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Mawana Sugar Directors Report, Mawana Sugar Reports by Directors

Mawana Sugar

BSE: 532512|NSE: MAWANA|ISIN: INE255G01019|SECTOR: Sugar
Mawana Sugar is not listed on BSE
Mawana Sugar is not listed on NSE
Directors Report Year End :   
200712 - Quarter 1

Status of Investor Complaints for the quarter ended December 31,

Complaints Pending at the beginning of the quarter 01

Complaints Received during the quarter 04

Complaints disposed off during the quarter 05

Complaints unresolved at the end of the quarter Nil

1. The above results have been taken on record by the Board of
Directors in its meeting held on
January 24, 2008.

2. The name of the Company has been changed to Mawana Sugars Limited
w.e.f. January 4, 2008.

3. Mr. Sunil Kakria has been appointed as Managing Director of the
Company for a period of five
years w.e.f. January 7, 2008.

4. The Company has disposed off its long term investment in Jay
Engineering Works Ltd. aggregating
Rs. 77.00 million.

5. The Company has acquired 50,00,000 equity shares of Rs. 10/- each
aggregating Rs. 50 million in
Siel Industrial Estate Limited, a wholly owned subsidiary.

6. The commercial production of the new Distillery Unit of the
Company has commenced from January
01 2008.

7. The results for the quarter and nine months ended December 31,
2007 have been arrived at after
considering sugar cane purchase price @ Rs. 110 per quintal as an
interim measure for paying the
cost of sugar cane to sugar cane growers in accordance with the Order
of Honble Allahabad High
Court dated November 15, 2007 in case No. 8548 (M/B) of 2007 for
sugar season 2007-08 filed by The
UP Sugar Mills Association & Others. Necessary adjustment will be
made by the Company in accordance
with subsequent orders of the Honble Court in the matter.

8. The above results should be read together with the observations of
the Auditors in their Report
on the accounts for the year ended March 31, 2007, which were
prepared without taking into account
the impact of the Scheme. No provision has been considered in respect
of matters covered in Notes 9
and 10 to the accounts for the reasons stated therein.

9. The Company inter-alia, manufactures Sugar which is a seasonal
industry. As such, the
performance of any quarter may not be representative of the annual
performance of the Company.

10. Based on the guiding principles given in Accounting Standard
(AS)-17 Segment Reporting issued
by the Institute of Chartered Accountants of India, the Companys
business segments, upon
effectuation of the Scheme include Sugar, Power and Chemicals.

11. a) The Scheme of Arrangement (the Scheme) for amalgamation of
erstwhile Mawana Sugars Limited
(MSL) with the Company w.e.f. October 01, 2006 was approved by the
Honble High Court of Delhi on
September 11, 2007 and became effective on October 15, 2007 upon
filing of the copy of the High
Court Order with the Registrar of Companies. In terms of the Scheme
2,46,56,091 new equity shares
of Rs 10 each fully paid up have been allotted by the Company on
November 06, 2007.

b) The results for the quarter and nine months ended December 31,
2007 are not comparable with the
figures for the corresponding quarter / nine months ended December
31, 2006 and year ended March
31, 2007 as it includes the results of sugar operations of erstwhile
MSL merged with the Company in
accordance with the Scheme.

12. As the Company has substantial unabsorbed depreciation and carry
forward losses under the
Income-tax Act, 1961 and is unlikely to have taxable income in the
foreseeable future, no deferred
tax accounting has been done under Accounting Standard (AS)- 22
Accounting for Taxes on Income.

13. Figures for the previous corresponding period have been regrouped
wherever necessary

Sunil Kakria
Managing Director
Source :
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