Your Directors take pleasure in presenting the Thirty-first Annual Report on thebusiness and operations of the
Company together with Audited Financial Statements of the Company for the year ended 31stMarch 2020. The year under review would be remembered as a really challenging year withunfavorable macros slowdown in infrastructure activities weak market liquidity and thenthe final blow with the unprecedented COVID-19 pandemic which majorly disrupted theeconomic activities not only in India but across the world.
The economic situation of the Country was adversely impacted during the mandatorylockdown period and it includes the sectors in which your Company is operating. YourCompany believes that with its strong foundation and stakeholders' support including itsloyal customers employees vendors and bankers it will be able to overcome the challengesand continue to maintain its market leadership position in the relevant market segmentsably supported by the various customer connect initiatives put in place by the Company.
With the above brief synopsis your Directors are pleased to present the financialperformance of the Company for the year ended 31st March 2020:
|FINANCIAL RESULTS || ||(Rs. in Lakhs) |
|Financial Results ||2019-2020 ||2018-2019 |
|Total Income ||32620.07 ||29526.04 |
|Total Expenditure ||16614.48 ||19310.53 |
|Profit before Interest and Depreciation ||16005.59 ||10215.51 |
|Interest ||4103.44 ||4759.06 |
|Depreciation ||14037.76 ||14082.05 |
|Profit Before Tax ||(2135.60) ||(8625.60) |
|Provision for Taxation ||(1475.26) ||(2819.29) |
|Profit after Tax ||(660.34) ||(5806.31) |
|Surplus brought forward from last year ||28815.67 ||34621.98 |
|Profit available for Appropriation ||28155.33 ||28815.67 |
|Appropriations: || || |
|Transfer to General Reserves ||0.00 ||0.00 |
|Dividend ||0.00 ||0.00 |
|Tax on Dividend ||0.00 ||0.00 |
|Surplus carried forward to Balance Sheet ||28155.33 ||28815.67 |
During the year under report your Company generated revenue of Rs. 32286.96 Lakhs(previous year: Rs. 28239.72
Lakhs) and thereby registered top line growth of nearly 14% on annualized basis. TheCompany has achieved an average capacity utilization of 72% in FY 2019-20 as against 59%in FY 2018-19. However in spite of increase in business volume the Company was not ableto increase the average blended yield on account of competition and less than expectedspeed in project development in the core sector of the economy. Furthermore Company hasdecided to give more thrust on capacity utilization of its cranes bit compromise onyield.
The revenue contribution from wind mill sector remained muted and did not meet theCompany's expectation as overall capacity installation was less than the estimates.Furthermore this sector is facing some problems on account of changes in governmentpolicies specifically dealing with the methodology for bidding for wind mill projects(Feed- In-Tariff to Auction Based Tariff).
SML has seen an improvement in the order book in the current year supported by improvedcapacity addition from non-wind mill clients. However given over 10000 MW capacityaddition has been awarded by SECI and state power utilities wind installation willwitness strong recovery over the next 12-18 months which will provide strong revenuevisibility for vendors like SML. In spite of turbulent business environment SML hasserviced its debt in time. With available cash accruals from business operations andpartly through asset monetization it had pre-paid term loan installments of more than Rs.2800 Lakhs which was originally due in FY 2020-21.
Your Company has been earning regular income from the business of power generation from5.05 MW windmills installed in Jaisalmer Rajasthan and Chitradurga Karnataka. TotalIncome earned out of Wind Power Generation was Rs. 203.46 Lakhs.
In order to conserve the cash for debt repayment obligations and in view of the lossesthe Board of Directors expresses its inability to recommend any dividend on equity sharesfor the year under review.
The paid up equity capital as on 31st March 2020 was Rs. 86576000/-.During the period under review the Company has not issued shares with differential votingrights nor granted stock options nor sweat equity.
During the year under review the Company has availed financial assistance from TheSaraswat Co-operative
Bank HDFC Bank and State Bank of India. The costs of borrowings availed from thesebanks are constantly been optimised through proactive financial management coupled withnegotiations with bankers. Term Loan outstanding as of 31st March 2020 was Rs.28222 Lakhs (as on 31st March 2019 Rs. 40148 lakhs). During the year underreview your Company has reduced its borrowings by Rs. 11926 lakhs. The Company isregular in its repayment obligation with its banks.
