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Indian Sucrose Ltd.

BSE: 500319 Sector: Agri and agri inputs
NSE: OSWALSUG ISIN Code: INE557C01017
BSE 09:54 | 17 Feb 25.40 1.20
(4.96%)
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NSE 05:30 | 01 Jan Indian Sucrose Ltd
OPEN 25.40
PREVIOUS CLOSE 24.20
VOLUME 5716
52-Week high 28.45
52-Week low 9.70
P/E 4.78
Mkt Cap.(Rs cr) 39
Buy Price 25.40
Buy Qty 7086.00
Sell Price 25.30
Sell Qty 250.00
OPEN 25.40
CLOSE 24.20
VOLUME 5716
52-Week high 28.45
52-Week low 9.70
P/E 4.78
Mkt Cap.(Rs cr) 39
Buy Price 25.40
Buy Qty 7086.00
Sell Price 25.30
Sell Qty 250.00

Indian Sucrose Ltd. (OSWALSUG) - Director Report

Company director report

To

The Members

Your Directors are pleased to present the 28th Annual Report together withthe Audited Financial Statements of the Company for the financial year ended on 31stMarch 2019.

FINANCIAL PERFORMANCE

The Audited Financial Statements of the Company as on 31st March 2019 areprepared in accordance with the relevant applicable IND AS and provisions of the CompaniesAct 2013.

The summarized financial highlight is depicted below.

(Rs. in Lakhs)
Particulars 2018-2019 2017-2018
Revenue from Operations 36280.27 41903.12
Other Income 1059.98 641.91
Total Income 37340.25 42545.04
Total Expenses 36537.12 41212.74
Profit/(Loss) before Finance cost Depreciation & 3717.88 3411.75
Amortization and Tax Expenses
Finance Cost 2137.38 1401.02
Depreciation & Amortization 777.36 678.43
Profit/(Loss) before Tax 803.13 1332.30
(i) Provision for Taxation (Current) 218.09 349.60
(ii) Deferred Tax 115.73 140.22
(iii) Provision for tax of earlier years 32.91 6.73
Profit/ (Loss) after Tax 206.41 835.75

PERFORMANCE REVIEW

During the year under review your company has achieved turnover of Rs. 36280.27 Lacsas compared to previous year turnover of Rs. 41903.12 lacs and has earned net profit afterTax of Rs. 206.41 lacs as compared to previous year net profit after Tax of Rs. 835.75lacs.

During the year under review your Company has crushed 11358750.520 QTLS of Sugarcaneand produced 1268280. QTLS of Sugar as compared to previous year crushing of 10475342.26QTLS of sugarcane and production of 1021956 bags of Sugar.

The capacity utilization of the plant during the year under review was 85.19% and theaverage recovery was 11.16 % as compared to capacity utilization of 85.47% and averagerecovery of 9.75% in the previous year.

DIVIDEND & TRANSFER TO RESERVES

No amount is proposed to be transferred to the reserve(s) and your Directors have notrecommended payment of any dividend for the year under review.

CHANGE IN THE NATURE OF BUSINESS IF ANY

During the year there was no change in the nature of business of the Company.

MATERIAL CHANGES AND COMMITMENT AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There are no material changes and/or commitments which may affect the financialposition of the Company between the end of the financial period and the date of thisReport.

SHARE CAPITAL

During the Financial year 2018-19 the Share Capital of the Company remains the same asthat of previous year 2017-18.

DEPOSITS

During the period under review your Company has not accepted any deposits within themeaning of Section 73 of the Companies Act 2013 and the rules made there under.

TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

There was no amount required to be transferred to IEPF.

PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS

Details of Loans Guarantees and Investments covered under the provisions of Section186 of the Companies Act 2013 are given in the notes to the Financial Statements.

Corporate Social Responsibility

CSR is a company s sense of responsibility towards the community and environment inwhich it operates. It is the continuing commitment by business to behave ethically andcontribute to economic development of the society at large and building capacity forsustainable livelihoods. The Company believes in conducting its business responsiblyfairly and in a most transparent manner. It continually seeks ways to bring about anoverall positive impact on the society and environment where it operates and as a part ofits social objectives. This policy has been formally formulated and adopted in terms ofSection 135 of the Act and Rules framed there under to undertake CSR activities.

