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Simbhaoli Sugars Ltd Annual Report 2021

Jun 30, 2021

62139_rns_2021-06-30_ccd01654-93ef-4473-ad48-006f37f8d63a.pdf

Annual Report

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Ref: SSl: $tock Exchange June 30, 2021

The Manager,Listlng

· National sr1cf Exchange of India Y�ited; ·. Exchange Pl�za, Bandra Kurl\1.�oinplex, Bandra- (��st), Mumbai c.)l;O 051.

==> picture [64 x 66] intentionally omitted <==

SIMBHAOLI SUGARS Simbhaoli Sugars Limited CIN-L 15122UP2011 PLC044210 GSTIN : 09AAPCS7569A1ZV (An FSSC 22000 : 2011, ISO 9001 : 2008 & 14001 : 2004 Certified Company) Corporate Office A-112, Sector-63, Noida-201307 (Delhi NCR) INDIA Tel. : +91-120480 6666 Fax.:. +91-120-2427166 E,maii : inl'[email protected] www.simbhaolisugars.com

Departmenfof Corpo:r�f Services BSE Limited, Corporate Relationship Dept., P. J. Towers, Dalal Street, Mumbai - 400 001

Scrip Code: NSE:SIMBHALS BSE: 539742 Ref: Re,lation 30 of SEBI (Listing Obligations and Disclosure Requirements) Re,lations, 2015 Sub: Outcome ofthe Board meeting held on Jne 30, 2021

Dear Sir,

The Board of Directors of Simbhaoli 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 FinancialStatements oftl!e Company for the financial year ended March 31, 2021 and the Audited Fin.ancial results (Standalone afld 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.

  2. Re-appointment of Ms. Gursimran Kaur .Mann as Managing Director of the Cornpany for. a further period of two years w.e..f August 02, 2021 to August OJ, 2023 Stfbject to .the confirmation of the lenders and approval of members of the Company at ensiiµig Annual General meeting.

  3. Re-appointment of Mr. SN Misra as Chief Operating Officer of the Company iri. the category of Whole Time Director for a further period of two[0] years w.e.f September 18, 2021 to September 17, 2023 subject to the confirmation of the lenders and approval of members ofthe Company at ensuing Annual General.meeting.� ' ' : ' ' . �

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

==> picture [463 x 131] intentionally omitted <==

S MBHAOLI SUGARS LIMITED

(Formerly known as 'Simbhaoli Spirits Limited') Regd. Office : Simbhaoli Dist. Hapur (U.P .) - 245207

GIN - L 15122UP2011PLC044210 E-mail: [email protected]:www.simbhaolisugars.com STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021

Income
(a) Revenue from operations
(b) Other income
Total revenue
2
Expenses
(a) Cost of materials consumed
(b) Purchase of stock-in-trade
(c) Changes in inventories of finished goods, work-in-
progrss and stock-in-trade
{d) Excise duty
(e) Employee benefits expense
(f) Finance costs
(g) Depreciation and amorisation expense
(h) Power & fuel
iOher ex enses
3 Profit/ (loss) before exceptional items and tax (1-2)
4
Exceptional items
5 Profit/ (loss) before Tax (3-)
6
Tax expense :
- Current tax
- Deferred tax
Total tax expenses
7 Net Profit(loss) from ordinary activities afer tax (5-6)
8 Other Comprehensive Income (net of tax)
A)
I. Items that will not be reclassified to profit & loss
JI.Income Tax relating to Items that will not be reclassified to profit
or loss
B)
I. Items that will be reclassified to profit & loss
fl. Income Tax relating to Items that will be reclassified to profit or
loss
9 Total Com rehensive Income net of tax 7+8
10 Paid up equity share capital (face value Rs. 10/- each)
11
Other Equity
12
Basic and Diluted Earning Per Share (Rs.) (not annualized)
- EPS before exceptional item
- EPS after exc tional item
# Refer note no.6		 .J.BCe.m·b�r31,
2020
UraUdited
31,159
359
31,518
31,827
984
(14,597)
5,720
1,548
803
923
1,002
3 511
31721
(203)
(203)
(203)
203
4,128
(0.49)
0.49
March.31;
•2020
Audited•#
40,517
1,193
41,710
43,150
630
(16,360)
4,592
1,777
841
882
619
3 974
40105
1,605
1,605
1,333
4,128
3.89
3.89
Year Ende.d
Rs. Lacs
M�rC�:31,
.2020
'A1idited
1,20,832
2,574
1,23,406
82,202
2,866
(7,202)
19,888
5,696
3,163
3,601
2,844
12 513
1 25 571
(2,165)
(2,165)
(2,165)
(272)
(272)
2437
4,128
(5,359)
(5.24)
5.24		 .J.BCe.m·b�r31,
2020
UraUdited
31,159
359
31,518
31,827
984
(14,597)
5,720
1,548
803
923
1,002
3 511
31721
(203)
(203)
(203)
203
4,128
(0.49)
0.49
March.31;
•2020
Audited•#
40,517
1,193
41,710
43,150
630
(16,360)
4,592
1,777
841
882
619
3 974
40105
1,605
1,605
1,333
4,128
3.89
3.89
Year Ende.d
Rs. Lacs
M�rC�:31,
.2020
'A1idited
1,20,832
2,574
1,23,406
82,202
2,866
(7,202)
19,888
5,696
3,163
3,601
2,844
12 513
1 25 571
(2,165)
(2,165)
(2,165)
(272)
(272)
2437
4,128
(5,359)
(5.24)
5.24		 .J.BCe.m·b�r31,
2020
UraUdited
31,159
359
31,518
31,827
984
(14,597)
5,720
1,548
803
923
1,002
3 511
31721
(203)
(203)
(203)
203
4,128
(0.49)
0.49
March.31;
•2020
Audited•#
40,517
1,193
41,710
43,150
630
(16,360)
4,592
1,777
841
882
619
3 974
40105
1,605
1,605
1,333
4,128
3.89
3.89
Year Ende.d
Rs. Lacs
M�rC�:31,
.2020
'A1idited
1,20,832
2,574
1,23,406
82,202
2,866
(7,202)
19,888
5,696
3,163
3,601
2,844
12 513
1 25 571
(2,165)
(2,165)
(2,165)
(272)
(272)
2437
4,128
(5,359)
(5.24)
5.24
1 25 571
(2,165)
(2,165)
(2,165)
(272)
(272)
2437
4,128
(5,359)
(5.24)
5.24

==> picture [58 x 56] intentionally omitted <==

==> picture [61 x 39] intentionally omitted <==

----- Start of picture text -----

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\· . ''
----- End of picture text -----

SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES
UNDER REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015.
FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
<
:,; ' . ::(,
-•·
'·: ;'.
.
...·
..
> x•·•-.
••
'
' ;
'.
..
(A). Segment Revenue
(a) Sugar
(b) Distillery
Total
Less: Inter Senment Revenue
Net salesfincome fom �erations
(8). Segment Result
Proft/ (loss) before fnance costs, unallocated expenditure, exceptional items
and tax from each segment
(a) Sugar
lb) Distlller
·••·'
QUarer ended .. ·.•
�
March 31,1 . �celber �1,·•0
2021
•'
. • 2020
,AUdited #
_:·(:�: '41.�9'
',
11,541
/
52 849.
'
4 717
'48132
~~f{·~~~~•-~~
·---•
..-
;(
2
,::�.
un·a·udlted'
23,452
11,079
34 531
3,372
31159
(113)
672
'R- I
,
Year Ended
March 31,
Ma_ch 31,
March 31,
2020
2021
2020
Audited#
- - AUdited
Audited
34,738
_1,16,275
92,040
8,438.
- .39;.324
35,252
43176
1 55 599
1 27 292
2,659
-•·g·goa
6,460
40 517 !-·
. · ·.·1-45 691
1 20 832
;
2,241
809
265
198
•
•1'407
387

 SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES
UNDER REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015.
FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
<
:,; ' . ::(,
-•·
'·: ;'.
.
...·
..
> x•·•-.
••
'
' ;
'.
..
(A). Segment Revenue
(a) Sugar
(b) Distillery
Total
Less: Inter Senment Revenue
Net salesfincome fom �erations
(8). Segment Result
Proft/ (loss) before fnance costs, unallocated expenditure, exceptional items
and tax from each segment
(a) Sugar
lb) Distlller
·••·'
QUarer ended .. ·.•
�
March 31,1 . �celber �1,·•0
2021
•'
. • 2020
,AUdited #
_:·(:�: '41.�9'
',
11,541
/
52 849.
'
4 717
'48132
~~f{·~~~~•-~~
·---•
..-
;(
2
,::�.
un·a·udlted'
23,452
11,079
34 531
3,372
31159
(113)
672
'R- I
,
Year Ended
March 31,
Ma_ch 31,
March 31,
2020
2021
2020
Audited#
- - AUdited
Audited
34,738
_1,16,275
92,040
8,438.
- .39;.324
35,252
43176
1 55 599
1 27 292
2,659
-•·g·goa
6,460
40 517 !-·
. · ·.·1-45 691
1 20 832
;
2,241
809
265
198
•
•1'407
387

 SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES
UNDER REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015.
FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
<
:,; ' . ::(,
-•·
'·: ;'.
.
...·
..
> x•·•-.
••
'
' ;
'.
..
(A). Segment Revenue
(a) Sugar
(b) Distillery
Total
Less: Inter Senment Revenue
Net salesfincome fom �erations
(8). Segment Result
Proft/ (loss) before fnance costs, unallocated expenditure, exceptional items
and tax from each segment
(a) Sugar
lb) Distlller
·••·'
QUarer ended .. ·.•
�
March 31,1 . �celber �1,·•0
2021
•'
. • 2020
,AUdited #
_:·(:�: '41.�9'
',
11,541
/
52 849.
'
4 717
'48132
~~f{·~~~~•-~~
·---•
..-
;(
2
,::�.
un·a·udlted'
23,452
11,079
34 531
3,372
31159
(113)
672
'R- I
,
Year Ended
March 31,
Ma_ch 31,
March 31,
2020
2021
2020
Audited#
- - AUdited
Audited
34,738
_1,16,275
92,040
8,438.
- .39;.324
35,252
43176
1 55 599
1 27 292
2,659
-•·g·goa
6,460
40 517 !-·
. · ·.·1-45 691
1 20 832
;
2,241
809
265
198
•
•1'407
387
43176
1 55 599
2,659
-•·g·goa
40 517 !-·
. · ·.·1-45 691
;
2,241
809
198
•
•1'407
6,460
1 20 832
265
387
Total
Less:
(a) Finance cost
;b; Other un-allocatad exnenses/ 'income\ 'net'
'
,
~~.;~~3-221
·•·.,~~. ~~78\1
. , .--...-,
559
803
141
Total Profit/ l1oss before tax
r•· .
-,.2521•1
1203
(C). Segment Assets
(a) Sugar
' // .,,;t��l
1,3,426
(b) Distillery
43,425
ic\ Unallocated
·, ,
15,994
Totl
'· ·2or61
1 95 845
(D). Segment Liabilities
"'"'
:
(a) Sugar
filil
70,473
(b) Distillery
>·
2,781
( c) Unallocated
23,279
id\ Borrownns
'
1,03,494
Total
,<:{ .. 2 0,:502
2 00 027		 2439~~,.~~. '".-...2-216
.
',
841i'
3;06!
17-��
1 605
1,60,072-:';T/· ..·
42,024_.·•·-__·······1�1� _
15 325
217 421
.-.<-2;07{861
.
1,!.·.i•l,,I
90,142
2,716
21,332
1,04,462
2.18 652
·':'. ;./2.09:502:-I		 652
3,163
1346
12.165
1,60,072
42,024
15,325
2.17421
90,142
2,716
21,332
1,04,462
2 18 652

# Refer note no.6

==> picture [114 x 82] intentionally omitted <==

•·

STATEMENT OF ASSETS AND LIABILITES

Rs. lacs)
Standalone
A,; at March As;at March
31,2021 31, 2020
Audited Audited
Non-current assets
a) Property, Plant and Equipment 1,23,858 1,26,108
b) Capital work-in-progress 62 836
c) Intangible assets 48 39
d) Right of use assets 3
e) Financial Assets
i) Investments 11,168
ii) Other financial assets 1,329
f) Tax Assets 655
g) Other non - current assets 273
Total non - current assets 1,40,411
Current assets
a) Inventories 55,089
b) Financial Assets
i) Trade receivables 3,509
ii) Cash and cash equivalents 4,289
iii) Bank balances other than above 1,633
vi) Other financial assets 3,558
c Other current assets 8,932
Total current assets 77,010
Total assets 2,17,421
EQUITY AND LIABILITIES
Equity
a) Equity share capital 4,128
b Other e uit 5,359
Share holder's Funds 1,231
Liabilities
Non-current liabilities
a) Financial Liabilities
i)
Borrowings		 359
ii) Other financial liabilities 49
b Provisions 457
Total non - current Liabilities 865
Current liabilities
a) Financial Liabilities
i) Trade payables
-Total outstanding dues to micro ancf'small enterprises		 272
-Total outstanding dues of other than micro and small 89,744
enterprises
ii) Other financial liabilities 1,26,128
iii) Lease Liability on right of use assets 3
b) Provisions 108
c) Other current liabilities 1,532
Total current Liabilities. 2,17,787
Total Equit and Liabilities 2,17,421

SIMBHAOLI SUGARS LIMITED

(Fonnerly known as 'Simbhaoli Spirits Limited') CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2021

