<dhhead>DIRECTORS REPORT</dhhead>
To
The Shareholders
Your Directors have pleasure in presenting this SEVENTY SIXTH ANNUAL
REPORT along with the Audited Statement of Accounts for the year ending 31st March, 2023.
Financial Results:
(Rupees in lakhs)
Particulars |
This Year |
Last Year |
Sales |
145291.73 |
121728.74 |
Other Income |
2713.85 |
3805.04 |
|
148005.58 |
125533.78 |
Profit for the year |
29419.28 |
27048.19 |
Depreciation |
6088.97 |
5714.06 |
Profit after depreciation |
23330.31 |
21334.13 |
Add: Income Tax Refund received |
15.95 |
3.41 |
Excess Provision of last year |
(33.59) |
(3.75) |
Less: |
23312.67 |
21333.79 |
Provision for Current Tax |
6150.00 |
5575.00 |
Provision for Deferred Tax |
(177.54) |
(403.69) |
Profit after Tax |
17405.39 |
16169.98 |
Add: Balance brought forward from last
year |
31474.29 |
28015.02 |
Profit available for utilisation |
48879.68 |
44185.00 |
UTILISATION |
|
|
Equity Dividend for 2020-21 |
-- |
2710.71 |
Equity Dividend for 2021-22 |
5421.44 |
-- |
Transfer to General Reserve |
10000.00 |
10000.00 |
Balance carried forward to next year |
33458.24 |
31474.29 |
TOTAL: |
48879.68 |
44185.00 |
PERFORMANCE:
Your Directors are glad to report that for the year 2022-23, your
Company made a Profit of Rs.233.30 Crores (before tax) against a Profit of Rs.213.34
Crores made last year, which reflects another year of consistent performance. The Net
Profit (After Tax) was Rs.174.05 Crores against Rs. 161.70 Crores made last year.
DIVIDENDS:
Your Directors are glad to recommend a Dividend of Rs. 2/- per Equity
Share i.e., 100% (Face Value of Rs.2/-) for the year 2022-23. With this Dividend, if
approved, your Company would have the distinction of rewarding its Shareholders
continuously for the past 6 decades. The outflow towards Dividend payment would be Rs.
27.11 Crores.
The url link of Dividend Distribution Policy is
https://theandhrasugars.com/wp-content/uploads/didvidend-distribution-policy.pdf
CAPITAL & RESERVES: Authorised and Paid-Up Capital:
As on 31.3.2023, the Authorised Capital of the Company is Rs.30.00
Crores and the Paid-up Capital is Rs. 27.11 Crores.
The Andhra Sugars Limited
Reserves:
With the transfer of Rs. 100 Crores during the year under report, the
total Reserves as on 31.3.2023 stands at Rs. 993.30 Crores against Rs. 893.30 Crores on
31.3.2022.
REVIEW OF OPERATIONS:
SUGAR UNITS:
The Sugar Unit-II crushed in aggregate 3,37,491.66 M.T. of cane during
the 2022-23 season against 2,78,328.660 M.T. crushed last year. The crushing operations
and cane price paid to cane suppliers for the 2022-23 Season are:
|
SUGAR UNIT II |
|
TADUVAI |
|
Fin. Year |
Fin. Year |
|
2022-23 |
2021-22 |
(A) Crushing details: |
|
|
Total cane crushed (MT) |
3,37,491.66 |
278328.66 |
Total No. of days crushed |
106 |
89 |
Total Sugar produced(MT) |
34890 |
27773 |
Average Recovery |
10.34% |
9.98% |
(B) Cane price: |
|
|
Fair & Remunerative price (per M.T.) |
2968 |
2932 |
Cane price paid (per M.T)* |
3301.85 |
3246.47 |
*Includes Transport Subsidy.
Operations of Sugar Unit-I and Sugar Unit-III were suspended for the
Crushing Season 2022-23.
To encourage farmers to plant cane, your Company opted to pay a cane
price higher than the Fair Remunerative Price fixed by the Government.
POWER GENERATION:
During the year under report the Co-generation Unit at Taduvai
generated 12895832 Units of Power.
PERFORMANCE OF CHEMICAL DIVISION:
During the year under report the performance of Caustic Soda Division
at Saggonda was good. Turnover of Rs.858.51 Crores was achieved, Profit after depreciation
achieved this year was Rs. 233.70 Crores against Rs.185.27 Crores in the last year.
