Simbhaoli Sugars Ltd - Audit Report / Information 2019

Ref: SSL: StockExchange May 30, 2019

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SIMBHAOLI SUGARS

Simbhc101i Sugars Umiled CIN-tll'/i122UP2011PLC044210 (An FSSC 22000: 2011, ISO 9001: 2008 & 14001 : 2004 Certified Company) Corporate Office : A-112, Seqtor-63, Noida-201307 (Delhi NCR) INDIA Tel. : ..g1.120:4ao 6666 Fax : ;!)1-120-2427166 E-mail : [email protected] www.simbhaolisugars.com

The Manager - LisHng ·• : Natiomil!'i\pck Exc�an.ge of India Limited, Exchange Plaza, Bari.dra Kurla Complex, , Mumbai - 400.051.

Department of Corporate Services

BSE Limited, Corporate Relationship Dept., P. J. Towers, Dalal Street, Mumbai - 400 001

Scrip Code: NSE: SIMBHALS BS,E: 539742 Ref: Regulation 30 of SEBI (Listing Opligations artclDisdosure Requirements) Regulatipns, 2015 Sub: Outcome of the Board meeting held ort May 30, 2019

Dear Sir,

In fhe meeting of the Board of Directors ofSih;'ibhaoli Sugars Liifiited/held>on today i.e., Thursday, May 30, 2019, which COiilpli.;5ced at 12:30 PM ,i,p9.5onch,1d,ed at &Jo?}'/ -PM, the decisions were taken.as follows:

Considerationand appI"ovaJ of the standalone and cg�oifB.:ited aill}J-li\f audtt�d financial statements for the financial year 2018-19 ended,ort March31)2019, and the financial results for the said period ended March 31, 2019. It terms of the provisions of th,e aforesaid regulatiC J , ll i <:opies of the, a.nI\J-lal audited • of the Audit qualification'.�c\I'<,'!e11closed herewith.Financial Results along-wit� ,thr tsB?f!� bfth� auditors and, ,st�t�ment of irrtpact' :

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consent of the members of the. Company in the·. e�u.Irir :i.IU 1 . al General Meeting, the Board has also considered and, "3/PPI9YJid the continuati9n of appointment of the following directors, who have'attained the age of 75.yeariI;,;__--.. __ . . ::-: . /;�<\•;3,,\r ..:<:,>� .. Specially Sugars Polab!e Alcohol Eliianol: / ;•)I { ,,:..<:r •· , \"'" � ; '< � . · - z�Zf" -, Power •�i\ ,)Y· 'r *Mis Simbhaoli Spirits Limited known as Mis Si":bhao� Sugars iunite� in. �-� pursuanc_e '.· "=�.c l . ... iem ..•. of Amalg1tiiali.=;6n, as sancdo,i/d.:,�:>��-. .. :.··.· . by the Hon ble High Court of Judicalure at Allahabad , 2. In terms of the Regulation No 17 (lA}9ftl1� af6i-��aid regulations!su�ject to the

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a. Continuation of appointment of Mr. Gurmit Singh Mann, Chairman, and Non-Executive Director to the Board of the Company with effect from April 1, 2019, whose period of office shall be liable to retire by rotation.
b. Continuation of the appointment of Mr. SK Ganguli, an Independent Director to the Board of the Company, with effect from April 1, 2019, till the unexpired period of his appointment upto November 8, 2020 as per resolution passed at 5th Annual General Meeting of the members of the Company held on Monday, Sept 26, 2016.
c. Continuation of the appointment of Justice (Retd) C K Mahajan, an Independent Director to the Board of the Company with effect from April 1, 2019, till the unexpired period of his appointment upto November 8, 2020, as th
per resolution passed at 5 Annual General Meeting of the members of the Company held on Monday, Sept 26, 2016.
Board has considered and approved the change in the constitution of the audit committee of the Board of Directors of the Company.

You are requested to take the above submissions in your records. Thanking you Yours faithfully, s· bhaoli Sugars mtan1 • 1 ' / <:.: -�;>,•·-... ,:t ,/. \ \ 1<' /\r,f �Y"¾- :�::, _I ". �-� if 'I (}\t;;f'\:f /� "' , Company Secretary \ \�Y·• _,/;: ; . M No. - FCS 5140 ,:-;. . . . . . .. .. .- ·-.>/ ., . •,;r!§L�;:: / i -.• -� \ ... . . ' ,/i.: '/.

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MITTAL GUPTA & CO. CHARTERED ACCOUNTANTS

14, Rolon Mahal, 15/197, Civil Lines, Kanpur - 208 001 Tel.: +91512-2303234, 2303235 • Fox +91512-3012748 •E-mail: [email protected]

Independent Auditor's Report on Standalone Financial Results of Simbhaoli Sugars Limited, Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To

The Board of Directors

Simbhaoli Sugars Limited

Independent Auditor's Report on the Standalone Financial results

1. We have audited the accompanying Statement of Annual Standalone Financial Results of Simbhaoli Sugars Limited ('the Company') for the year ended March 31, 2019, together with the notes thereon ("the statement"), being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as modified by SEBI Circular No. CIR/CFD/F AC/62/2016 dated July 5, 2016.

Management's Responsibility for the Standalone Financial Statement

This statement, which is the responsibility of the Company's management and approved by the Board of Directors, has been compiled from the related standalone Ind AS financial statements which has been prepared in accordance with the Indian Accounting Standard prescribed under section 133 of the Companies Act 2013 ("the Act") read with relevant rules issued thereunder ('Ind AS') and. other accounting principle generally accepted in India.

Auditor's Responsibility

awm,

1ress an financial statements. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the statement I I I , is free of material misstatement. . . C£R[T1PJRJBJJ£ COPV] ' ')�};:-(: : ':;·:{·\ 1: \ (•c.; ![,.. . ] �.·, <,_ 1:-•; fn,�-,,·,\ ..,,\ \i<t�-�:'/:/

Branch -Offices : 1. 302, Chinfels House, 16 Station Rood, Lucknow - 226011 2. 305 Kushal Bazar, 32-33 Nehru Place, New Delhi - II 0019

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& CO. MITTAL GUPTA CHARTERED ACCOUNTANTS

14, Roton Mahal, 15/197, Civil Lines, Kanpur - 208 001 Tel.: +91512-2303234, 2303235 • Fox +91512-3012748 • E-mail : [email protected]

An audit includes examining, on a test basis, evidence supporting the amounts disclosed in the Statement. An audit also includes evaluating the appropriateness of the accounting principles used and reasonableness of the significant accounting estimates made by Management, as well as evaluating the overall presentation of the Statement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the Statement.

