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 -C
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 -D 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 |