The Company has always made consistent efforts to maintain an active corporate socialresponsibility portfolio.

Composition of Corporate Social Responsibility Committee:

Sl. No. Name Chairman/Member
1. Geoffery Frederick Francis Chairperson
2. Sheoraj Singh Ahlawat Member
3. Kunal Yadav Member

Mr. Geoffery Fredercik Francis resigned with effect from 29.05.2019 and Mr. AbhayUpadhyay has been inducted in the Corporate Social Responsibility Committee on 29.05.2019as Chairperson of the Committee.

The responsibilities of the CSR Committee include:

1) Formulating and recommending to the Board of Directors the CSR Policy and indicatingactivities to be undertaken by the Company in areas or subject specified in schedule VII

2) Recommending the amount of expenditure for the CSR activities.

3) Monitoring CSR activities from time to time.

As per the provisions of Companies Act 2013 all companies having a net worth of Rs.500 crore or more or a turnover of Rs. 1000 crore or more or a net profit of Rs. 5 croreor more during the immediately preceding financial year are required to constitute a CSRcommittee of the Board of Directors comprising three or more directors at least one ofwhom should be an independent director. All such companies are required to spend at least2% of the average net profits of their three immediately preceding financial years onCSR-related activities.

Accordingly the company was invested Rs. 3826152.35 /- towards CSR activities duringthe financial year as required to invest pursuant to specified Schedule VII of theCompanies Act 2013.

Details of the CSR Policy available on our website www.muksug.com>about us>policy.

HUMAN RESOURCES

Human resources are the most important resource and your directors believe in to givethem their due weight age for their crucial role-playing in the overall progress of theorganization. The relationship between the management and the staffs/workers has beencomfortable and cordial during the year.

RISK MANAGEMENT

The Company has developed and implemented a Risk Management Policy. The policyidentifies the threat of such events as Risks which if occurred will adversely affectvalue to shareholders ability of Company to achieve objectives ability to implementbusiness strategies the manner in which the Company operates and reputation. Such risksare categorized into Strategic Risks Operating Risks and Regulatory Risks.

The framework defines the process for identification of risks its assessmentmitigation measures monitoring and reporting. While the Company through its employeesand Executive Management continuously assess the identified Risks the Audit Committeereviews the identified Risks and its mitigation measures annually.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an Internal Control System commensurate with the size scale andcomplexity of its operations. The Company has an Internal Audit department with adequateexperience and expertise in internal controls operating system and procedures. The systemis supported by documented policies guidelines and procedures to monitor business andoperational performance which are aimed at ensuring business integrity and promotingoperational efficiency.

The Internal Audit Department reviews the adequacy of internal control system in theCompany its compliance with operating systems and laid down policies and procedures.Based on the report of internal audit function process owners undertake correctiveactions in their respective areas and thereby strengthen the controls. Significant auditobservations and corrective actions thereon are presented to the Audit Committee of theBoard of Directors from time to time.

VIGIL MECHANISM

The Company has a vigil mechanism Policy to deal with instance of fraud andmismanagement if any. The vigil mechanism Policy ensures that strict confidentiality ismaintained whilst dealing with concerns and also that no discrimination will be meted outto any person for a genuinely raised concern. The policy has been uploaded in the websiteof the company at www.muksug.com.>about us>policy.

SUBSIDIARIES ASSOCIATES AND JOINT VENTURES COMPANIES

The Company does not have any subsidiary joint venture or associate companies withinthe meaning of Sections 2(6) and 2(87) of the Companies Act 2013 as on 31st March 2019.The Company has framed a policy for determining material subsidiaries which has beenuploaded on website of the company at www.muksug.com.>aboutus>policy.

