Mar 31, 2015
Dear Share Holders,
The Directors have the pleasure in presenting their 22nd Annual Report
together with Audited Accounts of the Company for the year ended 31st
March 2015
FINANCIAL RESULTS:
(Rs. In lacs)
Particulars 31st March 15 31st March 14
Total Income 1367.69 1526.71
Increase/(decrease) of Stock in trade 47.97 13.09
Proft before Interest & Depreciation 487.77 460.55
Less : Interest 258.49 244.70
Depreciation 248.67 213.77
Proft/(Loss) before Tax (19.39) 2.08
Provision for Tax/Deferred Tax - -
Net Proft / Loss (19.39) 2.08
Transfer to General Reserve - 2.08
Review of the operations of Sugar Mill
1) Sugar Mill
Sugar Mill did not commence the crushing operations during the season
2014-15 due to adverse conditions prevailing in the entire country. The
Sugar Mill has recorded turn over of Rs. 107.24 Lacs
2) Distillery
The Distillery has produced 348579 cases of Punjab Medium Liqour (PML),
77626 (Bulk Liters) Extra Neutral Alcohal (ENA) , 6460 (Bulk Liters)
Denature Spirit
The Distillery recorded a turnover of Rs.1260.45 Lacs.
Share Capital
During the period under review the company has not issued any sweat
equity, ESOP , Bonus shares,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, due to accumulated Losses.
Directors & Key Managerial Personnel
During the year, The Board of Directors of the company at its meeting
held on 31/03/2015 has appointed Ms Madhu Sharma as additional Director
of the company under the provisions of section 149 and 152 of Companies
Act 2013 and Sh. Ashok Sharma has ceased to be Director of the company.
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 5 (fve) 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 fow 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 defnes 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 of the Company, retiring at the conclusion of this Annual
General Meeting and are eligible for e-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 Singh ,
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
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 forms part of the
report as per Annexure- B.
Subsidiary
There are no Subsidiary company & Associates of the company.
Contracts or Arrangements with related Parties
Particulars of 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 ÂC
Particulars of Loans, Guarantees or Investments
Details of Loans, Guarantees and investments covered under the
provisions of Section 186 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 strengthen 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 Management and their remuneration. High lights of remuneration
policy are stated in the corporate Governance report.
Signifcant and material orders passed by the Regulators or Courts
There are no signifcant material orders passed by the regulators/
Courts which would impact the going concern status of the company and
its future operations. However 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 ÂD 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 -E
Pursuant to the provisions of Section 135 of the Companies Act 2013 and
rules thereto, a Corporate Social Responsibility committee of the Board
has been constituted to 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 certifcate regarding compliance of conditions of corporate
governance are made part of the Annual Report.
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. psailpatran
.com.
Your board 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 as per Annexure- F.
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 of 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 the requirement under section 134(5) of the Companies Act
2013, with respect to Directors Responsibility Statement, it is hereby
confrmed that:
1. In the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures .
2. The Directors had 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 and of the Proft & Loss of the
Company for the said period.
3. The Directors have taken proper and suffcient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities
4. The Directors have prepared the Annual Account ongoing concern
basis.
5. 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.
6. 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.
For Piccadily Sugar & Allied Industries Limited
Sd/- Sd/-
Place : Gurgaon (Madhu Sharma) (Devinder Sharma)
Date : 30/5/2015 Director Wholetime Director.
DIN No. 07149078 DIN No. 03264719
Mar 31, 2014
Dear Members,
The Directors have the pleasure in presenting their 21st 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 1526.71 2146.78
lncrease/(decrease) of 13.09 80.72
Stock in trade
Profit before Interest 460.55 168.18
& Depreciation
Less : interest 244.70 28.31
Depreciation 213.77 298.64
Profit / (Loss) before Tax 2.06 (158.77)
Net Profit/(Loss) 2.08 (69.01)
Review of the operations
Sugar Mill
The Sugar mill did not commence the crushing operations during the
season 2013-14 due to at adverse conditions prevailing in the sugar
industry.
The Sugar Mill has recorded a turnover of Rs.24.77 Lacs till 31st
March, 2014.
Distillery
The Distillery has produced 4,63,422 cases of Punjab Medium Liqour
(PML), 10,23,630 (Bulk Liters) Extra Neutral Alcohal, 65702 (Bulk
Liters) Denature spirit till 31st March 2014.
The distillery has recorded a turnover of Rs.1501.94 Lacs till 31st
March, 2014.
