Amal Ltd 2017-18

Amal Ltd | Annual Report 2017-2018 responsibilities and milestones. v) Risk reporting and monitoring - Focused on providing to the Boardand theAudit Committee periodic information on risk profile evolution and mitigation plans. Roles and responsibilities Governance The Board has approved the Risk Management Policy of the Company. The Company has laid down procedures to inform the Board on i) to iv) above. The Audit Committee periodically reviews the Risk Management System and gives its recommendations, if any, to the Board. The Board reviews and guides the Risk Policy. Implementation Implementation of the Risk Management Policy is the responsibility of the Management. It ensures functioning of the Risk Management System as per the guidance of the Audit Committee. The Company has RiskManagement Oversight Structure in which each Sub-segment has a Chief Risk and Compliance Officer. The Management at various levels takes accountabilityforriskidentification,appropriateness of risk analysis, and timeliness as well as adequacy of risk mitigation decisions at both individual and aggregate levels. It is also responsible for the implementation, tracking and reporting of defined mitigation plans, including periodic reporting to the Audit Committee and the Board. 07. Internal Financial Controls The Internal Financial Controlsover 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 being made only in accordance with authorisations of the Management and theDirectors of the Company, 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. A reputed international consultancy firmhas reviewed the adequacy of the Internal Financial Controls with respect to the Financial Statements. The Management assessed the effectiveness of the Internal Financial Controls over financial reporting as of March 31, 2018, and the Board believes that the controls are adequate. 08. Fixed deposits During 2017-18, the Company did not accept any fixed deposits. 09. 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 82. No transactions were entered into by the Company which required disclosure in Form AOC-2. 10. Corporate Social Responsibility Composition of the Corporate Social Responsibility (CSR) Committee, the CSR Policy and the CSR Report are given at page number 9. 11. Extract of the Annual Return This is given at page number 10. 12. Auditors Statutory Auditors Deloitte Haskins & Sells LLP, Chartered Accountants were appointed as the Statutory Auditors of the Company at the 43 rd Annual General Meeting (AGM) held on June 30, 2017 until the conclusion of the 48 th AGM subject to ratification by the Members at every AGM. The recent amendments in law have dispensed with the requirement of ratification of the Statutory Auditors in AGM subsequent to their appointment. Considering the change in law, it is proposed to ratify the appointment of Deloitte Haskins & Sells LLP for the year ending on March 31, 2019 and pass appropriate resolution in the ensuing AGM for dispensing with the requirement for such ratification from the next year onwards.