Simbhaoli Sugars Ltd - Audit Report / Information 2020

Ref: SSL: Stock Exchange July 30, 2020

The Manager - Listing

National Stock Exchange of India Limited, Exchange Plaza, Ba.ndra Kurla Complex, Bandra- (East), Mumbai -,400051.

Department of Corporate Services BSE Limited, Corporate .Relationship Pept., P. J.Towers, Dalal Sfre<jt, Mumbai - 400 001

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

SIMBHAOLI SUGARS Simbhaoli Sugars Limited CIN-L;15122UP2011PLC044210 (An FSSC 22000: 2011, ISO 9001: 2008 & 14001 : 2004 Certified Company) Corporate Office A-112, Seotor-63, Noida-201307 (Delhi NCR) INDIA Tel. : +9t-120:4ao 6666 Fax : +91-120-2427166 E-mail : [email protected] www.simbhaolisugars.com GSTIN: 09AAPCS7569A1ZV

Scrip Code: NSE: SIMBHALS BSE: 539742

Sub: Outcome of the Board meeting held on July 30, 2020

Dear Sir,

The Board of Directors ofSinibhaoli Sugars Limited in their meeting held today i.e., Thursday, July 30, 2020, which commenced at 4:00 PM and concluded atlf 4{ PM, have considered and approved the following:

Standalone and consolidated Audited Financial Statements of the Company for the financial year ended March 31, 2020 and the Audited Financial results (Standalone and Consolidated) for the quarter and Year ended March 31, 2020. 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.
Re-appointment of Ms. Gursimran Kaur Mann as Managing Director of the Company for a period of three years w.e.f August 02, 2020 to August 01, 2023 and to fix her remuneration subject to the approval at ensuing Annual General meeting of the members of the Company.
Re-appointment of Mr. S. N. Misra as Chief Operating Officer of the Company in the category of Whole Time Director for a period of three years w.e.f Sepfember 1$; 2020 to September 17, 2023 and to fix his remuneration subject to the approvalat ensuing Annual General meeting of the members of the Company.

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

==> picture [147 x 111] intentionally omitted <==

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

Thanking you
Yours faithfully,
For Si�i Sugars Limited
IS;�tani
�
Company Secretary
M No. - FCS 5140
----- End of picture text -----

==> picture [87 x 83] intentionally omitted <==

==> picture [35 x 16] intentionally omitted <==

*Mis Simbhaoli Spirits Limited known as Mis Simbhaoli Sugars Limited in p'ursuance to Scheme of Amalganiation, as sanctioned by the Hon'ble High Court of Judicuture al AJ/uhabad

l'olal e Alcohol

Power

==> picture [103 x 51] intentionally omitted <==

MITTAL GUPTA & CO. CHARTERED ACCOUNTANTS 14, �aton Mahal, 15/197, Gv! lines, Konpur-208 001 Tel. : 0512-2303234, 2303235 •Fox: +91512-40091 ll •E-mail: [email protected]

Independent Auditor's Repcirt on the Quarterly and Year to Date Stands,ione Financial .[Results of Simbhaoli Sugars Limited Pursuant to the Regulation 33 of the SEBI (Listing ] O1:iligation and Disclosure Requirements) Regulations, 2015 as amended •

. To

Board of Directors of · Simbhaoli Sugars Limited Simbhaoli

Report on the audit of Standalone Financial Results

Qualified Opinion

We have audited.the accompanying statement ofqu!llterly and year to date standalone financial results of Simbhaoli Sugar Limited (the "Company") for the quarter and year ended March 31, 2020 (the " Statement"). The· Statement has been submitted by the Company pursuant to the requirement of Regulation 33 of SEBI (Listing Obligati_on 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 loss and other financial information ofth; company for the quarter and year ended March 31,2020 and of the net loss after tax imcl other comprehensive loss and other financial information for the year ended March '3 I, 2020 .

.[Basis of Qualified Opinion ]

. a) We draw attention to Note No. I of the St�tement regarding non provisions for impairment in the carrying value of Property; Plant a�d 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. 2 of the Statemeilt_s riigarding non-proviision of interest . .:,,t/t[t;;,.�xpense amounting Rs. 3,431 Lacs and Rs.l3,146Lacs (Pre\'ious y<1ar Rs.12,336 Lacs) ] • · �"':-;t•Z�n:;,_certain borrowings for the quarter and. year ended March JI, 2020 respectively for (II·· ' �fil)k:_reasons stated in the said note, Conseqileritly Finance Costs,:Net Loss nnd Total .· · �[,,, ] Branch Office: 1. 302, Chintels House, 16 Stotiori �oad, Lucknow· 226001 , '�� . �1/

· 2. 305 Kushol Bazar, 32-13 Nehru Place, New Delhi• 110019

==> picture [86 x 54] intentionally omitted <==

MITTAL GUPTA& CO. CHARTERED ACCOUNTANTS

14, Rotan M"ial, 15/197, Ovil lines, Karipur - 208 001

Tel.: 0512-2303234, 2303235• Fox :+91512-4009111 • E-moil: [email protected]

Comprehensive Income for the periods are understated by the aforesaid respective amounts. The aggregate amount of interest expense not provided for in the accounts aggregates to Rs. 37,454 Lacs till March 31, 2020 (Rs: 24,308 Lacs till March 31, 2019). Consequently, Current Financial Liabilities are understated and other equity as at March 31, 2020 and March 31, 2019 are overstated by the afor.esaid respective amounts c) We draw attention to Note No.3, of the Statement r�garding non- provision of interest liability in respect of delayed payment of sugarcane pfice for the reasons stated in the said · · note. The amount of interest not provided for in the bodks has not been asc,:rtained. . . , ·:: : _:-\

d) We draw attention to Note. No, 5 of the Statement, n�np�ovision of disputed value of bagasse amounting to Rs. 2s·J Lacs, sold to Si111bhaoli Power Private Limited, a subsidiary company, for the reasons stated in the sail note. Consequently, the Revenue for the quarter and year has been overstated; Net Loss and Total Comprehensive Income for the quarter and year'has been understated; Receivables and Total Equity as at March . 31, 2020 has been overstated by the aforesaid amount · ·

. Our opinion is qualified in respect of the above matters.

We conducted our. audit of the Statement in accordance with the Sta1:1dards 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 ii(t�e "Auditor's Responsibilities for 'the Audit of the financial results" section of our report . We arf h,1depl\ndent of the Company in • accordance with the Code of Ethics issued by the Institut.e ofChartered Accountants of India dit 6f together with the ethical requirements that are relevant to o�rJ1 the financial statements under the provisions of the Act and the Rules there under, ancl\ve 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 arid appropriate.to provide. a basis for our audit opinion.

Mllterial Uncertainty related to Going Concern:

. As stated in Note No. I, 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. The ability of the Company to continue as going concern clepends on the decision of National Company Law Tribunal under the Insolvency and Bankruptcy Ct>de 2016/tlle Co�pany's ability to get its borrowings restructured as stated in the said note and turti�i"o'und of its sugar .and .distilleries· operations on sustainable basis. · ·• ' · · · · · · · · ·

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

. ',>. � t - :--1.3��;-:,: .. \ .,. ·. . *)*

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

. 14, Rotan Mahal, 15/197, CT vii lines, Kanpur• 208 001 Tel.: 0512-2303234, 2303235 •Fax: +91512-4009111 •£-ma�: [email protected]

MITTAL GUPTA. & CO. CHAJ!TERED ACCOUNTANTS . 14, Rotan Mahal, 15/197, CT vii lines, Kanpur• 208 001 CA Tel.: 0512-2303234, 2303235 •Fax: +91512-4009111 •£-ma�: [email protected]

Management's Responsibilities for the Standalone financial Results

The Statement has been prepared on the basis of the .11 mual financial s1atements. The Management and the Board of Directors of the Company are hisponsible for the preparation and presentation of the Statement that gives a true and fair:. ','iew of the net profit and other comprehensive income of the Company and other financiar'iiifol'll ation in accordance with the applicable accounting standards prescribed under section133�fth�Act read with relevant rules issued there under and other accounting principles general!� abc:,epted in India arid incompliance with Regulation· 33 of the Listing Regulations. This respoi:igi�ilify also includes maintenance of adequate accounting records in accordance with the provisions of the Act for si1feguarding 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 mainten�nce of adequate internal financial the controls, that were operating effectively for ensuring the accuracy and completeness 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 Boah(of Directors are responsible for assessing the Company's ability to continue as a going coiic�i:n, disclosing, as applicable, matters of related to going concern and using the going concern brui � accou�tipg unless the Board of Directors either intends to liquidate the Company or to '·�ea�e operatidns, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing t}lt,' firiaricial 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, an\f 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 C()risidered 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 exerci�e· professional jud· · · · gment and maintain professional skepticism throughout the audit. We also:

Civi • l Branch Office: 1. 302, Chintels House, 16 Slalion Road, lucknow • 226001 110019 2. 305 Kushal Bazar, 32-33 Nehru Place, New Delhi • . . . ,/c""i:i,up''.,, results, whether due to fraud or error, design and perform audit procedures responsive to .· i 1 "'·\• M;,a1 'iJfor our opinion. The risk of not detecting a material misstatement resulting from fraud is , /}/'' ��. 1'1,}{�ose risks, and obtain audit evidence.that is sufficient and appropriate to provide a basis • Identify and assess the risks of material mis�tatement of the standalone annual financial

MITTAL GUPTA & CO. CHARTERED ACCOUNTANTS

14, Roton Mahal, 1S/197, Ovil lines, Koripui- 208 001 Tel.: 0S12-2303234, 230323S •Fox: +91512-400?]11 �-E-man: [email protected]

higher than for one resulting frorn error, as fraud, may involve coll.usion, forgery; intentional omissions, misrepresentations, or the overi- de of internal control. . ·-·- ' ·::.,.

. ·-·- ' ·::.,.

Obtain an understanding of internal control relev�11d[;'!he audit in order to design audit 143(3) (i) of the Act,
procedures that.are appropriate in the circumstances.'{J11der Section we are also responsible for expressing our opinio11, tl)rough a separat,i report on the complete set of financial statements on whether thf company has adequate internal financial controls with reference to. financial · stakri eilt; in place and the operating effectiveness of such controls.
Evaluate the appropriateness· of. accounting ·policies used and the ree,sonableness 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 Mat1ag�mc�t and Board of Dire,,tors use of the
· going concern basis of accounting and, based on th� audit evidence obtained, whether a[material uncertainty exists .related to. events or condiiihns that may cast siignificant 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 a11nual financial results or, if such ·disciosun,s are inadequate, to modify our opinion. Our conclusions ar� based on the audit e✓idehce obtained �p to the date of ciur auditor's report. However, future events or <:ohclifions may cause the Company to· ·· · · ·
.. cease.to continue as a going concern.
Evaluate the overall pr<:sentation, structure and content ofthe standalone annual financial results, including the disclosures, and whether the ,s�ndalone annual financial results represent the tiriderlying transactions and events; ill a manner that achieves fair presentation.

-We communicate with those charged with governance • regarding, among other matters, the . planned scope and timiitg of the &udit and significant audit'.f\11dings, including any significant deficiencies in internal control that we identify during our al!dit.

· We also pr�vide those charged with governance with a stateinent tl)at we have complied with relevant ethical requirements regarding independence, arid to communicate with them all �o relationships and other matters that may reasonably be thought bear on our independence, and where applicable, related safeguards.

Other Matters·

\ :>' 1l c:1 re- fvlJLJn -� w,; �) o 1, · Branch Office: 1. 302, Chintels House, 16 Siation Rood, Lucknow - 226001 t��.$.,fent's ass�ss�ent of the i�p.act of COV_IDcJ9 pa�demic and the re�ultant · · · a), 0 ,W,��raw your attention to Note No. 1 to these' fina�cial results, which describes the ,F m developmg some of the estimates /! !'lan,,.';:1%1 o'>\ii)s on the s1gn1ficant uncertamties mvolved

2. 30S Kushol Bozor, 32-33 Nehru Ploce)ewDelhi - 110019 • I ··;.>' .

• I ··;.>' .- .

MITTAL GUPTA & CO. (HARTE.RED ACCOUNTANTS 14, Rotan Mahal, 15/197, Civil Lines, Kunpur-208 001 Tel.: 0512-2303234, 2303235• fax: +91512-400911 l •E,mail: [email protected]

==> picture [102 x 51] intentionally omitted <==

involved in preparing the financial statements. Based ◊n th� information available on this date, Management believes that no further adjtislme11ts are required to the financial results. However, in view of very un�ertain �conomic envirqnment, a definitive assessment of the impact•is highly dependent upon circumstances as they "volve in future and actual results may differ from those estimated �� 11t 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 50 I "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 State�eht:

c) . The standalone annual financial results include th,; re�tltfs forthe quarter mded 31 March 2020 being the balancing figures between the audited figures in respect of the full financia_l year and the published unaudited year todate figures up to the third quarter of the current financial year which were subject to limited. review by us

For MI'ITAL GUPTA & CO. Chartered Accou.ntauts

-· FRN: ·.· 8,; (B. L. ·rnm .. r:---- · . "';\•· .,.,� . ... -·:- " Partner Membership No.:073794

==> picture [40 x 28] intentionally omitted <==

· Place of Signature: Kanpur

Da_te: 30.07.2020 UoIN: 100731q4 AAAA e,rs �36

Branch Office: 1. 302, Chintels House, 16 Staliop R[p] od, ftucknow • 226001 2. 305 Kushol Bazar, 32-3.3 Nehlu,Ploce, New Oelhi • 110019 . ·. . 1-,,,_: ·-' ·- "!! ' .

. ·. . 1-,,,_: ·-' ·- "!! ' . . .

. , MARCH 31, 2020 CIN - L 15122UP2011PLC044210 E-mall:.info@s,irllbhaolisugal"S.cOm.\Vebsite:Y/WW.slmbhaolisugars.comSTATEMENT OF STANDALONE AUDITED FiNANCIAL RESULTS. F)R THE QUARTER AND YEAR ENDED {Formerly known aS 'Simbhaoli Spirits I.Jm.ited') Regd •. Offlce: Slmbha0II Dist.·Hapui- {U;f,).-.. :245207 ' LHV i;:::u

	. Quarer ended March 31, December 31, 2020 . 2019 March 31, 2019	. Quarer ended March 31, December 31, 2020 . 2019 March 31, 2019	. Quarer ended March 31, December 31, 2020 . 2019 March 31, 2019	/Rs. Lacs Year Ended March 31, March 31, 2020 2019 Audited Audited 120,832 111.109 2.574 1.585 123,406 112,694 82,202 87,478 2.866 2,154 (7,202) (.14,631) 19,888 15,897 5,696 5,334 3,163 3,420 3,601 3,670 2,844 1,691 12.513 12.411 125 571 117 424 (2,165) (4,730) . 185 (2,165) (4,915) . . . (2,165) (4,915) (272) (2,261) (272) (2,261) . . . . . . (2,437 - (7,176 4.128 4,128 (5,359) (2.943) (5.24) (12.04) 15.24 (12.51 �® f.. . ·. ,'. ·.•, 1: · i t (I -. . • ,· /;< ... .: ��?mi:i'�·	/Rs. Lacs Year Ended March 31, March 31, 2020 2019 Audited Audited 120,832 111.109 2.574 1.585 123,406 112,694 82,202 87,478 2.866 2,154 (7,202) (.14,631) 19,888 15,897 5,696 5,334 3,163 3,420 3,601 3,670 2,844 1,691 12.513 12.411 125 571 117 424 (2,165) (4,730) . 185 (2,165) (4,915) . . . (2,165) (4,915) (272) (2,261) (272) (2,261) . . . . . . (2,437 - (7,176 4.128 4,128 (5,359) (2.943) (5.24) (12.04) 15.24 (12.51 �® f.. . ·. ,'. ·.•, 1: · i t (I -. . • ,· /;< ... .: ��?mi:i'�·
'	Audited# Uraudited 40,517 25,370 1 193 . 540		Audited# 41.970 504 42,474 44,047 577 (16,403) 4.840 1,440 1,015 907 616 3 923	Audited Audited 120,832 111.109 2.574 1.585
	~~..~~ 41,710 . 43,150 630 (16,360) 4,592 1,777,. 841I< 882 3�}t:,·. 40.105 1_,�0� .;:L~~'~~ ···: 1·,s(s· " -.-'· . 1,605 (272) (272)1. '. . .	25,910 26,405 838 (11,707) 3.995 1,466 778 907 . 688 ',3 441"		123,406 82,202 2.866 (7,202) 19,888 5,696 3,163 3,601 2,844 12.513	112,694 87,478 2,154 (.14,631) 15,897 5,334 3,420 3,670 1,691 12.411
		26 811 ., . (901) . (901) . .. (901) . . . . . 1901 4,128 (2.18) i2.18 40 962 1',512 185 1,327 .. . 1,327 (2,261) (2,261) . . . (934 4,128 3.85 3.38		125 571 117 424 (2,165) (4,730) . 185 (2,165) (4,915) . . . (2,165) (4,915) (272) (2,261) (272) (2,261) . . . . . . (2,437 - (7,176 4.128 4,128 (5,359) (2.943) (5.24) (12.04) 15.24 (12.51
	1,333 4.128 ~~...~~ 3.89 3.89

	<.

