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S & S Power Switchgear Ltd

BSE Code : 517273 | NSE Symbol : S&SPOWER | ISIN:INE902B01017| SECTOR : Capital Goods - Electrical Equipment |

NSE BSE
 
SMC down arrow

24.60

-1.05 (-4.09%) Volume 280564

26-Nov-2021 EOD

Prev. Close

25.65

Open Price

25.65

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 26.90 - 24.40

52 wk High/Low 38.65 - 8.85

Key Stats

MARKET CAP (RS CR) 18.66
P/E 0
BOOK VALUE (RS) 18.7745161
DIV (%) 0
MARKET LOT 1
EPS (TTM) 0
PRICE/BOOK 1.6032370602617
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%) 100
4

News & Announcements

16-Nov-2021

S & S Power Switchgear reports consolidated net loss of Rs 3.22 crore in the September 2021 quarter

12-Nov-2021

S&S Power Switchgear revises board meeting date

09-Nov-2021

S&S Power Switchgear to conduct board meeting

22-Sep-2021

S&S Power Switchgear schedules AGM

12-Nov-2021

S&S Power Switchgear revises board meeting date

09-Nov-2021

S&S Power Switchgear to conduct board meeting

22-Sep-2021

S&S Power Switchgear schedules AGM

07-Aug-2021

S&S Power Switchgear to convene board meeting

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Share Holding

Category No. of shares Percentage
Total Foreign 0 0.00
Total Institutions 161208 2.60
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 0 0.00
Total Promoters 3112750 50.21
Total Public & others 2926042 47.19
Total 6200000 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About S & S Power Switchgear Ltd

Incorporated in 1975, S & S Power Switchgear manufactures electrical protection equipment required for transmission and distribution of electricity. In 1990, Sushil Jalan and Associates of the Jalan group took over the management by acquiring a controlling interest. At present, the company manufactures a wide range of high-tension and low- tension electrical protection equipments such as circuit-breakers, miniature circuit breakers, isolators upto 420 kV and fusegears. The company was the first to bring in vacuum breaker technology by collaborating technically with Brush Switchgear of the Hawker Siddeley group, UK. In 1985, in collaboration with South Wales Switchgear, it launched a new series of SF6 indoor and outdoor circuit-breakers. In 1988, it entered into a collaboration with AEG Germany, to manufacture miniature circuit-breakers. The company's major clients include state electricity boards, NTPC, NHPC, Power Grid Corporation, NEEPCO, BHEL, NPTC and NLC. The clientele also includes Hawker Siddeley, Australia; Top Rank Corporation, Malaysia; AEG, Argentina; etc. In 1992, it acquired Railway Products (India) (RPIL) from Sundaram Clayton of the TVS group and turned it into a wholly-owned subsidiary. RPIL manufactures braking and signalling equipment for the Railways. A joint venture has been signed with Siemens for a switchgear project to manufacture vacuum interrupters. The other joint venture signed is with Union Switch & Signal, US, to run the existing operation of the subsidiary, Railway Products (India). It has also entered into a joint venture with Top Rank Corp., Malaysia, to form a company in Malaysia under the name S & S Power Corporation (SSPC). SSPC manufactures circuit breakers. It also developed a indoor breaker at 31.5 KA used by generating stations and indoor and outdoor breakers 36 KV compliant to international standards during 1998-99. During the year 1999-2000, the company has obtained ISO 9001 Certification from RWTUV and has successfully undergone two surveillance audits on ISO 9001 by the said certifying authority. Due to the erosion of the net worth the company has become sick in terms of SICA and has decided to make a reference to the BIFR for formulating a scheme of rehabilitation. A new design of RD145 Disconnector was introduced to suit for ICE LOADING applications,Induced Current Switching and Bus Transfer Applications.To supply in the UK markets these products has been developed and it has been approved by National Grid Corporation UK.

S & S Power Switchgear Ltd Chairman Speech

Fellow shareholders,

Last year I said that the year 2018-19 has been amongst the most difficult that I have experienced in the 30 years that I have been associated with S&S. However, it seems that I was off the mark as 2019-20 was even worse. The economic situation, especially in the Indian Power sector continued to be badly affected, and the spread of COVID-19 made life very difficult for India and indeed for the entire world.

In India, in addition to the lack of capital and confidence, COVID-19 disrupted supply chains and lives. For us, many customers were not able to inspect materials and take delivery for goods made ready for them in Q4 of our financial year. In fact, in some cases the delivery has happened only in July/Aug of 2020, a good 5/6 months later. Obviously, this has had a dramatic effect of our operations. More than anything of course, was that people were affected everywhere-our own colleagues and their families, those of our suppliers and many others in our eco system. Lockdowns caused disruption of supply chains and the ability of goods and people to move about. To some extent our sympathies are with the local administration who were clearly ill prepared to deal with this once in a century event. I do feel that, constant and complete communication by the powers that be and creation of an apolitical task force to manage this would have helped the country deal with this situation far better.

