Home  »  Company  »  Rana Sugars  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Rana Sugars Ltd.

Mar 31, 2014

Dear members,

The Directors have pleasure in presenting the 22nd Annual Report together with the Audited Accounts of your Company for the year ended 31st March, 2014.

1. FINANCIAL RESULTS :

(Rs. in lacs) Current Previous year ended year ended 31.03.2014 31.03.2013

Profit before interest, 8,347.25 11,147.49 depreciation & tax

Less: Financial Costs 7,965.20 7250.71 Depreciation 3,316.42 3292.12

Profit/(Loss) before Tax & (2,934.37) 604.66 Exceptional Items

Exceptional Items 15.09 45.85

Profit/(Loss) before Tax & Extra (2,949.47) 558.81 ordinary Items

Extra ordinary Items - 14.37

Provision for Tax

Current Tax 4.02 3.62

Deferred Tax (559.48) -

Net Profit/(Loss) after Tax (2,394.01) 540.81

OPERATIONS:

Cane Crushed (Qtls) 1,69,45,624 1,62,08,098

Sugar Beet (Qtls) 5,69,155 -

PRODUCTION :

Sugar (Qtls) 14,99,165 13,95,343

Molasses (Qtls) 8,37,546 8,94,586

Electricity (Units) 23,06,04,366 25,53,56,063

Spirit & others (BL) 1,89,53,456 1,63,87,778

Liquor (Cases) 11,27,813 13,47,755

2. DIVIDEND:

Due to losses, your Directors propose not to recommend any dividend for the year under review.

3. DIRECTORS:

The Company had pursuant to the provisions of clause 49 of the Listing agreement and Companies Act, 2013 appointed Shri A. S. Sodhi, Shri S. A. S. Bajwa and Shri Baljit Singh as Independent Directors of the Company.

In accordance with the provisions of section 149 of the Act, these directors 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.

Persuant to clause 49 of the Listing Agreement, details of all directors being appointed as Independent Directors is being provided in separate annexure.

4. DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to requirement under Section 217(2AA) of the Companies Act, 1956 and section 134 (3) (C) of Companies Act, 2013 (to the extent notified) with respect to Directors'' Responsibilities Statement, it is hereby confirmed:

(i) that in the preparation of the annual accounts for the financial year ended 31st March, 2014, the applicable accounting standards had been followed alongwith proper explanation relating to material departures;

(ii) that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for the year under review;

(iii) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 and Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the directors had prepared the accounts for the financial year ended 31st March, 2014 on a going concern basis.

5. FIXED DEPOSITS:

The Company has not accepted any deposits under Section 58-A of the Companies Act, 1956 and section 73 of Companies Act 2013 (to the extent notified) during the year under review.

6. AUDITORS:

M/s. Kansal Singla & Associates, Chartered Accountants, Chandigarh, Statutory Auditors of the Company, retire at the conclusion of ensuing Annual General Meeting and being eligible offer themselves for re-appointment. The Board recommends their re-appointment.

7. COST AUDITORS:

The Board of Directors has appointed M/s. Khushwinder Kumar & Co., Cost Accountants as the Cost Auditors of the Company for the year 2014-2015 under 233 B of the Companies Act, 1956 and Section 148 of the Companies Act, 2013 (to the extent notified).

8. PARTICULARS OF EMPLOYEES:

None of the employees is covered under the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

9. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

As required under Section 217 (1)(e) of the Companies Act, 1956 and section 134 (3) (m) of Companies Act, 2013 (to the extent notified) read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, the information relating to conservation of energy, technology absorption and foreign exchange earnings and outgo is enclosed as Annexure ''A'' and forms part of the Report.

10. CORPORATE GOVERNANCE:

As required under Listing Agreement with Stock Exchanges, a report on the Corporate Governance alongwith Auditors'' Certificate on compliance of conditions of Corporate Governance are enclosed as Annexure ''B'' & ''C'' and report of Management Discussion and Analysis is attached as annexure ''D'' and the reports form the part of the Directors'' Report.

