MIRA INFORM REPORT

Report Date :

14.03.2012

IDENTIFICATION DETAILS

Name :	SURANA TELECOM AND POWER LIMITED [w.e.f. 11.10.2007]
Formerly Known As :	SURANA TELECOM LIMITED
Registered Office :	5^th Floor, Surya Towers, Sardar Patel Road, Secunderabad-500003, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.08.1989
Com. Reg. No.:	01-010336
Capital Investment / Paid-up Capital :	Rs.104.022 Millions
CIN No.: [Company Identification No.]	L23209AP1989PLC010336
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Petro Products such as Petroleum Jelly and Telecom Products such as Jointing Kits.
No. of Employees :	98 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	5^th Floor, Surya Towers, Sardar Patel Road, Secunderabad-500003, Andhra Pradesh, India
Tel. No.:	91-40-27845119/27841198/44665700
Fax No.:	91-40-27818868
E-Mail :	surana@surana.com cs@surana.com inestorservices_stl@surana.com
Website :	http://www.surana.com http://www.suranatele.com
Factory 1 :	Solar Power Project [Under Commissioning] Gujarat Solar Park, Charanka Village, Santalpur Taluka, Patan District, Gujarat, India
Factory 2 :	Aluminum Wire Rods Plot No. 215/D, Phase II, IDA, Cherlapally, Hyderabad-500051, Andhra Pradesh, India
Factory 3 :	Optics Fibre Cable Plant Plot No. 214, Phase II, IDA, Cherlapally, Chatkesar (M), Ranga Reddy District, India
Factory 4:	Non-Conventional Energy [Wind] Kapatgudda, Gadag District, Karnataka, India

DIRECTORS

As on 31.03.2011

Name :	Dr. R N Sreenath
Designation :	Director
Name :	Mr. Nirmal Kumar Jain
Designation :	Director
Name :	Mr. D. Venkatasubbiah
Designation :	Director
Name :	Mr. Narender Surana
Designation :	Director
Name :	Mr. Devendra Surana
Designation :	Director
Name :	Mr. Sanjay Kumar Sanghi
Designation :	Director

KEY EXECUTIVES

Name :	Mr. R. Lakshman Raju
Designation :	Chief Financial Officer
Name :	Pavani Akilla
Designation :	Company Secretary
Name :	Mr. D. Venkatasubbiah
Designation :	Member
Name :	Dr. R N Sreenath
Designation :	Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2011

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	10,831,300	52.06
Bodies Corporate	2,210,625	10.63
Sub Total	13,041,925	62.69
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	13,041,925	62.69
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	14,200	0.07
Financial Institutions / Banks	4,200	0.02
Foreign Institutional Investors	112,800	0.54
Sub Total	131,200	0.63
(2) Non-Institutions
Bodies Corporate	709,997	3.41
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	4,272,704	20.54
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	2,398,059	11.53
Any Others (Specify)	250,515	1.20
Non Resident Indians	180,336	0.87
Overseas Corporate Bodies	58,500	0.28
Clearing Members	5,861	0.03
Trusts	5,818	0.03
Sub Total	7,631,275	36.68
Total Public shareholding (B)	7,762,475	37.31
Total (A)+(B)	20,804,400	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	20,804,400	-

BUSINESS DETAILS

Line of Business :

Manufacturing of Petro Products such as Petroleum Jelly and Telecom Products such as Jointing Kits.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Jointing Kits	8547.09
Optic Cables	8544.91
Fibre	8544.90

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Jelly Filled Telephone Cables	LCKM	26.75	0.591
Jelly Filled Telephone Quad Cables	KM	7200	--
Optical Fibre Cable	RKM	6000	--
Optical Fibre	FKM	250000	--
Jointing Kits	Nos. (Lacs)	4.9	0.023
Wind Power	Megawatt	1.25	0.189
Power Cable	KM	7200	2124.87
Alluminium Rod	MT’s	12000

1104.47

GENERAL INFORMATION

No. of Employees :

98 [Approximately]

Bankers :

· State Bank of India

· Corporation Bank

· Development Credit Bank Limited

· HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Banks Cash Credit	50.192	3.491
Total	50.192	3.491
Unsecured Loan
Deferred Sales Tax	48.899	59.461
From Body Corporate	0.000	21.500
Total	48.899	80.961