Basis for Qualified Opinion

We draw attention to Note No. 2 of the Statements regarding non-provision of interest expense ounting Rs.2,899 Laos and Rs.12,3¾-l,a ns--year-Rs. 11,972 Lacs) on ce1tain borrowings for the quarter and year ended March 2019 respectively for the reasons stated in the said note. The aggregate amount of interest expense not provided for in the accounts aggregates to Rs. 24,308 Lacs till 31st March 20 I 9. Had the aforesaid interest expense been provide for, the Finance Cost for the quarter and year ended 31st March 2019 would have been Rs.3,848.00 Lacs and Rs.15,689.83 Lacs (Previous year Rs.16,578.28 Lacs) respectively instead of reported amount of Rs.949.00 Lacs and Rs.3353.83 Lacs (Previous year Rs. 4,606.28 Lacs) respectively; the Net loss after tax for the quarter and year ended 31st March 2019 would have been Rs. 4406.00 Lacs and Rs.17,250.39 Lacs (Previous year Rs.30,101.99 Lacs) respectively instead ofreported amount of Rs. 1,507.00 Lacs and Rs. 4,914.39 Lacs (Previous year Rs.18,129.99 Lacs) respectively; the total comprehensive income for the quarter and year ended 31st March 2019 would have been negative Rs. 6,667.00 Lacs and negative Rs 19,511.66 Lacs (Previous Year negative Rs. 30,081.32 Lacs) respectively instead of reported amount of negative Rs. 3768.00 Lacs and negative Rs. 7,175.66 Lacs (Previous Year negative Rs.18,109.32 Lacs), respectively; the other current fmancial liability as at 31st March 2019 and 2018 would have been Rs.l,48,897.97 Lacs and Rs.57,151.50 Lacs respectively instead ofreported amount of Rs 1,24,053.39 Lacs ,and Rs. 45179.50 Lacsr�spect/vely and the Other Equity as at 31st March 2019lllld 20l��°'l d have be,en negative Rs. 27,250.57 Lacs imd negative Rs. 7,762.71 Lacs respectively instead ofreported

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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 n<;it been ascertained.

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Branch Offices: 1. 302, Chintels House, 16 Station Rood, Lucknow - 226001 ·.· 2. 305 Kushol Bazar, 32-33 Nehru Place, New Delhi - 110019

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MITTAL GUPTA & CO. C H A R T E R E D A C C O U N T A N T S

14, Roton Mahal, 15/197, Civil Lines, Kanpur - 208 001 Tel.: +91512-2303234, 2303235 • Fox +91512-3012748 •E-mail: [email protected]

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matters described in the paragraph no. 4 and 5 above, the Statement:
i. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing. Obligations and Disclosure Requirements) Regulations, 2015, as modified by the SEBI Circulac No CIR/CFD/FAC/62/2016 dated July 5, 2016; and

ii. give a true and fair view in conformity with the aforesaid Ind AS and other accounting principles generally accepted in India, of the net loss and total comprehensive Income and other financial information of the Company for the quacter and yeac ended Macch 31, 2019.

Material Uncertainty related to Going Concern:

As stated in Note No. !, the Statement has been prepaced 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 as well as on the caccying amount of fixed assets appeacing in the financial statements. The ability of the Company to continue depends on the restructuring of debts as stated in the said note and turnaround of the sugac operation on sustainable basis.

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

Emphasis of Matter

8. As stated in Note No. 5 to the Statement, the company has paid managerial remunerations of Rs. 181 Lacs' during the yeac (Previous Year Rs. 102 Lacs) which is subjedt to the approval of shaceholders of the compimy in accordance with the amended provisions of sections 19Tand 200 of the Companies Act,' ' 2013, as due to said amendments, the application eaclier filed by the company for the approval of the ! I I ' ' ' a p �ent and remuneration to the mrectors before the Central Govepnnent has been abated. O�ir i on on the Statement is not moaified in respect of the above n/atter. : � -.:�,·-•' .... · (_-,.::/ �--v <-Z.: : �.� - -'. ... · ;;:;t'.J

Brunch Offices: I. 302, Chintels House, 16 Station Rood, Lucknow - 226001 . ·. 2. 305 Kushol Sozor, 32-33 Nehru Place, New Delhi - 110019

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& CO. MITTAL GUPTA C H A R T E R E D A C C O U N T A N T S

14, Roton Moho!, 15/197, Civil Lines, Kanpur - 208 001 Tel.: +91512-2303234, 2303235 • Fox +91512-3012748 •E-mail: [email protected]

The statement includes the results for the quarter ended 31st March 2019 being the balancing figure between audited figures in respect of fu financial year and the published 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 l:'RN· ()j X74C L[w. ][u] f?i�· (B. L. Gupta) Partner Membership No.: 073794

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Place: Noida Dated: 30.05.2019

Branch Offices: I. 302, Chintels House, 16 Station Rood, Lucknow -226001 ·.· 2. 305 Kushol Bom, 32-33 Nehru Place, New Delhi - 110019

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MITTAL GUPTA & CO. CHARTERED ACCOUNTANTS

14, Roton Mahal, 15/197, Civil Lines, Kanpur - 208 001 Tel.: +91512-2303234, 2303235 • Fox +91512-3012748 • E-mail : [email protected]

Independent Anditor's Report on Consolidated Financial Results of Simbhaoli Sugars Limited, Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To

The Board of Directors

Simbhaoli Sugars Limited

Independent Auditor's Report on the Consolidated Financial results

We have audited the accompanying Statement of Annual Consolidated Financial Results of Simbhaoli Sugars Limited ('the Company1 for the year ended March 31, 2019, together with the notes thereon ("the statement"), being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as modified by SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016 .

Management's Responsibility for the Consolidated Financial Statement

2. This statement, which is the responsibility of the Company's management and approved by the Board of Directors, has been compiled from the related Consolidated Ind AS financial statements which has been prepared in accordance with the Indian Accounting Standard prescribed under section 133 of the Companies Act 2013 ("the Act") read with relevant rules issued thereunder ('Ind AS1 and other accounting principle generally accepted in India.

Auditot-'s-Responsibility

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financial statements. We conducted our audit in accordance with the Standards on Auditing specified : ! I ; under Section 143(10) of the Act and other applicable authoritativJ pronouncements issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requir-[""'-] �Ls and plan and perform the audit to obtain reasonable assurance about whether the statementtml ' ' ' (:� ' : : . : is.�•/tif material misstatement. : ��·-.,:(i�s::�;u:,r�- ;":-.'.'>\, ,• \ (;\ \:{\ �-': )

Bronch . Offices: I. 302, Chintels House, 16 Station Rood, Lucknow-226001 · 2' 305 Kushol Bazar, 32-33 Nehru Place, New Delhi-110019

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MITT AL GUPTA & co� CHARTERED ACCOUNTANTS

14, Rolon Mahal, 15/197, Ovil Lines, Kanpur - 208 001 Tel.: +91512-2303234, 2303235 • Fox +91512-3012748 • E-mail : [email protected]

Basis for Qualified Opinion

We draw attention to Note No. 2 of the Statements regarding non-provision of interest e.lq:!euse amounting Rs.12, 336 Lacs (Previous year Rs. 11,972 Lacs) on certain borrowings for the year ended March 2019 respectively for the reasons stated in the said note. The aggregate amount of interest expense not provided for in the accounts aggregates to Rs. 24,308 Lacs till 31st March 2019. Had the aforesaid interest expense been provide for, the Finance Cost for the year ended 31st March 2019 would have been Rs.17,944.87 Lacs (Previous year Rs.19,221.11 Lacs}instead ofreported amount of Rs.5,608.87 Lacs (Previous year Rs. 7,249.11 Lacs); the Net loss after tax for the year ended 31st March 2019 would have been Rs. 15,317.93 Lacs (Previous year Rs.30,183.04 Lacs) instead of reported amount of Rs.2,981.93 Lacs (Previous year Rs.18,211.04 Lacs); the total comprehensive income for the year ended 31st March 2019 would have been negative Rs. 15,253.61 Lacs (Previous Year negative Rs. 30,072.26 Lacs) instead ofreported amount of negative Rs. 2,917.61 Lacs (Previous Year negative Rs. 18100.26 Lacs); the other current financial liability as at 31st March 2019 and 2018 would have been Rs.1,51,598.57 Lacs and Rs.38,648.10 Lacs respectively instead ofreported amount of Rs 1,27,290.57 Lacs and Rs.50,620.10 Lacs respectively and the Othec Equity as at 31st March 2019 and 2018 would have been negative Rs. 27,306.27 Lacs and negative Rs.11,268.98 Lacs respectively instead of reported amount of negative Rs. 2,998.27 Lacs and Rs. 703.02 Lacs respectively.
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 �aid note. The amount of interest not provided for in the books has not been ascertained.