Year ended Year ended
March 31, 2021 March 31, 2020
Rs. lacs Rs.lacs
(Audited) (Audited)
A. CASH FLOW FROM OPERATING ACTIVITIES:
Net profit/(loss) before tax and exceptional items
Adjustments for:		 (443) (2,165)
Depreciation and amortization -3,54,8 3,601
Finance costs 3,066 3,163
Interest income on financial assets and others (1,36/) (1,223)
Liability/provisions no longer required written back (23:2) (680)
Bad Debts and advances written off 14
Gain on foreign exchange fluctuation (16)
Profit on redemption of Mutual Funds Units (31)
Loss/ (profit) from sale /discard of property, plant and equipment (net) 449
Provision for doubtful debts and advances 140
Mollasses Storage Fund 21
Operating profit/(luss) hefore working capital changes
Adjustments for (increase)ldecreasei11operating assets:		 J,273
Changes in trade and other receivables 1,969
Changes in other non current and current financial asset (955)
Changes in other non current and other current assets (3,518)
Changes in inventories (6,994)
Changes in trade and other payables 11,146
Changes in other non.current and other current financial liabilities 314
Changes in other non--current and other current liabilities 456
Changes in long term and short term provision 59
Cash (used)/generated from operations 5,750
Direct taxes (paid)/refund (112
Net cash (used)/ from operating activities 5,638
B. CASH FLOW FROM INVESTING ACTIVITIES
Additions to property, plant & equipment and intangible assets (1,444)
Sale of property, plant & equipment and intangible assets 10
Purchase of national savings certificate
Interest received on debentures/fixed deposits/inter corporate deposits 1,140
Invesbnent in Mutual funds (3,020)
Proceeds from Redemption ofMutual Funds 3_,051
Changes in fixed deposit placed with Banks (109)
Net cash (used) / from investing activities (372)
C. CASH FLOW FROM FINANCING ACTIVITIES
EMD Paid to banks for OTS (572)
Payment oflease liability (6)
Interest expenses (1,207)
Repayment of long term borrowings (225)
Proceeds/(repayment) of short term borrowings( net) (274)
Net cash (used)/ from financing activities (2,284)
D. Net increase/(decreasc) in cash and cash equivalents (A+B+c) 2,982
E. Cash and cash equivalents (opening balance) 1,307
F. Cash and cash equivalents (closing balance) (D+E)
Cash and bank balances (D+E) 4,289

Notes:

,,

The above Cash Flow Statement has been prepared under the "Indirect Method" as set out in the Indian Accounting Standard (Ind AS) 7 on Statement .9( Cash Flows. .5. c � '·.'{::i_ , \i�.< •.

Notes to Standalone Results:

  • I. 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 govermnent, and comparatively lower prices of finished sugar due to higher production which are detennined 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 ero�ion ofit' s net worth. This has resulted in delay in meyting 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 govermnents have taken a number of measures to improve the fmancial 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 have resulted in revival of the sugar industry and the financial perfonnance of Lhe 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 govermnent under the erstwhile New Sugar Industrial Promotion Policy (NSI 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, 20 I 6 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 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.

2. Impact of COVID 19 Pandemic

The Company has considered the potential impact of spread of Coronavirus Disease (COVID-19), throughout the country,in preparation of financial results for the quarter and year ended March3 l, 20211:iased on the information available to it up to the date of app,;ovalofthese 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 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.

==> picture [86 x 81] intentionally omitted <==

Q

  1. The credit facilities availed by the Company have been classifieu as tl(r11-perronning 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 all the lenders to commensuratewith its future 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 Earnest Money Deposit. Accordingly, the Interest expenses pertaining to commercial lenders, for the quarter and yearended March 31, 2021 amounting to Rs. 4,295 lacs and Rs. 15,46llacs respectively (previous quarterqmd 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.

  2. The Hon'ble High Court of Uttar Pradesh had directed the state government to determine the interest liability for the period of delayed payments of sugarcane price to cane growers for sugar 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 also prevalent past practices, no such provision towards the interest on delayed payment of cane price has been made in the accounts.

  3. The outstanding balance of the Company with its subsidiary company, Simbhaoli Power Private Limited (SPPL) as reported in standalone financial statements, is subject to reconciliation on account of difference in interpretation of certain long term commercial agreements. Pending reaching to final settlement with SPPL, no adjustment has been made in the books of accounts amounting to Rs. 511 lacs and Rs. 716 lacs for the quarter and year ended Mach 31, 2021 respectively (previous quarter and year ended March 31, 2020 amounting Rs. 253 lacs) being the difference in the value of bagasse sold and certain other claims made by SPPL. Total difference as on March 31, 2021 with SPPL is amounting to Rs. 969 lacs.

  5. 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.

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

  7. The previous periods figures have been regrouped/rearranged wherever necessary.

  8. 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 heid on June30, 2021.

For SIMBHAOLI SUGARS LIMITED SIGN

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

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----- Start of picture text -----

· ran Kaur Mann
anaging Director
----- End of picture text -----

•·

Mittal Gupta & Co. Chartered Accountants 14 Ratan Mahal 15/197 Civil Lines, Kanpur -208001 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 to the Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 as amended.

To

Board of Directors of Simbhaoli 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

Mittal Gupta & Co. Chartered Accountants

==> picture [61 x 42] intentionally omitted <==

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

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 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.

  • 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 31, 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 aforesaid 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 above matter.

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 financial results” section of our report .We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India

Mittal Gupta & Co. Chartered Accountants

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

==> picture [61 x 42] intentionally omitted <==

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 other 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 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 Statement.

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

Mittal Gupta & Co. Chartered Accountants

==> picture [61 x 42] intentionally omitted <==

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

  • 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 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 control 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 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.

Mittal Gupta & Co. Chartered Accountants

==> picture [61 x 42] intentionally omitted <==

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

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 lockdowns 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

SIGN

(B. L. Gupta)

Partner Membership No.:073794

Place of Signature: Kanpur

Date:30.06.2021

UDIN: 21073794AAAADY5488

Statement on Impact of Audit Qnalifications on Standalone Audited Financial Results for the Financial " a Year ended March 31, 2021 11 . [See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regnlations, 2016]

I. .
.
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1 Turover/ Total income
147372
Total Expenditure
147815
Net Proft(Loss)
(443)
Earings Per Share
(1.07)

146656
163276
(16620)
(40.26)
2
3
4
5 Total Assets
207861
Total Liabilities
209502

206892
262418
6 Total Liabilities
209502
7 Net Worh
(1641)
 (55526)
-
8
 Ay other financial item(s) (as flt
-
approprate by the management)

II. Audit Qualification (each audit qualification separately): a. Details of Audit Qualification:

  • I. Non provisions for impairment Ill the carrying value of Property, Plant and 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 fmancial results.

  • Non-provision of interest. expense amounting Rs. 4,295 Lacs and Rs. 15,461 Lacs. (Previous year Rs.13,146 Lacs) on certain borrowings for the quarter and year ended March 31, 2021 respectively for the reasons stated in the note no.3. 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 understatedby 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.

•

  1. Non- provision of interest liability in respect of delayed payment of sugarcane price. The amount of interest not provided for in !he books has not been ascertained .

