Annual Report: 2024
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.
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