SRS Annual Report 2018-19

A Wilmar Subsidiary
Working towards
a sustainable
future
Annual Report 2018-19
Contents FY19
Corporate Overview A Year of Transformation
Corporate Identity 2
Letter to the Shareholders 6
Business Model 8
Operating Revenue (` Crore)
Key Performance Indicators 10
Our Turnaround Story
About the Brand
Upcoming Plans
12
14
15
4,296.86
Corporate Information 16
EBITDA (` Crore)
Statutory Reports
Management Discussion and Analysis

Board's Report
18
24
399.32
against loss of `133.6 Crore p.y.
Report on Corporate Governance 58
Financial Statements
Earnings per Share (`)
STANDALONE
Independent Auditors’ Report
Balance Sheet
76
84
(1.99)
against (29.63) p.y.
Statement of Profit and Loss 85
Statement of Changes in Equity 86
Cash Flow Statement 87
Notes to Financial Statements 88
Improved Credit Rating
CONSOLIDATED (ICRA) BBB+
Independent Auditors’ Report 132
Balance Sheet 140
from (ICRA) D
Consolidated Statement of Profit and Loss 141
Consolidated Statement of Changes in Equity 142
Consolidated Cash Flow Statement 143
Cane crushed (MT)
Notes to Consolidated Financial Statements 144
AGM Notice 196 4,189,590

32% increase y-o-y
Forward-looking statement
This Report and other statements – written and oral – that we
periodically make, may contain forward-looking statements
that set out anticipated results based on the management’s Ethanol sold (` Crore)
528.6
plans and assumptions. We have tried wherever possible to
identify such statements by using words such as ‘anticipate’,
‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’,
and words of similar substance in connection with any 115% increase y-o-y
discussion of future performance. We cannot guarantee
that these forward-looking statements will be realised,
although we believe we have been prudent in assumptions.
The achievement of results is subject to risks, uncertainties and
even inaccurate assumptions. Should known or unknown risks
or uncertainties materialise or should underlying assumptions
prove inaccurate, actual results could vary materially from
those anticipated, estimated or projected. Readers should bear
this in mind. We undertake no obligation to publicly update
any forward-looking statements, whether as a result of new
information, future events or otherwise.
Sustainable development is the need of the hour.
An increasing number of organisations are realigning
their processes to minimise environmental damage and
developing products such that the needs of the future
generations are not compromised.
At Shree Renuka Sugars Limited (SRSL),

thinking and acting in a sustainable manner
is a matter of course. For us, sustainability
implies achieving continuous improvements
and pursuing our social and ecological
goals, while simultaneously attaining our
economic objectives. We are striving every
day to establish sustainability throughout
our value chain. Made from superior quality
sugarcane, our sugar is manufactured
through a stringent quality controlled and a
sulphur-free refining process. We have also
taken a step to reduce our carbon footprint by
manufacturing fuel-grade ethanol, a biofuel
that has proven to reduce Greenhouse Gas
(GHG) emissions compared to petroleum-
based fuels.
Our sustainability initiatives also extend to

the communities surrounding us. We believe
that profitability must go hand in hand with
social development. Therefore, we are taking
great strides in bringing about the holistic
development of the communities.
With an eye on social and ecological

interests, we manufacture sugar through
safe processes, maintaining transparency
in everything we do. We are enhancing our
produce with our specialised knowledge
and assuming responsibility until our sugar
reaches your homes, all the time working
towards a sustainable future.
Shree Renuka Sugars Limited
Corporate Identity
Our Business at a Glance

We operate under three segments – sugar, ethanol and cogeneration.
Founded in the year We were India’s first sugar player to have ventured into sugar refining and
1995, Shree Renuka have pioneered the concept of operating sugar manufacturing units on
lease. Our manufacturing units include six integrated sugar mills in India
Sugars Limited (SRSL) is and two port-based refineries. We are focusing on growing our presence in
one of the largest sugar ethanol and cogeneration and undertaking power projects at third-party
mills on a build‑own-operate-transfer (BOOT) basis. Our corporate office is
producers and refiners situated in Mumbai (Maharashtra, India) and our Head Office is in Belgaum
in India. (Karnataka, India).
Vision
To be among the top three
integrated sugar and ethanol
companies in the world by
harnessing our strengths and
realising synergies through our
global presence.
Core strengths
• We are present in one of the
world’s largest sugar‑producing
and consuming region,
leveraging information flows for
sustainable growth
• Our Indian operations are
conducted across southern
and western parts of the
country (where there is higher
recovery rate for sugarcane
compared with those of other
sugarcane-growing regions)
• Our strategically located
port-based refineries in India help
us cater to the markets in South
Asia and the Middle East
• We are the largest supplier
of ethanol to oil marketing
companies in India
• Madhur is very well established in
India, particularly in the western
and southern regions
2 | Annual Report and Accounts 2018-19

Corporate Overview Statutory Reports Financial Statements
Geographical
presence
Kandla
Haldia
Pathri
Khopoli
Ajinkyatara
Athani
Panchaganga Havalga
Raibag Munoli
Sugar Unit
Refinery
Power plant
Distillery
SUGAR UNIT REFINERY POWER PLANT DISTILLERY

Athani Sugar Unit Panchaganga Sugar Unit Kandla Refinery Munoli Havalga Distillery
10,000 TCD 6,000 TCD 3,000 TPD Athani 210 KLPD

Havalga
Munoli Sugar Unit Raibag Sugar Unit Haldia Refinery Athani Distillery
9,500 TCD 3,000 TCD 2,500 TPD Panchaganga

300 KLPD
Ajinkyatara
Havalga Sugar Unit Pathri Sugar Unit Munoli Distillery
7,500 TCD 1,500 TCD Total power produced 120 KLPD

567Million Kwh Khopoli Distillery
300 KLPD
Working towards a sustainable future | 3

Business Verticals
S UG A R ET H ANO L
Divisional revenue (` Crore) Divisional revenue (` Crore)
3,689.37 528.63
77.16% Contribution to total revenue 11.06% Contribution to total revenue
Segment Overview Segment Overview

Our sugar mills are fully integrated to process We manufacture potable and fuel-grade ethanol that can
sugarcane and manufacture sugar. Molasses, bagasse be blended with petrol. Our distillery capacity in India is
and press mud are produced as by-products of our 930 kilo litres per day (KLPD), of which 630 KLPD is from
operations, which are further used to manufacture molasses and 300 KLPD from denatured spirit. KBK Chem
allied products. We have six mills in India with a total Engineering, our subsidiary, provides turnkey distillery,
capacity of 37,500 tonnes of cane crushed per day ethanol and certain sugar process equipment and biofuel
(TCD) and two port-based sugar refineries with a total plant solutions.
capacity of 5,500 tonnes per day (TPD).
Product
Product
Ethyl Alcohol
White Sugar Also called ethanol, ethyl alcohol is produced by two
This variety of sugar is refined and washed, giving it a methods – direct fermentation of cane juice or from
white appearance. It doesn’t have a distinct molasses molasses, which is a by-product of sugar manufacturing
flavour and contains 99.9% sucrose. Also called refined process. In India, ethanol was mostly produced from
sugar, white sugar is the most commonly consumed molasses, but this approach has been undergoing
sugar in most households and is relatively neutral in transformation. To drive the Ethanol Blending Programme,
flavour. It is also consumed by the food industry in the Indian Government has recently allowed the use
various edible processed foods and beverages. of sugarcane juice or an intermediate product called
B-molasses to produce ethanol. There are various
industries in which ethanol can be used, which include the
alcohol industry, oil marketing companies for blending with
petrol and chemical industries, among others.
Organic Manure
We try and utilise all by-products of our sugar
manufacturing process. The press mud/filter cake
obtained as waste is mixed with effluents from our
distillery operations to manufacture organic manure,
which is eco-friendly as well as cost-effective than
chemical fertilisers.
COGEN ERAT IO N Segment Overview

Divisional revenue (` Crore) We have power plants at Munoli, Athani, Havalga,
404.49
Panchaganga, Ajinkyatara units. that uses bagasse,
the by-product from our sugar manufacturing process
to produce power while the power plants at Haldia and
Kandla run on coal. We produce 567 Million Kwh of power,
8.46% Contribution to
49% of which is consumed for captive consumption which
total revenue
powers all our plants and the remaining power is sold to
the state electricity grid. Most of our cogeneration process
is based on renewable energy, which provides a significant
reduction in GHG emissions.

Listing and Market

Capitalisation
Our shares are listed and actively traded
on the National Stock Exchange (NSE)
and Bombay Stock Exchange (BSE)
and as on 31st March 2019, our market
capitalisation was C1945.57 Crore.
Milestones
1998- 2004- 2010- 2016-

2003 2009 2015 2019
1998 2005 2010 2018
Acquired assets of Nizam Completed Initial Public Acquired 100% stake in Wilmar Sugar Holdings
Sugars Ltd. in Andhra Offering (IPO) and Renuka Vale do Ivai S/A and Pte. Ltd. acquired majority
Pradesh and established SRSL established a greenfield sugar 50.34% stake in Renuka do stake in the Company
mill at Athani, Karnataka Brasil S/A (Equipav Group)
2000 2019
Commissioned a 2007 2011 Wilmar Sugar Holding
cogeneration plant at Acquired KBK Chem Commissioned a 3,000 TPD Pte.Ltd has become the
Munoli, Karnataka Engineering Pvt. port‑based refinery near holding Company by
Ltd. in Maharashtra Kandla, Gujarat acquiring 58.34% of stake
2001
Commissioned a 60 KLPD 2008 2012
distillery at Munoli Commissioned a 2,000 Increased stake in Renuka do
TPD sugar refinery at Brasil S/A to 59.4%
2003 Haldia, West Bengal
Leased the first 2014
co-operative mill 2009 Partnered with Wilmar Sugar
Commissioned a Holdings Pte. Ltd., involving
cogeneration facility in an equity infusion for
Maharashtra’s Panchganga equal stakes with the
Co-operative Sugar existing promoters
Mill on BOOT basis

Letter to the Shareholders
From the Executive

Chairman’s Desk
The nation’s sugar sector has
turned a new leaf in the history
by encouraging its ethanol
programme. The huge leap in
the amount of blending from
2.1% in FY2016-17 to 7.2% in
FY2018-19 is commendable.
The sector has also witnessed
favourable policy support
from the Government such as
stabilising the Minimum Sale
Price of sugar. The Government
has also worked towards
keeping cane arrears to a
minimum despite the glut in
FY2018-19. The sugar sector is
looking forward to better times.
REVI EW OF FY2 0 1 8 - 1 9
Renuka had a good financial year 2019.
The performance of the Company was much
superior to previous years' both in crushing,
Dear Shareholders,
refining and ethanol production. We crushed
FY19 has been an extremely eventful year for India’s economy as 41.89 million metric tonnes of cane in the year
well as the sugar sector. Despite the global slowdown, India’s GDP under review as compared to 31.62 million
still grew at 6.8% in FY2018-19. The business environment was metric tonnes in FY2017-18. Our refinery
stable and shall continue such with the re-election of the existing operations in Kandla grew by 20 bps y-o-y.
Government with a huge majority. Policy deviations are expected The refinery refined 1.1 million metric tonnes
to be consistent and the same agenda of growth is likely to of raw sugar in FY2018-19 as compared to 0.83
continue. The disruptive decision of implementing 'one nation million metric tonnes in FY2017-18. This is
one tax initiative', the Goods and Services Tax, overcame its the highest quantity of sugar refined since the
initial hiccups and has strengthened the nation’s fundamentals. inception of the plant. We produced 121,129
The monetary disruption due to demonetisation in the previous kilo litres of ethanol in the year under review as
fiscal has also been contained. compared to 75,277 kilo litres in FY2017-18.

Our Company also showed a robust commercial encouraging mills to create additional distillery capacities
performance. Our refinery gross margins by announcing soft loans at subsidised interest rates worth
improved from 9.81% to 18.2% year-on-year. almost C10,500 Crore.
Our distillery margins were at 40.5% with
OP TI MI S TI C AB OU T A S U S TAI NAB LE G ROW TH
the robust government support and our
ethanol production was also up by 61%. Sugar being an agro-based industry receives good
Renuka’s Madhur brand, the flagship sugar brand support from the Government policies. We have
in India, increased its market reach with wider aligned our growth strategy in line with the nation’s
distribution in Haryana, Madhya Pradesh, Andhra objective by growing further in the areas of ethanol
Pradesh, Telangana and Punjab. Plans are afoot manufacturing and distribution. We have leveraged the
to grow Madhur in newer geographies with ethanol-friendly policies of the Government and are
a steep curve. planning to grow our ethanol production capacities from
930 KLPD to 1020 KLPD.
PE R SPEC T IV E ON T H E U P COM I N G
FI SC AL We are also actively conducting numerous cane
development activities such as enlightening our growers
In the coming year, sugar production could
of the new methods of cane plantation and irrigation,
reduce due to dry weather and lower water
and providing them with pesticides, organic manure and
availability in parts of Maharashtra and
crops at subsidised rates. We also encourage farmers to
Karnataka. It is estimated that sugar production
develop model plots on their farms to propagate the idea
may fall from 33.2 million metric tonnes to
of growing numerous seasonal crops in the fields along
28.2 million metric tonnes in 2020, a reduction
with cane for additional gains and the sustainability of
of 19.6% year-on-year. However, with huge
their livelihoods.
opening stock of 14.5 million metric tonnes in
the FY 2019-20 season as against a normal stock Our cogeneration activities testifies our drive towards
requirement of 5 million tonnes, surplus shall ensuring a sustainable future for our Company. We are
continue to put pressure on the market. I expect producing green energy from bagasse and using it
the drive towards exports to continue and the captively to power our operations. We sell leftover power to
ethanol blending programme to keep gaining the state electricity grid.
momentum due to the push on maximising
I personally believe that India’s sugar sector is set on a
production of ethanol from B-molasses and
path of growth. With changes in sectoral strategy and
sugarcane juice. We also believe that the
favourable Government initiatives, we are looking at
Government shall continue with Minimum Sugar
exciting times ahead. We will continue to leverage our
Prices policy to arrest any scope of downward
core competencies and create value for our shareholders
spiral of sugar prices in this sectoral glut.
and continue our journey of growth towards a
H ALT IN G T H E U N E N D I N G C YC L E sustainable future.
The sugar sector is highly cyclical. Lastly, I want to thank all our stakeholders who have been
Currently, with the development of new supporting us during our good and bad times and have
cane-growing techniques and the availability been part of this eventful journey with us.
of superior cane varieties and fertilisers, there
Warm regards,
has been continuous surplus cane production
in the nation. To break this excess production, Atul Chaturvedi
the Government is undertaking various steps Executive Chairman
to ensure all the industry stakeholders remain
profitable. One such step is the updated National
Policy on Biofuels-2018, which envisages a
target of 20% blending of ethanol in petrol
by 2030. The policy has widened the scope of
diverting sugar stocks for ethanol procurement.
The Government is taking numerous steps to
bring about this change in the sector such as
increasing ethanol prices, allowing the use of
B-heavy molasses for ethanol manufacture and

Business Model
Creating Sustainable Value

Every element of our business model is unique
to our Company and has a role to play in our
long-term success. Our strategy is designed to
achieve responsible and profitable growth for
our business and create sustainable value for
our stakeholders.
Our business capitals

FINANCIAL Funds available or invested HUMAN Composed of our
CAPITAL in own or third-party CAPITAL employees, their expertise,
businesses obtained experience and capacity
through borrowings, for innovation. It includes
provision of services and their alignment with our
the supply of products good governance practices
to our customers and ethical values
INTELLEC TUAL Consists of intangible assets SOCIAL AND The ethical relationship
CAPITAL such as the value of our RELATIONSHIP we maintain with our
brand, the accumulated CAPITAL stakeholders – customers,
technical knowledge and shareholders/investors,
our ability to innovate in suppliers, regulatory bodies,
the development of new society and government.
products, services, and This capital shows our
technologies, aimed at the ability to share values and
perpetuity of our business improve individuals' and
collective well-being
MANUFAC TURED Consists of our facilities NATURAL Consists of all

CAPITAL and units, including CAPITAL environmental, renewable
buildings, mills, systems and non-renewable
and applications resources used or impacted
by our business and that
support our prosperity.
It mostly includes
water, air, land, forests,
biodiversity and ecosystem

Value created
Creating value for our • Maximising shareholder value
shareholders and other
• Sustained long-term business growth and profitability
stakeholders
Developing • Diverse workforce, with multiple opportunities to

and supporting advance their career
professional growth
• Attracting and retaining talented employees
Becoming a market • Increasing the scale of our operations depending upon the needs
leader in terms of our and demands of the market
scale and offerings
• Establishing strong brand equity and trust
Contributing to the • Contributing to the socioeconomic development of the

development of communities we operate in through social responsibility initiatives
communities within our
• Enabling the development of the areas in and around our mills
area of operations
Making a difference • Providing quality products, enhancing customer experience across

through premium our regional footprint
product offerings
• Helping in the nation’s vision of achieving 20% ethanol
blending by 2030
Minimising our impact • Focusing on reducing airborne effluents formed as a result of our
on the environment manufacturing operations
• Continuing to maintain the environmental balance in the areas
around our manufacturing operations through Zero Liquid
Discharge (ZLD) and greenbelt initiatives

Key Performance Indicators
On a Steady Growth Path

Financial overview
REVENUES ( ` C RORE ) EBITDA ( ` CRORE )
7,860.25
399.32
5,862.05 5,862.85 328.49
5,744.20
4,296.86 180.20
143.24
2015 2016 2017 (133.59) 2019
2015 2016 2017 2018 2019 2018
EBITDA MARGIN ( % ) NET PROFIT/ ( LOSS ) ( ` CRORE )
9.29 2015 2016 2017 2018 2019
(295.09) (285.28) (123.89) (381.89)

4.18
3.14 2.44
2015 2016 2017 (2.28) 2019
2018
(2,982.14)
Key ratios
FINANCIAL RATIOS ( FY19 )
Raw material costs/ total turnover Interest/ total turnover Net profit/ total turnover
81.29% 12.59% (8.89%)

Capital output ratio (turnover/
Cash profit/ total turnover average capital employed)
9.29% 167.26%
Growth in
production
SUGARCANE CRUSHED ( LAKH TONNES ) SUGAR PRODUCED ( LAKH TONNES )
44.91 43.20 5.23

41.90
4.71 4.75
31.63 3.49
2.13
18.63
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
SUGAR RECOVERY ( % ) ALCOHOL PRODUCED ( KILO LITRES )
11.65 1,23,211 1,21,129

11.47
11.34 88,759
11.03 75,277
10.90 67,776
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
BALANCE SHEET RATIOS ( FY19 )
Debt-equity ratio Inventory turnover Debt service coverage ratio
4.92% 109 DAYS 0.61%

Quick ratio Interest service coverage ratio
0.13% 0.75%
Our Turnaround Story

FY2018-19 was a milestone year Our turnaround story began with Wilmar
acquiring a majority stake in our business
for us in reversing the trend of in 2018. Infusion of their capital helped us
de-growth, we grew both organically restructure our debts.
and inorganically. Several factors were With the restructuring of debts and support
of Wilmar, we could improve on production
responsible for this turnaround growth volumes in all the verticals during the year.
which consist of both internal and We also crushed 4,189,590 MT of sugarcane
in FY 2018-19 which is 32% more than the
sectoral drivers. previous year's. Our Kandla refinery processed
1.1 million metric tonnes of raw sugar in
FY2018-19 as compared to 0.83 million metric
tonnes in FY2017-18. Ethanol production
increased by almost 61% to 121,129 kilolitres,
while power generation increased by 7.5% to
567 million kwh.
The second major driver was the structural
change implemented by the Government,
allowing sugar companies manufacture ethanol
from B heavy molasses and sugarcane juice.
The ethanol sales grew by 115% during the year
to `528.6 Crore contributing to almost 11% of
the total revenue of the Company.
All the above factors led to an increase in
our EBITDA which showed a robust rebound
from a loss of `133.6 Crore in FY2017-18
to `399.3 Crore in the current year and
substantial reduction of our losses to `381.9
Crore from `2,982.1 Crore in FY2017-18.
We also generated a positive quarterly PBT and
PAT in December 2018 after eight successive
quarter losses.
Besides this, the active support of the
Government of India to the sugar sector also
helped us in achieving a turnaround. Key policy
interventions in FY19:
1. New Ethanol Policy
2. Sugar Release Mechanism
3. Increase in Minimum Support Price of sugar
4. Incentives to sugarcane growers

32 % 33 %
Increase in sugarcane crushed Increase in sugar refined
61 % (ICRA) BBB+
Increase in ethanol production Improvement in rating from (ICRA) D
115 %
Increase in ethanol sales

About the Brand
Sweet, Refined and

Sparkling White
Launched in 2007,
Madhur Sugar is the
nation’s leading brand.
It is pure, hygienic and
meets international
quality standards.
We have developed
a product for Indian
consumers that is
'untouched by hand’ and
is manufactured using a Sugar quick facts
sulphur-free process.
Sugar works well to heal cuts
and stop bleeding
Based on our research, only 3% Indian households
consume branded refined sugar, while the rest consumes
loose sugar. We thus launched our brand Madhur Sugar, Sprinkling sugar on top of a
refined white sugar that contains 99.9% sucrose and is
available across all channels in the western and southern
lipstick helps set the lipstick
markets. Since its launch, Madhur Sugar has become a and extend its application
popular brand on major ecommerce platforms as well as
various modern trade chains due to its taste and purity.
In the year under review, we increased the pace of Sugar mixed with soap acts
our branding activities and widened our distribution
in South India and began distribution in North India.
as an abrasive agent and can
We are increasing our footprint specifically in the be used on greasy hands
states of Haryana, Madhya Pradesh, Andhra Pradesh,
Telangana and Punjab.
We also initiated communication with our existing patrons Sugar is used to make a thin
and prospective consumers through various approaches
such as print media and outdoor activities, among others.
sheet of hard candy which is
Our communication was directed towards increasing used in movie stunt scenes
consumer awareness regarding the difference between
loose sugar and Madhur.
where people are shown to
jump through glass

Upcoming Plans
Charting the Future of India’s

Sugar Sector
Surplus sugar production, falling sugar prices and rising arrears to
farmers demanded a serious change in the nation’s sugar policy.
In view of all these factors, the Government embarked on a mission
to find an alternative use to the excess sugarcane. It started diverting
cane to the production of renewable fuels, primarily ethanol.
Through the Ethanol Blending Programme (EBP), the us was 11.322 Crore Litres. To capitalise on these existing
Government proposed blending of 20% ethanol with market opportunities from the growing importance of
petroleum by 2030. Ethanol blending has risen to a ethanol as well as to position ourselves favourably for the
record high of 6.2% in FY2019, but we still have a long upcoming growth of the distillery sector, we expanded
way to go to achieve the Government’s target blending our distillery capacities in the year under review with plans
percentage of 20%. to expand these capacities further in the coming fiscal.
The increase in capacities will be funded partly through
However, these figures are also proof of the vast
internal accruals and partly by procuring soft loans.
opportunity for sugar players like us. India’s EBP could be a
powerful tool to stabilise sugar prices and increase farmers’ We have also installed incineration boilers at our
income. It can further help to reduce India’s dependence distillery units which will increase the number of days of
on foreign crude oil. production of the distilleries leading to higher production.
At our Havalga unit, the capacity will increase from
In the year under review, the total quantity of ethanol that
210 KLPD to 300 KLPD in addition to the increase in the
was required by Oil Manufacturing Companies (OMCs) was
number of days of production.
329.261 Crore Litres out of which the quantity allocated to
CURRENT ETHANOL CAPACITY POST EXPANSION CAPACITIES
Havalga Plant
Havalga Plant
210 KLPD 300 KLPD

Athani Plant
Athani Plant
300 KLPD 300 KLPD

Munoli Plant
Munoli Plant
120 KLPD 120 KLPD

Khopoli Plant
Khopoli Plant
300 KLPD 300 KLPD

Corporate Information
BOARD OF DIRECTORS AUDITORS
Mr. Atul Chaturvedi S R B C & Co LLP Chartered Accountants
Executive Chairman
Registered Office
(w.e.f. 02.07.2018 upto 29.09.18 & w.e.f. 30.10.2018)
2nd & 3rd Floor, Kanakashree Arcade,
Mr. Vijendra Singh CTS No. 10634, JNMC Road, Nehru Nagar,
Executive Director Belagavi-590010, Karnataka (w.e.f. 01.08.2019)
Mr. Surender Kumar Tuteja Corporate Office
Independent Director 7th Floor, Devchand House, Shiv Sagar Estate,
Dr. Annie Besant Road, Worli, Mumbai - 400 018.
Mr. Madhu Rao
Tel: 91-22-2497 7744/4001 1400
Independent Director
BANKERS
Mr. Dorab Mistry
Independent Director Axis Bank Ltd.
Exim Bank of India
Mr. Bhupatrai Premji
ICICI Bank Ltd.
IDBI Bank Ltd.
Dr. Bharat Kumar Mehta Kotak Mahindra Bank Ltd.
Independent Director State Bank of India
RBL Bank Ltd.
Mr. Jean-Luc Bohbot
Yes Bank Ltd.
Non-Executive Director
Bank of America
Mr. Stephen Ho Kiam Kong
PLANT LOCATIONS (INDIA)
Mr. Narendra Murkumbi
Unit I: Munoli Sugar, Distillery, Cogeneration and
Sugar Refinery Munoli, Taluka: Saundatti,
(w.e.f. 01.07.2018)
Dist: Belagavi, Karnataka
Ms. Priyanka Mallick
Unit II: Athani Sugar, Distillery, Cogeneration and
Sugar Refinery Taluka: Athani, Dist: Belagavi, Karnataka
(w.e.f. 08.02.2019)
Unit III: Havalga Sugar, Distillery, Cogeneration and
Mr. Rajeev Kumar Sinha
Sugar Refinery, Taluka: Afzalpur, Dist: Gulbarga, Karnataka
Additional Director (Nominee of IDBI Bank Ltd.)
(w.e.f. 06.08.2019) Unit IV: Raibag (Leased) Sugar Taluka: Raibag,
Dist: Belagavi, Karnataka
CHIEF FINANCIAL OFFICER
Unit V: Pathri Sugar Deonandra, Taluka: Pathri,
Mr. Sunil Ranka Dist: Parbhani, Maharashtra
(w.e.f. 03.05.2018)
Unit VI: Ajinkyatara (BOOT) Cogeneration, Shahunagar,
Shendre Tal/Dist: Satara, Maharashtra
COMPANY SECRETARY
Unit VII: Panchaganga (Leased, BOOT) Sugar &
Mr. Deepak Manerikar Cogeneration Ganganagar, Ichalkaranji, Taluka:
(w.e.f. 30.10.2018) Hatkanangle, Dist: Kolhapur, Maharashtra
Unit E1: Khopoli Ethanol Distillery Donvat,
Taluka: Khalapur, Maharashtra
Unit R1: Haldia Sugar Refinery & Cogeneration Kolkata,
West Bengal
Unit R2: Kandla Sugar Refinery & Cogeneration
Kandla, Gujarat

Management Discussion
and Analysis
Economic review (approximately 80% of the global production). It is currently
grown on numerous diversified agro-ecological zones
Global scenario
of 120 countries of the world with the leading producers
Following an encouraging beginning, global growth
being India, Brazil, China and Thailand, among others.
slowed considerably towards the second half of fiscal
Global sugar production for the Marketing Year (MY) 2019 is
2019, as macro headwinds became increasingly
likely to increase by 2 million tons to 181 million (raw value)
challenging. Global growth momentum moderated due
as higher production in Brazil and the European Union
to multiple factors such as escalating US-China trade
(EU) offset a decline in India. The world’s sugar demand is
tension, credit tightening in China and tepid growth in the
expected to rise on account of growth in markets such as
Eurozone, among others.
Egypt, India, Indonesia and Pakistan.
Worldwide growth remained strong, at 3.8% in the first
Countries producing sugarcane and beet
half of 2018, but declined to 3.2% in the second half
Source of sugar Sugarcane Beet Both
of the year [Source: International Monetary Fund (IMF)].
Total number of countries 70 40 10
The ripple effect is likely to spill over to the first half of
(Source: Investopedia)
2019 as well. Growth is likely to pick up in the second half
of 2019, reaching 3.3%, driven by significant monetary
Major sugar-producing nations
policy adjustments by major economies. However, several
downside risks may have a decelerating impact on global Brazil
growth, going forward. Brazil remains one the world’s largest sugar producers.
However, due to a long dry spell in the country, along
India
with ageing cane crop, sugar yields are estimated to
India’s growth rate moderated in FY 2018-19 to 6.8%
have declined, which lead to a reduction in production.
vis-à-vis 7.2% in FY 2017-18 due to sluggish growth
In the MY beginning April 2018 till March 2019, the
of agriculture and allied sectors, along with demand
cumulative volume of cane crushed declined by 3.9%,
slowdown and tepid private consumption. However, the
compared to the previous year. Also, Brazil produced more
government continued to usher in structural policy reforms,
ethanol than sugar.
which are expected to yield benefit to the economy in the
medium to long term. Thailand
Thailand produced record sugar levels in 2018, aided
Reforms such as a formalised tax structure, enhanced
by an expansion in acreage and favourable weather
focus on infrastructure creation and gradual reduction of
conditions. The country’s sugar consumption is marginally
short-term impact of Government reforms in the areas of
up on account of demand for direct sugar consumption
taxation etc., have strengthened the economy, catalysed
and food-processing. However, with the lowering of
domestic demand and improved growth prospects.
sugar prices globally, the nation is gradually shifting to
The government’s policy measures to bolster the investment ethanol manufacture.
climate and public consumption will bring the country back
China
on its steady growth trajectory. Income support to farmers,
Sugarcane accounts for 80% of sugar production in
hikes in the purchasing price of food grains and relief to
China and sugar from sugar beet make up the balance.
taxpayers earning less than `5 lakhs are likely to boost the
According to the China Sugar Association (CSA), the
household income of the rural population.
country’s sugar production is steadily declining. The nation
India also has an opportunity to strengthen its recent produced 2.63 MT of sugar in January 2019, which is 6%
economic gains by initiating more integration in the global lower than the 2.8 MT produced in the same period last year.
value chain. Factors such as a young working population,
European Union (EU)
improving business climate and renewed focus on export
Post the abolition of sugar quotas in the EU, 2018 was the
expansion would support this opportunity.
first year, when sugar production increased by an average
20% vis-à-vis the previous years. However, in the current
Global sugar sector
sugar season of FY 2018-19, the plantation trend of sugar
Globally, sugar is manufactured from both sugar beet beet indicates a decline, resulting from a price slump.
and sugarcane, with sugarcane as the major contributor

Global Surplus Deficit

15,000 52.0%
51.0%
Price trends
10,000
50.0% The global sugar sector has been plagued by surplus
5,000 49.0% sugar supply relative to the demand. This has resulted in
2016-17 2019-20F 48.0% a glut, exerting a downward pressure on prices. There are
0
2017-18 2018-19F 47.0%
-5,000 forecasts of this trend of surplus production reversing and
46.0%
2015-16 45.0% an easing of sugar prices from the season starting from 1st
-10,000
44.0% of October 2019.
-15,000 43.0%
P/C World Balance Global Stocks to Use
International sugar price (`)

Sugar 2018-19* 2017-18 2016-17 2015-16
NY#11-Raw Sugar – c/lb 12.55 13.1 17.4 16.6
London 5 – White Sugar – USD/MT 338 357.7 476.3 461.3
* 2018-19 prices are average for the period from October 2018 to July 2019
Outlook and currently, in Uttar Pradesh, the plantation of this variety

According to Rabobank, global sugar production is is above 90%, which has increased the sugar production
expected to decline and lead to a deficit of 4.3 MT in the upto 12 to 13 MMT per year. This has contributed to the
sugar season of FY 2019-20. After two years of surplus highest ever sugar production in India in the last 2 seasons.
sugar production, this deficit is expected to reduce the
The country’s sugarcane arrears surpassed `20,000 Crore
pressure on sugar prices, which could start to rise according
in FY 2018-19 due to which Government of India has
to a survey conducted by Reuters.
increased the Minimum Selling Price (MSP) of sugar from
India’s sugar sector `29 per kilo to `31 per kilo. This will generate additional
India has become the world’s largest sugar producer revenue for sugar mills and help them in the payment of
beating Brazil and is also the largest sugar consumer. cane price arrears. As on 31st March 2019, the quantity of
Excess sugar production in the last couple of years has sugar produced is 28.34 MMT as against 29.68 MMT as on
resulted in surplus sugar supply. The main factor which can 31st March 2018. The small reduction in the production
be attributed to this exponential rise in sugar production is is due to delay in start of the crushing operations in the
the introduction of an early maturing cane variety, the Co cane producing states like Uttar Pradesh, Karnataka
0238 (Karan 4). This cane variety gives very high cane yield and Maharashtra.
and sugar recovery. This variety was released in 2009-10
Indian sugar – Supply and demand

Fig in MMT 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20(E)
Opening Stocks 7.5 9.1 7.8 3.9 10.7 14.3
Production 28.3 25.1 20.3 32.5 33.1 28.4
Imports 0 0 0.4 0.2 0 0
Supply 35.8 34.2 28.5 36.6 43.8 42.7
Domestic demand (25.6) (24.8) (24.6) (25.4) (26) (26.5)
Exports (1.1) (1.7) 0 (0.5) (3.5) (5)
Offtake (26.7) (26.5) (24.6) (25.9) (29.5) (31.5)
Closing Stocks 9.1 7.8 3.9 10.7 14.3 11.2
Stock as a percentage of 35.50 31.30 15.80 42.20 55.10 42.20
domestic demand
Stock use in months 3.9 3.7 2.3 4.0 5.2 4.7
(Source: ISMA, Industry Analysis – 2018-19, Preliminary estimates from ISMA)
Sugar price trends

Sugar prices depend on sugar demand and supply. has fixed the Fair and Remunerative Price of sugar (FRP) at
In India, a year of high sugar production has always `275 per quintal.
been inevitably followed by low sugar production in the
Retail prices of sugar in India’s leading metropolitan cities
next couple of years. However, in the preceding eight
as on April 2019 comprise:
years, this cycle has been disrupted. High cane prices
offered by the government have led to an increasing
Delhi: `39 per kg Kolkata: `37 per kg
number of farmers in key sugar-producing states to
cultivate cane. For FY 2018-19, keeping in mind the Mumbai: `40 per kg Chennai: `37 per kg
interest of sugarcane farmers, the Government of India
(Source: Price Monitoring Cell, Department of Consumer Affairs)

Factors affecting sugar prices

Factors Outcomes Impact on prices
Low acreage Drought-hit farmers to shift to other crops in major cane-cultivating states Increase
Payment arrears Pending and delayed payments lead farmers to shift to other crops, resulting in Increase
reduced cane production
Monsoons Poor monsoons decline sugar production and lower ending inventories Increase
Increase in consumption Enhanced sugar consumption leads to dependence on sugar stocks Increase
Government policies Government interventions to control sugar price inflation leads to Decrease
stabilisation of prices
(Source: Elearn Markets)
Ethanol Ethanol blending has risen to a record high of 6.2% in

FY2018-19, indicating all relevant efforts undertaken by
Molasses is a viscous by-product obtained from raw sugar
the government have bolstered biofuel purchase. On an
during the manufacturing process. Cane-based ethanol
average, ethanol blending achieved last year in 2017-18
can be produced in three different ways – directly
was 4.22% per litre of petrol. Based on the nation’s
from cane juice, and from B-heavy and C molasses.
current fuel consumption, it is estimated that we need
In 2003, the government had launched the Ethanol
3.3 billion litres of ethanol to achieve the targeted blending
Blending Programme (EBP) on a pilot basis, which was
of 10% by 2020.
subsequently extended to the Notified 21 states and 4
Union Territories to promote the use of alternative and For the first time since implementation, in 2018, the
environment-friendly fuels. Government has allowed ethanol production from ‘B’ heavy
molasses and sugarcane juice, as well as from damaged
The programme was implemented as a long-term strategy
food grains. With this provision, mills can divert cane juice
to reduce India’s dependency on crude imports and
for ethanol manufacturing during surplus years. which will
insulate the nation from global oil price volatility as well as
maintain the earnings of sugar mills and help them make
give the domestic sugar sector a boost by diverting excess
full and timely payments to farmers, and avoid carrying
sugar stocks towards ethanol manufacture. While the
cost of high inventory of sugar.
programme initially targeted a 10% blending of petrol
with the biofuel by 2022, the new Bio-fuel Policy, 2018
has fixed a target of achieving 20% ethanol blending with
petrol by 2030.
Quantity of ethanol required and procured by Oil Marketing Companies (OMCs)

Fact Sheet
(Quantity in mn litres)
Source of sugar Required by OMCs Offered by Sugar Mills Finalised by OMCs Procured
2014-15 1,559 1,311 887 674
2015-16 2,656 1,473 1,316 1,110
2016-17 2,809 1,172 807 665
2017-18 3,136 1,763 1,588 1,505
2018-19* 3,292 3,100 2,687 1,501
*as of August, 2019
Compiled by research bureau
Source ISMA
Government policies aiding domestic sugar comprise the implementation of Minimum Support Price
industry (MSP) for the cane, providing loans to mills to repay farmer
arrears in times of distress, implementation of sugar quota
India’s sugar industry, an important agro-based sector,
for internal consumption and export and encouraging
impacts the livelihood of about five crore sugarcane
research and development.
farmers and around five lakh workers directly employed
in sugar mills. This sector enjoys extensive focus from Some of the more recent initiatives undertaken by the
the government owing to its deep and wide-ranging Government of India comprise:
socio-economic impact.
• The government has fixed the sugar MSP at `31 per kg.
The Government of India and state governments have been
• For FY 2017-18, an assistance of `5.50 per quintal
very supportive in their policies to help the sugar sector
of cane crushed was announced, amounting to
and the cane grower community. Some of the policies

`1,540 Crore to mills. This has been raised to `13.88 Business highlights
per quintal for FY 2018-19, costing `4,100+ Crore
Operational
to the exchequer.
• In FY19, we crushed 4,189,590 MT of sugarcane, a
• Around `1,200 Crore was allocated for the creation 32% increase from 3,162,820 MT crushed during
of 30 lakh tonnes of buffer stock of sugar. The Centre the previous year.
asked mills to export 5 lakh tonnes of sugar during MY
• Total recoverable sugar (yield) per MT of sugarcane
2018-19 by compensating them for the expenditure
improved from 11.03% in FY18 to 11.34% FY19.
they incur towards internal transport, freight,
handling and other charges. The total costs was • The total sugar produced (mills and refinery)
estimated at ` 1.375 Crore. increased by 12% from 1,413,549 MT in FY18 to
1,503,442 MT in FY19.
• The government has doubled the import duty on
sugar to 100% and scrapped the export duty. • Total power generation (mills and refinery) and
ethanol production increased by 7.49% and 61%,
• In FY 2018-19, the government announced a package
respectively to 567 million Kwh and 121,129 kilo litres
of `8,500 Crore for the industry, which included
respectively in FY19.
soft loans of `4,440 crore to sugar mills for creating
ethanol capacity. The government is bearing an Financial
interest subvention of `1,332 Crore for this purpose. Our accounts were prepared, based on accounting standards
Additionally, under the National Policy on Bio-fuels laid down under Section 133 of the Companies Act, 2013.
of 2018, the diversion of B-heavy molasses and
Profit and loss statement
sugarcane juice to produce ethanol has been allowed
• Our operating revenue stood at ` 4,296.86 crore
in surplus seasons.
vis-à-vis ` 5862.85 crore in FY 2017-18. This was
• The Centre has approved a 25% higher price for on account of lower trading sales by ` 696.94 crore
ethanol produced directly from sugarcane juice for and reduction in domestic sales by ` 977.57 crore,
blending in petrol to reduce surplus sugar production primarily due to quota-based release mechanism
and reduce oil imports. introduced by the Government of India effective from
June 2018. Ethanol sales grew 115% vis-à-vis that
Outlook of last year and volumes were up by 61% and aided
by the commencement of B Heavy molasses-based
Sugar production is expected to drop to a three-year low
ethanol giving better realisations.
in 2019-20 sugar season due to dry weather conditions,
dampening production in certain parts of sugar growing • Operating expenses for the year reduced to ` 464.93
regions in Maharashtra and Karnataka. The deficit in sugar crore as against ` 522.11 crore in FY 2017-18 due
production is expected to decrease overseas shipments to operational cost savings in mill and refinery,
and support global prices that fell by 21% in 2018. and less provisioning requirements for doubtful
assets in FY 2018-19.
About Shree Renuka Sugars Limited
• Our Company generated EBITDA of ` 399.3 crore
Shree Renuka Sugars Limited (SRSL) is a global agribusiness vis-à-vis loss of `133.6 crore last year.
and bioenergy corporation. Its presence spans three
• Our Company generated quarterly positive PBT and
segments – sugar, ethanol and power generation.
PAT in Dec 2018 after 8 successive quarter losses.
SRSL is one of the world’s largest sugar-producing and
As a result, the net loss during the year was down to
sugar-refining companies, and one of the top sugar
` 381.9 crore from ` 2,982.1 crore in FY 2017-18.
producers in India, with presence in four states across
11 locations. SRSL pioneered the concept of operating Balance Sheet
sugar-manufacturing assets on lease in India. • Net worth: Our net worth decreased from ` 891.54
crore in FY 2017-18 to ` 546.45 crore in FY 2018-19.
With a substantial biofuel manufacturing capacity,
This decline is due to cash losses during the year.
the Company is also one of the largest producers of
fuel-grade ethanol. Besides sugar and ethanol, SRSL also •
Borrowings: Our borrowings comprise long-term
generates electricity from bagasse (a by-product of sugar borrowings (current and non-current) and short-term
manufacture) to run its own units; and also sell to the borrowings, as on 31st March 2019, and stood at
power grid. It undertakes power projects at third-party ` 2,686.95 crore vis-à-vis ` 2,363.85 crore last year.
mills on a build-own-operate-transfer (BOOT) basis.
Working capital management
Through its strengths and synergies, SRSL aspires to
• Current assets: Current assets as on 31st March 2019
be among the world’s top-three integrated sugar and
stood at ` 2,190.11 crore. Current ratio is 0.51 as on
ethanol companies.
31st March 2019.

• Inventories: Inventories increased by 76% from These audits also test the effectiveness of mitigation
` 929.65 crore in 2017-18 to ` 1,642.89 crore in FY initiatives implemented to defend the Company from
2018-19, primarily due to regulated offtake of sugar various internal and external risks. A wide spectrum of
stock as per government quota . strategies are devised as a follow-up measure to protect
the Company from such uncertain events. Special audits
•
Current liabilities: Current liabilities increased
are also conducted as directed by the management.
by ` 796.16 crore and stood at ` 4,323.65 crore
The Company’s robust IT architecture safeguards sensitive
on 31st March 2019 vis-à-vis 3,527.49 crore
data and accelerates the audit process.
due to extended suppliers credit and advances
from customers. Audit Committee
The Audit Committee of the Board of Directors
Risk management evaluates the observations made by internal auditors.
Such observations pertain to the adequacy of control
To earn sustainable and reasonable returns and steadily
mechanism, recommendations for corrective actions
improve shareholder value, SRSL ensures timely
and implementation of compliance-related matters.
identification and effective mitigation of risks. Some of the
The Company’s operations and adherence to the
key risks that we face comprise:
laid-down guidelines are also overseen by the Committee.
• Fluctuations in sugar demand and supply It has implemented SAP at all its units to ensure effective
IT security and systems, ensuring real-time availability of
• Other factors which could affect demand and
information at various locations.
supply such as price fluctuations and interest rate
movements, among others
Human quotient at the core
•
Seasonal uncertainties which could impact
Our teams translate our Board strategies into on-ground
sugarcane production
reality and help strengthen our brand recall. We continually
• Sudden unfavourable shifts in government policies strive to nurture an environment that encourages
and regulations cross-pollination of ideas and drives a sense of ownership
and commitment.
• Increased logistics costs
We have institutionalised transparent Human Resource
• Abrupt work stoppages owing to union strikes
(HR) policies and integrated capacity-building systems.
• High employee attrition rate We work towards developing a culture of professionalism,
integrity and ethical behaviour in our organisation. In order
Risk management: We aim to review our risk management
to strengthen this culture, we have put in place an effective
policies regularly, which enable us to easily identify risks
whistle-blowing policy for directors and employees to
which pose a threat to our business operations and their
report unethical behaviour, actual or suspected fraud or
effective mitigation. Our risk management policies ensure
violation of the Company’s Code of Conduct or ethics policy.
that our external and internal risks are minimised through
a periodic risk analysis. Our objective is to build a culture of continuous learning
and high performance through the implementation
Internal controls and adequacy of several training programmes. We have established
technical colleges to recruit, train and employ students
The Company has formulated a well-defined and structured
who can’t afford education. At the supervisor level, we
internal control system, commensurate to the size and
have undertaken regular awareness programmes and
nature of its business. Stringent procedures ensure high
technical trainings to build a team of competent subject
accuracy in recording, as well as provide reliable financial
matter experts and create synergy to ensure optimal
and operational information, while meeting statutory
functioning across units.
compliances and safeguarding assets from unauthorised
use. The Company’s internal team and an independent As on 31st March 2019, the Company employed 1,926
internal audit firm monitor business operations and any people across all locations. As a part of the larger corporate
deviations are immediately brought to the notice of the community, we strive to uphold fair management practices
Management and Audit Committee for timely correction. and harmonious industrial relations.
A comprehensive Annual Audit Plan, spanning all factories
Environment, health and safety
and locations of the Company, is drafted, updated and
approved by the Audit Committee of the Board regularly. We are committed to adhering strictly to the norms
This is followed by an audit conducted by Independent and compliance standards of Environment, Health and
Chartered Accountants. Safety (EHS) set by the Government of India. We comply
with mandatory standards and are particularly mindful
of the impact of our operations on the environment.

To become more responsible as a company, we make 5,311 plants in FY2018-19 and aim to plant 13,000 more
regular investments to recycle effluents and reduce our in the coming fiscal.
carbon footprint.
Advantages of developing a green belt around
Worker safety and welfare are among our priorities, and for manufacturing units comprise:
this purpose we have implemented safety measures across
• Conservation of biodiversity
our manufacturing locations. We also arrange for regular
safety training workshops to keep workers apprised of the • Retention of soil moisture
latest industry safety standards. Through our corporate
• Recharge of groundwater
social responsibility vehicle, we educate employees on
fitness and health, while also undertaking initiatives • Moderation of micro-climate
pertaining to community healthcare and education.
• Acts as a carbon and pollutants sink
Green initiatives
Health and safety
Sugar manufacture is deeply dependent on natural
During the year, we helped strengthen health and safety
resources, such as water and energy. Sugar manufacturing
initiatives for our employees:
process produces effluents, which should be treated before
being released into the environment. As one of the leading • Started ‘safety share’ daily and made it a mandatory
sugar players in the nation, we deem it our responsibility to part of all our Company’s presentations
be focused on environment and sustainability initiatives.
• Developed an extensive health and safety training
Our operations are based on the principles of Reduce, calendar, alongside conducting numerous learning
Reuse and Recycle. Our distilleries are Zero Liquid sessions that address subjects on health and safety
Discharge (ZLD) facilities, our sugar manufacturing units across our units.
have additional water storage capacity to conserve water
• Celebrated ‘National Safety Week 2019’ at our sites,
and we have a cogeneration plant which takes care of
excluding Pathri, Haldia
energy requirements.
• Implemented a new work permit system
We also minimise air pollution around our units through
the installation of electrostatic precipitators, which control • Completed specific training on incident investigation
the air quality by bringing down particulate matter content
•
Completed training on Enablon software and
to the standard prescribed limits.
implemented usage in some of our sites
Green Belt Development
It is only large-scale planting of trees that can help minimise
air pollution and its concentration levels in the atmosphere.
We have grown extensive green belts around our units.
As an ongoing activity in developing the belts, we planted

Board’s Report
Dear Members,
The Board of Directors presents their Twenty-Third Annual Report and audited financial statements for the financial year
ended 31st March 2019.
Standalone Financial Results

The highlights of the standalone financial results are as under:
(` in Million)
Particulars 2018-19 2017-18
Total Income 44,703 59,031
Profit /(loss) before financial expenses, depreciation and exceptional items 4,248 (1,431)
Financial expenses 5,410 4,986
Depreciation 2,134 2,322
Profit /(loss) before provision for tax and exceptional items (3,296) (8,739)
Exceptional Items 667 27,359
Provision for taxation:
- Current - -
- Deferred Tax 144 6,277
Net Profit/(Loss) (3,819) (29,821)
Total comprehensive income/(loss) (3,452) (30,440)
Retained Earnings and Items of OCI brought forward from the previous year (24,023) 6,417
Changes in Retained Earnings (2,966) (29,149)
Changes in Items of Other Comprehensive Income (OCI) (485) (1,291)
Closing Retained Earnings and Items of OCI (27,474) (24,023)
Operating Highlights of losses incurred by the Company during the year under
review, the Company has not created any DRR on the
The Company received total income of ` 44,703 million for
outstanding amount of NCDs.
the year ended 31st March 2019 as against ` 59,031 million
for the previous year. The EBITDA for the year under review The Company has not transferred any amount to reserves
stood at ` 3,993 million as compared to ` (1,336) million on account of the losses incurred during the financial year
for the previous year, while the Net Loss stood at ` 3,819 ended on 31st March 2019.
million as compared to Net Loss of ` 29,821 million for the
previous year. Analysis of operating performance is covered Fixed Deposits
under Management Discussion and Analysis which forms
During the year under review, your Company has not
part of this Report.
accepted any deposits from public within the meaning of
Sections 73 and 74 of the Companies Act, 2013 (the “Act”)
Dividend & Dividend Distribution Policy and the Companies (Acceptance of Deposits) Rules, 2014.
As the Company has incurred losses during the year under
review, your Directors have not recommended any dividend Management Discussion and Analysis Report
for the financial year ended 31st March 2019. The Dividend
The Management Discussion and Analysis (MDA) report on
Distribution Policy of the Company may be accessed on the
the business and operations of the Company is given in a
Company’s website at www.renukasugars.com
separate section and forms part of this Annual Report.
Transfer to Reserves Subsidiary Companies and Consolidated Financial
Statements
Debenture Redemption Reserve (DRR) is created to the
extent of 25% of the non-convertible debentures (NCDs) As stipulated by Regulation 33 of the Securities Exchange
equally over the period till maturity of the NCDs, as per Board of India (Listing Obligations and Disclosure
the requirements of the applicable laws. However, in view Requirement) Regulation, 2015 (“Listing Regulations”), the

Consolidated Financial Statements have been prepared Preference Shares of ` 100 each and 4,55,00,000 0.01%
by the company in accordance with the applicable Optionally Convertible Preference Shares of ` 100 each
Accounting Standards. The audited Consolidated Financial to ` 2515,00,00,000 divided into 800,00,00,000 Equity
Statements, together with Auditors’ Report, form part of Shares of ` 1 each and 17,15,00,000 Preference Shares
the Annual Report. of ` 100 each was approved by the shareholders through
postal ballot on 19th July 2019.
Pursuant to Section 129(3) of the Act, a statement
containing the salient features of the financial statements
Directors and Key Managerial Personnel
of each subsidiary, joint venture and joint operations in
the prescribed Form AOC-1 is provided in the financial Pursuant to the provisions of Section 152 of the Act,
statements forming part of this annual report. Mr. Vijendra Singh (DIN: 03537522), Whole-time Director
of the Company, is proposed to retire by rotation at the
Pursuant to Rule 8 of the Companies (Accounts) Rules, 2014,
ensuing Annual General Meeting and being eligible,
the highlights of performance of subsidiaries, associates
offers himself for re-appointment. The Board of Directors
and joint venture companies and their contribution to the
recommends his re-appointment.
overall performance of the Company during the period
under report is provided in the notes on consolidated The Board of Directors on recommendation of the
financial statements forming part of this annual report. Nomination & Remuneration/ Compensation Committee
has appointed Ms. Priyanka Mallick (DIN: 06682995) as
Pursuant to Section 136 of the Act, the audited financial
an Independent Director for a period of 3 years with effect
statements, including the consolidated financial statements
from 8th February 2019.
and related information of the Company and accounts of
each of the subsidiaries of the Company are available on The term of office of Mr. S K Tuteja (DIN: 00594076)
the website of the Company at www.renukasugars.com. as an Independent Director has been completed on
These documents will be made available to the Members 31st March 2019. The Board of Directors on recommendation
for inspection at the Registered Office of the Company of the Nomination & Remuneration/ Compensation
on all working days except Saturday, Sunday and public Committee has approved re-appointment of Mr. Tuteja as
holidays, between 9.00 a.m. and 6.00 p.m. upto the date an Independent Director of the Company for a second term
of the ensuing Annual General Meeting. The Company will of 3 (three) years. During this second term, Mr. Tuteja will
make available the documents of the subsidiaries upon also complete the age of 75 years. As per Regulation 17(1A)
request by any member of the Company interested in of Listing Regulations a Company cannot continue the
obtaining the same. directorship of any person who has attained the age of 75
years unless a special resolution is passed to that effect.
During the year under review, no company became
a subsidiary of the Company or Joint Venture or The term of office of Mr. Dorab Mistry (DIN: 07245114) and
Associate Company. Mr. Bhupatrai Premji (DIN: 07223590) as an Independent
Director will expire on 21st August 2019. The Board of
During the year under review, no company ceased to be its
Directors, on recommendation of the Nomination &
subsidiary or Joint Venture or Associate Company.
Remuneration/ Compensation Committee, has approved
The Company’s Policy for Determining Material re-appointment of Mr. Mistry and Mr. Premji as an
Subsidiaries may be accessed on the Company’s website at Independent Director of the Company for a second term of
www.renukasugars.com 3 (three) years on the expiry of their current term.
The Board of Directors on recommendation of the
Share Capital
Nomination & Remuneration/ Compensation Committee
During the year under review, there was no change in the had appointed Mr. Atul Chaturvedi (DIN: 00175355) as
paid-up share capital of the Company which stands at an Executive Chairman of the Company with effect from
` 1363,65,25,792 comprising of 191,68,19,292 equity 8th August 2018, which was subject to the approval of the
shares of ` 1 each fully paid-up, 4,28,08,858 0.01% shareholders of the Company in the next General Meeting.
Optionally Convertible Preference Shares of ` 100 each fully His appointment and remuneration was also subject to
paid-up and 7,43,88,207 0.01% Redeemable Preference the approval of the lenders as per the provisions of Part
Shares of ` 100 each fully paid-up. As on 31st March 2019, II of Schedule V of the Act. The next General Meeting
99.70% of the total paid-up equity share capital of the of the Company i.e. the Annual General Meeting was
Company stands in the dematerialized form. held on 29th September 2018. Since the prior approval
of the lenders of the Company was in process at the
The reclassification of Authorized Share Capital of
time of convening of the Annual General Meeting, the
the Company from ` 2515,00,00,000 divided into
agenda for approval of appointment and remuneration
290,00,00,000 Equity Shares of ` 1 each; 51,01,41,365
of Mr. Chaturvedi as Executive Chairman of the Company
0.01% Compulsorily Convertible Preference Shares
was not included in the agenda of the above said Annual
of ` 16.27 each; 9,40,00,000 0.01% Redeemable
General Meeting. Therefore, Mr. Chaturvedi ceased to be

an Executive Chairman of the Company with effect from Mr. Narendra Murkumbi (DIN: 00009164) stepped-down
30th September 2018. from the position of Vice Chairman & Managing
Director of the Company effective from end of day on
30th June 2018, upon completion of open offer by Wilmar
Sugar Holdings Pte. Ltd. However, Mr. Murkumbi continues
has again appointed Mr. Chaturvedi as an Executive
as Non-Executive Director of the Company effective
Chairman of the Company for 3 years with effect from
from 1st July 2018.
30th October 2018.
The Board places on record its appreciation towards
valuable contribution made by outgoing directors during
their tenure as Directors of the Company.
has approved the revision in the remuneration of
Mr. Vijendra Singh (DIN: 03537522) with effect from The policy of the Company on Directors’ appointment
1st January 2018 till the expiry of his current term i.e. and remuneration including criteria for determining
upto 9th May 2020. The revision of remuneration was also qualifications, positive attributes, independence of a
subject to the approval of the lenders as per the provisions director and other matters provided under Section 178(3)
of Part II of Schedule V of the Act. of the Act and Listing Regulations adopted by the Board is
appended as Annexure 1 to the Board’s Report. We affirm
The Company has obtained the approval of lenders for
that the remuneration paid to the directors is as per the
appointment and remuneration of Mr. Atul Chaturvedi as
terms laid out in the Nomination and Remuneration Policy
Executive Chairman and for the remuneration payable to
of the Company.
Mr. Vijendra Singh.
As on date of this report, Mr. Atul Chaturvedi,
The approval of the shareholders, through ordinary
Executive Chairman, Mr. Vijendra Singh, Whole-time
resolution for appointment of Ms. Priyanka Mallick as an
Director, Mr. Sunil Ranka, Chief Financial Officer and
Independent Director, and through special resolutions for
Mr. Deepak Manerikar, Company Secretary, are the Key
reappointment of Mr. Tuteja, Mr. Mistry and Mr. Premji as an
Managerial Personnel of the Company.
Independent Directors, and appointment and remuneration
of Mr. Atul Chaturvedi as an Executive Chairman and Performance Evaluation
revision of remuneration of Mr. Vijendra Singh were
Pursuant to the provisions of the Act, and Listing
obtained through postal ballot on 19th July 2019.
Regulations, the Board of Directors has undertaken an
The Board of Directors on recommendation of the evaluation of its own performance, the performance
Nomination & Remuneration/ Compensation Committee of its Committees and of all the individual Directors
has appointed Mr. R K Sinha (DIN: 01334549) as a based on various parameters relating to roles,
Nominee Director with effect from 6th August 2019. responsibilities and obligations of the Board,
Necessary resolution seeking approval of members for effectiveness of its functioning, contribution of Directors
appointment of Mr. Sinha forms part of the notice convening at meetings and the functioning of its Committees.
23rd Annual General Meeting of the Company. The performance evaluation of the Chairman and
Non-Independent Director was carried out by the
Mr. Rupesh Saraiya resigned as the Company Secretary
Independent Directors in their separate meetings. The
& Compliance Officer on 5th October 2018. Mr. Deepak
Board of Directors expressed their satisfaction with the
Manerikar, a fellow member of the Institute of Company
evaluation process.
Secretaries of India, has been appointed as the Company
Secretary & Compliance Officer of the Company w.e.f. Meetings of the Board
30th October 2018.
During the year, five meetings of the Board of Directors
The Company has received the declarations from the were held, the details of which are given in the report on
Independent Directors confirming that they satisfy the Corporate Governance and forms part of this Annual Report.
criteria of independence as prescribed under Section 149(6)
of the Act and under the provisions of Listing Regulations. Directors’ Responsibility Statement
During the year under review, Mrs. Vidya Murkumbi To the best of their knowledge and belief and according
(DIN: 00007588), Mr. Sanjay Asher (DIN: 00008221) and to the information and explanations obtained by them,
Mr. Hrishikesh Parandekar (DIN: 01224244) ceased to be your Directors make the following statements in terms of
directors of the Company subsequent to their resignation Section 134(3)(c) of the Act:
from the directorship of the Company. Mrs. Vidya Murkumbi
(a) that in the preparation of the annual accounts, the
and Mr. Hrishikesh Parandekar ceased to be Directors with
applicable accounting standards have been followed
effect from 30th June 2018, and Mr. Sanjay Asher ceased to
along with no material departures;
be Director with effect from 2nd July 2018.

(b) that the Directors have selected such accounting

management software. These could result in potential
policies and applied them consistently and made
misstatement to the financial statements.
judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of Your directors wish to state that with regard to the Cane
affairs of the Company as at 31st March 2019 and of the Management software, the Company has improved the
loss of the Company for the year ended on that date; documentation by implementing an electronic work flow
tool that regulates and tracks access to the system and
(c) that the Directors have taken proper and sufficient
also to any changes to the software. This tool has been
care for the maintenance of adequate accounting
tested and found to be adequate. With this improvement,
records in accordance with the provisions of the
your directors believe that the auditor’s concerns about a
Act, for safeguarding the assets of the Company
possibility of a misstatement to the financial statements on
and for preventing and detecting fraud and other
this count have been satisfactorily addressed.
irregularities;
(d) that the Directors have prepared the annual accounts Secretarial Auditors
on a ‘going concern’ basis;
Pursuant to the provisions of section 204 of the Act, the
(e) that the Directors have laid down internal financial Board had appointed M/s. DVD & Associates, Practising
controls to be followed by the Company and that such Company Secretary (Membership No. F6055/CP No.
internal financial controls are adequate and were 6515) to conduct the Secretarial Audit for the financial year
operating effectively except to the extent mentioned 2018-19. The Secretarial Audit Report for the financial year
in clause 8 a of annexure 2 of the Auditors’ report ended 31st March 2019 is annexed herewith at Annexure
which forms part of the annual report; and 2 to this Report. The said report mentions that there was
(f) that the Directors have devised proper systems no woman director on the Board of the Company during
to ensure compliance with the provisions of all the period from 1st July 2018 to 7th February 2019 Other
applicable laws and that such systems are adequate observations of the Secretarial Auditor in his report are
and operating effectively. self-explanatory. Apart from this, the Secretarial Audit
Report does not contain any qualification, reservation,
Auditors and Auditors’ Report adverse remark or disclaimer.
M/s. S R B C & CO LLP, Chartered Accountants (Firm As per Regulation 24A of Listing Regulations, a material
Registration No. 324982E/E300003) were appointed unlisted subsidiary of a listed Company is also required to
as Statutory Auditors of the Company at the 21st AGM undertake secretarial audit and annex the Secretarial Audit
held on 21st December 2017, for a term of 5 consecutive Report along with the Annual Report of the listed company.
years to hold office from the conclusion of the 21st AGM Accordingly, Secretarial Audit Report of Gokak Sugars
till the conclusion of 26th AGM. In accordance with the Limited, a material unlisted subsidiary of the Company,
Section 40 of the Companies (Amendment) Act, 2017, conducted by M/s. DVD and Associates, Practising
the appointment of Statutory Auditors is not required to Company Secretary (Membership No. F6055/CP No.
be ratified at every AGM. Thus, M/s. S R B C & CO LLP will 6515), is annexed as part of this Report as Annexure 2A.
continue to hold office till the conclusion of 26th AGM. The said report is available on the website of the Company
at www.renukasugars.com.
The Notes on financial statements referred to in the
During the year, the Secretarial Auditors had not reported
Auditors’ Report are self-explanatory and do not call for any
any matter under Section 143(12) of the Act, therefore
further comments. The Auditors’ Report does not contain
no detail is required to be disclosed under Section
any adverse qualification, reservation, adverse remark or
disclaimer except qualification of the Auditors in clause 8 134(3) of the Act.
a of annexure 2 of the Auditors’ report which forms part of Explanation on Comments in the Secretarial
the annual report. Audit Report
During the year, the Statutory Auditors had not reported any M/s. DVD and Associates, Secretarial Auditors of the
matter under Section 143(12) of the Act, therefore no detail Company (The Auditors), have, in their Secretarial Audit
is required to be disclosed under Section 134(3) of the Act. Report dated 15th July 2019, have qualified their report for
Explanation on Comments in the Statutory Audit Report vacancy in the office of a Woman Director on the Board of
Directors of the Company. There was no woman director on
M/s. S R B C & CO LLP, Statutory Auditors of the Company the Board of the Company during the period from 1st July
(The Auditors), have, in their Statutory Audit Report dated 2018 to 7th February 2019. The Board would like to clarify
16th May 2019, have qualified their report that the Company as follows –
did not have robust documentation with respect to access
controls and program change controls pertaining to cane As per Regulation 17(1) of the Listing Regulations, read with

Section 149 of the Act, the Company is required to have at

Conservation of Energy, Technology Absorption,
least one Woman Director on the Board of Directors of the
Foreign Exchange Earnings and Outgo
Company. As per Regulation 17 of the Listing Regulations,
read with Rule 3 of the Companies (Appointment and Information as per the Companies Act, 2013 and the
Qualification of Directors Rules) 2014, any vacancy in the rules framed thereunder relating to conservation of
office of the Woman Director is required to be filled-up energy, technology absorption, foreign exchange earnings
by the Board at the earliest but not later than immediate and outgo forms part of this Report and is annexed
next Board meeting or three months from the date of such hereto at Annexure 3.
vacancy whichever is later.
Mrs. Vidya Murkumbi, who was a Director of the Company Corporate Governance
since inception, had resigned as the Director and Executive In compliance with the Regulation 34 read with Schedule
Chairperson of the Company with effect from 30th June V of Listing Regulations, a detailed report on Corporate
2019, causing a vacancy in the office of a Woman Director
Governance forms part of this Annual Report. A Certificate
on the Board of Directors of the Company. Ever since her
from the Practising Company Secretary confirming
resignation, the management was consistently looking out
compliance of the conditions of Corporate Governance as
for an incumbent woman candidate for appointment as a
Director, who would be well versed with the business of the stipulated under the Listing Regulations is appended to the
Company and all matters incidental thereto. Corporate Governance Report.
Upon shortlisting of a suitable candidate for appointment Particulars of Employees

as Director of the Company, the Board of Directors, vide
resolution passed by circulation, appointed Ms. Priyanka Disclosures with respect to the remuneration of Directors
Mallick as Director of the Company with effect from 8th and employees as required under Section 197 of the Act,
February 2019, on the recommendation of the Nomination read with Rule 5 of the Companies (Appointment and
and Remuneration/Compensation Committee of the Board Remuneration of Managerial Personnel) Rules, 2014 are
of Directors. appended as Annexure 4 to this Report.
Thus, the Company was in non-compliance with the
Employee Stock Option Scheme
requirements of Section 149 of the Act read with Rule
3 of the aforesaid rules, and Regulation 17 of the Listing The Nomination & Remuneration/Compensation
Regulations from 1st October 2018 to 7th February 2019. Committee of the Board of Directors of the Company,
The Company has paid the requisite penalties to the Stock inter alia, administers and monitors the SRSL Employees
Exhanges as a reason of this non-compliance, the details of Stock Option Plan-2011 (“Scheme”) of the Company
which are given elsewhere in this Report. in accordance with applicable SEBI regulations.
The disclosure relating to the Scheme and other relevant
The Company is now compliant with the requirement of details are available on the Company’s website at
having Woman Director on the Board. www.renukasugars.com
Cost Auditors During the year under review, the Company has not granted
any fresh Stock Options to the employees.
The Board of Directors on the recommendation
of the Audit Committee, has appointed Contracts and Arrangement with Related Parties
M/s. B. M. Sharma & Co, Cost Accountants, as the Cost
Auditor to audit the cost records for the financial year ending All Contracts/arrangements entered by the Company
31st March 2020. Remuneration payable to the Cost Auditor during the financial year with related parties were in the
is subject to ratification by the members of the Company. ordinary course of business and on an arm’s length basis
Accordingly, a resolution seeking members’ ratification for except for the Contracts/arrangements referred in form
the remuneration payable to M/s. B. M. Sharma & Co, Cost AOC-2 annexed hereto as Annexure 5. The details of
Accountants, forms part of Notice convening 23rd AGM of transactions with related parties are given in notes to the
the Company, along with relevant details, including the financial statements. Details showing the disclosure of
proposed remuneration. transactions with related parties as required under Ind
In terms of Section 148 of the Act, read with Rule 8 of the AS-24 and 2A of Schedule V of SEBI Listing Regulations are
Companies (Accounts) Rules, 2014, it is stated that the cost set out in the financial statements.
accounts and records are made and maintained by the The Company’s Policy on Related Party Transactions
Company as specified by the Central Government under may be accessed on the Company’s website at
sub-section (1) of Section 148 of the Act. www.renukasugars.com

Auditors’ report which forms part of the annual report, the

Particulars of Loans, Guarantees or Investments
Company’s internal control systems with reference to the
Particulars of loans, guarantees given, securities provided financial statements are adequate and commensurate with
and investments made are provided in the notes to the the nature of its business and the size and complexity of its
financial statements. operations. Periodic audits and checks are conducted and
the controls to prevent, detect and correct any irregularities
Corporate Social Responsibility in the operations have been laid down by the Company.
Your Company is committed to Corporate Social
Responsibility (CSR) by catering to the needs of the weaker Whistle Blower Policy
sections of the society. Pursuant to the provisions of the Pursuant to Listing Regulations, SEBI (Prohibition of Insider
Section 135 of the Act, your Company has constituted a Trading) Regulations, 2015, and the Act, the Company
CSR Committee of the Board of Directors to monitor the has in place a Whistleblower Policy/Vigil Mechanism to
CSR activities of the Company. The details relating to the deal with unethical behavior, victimisation, fraud and
CSR Committee are described in the Corporate Governance other grievances or concerns of directors and employees.
Report forming part of this Annual Report. The CSR Policy of The Whistleblower Policy can be accessed on the Company’s
the Company may be accessed on the Company’s website website at www.renukasugars.com
at www.renukasugars.com
The report on the CSR activities is appended at Annexure 6 Prevention of Sexual Harassment at Workplace
to the Board’s Report. The Company has complied with the requirements of The
Sexual Harassment of Women at Workplace (Prevention,
Investor Education and Protection Fund (IEPF) Prohibition & Redressal) Act, 2013 (“the Act”) and Rules
Pursuant to the applicable provisions of the Act, read with made thereunder.
the IEPF Authority (Accounting, Audit, Transfer and Refund) During the year, there were no complaints received by the
Rules. 2016 (the IEPF Rules), all unpaid or unclaimed Company under the Act.
dividends are required to be transferred by the Company
to the IEPF; established by the Government of lndia, after Human Resources (HR)
the completion of seven years. Further, according to the
The Company’s HR policies and procedures are designed to
Rules, the shares on which dividend has not been paid or
recruit and retain the best talent to support the operations
claimed by the shareholders for seven consecutive years
of your Company and to align the interest of employees
or more shall also be transferred to the demat account
with the long term organisational goals.
of the IEPF Authority. During the year, the Company
has transferred the unclaimed and unpaid dividends of
Material Changes & Events after Balance Sheet
` 34,58,861 to IEPF. Further, 16,52,029 shares on which Date
dividends were unclaimed for seven consecutive years
were transferred to the IEPF, as per the requirement of the The approvals of the shareholders through special
IEPF rules. The details of unclaimed/unpaid dividends and resolutions for, adoption of new set of Articles of Association
shares transfered to IEPF are available on our website, at of the Company, conversion of Non-Convertible
www.renukasugars.com Debentures (NCDs) issued to Life of India into Redeemable
Preference Shares (RPS), and ceasing to hold more than
Annual Return 50% shareholding in and ceasing to hold control over
Shree Renuka Global Ventures Limited, Mauritius, (SRGVL)
As per the requirements of Section 92(3) of the Act and an indirect wholly owned subsidiary of the Company were
Rules framed thereunder, the extract of the annual return obtained through postal ballot on 19th July 2019.
for FY 2018-19 is given in Annexure 7 in the prescribed
Form No. MGT-9, which is a part of this report. The same is SRGVL has entered into an investment agreement on
available on Company’s website at www.renukasugars.com. 6th August 2019 with an Investor, pursuant to which,
the Investor has agreed to invest in SRGVL by way of
Risk Management & Internal Financial Controls subscription to ordinary shares of SRGVL (Proposed
Transaction). Upon completion of the Proposed
The Company has adopted a Risk Management Policy Transaction, the Investor would hold a controlling interest
which is reviewed on a periodic basis in order to recognize, in SRGVL and consequently, SRGVL and its subsidiaries shall
assess and reduce exposure to risks wherever possible. cease to be subsidiaries of the Company. The completion
of the Proposed Transaction is subject to the parties
The Company’s Risk Management Policy is based on
obtaining relevant corporate authorisations and other
the philosophy of achieving substantial growth while
approvals, as necessary.
mitigating and managing risks involved. Except to the
extent mentioned in clause 8 a of annexure 2 of the

Other Disclosures/Reporting Appreciation & Acknowledgements

• Your Directors state that no disclosure or reporting The Board wishes to place on record its gratitude for the
is required in respect of the following items as there assistance and co-operation received from the financial
were no transactions on these items during the institutions, banks, government authorities, customers,
year under review: vendors and cane growers and finally to all its members
• Issue of equity shares with differential rights as to for the trust and confidence reposed on the Company.
dividend, voting or otherwise. The Board further wishes to record its sincere appreciation
for the significant contributions made by employees at all
• Issue of shares (including sweat equity shares) to
levels for their competence, dedication and contribution
employees of the Company under any scheme.
towards the operations of the Company.
• No significant or material orders were passed
For and on behalf of the Board
by the Regulators or Courts or Tribunals which
impact the going concern status and Company’s Atul Chaturvedi
operations in future. Executive Chairman
DIN : 00175355
6th August 2019, Mumbai

Annexure 1
Nomination and Remuneration Policy
This Nomination and Remuneration Policy is being Unless the context otherwise requires, words and
formulated in compliance with Section 178 of the expressions used in this policy and not defined herein
Companies Act, 2013 read along with the applicable but defined in the Companies Act, 2013 and the
rules thereto and Clause 49 of the Listing Agreement, as Listing Agreement as may be amended from time to
amended from time to time. This policy on nomination time shall have the meaning respectively assigned
and remuneration of Directors, Key Managerial Personnel to them therein.
and Senior Management has been formulated by the
Nomination and Remuneration/ Compensation Committee 2. Objective
(NRC or the Committee) and has been approved by the
The Nomination and Remuneration/Compensation
Board of Directors of the Company.
Committee and this Policy shall be in compliance with
Section 178 of the Companies Act, 2013 read along
1. Definitions
with the applicable rules thereto and Clause 49 under
1.1 “Act” means Companies Act, 2013 and rules framed the Listing Agreement entered into by the Company
thereunder as amended from time to time. with the Stock Exchanges or any other applicable
law(s) or regulation(s). The objective of this policy is
1.2 “Board of Directors” or “Board”, in relation to the
to lay down a framework in relation to remuneration
company, means the collective body of the Directors
of Directors, KMP, senior management personnel
of the Company.
and other employees. The Key Objectives of the
1.3 “Committee” or “NRC” means Nomination and Committee would be:
Remuneration/Compensation Committee of the
2.1 To guide the Board in relation to appointment
Company as constituted or reconstituted by the Board.
and removal of Directors, Key Managerial
1.4 “Company” means “Shree Renuka Sugars Limited”. Personnel and Senior Management.
1.5 “Managerial Personnel” means Managerial Personnel 2.2 Formulate the criteria for determining
or Persons, applicable under Section 196 and other qualifications, positive attributes and
applicable provisions of the Companies Act, 2013. independence of a director and recommend to
the Board a policy relating to the remuneration
1.6 “Policy” or “This policy” means Nomination and
of Directors, Key Managerial Personnel and
Remuneration Policy.
other employees.
1.7 “Remuneration” means any money or its equivalent
2.3 Formulation of criteria for evaluation of
given or passed to any person for services rendered
Independent Directors and the Board.
by him and includes perquisites as defined under the
Income Tax Act, 1961. 2.4 To evaluate the performance of the members of
the Board and provide necessary report to the
1.8 “Independent Director” means a Director referred to
Board for further evaluation of the Board.
in Section 149 of the Companies Act, 2013 and the
Listing Agreement entered into by the Company with 2.5 To recommend to the Board on Remuneration
the Stock Exchanges. payable to the Directors, Key Managerial
Personnel and Senior Management.
1.9 “Key Managerial Personnel” (KMP) means
2.6 To provide to Key Managerial Personnel
a) The Chief Executive Officer or the Managing
and Senior Management reward linked
Director or the Manager and in their absence the
directly to their effort, performance,
Whole-time Director;
dedication and achievement relating to the
b) The Company Secretary and Company’s operations.
c) The Chief Financial Officer 2.7 To retain, motivate and promote talent
and to ensure long term sustainability of
1.10 “Senior Management” means the personnel of the
talented managerial persons and create
Company who are members of its core management
competitive advantage.
team excluding Board of Directors comprising all
members of management one level below the 2.8 To develop a succession plan for the Board and
executive directors, including the functional heads. to regularly review the plan.

