42 ND Annual Report-1442821589

Corporate Data
SRI CHAMUNDESWARI SUGARS LIMITED
REGISTERED OFFICE BOARD OF DIRECTORS

No 88/5, Richmond Road
Shri. M. Srinivaasan B.E., MBA
Bangalore- 560 025
MANAGING DIRECTOR
CIN : L15435KA1970PLC001974
DIRECTORS
PLANT LOCATION
UNIT-I Dr. M. Manickam M.Sc., MBA
(Sugar, Distillery and Power Generation)
Shri. M. Balasubramaniam M.Com, MBA
Bharathinagara (K.M. Doddi)
Maddur Taluk, Mandya District Shri. V.K. Swaminathan B.Com
Karnataka State
Shri. A. Arjunaraj B.Sc., FCA
UNIT-II
Dr. A. Selvakumar M.E., Ph.D.
(Sugar Plant)
Srinivasapura, Channarayapatna Taluk, Dr. M.R. Desai M.B.B.S
Hassan District, Karnataka State
Smt. Susheela Balakrishnan B.A., F.C.A.,
STATUTORY AUDITORS
P.N. Raghavendra Rao & Co. CHIEF FINANCIAL OFFICER
Chartered Accountants
Coimbatore Shri. J.U. Srinivasan
INTERNAL AUDITORS
Brahmayya & Co COMPANY SECRETARY
Shri. Vignesa Somathurai Pandian
Bangalore
(upto 7.3.2015)
Shri. M. Rajendraprasath (w.e.f. 30.3.2015)
COST AUDITOR
Shri. M.R. Krishnamurthy
Cost Accountant BANKERS & FINANCIAL INSTITUTIONS
Bangalore IDBI Bank Limited
Allahabad Bank
SECRETARIAL AUDITOR State Bank of Mysore
Shri. M. Thirupal Gorige State Bank of India
Practicing Company Secretary State Bank of Travancore
Bangalore
IDFC Limited
The Karnataka State Co-operative Apex Bank Limited
The Hassan District Co-operative Central Bank Limited
The South Canara District Central Co-Operative Bank Limited
Bajpe VSS Bank Limited
1
CONTENTS
PARTICULARS PAGE NO
Notice to Shareholders 3
Board's Report 7
Management Discussion and Analysis Report 17
Secretarial Audit Report 18
Report on Corporate Governance 20
Independent Auditors' Report 26
Balance Sheet 28
Statement of Profit & Loss 29
Notes forming part of Financial Statements 32
Cash Flow Statement 47
Performance Report 48
2 SRI CHAMUNDESWARI SUGARS LIMITED

Notice of the Annual General Meeting
NOTICE TO SHAREHOLDERS
NOTICE is hereby given that the Forty Second Annual General 2010 and pursuant to the provisions of Section 181 and other
Meeting of the Members of the Company will be held at Hotel applicable provisions, if any, of the Companies Act, 2013, the
Woodlands, No. 5, Raja Ram Mohan Roy Road, Bangalore-560025 Board of Directors of the Company be and is hereby authorized to
on Friday, 25th September 2015 at 2.30p.m to transact the following contribute, in any financial year, to bona fide charitable and other
business: funds, upto a limit of ` 50,00,000 (Rupees Fifty lakhs only) or such
1. To Consider and adopt the Directors' Report and the Audited amount as may be permissible under Companies Act 2013
Financial Statements for the year ended 31st March 2015 and the whichever is greater."
Auditors' Report thereon.
2. To appoint a Director in the place of Dr. M. Manickam (DIN By order of the Board
00102233), who retires by rotation and, being eligible, offers For Sri Chamundeswari Sugars Limited
himself for re-appointment. Date : 07.08.2015 M. Rajendraprasath
3. To consider and if thought fit to pass with or without Place : Coimbatore Company Secretary
modification(s) the following resolution as an Ordinary
Resolution: Notes:
"RESOLVED THAT pursuant to the provisions of Section 139 and 1. Pursuant to Provisions of Section 105 of the Companies Act, 2013
other applicable provisions if any of the Companies Act 2013 and with respect to Proxy:
the Rules made thereunder and pursuant to the A member entitled to attend and vote at the Annual General
recommendations of the Audit Committee, the re-appointment Meeting is entitled to appoint a Proxy. Proxy need not be a
of M/s P N Raghavendra Rao & Co Chartered Accountants (FRN: member of the Company. Proxy so appointed shall not have any
003328S) as the Statutory Auditors of the Company for the right to speak at the meeting and shall not be entitled to vote
financial year 2015-2016 be and is hereby ratified at such except on a poll. A person can act as a proxy on behalf of not more
remuneration as may be determined by the Board of Directors." than fifty members and holding in aggregate not more than ten
Special Business: percent of the total Share Capital of the Company. Members
4. To consider and if thought fit, to pass with or without holding more than ten percent of the total Share Capital of the
modification, the following resolution as an Ordinary Company may appoint a single person as proxy, who shall not act
Resolution: as a proxy for any other Member. The duly completed and signed
instrument of Proxy, in order to be effective, should be deposited
"RESOLVED THAT pursuant to the provisions of Sections 149, 152,
at the Registered Office, not later than 48 hours before the
160 and any other applicable provisions of the Companies Act,
commencement of the meeting. A Proxy Form is annexed to this
2013 and rules made thereunder read with Schedule IV to the Act,
Report. Proxies submitted on behalf of limited companies,
Smt Susheela Balakrishnan (DIN:07140637), who was appointed
societies, etc., must be supported by an appropriate resolution /
as an Additional Director of the Company by the Board of
authority, as applicable.
Directors with effect from March 30, 2015 and who holds office up
to the date of this Annual General meeting in terms of Section 161 2. The relative Explanatory Statement as required under Section
of the Companies Act 2013 and in respect of whom the Company 102 of the Companies Act, 2013 in respect of Special Business are
has received a notice in writing from a member proposing the given forming part of the Notice.
candidature of Smt Susheela Balakrishnan for the office of the 3. The Register of Members of the company will be closed from
Director of the Company, be and is hereby appointed as an 16th September, 2015 to 25th September, 2015 (Both days
Independent Non-Executive Director of the Company for a first inclusive).
term of five consecutive years commencing from the date of 42nd 4. M/s.Canbank Computer Services Limited, Bangalore are the
Annual General Meeting and she is not liable to retire by authorized Registrars and Share Transfer Agents. Members are
rotation." requested to correspond with them directly for non-receipt of
5. To consider and if thought fit, to pass with or without share certificates, share transfers, transmission, change of
modification, the following resolution as an Ordinary address, consolidation of certificate, splits of certificate,
Resolution: registration of Power of Attorney, non-receipt of dividend and on
"RESOLVED THAT pursuant to the provisions of Section 148 and all other queries in the following address.
other applicable provisions, if any of the Companies Act, 2013 Canbank Computer Services Limited
read with Companies (Audit and Auditors), Rules, 2014 and other Unit: Sri Chamundeswari Sugars Limited,
rules applicable and made there under, as amended from time to No.218, J.P.Royale, 1st Floor
time, the remuneration of ` 50,000 to Shri M R Krishnamurthy, 2nd Main, Sampige Road (Near 14th Cross)
(M.No.F7568) Cost Accountant Bangalore for conducting Cost Malleswaram, Bangalore - 560003.
Audit for the financial year ending 31st March 2016." Ph.: 080-23469661/62/64/65
6. To consider and if thought fit, to pass with or without Fax: 080-23469667/68
modification, the following resolution as an Ordinary E-mail: [email protected]
Resolution: 5. Email ID: Company has provided an exclusive E-mail ID
"RESOLVED THAT in supersession of the Resolution passed at the [email protected] for investors to send
Annual General Meeting of the Company held on 13th September their requests/grievances/complaints in electronic mode.
3
42nd ANNUAL REPORT
6. The matured deposits and proceeds of fractional shares remain II. The facility for voting through ballot paper shall be made
unclaimed for a period of seven years will be transferred to available at the AGM Hall and the members attending the
Investor Education and Protection Fund, if any. meeting who have not cast their vote by remote e-voting shall be
7. Nomination Facility: able to exercise their right at the meeting through ballot paper.
Section 72 of the Companies Act, 2013 provides inter-alia the III. The members who have sent their vote by remote e-voting prior
facility of nomination for shareholders and debenture holders. to the AGM may also attend the AGM but shall not be entitled to
Nomination can be made by either single or joint holders. cast their vote again.
8. A brief resume in respect of the proposed re-appointment / IV. The remote e-voting period commences on 22nd September,
appointment of Directors is attached herewith in terms of Clause 2015 (9.00 am) and ends on 24th September,2015 (5.00 pm).
49 of the Listing Agreement. During this period members' of the Company, holding shares
9. Members are requested to bring their copies of the Annual either in physical form or in dematerialised form as on the cut-off
Report to the meeting. date of 18th September, 2015 may cast their vote by remote
e-voting. The remote e-voting module shall be disabled by NSDL
10. Attendance slip has to be signed and delivered at the entrance of for voting after 24th September, 2015 (5.00pm). Once the vote
the meeting venue. on a resolution is cast by the members, the member shall not be
11. Pursuant to Section 101 and Section 136 of the Companies Act, allowed to change it subsequently.
2013 read with relevant Rules made thereunder, Companies can V. The process and manner for remote e-voting are as under.
serve Annual Reports and other communications through
electronic mode to those Members who have registered their a. Open email and open PDF file viz; "remote e-voting-pdf" with
e-mail address either with the Company or with the Depository. your Client ID or Folio No. as password. The said PDF file
Members holding shares in demat form are requested to register contains your user ID and password/PIN for remote e-voting.
their e-mail address with their Depository Participant(s) only. Please note that the password/PIN for remote e-voting.
Members of the Company, who have registered their e-mail Please note that the password is an initial password.
address, are entitled to receive such communication in physical b. Launch internet browser by typing the following
form upon request. The Notice of AGM, Annual Report and URL:http://www.evoting.nsdl.com/
Attendance Slip are being sent in electronic mode to Members c. Click on shareholder - Login.
whose e-mail IDs are registered with the Company or the d. Put user ID and password as initial password/PIN noted in
Depository Participants. Physical copy of the Notice of AGM, step (a) above. Click Login.
Annual Report and Attendance Slip are being sent to those e. Password change menu appears. Change the password/PIN
Members who have not registered their e-mail IDs with the with new password of your choice with minimum 8
Company or Depository Participant(s) and to those Members digits/characters or combination thereof. Note new
who have requested for physical copies. Members who have password. It is strongly recommended not to share your
received the Notice of AGM, Annual Report and Attendance Slip password with any other person and take utmost care to keep
in electronic mode are requested to print the Attendance Slip and your password confidential.
submit a duly filled in Attendance Slip at the registration counter
to attend the AGM. f. Home page of remote e-voting opens. Check on remote
e-voting: Active Voting Cycles.
12. As required under the listing agreement, those shareholders who
does not have access to e-voting facility, the Company has g. Select "EVEN" of "Sri Chamundeswari Sugars Limited"
enabled a ballot paper facility in lieu of e-voting. A member h. Now you are ready for remote e-voting as Cast Vote page
desiring to exercise vote by postal ballot is requested to carefully opens.
read the instructions printed in the ballot paper form and return i. Cast your vote by selecting appropriate option and click on
the form duly completed in the attached self addressed business "Submit" and also "Confirm" when prompted.
reply envelope so as to reach the scrutinizer on or before 21st j. Upon confirmation, the message "Vote cast successfully" will
September 2015. be displayed.
13. Members are provided with the facility of exercising their rights in k. Once you have voted on the resolution, you will not be
electronic mode as required under Section 108 of the Companies allowed to modify your vote.
Act. The procedures for e-voting is given hereunder: l. Institutional shareholders (i.e. other than individuals, HUF,
Please follow all steps from Sl.No.(II) to Sl.No.(XII) overleaf, to cast NRI etc.) are required to send scanned copy (PDF/JPG Format)
vote. of the relevant Board Resolution/Authority letter etc.
Voting through electronic means. together with attested specimen signature of the duly
I. In compliance with provisions of Section 108 of the Companies authorised signatory(ies) who are authorized to vote to the
Act, 2013, Rule 20 of the Companies (Management and Scrutinizer through e-mail to [email protected] with a
Administration) Amendment Rules, 2015 and Clause 35B of the copy marked to [email protected]
Listing Agreement, the Company is pleased to provide the VI. In case of any queries you may refer the Frequently Asked
members facility to exercise their right to vote on resolutions Questions (FAQs) for Members and remote e-voting used
proposed to be considered at the 42nd Annual General Meeting manual for Members available at the downloads section of
(AGM) by electronic means and the business may be transacted www.evoting.nsdl.com or call on toll free no:1800-222-990.
through e-Voting Services. The facility of casting the votes by VII. If you are already registered with NSDL for remote e-voting then
members using an electronic voting system from a place other you can use your existing user ID and password/PIN for casting
than venue of the AGM) ("remote e-voting") will be provided by your vote.
National Securities Depository Limited (NSDL).

VIII. You can also update your mobile number and e-mail id in the user XIII. Shri Thirupal Gorige, Practicing Company Secretary
profile details of the folio which may be used for sending further (Membership No.F6680-CP No.6424) No.87 2nd Floor, 21st
communication(s). Cross, 7th Main, N.S.Palaya, BTM 2nd Stage, Bangalore - 560076
IX. The voting rights of members shall be in proportion to their has been appointed as Scrutinizer for providing facility to the
shares of the paid up equity shares capital of the Company as on members of the Company to scrutinize the voting and remote e-
the cut-off date of 18th September, 2015. voting process in a fair and transparent manner.
X. Any person, who acquired shares of the Company and become XIV. The Chairman of the Meeting Shall at the AGM at the end of
member of the Company after dispatch of the notice and holding discussion on the resolution on which voting is to be held, allow
shares as of the cut-off date i.e. 18th September, 2015, may voting with the assistance of scrutinizer by use of "Ballot Paper"
obtain the login ID and password by sending a request at for all those members who are present at the AGM but have not
[email protected] or [email protected]. cast their votes by availing the remote e-voting facility.
However, if you are already registered with NSDL for remote e- XV. The Scrutinizer shall after the conclusion of voting at the general
voting then you can use your existing user ID and password for meeting, will first count the votes cast at the meeting and
casting your vote. If you forgot your password, you can reset your thereafter unblock the votes cast through remote e-voting in the
password by using "Forgot User Details/Password" option presence of at least two witness not in the employment of the
available on www.evoting.nsdl.com or contact NSDL at the Company and shall make, not later than three days of the
following toll free no:1800-222-990. conclusion of the AGM, a consolidated scrutinizer's report of the
XI. A member may participate in the AGM even after exercising his total votes cast in favour or against, if any, to the Chairman of the
right to vote through remote e-voting but shall not be allowed to meeting or a person authorised by him in writing, who shall
vote again at the AGM. countersign the same and declare the result of the voting
forthwith.
XII. A person, whose name is recorded in the register of members or
in the register of beneficial owner maintained by the XVI. The Results declared along with the report of the Scrutinizer shall
depositories as on the cut-off date only shall be entitled to avail be placed on the websites of the Company and NSDL after the
the facility of remote e-voting as well as voting at the AGM declaration of result by the Chairman of the meeting or a person
through ballot paper. authorized by him within the prescribed period.
EXPLANATORY STATEMENT UNDER SECTION 102 OF THE COMPANIES ACT, 2013

Item No. 4: At the Board Meeting held on 30th May 2015, Shri M R Krishnamurthy
Ordinary Resolution relating to Appointment of Smt Susheela Cost Accountant has been appointed for conducting Cost Audit for the
Balakrishnan as an Independent Director of the Company. financial year ending 31st March 2016 with remuneration of
The Board of Directors co-opted Smt Susheela Balakrishnan as an ` 50,000 as recommended by the Audit Committee.
Additional Director from 30.03.2015 pursuant to Section 161 of the Pursuant to Rule 14 of the Companies (Audit and Auditors) Rules,
Companies Act, 2013. She holds office till conclusion of this Annual 2014, which prescribes that the remuneration payable to Cost Auditor
General Meeting. is to be ratified by the members at the General Meeting.
Smt Susheela Balakrishnan is a Practicing Chartered Accountant, None of the Directors and Key Managerial Personnel of the Company
Partner in M/s. Susheela Balakrishnan Associates, Chartered and their relatives are concerned or interested, financial or
Accountants,. She specializes in Audit, Taxation, Finance and otherwise, in the resolution except and to the extent they are
Company Law Matters and has over 29 years of experience. The Board member of the Company.
considers that her continued association would be of immense Item No.6:
benefit to the Company. She fulfills the conditions specified in the
Ordinary Resolution relating to Section 181 of the Companies Act,
Companies Act, 2013 for appointment as an Independent Director for
a first term of five consecutive years commencing from the date of 2013
ensuing 42nd Annual General Meeting. The Company can contribute towards bonafide charitable and other
A Notice in writing along with deposit of ` 1,00,000 has been received funds upto 5% of its average net profits for the three immediately
from a member proposing Smt Susheela Balakrishnan for the Office of preceding years. The Members approval is sought under section 181
Independent Director as required under section 160 of the of the Companies Act 2013 to the Board of Directors to make
Companies Act, 2013. Smt Susheela Balakrishnan is not having any contribution to bonafide charitable and other funds upto
beneficial interest in the company and has also submitted her consent ` 50,00,000/- or 5% of its average net profit for the immediately three
to act as a Director in Form DIR-2 and other declaration as required by preceding years whichever is higher.
the Companies Act, 2013 and the related rules thereon and clause 49 None of the Directors and Key Managerial Personnel of the Company
of the Listing Agreement. and their relatives are concerned or interested, financial or
Except Smt Susheela Balakrishnan, being an appointee, none of the otherwise, in the resolution except and to the extent they are
Directors and Key Managerial Personnel of the Company and their member of the Company.
relatives is concerned or interested, financial or otherwise, in the By order of the Board
resolution except and to the extent they are member of the Company. For Sri Chamundeswari Sugars Limited
Item No. 5: M. Rajendraprasath
Date : 07.08.2015
Ordinary Resolution relating to ratification of Remuneration Fixed to Place : Coimbatore Company Secretary
Cost Auditor
5
42nd ANNUAL REPORT
Annexure to the Notice
A Brief resume in respect of the proposed appointment /re-appointment of Directors is given below in terms of Clause 49 of the Listing
Agreement
Particulars Dr. M. MANICKAM Smt. SUSHEELA BALAKRISHNAN
DIN 00102233 07140637