Our op� is qualified on the abovelmatt\'lrs. ' ' 'l,<t;,,,. � "'� .. [!-] � ��,:t ''"""'•·"',[, , '. ".; ,·'] ,;,.'\/c,v ··-. , •. ··-,·--,_:. \ . , �:}.�'❖' i;\ ) ·• ,,<,�> }�;.-,,. l\J-:.-

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Brooch Offices: l. 302, Chintels House, 16 Station Rood, Lucknow - 226001 · 2. 305 Kushal Bozor, 32,33 Nehru Place, New Delhi• 110019

& CO. MITTAL GUPTA CHARTERED ACCDUtiTA,NTS

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ua , ,e ' · • Q I.fl d O . }el· +91512-2303234 2303235 • Fax +915.11-3012748 •E-mail: [email protected] pm oil 14, Roton Mohol, 15/197, Gvil Lines, Kanpur - 298 001

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matters described in the paragraph no. 4 and 5 above, the Statement:

1. Includes the results of subsidiaries viz, Simbhaoli Global Commodities DMCC, Integrated Casetech Consulta[n] ts Private Limited, Simbhaoli Power Pr[i] vate Limited, Simbhaoli Speciality Sugars Private Limited;

11. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requi!:!lllle!lis) Regulations, 201 5, as.modified.by the SEl3I Girealw No CIR/CFD/FAC/62/2016 dated July 5, 2016; and

iii. give a true and fair view in conformity with the aforesaid Ind AS and other accounting principles generally accepted in India, of the net loss and total comprehensive Income and other financial information of the Company for the quarter and year ended March 31, 2019.

Material Uncertainty related to Going Concern:

As stated in Note No. I, the Statement has been prepared on going concern basis. Events or conditions as set forth in Note No. I indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as going concern as well as on the carrying amount of f[i] xed assets appearing in the financial statements. The ability of the Company to continue depends on the restructuring of debts as stated in the said note and turnaround of the sugar operation on sustainable basis.

Ourrepurt'is•not modified in respect of the above matter.

Empha�is of Matter

As stated in Note No .5 to the Statement, ,the company has paid managerial remunerations of Rs. 181 Lacs during the year (Previous Year Rs. l02 Lacs) which is subject to the approval of shareholders of . / . ; . i . i the conjpany in accordance with the anj.ended provisions of sections 197 and 200 of the Companies A�t, 2013, as d�e to said amendments, the application earlier filed by the cobpany for the approval of the

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.. Branch .offices: I. 302, Chintels House, 16 Station Rood, Lucknow - 226001 · 2. 305 Kushal Bazar, 32-33 Nehru Place, New Delhi - 110019

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& CO. MITTAL GUPTA C H A R T E R E D A C C O U N T A N T S

14, Raton Mahal, 15/197, Gvil Lines, Kanpur- 208 001 Tel.: +91512-2303234, 2303235 • fax +91512-3012748 • E-mail : [email protected]

Other Matters :

9. We did not audit the financial statements of two subsidiaries viz, Simbhaoli Power Private Lim[i] ted, Simbhaoli Speciality Sugars Private Limited, whose financial statements reflect total assets of Rs. 401.11 Crores as at 31'[1 ] March, 2019 as well as total revenue Rs. I 51.87 Crores for the year ended on that date, as considered in the consolidated financial statements. These financial statements and other ffoancial information have been audited by other auditors whose reports have been furnished to us by the Management, and our conclusion on the consolidated financial statements, to the e[x] tent they have been derived from such financial statements is based solely on the reports of the other auditors,

10. We have relied on the unaudited financial statements of one subsidiary viz Simbhaoli Global Commodities DMCC, whose financial statements reflect total assets of Rs 0.29 Crore as at March 31, 2019, total revenue of Rs. Nil for the year then ended on that date, as considered in the consolidated financial statements. These financial statements are unaudited and have been furnished to us by the Management and our conclusion on the consolidated fmancial statements, to the extent they have been derived from such financial statements is based solely on the reports of other auditors. In our opinion and according to the information and explanations given to us by the Management, these fmancial statements are not material to the Group.

Our Opinion on the consolidated financial statements is not modified in respect of the above matters.

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For
MITTAL GUPTA & CO.
Chartered Accountants
FRN: 011174C . . ""I�••:;, ••··"i��-�?'� {(.;. rfl\1
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ktiH ":'1'""'"'.'".'{-' [ilJ\Jj ] [ttUJt ] [i.,t!1 i ]
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F? ;,d; LJ
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(B. L. Gupta) er�
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Partner Membershij, No.: 073794 "'l'l�!:H·lAUL�' ' ' ,-.,-• �l . ,. : ' 1, ',1-l' ',,.
Place: :Noida
Dated: 30)05.2019
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Branch.Offices : 1. 302, Chintels House, 16 Station Road, Lucknow - 226001 · 2. 305 Kushal Bazar, 32-33 Nehru Place, New Delhi-110019

SIMBHAOL IS (Formerly known as 'Simbhaoli Spirits Limited') UGARS LIMITED Regd. Office ; Simbhaoli Dist. Hapur (U.P .) • 245207 CIN • L15122UP2011PLC044210 E-mall: [email protected];www.simbhaolisugars.com STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2019