11. INFORMATION PURSUANT TO LISTING AGREEMENT WITH THE STOCK EXCHANGES:

The names and addresses of the Stock Exchanges where the Company''s securities are listed, are

1. BSE Limited,

Floor 25, Phiroze Jeejeebhoy Towers, Dalal Street, MUMBAI - 400 001.

2. National Stock Exchange of India Limited,

"Exchange Plaza", Bandra-Kurla Complex, Bandra (E), MUMBAI - 400 051.

The listing fee for 2014-2015 to all the above Stock Exchanges have been paid and there being neither delisting nor suspension of shares from trading during the period under review.

12. ACKNOWLEDGEMENT :

Your Directors wish to place on record their appreciation for the continued support and co- operation to the Company by various departments of Central/State Government, cane cultivators, customers, suppliers, dealers, agents, banks, financial institutions, investors and shareholders.

The Directors also place on record their appreciation for the dedicated and sincere services rendered by the employees at all levels.



For & on behalf of the Board

(RANA INDER PRATAP SINGH) MANAGING DIRECTOR

RANA KARAN PRATAP SINGH) DIRECTOR

Place : Chandigarh Dated : 30th May, 2014


Mar 31, 2013

The Directors have pleasure in presenting the 21st Annual Report together with the Audited Accounts of your Company for the year ended 31st March, 2013.

1. FINANCIAL RESULTS :

(Rs. in lacs)

Current Previous year ended year ended 31.03.2013 31.03.2012

Profit before interest, depreciation & tax 11,147.49 8987.09

Less: Financial Costs 7250.71 7798.37

Depreciation 3292.12 3222.17

Profit/(Loss) before Tax & Exceptional Items 604.66 (2033.45)

Exceptional Items 45.85 (8.76)

Profit/(Loss) before Tax & Extra ordinary Items 558.81 (2042.21)

Extra ordinary Items 14.37 --

Provision for Tax

Current Tax 3.62 2.27

Net Profit/(Loss) after Tax 540.81 (2044.48)

OPERATIONS:

Cane Crushed (Qtls) 1,62,08,098 1,63,48,491

PRODUCTION :

Sugar (Qtls) 13,95,343 14,10,452

Molasses (Qtls) 8,94,586 8,19,680

Electricity (Units) 25,53,56,063 18,72,71,859

Spirit & others (BL) 1,63,87,778 1,79,82,741

Liquor (Cases) 13,47,755 21,99,245



The Company has earned a net profit of Rs.540.81 lacs during the financial year ended 31st March, 2013 as compared to loss of Rs.2044.48 lacs during the previous year. Higher sale price realization of Sugar & Power and better capacity utilization have resulted into earning of profit during this year.

2. DIVIDEND:

Due to inadequate profits, your Directors propose not to recommend any dividend for the year under review.

3. DIRECTORS:

There was no change in the Directorship of the Company during the year.

Shri A. S. Sodhi, Shri Baljit Singh and Rana Karan Pratap Singh, Directors retire by rotation and being eligible offer themselves for re- appointment.

4. DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors'' Responsibilities Statement, it is hereby confirmed:

(i) that in the preparation of the annual accounts for the financial year ended 31st March, 2013, the applicable accounting standards had been followed alongwith proper explanation relating to material departures;

(ii) that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for the year under review;

(iii) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the directors had prepared the accounts for the financial year ended 31st March, 2013 on a going concern basis.

5. FIXED DEPOSITS:

The Company has not accepted any deposits under Section 58-A of the Companies Act, 1956 during the year under review.

6. AUDITORS:

M/s. Kansal Singla & Associates, Chartered Accountants, Chandigarh, Statutory Auditors of the Company, retire at the conclusion of ensuing Annual General Meeting and being eligible offer themselves for re-appointment. The Board recommends their re-appointment.

