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Everything that irritates us about others
can lead us to an understanding of
ourselves.
– Carl Jung
Internal Control Systems
The Internal Control Systems of the Company are commensurate
with the nature of its business and size and complexity of
its operations. These are routinely tested and certified by
Statutory as well as Internal Auditors covering all key areas of
business. Significant audit observations and follow up actions
and recommendations thereon are reported to the higher
management and Audit Committee for its review.
The Company has an in-house Internal Audit Department
consisting of professionally qualified managers and is also
working with reputed firms specialising in internal audit
function. The combined efforts is helping the Company to
introduce best practices required to manage its growing
business that now comprises, amongst others, subsidiary, joint
venture and associate companies in India and abroad.
During the year, the Company further strengthened the systems
of internal audit and risk assessment and mitigation and took
several key initiatives. In specific, the Company i) introduced
usage of advanced analytical tools and techniques for internal
audit and thus helped to improve coverage, efficiency and
effectiveness of audit and ii) implemented Enterprise Risk
Management for each Business and the Company as a whole
and iii) increased the audit coverage of subsidiary companies.
Human Resources
The Company continued with its drive to institutionalise and
upgrade its HR processes. In particular, it focused on improving
its processes relating to Performance Management (Training
& Development, Key Initiatives: identification and review,
Competencies, 360 degree feedback and fixed and variable
pay).
On an average, 5 mandays of training was imparted during the
year. The training need is identified based on self assessment
and L+1 assessment; in addition, there are certain standard
courses which everyone is expected to go through, depending
upon his (her) grade. The identification and review process of
Key Initiatives has become more robust and is continuously
upgraded.
For the first time in 3 years, the number of employees (as
on March 31, 2012) increased by 91 or 3% to 2737, mainly
in Marketing
Department
s
. The number of employees
comprises those working in the Company and also in its
non-manufacturing subsidiary and associate companies, but
not those working in manufacturing subsidiary, joint venture
and associate companies.
Long-term Wage Settlements with the Unions at Valsad and
Ankleshwar sites are under discussion and will help bring
further improvements particularly in manpower productivity.
Employee Relations at all locations continued to be cordial,
and the endeavour is to completely eliminate the divide that
sometimes separates the Management and the Unions and
use the strengths of everyone to boost the performance of the
Company.
Statements made in the Management Discussion & Analysis
report relating to projections, estimates, expectations or
predictions are based on certain assumptions. The Company
cannot guarantee that these assumptions are accurate or will
be realised. The actual results, performance or achievements
of the Company may thus differ materially from those
estimated or projected.