SI. No. 2 Income (a) Revenue from operations (b) Other income Total revenue Expenses Pariculars {a) Cost of materials consumed (b) Purchase of stock.n-trade (c) Changes ln inventories of fnished goods, wor-in- prore and stock-in-rade (d) Eise duty on sale of goods (e) Employ benefts epense (f) Finance csts (g) Deprecation and amorisation exense (h) Other expenses {i) Of-eason expenses {net) ~~1~~Total exenes	March 31,1 2019		S_.nd~~a~~fne _uarerended December 31,1 March 31 2018 201!		Ma	Y�8rend�d rch 31,~~1~~ March 31,j 2019 20181
						rch 31,~~1~~ 2019			ch 31,~~1~~ 2019
	Audited# 41,970 _504			Unaudited 25,680 336 Audited# 29,746 1 187	Au		Audited 90,468 k	Aud
	42,474 44,047 577 (16,403) 4,840 1,506 949 907 4,539 l&�			2~~6)~~)16 25,137 841 (9,360) 5,368 1,484 766 924 4,345 (248' 30,~~9~~33 47,082 265 c11.nsi' 1,489 {5,53) 1,146 3,625 i 2.	112,694 87.478 2,15 (14,631) 15,897 5,400 3,354 3,670 14,102		92,959 81,733 265 1,n1 1,720 4,986 4,606 4,628 10,408	124,~~4~~ 92,27 2,180 (14,590) 15,897 7,139 5,609 4,788 12,800j
		43~~7~~97		29,257 33,85	jJ:[424		110,117	jzl 097
		(1,323} (1,508) (1,508)		(3,41 (3,241) (3,241) 12,352 971 (3,323)' (3,323)j	185 {4,915) (4,915)		r, 971 I (18,129) (18,129)1	P'i 1,019 (2,678} (2,678) 302 2 30~~4_~~
	(1,508) {2,261) (2,261) (3~~,~~241) (3�23), 96 I 96 - • - (3,769) {3,241) (3,227) ----------------- 4,128 3-:S28 3�928 (3.37) 3.84 .-'*'( t��, ' j�\��'�:"•:·>.' '1 \ '\ i < � ,, \ ,,,,,, �.,,\ \• ' : : ),\ 't:i ' ' ,.;- \ ,,,�J,: Jt, . �, , :i> -,;)*				{4,915) (2,61} (2,261) - (7,176) ----- 4,128 (~~2,943~~)		(18,129} 21 21 ~~(2,98~~2) 65 68 (1) (0) • - (18,108) (2,917) (3,798) 816 72 (8) (3,725) --- SQ 3,928 4,128 4,209 {2,998) (7.41) 10.12

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, 2019

				,
FOR THE QUARTER AND YEAR ENDED MARCH 31, 2019								Rs. lacs
				Standalone				Consolidated
Pariculars		Marh 31, 2019	Quarter ended December 31,1 2018	' March 31,II 2018	Year ended March 31, 2019	March 31, 2018		Yearenced March 31, March 31, 2019 2018
(A). Segment Revenue		Audited#	Unaudited	Audited1	Audited	Audited		Audited Audited
(a) Sugar		34,117	18,235	28,279	84.470	86,504		84,470 86,504
(b) Distillery		9,464	7,951	1,660	29,015	4,484		29,015 4,483
(c) Power								15,224 12,809
(d) Others								1 623 1 305
Total Le : Inter Senment Revenue Net sales/income from one rtions (B). Segment Results Proft (loss) before fnance costs, unallocted expenditure, exceptional items and tax from eac segment		43.581 1 611 41 970	26186 506 25680	29.939 193 29 746	113 5 2 376 111109	90 988 520 90 468		130.332 105101 6 212 2 386 12.120 102 715
(a) Sugar {b) Distillery		(2,105) 1,327	(2,930) 651	(8,493) (247)	(5,006) 3,408	(10,103) (2,748)		(5,088) {10,112) 3,408 {2,749)
(c) Power idl Other Total		(778	(2 279	(8740	(1598	(12 851		6,403 4,800 22 47 4.745 (8 014
Less: (a) Finance cst (b) Other un-allocted exenses/ tel Ecnlional Item tal-ro t e (C). Segment Assets	(income) (net)	949 (404) 165 '"508	766 196 . ,3 241	(5,534) (854) 971 3 ;23	3,354 (��) 915	4,606 {298) 18 129		5,609 7,249 794 1,457 12 678 '17 689
(a) Sugar		152,903	137,224	136,335	152,903	136,335		148,032 136,448
(b) Distillery		40,359	39,904	39,881	40,359	39,881		40,359 39,881
(c) Power								39,960 35,646
(d) Others								899 633
(e) Unallocated		13,574	17,236	14,728	13,574	14,728		4,022 2,613
Total (D). Seg19nt Liabilities (a) Sugar (bl Distiller (c) Poer (d) Oter (e) Unallocted if." Bonos Total		206.836 79,883 2,017 18,790 10 961 205 651	194 36 60,982 2,591 18,616 107 056 189 245	190.9"" 56,776 2,307 18,510 105 214 182 807	206.836 79,883 2,017 ,18,790 104 961 205 651	190 94 56,776 2,307 18,510 105 ?14 182 807		233 272 215 221 80,004 56,785 2,017 2,307 2,568 12,789 730 430 21,403 10,220 113�69 116 814 220 091 199 345
# Refer note no.9 # ec � t / � , U.P.!f " ◊" * �� )		•·:·,"·"\':t "1"'J \J�,��.: �1�/(,",.),)(,-- -:,:,) : , 't'>•, t\"'\ r, ,, ·. - , : ,, , .D�'"' f."c;: /', 'ii}/.\ \:�•i \if•:::�:�'/�/[, :				A ,, � * C : ( �	,�� �Gv�,,1� j •u/ � 4, ·0� Rat Mahal r:) 1_. )i! CM lines, / -�:·y Kanpur' t-.1 '. / ,'1 d,'-"/ 111?[/ At>�t·�9 �=:
-
--					-- ----

STATEMENT OF ASSETS AND LIABILITIES

													/Rs. lacs
									Standalone			Consolidated
		Pariculars							As at March 31, 2019	As at	March 31, 2018	As at March 31, 2019	As at March 31, 2018
									Audited		Audited	Audited	Audited
		ASSETS
		Non-current assets
		· a) Propery, Plant and Equipment b) Capital wrk-in-progress							129,423 136		132,573 203	158,236 136	163,535 203
		c) Intangible Assets							13		14	27	31
		d) Goodwill										1,311	1,311
-		e) Financial Assets i) Investment							11,223		13,619	2	3
		ii) Other financial assets							3,256		197	243	220
		f) Tax Assets							544		379	780	528
-		g) Other non - current assets							331		572	560	748
		h) Deferred Tax Assets Total non - current asset							- 14,926		- 147 557	116 1	119
							-
		Current assets
		a) Inventories							48,095		33,504	48,179	33,799
		b) Financial Assets
'		i) Current Investments							-		-	313	666
		ii) Trade receivables iii) Cash and csh equivalents							5,668 1,307		3,674 803	14,491 1,388	8,930 2,575
		iv) Bank balances other	than			above			1,023		956	1,113	1,018
		v) Loans							-		22	-	-
		vi) other financial assets							492		3,508	862	502
		c) other current assets							5,325		920	5,515	1,033
		Total current assets							61,910		43,387	71,861	48,523
		Total assets							206,836		190,944	233,272	215,221
		EQUIT AND LIABILITIES
		Equity a) Equity shar capital							4,128		3,928	4,128	3,928
		b) other equity cl Non contrllina interest							(2,943) -		4,209	(2,998) 12,052	703 11,245
		Share holder's Funds							1,185		8,137	13,182	15,876
		Liabilities
		Non-currnt liabilities a) Financial Liabilitie i) Borrwings							525		32,319	6,137	40,161
		ii) other financial liabilities							75		102	2,962	-
		b) Provisions							416		347	434	365
		Total non . current Liabilities							1,016		32,768	9,533	40,526
		Current liabilities
	--	a) Financial Liabiliti! i) BorroWfngs,		-	-				138		47,068	l3S	47,067
		ii) Trade pay9bles----	-	--		--		..
		-Tot•I . ,, .. . : . p, enterprises -Ttal outstanding dues of other and smail enterprises iii) Other financial liabilities b) Prvisions					. . than	.. 11 micro	-- 79,220 124,053 90		.. 56,344 45,180 94	-- 80,772 127,290 173	58,589 50,620 f71	I I j '
		c) other current liabilities							1,076		1,330	1,444	1,847
		d) Current Tax Liabilities (Net) Total current Liabilities.							- 204,635	""	- . 150,039	682 210,557	502 158,819
		Total Equit and Liibilities • . : � 9R ,�U.P.i ,u *� \|					' 206,836,.. ,.- • •�\ '., "" 190,94 ····'J \ " . ": "'�'C•" ··•'�'❖• � ·.••�}� { 011�·:c: .,••i\ I�• .. ' ,, . . -.. · ) .				233,272 215,221 ' G, � w _:_Rain: �ahal 15_7_ - ' Cil lnes, c � Kanpur*�i �red Acco'"