7. COST AUDITORS:

The Board of Directors has appointed M/s. Khushwinder Kumar & Co., Cost Accountants as the Cost Auditors of the Company for the year 2013-2014 under Section 233 B of the Companies Act, 1956.

8. PARTICULARS OF EMPLOYEES:

None of the employees is covered under the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

9. 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 conservation of energy, technology absorption and foreign exchange earnings and outgo is enclosed as Annexure ''A'' and forms part of the Report.

10. CORPORATE GOVERNANCE:

As required under Listing Agreement with Stock Exchanges, a report on the Corporate Governance alongwith Auditors'' Certificate on compliance of conditions of Corporate Governance are enclosed as Annexure ''B'' & ''C'' and report of Management Discussion and Analysis is attached as annexure ''D'' and the reports form the part of the Directors'' Report.

11. INFORMATION PURSUANT TO LISTING AGREEMENT WITH THE STOCK EXCHANGES:

The names and addresses of the Stock Exchanges where the Company''s securities are listed, are :- 1. BSE Limited, Floor 25, Phiroze Jeejeebhoy Towers, Dalal Street, MUMBAI - 400 001. 2. National Stock Exchange of India Limited, "Exchange Plaza", Bandra-Kurla Complex, Bandra (E), MUMBAI - 400 051. The listing fee for 2013-2014 to all the above Stock Exchanges have been paid and there being neither delisting nor suspension of shares from trading during the period under review.

12. ACKNOWLEDGEMENT :

The Board of Directors of your Company convey its appreciation to the cane cultivators, customers, suppliers, dealers, agents, banks, financial institutions, the government agencies and departments, for their continued support and co-operation. Your Directors wish to thanks for their understanding and support to the Management.

The Directors also place on record their appreciation for the dedicated and sincere services rendered by the employees at all levels.



For & on behalf of the Board



RANA RANJIT SINGH

CHAIRMAN

Place : Chandigarh

Dated : 30th May, 2013


Mar 31, 2010

The Directors have pleasure in presenting the Eighteenth Annual Report together with the Audited Accounts of your Company for the year ended 31st March, 2010

1. FINANCIAL RESULTS :

(Rs. in lacs) Current Previous year ended year ended 31.03.2010 30.09.2008 (18 Months) (12 Months) Profit before interest, 15781.47 1033.90 depreciation & tax Less: Financial Expenses 9010.55 4444.97 Depreciation 4350.56 2327.75 Misc. expenses 219.57 32.09 written off Profit/( Loss) before Tax & Prior Period expenses 2200.79 (5770.91) Prior Period income/(expenses) (16.68) (468.20) ProfitALoss) before Tax 2184.11 (6239.11) Provision for Tax : Current Tax 15.50 - Deferred Tax 216.71 1012.56 Fringe Benefit Tax, 25.00 (48.33) Wealth Tax & Earlier Year Provision for Tax Add: Earlier Year Provision 25.05 (20.48) for Tax W/Back Extra ordinary Income 546.65 1010.00 Net ProfitALoss) after Tax 2498.60 (4285.36) OPERATIONS: Cane Crushed (Qtls) 1,61,44.429 1,07,31,220 Production (Qtls) Sugar (Qtls) 18,58,143 9,32,647 Molasses (Qtls) 8,11,814 4,80,651 Electricity (Units) 23,35,36,933 12,10,47,389 Rectified Spirit (BL) 60,42,971 70,76,346 Extra Neutral Alcohol (BL) 1,52,29,245 88,15,180 Denatured Spirit (BL) 12,95,671 12,55,396 Punjab Medium Liquor (Cases) 30,54,745 14,50,494 Indian Made Foreign Liquor (Cases) 1,51,331 1,38,398

The Company has earned a Net Profit of Rs.2498.60 lacs during the financial year ended 31st March, 2010 as compared to loss of Rs.4285.36 lacs during the previous year ended 30th September, 2008. The main reasons for the earning the profit this year, are high sugar prices and sale of power through out the year. Further, the Company has also done processing of raw-

sugar which it imported from other countries resulting into running the sugar plants through out the year which also earned good profit during the year. UNFCCC has approved approx. 1.50 lacs Certified Emission Reductions (CERs) to the Company. The approximate trading value of these CERs is Rs. 11.50 crores.