At both the facilities we created task forces to manage the situation, encouraged and enforced ‘work from home', implemented and enforced better hygiene and sanitization protocols. Though we had huge disruptions and scares, we have not had any misfortune within the any of our colleagues. However, some of our colleague's families have been impacted, as have been some of our contractors and suppliers. We have tried to help them to the best of our ability, but nothing we can do can replace their pain. Our hearts go out to them and the many others who have been infected across India and the world.

Operationally, the India business was very badly impacted by delay and deferment of orders from Bangladesh and Africa. Orders which were in the pipeline took much longer to finalise, and when they did and were due for deliveries in Q4, we got impacted by COVID-19. We have also had to deal with being effectively closed for almost all of Q1 of 2020-21. Obviously, to cushion this impact, especially in India, we have had to cut costs and postpone many expenditures that were planned. In my opinion, assuming we have lost 4 months of productive work, we will be able to salvage half of the losses incurred by better cost management. The good news is that our order book is good and we think we have enough traction with our customers to have a reasonable year, provided there are no more major disruptions.

At Acrastyle, UK, we have done better though the last two months of the FY were impacted by COVID. Here, we must acknowledge the prompt action by the UK Govt in supporting businesses through furlough and working capital support schemes. They were transparent and efficiently implemented. Internally, a more responsive management of the company resulted in better customer engagement and better orders. Though we have also started the next FY with a better order backlog, the months of April and May were impacted due to COVID. Another piece of good news is that we have settled better terms with the Pension regulator for the next three years. In summation, were not for COVID, two of our businesses, i.e., Acrastyle UK and APIL India would have had better years than the previous one and are well positioned for the coming year, whereas the disconnector business had a very poor year, though this year looks better in spite of COVID. In the midst of all this, our SAP system has gone live and the suspension of trading of our shares in the stock exchanges has been revoked. We will progress, and hopefully complete the re-organization of our businesses to simplify the structure. All of this is because we have confidence and desire to become a better company for our customers, suppliers, employees and shareholders Our fundamentals continue to be to do business profitably, fairly and with good customers, to keep working capital tight, develop our people and systems and work within our means. Our values of Integrity, Humility and Passion will continue to be the way we run our lives, and our businesses and deal with society.

I thank you for your support and patience and am personally grateful to all our colleagues in India and England for their sincerity and to our Directors for their guidance.

Thank you and God bless,

Ashish Sushil Jalan Chairman

   

S & S Power Switchgear Ltd Company History

Incorporated in 1975, S & S Power Switchgear manufactures electrical protection equipment required for transmission and distribution of electricity. In 1990, Sushil Jalan and Associates of the Jalan group took over the management by acquiring a controlling interest. At present, the company manufactures a wide range of high-tension and low- tension electrical protection equipments such as circuit-breakers, miniature circuit breakers, isolators upto 420 kV and fusegears. The company was the first to bring in vacuum breaker technology by collaborating technically with Brush Switchgear of the Hawker Siddeley group, UK. In 1985, in collaboration with South Wales Switchgear, it launched a new series of SF6 indoor and outdoor circuit-breakers. In 1988, it entered into a collaboration with AEG Germany, to manufacture miniature circuit-breakers. The company's major clients include state electricity boards, NTPC, NHPC, Power Grid Corporation, NEEPCO, BHEL, NPTC and NLC. The clientele also includes Hawker Siddeley, Australia; Top Rank Corporation, Malaysia; AEG, Argentina; etc. In 1992, it acquired Railway Products (India) (RPIL) from Sundaram Clayton of the TVS group and turned it into a wholly-owned subsidiary. RPIL manufactures braking and signalling equipment for the Railways. A joint venture has been signed with Siemens for a switchgear project to manufacture vacuum interrupters. The other joint venture signed is with Union Switch & Signal, US, to run the existing operation of the subsidiary, Railway Products (India). It has also entered into a joint venture with Top Rank Corp., Malaysia, to form a company in Malaysia under the name S & S Power Corporation (SSPC). SSPC manufactures circuit breakers. It also developed a indoor breaker at 31.5 KA used by generating stations and indoor and outdoor breakers 36 KV compliant to international standards during 1998-99. During the year 1999-2000, the company has obtained ISO 9001 Certification from RWTUV and has successfully undergone two surveillance audits on ISO 9001 by the said certifying authority. Due to the erosion of the net worth the company has become sick in terms of SICA and has decided to make a reference to the BIFR for formulating a scheme of rehabilitation. A new design of RD145 Disconnector was introduced to suit for ICE LOADING applications,Induced Current Switching and Bus Transfer Applications.To supply in the UK markets these products has been developed and it has been approved by National Grid Corporation UK.

S & S Power Switchgear Ltd Directors Reports

Dear Shareholders,

Your Board of Directors (‘Board') have immense pleasure in presenting their 43rd Annual Report of S&S Power Switchgear Limited (‘S&S POWER') or ‘the Company' together with the Audited Financial Statements for the year ended March 31, 2021

In line with the requirements of the Companies Act, 2013 ("the Act") and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the SEBI Regulations"), this report covers the Audited Financial results and other developments during the financial year from April 1, 2020 to March 31, 2021 in respect of Consolidated Performance comprising of S&S Power, its subsidiaries in India and overseas. The Consolidated entity has been referred to as ‘S&S Group' or ‘the Group' in this report.