==> picture [38 x 86] intentionally omitted <==

.• SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES · UNDER REGULTION 33 OF THE SE.Bl (LISTING OBLIGATIONS AND DISC.LOSURE REQUIREMENT�) REGULTl�NS, 2015. FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020 . --:., , ,.<:. · . (A). Segment Revenue (a) Sugar (b) Distillery Total Less: Inter Senment Revenue Net sales/income from onerations (B). Segment Results Prof!U (loss) before finance costs, unallocated expenditure, exceptional items and-tax from each segment (a) Sugar fb) Distlllen1 Total Less: (a) Finance cost {b} Other un�allocated expenses/ (Income) (net) le) Exceotional !ter._ Total Profit lloss\ before·tax (C)'. Segment Assets (a) Sugar '(b) Distlltery ·re, Unallocated . Total (D). Segment Liabilities (a) Sugar (b) Distillery (c) Unallocated Id) Borrowinns Total # Refer note no.6 .. ...·Quarer ended March 3,1,.: '•·oe�ember s1, 2020".--,' 2019 ... Audited# audited 34,738 19,885 8,438 7,150 43 176 27 035 2.659 ~~.~~. 1 665 40.517 25 370 i ' 2,241 I (295) 198 116 2,439 (311 8�1 778 (7) (18?) - - 1605·. :· •, 1901 • " .: : ·', .·. :<·' '• 1-, 160,07i 42,024 15 325 217 421 90,142 ·2,716 21,332 104A62 218 652 1·'"' ·' .... : ·.-, ~~. .~~ ' /' 142,788 : \ 41;154 · ··15,188 .199 130 ~~.~~ 73;771 2,894 20,514 104,522 201.701 March 31 2c,1, Audited# 34,117 9,4G4 43 531 1,611 419'70 _no 1,3:27 . 2,Qij7 1,015 (470) 185 1.327 152,91)3 40,369 13,574 . 206.8:36 79,883 2,017 1a,no 104,9151 205 6!S1 'Rs ' s1 Year Ended March 311 2020 Audited 92.040 35,252 127 292 6,460 120 832 265 387 652 3,163 (346) - '2165 160,072 42,024 15,325 217 421 90,142 2,716 21,332 104,462 218 652 Marh 31, 2019 Audited 84,470 29,015 113.485 2 376 111,109 (5,006) 3,408 11,598 3,420 (288) 185 14915 152,903 40,359 13 574 206 836 79,883 2,017 16,790 104 961 205.651 ��" ..�-. ,�!,<· ·- C V ·�\ - ' : . ,, ·,... .'781\'-.	.• SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES · UNDER REGULTION 33 OF THE SE.Bl (LISTING OBLIGATIONS AND DISC.LOSURE REQUIREMENT�) REGULTl�NS, 2015. FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020 . --:., , ,.<:. · . (A). Segment Revenue (a) Sugar (b) Distillery Total Less: Inter Senment Revenue Net sales/income from onerations (B). Segment Results Prof!U (loss) before finance costs, unallocated expenditure, exceptional items and-tax from each segment (a) Sugar fb) Distlllen1 Total Less: (a) Finance cost {b} Other un�allocated expenses/ (Income) (net) le) Exceotional !ter._ Total Profit lloss\ before·tax (C)'. Segment Assets (a) Sugar '(b) Distlltery ·re, Unallocated . Total (D). Segment Liabilities (a) Sugar (b) Distillery (c) Unallocated Id) Borrowinns Total # Refer note no.6 .. ...·Quarer ended March 3,1,.: '•·oe�ember s1, 2020".--,' 2019 ... Audited# audited 34,738 19,885 8,438 7,150 43 176 27 035 2.659 ~~.~~. 1 665 40.517 25 370 i ' 2,241 I (295) 198 116 2,439 (311 8�1 778 (7) (18?) - - 1605·. :· •, 1901 • " .: : ·', .·. :<·' '• 1-, 160,07i 42,024 15 325 217 421 90,142 ·2,716 21,332 104A62 218 652 1·'"' ·' .... : ·.-, ~~. .~~ ' /' 142,788 : \ 41;154 · ··15,188 .199 130 ~~.~~ 73;771 2,894 20,514 104,522 201.701 March 31 2c,1, Audited# 34,117 9,4G4 43 531 1,611 419'70 _no 1,3:27 . 2,Qij7 1,015 (470) 185 1.327 152,91)3 40,369 13,574 . 206.8:36 79,883 2,017 1a,no 104,9151 205 6!S1 'Rs ' s1 Year Ended March 311 2020 Audited 92.040 35,252 127 292 6,460 120 832 265 387 652 3,163 (346) - '2165 160,072 42,024 15,325 217 421 90,142 2,716 21,332 104,462 218 652 Marh 31, 2019 Audited 84,470 29,015 113.485 2 376 111,109 (5,006) 3,408 11,598 3,420 (288) 185 14915 152,903 40,359 13 574 206 836 79,883 2,017 16,790 104 961 205.651 ��" ..�-. ,�!,<· ·- C V ·�\ - ' : . ,, ·,... .'781\'-.	.• SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES · UNDER REGULTION 33 OF THE SE.Bl (LISTING OBLIGATIONS AND DISC.LOSURE REQUIREMENT�) REGULTl�NS, 2015. FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020 . --:., , ,.<:. · . (A). Segment Revenue (a) Sugar (b) Distillery Total Less: Inter Senment Revenue Net sales/income from onerations (B). Segment Results Prof!U (loss) before finance costs, unallocated expenditure, exceptional items and-tax from each segment (a) Sugar fb) Distlllen1 Total Less: (a) Finance cost {b} Other un�allocated expenses/ (Income) (net) le) Exceotional !ter._ Total Profit lloss\ before·tax (C)'. Segment Assets (a) Sugar '(b) Distlltery ·re, Unallocated . Total (D). Segment Liabilities (a) Sugar (b) Distillery (c) Unallocated Id) Borrowinns Total # Refer note no.6 .. ...·Quarer ended March 3,1,.: '•·oe�ember s1, 2020".--,' 2019 ... Audited# audited 34,738 19,885 8,438 7,150 43 176 27 035 2.659 ~~.~~. 1 665 40.517 25 370 i ' 2,241 I (295) 198 116 2,439 (311 8�1 778 (7) (18?) - - 1605·. :· •, 1901 • " .: : ·', .·. :<·' '• 1-, 160,07i 42,024 15 325 217 421 90,142 ·2,716 21,332 104A62 218 652 1·'"' ·' .... : ·.-, ~~. .~~ ' /' 142,788 : \ 41;154 · ··15,188 .199 130 ~~.~~ 73;771 2,894 20,514 104,522 201.701 March 31 2c,1, Audited# 34,117 9,4G4 43 531 1,611 419'70 _no 1,3:27 . 2,Qij7 1,015 (470) 185 1.327 152,91)3 40,369 13,574 . 206.8:36 79,883 2,017 1a,no 104,9151 205 6!S1 'Rs ' s1 Year Ended March 311 2020 Audited 92.040 35,252 127 292 6,460 120 832 265 387 652 3,163 (346) - '2165 160,072 42,024 15,325 217 421 90,142 2,716 21,332 104,462 218 652 Marh 31, 2019 Audited 84,470 29,015 113.485 2 376 111,109 (5,006) 3,408 11,598 3,420 (288) 185 14915 152,903 40,359 13 574 206 836 79,883 2,017 16,790 104 961 205.651 ��" ..�-. ,�!,<· ·- C V ·�\ - ' : . ,, ·,... .'781\'-.	.• SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES · UNDER REGULTION 33 OF THE SE.Bl (LISTING OBLIGATIONS AND DISC.LOSURE REQUIREMENT�) REGULTl�NS, 2015. FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020 . --:., , ,.<:. · . (A). Segment Revenue (a) Sugar (b) Distillery Total Less: Inter Senment Revenue Net sales/income from onerations (B). Segment Results Prof!U (loss) before finance costs, unallocated expenditure, exceptional items and-tax from each segment (a) Sugar fb) Distlllen1 Total Less: (a) Finance cost {b} Other un�allocated expenses/ (Income) (net) le) Exceotional !ter._ Total Profit lloss\ before·tax (C)'. Segment Assets (a) Sugar '(b) Distlltery ·re, Unallocated . Total (D). Segment Liabilities (a) Sugar (b) Distillery (c) Unallocated Id) Borrowinns Total # Refer note no.6 .. ...·Quarer ended March 3,1,.: '•·oe�ember s1, 2020".--,' 2019 ... Audited# audited 34,738 19,885 8,438 7,150 43 176 27 035 2.659 ~~.~~. 1 665 40.517 25 370 i ' 2,241 I (295) 198 116 2,439 (311 8�1 778 (7) (18?) - - 1605·. :· •, 1901 • " .: : ·', .·. :<·' '• 1-, 160,07i 42,024 15 325 217 421 90,142 ·2,716 21,332 104A62 218 652 1·'"' ·' .... : ·.-, ~~. .~~ ' /' 142,788 : \ 41;154 · ··15,188 .199 130 ~~.~~ 73;771 2,894 20,514 104,522 201.701 March 31 2c,1, Audited# 34,117 9,4G4 43 531 1,611 419'70 _no 1,3:27 . 2,Qij7 1,015 (470) 185 1.327 152,91)3 40,369 13,574 . 206.8:36 79,883 2,017 1a,no 104,9151 205 6!S1 'Rs ' s1 Year Ended March 311 2020 Audited 92.040 35,252 127 292 6,460 120 832 265 387 652 3,163 (346) - '2165 160,072 42,024 15,325 217 421 90,142 2,716 21,332 104,462 218 652 Marh 31, 2019 Audited 84,470 29,015 113.485 2 376 111,109 (5,006) 3,408 11,598 3,420 (288) 185 14915 152,903 40,359 13 574 206 836 79,883 2,017 16,790 104 961 205.651 ��" ..�-. ,�!,<· ·- C V ·�\ - ' : . ,, ·,... .'781\'-.	.• SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES · UNDER REGULTION 33 OF THE SE.Bl (LISTING OBLIGATIONS AND DISC.LOSURE REQUIREMENT�) REGULTl�NS, 2015. FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020 . --:., , ,.<:. · . (A). Segment Revenue (a) Sugar (b) Distillery Total Less: Inter Senment Revenue Net sales/income from onerations (B). Segment Results Prof!U (loss) before finance costs, unallocated expenditure, exceptional items and-tax from each segment (a) Sugar fb) Distlllen1 Total Less: (a) Finance cost {b} Other un�allocated expenses/ (Income) (net) le) Exceotional !ter._ Total Profit lloss\ before·tax (C)'. Segment Assets (a) Sugar '(b) Distlltery ·re, Unallocated . Total (D). Segment Liabilities (a) Sugar (b) Distillery (c) Unallocated Id) Borrowinns Total # Refer note no.6 .. ...·Quarer ended March 3,1,.: '•·oe�ember s1, 2020".--,' 2019 ... Audited# audited 34,738 19,885 8,438 7,150 43 176 27 035 2.659 ~~.~~. 1 665 40.517 25 370 i ' 2,241 I (295) 198 116 2,439 (311 8�1 778 (7) (18?) - - 1605·. :· •, 1901 • " .: : ·', .·. :<·' '• 1-, 160,07i 42,024 15 325 217 421 90,142 ·2,716 21,332 104A62 218 652 1·'"' ·' .... : ·.-, ~~. .~~ ' /' 142,788 : \ 41;154 · ··15,188 .199 130 ~~.~~ 73;771 2,894 20,514 104,522 201.701 March 31 2c,1, Audited# 34,117 9,4G4 43 531 1,611 419'70 _no 1,3:27 . 2,Qij7 1,015 (470) 185 1.327 152,91)3 40,369 13,574 . 206.8:36 79,883 2,017 1a,no 104,9151 205 6!S1 'Rs ' s1 Year Ended March 311 2020 Audited 92.040 35,252 127 292 6,460 120 832 265 387 652 3,163 (346) - '2165 160,072 42,024 15,325 217 421 90,142 2,716 21,332 104,462 218 652 Marh 31, 2019 Audited 84,470 29,015 113.485 2 376 111,109 (5,006) 3,408 11,598 3,420 (288) 185 14915 152,903 40,359 13 574 206 836 79,883 2,017 16,790 104 961 205.651 ��" ..�-. ,�!,<· ·- C V ·�\ - ' : . ,, ·,... .'781\'-.	.• SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES · UNDER REGULTION 33 OF THE SE.Bl (LISTING OBLIGATIONS AND DISC.LOSURE REQUIREMENT�) REGULTl�NS, 2015. FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020 . --:., , ,.<:. · . (A). Segment Revenue (a) Sugar (b) Distillery Total Less: Inter Senment Revenue Net sales/income from onerations (B). Segment Results Prof!U (loss) before finance costs, unallocated expenditure, exceptional items and-tax from each segment (a) Sugar fb) Distlllen1 Total Less: (a) Finance cost {b} Other un�allocated expenses/ (Income) (net) le) Exceotional !ter._ Total Profit lloss\ before·tax (C)'. Segment Assets (a) Sugar '(b) Distlltery ·re, Unallocated . Total (D). Segment Liabilities (a) Sugar (b) Distillery (c) Unallocated Id) Borrowinns Total # Refer note no.6 .. ...·Quarer ended March 3,1,.: '•·oe�ember s1, 2020".--,' 2019 ... Audited# audited 34,738 19,885 8,438 7,150 43 176 27 035 2.659 ~~.~~. 1 665 40.517 25 370 i ' 2,241 I (295) 198 116 2,439 (311 8�1 778 (7) (18?) - - 1605·. :· •, 1901 • " .: : ·', .·. :<·' '• 1-, 160,07i 42,024 15 325 217 421 90,142 ·2,716 21,332 104A62 218 652 1·'"' ·' .... : ·.-, ~~. .~~ ' /' 142,788 : \ 41;154 · ··15,188 .199 130 ~~.~~ 73;771 2,894 20,514 104,522 201.701 March 31 2c,1, Audited# 34,117 9,4G4 43 531 1,611 419'70 _no 1,3:27 . 2,Qij7 1,015 (470) 185 1.327 152,91)3 40,369 13,574 . 206.8:36 79,883 2,017 1a,no 104,9151 205 6!S1 'Rs ' s1 Year Ended March 311 2020 Audited 92.040 35,252 127 292 6,460 120 832 265 387 652 3,163 (346) - '2165 160,072 42,024 15,325 217 421 90,142 2,716 21,332 104,462 218 652 Marh 31, 2019 Audited 84,470 29,015 113.485 2 376 111,109 (5,006) 3,408 11,598 3,420 (288) 185 14915 152,903 40,359 13 574 206 836 79,883 2,017 16,790 104 961 205.651 ��" ..�-. ,�!,<· ·- C V ·�\ - ' : . ,, ·,... .'781\'-.
, . (A). Segment Revenue (a) Sugar (b) Distillery Total Less: Inter Senment Revenue Net sales/income from onerations (B). Segment Results Prof!U (loss) before finance costs, unallocated expenditure, exceptional items and-tax from each segment (a) Sugar fb) Distlllen1 Total Less: (a) Finance cost {b} Other un�allocated expenses/ (Income) (net) le) Exceotional !ter._ Total Profit lloss\ before·tax (C)'. Segment Assets (a) Sugar '(b) Distlltery ·re, Unallocated . Total (D). Segment Liabilities (a) Sugar .. ...·Quarer ended March 3,1,.: '•·oe�ember s1, 2020".--,' 2019 ... Audited# audited 34,738 19,885 8,438 7,150 43 176 27 035 2.659 ~~.~~. 1 665 40.517 25 370 i ' 2,241 I (295) 198 116 2,439 (311 8�1 778 (7) (18?) - - 1605·. :· •, 1901 • " .: : ·', .·. :<·' '• 1-, 160,07i 42,024 15 325 217 421 90,142 · 1·'"' ·' .... : ·.-, ~~. .~~_ ' /' 142,788 : \ 41;154 · ··15,188 .199 130 ~~.~~ 73;771 . .				March 31 2c,1,	Rs s1 Year Ended March 311 2020 Marh 31, 2019
			audited 19,885 7,150 27 035	Audited# 34,117 9,4G4 Audited 92.040 35,252 Audited 84,470 29,015
				43 531 1,611 419'70 no 1,3:27 2,Qij7 1,015 (470) 185 1.327 152,91)3 40,369 13,574 206.8:36 79,883 2017 127 292 6,460 120 832 265 387 652 3,163 (346) - '2165 160,072 42,024 15,325 217 421 90,142 2716 113.485 2 376 111,109 (5,006) 3,408 11,598 3,420 (288) 185 14915 152,903 40,359 13 574 206 836 79,883 2017
			~~.~~. 1 665
			25 370 (295) 116 (311 778 (18?) - :· •, 1901 • " .: : ·', .·. :<·' '• 1-, "' ... , ' /' 142,788 : \ 41;154 · ··15,188 .199 130 ~~.~~ 73;771 . .