Date of Birth 24th March 1956 (59 Years) 20th June 1950 (65 Years)
Date of Appointment on the Board 27th July 1987 30th March 2015
Qualification M.Sc., MBA B.A., FCA
Experience Rich Experience in Industrial and Business Rich experience in the field of Audit, Finance,
Management taxation and company law matters.
No of Shares held in the Company 2669 500
Other Directorship: 1. Sakthi Auto Component Ltd.
2. ABT Limited.
3. Kovai Medical Centre & Hospital Ltd.
4. Sakthi Finance Limited.
5. Sakthi Sugars Limited.
6. Sakthi Properties (CBE) Limited.
NIL
7. The Gounder and Company Auto Limited.
8. ABT Foods Retailing (India) Ltd.
9. Nachimuthu Industrial Association
10. Anamallais Bus Transports P Ltd
11. ABT Infosystems P Ltd
12. ABT Healthcare P Ltd
Members/Chairmanship of
Committees in Sri Chamundeswari NIL NIL
Sugars Limited.
Members/Chairmanship of 1. Sakthi Finance Limited - Stakeholders
Committees in other Public Relationship Committee - Chairman.
Limited Companies NIL
2. Sakthi Sugars Limited - Stakeholders
Relationship Committee - Member.
Relation with other Directors Shri M. Balasubramaniam - Brother
Shri M. Srinivaasan - Brother. NIL
Last drawn remuneration : NIL NIL

Board's Report
BOARD'S REPORT
Dear Members and Protection Fund account on 17th January, 2015 amounting to a
Your Directors have pleasure in presenting the 42nd Annual Report total of `. 1,79,040/-
together with the Audited Financial Accounts of the Company for the MATERIAL CHANGES AND COMMITMENTS
financial year ended 31st March, 2015.
No Material changes occurred subsequent to the close of the financial
FINANCIAL RESULT year of the Company to which the balance sheet relates and the date
of this report.
Particulars 2014-15 2013-14 There is no change in the nature of business of the company.
Profit Before Interest and EXTRACT OF ANNUAL RETURN
Depreciation 2373.07 3293.04
The Extract of Annual Return as required under section 92(3) of the
Less: Interest 3070.24 3076.05 Companies Act, 2013 and rule 12(1) of the Companies (Management
Depreciation and and Administration) Rules, 2014, in Form MGT-9 is annexed.
Amortisation 1259.91 4330.15 1819.35 4895.40
Profit / (Loss) Before Tax (1957.08) (1602.36) DIRECTORS' RESPONSIBILITY STATEMENT
Less : Income Tax Expenses The Directors' Responsibility Statement referred to in clause (c) of
Deferred Tax Liability/ sub-section (3) of Section 134 read with Section 134(5) of the
(Asset) (586.09) (519.89) Companies Act, 2013, is hereby confirmed that-
Profit / (Loss) after Tax (1370.99) (1082.47) (a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper
Review of Operations: explanation relating to material departures, if any
Division wise performance is as under: (b) the directors had selected such accounting policies and applied
Co-generation
Cane Sugar Production (Power them consistently and made judgments and estimates that are
Recovery
Units Crushed Produced of Alcohol Generated) reasonable and prudent so as to give a true and fair view of the
Lakh MTs Lakh Qtls. (%) Lakh Ltrs. Crore Units state of affairs of the company at the end of the financial year and
Bharathinagara of the profit and loss of the company for that period;
2014 - 2015 6.52 6.05 9.39 131.24 11.25 (c) the directors had taken proper and sufficient care for the
2013 - 2014 6.18 5.74 9.21 146.83 10.49 maintenance of adequate accounting records in accordance with
Srinivasapura the provisions of this Act for safeguarding the assets of the
2014 - 2015 2.14 2.00 9.33 – – company and for preventing and detecting fraud and other
2013 - 2014 2.12 2.06 9.61 – – irregularities;
(d) the directors had prepared the annual accounts on a going
During the year under review the alcohol and power prices were concern basis;
steady. The agreement for development of part of Real Estate Assets
has been re-negotiated. The Company had incurred losses mainly due (e) the directors, had laid down internal financial controls to be
to depleted sugar prices which went down as low as ` 22.80 per KG followed by the company and that such internal financial
(During March 2015) controls are adequate and were operating effectively, and;
The Karnataka Sugarcane (Regulation of Purchase & Supply) Act, 2013 (f) the directors had devised proper systems to ensure compliance
has been amended enabling the sugar factories to start the crushing with the provisions of all applicable laws and that such systems
operations by paying applicable FRP. Accordingly your factory has were adequate and operating effectively.
started crushing operations by paying the FRP applicable to your AUDITORS and AUDITORS REPORT thereon
Company.
M/s P.N. Raghavendra Rao & Co. (Firm Regn. No. 003328S), Chartered
The Company is in the process of expansion of production capacity at Accountants, who were re-appointed as Statutory Auditors for a
sugar unit - II, located at Srinivasapura, Hassan District along with 18 period of 3 years at the Annual General Meeting held on 25th
MW Co-generation plant and upgrading the technology at unit - I, September, 2014. Their re-appointment and payment of
located at Bharathinagara, Mandya District to optimize the remuneration are to be ratified in the ensuing Annual General
performance. Meeting in accordance with the provisions of Section 139 (1) of the
DIVIDEND Companies Act, 2013.
Due to inadequacy of profits, the directors are not recommending any With regard to Auditor's remark on public deposits, we wish to state
dividend. that an application has been made under section 74 (2) of the
INFORMATION ABOUT SUBSIDIARY/ JV/ ASSOCIATE COMPANY Companies Act, 2013 to Company Law Board, Chennai Bench seeking
Company does not have any Subsidiary, Joint venture or Associate time till 31.03.2016 for the repayment of deposits and the order is
Company. awaited. The Notes on financial statements are self-explanatory.
TRANSFER OF UNCLAIMED DIVIDEND / DEPOSIT TO INVESTOR LOANS, GUARANTEES AND INVESTMENTS
EDUCATION AND PROTECTION FUND There were no loans, guarantees or investments made by the
As per the provisions of Section 205 (c) of Companies Act, 1956, the Company under Section 186 of the Companies Act, 2013 during the
unclaimed deposits have been transferred to the Investor Education year under review and hence the said provision is not applicable
7
42nd ANNUAL REPORT
Board's Report
RELATED PARTY TRANSACTIONS

All the transactions with the related parties are in the ordinary course of business and on arm's length basis, thus disclosure in form
AOC-2 is not required.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO:
(A) Conservation of energy: ● Modification of Condensate Heater for Raw Juice to recover the waste
(i) Steps taken / impact on conservation of energy / thermal Energy from condensate water.
Heat and Electrical Energy, with special reference to ● Usage of IV Body vapour bleeding to raw juice.
the following: ● Usage of III Vapour for all the Molasses conditioners.
● Usage of III Vapour for B-Continuous pan boiling.
● Usage of Direct contact heater for clear juice heating to get minimum
approach of temperature.
● Periodical Energy / Thermal Audit has been carried out in SUGAR And
COGEN divisions to reduce energy requirement thereby enhancing the
power exported.
The above measures against conservation of thermal energy have helped to
reduce the steam % cane to the tune of 2.50% on cane for the season 2014 -
2015.
(ii) Steps taken by the company for utilizing alternate The Company primarily uses bagasse and green power, supplying the
sources of energy including waste generated surplus power to state grid.
(iii) Capital investment on energy conservation The company has invested about ` 20.00 Lakhs in thermal energy saving.
equipment
(B) Technology absorption:
1. Efforts, in brief, made towards technology Planting of sugarcane was initiated through single eye bud sets by procuring
absorption. "Bud cutting machine" and started production of single eye budded
sugarcane seedlings in Factory Nursery Farm and supplied to Farmers.
2. Benefits derived as a result of the above efforts, Research were made with direct planting of single eye Bud sets and saplings
e.g., product improvement, cost reduction, through the Nursery with same single bud sets. The sugarcane through
product development, import substitution, etc. Nursery produces the better result of extra tillers by 30% and the length of
the Node is also 15 cms against 10 - 11 cms of direct plantation of sugarcane
sets/chips. Almost 1,14,000 Seedlings of CO86032 were issued to farmers .
As a result Higher yield and recovery is achieved.
3. In case of imported technology (imported during
the last 3 years reckoned from the beginning of Nil
the financial year), following information may be
furnished:
a) Details of technology imported.
b) Year of import.
c) Whether the technology been fully absorbed
d) If not fully absorbed, areas where absorption
has not taken place, and the reasons therefore.
4. Expenditure incurred on Research and Nil
Development
(C) Foreign exchange earnings and Outgo

Earnings ` 29.38 lakhs
Outgo Nil
RISK MANAGEMENT year. The Board is also periodically informed of the business risks and
Periodic assessments to identify the risk areas are carried out and the action taken to manage them. The Company has formulated a
management is briefed on the risks in advance to enable the company policy for Risk management.
to control risk through a properly defined plan. The risks are classified DIRECTORS and KEY MANAGERIAL PERSONNEL
as financial risks, operational risks and market risks. The risks are During the current financial year the following changes have occurred
taken into account while preparing the annual business plan for the in the constitution of Directors / KMP of the company:

Board's Report
Date of b) The percentage increase in There is no increase in the actual

S. Name Designation Appointment/ Appointment/ remuneration of each director, remuneration paid to Managing
No cessation Cessation
Chief Financial Officer, Chief Director for the Financial Year
1 Dr. N Mahalingam Chairman 02.10.2014 Demise Executive Officer, Company 2014 - 2015. However, last year
2 Shri K N V Ramani Director 20.03.2015 Resignation Secretary or Manager, if any, in there was a reduction in the
the financial year: remuneration on account of the
3 Shri K Prakash Director 23.03.2015 Resignation
set off of remuneration paid by
4 Shri Vignesa Company 07.03.2015 Resignation another Company, in which he is
Somathurai Secretary a Joint Managing Director, in
Pandian (KMP) terms of Section II of Part II of
5 Shri M Rajendra Company 30.03.2015 Appointment Schedule XIII of the Companies
prasath Secretary Act, 1956.
(KMP) Other Directors/KMPs - NIL
c) The percentage increase in the
m e d i a n re m u n e ra t i o n o f Nil
Dr. N. Mahalingam, Chairman of the Company passed away on 2nd employees in the financial year:
October 2014. He was the Chairman of the Company for more than 4 d) The number of permanent
decades. His advice and guidance immensely benefitted the company employees on the rolls of 1106
in its growth and adherences to good corporate practices. His overall company:
contribution is immeasurable to the group as a whole and our e) The explanation on the
company in particular. We pledge to follow his high standards in the relationship between average NA
conduct of business and in all activities. increase in remuneration and
company performance:
RESIGNATION OF DIRECTORS
f) Comparison of the remuneration of the Key Managerial Personnel
Shri K.N.V Ramani and Shri K Prakash resigned from the board on against the performance of the company:
20.03.2015 and 23.03.2015 respectively. The board places its
%
appreciation for their outstanding contributions during their tenure Name Designation CTC increase The revenue from
of their office. in CTC o p e r a t i o n s h a d
Shri.M.Srinivaasan Managing 28.48 Nil increased from `
DEPOSITS 30236.76 lakhs to `
Director lakhs
35967.96 lakhs. The
The Company has not accepted any deposits during the year. As per Shri.J.U.Srinivasan Chief 11.36 Nil remuneration paid
section 74 of the Companies Act, 2013 the Company should have Financial lakhs to Key Managerial
repaid all the deposits even though it is not matured. As per that Officer Personnel has no
section the unpaid Fixed Deposit amount to ` 11,68,00,000/- (553 Shri.Vignesa Company 6.52 Nil direct correlation to
the performance of
depositors). An application has been made under section 74 (2) of the Somathurai Secretary lakhs
the company but
Companies Act, 2013, seeking extension of time till 31.03.2016 or as Pandian determined in the
on the date of maturity whichever is earlier for the repayment of (Resigned wef normal course of
these deposits. All the deposits matured / claimed during the year 07.03.2015) business
have been paid. The unclaimed deposits as on 31.03.2015 is
g) Variations in market capitalization of the company, price earnings
` 26,09,000/- (26 depositors)
ratio as at the closing date of the current financial year and previous
CORPORATE SOCIAL RESPONSIBILITY financial year and percentage increase over decrease in the
As there have been no profits available during the year, provisions of quotations of the shares of the company in comparison to the rate at
which the company came out with the last public offer
section 135 pertaining to corporate social responsibility are not
applicable to the Company. As per Section 135(5) of the Companies Particulars FY 2013- 14 FY 2014- 15 Variation (%)
Act, 2013 and Rule 8 of the Companies (Corporate Social Market Capitalization
Responsibility Policy) Rules, 2014 and schedule VII of the Companies (` crores) ` 60.27 ` 42.67 (29.20%)
Act, 2013, the company has duly constituted CSR Committee. The Price Earnings Ratio N.A N.A -
committee would decide the activities to be undertaken by the
company and the expenditures to be incurred on the same and h) Average percentage increase Average increase in salaries is
recommended the same to the board therefore the board approved already made in the salaries of 0.73% for Employees other than
the CSR policy. employees other than the Managerial Personnel .
managerial personnel in the last
PARTICULARS PURSUANT TO SECTION 197(12) AND THE RELEVANT financial year and its
RULES comparison with the percentage
increase in the managerial
a) The ratio of the remuneration Shri. M. Srinivaasan, remuneration and justification
of each director to the median Managing Director - 1:14 thereof and any exceptional
remuneration of employees for circumstances for increase in the
the financial year : managerial remuneration:
9
42nd ANNUAL REPORT
Board's Report
Shri A Arjunraj has been appointed as the independent director of the

i) Comparison of the each Refer point (f) above
company as per Section 149(10) of the Companies Act, 2013 on 25th
re m u n e rat i o n o f t h e key
September, 2014 for a term of 5 consecutive years on the Board of the
managerial personnel against
Company.
the performance of the company
Smt Susheela Balakrishnan has been appointed as an additional
j)The key parameters for any Except for the Managing
director of the company on 30th March 2015 subject to the approval
v a r i a b l e c o m p o n e n t o f Director and Executive Director
of the members at the ensuing AGM. If the resolution for her
remuneration availed by the (only for April, May & June 14)
appointment gets passed in the ensuing AGM, she will be an
directors: (only to Executive Director) no
Independent director as per section 149(10)of the Companies Act,
directors have been paid any
2013 for a period of five consecutive years.
remuneration, as only Sitting
Fees are paid to them. Variable The Board of Directors of the Company hereby confirms that all the
component is paid, as per the Independent directors duly appointed by the Company have given the
Compensation Policy of the declaration and they meet the criteria of independence as provided
Company under section 149(6) of the Companies Act, 2013.
k)The ratio of the remuneration SECRETARIAL AUDIT REPORT
No employee is remunerated
of the highest paid director to The Secretarial Audit Report as provided by Shri. M Thirupal Gorige,
more than the directors
that of the employees who are Practicing Company Secretary for the financial year ended, 31st
not directors but receive March, 2015 is annexed herewith.
remuneration in excess of the With regard to Secretarial Auditor's remark on public deposits, we
highest paid director during the wish to state that an application has been made under section 74(2) of
year the Companies Act, 2013 to Company Law Board, Chennai Bench
l) Affirmation that the It is affirmed that the seeking time till 31.03.2016 for the repayment of deposits and the
remuneration is as per the remuneration is as per the order is awaited. In respect of dividend for Cumulative Non
remuneration policy of the remuneration policy of the convertible preference share, the company did not declare any
company company dividend, as the company incurred loss during the said year.
COST AUDIT
ANNUAL EVALUATION Shri M.R Krishnamurthy (Membership No.7568), Cost Accountant,
Pursuant to the provisions of the Companies Act, 2013, the Board has was appointed as the Cost Auditor of the Company and their Audit
carried out an annual performance evaluation of its own report on the Cost Accounts of the Company for the period ended
performance, the directors individually as well as the evaluation of March 31, 2015, will be submitted to the Central Government in due
the working of its Audit, Nomination & Remuneration and course.
Compliance Committees.
In terms of the Companies (Cost Accounting Records and
A structured questionnaire was prepared after taking into Compliance)Rules, 2011, Cost Audit Report for the year ended 31st
consideration inputs received from the Directors, covering various March, 2014 was filed on 27.09.2014 and the due date for the same
aspects of the Board's functioning such as adequacy of the being 27.09.2014.
composition of the Board and its Committees, Board culture, VIGIL MECHANISM/ WHISTLE BLOWER POLICY
execution and performance of specific duties, obligations and
governance. As per Section 177(9) and (10) of the Companies Act, 2013, and as per
the Clause 49 of the Listing Agreement, the company has established
A separate exercise was carried out to evaluate the performance of Vigil Mechanism for directors and employees to report genuine
individual Directors, who were evaluated on parameters such as level concerns and made provisions for direct access to the Chairperson of
of engagement and contribution, independence of judgment, the Audit Committee. Company has formulated the present policy for
safeguarding the interest of the Company etc. The performance establishing the Vigil Mechanism/ Whistle Blower Policy to safeguard
evaluation of the Independent Directors was carried out by the entire the interest of its stakeholders, Directors and employees, to freely
Board. The performance evaluation of the Non Independent Directors communicate and address to the Company their genuine concerns in
was carried out by the Independent Directors. relation to any illegal or unethical practice being carried out in the
CORPORATE GOVERNANCE Company.
Report on Corporate Governance along with the Certificate of the SHARES
Auditors confirming compliance of conditions of Corporate a. BUY BACK OF SECURITIES
Governance as stipulated in the Listing Agreement with the Stock The Company has not bought back any of its securities during the
Exchanges forms part of the Board Report. year under review.
INDEPENDENT DIRECTORS and DECLARATION b. SWEAT EQUITY
Dr. M R Desai has been appointed as the independent director of the The Company has not issued any Sweat Equity Shares during the
company as per Section 149(10) of the Companies Act, 2013 on25th year under review.
September, 2014 for a term of 5 consecutive years on the Board of the c. BONUS SHARES
Company.
No Bonus Shares were issued during the year under review.
Dr. A Selvakumar has been appointed as the independent director of
d. EMPLOYEES STOCK OPTION PLAN
the company as per Section 149(10) of the Companies Act, 2013 on
25th September, 2014 for a term of 5 consecutive years on the Board The Company has not provided any Stock Option Scheme to the
of the Company. employees.