Banking Relations :	--
Auditors :
Name :	Sekhar and Company Chartered Accountants
Address :	133/4, R.P. Road, Secunderabad-500003, Andhra Pradesh, India
Tel No.:	91-40-27533391/27536342/27543132
Fax No.:	91-40-27536817
Email:	devdas.kc@gmail.com amarnath18@gmail.com ca.g.ganesh@ical.org
Subsidiaries :	Globecom Infotech Private Limited
Related Parties:	· Bhagyanagar India Limited · Bhagyanagar Infrastructure Limited · Bhagyanagar Properties Private Limited · Green Energy Systems Private Limited · Scientia Infocom India Private Limited · Surana Ventures Limited · Bhagyanagar Green Energy Limited · Bhagyanagar Metals Limited · Bhagyanagar Energy and Telecom Private Limited · Bhagyanagar Entertainment Limited · Bhagyanagar Ventures Private Limited · Metropolitan Ventures India Limited · GMS Realtors Private Limited · Innova Technologies Private Limited · Advantage Real Estate India Private Limited · Tranquil Avenues India Private Limited · Majestic Logistics Private Limited · Value Infrastructure and Properties Private Limited · Every Time Foods Industries Private Limited · Surana Technopark Private Limited · Surana Infocom Private Limited · Innova Biotech India Private Limited · Innova Infrastructure Private Limited · Epicentre Entertainment Private Limited · Royal skyscrapers India Private Limited · Sitetonic websolutions Private Limited · Surana Biochemicals Private Limited · Andhra Electro Galvanising works · N.S. Enterprises

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.5/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20804400	Equity Shares	Rs.5/- each	Rs.104.022 Millions

NOTE:

1. Includes 36,80,140 Bonus Shares allotted in earlier years

2. Net of 18,00,000 shares bought back during 2008-09.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		104.022	104.022	104.022
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		560.102	583.801	719.439
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		664.124	687.823	823.461
LOAN FUNDS
1] Secured Loans		50.192	3.491	83.102
2] Unsecured Loans		48.899	80.961	67.303
TOTAL BORROWING		99.091	84.452	150.405
DEFERRED TAX LIABILITIES		6.552	7.456	7.854
OPTIONAL FULLY CONVERTIBLE WARRANTS		0.000	0.000	14.716
TOTAL		769.767	779.731	996.436
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		293.225	326.707	396.237
Capital work-in-progress		152.728	0.000	65.752
INVESTMENT		134.097	130.391	132.293
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.550	73.421	198.869
	Sundry Debtors	90.253	71.328	202.831
	Cash & Bank Balances	27.210	12.692	43.685
	Other Current Assets	17.058	20.896	101.052
	Loans & Advances	155.938	176.947	98.060
Total Current Assets		352.009	355.284	644.497
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	112.825	7.954	115.154
	Other Current Liabilities	37.237	12.267	108.634
	Provisions	12.230	12.430	18.555
Total Current Liabilities		162.292	32.651	242.343
Net Current Assets		189.717	322.633	402.154
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		769.767	779.731	996.436

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	624.452	476.471	902.931
		Other Income	146.730	35.641	50.475
		TOTAL (A)	771.182	512.112	953.406
Less	EXPENSES
		Materials	588.025	335.771	732.488
		Expenses	133.543	120.492	157.111
		Prior Period Adjustments	0.251	0.242	(0.640)
		TOTAL (B)	721.819	456.504	888.959
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		49.363	55.608	64.447
Less	FINANCIAL EXPENSES (D)		14.851	18.587	9.962
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34.512	37.021	54.485
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.106	24.126	22.356
	PROFIT BEFORE TAX (E-F) (G)		13.406	12.895	32.129
Less	TAX (H)		1.596	1.402	3.929
	PROFIT AFTER TAX (G-H) (I)		11.810	11.493	28.200
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		219.538	240.175	240.230
Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	20.000	10.000
		Proposed Dividend	10.402	10.402	15.603
		Tax on Dividend	1.728	1.728	2.652
	BALANCE CARRIED TO THE B/S		214.218	219.538	240.175
	EARNINGS IN FOREIGN CURRENCY
		Other Earnings	2.117	0.716	0.000
		Software Exports	0.000	0.000	2.412
	TOTAL EARNINGS		2.117	0.716	2.412
	Earnings Per Share (Rs.)		0.57	0.55	1.36

