Notes to Accounts of Piccadily Sugar and Allied Industries Ltd.

Mar 31, 2015

NOTE 1 PAYABLES & RECEIVABLES

Balance of certain sundry debtors, loans & advances (including capital advances), creditors and other process of confirmation/reconcil- liation. The management is of the opinion that adjustment, in liabilities if any, arising out of such reconcilliation would not be material.

NOTE 2 ADVANCES RECOVERABLE

In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for known liabilities is adequate and not in excess of amount reasonably necessary.

NOTE 3 MICRO SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

The company has not received intimation from suppliers regarding the status under Micro Small and Medium Enterprises Act 2006 and hence disclosures if any, relating to amounts unpaid as at the year end together with Development interest paid/payable as required under the said Act have not been given.

NOTE 4 REGROUPING OF FIGURES

The previous year figures have been recast/ regrouped whenever considered necessary to facilitate comparison.

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Mar 31, 2014

1. RIGHT OF SHAREHOLDERS

A) Each Shareholder is entitled to one vote per share.

B) Each Shareholder has the right in profit/surplus in proportion to amount paid up with respect to share holding,

C) In the event of winding up, the equity shareholders will be entitled to receive the remaining balance of assets, if any, in proportionate to their individual shareholding in the paid up equity capital of the company.

D) There is no change in the Number of Share outstanding at the beginning and at the end of the Financial year.

2. CONTINGENT LIABILITIES

a) Additional demand raised by Sales NIL NIL tax authorities pending in appeals

b) Estimated amount of contracts NIL NIL remaining to be executed on capital account and not provided for (net of advances).

c) Contingent Liability in respect of NIL NIL Interest on cane cess,if any.

d) Contingent Liability in respect of NIL NIL Unassessed cases of Income Tax,Sales Tax,Excise duty.

3. PAYABLES & RECEIVABLES

Balance of certain sundry debtors, loans & advances (including capita! advances), creditors and others are in process of confirmation/reconcilliation. The management is of the opinion that adjustment, in liabilities if any, arising out of such reconcilliation would not be material.

4. ADVANCES RECOVERABLE

In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for known liabilities is adequate and not in excess of amount reasonably necessary,

5. FOREIGN EXCHANGE TRANSACTION

(a) Value of imports calculated on CIF basis by the company during the financial year in respect of:

1. Raw Materials NIL NIL

2. Components and Spare Parts NIL NIL

3. Capital Goods NIL NIL

(b) Expenditure in Foreign Travelling NIL NIL

(c) Earning in Foreign Currency NIL NIL

6. MICRO SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

The company has not received intimation from suppliers regarding the status under Micro Small and Medium Enterprises Act 2006 and hence disclosures if any, relating to amounts unpaid as at the year end together with Development interest paid/payable as required under the said Act have not been given.

7. REGROUPING OF FIGURES

The previous year figures have been recast/ regrouped whenever considered necessary to facilitate comparison with revised Schedule XI.

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Mar 31, 2013

NOTE 1 DISCLOSURE AS PER AS-17 SEGMENT REPORTING

Segment Reporting : - As per the Accounting standard No. 17 issued by the Institute of Chartered Accountants of India, New Delhi, segment reporting is applicabie to the company as the company has two profit centers Le. Sug3r Unit & Distillery Unit. The main financials of the reporting is given as under: -

N0TE 2 PAYABLES & RECE

Balances of certain sundry debtors. loans & advances (including capital advances), creditors and iiabililies are in the process of confirmation/feconcilliation. The management is of the opinion that adjustment if any arising out of such reconcilliation would not be material.

NOTE 3 ADVANCES RECOVERABLE

in the opinion of the Board, me current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for known li3bilifes is adequate and not in excess of amount reasonably necessary.