1. FINANCIAL RESULTS AN OVERVIEW

Your Company's financial performance for the year ended March 31, 2021 is summarized hereunder:

(Rs. in Lakhs)

CONSOLIDATED

STANDALONE

PARTICULARS Year Ended 31-03-2021 Year Ended 31-03-2020 Year Ended 31-03-2021 Year Ended 31-03-2020
Revenue from operations 13,156.64 9,169.26 200.77 301.62
Other income 170.83 138.05 203.53 244.86
Total revenue 13,327.47 9,307.31 404.30 546.48
Expenses 13,498.84 10,306.03 514.39 672.19
Profit/ (Loss) before exceptional items and tax (171.37) (998.72) (110.09) (125.71)
Less: Exceptional items - 572.21 - 572.21
Profit/ (Loss) before tax (171.37) (1,570.93) (110.09) (697.92)
Tax expense 17.67 21.98 0.33 5.60
Profit/ (Loss) for the Year (153.70) (1,548.95) (109.76) (692.32)
Other comprehensive income, net of income tax (67.93) 314.23 17.38 0.23
Total comprehensive income for the Year (221.63) (1234.72) (92.38) (692.09)
Earnings per share (Rs.) (2.48) (24.98) (1.77) (11.17)

(Rs. in Lakhs)

Details 2020-21 2019-20
Indian Operations:
Revenue from Operations 4,417.47 3,244.90
Operating Profit (228.89) (754.86)
Exceptional Items - (572.21)
Other Comprehensive Income (OCI) 106.37 39.18
Net profit (104.85) (1,265.91)
UK Operations:
Revenue from Operations 8,739.17 5,924.36
Operating Profit 57.52 (243.86)
Exceptional Items - -
Other Comprehensive Income (OCI) (174.30) 275.05
Net profit (116.78) 31.19
Consolidated:
Revenue from Operations 13,156.64 9,169.26
Operating Profit (171.37) (998.72)
Exceptional Items - (572.21)
Other Comprehensive Income (OCI) (67.93) 314.23
Net profit (221.63) (1,234.72)

2. RESULTS OF OPERATIONS

Your Company has registered consolidated revenue for the financial year ended March 31, 2021 at 13,327.47 Lakhs as against 9,307.41 Lakhs for the year ended March 31, 2020.

The Total consolidated Earnings / (Loss) before depreciation, finance costs, and taxation for the financial year ended March 31, 2021 is 517.80 Lakhs as against (393.62) Lakhs for the year ended March 31, 2020.

A Consolidated Loss for the year ended March 31, 2021 is (153.70) Lakhs as against loss of (1,548.95) Lakhs for the year ended March 31, 2020.

3. CHANGE IN THE NATURE OF BUSINESS, IF ANY

There was no change in nature of business of the Company during the year.

4. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH

HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There were no material changes and/or commitments between the end of the year under review and the date of this report, which could have had an impact on the Company's operation in the future or its status as a going concern. There are no significant or material orders passed by the Regulators /Courts/ Tribunals, during the year under review.

5. MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and analysis report which inter-alia covers the Company and its Group's financial and operational performance, Industry trends, Update on Macro Economic Indicators, Risks and Concerns, Internal control systems and their adequacy, Outlook and other material changes prepared in compliance of Regulation 34 of the SEBI Regulations forms part of the annual report, is annexed to this report.

6. SHARE CAPITAL

During the year under review, there was no change in the Share capital structure and the paid-up capital of the Company is 620 Lakhs as on 31st March 2021. Further the Directors state that, no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review: a. Issue of equity shares with differential rights as to dividend, voting or otherwise; b. Issue of Shares (including Sweat Equity Shares and ESOS) to employees of the Company under any scheme; c. Provision of money for purchase of its own shares by employees or by trustees for the benefit of employees

7. SUBSIDIARIES/ JOINT VENTURES/ ASSOCIATES

(a) A list of companies which are subsidiaries/ associate to your Company is provided in Form AOC-1 is attached as

Annexure I.

(b) Your Company continues to have 3 Subsidiaries in India and 2 overseas Subsidiaries and there were no changes in the status of the subsidiaries during the year under review.

(c) A Statement containing salient features of financial statements of subsidiaries pursuant to Section 129 of the Act, read with Rule 5 of the Companies (Accounts) Rules, 2014 is annexed to this report in the prescribed Form AOC-1.

8. APPROPRIATIONS

(a) Reserves

The Reserves at the end of the year 31st March, 2021 is at 589.18 Lakhs as against the Total Reserves of 681.56 Lakhs as at 31st March 2020.

(b) Dividend

Given the uncertain economic outlook and to continue liquidity for operations, the Board has not proposed any payment of dividend to the Shareholders for the year under review.

