The Directors have the pleasure in presenting their 19th Annual Report
 together with Audited Accounts of the Company for the year ended 31 st
 March 2012
 
 FINANCIAL RESULTS:                        (Rs. In lacs)
 
 Particulars                           31st 
                                       March''12      31st 
                                                     March 11
 
 Total Income                           3513.19      2631.84
 
 lncrease/(decrease) of Stock in trade    75.47        26.63
 
 Profit before Interest & Depreciation   894.43       562.88
 
 Less: Interest                           27.87        27.73
 
 Depreciation                            265.10       252.81
 
 Profit / (Loss)before Tax               601.46       282.34
 
 Net Profit                              618.94       282.34
 
 Beview af ttewMLnsaf Sagar M
 
 During the year sugar mill of the company was Leased out for the
 crushing season 2010-11. Sugar Mill crushed 23552.66 quintals of
 sugarcane, and produced 1410 bags of sugar. The Mill also produced 2000
 quintals of molasses.
 
 Review of the operations of Distillery
 
 The unit has produced 7,18,142 cases of Punjab medium Liquor (PML),
 3719709 (Bulk Liters) of Extra Neutral Alcohol
 
 (ENA), and 172833 (Bulk Liters) Denature Spirit till 31st March 2012
 The unit has recorded a turnover of 2839.90 Lacs.
 
 Indian Sugar Industry
 
 Daring the season 2011-2012 (October-September) sugar output is
 expected to be around 26.00 million tones. (Source ISMA Journal)
 
 Sugar exports may touch four million tones (Source ISMA Journal) during
 the current season ending September 2012, as the government has decided
 to allow more shipments. In the month of May 2012. The Government also
 decided to allow unrestricted sugar exports by bringing sugar under the
 Open General License (OGL). Now the Exports are allowed to ship only
 after taking registration certificate (export permit from the DGFT
 under Commerce Ministry).
 
 Pirwtors
 
 Sh. Devinder Sharma Wholetime Director & Sh. Kartikeya Sharma, Director
 of the Company retires by rotation and are eligible for the
 reappointment.
 
 During the year Sh. H.P.S. Mann Director cane has resigned from the
 Board of Directors of the company.
 
 The Board has also appointed Sh. Jai Parkash Kaushik as Director of the
 company.
 
 Piyj&nd
 
 Due to Accumulated Losses, your directors express their inability to
 recommend dividend for the year ended 31 st March 2012
 
 Auditors
 
 M/s. Jain & Associates, Chartered Accountants Chandigarh, the Statutory
 Auditors of the Company, retiring at the con- clusion of this Annual
 General Meeting and being eligible offer themselves for re-appointment.
 
 The Company has received letter from Statutory Auditors M/s. Jain &
 Associates, Chartered Accountants to the effect that their
 re-appointment, if made would be within the prescribed limits under
 section 224(1 B) of the Companies Act 1956 and that they are not
 disqualified for reappointment within the meaning of Section 226 of the
 said act.
 
 The Notes cn Accounts referred to in the Auditors report are self
 explanatory and do not call any further comments.
 
 Cost Auditors
 
 The Central Government has approved the appointment of of Sh. Sanjeev
 .K. Bansal, Cost Accountant for the finanoiai’
 year 2011-2012 to conduct cost audit for its Sugar unit & Distillery
 unit. ’
 
 Corporate Governance %
 
 Pursuant to clause 49 of the Listing Agreement with the Bombay Stock
 exchange Limited (BSE), Management discus- -
 
 sion and Analysis, Corporate Governance Report and Auditors certificate
 regarding compliance of conditions of corpo: > rate governance are made
 part of the Annual Report.
 
 Personnel ~
 
 The particulars of employees as per Section 217 (2A) of Companies Act
 1956 read with the Company''s (Particulars of employees) Rules 1975 is
 Nil.
 
 CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO: v -
 
 As required under Section 217(1)(e) of the Companies Act 1956 read with
 Companies (Disclosure of particulars in the .  report of Board of
 Directors) Rule 1988, the information relating to the conservation of
 the energy, technology absorption and foreign exchange earning and
 outgo, is annexed and forms part of the report.
 
 Director''s responsibility statement
 
 Pursuant to the provisions of Section 217(2AA) of Companies Act 1956,
 the Directors give hereunder the Directors responsibility statement on
 the accounts of the Company:
 
 1.  All the applicable accounting standards have been followed in the
 preparation of the accompanying account.
 
 2.  The Directors have selected such accounting policies and applied
 them consistently and made judgment and esti-_ mates that are
 reasonable to prudent so as to give true and fair view of the state of
 affairs of the Company at the - end of the financial year 31st March
 2012 and of the Profit of the Company for the said period.
 
 3.  The Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accor- - dance with the
 provisions of Companies Act, 1956, for safeguarding the assets of the
 Company and for preventing and detecting fraud and other
 irregularities, and
 
 4.  The Directors have prepared the Annual Account on going concern
 basis.  
 
 Acknowledgement
 
 Your Directors would like to express their grateful appreciation for
 the assistance and cooperation received from the > financial
 institutions, Banks, Suppliers, Customers, Farmers and all other
 concerned with the Company during the year under review.
 
                       For Piccadily Sugar & Allied Industries Limited
 
                              Sd/-                 Sd /-
 Place: New Delhi      (Devinder Sharma) (Jai Parkash Kaushik) 
 
 Date: 14/08/2012      Wholetime Director      Director