906Annual Report 2008-09.pdf - Hindusthan National Glass ...

Review
There was a revenue growth of 25% during the financial year
2008-09 as against 21% in the last year. PBIT recorded a growth
of 11.51% despite of there being global economic meltdown
and general recession. This is attributable to efficient cost
management and prudent operating practices.
Dividend
In view of your Company’s satisfactory performance, the
Directors recommend a dividend of 50% i.e. Rs. 5 per equity
share for the financial year ended March 31, 2009.
Outlook
India continues to be one of the fastest growing economies of
the world. A number of factors like growing disposable income
coupled with change in the demographic pattern of the
population will help in generating more demand for packaged
goods, hence creating better opportunities for the Company.
Further, the growth in beer, pharma, food, liquor and other
high-end sectors will drive revenue growth and translate into
profitability. Your Company is well-equipped to grow and
prosper with the opportunities associated with expanding
markets. However, your Company faces substitution threats
from PET bottles and other such alternatives.
Directors
The Board wishes to place on record its sincere appreciation and
gratitude for the unstinted support and guidance received from
Supriya Gupta who has left for his heavenly abode.
During the year under review, the Board appointed Shri. R. R.
Soni as Executive Director w.e.f. October 27, 2008.
Shri. Kishore Bhimani, Shri. Sujit Bhattacharya and Shri. S. K.
Bangur, retire by rotation and being eligible, offer themselves
for re-appointment.
Trust Shares
Pursuant to amalgamation of Ace Glass Containers Limited
with the Company, 2141448 shares and 1368872 shares were
issued to HNG Trust and Ace Trust respectively. In terms of
an undertaking given to the Bombay Stock Exchange, the
Company is required to make disclosures pertaining to utilisation
of proceeds of shares allotted to the said Trusts until they are
extinguished. During the financial year ended on March 31,
2009, no shares lying in the account of the Trusts were
disposed off.
Fixed Deposits
The Company did not accept any deposits from the public during
the financial year 2008-09.
Consolidated Financial Statements
Consolidated Financial Statements are prepared in accordance
with Accounting Standard 21 read with Accounting Standard
23, issued by the ICAI and forms part of this Annual Report.
Auditors’ Report
The Auditors’ Report read with notes to accounts is selfexplanatory.
Regarding Auditor’s observation at Point No. 2 of
their report that no approval from the Central Government was
obtained for carrying out transactions with M/s Mould
Equipment, a firm in which the Directors of the Company are
indirectly interested, it is clarified that the Company is already in
process of obtaining the approval of the Central Government.
Listing on the Stock Exchanges
During the year, the Company’s shares were listed at the
National Stock Exchange (NSE). Besides, the Company’s shares
continue to be listed at the Bombay and Calcutta stock
exchanges respectively.
The annual listing fees for the financial year 2009-10 have been
paid to all these exchanges.
Auditors
M/s Lodha & Company, Chartered Accountants, retire at the
conclusion of the ensuing Annual General Meeting and have
confirmed their eligibility and willingness to accept the office of
the Statutory Auditors for the financial year 2009-10, if reappointed.
M/s Singhi & Co., Chartered Accountants, retire at the
conclusion of the ensuing Annual General Meeting and have
confirmed their eligibility and willingness to accept the office of
the Branch Auditors for the financial year 2009-10, if reappointed.
Directors’ Responsibility Statement pursuant to
Section 217(2AA) of the Companies Act, 1956
The Directors hereby confirm that:
i) in the preparation of the Annual Accounts for the financial
year 2008-09, the applicable Accounting Standards have been
followed and that there are no material departures;
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