: , = ne Tel. = 491-120-460 6666 Exchange Plaza, Bandra Kurla € otnplex, "Fax > +91-120-2427166 . Bandra- (East), as ° * Exmail : info @simbhaolisugars.com Mumbai-400051. ©... vw simbhaolisugars.com

: Simbhaali Sugars Limited Ref: SSL: Stock Exchange vo ad CIN-L15122UP2014PLC044210 June 30, 2021 oh er GSTIN : O9AAPCS7569A1ZV wages (An FSSC 22000 : 2011, ISO 9001 : 2008 & 14001 : 2004 Certified Company} Corporate Office : : Ot A-112, Sector-63, Noida-201207 (Delhi NCR) INDIA

Department of Corporate Services BSE Limited, Eo Corporate Relationship Dept., P. J. Towers, Dalal Street, Mumbai - 400 0012

- Scrip Code: NSE: SIMBHALS BSE: 539742

Ref: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015"

Sub: Outcome of the Board mecting, held on June 30, 2021

Dear Sir,

The Board of Directors of Simbhacli Sugars Limited in their meeting held today i.e., Wednesday, June 30, 2021, which commenced at 11:00 AM and concluded at 3.45 PM, have considered and approved the following:

1. Standalone and consolidated Audited Financial Statements of the Company for the financial year ended March 31, 2021 and the Audited Financial results (Standalone afid Consolidated) for the quarter and Year ended March 31, 2021. The copies of the aforesaid Financial Results along with Reports of Auditors thereon are attached herewith. A statement of impact of the Audit qualification is also enclosed. moe EEG
1. Re "appointment of Ms. Gursimran Kaur Mann as Managing Director of the Company for a confirmation of the lenders and approval of members of the Company at ensuing Annual . General meeting.
1. Re-appointment of Mr. S N Misra as Chief Operating Officer of 'the Company i in the category of Whole Time Director for a further period | of Aworyears wef Sepienber 18, 2021. to Company ate ensuing Annual General meeting,

You are requested to take the above submissions i in your records. : ae

. Thanking you ae Gel eenely, " ali Sugars Limited 2 Ss Limited known as M/s Simbhaoli Sugars Limtied in pisrsmance to Scheme of Amalgamation, as senctioned ecretary by the Hon'ble High Court af Judicature at Allahabad es npa. M No. - ~ FC3 3140. Sugars Potable Alcahal Elhanal Poway

	(Formerly known as 'Simbhaoli Spirits. LiRegd. Office : Simbhaoli Dist. Hapur (U.P.}S 245207GIN - 115422UP2011PLC044210 E-mail: [email protected] Website: www.simbhaolisugars.comSTATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED	MARCH 31, 20241	ited')


	(a) Revenue from operations{b) Other incomeTotal revenue				1,20,8324
	2 j Expenses(a) Cost of materials consumed				1
	(b) Purchase of stock-in-trade(c) Changes In inventories of finished goods, work-in-				82,2022,866
	progress and stock-in-trade{d) Excise duty				(7,202
	{e) Employee benefits expense(f) Finance costs				19,888
	(9) Depreciation and amortisation expense{h) Power & fue!				5,696 3,1633,601
	T:				2.8441
	Profit! {loss} before exceptional items and tax a-2)Exceptional items.				(2,
	Profit! (loss) before Tax (3-4)Tax expense :- Current tax
	- Deferred taxTotal tax expenses.
	Net Profit(loss} from ordinary activities after tax (5-6}Other Comprehensive Income {net of fax)
	A) . Items that will not be reclassified to profit & lossii. Income Tax refating ft ttems that will not be reclassified to profit
	orloss.oB) . ftems that will be reclassified to profit & loss
	Il. Income Tax relating to Hems'that will be reclassified to profit orjoss
	TiofequityupRs. 10/-
	OtherEquity'BasicandDilutedEarningPer Shareannualized)(Rs.)(net
	EPSbeforeexceptionalitem-_
	. # Refer note no.6

UNDER REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS FOR THE QUARTER AND YEAR ENDED MARCH 314, 2021

SEGMENTASSETS ANDWISE REVENUE,RESULTS,LIABILITIESUNDER REGULATIONOBLIGATIONSANDTHE SEBI (LISTING33 OFFOR THE QUARTER AND YEAR ENDED MARCH 314, 2021


Reverie{a) Sugar			92,040
(b) DistilleryTotat
(B). Segment
Profit/ (loss) before finance costs, unallocated expenditure, exceptional itemstax from each segment(a) Sugar

Less:(a) Finance cost
{C). Segment Assets'{a) Sugar	1,326,426	1,60,072	11,60,072
(6) Distillery¢	43,425	42,024	42,024
). Sagment Liabilities(a) Sugar	70,473		90,142
(b) Distillery°({c) Unallocated	2,78123,279		2,716

SIMBHAOLI SUGARS LIMITED ' (Formerly known as 'Simbhaoli Spirits Limited') :

shires

SIMBHAOLI SUGARS LIMITED'
(Formerly known as 'Simbhaoli Spirits Limited'):CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2021	"Year ended T	Year ended
	March 31/2021	31,
A. CASH FLOW FROM OPERATING ACTIVITIES ;Net profit(oss) before tax and exceptional itemsAdjustments for:		(2,163)
Depreciation and amortizationFinance costs		3,603
Interest income on financial assets and othersLiability/provisions no longer required written backBad Debts and advances written off		3,163(1,223)
Gain on foreign exchange fluctuationProfit on redemption of Mutual Funds Units		(680)14
Loss/ (profit) from sale /diseard of Property, plant and equipment (net)Provision for doubtful debts anid advances		(16) Gl)
Mollasses Siorage FundOperating profitGoss) hefare working capital changes		449140
Adjustments for (iserease}decrease in operating assets:Changes in trade and other Téosivables		213,273
Changes in other non current and carrent financial assetChanges in other non curvent and other current assets		1,969(955)
Changes in inventoriesChanges in trade and other payables		(3,518)(6,994)
Changes in other non-current and other current financial HabilitiesChanges in other non-current and other current liabilities		11,146314
Changes in long tetm and short ten provisionCash (ased)/generated from Operations		456
Direct taxes (paid)/eefindNet cash (used) / from Operating activities
. CASH FLOW FROM INVESTING ACTIVITIES :wa
Additions to property, plant & equipment and intangible assetsSale of property, plant & equipment and intangible assetsPurchase of national Savings certificate
Interest received on debentures/fixed deposits/inter corporate depositsInvestment in Mutual funds
,Proceeds from Redemption of Mutual FundsChanges in fixed deposit placed with Ranks
Net cash (used) / from investing activities
iC. CASH FLOW FROM FINANCING ACTIVITES ;EMD Paid to banks for OTS
Payment of lease liabilityInterest expenses		(572)
Repayment af long tenn borowingsProceeds/(repayment) of short term borrowings( net)		(6)(1,207)(223)
Net cash (used} / from financing activities		(274)2,284)
b Net increase/(decrease) in cash and cash equivalents (A+B+C)		2,982
E. Cash and cash equivalents (opening balance}		1,307
F. Cash and cash equivafents (closing balance} (D+E)Cash and bank balances (DE)
tNotes:		4z9]
The above Cash Flow Statement has been Prepared under the "Indirect Method" as set out in the IndianCash Flows,	Accounting Standard (ind AS}7 on Statement of /

PMB ef

STATEMENT OF ASSETS AND LIABILITES

bo,


ASSETSNon-current assets
a) Property, Plant and Equipmentb} Capital work-in-progress	1,26,108
c) Intangible assets	83639
Right of use assetsd)e) Financial Assets	3
i) Investmentsit) Other financial assets	11,1681,329
f) Tax Assets _g} Other non - current assets	655273
Total non - current assets	1,40,411
Current assetsInventoriesa)	55,089
b) Financial Assetsi} Trade receivabies	3,509
ii) Cash and cash equivalents	4,289
iff) Bank balances other than abovevi) Other financial assets	1,6333,558
¢) Other current assetsTotal current assets	8,93277,010
Toial assets	2,17,421
EQUITY AND LIABILITIES{Equity
a) Equity share capital	4,128
b) Other equityShare holder's Funds	5,359) 1,231
LiabifitiesNon-current liabilities
Financial Liabilitiesa)Borrowingsi)
ii} Other financial liabilitiesProvisions b)
Total non - current Liabilities
Current liabilities
a) Financial Liabilitiesi) Trade payables4
-Total outstanding dues to micro and'smaill enterprises-Total outstanding dues of other than micro and small	27289,744
enterprisesif) Other financial liabilities	1,286,128
iti) Lease Liability on right of use assetsb) Provisions	3108
¢) Other current liabilitiesTotal current Liabilities.	1,532
	2,17,787
Total Equity and Liabilities	2,177,421

Notes to Standaione Results:

For the year ended March 31, 2021 and in earlier years, the Company has incurred losses due to high Sugarcane costs fixed by the state government, and comparatively lower prices of finished sugar due to higher production which are determined by the market forces based on demand-suppiy situation and other market dynamics. Due to above-stated external factors, the company had incurred huge losses in past resulting in complete erosion ofit's net worth. This has resulted in delay in meeting the payment obligations to the lenders and Sugarcane farmers in terms of their respective agreements and understanding. Although, the operations of the Company remained intact at sub-optimum levels over the years and it has been continuously striving for improvement in operation efficiency in form of improvement in sugar recovery, reduction in overheads and other costs etc. The Company has successfully completed crushing for Sugar season 2020-21 in all of its three sugar mills with better operational performance.