Board's Report
ORDERS PASSED BY REGULATORS/COURTS/TRIBUNALS. Companies Act, 2013. For the year ended 31st March, 2015, the Board
During the year the Company has not received any significant and is of the opinion that the Company has sound IFC commensurate with
material order from regulators/courts/tribunals impacting the status the nature and size of its business operations; wherein controls are in
of going concern and future operations of the company. place and operating effectively and no material weaknesses exist. The
Company has also a process in place to continuously monitor the
DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS existing controls and identify gaps, if any, and implement new and /or
The Company is having an adequate Internal Financial Controls ("IFC") improved controls wherever the effect of such gaps would have a
within the meaning of the explanation to Section 134 (5) (e) IFC of the material effect on the Company's operation.
SHARES IN UNCLAIMED SUSPENSE ACCOUNT
Particulars No of Shareholders No of Shares

Aggregate number of shareholders and the outstanding shares lying in the
Unclaimed Suspense Account at the beginning of the year 2,689 2,22,197
Number of shareholders who approached the issuer for transfer of
shares from the Unclaimed Suspense Account during the year Nil Nil
Number of shareholders to whom shares were transferred from the
Unclaimed Suspense Account during the year Nil Nil
Aggregate number of shareholders and the outstanding shares lying in
the Unclaimed Suspense Account at the end of the year 2,689 2,22,197
HUMAN RESOURCES AND INDUSTRIAL RELATIONS ACKNOWLEDGEMENT

During the year under review the human relations continued to be Your Directors wish to express their grateful appreciation to the
very cordial. The Company wishes to acknowledge the contribution of continued co-operation received from the Banks, Government
the employees at all levels of the organisation. Authorities, Customers, Vendors and Shareholders during the year
The Company has placed an Anti Sexual Harassment Policy in line with under review. Your Directors also wish to place on record their deep
the requirements of The Sexual Harassment of Women at the sense of appreciation for the committed service of the Executives,
Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal staff and Workers of the Company.
Complaints Committee (ICC) has been set up to redress complaints for For and on behalf of the Board of Directors
sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy. The Company has Date : 07.08.2015 M. Srinivaasan V.K. Swaminathan
not received any complaints received for disposal off during the year. Place : Coimbatore Managing Director Director
11
42nd ANNUAL REPORT
Form No. MGT-9
EXTRACT OF ANNUAL RETURN
as on the financial year ended on 31st March 2015
[Pursuant to section 92 (3) of the Companies Act, 2013 and rule 12 (1) of the Companies
(Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
CIN:- L15435KA1970PLC001974
Registration Date 14.12.1970
Name of the Company Sri Chamundeswari Sugars Limited
Category / Sub-Category of the Company Public Limited Company
Address of the Registered office and contact details 88/5, Richmond Road, Bangalore - 560025. Ph No. 080 2500 2500
Whether listed company Yes (In Dissemination Board of NSE)
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the company shall be stated:-
Name and Description of
Sl. No. NIC Code of the Product/service % to total turn over of the company
main products/ services
1 Sugar 10721 68.88
2 Industrial Alcohol 1101 14.36
3 Power 3510 12.40
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES -

The company does not have any holding, subsidiary or associate companies.
IV. SHAREHOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
i) Category-wise Share Holding
No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change
Category of Shareholders during
Physical % of Physical % of
Demat Total Demat Total
Total Shares Total Shares the year
A. Promoters
(1) Indian
a) Individual/ HUF 29,228 – 29,228 0.12 29,228 – 29,228 0.12 –
b) Central Government – – – – – – – – –
c) State Government – – – – – – – – –
d) Bodies Corporate 18,244,551 – 18,244,551 74.61 18,244,551 – 18,244,551 74.61 –
e) Banks / FI – – – – – – – – –
f) Any Other – – – – – – – – –
Sub-total (A) (1) 18,273,779 – 18,273,779 74.73 18,273,779 – 18,273,779 74.73 –
(2) Foreign
a) NRIs - Individuals
b) Other – Individuals
c) Bodies Corp. – – – – – – – – –
d) Banks / FI – – – – – – – – –
e) Any Other – – – – – – – – –
Sub-total – – – – – – – – –
(A) (2):- – – – – – – – – –
Total shareholding
of Promoter (A) =
(A)(1)+(A)(2) 18,273,779 – 18,273,779 74.73 18,273,779 – 18,273,779 74.73 –

Board's Report
No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change
Category of Shareholders during
Physical % of Physical % of
Demat Total Demat Total the year
Total Shares Total Shares
B. Public Shareholding
Institutions
a) Mutual Funds 200 – 200 0.0008 200 – 200 0.0008 –
b) Banks / FI – 150 150 0.0006 – 150 150 0.0006 –
c) Central Governments – – – – – – – – –
d) State Governments – – – – – – – – –
e) Venture Capital Funds – – – – – – – – –
f) Insurance Companies 133,332 – 133,332 0.55 133,332 – 133,332 0.55 –
g) FIIs – – – – – – – – –
h) Foreign Venture Capital – – – – – – – – –
i) Qualified Foreign Investor – – – – – – – – –
j) Others – – – – – – – – –
Sub-total (B) (1) 133,532 150 133,682 0.55 133,532 150 133,682 0.55 –
2. Non- Institutions
a) Bodies Corporate – – – – – – – – –
i) Indian 4,091,433 143,904 4,235,337 17.32 4,089,433 143,847 4,233,280 17.31 0.01
ii) Overseas – – – – – – – – –
b) Individuals
i) Individual shareholders
holding nominal share
capital upto ` 1 lakh 251,004 1,044,583 1,295,587 5.30 269,371 931,992 1,201,363 4.91 0.39
ii) Individual shareholders
holding nominal share
capital in excess of ` 1 lakh 366,683 128,863 495,546 2.03 588,880 – 588,880 2.41 (0.38)
c) Others
i) Directors & their relatives 2,683 5,597 8,280 0.03 2,693 5,587 8,280 0.03 –
ii) NRIs 2,132 1,632 3,764 0.02 2,932 1,266 4,198 0.02 –
iii) HUF 8,353 – 8,353 0.03 10,866 – 10,866 0.04 (0.01)
Sub-total - (B) (2) 4,722,288 1,324,579 6,046,867 24.73 4,964,175 1,082,692 6,046,867 24.73 –
Total Public
Shareholding (B)=
(B)(1)+(B)(2) 4,855,820 1,324,729 6,180,549 25.27 5,097,707 1,082,842 6,180,549 25.27 –
C. Shares held by
Custodian for GDRs & ADRs – – – – – – – – –
Grand Total (A+B+C) 24,454,328 – 24,454,328 – –
(ii) Shareholding of Promoters

Shareholding at the beginning of the year Share holding at the end of the year % change in
Sl % of total %of Shares % of total %of Shares share
Shareholders Name Shares of Pledged / Shares of Pledged / holding
No. No. of Shares the encumbered No. of Shares the encumbered during the
company to total shares company to total shares year
1 Shri. M. Manickam 2,669 0.011 – 2,669 0.011 – –
2 Shri. M. Balasubramaniam 2,666 0.011 – 2,666 0.011 – –
3 Shri. M. Srinivaasan 21,200 0.087 0.018 21,200 0.087 0.018 –
4 M/s. Chamundeswari
Enterprises P Ltd 4,469,066 18.275 – 4,469,066 18.275 – –
5 M/s. Sakthi Finance Limited 186,666 0.763 – 186,666 0.763 – –
6 Dr. N. Mahalingam 2,693 0.011 0.002 2,693 0.011 0.002 –
7 M/s. ABT Limited 1,170,208 4.785 1.794 1,170,208 4.785 1.794 –
8 M/s. ABT Industries Limited 7,466,666 30.533 – 7,466,666 30.533 – –
9 M/s. Sakthi Sugars Limited 681,146 2.785 – 681,146 2.785 – –
10 M/s. Sakthi Beverages Limited 4,266,666 17.447 6.543 4,266,666 17.447 6.543 –
11 M/s. ABT Finance Limited 4,133 0.017 – 4,133 0.017 – –
18,273,779 74.73 8.36 18,273,779 74.73 8.36 –
13
42nd ANNUAL REPORT
Board's Report
(iii) Change in Promoters’ Shareholding (please specify, if there is no change)
Shareholding at the beginning of the year Cumulative Shareholding during the year
Sl
Particulars % of total Shares of % of total Shares of
No. No. of Shares No. of Shares
the company the company
1 At the beginning of the year 18,273,779 74.73 18,273,779 74.73
2 Date wise Increase / Decrease in Promoters
Share holding during the year specifying the
reasons for increase / decrease (e.g. allotment /
transfer / bonus/ sweat equity etc): – – – –
3 At the end of the year 18,273,779 74.73 18,273,779 74.73
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
Sl
1 At the beginning of the year 4,561,902 18.65 4,561,902 18.65
3 At the end of the year 4,561,902 18.65 4,561,902 18.65
(v) Shareholding of Directors and Key Managerial Personnel:

Sl
1 At the beginning of the year 34,815 0.14 34,815 0.14
3 At the end of the year 34,815 0.14 34,815 0.14
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding / accrued but not due for payment
Secured Loans Un Secured
Particulars Deposits Total Indebtedness
Excluding Deposits Loans
Indebtedness at the beginning of the financial year
i) Principal 2,099,650,736.00 48,772,854.00 187,170,521.00 2,335,594,111.00
ii) Interest due but not paid 57,061,397.00 – – 57,061,397.00
iii) Interest accrued but not due 2,413,095.00 – 3,346,531.00 5,759,626.00
Total (i+ii+iii) 2,159,125,228.00 48,772,854.00 190,517,052.00 2,398,415,134.00
Change in Indebtedness during the financial year
Addition 1,123,815,864.00 1,352,000.00 – 1,125,167,864.00
Reduction 966,283,646.00 – 67,761,521.00 1,034,045,167.00
Net Change 157,532,218.00 1,352,000.00 (67,761,521.00) 91,122,697.00
Indebtedness at the end of the financial year
i) Principal 2,257,182,954.00 50,124,854.00 119,409,000.00 2,426,716,808.00
ii) Interest due but not paid 74,702,081.00 – – 74,702,081.00
iii) Interest accrued but not due 2,078,502.00 – 9,565,558.00 11,644,060.00
Total (i+ii+iii) 2,333,963,537.00 50,124,854.00 128,974,558.00 2,513,062,949.00

Board's Report
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
Shri. M. Srinivaasan Shri. K. Prakash

Sl. No. Particulars of Remuneration
Managing Director Executive Director*
1 Gross salary
(a) Salary as per provisions contained in
section 17(1) of the Income-tax Act, 1961 1,800,000 200,892#
(b) Value of perquisites u/s 17(2)
Income-tax Act, 1961 1,048,340 24,108
(c) Profits in lieu of salary under
section 17(3) Income-tax Act, 1961 – –
2 Stock Option – –
3 Sweat Equity – –
4 Commission – –
- as % of profit – –
- others, specify… – –
5 Others, please specify – –
Total (A) = (1+2+3+4+5) 2,848,340 225,000
Ceiling as per the Act 2,961,000 740,250
* Resigned on 23.03.2015
# Remuneration paid from April 2014 to June 2014
B. Remuneration to other directors:
Sl. No. Particulars of Remuneration Name of Directors Total Amount
1 Independent Directors
a Fee for attending board committee meetings Shri.K.N.V.Ramani 30,000
Dr.A.Selvakumar 116,000
Shri.A.Arjunaraj 96,000
Shri.M.Desai 5,000
Smt. Susheela Balakrishnan 10,000
b Commission –
c Others, please specify –
Total (a+b+c) 257,000
2 Other Non-Executive Directors
a Fee for attending board committee meetings Dr.N.Mahalingam 5,000
Dr.M.Manickam 40,000
Shri.M.Balasubramaniam 71,000
Shri.V.K.Swaminathan 102,000
b Commission –
c Others, please specify –
Total (a+b+c) 218,000
Total (B) = (1+2) 475,000
Total Managerial Remuneration (A+B) 3,548,340
Overall Ceiling as per the Act 4,176,250
15
42nd ANNUAL REPORT
Board's Report
C. Remuneration to Key Managerial Personnel Other than MD / Manager / WTD
Key Managerial Personnel
Sl. No. Particulars of Remuneration Shri. J.U. Srinivasan Shri. Vignesa Somathurai Pandian
Chief Financial Officer Company Secretary*
1 Gross salary
(a) Salary as per provisions contained in
section 17(1) of the Income-tax Act, 1961 1,025,327 577,869
(b) Value of perquisites u/s 17(2)
Income-tax Act, 1961 – –
(c) Profits in lieu of salary under
section 17(3) Income-tax Act, 1961 – –
2 Stock Option – –
3 Sweat Equity – –
4 Commission – –
- as % of profit – –
- others, specify… – –
5 Others, (Bonus & Medical) 111,508 74,442
Total 1,136,835 652,311
Ceiling as per the Act NA NA
*Resigned on 07.03.2015
VII. PENALTIES / PUNISHMENT / COMPOUNDING OF OFFENCES:
Nil

MANAGEMENT DISCUSSION AND ANALYSIS REPORT
1) Company Overview 5) Product and Segment-wise performance

The Company has a total sugarcane crushing capacity of 5250 Product wise performance:
TCD consisting of 4000 TCD at Bharathinagara Unit, Mandya 31.03.2015 31.03.2014
district and 1250 TCD at the leased factory located in Products Turnover % on Turnover % on
Srinivasapura Unit, Hassan District. The Company has also set up (` in Lakhs) Turnover (` in Lakhs) Turnover
a 26 MW Co-generation Power Plant and 50 KLPD Distillery at
Bharathinagara unit. The company is in the process of expansion Sugar 25,256.48 68.88 21,491.40 69.81
of Sugarcane Crushing capacity of 1250 TCD to 3500 TCD and Industrial Alcohol 5,265.93 14.36 5,657.23 18.38
establishment of Co-generation Power Plant of 18MW at the Power 4,545.67 12.40 3,634.45 11.81
leased factory unit located at Srinivasapura, Hassan District.
Segment wise results are given in the notes forming part of financial statements.
2) Industry Structure and Development: 6) Outlook:
India is the second largest sugar producer in the world. At present Due to the continuous excess sugar production in the last few
the global sugar production is in excess of consumption and years and the lack of export opportunities consequent to Global
consequent to which the sugar prices have come down by 50%. glut in sugar, the Indian market had an opening stock of 75 lakh
The lower sugar prices is the main reason for delayed cane Metric Tons as on 01/10/2014. The closing stock for the current
payments. The Government of India has taken initiative for year i.e. Sugar year 14-15 is estimated to be above 100 lakh
providing soft loan for reducing the cane arrears to some extent. Metric Tons with the production of about 280 lakh Metric Tons.
The following redressal measures are urgently required for The normal carry over stock should be equal to around 3 months
setting right the Sugar Industry's predicaments:- supply and we are having about 40 lakh Metric Tons in excess.
● Implementation of a revenue sharing formula for sugarcane The Sugar Industry associations namely SISMA, MAIN and ISMA
price wherein factory's obligation for paying sugarcane price have made repeated representation to Government of India for
would be limited to sharing of 70% on Sugar, Molasses, urgent redressal of the grave situation the Sugar Industry finds
Bagasse and Pressmud or 75% on Sugar Revenue alone and itself in.
should be payable in two installments. 7) Internal Control systems and their adequacy
● Creation of Sugar Stabilization Fund by Government of India The Company has well-established, robust internal control
in order to fund export subsidy, creation of strategic stock, systems and processes, commensurate with its nature of
interest subvention to sugar factories, direct subsidy to business and the size of operations, to ensure smooth
farmers etc. functioning. This safeguards assets against unauthorized use, as
● Exports of 30 lakhs MT of refined, white or raw sugar with a well as correct recording and reporting of transactions. Such
subsidy of ` 5000 per MT This Scheme should be made controls, subject to periodical review and monitoring by audit
effective immediately for a period of one year. committee and also ensure efficiency of operations, accuracy
● Re-introduction of a modified Sugar Export Promotion Act and promptness of financial reporting, besides complying with
applicable laws and regulations.
effective from Sugar Year 2015-16 which will cast an
obligation on each sugar mill to export a specified percentage The Company has an internal audit system to ensure that all
of production either directly or through another factory activities are monitored and controlled. Adequate internal
situated closer to the port. The nominated Sugar Factory checks are built in to cover all monetary transactions. These
should be compensated for the losses suffered, if any by the checks and controls are reviewed periodically for improvement.
factory nominating the export. 8) Financial Performance with respect to Operational
● Promotion of ethanol blending in petrol and diesel should be Performance
taken up in a rapid manner. A flexible ethanol blending This year has ended with a gross profit of `2373.07 Lakhs
program with petrol ranging from 5% to 25% should be before providing for interest and depreciation. After providing
followed. Higher blending ratios can be adopted in the years `3070.24 Lakhs for interest and `1259.71 Lakhs for depreciation,
of excess sugarcane production in order to avoid excess sugar the Loss before tax for the year is `1957.08 Lakhs (Previous
production. Introduction of flexi fuel vehicles will also help in year -loss `1602.36 Lakhs)
using higher ethanol blends. 9) Human Resources / Industrial Relations
3) Opportunities & Threats: The Company recognizes its employees to be the primary source
Opportunities of its inherent strength. The Company is committed to equal
employment opportunities to attract the best available talent
Export of Sugar would be possible if Government of India extends
and to ensure a competitive work force. It pursues management
the subsidy for the same. The Government of India has strongly practices designed to enrich the quality of life to its employees,
committed to ethanol blending programme. The Company is in develop their potential and maximize their productivity. The
the process of setting up the ethanol unit and the distillery unit Company's total employee strength, was 1106 as on 31st March
will run at full capacity by converting excess sugar in to alcohol. 2015
Threats The relationship between the management and employees is
The mismatch between the sugarcane price and excess sugar cordial.
production can result in adverse financial results. There would be During the year under review, no case was filed under Sexual
reduction in the cane area, consequent to cane arrears. Those Harassment of women at workplace (Prevention, Prohibition
areas would be taken for other competitive crops. and Redressal) Act, 2013.
4) Risks and Concerns : The company has created an excellent relationship with the
The Sugar Industry is going through a critical stage. We hope that farmers as well as other stakeholders including bankers.
the expected reform measures to be announced by the 10) Cautionary Statement
Government of India would restore, stability and viability of the Statements made in this report describing industry outlook as
Industry. well as the Company's plans, policies and expectations may
The monsoon not been very favorable so far and the crop constitute "forward-looking statements" within the meaning of
availability will depend upon the monsoon in the remaining applicable laws and regulations. Actual results may differ
period. materially from those either expressed or implied.
17
42nd ANNUAL REPORT
SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED 31ST MARCH 2015
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014]
To (f) The Securities and Exchange Board of India (Registrars to an

