The Directors have the pleasure in presenting their 19th Annual Report
together with Audited Accounts of the Company for the year ended 31 st
FINANCIAL RESULTS: (Rs. In lacs)
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).
Sh. Devinder Sharma Wholetime Director & Sh. Kartikeya Sharma, Director
of the Company retires by rotation and are eligible for the
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
Due to Accumulated Losses, your directors express their inability to
recommend dividend for the year ended 31 st March 2012
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
The Notes cn Accounts referred to in the Auditors report are self
explanatory and do not call any further comments.
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
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.
The particulars of employees as per Section 217 (2A) of Companies Act
1956 read with the Company''s (Particulars of employees) Rules 1975 is
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
4. The Directors have prepared the Annual Account on going concern
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