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Directors' Report MAHINDRA RENEWABLES PRIVATE LIMITED (FORMERLY KNOWN AS MAHINDRA OFFGRID SERVICES PRIVATE LIMITED) DIRECTORS’ REPORT Your Directors present their Seventh Report together with the Audited Standalone Financial Statements of your Company for the financial year ended March 31, 2017. FINANCIAL HIGHLIGHTS AND STATE OF COMPANY’S AFFAIRS (Rupees in Lakhs) Particulars For the year For the year ended ended March 31, March 31, 2017 # 2016 # Income Revenue from Operations (Gross) 124.35 – Less: Excise Duty – – Revenue from Operations (Net) 124.35 – Other Income 59.35 606.24 Total Income 183.70 606.24 Expenses Cost of Raw Material and components consumed 103.10 – (Increase)/Decrease in inventories – – Employee Benefit Expenses – – Other Expenses 357.18 147.95 Depreciation and Amortization Expenses 7.72 0.25 Finance Costs 8.21 80.29 Total Expenses 476.21 228.49 Profit/(Loss) before Tax (292.51) 377.74 Provision for Tax (20.38) 31.44 Profit/(Loss) for the year from continuing Operations (272.12) 346.30 Balance of Profit from earlier years 322.51 (23.79) Balance carried forward 50.39 322.51 Amount carried forward to reserves 50.39 322.51 Net worth 28,604.25 11,202.98 # The aforesaid financial highlights are based on the Company’s first Indian Accounting Standards (‘Ind AS’) Audited Standalone Financial Statements for the year ended 31st March, 2017 prepared in accordance with the Accounting Standards as notified under Section 133 of the Companies Act, 2013. Figures for the year ended 31st March, 2016 have been restated as per Ind AS to make them comparable with the figures for the year ended 31st March, 2017. No material changes and commitments have occurred after of Telangana. The Company has also won 250 MW AC solar the closure of the year under review till the date of this report power project to be executed in Rewa Ultra Mega Solar Park in which would affect the financial position of the Company. the State of Madhya Pradesh. OPERATIONS OF THE COMPANY The Company’s income for the year was Rs. 183.70 lakhs The Company has been exploring various opportunities in compared to Rs. 606.23 lakhs in the previous year. Loss after the renewable energy space. During the year under review, tax for the year was at Rs. 272.12 lakhs as compared to Profit the Company has made investments in its two wholly owned after tax of Rs. 346.30 lakhs in the previous year. subsidiaries viz., Divine Solren Private Limited, which is setting FINANCIAL PERFORMANCE/OPERATIONS OF THE up a 50 Mega Watt (“MW”) Alternate Current (“AC”) solar SUBSIDIARY COMPANIES power project at Adilabad District in the state of Telangana The Company has seven (7) subsidiaries, the operations and Neo Solren Private Limited, which is setting up a 42 MW of which are mentioned below for the information of the AC solar power project at Wadekothapally District in the state shareholders: 2305 116_Mahindra Renewables Private Limited.indd 2305 7/4/2017 3:41:32 PM Manish Vikas Please check thoroughly. Vakils will not be responsible for errors not noted on this proof. MAHINDRA RENEWABLES PRIVATE LIMITED (FORMERLY KNOWN AS MAHINDRA OFFGRID SERVICES PRIVATE LIMITED) Brightsolar Renewable Energy Private Limited Neo’s income for the year was Rs. 129.64 Lakhs as compared (“Brightsolar”) to Rs. 13.64 Lakhs in the previous year. Profit after tax for the Brightsolar has successfully operated the 10 MW AC solar year was at Rs. 19.03 Lakhs as compared to Loss after tax of power plant at Anantapur, District in the state of Andhra Rs. 33.72 Lakhs in the previous year. Pradesh. Brightsolar has earned Rs. 1,203.48 lakhs from the Marvel Solren Private Limited (“Marvel”) sale of power during the year. The foreign exchange exposure During the year, there were no operations in Marvel. has been fully hedged to protect against adverse currency movements by way of full currency swap. Mahindra Suryaurja Private Limited (“Suryaurja”) A Share Purchase Agreement (“SPA”) was executed on Brightsolar’s income for the year was Rs. 1,221.67 lakhs as February 16, 2017, by and between Mahindra Solar One Private compared to Rs. 330.29 lakhs in the previous year. Profit after Limited (“MSOPL”), Mahindra Renewables Private Limited tax for the year was Rs. 22.78 lakhs as compared to Loss after (“MRPL”), wherein MRPL (Transferee) purchased 100% stake tax of Rs. 39.69 lakhs in the previous year. held by MSOPL in Suryaurja. Pursuant to the said acquisition, Cleansolar Renewable Energy Private Limited (“Cleansolar”) Suryaurja has become Wholly Owned Subsidiary of MRPL. Cleansolar has successfully commissioned the 30 MW AC During the year, there were no operations in Suryaurja. solar power plant at Tandur District in the state of Telangana. Cleansolar has earned Rs. 2,317.22 lakhs from the sale of None of the above subsidiaries of the Company have declared power