The Members Issue and Share Transfer Agents) Regulations, 1993
Sri Chamundeswari Sugars Limited regarding the Companies Act and dealing with client;
Registered Office: (g) The Securities and Exchange Board of India (Delisting of
88/5, Richmond Road, Equity Shares) Regulations, 2009; (Not applicable to the
Bangalore- 560025, Karnataka Company during the Audit Period) and
I have conducted the secretarial audit of the compliance of applicable (h) The Securities and Exchange Board of India (Buy-back of
statutory provisions and the adherence to good corporate practices Securities) Regulations, 1998 (Not applicable to the
by Sri Chamundeswari Sugars Limited (hereinafter called the Company during the Audit Period)
'company'). Secretarial Audit was conducted in a manner that I have also examined compliance with the applicable clauses of the
provided me a reasonable basis for evaluating the corporate following:
conducts/statutory compliances and expressing my opinion thereon.
i. Secretarial Standards issued by The Institute of Company
Based on my verification of the Company's books, papers, minute Secretaries of India. Not notified hence not applicable to the
books, forms and returns filed and other records maintained by the Company during the audit period.
company and also the information provided by the Company, its
ii. The Listing Agreements entered into by the Company with
officers, agents and authorized representatives during the conduct of
Madras Stock Exchange Ltd (MSE). The shares of the company
secretarial audit, I hereby report that in my opinion, the company has,
are listed with MSE. MSE being not able to fulfil the criteria
during the audit period covering the financial year ended on 31st
prescribed by SEBI, made application for voluntary exit as a stock
March, 2015, complied with the statutory provisions listed hereunder
exchange with SEBI by giving two options to the Exclusively Listed
and also that the Company has proper Board-processes and Companies (ELCs) with it either to list on national level stock
compliance-mechanism in place to the extent, in the manner and exchange or opt for voluntary de-listing in terms of SEBI
subject to the reporting made hereinafter: (Delisting of Equity shares) Regulations 2009, else MSE would be
I have examined the books, papers, minute books, forms and returns forced to take the shares of the ELCs to the Dissemination Board
filed and other records maintained by the Company for the financial of National Stock Exchange (NSE).
year ended on, 31st March, 2015 according to the provisions of: The Company, being ELC with MSE, is in the process of either obtain
(i) The Companies Act, 2013 (the Act) and the rules made there listing on national level stock exchanges or to opt for voluntary de-
under; listing in terms of SEBI (Delisting of Equity shares) Regulations
(ii) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the 2009.The status of the Company has ceased to be a listed company
rules made thereunder; with MSE and has been placed on dissemination board of NSE with
effect from 27th March 2015 by allowing buying and selling of shares
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws
through NSE on its Dissemination Board.
framed thereunder;
During the period under review the Company has complied with the
(iv) Foreign Exchange Management Act, 1999 and the rules and
provisions of the Act, Rules, Regulations, Guidelines, Standards, etc.
regulations made thereunder to the extent of External
mentioned above subject to the following observations.
Commercial Borrowings. However provisions of Foreign Direct
Investment, Overseas Direct Investment are not applicable (a) With respect of deposits accepted by the company before the
during the audit period; commencement of the Act, amounting to `11,68,00,000/-
(553 Depositors) remains unpaid as on 31st March, 2015. An
(v) The following Regulations and Guidelines prescribed under the
application under section of 74(2) of the Act seeking extension of
Securities and Exchange Board of India Act, 1992 ('SEBI Act'):-
time till 31st March, 2016 for repayment of those Deposits, was
(a) The Securities and Exchange Board of India (Substantial made by the Company to the Company Law Board (CLB), Chennai
Acquisition of Shares and Takeovers) Regulations, 2011; (Not Bench. The application is yet to be disposed of by CLB.
applicable to the Company during the Audit Period)
(b) Dividend for Cumulative Non Convertible Preference Shares was
(b) The Securities and Exchange Board of India (Prohibition of not declared for the financial year ended 31st March 2015 as the
Insider Trading) Regulations,1992; (Not applicable to the company incurred losses during the said year.
Company during the Audit Period)
I further report that, having regard to the compliance system
(c) The Securities and Exchange Board of India (Issue of Capital prevailing in the Company and on examination of the relevant
and Disclosure Requirements) Regulations,2009; (Not documents and records in pursuance thereof, on test-check basis, the
applicable to the Company during the Audit Period) Company has complied with the following laws / guidelines/rules
(d) The Securities and Exchange Board of India (Employee Stock applicable specifically to the Company (as certified by the
Option Scheme and Employee Stock Purchase management):
Scheme)Guidelines,1999; (Not applicable to the Company (a) Sugar Cess Act, 1982;
during the Audit Period) (b) Levy Sugar Price Equalisation Fund Act, 1976;
(e) The Securities and Exchange Board of India (Issue and Listing (c) Food Safety and Standards Act, 2006;
of Debt Securities) Regulations, 2008; (Not applicable to the
Company during the Audit Period) (d) Essential Commodities Act, 1955;

Secretarial Audit Report
I further report that: I further report that there are adequate systems and processes in the
The Board of Directors of the Company is duly constituted with proper company commensurate with the size and operations of the company
balance of Executive Directors Non-Executive Directors, women to monitor and ensure compliance with applicable laws, rules,
director and independent director. The changes in the composition of regulations and guidelines.
the Board of Directors that took place during the period under review I further report that during the audit period there are no specific
were carried out in compliance with the provisions of the Act. events/actions having a major bearing on the company's affairs in
Adequate notice is given to all directors to schedule the Board pursuance of the above referred laws, rules, regulations, guidelines,
Meetings, agenda and detailed notes on agenda were sent at least standards taken place:
seven days in advance, and a system exists for seeking and obtaining Thirupal Gorige
further information and clarifications on the agenda items before the July 28, 2015 Practicing Company Secretary
meeting and for meaningful participation at the meeting. Bangalore FCS No. : 6680; CP No. : 6424
All decisions at Board Meetings and Committee Meetings are carried Note: This report is to be read with my letter of even date which is
out unanimously as recorded in the minutes of the meetings of the annexed as Annexure A and forms an integral part of this report.
Board of Directors or Committee of the Board, as the case may be.
To (3) I have not verified the correctness and appropriateness of

Sri Chamundeswari Sugars Limited financial records and Books of Accounts of the company.
Registered Office: (4) Where ever required, I have obtained the Management
88/5, Richmond Road, representation about the compliance of laws, rules and
Bangalore- 560025, Karnataka regulations and happening of events etc.
My report of even date is to be read along with this letter. (5) The compliance of the provisions of Corporate and other
(1) Maintenance of secretarial record is the responsibility of the applicable laws, rules, regulations, standards is the responsibility
management of the company. My responsibility is to express an of management. My examination was limited to the verification
opinion on these secretarial records based on my audit. of procedures on test basis.
(2) I have followed the audit practices and processes as were (6) The Secretarial Audit report is neither an assurance as to the
appropriate to obtain reasonable assurance about the future viability of the company nor of the efficacy or
correctness of the contents of the Secretarial records. The effectiveness with which the management as conducted the
verification was done on test basis to ensure that correct facts are affairs of the company.
reflected in secretarial records. I believe that the processes and
practices, I followed provide a reasonable basis for my opinion. Thirupal Gorige
July 28, 2015 Practicing Company Secretary
Bangalore FCS No. : 6680; CP No. : 6424
19
42nd ANNUAL REPORT
Report on Corporate Governance
REPORT ON CORPORATE GOVERNANCE
1. Company's Philosophy Senior Management of the Company. Annual Declaration

The Company's philosophy on Corporate Governance endeavors regarding compliance with the Code is obtained from every
attainment of the highest levels of transparency, accountability person covered by the Code of conduct. A declaration to this
and equity in all facets of its operation and in all interactions with effect, duly signed by the Managing Director is annexed. The
its stakeholders, including shareholders, employees, cane Code of Conduct is available on the Company's website-
growers, customers, suppliers, local community, lenders and the www.chamundeswarisugars.in.
Government. 4. Board Meetings and AGM Attendance
2. Board of Directors The Board met 6 times during the financial year on 29.05.2014,
The Board comprises of a one Managing Director and seven 14.08.2014, 25.09.2014, 14.11.2014, 11.02.2015 and
other Non-Executive Directors, including a Women Director. The 30.03.2015. The Board has formed Audit Committee,
number of independent directors is half of the total number of Nomination and Remuneration Committee and Stakeholders
directors. The composition of the Board is in conformity with Relationship Committee. Details of attendance of each Director
clause 49 of the listing agreement. at the Board Meetings and at last Annual General Meeting held
3. Code of Conduct on 25.09.2014 are given below:
The Code of Conduct of Sri Chamundeswari Sugars Limited, as
adopted by the Board of Directors, is applicable to Directors and
Financial Year 2014-15 Committee position # No. of
Category of Attendance at No. of
Name of the Director other Chairman Member Shares
Directorships Board Last Directorships*
Meeting AGM (excluding SCSL) held
Dr. N. Mahalingam** Non-Executive Director/
Chairman Non-Independent Director 2 No NA NA NA 2693
Shri. M. Srinivaasan Executive Director
Managing Director 6 Yes 8 – 1 21200
Shri. K. Prakash*** Non-Executive Director/ 5 Yes 2 – – 1600
Executive Director Non-Independent Director
Dr. M. Manickam Non-Executive Director/ 5 No 8 1 1 2669
Non-Independent Director
Shri. M. Balasubramaniam Non-Executive Director/
Non-Independent Director 5 No 9 – 2 2666
Shri. K.N.V. Ramani## Independent
Non-Executive Director 4 No 6 2 2 1397
Shri. V.K. Swaminathan Non-Executive Director/
Non-Independent Director 6 Yes 1 – – 2693
Dr. A. Selvakumar Independent
Non-Executive Director 5 Yes 2 1 – 1424
Shri. A. Arjunaraj Independent
Non-Executive Director 4 Yes – – – 666
Dr. M.R. Desai Independent
Non-Executive Director 1 No 2 – 1 500
Smt. Susheela Independent
Balakrishnan### Non-Executive Director 1 NA – – – 500
* Excluding Directorship in Private Limited Companies and Section 25 Companies (Companies Act, 1956)
** Passed away on 02.10.2014
*** Resigned from the Board on 23rd March 2015.
# Only Audit Committee and Stakeholder Relationship Committee of public limited companies are considered for this purpose.
## Resigned from the Board on 20thMarch, 2015.
### Appointed w.e.f 30.03.2015
Familiarisation Programme for Directors Managing Director also has one to one discussion with the Directors
At the time of appointing a Directors, a formal letter of appointment is to familiarize them with the company's operations. Further the
given to them which inter alia explains the role, function, duties and company has put in place a system to familiarize the Independent
responsibilities as a Director of the Company. The Directors are also Directors about the company, its products, business modules etc., The
explained in detail the compliance required under the Companies Act, terms and conditions of the appointment of Independent Directors
2013, Clause 49 of the Listing Agreement and other relevant has been uploaded on the Company's website
regulations and affirmation taken with respect to the same. The www.chamundeswarisugars.in

5. Audit Committee 6. Review the financial statements, in particular, the investments

The Committee consists of two Independent Directors and two made by the unlisted subsidiary company, if any
Non-Executive and Non-Independent Director. No Executive And also the areas mentioned, under clause 49 of the Listing
Director is in the Committee. The Audit Committee consists of: Agreement and Section 177 of the Companies Act, 2013, besides
1. Shri. A. Arjunaraj other terms as may be referred to by the Board of Directors from
time to time.
2. Shri. M. Balasubramaniam
The Chairman of the Audit Committee was present at the last
3. Dr. A. Selvakumar Annual General Meeting.
4. Shri. V.K . Swaminathan
7. Nomination and Remuneration Committee
Shri. A. Arjunaraj is the Chairman of the Audit Committee.
The Committee has been reconstituted on 30th March 2015, as
The Audit Committee met 6 times during the financial year on one of the member Shri K.N.V Ramani, resigned from the Board
28.05.2014, 13.08.2014, 25.09.2014, 13.11.2014, 11.02.2015 on 20th March, 2015. The present composition of the
and 30.03.2015 and the details of attendance of the members Nomination and Remuneration Committee is given below:
are given below:
1. Dr A Selvakumar
Name of Member No. of meetings attended
2. Shri A Arjunaraj
1. Shri. A. Arjunaraj 4
3. Dr M R Desai
2. Shri. M. Balasubramaniam 4
Dr. A. Selvakumar is the Chairman of the Remuneration
3. Dr. A. Selvakumar 5
Committee.
4. Shri. V.K.Swaminathan 6
The Remuneration Committee will determine and recommend
The role and terms of reference of the Audit Committee, inter alia, to the Board the remuneration including commission,
cover reviewing of the following. perquisites and allowances payable to the Managing Director,
1. Examination of the financial statement and draft auditors' report Executive Director and Key Managerial Personnel as and when
the necessity arises.
2. Oversee of the Company's financial reporting process and
disclosure of its financial information to ensure that the financial During the year, Nomination and Remuneration committee met
statements are correct, sufficient and credible. on 25.09.2014 and on 30.03.2015. The attendance of the
committee members is as follows :
3. Recommendation for appointment, remuneration and terms of
appointment of statutory auditors and cost auditors of the Name of Member No. of meetings attended
Company 1. Shri. K N V Ramani* –
4. Approval of payment to statutory auditors for any other services 2. Dr A Selvakumar 2
rendered by the statutory auditors. 3. Shri A Arjunaraj 2
5. Discuss and review, with the management and auditors, the 4. Dr M R Desai –
annual / quarterly financial statements before submission to the *Resigned from the Board on 20.03.2015
Board, with particular reference to: Details of remuneration paid to Managing Director and
5.1. Matters required to be included in the Directors' Executive Director are given in Notes Forming part of Financial
Responsibility Statement in the Board's report in terms of Statements.
sub-section (3)(c) of Section 134 of the Companies Act The Board's terms of reference to the Committee are:
2013. 1. Identifying persons who are qualified to become directors
5.2. Disclosure under 'Management Discussion and Analysis of and who may be appointed in senior management in
Financial Condition and Results of Operations'. accordance with the criteria laid down;
2. Recommend to the Board their appointment and removal;
5.3. Any changes in accounting policies and practices and
reasons for them. 3. Carry out evaluation of Director's performance;
4. Formulate the criteria for determining qualifications, positive
5.4. Major accounting entries involving estimates based on
attributes and independence of a Director;
exercise of judgment by management.
5. Recommend to the Board a policy relating to the
5.5. Significant adjustments made in the financial statements
remuneration for the Directors, Key Managerial Personnel
arising out of audit findings.
and other employees and to ensure that in this regard the
5.6. Qualifications in the draft audit report. following:
5.7. Disclosure of any related party transactions. a. The level and composition of remuneration is reasonable
5.8. Compliance with listing and other legal requirements and sufficient to attract, retain and motivate directors of the
relating to financial statements. quality required to run the company successfully
b. Relationship of remuneration to performance is clear and
5.9. Review the statement for uses/applications of funds by
meets the appropriate benchmarks;
major category on a quarterly basis, with the financial
results and annually the statement of funds utilized for c. Remuneration to directors, key managerial personnel and
purposes other than as mentioned in the offer document / senior management involves a balance between fixed and
prospectus / notice. Such review shall be conducted till the incentive pay reflecting the short and long term
full money raised through the issue has been fully spent. performance objectives appropriate to the working of the
company and its goals.
21
42nd ANNUAL REPORT
6. Review and recommend the compensation and variable pay for are of repetitive nature. Transactions entered into pursuant to
Executive Directors to the Board; and omnibus approval are reviewed by Audit Committee on quarterly
7. Perform such other activities related to this Charter as requested basis.
by the Board of Directors. The policy on related party transactions as approved by the Board of
REMUNERATION POLICY Directors has been uploaded on the website of the company at
www.chamundeswarisugars.in. None of the Independent Director
The remuneration policy is directed towards rewarding performance,
has any pecuniary relationship or transactions vis-à-vis the company.
based on the review of achievements. It is aimed at attracting and
retaining talents. The remuneration structure shall be determined Risk Management Committee :
after taking into consideration of age, qualification, experience in the Company has laid down procedures to inform Board members about
respective field, past performance of the concerned individual, the risk assessment and minimization procedures. The Board
regulatory frame work, competition in the industry, financial position periodically discusses the significant business risks identified by the
of the company. management and the mitigation process being taken up.
The appointment and remuneration of Executive Directors viz. The Committee consists of following members:
Managing Director is governed by the recommendation of Shri M Srinivaasan - Chairman
Nomination and Remuneration Committee, resolutions passed by the Dr A Selvakumar - Member
Board of Directors and shareholders of the company. The Shri V K Swaminathan - Member
remuneration consists of salary, perquisites, allowances and
During the year, the committee met on 30.03.2015.
commission which are subject to the limitations specified under the
Companies Act, 2013 and Schedule V to the said Act. The Company has formulated a policy for Risk management with the
following objectives:
The Non-Executive Directors are paid sitting fees of ` 10,000/- for
● Provide an overview of the principles of risk management
each meeting of the Board or Committee thereof.
● Explain approach adopted by the Company for risk management
The remuneration paid to the Managing Director and Executive
● Define the organizational structure for effective risk management
Director are disclosed at Note No 31. The company does not have any
Employees Stock Option Scheme. ● Develop a "risk" culture that encourages all employees to identify
risks and associated opportunities and to respond to them with
Evaluation Criteria : effective actions.
The Nomination and Remuneration Committee has formulated the ● Identify, access and manage existing and new risks in a planned
methodology and criteria to evaluate the performance of the Board and coordinated manner with minimum disruption and cost, to
and each Director. The evaluation of the performance of the Board protect and preserve Company's human, physical and financial
and its committees are evaluated through a questionnaire circulated assets.
to all directors and based upon the response to the questionnaire, the
7. Stakeholders' Committee
directors do a self evaluation of their performance. Accordingly Board
reviewed the performance of each of the directors and expressed (i) Share Transfer Committee
their satisfaction. A Share Transfer Committee has constituted to deal with
The performance evaluation of the Managing Director was carried various matters relating to share transfer / transmission, issue
out separately by the Independent Directors. The Independent of duplicate share certificates, approving the split and
Directors expressed their satisfaction on the performance of the consolidation requests and other matters relating to transfer
Managing Director. and registration of shares. The members of the Committee
are Dr M R Desai, Director and Shri. M. Srinivaasan, Managing
The Remuneration policy and the evaluation criteria approved by the
Board of Directors is hosted on the Company's website. Director.
(ii) Stakeholder's Relationship Committee
Meeting of Independent Directors
The Company has constituted the Stakeholder's Relationship
Pursuant to the provisions of the Companies Act, 2013 and Clause 49
Committee to oversee the redressal of Stakeholders and
of the Listing Agreement with the Stock Exchanges, a meeting of
investors' grievance in relation to the transfer of shares, non-
Independent Directors was held to review the performance of the
receipt of annual report, etc.,
Board and the Managing Director and to assess the quality, quantity
and timeliness of flow of information between the management and The Committee consists of the following Directors
the Board. All the Independent directors met on 30th March, 2015 . 1. Dr M R Desai
Dr. A. Selva Kumar, Chairman of the meeting presented views of the 2. Shri M Srinivaasan,
Independent Directors on the matters relating to the Board process 3. Shri M Balasubramaniam
and the overall affairs of the company to the full Board. Dr M R Desai is the Chairman of the Committee
RELATED PARTY TRANSACTIONS Shri. M. Rajendraprasath, Company Secretary, has been functioning
as Compliance Officer for the purpose of complying with various
All transactions entered into with Related Parties for the year under
review were on arm's length basis and in the ordinary course of provisions of Securities and Exchange Board of India, Listing
business and that the provisions of Section 188 of the Companies Act, Agreements with Stock Exchanges, Registrar of Companies, and for
2013 are not attracted. Further, there are no material related party monitoring the share transfer process etc.,
transactions during the year under review with the Promoters, During the year the company has not received any complaints from
Directors or Key Managerial Personnel. All Related Party Transactions the shareholders and no complaint is pending as on 31.03.2015.
are placed before the Audit Committee as also to the Board of The Committee shall consider and resolve the grievances of security
Directors. Omnibus approvals are obtained for the transactions which holders of the company including complaints related to transfer of