Notes to the Financial Results:

1. For the quarter and year ended March 31, 2019 and previous periods, the Company has incurred losses due to high raw material cost being fixed by the Government, and relatively market driven lower price of finished goods i.e. sugar and molasses both of which are external factors. Due to losses, the Company failed in meeting its payment obligations to lenders and farmers, though the Company continues to operate its capacities at optimal levels. The Government has implemented various measures to improve the financial health of the sugar industry, including subsidy etc. Further pUrsuantto an Order of Hon'ble High Court of Uttar Pradesh in favour of sugar'industry, the Company is confident to receive amount on account of accrued benefits under the Sugar Promotion Policy 2004.

The debt restructuring exercise of the loan liabilities of the Company has been suspended by the lenders as per directions issued by RBI which is recently quashed by Supreme Court vide its judgement dated April 2, 2019. The lenders to the Company, have mean while initiated recovery steps and one of the bankers has filed application before National Company Law Tribunal under Insolvency and Bankruptcy Code, 2016 . However, considering the nature of industry and ongoing discussions with the lenders, the Company is hopeful that debt resolution through determination of sustainable debt, including waiver of outstanding interest on certain loan accounts, shall be worked out in future, while its loans liabilities would be realigned commensurate with its available cash flow, for which discussions are under way. In view of the above, these financial statements are continued to be presented on going concern basis, which contemplates realisation of assets and settlement of liabilities in the normal course of business and therefore, impairment on assets if any, has not been ascertained and provided for.

The loans availed by the Company have been classified as non-performing assets by all the lenders to the Company and interest thereon is. not being booked by them as per applicable practices. The Company is hopeful that determination of sustainable debt including waiver of un-paid interest on certain loan accounts, shall be worked out in near future, for which further discussions have been initiated. Accordingly, interest expenses for the ensuing quarter and year ended March 31, 2019 amounting to Rs. 2,899 "lacs and Rs. 12,336 lacs respectivel (previous year ,een recognized m tne·b661<.s of accounts. A total amount of Rs. 24,308 lacs (previous year Rs. 11,972 lacs) towards

outstanding interest has not been provided for in the books of accounts.

Pursuant to the notification issued by Central Government and Government of Uttar Pradesh notifying the schemes for financial assistance to offset the cost of.sugar cane crushed; Rs. 1824 lacs and Rs. 2,896 lacs subsidy accrued in accordance with the Scheme for assistance to sugar mills have been adjusted against '1Cost of material consumed' for the quarter and yf:!ar ended March 31, 2019 respectively. The Company has also recognized export-freight subsidy of Rs. 524 lacs arid-Rs. 804 lacs in quarter and year ended March 31, 2019 respectively in accordance with the "Scheme for defraying expenditure towards -internal transport, freight, handling and other charges on export" notified by Central Government The management is confident that all the-terms and conditions in the schemes notified by the Central Government would be duly complied with and the Company would be entitled to receive the accrued amount of subsidies recognized in the accounts. Valuation impact on t_he inventory of sugar allocated for export in terms of the scheme of MIEQ based on sugarcane crushed during the quarter and year ended March 31,2019 has also been effect to in these accounts.

Further, financial assistance from Government of Uttar Pradesh aggregating to Rs. 99 lacs and Rs. 403 lacs received during the year, and relating to previous sugar season 2017-18 have been adjusted under ''Cost of Materials Consumed" and shown under "Revenue from Operation" respectively.

The Hon'ble High Court of Uttar Pradesh has directed the State Government to determine the Interest liability for the delayed payment of sugarcane price for sugar seasons 2012-13, 2013-14 and 2014 .. 15. Considering that no notice of demand has been served upon the Company in this regard and the amount not being 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 the said periods.
s. The application filed by-the Company for approval of the appointment and remuneration of Ms. Gursimran Kaur Mann as Managing Director and •Mr. Sachchida Nand Misra as.Chief Operating Officer/ Whole Time Direct_or of the Company before Central Government is abated in at'cordance with the amendment made in the provisions of Sections 197 and 200 of.the Companies Act 2013 w.e.f. 12:09.18. The Company shall obtain the necessary approvals from shareholders within one year from date of the amendment. It has paid aggregate remuneration of Rs.181 lacs during the year (previous y�ar Rs. 102 l_?ltS} _i;l_rl.d_R.5:. _283 lacs sine� appointment, to these directors.
Exceptional items lncl�de, imJ)airment in-the investment val1;.1¢ of RS. 39 lacs, loan of Rs. 22 lacs anditrade advances of-Rs.--1- lacs to Simbhaoli Global Commodities DtCC D
In previous year, _consolidated fjnancial statement have been prepare_d without consolidating the financial statement of Simbhaoli Power Private Limited (SPPL)7 the subsidiary cOmpany. The consolidated financial st�tement of the previous year is now r�stated to consolidate the same. The reconciliation of previo�s year's published accounts with the �estated accounts figures are as unde�:

Totl Revenue
Net proft (loss)
Total Comprehensive Income
Total Asset
Total Equit and Liabilities
Equit Share and Oher Equit
Non�Contl/ing Interest
Particulars
(.%' ' ·; .
r''�'
•:,}•\•
��\\ '/ (,'a_:•:..
-->,-
"'
.'
".,
,/�
..,:?•,
· t 'it*�· :r:)
,..,.':·.,�.... -�··<·., /
('
( Rs. in lacs)
Published
; _Fi£ure
Restated
Fi£Ure
94,178
(19,044)
(18,941)
1,90,808
1,03,90_3
(18,211)
(18,100)
2,15,221
1,90,808
1
2,15,221
5,987
4,631
53
11,245*
q�
tB
�, sUG-��f·
:
IDA, U.P. �
(
'
�
. 01:
,,
,_

Financial statement of earlier years have been restated as under to rectify the error committed earlier in calculation of fair value of investment in CCD of SPPL; its consequential effect on deferred interest income and recognition of jts interest income in the Statement of Proft & loss account:

CCD of SPPL; its consequential effect on deferred interest income and recognition of jts in count:	terest income in the Stat	ement of Proft &
		{Rs.In lacs)
	Original	Restated
Particulars	Amount	Amount
Other Equity as at 1st April 2017	21,703	21,390
Recognition of Interest Income on CCD in Statement of Profit and Loss for FY 2017-18	1,211	1,196
Investment Value as on 31st March 2018	7,063	5,142
Non-Current Deferred Interest income as at 31st march 2018	1,228	102
Current Deferred Interest income as at 31st march 2018	439	27

Post the applicability of Goods and Service Tax (GST) with effect from July 01, 2017, revenues from operations are disclosed net of GST, whereas Excise duty and Cess formed part of expenses in previous period/ year. Accordingly, the revenue from operations and excise duty expenses for year ended March 31, 2019 are not comparable with previous corresponding period.
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 y_ear.

