Annual Report: 2022
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.
Access essential information and documents to make informed investment decisions
Stay updated with upcoming events, conferences, and announcements
Access quarterly and half-yearly financial statements and reports
Download comprehensive annual reports and financial summaries
Access investor presentations, corporate briefings, and slideshows
Our blog provides insightful information about unlisted shares, offering a deeper understanding of how these assets work, their potential benefits, and the risks involved. Whether you're new to unlisted shares or looking to expand your knowledge, we cover topics such as investment strategies, valuation methods, market trends, and regulatory aspects. Stay updated with expert tips and guides to navigate the unlisted share market effectively.
Unlisted shares are stocks of companies that are not listed on any stock exchange, meaning they are not publicly traded. These shares are typically available for trade in the private market through brokers, and can offer unique investment opportunities.
You can buy unlisted shares through a broker or platform that specializes in unlisted share transactions. We provide a secure and easy way to purchase unlisted shares from top companies, ensuring a smooth transaction process.
The share prices of unlisted companies can fluctuate based on various factors like market demand, company performance, and private transactions. You can check the latest share prices for unlisted companies on our website for real-time updates.
Unlisted shares can offer higher growth potential, as they are typically not subject to the same market volatility as listed shares. However, they come with higher risk due to limited liquidity and availability of information. It's important to research thoroughly and consult experts before investing.
To sell unlisted shares, you can connect with a broker or platform that facilitates the sale of private stocks. We help investors buy and sell unlisted shares with ease, ensuring that your transaction is handled professionally and securely.
Yes, unlisted shares can eventually be listed on a stock exchange through an Initial Public Offering (IPO). This process allows the company to offer its shares publicly and be traded on major exchanges, potentially increasing liquidity and visibility.
Gains from unlisted shares are subject to capital gains tax in India. Short-term capital gains (if held for less than 24 months) are taxed at your applicable income tax rate, while long-term capital gains (if held for more than 24 months) are taxed at 20% with indexation benefits. Always consult a tax advisor for precise tax implications.
The value of unlisted shares is typically determined by private transactions, financial reports, and market demand. We provide the latest updates on share prices of unlisted companies, giving you the most accurate valuation available.
The minimum investment for unlisted shares can vary depending on the company and broker. Generally, the minimum investment is higher than for listed stocks, but we provide detailed information to help you make the best investment decisions.
Yes, unlisted shares may pay dividends if the company has declared them. However, since these companies may be in their growth stage, dividend payments are not always guaranteed. It's important to check the company's financial health before investing.
It's important to conduct thorough research on the company's financials, management, market potential, and overall business model. You can also seek professional advice from experts to help you choose unlisted shares with strong growth prospects.
Gains from unlisted shares are subject to capital gains tax in India. Short-term capital gains (if held for less than 24 months) are taxed at your applicable income tax rate, while long-term capital gains (if held for more than 24 months) are taxed at 20% with indexation benefits. Always consult a tax advisor for precise tax implications.
