| |
Following a moderate slowdown, the Indian economy
bounced back in 2009 -10. The Government's fiscal
stimulus accelerated the economic recovery and
put to rest concerns related to economic stability.
In this backdrop, HSIL continued with its robust
performance, reporting a significant rise across all
operating and performance parameters. In 2009-10,
HSIL achieved a 26.70% increase in gross revenue,
37.25% increase in EBITDA, 48.64% increase in
cash profit and 30.57% increase in the post-tax profit. The operating margins and net profit margins
strengthened to 19.63% and 6.65%, respectively. The
following reasons were the major contributors to this
commendable performance:
|
|
|
| |
 |
Application of differentiated strategy in positioning
the Company's products |
|
|
|
| |
|
Continuous modification in the product offering,
based on the consumer preference and demand |
|
|
|
| |
|
Increased focus on the value-added product segment |
|
|
|
| |
|
Rationalisation of energy consumption and other
major operational costs |
|
|
|
| |
|
Undertaking process innovation for better capacity
utilisation |
|
|
|
| |
|
Enhanced production in the Container Glass Division with fully operational activities in the new glass unit at Bhongir |
|
|
|
| |
|
The Company continued to focus on ensuring a
strong balance sheet together with a consistently
growing Profit and Loss account. The debt
equity was maintained at a comfortable 1.25 with
a strong interest cover of 3.86. The reserves
(excluding Business Reconstruction Reserve)
stood at Rs 37,907 lacs and the total net worth of
the Company increased to Rs. 39,008 lacs. |
|
|
|
| |
Business Division Review |
| |
Building Product Division:
Performance in 2009-10
The divisional revenues increased 17.14%, mainly
on account of higher realisations from the premium
products segment.
|
| |
Major initiatives |
| |
|
Organised numerous architects and plumbers
meet, covering over 2,500 architects; organized
plumber meets reaching out to 10,000 plumbers,
to strengthen the post-sale service offering |
|
|
|
| |
|
Introduced several water-saving green products
like four-litre flushing closets and waterless urinals |
|
| |
|
Strengthened distribution channel to deepen
market reach |
|
|
|
| |
|
Enhanced production efficiencies through
improved in-process innovations |
|
| |
|
| |
Container Glass Division:
Performance in 2009-10 : |
|
|
| |
|
The divisional revenues increased 42.66%, on
account of additional sale generated with the
fully operational new unit at Bhongir, as well as
diversification to premium products to service the
varying customer demands.
|
| Major initiatives |
|
|
|
| |
|
Stabilised operations at the new unit |
|
|
|
| |
|
Optimised fuel consumption and enhanced
productivity through improvement in the
operational speed of the machines |
|
|
|
| |
|
Strengthened quality checks |
|
|
|
| |
|
Introduced Narrow Neck Press and Blow technology
in collaboration with Weigand Glass of Germany, a
leading player in glass manufacturing |
|
|
|
| |
|
Secured and strengthened raw material supplier base |
|
| |
|
| |
Acquisition oF Faucet Business oF
Havells india limited |
| |
On March 16, 2010, the Company signed a
Business Transfer Agreement with the intent to
acquire the chrome plated brass bathroom fittings
business division of Havells India Ltd., under the
brand 'Crabtree'. The plant is situated at Bhiwadi,
Rajasthan. The legal and physical possession of this
undertaking was transferred to Company w.e.f.
May 1, 2010.
The acquisition is aligned with our business intent
of expanding our activity and market share in the
chrome plated bathroom fittings industry segment in
India. We plan to become the number two player in
the segment. |
| |
|
| |
Scheme of Arrangement |
| |
A Scheme of arrangement under Section 391-394 of
The Companies Act, 1956 ('the scheme') between the
Company and its equity shareholders was approved
by the shareholders at the court convened meeting
held on November 7, 2009 and sanctioned by Hon'ble
High Court in Calcutta on March 26, 2010.
Under the scheme certain immovable properties in the
form of Land and Buildings have been reinstated at
their respective fair values as valued by a recognised
valuer w.e.f. April 1, 2009, the appointed date for the
scheme. The amount of such revaluation being
Rs. 23,500 lacs has been transferred to separate
reserve account titled as Business Reconstruction
Reserve.
