1. The above results, as reviewed by the audit committee were approved by the Board of Directors at its meeting held on November 28, 2008.

2. Sugar, one of the major business of the Company, is a part of seasonal industry. Therefore, the results of the quarter / year are not indicative of the likely performance of entire accounting year.

3. The Company has accounted for cane purchases for sugar season 2007-08 at Rs 110 per quintal, the rate at which it has made payment to the cane growers as per the interim order of the Hon’ble Allahabad High Court and Hon´ble Supreme Court, against the state advised price of Rs 125 per quintal fixed by the Uttar Pradesh State Government. Necessary adjustments will be made in accordance with subsequent orders of the Hon’ble courts in the matter.

4. The Company has issued and allotted 1,26,524 equity shares on September 30, 2008 at an exercise price of Rs 39/- (including premium of Rs 29/-) per equity share under Simbhaoli Sugars Ltd- Employees Stock Option Scheme 2007 in accordance with the provisions of SEBI (Employee stock option such and employee stock purchase scheme) Guidelines, 1999.

5. The Company has set up a subsidiary company, Simbhaoli Global Commodities DMCC in the free trade zone of Dubai, UAE in November 2008.

6. On the basis of future projections taken on record, based upon recent expansions to de-risk the business operations and consistent improved margins in sugar and cogeneration operations and considering that sugar is a cyclical industry, and sugar prices are showing turn around, the Board of directors are confident that there is a virtual certainty that sufficient future taxable income will be available against which deferred tax assets of Rs 192.679 million recognized will be realized in the normal course of Company’s business.

7. The previous period’s figures have been regrouped /rearranged wherever necessary.

G S C Rao
Executive Director