Dividend
Your Directors nave not recommended any dividend on the equity shares
for the financial year ended March 31,2014 due to accumulated Losses
Directors
Sh. Devinder Sharma, Wholetime Director of the Company retire by
rotation and is eligible for the reappointment.
The company has pursuant to the provisions of section 14/(4) of the
Companies Act 2013, which came into effect from April 1, 2014 every
listed public company is required to have atleast one - third of the
total number of Directors as independent Directors. In accordance with
the provisions of section 149 of the Act. Sh. Harvinder Chopra & Sh.
Jai P arkash Kaushik are being appoint- as i ndependent 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 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. Jam & 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 the 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.
Particulars of Employees
The particulars of employees as per section 217 (2A.) of Companies Act
1956 read with the Company''s (particulars of employ- fees) Rules 1975
is nil.
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 Companias Act 1956,
the Directors give hereunder the Directors Responsibility Statement it
is hereby conformed 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 Account on going concern
basis.
For Piccadily Sugar & Allied Industres Limited
Sd/- Sd/-
Place : Gurgaon (Devinder Sharma ) (Jai Parkash Kaushik)
Date : 30/5/2014 Wholetime Director Director.
DIN No. 03264719 DIN No. 02354480
Mar 31, 2013
The presenting fceir 20th Annual Report together wrth 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 2146.78 3513.19
Increasel(decrease) of
Stock in trade 80.72 (754.47)
Profit before Interest* Depreciation 168.18 894.43
Less: Interest 28.13 27.18
Depreciation 158.771 601.46
Profit / {Lossjbefore Tax , 618.94
Net Profit/Net (Loss) (69.01) 618.94
like wheat, rioe etc.
The Sugar Mill has recorded a turnover of 77.49 Lacs dunng the year.
Ppyfrw ri H* operations of Distiller?
(ENA), 137724 (Bulk Liters) Denature Spint till 31st March am The unit
has recorded a turnover of 2069.29 Lacs. a flare up in the commodities
price. Directors March 2013
Cost Auditors , , ,
Tta Central Government has approved the appointment
rf*WKBm 0*te»*m***W* year 2013-2014 to conduct cost audit for its Sugar
unit & Distillery unit rinrpnrata Governance are made part of the
Annual Report.
Prsonns
The particulars of employees as per Section 217 (2A) of Companies Act
1956 read with the Company''s (Particulars of employees) Rules 1975 is
Nil.
Absorption and Foreign Exchange ft.rn.nff and outgo. absorption and
foreign exchange earning and outgo, is annexed and forms part of me
report.
Director''s Responsibility Statement tenant to the provisions of Section
217(2M) of Companies Aot 1956, me Direct give hereunder the D,reclors
venting and detecting fraud and other irregulanties, and - 4. The
Directors have prepared the Annual Account on ongoing concern basis.
Acknowledgement under review.
Sd/-
Nikhilesh Verma
Place: Chandigarh (Company Secretary)
Dated 14/08/2013
Mar 31, 2012
The Directors have the pleasure in presenting their 19th Annual Report
together with Audited Accounts of the Company for the year ended 31 st
March 2012
FINANCIAL RESULTS: (Rs. In lacs)
Particulars 31st
March'12 31st
March 11
Total Income 3513.19 2631.84
lncrease/(decrease) of Stock in trade 75.47 26.63
Profit before Interest & Depreciation 894.43 562.88
Less: Interest 27.87 27.73
Depreciation 265.10 252.81
Profit / (Loss)before Tax 601.46 282.34
Net Profit 618.94 282.34
Beview af ttewMLnsaf Sagar M
During the year sugar mill of the company was Leased out for the
crushing season 2010-11. Sugar Mill crushed 23552.66 quintals of
sugarcane, and produced 1410 bags of sugar. The Mill also produced 2000
quintals of molasses.
Review of the operations of Distillery
The unit has produced 7,18,142 cases of Punjab medium Liquor (PML),
3719709 (Bulk Liters) of Extra Neutral Alcohol
(ENA), and 172833 (Bulk Liters) Denature Spirit till 31st March 2012
The unit has recorded a turnover of 2839.90 Lacs.
Indian Sugar Industry
Daring 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 also
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).
Pirwtors
Sh. Devinder Sharma Wholetime Director & Sh. Kartikeya Sharma, Director
of the Company retires by rotation and are eligible for the
reappointment.
During the year Sh. H.P.S. Mann Director cane has resigned from the
Board of Directors of the company.