During the year the following credit ratings were assigned to the Company: ICRAA-' as credit rating for long term loans and ICRA A2+' as credit ratingfor short term loans/borrowings.
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS
The Company has not given any loans or guarantees covered under the provisions ofSection 186 of the Companies
Act 2013. The details of the investments made by Company are given in the notes to thefinancial statements.
During the year under review the Company has not accepted any deposit within themeaning of Sections 73 and 74 of the Companies Act 2013 read with the Companies(Acceptance of Deposits) Rules 2014 (including any statutory modification(s)orre-enactment(s) thereof for the time being in force). As of 31 st March 2020there are no fixed deposits outstanding.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
The Company does not own any manufacturing facility and hence our processes are notenergy intensive. Hence particulars relating to conservation of energy and technologyabsorption pursuant to provisions of Section 134 (3) (m) of the Companies Act 2013 readwith Rule 8 of the Companies (Accounts) Rules 2014 are not applicable.
FOREIGN EXCHANGE EARNINGS AND OUT-GO
During the year under review there were no foreign exchange earnings and the foreignexchange outgo amounted to Rs. 355.95 Lakhs.
The accounts read with the notes thereon are self-explanatory and hence do not call forany explanatory statement.
The assets of the Company including buildings sheds machinery cranes etc. areadequately insured.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All related party transactions which were entered into during the financial and in theordinary course of business. There are no materially significant related party
Company with Promoters Directors Key Managerial Personnel or other designated personswhich may have a potential conflict with the interest of the Company at large.
The statement that the transactions are at arm's length and in the ordinary course ofbusiness is supported by a
Certificate from the Managing Director. All Related Party Transactions are placedbefore the their approval and to the Board as and when required. The policy on RelatedParty Transactions as approved by the Board is uploaded on the Company's website i.e.http://www.sanghvicranes.com/media/SML_RPT.pdf
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICHHAVE OCCURRED BETWEEN 31ST MARCH 2020 AND 13TH AUGUST 2020 (DATE OFTHE REPORT)
There were no material changes and commitments affecting the financial position of theCompany between the end of financial year (31st March 2020) and the date of theReport (13thAugust 2020). There have been no material changes and commitmentsaffecting the financial position of the Company which have occurred between the end ofthe financial year of the Company to which the financial statements relate and the date ofthis report.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an adequate system of internal control commensurate with its size andnature of business to ensure that the resources of the Company are used efficiently andeffectively all protected against loss from unauthorized use or disposition and thetransactions are authorised recorded and reported correctly financial and other data arereliable for preparing financialinformation and other maintaining accountability ofassets. The internal control is supplemented by extensive programme of internal auditsreview by management documented policies guidelines and procedures.
The Audit Committee and Board is of the opinion that the Company's internal financialcontrols and effective during Financial year 2019-20 for ensuring the orderly andefficient conduct of its business including adherence to the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of accounting records and timely preparation of reliableFinancial disclosures.
a. Statutory Auditors
At the Thirtieth Annual General Meeting of the Company held on 8th August2019 the Statutory Auditors M/s. B
S R & Co. L.L.P. Chartered Accountants Pune (Firm registration No. 101248W) wereappointed for a period of two years with effect from the conclusion of the ThirtiethAnnual General Meeting of the Company held on 8th August 2019 till theconclusion of Thirty-second Annual General Meeting of the Company to be held in the year2021.
b. Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 and amendments andmodifications thereof the Board of Directors of the Company has appointed M/s. Kanj &Co L.L.P. Practising Company Secretaries to undertake the Secretarial Audit of theCompany. The Report of the Secretarial Audit is annexed herewith as "AnnexureA".
The Company does not have any subsidiary.
The Members of the Company at the Twenty-sixth Annual General Meeting of the Companyheld on 23rd September
2015 had appointed Mr. Sham D. Kajale as the Executive Director & CFO of theCompany for a period of five years upto 01st September 2020. In theTwenty-ninth Annual General Meeting of the Company held on 13th August 2018the designation of Mr. Sham D. Kajale was changed to Joint Managing Director and CFO ofthe Company.
