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Directors Report of Piccadily Agro Industries Ltd.

Mar 31, 2015

Dear Members,

Your Directors have the pleasure in presenting their 21st Annual Report together with Audited Accounts of the Company for the year ended 31 st March 2015

FINANCIAL RESULTS: (Rs.In lacs)

Particulars 31st March 15 31st March 14

Total Income 35055.98 38123.42

(lncrease)/decrease of Stock in trade (1208.50) 493.25

Profit before Interest & Depreciation 3448.86 5154,10

Less: Interest 895.63 834.88

Depreciation 1066.21 973.82

Profit before Tax 1486.83 3345.40

Provision for Tax/Deferred Tax 593.97 1217.47

Net Profit 892.86 2127.93

Transfer to Profit and loss alc 757.74 2127193

Review of the operations

i) Sugar Mill

Sugar Mill commenced crushing operations for Ihe season 2014-15 on 15.12.2014 and closed on 10.04.2015. The comparative operational results over the last two seasons are as follows:

Particulars Season-2014-2015 Season 2013-2014

Duration (Days) 117 131

Sugarcane Crushed (Quintals) 3843966.41 3988799.03

Recovery (%) 10.17 9.81

Sugar produced (in quintals) 392025 392450

During the season, the mill operated for 117 days and crushed 38.43 lac quintals of sugar cane. The Sugar Mill has produced 392025 quintals of Sugar at an average recovery of 10.17%. The mill also produced 178320 quintals of Molasses at an average recovery of 4.63%. The Sugar unit of the company has achieved turnover (net of excise) & other income of Rs 12059.57 lacs

II) Distillery

The Distillery has produced 8368611 cases of Malta , 1074 cases of Sofia . 8115 cases of Marshall under Country liquor category. The brands of the distillery i.e. Malta, Sofia. Ginn and Marshal, of 50 Degree proof continue to be well accepted by the people and have become popular brands in the State of Haryana.

During the year company entered Into the field of Indian Made Foreign Liquor (IMFL) category & has received tremendous response from market. The disliflery has also produced 6649 cases of Blue Heaven, Indian Made Foreign Liquor (IMFL) category.

The distillery division has achieved a turnover & other income of Rs.'22996.41 lacs.

The company has also produced 11949.09 quintals of C02 gas and has recorded a turnover of Rs 40.84 Lacs, which is included in the turn over of distillery.

ill) Malt Plant

The 10 Kilo Litres Per Day Mall Plant to produce Malt Spirit made from Barley is running perfectly. The quality of Malt Spirit produced thereat is of very high standards. The unit has produced56,30.515 bulk liters of Malt Spirit till 31/3/2015 as per following details:

Year Production in bulk liters Number of barrels

2012- 13 4,95,499 1733

2013- 14 11,43,034 6109

2014- 15 10,11,982 4958

Share Capital

During the period under review the company has come out with a issue ol Bonus Shares in the ratio of 1:1 as a result the Authorized & Paid up capital was increased. The credit for the shares in respective dermal accounts & dispatch of share certificates has already been completed in the month of Apjii 2015.

The company has not issued any sweat equity, ESOP and/or convertible debenture during the year.

Dividend

Your Directors have not recommended any dividend on the equity shares for the financial year ended March 31, 2015, to conserve the cash resources for modernization & up gradation of sugar mill and to achieve Zero Liquid discharge in Distillery Unit.

Directors & Key Managerial Personnel

Sh. Uai Parkash Kaushik, Director of the Company retire by rotation and is eligible for reappointment.

During the year, the Board of Directors of the company at its meeting held on 31,03.2015 has appointed Ms Bhawana Gupta as Additional Director of the company under the provisions of section 149 and 152 of Companies Act 2013.

The Independent Directors have submitted their disclosure to the Board that they fulfill all the requirements as to qualify as an Independent director under section 149 (6) of the Companies Act 2013 as well as clause 49 of the Listing Agreement.

Board Meetings

During the year under review 6 (six) meetings of the Board of Directors were held to transact the business of the company. The time gap between the two consecutive meetings was not exceeding 120 days. Details of the Board meetings including attendance of Directors at these meetings are provided in the Corporate Governance Report annexed to this report.

Board evolution

In a separate meeting of independent Directors, performance of non-independent directors, performance of Board as a whole and performance of Chairman was evaluated. Based on such report of the meeting of independent Directors and taking into account the views of executive director and non executive director the Board had evaluated its performance on various perimeters such as Board composition and structure, effectiveness of board processes, effectiveness of flow of information, contributions from each directors etc.

Deposits

Your company has not accepted any deposits from the public during the year.