		·.
Total Profit lloss\ before·tax (C)'. Segment Assets (a) Sugar '(b) Distlltery ·re, Unallocated . Total (D). Segment Liabilities (a) Sugar
	160,07i 42,024 15 325	1·' ·' . : ·.-
	217 421 90,142 ·	~~. .~~_
(b) Distillery (c) Unallocated Id) Borrowinns Total # Refer note no.6	2,716 21,332 104A62 218 652		2,894 20,514 104,522 201.701

											.
STATEMENT OF ASSETS AN[						LIABILITIES
		.											/Rs. lacs
											.	Standalone
Pariculars											A at March 31,2020		As at March 31,2019
												Audited	Audited
ASSETS
Non-current assets
a) Property, Plant and Equipment											126,108		129.423
b) Capital work-in-progress												836	136
c) Intangible assets						.						39	13
d) Right of use assets												3	-
e) Financial Assets i) Investments ii)· Other fnancial assets							la				.	11,168 1,329	11,223 3,256
!) Tax Assets al Other non - current assets Total non - cuirent assets	. .	.. . ··.		:·	.·:		I: ,.		, ._.' · .		655 273 140,412		544 331 14,926
Current assets	..	· ..	•i.•		.·		,.,.
a) Inventories b)Financial Assets					·.'			,'.·			. ·.	55,089	48,095
i) Trade receiVablfs												3,562	5,668
ii) Cash and cash equivalents												4,288	1,307
iii) Bank balances other than above												1,633	1,023
iv) Other financial assets												3,558	492
c) Other current assets			•					.··				8,879	5,325
Total current assets												77,009	61,910
Total assets											217,421		206,836
EQUITY AND LIABILITIES
Equity						.
a) Equity share capital												4,128	4,128
b) Other equity			.									/5,359	/2,943
Share holder's Funds												11,231	1,185
Liabilities Non-current liabilities					. >			; .···•
a) "Financial Liabilities						.,;•-,
i) BOrrowings ii)Otherfnanclal liabilities b) Provisions	.		r·	...				. ...				359 49 457	525 75 416
Total non - current Liabilities							I					865	1,016
Current liabilities
a) Financial Liabilities
i)Borrowings												-	138
ii) Trade payables
-Total outstanding dues to micro and small												272	58
enterprises
-Total outstanding dues of other than micro												89,744	79,220
and small enterprises
iii) Other financial liabilities iv) Lease Liability on right of use assets b) Provisions				•	:. I •,I			:			126,128 3 107		124,053 - 90
c) Other current liabilities					'::				.			1,532	1,076
Total current Liabilities.						:		.			217,787		204,635
TotalEquitvand Liabilities	•									.	217,421		206,836
.
					. i

SIMBHAOLI SUGARS LlllflTED

(Formerly known as 'Simbbaoli_Spirits Li_mited1 CASH FLOW STATEMENT FOR THE YEAR END,ED MARCH 31, 2020

Particular A, CASH FLOW FROM OPERATING ACTIVITIES: Net proft/(loss) befre tax and exceptional item Adjustments for: Depreciation and amortiztion Financecosts lterest income on fnancial assets Liabilit/prvisions no longer required writen b:ck Bad Debts and advances wtten of Unrealised freign exchange fluctuation Proft on redemption of Mutual Funds Units Wss/ (proft) fom sale /discard of propery, plant and equipment (net) Provision fr doubtl debts and advances Mollasses Storage Fid Operating proflt(loss) bofore,worklng capital chnges Adjus/mentsfor (fnCrease)/ecrease in operat/ug assets: Changes in trade and other rceivables ChanSes in other non curent and curent fnancial asset Changesinother non curent ad other clnt assets Changes in inve)!tqres Changes in trade and oter payableS Chanis in other non-urrent and other curNndinariCial liabilities Chages in other non-cunt ad oter curent liabilitieg ChongeG in Ion/ torm oud ahon torm prov!Gion Cash (used)/gcnerlt�d from operations Direct taxes {paid)/refnd Net cash (used)/ from operating activities 8. CASH FLOW FROM INVESTING ACIVITIES : Additions to proper, plant & equipment and intangible asset Sale of proper, plant & equipment and intBD(ible asset, 1terest received on debentres/fxed depositsinter cororate depoi-its Investment fo Mutual fnds Proceedsfom RedemptionofMutualFund� Changes in fxed deposit placed with Bans Net cash (used)ffrom Investing activ!ties C. CASH FLOW FROM FlNANCING ACTM'flES: ProceedsfomBhare warnts/ Share Capital EMO Paid to bank for ◊TS Payent oflcasc liability Interest expenses Repayment of long ter borowings Proc ds/(repayment) of shor ter borowings( net) Net cash (use) I fom fnancing activities D. Net lncreasc/(decrcase) in cash and c�sh,equivalent (A�B+) E. Cas� and eash equivalents (opeiitng balance) F. Cash and cash equivalents (closing balance) (D+E) Clsh and bank balances (D+E)	Year ended March 31, 2020 Rs. lacs (Audited) (2,165) 3,601 3,163 (1,223) (680) 14 (16) (31) 449 140 2l 3,73 1,969 (955) (3,518) (6,994) ll,146 314 456" Year ended March 31, 2019 R.lacs (Audited) (4,730) 3,670 3,420 (1,167) (44) 60 (13) (17) 0" 11 1,248 (2,222) (105) (4,131) (14,591) 23,01S (738) (2:4)"
	5,750 112 2,287 165
	5,638 (1,444) JO l,140 {3,020) 3,051 109 2,122 (486) 2 1,223 (3,780) 3,797"
	372 701
	(572) (6) (1,207) (225) 274 2,982 1,307 213 (741) {828) 963 (2,19 504 803
	4,289 I 07

Note; Casb flow statement are prepared In ae<:ordance with 'lndlrect method' as per lndAs 7 � 'Statement of Cash Flow'

• ' I •

==> picture [69 x 74] intentionally omitted <==

==> picture [81 x 82] intentionally omitted <==

Notes to Standalone results:

Indian sugar industry has been facing difficulties on account of high sugar production In the country in sinc:e 2016-17 resulting in surplus sugar. For the year ended March 31, 2020, and previous years, the Company has incurred losses due to high sugarcane costs fixed by the Governments, and comparatively lower prices offinished goo<ls which are also being reuulated. and controlled, and other external factors. The operations of the company though remained intact, however due to continuing losses, its net worth has been fully eroded resulting in Ks fanure in meeting its payment obligations to lenders and sugarcane farmers in terms of respective agreements and understanding.

Meanwhne, recognizing the industry requirements, the Government has implemented a number of mensures to improve the financial health of the sugar industry, including support for liquidation of cane ,arrears, fixing minimum c,bllgation for export to manage the sugar inventory, fixation of Minimum Support Price (MSP) of sugar,providing cash subsidies on production and export of sugar, and mandatory blending of ethanol with petrol at certain level with 'remunerative price of ethanol. In addition, pursuant to an order of Hon'ble High Court of Uttar Pradesh, pronounced in favour of sugar industry, .the sugar Industry as well as the Company is conffdent.to receive much awa�ed amounts being a09rued benefits due todft9rn state government under the erstwhHe Sugar Promotion Policy 2004-09, All these measures are expected to reflect in revival of,the sugar industry on sustainable basis.[[·]]

Based on these positive steps, along with oth�r ;nternal m�asures:th6 ma�a·9·ei[[·]] J�·i"��li·ev��·that operations at its manufacturing facilities will remain continued in the ne�rfores�ea�le future on regular basis. On account of delays in servicing of loans, the lenders to ·the CompaOy haVe ·frm1,;1._ted recovery proceeding at various forums, including filing of application before National Company Law Tribunal underSection.7 of the Insolvency and Bankruptcy Code, 2016 by two of the lenders and approaching Debt Recovery Tribunal (ORT) for recovery of their dues. One of the lender had declared Ille Company and Guarantors to the credil facility, es willful defaulters, which has. been set aside by the Hon'ble Chandigarh High Court. Against a criminal complaint filed by one of the lenders with the investigating agencies, th.e enforcement directorate had passed an attachment order against certain assets of the Company to the extent of Rs. 109.80 crores, agairst which the Company has preferred an appeal with the appropriate authority.

The Company has submitted a comprehensive .debt resolution proposal with all the commercial banks and realignment of dues with other lenders, commensurating with its future cash flows. Majority of commercial lenders have shown their inclination to accept the debt resolution proposal of the Company.

·,: · I

lmpactofCOVID19Pandemic

The spread of COVID 19 pandemic and nationwide loc�down has causedd!sruptionof supply chain across businesses and industries in India. Since the company is engaged in the manUfacturing of'ei{ential commodities, timely steps taken by the government have ensur_ed-re·gu!ar operations of the SUgar·ri l!s_in·u.P. Hqw_ever,.Cdy_id_M19 crisis, has adversely impacted domestic demand of sugar and of ethanol during complete lockdown periods. Under ,the·,directlves of Ministry of f-.ome affairs and State Government, the Company has started manufacturing of hand sanitizers in its:distrnery divisi.ons. The demand for the company's products is expected to recuperate woh the graduai lifting of nationwide lockdown by the Government. '

,. ' ' · -. - ·· · ' ·The Company has conSidered th8 potential impact Of COVlD 19 arid relcited,.reStriCtions On the carrying amount of inventory, and financial and nan.financial assets and 0ased on th9 information availabie: :to: it. up to the date-of approving the financial statements written down the value of inventory to net rea:lizab,le value, wherever required, and made provisions in financial and nonassets. However, the impact of COVID 19 as well as negative outlook of sugar sector on the carrying amount of its Property, Plant[M] financial and Equipments and consequential impairment could not b8 ascertained aria· provided for due to nonM availability of requisite information on account of lockdown restrictions.

As the date of approval of these results, tt is not possible to reliably estimate the future financial effect of tile COVID 19 situation on the Company. The impact assessment is a cantinlling process given the uncertainties associated with nature and duration of current situation. The eventual impact may differ from what has been assessed by the Management as at 1:he date of approval of these financial results. The Company will continue to closely monrror any material change in future economic conditions and take appropriate action as may be required.

Considering the steps initiated for achieving turnaround of sugar sector, onQp_ing_'.discussions with ]ender�; for resolution of their dues and continuing regular manufacturing operations in near foreseeable fut_ur�;,these financial statemerts are continued to be business·. presented on going -concern basis, which contemplates realisa1iorl.of_assets__a":(1d:·sett1ernent of lia_bilities, in the nornial course of . · · · -·_ >t.1·--.'-: • :' The loans availed by the Company have been classified as Non-Performing �sets (NPA) by all the lenders to the Company and interest thereon is not being charged to the loa? kccounts by them as per prevailing. practices The Company has submi ed a comprehensive debt resolution proposal with all tHe;commercial banks and r.�alignment of dues with other lenders, commensurating with its future cash flows. Majority .[.] of commercial lenders ha�� shown their intlinati,on to accept the debt resolution proposal of the . ' ' . .

==> picture [79 x 78] intentionally omitted <==

==> picture [82 x 83] intentionally omitted <==

Company. Accordingly, interest expenses for the quarter and year ended March .31; 2020 amounting to Hs. 3,430 lacs and Rs. 13,146 lacs (previous quarter and year ended March 31, 2019 Rs. 2,899 lacs and Rs. 12,336 lacs) respoctively have not been recognized in the books of accounts. A total amount of Rs. 37;454 lacs towards accrued interest has not been provided for in the · books of accounts as at March 31, 2020.

The Hon'ble High Court of Uttar Pradesh has directed the State Government to dete_nmine the interest liablllty for the period of delayed payment of sugarcane price for sugar seasons 2012-13 to 2014-15 but np notice of demand has be,en so far made for the same. Further, no notice for demand has been received for.the ihl�rest ondelayed p�yment to sugarcane fanmers for subsequent sugar seasons. hence no provision for the same has been made lnthe books of accounts.
Effective from April 01, 2019, the Company has ad�pted Ind AS 116 \eases'.', �n�iJpplieq it to all lease contracts existing on Apr! 01, 2019 using the modified retrospective approach. The effect of this adopiionilid" not have any material impacts on the results for the quarter and year ended March 31, 2020. ·· · ·
The outstanding balance of the Company with its subsidiary company, Simbhaoli Power Private Limited (SPPL) as reported in standalon·e financial statements, is. suqectto rec'onci_ ationon-accaunt of differer:ice_in Interpretation of certain long term commercial agreement. Pending reaching to final settlement with SPPL, no adjustment has been made in the books of accounts for Rs 253 lacs being the difference In the value o! bagasse sold in the accounting year. i . • .. ··
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,
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 necess�ry.
The above results were reviewed and recommended by the Audit Committe(and approved by the Boord of Directors of the Company at their meetings held on July 30, 2020; ·

For SIMBHAOLI SUGARS LIMITED

Place: Naida Date: July30, 2020 Company Website: w.simbhaolisugars.com

==> picture [74 x 74] intentionally omitted <==

==> picture [103 x 114] intentionally omitted <==

==> picture [19 x 43] intentionally omitted <==

Statement on Impact of Andit Qnalifications on Standalone Audited Financial Results for the Financial Year ended March 31, 2020

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

2	Total Expendtue	125571	138717
3	Net Proft/(Ioss)	(2437)	(15836)
4	Ear gs Per Share	. '(5.24)	(37.70)
5	Totl Assets	217421	217168
6	Total Liabilities	218652	256106
7	Net Worth	. (1231)	(38938)
8	Ay oter fnancial item(s) (as felt appropriate by the maagemen)

I. II. Audit Qualification (each audit qualification separately):

a. Details of Audit Qualification:

I. Non provisions for impairment in the �arryil)g �,.tlue of Property, Plant and Equipment's. Auditors were. not made available ofappropri'Jteimpairment assessment carried out by the management and accordingly, they weie@abl� to comment on the same including compliance with the Ind AS-36 ('lmp�l1I),'rit of >Assets') and any consequential adjustments that ·may arise fo this regard in,lhese financial results.
Non-provision.· of interest expense amounting Rs. 3,431 Lacs and Rs. 13,146 Lacs (Previous year Rs. 12,336 Lacs) on certain borrowings for the quarter and year ended March 31, 2020 respecti[Vely for the reasons stated in the said note. Consequently, Finance Costs, Net Loss and Total Comprehensive Income for the periods are understated by the aforesaid respective amounts. The aggregate amount of interest expense not provided for in the accounts aggregates to Rs. 37,454 Lacs till March 31, 2020 (Rs. 24,308 Lacs till March 31, 2019). Consequently, Current Financial Liabilities are understated and other equity as at March 31, 2020 and March 31, 2019 are overstated by the aforesaid respective amounts.
Non- provision of interest liability in respect of delayed payment of sugarcane price for

the reasons stated in the said note. The ,ainom;it of interest not provided for in the books has not been ascertained.

Non provision of disputed value ofbagasse am01JDting to Rs. 253 Lacs, sold to Simbhaoli Power Private Limited, a subsidiary coj pany., for the reasons si:ated in the said note. Consequently, the Reve;,ue for the quarter and year has. been overstated; Net Loss and Total Comprehensive Income for the quarfer and year has been understated; Receivables and Total Equiiy as �t March 31, 2020 has been overstated by the aforesaid amount.

b. Type of Audit Qualification:

Qualified Opinion
Qualified Opinion
Qualified Opinion
Qualified Opinion

==> picture [76 x 75] intentionally omitted <==

==> picture [83 x 79] intentionally omitted <==

c. Frequency of qualification: I. First Time 2. Third Time
1. Second Time
1. First Time
d. For Audit Qualification(s) where the imp_act_is_·quallti:;fi_�d-:-by the auditor, Management's Views: 2. Financ.e Costs, Net Loss.and Total Compreiensive Income for the period are understated by Rs. 13,146 Lacs .. Current financial liabilities)ave been understated and other equity has been overstated as at March 31,2020 by 37,454 Lacs. /l�·
'4. The Revenue· for the quarter and year has been overstated, Net Loss and Total
Comprehensive Income for the quarter and; year has been uoderstated, Receivables and Total Equity has been .overstated as at Marci\ 31, 2020 by Rs.253 Lacs.
e. For Audit Qualification(s) where the impact is not quantified by the auditor: . .
Management's estimation on the impact of audit qualification: N.A.
(ii) If management is unable to.estimate the impact, re�sons for the same: I. The impact of COVID 19 as well as negative.outlook of sugar sector on the carrying amouot of its Property, Plant a11d Equipnient 's and consequential impainncnt could not
. · account oflockdown restrictions. be ascertained and pro,'.ided for due to nori, availability of requisite information on . ...... I . . . . 3. Considering that no notice of demand has)5een served upon the Company in this regard and the amouot has not been ascertained/ no. provision has been made in this regards. Based on the. past industry practices, the 111anagement is confident that no interest · • ·
liability will arise for these period, ·
(iii) Auditors' Comments on (i) or (ii) above: ::. 1. , Since, we were] not made availabll' of appropriate impairm nt assessment carried out by the mahagement, we were uoable to comment o:n the same including compliance with the Ind AS-36 flmpainnent of Assets') and any consequential adjustments that may arise in this regard in these financial re»ults.
'3. Since, the amount of the interest on delayed payment to sugarcane farmers has not been quantified by the manapemen.t,c,ve."'.ere not able to report the impact of the '
same .. ' ,-:
III. Signatories: > · . . • Director • CFO • Audit Committee Chairman I I
(i)

==> picture [116 x 107] intentionally omitted <==

==> picture [23 x 41] intentionally omitted <==

==> picture [85 x 49] intentionally omitted <==

MITTAL GUPTA & CO. CHARTERED ACCOUNTANTS

14, Ratoo Moool, lS/197, Qvil Liles, �onpur - 208 001 Tel. :0S12-2303234, 2303235• Fox: +91 Sl2-400�lll •E-mail: [email protected]

Independent Auditor's Report on the Quarterly al)d Consolidated Annual Fina11cial Results of Simbhaoli Sugars Limited Pursuant to the Regulati�n 33 .of 'the. SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 as amended,

To The Board of Directors of Simbhaoli Sugars Limited

' ' i Reporton the audit of Annual Consolidated Financial Results

Qualified Opinion

. .