CHANGES IN BOARD AND KMP

a. Appointment of Company Secretary

Your director at its meeting held on 1st October 2018 on therecommendation of the Nomination and Remuneration Committee had appointed Ms. AnamikaRaju as Company Secretary cum compliance officer of the Company in place of Mr. RishavJaiswal w.e.f. 1st October 2018 pursuant to section 203 read with rule madethere under and other applicable provisions of the Companies Act 2013.

b. Appointment of Director

(i) Your Director at its meeting held on 22nd November 2018 on therecommendation of the Nomination and Remuneration Committee had appointed Mr. SebastianGilbert (DIN: 07794799) as an Additional Director in the capacity on Non ExecutiveIndependent Director with effect from 22nd November 2018.

Your Directors have recommended for the approval of the Members the appointment of Mr.Sebastian Gilbert as Non-Executive Independent Director of the Company.

Mr. Sebastian Gilbert is not disqualified from being appointed as a Director asspecified in terms of Section 164 of the Companies Act 2013.

(ii) Your Director at its meeting held on 29th May 2019 on therecommendation of the Nomination and Remuneration Committee had appointed Mr. AbhayUpadhyay (DIN: 08434768) as an Additional Director in the capacity on Non ExecutiveIndependent Director with effect from 29th May 2019

Your Directors have recommended for the approval of the Members the appointment of Mr.Abhay Upadhyay as Non-Executive Independent Director of the Company.

Mr. Abhay Upadhyay is not disqualified from being appointed as a Director as specifiedin terms of Section 164 of the Companies Act 2013.

C. Re appointment of Managing Director

Your Director at its meeting held on 28th August 2019 on the recommendationof the Nomination and Remuneration Committee had re - appointed Mr. Kunal Yadav (DIN:01338110) as Managing Director cum chairman of the Company for further period of 5 yearsw.e.f. June 16 2020 to June 15th 2025 not be liable to retire by rotationbut he shall be taken into account in determining the number of directors to retire byrotation as prescribed Article 172 of the Articles of Association of the Company subjectto considering the increased activities responsibilities and contribution of Mr. KunalYadav in development and growth of the Company.

Your Directors have recommended for the approval of the Members the re- appointment ofMr. Kunal Yadav as Executive chairman and Managing Director of the Company.

Mr. Kunal Yadav aged 37 years with qualification of M.B.A. degree had more than 11years of rich industrial experience and managerial experience. He joined the Company asDirector w.e.f. 03.05.2008 He was one of the promoter industrialist and Managing Directorand main contributory to the growth and development of the Company having a net worth ofmore than 90 crores with a turnover of 419 crores (financial year 2017-18) He was alsoequally excellent in ensuring growth by improving productivity cost control large sizeoperations & consistently improving quality and his services were indispensable. Hehad been actively involved in business strategy business development and research anddevelopment functions in the Company.

Mr. Kunal Yada satisfied all the conditions set out in Part-I of Schedule V to theCompanies Act 2013 (including any amendments thereto) as also the conditions set outunder subsection (3) of Section 196 of the Companies Act 2013 for being eligible forre-appointment.

e. Resignation of Director

Mr. Geoffery Frederick Francis who had joined the Company since 2016 ceased to be theIndependent Director of the Company due to his personal reason on 29th May2019. He had joined the Company as an Independent Director on 30th May 2016Since then he had given his unstinted support to the Company; by guiding throughout as amember of Board of Directors Chairman of all committee(s) of the Board. The Board ofDirectors recognizes and place on record his valued contribution and unstinted support tothe Company.

(e) Retirement by Rotation

In accordance with the provisions of the Companies Act 2013 and Regulation 36 of theListing Regulations Mr. Jaitender Kumar (DIN: 08164429) retires at the ensuing AGM andbeing eligible offers himself for re-appointment. The brief resume/details relating toDirector who is to be re-appointed is furnished in the Notice of the ensuing AGM. TheBoard of Directors of your Company recommends the re-appointment of the Director liable toretire by rotation at the ensuing AGM.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act 2013 and Regulation 17(10) of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 the Board has carriedout an annual evaluation of its performance as well as that of its Committees andindividual directors. The manner in which the evaluation has been carried out has beenexplained in the Corporate Governance Report.

