06 05. Insurance The Company has taken adequate insurance to cover the risks to its employees, property (land and building), plant, equipment, other assets and third parties. 06. Risk management The Company has identified risks and has initiated a mitigation plan for the same. 07. Internal financial controls TheManagement assessed the effectiveness of the internal financial controls over financial reporting as of March 31, 2022, and the Board believes that the controls are adequate. 08. Fixed deposits During 2021-22, the Company did not accept any fixed deposit. 09. Loans, guarantees, investments and security Particulars of loans, guarantees, investments and security provided are given at page number 53. 10. Subsidiary, joint venture and associate company The Company does not have any subsidiary, joint venture and associate 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 61. No transactions that required disclosure in Form AOC-2 were entered into by the Company. 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. Annual return Annual return for 2021-22 is available on the website of the Company at www.racl.net.in/investors.html 14. Auditors Deloitte Haskins & Sells LLP (DHS), Chartered Accountants were appointed as the Statutory Auditors of the Company at the 13th Annual General Meeting (AGM) held on August 11, 2017, until the conclusion of the 18th AGM. The first term of five years of DHS will expire at the upcoming AGM. Pursuant to Section 139 of the Companies Act, 2013 and rules made thereunder, the Company can reappoint DHS for a second term of five years. Accordingly, based on the recommendation of the Audit Committee, the Board at itsmeeting held on April 22, 2022, recommended the reappointment of DHS, as the Statutory Auditors of the Company for a second term of five years. DHS will hold the office for a period of five consecutive years from the conclusion of the 18th AGM of the Company till the conclusion of the 23rd AGM to be held in the year 2027, subject to the approval of the shareholder(s) of the Company at the upcoming AGM. DHS have given their consent to act as the Auditors and confirmed their eligibility for appointment. The Auditors’ Report for the financial year ended March 31, 2022, does not contain any qualification, reservation or adverse remark. The report is enclosed with the financial statements in this annual 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. In preparation of the annual accounts for the financial year endedMarch 31, 2022, the applicable accounting standards have been followed and there are no material departures. 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.
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