We have audited the accompanying statement of quarterly aric1\onscilidated annual financial results of _Simbhaoli Sugars Limited ('the Holding Company') anil its Sl\bsidiaries (the Holding Company and its e ended subsidiaries togethe1· hereinafter referred to as 'th Group') fo(the quarter . March 31,2020 and for the year ended March 31,2020 ("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)'Reguiations, 2015 as amended ('Listing Regulation')· · · · ·

In our opinion and to the best of our information and ac ording fo the explanations given to us except for effects/possible effects of the matter described in the Basis of qualified opinion and based on the ·consideration of the reports of.the other auclitors on separate audijed/limited· reviewed financial statements ofthe subsidiaries, the .Consolidated Annual Financial Results:.

i. Included financial resul;s of the following subsidiaries: Integrated Casetech Consultants Private Liinited; ;,
. c. · Simbhaoli Power Private Limited. b. Simbhaoli Specialty Sugars Private Limited, •

ii. are presented in accordance with the requirement of Regul�tion3J of the Listing Regulation in this
regard; and

. . iii. gives a true and fair view in conformity ,yith the applicable Indian Accounting Standards, and other . accounting principles generally accepted in india, of the 11et,Profit after tax and other comprehensive · 1oss and other financial information for the quarter. ende! March 31, 2020 and of the net loss after · · tax and other comprehensive loss and other financial information for the group for the year ended 'March31, 2020. · . . Basis of Qualified Report

. . a) The Consolidated Annual Financial Resultsinclude the limited . .reviewed financial results for the nine month ended December 31, 2019 of one subsidiary. i.e, Slmbhaoli Power Private Limited, whose financial results reflect total assets of Rs. 34495 Lakhs as at Pecember 31, 2019, total revenue of Rs, · 4199 Lakhs and net loss after tax and'totaLcomprehensive'lciss of Rs. J.0 7. Lakhs, as considered in I� ' I ,, Branch Office: L 302, Chintels House, 16 Station R��d,lucknow - 226001 · �<J,' Cl. ..,., Ip (/ · ' 2. 305 Kushol Bozo,, 32-33 Nehru P!Jrn,New Delhi• 110019 ��$ . 0 ;.�fs.�olidated Annual Financial Resultsiwhich h�ve bee� reviewedby their independent auditors . . ___ j/;J::¼._ : · i!./n Note no.5 of consolidated an ual financial jes_ults, .the ,consolidated annual financial

==> picture [151 x 8] intentionally omitted <==

==> picture [85 x 47] intentionally omitted <==

MITTAL GUPTA & CO. C H A R l E R E D A C C O U[0] .N l A N T S 14, Rolon.Mahal, 15/197, Civillines, Kanpur., 208 otn Tel. : 0512-2303234, 2303235 •Fox: +91512-4009111 .•[t] -moil: [email protected]

results have been prepared by the management by consolidating only the limited reviewed financial ual standalone statemen� for the nine mor!ths periods ended·'on December, 31, 2019 as the a financial statements·for the year ended for March 31, 2020 and.financial results for the quarter then ended have not been yet finalized, anpmved and sulxnjtted by the management of SPPL for the · purpose of consolidation. Consequently, the consolidated 'iinnual financial .results for the quarter and year ended March 31, 2020 does not include the financial results for the three months period i.e. from January I, 2020 to March 31, 2020 \ind various transactions entered into between the Company and SPPL duri�g the aforesaid ihree months periods have n�t been eliminated but included in the enclosed financial results. Had the annual financial results for. the year ended Mar,:h '31, 2020 and quarterly financial results for the quarter then ended of �PPL b_een consolidated, many elements in the accompanying financial results would have • beeri materially affected, The effects on the · consolidated financial results due to the.failure to.consolidate the annual •financial results ·have not been detern ned. Our opinicm ol[l] the c6nsolidatecl annual tnllllcial re�ulls; in so far as it relates to the am<)unts and disclosures included in respe�t of this eilti�, ' i ; 'based solely on th" limited review report for the nine month ended December 3i,2019 ,of Jheir auditors of SPPL as no further informa!ion have been made available to us by the inanaij;eme11t of SPPL or. by the management of holding company • ! · , · ·[· · ]

b) As stated in Note no. 6 ofcons�lidated•a ual financial r�sµlts1 during the quarter ended September 30, 2019, Uttar Pradesh Electricity Regulatory Commission{'UPREC') has notified UPREC (Captive · and Renewable Energy Generation Plants) Regulations, 2019 ('CRE Regulation 2019� which has, inter alia, reduced· the tariff applicable to baga e base� generation plants in the state of Uttar Pradesh w. e. f. April l, 2019; Based on writ• petition filed·ahd legal opinion obtained, SPPL has , recorded revenue from operations for theRegulation 20 i 9 Tariff Rate instead• at the reduced tariff as per .• CRE Regulation 2019. W .e.f. October[.] period April :t� September, 2019 at or basis pre CRE 01,2019,the SPPL has accounted for the sale of power to, Uttar Pradesh Power Corporation Limited ('UPPCL'), The customer ' at reduced tariff rate under pfote�t and subject to outcome of Hon'ble High Court Decision on the petition. Management's computation, as reviewed by the statutory auditors .of SPPL, shows that reveriu� from operations for 'the nine months ended Dei:ember 31, 2019 would have been lower by Rs 797 Lakhs and cost ofmateria1 Jonsumed for the nine months ended December 31,'2019.would have been low6r by Rs 52 Litl<l ifaccounteci for at or basis ·reduced tariff as per CRE Regu)ations 2019. Thise conditions as dis�iissed in detan in Note No 6 indicate the existence of material uncertainty i11. relation to. tariff under CRE Regulatiom, 2019 ,ind its conseq�entia1 ilUpact .-on th� f1n"ancial: s�te�ents, if at).}'. · · · ·

c) . We draw attention to Note No.l of the dinsolidated ii ual financial results.regarding non provisions .[for impairment in the carrying' value oflProperty, Plant an<;liEquipments. We are not made available] of appropriate impairment assessment c\rr ed o� ,by the Jih,agenwnt and accordingly, we are unable ·[to. comment on the same including compliance. with the Ir] .[A][S-36 ('Impairment of Assets') and any] consequential adjustments that may arise in this regard in these. consolidated a ual finan�ial results., ' ·d) We draw attention to Note No. 2 of the consolidated a• • I • • • . - • , ' ual financial results regarding non-• provision of interest expense ar,;ounting Rs, �,431 L�cs and Rs.13,146 Lacs (Previous year R.s,12,336 Lacs) on certain borrowings for the quarter and year ended March 31, 2020 respectively for the reasons stated in th.e said note. Conseqµently Finance Costs, Net L.oss and 1"�1'.Qf@��mp.rehensive Income. for the periods are unders\�ted by the aforesaid respective amounts. · -�P_ ��te amount _ of-interes_t e�pense , not prqvi_?fri�, -:fo� }n, �he aqcounts aggregat(?S to Rs. �["][.?d][/1 ][till March 31, 2020 (Rs'.][,][,][24,308 Lacs tH][!j][l][a][tch � I, 2019). Consequently;, Current] �-; el'[' f-·][.OJ][:i"'. . 11] ��-t' ["]["'][i!/ ][· ][Branch Office: 1.302, d1infe� �o�s,, 16 S1utioniRbad;tu1know - 226001] h t 2. 305 Kus 1ew Delhi - 110019 �:<i'.'[��s-·' ] ol Bozor, 32-33 Nehru p1o,e, 'I:

==> picture [91 x 48] intentionally omitted <==

MITTAL GUPTA & CO. CHAR.TERED AC.C.OUNTANTS 14, Roton Moho!, 15/197, Ovil Lines, Kanpur,- 208 001 Tel. : 0512-230�234, 2303235 • Ftix: +91512-.40091 fl • E[0] mod: [email protected]

Financial Liabilities are understated'and other equity as at March 31, 2020 and March 31, 2019 are .[overstated by the aforesaid respective. amounts. ]

e) • , We draw attention to Note No.3,.ofthe consolidated annual financial results Statement regarding non- for the reasons stated in the said note. The amount of interest !}Ot provided for in the books has not been provision .of interest liability in respect of.delayeif payment of sugarcane price[.] ascertained. • I ,

· Ournpinion is qualified in respect of the above matters:

We conducted our audit of the Statement in accordance with !! . ,· ,' ' ', .. . - .. :·i-. .-•,,:,·'· !Standards on Auditing ("SAs") specified['] ·; , ' ' . . under Section 143(10) of the Companies Act, 2013, as amendefl.('.'the Act"), Our responsibilities under[. · ] . those Standards are further described. in the "Auditor's Responsib)fities f�r the Audit of the Consolidated A.nnual financial .res�lts" sec\ion of our ·reptirt. !we are indepciride11t of . ihe. Group in accordance with the · Code of Ethics issued by the Institute . 9f Chartered: Acc6tfutapts of fodia; together with the ethical requirements that are: relev1111t to our audit of the financial. stateme�ts under tlib pmvisions 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 and other auditors in terms of their report referred to in "Other Matter" paragr�ph below, is sufficient and appropriate to· · ' · provide a basis for our qualified audit opinion.

. . . . . . . . Mate.rial Uncertafoty related to Going Co11cern As stated in[.] Note No. 1 of the consolidated an ual fin;ncial 1'islilts, t�e standalone firn 1cial statement of . ·holding company has been prepared on going concern basis. Evehtsor conditio�s as set forth in Note No. I indicate that amater.ial uncertainty exists �ha't may cast significa!lt doµbt on th� holding ,:ompany's ability bf to continue as going concern. The ability the holding compMY IQ continue ai; going concei:n depends on · the decision of National Company Law !r ibunal under .the !psoivency �d B�ptcy Code 2016, the · . holding company's ability to get its borro.;,jrtgs restructured aJ ;futed Jn the sai4 note and turnaround of its.[. ] . . 1 ! :sµgar and distilleries operations on sustainable basis. :'. 1: .·

ILi i!i

.Our opinion is not modified in respect of the �bove matter.

· Results·Management's and• Board of Directovs' Responsibilities: · ·: f6� the Consolidated Annual Financial

' ,. . ·The Consolidated Annual Financial Results have been prepared, on the basis} of the consolidated an. . ual financiaf statements.

The Holding Company's Management and ··the Board ofDirec;tJJ,:ofthe Company are rnsponsible for the preparation and presentation of the Consolidated Aruiual FinaiiciaJ Results thdt gives a true and fair view ofthe Consolidated net profit/loss and bther comprehensive inc�ine/loss and oiher financial information of the Group in accordance with the applicaole.'ac�ounting standar�s prescribed �nder section 1.33 of the Act read with.relevant mies issued thereunder artd other accounting principles gen;erally accepted in India and ·[incompliance with Regulation 33 of the Listing Regulatic,ns. 'Tile: respective 1Managem<>nt and Board of ] . Directors of the Companies included in th�.<Jroup are resp�nsi�le for maintenim�e of ade,quate J�'i!f �;h, ac ordance with the provisions!of the Act for ·safegtl')l'ding the assets of each company and for . (�, ,;\'rS1 d detecting frauds and other irr:egulaxities; selecti9n)md applicati?n of.appropriate accounting

==> picture [72 x 40] intentionally omitted <==

Brunch Office·: L 302, Chinte� House, l 6 Station Rb�d, Lucknow· 226001 · 2. 305 Kushal Bazar, 32-33 Mehr� p�ce, New Delhi-, 110019 . . ' ' ·,• ·, 'i. ' '

L I:•

==> picture [23 x 34] intentionally omitted <==

MITTAL GUPTA & CO. C H A R T E R E D .. A. C C O, U N T A N T S 14, Rolon Mahal, 15/197, Gvil U�es, Kanpur- 208 001 _CA Tel.: 0512-2303234, 2303235• Fox: +91512-4009111 •E-mail: [email protected]

14, Rolon Mahal, 15/197, Gvil U�es, Kanpur- 208 001 Tel.: 0512-2303234, 2303235• Fox: +91512-4009111 •E-mail: [email protected]

policies;.making judgments and estimates that are reasonable and pruc\ent, design, implemeritation and were . .maintenance of ad.equate internal financial controls, that[accuracy and completeness the accounting records; relevant to ,the preparation and presentation of the ][. ] operating· effectively for ensuring the fair[. ] · Consolidated Annual Financial Results, ' ihat give a true. linct' view and is Ike from material nilsstatemerit,. whether due to fraud or erron. which have been µsec\ for. the purpose of preparation of the· · Consolidated Annual Financial Results by the Management and·the))irectors of the Holding Company, as aforesaH In preparing the Consolidated Annual Financial Results, the)espective Management and the Board of Directors of the Companies included in the Group are resporui ble for assessing the Company's ability to continue as a·going concern, disclosing, as wplicable, matters 1}l�ted to going concern and using the going ·concern basis of accounting unless the Bo1\td of Directors either intends to liquidate the Company or to ' cease operations, or h,as no realistic alwrnative but to do, so. ' ' ' ' The respective Board of Directors of .the companies · inclpded in the Group is also responsible for I · · · · ov�rseeing the financial reporting process of each Company. • • • [· ] (· i I . Auditor•s·Responsibilities for the Audit of the Consolidated Annual Financial Results Our objectives are to obtain . reasonable assurance about j'l iether the Consolidated . Annual Financial Results asAuditor's. rep01t that .includes our opinion. Reasonable as[. ] a whole is free from material inisstatement, wh!'l!!er .. due .to. fraud or. error, anduran\" is a high level of as urance but is noj a[· ] to .issue an .[· ] guarantee that an audit conducted in accordance with SAs wili a\ways detect a material misstatement when . . ..[. ] [· ] , , - lj; - . , . .it exists. Miss.tatements can arise from fra�d or error and are :consid�red material if, individually or in the 1 [economic decisions of uHers taken on the ] aggregate, they could reasonably be expected to influence theT , basis of the Consolidated Annual Financial Results. . ·As part �f �-audit ill: �cordance with S�s; �e exercise· profe�;iOµal judgment arid maintain professional · .skepticism throughoui the audit. We also:J ' ! . . . . . I : . . . .[.] ' , .\ ' : ,: . .• . • · Identify and assess the risks of material misstatement .of the Consolidated Annual Financial Results, · whether due tci fraud or error, and pe1forrn.audit pro6,ctures r�sponsive to those risks, and obtain audit evidence that is sufficient and, appropriate to prol(i4e a basis for our opinion. The risk of not b detecting a material misstatement resulting from fraud bigher than for one resulting from error, as i ·: i 1 fraud inay involve. collusion, forgery,[! ] .intentional qmi!ls[ims; misrepresentations, or the o�erride of .[. ] . . . . . • Obtain an understanding of internal cotltrol relevant to ,i\' e .audit in order to design audit procedures • • , ' -·· . · .. ' •.·· ':·:-., • that are appropriate in the circuinst,inces. Under S6¢lion .f43(3) (i) of the Act, we are also responsible for expressing our opinjon through .a separate 'report on the complete set of financial statements on whether the compimy! lias · adequate internal financial controls with reference to ' ' ' ' ' '' I; ' financial statements in place and 11)e operating effectiveness,:Of such controls. • · Evaluate the appropriateness o/iccounting policies :ius;d arid the reasonablene:as of accounting estimates and related disclosures. in .the standalone filllJl)cial results made by the Management and· . Board of Direciors. internal control. . L . .. ·: :· -; I: . . . , I.

