The Shareholders of the Company
Your Directors take pleasure in presenting this Twenty Fifth AnnualReport together with the Audited Annual Financial Statements for the year ended 31stMarch 2020.
The financial results of the Company for the year ended on 31stMarch 2020 are as under:-
(Rs. in Lakhs)
|DETAILS ||Year ended 31.03.2020 ||Year ended 31.03.2019 |
|Revenue from Operations ||164482.61 ||122813.51 |
|Profit before Depreciation & Tax ||11365.76 ||10034.80 |
|Less: || || |
|Depreciation ||2923.56 ||2663.22 |
|Profit before Tax ||8442.20 ||7371.58 |
|Less: Provision for Taxation Current Tax || || |
| ||1497.50 ||1646.00 |
|Deferred Tax (net of MAT credit entitlement) ||1586.93 ||(91.06) |
|Income Tax for Earlier Years ||195.21 ||4.73 |
|Profit after Tax ||5162.56 ||5811.91 |
|Total Other Comprehensive Income ||(66.18) ||11.32 |
|Profit for the Year after comprehensive income ||5096.38 ||5823.23 |
|Add: Balance brought forward from Previous Year ||4353.31 ||(1469.92) |
|Amount carried to Reserves ||- ||- |
|Surplus transferred to Balance Sheet ||9449.69 ||4353.31 |
PERFORMANCE OF THE COMPANY
During the year under review your Company's Revenue fromOperations was Rs. 164482.61 Lakhs as compared to Rs. 122813.51 Lakhs in the previousfinancial year. Company's Profit after comprehensive income was Rs. 5096.38 Lakhs ascompared to Rs. 5823.23 Lakhs in the previous financial year.
REVIEW OF OPERATIONS Sugar Division
Operational data of the Company for the financial year 2019-20 and2018-2019 are as under:
| ||Financial Year ||Cane crushed ||Sugar produced ||Recovery % |
| || ||(In Lakhs Qtls.) ||(In Lakhs Qtls.) || |
|2019-2020 || ||340.64 ||40.40 ||11.86 |
|2018-2019 || ||341.02 ||39.86 ||11.69 |
Following are the season wise data of Cane crushed and Sugar produced:
| ||Crushing Season ||Cane crushed ||Sugar produced ||Recovery % |
| || ||(In Lakhs Qtls) ||(In Lakhs Qtls) || |
|2019-2020 || ||383.02 ||45.00 ||11.75* |
|2018-2019 || ||330.85 ||39.24 ||11.86 |
* Equivalent to C Heavy Molasses -12.18%
Note: During the season 2019-20 One of the Unit operated with Bheavy Molasses while in 2018-19 all the Units were operated with C Heavy molasses.
The Company registered a gross turnover of Sugar of Rs. 130497.75/-Lakhs for the year ended 31st March 2020 against Rs. 102327/- Lakhs for theyear ended 31st March 2019 an increase of gross turnover of 27.53 %. Thenet sales realization at Rs. 3038 per qtl for Current year ending 31st March2020 was lower as compared to Rs. 3126 per qtl for the previous year ended 31stMarch 2019. Net Sales realisation for Domestic sales were Rs. 3356/- qtl as against Rs.3174/- qtl and in case of Export sales net realisation during 2019-20 were Rs. 1969/- qtlas against 1935/- qtl in previous financial year. During the year export sales was 23% oftotal sales while during previous year it was 4% of total sales. During the financialyear the Company commenced its crushing in all units i.e. Libberheri BarkatpurKhaikheri & Shermau in 2nd week of November 2019. The results were better as comparedto previous season in terms of recovery mainly due to optimum mix of better cane varietiesas well as better cane management.
