Close
x
  • SMC open account icon Open an A/C
    • Open an A/C
    • CHOOSE YOUR OPTION(S)
    • Trading A/c
    • Mutual Fund A/c
    • NBFC A/c
    • NPS A/c
  • SENSEX Oct 30 2020 12:00
    39,614.07 -135.78 (-0.34%)
  • NIFTY Oct 30 2020 12:00
    11,642.40 -28.40 (-0.24%)
  • SENSEX Oct 30 2020 12:00
    39,614.07 -135.78 (-0.34%)
  • NIFTY Oct 30 2020 12:00
    11,642.40 -28.40 (-0.24%)
  • Nasdaq Oct 31 2020 04:30
    10,911.59 -274.00 (-2.45%)
  • DJIA Oct 31 2020 04:30
    26,501.60 -157.50 (-0.59%)
  • S&P 500 Oct 31 2020 04:30
    3,269.96 -40.15 (-1.21%)
  • Hang Seng Oct 30 2020 02:10
    24,107.42 -479.18 (-1.95%)
  • Crude Oil Oct 30 2020 11:29
    2,639.00 -59.00 (-2.19%)
  • Gold Oct 30 2020 11:29
    50,700.00 +418.00 ( +0.83%)
  • Silver Oct 30 2020 11:29
    60,920.00 +748.00 ( +1.24%)
  • Copper Oct 30 2020 11:29
    525.80 -2.90 (-0.55%)
  • Pound / Rupee Dec 23 2016 22:30
    96.11 +0.10 ( +0.10%)
  • Dollar / Rupee Dec 23 2016 22:30
    74.16 +0.30 ( +0.41%)
  • Euro / Rupee Dec 23 2016 22:30
    86.82 0.00 (0.00%)
  • Yen / Rupee Dec 23 2016 22:30
    0.71 0.00 ( +0.27%)

W S Industries (India) Ltd

BSE Code : 504220 | NSE Symbol : WSI | ISIN:INE100D01014| SECTOR : Capital Goods - Electrical Equipment |

NSE BSE
 
SMC down arrow

3.40

-0.15 (-4.23%) Volume 280564

30-Oct-2020 EOD

Prev. Close

3.55

Open Price

3.55

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 3.55 - 3.40

52 wk High/Low 5.05 - 0.80

Key Stats

MARKET CAP (RS CR) 8.93
P/E 0
BOOK VALUE (RS) -43.3491096
DIV (%) 0
MARKET LOT 1
EPS (TTM) 0
PRICE/BOOK -0.078432983546218
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%) 100
4

News & Announcements

12-Oct-2020

W S Industries (India) Ltd - Half Yearly Compliance Certificate For 30.09.2020

08-Oct-2020

W S Industries (India) Ltd - Reg 7(3) Compliance Certificate For The Half Year Ended 30Th September 2020.

07-Oct-2020

W S Industries (India) Ltd - W S Industries (I) Limited - Other General Purpose

06-Oct-2020

W S Industries (India) Ltd - Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