9. FINANCIAL STATEMENTS

The Standalone and Consolidated Financial Statements for the year ended 31st March 2021 have been prepared under IND AS (Indian Accounting Standards) by the Company. In accordance with Section 136 of the Act, the audited financial statements including the consolidated financial statements and related information of the Company and audited accounts of each subsidiary are also available on the Company's website: www.sspower.com.

10. DEPOSITS

During the year under review, your Company has not invited or accepted any deposits from public as per Section 76 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014.

11. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

As on the date of this Report, the Company has Seven (7) Directors consisting of Four Independent Directors, One Managing Director and Two Non-Executive Directors. During the year, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with the Company, other than the sitting fees, commission and reimbursement of expenses incurred by them for the purpose of attending meetings of the Company

A. Disqualification of Directors: None of the directors are disqualified

B. Appointment/ Reappointments / Resignation from the Board of Directors

i. Appointments

During the year, Mr. Arjun Soota (DIN: 08281046) was appointed as Additional, Non- Executive and Non-Independent Director of the company with effect from 14th September, 2020 at the Meeting of Board of directors held on14th September, 2020 and subsequently obtained shareholders approval at the Annual General Meeting held on 25th November, 2020.

ii. Re-appointments

During the year Mr. Ajay Kumar Dhagat (DIN: 00250792) was reappointed as Independent Director of the Company with effect from 14th August, 2020 for the second Term as per Section, 149,150,152 read with schedule IV and section 161(1) read with Companies (Appointment and Qualification of Directors) Rules 2014, other applicable provisions of the Companies Act, 2013 and subsequently obtained shareholders approval at the Annual General Meeting held on 25th November, 2020.

During the year Mr. Deepak Jugal Kishore Chowdhary (DIN: 00332918), was reappointed as Independent Director of the Company with effect from 14th August, 2020 for the second Term as per Section, 149,150,152 read with schedule IV and section 161(1) read with Companies (Appointment and Qualification of Directors) Rules 2014, other applicable provisions of the Companies Act, 2013 and subsequently obtained shareholders approval at the Annual General Meeting held on 25th November, 2020.

During the year Mr. Nandakumar Sundarraman (DIN: 02503998), was reappointed as Independent Director of the Company with effect from 14th August, 2020 for the second Term as per Section, 149,150,152 read with schedule IV and section 161(1) read with Companies (Appointment and Qualification of Directors) Rules 2014, other applicable provisions of the Companies Act, 2013 and subsequently obtained shareholders approval at the Annual General Meeting held on 25th November, 2020

C. Declaration by Independent Director

All Independent Directors have submitted declarations that they meet the criteria of Independence as laid down under Section 149(6) of the Act, and the SEBI Regulations.

D. Woman Director

In terms of the provisions of Section 149 of the Companies Act, 2013 and Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, your Company has complied with the requirement of having at least one Woman Director on the Board of the Company. Mrs. Gayathri Sundaram is an Independent and Women Director of the Company.

E. Changes in Key Managerial Person

During the year under review, Mr. Gokulananda Sahu Company Secretary & Compliance officer was appointed as Chief Financial Officer of the company with effective from 14th September, 2020. During the year under review, Mrs. Selvi Narasimman has resigned as Chief Financial Officer of the company with effective from 12th September, 2020.

F. RETIREMENT BY ROTATION

Pursuant to Article 26 of the Articles of Association of the Company and in accordance with the Act, Mr. Arjun Soota (DIN: 08281046), Non-Executive Director of the Company retires by rotation at the ensuing 43rd Annual General Meeting and being eligible offers himself for re-appointment. Board recommends his re-appointment as a Director for approval of members.

Further the brief profiles of Director being recommended for re-appointment is given in the Notice of 43rd Annual General Meeting being sent to the shareholders along with the Annual Report.

12. BOARD MEETINGS

During the year, 4 (Four) meetings of the Board of Directors were held. The detailed Agenda and Notice for the Meetings was prepared and circulated in advance to the Directors within the prescribed time. The details of the meetings are furnished in the Corporate Governance Report. Furthermore, the intervening gap between the Meetings was within the period prescribed under Section 173(1) of the Act.

13. COMMITTEES OF THE BOARD

I. AUDIT COMMITTEE

The composition, quorum, scope, etc. of the Audit Committee are in line with the Companies Act, 2013, and SEBI LODR. The audit committee has met and reviewed the financial statements for the financial year ended 31.03.2021 and has not given any adverse observations. The details of the meetings are furnished in the Corporate Governance Report.

Composition As on 31st March 2021, the Audit Committee comprised the following members:-

Sr. No. NAME OF THE DIRECTOR DESIGNATION
1 NANDAKUMAR SUNDARRAMAN CHAIRMAN
2 DEEPAK JUGAL KISHORE CHOWDHARY MEMBER
3 GAYATHRI SUNDARAM MEMBER
4 ASHISH SUSHIL JALAN MEMBER

II. NOMINATION AND REMUNERATION COMMITTEE

As per the requirements of Section 178 of the Companies Act, 2013, Regulation 19 of SEBI LODR a Nomination & Remuneration Committee has been constituted. The composition, quorum, scope, etc. of the Committee are in line with the Companies Act, 2013, and SEBI LODR. The details of the meetings are furnished in the Corporate Governance Report.

