SUSTAINABILITY REPORT2016 - 2017

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Introduction

Materiality and Stakeholder Engagement

People – “We Care”

Environment – “We Conserve”

Business Performance

Annexure -1

1.1 2016-17 Highlights1.2 2016 -17 Awards and Recognitions1.3 Financial Excellence Goals 2016 -17

2.1 Material Aspects and Disclosures2.2 Ongoing Stakeholder Engagement

3.1 Our Employees3.2 Diversity, Engagement and Growth3.3 Occupational Health & Safety3.4 Corporate Social Responsibility

4.1 Life Cycle Assessment4.2 Energy Utilization4.3 Waste Management4.4 Emission Monitoring4.5 Water Utilization

5.1 Economic Performance5.2 Supply Chain5.3 Customers5.4 Corporate Governance 5.5 Risk Assessment

GRI G4 Reference Index

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People – “We Care”

Environment – “We Conserve”

“To place India in its deserved position at the heart of the International Bullion Market.”

We are committed to transparent sustainability reporting. This report has been prepared in accor-dance with the GRI standards. We have included additional material indicators as applicable to precious metal industry.

Our Vision

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The fifth edition of our Sustainability Re-port outlines the Organization’s progress in 2016-17 on key economic, social and environmental aspects. Business environ-ment operational challenges are part and parcel of our growth, underpinned with ensuring sustainable development. Our way of doing business has always been one of innovation with a positive impact on our workforce and our surroundings.

We always stand committed towards proc-tecting our environment. During the year we continued to identify areas where we could better manage and still further re-duce the environmental impact of our pro-cesses. Our efforts are getting recognized; today MMTC-PAMP is the first precious metal refinery in India to be Gold rated on CII-ITC CESD Sustainable Plus index.

Social responsibility lies at the core of our business fundamentals; we don`t just de-liver products of international standard but we ensure that the products are man-ufactured and sold in a socially responsible manner, in line with the best global prac-tices. We engage with our community reg-ularly, through various initiatives like pro-viding clean drinking water in the district of Mewat, skilling students with an inno-vative curriculum and setting up a Precious Metals Assay Institute in association with the World Gold Council.

As we negotiate the road-map towards our industry-leadership 2020 sustainability goals, we welcome your feedback and look forward to hearing from you. Please reach out to us at.

Email: sustainability@mmtcpamp.com

Best Wishes

Rajesh KhoslaManaging DirectorMMTC PAMP India

Message from the Managing Director

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Introduction

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Established in 2008, MMTC-PAMP India Private Limited is among the world’s most advanced gold and silver refining and minting facilities. The company is a joint venture between India’s MMTC Ltd. (a Gov-ernment of India Undertaking) and Swit-zerland’s PAMP SA (the world’s leading bul-lion brand), part of the global MKS PAMP Group.

Our unique access to global leadership and Swiss technology, complemented by our understanding of the local consumer mar-ket, has enabled us create a world-class product range. As India’s first and only London Bullion Market Association accred-ited Good Delivery Gold & Silver Refinery, the quality of our products is the de-facto benchmark in India. We are embarking on a journey of changing the way the Indian consumer engages with precious metals in India, by bringing informed access to world-class products of the highest quali-ty, integrity and transparency.

Currently we offer the following:

Through the year we made the following additions to our range of minted products.

1.1 2016-17 Highlights

The design of the Tola features the classic design of the traditional weighing bal-ance, instantly recognizable across the world as the weighing standard for trade in gold and silver. The reverse features the inextricable bond of gold as a storehouse of wealth, stored traditionally in a cloth bag containing the precise number of ratti seeds for the precise weight of 11.6638 gms.

*Purity Verification Center

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Our Flagship stores (PVC)* in India :

Lajpat Nagar, New DelhiKarol Bagh, DelhiDariba Kalan, DelhiHyderabadCoimbatoreChennaiBangaloreVijayawadaMumbaiAhmedabad

Radha Krishna Mahavir Ganesha Radha Krishna

NEW

NEWLAJPAT NAGAR , NEW DELHI

KAROL BAGH , DELHI

DARIBA KALAN, DELHI

AHMEDABAD

MUMBAI

BANGALORE

HYDERABAD

VIJAYAWADA

CHENNAI

COIMBATORE

NEWNEW

The majestic Indian Peacock, the great Indian Hornbill, the vibrant beauty of the Flamingo and the

lord and master of the skies, the eagle come to life in this first-of-its-kind, exclusive limited edition

collection.