2.9 To assist the Board in fulfilling responsibilities. Independent Director shall be eligible for
appointment after expiry of 3 years of ceasing to
2.10 To implement and monitor policies and processes
become an Independent Director.
regarding principles of corporate governance.
Provided that an Independent Director shall not,
3. Appointment and Removal of Managerial during the said period of 3 years, be appointed
Personnel, Director, KMP and Senior in or be associated with the Company in any
Management other capacity, either directly or indirectly.
At the time of appointment of Independent
3.1 Appointment Criteria and Qualifications:
Director, it should be ensured that number of
3.1.1 The Committee shall identify and ascertain
Boards on which such Independent Director
the integrity, qualification, expertise and
serves is restricted as per the provisions of
experience of the person for appointment as
the Act and Listing Agreement, as amended
Managerial Personnel, Director, KMP or at Senior
from time to time.
Management level and recommend to the
Board his/ her appointment. The maximum tenure of Independent Directors
shall also be in accordance with the Companies
3.1.2 A person should possess adequate qualification,
Act, 2013 and clarifications/ circulars issued by
expertise and experience for the position he/she
the Ministry of Corporate Affairs, in this regard,
is considered for appointment. The Committee
from time to time.
has discretion to decide whether qualification,
expertise and experience possessed by
5. Retirement
a person is sufficient/satisfactory for the
concerned position. Any Director other than the Independent Director,
KMP and Senior Management shall retire as per the
3.1.3 Appointment of Independent Directors is also
applicable provisions of the Companies Act, 2013 and
subject to compliance of provisions of Section
the prevailing policy of the Company.
149 of the Act read with Schedule IV and rules
thereunder and the Listing Agreement entered The Board will have the discretion to retain the Director,
into by the Company with the Stock Exchanges. KMP, Senior Management in the same position/
remuneration or otherwise even after attaining the
3.1.4 The Company shall not appoint or continue
retirement age, for the benefit of the Company.
the employment of any person as Managerial
Personnel who has attained the age of 70 years.
6. Evaluation
Provided that the term of the person holding
this position may be extended beyond the age The Committee shall carry out evaluation of
of 70 years with the approval of shareholders performance of every Managerial Personnel, Director,
by passing a special resolution based on the KMP and Senior Management on yearly basis.
explanatory statement annexed to the notice
for such motion indicating the justification for 7. Removal
extension of appointment beyond 70 years.
The Committee may recommend, to the Board with
reasons recorded in writing, removal of a Managerial
4. Term/Tenure
Personnel, Director, KMP or Senior Management
4.1 Managerial Personnel: subject to the provisions of Companies Act, 2013, and
The Company shall appoint or re-appoint all other applicable Acts, Rules and Regulations, if any.
any person as its Managerial Personnel for
a term not exceeding five years at a time. 8. Remuneration of Managerial Personnel, KMP
No re-appointment shall be made earlier than and Senior Management
one year before the expiry of term.
8.1 The Remuneration/Compensation Commission
4.2 Independent Director: etc. to Managerial Personnel, KMP and Senior
An Independent Director shall hold office Management will be determined by the
for a term up to 5 consecutive years on the Committee and recommended to the Board for
Board of the Company and will be eligible approval.TheRemuneration/Compensation/Profit
for re-appointment on passing of a special Linked Incentive etc. to be paid for Managerial
resolution by the Company and Disclosure of Personnel shall be subject to the prior/post
such appointment in the Board’s report. approval of the shareholders of the Company
and Central Government, wherever required.
No Independent Director shall hold office
for more than 2 consecutive terms, but such

8.2 The remuneration and commission to be paid 9.2 Sitting Fees:

to Managerial Personnel shall be as per the The Non-Executive/Independent Director may receive
statutory provisions of the Companies Act, remuneration by way of fees for attending meetings
2013, and the rules made thereunder for the of Board or Committee thereof. Provided that the
time being in force. amount of such fees shall not exceed the maximum
8.3 Managerial Personnel, KMP and Senior amount as provided in the Companies Act, 2013 per
Management shall be eligible for a monthly meeting of the Board or Committee or such amount
remuneration as may be approved by the Board as may be prescribed by the Central Government
on the recommendation of the Committee from time to time.
in accordance with the statutory provisions 9.3 Limit of Remuneration/Commission:
of the Companies Act, 2013, and the rules Remuneration/Commission may be paid within the
made thereunder for the time being in force. monetary limit approved by shareholders, subject
The break-up of the pay scale and quantum of to the limit not exceeding 1%/3% of the net profits
perquisites including, employer’s contribution
of the Company, respectively or such other limits as
to P.F., pension scheme, medical expenses,
may be prescribed.
club fees etc. shall be decided and approved
by the Board on the recommendation of the
10. Duties in Relation to Nomination Matters
Committee and approved by the shareholders
and Central Government, wherever required. The duties of the Committee in relation to nomination
matters include:
8.4 If, in any financial year, the Company has no
profits or its profits are inadequate, the Company 10.1 Determining the appropriate size, diversity and
shall pay remuneration to its Managerial composition of the Board;
Personnel in accordance with the provisions of
Schedule V of the Companies Act, 2013 and if it 10.2 Ensuring that there is an appropriate induction
is not able to comply with such provisions, with in place for new Directors and members of Senior
the prior approval of the Central Government. Management and reviewing its effectiveness;
8.5 If any Managerial Personnel draws or receives, 10.3 Ensuring that on appointment to the Board,
directly or indirectly by way of remuneration Independent Directors receive a formal letter of
any such sums in excess of the limits prescribed appointment in accordance with the Guidelines
under the Companies Act, 2013 or without provided under the Act;
the prior sanction of the Central Government, 10.4 Developing a succession plan for the Board
where required, he/she shall refund such sums
and Senior Management and regularly
to the Company and until such sum is refunded,
reviewing the plan;
hold it in trust for the Company.
10.5 Evaluating the performance of the Board
8.6 Where any insurance is taken by the Company
members and Senior Management in the
on behalf of its Managerial Personnel, KMP and
context of the Company’s performance from
Senior Management for indemnifying them
business and compliance perspective;
against any liability, the premium paid on such
insurance shall not be treated as part of the 10.6
Making recommendations to the Board
remuneration payable to any such personnel concerning any matters relating to the
subject to the provisions of the Act. continuation in office of any Director at any
8.7 Only such Employees/Directors of the Company time including the suspension or termination of
and its subsidiaries as approved by the service of an Executive Director as an employee
Nomination and Remuneration/Compensation of the Company subject to the provision of the
Committee will be granted ESOPs. law and their service contract.
10.7 Delegating any of its powers to one or more of
9. Remuneration to Non-Executive/ its members or the Secretary of the Committee;
Independent Directors
10.8
Recommend any necessary changes
9.1 Remuneration/Commission:
to the Board; and
The remuneration/commission shall be in accordance
with the provisions of the Companies Act, 2013 and 10.9 Considering any other matters, as may be
the rules made thereunder for the time being in force. requested by the Board.

11. Duties in Relation to Nomination Matters 11.4 Considering any other matters as may be
requested by the Board.
The duties of the Committee in relation to
remuneration matters include:
12. Review and Amendment to the Policy
11.1 Considering and determining the Remuneration
The Board of Directors on its own and/or as per the
Policy, based on the performance and also
recommendations of Nomination and Remuneration/
bearing in mind that the remuneration is
Compensation Committee can amend this Policy, as
reasonable and sufficient to attract, retain
and when deemed fit.
and motivate members of the Board and such
other factors as the Committee shall deem In case of any amendment(s), clarification(s),
appropriate all elements of the remuneration of circular(s) etc. issued by the relevant authorities, not
the members of the Board. being consistent with the provisions laid down under
this Policy, then such amendment(s), clarification(s),
11.2 Approving the remuneration of the Directors,
circular(s) etc. shall prevail upon the provisions
Senior Management including KMP of the
hereunder and this Policy shall stand amended
Company maintaining a balance between fixed
accordingly from the effective date as laid down under
and incentive pay, if any, reflecting short and
such amendment(s), clarification(s), circular(s) etc.
long term performance objectives appropriate
to the working of the Company.
11.3 Delegating any of its powers to one or more of
its members or the Secretary of the Committee.

Annexure 2
Secretarial Audit Report
For the financial year ended 31st March 2019
[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, b. The Company has transferred Dividends which have
The Members remained unclaimed for a period of 7 years or more,
Shree Renuka Sugars Limited during the year 2018-19, to the Investor Education
BC 105, Povlock Road, Off Havelock Road, and Protection Fund. The shares in respect of such
Cantonment, Belgaum 590 001 Dividends have been transferred to the IEPF in
accordance with Section 124 (6) of the Act. In respect
We have conducted the secretarial audit of the compliance of transfer of shares to IEPF for earlier year, there was a
of applicable statutory provisions and the adherence to good query raised by the Registrar of Companies and which
corporate governance practices by M/s. Shree Renuka Sugars was satisfactorily replied by the Company.
Limited (hereinafter called “the Company”). (ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and
the Rules made there under: The Company has complied
The Secretarial Audit was conducted for the period from 1st with the provisions of The Securities Contracts (Regulation)
April 2018 to 31st March 2019, in a manner that provided us a Act, 1956 (‘SCRA’).
reasonable basis for evaluating the corporate conducts / statutory
compliances of the Company and expressing our opinion thereon. (iii) The Depositories Act, 1996 and the Regulations and
We have been engaged as Secretarial Auditors of the Company to Bye-laws framed there under:
conduct the Audit of the Company to examine the compliance of The Company is a listed public company the shares are
Companies Act and the laws specifically listed below. in dematerialised form and the Company has complied
with the provisions of The Depositories Act, 1996 and the
Based on our verification of the Company’s books, papers, minute Regulations and Bye-laws framed there under.
books, forms and returns filed and other records maintained
(iv) The Company has satisfactorily complied with the
by the Company and also the information provided by the
Company, its officers, agents and authorized representatives provisions of the Foreign Exchange Management Act,
during the conduct of secretarial audit, we hereby report that in 1999 and the rules and regulations made there under to
our opinion, the Company has, during the audit period covering the extent of Foreign Direct Investment, Overseas Direct
the financial year ended on 31st March 2019, complied with the Investment and External Commercial Borrowings and
statutory provisions listed hereunder and also that the Company there are no discrepancies observed by us during the
has proper Board-processes and compliance-mechanism in place period under review.
to the extent, in the manner and subject to the reporting made (v) The following Regulations and Guidelines prescribed
hereinafter: under the Securities and Exchange Board of India Act,
1992 (‘SEBI Act’):-
We have examined the books, papers, minute books, forms and
returns filed and other records maintained by the Company for (a) The Securities and Exchange Board of India
the financial year ended on 31st March 2019 according to the (Substantial Acquisition of Shares and Takeovers)
provisions of the following list of laws and regulations with our Regulations, 2011
observations on the same: (b) The Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 1992;
(i) The Companies Act, 2013 (the Act) and the Rules made (c) The Securities and Exchange Board of India (Issue of
there under: The Company has satisfactorily complied Capital and Disclosure Requirements) Regulations,
with the provisions of the Companies Act, 2013 and the 2009 (Not applicable for the period under review);
Rules made there under and there are no discrepancies
(d) The Securities and Exchange Board of India (Employee
observed by us during the period under review except the
Stock Option Scheme and Employee Stock Purchase
following points:
Scheme) Guidelines, 1999 (Not applicable for the
a. The vacancy of woman Director after period under review);
resignation on 30th June 2018 was filled on
(e) The Securities and Exchange Board of India (Delisting
8th February 2019.
of Equity Shares) Regulations, 2009 (Not applicable
for the period under review); and

(f) The Securities and Exchange Board of India (Issue and We further report that:-
Listing of Debt Securities) Regulations, 2008;
There are adequate systems and processes in the
(Not applicable for the period under review) company commensurate with its size & operation to monitor and
(g) The Securities and Exchange Board of India ensure compliance with applicable laws including general laws,
(Registrars to an Issue and Share Transfer Agents) labour laws, competition law and environmental laws.
Regulations, 1993 regarding the Companies Act and
dealing with client; The Board of Directors of the Company is duly constituted with
proper balance of appointment of Independent Directors as
(h) The Securities and Exchange Board of India (Buyback
required by Section 149 of the Companies Act, 2013.
of Securities) Regulations, 1998 (Not applicable for
the period under review);
Adequate notice is given to all directors about the Board
Meetings, agenda and detailed notes on agenda were sent at
The Company is a listed Company and provisions of Regulations least seven days in advance, and a system exists for seeking and
and Guidelines mentioned above and prescribed under the obtaining further information and clarifications on the agenda
Securities and Exchange Board of India Act, 1992 (‘SEBI Act’) are items before the meeting for meaningful participation at the
duly complied by the Company. meeting. All decisions at Board Meetings were carried out with
requisite majority as recorded in the minutes of the meetings of
I further report that, as per the opinion of the officers of the the Board of Directors.
Company and information provided by them the following
specific applicable laws on the basis of activities of the Company We further report that during the audit period no major decisions,
are complied with by the Company: specific events/ actions have occurred which has a major bearing
on the Company’s affairs in pursuance of the above referred laws,
a. Sugar Cess Act, 1982 rules, regulations, guidelines, standards, etc. except the following:
b. The Sugar (Control) Order, 1966 a. There were letters of non compliance issued by the BSE
c. The Sugarcane (Control) Order, 1966 Limited and National Stock Exchange Limited in respect of
d. FSSA, 2006 appointment of Woman Director after the vacancy caused
e. Essential Commodities Act, 1955 due to resignation and the same has been replied by the
f. Indian Boilers Act, 1923 Company after making the payment of requisite penalty.
g. The Electricity Act, 2003 b. There was a letter in respect of transfer of shares to IEPF
h. The Legal Metrology Act, 2009 to which the Company has replied satisfactorily and there
were no further queries raised by them till the date of issue
We have also examined compliance with the applicable of this report.
clauses of the following:
c. There was an inspection carried out by the Central
Government as per the provisions of Section 206 of the
(i) Secretarial Standards issued by The Institute of Companies Act, 2013 and which had lead to show cause
Company Secretaries of India. The Company has notices under various Section of the Companies Act, 2013
duly complied with the Secretarial Standards for the viz: Section 12, 118, 129, 139 and 152. The Company
period under review. has paid the penalties under Section 12 and 118 as per
the adjudication process and replied satisfactorily for the
(ii) The Listing Agreement entered into by the Company
show cause notices under 129, 139 and 152 and there
with BSE Limited, Mumbai and National Stock
were no further queries raised by them till the date of issue
Exchange of India Limited, Mumbai in respect of
of this report.
Shares issued by the Company and Securities and
Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 except For DVD & ASSOCIATES
that the vacancy of woman Director after resignation COMPANY SECRETARIES
on 30th June 2018 was filled on 8th February 2019.
Devendra Deshpande
During the period under review the Company has complied FCS No. 6099 CP No. 6515
with the applicable provisions of the Acts, Rules, Regulations,
Guidelines, Standards, etc. which are mentioned above. Place: Mumbai
Date: 15th July 2019

Annexure A
To,
The Members
BC 105, Povlock Road,Off Havelock Road,
Cantonment, Belgaum 590 001
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a
reasonable basis for our opinion..
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
For DVD & ASSOCIATES

COMPANY SECRETARIES
Devendra Deshpande
FCS No. 6099 CP No. 6515
Place: Mumbai

Annexure 2A
Secretarial Audit Report
For the financial year ended 31st March 2019
[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, (iii) The Depositories Act, 1996 and the Regulations and Bye-laws
The Members framed there under: The company is a unlisted public company
Gokak Sugars Limited and around 93.59 % of the shares are in dematerialised form
238, 263, Kolavi and the Company has complied with the provisions of The
Taluka Gokak, Karnataka 591344 Depositories Act, 1996 and the Regulations and Bye-laws
framed there under.
We have conducted the secretarial audit of the compliance of
applicable statutory provisions and the adherence to good corporate (iv) The Company has satisfactorily complied with the provisions
governance practices by Gokak Sugars Limited (Hereinafter called of the Foreign Exchange Management Act, 1999 and the rules
“the Company”). and regulations made there under to the extent of Foreign
Secretarial Audit was conducted for the period from Direct Investment, Overseas Direct Investment and there are no
1st April 2018 to 31st March 2019, in a manner that provided us a discrepancies observed by us during the period under review.
reasonable basis for evaluating the corporate conducts/statutory There was no allotment of shares or the Company has not
compliances of the Company and expressing our opinion thereon. availed any External Commercial Borrowings during the year.
We have been engaged as Secretarial Auditors of the Company to
conduct the Audit of the Company to examine the compliance of (v) The following Regulations and Guidelines prescribed under the
Companies Act and the laws specifically listed below. Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-
Based on our verification of the Company’s books, papers, minute (a) The Securities and Exchange Board of India (Substantial
books, forms and returns filed and other records maintained by the Acquisition of Shares and Takeovers) Regulations, 2011;
Company and also the information provided by the Company, its
officers, agents and authorized representatives during the conduct of (b) The Securities and Exchange Board of India (Prohibition
secretarial audit, we hereby report that in our opinion, the company of Insider Trading) Regulations, 1992;
has, during the audit period covering the financial year ended on
(c) The Securities and Exchange Board of India (Issue of
31st March 2019, complied with the statutory provisions listed
Capital and Disclosure Requirements) Regulations, 2009;
hereunder and also that the Company has proper Board-processes
and compliance-mechanism in place to the extent, in the manner (d) The Securities and Exchange Board of India (Employee
and subject to the reporting made hereinafter: Stock Option Scheme and Employee Stock Purchase
We have examined the books, papers, minute books, forms and Scheme) Guidelines, 1999;
returns filed and other records maintained by the Company for the
(e) The Securities and Exchange Board of India (Delisting of
financial year ended on March 31, 2019 according to the provisions
of the following list of laws and regulations with our observations on Equity Shares) Regulations, 2009; and
the same: (f) The Securities and Exchange Board of India (Issue and
Listing of Debt Securities) Regulations, 2008;
(i) The Companies Act, 2013 (the Act) and the rules made
there under: The Company has satisfactorily complied with (g) The Securities and Exchange Board of India (Registrars
the provisions of the Companies Act 2013 and the Rules to an Issue and Share Transfer Agents) Regulations, 1993
made there under and there are no discrepancies observed regarding the Companies Act and dealing with client;
by us during the period under review except in respect
(h) The Securities and Exchange Board of India (Buyback of
of the following:
Securities) Regulations, 1998;
a. Appointment of Company Secretary for the period from
The Company is an unlisted Company and therefore
01.04.2018 to 18.03.2019
provisions of Regulations and Guidelines mentioned
b. Appointment of Independent Director for the period above and prescribed under the Securities and Exchange
from 09.06.2018 to 18.03.2019 and the constitution of Board of India Act, 1992 (‘SEBI Act’) are not applicable.
various committees.
During the period under review the Company has
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and complied with the applicable provisions of the Act,
the rules made there under: The Company is an unlisted Rules, Regulations, Guidelines, Standards, etc. which are
Company and therefore provisions of The Securities Contracts mentioned above.
(Regulation) Act, 1956 (‘SCRA’) are not applicable.
I further report that, having regard to the compliance
system prevailing in the Company and on examination

of the relevant documents and records in pursuance Annexure A

thereof, the Company has complied with the following
laws applicable specifically to the Company: To,
a. Sugar Cess Act, 1982 The Members
b. The Sugar (Control) Order, 1966 Gokak Sugars Limited
c. The Sugarcane (Control) Order, 1966 238, 263, Kolavi,
Taluka Gokak, Karnataka 591344
d. FSSA, 2006
Our report of even date is to be read along with this letter.
e. Essential Commodities Act, 1955
f. Indian Boilers Act, 1923 1. Maintenance of secretarial record is the responsibility
of the management of the Company. Our responsibility
g. The Electricity Act, 2003
is to express an opinion on these secretarial records
h. The Legal Metrology Act, 2009 based on our audit.
We have also examined compliance with the 2. We have followed the audit practices and processes
applicable clauses of the following: as were appropriate to obtain reasonable assurance
about the correctness of the contents of the
i. Secretarial Standards issued by The Institute of Company
Secretarial records. The verification was done on
Secretaries of India have been followed by the Company.
test basis to ensure that correct facts are reflected
ii. The Company being an unlisted Company the clauses in secretarial records. We believe that the processes
of Listing agreement / SEBI (Listing Obligations and and practices, we followed provide a reasonable basis
Disclosure Requirements), 2015 are not applicable. for our opinion..
We further report that:- 3. We have not verified the correctness and
appropriateness of financial records and Books of
There are adequate systems and processes in the
Accounts of the Company.
Company commensurate with its size & operation to
monitor and ensure compliance with applicable laws 4. Where ever required, we have obtained the
including general laws, labour laws, competition law Management representation about the
and environmental laws. compliance of laws, rules and regulations and
happening of events etc.
The Board of Directors of the Company is duly
constituted with proper balance of appointment of 5. The compliance of the provisions of Corporate
Independent Directors as required by Section 149 of the and other applicable laws, rules, regulations,
Companies Act, 2013 except as mentioned above. standards is the responsibility of management.
Our examination was limited to the verification of
Adequate notice is given to all directors about the
procedures on test basis.
Board Meetings, agenda and detailed notes on agenda
were sent at least seven days in advance, and a system 6. The Secretarial Audit report is neither an assurance
exists for seeking and obtaining further information as to the future viability of the Company nor of the
and clarifications on the agenda items before the efficacy or effectiveness with which the management
meeting for meaningful participation at the meeting. has conducted the affairs of the Company.
All decisions at Board Meetings were carried out
unanimously as recorded in the minutes of the meetings
of the Board of Directors. For DVD & ASSOCIATES
COMPANY SECRETARIES
We further report that during the audit period the
no major decisions, specific events / actions having a Devendra Deshpande
major bearing on the company’s affairs in pursuance of FCS No. 6099 CP No. 6515
the above referred laws, rules, regulations, guidelines,
Place: Mumbai
standards, etc.
For DVD & ASSOCIATES

COMPANY SECRETARIES
Devendra Deshpande
FCS No. 6099 CP No. 6515
Place: Mumbai

Annexure 3
Disclosure of particulars with respect to conservation of energy, technology absorption and
foreign exchange earnings and outgo as required under Section 134(3) of Companies Act,
2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014.
A. Conservation of Energy
(i) Steps taken for conservation of energy
Kandla refinery:
1. Reduced Steam consumption from 0.78 to 0.60 Ton per ton of raw sugar by improving process efficiency and by
using various heat recovery methods.
Athani plant:
1. Installed capacitor banks 25 KVAR x 2 nos for raw sugar / sugar handling Motor Control Centres to improve
power factor to 0.8.
2. 55 nos of LED lamps of various ratings installed resulting in saving of 7 Kwh per hour.
B. Technology Absorption
(i) Efforts made towards technology absorption:
Kandla refinery:
Use of alternative fuel for Granular Activated Carbon regeneration. Started using LPG in place of diesel.
(ii) Benefits derived like product improvement, cost reduction, product development or import substitution:
Fuel cost reduced by 15%
(iii) Details regarding imported technology (imported during last three years reckoned from the beginning
of the financial year):
(a) The details of technology imported Nil

(b) The year of import Not Applicable
(c) Whether the technology been fully absorbed Not Applicable
(d) If not fully absorbed, areas where absorption has not taken place, and the Not Applicable
reasons thereof
(iv) Expenditure incurred on Research and Development:
Nil
C. Foreign Exchange Earnings and Outgo

Foreign Exchange Earned : 27,727.37 million
Outgo of Foreign Exchange : 19,416.67 million

Annexure 4
Details pertaining to remuneration as required under section 197(12) of the Companies Act,
2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014
1. The percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary during the
financial year 2018-19, ratio of the remuneration of each Director to the median remuneration of the employees of
the Company for the financial year 2018-19 are as under:
Ratio of remuneration
Remuneration of % increase in
Sr. of each Director to
Name of Director/KMP and Designation Director/ KMP for FY Remuneration in FY
No. median remuneration
2018-19 (` in Million) 2018-19
of employees
Mr. Atul Chaturvedi#
1. Executive Chairman (w.e.f. 02.07.2018 upto 22.79 NA 89.02
29.09.2018) & (w.e.f. 30.10.2018)
Mr. Vijendra Singh
2. 36.13 121.74% 141.13
Executive Director
Mr. Narendra Murkumbi#
Non-Executive Director (w.e.f. 01.07.2018)
3. 12.49 Nil 48.78
Vice Chairman & Managing Director (Upto
30.06.2018)
Mrs. Vidya Murkumbi#
4. 9.35 Nil 36.48
Executive Chairperson (Upto 30.06.2018)
Mr. Sanjay Asher*
5. 0.08 NA NA
Independent Director (Upto 02.07.2018)
Mr. Hrishikesh Parandekar *
6. 0.15 NA NA
Independent Director (Upto 30.06.2018)
Mr. S. K. Tuteja*
7. 0.45 NA NA
Mr. Jean-Luc Bohbot
8. - NA NA
Mr. Stephen Ho Kiam Kong
9. - NA NA
Mr. Bhupatrai Premji*
10. 0.33 NA NA
Mr. Dorab Mistry*
11. - NA NA
Dr. Bharatkumar Mehta*
12. 0.25 NA NA
Mr. Madhu Rao*
13. 0.37 NA NA
Ms. Priyanka Mallick*
14. 0.05 NA NA
Mr. Sunil Ranka#
15. 15.24 NA 59.53
Chief Financial Officer (w.e.f. 04.05.2018)
Mr. K. K. Kumbhat#
16. 5.83 Nil 22.77
Chief Financial Officer (Upto 03.05.2018)
Mr. Deepak Manerikar#
17. 1.36 NA 5.31
Company Secretary (we.f. 30.10.2018)
Mr. Rupesh Saraiya#
18. 1.70 Nil 6.64
Company Secretary (Upto 05.10.2018)
* Remuneration to Independent Directors consists only of sitting fees paid for FY 2018-19.
# Employed for part of the year

2. The median remuneration of employees of the Company during the financial year was Rs. 256,800
3. In the financial year, there was an increase of 2.72% in the median remuneration of employees.
4. The numbers of permanent employees on the rolls of Company as on 31st March 2019 were 1,926.
5. Average percentage increase in the salaries of employees other than the managerial personnel in the financial year
2018-19 was 2.72% and increase in the managerial remuneration was by 54%. Increments in remuneration of
employees are as per the appraisal / Remuneration Policy of the Company.
6. It is hereby affirmed that the remuneration paid is as per the Remuneration Policy of the Company.
Information relating to particulars of employees under Section 197 of the Companies Act, 2013 read with Rule 5(2)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are as under:
(i) The name of top ten employees in terms of remuneration drawn:
Remuneration Total Date of

Sr. Age in Previous
Name and Designation Received Qualifications Experience Commencement of
No. Year Employment
(` in Million) (No. of years) Employment
1. Vijendra Singh 36.13 B. Sc., PGD 35 15-Sep-10 59 Bajaj
Executive Director (Sugar Tech), Hindusthan
MBA (Finance) Ltd.
2. Mr. Narendra Murkumbi, 12.49 BE (E&C), 22 01-Jan-01 49 -
Non-Executive Director PGDM (IIM),
(w.e.f. 01.07.2018) Ahmedabad
Vice Chairman & Managing
Director (Upto 30.06.2018)
3. Mr. Atul Chaturvedi 22.79 Post graduate 38 02-Jul-18 63 Adani Wilmar
Executive Chairman from St. Johns Ltd.
(Wef 02.07.2018 upto College (Agra
29.09.2018) & University)
(w.e.f. 30.10.2018)
4. Mrs. Vidya Murkumbi 9.35 B.Sc., Doctorate 36 01-Apr-04 71 -
Executive Chairperson by Karnataka
(Upto 30.06.2018) State Bijapur
Woman’s
University
5. Mr. Sunil Ranka 15.24 CA, ICWA, CS, 33 18-Apr-18 56 Suzlon Energy
Chief Financial Officer LLB, B.Com Ltd.
(w.e.f. 04..05.2018)
6. Ravi Gupta 13.80 B.Com, 28 01-May-13 49 Noble Natural
President (Corporate) PGD,(Forestry Resource India
Management) Pvt. Ltd.
7. Ashok Kumar Sharma 11.61 BE (MECH), BOE 43 05-Sep-11 69 Uttam Sugars
Senior Vice President Ltd.
(Operations)
8. Mr. K. K. Kumbhat 5.84 B.Com, ACA, 38 12-Mar-08 60 Ashapura
Chief Financial Officer ACS Minechem Ltd.
(Upto 03.05.2018)
9. Mr. Shripad Nerlikar 9.74 B.Sc. (AGRI) 42 01-Oct-03 63 Halasidhanath
Executive Director (Cane) SSK Ltd.
10. Satbir Singh Sindhu 8.39 MBA 33 01-Jun-18 57 Adani Wilmar
President (Marketing & OD) Ltd.

(ii) Employed throughout the financial year, was in receipt of remuneration for that year which, in aggregate,
was not less than ` 1,02,00,000/-
(` In Million)
Total Date of
Sr. Remuneration Age in Previous
Name and Designation Qualifications Experience commencement
No. received (`) Year Employment
(No. of Years) of Employment
1. Vijendra Singh 36.13 B. Sc., PGD 35 15-Sep-10 59 Bajaj
Executive Director (Sugar Tech), Hindusthan Ltd.
MBA (Finance)
2. Ravi Gupta 13.80 B.Com, PGD, 28 01-May-13 49 Noble Natural
President (Corporate) (Forestry Resource India
Management) Pvt. Ltd.
3. Ashok Kumar Sharma 11.61 BE (MECH), BOE 43 05-Sep-11 69 Uttam Sugars
Senior Vice President Ltd.
(Operations)
(iii) Employed for the part of the year, was in receipt of remuneration in aggregate not less than ` 8,50,000/-
per month
(` In Million)
Total
Date of
Remuneration Experience Age in
Sr. No. Name and Designation Qualifications commencement Previous Employment
received (`) (No. of Year
of Employment
Years)
1. Mr. Atul Chaturvedi 22.79 Post graduate 38 02-Jul-18 63 Adani Wilmar Ltd.
Executive Chairman from St. Johns
(w.e.f. 02.07.2018 College (Agra
upto 29.09.2018) & University)
(w.e.f. 30.10.2018)
2. Mr. Narendra Murkumbi, 12.49 BE (E&C), 22 01-Jan-01 49 -
Non-Executive Director PGDM (IIM),
(w.e.f. 01.07.2018) Ahmedabad
Vice Chairman &
Managing Director
(Upto 30.06.2018)
3. Mrs. Vidya Murkumbi 9.35 B.Sc., Doctorate 36 01-Apr-04 71 -
Executive Chairperson by Karnataka
(Upto 30.06.2018) State Bijapur
Woman’s
University
4. Mr. Sunil Ranka 15.24 CA, ICWA, CS, 33 18-Apr-18 56 Suzlon Energy Ltd.
Chief Financial Officer LLB, B.Com
(w.e.f. 04.05.2018)
5. Mr. K. K. Kumbhat 5.84 B.Com, ACA, ACS 38 12-Mar-08 60 Ashapura Minechem
Chief Financial Officer Ltd.
(Upto 03.05.2018)
6. Satbir Singh Sindhu 8.39 MBA 33 01-Jun-18 57 Adani Wilmar Ltd.
President
(Marketing & OD)

Annexure 5
Particulars of contracts / arrangements made with related parties
Form No. AOC-2
[Pursuant to Clause (h) of sub-section (3) of Section 134 of the Companies Act, 2013, and Rule 8(2) of the Companies
(Accounts) Rules, 2014]
Details of contracts or arrangements or transactions not at arm’s length basis
There were no contracts or arrangements or transactions entered into during the year ended 31st March 2019, which were
not at arm’s length basis.
Details of material contracts or arrangement or transactions at arm’s length basis
The details of material contracts or arrangement or transactions at arm’s length basis for the year ended 31st March 2019,
approved by the Board of Directors on 8th May 2019 are as follows:
Name of related party and Nature Nature of Contract Duration of contract Salient terms* Amount
of relationship received as advance
Gokak Sugars Limited Loan of Rs. 250 crore For period of 120 Unsecured loan @ NA
(Subsidiary) months 11% Interest
Monica Trading Private Limited Loan of Rs. 26 crore For period of 120 Unsecured loan @ NA
(Wholly Owned Subsidiary) months 11% Interest
*Appropriate approvals have been taken for related party transactions.

Annexure 6
Annual report on Corporate Social Responsibility (CSR) activities for the financial year 2018-19
(Pursuant to Section 135 of the Companies Act, 2013)
1. A brief outline of the Company’s CSR policy, including overview of projects or programs proposed to be
undertaken and a reference to the web-link to the CSR policy and projects or programs
The CSR Policy of the Company covers the proposed CSR activities in line with Section 135 of the Companies Act,
2013 and the Schedule VII thereto. The CSR Policy of the Company may be accessed on the Company’s website at
www.renukasugars.com
2. The composition of the CSR Committee as on 31st March 2019
Mr. Surender Kumar Tuteja, Chairman
Mr. Jean-Luc Bohbot, Member
Mr. Atul Chaturvedi, Member
3. verage net profit of the Company for last three financial years
A
Pursuant to Section 198 of the Companies Act, 2013, the Average Net Profit of the Company for last three financial
years was in negative. Accordingly, the Company was not required to spend any CSR Expenditure during the
financial year 2018-19.
4. Prescribed CSR Expenditure (two percent of the amount as in item 3 above)
Nil
5. Details of CSR spent during the financial year
a) Total amount to be spent for the financial year: Nil
b) Amount un-spent, if any: Not Applicable
c) Manner in which the amount spent during financial year, is detailed below:
1 2 3 4 5 6 7 8
Sr. CSR Project or Sector in which Projects or programs Amount Amount spent Cumulative Amount spent:
No. Activity identified the Project is (1) Local area or other outlay (budget) on the projects Expenditure Direct or through
covered (2) Specify the state project or or programs (1) upto the implementing
and district where programs wise Direct Expenditure reporting agency
projects or programs on projects period
were undertaken or programs (2)
Overhead
Not Applicable
6. I n case the Company has failed to spend the two per cent of the average net profit of the last 3 financial years
or any part thereof, reasons for not spending the amount in its Board Report
Not Applicable
7. Responsibility statement of the CSR Committee
CSR Committee confirmed that the implementation and monitoring of CSR Policy is in compliance with CSR
Objectives and Policy of the Company.
Date: 6th August 2019 Surender Kumar Tuteja Atul Chaturvedi

Place: Mumbai Chairman - CSR Committee Member - CSR Committee

Annexure 7
Extract of Annual Return
Form No. MGT-9
as on the financial year ended on 31st March 2019
[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

i. CIN L01542KA1995PLC019046
ii. Registration Date 25th October, 1995
iii. Name of the Company Shree Renuka Sugars Limited
iv. Category/Sub-Category of the Company Public Company/Limited by Shares
v. Address of the Registered Office and contact details 2nd & 3rd Floor, Kanakashree Arcade,
CTS No. 10634, JNMC Road, Nehru Nagur,
Belagavi, Karnataka – 590010, India (w.e.f. 1st August 2019)
BC 105, Havelock Road, Camp, Belagavi,

Karnataka - 590001, India. (Upto 31st July 2019)
Tel. No.: +91-831-2404000
Website: www.renukasugars.com
vi. Whether listed Company Yes
vii. Name, Address and Contact details of Registrar and Karvy Fintech Private Limited
Transfer Agent, if any Karvy Selenium Tower No. B, Plot No. 31-32, Gachibowli,
Financial District, Nanakramguda,
Hyderabad - 500032, India.
Tel. No.: +91-40-6716 1700/6716 2222
Fax No.: +91-40-6716 1680/2300 1153
Website: www.karvy.com
II. Principal Business Activites of the Company

All the business activities contributing 10% or more of the total turnover of the Company are given below:-
Name and Description of main products/services NIC Code of the product/service % to total turnover of the Company#
Sugar 10721 77.16
Distillery 2011 11.06
# On the basis of Gross Turnover
III. Particulars of Holding, Subsidiary and Associate Companies

Holding/
Sr. % of Shares Applicable
Name of the Company Address of the Company CIN/GLN Subsidiary/
No. held* Section
Associate
1. Wilmar Sugar 56, Neil Road,
- Holding 58.34 2(46)
Holdings Pte. Ltd. Singapore - 088830
2. Shree Renuka Agri BC 105, Havelock U15330KA2008PLC047205 Subsidiary 100 2(87)(ii)
Ventures Limited Road, Camp, Belagavi
590001, Karnataka.
3. Gokak Sugars Limited 238, 263, Kolavi, Gokak, U15429KA2000PLC026433 Subsidiary 93.64 2(87)(ii)
Belagavi -
591344, Karnataka.
4. Monica Trading 7th Floor, Devchand house, U51502MH2006PTC163752 Subsidiary 100 2(87)(ii)
Private Limited Shiv Sagar Estate, Dr. Annie
Besant Road, Worli, Mumbai
- 400018, Maharashtra.

Holding/
No. held* Section
Associate
5. Shree Renuka Tunaport BC 105, Havelock U45205KA2013PTC067486 Subsidiary 100 2(87)(ii)
Private Limited Road, Camp, Belagavi
590001, Karnataka.
6. KBK Chem- Engineering 1st& 2ndFloor, U74210PN1997PTC111151 Subsidiary 100 2(87)(ii)
Private Limited Survey No.1/10 to 16,
AmachiColony, Plot No.
33 & 34, BhavdhanKhurd,
NDA- Pashan Road, Pune -
411021. Maharashtra.
7. Renuka 24k, AU Gold Tower, - Subsidiary 100 2(87)(ii)
Commodities DMCC Jumeirah Lakes
Tower, Sheikh Zayed
Road, Dubai, U.A.E.
8. Shree Renuka IFS Court, Twenty Eight, - Subsidiary 100 2(87)(ii)
Global Ventures Ltd. Cyber City, Ebene, Mauritius.
9. Shree Renuka East Africa House No. New, Dire - Subsidiary 100 2(87)(ii)
Agriventures PLC Dawa Building, Woreda:
3, Kirkos Sub- City, Addis
Ababa, Ethiopia.
10. Lanka Sugar RNH House No. 622B, - Subsidiary 100 2(87)(ii)
Refinery Company Kotte Road, Kotte,
(Private) Limited Sri Lanka.
11. Shree Renuka do Brasil Nove de Julho Avenue, 5519, - Subsidiary 100 2(87)(ii)
Participações Ltda. 5th floor, JardimPaulista, Zip
Code: 01.406-200, in the
city of São Paulo/ SP.
12. Shree Renuka São Paulo Nove de Julho Avenue, 5519, - Subsidiary 100 2(87)(ii)
Participações Ltda. 5th floor, JardimPaulista, Zip
Code: 01.406-200, in the
13. Renuka do Brasil S/A MarechalRondon Road, - Subsidiary 59.41 2(87)(ii)
Km 455 - BairroPatos,
ÁguaBranca Farm, Zip Code:
16.370-000 CP 01, in the
city of Promissão/SP. CNPJ:
43.932.102/0005-81
14. Revati S.A- at CRD-339 Local Road, - Subsidiary 59.41 2(87)(ii)
Acucar e Alcool Coroados- BrejoAlegre, no
number, Rural Areal, Zip
Code: 16.265-000, in the
city of BrejoAlegre/SP
15. Renuka Geradora de MarechalRondon Road, - Subsidiary 59.41 2(87)(ii)
EnergiaElétrica Ltda. Km 455 - BairroPatos,
16.370-000 CP 01, in the
city of Promissão/SP
16. Renuka Cogeração Ltda. MarechalRondon Road, - Subsidiary 59.41 2(87)(ii)
Km 455 - BairroPatos,
16.370-000 CP 01, in the
city of Promissão/SP
17. RevatiGeradora de CRD-339 Local Road, - Subsidiary 59.41 2(87)(ii)
Energia Elétrica Ltda. Coroados- BrejoAlegre, no
number, Rural Areal, Zip
Code: 16.265-000, in the
city of BrejoAlegre/SP

Holding/
No. held* Section
Associate
18. RevatiAgropecuaria Ltda. FazendaÁguasClaras, - Subsidiary 59.41 2(87)(ii)
Estrada Municipal CRD-339,
Coroados a BrejoAlegre, s/n,
in the city of BrejoAlegre,
State of São Paulo,
Zip code 16265-000
19 Apoena Logistica E Nove de Julho Avenue, 5519, - Subsidiary 100 2(87)(ii)
Comercio De Productos 5th floor, JardimPaulista, Zip
Agricolas Ltda. Code: 01.406-200, in the
20. Renuka Vale do IVAI S/A Marisa Road, Km 03, - Subsidiary 100 2(87)(ii)
Rural Zone, Zip Code
86945-000, in city of São
Pedro do Ivaí/ PR
21. Ivaicana Marisa Road, Km 03, - Subsidiary 100 2(87)(ii)
Agropecuaria Ltda. Rural Zone, Zip Code
Pedro do Ivaí/ PR
22. Biovale Comercio de Marisa Road, Km 03, - Subsidiary 100 2(87)(ii)
Leveduras Ltda. Rural Zone, Zip Code
Pedro do Ivaí/ PR
IV. Shareholding pattern (Equity Share Capital breakup as percentage of total Equity)
i) Category-wise Shareholding
No. of Shares Held at the No. of Shares Held at
Beginning of the Year the End of the Year % Change
Category
Category of Shareholder % of During the
Code % of Total
Demat Physical Total Total Demat Physical Total Year
Shares
Shares
(A) PROMOTER
AND PROMOTER GROUP
(1) INDIAN
(a) Individual /HUF 2,19,17,565 0 2,19,17,565 1.14 0 0 0 0 -1.14
(b) Central Government/ 0 0 0 0.00 0 0 0 0.00 0.00
State Government(s)
(c) Bodies Corporate 23,43,37,170 0 23,43,37,170 12.23 0 0 0 0 -12.23
(d) Financial Institutions / Banks 0 0 0 0.00 0 0 0 0.00 0.00
(e) Others 0 0 0 0.00 0 0 0 0.00 0.00
Sub-Total A(1) : 25,62,54,735 0 25,62,54,735 13.37 0 0 0 0 -13.37
(2) FOREIGN
(a) Individuals (NRIs/ 10,87,732 0 1087732 0.06 0 0 0 0 -0.06
Foreign Individuals)
(b) Bodies Corporate 73,93,36,351 0 73,93,36,351 38.57 11,18,20,4751 0 1,11,82,04,751 58.34 19.77
(c) Institutions 0 0 0 0.00 0 0 0 0.00 0.00
(d) Qualified Foreign Investor 0 0 0 0.00 0 0 0 0.00 0.00
(e) Others 0 0 0 0.00 0 0 0 0.00 0.00
Sub-Total A(2) : 74,04,24,083 0 74,04,24,083 38.63 1,11,82,04,751 0 1,11,82,04,751 58.34 19.71
Total A=A(1)+A(2) 99,66,78,818 0 99,66,78,818 52.00 1,11,82,04,751 0 1,11,82,04,751 58.34 6.34
(B) PUBLIC SHAREHOLDING
(1) INSTITUTIONS
(a) Mutual Funds /UTI 22,00,000 0 22,00,000 0.11 0 0 0 0.00 -0.11
(b) Financial Institutions /Banks 49,89,02,528 0 49,89,02,528 26.03 52,69,25,897 0 52,69,25,897 27.49 1.46
(c) Central Government / 0 0 0 0.00 0 0 0 0.00 0.00
State Government(s)
(d) Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00
(e) Insurance Companies 0 0 0 0.00 0 0 0 0.00 0.00

No. of Shares Held at the No. of Shares Held at

Beginning of the Year the End of the Year % Change
Category
Category of Shareholder % of During the
Code % of Total
Demat Physical Total Total Demat Physical Total Year
Shares
Shares
(f) Foreign 2,40,82,976 0 2,40,82,976 1.26 1,14,33,550 0 1,14,33,550 0.60 -0.66
Institutional Investors
(g) Foreign Portfolio Investors 0 0 0 0.00 0 0 0 0 0.00
(h) Foreign Venture 0 0 0 0.00 0 0 0 0.00 0.00
Capital Investors
(i) Qualified Foreign Investor 0 0 0 0.00 0 0 0 0.00 0.00
(j) Others 2,93,86,497 0 2,93,86,497 1.53 2,93,86,497 0 2,93,86,497 1.53 0.00
Sub-Total B(1) : 55,45,72,001 0 55,45,72,001 28.93 53,83,59,447 0 53,83,59,447 28.09 -0.85
(2) NON-INSTITUTIONS
(a) Bodies Corporate 6,28,70,105 0 6,28,70,105 3.28 2,34,35,951 0 2,34,35,951 1.22 -2.06
(b) Individuals
(i) Individuals holding 20,06,79,325 52,66,246 20,59,45,571 10.74 17,49,20,222 38,19,683 17,87,39,905 9.32 -1.42
nominal share
capital upto Rs.1 lakh
(ii) Individuals holding 6,12,23,757 4,35,000 6,16,58,757 3.22 3,34,01,589 19,37,968 3,53,39,557 1.84 -1.37
nominal share capital in
excess of Rs.1 lakh
(c) Others
CLEARING MEMBERS 19,58,005 0 19,58,005 0.10 7,69,122 0 7,69,122 0.04 -0.06
DIRECTORS 10,70,000 0 10,70,000 0.06 1,08,99,905 0 1,08,99,905 0.57 0.51
NON RESIDENT INDIANS 49,86,930 20,00,000 69,86,930 0.36 43,31,993 0 43,31,993 0.23 -0.14
NRI NON-REPATRIATION 15,38,492 0 15,38,492 0.08 14,48,944 0 14,48,944 0.08 0.00
TRUSTS 2,30,49,504 5,000 2,30,54,504 1.20 51,01,620 0 51,01,620 0.27 -0.94
NBFC 4,86,109 0 4,86,109 0.03 39,036 0 39,036 0.00 -0.02
IEPF 0 0 0 0.00 1,49,061 0 1,49,061 0.01 0.01
(d) Qualified Foreign Investor 0 0 0 0.00 0 0 0 0.00 0.00
Sub-Total B(2) : 35,78,62,227 77,06,246 36,55,68,473 19.07 25,44,97,443 57,57,651 26,02,55,094 13.58 -5.49
Total B=B(1)+B(2) : 91,24,34,228 77,06,246 92,01,40,474 48.00 79,28,56,890 57,57,651 79,86,14,541 41.66 -6.34
Total (A+B) : 1,90,91,13,046 77,06,246 1,91,68,19,292 100.00 1,91,10,61,641 57,57,651 1,91,68,19,292 100.00 0.00
(C) Shares held by
custodians, against which
Depository Receipts
have been issued
(1) Promoter
and Promoter Group
(2) Public 0 0 0 0.00 0 0 0 0.00 0.00
GRAND TOTAL (A+B+C) : 1,90,91,13,046 77,06,246 1,91,68,19,292 100.00 1,91,10,61,641 57,57,651 1,91,68,19,292 100.00
ii) Shareholding of Promoters
Shareholding at the beginning of the year Cumulative Shareholding during the year
% of
Sr. change
Name of Shareholder % of Shares % of Shares
No. % of total % of total during
Pledged/ Pledged/
No. of Shares Shares of No. of Shares Shares of the Year
encumbered to encumbered to
the Company the Company#
total shares total shares
1 Wilmar Sugar 73,93,36,351 38.57 - 1,11,82,04,751 58.34 - 19.77
Holdings Pte. Ltd.
2 Murkumbi Investments 12,14,14,000 6.33 6.33 - 0.00 - -6.33
Private Limited *
3 Agri Venture Trading 3,75,23,170 1.96 1.96 - 0.00 - -1.96
And Investment
Private Limited *
4 Khandepar Investments 7,54,00,000 3.93 3.93 - 0.00 - -3.93
Private Limited *
5 Narendra 1,08,12,905 0.56 0.56 1,08,12,905 0.56 NA 0.00
Madhusudan Murkumbi *
6 Supriya Shailesh Rojekar * 47,10,000 0.25 - - 0.00 - -0.25

% of
Sr. change
Name of Shareholder % of Shares % of Shares
No. % of total % of total during
Pledged/ Pledged/
No. of Shares Shares of No. of Shares Shares of the Year
encumbered to encumbered to
the Company the Company#
total shares total shares
7 Narendra 20,00,000 0.10 - - 0.00 - -0.10
Madhusudan Murkumbi *
8 Malvika Murkumbi * 14,00,000 0.07 - - 0.00 - -0.07
9 Inika 14,00,000 0.07 - - 0.00 - -0.07
Narendra Murkumbi *
10 Vidya Murkumbi * 12,28,800 0.06 0.06 12,28,800 0.06 NA 0.00
11 Anuradha 10,87,732 0.06 - - 0.00 - -0.06
Ravindra Kulkarni *
12 Dilip Vasant 3,15,860 0.02 - - 0.00 - -0.02
Rao Deshpande *
13 Apoorva 50,000 0.00 - 50,000 0.00 NA 0.00
Narendra Murkumbi *
Total 99,66,78,818 52.00 12.85 1,11,82,04,751 58.34 - 6.98
* Reclassified as Public shareholders with effect from 31st March 2019 pursuant to approval letters dated 18th January 2019 for reclassification
of shareholders under Regulation 31A of Listing Regulations, issued by BSE & NSE. Hence, their shareholding has not been considered while
calculating total number of shares (and % of shares) held by promoters as on 31st March 2019.
iii) Change in Promoters’ Shareholding
Shareholding at the Date wise Increase/Decrease in Cumulative Shareholding

beginning of the year Shareholding during the year during the year
Sr.
Name of the Promoter
No. % of % of
No. of shares total shares of Date Reason No. of Shares No. of Shares total shares of
the company the company
1 Wilmar Sugar 73,93,36,351 38.57 01-04-2018 - - 73,93,36,351 38.57
Holdings Pte. Ltd. 13-07-2018 Purchase 86,07,12,284 1,11,82,04,751 58.34
31-03-2019 - - 1,11,82,04,751 58.34
2 Murkumbi Investments 12,14,14,000 6.33 01-04-2018 - - 12,14,14,000 6.33
Pvt. Ltd.* 11-05-2018 Sale 11,21,72,365 92,41,635 0.48
18-05-2018 Sale 92,41,635 0 0
31-03-2019 - - 0 0
3 Khandepar Investments 7,54,00,000 3.93 01-04-2018 - - 7,54,00,000 3.93
Pvt. Ltd.* 04-05-2018 Sale 98,548 3,16,06,010 1.65
11-05-2018 Sale 3,16,06,010 0 0
31-03-2019 - - 0 0
4 Agri Venture Trading and 3,75,23,170 1.96 01-04-2018 - - 3,75,23,170 1.96
Investment Pvt Ltd.* 18-05-2018 Sale 3,75,23,170 0 0
31-03-2019 - - 0 0
5 Narendra Madhusudan 1,08,12,905 0.56 01-04-2018 - - 1,08,12,905 0.56
Murkumbi* 31-03-2019 - - 1,08,12,905 0.56
6 Narendra Madhusudan 20,00,000 0.10 01-04-2018 - - 20,00,000 0.10
Murkumbi HUF* 25-05-2018 Sale 20,00,000 0 0
31-03-2019 - - 0 0
7 Supriya Shailesh Rojekar* 47,10,000 0.25 01-04-2018 - - 47,10,000 0.25
11-05-2018 Sale 47,10,000 0 0
31-03-2019 - - 0 0

Shareholding at the Date wise Increase/Decrease in Cumulative Shareholding

beginning of the year Shareholding during the year during the year
Sr.
Name of the Promoter
No. % of % of
No. of shares total shares of Date Reason No. of Shares No. of Shares total shares of
the company the company
8 Inika Narendra Murkumbi* 14,00,000 0.07 01-04-2018 - - 14,00,000 0.07
27-04-2018 Sale 14,00,000 0 0
11-05-2018 Purchase 14,00,000 14,00,000 0.07
25-05-2018 Sale 14,00,000 0 0
31-03-2019 - - 0 0
9 Malvika Narendra 14,00,000 0.07 01-04-2018 - - 14,00,000 0.07
Murkumbi* 27-04-2018 Sale 14,00,000 0 0
11-05-2018 Purchase 14,00,000 14,00,000 0.07
25-05-2018 Sale 14,00,000 0 0
31-03-2019 - - 0 0
10 Anuradha Ravindra 10,87,732 0.06 01-04-2018 - - 10,87,732 0.06
Kulkarni* 04-05-2018 Sale 10,20,102 67,630 0.00
11-05-2018 Sale 67,630 0 0
31-03-2019 - - 0 0
11 Vidya Murkumbi* 12,28,800 0.06 01-04-2018 - - 12,28,800 0.06
31-03-2019 - - 12,28,800 0.06
12 Dilip Vasant Rao 3,15,860 0.02 01-04-2018 - - 3,15,860 0.02
Deshpande* 11-05-2018 Sale 3,15,860 0 0
31-03-2019 - - 0 0
13 Apoorva Narendra 50,000 0.00 01-04-2018 - - 50,000 0.00
Murkumbi* 31-03-2019 - - 50,000 0.00
* Reclassified as Public shareholders with effect from 31 March 2019 pursuant to approval letters dated 18 January 2019 for reclassification of shareholders
st th
under Regulation 31A of Listing Regulations, issued by BSE & NSE. Hence, their shareholding has not been considered while calculating total number of
shares (and % of shares) held by promoters as on 31st March 2019.

iv) Shareholding Pattern of Top Ten Shareholders (Other than Directors, Promoters and Holders of GDRs and ADRs)
% of Increase/ % of
Sr. Name of the Share
No of Shares total shares of Date Decrease in share Reason No of Shares total shares of
No Holder
the company holding the company
1 ICICI Bank Limited 19,23,96,579 10.04 01-04-2018 19,23,96,579 10.04
06-04-2018 (769768) Sale 19,16,26,811 10.00
13-04-2018 (3365) Sale 19,16,23,446 10.00
20-04-2018 20619 Purchase 19,16,44,065 10.00
27-04-2018 36755 Purchase 19,16,80,820 10.00
04-05-2018 153876 Purchase 19,18,34,696 10.01
11-05-2018 275103 Purchase 19,21,09,799 10.02
18-05-2018 68706 Purchase 19,21,78,505 10.03
25-05-2018 (305934) Sale 19,18,72,571 10.01
01-06-2018 49048 Purchase 19,19,21,619 10.01
08-06-2018 15710 Purchase 19,19,37,329 10.01
15-06-2018 (369118) Sale 19,15,68,211 9.99
22-06-2018 (17249) Sale 19,15,50,962 9.99
29-06-2018 (11107) Sale 19,15,39,855 9.99
06-07-2018 66087 Purchase 19,16,05,942 10.00
13-07-2018 10381 Purchase 19,16,16,323 10.00
20-07-2018 (39166) Sale 19,15,77,157 9.99
27-07-2018 (11353) Sale 19,15,65,804 9.99
03-08-2018 12056 Purchase 19,15,77,860 9.99
10-08-2018 (12860) Sale 19,15,65,000 9.99
17-08-2018 12186 Purchase 19,15,77,186 9.99
24-08-2018 (15913) Sale 19,15,61,273 9.99
31-08-2018 5815 Purchase 19,15,67,088 9.99
07-09-2018 (697) Sale 19,15,66,391 9.99
14-09-2018 (334) Sale 19,15,66,057 9.99
21-09-2018 (21045) Sale 19,15,45,012 9.99
28-09-2018 (26144) Sale 19,15,18,868 9.99
05-10-2018 (73247) Sale 19,14,45,621 9.99
12-10-2018 52924 Purchase 19,14,98,545 9.99
19-10-2018 29215 Purchase 19,15,27,760 9.99
26-10-2018 (20767) Sale 19,15,06,993 9.99
02-11-2018 (74083) Sale 19,14,32,910 9.99
09-11-2018 (130924) Sale 19,13,01,986 9.98
16-11-2018 (1595) Sale 19,13,00,391 9.98
23-11-2018 10617 Purchase 19,13,11,008 9.98
30-11-2018 (20259) Sale 19,12,90,749 9.98
07-12-2018 (3147) Sale 19,12,87,602 9.98
14-12-2018 233866 Purchase 19,15,21,468 9.99
21-12-2018 16499 Purchase 19,15,37,967 9.99
28-12-2018 14591 Purchase 19,15,52,558 9.99
31-12-2018 (302927) Sale 19,12,49,631 9.98
04-01-2019 264573 Purchase 19,15,14,204 9.99
11-01-2019 5171 Purchase 19,15,19,375 9.99
18-01-2019 48471 Purchase 19,15,67,846 9.99
25-01-2019 72670 Purchase 19,16,40,516 10.00
01-02-2019 (471531) Sale 19,11,68,985 9.97
08-02-2019 607014 Purchase 19,17,75,999 10.00
15-02-2019 (15974) Sale 19,17,60,025 10.00
22-02-2019 (24901) Sale 19,17,35,124 10.00
01-03-2019 (484293) Sale 19,12,50,831 9.98
08-03-2019 452464 Purchase 19,17,03,295 10.00
15-03-2019 6773 Purchase 19,17,10,068 10.00
22-03-2019 9606 Purchase 19,17,19,674 10.00
29-03-2019 (440562) Sale 19,12,79,112 9.98
31-03-2019 19,12,79,112 9.98
2 IDBI Bank Limited 18,19,69,219 9.49 01-04-2018 - - 18,19,69,219 9.49

31-03-2019 - - 18,19,69,219 9.49

% of Increase/ % of
No Holder
3 Axis Bank Limited 3,99,18,604 2.08 01-04-2018 - - 3,99,18,604 2.08
06-04-2018 174955 Purchase 4,00,93,559 2.81
06-04-2018 (40444) Sale 4,00,53,115 2.81
20-04-2018 25296 Purchase 4,00,78,411 2.09
20-04-2018 (13950) Sale 4,00,64,461 2.09
27-04-2018 (25968) Sale 4,00,38,493 2.09
04-05-2018 (142000) Sale 3,98,96,493 2.08
11-05-2018 261 Purchase 3,98,96,754 2.08
11-05-2018 (30350) Sale 3,98,66,404 2.08
18-05-2018 407472 Purchase 4,02,73,876 2.10
18-05-2018 (261) Sale 4,02,73,615 2.10
25-05-2018 (363537) Sale 3,99,10,078 2.08
01-06-2018 (3474) Sale 3,99,06,604 2.08
08-06-2018 20512 Purchase 3,99,27,116 2.08
08-06-2018 (372615) Sale 3,95,54,501 2.06
15-06-2018 (107997) Sale 3,94,46,504 2.06
22-06-2018 (36510) Sale 3,94,09,994 2.06
29-06-2018 (22403) Sale 3,93,87,591 2.05
06-07-2018 (20278) Purchase 3,94,07,869 2.06
13-07-2018 227687 Purchase 3,96,35,556 2.07
20-07-2018 (29306) Sale 3,96,06,250 2.07
27-07-2018 (150820) Sale 3,94,55,430 2.06
03-08-2018 9626 Purchase 3,94,65,056 2.06
10-08-2018 (38124) Sale 3,94,26,932 2.06
17-08-2018 122010 Purchase 3,95,48,942 2.06
31-08-2018 (142429) Sale 3,94,06,513 2.06
07-09-2018 (1779) Sale 3,94,04,734 2.06
14-09-2018 (16122) Sale 3,93,88,612 2.05
21-09-2018 (151305) Sale 3,92,37,307 2.05
28-09-2018 247911 Purchase 3,94,85,218 2.06
05-10-2018 54885 Purchase 3,95,40,103 2.06
05-10-2018 (100) Sale 3,95,40,003 2.06
12-10-2018 21429 Purchase 3,95,61,432 2.06
19-10-2018 27616 Purchase 3,95,89,048 2.07
26-10-2018 (211857) Sale 3,93,77,191 2.05
02-11-2018 3816 Purchase 3,93,81,007 2.05
09-11-2018 9861 Purchase 3,93,90,868 2.06
16-11-2018 3053 Purchase 3,93,93,921 2.06
23-11-2018 18350 Purchase 3,94,12,271 2.06
30-11-2018 (62748) Sale 3,93,49,523 2.05
07-12-2018 (516) Sale 3,93,49,007 2.05
14-12-2018 (1500) Sale 3,93,47,507 2.05
21-12-2018 (12500) Sale 3,93,35,007 2.05
28-12-2018 (10897) Sale 3,93,24,110 2.05
31-12-2018 (24000) Sale 3,93,00,110 2.05
04-01-2019 23500 Purchase 3,93,23,610 2.05
11-01-2019 (3300) Sale 3,93,20,310 2.05
18-01-2019 140632 Purchase 3,94,60,942 2.06
25-01-2019 30130 Purchase 3,94,91,072 2.06
01-02-2019 59942 Purchase 3,95,51,014 2.06
08-02-2019 4135 Purchase 3,95,55,149 2.06
15-02-2019 (5452) Sale 3,95,49,697 2.06
22-02-2019 35141 Purchase 3,95,84,838 2.07
01-03-2019 83151 Purchase 3,96,67,989 2.07
08-03-2019 (73531) Sale 3,95,94,458 2.07
15-03-2019 48423 Purchase 3,96,42,881 2.07
22-03-2019 92733 Purchase 3,97,35,614 2.07
29-03-2019 (98615) Sale 3,96,36,999 2.07
31-03-2019 - - 3,96,36,999 2.07
4 Standard Chartered 2,93,86,497 1.53 01-04-2018 - - 2,93,86,497 1.53