Composition As on 31st March 2021, the Nomination and Remuneration Committee comprised the following members:-

Sr. No. NAME OF THE DIRECTOR DESIGNATION
1 NANDAKUMAR SUNDARRAMAN CHAIRMAN
2 DEEPAK JUGAL KISHORE CHOWDHARY MEMBER
3 GAYATHRI SUNDARAM MEMBER
4 ASHISH SUSHIL JALAN MEMBER

REMUNERATION POLICY

In adherence of section 178(1) of the Companies Act, 2013, the Board of Directors of the Company has framed a policy on directors' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided u/s 178(3), based on the recommendations of the Nomination and Remuneration Committee. The broad parameters covered under the Policy are Company Philosophy, Guiding Principles, Nomination of Directors, Remuneration of Directors, Nomination and Remuneration of the Key Managerial Personnel (Other than Managing/ Whole-time Directors), Key Executives and Senior Management and the Remuneration of Other Employees.

III. STAKEHOLDERS' RELATIONSHIP COMMITTEE

This Committee considers and resolves the grievances of security holders of the Company inter-alia including grievances related to transfer of shares, non-receipt of Annual Report, non-receipt of dividend etc. The Committee also reviews measures taken for effective exercise of voting rights by shareholders, adherence to the service standards adopted by the listed entity in respect of various services being rendered by the Registrar & Share Transfer Agent and ensuring timely receipt of annual reports by the shareholders of the company.

Composition as on 31st March 2021, the Stakeholders' Relationship Committee comprised the following members:-

Sr. No. NAME OF THE DIRECTOR DESIGNATION
1 NANDAKUMAR SUNDARRAMAN CHAIRMAN
2 ASHOK KUMAR VISWAKARMA MEMBER
3 GAYATHRI SUNDARAM MEMBER
4 ASHISH SUSHIL JALAN MEMBER

14. EVALUATION OF BOARD, COMMITTEES OF DIRECTORS

Your Company has devised a Policy for performance evaluation of Independent Directors, Board, Committees and other individual Directors which include criteria for performance evaluation of the non-executive directors. Pursuant to provisions of the Companies Act and the SEBI Regulations, the Board has carried out an annual evaluation of its own performance, the Directors individually as well as the performance of Board committees and of the Independent Directors (without participation of the relevant Director).

Further, Independent Directors at their meeting without the participation of the Non-Independent Directors and Management considered/ evaluated the Board's performance (as a whole), Performance of the Chairman and other Non-Independent Directors. A statement indicating the manner in which formal annual evaluation has been made by the Board of its own performance and that of its committees and individual directors are specified in Nomination and Remuneration Policy.

15. KEY MANAGERIAL PERSONNEL

The following persons have been designated as Key Managerial Personnel of the Company pursuant to Section 2(51) and Section 203 of the Act, read with the Rules framed thereunder: • Mr. Ashok Kumar Vishwakarma, Managing Director • Mr. Gokulananda Sahu, Chief Financial Officer, Company Secretary and Compliance Officer

16. POLICIES

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has set up Vigil Mechanism viz. Whistle Blower Policy to enable the employees and Directors to report genuine concerns, unethical behaviour and irregularities, if any, in the Company noticed by them which could adversely affect company's operations to the Chairman of the Audit Committee. The policy is available at the Company's website (www.sspower.com).

No concerns or irregularities have been reported during the period. The Company hereby affirms that no Director/employee has been denied an access to the Chairman of the Audit Committee and that no complaints were received during the year.

RISK MANAGEMENT POLICY

The Company has already in place an integrated risk management approach through which it reviews and assesses significant risks on a regular basis to ensure that a robust system of risk controls and mitigation is in place. Through risk management approach, the Company ensures that risk to the continued existence as a going concern and to its development are identified and addressed on a timely basis.

The Company has been addressing various risks impacting the Company which is provided elsewhere in this Annual Report in Management Discussion and Analysis Report.

POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS

The Board has, on the recommendation of the Nomination & Remuneration Committee, formulated criteria for determining Qualifications, Positive Attributes and Independence of Directors, Key Managerial Personnel and senior management. The details of criteria laid down and the Remuneration Policy are given in the Corporate Governance Report.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has in place, policy of prevention, prohibition and Redressal of Sexual Harassment for women at the Workplace in accordance with the requirements of the Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013. It ensures prevention and deterrence of acts of sexual harassment and communicates procedures for their resolution and settlement. All women employees are covered under this policy. There were no cases/ complaints reported in this regard during the year under review.