17,;,,? _ .'6 . �'lfT44

lt1:,,'

==> picture [24 x 53] intentionally omitted <==

e Branch Office: 1. �02f Chinl.els House, 16 Stafi.rn �fKid,Lucknow -_226001 2. 3,0?1,Kos�ol Bazar, 32:33 Ne�w,1,r '.[New Delhi - 110019]

==> picture [82 x 46] intentionally omitted <==

MITTALGUPTA& CO. CHARTERED ACCOUNTANTS

14, Roton Mahal, 15/197, Gvil lines, Konpu;. 208 001 Tel.: 0512-2303234, Z303235• Fox: +91\12-4009111 •E-moil: [email protected]

• 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, wh.,ther a material uncertainty exists related to events or conditions that rtiay cast significant doubt on the equired ap ropriateness of this as umption. If We conclude that a rhateitial uncertainty exists, we areto draw attention in our auditor's report to the related dis9_losures in the Consolidated Annual FinancialResults or, if such disclosures are inadequate, \'1 niofljfy our opinion. Our conclusions are based oh the audit evidence obtained up to the date .ofoir auditor's report. However, future events or conditions may cause the Group to cease to continue as'a going concern. . , ,, , oc;,

. , ,, , ';,,· . oc;,

. '"1

• Evaluate the overall presentation, structure and conten{ of the Consolidated Annual Financial Results, including the disclosures, ,wd whether the Consol\dated:Annual Financial Results represent the underlying transactions and events· in a maruler that achieves. fair presentation . ,•

. ' � !' ,•

• Obtain sufficient appropriate audit evidence regarding tlte; financial results/fjnancial information of the entities within the Group of which we are the independent auditors and whose financial · lnforrnation we have audited,- to express an opinion on th¢ Consolidated_ Annual Financial Results. We are responsible for the direction, supervision and,!performance of the �udit of the financial · informatillh cif such entities i_nclud_ed in the Consolidated Annual·. Financial Result; of which we are the independent auditors. For the other entities included.in the Consolidated Annual Financial . I . , . , .,·, .[.] . -[. ] , Results, which have been_ audited by_ottier auditors, sucij'other auditors remain rei,ponsible for the direction, supervision 'and performance-· of the audits kllffled out by them. W,o remain solely · resp�nSible for our �udit opiri on. {;-:: ; --: ·

We communicate with those.charge_d with:govemance of the Hoi,Hrg'company and the entities included in the Consolidated Annuai Financial Results ?f which we aie thr�uditcis regarding, among other matters, the planned scope and timing of the audit 'and signim,ani: �udit findings; including any significant d�ficiencies lni�ternal control that.we identify during our audit>: ·

We also .provide those charged with governance with a state111�11t !hat we have complied with relevant ethical requirements regarding independence, and to communi!iate with them all relationships and niher matters that_ may reasonably be thought to bear on our independence, and where applicable, related · safeguards.

We als� performed pro�edures in accordance with the circular N:o <;lll.lCFD/CMDJ/44/2019 issued by the SEBI under Regulation 33(8) of the Listing Regulations, as an/6rided, to the extent applicable. . . ' -�'!

,, ..

Other Matters . :':i::[>: ] : . . . . . . . : . . .. -. . -. \W ., - ·,/· '. . a), The consolidated an ual financial results include· the audited financial results of one subsidiary, f whose financial statements/ financial.information ref1�ti' total· as ets of R.s 141.68 Lakhs as at March 31, 2020, total revenue of.Rs. 1.62 Lakhs and E,�; p.48 Lakhs, net profit after tax and tctal comprehensive income ,of Rs .. 0.8� Lakhs and Rs. 3.13 I:J\U{hs for the quarter and y"ar ended March . , !I . _I • ',,,' 31, 2020 respectively and cash outflo\'.s bf Rs. 0.03 Lakhs for the year ended March 31, 2020, as considered in ·the . consolidated financial .results. which have been audited by their respective . . .. . . ·!I·.: . . i!_l�en_dent auditors. The indep,ndent auditors' reports . on financial . statements/ financial ual 1('�-= · n of these entities have been furnished to u{and our.opinion_on the consolidated an f ;J;°W,� sults, in so far as-it relates to the amounts,land:disclosures included in respect of these

Branch Office: 1. 302, Chintels House, 16 Station Road, Lucknow, 226001 2. 305 Kusbol Bazar,.32-33 Nehru Place, New Delhi - H0019

==> picture [16 x 46] intentionally omitted <==

==> picture [82 x 48] intentionally omitted <==

MITTAL GUPTA & CO . CHARTERED ACCOUNTANTS

14, Roton Mahal, 15/197, Gvil lines, Kanpur - 208 001 · Tel. : 0512 2303234, 2303235 •Fax: +91512-40091ll • E-mail : [email protected] '.

b)

c)

entities, is based solely on the report of such. auditors and the procedures performed by us are as stated in paragraph above. . · . , . · · Our conclusion on the Statement is not modified in respect of\his mat er. . '. . . '. ' -,_·,::f"·'.i'·' We draw your attention to Note No. I to these. consolidated annual financial results, which describes the Management's assessment of the imp�t of !!}OVID-I 9. pandemic and the resultant lockdowns on the significant uncertainties involved in dev�loping some of the estimates involved in preparing the financial statements. Based on the information available on this date, Management believes that no further adjustments ar� required to the financial results. However, in view of very uncertain economic environment, a definitive as essment of the impact is highly dependent upon circumstances as they evolve in future and actual results :m�y differ· from those estimated as at the date of approval of these consolidated annual financial results. ,,',•!':• ' -1· : :, .,. • . . _I. � ,·:·.1 .. :

Due to COVJD-19 related lock-down restriction, we wer� i\ot 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 ofinven;ory aster g11idance provided in SA 501 "Audit Evidencedocumentation relating to purchases and consumption, resylts i,f cyclical · count pe,rformed by theSpecific Considerations for. Selected !)ems", which include inspection of supporting • • , : ! • , -It_ .. ·,:•" management through the year· and such other thi�d partf evidences,· where applkable, and have obtained sufficient suppmting evidence to issue our! opinicin:'on the Statement. ' '.,·-"i",! __ .,

d) The consolidated an ual financial res11lts include t),eresuli,; for the quarter ended 31 March 2020 being the balancing figures between the audited figures iii' ie�pect of the full financial year and the published unaudited year to date figures up to the jlhird quarter of the current financial year which were subject to limited revieW by us. ·

. For MITTAL GUPTA & CO.

==> picture [175 x 148] intentionally omitted <==

==> picture [27 x 184] intentionally omitted <==

I ·. Bmnch Office: l. 302, Chintek House, 16 5. 1 alien Ro��i-�ucknaw - 226001 • 2. 305 Kushal �azar, 32,33 Nehru tk. . 1,- . .. , .. , . . i e, N_ew Delhi - 110019. . ' ·;[:! i / ! · f'Iii' .: ' ' 1( ' ,· .. ,·;;,1 .·

~~SIMBHAOL~~ ! SUGARS LIMITE;D (Fonnerly known as 'Slmbhaoli Spirits 'Limited') Regd. Office : Simbh_aoll Dist .. Haput {lliP_.) -245207 CIN - L15122UP2011PLC044210 E•mail: [email protected]:www.simbhaolisugars.com

CIN - L15122UP2011PLC04210 E•mail: [email protected]:www.simbhaolisugars.com STATEMENT OF CONSOLIDATED AUDITED FI.NACIA RESULT,S;QRTHE QUATER AD YEA ENDED MARCH ·31, 2020 .. *,:!; .. ;..·,---·Quarer ended Rs;.Lacs Year ended SI. No. March 31,-i".December 31, 20i0.2019 March 31, 2019 March 31, March 31, 1 Income (a) Revenue from operations (b) Other income Total revenue 2 Expenses (a) Cost of materials consumed Particulars (b) Purchase of stock-in-trade (c) Changes in inventories of finished goods, work-in- progress and stock-in-trade (d) Excise duty (e) Employee benefts expense (f} Finance costs (g) Dcprcoi□t!on and amortisation expense (h) Power and Fuel (i) _Other expenses Total exenses 3 Proft (loss) before exceptional Items and tax (1-2) 4 Exceptionalitems 5,Profit/ (loss) beforeTax {3-) 6 TaX experse : - Currenttax -- Deferred tax - IncomeTaxAdjustment Total tax expenses 7 Net Profit/(loss) from ordinar activities afer tax(5-6) 8 Other Comprehensive Income (net of tax) A) I.Itemsthatwillnot be reclassified to profit & loss ll. lncomeTaxrelatingto Items that willnot be reclassifed t6 p[d�t or loss B) LItemsthatwillbe reclassifed to proft&losS II.IncomeTaxrela'in!toItemsthatwillbereclassifedto pr0fi(pr lcss 9 Total Comprehensive Income (net of tax) (7+8) ProfitLoss fr the year atributable to : 1)Ownersof the parent 2) Non-Controlling Interest Other Comprehensive Income attributable to: 1) Owners of the parent 2)Non-Controlling Interest Total Comprehensive Income attributable to: 1)Ownersoftheparent 2 Non-Controllin Interest 10Paid up equity s.harecapital (fce valueRs.10/- each) 11Other Equity 12Basic and Diluted Earning PerShare(Rs.) {not annuaHze) - EPS before exceptional item - EPSaferexcetional item # Refer note no. 8 i I 41ll 1,050 42, .f .s1 . ; • . , I 43,27t[ i641'' '. 1 (16;3�9) 4)�9: 2,450' !514 :ias4:. '11620:-, ;}fro 41263 1;621; /274) (275) !-•f1 1 f.:i1} 1-.1r 1: Unaudited 26,913 354 27,267 26,957 838 (11,682) 3,995 2,218 1,285 1,181 382 3,452 28;626 (1,359) (1;359) 1 2 3 (1,362) (1,362) (1,245) (117) (1,245) 117 4,128 (3.30) 3.30 Audited/ recasted # 47,144 108 47,252 45,55 603 [16,404) 4,840 2,084 1,554 1,184 147 3,667 43,220 4,032 1,019 3,013 458 (12) 46 2,567 65 66 (1) 2,632 2,453 114 73 (8) 2,526 106 4,128 9.13 6.53 2020 2019 Audited 126,107 1,511 127,618 83,562 2,895 (7,200) 19,888 7,821 4,733 4,391 1,691 13,710 131,491 (3,873) (3,873) 9 3 12 (3,885) (274) (275) (4,159) (3,352) (533) (274) (0) (3,626) 533 4,128 (6,677) (9.41) 9.41 Adited/ recasted 124,120 · 318 124,438 92,274 2,180 (14,590) 15,897 7,070 5,678 4,788 na 12,077 126,097 (1,659) 1,019 (2,678) 447 3 450 (3,128) 65 66 (1) (3,063) (3,872) 744 73 (8) (3,799) 736 4,128 (3,072) (5.37) 7,96*	CIN - L15122UP2011PLC04210 E•mail: [email protected]:www.simbhaolisugars.com STATEMENT OF CONSOLIDATED AUDITED FI.NACIA RESULT,S;QRTHE QUATER AD YEA ENDED MARCH ·31, 2020 .. *,:!; .. ;..·,---·Quarer ended Rs;.Lacs Year ended SI. No. March 31,-i".December 31, 20i0.2019 March 31, 2019 March 31, March 31, 1 Income (a) Revenue from operations (b) Other income Total revenue 2 Expenses (a) Cost of materials consumed Particulars (b) Purchase of stock-in-trade (c) Changes in inventories of finished goods, work-in- progress and stock-in-trade (d) Excise duty (e) Employee benefts expense (f} Finance costs (g) Dcprcoi□t!on and amortisation expense (h) Power and Fuel (i) _Other expenses Total exenses 3 Proft (loss) before exceptional Items and tax (1-2) 4 Exceptionalitems 5,Profit/ (loss) beforeTax {3-) 6 TaX experse : - Currenttax -- Deferred tax - IncomeTaxAdjustment Total tax expenses 7 Net Profit/(loss) from ordinar activities afer tax(5-6) 8 Other Comprehensive Income (net of tax) A) I.Itemsthatwillnot be reclassified to profit & loss ll. lncomeTaxrelatingto Items that willnot be reclassifed t6 p[d�t or loss B) LItemsthatwillbe reclassifed to proft&losS II.IncomeTaxrela'in!toItemsthatwillbereclassifedto pr0fi(pr lcss 9 Total Comprehensive Income (net of tax) (7+8) ProfitLoss fr the year atributable to : 1)Ownersof the parent 2) Non-Controlling Interest Other Comprehensive Income attributable to: 1) Owners of the parent 2)Non-Controlling Interest Total Comprehensive Income attributable to: 1)Ownersoftheparent 2 Non-Controllin Interest 10Paid up equity s.harecapital (fce valueRs.10/- each) 11Other Equity 12Basic and Diluted Earning PerShare(Rs.) {not annuaHze) - EPS before exceptional item - EPSaferexcetional item # Refer note no. 8 i I 41ll 1,050 42, .f .s1 . ; • . , I 43,27t[ i641'' '. 1 (16;3�9) 4)�9: 2,450' !514 :ias4:. '11620:-, ;}fro 41263 1;621; /274) (275) !-•f1 1 f.:i1} 1-.1r 1: Unaudited 26,913 354 27,267 26,957 838 (11,682) 3,995 2,218 1,285 1,181 382 3,452 28;626 (1,359) (1;359) 1 2 3 (1,362) (1,362) (1,245) (117) (1,245) 117 4,128 (3.30) 3.30 Audited/ recasted # 47,144 108 47,252 45,55 603 [16,404) 4,840 2,084 1,554 1,184 147 3,667 43,220 4,032 1,019 3,013 458 (12) 46 2,567 65 66 (1) 2,632 2,453 114 73 (8) 2,526 106 4,128 9.13 6.53 2020 2019 Audited 126,107 1,511 127,618 83,562 2,895 (7,200) 19,888 7,821 4,733 4,391 1,691 13,710 131,491 (3,873) (3,873) 9 3 12 (3,885) (274) (275) (4,159) (3,352) (533) (274) (0) (3,626) 533 4,128 (6,677) (9.41) 9.41 Adited/ recasted 124,120 · 318 124,438 92,274 2,180 (14,590) 15,897 7,070 5,678 4,788 na 12,077 126,097 (1,659) 1,019 (2,678) 447 3 450 (3,128) 65 66 (1) (3,063) (3,872) 744 73 (8) (3,799) 736 4,128 (3,072) (5.37) 7,96*
	41ll 1,050 Unaudited 26,913 354 Audited/ recasted # 47,144 108 Audited 126,107 1,511 Adited/ recasted 124,120 · 318
	42, .f .s1 . ; • . , I 43,27t[ i641'' '. 1 (16;3�9) 4)�9: 2,450' !514 :ias4:. '11620:-, ;}fro 41263 27,267 26,957 838 (11,682) 3,995 2,218 1,285 1,181 382 3,452 28;626 (1,359) (1;359) 1 2 3 47,252 45,55 603 [16,404) 4,840 2,084 1,554 1,184 147 3,667 43,220 4,032 1,019 3,013 458 (12) 46 127,618 83,562 2,895 (7,200) 19,888 7,821 4,733 4,391 1,691 13,710 131,491 (3,873) (3,873) 9 3 12 124,438 92,274 2,180 (14,590) 15,897 7,070 5,678 4,788 na 12,077 126,097 (1,659) 1,019 (2,678) 447 3 450
	1;621; /274) (275) !-•f1 1 f.:i1} 1-.1r 1: (1,362) (1,362) (1,245) (117) (1,245) 117 4,128 (3.30) 3.30 2,567 65 66 (1) 2,632 2,453 114 73 (8) 2,526 106 4,128 9.13 6.53 (3,885) (274) (275) (4,159) (3,352) (533) (274) (0) (3,626) 533 4,128 (6,677) (9.41) 9.41 (3,128) 65 66 (1) (3,063) (3,872) 744 73 (8) (3,799) 736 4,128 (3,072) (5.37) 7,96
10Paid up equity s.harecapital (fce valueRs.10/- each) 11Other Equity 12Basic and Diluted Earning PerShare(Rs.) {not annuaHze) - EPS before exceptional item - EPSaferexcetional item # Refer note no. 8

. . ••[i • ]

==> picture [137 x 7] intentionally omitted <==

FOR THE Q_UARTER AND YEAR ENDED MARCH 31, 2020 SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES. UNDER REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS ANp DISCLOSURE.REQUIREMENTS) REGULATIONS, 2015. . .. , · . . ,

