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बीएसई: 532493  |  NSE: ASTRAMICRO  |  ISIN: INE386C01029  |  Telecommunications - Equipment

खोजें एस्ट्रा माइक्रोवेब प्रोडक्ट्स कनेक्शन Mar 17
निदेशकों की रिपोर्ट वर्षांत : Mar '18

Dear Members,

The Directors have pleasure in presenting the 27th Annual Report of your Company together with the Audited Financial Statements including Consolidated Accounts for the financial year ended March 31, 2018 and the report of the Auditors thereon.

FINANCIAL RESULTS

A) STANDALONE (IND AS):

The Standalone performance under IND AS for the Financial Year ended March 31, 2018 is as under:

The Financial Summary

Rupees in lakhs

Particulars

March 31, 2018 (IND AS)

March 31, 2017 (IND AS)

Total Revenue

36,888.56

42,357.39

Profit before finance cost, depreciation and tax expense

11,788.86

10,753.14

Finance cost

1,192.40

1,080.77

Profit before depreciation and tax expense

10,596.46

9,672.37

Depreciation

2,702.84

2,407.43

Profit before tax expense

7,893.62

7,264.94

Tax expense

1,824.58

1,246.82

Net Profit for the year

6,069.04

6,018.12

Other Comprehensive Income

48.24

(8.05)

Total Comprehensive Income

6,117.28

6,010.07

Retained earnings brought forward from earlier year

30,037.45

26,295.31

Retained earnings available for appropriation

36,154.73

32,305.38

Appropriations:

Dividend paid for previous year (including dividend tax)

1,042.43

1,250.92

Transfer to general reserve

600.00

600.00

Transfer to Debenture redemption reserve

416.00

417.00

Surplus in Retained earnings Transferred to Other equity

34,096.30

30,037.45

B) CONSOLIDATED:

The Consolidated performance under IND AS for the Financial Year ended March 31, 2018 is as under:

The Financial Summary

Rupees in lakhs

Particulars

March 31, 2018 (IND AS)

March 31, 2017 (IND AS)

Total Revenue

37,432.56

42,593.90

Profit before finance cost, depreciation and amortization, impairment loss, exceptional items and tax expense

11,934.79

10,545.09

Finance cost

1,219.57

1,123.32

Profit before depreciation and amortization, impairment loss, exceptional items and tax expense

10,715.22

9,421.77

Depreciation and amortisation

2,740.85

2,449.37

Profit before impairment loss, exceptional items and tax expense

7,974.37

6,972.40

Impairment loss

0

0

Profit before exceptional items, tax expense, share of loss of Associates and Minority Interest

7,974.37

6,972.40

Exceptional items

0

0

Profit before tax expense, share of loss of Associates and Minority interest

7,974.37

6,972.40

Tax expense

1,865.21

1,214.80

Profit after tax expense and before share of loss of Associates and Minority interest

6,109.16

5,757.60

Share of Loss of Associates

0

0

Minority Interest (profit/loss)

(0.16)

0

Net Profit for the year

6,109.00

5,757.60

Other comprehensive Income

42.22

(16.03)

Total comprehensive income

6,151.22

5,741.57

Retained earnings brought forward from earlier year

29,933.13

26,465.91

Retained earnings available for appropriation

36,084.35

32,207.48

Appropriations:

Dividend paid for previous year (including dividend tax)

1,042.44

1,250.92

Transfer to general reserve

600.00

600.00

Transfer to Foreign Exchange Translation

7.32

6.43

Transfer to Debenture redemption reserve

416.00

417.00

Surplus in Statement of Consolidated retained earnings transferred to other equity

34,018.59

29,933.13

For detailed analysis of the performance, please refer to management’s discussion and analysis section of the annual report.

State of the Company’s Affairs:

During the period under review, the Company has achieved revenue of Rs.360,53,70,109/- and net profit of Rs.60,69,03,875/- on a standalone basis. During the same period, the Company has achieved revenue of Rs.365,86,90,230/- and net profit of Rs.61,09,16,527/- on a consolidated basis.

Transfer of Amount to Reserves

Your Directors have proposed to transfer Rs.600 lacs to the General Reserve for the Financial Year ended 31st March, 2018.

Dividend

The Board of Directors of the Company recommended Final Dividend @ 60% on the paid up Equity Share Capital of the Company i.e., Rs. 1.20/- per equity share on face value of Rs.2 each, for the year ended 31st March, 2018.