Sulphuric Acid division at Kovvur and Saggonda performed impressively
by posting a Profit of Rs.20.75 Crores as against Rs.36.69 Crores in the last year.
POWER UNITS:
The Net Power generated at Ramagiri Wind Mills during this year is
1145335 Units KWH.
The Net Power generation at the Tamil Nadu Wind Mills during the year
under report is 25356937 Units. This Power is being fed into the Tamil Nadu State
Electricity Board grid.
The Power generated by 33 MW Coal Based Captive Power Plant put up by
the Company at Saggonda during this year is 119983000 KWH. The entire Power is being used
at our Chemical Plants at Saggonda.
The Power generated by 2.5 MW Solar Captive Power Plant put up by the
Company at Kovvur during this year is 3293669 KWH. The entire Power is being used at our
Chemical Plants at Kovvur.
The Andhra Sugars Limited
PROJECTS: A. Caustic Soda:
Demand for Caustic Soda is on the rise. Our Major customers in the
Private and Public Sectors have been consistently lifting their commitments. As a part of
the ongoing market programme efforts are directed towards widening the customer base.
Keeping this in mind, your Company has expanded from the existing 500 Tonnes per day to
600 Tonnes per day Membrane Cell Caustic Soda facility at Chemical Complex, Saggonda and
the consent for operation for the expanded capacity is obtained. This Expansion is based
on the latest generation of Environment friendly and Energy-efficient Membrane Cell
Technology supplied by M/s. Thyssenkrupp Industrial Solutions India Ltd., a renowned
International organization having expertise and experience in establishing Chemical
Plants. The Plant is based on the latest 6th Generation Membrane Technology. This process
has a lower production cost, simple operations, is Energy Efficient & Environmental
friendly.
B. Sulphuric Acid:
Sulphuric Acid is widely used in Pharmaceutical, Fertilizer and Water
Treatment Industries causing an increase in demand for this product.
Your Company is setting up a 500 TPD Sulphuric Acid Plant at Chemical
Complex, Saggonda with an estimated cost of Rs.100.00 Crores being met by internal
generation. The Plant is expected to commence operations in the last quarter of the
Financial Year 2023-24.
C. Sodium Hypochlorite:
Your Company is setting up a Project at J.N. Pharmacity, Parawada,
Visakhapatnam non-SEZ area to manufacture 100 TPD Sodium Hypochlorite. Required statutory
approval was obtained for setting up the Plant. The estimated project cost was about
Rs.18.00 Crores. The required raw materials viz., Sodium Hydroxide and Chlorine gas can be
supplied from our Chemicals Division, Saggonda.
Sodium Hypochlorite has applications in Bulk Drugs / Pharmaceuticals,
Fine Chemicals, Water treatment and Sea Food Industries.
Most of the Civil construction works are completed. All the bought-out
components required for this project have already been procured. Fabrication of all the
process equipment and main storage tanks are completed. Fabrication and erection of pipe
racks / bridges are also completed. Equipment erection was done partly.
We have planned to utilize the site (42.28 acres) completely in a
phased manner and we have also obtained CFE from APPCB for setting up a Chlor-alkali
project.
Meanwhile, APIIC had issued cancellation orders of the allotted site of
42.28 acres, stating that your Company has not fulfilled the terms and conditions of the
original tri-party agreement entered between APIIC, RPCIL and ASL and the project was not
implemented. Your Company has filed a writ petition in the Hon'ble High Court of Andhra
Pradesh against APIIC to suspend the site cancellation orders given by APIIC. The High
Court has ordered Status Quo and the matter is reserved for Judgement.
Under the present circumstances, your Company is not continuing with
the Sodium Hypochlorite project construction and commissioning activities.
D. Salicylic Acid Project:
As the demand for Salicylic Acid is continuously growing in the areas
of Cosmetic Skin Care, Hair Care and Health Care, it is proposed to set up a new 2640 TPA
Salicylic Acid Plant with the latest Technology and Zero discharge waste water system at
Tanuku. The expected outline is around Rs.36.50 Crores. Major works are in progress and
the plant is expected to be commissioned at the end of the 3rd quarter of 2023-24.