04-Sep-2020

W S Industries (India) schedules board meeting

17-Aug-2020

W S Industries (India) to convene AGM

30-Jul-2020

W S Industries (India) to hold board meeting

26-Jun-2020

W S Industries (India) schedules board meeting

Corporate Actions

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

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Aartech Solonics Ltd 542580
ABB India Ltd 500002 ABB
ABB Power Products and Systems India Ltd 543187 POWERINDIA
Accurate Transformers Ltd 530513
Advance Metering Technology Ltd 534612 AMTL
Advance Powerinfra Tech Ltd 531047
Alfa Transformers Ltd 517546
Amba Enterprises Ltd 539196
Amei Power Ltd 513101
Apar Industries Ltd 532259 APARINDS
Artemis Electricals Ltd 542670
Asian Electronics Ltd 503940 ASIANELEC
Assam Carbon Products Ltd 40131
Bagade Engineering (India) Ltd (Liquidated) 522225
Baroda Electric Meters Ltd 503956
Bee Electronic Machines Ltd 517203
Best & Crompton Engineering Ltd 500046 BECREL
Bharat Bijlee Ltd 503960 BBL
Bharat Heavy Electricals Ltd 500103 BHEL
Birla Power Solutions Ltd 517001 BIRLAPOWER
CG Power & Industrial Solutions Ltd 500093 CGPOWER
City Lifts India Ltd 526197
Continental Controls Ltd 531460
Controls & Switchgear Contactors Ltd 40489
Cospower Engineering Ltd 543172
Crompton Greaves Consumer Electrical Ltd 539876 CROMPTON
CTR Manufacturing Industries Ltd 503968
Datar Switchgear Ltd 517516 DATARSWICH
Dhanashree Electronics Ltd 542679
Dowells Elektro Werke Ltd 532157
Easun Reyrolle Ltd 532751 EASUNREYRL
ECE Industries Ltd 532491 ECEIND
Eddy Current Controls (India) Ltd 503982
Elcot Power Controls Ltd 40196
Electra (India) Pvt Ltd 504246 ELECTRA
Electric Control Gear (India) Ltd 509358
EMCO Ltd 504008 EMCO
Eon Electric Ltd 532658 EON
Epic Energy Ltd 530407
Evans Electric Ltd 542668
Focus Lighting & Fixtures Ltd 538416 FOCUS
GE T&D India Ltd 522275 GET&D
Goldstar Power Ltd 535018 GOLDSTAR
GTV Engineering Ltd 539479
Hansu Controls Ltd 40253
Havells India Ltd 517354 HAVELLS
Heatshrink Technologies Ltd 522130 REPLENGINE
High Energy Batteries (India) Ltd 504176
Honda India Power Products Ltd 522064 HONDAPOWER
HPL Electric & Power Ltd 540136 HPL
IMP Powers Ltd 517571 INDLMETER
Indo Asian Fusegear Ltd(merged) 517318
Indo Tech Transformers Ltd 532717 INDOTECH
Indosolar Ltd 533257 INDOSOLAR
Inox Wind Ltd 539083 INOXWIND
Integra India Group Company Ltd (Merged) 517250
Integra Switchgear Ltd 517423
Jayshree Chemicals Ltd 506520
Jem Industries Ltd 504072
JSL Industries Ltd 504080
Jyoti Ltd 504076
Kanohar Electricals Ltd 531214
Kaycee Industries Ltd 504084
Kirloskar Electric Company Ltd 533193 KECL
KLK Electrical Ltd 517170
Lakshmi Electrical Control Systems Ltd 504258 LAKSELECON
Malvica Engineering Ltd 532048
Marine Electricals (India) Ltd 535119 MARINE
Marsons Ltd 517467
Matra Kaushal Enterprise Ltd 526671
Meekan Transmissions Ltd(wound-up) 522118
Mehai Technology Ltd 540730
Mewar Marbles Ltd 502038
Mirzapur Electrical Industries Ltd 40664
Modern Insulators Ltd 515008 MODINSULAT
Modison Metals Ltd 506261
Mukati Transformers Ltd (Wound-up) 517332
National Switchgears Ltd 517199
NEPC India Ltd 500301 NEPCMICON
OTIS Elevator Company (India) Ltd 504130 OTIS
Phoenix Electric (India) Ltd (Merged) 517439 PHOENIXELE
Protech Circuit Breakers Ltd 517306
Protech Electromech Ltd 517266
Protech Switchgears Ltd 517256
Punjab Power Generation Machines Ltd (Merged) 500345
Rams Transformers Ltd 517567
Reed Relays & Electronics India Ltd 40110
Remi Elecktrotechnik Ltd 512487
Rexnord Electronics & Controls Ltd 531888
RMC Switchgears Ltd 540358
RTS Power Corporation Ltd 531215
S & S Power Switchgear Ltd 517273 S&SPOWER
Salzer Controls Ltd (Merged) 517314
Salzer Electronics Ltd 517059 SALZERELEC
Schneider Electric Infrastructure Ltd 534139 SCHNEIDER
Servotech Power Systems Ltd 535002 SERVOTECH
Shilchar Technologies Ltd 531201
Shri Ram Switchgears Ltd 538430 SRIRAM
Siemens Ltd 500550 SIEMENS
Spectrum Electrical Industries Ltd 535112 SPECTRUM
Sree Rayalaseema Power Corporation Ltd (Merged) 532142
SSB Industries Ltd 40128
Star Delta Transformers Ltd 539255
Surana Solar Ltd 533298 SURANASOL
Suzlon Energy Ltd 532667 SUZLON
Swelect Energy Systems Ltd 532051 SWELECTES
Switching Technologies Gunther Ltd 517201
Tarapur Transformers Ltd 533203 TARAPUR
Taylormade Renewables Ltd 541228
TD Power Systems Ltd 533553 TDPOWERSYS
Techno Electric & Engineering Company Ltd(merged) 505397 TECHNOELEC
Thana Electric Supply Company Ltd 501756
Toyama Electric Ltd 517407
Transformers & Electricals Kerala Ltd 504202
Transformers & Rectifiers India Ltd 532928 TRIL
Triveni Turbine Ltd 533655 TRITURBINE
Ucal Power Systems Ltd (Merged) 517395
Ujaas Energy Ltd 533644 UJAAS
Veto Switchgears & Cables Ltd 539331 VETO
V-Guard Industries Ltd 532953 VGUARD
Voltamp Transformers Ltd 532757 VOLTAMP
Websol Energy System Ltd 517498 WEBELSOLAR
Wonder Fibromats Ltd 535344 WFL
XL Energy Ltd 532788 XLENERGY

