(within the limits set by the Company’s competitive position)
Industry structure and developments, opportunities and threats, segment wise orproduct-wise performance, outlook, risks and concerns of the Company and discussion onfinancial performance with respect to the operational performance, has been covered in theDirectors’ Report – more specifically in the opening and under the sections onFinancial Results and Operations, Exports, Business Development and SWOT Analysis of theCompany.
The Company has an adequate system of internal controls to ensure that transactions areproperly recorded, authorised and reported apart from safeguarding its assets. Theinternal control system is supplemented by well-documented policies, guidelines andprocedures and review carried out by the Company’s internal audit function, whichsubmits reports periodically to the Management and the Audit Committee of the Board.
In order to foster an improved controls culture in the Company, wherein every employeeis fully aware of all the major risk/controls faced in his / her work sphere and assumesresponsibility for the controls performed therein, the Company has implemented a toolcalled "Controls Manager" which works on the basic concept of Control SelfAssessment. The self assessments by process / control owner are also used as the basis ofCEO/CFO certification as required under Clause 49 of the Listing Agreement with the BombayStock Exchange.
There has been no material development in Human Resources / Industrial relations duringthe period covered by this Annual Report. Your Company has a favourable work environmentthat motivates performance, customer focus and innovation while adhering to the highestdegree of quality and integrity. As part of manpower development and training and with anaim to enhance operational efficiency, employees of the Company have been sent on postingsand assignments to the other Nestl Group companies.
Manpower figure of the Company as on 31st December, 2010 was 5,573.