Annual Report Financial Year 2019-20
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SANATHNAGAR ENTERPRISES LIMITED 73rd ANNUAL REPORT FINANCIAL YEAR 2019-20 IN VIEW OF GREEN INITIATIVES INITIATED BY THE GOVT. OF INDIA, MINISTRY OF CORPORATE AFFAIRS, WE REQUEST YOU TO REGISTER YOUR EMAIL ID WITH THE REGISTRAR AND SHARE TRANSFER AGENT, IF YOU ARE HOLDING SHARES IN PHYSICAL MODE AND WITH YOUR DEPOSITORY PARTICIPANT, IF YOU ARE HOLDING SHARES IN DEMATERIALISED FORM. SEBI HAS MANDATED THAT SECURITIES OF LISTED COMPANIES CAN BE TRANSFERRED ONLY IN DEMATERIALISED FORM W.E.F. APRIL 1, 2019. ACCORDINGLY THE COMPANY / ITS RTA HAS STOPPED ACCEPTING ANY FRESH LODGEMENT OF TRANSFER OF SHARES IN PHYSICAL FORM. MEMBERS HOLDING SHARES IN PHYSICAL FORM ARE ADVISED TO AVAIL OF THE FACILITY OF DEMATERIALISATION. SANATHNAGAR ENTERPRISES LIMITED CORPORATE INFORMATION BOARD OF DIRECTORS Ms. Sanjyot Rangnekar Non-Executive Director Mr. Bhushan Shah Independent Director Mr. Vinod Shah Independent Director KEY MANAGERIAL PERSONNEL Mr. Martin Godard Manager Mr. Sumit Kumar Jain Chief Financial Officer Mr. Hitesh Marthak Company Secretary & Compliance Officer STATUTORY AUDITORS MSKA & Associates, Chartered Accountants BANKERS HDFC Bank Limited Kotak Mahindra Bank Limited REGISTERED OFFICE 412, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai-400 001 Tel.: +91.22.61334400 Fax: +91.22.23024550 Website: www.sanathnagar.in E-mail: [email protected] CORPORATE OFFICE Lodha Excelus, 10th floor, Apollo Mills Compound, N.M Joshi Marg, Mahalaxmi, Mumbai 400011 Tel.: +91.22.61959674 Fax: +91.22.23024420 TABLE OF CONTENTS REGISTRAR & TRANSFER AGENT Contents Page CIL Securities Limited No. 214, Raghava Ratna Towers, Chirag Ali Lane, Hyderabad - 500 001. Andhra Pradesh, India Notice to Members 3 Telephone No.: +91-040–23203155 Directors’ Report 11 Fax: +91 40 23203028 Email: [email protected] Auditors’ Report 36 Balance Sheet 44 Statement of Profit & Loss 45 Cash Flow Statement 46 Notes forming part of the Financial Statements 48 2 Annual Report 2019-20 SANATHNAGAR ENTERPRISES LIMITED NOTICE NOTICE is hereby given that the 73RD ANNUAL GENERAL MEETING of the Members of Sanathnagar Enterprises Limited will be held on Wednesday, September 30, 2020, at 11.00 a.m. through video conferencing / Other Audio Visual Means to transact the following business: ORDINARY BUSINESS: 1. To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended March 31, 2020, together with the Reports of the Board of Directors and the Auditors thereon and in this regard pass the following resolution as an Ordinary Resolution: “RESOLVED THAT the audited financial statement of the Company for the financial year ended March 31, 2020 and the reports of the Board of Directors and Auditors thereon, as circulated to the members, be and are hereby considered and adopted.” 2. To appoint a director in place of Ms. Sanjyot Rangnekar (DIN: 07128992), who retires by rotation and being eligible, offers herself for re-appointment. For and on behalf of Board Sanathnagar Enterprises Limited Hitesh Marthak CompanySecretary Membership No. : A18203 Date: June 9, 2020 Place: Mumbai Registered Office: 412, Floor- 4, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai-400001 CIN L99999MH1947PLC252768 Telephone No.:+9122-23024400 Fax No. : +9122-23024550 Website : www.sanathnagar.in E-mail : [email protected] NOTES: 1) Considering the present Covid-19 pandemic, the Ministry of Corporate Affairs (“MCA”) has vide its circular dated May 5, 2020 read together with circulars dated April 8, 2020 and April 13, 2020 (collectively referred to as “MCA Circulars”) and Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020 issued by the Securities and Exchange Board of India (“SEBI Circular”) permitted convening the Annual General Meeting (“AGM” / “Meeting”) through Video Conferencing (“VC”) or Other Audio Visual Means (“OAVM”), without the physical presence of the members at a common venue. In accordance with the MCA Circulars, provisions of the Companies Act, 2013 (‘the Act’) and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), the AGM of the Company is being held through VC / OAVM. The deemed venue for the AGM shall be the Corporate Office of the Company at 10th Floor, Lodha Excelus, N.M. Joshi Marg, Mahalaxmi, Mumbai 400011. Pursuant to MCA Circulars and SEBI Circulars, this annual report is being sent by email only. 2) Generally, a member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote on a poll instead of himself/herself and the proxy need not be a member of the Company. Since this AGM is being held through VC / OAVM pursuant to the MCA Circulars, physical attendance of members has been dispensed with. Accordingly, the facility Annual Report 2019-20 3 SANATHNAGAR ENTERPRISES LIMITED for appointment