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Sunteck Realty Ltd

BSE Code : 512179 | NSE Symbol : SUNTECK | ISIN:INE805D01034| SECTOR : Realty |

NSE BSE
 
SMC up arrow

433.10

16.85 (4.05%) Volume 280564

30-Nov-2021 EOD

Prev. Close

416.25

Open Price

414.00

Bid Price (QTY)

433.10(237)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 437.60 - 411.65

52 wk High/Low 524.40 - 250.00

Key Stats

MARKET CAP (RS CR) 6334.64
P/E 255.98
BOOK VALUE (RS) 131.9949462
DIV (%) 150
MARKET LOT 1
EPS (TTM) 1.69
PRICE/BOOK 3.27739820693226
DIV YIELD.(%) 0.35
FACE VALUE (RS) 1
DELIVERABLES (%) 19.53
4

News & Announcements

15-Nov-2021

Sunteck Realty Ltd - Sunteck Realty Limited - Investor Presentation

12-Nov-2021

Sunteck Realty consolidated net profit rises 34.81% in the September 2021 quarter

12-Nov-2021

Sunteck Realty allots 33,574 equity shares under ESOP

12-Nov-2021

Sunteck Realty allots 3692 equity shares under ESOS

12-Nov-2021

Sunteck Realty allots 3692 equity shares under ESOS

10-Nov-2021

Sunteck Realty schedules board meeting

18-Oct-2021

Sunteck Realty forays into second home space

11-Oct-2021

Sunteck Realty operational update for Q2FY22

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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Zandu Realty Ltd(Merged) 506720 ZANDUREALT
ZR Infra Ltd 40633
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Share Holding

Category No. of shares Percentage
Total Foreign 29625893 20.24
Total Institutions 6122003 4.18
Total Govt Holding 4010 0.00
Total Non Promoter Corporate Holding 3188794 2.18
Total Promoters 98306095 67.15
Total Public & others 9147695 6.25
Total 146394490 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Sunteck Realty Ltd