Share Holding

Category No. of shares Percentage
Total Foreign 0 0.00
Total Institutions 341251 1.30
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 0 0.00
Total Promoters 9898485 37.69
Total Public & others 16020871 61.01
Total 26260607 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About W S Industries (India) Ltd

W S Industries (India) Ltd.(WSI), incorporated in 1961 as W S Insulators of India is into manufacture of a wide range of insulators, lightning arresters, coupling capacitors, capacity voltage transformers, instrument transformers, line traps and reactors. The company is also into collaboration with Messwandler, Germany for manufacture of oil-insulated and SF-6 instruments. Incorporated originaly as W S Insulators of India and promoted by N S Sethuraman and V Srinivasan of Hydro S & S Industries and W S Telesystems the name was changed to the present one in 1987. To part finance its Rs.20.18 crore modernisation programme and to meet its working capital needs the company came out with a rights issue(aggregating Rs.13.35 crores at a premium of Rs.30) in December 1992. The company in association with Canadian Electricity Board and a local Entrepreneur has set up a JV company under the name W S Industries (North America) in Canada. The JV company thus setup will act as an assembly unit and the company has participated in the equity of the company. The company which was given an export house status by GOI exports its products to Europe, west Asia, east Asia, Australia, Canada, etc. The company has also accredited with ISO 9001 certification in 1991 for a period of three years, and it was re-certified in 1994. The company is also successfull in development of new products, during the year 2000, the company has developed several new products in disc, pin and solid core procelain insulators as per ANSI standards for supply to the US markets. SSB Industries Ltd, which owns Surge Arrester Factory in Pondicherry was amalgamated with the company with effect from April 1, 2001. and the company is also proposes was amalgamated with the company and the company proposes to modernise the chennai plant the implementation of which is started and is expected to be completed within a period of one year.

W S Industries (India) Ltd Chairman Speech

NOTICE TO THE SHAREHOLDERS

NOTICE is hereby given that the 50th Annual General Meeting of the Company will be held on Tuesday, the 11th February, 2014, at 11.00 A.M. at Mini Hall, Bharatiya Vidya Bhavan, New No.18,20,22 (Old No.37-39), East Mada Street, Mylapore, Chennai - 600 004, to transact the following business:

ORDINARY BUSINESS

1. To receive, consider and adopt the Directors’ Report, the Audited Balance Sheet and Profit & Loss Account of the Company for the 18 months period ended 30th September, 2013 and the Auditors’ Report thereon.

2. To appoint a Director in the place of Mr.K.Raman, who retires by rotation and being eligible, offers himself for reappointment.

3. To appoint a Director in the place of Mr.V.Srinivasan, who retires by rotation and being eligible, offers himself for reappointment.

4. To appoint Auditors and fix their remuneration.

[The retiring Auditors, M/s.S.Viswanathan, Chartered Accountants, Chennai, are eligible for reappointment and have indicated their willingness for such appointment.]

SPECIAL BUSINESS

5. Appointment of Mr.S. Suresh as the Whole time Director of the Company.

To consider and if thought fit, to pass the following resolution, with or without modification, as a Special Resolution:

"RESOLVED THAT pursuant to the provisions of Sections 198, 269, 309, 310 and 311 and all other applicable provisions, if any, of the Companies Act, 1956 or any re-enactment thereof and subject to the approval of the Financial Institutions and other Statutory authorities if any as may be required, consent of the Company be and is hereby accorded to the Board for the appointment of Mr. S. Suresh as a Whole time Director of the Company, designated as Director (Operations), for a period of three years with effect from 10th May 2013 on rotational basis and other terms and conditions as set out in the Explanatory Statement annexed hereto as approved by the Remuneration Committee and the Board Meeting held on 10th May 2013.

RESOLVED FURTHER THAT in the year in which adequate profits are available, the Board of Directors/ Remuneration Committee constituted by the Board be and are hereby authorized to vary the terms of remuneration and perquisites with liberty to revise the remuneration payable to Mr. S.Suresh if it in its absolute discretion thinks fit in accordance with the provisions of Section 198 read with Section 309 and Schedule XIII i.e. within the overall ceiling of 5% or 10% of the net profits of the Company calculated in the manner specified in the Companies Act without further reference to or approval from the shareholders of the Company.