Risk Management

Your company carries out a periodical exercise to identify various risks involved in the business & operations of the company. After identification, such risks are assessed for the degree of risks involved and accordingly steps are taken to mitigate those risks. The objective of such exercise is to mitigate the probable adverse impact on business operations and thus enhance the competitiveness. The risk assessment process of the company defines the risk management approach at all levels across the organization including determination of the degree of risks and proper steps to be taken to avoid the probable harm. The Board is updated periodically on the risks identified and steps taken for mitigating them.

Auditors & Audit report Statutory Auditors

M/s. Jain & Associates, Chartered Accountants Chandigarh, the Statutory Auditors ol the Company, retiring at the conclusion of'this Annual General Meeting and being eligible lor re-appointment. Pursuant to the provisions section 139 of the Companies Act 2013 and rules framed there under, It is proposed to appoint M/s. Jain & Associates, Chartered Accountants Chandigarh as Statutory Auditors of the Company from the conclusion of this Annual General meeting till the conclusion of next Annual General Meeting.

The company has received letter from M/s. Jain & Associates, Chartered Accountants to the effect that their appointment, if made would be within the prescribed limits under section 141(3) (g) of the Companies Act 2013 and they are not disqualified for reappointment.

The Notes on Financial statements referred to in the Auditors report are self explanatory and do not call for any further comments.

Secretarial Audit

Pursuant to the provisions of section 204 of the Companies Act, 2013 read with the Companies (Appointment and remuneration of Managerial Personnel) Rules 2014 the Board has appointed Mr. Kanwaljit Sing h, Practising Company Secretary, as Secretarial Auditors of your company for the financial year 2014-2015. The Secretarial Audit report for the financial year 2014-15 is annexed to this report as Annexure-A

Cost Auditors

The Central Government has approved the appointment of Sh. Sanjeev .K. Bansal. Cost Accountant for the financial year 2014-2015 to cost audit lor its Sugar & Distillery unit.

Consolidated Financial Statement

As required under the Listing Agreement & in accordance with the Accounting Standard (AS)-21 on consolidated Financial Statements read with AS-23 on accounting for investments in Associates, the Audited consolidated financial statement is provided in the Annual report.

Conservation of Energy, Technology Absorption and Foreign Exchange earnings and outgo:

As required under Section 134 (3)(m) of the Companies Act 2013 read with rule 8 of the Companies (Accounts) Rules 2014, the information relating to the conservation of the energy, technology absorption and foreign exchange earnings and outgo, is annexed and lomns part of the report as per Annexure B.

Subsidiary

Detail of subsidiary Company M/s Clearvision Media India (P) Ltd has not commenced any commercial operations during the year under review. Details of the subsidiary as per first provisio to section 129(3) of the Companies Act 2013 read with Rule 5 ol the Companies (Accounts) Rules 2014 are attached to this report on AOC-1 as Annexure C. During the year, the company formed a subsidiary M/S Piccadlly Agro Limited, in United Kingdom & has not Commenced any Commercial operation. Details given in Annexure. C

In accordance with the General Circular issued by the Ministry of Corporate Affairs, Government of India, the Balance Sheet, statement of Profit & Loss and other documents of the subsidiary companies are not being attached with the balance sheet of company

However financial information qf the subsidiary companies is disclosed in the Annual report in compliance with the said circular. The company will provide a copy of separate Annual accounts in respect of subsidiary to any shareholder of the company who ask for it and the said annual accounts will also be kept open for inspection at the registered office -of the company and that of the respective subsidiary companies.

Contracts or Arrangements with related Parties

Particulars ol contracts /arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act 2013 were in ordinary course of business and on arms length basis are provided to this report in Form no AOC-2 as per Annexure-D

Particulars of Loans, Gurantees and Investments

Details of Loans, Guarantees and investments covered under the provision of Section 166 of the Companies Act, 2013 are given In the notes to the Financial Statements.

Internal Controls

The company's internal Control system is commensurate with its size, scale and complexities of its operations. The Audit committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control system and suggests improvements to stregthen the same. It also reviews the quarterly Internal Audit reports

Remuneration Policy.

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors. Senior Managment and their remuneration. High lights of remuneration policy are stated in the corporate Governance report.

Significant and material orders passed by the Regulators / Courts

There are no significant material orders passed by the regulators/Courts which would impact the going concern status of the company and its future operation. Howerver in line with the requirement of clause 36 of the Listing Agreement read with guidance note Issued by the Stock Exchange, the company has reported all the major cases/litigation matters etc from time to time to the Stock exchanges.

Extract of Annual Return

The details forming part of the extract of the Annual return is given in Annexure -E of this report

Corporate Social Responsibility

Your company has transferred necessary funds to M/s Pt. Kedar Nath Sharma Hospital & Charitable Trust for undertaking CSR activities. CSR Details are given in Annexure -F

Pursuant to the provisions of Section T35 of the Companies Act 2013 and rules thereto, a Corporate Social Responsibility committee of the Board has been constituted lo monitor CSR activities.