Sunteck Realty Ltd is an India-based company engaged in realty and construction business. The company is primarily focused on Mumbai. They operate under the Brand names Sunteck, Signia and Signature across the commercial, luxury and premium housing segments. Their subsidiaries include Starlight Systems Pvt Ltd, Satguru Infocorp Services Pvt Ltd, Amenity Software Pvt Ltd and Magenta Computer Software Pvt Ltd. The corporate business centers of the company include Sunteck Centrako and Sunteck Certainty. The residential projects of Sunteck include Signature Island and Residential Complex. The commercial projects of the company include Sunteck Centre and Sunteck Grandeur. Their developmental activities cover the major metros and mini metros of India including Mumbai, Nagpur and Goa. Sunteck Realty Ltd was incorporated on October 1, 1981 as a private limited company with the name of Insul Electronics Pvt Ltd. In February 15, 1985, the company was converted into public limited company and the name was changed to Insul Electronics Ltd. In July 1985, the shares of the company were listed on the Bombay Stock Exchange. In the year 2005, the company was taken over by Manisha Khetan through an open offer and the name of the company was changed to Sunteck Realty & Infrastructure Ltd with effect from April 26, 2006. During the year 2006-07, the company entered into into a joint venture on 50:50 partnership with Kanaka and Associates to develop a shopping cum commercial complex at Patto Plaza, North Goa. They acquired 50% equity stake of Satguru Infocorp Services Pvt Ltd, which was engaged in the business of providing international Business Commercial centres mainly in the Bandra Kurla Complex, Mumbai. Also, they acquired 26% stake in the equity of Samhrutha Habitat Infrastructure Pvt Ltd. During the year 2007-08, the company entered into an agreement with Alpex International Ltd and promoted a joint venture company, namely Piramal Sunteck Realty Pvt Ltd with equal capital participation for venturing into the business of Real Estate development, infrastructure and related activities. During the year, the company acquired property at S V Road, Andheri and entered into a development agreement for property at Western Express Highway, Borivali (East), Mumbai for development of commercial complexes. In November 29, 2007 the name of the company was further changed to Sunteck Realty Ltd. During the year 2008-09, two companies, namely Satguru Corporate Services Pvt Ltd and Amrut Consultancy Pvt Ltd (Amrut) were amalgamated with the company with effect from June 01, 2008. Consequent upon the merger of Amrut with the company, Magenta Computer Software Pvt Ltd and Amenity Software Pvt Ltd became 100% subsidiaries of company. Also, the company was holding 50% stake in Satguru Infocorp Services Pvt Ltd and the balance 50% stake was held by Amrut. As a result of the merger of Amrut with the company, Satguru Infocorp Services Pvt Ltd became wholly owned subsidiary of the company. In December 24, 2008, the company acquired 60% stake in Starlight Systems Pvt Ltd to further their business objectives. The company joint venture company Piramal Sunteck Realty Pvt Ltd signed a 50:50 JV agreement with Oman's leading business group W.J. Towell for developing high-end mixed-use properties at premium locations in Muscat. During the year 2009-10, the company initiated their first citywide billboard campaign in Mumbai which started with corporate branding and followed through, with project launch sites. They have also started participating in property exhibitions in a big way. During FY 2014-15 the Company acquired 100% stake in Starteck Lifestyle Pvt Ltd. Further the Company acquired 100% control in Advaith Infraprojects Pvt Ltd and its subsidiary Satguru Corporate Services Pvt Ltd., which holds 16 acres land parcel in Goregaon (W). During the year 2014-15, the company completed 2 more projects i.e. a commercial project Sunteck Kanaka' in Goa and a residential project Signia Skys' in Nagpur. Consequently, it completed 6 projects till date with a total project size of over Rs 30 billion. During the year 2016, the company completed its second residential project at Bandra -Kurla Complex (BKC) i.e. Signia Isles', with a developed area of about 0.53 million sq ft. Consequently, the company has completed 7 projects till date totaling to a delivery of ~2.5 million sq ft. The Equity Share Capital of the Company was sub-divided, 1 Equity Share of nominal value of Rs. 2/- each into 2 Equity Shares of Re.1/- each only thereby 6,29,92,735 paid up Equity Shares of Rs. 2/- each were sub-divided into 12,59,85,470 Equity Shares of Re. 1 each w.e.f. 26th July 2017. During the year 2017, the Company allotted 1, 55, 27,950) Equity Shares of Re. 1/- per share to the Qualified Institutional Buyers on 31st October 2017 through a Qualified Institutions Placement in accordance with Chapter VIII and other applicable provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and as amended from time to time. All issued shares rank pari- passu to the existing shares of the Company in all respects. The Company allotted 46,67,697 equity shares of face value Re. 1/- to Promoter Group Entities under Preferential Issue on 7th December, 2017 under Chapter VII and other applicable provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and as amended from time to time. The said shares shall rank pari-passu the existing shares of the Company in all respects. During FY 2018, the company issued ~ Rs150 lakh Equity Shares at Rs.322 each aggregating to ~Rs 50,000 lakhs to Qualified Institutional Buyers and ~ Rs 46 Lakh Equity Shares at Rs.323.5 each aggregating to ~Rs 197 lakhs.During the year 2019, the Company had 20 subsidiaries including step down subsidiaries, 2 LLPs where Company exercises significant control and 2 Associates/Joint Ventures of which 1 Company is Joint Venture entity in UAE. During the year 2019, pursuant to the approval by Board of Directors, the Company had filed an petition, with National Company Law Tribunal (NCLT), regarding the Scheme of Merger by Absorption of Amenity Software Private Limited, Magenta Computer Software Private Limited and Sunteck Fashions and Lifestyle Private Limited, being the wholly owned subsidiaries of the Company, with itself.

Sunteck Realty Ltd Chairman Speech

Dear Shareholders,

I sincerely hope that you and your families are safe and doing well.

Fiscal year 2021 started with an unprecedented event and an environment never experienced before. Last year has brought about some tremendous learnings for me as an individual and for Sunteck as a business. From improvements to learnings, changes to adaptations, we have left no stone unturned at Sunteck to further solidify the business right from its roots. On that note I am extremely glad to introduce the next leg of our Sunteck journey, what I humbly call Sunteck 3.0.

As we embark on our new journey, we aim to maintain an asset light balance sheet by selling off most of our INR 1,800 crores of finished inventory in the next 3-4 years. Focussing on JDA's like Naigaon, Vasai, Vasind and Borivali with low capex requirements, we wish to acquire land only if the opportunity is extremely compelling and helps us maintain muted debt-levels. We seek to leverage our brand and our market position, whilst we bring in prudent investments and incentivise our team to grow the business.

While the first half of 2020-21 was subdued, we saw strong momentum in MMR residential during the second half of the year, driven by various favourable factors like reduction in stamp duty, lower home loan rates etc. We have observed a trend of increased demand and renewed buyer interest for high-quality products, especially from developers with a higher brand recall. Despite a tough macroeconomic environment, I am pleased to inform you that we were able to achieve strong pre-sales in the financial year FY21 at `1,022 Crores. We also achieved highest ever pre-sales of `484 Crore in the mid-income segment in 2020-21, driven by residential projects in ODC, Goregaon West. I would also like to highlight that we achieved our highest ever collections of `780 Crore for a year in 2020-21.