REMUNERATION POLICY

The Board has on the recommendation of the Nomination and Remuneration Committeeframed a policy for selection and appointment of Directors Key Managerial Personnel andSenior Management and their remuneration. The Remuneration Policy is available on thewebsite of the Company at www.muksug.com>about us > policy.

FAMILIARIZATION PROGRAM FOR THE INDEPENDENT DIRECTORS

The Independent Directors have been updated with their roles rights andresponsibilities in the Company by specifying it in their appointment letter along withnecessary documents reports and internal policies to enable them to familiarize with theCompany s procedures and practices.

The Company has through presentations at regular intervals familiarized and updatedthe Independent Directors with the strategy operations and functions of the Company andSugar Industry as a whole. The details of such familiarization programs for IndependentDirectors are explained in the Corporate Governance Report and posted on the website ofthe Company at www.muksug.com>abboutus>policy.

DECLARATION OF INDEPENDENCE

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet the criteria of independence as prescribed under Section 149(6)of the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 and they have complied with the Code for Independent Directors asprescribed in Schedule IV to the Companies Act 2013.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

Eleven (11) Meetings of the Board of Directors were held during the financial yearended 31st March 2019. The intervening gap between two consecutive meetings was withinthe period prescribed under the Companies Act 2013 and SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015. The details of the Board and Committeemeetings are provided in the Corporate Governance Report forming part of this Report.

COMMITTEES OF THE BOARD

During the year the details of composition of the Committees of the Board of Directorsare as under: -

a. Audit Committee

Sl. No. Name Chairman/Member
1. Geoffery Frederick Francis Chairperson
2. Sheoraj Singh Ahlawat Member
3. Kunal Yadav Member

Mr. Geoffery Frederik Francis resigned with effect from 29.05.2019 and Mr. AbhayUpadhyay has been inducted in the Audit Committee on 29.05.2019 as Chairman of theCommittee. The terms of reference of the Audit Committee has been furnished in theCorporate Governance Report. All the recommendation made by the Audit Committee during theyear were accepted by the Board.

b. Nomination And Remuneration Committee

Sl. No. Name Chairman/Member
1. Geoffery Frederick Francis Chairperson
2. Sheoraj Singh Ahlawat Member
3. Kunal Yadav Member
4. Kunj Deep Kalra Member

Mr. Geoffery Fredercik Francis resigned with effect from 29.05.2019 and Mr. AbhayUpadhyay has been inducted in the Nomination & Remuneration Committee on 29.05.2019 asChairperson of the Committee. The terms of reference of the Nomination & RemunerationCommittee has been furnished in the Corporate Governance Report. All the recommendationmade by the Nomination & Remuneration Committee during the year were accepted by theBoard.

c. Stakeholders Relationship Committee

Sl. No. Name Chairman/Member
1. Geoffery Frederick Francis Chairperson
2. Sheoraj Singh Ahlawat Member
3. Kunal Yadav Member

Mr. Geoffery Fredercik Francis resigned with effect from 29.05.2019 and Mr. AbhayUpadhyay has been inducted in the Stakeholders Relationship Committee on 29.05.2019 asChairperson of the Committee. The terms of reference of the Stakeholders RelationshipCommittee has been furnished in the Corporate Governance Report.

d. Corporate Social Responsibility Committee

Sl. No. Name Chairman/Member
1. Geoffery Frederick Francis Chairperson
2. Sheoraj Singh Ahlawat Member
3. Kunal Yadav Member

Mr. Geoffery Fredercik Francis resigned with effect from 29.05.2019 and Mr. AbhayUpadhyay has been inducted in the Corporate Social Responsibility Committee on 29.05.2019as Chairperson of the Committee.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of theCompanies Act 2013 your Directors confirm 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 selected such accounting policies and applied them consistently andmade judgments and estimates that were 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 took 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 prepared the annual accounts on a going concern basis;

(e) the directors laid down internal financial controls to be followed by the companyand that such internal financial controls were adequate and operating effectively;

(f) the directors devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All transactions with Related Parties are placed before the Audit Committee forapproval. All related party transactions that were entered into during the financial yearwere on an arm s length basis and in the ordinary course of business the particulars ofsuch transactions are disclosed in the notes to the financial statements. The nature ofrelated party transactions require disclosure in AOC-2 the same is attached with thisReport.

