To the Member(s)
Your Directors have pleasure in presenting this 25th (Twenty Fifth) Annual Report ofthe Company together with the Audited Statements of Accounts for the year ended 31stMarch 2020.
1. HIGHLIGHTS OF FINANCIAL PERFORMANCE: Your Company's financial performance during theFinancial Year 2019-20 as compared to that of the previous Financial Year 201819 issummarized below:-
| || |
(Rupees in Lakhs)
|Particulars ||2019-20 ||2018-19 |
|Gross Income ||28172.58 ||31167.93 |
|Profit/(Loss) Before Interest Depreciation and Exceptional Item ||675.44 ||1420.38 |
|Finance Charges ||2412.67 ||2351.14 |
|Gross Profit/(Loss) before Depreciation and Exceptional Item ||(1737.23) ||(930.76) |
|Provision for Depreciation ||1035.06 ||1015.90 |
|Net Profit(Loss) Before Tax and Exceptional Item ||(2772.29) ||(1946.66) |
|Exceptional Item(Re-measurement of Actuarial Valuation) ||(68.33) ||162.93 |
|Provision for Tax ||- ||- |
|Net Profit/(Loss) After Tax ||(2840.62) ||(1783.73) |
|Balance of Profit/(Loss) brought forward ||(13372.20) ||(11588.47) |
|Balance available for appropriation ||(16212.83) ||(13372.20) |
|Proposed Dividend on Equity Shares ||- ||- |
|Tax on proposed Dividend ||- ||- |
|Transfer to General Reserve ||- ||- |
|Deficit carried to Balance Sheet ||(16212.83) ||(13372.20) |
2. REVIEW OF OPERATIONS:
Your Directors are pleased to report that during the year under review the Companycrushed 5.10 Lakhs Tones of Sugar cane and 5.58 Lakhs Quintals of Sugar was bagged with anaverage recovery of 10.95% and 23311 tonnes of Molasses was produced. The distillery unitproduced 83.55 Lakhs litres of Ethanol and Impure Spirit.
The Company registered gross revenue of Rs. 28172.58 Lakhs for the year ended 31stMarch 2020 against Rs. 31167.93 Lakhs for the year ended 31st March 2019. For the year2019-20 the company earned profit of Rs. 675.44 Lakhs before Interest Depreciation andExceptional item compared to the profit of Rs. 1420.38 Lakhs for the previous year2018-19. However there was net loss of Rs. 2840.63 Lakhs compared to the net loss of Rs.1783.73 Lakhs of previous year. The Company registered a decrease of 09.61% in turnoveras compared to previous years. The loss in current year is attributed to the fact thatlower availability of Sugarcane due to drought conditions prevailed in the region.
i) PROSPECTS FOR THE FINANCIAL YEAR 2020-21:
Though it is too early to estimate the sugar production for sugar season 2020-21 butsowing reports from field indicates decline in sugarcane plantation due to inadequateunderground water availability due to drought conditions prevailed in the zone areaallotted to both factories of your company. The sugar cane harvesting for the season2020-21 is expected on par as compared to the previous year 2019-20.
ii) COVID-19 UPDATE:
At present the global economic environment is highly unpredictable as the duration andthe impact of unprecedented COVID -19 pandemic is difficult to ascertain. After the COVID-19 outbreak in mid-March 2020 in India our operations were disrupted and offices &factories were closed post the nationwide lockdown announced on 24th March 2020 and afterobtaining the necessary approvals from the concerned authorities. Your Company is ensuringutmost safety of employees and business partners at factories by strictly followingsafeguard measures such as usage of masks / gloves regular temperature screening settingup disinfectant tunnels maintaining social distancing allowing limited workforce andregularly conducting comprehensive factory as well as Head office sanitization.
3. CHANGE IN THE NATURE OF BUSINESS IF ANY:
During the period under review and the date of Board's Report there was no change inthe nature of Business of the Company.
As the Company has accumulated losses as at 31st March 2020 the Directors could notrecommend dividend on Equity Shares and due to losses dividend on preference shares couldnot be paid.
5. SHARE CAPITAL:
Total Number of Equity Shares: 43703643 (in Electronic Form : 43678200 andin Physical Form : 25443); and
Total Number of Preference Shares: 41147023.
