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Indian Sucrose Ltd

BSE Code : 500319 | NSE Symbol : OSWALSUG | ISIN:INE557C01017| SECTOR: - |

NSE BSE
 
SMC up arrow

3.60

0.00 0.00 Volume 280564

29-Feb-2000 EOD

Prev. Close

3.60

Open Price

3.00

Bid Price (QTY)

-/-()

Offer Price (QTY)

-/-()

 

Today’s High/Low 3.60 - 3.60

52 wk High/Low 3.60 - 0.00

Key Stats

MARKET CAP (RS CR) 24.81
P/E 3.02
BOOK VALUE (RS) 55.0517464
DIV (%) 0
MARKET LOT 1
EPS (TTM) 5.31
PRICE/BOOK 0.291543884609626
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%)
4

News & Announcements

30-Nov-2019

Indian Sucrose Ltd - Regulation 30 Of SEBI(LODR) Regulations,2015

30-Nov-2019

Indian Sucrose Ltd - Regulation 23(9) Of SEBI(LODR)Regualtions,2015

26-Nov-2019

Indian Sucrose Ltd - Clarification

25-Nov-2019

Indian Sucrose Ltd - Clarification sought from Indian Sucrose Ltd

08-Nov-2019

Indian Sucrose to discuss results

30-Sep-2019

Indian Sucrose announces change in directorate

29-Aug-2019

Indian Sucrose schedules AGM

31-Jul-2019

Indian Sucrose to announce Quarterly Result

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Avadh Sugar & Energy Ltd 540649 AVADHSUGAR
Babhnan Sugar Mills Ltd (Merged) 507470
Bajaj Hindusthan Sugar & Industries Ltd(merged) 507500
Bajaj Hindusthan Sugar Ltd 500032 BAJAJHIND
Balrampur Chini Mills Ltd 500038 BALRAMCHIN
Bannari Amman Sugars Ltd 500041 BANARISUG
Belapur Industries Ltd 507050
Cauvery Sugars & Chemicals Ltd (Merged) 507504
Dalmia Bharat Sugar & Industries Ltd 500097 DALMIASUG
DCM Shriram Industries Ltd 523369 DCMSRMIND
Dhampur Sugar Mills Ltd 500119 DHAMPURSUG
Dhampure Speciality Sugars Ltd 531923
Dharani Sugars & Chemicals Ltd 507442 DHARSUGAR
Dwarikesh Sugar Industries Ltd 532610 DWARKESH
Eastern Sugar & Industries Ltd 507528 EASTSUGIND
EID Parry (India) Ltd 500125 EIDPARRY
Empee Sugars & Chemicals Ltd 500132 EMPEESUG
Gayatri Sugars Ltd 532183
Gwalior Sugar Company Ltd 507135
India Sugars & Refineries Ltd 507150
Jeypore Sugar Company Ltd 590054 JEYPORE
JK Sugar Ltd(Merged) 532519
Kashipur Sugar Mills Ltd 502512
KCP Sugar & Industries Corporation Ltd 533192 KCPSUGIND
Kesar Enterprises Ltd 507180 KESARENT
KM Sugar Mills Ltd 532673 KMSUGAR
Kothari Sugars & Chemicals Ltd 507190 KOTARISUG
Mac Agro Industries Ltd (Merged) 507448
Magadh Sugar & Energy Ltd 540650 MAGADSUGAR
Mawana Sugars Ltd 523371 MAWANASUG
Mawana Sugars Ltd(merged) 532512 MAWANA
Modi Industries Ltd 507210
Monnet Project Developers Ltd 532723
Nahar Sugar & Allied Inds Ltd(merged) 507492 NAHARSUGAR
Naraingarh Sugar Mills Ltd 531457
Northland Sugar Complex Ltd 507516 NORTHSUG
Oswal Overseas Ltd 531065
Oudh Sugar Mills Ltd(Merged) 507260 OUDHSUG
Parrys Sugar Industries Ltd(Merged) 500162 PARRYSUGAR
Parvati Sweetners and Power Ltd 541347
Ponni Sugars (Erode) Ltd 532460 PONNIERODE
Ponni Sugars (Orissa) Ltd 507427 PONNIORISA
Prudential Sugar Corporation Ltd 500342 PRUDMOULI
Rajshree Sugars & Chemicals Ltd 500354 RAJSREESUG
Rana Sugars Ltd 507490 RANASUG
Riga Sugar Company Ltd 507508
Sakthi Sugars Ltd 507315 SAKHTISUG
SBEC Sugar Ltd 532102
Shree Hanuman Sugar & Industries Ltd 537709
Shree Renuka Sugars Ltd 532670 RENUKA
Shree Vaani Sugars & Industries Ltd(merged) 507468
Simbhaoli Sugars Ltd 539742 SIMBHALS
Simbhaoli Sugars Ltd (Merged) 507446 SIMBHSUGAR
Sir Shadi Lal Enterprises Ltd 532879
Sree Kailas Sugars & Chemicals Ltd (Merged) 507452
Sri Chamundeswari Sugars Ltd 522300 SRICHAMUND
Sri Sarvaraya Sugars Ltd 40165
Thiru Arooran Sugars Ltd 507450 THIRUSUGAR
Triveni Engineering & Industries Ltd (Merged) 532062 TRIVENGIND
Triveni Engineering and Industries Ltd 532356 TRIVENI
Triveni Engineering Works Ltd (Merged) 523499 TRIVENIOIL
Tulsipur Sugar Company Ltd (Merged) 530107
Ugar Sugar Works Ltd 530363 UGARSUGAR
Upper Ganges Sugar & Industries Ltd(Merged) 530505 UPERGANGES
Uttam Sugar Mills Ltd 532729 UTTAMSUGAR
Venus Sugar Ltd 507472 VENUSUGAR
Vishnu Sugar Mills Ltd 507405
Vishwaraj Sugar Industries Ltd 542852 VISHWARAJ
Western Orissa Sugar Ltd 507462
Willard India Ltd 504227 WILLARDLTD

