SURANA TELECOM AND POWER LIMITED
(FORMERLY KNOWN AS SURANA TELECOM LIMITED)
ANNUAL REPORT 2007-2008
CHAIRMAN'S REPORT
Dear fellow Shareholders,
It gives me an immense pleasure to invite each of you to the 19th Annual
General Meeting of the Company. It has been a long and successful journey
where we have created an outstanding organization with unique strengths. I
consider it as my privilege to address and share my views on the highlights
of your Company's performance and various initiatives your Company has
taken during the year.
In the recent past we have been witnessing acute power crisis in our
country coupled with the speedy depletion of the fossils fuels. The whole
world has also woke up to the global warming crisis and felt the need of
generation of energy from non-conventional energy resources like wind and
solar energy, which minimizes the use of fossil fuels like petrol, diesel
and coal and would help to save the environment from pollution.
Considering the vast potential in the non conventional energy sector,
especially the Solar energy segment your Company has set up a 100% Export
Oriented Unit for manufacture of Solar Photovoltaic (SPV) Modules with an
installed capacity of 12MW at Cherlapally Hyderabad. The Company is all set
to commence the commercial production and has also applied for the required
certifications for exporting SPV Modules. Your Company has also formed a
Joint Venture Company - M/s. Surana Ventures Limited through which it is
planning to manufacture SPV modules, SPV Cells and wafers. M/s. Surana
Ventures Limited has already commenced the preliminary work for setting up
its SPV module project, at Fab City SEZ, Hyderabad.
The Board of Directors has approved the buy back of the equity shares of
the Company up to a maximum limit of Rs.600 lakhs at a price not exceeding
Rs.50/- per Equity Share subject to a maximum of 18,00,000 Equity Shares.
The proposed buy back is prompted by the reason that the Company has
accumulated free reserves and satisfactory liquidity and is intended to
increase the earnings per share and return on equity of the company in
future, thereby creating long term shareholder value for the continuing
shareholders.
During the year under review your Company has witnessed an increase in the
Profit after Tax from Rs. 8.17 Crores (2006-07) to Rs. 9.19 Crores (2007-
08) and your Board of Directors are pleased to recommend a dividend @ 20%
for the financial year 2007-08 on the equity share capital of the Company.
As we move into another financial year, we remain focused on maintaining
strong relationships with the Government, RBI, SEBI, other regulatory
authorities, various financial/investment institutions, banks and
correspondents in India and abroad for their support and guidance to the
Company from time to time as well as thankful to all the stakeholders
including staff, workers, banks, our suppliers and our customers.
G.M. SURANA
Chairman