Bank, Uae Branch 31-03-2019 - - 2,93,86,497 1.53

% of Increase/ % of
No Holder
5 Life Insurance 1,87,20,122 0.98 01-04-2018 - - 1,87,20,122 0.98
Corporation of India 31-03-2019 - - 1,87,20,122 0.98
6 Standard Chartered 1,64,35,338 0.86 01-04-2018 - - 1,64,35,338 0.86

Bank 31-03-2019 - - 1,64,35,338 0.86
7 Kotak Mahindra 1,28,66,283 0.67 01-04-2018 - - 1,28,66,283 0.67

Bank Limited 31-03-2019 - - 1,28,66,283 0.67
8 State Bank of India 1,17,57,861 0.61 01-04-2018 - - 1,17,57,861 0.61

31-03-2019 - - 1,17,57,861 0.61
9 Export- Import 93,52,564 0.49 01-04-2018 - - 93,52,564 0.49

Bank of India 31-03-2019 - - 93,52,564 0.49
10 Yes Bank Limited 81,55,796 0.43 01-04-2018 - - 81,55,796 0.43

31-03-2019 - - 81,55,796 0.43
11 Shree Renuka 2,05,72,884 1.07 01-04-2018 - - 2,05,72,884 1.07

Sugars Development 01-06-2018 (15572884) Sale 50,00,000 0.26
Foundation 31-03-2019 - - 50,00,000 0.26
12 Rajasthan Global 1,46,26,596 0.76 01-04-2018 1,46,26,596 0.76

Securities Private 06-04-2018 5000000 Purchase 1,96,26,596 1.38
Limited 06-04-2018 (5000000) Sale 1,46,26,596 1.02
04-05-2018 192839 Purchase 1,48,19,435 0.77
11-05-2018 20005286 Purchase 3,48,24,721 1.82
11-05-2018 (287816) Sale 3,45,36,905 1.80
18-05-2018 19779041 Purchase 5,43,15,946 2.83
25-05-2018 27100345 Purchase 8,14,16,291 4.25
01-06-2018 2641683 Purchase 8,40,57,974 4.39
08-06-2018 74671070 Purchase 15,87,29,044 8.28
08-06-2018 (63361912) Sale 9,53,67,132 4.98
15-06-2018 299176 Purchase 9,56,66,308 4.99
29-06-2018 (95666308) Sale 0 0.00
31-03-2019 - - 0 0.00
v) Shareholding of Directors and Key Managerial Personnel

Sr.
Name of the Shareholder
No. % of total shares of % of total shares of
No. of shares No. of shares
the Company the Company
A Directors
1. Mrs. Vidya Murkumbi (Upto 30.06.2018) 12,28,800 0.06 12,28,800 -
2. Mr. Narendra Murkumbi 1,08,12,905 0.56 1,08,12,905 0.56
3. Mr. Sanjay Asher (Upto 02.07.2018) 10,10,000 0.05 NA NA
4. Mr. Surender Kumar Tuteja 60,000 0.00 60,000 0
5. Mr. Atul Chaturvedi - - 85,000 0.004
B Key Managerial Personnel
1. Mr. Deepak Manerikar (w.e.f. 30.10.2018) - - - -
2. Mr. Rupesh Saraiya (Upto 05.10.2018) - - - -
3. Mr. K. K. Kumbhat (Upto 03.05.2018) 1,60,000 0.01 NA NA
4. Mr. Sunil Ranka (w.e.f. 03.05.18) - - - -

V. Indebtedness
Indebtedness of the Company including interest outstanding/accrued but not due for payment .
(` in Million)
Secured Loans
Unsecured Loans Deposits Total Indebtedness
excluding deposits
Indebtedness at the beginning of the financial year
i) Principal Amount 23,638.50 - - 23,638.50
ii) Interest due but not paid 49.65 - - 49.65
iii) Interest accrued but not due 258.98 - - 258.98
Total (i+ii+iii) 23,947.13 - - 23,947.13
Change in Indebtedness during the financial year
- Addition 4,192.75 - - 4,192.75
- Reduction (609.95) - - (609.95)
Net Change 3,582.80 - - 3,582.80
Indebtedness at the end of the financial year
i) Principal Amount 26,869.46 - - 26,869.46
ii) Interest due but not paid 24.82 - - 24.82
iii) Interest accrued but not due 635.65 - - 635.65
Total (i+ii+iii) 27,529.93 - - 27,529.93
VI. Remuneration of Directors and Key Managerial Personnel

A. Remuneration to Managing Director , Whole -time Directors and /or Manager (Amount in `)
Name of MD/WTD/Manager Total
Mrs. Vidya Mr. Narendra Amount
Sr. Murkumbi Murkumbi Mr. Vijendra Singh Mr. Atul Chaturvedi
Particulars of Remuneration
No. (Upto 30.06.18) (Upto 30.06.18)
Executive Vice Chairman & Whole-time *
Chairperson Managing Director Director Executive Chairman
1 Gross Salary
(a) Salary as per provisions
contained in section 17(1) of the 81,57,247 1,24,77,860 2,97,34,914 2,20,45,704 72,41,05,725
Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) of
11,88,875 9,900 11,98,775
the Income- tax Act, 1961
(c) Profits in lieu of salary under
section 17(3) of the Income-tax Act, - - - - -
1961
2 Stock Option - - - -
3 Sweat Equity - - - -
4 Commission
- as % of Profit - - - -
- others, specify - - - -
5 Others, please specify - - - -
Performance Linked Incentive 27,47,947 7,47,945 34,95,892
Arrears - - 36,43,506 - 36,43,506
Total 93,46,122 1,24,87,760 3,61,26,367 2,27,93,649 8,07,53,898
Ceiling as per the Act - - - - -
* Executive Chairman w.e.f. 2nd July 2018 to 29th September 2018 and w.e.f 30th October 2018

B. Remuneration to Other Directors

( Amount in `)
Name of the Independent Directors
Sr. Particulars of
No. Remuneration Mr. Sanjay Mr. Hrishikesh Mr. Mr. Madhu Ms. Priyanka Total Amount
Mr. S. K. Dr. B. V. Mr. Dorab
Asher (Upto Parandekar Bhupatrai Rao (w.e.f. Mallick (w.e.f.
Tuteja Mehta Mistry
02.07.18) (Upto 30.06.18) Premji 27.06.18) 08.02.19)
I. Independent Directors
(a) Fee for 75,000 1,50,000 4,50,000 3,25,000 3,75,000 2,50,000 - 50,000 16,75,000
attending board/
committee
meetings
(b) Commission - - - - - - - - -
(c) Others, please - - - - - - - - -
specify
Total 75,000 1,50,000 4,50,000 3,25,000 3,75,000 2,50,000 - 50,000 16,75,000
Name of the Non-Executive Directors
Sr. Mr. Atul Chaturvedi Total

Particulars of Remuneration (From 01.04.18 to Mr. Jean Luc Mr. Stephen Ho Mr. Narendra
No. Amount
01.07.18, 30.09.18 Bohbot Kiam Kong Murkumbi
to 29.10.18)
I. Other Non-Executive Directors
- - - - -
(a) Fee for attending board/
committee meetings
(b) Commission - - - - -
(c) Others, please specify - - - - -
Total (2) - - - - -
TOTAL (B) = (1 + 2) -
Total Managerial Remuneration 16,75,000
Overall Ceiling as per the Act Overall ceiling as per the Companies Act, 2013 is not applicable to sitting fees
Note: Except for the above directors, as mentioned herein above no other directors have received any remuneration during the financial year 2018-19
C. Remuneration to Key Managerial Personnel Other than MD/Manager/WTD

( Amount in `)
Chief Financial Chief Financial
Company Secretary Company Secretary
Officer Officer
Sr.
Particulars of Remuneration Mr. Deepak Total Amount
No. Mr. Rupesh Saraiya Mr. Sunil Ranka Mr. K K Kumbhat
Manerikar
(Upto 05.10.2018) (w.e.f. 03.05.18) (Upto 03.05.2018)
(w.e.f. 30.10.2018)
1 Gross Salary
(a) Salary as per provisions 17,02,375 11,55,867 1,41,06,825 28,07,998 1,97,73,065
contained in section 17(1) of the
Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) of - - - 5,642 5,642
the Income-tax Act, 1961
(c) Profits in lieu of salary under - - - - -
Section 17(3) of the Income-tax
Act, 1961
2 Stock Option - - - - -
3 Sweat Equity - - - - -
4 Commission - - - - -
- as % of Profit - - - - -
- others, specify - - - - -
5 Others, please specify - - - - -
Performance Linked Incentive - - 11,36,990 - 11,36,990
Arrears/ Joining Bonus - 2,03,572 - 30,22,093 32,25,665
Total 17,02,375 13,59,439 1,52,43,815 58,35,733 2,41,41,362

VII. Penalties/Punishment/Compounding of Offences ( Amount in `)

Type Section/ Provisions Brief Description Details of Penalty/ Authority (RD/ Appeal made,
punishment/ NCLT/ Court) if any (give
compounding fees details)
imposed
A. Company
Penalty Reg. 17 of SEBI Appointment of woman Director 13,00,000 Stock Exchanges -
Listing Regulations (BSE & NSE)
2015
Sec. 12 of Affixing of name & address of 10,000 RD -
Companies Act, registered office outside of every
2013 office
Sec. 118 of Numbering of minutes pages 50,000 RD -
Companies Act,
2013
Punishment - - - - -
Compounding - - - - -
B. Directors
Penalty Sec. 12 of Affixing of name & address of 30,000 RD
2013 office
Sec. 12 of Numbering of minutes pages 30,000 RD
Companies Act,
2013
C. Other Officers in Default
Penalty Sec. 12 of Affixing of name & address of 30,000 RD
2013 office
Sec. 12 of Numbering of minutes pages 30,000 RD
Companies Act,
2013

Corporate Governance Report

1. Company Philosophy 2. Board of Directors
Effective Corporate Governance practices constitute The Company’s policy is to maintain optimum combination
the strong foundation on which successful commercial of Executive and Non-Executive Directors. As on 31st March
enterprises are built to last. Shree Renuka Sugars Limited 2019, Company’s Board has a strength of 11 (Eleven) Directors,
is committed to good governance practices that create comprising of 2 (Two) Executive Directors, 3 (Three) Non-
long term sustainable shareholder value. The Company’s Executive Directors and 6 (Six) Independent Directors. The
philosophy on Corporate Governance envisages the Chairman of the Board is an Executive Director.
attainment of the highest levels of transparency, The Board has held five meetings during the year and
accountability and equity in all facets of its operations and the gap between any two meetings did not exceed four
in all its interactions with its shareholders, employees, the months. The Board meetings were held on 4th April 2018,
Government and the lenders. The Company believes in 3rd May 2018, 8th August 2018, 30th October 2018 and
adopting the ‘best practices’ that are followed in the area 14th February 2019.
of Corporate Governance across various geographies.
The names and categories of the Directors on the Board,
The Company ensures to comply with the requirements
their attendance at Board Meetings held during the
of Corporate Governance listed in the SEBI (Listing
year and the number of Directorships and Committee
Obligations and Disclosure Requirements) Regulations,
Chairmanships/ Memberships held by them in other public
2015 (hereinafter referred to as the ‘Listing Regulations’).
companies and number of shares held by them as on
31st March 2019, are given herein below:
Name Nature of Board Meetings Whether Number of other Number of Committee No. of
Directorship attended attended Directorships in positions held in Shares
last AGM other Companies other Public Companies held
Held Attended Member Chairman

Mr. Atul Chaturvedi @ Executive Director 5 5 Yes 3 - - 85,000
DIN: 00175355 (Executive Chairman)
Mr. Vijendra Singh Executive Director 5 5 Yes 2 - - -
DIN: 03537522
Mr. Jean-Luc Bohbot Non-Executive Director 5 4 No - - - -
DIN : 06857132
Mr. Stephen Ho Kiam Kong Non-Executive Director 5 4 No - - - -
DIN : 07584449
Mr. S. K. Tuteja Independent Director 5 5 Yes 8 -
DIN: 00594076
Mr. Dorab Mistry Independent Director 5 5 No - - - -
DIN : 07245114
Mr. Bhupatrai Premji Independent Director 5 5 No - - - -
DIN : 07223590
Mr. Madhu Rao# Independent Director 5 3 No 2 1 1 -
DIN: 02683483
Dr. Bharatkumar Mehta Independent Director 5 5 Yes 1 1 - 2,000
DIN : 00895163
Mr. Narendra Murkumbi$ Non-Executive Director 5 5 No 1 - - 1,08,12,905
DIN: 00009164
Ms. Priyanka Mallick% Independent Director 5 1 No - - - -
DIN: 06682955
Mrs. Vidya Murkumbi^ Executive Director 5 1 No 1 1 - 12,28,800
DIN: 00007588 (Executive Chairperson)
* Independent Director 5 1 No 8 4 1 -
Mr. Sanjay Asher
DIN: 00008221
Mr. Hrishikesh Parandekar^ Independent Director 5 2 No - - - -
DIN: 01224244
@ Assumed charge as Executive Chairman w.e.f. 2nd July 2018 to 29th September 2018 and w.e.f 30th October 2018
# Appointed as an Independent Director, w.e.f. 27th June 2018
$ Change of designation from Vice Chairman & Managing Director to Non-Executive Director w.e.f. 1st July 2018
% Appointed as an Independent Director, w.e.f. 8th February 2019
^ Resigned w.e.f. end of day on 30th June 2018
* Resigned w.e.f. end of day on 2nd July 2018

Mr. R.K. Sinha has been appointed as a Nominee Director w.e.f. 6th August 2019
1. Other directorships includes directorships in all public companies except foreign companies and companies under Section 8 of the
Companies Act, 2013.
2. In accordance with Regulation 26 of the Listing Regulations, Memberships/Chairmanships of only Audit Committees and
Stakeholders’ Relationship Committees in all public limited companies have been considered. None of the Directors on the Board
is a Member of more than ten Committees or Chairman of more than five Committees across all listed entities in which they are
Director.
Names of the Listed Entities where the Director(s) of the Company i.e. Shree Renuka Sugars Limited is a Director and the
category of Directorship:
Sr. No. Name & DIN of Director Name of the Listed Entity Designation Category
1 Mr. Atul Chaturvedi Nil Nil Nil
DIN: 00175355
2 Mr. Vijendra Singh Nil Nil Nil
DIN: 03537522
3 Mr. Jean-Luc Bohbot Nil Nil Nil
DIN : 06857132
4 Mr. Stephen Ho Kiam Kong Nil Nil Nil
DIN : 07584449
5 Mr. S. K. Tuteja A2Z Infra Engineering Limited Chairman Independent, Non-Executive Director
DIN: 00594076 Havells India Limited Director Independent, Non-Executive Director
SML Isuzu Limited Chairman Independent, Non-Executive Director
6 Mr. Dorab Mistry Nil Nil Nil
DIN : 07245114
7 Mr. Bhupatrai Premji Nil Nil Nil
DIN : 07223590
8 Mr. Madhu Rao Nil Nil Nil
DIN: 02683483
9 Dr. Bharatkumar Mehta Nil Nil Nil
DIN : 00895163
10 Mr. Narendra Murkumbi Ravindra Energy Limited Director Non Independent,
DIN: 00009164 Non-Executive Director
11 Ms. Priyanka Mallick Nil Nil Nil
DIN: 06682955
There are no inter-se relationships between the Board 25 of Listing Regulations, a separate meeting of the
members. In the opinion of the Board, the Independent Independent Directors of the Company was held on 14th
Directors fulfills the conditions as specified in Listing February 2019.
Regulations and are independent of the management.
3. List of Core Skills/Expertise/Competencies
During the year, Mr. Sanjay Asher (DIN: 00008221) and identified by the Board of Directors
Mr. Hrishikesh Parandekar (DIN: 01224244), Independent
Directors resigned as Directors of the Company due to The Board of Directors have identified the following
personal reasons. There were no material reasons for their core skills/expertise/competencies of the Directors
resignation. of the Company, as required in the context of its
business and sector for it to function effectively.
The Company has familiarized its Independent Directors The members of the Board possess the requisite skills
regarding the Company, their roles, rights, responsibilities as mentioned below.
and liabilities in the Company. During the year, the Directors
were also familiarized with key changes in corporate Skills/expertise/competence Whether available with
laws and other relevant laws. The details of programs for the Board or not?
familiarisation of Independent Directors with the Company, Industry knowledge/experience
their roles, rights, responsibilities in the Company, nature Sugar Industry Yes
of the industry in which the Company operates, business
Experience Yes
model of the Company and related matters are put up on
the website of the Company at www.renukasugars.com Industry knowledge Yes
Understanding of relevant laws, Yes
Meeting of Independent Directors: As stipulated by the
rules, regulation and policy
Code of Independent Directors under the Companies Act,
2013 (here in after referred to as the Act) and Regulation International Experience Yes

Skills/expertise/competence Whether available with clause (c) of sub-section 3 of

the Board or not? section 134 of the Companies
Technical skills/experience Act, 2013.
Accounting and Finance Yes • Any changes in accounting
Business Development Yes policies and practices and
reasons for the same.
Information Technology Yes
Risk Management Yes • Major accounting entries
Business Strategy Yes involving estimates
Behavioral Competencies
based on exercise of
judgment by management.
Integrity and ethical standards Yes
Mentoring abilities Yes
• Significant adjustments made
in the financial statements
Interpersonal relations Yes
arising out of audit findings.
Leadership Yes
• Compliance with
accounting standards.
4. Committees of the Board
• Compliance with
Keeping in view the better Governance and focused
listing and other legal
discussion, the Board has constituted various
requirements concerning
committees with specific terms of the reference and
financial statements.
scope. The details of the committees constituted by
the Board are given below: • Disclosure of any related
party transactions.
A. Audit Committee
d. Qualifications in the draft audit report;
i. The Audit Committee of the Company is
e. Reviewing, with the management,
constituted in line with the provisions of
the statement of uses / application
SEBI (Listing Obligations and Disclosure
of funds raised through public issue,
Requirements) Regulations, 2015 read with
rights issue, preferential issue, etc.,
Section 177 of the Companies Act, 2013.
and the statement of funds utilized
ii. The terms of reference & Powers of the for purposes other than those stated
Audit Committee are broadly as under: in the offer document / prospectus /
notice and the report submitted by
a. To oversee the Company’s financial
the monitoring agency monitoring
reporting process and the disclosure
the utilization of proceeds of a
of its financial information to ensure
public or rights issue, and making
that the financial statements are
appropriate recommendations to the
correct, sufficient and credible;
Board to take up steps in this matter;
b. Recommending to the Board, the
f. Review and monitor the auditor’s
appointment/re-appointment,
independence and performance, and
remuneration and terms of
effectiveness of audit process;
appointment of Auditors of the
company and approval of payment g. Approval or any subsequent
to statutory auditors for any modification of transactions of the
other services rendered by the Company with Related Parties;
statutory auditors;
h. Scrutiny of inter-corporate loans
c. Reviewing with the management and investments;
the quarterly, half-yearly and
i. Valuation of undertakings or
annual financial statements before
assets of the Company, wherever
submission to the Board for approval,
it is necessary;
with particular reference to -
j. Reviewing with the management,
• Matters required to be included
the performance of statutory and
in the Director’s Responsibility
internal auditors, adequacy of the
Statement to be included in
internal control systems;
the Board’s report in terms of

k. Reviewing the adequacy of internal iii. The Audit Committee invites such of the
audit function, including the structure executives, as it considers appropriate,
of the internal audit department, representatives of the Statutory Auditors
staffing and seniority of the official and representatives of the Internal Auditors
heading the department, reporting to be present at its meetings. The Company
structure coverage and frequency of Secretary of the Company acts as the
internal audit; Secretary to the Audit Committee.
l. Discussion with internal auditors iv. The previous Annual General Meeting
on any significant findings and (AGM) of the Company was held on
follow up thereon; 29th September 2018 and was attended
by Mr. S K Tuteja, member of the Audit
m. Reviewing the findings of any internal
Committee on behalf of Mr. Madhu Rao,
investigations by the internal auditors
Chairman of the Audit Committee.
into matters where there is suspected
fraud or irregularity or a failure of internal v. The composition of the Audit Committee
control systems of a material nature and and the details of meetings attended by its
reporting the matter to the Board; members are given below:
n. Discussion with the statutory auditors Name Category No. of meetings
before the audit commences on the attended
nature and scope of audit as well as Held Attended
post-audit discussion to ascertain any
Mr. Madhu Rao Independent 4 3
area of concern; (Chairman)# Director
o. To look into the reasons for Mr. Dorab Mistry Independent 4 4
substantial defaults in the payment Director
to the depositors, debenture holders, Mr. Stephen Ho Non-Executive 4 3
shareholders (in case of non-payment Kiam Kong Director
of declared dividends) and creditors; Mr. Surender Independent 4 2
p. Review the functioning of the Whistle Kumar Tuteja* Director
Blower mechanism; Mr. Sanjay Asher Independent 4 1
(Chairman)@ Director
q. Approval of appointment of
Mr. Hrishikesh Independent 4 1
Chief Financial Officer (CFO) (i.e.
Parandekar @ Director
the whole-time Finance Director or
any other person heading the finance # w.e.f. 27th June 2018
* w.e.f. 8th August 2018
function or discharging that function) @ Upto 27th June 2018
after assessing the qualifications,
experience and background, etc. The Audit Committee has held four meetings during the
of the candidate; year and the gap between any two meetings did not exceed
four months. The Audit Committee meetings were held on
r. Evaluation of Risk Management systems; 2nd May 2018, 8th August 2018, 30th October 2018 and 14th
s. Monitoring the end use of funds February 2019.
raised through public offers and
B. Nomination and Remuneration /
related matters;
Compensation Committee
t. Reviewing the utilization of loans and/
i. The Board has constituted a Nomination and
or advances from/investment by the
Remuneration/Compensation Committee
holding company in the subsidiary
under Section 178 of the Act, read with the
exceeding rupees 100 crore or 10%
Listing Regulations.
of the asset size of the subsidiary,
whichever is lower including existing ii. The broad terms of reference of the said
loans / advances / investments existing Committee are as under:
as on the date of coming into force of
a. To identify persons who are qualified
this provision ;
to become directors and who may be
u. Carrying out any other function as is appointed in senior management of the
mentioned in the terms of reference Company in accordance with the criteria
of the Audit Committee or as may be laid down, recommend to the Board their
required by the Board. appointment and removal;

b. To carry out the performance evaluation • To decide the quantum of options to

of individual Director’s, the Committees be granted to any employee and in
and of the Board; aggregate under any of the Employee
Stock Option Plans that may be
c. To formulate the criteria for determining
formulated by the Committee;
qualifications, positive attributes
and independence of a director and • To decide the conditions under
recommend to the Board a policy, relating which the options granted to
to the remuneration for the directors, key employees may lapse;
managerial personnel and other employees;
• To determine Exercise Price of the
d. While formulating such policy, Nomination options to be granted under Employee
and Remuneration/Compensation Stock Option Plan;
Committee shall ensure that -
• To determine and specify the vesting
i. the level and composition of period and the Exercise Period in any of
remuneration is reasonable and the Employee Stock Option Plans;
sufficient to attract, retain and motivate
• To dispose of, at its sole discretion and in
directors of the quality required to run
the interest of the Company, the options
the company successfully;
not applied for, by the employees
ii. relationship of remuneration offered under various ESOPs;
to performance is clear and
• To decide the procedure for making
meets appropriate performance
fair and reasonable adjustment to the
benchmarks; and
number of options and to the exercise
iii. remuneration to directors, price in case of right issue / bonus issue,
key managerial personnel and other corporate actions or otherwise;
senior management involves
• To determine the terms and conditions
a balance between fixed and
of ESOP and to do any other related or
incentive pay reflecting short and
incidental matter thereto
longterm performance, objectives
appropriate to the working of the j. To recommend to the board, all
company and its goals. remuneration, in whatever form, payable to
senior management
e. To take into account financial position
of the company, trend in the industry, iii. The composition of the Committee and the
appointees qualifications, experience, past details of meetings attended by its members
performance, past remuneration, etc., and are given below:
bring about objectivity in determining the
Name Category No. of meetings
remuneration package while striking a
attended
balance between the interest of the company
Held Attended
and the shareholders;
Mr. Surender Kumar Independent 4 4
f. Devising a policy on Board diversity Tuteja (Chairman) Director
g. To undertake specific duties as may be Mr. Bhupatrai Premji Independent 4 4
prescribed by the Companies Act, 2013, Director
SEBI (Listing Obligations and Disclosure Mr. Madhu Rao # Independent 4 3
Requirements) Regulations, 2015 and or as Director
may be prescribed by the Board of Directors Mr. Sanjay Asher @ Independent 4 0
of the Company, from time to time; Director
h. To obtain outside legal or other professional Mr. Hrishikesh Independent 4 1
advice to assist in connection with its Parandekar @ Director
functions, if necessary; # w.e.f. 27th June 2018
@ Upto 27th June 2018
i. Employee Stock Option Plan (ESOPs):
The Nomination & Remuneration/Compensation
• To formulate Employee Stock Option Committee has held four meetings during the year on 2nd
Plan and from time to time to grant May 2018, 8th August 2018, 30th October 2018 and 14th
options to eligible employees; February 2019.

Pursuant to the provisions of the Act and Regulations the Board of Directors has undertaken an evaluation of its own
performance, the performance of its Committees and of all the individual Directors based on various parameters relating
to roles, responsibilities and obligations of the Board, effectiveness of its functioning, contribution of Directors at meetings
and the functioning of its Committees.
iv. Details of remuneration paid/payable to Directors of the Company for the year ended 31st March 2019:
Details of remuneration paid/payable to Directors of the Company for the year ended 31st March 2019 are as
follow:
Service Contract/ Stock options

Salary / Retirement Bonus / Preformance Sitting
Name Commission Total granted / Notice period /
Perquisites Benefits Ex- Gratia Incentive Fee
Severance Fees
Mr. Atul Chaturvedi@ 2,20,45,704 - - - 7,47,945 - 2,27,93,649 Term of office valid up to
(Executive Chairman) 29th October 2021. 3 months
Notice period and severance
fees equal to 3 months
remuneration in case the
Company waives the notice
period of Mr. Chaturvedi.
Mr. Vijendra Singh 3,33,78,420 - - - 27,47,947 - 3,61,26,367 Term of office valid up to
(Executive Director) 9th May 2020. 3 months
Notice period and severance
fees equal to 3 months
remuneration in case the
Company waives the notice
period of Mr. Singh.
Mr. Jean-Luc Bohbot - - - - - - - -
(Non-Executive Director)
Mr. Stephen Ho Kiam Kong - - - - - - - -
Mr. S. K. Tuteja - - - - - 4,50,000 4,50,000 -
(Independent Director)
Mr. Dorab Mistry - - - - - - - -
Mr. Bhupatrai Premji - - - - - 3,50,000 3,50,000 -
Mr. Madhu Rao# - - - - - 3,75,000 3,75,000 -
Dr. Bharatkumar Mehta - - - - - 2,50,000 2,50,000 -
Mr. Narendra Murkumbi$ 1,24,87,760 - - - - - 1,24,87,760
Ms. Priyanka Mallick% - - - - - 50,000 50,000 -
Mrs. Vidya Murkumbi^ 93,46,122 - - - - - 93,46,122
(Executive Chairperson)
Mr. Sanjay Asher* - - - - - 75,000 75,000
Mr. Hrishikesh Parandekar^ - - - - - 1,50,000 1,50,000 -
@ Assumed charge as Executive Chairman w.e.f. 2nd July 2018 to 29th September 2018 and w.e.f 30th October 2018
# Appointed as an Independent Director, w.e.f. 27th June 2018
$ Change of designation from Vice Chairman & Managing Director to Non-Executive Director w.e.f. 1st July 2018
% Appointed as an Independent Director, w.e.f. 8th February 2019
^ Resigned w.e.f. end of day on 30th June 2018
* Resigned w.e.f. end of day on 2nd July 2018

The Non-Executive Directors of the Company do not

respect of various services being rendered
have any pecuniary relationship or transactions with the
by the Registrar & Share Transfer Agent;
Company.
e. Review of the various measures
Independent Directors of the Company are paid sitting fees
and initiatives taken by the listed
of ` 50,000/- for attending each meeting of the Board of
entity for reducing the quantum
Directors of the Company and sitting fees of ` 25,000/- for
of unclaimed dividends and
attending each meeting of the Committees of the Board.
ensuring timely receipt of dividend
v. Nomination and Remuneration Policy of the warrants/annual reports/statutory notices
Company is appended as Annexure 1 to the Board’s by the shareholders of the company;
Report. The Remuneration paid to the Directors of the
iii. The composition of the Stakeholders’
Company is in line with the remuneration policy and
Relationship Committee and the details of the
applicable laws.
meetings attended are given below:
Performance Evaluation
Name Category No. of meetings
Pursuant to the provisions of the Companies Act, 2013 attended
and SEBI (Listing Obligations and Disclosure Requirements) Held Attended
Regulations, 2015, the Board of Directors has undertaken
Mr. Madhu Rao Independent 4 3
an evaluation of its own performance, the performance of (Chairman) # Director
its Committees and of all the individual Directors based on
various parameters relating to roles, responsibilities and Mr. Jean-Luc Bohbot # Non-Executive 4 2
Director
obligations of the Board, effectiveness of its functioning,
contribution of Directors at meetings and the functioning Mr. Atul Chaturvedi # Executive 4 3
of its Committees. Director $
Mr. Sanjay Asher Independent 4 0
C. Stakeholders’ Relationship Committee (Chairman) @ Director
Mrs. Vidya M. Executive 4 1
i. The Board has constituted a Stakeholders’
Murkumbi @ Director
Relationship Committee of the Directors
under Section 178 of the Act read with Mr. Narendra M. Executive 4 1
Listing Regulations to look into the redressal Murkumbi @ Director
of complaints of investors such as transfer Mr. Surender Kumar Independent 4 1
or credit of shares, non-receipt of dividend/ Tuteja @ Director
notices/annual reports, etc. # w.e.f. 27th June 2018
$ w.e.f. 30th October 2018
ii. Terms of reference of the Committee: @ Upto 27th June 2018
a. To look into the redressal of grievances of The Stakeholders’ Relationship Committee has held four
shareholders, debenture holders and other meetings during the year on 2nd May 2018, 8th August
security holders and to consider and resolve 2018, 30th October 2018 and 14th February 2019.
the grievances of the security holders
of the company including complaints iv. Details of investor complaints received and
related to transfer of shares / debentures, redressed during the year 2018-19 are as follows:
transmission / transposition / nomination
of shares / debentures, dematerialization Opening Received during Resolved during Closing
balance the year the year balance
/ rematerlisation of shares / debentures,
non-receipt of annual report, non-receipt 0 32 32 0
of dividends / interest / principal on shares
and debentures, sub-divide, consolidate D. Corporate Social Responsibility Committee
and issue share certificates / duplicate
i. In terms of Section 135 of the Act read with
share / debenture certificates, etc.;
the Companies (Corporate Social Responsibility
b. To look into matters that can facilitate Policy) Rules, 2014, the Board has constituted a
better investor services and relations; Corporate Social Responsibility Committee.
c. Review of measures taken for effective The composition of the Corporate Social
exercise of voting rights by shareholders; Responsibility Committee and the details of the
meetings attended are given below:
d. Review of adherence to the service
standards adopted by the listed entity in

Name Category No. of meetings • To recommend the amount of expenditure

attended
Held Attended to be incurred on the activities relating to
Mr. Surender Kumar Independent 1 1 corporate social responsibility;
Tuteja (Chairman) Director
• To monitor the CSR Policy of the Company
Mr. Jean-Luc Bohbot# Non-Executive 1 0
Director from time to time;
Mr. Atul Chaturvedi# Executive 1 1 • To institute a transparent monitoring
Director $
mechanism for implementation of the
Mr. Narendra M. Executive 1 0
Murkumbi@ Director corporate social responsibility projects or
Mrs. Vidya M. Executive 1 0 programs undertaken by the Company; and
Murkumbi@ Director
• To ensure that the activities which are
# w.e.f. 27th June, 2018 undertaken are included in the CSR Policy
$ w.e.f. 30th October 2018
of the Company.
@ Upto 27th June, 2018
During the year under review, the Committee met on 8th E. Other committees
August 2018.
In addition to the above referred committees, the
ii. The terms of reference of the Committee Board has also constituted committees of Directors
are as follows: to look into various operational business matters.
These Committees include
• To formulate and recommend to the
Board, a Corporate Social Responsibility • Allotment Committee
Policy which shall indicate the activities to • Share Transfer Committee
be undertaken by the Company; • Finance Committee
5. D
isclosures of the compliance with corporate governance requirements specified in Regulation
17 to 27 and Regulation 46(2) of Listing Regulations
The Disclosures of the Compliance with Corporate Governance Requirements specified in Regulation 17 to 27 and Regulation 46(2)
Compliance Status (Yes/
Sr. No. Particulars Regulations Brief Description of Regulations
No/NA)
1 Board of Directors 17(1) Composition of Board Yes *
17(2) Meeting of Board of Directors Yes
17(3) Review of Compliance Reports Yes
17(4) Plans for orderly succession for appointments Yes
17(5) Code of Conduct Yes
17(6) Fees/Compensation Yes
17(7) Minimum Information to be placed before the Board Yes
17(8) Compliance Certificate Yes
17(9) Risk Assessment & Management Yes
17(10) Performance Evaluation Yes
2 Audit Committee 18(1) Composition of Audit Committee & Presence of Yes **
the Chairman of the Committee at the Annual
General Meeting
18(2) Meeting of Audit Committee Yes
18(3) Role of the Committee and Review of information Yes
by the Committee
3 Nomination and 19(1) & (2) Composition of Nomination and Yes
Remuneration Committee Remuneration Committee
19(3) Presence of the Chairman of the Committee at the Yes
Annual General Meeting
19(4) Role of the Committee Yes
4 Stakeholders 20(1), (2) & (3) Composition of Stakeholders Relationship Committee Yes
Relationship Committee 20(4) Role of the Committee Yes
5 Risk 21(1), (2) & (3) Composition of Risk Management Committee NA
Management Committee 21(4) Role of the Committee NA

Compliance Status (Yes/

Sr. No. Particulars Regulations Brief Description of Regulations
No/NA)
6 Vigil Mechanism 22 Formulation of Vigil Mechanism for Yes
Directors and Employee
7 Related Party Transaction 23(1), Policy for Related Party Transactions Yes
(5), (6), (7) & (8)
23(2) & (3) Approval including omnibus approval of Audit Yes
Committee for all Related Party Transaction and review
of transaction by the Committee
23(4) Approval for Material Related Party Transactions Yes
8 Subsidiaries of the Company 24(1) Composition of Board of Directors of Unlisted Yes
Material Subsidiary
24(2), Other Corporate Governance requirements with Yes
(3), (4), (5) & (6) respect to Subsidiary including Material Subsidiary
of listed entity
9 Obligations with respect to 25(1) & (2) Maximum Directorship & Tenure Yes
Independent Directors 25(3) Meeting of Independent Directors Yes
25(4) Review of Performance by Independent Directors Yes
25(7) Familiarization of Independent Directors Yes
10 Obligations with 26(1) & (2) Memberships & Chairmanship in Committees Yes
respect to Directors and 26(3) Affirmation with compliance of code of conduct Yes
Senior Management from members of Board of Directors and Senior
Management Personnel
26(4) Disclosure of Shareholding by Non-Executive Directors Yes
26(5) Disclosures by Senior Management about potential Yes
conflict of Interest
11 Other Corporate 27(1) Compliance of Discretionary Requirements Yes
Governance Requirements 27(2) Filing of Quarterly Compliance Report on Yes
Corporate Governance
12 Disclosures on 46(2)(b) Terms and conditions of appointment of Yes
Website of the Company Independent Directors
46(2)(c) Composition of various committees of Yes
Board of Directors
46(2)(d) Code of Conduct of Board of Directors and Senior Yes
Management Personnel
46(2)(e) Details of establishment of Vigil Mechanism / Yes
Whistle Blower policy
46(2)(f) Criteria of making payments to Non-Executive Directors Yes
46(2)(g) Policy on dealing with Related Party Transactions Yes
46(2)(h) Policy for determining Material Subsidiary Yes
46(2)(i) Details of familiarization programs imparted to Yes
Independent Directors
* Mrs. Vidya Murkumbi had resigned as Director of the Company on 30th June, 2018. Ms. Priyanka Mallick was appointed as Woman Director on 8th February
2019.
** Due to pre-occupation of Audit Committee Chairman, Mr. S K Tuteja, member of Audit Committee attended the AGM on behalf of the Chairman.
6. General Body Meetings

A. Annual General Meetings (AGMs):
The details of last three AGMs and the Special Resolutions passed thereat are as under:
AGM Financial Year Date Time Venue of AGM

22 AGM
nd
2017-18 29 September
th
1.30 p.m. Maratha Mandir Hall, Near Railway Over
2018 Bridge, Khanapur Road, Belagavi 590006.
21st AGM 2016-17 21st December 11.30 a.m. Theosophical Society Belgaum Lodge,
2017 Gogte Rangmandir Hall, (School of
Culture), 185, Ramghat Road, Camp,
Belagavi – 590001.
20th AGM 2015-16 27th September 11.00 a.m. Maratha Mandir Hall, Near Railway Over
2016 Bridge, Khanapur Road, Belagavi 590006.

Special Resolutions:
The following are the details of special resolutions passed at the last three AGMs.

Date Summary of Special Resolutions Passed
29 September 2018
th
1. Approval for increase in borrowing limit under Section 180(1)(c) of the Act;
2. Approval for authority to create charge, mortgage etc. as per Section 180(1)(a) of the Act
21 December 2017
st
1. Re-appointment and fixation of remuneration of Mrs. Vidya Murkumbi as Whole-time Director
designated as ‘Executive Chairperson’;
2. Re-appointment and fixation of remuneration of Mr. Vijendra Singh as Whole-time Director

designated as President (Sugar Mills);
3. Re-appointment and fixation of remuneration of Mr. Narendra Murkumbi as Vice Chairman &
Managing Director;
4. Issue of upto 51,32,14,505 equity shares (FV Re 1 each) to the lenders pursuant to debt
restructuring exercise;
5. Issue of upto 9,35,60,000, 0.01% Redeemable Preference Shares (FV Rs. 100 each) to the lenders
pursuant to debt restructuring exercise;
21st December 2017 6. Issue of upto 4,50,00,000, 0.01% Optionally Convertible Preference Shares (FV Rs. 100 each) to
the lenders pursuant to debt restructuring exercise;
7. Issue of upto upto 5,850, 0.01% Non-Convertible Debentures (FV Rs. 10 lacs each) to the lenders
pursuant to debt restructuring exercise.
27th September 2016 1. Approval for allotment of equity shares upon conversion of a part of the loans into Equity Shares;
2. Approval for payment of existing remuneration to Mr. Narendra Murkumbi, Vice Chairman &
Managing Director of the Company (DIN 00009164).
B. Postal Ballot
The Company has not passed any resolution through Postal Ballot during the Financial Year 2018-19.
However, the Company has completed the process of one postal ballot as per provisions of Section 110 of
the Act before the dispatch of this annual report. M/s. T F Khatri & Associates, Practising Company Secretary
was appointed as Scrutinizer for conducting postal ballot in a fair and transparent manner. The voting was
conducted through physical mode as well as electronic mode.
The Company had engaged the services of Karvy Fintech Private Limited (Karvy) to provide e-voting facility to
its Members. The notice of postal ballot was accompanied with detailed instructions kit to enable the members
to understand the procedure and manner in which postal ballot voting (including e-voting) to be carried out.
The following Resolutions are deemed to have been passed on the last date of e-voting and receipt of Postal
Ballot forms i.e. on Friday, 19th July 2019. The voting results along with the Scrutinizer’s Report has been
displayed at the Registered Office and Corporate Office of the Company and on the website of the Company viz.
www.renukasugars.com and Karvy viz. www.karvyfintech.com. All the Resolutions were approved with requisite
majority. The details of results of Postal Ballot are as under:
Sr. Particulars Resolution Nos. of votes Votes in favour Votes against

No type received Nos. % Nos. %
1. Adoption of new set of Articles of Special 1,20,68,09,711 1,20,11,27,018 99.53 56,82,693 0.47
Association
2. Reclassification of Authorised Special 1,20,68,09,643 1,20,66,73,625 99.99 1,36,018 0.01
Share Capital and consequent
alteration to the Capital
Clause of the Memorandum of
Association
3. Issue of Redeemable Preference Special 1,20,68,09,541 1,20,66,71,482 99.99 1,38,059 0.01
Shares (RPS) by conversion of
Non-Convertible Debentures
(NCDs)

Sr. Particulars Resolution Nos. of votes Votes in favour Votes against

No type received Nos. % Nos. %
4. Re-appointment of Special 1,20,68,06,443 1,20,40,29,746 99.77 27,76,697 0.23
Mr. Surender Kumar Tuteja as an
5. Re-appointment of Special 1,20,68,06,454 1,20,66,67,986 99.99 1,38,468 0.01
Mr. Bhupatrai Premji as an
6. Re-appointment of Mr. Dorab Special 1,20,68,06,443 1,20,11,21,763 99.53 56,84,680 0.47
Mistry as an Independent
Director
7. Appointment of Ms. Priyanka Ordinary 1,20,68,09,654 1,20,66,71,055 99.99 1,38,599 0.01
Mallick as an Independent
Director
8. Appointment of Mr. Atul Special 1,18,80,04,522 1,17,96,81,853 99.3 83,22,669 0.7
Chaturvedi as Executive
Chairman
9. Revision of remuneration of Special 1,20,68,10,741 1,19,84,66,649 99.31 83,44,092 0.69
Mr. Vijendra Singh, Whole-time
Director
10. Approval for material related Ordinary 7,27,08,198 6,99,30,535 96.18 27,77,663 3.82
party transactions
11. Approval for Loan to Gokak Ordinary 7,27,08,338 6,99,26,704 96.17 27,81,634 3.83
Sugars Limited
12. Cease to exercise control over Special 1,20,68,07,634 1,20,11,19,331 99.53 56,88,303 0.47
the subsidiary
There are no special resolutions proposed to be conducted through postal ballot.

c. Whistle blower policy/vigil mechanism: Whistleblower
7. Other Disclosures
Mechanism has been established for the employees
a. Related party transactions: During the year to report to the management about unethical
under review, there were no materially significant behaviour, mismanagement, actual or suspected
related party transactions of the Company which fraud or violation of the Company’s Code of Conduct
have potential conflict with the interests of the or ethics policy, that could adversely impact the
Company at large. Company’s operations and business performance.
The Whistleblower Policy is overseen by the Audit
b. There were no instances of non-compliance by
Committee of the Board. No personnel have been
the Company and no penalties/strictures were
denied access to the Audit Committee pertaining to
imposed on the Company by stock exchanges/
the Whistle Blower Policy.
SEBI/any statutory authority on any matter related
to capital markets, during the last 3 years except as d. Compliance with mandatory and non-mandatory
mentioned below. requirements: All mandatory requirements relating to
corporate governance under the Listing Regulations,
The composition of Board of Directors of the
have been appropriately complied with except
Company was not in compliance with Regulation 17
as mentioned in point b above and the status
of Listing Regulations, with reference to one woman
of non-mandatory (discretionary) requirements
director on the Board of Directors of the Company.
is given below:
There was no women Director on the Board of the
Company from 1st July 2018 to 8th February 2019. (i) The Board: Since the Company has an executive
The Company has paid the requisite penalties to the Chairman, the requirement regarding
stock exchanges for the same. non-executive Chairman is not applicable;
Further, the meeting of the Board of Directors for (ii) Shareholder Rights: The quarterly,
approval of the Standalone Unaudited Financial half-yearly and annual financial results
Results for the third quarter/nine months ended are published in newspapers, uploaded on
31st December, 2017 was held on 12th March 2018 Company’s website;
i.e. after the expiry of 45 days from the end of the
(iii) Modified Opinion(s) in Audit Report:
quarter, as prescribed under Regulation 33 of Listing
The Auditor’s opinion on the Financial
Regulations. The Company has paid the requisite
Statements is unmodified;
penalties to the stock exchanges for the same.

(iv) Separate posts of Chairperson and CEO: allotment or qualified institutions placement
Since the Company does not have CEO, during the year.
the requirement regarding separate
i. The Executive Chairman and CFO of the
posts of the Chairperson and CEO is not
Company have certified to the Board of
applicable; and
Directors, inter alia, the accuracy of the financial
(v) Reporting of Internal Auditor: The Internal statements and adequacy of internal controls
Auditor of the Company reports directly to for the financial reporting except to the extent
the Audit Committee. mentioned in clause 8 a of annexure 2 of the
Auditors’ report which forms part of the annual
e. The Company’s policy for determining material
report, as required under Regulation 17(8) of the
subsidiaries may be accessed on the Company’s
Listing Regulations for the financial year ended
website at www.renukasugars.com
31st March 2019.
f. The Company’s policy on related party
j. The Company has obtained a Certificate
transactions may be accessed on the Company’s
pursuant to Regulation 34(3) read with Schedule
V of Listing Regulations from M/s. T F Khatri
g. Disclosure on Commodity Price Risk/Foreign & Associates., Practising Company Secretary
Exchange Risk and Hedging Activities certifying that none of the Directors on the
Board of the Company have been debarred or
Commodity risks and Hedging: Sugar price
disqualified from being appointed or continuing
risk is one of the important market risk for the
as Directors of Companies by the Securities and
Company. The Company has a robust framework
Exchange Board of India or Ministry of Corporate
and governance mechanism in place to ensure
Affairs or any such statutory authority. The said
that the organisation is adequately protected
certificate has been annexed with this Report.
from the market volatility. Commodity Risk
Management Policy is formulated to articulate k. Where the board had not accepted any
the risk management philosophy, objectives recommendation of any committee of the board
and processes. The Company is exposed to which is mandatorily required, in the relevant
usual price risk associated with fluctuation in financial year, the same to be disclosed along
sugar prices. In domestic market, physical sugar with reasons thereof: Not Applicable
is mostly traded on spot basis on prevailing
l. Total fees for all services paid by the Company
physical sugar prices.
and its subsidiaries, on a consolidated basis,
Foreign Exchange Risk and Hedging: to the statutory auditor and all entities in the
The Company is exposed to Currency Risk network firm/network entity of which the
arising from its trade exposures and Capital statutory auditor is a part: Details relating to fees
receipt/payments denominated, in other than paid to the statutory auditors are given in Note
the Functional Currency. The Company has a 35 to the Standalone Financial Statements.
detailed policy which includes setting of the
m. Disclosures in relation to the Sexual Harassment
recognition parameters, benchmark targets,
of Women at Workplace (Prevention, Prohibition
the boundaries within which the treasury has
and Redressal) Act, 2013:
to perform and also lays down the checks and
controls to ensure the effectiveness of the a. number of complaints filed during the
treasury function. financial year 2018-19: Nil
The Company has defined strategies for b. number of complaints disposed of during
addressing the risks for each category of the financial year 2018-19: N.A.
exposures (e.g. for exports, for imports, for loans,
c. number of complaints pending as on end
etc.). The treasury function aggregates the
of the financial year 2018-19: N.A.
foreign exchange exposure and takes measures
to hedge the exposure based on prevalent
8. Code of Conduct
macroeconomic conditions.
Pursuant to Regulation 17(5) of the Listing
h. Details of utilization of funds raised through
Regulations, the Board of Directors has laid down
preferential allotment or qualified institutions
a ‘Code of Conduct’ for all the Board and Senior
placement as specified under regulation 32(7A)
Management Members and they have affirmed
of Listing Regulations: This Regulation is not
compliance with the said Code of Conduct of the
applicable to the Company as the Company
Company for the Financial Year 2018-19.
has not raised any funds through preferential

The declaration pursuant to Regulation 26 (3) of the 10. Compliance Officer

Listing Regulations, stating that all the Board Members
Mr. Rupesh Saraiya, Company Secretary was
and Senior Management Members have affirmed their
the Compliance Officer of the Company upto
compliance with the said code of conduct for the year
5th October 2018. Mr. Deepak Manerikar has been
ended 31st March 2019 is annexed to this Report.
appointed as the Company Secretary & Compliance
The Code of conduct is also placed on the Company’s Officer w.e.f. 30th October 2018.
11. Means of Communication
9. Code of Conduct for Prevention of Insider
The Company publishes quarterly financial results,
Trading Practices
notices and other advertisements in Financial Express
In compliance with SEBI (Prohibition of Insider Trading) (English Daily) and Kannada Prabha (Kannada Daily)
Regulations, 2015, the Company has formulated, regularly. The Company also releases press notes
adopted and implemented “Code of Internal Procedures to enable the stakeholders about the important
and Conduct for Regulating, Monitoring and Reporting developments and updates about the Company.
Trading by Insiders” in the securities of the Company. Additionally, the results and other important
information are displayed on the Company’s website
The Code of conduct is also placed on the Company’s
at www.renukasugars.com
12. General Shareholder’s Information
a. Annual General Meeting (AGM) Date: 30th September 2019 Time: 12.30 p.m.
Venue: KPTCL Samudhay Bhavan, Opp. JNMC, Smart City Road,
Shivabasav Nagar, Belagavi – 590010
b. Financial Year The Financial Year of the Company is from 1st April to 31st March.
c. Tentative Financial Calendar 2019-20
1st Quarterly results were declared on 6th August 2019
2nd Quarterly results on or before 14th November 2019
3rd Quarterly results on or before 14th February 2020
4th Quarterly results on or before 30th May 2020
d. Date of Book Closure Wednesday, 25th September 2019 to Wednesday, 30th September 2019
(both days inclusive).
e. Dividend Payment Date No Dividend has been recommended by the Board for the year ended
31st March 2019
f. C
orporate Identification Number L01542KA1995PLC019046
(CIN) of the Company
g. ISINs
Equity shares INE087H01022
0.01% Optionally Convertible Preference Shares INE087H03028
0.01% Redeemable Preference Shares INE087H04018
11.70% Non-Convertible Debentures INE087H07060
11.30% Non-Convertible Debentures INE087H07078
INE087H07086
0.01% Non-Convertible Debentures
h. Unclaimed Shares Nil
i. Listing on Stock Exchanges
The Company’s equity shares are listed on the Stock Exchanges as mentioned hereunder:
National Stock Exchange of India Limited (NSE) BSE Limited (BSE)
Exchange Plaza, Bandra Kurla Complex, Bandra (E), Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400001
Mumbai - 400051
The Company has paid the listing fees for the year 2019-20.
j. Stock Code:
NSE - RENUKA BSE – 532670
k. Market Price Data

he monthly high and low price of equity shares traded on the National Stock Exchange of India Limited (NSE) and the BSE Limited
T
(BSE) are as under
BSE NSE
Month Share Price in Rs. Share Price in Rs.
High Low Closing High Low Closing

Apr-18 15.95 15.35 15.65 15.90 15.30 15.65
May-18 16.15 15.25 16.00 16.20 15.10 16.00
Jun-18 18.60 12.10 12.95 18.60 12.05 12.90
Jul-18 13.90 9.69 12.44 13.90 9.60 12.40
Aug-18 13.44 11.64 11.72 13.35 11.65 11.75
Sep-18 18.33 11.15 11.87 18.35 11.20 11.90
Oct-18 14.50 11.28 12.89 14.40 11.35 12.90
Nov-18 13.92 11.48 11.64 13.85 11.40 11.60
Dec-18 12.00 10.53 10.74 12.05 10.55 10.70
Jan-19 11.88 10.04 10.27 11.65 10.10 10.25
Feb-19 11.65 9.69 10.63 11.65 9.60 10.55
Mar-19 11.96 10.10 10.22 11.95 10.10 10.15
l. Performance Comparison : SRSL v/s BSE SENSEX and SRSL v/s NSE NIFTY
BSE- SENSEX vs SRSL

39,000 18.00
38,000 17.00
16.00
37,000
15.00
36,000 14.00
35,000 13.00
12.00
34,000
11.00
33,000
10.00
32,000 9.00
18
18
9
18
18
18
8
8
18
8
19
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l/1
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v/
n/
p/
/
c/
n/
ar
ay
g
Ap
ct
b
No
Ju
Ju
Se
Au
De
M
Ja
Fe
M
BSE SRSL
NSE - NIFTY vs SRSL

12000 17.00
16.00
11500
15.00
14.00
11000
13.00
10500 12.00
11.00
10000
10.00
9500 9.00
18
18
9
9
18
18
19
18
/1
/1
/1
/1
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m. Registrar & Transfer Agent Karvy Fintech Private Limited;

Unit: Shree Renuka Sugars Limited
Karvy Selenium Tower B, Plot 31-32, Gachibowli Financial District, Nanakramguda,
Hyderabad - 500 032
Tel. No. +91 40 6716 2222/6716 1700
Fax No. +91 40 2300 1153/6716 1680
e-mail: [email protected]
n. Share Transfer System The Company’s shares are traded on the stock exchanges compulsorily in demat mode.
Shares in physical mode, which are lodged for transfer, are processed and returned
within the stipulated time period.
o. Distribution of equity shareholding as on 31st March 2019
% of total equity
Particulars No. Of shareholders % of total shareholders No. of equity shares Amount in Rs.
shares
1-5,000 1,57,693 95.71 8,82,17,394 8,82,17,394 4.60

5,001- 10,000 4,017 2.44 3,17,86,282 3,17,86,282 1.66
10,001- 20,000 1,648 1.00 2,40,99,524 2,40,99,524 1.26
20,001- 30,000 552 0.34 1,38,63,882 1,38,63,882 0.72
30,001- 40,000 206 0.13 73,61,500 73,61,500 0.38
40,001- 50,000 166 0.10 77,26,590 77,26,590 0.40
50,001- 1,00,000 271 0.16 1,96,56,503 1,96,56,503 1.03
1,00,001 & Above 200 0.12 1,72,41,07,617 1,72,41,07,617 89.95
Total 1,64,753 100.00 1,91,68,19,292 1,91,68,19,292 100.00
p. Shareholding pattern as on 31st March 2019
Category No. of equity shares % of total equity shares

Promoters 1,11,82,04,751 58.34
Foreign Portfolio Investors 1,09,62,550 0.57
Financial Institutions/Banks 49,75,39,400 25.96
Foreign Institutional Investors 4,71,000 0.02
Foreign Body Corporate/Foreign Bank 2,93,86,497 1.53
NBFC Registered with RBI 39,036 0.00
Bodies Corporate 2,34,35,951 1.22
IEPF 1,49,061 0.01
NRIs 57,80,937 0.30
Trusts 51,01,620 0.27
Individuals & HUFs 22,49,79,367 11.74
Clearing Member 7,69,122 0.04
Total 1,91,68,19,292 100.00
q. Dematerialization of shares and liquidity As on 31st March 2019, 191,10,61,641 equity shares of the Company (99.70% of the
total issued equity capital) were held in dematerialized form and 57,57,651 equity
shares (0.30% of the total issued equity capital) were held in physical form. Registrar
and Transfer Agent are appointed for transfer of shares in dematerialization mode
and in physical mode.
r. Outstanding GDRs/ADRs/Warrants or any -
convertible instrument –

s. Address for Correspondence Karvy Fintech Private Limited

a.
Shareholders correspondence for Unit: Shree Renuka Sugars Limited
transfer/ Dematerialization of shares, Karvy Selenium Tower B, Plot 31-32, Gachibowli, Financial District, Nanakramguda,
payment of dividend and any other Hyderabad - 500 032
query should be directed to: Tel. No. +91 40 6716 2222/6716 1700
Fax No. +91 40 2300 1153/6716 1680
E-mail: [email protected]
b.
All other queries on Annual Report Shree Renuka Sugars Limited
should be directed to : 2nd & 3rd Floor, Kanakashree Arcade,
CTS No. 10634, JNMC Road,
Nehru Nagur, Belagavi - 590010
Tel No. 0831 2404000
E-mail: [email protected]
t. Plant location Information on Plant locations has been provided in the section of Corporate
Information.
u. Details of credit rating obtained by the Company
During the year, India Ratings and Research (Ind-Ra) has upgraded the Company’s Long-Term Issuer Rating. The Outlook is Stable.
The details of rating are as given below.
Instrument Type Size of Issue (Rs. In crore) Rating Rating Action

Non-convertible debentures (NCDs) 250 (IND) BBB+ Upgraded from (IND) D
Further, ICRA Limited on 10th July 2019 has assigned/reaffirmed the credit rating to the various facilities availed by the
Company. The details of rating are as given below.
Instrument Type Size of Issue (` In crore) Rating Rating Action

Line of credit (Long term) 1,867.4 (ICRA) BBB+ Reaffirmed
Line of credit (Short term) 1,124.2 (ICRA) A2 Reaffirmed
Non-convertible debentures (NCDs) (Long term) 552.1 (ICRA) BBB+ Reaffirmed
Fund based facilities (Long term) 400 (ICRA) BBB+ Assigned
v. Listed Debt Securities

11.70% Non-Convertible Debentures (NCDs) and 11.30% Non-Convertible Debentures (NCDs) of the Company are
listed on The Wholesale Debt Market (WDM) Segment of BSE Limited.
Debenture Trustee for NCDs –

IDBI Trusteeship Services Limited
Asian Building, Ground Floor, 17 R. Kamani Marg, Ballard Estate, Mumbai - 400001.
Tel. No.: 022 – 40807062
Email:[email protected]
Website: www.idbitrustee.com

Declaration in respect of code of conduct

In accordance with the Listing Regulations, I hereby confirm and declare that, all the Directors and the Senior Management
Personnel of the Company have affirmed compliance with the Code of Conduct for Directors & Senior Managerial Personnel
of the Company laid down for them for the financial year ended 31st March 2019.
Place: Mumbai Atul Chaturvedi

Date: 6th August 2019 Executive Chairman
Certificate under regulation 34(3) of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015
To,
The Members of
I have examined the relevant registers, records, forms, returns and declarations/disclosures received from the Directors
and taken on record by the Board of Directors of Shree Renuka Sugars Limited, having CIN L01542KA1995PLC019046
and having registered office situated at BC 105, Povlock Road, Off Havelock Road, Cantonment, Belgaum - 590 001,
Karnataka, India (hereinafter referred to as ‘the Company’), produced before me by the Company for the purpose
of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the
Listing Regulations.
In my opinion and to the best of my information and according to the verifications (including Directors Identification Number
(DIN) status at the portal www.mca.gov.in) as considered necessary and carried by me and explanations furnished to me by the
Company & its officers, I hereby certify that none of the Directors on the Board of the Company for the Financial Year ended 31st
March 2019 have been debarred or disqualified from being appointed or continuing as Directors of Companies by the Securities
and Exchange Board of India, Ministry of Corporate Affairs, or any such other statutory authority.
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of
the Company. My responsibility is to express an opinion on these based on my verification. This certificate is neither an assurance
as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the
affairs of the Company.
Place: Mumbai T F Khatri

Date: 25th July 2019 T F Khatri & Associates
Company Secretaries
COP: 10417
FCS: 9093

Certificate on Corporate Governance

I have examined all relevant records of Shree Renuka Sugars Limited (herein after referred to as ‘the Company’) for the purpose
of certifying compliance of the disclosure requirements and corporate governance norms as specified for the Listed Companies
as prescribed in Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of Regulation 46 and Schedule V of Chapter IV of the
Listing Regulations, for the financial year ended 31st March 2019. I have obtained all the information and explanations to the best
of my knowledge and belief, which were necessary for the purpose of this certification.
I state that the compliance of conditions of Corporate Governance is the responsibility of the management, and my examination
was limited to procedures and implementation thereof adopted by the Company for ensuring the compliance of the conditions
of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In my opinion, and to the best of my information and according to the explanations given to me, I certify that the Company has
complied with the conditions of Corporate Governance as specified for listed company except following:
i) During the year, the composition of Board of Directors was not in compliance with Regulation 17 of Listing Regulations,
2015, for certain period of the year, with reference to woman director on the Board of Directors. The vacancy caused by
resignation on 30th June 2018 was filled on 8th February 2019.
ii) The Annual General Meeting of the Company held on 29th September 2018 was attended by member of the Audit
Committee, on behalf of the Chairman of the Audit Committee.
I 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.
Place: Mumbai T F Khatri

Date: 25th July 2019 T F Khatri & Associates
Company Secretaries
COP: 10417
FCS: 9093

Independent Auditor’s Report

To the Members of Shree Renuka Sugars Limited in accordance with the ‘Code of Ethics’ issued by the
Report on the Audit of the Standalone Ind AS Financial Institute of Chartered Accountants of India together with
Statements the ethical requirements that are relevant to our audit
of the financial statements under the provisions of the
Opinion Act and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these
1. We have audited the accompanying standalone Ind AS
requirements and the Code of Ethics. We believe that
financial statements of Shree Renuka Sugars Limited
the audit evidence we have obtained is sufficient and
(“the Company”), which comprise the Balance sheet
appropriate to provide a basis for our audit opinion on
as at March 31 2019, the Statement of Profit and Loss,
the standalone Ind AS financial statements.
including the statement of Other Comprehensive Income,
the Cash Flow Statement and the Statement of Changes Key Audit Matters
in Equity for the year then ended, and notes to the
4. Key audit matters are those matters that, in our
financial statements, including a summary of significant
professional judgment, were of most significance in our
accounting policies and other explanatory information.
audit of the standalone Ind AS financial statements for
2. In our opinion and to the best of our information and the financial year ended March 31, 2019. These matters
according to the explanations given to us, the aforesaid were addressed in the context of our audit of the
standalone Ind AS financial statements give the standalone Ind AS financial statements as a whole, and
information required by the Companies Act, 2013, as in forming our opinion thereon, and we do not provide
amended (“the Act”) in the manner so required and give a separate opinion on these matters. For each matter
a true and fair view in conformity with the accounting below, our description of how our audit addressed the
principles generally accepted in India, of the state of matter is provided in that context.
affairs of the Company as at March 31, 2019, its loss
We have fulfilled the responsibilities described in the
including other comprehensive income, its cash flows
Auditor’s responsibilities for the audit of the standalone
and the changes in equity for the year ended on that date.
Ind AS financial statements section of our report,
Basis for Opinion including in relation to these matters. Accordingly, our
audit included the performance of procedures designed
3. We conducted our audit of the standalone Ind AS
to respond to our assessment of the risks of material
financial statements in accordance with the Standards
misstatement of the standalone Ind AS financial
on Auditing (SAs), as specified under section 143(10) of
statements. The results of our audit procedures, including
the Act. Our responsibilities under those Standards are
the procedures performed to address the matters
further described in the ‘Auditor’s Responsibilities for
below, provide the basis for our audit opinion on the
the Audit of the Standalone Ind AS Financial Statements’
accompanying standalone Ind AS financial statements.
section of our report. We are independent of the Company
Key audit matters How our audit addressed the key audit matter
Revaluation of property, plant and equipment’s’ (as described in note 3 of the standalone Ind AS financial statements)
The Company has opted for revaluation Our audit procedures included the following:
model for measuring freehold land,
buildings and plant and machineries • Read and assessed the Company’s accounting policies with respect
(‘PPE) and these assets are carried in the to PPE for compliance with relevant accounting standards.
books at the fair value less accumulated • We evaluated the design and tested the operative effectiveness of
depreciation. internal controls related to revaluation of PPE.
Independent valuations are undertaken • We obtained from the Company management, the report on
at least once in every three years, or more valuation of PPE performed by an external expert appointed by the
frequently if there is an indicator that the Company and have involved our valuation specialists to evaluate the
fair value has changed significantly. valuation methodology as well as key assumptions used in valuation
The Company has recognised revaluation such as external quotations, salvage value, type of building
surplus of Rs. 563.95 Million (net of tax of construction, capacity, technology of machines etc.
Rs. 255.74 Million) based on the valuation
• We assessed the impact of changes in key assumptions on the
done as at March 31, 2019.
valuation analysis prepared by the Company.

Revaluation of PPE is a key audit matter due • We assessed the competence, objectivity and independence of the
to its financial magnitude and judgements external valuer appointed by the Company.
involved in the assessment of the fair value
• We obtained details of physical verification of PPE from the
of these assets. The judgment relates to
independent valuer and compared the results of the physical
the valuation methodologies used and
the assumptions included in each of those verification of PPE with the listing of PPE as per the fixed assets
methodologies. register on sample basis.
• We assessed whether the change in valuation was accounted by
the Company within the revaluation reserve and statement of
comprehensive income as applicable.
• We assessed the disclosures in the financial statement for
compliance with the requirements of Ind AS.
Recoverability of deferred tax assets (as described in note 9 of the standalone Ind AS financial statements)
Deferred tax assets are recognised Our audit procedures included the following:
on tax losses carried forward when it
Our audit procedures included considering the Company's accounting
is probable that taxable profit will be
policies with respect to income taxes.
available against which the tax losses
can be utilised. The Company’s ability We evaluated the design and tested the operative effectiveness internal
to recognise deferred tax assets on controls related to income taxes.
tax losses carried forward is assessed
We obtained from the Company management the projections for taxable
by management at the end of each
profits supported by future business plans.
reporting period, taking into account
forecasts of future taxable profits.
At March 31, 2019, net deferred tax We discussed the financial projections and future business plans with the
assets recognised in the standalone Ind- management.
AS financial statements amounted to Rs.
We assessed the schedules for the reversal of temporary differences.
3,148.13 Million.
We assessed the key assumptions used in the financial projections, including
recovery rate, expected sale realisation for sugar and ethanol by comparing it
The valuation of deferred taxes is based to the approved business plan and projections used.
on significant estimates by management
We involved tax specialists who evaluated the tax positions relating to
regarding availability of sufficient future
temporary differences on which deferred tax asset and liability have been
taxable profits and accordingly, we have
recognised by the Company.
considered this to be a key audit matter.
Tested the arithmetical accuracy of the tax computations and future
projections of taxable profits.
We assessed the disclosures in the financial statement for compliance with
the requirements of Ind AS.
Other Information
5. The Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the annual report, but does not include the standalone Ind AS financial statements and our
auditor’s report thereon. The annual report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the standalone Ind AS financial statements does not cover the other information and we do not and
will not express any form of assurance conclusion thereon.
In connection with our audit of the standalone Ind AS financial statements, our responsibility is to read the other
information identified above when it becomes available and, in doing so, consider whether such other information
is materially inconsistent with the standalone Ind AS financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are required
to communicate the matter to those charged with governance and shall comply with the relevant applicable
requirements of the Standard on Audit for The Auditor’s Responsibility in relation to Other Information in Documents
containing audited financial statements.