10 DuAAg-the yeareRdea-Mareh 31, 2019, 2o,8�9-fprevious-year--18;6&,e60}-fu11y pa1u upeqa1ty s11a1es_ 01 Rs. 10 each were issued at an exercise price of Rs. 32.10 (including premium of Rs. 22.10} per equity share to the specified promoters on conversion of warrants.
Sugar, one of the major businesses of the Company, is a part of seasonal industry. The results may vary from quarter to quarter.
The previous periods figures have been regrouped/rearranged wherever necessary.
The above results were reviewed and recommended by the Audit Committee at meeting held on May 27, 2019 and approved by the Board of Directors of the Company at meeting held on May 30, 2019.

Place: Naida Date: May 30, 2019 Company Website: www.simbhaolisugars.com

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==> picture [157 x 101] intentionally omitted <==

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For SIMBHAOLI SUGARS LIMITED
�nagingDirector rsimran Kaur Mann
�ca-�
�(91�
"
----- End of picture text -----*

Statement on Impact of Audit Qualifications on Consolidated Audited Financial Results for the Financial

Year ended March 31, 2019

[See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]

(Rs in lacs)

,.

==> picture [455 x 59] intentionally omitted <==

	1	Turnover /Total income 124438 124438
	2	Total Exnenditure ,----- �
	3	Net Profit/(Loss) (2982) (15318)
	4	Earnings Per Share (10.12) (43.01)
	5	Total Assets 233272 233272
	6	Total Liabilities 220090 244398
	7	Net Worth 13182 11126
	8	Any other financial item(s) (as felt
		appropriate by the management)
II.	I Audit Qualification (each audit qualification separately):
	a. I Details of Audit Qualification:
	1.	Non-provision of interest expense amounting Rs.12, 336Lacs (Previous year Rs. 11,972 Lacs)
		on certain borrowings for the year ended March2019 respectively. The aggregate amount of
		interest expense not provided for in the accounts aggregates to Rs.24,308Lacs till 31st March
		2019. Had the aforesaid interest expense been provide for, the Finance Cost for the year
		ended 31st March 2019 wouldhavebeen Rs.17,944.87 Lacs (Previous year Rs.19,221.11 Lacs)
		instead of reported amount of Rs.5,608.87 Lacs (Previous year Rs. 7,249.11 Lacs); the Net loss
		after tax for the year ended 31st March 2019 wouldhavebeen Rs.15,317.93 Lacs (Previous
		year Rs.30,183.04 Lacs.)Jnstead of re.ported amount of Rs.2,981.93 Lacs (Pr.e.vious y.ear,
		comprehensive income for the year ended 31st March2019
		would have been negative Rs. 15,253.61 Lacs (Previous Year negative Rs. 30,072.26
		Lacs) instead of reported amount of negative Rs.2,917.61 Lacs (Previous Year negative Rs.
		_ 18100.26 Lacs); the other current financial liability as at 31st March 2019 and 2018would
		have beI;,n Rs.1,51,598.57 Lacs and Rs.38,648.10 Lacs respectively instead of reported amount
		' of Rs 1,27,290.57 Lacs and :Rs.50,620.10 Lacs respectively and the Other Equity as at:
		31st March 2019 and2018would have been negative Rs. 27,306.27 Lacs and negative
		Rs.11,268.98Lacs respectively instead of reported amount of negative Rs,-2,t,�'. Lacs and �:-,•:ii\\ Rs. 703.02Lacs respectively. ,<\ :,<;\,,1>: .,, ,·�� \,,\ '( \,,,f. ' -r}\%,'i>1,:.,..:,:.<,'� ----r .•.·•<;_c.:\ ��- ' ",,," '·\ I ,'I- { ( ':\ . :, ' . ' - -,.. __ ....... �- ·,,_�/

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. Type of Audit Qualification: 1. Qualified Opinion

Qualified Opinion

c. Frequency of qualification: 1. Second Time 2. First Time

d. For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views: 1. The Company is hopeful that determination of sustainable debt including waiver of un-paid interest on certain loan accounts, shall be worked out in near future, for which further discussions have been initiated.

I I I 2 Coosider.iAg that og ogtice of demaad has beeR-SeFVeEHf!'�-r,egard a11d tlie 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.

e. For Audit Qualification(s) where the impact is not quantified by the auditor: (i) I Management's estimation on the impact of audit qualification: Nil (ii) I If management is unable to estimate the impact, reasons for the same: NA

(iii) I Auditors' Comments on (i) or (ii) above: N. A.

Ill. I Signatories: . •• ~ .t I ... • Managing Director ��

• CFO • Audit Committee Chairman • Statutory Auditor

Place: Noida CE., .1a»��ii6!LJi 11t��w,., !snF-h• ,.,-,,-� ... ,�,,, COPY • _ I• ui .. u.Date: May 30, 2019 S�MB�!A�i S.U!.. Pdlf\ L!)/!lTEP . .

I . · l\I(·•p ~,·1- 1 �1 1 \� •. ::Jni:, ,·,J, 1 ·•')' ,,, ·i,.,,, .. ,,_, . .>. ,!1�1...:,l,,1 .Jl:;H .. rGidJ)' ,,, c•·�·-;;··-""" u c;A �

~~u �{ //~~

Statement on Impact of Audit Qualifications on Standalone Audited Financial Results for the

Year ended March 31, 2019 Financial

[See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]

(Rs. in lacs)


1	Turnover/ Total income	112694	112694
2	Total Expenditure	117424	lW
3	Net Profit/(Loss)	(4915)	(17251)
4	Earnings Per Share	(12.51)	(43.90)
5	Total Assets	206836	206836
6	Total Liabilities	205651	229959
7	Net Worth	1185	(23123)
8	Any other financial item(s) (as felt
	appropriate by the management)

II.

~~I~~ Audit Qualification (each audit qualification separately):

a. I Details of Audit Qualification:

, _ _;__ __

Non-provision of interest expense amounting Rs. 2,899 Lacs and Rs.12,336 Lacs (Previous year Rs. 11,972 Lacs) on certain borrowings for the quarter and year ended March 2019 respectively. The aggregate amount of interest expense not provided for in the accounts aggregates to Rs. 24,308 Lacs till 31st March 2019. Had the aforesaid interest expense been provided for, the Finance Cost for the quarter and year ended 31st March 2019 would have been Rs. 3,848.00 Lacs and Rs.15,689.83 Lacs (Previous year Rs.16,578.28 Lacs) respectively instead of reported amount of Rs.949.00 Lacs and Rs.3353.83 Lacs (Previous year Rs. 4,606.28 Lacs) respectively; the Net loss after tax for the quarter and year ended 31st March 2019 would have been Rs. 4406.00 Lacs and Rs.17,250.39 Lacs (Previous year Rs.30,101.99 Lacs) respectively instead of reported amount of Rs. 1,507.00 Lacs and Rs. 4,914.39 Lacs (Previ-im,-year Rs:18;129.99 Lacs) ri!spectlvely; the total comprehensive income-for-the quaiter-and year ended 31st March '2019would have been

• v,vu,.vv i..u ... ,;, UIIU ''"-6U1.IY\,. l.;1 J.J1-'.&. 0VV ... u ... ,;, \I •.�YIUU.J 11-UI 1n: 5at1ve Rs. 30,081.32 Lacs) respectively instead of reported amount of negative Rs. 3768.00 Lacs and negative Rs. 7,175.66 Lacs (Previous Year negative Rs.18,109.32 lacs) respectively; the other current financial liability as at 31st March 2019 and 2018 would have been Rs.1,48,897.97 Lacs and Rs.57,151.50 Lacs respectively instead of reported amount of Rs 1,24,053.39 Lacs and Rs. 45179.50 �acs respectively and the Other �quity as at 31st March 2019 and 2018 would have been 1/legative Rs. 27,250.57 Lacs and! negative Rs. 7,762.71 4209.29 Lacs respectively. Lacs respectively instead of reported amount of negative Rs. l2,942.57 Lacs and Rs.'