- 2016 Series

*Purity Verification Center

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1.2 2016 -17 Awards and Recognitions

We continue to be the only LBMA accredited precious metal refinery in India for both Gold & Silver. In the reporting year, MMTC-PAMP India set higher standards for itself and the Team came together to surpass all expectations. We were awarded:

India`s most Sustainable precious metal refinery based on the assess-ment by CII ITC centre of excellence for Sustainable Development

NABL accreditation scope increased to cover Silver by Potentiometer (999%) and ICP method (9999%).

Responsible Jewellery Council re-certification as per the 2013 code of practices

ISO 9001:2015, ISO 14001:2015 & OHSAS 18001 successful transition and recertification as per the revised Quality and Environment man-agement standards

Best Refinery of the year – India International Gold Convention (4th time in a row)

Best Refinery of the year by Bullion Federation Global Convention

Best Refinery of the year - India Bullion & Jewellery Association (4th time in a row)

Apple’s Responsible Supplier List as approved ‘Smelter and Refiner’ based on its “Risk Readiness Assessment (RRA)” for 2016

Received the inaugural Assocham Excellence Award for “BEST BULLION REFINERY”2016

CII-ITC Centre of Excellence for Sustainable Development – Sustain-able Plus Gold rated

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Focus Area Goals Progress

Road Ahead

Supply Chain

Strengthen our sup-ply chain to capture sustainability relat-ed information.

Included EHS aspects in overall risk management framework,which covers the entire supply chain.

Increase Green procurement in the coming year

Customer Satisfaction

Aim for 100% cus-tomer satisfaction

88% achievedMove towards a cus-tomer satisfaction of 100% in the FY 17-18

Occupational Health & Safety

Zero incidentsNo man hour loss during the year

Continue focussing on health and safety through regular train-ing and drills

Training & Development

Increase training hours to 15 hours per employee

10.12 hours per employee achieved

Achieve the target set last year

Planning

Installation of water purification plants at 2 villages, 3 schools and 5 bus stops

Set up 24 wa-ter purification systems across schools, colleges, hospitals and bus stops. Launched the Precious Metals Assay & Training Institute(PMATI) in associ-ation with World Gold Council.

Set up more water purification plants, and introduce a Swiss-based, NSDC- approved skills training program. Operationalise the PMATI with industry support.

1.3 Financial Excellence Goals 2016-17B

USI

NES

S IN

TER

AC

TIO

NEM

PLO

YMEN

TC

OR

POR

ATE

SO

CIA

L

RES

PON

SIB

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Focus Area Goals Progress

Road ahead

Energy Management

Reduce energy con-sumption by 2% Achieved

2% reduction in specif-ic energy consumption

Water Management

Reduce water con-sumption by 2% from current level

Achieved 2% reduction in specif-ic water consumption

Waste Recycling

Increase waste recycling by 2%

Extended to 2017-18

Achieve target set last year

ENV

IRO

NM

ENT

MA

NA

GEM

ENT

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Materiality and Stakeholder Engagement

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We have examined more than 30 issues, including areas of significant organizational im-pact, as well as broader sustainability trends that affect our operations. The key enablers for this activity were the certifications to international standards such as Responsible Jewellery Council COP, SA 8000, ISO 14001, OHSAS 18001 and ISO 9001.

We engage with our stakeholders continuously to better understand significant material issues.

Based on our review, we have addressed all material issues under various sections of this report.

Materiality Matrix

2.1 Material Aspects

Material Issues Corresponding GRI G4 Aspect

Economic PerformanceEconomic Performance, Market Presence,Indirect Economic Impact, Procurement Practices

Emission, Energy & FuelEnergy, Emissions, Environmental GrievanceMechanisms

Water Water Management

Training and Development Training and Education

Management of waste &Effluent Management

Effluent and Waste

Employee, Occupational Health and Safety

Employment, Occupational Health and Safety

Corporate Governance Anti-Corruption, Anti-Competitive Behavior, Compli-ance (Society)

Human rights

Labor/Management Relations, Freedom of Asso-ciation & Collective Bargaining, Human Rights Grievance Mechanisms, Labor Practices Grievance Mechanisms

Emergency preparedness Indirect Economic Impact

Community development Local Community

Customer engagement Product and Service labelling

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Engaging our stakeholders in a long-term dialogue provides important input that informs our decision-making and helps us continuously improve and make progress toward our commitments. In this report we outline the manner in which we engage with the stake-holders identified below.