The pandemic has led to a shift in the buying behaviour and preferences of the consumers. We are aware that in today's time, the usage of internet and social media platforms drives the customers' decision making in a significant way. Digital marketing practices have become crucial especially after the pandemic. Hence, we launched our digital sales platform – SunteckAER, in the beginning of the year, to market our ongoing and new projects.

The Maharashtra cabinet reduced the premium fees paid by developers for ongoing and new projects between 1st August, 2021 and 31st December, 2021. This is a unique opportunity for Sunteck as it can drive up the savings significantly, if we can fast-track the projects. We will endeavor to take full advantage of this opportunity by prepaying premiums upto Rs. 250 Crores in FY 2022. The ROE on these payments would be significant.

Over the past few years, multiple macroeconomic events like demonetisation, introduction of GST, RERA, NBFC crisis and now COVID-19, have led to a major consolidation in the Indian real estate sector resulting in increased accountability, customer centricity and financial prudency. As you would be aware, we have done maximum acquisitions during the pandemic and are also seeing many interesting deals with minimum Sunteck capital required. With every subsequent challenge, we have emerged stronger.

At Sunteck Realty Limited, we have an eye to capture and deliver the best in the real estate industry. ‘Beyond the Better' depicts our motive to evolve as India's most premium and trusted brand with high standards of ethical business practices, corporate governance and product quality.

While the year ended on a strong note, 2021-22 will have its own set of challenges and opportunities in the form of subsequent COVID waves. Cash flows generated last year helped reduce debt significantly to negligible levels. We remain focussed on our business model and aim to further reduce debt levels during 2021-22.

I thank you all and the entire Sunteck family – our employees, customers and partners – for your continued trust and support.

Warm regards,

Kamal Khetan

Chairman and Managing Director

   