RESOLVED FURTHER THAT the Board of Directors/Remuneration Committee constituted by the Board be and are hereby authorized to revise the remuneration payable to Mr. S. Suresh, if it in its absolute discretion thinks fit, in accordance with the provisions of the new Companies Act, 2013 as and when it is made applicable and comes into effect without further reference to or approval from the shareholders of the Company.

RESOLVED FURTHER THAT the Board be and is hereby authorized to do all such acts, deeds and things and execute all such documents, instruments and writings as may be required and to delegate all or any of its power herein conferred to any Committee of Directors or Director(s).

RESOLVED FURTHER THAT the information provided above shall be treated as an Abstract under Section 302 of the Companies Act, 1956."

6. Increase in borrowing power in terms of Section 180 (1) (c) of the Companies Act, 2013.

To consider and if thought fit, to pass with or without modification(s) the following resolution as a Special Resolution:

"RESOLVED THAT in supersession of the resolution passed by the Shareholders of the Company at the Annual General Meeting of the Company held on 29th September 2010, pursuant to Section 180 (1) (c) of the Companies Act, 2013 and other applicable provisions, if any, of the Companies Act, 2013 / Companies Act, 1956, consent of the Company be and is hereby accorded to the Board of Directors of the Company to borrow from time to time, for the purpose of the Company’s business, such sum or sums of money, as they in their absolute discretion think fit, notwithstanding that the monies so borrowed together with the monies already borrowed by the Company and remaining outstanding shall be in excess of the aggregate of the paid-up share capital and free reserves, but not exceeding Rs.400,00,00,000/- (Rupees Four Hundred Crores only) over and above the paid up share capital and free reserves for the time being of the Company."

7. Creation of charge / mortgage etc. on Company’s movable or immovable properties in terms of Section 180 (1) (a) of the Companies Act, 2013.

To consider and if thought fit, to pass with or without modification(s) the following resolution as a Special Resolution:

"RESOLVED THAT in supersession of the resolution passed by the Shareholders of the Company at the Annual General Meeting of the Company held on 29th September, 2010, pursuant to Section 180 (1) (a) of the Companies Act, 2013 and other applicable provisions, if any, of the Companies Act, 2013 / Companies Act, 1956, consent of the Company be and is hereby accorded to the Board of Directors of the Company for mortgaging and/or charging in such form and manner and on such terms and at such time(s) as the Board of Directors may deem fit, the movable and / or immovable assets and properties of the Company, wherever situate, present and future, whether presently belonging to the Company or not, in favour of any person including, but not limited to, financial / investment institution(s), bank(s), insurance company(ies), mutual fund(s), corporate body(ies), trustee(s) to secure the loans, borrowings, debentures, hire purchase and / or working capital facilities and other credit facilities up to a sum not exceeding Rs.700,00,00,000/- (Rupees Seven Hundred Crores only).

RESOLVED FURTHER THAT the Board of Directors or such Committee or person/(s) as may be authorized by the Board be and is hereby authorized to finalise the form, extent and manner of, and the documents and deeds, as may be applicable, for creating the appropriate mortgages and/or charges on such of the immovable and / or movable properties of the Company on such terms and conditions and at such time(s) / tranch(es) as may be decided by the Board of Directors in consultation with the lenders and for reserving the aforesaid right and for performing all such acts and things as may be necessary for giving effect to this resolution."

BY ORDER OF THE BOARD
for W.S.INDUSTRIES (INDIA) LIMITED
Chennai RAJA GANAPATHI
3rd January, 2014 CHIEF FINANCIAL OFFICER & COMPANY SECRETARY

NOTES :

1. A Member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote instead of himself and such proxy need not be a member. Proxies in order to be effective, must be lodged at the Registered Office of the Company not later than 48 hours before the commencement of the Meeting.

2. The Register of Members and Share Transfer Books of the Company will remain closed from 4th February, 2014 to 11th February, 2014 (both days inclusive).

3. Pursuant to Section 102 of the Companies Act, 2013, an Explanatory Statement in respect of the Item No. 5,6,7 & 8 of the Notice is enclosed.

4. Members are requested to bring their copies of the Annual Report to the Meeting. They are also requested to avoid being accompanied by non-members and children.