The scheme enables the Company to utilise the
Business Reconstruction Reserve for writing off
certain expenses as specified therein. The scheme
has been given effect to in the accounts for the year
ended March 31, 2010. |
| |
|
| |
Dividend |
| |
Your Directors recommend for the consideration
of the members, at the Annual General Meeting,
payment of dividend of Rs. 2.00 per share on equity
shares of face value of Rs. 2 each for the year ended
March 31, 2010, the total outgo including tax thereon
will be Rs. 1,287 lacs. |
| |
|
| |
Appropriations |
| |
It is proposed to transfer Rs. 600 lacs to the General
Reserve while Rs. 15,003 lacs is proposed to be
retained in the Profit and Loss account. |
| |
|
| |
Management Focus |
| |
HSIL is a leading player in both Building Products and
Container Glass industry catering to the customers
growing demand. It endeavors to maintain a long-term association with the customers by satisfying their
evolving needs.
The management's focus is on building the business
model to serve customers 24x7, with the intent to
grow in the expanding domestic / international market.
The aim is not only to serve the customers but to
maintain a life-long connect.
Your Company seeks to achieve sustainable growth
by providing value-added services to its customers,
dealer network, sub dealers and institutional partners.
In order to achieve this, the internal impetus is on
increasing production efficiencies, people productivity,
process controls and innovative practices. The
management also seeks to invest in good governance
and fiscal discipline in accordance with the best
practices relevant globally. |
| |
|
| |
Directors |
| |
Mr. Binay Kumar, Mr. S.B. Budhiraja and Mr. Vishal
Marwaha, are liable to retire by rotation and being
eligible, have offered themselves for re-appointment. |
| |
|
| |
Share capital |
| |
During 2009-10, the Company has increased its
Authorised Capital from Rs. 150,000,000/- (Rupees
fifteen crore) to Rs. 200,000,000/- (Rupees twenty
crore) divided into 100,000,000 (Ten crore) Equity
Shares of Rs. 2/- each. |
| |
|
| |
Corporate Governance |
| |
Your Company complies with all mandatory
requirements as stipulated under Clause 49 of the
Listing Agreement with the Stock Exchanges. The
Corporate Governance Report and a certificate
from the Company's statutory auditors, regarding
compliance of the conditions of Corporate
Governance, are attached with the Report and form
an integral part thereof.
Further, the Management Discussion and Analysis
report is appended to and forms a part of the
Annual Report. |
| |
|
| |
Wholly owned subsidiaries |
| |
As per the requirement under Section 212 of the
Companies Act, 1956, the Annual Report of the
Company's subsidiaries for the year ended March 31,
2010, is attached to the Company's Balance Sheet.
Also, the statement as required under Section 212 (3)
is annexed to this Report. |
| |
|
| |
Fixed deposit |
| |
Your Company did not invite or accept any fixed
deposit pursuant to provisions of Section 58A of the
Companies Act, 1956, during the year. |
| |
|
| |
Statutory disclosures |
| |
Particulars of employees as required under Section
217(2A) of the Companies Act, 1956, read with
Companies (Particulars of Employees) Rules, 1975,
are annexed to this Report. |
| |
|
| |
Awards and Recognition |
| |
The Company was recognised through following
awards: |
|
|
| |
|
'Business Superbrand India' |
|
|
|
| |
|
Reader Digest 'Trusted Brands Platinum Award' |
|
|
|
| |
|
Golden Peacock National Quality Award |
|
|
|
| |
|
4Ps India's ‘100 most Valuable Brands' |
|
|
|
| |
|
The Bizz Award 2010 |
|
|
|
| |
|
2010 IMM Award for Excellence |
|
|
|
| |
|
Capxeil Award and IES Excellence Award 2010 |
|
| |
|
| |
Directors' Responsibility statement
pursuant to section 217 (2aa) oF the
companies act, 1956 |
| |
Your Directors hereby confirm that in the preparation
of annual accounts, the applicable accounting
standards and provisions of Court approved scheme
were followed along with proper explanation relating
to material departures if any.
Your Directors selected such accounting policies and
applied them consistently and made judgments and
estimates that were reasonable and prudent so as to
give a true and fair view of the state of affairs of your
Company at the end of the financial year and of the
profit of your Company for that period.
Your Directors took proper and sufficient care
for maintaining adequate accounting records in
accordance with the provisions of this Act for
safeguarding the assets of your Company and for
preventing and detecting fraud and other irregularities.