Share Holding

Category No. of shares Percentage
Total Foreign 0 0.00
Total Institutions 9933 0.06
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 0 0.00
Total Promoters 9107518 58.90
Total Public & others 6344356 41.03
Total 15461807 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Indian Sucrose Ltd

Incorporated as a public limited company in Dec.'90, Oswal Sugars (OSL) was promoted in order to set up a plant (inst. cap.: 2500 tcd) to manufacture white crystal sugar. The cost of the project was originally estimated at Rs 32.6 cr and commercial operations were projected to commence by Jan.'92. However, due to factors like belated transfer of its letter of intent, etc, the project was delayed and project cost was revised to Rs 42 cr to include captive power generation. To part-finance the project, OSL came out with a public issue in Aug.'93. It had increased the capacity of its sugar plant from 2500 tcd to 3500 tcd. In 1995-96, the company allotted 12,70,000 equity shares to IFCI and ICICI, to convert their loans into equity shares. The company has changed its name from Oswal Sugars Ltd to Indian Sucrose Ltd.

Indian Sucrose Ltd Chairman Speech

Dear Shareholders

The financial year 2018-19 was fraught with enormous challenges, owing to the global and domestic economic turbulence. Amid the challenging business environment, India s sugar industry had its share of sweet pie, with the government lending support through partial sugar decontrol with effect from Sugar Season (SS) 2018-19. This will help the industry save Rs 3,000 Crore a year. While the progressive steps would definitely ensure the long-term sustainability of the sugar players, decontrol of sugarcane pricing, if allowed by the Government, would have further boosted the otherwise ailing sugar industry. The linkage of sugarcane pricing with the ultimate realization of finished sugar prices would have been a step in the right direction. It would have been a more realistic, fair and transparent system for both the cane growers as well as the sugar millers. With the regulated free sugar release mechanism having been removed, sugar companies will be able to better manage their inventories. Moreover, sugar mills are also not required to sell 10% of their production (popularly known as levy sugar) to the government at highly discounted rates for subsidized distribution under public distribution system (PDS). This will help the sugar industry to reduce its ever mounting losses. During SS 2018-19, South India s sugar industry put up a better performance compared to its northern counterpart, owing to cane price differentiation and higher recovery rate.