The Company's aggregate sugar cane crushing was all time high at383.02 Lakhs qtls during the season 2019-20 as against 330.85 Lakhs qtls in 2018-19. TheCompany had a recovery of 11.75% (Equivalent to C Heavy 12.18%) as against 11.86% inprevious season. The recovery was better (Equivalent to C Heavy mainly due to optimum mixof better cane varieties varietal replacement and better cane management. The Companycontinued to focus on cane development activities comprising of varietal replacement withproven high sugared varieties change in pattern of sowing ratoon management encouraginguse of Bio fertilizers Bio-pesticides soil testing activities etc. and modernagricultural practices due to which the recovery and crushing is expected to furtherimprove in the coming season. Apart from these activities company is furtherstrengthening the cane development activities by way of development of in-house agriresearch centre integrated pest management programme soil testing facilitiesencouraging use of Bio-fertilizers and Bio-pesticides and training facilities for thefarmers & cane development staff.
The Uttar Pradesh and Uttarakhand Government have announced StateAdvised Price (SAP) for sugarcane at Rs.315/-per qtl (Rs 325/- per qtl for early variety)and Rs. 317 per qtl (Rs 327/- per qtl for early variety) respectively for season 2019-20.
During the period under review your company produced 2680.70 LakhsKWH units of power as compared to 2773.90 Lakhs KWH units of power in the year 2018-2019.Out of total production your company exported 1399.13 Lakhs KWH units to UPPCL/UPCL fora total amount of Rs.4955 Lakhs against 1443.03 Lakhs KWH for an amount of Rs. 7332Lakhs in the previous year. The main reason of decrease in power revenue is due to powertariffs reduced by the UP Govt with effect from 1st April 2019. REC is anadditional source of Revenue to your company. During the year 2019-20 Company traded32581 units of REC for Rs. 541 Lakhs.
Your company has a Distillery with an installed capacity of 150 KLPD atBarkatpur (Distt. Bijnor) in the State of Uttar Pradesh. During the year under review293.56 Lakhs bulk litres (BL) of industrial alcohol produced as compared to 233.64 Lakhsbulk litres in the year 2018-19 and your company sold 296.55 Lakhs bulk litres industrialalcohol (including Ethanol) as compared to 232.97 Lakhs bulk litres in the previous year.CO2 gas produced and sold of 24.09 Lakhs kg amounting to Rs 60.64 Lakhs during the Year ascompared to production and sales of 21.17 Lakhs kg amounting to Rs 55.88 Lakhs in theprevious year ending 31st March 2019.
Sugar industry Association is requesting on continuous basis to theState/Central Government for fixing cane price on the basis of revenue sharing formula.Sugar prices were stable during the year because of monthly quota system introduced by theGovernment of India w.e.f. June 2018 onwards.
Central government has taken certain steps to stabilize the price ofsugar like:
MAXIMUM ADMISSIBLE EXPORT QUANTITY (MAEQ)- In view of theinventory levels with the sugar industry and to facilitate achievement of financialliquidity Maximum Admissible Export Quantity (MAEQ) have been fixed for sugar season2019-20 (60 Lakhs M.T.) and MIEQ (Minimum Indicative export quantity) for sugarseason 2018-19 (50 Lakhs M.T.) by Government of India.
The central government with a view to facilitate export of sugarduring the season 2019-20 thereby improving the liquidity position of sugar mills enablingthem to clear the cane dues of farmers of sugar season 2019-20 hereby notifies the schemefor providing assistance to sugar mills for expense on marketing cost including handlingupgrading and other processing cost which details are as under:-
|a) For marketing including handling & processing cost ||- Rs. 4400/- M.T. |
|b) Internal Transport & Freight charges including loading & unloading ||- Rs. 3428/- M.T. |
|c) Ocean Freight ||- Rs. 2620/- M.T. |
| ||Total - Rs. 10448/- M.T. |
Quantity restriction (On monthly basis) imposed on sale of sugarfrom June 18 Onwards. It is being continued.
Creation of Buffer stock of 3 million tonnes of sugar to helpindustry deal with over production of sugar from 1st July 2018. Overproduction has led to a crash in prices leading to poor liquidity resulting arrears ofcane dues. Carrying cost of the buffer stock will be reimbursed by the Central Government.Later on extended for the period from August 2019 to July 2020 & buffer stockincreased for 3 million tones to 4 million tones for whole of the country.