  2. 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. 51 lLakhs and Rs 716(Previous year Rs.253 Lakhs)for the quarter and year ended March 31, 2021 respectively. 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�?� � &l'\qS _ . Q l lf' ! 6' ({> ·

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 prpvided for in the accounts aggregates to Rs. 969 Lakhs till \"farch 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 aforesaid respective amounts.

b. Type of Type of Audit Qualifcation:
I. Qualified Opinion
c. 2.
Qualified Opinion
3.
Qualifed Opinion
4.
Qualifed Opinion
Frequency of qualifcation:
I.
2.		 Second Time
Fourh Time
3. Third Time
4. Second Time
d. For Audit Qualifcation(s) where the impact is quantfed by the auditor, Management's Views:
2.
The Company has submitted comprehensive debt resolution proposal by way of
One Tie Settlement (OTS) to all its commercial lenders against their entire
outstanding and waiver of unpaid iterest. Accordingly, interest expense is not
being recognised in the books of accounts. Accounts being NP A, banks are also
not charging iterest in our accounts.
4. Due to diference in inteiretation of certain long ter commercial agreements
with SPPL fr ascertining the value of bagasse sold and some other claims,
accounts could not be reconciled. Matter is under discussion and Company is
hopefl that te differences will be reconciled shortly.
e. For Audit Qualfcation(s) where the impact is not quantifed by the auditor:
(i)
(ii)		 Management's estimation on the impact of audit qualifcation: N.A.
If management is unable to estmate the impact, reasons fr the same:
I. The impact of COVID 19 as well as negative outlook of sugar sector on the carrying
amout of its Property, Plant and Equipment's and consequential impairment could not
be ascertained and provided fr due to non- availability of requisite infrmation on
accout oflockdown restrictions.
3. Considering that no notice of demand has been served upon the Company in this regard
and the amount has not been ascertained, no provision has been made in this regards.
Based on the past industr practices, the management is confdent that no interest
liabilitywill arise fr theseperiod.
• (i) Auditors' Comments on (i) or (ii) above:
•
I.
Since, we were not made available of appropriate impairment assessment carried
out by the management, we were unable to coment 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.
3. Since, the amount of the interest on delayd payent to sugarcane frmers has not
been quantifed by the management, we were not able to repor the impact of the
same ..
,-G�"'
~~9~~
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(__
91
: �o ; " _
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-;,

==> picture [507 x 174] intentionally omitted <==

----- Start of picture text -----

III. Signatories: SIGN
•Managing Director
) A
'
• CFO '
• Audit Committee Chairman jP y)ie
• SIGN
Statutory Auditor
--�
' .-�,A [!-, --,;,' ]
Place: Simbhaoli, Hapur
Date: June 30, 2021
----- End of picture text -----

"

SIMBHAOLI SUGARS LIMITED

(Formerly known as 'Simbhaoli Spirits Limited') Regd. Office: Simbhaoli Dist. Hapur (U.P.) - 245207 CIN - L15122UP2011PLC044210 E-mail: [email protected]:www.simbhaolisugars.com STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021

Rs. Lacs

Matcfi'31,
.
. 2021		 Matcfi'31,
.
. 2021		 Quartet ended
Decerri�r 31_,
2020		 Mafch'31,
2Q20		 Year.·ended
Mai'ch 31,
·2021
Marc.h 31,
2020
Audited
recast'8d '#		 Agdited Audited/
rei:'aSted
(a) Revenue from operations
{b) Other income
Total revenue		 48,262
... 551
,48;813		 31,229
367
31,596		 43,745
348
44,093		 1,46,9fl8
1 743		 1,28,021
809
1,28,830
2 Expenses
(a) Cost of materials consumed
{b) Purchase of stock-in-trade
(c) Changes in inventories of finished goods, won<-in-
progress and stock-in-trade		 :42,6,06
332		 31,827
984
(14,597)
(d) Excise duty 5,720
(e) Employee benefits expense 1,657
(f) Finance costs
(g) Depreciation and amortisation expense		 803
923
(h) Power and Fuel 1,003
(i) Other expenses 3,483
3 Total ex enses
Profit/ (loss) before exceptionaltte;;m;;;s�a;;n;;id t;;
ax (1i:::.2>1)�---------f".""fu'-\fu'-\���t-
--'
�
31803
(207)
4 Exceptional items
5 Profit/ (loss) before Tax {3-4) (207)
6 Tax expense :
- Current tax		 9
- Deferred tax (3) 3
- Income Tax Adjustment
7 Total tax expenses
Net Proflt/{loss) from ordinary activities after tax (5-6)		 3
(204)		 12
(3,831)
8 Other Comprehensive Income {net of tax)
A)
I. Items that will not be reclassified to profit & loss		 (285)
(286)
II. Income Tax relating to Items that will not be reclassified to profit or loss
9 B)
I. Items that will be reclassified to profit & loss
II. Income Tax relating to Items that will be reclassified to profit or loss
Total Comprehensive Income (net of tax) {7+8)
Profit/Loss for the year attributable to :		 (204) (4,116)
I. Owners of the parent
II. Non-Controlling Interest		 (203)
(1)		 (3,436)
(395)
Other Comprehensive Income attributable to:
I. Owners of the parent
II. Non-Controlling Interest
Total Comprehensive Income attributable to:		 (279)
(6)
I. Owners of the parent (203) (3,715)
II. Non-ControHin Interest 1 401
10 Paid up equity share capital {face value Rs. 10/- each) 4,128
11
12		 Other Equity
Basic and Diluted Earning Per Share (Rs.) (not annualized)
- EPS before exceptional item
- EPS after exce tiona! item		 (0.49)
0.49
# Refer note no. 11

==> picture [157 x 10] intentionally omitted <==

SEGMENT WISE REVENUE, RESULTS, ASSETS ANO LIABILITIES UNDER REGULATION 33 OF THE SEBI (USTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015. FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021

