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Internal Control Systems
Internal Control Systems of the Company are commensurate with
the nature of its business and size and complexity of its operations.
These are routinely tested, certified and upgraded whenever required
by the Statutory as well as the Internal Auditors covering all key areas
of business. Significant audit observations and follow up actions and
recommendations thereon are reported to the higher Management
and Audit Committee for their review.
The Company has an in-house Internal Audit Department (which
became ISO 9001:2008 certified in 2014) consisting of professionally
qualified Managers. It is also working with reputed firms specialising in
Internal Audit function. The combined efforts are helping to introduce
best practices required to manage its growing business that now comprises, amongst others, subsidiary, joint venture and
associate companies in India and abroad. Internal Audit is also carried out for Atul Foundation and entities overseen by it.
During 2014-15, the Company further strengthened the systems of Internal Audit and risk assessment and mitigation and took
several Key Initiatives. In specific, it i) conducted143process reviews, ii) introducednew Internal Audit practices (whichwon2015 IIA
ExcellenceAward in the category InnovationAward), iii) developed | implemented6newStandardOperating Procedures (SOPs) and
iv) completed 425 SOPs under SOP standardisation project for all functions.
The Company also engaged one of the big Internal Audit firms to evaluate if the internal financial controls and systems are
adequately structured to address the normal business operations of the Company.
Human Resources
The Company continued with its drive to institutionalise and upgrade
its HR processes, to help build a more robust workforce capable of
managing dynamic and growing business needs.
The process of identification and review of Key Initiatives has become
stronger and is continuously upgraded. On an average 6 man days of
training was imparted during 2014-15. The training need is identified
based on self-assessment, L+1 assessment; 360 degree feedback and
Individual Development Plan; in addition, there are certain standard
courses which everyone is expected to go through, depending upon
his (her) grade.
The number of employees (as on March 31, 2015) decreased by
11 from 2,761 to 2,750. The increase in numbers in Marketing and
Research and Development has been more than offset by the reduction in numbers in Manufacturing. The number of employees
comprises those working in the Company and also in its non-manufacturing subsidiary and associate companies, but not those
working in manufacturing subsidiary, jont venture or associate companies.
Employee Relations at all locations remain cordial and the endeavour is to completely eliminate the divide that sometimes
separates the managers and the workmen and use the strengths of everyone to boost the performance of the Company.