I GURUDEVI

Corporation Limited
No. 29, Whites Road, V Floor, Royapettah, Chennai 600 014.
Ph : +91-44-2852 5596 (3 lines) Fax: +91-44-2852 1143
Email: sclimited@suranacorp.com Website: www.suranacorp.com
(IN: L65991TN1991 PL(020783

surana
Creating

Values

Ref: SCLISECI

surana

IFY20 15-20 16

The Manager
National Stock Exchange of India Limited
Listing Department
Exchange Plaza, Bandra-Kurla complex
Bandra (E), Mumbai - 400051.

February 10,2016

The Deputy General Manger,

Department of Corporate Services,
Bombay Stock Exchange Limited,
23rd Floor, PJ Towers, Dalal Street,
Mumbai -400 001.

Dear Sir,

Sub: Outcome of Board Meeting

Ref: Scrip Code: 531102, Scrip ID: SURANACORP, Symbol: SURANACORP
The Board of Directors of the Company at their meeting held today
alia, has approved the following:

no" February,

2016), inter

a) Adoption and approval of Un-Audited financial results of the Company along with
Limited Review Report for the Quarter & Nine Months ended December 31, 2015.
This is for your information and records.
Thanking You,
Yours Faithfully,

For Surana Corporation

Limited

Director
DIN: 07228715

Encl: AJa

Registered Office: No. 30, G N T Road, Madhavaram, Chennai, Tamil Nadu - 600 110

Gurudev

SURANA CORPORATION LIMITED

CIN:L65991TNI991PLC020783
Regd. Office: No.30, GNT Road, Madhavaram, Chennai 600 110.
Scrip Code: 531102,

Scrip ID : SURANACORP

Email : secretarial@suranacorp.com
, Tel no: (044) 28525127 , Fax no: (044) 28521143
of standalone unaudited financial results for the quarter and Nine months ended 31st December 2015

Website: www.suranacorp.com,

Statement

(Rupees in Crores except equity Shares and per equity share data)

PART I

3 months
ended
(31/12/2015)

Previous 3
months ended
(30/09/2015)

Unaudited

Unaudited

Corresponding 3 Year to date

Year to date
figures for the figures ior the
months ended
in the previous current period previous year
year
ended
ended
(31/12/2014)
(31/12/2015)
31/12/2014)
Unaudited

Unaudited

Unaudited

Previous year
ended
(31/03/2015)
Audited

INCOMEFROMOPERATIONS
(a) Net Sales
(b)Wind Energy

211.81
0.52

362.44
2.65

104.89
0.63

634.66
3.55

736.20
4.91

Total Income from Operations

212.33

365.09

105.52

638.22

741.11

1,115.90

EXPENSES
(a) Cost of Materials Consumed

233.91

191.05

96.11

508.67

22.16
0.21
3.17
10.32
269.79

202.40

200.55
0.95
8.38
107.82
826.37

915.18
-160.75

0.33
2.50
97.06
493.34

-5.10
0.67
3.55
0.50
95.73

2.31
769.26

1,354.05
-138.39
2.78
13.70
8.81
1,240.95

-57.45
1.22

-128.24
0.47

9.79
0.59

-188.16
1.69

-28.15
1.06

-125.04
4.16

-56.24
35.95

-127.77
52.38

10.38
59.52

-186.46
121.23

-27.09
106.85

-120.89
170.24

-92.19

-180.15
0.17

-49.15

-307.70
0.17

-133.94

-49.15

-307.87
-2.12
-305.75

-133.94

-291.13

-133.94

-49.15

-24.26
-281.50

-291.13
-4.06

-92.16

-180.32
-2.08
-178.24
-24.26
-153.98

15 Net Profit / (Loss) for the period ( 13-14 )

16 Paid-up Equity Share Capital (Face value of RS.l0 each)
17 Reserves excluding revaluation reserves

-92.16
24.36

-153.98
24.36

-49.15
24.36

-281.50
24.36

-133.94
24.36

18 Basic and diluted earnings per share (in Rs)

-37.83

-63.21

-20.18

-115.56

-54.98

(b) Changes in Inventories of Finished Goods

3
4
5
6
7
8

('c)Employee Benefit Expense

(d) Depreciation and amortisation
(e)Other Expenditure
Total Expenses
Profit/fLoss) from Operations before other income, finance cost,
exceptional items and prior period items (1-2)
Other Income
Profit/fLoss) from ordinary activities before finance costs, exceptional
items and prior period items (3+4)
Finance Cost
Profit/fLoss) from Ordinary activities after finance costs but before
exceptional items and prior period items (5-6)
Exceptional Items

Profit/fLoss) from Ordinary activities before tax prior period items (7-8)
10 Prior Period items
11 Profit/fLoss) from Ordinary activities before tax (9-10)
12 Tax Expense
13 Net Profit /(loss) from ordinary activities after Tax (11-12)
14 Extraordinary items

See accompanying note to the financial results

-92.19
-0.03
-92.16
-

-49.15
-

2.08
10.44

1,111.03
4.87

-291.13

-133.94

-287.07

-287~

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Notes:
1. The Operations of the Company relate to only one segment viz., domestic sales. As the SEZ license is not renewed no export
activiites have been undertaken during the current period.
2. The Company restarted its production operation at Madhavaram Factory from 1st October,2015.
3. During the quarter ended 31.12.2015, the Company has made the impairment provisions of Rs. 10 Crore on assets of windmill
as per the futuristic economic and expected realisation value and the same has been reflected under the head "Other Expenses".

