| Production was adversely affected due to restrictions imposed by Pollution Control Board on operation of Caustic Chlorine Plant during July, 2010 and a fire in Rectifier-Transformer during August, 2010. Presently, the Unit is under 'Suspension of Work' with effect from 8th December 2010 consequent upon an illegal strike by a section of contract workers from 1st December, 2010. |
| EXCISE DUTY |
| During the year under review a sum of Rs 352.84 crore (Rs 289.98 crore in 2009-10) 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, 2011 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. |