Best Regards,
Kunal Yadav
(Managing Director)

   

Indian Sucrose Ltd Company History

Incorporated as a public limited company in Dec.'90, Oswal Sugars (OSL) was promoted in order to set up a plant (inst. cap.: 2500 tcd) to manufacture white crystal sugar. The cost of the project was originally estimated at Rs 32.6 cr and commercial operations were projected to commence by Jan.'92. However, due to factors like belated transfer of its letter of intent, etc, the project was delayed and project cost was revised to Rs 42 cr to include captive power generation. To part-finance the project, OSL came out with a public issue in Aug.'93. It had increased the capacity of its sugar plant from 2500 tcd to 3500 tcd. In 1995-96, the company allotted 12,70,000 equity shares to IFCI and ICICI, to convert their loans into equity shares. The company has changed its name from Oswal Sugars Ltd to Indian Sucrose Ltd.

Indian Sucrose Ltd Directors Reports

To,

The Members,

Your Directors are pleased to present the 28th Annual Report together with the Audited Financial Statements of the Company for the financial year ended on 31st March, 2019.

FINANCIAL PERFORMANCE

The Audited Financial Statements of the Company as on 31st March, 2019 are prepared in accordance with the relevant applicable IND AS and provisions of the Companies Act, 2013.

The summarized financial highlight is depicted below.

(Rs. in Lakhs)
Particulars 2018-2019 2017-2018
Revenue from Operations 36280.27 41903.12
Other Income 1059.98 641.91
Total Income 37340.25 42545.04
Total Expenses 36537.12 41212.74
Profit/(Loss) before Finance cost, Depreciation & 3717.88 3411.75
Amortization and Tax Expenses
Finance Cost 2137.38 1401.02
Depreciation & Amortization 777.36 678.43
Profit/(Loss) before Tax 803.13 1332.30
(i) Provision for Taxation (Current) 218.09 349.60
(ii) Deferred Tax 115.73 140.22
(iii) Provision for tax of earlier years 32.91 6.73
Profit/ (Loss) after Tax 206.41 835.75

PERFORMANCE REVIEW

During the year under review, your company has achieved turnover of Rs. 36280.27 Lacs as compared to previous year turnover of Rs. 41903.12 lacs and has earned net profit after Tax of Rs. 206.41 lacs as compared to previous year net profit after Tax of Rs. 835.75 lacs.

During the year under review, your Company has crushed 11358750.520 QTLS of Sugarcane and produced 1268280. QTLS of Sugar as compared to previous year crushing of 10,475,342.26 QTLS of sugarcane and production of 1,021,956 bags of Sugar.

The capacity utilization of the plant during the year under review was 85.19% and the average recovery was 11.16 % as compared to capacity utilization of 85.47% and average recovery of 9.75% in the previous year.

DIVIDEND & TRANSFER TO RESERVES

No amount is proposed to be transferred to the reserve(s) and your Directors have not recommended payment of any dividend for the year under review.

CHANGE IN THE NATURE OF BUSINESS, IF ANY

During the year, there was no change in the nature of business of the Company.

MATERIAL CHANGES AND COMMITMENT AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There are no material changes and/or commitments which may affect the financial position of the Company between the end of the financial period and the date of this Report.

SHARE CAPITAL

During the Financial year 2018-19 the Share Capital of the Company remains the same as that of previous year 2017-18.

DEPOSITS

During the period under review, your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the rules made there under.

TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

There was no amount required to be transferred to IEPF.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

Corporate Social Responsibility

CSR is a company s sense of responsibility towards the community and environment in which it operates. It is the continuing commitment by business to behave ethically and contribute to economic development of the society at large and building capacity for sustainable livelihoods. The Company believes in conducting its business responsibly, fairly and in a most transparent manner. It continually seeks ways to bring about an overall positive impact on the society and environment where it operates and as a part of its social objectives. This policy has been formally formulated and adopted in terms of Section 135 of the Act and Rules framed there under to undertake CSR activities.