2.2 Ongoing Stakeholder Engagement

STAKEHOLDER GROUP

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People – “We Care”

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3.1 Employees

Employees are our key stakeholders and we have policies and procedures in place to ensure that we comply with and routinely excel at the best HR practices. Our compliance with So-cial Accountability Standards and independent audit by The Responsible Jewellery Council is an external validation of our practices and systems.

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Diversity and Equality

MMTC-PAMP India believes in providing equal opportunities to all employees. We proudly follow and promote the UN Guiding Principles on Business and Human Rights, the Univer-sal Declaration of Human Rights (UNDHR), United Nations Global Compact (UNGC), and the International Labor Organization (ILO) requirements in our actions and system.

We have no instance of human rights violation reported in the FY 2016-17.

Training and Development

The training plan is mapped annually by all depart-ment heads. During the year, results achieved and new objectives set are shared with employees.

The average training satisfaction level of employ-ees was at 91.00 %. On average training man hours stood at 10.12 hours per employee per year.

Employee Engagement

Balance, peace and joy are the fruit of a successful life. We encourage our employees to maintain a healthy balance between work and leisure. We organize activities like summer camps for children, which help our employees familiarize their family and friends with col-leagues and workplace.

Employees also participated in inter-department sports tournaments, ranging from cricket to table tennis, chess and football.

Career Growth

At MMTC-PAMP India, we focus on nurturing our people so they excel in their field of exper-tise. To ensure a path of growth and excellence, we perform the following:

• Integrate Goals, KRA and KPI of employees in accordance with organizational goals and objectives.• Annual self-assessment as part of appraisal.• Regular skill development by in-house and external trainings.• Promotions and revisions in salary and remuneration based on performance assessment and individual merit.

3.2 Diversity, Engagement and Growth

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Engagements during 2016-17

9th Annual Day Celebration

Yoga day

Team Outing

Summer Camps

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3.3 Occupational Health & Safety

The company is committed to providing safe working conditions to prevent any incidents/ accidents arising from work-related activities. We recognize the fundamental right of every person to health and safety in the work environment.

Safety round the year!

As a part of our “we care” mission, we launched a campaign conducting company-wide safety training every month.

Highlights of the year

• A total of 494 employees were trained in 45 trainings sessions.• 100% accident free days at the plant during.• Conducted weekly internal safety audit and half-yearly external audits.• Formed a departmental safety committee.• Provided TLD badges and regular medical checkups for employees working at hazardous locations.• Safety committee meetings, chaired by an Executive board member, proposed 48 action-able points.• Mock drills to test our response in emergency situations.

Confined Space Safety

Electrical Safety

PPEs

Heat Stress Safety

Near Miss Awareness

Machine & Tool Safety

Fire Prevention, Safety

HazCom

Slip, Trip & Fall

LOTO

Emergency Preparedness

Preview of 2016-17 near miss,incidents

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3.4 Corporate Social Responsibility

The community development program “Physical Inputs, Social Outputs” was scaled up in 2016-17. A board level committee regularly reviews the progress on CSR projects approved by the board on a quarterly basis .

Our CSR Policy covers all activities listed in Schedule VII of the Companies Act, 2013

The budget of CSR expenditure is dependent on the average profit of 03 years, the figures alongside show a rise of 72 % in report-ing year from the base year. This shows our long-term commit-ment towards the society.

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In FY 2016-17, MMTC-PAMP India continued to focus its CSR spend on three major areas:

1. Providing the residents of Mewat with safe, potable drinking water2. Training students to enhance employability of those entering the workforce3. Ensuring sustainable environmental and rural development

1. Making Available Safe Drinking Water Available

As of now, 11 schools of Mewat region have cost-effective water treatment plants and the smiles on the face of the school children are ample testimony to our meaningful efforts. The water purification setup is highly energy efficient and is based on the principle of Re-verse Osmosis, which consumes only about half the energy compared to a conventional RO system of similar capacity. MMTC-PAMP India undertakes full responsibility for maintain-ing all installed units. We are also embarking on a program to create awareness amongst school children and villages of the benefits of safe drinking water and the hazards associated with drinking

untreated ground water.

