system viz. EMI option on security deposit amount for new connection request, Rs. 100 discount on first bill for e-bill subscription etc.


Besides, your Company is continuously evolving and innovating upon optimizing the billing process in ERP system through working on self-billing option which shall be soon available to PNG customers. Your Company has also extended its existing SAP ERP and other customer centric applications viz. CRM etc. for enabling business in newly acquired ‘Rewari’ area in Haryana. You Company has already aligned its systems and processes to adapt and ready for GST regime wherein all the necessary changes have been incorporated in the ERP landscape.


Your Company is also committed towards ensuring convenience to employees and optimization of daily operations through applications like “File tracking system” for ensuring timely processing of approval documents, “Bill watch system” to keep track of vendor invoices etc. Many other employee related apps have been planned for helping them to perform their regular task efficiently and conveniently.


Human Resources


The Company realizes that the challenges of the future can be best met with competent and motivated human resources. Your Company is taking various HR initiatives to add value to its pool of human talent and integration of individual goals with that of Company. The Company reviews from time to time compensation packages and other policies/facilities of its employees to make them more competitive and aligned with industry practices.


Learning and development of employees forms an integral part of the Company’s policy towards accomplishing organizational goal. Mentor-mentee mechanism for new employees and town hall meetings have been introduced.


During the year, your Company also participated in Delhi Half Marathon and organised International Yoga Day, Stress Management Workshop, Brahmakumaris Workshop to take care of employees health & fitness.


During the year, the Company inducted various young professionals at entry level to infuse talent in the professional arena. Your Company has maintained a harmonious and cordial relation among its employees and appreciates the contribution of all employees in its growth path.


Health Safety and Environment (HSE)


Safety is accorded top most priority by your Company and has focused its continual efforts to maintain a good safety culture and to improve Fire and Safety standards in its business areas.


This is a matter of pride that your Company has crossed 106 Million Man Hours accident free till 31st March 2017. This milestone achievement is a result from continuous efforts of all the individuals working directly and indirectly for your Company. The Company has been conferred Safety Innovation Award by Institute of Engineers and Certificate of Appreciation from National Safety Council to recognize the excellence in the field of Fire & Safety management during FY 2016-17.


Safety inspections of CNG vehicles are done periodically on random basis to check compliances of safety standards and to prevent unsafe conditions arising out of gas leakage from the CNG kits. For Safety of CNG vehicles, free safety clinics are periodically organized where inspection of CNG kits and fittings is undertaken.


Training is regularly imparted to the employees, contract staff at CNG stations, DTC drivers and consumers of CNG and PNG. To create safety awareness and to impart training to all category of consumers, a dedicated group of trainers with fully equipped training van is deployed which conducts safety clinics alongwith practical demonstration.


Emergency Control Centres (ECC) established at strategic locations across Delhi & NCR, are manned round the clock to respond fast to any gas leak or emergency situation. Mock drills are carried out regularly to check preparedness to handle emergencies.


In line with Company’s HSE policy, Safety Audits and other statutory compliances are done to ensure safety at all facets of operations.


Corporate Social Responsibility


Your Company is fully conscious of its Corporate Social Responsibility. In addition to carrying forward various CSR projects started in the earlier year, many new ones were initiated in FY 2016-17.


Your Company has been supporting meritorious students from under-privileged strata of society for specialized coaching for engineering entrance examination, through a scheme run by an NGO for the last seven years. It is again a matter of satisfaction that in FY 2016-17, all the eighteen students sponsored by your Company have qualified JEE (Main) 2017 examination for admission in top engineering colleges and 11 have qualified JEE (Advanced) 2017 examination.


Your Company realizes that good health is paramount to ensure safety on the roads. Therefore, your Company is carrying forward ‘IGL Swasth Saarthi’ - a comprehensive health management programme for auto and taxi drivers in Delhi and NCR, wherein a series of comprehensive Health check-up camps and Non Communicable Diseases (NCD) camps are being organized at various CNG stations, through a leading hospital.


In addition to carrying forward the funding of the training programme for auto and taxi drivers being organized by Transport Department, the Government of NCT of Delhi, on Gender Sensitization and Skill Management, your Company has extended the scope of its funding to include the training of auto and taxi drivers of Noida and Ghaziabad. A group accident insurance cover is being provided to 3.25 lakhs drivers of CNG run public transport in the region under ‘IGL Suraksha Yojna’.


Your Company is also laying emphasis on initiatives aimed at empowerment of women especially young girls. Self-defence training has been provided to girl students of government schools through an NGO. Special training on sewing machine operatorship has been provided to rural women in Greater Noida to empower them to earn on their own.


Considering the ever growing demand for skilled manpower across sectors as a result of ‘Make in India’ programme, your Company is contributing towards Skill Development programmes for unemployed youth, in the fields of gas plumbing and welding, by providing technical oriented quality training. Your Company has set up a Gas Plumbing Training Centre in a government run ITI and is running a special module for students from government run ITIs to provide them specialised skills related to gas plumbing.