5. Members are requested to notify immediately any change in their addresses quoting their Folio/Client ID No. to the Company’s Registrars & Share Transfer Agents M/s.Integrated Enterprises (India) Limited, 2nd Floor, Rs.Kences Towers’, No.1, Ramakrishna Street, North Usman Road, T.Nagar, Chennai 600 017.

   

W S Industries (India) Ltd Company History

W S Industries (India) Ltd.(WSI), incorporated in 1961 as W S Insulators of India is into manufacture of a wide range of insulators, lightning arresters, coupling capacitors, capacity voltage transformers, instrument transformers, line traps and reactors. The company is also into collaboration with Messwandler, Germany for manufacture of oil-insulated and SF-6 instruments. Incorporated originaly as W S Insulators of India and promoted by N S Sethuraman and V Srinivasan of Hydro S & S Industries and W S Telesystems the name was changed to the present one in 1987. To part finance its Rs.20.18 crore modernisation programme and to meet its working capital needs the company came out with a rights issue(aggregating Rs.13.35 crores at a premium of Rs.30) in December 1992. The company in association with Canadian Electricity Board and a local Entrepreneur has set up a JV company under the name W S Industries (North America) in Canada. The JV company thus setup will act as an assembly unit and the company has participated in the equity of the company. The company which was given an export house status by GOI exports its products to Europe, west Asia, east Asia, Australia, Canada, etc. The company has also accredited with ISO 9001 certification in 1991 for a period of three years, and it was re-certified in 1994. The company is also successfull in development of new products, during the year 2000, the company has developed several new products in disc, pin and solid core procelain insulators as per ANSI standards for supply to the US markets. SSB Industries Ltd, which owns Surge Arrester Factory in Pondicherry was amalgamated with the company with effect from April 1, 2001. and the company is also proposes was amalgamated with the company and the company proposes to modernise the chennai plant the implementation of which is started and is expected to be completed within a period of one year.

W S Industries (India) Ltd Directors Reports

The Members

Your Directors hereby present the Fifty Seventh Annual Report and the Audited Financial Statements of the Company for the Financial Year ended 31st March 2020. The salient highlights (in the Ind AS format) are provided in the table below:

(Rs. in Million)

For the period ended

31st March 2020 31st March 2019
Sales and other operational income 2.08 3.26
Other Income - 93.42
Total Income 2.08 96.68
Gross Profit / (Loss) from continuing Operations (7.42) 83.79
Less : Depreciation 42.11 92.25
Interest /Finance Charges (0.02) 48.66
Net Profit / (Loss) for the year from continuing operations (49.51) (57.12)
Provision /(withdrawal) for Income Tax / Deferred Tax - -
Net Profit /(Loss) for the year after Tax from continuing operations (49.51) (57.12)
Net Profit/(Loss) for the year after Tax from discontinued operations (556.45) (2184.34)
Net Profit/(Loss) for the year after Tax (605.96) (2241.46)
Profit / (Loss) brought forward from the previous year (4347.16) (2105.70)
Other Comprehensive Income/(Loss) arising from discontinued operations - -
Surplus/(Deficit)/ carried to Balance Sheet (4953.12) (4347.16)

1. Covid-19

The lockdown and restriction of activities due to Covid-19 did not have any significant impact on the Company's overall performance (and that of it's subsidiaries) during the period under review, but has impacted our functioning with shutdown of our office. Due to the efforts on the resolution plan is getting delayed. We will be able to get a better clarity only after the lockdown is lifted and reasonable normalcy is restored.

2. Results of our operations

During the year under review, there was no production in the Chennai and Vizag plants. However, there was miscellaneous sale of Rs. 14.36 million in insulator business unit. The turnkey project business unit generated sale of Rs. 2.08 million.

The major elements of loss arising from discontinued operations are:

1. Input Tax Credit reversal on the inventory write off -Raw Materials & Stores and Spares of Rs.2.99 millions.

2. Loss on asset discarded of Rs.2.95 millions.

3. Inventories Written Off comprising of Raw Materials, Stores and Spares, Work-in-progress, Finished Goods (Chennai and Vizag Unit) of Rs.11.44 millions.

4. Capital Work in Progress Written Off (Vizag Unit) of Rs.7.04 millions

5. Impairment of Assets (Vizag Unit) of Rs.457.00 millions

3. Dividend

No dividend has been proposed on the Equity shares.

The Directors also regret their inability to recommend any payment of contracted dividend on Preference Share Capital.

4. Share Capital

The Paid up equity share capital of the Company as on 31st March 2020 was Rs.262606070/- divided into 26260607 equity shares of face value of Rs.10/- each.

The Paid up preference share capital of the Company as on 31st March 2020 was Rs.127500000/- divided into 1275000 preference shares of face value of Rs.100/- each.