Listing of Equity Shares:

The Company’s equity shares are presently listed on the following Stock Exchanges:

(i) BSE Limited, Phiroze JeeJeebhoy Towers, Dalal Street, Mumbai-400 001; and

(ii) National Stock Exchange of India Limited, Exchange Plaza, Floor 5, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051.

The Company has paid the Annual Listing Fees to the said Stock Exchanges for the financial year 2017-18.

Subsidiary Companies

During the year, the Board of Directors reviewed the affairs of the subsidiaries. In accordance with the provisions of Section 129(3) of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014, we have prepared consolidated financial statements of the Company and its subsidiaries, which forms part of the Annual Report. Further, a separate statement containing the salient features of the financial statements of the subsidiary Companies in the prescribed format in Form AOC-1 is annexed as Annexure-1 to the Board’s Report.

Performance and Contribution of the Subsidiaries

As per Rule 8 of the Companies (Accounts) Rules, 2014, a report on the financial performance of the subsidiaries along with their contribution to the overall performance of the company during the financial year ended March 31, 2018 is annexed as Annexure -1 to this Report.

Consolidated Financial Statements

The Consolidated financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015 notified under Section 133 of the Companies Act, 2013 and other relevant provisions of the Companies Act, 2013.

In accordance with the provisions of Section 136 of the Companies Act, 2013, the audited financial statements of the Company including consolidated financial statements and related information of the Company and audited accounts of the subsidiaries, are available on the website: www.astramwp.com. These documents will also be available for inspection during business hours at our registered office.

Share Capital

The Paid-up Share capital of the Company as on March 31, 2018 is Rs.17,32,23,350/- divided into 8,66,11,675 equity shares of Rs.2/- each fully paid up.

Number of Meetings of the Board of Directors

During the year ended March 31, 2018, Five Board Meetings were held.

The dates on which the Board meetings were held are: April 29, 2017, July 28, 2017, October 30, 2017, January 29, 2018 and March 18, 2018.

Details of the attendance of the Directors at the Board meetings held during the year ended March 31, 2018 are as follows:

S. No

Name of the Director

Number of Board Meetings

Held

Attended

1

Dr. Shiban K Koul

5

5

2

Mr. B. Malla Reddy

5

5

3

Mr. P.A.Chitrakar

5

4

4

Mrs. C. Prameelamma

5

4

5

Mr. S. Gurunatha Reddy

5

5

6

Mr. M. Venkateshwar Reddy

5

5

7

Mr. T. Ramachandru, IAS

5

4

8

Prof. Arun Kumar Tiwari *

2

2

9

Mr. V. Venkata Rama Sastry

5

5

10

Mr. B. Lakshmi Narayana Raju

5

5

11

Dr. Avinash Chander **

1

1

*Prof. Arun Kumar Tiwari ceased to be Director of the Company w.e.f. October 13, 2017.

**Dr. Avinash Chander was appointed as an Additional Director (Independent Director) on the Board of the Company with effect from January 29, 2018.

Management Discussion and Analysis

The Management Discussion and Analysis forms an integral part of this Report and provides details of the overall industry structure, developments, performance and state of affairs of the Company and other material developments during the financial year.

Directors Responsibility Statement

Pursuant to the requirement under Section 134 of the Companies Act, 2013, with respect to the Directors’ Responsibility Statement, the Board of Directors of the Company hereby confirms:

i) that in the preparation of the Annual Accounts, the applicable accounting standards have been followed;

ii) that the Directors have selected such accounting policies and applied them consistently and 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 at March 31, 2018 and of Profit and Loss Account of the Company for that period;

iii) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) that the Directors have prepared the Annual Accounts for the Financial Year ended March 31, 2018 on a going concern basis;

v) that the Directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and

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

Statement on Declaration given by Independent Directors under Section 149 of the Companies Act, 2013

All the Independent Directors have submitted their declaration of independence, as required pursuant to the Section 149(7) of the Companies Act, 2013 stating that they meet the criteria of independence as provided in Section 149(6) of the Companies Act, 2013.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee presently consists of the following Directors namely-Mr. B. Lakshmi Narayana Raju, Chairman, Dr. Shiban K Koul and Mr. V.V.R. Sastry as Members.

Brief description of terms of reference:

a. Formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the Board a policy, relating to the remuneration of the directors, key managerial personnel and other employees;

b. Formulation of criteria for evaluation of Independent Directors and the Board.

c. Devising a policy on Board diversity.

d. Identifying persons who are qualified to become Directors and who may be appointed in senior management in accordance with the criteria laid down and recommend to the Board their appointment and removal.