Further during the financial year 2019-2020 No change in the share capital of thecompany.
6. BOARD MEETINGS:
During the Financial Year ended 31st March 2020 The Board of Directors of yourCompany met 04 (Four) times on 09th May 2019 13th August 2019 02nd November 2019 and11th February 2020. The details of Board Meetings and the attendance of the Directorsthereat are provided in the Corporate Governance Report. The intervening time gap betweentwo consecutive Meetings was within the period prescribed under the Companies Act 2013.
7. TRANSFER TO RESERVES:
Your Directors do not propose to transfer any amount to reserves during the FinancialYear ended 31st March 2020.
8. KEY MANAGERIAL PERSONNEL AND DIRECTORS:
The following are the Key Managerial Personnel (KMP) of the Company pursuant to the
provisions of Section 203 of the Companies Act 2013 as on 31st March 2020:
1. Mrs. T. Sarita Reddy Managing Director
2. Mr. V. R. Prasad Chief Financial Officer
3. Mr. Danveer Singh Company Secretary & Compliance Officer
And during the year under review Mr. Chetan Kumar Sharma resigned as Company Secretaryand Compliance Officer of the Company w.e.f close of working hours on 03rd December 2019and Mr. Danveer Singh was appointed as Company Secretary and Compliance Officer w.e.fFebruary 12 2020.
Independent Directors declaration:
All the Independent Directors of your Company viz. Mr. T. R. Rajagopalan Mr.Raghuraj Suresh Bhalerao and Mr. Venkata Narayana Rao Paluri have registered themselveswith the databank maintained by the Indian Institute of Corporate Affairs in terms of theprovisions of amended Rule 6 of the Companies (Appointment and Qualification of Directors)Rules 2019 and the Companies (Creation and Maintenance of Databank of IndependentDirectors) Rules 2019.
The Company has received the necessary declaration from each Independent Director inaccordance with Section 149(7) of the Companies Act 2013 read with Regulations 16 and25(8) of the Listing Regulations that the Independent Directos of the Company meets thecriteria of independence as laid out in Section 149(6) of the Companies Act 2013 andRegulations 16(1)(b) and 25(8) of the Listing Regulations(LODR) 2015 and the same havebeen taken on record by the Board after undertaking due assessment of the veracity of thesame.
The criteria for determining qualifications positive attributes and independence ofDirectors is provided in the Nomination and Remuneration Policy of the Company isavailable on the website viz. http://www.gayatrisugars.com/ at the web linkhttp://www.gayatrisugars.com/ CorpPolicies.html
All the Independent Directors of the Company have complied with the Code forIndependent Directors prescribed in Schedule IV to the Companies Act 2013. The details offamiliarization programmes attended by the Independent Directors during the Financial Year2019-20 are available on the website of the Company http://www.gayatrisugars.com/ at theweb link http://www.gayatrisugars.com/CorpPolicies.html
And during the year under review Mr. J. N. Karamchetti resigned as IndependentDirector of the Company w.e.f 14th November 2019 and Mr. P. V. Narayana Rao was appointedas Additional Independent Director of the Company w.e.f 11th February 2020 by the Boardof Directors at their meeting held on 11th February 2020.
As per provisions of the Section 152 of the Companies Act 2013 read with AOA of thecompany. Mrs. T. Indira Reddy retires by rotation at this ensuing AGM and being eligibleoffer herself for re-appointment.
Mr. P. V. Narayana Rao was appointed as Independent Director on the Board of theCompany for a period of 5 (five) years as an Independent Director on 11th February 2020subject to approval of shareholders at the ensuing Annual General Meeting. Based on the
recommendations of the Nomination and Remuneration Committee the Board appointed Mr.P. V. Narayana Rao as an Independent Director of the Company not liable to retire byrotation to hold the office for the first term effective from 11th February 2020 till10th February 2025 subject to approval of the shareholders.
The resolutions for re-appointments of Mrs. T. Indira Reddy and Mr. P. V. Narayana Raoforms part of the notice convening the ensuing AGM scheduled to be held on Wednesday 30thSeptember 2020.
The profile and particulars of experience attributes and skills of the above Directorsis disclosed in the Notice convening the AGM to be held on Wednesday 30th September2020.
