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Surana Telecom and Power Ltd.

BSE: 517530 Sector: Others
NSE: SURANAT&P ISIN Code: INE130B01031
BSE 10:32 | 19 Jun 4.41 -0.33
(-6.96%)
OPEN

4.41

HIGH

4.41

LOW

4.41

NSE 10:29 | 19 Jun 4.70 -0.10
(-2.08%)
OPEN

4.60

HIGH

4.70

LOW

4.35

OPEN 4.41
PREVIOUS CLOSE 4.74
VOLUME 850
52-Week high 9.39
52-Week low 4.06
P/E 27.56
Mkt Cap.(Rs cr) 64
Buy Price 4.42
Buy Qty 1250.00
Sell Price 4.69
Sell Qty 1000.00
OPEN 4.41
CLOSE 4.74
VOLUME 850
52-Week high 9.39
52-Week low 4.06
P/E 27.56
Mkt Cap.(Rs cr) 64
Buy Price 4.42
Buy Qty 1250.00
Sell Price 4.69
Sell Qty 1000.00

Surana Telecom and Power Ltd. (SURANAT&P) - Director Report

Company director report

To The Members of Surana Telecom and Power Limited

The Directors have pleasure in presenting the 28th Annual Report ofyour Company together with the Audited Balance Sheet as at 31st March 2017 andStatement of Profi t and Loss for the year ended 31st March 2017.

FINANCIAL RESULTS:

The performance of the Company during the year has been as under:

(Amount in ` )

Particulars

Standalone Results

Consolidated Results

2016-17 2015-16 2016-17 2015-16
Sales and other Income 273520561 231177192 342920722 265838519
Profi t before Depreciation and Interest 135637763 111621737 193533789 142904307
LESS:
Depreciation & Amortization 74127977 64708543 105124324 80875920
Interest 40116785 30905463 63865857 46178960
Profi t for the year 21393001 16007731 24543608 15849427
Profi t before Taxation 21393001 16007731 24543608 15849427
Provision for Taxation :
Current Tax 4370000 2250000 4449068 2250000
Deferred Tax 453000 715001 246862 705426
Income Tax in respect of earlier years -- -- -- (19390)
Profi t after Tax 16570001 13042730 19847678 12913391
Minority Interest (Current year's Profi t/(loss) -- -- 1550948 (64333)
Surplus brought forward from previous year 200255947 187213217 197567102 184589378
Balance carried forward to Balance Sheet 216825948 200255947 240114884 197567102

PERFORMANCE:

During the year under review the Income from Operations is Rs. 264931343 as againstRs. 220125276 for the corresponding previous year. The Profi t Before Tax stood at Rs.21393001 as against Rs. 16007731 for the previous year. The Profi t After Tax stoodat Rs. 16570001 as against Rs.13042730 for the corresponding period. The BasicEarnings Per Share for the year ended 31.03.2017 is Rs.0.12 as against Rs.0.13 for thecorresponding previous year ended 31.03.2016.

OPERATIONS:

The Company's 5 MW Solar Power Project is situated at Gujarat Solar Park CharankaVillage Santalpur Taluq Patan District is running successfully. The generation duringthe year under review increased by about 2 Lacs Units over the previous year due to betterclimatic condition.

M/s.Surana Solar Systems Pvt. Ltd. a subsidiary company is successfully operating its5 MW Solar Power Plant situated at Shankapur Village Shankarampet Mandal Medak DistrictTelangana.

M/s.Aryavaan Renewable Energy Pvt. Ltd. a subsidiary of the Company has successfullycommissioned its grid connected 5 MW Solar Power Plant at Barhara Village Sarila TehsilHamirpur District Uttar Pradesh on 08.02.2017 and since then successfully injecting powerto the grid. For sale of power the Company has entered into long term Power PurchaseAgreement with Uttar Pradesh Power Corporation Ltd. Indian Overseas Bank has sanctioned aterm loan of Rs.15 Crores for the project.

Pursuant to the Scheme of Arrangement the 5 MW Solar Power Project located atMunipally Village Sadashivpet Medak District of Bhagyanagar India Limited has beenmerged with the Company. The project is running successfully. The power is being sold toM/s.Tata Communications Ltd. through Open Access route.

M/s.Tejas India Solar Energy Pvt. Ltd. a Subsidiary Company is in the process ofsetting up of 3 MW grid connected Solar Power Plant at Gajwel Mandal Medak DistrictTelangana. The power will be sold under Open Access to third party. The Project is at final state of completion and expected to commission shortly.

SUBSIDIARIES

Your company has 5 subsidiary companies as mentioned below. Further there has been nomaterial change in the nature of business of the subsidiaries.

Name of the Subsidiary Percentage of total paid up capital
1. Globecom Infotech Private Limited 100%
2. Surana Solar Systems Private Limited 51%
3. Celestial Solar Solutions Private Limited 51%
4. Tejas India Solar Energy Private Limited 51%
5. Aryavaan Renewable Energy Private Limited 51%

In terms of proviso to sub section (3) of Section 129 of the Act the salient featuresof the fi nancial statement of the subsidiaries is set out in the prescribed form AOC-1which forms part of the annual report. Pursuant to the provisions of section 136 of theAct the fi nancial statements of the Company consolidated fi nancial statements alongwith relevant documents and separate audited accounts in respect of subsidiaries areavailable on the website of the Company.

SCHEME OF ARRANGEMENT:

The Hon'ble High Court of Judicature at Hyderabad for the State of Telangana and theState of Andhra Pradesh sanctioned the Scheme of Arrangement vide its order dated21.11.2016. With effect from appointed date i.e. 01st April 2016 all the assets andliabilities of Solar Division of the Bhagyanagar India Ltd (BIL) become the Assets &Liabilities of Surana Telecom and Power Limited ("STPL/ the Company"). InConsideration of vesting of Solar Division of the BIL in to the Company as per terms ofthe Scheme the Company issued and allotted four equity shares of face value of Rs.1/-each as fully paid up for every six equity shares of face value of Rs.2/- each held in BILas on the Record Date i.e. 14.03.2017. The above additional shares issued as per thescheme of arrangement were listed on BSE Limited (BSE) and National Stock Exchange ofLimited (NSE) and trading commenced w.e.f. 15.05.2017.

CONSOLIDATED FINANCIAL STATEMENTS:

The consolidated fi nancial statements prepared and annexed in accordance with theAccounting Standards 21 and 23 as prescribed under Section 133 of the Companies Act 2013read with Rule 7 of Companies (Accounts) Rules 2014 and Guidelines issued by Securitiesand Exchange Board of India ("SEBI") also forms part of this Annual Report.

As per the provisions of Section 136 of the Companies Act 2013 the Company has placedseparate audited accounts of its subsidiaries on its website www.suranatele.com and copyof separate audited fi nancial statements of its subsidiaries will be provided to theshareholders at their request.

SHARE CAPITAL:

The paid-up Share Capital of the Company as on 31st March 2017 isRs.135759963 divided into 135759963 equity shares of Re.1/- each.