Sunteck Realty Ltd Company History

Sunteck Realty Ltd is an India-based company engaged in realty and construction business. The company is primarily focused on Mumbai. They operate under the Brand names Sunteck, Signia and Signature across the commercial, luxury and premium housing segments. Their subsidiaries include Starlight Systems Pvt Ltd, Satguru Infocorp Services Pvt Ltd, Amenity Software Pvt Ltd and Magenta Computer Software Pvt Ltd. The corporate business centers of the company include Sunteck Centrako and Sunteck Certainty. The residential projects of Sunteck include Signature Island and Residential Complex. The commercial projects of the company include Sunteck Centre and Sunteck Grandeur. Their developmental activities cover the major metros and mini metros of India including Mumbai, Nagpur and Goa. Sunteck Realty Ltd was incorporated on October 1, 1981 as a private limited company with the name of Insul Electronics Pvt Ltd. In February 15, 1985, the company was converted into public limited company and the name was changed to Insul Electronics Ltd. In July 1985, the shares of the company were listed on the Bombay Stock Exchange. In the year 2005, the company was taken over by Manisha Khetan through an open offer and the name of the company was changed to Sunteck Realty & Infrastructure Ltd with effect from April 26, 2006. During the year 2006-07, the company entered into into a joint venture on 50:50 partnership with Kanaka and Associates to develop a shopping cum commercial complex at Patto Plaza, North Goa. They acquired 50% equity stake of Satguru Infocorp Services Pvt Ltd, which was engaged in the business of providing international Business Commercial centres mainly in the Bandra Kurla Complex, Mumbai. Also, they acquired 26% stake in the equity of Samhrutha Habitat Infrastructure Pvt Ltd. During the year 2007-08, the company entered into an agreement with Alpex International Ltd and promoted a joint venture company, namely Piramal Sunteck Realty Pvt Ltd with equal capital participation for venturing into the business of Real Estate development, infrastructure and related activities. During the year, the company acquired property at S V Road, Andheri and entered into a development agreement for property at Western Express Highway, Borivali (East), Mumbai for development of commercial complexes. In November 29, 2007 the name of the company was further changed to Sunteck Realty Ltd. During the year 2008-09, two companies, namely Satguru Corporate Services Pvt Ltd and Amrut Consultancy Pvt Ltd (Amrut) were amalgamated with the company with effect from June 01, 2008. Consequent upon the merger of Amrut with the company, Magenta Computer Software Pvt Ltd and Amenity Software Pvt Ltd became 100% subsidiaries of company. Also, the company was holding 50% stake in Satguru Infocorp Services Pvt Ltd and the balance 50% stake was held by Amrut. As a result of the merger of Amrut with the company, Satguru Infocorp Services Pvt Ltd became wholly owned subsidiary of the company. In December 24, 2008, the company acquired 60% stake in Starlight Systems Pvt Ltd to further their business objectives. The company joint venture company Piramal Sunteck Realty Pvt Ltd signed a 50:50 JV agreement with Oman's leading business group W.J. Towell for developing high-end mixed-use properties at premium locations in Muscat. During the year 2009-10, the company initiated their first citywide billboard campaign in Mumbai which started with corporate branding and followed through, with project launch sites. They have also started participating in property exhibitions in a big way. During FY 2014-15 the Company acquired 100% stake in Starteck Lifestyle Pvt Ltd. Further the Company acquired 100% control in Advaith Infraprojects Pvt Ltd and its subsidiary Satguru Corporate Services Pvt Ltd., which holds 16 acres land parcel in Goregaon (W). During the year 2014-15, the company completed 2 more projects i.e. a commercial project Sunteck Kanaka' in Goa and a residential project Signia Skys' in Nagpur. Consequently, it completed 6 projects till date with a total project size of over Rs 30 billion. During the year 2016, the company completed its second residential project at Bandra -Kurla Complex (BKC) i.e. Signia Isles', with a developed area of about 0.53 million sq ft. Consequently, the company has completed 7 projects till date totaling to a delivery of ~2.5 million sq ft. The Equity Share Capital of the Company was sub-divided, 1 Equity Share of nominal value of Rs. 2/- each into 2 Equity Shares of Re.1/- each only thereby 6,29,92,735 paid up Equity Shares of Rs. 2/- each were sub-divided into 12,59,85,470 Equity Shares of Re. 1 each w.e.f. 26th July 2017. During the year 2017, the Company allotted 1, 55, 27,950) Equity Shares of Re. 1/- per share to the Qualified Institutional Buyers on 31st October 2017 through a Qualified Institutions Placement in accordance with Chapter VIII and other applicable provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and as amended from time to time. All issued shares rank pari- passu to the existing shares of the Company in all respects. The Company allotted 46,67,697 equity shares of face value Re. 1/- to Promoter Group Entities under Preferential Issue on 7th December, 2017 under Chapter VII and other applicable provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and as amended from time to time. The said shares shall rank pari-passu the existing shares of the Company in all respects. During FY 2018, the company issued ~ Rs150 lakh Equity Shares at Rs.322 each aggregating to ~Rs 50,000 lakhs to Qualified Institutional Buyers and ~ Rs 46 Lakh Equity Shares at Rs.323.5 each aggregating to ~Rs 197 lakhs.During the year 2019, the Company had 20 subsidiaries including step down subsidiaries, 2 LLPs where Company exercises significant control and 2 Associates/Joint Ventures of which 1 Company is Joint Venture entity in UAE. During the year 2019, pursuant to the approval by Board of Directors, the Company had filed an petition, with National Company Law Tribunal (NCLT), regarding the Scheme of Merger by Absorption of Amenity Software Private Limited, Magenta Computer Software Private Limited and Sunteck Fashions and Lifestyle Private Limited, being the wholly owned subsidiaries of the Company, with itself.

Sunteck Realty Ltd Directors Reports

To

The Members,

Sunteck Realty Limited

Your Directors have the pleasure in presenting the 38th Annual Report of the Company on the business and operations of the Company together with the Audited Statement of Accounts for the year ended 31st March, 2021.

FINANCIAL HIGHLIGHTS

The Company's performance during the financial year ended 31st March, 2021 as compared to the previous financial year, is summarised below:

Consolidated

Standalone

Particulars For the year ended on 31st March, 2021 For the year ended on 31st March, 2020 For the year ended on 31st March, 2021 For the year ended on 31st March, 2020
Revenue from Operations 61,386.48 55,971.71 31,390.09 25,925.21
Other Income 1,697.75 2,048.82 2,529.08 3,910.20
Total Income 63,084.23 58,020.53 33,919.17 29,835.41
Total Expenditure 56,678.47 47,655.84 28,847.71 21,821.62
Profit for the period before tax and share of profit/ (loss) of Associates/ Joint ventures and exceptional items 6,405.76 10,364.69 5,071.46 8,013.79
Share of profit/(loss) of Associate/ Joint 34.26 (70.14) - -
Ventures
Exceptional Items 603.50 - 603.50 -
Profit Before Tax 5,836.52 10,294.55 4,467.96 8,013.79
Current Tax 1,026.89 3,453.60 697.09 1,225.67
Deferred Tax 615.56 (645.80) (13.31) (1,892.37)
Profit After Tax 4,194.07 7,486.75 3,784.18 8,680.49
Other Comprehensive Income (459.43) 1,037.58 12.29 (48.31)
Total Comprehensive Income 3,734.64 8,524.33 3,796.47 8,632.18

REVIEW OF OPERATIONS

During the year under review, the consolidated total income for the current year amounted to Rs.63,084.23/- Lakhs compared to Rs.58,020.53/- Lakhs in the previous year. The profit before tax on consolidated basis stands at Rs.5,836.52/- Lakhs as compared to Rs.10,294.55/- Lakhs during the previous year.