9. COMMITTEES OF BOARD:
Pursuant to requirement under Companies Act 2013 and SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the Board of Directors has constitutedvarious committees of Board such as Audit Committee Nomination and RemunerationCommittee Stakeholders Relationship Committee Risk management Committee CorporateSocial Responsibility Committee and Management committee. The details of Composition andterms of reference of these committees are mentioned in the Corporate Governance Reportand available on company website also.
10. POLICY LAID DOWN BY THE NOMINATION AND REMUNERATION COMMITTEE FOR REMUNERATION OFDIRECTORS KMP & OTHER EMPLOYEES:
The Board on the recommendations of the Nomination and Remuneration Committeedetermines the characteristics skills and other attributes required for appointment andremoval of Directors. For this the Company has Nomination and Remuneration policy whichis performance driven and is structured to motivate Directors and Employees recognizetheir merits and achievements and promote excellence in their performance.
The salient features of the policy are:
a) To guide the Board in relation to appointment and removal of Directors KeyManagerial Personnel and Senior Management.
b) To evaluate the performance of the members of the Board and provide necessary reportto the Board for further evaluation.
c) To recommend to the Board on Remuneration payable to the Directors Key ManagerialPersonnel and Senior Management.
d) Ensure that level and composition of remuneration is reasonable and sufficientrelationship of remuneration to performance is clear and meets appropriate performancebenchmarks.
The above Policy is available on the website of the Company www.gayatrisugars.com/ atthe web link http://www.gayatrisugars.com/CorpPolicies.html Manner in Which Formal AnnualEvaluation has been made by the Board of its Own Performance and that of its Committeesand Individual Directors:
Pursuant to the provisions of the Companies Act 2013 and SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the Board has carried out evaluation of (i) itsown performance (ii) the directors individually and (iii) working of its Committees. Themanner in which the evaluation was carried out as detailed below:
(a) Nomination & Remuneration Committee: Pursuant to the provisions of theCompanies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 the Nomination and Remuneration Committee has formulated the criteria for evaluationof directors and evaluated every director. A structured questionnaire was prepared aftertaking into consideration of various parameters such as attendance and participation inmeetings monitoring corporate governance practices independence of judgmentsafeguarding the interests of the Company etc. and accordingly the evaluation was made.The Members of the Committee evaluated the individual directors at its meeting held on11.02.2020.
The Nomination and Remuneration Committee decided that since the performance of thedirectors has been excellent it is decided to continue with the term of the directors andalso recommended to the Board of Directors for appointment of Mr. P. V. Narayana Rao as anIndependent Director of the Company not liable to retire by rotation to hold the officefor the first term effective from February 11th 2020 till February 10th 2025.
(b) Separate Meeting of Independent Directors: The Independent directors of the Companyat its meeting held on 11.02.2020
(a) Reviewed the performance of the Non-Independent directors and Board;
(b) Reviewed the performance of the Chairperson of the Company; and
(c) Assessed the quality quantity and timeliness of flow of information between theCompany management and the Board etc. All the Independent Directors attended the meeting.
A structured questionnaire was prepared after taking into consideration variousparameters such as attendance and participation in meetings monitoring corporategovernance practices independence of judgment safeguarding the interests of the Companyetc. and accordingly the evaluation was made. The Independent directors evaluated theNon-Independent directors.
The Independent Directors decided that since the performance of the Non-IndependentDirectors (including Managing Director and Non- Executive Directors) is satisfactory theterm of their appointment be continued.
The Independent Directors after review of the performance of the Chairperson decidedthat the Chairperson has good experience knowledge and understanding of the Board'sfunctioning and her performance is excellent. The Independent Directors decided that theinformation flow between the Company's Management and the Board is excellent.
(c) Evaluation by Board: The Board has carried out the annual performance evaluation ofits own performance the Directors individually (excluding the director being evaluated)as well as the evaluation of the working of its Committees. A structured questionnaire wasprepared after taking into consideration various aspects of the Board's functioning suchas adequacy of the composition of the Board and its Committees effectiveness indeveloping Corporate Governance structure to fulfil its responsibilities execution andperformance of specific duties etc. The Board decided that the performance of individualdirectors its own performance and working of the committees is excellent.