17. DIRECTORS' RESPONSIBILITY STATEMENT:

In compliance with Section 134(5) of the Act, your directors, based on information made available to them, confirm the following:

a. that in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

b. that the directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2021.

c. that the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. that the directors have prepared the annual accounts on a going concern basis;

e. that the directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively;

f. that the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

18. EXTRACT OF ANNUAL RETURN:

A copy of Annual Return (Form MGT-7) of the Company has been placed on the website of the Company www.sspower.com

Pursuant to the Section 92(3) of the Companies Act, 2013 read with rule 12(1) of the Companies (Management and Administration) Rules, 2014 an extract of annual return in Form MGT-9 is given in Annexure II to this Report.

19. AUDITORS:

I. Statutory Auditors

M/s. CNK & Associates LLP, Chartered Accountants, Mumbai (ICAI Firm Registration No: 101961W/ W-100036), were appointed by the Shareholders at the 39th Annual General Meeting held on August 29, 2017 as Statutory Auditors for a term of five consecutive years (FY2017-18 to FY2021-22) to hold office until conclusion of 44th Annual General Meeting. The appointment is however, subject to ratification by members at every Annual General Meeting in accordance with Section 139 of the Companies Act, 2013 read with applicable rules made thereunder.

Pursuant to the amendment to Section 139 of the Companies Act, 2013 effective from May 07, 2018, ratification by shareholders every year for the appointment of Statutory Auditors is no longer required and accordingly, the Notice of ensuing 43rd Annual General Meeting does not include the proposal for seeking shareholders' approval for ratification of Statutory Auditors appointment. M/s. CNK & Associates LLP, Chartered Accountants, has furnished a certificate of their eligibility and consent under section 139 and 141 of the Companies Act 2013 and the Companies (Audit and Auditors) Rules 2014 for their continuance as the Auditors of the company for the financial year 2021-22.

Auditor's Report:

No qualification, adverse remarks or disclaimer made by the Statutory Auditors with regard to the financial statements for the financial year 2020-21.

The Statutory Auditors of the Company have not reported any fraud as specified under Section 143(12) of the Companies Act, 2013.There have been no instances of fraud reported by above mentioned Auditors under Section 143(12) of the Act and Rules framed thereunder either to the Company or to the Central Government during FY 2020-21.

II. Secretarial Auditors and Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Act, and the Companies (Appointment and Remuneration of Managerial personnel) Rules, 2014 the Company has appointed M/s. BP & Associates, a firm of Company Secretaries in practice, to undertake the Secretarial audit of the Company for the year ended March 31, 2021 The Secretarial Audit Report is given in Annexure III to this Report.

The Secretarial Auditors' have qualified their report for the following observations, which are provided below with the Management response.

OBSERVATIONS MANAGEMENT REPLY
The Company has not filed e-form MGT 14 for the borrowing done during the year 2017-18. The company has initiated action to complete the filing.
The Company has not filed e-form MGT 14 for an increasing in remuneration for Managing Director, borrowings and security provided to wholly owned subsidiary during the year 2018-19. The company has initiated action to complete.
As per the Regulation 3(5) of The Securities And Exchange Board Of India (Prohibition Of Insider Trading) Regulations, 2015 - a structured digital database system not maintained by the Company which containing the nature of unpublished price sensitive information and the names of such persons who have shared the information and also the names of such persons with whom information is shared under this regulation along with the Permanent Account Number or any other identifier authorized by law where Permanent Account Number; The company has initiated action to complete

As required under SEBI (LODR) Regulations, Your Company has obtained a certificate from the Practicing Company Secretary that none of the Directors of the Board of the Company have been debarred or disqualified from being appointed or continuing as Directors by MCA/ Statutory Authorities. The said Certificate is forming part of this Report.

III. Internal Auditors

Pursuant to Section 138 of the Companies Act 2013 read with rule 13 of The Companies (Accounts) Rules, 2014 and all other applicable provisions (including any amendment thereto) if any of the Companies Act 2013 M/s. BH & CO, Chartered Accountants Chennai was appointed as the Internal Auditors of the Company for the Financial Year 2020- 21.

20. CORPORATE GOVERNANCE

As per Regulation 34(3) read with Schedule V of the SEBI Regulations, a separate section on Corporate Governance practices followed by the Company, together with a certificate from the Practicing Company Secretary confirming compliance with the conditions of corporate governance, forms an Integral part of this report as Annexure IV. Compliance reports in respect of all laws applicable to the Company have been reviewed by the Board of Directors periodically.

Your Company is committed to observe good corporate governance practices in letter and spirit. Your Board of Directors have taken all necessary steps to ensure compliance with the Corporate Governance guidelines, as laid out in the SEBI Regulations 2015. All the Directors and Key Management Personnel of the Company have affirmed in writing their compliance with and adherence to the ‘Code of Ethics for Board of Directors and Senior Executives' adopted by the Company.

The Annual report of the Company contains a certificate by the Managing Director in terms of the SEBI Regulations on the compliance declarations received from the Directors and the Senior Management Personnel.

The Statutory Auditors of the Company have examined the requirements of Corporate Governance with reference to SEBI Listing Regulations and have certified the compliance, as required under SEBI Listing Regulations. The Certificate in this regard is attached as Annexure in this report.

Your Company had duly complied with the requirements regarding Corporate Governance as stipulated under Regulation 24 of the SEBI Regulations.