Nomination and Remuneration policy

The objectives of the Policy

1. To lay down criteria and terms and conditions with regard to identifying persons who are qualified to become Directors (Executive and Non-Executive) and persons who may be appointed in Senior Management and Key Managerial positions and to determine their remuneration.

2. To determine remuneration based on the Company’s size and financial position and trends and practices on remuneration prevailing in peer companies.

3. To carry out evaluation of the performance of Directors.

4. To retain, motivate and promote talent and to ensure long term sustainability of talented managerial persons and create competitive advantage.

During the Financial Year, Nomination and Remuneration Committee meetings were held on April 29, 2017 and January 29, 2018.

Attendance at the Nomination and Remuneration Committee Meeting:

Name of the Director

Designation

Number of Meetings

Held

Attended

Mr. B.L.N.Raju*

Chairman

2

2

Prof. Arun Kumar Tiwari $

Chairman

1

1

Dr. Shiban K Koul

Member

2

2

Mr. V.V.R.Sastry #

Member

1

1

$ Prof. Arun Kumar Tiwari ceased to be Chairman and member of the Nomination and Remuneration Committee w.e.f. October 13, 2017, as he resigned from the Board of the Company.

* Mr. B.L.N. Raju was elected as Chairman of Nomination and Remuneration Committee w.e.f. October 30, 2017.

# Mr. V.V.R. Sastry was appointed as a Member of Nomination and Remuneration Committee w.e.f. October 30, 2017.

Particulars of Loans, Guarantees or Securities or Investments under Section 186

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in Note 3 and 33 of the Notes to the financial statements.

Particulars of Contracts or Arrangements with Related Parties

All transactions entered by the Company with Related Parties were in the ordinary course of business and at Arm’s Length pricing basis. The audit committee granted omnibus approval for the transactions (which are repetitive in nature) and the same was reviewed by the audit committee and the Board of Directors.

Your Directors draw attention of the members to Note 32 to the financial statement which sets out related party disclosures.

Corporate Social Responsibility (CSR)

Pursuant to Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, your company has approved Policy on CSR and the policy is hosted on the website of the Company.

The Board of Directors of the Company have constituted a Corporate Social Responsibility Committee consisting of following Directors namely Mrs. C. Prameelamma, Chairperson, Dr. Shiban K Koul, and Mr. M. V. Reddy, as Members.

A report on Corporate Social Responsibility as per Rule 8 of Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed herewith as Annexure - 2 to this Report.

During the Financial year, Corporate Social Responsibility Committee meetings were held on April 29, 2017 and July 28, 2017.

Attendance at the Corporate Social Responsibility Committee Meetings:

Name of the Director

Position held

Number of Meetings

Held

Attended

Mrs. C.Prameelamma

Chairperson

2

2

Dr. Shiban K Koul

Member

2

2

Mr. M.V.Reddy

Member

2

2

Astra Foundation

Astra Foundation was established under Section 8 of the Companies Act, 2013 as a Non-Profit Organisation on 9th July, 2016, as a subsidiary of the company to grant donations to poor and needy for meeting expenditure of education, welfare, medical treatments and to establish, promote, set-up, run, maintain, assist, finance, support and / or aid in setting up and / or maintaining and /or running school for orphanages, poor houses for relief and help to the poor, old and infirm people and / or destitutes.

The Astra Foundation has disbursed Rs.5,00,000/- for the period 2017-18.

Mechanism for Evaluation of Board

Pursuant to the provisions of the Companies Act, 2013 and Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the performance evaluation of the Board, the Committees of the Board and Individual Directors is done on annual basis.

Evaluation of all Board members is done on an annual basis. The Individual Directors’ responses to the questionnaire on the performance of the Board, committee(s), Directors and Chairman, were analyzed by an independent consultant, to arrive at unbiased conclusions.

Directors and Key Managerial Personnel

Directors:

As per the provisions of the Companies Act, 2013 read with Companies (Qualifications and Appointment of Directors) Rules, 2014, Mr. P.A. Chitrakar, Director (DIN:00003213) retires by rotation at the ensuing Annual General Meeting and being eligible offer himself for re-appointment. The Board recommends his re-appointment.

The Board of Directors at their meeting held on January 29, 2018 has inducted Dr. Avinash Chander (DIN: 05288690) as Additional Director (Independent Director) w.e.f. January 29, 2018. The approval of the members is sought for the appointment of the said Director. A brief profile of the director seeking appointment is annexed to the explanatory statement to the notice of the meeting.