There was no change in both the share capital of the Company during the year under review.

5. Reserves

Since the Company has suffered losses, no transfer to reserve is provided for.

6. Particulars of loans, guarantees or investments

Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 form part of the notes to the Financial Statements provided in this Annual Report.

7. Transfer of unpaid Dividend to Investor Education and Protection Fund

In terms of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules 2017, there is no obligation to transfer the unpaid/ unclaimed shares to the Investor Education and Protection Fund.

8. Fixed Deposits

Your Company has not accepted any deposits from public in terms of provisions of

Companies Act, 2013.

9. Corporate Governance

A separate report on Corporate Governance along with a Certificate of Compliance forms part of this report vide Annexure 1.

10. Subsidiaries

During the period under review, your Board of Directors have reviewed the Financial Statements of W.S. T&D Limited (subsidiary upto 9th June 2019), Vidagara Tech Park Private Limited (wholly owned subsidiary) and WS Insulators Private Limited (wholly owned subsidiary with effect from 14th November 2019).

Your Company has, in accordance with Section 129 (3) of the Companies Act 2013 prepared the Consolidated Financial Statements for the Financial Year ended 31st March 2020, which forms part of the Annual Report. Further the statement containing the salient features of the Financials of the subsidiaries in the Form AOC 1 is attached as Annexure 2 to this Report.

In accordance with Section 136 of the Companies Act 2013, the audited consolidated and standalone financial statements are available on our websitewww.wsindustries.in/KYC.

11. Related Party Transactions.

All related party transactions that were entered into during the financial year were on arm's length basis and were in the ordinary course of the business. There are no materially significant related party transactions during the year, which, in the opinion of the Board, may have potential conflicts with the larger interests of the Company. The details of transactions with related parties have been disclosed in form AOC-2 as Annexure 3 and form part of this Annual Report.

The policy on related party transactions is available on the Company's website in the link http://www.wsindustries.in/KYC/pdf/Policy_on_related_party_transaction.

12. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

Since production activity was suspended in both the plants, we are unable to report on the particulars prescribed under Section 134 of the Companies Act, 2013 read with rule 8 (3) of the Companies (Accounts) Rules, 2014, relating to conservation of energy and technology absorption.

Foreign Exchange Earnings:

Foreign Exchange Inward NIL Foreign Exchange Outward NIL

13. Extract of Annual Return

As provided under section 92 (3) of the Companies Act 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the extract of Annual Return of the Company is annexed herewith as Annexure 4 in the prescribed Form MGT 9 which forms part of this Report.

14. Material changes and commitment affecting financial position between the Financial

Year ended 31st March 2020 and the date of this Report

There are no material changes and commitments 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 this report; and there are no significant and/or material orders passed by the regulators or courts or tribunals impacting the company.

15. Risk Management Policy

The Board had established Risk Management policy which formalizes the Company's approach to overview and manage material business risks.

16. Corporate Social Responsibility

Section 135 of the Companies Act 2013 pertaining to Corporate Social Responsibility is not applicable in our case.

17. Policy on directors' appointment and remuneration and other details

The Company's policy on appointment of directors, remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the Corporate Governance Report, which is a part of this report and is also available on http://www.wsindustries.in/KYC/pdf/Policy_ on_Board_Diversity.

18. Internal Financial Controls

Your Company has internal financial controls commensurate with its position at the current juncture with respect to financial reporting.

19. Directors and Key Managerial Personnel (KMP)

Mr.K.Rajasekar, had been appointed as an Manager with the designation of (President Corporate Affairs) by the Board in their meeting dated 14th September 2019 for a period of three years effective from 14th September 2019. Subsequently the same has been approved by the shareholders through postal ballot notice dated 29th January 2020 and the results have been declared on 9th March 2020.

Mr.K.B.Anantharaman and Mr.S.Muraleedharan, has been appointed as Additional Directors on Board of Directors of the company on 5th August 2020 through circular resolution on the recommendation of Nomination and Remuneration Committee and are eligible for being appointed as Director of the Company subject to the approval of the members of the Company in the ensuing Annual General Meeting to be held on 30th September 2020. No employee draws remuneration in excess of the limits prescribed under Rule 5(2) of Chapter

XIII, the Companies (Appointment and Remuneration of Managerial Personnel Rules,

2014. Remuneration drawn by KMP have been disclosed in Annexure-4 to Board's report.

Therefore, details pertaining to Rule 5 of the Companies (Appointment and Remuneration of

Managerial Personnel) Rules 2014 have not been provided.