shares, non-receipt of Balance Sheet, non-receipt of declared Exchanges. Adoption of non-mandatory requirements of
dividend, if any and to monitor the performance of Company's Clause 49 of the Listing Agreement is being reviewed by Board
Registrar and Share Transfer Agents. from time-to-time.
8. CEO / CFO Certification 12. Means of Communication
The Managing Director &Chief Financial Officer have furnished a The Quarterly / Half yearly / Annual Financial results of the
certificate relating to financial statements and internal controls Company are published in English (Financial Express) and
and systems to the Board of Directors as required under Clause 49 Kannada (Samyuktha Karnataka) newspapers.
of the Listing Agreement and Board took the same on record. 13. Shareholders Information
9. Insider Trading Annual General Meeting
In compliance with SEBI Regulations in prevention of Insider Day and Date Friday, 25th September 2015
Trading, the Company has framed a comprehensive code of Time 2.30 P.M
conduct for its Management Staff. The code lays down guidelines Venue Hotel Woodlands, Bangalore
and procedures to be followed and disclosures to be made by the Financial Calendar 1st April 2015 to 31st March 2016
Management Staff while dealing with the shares of the Company. Financial Results for
10. General Body Meetings the quarter ending Results announcement
Details of Annual General Meetings: 30th June 2015 Second week of August 2015
The venue and time of the General Meetings held during last (Unaudited)
three years are as follows: 30th September 2015 Second week of November 2015
(Unaudited)
AGM Date Venue Time 31st December 2015 Second Week of February 2016
(Unaudited)
39th 24.09.2012 Hotel Woodlands 3.00 PM
AGM #5, Raja Ram Mohan Roy Road Year Ending
31st March 2016 (Audited) Last Week of May 2016
Bangalore – 560 025
Date of Book Closure 16th September 2015 to
40th 27.09.2013 Hotel Woodlands 2.30 PM 25th September 2015
AGM #5, Raja Ram Mohan Roy Road (both dates inclusive)
Bangalore – 560 025 Share Price Movement
41st 25.09.2014 Hotel Woodlands 3.15 PM During the year the Company's shares were traded in Madras Stock
AGM #5, Raja Ram Mohan Roy Road Exchange through National Stock Exchange. The scrip code at NSE for
our Company is "SRICHAMUND". The monthly high and low market
Bangalore – 560 025
prices at NSE from 1st April 2014 to 31st March 2015 is given below
Details of Special Resolutions passed during the last 3 AGM: along with Nifty:
Date of Share Price at NSE NSE-Nifty
Particulars MONTH
AGM HIGH LOW HIGH LOW
24.09.2012 Nil April 2014 23.55 23.55 6,869.85 6,650.40
27.09.2013 1. Commission to Non-Executive Chairman May 2014 23.55 23.55 7,563.50 6,638.55
2. Re-appointment of Managing Director
June 2014 24.15 21.85 7,700.05 7,239.50
25.09.2014 1. Authorization to Board under Sec. 180(1)(c) of the July 2014 23.70 19.60 7,840.95 7,422.15
Companies Act, 2013
August 2014 22.05 22.05 7,968.25 7,540.10
2. Authorization to Board under Sec. 180(1)(a) of the
Companies Act, 2013 September 2014 21.35 20.30 8,180.20 7,723.85
3. Alteration of Article No.125 (a) of Articles of October 2014 20.40 20.30 8,330.75 7,723.85
Association of the Company
November 2014 - - 8,617.00 8,290.25
In the last year none of the special resolution was passed by way of December 2014 - - 8,626.95 7,961.35
postal ballot. January 2015 17.55 17.45 8,996.60 8,065.45
The company has not proposed to pass any special resolution through February 2015 - - 8,941.10 8,470.50
postal ballot in the forth coming Annual General Meeting. March 2015 - - 9,119.20 8,269.15
11. Disclosures Subsequently, on 30th May 2012, SEBI had issued a circular providing
● The company has not entered into any transaction of material guidelines in respect of exit option to stock exchanges if the annual
nature with the related parties having potential conflict with trading turnover on their own platform was less than ` 1000 Crores
the interests of the company at large. and if the Stock Exchanges was not able to achieve the prescribed
turnover of ` 1000 Crores on a continual basis at any time before the
● There are no instances of non-compliance relating to capital
expiry of 2 years from the date of issuance of the circular. Also that
markets during the last three years.
circular stated that such exchanges may opt for voluntary de-
● The company has a whistle blower policy in place and no recognition and exit before the expiry of 2 years Accordingly the MSE
personnel have been denied access to the Audit committee. has ceased from trading activities
● The company has complied with all the mandatory Further MSE informed that, our Company has ceased to be a listed
requirements of Corporate Governance norms as company with MSE and has been placed on the dissemination board
enumerated in Clause 49 of the Listing Agreement with Stock of National Stock Exchange, Mumbai.
23
42nd ANNUAL REPORT
Share Transfer System Plant Location

To enable members for conversion of shares from physical to demat Unit - I Unit - II
form the company has entered into an agreement with National Sugar, Distillery Sugar unit
Securities Depository Limited (NSDL) and the Central Depository & Cogeneration Unit. Srinivasapura
Service (India) Limited (CDSL) and appointed M/s.Canbank Computer Bharathinagara, KM Doddi, Channarayapatna Taluk
Services Ltd., Bangalore as the Registrars & Share Transfer Agents. Maddur Taluk, Mandya District, Hassan District
International Securities Identification Number (ISIN) allotted to the Karnataka. Karnataka
equity shares of the company is INE 004H01019.
Address for Correspondence
The shares lodged in physical form are processed, registered and The Company has appointed M/s. Canbank Computer Services
returned by the Registrar & Share Transfer Agents within a stipulated Limited., Bangalore, as the authorised Registrar and Share Transfer
time if the documents are in order. Agents. Members are requested to correspond with them directly for
Distribution of Shareholding as on 31st March 2015 non-receipt of share certificates, for share transfers, transmission,
and change of address, consolidation, splits, and registration of power
Share No. of % of % of of attorney and on all other queries, in the following address.
Share Share No. of Share
holdings holders holders Shares holding M/s Canbank Computer Services Limited
1 – 100 3835 55.15 1,46,170 0.60 Unit: Sri Chamundeswari Sugars Limited
101 – 500 2597 37.35 5,46,389 2.23 No.218, J.P.Royale, 1st Floor, 2nd Main, Sampige Road
501 – 1000 325 4.76 2,17,204 0.90 (Near 14th Cross), Malleswaram, Bangalore – 560003.
Ph:080-23469661/62/64/65, Fax:080-23469667/68
1001 – 2000 118 1.70 1,56,478 0.64
e-mail: [email protected]
2001 – 3000 30 0.43 73,703 0.30
(or)
3001 – 4000 12 0.17 43,912 0.18
Shri M. Rajendraprasath
4001 – 5000 4 0.06 17,429 0.07 Company Secretary & Asst. General Manager (A/cs)
5001 – 10000 9 0.13 54,910 0.22 Sri Chamundeswari Sugars Limited
10001 – and above 24 0.35 2,31,98,133 94.86 88/5, Richmond Road, Bangalore - 560 025, Karnataka.
Total 6969 100.00 2,44,54,328 100.00 Tel : 080 - 25002500 Fax : 080 - 25002510
e-mail : [email protected]
Shareholding pattern as on 31st March 2015
No. of shares held % of ANNUAL DECLARATION BY MANAGING DIRECTOR PURSUANT TO
Category share CLAUSE 49 OF LISTING AGREEMENT
Physical Demat Total holding
As required under Clause 49 of the Listing Agreement with the Stock
1. Promoters and Promoters Group - 1,82,73,779 1,82,73,779 74.73
Exchange, I declare that all the Board Members and Senior
2. Banks / Financial Institutions, Management Personnel of the Company have affirmed compliance
Public Sector Undertakings, 150 1,33,532 1,33,682 0.55 with the Company's Code of Conduct and Ethics for the year ended
Mutual Funds 31st March 2015.
3. NRIs 1,266 2,932 4,198 0.02
For Sri Chamundeswari Sugars Limited
4. Private Corporate Bodies 1,43,847 40,89,433 42,33,280 17.31
Date: 07.08.2015 (Sd/-) M. Srinivaasan
5. Public 9,37,579 8,71,810 18,09,389 7.40
Place: Coimbatore Managing Director
Total 10,82,842 2,33,71,486 2,44,54,328 100.00
Percentage (%) 4.43 95.57 100.00

AUDITORS' CERTIFICATE ON CORPORATE GOVERNANCE
(Under Clause 49 of the Listing Agreement)
To the members of
We have examined the compliance of conditions of Corporate Governance by Sri Chamundeswari Sugars Limited ('the Company'), for the year
ended on 31st March 2015, as stipulated in Clause 49 of the Listing Agreement of the said Company with Stock Exchanges.
The compliance of conditions of corporate governance is the responsibility of the management. Our examination was limited to a review of the
procedures and implementation thereof adopted by the company for ensuring the compliance with the conditions of the Corporate
Governance as stipulated in the said clause. It is neither an audit nor an expression of opinion on the financial statements of the company.
In our opinion and to the best of our information and according to the explanations and the representations given to us by the Directors and the
Management, we certify that the company has complied with the conditions of Corporate Governance as stipulated in the above mentioned
Listing Agreement. However, the company has ceased to be a listed company with Madras Stock Exchange Limited and has been placed on
dissemination board of National Stock Exchange Limited with effect from 27th March, 2015.
We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or effectiveness with
which the management has conducted the affairs of the company.
For P.N. Raghavendra Rao & Co.,
Firm Registration Number : 003328S
(Sd/-) P.R.Vittel
Coimbatore Partner
August 07, 2015 Membership Number: 200/018111
25
42nd ANNUAL REPORT
Independent Auditors' Report
INDEPENDENT AUDITORS' REPORT
To The Members of SRI CHAMUNDESWARI SUGARS LIMITED Opinion

Report on the Financial Statements In our opinion and to the best of our information and according to the
We have audited the accompanying financial statements of SRI explanations given to us, the aforesaid financial statements give the
CHAMUNDESWARI SUGARS LIMITED ("the Company"), which information required by the Act in the manner so required and give a
comprise the Balance Sheet as at 31st March ,2015, the Statement of true and fair view in conformity with the accounting principles
Profit and Loss, the Cash Flow Statement for the year then ended on generally accepted in India, of the state of affairs of the Company as at
that date, and a summary of the significant accounting policies and 31st March ,2015, and its LOSS and its cash flows for the year ended
other explanatory information. on that date.
Emphasis of Matter
Management's Responsibility for the Financial Statements
We draw attention to Note No: 37 (1) and (2) to the financial
The Company's Board of Directors is responsible for the matters statements which specifies the claims disputed challenged by the
stated in Section 134(5) of the Companies Act,2013 ("the Act") with company.
respect to the preparation of these financial statements that give a
true and fair view of the financial position, financial performance and Our opinion is not modified in respect of this matter.
cash flows of the Company in accordance with the accounting Report on Other Legal and Regulatory Requirements
principles generally accepted in India, including the Accounting As required by the Companies (Auditors Report) Order, 2015 ("the
Standards specified under Section 133 of the Act, read with Rule 7 of Order"), issued by the Central Government of India in terms of sub-
the Companies (Accounts) Rule, 2014. This responsibility also section (11) of section 143 of the Companies Act, 2013, we give in the
includes maintenance of adequate accounting records in accordance Annexure a statement on the matters specified in paragraphs 3 and 4
with the provisions of the Act for safeguarding the assets of the of the Order, to the extent applicable.
Company and for preventing and detecting frauds and other 8. As required by Section 143 (3) of the Act, we report that:
irregularities; selection and application of appropriate accounting (a) We have sought and obtained all the information and
policies; making judgments and estimates that are reasonable and explanations which to the best of our knowledge and belief were
prudent; and design, implementation and maintenance of adequate necessary for the purpose of our audit.
internal financial controls, that were operating effectively for (b) In our opinion, proper books of account as required by law have
ensuring the accuracy and completeness of the accounting records, been kept by the Company so far as it appears from our
relevant to the preparation and presentation of the financial examination of those books.
statements that give a true and fair view and are free from material
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
misstatement, whether due to fraud or error.
Flow Statement dealt with by this Report are in agreement with
Auditors' Responsibility the books of account.
Our responsibility is to express an opinion on these financial (d) In our opinion, the aforesaid financial statements comply with the
statements based on our audit. Accounting Standards specified under Section 133 of the Act,
We have taken into account the provisions of the Act, the accounting read with Rule 7 of the Companies (Accounts) Rules, 2014.
and auditing standards and matters which are required to be included (e) On the basis of the written representations received from the
in the audit report under the provisions of the Act and the Rules made directors as on 31st March, 2015 taken on record by the Board of
there under. Directors, none of the directors is disqualified as on 31st March ,
We conducted our audit in accordance with the Standards on Auditing 2015, from being appointed as a director in terms of Section
specified under Section 143(10)of the Act. Those Standards require 164(2) of the Act.
that we comply with ethical requirements and plan and perform the (f) With respect to the other matters to be included in the Auditor's
audit to obtain reasonable assurance about whether the financial Report in accordance with Rule 11 of the Companies (Audit and
statements are free from material misstatement. Auditors) Rules, 2014, in our opinion and to the best of our
An audit involves performing procedures to obtain audit evidence information and according to the explanations given to us:
about the amounts and the disclosures in the financial statements. (i) The Company has disclosed the impact of pending litigations
The procedures selected depend on the auditors' judgment, including on its financial position in its financial statements- Refer Note
the assessment of the risks of material misstatement of the financial 37(1) and (2) to the financial statements;
statements, whether due to fraud or error. In making those risk (ii) The Company has a long-term lease contract for operating a
assessments, the auditor considers internal financial control relevant Sugar Unit at Srinivasapura, Hassan District. As per the
to the Company's preparation of the financial statements that give a management representation, there are no material
true and fair view in order to design audit procedures that are foreseeable losses which require provision on account of this.
appropriate in the circumstances, but not for the purpose of The company, during the year, has not entered into any
expressing an opinion on whether the Company has in place an derivative contracts.
adequate internal financial control system over financial reporting (iii) There has been no delay in transferring amounts, required to
and the operative effectiveness of such controls. An audit also be transferred, to the Investor Education and Protection fund
includes evaluating the appropriateness of the accounting policies by the company.
used and the reasonableness of the accounting estimates made by For P.N. Raghavendra Rao & Co.,
Company's Directors, as well as evaluating the overall presentation of Chartered Accountants
the financial statements. Firm Registration Number : 003328S
We believe that the audit evidence we have obtained is sufficient and P.R.Vittel
appropriate to provide a basis for our audit opinion on the financial May 30, 2015 Partner
statements. Coimbatore Membership Number : 018111

Independent Auditors' Report
Annexure referred to Auditors report of even date (c ) The amount required to be transferred to Investor
Re : Sri Chamundeswari Sugars Limited (the "Company") Education and Protection Fund in accordance with the
i. (a) The Company has maintained proper records showing full relevant provisions of the Act and rules framed there under
particulars, including quantitative details and situation of has been transferred to such fund within time.
fixed assets; viii. The company's accumulated losses at the end of the financial
(b) These fixed assets have been physically verified by the year does not exceed 50% of its Networth. The Company has
management at reasonable intervals. No material incurred cash losses during the year and cash profit in the
discrepancies were noticed on such verification. immediately preceding year.
ii. (a) Physical verification of the inventory has been conducted at ix. Defaults by the Company in repayment of dues to banks and
reasonable intervals by the management. financial institutions are as under:
(b) The procedures of physical verification of inventories (a) Default in repayment of dues to Banks:
followed by the management are reasonable and adequate
in relation to the size of the Company and the nature of its Amount of Amount since
Period of
business. Particulars Default paid
Default
(c) The Company is maintaining proper records of inventories. (` in lakhs ) (` in lakhs)
No material discrepancies were noticed on physical
Principal 198.12 January 2015 Nil
verification of inventory.
iii. According to the information and explanations given to us, the
January 2015 &
Company has not granted any loans, secured or unsecured to Interest 4.14 Nil
February 2015
companies, firms or other parties covered in the register
maintained under section 189 of the Act. (b) Default in repayment of dues to financial institution:
iv. There is an adequate internal control system commensurate with
the size of the Company and the nature of its business, for the Amount of Amount since
Period of
purchase of inventory and fixed assets ,for the sale of goods and Particulars Default paid
Default
services. During the course of our audit, we have not observed (` in lakhs ) (` in lakhs)
any major weakness or continuing failure to correct any major Sept 14 to
weakness in internal control system. Principal 360.89 Nil
Mar 15
v. In our opinion and according to the information and explanations
given to us in respect of deposits accepted by the company from Interest 20.50 16.2.15 to Nil
public, amounting to ` 11,68,00,000/- (553 depositors) 15.3.15
remaining unpaid as on 31.03.2015. An application under (c) The Company has not accepted any debentures.
section 74 (2) of the Companies Act, 2013 has been made by the
Company to the Company Law Board, Chennai Bench seeking x. The Company has not given guarantees for loans taken by others
extension of time till 31.03.2016 for repayment of those deposits from banks or financial institutions.
and order of the Company Law Board is awaited. The Company
has not accepted any deposits from public during the year. xi. Term loans availed during the year have been applied for the
vi. We have broadly reviewed the cost records maintained by the purpose for which the loans were obtained.
Company specified under sub-section (1) of Section 148 of the
Companies Act, and are of the opinion that, the prescribed xii. According to the information and explanation given to us, no
accounts and records have been made and maintained. fraud on or by the company has been noticed or reported during
vii. (a) The company has deposited with appropriate authorities, the year.
with delay on many occasions, undisputed statutory dues,
including provident fund, employees' state insurance,
income-tax, sales-tax, service tax, duty of excise, duty of
customs, value added tax, cess and other statutory dues.
There are no such statutory dues as at the last day of the
financial year, remaining in arrears for a period of more For P.N. Raghavendra Rao & Co.,
than six months from the date they became payable. Chartered Accountants
(b) According to the information and explanation given to us Firm Registration Number : 003328S
and records of the Company, the statutory dues that have P.R.Vittel
not been deposited on account of dispute are as under: May 30, 2015 Partner
Forum where Coimbatore Membership Number : 018111
Name of the Nature Amount Period to which
of the amount the dispute
statute dues (` in Lakhs) relates is pending
The Central Excise 2022.88 FY : 2005-06 Commissioner
Excise Act, Duty to 2012-13 of Central
1944 Excise, Mysore
27
42nd ANNUAL REPORT
Balance Sheet
BALANCE SHEET AS AT 31.03.2015
Note As at 31.03.2015 As at 31.03.2014