DEMATERIALISATION OF EQUITY SHARES:
As of 31st March, 2023 Equity Shares representing 56.19 % of the Share
Capital have been dematerialised.
AUDITORS:
The Audit Committee and the Board at their meeting held on May 28, 2022
approved the appointment of M/s. Brahmayya & Co., Chartered Accountants as Statutory
Auditors for a term of five (5) years i.e. from conclusion of the 75th Annual General
Meeting till the conclusion of 80th Annual General Meeting.
Their remuneration for the Financial Year 2023-24 of Rs. 19,00,000/- is
being sought for your approval at the ensuing Annual General Meeting.
OBSERVATIONS MADE BY STATUTORY AUDITORS:
In respect of the observation made by statutory auditors on excess
provision of Managerial Remuneration, the same will be placed for the approval of the
Share holders in the ensuing Annual General Meeting.
COST AUDITORS:
For the year 2022-2023 M/s Narasimha Murthy & Co., Cost
Accountants, Hyderabad were the Cost Auditors of the Company which are subject to Cost
Audit. For the year ended 2023-24, your Board of Directors have approved the appointment
of M/s. Narasimha Murthy & Co., Hyderabad as Cost Auditors for the 8 No. of Products
and recommend to Shareholders to ratify the remuneration of Rs. 7,50,000/- as fixed by the
Board on the recommendation of Audit Committee.
CORPORATE GOVERNANCE:
As per the amended provisions of the SEBI Listing Regulations, a Report
on Corporate Governance along with Management Discussion and Analysis forming part of the
Directors' Report is annexed.
COMPLIANCE CERTIFICATE OF THE AUDITORS:
The Statutory Auditors have certified that the Company has complied
with the conditions of Corporate Governance as stipulated in the Listing Agreement with
the Stock Exchanges and the same is annexed to the Report of Directors.
AUDIT COMMITTEE:
Audit Committee comprises of Three Non-Whole time, Independent
Directors and One Whole-time Director Dr. P. Kotaiah, Sri V.S. Raju, Sri P.A. Chowdary and
Sri P. Achuta Ramayya respectively. Dr. P. Kotaiah is the Chairman of this Committee.
DIRECTORS AND KMP:
Directors Sri Mullapudi Narendranath and Sri P. Achuta Ramayya retire
by rotation at the ensuing 76th Annual General Meeting and being eligible, offer
themselves for re-appointment.
Statements of declaration as per Section 149(6) of the Companies Act,
2013 have been given by the Independent Directors.
Sri P. Narendranath Chowdary, Chairman & Managing Director and Sri
P.V.S. Viswanadha Kumar, Vice President (Finance) & Addl. Secretary have been
designated as Key Managerial Personnel.
COMPLIANCE UNDER COMPANIES ACT, 2013
Pursuant to Sec.134 of the Companies Act, 2013 read with Companies
(Accounts) Rules, 2014, your company has complied with the compliance requirement and the
details of which are enumerated hereunder.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirements of Section 134(1) (c) of the Companies
Act, 2013 and based on the explanation and compliance certificate given by the executives
of the Company, and subject to disclosures in the Annual Accounts and on the basis of
discussions with the Statutory Auditors of the Company from time to time, we state as
under: a) that in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to material departure.
b) that the directors selected such accounting policies and applied them consistently and
made judgments and estimates that those are 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 of the Company for that period. c) that the Directors have taken proper and
sufficient care for the maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities. d) that the Directors have
prepared the annual accounts on a going concern basis. e) that the Directors have laid
down internal financial controls to be followed by the Company and that such internal
financial controls are adequate and were operating effectively. f) that the Directors
devised proper systems to ensure compliance with the provisions of all applicable laws and
that such systems were adequate and operating effectively.
BOARD MEETINGS:
The Board of Directors met 4 times during the financial year 2022-2023
on 28.05.2022, 10.08.2022, 12.11.2022 and 11.02.2023.
INDEPENDENT DIRECTORS MEETING:
A Meeting of the Independent Directors was held on 18th March, 2023.
The Independent Directors have evaluated the performance of the Non-independent Directors,
the Board as a whole and Chairman of the Board. The Board was briefed by Lead Independent
Director on the deliberations made at the Independent Directors Meeting.
FAMILARISATION PROGRAMME:
Your Company through a Policy has in place a familiarisation programme
to all the Directors with a view to update them on the Company's Policies and Procedures.
