| Demand for Caustic Soda was subdued during the year due to slow down in Aluminium sector. However, there was improvement in demand for joint products - Chlorine and Hydrochloric Acid - towards the end of the year. Production of Caustic Soda was affected due to frequent breakdowns and power trippings. Production of Hydrogen Gas was lower due to lesser demand from Vanaspati Industry
in the first half of the year but improved considerably towards end of the year. |
| The Section continues to enjoy certificates for Quality and Environment management under ISO-9001-2000 and ISO - 14001 - 2004. |
| The Section takes various measures on its own and also in collaboration with various government agencies for improving awareness of environment and safety. |
| Relations with employees continues to be cordial. |
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| EXCISE DUTY |
| During the year under review a sum of Rs. 289.98 crore (Rs. 414.35 crore in 2008-09) was paid on account of Excise Duty on various products manufactured and sold by your Company. |
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| INSURANCE |
| Appropriate Insurance cover has been taken for the properties of the Company. |
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| 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, 2010 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. |
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| 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 is annexed hereto as Annexure 'A' along with Auditors' Certificate for its due compliance and Annexure 'B' respectively as part of Annual Report. |