Your Directors prepared the annual accounts on a
going concern basis. |
| |
|
| |
Conservation of energy, Technology
Absorption and Foreign exchange
Earnings / Outgo |
| |
Information required under Section 217(1) (e) of the
Companies Act, 1956, read with the Companies
(Disclosure of Particulars in Report of the Board of
Directors) Rules, 1988, is annexed to this Report. |
| |
|
| |
Auditors |
| |
The Auditors M/s Walker, Chandiok & Co., Chartered
Accountants will hold office until conclusion of
the ensuing Annual General meeting and are
recommended for reappointment. Auditors have
confirmed that their re-appointment, if made, shall be
within the limits laid down under Section 224 (1B) of
the Companies Act, 1956.
The notes to the accounts referred to in the Auditor's
Report, are self-explanatory and therefore, do not
require any further comments under Section 217 (3)
of the Companies Act, 1956. |
| |
|
| |
Internal audit |
| |
The Company has an adequate system of internal
control to ensure compliance with policies and
procedures. Internal audit of all the units/divisions
of the Company is regularly carried out to review
the internal control systems. The internal auditors
evaluate the adequacy of internal controls and
independence of the audit is ensured by their direct
reporting to the Audit Committee of the Board. |
| |
|
| |
Appreciation |
| |
Your Directors wish to place on record their sincere
appreciation for the support and cooperation extended
by all dealers, financial institutions, banks, customers,
employees, all the stakeholders of your Company,
Government of India and State Governments and look
forward to their continued support in the years ahead.
|
| |
|
| |
For and on behalf of the Board of Directors |
| |
| Place: Gurgaon |
Rajendra K Somany |
| Date: May 20, 2010 |
Chairman and |
| |
Managing Director |
|
| |
|
| |
Annexure to Director’s Report |
| |
| A. |
Conservation of energy |
|
|
|
| |
| (A) |
Energy Conservation Measures Taken: |
|
|
|
| |
|
Optimisation of LPG vaporiser by adjusting
pressure and temperature |
|
|
|
| |
|
Reduction of Lehr height from 400 mm to 260 mm
to contain heat energy loss |
|
|
|
| |
|
Modification of process equipments to operate at 4
bar air pressure in place of 7 bar |
|
|
|
| |
|
Replacement of old pumps with new, energy
efficient pumps |
|
|
|
| |
|
Reduction of heat tracing line temperature set
point from 80oC to 70oC in fuel tank through
process modifications |
|
|
|
| |
|
Provision of auto drain valves for moisture
separators to arrest air leakages |
|
|
|
| |
|
Implementation of Thermography recommendations
to arrest heat losses and unexpected failures in
electrical distribution system |
|
|
|
| |
|
Installation of capacitor banks to improve power
factor resulting in the reduction of energy cost |
|
|
|
| |
|
Installing transformer for reduction of voltage from
250 V to 230 V and ensuring constant supply |
|
|
|
| |
|
Replacing 400 W MV lamps with 250 W MV for
electricity conservation |
|
|
|
| |
|
Optimisation of compressed air discharge
pressure for IS Machine Blowing leading to
reduction in air pressure by 4 PSI |
|
|
|
| |
|
Usage of low pressure compressed air for
combustion instead of high pressure air |
|
|
|
| |
|
Segregation of mould cooling air for blank side
and mould side and optimising blower pressure to
reduce power consumption |
|
|
|
| |
|
Installation of transparent roofing sheets to allow
natural light in production areas |
|
|
|
| |
|
Usage of high quality raw materials with controlled
grain size and moisture to save energy and
enhance furnace output |
|
|
|
| |
|
Installation of Turbo Ventilators in the plant for
heat extraction, replacing electrical exhaust fans |
|
|
|
| |
|
Maximisation of waste heat utilisation from kilns |
|
|
|
| |
|
Shutting down of high fuel consuming Kiln |
|
| |
|
| |
| (b). |
Additional investment and proposals for reduction
of consumption of energy : |
|
|
|
| |
|
Modification of verti flow blower pipeline and main
conveyor cooling for better control and energy
conservation for IS Machines |
|
|
|
| |
|
Increasing loading density in Kilns to reduce LPG
consumption per tonne |
|
|
|
| |
|