Your Company is one of the stakeholders of Road Safety Cell of Delhi Traffic Police and actively supports all Road Safety Campaigns of Delhi Traffic Police.


The Annual Report on CSR activities in accordance with the Companies (Corporate Social Responsibility Policy) Rules, 2014, is appended as Annexure 2 to this report.


The Company has received following awards for its CSR activities:


- Award in the Category of “Innovations in Corporate Social Responsibility Practices” at ABP News - CSR Leadership Awards organized by World CSR Day.


- Award in the Category of “CSR/ Environment Protection and Conservation” at India Pride Awards organized by Dainik Bhaskar Group.


- CSR Community Initiative Award for its Gender Sensitization Programme at CSR Leadership Summit & Awards 2017.


Directors Responsibility Statement


Pursuant to the provisions of Section 134 (5) of the Companies Act, 2013, your Directors hereby confirm that:


i. In the preparation of Annual Accounts for the financial year ended March 31, 2017, the applicable accounting standards have been followed;


ii. they have selected such accounting policies and applied them consistently except where otherwise stated in the Notes to Accounts 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 that period;


iii. They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;


iv. They have prepared the Annual Accounts for the Financial Year ended March 31, 2017 on a going concern basis;


v. They have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and


vi. 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.


Directors


Shri S. Ramesh, nominee of Bharat Petroleum Corporation Limited (BPCL), was appointed as the Chairman of the Board in place of Shri M. Ravindran w.e.f. January 14, 2017.


Shri Manoj Jain, nominee of Gail (India) Limited (GAIL), was appointed as an Additional Director of the Company w.e.f. January 18, 2017. Shri I. S. Rao ceased to be a director w.e.f. January 14, 2017.


Shri Sandeep Kumar, nominee of Govt. of NCT of Delhi, was appointed as an Additional Director of the Company w.e.f. October 1, 2016.


Shri Vikram Dev Dutt, nominee of Govt. of NCT of Delhi, was appointed as an Additional Director of the Company in place of Shri Sandeep Kumar w.e.f. December 28, 2016.


Smt. Varsha Joshi, nominee of Govt. of NCT of Delhi, was appointed as an Additional Director of the Company in place of Shri Vikram Dev Dutt w.e.f. June 1, 2017.


The shareholders of the Company at 17th Annual General Meeting had appointed Shri E.S. Ranganathan, Managing Director of the Company w.e.f. June 1, 2016 to May 31, 2019.


The Board takes this opportunity to place on record its appreciation for valuable contribution made by Shri M. Ravindran, Shri I. S. Rao, Shri Sandeep Kumar and Shri Vikram Dev Dutt during their tenure as the Directors of the Company.


Shri S. S. Rao, Prof. V. Ranganathan and Shri Santosh Kumar Bajpai, Independent Directors were appointed for a period of three years during their first term which is ending on September 11, 2017.


The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as provided under section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (hereinafter referred to as the “Listing Regulations”).


The details of programmes for familiarization of Independent Directors with the Company are put up on the website of the Company:- (http://www.iglonline.net//english/5000_media/Investor_Relations/Familiarization-Programmes-for-Independent-Directors.pdf).


The Nomination & Remuneration Committee considers various criteria such as age, qualification, expertise, diversity in composition of Board and likely contribution to the Company while recommending the name of the Independent Directors.


The Board of Directors carried out the evaluation of every Director, committees of Board and the Board as a whole, based on the laid down criteria of performance evaluation.


Corporate Governance


As per the requirements of the Listing Regulations, a detailed Report on Corporate Governance and a certificate regarding compliance of conditions of Corporate Governance are annexed as part of the Annual Report.


Business Responsibility Report


As per the requirements of the Listing Regulations, a detailed Report on Business Responsibility is annexed as part of the Annual Report.


Deposits


During the financial year 2016-17, your Company has not accepted any deposit within the meaning of Sections 73 and 74 of the Companies Act, 2013 read together with the Companies (Acceptance of Deposits) Rules, 2014.


Particulars of Loans, Guarantees or Investments


During the year 2016-17, your Company has not granted loans nor given guarantee nor made any investments.


Amount Which the Company Proposes to Carry to any Reserves, if any


For the year 2016-17, your Company has not transferred any amount to the general reserve of the Company.


Number of Meetings of the Board and Audit Committee


The details of the number of meetings of the Board and Audit Committee held during the financial year ended March 31, 2017 and composition of Audit Committee are given in Corporate Governance Report.


Related Party Transactions


Policy on materiality of Related Party Transactions and on dealing with Related Party Transactions has been disclosed on the website of the Company at:- http://www.iglonline.net/ english/5000_media/About_us/ Related-Party-Policy.pdf.


