DEAR SHAREHOLDERS,
Your Directors hereby present the 89th Annual Report and the Financial Statements of
the Company for the financial year ended March 31, 2023.
FINANCIAL RESULTS
During the year under review, the sugar segment of your Company passed through a
difficult period, However the Distillery unit worked satisfactorily. The summarized
financial results of the Company are presented below:
(Rs. in Lakhs)
Particulars |
For the year ended March 31, 2023 |
For the year ended March 31, 2022 |
a) Total Revenue Profit (Loss) before |
55296.81 |
47029.67 |
b) providing for Exceptional Item and Depreciation |
(1852.90) |
(915.55) |
c) Less: Exceptional Item Less: Provision for |
- |
- |
d) Depreciation |
(1109.29) |
(736.95) |
| e) Profit (Loss) before Tax |
(2962.19) |
(1652.50) |
f) of Less : Excess Provision IncomeTax relating to earlier
year |
- |
- |
g) Profit (Loss) from ContinuingOperation |
(2962.19) |
(1652.50) |
h) Profit (Loss) from discontinuingOperation |
- |
- |
| i) Profit (Loss) for the year |
(2962.19) |
(1652.50) |
j) Other Comprehensive Income |
(94.18) |
95.64 |
k) Income Total Comprehensive forthe period Basic earnings
per share of |
(3056.37) |
(1556.86) |
l) Rs 10/- each (Rs) Diluted earnings per share |
(56.423) |
(31.476) |
| m) of Rs.10/- each (Rs) |
(56.423) |
(31.476) |
TRANSFER TO RESERVES
No amount is proposed to be transferred to the General Reserve out of the amount
available for appropriation.
DIVIDEND
In view of the Current year loss and carry forward losses, the Company does not have
any divisible profits available for payment of dividend to equity shareholders. The
Directors have therefore not recommended payment of any dividend for the year ended March
31, 2023. Dividend Distribution Policy of the Company has been hosted on the website of
the Company i.e., www.sirshadilal.com.
FINANCE
Due to increase in Sugar cane prices, the Sugar Mills in Uttar Pradesh suffered heavy
Losses. However, The Company is regularly paying its debts as a result of which Company
Interest Cost is decreasing, which is viewed favourably by the Bankers. The Banks,
however, continue to be cautious in increasing their exposure to the sugar industry,
keeping in view the risk of Government intervention in the form of raw material pricing.
INDIAN ACCOUNTING STANDARDS
Pursuant to notification dated February 16,2015 issued by the Ministry of Corporate
affairs, the Company has adopted the Indian Accounting Standards ("Ind As")
notified under the Companies (Indian Accounting Standards) Rules, 2015 as applicable to it
with effect from April 01,2017 with the transition date April 01, 2016. Accordingly, the
Financial Statements have been prepared in compliance with Ind AS and the comparative
information of the previous years has been provided as per the prescribed requirements.
CREDIT RATING
The rating of the company for the financial year 2022-23 was B+ and the company had
assigned the work of credit rating to Informerics Rating & Research Pvt Ltd. and the
same is awaited for the Financial Year 2023-24. This reflects improvement in the business
risk profile which is expected to remain steady with moderate growth over the medium term.
The rating however remains constrained on account of working capital intensive
operationwithsignificantaccumulated losses and a high degree of regulatory risk in sugar
industry.
Material changes and commitments affecting the financial position between end of the
financial year and date of the report There have been no material changes or commitments
made which affect the financial position of the Company between end of the financial year
and date of the report.
COMPANY OPERATIONS:
The operating performance of the sugar unit for crushing season 2022-23, as compared to
the previous crushing season 2021-22, is as under:
| Particulars |
2022-23 |
2021-22 |
| i) Gross working days |
194 |
190 |
| ii) Cane crushed (lakh/qtls.) |
99.83 |
107.51 |
| iii) Average cane crush (qtls./day) |
51460 |
56582 |
| iv) Manufacturing losses (%) |
2.07 |
3.56 |
| v) Steam Consumption (% cane) |
51.45 |
48.48 |
| vi) Average sugar recovery (% cane) |
10.15 |
9.63 |
| vii) Downtime (%) |
11.24 |
6.74 |
| viii) Sugar production (lakh/qtls) |
10.13 |
10.35 |
The Company cane crush was 99.83 Lakhs qtrs. The Recovery during the period was 10.15%
( C Heavy Moasses). The recovery % cane was higher mainly due to higher pol in cane which
resulted from improved varietal mix and implementation of other cane development
activities.