Recognizing the status of the sugar industry, the state and central governments have taken a number of meéasures to improve the financial health, support for liquidation of cane arrears, fixing minimum obligation for exports to manage the sugar inventory and providing subsidy to compensate export expenses, fixing minimum support price of sugar, and mandatory blending of ethanol with petrol with long term tendering and providing remunerative price of ethanol etc. All these measures huve resulted in revival of the sugar industry and the financial performance of the company has also improved during the year. Further, pursuant' to an order of Hon'ble High Court of Uttar Pradesh, the Uttar Pradesh sugar industry as well as the Company is confident to receive accrued benefits from the state government under the erstwhile New Sugar Industrial Promotion Policy (NSIPP 2004-09).

On account of delays in servicing of loans, certain lenders to the Company have initiated recovery proceedings at various forums, including filing of applications before the Hon'ble National Company Law Tribunal (NCLT) under the insolvency and Bankrupicy Code, 2016 and approached Debt Recovery Tribunals in Delhi and Uttar Pradesh as well. Against a criminal complaint filed by one of the lenders with the investigating agency, the Enforcement Directorate had passed an attachment order on certain assets of the Company to the extent of Rs. 109.80 Crore, against which the Company has preferred an appeal with the appropriate authority and the matter is subjudice. Enforcement Directorate had proceeded to take the constructive possession of the attached property on which an interim stay has been granted by the Hon'ble Appellate Tribunal.

The Company is continuing to pursue a comprehensive debt resolution proposal with all the lenders. The majority of commercial lenders have shown their inclination ta accept the debt resolution proposal and accepted the Earnest Money offered thereof while Debt realignment proposal is submitted with other lenders. Considering the steps initiated for achieving turnaround of the Company and sugar sector, ongoing discussions with the lenders for resolution of their dues and continuing manufacturing operations in near foreseeable future with improved operational efficiency, these financial statements are continued to be presented on going concern basis, which contemplates realization of assets and settlement of liabilities, in the normal course of business.

. Impact of COVID 19 Pandemic

The Company has considered the potential impact of spread of Coronavirus Disease (COVID-19), throughout the couniry,in preparation of financial results for the quarter and year ended March31, 2021 hased on the information available to it up to the date of approvalof these financial results. However, the impact of COVID-19 as well as negative outlook of Sugar sector on the carrying amount of its property, plant and equipment's and consequential impairment could not be ascertained and provided for due to non- availability of requisite information on account of lockdown restrictions.

The impact of COVID-19 may differ from what bas been assessed by the Management as at the date of approval of these financial resulis. The Company will continue to closely monitor any material change in future economic conditions and take appropriate action as may be required. ses

accepted inclination the to offered accept the debt resolution proposal (OTS Proposal) of the Company and jaccordingly lenders, for the Eamest Money Deposit. Accordingly, the Interest expenses pertaining to commercial respectively (previous quarter and yearended March 31, 2021 amounting to Rs. 4,295 lacs and Rs. 15,46 llacs lacs respectively) has quarter and year ended March 31, 2020amounting to Rs. 3,430 lacs;and Rs 13,146 towards accrued interest not been recognized in profit and loss account. A total amount of Rs, 52,916 lacs has not been provided for in the books of accounts as on March 31, 2021.

since to 2014-15 been received by the UP by the sugar industry. No demand, pursuant to the order and for subsequent period has towards the interest Company. Considering this and also prevalent past practices, no such provision on delayed paytnent of cane price has been made in the accounts.
(SPPL) The outstanding as reported balance of the Company with its subsidiary company, Simbhaoli Power Private Limited in standalone financial statements, is subject to reconciliation on account of
financial The figures year for and the the last published quarter are the balancing figures between the audited figures in respect of full unaudited year to date figures upto the third quarter of the financial year.
from Sugar, quarter one of to the quarter. major businesses of the Company, is a part of seasonal industry. The results may vary
1. The previous periods fi gures have been regrouped/rearranged wherever necessary.
1. * ' of The Directors above results of the were Company reviewed and recommended by the Audit Committee and approved by the Board at their respective meetings held on June30, 2021,

Place: Simbhaoli, Hapur Date: June 30, 2021 Company Website: www.simbhaolisugars.com

Ox Mittal Gupta & Co.

Chartered Accountants * 14 Ratan Mahal 15/197 Civil Lines, Kanpur -208004 Tel: 0512-2303234, 2303235, 4009111 E-mail: [email protected]

Independent Auditor's Report on the Quarterly and Year to Date Standalone Financial Results of Simbhaoli Sugars Limited Pursuant te the Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 as amended.

To Board of Directors of Simbhacli Sugars Limited

Report on the audit of Standalone Financial Results

Qualified Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results of Simbhaoli Sugars Limited (the "Company") for the quarter and year ended March 31, 2021 (the "Statement"). The Statement has been submitted by the Company pursuant to the requirement of Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 as amended (the "Listing Regulation").

In our opinion and to the best of our information and according to the explanation given to us, except for the matters described in basis of qualified opinion paragraph below the Statement:

i. is presented in accordance with the requirement of the listing regulation in this regard; and
ii. gives a true and fair view in conformity with the applicable accounting standard and other accounting principle generally accepted in India, of the net profit after tax and other comprehensive income and other financial information of the company for the quarter ended March 31, 2021 and of the net loss after tax and other comprehensive income and other financial information for the year ended March 31, 2021.

Basis of Qualified Opinion

a) We draw attention to Note No.2 of the Statement regarding non provisions for impairment in the carrying value of Property, Plant and Equipments. We are not made available of appropriate impairment assessment carried out by the management and accordingly, we are unable to comment on the same including compliance with the Ind AS-36 (Impairment of Assets') and any consequential adjustments that may arise in this regard in these financial results.
b) We draw attention to Note No. 3 of the Statements regarding non-provision of interest expense amounting Rs. 4,295 Lakhs and Rs.15,461 Lakhs (Previous year Rs.13,146 Lakhs) on certain borrowings for the quarter and year ended March 31, 2021 respectively

for the reasons stated in the said note. Consequently, the Finance cost for the quarter and year has been understated; Net Profit after tax and total other comprehensive income for the quarter has been overstated: Net Loss and Total Comprehensive Income for the year has been understated by the aforesaid respective amounts. The aggregate amount of interest expense not provided for in the accounts aggregates to Rs. 52,916 Lakhs till March 31, 2021 (Rs. 37,454 Lakhs till March 31, 2020). Consequently, Current Financial Liabilities are understated and other equity as at March 3 i, 2021 and March 31, 2020 are overstated by the aforesaid respective amounts.
c) We draw attention to Note No.4 of the Statement regarding non- provision of interest liability in respect of delayed payment of sugarcane price for the reasons stated in the said note. '! he amount of interest not provided for in the books has not been ascertained.
d) We draw attention to Note No. 5 of the Statement, non provision of difference in the value of bagasse sold to and of certain claims made by Simbhaoli Power Private Limited, a subsidiary company aggregating to Rs. 511 Lakhs and Rs 716 (Previous year Rs.253 Lakhs) for the quarter and year ended March 3 1, 2021 respectively, for the reasons stated in the said note. Consequently, the Revenue for the quarter and year has been overstated; Net Profit after tax and total other comprehensive income for the quarter has been overstated; Net Loss and Total Comprehensive Income for the year has been understated by the aforesaid respective amounts. The aggregate amount of non provision of difference in the value of bagasse sold to and of certain claims not provided for in the accounts aggregates to Rs. 969 Lakhs till March 31, 2021 (Rs. 253 Lakhs till March 31, 2020). Consequently, Receivables and Total Equity as at March 31, 2021 and March 31, 2020 are overstated by the aforgsaid respective amounts.