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	53.900	12.990	20.260
Total Expenditure	56.490	14.250	16.370
PBIDT (Excl OI)	(2.590)	(1.260)	3.890
Other Income	5.930	8.400	1.900
Operating Profit	3.340	7.140	5.790
Interest	2.360	0.000	0.050
Exceptional Items	0.360	(0.070)	0.000
PBDT	1.340	7.070	5.740
Depreciation	4.600	3.800	4.260
Profit Before Tax	(3.260)	3.270	1.480
Profit After Tax	(3.260)	3.270	1.480
Net Profit	(3.260)	3.270	1.480

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.53	2.24	2.96
Net Profit Margin (PBT/Sales)	(%)	2.15	2.71	3.56
Return on Total Assets (PBT/Total Assets}	(%)	2.07	1.89	3.09
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.04
Debt Equity Ratio (Total Liability/Networth)		0.39	0.17	0.48
Current Ratio (Current Asset/Current Liability)		2.17	10.88	2.66

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

During the year, the Income from Operations is Rs. 624.452 millions as against Rs. 476.471 millions for the corresponding previous year, indicating a growth of 31.06%. The profit before Tax stood at Rs.13.406 millions as against Rs. 12.895 millions for the previous year, indicating a growth of 3.96%. The Profit After Tax stood at Rs. 11.810 millions as against Rs. 11.493 millions for the corresponding period, indicating a growth of 2.76%. The basic Earnings Per Share for the year ended 31.03.2011 is Rs. 0.57 as against Rs. 0.55 for the corresponding previous year ended 31.03.2010.

SOLAR POWER PROJECT

During the year, the Company was allotted 5 MW Power Capacity under Solar Power Policy, 2009 by M/s Gujarat Energy Development Agency (GEDA), Government of Gujarat. Subsequently on 01.12.2010, the Company entered into Power Purchase Agreement with Gujarat Urja Vikas Nigam Limited. M/s Gujarat Power Corporation Limited which is appointed as Licensor for facilitating the setting up of power projects within the state of Gujarat, handed over the possession of 1,00,000 sq. mtrs (approx) of land situated at Gujarat Solar Park, Charanka Village, Santalpur Taluk, Patan District, Gujarat. The Company entered into Engineering Procurement Construction Contract (EPC) with AEG Power Solutions (P) Limited, for the Development of the Project. The other steps for implementation of the project were also undertaken so as to ensure the commissioning of the project by November, 2011.

MANAGEMENT DISCUSSION and ANALYSIS

Subject was incorporated as a Private Limited Company on 14.08.1989 as Surana Petro Products Private Limited and was engaged in the business of manufacturing of Petro Products such as Petroleum Jelly and Telecom products such as Jointing Kits. Thereafter, the Company was converted into a Public Limited Company on 09.07.1993. In 1994, the Company ventured into the Telecom sector with the production of Optic Fibre Cables and consequently, name of the Company was changed to Surana Telecom Limited on 05.08.1994. In 2007, the Company diversified into the power sector with the manufacturing of low tension and high tension power cables and setting up of 1.25 MW wind power generation plant. In order to reflect the diversity, the name of the Company was again changed to "Surana Telecom and Power Limited" on 11.10.2007.

In 2008, taking cue from the increasing recognition for non conventional energy and anticipating demand primarily in the field of Solar Photovoltaic, the company ventured into manufacturing of Solar Modules and other Solar photovoltaic products.

During the year 2009-2010, a Scheme of arrangement was entered by the Company with M/s Surana Ventures Limited which was sanctioned by Hon'ble High Court of A.P. on 28.06.2010 and became effective on 28.07.2010, pursuant to which the "Solar Undertaking" was merged with Surana Ventures Limited.

In the financial year 2010-11 the company achieved total revenue of Rs.664.124 millions. In the ensuing years, the major thrust of the Company shall be on Solar Power Generation and other Non- conventional sources of Power Generation.