. egmen
evenue
(a) Sugar
{b) Distiller
{c) Power
(d) Others
Total
Less: Inter Se rent Revenue
Net sales/income from o erations
{B). Segment Results
ProfU {loss) before finance costs, unallocated expenditure, exceptional items
and tax from each segment
{a) Sugar
(b) Distillery
(c) Power
d Others
Total
Leas:
(a) Finance cost
{b) Other un-ellocated expenses/ {incoml) {111l)
c Excetional item
 . egmen
evenue
(a) Sugar
{b) Distiller
{c) Power
(d) Others
Total
Less: Inter Se rent Revenue
Net sales/income from o erations
{B). Segment Results
ProfU {loss) before finance costs, unallocated expenditure, exceptional items
and tax from each segment
{a) Sugar
(b) Distillery
(c) Power
d Others
Total
Leas:
(a) Finance cost
{b) Other un-ellocated expenses/ {incoml) {111l)
c Excetional item
 March 31,
2021
Audited'.#
1? ,30f
1,1-;�4_1
Quarer ended
t_�cember 31 1
202
:,Unaudit�_d
23,452
11,079
114
34645
3,416
31 229
(113)
672
13
546
803
(50)
207
1,31,821
43,425
35,048
1,635
6,086
2 18 015
69,707
2,781
1,980
1,351
26,624
1,09,593
212 036
Ma_rch 31,
020
Audi_ted
recased#
34,738
8,438
2,358
1,016
46 550
2,805
43 745
1,819
198
468
22
2463
1,271
(480)
1 672
1,55,287
42,024
35,048
1,641
5,425
2,39 425
89,376
2,716
1,980
1,378
24.473
1,10,560
2 30 483
Year ended
March 31,
2021
Audited
1, 16,275
39,3.4
5ZO
1 56 169
10-10'1:
1.s-trss
925
1_,407'
March 31,
202
Aldited/
ricaste'd
92,040
35,252
6,440
2,376
1 36108
8,087
1 28 021
(157)
387
1,015
21
1 266
5.190
(105)
3,819
1,55,287
42,024
35,048
1,641
5,425
2 39425
89,376
2,716
1,980
1,378
24,473
1 10,560
2 30 483		 March 31,
2021
Audited'.#
1? ,30f
1,1-;�4_1
Quarer ended
t_�cember 31 1
202
:,Unaudit�_d
23,452
11,079
114
34645
3,416
31 229
(113)
672
13
546
803
(50)
207
1,31,821
43,425
35,048
1,635
6,086
2 18 015
69,707
2,781
1,980
1,351
26,624
1,09,593
212 036
Ma_rch 31,
020
Audi_ted
recased#
34,738
8,438
2,358
1,016
46 550
2,805
43 745
1,819
198
468
22
2463
1,271
(480)
1 672
1,55,287
42,024
35,048
1,641
5,425
2,39 425
89,376
2,716
1,980
1,378
24.473
1,10,560
2 30 483
Year ended
March 31,
2021
Audited
1, 16,275
39,3.4
5ZO
1 56 169
10-10'1:
1.s-trss
925
1_,407'
March 31,
202
Aldited/
ricaste'd
92,040
35,252
6,440
2,376
1 36108
8,087
1 28 021
(157)
387
1,015
21
1 266
5.190
(105)
3,819
1,55,287
42,024
35,048
1,641
5,425
2 39425
89,376
2,716
1,980
1,378
24,473
1 10,560
2 30 483		 March 31,
2021
Audited'.#
1? ,30f
1,1-;�4_1
Quarer ended
t_�cember 31 1
202
:,Unaudit�_d
23,452
11,079
114
34645
3,416
31 229
(113)
672
13
546
803
(50)
207
1,31,821
43,425
35,048
1,635
6,086
2 18 015
69,707
2,781
1,980
1,351
26,624
1,09,593
212 036
Ma_rch 31,
020
Audi_ted
recased#
34,738
8,438
2,358
1,016
46 550
2,805
43 745
1,819
198
468
22
2463
1,271
(480)
1 672
1,55,287
42,024
35,048
1,641
5,425
2,39 425
89,376
2,716
1,980
1,378
24.473
1,10,560
2 30 483
Year ended
March 31,
2021
Audited
1, 16,275
39,3.4
5ZO
1 56 169
10-10'1:
1.s-trss
925
1_,407'
March 31,
202
Aldited/
ricaste'd
92,040
35,252
6,440
2,376
1 36108
8,087
1 28 021
(157)
387
1,015
21
1 266
5.190
(105)
3,819
1,55,287
42,024
35,048
1,641
5,425
2 39425
89,376
2,716
1,980
1,378
24,473
1 10,560
2 30 483		 March 31,
2021
Audited'.#
1? ,30f
1,1-;�4_1
Quarer ended
t_�cember 31 1
202
:,Unaudit�_d
23,452
11,079
114
34645
3,416
31 229
(113)
672
13
546
803
(50)
207
1,31,821
43,425
35,048
1,635
6,086
2 18 015
69,707
2,781
1,980
1,351
26,624
1,09,593
212 036
Ma_rch 31,
020
Audi_ted
recased#
34,738
8,438
2,358
1,016
46 550
2,805
43 745
1,819
198
468
22
2463
1,271
(480)
1 672
1,55,287
42,024
35,048
1,641
5,425
2,39 425
89,376
2,716
1,980
1,378
24.473
1,10,560
2 30 483
Year ended
March 31,
2021
Audited
1, 16,275
39,3.4
5ZO
1 56 169
10-10'1:
1.s-trss
925
1_,407'
March 31,
202
Aldited/
ricaste'd
92,040
35,252
6,440
2,376
1 36108
8,087
1 28 021
(157)
387
1,015
21
1 266
5.190
(105)
3,819
1,55,287
42,024
35,048
1,641
5,425
2 39425
89,376
2,716
1,980
1,378
24,473
1 10,560
2 30 483
1 266
5.190
(105)
Leas:
(a) Finance cost
{b) Other un-ellocated expenses/ {incoml) {111l)
c Excetional item
Total Proft loss before ta
(C). Segment Assets
(a) Sugar
(b)Distillery
(c) Power
(d) Others
e Unallocated
Total
{D). Segment Liabilities
(a) Sugar
{b) Distillery
(c) Power
(d) Others
(e) Unallocated
Borrowin s		 3,819
1,55,287
42,024
35,048
1,641
5,425
2 39425
89,376
2,716
1,980
1,378
24,473
1 10,560
Total
# Refer note no. 11		 2 30 483

==> picture [45 x 43] intentionally omitted <==

•·

Statement Of Assets and Liabilities

,.

Rs. lacs
Cois01idated
/udi!ed Audited/
Recasted
ASSETS
Non-current assets
a) Propery, Plant and Equipment 1,51,618 1,53,871
b) Capital work-in-progress 62 836
c) Intangible Assets 6d 50
d) Goodwill :1,249; 1,311
e) Financial Assets
i) Investments 2
ii) Trade receivables 683
ii) Other financial assets
f) Non-Curent Tax Assets		 261
840
g) Other non - current assets 463
h Deferred Tax Assets 114
Total non - current assets 1,58,431
Current assets
a) Inventories 55,194
b) Financial Assets
i) Current Investments 598
ii) Trade receivables 9,362
iii) Cash and cash equivalents 4,433
iv) Bank balances other than above 1,694
v) Other financial assets 617
c) Other current assets
d Assets classified as held fr sale		 9,062
34
Total current assets 80,994
Total assets 2,39,425
EQUITY AND LIABILITIES
Equity
a) Equity share capital 4,128
b) Other equity (6,767)
c Non controllin interest 11,581
Share holder's Funds 8,942
Liabilities
Non-current liabilities
a) Financial Liabilities
i) Borowings
ii) Other fnancial liabilities		 4,861
2,820
b Provisions 473
Total non - current Liabilities 8,154
Current liabilities
a) Financial Liabilities
i) Trade payables
-Total outstanding dues to micro and small enterpri�es 275
-Total outstanding dues of other than micro and small enterprises 91,229
ii)Other financial liabilities 1,28,094
b) Other current liabilities
c) Provisions 217
d) Other curent liabilities 2,009
e Current Tax Liabilities Net 505
Total current Liabilities. 2,22,329
Total E uit and Liabilities 2,39,425

SIMBHAOLI SUGARS LIMITED

(Formerly known as 'Simbhaoli Spirits Limited')