Our opinion is qualified in respect of the above matters.

Material Uncertainty related to Going Concern:

As stated in Note No. 1, Statement has been prepared on going concern basis. Events or conditions as set forth in Note No. 1 indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as going concern. The ability of the Company to continue as going concern depends on the decision of National Company Law Tribunal under the Insolvency and Bankruptcy Code 2016, the Company's ability to get its borrowings restructured as stated in the said note and turnaround of its sugar and distilleries operations on sustainable basis.

Our opinion is not modified in respect of the Sbove matter. |

Klaine ve oie

together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Standalone financial Results

The Statement has been prepared on the basis of the annual financial statements. The Management and the Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Company and othcr financial information in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued there under and other accounting principles generally accepted in India and incompliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness the accounting records, relevant to the preparation and presentation of the Statement, that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordaitce with SAs will always detect a material misstatement when it" exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

¢ Identify and assess the risks of material misstatement of the standalone annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opiaion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resuiting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) Gi) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the Management and Board of Directors.
* Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
* Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

a) We draw your attention to Note No. 2 to these financial results, which describes the Management's assessment of the impact of COVID-19 pandemic and the resultant lockdewns on the significant uncertainties involved in developing some of the estimates involved in preparing the financial statements. Based on the information available on this date, Management believes that no further adjustments are required to the financial results. However, in view of very uncertain economic environment, a definitive assessment of the impact is highly dependent upon circumstances as they evolve in future and actual results may differ from those estimated as at the date of approval of these financial statements.
b) Due to COVID-19 related lock-down restriction, we were not able to physically observe the stock verification at the end of the year carried out by the management. Consequently, we have performed alternate procedures to audit the existence of inventory as per guidance provided in SA 501 "Audit Evidence- Specific Considerations for Selected Items", which include inspection of supporting documentation relating to purchases and consumption, results of cyclical count performed by the management through the year and such other third party evidences, where applicable, and have obtained sufficient supporting evidence to issue our opinion on the Statement.
c) The standalone annual financial results include the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For MITTAL GUPTA & CO.

Chartered Accountants

FRN : 01874C

BIHARILAL GUPTA:

{B. L. Gupta)

Partner

Membership No.:073794

Place of Signature: Kanpur . :

Date:30.06.2021

UDIN: 21073794AAAADY5488

Statement on Impact of Audit Qualifications on Standalone Audited Financial Results for the Financial j Year ended March 31, 2021 '

	&Statement on Impact of Audit Qualifications on Standalone Audited Financial Results for the Financialj[See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]	Year ended March 31, 2021'	4

1	Turnover / Total income	147372	146656
2	Total Expenditure	147815	163276
3	Net Profit(Loss)	(443)	(16620)
4	Earnings Per Share	(1.07)	(40.26)
3	Total Assets	:207861	206892
6	Total Liabilities	209502	262418
7	Net Worth	(1641)	(55526)
8	Any other financial item(s} (as feltappropriate by the management)	-	-
	Yi. Audit Qualification (each audit qualification separately):
1.2.3.	NonprovisionsimpairmentforEquipments. Auditors were not made available of appropriate impairment assessmentcarried out by the management and accordingly, they were unable to comment on thesame including compliance with the Ind AS-36 ('Impairment of Assets') and anyconsequential adjustments that may arise in this regard in these financial results.Non-provision of interest.expense amounting Rs. 4,295 Lacs and Rs.(Previous year Rs.13,146 Lacs) on certain borrowings for the quarter and year endedMarch 31, 2021 respectively for the reasons stated in the note no.3. Consequently, theFinance cost for the quarter and year has been understated; Net Profit after tax andtotal other comprehensive incomeTotal Comprehensiverespective amounts.The aggregate amount of interest expense not provided for in theaccounts aggregates to Rs, 52,916 Lakhs till March 31, 2021 (Rs. 37,454 Lakhs tillMarch 31, 2020). Consequently, Current Financial Liabilities are understated andother equity as at March 31, 2021 and March 31, 2020 are overstated by the aforesaidTespective amounts,Non- provision of interest liability in respect of delayed payment of sugarcane price. The	carryingvaluetheofinfor the quarter has been overstated;Income for the year has	Property,Plantand15,461 Lacs,Net Loss andbeen understatedby the aforesaid
4.	atnount of interest dot provided for in the books has not been ascertained.Non provision of difference in the value of bagasse sold to and of certain claims madePowerSimbhaolibyPrivate511Lakhs and Rs 716(Previous year Rs.253 Lakhs)for the quarter and year endedMarch 31, 2021 respectively. Consequently, the Revenue for the quarter and year has	subsidiary company,aggregatingLimited,a	Rs.tobeen overstated; Net Profit after tax and total other comprehensive income for the

Equipments. Auditors were not made available of appropriate impairment assessment carried out by the management and accordingly, they were unable to comment on the same including compliance with the Ind AS-36 ('Impairment of Assets') and any consequential adjustments that may arise in this regard in these financial results.

lias been understated by the aforesaid respective amounts. The aggregate amount ofnon provision of difference in the value of bagasse sold to and of certain claims notprevided for in the accounts aggregates to Rs. 969 Lakhs till March 31, 2021 (Rs. 253Lakhs till March 31, 2020). Consequently, Receivables and Total Equity as at March31, 2021 and March 31, 2020 are overstated by the aforesaid respective amounts.
b. Type of Audit Qualification:
1.Qualified Opinion2.Qualified Opinion3.Qualified Opinion
4.Qualified Opinionc. Frequency of qualification:
1.Second Time2.Fourth Time
3.Third Time4.Second Time
For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views:2.The Company has submitted comprehensive debt resolution proposal by way of
One Time Settlement (OTS) to all its commercial lenders against their entire
outstanding and waiver of unpaid interest, Accordingly, interest expense is notbeing recognised in the books of accounts. Accounts being NPA, banks are also
not charging interest in our accounts.
4. Due to difference in interpretation of certain long term commercial agreementswith SPPL for ascertaining the value of bagasse sold and some other claims,accounts could not be reconciled. Matter is under discussion and Company ishopeful that the differences will be reconciled shortly.
e. For Audit Qualification(s) where the impact is not quantified by the auditor:i) ; Management's
estimation on the impact ip of audit q qualification: N.A,aeGi) If management is unable to estimate the impact, reasons for the same:
i.The impact of COVID 19 as well as negative outlook of Sugar sector on the carryingamouat of its Property, Plant and Equipment's and consequential impairment could notbe ascertained and provided for due to non- availability of requisite information onaccount of lockdown restrictions.
3.Considering that no notice of demand has been served upon the Company in this regardand the amount has not been ascertained, no provision has been made in this regards.Based on the past industry practices, the management is confident that no interestliability wili arise for these period.
(iit) Auditors' Comments on (i) or (ii) above:®1.
Since, we were not made available 'of appropriate impairment assessment carriedout by the management, we were unableto comment on the same includingcompliance with the Ind AS-36 (Impairment of Assets") and any consequentialadjustments that may arise in this regard in these financial results.
3.Since, the amount of the interest on delayed payment to sugarcane farmers has notbeen quantified by the management, we were not able to report the impact "ESsame.nnZAR)
ee

and to the model of model×Signatories:III.SURSIMRAN KAUR-Managing Director$\cdot$ CFOu.· Audit Committee ChairmanHPP· Statutory AuditorBIHARI LALGUPTAThe Contract of the Second---