To help industry deal with crisis of low sugar realisation ratesand help them to clear the cane dues Central Government have extended support by fixingMinimum selling price at Rs. 31/- per kg from Feb.2019 onwards.
However there will be gap of demand and supply quantity of sugar inIndia due to over production of sugar.
During the year CCEA has approved the following for the sugar season2019-20 during ethanol supply period from 1st December 2019 to 30thNovember 2020:
Fixing of ex-mill price of ethanol derived out of C-heavymolasses to Rs. 43.75 per litre (from prevailing price of Rs. 43.46 per litre).Additionally GST and transportation charges will also be payable.
Fixing of ex-mill price of ethanol derived from B-heavy molasses/ sugarcane juice / damaged food grains are as under:- sugar cane juice/sugar/sugar syrup Rs. 59.48/- per litre from prevailing price of Rs. 59.19/- per litre. B HeavyMolasses Rs. 54.27/- per litre from prevailing at Rs. 52.43/- per litre. Damagedfood grain Rs. 50.36/- per litre from prevailing price of Rs. 47.63/- per litre.
- For augmentation of ethanol production capacity by setting up of newdistilleries attached with their sugar mills including capacity expansion of existingdistillery and for increasing ethanol production capacity by way of installation ofincineration boilers or by adoption of any other method approved by CPCB for zero liquiddischarge. Government will provide interest subvention @ 6% per annum or 50% of rate ofinterest charged by bank whichever is lower on the loan sanctioned & disbursed bybanks for 5 years.
- Central & State Government allow distilleries for manufacturingof hand sanitizer.
The Company has generated profits during the current financial year butin view of the losses incurred in the previous financial years and carried forward lossesyour Directors are unable to recommend any dividend.
The paid-up equity share capital outstanding as on 31stMarch 2020 was Rs. 38.14 Crore. During the year under review the Company has not issuedany Shares including shares with Differential Voting Rights/ Stock Options/Sweat Equityetc.
PRODUCTION OF HAND SANITIZER/CAPACITY ADDITION/EXPANSION
On account of COVID-19 pandemic your company has started manufacturingof Hand sanitizers & other related products at the Barkatpur and Libberheri Unit ofthe company after obtaining necessary approvals from the statutory authorities. Thisresulted in improvement in the performance of the Company.
Further the Company is establishing incineration boiler of 60 TPHcapacity at Barkatpur unit (Distillery) of the company. This will enable the company toproduce ethanol throughout the year as against 270 days at present and will lead to higherproduction of Ethanol by 33% (appx.). It is expected that the incineration boiler will becommissioned during the current sugar season 2020-21.
Apart from Incineration Boiler MEE (Multi Effect Evaporator) and 10 MWTurbine are also being installed at Barkatpur Distillery Unit.
Your company is also establishing a Distillery with a capacity of 50KLPD at Libberheri unit alongwith installation of Incineration Boiler of 20 TPH capacity.After commissioning of the Distillery the ethanol production capacity will be improved by175 Lacs BL p.a. It is expected that Distillery will be commissioned by the end of thethird quarter of financial year 2020-21.
Your Company has neither accepted nor renewed any deposit within themeaning of Section 73 of the Companies Act 2013 read with Companies (Acceptance ofDeposits) Rules 2014. There were no unclaimed deposits at the end of Financial Year i.e.31st March 2020.
DIRECTORS / KEY MANAGERIAL PERSONNEL (KMP)
In accordance with the provisions of the Companies Act 2013 and theArticles of Association of the Company Mr. Raj Kumar Adlakha Managing Director(DIN: 00133256) of the Company is liable to retire by rotation and being eligible offershimself for re-appointment. Brief profile of Mr. Raj kumar Adlakha (Managing Director) andOther disclosure as stipulated under Regulations 36(3) of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 is given as Annexure to the Notice conveningthe Annual General Meeting.
The Board recommends the re-appointment of Mr. Raj Kumar Adlakha asDirector in the ensuing AGM of the Company. During the year under review Mr. Amir SinghYadav was appointed as Nominee Director of Punjab National Bank on the Board of theCompany w.e.f 07th August 2019. However Mr. Amir Singh Yadav has resignedw.e.f 24th July 2020 on account of withdrawal of nomination by Punjab NationalBank.