Further as required under Regulation 17(8) of the SEBI Regulations, a certificate from the Managing Director and Chief Financial Officer of the Company with regard to the financial statements and other matters is being annexed with this Report.

21. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO:

(A) Conservation of Energy

• The Company ensures that the manufacturing operations are conducted in the manner whereby optimum utilization and maximum possible savings of energy is achieved. • The Company is also making continuous efforts for utilizing alternate sources of energy. • The Company has launched formal management system implementation on environment, health safety.

• It will bring significant focus on sustainable development and energy conservation.

(B) Technology Absorption & Product Innovation

• Company's products are manufactured by using in-house knowhow technology and no outside technology is being used for manufacturing activities. • Company operates in a very competitive environment regular value engineering and adoption of new efficient material and manufacturing technology is a key to stay at the forefront of the cost competitiveness.

(C) Foreign Exchange Earnings and Outgo:

i. Total Foreign exchange earned in terms of actual inflows during the Financial Year Nil ii. Total Foreign exchange earned in terms of actual outgo during the Financial Yea Nil

22. INTERNAL FINANCIAL CONTROLS:

The Company has well defined and adequate internal financial control system over financial reporting, commensurate with its size, scale and complexity of its operations to ensure that all the assets of the Company are safeguarded and protected against any loss and that all the transactions are properly authorised and recorded. The internal financial controls are adequate and are operating effectively so as to ensure orderly and efficient conduct of business operations.

Internal Financial controls helps the Board to monitor the state of controls in key business processes. The organization is appropriately staffed with qualified and experienced personnel for implementing and monitoring the internal control environment.

The Internal Auditors evaluates the effectiveness and adequacy of internal controls, compliance with operating systems, policies and procedures of the Company and recommends improvements, if any. Significant audit observations and the corrective/ preventive action taken or proposed to be taken by the process owners are presented to the Audit Committee. The Scope of Internal Audit is annually determined by the Audit Committee considering the inputs from the management and statutory auditors.

Capital expenditure of the Company as well as its Group are monitored and controlled with reference to approved budgets. The Audit Committee reviews the overall functioning of Internal Audit on a periodical basis.

The details in respect of internal financial control and their adequacy are included in the auditors' report which forms an integral part of this report.

23. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The provisions of Section 135 of the Companies Act relating to Corporate Social Responsibility and related rules are not applicable to the Company.

24. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

During the year, the Company has not given any loans or guarantees or provided security and made investments under Section 186 of the Act.

25. RELATED PARTY TRANSACTIONS:

All the related party transactions entered during the year were on arm's length basis and in the ordinary course of business. All the related party transactions effected during the year are disclosed in the notes to the Financial Statements. Further, all related party transactions are placed before the Audit Committee and to the Board for approval.

There were no materially significant related party transactions, i.e. transactions exceeding 10% of the annual turnover of the Company as per the last audited financial statements entered into by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. Details of related party transactions are annexed to this report in the prescribed Form AOC-2 as Annexure V. Also, none of the Directors or the Key Managerial Personnel of the Company has any pecuniary relationships or transactions visa-vis the company.

26. INDUSTRIAL RELATIONS & HUMAN RESOURCE MANAGEMENT

It is firmly believed that employees of the Company and its group are the most valuable assets and key players of business success and sustained growth. The Company constantly striving to enhance the level of employee engagement and to ensure healthy career growth for employees at all levels. A diverse pool of lateral talent has been hired to enhance the bench strength. This includes professional experts with excellent academic credentials and professional track record.

The Company continued to conduct various employee benefit, recreational and team building programs to enhance employee skills, motivation as also to foster team spirit. The Company has also conducted in-house training programs to develop leadership as well as technical/functional capabilities of its employees in order to meet future talent requirements. Industrial relations were cordial throughout the year. The Company has also identified a pool of best human resources who are being groomed for future leadership roles. Structured safety programs were organised emphasizing safety of people during the year under review. We affirm that the remuneration paid during the period under review, is as per the Remuneration Policy of the company.

27. MANAGERIAL REMUNERATION

During the year under review, no employees, whether employed for the whole or part of the year, was drawing remuneration exceeding the limits as laid down u/s Section 197(12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Hence the details required under Section 197(12) are not required to be given. Particulars of employees as required in terms of the provisions of Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 are set out in Annexure VI & VII.

28. LISTING OF SHARES

The shares of your Company is listed at National Stock Exchange Limited and Bombay Stock Exchange Limited.

29. DEMATERIALIZATION OF SHARES

As on March 31, 2021, 48,62,390 equity shares representing 78.43 % of the total equity share capital of the Company were held in dematerialized form with National Securities Depository Limited (69.49%) and Central Depository Services (India) Limited (8.93%).

The shareholders can avail the facility provided by NSDL and CDSL to dematerialize their shares issued by the Institute of Company Secretaries of India (ICSI).

Shareholders are requested to convert their physical holdings into dematerialized form to derive the benefits of holding the shares in electronic form.

30. COST AUDITOR

Provision of Cost Audit is not applicable to the Company.