Mr. Sham D. Kajale has done his Master's in Commerce and is the Associate Member of theInstitute of Cost Accountants of India. Mr. Sham D. Kajale is working with the Companysince last 25 years and has been looking after Corporate Finance Accounts LegalTaxation Marketing and Business Development and other administrative functions. In thelast three financial years the Company has not posted any profits and in effectivefinancial management is critical. During this period Mr. Sham D. Kajale has contributedsignificantly in to the overall development of the Company. Mr. Sham D. Kajale is a verygood leader managingthefinances with strong relationship with stakeholders bankers andemployees. He is a valuable asset for the Company in his role as Joint Managing Director& CFO.
In terms of Sections 196 197 202 203 and other applicable provisions if any of theCompanies Act 2013 and
SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 there-appointment of Mr. Sham D.
Kajale and for the payment of remuneration is required to be approved by the Members ofthe Company.
Mrs. Madhu Dubhashi was appointed as an Additional Director of the Company in the BoardMeeting held on 08th August 2019. Pursuant to the provisions of Section 161 ofthe Companies Act 2013 the Additional Director until the date of the ensuing AnnualGeneral Meeting. Accordingly as per provisions of Section 160 holdsoffice of the CompaniesAct 2013 necessary resolution in relation to the appointment of Mrs. Madhu Dubhashi as anIndependent Director is placed before the Members at the ensuing Annual General Meeting.Further the Board at its meeting held on 13th August 2020 recommended herappointment as an Independent Non Executive Director on the Board to the Members of theCompany for a term of five year i.e. upto 07th August 2024.
At the Twenty-seventh Annual General Meeting of the Company held on 22ndSeptember 2016 Mr. Madhukar
Kotwal who was appointed as an Independent Director on the Board of the Company for aterm of five consecutive years up to 31st March 2021 pursuant to theprovisions of Sections 149 152 and Schedule IV of the Companies
Act 2013 read with the Companies (Appointment and Qualification of Directors) Rules2014. Further the Board at its meeting held on 13th August 2020 recommended hisappointment as Independent Non Executive Director on the Board to the Members of theCompany for a second term of five year beginning from 01 st April 2021 to 31st
DECLARATION OF INDEPENDENCE
The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet with the criteria of independence as prescribed under subsection (6) of Section 149 of the Companies Act
2013 and under Regulation 16 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 as amended from time to time. As per the requirements ofRule 8(5)(iiia) of Companies (Accounts) Rules 2014 in the opinion of the Board all theIndependent Directors of the Company possess the integrity expertise and experienceincluding the proficiency required to be Independent Directors to effectively dischargetheir roles and responsibilities in directing and guiding the affairs of the Company.
NUMBER OF MEETINGS OF THE BOARD
A calendar of meetings is prepared and circulated in advance to the Directors. Duringthe year five Board Meetings were convened and held the details of which are given in theCorporate Governance Report. The intervening gap between the meetings was within theperiod prescribed under the Companies Act 2013.
The details pertaining to the composition terms of reference and other details of theAudit Committee of the Board of Directors of your Company and the meetings thereof heldduring the financial year are given in the Report on
Corporate Governance section forming part of this Annual Report. The recommendations ofthe Audit Committee were accepted by the Board of Directors of your Company from time totime during the year under report.
RISK MANAGEMENT COMMITTEE
Pursuant to Section 134 (3) (n) of the Companies Act 2013 and Regulation 21 of theSEBI (Listing Obligation and Disclosure Requirements) Regulation 2015 the Company hasconstituted a Risk Management Committee. The Company has a Risk Management framework toidentify evaluate business risks and opportunities. This framework seeks to minimizeadverse impact on the business objectives and enhance the Company's competitive advantage.
NOMINATION & REMUNERATION COMMITTEE
In accordance with the provisions of Section 178 of the Companies Act 2013 andRegulation 19 of the SEBI
(Listing Obligation and Disclosure Requirements) Regulations 2015 the Board hasconstituted Nomination &
The Nomination & Remuneration Committee of the Board of Directors of Sanghvi MoversLimited consists of three members and all of them are Independent Directors. Mr. PradeepR. Rathi Chairman Mr. S. Padmanabhan and Mr. Dara Damania as members of theCommittee.
The Board of Directors of the Company has framed Remuneration Policy for selection andappointment of Directors Senior Management and their remuneration. The RemunerationPolicy has been uploaded on the website of the Company athttp://www.sanghvicranes.com/media/REMUNERATION POLICY.pdf.
