Annual Report: 2023
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.
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