New Installations in 2016-17

Location Installations Reach

Mewat Model School and

Kasturba Gandhi Balika Vidyalaya at Firozpur

Jhirka

2 water purification

plants of 250 LPH

with chiller

1700 students and staff

ITI Ferozepur Jhirka1 Water purification

plant1000 students and staff

District Civil Court, Nuh

1 Water purification

plant with RO and

Chiller

4000 people

DAV Police Public School, Nuh

1 Water purification

plant with RO and

Chiller

250 students and staff

Shaheed Hasan Khan Govt. Medical College,

Nalhar

2 water purification

plants of 250 LPH

capacity

7000 patients and staff

Welfare Center School, Nuh

1 Water purification

plant with RO and

Chiller of 250 LPH

450 students and staff

Total 814400 community members

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2.MMTC-PAMP India partnered with SRCEM, to provide a two-year training program for Me-chanical engineering students. After the excellent performance of the 1st batch selected in 2014 (8 students), a second batch was selected in the month of August 2015 for similar training (11 students). The students were trained using a combination of classroom teach-ing and shop floor hands-on application.

As a result of this initiative, superior skills were developed by students, ensuring that they are sought-after by industry for employment.

Statistics for FY 2016-17

Nature of Expenses Amount in INR

Stipend and Scholarship to students 653,992.00

Prof. Fees of Project Coordinator 2,758,000.00

Others (fees for language skills, allowances etc.)

481,444.00

Total 3,893,436.00

Based on our two-year learnings, we are now setting up an NSDC approved, Swiss-based VET curriculum to equip students with trade-specific skills, including certification in accor-dance with Swiss trade development programmes.

We have partnered with WGC to unveil India’s first Precious Metals Assaying and Training Institute. Recognizing the need for skilled assayers operating the Hallmarking centres ac-credited with BIS across India, the Assaying Institute is a non-profit company, driven by the industry, with the principal objective of providing training and certification in the field of assaying and promoting standardization and best practices for the gold and precious met-als industry. Steps have been initiated to formulate a Steering Committee, which will guide the development of plans, strategies and provide a roadmap for implementation.

Promoting Education and Employment Enhancing Vocational Skills

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3.In August 2016, MMTC-PAMP India completed the construction of a fully fitted multipur-pose hall with restroom integral to the Rojka-Meo police station. This is the second multi-purpose hall with restroom that MMTC-PAMP has provided, the first being at Police Station Nuh which was handed over in May 2016. The halls include safe drinking water, sanitation, a common room for woman, senior citizens and economically backward groups, separate toilets for men & women and one for the differently abled.

Awards and Accolades

Sustainable and Rural Development

MMTC-PAMP India awarded appreciation certificate for “Out-standing Contribution to CSR projects in Mewat District by Chief Parliamentary Secretary, Ministry of Tourism and Hospitality by Haryana Vidhan Sabha MLA, Ms. Seema Trikha in June, 2016

Received local media appreciation on a regular basis for projects undertaken the most backward districts of Northern India.

Awareness session on health benefit of clean drinking water Nuh

Workshop training program – ITI Nuh

Night shelter & Restroom at Nuh Bus stand - Nuh

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Environment – “We Conserve”

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4.1 Life Cycle AssessmentMMTC-PAMP India commits itself to prevention of pollution, best use of natural resourc-es, minimal waste generation an good environmental protection practices at all times. The goal of a Life Cycle Assessment is to compare the full range of our material inputs and outputs and assess the effects on our environment.

In order to achieve our target of being carbon neutral by the year 2020, our internal en-vironment management team initiated the process of life cycle assessment.

Environmental data is collected at all points i.e. input, output and in process i.e. gate to gate in 1st Phase. Life Cycle Impact Assessment helped us filter out which processes had the highest adverse environmental impact.

Key Impact categories identified:• Primary Energy Demand • Soil contamination due to waste generation• Global warming on account of CO

2 and other Emissions

• Maintaining water table

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4.2 Energy UtilizationIn line with the international standard for energy management (ISO 50001), we laid down our energy utilization policy, objec-tives, targets and management plan.

High consumption areas were identified, their baselines created and targets set. During the reporting year, various projects were undertaken to optimize the energy losses.

Key energy conservation activities

• Department wise energy meters installed in LT panel room – Identification of energy intensive zones

• VFD (Variable Frequency Drive) based pumps used in the facility enabling signif-icant energy saving. • Roof mounted solar power generation photo-voltaic panels upgraded to 30 KW (ON grid system) from the existing OFF grid system.

• LED lights installed throughout the Facto-ry.

