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Never miss a great news story! Get instant notifications from Economic Times Allow Not now. The Directors have pleasure in presenting 26 th Annual Report of the Company together with the Audited Financial Statements for the financial year ended 31 st March, The company has witnessed an improved financial performance in the fourth quarter driven by growth across all business segments.
LED trade sales displayed growth on YoY basis, however overall lighting revenues declined due to high base effect of last year when we had executed some bulk LED sales. This places the company in a very strong position with an improved revenue visibility in FY Further, tenders for over 7mn meters are currently being evaluated by a couple of states. It is to expect a double-digit growth in all business segments. Switchgear business shall continue to maintain current momentum driven by renewed management focus.
The annual accounts of the subsidiary Company is available on the website of the Company i. There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this report. There has been no change in the nature of business of the Company. During the period under report, the company do not propose to transfer any amount to the General Reserve.
The Directors are pleased to recommend a dividend of Rs. The dividend distribution would results in cash outgo of Rs. The dividend would be payable to all those Shareholders whose names appear in the Register of Members as on 20 th September, During the period under report, the Company has not accepted any deposit within the meaning of Sections 73 and 74 of the Companies Act, read together with the Companies Acceptance of Deposits Rules, During the period under report, Mr.
The Board places on record its appreciation towards valuable contribution made by Mr. Virender Kumar Bajaj during his tenure as an Independent Director of the company. The company has received consent in writing from Mr. In the opinion of the Board, Mr. Hargovind Sachdev is a person of integrity and possess relevant expertise and experience and therefore his appointment requires the approval of the members at the ensuing Annual General Meeting.
Pursuant to the provisions of Section of the Companies Act, and other applicable provisions of the Act, Mr.
The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence prescribed under the Act and the SEBI Listing Regulations. During the period under report, the Board of Directors of the Company met 4 Four times on 22 nd May, ; 14 th August, ; 14 th November, and 12 th February, Particulars of attendance of each director are mentioned in the Corporate Governance Report.
Pursuant to the provisions of Section of the Companies Act, read with Companies Amendment Act, and SEBI Listing Obligations and Disclosure Requirements Regulations , the Nomination and remuneration committee has laid down the manner for effective evaluation of performance of Board, its committees and individual directors and accordingly the performance of the Board; its committees and individual directors were evaluated by the Board. While evaluating the performance of Board, the Board had considered the composition and structure of the Board in terms of size, experience, diversity, effectiveness of the board process, dissemination of information etc.
The performance of the committees were evaluated by the board taking into consideration the factors such as composition of the committee; effectiveness of committee meetings; independence of the committee from the Board and contribution in decision making by the Board etc. The performance evaluation of all the individual directors including the Independent Directors was carried out after taking into account their individual contribution to the board and committee meetings such as preparedness on the issues to be discussed, effective contribution in the discussion on the various agenda items etc.
Therefore the outcome of the performance evaluation for the period under report, was satisfactory and reflect how well the directors, board and committees are carrying their respective activities. The independent directors in its separate meeting without the attendance of non-independent directors and members of management, reviewed -. The listing fee for the financial year has been paid to both the Stock Exchanges.
The details pertaining to the composition of the Audit Committee are included in the Corporate Governance Report which is a part of this Annual Report.
The Vigil Mechanism Policy provided that the company investigates in such incidents, when reported, in an impartial manner and shall take appropriate action as and when required to do so. A vigil Mechanism policy is available on the website of the company i.
The Company has in place a robust risk management policy to anticipate, identify, measure, manage, mitigate, monitor and report the risk and uncertainties that may have an impact to achieve the business objective of the company. The Company recognizes these risks which need to be managed and mitigated to protect the interest of the stakeholders, to achieve business objectives and enable sustainable growth.
The risks are reviewed for the change in the nature and extent of the major risks identified since the last assessment. It also provides control measures for risk and future action plans. An extensive program of internal audits and regular reviews by the Audit Committee is carried out to ensure compliance with the best practices. It is the responsibility of the corporations operating within society to contribute towards social and environmental development that will help in creating a positive impact on society at large.