Place: Simbhaoli, Hapur Date: June 30, 2021

&
	MARCH31, 2027


income1(a) Revenue fram operations{b} Other income					809
Total revenue Expenses.2(a) Cost of materials consumed(>) Purchase af stack-in-trade					1,28,83084,1142,895
{c) Changes in inventories of finished goods, work-inprogress and stock-In-trade{d) Excise duty(e) Employea benefits expense		(14.697)5,7201,657	(76.354)4,5922,650		(7,194)19,888
(f} Finance costs(g) Depreciation and amortisation expanse{h) Power and Fuel(i) Other expenses		8039234,003	1.2711,718600		8,0245,1804,6631,490
[otal exp§Proftt/ floss) before exceptional items and tax (1-2)34 ff Exceptional items		3,483			13,595,1,32,649(3,819
[Profit! (loss) before Tax (3-4)5 [Fax expanse :&- Current tax- Deferred tax					(3,819)!93
- income Tax AdjustmentlTotal tax expenses{Net Profit(loss) from ordinary activities after tax (5-6}7 Other Comprehensive Income {net of tax)					12(3,831{285)
. items that will not be reclassified to profit & lossA)Il. Income Tax relating fo Items that will not be reclassified to profit or lass . Items that will be reclassified ta profit & lassB)					{286) 1
it. Incoie Tax relating to Items that will ba reclassified to profit or loss fotai Comprehensive Income (net af tax) (7+8)ProfitiLoss for the year attributable to :1. Owners of the parent					a 16)(3,436)
It. Non-Cantratling Interest'Other Comprehensive Income attributable to: . Owners of the parent-'Il. Non-Gontrotling Interest					(395)(279}]
Total Comprehensive income attributable fo:I. Owners of the parentll Non-Contioting Interast10 Paid up equity share capital (face value Rs. 10/- each}					(6)
		SIMBHAOLI SUGARS LIMITED	(Formerly known as 'Simbhacti Spirits Limited's,Regd. Office : Simbhaoli Dist. Hapur (U.P.) - 245207	CIN + L15122UP2011PL.C044210 E-mail: [email protected] Website: www.simbhaolisugars.com	STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED

Refer note na. 11

SEGMENT WISE REVENUE, RESULTS JUNDER REGULATION 33 OF THE SEBI (LISTING OBLIGATI h FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024 » ASSETS AND LIABILITIES

» ASSETS AND LIABILITIESJUNDER REGULATION 33 OF THE SEBI (LISTING OBLIGATIFOR THE QUARTER AND YEAR ENDED MARCH 31, 2024
		M,	' Year ended



	(113)672-
(b} Othor un-silocated expensas/ finconie) (1151)	546803	1,271
	(50)-(207)	(480)=1,672
	4,314,82143,42535,048	1,685,28742,02435,048	1,55,287
	6,0862,718,015
	2,7817,9801,351
	1,09.593212,036










	Profil' (loss} before finance costs, unallocated &xpenditure, exceptional items	(ONS AND DISCLOSURE REQUIREMENTS)(13)1,63569,70726,624	REGULATIONS, 2015.

Statement Of Assets and Liabilities

	é	(Rs. lacs)
:	rc	March-20EAuditeRecast
Non-current assetsa) Property, Plant and Equipment		1,53,871836
c) Intangible Assetsd) Goodwille) Financial Assets		501,311
ii} Trade receivablesii) Other financial assetsf} Non-Current Tax Assets		2683261840
g) Other non - current assetsh) Deferred Tax Assets'Total non - current assets		4631141,58,434
Current assets@) Inventoriesb) Financial Assets		55,194
i} Trade recelvablesiil) Cash and cash equivalentsiv} Bank balances other than above		5989,3624,4331,694
c) Other current assetsd) Assets classified as held for saleTotal current assets		6179,0623430,994
Total assets		2,359,425
Equitya) Equity share capital		4,128
b) Other equity{_c) Non controlling interestShare holder's Funds		(6,767)11,5818,942
Non-current liabilitiesa) Financial LiabilitiesBorrowingsi)		4,861
fi) Other financial liabilitiesb} Provisions		2,820473
otal non - current Liabilities		8,154
Current liabilitiesa) Financial Liabilitiesi) Trade payablesw		2
-Total outstanding dues to micro and small enterpriges~Total outstanding dues of ather than micro and small enterprisesif) Other financial liabilitiesb) Other current liabilities		27591,2291,28,094
	ASSETSb) Capital work-in-progressi} Investmentsi) Current investmentsv} Other financial assetsEQUITY AND LIABILITIESLiabilities	Statement Of Assets and LiabilitiesGonsolidated

SIMBHAOLI SUGARS LIMITED (Formerly known as 'Simbhaoli Spirits Limited')

SIMBHAOLI SUGARS LIMITED(Formerly known as 'Simbhaoli Spirits Limited')
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 202%ws:	:	aYear ended.
		i]: - March 31,2020.Rs, Jace
A.CASH FLOW EROM OPERATINGACTIVITIES t		Audited/Fecasted
Net profit/(loss) before tax and exceptional itemsAdjustments for:Depreciation and amortization {net of revaluation reserve)		(3,819
Finance costsInterest income on financialassets and others		4,6535,190
Liability/provisions no fonger required written backBad Debts and advanceswritten off		(99)(137)
Unrealised foreign exchange fluctuationFrofit on redemption of Mutual Funds UnitsLoss/ (profit) from sale		(77)
of property, plant and equipment (net)Provision for doubtful debts and advancesMollassea Storage Fuad	:
Operating profiti(loss) hefore working capital changesAdjustments for (increase)/decrease in operating assets:
Changes in trade and other receivablesChanges in other non current and current financial asset
Changes in other non current and other current assetsChanges in inventories
Changes tn trade and other payablesChanges in other non-current and other current financial LiabilitiesChanges in other non-current and other current Hiabilities
Changes in long term and short term provisionCash (used}/generated from operations
Direct taxes {paid)/refundNet cash (used) / from operating activities
CASHFLOWFROMINVESTINGACTIVITIES:
Additionsto property,plant& equipmentand intangibleassetsSaleof property,plant & equipment and intangible assets		(1,438)
Sale off (Investments) MutualFunds { Net}7Purchase of national savingscertificate		10(208)-
Interest received on debentures/fixeddeposits/inter corporate depositsChanges in fixed deposit placed with BanksNet cash (used) / from investing activities		27
CASH FLOW FROM FINANCING ACTIVITIES :		(48)
EMD Paid to banks for OTSInterest expenses		(572)
Repayment of long term borrowingsProceeds(repayment) of short tenn borrowings( net)		(3,484)(2,541)
Net cash (used) / from financing activities
Net increase((decrease) in cash atid cash equivalents (A+B+C)}
mt
Cash and cash equivaients (opening balance)Cash and cash equivalents (closing balance) (D+E)Cash and bank balances (D-+E)

Note: Cash flow statement are prepared in accordance with indirect method' as per Ind As 7-'Statement of Cash Flows

Notes to Consolidated Results:

For the year ended March 31, 2021 and in earlier years, the Company has incurred losses duetto high sugarcane costs fixed by the state government, and comparatively lower prices of finished sugar due to higher production which are determined by the market forces based on demand-supply situation and other market,dynamics. Due to above-stated external factors, the company had incurred huge losses in past resulting in complete erosion ofit's net worth. This has resulted in delay in meeting the payment obligations fo the lenders and sugarcane farmers in terms of their respective agreements and understanding. Although, the operations of the Company remained intact at sub-optimum levels over the years and it has been continuously striving for improvement in operation efficiency in form of improvement in sugar recovery, reduction in overheads and other costs etc. The Company has successfully completed crushing for Sugar season 2020-21 in ail of its three sugar mills with better operational performance.

Recognizing the status of the sugar industry, the state and central governments have taken a number of measures to improve the financial health, support for liquidation of cane arrears, fixing minimum obligation for exports to manage the sugar inventory and providing subsidy to compensate export expenses, fixing minimum support price of sugar, and mandatory blending of cthanol with petrol with jong term tendering and providing remunerative price of ethanol etc. All these measures have resulted in revival of the sugar industry and the financial performance of the company has also improved during the year. Further, pursuant to an order of Hon'ble High Court of Uttar Pradesh, the Uttar Pradesh sugar industry as well as the Company is confident to receive accrued benefits from the state government under the erstwhile New Sugar Industrial Promotion Policy (NSIPP 2604-09).

On account of delays in servicing of loans, certain lenders to the Company have initiated recovery proceedings at various forums, including filing of applications before the Hon'ble National Company Law Tribunal (NCLT) under the Insolvency and Bankruptey Code, 2016 and approached Debt Recovery Tribunals in Delhi and Uttar Pradesh as weil. Against a criminal complaint filed by one of the lenders with the investigating agency, the Enforcement Directorate had passed an attachment order on certain assets of the Company to the extent of Rs. 109.80 Crore, against which the Company has preferred an appeal with the appropriate authority and the matter is sub-judice. Enforcement Directorate had proceeded to take the constructive possession of the attached property on which an interim stay has been granted by the Hon'bie Appellate Tribunal.