The total income earned is Rs.33,919.17/- Lakhs compared to previous year's revenue of Rs.29,835.41/- Lakhs on standalone basis. The profit before tax on standalone basis stands at Rs.4,467.96/- Lakhs compared to profit before tax of Rs.8,013.79/- Lakhs during the previous year.

NATURE OF BUSINESS

The Company is engaged in the activities of real estate development of residential and commercial projects. During the year under review, there was no change in the nature of business of the Company.

DIVIDEND

Your Directors are pleased to recommend final dividend of 150% (i.e. Rs.1.50/- per equity share of the face value of Re. 1 each) to the shareholders for the financial year ended 31st March, 2021. The Promoter/Promoter Group have waived their right to receive dividend to the extent of 50% of the recommended dividend entitling them to receive dividend of 75% (i.e. Re. 0.75/- per equity share of the face value of Re. 1/-). The dividend shall be subject to the approval of the shareholders at the ensuing Annual General Meeting. Total outflow on account of dividend shall amount to Rs.14,58,62,165 (Rupees Fourteen Crores Fifty Eight Lakhs Sixty Two Thousand One Hundred Sixty Five only).

As per Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations'), Dividend Distribution Policy was adopted to set out the parameters and circumstances that will be taken into account by the Board in determining the distribution of dividend to its shareholders and / or retaining profits earned by the Company. The Board of the Company has adopted a Dividend Distribution Policy which is available on the website of the Company http://www.sunteckindia.com/codes-policies.php

TRANSFER TO RESERVES

Your Directors do not propose to transfer any amount to reserves out of the profits earned during 2020-21.

SHARE CAPITAL

During the year under review, your Company allotted 22,611 Equity Shares of Face Value of Re. 1/- each (Rupee One Only) on 17th February, 2021 to option grantees pursuant to exercise of options under Company's Employee Stock Option Scheme 2017 (ESOS 2017). All allotted shares rank pari-passu to the existing shares of the Company in all respects.

Pursuant to the above allotment, the paid up capital of the Company increased to 14,63,94,490 Equity shares of Re. 1/- each aggregating to Rs.14,63,94,490/- (Rupees Fourteen Crores Sixty Three Lakhs Ninety Four Thousand Four Hundred and Ninety Only).

DEPOSITS

In terms of Sections 73 and 74 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014 during 2020-21, your Company has not accepted any deposits from public and as such, no amount on account of principal or interest on public deposits was outstanding as on the date of the Balance Sheet.

SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES

As on 31st March, 2021, the Company had 19 subsidiaries which includes 3 foreign companies and 4 LLPs. Additionally, the Company has 4 joint venture / associates which includes 1 foreign company and 2 LLPs. During the year, the Company retired as Partners from its Joint Venture LLP viz., Yukti Infraprojects LLP and acquired Shivay Brokers Private Limited which became a step down wholly owned subsidiary of the Company.

As per Section 129(3) of the Companies Act, 2013, the consolidated financial statements of the Company, its subsidiaries, associates and joint venture entities in accordance with applicable Accounting Standards issued by The Institute of Chartered Accountants of India, forms part of this Annual Report. The performance and financial position of each of the subsidiaries, associates and Joint Venture companies for the year ended 31st March, 2021 is attached to the financial statements hereto in Form AOC 1.

In terms of Section 136 of the Companies Act, 2013, separate audited accounts in respect of each of subsidiaries have been placed on the website of the Company Further, the Company shall provide a copy of separate audited annual accounts in respect of each of its subsidiary to any member of the Company who asks for it and said annual accounts will also be kept open for inspection at the Registered Office of the Company.

The Company has formulated a policy for determining ‘material' subsidiaries and such policy is disclosed on Company's website www.sunteckindia.com

MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL

In compliance with provisions of Section 152 of the Companies Act, 2013, Mr. Atul Poopal, Director of the Company retires by rotation at the ensuing AGM and being eligible, offers himself for re-appointment. Appropriate resolution for aforesaid re-appointment is being placed for approval of the members at the ensuing AGM.

The second term of Mr. Ramakant Nayak, Non-Executive Independent Director and Mr. Kishore Vussonji, Non-Executive Independent Director is expiring at the ensuing Annual General Meeting and the Company shall appoint the Independent Directors pursuant to the provisions of the Companies Act, 2013 and Listing Regulations.