UNDER REGULATION 33 OF THE SEBI (LISTING OBLIGAIONS ANp DISCLO FOR THE Q_UARTER AND YEAR ENDED MARCH 31, 2020	UREREQUIREMENTS) REGULATIONS, 2015. .., .,	UREREQUIREMENTS) REGULATIONS, 2015. .., .,	UREREQUIREMENTS) REGULATIONS, 2015. .., .,
. Pariculars (A). Segment Revenue (a) Sugar (b) Distiller (c) Power (d) Others Total Less: Inter Seament Revenue	•.·. , ... ·.Quarer·ended 'Rs. lacs Year ended
	March 31, *. 2r26* .·December 311 201• Mar:h 31, March 31, 20" 202' March 31, M••
	Audited# . 34,738 8,438 - 1,016 Unaudited 19,885 7,151 1,524 778 Audited/ Audited recasted # "4,117 92,040 9,464 35,252 6,220 4,082 689 2,376 Adited/ recasted 8,470 29,015 15,224 1,623
	4,192, 29,338 !i0,490 133,750 130,332
	2,361. 2,425 3,346 7,643 6,212
Net sales/income from operations	41,831, 26,913 47,14 126,107 124,120
(B) •. Segmen_t Results Pro�V (loss) befre fnance costs, unallo.cated expenditure,exceptionalitems and tax from each segment (a) Sugar Diil	I ·•,; 2,241., (295) 640 265 (5,088)
(b) stler (c) Power (d) Other .	198• .; /23 '· (16) 210 1	1,327 387 3,308 547 {32 20 3,408 6,404 24
Total . . ~~.~~ .. .	2,416·' .·. '100	5 243 1.219 . 4,74
Less: . (a) Finance cost (b) Other un�allocated expenses/ (income) (net) ·..!,.	~~,.,~~"ti\4/1 :,:::. (:: (16),, . . 1,285 (26)	1,554 4,733 (343) 359 5,678 729
icl Exceotional item	,,. :j,-; -	1,019	- 1,019
TotalProfit/{loss) before tax (C). Segment Assets (a) Sugar (b) Distiller (c) Power (d) Others (e) Unallocated	1.,618i1· ;· . {1,359	3,013 f3,873 {2 678
	~~;,if~~ i- ., 155,989•: 42,025;, 34,481: 1,64 5,318' 138,579 41,15 34,481 1,261 5,570	148,032 155,989 40,359 42,025 39,960 34,481 899 1,641 4,022 5,318 148,032 40,359 39,960 899 4,022
Total	239)4511 221,045	2:13,272	239,45 233,272
(D). Segment Uabilities (a) Sugar (b) Distiller (c) Power (d) Others (e) Unallocated (fl Borrowinas	.. .'I 90,263:: 2,71.6 !i 1,40ii 1;37s1! 24,·249ii ·110.s54·,1 I 73,892 2,894 1,404 946 23,739 110,625	ao,004 90,263 2,017 2,716 2,568 1,404 730 1,378 �!1,547 24,240 1S3,369 110,554 80,004 2,017 2,568 730 21,57 113,369
Total	.. 230·555ii 213 500	2�!0 235	230 555 220 235
# Refer note no. 8 \GA�' �<-\ 0 ��) < -, / , - C/	·,·.·.if :· ', ' :• ' i ' .. ,;:�:::�,-� -. (;.H 1,,1 (::, \,,, .- V/ \ '

==> picture [25 x 78] intentionally omitted <==

; i

Statement Of Assets and Liabilities

									IRs. lacs
							Consolidated
	Particulars		I			March-20 Audited			March-19 Audlte.d/ 1
									Recasted
	ASSETS
	Non-current assets
	a) Propery, Plant and Equipment						154,133		158,236
	b) Capital work-in-progress						836		136
	c) Intangible Assets						51		27
	d) Goodwill						1,311		1,311
	e) Financial Assets
	i) Investments						2		,2
	ii) Other financial assets f) Tax Assets						'262 740		243 780	'
	g} Other non - current assets h) Deferred Tax Assets					'	46,3 113		5,59. ,!16
	Total non - current assets						157,91:1 ',	'	161·410'		'
.	Current assets a) Inventories						55,219		', 48:179
	b) Financial Assets I) Current lnvestenl� ii) Trade recelvables iii)Cash and cash equivalents iV) Bank balances other than above			••			i 498 . 9,998 4,634 1,694		}31:, 14;491 1'388 1;113
	v) Other financial assets c) Other current assets			'			534 9,022		1862 5;470
	d) Assets classified as held for sale			:,			34		46
	Total current assets						81,543		71,862
				'
	Total assets			'			239,454		233,272
	EQUITY AND LIABILITIES								'
											,'
									:_i
	Equity a) Equit share capital b) other equity c) Non controllina interest	'		'			4,128 (6,677) 11,448		' ' ' 4;128 (3,072) 11.,981	;	,:,
	Share holdEr's Funds Liabilities Non-current liabilities a} Financial Liabilities I)Borrowings	, ,		' '			8,899 ' 4,292	'	13;037 ,•·. .,,.•,r s;137		,, ,·
	ii) Other financial liabilities						-		2,962
	b) Provisions						473		,434
	Total non - current Liabilities						4,765		9,533
	Current liabilities								,,
	a) Financial Liabilities i) Borrwings ii) Trade payables -Total outstanding dues to micro and -Total outstan.ding dues of other than iii) Other financial liabilities						- 272 91,636 ,131,480		.138 ') ' ,: ]·58 ·: 80;!72) 127;290
	b) Other current liabilities
	c) Provisions d} Other current liabilities						205 1,699		173 1,44
	e) Current Tax Liabilities (Net)			'			498		. 827
	Total current Liabilities,				'		225,790		210;102
	TotalEquitand Liabilities				'		239,454		··1, ,,., 233 272'		'' I'
									·,		-

==> picture [43 x 837] intentionally omitted <==

SIMBHAOLI ,'ilJGAA5 Lil'>tn:ED (Formerly hown as 'Slmbhaoli ��iii!s Limited')

C0!'1SOLIDATED C::.ASH FLOW S'IATEMENT FOR-TflE PERIOD ENDED MARCH 3t, 2020

P_artkular A. CASH FOW FOM orERATING ACMl'lES: Net pro6tl(loss} b0forc to and ccotioM! item Adjustments for: Dereciation nnd nmorlizaliun (not ofrevaluati,on reerve) Finance costs !n1et income on lnnlal 1sses Uabi!iiylprovisions no longe ruire written bauk Bad Delo an advance wtten off Umclise fonig echange fuctuation Proft on reemption ofMulual Fm,ds Uoits Lo (proft) fom sale ofpicpe. pl:nl ad euipment (net) Pr.ovi,ioii Io: doubtf dbiDd ad�cc MOllass\ Storago Fund Op,rafg 1rolt/(o�•) befro workln; ·cailtl! cbaie Adj�s/menl� for (ncr"=e)ldecna,e t,, o��ii1ng a,·se/f." Change in trad6 and olhe roivub!c Cba�gc i otber non curret 8Ud c�eoi funCial a=t Change in othe non current and oche' cunetaMets Ch•nge in inveloric, • Chane. In llodo und oll,or poyo�Jo1 Chonse in othe non-t ad o�i�' cw.mt f ncial liobi!i:ie Change in other non-c et ond ,ther cul liabilitie Chnnge i long term nd ,hor tem provision Ca,h (u1ed)/gcacrote rrom opration, Dlrel tue (aid)lrofnd Net c,b (uscd)ffo1 operatg �ctlvl'" D. CASH FOW FROM IVFSTL'G ACTM1'IS: Addili,c to proprty, pion( and�uipment Sale of property, phrnt !lld euipmco! Sole of (lnvetme!s) Mutual Fun do ( Ne) Pioe fom rturi1y ofn,tionol �avfog ceif0I ltent r ive on debetfood deosi11;/in1er cortc d:oii1 Change_in f�c de>sll placed with Ba� . . c. �ASH FoWroM �NAN_c1NG' A°�r;s: Pro fiom share warraoll /Shir� C.p�arI ; EM Puid to banks fo: OTS futoet eJpe se. Reoymenc of long tmn b wing. Pro s/(repoyt) of ,hor term borow!Itg( net) Net coh (used) I from fnancing nctlveies D. Net Incrcase(d,cr••••l lo eab_ and c{Uh�LvaJent (A+B+C) E. Qsh nnd eo,h ,qµlvalenli {opening boll lC) F. Cash and cn,b •QuiV8!ent, (closiog balance) (Refer note 3.l•J) (D+E) Cash and ban balance (D-+EJ	Ycl<,h,d (3,873) 4,391 4,733 (374) (559)"'" 16) 449'" Ye1iode Mareb3l,2019 (1.658) 4,788 S,678 (76) (55)" (62) 149"
	4,927 4,288'" (3,489) (7,0)9) 11,363"' " 71 8,862 (5,797} (536) (4,216 (14,381) 22,337 (728) (402)"
	11,lW" 5,211'"
	10 953 4 837
	(1,438) ,0 (29) 303. (519) "' ,so I I>
	1202
	(572) (3,018) (2,541)'" 233 (2,825) (2,483) 963
	6 sos ~~'"~~ 7
	3.246 1,388 (1,18) 2,575
	4 634 I sa

Note; Cosh flow s101ernm1 are prep�red in a'c ordancewilh 'indirecl meihod' as·pe(ln�,i\s 7-'St.aternent ofCll"hFlow.

==> picture [80 x 83] intentionally omitted <==

==> picture [76 x 75] intentionally omitted <==

==> picture [17 x 86] intentionally omitted <==

I'.

Notes to Consolidated results:

Indian sugar industry has been facing difficulties on account of high sugar production in the country in since 2016-17 resulting in surplus sugar. For the year ended March 31, 2020, and previous years, the Company has incurred losses due to high sugarcane costs fixed by the_ Gqvernments, and comparatively lower prices of finished goods which are also being re!Julated and controlled, and other external factors. The operations of the company though remained intact, however due to contii:iuing losses, its net worth has been tully eroded resulting in its failure In meeting its payment obligations lo lenders and sugarcane farmers in tenms of respective agreements and understanding.

Meanwhile, recognizing the industry requirements, the Government. has Implemented a number of measures to improve the financial health of the sugar industry, including support for liquidation of i;ane arrears, fixing minimum obligation for export to manage the sugar inventory, fixation of M_inimum Support Price (MSP) .of sugar, providing cash subsidies on production and export an order of Hon'ble. High Court of Uttar Pradesh, pronounced in favour of sugar indu�try, the sugar industry as well as the Companyof sugar, and mandatory blending of ethanol with petrol at certain level with ·remunerative price of ethanol[. ] In addition, pursuantto Is confident t.o receive much awaited .amounts being accrued benefits dui,to:Ii from stategovernment under the erstwhile Sugar Promotion Policy 2004-09. AJI these measures are expected to reHect in revival of the sugar industry on su,:tainable basis.

Based on these positive steps, along with other internal measures: the man�g�me�t believes that operations at its manufacturing facilities will remain continued In the ne_8r foreseeable future.on regular b8sis.

On account of delays in servicing of loans, the lenders to the Company have initiated recovery proceeding at various forums, including filing of application before National Company Law Tribunal under $ection 7 of the Insolvency and Eiankruptcy Code, 2016 . by two of the lenders and approaching Debt Reccvery Tribunal (DRT) for recovery of their dues. One of the lender had declared the Company and Guarantors lo the credit facility, as willful defaulters, which has been set aside by the Hon'ble Chandigarh High Court. Against a criminal complaint filed by one of the lenders with the investigating agencies, the enforcement directorate had passed an attachment order against certain asset� of the Company to the extentqf Rs. 109:80 crores, ,19airst which the Company has preferred an appeal with the appropriate authority.

The Company has submitted a comprehensive debt resolution proposal with all. the commercial banks and realignment of dues with other lenders, commensurating with its future cash flows. Majority of commercial lenders have shown th•3ir inclination to accept the debt resolution proposal of the Company.

Impact of COVID 19 Pandemic

The spread of COVID 19 pandemic and nationwide lockdown has caused disruption of supply chain across businesses and industries in India. Since the company is eng8ged : in the manufacturing_ d:� -�ssential -commodities, timely steps taken by the government have ensur_ed regular operations of th� SUgar mills in U.P .. _Howiv�r, y6vid_�19 _crisis, has _adversely impacted domestic demand of sugar and of ethanol during complete lockdown periods. Undefthe .directives of Ministry of t-ome affairs and State Government, the[.] Company has started manufacturing of hcind s;:1nitiZers 'ih:_itS[.] d,istillery di�isions. The demand for the company's products is expected to recuperate wch the gradual_lrrtirg of nation,.;de lockdown by the Government.

The Company has considered the potential impact of GOVID 19 and related restrictions on the carrying amount of inventory, and financial and non-financial assets and based on the in_formation available to it[u] i:fto the date of approving the financial statements written down the value of inventory to net realizable value, wherever reqyireQ, and made provisions in fina1 cial and nonwfinancial assets. However, the impact of COVID 19 as well as negative outlook of 7ugar sector on the carrying amount of its Property, Plant and Equipments and consequential impairment could not be ascertaine;d and :provided for due to non� availability of requisite · Information on account of lockdown restrictions, ! ,

As the date of approval of these resµlts, ii is not pcssible to reliably estimate \he future financial effect of tl1e COVID 19 situation on the Gompany, The impact assessment is a continuing proces� given _the 'un.certainties associated with nature and duration of current situation. The eventual impact may differ frpm what has been asses�ed by the Management as at the date of approval of these financial results. The Company will continue: to closely monitor any m=�lerial. change in future economic conditions and take · appropriate action as may be required. ; · I with Considering the steps initiated for achieving turnaround: of_sugar sector, ·,ciri�6in9 discussions !enders for resolution of their dues and continuing regular manufacturing_oper�tions ill near for,eseeabt.�.JLl_tU_re,�hese-!inancial_statemerts are continued to be presented on going concern basis, which conte_lllp!ates·_realisation·�f.8Ssets· ..an� .. settlement of liabilities, in the-normal course of business. •

: L ':··[, ] ' , ·c· ,:•,.,"

, 2. r The loans ava!ed by the Company have been daisrried as Non-Pertorminf �els (NPA)by ali the lenders to the Company and interest thereon is not being charged to the loan. accounts by them as per p�evaili�g practices The Company has submitted a comprehensive debt resolution proposal with all the commetcial ban_ks and �¢a_Hgrrrient of dues with other !enders, commensurating with its future cash flows. Majority of commercial lenders·have shown their, i�clin,ati.on to accept the·debt resolution proposal of the

• . , I : ,. ·. ;.

==> picture [84 x 81] intentionally omitted <==

==> picture [73 x 74] intentionally omitted <==

Company. Accordingly, interest expenses for the quarter and year ended March 31, 2020 amounting to Hs. 3,430 lacs and Rs. 13,146 lacs (Previous quarter and year ended March 31, 2019 Rs. 2,899 lacs and Rs. 12,336 lacs) respflctively have not been recognized in the books of accounts. A total amount of Rs. 37,454 lacs towards accrued interest has not b,,en provided for in the books of accounts as at March 31, 2020.

The Hon'ble High Court of Uttar Pradesh has directed the State Government to.detennlne the interest liabillty for the period of delayed payment of sugarcane price for sugar seasons 2012·13 to 2014°15.;but no.notice of demand has be,en so far made for the same. Further, no notice for demand has been received for the interest on delay�d payment to sugarcane farmers for subsequent
Effective from Aprn 01, 2019, the Company has adopted Ind AS 116 "Leases", and applied It to all lease contracts existing on April ·

01, 2019 using the modified retrospective approach .. The effect of this adoption did not have any material Impacts on the resulls for the quarter and year ended March 31, 2020. . .. · i[/ ·. ] sugar seasons. hence no provision for the same has been made in the books .of ·a�unts. .

In the consolidated financial ,results of the Company for uie Year ended March 31, 2020, limited reviewed financial results of ered and consolidated only for the period of nine Simbhaoll Power Private Limited (SPP(), a material subsidiary has been cdnsid months ended December 31, 2019. The financial results of SPPL for the quarter ended .March 31, 2020 have not been consolidated, as the annual financial statements/results of SPPL have not been finalized and approved till date by SPPL. Consequently, the consolidated financial statements/results of the Company as. at March 31, 2020 have been prepared by consolidation based on the figures reported in the limtted reviewed standalone_ balance sheet of SPPL as at December 31, 2019. The transactions entered into between the Company and SPPL during the ,aforesaid thre.e months' periods which have not been eliminated in the consolidated financial results, have resulted an Increase in the Total Revenue by Rs. 1,366 lacs and Expenses by Rs. 734 lacs. rurther, Increase In tl1e balances of subsidiary of Rs. 272 Lacs has been included in the consolidated balance sheet in the respective assets heads. · ·

. .

.
1. During the quarter ended September 30, 2019, Uttar Pradesh Electricity Regulatory. Commission ('UPERCJ has notified UPERC (Captive and Renewable Energy Generating Plants) Regulations, 2019 ('CR�Regulatlons 2019') which has. inter alia, reduced the tariff applicable to ba9asse-based generation plants in the state of Uttar_ �radesh w.e.f. April 1, 2019 which is significantly lower than the prevailing tariff. As perCRERegulations, such reduction in tariff wa$made by UPERC citing lower fixed and variable costs for these power _plants. This reduct_ion in tariff mBy have an adverse impaCt<On t_h_e .. business and operations of S!mbhaoli Power Private Limited ("$PPL"), a subsidiary company. The management of S�P,C _believe.s. that there are anomalies in the process of tariff fixation and this reduced tariff notITied by UPERC ,is based on un_realisti,1assu\T'ptions and is contrary tc, past practices. SPPL, along with bagasse-based co-generators operating i_n the State, have filed �: \"'ril petition with Hon'ble H11h Court of Allahabad, Lucknow Bench, challenging CRE Regulations 2019 which have been accepted by (he court. Pending outcome of the petition, the management of SPPL basis o.n opinion of legal counsel, is confident of relief fromthe Hon'ble �igh Court and suitable modITication in CRE Regulations 2019 and thus doe.s not expectthe financial implicatio_ns of t�is, IT any, to be material.

