Honeywell Electrical Devices and Systems India Unlisted Shares Annual Reports

Honeywell Electrical Devices and Systems India Unlisted Shares

Honeywell Electrical Devices and Systems India Limited Annual Report 2023-2024. **Notice and AGM Information:** The 39th Annual General Meeting (AGM) of Honeywell Electrical Devices and Systems India Limited will be held on Monday, September 30, 2024, at 12:00 PM (IST) at the company's registered office in Chennai. The meeting will address ordinary business, including the adoption of audited financial statements for the year ended March 31, 2024, and the reappointment of Mr. Nagendranath Shankarappa, who is retiring by rotation. A special business item includes the ratification of remuneration for M/s. C. S. Adawadkar & Co, Cost Accountants, as Cost Auditors for the financial year 2024-25, amounting to Rs. 1,75,000 plus GST and reimbursement of expenses. Members can attend physically or via Video Conferencing/Other Audio-Visual Means (VC/OAVM). The company has initiated the dematerialization of shares. Mr. Nagendranath Shankarappa, proposed for reappointment, is a Director with DIN 10186938. He is 55 years old, holds a Bachelor of Engineering degree, and has over 31 years of experience. He is a member of the Audit Committee and Corporate Social Responsibility Committee. **Director's Report:** The Directors present their report along with the balance sheet and profit & loss account for the year ended March 31, 2024. The company achieved a turnover of Rs. 15,970 Lakhs and a profit after tax of Rs. 1,144 Lakhs. The report includes a table comparing the financial results for the years ended March 31, 2024, and March 31, 2023. The company does not recommend any dividend on equity share capital. The company plans to launch a new product range, Horizon 2.0 & Harmonize, to improve NPI vitality and provide a digital solution for distributors and channel partners. The Hopetown facility is re-certified with ISO 9001, 45001 & 50001-2018 certification. The site is committed to going zero carbon neutral by 2035. Total energy saving against the previous year is 8.34%. The authorized share capital is Rs. 2,00,00,000 divided into 20,00,000 Equity Shares of Rs. 10 each. The paid-up share capital is Rs. 95,16,400. Mr. Nagendranath Shankarappa retires by rotation and is eligible for reappointment. Mr. Vimal Chawla resigned effective June 20, 2023. The company has Audit, Nomination and Remuneration, and Corporate Social Responsibility Committees. The report details the composition and attendance of the Board and its Committees. The company has a Vigil Mechanism/Whistle Blower Policy aligned with the Honeywell Group framework. The company has a policy for determining qualification, positive attributes, and independence of a Director and a remuneration policy. The company has a risk management policy to identify, assess, monitor, and mitigate business risks. The company has a proper and adequate system of internal controls. There was a separate meeting of the Independent Directors. The company has no subsidiary company as of March 31, 2024. The company has no materially significant related party transactions except those disclosed in the financial statements in Form AOC-2. The Directors confirm that applicable accounting standards have been followed, proper care was taken for adequate accounting records, and the annual accounts were prepared on a going concern basis. The particulars regarding conservation of energy, technology absorption, and foreign exchange earnings and outgo are in Annexure 2. The total foreign exchange used was Rs. 769.06 Lakhs and total foreign exchange earned was Rs. 49.87 Lakhs. The report includes an annual report on CSR activities in Annexure III. The average net profit was INR 60,545,537, and the amount spent on CSR projects was INR 12,10,911. The company has zero tolerance for sexual harassment at the workplace and has adopted a policy. No complaints were received during the year. No application or proceeding has been filed against the Company under the Insolvency and Bankruptcy Code, 2016. **Auditors' Report:** Deloitte Haskins & Sells LLP issued an unmodified opinion on the financial statements. They conducted the audit in accordance with Standards on Auditing (SAs) and are independent of the company. The report mentions certain matters required by Section 143(3) of the Act, including maintenance of proper books of account (with some exceptions related to electronic backups and audit trails), agreement of the financial statements with the books of account, and compliance with IndAS. The report includes an "Annexure A" on internal financial controls, expressing an unmodified opinion on their adequacy and operating effectiveness. The report also includes an "Annexure B," a statement on matters specified in paragraphs 3 and 4 of the Companies (Auditor's Report) Order, 2020. **Financial Statements:** The balance sheet, profit and loss statement, cash flow statement, and statement of changes in equity are provided. Notes to the financial statements include details on share capital, reserves and surplus, provisions, related party disclosures, segment information, and financial instruments. The equity share capital is Rs. 95 lakhs. The net profit after tax is Rs. 1,144 lakhs. There is an annual report on CSR Activities. A route map to the AGM venue is included.

