The Directors are pleased to present their 76th Annual report together
 with the Companys audited accounts for the 18 month period ended 31st
 March, 2011.
 
                                                         (Rs. in crore)
 
 Financial results            31st March, 2011     30th September, 2009
                                   (18 months)              (12 months)
 
 Total turnover                       2,434.35                   990.82
 
 Operating profit (before 
 interest, depreciation, 
 extraordinary items 
 and tax)                               232.15                   204.67
 
 Interest                               125.56                    80.99
 
 Depreciation                            96.17                    61.58
 
 Profit before tax                       10.42                    62.11
 
 Provision for tax                     (-)1.74                  (-)5.92
 
 Profit after tax                         8.68                    56.19
 
 Proposed dividend                        5.83                     8.21
 
 Tax on proposed dividend                 0.95                     1.39
 
 Transferred to General Reserve           0.00                    10.00
 
 Balance brought forward                 44.71                     8.12
 
 Surplus carried to Balance Sheet        46.61                    44.71
 
 Dividend:
 
 Your Directors recommend a dividend of Rs. 1/- per equity share (10%)
 on 53,905,975 equity shares of Rs. 10 each for the period ended 31st
 March, 2011 which, if approved at the ensuing Annual General Meeting,
 will be paid to the following:
 
 i) All those members whose names appear in the register of members as
 on 26th July, 2011
 
 ii) All those members whose names appear on that date as beneficial
 owners, as furnished by NSDL and CDSL.
 
 Operational performance:
 
 Sugar units:
 
 The key operational data of four sugar/cogeneration units at Dhampur,
 Asmoli, Mansurpur and Rajpura are as follows:
 
 Sugar unit, Dhampur        31st March,2011 
                                (18 months)      30th September,2009
                                                         (12 months)
 
 Cane crushed (lac-qtls.)            251.12                   103.00
 
 Recovery (%)                          9.81                     9.90
 
 Sugar produced (lac-qtls.)           24.63                    10.20
 
 Sugar unit, Asmoli
 
 Cane crushed (lac-qtls.)            139.31                    40.85
 
 Recovery (%)                          9.05                     8.70
 
 Sugar produced (lac-qtls.)           12.61                     3.55
 
 Sugar unit, Mansurpur
 
 Cane crushed (lac-qtls.)            155.78                    70.04
 
 Recovery (%)                          8.90                     9.10
 
 Sugar produced (lac-qtls.)           13.86                     6.37
 
 Sugar unit, Rajpura
 
 Cane crushed (lac-qtls.)            106.39                    40.76
 
 Recovery (%)                          8.60                     8.51
 
 Sugar produced (lac-qtls.)            9.15                     3.47
 
 SUMMARY (sugar operations) 
 at a glance
 
 Cane crushed (lac-qtls.)            652.60                   254.65
 
 Sugar produced (lac-qtls.)           60.25                    23.59
 
 Recovery (%)                          9.27                     9.26
 
 Dhampur
 
 Power generated (M.W.)             520,657                  158,332
 
 Sale to UPPCL (M.W.)               371,633                  101,685
 
 Asmoli
 
 Power generated (M.W.)             244,429                   66,515
 
 Sale to UPPCL (M.W.)               186,219                   44,098
 
 Mansurpur
 
 Power generated (M.W.)             113,792                   42,375
 
 Sale to UPPCL (M.W.)                63,780                   19,797
 
 Rajpura
 
 Power generated (M.W.)              36,714                   13,796
 
 Sale to UPPCL (M.W.)                     0                        0
 
 SUMMARY (Cogeneration) 
 at a glance
 
 Power generated (M.W.)            9,15,592                 2,81,018
 
 Sale to UPPCL (M.W.)              6,21,632                 1,65,580
 
 Performance of the Companys chemical unit:
 
 The production of RS/ENA/Ethanol was at 208.90 lac BL during the 18
 months ended 31st March, 2011 as against production of 70.97 lac BL in
 the 12 months ended 30th September 2009.
 
 Production (net) of chemicals stood at 184.95 lac kilograms during the
 18 month period ended 31st March 2011 as against 30.16 lac kilograms in
 12 months ended 30th September 2009.
 