Particulars
No. ` in Lakhs ` in Lakhs
I. EQUITY AND LIABILITIES

Shareholders' Funds
(a) Share Capital 2 3,915.43 3,915.43
(b) Reserves and Surplus 3 10,152.01 11,831.42
14,067.44 15,746.85
Non-Current Liabilities
(a) Long-Term Borrowings 4 9,841.24 8,861.70
(b) Deferred Tax Liabilities (Net) 5 1,070.26 1,656.35
(c) Other Long Term Liabilities 6 2,132.41 2,131.73
(d) Long-Term Provisions 7 504.25 490.79
13,548.16 13,140.57
Current Liabilities
(a) Short-Term Borrowings 8 6,057.53 4,963.05
(b) Trade Payables 9 7,026.11 4,661.81
(c) Other Current Liabilities 10 10,950.24 11,141.89
(d) Short-Term Provisions 11 267.59 249.46
24,301.47 21,016.21
TOTAL 51,917.07 49,903.63
II. ASSETS
Non-Current Assets
(a) Fixed Assets
(i) Tangible Assets 12 21,540.14 22,321.43
(ii) Intangible Assets 2,304.35 3,003.55
(iii) Capital Work-in-Progress 1,113.24 631.38
24,957.73 25,956.36
(b) Non-Current Investments 13 214.79 324.96
(c) Long-Term Loans and Advances 14 794.93 803.23
(d) Other Non-Current Assets 15 2,204.78 2,204.78
28,172.23 29,289.33
Current Assets
(a) Current Investments 16 5,456.49 3,856.49
(b) Inventories 17 7,754.18 10,552.34
(c) Trade Receivables 18 1,386.15 804.83
(d) Cash and Cash Equivalents 19 1,114.57 589.87
(e) Short-Term Loans and Advances 20 7,429.91 4,525.75
(f) Other Current Assets 21 603.54 285.02
23,744.84 20,614.30
TOTAL 51,917.07 49,903.63
Significant Accounting Policies 1
Notes are an integral part of the Financial Statements.
Per our Report Annexed

For P.N.Raghavendra Rao & Co.,
Firm Registration No. : 003328S
P R Vittel M Srinivaasan V K Swaminathan J U Srinivasan

Partner Managing Director Director Chief Financial Officer
Membership No.: 018111
Date : 30.05.2015 M. Rajendraprasath

Place : Coimbatore Company Secretary

Statement of Profit & Loss
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31.03.2015
Year Ended Year Ended

Note
Particulars 31.03.2015 31.03.2014
No. ` in Lakhs ` in Lakhs
Income
Revenue from Operations (Gross) 22 36,831.48 30,960.77
Less: Excise Duty 863.52 724.01
Revenue from Operations (Net) 35,967.96 30,236.76

Other Income 23 17.26 39.34
Total Revenue 35,985.22 30,276.10
Expenses
Cost of Raw Materials Consumed 24 22,347.94 19,447.81
Changes in Inventories of 25
(a) Finished Goods 3,152.85 (674.26)
(b) Work-in-Progress (164.85) 175.69
Employee Benefit Expenses 26 2,831.53 2,686.60
Finance Costs 27 3,070.24 3,076.05
Depreciation and Amortization Expenses 28 1,259.91 1,819.35
Other Expenses 29 5,444.68 5,347.22
Total Expenses 37,942.30 31,878.46
Profit / (Loss) Before Tax (1,957.08) (1,602.36)

Less: Provision for Taxation
For Deferred Tax (586.09) (519.89)
Profit / (Loss) After Tax (1,370.99) (1,082.47)
Earnings per Equity Share

Nominal Value per Equity Share 10.00 10.00
(a) Basic (5.91) (4.73)
(b) Diluted (5.91) (4.73)
Significant Accounting Policies 1

Notes are an integral part of the Financial Statements.

P R Vittel M Srinivaasan V K Swaminathan J U Srinivasan

Partner Managing Director Director Chief Financial Officer
Date : 30.05.2015 M. Rajendraprasath

Place : Coimbatore Company Secretary
29
42nd ANNUAL REPORT
31
42nd ANNUAL REPORT
Notes forming part of Financial Statements
Note : 1 >> SIGNIFICANT ACCOUNTING POLICIES b) EXPENDITURE RECOGNITION:

A. BASIS OF PREPARATION: i. The Cane price is written off on the basis of determination
The accompanying Financial Statements have been prepared on of fair & remunerative price and agreed price if any, over
a going concern basis under the historical cost convention on the and above fair & remunerative price.
accrual basis of accounting in conformity with Generally ii. The Excise duty appearing in the Statement of Profit and
Accepted Accounting Principles in India ("Indian GAAP"). loss as an expense represents excise duty provision for
B. VALUATION OF INVENTORIES: difference between opening and closing stock of finished
Inventories of raw materials, work-in-progress, stores, finished goods.
products and stock-in-trade are valued at the lower of cost and I. FOREIGN CURRENCY TRANSACTIONS:
net realizable value. Cost is ascertained on seasonal weighted Foreign Exchange transactions are recognised based on maturity
average for sugar and yearly average for distillery products and of obligation.
stores. By-products and Scrap Stock are valued at Net realizable J. RETIREMENT BENEFITS:
value. Contribution payable by the Company towards Provident fund,
C. FIXED ASSETS: Gratuity, Employees State Insurance and Superannuation fund
a) Fixed Assets are shown at cost/re-valued figures, less for the year are charged to statement of profit and loss. Gratuity
accumulated depreciation. Fixed assets added during the year is determined based on the actuarial valuation made by an
are valued at cost net of CENVAT but includes all direct expenses independent actuary. For leased plant, gratuity is determined
based on the demand from the lessor.
like freight, erection charges, pre-operative expenses and
borrowing costs. Provision for liability in respect of Leave encashment benefits are
made based on actuarial valuation made by an independent
b) Expenditure including borrowing cost incurred on projects under
actuary.
implementation is shown under "Work-in-Progress" pending
K. SEGMENT REPORTING:
allocation to the assets.
The segment reporting is inline with the accounting policies of
D. INTANGIBLE ASSETS:
the company. Inter segment transactions have been accounted
The payment made towards good will for cane ryots is amortized for based on the price which has been arrived at considering cost
over a period of 10 years in accordance with AS-26. for utilities and net realizable value for by-products. Revenue
E. BORROWING COSTS: and expenses that are directly identifiable with or allocable to
Borrowing costs that are attributable to the acquisition or segments are considered for determining the segment results.
construction of qualifying assets are capitalized as part of the Segment assets and liabilities include those directly identifiable
cost of such assets. with the respective segments. Business segments are identified
F. DEPRECIATION: on the basis of the nature of products, the risk/return profile of
Depreciation on tangible assets is provided on the straight line the individual business, the organizational structure and the
internal reporting system of the company.
method over the useful life in the manner prescribed in the
Schedule II of the companies Act, 2013 effective from 1st April L. DEFERRED TAX:
2014, as against the earlier practice of depreciating at the rates Deferred tax is recognized on timing difference between
prescribed in Schedule XIV of the Companies Act, 1956. accounting income and the taxable income for the period and
reversal of timing differences of earlier periods and quantified
Depreciation on addition to assets on sale / discardment of
using the tax rates and laws that have been enacted /
assets is calculated on pro-rata from the month of such addition
substantively enacted as at the balance sheet date. The deferred
or up to the month of such sale / discardment, as the case may
tax assets are recognized and carried forward to the extent that
be.
there is reasonable certainty that these would be realized in
The additional depreciation relating to increased value of future.
revalued assets is adjusted against Revaluation Reserve. M. EARNING PER SHARE:
G. INVESTMENTS: Basic earnings per share is calculated by dividing the net profit or
Long term Investments are accounted at Cost. The diminution in loss for the period attributable to equity shareholders by the
value of long term investments is recognised if the decline is weighted average number of equity shares outstanding during
other than temporary. the period.
H. a) REVENUE RECOGNITION: For the purpose of calculating diluted earnings per share, the net
Revenue is recognised to the extent it is probable that the profit or loss for the period attributable to equity shareholders
economic benefits will flow to the Company and the revenue and the weighted average number of shares outstanding during
can be reliably measured. Revenue from sale of goods is the period are adjusted for the effects of all dilutive potential
recognised when the significant risks and rewards of equity shares.
ownership of the goods are transferred to the customer and is N. IMPAIRMENT OF ASSETS:
stated net of trade discounts, excise duty and sales return. Impairment, if any, is recognized in accordance with the
Gross turnover includes excise duty but exclude sales tax. Accounting Standard 28.
i. Dividend income is accounted for in the year it is declared. O. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT
ii. All other incomes are accounted for on accrual basis. ASSETS:
iii. The Excise duty on sale of finished goods is deducted from Provision is recognized only when there is a present obligation as
the turnover to arrive at the net sales as shown in the a result of past event and it is probable that there will be an
Statement of Profit and loss. outflow of resources. Contingent Liabilities are not recognized
but are disclosed in the notes. Contingent Assets are neither
iv. Inter Segmental transfer price is not recognised.
recognized nor disclosed in the financial statements.

As at As at
Particulars 31.03.2015 31.03.2014
` in Lakhs ` in Lakhs
Note : 2 >> Share Capital
(i) Particulars of Each Class of Share Capital :-
a) Authorised Share Capital:
4,00,00,000 Equity shares of `10/- each 4,000.00 4,000.00
20,00,000 Redeemable Cumulative Preference Shares of ` 100/- each 2,000.00 2,000.00
6,000.00 6,000.00
b) Issued, Subscribed and Paid up Share capital:
2,44,54,328 Equity shares of `10/- each fully paid up 2,445.43 2,445.43
14,70,000 5% Redeemable Cumulative Preference Shares of `100/- each 1,470.00 1,470.00
3,915.43 3,915.43
(ii) Reconciliation of Number and Amount of Shares at the end of the reporting period :-
a) Equity Shares with Voting Rights:
No. of Shares ` in Lakhs

Particulars As at As at As at As at
31.03.2015 31.03.2014 31.03.2015 31.03.2014
a) Number of Shares at the beginning of the reporting period 2,44,54,328 2,44,54,328 2,445.43 2,445.43
b) Number of Shares at the end of the reporting period 2,44,54,328 2,44,54,328 2,445.43 2,445.43
b) Redeemable Cumulative Preference Shares:

No. of Shares ` in Lakhs
Particulars As at As at As at As at
31.03.2015 31.03.2014 31.03.2015 31.03.2014
a) Number of Shares at the beginning of the reporting period 14,70,000 14,70,000 1,470.00 1,470.00
b) Number of Shares at the end of the reporting period 14,70,000 14,70,000 1,470.00 1,470.00
(iii) Rights, Preferences and Restrictions attaching to each class of Shares:

A. Equity Shares
The Company has only one class of Equity Shares having face value of ` 10 each. Each Shareholder is eligible for one vote per share.
Final Dividend is payable when it is recommended by the Board of Directors and subject to the approval of the Members at the
Annual General Meeting. In the event of liquidation, the equity shareholders will get the remaining assets after payment of all the
preferential dues.
B. Redeemable Cumulative Preference Shares
The Redeemable Cumulative Preference Shares have a par value of ` 100 each. These shares carry a fixed cumulative dividend of
5% p.a. These Shares would be redeemable at par at the end of ten years commencing from 30.01.2006.
These shares have the following preferential rights over the equity shareholders:
a) The payment of dividend at a Fixed Rate; and
b) The return of capital on winding up of the company.
These shareholders can enforce their right of getting dividend in priority over the equity shareholders.
The Preference Shareholders have no voting right except when the dividend is outstanding for a period of more than 2 years in case
of cumulative preference shares. But, they have right to vote on any resolution for winding up of the company or for the reduction /
repayment of capital.
33
42nd ANNUAL REPORT
(iv) Details of shareholders holding more than 5% shares :-

As at 31.03.2015 As at 31.03.2014
Name of the Shareholder
% of Holding No. of Shares % of Holding No. of Shares
Equity Shares with Voting Rights:
a) ABT Industries Limited 30.53 74,66,666 30.53 74,66,666
b) Chamundeswari Enterprises Private Limited 18.27 44,69,066 18.27 44,69,066
c) Sakthi Beverages Limited 17.45 42,66,666 17.45 42,66,666
d) Sri Shanthini Exports Private Limited 14.45 35,33,333 14.45 35,33,333
TOTAL 80.70 1,97,35,731 80.70 1,97,35,731
Redeemable Cumulative Preference Shares:
a) Sakthi Sugars Limited 60.95 8,95,900 60.95 8,95,900
b) ABT Limited 31.39 4,61,500 31.39 4,61,500
TOTAL 92.34 13,57,400 92.34 13,57,400
(v) Specified details on each class of shares for the period of last five years :-
Particulars 31.03.2015 31.03.2014 31.03.2013 31.03.2012 31.03.2011
Aggregate number of shares allotted
by way of bonus shares (Fully Paid-up) – – – – 61,13,582
Note : 3 >> Reserves and Surplus
As at As at
Particulars 31.03.2015 31.03.2014
(i) Capital Redemption Reserve :-
Opening Balance 500.00 500.00
Closing Balance 500.00 500.00
(ii) Securities Premium Account :-
Opening Balance 150.00 150.00
Closing Balance 150.00 150.00
(iii) Revaluation Reserve :-
Opening Balance 5,930.55 6,255.56
Less : Utilised for:
Depreciation on revalued Assets transferred from to Profit & Loss Account 199.98 325.01
(Refer Note No. 28)
Closing Balance 5,730.57 5,930.55
(iv) General Reserve :-
Opening Balance 4,307.00 4,307.00
Closing Balance 4,307.00 4,307.00
(v) Surplus in Statement of Profit & Loss :-
Opening Balance 943.87 2,026.34
Add : Profit / (Loss) After Tax for the year (1,370.99) (1082.47)
Less : Adjustment of Short provision in previous years' depreciation (108.44) –
Total (535.56) 943.87
Closing Surplus (535.56) 943.87
(vi) Total Reserves and Surplus [(i) to (v)] 10,152.01 11,831.42
Note : 4 >> Long-Term Borrowings
Secured
Term Loans - From Banks 8,989.10 5,797.71
Term Loans - From Other Parties 535.89 1,566.66
9,524.99 7,364.37
Unsecured
Public Deposits – 1,194.60
Loans and advances from related parties (From a Director) 236.42 228.84
Other Loans and Advances 79.83 73.89
316.25 1,497.33
9,841.24 8,861.70

Details of terms of repayment for the Term Loans and Security provided in respect of the Secured Term Loans :-
Nature of Security Repayment Terms
From Banks The Loan is under consortium comprising of State

i) Term loan of ` 451.15 lakhs (` 1290.33 lakhs) availed by the company is Bank of Mysore, State Bank of Travancore, and IDBI
secured as under :- Ltd.
a. Pari passu first charge on the Company’s movable and immovable Repayable in 20 Quarterly installments.
assets of Sugar Division and Distillery Division situated at K.M.Doddi, Last installment falling due on April 2015.
Bharathinagara, Maddur Taluk, Mandya District, Karnataka.
Rate of Interest : 8% p.a.
b. Pari passu second charge on the current assets of Sugar Division at
K.M.Doddi, Bharathinagara, Maddur Taluk, Mandya District,
Karnataka.
c. Pledge of the 20,43,844 equity shares held by the Promoter group in
the share capital of the Company.
d. Personal Guarantee of the Managing Director and two Directors.
ii) Term Loan of ` 662.29 lakhs (` 1192.05 lakhs) availed from Allahabad Repayable in 24 Quarterly installments. Last
installment falling due on March 2016.
Bank is secured by pari passu first charge on the movable and immovable
assets pertaining to 26 MW Co-generation Power Plant at K.M.Doddi, Rate of Interest : BR + 2.25% p.a.
Bharathinagara, Maddur Taluk, Mandya District, Karnataka and Personal
Guarantee of the Managing Director and two Directors.
iii) Term loan of ` 3750.00 lakhs (` 5200.57) availed from Allahabad Bank is Repayable in 16 Quarterly installments. Last
secured by assignment of future receivables of Distillery division and is installment falling due on June 2017.
further secured by personal guarantee of Managing Director and three
Rate of Interest : BR + 4.25% p.a.
Directors. The loan is also additionally secured by a personal property of
Managing Director.
iv) Term Loan of ` 1991.00 lakhs (` Nil) is availed from IDBI Bank is secured
Repayable in 36 monthly installments. Last
by Pari Passu first charge on fixed assets of sugar & Distillery division, Installment falling due on June 2020.
Bio-compost & Bio-methanisation plant. Pari Passu first charge on Hoodi
property of the company. Rate of Interest : BR+4.75% p.a.
Pari passu third charge on entire other fixed assets (including co-gen
plant) of the company and Personal Guarantee of Shri. M. Srinivaasan.
v) Term Loan of ` 667.00 Lakhs(` Nil) is availed from Allahabad Bank is
secured by Pari Passu first charge on fixed assets of sugar & Distillery Repayable in 36 monthly installments. Last
division, Bio-compost & Bio-methanisation plant. Pari Passu first charge installment falling due on June 2020.
on Hoodi property of the company. Pari passu third charge on entire Rate of Interest : BR + 4.75% p.a.
other fixed assets (including co-gen plant) of the company.
vi) Term Loan Sanction Amount is ` 5500.00 lakhs out of which ` 4112.46
Repayable in 90 months including 6 months
Lakhs is availed. This loan is under consortium arrangement from SCDCC moratorium.
Bank Limited and BAJPE VSS Bank Limited and is secured by movable
properties on the un-encumbered portion of plant & machinery Rate of Interest : 13.50% p.a.
pertaining to the existing sugar and distillery division situated at Unit I,
K.M.Doddi.
vii) Term Loan Sanction Amount is ` 6500.00 lakhs out of which ` 325.00 Repayable in 108 months including moratorium of
Lakhs is availed under consortium arrangement from SCDCC Bank Limited 24 months
and BAJPE VSS Bank Limited. This loan is secured by movable properties Rate of Interest : 13.50% p.a.
viz plant and machinery to be acquired in respect of the sugar expansion
project situated at Hassan Dist, Karnataka on first exclusive charge basis
and movable properties including un-encumbered plant and machinery
pertaining to the existing sugar and distillery division situated at Unit I,
K.M.Doddi.
Note: The amount repayable within twelve months is `2969.79 Lakhs (`4116.49 Lakhs), grouped under Other Current Liabilities in Note No. 10
includes overdues of `198.12 lakhs.
35
42nd ANNUAL REPORT
Details of terms of repayment for the Term Loans and Security provided in respect of the Secured Term Loans :-
Nature of Security Repayment Terms
From Others
i) Terms loan of ` 1585.89 Lakhs(` 1925.00 Lakhs) availed from IDFC Ltd is Repayable in 23 Quarterly installments. Last
secured by pari passu first charge on the movable and immovable assets installment falling due on December 2016.
pertaining to 26 MW Co-Generation Power Plant at K.M.Doddi, Rate of Interest : 12.54% p.a.
Bharathinagara, Maddur taluk, Mandya District, Karnataka
ii) Term loan of ` 2491.00 Lakhs (` 2515.75 Lakhs) availed from Sugar Repayable in 10 Half-yearly installments. Last
Development Fund (SDF) Govt. of India (Co-gen power project loan) is installment falling due on March 2016
secured by exclusive second charge by way of mortgage on the company’s
immovable properties of sugar factory at K.M.Doddi, Bharathi Nagara, Rate of Interest : 7.00% p.a.
Maddur Taluk, Mandya District,Karnataka
iii) Term loan of ` 323.51 Lakhs (` 323.51 Lakhs) availed from Sugar Repayable in 10 Half-yearly installments. Last
Development Fund (SDF) Govt. of India (Co-gen power project loan) is installment falling due on November 2016.
secured by exclusive second charge by way of mortgage on the company’s Rate of Interest : 7.00% p.a.
immovable properties of sugar factory at K.M.Doddi, Bharathi Nagara,
Maddur Taluk, Mandya District, Karnataka
iv) Term loan of ` 80.00 Lakhs (` 80.00 Lakhs) availed from Sugar Repayable in 4 Yearly installments. Last installment
Development Fund (SDF) Govt. of India (Modernisation of Sugar Plant) is falling due on March 2014.
secured by exclusive Second charge on the company’s immovable Rate of Interest : 7.00% p.a.
properties of Sugar Factory at K.M.Doddi, Bharathinagara, Maddur Taluk,
Mandya District, Karnataka.
v) Term loan of ` 75.00 Lakhs (` 75.00 Lakhs) availed from Sugar Repayable in 4 Yearly installments.
Development Fund (SDF) Govt. of India (Cane Development) is secured by Last installment falling due on July 2014.
exclusive Second charge on the company’s immovable properties of
Rate of Interest : 7.00% p.a.
Sugar Factory at K.M.Doddi, Bharathinagara, Maddur Taluk, Mandhya
District, Karnataka.
Note : The amount repayable with in twelve months is ` 4019.51 lakhs (` 4552.59 lakhs), grouped under other current liabilities in Note
No. 10 includes over due of ` 360.89 lakhs to IDFC and ` 2818.92 lakhs to SDF Loans.
Particulars As at As at
31.03.2015 31.03.2014
Note : 5 >> Deferred Tax Liability (Net)
Tax effect of items constituting deferred tax liability:
On account of Depreciation 2,934.36 2,985.03
On account of treatment of Goodwill 747.65 974.50
(A) 3,682.01 3,959.53
Tax effect of items constituting deferred tax asset:
Brought Forward Business Losses (B) 2,611.75 2,303.18
(A-B) 1,070.26 1,656.35
Note : 6 >> Other Long-Term Liabilities
a) Trade / Security Deposits 2,122.12 2,129.67
b) Trade Payable - Others 10.29 2.06
2,132.41 2,131.73
Note : 7 >> Long-Term Provisions
(i) Provision for Employee Benefits :-
a) Provision for Gratuity 448.30 387.92
b) Provision for other employee benefits - Leave Salary 55.95 102.87
Total Long-Term Provisions 504.25 490.79
Note : 8 >> Short-Term Borrowings
Secured
From Banks 6,057.53 4963.05
6,057.53 4963.05

