Internal Control Systems

The Company has a well established framework of internal controls in all areas of its operations, including suitable monitoring procedures and competent and qualified personnel. In addition to statutory audit, the financial and operating controls of the Company at various locations are reviewed by the Internal Auditors, who report their findings to the Audit Committee of the Board. Every unit is subject to internal audit as per the audit plan approved by the Audit Committee of the Board.

The Audit Committee of the Board is headed by a Non-executive Independent Director and ensures independence of the function and transparency of the process. The Committee meets to review the progress of the internal audit initiatives, significant audit observations and the action plans. The Company conducts its business with integrity and high standards of ethical behaviour and in compliance with the laws and regulations that govern its business.