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Honeywell Automation Directors Report, Honeywell Autom Reports by Directors
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Honeywell Automation
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Download Annual Report PDF Format 2011 | 2010 | 2010
Directors Report Year End : Dec '12    Dec 11
Dear Members,
 
 The Directors present the TWENTY-NINTH ANNUAL REPORT with the audited
 statements of accounts of the Company for the year ended December 31,
 2012.
 
 1.  FINANCIAL RESULTS:
 
 Particulars                                 Year ended    Year ended
                                             December 
                                             31, 2012      December
                                                           31, 2011
                                            (Rs. in lacs) (Rs. in lacs)
 
 Sales & Other Income                          167192         162936
 
 Operating Profit                               13365          16137
 
 Less: Interest                                    34             85
 
 Depreciation                                    1399           1481
 
 Profit for the year                            11932          14571
 
 Provision for tax                               3610           4804
 
 Deferred Tax Adjustment                         (195)          (947)
 
 PROFIT AFTER TAX                                8517          10714
 
 Profit brought forward from the previous year  47947          39331
 
 Profit available for appropriations            56464          50045 
 
 APPROPRIATIONS
 
 General Reserve                                  852           1071
 
 Proposed Dividend                                884            884
 
 Tax on proposed dividend                         143            143
 
 BALANCE CARRIED FORWARD                        54585          47947
 
 2.  DIVIDEND:
 
 Final dividend @Rs.10/- per share of Rs.10/- each was recommended by
 the Board in their meeting held on February 6, 2013.
 
 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)  business serves core industrial
 sectors of Refining, Oil & Gas, Pulp & Paper, Metal and Cement etc.
 
  Honeywell Building Solutions (HBS)  business provides solutions and
 services for facilities such as Commercial & Industrial Buildings, IT &
 ITES industry, Hospitals, Hotels, Airports, Mass Rapid Transit (MRT)
 etc.
 
  Environment and Combustion Control (ECC)  Through multi channels and
 multiple brands, offers environmental and combustion products and
 solutions to commercial, hospitality and industrial segments.
 
  Sensing & Control (S&C)  Products 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 is committed to its CSR activities and strongly believes that
 helping out even in a small way, can bring about a difference in the
 lives of many. Our commitment is on issues related to Health, Education
 & Environment.
 
 Some of the initiatives under CSR were as follows: Education:
 
  Text book Audio recording for blind school students.
 
  School kit with school bag donated to Samparc orphanage center &
 schools near Pune.
 
  Computer Skills Training for the Physically Handicapped at a school
 in Pune.
 
  Scholarship program for street children and students of Hermann
 Gmeiner social center for college education.
 
  Chemistry Olympic organized and it was conducted in the form of
 science test, quiz & talk show. Science kits were given to all
 participating schools.
 
 Health:
 
  Medical Checkup Camps were held in an orphanage and in various
 schools. Workshops were held for anti addiction & anti anemia.
 
  Cancer Awareness program was held which covered information on
 Lifestyle and Cancer Prevention.
 
 Environment:
 
  Various treks were organized. A Cycle rally was held to spread the
 message of Go green & to promote cycling for a healthy life style.
 
 5.  DIRECTORS:
 
 As per the provisions of the Companies Act, 1956 and Articles of
 Association of the Company, Mr. S.L. Rao and Mr. Gerard Willis, retire
 by rotation and are eligible for reappointment.
 
 6.  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.
 
 7.  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 2012 is annexed and forms part of the Corporate
 Governance Report.
 
 8.  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.
 
 9.  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.
 
 10.  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.
 
 11.  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
 
 Pune, February 6, 2013                                       Chairman
 
 Registered Office:
 
 56 & 57, Hadapsar
 
 Industrial Estate,
 
 Pune 411 013.
Source : Dion Global Solutions Limited
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