Corporate Governance & Policies

Pursuant to clause 49 of the listing Agreement with BSE Ltd (BSE), Management discussion and Analysis, Corporate Governance Report and Auditors certificate regarding compliance of conditions of corporate governance are made part of the.Annual Report as per Annexure G.

Your board has in accordance with the requirements of Companies Act 2013 & Clause 49 of Listing Agreement has adopted new policies such as Related Party Transaction, Corporate Social Responsibility Policy, Whistle Blower and Vigil Mechanism policy. These policies are available on the website of the company and can be viewed on www. picagro.com.

Your board has in accordance with the requirements of Companies Act 2013 & Clause 49 of Listing Agreement has formed Nomination & Remuneration Committee, Corporate Social Responsibility Committee, Audit Committee, Stakeholders relationship Committee & Business risk Management Committee.

Particulars of Employees

The information required pursuant to section 197 read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 in respect of employees of the company, will be provided on request, in terms ol section 136 of the Act, the reports and accounts are being sent'to the members and others entitled thereto, excluding the information on employees particulars which is available for inspection by the members at the Registered office of the company during bussiness hours on working days of the company up to date ensuing Annual General Meeting , if any member is interested in inspecting the same, such member may write to the Company Secretary in advance.

Director's Responsibility Statement

Pursuant to section 134(3)(c) and Section 134(5) of the Companies Act 2013, your Directors hereby report that:

a. In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures.

b. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable & prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year and of the Profit & Loss of the Company for that period.

c. The Directors had taken proper and sufficient ca re for the maintenance of adequate accounting records in accordance with the provisions ol this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d. The Directors had prepared the Annual Account on ongoing concern basis, and

e. The Directors, in the case of a listed Company, had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

1. The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Acknowledgement

Your Directors would like to express their grateful appreciation for the assistance and cooperation received from the Financial institutions, Banks, Suppliers, Customers, farmers and all other concerned with the Company during the year under review.

For Piccadily Agro Industries Limited

Sd/- Sd/- Place : Gurgaon (Akhil Dada) (Harvinder Chopra) Date : 30/5/2015 Chairman Managing Director DIN NO. 02321706 DIN No. 00129891


Mar 31, 2014

Dear Shareholders,

The Directors have the pleasure in presenting their 20th Annual Report together with Audited Accounts of the Company for the year ended 31st March 2014.

FINANCIAL RESULTS: (Rs. In lacs)

Particulars 31st March 14 31st March 13

Total Income 38123.42 33171.16

(Increase)/ decrease of Stock in trade (493.25) (1325.44)

Profit before Interest & Depreciation 5154.10 4839.07

Less : Interest 834.88 974.35

Depreciation 973.82 813.73

Profit before Tax 3345.40 3050.99

Provision for Tax/Deferred Tax 1217.47 969.43

Net Profit 2127.93 2081.56

Review of the operations I) Sugar Mill

Sugar Mill commenced crushing operations for the season 2013-14 on 06/12/2013 and closed on 15/04/2014. The comparative oper- ational results over the last two seasons are as follows:

Particulars Season 2013-14 Season 2012-13

Duration (Days) 131 136

Sugarcane Crushed (Quintals) 3988799.03 4142682.19

Recovery (%) 9.81 10.16

Sugar produced (in quintals) 392450 421820

During the season, the mill operated for 131 days and crushed 39.88 Lac Quintals of sugar cane. The Sugar Mill has produced 392450 quintals of Sugar at an average recovery of 9.81%. The mill also produced 186130 quintals of molasses at an average recovery of 4.66%. The Sugar unit of the company has achieved turnover (net of excise) & other income of Rs 14737.23 lacs. till 31st March 2014.

II) Distillery

The Distillery has produced 84,55,557 cases & sold 84,31,040 cases of country liquor. The brands of the distillery i.e. Malta, Sofia, Ginn and Marshal, of 50 Degree proof continue to be well accepted by the people and have become popular brands in the State of Haryana. The company has also produced 6599.75 quintals of CO2 gas The distillery division has achieved a turnover & other income of Rs 22868.50 lacs. till 31st March 2014.

III) Malt Plant & Maturation Hall

The 10 Kilo Litres Per Day Malt Plant to produce Malt Spirit made from Barley is running perfectly. The quality of Malt Spirit produced thereat is of very high standards. The unit has produced 16,31,474 bulk litres of Malt Spirit till 31/3/2014. Out of the total Malt spirit, 15,68,400 bulk litres has been filled & stored in 7842 barrels. 3,46,600 liters Malt Spirit filled & stored in 1733 barrels is more than one year old.