Pursuant to the requirements of Section 178 of the Companies Act 2013 and CompanyAmendment Act 2017 the salient features of the Remuneration Policy of Sanghvi MoversLimited are as follows:
a. To formulate criteria for evaluation of Independent Directors and the Board;
b. To devise a policy on Board diversity;
c. To identifying persons who are qualifiedto become Directors and who may be appointedin Senior Management in accordance with the criteria laid down and recommend to the Boardtheir appointment and removal;
d. To evaluate the Whole-Time Director's performance in the light of established goalsand objectives; e. To review and recommend the compensation for Whole-Time Directors tothe Board; f. To review and overseeing Company's employee benefit programs; g. To carry anannual evaluation on its performance using the established procedures;
h. To advise management on employee hiring training development deployment andmotivation and internal communication and culture building
i. Recommend to the board all remuneration in whatever form payable to seniormanagement.
FAMILIARISATION PROGRAMMES FOR INDEPENDENT DIRECTORS
According to the provisions of Regulation 25 (7) of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the Company has framed various programmes tofamiliarize the Independent Directors with the Company their roles rightsresponsibilities in the Company nature of the industry in which the Company operatesbusiness model of the Company etc. The details of such programmes have been disclosed onthe Company's website at the following link:http://www.sanghvicranes.com/media/SML_FPFID.pdf
VIGIL MECHANISM & WHISTLE BLOWER POLICY
The Company in accordance with the provisions of the Companies Act 2013 and Regulation22 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations 2015 has established a VigilMechanism and Whistle Blower Policy which provides a formal mechanism for all Directorsemployees and other stakeholders of the Company to report to the management theirgenuine concerns or grievances about unethical behaviour actual or suspected fraud andany violation of the Company's Code of conduct or ethics policy. The policy also providesa direct access to the Chairman of the Audit Committee to make protective disclosures tothe management about grievances or violation of the Company's Code of Conduct.
The functioning of the Vigil Mechanism is reviewed by the Audit Committee from time totime. During the year nil complaints were received. The policy is disclosed on theCompany's website in the following link:http://www.sanghvicranes.com/media/SML_vigil mechanism.pdf
POLICY ON SUCCESSION PLANNING
The Company has a formal Policy on Succession planning duly approved by the Board ofDirectors of the
Company. The objective of this Policy is to ensure the orderly identification andselection of new Directors or Senior
Management in the event of any vacancy whether such vacancy exists by reason of ananticipated retirement an un-anticipated departure or otherwise.
PREVENTION OF INSIDER TRADING
The Company has adopted a Code of Conduct for Prevention of Insider Trading with a viewto regulate trading in securities by the Directors and designated employees of theCompany. The Code requires pre-clearance for dealing in the Company's shares and prohibitsthe purchase or sale of Company shares by the Directors and the designated employees whilein possession of unpublished price sensitive information in relation to the Company andduring the period when the Trading Window is closed. The Board is responsible forimplementation of the
Code. All Board Directors and the designated employees have confirmed compliance withthe Code.
POLICIES OF THE COMPANY
The key policies adopted by the Company are as follows:
Sr. No. Name of the Policy
1 Policy for determining of materiality of events information
2 Code of Fair Disclosure
3 Archival Policy
4 Code of conduct for Board of Directors and Senior Management
5 Related Party Transactions Policy
6 Code of Insider Trading
7 Terms of reference for Audit Committee
8 Terms of reference for Stakeholders Relationship Committee
9 Remuneration Policy
10 Corporate Social Responsibility Policy
11 Vigil Mechanism and Whistle Blower Policy
12 Familirisation Programme
13 Terms of appointment of Independent Directors remuneration
14 Non-Executive Non Independent Directors remuneration
15 Anti Sexual Harassment Policy
The policies are available on the website of the Company (www.sanghvicranes.com).
QUALITY HEALTH SAFETY AND ENVIRONMENT (QHSE)
At Sanghvi Movers Limited Occupational Health and Safety of people is of the highestpriority and of utmost importance and we are committed to continual improvement inQuality Health Safety and Environment and necessary efforts were made in this directionin line with the Quality Safety Health and Environment Policy laid down by the Company.The Company has achieved certification of ISO 9001:2015 ISO 14001:2015 ISO 45001:2018and LEEA (Lifting Equipment Engineers Association) certification in 2018. Your Companyprovided regular safety and skill up-gradation trainings to the employees wherevernecessary.