Modernisation of old casting shop of Bahadurgarh
plant with AHUs and phasing out of old boiler |
|
|
|
| |
|
Ducting to be placed in the Bibinagar facility to use
waste heat |
|
| |
|
| |
| (c). |
Impact of the above measures at reduction
of energy and consequent impact on cost of
production: |
|
|
|
| |
|
Bhadurgarh plant: Energy reduction of 10%
approximately |
|
|
|
| |
|
Bibinagar plant: Energy reduction of 9.2%
approximately |
|
|
|
| |
|
Glass plants: Saving of Rs. 114 lacs in energy cost. |
|
| |
|
| |
Total energy consumption and energy consumption per unit of production as per Form a (applicable to
Container glass division) was as under: |
| |
|
| |
Form ‘A’ |
| |
| Particulars |
2009-10 |
2008-09 |
| A) POWER AND FUEL CONSUMPTION |
|
|
| |
1. |
a) Electricity (purchased) |
|
|
| |
|
|
units (KWH) |
108,143,410 |
73,228,223 |
| |
|
|
Total amount (Rs.) |
294,834,534 |
196,571,944 |
| |
|
|
Rate / unit |
2.86 |
2.68 |
| |
|
b) Own generation |
|
|
| |
|
|
Units (KWH) |
3,657,757 |
1,728,289 |
| |
|
|
Unit per LT of fuel oils |
4.85 |
4.08 |
| |
|
|
Rate / unit |
5.74 |
6.44 |
| |
|
c) Total (A + B) |
|
|
| |
|
|
Units (KWH) |
106,801,167 |
74,956,512 |
| |
|
|
Total amount (Rs.) |
315,830,059 |
207,702,125 |
| |
|
|
Rate / unit |
2.96 |
2.77 |
| |
2. |
Fuels (coal, HSD, LDO, LPG and LSHS) |
|
|
| |
|
|
Quantity in MT |
42,578 |
25,185 |
| |
|
|
Value (Rs.) |
1,160,100,555 |
731,190,522 |
| |
|
|
Rate / MT |
27,246 |
29,033 |
| B) CONSUMPTION PER MN PIECES OF PRODUCTION |
|
|
| |
Glass bottles (production in mn pieces) |
1,176 |
868.53 |
| |
Electricity (KWH) |
90,851 |
86,303 |
| |
Fuels (coal, HSD, LDO, LPG and LSHS) |
36.22 |
29.00 |
|
| |
|
| |
|
|
|
| |
| a) |
Specific areas in which R&D was carried out by the
Company |
|
|
|
| |
|
Glass business entered into a Technical
Support Agreement on long term basis
with M/s. Neue Glaswerke GroBreitenbach
GmbH & Co. KG, Germany (Weigand Glass),
one of the leading and the most efficient
Container Glass Manufacturers in the world.
The technical support will include the entire
process from raw material selection to final
inspection of the product |
|
|
|
| |
|
Research for more cost-effective raw material
alternatives and direct sourcing to substitute
the depleting raw materials currently used |
|
|
|
| |
|
Container glass division will train its engineers
with latest manufacturing techniques. This
initiative will result in a sustainable advantage
by reducing container weights, improving
operating speed and quality |
|
|
|
| |
|
Development of antibacterial coatings / glaze
on Sanitaryware |
|
| |
|
| |
|
|
|
| |
|
Development of new technologies for reducing
overall weight of bottles |
|
|
|
| |
|
Development of an alternative to Nano
Coatings on Sanitaryware |
|
|
|
| |
| Expenditure on R&D |
|
(Rs. mn) |
| |
2009-10 |
2008-09 |
| Capital expenditure |
- |
- |
| Recurring expenditure |
24.67 |
14.12 |
| Total |
|
|
| Total R&D expenditure as a % of total building products revenue |
0.06% |
0.04% |
| |
|
|
|
| |
|
| |
| 3. |
Foreign exchange earnings and outgo |
|
| |
|
| |
Activities and initiatives |
| |
A number of new products were developed and
exported. The export team was strengthened
for better direct market penetration overseas,
especially for Southeast Asia and other developed
countries. Better strategies were formulated for
more aggressive development of international
opportunities. |
| |
|
| |
| |
|
(Rs. mn) |
| |
2009-10 |
2008-09 |
| Earnings in foreign exchange |
1975.49 |
2686.59 |
| Expenditure on foreign exchange: |
|
|
| Raw material, spare parts
and others |
10275.99 |
7688.68 |
| Capital equipments |
1432.05 |
84.45 |
|
| |
|
| |
For and on behalf of the Board of Directors |
| |
| Place: Gurgaon |
Rajendra K Somany |
Date: May 20, 2010 |
Chairman and Managing Director |
|
| |
|
| |
Statement regarding subsidiary companies pursuant to
Section 212 (3) of the Companies Act, 1956 |
| |
|
| |
(Rs. mn) |
| |
| 1. |
Name of Subsidiary |
AGI Glasspack Ltd. |
HSIL Associates Ltd. |
Hindware Home Retail Pvt. Ltd. |
Halis International
Ltd.* | Alchemy International Cooperatief
U.A. (Sub. Of Halis International Ltd.) |
Haas
International
B.V. (Sub.