Dividend

Your Directors have not recommended any dividend on the equity shares for the financial year ended March 31, 2014, to conserve the cash resources for modernization & upgradation of sugar mill, to achieve Zero Liquid discharge in distillery & to set up independ- ent feeder for transfer of power, and installation of steam saving system.

Directors

Sh. Harvinder Chopra, Director of the Company retire by rotation and is eligible for the reappointment.

The company has pursuant to the provisions of section 149 (4) of the Companies Act 2013, which came into effect from April 1, 2014, every listed public company is required to have at least one - third of the total number of Directors as independent Directors. In accor- dance with the provisions of section 149 of the Act, Sh. Vinod Dada & Sh. Akhil Dada are being appointed as independent Directors to hold office as per their tenure of appointment mentioned in the notice of the forthcoming Annual General meeting of the Company.

Auditors & Audit report

M/s. Jain & Associates, Chartered Accountants Chandigarh, the Statutory Auditors of the Company, retiring at the conclusion of this Annual General Meeting and being eligible for re-appointment. Pursuant to the provisions of section 139 of the Companies Act 2013 and rules framed there under, it is proposed to appoint M/s. Jain & Associates, Chartered Accountants Chandigarh as Statutory Auditors of the Company from the conclusion of this Annual General meeting till the conclusion of next Annual General Meeting The company has received letter from M/s. Jain & Associates, Chartered Accountants to the effect that their appointment, if made would be within the prescribed limits under section 141(3) (g) of the Companies Act 2013 and they are not disqualified for reappointment.

The Notes on Financial statements referred to in the Auditors report are self explanatory and do not call any further comments.

Cost Auditors

The Central Government has approved the appointment of Sh. Sanjeev .K. Bansal, Cost Accountant for the financial year 2013- 2014 to cost audit for its Sugar & Distillery unit.

Corporate Governance

Pursuant to clause 49 of the listing Agreement with BSE Ltd (BSE), Management discussion and Analysis, Corporate Governance Report and Auditors certificate regarding compliance of conditions of corporate governance are made part of the Annual Report.

Consolidated Financial Statement

In accordance with the Accounting Standard AS -21 on consolidated Financial Statements read with AS-23 on accounting for investments in associates, the Audited consolidated financial statement is provided in the Annual report.

Subsidiary

Detail of subsidiary company and their business operation during the year under review are covered in the Management''s Discussion and Analysis Report.

In accordance with the General Circular issued by the Ministry of Corporate Affairs, Government of India, the Balance Sheet, statement of Profit & Loss and other documents of the subsidiary company are not being attached with the balance sheet of the Company.

However financial information of the subsidiary companies is disclosed in the Annual report in compliance with the said circular. The company will provide a copy of separate Annual accounts in respect of subsidiary to any shareholder of the company who ask for it and the said annual accounts will also be kept open for inspection at the registered office of the company and that of the respective subsidiary companies.

Particulars of Employees

In terms of the provisions of section 217 (2A) of the Companies Act 1956, read with the Companies (Particulars of Employees) Rules,1975 as amended , the names and other particulars of the employees are set out in the annexure to Directors Report Having regard to the provisions of Section 219(1)(b) (iv) of the said Act the Annual report excluding the aforesaid information is being sent to all the members of the company and others entitled thereto. Any member interested in obtaining such particulars may write to the Company Secretary at the corporate office of the company.

Conservation of Energy, Technology Absorption and Foreign Exchange earnings and outgo:

As required under Section 217(1)(e) of the Companies Act 1956 read with Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988, the information relating to the conservation of the energy, technology absorption and foreign exchange earnings and outgo, is annexed and forms part of the report.

Director''s Responsibility Statement

Pursuant to the provisions of Section 217(2AA) of Companies Act 1956, the Directors give hereunder the Directors Responsibility Statement, it is hereby confirmed that:

1. In the preparation of the annual accounts for the year ended March 31, 2014, the applicable accounting standards read with requirements set out under schedule VI to the Companies Act 1956 have been followed and there are no material departures from the same.

2. The Directors have selected such accounting policies and applied them consistently and made judgment and estimates that are reasonable & prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year 31st March 2014 and the Profit & Loss of the Company for the said period.

3. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities, and

4. The Directors have prepared the Annual Accounts on a going concern basis.

For Piccadily Agro Industries Limited

Sd/- Sd/-

Place : Gurgaon (Harvinder Chopra) (Akhil Dada)

Date : 30/05/2014 Managing Director Director

DIN No : 00129891 DIN No : 02321706


Mar 31, 2013

Dear Share Holders,

The Directors have the pleasure in presenting their 19th Annual Report together with Audited Accounts of the Company for the year ended 31st March 2013

FINANCIAL RESULTS: (Rs. In lacs)

Particulars 31st March ''13 31st March 12

Total Income 33171.16 23395.75

(Increase)/ decrease of Stock in trade (1325.44) (2285.53)

Profit before Interest & Depreciation 4839.07 3723.79

Less: Interest 974.35 887.27

Depreciation 813.73 695.79

Profit before Tax 3050.99 2141.73

Provision for Tax/Deferred Tax 969.43 609.29

Net Profit 2081.56 1531.44

Review of the operations of Sugar Mill

i) Sugar Mill

Sugar Mill commenced crushing operations for the season 2012-13 on 03.12.2012 and closed on 17.04.2013. The comparative operational results over the last two seasons are as follows:

Particulars Season 2012-13 Season 2011-12 Duration (Days) 13.5 123

Sugarcane Crushed (Quintals) 4142682.19 3660561.05

Recovery (%) 10.16

Sugar produced (in quintals) 421820 343915

During the season, the mill operated for 136 days and crushed 41.42 Lac Quintals of sugar cane. The Sugar Mill has produced 421820 quintals of Sugar at an aver- age recovery of 10.16%. The mill also produced 192900 quintals of molasses at an average recovery of 4.65%. The recovery of sugar has increased tremendously as compared to recovery of last year.

The Sugar unit of the company has achieved turnover (net of excise) & other income of Rs 12622.77 lacs.

2) Others

The Distillery has produced 83,32,362 cases & sold 83,68,103 cases of country liquor. The brands of the distillery i.e. Malta, Sofia, Ginn and Marshal, of 50 Degree proof continue to be well accepted by the people and have become popular brands in the State of Haryana. The distillery division has achieved a turnover & other income of Rs 20548.40 lacs.

Expansion Project:

i) Malt Plant & Maturation Hall: The Company has completed implementation of the Malt plant & Maturation Hall along with the addition of 8 Ton Boiler to provide nec- essary steam to the Malt Plant, for the manufacture of 10 KLPD Malt spirit to be used for the production of Indian made foreign liquor (IMFL) in the month of Nov.2012. Company has already imported about 12112 Oak wooden barrels for storing Malt Spirit for Maturation The unit has already produced 475359 Bulk Liters of Malt Spirit till the end of the year under report and has filled 1731 of such Barrels with malt spirit in the Maturation Hall.

ii) Co 2 Plant : The company has also set-up a food grade Co2 plant supplied by Wittaman of USA. Co2 Carbon Gas is a byproduct of the Distillery during fermenta- tion. The impurities as life sulpher etc. will be removed in the plant. It will be dried, compressed and cooled. The gas will be converted into liquid which will be stored in a tank of 100 KL Capacity. It may be sold as such as liquid or solid. Co2 will be made from liquid Co2 and will be marketed.

Dividend

Your Directors have recommended a dividend of 10 %(Rs 1/- per equity share) for the financial year ended 31st March 2013 amounting to Rs.275.93 lacs (inclusive of tax of Rs 40.08 lacs).The dividend will be paid to the members whose names ''¦ appear in the register of Members as on Friday 20th September, 2013 ; in respect of shares held in dematerliased form ,it will be paid to members whose names are furnished by National Securities Depository Limited (NSDL) and Central Depository Services (India ) Limited (CDSL) as beneficial owners as on that date.

Indian Sugar industry

During the season 2012-2013(October-September) sugar output is expected to be around 24.60 million tones. (Source ISMA Journal)

Both the top sugar industry bodies- Indian Sugar Mills Association (ISMA) and National Federation of Cooperative Sugar Factories have said that country''s sugar production will likely to exceed demand in the current marketing year. The country needs around 22-23 million tone for annual consumption, while the government has projected output at 24.5 to 25.00 million tones. Despite a marginal fall so far, sugar production has exceeded consumption, preventing a flare up in the commodities price.

Directors

Sh. Akhil Dada & Sh. Jai Parkash Kaushik, Directors of the Company retire by rota- tion and are eligible for the reappointment.

Auditors

M/s. Jain & Associates, Chartered Accountants Chandigarh, the Statutory Auditors of the Company, retiring at the conclusion of this Annual General Meeting and being eligible offer themselves for re-appointment.

The Company has received letter from Statutory Auditors M/s. Jain & Associates, Chartered Accountants to the effect that their re-appointment , if made would be within the prescribed limits under section 224(1 B) of the Companies Act 1956 and that they are not disqualified for reappointment within the meaning of Section 226 of the said act.

The Notes on Accounts referred to tn the Auditors report are self explanatory and do not call any further comments.

Cost Auditors

The Central Government has approved the appointment of Sh. Sanjeev .K. Bansal, Cost Accountant for the financial year 2013-2014 to cost audit for its Sugar & Distillery unit.

Corporate Governance

Pursuant to clause 49 of the listing Agreement with BSE Limited, (BSE) Management discussion and Analysis, Corporate Governance Report and Auditors certificate regarding compliance of conditions of corporate governance are made part of the Annual Report.