KEY MANAGERIAL PERSONNEL
Mr. Rishi C. Sanghvi Mr. Sham D. Kajale and Mr. Rajesh P. Likhite were designated as"Key Managerial Personnel" of the Company pursuant to Sections 2 (51) and 203 ofthe Companies Act 2013 read with the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
The Board of Directors of the Company have constituted the Corporate SocialResponsibility Committee (CSR Committee) comprising of Mr. Dara Damania Chairman Mr. SPadmanabhan and Mrs. Maithili R. Sanghvi as Members of the Committee as per therequirement of the Section 135 of the Companies Act 2013 read with the Companies(Corporate Social Responsibility Policy) Rules 2014. The said Committee has formulatedthe CSR Policy indicating the activities to be undertaken by the Company monitoring theimplementation of the frame work of the CSR Policy and recommending the amount to be spenton CSR activities. Additionally the CSR Policy has been uploaded on the website of theCompany at http://www.sanghvicranes.com/ media/
CORPORATESOCIALRESPONSBILITYCOMMITTEE.pdf. In the financialyear 2019-20 the Companyhas a negative average net profit and hence negative CSR contribution at 2% of average netprofit in the financial year 2019-20 and therefore the Company is not required to spendanything on CSR. As there are no average net profits for the Company during the previousthree financial years no funds were set aside and spent by the Company towards CorporateSocial Responsibility during the year under review. Your Company wishes to inform allstakeholders that it is well aware of its responsibility towards fulfilling its CorporateSocial Responsibility (CSR). In the last three financial years the Company has not postedany profits. Nevertheless your Company is committed to build its
CSR capabilities on a sustainable basis. Despite the ongoing COVID-19 pandemic and theresultant liquidity crunch your Company has made voluntary contributions to the PrimeMinisters Cares Fund in FY 2020 which qualifies as CSR expenditure. The voluntary PMCARES contribution demonstrates both the commitment and intent of the Company tocontribute to sustainable long term CSR activities. Looking forward your Company willundertake CSR activities to meet any unspent amount as and when the cash flow andliquidity permits. In light of the economic and health crisis caused due to the ongoingglobal COVID-19 pandemic your Company is even more determined to fulfill any CSRobligations on a long term and viable basis.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of Section 134 (5) of the Companies Act 2013 the Directors would like tostate that: i) In the preparation of the annual accounts the applicable accountingstandards have been followed. ii) The Directors have selected such accounting policies andapplied them consistently and made judgments and estimates that were reasonable andprudent so as to give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the profit or loss of the Company forthe year under . iii) The Directors have taken proper and sufficient care for themaintenance of adequate accounting records in accordance with the provisions of this Actfor safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities. iv) The Directors have prepared the annual accounts on a goingconcern basis. v) The Directors had laid down internal financial controls to be followedby the company and that such internal financial controls are adequate and were operatingeffectively. vi) The Directors had devised proper system to ensure compliance with theprovisions of all applicable laws and that such system were adequate and operatingeffectively.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS
In compliance with Regulation 34 of SEBI (Listing Obligation and DisclosureRequirements) Regulation 2015 and the provisions of the Companies Act 2013 Report onCorporate Governance with Compliance Certificate Practicing Company Secretary andManagement Discussion & Analysis Report are annexed and form an integral part ofAnnual Report. Your Company conducts its business with integrity and high standards ofethical behavior and in compliance with the requirements of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 as amended from time to time. Taking intoconsideration crucial role of Independent Directors in bringing about good governanceyour Company continued its efforts in utilizing their expertise and involving them in allcritical decision making processes. Your Company is fully compliant with the CorporateGovernance guidelines as laid out in SEBI (Listing Obligation and DisclosureRequirements) Regulation 2015. All the Directors (and also the members of the SeniorManagement) have affirmed in writing their compliance with and adherence to the Code ofConduct adopted by the Company. The details of the Code of Conduct are furnished in theCorporate Governance Report attached to this Report. The Managing Director has given acertificate of compliance with the Code of Conduct which forms part of the CorporateGovernance Report as required under SEBI (Listing Obligation and Disclosure Requirements)Regulation 2015. The Managing Director / Joint Managing Director & Chief FinancialOfficer (CEO/
CFO) certification as required under SEBI (Listing Obligation and DisclosureRequirements) Regulation 2015 is attached to the Corporate Governance Report. RelatedParty disclosures/transactions are detailed in note no. 23 of the Notes to the financialstatements.