SPPL has accounted for revenues from operations from April to September, 2019oat or basis pre CRE Reguk,tions 2019 tariff rates. W.e.f. October 01, 2019, SPPL has billed and accounted for sale of pqwer tb the Uttar Pradesh Powe,r Corporation Limited ('UPPCL'), the customer of SPPL, at reduced tariff rate under protest an� subject to outcome of Hon'ble High Court decision on ' writ petition. 1

•

SPPL's computation, shows that revenue from oRerations for the nine months ended December 31, 2019 would have been lower by Rs. 797 !acs and cost of material consumed for the nine months endeQ ]D�cefllber 31, 2019 would hav1� been lower by Rs 52 Lacs, if ac;:counted for at or basis reduced tariff as per CRE Regulations· 2019.[·] . Considerhg the current status and the matter is sub judice, it is not possible for the management of SPPL to estimate the extentof the;change, IT any, in the tari[.

,I'

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

Net Sales/come fom	Net Sales/come fom	Net Sales/come fom
oertions ·Proft(Loss). befre t· Proft (Loss) afer t 1,605 1,605 (901) (901)	(2,165) (2,165)	(4,915) (4,915)

==> picture [80 x 74] intentionally omitted <==

==> picture [83 x 81] intentionally omitted <==

==> picture [16 x 57] intentionally omitted <==

==> picture [11 x 33] intentionally omitted <==

Other Comprehenive Income	(272)	~~-~~ .	(2,261)	(272)	(2,261)
Total Comprehenive Income	1,333	(901)	(934)	(2,437)	(7,176)
EBl1A	i3,328	. 784	•. ,,434	. 4,599	2,360

The figures for the last quarter are the balancing figures between the audited, figures Jn respect of full financial year and the published unaudited year to date figures upto the third quarter of the financial year:.
Sugar, one of the major businesses. of the Company, i\ a part of soosonal industry, The results may vary from quarter to quarter.

10. The previous periods figures havt;! been r:egrouped/rearr�nged Wh1;:irever n·e��ary.

. ' - .

. . . '

The above results were reviewed ancl recommended by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on July 30, 2020.

Plaoe: Noida Date: July 30, 2020 Company Website: w.simbhaolisugars.com

==> picture [73 x 87] intentionally omitted <==

==> picture [34 x 106] intentionally omitted <==

==> picture [125 x 136] intentionally omitted <==

: r.

: i

==> picture [33 x 354] intentionally omitted <==

Statement on Impact of Audit Qualifications on Consolidated Audited Finandal Results for the Financial Year ended. M11rch 31, 2020

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


	Tuover/ Tota income 126618	126821
2	Toll Exenditue 131491	144585
3	Net Proft/(Loss) (4159)	(18050)
4	Ear gs Per Shae (8.53)	(43.06)
5	Totl Assets 239454	238709
6	Total Liabilities 230555	268009
7	Net Worh 8899	-29300
8	Anyoter fnancial ite(s) (as flt a ropriate by the 1anagele.nt)

I. II. Audit Qualification (each audifqualification separately): .. ·

a. Ddails of Audit Qualification:

I. The Consolidaied Annual Financial Results include the limited reviewed financial results for the nine month ended December 31, 20W of one subsidiary i.e, Simbhaoli Power Private Limited, whose financial results:reflect total assets of Rs. 34495 Lakhs as at December 31, 2019, total revenue of Rs. 4199 Lakhs and net loss after tax and total comprehensive loss of Rs. 1007 Lakhs, as considered in the Consolidated Annual Financial Results which have been reviewed.by their independent auditors. As stated in Note no.5 of consolidated annual financial results, the consolidated a ual financial results have been .prepared by the management by consolidating otily the limitecl reviewed financial statemerit, for the nine months periods ended on December 31, 2019 as the annual standalone financial statements for the. year ended for March 3 1, 2020 and financial results for the quarter then ende4 have not been yet finalized, approved and submitted by the management of SPPL for:the purpose of consolidation. Consequently, the consolidated annual financial results the quarter and year ended March 31, 2020 for
does not include the financial results for the three months period i.e. from January I, 2020 to March 31, 2020 and various tr;nsactions ent;red into between the Company and SPPL during the aforesaid three months periods have not been eliminated but included in the enclosed financial results. Had the annual financial results for the year ended March 31, 2020 and quarterly financial results for the quarter then ended of SPPL been consolidated, many elements ii/ the accompanying financial results would have been materially affected. The effeo\s on the consolidated financial results due to the failure to consolidate the an)lua! financial results have not been determined. Our opinion on the consolidated annual financial results, in so far as itrelates to the amounts and disclosures included in r�spect of this erltity, is based solely on the limited review report for the nine month ended December 31,20i9 of their auditors. ofSPPL as no further information have been

==> picture [78 x 75] intentionally omitted <==

==> picture [83 x 81] intentionally omitted <==

made available to us by the management of SPPL or by the management of holding company.

As stated in Note no. 6of consolid_ated ruinual, f'inancial results, during the quarter ended September 30,. 2019, l.Jttar Pradesh Electricity Regulatory Commission ('UPREC') has notified UPREC (Captive and Renewable Energy Generation Plants) Regulations, 2019 ('CRE Regulation 2019') wh_ich has, inter alia, reduced the tariff applicable to bagasse based generation plants in the state ofUttar Pradesh w. e. f. April !, 2019. Based on writ petition filed and legal opinion obtained, SPPL has recorded revenue from operations for the period April to September, 2019 at or basis pre CRE Regul.ation 2019 Tariff Rate instead at the reduced tariff as per CRE Regulation. 2019.W.e.f: October 01,2019,the SPPL has accounted 'for the sale of power to Uttar Pradesh Power Corporation Limited ('U CL '), The customer , at reduced tariff rate under protest and subject to outcome of Hon 'ble High Court Decision on the petition Management's computation, as reviewed by ended December 31, 20 I 9 would have been lower by Rs 797 Lakhs and cost of materialthe statutory auditors of SPPL, shows that revenue from operations for the nine months. . l.·,-, ' c,msnmed for the nine 1t1onihs ended December 31, 2019 would have been lower by Rs' . . . . .[.:! . ] 52 Lakhs, if accounted for at or basi_s reduced tariff as per CRE Regulations 2019. These c_onditions as discussed in detail in Note /No 6 n1dicate the existence of material Uncertainty in rdation to tariff undl'r CRE Regulations 2019 and its. consequential impact·[· ] on the fin.,;,_cial statemenis, if any.
Non provisions for impairment in ihe carrying value of Property, Plant and Equipment's. opriate impairment assessment carried out_by

Auditors were not made �vailable of app�. the management and accol:dmgly, they were unable to comment on the same mcludmg compliance[· ] with the In� AS-36 ('hnpairment of Assets') and any consequential adjustments that may arise in this regard in these financial results .

.
1. Non-provision of int�rest expense amounting Rs. 3,431 Lacs and Rs. 13,146 Lacs (Previous year Rs. 12,336 Lacs) on certain borrowings for the quarter and year ended March 31, 2020 respe�tively for the re£.soris stated in the said note. Consequently, Finance Costs, Net Loss and Total Comprehensive Income for the periods are understated by the aforesaid respective .:mounts: 1:he aggregate amount of interest expense not prnvided for in the accounts ag/¥eg�tes to l<s. 37,454 Lacs till March 31, 2020 (Rs. 24,308 Lacs till March 31, 2019). Conseque\:ltly, ·Current Financial Liabilities are understated and other equity as at March 3!, 2()20. and March 31, 2019 are overstated by the aforesaid respectiv .. �ounts.
1. Non- provision of interest liability in respect of delayed payment of sugarcane price for
has not been ascertained:the reasons stated in the said note. The amount of interest not provided for in the books. '
b. Type of Audit Qualification: 1. Qualified Opinion 2. Qualified Opinion 3. Qualified Opinion 4. Qualified Opinion
5. Qualified Opinion
c. Frequency of qualific�tion: 1. First Time
2. First Time ',,' .

==> picture [83 x 71] intentionally omitted <==

==> picture [75 x 73] intentionally omitted <==


			3.	First Time
			4.	Third Time.
			5.	Second Time · ·
	d. e.	For For	Audit Qualfcation(s) where the impact is quantifed by the auditor, Man.,gement's Views: 2. SlPL's computation, shows that revemle fom operations fr t1e nine monts ended December 31, 2019 would have been lower by Rs 797 Laks and cost of material consumed fr the nine months ended December 31, 2019 would have been lower by R 52 Lakhs, if accounted fr at-or basis reduced taf as per C:RE Regulations 2019. _Considering the curent stats and the matter is sub judice ,it is not possible fr SPPL to estimate the extent of the chage in the t�rif, if any '4. Finance Costs, Net !oss and Tot�\ Comprehensive Income fr te period ae uderstated by'Rs. 131146 Lacs. CuretJnancial liabilities have, been uderstated and other equit has been overstated as at Mach 31;2020by Rs .. 37,454 Lacs. Audit Qualifcation(s) where the impact is.not quantied by the auditor:
				. ' ': ' , ·
		(i)	Management's estimation o_n the impact _of audit_qualifcation:_N.A. ·, ' . ' ' :,. . • '...':_· . .:-.
		(ii)	If 1. 3.	management is unable t estmate the impact, reasons fr the same: the arual standalonefinacial statements frthe year ended fr Mach 31, 2020 have not been sumitted by .the management of $PPL fr the purose of consolidation. Hence the impact of·non-consolidation of three.monhs transactions ofSPPL could not be ascerained by the H6lding compay. The impact of COVID 19 as well as negaive outlook of sugar sector on the caring amount of its Property, Plant and Equipment's ad consequential impairen could not be ascerained ad provided fr due to non- availability of requisite inforation on
			5.	account of lockdown restrictions. . Considerng that no notice of demand has been sered upon the Compay and the amount has not been ascertained, no provision has been made in this regads. Based on te past indstr practices, the management is confdent that no in1l"est liabilit will ase fr these perod. · I· ·
		(iii)	Auditors'. Comments on (i)or(ii) above: .. ,.·.·· · f.Our opinion on te consolidated anual fnancial results, in so far as it relaes to the amounts ad disclosures included in respect of this entit, is based solely on the limited review report fr the nlµe molt ended December 31,2019 of , their auditors of SPPLas no ftheriifration have been made aailable to us by the manaienwn of SPPL or by the maagetnent of holding compay
				'3. Since, we were not made available of appropriate impairent assessment caied
				out by the managetnent, we were unable to comment on the same including compliance with the Ind AS-36 ('Ip.airent of Assets') and an consequential adjustments that ma arise in ths regad in these fnancial results.
I .	Signatories:			'5. Since, the amount of the intereston'delayed payment to sugarcane farer has not been quantifed by the managemen�: we were not able to report te impact of te same. · ;>·._. , ·: :'(,: ·~~.~~ \;·, ·:
			"Director

==> picture [595 x 842] intentionally omitted <==

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

. .
. CFO Q
.
Audit Committee Chairman HAR PRASAD KAll)I�-��,_,..=.,.___;:
.!' "'.;::::-.i ["'] ""·
.
Statutory Auditor J,�
15/191 J fr p
Place: Noida �, Kanpur-1 �- /
� i'@ ; :
Date: July 30, 2020
� Ratan Mah;;,! 0 \1 1
.
u. G P�';.',�
Iii�;,�� "
i "� ;,
(.) Civll Unet1 i, j,i'
----- End of picture text -----*