Details of Security for the Secured Loans repayable on Demand :-
Nature of Security As at 31.03.2015 As at 31.03.2014

Particulars
Loans Repayable on Demand from Banks:-
➤ IDBI Bank:
}
● Working Capital Loan 1,552.40 1,457.39
Pari passu first charge on the current assets of
a) Sugar Unit at K.M.Doddi, Bharathinagara, Maddur Taluk,
Mandya District, Karnataka excluding receivables of
Distillery Division and
b) Sugar Unit at Srinivasapura,Hassan District, Karnataka.
This loan is further secured by third charge on the
fixed assets of Sugar unit at K.M.Doddi, Bharathinagara,
➤
Allahabad Bank: Maddur Taluk, Mandya District, Karnataka.
● Working Capital Loan 505.13 505.66
➤
The Karnataka State Co-Op Apex
Bank Ltd
● Working Capital Loan Pari passu first charge on the un-encumbered portion of
current assets in respect of sugar and distillery division
excluding receivables and book debts of sugar and distillery
division located at K.M.Doddi. 2,000.00 –
➤
The HDCC Bank Ltd:
● Working Capital Loan Pari passu first charge on the un-encumbered portion of
current assets in respect of sugar and distillery division
excluding receivables and book debts of sugar and distillery
division located at K.M.Doddi. 2,000.00 –
➤
State Bank of India
● Demand Loan Pledge of over and above the sugar stock held against
working capital facility under warehouse receipt loan with
margin of 25% – 3,000.00
6,057.53 4,963.05
As at As at
Particulars 31.03.2015 31.03.2014
Note : 9 >> Trade Payables
Dues to Trade Creditors 7,026.11 4,661.81
7,026.11 4,661.81
Note : 10 >> Other Current Liabilities
Current Maturities of Long-Term Debt :-
Secured Term Loans - From Banks 2,969.79 4,116.49
Secured Term Loans - From Other Parties 4,019.51 4,552.59
Unsecured Public Deposits 1,194.09 677.11
8,183.39 9,346.19
Interest accrued but not due on borrowings 116.44 57.60
Interest accrued and due on borrowings 747.02 570.61
Statutory remittances
(Contributions to PF, ESIC, Withholding Taxes, Excise Duty, VAT, Service Tax, etc.) 83.98 61.05
Other payables 1,085.83 842.81
Liability for Expenses 127.04 120.01
Advances from customers 551.00 85.72
Dues to Directors 55.54 57.90
10,950.24 11,141.89
Note : 11 >> Short-Term Provisions
(i) Provision for Employee Benefits :-
Employee Benefits 267.59 249.46
267.59 249.46
Total Short - Term Provisions 267.59 249.46
37
42nd ANNUAL REPORT
38
Note : 12 >> Fixed Assets
(` in Lakhs)
<---------- G R O S S B L O C K ----------> <--------- D E P R E C I A T I O N ---------> <---- NET BLOCK ----->
Withdrawn Transferred
Sl No. Particulars As on Deletions/ As on Upto For the Upto As on As on
Additions on Account to retained
01.04.2014 Disposals 31.03.2015 01.04.2014 Year Earnings 31.03.2015 31.03.2015 31.03.2014
of Disposal Schedule-2013
TANGIBLE ASSETS
1 Free Hold Land 3,820.18 8.60 - 3,828.78 - - - - - 3,828.78 3,820.18
2 Building 5,388.16 8.27 - 5,396.43 1,405.03 139.45 - 5.87 1,550.35 3,846.08 3,983.13
3 Plant & Equipments 24,873.52 55.79 - 24,929.31 10,876.02 519.39 - 1.76 11,397.17 13,532.14 13,997.50
4 Furniture And Fittings 122.71 5.62 - 128.33 62.87 6.98 - 0.15 70.00 58.33 59.84
5 Office Equipment 192.87 3.33 0.13 196.07 31.31 35.86 - 67.17 128.90 161.56
6 Computer Equipment 436.52 6.40 0.43 442.49 232.32 31.61 0.39 100.40 363.94 78.55 204.20
7 Vehicles 242.69 - - 242.69 147.67 27.40 - 0.26 175.33 67.36 95.02
TOTAL A 35,076.65 88.01 0.56 35,164.10 12,755.22 760.69 0.39 108.44 13,623.96 21,540.14 22,321.43
INTANGIBLE ASSETS
8 Goodwill 6,992.01 - - 6,992.01 3,988.46 699.20 - - 4,687.66 2,304.35 3,003.55
TOTAL B 6,992.01 - - 6,992.01 3,988.46 699.20 - - 4,687.66 2,304.35 3,003.55
9 Capital Work-in-progress 631.38 481.86 - 1,113.24 - - - - - 1,113.24 631.38
TOTAL C 631.38 481.86 - 1,113.24 - - - - - 1,113.24 631.38
Currnet Year Figures (A+B+C) 42,700.04 569.87 0.56 43,269.35 16,743.68 1,459.89 0.39 108.44 18,311.62 24,957.73 25,956.36
Previous Year Figures 42,480.64 266.75 47.35 42,700.04 14,607.92 2,144.36 8.60 - 16,743.68 25,956.36 27,872.72
Land, Buildings, Plant & Machinery, Furniture & Fixtures and Motor Vehicles were revalued on 31st January 2004. The net increase in revaluation amounting to ` 10,946.78 Lakhs has been credited to Revaluation Reserve.

As at As at
Particulars 31.03.2015 31.03.2014
Note : 13 >> Non-Current Investments
Summary of Classification of Non-Current Investments :-
Investments in Equity Instruments 173.66 324.32
Investments in Government Securities - 0.01
Other Non-Current Investments 41.13 0.63
214.79 324.96
Details for Investments in Equity Instruments, Government Securities and other non-current investments:- (` in lakhs)
Name of the Number of Cost of Market Rate Market value Provision for As at As at
Sl.No Script Shares / units acquisition as on 31.03.2015 as on 31.03.2015 fall in value 31.03.2015 31.03.2014
(A) Equity Instruments :-
➤ Quoted :
1 Sakthi Sugars Limited of
` 10 each 12,45,200 321.49 13.00 161.88 (159.61) 161.88 312.54
2 Sakthi Finance Limited of
` 10 each 24,000 5.60 16.75 4.02 (3.20) 2.40 2.40
(162.81) 164.28 314.94
Unquoted :
➤
1 Sakthi Beverages Limited of
` 10 each 1,25,000 12.50 – – (3.12) 9.38 9.38
(3.12) 9.38 9.38
Total of Equity Instruments
(Quoted and Unquoted) (165.93) 173.66 324.32
(B) Government Securities :-
➤ Unquoted :
1 National Savings Certificate – – – – – – 0.01
Total of Government Securities – – 0.01
(C) Other Non-Current Investments:-
➤ Unquoted :
1 "C" Class Shares in
Sri Chamundeswari Sugar Mills
Employees Credit Co-Operative
Society Limited of ` 1000 each 50 0.50 – – – 0.50 0.50
2 "B" Grade Shares in MDCC Bank
of ` 3000 each 1 0.03 – – – 0.03 0.03
3 "F" Grade Shares in
The Karnataka State Co-operative
Apex Bank Limited 1 0.10 – – – 0.10 0.10
4 "D" class Shares in The South
Canara District Central
Cooperative Bank Limited 10 0.50 – – – 0.50 –
5 "F" class Shares in in The Hassan
District Co-ope Central Bank Ltd 200 20.00 – – – 20.00 –
6 "D" class Shares in The Karnataka
State Co-ope Apex Bank Ltd 200 20.00 – – – 20.00 –
Total of Other
Non-Current Investments – 41.13 0.63
Grand Total (165.93) 214.79 324.96
Aggregate book value of quoted investments 164.28 314.94
Aggregate market value of quoted investments 165.90 226.62
Aggregate book value of unquoted investments 50.51 10.02
39
42nd ANNUAL REPORT
As at As at
Particulars 31.03.2015 31.03.2014
Note : 14 >> Long Term Loans and Advances
(Unsecured, Considered Good, unless otherwise stated)
Security Deposits 540.99 544.62
Other loans and advances 253.94 258.61
794.93 803.23
Note : 15 >> Other Non-Current Assets
MAT Credit Entitlement 1,466.24 1,466.24

Subsidy and Incentive receivables 738.54 738.54
2,204.78 2,204.78
Note : 16 >> Current Investments
Summary of Classification of Current Investments :-
a) Investment in Property Development 5,438.43 3,838.43
b) Investments in Equity Instruments 18.06 18.06
5,456.49 3,856.49
Details for Investments in Property Development:-
Investment in Property development at Tuberhalli Village, Bangalore. 5,438.43 3,838.43
5,438.43 3,838.43
Details for Investments in Equity Instruments:- (` in lakhs)

Name of the Number of Cost of Market Rate Market value Provision for As at As at
Sl.No Script Shares / units acquisition as on 31.03.2015 as on 31.03.2015 fall in value 31.03.2015 31.03.2014
Equity Instruments :-
➤ Quoted :
1 IDBI Bank Limited of ` 10 each 14,240 12.87 71.05 10.12 12.87 12.87
2 Dena Bank of ` 10 each 17,300 5.19 50.80 8.79 5.19 5.19
Total of Equity Instruments 18.06 18.06
Aggregate book value of quoted investments 18.06 18.06

Aggregate market value of quoted investments 18.91 19.77
Aggregate book value of investments in property development 5,438.43 3,838.43

As at As at
Particulars 31.03.2015 31.03.2014
Note : 17 >> Inventories
Finished Goods / By-Products:-
Sugar 4,461.53 7,589.79
Molasses-in Sugar unit 773.65 995.86
Industrial Alcohol 410.23 246.03
Bio-Compost 81.12 56.10
Bagasse 14.84 6.43
5,741.37 8,894.21
Raw Materials :-
Sugar cane 1.12 –
Molasses - Distillery Unit 270.90 275.11
272.02 275.11
Other Stocks :-
Stores and Spares 1,342.64 1,138.47
Tools and Implements 39.54 39.74
Scrap Stock – 11.05
1,382.18 1,189.26
Stock-in-Process :-
Sugar 331.31 157.80
Molasses 27.30 35.96
358.61 193.76
Total Inventories 7,754.18 10,552.34
Note : 18 >> Trade Receivables
Outstanding for a period exceeding six months from the date they were due for payment 308.59 –
Other Trade Receivables 1,077.56 804.83
1,386.15 804.83
Note : 19 >> Cash and Cash Equivalents
i) Cash on hand 33.65 19.64
ii) Balance with Banks
In Current Accounts 730.02 329.58
In Fixed Deposit Accounts 50.00 36.90
In Earmarked Accounts :
Current Account (for fixed deposits) 300.90 203.75
1,080.92 570.23
Total Cash and Cash Equivalents 1,114.57 589.87
Note : 20 >> Short Term Loans and Advances
Loans and Advances to Employees 17.19 10.56
Prepaid Insurance Premium 14.51 17.83
Other Prepaid Expenses 1.54 3.04
CENVAT Credit Receivable & PLA 22.36 33.60
Service Tax Credit Receivable 6.33 0.80
Advance Income Tax and TDS 0.07 0.77
Advances recoverable in cash or in kind or for value to be received 7,156.33 4,247.37
Other Loans and Advances:
Secured, Considered Good 17.55 17.75
Unsecured, Considered Good 194.03 194.03
7,429.91 4,525.75
Note : 21 >> Other Current Assets
Income Receivable 603.54 285.02
603.54 285.02
41
42nd ANNUAL REPORT

Particulars 31.03.2015 31.03.2014
Note : 22 >> Revenue from Operations
(i) Sale of Products :- *
Manufactured Goods :
> Sugar 25,256.48 21,491.40
> Alcohol 5,265.93 5,657.23
> Carbon-di-oxide 12.57 14.60
> Biocompost 129.20 140.24
> Others 9.39 10.84
* [inclusive of Excise Duty, wherever applicable]
30,673.57 27,314.31
(ii) Sale of Power 4,545.67 3,634.45
4,545.67 3,634.45
(iii) Other Operating Revenues
Property Development 1,600.00 –
Sale of scrap 12.24 12.01
1,612.24 12.01
(iv) Less : Excise Duty 863.52 724.01
Total Revenue from Operations [(i), (ii) and (iii) as reduced by (iv)] 35,967.96 30,236.76
Note : 23 >> Other Income

Interest Income:
Interest on Deposits with Banks 7.62 19.31
Interest on Loans and Advances 4.06 8.97
Dividend income from current and non-current investments (From Indian Companies) 0.58 4.63
Other non-operating income (net of expenses directly attributable to such income):
Rental income from operating leases 3.60 5.93
Miscellaneous income 1.40 0.50
17.26 39.34
Note : 24 >> Cost of Raw Materials Consumed
Opening stock of Raw Materials 275.12 409.74
Add : Purchases during the year 21,405.02 18,596.36
Add : Purchase Tax & Procurement Expenses 939.82 716.82
22,619.96 19,722.92
Less :Closing stock of Raw Materials 272.02 275.11
Total Cost of Raw Materials Consumed 22,347.94 19,447.81
Note : 25 >> Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade

(i) Inventories at the end of the year :-
a) Finished goods 5,741.37 8,894.21
b) Work-in-progress 358.61 193.76
A 6,099.98 9,087.97
(ii) Inventories at the beginning of the year :-
a) Finished goods 8,894.21 8,219.95
b) Work-in-progress 193.76 369.45
B 9,087.97 8,589.40
(iii) Net (Increase)/Decrease (B-A) 2,988.00 (498.57)
Note : 26 >> Employee Benefit Expenses

a) Salaries and wages 2,498.68 2,418.98
b) Contributions to Provident and Other Funds 191.95 158.88
c) Staff Welfare Expenses 140.90 108.74
2,831.53 2,686.60