CANE DEVELOPMENT
a) Due to vigorous efforts made by the management in the area of sugarcane development,
the area under cultivation of high sugar varieties of cane increased to 100% in season
2022-23 & maintains 100% in the season 2023-24. In addition, the management focused on
execution of both extensive and intensive cane development activities comprising of
appropriate usage of insecticides, pesticides and optimum use of fertilizers. It is
expected that we will achieve, the Pol % cane 12.50% in next crushing season 2023-24. It
will be 0.29% more as compared to Season 2022-23 (12.21%)
b) The management is also making efforts to increase the supply of cane at factory gate
from 70% in crushing season 2022-23 to about 72% in crushing season 2023-24.
c) Extraneous materials such as trashes, green tops, diseased cane, mud with cane
supplies has been found 2.96% against target of 2.20% for the Crushing season 2022-23.
Further the management plans to reduce extreneous matter upto 2.60% in coming crushing
season 2023-24.
d) The Company has undertaken vigorous cane development activities by encouraging high
yielding variety cane i.e. Co 15023, Co 118. This has resulted in the improvement in the
pol% cane from 12.21% to 12.50%. The recovery in the Sugar has found 10.15% as production
of C-heavy molasses during the season 2022-23. It is expected that we will achieve
recovery to 10.50% in the next season 2023-24.
DISTILLERY UNIT (SHAMLI DISTILLERY AND CHEMICAL WORKS) : INDUSTRY PROFILE:
Government policy continues to focus on increasing the percentage of mixing ethanol
with petrol. Consequently, the demand for ethanol continues to increase, which has a
positive effect on the financial performance of the distilleries like yours, which are
focused on production of industrial alcohol
COMPANY OPERATIONS: I) OPERATING PERFORMANCE:
The operating performance for the financial year 2022-23 as compared to the previous
financial year 2021-22 is as under:
Particulars |
2021-22 |
2022-23 |
| i) Gross working days (days) |
157.00 |
234.50 |
| ii) Production – RS (lakh/ltrs) |
119.38 |
205.60 |
| iii) Production – Ethanol (lakh/ltrs) |
91.10 |
132.06 |
| iv) Alcohol recovery/qtl. molasses (AL) |
24.11 |
23.86 |
| v) Fermentation efficiency (%) |
89.05 |
88.85 |
| vi) Distillation efficiency (%) |
98.57 |
98.03 |
Distillery production was high during 2022-23 as compared to last year due to more
working days.
Further analysis of operating performance for sugar and distillery segments are covered
under "Management Discussion and Analysis
Report" at Annexure 5 of this Report.
DIRECTORS
In accordance with the provisions of Companies Act, 2013 (the Act) and the Company's
Article of Association, Mr. Vivek Viswanathan, Joint Managing Director and Mrs. Radhika
Viswanathan Hoon, Director retire by rotation under section 152 of the Act, and, being
eligible, offer themselves for re-appointment at the ensuing Annual General Meeting.
Necessary resolutions for re-appointment of aforesaid Directors have been included in the
notice convening the ensuing annual general meeting.
The required information pursuant to Regulation 36 of the Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI
LODR Regulations") providing the experiences, qualifications, which the above
Directors hold Directorship and membership of the Committee of the Board are detailed in
the notice convening the Annual General Meeting, against the relevant items of the agenda,
which forms part of this annual report.
None of the Directors of the Company is disqualified from being appointed as Director
as specified in terms of section 164(1) and of the Companies Act, 2013.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS
The guidelines for selection of Directors are set out below: The Nomination and
Remuneration Committee of the Board of Directors oversees the Company's nomination process
for Directors.
The Committee identifiesand reviews individual qualified to serve as a Director on the
Board. The Committee may act on its own for identifying the potential candidates. The
Committee reviews and discusses each candidate and conducts evaluation of candidates in
accordance with the process that it deems fit and appropriate, discusses with the
Promoters, and sends its recommendation for nomination to the Board of Directors based on
the following guidelines:
ATTRIBUTES
1. For Independent Directors, the Committee seeks candidates who are not a nominee or
related to the Promoters of the Company. Such candidates shall possess integrity,
leadership, skill, managerial qualities, foresight abilities and competency required to
direct and oversee the Company's management in the best interest of stake holders i.e.
shareholders, consumers, employees and the community it serves.