Subsidiary

During the year company has made M/s Clearvision Media (P) Limited as its 100 % sub- sidiary The consolidated financial statements presented by the company include financial information of its subsidiary prepared in compliance with applicable accounting standards. The Ministry of Corporate Affairs, Government of India vide its Circular No. 5/12/2007-CL- III dated 8th February 2011 has granted general exemption under section 212 (B) of the Companies Act 1956, from attaching the Balance sheet, Profit & Loss account and other documents of the subsidiary companies to the Balance sheet of the company , provided certain conditions are fulfilled. Accordingly annual accounts of the subsidiary company and related detailed information will be made available to the holding and subsidiary compa- ny''s investors seeking such information at any point of time. The annual accounts of the subsidiary are kept for inspection by any investor at registered office at Karnal (Haryana) and that of the subsidiary company. Detail of the subsidiary company is covered under this report.

Particulars of Employees

In terms of the provisions of section 217 (2A) of the Companies Act 1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended , the names and other . particulars of the employees are set out in the annexure to Directors Report . Having regard to the provisions of Section 219(1)(b) (iv) of the said Act the Annual report exclud- ing the aforesaid information is being sent to all the members of the company and others entitled thereto. Any member interested in obtaining such particulars may write to the Company Secretary at the corporate office of the company.

Conservation of Energy. Technology Absorption and Foreign Exchange earnings and outgo:

As required under Section 217(1)(e) of the Companies Act 1956 read with Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988, the information relating to the conservation of the energy, technology absorption and foreign exchange earning and outgo, is annexed and forms part of the report.

Director''s Responsibility Statement

Pursuant to the provisions of Section 217(2AA) of Companies Act 1956, the Directors give hereunder the Directors Responsibility Statement, it is hereby confirmed that:

1. All the applicable accounting standards have been followed in the preparation of the accompanying accounts.

2. The Directors have selected such accounting policies and applied them consistently and made judgment and estimates that are reasonable & prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year 31 st March 2013 and the Profit & Loss of the Company for the said period.

3. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956, for safe- guarding the assets of the Company and for preventing and detecting fraud and other irregularities, and

4. The Directors have prepared the Annual Account on ongoing concern basis.

For Piccadily Agro Industries Limited

Sd/- Sd/-

Place: Chandigarh (Kartikeya Sharma) (Harvinder Chopra)

Date: 14/08/2013 Director Managing Director


Mar 31, 2012

The Directors have the pleasure in presenting their 18th Annual Report together with Audited Accounts of the Company for the year ended 31st March 2012

FINANCIAL RESULTS: (Rs. In lacs)

Particulars 31st March'12 31st March'11

Total Income 23395.75 22217.42

(Increase)decrease of Stock in trade (2285.53) (2240.21)

Profit before Interest & Depreciation 3723.79 5394.99

Less: Interest 887.27 684.87

Depreciation 695.79 635.80

Profit before Tax 2140.73 4074.32

Provision for Tax/Deferred Tax 609.29 1307.23

Net Profit 1531.44 2767.09

Review of the operations of Sugar Mill

i) Sugar Mill

Sugar Mill commenced crushing operations for the season 2011-12 on 30.11.2011 and closed on 31/03/2012. The comparative operational results over the last two seasons are as follows:

Particulars Season 2011-12 Season 2010-11

Duration (Days) 123 121

Sugarcane Crushed (Quintals) 3660561 3388670

Recovery (%) 9.40 9.40

Sugar produced (in quintals) 343915 320280

During the season, the mill operated for 123 days and crushed 36.60 Lac Quintals of sugar cane. The Sugar Mill has produced 343915 quintals of Sugar at an average recovery of 9.40%. The mill also produced 184850 quintals of molasses at an average recovery of 5.05%.

The Sugar unit of the company has achieved turnover (net of excise) & other income of Rs 8673.14 Lacs. ii) Others

The Distillery has produced 6066318 cases & sold 6033648 cases of country liquor. The Brands of distillery i.e. Malta, Sofia, Ginns and Marshal, of 50 Degree continue to be well accepted by the people and have become popu- lar brands in the State of Haryana. The distillery division has achieved a turnover & other income of Rs 14722.88 lacs.

Expansion Programmes: Company has undertaken following expansion programmes,

i) Malt Plant & Maturation Hall: The Company is undertaking Malt plant & Maturation Hall for the manufacture of Malt spirit to be used for the production Indian made foreign liquor (IMFL). The Spirit made from the malt will be then filled into wooden barrels for maturation. During the year company has placed orders for the 11000 Barrels and out of which it has received 9884 Barrels. The work relating to PCC & RCC flooring, errection of walls, colums trussers is under progress and about 40% of the total work is completed. The company has spent Rs. 1645.38 lacs for the construction of Malt Plant & Maturation Hall.