31. REPORTING OF FRAUDS

There was no instance fraud during the year under review, which required the Statutory Auditors to report to the Audit Committee and/ or Board under Section 143 (12) of the Act and Rules framed thereunder.

32. COMPLIANCE WITH SECRETARIAL STANDARDS

During the year, the Company has complied with all the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

33. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS.

There have been no significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and Company's operations.

34. PREVENTION OF INSIDER TRADING

Your Company has adopted a code of conduct for prevention of "Insider Trading" as mandated by the SEBI and same is available on the website of the Company (www.sspower.com).

Your Company's Audit Committee monitors implementation of said Policy.

35. CODE OF CONDUCT

Your Company has laid down a Code of Conduct Policy which can be accessed on the Company's website (www.sspower.com).

36. COVID-19- PANDEMIC

During the pandemic, a management taskforce had been monitoring the situation and taken measures for upkeep of plant, supply chain, stakeholder updates, implementing COVID-19 guidelines, employee health, stay, & safety, and vaccination to eligible employees. With these measures, majority of our operations had seen resumption of activity. What is worth mentioning is that all the employees were given their salary along with adequate benefits during the lockdown period. We continue to closely monitor how the pandemic evolves globally for smooth flow of business activities.

37. 43rd ANNUAL GENERAL MEETING THROUGH VIDEO CONFERENCE

As per Ministry of Corporate Affairs Circular Nos. 14/2020 dated April 08, 2020, 17/2020 dated April 13, 2020, 20/2020 dated May 05, 2020, 02/2021 dated January 13, 2021 and SEBI Circulars No. SEBI/HO/CFD/CMD2/CIR/P/2020/79 dated May 12, 2020, SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated January 15, 2021 regarding COVID-19 Pandemic and relaxations (e.g VC, no physical report) thereon, your Company made arrangement to conduct 43rd AGM through Video Conference / Other Audio Visual Means for which necessary information has been given separately in Notice of 43rd AGM. Also your Company will be complying with said Circulars by sending 43rd Annual Report along with Annexures by way of e-mail to the shareholders as such no physical copies shall be distributed. Those Shareholders whose email IDs are not registered, have to register their email ID with Registrar & Share Transfer Agent (RTA) of the Company.

38. GRATITUDE & ACKNOWLEDGEMENTS:

Your Directors place on record their sincere & high appreciation for the unflinching commitment, dedication, hard work and valuable contribution made by the employees of the company and its subsidiaries for sustained growth of group as a whole. Your Directors also sincerely thank all the Promoters, stakeholders, Government authorities, Customers, vendors, Banks business associates, shareholders and other statutory bodies for their continued assistance, support and co-operation.

For and on behalf of the Board of Directors,
Ashish Sushil Jalan
Chairman
DIN: 00031311
Date: 29th June, 2021
Place: Chennai

   

S & S Power Switchgear Ltd Company Background

Ashish JalanAshok Kumar Vishwakarma
Incorporation Year1975
Registered OfficeP No 14 CMDA Indl Area Part II,Chithamanur Vill MaraimalaiNgr
Chennai,Tamil Nadu-603209
Telephone91-44-4743 1625/4743 1626,Managing Director
Fax
Company SecretaryGokulananda Sahu
AuditorC N K & Associates LLP
Face Value10
Market Lot1
ListingBSE,NSE,
RegistrarGNSA Infotech Ltd
Nelson Chambers V Fl,115 Nelson Manick Rd,Aminthakarai,Chennai 600029

S & S Power Switchgear Ltd Company Management

Director NameDirector DesignationYear
Ashish Jalan Chairman 2019
Ashish Jalan Chairman (Non-Executive) 2020
Deepak Jugal Kishore Chowdhary Independent Director 2019
Deepak Jugal Kishore Chowdhary Non-Exec. & Independent Dir. 2020
S Nandakumar Independent Director 2019
S Nandakumar Non-Exec. & Independent Dir. 2020
Ashok Kumar Vishwakarma Managing Director 2019
Ashok Kumar Vishwakarma Managing Director 2020
Ajay Kumar Dhagat Independent Director 2019
Ajay Kumar Dhagat Non-Exec. & Independent Dir. 2020
Gayathri Sundaram Independent Director 2019
Gayathri Sundaram Non-Exec. & Independent Dir. 2020
Peter John Woolrich Director 2019
Peter John Woolrich Non-Exec & Non-Independent Dir 2020
Gokulananda Sahu Company Secretary 2019
Gokulananda Sahu Company Secretary 2020
Arjun Soota Addtnl Non-Executive Director 2020

S & S Power Switchgear Ltd Listing Information

S & S Power Switchgear Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sale of Products NA 0000.5093
Excise Duty NA 0000
Services NA 0000
Sale of Scrap NA 0000
Isolators-Pantograph/SwitchingNo 0000
Isolators-Pantograph/SwitchingPol0000
HT Switchgear upto 33 KV No 0000
HT Switchgear upto 33 KV Pol0000
Interruptors No 0000

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