The certificate under Regulation 34(3) of Listing Regulations forms part to this report.

DISCLOSURES RELATED TO BOARD, COMMITTEES AND POLICIES

Board Meetings

The Board of Directors met 4 times during the financial year ended 31st March, 2021 in accordance with the provisions of the Companies Act, 2013 and rules made thereunder. The Directors actively participated in the meetings and contributed valuable inputs on the matters brought before the Board of Directors from time to time.

The Independent Directors held a separate meeting in compliance with the requirements of Schedule IV of the Companies Act, 2013 and Regulation 25(3) of the Listing Regulations. For further details of the meetings of the Board, please refer to the Corporate Governance Report, which forms part of this Annual Report.

Director's Responsibility Statement

In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited financial statements of the Company for the year ended 31st March, 2021, the Board of Directors hereby confirms that:

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

b. such accounting policies have been selected and applied consistently and the Directors 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 on 31st March, 2021 and of the profits of the Company for the year ended on that date;

c. proper and sufficient care was taken for the maintenance of adequate accounting records in accordanc

e with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. the annual accounts of the Company have been prepared on a going concern basis;

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

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

Committees of the Board a) Audit Committee

An Audit Committee is in existence in accordance with the provisions of Section 177 of the Companies Act, 2013. Kindly refer to the section on Corporate Governance, under the head, ‘Audit Committee' for matters relating to constitution, meetings and functions of the Committee.

b) Nomination and Remuneration Committee

A Nomination and Remuneration Committee is in existence in accordance with the provisions of subsection (3) of Section 178 of the Companies Act, 2013. Kindly refer to the section on Corporate Governance, under the head, ‘Nomination and Remuneration Committee' for matters relating to constitution, meetings, functions of the Committee and the remuneration policy formulated by this Committee.

c) Corporate Social Responsibility Committee

The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken by the Company during the year are set out in Annexure I of this report as per the format prescribed in Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended thereto.

The CSR Policy may be accessed on the Company's website at the link https://www.sunteckindia.com/codes-policies.php

d) Other Board Committees

For details of other Board Committees' viz. Stakeholders Relationship Committee and others, kindly refer to the section ‘Committees of the Board of Directors' which forms part of the Corporate Governance Report.

Vigil Mechanism for the Directors and Employees

In compliance with provisions of section 177(9) and (10) of the Companies Act, 2013 read with Regulation 22 of the Listing Regulations, your Company has adopted whistle blower policy for Directors and employees to report genuine concerns to the management of the Company. The whistle blower policy of the Company is posted on the website of the Company and may be accessed at https://www.sunteckindia.com/codes-policies.php

Risk Management

The Company's management systems, organisational structures, processes, standards, code of conduct and behaviors together form the system that governs how the Group conducts the business of the Company and manages associated risks. The Board has constituted Risk Management Committee for monitoring and reviewing of the risk assessment, mitigation and risk management plan from time to time.

The approach is based on identification, evaluation, and mitigation of operational, strategic and environmental risks, disciplined risk monitoring and measurement and continuous risk assessment and mitigation measures.

Annual Evaluation of Directors, Committee and Board

A formal evaluation mechanism has been adopted for evaluating the performance of the Board, the Committees thereof, individual Directors and the Chairman of the Board. The evaluation is based on criteria which include, among others, providing strategic perspective, integrity and maintenance of confidentiality and independence of judgment, Chairmanship of Board and Committees, attendance, time devoted and preparedness for the Meetings, quality, quantity and timeliness of the flow of information between the Board Members and the Management, contribution at the Meetings, effective decision making ability, monitoring the corporate governance practices, role and effectiveness of the Committees and effective management of relationship with stakeholders. Pursuant to the provisions of the Companies Act, 2013 and the Listing Regulations, the Board has carried out an annual evaluation of its own performance, performance of its directors individually and the committees of the Board and the same is reviewed by the Nomination and Remuneration Committee.

Particulars of Remuneration

The information as required under the provisions of Section 197(12) of the Companies Act, 2013 and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are set out in Annexure IV attached hereto.

The information required pursuant to Section 197 of the Companies Act, 2013 read with Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is available for inspection by the members at registered office of the Company during business hours on working days up to the date of the ensuing AGM. If any member is interested in obtaining a copy thereof, such member may write to the Company Secretary, whereupon a copy would be sent.

DISCLOSURE RELATING TO EMPLOYEE STOCK OPTION SCHEMES

In compliance with the SEBI (Share Based Employee Benefits) Regulations, 2014, as amended thereto, the details of Employees Stock Option Schemes of the Company as on 31st March, 2021 are furnished in Annexure II attached herewith and forms part of this Report and is also available on the website of the Company https://www.sunteckindia. com/financials.php. The ESOS Schemes of the Company are in compliance with the provisions of SEBI (Share Based Employee Benefits) Regulations.