SOLAR POWER:

Introduction

In today's climate of growing energy needs and increasing environmental concern, alternatives to the use of non-renewable and polluting fossil fuels have emerged. One such alternative is solar energy. The Company keeping in view the growing demand for energy, applied to GEDA for setting up 5 MW Power Plant in the state of Gujarat. Accordingly, the Company became successful in the bids and was allotted land property at Gujarat for setting up

MW power plant.

Industry Analysis

According to the latest Indian Solar Compass, India's solar industry has got off to a successful start this year, with a large number of power purchase agreements (PPAs) having been signed. The solar PV market of 2011 will also more diverse than it has been before. Today, India finds itself on the path of becoming one of the leading nations in the solar energy sector. The government is taking steps towards implementing large MW scale solar power projects and is poised to position itself as one of the world's major solar producer. Effective utilization of India's solar potential lies in the successful implementation of the Jawaharlal Nehru National Solar Mission (JNNSM) by the government.

The average number of sunny days in India circulates around 300 days per year and due to the high sun radiation particularly in the south and the center of the country, the potential for solar power is extremely high and makes India a favorite destination for domestic and international solar pv investments. As India plans to have installed 20GW of solar power by 2022 - equaling to 12 percent of the country's total energy share then and 200 GW by 2050 (project to be the biggest solar pv market by then), there is still much to do since the currently installed capacity stood at about 12MW by the end of 2010. Majority of the states are deploying PV power plants and with the implementation of the National Solar Mission, it is expected that, the annual PV installed capacity will grow at a Compound Annual Growth Rate (CAGR) of around 44% during 2010-2013 to reach 900 MW by 2013 end.

The recent (December 2010) PPA agreements with the state-run power distributor Gujarat Urja Vikas Nigam (GUVNL) about the construction of a 500 MW solar power plant is clear sign that India's domestic companies have recognized the governmental encouragement and promising business opportunities with regard to India's solar pv market in 2011.

The government is eager to increase the solar share by concurrently improving infrastructural conditions in the country especially products like solar water heating systems and solar street lights. Another important business for 2011 will be solar home systems.

Still more than 40% of households in India, mainly in rural areas, lack access to electricity and are bound to be benefiting from the Indian government's efforts to promote electrification and increasing the share of solar power. Apart from large investments in solar power plants and the mandatory modification of governmental buildings with solar technology, the demand for solar off-grid systems will be growing regarding the many remote and un-electrified rural areas and the government's willingness to achieve full electrification soon. However, only cost effective products that can compete with the domestic low cost solar products in India will have a chance to get into the rural areas.

Business Outlook:

During the year, the Company was allotted 5 MW Power Capacity under Solar Power Policy, 2009 by M/s Gujarat Energy Development Agency (GEDA), Government of Gujarat. Subsequently on 01.12.2010 , the Company entered into Power Purchase Agreement with Gujarat Urja Vikas Nigam Limited. M/s Gujarat Power Corporation Limited which is appointed as Licensor for facilitating the setting up of power projects within the state of Gujarat, handed over the possession of 1,00,000 sq. mtrs (approx) of land situated at Gujarat Solar Park, Charanka Village, Santalpur Taluk, Patan District, Gujarat. The Company entered into Engineering Procurement Construction Contract (EPC) with AEG Power Solutions (P) Limited, for the Development of the Project. The other steps for implementation of the project were also undertaken so as to ensure the commissioning of the project by November, 2011. During the year the Company floated a JV Company by name "Radiant Alliance Limited" in Bangladesh with M/s EC Distribution Limited (ECDL), Bangladesh for the purpose of establishing and operating a

Solar PV Module manufacturing plant in Bangladesh with an installed capacity of 10 MW.

WIND POWER GENERATION:

Introduction

India's energy consumption is increasing at one of the fastest rates in the world due to population growth and economic development. As a part of its Corporate Social Responsibility and in view raising global concerns over Global warming, the Company in the year 2006-07 has forayed into the non conventional energy sector with a wind power project with an initial installed capacity of 1.25 MW at Kapatguda, Karnataka. The Annual generation for the financial year 2010-11 was 1871685 Units.

