Dhampur Bio Organics Ltd Directors Report

To,

The Members of

Dhampur Bio Organics Limited

Your Directors are pleased to present the 5th Annual Report on the business and operations of the Company together with the Audited Financial Statements for the financial year ended March 31, 2025.

FINANCIAL RESULTS

(H in Crore)

Particulars	Consolidated		Standalone
	For the year ended March 31, 2025	For the year ended March 31, 2024	For the year ended March 31, 2025	For the year ended March 31, 2024
Revenue from operations	2692.98	2,394.42	2714.40	2361.16
Profit before finance costs, tax, depreciation and amortization, exceptional items and other comprehensive income	138.46	160.30	143.64	161.60
Less: Finance costs	67.10	45.33	66.99	45.27
Less: Depreciation and Amortization expense	53.89	49.48	53.85	49.46
Less: Exceptional items	1.76	-	4.96	-
Profit before Tax after exceptional items	15.71	65.49	17.84	66.87
Provision for Tax	1.02	19.00	5.75	18.05
Net Profit for the year	14.69	46.49	12.09	48.82
Other comprehensive income (net of tax)	2.03	(0.93)	1.31	(0.91)
Total comprehensive income for the year	16.72	45.56	13.40	47.91

OPERATIONAL PERFORMANCE

The key operational data of the Company is as under:

Sugar operations at a glance

Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024
Cane crushed (in lakh ton)	34.98*	41.44*
Net Recovery (%)	9.80	10.32
Sugar Produced from Cane (in lakh ton)	3.10	4.23

*Includes 3.37 lakh tons (0.31 lakh tons in FY 2023-24) of cane diverted towards syrup derived ethanol in FY 2024-25.

Renewable Energy operations at a glance

Particulars	For the Year ended March 31, 2025	For the Year ended March 31, 2024
Power generated (in Cr. units)	23.33	30.25
Power sold to UPPCL (in Cr. units)	7.10	9.68

Bio Fuels and Spirits operations at a glance

Particulars	For the Year ended March 31, 2025	For the Year ended March 31, 2024
Ethanol produced (in lakh bulk litres)	609.8	931.4

Country liquor

Particulars	For the Year ended March 31, 2025	For the Year ended March 31, 2024
Sales (No. of cases)	37,64,355	25,04,325

COMPANYS PERFORMANCE DURING FY 2024-25

Companys Performance during financial year 2024-25 has been explained in Management Discussion and Analysis Report which forms an integral part of this Annual Report.

RECLASSIFICATION OF PROMOTERS

Pursuant to the Order dated April 27, 2022, issued by the Honble National Company Law Tribunal ("NCLT"), Allahabad Bench, approving the Scheme of Arrangement between Dhampur Sugar Mills Limited and Dhampur Bio Organics Limited and their respective shareholders and creditors ("Scheme"), and in accordance with the relevant clause of the Scheme, the application for reclassification of promoters was filed on June 09, 2023. The said application was subsequently approved by both BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") on July 09, 2024. Further, the Company has received requests from certain promoters i.e. Mrs. Ritu Sanghi, Mrs. Aparna Jalan and Mrs. Shefali Poddar for reclassification of their status from "Promoter Category to Public Category". In view of the same, The Company filed the application with both the Stock Exchanges i.e. BSE and NSE on November 29, 2024 and the same is pending for approval.

CONSOLIDATED FINANCIAL STATEMENTS AND SUBSIDIARY/ ASSOCIATE & JOINT VENTURE COMPANIES

Sonitron Bio Organics Private Limited ("SBOPL") is a Company incorporated under the Companies Act, 2013 on November 08, 2023, which was later acquired by the Dhampur Bio Organics Limited on November 27, 2024. Consequent upon such acquisition, SBOPL became the wholly owned subsidiary of the Company. Accordingly, during the financial year under review, the Company has two wholly owned subsidiaries namely SBOPL and Dhampur International Pte Ltd. ("DIPL").

DIPL has total revenue of H 17.68 Crores for the year ended March 31, 2025 as compared to last years revenue of H 63.92 Crores, whereas

SBOPL has total revenue of H57.49 Crores for the year ended March 31, 2025 as compared to last years revenue of H0.01 Crore .

Pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules 2014, a report on the performance and financial position of the Subsidiary Companies i.e. Dhampur International Pte. Ltd. and Sonitron Bio Organics Private Limited, as per Companies Act, 2013 is given in the Form AOC 1 as Annexure 1 which forms an integral part of this Report.

Audited Financial Statements of the subsidiary companies for financial year 2024-25 have been placed on the website of the Company at https://www.dhampur.com/subsidiary and are available for inspection at the Companys registered office.