Independent Directors make a periodical visit to plants to keep themselves abreast of the
plant operations. Respective Plant Heads interact with the Independent Directors and
explain to them about the various processes and operations.
FORMAL ANNUAL EVALUATION OF THE BOARD
The Board evaluated its own performance and that of its Committees and
Directors in terms of: Measured and appropriate contribution by the Directors to the
discussions on the Agenda Items, ??Each Director exercising the responsibilities in
a bonafide manner. Understanding of the Company's business, strategic plans and other key
issues. ??Special Skills and expertise of each Director contributing to the Board's
overall effectiveness. ??Respecting the confidentiality of the Company's business
information and Board's deliberations. ??Satisfactory attendance and active
participation of each Director at the meetings of the Board and Committee.
The Board members were of the opinion that the Board as a whole and the
Directors have performed effectively as per the terms of the above parameters. The
respective Committees performed as per its terms of reference.
VIGIL MECHANISM:
As a part of Vigil Mechanism, a Whistle Blower Policy has been
established and approved by the Board. This Policy envisages reporting of wrong doing or
un-ethical activities observed by Employees at any level directly to the Chairman of the
Audit Committee or to the Chairman & Managing Director. The matter whenever reported
is investigated and if the wrong doer is found guilty, disciplinary action will be
initiated depending upon the materiality of the un-ethical doings. During the year under
report there have been no instances which required reporting. An exclusive E-mail ID
?histleblower@theandhrasugars.com· was created for this purpose.
NOMINATION AND REMUNERATION COMMITTEE:
As required by the Provisions of the Companies Act, 2013 and Listing
Agreement, a Nomination and Remuneration Committee comprising of Independent Directors Sri
V.S. Raju (Chairman), Sri P.A. Chowdary and Dr. Manjulata was constituted by the Board.
This Nomination and Remuneration Committee has formulated Nomination
and Remuneration Policy which has been approved by the Board. This Nomination &
Remuneration Policy has laid down criteria and terms and conditions with regard to
identifying persons who are qualified to become Directors (Executive and Non-Executive)
and persons who may be appointed in Senior Management and Key Managerial positions and to
determine their remuneration based on the Company's size and financial position and trends
and practices on remuneration prevailing in the industry. Appointment of Managing Director
/ Whole-time Director / KMP and Functional Heads are placed before Nomination and
Remuneration Committee for its consideration and recommendation to the Board.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
As required by the Provisions of the Companies Act, 2013, a Corporate
Social Responsibility (CSR) Committee has been constituted by the Board of the Company
with Sri P. Narendranath Chowdary, Managing Director Chairman of the Committee, Sri
Mullapudi Thimmaraja, Joint Managing Director and Sri V.S. Raju, Independent Director are
Members of the Committee. This Committee has formulated a CSR Policy which has been
approved by the Board. This Policy envisages CSR Activities to be taken up, the amount of
expenditure to be incurred and monitoring of CSR Activities from time to time.
7
This Policy aims to achieve the CSR objectives by undertaking one or
more of the activities to be in alignment with Schedule VII of the Companies Act, 2013
either on its own or through any Trust / Society or any other recognized implementing
Agency.
As per the provisions of Section 135(5) of the Companies Act, 2013, the
company should spend in every Financial Year at least 2% of the average net profits of the
company made during the three immediately preceding Financial Years. In pursuance of its
Corporate Social Responsibility Policy, the company gives preference to the local area and
areas around it, where it operates or any other permissible location for spending the
amount earmarked for Corporate Social Responsibility activities.
Accordingly, for achieving its CSR objectives through the
implementation of meaningful and sustainable CSR programmes, your Company allocates at
least 2% of its average Net Profits calculated as per Section 198 of the Companies Act,
2013, as its Annual CSR Budget in each Financial Year.
From the Annual CSR Budget allocation, a provision is made towards the
expenditure to be incurred on identified areas, for undertaking CSR activities on a
year-to-year basis.
Allocation of the Annual Budget for CSR activities in any given year
would be as per the provisions of the Companies Act, 2013 and rules made thereunder as
amended from time to time. Any unspent/unutilised CSR allocation of a particular year will
be carried forward to the next year, i.e., the CSR budget will be non-lapsable in nature.