Of Alchemy
International
Cooperatief
U.A.) |
| 2. |
Financial year |
March 31, 2010 |
March 31, 2010 |
March 31, 2010 |
March 31, 2010 |
March 31, 2010 |
March 31, 2010 |
| 3. |
Holding company's interest |
100% |
100% |
100% |
100% |
0.64% |
- |
| 4. |
Shares held by holding company in subsidiary
(number) |
4,449,517 |
50,000 |
9,000,000 |
65,000 |
180* |
- |
| 5. |
The net aggregate of
profits / (losses) for the
current financial year of
the subsidiary so far as
it concerns the members
of the holding company
(a) Dealt with or provided for in the accounts of the
holding company
(b) Not dealt with or provided for in the
accounts of the holding
company |
(1.45)
– |
0.04
– |
(860.96)
– |
(4.42)
– |
(4.62)
– |
(6.46)
– |
| 6. |
The net aggregate of
profits / (losses) for the
previous financial year of
the subsidiary so far as it
concerns the members of
the holding company
(a) Dealt with or provided for in the accounts of the
holding company
(b) Not dealt with or provided for in the
accounts of the
holding company |
(0.18)
–
|
(0.18)
– |
(841.07)
– |
(1.20)
– |
–
– |
–
– |
|
| |
|
| |
* This denotes member's contribution in Euros. |
| |
|
| |
| Ruchika Gupta |
V.K. Ajmera |
| Company Secretary | Vice President (Corporate Finance) |
| Sandip Somany |
Rajendra K Somany |
| Joint Managing Director | Chairman and Managing Director |
|
| |
Information as per Section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules, 1975
and forming part of the Directors' Report for the financial year
ended March 31, 2010 |
| |
|
| |
| Name of the Employee |
Designation & Nature of Employment |
Qualification |
Experience (years) |
Date of Employment |
Age (years) |
Remuneration Received (Rs.) |
Last Employment held and designation |
| A. Employed throughout the period and in receipt of remuneration not less than Rs. 2,400,000 for the period |
| Mr. Rajendra K Somany |
Chairman and
Managing Director (Contractual) |
B.Com.,
FI(Cem.),
FBIM(U.K.),
LFIMA |
55 |
October 1, 1965 |
73 |
287,69,820 |
– |
– |
| Mr. Sandip Somany |
Joint Managing Director Contractual |
B.Com., Diploma in Ceramics (USA) |
25 |
October 1, 1985 |
47 |
266,37,400 |
– |
– |
| Mr. R.B. Kabra |
President, Building Products Division |
B.Com., FCA, ACS |
29 |
September 7, 1981 |
52 |
1,05,82,900 |
Hyderabad Asbestoes Ltd. |
Chief Accountant |
| Mr. Arun Kumar D. |
President -
AGI |
B.E.
(Mechanical) |
38 |
December 2, 1996 |
63 |
78,69,256 |
Nagarjuna Acqua Ltd. |
President |
| Mr. Manoj
Kumar Kar |
Sr. Vice
President
(Operations)
- AGI |
B.E. (Hons.) |
23 |
February 5,
2007 |
47 |
25,97,402 |
Eveready
Industries
India Ltd. |
G.M.
(Works) |
| Mr. V Vijay
Sanker |
Sr. Vice
President- AGI |
B.Com
(Hons.) |
42 |
January
1,1984 |
62 |
25,88,413 |
SPL Ltd. |
Commercial
Executive |
| Mr. Sanjay Kalra |
Sr. Vice
President
(Sales) - BPD |
B.Sc., MBA |
26 |
April 29,
2002 |
48 |
44,01,150 |
Pedilite
Industries
Ltd. |
D.G.M. |
| Mr. J.K.