6. Responsibilities of Management for the users taken on the basis of these standalone Ind AS
Standalone Ind AS Financial Statements financial statements.
The Company’s Board of Directors is responsible 10. As part of an audit in accordance with SAs, we exercise
for the matters stated in section 134(5) of the Act professional judgment and maintain professional
with respect to the preparation of these standalone skepticism throughout the audit. We also:
Ind AS financial statements that give a true and fair
● Identify and assess the risks of material
view of the financial position, financial performance
misstatement of the standalone Ind AS financial
including other comprehensive income, cash flows
statements, whether due to fraud or error,
and changes in equity of the Company in accordance
design and perform audit procedures responsive
with the accounting principles generally accepted
to those risks, and obtain audit evidence that is
in India, including the Indian Accounting Standards
sufficient and appropriate to provide a basis
(Ind AS) specified under section 133 of the Act read
for our opinion. The risk of not detecting a
with the Companies (Indian Accounting Standards)
material misstatement resulting from fraud
Rules, 2015, as amended. This responsibility also
is higher than for one resulting from error, as
includes maintenance of adequate accounting
fraud may involve collusion, forgery, intentional
records in accordance with the provisions of the
omissions, misrepresentations, or the override
Act for safeguarding of the assets of the Company
of internal control.
and for preventing and detecting frauds and
other irregularities; selection and application of ● Obtain an understanding of internal control
appropriate accounting policies; making judgments relevant to the audit in order to design
and estimates that are reasonable and prudent; audit procedures that are appropriate in the
and the design, implementation and maintenance circumstances. Under section 143(3)(i) of the
of adequate internal financial controls, that were Act, we are also responsible for expressing our
operating effectively for ensuring the accuracy and opinion on whether the Company has adequate
completeness of the accounting records, relevant to internal financial controls system in place and
the preparation and presentation of the standalone the operating effectiveness of such controls.
Ind AS financial statements that give a true and
● Evaluate the appropriateness of accounting
fair view and are free from material misstatement,
policies used and the reasonableness of
whether due to fraud or error.
accounting estimates and related disclosures
7. In preparing the standalone Ind AS financial made by management.
statements, management is responsible for assessing
● Conclude on the appropriateness of
the Company’s ability to continue as a going concern,
management’s use of the going concern basis
disclosing, as applicable, matters related to going
of accounting and, based on the audit evidence
concern and using the going concern basis of
obtained, whether a material uncertainty exists
accounting unless management either intends to
related to events or conditions that may cast
liquidate the Company or to cease operations, or has
significant doubt on the Company’s ability to
no realistic alternative but to do so.
continue as a going concern. If we conclude that
8. Those Board of Directors are also responsible for a material uncertainty exists, we are required
overseeing the Company’s financial reporting process. to draw attention in our auditor’s report to the
related disclosures in the financial statements
Auditor’s Responsibilities for the Audit of the
or, if such disclosures are inadequate, to modify
Standalone Ind AS Financial Statements
our opinion. Our conclusions are based on the
9. Our objectives are to obtain reasonable assurance audit evidence obtained up to the date of our
about whether the standalone Ind AS financial auditor’s report. However, future events or
statements as a whole are free from material conditions may cause the Company to cease to
misstatement, whether due to fraud or error, and to continue as a going concern.
issue an auditor’s report that includes our opinion.
● Evaluate the overall presentation, structure and
Reasonable assurance is a high level of assurance,
content of the standalone Ind AS financial
but is not a guarantee that an audit conducted in
statements, including the disclosures, and
accordance with SAs will always detect a material
whether the standalone Ind AS financial
misstatement when it exists. Misstatements can arise
statements represent the underlying
from fraud or error and are considered material if,
transactions and events in a manner that
individually or in the aggregate, they could reasonably
achieves fair presentation.
be expected to influence the economic decisions of

11. We communicate with those charged with governance taken on record by the Board of Directors, none of
regarding, among other matters, the planned scope the directors is disqualified as on March 31, 2019
and timing of the audit and significant audit findings, from being appointed as a director in terms of
including any significant deficiencies in internal control Section 164 (2) of the Act;
that we identify during our audit.
(f) With respect to the adequacy of the internal
12. We also provide those charged with governance with financial controls over financial reporting of the
a statement that we have complied with relevant Company with reference to these standalone
ethical requirements regarding independence, and Ind AS financial statements and the operating
to communicate with them all relationships and effectiveness of such controls, refer to our
other matters that may reasonably be thought to separate Report in “Annexure 2” to this report;
bear on our independence, and where applicable,
(g) In our opinion, to the best of our information and
related safeguards.
explanation given to us, the remuneration paid
13. From the matters communicated with those charged to the Chairman and the Whole-time Director for
with governance, we determine those matters that the year ended March 31, 2019 are in excess of
were of most significance in the audit of the standalone the limits applicable under section 197 of the Act,
Ind AS financial statements for the financial year ended read with Schedule V thereto, by Rs. 6.92 Million
March 31, 2019 and are therefore the key audit matters. and Rs. 21.15 Million. We are informed by the
We describe these matters in our auditor’s report unless management that it proposes to obtain approval
law or regulation precludes public disclosure about the of the shareholders in a general meeting by way
matter or when, in extremely rare circumstances, we of a special resolution;
determine that a matter should not be communicated
(h) With respect to the other matters to be included
in our report because the adverse consequences of
in the Auditor’s Report in accordance with
doing so would reasonably be expected to outweigh
Rule 11 of the Companies (Audit and Auditors)
the public interest benefits of such communication.
Rules, 2014, as amended in our opinion and to
Report on Other Legal and Regulatory Requirements the best of our information and according to the
explanations given to us:
14. As required by the Companies (Auditor’s Report) Order,
2016 (“the Order”), issued by the Central Government (i) The Company has disclosed the impact of
of India in terms of sub-section (11) of section 143 of pending litigations on its financial position
the Act, we give in the “Annexure 1” a statement on the in its standalone Ind AS financial statements
matters specified in paragraphs 3 and 4 of the Order. – Refer Note 38 to the standalone Ind AS
financial statements;
15. As required by Section 143(3) of the Act, we report that:
(ii) The Company has made provision,
(a) We have sought and obtained all the information
as required under the applicable law
and explanations which to the best of our
or accounting standards, for material
knowledge and belief were necessary for the
foreseeable losses, if any, on long-term
purposes of our audit;
contracts including derivative contracts
(b) In our opinion, proper books of account as – Refer Note 24 to the standalone Ind AS
required by law have been kept by the Company financial statements;
so far as it appears from our examination
(iii) There were no amounts which were required
of those books;
to be transferred to the Investor Education
(c) The Balance Sheet, the Statement of Profit and Protection Fund by the Company.
and Loss including the Statement of Other
Comprehensive Income, the Cash Flow
Statement and Statement of Changes in Equity For S R B C & CO LLP
dealt with by this Report are in agreement with Chartered Accountants
the books of account; ICAI Firm Registration Number: 324982E/E300003
(d) In our opinion, the aforesaid standalone Ind AS Shyamsundar Pachisia
financial statements comply with the Accounting Partner
Standards specified under Section 133 of the Membership Number: 049237
Act, read with Companies (Indian Accounting
Place of Signature: Mumbai
Standards) Rules, 2015, as amended; Date: May 16, 2019
(e) On the basis of the written representations
received from the directors as on March 31, 2019

Annexure 1 - Annexure referred to in paragraph 14 of our

including entities in which they are interested and in
report of even date under heading “Report on Other Legal
respect of loans and advances given, investments made and
and Regulatory Requirements”
guarantees, and securities given have been complied with
Re: Shree Renuka Sugars Limited by the company;
(i) (a) The Company has maintained proper records showing (v) The Company has not accepted any deposits within the
full particulars, including quantitative details and meaning of Sections 73 to 76 of the Act and the Companies
situation of fixed assets. (Acceptance of Deposits) Rules, 2014 (as amended).
Accordingly, the provisions of clause 3(v) of the Order are
(b) All fixed assets have not been physically verified by the
not applicable.
management during the year but there is a regular
programme of verification which, in our opinion, is (vi) We have broadly reviewed the books of account maintained
reasonable having regard to the size of the Company by the Company pursuant to the rules made by the Central
and the nature of its assets. No material discrepancies Government for the maintenance of cost records under
were noticed on such verification. section 148(1) of the Companies Act, 2013, related to
manufacturing / refining of sugar, and are of the opinion
(c) According to the information and explanations given
that prima facie, the specified accounts and records have
by the management, the title deeds of immovable
been made and maintained. We have not, however, made a
properties included in fixed assets are pledged with the
detailed examination of the same.
banks and not available with the Company. The same
has not been independently confirmed by the bank (vii) (a) The Company is regular in depositing with appropriate
and hence we are unable to comment on the same. authorities undisputed statutory dues including
provident fund, employees’ state insurance,
(ii) The management has conducted physical verification
income-tax, sales-tax, service tax, duty of custom, duty
of inventory at reasonable intervals during the year
of excise, value added tax, goods and service tax, cess
and no material discrepancies were noticed on such
and other statutory dues applicable to it.
physical verification.
(b) According to the information and explanations given
(iii) (a) According to the information and explanations given
to us, no undisputed amounts payable in respect
to us, the Company has not granted any loans, secured
of provident fund, employees’ state insurance,
or unsecured to companies, firms, Limited Liability
income-tax, service tax, sales-tax, duty of custom, duty
Partnerships and other parties covered in the register
of excise, value added tax, goods and service tax, cess
maintained under Section 189 of the Companies Act,
and other statutory dues were outstanding, at the year
2013. Accordingly, the provisions of clause 3(iii)(a), (b)
end, for a period of more than six months from the date
and (c) of the Order are not applicable to the Company
they became payable.
and hence not commented upon.
(c) According to the records of the Company, the dues of
(iv) In our opinion and according to the information and
income-tax, sales-tax, service tax, duty of custom, duty
explanations given to us, provisions of section 185 and 186
of excise, value added tax and cess on account of any
of the Companies Act 2013 in respect of loans to directors
dispute, are as follows:
Name of the statute Nature of the dues Amount in Period to which the Forum where the dispute
Rs. Million** amount relates is pending
Central Excise Act, 1944 Excise Duty 838.54 2003-04 to 2012-13 Central Excise and Service
Tax Appellate Tribunal
(‘CESTAT’)
71.78 2011-12 to 2015-16 Commissioner (Appeals)
Income Tax Act, 1961 Income Tax 7.19 2003-04 to 2008-09 Supreme Court
114.83 2009-10 to 2010-11 Income Tax Appellate
Tribunal
Customs Act, 1962 Customs Duty 7.31 2013-14 to 2014-15 Commissioner (Appeals)
2,448.96 2006-07 to 2016-17 CESTAT
465.12 2003-04 Supreme Court
Goods and Service Act Goods and Service tax 61.76 2017-18 Deputy Commissioner
Finance Act, 1994 Service Tax 44.04 2009-2011 Service Tax Appellate
Tribunal
Maharashtra Value VAT 13.58 2009-10 and 2010-11 Sales Tax Appellate Tribunal
Added Tax/ CST
** Amount paid under protest Rs. 355.97 Million.

(viii) In our opinion and according to the information and explanations given by the management, the Company has
not defaulted in repayment of loans or borrowing to a financial institution, bank. The Company did not have any
outstanding loans or borrowing dues to government during the year. The Company is in process of obtaining
necessary approvals from lenders and members for restructuring its non-convertible debentures held by public
financial institution, through the terms of restructuring are yet to be approve by members, the Company has made
payments to public financial institution on the restructure balances.
(ix) According to the information and explanations given by the management, the Company has not raised any money
by way of initial public offer / further public offer / debt instruments. In our opinion and according to the information
and explanations given by the management, the Company has utilized the monies raised by way of term loans for the
purposes for which they were raised.
(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial
statements and according to the information and explanations given by the management, we report that no fraud by
the company or no fraud / material fraud on the company by the officers and employees of the Company has been
noticed or reported during the year.
(xi) According to the information and explanation given by the management, we report that remuneration of the
Managing Director for the year ended March 31, 2019 is in excess of the limits applicable under section 197 of the
Act, read with Schedule V thereto, by Rs 28.07 Million. We are informed by the management that it proposes to obtain
approval of the shareholders in a general meeting by way of a special resolution.
(xii) In our opinion, the Company is not a nidhi company. Therefore, the provisions of clause 3 (xii) of the order are not
applicable to the Company and hence not commented upon.
(xiii) According to the information and explanations given by the management, transactions with the related parties are in
compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed
in the notes to the financial statements, as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet,
the company has not made any preferential allotment or private placement of shares or fully or partly convertible
debentures during the year under review and hence, reporting requirements under clause 3(xiv) are not applicable to
the company and, not commented upon.
(xv) According to the information and explanations given by the management, the Company has not entered
into any non-cash transactions with directors or persons connected with him as referred to in section 192 of
Companies Act, 2013.
(xvi) According to the information and explanations given to us, the provisions of section 45-IA of the Reserve Bank of
India Act, 1934 are not applicable to the Company.
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
Shyamsundar Pachisia
Partner
Membership Number: 049237
Date: May 16, 2019

Annexure 2: Annexure referred to in paragraph 15(f)

4. An audit involves performing procedures to obtain
of our Independent Auditor’s Report of even date on
audit evidence about the adequacy of the internal
the standalone Ind AS financial statements of Shree
financial controls over financial reporting with
Renuka Sugars Limited
reference to these standalone financial statements
Report on the Internal Financial Controls under Clause and their operating effectiveness. Our audit of internal
(i) of Sub-section 3 of Section 143 of the Companies financial controls over financial reporting included
Act, 2013 (“the Act”) obtaining an understanding of internal financial
controls over financial reporting with reference to
1. We have audited the internal financial controls over
these standalone financial statements, assessing the
financial reporting of Shree Renuka Sugars Limited
risk that a material weakness exists, and testing and
(“the Company”) as of March 31, 2019, in conjunction
evaluating the design and operating effectiveness
with our audit of the standalone financial statements
of internal control based on the assessed risk.
of the Company for the year ended on that date.
The procedures selected depend on the auditor’s
Management’s Responsibility for Internal judgement, including the assessment of the risks of
Financial Controls material misstatement of the financial statements,
whether due to fraud or error.
2. The Company’s management is responsible for
establishing and maintaining internal financial 5. We believe that the audit evidence we have obtained
controls based on the internal control over financial is sufficient and appropriate to provide a basis for
reporting criteria established by the Company our qualified audit opinion on the internal financial
considering the essential components of internal controls over financial reporting with reference to
control stated in the Guidance Note on Audit of these standalone financial statements.
Internal Financial Controls Over Financial Reporting
Meaning of Internal Financial Controls Over
issued by the Institute of Chartered Accountants
Financial Reporting With Reference to these
of India. These responsibilities include the design,
Standalone Financial Statements
implementation and maintenance of adequate
internal financial controls that were operating 6. A company’s internal financial control over financial
effectively for ensuring the orderly and efficient reporting with reference to these standalone
conduct of its business, including adherence to financial statements is a process designed to provide
the Company’s policies, the safeguarding of its reasonable assurance regarding the reliability of
assets, the prevention and detection of frauds financial reporting and the preparation of financial
and errors, the accuracy and completeness of the statements for external purposes in accordance
accounting records, and the timely preparation of with generally accepted accounting principles.
reliable financial information, as required under the A company’s internal financial control over financial
Companies Act, 2013. reporting with reference to these standalone financial
statements includes those policies and procedures
Auditor’s Responsibility
that (1) pertain to the maintenance of records that,
3. Our responsibility is to express an opinion on the in reasonable detail, accurately and fairly reflect the
Company’s internal financial controls over financial transactions and dispositions of the assets of the
reporting with reference to these standalone financial company; (2) provide reasonable assurance that
statements based on our audit. We conducted our transactions are recorded as necessary to permit
audit in accordance with the Guidance Note on preparation of financial statements in accordance
Audit of Internal Financial Controls Over Financial with generally accepted accounting principles, and
Reporting (the “Guidance Note”) and the Standards that receipts and expenditures of the company are
on Auditing as specified under section 143(10) of the being made only in accordance with authorisations of
Companies Act, 2013, to the extent applicable to an management and directors of the company; and (3)
audit of internal financial controls and, both issued provide reasonable assurance regarding prevention
by the Institute of Chartered Accountants of India. or timely detection of unauthorised acquisition, use,
Those Standards and the Guidance Note require that or disposition of the company’s assets that could have
we comply with ethical requirements and plan and a material effect on the financial statements.
perform the audit to obtain reasonable assurance
Inherent Limitations of Internal Financial Controls
about whether adequate internal financial controls
Over Financial Reporting With Reference to these
over financial reporting with reference to these
Standalone Financial Statements
standalone financial statements was established and
maintained and if such controls operated effectively 7. Because of the inherent limitations of internal financial
in all material respects. controls over financial reporting with reference to
these standalone financial statements, including

the possibility of collusion or improper management financial statements were operating effectively as
override of controls, material misstatements due of March 31, 2019, based on the internal control
to error or fraud may occur and not be detected. over financial reporting criteria established by the
Also, projections of any evaluation of the internal Company considering the essential components
financial controls over financial reporting with of internal control stated in the Guidance Note on
reference to these standalone financial statements Audit of Internal Financial Controls Over Financial
to future periods are subject to the risk that the Reporting issued by the Institute of Chartered
internal financial control over financial reporting with Accountants of India.
reference to these standalone financial statements
Explanatory paragraph
may become inadequate because of changes in
conditions, or that the degree of compliance with the 11. We also have audited, in accordance with the
policies or procedures may deteriorate. Standards on Auditing issued by the Institute of
Chartered Accountants of India, as specified under
Qualified Opinion
Section 143(10) of the Act, the standalone financial
8. According to the information and explanations given statements of Shree Renuka Sugars Limited, which
to us and based on our audit, the following material comprise the Balance sheet as at March 31 2019,
weakness has been identified as at March 31, 2019: the Statement of Profit and Loss, including the
statement of Other Comprehensive Income, the
(a) The Company did not have robust
Cash Flow Statement and the Statement of Changes
documentation with respect to access
in Equity for the year then ended, and notes to
controls and program change controls
the financial statements, including a summary of
pertaining to cane management software.
significant accounting policies and other explanatory
These could result in potential misstatement to
information. This material weakness was considered
the financial statements.
in determining the nature, timing, and extent of
9. A ‘material weakness’ is a deficiency, or a combination audit tests applied in our audit of the March 31, 2019
of deficiencies, in internal financial control over standalone financial statements of Shree Renuka
financial reporting, such that there is a reasonable Sugars and this report does not affect our report
possibility that a material misstatement of the dated May 16, 2019, which expressed unmodified
company’s annual or interim financial statements will opinion on those financial statements.
not be prevented or detected on a timely basis.
10. In our opinion, except for the possible effects of Chartered Accountants
the material weakness described above on the ICAI Firm Registration Number: 324982E/E300003
achievement of the objectives of the control criteria,
the Company has maintained, in all material respects,
Partner
adequate internal financial controls over financial Membership Number: 049237
reporting with reference to these standalone financial
statements and such internal financial controls over Place of Signature: Mumbai
financial reporting with reference to these standalone Date: May 16, 2019

Balance Sheet
as at 31st March 2019
All amounts in million Indian Rupees, unless otherwise stated
As at As at
Notes
31st March 2019 31st March 2018
Assets
Non-current assets
Property, plant and equipment 3 38,015.76 38,612.23
Capital work-in-progress 3 1,003.53 269.16
Other intangible assets 4 0.40 0.43
Financial assets
Investments 5 1,086.29 1,261.41
Loans 6 1,815.30 -
Other non-current financial assets 7 127.69 144.05
Other non-current assets 8 1,595.59 1,647.93
Income tax receivable 232.61 312.05
Deferred tax assets (net) 9 3,148.13 3,250.42
Total non-current assets 47,025.30 45,497.68
Current assets
Inventories 10 16,428.87 9,296.47
Financial assets
Trade receivables 11 1,806.02 6,990.09
Cash and cash equivalents 12 202.02 339.23
Other Bank balances 13 18.61 21.19
Loans 14 266.99 315.96
Other current financial assets 15 469.34 13.43
Other current assets 16 2,709.28 2,964.75
Total current assets 21,901.13 19,941.12
Total assets 68,926.43 65,438.80
Equity and liabilities
Equity
Equity share capital 17a 1,916.82 1,916.82
Other equity 17b
Securities Premium 30,396.51 30,396.51
Debenture redemption reserve 625.00 625.00
Changes in equity instrument and others (120.31) 54.82
Revaluation reserve 10,759.28 11,069.14
Retained earnings (38,112.81) (35,146.91)
Total Equity 5,464.49 8,915.38
Non-current liabilities
Financial liabilities
Borrowings 18 19,691.29 21,017.24
Other non-current financial liabilities 19 24.82 60.89
Net employee benefit liabilities 20 191.07 118.33
Government grants 21 318.21 52.02
Total non-current liabilities 20,225.39 21,248.48
Current liabilities
Borrowings 22 5,478.18 1,662.10
Trade payables 23
- Total outstanding dues of micro and small enterprises 17.13 -
- Total outstanding dues of creditors other than micro and 26,613.78 26,636.92
small enterprise
Other current financial liabilities 24 10,085.52 1,448.93
Other current liabilities 25 919.54 5,423.91
Net employee benefit liabilities 26 62.98 7.54
Total current liabilities 43,236.55 35,274.94
Total liabilities 63,461.94 56,523.42
Total equity and liabilities 68,926.43 65,438.80
Significant accounting policies 2.1
Accompanying notes 1 to 46 form integral part of these financial statements
As per our report of even date For and on behalf of the Board of directors of
For S R B C & CO LLP Shree Renuka Sugars Limited
ICAI Firm Regn. No : 324982E/E300003
per Shyamsundar Pachisia Atul Chaturvedi Vijendra Singh
Partner Executive Chairman Executive Director
Membership No.49237 DIN: 00175355 DIN: 03537522
Sunil Ranka Deepak Manerikar
Chief Financial Officer Company Secretary
FCS No.:F-6801
Date : 16th May 2019 Date : 16th May 2019
Place: Mumbai Place: Mumbai

Statement of Profit and Loss

for the Year Ended 31st March 2019
Year ended Year ended
Notes
Income
Revenue from operations 27 42,757.70 58,628.48
Sugar export benefits 210.94 -
Other income 28 1,734.72 402.74
Total income 44,703.36 59,031.22
Expenses
Cost of raw materials consumed 29 38,458.39 46,403.45
Purchase of traded goods 30 1,559.12 8,480.34
Increase in inventories of finished goods, work-in-progress 31 (5,087.67) (952.42)
and traded goods
Excise duty on sale of goods - 151.79
Employee benefit expenses 32 1,131.02 1,062.86
Depreciation and amortisation expense 34 2,134.04 2,321.57
Foreign exchange (gain)/loss (net) (254.61) 95.15
Finance costs 33 5,410.21 4,986.44
Other expenses 35 4,649.25 5,221.06
Total expenses 47,999.75 67,770.24
Loss before exceptional items and tax (3,296.39) (8,739.02)
Exceptional items 36 666.92 27,359.01
Loss before tax (3,963.31) (36,098.03)
Current tax - -
Deferred tax 9 (144.37) (6,276.67)
Income tax expense (144.37) (6,276.67)
Loss for the year (3,818.94) (29,821.36)
Other comprehensive income
Other comprehensive income not to be reclassified to profit or loss in
subsequent periods:
Reversal of revaluation reserve on disposal of asset/impairment of (0.74) (560.97)
plant property and equipments
Revaluation reserve on assets Gain 3 819.69 -
Income tax effect 9 (255.74) -
Net gain/(loss) on remesurements of defined benefit plans 39 (29.11) 1.36
Income tax effect 9 9.08 -
Unrealised gain/(loss) on FVTOCI equity securities 42 (175.13) (88.68)
Income tax effect 9 - 30.14
Total comprehensive income for the year (net of tax) (3,450.89) (30,439.51)
Earnings per share
Basic 37 (1.99) (29.63)
[Face value of equity share ` 1/- each]
Diluted (1.99) (29.63)
[Face value of equity share ` 1/- each]

FCS No.:F-6801

Statement of Changes in Equity

for the period ended 31st March 2019
Reserves and Surplus Items of OCI
Equity
Debenture Changes in
share Securities Retained Revaluation Total equity
redemption equity instrument
capital premium earnings reserve on PPE
reserve and others
As at 1st April 2017 945.25 15,569.72 625.00 (5,998.28) 12,302.84 112.00 23,556.53
Profit/(loss) for the period - - - (29,821.36) - - (29,821.36)
Other - - - - (560.97) (57.18) (618.15)
comprehensive income
Total - - - (35,819.64) 11,741.87 54.82 (24,022.95)
Shares issued 971.57 14,826.79 - - - - 15,798.36
during the year
Depreciation of - - - 672.73 (672.73) - -
revalued assets
As at 31st March 2018 1,916.82 30,396.51 625.00 (35,146.91) 11,069.14 54.82 8,915.38
Profit/(loss) for the period - - - (3,818.94) - - (3,818.94)
Other - - - (20.77) 563.95 (175.13) 368.05
Total - - - (38,986.62) 11,633.09 (120.31) (27,473.84)
Comprehensive Income
Transfer to/ (From) - - - 1.11 (1.11) - -
Retained Earnings
on sale of assets
Depreciation of - - - 872.70 (872.70) - -
Revalued Assets
As at 31st March 2019 1,916.82 30,396.51 625.00 (38,112.81) 10,759.28 (120.31) 5,464.49
FCS No.:F-6801

Statement of Cash Flows

for the year ended 31st March 2019
Operating activities
Loss before tax (3,963.31) (36,098.03)
Adjustments to reconcile loss before tax to net cash flows:
Depreciation of property, plant and equipment 2,133.80 2,321.15
Amortisation of intangible assets 0.24 0.42
Excess provisin written back 600.00 -
Unrealised gain on derivatives (48.66) -
Government assistance (60.55) (137.28)
Finance costs 5,410.21 4,986.44
Processing charges on restructuring - 208.55
Finance income (187.73) (253.56)
(Gain)/loss on disposal of property, plant and equipment 1.11 (4.01)
Gain on restructuring - (13,838.89)
Dividend income (0.76) (0.90)
Net foreign exchange differences (559.69) (73.08)
Impairment of investments - 18,258.01
Impairment of financial assets - 17,102.63
Impairment of other assets 157.95 980.87
Impairment of property, plant and equipment - 37.25
Impairment of capital work in progress 4.23 28.76
Impairment of trade receivables 65.65 4,006.73
Accrued liability towards litigation - 220.00
Working capital adjustments:
Movement in employee benefit liability 99.00 (91.34)
Decrease/(increase) in trade receivables 4,783.67 (5,030.17)
Increase in other receivables and prepayments (46.37) (16,384.50)
Decrease/(increase) in inventories (7,132.40) 4,133.20
Increase in trade and other payables 3,315.92 7,457.38
4,572.31 (12,170.37)
Income tax refunded (net) 79.44 62.75
Net cash flows from/(used in) operating activities 4,651.75 (12,107.62)
Investing activities:
Purchase of property, plant and equipment (1,535.02) (173.56)
Advance to subsidiaries (2,413.41) -
Repayment of loan to subsidiaries 598.10 -
Proceeds from sale of property, plant and equipment 7.14 105.65
Interest received (finance income) 90.27 270.33
Dividend received 0.76 0.90
Net cash flows from/(used in) investing activities (3,252.16) 203.32
Financing activities:
Proceeds from issue of equity shares (net of transaction cost) - 7,825.57
Proceeds from short term borrowings 3,816.08 -
Repayment of long-term borrowings (1,202.24) (1,551.35)
Proceeds/(repayment) from/of working capital borrowing (net) - 10,833.26
Finance cost and processing charges paid (4,150.63) (5,321.67)
Net cash flows from/(used in) financing activities (1,536.79) 11,785.81
Net increase/(decrease) in cash and cash equivalents (137.21) (118.49)
Opening cash and cash equivalents (Refer Note 12) 339.23 457.72
Closing cash and cash equivalents (Refer Note 12) 202.02 339.23
The cashflow statement is prepared using the indirect method set out in IND AS 7 - Statement of cashflow
FCS No.:F-6801

Notes to Financial Statements

1. Corporate information
All the borrowings availed by the Company are secured
Shree Renuka Sugars Limited (“SRSL” or “the by corporate guarantee provided by the ultimate
Company”) is a public company incorporated and parent company (Wilmar International Limited).
domiciled in India. The Company’s shares are listed on
Further the Board of Directors of Wilmar Sugar
the BSE Ltd. and National Stock Exchange of India Ltd.
Holdings Pte Limited, the parent company, has
The registered office of the company is located at BC
provided letter of support to the Company, to meet
105 Havelock Road, Camp, Belagavi - 590001.
shortfall in its normal trade related working capital
The Company is principally engaged in the requirements during the 12 months period ended
manufacturing of sugar, ethyl alcohol and ethanol March 31, 2020.
and generation and sale of power.
Accordingly, the Company management believes it
The financial statements for the year ended will be able meet all its financial obligations, as and
31st March 2019 were authorised for issue by the when they fall due during the next twelve months.
Board of Directors of the Company on 16th May 2019. Accordingly, Company has prepared the financial
statements on going concern basis.
2.1 Significant accounting policies
I. Basis of Preparation: II. Summary of significant accounting policies:
The financial statements of the Company a. Current versus non-current classification
has been prepared in accordance with Indian The Company presents assets and
Accounting Standards (Ind AS) notified under liabilities in the balance sheet based
the Companies (Indian Accounting Standards) on current/ non-current classification.
Rules, 2015, (as amended from time to time). An asset is treated as current when it is:
The financial statements have been prepared on o Expected to be realised or intended
a historical cost basis, except for the following to be sold or consumed in normal
assets and liabilities which have been measured operating cycle
at fair value or revalued amount:
o Held primarily for the
- Land, buildings and plant and machinery purpose of trading
classified as property, plant and equipment
o Expected to be realised within twelve
- Certain financial assets and liabilities months after the reporting period, or
measured at fair value (refer note 2.1(II)(o)
o Cash or cash equivalent unless
financial instruments).
restricted from being exchanged
The financial statements are prepared in ` and or used to settle a liability for at
all values are rounded off to the nearest millions least twelve months after the
except when stated otherwise. reporting period.
Going concern All other assets are classified
As at March 31, 2019, the current liabilities of the as non-current.
Company exceeded its current assets by ` 21,336.43
A liability is treated as current when:
million. During the year ended March 31, 2019 the
Company has incurred net loss of ` 3,818.94 million o It is expected to be settled in normal
and the Company has accumulated net losses of operating cycle
` 38,112.81 million as at March 31, 2019.
o It is held primarily for the
The Company management has prepared a cash purpose of trading
flow forecast of the Company for 12 months period
o It is due to be settled within twelve
ending 31st March 2020.The Company has collected
months after the reporting period, or
large portion of trade receivable outstanding as
at 31st March 2018 and has repaid farmer dues of o There is no unconditional right to
past seasons. The Company net loss for the year has defer the settlement of the liability
reduced from ` 29,821.36 million in the previous year for at least twelve months after the
to ` 3,818.94 million in the year ended March 31 2019. reporting period

The Company classifies all other liabilities on the presumption that the transaction
as non-current. to sell the asset or transfer the liability
takes place either:
Deferred tax assets and liabilities
are classified as non-current assets o In the principal market for the asset
and liabilities. or liability, or
The operating cycle is the time between o In the absence of a principal market,
the acquisition of assets for processing in the most advantageous market for
and their realisation in cash and cash the asset or liability
equivalents. The company has identified
The principal or the most advantageous
twelve months as its operating cycle.
market must be accessible by the
b. Foreign currencies Company. The fair value of an asset or a
The Company’s financial statements are liability is measured using the assumptions
presented in `, which is also the Company’s that market participants would use when
functional currency. pricing the asset or liability, assuming
that market participants act in their
Transactions and balances
economic best interest.
Transactions in foreign currencies are
A fair value measurement of a
initially recorded by the Company at
non-financial asset takes into account a
functional currency spot rates at the
market participant’s ability to generate
date the transaction first qualifies for
economic benefits by using the asset in
recognition. However, for practical
its highest and best use or by selling it to
reasons, the Company uses an average
another market participant that would use
rate if the average approximates the actual
the asset in its highest and best use.
rate at the date of the transaction.
The Company uses valuation techniques
Monetary assets and liabilities
that are appropriate in the circumstances
denominated in foreign currencies are
and for which sufficient data are available
translated at the functional currency spot
to measure fair value, maximising the
rates of exchange at the reporting date.
use of relevant observable inputs and
Non-monetary items that are measured in minimising the use of unobservable inputs.
terms of historical cost in a foreign currency
All assets and liabilities for which fair value
are translated using the exchange rates
is measured or disclosed in the financial
at the dates of the initial transactions.
statements are categorised within the fair
Non-monetary items measured at fair
value hierarchy, described as follows, based
value in a foreign currency are translated
on the lowest level input that is significant
using the exchange rates at the date when
to the fair value measurement as a whole:
the fair value is determined. The gain or loss
arising on translation of non-monetary o Level 1 — Quoted (unadjusted)
items measured at fair value is treated in market prices in active markets for
line with the recognition of the gain or loss identical assets or liabilities
on the change in fair value of the item (i.e.,
o Level 2 — Valuation techniques
translation differences on items whose fair
for which the lowest level input
value gain or loss is recognised in OCI or
that is significant to the fair
profit or loss are also recognised in OCI or
value measurement is directly or
profit or loss, respectively).
indirectly observable
c. Fair value measurement
o Level 3 — Valuation techniques
The Company measures financial
instruments, such as, derivatives at fair
that is significant to the fair value
value at each balance sheet date.
measurement is unobservable.
Fair value is the price that would be
For assets and liabilities that are recognised
received to sell an asset or paid to transfer
in the financial statements on a recurring
a liability in an orderly transaction between
basis, the Company determines whether
market participants at the measurement
transfers have occurred between
date. The fair value measurement is based
levels in the hierarchy by re-assessing

categorisation (based on the lowest level needs to be allocated. In determining the

input that is significant to the fair value transaction price for the sale of goods,
measurement as a whole) at the end of the Company considers the effects of
each reporting period. variable consideration, the existence of
significant financing components, non
For the purpose of fair value disclosures,
cash consideration, and consideration
the Company has determined classes of
payable to the customer (if any).
assets and liabilities on the basis of the
nature, characteristics and risks of the If the consideration in a contract includes
asset or liability and the level of the fair a variable amount, the Company estimates
value hierarchy as explained above. the amount of consideration to which it
will be entitled in exchange for transferring
This note summarises accounting policy
the goods to the customer. The variable
for fair value. Other fair value related
consideration is estimated at contract
disclosures are given in the relevant notes.
inception and constrained until it is highly
o Disclosures for valuation methods, probable that a significant revenue reversal
significant estimates and in the amount of cumulative revenue
assumptions (note 2.2 and 42) recognised will not occur when the
associated uncertainty with the variable
o Quantitative disclosures of fair value
consideration is subsequently resolved.
measurement hierarchy (note 42)
Contract balances
o Investment in unquoted equity
shares (note 5) Contract assets
o Property, plant and equipment under A contract asset is the right to
revaluation model (note 3) consideration in exchange for goods or
services transferred to the customer.
o Financial instruments (including
If the Company performs by transferring
those carried at amortised
goods or services to a customer before
cost) (note 42)
the customer pays consideration or
d. Revenue recognition before payment is due, a contract asset is
The disclosures of significant accounting recognised for the earned consideration
judgements, estimates and assumptions that is conditional.
relating to revenue from contracts with
Trade receivables
customers are provided in Note 2.2.
A receivable represents the Companies
Revenue from contract with customers
right to an amount of consideration that
Revenue from contracts with customers is is unconditional (i.e., only the passage of
recognised when control of the goods or time is required before payment of the
services are transferred to the customer at consideration is due). Refer to accounting
an amount that reflects the consideration policies of financial assets in section (o)
to which the Company expects to be Financial instruments – initial recognition
entitled in exchange for those goods or and subsequent measurement.
services. The Company has concluded
Contract liabilities
that it is the principal in its revenue
arrangements, because it typically controls A contract liability is the obligation
the goods or services before transferring to transfer goods or services to a
them to the customer. customer for which the Company has
received consideration (or an amount of
Revenue from sale of goods is recognised
consideration is due) from the customer.
at the point in time when control of the
If a customer pays consideration before
goods is transferred to the customer,
the Company transfers goods or services
on delivery of the goods. The normal
to the customer, a contract liability is
credit term is 7 to 30 days upon delivery.
recognised when the payment is made or
The Company considers whether there
the payment is due (whichever is earlier).
are other promises in the contract that
Contract liabilities are recognised as
are separate performance obligations to
revenue when the Company performs
which a portion of the transaction price
under the contract.

Interest income the loan and the proceeds received.

The loan is subsequently measured as
For all debt instruments measured either
per the accounting policy applicable to
at amortised cost or at fair value through
financial liabilities.
other comprehensive income, interest
income is recorded using the effective The company is eligible for the assistance
interest rate (EIR). EIR is the rate that under the Buffer Stock Subsidy Scheme
exactly discounts the estimated future and Cane Subsidy Scheme notified by
cash payments or receipts over the Ministry of Consumer Affairs, Food and
expected life of the financial instrument Public Distribution for assistance to sugar
or a shorter period, where appropriate, to mills. As the company has complied with
the gross carrying amount of the financial the relevant conditions, it has recognised
asset or to the amortised cost of a financial the same as its income under this scheme
liability. When calculating the effective
f. Taxes
interest rate, the Company estimates
Current income tax
the expected cash flows by considering
all the contractual terms of the financial Current income tax assets and liabilities
instrument (for example, prepayment, are measured at the amount expected to
extension, call and similar options) but does be recovered from or paid to the taxation
not consider the expected credit losses. authorities. The tax rates and tax laws used
to compute the amount are those that are
Dividends
enacted or substantively enacted, at the
Revenue is recognised when the reporting date.
Company’s right to receive the payment
Current income tax relating to items
is established, which is generally when
recognised outside profit or loss is
shareholders approve the dividend.
recognised outside profit or loss (either
e. Government grants in other comprehensive income or in
Government grants are recognised equity). Current tax items are recognised
where there is reasonable assurance in correlation to the underlying
that the grant will be received and all transaction either in OCI or directly
attached conditions will be complied with. in equity. Management periodically
When the grant relates to an expense evaluates positions taken in the tax
item, it is recognised as income on a returns with respect to situations in which
systematic basis over the periods that applicable tax regulations are subject to
the related costs, for which it is intended interpretation and establishes provisions
to compensate, are expensed. When the where appropriate.
grant relates to an asset, it is recognised
Deferred tax
as income in equal amounts over the
expected useful life of the related asset. Deferred tax is provided using the liability
method on temporary differences between
When the Company receives grants of
the tax bases of assets and liabilities
non-monetary assets, the asset and
and their carrying amounts for financial
the grant are recorded at fair value
reporting purposes at the reporting date.
amounts and released to profit or loss
over the expected useful life in a pattern The carrying amount of deferred tax
of consumption of the benefit of the assets is reviewed at each reporting date
underlying asset i.e. by equal annual and reduced to the extent that it is no
instalments. When loans or similar longer probable that sufficient taxable
assistance are provided by governments profit will be available to allow all or part
or related institutions, with an interest rate of the deferred tax asset to be utilised.
below the current applicable market rate, Unrecognised deferred tax assets are
the effect of this favourable interest is re-assessed at each reporting date and
regarded as a government grant. The loan are recognised to the extent that it has
or assistance is initially recognised and become probable that future taxable
measured at fair value and the government profits will allow the deferred tax asset
grant is measured as the difference to be recovered.
between the initial carrying value of

Deferred tax assets and deferred tax carrying amount of the asset and
liabilities are offset if a legally enforceable depreciation based on the asset’s
right exists to set off current tax assets original cost. Additionally, accumulated
against current tax liabilities. depreciation as at the revaluation date
is eliminated against the gross carrying
g. Property, plant and equipment
amount of the asset and the net amount
Freehold and leasehold land, buildings
is restated to the revalued amount of the
and plant and machinery, other than
asset. Upon disposal, any revaluation
investment property are carried in
reserve relating to the particular asset
the balance sheet on the basis of
being sold is transferred directly to
revaluation model.
retained earnings.
Capital work in progress is stated at
Depreciation is calculated on a straight-line
cost after reducing impairment losses,
basis over the estimated useful lives of the
if any. Such cost includes the cost of
assets as follows:
replacing part of the plant and equipment
and borrowing costs for long-term Category Useful life
construction projects if the recognition Buildings 5 - 60 Years
criteria are met. When significant parts Plant and Equipments 5 - 40 Years
of plant and equipment are required to Furniture and Fixtures 1 - 10 Years
Vehicles 7 - 8 Years
be replaced at intervals, the Company
Office Equipments 1 - 10 Years
depreciates them separately based on
their specific useful lives. Likewise, when The Company, based on technical
a major inspection is performed, its cost is assessment made by management
recognised in the carrying amount of the estimate, depreciates certain items of
plant and equipment as a replacement building, plant and equipment over
if the recognition criteria are satisfied. estimated useful lives which are different
All other repair and maintenance costs from the useful life prescribed in
are recognised in profit or loss as incurred. Schedule II to the Companies Act, 2013.
The present value of the expected cost for The management believes that these
the decommissioning of an asset after its estimated useful lives are realistic and
use is included in the cost of the respective reflect fair approximation of the period
asset if the recognition criteria are met. over which the assets are likely to be used.
Land, buildings and plant and machinery An item of property, plant and equipment
are measured at fair value less accumulated and any significant part initially recognised
depreciation on buildings and impairment is derecognised upon disposal or when no
losses recognised at the date of future economic benefits are expected
revaluation. Valuations are performed with from its use or disposal. Any gain or loss
sufficient frequency to ensure that the arising on derecognition of the asset
carrying amount of a revalued asset does (calculated as the difference between the
not differ materially from its fair value. net disposal proceeds and the carrying
amount of the asset) is included in
A revaluation surplus is recorded in OCI
the income statement when the asset
and credited to the asset revaluation
is derecognised.
surplus in equity. However, to the extent
that it reverses a revaluation deficit of the The residual values, useful lives and
same asset previously recognised in profit methods of depreciation of property,
or loss, the increase is recognised in profit plant and equipment are reviewed at
and loss. A revaluation deficit is recognised each financial year end and adjusted
in the statement of profit and loss, except prospectively, if appropriate.
to the extent that it offsets an existing
h. Intangible assets
surplus on the same asset recognised in
the asset revaluation reserve. Intangible assets acquired separately
are measured on initial recognition
An annual transfer from the asset
at cost. Following initial recognition,
revaluation reserve to retained earnings
intangible assets are carried at cost
is made for the difference between
less any accumulated amortisation and
depreciation based on the revalued
accumulated impairment losses.

Intangible assets with finite lives are Company as a lessee

amortised over the useful economic life
A lease is classified at the inception
and assessed for impairment whenever
date as a finance lease or an operating
there is an indication that the intangible
lease. A lease that transfers substantially
asset may be impaired. The amortisation
all the risks and rewards incidental to
period and the amortisation method for
ownership to the Company is classified as
an intangible asset with a finite useful life
a finance lease.
are reviewed at least at the end of each
reporting period. Changes in the expected Finance leases are capitalised at the
useful life or the expected pattern of commencement of the lease at the
consumption of future economic benefits inception date fair value of the leased
embodied in the asset are considered property or, if lower, at the present
to modify the amortisation period or value of the minimum lease payments.
method, as appropriate, and are treated Lease payments are apportioned between
as changes in accounting estimates. finance charges and reduction of the lease
The amortisation expense on intangible liability so as to achieve a constant rate of
assets with finite lives is recognised in the interest on the remaining balance of the
statement of profit and loss unless such liability. Finance charges are recognised
expenditure forms part of carrying value in finance costs in the statement of
of another asset. profit and loss, unless they are directly
attributable to qualifying assets, in which
Gains or losses arising from derecognition
case they are capitalized in accordance
of an intangible asset are measured as
with the Company’s general policy on the
the difference between the net disposal
borrowing costs. Contingent rentals are
proceeds and the carrying amount of
recognised as expenses in the periods in
the asset and are recognised in the
which they are incurred.
statement of profit or loss when the asset
is derecognised. A leased asset is depreciated over the
useful life of the asset. However, if there is
i. Borrowing costs
no reasonable certainty that the Company
Borrowing costs directly attributable to the will obtain ownership by the end of the
acquisition, construction or production of lease term, the asset is depreciated over
an asset that necessarily takes a substantial the shorter of the estimated useful life of
period of time to get ready for its intended the asset and the lease term.
use or sale are capitalised as part of the
Operating lease payments are recognised
cost of the asset. All other borrowing costs
as an expense in the statement of profit
are expensed in the period in which they
and loss on a straight-line basis over
occur. Borrowing costs consist of interest
the lease term.
and other costs that an entity incurs in
connection with the borrowing of funds. k. Inventories
Borrowing cost also includes exchange
Inventories are valued at the lower of cost
differences to the extent regarded as an
and net realisable value.
adjustment to the borrowing costs.
Costs incurred in bringing each product
j. Leases
to its present location and condition are
The determination of whether an accounted for as follows:
arrangement is (or contains) a lease
o Raw materials: cost includes
is based on the substance of the
cost of purchase and other costs
arrangement at the inception of the
incurred in bringing the inventories
lease. The arrangement is, or contains, a
to their present location and
lease if fulfilment of the arrangement is
condition. Cost is determined on
dependent on the use of a specific asset
weighted average basis.
or assets and the arrangement conveys
a right to use the asset or assets, even o Finished goods and work in
if that right is not explicitly specified in progress: cost includes cost of
an arrangement. direct materials and labour and
a proportion of manufacturing

overheads based on the normal allocated. These budgets and forecast

operating capacity, but excluding calculations generally cover a period of
borrowing costs. Cost is determined five years. For longer periods, a long-term
on weighted average basis. growth rate is calculated and applied to
project future cash flows after the fifth
o Traded goods: cost includes cost
year. To estimate cash flow projections
of purchase and other costs
beyond periods covered by the most
recent budgets/forecasts, the Company
extrapolates cash flow projections in
the budget using a steady or declining
weighted average basis.
growth rate for subsequent years, unless
o By-products and scraps are valued at an increasing rate can be justified. In any
net realisable value. case, this growth rate does not exceed
the long-term average growth rate for
Net realisable value is the estimated selling
the products, industries, or country or
price in the ordinary course of business,
countries in which the entity operates, or
less estimated costs of completion and the
for the market in which the asset is used.
estimated costs necessary to make the sale.
Impairment losses of continuing
l. Impairment of non-financial assets
operations, including impairment
The Company assesses, at each reporting on inventories, are recognised in the
date, whether there is an indication that statement of profit and loss, except for
an asset may be impaired. If any indication properties previously revalued with the
exists, or when annual impairment testing revaluation surplus taken to OCI. For such
for an asset is required, the Company properties, the impairment is recognised
estimates the asset’s recoverable amount. in OCI up to the amount of any previous
An asset’s recoverable amount is the revaluation surplus.
higher of an asset’s or cash-generating
For assets excluding goodwill, an
unit’s (CGU) fair value less costs of disposal
assessment is made at each reporting date
and its value in use. Recoverable amount is
to determine whether there is an indication
determined for an individual asset, unless
that previously recognised impairment
the asset does not generate cash inflows
losses no longer exist or have decreased.
that are largely independent of those
If such indication exists, the Company
from other assets or groups of assets.
estimates the asset’s or CGU’s recoverable
When the carrying amount of an asset or
amount. A previously recognised
CGU exceeds its recoverable amount, the
impairment loss is reversed only if there
asset is considered impaired and is written
has been a change in the assumptions
down to its recoverable amount.
used to determine the asset’s recoverable
In assessing value in use, the estimated amount since the last impairment loss was
future cash flows are discounted to their recognised. The reversal is limited so that
present value using a pre-tax discount rate the carrying amount of the asset does not
that reflects current market assessments exceed its recoverable amount, nor exceed
of the time value of money and the risks the carrying amount that would have
specific to the asset. In determining fair been determined, net of depreciation,
value less costs of disposal, recent market had no impairment loss been recognised
transactions are taken into account. If no for the asset in prior years. Such reversal
such transactions can be identified, an is recognised in the statement of profit or
appropriate valuation model is used. loss unless the asset is carried at a revalued
These calculations are corroborated by amount, in which case, the reversal is
valuation multiples, quoted share prices treated as a revaluation increase.
for publicly traded companies or other
m. Provisions
available fair value indicators.
General
The Company bases its impairment
calculation on detailed budgets and Provisions are recognised when the
forecast calculations, which are prepared Company has a present obligation (legal
separately for each of the Company’s or constructive) as a result of a past
CGUs to which the individual assets are event, it is probable that an outflow of

resources embodying economic benefits the net defined benefit liability), are
will be required to settle the obligation recognised immediately in the balance
and a reliable estimate can be made of sheet with a corresponding debit or credit
the amount of the obligation. When the to retained earnings through OCI in the
Company expects some or all of a provision period in which they occur.
to be reimbursed, for example, under an
Re-measurements are not reclassified to
insurance contract, the reimbursement
profit or loss in subsequent periods.
is recognised as a separate asset, but
only when the reimbursement is virtually Net interest is calculated by applying the
certain. The expense relating to a provision discount rate to the net defined benefit
is presented in the statement of profit and liability or asset. The Company recognises
loss net of any reimbursement. the following changes in the net defined
benefit obligation as an expense in the
If the effect of the time value of money is
consolidated statement of profit and loss:
material, provisions are discounted using
a current pre-tax rate that reflects, when o Service costs comprising current
appropriate, the risks specific to the liability. service costs, past-service costs; and
When discounting is used, the increase in
o Net interest expense or income
the provision due to the passage of time is
recognised as a finance cost. Long term employee benefits:
n. Retirement and other employee benefits Compensated absences are not expected
to occur within twelve months after the
Retirement benefit in the form of
end of the period in which the employee
provident fund is a defined contribution
renders the related services are recognised
scheme. The Company has no obligation,
as a liability at the present value of
other than the contribution payable to the
the defined benefit obligation at the
provident fund. The Company recognizes
balance sheet date.
contribution payable to the provident
fund scheme as an expense, when an Termination benefits
employee renders the related service.
Termination benefits are recognised
If the contribution payable to the scheme
as an expense in the period in which
for service received before the balance
they are incurred.
sheet date exceeds the contribution
already paid, the deficit payable to the o. Financial instruments
scheme is recognized as a liability after
A financial instrument is any contract that
deducting the contribution already paid.
gives rise to a financial asset of one entity
If the contribution already paid exceeds
and a financial liability or equity instrument
the contribution due for services received
of another entity.
before the balance sheet date, then excess
is recognized as an asset to the extent (a)
Financial assets
that the pre-payment will lead to, for
Initial recognition and measurement
example, a reduction in future payment
or a cash refund. All financial assets are recognised
initially at fair value plus, in the case
The Company operates a defined benefit
of financial assets not recorded
gratuity plan in India, which requires
at fair value through profit or loss,
contributions to be made to a separately
transaction costs that are attributable
administered fund.
to the acquisition of the financial
The cost of providing benefits under the asset. Purchases or sales of financial
defined benefit plan is determined using assets that require delivery of assets
the projected unit credit method. within a time frame established
by regulation or convention in the
Re-measurements, comprising of actuarial
market place (regular way trades) are
gains and losses, the effect of the asset
recognised on the trade date, i.e., the
ceiling, excluding amounts included in net
date that the Company commits to
interest on the net defined benefit liability
purchase or sell the asset.
and the return on plan assets (excluding
amounts included in net interest on

Subsequent measurement b) The asset’s contractual cash flows

represent SPPI.
For purposes of subsequent measurement,
financial assets are classified in Debt instruments included within the
four categories: FVTOCI category are measured initially as
well as at each reporting date at fair value.
o Debt instruments at amortised cost.
Fair value movements are recognized in
o Debt instruments at fair value the other comprehensive income (OCI).
through other comprehensive However, the Company recognizes interest
income (FVTOCI). income, impairment losses & reversals and
foreign exchange gain or loss in the P&L.
o Debt instruments, derivatives and
On derecognition of the asset, cumulative
equity instruments at fair value
gain or loss previously recognised in OCI
through profit or loss (FVTPL).
is reclassified from the equity to P&L.
o Equity instruments measured at fair Interest earned whilst holding FVTOCI debt
value through other comprehensive instrument is reported as interest income
income (FVTOCI). using the EIR method.
Debt instruments at amortised cost The Company has not designated any debt
instrument as at FVTOCI.
A ‘debt instrument’ is measured at the
amortised cost if both the following Debt instrument at FVTPL
conditions are met:
FVTPL is a residual category for debt
a) The asset is held within a business instruments. Any debt instrument,
model whose objective is to hold which does not meet the criteria for
assets for collecting contractual categorization as at amortized cost or as
cash flows, and FVTOCI, is classified as at FVTPL.
b) Contractual terms of the asset give In addition, the Company may elect
rise on specified dates to cash flows to designate a debt instrument,
that are solely payments of principal which otherwise meets amortized
and interest (SPPI) on the principal cost or FVTOCI criteria, as at FVTPL.
amount outstanding. However, such election is allowed only
if doing so reduces or eliminates a
This category is the most relevant to the
measurement or recognition inconsistency
Company. After initial measurement,
(referred to as ‘accounting mismatch’).
such financial assets are subsequently
The Company has not designated any debt
measured at amortised cost using the
instrument as at FVTPL.
effective interest rate (EIR) method.
Amortised cost is calculated by taking Debt instruments included within the
into account any discount or premium FVTPL category are measured at fair value
on acquisition and fees or costs that with all changes recognized in the P&L.
are an integral part of the EIR. The EIR
Equity investments
amortisation is included in finance income
in the profit or loss. The losses arising from All equity investments in scope of Ind
impairment are recognised in the profit AS 109 are measured at fair value.
or loss. This category generally applies to Equity instruments which are held for
trade and other receivables. trading and contingent consideration
recognised by an acquirer in a business
Debt instrument at FVTOCI
combination to which Ind AS103 applies
A ‘debt instrument’ is classified as at are classified as at FVTPL. For all other
the FVTOCI if both of the following equity instruments, the Company
criteria are met: may make an irrevocable election to
present in other comprehensive income
a) The objective of the business model
subsequent changes in the fair value.
is achieved both by collecting
The Company makes such election on
contractual cash flows and selling the
an instrument-by-instrument basis.
financial assets, and
The classification is made on initial
recognition and is irrevocable.

If the Company decides to classify an equity Impairment of financial assets

instrument as at FVTOCI, then all fair value
In accordance with Ind AS 109, the
changes on the instrument, excluding
Company applies expected credit loss (ECL)
dividends, are recognized in the OCI.
model for measurement and recognition
There is no recycling of the amounts from
of impairment loss on the following
OCI to P&L, even on sale of investment.
financial assets and credit risk exposure:
However, the Company may transfer the
cumulative gain or loss within equity. a. Financial assets that are debt
instruments, and are measured
De-recognition
at amortised cost e.g., loans, debt
A financial asset (or, where applicable, a securities, deposits, trade receivables
part of a financial asset or part of a group and bank balance
of similar financial assets) is primarily
b. Financial assets that are
derecognised (i.e. removed from the
debt instruments and are
Company’s balance sheet) when:
measured as at FVTOCI
o The rights to receive cash flows from
c. Trade receivables or any contractual
the asset have expired, or
right to receive cash or another
o The Company has transferred its financial asset that result from
rights to receive cash flows from the transactions that are within the
asset or has assumed an obligation scope of Ind AS 115 (referred to as
to pay the received cash flows in full ‘Trade receivables’)
without material delay to a third party
d. Loan commitments which are not
under a ‘pass-through’ arrangement;
measured as at FVTPL
and either (a) the Company has
transferred substantially all the risks e. Financial guarantee contracts which
and rewards of the asset, or (b) the are not measured as at FVTPL
Company has neither transferred
The Company follows ‘simplified
nor retained substantially all the risks
approach’ for recognition of impairment
and rewards of the asset, but has
loss allowance on:
transferred control of the asset.
o Trade receivables or contract revenue
When the Company has transferred
receivables; and
its rights to receive cash flows from an
asset or has entered into a pass-through o Loans and other financial assets
arrangement, it evaluates if and to
The application of simplified
what extent it has retained the risks and
approach does not require the
rewards of ownership. When it has neither
company to track changes in credit
transferred nor retained substantially
risk. Rather, it recognises impairment
all of the risks and rewards of the asset,
loss allowance based on lifetime ECLs
nor transferred control of the asset, the
at each reporting date, right from its
Company continues to recognise the
initial recognition.
transferred asset to the extent of the
Company’s continuing involvement. In that ECL impairment loss allowance (or reversal)
case, the Company also recognises an recognized during the period is recognized
associated liability. The transferred asset as income/ expense in the statement
and the associated liability are measured of profit and loss (P&L). This amount is
on a basis that reflects the rights and reflected under the head ‘other expenses’
obligations that the Company has retained. in the P&L. The balance sheet presentation
for various financial instruments is
Continuing involvement that takes
described below:
the form of a guarantee over the
transferred asset is measured at the o Financial assets measured as at
lower of the original carrying amount of amortised cost and contractual
the asset and the maximum amount of revenue receivables: ECL is presented
consideration that the company could be as an allowance, i.e., as an integral part
required to repay. of the measurement of those assets
in the balance sheet. The allowance

reduces the net carrying amount. for the purpose of repurchasing in the
Until the asset meets write-off near term. This category also includes
criteria, the Company does not derivative financial instruments entered
reduce impairment allowance from into by the company that are not
the gross carrying amount. designated as hedging instruments in
hedge relationships as defined by Ind AS
o Loan commitments and financial
109. Separated embedded derivatives
guarantee contracts: ECL is presented
are also classified as held for trading
as a provision in the balance sheet,
unless they are designated as effective
i.e. as a liability.
hedging instruments.
For assessing increase in credit risk and
Gains or losses on liabilities held for trading
impairment loss, the Company combines
are recognised in the profit or loss.
financial instruments on the basis of
shared credit risk characteristics with the Financial liabilities designated upon
objective of facilitating an analysis that is initial recognition at fair value through
designed to enable significant increases in profit or loss are designated as such at
credit risk to be identified on a timely basis. the initial date of recognition, and only
if the criteria in Ind AS 109 are satisfied.
The Company does not have any
For liabilities designated as FVTPL, fair
purchased or originated credit-impaired
value gains/ losses attributable to changes
(POCI) financial assets, i.e., financial
in own credit risk are recognized in OCI.
assets which are credit impaired on
These gains/ loss are not subsequently
purchase/ origination.
transferred to P&L. However, the Company
(b)
Financial liabilities may transfer the cumulative gain or loss
within equity. All other changes in fair
value of such liability are recognised in the
Financial liabilities are classified, statement of profit or loss. The Company
at initial recognition, as financial has not designated any financial liability as
liabilities at fair value through profit or at fair value through profit and loss.
loss, loans and borrowings, payables,
Loans and borrowings
or as derivatives designated as
hedging instruments in an effective This is the category most relevant to
hedge, as appropriate. the Company. After initial recognition,
interest-bearing loans and borrowings
All financial liabilities are recognised
are subsequently measured at amortised
initially at fair value and, in the case of
cost using the EIR method. Gains and
loans and borrowings and payables, net of
losses are recognised in profit or loss when
directly attributable transaction costs.
the liabilities are derecognised as well as
The Company’s financial liabilities include through the EIR amortisation process.
trade and other payables, loans and
Amortised cost is calculated by taking
borrowings including bank overdrafts,
into account any discount or premium
financial guarantee contracts and
on acquisition and fees or costs that
derivative financial instruments.
are an integral part of the EIR. The EIR
Subsequent measurement amortisation is included as finance costs in
the statement of profit and loss.
The measurement of financial liabilities
depends on their classification, as This category generally applies
described below: to borrowings. For more
information refer Note 18.
Financial liabilities at fair value
through profit or loss Financial guarantee contracts
Financial liabilities at fair value through Financial guarantee contracts issued by
profit or loss include financial liabilities the Company are those contracts that
held for trading and financial liabilities require a payment to be made to reimburse
designated upon initial recognition the holder for a loss it incurs because the
as at fair value through profit or loss. specified debtor fails to make a payment
Financial liabilities are classified as when due in accordance with the terms
held for trading if they are incurred of a debt instrument. Financial guarantee

contracts are recognised initially as a q. Cash and cash equivalents

liability at fairvalue, adjusted for transaction
Cash and cash equivalent in the balance
costs that are directly attributable to the
sheet comprise cash at banks and on
issuance of the guarantee. Subsequently,
hand and short-term deposits with an
the liability is measured at the higher of
original maturity of three months or less,
the amount of loss allowance determined
as per impairment requirements of Ind which are subject to an insignificant risk
AS 109 and the amount recognised less of changes in value.
cumulative amortisation. r. Earnings per share
De-recognition Basic earnings per share is calculated
A financial liability is derecognised when the by dividing the net profit or loss
obligation under the liability is discharged attributable to equity holder of the
or cancelled or expires. When an existing company (after deducting preference
financial liability is replaced by another dividends and attributable taxes)
from the same lender on substantially by the weighted average number of
different terms, or the terms of an existing equity shares outstanding during the
liability are substantially modified, such period. Partly paid equity shares are
an exchange or modification is treated as treated as a fraction of an equity share
the derecognition of the original liability to the extent that they are entitled to
and the recognition of a new liability. participate in dividends relative to a fully
The difference in the respective carrying paid equity share during the reporting
amounts is recognised in the statement of period. The weighted average number
profit or loss. of equity shares outstanding during the
period is adjusted for events such as
(c) Offsetting of financial instruments
bonus issue, bonus element in a rights
Financial assets and financial issue, share split, and reverse share
liabilities are offset and the split (consolidation of shares) that have
net amount is reported in the changed the number of equity shares
consolidated balance sheet if there is outstanding, without a corresponding
a currently enforceable legal right to change in resources.
offset the recognised amounts and
For the purpose of calculating diluted
there is an intention to settle on a net
earnings per share, the net profit or loss
basis, to realise the assets and settle
the liabilities simultaneously. for the period attributable to equity
shareholders of the company and the
p. Compounding financial instruments weighted average number of shares
The company had issued compound outstanding during the period are
financial instruments (redeemable adjusted for the effects of all dilutive
preference shares, optionally convertible potential equity shares.
preference shares and redeemable s. Derivative financial instruments
non-convertible debentures) as part of
its restructuring of debts with lenders. The Company uses derivative financial
On issuance of compounding financial instruments, such as forward currency
instruments, the fair value of the liability contracts, currency option contracts,
component is determined using a market forward commodity contracts and
rate for an equivalent non-convertible commodity option contract to hedge its
instrument. This amount is classified foreign currency risks and commodity
as a financial liability measured at price risks. Such derivative financial
amortised cost (net of transaction costs) instruments are initially recognised
until it is extinguished on conversion or at fair value on the date on which a
redemption. The difference between value derivative contract is entered into and
of Compound financial instruments so are subsequently re-measured at fair
determined and the non sustainable part value. Derivatives are carried as financial
of borrowing is recognised as income on assets when the fair value is positive
de-recognition of financial liability in the and as financial liabilities when the fair
statement of profit and loss. value is negative

2.2 S
ignificant accounting judgments estimates recognised, based upon the likely timing
and assumptions and the level of future taxable profits.
The preparation of the Company financial
The Company has unabsorbed
statements requires management to make
depreciation of Rs.12,302.14
judgements, estimates and assumptions that
million (31st March 2018: Rs.
affect the reported amounts of revenues,
12,314.74 million), unabsorbed tax losses
expenses, assets and liabilities, and the
of Rs. 16,596.44 million (31st March 2018:
accompanying disclosures, and the disclosure
Rs. 22,518.09 million) on which deferred
of contingent liabilities. Uncertainty about
tax asset has been created and MAT
these assumptions and estimates could result
credit entitlement of Rs.528.90 million
in outcomes that require a material adjustment
(31st March 2018: Rs. 528.90 million).
to the carrying amount of assets or liabilities
The unabsorbed depreciation can be
affected in future periods.
carried forward for indefinite period,
Estimates and assumptions whereas the unabsorbed losses and
the MAT credit entitlement can be
The key assumptions concerning the future
carried forward for 8 years and 15
and other key sources of estimation uncertainty
years respectively. Considering the
at the reporting date, that have a significant
improved performance of the Company
risk of causing a material adjustment to the
in the current year, continued financial
carrying amounts of assets and liabilities
support from the parent company,
within the next financial year, are described
various incentives / regulatory measures
below. The Company based its assumptions
announced by the government for sugar
and estimates on parameters available when
and ethanol, the Company expects to
the financial statements were prepared.
generate taxable profits in future years
Existing circumstances and assumptions about
and hence the Company has recognised
future developments, however, may change
deferred tax assets.
due to market changes or circumstances arising
that are beyond the control of the Company. 3. Impairment of non-financial assets
Such changes are reflected in the assumptions
Impairment exists when the carrying value
when they occur.
of an asset or cash generating unit exceeds
1. Revaluation of property, plant and equipment its recoverable amount, which is the higher
of its fair value less costs of disposal and its
The Company measures land, buildings,
value in use. The value in use calculation
plant and machinery classified as property,
is based on a DCF model. The cash flows
plant and equipment at revalued amounts
are derived from the cashflow estimates
with changes in fair value being recognised
for the remaining life of the asset (in
in OCI. The Company has engaged an
case of BOOT) and budget for 5 years in
independent valuation specialist to
case of other assets and do not include
assess fair value as at 31st March 2019
restructuring activities that the Company is
for revaluation of land, buildings, plant
not yet committed to or significant future
and equipment. Fair value of land was
investments that will enhance the asset’s
determined by using the market approach
performance of the CGU being tested.
and building and plant & equipment
The recoverable amount is sensitive to the
was determined by using depreciated
discount rate used for the DCF model as
replacement cost (DRC) method. The key
well as the expected future cash-inflows.
assumptions used to determine fair value
of the property, plant and equipment are 4. Valuation of investments
provided in Note 3.
Investments in subsidiaries are carried
2. Taxes at cost in the financial statements.
Where an indication of impairment exists,
Deferred tax assets are recognised for
the carrying amount of the investment is
unused tax losses to the extent that it
assessed and written down immediately to
is probable that taxable profit will be
its recoverable amount. The recoverable
available against which the losses can
amount is the higher of an asset’s fair
be utilised. Significant management
value less costs of disposal and value
judgement is required to determine the
in use. On disposal of investments in
amount of deferred tax assets that can be

subsidiaries, the difference between operated in India, the management

net disposal proceeds and the carrying considers the interest rates of government
amounts are recognized in the Statement bonds in currencies consistent with the
of profit and loss. currencies of the post-employment
benefit obligation.
The recoverable amount calculation is
based on a DCF (Discounted Cash Flow) The mortality rate is based on publicly
model. The cash flows are derived from available mortality tables. Those mortality
the budget for the next five years and do tables tend to change only at interval
not include restructuring activities that in response to demographic changes.
the company is not yet committed to or Future salary increases and gratuity
significant future investments that will increases are based on expected future
enhance the asset’s performance of the inflation rates.
CGU being tested. The recoverable amount
Further details about gratuity obligations
is sensitive to the discount rate used for
are given in Note 39.
the DCF model as well as the expected
future cash-inflows and the growth 2.3 Standards issued but not yet effective
rate used for extrapolation purposes.
The amendments to standards that are issued,
The key assumptions used to determine
but not yet effective, up to the date of issuance
the recoverable amount for the different
of the Company’s financial statements are
CGUs, including a sensitivity analysis, are
disclosed below. The Company intends to
disclosed and further explained in Note 5.
adopt these standards, if applicable, when they
5. Financial instruments become effective.
During the previous year the Company The Ministry of Corporate Affairs (MCA) has
had entered into framework agreement issued the Companies (Indian Accounting
with its lenders for restructuring its Standards) Amendment Rules, 2017 and
borrowings. As part of the restructuring Companies (Indian Accounting Standards)
process the Company has issued 0.01% Amendment Rules, 2018 amending the
Non-convertible debentures, redeemable following standard:
preference shares and optionally
Ind AS 116 Accounting for leases
convertible preference shares to the
lenders. The Company has recognised the Ind AS 116 Leases was notified on
new instruments issued at fair value and 30th March 2019 and it replaces Ind AS 17
the difference between the fair value of Leases, including appendices thereto. Ind AS
the instrument and the non-sustainable 116 is effective for annual periods beginning on
part of borrowings has been recognised or after 1st April 2019. Ind AS 116 sets out the
as income on de-recognition of financial principles for the recognition, measurement,
liability by the Company. presentation and disclosure of leases and
requires lessees to account for all leases under
6. Defined benefit plans (gratuity benefits)
a single on-balance sheet model similar to
The cost of the defined benefit gratuity the accounting for finance leases under Ind
plan are determined using actuarial AS 17. The standard includes two recognition
valuations. An actuarial valuation involves exemptions for lessees – leases of ‘low-value’
making various assumptions that may assets (e.g., personal computers) and
differ from actual developments in the short-term leases (i.e., leases with a lease term
future. These include the determination of 12 months or less). At the commencement
of the discount rate, future salary date of a lease, a lessee will recognise a liability
increases and mortality rates. Due to the to make lease payments (i.e., the lease liability)
complexities involved in the valuation and and an asset representing the right to use the
its long-term nature, a defined benefit underlying asset during the lease term (i.e., the
obligation is highly sensitive to changes right-of-use asset). Lessees will be required to
in these assumptions. All assumptions are separately recognise the interest expense on the
reviewed at each reporting date. lease liability and the depreciation expense on
the right-of-use asset.
The parameter most subject to change
is the discount rate. In determining Lessees will be also required to remeasure the
the appropriate discount rate for plans lease liability upon the occurrence of certain

events (e.g., a change in the lease term, a using the modified retrospective approach.
change in future lease payments resulting from The new standard is based on the principle that
a change in an index or rate used to determine revenue is recognised when control of goods
those payments). The lessee will generally or services is transferred to the customer and
recognise the amount of the remeasurement provides a single, principles based five-step
of the lease liability as an adjustment to the model to be applied to all sales contracts.
right-of-use asset. It replaces the separate models for goods,
services and construction contracts under
The company intends to adopt Ind AS 116
previous standards (Indian Accounting Standard
from the date when they become effective.
11 and Indian Accounting Standard 18) which
The Company is in the process of assessing
was based on the concept of transfer of risks
the impact on adoption of Ind AS 116 in the
and rewards. It also provides further guidance
on the measurement of sales on contracts
2.4
Changes in accounting policies and which have discounts, rebates or incentives by
disclosures applying variable consideration principles.
New and amended standards and Based on the evaluation of commercial
interpretations arrangements with customers, the Company has
identified certain discounts/ rebates/ incentives
Ind AS 115 Revenue from Contracts with
to customers which need to be accounted.
Customers
It has also identified certain expenses which
The Company applied Ind AS 115 for the first are now required to be reduced from revenue.
time. The nature and effect of the changes as The Company has applied the Standard from
a result of adoption of these new accounting April 1, 2018 under the modified retrospective
standards are described below. approach and there were no significant
adjustments required to the statement of profit
Effective April 1, 2018, the Company has
and loss for the year ended March 31, 2019.
adopted Indian Accounting Standard 115
(Revenue from contracts with customers) by

Notes to Financial Statements

Note 3. Property, plant and equipment All amounts in million Indian Rupees, unless otherwise stated
Total for
Plant,
plant, Capital
Leasehold Freehold machinery Furniture
Buildings Vehicles property work-in- Total
land land and & fixtures
and progress
equipment
equipment
Gross block
As at 1st April 2017 180.39 2,026.05 7,223.55 35,965.60 92.47 32.97 45,521.03 326.82 45,847.85
Additions - 1.13 29.77 153.12 10.43 7.50 201.95 - 201.95
Disposals - (1.31) (9.28) (789.08) (15.30) (9.73) (824.70) (28.90) (853.60)
At 31st March 2018 180.39 2,025.87 7,244.04 35,329.64 87.60 30.74 44,898.28 297.92 45,196.20
Additions - 60.21 163.53 478.07 17.75 6.43 725.99 738.60 1,464.59
Revaluation Reserve 819.00 (45.63) 694.78 (648.46) - - 819.69 - 819.69
Disposals - - - (5.52) (7.79) (15.70) (29.01) - (29.01)
At 31st March 2019 999.39 2,040.45 8,102.35 35,153.73 97.56 21.47 46,414.95 1,036.52 47,451.47
Depreciation and impairment
As at 1st April 2017 4.38 - 569.92 3,300.80 43.19 6.13 3,924.42 - 3,924.42
Depreciation charge for the year 2.19 - 273.24 2,016.66 20.32 8.74 2,321.15 - 2,321.15
Disposals - - (5.77) (455.20) (13.91) (8.26) (483.14) - (483.14)
Impairment - - - 523.62 - - 523.62 28.76 552.38
At 31st March 2018 6.57 - 837.39 5,385.88 49.60 6.61 6,286.05 28.76 6,314.81
Depreciation charge for the year 2.15 267.60 1,839.77 17.82 6.47 2,133.81 - 2,133.81
(refer Note 34)
Disposals - - - (2.00) (7.73) (10.94) (20.67) - (20.67)
Impairment - - - - - - - 4.23 4.23
At 31st March 2019 8.72 - 1,104.99 7,223.65 59.69 2.14 8,399.19 32.99 8,432.18
Net book value
At 31st March 2019 990.67 2,040.45 6,997.36 27,930.08 37.87 19.33 38,015.76 1,003.53 39,019.29
At 31st March 2018 173.82 2,025.87 6,406.65 29,943.76 38.00 24.13 38,612.23 269.16 38,881.39
A. Capital work in progress
Capital work in progress as at 31st March 2019 comprises expenditure for the plant and building in the course
of construction.
B. Revaluation of land, buildings and plant, machinery and equipment
During the year, the Company had appointed an independent valuer to determine the fair value of freehold and lease
hold land, building and plant and machineries. As an outcome of this process, the Company has recognised increase
in the gross block of land (free and lease hold) of Rs. 773.37 million, buildings of Rs. 694.78 million and decrease in
plant and machineries of Rs. 648.46 million. The company recognised this increase within the revaluation reserve
and statement of comprehensive income.
The Company determined these fair values after considering physical condition of the asset, technical usability /
capacity, salvage value, quotes from independent vendors. The fair value of land is determined using market approach
and building, plant, machinery and equipment using depreciated replacement cost (DRC). The DRC is derived from
the Gross current reproduction / replacement cost (GCRC) which is reduced by considering depreciation (GCRC
means cost expected to replace existing asset with similar or equivalent new asset as on date of valuation). The fair
value measurement will be classified under level 3 fair value hierarchy.