2. DIVIDEND

Your Company is passing through a period of transition and consolidation. As such, your Directors propose not to recommend any dividend for the year under review.

3. DIRECTORS

Shri S. K. Duggal resigned from the directorship of the Company during the year.

Shri Balour Singh has been nominated as Director by Punjab Energy Development Agency during the year.

The Board places on record the appreciation of useful contribution made by Shri S. K. Duggal during his tenure.

Shri S. A. S. Bajwa, Shri M. P. Singh and Rana Karan Pratap Singh, Directors retire by rotation and being eligible offer themselves for re- appointment.

4. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors Responsibilities Statement, it is hereby confirmed:

(i) that in the preparation of the annual accounts for the financial year ended 31st March, 2010, the applicable accounting standards had been followed alongwith proper explanation relating to material departures;

(ii) that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for the year under review;

(iii) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance

with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the directors had prepared the accounts for the financial year ended 31st March, 2010 on a going concern basis.

5. FIXED DEPOSITS

The Company has not accepted any deposits under Section 58-A of the Companies Act, 1956 during the year under review.

6. AUDITORS

M/s. Kansal Singla & Associates, Chartered Accountants, Chandigarh, Statutory Auditors of the Company, retire at the conclusion of ensuing Annual General Meeting and being eligible offer themselves for re-appointment. The Board recommends their re-appointment.

The explanations/information in respect of the observations of the Auditors in their report are given in Annexure E read with the relevant Audit observations are self explanatory.

7. COST AUDITORS

The Board of Directors has appointed M/s. Khushwinder Kumar & Co., Cost Accountants as the Cost Auditors of the Company for the year 2010-2011 under Section 233 B of the Companies Act, 1956, which has been approved by the Govt. of India.

8. PARTICULARS OF EMPLOYEES

None of the employees is covered under the provisions of Section 21 7(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

9. 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 conservation of energy, technology absorption and foreign exchange earnings and outgo is enclosed as Annexure " A and forms part of the Report.

10. CORPORATE GOVERNANCE

As required under Listing Agreement with Stock Exchanges, a report on the Corporate

Governance alongwith Auditors Certificate on compliance of conditions of Corporate Governance are enclosed as Annexure B & " C and report of Management Discussion and Analysis is attached as annexure " D1 and the reports form the part of the Directors Report.

11. INFORMATION PURSUANT TO LISTING AGREEMENT WITH THE STOCK EXCHANGES

The names and addresses of the Stock Exchanges where the Companys securities are listed, are:

1. Bombay Stock Exchange Limited, Floor 25, Phiroze Jeejeebhoy Towers, Dalai Street, MUMBAI - 400 001.

2. National Stock Exchange of India Limited, "Exchange Plaza",

Bandra-Kurla Complex, Bandra (E), MUMBAI - 400 051.

3. Luxembourg Stock Exchange

(Societe de la Bourse de Luxembourg S A)

B.P.165

L-2011, Luxembourg

The listing fee for 2010-2011 to all the above Stock Exchanges have been paid in time and there being neither delisting nor suspension of shares from trading during the period under review.

12. ACKNOWLEDGEMENT

The Board of Directors of your Company expresses its gratitude for the continued co-operation and support extended by financial institutions, banks, the government agencies and departments, the customers and suppliers, dealers, agents and shareholders which has been source of strength of the Company.

The Directors also place on record their appreciation for the dedicated and sincere services rendered by the employees at all levels.

For & on behalf of the Board RANA RANJIT SINGH CHAIRMAN Place : Chandigarh Dated : 5th June, 2010

 
Subscribe now to get personal finance updates in your inbox!