Industry Analysis:

Today India is the fifth largest Wind energy producer in the world. Wind energy is the fastest growing renewable energy source with a cumulative deployment of over 13,000 MW capacity, it accounts for nearly 70% of the installed capacity in the renewable energy sector in the country. A cumulative capacity of 12,009 MW has been set up as on June 2010, with an estimated potential in India of 65- 70 GW. The total potential for Wind Power in India was first estimated at around 45 GW. The sector is growing rapidly and we are likely to achieve a capacity addition of 2000 MW in this year.

Electricity demand has continuously outstripped production, and a peak energy shortage of around 12.7% prevailed in 2009-10. To meet this shortfall as well as the National Electricity Policy target of 'Electricity for All by 2012, the cleanest options available to India are Renewable Energy Technologies (RETs). The wind power development in the next five years (2010-2014) is expected to develop with a varying capacity addition between 2,500 MW and 4,000 MW annually. The Planning Commission projects the installed capacity to reach approximately 40,000 MW by the year 2022.

Wind energy is continuing to grow steadily in India. In 2009, 1,271 MW of new wind generating capacity was installed, taking the cumulative figure up to more than 12 GW, representing an annual growth of 13%. In addition, a trend towards small customized windmills for households has been evident with a market growth of 30%.

Wind power in India has been concentrated in a few regions. Especially the southern state, Tamil Nadu maintains its position as the state with the largest wind power installation, with 4,906 MW installed as of March 2010. Although Tamil Nadu accounts for approximately 40% of total installed capacity in the country, other states have started to catch up. This is partly driven by new policy measures and partly driven by the fact that already 90% of gross potential in Tamil Nadu is explored. Interesting states to look at are Karnataka (capacity availability 10 GW), Gujarat (8.7 GW), Andhra Pradesh (8.8 GW), Rajasthan (3.8 GW) and Maharashtra (2.5 GW).

In order to meet the rising energy demand, power generation capacity must increase to nearly 800,000 MW by 2031-32, from the current capacity of around 160,000 MW. With India facing an acute energy scarcity, which is hampering its industrial growth and economic progress, it is essential to tackle the energy crisis through judicious utilization of the abundant renewable energy resources, such as wind. Favourable government policies and incentives are the crucial key drivers in the Wind Sector.

Business Outlook:

The Company has installed 1.25 MW Wind Turbine Generator at Kapatguda in the state of Karnataka for which Voluntary Emission Reduction (VER's) were gained through Voluantry Carbon Standards. During the current financial year the Company expects to generate additional reveneue by sale of VER's to appropriate buyers.

POWER CABLES AND ALUMINUM CC RODS:

To cope with the situation of declining Telecom Cables demand, and in view of the high demand for the Power Cables in the market and availability of required resources coupled with optimal utilization of existing facilities, the Company restructured a part of its plant to manufacture power cables in the year 2007. In the year 2008-09, as a part of backward integration to the Power Cables, the Company has set up Aluminum Propezi plant to manufacture aluminium rods of 7.9 and 9.6 diameter EC grade rods and alloy aluminum rods.

The performance of the Company in Power Cables business was moderate due to insignificant market penetration and low margins. Hence the Company obtained members approval for sale/lease/disposal of the Power Cable manufacturing facilities. Accordingly the manufacturing facilities were leased out on the terms and conditions which are beneficial to the Company.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31^ST DECEMBER, 2011