Somani |
Sr. Vice
President -
BPD |
B.Com., ACS |
32 |
June 16,
1977 |
53 |
51,83,017 |
- |
- |
| Mr. Sanjay Gaur |
Vice President
(H.R.) - BPD |
B.Com., MBA |
20 |
December 04, 2006 |
43 |
46,72,623 |
Bharti Airtel Ltd. |
G.M., HR |
| Mr. Ajay Seth |
Vice President
(Services) -
BPD |
B.E.(Elect),
MBA |
20 |
September 10, 2007 |
42 |
42,68,187 |
Reliance Industries Ltd. |
G.M., Service |
| Mr. S.S. Kamath |
Vice President
(Works) - BPD |
B.Tech. |
27 |
December 20, 2005 |
49 |
43,63,000 |
ACC Ltd. |
Vice
President,
Works |
| Mr. S.P.
Chandra |
Vice President
(Production)
- AGI |
B.Sc., Dip.
Mech. Engg. |
38 |
October
19,1982 |
65 |
29,47,018 |
Hindustan
National
Glass Ltd. |
Production
Supervisor |
| Mr. V.K.
Ajmera |
Vice President,
(Corporate
Finance) |
B.Com(H),
F.C.A. |
31 |
May
19,1990 |
55 |
29,54,879 |
Modi
Alkalies Ltd. |
Manager
(Accounts) |
| Mr. C.P.
Suresh |
Vice President
(Marketing)
-AGI |
B.Sc.
P.G.D.B.M. |
35 |
November
9,1977 |
60 |
25,72,612 |
- |
- |
| Mr. Anil Chandani |
Associate .V.
P. (Corporate
Finance) |
B.Com. (H), FCA, FCS, AICWA, DBF |
19 |
April 21, 2008 |
42 |
32,43,619 |
GHCL Ltd. |
G.M., Corporate Finance |
| Mr Venkat
Ramana
Reddy N |
Sr.
G.M.(Sales) -
BPD |
MBA |
25 |
July 11,
1990 |
48 |
30,84,478 |
Madhusudan
Ceramics
Ltd. |
Sales
Officer |
| B. Employed for part of the period and in receipt of remuneration not less than Rs. 200,000 per month |
| Mr. Santosh
Nema |
President
(Market and
Business
Operation) -
BPD |
PGDBM
(IIM-A) |
27 |
September
21, 2009 |
51 |
42,88,000 |
Cera
Sanitaryware
Ltd. |
CEO &
Director |
| Mr. Sanjiv
Dham |
A.V.P. ( Head
Faucets) -
BPD |
B.E, Diploma
in Mech, M.A |
34 |
September
04, 2009 |
53 |
15,92,500 |
Havells India
Ltd. |
Vice
President |
| Mr. Vijay Sati |
V.P., Supply Chain, BPD |
B.E. (Civil), MBA |
20 |
July 14,2008 |
45 |
39,61,339 |
HCL Technologies |
Head Commercial |
| Mr. Direndra Kumar Suri |
Head, Faucets Division |
MBA |
17 |
June 10, 2003 |
42 |
20,71,967 |
Ess Ess Ltd. |
Country Manager |
|
| |
Notes: |
| |
| 1. |
Employees named above are/were wholetime employees of the Company as per the Company's terms and
conditions. |
| |
|
| 2. |
Mr. Rajendra K Somany, Chairman and Managing Director and Mr. Sandip Somany, Joint Managing Director
are related to each other. None of the other employees are related to any of the Directors of the Company. |
| |
|
| 3. |
Mr. Rajendra K Somany, Chairman and Managing Director and Mr. Sandip Somany, Joint Managing Director
are promoters of the company and except them no other employee holds 2% or more of the equity share capital
of the Company. |
| |
|
| 4. |
Remuneration received includes Gross Salary, Bonus, Commission, performance incentive, ex-gratia, actual
expenditure for provision of rent free accommodation or benefits or amenities, house rent allowance, medical
expenses, leave travel assistance, other allowances, reimbursement of gas, water and electricity expenses.
Company's contribution to provident fund, employee pension scheme, gratuity fund and provision of car valued
as perquisites in accordance with rules under the Income Tax Act, 1961. |
| |
For and on behalf of the Board of Directors |
| |
|
| |
| Place: Gurgaon |
Rajendra K Somany |
| Date: May 20, 2010 |
Chairman and Managing Director |
|
|