The policy on Related Party Transactions as approved by the Board is available onwebsite of the company at www.muksug.com>about us>policy.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY S OPERATIONS IN FUTURE

During the year under review there were no such orders passed by the regulators orcourts or tribunals impacting the going concern status and Company s operation in future.

AUDITORS AND AUDITOR S REPORT

(a) STATUTORY AUDITORS

M/s R Dewan & Co. Chartered Accountants (FRN: 017883N) were appointed as StatutoryAuditors of your Company at the Annual General Meeting held on 29th September2018 to hold office till the conclusion of 28th Annual General Meeting of thecompany to be held in 2019 and are eligible for re appointment. They have confirmed theireligibility to the effect that their re appointment if made would be within theprescribed limits under the Act and that they are not disqualified for re appointment.

Accordingly The Board has subject to approval of members in the forthcoming AGM andrecommendation of Audit Committee approved the re appointment of M/s R Dewan & Co.Chartered Accountants (FRN: 017883N) to hold office form the conclusion of this AnnualGeneral Meeting to be held in 30th September 2019 till the conclusion of 29thAnnual General Meeting of the Company to be held in 2020 for one (1) year.

Further as required under the provisions of section 139(1) of the Companies Act 2013the Company has received a written consent from M/s R Dewan & Co. CharteredAccountants (FRN: 017883N) to their appointment and a Certificate to the effect thattheir appointment if made would be in accordance with the Companies Act 2013 and theRules framed there under and that they satisfy the criteria provided in section 141 of theCompanies Act 2013.

The Members are requested to vote for the appointment of the Statutory Auditors asaforesaid and fix their remuneration.

The Report given by the Auditors on the financial statements along with the notes tothe financial statements of the Company for the financial year 2018-19 is forming part ofthe Annual Report. The observations and comments given by Auditors in their report readtogether with notes to Accounts are self-explanatory and hence do not call for any furthercomments under section 134 of the Act.

Explanation to Auditor s Remarks

(i) The title deeds of the immovable properties are held in the name of the companyexcept in respect of following:

Particulars of Land & Building Carrying Value as at March 31 19 (Rs. In Lakhs) Remarks
49.30 acres of Land & Building purchased from IFCI (acquired under SARFAESI Act 2002) Bank of Mukerian Paper Ltd. 2162.50 Land & Building was purchased from IFCI on 17/02/2010 but registration is pending.

(ii) The Company has granted interest free unsecured loan / capital advances to onecompany covered in the register maintained under section 189 of the Companies Act 2013.

(iii) The Company has provided guarantee in respect of KCC loan secured to the farmers(suppliers) from Banks. As per Tri-partite agreement between the Indian Sucrose Ltd.farmers and banks the banks have sanctioned KCC limit to the farmers and credited thesame to the Indian Sucrose Ltd.

(iv) The company has provided guarantee to State Bank of India of Rs. 13.69 crore inrespect of a loan provided to M/s Ranger Breweries Limited in the Year 2012-13.

(v) The total amount of investments loans granted and guarantee provided exceeds thelimit provided u/s 186(2). The company has not complied with the requirement of section186 of the Companies Act2013 pursuant to loans granted guarantees provided andinvestments made. Further the company has granted loans to the person in whom directorsare interested as detailed below:

Particulars Opening Balance Addition Repayment Balance as on 31.03.2019
Cosmos Sugar Pvt. Ltd. 44640000 Nil 25000000 19640000

The Company has not complied the provision of section 185 of the Companies Act 2013.