11. DIRECTOR'S RESPONSIBILITY STATEMENT:
In pursuance of section 134 (5) of the Companies Act 2013 the Directors herebyconfirm that:
(a) In the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;
(b) the directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit and loss of the Company for that period;
(c) The directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern basis;
(e) The directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively except for the material weakness/deficiency; and
(f) The directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
12. INFORMATION ABOUT THE FINANCIAL PERFORMANCE / FINANCIAL POSITION OF THESUBSIDIARIES / ASSOCIATES/ JOINT VENTURES:
There are no Companies which have become or ceased to be its Subsidiaries JointVenture or Associate Companies during the year.
13. EXTRACT OF ANNUAL RETURN:
As required pursuant to section 92(3) of the Companies Act 2013 and rule 12(1) of theCompanies (Management and Administration) Rules 2014 an extract of annual return in FormMGT-9 as part of this Annual Report is enclosed as Annexure I.
14. STATUTORY AUDITORS AND THEIR REPORT:
M/s. MOS & Associates LLP Chartered Accountants were appointed as StatutoryAuditors of the Company at the 22nd Annual General Meeting held on June 29 2017 for aterm of five consecutive years from the conclusion of 22nd Annual General Meeting [AGM]till the conclusion of 27th Annual General Meeting. They have confirmed that they are notdisqualified from continuing as Auditors of the Company.
The Auditors Report to the members of the Company on the financial statements for thefinancial Year ended March 312020 forming part of this report contains a qualifiedopinion on estimating the Electricity duty amounting to Rs. 283.99 Lakhs as a ContingentLiability and on internal financial control over the financial reporting as per note No.28.16 forming part of the financial statements. In the event of an un-favourableverdict/outcome in this matter the Management based on the Supreme Court's interim ordersand considering the inherent uncertainty in predicting the final outcome of the abovelitigation estimates the impact of the potential liability to be Rs. 170 lakhs.
15. SECRETARIAL AUDIT:
As per the provisions of the Section 204(1) of the Companies Act 2013 the Company hasappointed Mr. Y. Koteswara Rao Practising Company Secretary to conduct Secretarial Auditof the records and documents of the Company. The Secretarial Audit Report for theFinancial Year ended March 312020 in Form No MR-3 is annexed to the Directors Report asAnnexure
- II and forms part of this Report. The Secretarial Auditors' Report to the Members ofthe Company for the Financial Year ended March 312020 does not contain anyqualification(s) or adverse observations.
16. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO:
The required information as per Sec. 134(3)(m) of the Companies Act 2013 and Rule 8(3)of Companies (Accounts) Rules 2014 is provided hereunder:
A. Conservation of Energy:
i) The steps taken or impact on conservation of energy:
The Company has already installed the required energy conservation equipments and henceno additions were made during the year.
ii) Step taken by the Company for utilizing alternate source of energy:
The company doesn't have alternative source of Energy since the Company has Co-genpower facility.
iii) Capital investment on energy conservation equipments:
During the year no investment was made towards energy conservation equipments.
B. Technology Absorption:
i) Efforts made towards Technology Absorption:
Certain modification were undertaken to reduce power Consumption in earlier financialyear. In the current year no such requirement was there.
ii) The benefit derived like product improvement cost reduction product developmentor import substitution etc.
The benefit derived is same as the earlier year.
iii) Details of Technology imported during the last 3 years reckoned from the beginningof the financial year:
During the period of last three years there was no import of Technology.
iv) Expenditure incurred on Research & Development:
There was no expenditure incurred on Research and Development.
C. Foreign Exchange Earnings and Out Go:
Foreign Exchange Earnings : NIL
Foreign Exchange Outgo : NIL
17. DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS:
The Company's internal control system is aimed at proper utilisation and safeguardingof the Company's resources and promoting operational efficiency. The internal auditprocess reviews the in-system checks covering significant operational areas regularly.
The Company's Audit Committee is responsible for reviewing the Audit Report submittedby the Internal Auditors. Suggestions for improvements are considered and the AuditCommittee follows up on the implementation of corrective actions. The Audit Committee alsoinvites the Statutory and Internal Auditors for regular meetings to ascertain their views
on the adequacy of internal control systems and keeps the Board of Directors informedof its observations from time to time.
The statutory auditors had a qualified opinion on the Internal financial controls overthe financial reporting stating that material weakness has been identified as at March312020 in the Company relating to deficiency in internal financial controls overfinancial reporting in respect of management assessment of estimating potential liabilityrelating to disputed matter as per Note No. 28.16 forming part of financial statements.