The Company has always made consistent efforts to maintain an active corporate social responsibility portfolio.

Composition of Corporate Social Responsibility Committee:

Sl. No. Name Chairman/Member
1. Geoffery Frederick Francis Chairperson
2. Sheoraj Singh Ahlawat Member
3. Kunal Yadav Member

Mr. Geoffery Fredercik Francis resigned with effect from 29.05.2019 and Mr. Abhay Upadhyay has been inducted in the Corporate Social Responsibility Committee on 29.05.2019 as Chairperson of the Committee.

The responsibilities of the CSR Committee include:

1) Formulating and recommending to the Board of Directors the CSR Policy and indicating activities to be undertaken by the Company in areas or subject, specified in schedule VII

2) Recommending the amount of expenditure for the CSR activities.

3) Monitoring CSR activities from time to time.

As per the provisions of Companies Act, 2013, all companies having a net worth of Rs. 500 crore or more, or a turnover of Rs. 1,000 crore or more or a net profit of Rs. 5 crore or more during the immediately preceding financial year are required to constitute a CSR committee of the Board of Directors comprising three or more directors, at least one of whom should be an independent director. All such companies are required to spend at least 2% of the average net profits of their three immediately preceding financial years on CSR-related activities.

Accordingly, the company was invested Rs. 38,26,152.35 /- towards CSR activities during the financial year as required to invest pursuant to specified Schedule VII of the Companies Act, 2013.

Details of the CSR Policy available on our website www.muksug.com>about us> policy.

HUMAN RESOURCES

Human resources are the most important resource and your directors believe in to give them their due weight age for their crucial role-playing in the overall progress of the organization. The relationship between the management and the staffs/workers has been comfortable and cordial during the year.

RISK MANAGEMENT

The Company has developed and implemented a Risk Management Policy. The policy identifies the threat of such events as Risks , which if occurred will adversely affect value to shareholders, ability of Company to achieve objectives, ability to implement business strategies, the manner in which the Company operates and reputation. Such risks are categorized into Strategic Risks, Operating Risks and Regulatory Risks.

The framework defines the process for identification of risks, its assessment, mitigation measures, monitoring and reporting. While the Company, through its employees and Executive Management, continuously assess the identified Risks, the Audit Committee reviews the identified Risks and its mitigation measures annually.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The Company has an Internal Audit department with adequate experience and expertise in internal controls, operating system and procedures. The system is supported by documented policies, guidelines and procedures to monitor business and operational performance which are aimed at ensuring business integrity and promoting operational efficiency.

The Internal Audit Department reviews the adequacy of internal control system in the Company, its compliance with operating systems and laid down policies and procedures. Based on the report of internal audit function, process owners undertake corrective actions in their respective areas and thereby strengthen the controls. Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board of Directors from time to time.

VIGIL MECHANISM

The Company has a vigil mechanism Policy to deal with instance of fraud and mismanagement, if any. The vigil mechanism Policy ensures that strict confidentiality is maintained whilst dealing with concerns and also that no discrimination will be meted out to any person for a genuinely raised concern. The policy has been uploaded in the website of the company at www.muksug.com.>about us>policy.

SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES COMPANIES

The Company does not have any subsidiary, joint venture or associate companies within the meaning of Sections 2(6) and 2(87) of the Companies Act, 2013 as on 31st March 2019. The Company has framed a policy for determining material subsidiaries, which has been uploaded on website of the company at www.muksug.com.>aboutus>policy.

CHANGES IN BOARD AND KMP

a. Appointment of Company Secretary

Your director at its meeting held on 1st October, 2018, on the recommendation of the Nomination and Remuneration Committee, had appointed Ms. Anamika Raju as Company Secretary cum compliance officer of the Company in place of Mr. Rishav Jaiswal w.e.f. 1st October, 2018 pursuant to section 203 read with rule made there under and other applicable provisions of the Companies Act, 2013.

b. Appointment of Director

(i) Your Director at its meeting held on 22nd November, 2018 on the recommendation of the Nomination and Remuneration Committee, had appointed Mr. Sebastian Gilbert (DIN: 07794799) as an Additional Director in the capacity on Non Executive Independent Director with effect from 22nd November, 2018.