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Mar 31, 2012

(Amount in Rs.) As at As at 31st March, 2012 31st March, 2011

NOTE 1 CONTINGENT LIABILITIES

1 Additional Demand raised by Sales tax Authorities pending in appeals 30 67

2 Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 52 190

3 Contingent liability in respect of Interest on cane cess, if any Unascertained Unascertained

4 Contingent Liability in respect of Unassessed cases of Income tax Unascertained Unascertained Sales tax, Excise duty and Service tax

NOTE 2 NOTE REGARDING PAYABLE AND RECEIVABLE

Balances of certain debtors, Loans & Advances (including capital advances), creditors and other liabilities (including asso- ciate company) are in process of confirmation/ reconciliation. The management is of the opinion that adjustment, if any, arising out of such reconciliation would not be material.

NOTE 3 MICRO SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT 2006

Company has not received intimation from supplier regarding the status under Micro Small & Medium Enterprises Act 2006 and hence disclosure,if any .relating to amounts unpaid as at the year end togather with Development the interest paid/payable as required under the said Act have not been given.

NOTE 4 MISCELLANOUS INCOME

Miscellaneous/ other income of Rs.31.91 lacs (Previous year Rs 39.93 lacs) includes Rs 8.72 lacs as wastage recovered from L-13Agents (Previous year Rs 27.39), Rs 10.53 lacs sale of scrap (previous year nil)Rs 1.03 as profit from sale of Vehicle( Previous year Rs. nil),, Rs nil lacs as excise duty (Previous year Rs 0.83 lacs) and Rs. 11.63 lacs as Agriculture produce & other/misc. (Sales previous year Rs11.70) -

NOTE 5 EARNING PER SHARE

The Company has calculated earning per share in accordence with Accounting Standard 20 (AS 20} issued by the Institute of Chartered Accountants Of India and accordingly the net Profit of Rs 61893731 /-{28234181/-} is divided by weighted aver- age number of 23254527 equity shares for calculating Basic & Diluted earning per share.

NOTE 6 Reoroupina of figures

The previous year figure have been recast/ regrouped wherever considered necessary to facilitate comparision with revised Sechdule XI.

NOTE 7 Valuation of Current Assets & Liabllites

In the opinion of the board, the current assets,Loans and advances are approximately of the value stated and provision for known liabilities is adequate and not in excess of amount considered reasonably necessarily.

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Mar 31, 2010

1 Contingent Liabilities: (Rs in Lacs) (Rs in Lacs)

Current Year Previous Year

a) Additional demand raised by Sales tax authorities pending in appeals. 67.47 37.39

b) Estimated amount of contracts remaining to be executed on capital 291.98 340.00 account and not provided for (net of advances).

c) Contingent Liability in respect of Interest Unascertained Unascertained on cane cess.if any.

d) Contingent Liability in respect of Unassessed cases Unascertained Unascertained of Income Tax.Sales Tax.Excise duty.

2 Sundry debtors, loans and advances and Sundry Creditors are subject to confirmation, reconciliation and adjustment and the amount is unascertained.

3 The remuneration paid to directors is as follows:

Current Year (in Rs.) Previous Year (in Rs.)

Whole time director 868333.00 255952.00

Computation of net profit in accordance with section 349 of the Companies Act, 1956.

2009-10

(Rs in Lacs)

Profit for the year

before taxation as per

P&LAccount 268.15

ADD : Directors Remuneration 8.68

Less: Profit on sale of fixed

assets Nil

Profit u/s 198 of the

Companies Act, 1956 276.83

The remuneration to Directors being paid accordance with schedule XIII and section 198,309 & 310 of the Companies Act 1956.

4. Previous year income of Rs. 20333/- is on account of cenvat credit of service tax taken in this year, which pertain to previous year.

5. Sale and cost of raw material consumption includes Rs. NIL (previous year Rs.470.69 lacs) on account of inter-unit transfer of Molasses and Cane juice from sugar division to Distillery Unit (including excise duty.)

6. Financial expenses include interest on term loan 47.92 lacs (Previous year Rs.46.87 lacs) and on cash credit account Rs. 18.78 lacs (Previous year 18.36 lacs).