As required by Rule 8 of the Companies (CSR Policy) Rules, 2013, a
Report on CSR Activities and the amount of expenditure incurred are annexed to this
Report.
RISK MANAGEMENT COMMITTEE:
As required by the Provisions of the Companies Act, 2013 and SEBI
(LODR) Regulations, 2015 the Board constituted of Risk Management Committee with the
following members:
1. Sri Mullapudi Narendranath - Member (Executive Director)
2. Sri P. Achuta Ramayya - Member (Executive Director)
3. Sri P. Venkateswara Rao - Chairman (Non-Executive and Independent
Director)
4. Sri P.S.R.V.K. Ranga Rao - Member (Executive Director)
The Committee met in the twice in the year on 28.05.2022 and
11.11.2022.
RISK MANAGEMENT POLICY
This Risk Management Committee has formulated a Risk Management Policy
which has been approved by the Board, which envisages the following Identification of
areas of Risk Assessing the impact of Risks Steps were taken to mitigate the Risk The
Major Segments of operations of the Company are Sugar and Chlor Alkali.
The major aspects of concern for the Sugar Sector are:
1) Lack of Harvesting Labour
2) Power to operate the irrigation requirements
3) Proper Cane Varieties that give good Cane and Sugar yield that are
suitable for mechanical harvesting.
To get around the 1st aspect, the Company has developed a mechanised
sugar Cane Harvester suited to our Grower Farm sizes. The 2nd aspect is being taken care
of by setting up a Solar Powered Pumping System at our R & D Farm so that our Growers
could ultimately be provided the right guidance in this aspect. The 3rd aspect is being
met by the Cane Breeding Programme undertaken by the Company.
The Chlor Alkali segment is power intensive where Power constitutes a
major input cost. Restricted power supply and increased power costs have become a cause of
concern. To mitigate this impact, a Solar Power Plant has been commissioned at Kovvur. At
Saggonda a 33 MW Coal Based Captive Power Plant has been commissioned. This would improve
the power availability to the Chemical Plants at Saggonda. Increasing imports and
volatilities in the market prices constitute a major risk factor for this segment.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The Company has duly complied with the provisions of Section 186 of the
Companies Act, 2013 with regard to Loans, Guarantees or Investments, the details of which,
as applicable are provided in the Notes to Balance Sheet.
CREDIT RATING:
ICRA has rated the Credit Limits of the Company and re-affirmed rating
as stated below:
Facility |
Rated Value Crores (Rs.) |
Period |
Rating Assured |
Total Bank Loan facility |
160.00 |
Long-term Rating Short-term
Rating |
[ICRA] A+ (Stable) [ICRA]
A1 + |
Fixed Deposits |
50. 00 |
- |
[ICRA] A+ (Stable) |
The rating assigned above shows the safety regarding timely servicing
of financial obligations and low credit risk.
INDUSTRIAL RELATIONS:
The relations with employees continue to be cordial and harmonious
during the year under report.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE POLICY:
The Company has in place a Prevention of Sexual Harassment Policy in
line with the requirements of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 (Act.) An Internal Compliance Committee (ICC) has
been set up to redress the complaints received regarding sexual harassment. All employees
are covered under this Policy. As on the date of this report, there were no complaints
received by the ICC.
SAFETY, HEALTH AND ENVIRONMENT:
Safety, Occupational Health and Environment Protection continue to be
accorded high priority.
ANNUAL RETURN:
As required by Section 92 of the Companies Act, 2013 and relevant
rules, an Extract of Annual Return in MGT-7 is placed on the Company's website. You can
find the same on www.theandhrasugars.com.
RELATED PARTY TRANSACTIONS:
There is no transaction with Related Party which requires disclosure
under Section 134(3) (h) of the Companies Act, 2013 and Rule 8(2) of the Companies
(Accounts) Rules, 2014.
SECRETARIAL AUDIT REPORT:
As required by Provisions of Companies Act, 2013, Secretarial Audit
Report as provided by Nekkanti S R V V Satyanarayana & Co., Hyderabad, Company
Secretaries in practice is annexured to this Report.
PARTICULARS OF EMPLOYEES:
Information in accordance with the provisions of the Companies Act,
2013, read with the relevant Rules made thereunder, regarding employees is annexed as
Annexure "A" forming part of this Report.