• Harmonic Filters installed on main Induc-tion Load line in Refinery to improve power factor. The estimated average power saving is 10% (varying from 3% to 25%) based on load factor, power factor correction and har-monic level of that particular equipment.

• Based on the LPG Consumption analysis undertaken in 2015-16, LPG consumption was reduced by 27% from the previous year.

The key contributor for this reduction was setting the minimum load quantity which in turn helped the number of melts.

Through various measures, we have been able to bring the specific power consumption down 2.8 % from base year 14-15 and 9 % from previous year

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4.3 Waste ManagementMMTC-PAMP India is a zero discharge unit, the majority of our water waste is a by-prod-uct of our production processes.

Waste Type and Generation in 2016-17

Target for the year 2017-18

• Further reduce wastage by landfill by 2% • Increase utilization of Solar pond by 5%

4.4 Emission monitoring

The operation of our plant and other activities are controlled to have emissions well below regulated limits.

Target for FY 17-18

• Further reduce our LPG consumption by 2 % • Conduct ISO 50001 external audit

Type of Waste Quantity Disposal Method

Salt 124.61 T Landfill by Government authorized agency

Filter Press Sludge 43.31 T Recycled

Organic Waste 24.82 T Converted to manure in-house using organic waste converter

Used Oil 520 L Disposed by Government authorized agency

E-waste 1.2 T Disposed by Government authorized agency

We have been able to bring down the specif-ic generation of filter press sludge by making improvements in our process and taking an alternative decantation route

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Emission Inventory

In 2016-17 as a part of Life Cycle Assessment, SOx and NOx are quantified in terms of emis-sion in Kg.

Going forward we will closely monitor these emissions and devise a mechanism to reduce them further and lower our Green House Gas (GHG) impact.

Our Controls

• Dedicated scrubber for all sections• In-house environment lab performing tests weekly

New installation in 2016-17

• Additional scrubber installed in Gold refinery

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CO2 EmissionCO2 emission is broken-down into Scope 1 (Direct control) and Scope 2 (Indirect control).

Emission Inventory

4.5 Water Management

We regularly monitor ground water level and strictly implement measures like rain water harvesting, recycling and reuse of processed water with zero discharge to outside environ-ment.

Major contributor to water consumption is the vast green cover that we maintain, We keep the specific water consumption for processes at a constant 72 KL/T. (See pie chart along side)

• The above is calculated using UNEP (United Nations Environment Program) based GHG calculator • The emission factor for grid electricity is taken as 0.89• There has been reduction in CO2 emission due to our ongoing efforts in optimizing resource utili-zation

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4.6 Chemical ConsumptionBy making improvements in our chemical refining process, we have been able to reduce the specific chemical consumption by approximately 30% from the previous year. (see graph year)

Level of various particles in the water discharged from the ETP/STP outlet further used for horticulture purposes have been well below the limits set by regulatory bodies. (See graph along side)

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Business Performance

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Business Performance 5.1 Financial Highlights

MMTC-PAMP India is focused on unlocking growth opportunities, with targeted invest-ments in new capabilities. We underscore the importance of economic performance by using it as one of the reference points by which we define material issues. Economic perfor-mance is defined as our most material aspect because, like most companies, our economic success enables the execution of our sustainability strategies.

The financial year 2016-17 saw a 35% decrease in quantity of refined gold. Notwithstand-ing the jewellers’ strike being called off in April, market conditions remained unfavorable from April until September, due to gold trading at a discount over the derived landed Rupee price, caused primarily by rampant availability of “cash gold” at discounted price. Bullion sales came to a standstill and the company was saddled with a substantial unsold refined gold & silver stock.

With the onset of market revival in end September, bullion sales recommenced, Dore ar-rivals resumed and the festive season of October – December saw the refinery working at optimum capacity, which not only made up for the loss of profit in the first six months of the year but also has significantly contributed towards ending the year with a profit.

MMTC PAMP India Statement of economic value generated and distributed

Direct economic value generated for the year 2016-17

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5.2 Supply Chain

We are committed to integrating a sustainable supply chain practice from point of ori-gin to end customer. We have set up stringent measures as per various national/internal standards and are committed to responsible sourcing. Our supply chain due diligence is audited annually by London Bullion Market Association (LBMA). Supply chain due diligence follows a risk-based approach and is performed before enter-ing into any new agreement for any type of supply.

For metal procurement we have effective management systems, procedures and other practices to conform to the requirement of the LBMA Responsible Gold Guidance, mak-ing us the ONLY refinery in India to hold the coveted, independently audited, Responsi-ble Gold certification year upon year.