2. The candidate must be willing to regularly attend meetings of the Board and develop
a strong understanding of the Company, its business and its need. He must contribute his/
her time and knowledge for the Company and be prepared to exercise his/her duties with
skill and care. Candidates should have understanding of governance concept and legal
duties of a Director.
The candidate should preferably have sufficient the Board of a listed Company.
For appointment of Executive Directors, the Committee also seeks opinion of Promoters.
KEY MANAGERIAL PERSONNEL
The Details of Key Managerial Personnel under section 203 of the Companies Act, 2013
and changes therein during the year are as under:
1. Mr. Rajat Lal, Managing Director
2. Mr. Vivek Viswanathan, Joint Managing Director
3. Mr. Rahul Lal, Joint Managing Director
4. Mr. Gajendra Kumar Sharma, Chief Financial
5. Mr. Ajay Kumar Jain, Company Secretary
STATEMENT ON DECLARATIONS GIVEN BY THE INDEPENDENT DIRECTORS
All Independent Directors have given necessary declarations that they meet the criteria
of independence as laid down under Section 149(6) of the Companies Act, 2013 and SEBI
(Listing Obligations and Disclosure Requirements) Regulation, 2015.
INDEPENDENT DIRECTORS MEETING
A separate meeting of the Independent Directors (Annual Independent Directors Meeting)
was convened on February 11, 2023 which reviewed the performance of the Board as a whole
and of the Non-Independent Directors on the basis of the report of the Nomination and
Remuneration Committee. The collective feedback of each Independent Director was discussed
with the Board, covering performance of the Board as a whole and performance of
Non-Independent Directors.
PERFORMANCE EVALUATION OF CHAIRMAN, DIRECTORS, BOARD AND COMMITTEES
Pursuant to the provisions of section 178 of the Companies Act, 2013 and Regulations 25
of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the
performance evaluation of Non-Independent Directors, the Board and Committee was
undertaken by the Nomination and Remuneration Committee for the year under review. The
performance evaluation report of the Non-Independent Directors, as done by the Nomination
and Remuneration Committee, has been reviewed by the Independent Directors. The
performance evaluation of the Chairman and Independent Directors is done by the Board and
the report of Nomination and Remuneration Committee for the Non-Independent Directors, as
reviewed by the Independent Directors, is placed before the Board of Directors. The
criteria for the performance evaluation are detailed in the report on Corporate Governance
attached as Annexure 5 of this Report.
The evaluation framework for assessing the performance of Directors, the Board and
Committees is done on the following parameters:
A) BOARD PERFORMANCE
1. Attendance and active participation
2. Knowledge of working of industry, experience in related issues Leadership and
initiative
3. Independent judgments on the Board discussions utilizing his knowledge and
experience especially on issues related to strategy, operational performance and risk
management
4. Commitment to role and fiduciary responsibility as a Board member
5. Understanding the nature of Director's role, demonstrate awareness and concern about
norms related to Corporate Governance, disclosure and legal compliance
6. Contribute new ideas / advise to management on business issues
B) COMMITTEE PERFORMANCE
1. The Committee is delivering on the defined objectives
2. The Committee has the right composition to deliver the Officer objective
REMUNERATION POLICY
The Board, on the recommendations of the Nomination and Remuneration Committee, has
framed a policy for selection and appointment of Directors, senior management and their
remuneration. The remuneration policy is stated in the report on Corporate Governance
attached at Annexure 5 of this Report.
MEETINGS
The calendar of meetings is prepared and circulated in advance to Directors.
During the financial year 2022-23, Four Board Meetings were held on 30.05.2022,
30.07.2022, 12.11.2022 and 11.02.2023. The details of the same are given in the Corporate
Governance report attached at Annexure 5 of this Report. The intervening gap between the
meetings was within the period prescribed under the Companies Act, 2013.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement of sub- section 134(3)(c) of the Companies Act, 2013 with
respect to Director's Responsibility Statement, the Directors confirm that:
i) In the preparation of the Annual Accounts for the year ended March 31, 2023, the
applicable accounting standards, read with requirements set out under the Act, have been
followed and there are no material departures from the same.
ii) They have selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company as at March 31, 2023 and of the Loss of the Company
for the financial year ended on that date.
iii) They have taken proper and sufficient care for the maintenance of the adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities.
iv) They have prepared the Annual Accounts of the Company on a "going
concern" basis.
v) They have laid down Internal Financial Controls to be followed by the Company and
that such Internal Financial Controls are adequate and operating effectively.
vi) They have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.