Both Malt Plant & Maturation Hall are expected to complete in the month of October 2012

ii) Extra Neutral Alcohal Plant (ENA): The company is in the process of Modifiying the existing rectified sprit plant to make Extra Neutral Alcohal

iii) Co2 Plant: The Company is in the process establishing Co2 plant to collect liquefied carbon gas, which is byprod- uct of distillery, to be used in the Food & brewages Industry. The Storage tank, Compressors, Tankers have already arrived at site and work of construction & installation is under progress and about 40 % of the total work is complete. The company has spent Rs 241.23 Lacs for the construction of Co2 Plant. The Plant is expected to be ready in the month of December, 2012

Dividend •

Your Directors have recommended a dividend of 10 %(Rs 1/- per equity share) for the financial year ended 31st March 2012 amounting to Rs.274.11 lacs (inclusive of tax of Rs 38.26 lacs).The dividend will be paid to the members whose names appear in the register of Members as on Friday 21st September, 2012 ; in respect of shares held in demater- liased form ,it will be paid to members whose names are furnished by National Securities Depository Limited (NSDL) and Central Depository Services (India )• Limited (CDSL) as beneficial owners as on that date.

Indian Sugar Industry

During the season 2011-2012 (October-September) sugar output is expected to be around 26.00 million tones. (Source ISMA Journal)

Sugar exports may touch four million tones (Source ISMA Journal) during the current season ending September 2012, as the government has decided to allow more shipments. In the month of May 2012 the government decided to allow unrestricted sugar exports by bringing sugar under the Open General License (OGL). Now the Exports are allowed to ship only after taking registration certificate (export permit from the.DGFT under Commerce Ministry.)

Directors

Sh. Vinod Dada & Sh. Kartikeya Sharma, Directors of the Company retire by rotation and are eligible for the reappoint- ment.

Auditors

M/s. Jain & Associates, Chartered Accountants Chandigarh, the Statutory Auditors of the Company, retiring at the con- clusion of this Annual General Meeting and being eligible offer themselves for re-appointment.

The Company has received letter from Statutory Auditors M/s. Jain & Associates, Chartered Accountants to the effect that their re-appointment, if made would be within the prescribed limits under section 224(1 B) of the Companies Act 1956 and that they are not disqualified for reappointment within the meaning of Section 226 of the said act.

The Notes on Accounts referred to in the Auditors report are self explanatory and do not call any further comments.

Cost Auditors

The Central Government has approved the appointment of Sh. Sanjeev .K. Bansal, Cost Accountant for the financial year 2011-2012 to cost audit for its Sugar & Distillery unit.

Corporate Governance

Pursuant to clause 49 of the listing Agreement with Bombay Stock Exchange Ltd (BSE), Management discussion and Analysis, Corporate Governance Report and Auditors certificate regarding compliance of conditions of corporate gover- nance are made part of the Annual Report.

Particulars of Employees

In terms of the provisions of section 217 (2A) of the Companies Act 1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended , the names and other particulars of the employees are set out in the annexure to Directors Report. Having regard to the provisions of Section 219(1)(b) (iv) of the said Act the Annual report excluding the aforesaid information is being sent to all the members of the company and others entitled thereto. Any member inter- ested in obtaining such particulars may write to the Group Secretary at the corporate office of the company.

Conservation of Energy. Technology Absorption and Foreign Exchange earnings and outgo:

As required under Section 217(1)(e) of the Companies Act 1956 read with Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988, the information relating to the conservation of the energy, technology absorp- tion and foreign exchange earning and outgo, is annexed and forms part of the report.

Director's Responsibility Statement

Pursuant to the provisions of Section 217(2AA) of Companies Act 1956, the Directors give hereunder the Directors Responsibility Statement, it is hereby confirmed that:

1. All the applicable accounting standards have been followed in the preparation of the accompanying account.

2. The Directors have selected such accounting policies and applied them consistently and made judgment and esti- mates that are reasonable & prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year 31 st March 2012 and the Profit of the Company for the said period.

3. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accor- dance with the provisions of Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities, and

4. The Directors have prepared the Annual Account on going concern basis.

Acknowledgement

Your Directors would like to express their grateful appreciation for the assistance and cooperation received from the Financial institutions, Banks, Suppliers, Customers, farmers and all other concerned with the Company during the year under review.