Non- provision of interesyiability in respect of delayed payment of sugarcane price. The amount of interest not ��ded for in the books has not been ascertained.

b. ~~I~~ Type of Audit Qualification: e �- ,-, ,;:; ;>, 1 . Q l.f. dO · · ua r 1e pmron ,¾,�,,�,,-'?- .·. .,,,,,.,,, ',[,] ,.,��.,:.::-.i ,, '-, ~~.;~~ • ' ' ~~[' -]~~ .- ,<\'1/' .''.'.'\ %, - ' •[" -] - i ; - ',,, .,,,:, • {· , ~~1~~ / v[; ] ,- �v�

==> picture [612 x 841] intentionally omitted <==

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

2. Qualified Opinion
c. I Frequency of qualification:
1. Second nme
2. First Time
d. I For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views:
1. The Company is hopeful that determination of sustainable debt including waiver of un-paid
interest on certain loan accounts, shall be worked out in near future, for which further
discussions have been initiated.
2. Considering that no notice of demand has been served upon the Company in this regard and the
amount has not been ascertained, no provisi9n 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.
e. I For Audit Qualification(s) where the impact is not quantified by the auditor:
(i) J Management's estimation on the impact of audit qualification: Nil
(ii) J If management Is unable to estimate the impact, reasons for the same: NA
(iii) J Auditors' Comments on (i) or (ii) above: N. A.
Ill. I Signatories: > • [In]
• Managing Director y [�£.aw"'v ] -·
1 �
• CFO V
C,P
• Audit Committee Chairman
•
Statutory Auditor u� [·�]
M i(JJ [l t� ] [I] [TT1 ]
Place: Noida
SiMBH [AOU ][�t ' '· ] [·] [' -] [·]
Date: May 30, 2019
-:�ornp 11., [, .] . [anv Sec1�1.] - ., .,,,.,' [:i][_1-]
I
I
, .••..• ,1.,1
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----- End of picture text -----

==> picture [51 x 31] intentionally omitted <==

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

•
----- End of picture text -----

SIMBHAOLI SUGARS LIMITED

(Formerly known as 'Simbhaoli Spirits Limited') CTN - L151*UfP2011PLC044210 E-mail: [email protected]:www.simbhaqlisugars.com . Regd. Office: Simbhaoli Dist. Hapur. (U.P.) - 245207 EX'TI4Clf OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEARIENDED MARCH 31, 2019

			MARCH 31, 2019
			Standaone Quaer ended Yea ended March 31, December 31, 2019 Audited i 41,970 (1,32) (1,508) (1,508 (3,769) _4,128 L 2018 Unaudited 25,680 (3,241) (3,241) (3,241 (3,241) 3,928 March 31, 1.arch31, 2018 2019 Audited i Audited 29,746 1,11,109 (2,352) (4,730) (3,323) (4,915) (3,32 (4,915 (3,227) (7,176) 3,928 4,128 (2,943 /��71 /R2S)I /6277 !12.04 I (--- l ( ____ )I {---? I ( ~~·- -.. 1~~ ~~·- --· 1~~ ~~·- ---1~~ ~~1~~ (8.:I __ (8.�J _J_51 ~~@~~~~.~~8~~4)1 ~~ ~~-~~ March 31, 2018 Audited 90,468 (17,158) (18,129) (18,129 (18,108) 3,928 4,209 /45.76' /48.35 (Rs.lacs) Consolidated Year ended March 31, March 31, 2019 2018 Audited Audited 1,24,120 1,02,715 (1,659) (15,729) (2,678) (17,689L (2,82) 1rn,2iI (2,917) (18,100) 4,128 3,928 (2,998 703 (7.41 (48.19' (10.12)� _(50.78
SI. No.	Partcuars
1.	Totl income fom operatons (net
2.	Net Proft/ (loss) for te period before Taj and fxceptonal itms
3.	Net Profit/ (loss)for teperiod before�and Merexceptonal itms
4. 5.	Net Proft/· (loss) fr tepriQ�rTax �nc_ e)c<1tQalims Total Comprehesive incom e for te per r [cotprising net proft/ (loss) for te period (aer tx) a 0 r Comprehensive Income(ar txl]
� 7.		Paid up egutshare _capitl (face value R~~t~~.10/-each) Oter Equit ~~· ·· ~~ ~~·~~~~·~~
8.	~~I~~	.-EPSbeforeexceptonalitm I
		-El'S ar exceptonal item ~~1~~
	_ # Refer Note No.10 Notes:		~~-~~

1 The above is an extract of the detailed form t qf financial results for the quarter and year ended March 31, 2019 filed with tl).e Stock Exchange under Regulation 33 of the SEBI (Listing Obligations and Disclosure Require et: ) Regulations, 2015. The full format of financial results for the quarter and y�ar ended March 31, 2019 are available on the Stock Exchange _websites (www.bseindia.com and · w.nseindia.com) and the Company's website (www .simbhaolisugars.com). 2 For the quarter and year ended March 31, 0�9 and previous periods, the Company has incurred losses due to high raw aterial cost being fixed by the Government, and relatively market driven lower price of · · e� goods i.e. sugar and molasses both of which are external factors. Due to I sses, the Company failed in meeting its payment financial health of the_S]lg,ir industry, inclu ing Sl!bsidy etc. Further pursuant to an Order of Hon'ble High Court of Uttar obligations to lenders an_· d farmers, th. ough e c_ ompany continues to operate its capacities at optimal levels. The Government has implemented various measures to improve the if desh in favour of sugar industry, the Company is confident to receive amount on accoll.Il.t of ac rued.benefits under the Sugar Promotion Policy 2004.