Further the term of Independent Directors viz Dr. R. Vasudevan and Mr.G. S. Matta is going to expire after Conclusion of this Annual General Meeting. Incompliance of provisions of section 149 of the Companies Act 2013 and SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 necessary steps are beingtaken to appoint new Directors in place of retiring Directors to have the optimumcombination of Directors on the Board.
All the Directors have made necessary disclosures as required under thevarious provisions of the Companies Act 2013 and SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015.
DIRECTORS' RESPONSIBILITY STATEMENT
The Board of Directors acknowledges the responsibility for ensuringcompliance with the provisions of Section 134(3) (c) read with Section 134(5) of theCompanies Act 2013 and state that: i. in the preparation of the Annual Accounts for theyear ended 31st March 2020 the applicable Accounting Standards have beenfollowed along with proper explanation relating to material departures; if any; ii. theyhave selected appropriate accounting policies and have applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company as at 31st March 2020 and of theprofits of the Company for the year ended on that date; iii. they have taken proper andsufficient care for the maintenance of adequate accounting records in accordance with theprovisions of this Act for safeguarding the assets of the company and for preventing anddetecting fraud and other irregularities; iv. they have prepared the annual accounts on agoing concern' basis; v. they have laid down internal financial controls to befollowed by the Company and that such internal financial controls are adequate and wereoperating effectively; and vi. they have devised proper systems to ensure compliance withthe provisions of all applicable laws and that such systems were adequate and operatingeffectively.
In accordance with the applicable provisions of the Act the members ofthe Company at their 22nd AGM held in the year 2017 had appointed M/s SSVS& Co. Chartered Accountants (Firm Registration No. 021648C) as the StatutoryAuditors of the Company to hold office from 22nd AGM till the conclusion of 27thAGM to be held in the calendar year 2022.
Your Directors wish to clarify the observations reported by theStatutory Auditors as under:-
1. Regarding observation in Para 1 of Annexure A' to theReport relating to the title deeds of the immovable property not in the name of theCompany in few cases your Directors wish to state that the necessary action is beingtaken by the Company for registration of such immovable property in the name of theCompany.
2. Regarding observation in Para 8 of Annexure A' to theReport there are no delays in the repayment of interest/ installments to the Bank/Others.However relating to delays in the repayment of interest/principal amount of the soft loandue to Govt. of Uttarakhand your Directors wish to state that company has made arepresentation to the State Govt. for waiver of the loan along with interest which isunder consideration.
As per the requirements of the Section 148 of the Act read with theCompanies (Cost Records and Audit) Rules 2014 as amended from time to time your Companyis required to maintain cost records and accordingly such accounts are made and recordshave been maintained. The Board on the recommendation of the Audit Committee has re-appointedM/s M. K. Singhal & Company (Firm Regn. No. 00074) Cost Accountants to audit theCost Accounting records relating to Sugar Co-generation and Ethanol Distillery for theFinancial Year 2020-21.
In accordance with the provisions of Section 148 of the Companies Act2013 read with the Companies (Audit and Auditors) Rules 2014 the remuneration payable tothe Cost Auditors has to be ratified by the members of the Company. The Board recommendsthe same for approval of members in the ensuing Annual General Meeting.
SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act 2013read with Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014amended up to date and other applicable provisions if any M/s N. K. Rastogi &Associates (Firm Regn. No. 3785) Practicing Company Secretaries conducted the SecretarialAudit of the Company for the Financial Year 2019-20. The Secretarial Audit Report for thefinancial year ended 31st March 2020 is attached and marked as "Annexure-I"and forms part of the Board's Report. The Secretarial Auditors' Report doesnot contain any qualification reservation or adverse remark.
The details of Board Meetings and Committee Meetings held during theperiod under review are given in the Corporate Governance Report.