During the financial year 2016-17, your Company has not entered into transactions with related parties as defined under Section 2(76) of the Companies Act, 2013 read with Companies (Specification of Definitions Details) Rules, 2014.


However, your Company has entered into transactions with parties which fall in the definition of “Related Parties” defined under Listing Regulations. Details of transactions with related parties are being disclosed separately in the Annual Report and since transactions in two contracts with GAIL qualify as material transactions, the same are being placed for shareholders’ approval in the ensuing Annual General Meeting (AGM).


Prevention of Sexual Harassment at Workplace


As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 and rules made thereunder, your Company has constituted Internal Complaints Committee (ICC). During the financial year 2016-17, no complaint with allegation of sexual harassment was received by the Company.


Risk Management and Internal Financial Control Adequacy


Your Company has Risk Management System in place including The Risk Policy & identification of the Risks which are reviewed periodically.


Your Company has laid down a set of standards, processes and structure for internal financial control across the organization and ensures that the same are adequate and operating effectively.


Vigil Mechanism


The Company has a Whistle Blower Policy as part of the vigil mechanism, which provides a platform to the employees, directors, vendors and suppliers of the Company to come forward and raise their genuine concerns without any fear of retaliation and victimization. The Company has engaged an independent third party service provider to manage the operations of the whistle-blower hotline. The details of the Whistle Blower Policy are available on the website of the Company www.iglonline.net. Besides whistle Blower Policy, the Company has also framed vigil mechanism under which the stakeholders can lodge their complaints to Chief Ethics Officer of the Company.


Statutory Auditors


In exercise of powers conferred by Section 139 of the Companies Act, 2013, the Comptroller and Auditor General of India(CAG) vide its letter dated July 09, 2017 has appointed M/s Walker Chandiok & Co LLP, Chartered Accountants as Statutory Auditors of the Company for the financial Year 2017-18.


The Notes on financial statements referred to in the Auditors’ Report for FY 2016-17 of M/s Walker Chandiok & Co, Chartered Accountants are self-explanatory and do not call for any further comments.


Review and Comments of CAG, on Standalone and Consolidated financial statements for the Financial Year ending 2016-17 form part of financial statements of the Company.


Cost Auditors


Your Company had appointed M/s. Chandra Wadhwa & Co., New Delhi as Cost Auditors for the financial year 2016-17.


As per Section 148 read with Companies (Audit & Auditors) Rules, 2014 and other applicable provisions, if any, of the Companies Act, 2013, the Board of Directors of your Company has re-appointed M/s. Chandra Wadhwa & Co., New Delhi, Cost Accountants, as the Cost Auditors of the Company for the financial year 2017-18. The remuneration proposed to be paid to the Cost Auditors is subject to the ratification by the members at the ensuing Annual General Meeting of the Company.


Secretarial Auditors and Secretarial Audit Report


Pursuant to Section 204 of the Companies Act, 2013, your Company had appointed M/s V.K. Sharma & Co., Practicing Company Secretaries, Noida, as its Secretarial Auditors to conduct the Secretarial Audit of the Company for the financial year 2016-17. The Report of Secretarial Auditor for the financial year 2016-17 is appended as Annexure 3 to this report.


Disclosures Regarding Remuneration


Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) and 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is appended as Annexure 4 to this report.


Extract of Annual Return


Extract of Annual Return of the Company is appended as Annexure 5 to this report.


Conservation of Energy and Technology Absorption, Foreign Exchange Earnings and Outgo


The information in accordance with the provisions of Section 134 (3) (m) of the Companies Act, 2013 read with Rule (8) (3) of the Companies (Accounts) Rules, 2014 is appended as Annexure 6 to this report.


Acknowledgements


Your Directors express their gratitude to the Ministry of Petroleum & Natural Gas, State Governments of NCT of Delhi, Uttar Pradesh & Haryana, Petroleum and Natural Gas Regulatory Board, and Promoter Companies (GAIL & BPCL) for their continuous patronage & support throughout the year.


Your Directors acknowledge wise counsel received from Statutory Auditors and CAG and are grateful for their support and cooperation.


The Directors also acknowledge the support of all Statutory & Local Authorities, Bankers, Media, Station Operators & their employees, contractors, vendors and suppliers.


The Directors place on record their deep appreciation towards IGL’s valued customers for their continued cooperation & support and look forward to the continuance of this relationship in future also.


The Directors wish to express their gratitude to all the shareholders for their continued trust and support.


The Directors also sincerely acknowledge the contributions made by all the employees of IGL for their dedicated services to the Company.


For and on behalf of Board of Directors


Sd/- Sd/-


V. Nagarajan E. S. Ranganathan


Director (Commercial) Managing Director


Place : New Delhi


Date : August 11, 2017

CIN: U67190WB2003PTC096617. Trading in Commodities is done through our Group Company Dynamic Commodities Pvt. Ltd. The company is also engaged in Proprietory Trading apart from Client Business.
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