4. Rs. 35.28 Crore brought in by the promoters as their contribution for the sacrifice amount towards CDRimplementation was
treated as share application money at the year ended 31st March,2015, the same has been reclassified as unsecured loan due to
the fact that the shares could not be allotted within the period of sixty days as stipulated under the provisions of the companies
Act 2013.
5. Sticky debtors of Rs. 590 crores aged more than one year is covered under the Memorandum of understanding confirming the
schedule of repayment. Some of the debtors are also covered by collateral securities which are pledged with the banks as part of
CDR package. During the quarter and till the end of Nine months of this financial year ,an amount of Rs. 56.85 Crore which
should have been received as per the MOUand not received has been provided for and the same has been included in the total
provision ofRs. 212 Crores against these debtors as of 31st December,2015.

6. The Company and the CDR Lenders executed a Master Restructuring Agreement(MRA)during the FY 2014-15. The MRAas
well as the provisions of the Master Circular on corporate debt restructuring issued by the Reserve Bank of India, provides the
right to CDR Lenders to get a recompense of their waivers and sacrifices made as part of the CDRproposal. The recognition of
recompense amount payable does not arise since the recompense amount payable to banks in lieu of sacrifice is subject to the
surplus cash flow in the company.
7. Figures for the Previous period have been regrouped/reclassified,
current period classification.

wherever necessary to synchronise and conform with

8. The above unaudited financial results were reviewed and recommended by the audit committee and approved by the board of
directors
at their meeting held on 10th February, 2016 and limited review of the same has been carried out by the statutory
auditors of the Company.

Place: Chennai
Date: lOth February,2016

V D S R & CO.
CHARTERED ACCOUNTANTS

Otlice:

Broneh~
No. 337, Karuna Complex,
GF - 7. Sornpoige Road,
Malleswaram. 6angolore 560 003.
lei: 23312779
Fox: 23313725
Emoil: kornath@vdsr.co.in

lC, Queens' Court

61l02, MOnfieth Rood,
Egmore, Chennai 600 008,
Tel: 28554447,28554019
Fat.: 4351194111
Ernail : office@kapasLnel
Web: WWW.vdsr.co.Jn

Independent Auditor's
Llrnited

Review Report to the Board of Directors

of Surana Corporation

'l. We have reviewed the accompanying statement of 'standalone unaudited financial

results (" the Statement") of Sur ana Corporation Limited ("the Company") for the
period ended December 31, 2015. This statement is the responsibility of the Company's
Management and has been approved by the Board of Directors/ committee of Board of'
Directors. Our responsibility is to Issue a report on these financial statements based on
our review.
2. We conducted our review in accordance with the Staridard on Review Engagement
(SRE) 2410, Engagements to Review Financial statements issued by the Institute of
Chartered Accountants of India. This standard requires that we plan and perform the
review to obtain moderate assurance as to whether the financial statements are free of
material misstatement. A review is limited primarily to inquiries of company personnel
and analytical procedures applied to financial data and thus provides less assurance
than an audit. We have not performed an audit and accordingly, we do not express an
audit opinion.

3. Emphasis of matter:
Without qualifying our review conclusion. we draw your attention to:
a. Note no 4, in respect of advance against share application as at December 31, 2015
amounting to Rs. 35.28 crores, which is pending for allotment, is reclassified as
unsecured loans on account of non-compliance within the stipulated time as
reported. Any interests or penalties that may be levied in respect thereof in future
are indeterminate.
b. Note no 5, in respect of trade receivables (Gross) of Rs. 932.990rores which include
receivables aged more than one year (Gross) of Rs.675.49 crores for which the
provision has been made to the extent of Rs. 212.07 crores only. The Company has
informed that it has initiated the process of negotiation for settlement through
assignments of the assets of such customers. However. we are unable to comment,
on the adjustments that may be required, to the carrying values of these receivables
as at December 31.2015 and, in respect ofthe loss as reported in the Statement.

c.

4.

Note 6, in respect of contingency related to 'compensation

payable for reliefs and
sacrifices extended by the bankers, the outcome of which is uncertain and cannot be
determined currently,

Based on our review conducted as 'above, excepttor the matters stated in paragraph 3,
nothing has come to our attention that causes us to believe that the accompanying
Statement prepared in accordance
with the Accounting
Standards specified under
section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts)
Rules 2014 and other recognised accounting practices generally accepted in India, has
not disclosed the information required to be disclosed in terms of Regulation 33 of the
SEBI (Listing and Disclosure Requirements) Requlations: 2015 In'Cluding the manner I'n
which it is to be disclosed, or that it contains any material mlsstatement..

For V D S R & Co,

chartered Accountants
F..R.,No 001626S

athlsh Kumar R K
Partner
Membership No : 220263

Place: Chennai.
Date

: February

10, 2016