Significant unobservable valuation input:

Asset Valuation technique Significant unobservable inputs
Freehold land/Lease hold land Market approach The value of land was determined based on condition,
location, demand and supply in and around and other
infrastructure facilities available at and around the
said plot of land. Land which was based on government
promoted industrial estates, was appraised on the
present fair market value depending on the condition
of the said estates, its location and availability of such
plots in the said industrial estate.
Building Depreciated Building/structural sheds were measured considering
Replacement Cost (DRC) the DRC cost method for the constructed area
depending on Utility and Design of Building Structures
condition, actual physical condition and state of
repairs and maintenance, type of general and Special
Specifications of construction, remaining useful
economic life of the structures, demand for the
structures, cost of building materials and related
construction supplies in the surrounding area, latest
trends in the building construction technology,
present day replacement cost of comparable building
structures, Depreciation for Physical wears and tear.
Plant, machinery and equipment Depreciated The valuaion of Plant & Machinery has been estimated
Sugar Plant Replacement Cost (DRC) by DRC method under cost approach of valuation. The
Co-Generation Plant DRC is adjusted towards the Obsolescence, Potential
Ethanol plant Profitability and Service Potential in order to estimate
the Market Value ‘In-Situ’ of the plant & machinery.
Information of revaluation model (gross of deferred tax):
Million `
Opening balance as at 1st April 2017 18,638.93
Purchases -
Depreciation (672.73)
Other adjustments (1,072.70)
Closing balance as at 31st March 2018 16,893.50
Measurement recognised in reserves 819.69
Purchases -
Disposed off (1.11)
If land, building and plant, machinery and equipment were measured using the cost model, the carrying amounts would
be as follows:
As at As at
Cost
Freehold Land 483.86 423.65
Lease hold land 180.39 180.39
Buildings 5,745.27 5,581.04
Plant, machinery and equipment 27,900.82 27,764.33
Total 34,310.34 33,949.41
Accumulated depreciation
Freehold Land - -
Buildings 1,828.46 1,789.34
12,996.47 12,292.61
Net carrying amount
Freehold Land 483.86 423.65
Buildings 3,916.81 3,791.70
21,313.87 21,656.80

Note 4. Other intangible assets

Computer
software
Gross block
As at 1st April 2017 19.80
Additions 0.50
Disposals (0.18)
As at 31st March 2018 20.12
Additions 0.21
Disposals -

Amortisation for the year 0.42
Disposals (0.18)
Amortisation for the year 0.24
Disposals -
Net book value

Note 5: Investments
As at 31st March 2019 As at 31st March 2018
Number of ` Million Number of
Currency Face value units ` Million
units
Current:
Unquoted equity shares: At Cost
In Subsidiary Companies
Shree Renuka Global Ventures Ltd.* USD 1 395674975 18,245.25 - -
Less:- Impairment allowance (18,245.25) -
- -
Non Current:
Unquoted equity shares: At Cost
In Subsidiary Companies
KBK Chem-Engineering Pvt Ltd. ` 100 1,69,143 547.92 1,69,143 547.92

Gokak Sugars Ltd. ` 10 3,29,37,140 187.26 3,29,37,140 187.26
Monica Trading Pvt. Ltd. ` 10 10,000 171.52 10,000 171.52
Shree Renuka Global Ventures Ltd* USD 1 - - 39,56,74,975 18,245.25

Less:- Impairment allowance - - - (18,245.25)
Renuka Commodities DMCC, Dubai AED 10,000 40 4.97 40 4.97

Less:- Impairment allowance - (4.97) - (4.97)
Shree Renuka Agri Ventures Ltd ` 10 2,50,000 2.50 2,50,000 2.50

Shree Renuka East Africa Agriventures PLC Birr 180 9,999 5.19 9,999 5.19
Shree Renuka Tunaport Pvt. Ltd ` 10 10,000 0.10 10,000 0.10

In Other Companies
Unquoted equity shares: At fair value through
other comprehensive income (fully paid)
National Commodity & Derivatives Exchange Ltd. ` 10 25,33,700 179.59 25,33,700 354.71
(NCDEX) (refer note 42)#


Number of ` Million Number of
Currency Face value units ` Million
units
Aggregate Value of total Investment 1,086.29 1,261.41
Aggregate value of unquoted investment 19,344.30 19,519.42

Aggregate amount of impairment allowance in (18,258.01) (18,258.01)
value of investments
*On 7th May 2019, Shree Renuka Global Ventures Ltd (SRGVL) entered into non-binding term sheet with an investor. As per
the terms defined in the term sheet, SRGVL will issue fresh equity shares to the investor, consequent to which the interest
held by the Company in SRGVL will be reduced to 19% and the Company will also not have right to representation on the
Board of Directors of SRGVL. Accordingly, after execution of this transaction, the Company would lose control on SRGVL.
# 697,700 equity shares pledged with IDBI bank towards working capital loan availed by the Company.
Note 6 : Loans
As at As at
Loans to Subsidiary companies (Refer Note 41 (C) ) 3,876.03 2,060.69
Less: Impairment allowance (Refer Note 41 (C) ) (2,060.73) (2,060.69)
1,815.30 -
Break-up for security details
Unsecured considered good 1,815.30 -
Unsecured, credit impaired 2,060.73 2,060.69
(A) 3,876.03 2,060.69
Impairment allowance*
Unsecured considered good - -
Unsecured, credit impaired (Refer Note 41 (C) ) (2,060.73) (2,060.69)
(B) (2,060.73) (2,060.69)
(A-B) 1,815.30 -
*The Company has recognised impairment allowance on life time expected credit loss basis towards loan given to its
subsidiaries.
During the year the Company advanced funds to its subsidiary, Gokak Sugars Limited (‘GSL), which is engaged in the
business of production of sugar, molasses and co-generation. The fund advanced to GSL was utilised to repay dues to
farmers, harvesters and transporters (H&T) and Agri loans under Crop and H&T schemes. The Company advanced amount
of ` 2,442.81 million in different tranches to GSL during the current year, out of which ` 1,815.30 million is outstanding as
at March 31, 2019.This loan carries interest at the rate of 11 % p.a and shall be payable along with principal repayment.
The Company intends to merge GSL with itself after obtaining necessary approvals for lenders, share holders and other
regulatory authorities.
Note 7 : Other non-current financial assets
As at As at
Unsecured & considered good:
Deposits 127.69 144.05
127.69 144.05
Note 8 : Other non-current assets

As at As at
Prepayments 1,121.86 1,211.53
Incentives receivable 197.43 197.43
Capital advances 89.75 15.26
Amount paid under protest to government authorities 383.98 421.14
1,793.02 1,845.36

As at As at
Unsecured considered good 1,595.59 1,647.93
Unsecured, considered doubtful 197.43 197.43
(A) 1,793.02 1,845.36
Impairment allowance
Unsecured, considered doubtful 197.43 197.43
(B) 197.43 197.43
(A-B) 1,595.59 1,647.93
Note 9 : Income tax

The major components of income tax expenses for the period ended 31st March 2019 and 31st March 2018 are:
As at As at
Profit and loss section
Current income tax:
Current income tax charge - -
Deferred tax:
Relating to origination and reversal of temporary differences (144.37) (6,276.67)
Income tax expense reported in the statement of profit and loss (144.37) (6,276.67)
OCI Section
Deferred tax related to items recognised in OCI during the year
Net loss/(gain) on remeasurements of defined benefit plans 9.08 (0.70)

Unrealised (gain)/loss on FVTOCI equity securities - 30.14
Reversal of revaluation reserve on disposal of asset/impairment of plant - 165.32
property and equipments
Revaluation reserve on plant property and equipments (255.74) -

Income tax income/(expenses) charged to OCI (246.66) 194.76
Reconciliation of tax expenses and the accounting profit multiplied by the India's domestic
tax rate for year ended 31st March 2019 and 31st March 2018
Accounting loss before tax (3,963.31) (36,098.03)

At India’s statutory income tax rate of 31.2% (31st March 2018: 33.99%) (1,236.55) (12,269.72)
Adjustments due to change in tax estimates of previous years - (1,001.57)
Impairment of investments not allowed for tax purpose - 6,205.90
Unwinding Interest not deductable 283.22 -
Government grants not allowed for tax 24.52 -
Loss on which no DTA created 555.82 -
Impairment allowance of financial assets 302.40 5,490.74
Income not considered for tax purpose - -
Gain due to restructuring plan - (4,703.84)
Other non deductible expenses/(Income) (73.79) 1.82
Income tax income in the statement of profit and loss (144.37) (6,276.67)
Deferred tax income reported in statement of profit and loss (144.37) (6,276.67)

As at As at
Deferred tax
Difference between carrying value of PPE and WDV as per the income tax act (8,950.02) (9,452.24)
Deferred tax on financial instruments (net) 2,500.13 322.44

Expenses claimed on payment basis 48.94 (17.25)
Revaluation of FVTOCI investment to fair value - 28.89
Losses available for offsetting against future taxable income 9,020.18 11,839.68
MAT credit entitlement 528.90 528.90
Net deferred tax assets/(liabilities) 3,148.13 3,250.42
Presented in the balance sheet as follows:

Deferred tax assets 3,148.13 3,250.42
Deferred tax liabilities - -
Deferred tax assets/(liabilities) 3,148.13 3,250.42
Reconciliation of deferred assets/(liabilities):

Opening balance as at 1st April 3,250.42 (3,221.00)
Tax income/(expense) during the period recognised in profit and loss 144.37 6,276.67
Tax income/(expense) during the period recognised in OCI (246.66) 194.75
Closing balance as at 31st March 2019 3,148.13 3,250.42
The Company has unabsorbed depreciation of ` 12,302.14 million (31st March 2018: ` 12,314.74 million) and unabsorbed
tax losses of ` 16,596.44 million (31st March 2018: ` 22,518.09 million) on which deferred tax asset has been created and
MAT credit entitlement of ` 528.90 million (31st March 2018: ` 528.90 million) . The unabsorbed depreciation can be
carried forward for indefinite period, whereas the unabsorbed losses and the MAT credit entitlement can be carried forward
for 8 year ` and 15 year respectively. Considering the improved performance of the Company in the current year, continued
financial support from the parent company, various incentives / regulatory measures announced by the government for
sugar and ethanol, the Company expects to generate taxable profits in future year and hence the Company has recognised
The Company has unabsorbed depreciation of ` 1,122.45 million (31st March 2018: `. Nil), unabsorbed tax losses of `
4,064.80 million (31st March 2018: `. Nil) on which deferred tax asset has not been created. The unabsorbed depreciation
can be carried forward for indefinite period, whereas the unabsorbed losses can be carried forward for 8 year.
Note 10: Inventories
As at As at
Raw materials, components and material in transit (at cost) 4,226.37 1,905.84
(includes transit stock of 31st March 2019: ` 38.58 Million (31st March 2018: ` Nil))
Stores and spares (at cost) 492.63 768.43
Intermediate products (at net realisable value) 1,277.99 338.36
Finished goods: (at lower of cost or net realisable value)
Manufactured 10,431.88 6,283.84
16,428.87 9,296.47
Note 11: Trade receivables
As at As at
Unsecured, considered good:
Receivables from third parties 1,805.58 6,989.49
Receivables from affiliates (Refer Note 41 (C) ) 0.44 0.60
Trade receivables (net) 1,806.02 6,990.09
Break-up for security details:

Secured, considered good
Unsecured, considered good
Receivables from third parties 1,805.58 6,989.49
Receivables from subsidiaries and affiliates (Refer Note 41 (C) ) 0.44 0.60
Unsecured, credit impaired
Receivables from third parties 190.44 660.68

As at As at
Receivables from subsidiaries (Refer Note 41 (C) ) 3,346.05 3,346.05
5,342.51 10,996.82
Impairment allowance (allowance for bad and doubtful debts)

Unsecured, considered good - -
Doubtful (3,536.49) (4,006.73)
(3,536.49) (4,006.73)
Trade receivables (Net) 1,806.02 6,990.09
The company has recognised impairment allowance on lifetime expected credit loss model amounting to ` 134.13 Million
( March 2018, ` 4,006.73 Million ).
No Trade or other receivables are due from directors or other officers of the company either severally or jointly with any
other person.
Trade receivables are non-interest bearing and are generally on terms of 7 to 30 days
Note 12: Cash and cash equivalents
As at As at
Cash and cash equivalents:
Cash on hand 0.82 1.05
Balances with banks:
On current accounts 201.20 338.18
202.02 339.23
Changes in liabilities arising from financing activities
Long term Short term
Particulars
borrowings borrowings
As at 1st April 2017 32,428.44 3,761.14
Cash flows (1,551.35) -
Other (8,900.69) (2,099.04)
As at 31st March 2018 21,976.40 1,662.10
Cash flows (1,202.24) 3,816.08
Other 617.12 -
As at 31st March 2019 21,391.28 5,478.18
Note 13: Other Bank balances
As at As at
Other Bank Balances:
Earmarked balances
Unpaid dividend accounts 2.99 6.45
Fixed deposit pledged with bank/deposited with government authorities* 15.62 14.74
18.61 21.19
*Fixed deposit with banks include amounts that have been provided as margin money and those that have been pledged
with government authorities towards guarantee.
Note 14: Loans
As at As at
Unsecured and considered good:
Loans to related parties
To subsidiary companies (Refer Note 41 (C) ) 15,020.28 15,308.54
To affiliate companies (Refer Note 41 (C) ) - 49.37
15,020.28 15,357.91
Unsecured, considered good 266.99 315.96
Unsecured, Credit impaired 14,753.29 15,041.95
(A) 15,020.28 15,357.91
Impairment allowance*
Unsecured, Credit impaired (14,753.29) (15,041.95)
(B) (14,753.29) (15,041.95)
(A-B) 266.99 315.96
*The Company has impairment allowance on life time expected credit loss model amounting to ` 14,753.29 ( 31st March
2018: ` 15.041.96 million) towards loans given to its subsidiaries.

Note 15: Other current financial assets

As at As at
Derivative Instruments at fair value through Profit or loss 124.14 -
Deposits with commodity agent 212.86 -
Export incentives receivable 3.15 3.09
Interest accrued 0.33 0.27
Interest receivable* 133.87 10.07
Other receivables** 21.39 -
495.74 13.43
Unsecured considered good 469.34 13.43
Unsecured, Credit impaired 26.40 -
(A) 495.74 13.43
Unsecured, Credit impaired*** 26.40 -
(B) 26.40 -
(A-B) 469.34 13.43
* Includes due from subsidiaries ` 133.87 million (31st March 2018 : ` Nil ) (Refer Note 41 (C))
** Represents due from subsidiaries ` 21.39 million (31st March 2018 : ` Nil ) (Refer Note 41 (C))
***Represents due from subsidiaries ` 26.40 million (31st March 2018 : ` Nil ) (Refer Note 41 (C))
Note 16: Other current assets
As at As at
Prepayments 212.34 287.13
Balances with government authorities 1,271.35 1,399.53
Related parties (Refer Note 41 (C) ) 160.70 686.70
Advance to suppliers 1,568.72 739.43
Others 411.16 635.40
3,624.27 3,748.19
Unsecured, Credit impaired 914.99 783.44
(A) 3,624.27 3,748.19
Unsecured, Credit impaired* 914.99 783.44
(B) 914.99 783.44
(A-B) 2,709.28 2,964.75
* Includes from subsidiaries and affiliate ` 160.20 million (31st March 2018 : ` 123.41 ) (Refer Note 41 (C)
Note 17a: Equity share capital
As at As at
a) Authorised share capital
2,900,000,000 Equity shares of ` 1 each 2,900.00 2,900.00
510,141,365, 0.01% Compulsorily convertible preference shares of ` 16.27 each 8,300.00 8,300.00
94,000,000, 0.01% Redeemable preference shares of ` 100 each 9,400.00 9,400.00
45,500,000, 0.01% Optionally convertible preference shares of ` 100 each 4,550.00 4,550.00
25,150.00 25,150.00
b) Issued, subscribed and paid up
1,916,819,292 Equity Shares of ` 1 each fully paid 1,916.82 1,916.82
1,916.82 1,916.82
Terms/rights attached to equity shares:
The Company has only one class of equity shares having face value of ` 1 per share. Each holder of equity shares is entitled
to one vote per share. The company declares and pays dividend in Indian rupees.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the
company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity
shares held by the shareholders.

Issued equity capital

Number of equity
shares
As at 1st April 2017 94,52,46,580
Shares issued during the year 97,15,72,712
As at 31st March 2018 1,91,68,19,292
Shares issued during the year -
As at 31st March 2019 1,91,68,19,292
Details of shareholders holding more than 5% shares in the equity share capital of the company
Name of the Shareholder As at 31st March 2019 As at 31st March 2018
No. of Shares % holding No. of Shares % holding
Wilmar Sugar Holdings Pte. Limited 1,11,82,04,751 58.34% 739336351 38.57%
ICICI Bank Limited 19,12,79,112 9.98% 192396579 10.04%
IDBI Bank Limited 18,19,69,219 9.49% 181969219 9.49%
Murkumbi Investments Private Limited - - 121414000 6.33%
Note 17b: Other equity
Securities premium account:
` Million
As at 1st April 2017 15,569.72
Increase on 9th March 2018 because of issuance of equity share capital 14,845.63
Increase on 9th March 2018 because of issuance of compulsorily convertible preference shares 4.82
Decrease due to transaction costs for issued share capital (23.66)
As at 31st March 2018 30,396.51
Increase /(Decrease) during the period -
As at 31st March 2019 30,396.51
Securities premium reserve is credited when shares are issued at premium. The reserve is utilised in accordance with the
provisions of the Companies Act 2013 (the Act).
Debenture redemption reserve (DRR) :
` Million
As at 1 April 2017
st
625.00
Transfer to/(from) retained earnings -
As at 31st March 2018 625.00
Transfer to/(from) retained earnings -
As at 31st March 2019 625.00
The Company has issued redeemable non-convertible debentures. Accordingly, the Companies (Share capital and
Debentures) Rules, 2014 (as amended), require the company to create DRR out of profits of the company available for
payment of dividend. DRR is required to be created for an amount which is equal to 25% of the value of debentures issued
over the life of debentures. The company has created reserve of 7.87% (31st March 2018: 7.79%) towards non convertable
debentures, out of retained earnings.
Other reserves
As at As at
Changes in equity instruments (120.31) 54.82
Total other reserves 10,638.97 11,123.96
Changes in equity instruments
Changes in equity instruments represents reserves created in respect of equity instruments carried at FVOCI.
Revaluation reserve:
Revaluation reserve is credited when Property, Plant and Equipments are revalued at fair value. The reserve is utilised in
accordance with the requirements of Ind AS 16.

Note 18: Borrowings (non-current)
As at As at
Secured
a) Non-convertible debentures (refer Note B below)
1500 Redeemable non-convertible debentures (11.70%) of `.1,000,000 each 1,447.48 1,500.00
1000 Redeemable non-convertible debentures (11.30%) of `.1,000,000 each 964.98 1,000.00
5,521 Redeemable non-convertible debentures (0.01%) of ` 1,000,000 each (refer note on 2,397.51 2,112.16
debt restructuring scheme below)
b) Term Loans (refer Note B below)

From Banks and financial institutions 11,040.44 12,331.30
From others (refer Note B below)

From IFCI Limited (Sugar Development Fund ) 320.99 435.45
Unsecured
Financial instruments
74,388,207 Redeemable preference shares (0.01%) of ` 100 each 1,202.31 1,058.95
42,808,858 Optionally convertible redeemable preference shares (0.01%) of ` 100 each 4,017.57 3,538.54
21,391.28 21,976.40
Less: Current maturity of long-term borrowings transferred to Other current financial liabilities (1,699.99) (959.16)
(refer Note 24)
19,691.29 21,017.24
Terms of repayment for the loan outstanding as on 31st March 2019
As at As at
Particulars Maturity Effective rate of interest
Non-convertible debentures
Non convertible debentures -LIC** 31st March 2024 11.70% 1,447.48 1,500.00
Non convertible debentures -LIC** 31st March 2024 11.30% 964.98 1,000.00
0.01% Non-convertible debentures 31st March 2027 12.90% # 2,397.51 2,112.16
issued to lenders
From Banks and financial institutions
Term loans
Indian Renewable Energy Development 31st December 2020 9.85% 140.88 221.38
Authority (IREDA)
Indian Renewable Energy Development 31st March 2022 11.60% 196.88 262.51
Authority (IREDA)
Exim Bank 31st March 2029 IDBI 1 473.18 503.71
year MCLR rate+1.1%
ICICI Bank Limited 31st March 2029 IDBI 1 4,139.24 4,406.29
year MCLR rate+1.1%
State Bank of India Limited 31st March 2029 IDBI 1 335.16 454.97
year MCLR rate+1.1%
IDBI Bank Limited 31st March 2029 IDBI 1 4,157.10 4,425.30
year MCLR rate+1.1%
Axis Bank Limited 31st March 2029 IDBI 1 120.99 128.11
year MCLR rate+1.1%
Kotak Mahindra Bank Limited 31st March 2029 IDBI 1 650.91 692.90
year MCLR rate+1.1%
Ratnakar Bank Limited 31st March 2029 IDBI 1 49.05 54.15
year MCLR rate+1.1%
Yes Bank Limited 31st March 2029 IDBI 1 412.64 439.26
year MCLR rate+1.1%
SEFASU loan from banks 31st March 2029 12.00% 364.40 742.72
IFCI Limited (SDF) 22 February 2021 and

nd
12.00% 320.99 435.45
30th September 2021
0.01% Redeemable preference shares (RPS) 31st March 2037 12.90% # 1,202.31 1,058.95
0.01% Optionally convertible 31st March 2029 12.90% # 4,017.57 3,538.54
preference shares (OCPS)
# The NCD’s, RPS and OCPS issued to lenders has been recorded at NPV using discounting factor of 12.9%.
** The Company is in the process of restructuring these non-convertible debentures and has received a letter of intent from
Life Insurance Corporation of India (debenture holders) on October 11, 2018. This letter was accepted by the company on
October 16, 2018. The restructuring is subject to members and stock exchange’s approval.

Note A: Repayment schedule of financial instrument is as follows:
a) 0.01% Optionally Convertible Preference Shares (OCPS) of ` 4,280.89 Million, issued to lenders with convertibility right
at the end of 18 months in line with existing SEBI regulations. However, the company will extend the convertibility of
the OCPS in its Annual General / Extraordinary General Meeting at least 60 days prior to the expiry of the convertibility
right of the lenders, subject to applicable regulations. Simultaneously, the company will seek exemption from SEBI for
relaxation of conversion period of OCPS beyond 18 months, so as to be converted on or before 31st March 2029 at a
price to be determined as per prevailing SEBI Guidelines.
b) 0.01% Redeemable Preference Shares (RPS) of ` 7,438 Million, redeemable in 40 structured quarterly instalments
commencing from 30th June 2027.
Note B: Nature of Security/guarantees
Term loans and Non-convertible debentures
1. First pari-passu charge by way of mortgage / hypothecation on all immovable / movable properties of the Company
both present & future except assets at Panchaganga and Ajinkyatara which are exclusively charged to IREDA.
2. Second pari-passu charge on all the current assets of the company both present and future by the lenders except
non-Convertible debentures issued to LIC.
Working capital loan (Refer note 22)
1. First Pari-passu charge on all the current assets of the company both present and future.
2. Second pari passu charge on entire PPE both present and future except plant at Panchaganga and Ajinkyatara which
are exclusively charged to IREDA.
3. Company has pledged as at 31st March 2019 : 697,700 equity shares (as at 31st March 2018 : 697,700 equity shares)
of NCDEX with IDBI bank Limited towards working capital loan.
Corporate guarantee
Corporate Guarantee of Wilmar International Ltd. towards term loan and working capital limits extended by IDBI Bank
Limited, ICICI Bank Limited, Axis Bank Limited, RBL Bank Limited, Yes Bank Limited, Exim Bank, Kotak Mahindra Bank
Limited, State Bank of India and Bank of America Limited aggregating to ` 31,130 million (March 2018:` 27,130) .
IREDA Loan
Exclusive charge on plant, property and equipment at Panchaganga and Ajinkyatara (co-generation plants).
Note 19 : Other non-current financial liabilities
As at As at
Interest accrued but not due 24.82 49.65
Other payables - 11.24
24.82 60.89
Note 20: Net employee benefit liabilities (non-current)

As at As at
Provision for employee benefits (refer Note 39):
Provision for gratuity 116.83 44.12
Provision for leave encashment 74.24 74.21
191.07 118.33
Note 21: Government grants

As at As at
Current 59.42 95.54
Non- current 318.21 52.02
377.63 147.56

Note 22 : Borrowings (current)

As at As at
Secured
Working Capital from banks:
Rupee borrowings 5,478.18 1,649.46
Foreign Currency borrowings - 12.64
5,478.18 1,662.10
Refer Note B of note 18 for details of security

Note 23: Trade payables
As at As at
Trade payables* 18,124.18 14,837.04
Trade payables to related parties (refer Note 41) 8,506.73 11,799.88
26,630.91 26,636.92
Terms and conditions of the above financial liabilities:

Trade payables are non-interest bearing and are normally settled within the credit period agreed with the supplier.
For terms and conditions with related parties, refer to Note 41 (B).
For explanations on the company liquidty risk management processes, refer to Note 43.
Trade payable includes liabilities in relation to Crop and H&T payables for which SRSL has provided corporate guarantee to
ICICI Bank, IDBI Bank, State Bank of India, and RBL Bank.
*The details of amounts outstanding to Micro, Small and Medium Enterprises based on information available with the
Company is as under:
As at As at
The principal amount and the interest due thereon remaining unpaid to any supplier as at the
end of each accounting year:
- Principal amount due to micro and small enterprises 16.79 -
- Interest due on above 0.34 -
Total 17.13 -
The amount of interest paid by the buyer in terms of section 16 of the MSMED Act 2006 along - -
with the amounts of the payment made to the supplier beyond the appointed day during each
accounting year.
The amount of interest due and payable for the period of delay in making payment (which - -
have been paid but beyond the appointed day during the year) but without adding the interest
specified under the MSMED Act, 2006.
The amount of interest accrued and remaining unpaid at the end of each accounting year. 0.34 -
The amount of further interest remaining due and payable even in the succeeding years, until 0.34 -
such date when the interest dues as above are actually paid to the small enterprise for the
purpose of disallowance as a deductible expenditure under section 23 of the MSMED Act 2006.

Note 24: Other current financial liabilities

As at As at
Current maturity of long-term borrowings (Refer Note 18) 1,699.99 959.16
Interest accrued but not due on borrowings 635.65 258.98
Unclaimed dividend 2.99 6.45
Other payables* 7,621.77 148.04
Derivative liabilities 75.48 -
Salaries payable 49.64 76.30
10,085.52 1,448.93
* Includes advance from holding company and affiliates ` 7,431.93 million (31st March 2018: ` Nil million ) (refer Note 41
(D) ).
Note 25: Other current liabilities
As at As at
Advance from customers * 96.89 4,826.52
Statutory dues payable 518.71 597.39
Other payables 303.94 -
919.54 5,423.91
* Includes advance from holding company and affiliates ` Nil (31st March 2018: ` 4,387.76 million ) (refer Note 41).
Note 26: Net employee benefit liabilities (current)
As at As at
Provision for leave encashment 6.68 7.19
62.98 7.54
Note 27 : Revenue from operations

Sale of products ( gross )
Sale of manufactured sugar 34,523.42 46,345.28
Sale of ethanol and allied products 5,286.10 2,453.88
Sale of power 1,342.68 1,122.94
Sale of traded sugar and ethanol 965.51 8,484.24
Sale of by-products and others 639.99 222.14
42,757.70 58,628.48
Sales for the year ended March 31, 2019 is net of Goods and Service Tax (GST) due to implementation of GST with effect
from July 1, 2017. However, sales for the previous year ended March 31, 2018 is gross of excise duty up to June 30, 2017
amounting to ` 151.79 million and subsequent to that, net of GST.
Contract balances
Contract liability as at March 31, 2019 is ` 96.89 million.
Perfomance obligation
The performance obligation is satisfied upon delivery of the goods to customers.
Reconciling the amount of revenue recognised in the statement of profit and loss with the contracted price
Year ended
31st March 2019
Revenue as per contracted price 42,816.56
Less:Discount (28.54)
Less:Trade promotion expenses (30.32)
Revenue from contract with customers 42,757.70

Note 28: Other income

Other non-operating income
Income from commodity derivatives (net) 593.33 -
Excess provision of earlier years written back 600.00 -
Sugar export benefits from third party licences 273.97 -
Government assistance 60.55 137.28
Dividend on investments 0.76 0.90
Miscellaneous income 18.38 4.13
Profit on sale of assets - 4.01
Income from professional services - 2.86
Finance income
Interest received on financial assets carried at amortized cost and others 187.73 253.56
1,734.72 402.74
Note 29 : Cost of raw materials consumed
Raw-sugar 22,238.55 32,141.90
Sugar-cane 13,499.82 11,139.08
Coal and Bagasse 1,448.44 2,089.01
Molasses, DNA, MGA and Rectified spirit 1,266.44 1,029.57
Others 5.14 3.89
38,458.39 46403.45
Note 30: Purchase of traded goods
Raw-sugar 838.27 6,117.43

White sugar 707.70 2,353.50
Coal 13.15 9.41
1,559.12 8,480.34
Note 31: (Increase)/ decrease in inventories of finished goods, work-in-progress and traded goods
Opening stock 6,622.20 5,669.78
Less: Closing stock (11,709.87) (6,622.20)
Net (Increase)/decrease in stock (5,087.67) (952.42)
Note 32: Employee benefit expenses
Salaries, wages and bonus 901.38 884.18
Gratuity expenses 116.84 58.79
Contribution to provident and other funds 72.95 84.44
Staff welfare expenses 39.85 35.45
1,131.02 1,062.86
Gratuity expenses recoverable from lease unit in repect of period prior to commencement of lease has been reduced from
gratuity expenses 31st March 2019: ` 52.28 million (31st March 2018: Nil)
Note 33: Finance costs
Liabilities measured at amortised cost:
On term loans 1,163.50 2,162.80
On working capital 2,875.86 2,190.87
On debentures 290.32 288.50
Others:
Interest expenses on discounted securities 907.74 -
Bank and other borrowing costs 94.19 228.46
5,331.61 4,870.63
Unwinding of interest on borrowing at concessional rate 78.60 115.81
Total interest 5,410.21 4,986.44

Note 34: Depreciation and amortisation expenses

Depreciation of tangible assets (Refer Note 3) 2,133.80 2,321.15
Amortisation of intangible assets (Refer Note 4) 0.24 0.42
2,134.04 2,321.57
Note 35 : Other expenses
Consumption of stores and spares 556.39 399.97
Consumption of chemicals, consumables, oil and lubricants 418.01 443.55
Outsourced service cost 196.12 155.18
Sugar house loading, un-loading and handling charges 223.12 205.54
Packing materials 801.55 729.13
Power and fuel 210.94 357.16
Rent 149.60 229.08
Repairs and maintenance:
Plant and machinery 177.56 130.57
Buildings 3.58 4.74
Others 48.71 44.30
Rates and taxes 53.58 46.97
Insurance 37.38 50.43
Travelling and conveyance 14.96 21.38
Printing and stationery 6.07 5.94
Communication expenses 15.41 20.56
Legal and professional fees 101.08 236.89
Directors’ Sitting Fees 1.68 3.28
Payment to auditors (refer details below) 14.48 9.54
Impairment for financial assets 4.23 697.40
Safety and security expenses 55.07 52.95
Impairment for advances to vendors and others 157.95 -
Expected credit loss for trade receivable 65.65 -
Donations and contributions 1.38 1.82
Loss on sale of fixed assets(net) 1.11 -
Premium paid on Option contracts 39.00 -
Freight and forwarding charges 982.44 943.05
Advertisement and sales promotion 110.91 187.11
Brokerage and discounts 43.64 91.45
Commission and market development expenses 25.73 41.44
Miscellaneous expenses 131.92 111.63
4,649.25 5,221.06
Payment to Auditors
As auditor
Audit fee 8.20 6.59
Limited review 2.40 0.80
In other capacity:
Other services (certification fees) 0.60 0.60
Reimbursement of expenses 0.28 0.05
Others 3.00 1.50
14.48 9.54
CSR expenditure: Since Company has incurred continuous losses in past 3 years, CSR is not applicable to the
Company.

Note 36 : Exceptional items

Impairment for investment in subsidiaries - 18,258.01
Impairment for loans given to subsidiaries - 17,102.63
Impairment for advances to vendors and others - 783.44
Expected credit loss for trade receivables - 3,506.43
Impairment of non-financial assets - 66.02
Advances to others written off 666.92 -
Cane price arrears paid - 983.71
Accrued liability for tax litigations - 220.00
Liability towards sugar levy - 100.00
Reversal of government grant - (30.89)
666.92 27,359.01
During the year the company has written off trade receivable in respect of a specific customer for which the Company was
in regular discussion and follow-ups for recovery. However, since the customer is not able to pay the outstanding amounts,
the Company has on May 15, 2019 entered into a settlement agreement with the customer and consequently has written
off the amount that is uncollectable.
Note 37: Earnings per Share [EPS]
Basic EPS amounts are calculated by dividing the loss for the year attributable to equity holders by the weighted average
number of equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the company by the weighted
average number of Equity shares outstanding during the year plus the weighted average number of Equity shares that
would be issued on conversion of all the dilutive potential Equity shares into Equity shares.
The following reflects the income and share data used in the basic and diluted EPS computations:

Loss attributable to equity holders for basic earnings (3,818.94) (29,821.36)
Weighted average number of equity shares for basic EPS** 1,916,819,292 1,006,468,970
Earnings per share
Basic, computed on the basis of profit/(loss) from operations attributable to equity (1.99) (29.63)
holders of the company
Diluted, computed on the basis of profit/(loss) from operations attributable to equity (1.99) (29.63)
holders of the company
** The weighted average number of shares during the previous year takes into account the weighted average effect of
changes in share transactions during the year.
38.Commitment and contingencies
a Operating lease commitments (as lessee)
The Company has entered into various operating leases for office, residential and factory premises. These are
generally short-term leases and cancellable by serving adequate notice. The minimum amount of lease rentals
payable on non-cancelable leases is as follows:
As at As at
S.No Lease Payable
A Within a period of one year 8.67 15.02
B After one year but not more than five years 26.61 -
C More than five years 501.96 468.30
D Lease rent charged to statement of profit and loss 149.60 229.08
Lease commitments for the year ended 31st March 2019 and 31st March 2018 does not include prepaid lease.

b) Other commitments
As at 31st March, 2019, the Company had the following outstanding commitments:
As at As at
Outstanding Commitments
Estimated amount of contract pending for execution 1,204.59 100.93
Commitment on behalf of subsidiaries - 1,403.01
c) Guarantees
As at 31st March, 2019, the Company had the following guarantees:
As at As at
S.No Guarantees
A Bank Guarantee 562.48 357.31
B Corporate Guarantee 130.00 162.61
d) Contingent Liabilities
Liabilities classified and considered contingent due to As at As at

contested claims and legal disputes 31st March 2019 31st March 2018
Income Tax Demands 177.93 58.25
Excise and Service Tax Demands 926.43 984.27
Sales Tax/VAT Demands 13.58 13.58
GST 61.77 -
Customs Demands 1,882.86 1,107.13
Civil Cases 7.84 2.75
Total: 3,070.70 2,165.98
39. Defined Benefit plans

The Company has a defined benefit gratuity plan. The companies defined benefit gratuity plan is a final salary plan
for employees, which requires contributions to be made to a separately administered fund.
The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the act, employee who has completed five
years of service is entitled to specific benefit. The level of benefits provided depends on the member’s length of service
and salary at retirement age. The fund has the form of a trust and it is governed by the Board of Trustees. The Board
of Trustees is responsible for the administration of the plan assets and for the definition of the investment strategy.
Salary increases and gratuity increases are based on expected future inflation rates for the respective countries.
Further details about gratuity obligations are given in Note 20.
Risk to the plan
Following risks associated with the plan:
A. Actuarial Risk
It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons:
Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result
into an increase in Obligation at a rate that is higher than expected.
Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate assumption than
the Gratuity Benefits will be paid earlier than expected. Since there is no condition of vesting on the death
benefit, the acceleration of cash flow will lead to an actuarial loss or gain depending on the relative values of
the assumed salary growth and discount rate.
Variability in withdrawal rates: If actual withdrawal rates are higher than assumed withdrawal rate assumption
than the Gratuity Benefits will be paid earlier than expected. The impact of this will depend on whether the
benefits are vested as at the resignation date.

B. Investment Risk:
For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not
be the fair value of instruments backing the liability. In such cases, the present value of the assets is independent
of the future discount rate. This can result in wide fluctuations in the net liability or the funded status if there are
significant changes in the discount rate during the inter-valuation period.
C. Liquidity Risk:
Employees with high salaries and long durations or those higher in hierarchy, accumulate significant level of
benefits. If some of such employees resign/retire from the company there can be strain on the cashflows.
D. Market Risk:
Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets.
One actuarial assumption that has a material effect is the discount rate. The discount rate reflects the time value
of money. An increase in discount rate leads to decrease in Defined Benefit Obligation of the plan benefits & vice
versa. This assumption depends on the yields on the corporate/government bonds and hence the valuation of
liability is exposed to fluctuations in the yields as at the valuation date.
E. Legislative Risk:
Legislative risk is the risk of increase in the plan liabilities or reduction in the plan assets due to change in the
legislation/regulation. The government may amend the Payment of Gratuity Act thus requiring the companies to
pay higher benefits to the employees. This will directly affect the present value of the Defined Benefit Obligation
and the same will have to be recognized immediately in the year when any such amendment is effective.
Actuarial Assumptions
Key actuarial assumptions are given below:
Discount Rate:
The rate used to discount other long term employee benefit obligation (both funded and unfunded) shall be
determined by reference to market yield at the Balance Date on high quality corporate bonds.
Salary Growth Rate:
This is Management’s estimate of the increases in the salaries of the employees over the long term. Estimated future
salary increases should take account of inflation, seniority, promotion and other relevant factors such as supply and
demand in the employment market.
Rate of Return on Plan Assets :
This assumption is required only in case of funded plans. Interest income on plan assets is calculated using the rate
used to discount the defined benefit obligation.
Mortality:
This assumption is based on the standard published in mortality table without any adjustment.
Withdrawal Rates:
This is Management’s estimate of the level of attrition in the company over the long term. Estimated withdrawal rates
taken into account the broad economic outlook, type of sector the company operates in and measures taken by the
management to retain/ relieve the employees.
Gratuity Benefits
S.No. Particulars
31 March, 2019
st
31st March, 2018
1 Change in Defined Benefit obligation
Opening Defined Benefit Obligation 145.38 92.29
Current service cost 159.22 11.90
Interest cost 18.19 6.38
Actuarial loss/(gain) due to change in financial assumptions 1.39 (4.88)
Actuarial loss/(gain) due to change in demographic assumption (4.14) -
Actuarial loss/ (gain) due to experience adjustments 30.38 (1.52)
Past Service Cost - 47.47
Benefits paid (83.52) (6.26)
Closing Defined Benefit Obligation 266.90 145.38

Gratuity Benefits
S.No. Particulars
31 March, 2019
st
31st March, 2018
2 Change in Plan Assets
Opening value of plan assets 100.91 94.31
Interest Income 11.20 6.96
Return on plan assets excluding amounts included interest income 1.48 (6.81)
Contributions by employer 17.55 12.71
Closing value of plan assets 93.77 100.91
3 Fund Status of Plan Assets
Present value unfunded obligations 161.97 -
Present value funded obligations 104.93 145.38
Fair Value of plan assets (93.77) (100.91)
Net Liability (Assets) 173.13 44.47
4 Other Comprehensive Income for the current period
Due to Change in financial assumptions 1.39 (4.88)
Due to change in demographic assumption (4.14) -
Due to experience adjustments 30.38 (1.52)
Return on plan assets excluding amounts included in interest income 1.48 6.81
Expense recognized in Other Comprehensive Income 29.11 0.41
5 Expenses for the current period
Past Service cost - 47.47
Interest Income - (6.96)
Amount recognized in expenses 169.12 58.79
6 Defined benefit liability
Net opening provision in books of accounts 44.47 (2.02)
Employee Benefit Expense 169.12 58.79
Amounts recognized in Other Comprehensive Income 29.11 0.41
Contributions to plan assets (17.55) (12.71)
Benefits paid by the Company (52.02) -
Closing provision in books of accounts 173.13 44.47
7 Composition of the plan assets
Policy of insurance 100% 100%
Total 100% 100%
8 Principal Actuarial Assumption
Discount rate – SRSL Employees 7.70% 7.65%
Discount rate – Leased Employees 7.05% 7.30%
Salary Growth rate 5.00% 5.00%
Withdrawal Rates 5% at Younger ages 5% at Younger ages
reducing to 1% at reducing to 1% at
older ages older ages
9 Sensitivity to key assumptions*
Discount rate Sensitivity
Increase by 0.5% 253.70 100.36
(% change) (3.49%) (4.79%)
Decrease by 0.5% 272.66 110.86
(% change) 3.72% 5.17%
Salary growth rate Sensitivity
Increase by 0.5% 272.01 110.31
(% change) 3.47% 4.66%
Decrease by 0.5% 254.07 100.85
(% change) (3.35%) (4.32%)
Withdrawal rate (W.R.) Sensitivity
W.R. x 110% 263.86 106.16
(% change) 0.37% 0.72%
W.R. x 90 261.86 104.63
(% change) (0.39%) (0.74%)
10 Expected contributions to the defined benefit plan in next years 10.93 4.13
*A description of methods used for sensitivity analysis and its Limitations:

Sensitivity analysis performed by varying a single parameter while keeping all the other parameters unchanged.
Sensitivity analysis fails to focus on the interrelationship between underlying parameters. Hence, the results may vary if
two or more variables are changed simultaneously.
The method used does not indicate anything about the likelihood of change in any parameter and the extent of the
change if any.
40. Disclosure under clause 32 of the Listing Agreement:
Loan given to subsidiary companies
Maximum amount outstanding any time

Name of the company Amount Outstanding as on during the year ended
31st March, 2019 31st March, 2018 31st March, 2019 31st March, 2018
Renuka Commodities DMCC, Dubai 14,530.71 18,197.60 14,829.67 18,197.60
Shree Renuka Agri Ventures Ltd 222.90 222.58 222.90 222.58
KBK Chem Engineering Pvt. Ltd 1,348.05 1,347.70 1,348.27 1,348.05
Shree Renuka East Africa Agriventures PLC 0.04 0.04 0.04 0.04
Monica Trading Pvt Limited 266.67 266.58 266.67 296.48
Shree Renuka Tunaport Private Limited 7.80 7.76 7.80 7.76
Lanka Sugar Refinery Company (Private) Ltd 1.19 1.19 1.19 1.19
Renuka Vale Do ivai s/a 444.95 536.19 444.95 536.19
Gokak Sugars Limited 1,815.30 (55.94) 1,816.06 330.25
Renuka do Brasil S/A 258.70 258.70 258.70 258.70
• Loans are given to subsidiaries to meet its working capital requirements.
41. Related party transactions
A) Related parties
(a) Holding Company:
1 Wilmar Sugar Holding Pte Limited
(b) Subsidiary companies:

1 Gokak Sugars Limited
2 KBK Chem-Engineering Private Limited
3 Monica Trading Private Limited
4 Shree Renuka Tunaport Private Limited
5 Shree Renuka Agri Ventures Limited
6 Renuka Commodities DMCC, Dubai
7 Shree Renuka East Africa Agriventures PLC, Ethiopia**
8 Shree Renuka Global Ventures Limited, Mauritius
9 Lanka Sugar Refinery Company (Private) Limited, Sri lanka**
10 Shree Renuka do Brasil Participacoes, Brazil
11 Renuka Vale do Ivaí S/A, Brazil
12 Biovale Comercio de Leveduras Ltda, Brazil
13 Ivaicana Agropecuaria Ltda, Brazil
14 Shree Renuka Sao Paulo Participacoes Ltda, Brazil
15 Renuka do Brasil S/A, Brazil
16 Renuka Cogeracao Ltda, Brazil
17 Renuka Geradora de Energia Elétrica Ltda, Brazil
18 Revati Agropecuária Ltda, Brazil
19 Revati Geradora de Energia Elétrica Ltda, Brazil
20 Revati S.A-Acucar e Alcool,Brazil
** Liquidation application filed with concerned authorities
(c) Affiliate companies:

1 Ravindra Energy Limited.
2 Adani Wilmar Limited
3 Wilmar Sugar Pte Ltd.
4 Wilmar International Ltd

(d) The Trustees Shree Renuka Sugars Ltd
(e) Key managerial personnel (KMP)

1 Mr. Atul Chaturvedi - Exceutive Chairman (W.e.f. 2nd July 2018)
2 Mr. Vijendra Singh- Executive Director
3 Mrs. Vidya Murkumbi- Exceutive Chair Person (Till 30th June 2018)
4 Mr. Narendra Murkumbi- Vice Chairman and Managing Director (Till 30th June 2018)
5 Mr. Sunil Ranka- Chief Financial Officer (W.e.f. 4th May 2018)
6 Mr. K. K. Kumbhat- Chief Financial Officer (Till 3rd May 2018)
7 Mr. Deepak Manerikar- Company Secretary (From 30th October 2018)
8 Mr. Rupesh Saraiya - Company Secretary (Till 5th October, 2018)
(f) Additional related parties as per the Companies Act, 2013 with whom transactions have taken place during the year
1 Mr. Jean-Luc Bohbot
2 Mr. Madhu Rao
3 Mr. Bhupatrai Premji
4 Mr. Dorab Mistry
5 Mr. Stephen Ho Kiam Kong
6 Dr. Bharat Kumar Mehta
7 Mr. Surender Kumar Tuteja
8 Ms. Priyanka Mallick
(g) Relative of key managerial personnel (RKMP)

1 Mrs. Sangeeta Singh - DGM (Quality and Training)(Till 30th April 2018)

B) Transactions with subsidiaries and affiliate companies
Sr No Particulars Year ended Sales Receipt Purchases Payment Rental Interest Interest Loans and Loans Advance Contibution
against against income income Expense advance and received to
sale purchase on on given advance gratuity
advances advances repaid fund
(a) Holding Company
i Wilmar Sugar 31st March 2019 64.82 - - - - - 150.19 - - 5,042.17 -
Holding Pte Ltd.
31st March 2018 - - - - - - - - - - -
(b) Subsidiary companies
i Renuka 31st March 2019 691.78 721.96 - - - - - - - - -
Commodities DMCC, Dubai
31st March 2018 1,437.90 - - - - - 5.45 14,629.18 - - -
st
ii Shree Renuka Agri 31 March 2019 - - - - - - - 0.32 - - -
Ventures Limited
31st March 2018 - - - - - 17.07 - 2.51 - - -

iii KBK Chem-Engineering 31st March 2019 - - 263.31 193.65 - - 106.81 - - -
Private Limited
31st March 2018 - - 15.54 19.02 - 102.28 12.98 - - -
st
iv Gokak Sugars Limited 31 March 2019 92.00 - 934.60 554.49 - 107.47 - 2,413.41 598.11 - -
31st March 2018 79.35 - 215.51 - - - - 44.08 - - -
v Monica Trading 31st March 2019 - - - - - 29.33 - - 2.84 - -
Private Limited
31st March 2018 - - - - - 22.26 - - 48.58 - -
st
vi Shree Renuka Tunaport 31 March 2019 - - - - - - - 0.04 - - -
Private Limited
31st March 2018 - - - - - 0.28 - 0.04 - - -
vii Renuka Vale Do Ivai S/A 31st March 2019 - - - - - - - - - - -
31st March 2018 - - - - - - - 445.40 - - -
viii Renuka do Brasil S/A 31st March 2019 - - - - - - - - - - -
31st March 2018 - - - - - - - 258.70 - - -
(c) Affiliate companies
i Ravindra Energy Limited 31st March 2019 0.76 0.90 - - - 0.75 - - 613.53 - -
31st March 2018 0.50 - 155.38 - - 5.54 - 163.65 - - -
ii Adani Wilmar Limited 31st March 2019 - - 2,399.65 12,869.88 0.02 - - - - - -
31st March 2018 - - 21,032.89 16,448.64 0.14 - - - - - -
iii Wilmar Sugar Pte Limited 31st March 2019 6,721.78 2,164.92 15,989.15 9,060.40 - - 177.54 - - 2,351.91 -
31st March 2018 14.48 4,409.88 1,496.24 227.09 - - - - - - -
(d) The Trustees Shree 31st March 2019 - - - - - - - - - - 17.34
Renuka Sugars Ltd
31st March 2018 - - - - - - - - - - 12.45

Terms and conditions of transactions with related parties

The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length
transactions. Outstanding balances at the year-end are unsecured and settlement occurs in cash.
Corporate guarantees
The Company has obtained corporate guarantees from Wilmar International Ltd ` 31,130 million
(31st March 2018 ` 27,130 million) towards term loan and working capital limits extended by banks.
The Company has also provided guarantees on behalf of subsidiaries amounting to ` 130 million (31st March 2018 `
162.61 million) for performance of certain contarcts entered and loan taken by the subsidiaries. Details of which are as
follows:
As at As at
Name of Subsidiary company
KBK Chem-Engineering Pvt. Ltd. 130.00 147.04
Gokak Sugars Limited - 15.57
C) Details of amount receivable from related parties as at 31st March 2019 and 31st March 2018 are as follows:
Amount receivable from
Particulars related party (gross of Impairment allowance Net carrying amount
impairment allowance, if any)
As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st
March 2019 March 2018 March 2019 March 2018 March 2019 March 2018
Non-current loans (refer note 6)
subsidiary companies:
KBK Chem Engineering Private Limited 1,348.05 1,348.05 1,348.05 1,348.05 - -
Gokak Sugars Limited 1,815.30 - - - 1,815.30 -
Renuka Vale Do Ivai S/A 444.95 444.95 444.95 444.95 - -
Renuka do Brasil S/A 258.70 258.70 258.70 258.70 - -
Shree Renuka Tunaport Private Limited 7.80 7.76 7.80 7.76 - -
Lanka Sugar Refinery Company (Private) 1.19 1.19 1.19 1.19 - -
Limited, Sri lanka
Shree Renuka East Africa Agriventures PLC 0.04 0.04 0.04 0.04 - -
3,876.03 2,060.69 2,060.73 2,060.69 1,815.30 -
Current loans (refer note 14)
subsidiary companies:
Renuka Commodities DMCC, Dubai 14,530.71 14,819.38 14,530.71 14,819.38 - -
Shree Renuka Agri Ventures Limited 222.90 222.58 222.58 222.58 0.32 -
Monica Trading Private Limited 266.67 266.58 - - 266.67 266.58
15,020.28 15,308.54 14,753.29 15,041.96 266.99 266.58
Affiliate companies:
Ravindra Energy Limited - 49.37 - - - 49.37
- 49.37 - - - 49.37
Other current financial assets (refer note 14)
Interest receivable
Monica Trading Private Limited 26.40 - 26.40 - - -
Gokak Sugars Limited 107.47 - - - 107.47 -
133.87 - 26.40 - 107.47 -
Other receivables
Gokak Sugars Limited 21.39 - - - - -
21.39 - - - - -
Trade receivables (refer note 11)
Subsidiary companies:
Renuka Commodities DMCC, Dubai 3,346.05 3,346.05 3,346.05 3,346.05 - -
3,346.05 3,346.05 3,346.05 3,346.05 - -
Ravindra Energy Limited 0.02 0.21 - - 0.02 0.21
Adani Wilmar Limited 0.42 0.39 - - 0.42 0.39
0.44 0.60 - - 0.44 0.60
Other current assets (refer note 16)
Subsidiary companies:
Renuka Commodities DMCC, Dubai 32.58 32.17 32.17 32.17 0.41 -
Renuka Vale do Ivai s/a 91.24 91.24 91.24 91.24 - -
KBK Chem Engineering Private Limited 36.79 - 36.79 - - -
160.61 123.41 160.20 123.41 0.41 -
Ravindra Energy Limited - 563.29 - - - 563.29
Adani Wilmar Limited 0.09 - - - 0.09 -
0.09 563.29 - - 0.09 563.29

Impairment of amounts owed by related parties

As at 31st March 2019, the company has recognised impairment provision of ` 20,283.09 million (31st March 2018: `
20,571.76 million) for amounts owed by related parties. In the current year the company has written off balance of `
288.67 million owed by Renuka Commodities DMCC, Dubai and reversed the provision created against this balance.This
assessment is undertaken each financial year through examining the financial position of the related party and the market
in which the related party operates.
D) Details of amounts payable to related parties as at 31st March 2019 and 31st March 2018 are as follows:
As at As at
Trade payables (refer note 23)
KBK Chem Engineering Private Limited - 0.35
Gokak Sugars Limited 370.83 55.94
Adani Wilmar Limited - 10,470.13
Wilmar Sugar Pte. Ltd. 8,135.90 1,273.46
8,506.73 11,799.88
Other current liabilities (refer note 24 and 25)
Wilmar Sugar Holding 4,800.42 -
7,431.93 4,387.76
E) Transactions with Key Managerial Personnel
Employee loans
The company operates loan scheme providing loan to all employees. Under the scheme, the employee can avail loan up to
two times of gross monthly salary repayable in equated monthly instalments. Such loans are unsecured and interest free.
During the year loan granted to key management personnel ` Nil (31st March 2018: ` NIL), out of which ` Nil (31st March
2018: ` Nil) was repaid.
Other directors’ interests
The company had acquired office space on rent from Mrs. Vidya Murkumbi a key managerial personnel of the company.
During both the years company has paid a rent of ` 6.95 million ( 31 March 2018 ` 7.54 million) including all the taxes, out
of which amount payable is ` 0.29 million (31 March 2018: ` 0.58 million)
Compensation of key managerial personnel
Short-term employee benefits 101.17 77.41
Contribution to provident fund 3.73 4.06
Sitting fees 1.68 3.28
Total 106.58 84.75
Compensation of relative of key managerial personnel
Outstanding remmuneration payable

As at As at
Key managerial personnel - 6.11
Relative of key managerial personnel - 0.25
Total - 6.36
The remuneration payable to the Whole-time Directors is subject to the approval of the lenders of the Company and
the shareholders of the Company by way of special resolution in the General Meeting, as per Section 197 read with
Schedule V of the Companies Act, 2013. During the year, the Company had sought approval of the lenders for payment
of remuneration to the Whole-time Directors. The Company has received approval of the lenders in the months of March
and April 2019. The Company has sought approval of the shareholders for the payment of remuneration to Whole-time
Directors, vide postal ballot notice dated 8th May 2019.

Note - 42 : Fair values

Set out below, is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments that
are recognised in financial statements.
Carrying Value Fair Value
As at As at As at As at
31st March 2019 31st March 2018 31st March 2019 31st March 2018
Financial assets
FVTPL
Derivative Instruments at fair value through Profit or loss 124.14 - 124.14 -
FVTOCI
Investment in equity shares 179.59 354.71 179.59 354.71
Other financial assets at amortised cost
Loans 2,082.29 315.96 2,082.29 315.96
Trade receivables 1,806.02 6,990.09 1,806.02 6,990.09
Cash and cash equivalents 202.02 339.23 202.02 339.23
Other Bank balances 18.61 21.19 18.61 21.19
Other financial assets 472.89 157.48 472.89 157.48
Total financial assets 4,885.56 8,178.67 4,885.56 8,178.66
FVTPL
Derivative liabilities 75.48 - 75.48 -
At amortised cost
Borrowings
Redeemable preference shares 1,202.31 1,058.95 1,202.31 1,058.95
Optionally convertible preference shares 4,017.57 3,538.54 4,017.57 3,538.54
Redeemable non-convertible debentures 2,397.51 2,112.16 2,397.51 2,112.16
IFCI (Sugar Development Fund ) 320.99 435.45 320.99 435.45
SEFASU Loan 679.66 742.72 679.66 742.72
Other borrowings at floating rate of interest 18,251.41 15,750.68 18,251.41 15,750.68
Trade payables 26,630.91 26,636.92 26,630.91 26,636.92

Other financial liabilities 8,334.87 550.66 8,334.87 550.66
Total financial liabilities 61,910.71 50,826.08 61,910.71 50,826.08
The management assessed that cash and cash equivalents, trade receivables, trade payables, other current assets and
other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
The following methods and assumptions were used to estimate the fair values:
As at 31st March 2019, fair value of the unquoted equity shares recognised at FVTOCI have been estimated on the basis of
net worth of the company. As at 31st March 2018, fair value of the unquoted equity shares recognised at FVTOCI have been
estimated using a non-binding agreement with an investor.
The fair value of Redeemable preference shares,Optionally convertible preference shares, Redeemable non-convertible
debentures issued to lenders are based on discounted cash flow using a current borrowing rate. They are classified as level
3 fair values hierarchy due to the use of unobservable inputs including own credit risk.
The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value
hierarchy together with a quantitative sensitivity analysis as at 31st March 2019, 31st March 2018 are as shown below:
Description of significant unobservable inputs to valuation

Valuation technique Sensitivity of the input to fair value
Unquoted equity shares Market realisable value 31st March 2019 :5% (31st March 2018: 5%, )
estimated based on the increase/ (decrease) in the market price per
net worth of the company share would result in increase/ (decrease) in fair
value by ` 8.98 Million (31 March 2018: ` 17.74
Million)

Reconciliation of fair value measurement of unquoted equity shares classified as FVTOCI

Amount
` Millions
Measurement recognised in OCI (88.68)
Purchases -
Sales -
As at 31st March 2018 354.71
Purchases -
Sales -
As at 31st March 2019 179.59
Fair value hierarchy
The following table provides the fair value measurement hierarchy of the Company’s assets and liabilities.
Quantitative disclosures of fair value measurement hierarchy for assets and liabilities as at 31st March 2019:
Fair value measurement using
Quoted prices in Significant Significant

Total
active markets observable inputs unobservable inputs
(Level 1) (Level 2) (Level 3)

Assets measured at fair value - recurring fair
value measurement:
Derivative Instruments at fair value 124.14 118.04 6.10 -
through Profit or loss
Investment in equity shares 179.59 - - 179.59
Liabilities which are measured at amortised

cost for which fair values are disclosed:
Derivative liabilities 75.48 67.80 7.68 -
Borrowings
Redeemable preference shares 1,202.31 - - 1,202.31
Optionally convertible preference shares 4,017.57 - - 4,017.57
Redeemable non-convertible debentures 2,397.51 - - 2,397.51
Quoted prices in active Significant observable Significant

Total
markets inputs unobservable inputs

` Million ` Million ` Million ` Million
value measurement:
Derivative Instruments at fair value - - - -
Liabilities which are measured at amortised

cost for which fair values are disclosed:
Borrowings
There have been no transfers between Level 1 and Level 2 during the period.
Note 43: ‘Financial risk management objectives and policies
The Company’s principal financial liabilities, comprise loans and borrowings, trade and other payables. The main purpose
of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets include
investments, loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations.

The Company is exposed to credit risk, liquidity risk and market risk. The Company’s senior management oversees
the management of these risks and the appropriate financial risk governance framework for the Company. The senior
management provides assurance that the Company’s financial risk activities are governed by appropriate policies and
procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and
risk objectives. The board of directors reviews and agrees for managing each of these risks.
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other risks, such as equity price
risk and commodity price risk.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the
Company’s long-term debt obligations with floating interest rates.
The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s long-term debt
obligations. The Company manages its interest risk by having a balanced prortfolio of fixed and variable rate loans and
borrowings.
Interest rate sensitivity
As at As at 31st March
Particulars Composition Composition
31st March 2019 2018
Borrowing- Fixed interest rate 8,618.05 32.07% 7,887.82 33.37%
Borrowing- Floating interest rate 18,251.41 67.93% 15,750.68 66.63%
26,869.46 23,638.50
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on loans and borrowings
with variable interest rates. With all other variables held constant, the Company’s profit before tax is affected through the
impact on floating rate borrowings, as follows:
Increase/
Effect on profit
decrease in basis
before tax
points
31st March 2019
` 50 91.26
31st March 2018

` 50 78.75
Commodity price risk
Commodity price in sugar industry is impacted by multiple factors such as international sugar price, government
regulations, quantity of sugar production in the relevant period, etc. The Company has mitigated this risk by well integrated
business model by diversifying into co-generation and distillation, thereby utilizing the by-products. The following table
shows effect of changes in various commodities on the profit of the Company.
Commodity price sensitivity
Sugar sale Cane purchase Raw Sugar purchase
Increase in price by 5%
31st March 2019 1,726.17 (674.99) (1,111.93)
31st March 2018 2,317.26 (556.95) (1,607.09)
Decrease in price by 5%
31st March 2019 (1,726.17) 674.99 1,111.93
31st March 2018 (2,317.26) 556.95 1,607.09
Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables)
and loans given to affiliates. The Company only deals with parties which has good credit worthiness based on company’s
internal assessment.

A counterparty whose payment is due more than 90 days after the due date is considered as a defaulted party. This is
based on considering the market and economic forces in which the entities in the Company is operating. The Company
write-off the amount if the credit risk of counter-party increases significantly due to its poor financial position and failure
to make payment beyond a period of 180 days from the due date.
Trade receivables
Trade receivables are non-interest bearing and are generally on credit terms of 7 to 30 days.
An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large
number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The
calculation is based on exchange losses historical data. The Company does not hold collateral as security. The Company
evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several
jurisdictions and industries and operate in largely independent markets.
The ageing analysis of the receivables (net of expected credit loss) has been considered from the date the invoice falls due.
The ageing is as follows:
As at As at
Up to 6 months 1,428.07 6,010.06
More than 6 months 377.95 980.03
1,806.02 6,990.09
Liquidity risk
The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank
overdrafts, bank loans, debentures, preference shares, financial support from parent etc. The Company’s policy is that not
more than 25% of borrowings should mature in the next 12-month period. Post the recent debt restructuring process, the
Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Company
has access to a sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing
lenders.
The table below summarises the maturity profile of the Company’s financial liabilities based on contractual
undiscounted payments.
Particulars Less than 1 year 1 to 5 years >5 years Total
As at 31st March 2019

Borrowings 7,237.59 6,321.98 23,276.87 36,836.44
Trade payables 26,630.91 - - 26,630.91
Other financial liabilities 8,385.53 24.82 - 8,410.35
Total 42,254.03 6,346.80 23,276.87 71,877.70
Borrowings 2,621.26 10,059.70 21,488.60 34,169.56
Trade and other payables 26,636.92 - - 26,636.92
Other financial liabilities 489.77 60.89 - 550.66
Total 29,747.95 10,120.59 21,488.60 61,357.14
Note 44 : ‘Capital management
For the purpose of the Company’s capital management, capital includes issued equity capital, securities premium and
all other equity reserves attributable to the equity shareholders of the Company. The primary objective of Company’s
management is to maximise shareholder’s value.
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure
that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure
requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and
borrowings. There have been no significant breaches in the financial and non financial covenants of any interest-bearing
loans and borrowing in the current period.