The Management conducted an assessment of the effectiveness of the internal controlover financial reporting using the criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India. Based on this assessment Management is of the view that based onSupreme Court's interim orders and considering the inherent uncertainty in predicting thefinal outcome of the above litigations estimates the impact of potential liability to beRs. 170 Lakhs.
18. PARTICULARS OF LOANS GIVEN INVESTMENTS MADE GUARANTEES GIVEN AND SECURITIESPROVIDED:
Particulars of loans guarantees given and investments made during the year underreview in accordance with section 186 of the Companies Act 2013 is annexed to thisreport. (Annexure - III)
19. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis Report for the Financial Year under review asstipulated under Regulation 34(2) of the Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015 forms a part of the AnnualReport as Annexure -IV.
20. RISK MANAGEMENT:
The Company has been addressing various risks impacting the Company and developed riskpolicy and procedures to inform Board members about the risk assessment and minimizationprocedures.
21. WHISTLE BLOWER POLICY/VIGIL MECHANISM:
Pursuant to Section 177 of the Companies Act 2013 and the Rules framed there under andpursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 theCompany has established a mechanism through which all the stakeholders can report thesuspected frauds and genuine grievances to the appropriate authority. The Whistle BlowerPolicy which has been approved by the Board of Directors of the Company has been hosted onthe website of the Company at http://www.gayatrisugars.com/Investors/CorporateGovernance/Policies
22. DISCLOSURE AS PER SECTION 22 OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE(PREVENTION PROHIBITION AND REDRESSAL) ACT 2013:
Pursuant to the requirements of Section 22 of Sexual Harassment of Women at Workplace(Prevention Prohibition & Redressal) Act 2013 read with Rules there under theCompany has not received any complaint of sexual harassment during the year under review.Further the Company has complied with the provisions relating to the constitution ofInternal
Complaints Committee (ICC) under the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013.
23. CORPORATE SOCIAL RESPONSIBILTY ("CSR"):
Pursuant to Section 135 of the Companies Act 2013 read with the Companies (CorporateSocial Responsibility Policy) Rules 2014 as amended read with schedule VII The Boardof Directors constituted Corporate Social Responsibility Committee at Board Meeting heldon August 14 2017. The details of the Committee are given in Corporate Governance Report(Annexure V). The Company has adopted Corporate Social Responsibility Policy and the CSRpolicy is also available on the website of the Company www.gayatrisugars.com During theyear under review the Company has spent Rs. 06.33 Lakhs on CSR Activities. Annual Reporton CSR activities in terms of Section 135 of the Companies Act 2013 and the Rules framedthere under is annexed to this report (Annexure VI).
24. SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS:
Demand of Rs. 13881669/- was raised by the Commissioner of Customs Central Excise& Service Tax Hyderabad-1 Commissionarate being the amount equal to 10% or 5% of thevalue of Exempted goods i.e. Electricity sold by the company for the period Nov-2006 toDec-2010 in the case of Kamareddy Unit of Rs. 58.53 Lakhs and for the period Mar- 2006 toMar-2012 in the case of Nizamsagar Unit of Rs. 80.29 Lakhs both put together Rs 138.82Lakhs.
The Customs Excise and Service Tax Appellate Tribunal Regional Bench at Hyderabad hasset aside the impugned order for Excise Duty demand of Rs. 58.53 Lakhs vide Order No.A/30534/2018 dated 19/02/2018 relating to Kamareddy Unit of the Company.
The Customs Excise and Service Tax Appellate Tribunal Regional Bench at Hyderabad yetto hear relating to Nizamsagar Unit Demand of Rs 80.29 Lakhs.
25. CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The policy on dealing with Related Party Transactions is disseminated on the website ofthe company at http://www.gayatrisugars.com/CorpPolicies.html
The details of Related Party Transactions entered by the Company in the ordinary courseof Business at arm's length basis are detailed in the notes forming part of the financialstatements.
Your Company has not accepted or renewed any deposit from public during the year underreview.
