PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

17 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS LISTING: The Company’s securities are listed with BSE Limited and National Stock Exchange of India Limited. The Company has paid the listing fees for F.Y. 2021-22 on the Paid-up equity share capital. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES: All related party transactions that were entered into during FY 2020-21 were on arm’s length basis, in the ordinary course of business and were in compliance with the applicable provisions of the Act and the SEBI Listing Regulations. There were no material significant related party transactions entered into by the Company with Promoters, Directors, KMPs or other designated persons which may have a potential conflict with the interest of the Company at large. The policy on Related Party Transactions as approved by the Board is uploaded on the Company’s website at http://www.privi.com/investor-relations/corporate-governance/company-policies. INTERNAL CONTROL AND ITS ADEQUACY: Adequate internal control systems commensurate with the nature of the Company’s business, size and complexity of its operations are in place and have been operating effectively. The Directors have laid down policies and procedures which are adopted by the company for ensuring the orderly and efficient conduct of its business, including adherence to Company‘s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information; Apart from this your Company has also engaged a full-fledged professional Internal Audit firm to test and check the Internal Controls of all systems and suggest corrective and remedial measures. The Statutory Auditors have also issued a report on review of Internal Financial Controls (ICFR) and have expressed that the Internal Controls over Financial Reporting are adequate and operating effectively. GOVERNANCE AND COMPLIANCE: The Secretarial and Legal functions of the Company ensure maintenance of good governance at all levels. They assist the Company by being compliant in all areas including legislative expertise, corporate structuring, regulatory changes and governance. The Compliances across various locations are monitored through a Legal Risk Management System. RISK MANAGEMENT POLICY: The Company has put in place the Risk Management Plan as detailed in the Risk Management Policy adopted by the Company. The Risk Management Policy is uploaded on the Company’s website at http://www.privi.com/Downloads/ Policies-PSCL/PSCL-Risk-Mgmt-Policy.pdf REPORTING OF FRAUD: During the year, the statutory auditors, Cost Auditors and Secretarial Auditors have not reported any instances of frauds committed in the Company by its officers and employees under Section 143(12) of the Act details of which needs to be mentioned in this Report. CORPORATE SOCIAL RESPONSIBILITY: The Corporate Social Responsibility Committee has formulated and recommended to the Board a Corporate Social Responsibility Policy which has been approved by the Board. The other details of the CSR activities as required under Section 135 of the Act are given in the CSR Report as Annexure to this Report. STATUTORY AUDITORS AND THEIR REPORT: The auditors M/s. BSR & Co. LLP, Chartered Accountants were appointed as Statutory Auditors at the 35 th Annual General Meeting (AGM) held on November 02, 2020 for a term of five years, from the conclusion of 35 th AGM till the conclusion of 40 th AGM to be held in the year 2024-25. They have furnished a declaration confirming their independence as well as their arm’s length relationship with the Company and that they have not taken up any prohibited non-audit assignments for the Company. The Board has duly reviewed the Statutory Auditor’s Report for the Financial Year ended on March 31, 2021 and the observations and comments, appearing in the report are self-explanatory and do not call for any further explanation / clarification by the Board in their Report as provided under Section 134 of the Act.