Honeywell Electrical Devices and Systems India Unlisted Shares

Honeywell Electrical Devices and Systems India Limited Annual Report 2022-2023 The 38th Annual General Meeting (AGM) will be held on Wednesday, November 22, 2023, at the registered office in Chennai. Ordinary business to be transacted includes adopting the audited financial statements for the year ended March 31, 2023, and appointing a director in place of Mr. Satish Kumar Agarwal, who is retiring and eligible for re-appointment. Special business includes ratifying the remuneration of Cost Auditors, M/s. C. S. Adawadkar & Co., for the financial year 2023-24, amounting to Rs. 1,75,000 plus GST, and appointing Mr. Nagendranath Shankarappa as a Director. Mr. Nagendranath Shankarappa was co-opted as an Additional Director on June 20, 2023. Mr. Satish Kumar Agarwal, born on October 04, 1976, has more than 25 years of experience working with Fortune 500 companies including Honeywell, PepsiCo, and Tata Steel. Mr. Nagendranath Shankarappa, born on March 10, 1969, has more than 31 years of experience, including with Schneider Electric, General Motors, Toyota, and Whirlpool. Members can attend the AGM physically or through Video Conferencing/ Other Audio-Visual Means (VC/OAVM) via a provided link. The company has initiated the process for dematerialisation of shares. **Director's Report:** The company achieved a turnover of Rs. 15,294 Lakhs and a profit after tax of Rs. 1,596 Lakhs for the year ended March 31, 2023. The directors do not recommend any dividend. Market conditions for the construction industry improved in 2022-23. The company launched Impact WD & Impact CP DB in 2022 and Blenze Pro in Q1'23. The NPI vitality is at 51%. The company has started exporting products from Hopetown, dispatching the first consignment of Dimmer to the United Kingdom in 2023. In the coming year, the company aims to provide a digital solution for distributors and channel partners. The Hopetown facility received the north region Quality Circle Regional Award organized by CII of India in September 2022. The site received ISO 50001-2018 certification in November 2022. The site was awarded with Accelerator World Class Certification in September 2023 and Awarded with the HBT site of the Quarter in Q1,2023. The Authorized Share Capital of the Company is Rs. 2,00,00,000, divided into 20,00,000 Equity Shares of Rs. 10 each. The paid-up Share Capital is Rs. 95,16,400, consisting of 9,51,640 Equity Shares of Rs. 10 each. Mr. Satish Kumar Agarwal retires by rotation at the AGM and offers himself for re-appointment. Mr. Vimal Chawla resigned from the board, effective June 20, 2023. Mr. Nagendranath Shankarappa was appointed as an Additional Director effective June 20, 2023. The company has the following committees: Audit Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee. The Board met four times during the year. The Audit Committee also met four times, while the Nomination and Remuneration Committee met once. The CSR Committee met twice. The company has a Vigil Mechanism/Whistle Blower Policy. The Company has a policy on directors' appointment and remuneration. The company has a risk management policy and adequate internal financial controls. There was a separate meeting of Independent Directors. The Company has no subsidiary company. The company is not required to upload its Annual Return on the website. There have been no materially significant related party transactions except for those disclosed in the financial statements. The directors state that the accounting standards have been followed, accounting policies were applied consistently, and proper care was taken for maintaining adequate accounting records. The company did not make any loans or investments and did not give any guarantees. Details regarding conservation of energy, technology absorption, and foreign exchange earnings and outgo are in Annexure 2. There are no significant or material orders passed by regulators or courts that would impact the company's going concern status. The company has maintained all the required cost records. M/s Deloitte Haskins & Sells LLP are the statutory auditors. Cost Audit is applicable to the company for the financial year 2022-23. The company submitted its Cost Audit Report for FY 2021-22, audited by M/s Chandrashekar S Adawadkar. There was no complaint received from any employee regarding sexual harassment. No application or proceeding has been filed against the Company under the Insolvency and Bankruptcy Code, 2016. Nagendranath Shankarappa (Director) and Satish Kumar Agarwal (Director) signed the Director's Report on September 8, 2023. **Independent Auditor's Report:** Deloitte Haskins & Sells LLP issued an unmodified opinion on the financial statements of Honeywell Electrical Devices and Systems India Limited as of March 31, 2023. They have also issued an unmodified opinion on the company's internal financial controls with reference to the financial statements. The auditor stated that the company maintained proper records for its property, plant and equipment. The company has a program of verification of Property, Plant and Equipment to cover all the items in a phased manner over a period of three years. The company has been generally regular in depositing undisputed statutory dues. The company has not taken any loans or borrowings from any lender.

