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Honeywell Automation Directors Report, Honeywell Autom Reports by Directors
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Honeywell Automation
BSE: 517174|NSE: HONAUT|ISIN: INE671A01010|SECTOR: Telecommunications - Equipment
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Download Annual Report PDF Format 2011 | 2010 | 2010
Directors Report Year End : Dec '13    « Dec 12
Dear Members,
 
 The Directors present the THIRTIETH ANNUAL REPORT with the audited
 statements of accounts of the Company for the year ended
 December31,2013.
 
 1.  FINANCIAL RESULTS:
 
 Particulars                           Year ended        Year ended
                                       December 31, 2013 December 31, 
                                                         2012
                                      (Rs. in lacs)     (Rs. in lacs)
 
 Sales & Other Income                      172563            167192
 
 Operating Profit                           13709             13365
 
 Less: Interest                                39                34
 
 Depreciation                                1392              1399
 
 Profit for the year                        12278             11932
 
 Provision for tax                           5390              3610
 
 Deferred Tax Adjustment                    (1728)             (195)
 
 PROFIT AFTER TAX                            8616              8517
 
 Profit brought forward from 
 the previous year                          54585             47947
 
 Profit available for appropriations        63201             56464 
 
 APPROPRIATIONS
 
 General Reserve                              862               852
 
 Proposed Dividend                            884               884
 
 Tax on proposed dividend                     150               143
 
 BALANCE CARRIED FORWARD                    61305             54585
 
 2.  DIVIDEND:
 
 Final dividend @Rs. 10/-per share of Rs.10/-each was recommended by the
 Board in their meeting held on February 5,2014.
 
 3.  OPERATIONS:
 
 The Management Discussion & Analysis Report annexed herewith provides
 full details of operational performance and business analysis of these
 business units.
 
 - Honeywell Process Solutions (HPS) serves core industrial sectors of
 Refining, Oil & Gas, Pulp & Paper, Metal and Cement etc.
 
 - Honeywell Building Solutions (HBS) provides solutions and services
 for facilities such as Commercial & Industrial Buildings, IT & ITES
 industry, Hospitals, Hotels, Airports etc.
 
 - Environment and Combustion Control (ECC) serves multiple brands
 through channels and offers environmental and combustion products and
 solutions to commercial, hospitality and industrial segments.
 
 - Sensing & Control (S&C) business provides various sensors and
 switches to manufacturing and automobile industry. This business serves
 primarily OEMs in various manufacturing industries such as auto,
 medical instrumentation, IT, etc.
 
 - Exports Business Group (EBG) addresses manufacturing and engineering
 services needs of Honeywell along with some other non Honeywell
 customers across the globe, leveraging the cost, skills and knowledge
 arbitrage.
 
 4.  COMMUNITY DEVELOPMENT WORK:
 
 HAIL remains committed to making the world a better place and expanding
 community outreach through wide-ranging CSR activities with focus on
 Education, Community Health and Environment.
 
 Some of the initiatives under CSR were as follows:
 
 Education:
 
 - Sponsored 5 female students studying in College of Engineering, Pune
 who are economically under privileged, through the Catalyst Project
 in order to promote diversity in the engineering talent pool.
 
 - Supported teaching skill development programs for teachers at 13
 rural schools in and around Pune, benefitting over 50 teachers and 2500
 students during the past year.
 
 - The computer training program for disabled children conducted by
 employee volunteers is in its 5 consecutive year.
 
 - School kits and merit scholarships have been awarded to over 106
 children of contract workforce associated with the Company.
 
 - Over 300 school kits were distributed among underprivileged children
 in Pune.
 
 - The Company supported vocational skill development programs on
 plumbing technology conducted by the IIEDR, Wagholi.
 
 - The Company has also supported and enabled 125 school dropouts to
 appear for the SSC Board exam.  Health:
 
 - A basic health and hygiene awareness camp was conducted in
 association with students from BJ Medical College for over 200 students
 from rural areas.
 
 - Blood donation camp for employees at Pune location led to 500 bags of
 blood being donated.
 
 - The Company continues to support the AABHA initiative related to
 public health awareness in tribal areas of Kolvan valley. 22 local
 girls from 12 villages in the valley were trained to be Health
 Messengers for their villages.
 
 - The Company sponsored health insurance for 50 school going children
 and their parents.  Environment:
 
 - Tree plantation and conservation activities have been taken up in
 association with rural schools leading to the plantation of over 200
 trees during the last year.
 
 - The Company has also provided financial and volunteer support to
 Project Green Thumb focused on the de- silting of the Khadakvasala
 dam.
 