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2021

:'3ftiCuar Ye_ar ended
March 31,2021		 Year ended
March 31,2020
Rs. lacs Rs. lacs
Atidited Audited/
recastcd
A.
CASH FLOW FROM OPERATING ACIVITIES:
Net profit/(loss} before tax and exceptional items
Adjustments fr:		 (521) (3,819)
Depreciation and amortization (net of revaluation reserve) 3,548 4,653
Finance costs 3,071 5,190
Interest income on :mancial assets and others
Liability/provisions no longer required written back		 (1,396)
(272)		 (99)
(137)
Bad Debts and advances written of
Unrealised foreign exchange fluctation
Proft on redemption of Mutual Funds Units		 30
(I)		 14
18
(77)
Loss/ (proft) fom sale of proper, plant and equipment (net)
Provision fr doubtfl debts and advances		 0
706		 449
173
Mollasses Storage Fund 21
Operating proft/(loss) befre working capital changes
A4juhnents.or (crease)ldecreae in operating assets:
Chages in tade ad oter receivables
Changes in other non curent and cuent financial asset
Changes in other non curent and oter curent assets		 6,386
4,240
327
(3,530)
Changes in inventories
Changes in tade and other payables
Changes in other non-urrent and other cu ent fmancial liabilities
Changesinother non-cuent and other curent liabilities
Changes in long tenn ad short term provision		 (7,015)
10,526
451
564
82
Cash (used)/generated from operations
Direct tes (paid)/refnd
Net cash (used)/ fom operating activities		 12,031
(366)
11,665
B. CASH FLOW FROM INVESTING ACTIVITIES
Additions to property, plat & equipment and intngible asset (1,438)
Sale of property, plant & equipment and intangible assets 10
Sale of/ (Investents) Mutual Funds ( Net)
Purchase of national savings certifcate
Interest received on debentures/fxed deposits/inter c01porate deiosits
Changes in fxed deposit placed with Banks		 (208)
27
(48)
Net cash (used)/ from investing activities (1,657)
C. CASH FLOW FROM FINANCING ACTIVITIES
EMD Paid to baks fr OTS (572)
Interest expenses
Repayment of long ter borrowings
Prceeds/(repayment) of short ter borrowings( net)
Net cash (used)/ from fnancing activities		 (3,484)
(2,54 I)
(367)
(6,964)
D. Net increase/(decrease) in cash and cash equivalents (A+B+C) 3,045
E. Cash and cash equivalents (opening balance) 1,388
F. Cash and cash equivalents (closing balance) (D+E)
Cash and ban balances (D+E) 4,433
" •
Note: Cash fow statement are prepad in accordance with 'indirect method' as per Ind As ?-'Statement of Cash Flows
q

Notes to Consolidated Results:

  • I. 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 comp,any 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 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 ethanol with petrol with long 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 (NSI P 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. I 09.80 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 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.

2. Impact of COVID 19 Pandemic

The Company has considered the potential impact of spread of Coronavirus Disease (COVID-19), throughout the country,in preparation of financial results for the quarter and year ended March31,. 2021 based on the information available to it up to the date of approval of 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 has been assessed by the Management as at the date of approval of th�se financial results. The Company will continue to clos_ely monitor any material ,9��g,,:W"°;\ · future econonnc cond1tJons and take appropnate act10n as may be reqmred. :. · ,- - V ,., I; - . .:,.: / ,:.)· If ;)_. • ( ,: Qf.t;<::\ ;J) _; �·· /,·-�'/ :.J, :::•�·. - , \��1•:� \/'

==> picture [230 x 8] intentionally omitted <==

  1. 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 all the lenders to commensuratewith its future 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 Earnest Money Deposit. Accordingly, the Interest expenses pertaining to commercial lenders, fo� the quarter and yearended March 31, 2021 amounting to �s. 4,295 lacs and Rs. !5,461lacs 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 tmJards accrued interest has not been provided for in the books of accounts as on March 31, 2021.

  2. The Hon'ble High Court of Uttar Pradesh had directed the state government to determine the interest liability for the period of delayed payments of sugarcane price to cane growers for sugar 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 also prevalent past practices, no such provision towards the interest on delayed payment of cane price has been made in the accounts.

  3. 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 Elecuicity Regulatory Commission ('UPERC') has notified UPERC (Captive and Renewable Energy Generating 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 .e.f. April 1, 2019. SPPL, along with bagasse-based co-generators operating in the State, have filed a 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. (U CL), 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 gomg concern.

  1. In the consolidated financial results of the Company for the quarter and year ended March 31, 2021, the financial results of SPPL, a material subsidiary has not been consolidated, as the quarterly and year ended fmancial results of SPPL have not been yet fmalized 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 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 balance sheet in the respective assets heads. •

  1. During this quarter, the Hon'ble NCLT, A ahabad Bench has passed an order dated March 17, 2021 for the a roval of the resolution plan of Uni world Sugars Private Limited, a joint venture entity.

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

==> picture [101 x 56] intentionally omitted <==

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

respect of standalone r
esults are as und
er:
Rs. in lacs
)'.!)al' e11d¢d
3);1)3.2020
o erations 42,588 25,439 35,926 1,26,278 1,00,944
Profit/(Loss) before tax 2,521 (203) 1,605 (443) (2,165)
Profit/ (Loss) after tax 2,521 (203) 1,605 (442) (2,165)
OtherComprehensive
Income		 11 (272) 11 (272)
Total Comprehensive
Income		 2,532 (203) 1,333 (432) 2,437))
EBITDA 4,179 1,523 3,328 6,171 4,599

  1. 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 consolidated accounts were prepared by consolidating the results of SPPL for the nine months ended December 31, 2019.

  2. 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.

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

  4. The previous periods figures have been regrouped/rearranged wherever necessary.

  5. 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 June30, 2021.

==> picture [188 x 20] intentionally omitted <==

----- Start of picture text -----

For
SIMBHAOLI SUGARS LIMITED SIGN
----- End of picture text -----

Place: Simbhaoli, Hapur Date: June 30, 2021

  • Company Website: www.simbhaolisugars.com

==> picture [144 x 82] intentionally omitted <==

Mittal Gupta & Co. Chartered Accountants

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

==> picture [61 x 42] intentionally omitted <==

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 results 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. lntegrated Casetech Consultants Private Limited,

  • b. Simbhaoli Specialty Sugars Private Limited,

  • c. Simbhaoli Power Private Limited.

  • ii. are presented in accordance with the requirement of Regulation 33 of the Listing Regulation in this regard; and

  • iii. 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: 0512-2303234, 2303235, 4009111 E-mail: [email protected]

==> picture [61 x 42] intentionally omitted <==

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 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 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 reviewed 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.

Mittal Gupta & Co. Chartered Accountants

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

==> picture [61 x 42] intentionally omitted <==

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 rate 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 issued 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 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 adverse audit opinion.

Management’s and Board of Directors’ Responsibilities for the Consolidated Annual Financial Results

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

Mittal Gupta & Co. Chartered Accountants

==> picture [61 x 42] intentionally omitted <==

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 so.

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 control 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 controls.

Mittal Gupta & Co. Chartered Accountants

==> picture [61 x 42] intentionally omitted <==

14 Ratan 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 underlying transactions and events in a manner that achieves fair presentation.

  • Obtain 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/CFD/CMD1/44/2020 issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

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

Mittal Gupta & Co. Chartered Accountants

==> picture [61 x 42] intentionally omitted <==

14 Ratan Mahal 15/197 Civil Lines, Kanpur -208001 Tel: 0512-2303234, 2303235, 4009111 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 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 consolidated annual financial results.

  • c) 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 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.

  • d) The consolidated 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.

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

For MITTAL GUPTA & CO.