The Company has in place Audit Committee as per the provisions of theCompanies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015. The details of terms of reference composition of the Audit Committeenumber and dates of meetings held attendance of members and other details are givenseparately in the attached Corporate Governance Report. The Audit Committee satisfies therequirements of Section 177 of the Companies Act 2013 read with Regulation 18 of SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015. All recommendationsmade by the Audit Committee during the year were accepted by the Board.
EXTRACT OF ANNUAL RETURN
The extract of the Annual Return as required under the provisions ofSection 92 (3) of the Companies Act 2013 read with Rule 12 of the Companies (Managementand Administration) Rules 2014 amended upto date is annexed herewith and marked as "Annexure-II"to this Report. The extract of Annual Return is also available on the Company'swebsite i.e. www.uttamsugar.in and weblink of the same ishttp://www.uttamsugar.in/adminpanel/product_image/b8dd3df7e420c6e6c9a25fbe1f15138dannual-return-2020.pdf
VIGIL MECHANISM/ WHISTLE BLOWER POLICY
Pursuant to the provisions of Section 177 of the Companies Act 2013read with Rules made thereunder and Regulation 22 of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the Company has in place a whistleblowerpolicy to deal with unethical behavior victimization fraud and other grievances orconcerns if any. The Policy allows the whistle-blowers to have direct access to theChairman of the Audit Committee and also protects them from any kind of discrimination orharassment. The aforesaid policy can be accessed on the Company's website i.e.www.uttamsugar.in and weblink of the same ishttp://uttamsugar.in/adminpanel/product_image/944405c6b370a929b0493f9264721ae6whistle-blower-&-vigil-mechanism.pdf.
NOMINATION & REMUNERATION COMMITTEE
Pursuant to the provisions of Section 178 of the Companies Act 2013read with Rules made there under and Regulation 19 of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the Company has in place Nomination &Remuneration Committee and the details of terms of reference composition number &dates of meetings held attendance and other details are given separately in the attachedCorporate Governance Report.
The Board on the recommendation of Nomination & RemunerationCommittee framed a policy i.e. Nomination and Remuneration Policy for selection andappointment of Directors senior managerial personnel and their remuneration includingcriteria for determining qualifications positive attributes independence of a director.The aforesaid policy can be accessed on the Company's website i.e. www.uttamsugar.inand weblink of the same is http://uttamsugar.in/adminpanel/product_image/8ede3de06c7d2e26770be337f132fa1d4cec6a98-638d-46ee-9822-ca8a6f6a220a.pdf.
ANNUAL EVALUATION OF BOARD PERFORMANCE
As per the provisions of the Companies Act 2013 a formal annualevaluation needs to be done by the Board of its own performance and of its committees andother individual directors. Pursuant to the provisions of the Act and the ListingRegulations the Board has carried out the annual performance evaluation of the BoardIndependent Directors Non-executive Directors Executive Directors Committees andthe Chairman of the Board. Accordingly the above said evaluation was done based oncriteria which includes among others providing strategic perspective Chairmanship ofBoard and Committees attendance and preparedness for the meetings contribution atmeetings effective decision making ability and role of the Committees. The detailedanalysis of performance evaluation is incorporated under the head Nomination andRemuneration Committee' in the Corporate Governance Report.
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186 OFTHE COMPANIES ACT 2013
The Company has not given any loan or made any investment or providedguarantee during the year under review in terms of section 186 of the Companies Act 2013.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERREDTO IN SECTION 188(1) OF THE COMPANIES ACT 2013
All related party transactions entered during the year are negotiatedon an arms-length basis and are in the ordinary course of business. There have been nomaterially significant related party transactions entered by the Company with thepromoters directors and key managerial personnel of the Company. Further the suitabledisclosure as required in IND AS-24 regarding Related Party Transactions has been made inthe notes to financial statements. The Company's policy for Related PartyTransactions is available on Company's website i.e. www.uttamsugar.in and weblink ofthe same is http://uttamsugar.in/adminpanel/product_image/494aae23216ee62f6ad0a354f21aaca2PolicyonRelatedPartyTransaction.pdf
PARTICULARS OF EMPLOYEES
The particulars of employees as required under Section 197(12) of theCompanies Act 2013 read with Rule 5 of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 are attached with this Report and marked as "Annexure-III".During the year under review no complaint / case was filed or was pending for redressalpursuant to Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGEEARNINGS AND OUTGO
The particulars in respect of Conservation of Energy TechnologyAbsorption and Foreign Exchange Earnings and Outgo as required under Section 134(3)(m) ofthe Companies Act 2013 are given in a separate annexure attached hereto and forms partof this Report and marked as "Annexure-IV".