The Company manages its capital structure and makes adjustments in light of changes in the financial condition.
The calculation of capital for the purpose of capital management is as follows:
As at As at
Equity share capital 1,916.82 1,916.82
Other equity (including securities premium) 3,547.67 6,998.56
5,464.49 8,915.38
Debt equity ratio
The debt-to-equity (D/E) ratio is calculated by dividing a company’s total liabilities by its shareholder equity. The ratio is
used to evaluate a company’s financial leverage.
As at As at
Equity 1,916.82 1,916.82
Other equity 3,547.67 6,998.56
Total equity 5,464.49 8,915.38
Total borrowings 26,869.46 23,638.50
Debt equity ratio 4.92 2.65
45. Details of Loan Given, Investments made and Guarantee Given Covered U/S 186 (4) of the Companies Act, 2013
a) Loans given to Subsidiaries for business purpose and disclosed in Note 41.
b) Investments made are disclosed in Note 5
c) Corporate Guarantees given by the Company (Refer Note 38)
46. P
revious year’s figures have been regrouped /reclassified wherever necessary to confirm to the current
year presentation.
FCS No.:F-6801

Independent Auditor’s Report

To the Members of Shree Renuka Sugars Limited Auditing (SAs), as specified under section 143(10) of the
Report on the Audit of the Consolidated Ind AS Financial Act. Our responsibilities under those Standards are further
Statements described in the ‘Auditor’s Responsibilities for the Audit of
the Consolidated Ind AS Financial Statements’ section of
Opinion
our report. We are independent of the Group in accordance
1. We have audited the accompanying consolidated Ind with the ‘Code of Ethics’ issued by the Institute of Chartered
AS financial statements of Shree Renuka Sugars Limited Accountants of India together with the ethical requirements
(hereinafter referred to as “the Holding Company”), its that are relevant to our audit of the financial statements
subsidiaries (the Holding Company and its subsidiaries under the provisions of the Act and the Rules thereunder,
together referred to as “the Group”), comprising of the and we have fulfilled our other ethical responsibilities
consolidated Balance sheet as at March 31 2019, the in accordance with these requirements and the Code of
consolidated Statement of Profit and Loss, including Ethics. We believe that the audit evidence we have obtained
other comprehensive income, the consolidated Cash is sufficient and appropriate to provide a basis for our audit
Flow Statement and the consolidated Statement of opinion on the consolidated Ind AS financial statements.
Changes in Equity for the year then ended, and notes to
Key Audit Matters
the consolidated Ind AS financial statements, including
a summary of significant accounting policies and other 4. Key audit matters are those matters that, in our professional
explanatory information (hereinafter referred to as “the judgment, were of most significance in our audit of the
consolidated Ind AS financial statements”). consolidated Ind AS financial statements for the financial
year ended March 31, 2019. These matters were addressed
2. In our opinion and to the best of our information and
in the context of our audit of the consolidated Ind AS
according to the explanations given to us and based on
financial statements as a whole, and in forming our opinion
the consideration of reports of other auditors on separate
thereon, and we do not provide a separate opinion on these
financial statements and on the other financial information
matters. For each matter below, our description of how our
of the subsidiaries, the aforesaid consolidated Ind AS
audit addressed the matter is provided in that context.
financial statements give the information required by
the Companies Act, 2013 (“the Act”) in the manner so We have fulfilled the responsibilities described in the Auditor’s
required and give a true and fair view in conformity with responsibilities for the audit of the consolidated Ind AS
the accounting principles generally accepted in India, financial statements section of our report, including in
of the consolidated state of affairs of the Group, as at relation to these matters. Accordingly, our audit included
March 31, 2019, their consolidated loss including other the performance of procedures designed to respond to our
comprehensive income, their consolidated cash flows and assessment of the risks of material misstatement of the
the consolidated statement of changes in equity for the consolidated Ind AS financial statements. The results of
year ended on that date. our audit procedures, including the procedures performed
to address the matters below, provide the basis for our
Basis for Opinion
audit opinion on the accompanying consolidated Ind AS
3. We conducted our audit of the consolidated Ind AS financial statements.
financial statements in accordance with the Standards on
Classification of Brazil operations as discontinued operations (as described in note 43 of the consolidated Ind AS
financial statements)
In August 2018, the board of directors of the Holding Company Our audit procedures included the following:
resolved to discontinue operations of its subsidiaries in Brazil.
● Reading and assessing the Group’s accounting policies
Subsequently, the Holding Company obtained the valuations
with respect to accounting for discontinued operations for
of these entities, appointed legal consultants and started
compliance with Ind AS.
identifying buyers for these operations. Accordingly, these
● We obtained and read the resolution passed by the board
operations were classified as ‘discontinued operations’. The
of directors of the Holding company for discontinuance of
Group holds investments in entities in Brazil through Shree
operations in Brazil.
Renuka Global Ventures Ltd, Mauritius (“SRGVL”).
● We obtained and analysed the approach note prepared by the
On May 7, 2019, the Holding Company and Renuka Commodities Holding company management for classification of operations
DMCC (wholly owned subsidiary of the Company), who hold as discontinued operations and assessed the same is in
investments in SRGVL, entered into non-binding term sheet accordance with requirements of Ind-AS.
with an investor.

As per the terms defined in the term sheet, SRGVL will issue fresh ● We obtained and read the term sheet and the specific clauses
equity shares to the investor, consequent to which the interest in term sheet with regard to remaining interest held by the
held by the Group entities in SRGVL (and also in discontinued Group in SRGVL.
operations) will be reduced to 19% and the Group will no longer
● We read and assessed the audited consolidated financial
have right to representation on the board of directors of SRGVL.
statements from auditors of consolidated financial statements
Considering the significant estimates involves in measurement
of Shree Renuka do Brasil Participações Ltda., Brazil
of assets, we have determined this to be key audit matter.
(SRDBPL), the holding company of entities in Brazil, received
pursuant to group reporting instructions issued to auditor of
entity in Brazil.
● We have read and understood the measurement of assets
and liabilities in the consolidated financial statements
of SRDBPL prepared in accordance with the accounting
policies of the Group.
● We assessed the presentation and disclosures requirements
in consolidated financial statements for compliance with
requirements of Ind AS.
Revaluation of property, plant and equipment’s’ (as described in note 3 of the consolidated Ind AS financial
statements)
The Group has opted for revaluation model for measuring Our audit procedures included the following:
freehold land, buildings and plant and machineries (‘PPE’)
● Our audit procedures included considering the Group's
and these assets are carried in the books at fair value less
accounting policies with respect to PPE.
accumulated depreciation.
● We evaluated the design and tested operative
effectiveness internal controls related to revaluation of
Independent valuations are undertaken at least once in PPE.
every three years, or more frequently if there is an indicator
● We evaluated the sensitivity analysis prepared by the
that the fair value has changed significantly.
Company.
● We obtained from the Holding Company management
The Group has recognised revaluation surplus of Rs. the valuation report and have involved our valuation
1,019.03 Million based on the valuation done as at March specialists to evaluate valuation methodology as well as
31, 2019. the key assumption used including external quotation,
salvage value, type of building construction, capacity,
and technology of machines etc.
Revaluation of PPE is a key audit matter due to its financial
● We assessed the competence, objectivity and
magnitude and judgement involved in the assessment
independence of the valuer used.
of the fair value of these assets. The judgment relates to
the valuation methodologies used and the assumptions ● We obtained with details of physical verification from
included in each of those methodologies. the independent valuer and compared the results of
the physical verification with listing of PPE (fixed assets
register) on sample basis.
● We assessed whether the change in valuation was
correctly accounted for within the revaluation reserve
and statement of comprehensive income.
● We read the deliverables received from auditors of
subsidiary companies to confirm compliance with group
reporting instructions.
● We assessed the disclosures in the financial statement
for compliance with the requirements of Ind AS.

Recoverability of deferred tax assets (as described in note 7 of the consolidated Ind AS financial statements)
Deferred tax assets are recognised on tax losses carried Our audit procedures included the following:
forward when it is probable that taxable profit will be
● Our audit procedures included considering the Group's
available against which the tax losses can be utilised. The
accounting policies with respect to income taxes.
Holding Company’s ability to recognise deferred tax assets
on tax losses carried forward is assessed by management ● We assessed the design and tested operative
at the end of each reporting period, taking into account effectiveness internal controls related to income taxes.
forecasts of future taxable profits.
● We obtained from the Holding Company management
At March 31, 2019, net deferred tax assets recognised in the projections for taxable profits supported by future
the consolidated Ind-AS financial statements amounted business plan.
to Rs. 3,149.14 Million.
● We discussed the financial projections and future
The valuation of deferred taxes is based on significant business plans with the management.
estimates by management regarding availability of
● We assessed the schedules for the reversal of temporary
sufficient future taxable profits and accordingly, we have
differences.
considered this issue to be a key audit matter.
● We assessed the key assumptions used in the financial
projections, including recovery rate, expected sale
realisation for sugar and ethanol by comparing it to the
approved business plan and projections used.
● We involved tax specialists who evaluated the tax
position relating to temporary differences on which
deferred tax asset and liability have been recognised by
the Holding Company.
● Tested the arithmetical accuracy of the tax computations,
future projections of taxable profits.
● We assessed the disclosures in the financial statement
for compliance with the requirements of Ind AS.
Other Information
on Audit for the Auditor’s Responsibility in relation to
5. The Holding Company’s Board of Directors is Other Information in Documents containing audited
responsible for the other information. The other financial statements.
information comprises the information included in the
Responsibilities of Management for the
annual report, but does not include the consolidated
Consolidated Ind AS Financial Statements
Ind AS financial statements and our auditor’s report
thereon. The annual report is expected to be made 6. The Holding Company’s Board of Directors is
available to us after the date of this auditor’s report. responsible for the preparation and presentation of
these consolidated Ind AS financial statements in
Our opinion on the consolidated Ind AS financial
terms of the requirements of the Act that give a true
statements does not cover the other information
and fair view of the consolidated financial position,
and we do not express any form of assurance
consolidated financial performance including other
conclusion thereon.
comprehensive income, consolidated cash flows and
In connection with our audit of the consolidated consolidated statement of changes in equity of the
Ind AS financial statements, our responsibility is to Group in accordance with the accounting principles
read the other information identified above when it generally accepted in India, including the Indian
becomes available and, in doing so, consider whether Accounting Standards (Ind AS) specified under section
such other information is materially inconsistent 133 of the Act read with the Companies (Indian
with the consolidated Ind AS financial statements or Accounting Standards) Rules, 2015, as amended.
our knowledge obtained in the audit or otherwise The respective Board of Directors of the companies
appears to be materially misstated. included in the Group are responsible for maintenance
of adequate accounting records in accordance with
When we read the annual report, if we conclude
the provisions of the Act for safeguarding of the assets
that there is a material misstatement therein, we
of the Group and for preventing and detecting frauds
are required to communicate the matter to those
and other irregularities; selection and application of
charged with governance and shall comply with the
appropriate accounting policies; making judgments
relevant applicable requirements of the Standards

and estimates that are reasonable and prudent; intentional omissions, misrepresentations, or
and the design, implementation and maintenance the override of internal control.
of adequate internal financial controls, that were
• Obtain an understanding of internal control
operating effectively for ensuring the accuracy and
relevant to the audit in order to design
completeness of the accounting records, relevant to
audit procedures that are appropriate in the
the preparation and presentation of the consolidated
circumstances. Under section 143(3)(i) of the
Ind AS financial statements that give a true and
Act, we are also responsible for expressing our
fair view and are free from material misstatement,
opinion on whether the Holding Company has
whether due to fraud or error, which have been used
adequate internal financial controls system
for the purpose of preparation of the consolidated
in place and the operating effectiveness
Ind AS financial statements by the Directors of the
of such controls.
Holding Company, as aforesaid.
• Evaluate the appropriateness of accounting
7. In preparing the consolidated financial statements,
policies used and the reasonableness of
the respective Board of Directors of the companies
accounting estimates and related disclosures
included in the Group are responsible for assessing
made by management.
the ability of the Group to continue as a going
concern, disclosing, as applicable, matters related • Conclude on the appropriateness of
to going concern and using the going concern basis management’s use of the going concern basis
of accounting unless management either intends to of accounting and, based on the audit evidence
liquidate the Group or to cease operations, or has no obtained, whether a material uncertainty
realistic alternative but to do so. exists related to events or conditions that
may cast significant doubt on the ability of
8. Those respective Board of Directors of the
the Group to continue as a going concern.
companies included in the Group are also
If we conclude that a material uncertainty
responsible for overseeing the financial reporting
exists, we are required to draw attention in our
process of the Group.
auditor’s report to the related disclosures in the
Auditor’s Responsibilities for the Audit of the consolidated Ind AS financial statements or, if
Consolidated Ind AS Financial Statements such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit
9. Our objectives are to obtain reasonable assurance
evidence obtained up to the date of our auditor’s
about whether the consolidated Ind AS financial
report. However, future events or conditions
statements as a whole are free from material
may cause the Group to cease to continue as
misstatement, whether due to fraud or error, and to
a going concern.
issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, • Evaluate the overall presentation, structure and
but is not a guarantee that an audit conducted in content of the consolidated Ind AS financial
accordance with SAs will always detect a material statements, including the disclosures, and
misstatement when it exists. Misstatements can arise whether the consolidated Ind AS financial
from fraud or error and are considered material if, statements represent the underlying
individually or in the aggregate, they could reasonably transactions and events in a manner that
be expected to influence the economic decisions of achieves fair presentation.
users taken on the basis of these consolidated Ind AS
• Obtain sufficient appropriate audit evidence
regarding the financial information of the entities
10. As part of an audit in accordance with SAs, we exercise or business activities within the Group of which
professional judgment and maintain professional we are the independent auditors, to express an
skepticism throughout the audit. We also: opinion on the consolidated Ind AS financial
statements. We are responsible for the direction,
• Identify and assess the risks of material
supervision and performance of the audit of the
misstatement of the consolidated Ind AS
financial statements of such entities included in
financial statements, whether due to fraud or
the consolidated financial statements of which
error, design and perform audit procedures
we are the independent auditors. For the other
responsive to those risks, and obtain audit
entities included in the consolidated financial
evidence that is sufficient and appropriate to
statements, which have been audited by other
provide a basis for our opinion. The risk of not
auditors, such other auditors remain responsible
detecting a material misstatement resulting
for the direction, supervision and performance
from fraud is higher than for one resulting from
of the audits carried out by them. We remain
error, as fraud may involve collusion, forgery,
solely responsible for our audit opinion.

11. We communicate with those charged with Certain of these subsidiaries are located outside
governance of the Holding Company and such other India whose financial statements and other financial
entities included in the consolidated Ind AS financial information have been prepared in accordance with
statements of which we are the independent auditors accounting principles generally accepted in their
regarding, among other matters, the planned scope respective countries and which have been audited
and timing of the audit and significant audit findings, by other auditors under generally accepted auditing
including any significant deficiencies in internal standards applicable in their respective countries.
control that we identify during our audit. The Company’s management has converted the
financial statements of such subsidiaries located
12. We also provide those charged with governance with
outside India from accounting principles generally
a statement that we have complied with relevant
accepted in their respective countries to accounting
ethical requirements regarding independence, and
principles generally accepted in India. We have
to communicate with them all relationships and
audited these conversion adjustments made by the
other matters that may reasonably be thought to
Company’s management. Our opinion in so far as it
bear on our independence, and where applicable,
relates to the balances and affairs of such subsidiaries
related safeguards.
located outside India is based on the report of other
13. From the matters communicated with those auditors and the conversion adjustments prepared by
charged with governance, we determine those the management of the Company and audited by us.
matters that were of most significance in the audit
15. Our opinion above on the consolidated Ind AS
of the consolidated Ind AS financial statements for
financial statements, and our report on Other Legal
the financial year ended March 31, 2019 and are
and Regulatory Requirements below, is not modified
therefore the key audit matters. We describe these
in respect of the above matters with respect to our
matters in our auditor’s report unless law or regulation
reliance on the work done and the reports of the
precludes public disclosure about the matter or when,
other auditors and the financial statements and other
in extremely rare circumstances, we determine that
financial information certified by the Management.
a matter should not be communicated in our report
because the adverse consequences of doing so Report on Other Legal and Regulatory Requirements
would reasonably be expected to outweigh the public
16. As required by Section 143(3) of the Act, based on our
interest benefits of such communication.
audit and on the consideration of report of the other
Other Matter auditors on separate financial statements and the
other financial information of subsidiaries, as noted in
14. We did not audit the financial statements and other
the ‘other matter’ paragraph we report, to the extent
financial information, in respect of seven subsidiaries,
applicable, that:
part of continued operations of the Group, whose
Ind AS financial statements include total assets (a) We/the other auditors whose report we have
of Rs 11,216.23 Million as at March 31, 2019, and relied upon have sought and obtained all the
total revenues of Rs 3,846.71 Million and net cash information and explanations which to the best
inflows of Rs 86.41 Million for the year ended on of our knowledge and belief were necessary
that date. We did not audit the financial statements for the purposes of our audit of the aforesaid
and other financial information, in respect of twelve consolidated Ind AS financial statements;
subsidiaries, part of asset classified as held for sale
(b) In our opinion, proper books of account as
and discontinued operations of the Group, whose
required by law relating to preparation of
Ind AS financial statements include total assets
the aforesaid consolidation of the financial
of Rs 30,349.18 Million as at March 31, 2019, and
statements have been kept so far as it appears
total revenues of Rs 7,758.58 Million and net cash
from our examination of those books and
outflows of Rs 6.26 Million for the year ended on
reports of the other auditors;
that date. These Ind AS financial statement and
other financial information have been audited by (c) The Consolidated Balance Sheet, the
other auditors, which financial statements, other Consolidated Statement of Profit and
financial information and auditor’s reports have been Loss including the Statement of Other
furnished to us by the management. Our opinion on Comprehensive Income, the Consolidated Cash
the consolidated Ind AS financial statements, in so far Flow Statement and Consolidated Statement
as it relates to the amounts and disclosures included of Changes in Equity dealt with by this Report
in respect of these subsidiaries, and our report in are in agreement with the books of account
terms of sub-sections (3) of Section 143 of the Act, maintained for the purpose of preparation of
in so far as it relates to the aforesaid subsidiaries, is the consolidated Ind AS financial statements;
based solely on the reports of such other auditors.

(d) In our opinion, the aforesaid consolidated Ind AS (h) With respect to the other matters to be included
financial statements comply with the Accounting in the Auditor’s Report in accordance with
Standards specified under Section 133 of the Rule 11 of the Companies (Audit and Auditors)
Act, read with Companies (Indian Accounting Rules, 2014, as amended, in our opinion and to
Standards) Rules, 2015, as amended; the best of our information and according to
the explanations given to us and based on the
(e) On the basis of the written representations
consideration of the report of the other auditors
received from the directors of the Holding
on separate financial statements as also the
Company as on March 31, 2019 taken on record
other financial information of the subsidiaries,
by the Board of Directors of the Holding Company
as noted in the ‘Other matter’ paragraph:
and the reports of the statutory auditors who are
appointed under Section 139 of the Act, of its i. The consolidated Ind AS financial statements
subsidiary companies, none of the directors of disclose the impact of pending litigations on
the Group’s companies incorporated in India is its consolidated financial position of the Group,
disqualified as on March 31, 2019 from being in its consolidated Ind AS financial statements
appointed as a director in terms of Section 164 – Refer Note 41 to the consolidated Ind AS
(2) of the Act; financial statements;
(f) With respect to the adequacy and the operating ii. Provision has been made in the consolidated
effectiveness of the internal financial controls Ind AS financial statements, as required under
over financial reporting with reference to these the applicable law or accounting standards, for
consolidated Ind AS financial statements of the material foreseeable losses, if any, on long-term
Holding Company and its subsidiary companies, contracts including derivative contracts – Refer
refer to our separate Report in “Annexure” Note 25 to the consolidated Ind AS financial
to this report; statements in respect of such items as it
relates to the Group;
(g) In our opinion, to the best of our information
and explanation given to us, the remuneration
paid by the holding company to the Chairman
iii. There were no amounts which were required
and the Whole-time Director for the year
to be transferred to the Investor Education and
ended March 31, 2019 is in excess of the limits
Protection Fund by the Holding Company, its
applicable under section 197 of the Act, read
subsidiaries incorporated in India during the
with Schedule V thereto, by Rs 6.92 Million and
year ended March 31, 2019.
Rs.21.15 Million. The amount due for recovery as
at March 31, 2019 is Rs. 28.07 Million and we are
informed by the holding Company management
that it proposes to obtain approval of the
shareholders in a general meeting by way of a
ICAI Firm Registration Number: 324982E/E300003
special resolution; In our opinion and based on
the consideration of reports of other statutory Shyamsundar Pachisia
auditors of the subsidiaries, the managerial Partner
remuneration for the year ended March 31, Membership Number: 049237
2019 has been paid / provided by subsidiaries,
incorporated in India to their directors in
Date: May 16, 2019
accordance with the provisions of section 197
read with Schedule V to the Act;

Annexure referred to in paragraph 16 (f) of our Independent Auditor’s Report of even date on the consolidated Ind
AS financial statements of Shree Renuka Sugars Limited and its subsidiaries
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act,
2013 (“the Act”)
1. In conjunction with our audit of the consolidated 4. Our audit involves performing procedures to obtain
financial statements of Shree Renuka Sugars Limited audit evidence about the adequacy of the internal
as of and for the year ended March 31, 2019, we financial controls over financial reporting with
have audited the internal financial controls over reference to these consolidated financial statements
financial reporting of Shree Renuka Sugars Limited and their operating effectiveness. Our audit of
(hereinafter referred to as the “Holding Company”) internal financial controls over financial reporting
and its subsidiary companies, which are companies included obtaining an understanding of internal
incorporated in India, as of that date. financial controls over financial reporting with
reference to these consolidated financial statements,
Management’s Responsibility for Internal
assessing the risk that a material weakness exists,
Financial Controls
and testing and evaluating the design and operating
2. The respective Board of Directors of the Holding effectiveness of internal control based on the
company, its subsidiary companies, which are assessed risk. The procedures selected depend on
companies incorporated in India, are responsible the auditor’s judgement, including the assessment
for establishing and maintaining internal financial of the risks of material misstatement of the financial
controls based on, “the internal financial control statements, whether due to fraud or error.
over financial reporting criteria established by the
5. We believe that the audit evidence we have obtained
Company considering the essential components
and the audit evidence obtained by the other auditors
of internal control stated in the Guidance Note on
in terms of their reports referred to in the Other
Audit of Internal Financial Controls Over Financial
Matters paragraph below, is sufficient and appropriate
Reporting issued by the Institute of Chartered
to provide a basis for our audit opinion on the Holding
Accountants of India (ICAI)”. These responsibilities
Company’s internal financial controls over financial
include the design, implementation and maintenance
reporting with reference to these consolidated
of adequate internal financial controls that were
operating effectively for ensuring the orderly
and efficient conduct of its business, including Meaning of Internal Financial Controls Over
adherence to the respective company’s policies, Financial Reporting With Reference to these
the safeguarding of its assets, the prevention and Consolidated Financial Statements
detection of frauds and errors, the accuracy and
6. A company’s internal financial control over financial
completeness of the accounting records, and the
timely preparation of reliable financial information, as
financial statements is a process designed to provide
required under the Act.
reasonable assurance regarding the reliability of
Auditor’s Responsibility financial reporting and the preparation of financial
statements for external purposes in accordance
3. Our responsibility is to express an opinion on the
with generally accepted accounting principles.
company’s internal financial controls over financial
A company’s internal financial control over financial
financial statements based on our audit. We conducted
financial statements includes those policies and
our audit in accordance with the Guidance Note on
procedures that (1) pertain to the maintenance of
Audit of Internal Financial Controls Over Financial
records that, in reasonable detail, accurately and fairly
Reporting (the “Guidance Note”) and the Standards
reflect the transactions and dispositions of the assets
on Auditing, specified under section 143(10) of the
of the company; (2) provide reasonable assurance
Companies Act, 2013, to the extent applicable to
that transactions are recorded as necessary to permit
an audit of internal financial controls, both issued
preparation of financial statements in accordance
by the Institute of Chartered Accountants of India.
with generally accepted accounting principles, and
Those Standards and the Guidance Note require that
that receipts and expenditures of the company are
we comply with ethical requirements and plan and
being made only in accordance with authorisations of
perform the audit to obtain reasonable assurance
management and directors of the company; and (3)
about whether adequate internal financial controls
provide reasonable assurance regarding prevention
over financial reporting with reference to these
or timely detection of unauthorised acquisition, use,
consolidated financial statements was established
or disposition of the company’s assets that could have
and maintained and if such controls operated
a material effect on the financial statements.
effectively in all material respects.


Inherent Limitations of Internal Financial Controls
financial statements and such internal financial
Over Financial Reporting With Reference to these
controls over financial reporting with reference
Consolidated Financial Statements
to these consolidated financial statements were
7. Because of the inherent limitations of internal financial operating effectively as at March 31, 2019, based on
controls over financial reporting with reference to “the internal control over financial reporting criteria
these consolidated financial statements, including established by the Holding Company considering the
the possibility of collusion or improper management essential components of internal control stated in the
override of controls, material misstatements due Guidance Note on Audit of Internal Financial Controls
to error or fraud may occur and not be detected. Over Financial Reporting issued by the Institute of
Also, projections of any evaluation of the internal Chartered Accountants of India”.
financial controls over financial reporting with
Other Matters
reference to these consolidated financial statements
to future periods are subject to the risk that the 11. Our report under Section 143(3)(i) of the Act on the
internal financial control over financial reporting with adequacy and operating effectiveness of the internal
reference to these consolidated financial statements financial controls over financial reporting with
may become inadequate because of changes in reference to these consolidated financial statements
conditions, or that the degree of compliance with the insofar as it relates to these five subsidiary companies,
policies or procedures may deteriorate. which are companies incorporated in India, is based
on the corresponding reports of the auditors of such
Qualified Opinion
companies incorporated in India.
8. According to the information and explanations given
Explanatory Paragraph
to us and based on the report issued by other auditors
on internal financial controls over financial reporting 12. We also have audited, in accordance with the
with reference to these consolidated financial Standards on Auditing issued by the Institute
statements in case of its subsidiary companies, of Chartered Accountants of India as specified
which are companies incorporated in India, the under section 143(10) of the Act, the consolidated
following material weakness have been identified as financial statements of the Holding Company, which
at March 31, 2019: comprise the Consolidated Balance Sheet as at
March 31, 2019, and the Consolidated Statement
a) The Holding Company did not have
of Profit and Loss, Consolidated Statement of
appropriate documentation with respect to
Changes in Equity and Consolidated Cash Flow
access controls and program change controls
Statement for the year then ended, and a summary of
pertaining to cane management system.
significant accounting policies and other explanatory
These could result in potential misstatement to
information. This material weakness was considered
the financial statements.
in determining the nature, timing and extent of
9. A ‘material weakness’ is a deficiency, or a combination audit tests applied in our audit of March 31, 2019
of deficiencies, in internal financial control over consolidated financial statements of the Group and
financial reporting, such that there is a reasonable this report does not affect our report dated May 16,
possibility that a material misstatement of the 2019, which expressed unmodified opinion on those
holding company’s annual or interim consolidated consolidated financial statements.
financial statements will not be prevented or detected
on a timely basis.
10. In our opinion, except for the possible effects of ICAI Firm Registration Number: 324982E/E300003
the material weakness described above on the
achievement of the objectives of the control criteria
Partner
in respect of the Holding Company, its subsidiary
Membership Number: 049237
companies, which are companies incorporated in
India, have, maintained in all material respects, Place of Signature: Mumbai
adequate internal financial controls over financial Date: May 16, 2019

Balance Sheet
Consolidated Balance Sheet as at 31st March 2019
All amounts in million Indian Rupees, unless otherwise stated.
As at 3 As at
Notes
ASSETS
Non-current assets
Property, plant and equipment 3(a) 40,061.92 61,605.06
Capital work-in-progress 3(a) 1,000.61 291.78
Other intangible assets 3(b) 171.82 315.78
Financial assets
Investments 4 185.93 1,075.49
Other non-current financial assets 5 129.85 643.92
Other non-current assets 6 1,554.50 6,394.03
Income tax receivables 238.31 317.69
Deferred tax assets (net) 7 3,149.14 3,561.60
Total non-current assets 46,492.08 74,205.35
Current assets
Inventories 8 17,318.19 10,307.76
Biological assets 9 - 433.68
Financial assets
Trade receivables 10 2,850.82 7,618.26
Cash and cash equivalents 11 315.22 542.20
Other bank balances 12 25.79 24.96
Loans 13 - 58.20
Other current financial assets 14 341.03 15.42
Other current assets 15 5,003.33 6,813.54
Total current assets 25,854.38 25,814.02
Discontinued Operations 43 23,942.33 -
Total assets 96,288.79 100,019.37
Equity and liabilities
Equity
Equity share capital 16(a) 1,916.82 1,916.82
Other equity 16(b) 48,859.07 (18,987.06)
Discontinued operations (80,851.27) -
Equity attributable to shareholders (30,075.38) (17,070.24)
Non-controlling interest 45 (25,536.08) (19,645.71)
Total Equity (55,611.46) (36,715.95)
Borrowings 17 19,704.29 29,057.45
Other non-current financial liabilities 18 24.82 4,566.65
Trade payables 19 - 1,362.31
Net employee benefit liabilities (non-current) 20 195.20 1,004.44
Income Tax payable 9.89 -
Other non-current liabilities 22 - 1,329.30
Deferred tax liabilities (net) 7 43.88 40.59
Total non-current liabilities 20,296.29 37,412.76
Current liabilities
Borrowings 23 5,535.54 2,245.79
Trade payables 24
Total outstanding dues of micro and small enterprises 17.13 -
Total outstanding dues of creditors other than micro and small enterprises 28,169.90 39,021.76
Other current financial liabilities 25 18,332.81 52,815.06
Other current liabilities 26 1,046.10 5,133.19
Net employee benefit liabilities (current) 27 64.93 11.22
Total current liabilities 53,225.83 99,322.56
Discontinued operations 43 78,378.12 -
Total Liabilities 151,900.25 136,735.32
Total equity and liabilities 96,288.79 100,019.37
Accompanying notes 1 to 52 form integral part of these consolidated financial statements
FCS No.:F-6801
Consolidated Statement of Profit and Loss

Consolidated Balance Sheet as at 31st March 2019
Notes
Income
Revenue from operations 28 44,795.34 62,663.37
Sugar Export Benefits 285.52 -
Other income 29 2,095.07 285.37
Total income 47,175.93 62,948.74
Expenses
Cost of raw material consumed 30 39,495.50 47,838.20
Purchase of traded goods 31 2,390.39 19,824.34
(Increase)/decrease in inventories of finished goods, work-in-progress 32 (5,179.61) (1,441.68)
and traded goods
Excise duty on sale of goods - 160.34
Employee benefit expenses 33 1,266.03 1,201.82
Depreciation and amortisation expenses 34 2,207.13 2,400.92
Foreign exchange (gain)/loss 36 (464.52) 742.09
Finance costs 35 5,604.38 5,192.56
Other expenses 37 4,609.06 5,400.90
Total expenses 49,928.36 81,319.49
Profit/(loss) before exceptional items and tax (2,752.43) (18,370.75)
Exceptional items 38 986.23 (4,993.73)
Profit/(loss) before tax (3,738.66) (13,377.02)
Tax expense:
Current tax 7 (0.77) (11.09)
Deferred tax 7 88.90 6,432.67
Income tax expense 88.13 6,421.58
Loss for the year from continuing operations (3,650.53) (6,955.44)
Loss for the year from discontinued operations 43 (16,637.70) (13,798.66)
Tax expenses of discontinued operations 43 (85.79) (1,283.43)
Loss from discontinued operations after tax (16,723.49) (15,082.09)
Loss for the period (20,374.02) (22,037.53)
Other comprehensive income
Other comprehensive income not to be reclassified to profit or loss in
subsequent periods:
Reversal of revaluation reserve on disposal of asset/impairment of plant property and (0.74) (240.92)
equipments (net of tax)
Gain on revaluation of fixed assets 3 1,019.03 -
Income tax effect 7 (306.93) -
Net gain/(loss) on remeasurements of defined benefit plans (net of tax) 42 (28.41) 1.67
Income tax effect 7 9.08 -
Unrealised (gain)/loss on FVTOCI equity securities (net of tax) 47 (175.13) (88.68)
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Exchange difference on translation of foreign operations 963.44 2,420.21
Other comprehensive income for the year 1,480.34 2,092.28
Total comprehensive income for the year (net of tax) (18,893.68) (19,945.25)
Loss for the year attributable to:
Owners of the company (14,483.65) (17,039.52)
Non-controlling interests (5,890.37) (4,998.01)
Total comprehensive income for the year attributable to:
Owners of the company (13,003.31) (14,947.24)
Non-controlling interests 45 (5,890.37) (4,998.01)
Earnings per share 39
Earning per share from continued operations towards parent - Basic (1.89) (6.89)
[Face value of equity share INR 1/- each]
Earning per share from continued operations towards parent- Diluted (1.89) (6.89)
[Face value of equity share INR 1/- each]
FCS No.:F-6801

Consolidated Statement of Changes in Equity
Reserves and surplus Items of OCI
Foreign
currency Foreign Changes in Non
Equity Debenture Revaluation
Securities monetary item Retained currency equity Discontinued controlling
share redemption reserve Total Total
premium translation earnings translation instrument operations interests (refer
capital reserve on PPE
difference reserve and others note 45)
account
As at 1st April 2017 945.25 15,569.73 625.00 (3,563.30) (42,581.75) (2,727.91) 12,864.30 108.78 - (18,759.90) (14,647.70) (33,407.60)
Profit for the period - - - (17,039.52) - - - - (17,039.52) (4,998.01) (22,037.53)
Equity shares issued 971.57 14,826.79 - - - - - - - 15,798.36 - 15,798.36
during the year
Transfer to/(from) foreign - - - 838.54 - - - - - 838.54 - 838.54
currency monetary item

translation difference account
Other comprehensive income - - - - - 2,420.21 (240.92) (87.01) - 2,092.28 - 2,092.28
Total comprehensive income 1,916.82 30,396.52 625.00 (2,724.76) (59,621.27) (307.70) 12,623.38 21.77 - (17,070.24) (19,645.71) (36,715.95)
Depreciation of revalued assets - - - - 687.51 - (687.51) - - - - -
As at 31st March 2018 1,916.82 30,396.52 625.00 (2,724.76) (58,933.76) (307.70) 11,935.87 21.77 - (17,070.24) (19,645.71) (36,715.95)
Profit for the period - - - - (14,483.65) - - - (14,483.65) (5,890.37) (20,374.02)
Other Comprehensive Income - - - - (20.07) 963.44 712.10 (175.13) 1,480.34 - 1,480.34
Total Comprehensive Income - - - - (14,503.72) 963.44 712.10 (175.13) - (13,003.31) (5,890.37) (18,893.68)
Transfer to/(from) foreign currency - - - (1.83) - - - - (1.83) - (1.83)
monetary item translation
difference account
Transfer from retained earnings - - - - 1.11 - (1.11) - - - -

Depreciation of revalued assets - - - - 895.42 - (895.42) - - - -
Discontinued operations - 2,726.60 83,171.35 (5,046.68) (80,851.27) - - -
As at 31st March 2019 1,916.82 30,396.52 625.00 - 10,630.40 (4,390.94) 11,751.44 (153.36) (80,851.27) (30,075.38) (25,536.08) (55,611.46)
FCS No.:F-6801
Consolidated Statement of Cash Flows

Year ended 31st Year ended
March 2019 31st March 2018
Operating activities
Loss before tax from continued operations (3,738.66) (13,377.02)
Loss before tax from discontinued operations (16,637.70) (13,798.66)
Adjustments to reconcile loss before tax to net cash flows:
Exceptional Items 986.23 -
Depreciation of property, plant and equipment 2,206.89 8,578.09
Amortisation of intangible assets 0.24 27.45
Impairment of goodwill - 6,746.86
Government assistance (60.55) (137.28)
Unrealised gain on derivatives (48.66) -
Finance costs (including unwinding of interest on borrowing at concessional rate) 11,366.81 9,633.34
Finance income (38.15) (130.50)
Impairment of other assets 131.55 1,339.19
Impairment of trade receivables 65.65 1,410.39
Impairment of property, plant and equipment - 37.25
Impairment of capital work in progress 4.23 28.77
Loss/(gain) on sale of property, plant and equipment (127.83) (19.96)
Dividend income (0.76) (0.90)
Working capital adjustments:
Movement in employee benefit liability 72.52 74.49
Decrease/(increase) in trade receivables 3,914.81 1,167.21
Decrease/(increase) in other receivables and prepayments 2,845.27 6,242.93
Decrease/(increase) in inventories and biological assets (6,886.83) 5,107.73
Increase/(decrease) in trade and other payables 8,403.84 1,919.88
2,458.90 (282.32)
Income tax refund/(paid) 88.50 65.16
Net cash flows from operating activities 2,547.40 (217.16)
Investing activities:
Purchase of property, plant and equipment (2,226.38) (4,639.70)
Proceeds from sale of property, plant and equipment 1,034.58 1,107.05
Purchase of investments (net) (1.35) -
Interest received (finance income) 52.72 142.19
Dividend received 0.76 0.90
Net cash flows from investing activities (1,139.67) (3,389.56)
Financing activities:
Proceeds from issue of equity shares (net of transaction cost) - 7,825.57
Repayment of long-term borrowings (1,290.81) (1,799.60)
Proceeds from working capital borrowing (net) 6,964.84 7,314.16
Finance cost paid (10,408.79) (13,082.66)
Net cash flows from financing activities (4,734.76) 257.47
Net foreign exchange difference 3,147.94 3,308.97

Net decrease in cash and cash equivalents (179.09) (40.28)
Opening cash and cash equivalents 542.20 582.48
Closing cash and cash equivalents 363.11 542.20
The cashflow statement is prepared using the indirect method set out in IND AS 7 - Statement of cashflow
FCS No.:F-6801

Notes to Consolidated Financial Statements

All amounts in millions Indian Rupees, unless otherwise staled
1. Corporate information The management has prepared a cash
The consolidated financial statements comprise flow forecast of the Group and the
financial statements of Shree Renuka Sugars Group for 12 months period ending
Limited (the ‘Company’) and its subsidiaries 31st March 2020.The Group has collected large
(collectively, the ‘Group’) for the year ended portion of trade receivable outstanding as at
31st March 2019. The Company is a public company 31st March 2018 and has repaid farmer dues of
domiciled in India and is incorporated under the past seasons. The Company net loss for the year
provisions of the Companies Act applicable in has reduced from INR 29,821.36 million in the
India. Its shares are listed on two recognised stock previous year to INR 3,819.94 million in the year
exchanges in India. The registered office of the ended March 31 2019. Further, the loss from
Company is located at BC 105 Havelock Road, Camp, continued operation of the Group has reduced
Belagavi, 590 001. from INR 6,955.44 million in the previous year to
INR 3,650.53 million in current year.
The Group is principally engaged in the manufacturing
of sugar, ethyl alcohol and ethanol and generation and All the borrowings availed by the Company
sale of power. Information on the Group’s structure are secured by corporate guarantee provided
is provided in Note 46. Information on other related by the ultimate parent company (Wilmar
party relationships of the Group is provided in Note 44. International Limited). Further the Board
of Directors of Wilmar Sugar Holdings Pte
2.1 Significant accounting policies
Limited, the parent company, has provided
I. Basis of preparation: letter of support to the Company and the
Group, to meet shortfall in its normal trade
The consolidated financial statements of the
related working capital requirements during
Group have been prepared in accordance with
the 12 months period ended March 31, 2020.
Indian Accounting Standards (Ind AS) notified
Accordingly, the Group management believes it
under the Companies (Indian Accounting
will be able meet all its financial obligations, as
Standards) Rules, 2015, (as amended
and when they fall due during the next twelve
from time to time).
months. Accordingly, Group has prepared the
The consolidated financial statements financial statements on going concern basis.
have been prepared on a historical cost basis,
II. Basis of consolidation:
except for the following assets and liabilities
which have been measured at fair value or The consolidated financial statements comprise
revalued amount: the financial statements of the Company and
its subsidiaries for the year ended and as at
- Land, buildings and plant and machinery
31st March 2019. Control is achieved when
classified as property, plant and equipment,
the Group is exposed, or has rights, to variable
- Derivative financial instruments, returns from its involvement with the investee
and has the ability to affect those returns
- Certain financial assets and liabilities
through its power over the investee. Specifically,
measured at fair value ((refer note 2.1
the Group controls an investee if and only
(III) (r)) accounting policy regarding
if the Group has:
financial instruments)
- Power over the investee (i.e. existing rights
The financial statements are prepared in INR
that give it the current ability to direct the
(Indian Rupees) and all values are rounded
relevant activities of the investee)
off to the nearest Million except when
stated otherwise. - Exposure, or rights, to variable returns from
its involvement with the investee, and
Going concern assumption
- The ability to use its power over the
As at March 31, 2019, the current liabilities
investee to affect its returns
of the Group exceeded its current assets by
INR. 27,371.45 million. During the year ended Generally, there is a presumption that a majority
March 31, 2019 the Group has incurred net loss of voting rights result in control. To support this
of INR. 20,374.02 million and the Group has a presumption and when the Group has less than
negative net-worth of INR. 30,075.39 million as a majority of the voting or similar rights of an
at March 31, 2019.
- Derecognises the assets (including

investee, the Group considers all relevant facts
goodwill) and liabilities of the subsidiary
and circumstances in assessing whether it has
power over an investee, including: - Derecognises the carrying amount of any
non-controlling interests
- The contractual arrangement with other
vote holders of the investee - Derecognises the cumulative translation
differences recorded in equity
- Rights arising from other
contractual arrangements - Recognises the fair value of the
consideration received
- The Group’s voting rights and
potential voting rights - Recognises the fair value of any
investment retained
The Group re-assesses whether or not it controls
an investee if facts and circumstances indicate - Recognises any surplus or deficit
that there are changes to one or more of the in profit or loss
three elements of control. Consolidation of
- Reclassifies the parent’s share of
a subsidiary begins when the Group obtains
components previously recognised in OCI
control over the subsidiary and ceases when
to profit or loss or retained earnings, as
the Group loses control of the subsidiary.
appropriate, as would be required if the
Assets, liabilities, income and expenses of a
Group had directly disposed off the related
subsidiary acquired or disposed of during the
assets or liabilities
year are included in the consolidated financial
statements from the date the Group gains III. Summary of significant accounting policies;
control until the date the Group ceases to
a. Business combinations and goodwill
control the subsidiary.
In accordance with Ind AS 101 provisions
The consolidated financial statements are
related to first time adoption, the Group
prepared using uniform accounting policies. If a
has elected to apply Ind AS accounting
member of the group uses accounting policies
for business combinations prospectively
other than those adopted in the consolidated
from 1st April 2016. As such, Indian GAAP
financial statements for like transactions and
balances relating to business combinations
events in similar circumstances, appropriate
entered into before that date, including
adjustments are made to that group member’s
goodwill, have been carried forward with
financial statements in preparing the
minimal adjustment.
consolidated financial statements to ensure
conformity with the group’s accounting policies. Business combinations are accounted for
using the acquisition method. The cost of
The financial statements of all entities used
an acquisition is measured as the aggregate
for the purpose of consolidation are drawn up
of the consideration transferred measured
to same reporting date as that of the parent
at acquisition date fair value and the
company, i.e., year ended on 31st March.
amount of any non-controlling interests
Profit or loss and each component of other in the acquiree. For each business
comprehensive income (OCI) are attributed to combination, the Group elects whether
the equity holders of the parent of the Group to measure the non-controlling interests
and to the non-controlling interests, even if this in the acquiree at fair value or at the
results in the non-controlling interests having a proportionate share of the acquiree’s
deficit balance. When necessary, adjustments identifiable net assets. Acquisition-related
are made to the financial statements of costs are expensed as incurred.
subsidiaries to bring their accounting policies
At the acquisition date, the identifiable
in line with the Group’s accounting policies.
assets acquired and the liabilities assumed
All intra-group assets and liabilities, equity,
are recognised at their acquisition date
income, expenses and cash flows relating to
fair values. For this purpose, the liabilities
transactions between members of the Group
assumed include contingent liabilities
are eliminated in full on consolidation.
representing present obligation and they
A change in the ownership interest of a are measured at their acquisition fair values
subsidiary, without a loss of control, is accounted irrespective of the fact that outflow of
for as an equity transaction. If the Group loses resources embodying economic benefits is
control over a subsidiary, it: not probable. However, deferred tax assets

or liabilities, and the assets or liabilities on the carrying amount of each asset in the
related to employee benefit arrangements unit. Any impairment loss for goodwill is
are recognised and measured in recognised in profit or loss. An impairment
accordance with Ind AS 12 Income Tax and loss recognised for goodwill is not reversed
Ind AS 19 Employee Benefits respectively. in subsequent periods.
If the business combination is achieved Where goodwill has been allocated to
in stages, any previously held equity a cash-generating unit and part of the
interest is re-measured at its acquisition operation within that unit is disposed
date fair value and any resulting gain or off, the goodwill associated with the
loss is recognised in profit or loss or OCI, disposed operation is included in the
as appropriate. carrying amount of the operation when
determining the gain or loss on disposal.
Goodwill is initially measured at cost,
Goodwill disposed in these circumstances
being the excess of the aggregate of
is measured based on the relative values of
the consideration transferred and the
the disposed operation and the portion of
amount recognised for non-controlling
the cash-generating unit retained.
interests, and any previous interest held,
over the net identifiable assets acquired If the initial accounting for a business
and liabilities assumed. If the fair value of combination is incomplete by the end
the net assets acquired is in excess of the of the reporting period in which the
aggregate consideration transferred, the combination occurs, the Group reports
Group re-assesses whether it has correctly provisional amounts for the items for
identified all of the assets acquired and all which the accounting is incomplete.
of the liabilities assumed and reviews the Those provisional amounts are
procedures used to measure the amounts adjusted through goodwill during the
to be recognised at the acquisition date. measurement period, or additional assets
If the reassessment still results in an excess or liabilities are recognised, to reflect
of the fair value of net assets acquired over new information obtained about facts
the aggregate consideration transferred, and circumstances that existed at the
then the gain is recognised in OCI and acquisition date that, if known, would
accumulated in equity as capital reserve. have affected the amounts recognized at
However, if there is no clear evidence of that date. These adjustments are called
bargain purchase, the entity recognises as measurement period adjustments.
the gain directly in equity as capital reserve, The measurement period does not exceed
without routing the same through OCI. one year from the acquisition date.
After initial recognition, goodwill is b. Currentversus non-current classification
measured at cost less any accumulated
The Group presents assets and liabilities
impairment losses. For the purpose of
in the balance sheet based on current/
impairment testing, goodwill acquired
non-current classification. An asset is
in a business combination is, from the
treated as current when it is:
acquisition date, allocated to each of the
Group’s cash-generating units that are - Expected to be realised or intended to be
expected to benefit from the combination, sold or consumed in normal operating cycle
irrespective of whether other assets or
- Held primarily for the purpose of trading
liabilities of the acquiree are assigned
to those units. - Expected to be realised within twelve
A cash generating unit to which goodwill
has been allocated is tested for impairment - Cash or cash equivalent unless restricted
annually, or more frequently when there from being exchanged or used to settle a
is an indication that the unit may be liability for at least twelve months after the
impaired. If the recoverable amount of the reporting period
cash generating unit is less than its carrying
All other assets are classified
amount, the impairment loss is allocated
as non-current.
first to reduce the carrying amount of any
goodwill allocated to the unit and then to
the other assets of the unit pro rata based

A liability is treated current when: Exchange differences arising on monetary

items that forms part of a reporting entity’s
- It is expected to be settled in normal
net investment in a foreign operation are
operating cycle
recognised in profit or loss in the separate
- It is held primarily for the financial statements of the reporting entity
purpose of trading or the individual financial statements of
the foreign operation, as appropriate.
- It is due to be settled within twelve
In the financial statements that include the
foreign operation and the reporting entity
- There is no unconditional right to (e.g., consolidated financial statements
defer the settlement of the liability when the foreign operation is a subsidiary),
for at least twelve months after the such exchange differences are recognised
reporting period initially in OCI. These exchange differences
are reclassified from equity to profit or loss
The Group classifies all other liabilities
on disposal of the net investment.
as non-current.
Non-monetary items that are measured in
Deferred tax assets and liabilities
terms of historical cost in a foreign currency
are classified as non-current assets
are translated using the exchange rates
and liabilities.
at the dates of the initial transactions.
The operating cycle is the time between Non-monetary items measured at fair
the acquisition of assets for processing value in a foreign currency are translated
and their realisation in cash and cash using the exchange rates at the date when
equivalents. The group has identified the fair value is determined. The gain or loss
twelve months as its operating cycle. arising on translation of non-monetary
items measured at fair value is treated in
c. Foreign currencies
line with the recognition of the gain or loss
The Group’s consolidated financial on the change in fair value of the item (i.e.,
statements are presented in INR, which translation differences on items whose fair
is also the parent company’s functional value gain or loss is recognised in OCI or
currency. For each entity the Group profit or loss are also recognised in OCI or
determines the functional currency and profit or loss, respectively).
items included in the financial statements
Group had opted to defer/ capitalize
of each entity are measured using that
exchange differences arising on
functional currency. The Group uses the
long-term foreign currency monetary
direct method of consolidation and on
items in accordance with paragraph
disposal of a foreign operation the gain
46A of AS 11 under Indian GAAP. Ind AS
or loss that is reclassified to profit or loss
101 gives an option whereby a first time
reflects the amount that arises from
adopter can continue its Indian GAAP
using this method.
policy for accounting for exchange
Transactions and balances differences arising from translation of
long-term foreign currency monetary
Transactions in foreign currencies are
items recognised in the Indian GAAP
initially recorded by the Group at functional
financial statements for the period ending
currency spot rates at the date the
immediately before the beginning of the
transaction first qualifies for recognition.
first Ind AS financial reporting period.
However, for practical reasons, the Group
uses an average rate if the average Group companies
approximates the actual rate at the date of
On consolidation, the assets and liabilities
the transaction.
of foreign operations are translated into
Monetary assets and liabilities INR at the rate of exchange prevailing at
denominated in foreign currencies are the reporting date and their statements
translated at the functional currency spot of profit or loss are translated at average
rates of exchange at the reporting date. an exchange rate which approximates
the actual rate at the date of the
Exchange differences arising on
transaction. The exchange differences
settlement or translation of monetary
arising on translation for consolidation are
items are recognised in profit or loss with
recognised in OCI. On disposal of a foreign
the exception of the following:
operation, the component of OCI relating - Level 1 — Quoted (unadjusted)

to that particular foreign operation is market prices in active markets for
recognised in profit or loss. identical assets or liabilities
d. Fair value measurement - Level 2 — Valuation techniques
The Group measures financial instruments,
that is significant to the fair
such as, derivatives at fair value at each
value measurement is directly or
balance sheet date.
indirectly observable
Fair value is the price that would be
- Level 3 — Valuation techniques
received to sell an asset or paid to transfer
a liability in an orderly transaction between
that is significant to the fair value
market participants at the measurement
measurement is unobservable
date. The fair value measurement is based
on the presumption that the transaction For assets and liabilities that are
to sell the asset or transfer the liability recognised in the financial statements on
takes place either: a recurring basis, the Group determines
whether transfers have occurred between
- In the principal market for the asset
levels in the hierarchy by re-assessing
or liability, or
categorisation (based on the lowest level
- In the absence of a principal market, input that is significant to the fair value
in the most advantageous market for measurement as a whole) at the end of
the asset or liability each reporting period.
The principal or the most For the purpose of fair value disclosures,
advantageous market must be the Group has determined classes of
accessible by the Group. assets and liabilities on the basis of the
nature, characteristics and risks of the
The fair value of an asset or a liability
asset or liability and the level of the fair
is measured using the assumptions
value hierarchy as explained above.
that market participants would use
when pricing the asset or liability, This note summarises accounting policy
assuming that market participants for fair value. Other fair value related
act in their economic best interest. disclosures are given in the relevant notes.
A fair value measurement of a - Disclosures for valuation methods,
non-financial asset takes into significant estimates and
account a market participant’s ability assumptions (note 2.2 and 47)
to generate economic benefits by
- Quantitative disclosures of fair value
using the asset in its highest and best
measurement hierarchy (note 47)
use or by selling it to another market
participant that would use the asset - Investment in unquoted equity
in its highest and best use. shares (note 4)
The Group uses valuation - Property, plant and equipment under
techniques that are appropriate in revaluation model (note 3)
the circumstances and for which
- Financial instruments (including
sufficient data are available to
those carried at amortised
measure fair value, maximising
cost) (note 47)
the use of relevant observable
inputs and minimising the use of e. Revenue recognition
unobservable inputs.
All assets and liabilities for which fair value
Revenue from contracts with customers is
is measured or disclosed in the financial
recognised when control of the goods or
statements are categorised within the fair
services are transferred to the customer at
value hierarchy, described as follows, based
an amount that reflects the consideration
on the lowest level input that is significant
to which the Company expects to be
to the fair value measurement as a whole:
entitled in exchange for those goods or

services. The Group has concluded that it is Contract liabilities

the principal in its revenue arrangements,
A contract liability is the obligation
because it typically controls the goods
to transfer goods or services to a
or services before transferring them
customer for which the Group has
to the customer.
received consideration (or an amount of
Revenue from sale of goods is recognised consideration is due) from the customer.
at the point in time when control of the If a customer pays consideration before
goods is transferred to the customer, on the Group transfers goods or services
delivery of the goods. The normal credit to the customer, a contract liability is
term is 7 to 180 days upon delivery. recognised when the payment is made or
The Group considers whether there are the payment is due (whichever is earlier).
other promises in the contract that are Contract liabilities are recognised as
separate performance obligations to revenue when the Group performs its
which a portion of the transaction price obligation under the contract.
needs to be allocated. In determining the
Rendering of services
transaction price for the sale of goods, the
Group considers the effects of variable Income from services is recognised
consideration, the existence of significant as they are rendered (based on
financing components, noncash agreement/arrangement with the
consideration, and consideration payable concerned customers).
to the customer (if any).
Interest income
If the consideration in a contract includes
For all debt instruments measured either
a variable amount, the Group estimates
at amortised cost or at fair value through
the amount of consideration to which it
other comprehensive income, interest
will be entitled in exchange for transferring
income is recorded using the effective
the goods to the customer. The variable
interest rate (EIR). EIR is the rate that
consideration is estimated at contract
exactly discounts the estimated future
inception and constrained until it is highly
cash payments or receipts over the
probable that a significant revenue reversal
expected life of the financial instrument
in the amount of cumulative revenue
or a shorter period, where appropriate,
recognised will not occur when the
to the gross carrying amount of the
associated uncertainty with the variable
financial asset or to the amortised cost of
consideration is subsequently resolved.
a financial liability. When calculating the
Contract balances effective interest rate, the group estimates
the expected cash flows by considering
Contract assets
all the contractual terms of the financial
A contract asset is the right to instrument (for example, prepayment,
consideration in exchange for goods or extension, call and similar options) but does
services transferred to the customer. not consider the expected credit losses.
If the Group performs its obligations
Dividends
by transferring goods or services to a
customer before the customer pays Revenue is recognised when the Group’s
consideration or before payment is due, a right to receive the payment is established,
contract asset is recognised for the earned which is generally when shareholders
consideration that is conditional. approve the dividend.
Trade receivables f. Government grants
A receivable represents the Group’s right Government grants are recognised
to an amount of consideration that is where there is reasonable assurance
unconditional (i.e., only the passage of that the grant will be received and all
time is required before payment of the attached conditions will be complied with.
consideration is due). Refer to accounting When the grant relates to an expense
policies of financial assets in section (r) item, it is recognised as income on a
financial instruments – initial recognition systematic basis over the periods that
and subsequent measurement. the related costs, for which it is intended

to compensate, are expensed. When the sales of such assets (or disposal groups), its
grant relates to an asset, it is recognised sale is highly probable; and it will genuinely
as income in equal amounts over the be sold, not abandoned. The group treats
expected useful life of the related asset. sale of the asset or disposal group to be
highly probable when:
When the Group receives grants of
non-monetary assets, the asset and  The appropriate level of management
the grant are recorded at fair value is committed to a plan to sell the
amounts and released to profit or loss asset (or disposal group),
over the expected useful life in a pattern
 An active programme to locate a
of consumption of the benefit of the
buyer and complete the plan has
underlying asset i.e. by equal annual
been initiated (if applicable),
instalments. When loans or similar
assistance are provided by governments  The asset (or disposal group) is being
or related institutions, with an interest rate actively marketed for sale at a price
below the current applicable market rate, that is reasonable in relation to its
the effect of this favourable interest is current fair value,
regarded as a government grant. The loan
 The sale is expected to qualify for
or assistance is initially recognised and
recognition as a completed sale
measured at fair value and the government
within one year from the date of
grant is measured as the difference
classification , and
between the initial carrying value of
the loan and the proceeds received.  Actions required to complete the
The loan is subsequently measured as plan indicate that it is unlikely
per the accounting policy applicable to that significant changes to the
financial liabilities. plan will be made or that the plan
will be withdrawn.
The Group is eligible for the assistance
under the Buffer Stock Subsidy Scheme Non-current assets held for sale to owners
and Cane Subsidy Scheme notified by and disposal groups are measured at the
Ministry of Consumer Affairs, Food and lower of their carrying amount and the fair
Public Distribution for assistance to sugar value less costs to sell. Assets and liabilities
mills. As the Group has complied with the classified as held for sale are presented
relevant conditions, it has recognised the separately in the balance sheet.
same as its income under this scheme.
Property, plant and equipment and
g. Non-current assets held for sale and intangible assets once classified
discontinued operations as held for sale to owners are not
depreciated or amortised.
The Group classifies non-current assets and
disposal groups as held for sale to owners A disposal group qualifies as discontinued
if their carrying amounts will be recovered operation if it is a component of an entity
principally through a sale rather than that either has been disposed of, or is
through continuing use. Actions required classified as held for sale, and:
to complete the sale should indicate that
 Represents a separate major
it is unlikely that significant changes to the
line of business or geographical
sale will be made or that the decision to
area of operations,
sell will be withdrawn. Management must
be committed to the sale expected within  Is part of a single co-ordinated
one year from the date of classification. plan to dispose of a separate major
line of business or geographical
For these purposes, sale transactions
area of operations.
include exchanges of non-current assets
for other non-current assets when the Discontinued operations are excluded
exchange has commercial substance. from the results of continuing operations
The criteria for held for sale classification and are presented as a single amount as
is regarded met only when the assets or profit or loss after tax from discontinued
disposal group is available for immediate operations in the statement of
sale in its present condition, subject only profit and loss.
to terms that are usual and customary for

h. Taxes assets are recognised only to the extent

that it is probable that the temporary
Current income tax
differences will reverse in the foreseeable
Current income tax assets and liabilities future and taxable profit will be available
are measured at the amount expected to against which the temporary differences
be recovered from or paid to the taxation can be utilised.
authorities. The tax rates and tax laws
The carrying amount of deferred tax
used to compute the amount are those
assets is reviewed at each reporting date
that are enacted or substantively enacted,
and reduced to the extent that it is no
at the reporting date in the countries
longer probable that sufficient taxable
where the Group operates and generates
profit will be available to allow all or part
taxable income.
of the deferred tax asset to be utilised.
Current income tax relating to items Unrecognised deferred tax assets are
recognised outside profit or loss is re-assessed at each reporting date and
recognised outside profit or loss (either are recognised to the extent that it has
in other comprehensive income or in become probable that future taxable
equity). Current tax items are recognised profits will allow the deferred tax asset
in correlation to the underlying to be recovered.
transaction either in OCI or directly
Deferred tax assets and deferred tax
in equity. Management periodically
liabilities are offset if a legally enforceable
evaluates positions taken in the tax
right exists to set off current tax assets
returns with respect to situations in which
against current tax liabilities and the
applicable tax regulations are subject to
deferred taxes relate to the same taxable
interpretation and establishes provisions
entity and the same taxation authority.
where appropriate.
i. Property, plant and equipment
Deferred tax
Freehold land, buildings and plant and
Deferred tax is provided using the liability
machinery, other than investment property,
method on temporary differences between
were carried in the balance sheet on the
the tax bases of assets and liabilities
basis of revaluation model performed.
and their carrying amounts for financial
Capital work in progress and other assets
reporting purposes at the reporting date.
is stated at cost, net of accumulated
Deferred tax liabilities are recognised depreciation and accumulated impairment
for all taxable temporary differences, losses, if any. Such cost includes the cost of
except in respect of taxable temporary replacing part of the plant and equipment
differences associated with investments and borrowing costs for long-term
in subsidiaries, associates and interests construction projects if the recognition
in joint ventures, when the timing of the criteria are met. When significant parts
reversal of the temporary differences can of plant and equipment are required
be controlled and it is probable that the to be replaced at intervals, the Group
temporary differences will not reverse in depreciates them separately based on
the foreseeable future. their specific useful lives. Likewise, when
a major inspection is performed, its cost is
Deferred tax assets are recognised for all
recognised in the carrying amount of the
deductible temporary differences, the
plant and equipment as a replacement
carry forward of unused tax credits and any
if the recognition criteria are satisfied.
unused tax losses. Deferred tax assets are
All other repair and maintenance costs
recognised to the extent that it is probable
are recognised in profit or loss as incurred.
that taxable profit will be available
The present value of the expected cost for
against which the deductible temporary
the decommissioning of an asset after its
differences, and the carry forward of unused
use is included in the cost of the respective
tax credits and unused tax losses can be
asset if the recognition criteria for a
utilised, except in respect of deductible
provision are met.
temporary differences associated with
investments in subsidiaries, associates Land, buildings and plant, machinery
and interests in joint ventures, deferred tax and equipment are measured at fair

value less accumulated depreciation and An item of property, plant and equipment
impairment losses recognised at the date and any significant part initially recognised
of revaluation. Valuations are performed is derecognised upon disposal or when no
with sufficient frequency to ensure that future economic benefits are expected
the carrying amount of a revalued asset from its use or disposal. Any gain or loss
does not differ materially from its fair value. arising on derecognition of the asset
(calculated as the difference between the
A revaluation surplus is recorded in OCI
net disposal proceeds and the carrying
and credited to the asset revaluation
amount of the asset) is included in
surplus in equity. However, to the extent
the income statement when the asset
that it reverses a revaluation deficit of the
is derecognised.
same asset previously recognised in profit
or loss, the increase is recognised in profit The residual values, useful lives and
and loss. A revaluation deficit is recognised methods of depreciation of property,
in the statement of profit and loss, except plant and equipment are reviewed at
to the extent that it offsets an existing each financial year end and adjusted
surplus on the same asset recognised in prospectively, if appropriate.
the asset revaluation reserve.
j. Intangible assets
An annual transfer from the asset
Intangible assets acquired separately
revaluation reserve to retained earnings
are measured on initial recognition
is made for the difference between
at cost. Following initial recognition,
depreciation based on the revalued
intangible assets are carried at cost
carrying amount of the asset and
less any accumulated amortisation and
depreciation based on the asset’s
accumulated impairment losses.
original cost. Additionally, accumulated
depreciation as at the revaluation date The useful lives of intangible assets are
is eliminated against the gross carrying assessed as either finite or indefinite.
amount of the asset and the net amount
Intangible assets with finite lives are
is restated to the revalued amount of the
amortised over the useful economic life
asset. Upon disposal, any revaluation
and assessed for impairment whenever
reserve relating to the particular asset
there is an indication that the intangible
being sold is transferred directly to
asset may be impaired. The amortisation
retained earnings.
period and the amortisation method for
Depreciation is calculated on a straight-line an intangible asset with a finite useful life
basis over the estimated useful lives of the are reviewed at least at the end of each
assets as follows: reporting period. Changes in the expected
useful life or the expected pattern of
Category Useful life consumption of future economic benefits
Buildings 5 - 60 Years embodied in the asset are considered
to modify the amortisation period or
Plant and Equipments 5-40 Years
method, as appropriate, and are treated
Furniture and Fixtures 1-10 Years as changes in accounting estimates.
Vehicles 7-8 Years The amortisation expense on intangible
assets with finite lives is recognised in the
Office Equipments 1-10 Years
statement of profit and loss unless such
The Group, based on technical expenditure forms part of carrying value
assessment made by technical expert of another asset.
and management estimate, depreciates
Intangible assets with indefinite
certain items of building, plant and
useful lives are not amortised, but are
equipment over estimated useful lives
tested for impairment annually, either
which are different from the useful life
individually or at the cash-generating
prescribed in Schedule II to the Companies
unit level. The assessment of indefinite
Act, 2013. The management believes that
life is reviewed annually to determine
these estimated useful lives are realistic
whether the indefinite life continues to be
and reflect fair approximation of the period
supportable. If not, the change in useful
over which the assets are likely to be used.
life from indefinite to finite is made on a
prospective basis.

Gains or losses arising from derecognition and other costs that an entity incurs in
of an intangible asset are measured as connection with the borrowing of funds.
the difference between the net disposal Borrowing cost also includes exchange
proceeds and the carrying amount of differences to the extent regarded as an
the asset and are recognised in the adjustment to the borrowing costs.
statement of profit or loss when the asset
m. Leases
is derecognised.
The determination of whether an
k. Biological assets
arrangement is (or contains) a lease
Biological assets of the Group are is based on the substance of the
represented by sugarcane used as raw arrangement at the inception of the
material in the production of sugar and lease. The arrangement is, or contains, a
ethanol. Sugar cane is classified as a lease if fulfilment of the arrangement is
permanent crop, whose economically dependent on the use of a specific asset
viable cultivation cycle is five years or assets and the arrangement conveys
after its first cut. a right to use the asset or assets, even
if that right is not explicitly specified in
The fair value of the sugar cane at harvest
an arrangement.
is determined by the quantities harvested,
and valued by the value of CONSECANA Group as a lessee
(Council of Sugar Cane Producers, sugar
A lease is classified at the inception date
and São Paulo State Alcohol) accumulated
as a finance lease or an operating lease.
in the respective month. The fair value of
A lease that transfers substantially all the
the harvested sugar cane will be the cost
risks and rewards incidental to ownership
of the raw material used in the production
to the Group is classified as a finance lease.
of sugar and ethanol process.
Finance leases are capitalised at the
(a) Cash inflows obtained by multiplying
commencement of the lease at the
(i) estimated production, measured in
inception date fair value of the leased
kilos of ATR (total recoverable sugar),
property or, if lower, at the present
and (ii) future market price of sugar
value of the minimum lease payments.
cane, which is estimated based on
Lease payments are apportioned between
public data and estimates of future
finance charges and reduction of the lease
prices of sugar and ethanol; and
liability so as to achieve a constant rate of
(b) Cash outflows represented by interest on the remaining balance of the
estimates of (i) costs necessary liability. Finance charges are recognised in
for the occurrence of biological finance costs in the statement of profit and
transformation of sugarcane loss, unless they are directly attributable
(cultivation) to harvest; (ii) costs of to qualifying assets, in which case they
harvesting/cutting, loading and are capitalized in accordance with the
transportation - CCT; (iii) cost of Group’s general policy on the borrowing
capital (land and machinery and costs. Contingent rentals are recognised
equipment); (iv) Lease costs and as expenses in the periods in which
agricultural partnership; and(v) taxes they are incurred.
on the positive cash flow.
A leased asset is depreciated over the
l. Borrowing costs useful life of the asset. However, if there is
no reasonable certainty that the Group will
Borrowing costs directly attributable to the
obtain ownership by the end of the lease
acquisition, construction or production of
term, the asset is depreciated over the
an asset that necessarily takes a substantial
shorter of the estimated useful life of the
period of time to get ready for its intended
asset and the lease term.
use or sale are capitalised as part of the
cost of the asset. All other borrowing costs Operating lease payments are recognised
are expensed in the period in which they as an expense in the statement of profit
occur. Borrowing costs consist of interest and loss on a straight-line basis over
the lease term.