 5.  HONEYWELL OPERATING SYSTEM (HOS):
 
 Your Company has been driving operational excellence initiative of
 Honeywell Operating System (HOS). Integrated Supply Chain function
 (ISC) and Global Services (GS) back office supporting the business of
 Honeywell Process Solutions (HPS) worked further towards sustenance of
 HOS maturity during 2013, after achieving Silver level accreditation in
 2012. Silver is the highest level that an individual HOS site can
 achieve. Focus in 2014 at these HOS sites will be on Silver Excellence
 through adopting more advanced version of HOS strongly impacting
 Safety, Quality, Delivery, Cost and Inventory metrics. Additional drive
 in 2014 will be on (1) HOS from day one at new manufacturing |
 facility of Environmental and Combustion Controls business being set up
 at Vadodara (Gujarat) (2) Enabling operational excellence for India
 business and global back office for Honeywell Building Solutions to
 improve Quality, Delivery and Productivity performance.
 
 6.  DIRECTORS:
 
 As per the provisions of the Companies Act, 1956 and Articles of
 Association of the Company, Mr. M.N. Bhagwat and Mr. Norman Gilsdorf,
 retire by rotation and are eligible for reappointment.
 
 7.  HUMAN RESOURCES:
 
 Honeywell''s Positive Employee Relationships (PER) strategy aims at
 engaged and motivated workforce and to create a positive and productive
 work environment.
 
 Honeywell''s Global PER Assessment Process outlines the Communication,
 Action Planning, Surveys (Employee and Manager Survey) and Focus Groups
 to make it more effective.
 
 Honeywell has also made great strides to get the Employee Value
 Proposition (EVP) in place. It focuses on 5 key themes i.e. 1.
 Challenging work that matters 2. Right People 3. Talent and Leader
 Development 4. Differentiated Rewards and 5. Community Engagement.
 
 As on December 31, 2013, the Company''s employee strength was 2713 as
 compared to 2735 as on December 31, 2012.
 
 8.  MANAGEMENT DISCUSSION & ANALYSIS/CORPORATE GOVERNANCE REPORT:
 
 As per Clause 49 of the Listing Agreement with the Stock Exchanges,
 Management Discussion and Analysis Report and Corporate Governance
 report are annexed and form part of the Directors Report.
 
 9.  CODE OF CONDUCT COMPLIANCE:
 
 As per Clause 49 of the Listing Agreement with the Stock Exchanges, the
 declaration signed by the Managing Director affirming compliance with
 the Code of Conduct by Directors and Senior Management, for the
 Financial Year 2013 is annexed and forms part of the Directors Report.
 
 10.  DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors,
 based on the representations received from the Operating Management,
 confirm that -
 
 a) In the preparation of the annual accounts, the applicable accounting
 standards have been followed and that there are no material departures;
 
 b) They have, in the selection of the accounting policies, consulted
 the Statutory Auditors and have applied them consistently and made
 judgements and estimates that are reasonable and prudent so as to give
 a true and fair view of the state of affairs of the Company at the end
 of the financial year and of the profit of the Company for that period;
 
 c) They have taken proper and sufficient care, to the best of their
 knowledge and ability, for the maintenance of adequate accounting
 records in accordance with the provisions of the Companies Act, 1956,
 for safeguarding the assets of the Company and for preventing and
 detecting fraud and other irregularities;
 
 d) They have prepared the annual accounts on a going concern basis.
 
 11.  AUDITORS:
 
 M/s. Price Waterhouse & Co., Bangalore the Statutory Auditors retire at
 the forthcoming Annual General Meeting and are eligible for
 reappointment. The Company has received the certificate from the
 retiring auditors to the effect that the appointment, if made, will be
 in accordance with the limits specified in Section 224(1 -B) of the
 Companies Act, 1956.
 
 12.  OTHER INFORMATION:
 
 Information as per Section 217 (2A) of the Companies Act, 1956, read
 with the Companies (Particulars of Employees) Rules, 1975 pertaining to
 absorption of technology, foreign exchange earnings, is given as an
 Annexure to this Report and forms part of it. As per provisions of
 Section 219(1 )(b)(iv) of the Act, the Directors'' Report and Accounts
 are being sent to the shareholders excluding the statement giving
 particulars of employees under Section 217(2A) of the Act.  Any
 Shareholder interested in obtaining a copy of the statement may write
 to the Company Secretary at the Registered Office of the Company.
 
 13. ACKNOWLEDGMENT:
 
 The Board would like to place on record its appreciation and thanks to
 all its employees for their contribution. The Board also wishes to
 acknowledge the support it has received from its investors, customers,
 vendors, regulatory authorities and bankers.
 
                               For and on behalf of the Board
 
                                                 M.N. Bhagwat
 
 Gurgaon, February 5, 2014                           Chairman
 
 Registered Office:
 
 56 & 57, Hadapsar Industrial Estate,
 
 Pune411 013
Source : Dion Global Solutions Limited
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