The Company is continuing to pursue a comprehensive debt resolution proposal with all the lenders. The majority of commercial lenders have shown their inclination to accept the debt resolution proposal and accepted the Earnest Money offered thereof while Debt realignment proposal is submitted with other lenders, Considering the steps. initiated for achieving turnaround of the Company and sugar sector, ongoing discussions with the lenders for resolution of their dues and continuing manufacturing operations in near foreseeable future with improved operational efficiency, these financial statements are continued to be presented on going concern basis, which contemplates realization of assets and settlement of liabilities, in the normal course of business.

. Impact of COVED 19 Pandemic

The Company has considered the potential impact of spread of Coronayirus Disease (COVID-19}, throughout the country,in preparation of financial results for the quarter and year ended March3 1, « 2021based on the information available to it up to the date of approvalof these financial results. However, the impact of COVID-19 as well as negative outlook of sugar sector on the carrying amount of its property, plant and equipment's and consequential impairment could not be ascertained and provided for due to non- availability of requisite information on account of lockdown restrictions.

The impact of COVID-19 may differ fom what has been assessed by the Management as at the date of approval of these financial results. The Company will continue to closely monitor any material chifige future economic conditions and take appropriate action as may be required. Op See

The credit facilities availed by the Company have been classified as non-performing assets (NPA) by all the lenders and interest thereon is not being charged to the loan accounts by commercial lenders as per RB?s circular. The Company has submitted coniprehensive debt resolution proposals with all the lenders to commensuratewith its future cash flows. The majority of commercial lenders have shown their accepted inclination the to offered accept Eamest the debt resolution proposal (OTS Proposal) of the Company and accordingly lenders, for the quarter and Money Deposit. Accordingly, the Interest expenses pertaining to commercial yearended March 31, 2021 amounting to Rs, 4,295 lacs and Rs. 15,461 lacs respectively (previous quarter and year ended March 31, 2020amounting to Rs. 3,430 lacs and Rs 13,146 lacs respectively) has not been recognized in profit and loss account. A total amount of Rs. 52,916 lacs towards accrued interest has not been provided for in the books of accounts as on March 31, 2021,

challenging Operating in CRE the State, Regulations, have filed 2019 awrit petition with Hon'ble High Court of Allahabad, Lucknow Bench, which have been accepted by the Court,

for Based the on period the writ from petition April 2019 filed and legal opinion obtained, SPPL has recorded revenue from Operations to September 2019 at pre CRE Regulations, 2019 tariff instead at the reduced tariff as por CRE Regulations, 2019. W.e£. October 1, 2019, SPPL has accounted for sale of power to Uttar Pradesh Power Corporation Lid. (UPPCL), the customer at reduced tariff rate under protest and subject to outcome of Hon'ble High Court decision on writ petition.

SPPL's computation, shows that revenue from operations for year ended March 31, 2020 would have been lower by Rs. 683 lacs, if accounted for at or basis reduced tariff as per CRE Regulations, 2019.

With regard to the above stated conditions and on account of difference in interpretation of certain long term commercial agreements, the statutory auditors of SPPL have drawn material uncertainty related to going concem.

financial results of SPPL have not been yet finalized and approved till date.

The transactions entered into between the Company and SPPL. for the year ended March 31, 2021, which have not been eliminated in the consolidated financial results, have resulted in increase in the total

During this quarter, the Hon' ble NCLT, Allahabad Bench has passed an order dated March 17, 2021 for the approval of the resolution plan of Uniworld Sugars Private Limited, a joint venture entity.
a The 100% Company wholly has owned submitted foreign an application subsidiary for de-registration of Simbhaoli Global Commodities DMCC, company and termination of business and surrender of trade ©. License thereof with Dubai Multi Commodities-Centre Authority. ae

9,
		The standalone results are available on Company's website www.simbhaolisugars.com. The particulars in
respect of standalofe results are as under:				4	(Rs. in lacs)

operations	42,588	25,439	35,926	1,26,278	100,944
Net Saies/Income fromProfit/(Loss) before tax	2,52],	(203)	1,605;	(443)	(2,165)
Profit/(Loss} after tax	2,521	{203)	1,605	(442)	(2,165)
OtherComprehensiveIncome	11		(272)	11	(272}
Total ComprehensiveIncome	2,532	(203)	1,333_	(432)	(2,437)

The figures for the previous year ended March 31, 2020 have been restated in consolidated results on account of consolidation of audited financial results of SPPL for the year ended March 31, 2020 as disclosed in note no. 8 of financial results published on February 12, 2021. Last year consclidated accounts were prepared by consolidating the results of SPPL for the nine months ended December 31, 2019.

1j. The figures for the last quarter are the balancing figures between the audited figures in respect of full financial year and the published unaudited year to date figures upto the third quarter of the financial year.
1. Sugar, one of the major businesses of the Company, is a part of seasonal industry. The results may vary from quarter to quarter.
1. The previous periods figures have been regrouped/rearranged wherever necessary.
1. The above results were reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on J une30, 2021.

For SIMBHAOLI SUGARS LIMITED

Date: June 30, 2021 - Company Website: www.simbhaolisugars.com —

Independent Auditor's Report on the Quarterly and Consolidated Annual Financial Results of Simbhaoli Sugars Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 as amended.

To The Board of Directors of Simbhaoli Sugars Limited

Report on the audit of Annual Consolidated Financial Results

Adverse Opinion

We have audited the accompanying statement of quarterly and annual consolidated financial tesults of Simbhaoli Sugars Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together hereinafter referred to as 'the Group') for the quarter ended March 31, 2021 and for the year ended March 31, 2021 ("Consolidated Annual Financial Results"). The Consolidated Annual Financial Results have been submitted by the Holding Company pursuant to the requirement of Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements} Regulations, 2015 as amended ('Listing Regulation')

in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements of the subsidiaries, the Consolidated Annual Financial Results:

i. Includes financial results of the following subsidiaries:
- a. integrated Casetech Consultants Private Limited,
- b. Simbhaoli Specialty Sugars Private Limited,
- ¢. Simbhaoli Power Private Limited.
ii. are presented in accordance with the requirement of Regulation 33 of the Listing Regulation in this regard; and
iti. because of the significance of the matter discussed in the matter of Adverse Opinion section and the matters described in basis of Qualified Opinion Section of our report, the Consolidated Annual Financial Results do not give a true and fair view in conformity with applicable Indian Accounting Standards and other accounting principles, generally accepted in India, of the net profit after tax and other comprehensive income and other financial information for the quarter ended March 31, 2021 and of the net loss after tax and other comprehensive income and other financial information for the group for the year ended March 31, 2021.

Basis of Adverse Opinion

As explained in Note No.6 , the Group has not consolidated the financial statements of its material subsidiary viz Simbhaoli Private Limited (SPPL) for financial year 2020-21, for

Mittal Gupta & Co.

Chartered Accountants 14 Ratan Mahal 15/197 Civil Lines, Kanpur +208001 Tel: 6512-2303234, 2303235, 4009111 E-mail: [email protected]

the reasons stated in the said note. Under the accounting principles generally accepted in India, the subsidiary should have been consolidated because it is controlled by the Company. Had the result of subsidiary have consolidated, many elements in the accompanying consolidated financial results would have been materially affected. The effects on the financial results due to the failure to consolidate have not been determined.

Basis of Qualified Opinion

a) We draw attention to Note No.2 of the Statement regarding non provisions for impairment in the carrying value of Property, Plant and Equipments by the holding company. We are not made available of appropriate impairment assessment carried out by the management and accordingly, we are unable to comment on the same including compliance with the Ind AS-36 ('Impairment of Assets') and any consequential adjustments that may arise in this regard in these financial results.
b) We draw attention to Note No. 3 of the Statements regarding non-provision of interest expense amounting Rs, 4,295 Lakhs and Rs.15,461 Lakhs (Previous year Rs.13,146 Lakhs) on certain borrowings for the quarter and year ended March 31, 2021 respectively for the reasons stated in the said note. Consequently, the Finance cost for the quarter and year has been understated; Net Profit after tax and total other comprehensive income for the quarter has been overstated; Net Loss and Total Comprehensive Income for the year bas been understated by the aforesaid respective amounts. The aggregate amount of interest expense not provided for in the accounts aggregates to Rs. 52,916 Lakhs till March 31, 2021 (Rs. 37,454 Lakhs till March 31, 2020). Consequently, Current Financial Liabilities are understated and other equity as at March 31, 2021 and March 31, 2020 are overstated by the aforesaid respective amounts.
c) We draw attention to Note No.4 of the Statement regarding non- provision of interest liability in respect of delayed payment of sugarcane price for the reasons stated in the said note. The amount of interest not provided for in the books has not been ascertained. Our opinion is qualified in respect of the above matters.