Chartered Accountants

FRN : 01874C

SIGN

  • (B. L. Gupta)

Partner

Membership No.:073794

Place of Signature: Kanpur

Date: 30.06.2021

UDIN: 21073794AAAADZ2170

. I

Statement on Impact of Audit Qualifications on ConsolidatedAudited Financial Results for the Financial

Year ended March 31, 2021 , ,1 [See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]

Statement on Impact of Audit Qualifcations on ConsolidatedAudited Financial Results fr the
Financial
,
Year ended March 31, 2021
,1
[See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]
 Statement on Impact of Audit Qualifcations on ConsolidatedAudited Financial Results fr the
Financial
,
Year ended March 31, 2021
,1
[See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]
 Statement on Impact of Audit Qualifcations on ConsolidatedAudited Financial Results fr the
Financial
,
Year ended March 31, 2021
,1
[See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]
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1
Tuover I Total income
147811
147811
2 Total Expenditure
148332
163794
Net Proft/(Loss)
(593)
(16055)
3
4
Earings Per Share
(1.47)		 (38.93)
5
Total Assets
229342		 228659
6
Tutal Liabilities
2209?2		 273887
7
Net Worth
8370
 (45229)
~~-~~
8
Any other fnancial item(s) (as felt
~~-~~
appropriate by the management)
II. Audit Qualifcation (each audit qualifcation separately):
a.
Details of Audit Qualifcation:

  • I. The Group has not consolidated the financial statements of its material subsidiary viz Simbhaoli Private Limited (SPPL) for financial year 2020-21, for 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.

  • SPPL has recorded revenue from operations for the period April to September, 2019 at or basis pre CRE Regulation 20 I 9 Tariff Rate instead at the reduced tariff as per CRE Regulation2019.As per SPPL's computation, as reviewed 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.

  • •· 0 3. Non provisions for impairment in the carrying value of Property, Plant and 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.

  • Non-provision of interest expense amounting Rs. 4,295 Lacs and Rs. , --- ��\C-c� ' :? _U) ,,- . .-j ::" J ·,' , . .,.., <Q_ 0: :I� /(�;-,, / ,i:! 15 4�• .,'

5. (Previous year Rs.13,146 Lacs) on certain borrowings for the quarter and year ended
March 31, 2021 respectivelyfor the reasons stated in the note no.3.Consequently, the
Finance C(?St for the quarter and year has been understated; Net Profit �fter tax and total
other comprehensive incomefor 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 31, 2021 and March 31, 2020 are overstated by the aforesaid respective amounts.
Non- provision of interest liability in respect of delayed payment of sugarcane price. The
amount of interest not provided for in the books has not been ascertained.
b.
c.		 Type of Audit Qualification:
1.
Adverse Opinion
2.
Not modified Opinion
3.
Qualified Opinion
4.
Qualified Opinion
5.
Qualified Opinion
Frequency of qualification:
I. First Time
2. Second Time
3. Second Time
4. Fourth Time
5. Third Time
d. For Audit Qualification(s) where the impact is quantified by the auditor, Management's
Views:
2. Writ petition has been filed with Hon'ble High Court of Allahabad, Lucknow bench
against the reduction of tariff by UPERC w.e.f. April I, 2019. As the matter is sub-
judice, SPPL has accounted for sale of power to Uttar Pradesh Power Corporation
Ltd. (UPPCL), the customer at reduced tariff rate.
4. 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 not being recognised
in the books of accounts. Accounts being NP A, banks are also not charging interest in
our accounts.
e. For Audit Qualification(s) where the impact is not quantified by the auditor:
(i)
Management's estimation on the impact of audit qualification: N.A .
•' •
(ii)
If
1.		 management is unable to estimate the impact, reasons for the same:

the annual standalone financial statements for the year ended for March 31, 2021 have
not been submitted by the management of SPPL for the purpose of consolidation. Hence
the impact of non-consolidation of transactions of SPPL for the year could not be
ascertained by the Holding company.
3.
The impact of COVID 19 as well as negative outlook of sugar s_ecto�2f-carrying
amount of its Property, Plant and Eqmpment's and consequenlial 1mpa
('�.'c,6.µ]Jl not
//,._v·,,�,,..
v· '
.
. .· . .

be ascertained and provided for due to non- availability of requisite information on account oflockdown restrictions.

  1. Considering'that no notice of demand has been served upon the Company and 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 interest liability will arise for these period.

(iii) Auditors' Comments on (i) or (ii) above:

  • I. Since, the Group has not consolidated the financial statements of its material subsidiary viz Simbhaoli Private Limited (SPPL) for the financial year 2020-21, we are unable to comment on these financial statement due to non consolidation of aforesaid

  • subsidiary company.

  • '3. Since, we were not made available of appropriate impairment assessment carried out by the management, we 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.

  • '5. Since, the amount of the interest on delayed payment to sugarcane farmers has not been quantified by the management, we were not able to report the impact of the same.

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'5.
Since, the amount of the interest on delayed payment to sugarcane farmers has not
been quantified by the management, we were not able to report the impact of the
same.
SIGN
III. Signatories:
•Managing Director
) -
. CFO c � �
• Audit Committee Chairman W [":, ][,,]
• Statutory Auditor SIGN I
----- End of picture text -----

Place: Simbhaoli, Hapur Date: June 30, 2021

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SIMBHAOLI SUGARS LIMITED

(Formerly known as 'Simbhaoli Spirits Limited') Regd. Office : Simbhaoli Dist. Hapur (U.P.) - 245207

CIN - L15122UP2011PLC044210 E-mail: [email protected] Website: www.simbhaolisugars.com EXTRACT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021

MARCH 31, 2021
Quarter ended Year Ended
Sl.
No.		 Particulars March 31,
2021
December 31,
2020
March 31,
2020
March 31,
2021
March 31,
2020
Audited # Unaudited Audited /
recasted #
Audited		 Audited /
recasted #
1. Total income from operations(net) 42,718 25,509 39,153 126,655 108,133
2. Net Profit/(loss)for theperiod before Tax and exceptional items 2,467 (207) 1,672 (521) (3,819)
3. Net Profit/ (loss) for the period before Tax and after exceptional items 2,395 (207) 1,672 (593) (3,819)
4. Net Profit/(loss)for theperiod after Tax and exceptional items 2,369 (204) 1,675 (607) (3,831)
5. Total Comprehensive Income for 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)
6. Paid upequityshare capital(face value Rs.10/- each) 4,128 4,128 4,128 4,128 4,128
7. Other Equity - - - - -
8. -EPS before exceptional item 5.91 (0.49) 4.06 (1.30) (9.28)
-EPS after exceptional item 5.74 (0.49) 4.06 (1.47) (9.28)

  • Refer Note no.12

Notes :

  • 1 The above is an extract 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.com and www.nseindia.com) and the Company's website (www.simbhaolisugars.com).

  • 2 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 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 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 ethanol with petrol with long 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 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 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.

3 Impact of COVID 19 Pandemic

The Company has considered the potential impact of spread of Coronavirus Disease (COVID-19), throughout the country, in preparation of financial results for the quarter and year ended March 31, 2021 based on the information available to it up to the date of approval of these financial results. However, the impact of COVID19 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 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. 4 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 all the lenders to commensurate with its future 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 Earnest Money Deposit. Accordingly, the Interest expenses pertaining to 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 amounting 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.

5 The Hon’ble High Court of Uttar Pradesh had directed the state government to determine the interest liability for the period of delayed payments of sugarcane price to cane growers for sugar 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 also prevalent past practices, no such provision towards the interest on delayed payment of cane price has been made in the accounts.