Your Directors have recommended for the approval of the Members the appointment of Mr. Sebastian Gilbert as Non-Executive Independent Director of the Company.

Mr. Sebastian Gilbert is not disqualified from being appointed as a Director as specified in terms of Section 164 of the Companies Act, 2013.

(ii) Your Director at its meeting held on 29th May, 2019 on the recommendation of the Nomination and Remuneration Committee, had appointed Mr. Abhay Upadhyay (DIN: 08434768) as an Additional Director in the capacity on Non Executive Independent Director with effect from 29th May, 2019

Your Directors have recommended for the approval of the Members the appointment of Mr. Abhay Upadhyay as Non-Executive Independent Director of the Company.

Mr. Abhay Upadhyay is not disqualified from being appointed as a Director as specified in terms of Section 164 of the Companies Act, 2013.

C. Re appointment of Managing Director

Your Director at its meeting held on 28th August, 2019 on the recommendation of the Nomination and Remuneration Committee, had re - appointed Mr. Kunal Yadav (DIN: 01338110) as Managing Director cum chairman of the Company for further period of 5 years w.e.f. June 16, 2020 to June 15th , 2025 not be liable to retire by rotation but he shall be taken into account in determining the number of directors to retire by rotation as prescribed Article 172 of the Articles of Association of the Company, subject to considering the increased activities, responsibilities and contribution of Mr. Kunal Yadav in development and growth of the Company.

Your Directors have recommended for the approval of the Members the re- appointment of Mr. Kunal Yadav as Executive chairman and Managing Director of the Company.

Mr. Kunal Yadav, aged 37 years, with qualification of M.B.A. degree, had more than 11 years of rich industrial experience and managerial experience. He joined the Company as Director w.e.f. 03.05.2008 He was one of the promoter, industrialist and Managing Director and main contributory to the growth and development of the Company having a net worth of more than 90 crores with a turnover of 419 crores (financial year 2017-18) He was also equally excellent in ensuring growth by improving productivity, cost control, large size operations & consistently improving quality and his services were indispensable. He had been actively involved in business strategy, business development and research and development functions in the Company.

Mr. Kunal Yada satisfied all the conditions set out in Part-I of Schedule V to the Companies Act, 2013 (including any amendments thereto) as also the conditions set out under subsection (3) of Section 196 of the Companies Act, 2013 for being eligible for re-appointment.

e. Resignation of Director

Mr. Geoffery Frederick Francis who had joined the Company since 2016 ceased to be the Independent Director of the Company due to his personal reason on 29th May, 2019. He had joined the Company as an Independent Director on 30th May, 2016 Since then he had given his unstinted support to the Company; by guiding throughout as a member of Board of Directors, Chairman of all committee(s) of the Board. The Board of Directors recognizes and place on record his valued contribution and unstinted support to the Company.

(e) Retirement by Rotation

In accordance with the provisions of the Companies Act, 2013 and Regulation 36 of the Listing Regulations, Mr. Jaitender Kumar (DIN: 08164429), retires at the ensuing AGM, and being eligible offers himself for re-appointment. The brief resume/details relating to Director who is to be re-appointed is furnished in the Notice of the ensuing AGM. The Board of Directors of your Company recommends the re-appointment of the Director liable to retire by rotation at the ensuing AGM.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17(10) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual evaluation of its performance as well as that of its Committees and individual directors. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

REMUNERATION POLICY

The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a policy for selection and appointment of Directors, Key Managerial Personnel and Senior Management and their remuneration. The Remuneration Policy is available on the website of the Company at www.muksug.com>about us > policy.

FAMILIARIZATION PROGRAM FOR THE INDEPENDENT DIRECTORS

The Independent Directors have been updated with their roles, rights and responsibilities in the Company by specifying it in their appointment letter along with necessary documents, reports and internal policies to enable them to familiarize with the Company s procedures and practices.