of proxies by the members will not be available for the AGM and hence the Proxy Form and Attendance Slip are not annexed hereto. However, the Body Corporates are entitled to appoint authorised representatives to attend the AGM through VC/OAVM and participate thereat and cast their votes through e-voting. The resolution authorising for the aforesaid shall be sent to the Company at [email protected] with a copy marked to cs.shravangupta@ gmail.com, a scrutiniser and NSD at [email protected] 3) The Members can join the AGM in the VC/OAVM mode 15 minutes before and after the scheduled time of the commencement of the Meeting by following the procedure mentioned in the Notice. The facility of participation at the AGM through VC/OAVM will be made available for 1,000 members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, Auditors etc. who are allowed to attend the AGM without restriction on account of first come first served basis. 4) The attendance of the Members attending the AGM through VC/OAVM will be counted for the purpose of reckoning the quorum under Section 103 of the Companies Act, 2013. 5) Since the AGM will be held through VC/ OAVM, the route map of the venue of the Meeting is not annexed hereto. 6) In line with the MCA Circulars, the Notice calling the AGM has been uploaded on the website of the Company at www.sanathnagar.in.The Notice may also be accessed from the websites of the Stock Exchanges i.e. BSE Limited at www.bseindia.com and the AGM Notice is also available on the website of NSDL (agency for providing the Remote e-Voting facility) i.e. www.evoting.nsdl.com. 7) Members holding shares in physical form in multiple folios in identical names or joint holding in the same order of names are requested to write to the Company’s Registrar and Share Transfer agent, CIL Securities Limited, 214, Raghava Ratna Towers, Chirag Ali Lane, Hyderabad - 500 001. Andhra Pradesh, India Telephone No.: +91-040–23203155 Email Id: rta@ cilsecurities.com enclosing their original share certificate to enable them to consolidate the holdings into one folio. 8) The Register of Directors and Key Managerial Personnel and their shareholding maintained under Section 170 of the Act, the Register of Contracts or Arrangements in which the directors are interested, maintained under Section 189 of the Act, and the relevant documents referred to in the Notice will be available electronically for inspection by the members during the AGM. 9) All documents referred to in the Notice will also be available electronically for inspection without any fee by the members from the date of circulation of this Notice up to the date of AGM. Members seeking to inspect such documents can send an email to [email protected] 10) In terms of Rule 18 of the Companies (Management and Administration) Rules, 2014, the Company may give notice through electronic mode addressing to the person entitled to receive such e-mail as per the records of the Company or as provided by the depository, provided that the Company shall provide an advance opportunity atleast once in a financial year, to the member to register his e-mail address and changes therein and such request may be made by only those members who have not got their email ID recorded or to update a fresh email ID and not from the members whose e-mail IDs are already registered. In view of the above, the Company hereby request the members who have not updated their email IDs to update the same with their respective Depository Participant(s) or the CIL Securities Limited, the Registrar and Transfer Agent of the Company. Further, the members holding shares in electronic mode are requested to keep their email addresses updated with the Depository Participants. Members holding shares in the physical mode are also requested to update their email addresses by writing to the Registrar and Transfer Agent of the Company quoting their folio number(s). 11) Members holding shares in dematerialized form are requested to intimate all changes pertaining to their bank details, National Electronic Clearing Service (NECS) and Electronic Clearing Service (ECS) mandates, nominations, power of attorney, change of address, change of name, e-mail address, contact numbers, etc., to their Depository Participant (DP). Changes intimated to the DP will then be automatically reflected in the Company’s record which will help the Company and the Company’s R&T Agent to provide efficient and better services. Members holding shares in physical form are requested to intimate such changes either to the Company or to the Company’s R&T Agent. 4 Annual Report 2019-20 SANATHNAGAR ENTERPRISES LIMITED 12) The Securities and Exchange Board of India (SEBI) has mandated submission of Permanent Account Number (PAN) by every participant in the securities market.