Emphasis of matter

As stated in Note no.5 of the statement, SPPL has recorded revenue from operations for the period April to September, 2019 at or basis pre CRE Regulation 2019 Tariff Rate instead at the reduced tariff as per CRE Regulation2019. Management's computation, as teviewed by the statutory auditors of SPPL, shows that revenue from operations for the year ended March 31,2020 would have,been lower by Rs 683 Lakhs, if accounted for at or basis reduced tariff as per CRE Regulations 2019 .The Statutory Auditor of SPPL had reported this under Emphasis of Matter section in its audit report on the account of SPPL for the year ended March 31, 2020 .

Our opinion is not modified in respect of the above matter.

Sx Mittal Gupta & Co.

Chartered Accountants 14 Ratan Mahal 15/197 Civil Lines, Kanpur -208001 Tel: 0512-2303234, 2303235, 4009111 E-mail: [email protected]

Material Uncertainty related to Going Concern

a) As stated in Note No, 1 of the consolidated annual financial results, the standalone financial statement of holding company has been prepared on going concern basis. Events or conditions as set forth in Note No. 1 indicate that a material uncertainty exists that may cast significant doubt on the holding company's ability to continue as going concern. The ability of the holding company to continue as going concern depends on the decision of National Company Law Tribunal under the Insolvency and Bankruptcy Code 2016, the holding company's ability to get its borrowings restructured as stated in the said note and turnaround of its sugar and distilleries operations on sustainable basis. b) As stated in Note No. 5, the statutory auditors of SPPL in its audit report on the financial statements for the year ended March 31, 2020 has reported for the existence of a material uncertainty that may cast significant doubts about SPPL's ability to continue as a going concern on accounts of incurring of losses due to significant reduction in tariff tate by UPERC and also for the reason of not making provisions in respect of the difference in the value of bagasse purchased from the holding company and for other claims. Our opinion is not modified in respect of the above matters.

We conducted our audit of the Statement in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Annual financial results" section of our report. We are independent of the Group in accordance with the Code of Ethics issred by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other éthical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our adverse audit opinion.

Management's and Board of Directors' Responsibilities for the Consolidated Annual Financial Resuits

The Consolidated Annual Financial Results have been prepared on the basis of the consolidated annual financial statements.

The Holding Company's Management and the Board of Directors of the Company are responsible for the preparation and presentation of the Consolidated Annual Financial .Results that gives a true and fair view of the Consolidated net profit/loss and other comprehensive income/loss and other financial information of the Group in accordance with the applicable | accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and incompliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the Companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of each company and for preventing and detecting frauds and other irregularities; selection and application of

oO Mittal Gupta & Co.

Chartered Accountants 14 Ratan Mahal 15/197 Civil Lines, Kanpur -208001 Tel: 0512-2303234, 2303235, 4009111 E-mail: [email protected]

appropriate accounting policies; making judgments and estimates that are reasonable and prudent, design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness the accounting records, relevant to the preparation and presentation of the Consolidated Annual Financial Results, that give a true and fair view and is free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the Consolidated Annual Financial Results by the Management and the Directors of the Holding Company, as aforesaid.

In preparing the Consolidated Annual Financial Results, the respective Management and the Board of Directors of the Companies included in the Group are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do se.

The respective Board of Directors of the companies included in the Group is also responsible for overseeing the financial reporting process of each Company.

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the Consolidated Annual Financial Results as a whole is free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be'expected to influence the economic decisions of users taken on the basis of the Consolidated Annual Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

. Identify and assess the risks of material misstatement of the Consolidated Annual Financial Results, whether due to fraud or error, and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
. Obtain an understanding of internal contrel relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controis.

Sx Mittal Gupta & Co.

Chartered Accountants 14Ratan Mahal 15/197 Civil Lines, Kanpur -208001 Tel: 0512-2303234, 2303235, 4009111 E-mail: [email protected]

* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the Management and Board of Directors.
. Conclude on the appropriateness of the Management and Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Annual Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
. Evaluate the overall presentation, structure and content of the Consolidated Annual Financial Results, including the disclosures, and whether the Consolidated Annual Financial Results represent the underiying transactions and events in a manner that achieves fair presentation.

eObtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group of which we are the independent auditors and whose financial information we have audited, to express an opinion on the Consolidated Annual Financial Results. We are responsible for the direction, supervision and performance of the audit of the financial information, of such entities included in the * Consolidated Annual Financial Results of which we are the independent auditors. For the other entities included in the Consolidated Annual Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and the entities included in the Consolidated Annual Financial Results of which we are the auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. We also performed procedures in accordance with the circular No CIR/CED/CMD 1/44/2020 issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

les

a) The consolidated annual financial results include the audited financial results of one subsidiary, whose financial statements / financial information reflect total assets of Rs

oO Mittal Gupta & Co.

Chartered Accountants 14 Ratan Mahal 15/197 Civil Lines, Kanpur -208001 Tel: 0512-2303234, 2303235, 400911] E-mail: [email protected]

143.33 Lakhs as at March 31, 2021, total revenue of Rs. 1.00 Lakhs and Rs. 4.78 Lakhs, net profit after tax and total comprehensive income of Rs. 0.11 Lakhs and Rs. 1.63 Lakhs for the quarter and year ended March 31, 2021 respectively and cash outflows of Rs. 0.02 Lakhs for the year ended March 31, 2021, as considered in the consolidated financial results. which have been audited by their respective independent auditors. The independent auditors' reports on financial statements of these entities have been furnished to us and our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of the entity, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.

b) We draw your attention to Note No. 2 to these consolidated annual financial results, which describes the Management's assessment of the impact of COVID-19 pandemic and the resultant lockdowns on the significant uncertainties involved in developing some of the estimates invelved in preparing the financial statements. Based on the information available on this date, Management believes that no further adjustments are required to the financial results. However, in view of very uncertain economic environment, a definitive assessment of the impact is highly dependent upon circumstances as they evolve in future and actual results may differ from those estimated as at the date of approval of these consolidated annual financial results.
¢) Due to COVID-19 related iock-down restriction, we were not able to physically observe the stock verification at the end of the year carried out by the management of Holding Company. Consequently, we have performed alternate procedures to audit the existence of inventory as per guidance provided in SA 501 "Audit Evidence- Specific Considerations for Selected Items", which include inspection of supporting documentation relating to purchases and consumption, results of cyclical count performed by the management through the year and such other third party evidences, where applicable, and have obtained sufficient supporting evidence to issue our opinion on the Statement.
"' The consolidated annuai financial results include the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

Our conclusion on the Statement is not modified in respect of these matters.

For MITTAL GUPTA & CO.

Chartered Accountants

FRN : 01874C (B. L. Gupta)

Partner

Membership No.:073794

Place of Signature: Kanpur

Date: 30.06.2021

UDIN: 21073794 AAAADZ2170

Statement on impact of Audit Qualifications on Consolidated Audited Finankial Results for the Financial [See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]

Statement on impact of Audit Qualifications on Consolidated Audited Finankial Results for theFinancial'Year ended March 31, 2021'[See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]Tumover / Total income«Me 1478112Total Expenditure148332 1637943[ Net Profit/(Loss)(593) (16055)4 __ Earnings Per Share-C147)(38.93)5 Totai Assetsa2293422286596 Total Liabilities2209722738877 Net Worth8370 (45229)8Any other financial item(s) (as felt- -appropriateby the management)[aAndit Qualification (each audit qualification separately):Detaits of Audit Qualification:I.The Group kas not consolidated the financial statementsof its material subsidiary vizSimbhaoliPrivate Limited (SPPL) for financial year 2020-21, for thesaid note,Under the accounting principles generally accepted in Ishouldhave been consolidated bécause it is controlled by the Company. Had the tesult of





























				reasons Stated in the
				ndia, the subsidiary


Regulation 2019 Tariff Rate instead at the reduced. tarif	2.	SPPLhasrecordedrevenue fromorbasispreCRE	operations for the period April to September , 2019 at

Regulations

2020 .