The Company has through presentations, at regular intervals, familiarized and updated the Independent Directors with the strategy, operations and functions of the Company and Sugar Industry as a whole. The details of such familiarization programs for Independent Directors are explained in the Corporate Governance Report and posted on the website of the Company at www.muksug.com>abboutus>policy.

DECLARATION OF INDEPENDENCE

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and they have complied with the Code for Independent Directors as prescribed in Schedule IV to the Companies Act, 2013.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

Eleven (11) Meetings of the Board of Directors were held during the financial year ended 31st March, 2019. The intervening gap between two consecutive meetings was within the period prescribed under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The details of the Board and Committee meetings are provided in the Corporate Governance Report forming part of this Report.

COMMITTEES OF THE BOARD

During the year, the details of composition of the Committees of the Board of Directors are as under: -

a. Audit Committee

Sl. No. Name Chairman/Member
1. Geoffery Frederick Francis Chairperson
2. Sheoraj Singh Ahlawat Member
3. Kunal Yadav Member

Mr. Geoffery Frederik Francis resigned with effect from 29.05.2019 and Mr. Abhay Upadhyay has been inducted in the Audit Committee on 29.05.2019 as Chairman of the Committee. The terms of reference of the Audit Committee has been furnished in the Corporate Governance Report. All the recommendation made by the Audit Committee during the year were accepted by the Board.

b. Nomination And Remuneration Committee

Sl. No. Name Chairman/Member
1. Geoffery Frederick Francis Chairperson
2. Sheoraj Singh Ahlawat Member
3. Kunal Yadav Member
4. Kunj Deep Kalra Member

Mr. Geoffery Fredercik Francis resigned with effect from 29.05.2019 and Mr. Abhay Upadhyay has been inducted in the Nomination & Remuneration Committee on 29.05.2019 as Chairperson of the Committee. The terms of reference of the Nomination & Remuneration Committee has been furnished in the Corporate Governance Report. All the recommendation made by the Nomination & Remuneration Committee during the year were accepted by the Board.

c. Stakeholders Relationship Committee

Sl. No. Name Chairman/Member
1. Geoffery Frederick Francis Chairperson
2. Sheoraj Singh Ahlawat Member
3. Kunal Yadav Member

Mr. Geoffery Fredercik Francis resigned with effect from 29.05.2019 and Mr. Abhay Upadhyay has been inducted in the Stakeholders Relationship Committee on 29.05.2019 as Chairperson of the Committee. The terms of reference of the Stakeholders Relationship Committee has been furnished in the Corporate Governance Report.

d. Corporate Social Responsibility Committee

Sl. No. Name Chairman/Member
1. Geoffery Frederick Francis Chairperson
2. Sheoraj Singh Ahlawat Member
3. Kunal Yadav Member

Mr. Geoffery Fredercik Francis resigned with effect from 29.05.2019 and Mr. Abhay Upadhyay has been inducted in the Corporate Social Responsibility Committee on 29.05.2019 as Chairperson of the Committee.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, your Directors confirm that:

(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) the directors selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;

(c) the directors took 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;

(d) the directors prepared the annual accounts on a going concern basis;

(e) the directors laid down internal financial controls to be followed by the company and that such internal financial controls were adequate and operating effectively;

(f) the directors devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All transactions with Related Parties are placed before the Audit Committee for approval. All related party transactions that were entered into during the financial year were on an arm s length basis and in the ordinary course of business, the particulars of such transactions are disclosed in the notes to the financial statements. The nature of related party transactions require disclosure in AOC-2, the same is attached with this Report.

The policy on Related Party Transactions as approved by the Board is available on website of the company at www.muksug.com>about us>policy.

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

During the year under review, there were no such orders passed by the regulators or courts or tribunals impacting the going concern status and Company s operation in future.

AUDITORS AND AUDITOR S REPORT

(a) STATUTORY AUDITORS

M/s R Dewan & Co., Chartered Accountants (FRN: 017883N) were appointed as Statutory Auditors of your Company at the Annual General Meeting held on 29th September, 2018 to hold office till the conclusion of 28th Annual General Meeting of the company to be held in 2019 and are eligible for re appointment. They have confirmed their eligibility to the effect that their re appointment, if made, would be within the prescribed limits under the Act and that they are not disqualified for re appointment.