INTERNAL FINANCIAL CONTROLS
The Company has an adequate system of internal control relating to thenature of the business of the Company. A detailed note has been provided under ManagementDiscussion and Analysis Report. The Company has an Audit Committee which ensures propercompliance with the provisions of the Companies Act 2013 and Listing Regulations and alsoreviews the adequacy and effectiveness of the internal control systems.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS
There were no significant or material orders passed by the Regulatorsor Courts or Tribunals which may impact the going concern status and Company'soperations in future.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
In accordance with the requirements of Section 135 of the CompaniesAct 2013 read with the Companies (Corporate Social Responsibility Policy) Rules 2014the Company has constituted a Corporate Social Responsibility (CSR) Committee. The detailsof composition of CSR committee are given in the Corporate Governance Report attachedhereto. The CSR Committee has framed and finalised the CSR policy of the Company whichwas duly approved by the Board. The CSR policy of the Company can be accessed on theCompany's website i.e. www.uttamsugar.in and weblink of the same ishttp://uttamsugar.in/adminpanel/product_image/c759ed36b95983ec3553f06654133160CorporateSocialResponsibiltyPolicy.pdf.
Annual report on CSR activities as required under the Companies(Corporate Social Responsibility Policy) Rules 2014 has been appended as "Annexure-V"and forms integral part of this Report.
RISK MANAGEMENT POLICY
The Company has in place Risk Management policy to identify andevaluate business risk and opportunity of Risk Management to minimize the adverse impacton business objectives and enhancement of company's competitive advantage. The policyfacilitates to identify the risk at appropriate time and necessary steps to be taken tomitigate the risk. The detailed risk analysis and their mitigation are given in theManagement Discussions and Analysis Report.
SUBSIDIARY/ASSOCIATE/JOINT VENTURE COMPANIES
The Company does not have any Subsidiary Associate and/or any JointVenture Company.
MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIALPOSITION OF THE COMPANY
Except those disclosed in this Annual Report there are no materialchanges and commitments affecting the financial position of the Company between the end ofthe financial year i.e. 31st March 2020 and the date of this Report.
The report on Corporate Governance as stipulated under Regulation 34(3) read with Schedule V (C) of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 forms an integral part of this Report and marked as "Annexure-VI"which also includes a Certificate obtained from a Practicing Company Secretary pursuant tothe said Regulations.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
A separate Report on Management Discussion and Analysis for the yearunder review as stipulated under regulation 34(2)(e) read with Schedule V (B) of SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 is presentedin a separate section and forms part of this Report and marked as "Annexure-VII".
BUSINESS RESPONSIBILITY POLICY
Pursuant to the provisions of Regulation 34(2)(s) of the ListingRegulations inter alia provides that the annual reports of the top 1000 listed entitiesbased on market capitalisation (calculated as on March 31st of every financialyear) shall include a Business Responsibility Report (BRR). As on 31st March2020 your Company has been included in the top 1000 listed entities based on marketcapitalization. Accordingly the Company has formulated a Policy on BusinessResponsibility ("Policy") which lays down the broad principles to guide theCompany in delivering its various responsibilities to its stakeholders. The Policyis intended to ensure that the Company adopts responsible business practices in theinterest of the social set up and the environment to contribute beyond financial andoperational performance. The same is being implemented in the current financial year.
Industrial relations continued to remain cordial throughout the yearunder review.
Your Directors thank the Customers Suppliers Farmers various Govt.Agencies Banks and Shareholders for their continued support and co-operation. Furtheryour Directors also acknowledge the dedicated services rendered by all the employees ofthe Company.