post commissioning. The foreign exchange exposure dividend during the year. has been fully hedged to protect against adverse currency A Report on the performance and financial position of each movements by way of full currency swap. of the subsidiaries and their contribution to the overall Cleansolar’s income for the year was Rs. 2,353.05 lakhs compared performance of the Company is provided in Form AOC-1, as to Rs. 101.81 lakhs in the previous year. Profit after tax for the Annexure I and forms part of this Annual Report. year was at Rs. 137.84 lakhs as compared to Loss after tax of OUTLOOK FOR THE CURRENT YEAR Rs. 60.90 lakhs in the previous year. The Company will commence commissioning of the 250 MW Astra Solren Private Limited (“Astra”) AC solar power plant at Rewa in the state of Madhya Pradesh. Astra is setting up 2 Solar Power plants of 40 Mega Watt (MW) The Company will also continue to evaluate opportunities Alternate Current (AC) and 25 MW AC in Charanka Solar Park, to carry on business as a producer and distributor of solar Gujarat. Astra has incurred expenditure amounting to Rs. 377 power by using solar cells, photo voltaic cells, wafers, photo Crores till 31st March, 2017 for setting up these power plants. voltaic solar modules, photo voltaic solar system / sub system, Astra has signed the Power Purchase Agreements (PPA) with tracker or fixed tilt, concentrated solar power and to provide Solar Energy Corporation of India (SECI) and secured debt related services. financing as well. The project construction work is in progress and the plant is expected to be commissioned shortly. DIVIDEND Your Directors do not recommend any dividend in view of loss Divine Solren Private Limited (“Divine”) made during the year. Divine is setting up Solar Power Plant of 50 Mega Watt (MW) Alternate Current (AC) in Adilabad District in the State of HOLDING COMPANY Telangana. The Company has incurred expenditure amounting Your Company continues to remain wholly owned subsidiary to Rs. 302 Crores till 31st March, 2017 for setting up these of Mahindra Susten Private Limited. power plants. The Company has signed the Power Purchase Agreement with Northern Power Distribution Company of DEMATERIALISATION OF SHARES Telangana Limited and secured debt financing as well. The The shares of your Company were admitted for dematerialisation project construction work is in progress and the plant is with National Securities Depository Limited during the year. The expected to be commissioned shortly. International Securities Identification Number (ISIN) allotted to the Company is INE163X01010. Your Company has appointed Neo Solren Private Limited (“Neo”) M/s. Karvy Computershare Private Limited as the Registrar Neo is setting up Solar Power Plant of 42 Mega Watt (MW) and Share Transfer Agent. Alternate Current (AC) in Wadekothapally District in the State of Telangana. The Company has incurred expenditure amounting ALTERATION OF MEMORANDUM OF ASSOCIATION to Rs. 9.92 Crores till 31st March, 2017 for setting up these The Share capital clause of Memorandum of Association of power plants. The Company has signed the Power Purchase your Company was altered during the year 3 times for the Agreement with Northern Power Distribution Company of increase in Authorized Share Capital from Rs. 130 Crores to Telangana Limited and secured debt financing as well. The Rs. 190 Crores; increase in Authorized Share Capital from project construction work is in progress and the plant is Rs. 190 Crores to Rs. 300 Crores and increase in Authorized expected to be commissioned shortly. Share Capital from Rs. 300 Crores to Rs. 320 Crores. 2306 116_Mahindra Renewables Private Limited.indd 2306 7/4/2017 3:41:32 PM Vikas Manish Please check thoroughly. Vakils will not be responsible for errors not noted on this proof. MAHINDRA RENEWABLES PRIVATE LIMITED (FORMERLY KNOWN AS MAHINDRA OFFGRID SERVICES PRIVATE LIMITED) SHARE CAPITAL At the Extra-ordinary General Meeting of your Company Authorized Share Capital held on October 22, 2016, the appointments of Mr. Bharat Upadhyay and Ms. Smita Mankad as Independent Directors The Authorized Share Capital of your Company as on March under Sections 149, 150, 152 and 160 of the Companies Act, 31, 2017 stood at Rs. 320,00,00,000/- (Rupees Three Hundred 2013, were approved by the members. Twenty Crores only) divided into 32,00,00,000 (Thirty Two Crores) equity shares of the face value of Rs. 10/- (Rupees Mr. Sriram Ramachandran (DIN: 07319032) was appointed as Ten only) each. an Additional Director at the Board meeting held on October 21, 2016. The Company has received notice along with requisite Further issue of Share Capital deposit from a Member under Section 160 of the Companies During the year under review, your Company made the Act, 2013, signifying its intention to propose Mr.
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