The Corporate Social Responsibility committee comprises of Mrs. Madhu Bala Nath as Chairperson, Mr. Lalit Seth, Mr. Rishi Seth and Mr. Jainul Haque as members of the committee. The company discharges its CSR obligations by making contribution through its Trust, Seth Inder Narain Foundation towards supporting projects in Eradicating hunger, poverty and malnutrition promoting health care; promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects.
The company also extends its objective towards CSR in supporting the rural development projects. As per the provisions of Section of the Companies Act, and Rules made thereunder read with Regulation 23 of Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, , the Company had obtained the necessary prior approval of the Audit Committee for such transactions.
The Policy intends to ensure that proper reporting; approval and disclosure processes are in place for all transactions between the Company and related parties. The policy is available on the website of the company i. Kharabanda Associates, Chartered Accountants Regn. There are no observations including any qualification, reservation, adverse remark or disclaimer of the Auditors in their Audit Report that may call for any explanation from the Directors.
The company has received his consent and certificate under Section , and of the Companies Act, read with the Companies Audit and Auditors Rules, to this effect. The remuneration payable to the Cost Auditor of the Company has been proposed for the ratification by the members of the Company and shall form part of the notice of the 26 th Annual General Meeting. There are no observations including any qualification, reservation, adverse remark or disclaimer of the Secretarial Auditors in their Secretarial Audit Report that may call for any explanation from the Directors.
The investment made by the company in the subsidiary company in the form of equity share capital is disclosed in the notes to the Audited Financial Statements forming part of this Annual Report.
The company has not given any loans, guarantees or provided any security in connection with a loan to any body corporate or person as per section of the Companies Act, during the period under report.
HPL with its passion for innovation has under taken many initiatives to accelerate the business growth curve in the upward direction. During the year, two new products were developed, viz. Once fully tested and productionized, it will cater to a whole new range of requirements. All the plants are RoHS compliant to meet the demands of the new era of business globally.
It works on a cohesive approach to narrow the gap between Design and Manufacturing by investing money in 3D model prototypes before commencing tool manufacturing. This saves a lot of time, energy and money while developing new products thereby increasing the efficiency of the company. Company is continuously working on many more smart engineering electrical products to meet the future demand. The information on conservation of energy, technology absorption and foreign exchange earnings and outgo as stipulated under Section 3 m of the Companies Act, read with Rule 8 of the Companies Accounts Rules, , is attached as Annexure Viii to this report.
The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by Securities and Exchange Board of India.
The Company has also implemented several best corporate governance practices as prevalent globally. Kharabanda Associates, Statutory Auditors of the Company confirming compliance of conditions of corporate governance is also annexed to the Corporate Governance Report.
Pursuant to Section 3 c and 5 of the Companies Act, , the Directors confirm that:. Disclosure under the sexual harassment of women at workplace Prevention, Prohibition and Redressal Act, The Company has always believed in providing a safe and harassment free workplace for every individual working in the Company premises through various interventions and practices.
The Company always endeavors to create and provide an environment that is free from discrimination and harassment including sexual harassment. The Company has in place robust policy on prevention of sexual harassment at workplace which is applicable to all employees of the company as per the provisions of Sexual Harassment of woman at work place Prevention, prohibition and Redressal Act, During the year under report, the company has not received any complaints pertaining to sexual harassment.
The Company has adopted policies and procedures for effective internal controls system. The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. Management Discussion and Analysis Report for the year under report, as stipulated under the Companies Act, and Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, is also presented in a separate section forming part of this Annual Report.
There is no commission paid or payable by the company to the managing director or the Whole-time directors. The Board also places on record its appreciation for the sincere services rendered by employees of the company at all levels and the support and co-operation extended by the valued business associates and the continuous patronage of the customers of the Company.
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HPL Price List 16th May 2013 IP Meter