Atul Ltd 2017-18

Atul Ltd | Annual Report 2017-18 4. Subsidiary companies registered in India As on March 31, 2018, the Company had 12 non-material Indian unlisted subsidiary companies: a) 5 wholly-owned – Anchor Adhesives Pvt Ltd, Atul Bioscience Ltd, Atul Finserv Ltd, Atul Fin Resources Ltd and Atul Nivesh Ltd b) 1 joint venture – Atul Rajasthan Date Palms Ltd c) 6 others – Aaranyak Urmi Ltd, Aasthan Dates Ltd, Atul Biospace Ltd, Atul Infotech Pvt Ltd, Biyaban Agri Ltd and Raja Dates Ltd The Financial Statements of the above companies were reviewed by the Audit Committee. The Minutes of the meetings of all the subsidiary companies were placed before the Board. 5. Company policies 5.1 Compliance Compliance certificates confirming due compliance with statutory requirements are placed at the Board meeting for review by the Directors. A system of ensuring material compliance with the laws, orders, regulations and other legal requirements concerning the business and affairs of the Company is in place. Instances of non-compliance, if any, are also separately reported to the Board and subsequently rectified. 5.2 Code of Conduct The Code of Conduct is available on the website of the Company at https://www.atul.co.in/investors/polices All the Directors and the Senior Management Personnel have affirmed their compliance with the Code of Conduct. A declaration to this effect signed by the Chairman and Managing Director forms part of this report. 5.3 Prevention of Sexual Harassment of Women at Workplace Pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Rules, 2013, the Company has framed a policy on Prevention of Sexual Harassment of Women at Workplace. During 2017-18, no complaint was received by the Committee set up pursuant to the aforesaid Policy. 5.4 Related Party Transactions The Company has formulated a Related Party Transactions Policy and the same is disclosed on the website of the Company at https://www.atul.co.in/investors/policies 5.5 ‘Material’ subsidiary companies The Company has formulated a policy for determining ‘material’ subsidiary companies and the same is disclosed on the website of the Company at https://www.atul.co.in/investors/policies 5.6 Familiarisation Programs The details of Familiarisation Programs imparted to Independent Directors are disclosed on the website of the Company at https://www.atul.co.in/investors/policies 5.7 Commodity price risk or foreign exchange risk and hedging activities The Company does not go for commodity price risk hedging activities as it does not expect significant advantage in medium to long-term horizon. However, for minimising procurement risk for short duration, it enters into annual purchase contracts for key raw materials linked to input costs | published benchmark prices. Foreign exchange risks are tracked and managed within the Risk Management framework. Short-term foreign currency asset - liability mismatch is continuously monitored and hedged. The foreign exchange market is highly regulated and the Company ensures compliance with all the regulations. 6. Affirmation and disclosure There were no materially significant Related Party Transactions, pecuniary transactions or relationships between the Company and its Directors or the Management and their subsidiary companies or relatives, among others, during 2017-18 that may have a potential conflict with the interests of the Company at large. All details relating to financial and commercial transactions where the Directors may have a pecuniary interest are provided to the Board and the interested Directors neither participate in the discussion nor vote on such matters. The Company complied with the statutory provisions, rules and regulations relating to the capital markets during the last 3 years and the Stock Exchanges or the Securities and Exchange Board of India or any statutory authority did not impose any penalties or strictures on the Company for the said period.