  • 6 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 Renewable Energy Generating 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.e.f. April 1, 2019. SPPL, along with bagasse-based co-generators operating in the State, have filed a 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 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 concern.

  • 7 In the consolidated financial results of the Company for the quarter and year ended March 31, 2021, 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 not 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 balance sheet in the respective assets heads.

8
9
10		 31.03.2021
31.12.2020
31.03.2020
31.03.2021
31.03.2020
Net Sales/Income from operations(Net)
42,588
25,439
35,926
126,278
100,944
Profit/(Loss)before tax
2,521
(203)
1,605
(443)
(2,165)
Profit/(Loss)after tax
2,521
(203)
1,605
(443)
(2,165)
Other Comprehensive Income
11
-
(272)
11
(272)
Total Comprehensive Income
2,532
(203)
1,333
(432)
(2,437)
EBITDA
4,179
1,523
3,328
6,171
4,599
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.
The Company has submitted an application for de-registration of Simbhaoli Global Commodities DMCC, a 100% wholly owned foreign subsidiary company and
termination of business and surrender of trade License thereof with Dubai Multi Commodities Centre Authority.
The standalone results are available on Company’s website www.simbhaolisugars.com. The particulars in respect of standalone results are as under:
Particulars of standalone
Quarter ended
Year ended		 31.03.2021
31.12.2020
31.03.2020
31.03.2021
31.03.2020
Net Sales/Income from operations(Net)
42,588
25,439
35,926
126,278
100,944
Profit/(Loss)before tax
2,521
(203)
1,605
(443)
(2,165)
Profit/(Loss)after tax
2,521
(203)
1,605
(443)
(2,165)
Other Comprehensive Income
11
-
(272)
11
(272)
Total Comprehensive Income
2,532
(203)
1,333
(432)
(2,437)
EBITDA
4,179
1,523
3,328
6,171
4,599
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.
The Company has submitted an application for de-registration of Simbhaoli Global Commodities DMCC, a 100% wholly owned foreign subsidiary company and
termination of business and surrender of trade License thereof with Dubai Multi Commodities Centre Authority.
The standalone results are available on Company’s website www.simbhaolisugars.com. The particulars in respect of standalone results are as under:
Particulars of standalone
Quarter ended
Year ended		 31.03.2021
31.12.2020
31.03.2020
31.03.2021
31.03.2020
Net Sales/Income from operations(Net)
42,588
25,439
35,926
126,278
100,944
Profit/(Loss)before tax
2,521
(203)
1,605
(443)
(2,165)
Profit/(Loss)after tax
2,521
(203)
1,605
(443)
(2,165)
Other Comprehensive Income
11
-
(272)
11
(272)
Total Comprehensive Income
2,532
(203)
1,333
(432)
(2,437)
EBITDA
4,179
1,523
3,328
6,171
4,599
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.
The Company has submitted an application for de-registration of Simbhaoli Global Commodities DMCC, a 100% wholly owned foreign subsidiary company and
termination of business and surrender of trade License thereof with Dubai Multi Commodities Centre Authority.
The standalone results are available on Company’s website www.simbhaolisugars.com. The particulars in respect of standalone results are as under:
Particulars of standalone
Quarter ended
Year ended		 31.03.2021
31.12.2020
31.03.2020
31.03.2021
31.03.2020
Net Sales/Income from operations(Net)
42,588
25,439
35,926
126,278
100,944
Profit/(Loss)before tax
2,521
(203)
1,605
(443)
(2,165)
Profit/(Loss)after tax
2,521
(203)
1,605
(443)
(2,165)
Other Comprehensive Income
11
-
(272)
11
(272)
Total Comprehensive Income
2,532
(203)
1,333
(432)
(2,437)
EBITDA
4,179
1,523
3,328
6,171
4,599
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.
The Company has submitted an application for de-registration of Simbhaoli Global Commodities DMCC, a 100% wholly owned foreign subsidiary company and
termination of business and surrender of trade License thereof with Dubai Multi Commodities Centre Authority.
The standalone results are available on Company’s website www.simbhaolisugars.com. The particulars in respect of standalone results are as under:
Particulars of standalone
Quarter ended
Year ended		 31.03.2021
31.12.2020
31.03.2020
31.03.2021
31.03.2020
Net Sales/Income from operations(Net)
42,588
25,439
35,926
126,278
100,944
Profit/(Loss)before tax
2,521
(203)
1,605
(443)
(2,165)
Profit/(Loss)after tax
2,521
(203)
1,605
(443)
(2,165)
Other Comprehensive Income
11
-
(272)
11
(272)
Total Comprehensive Income
2,532
(203)
1,333
(432)
(2,437)
EBITDA
4,179
1,523
3,328
6,171
4,599
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.
The Company has submitted an application for de-registration of Simbhaoli Global Commodities DMCC, a 100% wholly owned foreign subsidiary company and
termination of business and surrender of trade License thereof with Dubai Multi Commodities Centre Authority.
The standalone results are available on Company’s website www.simbhaolisugars.com. The particulars in respect of standalone results are as under:
Particulars of standalone
Quarter ended
Year ended		 31.03.2021
31.12.2020
31.03.2020
31.03.2021
31.03.2020
Net Sales/Income from operations(Net)
42,588
25,439
35,926
126,278
100,944
Profit/(Loss)before tax
2,521
(203)
1,605
(443)
(2,165)
Profit/(Loss)after tax
2,521
(203)
1,605
(443)
(2,165)
Other Comprehensive Income
11
-
(272)
11
(272)
Total Comprehensive Income
2,532
(203)
1,333
(432)
(2,437)
EBITDA
4,179
1,523
3,328
6,171
4,599
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.
The Company has submitted an application for de-registration of Simbhaoli Global Commodities DMCC, a 100% wholly owned foreign subsidiary company and
termination of business and surrender of trade License thereof with Dubai Multi Commodities Centre Authority.
The standalone results are available on Company’s website www.simbhaolisugars.com. The particulars in respect of standalone results are as under:
Particulars of standalone
Quarter ended
Year ended
Particulars of standalone Quarter ended Year ended
31.03.2021 31.12.2020 31.03.2020 31.03.2021 31.03.2020
Net Sales/Income from operations(Net) 42,588 25,439 35,926 126,278 100,944
Profit/(Loss)before tax 2,521 (203)
1,605		 (443)
(2,165)
Profit/(Loss)after tax 2,521 (203)
1,605		 (443)
(2,165)
Other Comprehensive Income 11 - (272) 11 (272)
Total Comprehensive Income 2,532 (203)
1,333		 (432)
(2,437)
EBITDA 4,179 1,523 3,328 6,171 4,599

  • 11 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 consolidated accounts were prepared by consolidating the results of SPPL for the nine months ended December 31, 2019.

  • 12 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.

  • 13 Sugar, one of the major businesses of the Company, is a part of seasonal industry. The results may vary from quarter to quarter. 14 The previous periods figures have been regrouped/rearranged wherever necessary. 15 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 June 30, 2021.

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For Simbhaoli Sugars Limited
SIGN
Gursimran Kaur Mann
Place: Simbhaoli (Hapur),India Managing Director
Date : June 30,2021 DIN: 00642094
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