20. Declaration by Independent Directors:

The Company has received necessary declarations from each Independent Director under Section 149(7) of the Companies Act, 2013, that he/she meets the criteria of Independence laid down in and Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI

(Listing Obligations and Disclosure Requirements) Regulations, 2015.

21. Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015, the necessary performance evaluation has been carried out.

22. Meetings of the Board

The details of the number of meetings of the Board held during the Financial Year 2019- 20 along with attendance details of each director, forms part of the Corporate Governance Report of this Annual Report.

23. Committees

The details regarding Committees of Board of Directors of the Company are given in the Corporate Governance Report of this Annual Report.

24. Auditors

Statutory Auditors

M/s. S B S B and Associates, Chartered Accountants, Chennai, (Firm Registration

No.012192S) were appointed as Statutory Auditors of the Company for a period of five years from the Conclusion of 54thAnnual General Meeting till the conclusion of 59th Annual General Meeting.

With reference to the Auditor's Report issued by S B S B and Associates, Chartered Accountants, the explanation/comments against their qualified opinion is annexed herewith as "Annexure 5"

Secretarial Auditor

Pursuant to the requirements of Section 204 (1) of the companies Act 2013 read with rules made thereunder, Ms.Lakshmmi Subramanian (Membership No. 3534 CP No. 1087), Partner, M/s.Lakshmmi Subramanian & Associates, was appointed as the Secretarial Auditor to conduct the Secretarial Audit of the Company for the Financial Year 2019-20. The Report of the Secretarial Auditor is enclosed as Annexure 6 to this Report.

Cost Auditor

During the period under review, Cost Audit is not applicable to the company.

25. General

The Company has, in accordance with generally accepted accounting practice, disclosed the impact of pending litigations on its financial position in its financial statements.

26. Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013

During the year under review, there were no complaints under this Act.

27. Vigil Mechanism

The Company has a Whistle Blower Policy and has established the necessary vigil mechanism for directors and employees in confirmation with Section 177(9) of the Act and Regulation 22 of Listing Regulations, to report concerns about unethical behavior. The details of the policy have been disclosed in the Corporate Governance Report, which is a part of this report and is also available on http://www.wsindustries.in/KYC/pdf/Vigil_Mechanism.

28. Disclosure requirements

As per SEBI Listing Regulations, the Corporate Governance Report with the Auditors' Certificate thereon, and the Management Discussion and Analysis are attached, which forms part of this report. The Company has devised systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively.

29. Management Discussion and Analysis Report.

Due to mounting losses, lack of working capital and other support, company continues to keep suspended manufacturing operations at Vizag plant and close manufacturing operation at Chennai plant.

Chennai Insulator division (12 months) and Visakhapatnam Insulator division (w.e.f. 01.10.2019 -6 months) are both being considered as "Discontinued Operations". Turnkey Project Business Segment is being considered as "Continuing Operations". Hence previous period figures in the financial statements are not comparable.

i) The Company is evaluating various steps in connection with the re-vitalization and long-term stability and growth of its Turnkey Project Business Unit.

ii) This includes the expansion of competency and scope in provision of integrated projection solutions.

The Company has salvaged whatever documents and records that could be retrieved from the damage caused during the last bout of rains and floods within the limited financial and man power resources available.

Pursuant to approval of Shareholders through Postal Ballot Notice dated 26th April 2019 and the result dated 8th June 2019, sale of 50100 equity shares of Rs.10/- held by the company in - W.S. T&D Limited was completed.

The company has additionally subscribed to 30000 Equity Shares of Rs.10/- each in the Subsidiary, viz., Vidagara Tech Park Private Limited. No Business Activity was carried on during the year.

During the period under review, the company has subscribed to 50000 Equity Shares of Rs.10/- each fully paid up in its wholly owned subsidiary, viz., WS Insulators Private Limited. Since it is the first year of operations after incorporation on 14th November 2019, there were no activities and consequently no income during the year.

With reference to the trespass in part of the Chennai factory premises, the Hon'ble Supreme Court has upheld the ownership rights of the Company by setting aside the order of the DRO dated 28.12.2015 and consequent litigations. Consequential steps have been taken with the appropriate authorities accordingly.

The status of various litigations have been disclosed in the notes to the financial statements enclosed with this report.

The Company is in discussions with the lenders namely Allium Finance Private Limited, IDBI Trusteeship Services Limited, and Edelweiss Asset Reconstruction Company Limited to find a resolution to the outstanding loan liabilities and them and arising from the non-completion of the settlement agreements signed with them on 12th April 2018.

