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, 2023, and the Board believes that the controls are adequate. 08. Fixed deposits During 2022-23, the Company did not accept any fixed deposit. 09. Loans, guarantees, investments and security Particulars of loans, guarantees, investments and security provided are given on page number 55. 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 the ordinary course of business and on an arm’s length basis. Details of such transactions are given on page number 64. No transactions that required disclosure in Form AOC-2 were entered into by the Company. 12. Corporate social responsibility The composi t ion of the Corporate Social Responsibility (CSR) Committee, the CSR Policy and the CSR Report are given on page number 10. 13. Annual return Annual return for 2022-23 is avai lable on the website of the Company at www.racl . co.in/investors/stakeholders-information/annualgeneral-meetings/ 14. Auditors DeloitteHaskins&Sells LLP, CharteredAccountants (DHS) were reappointed as the Statutory Auditors of the Company at the 18th Annual General Meeting (AGM) held on August 19, 2022, until the conclusion of the 23rd AGM. The Auditors’ Report for the financial year ended March 31, 2023, 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 for the annual accounts for the financial year endedMarch 31, 2023, the applicable accounting standards have been followed and there are no material departures. 15.2. The accounting pol icies were selected and appl ied consistent ly 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, 2023, were prepared on a going concern basis. 15.5. Adequate internal financial controls to be followed by the Company were laid down and the 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.
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