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

ii) they have selected such accounting policies and applied them
consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the
state of affairs of the Company and of the profit of the Company
for the financial year ended on March 31, 2009;
iii) they have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance
with the provisions of the Companies Act, 1956 for safeguarding
the assets of the Company and for preventing and detecting
fraud and other irregularities;
iv) they have prepared the Annual Accounts on a ‘going concern’
basis.
Corporate Governance
The report on Corporate Governance along with the Certificate
of the Statutory Auditors, M/s. Lodha & Co., confirming the
compliance of conditions of Corporate Governance as stipulated
under Clause 49 of the Listing Agreement forms part of this
Annual Report.
Subsidiary companies
Particulars relating to subsidiary companies as required under
Section 212 of the Companies Act, 1956 are annexed hereto
and forms part of this Annual Report. The Consolidated Financial
Statements include the financial information of its subsidiaries.
Exports
During the year, direct export turnover of the Company was
Rs. 5,773 lacs, compared to Rs. 4,032 lacs achieved during the
preceding financial year. Continuous efforts are ongoing to tap
the export market for which there exists great potential.
Personnel and Industrial relations
Your Company is strengthening and developing human
resources and systems to improve overall efficiency and
motivation. The principal initiatives undertaken by the Company
comprised skill development and acquisition programmes and
yoga classes, to name a few. Industrial relations continued to
remain cordial during the year.
217(2A) of the Companies Act, 1956 and rules framed
thereunder, forms part of this Annual Report.
Conservation of energy, technology absorption
and foreign exchange earning and outgo
The statement containing the required particulars under Section
217(1) (e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of Board of Directors)
Rules, 1988 are annexed hereto and forms part of this report.
Corporate Social Responsibility
Your Company endeavours blending optimally its business
senses with corporate care and instill an utmost commitment to
social responsibilities either directly or through its affiliates.
Your Company has established at Bahadurgarh, the Bal Bharti
School where not only the children of the Company’s employees
are benefited but also those residing in peripheral areas of the
Bahadurgarh Plant. It has also promoted healthcare benefits by
contributing to corpus funds of hospitals and setting up special
programs viz. eye testing campaigns, heart treatment for
children etc. Parks and gardens such as the McPherson Square,
now called Maharana Pratap Udyan in South Kolkata are
continuing to be maintained by the Company to provide an
environment where citizens can relax and take in fresh air amidst
the city’s chaos.
Social responsibility and social accounting remain at the core of
your Company’s business model.
Acknowledgments
The Directors wish to express their sincere appreciation for the
continued support and co-operation received from the financial
institutions, banks, government authorities, customers,
shareholders and stakeholders. The Directors also place on
record their deep appreciation for the valuable contribution of
its employees at all levels and look forward to their continued cooperation
in realisation of the corporate goals in the years
ahead.
For and on behalf of the Board
Statement of employees
Statement of particulars of employees as required under Section
Kolkata
June 20, 2009
C. K. Somany
Chairman
26 | Hindusthan National Glass & Industries Limited