7. Miscellaneous income of Rs. 30.89 lacs (Previous year Rs107.84 lacs) includes Rs. 0.49 lacs as interest (Previous year Rs 0.47 lacs), Rs 0.03 lacs sundry balances written off (Previous year Rs18.79 lacs), Rs 18.35 lacs as wastage recovered from L-13 Agents (Previous year Rs Nil) Rs 10.00 lacs as refund from Hospital Charitble Trust, (Previous year Rs.Nil) Rs 0.93 lacs refund from sales tax autority (previous year Nil) and Rs 1.09 lacs as excise duty.(Previous year Rs 88.58 lacs)

8. The installments of term loans payable within one year period is Rs. Nil (previous year 295.55 lacs)

9. The Company have received a partial amount of Rs.380.00 Lacs as Share application money from Piccadily Agro Industries Limited as part payment towards allotment of shares of Rs 600.00 Lacs.

10. No provision of Income Tax has been made to keeping in view the carry forward losses and non applicability of section 115 JB of the Income Tax Act.

11. The Company was declared a sick industrial company vide order dated 03.10.2002 u/s 3(1) (o) of the Sick Industrial Companies (Special Provisions) Act, 1985. Now the Honable Board for Industrial and Financial Reconstruction vide its letter dated 09.04.2010 has sanctioned the Draft Rehabilitation Scheme by providing various relief and concessions. The effect of the said scheme has not been considered in the accounts for the year ending 31st March,2010.

12. The break up of Deferred Tax is as under :-

31.03.2010 31.03.2009

(Rs. In Lacs) (Rs. In Lacs)

Deferred Tax Assets

1. On account of carry

Forward tax losses & Unabsorbed

depreciation 1032.35 893.34

2. Expenses allowable on payment

basis (u/s 43 B) . 38.21 7.49

Total (A):- 1070.56 900.83

Deferred Tax Liability

Timing difference on account of

depreciation 458.95 519.80

Total (B): - 458.95 519.80

NET DEFERRED TAX ASSETS Total (A-B): - 611.61 381.03



The company has not recognized deferred tax assets as there is reasonable certainty considering the quantum of losses available to the company to be carried forward to subsequent Assessment year, the same may not be fully adjusted against future profit in view of Provision of Sec 72(3) of Income Tax Act 1961.

13. The company has calculated earning per share in accordance with Accounting Standard 20 issued by the Institute of Chartered Accountants of India, as per details given below:

PARTICULARS Current Year Previous Year

PROFIT/(LOSS) DURING THE YEAR (In Rs.) 26814959.32 (4048064.22)

NO OF SHARES 29509053 29509053

FACE VALUE 10 10.00

Basic & Diluted Earning per Share(in Rs.) 0.91 (0.14)

14. Segment Reporting : - As per the Accounting standard No. 17 issued by the Institute of Chartered Accountants of India, New Delhi, segment reporting is applicable to the company as the company has two profit centers i.e. Sugar Unit & Distillery Unit. The main Financials of the reporting is given as under: -

SUGAR UNIT DISTILLERY UNIT TOTAL

a) Segment Revenue (Rs. in Lacs)

External Sales 11.86 2978.09 2989.95

Notes -

a) The reportable business Segments are "Sugar" and Distillery.

b) The type of products in each business segments are as under:

1. Sugar: Sugar, Molasses and Bagasse.

2. Distillery: - Punjab Medium Liquor (PML), Rectified Spirit (RS), ENA and De-natured spirit.

c) Interdivisional transfers have been valued at prevailing market price.

d) Accumulated losses of Rs. 2879.57 lacs have been excluded from Segments Assets shown above.

e) There is no unallocated amount of revenue /expenses.

15. The information as required by para 3,4C and 4D of part II of Schedule VI of the Companies Act, 1956:-

I. The previous years figures have been recast/regrouped wherever considered necessary to facilitate comparison.

J. Schedule A to G and Annexure 1 to 7 form an integral part of Balance Sheet and Profit & Loss Account.