Group as lessor Net realisable value is the estimated selling

price in the ordinary course of business,
Leases in which the Group does not transfer
less estimated costs of completion for
substantially all the risks and rewards
work in progress and the estimated costs
of ownership of an asset are classified
necessary to make the sale.
as operating leases. Rental income
from operating lease is recognised on a o. Impairment of non-financial assets
straight-line basis over the term of the
The Group assesses, at each reporting
relevant lease. Initial direct costs incurred
date, whether there is an indication that
in negotiating and arranging an operating
an asset may be impaired. If any indication
lease are added to the carrying amount
exists, or when annual impairment
of the leased asset and recognised over
testing for an asset is required, the Group
the lease term on the same basis as rental
estimates the asset’s recoverable amount.
income. Contingent rents are recognised
An asset’s recoverable amount is the
as revenue in the period in which
higher of an asset’s or cash-generating
they are earned.
unit’s (CGU) fair value less costs of disposal
Leases are classified as finance leases and its value in use. Recoverable amount is
when substantially all of the risks and determined for an individual asset, unless
rewards of ownership transfer from the asset does not generate cash inflows
the Group to the lessee. Amounts due that are largely independent of those
from lessees under finance leases are from other assets or groups of assets.
recorded as receivables at the Group’s net When the carrying amount of an asset or
investment in the leases. Finance lease CGU exceeds its recoverable amount, the
income is allocated to accounting periods asset is considered impaired and is written
so as to reflect a constant periodic rate of down to its recoverable amount.
return on the net investment outstanding
In assessing value in use, the estimated
in respect of the lease.
future cash flows are discounted to their
n. Inventories present value using a pre-tax discount rate
that reflects current market assessments
Inventories are valued at the lower of cost
of the time value of money and the risks
and net realisable value.
specific to the asset. In determining fair
Costs incurred in bringing each product value less costs of disposal, recent market
to its present location and condition are transactions are taken into account. If no
accounted for as follows: such transactions can be identified, an
appropriate valuation model is used.
- Raw materials: cost includes
These calculations are corroborated by
cost of purchase and other costs
valuation multiples, quoted share prices
for publicly traded companies or other
available fair value indicators.
weighted average basis. The Group bases its impairment
calculation on detailed budgets and
- Finished goods and work in
forecast calculations, which are prepared
progress: cost includes cost of
separately for each of the Group’s
direct materials and labour and
CGUs to which the individual assets are
a proportion of manufacturing
allocated. These budgets and forecast
overheads based on the normal
calculations generally cover a period of
operating capacity, but excluding
five years. For longer periods, a long-term
borrowing costs. Cost is determined
growth rate is calculated and applied to
on weighted average basis.
project future cash flows after the fifth
- Traded goods: cost includes year. To estimate cash flow projections
cost of purchase and other costs beyond periods covered by the most
incurred in bringing the inventories recent budgets/forecasts, the Group
to their present location and extrapolates cash flow projections in
condition. Cost is determined on the budget using a steady or declining
weighted average basis. growth rate for subsequent years, unless
an increasing rate can be justified. In any

case, this growth rate does not exceed Group expects some or all of a provision
the long-term average growth rate for to be reimbursed, for example, under an
the products, industries, or country or insurance contract, the reimbursement
countries in which the entity operates, or is recognised as a separate asset, but
for the market in which the asset is used. only when the reimbursement is virtually
certain. The expense relating to a provision
Impairment losses of continuing
is presented in the statement of profit and
operations, including impairment
loss net of any reimbursement.
on inventories, are recognised in the
statement of profit and loss, except for If the effect of the time value of money is
properties previously revalued with the material, provisions are discounted using
revaluation surplus taken to OCI. For such a current pre-tax rate that reflects, when
properties, the impairment is recognised appropriate, the risks specific to the liability.
in OCI up to the amount of any previous When discounting is used, the increase in
revaluation surplus. the provision due to the passage of time is
recognised as a finance cost.
Goodwill is not subject to amortisation
and is tested annually for impairment, q. Retirement and other employee benefits
or more frequently if events or change
Retirement benefit in the form of
in circumstances indicate that they
provident fund is a defined contribution
might be impaired.
scheme. The Group has no obligation,
For assets excluding goodwill, an other than the contribution payable to the
assessment is made at each reporting date provident fund.
to determine whether there is an indication
The Group operates a defined benefit
that previously recognised impairment
gratuity plan in India, which requires
losses no longer exist or have decreased.
contributions to be made to a separately
If such indication exists, the Group
administered fund.
estimates the asset’s or CGU’s recoverable
amount. A previously recognised The cost of providing benefits under the
impairment loss is reversed only if there defined benefit plan is determined using
has been a change in the assumptions the projected unit credit method.
used to determine the asset’s recoverable
Re-measurements, comprising of actuarial
amount since the last impairment loss was
gains and losses, the effect of the asset
recognised. The reversal is limited so that
ceiling, excluding amounts included in net
the carrying amount of the asset does not
interest on the net defined benefit liability
exceed its recoverable amount, nor exceed
and the return on plan assets (excluding
the carrying amount that would have
amounts included in net interest on
been determined, net of depreciation,
the net defined benefit liability), are
had no impairment loss been recognised
recognised immediately in the balance
for the asset in prior years. Such reversal
sheet with a corresponding debit or credit
is recognised in the statement of profit or
to retained earnings through OCI in the
loss unless the asset is carried at a revalued
period in which they occur.
amount, in which case, the reversal is
treated as a revaluation increase. Re-measurements are not reclassified to
profit or loss in subsequent periods.
p. Provisions
Net interest is calculated by applying the
General
discount rate to the net defined benefit
Provisions are recognised when the liability or asset. The Group recognises
Group has a present obligation (legal or the following changes in the net defined
constructive) as a result of a past event, it benefit obligation as an expense in the
is probable that an outflow of resources consolidated statement of profit and loss:
embodying economic benefits will be
- Service costs comprising current
required to settle the obligation and a
service costs, past-service costs; and
reliable estimate can be made of the
amount of the obligation. When the - Net interest expense or income

Long term employee benefits Debt instruments at amortised cost
Compensated absences not expected A ‘debt instrument’ is measured at the

to occur within twelve months after the amortised cost if both the following
end of the period in which the employee conditions are met:
renders the related services are recognised
a) The asset is held within a business
as a liability at the present value of
model whose objective is to hold
the defined benefit obligation at the
assets for collecting contractual
balance sheet date.
cash flows, and
Termination benefits
b) Contractual terms of the asset give
Termination benefits are recognised rise on specified dates to cash flows
as an expense in the period in which that are solely payments of principal
they are incurred. and interest (SPPI) on the principal
amount outstanding.
r. Financial instruments
This category is the most relevant to
A financial instrument is any contract that
the Group. After initial measurement,
gives rise to a financial asset of one entity
such financial assets are subsequently
and a financial liability or equity instrument
measured at amortised cost using the
of another entity.
effective interest rate (EIR) method.
(a)
Financial assets Amortised cost is calculated by taking
into account any discount or premium

on acquisition and fees or costs that
All financial assets are recognised are an integral part of the EIR. The EIR
initially at fair value plus, in the case amortisation is included in finance income
of financial assets not recorded in the profit or loss. The losses arising
at fair value through profit or loss, from impairment are recognised in the
transaction costs that are attributable profit or loss. This category generally
to the acquisition of the financial applies to trade and other receivables.
asset. Purchases or sales of financial For more information on receivables,
assets that require delivery of assets refer to Note 10.
within a time frame established
Debt instrument at FVTOCI
by regulation or convention in the
market place (regular way trades) are A ‘debt instrument’ is classified as at
recognised on the trade date, i.e., the FVTOCI if both of the following
the date that the Group commits to criteria are met:
purchase or sell the asset.
a) The objective of the business model
Subsequent measurement is achieved both by collecting
contractual cash flows and selling
For purposes of subsequent measurement,
the financial assets, and
financial assets are classified in
four categories: b) The asset’s contractual cash flows
represent SPPI.
- Debt instruments at amortised cost
Debt instruments included within
- Debt instruments at fair value
the FVTOCI category are measured
through other comprehensive
initially as well as at each reporting
income (FVTOCI)
date at fair value. Fair value
- Debt instruments, derivatives and movements are recognized in the
equity instruments at fair value other comprehensive income (OCI).
through profit or loss (FVTPL) However, the group recognizes
interest income, impairment losses &
- Equity instruments measured at fair
reversals and foreign exchange gain
value through other comprehensive
or loss in the P&L. On derecognition
income (FVTOCI)
of the asset, cumulative gain or

loss previously recognised in OCI non-traded shares of National Commodity

is reclassified from the equity & Derivatives Exchange Ltd. (NCDEX) based
to P&L. Interest earned whilst on net worth of the invested company
holding FVTOCI debt instrument is applying a discount of 20% as assumption
reported as interest income using due to its losses during last financial year.
the EIR method.
As per assessment there was impairment
The Group has not designated any in the value of investment amounting to
debt instrument as at FVTOCI. Rs. 175.13 million and this was booked
through other comprehensive income.
Debt instrument at FVTPL
Derecognition
FVTPL is a residual category for debt
instruments. Any debt instrument, A financial asset (or, where applicable, a
which does not meet the criteria for part of a financial asset or part of a group
categorization as at amortized cost or as of similar financial assets) is primarily
FVTOCI, is classified as at FVTPL. derecognised (i.e. removed from the
Group’s balance sheet) when:
In addition, the Group may elect to
designate a debt instrument, which - The rights to receive cash flows from
otherwise meets amortized cost or FVTOCI the asset have expired, or
criteria, as at FVTPL. However, such election
- The group has transferred its rights
is allowed only if doing so reduces or
to receive cash flows from the asset
eliminates a measurement or recognition
or has assumed an obligation to pay
inconsistency (referred to as ‘accounting
the received cash flows in full without
mismatch’). The Group has not designated
material delay to a third party under
any debt instrument as at FVTPL.
a ‘pass-through’ arrangement; and
Debt instruments included within the either (a) the Group has transferred
FVTPL category are measured at fair value substantially all the risks and rewards
with all changes recognized in the P&L. of the asset, or (b) the Group has
neither transferred nor retained
Equity investments
substantially all the risks and rewards
All equity investments in scope of Ind of the asset, but has transferred
AS 109 are measured at fair value. control of the asset.
Equity instruments which are held for
When the Group has transferred its rights
trading and contingent consideration
to receive cash flows from an asset or has
recognised by an acquirer in a business
entered into a pass-through arrangement,
combination to which Ind AS103 applies
it evaluates if and to what extent it
are classified as at FVTPL. For all other
has retained the risks and rewards of
equity instruments, the Group may
ownership. When it has neither transferred
make an irrevocable election to present
nor retained substantially all of the risks
in other comprehensive income
and rewards of the asset, nor transferred
subsequent changes in the fair value.
control of the asset, the Group continues
The Group makes such election on
to recognise the transferred asset to
an instrument-by-instrument basis.
the extent of the Group’s continuing
The classification is made on initial
involvement. In that case, the Group
recognition and is irrevocable.
also recognises an associated liability.
If the Group decides to classify an equity The transferred asset and the associated
instrument as at FVTOCI, then all fair value liability are measured on a basis that
changes on the instrument, excluding reflects the rights and obligations that the
dividends, are recognized in the OCI. Group has retained.
There is no recycling of the amounts from
Continuing involvement that takes the
OCI to P&L, even on sale of investment.
form of a guarantee over the transferred
However, the Group may transfer the
asset is measured at the lower of the
cumulative gain or loss within equity.
original carrying amount of the asset and
During the year management had the maximum amount of consideration
assessed impairment of its investment in that the group could be required to repay.

Impairment of financial assets ECL impairment loss allowance (or reversal)

recognized during the period is recognized
In accordance with Ind AS 109, the Group
as income/ expense in the statement
applies expected credit loss (ECL) model
of profit and loss (P&L). This amount is
for measurement and recognition of
reflected under the head ‘other expenses’
impairment loss on the following financial
in the P&L. The balance sheet presentation
assets and credit risk exposure:
for various financial instruments is
a. Financial assets that are debt described below:
instruments, and are measured
- Financial assets measured as at
at amortised cost e.g., loans, debt
amortised cost and contractual
securities, deposits, trade receivables
revenue receivables: ECL is presented
and bank balance
as an allowance, i.e., as an integral part
b. Financial assets that are of the measurement of those assets
debt instruments and are in the balance sheet. The allowance
measured as at FVTOCI reduces the net carrying amount.
Until the asset meets write-off
c. Trade receivables or any contractual
criteria, the Group does not reduce
right to receive cash or another
impairment allowance from the
financial asset that result from
gross carrying amount.
transactions that are within the
scope of Ind AS 115 (referred to as - Loan commitments and financial
‘trade receivables’) guarantee contracts: ECL is presented
as a provision in the balance sheet,
d. Loan commitments which are not
i.e. as a liability.
measured as at FVTPL
(b)
e. Financial guarantee contracts which
are not measured as at FVTPL. Initial recognition and measurement
The Group follows ‘simplified approach’ Financial liabilities are classified,
for recognition of impairment at initial recognition, as financial
loss allowance on: liabilities at fair value through profit or
loss, loans and borrowings, payables,
- Trade receivables or contract
or as derivatives designated through
revenue receivables
profit or loss as appropriate.
The application of simplified approach
All financial liabilities are recognised
does not require the group to track
initially at fair value and, in the
changes in credit risk. Rather, it recognises
case of loans and borrowings and
impairment loss allowance based on
payables, net of directly attributable
lifetime ECLs at each reporting date, right
transaction costs.
from its initial recognition.
The Group’s financial liabilities
For recognition of impairment loss on
include trade and other payables,
other financial assets and risk exposure,
loans and borrowings including
the group determines that whether there
bank overdrafts and derivative
has been a significant increase in the credit
financial instruments.
risk since initial recognition. If credit risk
has not increased significantly, 12-month Subsequent measurement
ECL is used to provide for impairment
The measurement of financial liabilities
loss. However, if credit risk has increased
depends on their classification, as
significantly, lifetime ECL is used. If, in a
described below:
subsequent period, credit quality of the
instrument improves such that there is no Financial liabilities at fair value
longer a significant increase in credit risk through profit or loss
since initial recognition, then the entity
Financial liabilities at fair value through
reverts to recognising impairment loss
profit or loss include financial liabilities
allowance based on 12-month ECL.
held for trading and financial liabilities
designated upon initial recognition

as at fair value through profit or loss. a payment to be made to reimburse the

Financial liabilities are classified as holder for a loss it incurs because the
held for trading if they are incurred specified debtor fails to make a payment
for the purpose of repurchasing in the when due in accordance with the terms
near term. This category also includes of a debt instrument. Financial guarantee
derivative financial instruments contracts are recognised initially as a
entered into by the group that are not liability at fairvalue, adjusted for transaction
designated as hedging instruments in costs that are directly attributable to the
hedge relationships as defined by Ind AS issuance of the guarantee. Subsequently,
109. Separated embedded derivatives the liability is measured at the higher of
are also classified as held for trading the amount of loss allowance determined
unless they are designated as effective as per impairment requirements of Ind
hedging instruments. AS 109 and the amount recognised less
cumulative amortisation.
Gains or losses on liabilities held
for trading are recognised in the Derecognition
profit or loss.
A financial liability is derecognised when the
Financial liabilities designated upon obligation under the liability is discharged
initial recognition at fair value through or cancelled or expires. When an existing
profit or loss are designated as such at financial liability is replaced by another
the initial date of recognition, and only from the same lender on substantially
if the criteria in Ind AS 109 are satisfied. different terms, or the terms of an existing
For liabilities designated as FVTPL, fair liability are substantially modified, such
value gains/ losses attributable to changes an exchange or modification is treated as
in own credit risk are recognized in OCI. the derecognition of the original liability
These gains/ loss are not subsequently and the recognition of a new liability.
transferred to P&L. However, the Group The difference in the respective carrying
may transfer the cumulative gain or loss amounts is recognised in the statement of
within equity. All other changes in fair profit or loss.
value of such liability are recognised in the
(c) Offsetting of financial instruments
statement of profit or loss. The Group has
not designated any financial liability as at Financial assets and financial liabilities are
fair value through profit and loss. offset and the net amount is reported in
the consolidated balance sheet if there
Loans and borrowings
is a currently enforceable legal right to
This is the category most relevant to offset the recognised amounts and there
the Group. After initial recognition, is an intention to settle on a net basis, to
interest-bearing loans and borrowings realise the assets and settle the liabilities
are subsequently measured at amortised simultaneously.
cost using the EIR method. Gains and
(d) Compounding financial instruments.
losses are recognised in profit or loss when
the liabilities are derecognised as well as The Group had issued compounding
through the EIR amortisation process. financial instruments as part of its
restructuring of debts with lenders.
Amortised cost is calculated by taking
into account any discount or premium On issuance of compounding financial
on acquisition and fees or costs that instruments, the fair value of the liability
are an integral part of the EIR. The EIR component is determined using a market
amortisation is included as finance costs in rate for an equivalent non-convertible
the statement of profit and loss. instrument. This amount is classified
as a financial liability measured at
This category generally applies
amortised cost (net of transaction costs)
to borrowings. For more
until it is extinguished on conversion or
information refer Note 17.
redemption. The difference between value
Financial guarantee contracts of compound financial instruments so
determined and the non-sustainable part
Financial guarantee contracts issued by
of borrowing is recognised as income on
the Group are those contracts that require

de-recognition of financial liability in the adjustment to the carrying amounts of assets and
statement of profit and loss. liabilities within the next financial year, are described
below. The Group based its assumptions and
s. Cash and cash equivalents
estimates on parameters available when the financial
Cash and cash equivalent in the balance statements were prepared. Existing circumstances
sheet comprise cash at banks and on and assumptions about future developments,
hand and short-term deposits with an however, may change due to market changes or
original maturity of three months or less, circumstances arising that are beyond the control
which are subject to an insignificant risk of of the Group. Such changes are reflected in the
changes in value. assumptions when they occur.
t. Earnings per share Discontinued operations
Basic earnings per share is calculated by On August 8, 2018, the Board of Directors of
dividing the net profit or loss attributable the Company resolved to discontinue Brazilian
to equity holder of the company (after operations. Accordingly, The Group has classified all
deducting preference dividends and assets and liabilities to be held for sale and classified
attributable taxes) by the weighted average the operations as discontinued operation.
number of equity shares outstanding
The Board considered the Brazilian Operations to
during the period. Partly paid equity shares
meet the criteria to be classified as discontinued
are treated as a fraction of an equity share
operations at the balance sheet date for the
to the extent that they are entitled to
following reasons:
participate in dividends relative to a fully
paid equity share during the reporting 1. The management is committed to
period. The weighted average number divest its stake,
of equity shares outstanding during the
2. An active programme to locate a buyer is
period is adjusted for events such as bonus
complete and the plan has been initiated,
issue, bonus element in a rights issue, share
split, and reverse share split (consolidation 3. Divestment of stake at a price is reasonable in
of shares) that have changed the number relation to its current fair value,
of equity shares outstanding, without a
4. Divestment is expected to qualify for recognition
corresponding change in resources.
as completed, within one year from the date
For the purpose of calculating diluted of classification
earnings per share, the net profit or loss
For more details on the discontinued operation,
for the period attributable to equity
refer to Note 43.
shareholders of the company and the
weighted average number of shares Revaluation of property, plant and equipment
outstanding during the period are
The Group measures land, buildings, plant and
adjusted for the effects of all dilutive
machinery classified as property, plant and
potential equity shares.
equipment at revalued amounts with changes in fair
2.2 Significant accounting judgments estimates value being recognised in OCI. The Group engaged an
and assumptions independent valuation specialist to assess fair value
for revalued land, buildings, plant and machinery.
The preparation of the Group’s financial statements
Fair value of land and building was determined by
requires management to make judgements,
using the market approach and plant & equipment
estimates and assumptions that affect the reported
and building was determined by using depreciated
amounts of revenues, expenses, assets and liabilities,
replacement cost (DRC) method. The key assumptions
and the accompanying disclosures, and the
used to determine fair value of the property, plant and
disclosure of contingent liabilities. Uncertainty about
equipment are provided in Note no. 3 (B).
these assumptions and estimates could result in
outcomes that require a material adjustment to the Taxes
carrying amount of assets or liabilities affected in
Deferred tax assets are recognised for unused tax
future periods.
losses to the extent that it is probable that taxable
Estimates and assumptions profit will be available against which the losses can
be utilised. Significant management judgement is
The key assumptions concerning the future and other
required to determine the amount of deferred tax
key sources of estimation uncertainty at the reporting
assets that can be recognised, based upon the likely
date, that have a significant risk of causing a material
timing and the level of future taxable profits.

The Group has recognised deferred tax assets on highly sensitive to changes in these assumptions.
unabsorbed depreciation of INR 12,302.14 Million All assumptions are reviewed at each reporting date.
(31st March 2018: INR 12,996.27), unabsorbed tax
The parameter most subject to change is the discount
losses of INR 16,596.44 Million (31st March 2018: INR
rate. In determining the appropriate discount
22,295.58 Million) and MAT credit entitlement of INR
rate for plans operated in India, the management
529.31 Million (31st March 2018: INR 545.07 Million).
considers the interest rates of government bonds
The unabsorbed depreciation can be carried forward
in currencies consistent with the currencies of the
for indefinite period, whereas the unabsorbed losses
post-employment benefit obligation.
and the MAT credit entitlement can be carried forward
for 8 years and 15 years respectively. Considering the The mortality rate is based on publicly available
improved performance of the Group in the current mortality tables for the specific countries.
year, continued financial support from the parent Those mortality tables tend to change only at
company, various incentives / regulatory measures interval in response to demographic changes.
announced by the government for sugar and ethanol, Future salary increases and gratuity increases are
the Group expects to generate taxable profits in based on expected future inflation rates.
future years and hence the Group has recognised
Further details about gratuity obligations are
given in Note 42.
Impairment of non-financial assets
2.3 Standards issued but not yet effective
Impairment exists when the carrying value of an
The amendments to standards that are issued, but not
asset or cash generating unit exceeds its recoverable
yet effective, up to the date of issuance of the Group’s
amount, which is the higher of its fair value less cost
financial statements are disclosed below. The Group
of disposal and its value in use. The value in use
intends to adopt these standards, if applicable, when
calculation is based on a DCF model. The cash flows
they become effective.
are derived from the cash flow estimates for the
remaining life of the asset and budget for 5 years in The Ministry of Corporate Affairs (MCA) has issued
case of other assets and do not include restructuring the Companies (Indian Accounting Standards)
activities that the Group is not yet committed to Amendment Rules, 2017 and Companies (Indian
or significant future investments that will enhance Accounting Standards) Amendment Rules, 2018
the asset’s performance of the CGU being tested. amending the following standard:
The recoverable amount is sensitive to the discount
Ind AS 116 Accounting for leases
rate used for the DCF model as well as the expected
future cash-inflows. Ind AS 116 Leases was notified on 30th March 2019
and it replaces Ind AS 17 Leases, including appendices
Financial instruments
thereto. Ind AS 116 is effective for annual periods
During the previous year the Group had entered beginning on or after 1st April 2019. Ind AS 116 sets
into a framework agreement with its lenders out the principles for the recognition, measurement,
for restructuring its borrowings. As part of the presentation and disclosure of leases and requires
restructuring process, the Group had issued 0.01% lessees to account for all leases under a single
non-convertible debentures, 0.01% redeemable on-balance sheet model similar to the accounting
preference shares and 0.01% optionally convertible for finance leases under Ind AS 17. The standard
preference shares to the lenders. The Group had includes two recognition exemptions for lessees –
recognised the instruments issued, at fair value and leases of ‘low-value’ assets (e.g., personal computers)
the difference between the fair value of the instrument and short-term leases (i.e., leases with a lease term
and the non-sustainable part of borrowings had been of 12 months or less). At the commencement date
recognised as income on de-recognition of financial of a lease, a lessee will recognise a liability to make
liability by the Group. lease payments (i.e., the lease liability) and an asset
representing the right to use the underlying asset
Defined benefit plans (gratuity benefits)
during the lease term (i.e., the right-of-use asset).
The cost of the defined benefit gratuity plan are Lessees will be required to separately recognise
determined using actuarial valuations. An actuarial the interest expense on the lease liability and the
valuation involves making various assumptions that depreciation expense on the right-of-use asset.
may differ from actual developments in the future.
Lessees will also be required to re-measure the
These include the determination of the discount
lease liability upon the occurrence of certain events
rate, future salary increases and mortality rates.
(e.g., a change in the lease term, a change in future
Due to the complexities involved in the valuation and
lease payments resulting from a change in an
its long-term nature, a defined benefit obligation is

index or rate used to determine those payments). 11 and Indian Accounting Standard 18) which
The lessee will generally recognise the amount was based on the concept of transfer of risks and
of the re-measurement of the lease liability as an rewards. It also provides further guidance on the
adjustment to the right-of-use asset. measurement of sales on contracts which have
discounts, rebates or incentives by applying variable
The Group intends to adopt Ind AS 116 from the date
consideration principles.
when they become effective. The Group is in the
process of assessing the impact on adoption of Ind AS Based on the evaluation of commercial arrangements
116 in the financial statements. with customers, the Group has identified certain
discounts/ rebates/ incentives to customers which
2.4 Changes in accounting policies and disclosures
need to be accounted. It has also identified certain
New and amended standards and interpretations expenses which are now required to be reduced
from revenue. The Group has applied the Standard
The Group applied for the first time certain
from April 1, 2018 under the modified retrospective
amendments to the standards, which are effective for
approach and there were no significant adjustments
annual periods beginning on or after 1st April 2018.
required to the statement of profit and loss for the
The nature and the impact of each amendment is
year ended March 31, 2019.
described below:
Ind AS 115 Revenue from Contracts with Customers
The Group applied Ind AS 115 for the first time.
The nature and effect of the changes as a result of
adoption of these new accounting standards are
described below.
Effective April 1, 2018, the Group has adopted Indian
Accounting Standard 115 (Revenue from contracts
with customers) by using the modified retrospective
approach. The new standard is based on the principle
that revenue is recognised when control of goods or
services is transferred to the customer and provides a
single, principles based five-step model to be applied
to all sales contracts. It replaces the separate models
for goods, services and construction contracts under
previous standards (Indian Accounting Standard

Note 3(a): Property, plant and equipment
Total for property, plant Capital Work-in-

Leasehold Freehold Plant, machinery Furniture and Biological Total
Buildings Vehicles and equipment progress
land land and Equipment fixtures Assets (A+B)
(A) (B)
Gross Block
As at 1st April 2017 180.39 2,905.34 10,882.53 62,567.95 223.98 321.28 10,381.78 87,463.25 351.06 87,814.31
Additions - 1.31 50.84 894.87 11.63 7.52 3,703.54 4,669.71 2.07 4,671.78
Disposals - (42.73) (5.82) (1,090.89) (16.58) (37.53) (838.30) (2,031.85) (61.35) (2,093.20)
Exchange differences - (22.65) (169.11) (1,996.78) (13.09) (65.80) (78.25) (2,345.68) - (2,345.68)
As at 31st March 2018 180.39 2,841.27 10,758.44 60,375.15 205.94 225.47 13,168.77 87,755.43 291.78 88,047.21
Additions - 60.21 166.73 1,214.22 19.01 10.50 3.60 1,474.27 725.82 2,200.09
Disposals - (75.38) - (467.08) (8.35) (15.70) (797.73) (1,364.24) - (1,364.24)
Exchange differences - (42.57) (279.12) (1,801.62) (9.50) (18.58) (1,250.18) (3,401.57) (1.21) (3,402.78)
Discontinued operations - (335.15) (2,662.90) (21,942.97) (100.51) (181.19) (11,124.46) (36,347.18) (11.55) (36,358.73)
Revaluation 819.00 (34.47) 718.42 (483.92) - - - 1,019.03 - 1,019.03
As at 31st March 2019 999.39 2,413.91 8,701.57 36,893.78 106.59 20.50 - 49,135.74 1,004.84 50,140.58

As at 1st April 2017 4.38 - 950.13 9,378.42 116.54 142.60 8,419.83 19,011.90 - 19,011.90
Depreciation charge for the year 2.19 - 429.36 4,594.76 44.49 81.01 3,426.28 8,578.09 - 8,578.09
Disposals - - (5.79) (647.84) (15.10) (35.11) - (703.84) - (703.84)
Exchange differences - - (45.51) (1,142.71) (10.77) (60.41) - (1,259.40) - (1,259.40)
Impairment - - - 523.62 - - - 523.62 - 523.62
Corporate Overview
As at 31st March 2018 6.57 - 1,328.19 12,706.25 135.16 128.09 11,846.11 26,150.37 - 26,150.37
Depreciation charge for the year 2.15 - 283.59 1,895.43 19.04 6.68 - 2,206.89 - 2,206.89
Disposals - - - (445.42) (8.29) (10.94) - (464.65) - (464.65)
Exchange differences - - (42.19) (241.51) (7.53) (11.67) (1,124.15) (1,427.05) - (1,427.05)
Discontinued operations - - (405.38) (6,081.51) (71.78) (111.11) (10,721.96) (17,391.74) (17,391.74)
Impairment - - - - - - - - 4.23 4.23
As at 31st March 2019 8.72 - 1,164.21 7,833.24 66.60 1.05 - 9,073.82 4.23 9,078.05
Net book value

As at 31st March 2019 990.67 2,413.91 7,537.36 29,060.54 39.99 19.45 - 40,061.92 1,000.61 41,062.53
Statutory Reports
As at 31st March 2018 173.82 2,841.27 9,430.25 47,668.90 70.78 97.38 1,322.66 61,605.06 291.78 61,896.84
(A) Capital work in progress
Capital work in progress as at 31st March 2019 comprises expenditure for the plant and building in the course of construction.
(B) Revaluation of land, buildings and plant, machinery and equipment
During the year, the Group had appointed an independent valuer to determine the fair value of freehold land and building and plant and machineries. As an outcome of this process, the
Group has recognised increase in the gross block of land of Rs. 819.00 million, building of Rs. 718.42 million and decrease in freehold land of Rs. 34.47 million and plant and machineries of Rs.
483.92 million. The Group recognised this increase within the revaluation reserve and statement of comprehensive income.
The Group determined these fair values after considering physical condition of the asset, technical usability / capacity, salvage value, quotes from independent vendors. The fair value of land
is determined using market approach and building, plant, machinery and equipment using depreciated replacement cost (DRC). The DRC is derived from the Gross Current reproduction /
replacement Cost (GCRC) which is reduced by considering depreciation. The fair value measurement will be classified under level 3 fair value hierarchy. The GCRC means cost expected to
replace existing asset with similar or equivalent new asset as on date of valuation.

Significant unobservable valuation input

Asset Valuation technique Significant unobservable inputs
Freehold land/Lease hold land Market approach The value of land was determined based on condition, location,
demand and supply in and around and other infrastructure facilities
available at and around the said plot of land. Land which was based
on government promoted industrial estates, was appraised on
the present fair market value depending on the condition of the
said estates, its location and availability of such plots in the said
industrial estate.
Building Depreciated Building/structural sheds were measured considering the DRC
Replacement Cost (DRC) cost method for the constructed area depending on Utility and
Design of Building Structures condition, actual physical condition
and state of repairs and maintenance, type of general and Special
Specifications of construction, remaining useful economic life of the
structures, demand for the structures, cost of building materials and
related construction supplies in the surrounding area, latest trends
in the building construction technology, present day replacement
cost of comparable building structures, Depreciation for Physical
wears and tear.
Plant, machinery and equipment Depreciated The valuation of Plant & Machinery has been estimated by DRC
Sugar Plant Replacement Cost (DRC) method under cost approach of valuation. The DRC is adjusted towards
Co-Generation Plant the Obsolescence, Potential Profitability and Service Potential in order
Ethanol plant to estimate the Market Value ‘In-Situ’ of the plant & machinery.
Information of revaluation model (gross of deferred tax):
Amount
Opening balance as at 31st March 2017 19,460.61
Other adjustments (594.92)
Balance as at 31st March 2018 18,178.18
Measurement recognised in reserves 1,019.03
Disposed off (1.11)
If land, building and plant, machinery and equipment were measured using the cost model, the carrying amounts would
be as follows:
As at As at 31st March
Net book value
31st March 2019 2018
Cost
Freehold land 506.29 1,011.23
Lease hold land 180.39 -
Buildings 6,154.99 7,737.58
Plant machinery and Equipment 29,091.98 44,887.36
35,933.65 53,636.17
Accumulated depreciation
Buildings 1,933.36 1,079.27
13,525.98 11,873.82
Freehold land 506.29 1,011.23
Buildings 4,221.63 6,658.31
Net carrying amount 22,407.67 41,762.35

Note 3(b): Intangible assets

Goodwill Computer Software Transmission lines Total
As at 1st April 2017 7,239.01 248.75 284.43 7,772.19

Additions - 0.50 - 0.50
Disposals - (0.18) - (0.18)
Impairment** - - - -
Foreign exchange (317.26) (5.75) (13.23) (336.24)
As at 31st March 2018 6,921.75 243.32 271.20 7,436.27
Additions - 0.21 - 0.21
Disposals - - - -
Discontinued operations - (111.56) (235.22) (346.78)
Foreign exchange - (11.67) (35.98) (47.65)
Other adjustments (3.47) - - (3.47)
As at 31st March 2019 6,918.28 120.30 - 7,038.58
Amortisation and impairment

As at 1st April 2017 - 237.59 120.30 357.89
Amortisation for the year - 9.13 18.32 27.45
Impairment** 6,746.86 - - 6,746.86
Disposals - (0.18) - (0.18)
As at 31st March 2018 6,746.86 241.42 132.21 7,120.49
Amortisation for the year - 0.24 - 0.24
Impairment** - - - -
Disposals - - - -
Discontinued Operations - (117.71) (123.83) (241.54)
As at 31st March 2019 6,746.86 119.90 - 6,866.76
Net book value

As at 31st March 2019 171.42 0.40 - 171.82
As at 31st March 2018 174.89 1.90 138.99 315.78
**The Group has made 100% impairment of goodwill pertaining to Brazil operations.
Note 4: Investments
Number of Number of
Currency Face value Amount Amount
units units
Unquoted equity shares
In associate companies:
PASA - Paraná Operações Portuárias S.A. BRL - - - - 436.83
CPA Trading S.A. BRL - - - - 182.88
Unquoted equity shares: At fair value through other

comprehensive income (fully paid)
#National Commodity & Derivatives Exchange Ltd. INR 10.00 2,533,700 179.59 2,533,700 354.71
(NCDEX) (refer note no 47)
Quoted equity shares:

Simbhaoli Sugars Limited (352,943 shares of Rs. 10/- Per INR 10.00 352,934 1.34 - -
Share) (refer note no 47)
Others:
National Treasury Notes BRL - - - - 86.23
BDCC Bank Limited( Belgaum) INR 500.00 10,000.00 5.00 10,000.00 5.00
Other investments BRL - - - - 9.84
Aggregate value of total investments 185.93 1,075.49
Aggregate value of quoted investments 1.34 -
Aggregate value of unquoted investments 184.59 1,075.49
# 697,700 equity shares pledged with IDBI bank towards working capital loan availed by the group.

Note 5: Other non-current financial assets

As at As at
Unsecured & considered good:
Deposits 129.85 643.92
129.85 643.92
Note 6: Other non-current assets

As at As at
Incentives receivable 197.43 197.43
Prepayments 1,121.86 1,211.53
Capital advances 37.78 15.38
Amount paid under protest to government authorities 391.06 421.14
Advances to suppliers - 902.00
Balances with government authorities 0.05 1,537.00
Other advances - 2,306.98
Duty and taxes 3.75 -
1,751.93 6,591.46
Breakup for security details

Unsecured, considered good 1,554.50 6,394.03
Doubtful 197.43 197.43
(A) 1,751.93 6,591.46
Doubtful (197.43) (197.43)
(B) (197.43) (197.43)
Total other non-current assets (A-B) 1,554.50 6,394.03
Note 7: Income Tax

The major components of income tax expenses for the years ended 31st March 2019 and 31st March 2018 are:
Profit and loss section
As at As at
Current income tax:
Current income tax charge (0.77) (11.09)
Deferred tax:
Relating to origination and reversal of temporary differences 88.90 6,432.67
Income tax expense reported in the consolidated statement of profit and loss 88.13 6,421.58
OCI Section
Deferred tax related to items recognised in OCI during the year
As at As at
Revaluation reserve on plant property and equipments (306.93) -
Remeasurement of the net defined benefit plan 9.08 (0.70)
Income tax expenses charged to OCI (297.85) (0.70)
Reconciliation of tax expenses and the accounting profit multiplied by the India’s domestic tax rate for 31 March
2019 and 31 March 2018
As at As at
Continued operations (3,738.66) (13,377.02)
Discontinued operations (16,637.70) (13,798.66)
Accounting profit before income tax (20,376.36) (27,175.68)
Local tax rate 31.20% 33.99%
Tax at local rate (6,357.43) (9,237.00)
Adjustment in respect of tax of previous years - (984.54)
Effect of differential overseas tax rate (667.67) (2,614.16)
Effect of differential domestic tax rate 22.99 67.75
Share of results of associates - (38.44)
Impairment allowance of financial assets - 4,003.08
Effect of tax instalment of Brazil operations - (279.21)
Tax effect on foreign currency monetary item translation difference - 229.36
Gain due to restructuring plan - (4,703.84)

As at As at
Unabsorbed business loss / depreciation - 4,009.27
Unwinding of interest not deductible 283.22 -
Other non deductible expenses/(Income) (82.28) 2,116.32
Losses for which no deferred asset is created 6,331.94 -
Carryforward DTA balances written off 139.97 -
Government grants expenses not deductible 24.52 -
Impairment of financial assets not allowable as deduction for tax purposes 302.40 -
At the effective income tax rate of 0.01% (31st March 2018 18.91%) (2.34) (5,138.15)
Income tax expense reported in the statement of profit and loss 88.13 6,421.58
Income tax attributable to discontinued operations (85.79) (1,283.43)
Deferred tax asset

As at As at
Accelerated depreciation for tax purposes (9,275.09) (9,590.04)
Expenses claimed on payment basis - (16.84)
Others -
Gross deferred tax liability (9,275.09) (9,606.88)
Deferred tax asset
Leave encashment 0.34 -
Deferred tax on financial instruments (net) 2,500.13 322.44
Revaluation of FVTOCI investment to fair value - 28.89
Unabsorbed business loss 9,345.51 12,272.03
Expenses claimed on payment basis 48.94 -
Impairment allowance against advances -
11,894.92 12,623.36
Deferred tax assets ( Net ) 2,619.83 3,016.48
MAT credit entitlement 529.31 545.12
3,149.14 3,561.60
Deferred tax liabilities

As at As at
Accelerated depreciation for tax purposes 65.12 40.59
Expenses claimed on payment basis (1.00) -
Losses available for offsetting against future taxable income (20.24) -
43.88 40.59
The Group off-sets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and
current tax liabilities and the deferred tax assets and deferred tax liabilities related to income taxes levied by the same tax
authority.
Tax deductible items on which deferred tax has been recognised:
The Group has recognised deferred tax assets on unabsorbed depreciation of INR 12,302.14 million (31st March 2018: INR
12,996.27 million), unabsorbed tax losses of INR 16,596.44 million (31st March 2018: INR 22,295.58 million) and MAT credit
entitlement of INR 529.31 million (31st March 2018: INR 545.12 million). The unabsorbed depreciation can be carried forward
for indefinite period, whereas the unabsorbed losses and the MAT credit entitlement can be carried forward for 8 years and
15 years respectively. Considering the improved performance of the Company in the current year, continued financial support
from the parent company, various incentives / regulatory measures announced by the government for sugar and ethanol, the
Group expects to generate taxable profits in future years and hence the Company has recognised deferred tax assets.
Note 8: Inventories
As at As at
Raw materials, components and material in transit ** 4,262.44 1,955.52
Work-in-progress 48.00 -
Stores and spares 544.45 924.62
Intermediate products 1,297.18 371.62
Finished goods:
- Manufactured 11,166.12 7,053.77
- Traded - 2.23
Others - -
Biological Assets - -
Provision - -
17,318.19 10,307.76
** Raw material and components includes transit stock of 31st March 2019: INR 38.58 Million (31st March 2018: INR Nil)

Note 9: Biological assets

As at As at
As at as 1st April - 1,567.00
Amortisation of Ratoon cane - (955.10)
Crop treatment capitalized - 453.36
Change in fair value less estimated selling costs - (631.58)
As at 31st March - 433.68
Note 10: Trade receivables

As at As at
Receivables from related parties (Refer Note 44) 842.04 21.01
Receivables from others 2,008.78 7,597.25
2,850.82 7,618.26
Break-up for security details:

Unsecured, considered good 2,850.82 7,618.26
Unsecured, credit impaired 1,005.61 1,410.39
(A) 3,856.43 9,028.65
Impairment allowance (allowance for bad and doubtful debts)

Unsecured, credit impaired (1,005.61) (1,410.39)
(B) (1,005.61) (1,410.39)
Trade receivables (Net) (A-B) 2,850.82 7,618.26
The company has recognised impairment allowance on life time expected credit loss basis amounting to INR 173.98 Million
( 31st March 2018, INR 1,410.39 Million ).
No Trade or other receivables are due from directors or other officers of the company either severally or jointly with any
other person. Trade or other receivables due from firms or private companies respectively in which any director is a partner,
a director or a member is provided in note 44 (b) and (c).
Trade receivables are non-interest bearing and are generally on terms of 7 to 180 days.
For terms and conditions of related party receivables, refer Note 44.
Note 11: Cash and cash equivalents

As at As at
Cash on hand 0.96 3.60
Balances with banks:
- On current accounts 314.26 538.60
315.22 542.20
Changes in liabilities arising from financing activities

Short term
Particulars Long term borrowings
borrowings
As at 1st April 2017 89,087.16 9,659.38
Cash flows (1,799.60) 7,314.16
Others (11,022.16) (14,727.75)
As at 31st March 2018 76,265.40 2,245.79
Cash flows (1,290.81) 6,964.84
Discontinued operations (52,297.60) (347.84)
Others 803.20 (2,979.41)
As at 31st March 2019 23,480.19 5,883.38
Note 12: Other bank balances

As at As at
Other Bank Balances:
Unpaid dividend accounts 3.00 6.45
Fixed deposit pledged with bank/deposited with government authorities * 22.79 18.51
25.79 24.96
* Fixed deposit with banks include amounts that have been provided as margin money and those that have been pledged
with government authorities towards guarantees.

Note 13: Loans

As at As at
Loans to related parties (refer Note 44) - 49.37
Loans to others - 8.83
- 58.20
Note 14: Other current financial assets
As at As at
Derivative Instruments at fair value through Profit or loss 124.14 -
Deposits with commodity agent 212.86 0.01
Interest accrued 0.37 5.34
Interest receivable 0.46 10.07
Export Incentive receivable 3.15 -
Others 0.05 -
341.03 15.42
Note 15: Other current assets

As at As at
Export incentives receivable 70.92 3.09
Prepayments 235.37 310.97
Balances with government authorities 1,282.68 2,608.41
Advances to suppliers** 1,605.43 3,679.08
Advances to staff 0.51 8.22
Income Tax Refund Due 8.74 -
Other advances 2,770.34 987.21
5,973.99 7,596.98
** Includes advances from related parties amounting to INR 0.09 million (31st March 2018: INR 571.82 million ) (refer Note
44).
Unsecured, credit impaired 970.66 783.44
(A) 5,973.99 7,596.98
Unsecured, credit impaired (970.66) (783.44)
(B) (970.66) (783.44)
Total other current assets (A-B) 5,003.33 6,813.54
Note 16(a): Share capital

As at As at
a) Authorised share capital
2,900,000,000 Equity shares of INR 1 each 2,900.00 2,900.00
(Previous year 2,900,000,000 Equity shares of INR 1 each)
510,141,365, 0.01% Compulsorily convertible 8,300.00 8,300.00
preference shares of INR 16.27 each
94,000,000, 0.01% Redeemable preference shares of INR 100 each 9,400.00 9,400.00
45,500,000, 0.01% Optionally convertible preference shares of INR 100 each 4,550.00 4,550.00
25,150.00 25,150.00
b) Issued, subscribed and paid up equity capital
1916,819,292 Equity shares of INR 1 each fully paid 1,916.82 1,916.82
(Previous Year 1916,819,292 Equity shares of INR 1 each fully paid)
1,916.82 1,916.82
Terms/rights attached to equity shares
The Company has only one class of equity shares having face value of INR 1 per share. Each holder of equity shares is
entitled to one vote per share. The company declares and pays dividend in Indian rupees.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive the remaining assets of
the company, if any, after distribution of all preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.

Reconciliation of number of equity and preference shares outstanding :

Number of equity
shares
As at 1st April 2017 945,246,580
Shares issued during the year 971,572,712
As at 31st March 2018 1,916,819,292
Shares issued during the year -
As at 31st March 2019 1,916,819,292
Details of shareholders holding more than 5% equity shares in the company:

Name of the shareholder As at 31st March 2019 As at 31st March 2018
No. of shares % holding No. of Shares % holding
Wilmar Sugar Holdings Pte. Limited 1,118,204,751 58.34% 739,336,351 38.57%
ICICI Bank Limited 191,279,112 9.98% 192,396,579 10.04%
IDBI Bank Limited 181,969,219 9.49% 181,969,219 9.49%
Murkumbi Investments Private Limited - - 121,414,000 6.33%
Note 16(b): Other equity

As at As at
a) Securities Premium
As per last Consolidated Balance Sheet 30,396.52 15,569.73
Addition during the year -
Increase because of issuance of equity shares - 14,845.64
Increase because of issuance of compulsorily convertible preference shares - 4.82
Decrease due to transaction costs for issued shares - (23.67)
-
Closing balance 30,396.52 30,396.52
b) Debenture Redemption Reserve (DRR)

As per last Consolidated Balance Sheet 625.00 625.00
Add: Transfer from/(to) Consolidated Statement of Profit and Loss - -
Closing balance 625.00 625.00
c) Other reserves
Retained earnings 10,630.40 (58,933.76)
Foreign currency translation reserve (4,390.94) (307.70)
Foreign currency monetary item translation difference account - (2,724.76)
Changes in equity instrument and others (153.36) 21.77
17,837.55 (50,008.58)
Other equity (a+b+c) 48,859.07 (18,987.06)
Discontinued operations (80,851.27) -

The disaggregation of changes in OCI by each type of reserves in equity has been disclosed in consolidated statement of
changes in equity.
Debenture Redemption Reserve (DRR)
The Group has issued redeemable non-convertible debentures. Accordingly, the Companies (Share capital and
Debentures) Rules, 2014 (as amended), require the company to create DRR out of profits of the company available for
payment of dividend. DRR is required to be created for an amount which is equal to 25% of the value of debentures issued
over the life of debentures. The Group has created reserve of 7.87% (31st March 2018: 7.79%) towards non convertable
debentures, out of retained earnings.
Changes in equity instruments
Changes in equity instruments represents reserves created in respect of equity instruments carried at FVOCI.
Revaluation reserve
Revaluation reserve is credited when Property, Plant and Equipments are revalued at fair value. The reserve is utilised in
accordance with the requirements of Ind AS 16.
As at As at
Secured:
a) Non-Convertible Debentures (refer note B below)
(i) 1500 11.70% Redeemable non-convertible debentures of INR 1,000,000 each 1,447.48 1,500.00
(ii) 1000 11.30% Redeemable non-convertible debentures of INR 1,000,000 each 964.98 1,000.00
(iii)5521 0.01% Redeemable non-convertible debentures of INR 1,000,000 each 2,397.51 2,112.16


As at As at
b) Term-Loans (refer note B below)
From Banks and financial institutions 13,129.36 66,620.30
From others (refer note B below)
IFCI Limited (Sugar Development Fund ) 320.99 435.45
Unsecured:
Financial instrument
74,388,207 0.01% Redeemable preference shares of INR 100 each 1,202.31 1,058.95
42,808,858 0.01% Optionally convertible preference shares of INR 100 each 4,017.56 3,538.54
23,480.19 76,265.40
Less: Current maturity of long-term borrowings transferred to Other current financial (3,775.90) (47,207.95)
liabilities (refer Note 25)
19,704.29 29,057.45
Terms of repayment as on 31st March 2019 - Other than borrowings in Brazil entities
As at As at
Particulars Maturity Date Effective Rate of Interest
Non-convertible debentures
Non convertible debentures -LIC* 31st March 2024 11.70% 1,447.48 1,500.00
Non convertible debentures -LIC* 31st March 2024 11.30% 964.98 1,000.00
Non-convertible debentures issued to lenders31st March 2027 12.90% # 2,397.51 2,112.16
Term loans
From Banks and financial institutions
Indian Renewable Energy Development 31st December 2020 9.85% 140.88 221.38
Authority (IREDA)
Indian Renewable Energy Development 31st March 2022 11.60% 196.88 262.51
Authority (IREDA)
Exim Bank 31st March 2029 IDBI 1 year MCLR rate+1.1% 473.18 503.71
ICICI Bank Limited 31st March 2029 IDBI 1 year MCLR rate+1.1% 4,139.24 4,406.29
State Bank of India Limited 31st March 2029 IDBI 1 year MCLR rate+1.1% 335.16 454.97
IDBI Bank Limited 31st March 2029 IDBI 1 year MCLR rate+1.1% 4,157.10 4,425.30
Axis Bank Limited 31st March 2029 IDBI 1 year MCLR rate+1.1% 120.99 128.11
Kotak Mahindra Bank Limited 31st March 2029 IDBI 1 year MCLR rate+1.1% 650.91 692.90
Ratnakar Bank Limited 31st March 2029 IDBI 1 year MCLR rate+1.1% 49.05 54.15
Ratnakar Bank Limited 5th March 2019 I year MCLR plus 200 bps - 15.56
Ratnakar Bank Limited 30th Sept. 2022 I year MCLR plus 200 bps 44.00 50.00
SCB - Term loan 30th April 2018 3.20% 2,044.91 1,925.84
Yes Bank Limited 31st March 2029 IDBI 1 year MCLR rate+1.1% 412.64 439.26
SEFASU loan from banks 31st March 2029 12.00% 364.40 742.72
From Others;
IFCI Limited (SDF) ## 22nd February 2021 and 12.00% 320.99 435.45
30th September 2021
Financial Instruments:
0.01% Redeemable preference shares 31st March 2037 12.90% # 1,202.31 1,058.95
0.01% Optionally convertible 31st March 2029 12.90% # 4,017.57 3,538.54
preference shares
# The NCD’s, RPS and OCPS issued to lenders have been recorded at NPV using discounting factor of 12.9%
## SDF and SEFASU loans has been recorded at NPV using discounting factor at 12%
* The Company is in the process of restructuring these non-convertible debentures and has received a letter of intent
from Life Insurance Corporation of India (debenture holders) on October 11, 2018. This letter was accepted by the
company on October 16, 2018. The restructuring is subject to members and stock exchange’s approval.
Note A: Repayment schedule of financial instrument is as follows:
a) 0.01% Optionally Convertible Preference Shares (OCPS) of INR 4,280.89 Million, issued to lenders with convertibility
right at the end of 18 months in line with existing SEBI regulations. However, the company will extend the
convertibility of the OCPS in its Annual General / Extraordinary General Meeting at least 60 days prior to the expiry
of the convertibility right of the lenders, subject to applicable regulations. Simultaneously, the company will seek
exemption from SEBI for relaxation of conversion period of OCPS beyond 18 months, so as to be converted on or
before 31st March 2029 at a price to be determined as per prevailing SEBI Guidelines.
b) 0.01% Redeemable Preference Shares (RPS) of INR 7,439 Million, redeemable in 40 structured quarterly instalments
commencing from 30th June 2027.
c) Term loans are repayable in 47 structured quarterly instalments commencing from 30th September 2017.

Note B: Nature of security / guarantees

Term loans and Non-convertible debentures
1. First pari-passu charge by way of mortgage / hypothecation on all immovable / movable properties of the Company
both present & future except assets at Panchaganga and Ajinkyatara (co-generation plants) which are exclusively
charged to IREDA.
2. Second pari-passu charge on all the current assets of the company both present and future by the lenders except
non-Convertible debentures issued to LIC.
Working capital loan (refer Note 23)
1. First pari-passu charge on all the current assets of the company both present and future.
2. Second pari passu charge on entire PPE both present and future except plant at Panchaganga and Ajinkyatara
(co-generation plants) which are exclusively charged to IREDA.
3. Company has pledged as at 31st March 2019 : 697,700 equity shares (as at 31st March 2018 : 697,700 equity shares)
of NCDEX with IDBI bank Limited towards working capital loan.
Corporate guarantee
Corporate Guarantee of Wilmar International Ltd. towards term loan and working capital limits extended by IDBI Bank
Limited, ICICI Bank Limited, Axis Bank Limited, RBL Bank Limited, Yes Bank Limited, Exim Bank, Kotak Mahindra Bank
Limited, State Bank of India and Bank of America Limited aggregating to INR 31,130 million (March 2018:INR 27,130
million) .
IREDA Loan
Exclusive charge on plant, property and equipment at Panchaganga and Ajinkyatara (co-generation plants).
Note 18: Other non-current financial liabilities

As at As at
Interest accrued but not due 24.82 352.21
Other payables - 4,214.44
24.82 4,566.65
Note 19: Trade payables (non-current)

As at As at
Payables to others - 1,362.31
- 1,362.31
Note 20: Long-term provisions

As at As at
Provision for employee benefits:
Less: Short-term (transferred to short-term provisions, refer Note 27) (57.66) (1.03)
119.06 45.62
Provision for Leave Encashment (Refer Note 32 (xv)) 83.41 86.84

Less: Short-term (transferred to short-term provisions, refer Note 27) (7.27) (10.19)
76.14 76.65
Provisions for tax and other liabilities* - 882.17

195.20 1,004.44
* Pertains to discontinued operations
Note 21: Government grants

As at As at
Current 59.42 95.54
Non-current 318.21 52.02
377.63 147.56
Government grant relates to financial assistance for investment towards sugar and power divisions. There are no unfulfilled
conditions or contingencies attached to these grants. These grants are recognised on a straight line basis over the life of
the SEFASU & SDF loan.

Note 22: Other non-current liabilities

As at As at
Advance from customers - 1,329.30
- 1,329.30
Note 23: Borrowings (current)

As at As at
Secured:**
Working Capital from Banks:
Rupee borrowings 5,535.54 2,233.14
Foreign currency borrowings - 12.65
5,535.54 2,245.79
**Refer Note 17 for details of security.
Note 24 : Trade Payables

As at As at
Payables to related parties (refer Note 44) 8,956.80 11,743.99
Payables to others* 19,230.23 27,277.77
28,187.03 39,021.76
Terms and conditions of the above financial liabilities:
- Trade payables are non-interest bearing and are normally settled within the credit period agreed with the supplier.
- Other payables are non-interest bearing.
- For terms and conditions with related parties, refer to Note 44.
For explanations on the company’s credit risk management processes, refer to Note 48.
Trade payable includes liabilities in relation to Crop purchases and Harvesting & Transportation services for which SRSL has
provided corporate guarantee to ICICI Bank, IDBI Bank, State Bank of India, and RBL Bank.
*The details of amounts outstanding to Micro, Small and Medium Enterprises based on information available with the
Company is as under:
As at As at
The principal amount and the interest due thereon remaining unpaid to any supplier as
at the end of each accounting year
- Principal amount due to micro and small enterprises 16.79 -
- Interest due on above 0.34 -
Total 17.13 -
The amount of interest paid by the buyer in terms of section 16 of the MSMED Act 2006 - -
along with the amounts of the payment made to the supplier beyond the appointed day
during each accounting year
The amount of interest due and payable for the period of delay in making payment - -
(which have been paid but beyond the appointed day during the year) but without
adding the interest specified under the MSMED Act, 2006
The amount of interest accrued and remaining unpaid at the end of each 0.34 -
accounting year
The amount of further interest remaining due and payable even in the succeeding 0.34 -
years, until such date when the interest dues as above are actually paid to the small
enterprise for the purpose of disallowance as a deductible expenditure under section
23 of the MSMED Act 2006
Note 25 : Other current financial liabilities

As at As at
Current maturity of long-term borrowings (refer Note 17) 3,775.90 47,207.95
Interest accrued but not due on borrowings 636.65 258.98
Unclaimed dividend 2.99 6.45
Salary payable 55.09 80.79
Derivative financial liabilities 75.48 418.28
Other payables ** 13,786.70 4,842.61
18,332.81 52,815.06
** Includes payables to related parties amounting to INR 13,579.23 million (31st March 2018: INR 4,387.76 million) (refer
Note 44).

Note 26 : Other current liabilities

As at As at
Advance from customers** 207.32 4,522.25
Statutory dues payable 534.94 610.94
Other payables 303.84 -
1,046.10 5,133.19
** Includes advance received from related parties amounting to INR 9.84 million (31st March 2018: INR NIL million) (refer Note 44).
Note 27 : Short-term provisions

As at As at
Provision for gratuity (refer Note 20) 57.66 1.03
Provision for leave encashment (refer Note 20) 7.27 10.19
64.93 11.22
Note 28 : Revenue from operations

Year ended 31st Year ended 31st
March 2019 March 2018
Sale of products ( gross )
Sale of manufactured sugar 34,711.40 58,699.76
Sale of ethanol and allied products 5,286.10 2,453.88
Sale of traded sugar and ethanol 2,600.52 -
Sale of power 1,414.28 1,179.12
Sale of by-products and others 650.36 202.79
Sale from engineering division 103.65 127.82
Sale of services 29.03 -
44,795.34 62,663.37
Sales for the year ended March 31, 2019 is net of Goods and Service Tax (GST) due to implementation of GST with effect
from July 1, 2017. However, sales for the previous year ended March 31, 2018 is gross of excise duty up to June 30, 2017
amounting to INR 160.34 million and subsequent to that, net of GST.
Contract balances
Contract liability as at March 31, 2019 is INR 207.32 million
Perfomance obligation
The performance obligation is satisfied upon delivery of the goods to custmers
Reconciling the amount of revenue recognised in the statement of profit and loss with the contracted price
Year ended
31st March 2019
Revenue as per contracted price 44,854.21
Less: Discount (28.55)
Less: Trade promotion expenses (30.32)
Revenue from contract with customers 44,795.34
Reveune from contract with customers - Segment

Type of goods or services Sugar Trading Co-generation Ethanol Engineering Other Eliminations Total
Sale of manufactured sugar 34,711.40 - - - - - - 34,711.40
Sale of ethanol and - - - 5,286.10 - - - 5,286.10
allied products
Sale of traded - 2,600.52 - - - - - 2,600.52
sugar and ethanol
Sale of power - - 1,414.28 - - - - 1,414.28
Sale of by- 33.30 547.21 - 0.15 - 69.70 - 650.36
products and others
Sale from - - - - 103.65 - - 103.65
engineering division
Sale of services - - - - 19.92 9.11 - 29.03
Inter-segment sales 2,498.48 - 2,873.32 - - - (5,371.80) -
Total revenue from 37,243.18 3,147.73 4,287.60 5,286.25 123.57 78.81 (5,371.80) 44,795.34
contract with customers

Type of goods or services Sugar Trading Co-generation Ethanol Engineering Other Eliminations Total
India 8,468.69 60.80 1,414.28 5,280.86 96.93 78.81 - 15,400.37
Outside India 26,276.01 3,086.93 - 5.39 26.64 - - 29,394.97
Inter-segment sales 2,498.48 - 2,873.32 (5,371.80) -
Total revenue from 37,243.18 3,147.73 4,287.60 5,286.25 123.57 78.81 (5,371.80) 44,795.34
contract with customers

Note 29 : Other income

Year ended 3 Year ended
Other non-operating income:
Net Gain on commodity derivatives 1,067.25 -
Dividend on investments 0.76 0.90
Profit on sale of assets 0.03 13.19
Income from professional services - 2.86
Excess provision written back 618.66 -
Government assistance 60.55 137.28
Sugar export benefits from third party licences 273.97 -
Others 35.70 0.64
Finance income:
Interest received on financial assets carried at amortized cost 38.15 130.50
2,095.07 285.37
Note 30 : Cost of raw materials consumed

Sugar-Cane 15,114.77 12,452.13
Raw-Sugar 21,526.45 32,141.90
Coal and bagasse 1,272.30 2,089.02
Coal -
Molasses, DNA, MGA and Rectified spirit 1,266.44 1,029.56
Denatured Alcohol and rectified spirit -
Rectified Spirit -
MG Alcohol -
Others 2.42 3.87
Engineering Division 313.12 121.72
39,495.50 47,838.20
Note 31 : Purchase of traded goods

Raw-Sugar 1,670.36 7,767.53
White sugar 706.35 3,876.41
Coal 13.15 9.41
Others 0.53 0.39
Contract cancellation - 8,170.60
2,390.39 19,824.34
Note 32: (Increase)/ decrease in inventories of finished goods, work-in-progress and traded goods
Opening stock
Work in progress - 152.20
Finished goods and intermediate products 7,331.69 5,737.81
A 7,331.69 5,890.01
Closing stock
Work in progress 48.00 -
Finished goods and intermediate products 12,463.30 7,331.69
B 12,511.30 7,331.69
Net (increase)/decrease in stock (A-B) (5,179.61) (1,441.68)
Note 33: Employee benefit expenses

Salaries, wages and bonus 1,026.60 1,034.46
Contribution to provident and other funds 75.97 68.62
Gratuity expenses 119.62 60.01
Staff welfare expenses 43.84 38.73
1,266.03 1,201.82
Gratuity expenses recoverable from lease unit in repect of period prior to commencement of lease has been reduced from gratuity
expenses as on 31st March 2019 Rs. 52.28 million (31st March 2018: Nil)

Note 34: Depreciation and amortisation expenses

Depreciation of tangible assets (refer Note 3(a)) - excluding discontinued operations - 2,206.89 2,400.47
Nil ( Previous year Rs 6,177.62 Mn)
Amortisation of intangible assets (refer Note 3(b)) - excluding discontinued operations 0.24 0.45
- Nil ( Previous Year Rs 27.00 Mn)
2,207.13 2,400.92
Note 35: Finance Costs

Liabilities measured at amortised cost:
On term loans 1,194.55 2,360.28
On working capital 2,933.26 2,309.32
On debentures 290.32 288.50
Interest on discounted securities 907.74 -
Bank and other borrowing costs 199.91 118.65
5,525.78 5,076.75
Unwinding of interest on borrowings at concessional rate 78.60 115.81
5,604.38 5,192.56
Note 36 : Foreign exchange loss/(gain)

Foreign exchange loss/(gain) (464.52) 742.09
(464.52) 742.09
Note 37: Other expenses

Consumption of stores and spares 380.44 395.77
Consumption of chemicals, consumables, oil and lubricants 434.43 458.34
Outsourced service cost 220.41 175.90
Sugar house loading, un-loading and handling charges 230.84 211.01
Packing materials 828.35 746.10
Power and fuel 217.63 363.27
Rent 149.62 229.07
Repairs and maintenance: -
Plant and machinery 179.08 135.06
Buildings 6.81 5.72
Others 48.79 54.99
Rates and taxes 59.99 63.33
Insurance 39.44 53.24
Travelling and conveyance 39.09 46.95
Printing and stationery 6.81 6.51
Communication expenses 16.99 22.60
Legal and professional fees 117.44 289.28
Directors’ sitting fees 1.68 3.28
Payment to auditors 15.78 9.54
Impairment of financial assets 4.23 697.40
Safety and security expenses 60.50 58.99
Donations and contributions 1.38 1.82
Loss on sale of fixed assets 1.79 -
Premium paid on Option contracts 39.00 -
Books, periodicals,subscription and membership expenses 2.06 -
Expected credit loss for trade receivable 65.65 -
Repairs and maintenance-others 3.59 -
Impairment for advances to vendors and others 131.55 -
Freight and forwarding charges 989.34 946.84
Advertising and sales promotion 111.77 187.47
Brokerage and discounts 43.64 -
Commission and market development expenses 26.25 -
Excise duty borne by the company 0.42 -
Miscellaneous expenses 134.27 238.42
4,609.06 5,400.90

Note 38: Exceptional items

Impairment for advances to vendors and others - 1,141.76
Cane price difference paid - 983.71
Advances to others written off 986.23 -
Write off of trade receivables - 910.39
Impairment for other current assets - -
Impairment of non-financial assets - 66.02
Provision For litigations-tax - 220.00
Levy duty liability - 100.00
Reversal of government grant - (30.89)
986.23 (4,993.73)
During the year the company has written off trade receivable in respect of a specific customer for which the Company
was in regular discussion and follow-ups for recovery. However, since the customer is not able to pay the outstanding
amounts, the Company has on May 15, 2019 entered into a settlement agreement with the customer and consequently
has written off the amount that is uncollectable
Note 39: Earnings Per Share
Basic EPS amounts are calculated by dividing the profit/(loss) for the year attributable to equity holders by the weighted
average number of Equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the company by the weighted
average number of Equity shares outstanding during the year plus the weighted average number of Equity shares that
would be issued on conversion of all the dilutive potential Equity shares into Equity shares.
The following reflects profit/(loss) and share data used in the basic and diluted EPS computations:
As at Year ended
Loss attributable to equity holders to the parent of continued operations (3,626.06) (6,933.77)
Loss attributable to equity holders to the parent of dis continued operations (10,857.58) (10,105.75)
Total net profit attributable to equity shareholders (14,483.65) (17,039.52)
Weighted average number of equity shares for basic EPS** 1,916,819,292 1,006,468,970
Earnings per share

Earning per share from continued operations towards parent - Basic (1.89) (6.89)
Earning per share from continued operations towards parent- Diluted (1.89) (6.89)
Earning per share from discontinued operations towards parent- Basic (5.66) (10.04)
Earning per share from discontinued operations towards parent - Diluted (5.66) (10.04)
Earning per share from continued and discontinued operations towards parent - Basic (7.56) (16.93)
Earning per share from discontinued operations towards parent- Diluted (7.56) (16.93)
**Weighted average number of equity shares takes into account the weighted average effect of changes in share transactions
during the year.
Also, optionally convertible preference shares issued are not considered for diluted EPS computation as these are anti dilutive.
Note 40: Commitment and contingencies
a) Operating lease commitments (Group as lessee and lessor)
The Group has entered into various operating leases for office, residential and factory premises. These are generally
short-term leases and cancellable by serving adequate notice. The minimum amount of lease rentals payable on
non-cancelable leases is as follows:
Sr. As at As at
Lease payable
No. 31st March, 2019 31st March, 2018
A Within a period of one year 8.67 182.21
B One year to five years 26.61 499.82
C five years and above 501.96 1,190.21
D Lease rent expense charged to consolidated statement of profit and loss 149.62 229.07

Sr. As at As at
Lease receivable
No. 31st March, 2019 31st March, 2018
A Within a period of one year 9.45 -
B Lease rent income considered in consolidated statement of profit and loss 9.10 1.87
b) Other commitments
Outstanding commitments of the group are as
follows:
As at 31st March, As at
Outstanding Commitments
2019 31st March, 2018
Estimated amount of contract pending for execution on capital account 1,204.59 12,900.77
Commitment on behalf of subsidiaries - 1,403.01
c) Guarantees
Outstanding guarantees of the group
are as follows:
Sr. As at
Outstanding Commitments As at 31st March 2019
No 31st March, 2018
A Bank Guarantee 576.06 10.89
B Corporate Guarantee - 376.02
C Letter of credit 38.31 -
Note 41: Contingent liabilities

As at As at
Liabilities classified and considered contingent due to contested claims and legal disputes
31st March 2019 31st March, 2018
Income Tax Demands 185.69 66.01
Excise and Service Tax Demands 1,215.34 1,314.05
Sales Tax/VAT Demands 28.18 31.26
GST 61.77 -
Customs Demand 2,132.86 1,357.13
Brazilian Taxes 3,501.83 6,748.92
Other Matters 7,864.20 10,917.69
Total 14,989.87 20,435.06
There are numerous interpretative issues relating to the strategy.
Supreme Court (SC) judgment on PF dated 28th February,
2019. As a matter of caution, the Group has made a Salary increases and gratuity increases are based on
provision on a prospective basis from the date of the SC expected future inflation rates for the respective countries.
order. The Group will update its provision, on receiving Risk to the plan
further clarity on the subject.
Following risks associated with the plan:
Note 42: Defined benefit plans
A. Actuarial Risk
The Group has a defined benefit gratuity plan. The group’s
defined benefit gratuity plan is a final salary plan for It is the risk that benefits will cost more than expected.
employees, which requires contributions to be made to a This can arise due to one of the following reasons:
separately administered fund. Adverse Salary Growth Experience: Salary hikes that
The gratuity plan is governed by the Payment of Gratuity are higher than the assumed salary escalation will
Act, 1972. Under the act, employee who has completed result into an increase in Obligation at a rate that is
five years of service is entitled to specific benefit. The level higher than expected.
of benefits provided depends on the member’s length
Variability in mortality rates: If actual mortality rates
of service and salary at retirement age. The fund has the
are higher than assumed mortality rate assumption
form of a trust and it is governed by the Board of Trustees.
than the Gratuity Benefits will be paid earlier than
The Board of Trustees is responsible for the administration
expected. Since there is no condition of vesting on
of the plan assets and for the definition of the investment

the death benefit, the acceleration of cash flow amend the Payment of Gratuity Act thus requiring the
will lead to an actuarial loss or gain depending on companies to pay higher benefits to the employees.
the relative values of the assumed salary growth This will directly affect the present value of the
and discount rate. Defined Benefit Obligation and the same will have to
be recognized immediately in the year when any such
Variability in withdrawal rates: If actual withdrawal
amendment is effective.
rates are higher than assumed withdrawal rate
assumption than the Gratuity Benefits will be Actuarial Assumptions
paid earlier than expected. The impact of this will
Key actuarial assumptions are given below:
depend on whether the benefits are vested as at the
resignation date. Discount Rate:
B. Investment Risk: The rate used to discount other long term employee
benefit obligation (both funded and unfunded)
For funded plans that rely on insurers for managing
is determined by reference to market yield at the
the assets, the value of assets certified by the insurer
Balance Sheet Date on high quality corporate bonds.
may not be the fair value of instruments backing the
In countries where there is no deep market in such
liability. In such cases, the present value of the assets
bonds the market yields (at the Balance Sheet Date)
is independent of the future discount rate. This can
on government bonds is used. The currency and
result in wide fluctuations in the net liability or the
term of the corporate bond or government bond is
funded status if there are significant changes in the
consistent with currency and estimated term of the
discount rate during the inter-valuation period.
post-employment benefit obligation.
C. Liquidity Risk:
Salary Growth Rate:
Employees with high salaries and long durations or
This is Management’s estimate of the increases
those higher in hierarchy, accumulate significant
in the salaries of the employees over the long
level of benefits. If some of such employees
term. Estimated future salary increases takes
resign/retire from the company there can be strain
account of inflation, seniority, promotion and other
on the cashflows.
relevant factors such as supply and demand in the
D. Market Risk: employment market.
Market risk is a collective term for risks that are related Rate of Return on Plan Assets:
to the changes and fluctuations of the financial
This assumption is required only in case of funded plans.
markets. One actuarial assumption that has a material
Interest income on plan assets is calculated using the rate
effect is the discount rate. The discount rate reflects
used to discount the defined benefit obligation.
the time value of money. An increase in discount rate
leads to decrease in Defined Benefit Obligation of the Mortality:
plan benefits & vice versa. This assumption depends
This assumption is based on the standard published
on the yields on the corporate/government bonds
mortality table without any adjustment.
and hence the valuation of liability is exposed to
fluctuations in the yields as at the valuation date. Withdrawal Rates:
E. Legislative Risk: This is Management’s estimate of the level of attrition in
the company over the long term. Estimated withdrawal
Legislative risk is the risk of increase in the plan rates takes into account the broad economic outlook, type
liabilities or reduction in the plan assets due to change of sector the group operates in and measures taken by the
in the legislation/regulation. The government may management to retain/ relieve the employees.

