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There was improvement in demand for Caustic Soda (consequent to start up of new aluminium plants). But production of the section was marginally lower due to operational problems during the period under review. Production of Sulphuric Acid improved due to better plant efficiency and output of Hydrogen Gas increased considerably due to higher demand from the Vanaspati Sector. The imbalance in demand-supply of joint products - Chlorine and Hydrochloric Acid - further increased during the year after expansion of Chloralkali Plants in the Eastern region.
 
The section continues to enjoy certificates for Quality & Environment Management under ISO 9001-2000 and ISO 14001-2004. Various programmes are being organized regularly in collaboration with Factory Directorate and Pollution Control Board for increasing awareness of Environment and safety.
 
Relations with employees have been cordial.
 
EXCISE DUTY
 
During the year under review a sum of Rs. 414.35 crore (Rs. 452.40 crore in 2007-08) was paid on account of Excise Duty on various products manufactured and sold by your Company.

INSURANCE
 
Appropriate Insurance cover has been taken for the properties of the Company.
 
DIRECTORS' RESPONSIBILITY STATEMENT
 
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors to the best of their knowledge and belief confirm that:
 
i) in the preparation of the Annual Accounts, the applicable Accounting Standards have been followed      by the Company;
 
ii) appropriate Accounting Policies, as mentioned in Schedule 17, have been selected and applied      consistently and such judgments and estimates have been made that are reasonable and prudent so      as to give a true and fair view of the state of affairs of the Company as at 31st March, 2009 and of the      profit of the Company for the financial year ended on that date;
 
iii) proper and sufficient care has been taken 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; and
 
iv) the annual accounts have been prepared on a going concern basis.
 
CORPORATE GOVERNANCE
 
Adequate steps to ensure compliance of all the mandatory provisions of 'Corporate Governance' as amended in the Listing Agreements of the Stock Exchanges with which the Company's Shares are listed have been taken and your company has ensured its required compliance.
 
A separate Report each on Corporate Governance and Management Discussion & Analysis are annexed hereto as Annexure 'A' along with Auditors' Certificate for its due compliance and Annexure 'B' respectively as part of Annual Report.
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