UBHL annual report - United Spirits Limited

Report of the Directors (Contd.)EMPLOYEE STOCK OPTION SCHEMEThe Company has not offered any stock option to theEmployees during the year 2011-12.CONSERVATION OF ENERGY & TECHNOLOGYABSORPTION, ETC.In accordance with the provisions of Section 217(1)(e) of theCompanies Act, 1956, read with Companies (Disclosure ofParticulars in the Report of the Board of Directors) Rules,1988, the required information relating to Conservationof Energy, Technology Absorption and Foreign Exchangeearnings and outgo is annexed.DIRECTORS’ RESPONSIBILITY STATEMENTPursuant to Section 217 (2AA) of the Companies Act, 1956,in relation to financial statements for the year 2011-12, theBoard of Directors reports that:• in the preparation of the annual accounts, theapplicable accounting standards have been followedalong with proper explanation relating to materialdepartures;• accounting policies have been selected and appliedconsistently and that the judgements and estimatesmade are reasonable and prudent so as to give a trueand fair view of the state of affairs of the Company asat the end of the financial year and of the profit of theCompany for the year ended March 31, 2012;• proper and sufficient care have been taken for themaintenance of adequate accounting records inaccordance with the provisions of the Companies Act,1956, for safeguarding the assets of the Company and forpreventing and detecting fraud and other irregularities;• The annual accounts have been prepared on a goingconcern basis.THANK YOUYour Directors place on record their sincere appreciationfor the continued support from shareholders, customers,suppliers, banks and financial institutions and otherbusiness associates. A particular note of thanks to allemployees of your Company, without whose contribution,your Company could not have achieved the year’sperformance.By Authority of the BoardMumbaiMay 29, 2012Dr. VIJAY MALLYAChairman4