Sr.
Particulars Gratuity Benefits
No
31st March, 2019 31st March, 2018
1 Change in Benefit obligation

Opening Defined Benefit Obligation 150.62 97.03
Actuarial loss/(gain) due to change in financial assumptions 1.42 (5.06)
Actuarial loss/(gain) due to change in demographic assumption (4.14) -
Actuarial loss/ (gain) due to experience 29.62 (1.54)
Past Service Cost - 47.54
Closing Defined Benefit Obligation 274.14 150.62
2 Change in Plan Assets
Opening value of plan assets 103.97 96.59
Interest Income 11.32 7.14
Return on plan assets excluding amounts included interest income 1.45 (6.77)
Contributions by employer 18.05 13.50
Closing value of plan assets 97.42 103.97
3 Fund Status of Plan Assets
Present value unfunded obligations 165.55 2.44
Present value funded obligations 108.59 148.18
Fair Value of plan assets (97.42) (103.97)
Net Liability (Assets) 176.72 46.65
4 Other Comprehensive Income for the current period
Due to Change in financial assumptions 1.42 (5.06)
Due to change in demographic assumption (4.14) -
Due to experience adjustments 29.62 (1.54)
Return on plan assets excluding amounts included in interest income 1.51 6.76
5 Expenses for the current period
Past Service cost - 47.54
Interest Income (0.24) (7.14)
Amount recognized in expenses 171.90 60.01
6 Defined benefit liability
Net opening provision in books of accounts 46.65 (0.43)
Employee Benefit Expense 171.90 60.01

Sr.
Particulars Gratuity Benefits
No
Contributions to plan assets (18.05) (13.50)

Benefits paid by the Company (52.19) (0.46)
Closing provision in books of accounts 176.72 46.65
7 Composition of the plan assets
Policy of insurance 100% 100%
Total 100% 100%
8 Principal Actuarial Assumption
Discount rate 6.95% to 7.75% 7.30% to 7.70%
Salary Growth rate 5% 5%
Withdrawal Rates 5% at younger ages 5% at younger ages
reduced to 1% at reduced to 1% at
older ages and 26% lower ages
for Engineering
division
9 Sensitivity to key assumptions
Discount rate Sensitivity
Increase by 0.5% 259.13 104.18
(% change) (5.47%) (4.97%)
Decrease by 0.5% 278.53 (115.12)
(% change) 1.60% 5.17%
Salary growth rate Sensitivity
Increase by 0.5% 277.86 114.56
(% change) 1.36% 4.66%
Decrease by 0.5% 259.51 (104.68)
(% change) (5.34%) (4.32%)
Withdrawal rate (W.R.) Sensitivity
W.R. x 110% 269.41 111.39
(% change) (1.73%) 0.72%
W.R. x 90% 267.61 109.91
(% change) (2.38%) (0.74%)
10 Expected contributions to the defined benefit plan in next years 11.90 4.66
Note 43: Discontinued operations
The Company and its wholly owned subsidiary Renuka Commodities DMCC, Dubai (“DMCC”) holds 82.99 % and 17.01%
respectively in Shree Renuka Global Ventures Ltd, Mauritius (“SRGVL”). SRGVL holds 99.99% in Shree Renuka do Brasil
Participacoes Ltda, Brazil (“SRDBPL”). SRDBPL is holding investments in ten companies in Brazil as holding Company
(together referred to as Brazilian operations).
On September 28, 2015, SRDBPL together with all of its subsidiaries filed for protection under Judicial Recovery Law (Law
11.101/2005-Recuperação Judicial) in the designated court in the capital of the state of São Paulo.
On August 8, 2018, the Board of Directors of the Company reviewed the process of judicial recovery which was on going
since September 2015 and resolved to discontinue Brazilian operations and accordingly, holding company management
started the sale / investment divestment process. As the Group was committed to sale plan involving ceasing of control
of Brazil operations, the Group classified all assets and liabilities to be held for sale and classified the operations as
discontinued operation.

On May 7, 2019, SRGVL entered into non-binding term sheet with an investor. As per the terms defined in the term sheet,
SRGVL will issue fresh equity shares to the investor, consequent to which the interest held by the Group in SRGVL (and
also in discontinued operations) will be reduced to 19% and the Group will no longer have right to representation on the
Board of Directors of SRGVL. Accordingly, after execution of this transaction, the Group would lose control on SRGVL and
consequently on the Brazilian operations.
The Group has re-presented financial results for the year ended March 31, 2019 to incorporate the effect of discontinued
operations. In accordance with the requirements of Ind-AS 105 Non-current Assets Held for Sale and Discontinued
Operations, the Group is not required to re-present amounts of the assets and liabilities of discontinued operations
presented in the balance sheet for year ended March 31, 2018. Accordingly, the balance sheet as at March 31, 2019 is not
comparable to that extent with previous year balance sheet.
Major classes of assets and liabilities of discontinued operations as at March 31st 2019 are as follows:
As at
Particulars
31st March 2019
ASSETS
Non-current assets
Property, plant and equipment 18,966.98
Other intangible assets 105.24
Financial assets
Investments 665.68
Other non-current financial assets 535.11
Trade receivables 2.05
Others 12.38
Other non-current assets 2,000.88
Total non-current assets 22,288.32
Current assets
Inventories 310.10
Financial assets -
Trade receivables 117.67
Cash and cash equivalents 47.89
Other current assets 1,178.35
Total current assets 1,654.01
Total assets 23,942.33
Other non-current financial liabilities 2,620.70
Long-term provisions 1,244.25
Net employee defined benefit liabilities 60.56
Other non-current liabilities 5,016.05
Total non-current liabilities 8,941.56
Current liabilities
Borrowings 26,366.75
Trade payables 3,693.26
Other current financial liabilities 30,615.81
Other current liabilities 8,532.06
Provision 228.68
Total current liabilities 69,436.56
Total liabilities 78,378.12

The results of discontinued operations held for sale for the period are presented below

Particulars
Income
Revenue from operations 7,758.58 14,777.20
Other income 390.61 683.91
Total income 8,149.19 15,461.11
Expenses
Consumption of materials* 8,659.58 14,398.53
Employee benefit expenses 485.11 738.96
Depreciation and amortisation expenses - 6,204.62
Foreign exchange (gain)/loss 4,898.32 2,095.60
Finance costs 5,762.58 4,440.78
Other expenses 4,981.30 1,381.28
Total expenses 24,786.89 29,259.77
Profit/(loss) before tax (16,637.70) (13,798.66)
Tax expense:
Current tax - -
Deferred tax 85.79 1,283.43
Income tax expense 85.79 1,283.43
Profit/(loss) for the year (16,723.49) (15,082.09)
Earnings per share
Basic
[Face value of equity share INR 1/- each] (5.66) (10.04)
Diluted
[Face value of equity share INR 1/- each] (5.66) (10.04)
*This includes changes in inventories of intermediaries and finished goods.
Net cash flow of the discontinued operations

Particulars
Operating cash flow 1,011.18 1,002.66
Investing cash flow (709.98) (886.00)
Financing cash flow (348.92) (53.83)
Net cash (outflow) / Inflow (47.72) 62.83

Note 44: Related party transactions

(a) Holding Company:
1 Wilmar Sugar Holding Pte Ltd.
B Related parties
(b) Affiliate companies
1 Vantamuri Trading and Investments Limited
2 Ravindra Energy Limited
3 Adani Wilmar Limited
4 Wilmar Sugar Pte Limited
5 Jawananis Rafinasi (JMR)
6 Mineração Elefante Ltda.
7 Apoena Logística
8 Wilmar Sugar Pte. Ltd.
9 Wilmar Sugar S.A.
(c) Associate companies
1 CPA Trading S.A. and subsidiaries
(d) Key managerial personnel
1 Mr Atul Chaturvedi - Executive Chairman (From 2nd July, 2018)
2 Mrs. Vidya Murkumbi – Executive Chairperson (Till 30th June, 2018)
3 Mr. Narendra Murkumbi – Vice Chairman and Managing Director (Till 30th June, 2018) Since 1st July, 2018
4 Mr. Vijendra Singh – Whole Time Director
5 Mr. K. K. Kumbhat- Chief Financial Officer (Till 3rd May, 2018)
6 Mr. Sunil Ranka - Chief Financial Officer (From 4th May, 2018)
7 Mr. Deepak Manerikar- Company Secretary and Compliance Officer. (From 30th October, 2018)
8 Mr Rupesh Saraiya - Company Secretary and Compliance Officer. (Till 5th October, 2018)
(e) Additional related parties as per the Companies Act, 2013 with whom transactions have taken place
during the year
1 Mr. Jean-Luc Bohbot
2 Mr. Madhu Rao
3 Mr. Bhupatrai Premji
4 Mr. Dorab Mistry
5 Mr. Stephen Ho Kiam Kong
6 Dr. Bharat Kumar Mehta
7 Mr. Surender Kumar Tuteja
8 Ms. Priyanka Mallick
(f) Relative of key managerial personnel
1 Mrs. Sangeeta Singh - DGM (Quality and Training)

B Transactions with related parties

Purchases Interest Contibution
Sales to Interest Loans and Loans and
Sr. As at and from Rental expenses Advance to
Particulars related income on advance advance
No. year ended related income on received gratuity
parties advances given repaid
parties advances fund
(a) Holding Company
i Wilmar Sugar Holding Pte Ltd. 31 March 2019 64.82 - - - 150.19 - - -
11,253.66
31 March 2018 - - - - - - - - -
(b) Affiliate companies
i Ravindra Energy Limited 31 March 2019 0.76 - - 0.75 - - 613.53 - -

31 March 2018 0.50 155.38 - 5.54 - 163.65 - - -
ii Adani wilmar limited 31 March 2019 25.82 2,399.65 0.02 - - - - - -

31 March 2018 0.32 21,032.89 0.14 - - - - - -
iii Wilmar Sugar Pte. Ltd. 31 March 2019 6,721.78 16,821.69 - - 177.54 - - 2,351.91 -
31 March 2018 14.48 1,496.24 - - - -
iv Jawananis Rafinasi ( JMR) 31 March 2019 0.30 - - - - - - - -

31 March 2018 - - - - - - - -
v Irving Investments Limited 31 March 2019 6.03 - - - - - - - -

(Wilmar) Mozabique
31 March 2018 - - - - - - - - -
vi Bright 31 March 2019 20.31 - - - - - - - -

Agrocomm DMCC, Dubai
31 March 2018 - - - - - - - - -
vii Great Wall – Wilmar Holding 31 March 2019 0.23 - - - - - - - -

Limited, Mynamar
31 March 2018 - - - - - - - - -
viii Wilmar Sugar S.A. 31 March 2019 928.41 - - - - - - - -

31 March 2018 - - - - - - - - -
ix Wilmar Agri Trading DMCC 31 March 2019 3.19 - - - - - - - -

31 March 2018 - - - - - - - - -
(c) The Trustees Shree 31 March 2019 - - - - - - - - 17.34

Renuka Sugars Ltd
31 March 2018 - - - - - - - - 12.45
Terms and conditions of transactions with related parties:
The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length
transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash.
Corporate guarantees:
There have been corporate guarantees received from Wilmar International Ltd amounting to INR 31,130 million (31st
March 2018 INR 27,130) towards term loan and working capital limits extended by Banks to Shree Renuka Sugars Limited.
Break-up of amounts owed to and by related parties as at 31st March 2019 and 31st March 2018 are as follows:
As At As At
Particulars
Current loans (refer Note 13)
Ravindra Energy Limited - 49.37
- 49.37
Other current assets (refer Note 15)
Ravindra Energy Limited - 563.29
Adani Wilmar Limited 0.09 -
Mineração Elefante Ltda. - 0.12

As At As At
Particulars
Apoena Logística - 7.49
Associate companies:
CPA Trading S.A. and subsidiaries - 0.92
0.09 571.82
Trade receivables (refer Note 10)
Ravindra Energy Limited 15.73 18.51
Adani Wilmar Limited 0.42 0.39
Great Wall - Wilmar Holdings Limited. Mynamar - -
Vantamuri Trading and Investments Limited 2.11 2.11
Jawananis Rafinasi (JMR) 0.29 -
Wilmar Sugar SA 823.49 -
842.04 21.01
As At As At 31st March
Particulars
31st March 2019 2018
Trade payables (refer Note 24)
Adani Wilmar Limited - 10,470.53
8,956.80 11,743.99
Other current liabilities (refer note 26)
Irving Investments Limited (Wilmar) Mozabique 4.07 -
Bright Agrocomm DMCC 4.38 -
Adani Wilmar Limited 1.39 -
9.84 -
Other non-current financial liabilities (refer Note 25)
Wilmar Sugar Holdings Pte. Ltd. 10,947.72 -
13,579.23 4,387.76
C Transactions with key managerial personnel
Other directors’ interests
The company had acquired office space on rent from Mrs. Vidya Murkumbi a key managerial personnel of the
company. During both the years company has paid a rent of INR 6.95 million ( 31 March 2018 INR 7.54 million)
including all the taxes, out of which amount payable is INR 0.29 million (31 March 2018: INR 0.58 million)
Compensation of key managerial personnel
Contribution to provident fund 3.73 4.06
Sitting fees 1.68 9.54
Total 106.58 91.01
Compensation of Relative of key managerial personnel

Total 0.25 3.00
Outstanding remmuneration payable

Key management personnel - 6.11
Relative of key management personnel - 0.25
Total - 6.36
The remuneration payable to the Whole-time Directors is subject to the approval of the lenders of the Company and
the shareholders of the Company by way of special resolution in the General Meeting, as per Section 197 read with
Schedule V of the Companies Act, 2013. During the year, the Company had sought approval of the lenders for payment
of remuneration to the Whole-time Directors. The Company has received approval of the lenders in the months of March
and April 2019. The Company has sought approval of the shareholders for the payment of remuneration to Whole-time
Directors, vide postal ballot notice dated 8th May 2019.
Note 45: Material partly owned subsidiaries

Financial information of subsidiaries that have material non-controlling interests is provided below:
Proportion of equity interest held by non-controlling interests:
Particulars Renuka do Brasil S.A. Gokak Sugars Limited
Proportion of non-controlling interest 40.59% 6.36%

Country of incorporation and operations Brazil India
Accumulated balance of material non-controlling interest
Accumulated balance of material non-controlling interest (25,533.51) (2.57)
Profit / (loss) allocated to material non-controlling interest (5,865.92) (24.45)
The summarised financial information of these subsidiaries are provided below. This information is based on amounts before
inter-company eliminations
Summarised balance sheet as at 31 March 2019:
Non-current assets 17,906.41 1,666.16

Current assets 1,016.05 973.43
Total Assets 18,922.46 2,639.59
Non-current liabilities 10,155.21 14.21

Current liabilities 63,842.08 2,665.86
Summarised statement of profit and loss for the year ended 31 March 2019
Total revenue 5,943.75 1,934.20

Less:
Cost of goods sold 5,952.99 1,621.78
Finance Cost 4,757.72 201.77
Other expenses 9,473.16 234.44
Exceptional Items - 293.24
Total cost 20,183.87 2,351.23
Profit / (Loss) before tax (14,240.12) (417.03)
Tax 211.50 (32.39)
Profit / (loss) after tax (14,451,62) (384.64)
Other comprehensive income - 142.08
Profit / (loss) after OCI (14,451.62) (242.56)

Note 46: Enterprises consolidated as subsidiary in accordance with Ind AS 112 – Disclosure of Interests in
Other Entities’.
Proportion of ownership interest
Country of
Name of the Enterprise 31st March 2019 31st March 2018
Incorporation
Renuka Commodities DMCC, Dubai Dubai 100.00% 100.00%
Shree Renuka Global Ventures Ltd., Mauritius Mauritius 100.00% 100.00%
Shree Renuka East Africa Agriventures PLC, Ethiopia Ethiopia 99.99% 99.99%
Lanka Sugar Refinery Company (Private) Limited** Sri Lanka 100.00% 100.00%
Gokak Sugars Ltd. India 93.64% 93.64%
Shree Renuka Agri ventures Limited India 100.00% 100.00%
Monica Trading Private Limited India 100.00% 100.00%
Shree Renuka Tunaport Pvt. Limited India 100.00% 100.00%
KBK Chem Engineering Pvt Limited India 100.00% 100.00%
Shree Renuka do Brasil Participações Ltda.*** Brazil 100.00% 100.00%
Shree Renuka São Paulo Participações Ltda.*** Brazil 100.00% 100.00%
Renuka do Brasil S/A *** Brazil 59.41% 59.41%
Revati S.A- Acucar e Alcool *** Brazil 100.00% 100.00%
Renuka Geradora de Energia Elétrica Ltda*** Brazil 99.99% 99.99%
Renuka Cogeração Ltda*** Brazil 99.99% 99.99%
Revati Geradora de Energia Elétrica Ltda *** Brazil 99.99% 99.99%
Revati Agropecuaria Ltda.*** Brazil 99.99% 99.99%
Renuka Vale do IVAI S/A*** Brazil 100.00% 100.00%
Ivaicana Agropecuaria Ltda.*** Brazil 99.99% 99.99%
Biovale Comercio de Leveduras Ltda. *** Brazil 99.99% 99.99%
** Liquidated on 30th September 2017
*** Included in the consolidated financial statements of Shree Renuka do Brasil Participações Ltda., Brazil
Note 47: Fair values

Set out below, is a comparison by class of the carrying amounts and fair value of the Group’s financial instruments, other
than those with carrying amounts that are reasonable approximations of fair values:
Carrying Value Fair Value

As at As at As at 31st As at
31st March 2019 31st March 2018 March 2019 31st March 2018
Financial assets:
Fair value through profit or loss
Derivative Instruments at fair value 124.14 - 124.14 -
Equity shares of Simbhaoli Sugars Limited 1.34 - 1.34 -
Fair value through other
Investment in equity shares 179.59 354.71 179.59 354.71
Other financial assets at amortised cost
Loans - 58.20 - 58.20
Trade receivables 2,850.82 7,618.26 2,850.82 7,618.26
Cash and cash equivalents 315.22 542.20 315.22 542.20
Other bank balance 25.79 24.96 25.79 24.96
Other financial assets 351.74 1,380.12 351.74 1,380.12
Total financial assets 3,848.64 9,978.45 3,848.64 9,978.45
Financial liabilities:
Fair value through profit and loss
Derivative financial instruments 75.48 418.28 75.48 418.28
Other financial liabilities at amortised cost
Borrowings
Redeemable preference shares 1,202.31 1,058.95 1,202.31 1,058.95
Optionally convertible preference shares 4,017.56 3,538.54 4,017.56 3,538.54
Redeemable non-convertible debentures 4,809.97 4,612.16 4,809.97 4,612.16
IFCI (Sugar Development Fund ) 320.99 435.45 320.99 435.45
SEFASU Loan 364.40 742.72 364.40 742.72
Other borrowings 18,300.50 68,123.36 18,300.50 68,123.36
Trade Payables 28,187.03 40,384.07 28,187.03 40,384.07
Other financial liabilities 14,506.25 9,755.48 14,506.25 9,755.48
Total financial liabilities 71,784.49 129,069.01 71,784.49 129,069.01

The management assessed that cash and cash equivalents, trade receivables, trade payables, other current assets and
other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
The following methods and assumptions were used to estimate the fair values:
As at 31st March 2019, fair value of the unquoted equity shares recognised at FVTOCI have been estimated using enterprise
valuation method and impairment of Rs 175.13 million is charged through FVOCI . As at 31st March 2018 , fair value of
the unquoted equity shares recognised at FVTOCI have been estimated using a non-binding agreement with an investor.
The fair value of Redeemable preference shares, Optionally convertible preference shares, Redeemable non-convertible
debentures issued to lenders are based on discounted cash flow using a current borrowing rate. They are classified as level
3 fair values hierarchy due to the use of unobservable inputs including own credit risk.
The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value
hierarchy together with a quantitative sensitivity analysis as at 31st March, 2019, 31st March, 2018 are as shown below:
Description of significant unobservable inputs to valuation:
Valuation technique Sensitivity of the input to fair value
FVTOCI financial instruments Enterprise 5% (31 March 2019: increase / (decrease) in the market
Unquoted equity shares valuation method price per share would result in increase (decrease)
in fair value by INR 8.98 Million (31 March 2018:
INR 17.74Million)
Reconciliation of fair value measurement of unquoted equity shares classified as FVTOCI:
Amount
As at 31st March 2017 443.39
Purchases -
Sales -
As at 31st March 2018 354.71
Purchases -
Sales -
As at 31st March 2019 179.59
Fair value hierarchy
The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities.
Quoted prices in Significant observable Significant observable
Total
active markets inputs inputs
value measurement:
Derivative Instruments at fair value 124.14 118.04 6.10 -
Investment in equity shares 180.93 1.34 - 179.59
Liabilities measured at fair value:

Derivative financial instruments 75.49 67.80 7.69 -
Borrowings
Quoted prices in active Significant observable Significant observable
Total
markets inputs inputs
value measurement:
Liabilities measured at fair value:
Derivative financial instruments 418.28 418.28 - -

Note 48:Financial risk management objectives and policies:

The Group’s principal financial liabilities, comprise loans and borrowings, trade and other payables. The main purpose of
these financial liabilities is to finance the Group’s operations. The Group’s principal financial assets include investments,
loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations.
The Group is exposed to credit risk, liquidity risk and market risk. The Group’s senior management oversees the management
of these risks and the appropriate financial risk governance framework for the Group. The senior management provides
assurance that the Group’s financial risk activities are governed by appropriate policies and procedures and that financial
risks are identified, measured and managed in accordance with the Group’s policies and risk objectives. The board of
directors reviews and agrees for managing each of these risks.
Market risk:
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other risks, such as equity price
risk and commodity price risk.
Interest rate risk:
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the
Group’s long-term debt obligations with floating interest rates.
Interest rate sensitivity:
As at As at
Particulars Composition Composition
Borrowing - Fixed interest rate 10,350.83 35.67% 9,645.10 12.29%
Borrowing - Floating interest rate 18,664.90 64.33% 68,866.08 87.71%
Total 29,015.73 78,511.18
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans
and borrowings affected. With all other variables held constant, the Group’s profit before tax is affected through the
impact on floating rate borrowings, as follows:
Increase/decrease in Effect on
basis points profit before tax
31st March 2019
INR 50 93.32
31st March 2018
INR 50 344.33
Foreign currency risk:
The Group enters into transactions in currency other than its functional currency and is therefore exposed to foreign
currency risk. The Group analyses currency risk as to which balances outstanding in currency other than the functional
currency of that Group. The management has taken a position not to hedge this currency risk.
Foreign currency sensitivity:
As at 31t March 2019, net exposure of the Company and its subsidiaries to asset and liabilities is as follows:
Currency Assets as at Liabilities as at
As at 31st As at 31st March, As at 31st As at 31st March,
March 2019 2018 March, 2019 2018
United States Dollar (USD) 3,741.02 - (15,585.75) (55,017.61)
United Arab Emirates Dirham (AED) 7,861.46 - (10,761.22) -
European Union (EURO) - - (10.01) -
Japanese Yen (JPY) 0.21 - - -
Great Britan pound (GBP) - - (0.11) (16,707.15)

5% increase and decrease in the foreign exchange rates wil have the following impact on profit before tax:
Currency Sensitivity Analysis Assets Sensitivity Analysis Liabilities
As at As at As at As at
31stMarch, 2019 31st March, 2018 31st March, 2019 31st March, 2018
Increase by 5%
United States Dollar (USD) 187.05 - (779.29) (2,750.88)
United Arab Emirates Dirham (AED) 393.07 - (538.06) -
European Union (EURO) - - (0.50) -
Japanese Yen (JPY) 0.01 - - -
Great Britan pound (GBP) (0.01) - - (835.36)
Decrease by 5%
United States Dollar (USD) (187.05) - 779.29 2,750.88
United Arab Emirates Dirham (AED) (393.07) - 538.06 -
European Union (EURO) - - 0.50 -
Japanese Yen (JPY) (0.01) - - -
Great Britan pound (GBP) 0.01 - - 835.36
Commodity price risk:
Commodity price in sugar industry is impacted by multiple factors such as international sugar price, government
regulations, quantity of sugar production in the relevant period, etc. The Group has mitigated this risk by well integrated
business model by diversifying into co-generation and distillation, thereby utilizing the by-products. The following table
shows effect of changes in various commodities on the profit of the Company.
Commodity price sensitivity:
Sugar Cane Raw Sugar
Increase in price by 5%
31st March 2019 1,735.57 (755.74) (1,076.32)
31st March 2018 2,934.99 (622.61) (1,607.09)
Decrease in price by 5%
31st March 2019 (1,735.57) 755.74 1,076.32
31st March 2018 (2,934.99) 622.61 1,607.09
Credit risk:
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and
loans given to affiliates. The Group only deals with parties which has good credit worthiness based on company’s internal
assessment.
A counterparty whose payment is due more than 90 days after the due date is considered as a defaulted party. This is
based on considering the market and economic forces in which the entities in the group are operating. The Group provide
the amount if the credit risk of counter-party increases significantly due to its poor financial position and failure to make
payment beyond a period of 180 days from the due date.
Trade receivables:
“Trade receivables are non-interest bearing and are generally on credit terms of 7 to 180 days.
An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large
number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The group
does not hold collateral as security. The group evaluates the concentration of risk with respect to trade receivables as low,
as its customers are located in several jurisdictions and industries and operate in largely independent markets.
Liquidity risk:
The group’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank
overdrafts, bank loans, debentures, preference shares, financial support from parent etc. The group’s policy is that not
more than 25% of borrowings should mature in the next 12-month period. Post the recent debt restructuring process,
the group assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The group has
access to a sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing
lenders.

The table below summarises the maturity profile of the Group’s financial liabilities based on contractual undiscounted
payments.
Particulars Less than 1 year 1 to 5 years >5 years Total
Borrowings 9,371.51 6,334.92 23,276.87 38,983.30
Total 52,115.45 6,359.74 23,276.87 81,752.06

Borrowings 49,453.74 16,319.65 12,737.80 78,511.19
Total 94,021.72 16,380.54 12,737.80 123,140.06
Note 49: Capital management

For the purpose of the Company’s capital management, capital includes issued equity capital, securities premium and
all other equity reserves attributable to the equity shareholders of the Company. The primary objective of Company’s
management is to maximise shareholder’s value.
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure
that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure
requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and
borrowings. There have been no significant breaches in the financial and non financial covenants of any interest-bearing
loans and borrowing in the current period.
The Company manages its capital structure and makes adjustments in light of changes in the financial condition.
The calculation of capital for the purpose of capital management is as follows:
As at As at
Equity share capital 1,916.82 1916.82
Other equity (including securities premium) (31,992.20) (18,987.06)
(30,075.38) (17,070.24)
Debt equity ratio
The debt-to-equity (D/E) ratio is calculated by dividing a company’s total liabilities by its shareholder equity. The ratio is
used to evaluate a company’s financial leverage.
As at As at
Equity 1,916.82 1,916.82
Other equity (31,992.20) (18,987.06)
Total equity (30,075.38) (17,070.24)
Total borrowings 29,015.73 78,511.19
Debt equity ratio (0.96) (4.60)

Note 50: Segment information
Primary Segment Reporting for the Year ended 31st March 2019
The Management Committee monitors the operating results of its business units for the purpose of making decisions about resource allocation and performance assessment.
Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements. The group’s financing (including finance
costs and finance income) and income taxes are managed on a group level and are not allocated to operating segments.
Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions with third parties.\
Particulars SUGAR TRADING CO-GENERATION ETHANOL ENGINEERING OTHER ELIMINATIONS TOTAL
2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18
REVENUE
External sales 34,744.70 45,020.80 3,147.73 13,073.06 1,414.28 1,929.46 5,286.25 2,453.88 123.57 127.82 78.81 58.35 - - 44,795.34 62,663.37
Inter-segment sales 2,498.48 3,735.30 - - 2,873.32 2,716.82 - - - 23.72 - - (5,371.80) (6,475.84) - -
Total Revenue 37,243.18 48,756.10 3,147.73 13,073.06 4,287.60 4,646.28 5,286.25 2,453.88 123.57 151.54 78.81 58.35 (5,371.80) (6,475.84) 44,795.34 62,663.37
Results (197.52) (3,149.55) 256.13 (8,270.46) 110.04 (1,060.31) 1,110.66 520.98 (8.72) (80.02) (21.31) (16.14) - - 1,249.28 (12,055.50)
Unallocated corporate expenses (956.93) (665.96)
Operating profit 292.35 (12,721.46)
Finance costs 5,604.38 5,192.56
Foreign currency and derivative (gain)/loss (net) (464.52) 742.09
Other income 2,095.07 285.37
Profit from ordinary activities (2,752.44) (18,370.75)
Exceptional items (986.23) 4,993.73
Profit / (Loss) from continued operations (3,738.66) (13,377.02)
Profit / (Loss) from discontinued operations (16,637.70)
Corporate Overview
(13,798.66)
Total Profit / (Loss) before tax (20,376.36) (27,175.68)
OTHER INFORMATION
Segment assets 43,227.50 53,536.38 3,134.63 8,911.87 11,365.90 23,580.70 6,796.37 6,619.82 441.52 300.78 1,173.20 834.99 - - 66,139.12 93,784.54
Unallocated corporate assets - - - - - 6,207.34 6,234.83
Discontinued operations - - - - - - - - 23,942.33 -
Total Assets 43,227.50 53,536.38 3,134.63 8,911.87 11,365.90 23,580.70 6,796.37 6,619.82 441.52 300.78 1,173.20 834.99 - - 96,288.79 100,019.37
Segment liabilities 34,744.67 43,435.53 838.92 9,549.44 343.27 3,923.19 847.32 167.55 193.83 103.96 9.89 6.67 - - 36,977.90 57,186.35
Unallocated corporate liabilities - - - - - 36,544.23 79,548.97
Discontinued operations 78,378.12 -
Total Liabilities 34,744.67 43,435.53 838.92 9,549.44 343.27 3,923.19 847.32 167.55 193.83 103.96 9.89 6.67 - - 151,900.25 136,735.32
Statutory Reports
Capital expenditure 560.28 4,603.51 1.48 1.02 62.15 27.63 812.26 24.12 0.74 0.21 - 0.04 - - 1,436.91 4,656.53
Unallocated corporate - - - - - - - - - - - - 45.56 15.75
Discontinued operations - - - - - - - - - - - - - - 717.83 -
Total Capital Expenditure 560.28 4,603.51 1.48 1.02 62.15 27.63 812.26 24.12 0.74 0.21 - 0.04 - - 2,200.30 4,672.28
Depreciation 1,297.80 1,317.20 1.38 6.57 553.71 735.91 271.59 272.50 3.15 3.75 54.65 49.72 - - 2,182.28 2,385.65
Unallocated corporate depreciation 24.85 15.27
Total Depreciation 1,297.80 1,317.20 1.38 6.57 553.71 735.91 271.59 272.50 3.15 3.75 54.65 49.72 - - 2,207.13 2,400.92
Inter-segment revenues are eliminated upon consolidation and are reflected in the ‘eliminations’ column.
All other adjustments forming a part of unallocated corporate segment are provided with detailed reconciliations.

Reconciliations to amounts reflected in the financial statements:

Reconciliation of assets
31st Mar 2019 31st Mar 2018
Segment operating assets 66,139.12 93,784.54
Deferred Tax asset (refer note 7) 3,149.14 3,561.60
Investment (refer note 4) 185.93 1,075.49
Cash and cash equivalents (refer note 11) 315.22 542.20
Other assets forming a part of unallocated segment 26,499.38 1,055.54
Total assets 96,288.79 100,019.37
Reconciliation of liabilities
31st Mar 2019 31st Mar 2018
Segment operating liabilities 36,977.90 57,186.35
Non-current borrowings (refer note 17) 19,704.29 29,057.45
Current borrowings (refer note 23) 5,535.54 2,245.79
Current maturity of long-term borrowings (refer Note 25) 3,775.90 47,207.95
Government Grants (refer note 21) 377.63 147.56
Deferred Tax liabilities (refer note 7) 43.88 40.59
Liabilities pertaining to discontinued operations 78,378.12 -
Other liabilities forming part of unallocated segment 7,106.98 849.63
Revenue from customers
31st Mar 2019 31st Mar 2018
India 15,400.37 8,546.97
Outside India 29,394.97 54,116.40
Total revenue 44,795.34 62,663.37
Total assets
31st Mar 2019 31st Mar 2018
India 64,281.05 63,126.93
Outside India 32,008.74 36,892.44
Total assets 96,289.79 100,019.37
Total liabilities
31st Mar 2019 31st Mar 2018
India 52,608.26 58,135.94
Outside India 99,291.99 78,599.38
Total liabilities 151,900.25 136,735.32
Note 51: Statement pursuant to first proviso to sub-section (3) of section 129 of the companies Act 2013, read with
rule 5 of companies (Accounts) Rules, 2014 in the prescribed Form AOC-1 relating to subsidiary companies
Net assets As % of As % of
As % of
As % of i.e. Total consolidated Other consolidated Total
Sl consolidated Profit/ (loss)
Name of the Subsidiary consolidated assets Other Comprehensive Total Comprehensive
No. profit/loss for the year
net assets minus total Comprehensive Income Comprehensive Income
after tax
liabilities Income Income
I Parent
Shree Renuka Sugars Limited -10% 5,464.49 -19% (3,818.94) 25% 368.05 -18% (3,450.89)
II Indian Subidiaries
Gokak Sugars Ltd. 0% (40.48) -2% (384.64) 10% 142.08 -1% (242.56)
Shree Renuka Agriventures Ltd. 0% (220.36) 0% (0.13) 0% - 0% (0.13)
Monica Trading Private Limited 0% 47.40 0% (26.71) 0% 5.89 0% (20.82)

Shree Renuka Tunaport Pvt. Ltd. 0% (7.82) 0% (0.06) 0% - 0% (0.06)
KBK Chem Engineering Pvt Ltd. 2% (1,215.75) 0% (0.35) 0% 0.94 0% 0.59
III Foreign Subidiaries

Renuka Commodities DMCC, Dubai 9% (4,944.77) 80% 16,254.57 0% - 86% 16,254.57
Shree Renuka Global Ventures 0% (34.71) 0% (2.52) 0% - 0% (2.52)
Ltd., Mauritius
Shree Renuka East Africa 0% 3.67 0% - 0% - 0% -
Agriventures PLC, Ethiopia

Net assets As % of As % of
As % of
As % of i.e. Total consolidated Other consolidated Total
Sl consolidated Profit/ (loss)
Name of the Subsidiary consolidated assets Other Comprehensive Total Comprehensive
No. profit/loss for the year
net assets minus total Comprehensive Income Comprehensive Income
after tax
liabilities Income Income
Lanka Sugar Refinery Company 0% (1.06) 0% - 0% - 0% -
(Private) Limited
Shree Renuka do Brasil -4% 2,259.26 3% 525.69 0% - 3% 525.69
Participações Ltda.
Shree Renuka São Paulo -13% 7,312.03 0% (2.13) 0% - 0% (2.13)
Participações Ltda.
Renuka do Brasil S/A 105% (58,192.06) -43% (8,744.67) 0% - -46% (8,744.67)
Revati S.A- Acucar e Alcool 1% (627.12) -14% (2,868.29) 0% - -15% (2,868.29)
Renuka Geradora de 2% (1,349.50) -2% (347.72) 0% - -2% (347.72)
Energia Elétrica Ltda
Renuka Cogeração Ltda -4% 2,244.74 0% (0.01) 0% - 0% (0.01)
Revati Geradora de -5% 2,880.90 -3% (551.51) 0% - -3% (551.51)
Energia Elétrica Ltda
Revati Agropecuaria Ltda. 39% (21,460.20) -20% (4,053.18) 0% - -21% (4,053.18)
Renuka Vale do IVAI S/A 19% (10,406.06) -20% (4,033.08) 0% - -21% (4,033.08)
Ivaicana Agropecuaria Ltda. 6% (3,133.13) -3% (627.47) 0% - -3% (627.47)
Biovale Comercio de -1% 390.09 0% 15.83 0% - 0% 15.83
Leveduras Ltda.
Non controlling interest 46% (25,536.08) -29% (5,890.37) -1% (9.85) -31% (5,900.21)
Consolidation adjustments -92% 50,955.06 -29% (5,818.35) 66% 973.23 -26% (4,845.12)
/ eliminations*
100% (55,611.46) -100% (20,374.02) 100% 1,480.34 -100% (18,893.68)

* Consolidation adjustments / eliminations include inter company eliminations, consolidation adjustments and GAAP differences.
Note 52: Previous year’s figures have been regrouped /rearranged wherever necessary to conform to the current year
presentation.
To be read with our report of even date For and on behalf of the Board of directors of
FCS No.:F-6801

AGM Notice
NOTICE is hereby given that the Twenty-Third Annual
General Meeting of Shree Renuka Sugars Limited will
4. Ratification of remuneration of Cost Auditors
be held on Monday, 30th September 2019 at 12.30 p.m. To consider and if thought fit, to pass the following
at KPTCL Samudhay Bhavan, Opp. JNMC, Smart City Road, resolution as an Ordinary Resolution
Shivabasav Nagar, Belagavi – 590010 to transact the
following business: “RESOLVED THAT pursuant to the provisions of Section
148 and all other applicable provisions, if any, of the
Companies Act, 2013 (“the Act”) and the rules made
Ordinary Business
thereunder (including any statutory modification(s) or
re-enactment(s) thereof, for the time being in force),
1. To consider and adopt the audited standalone and the
payment of remuneration of ` 4,75,000 (Rupees Four
consolidated financial statements of the Company for
lakh Seventy Five thousand only) (plus applicable tax
the financial year ended 31st March 2019 together
and out of- pocket expenses, if any, for the purpose
with the Reports of the Board of Directors and
of Audit) to M/s B. M. Sharma & Co., Cost Accountants
Auditors thereon.
(Firm Registration No. 00219) appointed as Cost
Auditors by the Board of Directors of the Company
2. To appoint a Director in place of Mr. Vijendra Singh
for conducting the cost audit for the financial year
(DIN: 03537522), who retires by rotation and being
ending 31st March 2020, be and is hereby approved.
eligible, offers himself for re-appointment.
RESOLVED FURTHER THAT the Board of Directors
Special Business of the Company be and is hereby authorised to do
all acts and take all such steps as may be necessary,
3. Appointment of Mr. Rajeev Kumar Sinha as a proper or expedient to give effect to this resolution.”
Nominee Director
5. Approval for material related party transactions
To consider and if thought fit, to pass the following
To consider and if thought fit, to pass the following
resolution as an Ordinary Resolution
resolution as an Ordinary Resolution
“RESOLVED THAT pursuant to the provisions of “RESOLVED THAT pursuant to the provisions of
Sections 149, 152, 160, 161 and other applicable Regulation 23(4) of the Securities and Exchange
provisions, if any, of the Companies Act, 2013 (“the Board of India (Listing Obligations and Disclosure
Act”) read with the Companies (Appointment and Requirements) Regulations, 2015 (“Listing
Qualification of Directors) Rules, 2014 and the Regulations”) and Section 188, if and to the extent
applicable provisions of the Securities and Exchange applicable, and other applicable provisions of the
Board of India (Listing Obligations and Disclosure Companies Act, 2013 read with the rules framed
Requirements) Regulations, 2015 (including any thereunder (including any statutory modification(s)
statutory modification(s) or re-enactment(s) thereof, or re-enactment(s) thereof, for the time being in
for the time being in force), Mr. Rajeev Kumar Sinha force) and subject to such other approvals, consents,
(DIN: 01334549), who was appointed by the Board of permissions and sanctions of any authorities as may
Directors as an Additional Director of the Company be necessary and subject to such conditions and
with effect from 6th August 2019 and who holds modifications, as may be prescribed by any one of
office upto the date of the ensuing Annual General them while granting any such approvals, consents,
Meeting and as recommended by the Nomination permissions and/or sanctions which may be agreed
and Remuneration/ Compensation Committee to by the Board of Directors of the Company, consent
and the Board of Directors and in respect of whom of the members of the Company be and is hereby
the Company has received a notice in writing accorded to the Board of Directors of the Company
from a member proposing his candidature for the (hereinafter referred to as the “Board” which term
office of Director, be and is hereby appointed as shall include any Committee constituted by the Board
Nominee Director of the Company, not liable to or any person(s) authorized by the Board to exercise
retire by rotation.” its powers, including the powers conferred by this
Resolution) to enter into related party transaction(s)
including material related party transactions of
purchase and/or sale of sugar and to renew these
transactions, from time to time, at any time in future,
as per details given below:

Sr. Name of Related Party/Entity Nature of Relationship Nature and Particulars of Estimated amount
No. Contract per annum
(` in crores)
1 Wilmar Sugar India Entity & Company are Subsidiaries of the Purchase/Sale of Sugar 1,300
Private Limited same third party, Wilmar Group
RESOLVED FURTHER THAT the Board be and is hereby 4. During the period beginning 24 hours before the time
authorised to do all such acts, deeds, matters and fixed for the commencement of the AGM and ending
things; to finalise or vary the terms and conditions with the conclusion of the meeting, a member would
of the transactions with the aforesaid party; and to be entitled to inspect, at any time between 9 a.m.
execute or authorize any person to execute all such and 6 p.m. during the working days of the Company,
documents, instruments and writings as may be the proxies lodged provided not less than three days’
considered necessary, relevant, usual, customary, notice in writing of the intention so to inspect is given
proper and/or expedient for giving effect to to the Company.
this resolution.”
5. Corporate members intending to send their
authorised representatives to attend the meeting are
By Order of the Board of Directors requested to send to the Company a certified copy of
For Shree Renuka Sugars Limited the Board Resolution authorising their representative
to attend and vote on their behalf at the Meeting.
Deepak Manerikar
Company Secretary 6. The Register of Members and Share Transfer Books
6th August 2019, Mumbai of the Company will remain closed from Wednesday,
Regd. Office: 25th September 2019 to Monday, 30th September 2019
2nd & 3rd Floor, Kanakashree Arcade, (both days inclusive).
CTS No. 10634, JNMC Road,
Nehru Nagur, Belagavi - 590010 7. This Notice is being sent to all the members, whose
CIN: L01542KA1995PLC019046 names appear in the Register of Members/Statements
of beneficial ownership maintained by the Depositories
i.e., National Securities Depository Limited (NSDL) and
Notes: Central Depository Services (India) Limited (CDSL) as
on the close of business hours on 23rd August 2019.
1. The relative Explanatory Statements, pursuant to
Section 102 of the Companies Act, 2013 (“the Act”) 8. Electronic copy of the Annual Report for the year
in respect of the special business are annexed hereto. ended 31st March 2019 including the Notice of the
23rd Annual General Meeting of the Company amongst
2. A member entitled to attend and vote at the
other things, indicating the process and manner of
Annual General Meeting (“AGM”) is entitled to
remote e-voting along with Attendance Slip and Proxy
appoint a proxy to attend and vote on a poll
Form is being sent to all the members whose e-mail
instead of himself/herself and the proxy need not
ID(s) are registered with the Company/Depository
be a member of the Company.
Participant(s) for communication purposes unless any
3. The instrument appointing proxy(ies) must be member has requested for a hard copy of the same.
deposited at the Registered Office of the Company For members who have not registered their e-mail
not less than 48 hours before the commencement address, physical copies of the above mentioned
of the meeting. Proxies submitted on behalf of the documents are being sent by the permitted mode.
companies, societies etc., must be supported by an
appropriate resolution/authority, as applicable. 9. Members/proxies are requested to hand over the duly
filled-in and signed Attendance Slip at the entrance of
A person can act as proxy on behalf of members not
the Hall while attending the meeting. Proxies should
exceeding Fifty (50) and holding in the aggregate
carry their identity proof at the meeting for the
not more than 10% of the total share capital of the
purpose of identification.
Company. A member holding more than 10% of the
total share capital of the Company may appoint a 10. In case of joint holders attending the Meeting, only
single person as proxy and such person shall not act such joint holder who is higher in the order of names
as proxy for any other person or shareholder. will be entitled to vote.

11. As required under Regulation 36(3) of the SEBI 19. Process and Manner of remote e-voting
(Listing Obligations and Disclosure Requirements)
Pursuant to Regulation 44 of the Securities and
Regulations, 2015, and pursuant to the provisions
Exchange Board of India (Listing Obligations and
of Secretarial Standard-2 on General Meetings the
Disclosure Requirements) Regulations, 2015 and
relevant information in respect of the Directors
Section 108 of Companies Act, 2013 and Rules
seeking appointment/reappointment at the Annual
made thereunder, the Company is providing facility
General Meeting is provided in the Notice of Annual
for voting by electronic means (“remote e-voting”)
General Meeting.
to the shareholders of the Company to enable
12. The Securities and Exchange Board of India (SEBI) them to cast their votes electronically on the items
has mandated the submission of Permanent Account mentioned in the Notice.
Number (PAN) by every participant in securities
The Board of Director has appointed T F Khatri &
market. Members holding shares in electronic form
Associates, Practising Company Secretary having
are, therefore, requested to submit the PAN to their
membership No. F9093 and CP No. 10417, as the
Depository Participants (“DPs“) with whom they are
Scrutinizer for conducting the remote e-voting
maintaining their demat accounts. Members holding
process in a fair and transparent manner. E-voting is
shares in physical form can submit their PAN details to
optional. The e-voting rights of the shareholders /
the Registrar and Transfer Agent of the Company viz.
beneficiary owners shall be reckoned on the equity
Karvy Fintech Private Limited (“Karvy“).
shares held by them as on 23rd September 2019 being
13. All relevant documents referred to in the the Cut-off date for the purpose. The shareholders of
accompanying Notice are open for inspection by the Company holding shares either in dematerialised
members at the Registered and Corporate Office of the or in physical form, as on the Cut-off date, may
Company on all working days except Saturday, Sunday cast their vote electronically. A person who is not a
and public holidays, between 9.00 a.m. and 6.00 p.m. shareholder as on the Cut-off date, should treat this
upto the date of Annual General Meeting. Notice for information purposes only.
14. Members holding shares in physical mode are 1. The Company has entered into an arrangement
requested to advise about change of address to Karvy with Karvy Fintech Private Limited (“Karvy”) for
and members holding shares in electronic mode are facilitating remote e-voting for the ensuing
requested to intimate their respective DPs about any Annual General Meeting. The instructions for
change of address or Bank mandate and NOT to the remote e-voting are as under:
Company or Karvy.
In case a member receives an e-mail from
1.A
15. Members who have not registered their e-mail Karvy [for members whose e-mail addresses
addresses so far are requested to register/update their are registered with the Company / Depository
e-mail addresses for receiving all communications Participant(s)]
including Annual Report, Notices, Circulars etc.
(i) Launch internet browser by typing the URL
In respect of shares held in demat mode, e-mail
https://evoting.karvy.com
addresses can be registered with the depository
and members who hold shares in physical form are (ii) Enter the login credentials (i.e. User ID and
requested to register their e-mail addresses with Karvy. password). The E-Voting Event Number +
Folio No. or DP ID Client ID will be your User
16. In accordance with Regulation 44 of the SEBI
ID. However, if you are already registered
(Listing Obligations and Disclosure Requirements)
with Karvy for e-voting, you can use
Regulations, 2015 and the provisions of Section 108
your existing User ID and password for
of the Companies Act, 2013 read with Rule 20 of
casting your vote. If required, please visit
the Companies (Management and Administration)
https://evoting.karvy.com or contact toll
Rules, 2014, the Company is offering e-voting facility
free number 1-800-3454-001 for your
to all its members as an alternate mode to exercise
existing password.
their right to vote.
(iii) After entering these details appropriately,
17. The facility for voting through ballot paper shall be
Click on “LOGIN”.
made available at the Meeting and the members
attending the Meeting who have not cast their vote (iv) You will now reach password change menu
by remote e-voting shall be able to exercise their right wherein you are required to mandatorily
to vote at the meeting through ballot paper. change your password. The new password
shall comprise minimum 8 characters with
18. The members who have cast their vote by remote
at least one upper case (A-Z), one lower
e-voting prior to the Meeting may also attend
case (a-z), one numeric (0-9) and a special
the Meeting but shall not be entitled to cast
character (@,#,$,etc.). The system will
their vote again.
prompt you to change your password and They may also upload the same in the
update your contact details like mobile e-voting module in their login. The scanned
number, email address, etc. on first login. image of the above mentioned documents
You may also enter a secret question and should be in the naming format “Corporate
answer of your choice to retrieve your Name_EVENT NO.”
password in case you forget it. It is strongly
In case a member receives physical copy of
1.B
recommended that you do not share
the Notice by post [for members whose e-mail
your password with any other person and
addresses are not registered with the Company /
that you take utmost care to keep your
Depository Participant(s)]:
password confidential.
(i) E-voting Event Number, User ID and
(v) You need to login again with the
password is provided in the Attendance Slip
new credentials.
(ii) Please follow all steps from Sr.No.(i) to (xii)
(vi) On successful login, the system will prompt
as mentioned in (A) above, to cast your
you to select the E-Voting Event Number
vote by electronic means.
for Shree Renuka Sugars Limited.
2. The remote e-voting period commences
(vii) On the voting page enter the number
on Friday, 27th September 2019 (9.00 a.m.
of shares (which represents the number
IST) and ends on Sunday, 29th September 2019
of votes) as on the cut-off date under
(5.00 p.m. IST). During this period, Members of
“FOR/ AGAINST” or alternatively, you may
the Company, holding shares either in physical
partially enter any number in “FOR” and
form or in dematerialized form, as on the
partially in “AGAINST” but the total number
cut-off date of Monday, 23rd September 2019,
in “FOR/AGAINST” taken together should
may cast their votes electronically. The remote
not exceed your total shareholding as on
e-voting module shall be disabled for voting
the cut-off date. You may also choose the
thereafter. A person who is not a Member as
option “ABSTAIN” and the shares held will
on the cut-off date should treat this Notice for
not be counted under either head.
information purposes only.
(viii) Members holding shares under multiple
3. Once the vote on a resolution is cast by a
folios / demat accounts shall choose the
member, the member shall not be allowed to
voting process separately for each of the
change it subsequently or cast the vote again.
folios / demat accounts.
4. The facility for voting through polling paper
(ix) Voting has to be done for each item of the
shall be made available at the Annual General
Notice separately. In case you do not desire
Meeting (the “meeting”) and the members
to cast your vote on any specific item it will
attending the meeting who have not cast
be treated as abstained.
their votes by remote e-voting shall be able to
(x) You may then cast your vote by exercise their right to vote at the meeting.
selecting an appropriate option and
5. The members who have cast their vote by
click on “Submit”.
remote e-voting may also attend the meeting
(xi) A confirmation box will be displayed. but shall not be entitled to cast their vote again.
Click “OK” to confirm else “CANCEL” to
6. The Board of Directors of the Company has
modify. Once you confirm, you will not be
appointed T. F. Khatri & Associates, as scrutinizer
allowed to modify your vote. During the
to scrutinize the remote e-voting process and
voting period, Members can login any
voting at the meeting in a fair and transparent
number of times till they have voted on
manner and they have communicated their
the Resolution(s).
willingness to be appointed and will be available
(xii) Corporate / Institutional Members (i.e. for the said purpose.
other than Individuals, HUF, NRI, etc.) are
7. The voting rights shall be reckoned on the
also required to send scanned certified true
paid-up value of shares registered in the name
copy (PDF Format) of the Board Resolution
of the member/ beneficial owner (in case of
/ Power of Attorney / Authority Letter,
electronic shareholding) as on the cut-off date
etc., together with attested specimen
i.e. 23rd September 2019. The voting rights of
signature(s) of the duly authorized
Members shall be in proportion to their share of
representative(s), to the Scrutinizer at
the paid up share capital of the Company as on
e-mail ID: [email protected]
the cut-off date.

8. A person, whose name is recorded in the register EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF
of members or in the register of beneficial THE COMPANIES ACT, 2013
owners maintained by the depositories as on
the cut-off date i.e. 23rd September 2019 only Item No. 3:
shall be entitled to avail the facility of remote
Mr. Rajeev Kumar Sinha is an M.Sc from St. Petersburg University,
e-voting/ voting at the meeting.
Russia and has over 20 years of experience with IDBI Bank
9. Any person who becomes a member of the Limited. He has held several positions at the Bank, namely
Company after dispatch of the Notice of the CEO of Dubai Branch at Dubai International Financial Center,
meeting and holding shares as on the cut-off International Banking Division, Sr. Regional Head/General
date i.e. 23rd September 2019, may obtain Manager - Corporate Banking, NPA management resolution of
the USER ID and Password in the manner as stressed assets at Mumbai, Location Head – Corporate Banking,
mentioned below: Trade Finance, Infrastructure Corporate Finance at Ahmedabad,
Assistant General Manager – Corporate Finance, Project Finance,
a. If the mobile number of the member is Corporate Debt Restructuring at Mumbai. He was part of the
registered against Folio No. / DP ID Client team implementing the first Corporate Debt Restructuring in
ID, the member may send SMS : MYEPWD the banking sector in India.
<space> E-Voting Event number+Folio No.
or DP ID Client ID to 9212993399 Mr. Sinha has also worked with Ministry of Defense, Government
of India, through UPSC, and in the Tata & Ispat Group, where
Example for NSDL: he was engaged in planning and execution of greenfield steel
MYEPWD <SPACE> IN12345612345678 projects.
Example for CDSL: Mr. Sinha (DIN No: 01334549) was appointed as Additional
MYEPWD <SPACE> 1402345612345678 Director (Nominee) of the Company with effect from 6th August
Example for Physical: 2019 by the Board of Directors under Section 161 of the Act
MYEPWD <SPACE> XXX1234567890 and as per the Company’s Articles of Association. Mr. Sinha
is a nominee of IDBI Bank Limited, banker of the Company. In
b. If e-mail address or mobile number of the terms of Section 161(1) of the Act, Mr. Sinha will holds office
member is registered against Folio No./ only upto the date of the forthcoming AGM but is eligible for re-
DP ID Client ID, then on the home page appointment as a Director.
of https://evoting.karvy.com, the member In terms of provisions contained under Section 160 of the
may click “forgot password” and enter Companies Act, 2013 and the rules made thereunder, a person
Folio No. or DP ID Client ID and PAN to who is not a retiring director in terms of Section 152 shall, subject
generate a password. to the provisions of this Act, be eligible for appointment to the
office of Director at any General Meeting, if he or some member
c. Member may call Karvy’s toll free
intending to propose him as a Director, has, not less than
number 1-800-3454-001
fourteen days before the meeting, left at the Registered Office
d. Member may send an e-mail request to of the company, a notice in writing under his hand signifying his
[email protected] candidature as a Director, or the intention of such member to
propose him as a candidate for that office, as they case may be.
If the member is already registered with
Karvy e-voting platform then he can Pursuant to candidature received from the shareholder, the said
use his existing User ID and password for resolution is being placed before the members for their approval.
casting the vote through remote e-voting. Except Mr. Sinha being appointee none of the Directors/Key
10. In case of any query pertaining to e-voting, Managerial Personnel of the Company/their relatives are, in any
please visit Help & FAQ’s section available at way, concerned or interested, in the proposed resolution.
Karvy’s website https://evoting.karvy.com The Board recommends the passing of the resolution as set
out at item No. 3 for approval of the Members as an Ordinary
11. The Scrutinizer, after scrutinizing the
Resolution.
votes cast at the meeting and through
remote e-voting, will make a consolidated
Item No. 4:
Scrutinizer’s Report and submit the same to
the Chairman. The results declared along The Board of Directors, on the recommendation of the Audit
with the consolidated scrutinizer’s report shall Committee, has approved the appointment and payment of
be placed on the website of the Company remuneration of ` 4,75,000 (Rupees Four lakh Seventy Five
www.renukasugars.com and on the website of thousand only) (plus applicable tax and out-of-pocket expenses,
the Karvy https://evoting.karvy.com. The results if any,) to M/s B. M. Sharma & Co., Cost Accountants as Cost
shall simultaneously be communicated to the Auditors to conduct the audit of the cost records of the Company
Stock Exchanges. for the financial year ending 31st March 2020.

Pursuant to the provisions of Section 148 of the Companies Act, party transactions, and has noted that these transactions
2013 read with Rule 14 of the Companies (Audit and Auditors) are in the ordinary course of business and are at arm’s length.
Rules, 2014, the remuneration payable to the Cost Auditors has Further, the management also believes that transactions
to be ratified by the shareholders of the Company. Accordingly, under these contracts are on an arm’s length basis. Further,
consent of the members is sought for passing an Ordinary the said transactions may qualify as material Related Party
Resolution as set out at Item No. 4 of the Notice. transactions under the Listing Regulations read with the Policy
None of the Directors/Key Managerial Personnel of the of the Company on Materiality of Related Party Transactions.
Company/their relatives are, in any way, concerned or interested, Accordingly, the members’ approval is sought for the same.
in the proposed resolution. Information relating to transactions viz. names of the related
The Board recommends the passing of the resolution as set party and relationships, monetary value of the transactions is
out at item No. 4 for approval of the Members as an Ordinary mentioned in the resolution. The terms are determined from
Resolution. contract to contract, as agreed between the parties; and the
transactions are in the ordinary course of the business of the
Item No. 5: Company and are at arm’s length basis.
None of the Directors, Key Managerial Personnel or their
Section 188 of the Companies Act, 2013 (“the Act”) read with
relatives are in any way concerned or interested in the resolution
the Companies (Meetings of Board and its Powers) Rules, 2014
except Mr. Jean-Luc Bohbot who is a Director in Wilmar Sugar
states that no company shall enter into transactions with a
India Private Limited and Wilmar Sugar Holdings Pte. Ltd., and
related party except with the consent of the Board and members
Managing Director in Wilmar Sugar Pte. Ltd., and Mr. Stephen Ho
of the Company, where such transactions are either not (a) in
Kiam Kong, who is Director in Wilmar Sugar Pte. Ltd. & Wilmar
Ordinary Course of Business or (b) on arm’s length basis.
Sugar Holding Pte. Ltd. and Mr. Atul Chaturvedi by virtue of his
The transactions with the related parties as per resolution No. position as Director in Adani Wilmar Limited.
5 are at arm’s length and in the ordinary course of business of
The Directors recommend the Resolution as stated at item No. 5
the Company. However, pursuant to Regulation 23 of the SEBI
of the Notice for approval of the members by way of an Ordinary
(Listing Obligations and Disclosure requirements) Regulations,
Resolution.
2015 (“Listing Regulations”), all related party transactions
shall require prior approval of the Audit Committee and all By Order of the Board of Directors
material transactions with related parties require approval of the For Shree Renuka Sugars Limited
members of the Company through ordinary resolution. Material
Related Party Transaction means any transaction entered either Deepak Manerikar
individually or taken together with previous transactions during Company Secretary
a financial year, exceeds ten percent of the annual consolidated 6th August 2019, Mumbai
turnover of the company, as per the last audited financial
Regd. Office:
statements of the company.
The Company proposes to enter into transaction with related CTS No. 10634, JNMC Road,
party as provided in Resolution at item No. 5, from time to Nehru Nagur, Belagavi - 590010
time, at the agreed terms of the transactions between the CIN: L01542KA1995PLC019046
parties. The Audit Committee has approved the said related

Details of Directors seeking appointment/re-appointment/change of remuneration pursuant to the provisions

of i) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and ii) Secretarial Standard on
General Meetings (“SS-2”), issued by the Institute of Company Secretaries of India and approved by the Central
Government are provided herein below:
Name of the Director Mr. Vijendra Singh Mr. Rajeev Kumar Sinha
Date of Birth 1st February 1960 19th March 1963
Date of Appointment 10th May 2011 8th August 2019
Qualification B.Sc from Meerut University in 1979. Graduated from St. Petersburg
University, Russia (erstwhile
Post-Graduation in Sugar Technology
Leningrad Institute, USSR)
from National Sugar Institute in 1981
with degree of M.Sc (Electrical
MBA (Finance) Engineering)
Expertise in specific functional Mr. Singh has rich experience in agro Mr. Rajeev Kumar Sinha was appointed
area / Brief Profile processing industry for over 30 years. through UPSC in Ministry of Defense
He began his career from Sugar where he served for a period of approx.
Company - DCM Shriram Industries one & half years.
Ltd, as a Management Trainee and then
Mr. Sinha served for a period of approx.
gradually reached to the position of
8 years in the Steel Plants of Tata and
Senior General Manager and thereafter
Ispat Group (Mittals) engaged in
has held various senior positions in the
planning & execution of Greenfield
top sugar companies of the country.
steel projects.
During his stint with these companies,
he has efficiently handled activities like He joined IDBI Bank in 1998 in
production, commercial, expansion, Mumbai and worked in Corporate
modernization, construction of Co- Finance looking after various sectors
generation plant and other related mainly Steel and Power, upto 2006. He
activities. Under his leadership, the was part of the team implementing
overall efficiencies of the plants the first Corporate Debt Restructuring
improved, productivities increased and in the banking sector in India.
operation streamlined. He is associated
In September 2006, he was appointed
with our Company since September
as Branch Head, Corporate Banking
2010 designated as President (Sugar
at Ahmedabad. Thereafter in January
Mills)
2008 he took charge as Location
Head of Infrastructure Corporate
Group for the entire Gujarat Region,
looking after financing need in various
infrastructure like road, port, power,
telecommunication etc.
During November 2009, he was
transferred to International Banking
Division of IDBI in Mumbai and
subsequently he was posted at Dubai
to set-up and start the first overseas
Branch of the Bank.
He served as CEO of Dubai Branch at
Dubai International Financial Center
till November 2014. On return to
India in January 2015, he was posted
to Corporate Banking Group at Head
Office, Mumbai.

Directorship in all other public Gokak Sugars Limited 3I Infotech Limited
Companies except foreign
companies and companies KBK Chem-Engineering Pvt. Ltd.
under Section 8 of the Shree Renuka Agri Ventures Limited
Companies Act, 2013
Membership/ Chairman of the - -
Committees of the Board of
other public limited companies
(Membership/ Chairmanships
of only Audit Committees and
stakeholders Relationship
Committees in other public
limited Companies have been
considered.)
Number of shares held in the - -
Company
Terms and Condition of To be re-appointed as Director of the Please refer the proposed Ordinary
appointment Company; liable to retire by rotation. Resolution No. 3 and its Explanatory
Statement.
Number of meetings of the 5 -
Board attended during the
financial year 2018-19
Remuneration last drawn Basic salary of ` 1,43,34,672 per annum NA
and perquisites, reimbursements
and allowances as per the terms of
appointment and rules of the Company
Remuneration proposed to be Same as above NA
paid
Relationship with Directors - -
inter-se

NOTES

Registered Office
CTS No. 10634,
JNMC Road, Nehru Nagar,
Belagavi -590010, Karnataka

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A Wilmar Subsidiary

Management Discussion and Analysis

AGM Notice 196 4,189,590

At Shree Renuka Sugars Limited (SRSL),

Our sustainability initiatives also extend to

With an eye on social and ecological

Our Business at a Glance

2 | Annual Report and Accounts 2018-19

SUGAR UNIT REFINERY POWER PLANT DISTILLERY

10,000 TCD 6,000 TCD 3,000 TPD Athani 210 KLPD

9,500 TCD 3,000 TCD 2,500 TPD Panchaganga

7,500 TCD 1,500 TCD Total power produced 120 KLPD

Working towards a sustainable future | 3

Segment Overview Segment Overview

COGEN ERAT IO N Segment Overview

4 | Annual Report and Accounts 2018-19

Listing and Market

1998- 2004- 2010- 2016-

Working towards a sustainable future | 5

Letter to the Shareholders

From the Executive

6 | Annual Report and Accounts 2018-19

Working towards a sustainable future | 7

Creating Sustainable Value

Our business capitals

MANUFAC TURED Consists of our facilities NATURAL Consists of all

8 | Annual Report and Accounts 2018-19

Developing • Diverse workforce, with multiple opportunities to

Contributing to the • Contributing to the socioeconomic development of the

Making a difference • Providing quality products, enhancing customer experience across

Working towards a sustainable future | 9

On a Steady Growth Path

REVENUES ( ` C RORE ) EBITDA ( ` CRORE )

2015 2016 2017 2018 2019 2018

EBITDA MARGIN ( % ) NET PROFIT/ ( LOSS ) ( ` CRORE )

9.29 2015 2016 2017 2018 2019

(295.09) (285.28) (123.89) (381.89)

81.29% 12.59% (8.89%)

44.91 43.20 5.23

SUGAR RECOVERY ( % ) ALCOHOL PRODUCED ( KILO LITRES )

11.65 1,23,211 1,21,129

BALANCE SHEET RATIOS ( FY19 )

Debt-equity ratio Inventory turnover Debt service coverage ratio

4.92% 109 DAYS 0.61%

Our Turnaround Story

12 | Annual Report and Accounts 2018-19

Working towards a sustainable future | 13

About the Brand

Sweet, Refined and

14 | Annual Report and Accounts 2018-19

Charting the Future of India’s

CURRENT ETHANOL CAPACITY POST EXPANSION CAPACITIES

210 KLPD 300 KLPD

300 KLPD 300 KLPD

120 KLPD 120 KLPD

300 KLPD 300 KLPD

Working towards a sustainable future | 15

16 | Annual Report and Accounts 2018-19

18 | Annual Report and Accounts 2018-19

Global Surplus Deficit