The debt restructuring exercise ofthe loan bilities of the Company has been suspended by the lenders as per directions iss ed by RBI which is recently quashed by Supreme Court vide its judgement dated April 2, 201 . The lenders to the Company, have mean while initiated recovery steps and one f the bankers has filed application before National Company Law Tribunal under Insolvency d B"1'krnptcy Code, 2016 . However, considering the nature of industry and on oing discussions with the lenders, the Company is_ hopeful that debt resolution through dete ation of sust 1l/-�ebt, including waiver of outstanding interest on certain Io accounts, shall be worked out in future, while its loans liabilities would be realigned comm urate with i�-S:��able cash flo�, for which discussions are under way. In iew of the above, these financial statements are , 0 ~~V~~ -�--S Q"[-continued to be presented on going concern asis, which S<il;J.telftp�a�s-re�lisation of assets and settlement of liabilities in the n rmal course of business and therefore, impairment] < assets if an , has not been ascertained an prov� · .. ,, .. ,,.' dett��:�.i;�:�?:,··>:: ��(::: ·- �,i �· \ - 0 i /'�ti,'[ti ] 'ii ,,� { � · ) •.·.· i :_i C;. \: � ' ' ' / � ��;:•:•' [·;. \ .-, \f.>t/�c'. ··:.�\ : / ./�)�) \ .->. /: '"-", '{�--2! ·-·--- ' � "' '· .; -·: _ :::�� :· .'> ,: ,,:, /6"

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3 The loans availed by the Company have b en classified as non-performing assets by all the lenders to the Company and terest thereon is not being booked by them as applicable practices. The Company is hope I that determination of sustainable debt including waiver of un#paid interest o certain loan accounts, shall be worked out in near future, for which further discussions have b en initiated. Accordingly, interest expenses for the ensuing quarter and year en d March 31, 2019 amounting to Rs. 2,899 lacs and Rs. 12,336 lacs respectively (previous year . 11,972 lacs) have not been recognized in the books of accounts. A total amo nt of Rs. 24,308 lacs (previous year Rs. 11,972 lacs) t towards outstanding interest has not been p ov1ded for in the books of accounts.
4 Pursuant to the notification issued by Cen at Government and Government of Uttar Pradesh notifying the schemes for · ancial assistance to offset the cost of sugar cane crushed; Rs. 1824 lacs and[.] Rs. 2,896 lacs sub idJ accrued in accordance with the Scheme for assistance to sugar mills have be n adjusted against "Cost of material consumed' for the quarter and year ended March 31, 2019 r pectively. The Company has also recognized export freight subsidy of Rs. 5241 cs and Rs. 804 lacs in quarter and year ended March 31, 2019 respectively in accordance with th "$cheme for defraying expenditure towards internal transport, freight, han · g and other charges on export" notified by Central Government The miirulgement is confident f all:!he terms and conditions in the schemes notified by the Central Govemm t would be duly complied with and the Company would be entitled-to..receive the ��-�rued-am un,t_ of subsidies recognized in the accounts. Valuation impact on the inventory o sugar allocated for export in terms of the scheme of MIEQ based on sugarcane crushed during e quarter and year ended March 31,2019 has also been effect to in these accounts.

Further, financial assistance from Governme t of Uttar Pradesh aggregating to Rs. 99 lacs and Rs. 403 lacs received during th� year, and relating to previous sugar season 2017-18 have been adjusted under "Cost of Materials Conspmed" and shown under "Revenue from Operation" respectively.

5 The Hon'ble High Court of Uttar Pradesh h clire�ted the State Government to determine the interest liability for the delayed payment of sugarcane price for sugar seasons 2012- 13, 2013-14 and· 2014-15. Considering that n notiCe of demand has been served upon the Company in this regard and the , ount not being ascertained, no provision has been made in this regaids. Based on the past indu try practices, the management is confident that no interest liability will arise for e said periods.
6 The application filed by the Company for a provaj. of the appointment and remuneration of Ms. Gursimran Kaur Mann as aging Director and Mr. Sachchida Nand Misra as Chief Operating Officer/ Whole Time Direc or of /he Company before Central Government is abated in accordance with the amendment made in the provisions of Sections 197 and 200 of the Compam_es .Act 2013 w.e.f. 12. 9.J8,'The Company shall obtain the necessary approvals from shareholders wi one year from date of the amendment. It has paid aggregate remuneration of Rs. 181 lacs du · the _year (previous year Rs. 102 lacs) and Rs. 283 lacs since appointment, to thes directors.
7 Exceptional items include, impafu:itent in e iiiVestment value of Rs. 39 lacs, loan of Rs. 22 lacs and trade advances of Rs. 122 lacs to Simbhaoli Global Commodities DMCC Dubai, UAE (DMCq, a wholly owned subsi iary.
8 In previous year, consolidated financial stat ment have been prepared without consolidating the financial statement of Simb):iaoli Power Private Limited (SPPL), the subsidiary company. The consolidated financial statem � of the previous year is now restated to consolidate the same. The reconcilia�on of previous year's published accounts with the restated accounts figures are as under:

company.Teconsolidatdfancialsttm � of te previous yearisnow restted to consoldate te same. The reconcilia�on of previous yea's published account wit t resttd accountfgures areas under:	company.Teconsolidatdfancialsttm � of te previous yearisnow restted to consoldate te same. The reconcilia�on of previous yea's published account wit t resttd accountfgures areas under:	company.Teconsolidatdfancialsttm � of te previous yearisnow restted to consoldate te same. The reconcilia�on of previous yea's published account wit t resttd accountfgures areas under:
(Rs.Lacs)
Tot Reenue NfrOlaosf "otl Comprehensive I.om< Paculars Published Fige R�stat� Figtre 94,178 1,,903 (19,0±' (18,211' J8,941\ (18,100\|
Totl Asset _ TQ Equt_andLiabilites EquitShare and Oter Equitv Non-Contoling Itrest ~~�.~~\~~\,�~~;~~,~~ <;�·,.� �	~~.~~~~. . ~~ ~~,,�;~~' -· 1,90,!08 1,90,808 5,<87 53	_ 2,15,21 2;15,221 4,631 11,245
/ .'s: . (\��;�)� ~~"~~.·.:. ;fJ ... '-. -. ��tt'·•� ·/ / . . , ' , Z<,?1 /i i ; '. � /• -�S��I:•·

Financial statement of earlier years have bee4 re4ted as under to rectify the error committed earlier in calculation of fair valpe of investment in CCD of SPPL; its consequential effect on deferred interest income and recogaj.tion pf its interest income in the Statement of Proft & Loss account:

9 10	Paculars Reco. Investent Value as on 31st March 2018 Non-Current Defered Intrest income as at 3is�ch 2018		'.nal Amout 21,703	Restated Amount 21~~L~~390
			1,211 7,063 1,228	]L]96 5,42 10:
	Current Defered Intrest income a at 31stmrc� )?018		439	27

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o ,000 (previous year 18,00,000) fully paid up equity shares of Rs. 10 each werelissued at an exercise price of Rs. 32.10 (including
11 Duriog the year ended March 31., 2019, 2premium of Rs. 22.10) per equity share to the pecified promoters on conversion of warrants.
12 Sugar, one of the major businesses of the Co pany, is a part of seasonal industry. The results may vary from quarter to quarteii.
13 The previous periods figures have been regro . ped/ rearranged wherever necessary
14 The above results were reviewed and reco a. ended by the Audit Committe. at meeting held on May 27, 2019 and approved by the Board of Directors of the Company at
meeting held on May 30; 2019.
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For Simbhaoli Sugars Limited
1 I
Place: Noida Managing Director
Date : May 30, 2019 DIN: 00642094
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Simbhaoli Sugars Ltd — Audit Report / Information 2019

62139_rns_2019-05-30_5f46272a-8996-4e39-bc3d-388b65aeea8e.pdf