RELATED PARTY TRANSACTIONS
There arenomateriallysignificantrelated party transactions made by the Company with
Promoters, Directors, Key Managerial Personnel and other designated persons which may have
potential conflict with the interest of the Company at large. All related party
transactions are placed before the Audit Committee and also Board of Directors for
approval. The form for disclosure of particulars of contract / arrangements entered into
by the Company with related parties referred to in sub section (1) of section 188 of the
Companies Act 2013 in form AOC -2 is given below:
FORM NO. AOC-2
(PURSUANT TO CLAUSE (B) OF SUB-SECTION OF SECTION 134 OF THE ACT AND RULE 8(2) OF THE
COMPANIES (ACCOUNTS) RULES, 2014.
Form for disclosure of particulars of contracts/arrangements entered into by the
Company with related parties referred to in sub section of section 188 of the Companies
Act, 2013 including certain arm's length transaction under third proviso thereto:
1. Details of contracts or arrangements or transactions not at arm's length basis
| S.No. |
Particulars |
Details |
a) |
Names(s) of the related party & nature of relationship |
N.A |
b) |
Nature of contracts /arrangements/ transaction |
None |
c) |
Duration of the contracts/arrangements/ transactions |
N.A |
d) |
Salient terms of the contracts or arrangements or transactions
including the value, if any |
N.A |
e) |
Justification for entering into such contractsor arrangements or
transactions |
N.A |
| f) |
Date of approval by the Board |
N.A |
| g) |
Amount paid as advances, if any |
N.A |
h) |
Date on which the special resolution was passed in general meeting as
required under first proviso to 188 |
N.A |
2. Details of contracts or arrangements or transactions at arm's length basis:
| S.No. |
Particulars |
Details |
| a) |
Name(s) of the related party & relationship |
N.A |
b) |
Nature of contracts/ arrangements/ transaction |
N.A |
c) |
Duration of the contracts/ arrangements/ transactions |
N.A |
d) |
Salient terms of the contracts or arrangements or transaction
including the value, if any. |
N.A |
| e) |
Date of approval by the Board for renewal |
N.A |
| f) |
Advance paid, if any |
N.A |
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The Company has not made any loans or investments or given any guarantee during the
year under review.
SUBSIDIARY COMPANIES/ASSOCIATE COMPANIES
The Company does not have any subsidiary, joint venture or associate Company.
Compliance with provisions relating to the constitution of Internal Complaints
Committee under the Sexual Harassment of Women at workplace (Prevention, Prohibition and
Redressal) Act, 2013
The Company has complied with provisions relating to the constitution of Internal
Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 by forming a Disciplinary Committee as per provisions
of the Act. The Company confirms that there is no complaint / case filed against or
pending with the Company during the financial year 2022-23.
CODE OF CONDUCT
Code of Conduct for the Directors as well as for the members of the senior management
of the Company was adopted in the Board meeting held on April 4, 2005 which was
subsequently amended from time to time. The code is intended to serve as a basis for
ethical decision making in conduct of professional work. The Code of Conduct states that
each individual in the organization must know and respect existing laws, accept and
provide appropriate professional views and be upright in his conduct and observe corporate
discipline. The said Code of Conduct has been circulated to all the Directors and members
of senior management and the compliance of the same has been affirmed by them in respect
of the financial year 2023-24.
A copy of the Code of Conduct has been put up on the Company's website
www.sirshadilal.com. A declaration regarding compliance of Code of Conduct is given by the
Managing Director, under the head "Code of Conduct", that Board members and
senior management team have complied with the same under Corporate Governance and forms
part of this Report.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has a vigil mechanism named Whistle Blower Policy /section Vigil Mechanism
to deal with instances of fraud and mismanagement, if any.
A vigilance Committee has been constituted which looks into the complaints raised. The
Committee reports to the Audit Committee and the Board.
The details are given in the report on Corporate Governance attached as Annexure 5 of
this Report.
PREVENTION OF INSIDER TRADING CODE
The Company has adopted Code of Practices & Procedures for Fair Disclosure of
Unpublished Price Sensitive Information for Prevention of Insider Trading with a view to
regulate trading in securities by the Directors, designated employees of the Company and
other related parties. The code requires pre clearance for dealing in the Company's shares
and prohibits the purchase or sale of Company shares by the Directors and the designated
employees while in possession of unpublished price sensitive information in relation to
the Company and during the period when the trading window is closed. The Board is
responsible for implementation of the code.