Accordingly, The Board has subject to approval of members in the forthcoming AGM and recommendation of Audit Committee approved the re appointment of M/s R Dewan & Co., Chartered Accountants (FRN: 017883N) to hold office form the conclusion of this Annual General Meeting to be held in 30th September, 2019 till the conclusion of 29th Annual General Meeting of the Company to be held in 2020 for one (1) year.

Further as required under the provisions of section 139(1) of the Companies Act, 2013, the Company has received a written consent from M/s R Dewan & Co., Chartered Accountants (FRN: 017883N) to their appointment and a Certificate, to the effect that their appointment, if made, would be in accordance with the Companies Act, 2013 and the Rules framed there under and that they satisfy the criteria provided in section 141 of the Companies Act, 2013.

The Members are requested to vote for the appointment of the Statutory Auditors as aforesaid and fix their remuneration.

The Report given by the Auditors on the financial statements along with the notes to the financial statements of the Company for the financial year 2018-19 is forming part of the Annual Report. The observations and comments given by Auditors in their report read together with notes to Accounts are self-explanatory and hence do not call for any further comments under section 134 of the Act.

Explanation to Auditor s Remarks

(i) The title deeds of the immovable properties are held in the name of the company except in respect of following:

Particulars of Land & Building Carrying Value as at March 31, 19 (Rs. In Lakhs) Remarks
49.30 acres of Land & Building purchased from IFCI (acquired under SARFAESI Act, 2002) Bank of Mukerian Paper Ltd. 2162.50 Land & Building was purchased from IFCI on 17/02/2010 but registration is pending.

(ii) The Company has granted interest free unsecured loan / capital advances to one company covered in the register maintained under section 189 of the Companies Act, 2013.

(iii) The Company has provided guarantee in respect of KCC loan secured to the farmers (suppliers) from Banks. As per Tri-partite agreement between the Indian Sucrose Ltd., farmers and banks, the banks have sanctioned KCC limit to the farmers and credited the same to the Indian Sucrose Ltd.

(iv) The company has provided guarantee to State Bank of India of Rs. 13.69 crore in respect of a loan provided to M/s Ranger Breweries Limited in the Year 2012-13.

(v) The total amount of investments, loans granted and guarantee provided exceeds the limit provided u/s 186(2). The company has not complied with the requirement of section 186 of the Companies Act,2013 pursuant to loans granted, guarantees provided and investments made. Further the company has granted loans to the person in whom directors are interested as detailed below:

Particulars Opening Balance Addition Repayment Balance as on 31.03.2019
Cosmos Sugar Pvt. Ltd. 4,46,40,000 Nil 2,50,00,000 1,96,40,000

The Company has not complied the provision of section 185 of the Companies Act, 2013.

(b) Cost Auditor

M/s Khushwinder Kumar & Co., Cost Accountants, Jalandhar (Firm Registration No. 100123) carried out the cost audit for applicable business during the year. The Board of Directors has appointed them as Cost Auditors for the financial year 2019-20. The remuneration payable to the Cost Auditors is required to be placed before the Members in a general meeting for their ratification. Accordingly, a Resolution seeking Members ratification for the remuneration payable to M/s Khushwinder Kumar & Co., Cost Auditors is included as item No. 4 of the notice convening the Annual General Meeting.

(c) Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. Lalan Kumar Singh (FCS : 7837, COP: 8544), Company Secretary in practice, Delhi to conduct the Secretarial Audit of the Company for the financial year 2018- 19. The Secretarial Audit Report is annexed herewith as Annexure - A. There are reservations or adverse remarks made by Secretarial Auditor in this report. The clarifications on the qualifications in the secretarial Auditors Report are self-explanatory and no further explanation is considered necessary: -

(a) The Company has advanced a sum of Rs.11,05,85,000 to M/s. Cosmos Sugar Pvt. Ltd. in the financial year 2016-17. An amount of Rs. 1,96,40,000 is still outstanding as on 31.03.2019, but no interest has been charged on this loan.