e CIN -L15122U EXTRC OF AUDI	e CIN -L15122U EXTRC OF AUDI	e CIN -L15122U EXTRC OF AUDI	SIMHAOL SUGARS LlMITED (Formerly kowD ns 'SlbbooU Spirits Limited') Regd, Offce : Siwhhaoll Dl:t. Kapur (U,P,) • 245207 P20l tPLC0210 E-mail: lnfo@shnbhaollsogar,eom Web11te: www,slmbhaolbugan.colu TED CONSOLIATED FACIAL RULTS FOR TBE QUARTER AND YAR l:NDED MARCH 31, 2020 , =·I lacsl	SIMHAOL SUGARS LlMITED (Formerly kowD ns 'SlbbooU Spirits Limited') Regd, Offce : Siwhhaoll Dl:t. Kapur (U,P,) • 245207 P20l tPLC0210 E-mail: lnfo@shnbhaollsogar,eom Web11te: www,slmbhaolbugan.colu TED CONSOLIATED FACIAL RULTS FOR TBE QUARTER AND YAR l:NDED MARCH 31, 2020 , =·I lacsl	SIMHAOL SUGARS LlMITED (Formerly kowD ns 'SlbbooU Spirits Limited') Regd, Offce : Siwhhaoll Dl:t. Kapur (U,P,) • 245207 P20l tPLC0210 E-mail: lnfo@shnbhaollsogar,eom Web11te: www,slmbhaolbugan.colu TED CONSOLIATED FACIAL RULTS FOR TBE QUARTER AND YAR l:NDED MARCH 31, 2020 , =·I lacsl	SIMHAOL SUGARS LlMITED (Formerly kowD ns 'SlbbooU Spirits Limited') Regd, Offce : Siwhhaoll Dl:t. Kapur (U,P,) • 245207 P20l tPLC0210 E-mail: lnfo@shnbhaollsogar,eom Web11te: www,slmbhaolbugan.colu TED CONSOLIATED FACIAL RULTS FOR TBE QUARTER AND YAR l:NDED MARCH 31, 2020 , =·I lacsl
SI N I 2 3 4~~,~~ 6. 7 8.	. o.		Partlculan I	Quorter ended Ymr Ended MarJl,1 Dec 31, MadJ, Mar 31, March 31, 2020 l0l9 :019 2020 2019
				Aodlted #		Unaudited Audited Audited Audited Recalled # Reste
	. . Total income fom onerations /net Net ProftJlossl for thenerlod befre			37 239 I 618		22918 42,304 l 06219 l 08 223
			Ta and excotional items			/J359 4 �2 IJ 873 IJ 659 (1,359) 3,013 (3,873) (2,678} (I 362 2 567 (3 885 13 128 (1,362) 2,632 (4,159) (3,063)
	. Net Proft/ (Joss) fr the perod befor Ta ond afer exceptional itm>			l,618
	. Net Prfit (loss) for theuerod afe Ta and exccolional items			l 621
	~~.~~ Total Comprehensive Icome for the perod [comprising·nct proft(lou) fr the period (afr tal) ad Other Comprehensive Income (afer tx)]			1,347 .
	Paid 1 eouit shafe cnitl fface valueRs. IOI- each)			4128		4,128 4 128 4,128 4128 6 611 3 072 330 9.13 9.41 S.31 '3.30 (~~,~~,53 19.41 17,96
	. Other ""lih -EPS before cxcntional item -BPS afe excentnnl item
		xcntional item		3.93
				3.93
	# RefrNotcno. 9 ~~'~~
I 2 3 4 ' 6	Notu : Tho ab<ve is an extract of the det1llcd foat of ficial result fr te quamr nnd nine monts ended Mw:ch 31, 2020 fled with the Stock Exchargc under Regulation 33 �fte SEBl {Listng Obligations aod Dlsclo�urc Requirement) Rcgul,atons, 2015. The fll foITl)at offancia! resulc fr te quer and nie monts ended Dccem1cr 31, 2019· ae available on tbe Stoek Exeh1 ge ·websites (W.bscindin.com tnd, w.nseidia,com) and te Company's website (w .simbhaollsuga iom). India sugar indust bas been·fcing difculties on account ofbigh sugar proucton in\hi:; couit in since 201617 rsultng in surlus sugar. For the year ended March 3 l, 2020, nnd previous ye!, the Company has incured loss:s due tr hig 511gafCac cost fxed by !ho Goveronts, and compBntve!y lower prices of fnished goods which are also being regulated and contolled, and other exteal fctors. Te operations of the company though rtmained intact, however dueto contiuing losse, its net worh has been flly eroded resultng i its filu I meeting its payment obligations to lender ad sugarane farer i ters oi respective agreement and understanding. Mcunwhile, r ogi.ing the induslT requircmcnt, the Goverment hM implemented a .nw,nb�r of measures to Improve the fnn1,cial health of te �ugnr indusi, including suppor fr liquidation ofc!ic nrears, fxing minimum obligation fr export t maago thc'augar invcntoi, fxation of Minimum Suppor Prce (M'SP) of sugar, providing eHsh iuhsidics on produotion �nd a1por of sugar, ad mandator blending of ethanol with petrol at cer!iin level with remunertive prce of etanol. Tn eddition, pur.unnt to nn orrler nf Hnn'blc High Court of Uttar Pr-eSh, pronounu" i11 favour of �ug�r ln<u�tr, th� Gugar in,1u11tr if well lG the Com1rnny i� confdent IO receive much awaited amounts being accrued benefts du� to it fom state goverment under the erstwhlle Sugar Prom1,tion Pulicy 2004-09. All t1o�c menrures nr_e expected to refect in rvival of1he sugar ind11str on sustainable bais. Ba on these positive steps, a Jong with other interl me1,surc: the ni gement believes tat opcration at it manufcturng facilitie will reai continue in the near foreseeable fture on regular basis. On account of delays in servicing of loans, the !cmlcrs to !he Compay have initated recover prceeding nt varou frms, including fling of application befor National Company Law Trbunal under Section 7 Of the lnso!vency 1Lnd Bankptcy Code, 2016 by two of the lenders and approaching Debi Rcovei TrbllD {ORT) fr recovery of their duos. One of the lender hnd declared the Company and Gartor to the credit facil!t, as willfl defaulwrs, which has been set aside by the_Hon'ble Chandigarh High Cour. Against � criminal complaint fled by one of the lend,es witq the investiatng agencies, te cmfc,rccment diectorte hd passed an a�achment order against cemin assets of the Company 10 the extant of R. 109.80 cram;, against which the Compay hat, prefered an 1pp�1 with te approprate authority. The 9ompany has submitted a comprehensive debt resolution proposal with n!l te Coieicial banks and realignent of dues with othe lendel, cnmmensurting with its fture cash flows. Majority of commercial lender haye shrnpact�fCOVlJ) t9 Paudem!C\ ..\ .\ ·\ ·.\ _ . .. \ _\ ··.! .·. _:·: .. /_':'-.·.\ . .· ·\ •.· \ Te spread ofCOV 19 pandemic ad natlonwid� lockd(lwo has.cuied diSpton ofs_upji}�b.�it a�ross busie.ms and idu&tes in Indla. Sicetccompiy is\ engaged in te manufacturing of.Cssental Co_mni'oditie, tnely �teps )akff by the sOe_en\ Wive ensured rcgu!nr opemtons of the sugw mlls i U.P. However,\ Covld -19 crsis, has adversely impacted domcslic demd uf suga and of ethanol during cpmplete luckdow perods. Under th� directives of Miist of Home\ afir and Slate Guvemment, the Compay bas starte manufctur:1g of had sniti_ir in it disti er dvisions. The demand for te company's product is\ expected to rcciperte with th� grdu�l lifg oftatnnwidc lockdow by the Goveent:\ The Compay has considerd the potential impact ofCOVJD 19 and related reatictons;on·te cing aout of invenlory, ud f,ancial ad non-f1cili a ct\ and baed on the inforation availab!c to it up to the date cfujproviog the fancial 3ta\_em�nts written dow the value of iventor)' tn net reaible vWue. wherever\ required, an made pOvisions in fnoncial lnd non-finaciuJ a5s, However, the impuc� _of_COVID 19 u well a negative Outlook of suga aeotor on the carrying\ amount of its Propery, Pllt and Equipments and cons�quentl in1poent could not be ascerained and prvided fr due t;, non• avniiubility of rufaite\ information on account oflockdown restctions.\ ·\ ·\ As the date of apprval of these results, it is not possible to reliably estimate te ftre-fnancial efect of the COVID 19 si11a�o11 on the Company. Te impact\ assessmMt is a continuing process given the uncertainties associated wit nature and duraton of curent situaton. The evental irrpact may difer fom what ha\ been assessed by the Maongcment as at the dntc of approval of tese financial results. Te C,mpany will cntinue to closely monitor (y material change in fture\ economic conditions and take appropriate action a may be required.\ Considering the step� initiated for achieving turaround of sugar sectr, ongoing tisci ions with )enders fr reolution of their due� end continuing reguh,r\ manufactrin3 opertions in near freseeable fture, these fnancial sllteents are continued t be proscntcd on going concer bas,s, which contemplates realisation\ of assets and settlement ofliabilites, ln the normal course ofbusiness.\ Te loans availed by the Company bavc been classifed as �on-PerfoITing Assets (NPA)hy all the !ender to 1be Company and inter,ist thereon is uol being chagod\ to the loan account� by them as per prvniling practice, The Compan;r ba submitted a comprehensive debt resolution proposal with all te commercial bas and\ realignent of dues with other lenders, commensuraling \•W1 its fture cash fows. Majorit of commercial lender have shown c1e.r inc!inatiou to accept te debt\ resolution proposal of the Company. Accoringly, interest e�penses for te quarer ad year ende M!ll'ch 31, 2020 amounting to Rs. 3,430 Jac and Rs. 13,146 lacs\ (previous quarte and year wded Mach 31, 2019 Rs. 2,899 lacs ad Ri. f2,336 lacs) respectvely have not been rcogized in the honks of account. A total amout\ of Rs. 37,454 lacs towas accred interest ha� nnc been pr1>vided for i/t lhe books ofaCCouhts os at March 31, 2020. The Hoo'b!c High Cour ofUttar Pradesh has directed the State Gov'emment tn dctlrine:tt intercst·Jiabil!t for the perod of delai·ed payment of sugarcane prce frsuga seasons 2012-13 to 2014-15 but no notice of demand hH beim so far1tade fi_t� s1me. Furher, no n_otce fr demand hal i•een received for tbe interest on delayed payment t s_ugaane frmer for subsequcot sugnr seaens. b1,nce no provision for the se Js been made i te hooks ofa:count. , ·. · ,I • , ,• ' Ef&:tive fom April 01, 2019, the Company ha$ adopted !nd AS 116, "�caes", id aip!i,e� it lo all lease con1acl existing on Ap1il 01, 2019 using the modifed retospective approach. The efed of this adoption did not have any material impacts o_n· te_ rcrults for (e quarer Rll_d year ended March 31, 2020. In te cnns�lid�ted f acial results of the Company fr 1he YC �ded: Ma�ch 3_1, 202{1i�i_rd_ re;iewed fnancial reslt of �i,�bhaoli Power Privat•Limi1cd (SPPL), a material subsidiar has been considerd and consnlidated or.ly . for the perod ofninc_months inded D. mbcr 31, 2019, The fnancia rcsul1 ofSPPL fr the quarer ended March 31, 2020 have not been consolidated, as the annual fnancial_ Stat�ments/reult& ofSPPL ha Ve not been fmli�ed sod approved rill dte by SPPL. ConsoqUently, the ccnsolidalcd fmuicial stalemcnts/rosult nfthc Company a at Mah 31, 2020 have b�en prepared by consolidsticn based on te fgures repord in the limited reviewed standalone balnn� sheet of SPPL tw al Dcc"mber 31, 2019. T\e tan.�action.� enteied into betwen th• Company and SPPL durng te aforesaid tl1ree months' periods which have not been eliminated in the �onolidatcd fnancial re�11lt, have resulted an la crease in the Tola! Revenue_by_f 1,366 Ines and E1pcnses by R. 734 lacs. Further, Jncreuse In the bafaoccs pf subidiary of Rs. 272 Lacs ha bee11 icluded in the consolidatW balance oheet in the respective assets heads**
					rceeding nt varou frms, including fling of application befor 6 by two of the lenders and approaching Debi Rcovei TrbllD the credit facil!t, as willfl defaulwrs, which has been set aside by q the investiatng agencies, te cmfc,rccment diectorte hd passed ;, against which the Compay hat, prefered an 1pp�1 with te banks and realignent of dues with othe lendel, cnmmensurting he debt resoluton proposal of the CJmpany. -.·. . .· · •.· .�it a�ross busie.ms and idu&tes in Indla. Sicetccompiy is ive ensured rcgu!nr opemtons of the sugw mlls i U.P. However, plete luckdow perods. Under th� directives of Miist of Home t disti er dvisions. The demand for te company's product is cing aout of invenlory, ud f,ancial ad non-f1cili a ct ritten dow the value of iventor)' tn net reaible vWue. wherever VID 19 u well a negative Outlook of suga aeotor on the carrying scerained and prvided fr due t;, non• avniiubility of rufaite al efect of the COVID 19 si11a�o11 on the Company. Te impact f curent situaton. The evental irrpact may difer fom what ha pany will cntinue to closely monitor (y material change in fture with )enders fr reolution of their due� end continuing reguh,r e proscntcd on going concer bas,s, which contemplates realisation he !ender to 1be Company and inter,ist thereon is uol being chagod ensive debt resolution proposal with all te commercial bas and commercial lender have shown c1e.r inc!inatiou to accept te debt e M!ll'ch 31, 2020 amounting to Rs. 3,430 Jac and Rs. 13,146 lacs have not been rcogized in the honks of account. A total amout at March 31, 2020. ercst·Jiabil!t for the perod of delai·ed payment of sugarcane prce Furher, no n_otce fr demand hal i•een received for tbe interest on se Js been made i te hooks ofa:count. ,• ' o all lease con1acl existing on Ap1il 01, 2019 using the modifed s for (e quarer Rll_d year ended March 31, 2020. rd_ re;iewed fnancial reslt of �i,�bhaoli Power Privat•Limi1cd onths inded D. mbcr 31, 2019, The fnancia rcsul1 ofSPPL fr /reult& ofSPPL ha Ve not been fmli�ed sod approved rill dte by have b�en prepared by consolidsticn based on te fgures repord �action.� enteied into betwen th• Company and SPPL durng te t, have resulted an la crease in the Tola! Revenue_by_f 1,366 Ines a bee11 icluded in the consolidatW balance oheet in the respective

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

==> picture [384 x 310] intentionally omitted <==

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

During the quarter ended September 30, 2019, UMr Prade;l1 E\cctriciLy Regulatory Commlssion ('UPERC') has notified UPERC (Captive and Renewable Energy
Generating Plants) Regulations, 2019 ('CRE llegu!otl<ms 2019') which has, intor alia, redue<:d the !ariffopp!icable to bagasa11-bascd generation plants in the state of
Ut!ar Pradesh w.e.f, April l, 2019 which is significantly lower than the prevalllng tariff. A3 per CRE Regulations, such reduction in tariff was mado by UPERC
citing lower fixed and varinble cost� for these powcrp!ants, This reduction in tariff may have an adveroll impact on the businoss 11 1d operations ofSimbhaoli Power
Privatc.l.,imiteil (�$PPL''), a subsidiary company. Tho: m111 ag�ment ofSPPL believes $at there aie anowalies in the proces oftari!I:ixation and this reduced tariff
notified by UPERC is based on unrealistic US llll)plio11s anti i� contrary to pastpracticeS. SPPL, along with bagaue•hased co-genen�cro operating in the State, havo
filed a writ petition with Hon'blc High Court of Allahabad, Lucknow B6nch, cballen$i1)& CRE Regulations 2019 which have been accepted by the court. Pending
outcome of the petition, the managemc11t ofSPPL basis 011 opini011 of legal ceunsel, is 'con�dcot ofrelleffrom the Hoo'ble High Ct>Utt and suitable modification in
CRE Regulations 2019 and thus docs not expect !he finimuial implicati>lns of this, iflllly,"·to'bc material.
SPPL has accounted fur revenues from operations from April to September, 2019 at or_basls pre cR.E Regulations 2019 tarlffmtcs. W,e,f. Octet>« 01, 2019, SPPL
biis billed and accounicd for sale of power 10 the t/ttilr Predesh Power C_orporation Limited CUPPCL '), lhc cµstomcr ofSPPL, at reduced tariff rate under prOIClit and subject to outcome efHen'ble High Court 'decision on writ petition. · · ·
SPPL•� computation, shows that i:cvc�ue from opllra1io11� for lhe ni11e mo11tbs endt:d bcce!Dber 31, 2019 would have been lower by Rs. 797 la� and cost of
material consumed for tho nine months ende<l December 31, 2019· wc,uld have_ been lower by'Rs 52 Lacs, if accounted for at or bi sis reduced tariff as per CRE
any, in the tariff, Regulations 2019. Considering the current status 3Jtd lhe maner is sub-judice, it i� not possible for the management ofSPPL to estimate the extent 'of the change, if ·
The standalone rcsu!ts,a.re avll.Uab!e on Compu.uy's website www.simbh110 isugan;.com, The particul_a.rs Ill rcsp�t ohW!dalone rcm!�i are as Ulldcr:
. fRs. in Lees
. Parl culan ehtandDlone . 31,03.2010 ... Q, Uortcr elided 31.12.2019 31,03,ZOtll 31.03.202{· Year Ended 31.113.2019
Net Sales/Income from otiertioos 35,925 21,375 37,130 1.00 [•l4][4] 95,212
P1ofit/ Loss before tax 1,605 {901 1,327 '2,165 {4 [,915 ]
Profit Loss) after tax 1605 90l !,327
Other Comorchensive Income ,272 2 261 2 ' 6\
Totnl Comorehensive lnoome 1,333 (901 (934 17176)
EBlTDA 3 328 3,434 4,.599
9 The lisures for the last qunrtcr arc the balancing figures between tbe nuditcd figures in rtspect of full financial ycai-lll d tho publi�he,L unaudilcd year to dete figures
upto the third quilrler of the f'ioancial year
10 Sugar, one of the major businesses of the Company, Is a part ofscasom,l industry. The results may vacy from quarter to qua.f\or,
) I The previous periods figures have been regroupcd/remTflllged whcrovcrn�cessaiy
\2 Tho above results were reviewed ond recommended by the Auilit Committee aiid approved by the Board of Directors of the C0mp11n:r at their meetings held on July
ForSimbhnoli SuRaJ'!I Limited
GURSIMRAN KAUR MANfj·• /�- �-
GimimmnKallfMWUI
Place: Noida M011 ging Directo
Dato; July 30,2020 DIN: 00642094
30, 2020
784
12,437
12 165
2,360
14,915
----- End of picture text -----

==> picture [415 x 154] intentionally omitted <==

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

• ·-
/ i) i'.P
' "',] p ,)
� .. -- ,, . .,
----- End of picture text -----

==> picture [30 x 75] intentionally omitted <==

==> picture [18 x 96] intentionally omitted <==

AI assistant

Simbhaoli Sugars Ltd — Audit Report / Information 2020

62139_rns_2020-07-30_df8339e9-a866-4706-a324-e2cf648837ab.pdf

Scrip Code: NSE: SIMBHALS BSE: 539742

MITTAL GUPTA & CO. CHARTERED ACCOUNTANTS 14, �aton Mahal, 15/197, Gv! lines, Konpur-208 001 Tel. : 0512-2303234, 2303235 •Fox: +91512-40091 ll •E-mail: [email protected]

. To

Qualified Opinion

.[Basis of Qualified Opinion ]

MITTAL GUPTA& CO. CHARTERED ACCOUNTANTS

Mllterial Uncertainty related to Going Concern:

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

MITTAL GUPTA. & CO. CHAJ!TERED ACCOUNTANTS . 14, Rotan Mahal, 15/197, CT vii lines, Kanpur• 208 001 CA Tel.: 0512-2303234, 2303235 •Fax: +91512-4009111 •£-ma�: [email protected]

Management's Responsibilities for the Standalone financial Results

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

Other Matters·

SIMBHAOLI SUGARS LlllflTED

Notes to Standalone results:

lmpactofCOVID19Pandemic

For SIMBHAOLI SUGARS LIMITED

Statement on Impact of Andit Qnalifications on Standalone Audited Financial Results for the Financial Year ended March 31, 2020

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

I.

II. Audit Qualification (each audit qualification separately):

a. Details of Audit Qualification:

b. Type of Audit Qualification:

MITTAL GUPTA & CO. CHARTERED ACCOUNTANTS

Qualified Opinion

MITTAL GUPTA & CO. C H A R l E R E D A C C O U[0] .N l A N T S 14, Rolon.Mahal, 15/197, Civillines, Kanpur., 208 ~~otn~~ Tel. : 0512-2303234, 2303235 •Fox: +91512-4009111 .•[t] -moil: [email protected]

MITTAL GUPTA & CO. CHAR.TERED AC.C.OUNTANTS 14, Roton Moho!, 15/197, Ovil Lines, Kanpur,- 208 001 Tel. : 0512-230�234, 2303235 • Ftix: +91512-.40091 fl • E[0] mod: [email protected]

MITTAL GUPTA & CO. C H A R T E R E D .. A. C C O, U N T A N T S 14, Rolon Mahal, 15/197, Gvil U�es, Kanpur- 208 001 _CA Tel.: 0512-2303234, 2303235• Fox: +91512-4009111 •E-mail: [email protected]

MITTALGUPTA& CO. CHARTERED ACCOUNTANTS

14, Roton Mahal, 15/197, Gvil lines, Konpu;. 208 001 Tel.: 0512-2303234, Z303235• Fox: +91\12-4009111 •E-moil: [email protected]

MITTAL GUPTA & CO . CHARTERED ACCOUNTANTS

b)

c)

. For MITTAL GUPTA & CO.

Statement Of Assets and Liabilities

SIMBHAOLI ,'ilJGAA5 Lil'>tn:ED (Formerly hown as 'Slmbhaoli ��iii!s Limited')

C0!'1SOLIDATED C::.ASH FLOW S'IATEMENT FOR-TflE PERIOD ENDED MARCH 3t, 2020

Notes to Consolidated results:

Impact of COVID 19 Pandemic

10. The previous periods figures havt;! been r:egrouped/rearr�nged Wh1;:irever n·e���ary.

Statement on Impact of Audit Qualifications on Consolidated Audited Finandal Results for the Financial Year ended. M11rch 31, 2020

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

I.

II. Audit Qualification (each audifqualification separately): .. ·

a. Ddails of Audit Qualification:

More from Simbhaoli Sugars Ltd

Simbhaoli Sugars Ltd Audit Report / Information 2020

MITTAL GUPTA & CO. C H A R l E R E D A C C O U[0] .N l A N T S 14, Rolon.Mahal, 15/197, Civillines, Kanpur., 208 otn Tel. : 0512-2303234, 2303235 •Fox: +91512-4009111 .•[t] -moil: [email protected]

10. The previous periods figures havt;! been r:egrouped/rearr�nged Wh1;:irever n·e��ary.