The Board has also appointed Sh. Jai Parkash Kaushik as Director of the
company.
Piyj&nd
Due to Accumulated Losses, your directors express their inability to
recommend dividend for the year ended 31 st March 2012
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 cn 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 of Sh. Sanjeev
.K. Bansal, Cost Accountant for the finanoiaiÃ
year 2011-2012 to conduct cost audit for its Sugar unit & Distillery
unit. Ã
Corporate Governance %
Pursuant to clause 49 of the Listing Agreement with the Bombay Stock
exchange Limited (BSE), Management discus- -
sion and Analysis, Corporate Governance Report and Auditors certificate
regarding compliance of conditions of corpo: > rate 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 Company's (Particulars of employees) Rules 1975 is
Nil.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO: v -
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 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 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 esti-_ mates that are
reasonable to 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
2012 and of 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 Sugar & Allied Industries Limited
Sd/- Sd /-
Place: New Delhi (Devinder Sharma) (Jai Parkash Kaushik)
Date: 14/08/2012 Wholetime Director Director
Mar 31, 2010
The Directors have the pleasure in presenting their 17th 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 2989.95 3958.69
lncrease/(decrease) of Stock in trade 37.95 (1116.75)
Profit before Interest & Depreciation 578.49 294.32
Less: Interest 68.68 102.04
Depreciation 241.86 230.26
Profit / (Loss)before Tax 268.15 (37.98)
Provision for Tax 0.00 2.50
Net Profit / (Loss) 268.15 (40.48)
Review of the operations of Sugar Mill
The Sugar Mill did not commence the crushing operations during the
season 2009-2010 due to non availability of sugar cane & adverse
conditions prevailing in the entire state of Punjab. The farmers of the
Punjab have diverted to other crops like wheat, rice etc as sugar cane
is 12 months crop. This has resulted in lower availability of sugar
cane which has led to steep increase in the purchase price of the sugar
cane & decline in the capacity utilization .of the sugar mills. The
sugar Mill has recorded a turnover of Rs.5.5 Lacs & incurred a Loss of
Rs.278.50 Lacs during the year.
Review of the operations of Distillery
The unit has produced 1010497 cases of Punjab Medium Liquor and
produced/purchased Rectified Spirit (RS) & Extra Natural Alcohol (ENA)
2900187 (Bulk Liters), Denature Spirit 43659 (Bulk Liters) till 31st
March 2010. The unit has recorded a turnover of 3667.06 Lacs and earned
a profit of Rs.546.65 lacs.
Rehabilitation Scheme
The Company was declared as Sick industrial company within meaning of
clause "O" of sub section 1 of the section 3 of the Sick Industrial
Companies (Special Provisions) Act 1985. Company had entered into One
Time Settlement with State Bank of Patiala for its dues and has already
made the payment of entire dues as per settlement. The Hon able Board
for Industrial & Financial Reconstruction, (BIFR) New Delhi has also
approved the Scheme for the rehabilitation of the company on 1/4/2010
and one of the remedial measures envisages 50% reduction in the paid up
capital ,as a result of this the value of each equity share of Rs
10/-will be reduced to Rs.5/-whereafter two equity shares of Rs 5/-
each shall be consolidated into one Equity Share of Rs 10/-. Hence new
shares in the ratio of 1 share for every 2 shares held by a shareholder
are being issued by the company.
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.
Directors
Sh. Chander Sekhar Singh and Sh. HPS Mann, Directors of the Company
retire by rotation and are eligible for the reappointment.
During the year The Honable Board for Industrial & Financial
Reconstruction (BIFR), New Delhi has appointed Sh. N.P.
Gupta as its Special Director on the Board of Directors of the company.
During the year Sh. Kartikeya Sharma was appointed as Additional
director of the company.
Dividend
Due to Losses, your directors express their inability to recommend
dividend for the year ended 31st March 2010. Auditors
M/s. Jain & Associates, Chartered Accountant, 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 2016-11.
Corporate Governance
Pursuant to clause 49 of the listing Agreement wth the Stock Exchange,
Mumbai, Management Discussion and Analysis, Corporate 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
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) Rule 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.
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
and 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
institutions, banks, suppliers, customers, farmers and all other
concerned with the Company during the year under review.
For Piccadily Sugar & Allied Industries Limited
Sd/- Sd/-
Place : New Delhi (Chander Sekhar Singh) (HPS Mann)
Date : 29.05.2010 Wholetime Director Director (Cane).
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