(b) The total amount of investments, loans granted and guarantee provided exceeds the limit provided u/s 186(2). The company has not complied with the requirement of section 186 of the Companies Act,2013 pursuant to loans granted, guarantees provided and investments made.

(c) The company has granted loans to the person in whom directors are interested under section 185 of the Companies Act, 2013, However, the requirements for granting such loans, as provided under section 185 of the Companies Act, 2013, have not been fulfilled.

CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION & ANALYSIS

The Corporate Governance Report and Management Discussion & Analysis, which form part of this Report, are set out as separate Annexures together with the Certificate from the auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated in Regulation 34 read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed herewith as Annexure-B.

EXTRACT OF ANNUAL RETURN

The extract of the Annual Return of the Company as on 31st March 2019 in Form MGT - 9 in accordance with Section 92(3) of the Companies Act, 2013 read with the Companies Management and Administration) Rules, 2014 is annexed herewith as Annexure-C.

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197(12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect to the remuneration of the employees of the Company, are not applicable to the company.

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given in Annexure-D t o this report.

Listing:

The shares of the company have been listed in Bombay Stock Exchange Limited (BSE Ltd).

Fraud

There was no case of any fraud reported during the financial year under report.

Secretarial Standards

The Board of Directors hereby affirms that your Company has adhered to the Secretarial Standards as prescribed by the Institute of Company Secretaries of India during the financial year under report.

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:

In terms of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has an internal complaints committee in place, which registers the complaints made by any aggrieved woman for upholding the Justice.

ENHANCING SHAREHOLDERS VALUE

Your Company believes that its Members are among its most important stakeholders. Accordingly, your Company s operations are committed to the pursuit of achieving high levels of operating performance and cost competitiveness, consolidating and building for growth, enhancing the productive asset and resource base and nurturing overall corporate reputation. Your Company is also committed to creating value for its other stakeholders by ensuring that its corporate actions positively impact the socioeconomic and environmental dimensions and contribute to sustainable growth and development.

ACKNOWLEDGEMENT

Your Directors would like to express their appreciation for the assistance and co-operation received from the Company s customers, vendors, bankers, auditors, investors, Government authorities and stock exchanges during the year under review. Your Directors place on record their appreciation of the contributions made by employees at all levels. Your Company s consistent growth was made possible by their hard work, solidarity, co-operation and support.

For and on behalf of the Board
Indian Sucrose Limited
(Kunal Yadav) (Kunj Deep Kalra)
Date: 28th August, 2019 Managing Director Director
Place: Punjab (DIN: 01338110) (DIN: 05285059)

   

Indian Sucrose Ltd Company Background

Kunal YadavKunal Yadav
Incorporation Year1990
Registered OfficeG T Road,Mukerian
Hoshiarpur,Punjab-144211
Telephone91-1883-249002/244532/91115110651,Managing Director
Fax91-1883-244532
Company SecretaryAnamika Raju
AuditorR Dewan & Co
Face Value10
Market Lot1
ListingBSE,Kolkata,
RegistrarMCS Share Transfer Agent Ltd
12/1/5 Manoharpukar,Road Ground Floor, ,Kolkata-700026

Indian Sucrose Ltd Company Management

Director NameDirector DesignationYear
Kunal Yadav Chairman & Managing Director 2017
Kunj Deep Kalra Director 2017
Jaitender Kumar Additional Director 2017
Anamika Raju Company Secretary 2017
Sebastian Gilbert Addtnl Independent Director 2017
Abhay Upadhyay Addtnl Independent Director 2017
Sameer Kumar Tiwary Addtnl Independent Director 2017

Indian Sucrose Ltd Listing Information

Indian Sucrose Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sugar Qtl000330.5196
Power NA 00011.44886
Other Operating Revenue NA 0008.22735
Molasses Qtl0006.3896
Bagasse Qtl0006.21734
Miscellaneous NA 0000
Sugar Biss Qtl0000
Adjustment NA 0000
Sugar cane (Crush/Day) TCD0000

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