RATIO OF REMUNERATION OF EACH DIRECTOR:
Details of ratio of Remuneration of each Director to the median
employee's remuneration is enclosed.
There are no significant and material orders passed by the Regulators
or Courts or Tribunals which would impact the going concern status of the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
Information pursuant to Section 134 of the Companies Act, 2013 read
with relevant rules is given in Annexure "B" forming part of this Report.
FIXED DEPOSITS:
As required by the Companies Act, 2013 the details of Fixed Deposits as
on 31.3.2023 is given hereunder.
|
2022-2023 |
2021-22 |
(a) Accepted during the year. |
NIL |
NIL |
(b) Remained unpaid or unclaimed as at the
end of the year. |
6,05,000 |
25,00,000 |
(c) Whether there has been
any default in repayment of deposits or payment of interest thereon during the year and if
so, number of such cases and the total amount involved. |
NO |
NO |
i) at the beginning of the year |
NOT APPLICABLE |
NOT APPLICABLE |
ii) maximum during the year |
-do- |
-do- |
iii) at the end of the year |
-do- |
-do- |
(d) Details of deposits which are not in
compliance with |
|
|
the requirements of Chapter V of the Act. |
NIL |
NIL |
TRANSFERS TO I.E.P.F:
During the year 21,422 no. of shares of 33 Shareholders have been
transferred to I.E.P.F Authority. Unclaimed dividend amounting to Rs 8,29,017/- of 1,276
Shareholders for the year 2014-15 has been transferred to I.E.P.F Account.
CONSOLIDATED ACCOUNTS:
In accordance with the Accounting standards, consolidated financial
statements of the Company and its Subsidiaries form part of the Report and Accounts. These
consolidated statements have been prepared on the basis of Audited Results received from
the Subsidiary Companies as approved by their respective Boards. The Accounts of the
Subsidiary Companies for the year 2022-23 have not been attached to the Company's
Accounts. However, Shareholders desirous of obtaining the Annual Accounts of the
Subsidiaries may obtain them upon request. The Annual Report and the Accounts of the
Subsidiary Companies will be kept for inspection at the Company's Registered Office as
well as at the offices of our Subsidiary Companies.
SUBSIDIARIES AND ASSOCIATE: JOCIL LIMITED:
For the Financial Year ending 31.3.2023 your subsidiary Company, JOCIL
Ltd., posted a profit of Rs.1274.28 lakhs (before taxation) against Rs. 957.85 lakhs
(before taxation) last year. The Board of Directors of this Company has recommended a
Dividend of Rs. 2.50/- per Share to Shareholders for the Financial Year 2022-23.
THE ANDHRA FARM CHEMICALS CORPORATION LIMITED:
The Company incurred a Loss of Rs.1,67,350/- as against the Loss of
Rs.5,617/- during last year.
HINDUSTAN ALLIED CHEMICALS LIMITED:
Directors are on the look out for the suitable projects to be taken up.
This Company during the year has earned a profit of Rs.52.76 lakhs (Before Tax) against a
profit of Rs.57.08 Lakhs (Before Tax) last year.
THE ANDHRA PETROCHEMICALS LIMITED:
The Company achieved sales of Rs. 68298.16 lakhs against Rs. 96538.01
lakhs last year and earned profit (before Tax) of Rs. 2927.41 lakhs against Rs. 30107.98
lakhs last year. The Board of Directors of this Company has recommended a Dividend of
Rs.1.50/- per Share to Shareholders for the Financial Year 2022-2023.
INTERNAL CONTROL SYSTEM:
Your Company conducts a periodical review of the financial and
operating controls of the various Units. The Internal Control System of your Company is
commensurate with its size and nature of business. The Board has also laid down a policy
on Internal Financial Control as required by the provisions of the Companies Act, 2013.
The same has been posted on Company's Website www.theandhrasugars.com
LISTING ON STOCK EXCHANGE:
Company's Equity Shares are listed on National Stock Exchange and
Annual Listing Fee for the Financial Year 2022-23 has been paid.
ACKNOWLEDGEMENT:
Your Directors wish to place on record their appreciation for the
co-operation extended by the State & Central Government authorities, Banks, Farmers
and all the concerned associated with the Company in its Business process. They also
express their appreciation to the employees at all levels for the successful working of
the Company.