For Piccadily Agro Industries Limited

Sd/- Sd/-

Place ; New Delhi (Kartikeya Sharma) (Harvinder Chopra)

Date : 14/8/2012 Director Managing Director


Mar 31, 2010

The Directors have the pleasure in presenting their 16th Annual Report together with Audited Accounts of the Company for the year ended 31st March 2010

FINANCIAL RESULTS:

(Rs. In lacs)

Particulars 31st March 10 31st March 09

Total Income 16989.26 14318.65

lncrease/(decrease) of Stock in trade 718.33 (2565.10)

Profit before Interest & Depreciation 2957.08 1932.02

Less: Interest 392.97 570.89

Depreciation 346.80 395.18

Profit before Tax 1993.22 1190.04

Provision for Tax/Deferred Tax 1008.67 288.62

Net Profit 984.55 901.42

Review of the operations of Sugar Mill

1) Sugar Mill

Sugar Mill commenced crushing operations for the season 2009-10 on 6.12.2009 and closed on 25.03.2010. The comparative oper- ational results over the last two seasons are as follows:

Particulars Season 2009-10 Season 2008-09

Duration (Days) 110 96

Sugarcane Crushed (Quintals) 2910239 2258273

Recovery (%) 9.43 10.07

Sugar produced (Bags) 275275 227370

During the season, the mill operated for 110 days and crushed 29.10 Lac Quintals of sugar cane. The Sugar Mill has produced 275275 bags of Sugar at an average recovery of 9.43%. The mill also produced 136515 qunitals of molasses at an average recovery of 4.69%. The Sugar unit of the company has achieved turnover & other income of Rs 8765.91 lacs and earned a net profit of Rs.254.50 lacs during the year.

2) Distillery Unit

The distillery has produced 37.95 lacs cases of country liquor. The products of the distillery are well accepted by the people and have become popular brands in the State of Haryana. The distillery division has achieved a turnover & other income of Rs 8223.35 lacs & earned a net profit of Rs.730.05 lacs during the year. The distillery has sold 37.98 lac cases of liquor during the year.

Dividend

Your Directors have recommended a dividend of 10 %(Rs 1 /- per equity share) for the financial year ended 31st March 2010 amount- ing to Rs.275.93 lacs (inclusive of Dividend tax of Rs 40.08 lacs).The dividend will be paid to the members whose names appear in the register of Members as on September 15,2010; in respect of shares held in dematerliased form ,it will be paid to members whose names are furnished by National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) as beneficial owners as on that date.

Indian Sugar Industry

The sugar output in India, which was 26 million tones in 2007-2008, declined to 14.7 million tones in 2008-2009 and the production for the current crushing year is estimated at about 16.0 million tones.

Indian Sugar Mills Association (ISMA) has projected an output of sugar to 25 million tones for the crushing season 2010-2011. Details of the Sugar cane production are as under:

Season Sugar cane production

1st October to 30th September (in Million tones)

2007-2008 340

2008-2009 274

2009-2010 300 (estimated)

Directors

Sh. Kartikeya Sharma & Sh. Vinod Dada, Directors of the Company retire by rotation and are eligible for the reappointment.

sAuditors

M/s. Jain & Associates, Chartered Accountants Chandigarh, the Statutory Auditors of the Company, retiring at the conclusion of this Annual General Meeting and being eligible offer themselves for re-appointment. The Board recommends their appointment as Statutory Auditors of the Company for the year 2010-11.

Corporate Governance

Pursuant to clause 49 of the Listing Agreement with the Stock Exchange Mumbai, Management discussion and Analysis, Corporafe Governance Report and Auditors certificate regarding compliance of conditions of corporate governance are made part of the Annual Report.

Personnel

The particulars of employees as per Section 217 (2A) of Companies Act 1956 read with the Companys (particulars of employees) Rules 1975 is nil.

Conservation of Energy. Technology Absorption and Foreign Exchange gamings and outgo;

As required under Section 217(1 )(e) of the Companies Act 1956 read with Companies (Disclosure of particulars in the report of Board of Directors) Rule 1988, the information relating to the conservation of the energy, technology absorption and foreign exchange earn- ing and outgo, is annexed and forms part of the report.

Directors responsibility statement

Pursuant to the provisions of Section 217(2AA) of Companies Act 1956, the Directors give hereunder the Directors Responsibility Statement on the accounts of the Company:

1. All the applicable accounting standards have been followed in the preparation of the accompanying account.

2. The Directors have selected such accounting policies and applied them consistently and made judgment and estimates that are reasonable & prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year 31st March 2010 and the Profit & Loss of the Company for the said period.

3. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities, and

4. The Directors have prepared the Annual Account on going concern basis.

Acknowledgement

Your Directors would like to express their grateful appreciation for the assistance and cooperation received from the Financial institu- tions, Banks, Suppliers, Customers, Farmers and all other concerned with the Company during the year under review.

For Piccadily Agro Industries Limited

Sd/- Sd/-

Place : New Delhi (Harvinder Chopra) (Kartikeya Sharma)

Date : 2/8/2010 Managing Director Director.

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