27. DISCLOSURE ABOUT COST AUDIT:
As per section 148 of the Companies Act 2013 and rule 14 of the Companies (Audit andAuditors) Rules 2014 Company is required to appoint Cost Auditor. The Board of directorsand the Audit Committee of the Board has approved the appointment of M/s. Narasimha Murthy& Co. as Cost Auditor to audit the cost records of Sugar Power and Distillerydivision of the Company for the financial year 2020-21 and the remuneration payable tothem for the Financial Year 2020-21 is subject to ratification by the shareholders of theCompany.
Further as per section 148(1) of the Companies Act 2013 read with Companies (Accounts)Amendment Rules 2018 maintenance of cost records as specified by the Central
Government under sub section (1) of the Companies Act 2013 is required by the Companyand accordingly such accounts and records are made and maintained.
28. PARTICULARS OF EMPLOYEES:
Details in respect of remuneration paid to employees as required under Section 197 (12)of the Companies Act 2013 read with Rule 5(2) & (3) of the Companies (Appointmentand Remuneration of Managerial Personnel) Rules 2014 as amended forms part of thisreport. In terms of Section 136 of the Companies Act 2013 the same is open for inspectionat the Registered Office of the Company. Copies of this statement may be obtained by themembers by writing to the Company Secretary at the Registered Office of the Company.
The ratio of the remuneration of each Director to the median employee's remunerationand other details in terms of Section 197(12) of the Companies Act 2013 read with Rule5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014are enclosed in Annexure - VII and forms part of this Report.
29. LISTING WITH STOCK EXCHANGES:
The Company confirms that it has paid the Annual Listing Fees for the year 2020-21 toBSE Limited where the Company's Shares are listed.
30. FRAUD REPORTING:
There have been no instances of frauds reported by the Auditors under Section 143(12)of the Companies Act 2013 and the Rules framed thereunder either to the Company or tothe Central Government.
31. DEPOSITORY SYSTEM:
Your Company's Equity Shares are available for dematerialization through NationalSecurities Depository Limited (NSDL) and Central Depository Services (India) Limited(CDSL).
32. CORPORATE GOVERNANCE AND SHAREHOLDERS INFORMATION:
Your Company has taken adequate steps to adhere to all the stipulations laid down inRegulation 34 read with Schedule V of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015. A report on Corporate Governance is included as a part ofthis Annual Report as Annexure -V. Certificate from the practicing Company Secretaryconfirming the compliance with the conditions of Corporate Governance as stipulated underaforesaid regulations is attached to this report.
33. SECRETARIAL STANDARDS:
The Company has in place proper system to ensure compliance with provisions of theapplicable Secretarial Standards issued by The Institute of Company Secretary Of India(ICSI) and such system are adequate and operating effectively.
34. AWARDS AND ACCOLADES:
The company bagged the following Awards from South Ind Technologists Association(SISSTA) for the past years from 2012
ia Sugar Cane and Sugar -13 onwards: -
|Year ||Category ||Award |
|2018-19 ||Best Technical Efficiency ||Platinum Award |
|2018-19 ||Best Sugar Cane Development ||Platinum Award |
|2018-19 ||Best Co-Generation ||Golden Award |
|2017-18 ||Best Cogeneration ||Platinum Award |
|2017-18 ||Best Technical Efficiency ||Golden Award |
|2015-16 ||Best Cogeneration ||Platinum Award |
|2014-15 ||Best Cogeneration ||Platinum Award |
|2014-15 ||Best Technical Efficiency ||Silver Award |
|2014-15 ||Best Sugarcane Development ||Silver Award |
|2012-13 ||Best Cogeneration ||Platinum Award |
|2012-13 ||Best Sugarcane Development ||Golden Award |
|2012-13 ||Best Technical Efficiency ||Silver |
Your Directors would like to acknowledge and place on record their sincere appreciationto all stakeholders clients Banks Central and State Governments the Companies' valuedinvestors and all other business partners for their continued co-operation and excellentsupport received during the year.
Yours Directors recognize and appreciate the efforts and hard work of all the employeesof the Company and their continued contribution to its progress.
For and on behalf of the Board of Directors
| ||sd/- ||sd/- |
| ||(T. SARITA REDDY) ||(T.V. SANDEEP KUMAR REDDY) |
|Place: Hyderabad ||Managing Director ||Vice Chairman |
|Date: 18.06.2020 ||DIN: 00017122 ||DIN: 00005573 |