PARTICULARS OF LOANS, ADVANCES, GUARANTEES, OR INVESTMENTS

Pursuant to Section 186 of the Companies Act, 2013 and Schedule V of the Listing Regulations, details of Loans, guarantees and investments given/made during the financial year under review are part of the financial statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All the transactions/contracts/arrangements of the nature as specified in Section 188(1) of the Companies Act, 2013 entered by the Company during the year under review with related party (ies) are in the ordinary course of business and on arm's length basis. There are no material significant related party transactions made by the Company with Promoters, Directors, or Key Managerial Personnel which may have a potential conflict with the interest of the Company at large. In view of the above, the requirement of giving particulars of contracts / arrangements / transactions made with related parties, in Form AOC-2 are not applicable for the year under review.

The Policy on related party transactions and procedures dealing with related party transactions as approved by the Board may be accessed on the Company's website at https://www.sunteckindia.com/codes-policies.php

Disclosure on related party transactions is provided in notes to financial statements.

DISCLOSURES UNDER SECTION 134(3)(l) OF THE COMPANIES ACT, 2013

Except as disclosed elsewhere in this report, no material changes and commitments which could affect the Company's financial position have occurred between the end of the financial year of the Company and the date of this report.

INTERNAL FINANCIAL CONTROLS

The Company has adequate Internal Financial Controls in place with reference to financial statements and is operating effectively. The Company's IFC framework commensurate with its size, scale and complexity of operations. The controls, based on the prevailing Business conditions and processes have been reviewed by the Company to strengthen the same wherever required. In compliance with the provisions of section 138 of the Companies Act, 2013 read with Rule 13 of Companies (Accounts) Rules, 2014, the internal control systems are supplemented by Internal Audit carried out by independent firm of Chartered Accountants for periodical review by management. The Audit committee reviews the reports submitted by the Internal Auditors in its meeting.

DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL

There are no significant material orders passed by the Regulators/ Courts which would impact the going concern status of the Company and its future operations.

STATUTORY AUDIT AND AUDITORS' REPORT

Pursuant to the provisions of Section 139 of Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, as amended, M/s. Walker Chandiok & Co LLP, Chartered Accountants, (Firm Registration number-001076N/ N500013) were appointed as the Statutory Auditors of the Company for a term of 5 years to hold office from the conclusion of the 37th Annual General Meeting held on 29th September, 2020 till the conclusion of 42nd Annual General Meeting to be held in the year 2025. The Company has received a certificate from Walker Chandiok & Co. LLP that they are eligible to hold office as the Auditors of the Company and are not disqualified for being so appointed.

The auditor's report on internal financial controls with reference to financial statements, forming part of the Annual Report, contains a qualification, which is on account of restatement of financial statements. Material weaknesses identified has been considered in determining the nature, timing and extent of audit tests applied in the audit of the financial statements of the Company, and the material weaknesses do not affect the auditor opinion on the financial statements of the Company. Further, the explanations by the Management on the qualification given by the statutory auditors in their audit reports have been provided in the respective notes to the standalone and consolidated financial statements.

Observations of statutory auditors on accounts for the year ended 31st March, 2021:

There are no qualifications, reservations or adverse remarks made by M/s. Walker Chandiok & Co LLP. Chartered Accountants, Statutory Auditors of the Company, in their report for the financial year ended 31st March, 2021.

SECRETARIAL AUDIT

As required under provisions of Section 204 of the Companies Act, 2013, the Secretarial Audit report of the Company carried out by Mr. Veeraraghavan N., Company Secretary in practice for the FY 2020-21, in Form MR-3, forms part to this report. Pursuant to Regulation 24A of Listing Regulations, the Secretarial Audit Reports in respect of the material unlisted subsidiaries of your Company viz., Skystar Buildcon Private Limited and Satguru Corporate Services Private Limited for FY 2020-21, forms part of this report. The said reports does not contain any qualification, reservation or adverse remark or disclaimer.

COST AUDIT

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, Maintenance of Cost records and Cost Audit is applicable which has been complied with by the Company. On the recommendation of the Audit Committee, the Board has re-appointed M/s. Kejriwal & Associates, Cost Accountants (Firm Registration No. 101363), to audit the cost accounts of the Company for the financial year ending on 31st March, 2021. Remuneration payable to the Cost Auditor needs to be ratified by the members of the Company and hence, a resolution seeking members' ratification for the remuneration payable to the Cost Auditor is included in the Notice convening the AGM.