Matter section

e3. Non provisions for impairment in the carrying value of Property, Plant and Equipments, the Auditors management were not made available of appropriate impairment assessinent Carried out by compliance and accordingly, they were unable to comment on the same including adjustments with the Ind AS-36 (Impairment of Assets') and any consequential that may arise in this regard in these financial results.

by Rs 683 Lakhs, if accounted for at or basis reduced tariff as per CRE

2019.The Statutory Auditor of SPPL had reported this under Emphasis of

in its-audit report on the account of SPPL for the year ended March 31,

Non-provision of interest expense amounting Rs, 4,295 Lacs and Rs. 15,4 S

	(Previous year Rs.13,146 Lacs) on certainborrowings for the quarter and year endedMarch 31, 2021 respectivelyfor the reasons stated in the note no.3.Consequently, theFinance cgst for the quarter and year has been understated; Net Profit after tax and totalother comprehensive incomefor the quarter has been overstated;Net Loss and TotalComprehensive Income for the year has been understated by the aforesaid respectiveamounts.The aggregate amount of interest expense not provided for in the accountsaggregates to Rs. 52,916 Lakhs Gil March 31, 2021 (Rs. 37,454 Lakhs till March 31,2020). Consequently, Current Financial Liabilities are understated and other equity as atMarch 31, 2021 and March 31, 2020 are overstated by the aforesaid respective amounts.5.Non- provision of interest liability in respect of delayed payment of sugarcane price. Theamount of interest not provided for in the books has not been ascertained.
	b. Type of Audit Qualification:Adverse Opinion.1.Not modified Opinion2.Qualified Opinion3.Qualified Opinion4.
	Qualified Opinion3.c. Frequency of quatification:First Time1.Second Time2.Second Time3.Fourth Time4.
	Third Time5.d. For Audit Qualification(s) where the impact is quantified by the auditor, Management'sViews:Writ petition has been filed with Hon'ble High Court of Allahabad, Lucknow bench2,against the reduction of tariffby UPERC w.e-f. April 1, 2019. As the matter is sub.judice, SPPL has accounted for sale of power to Uttar Pradesh Power CorporationLtd. (UPPCL), the customer at reduced tariff rate.The Company has submitted comprehensive debt resolution proposal by way of One4.
	Time Settlement (OTS) to all its commercial lenders against their entire outstandingand waiver of unpaid interest. Accordingly, interest expense is not being recognisedin the books of accounts. Accounts being NPA, banks are also not charging interest inour accounts.
	e. For Audit Qualification(s) where the impact is not quantified by the auditor:
*	@) Management's estimation on the impact of #udii qualification: N.A.
	eGi} If management is unable to estimate the impact, reasons for the same:the annual standalone financial statements for the year ended for March 31, 202] have1.not been submitted by the management of SPPL for the purpose of consolidation. Hencethe impact of non-consolidation of transactions of SPPL for the year could not beascertained by the Holding company.
	3.The impact of COVID 19 as well as negative outlook of sugar sector on the carrying

ten

		be ascertained and provided for due to non- 'availability of requisite information onaccount of lockdown restrictions.Considering that no notice of demand has been served upon the Company and the5.amount has not been ascertained, no provision has been made in this regards. Based onthe past industry practices, the Management is confident that no interest liability willarise for these period.	,
		(iil) Auditors' Comments on (i) or (id) above:1.Since, the Group has not consolidated the financial statements of its material subsidiarviz Simbhaoli Private Limited (SPPL) for the financial year 2020-21, we are unable tocommentonthesefinancialstatementsubsidiary company.	yduetononconsolidationofaforesaid
		Since, we were not made available of appropriate impairment assessment carried outby the management, we were unable to comment on the same including complianwith the Ind AS-36 ('Impairment of Assets') and any consequential adjustments thatmay arise in this regard in these financial results,	ce
		"5.Since, the amount of the interest on delayed payment (o sugarcane farmersbeen quantified by the management, we were not able to report the impact of thesame.	has not
	TIE. Signatories:		GURSTVIRAN
-		*Managing Director"aro=	RAGR MANNEttA+.BL

		+ Audit Committee Chairman	HPIKS,
		* Statutory Auditor

Place: Simbhaoli, Hapur Date: June 30, 2021

	SIMBHAQLI SUGARS LIMITED(Formerly known as 'Simbhaoli Spirits Limited')Simbhaoli Dist. Napur (U).P.} = 245207Regd. Office :CIN - L15122UP2011PLC044210 E-mail: [email protected] Website: www.simbhaolisugars.comEXTRACT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDEDMARCH 31, 2021
SE	'Particulars	Quarter ended

	SIMBHAQLI SUGARS LIMITED(Formerly known as 'Simbhaoli Spirits Limited')
	Simbhaoli Dist. Napur (U).P.} = 245207Regd. Office :
	CIN - L15122UP2011PLC044210 E-mail: [email protected] Website: www.simbhaolisugars.comEXTRACT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED
	MARCH 31, 2021
	'		Quarter ended		Year Ended
SE		2021	March 31, December 31,]2020	Marci 31)2020	March 31.)2024,	March 32,]2020
	Particulars	Audited #	Unaudited,	Audited /recasted # Audited	.,	recasted #
	Total come from operations (net)we	42.718	25.509]	39,153	126.685	Audited / 108,133,
	Nel Profit/ (less) for the period before Tax and exceplional items	2,467	{207}	1,672	(521)	(3.819)
pe ep	Net Profit' (less) for the period before Tax and after exceptional items.Net Profit/ (logs) for the period after Fax and exceplional ilems.	2,3952,369	(207);(204)	1,6721.675	(593)(607)	3,819)B83)
in	Total Comprehensive Income fer the period [comprising net profit/(loss)for the period(after tax) and Other Comprehensive Income (after tax}]	2,383	(204)	1,390	(593)	(4,116)
	Paid up equity share capital (face value Rs, 10/- each}	4,128	4.128	A128	4128	4,128
	, [Other Equity
pojsalos	beforeexceptional -EPSitemEPSexceptionalitemafter	5.915.74	(0.49)(0.49)	4.064.06	(1.30),(i.47)	(9.28)(9,28)

Refer Note no.12 Notes:

The above is an extracl of the detailed format of financial results for the quarter and year ended March 31, 2021 filed with the Stock Exchange under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements} Regulations, 2015. 'The full format of financial results for the quarter and year ended March 31, 2021 are available on the Stock Exchange websites (www. bseindia.cem and www.nseindia.com) and the Company's website (www.simbhaolisugars.com).

For the year ended March 31, 2021 and in earlier years, the Company has incurred losses due to high sugarcane costs fixed by the state government, and comparatively lower prices of finished sugar due to higher production which are determined by the market forces based on demand-supply situation and other Market dynamics. Due to above-stated external factors, the company had incurred huge losses in past resulting in complete erosion of it's net worth, This has resulted in delay in mecting the payment obligations to the lenders and sugarcane farmers in terms of their respective agreements and understanding. Although, the operations of the Company remained intact at sub-optimum levels ever the years and it has becn continuously striving for improvement in operation efficiency in form of improvement in sugar recovery, reduction in overheads and other costs ete. The Company has successfully completed crushing, for Sugar season 2020-21 in all af its three sugar mills with better operational performances,

Recognizing the status of the sugar industry, the state and central governments have taken a number of measures to improve the financial health, support for liquidation of cane arrears, fixing minimum obligation for exports to manage the sugar inventory and providing subsidy to compensate export expenses, fixing tinimum support price of sugar, and mandatory blending of ethanol with petral with long term tendering and providing remunerative price of ethanel <f¢, All these measures have resulted in revival of the sugar industry and the financial performance of the company has also improved during the year. Further, pursuant to an order of Hon'ble High Court of Uttar Pradesh, the Uttar Pradesh sugar industry as weli as the Company is confident to receive accrued benefits from the state government under the erstwhile New Sugar Industrial Promotion Policy (NSIPP 2004-09).