Rs. in Millions

Particular	Quarter Ended	Quarter Ended	Nine Months Ended
	30.09.2011	31.12.2011	31.12.2011
(a) Net Sales / Income from operations	10.121	17.172	78.230
(b) Other Operating Income	2.871	3.090	8.920
Total Income	12.992	20.262	87.150
Expenditure
(Increase) / Decrease in stock in trade and work in progress	0.329	1.800	6.884
Consumption of raw materials	5.087	6.040	54.818
Purchase of traded goods	0.000	1.168	1.168
Staff Cost	1.266	0.603	3.456
Power and Fuel	0.718	1.126	2.861
Depreciation	3.796	4.259	12.656
Other expenditure	6.850	5.637	17.922
Total	18.046	20.633	99.765
Profit from operations before other income, interest and exceptional Items	(5.054)	(0.369)	(12.613)
Other income	8.090	1.901	15.922
Profit before interest and exceptional Items	3.036	1.531	3.308
Interest	(0.307)	0.051	2.106
Profit after Interest but before Exceptional Items	3.343	1.480	1.202
Exceptional Items	(0.067)	0.000	0.291
Profit (+)/Loss(-) from Ordinary Activities before tax	3.276	1.480	1.493
Tax expense	0.000	0.000	0.000
Net Profit (+)/Loss(-) from Ordinary Activities after tax	3.276	1.480	1.493
Extra ordinary items net of tax expenses	0.000	0.000	0.000
Net Profit (+) / Loss (-) for the year period	3.276	1.480	1.493
Paid up equity share capital (Face value of Rs.5/- per share)	104.022	104.022	104.022
Reserves excluding revaluation reserves as per balance sheet of previous accounting year	--	--	--
Earning per share (EPS)
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	0.16	0.07	0.07
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	0.16	0.07	0.07
Public shareholding
Number of shares	7925410	7762475	7762475
Percentage of shareholding	38.09	37.31	37.31
Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	--	--	--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	--	--	--
Percentage of shares (as a % of total share capital of the company)	--	--	--
b) Non Encumbered
Number of shares	12879990	13041925	13041925
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	61.91	62.69	62.69
Percentage of shares (as a % of total share capital of the company)	100.00	100.00	100.00

NOTE:

1. This publication is in compliance with the requirements of clauses 41 of the listing agreement.

2. The limited review by the statutory auditors for the quarter as required under clause 41 of the listing agreement has been completed and the related report is being forwarded to the stock exchanges. The report does not have any impact on the above results and notes which need to be explained for the report and these results, visit their website www.surana.com

3. The above result for the quarter and nine months ended December, 2011 having been reviewed by the audit committee and approved by the board of directors in its meeting held on 27.01.2012.

4. As the company has existed from Telecom and Cable Business, the reportable segments have been regrouped. The company is operating in power and other segments.

5. The number of investors complaints for the quarter ended 31.12.2011.

6. Opening nil, Received 2, Resolved 2, Pending nil

7. The company has commissioned 5 MW Solar Power Project at Patan District, Gujarat.

8. Previous year’s figures have been regrouped, rearranged and reworked wherever necessary to make them comparable.

9. The text of the above statements has ebb approved by the board of directors in its meeting held on 27.01.2012.

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF LISTING AGREEMENT

Rs. in Millions

Particular	Quarter Ended	Quarter Ended	Nine Months Ended
	30.09.2011	31.12.2011	31.12.2011
SEGMENT REVENUE [NET OF EXCISE DUTY]
Power [Wind]	3.002	2.222	7.124
Others	9.989	18.040	80.026
Net Sales / Income from Operations	12.991	20.262	87.150
SEGMENT / RESULTS
[PROFIT BEFORE TAX AND INTEREST]
Power [Wind]	2.144	0.188	3.212
Others	(4.900)	2.187	(5.212)
Total	(2.756)	2.375	(2.000)
Less: Interest	(0.307)	0.051	2.106
Unallocabel expenditures net of Unallocable income	(5.725)	0.844	(5.599)
Total profit before tax	3.276	1.480	1.493
CAPITAL EMPLOYED
Power [Wind]	51.803	47.555	47.555
Others	186.086	156.285	156.285
Solar Project	242.311	275.585	275.585
Unallocated	170.288	181.039	181.039
Total	650.488	660.464	660.464

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Office Equipments

· Vehicles

· Computers

WEBSITE DETAILS:

BUSINESS DESCRIPTION:

Subject is engaged in the manufacturing of petro products, such as petroleum jelly and telecom products, such as jointing kits. It also manufactures optic fibre cables, low-tension and high-tension power cables, solar modules and other solar photovoltaic products. It has a plant equipped with equipment, which helps to produce 6000 route kilometer of pair 612,245 fibre optic cables and accessories, such as branch closures, optical fibre termination boxes and tool kits. It has a manufacturing facility at Goa where it manufactures cable from the range of 5 pairs to 800 pairs with a total production capacity of five million CKM. It also manufactures code division multiple access mobile handsets. It has assembling and marketing tie up with LG Electronics of Korea and Huawei. It has set up a wind power project with an installed capacity of 1.25 megawatt at Kapatguda, Karnataka. On September 14, 2011, it acquired 60% interest in M/s. Yellow Renewable Energy (P) Ltd. For the nine months ended 31 December 2010, Surana Telecom and Power Limited's total revenue increased 1% to RS544M. Net income decreased 82% to RS8.5M. Revenue reflects a increase in power (cable and others), higher in trading/others revenues from segment. Net income was offset by an increase in staff cost, a presence of purchase of traded goods and an increased other expenditure. The company is engaged in manufacturing of petro products.

