Annual Report: 2021
San Engineering & Locomotive Co Ltd's 51st Annual General Meeting will be held on August 28th, 2021 to transact the following business: to receive, consider and adopt the audited financial statements (including audited consolidated financial statements) for the Financial Year ended 31st March, 2021 and the Reports of the Board of Directors and Auditors; to declare a Dividend of Rs 1/- per share for the financial year ended March 31, 2021; to appoint a Director in place of Mr. Milind S Thakker, who retires by rotation and being eligible, offers himself for re-appointment; to ratify the remuneration of the Cost Auditors.
The Board of Directors includes Milind S Thakker (Chairman), Inder Mahadevan, Jasjiv Sahney, Apparao Mallavarapu, Udayant Malhoutra, and Ramanathan Narayanan (Managing Director). Kishore Govinde is the Company Secretary. The bankers are State Bank of India and Canara Bank. M/s N.R. Rajagopalan & Co., Chennai are the auditors. The registered office is at Whitefield Road, Bengaluru and the factories are located at Whitefield Road (Bengaluru), Hebbal Industrial Area (Mysuru), and Malur Industrial Area (Malur).
Financial Performance: The company's net sales and other income for the year 2020-21 was Rs 125.14 Crore, compared to Rs 147.92 Crore in 2019-20. The profit before tax was Rs 6.44 Crore, down from Rs 18.64 Crore in the previous year. A dividend of Rs 1/- per equity share (10% of nominal value) has been recommended by the Board. The performance of the company was impacted due to interruptions in production activity on account of lockdown and measures imposed due to Covid-19. The company opened the financial year with an order backlog of over Rs. 360 Crores, including orders for Diesel Electric Tower Cars (DETC), Rail Borne Maintenance Vehicles (RBMV), and Diesel Hydraulic Multiple Units (DHMU) for Indian Railways, and Camp coaches.
Corporate Governance: The Board comprises six directors, including one promoter director, one managing director, and four independent directors. The Board met four times during the financial year. The company has a Corporate Social Responsibility (CSR) Policy focusing on education, eradication of hunger, skill development, environment protection, and healthcare. The company aims to spend a minimum of 2% of its average net profits for the last three financial years on CSR activities. The Company has a Nomination and Remuneration Committee.
Subsidiaries: The company has two subsidiary companies, San Motors Ltd and San Rolling Stock Services Ltd.
Research and Development: The company has a recognized Research & Development Centre engaged in developing new products and improving existing ones. Ongoing projects include the Design & Development of Diesel Hydraulic Multiple Unit for Kalka - Shimla section of Indian Railways, development of Worksite Tampers for Indian Railways and standardization of locomotives and rail products. The R&D expenditure amounted to Rs. 1.73 Crore, which is 1.41% of the total turnover.
The Directors confirm that the applicable accounting standards have been followed, accounting policies are consistently applied, proper care has been taken for adequate accounting records, accounts have been prepared on a going concern basis, and proper systems are in place to ensure compliance with applicable laws. The company has taken steps to strengthen its business processes by setting up standard operating procedures and internal control systems.
Statutory Compliance: The auditors report indicates that the financial statements give a true and fair view, proper books of account have been kept, and the standalone financial statements comply with accounting standards. There are no significant or material orders passed by regulators or courts that would impact the going concern status of the company. The company did not accept any public deposits. There are no pending litigations that would impact its financial position. The company has complied with the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013.
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