(b) Cost Auditor

M/s Khushwinder Kumar & Co. Cost Accountants Jalandhar (Firm Registration No.100123) carried out the cost audit for applicable business during the year. The Board ofDirectors has appointed them as Cost Auditors for the financial year 2019-20. Theremuneration payable to the Cost Auditors is required to be placed before the Members in ageneral meeting for their ratification. Accordingly a Resolution seeking Membersratification for the remuneration payable to M/s Khushwinder Kumar & Co. CostAuditors is included as item No. 4 of the notice convening the Annual General Meeting.

(c) Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hasappointed Mr. Lalan Kumar Singh (FCS : 7837 COP: 8544) Company Secretary in practiceDelhi to conduct the Secretarial Audit of the Company for the financial year 2018- 19. TheSecretarial Audit Report is annexed herewith as Annexure - A. There are reservations oradverse remarks made by Secretarial Auditor in this report. The clarifications on thequalifications in the secretarial Auditors Report are self-explanatory and no furtherexplanation is considered necessary: -

(a) The Company has advanced a sum of Rs.110585000 to M/s. Cosmos Sugar Pvt. Ltd. inthe financial year 2016-17. An amount of Rs. 19640000 is still outstanding as on31.03.2019 but no interest has been charged on this loan.

(b) The total amount of investments loans granted and guarantee provided exceeds thelimit provided u/s 186(2). The company has not complied with the requirement of section186 of the Companies Act2013 pursuant to loans granted guarantees provided andinvestments made.

(c) The company has granted loans to the person in whom directors are interested undersection 185 of the Companies Act 2013 However the requirements for granting such loansas provided under section 185 of the Companies Act 2013 have not been fulfilled.

CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION & ANALYSIS

The Corporate Governance Report and Management Discussion & Analysis which formpart of this Report are set out as separate Annexures together with the Certificate fromthe auditors of the Company regarding compliance of conditions of Corporate Governance asstipulated in Regulation 34 read with Schedule V of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy technology absorption and foreign exchangeearnings and outgo stipulated under Section 134(3)(m) of the Companies Act 2013 read withRule 8 of the Companies (Accounts) Rules 2014 is annexed herewith as Annexure-B.

EXTRACT OF ANNUAL RETURN

The extract of the Annual Return of the Company as on 31st March 2019 in Form MGT - 9in accordance with Section 92(3) of the Companies Act 2013 read with the CompaniesManagement and Administration) Rules 2014 is annexed herewith as Annexure-C.

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197(12) of the Companies Act 2013 readwith Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 in respect to the remuneration of the employees of the Company arenot applicable to the company.

Disclosures pertaining to remuneration and other details as required under Section197(12) of the Companies Act 2013 read with Rule 5(1) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 are given in Annexure-D t o this report.

Listing:

The shares of the company have been listed in Bombay Stock Exchange Limited (BSE Ltd).

Fraud

There was no case of any fraud reported during the financial year under report.

Secretarial Standards

The Board of Directors hereby affirms that your Company has adhered to the SecretarialStandards as prescribed by the Institute of Company Secretaries of India during thefinancial year under report.

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:

In terms of Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013 the Company has an internal complaints committee in place whichregisters the complaints made by any aggrieved woman for upholding the Justice.

ENHANCING SHAREHOLDERS VALUE

Your Company believes that its Members are among its most important stakeholders.Accordingly your Company s operations are committed to the pursuit of achieving highlevels of operating performance and cost competitiveness consolidating and building forgrowth enhancing the productive asset and resource base and nurturing overall corporatereputation. Your Company is also committed to creating value for its other stakeholders byensuring that its corporate actions positively impact the socioeconomic and environmentaldimensions and contribute to sustainable growth and development.

ACKNOWLEDGEMENT

Your Directors would like to express their appreciation for the assistance andco-operation received from the Company s customers vendors bankers auditors investorsGovernment authorities and stock exchanges during the year under review. Your Directorsplace on record their appreciation of the contributions made by employees at all levels.Your Company s consistent growth was made possible by their hard work solidarityco-operation and support.

For and on behalf of the Board
Indian Sucrose Limited
(Kunal Yadav) (Kunj Deep Kalra)
Date: 28th August 2019 Managing Director Director
Place: Punjab (DIN: 01338110) (DIN: 05285059)