ANNUAL RETURN

The Annual Return in Form MGT-7 for the financial year ended 31st March, 2021, is available on the website of the Company at https://www.sunteckindia.com.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The Company adopts good practices by using rainwater harvesting thereby lowering fresh water intake and reducing run-offs. The Company uses Dual Fitting Tanks and LED lights which reduces the burden on energy usage in the construction area. The Company uses steel products for rolling mills which saves considerable amount of natural resources and energy required to convert steel from ores. Fly ash and GGBS are the waste generated from the thermal power plant and steel plants respectively used in concrete which consumes waste generated by other industries and also produce more durable concrete. Sites are covered with G1 sheets which reduces the equipment noise and prevents dust getting blown up in air in windy days. The use of STP water for flushing and gardening reduces the burden on natural water resources. Wherever possible solar PV panels for common area lighting are used which in turn reduces the carbon footprints.

The details of foreign exchange earnings and outgo during the year under review is as below:

i) Foreign Exchange Earned: `_Nil (P.Y. Rs.24,419,786)

ii) Foreign Exchange Outflow:_`_98,582,679 (P.Y. Rs.24,295,334)

INFORMATION REQUIRED UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2014

During the year under review, no case was filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Your Company has a policy and framework for employees to report sexual harassment cases at workplace and the process ensures complete anonymity and confidentiality of information. The Company has complied with provisions relating to the constitution of Internal Complaints Committee under the_Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

COMPLIANCE WITH SECRETARIAL STANDARDS

Pursuant to the provisions of the Companies Act, 2013, the Company has complied with the Secretarial Standard on the Meetings of the Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company Secretaries of India (ICSI) and approved by the Central Government under Section 118(10) of the Companies Act, 2013.

OTHER DISCLOSURES

Corporate Governance

The report on Corporate Governance and the certificate from Company Secretary in Practice regarding compliance with the conditions of Corporate Governance have been furnished in the Annual Report and forms a part of the Annual Report.

Management Discussion and Analysis Report

The Management Discussion and Analysis report has been separately furnished in the Annual Report and forms a part of the Annual Report.

Business Responsibility Report

Pursuant to Regulation 34(2) (f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Business Responsibility Report of the Company for the financial year ended 31st March, 2021 is attached as Annexure III which forms part of this Report.

Fraud Reporting

No fraud has been reported during the audit conducted by Statutory Auditors, Secretarial Auditors and Cost Auditors of the Company.

Unclaimed and Unpaid Dividends, and transfer of shares to IEPF

Kindly refer section on Corporate Governance, under head ‘Unclaimed and Unpaid Dividends, and transfer of Shares to IEPF' for the amounts of unclaimed and unpaid dividends lying with the Company.

ACKNOWLEDGEMENT AND APPRECIATION

Your Directors would like to express their sincere appreciation and gratitude for the co-operation and assistance from its shareholders, bankers, regulatory bodies and other business constituents during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for the contribution and commitment made by every member of the Sunteck Family.

For and on behalf of Board of Directors
Kamal Khetan
Chairman & Managing Director
Mumbai, 30th July, 2021 DIN: 00017527

   

Sunteck Realty Ltd Company Background

Kamal KhetanKamal Khetan
Incorporation Year1981
Registered Office5th Floor Sunteck Centre,37-40 Subhash Rd Vile Parle(E)
Mumbai,Maharashtra-400057
Telephone91-22-26267800,Managing Director
Fax91-22-26287890
Company SecretaryRachana Hingarajia
AuditorWalker Chandiok & Co LLP
Face Value1
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarLink Intime India Pvt Ltd
C-101 247 Park ,L B S Marg ,Vikhroli West ,Mumbai-400083

Sunteck Realty Ltd Company Management

Director NameDirector DesignationYear
Kamal Khetan Chairman & Managing Director 2021
Kishore Vussonji Non-Exec. & Independent Dir. 2021
Ramakant Nayak Non-Exec. & Independent Dir. 2021
Rachana Hingarajia Director & Company Secretary 2021
Atul Poopal Executive Director 2021
Sandhya Malhotra Non-Exec. & Independent Dir. 2021
V P Shetty Independent Director 2021

Sunteck Realty Ltd Listing Information

Listing Information
BSE_500
CNX500
BSESMALLCA
BSEREALTY
CNXREALTY
CNXSMALLCA
BSEALLCAP
GOODSSERVI
SML250
MSL400
NFTYMSC400
NFTYSC250
NF500M5025

Sunteck Realty Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sales of Commercial Units NA 000278.7321
Share of Profit from LLPs NA 0008.5401
Sale of Services NA 0005.0704
other operating income NA 0001.1733

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