Honeywell Electrical Devices and Systems India Unlisted Shares

Honeywell Electrical Devices and Systems India Limited Annual Report 2021-2022 Notice is hereby given that the 37th Annual General Meeting (AGM) of the Members of Honeywell Electrical Devices and Systems India Limited will be held on Wednesday, September 28, 2022 at the registered office of the Company situated at 5th, 6th & 7th Floors, North Tower, KRM Plaza, No. 2, Harrington Road, Chetpet, Chennai, Tamil Nadu - 600031 at 12:00 PM (IST) to transact the following business: Ordinary Business: To consider and adopt the Audited Financial Statements of the Company for the financial year ended March 31, 2022, along with the Reports of the Directors and Auditors thereon. To appoint a director in place of Mr. Satish Kumar Agarwal, (DIN: 06927467) who retires by rotation and being eligible, has offered himself for re-appointment. Special Business: Ratification of remuneration of Cost Auditors: The Board of Directors of the Company has approved the appointment and remuneration of M/s. C. S. Adawadkar & Co, Cost Accountants to conduct the audit of the cost records of the Company for the financial year 2022-23. In terms of the provisions of Section 148(3) of the Companies Act, 2013 read with Rule 14(a)(ii) of the Companies (Audit and Auditors) Rules, 2014, the remuneration payable to the Cost Auditor is required to be ratified by the members of the Company. Accordingly, the members are requested to ratify the remuneration payable to the Cost Auditors for audit of cost records of the Company for the financial year 2022-23 as set out in the resolution for the aforesaid services to be renderedby them. The Company's financial results for the year show a turnover of Rs. 14,337 lakhs and a profit after tax of Rs. 1,544 lakhs. Sales and other income were Rs. 14,337 lakhs in 2021-22 compared to Rs. 8,886 lakhs in 2020-21. The company did not transfer any amount to reserves during the year, carrying the profit of Rs. 1,544 lakhs to the surplus account. The directors did not declare any dividend in the current year. The financial year 2021-22 was a recovery year post COVID-19, with strong recovery in top and bottom lines. The company focused on growth through strategic actions including consolidating market share and growing in verticals like healthcare and pharma. The company aims to provide a digital solution for its distributors and channel partners in the upcoming year. The Hopetown facility in Dehradun received several awards. The company organized vaccination drives and COVID-19 testing camps covering 100% employees. No deposits were accepted during the year, and no amount of principal or interest was outstanding as on March 31, 2022. The authorized share capital of the company is Rs. 2,00,00,000/- divided into 20,00,000 equity shares of Rs. 10/- each. The paid-up share capital is 9,51,640 equity shares of Rs. 10/- each amounting to Rs. 95,16,400/-. The Board recommends the re-appointment of Mr. Satish Kumar Agarwal who retires by rotation at the forthcoming AGM. The company has three committees of the board: the Audit Committee, the Nomination and Remuneration Committee, and the Corporate Social Responsibility Committee. The Audit Committee comprises Mr. Inder Jeet Singh, Mr. Virender Shankar and Mr. Vimal Chawla. The Nomination and Remuneration Committee comprises Mr. Inder Jeet Singh, Mr. Virender Shankar and Mr. Satish Kumar Agarwal. The Corporate Social Responsibility Committee comprises Mr. Inder Jeet Singh, Mr. Virender Shankar, Mr. Satish Kumar Agarwal and Mr. Vimal Chawla. The company has a vigil mechanism/whistle blower policy, including a Code of Ethics. The company has a robust policy to identify and evaluate business risks and opportunities. It also has a proper and adequate system of internal controls. During the year, one theft case in the Hopetown manufacturing facility was discovered, against which more stringent controls have been put in place. There was a separate meeting of the Independent Directors. The company has no subsidiary company. Extract of the Annual Return: The company is not required to upload its annual return on the website because it does not have its own website. The company did not have any materially significant related party transactions except for those disclosed in the financial statements. During the year, the company did not make any loans or investments and has also not given any guarantees. The particulars regarding conservation of energy include that the company installed Servo Motor in 1 of our Machine which will provide us saving of INR 1,29,159/- Per Year and 1650 Kwh/ year. Solar streetlights, Solar water heater for canteen usage are installed in Hope Town factory. During the year, the total foreign exchange used was Rs. 744.29 Lakhs and the total foreign exchange earned were Rs. 0.29 Lakhs. M/s Deloitte Haskins & Sells LLP, Chartered Accountants, were appointed to act as statutory auditor for period of five (5) years from conclusion of 35th Annual General Meeting (for financial year 2019-2020) till conclusion of 40th Annual General Meeting (to be held for financial year 2024-25) of the Company. The Auditors' Report does not contain any qualification. The Board has re-appointed Mr. C. S. Adawadkar as the cost auditor for the year 2022-23. The Company has zero tolerance for sexual harassment at workplace and has adopted a policy on prevention, prohibition and redressal. No complaint was received during the financial year. The independent auditor's report expresses an unmodified opinion on the financial statements. The auditor’s objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. As part of an audit in accordance with SAs, the auditors exercise professional judgment and maintain professional skepticism throughout the audit. The auditor also provides an opinion on the adequacy of the company’s internal financial controls system and its operating effectiveness. Annexure A to the independent auditor’s report provides a report on internal financial controls over financial reporting. In the auditor’s opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2022, based on the criteria for internal financial control over financial reporting established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. Annexure B to the independent auditor’s report details the report on other legal and regulatory requirements. The Balance Sheet as at March 31, 2022 details Assets, Equity and Liabilities. The Total Equity and Liabilities is INR 14,774. The Statement of Profit and Loss for the year ended 31st March 2022 details Revenue from operations, Other Income, Expenses and Income tax expense. The Profit / (Loss) before tax is 2,870 (Rupees in lakhs). The Cash flow statement for the year ended 31st March 2022 details Cash flow from operating activities, investing activities, and financing activities. Net change in cash and cash equivalents is INR 2,507 (Rupees in lakhs). The Statement of Changes in Equity for the year ended March 31, 2022 details Equity share capital and Other equity. Balance as at 31st March 2022 is INR 9,160.