All Directors and the designated employees have confirmed compliance with the code.
AUDITORS
M/s Basant Ram Sons, was appointed as Statutory Auditors of the Company in the last
AGM.
COMMENTS ON AUDITOR'S OBSERVATIONS
(i) Reply to paragraph no. 1 of "Other Matter" in Auditor's report relating
to non-maintenance of accounts on accrual basis:
As stated in the note no. 35 of the financial statement in respect of interest
liability on delayed payment of sugar cane price. The company has not provided towards
interest liability of late payment of cane price for the sugar season 2011-12 to 2014-15,
Rs. 607.19 Lakh and also for Rs. 15425.89 Lakhs relating to subsequent year 2015-16 to
2022-23, in the view of the Supreme Court order no. 35113/2017 dated 23.05.2018.
Auditor comments to report is self-explanatory
(ii) Reply to paragraph no. 2 of "Other Matter" in Auditor's Report relating
to bonus liability:
As state in note no. 36 of the financial statement in respect of bonus liability, due
to amendment in Payment of Bonus (Amendment) Act 2015, in terms of which the ceiling of
payment of bonus has been revised w.e.f. 1st April, 2014. Certain High Courts have stayed
implementation of revision of bonus Act from retrospective
effect.IndianSugarMillsAssociationhavealso implementation of the order regard to
retrospective effect from 1st April, 2014. The matter is subjudice.
Auditor comments to report is self-explanatory
(iii) Reply to paragraph no. 3 of "Other Matter" in Auditor's report non
provision of deffered tax
As Stated in Note No.37 to the Standalone Financial Statements, the Management has
decided, not to make any further provision this year for Deferred Tax Assets. The
management in view of current year loss and accumulated losses and in absence of virtual
certainty about future profitabilityhas decided not to account for the effect of Deferred
Taxation for this year, and continuing to carry forward the Deferred Tax Assets Rs.
6881.11 lakhs already accounted for in earlier years.
Auditor comments to report is self-explanatory
COST AUDITOR
The Board of Directors of the Company approved appointment of Mr. Rishi Mohan Bansal,
Cost Auditor, for conducting the cost Audit for sugar and industrial alcohol business for
the financial year 2023-24.
The Cost Audit reports for the last Audited accounts for the financial year ended March
31, 2023 were filed by the cost Auditor with respect and to sugar and industrial alcohol
business on 05.08.2023, which is within the due date. There was no adverse or negative
remark in the reports. As per the Companies Act, 2013, cost Auditors need to be appointed
within 180 days from the commencement of every financial year.
Accordingly, the Company has appointed Mr. Rishi Mohan Bansal as cost Auditor for
conducting the cost Audit of sugar and industrial alcohol for the financial year 2023-24.
The appointment is subject to ratification in the nextAnnual General Meeting.
SECRETARIAL AUDITOR
The Board of Directors of the Company appointed M/s Rahul Saini & Co., Company
Secretaries (Membership No. ACS 16716, C.P.No. 7009), as the Secretarial Auditors to
conduct the Secretarial Audit for the financial year ended March 31, 2023.
The Secretarial Audit Report for the financial year ended March 31, 2023 is annexed
herewith as Annexure-1 to this Report. There is no qualification, reservation or adverse
remark or disclaimer in the report.
FIXED DEPOSITS
The Company has not invited or accepted any deposits within the meaning of Section 73
of the Companies Act, 2013 during the year under report. In terms of proviso to Rule 2 (1)
(c) (viii) of the Companies (Acceptance of Deposits) Rules, 2014, the Board hereby report
that the Company has not borrowed any unsecured loans from the Directors/ Relatives or any
other related parties.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of Annual Return in form MGT-9 is annexed with
Annexure-2 of this Report and also on the web site of the Company, www.sirshadilal.com
FRAUD REPORTING
There was no fraud reported by the Auditors of the Company under Section 143(12) of the
Companies Act, 2013, to the Audit Committee or the Board of Directors during the year
under review.
DISCLOSURE OF RATIO OF REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONS
As required under section 197(12), read with rule 5 of the Companies (Appointment and
remuneration of managerial personnel) Rules, 2014, the details of the ratio of the
remuneration of each Director to the median employee's remuneration and such other details
as prescribed therein are given in Annexure-3 of this Report.
