6 06. Risk management The Company has identified risks and has initiated a mitigation plan for the same. 07. Internal financial controls The Management assessed the effectiveness of the internal financial controls over financial reporting as of March 31, 2020 and the Board believes that the controls are adequate. 08. Fixed deposits During 2019-20, the Company did not accept any fixed deposits. 09. Loans, guarantees, investments and security Particulars of loans, guarantees, investments and security provided are given at page number 53. 10. Subsidiary, associate and joint venture company The Company does not have any subsidiary, associate or joint venture company. 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 60. 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 10. 13. Extract of the Annual Return This is given at page number 12. 14. Auditors Deloitte Haskins & Sells LLP, Chartered Accountants were appointed as the Statutory Auditors of the Company at the 14th Annual General Meeting (AGM) held on August 03, 2018 until the conclusion of the 19th AGM. The relevant Notes forming 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. 15. 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: 15.1 The applicable accounting standards were followed along with proper explanations relating to material 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 Company at the end of the financial year and of the profit and loss of the Company for that period. 15.3 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. 15.4 The attached annual accounts for the year ended March 31, 2020 were prepared on a going concern basis. 15.5 Adequate internal financial controls to be followed by the Company were laid down and same 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 AccordingtoArticle88of theArticlesofAssociation of the Company, Dr Wolfgang Schumann retires by rotation and being eligible offers himself for reappointment at the forthcoming Annual General Meeting scheduled on August 07, 2020.
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