Honeywell Electrical Devices and Systems India Unlisted Shares

Honeywell Honeywell Electrical Devices and Systems India Limited’s annual report for 2020-2021 covers the company's financial performance, corporate development, people and industrial relations, and other key aspects of its operations. **Notice of Annual General Meeting** The 36th Annual General Meeting was scheduled for December 15, 2021, to consider and adopt the audited financial statements for the year ended March 31, 2021. Key items for consideration include the reappointment of Mr. Vimal Chawla, the appointment of Mr. Satish Kumar Agarwal as Director, and the re-appointment of Mr. Virender Shankar as an Independent Director. Ratification of the remuneration of Cost Auditors, M/s. C. S. Adawadkar & Co, was also on the agenda. **Directors’ Report** The company achieved a turnover of Rs. 8,548 Lakhs, but reported a Loss after Tax of Rs. 926 Lakhs. No dividend was recommended due to the loss incurred. The market conditions were challenging due to COVID-19, although there were signs of recovery in the residential segment in the second half of the year. The company launched two significant products, EVO and Horizon, and saw an increase in NPI vitality to 33%. The focus for the upcoming year includes scaling up new products, consolidating market share, and strengthening the Circuit Protection portfolio and providing a digital solution for distributors. Hopetown facility received north region Quality Circle Silver Award organized by QCF of India in 2020 and has 100% employee vaccination. **Management Structure & Board Committees:** Mr. Girish Pargaonkar resigned from the Board on January 20, 2021. Mr. Satish Kumar Agarwal was co-opted as an Additional Director w.e.f. February 04, 2021. The board recommends the reappointment of Mr. Vimal Chawla and the appointment of Mr. Satish Kumar Agarwal as Director. The Board also seeks shareholder approval for the re-appointment of Mr. Virender Shankar as an Independent Director. The company has an Audit Committee, a Nomination and Remuneration Committee, and a Corporate Social Responsibility Committee. **Other Key Points from the Directors’ Report:** The company has a Vigil Mechanism/Whistle Blower Policy. The company has formulated criteria for determining Director qualifications and remuneration. A Risk Management Policy is implemented to identify and mitigate business risks. The company has a proper and adequate system of internal controls, tested by Internal Auditors. There were no materially significant related party transactions. The Directors confirmed that the annual financial statements have been prepared on a going concern basis. M/s Deloitte Haskins & Sells LLP are the statutory auditors. A cost audit is applicable for the financial year 2020-21. The company has a zero tolerance policy for sexual harassment. The total foreign exchange used was Rs. 971 Lakhs and the total foreign exchange earned were Rs. 316 Lakhs. **Independent Auditor's Report:** Deloitte Haskins & Sells LLP issued an unmodified opinion on the financial statements, stating that they present a true and fair view of the company's state of affairs as of March 31, 2021, in accordance with Indian Accounting Standards (Ind AS) and the Companies Act, 2013. The report also includes an Annexure A with the firm's report of internal financial controls over financial reporting which included the opinion that, in all material respects, the company had adequate internal financial controls in place. **Financial Statements:** The balance sheet, statement of profit and loss, cash flow statement, and statement of changes in equity are included, providing a detailed breakdown of the company's financial position and performance. The company's authorized share capital is Rs. 20,000,000, and the paid-up share capital is Rs. 95,16,400. **Significant Accounting Policies and Notes to the Financial Statements:** The annual report provides detailed notes on significant accounting policies, including revenue recognition, foreign currency transactions, employee benefits, taxation, leases, and financial instruments. It also provides specific information on items such as inventories, trade receivables, provisions, and contingent liabilities. Disclosure is provided in respect to related parties.