Particulars 31.03.2015 31.03.2014
Note : 27 >> Finance Costs
Interest Expenses 3,070.24 3,076.05
3,070.24 3,076.05
Note : 28 >> Depreciation and Amortisation Expenses
Depreciation 760.69 1,445.16
Less: Transferred to Revaluation Reserve 199.98 325.01
560.71 1,120.15
Add: Amortisation Expenses 699.20 699.20
1,259.91 1,819.35
Note : 29 >> Other Expenses
Manufacturing Expenses:
Consumption of stores & packing materials 725.41 761.05
Power and fuel 2,338.52 2,517.51
Water 1.63 1.91
Rent including lease rentals 399.96 390.57
Repairs and maintenance - Buildings 52.22 42.49
Repairs and maintenance - Machinery 752.72 625.43
Repairs and maintenance - Others 328.76 314.32
Insurance 30.78 34.19
Rates and taxes 247.65 71.94
Effluent Treatment Expenses 5.06 6.69
Material handling and Other manufacturing expenses 64.82 74.80
Selling and Distribution Expenses :-
Freight and forwarding 16.70 28.43
Rebates & Discounts 88.81 66.59
Business Promotion 33.96 25.30
Administrative Expenses :-
Communication 43.95 35.63
Travelling and conveyance 59.97 60.51
Printing and Stationery 19.83 18.31
Books & Periodicals and Subscriptions 17.42 22.29
Bank Charges 5.84 2.28
Directors Sitting Fees 4.75 1.86
Donations and Contributions - 36.20
Legal and Professional 38.89 52.19
Payments to Statutory Auditors :-
> As auditors - Statutory Audit 11.24 10.87
>For Taxation Matters - 1.12
For Tax Audit 1.12 1.12
> For Management Services – 2.33
> For Certifications & representations 5.39 2.25
Bad trade and other receivables, loans and advances written off – 2.17
Recognition of diminution in value of long term investments 150.66 –
Increase / (decrease) of excise duty on inventory (91.81) 31.13
Loss on fixed assets sold / scrapped / written off 0.17 3.17
Managerial Remuneration 30.73 26.49
Miscellaneous expenses 59.53 76.08
5,444.68 5,347.22
43
42nd ANNUAL REPORT
Note : 30 >> Related Parties Disclosure: Disclosure report under Accounting Standard-15 (Revised): (` in Lakhs)
I. Related Parties: ACTUARIAL VALUATION OF GRATUITY LIABILITY 31.03.2015 31.03.2014
A. Key Managerial Personnel I. Principal Actuarial Assumptions
Shri M.Srinivaasan, Managing Director (Expressed as weighted average)
Discount Rate 8.00% 8.25%
B. Relatives of Key Managerial Personnel Salary escalation rate 5% 5%
Dr. M. Manickam Attrition rate - -
Shri. M. Balasubramaniam Expected rate of return on Plan Assets (p.a) 9% 9%
C. Enterprises Where Control Exist II. Changes in the Present Value of the Obligation (PVO) -
Sakthi Sugars Limited Reconciliation of Opening and Closing Balances
D. Enterprises in Which Key Managerial Personnel/Relatives of PVO as at the beginning of the period 588.88 598.01
Key Managerial Personnel have Significant Influence # Interest Cost 49.88 53.41
N. Mahalingam & Company Current Service Cost 38.29 27.67
Nachimuthu Industrial Association Past Service cost-(non vested benefits) - -
Note: # Information has been furnished with respect to individuals / entities Past service cost-(vested benefits) - -
with whom related party transactions had taken place during the year. Benefits paid (60.01) (123.88)
II. Related Party Transactions (` in Lakhs) Actuarial loss/ ( gain) on obligation
(balancing figure) 41.14 33.67
Enterprises
Key Total for PVO as at the end of the period 658.17 588.88
where control/
Particulars Managerial significant the year III. Changes in the Fair Value of Plan Assets -
Personnel influence exists 2014-15 Reconciliation of Opening and Closing Balances
Fair value of plan assets as at the
Remuneration to 28.48 28.48
beginning of the period 1.46 1.46
Managing Director (17.49) - (17.49)
Expected return on plan assets 0.12 0.13
Purchase of materials / 12.80 12.80 Contributions 60.01 123.88
Availing of services (13.19) (13.19) Benefits paid (60.01) (123.88)
Note : 31 >> Particulars of Commission, Remuneration and Actuarial gain/ (loss) on plan assets
(balancing figure) (0.12) (0.13)
Perquisites to Managerial personnel: (` in Lakhs) Fair value of plan assets as at the
Managing Director Executive Director end of the period 1.46 1.46
Description
31.03.2015 31.03.2014 31.03.2015* 31.03.2014 IV. Actual Return on Plan Assets
Expected return on plan assets 0.12 0.13
Salary 18.00 10.26 2.00 8.04
Actuarial gain/(loss) on plan assets (0.13) (0.13)
Contribution Actual return on plan assets – –
to Provident 2.16 1.23 0.24 0.96
V. Actual Gain / Loss Recognized
Fund
Actuarial gain/(loss) for the period-Obligation (41.14) (33.67)
Contribution to
Actuarial gain/(loss) for the period-Plan Assets (0.12) (0.13)
Superannuation 2.70 1.54 - -
Total gain/(loss) for the period (41.26) (33.80)
Fund
Actuarial gain /(loss) recognized in the period (41.26) (33.80)
Gratuity 0.75 0.43 - - Unrecognized actuarial (gain)/ loss at the end
of the year – –
Perks 4.88 4.03 - - VI. Amounts recognised in the Balance Sheet and Related Analysis
Present value of the obligation 658.17 588.88
Commission - - - - Fair value of plan assets 1.46 1.46
Liability recognized in the balance sheet 656.71 587.42
Total: 28.49 17.49 2.24 9.00
VII.Expenses recognised in the Statement of Profit and Loss
(* Salary paid from 01.04.2014 and 30.06.2014) Current service cost 38.29 27.67
Interest Cost 49.88 53.41
Note : 32>> The company has not received information from Expected return on plan assets (0.12) (0.13)
vendors regarding their status under The Micro, Small & Net actuarial (gain)/loss recognised in the year 41.26 33.80
Medium Enterprises Development Act, 2006 and hence Expenses recognized 129.31 114.75
disclosures relating to their outstanding amount and VIII. Movements in the Liability recognized in the Balance Sheet
interest have not been made. Opening net liability 587.42 596.55
Note : 33>> Employee Benefits Expenses as above 129.31 114.75
Gratuity and Provident Fund: Contribution paid 60.01 123.88
Closing net liability 656.72 587.42
Gratuity, Provident Fund and Employees State
IX. Amount for the Current Period
Insurance are defined Contribution Plans. The expenses
recognised in the Statement of Profit and Loss are :- Present value of obligation 658.17 588.88
Plan Assets 1.46 1.46
Surplus(Deficit) (656.72) (587.42)
Particulars 31.03.2015 31.03.2014 X. Major Categories of Plan Assets
Gratuity 129.31 114.75 As Percentage Of Gain / (Loss) on Total
Provident Fund 168.63 149.11 Plan Assets (7.98%) (8.90%)
Employees State Insurance 2.39 1.34

Note : 34 >> Earnings per Share: ( ` in Lakhs) A1. Raw materials purchased broad categories
2014-2015 2013-2014 31.03.2015 31.03.2014
a) Profit After Tax (1370.98) (1082.47) Amount Amount
(` in Lakhs) (` in Lakhs)
b) Less: Preference Dividend 73.50 73.50
c) Total (1297.48) (1155.97) Cane 20622.78 17491.86
d) The weighted average no of Molasses 782.24 1105.50

Equity Shares 2,44,54,328 2,44,54,328
Total 21405.02 18596.36
e) The nominal value per
Equity Share (`) 10 10
A2. Value of Raw materials consumed and % to total consumption.
f) Earnings per Share - Basic (`) (5.91) (4.73)
31.03.2015 31.03.2014
g) Earnings per Share - Diluted (`) (5.91) (4.73)
Amount Amount
Note : 35 >> Disclosure as required under clause 32 of the listing % %
(` in Lakhs) (` in Lakhs)
agreement: There are no amount of loans/advances in
the nature of loans outstanding from Subsidiaries and Indigenous 22347.94 100.00 19447.81 100.00
Associates . Imported – – – –
Note : 36 >> Disclosure pursuant to AS-28 on 'Impairment of Assets':
During the year, review has been done for carrying value Total 22347.94 100.00 19447.81 100.00
of the assets for finding out the impairment, if any. The
review has not revealed any impairment of assets in B1. Value of Stores, spares and tools consumed and % of each to total
terms of AS-28. consumption:
Note : 37 >> Contingent Liability & Litigations 31.03.2015 31.03.2014

1. For the FY.2005-06 to FY.2012-13, there is a demand Amount Amount
% %
of ` 2022.88 Lakhs from The Commissioner of (` in Lakhs) (` in Lakhs)
Central Excise, Customs and Service Tax, Mysore as Indigenous 725.40 100.00 761.05 100.00
demand of taxes on captive consumption of
molasses without payment of duty. The company Imported – – – –
had appealed to the Customs, Excise & Service Tax
Total 725.40 100.00 761.05 100.00
Appellate Tribunal and has got a stay on the
recovery proceedings.
2. The sugarcane price for crushing season 2013-14 B2. Value of coal consumed and % of each to total consumption:
notified by the State Government over and above 31.03.2015 31.03.2014
FRP announced by the Central Government Amount
Amount
amounting to ` 2442.51 lakhs is disputed. The (` in Lakhs)
%
(` in Lakhs)
%
matter is being taken up before Supreme Court.
The management believes that the ultimate Indigenous 2121.64 100.00 1397.54 65.51
outcome will not have any material adverse effect Imported – – 735.64 34.49
on the Company's financial position and results of
operations. Total 2121.64 100.00 2133.18 100.00
3. Other information:
A. Arrears of cumulative dividend on Preference C. Expenditure in Foreign Currency
Shares ` 674.18 lakhs (Previous year - ` 600.68 Travelling Expenses - ` Nil (` 6.63 lakhs)
lakhs) D. Earnings in Foreign Currency: (` in Lakhs)
B. Estimated amount of contracts remaining to be
executed on Capital Account and not provided for is 31.03.2015 31.03.2014
` Nil (Previous year ` Nil)
F.O.B Value of Exports 29.38 Nil
Note : 38 >> Additional Information
E. CIF Value of imports: (` in Lakhs)
Licensed Capacity Installed Capacity
Product Units Capital Goods Nil Nil
31.03.2015 31.03.2014 31.03.2015 31.03.2014
Others - Coal Nil Nil
# Tonnes
of Cane
1. Sugar Crushed 5250 5250 5250 5250
per day
2. Industrial Kilo Litre 50 50 50 50

Alcohol Per Day
3. Power KWH 26 MW 26MW 26 MW 26MW
Note :# Bharathinagara Unit : 4000 TCD and

Srinivasapura Unit : 1250 TCD of Sugarcane Crushing.
45
42nd ANNUAL REPORT
Note : 39 >> Segment Information for the Year Ended 31st March 2015
PROPERTY
PARTICULARS SUGAR DISTILLERY COGEN TOTAL
DEVELOPMENT
Primary
Segment Revenue 28295.96 5407.70 8277.35 1600 43581.01
(25157.36) (5812.89) (7716.78) (Nil) (38687.03)
Inter Segment revenue 7613.05
(8450.27)
Total 35967.96
(30236.76)
Segment Results -5518.55 1643.40 3372.46 1600 1097.31
(-2188.06) (1409.28) (2213.62) (Nil) (1434.84)
Add: Unallocated income 15.86
(38.85)
Operating Profit 1113.17
(1473.69)
Less: Interest Expenses 3070.24
(3076.05)
Profit before Tax -1957.08
(-1602.36)
Prior Year Adjustments Nil
(Nil)
Direct Tax- Prior Year Nil
(Nil)
Deferred Tax -586.09
(-519.89)
Profit after Tax -1370.98
(-1082.47)
Segment Assets 33076.89 2444.82 10724.07 5438.43 51684.21
(30964.43) (2826.65) (10239.15) (3838.43) (47868.66)
Segment Liabilities 11146.56 Nil 522.97 11669.53
(5291.06) (507.22) (1050.17) (6848.45)
Capital Expenditure 531.37 38.45 0.05 569.87
(227.24) (3.92) (Nil) (231.16)
Depreciation / Amortisation 909.79 79.57 270.55 1259.91
(1007.04) (140.69) (671.62) (1819.35)
Non Cash expenses other 699.20 Nil Nil Nil 699.20
than Depreciation (699.20) (Nil) (Nil) (Nil) (699.20)
Secondary
Revenue by Geographical Market
India 28266.58 5407.70 8277.35 1600 43551.63
(25157.36) (5812.89) (7716.78) (Nil) (38687.03)
Outside India 29.38 Nil Nil Nil 29.38
(Nil) (Nil) (Nil) (Nil) (Nil)
(Figures in Brackets indicate previous year)
Note : 40 >> The company is opted to recognize Foreign Exchange Fluctuation based on Maturity of obligation in confirmity with Ministry of Corporate
Affairs Notification No.GSR.913(E) dated 29.12.2011.
Note : 41 >> Previous year's figure have been regrouped or reclassified to conform to this year's grouping or classification.
Chartered Accountants M Srinivaasan V K Swaminathan J U Srinivasan
Firm Registration No. : 003328S Managing Director Director Chief Financial Officer
P R Vittel
Partner
Membership No.: 018111 M. Rajendraprasath
Company Secretary
Date : 30.05.2015
46 Place : Coimbatore
Cash Flow Statement
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2015
Year Ended 31st March 2015 Year Ended 31st March 2014
Particulars
A. Cash Flow from Operating Activities
Net Profit before extraordinary items and tax (1,957.08) (1,602.36)
Adjustments for
Add:
Depreciation and Amortisation 1,259.91 1,819.35
Finance Cost 3,070.24 3,076.05
Adjustment to the carrying amount of investments – –
Net Exchange Loss – 4,330.15 – 4,895.40
Less:
Interest Income 11.68 28.28
Dividend Income 0.58 4.63
Net Profit / (Loss) on Sale of Assets (0.17) (3.17)
Rental Income 3.60 5.93
Liabilities no longer required - Written Back – 15.69 – 35.67
Operating Profit before Working Capital changes 2,357.38 3,257.37
Changes in Working Capital
Adjustments for (increase) / decrease in Operating Assets
Inventories 2,798.16 (182.03)
Trade Receivables (581.32) 49.99
Short Term Loans and Advances (2,904.17) 817.45
Long Term Loans and Advances 8.30 7.69
Other Current Assets (318.52) (94.13)
Other Non-Current Assets – (997.55) (2.83) 596.14
Adjustments for increase / (decrease) in Operating Liabilities
Trade Payables 2,364.30 (2,022.82)
Other Current Liabilities 794.75 (274.03)
Other Long Term Liabilities 0.68 11.72
Short Term Provisions 18.13 122.06
Long Term Provisions 13.46 3,191.32 (136.26) (2,299.33)
Cash generated from Operations 4,551.15 1,554.18
Income Tax Paid – (44.98)
Net Cash Flow from / (used in) Operating Activities 4,551.15 1,509.20
B. Cash Flow from Investing Activities
Purchase of Fixed Assets (569.88) (231.16)
Sale of Fixed Assets – –
Sale / proceeds of Investments (1,489.83) 20.00
Purchase of Investments – –
Interest Income 11.68 28.28
Dividend Income 0.58 4.63
Rental Income 3.60 5.93
Net Cash Flow from / (used in) Investing Activities (2,043.85) (172.32)
C. Cash Flow from Financing Activities
Proceeds / (Repayments) from Long Term Borrowings (Net) (183.26) 2,001.34
Proceeds / (Repayments) from Short Term Borrowings (Net) 1,094.48 (297.90)
Finance Cost (2,893.82) (2,779.89)
Net Cash Flow from / (used in) Financing Activities (1,982.60) (1,076.45)
Net Increase / (Decrease) in Cash and Cash Equivalent 524.70 260.43
Opening Balance - Cash and Cash Equivalent 589.87 329.44
Closing Balance - Cash and Cash Equivalent 1,114.57 589.87

Chartered Accountants M Srinivaasan V K Swaminathan J U Srinivasan
Managing Director Director Chief Financial Officer
P R Vittel
Partner
M. Rajendraprasath
Date : 30.05.2015
Company Secretary
Place : Coimbatore
47
42nd ANNUAL REPORT
Performance Report
PERFORMANCE REPORT
Sugar Sugar
TCD Cane Crushed
Financial Year Produced Recovery
No. of location In Tonnes
In Quintals Percentage
1973-74 1250 145470 127843 9.16
1974-75 1250 149983 148960 9.87
1975-76 1250 175364 166132 9.44
1977-78 16 Months 1250 434003 414783 9.57
1978-79 1250 359080 338513 9.78
1979-80 1250 106379 95651 9.57
1980-81 1250 150899 134340 8.73
1981-82 1250 428130 430859 10.08
1982-83 17 Months 1250 530800 492259 9.37
1983-84 2500 292350 289160 9.70
1984-85 2500 287246 318700 11.10
1985-86 2500 385051 411500 10.70
1986-87 2500 460770 482000 10.45
1987-89 18 Months 2500 888698 909480 10.25
1989-90 2500 502780 504374 10.06
1990-91 3500 572433 530405 9.31
1991-92 4000 589394 567595 9.63
1992-93 4000 796737 748798 9.37
1993-94 4000 445892 427322 9.43
1994-95 4000 812342 752762 9.41
1995-96 18 Months 4000 908314 686631 7.47
1996-97 4000 345639 276389 7.94
1997-99 18 Months 4000 1050758 1013965 9.74
1999-2000 4000 730046 731533 9.98
2000-2001 4000 806215 803860 10.03
2001-2002 4000 991094 950040 9.61
2002-2003 4000 676590 648874 9.64
2003-2004 4000 690294 611715 8.78
2004-2005 4000 290358 281540 8.83
2005-2006 4000 634041 588528 9.28
2006-2007 4000 920024 863529 9.43
2007-2008 Unit I - 4000 863069 762037 8.92
Unit II- 1250 134620 133750 9.76
2008-2009 Unit I - 4000 558139 474586 8.47
Unit II- 1250 146563 122400 8.28
2009-2010 Unit I - 4000 444562 417119 8.76
Unit II- 1250 152081 142320 9.41
2010-2011 Unit I - 4000 793911 734913 9.26
Unit II- 1250 259495 248610 9.62
2011-2012 Unit I - 4000 805332 702003 8.71
Unit II- 1250 268005 259530 9.72
2012-2013 Unit I - 4000 895605 795241 8.82
Unit II- 1250 214805 203730 9.52
2013-2014 Unit I - 4000 618190 573867 9.21
Unit II- 1250 212384 205620 9.61
2014-2015 Unit I - 4000 652720 605247 9.39
Unit II- 1250 214890 200040 9.33

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Corporate Data

SRI CHAMUNDESWARI SUGARS LIMITED

REGISTERED OFFICE BOARD OF DIRECTORS

Management Discussion and Analysis Report 17

Secretarial Audit Report 18

Report on Corporate Governance 20

Independent Auditors' Report 26

Statement of Profit & Loss 29

Notes forming part of Financial Statements 32

Cash Flow Statement 47

2 SRI CHAMUNDESWARI SUGARS LIMITED

4 SRI CHAMUNDESWARI SUGARS LIMITED

EXPLANATORY STATEMENT UNDER SECTION 102 OF THE COMPANIES ACT, 2013

Particulars Dr. M. MANICKAM Smt. SUSHEELA BALAKRISHNAN

DIN 00102233 07140637

Last drawn remuneration : NIL NIL

6 SRI CHAMUNDESWARI SUGARS LIMITED

RELATED PARTY TRANSACTIONS

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO:

(C) Foreign exchange earnings and Outgo

8 SRI CHAMUNDESWARI SUGARS LIMITED

Date of b) The percentage increase in There is no increase in the actual

Shri A Arjunraj has been appointed as the independent director of the

10 SRI CHAMUNDESWARI SUGARS LIMITED

SHARES IN UNCLAIMED SUSPENSE ACCOUNT

Particulars No of Shareholders No of Shares

HUMAN RESOURCES AND INDUSTRIAL RELATIONS ACKNOWLEDGEMENT

I. REGISTRATION AND OTHER DETAILS:

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES -

12 SRI CHAMUNDESWARI SUGARS LIMITED

(ii) Shareholding of Promoters

(v) Shareholding of Directors and Key Managerial Personnel:

14 SRI CHAMUNDESWARI SUGARS LIMITED

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

Shri. M. Srinivaasan Shri. K. Prakash

Sl. No. Particulars of Remuneration Name of Directors Total Amount

VII. PENALTIES / PUNISHMENT / COMPOUNDING OF OFFENCES:

16 SRI CHAMUNDESWARI SUGARS LIMITED

1) Company Overview 5) Product and Segment-wise performance

To (f) The Securities and Exchange Board of India (Registrars to an

18 SRI CHAMUNDESWARI SUGARS LIMITED

To (3) I have not verified the correctness and appropriateness of

REPORT ON CORPORATE GOVERNANCE

1. Company's Philosophy Senior Management of the Company. Annual Declaration

20 SRI CHAMUNDESWARI SUGARS LIMITED

5. Audit Committee 6. Review the financial statements, in particular, the investments

22 SRI CHAMUNDESWARI SUGARS LIMITED

Share Transfer System Plant Location

24 SRI CHAMUNDESWARI SUGARS LIMITED

INDEPENDENT AUDITORS' REPORT

To The Members of SRI CHAMUNDESWARI SUGARS LIMITED Opinion

26 SRI CHAMUNDESWARI SUGARS LIMITED

BALANCE SHEET AS AT 31.03.2015

Note As at 31.03.2015 As at 31.03.2014

I. EQUITY AND LIABILITIES

Per our Report Annexed

P R Vittel M Srinivaasan V K Swaminathan J U Srinivasan

Date : 30.05.2015 M. Rajendraprasath

28 SRI CHAMUNDESWARI SUGARS LIMITED

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31.03.2015

Year Ended Year Ended