On account of delays in servicing of loans, certain lenders to the Company have initiated recovery proceedings at various forums, including filing of applications 'before the Hon'ble National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016 and approached Debt Recovery Tribunals in Delhi and Uttar Pradesh as well. Against a criminal complaint filed by one of the lenders with the investigating agency, the Enforcement Directorate had passed an attachment order on certain assets of the Company to the extent of Rs. 109.80 Crore, against which the Company has preferred an appeal with the appropriate authority and the matter is sub-judice. Enforcement Directorate had proceeded to take the constructive possession of the attached property on which an interim stay has been granted by the Hon'ble Appellate Tribunal,

The Company is continuing to pursue a comprehensive debt resolution proposal wath all the lenders, The majority of commercial lenders have shown their inclination to accept the debt resolution proposal and accepted the Earnest Money offered thereof while Debt realignment proposat is submitted with other lenders, Considering the steps initiated for achieving tumaround of the Company and sugar sector, ongoing discussions with the lenders for resolution of their dues and continuing manufacturing operations in near foreseeable furure with improved operational efficiency, these financial statements are continued to be presented on Boing concern basis, which contemplates realization of assets and settlement of iiabilitics, in the noxmal course of business.

impact of COVID 19 Pandemic

The Company has consideted the patential impact of spread of Coronavirus Disease (COVID-19), throughout the country, in preparation of financial results for the quarter and year ended March 31, 202] based on the information available to it up to the date of approval of these financial resuits. However, the impact of COVID-19 as well. as negative outlook of sugar sector on the carrying amount of its property, plant and equipment's and consequential impairment could not be ascertained and provided for due to non- availability of requisite information on account of lockdown restrictions.

The impact of COVED-19 may differ from what has been assessed by the Management as at the date of approval of these financial results. The Company will continue to closely monitor any material change in future economic conditions and take appropriate action as may be required.

iy we ts w a ~ The credit facilities availed by the Company have been classified as non-performing assets (NPA} by all the lenders and interest thereon is not being charged to the loan accounts by commercial lenders as per RBI's circular. The Company has submitted comprehensive debt resolution proposals with ali the lenders to commensurate with its foture cash flows. The majority of commercial lenders have shown their inclination to accept the debt resolution proposal (OTS Proposal) of the Company and accordingly accepted the offered Eamest Money Deposit. Accordingly, the Interest expenses pertaining fo commercial lenders, for the quarter and year ended March 31, 2021 amounting to Rs. 4,295 lacs and Rs. 15,461 lacs respectively (previous quarter and year ended March 31, 2020 artounting to Rs. 3,430 lacs and Rs 13,146 lacs respectively) has not been recegnized in profit and loss acceunt. A total amount of Rs. 52,916 lacs towards accrued interest has not beer: provided for in the books of accounts as on March 31, 2021.
- The Hon'ble High Court of Uttar Pradesh bad directed the state government to determine the interest liability for the period of delayed payments of sugarcane price to cane prowers for supar seasons 2012-13 to 2014-15 by the UP sugar industry. No demand, pursuant to the order and for subsequent period has since been. received by the Company. Considering this and alse prevalent past practices, ne such provision towards the interest on delayed payment of cane price has been made. in the accounts.
- In the audited financial statements of Simbhaoli Power Private Limited ('SPPL') for the year ended March 31, 2020, the statutory auditor of the SPPL has drawn Emphasis of Matter in respect of following "During the year ended March 31, 2020, Uttar Pradesh Electricity Regulatory Commission (""UPERC') has notified UPERC (Captive and R: ble Energy G ing Plants) Regulations, 2019 ('CRE Regulations, 2019') which has, inter alia, reduced the tariff applicable to bagasse-based generation plants operating in the state of Uttar Pradesh w.ef. April 1, 2019. SPPL, along with bagasse-based co-penerators operating in the State, have filed 4 writ petition with Hon'ble High Court of Allahabad, Lucknow Bench, challenging CRE Regulations, 2019 which have been accepted by the Court.

Based on the writ petition filed and legal opinion obtained, SPPL has recorded revenue from operations for the period from April 2019 to September 2019 at pre CRE Regulations, 2019 tariff instead at the reduced tariff as per CRE Regulations, 2019. W.e.f October 1. 2019, SPPL has accounted for sale of power to Uttar Pradesh Power Corporation Ltd. (UPPCL), the customer at reduced tariff rate under protest and subject ta autcome of Hon'ble High Caurt decision on writ petition. SPPL's computation. shows gat revenue fram operations for year ended March 31. 2020 sould have been lower by Rs. 683 lacs. if accounjgd for at or basis reduced tariff as per CRE Regulations, 2019.

In the consolidated financial results of the Company for the quarter and year ended March 31, 202£, the financial results of SPPL, a material subsidiary has not been consolidated, as the quarterly and year ended financial results of SPPL have not been yet finalized and approved till date.

The transactions entered into between the Company and SPPL for the year ended March 31, 2021, which have nat been eliminated in the consolidated financial results, have resulted in increase in the total revenue by Rs. 2,516 lacs and total expenses by Rs. 1,739 lacs. Further, increase in the balances of subsidiary of Rs. 985 lacs have been included in the consolidated batance sheet in the respective assets heads,

§ During this quarter, the Hon'bie NCLT, Alighabad Bench has passed an order dated March £7, 2021 for the approval of the resolution plan of Uniworld Sugars Private Limited, a joim venrure entity.

9The Company has submitted an application for de-registration of Simbhaoli Global Commoditics DMCC, 3 100% whally owned foreign subsidiary company and termination of business and surrender of trade License thereof with Dubai Multi Commodities Centre Authority.

10The standalone results are available on Company's website www. Simbhactisugars.com. The particulars in respect of standalone results are as under:

ended	Year ended
31.12.2020	31.93.2020	31.03.2021 34.03.2020
439	35,	126.278	100,
	]		1

	1		1

	33

\L The figures for the previous year ended March 31, 2020 have been restated in consolidated results on account of consclidation of audited financial results of SPPL for the year ended March 31, 2020 as disclosed in note no. 8 of financial results published on February 12, 2021. Last year consolidated accounts were prepared by consolidating the results of SPPL for the nine months ended December 31. 2019.

12The figures for the last quarter are the balancing figures kenveen the audited figures in respect of full financial year and the published unaudited year to date figures upto the third quarter of the financial year.

13Sugar. one of the major businesses of the Company, is a part of seasonal indusiry. The results may vary from quarter to quarter.

14 The previous periods figures have been Tegrouped/rearranged wherever necessary,

15The above results were reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on June 30, 2021.

For Simbhaoli Sugars Limited GURSIMRAN, KAUR MANN

1 7 4.

Gursimran Kaur Mann Place: Simbhaoli (Hapur). India Managing Director Date : June 30,2021 DIN: 00642094

AI assistant

Simbhaoli Sugars Ltd — Annual Report 2021

62139_rns_2021-06-30_56514e1b-4150-402e-8180-8350f96dfc2e.pdf

- Scrip Code: NSE: SIMBHALS BSE: 539742

Ref: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015"

Sub: Outcome of the Board mecting, held on June 30, 2021

SIMBHAOLI SUGARS LIMITED ' (Formerly known as 'Simbhaoli Spirits Limited') :

Notes to Standaione Results:

. Impact of COVID 19 Pandemic

Ox Mittal Gupta & Co.

Report on the audit of Standalone Financial Results

Qualified Opinion

Basis of Qualified Opinion

Material Uncertainty related to Going Concern:

Management's Responsibilities for the Standalone financial Results

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Other Matters

For MITTAL GUPTA & CO.

Statement on Impact of Audit Qualifications on Standalone Audited Financial Results for the Financial j Year ended March 31, 2021 '

Refer note na. 11

Statement Of Assets and Liabilities

SIMBHAOLI SUGARS LIMITED (Formerly known as 'Simbhaoli Spirits Limited')

Notes to Consolidated Results:

. Impact of COVED 19 Pandemic

For SIMBHAOLI SUGARS LIMITED

Adverse Opinion

Basis of Adverse Opinion

Mittal Gupta & Co.

Basis of Qualified Opinion

Emphasis of matter

Sx Mittal Gupta & Co.

Material Uncertainty related to Going Concern

Management's and Board of Directors' Responsibilities for the Consolidated Annual Financial Resuits

oO Mittal Gupta & Co.

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results

Sx Mittal Gupta & Co.

Other Matters

oO Mittal Gupta & Co.

For MITTAL GUPTA & CO.

Chartered Accountants

Place of Signature: Kanpur

Statement on impact of Audit Qualifications on Consolidated Audited Finankial Results for the Financial [See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]

Refer Note no.12 Notes:

impact of COVID 19 Pandemic

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Simbhaoli Sugars Ltd Annual Report 2021