PARTICULARS OF EMPLOYEES
The information required pursuant to section 197(12), read with rule 5 of the Companies
(Appointment and remuneration of managerial personnel) rules, 2014, in respect of the
employees of the Company are given in Annexure-3 of this Report.
DETAIL OF SHARES WITH DIFFERENTIAL VOTING RIGHT, SWEAT EQUITY SHARE AND ESOP SCHEME
The Company has not issued shares with differentialvoting right and sweat equity
shares. There was no scheme of ESOP during the financial year.
SIGNIFICANT AND MATERIAL ORDERS
Therearenosignificant orders passed by the regulators or courts or tribunals impacting
the going concern status and Company's operation in future.
RISK MANAGEMENT
Pursuant to section 134(3)(n) of the Companies Act, 2013 and Regulation 21 of
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Company has constituted a business Risk Management Committee. The
details of the Committee, its terms of reference, risks associated and their mitigation
are set out in the report on Corporate Governance attached at Annexure-5 of this Report.
INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY
The Company has over the years evolved effective systems and procedures to ensure
internal financial controls in all its establishments and such policies and procedures
adopted by the Company for ensuring the orderly and efficient conduct of its business,
including adherence to Company's policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information.
The Audit Committee evaluates the Internal Financial Control system periodically. An
effective communication/ reporting system operates between the Units and Corporate Office
to keep various establishments abreast of regulatory changes and ensure compliances. The
details of the internal Financial control system and their adequacy are given in the
report on Corporate Governance attached at Annexure-5 of this Report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company had constituted CSR Committee in the Board Meeting held on 08.08.2017 as
the Company has earned profits more than 5 Crore in the preceding financial years. The
Board of Directors of the
Company has approved the CSR Policy in the Board of Directors meeting held on August 8,
2017. As per the provisions of Section 135 of the Companies Act 2013, there is no
liability of the Company to spend in CSR Activity as the Company's Average profits during
last three financial years are negative and its Net Worth is completely eroded.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO
The particulars relating to energy conservation, technology absorption, foreign
exchange earnings and outgo, as required to be disclosed under section 134(3)(m) of the
Companies Act, 2013 read with Companies (Accounts), Rules, 2014, are provided in
Annexure-4 of this Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The performance of both the business segments of the Company i.e. Sugar and Alcohol,
for the year ended March 31, 2023 and current year prospects, as required under Regulation
34 of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, has been detailed in the "Management Discussion and
Analysis Report" in the report on Corporate Governance attached at Annexure-5 of this
Report.
CORPORATE GOVERNANCE
The Company complies with all the mandatory requirements as stipulated under the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (the Listing
Regulations). The separate section on Corporate Governance, including a certificate from a
practicing Company secretary confirmingcompliance of the conditions of Corporate
Governance, as stipulated under regulations 17 to 27 and clauses (b) to (i) of regulation
46(2) and paras C and D of Schedule V of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (the Listing Regulations), is given in Annexure-5 of this
Report.
DISCLOSURE POLICY
In line with requirements under regulation 30 of the Listing Regulations, the Company
has framed a policy on disclosure of material events and information as per the Listing
Regulations, which is available on our website at https://www.sirshadilal.com/ corporate
governance.
LISTING ARRANGEMENT
The shares of the Company are listed with the BSE Limited. The annual listing fee for
the year 2023-24 has been paid to the Exchange.
DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,PROHIBITION, AND
REDRESSAL) ACT, 2013
The Company confirms that there or pending with the Company during the financial year
2022-23
INDUSTRIAL RELATIONS
The industrial relations remained generally cordial during the year at both the plants
of the Company.
APPRECIATION
Your Director's wish to place on record their sincere thanks and appreciation for the
devoted services rendered by the employees of the Company at all levels. We also place on
record our appreciation to the Financial Institutions, Punjab National Bank, Zila Sahkari
Bank Ltd., Other Business Associates and Government Authorities for their valuable
cooperation and support from time to time. We would also like to express our thanks to our
Shareholders for their continued confidence in the Company.
For and on behalf of the Board of Directors of Sir Shadi Lal Enterprises Ltd.,
|
Rajat Lal |
Udit Pat Singhania |
| Place: Shamli |
(Managing Director) |
(Chairman) |
| Dated: 29.07.2023 |
(DIN 00112489) |
(DIN 07984594) |
