Amal Ltd 2015-16

3 08. Internal Financial Controls The Internal Financial Controls over financial reporting are designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Financial Statements. These include those policies and procedures that i) pertain to the maintenance of records which in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company, ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the Financial Statements in accordance with Generally Accepted Accounting Principles and that receipts and expenditures are beingmade only in accordancewith authorisations of the Management and the Directors of the Company and iii) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the assets that can have a material effect on the Financial Statements. The Management assessed the effectiveness of the Internal Financial Controls over financial reporting as of March 31, 2016, and the Board believes that the controls are adequate. 09. Fixed deposits During 2015-16 the Company did not accept any fixed deposits. 10. Related Party Transactions Particulars of contracts or arrangements with related parties are given in the Notes to Accounts at page number 71. 11. Extract of Annual Return This is given on page number 07. 12. Auditors Haribhakti & Co LLP, the Statutory Auditors (the Auditors) of the Company, will retire at the conclusion of the ensuing Annual General Meeting (AGM). They have given their consent to continue to act as the Auditors for 2016-17, if reappointed. The relevant notes forming a part of the accounts are self explanatory and give full information and explanation in respect of the observations made by the Auditors in their report. The Board appointed Nilesh A Pradhan & Co, Practising Company Secretary as the Secretarial Auditor for 2015-16 on April 24, 2015 and his report is given at page number 15. 13. Directors’ responsibility statement Pursuant to Section 134 (5) of the Companies Act, 2013, the Directors confirm that to the best of their knowledge and belief: 13.1 The applicable Accounting Standards were followed along with proper explanations relating to material departures in the preparation of the annual accounts. 13.2 The Accounting Policies were selected and applied consistently and judgments 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 Company at the end of the financial year and of the profit and loss of the Company for that period. 13.3 Proper and sufficient care was taken for the 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. 13.4 The attached annual accounts for the year ended March 31, 2016 were prepared on a going concern basis as the Company has restarted its manufacturing operations at Ankleshwar and intends to expand and diversify its operations as per the proposal submitted to the BIFR. The Company has submitted the MDRS to BIFR on covering the proposed merger with Atul Ltd. 13.5 Adequate Internal Financial Controls to be followed by the Company were laid down and the same were adequate and operating effectively. 13.6 Proper systems were devised to ensure compliance with the provisions of all applicable laws and the same were adequate and operating effectively. 14. Directors 14.1 Appointments | Reappointments | Cessations 14.1.1 Mr P N Ogale was appointed as the Managing Director effective July 12, 2015.