BOARD OF DIRECTORS:

Narender Surana

Executive Chairman

Mr. Narender Surana serves as the Executive Chairman of the Board of Subject. He is a Chemical Engineer. He is the Managing Director of Surana Ventures Limited, Hyderabad, and M/s Bhagyanagar India Limited, one of the Industrial house in AP, having fully automated Silicon Cells and Solar Photovoltaic module manufacturing unit with an installed capacity to produce 60 MW annually, with a group annual turn over of over Rs.5000.000 Millions. He was the Past President of Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) and Chairman of the Federation of Indian Chambers of Commerce and Industry (FICCI) - A P State Council. He was also Chapter Chairman of Young President's Organization (Y.P.O), Hyderabad Chapter. He is the recipient of Andhra Pradesh Entrepreneur Award.

Nirmal Kumar Jain

Non-Executive Independent Director

Mr. Nirmal Kumar Jain is Non-Executive Independent Director of Subject. He is Fellow member of ICAI Chartered Accountant by profession practicing since 1988 and is associated as partner with two firms viz., Nirmal K. Jain and Associates (Chartered Accountants) and Guduri and Jain (Chartered Accountants).

Sanjay Kumar Sanghi

Whole Time Director

Mr. Sanjay Kumar Sanghi is Whole Time Director of Subject. From April 1980-July 2005: Joined the Travel Industry in 1980 as Managing Partner in M/s. Satellite Travels (IATA, TAAI) Sep' 2005-Dec' 2008 Joined Global IT Software Export and Placement Services Company as General Manager (India and Malaysia Operations) Managing Sales and Marketing, General Admin and facilities, Executing Agreements, legal documents execution and finalizations with Corporate important correspondence, Meetings etc. Jan '2008-Jan'2010: Joined Oman Air, Kuwait Airways (both online in Hyderabad) as Regional Manager (A.P) managing Sales and Marketing and complete operations of the Airlines. Feb'2010- Joined Surana Group as Vice President (Sales and Marketing). He holds B.com, Management Course in USA (Travel and Tourism) and has experience of over 20 years in sales and Marketing and Administration.

R. N. Sreenath

Non-Executive Independent Director

Dr. R. N. Sreenath has been appointed as Non-Executive Independent Director of Subject. He has over 42 years of experience out of which 25 years of experience in Semiconductor technology and balance 17 years in Solar Photovoltaic Technology. He holds M.Sc. Ph.D (I.I.SC.) degrees. He serves as Director of Surana Ventures Limited He has experience in the following areas: Capability to set up any discrete semiconductor project productionisation, Capability to set up Solar Photovoltaic project productionisation, Capability for Commercial exploitation of any of the Semiconductor and Solar Photovoltaic projects and products.

Devendra Surana

Executive Director

Mr. Devendra Surana is Executive Director of Subject. He is a Mechanical Engineer and holds a Post Graduate Diploma in Management from IIM, Bangalore. He has been in the field of Ferrous and Non - Ferrous and Telecom Industry for the last 15 Years. He currently presiding the Chair of is a Vice President of Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) and was also the President of Young Entrepreneurs Organisation (Y.E.O) of A.P Chapter.

D. Venkatasubbiah

Non-Executive Independent Director

Mr. D. Venkatasubbiah is Non-Executive Independent Director of Subject. He held the post of Deputy Director General of Telecom Engg. Center, (TEC). He has wide experience in R and D work and engineering of Radio Relay systems covering VHF, UHF and Microwave Bands. He was also awarded the North East Telecom Award (1990) and Satellite Project Circle Award(1991) for meritorious services and contribution to Telecommunications. He has provided more than a decade of untiring service to Telecom Industry and service providers for basic telephony along with value added services covering Cellular Mobile, Radio Paging and Public Mobile Radio Trunking.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.85
UK Pound	1	Rs.77.97
Euro	1	Rs.65.62

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.