Mr. S. Gurunatha Reddy and Mr. M.V. Reddy were appointed as Whole Time Directors of the Company with effect from April 29, 2013 for a period of five years. Their office as the Whole Time Directors of the Company ceases on April 29, 2018.

Considering the services rendered by Mr. S. Gurunatha Reddy and Mr. M.V. Reddy for the growth of the Company, the Board of Directors based on the recommendation and approval of Nomination and Remuneration Committee decided to reappoint them as the Whole Time Directors of the Company for a further period of five years on the terms and conditions mentioned in the notice convening the 27th Annual General Meeting.

Mr. S. Gurunatha Reddy and Mr. M.V. Reddy have given their consent for reappointment and stated that they stand free from disqualification from being reappointed. The Board recommends their reappointment.

During the year under review, Prof. Arun Kumar Tiwari, Independent Director resigned from the Board of the Company with effect from October 13, 2017 owing to personal reasons. Directors place on record their deep appreciation for the valuable services rendered by him to the Board and the Company during his tenure as Director.

Changes in Key Managerial Personnel:

There has been no change in the Key Managerial Personnel during the financial year 2017-18.

Deposits

The Company has not accepted any deposits from the public in terms of Section 73 of the Companies Act, 2013.

AUDITORS

Statutory Auditors

M/s. Price Waterhouse Chartered Accountants LLP, Chartered Accountants (Firm Registration No. 012754N/ N500016), the existing Statutory Auditors have been appointed as the Statutory Auditors of the Company for a period of 5 years at the 26th Annual General Meeting of the company i.e., upto the conclusion of the 31st Annual General Meeting of the company. The Ministry of Corporate Affairs vide its Notification dated 7th May, 2018, has dispensed with the requirement of ratification of Auditor’s appointment by the shareholders, every year. Hence, the resolution relating to ratification of Auditor’s appointment is not included in the Notice of the ensuing Annual General Meeting.

Auditors Report

There are no qualifications, reservations or adverse remarks made by M/s. Price Waterhouse Chartered Accountants LLP, Chartered Accountants (Firm Registration No. 012754N/N500016) Statutory Auditors in their report for the financial year ended 31st March, 2018.

Internal Auditors

The Board of Directors of the Company have appointed M/s. Kirtane & Pandit LLP, Chartered Accountants as Internal Auditors to conduct Internal Audit of the Company for the financial year ended 31st March, 2018.

Secretarial Auditor Report

As per the provisions of Section 204 and other applicable provisions, if any, of the Companies Act, 2013, the Board of Directors have appointed Mr. L. Dhanamjay Reddy, Practising Company Secretary (C.P.No: 3752) as Secretarial Auditor for auditing the secretarial records maintained by the Company for the financial year 2017-2018.

The Secretarial Auditor’s Report is annexed as Annexure - 3 to this Board’s Report.

Board’s response on Auditor’s qualification, reservation or adverse remark or disclaimer made

There are no qualifications, reservations or adverse remarks made by the statutory auditors in their report or by the Practicing Company Secretary in the Secretarial Audit Report for the year.

During the year, there were no instances of frauds reported by auditors under Section 143(12) of the Companies Act, 2013.

Audit Committee

Audit Committee consists of the following Directors namely Mr. V.V.R. Sastry, Chairman, Dr. Shibank K Koul and Mr. B.L.N. Raju as members of the Committee.

There is no such incidence where Board has not accepted the recommendation of the Audit Committee during the year under review.

Five Audit Committee Meetings were held during the financial year ended March 31, 2018. The maximum time gap between any two meetings was not more than one hundred and twenty days.

The Audit Committee meetings were held on April 29, 2017, July 28, 2017, October 30, 2017, January 29, 2018 and March 18, 2018.

Attendance at the Audit Committee Meetings:

Name of the Director

Position held

Number of Meetings

Held

Attended

Mr. V.V.R. Sastry*

Chairman

3

3

Dr. Shiban K Koul $

Member

5

5

Prof. Arun Kumar Tiwari #

Member

2

2

Mr. S. Gurunatha Reddy @

Member

2

2

Mr. B.L.N. Raju %

Member

3

3

* Mr. V.V.R. Sastry was elected as a Chairman of Audit Committee w.e.f. October 30, 2017.

$ Dr.Shiban K Koul ceased to be Chairman of Audit Committee w.e.f. October 30, 2017 and continues to be the member of the Audit Committee.