During the period under review, LoA was renewed for 3rd Block Period of 5 years from 09th July 2019 to 08th July 2024 for the Visakhapatnam SEZ Plant in accordance with Rule 80 of the SEZ Rules, 2006 as amended.

The company does not fall under the "Large Corporate Entity" with reference to SEBI Circular No.SEBI/HO/DDHS/CIR/P/2018/144 dt. 26 11 2018, on "Fund raising by issuance of Debt Securities by Large Entities."

The 925000 Non-convertible, Redeemable and cumulative Preference Shares subscribed by Vensunar Holdings (P) Ltd. and due for redemption on 30th Sept. 2019 has been extended for a further period of 12 months, i.e., upto 30th Sept. 2020.

350000 Non-convertible, Redeemable and cumulative Preference Shares Rs. 100/- each fully paid up with a coupon rate of 10% subscribed by Vensunar (P) Ltd. which are due for redemption on 28th Feb. 2019 has been extended by the above shareholder for a further period of 18 months, i.e., upto 31st Aug. 2020.

Your Company has an adequate Risk Management Policy which would help in identifying and mitigating enterprise risks. The ongoing litigation and the non-availability of capital to revive the operations continue to remain the primary concerns for your Company.

Your Company has adequate internal control systems as necessary with the requirements of the Companies Act 2013.

30. Director's Responsibility Statement

In terms of Section 134 (5) of the Companies Act, 2013, the directors would like to state that:

a. In the preparation of the annual accounts, the applicable accounting standards have been followed. In accordance with the notification issued by the Ministry of Corporate Affairs, the Company has adopted Indian Accounting Standards (referred to as "Ind AS") notified under the Companies (Indian Accounting Standards) Rules, 2015 with effect from April 1, 2017.

b. The directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company for the financial year ended 31st March 2020 and of the profit or loss of the Company for the period under review.

c. 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. The directors have prepared the annual accounts on a going concern basis.

e. The directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively, taking into consideration the current circumstances and

f. The directors had devised proper system to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively taking into consideration the current circumstances.

31. Listing of Shares:

The equity shares of the Company are listed on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE). The listing fee for the Financial Year 2020- 21 has already been paid to the credit of both the Stock Exchanges.

32. Certificate from Practicing Company Secretary:

A Certificate has been received from Mrs. Lakshmmi Subramanian, Senior Partner of M/s. Lakshmmi Subramanian& Associates, Practising Company Secretary that the Company is in compliance with provisions of Section 164 of the Companies Act 2013 based on the reliance on an opinion from an expert in this regard. The Certificate of Practicing Company

Secretary is enclosed as Annexure 7 to this report.

33. Green Initiatives:

The Annual Report and other shareholder communications are all available in electronic as well as paper format. We would like to take this opportunity to encourage you to consider receiving all shareholder communications electronically including future notices of meeting.

34. Acknowledgement

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the financial institution, Government authorities, other stakeholders and members during the year under review. Your Directors also wish to place on record their acknowledgement and gratitude for the commitment shown by the Company's personnel who have been functioning under very trying circumstances.

   

W S Industries (India) Ltd Company Background

Incorporation Year1961
Registered Office108 Mount Poonamalee High Road,Porur
Chennai,Tamil Nadu-600116
Telephone91-44-24354754,Managing Director
Fax91-44-66500882
Company SecretaryB Swaminathan
AuditorS B S B & Associates
Face Value10
Market Lot1
ListingBSE,NSE,
RegistrarIntegrated Registry Mgt Ser.Pv
2nd Floor Kences Tow,1 Ramakrishna Street,Usman Road T.Nagar ,Chennai-600017

W S Industries (India) Ltd Company Management

Director NameDirector DesignationYear
Ramachandran Karthik Independent Director 2019
Jayaraman Sridharan Addtnl Independent Director 2019
Suguna Raghavan Independent Director 2019
B Swaminathan CFO & Company Secretary 2019
K Rajasekar Whole-time Director 2019
K B Anantharaman Addtnl Non-Executive Director 2019
S Muraleedharan Addtnl Non-Executive Director 2019

W S Industries (India) Ltd Listing Information

W S Industries (India) Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Turnkey Product NA 0000.208
Line Traps No 0000
Adjustment NA 0000
Electrical Equipment-Traded NA 0000
Transformers-Current No 0000
Capacitor-Couplings-Pot.DeviceNo 0000
Lightning Arresters No 0000
Sales NA 0000
Excise Duty NA 0000
Turnkey contracts NA 0000
Other Operating revenue MT 0000
Projects NA 0000

Contact us Contact us