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08.
Fixed deposits
During 2018-19, the Company did not accept any
ǛNJĚē ēĚƎūƙĿƥƙȦ
09.
Loans, guarantees, investments and security
Particulars of loans, guarantees, investments and
security provided are given at page numbers 135
and 137.
10.
Subsidiary, associate and joint venture companies
During April 2019, Atul Ireland Ltd was incorporated
as a wholly-owned subsidiary company in Ireland.
There were no other changes in the subsidiary,
associate and joint venture companies which were
reported earlier.
11.
Related party transactions
All the transactions entered into with the related
parties were in ordinary course of business and
on arm’s length basis. Details of such transactions
are given at page number 148. No transactions
were entered into by the Company which required
disclosure in Form AOC-2.
12.
Corporate Social Responsibility
Composition of the Corporate Social Responsibility
(CSR) Committee, the CSR Policy and the CSR
Report are given at page number 33.
13.
Extract of the Annual Return
This is given at page number 39.
14.
Auditors
Statutory Auditors
Deloitte Haskins & Sells LLP, Chartered Accountants
were appointed as the Statutory Auditors of the
Company at the 40
th
Annual General Meeting (AGM)
held on July 28, 2017 until the conclusion of the 45
th
AGM.
The relevant Notes forming part of the accounts
îƑĚ ƙĚŕljȹĚNJƎŕîŠîƥūƑNj îŠē ijĿDŽĚ ljƭŕŕ ĿŠljūƑŞîƥĿūŠ îŠē
ĚNJƎŕîŠîƥĿūŠ ĿŠ ƑĚƙƎĚČƥ ūlj ƥĺĚ ūċƙĚƑDŽîƥĿūŠƙ ŞîēĚ ċNj
the Auditors in their report.
Cost Auditors
The Company has maintained cost records as
ƑĚƐƭĿƑĚē ƭŠēĚƑ ƥĺĚ ČƥȦ ¹ĺĚ ƙĺîƑĚĺūŕēĚƑƙ ƑîƥĿǛĚē
the appointment of R Nanabhoy & Co as the Cost
Auditors for 2018-19 on July 27, 2018.
Secretarial Auditors
The Board appointed SPANJ &Associates, Company
Secretaries, as the Secretarial Auditors for 2018-19
on March 23, 2018, and their report is given at page
number 52.
15.
Directors’ responsibility statement
Pursuant to Section 134(5) of the Companies Act,
ǨǦǧǩȡ ƥĺĚ 'ĿƑĚČƥūƑƙ ČūŠǛƑŞ ƥĺîƥȡ ƥū ƥĺĚ ċĚƙƥ ūlj ƥĺĚĿƑ
knowledge and belief:
15.1 The applicable accounting standards were followed
îŕūŠij DžĿƥĺ ƎƑūƎĚƑ ĚNJƎŕîŠîƥĿūŠƙ ƑĚŕîƥĿŠij ƥū ŞîƥĚƑĿîŕ
departures in the preparation of the annual
accounts.
15.2 The accounting policies were selected and applied
consistently and judgements and estimates were
made that were reasonable and prudent so as to
give a true and fair view of the state of affairs of the
ūŞƎîŠNj îƥ ƥĺĚ ĚŠē ūlj ƥĺĚ ǛŠîŠČĿîŕ NjĚîƑ îŠē ūlj ƥĺĚ
ƎƑūǛƥ îŠē ŕūƙƙ ūlj ƥĺĚ ūŞƎîŠNj ljūƑ ƥĺîƥ ƎĚƑĿūēȦ
ǧǫȦǩ ¡ƑūƎĚƑ îŠē ƙƭljǛČĿĚŠƥ ČîƑĚ Džîƙ ƥîŒĚŠ ljūƑ ƥĺĚ
maintenance of adequate accounting records
in accordance with the provisions of the Act for
safeguarding the assets of the Company and
for preventing and detecting fraud and other
irregularities.
15.4 The attached annual accounts for the year ended
March 31, 2019 were prepared on a going concern
basis.
ǧǫȦǫ ēĚƐƭîƥĚ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ƥū ċĚ ljūŕŕūDžĚē
by the Company were laid down and they were
adequate and operating effectively.
15.6 Proper systems were devised to ensure compliance
with the provisions of all applicable laws and the
same were adequate and operating effectively.
16.
Directors
16.1 Appointments | Reappointments | Cessations
16.1.1 According to Article 86 of the Articles of Association
of the Company, Mr T R Gopi Kannan retires
by rotation and being eligible, offers himself for
reappointment at the forthcoming AGM scheduled
on July 31, 2019.
16.1.2 Subject to the approval of the Members in the AGM:
i)
Mr T R Gopi Kannan was reappointed as a
Whole-time Director effective October 17,
2019 for a period of 5 years.
25
Directors’ Report