# Prof. Arun Kumar Tiwari ceased to be Member of Audit Committee w.e.f. October 13, 2017 as he resigned as Director from the Board of the Company.

@ Mr. S. Gurunatha Reddy ceased to be Member of Audit Committee w.e.f. October 30, 2017.

% Mr. B.L.N. Raju was appointed as a member of Audit Committee w.e.f. October 30, 2017.

Corporate Governance

The Corporate Governance Report regarding compliance of the conditions of corporate governance by your Company as stipulated in Regulation 34(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed as part of this Report along with the Certificate on its compliance.

Whistle Blower Policy / Vigil Mechanism

In terms of the provisions of Section 177 of the Companies Act, 2013, your Company has formulated a Whistle Blower Policy as a Vigil Mechanism. The Whistle Blower Policy aims for conducting the affairs in a fair and transparent manner by adopting highest standards of professionalism, honesty, integrity and ethical behaviour. All permanent employees of the Company are covered under the Whistle Blower Policy.

This mechanism has been established for employees to report concerns about unethical behaviour, actual or suspected fraud or violation of Code of Conduct and Ethics. It also provides for adequate safeguards against the victimization of employees who avail of the mechanism and allows direct access to the Chairman of the audit committee in exceptional cases.

Prevention of Insider Trading:

As per SEBI (Prohibition of Insider Trading) Regulation, 2015, the Company has adopted a Code of Conduct for Prevention of Insider Trading. The Company has appointed Mr. T. Anjaneyulu, Dy.G.M - Company Secretary as Compliance Officer, who is responsible for setting forth procedures and implementation of the code for trading in Company’s securities. During the year under review, there has been due compliance with the said code of conduct for prevention of insider trading.

Statement of particulars of appointment and remuneration of managerial personnel

The Statement of particulars of Appointment and Remuneration of Managerial Personnel as per Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed as Annexure - 4 to this Board’s Report.

Insurance

All properties and insurable interests of the Company have been fully insured.

Internal Financial Controls

The company has in place adequate internal financial controls with reference to financial statements. The Company maintains all its records in SAP System and the work flow and approvals are routed through SAP.

Names of Companies which have become or ceased to be Company’s Subsidiaries, Joint Ventures or Associate Companies during the year

During the year, Traana Technologies Private Limited ceased to be an Associate Company and no other Company has been added as Subsidiary / Joint Venture / Associate of the Company during the period under review.

Change in the nature of business

During the year under review, there has been no change in the nature of business of the Company.

Material changes and commitments after the end of the financial year

There are no Material changes or commitments affecting the financial position of the Company have occurred between the end of the financial year to which financial statements in this report relate and the date this Report.

Human Resources

The Industrial relations of the Company continued to be cordial and harmonious during the year under review. Policy on Sexual Harassment

The Company has adopted policy on Prevention of Sexual Harassment of Women at Workplace in accordance with The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

During the financial year ended 31st March, 2018, the Company has not received any Complaints pertaining to Sexual Harassment.

Indian Accounting Standards ( Ind AS)

The company has adopted Indian Accounting Standards (IND AS) with effect from 1st April, 2017 pursuant to Ministry of Corporate affairs notification of the Companies (Indian Accounting Standards) Rules, 2015.

Compliance with Secretarial standards on Board and General Meetings:

The company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board Meetings and General Meetings.

The details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company’s operations in future

There are no significant or material orders passed by any Regulators, Court or Tribunal that would impact the going concern status of the Company and its future operations.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

In accordance with the requirements of Section 134 of the Companies Act, 2013, statement showing the particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo is furnished as Annexure - 5 to this Report.

Extracts of Annual Return

As required under Section 92 of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014, an extract of Annual Return in Form MGT-9 forms part of this report and is annexed herewith as Annexure - 6.

Acknowledgments:

Your Directors express their gratitude to all investors, customers, vendors, banks and regulatory and the State and the Central governmental authorities / departments for their continued support. The Directors also wish to thank the employees at all levels for their contribution, support and dedicated services throughout the year.

For and on behalf of the Board of Directors

B.Malla Reddy P.A.Chitrakar

Managing Director COO

Place: Hyderabad DIN: 00003154 DIN: 00003213

Date: May 28, 2018

स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `3336.6 Cr की बिकवाली की
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  • MARKET CUES : इंडेक्स फ्यूचर्स में `1262.06 Cr की बिकवाली
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