Our designated and dedicated compliance officer is responsible for ensuring due dili-gence (KYS) for every transaction.

Contact info: Responsiblepm@mmtcpamp.com

Our Supply Chain

Non Metal

Non - metal supplies include procurement of capital items, services, consumables, etc. We have established strong procurement policies based on the requirements of ISO 9001:2015, ISO 14001:2015, OHSAS 18001, SA 8000:2008: ISO 17025:2005 and Respon-sible Jewellery Council code of practices. This ensures we have a fair vendor selection and evaluation policy in place which is reviewed quarterly for its effectiveness. We have conducted social compliance audits since 2014 and all our approved suppliers are covered in the audit cycle.

Planning Sourcing Storage Delivery feedback

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5.3 Customers

In our endeavor to change the way India saves, our biggest accomplishment on the con-sumer front was the launch of Digital Gold with Paytm in Oct, 2017. Digital Gold allows a customer to buy 24K 999.9 Fine Gold at live international prices for as low as Re 1, making the precious yellow metal accessible and affordable for every Indian. The Gold purchased is set-aside in an allocated enclosure within the MMTC-PAMP vault with full insurance cover and security. Customers can accumulate gold without worrying about safe keeping of the metal.

Digital Gold also provides the flexibility to sell the accumulated Gold back to MMTC-PAMP on Paytm or redeem in the form of 24K 999.9 Fine Gold coins. Since, it is not physically possible to deliver a fractional quantity of gold; minimum quantity for the redemption has been kept as low as one gram. Gold can be bought, sold or withdrawn online 24 hours a day, 7 days a week, and 365 days a year.

Unleashing the power of digital media to communicate with our customers

PURCHASE

CUSTOMER SATISFACTION

Purchase 24K 999.9

Fine Gold at live

market rate,

Starting ₹

Store physical Gold

stored in insured

vaults

Sell back

online to

MMTC-PAMP

On-Demand

Delivery in

Customized

Packaging

STORE SELLREQUESTDELIVERY

₹ 1

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5.4 Corporate Governance Corporate Governance is about maximizing shareholder value legally, ethically and sustain-ably. Our Board exercises its fiduciary responsibilities in the widest sense of the term. We also endeavor to enhance long-term shareholder value and market reach by mingling our industry experience and timely resources.

Key activities in the reporting period:

• The board met quarterly and through the year the following members were included₹ > Mr. Vijay Pal as Additional Director effective 16th November 2016₹ > Mr. P K Jain as Additional Director effective 07th December 2016₹ > Mr. Arjun Raychaudhuri as Additional Director effective 23rd February 2017

Sustained efforts to understand our distribution network and address the concerns of our distributors, helped us achieve a significant improvement in customer satisfaction levels.

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• No instance of breach in companies model code of conduct was reported.

• The Board approved a Skill development initiative in association with World Gold Council, Mumbai. Subsequent to the approval, a Precious Metals Assay and Training Institute was incorporated on 17th March 2017.

Driving Sustainability at board level

To ensure that Business Sustainability gets adequate governance focus, MMTC-PAMP`s Sustainability committee headed by the Managing Director was formulated in December 2016. The agenda for these meetings was to have a detailed oversight of business, strategy and sustainability matters.

Driving Sustainabilityat Board Level

Management Assurance

Committee

Corporate SocialResponsibility

Committee

Nomination and GovernanceCommittee

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5.5 Risk Assessment

The Company’s Risk Assessment Framework covers comprehensive scenarios of factors such as financial risk, regulatory risk, strategic risk, operational risk, market risk, credit risk and liquidity risk along with mitigation plans against them.An independent committee, “Management Assurance Committee”, reviews this framework on an annual basis. Management Assurance Committee is a board level committee which provide assistance to the Company’s Board of Directors with respect to oversight of: -

1. Assurance on the Company’s financial reporting process and financial statements and systems of internal controls2. The Company’s compliance with legal and regulatory requirements3. The Statutory and Internal Auditor’s independence and performance4. The business practices and ethical standards of the Company

Birds Eye View - Risk Management Protocol

RISK

MANAGEMENT PRO

TOC

OL

Risk Planning Risk Assessment

Risk Identifications Risk Analysis

RISK CONTROL MATRIX

Risk Handling Risk Monitoring& Control

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All figures in the report are as of 31st March, 2017