 Subsidiaries and promoted company:
 
 In accordance with the general circular issued by the Ministry of
 Corporate Affairs, Government of India, the Balance Sheet, Profit and
 Loss Account and other documents of the subsidiary companies are not
 being attached with the Balance Sheet of the Company. The Company will
 make available the Annual Accounts of the subsidiary companies and the
 related detailed
 
 information to any member of the Company who may be interested in
 obtaining the same. The annual accounts of the subsidiary companies
 will also be kept open for inspection at the registered office of the
 Company and that of the respective subsidiary companies. The
 Consolidated Financial Statements presented by the Company include the
 financial results (for the year ended 30th September, 2010) of its
 subsidiary companies.
 
 Your Directors have approved the merger of its wholly-owned subsidiary
 i.e. Dhampur Sugar Distillery Private Limited (DSDPL) with the Company
 w.e.f. 1st October, 2010 subject to approvals from the concerned
 authorities, shareholders including Honble High Court, Allahabad.
 Separate meeting of Shareholders and Creditors shall be conducted as
 per the directions of Honble High Court in terms of Section 391 to 394
 of the Companies Act, 1956.
 
 Public deposits:
 
 Public deposits as on 31st March, 2011 stood at Rs. 17.83 crore as
 against Rs. 9.61 crore as on 30th September, 2009.  There were
 unclaimed deposits amounting to Rs. 0.25 crore, pertaining to 104
 depositors as on that date. Out of these, depositors with deposits
 aggregating Rs. 0.08 crore have subsequently claimed/renewed their
 deposits. However, the balance amount of Rs. 0.17 crore still remained
 unclaimed.
 
 Directors:
 
 Shri. V. K Goel, Shri A. K Goel, Shri. Priya Brat, Shri. A. K Gupta and
 Shri. J. P Sharma, Directors of the Company will retire by rotation and
 being eligible offer themselves for reappointment.
 
 The nomination of Shri Amit Dhawan has been withdrawn by ICICI Bank
 w.e.f. 7th January, 2011 from the Board of Directors of the Company.
 The Board has recorded it and appreciated the
 
 valuable advice and suggestions provided by him during his tenure as
 Director.
 
 Directors responsibility statement:
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, your
 Directors confirm
 
 i) That the applicable accounting standards have been followed in the
 preparation of the Annual Accounts;
 
 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
 Companys state of affairs at the end of the financial period and of
 the profit or loss 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 on a `going
 concern basis.
 
 Auditors and Auditors Report
 
 M/s S. Vaish & Co., Chartered Accountants, Kanpur, and M/s Mittal Gupta
 & Co., Chartered Accountants, Kanpur, the joint auditors of your
 
 Company will retire at the ensuing Annual General Meeting and being
 eligible are proposed to be reappointed.
 
 The observations of the Auditors in their report, read with the
 accounts are self-explanatory and therefore do not require further
 explanation.
 
 Corporate Governance
 
 In compliance with Clause 49 of the Listing Agreement with the stock
 exchanges, a detailed Corporate Governance Report has been given
 elsewhere in this report, along with the Management discussion and
 analysis report, which form an integral part of the Annual Report.
 
 A certificate from Shri Saket Sharma, FCS, confirming compliance with
 the conditions of Corporate Governance as stipulated under Clause 49 of
 the Listing Agreement is attached to this report.
 
 Particulars of Employees
 
 In terms of the provisions of Section 217(2A) of the Companies Act,
 1956, read with the Companies (Particulars of Employees) Rules, 1975,
 as amended, the names and other particulars of the employees are
 required to be set out in the Annexure to the Directors Report.
 However, as per the provisions of Section 219(1) (b) (iv) of the said
 Act, the annual report, excluding the aforesaid information, is being
 sent to all the Company members and others entitled thereto. Members
 interested
 
 in obtaining such particulars may write to the Company Secretary at the
 Companys Registered Office.
 
 Conservation of energy, technology absorption, foreign exchange
 earnings and outgo
 
 The particulars as required by the Companies (Disclosure of particulars
 in the Board of Directors report) Rules, 1988, with regard to
 conservation of energy, technology absorption, foreign exchange
 earnings and outgo are given in the Annexure.
 
 Industrial relations
 
 The industrial relations remained cordial during the period.
 
 Acknowledgements
 
 Your Directors place on record their acknowledgement and sincere
 appreciation to the shareholders for their confidence in the management
 of the Company, the central government, the state government, banks and
 financial institutions for their continued support, the cane growers
 for their efforts in ensuring timely cane supply, the Companys
 officers and staff for their relentless and dedicated efforts,
 resulting in the Companys growth and look forward to a bright future.
 
                                    By order of the Board of Directors
 
                                                            V. K. Goel
                                                              Chairman
 
 Place: New Delhi 
 Date : 24th May, 2011