COMMENTS ON AUDITORS' REPORT/SECRETARIAL AUDIT REPORT
Statutory Auditors: There are no qualificationsreservations or adverse remarks ordisclaimers made by B S R & Co. LLP Statutory Auditors.
Secretarial Auditor: The company has requested the IEPF Authority to provide theoriginal letter and response from the Authority is awaited. The disclosure regarding CSRis given in the Directors Report. The company is in the process of filing of Form MGT-14.The company has filed some eforms with a delay.
PARTICULARS OF EMPLOYEES
In terms of Rule 5(2) (iii) of the of Companies (Appointment and Remuneration ofManagerial Personnel) Rules
2014 it is clarified that during the Financial Year under review no employee of theCompany was in receipt of remuneration in that year which in the aggregate or at a ratewhich in the aggregate is in excess of that drawn by the Whole Time Directors and holdshimself/ herself along with their spouse and dependent children not less than 2% of theequity shares of the Company.
The Company has complied with Secretarial Standards issued by the Institute of CompanySecretaries of India on Board and General Meetings.
REPORTING OF FRAUDS
During the year under review the Statutory Auditors Secretarial Auditors have notreported any instances of frauds committed in the Company by its Officers or Employees tothe Audit Committee or Board under Section 143(12) of the Companies Act 2013.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013
The Company has in place an Anti Sexual Harassment Policy in line with requirements ofthe Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act2013. All employees (permanent contractual temporary trainees) are covered under thispolicy. Internal Complaints Committee(s) (ICC) has been set up across all its location inIndia to redress complaints received regarding sexual harassment. During the year nilcases were reported to the Committee.
TRANSFER OF UNPAID DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
Pursuant to the provisions of Section 124 (5) of the Companies Act 2013 UnpaidDividend which remains unpaid or unclaimed for a period of seven years shall betransferred by the company to Investor Education and Protection Fund. Accordingly theCompany has transferred the unpaid dividend of Rs. 341346/- to Investor Education andProtection Fund Authority. The details of the unpaid dividend transferred are available onthe website of the company (www.sanghvicranes.com).
The Extract of annual return in Form MGT-9 as per the provisions of Section 134(3) (a)and 92(3) of the Companies Act 2013 is annexed to this report as Annexure C and alsoavailable on the website of the Company at www.sanghvicranes.com.
BUSINESS RESPONSIBILITY REPORT
As required under Regulation 34(2)(f) of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 the Business Responsibility Report is provided in aseparate section and forms part of the Annual Report.
IMPACT OF COVID -19
During the last quarter of the year under review the incidence of COVID-19 developedinto a global pandemic. The Directors have assessed the impact of COVID-19 on the businessat the balance sheet date and there are no significantchanges as of the balance sheetdate. The Company continues to provide the services to its customers although some partsof the business have been disrupted due to the current lockdown conditions in most part ofthe world including India. Due to the worldwide uncertainty caused by COVID-19 and itspotential to impact the
Company the Company has put in place mitigation plans to minimize the adverse impacton both revenue and profitability. However at this juncture it is difficult to assess theoverall impact on the economy and your Company.
As the global COVID-19 pandemic continues to put pressure on world economy weacknowledge and thank all at the forefront fighting this pandemic and risking their livesfor us. Our priority has been the safety of our employees customers vendors and strictadherence to government norms.
Your Directors regret the loss of life due to COVID-19 pandemic and are deeply gratefuland have immense respect for every person who risked their life and safety to fightthispandemic.
Your Directors take this opportunity to thank the Government of India concerned StateGovernments Government
Authorities Banks Customers Vendors and Service Providers for the valuable supportand co-operation extended by them during the year.
Your Directors would also like to place on record their sincere thanks and appreciationfor the contribution consistent hard work dedication and commitment of our employees atall levels for their contribution to the success achieved by the Company.
For Sanghvi Movers Limited
Sham D. Kajale
Joint Managing Director & CFO
For Sanghvi Movers Limited
Rishi C. Sanghvi Managing Director
(DIN: 08220906) Place: Pune Date: 13th August 2020
Survey No. 92 Tathawade Taluka Mulshi Pune 411033
Tel No. +91 8669674701/2/3/4 E-mail: firstname.lastname@example.org Website:www.sanghvicranes.com