CHANGE IN THE NATURE OF BUSINESS

During the financial year under review, there was no change in the nature of business of the Company.

DIVIDEND

Your Directors are pleased to recommend a final dividend of H1.25 per equity share of H10 each for the financial year 2024-25, which if approved at the forthcoming Annual General Meeting, will be paid to all those Equity Shareholders of the Company whose names appear in the Register of Members and whose names appear as beneficial owners as per the beneficiary list furnished for the purpose by National Securities Depository Limited ("NSDL") and Central Depository Services (India) Limited ("CDSL") as on record date fixed for this purpose. The Dividend Distribution Policy as approved by the Board is uploaded on the Companys website under the head ‘Policies at https://www.dhampur.com/investor/other-disclosures.

RESERVES

The Company has earned Net Profit after tax of H12.09 Crores for the year ended March 31, 2025 which has been accumulated in Retained Earnings. During the year under review, the Company has transferred H0.15 Crores to Molasses Reserve Fund.

SHARE CAPITAL

The share capital of the Company, as on March 31, 2025, is as under:

Authorised Share Capital	Amount (in H)
9,16,00,000 Equity Shares of H10 each	91,60,00,000
Total	91,60,00,000
Issued, Subscribed and Paid-up	Amount (in H)
Share capital
6,63,87,590 Equity shares of H10 each	66,38,75,900
Total	66,38,75,900

During the financial year under review, the Company has neither issued shares with differential voting rights as to dividend, voting or otherwise nor issued shares (including sweat equity shares) to the employees or Directors of the Company under any scheme. Also, the Company has not issued any convertible instrument during the year.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the financial year under review, there was no change in the composition of the Board of Directors of the Company.

Presently, the Companys Board comprises of 9 (nine) Directors. Besides Chairman and Managing Director & CEO who are Executive Promoter Directors, the Board has 1 (one) Whole Time Director, 1 (one) Non-Executive Promoter Director and 5 (five) Non- Executive Independent Directors including 1 (one) Non-Executive Independent Woman Director.

Directors Retiring by Rotation

In order to comply with the provisions of Companies Act, 2013 and Articles of the Company, Mr. Vijay Kumar Goel, Chairman and Executive Director (DIN: 00075317) will retire by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

Brief profile of the Director seeking re-appointment have been given as an annexure to the Notice of the ensuing Annual General Meeting.

Re-appointment of Directors

Mr. Vijay Kumar Goel, Chairman and Executive Director (DIN: 00075317) of the Company, will be completing his present term on May 04, 2025. The Board at its meeting held on May 02, 2025, based on the recommendation of Nomination and Remuneration Committee and subject to the approval of shareholders, has proposed re-appointment of Mr. Vijay Kumar Goel as Chairman and Executive Director of the Company for a further term of 3 (three) years w.e.f. May 05, 2025.

Mr. Gautam Goel, the Managing Director & Chief Executive Officer (DIN: 00076326) of the Company, will be completing his present term on May 04, 2025. The Board at its meeting held on May 02, 2025, based on the recommendation of Nomination and Remuneration Committee and subject to the approval of shareholders, has proposed re-appointment of Mr. Gautam Goel as Managing Director and Chief Executive Officer of the Company for a further term of 3 (three) years w.e.f. May 05, 2025.

Mr. Sandeep Kumar, Whole Time Director (DIN: 06906510) of the Company, will be completing his present term on May 04, 2025. The Board at its meeting held on May 02, 2025, based on the recommendation of Nomination and Remuneration Committee and subject to the approval of shareholders, has proposed reappointment of Mr. Sandeep Kumar as Whole Time Director of the Company for a further period of 1 (one) year w.e.f. May 05, 2025. Brief profiles of the Director(s) seeking re-appointment have been given as an annexure to the Notice of the ensuing Annual General Meeting.

Further, pursuant to the provisions of Sections 149, 150, 152, and other applicable provisions of the Companies Act, 2013 read with relevant rules and applicable provisions of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (herein after referred to as "Listing Regulations"), the Board at its meeting held on February 04, 2025, based on recommendation of Nomination and Remuneration Committee and subject to the approval of the shareholders, has re-appointed all the five (5) Independent Directors i.e. Mr. Ashwani Kumar Gupta (DIN: 00108678), Mrs. Ruchika Amrish Mehra Kothari (DIN: 09151323), Mr. Samir Thukral (DIN: 00203124), Mr. Vishal Saluja (DIN: 07145715) and Mr. Kishor Shah (DIN: 00193288) as Independent Directors w.e.f. April 18, 2025 to hold office for a term of five consecutive years i.e. upto April 17, 2030. The Company has sought approval of shareholders for re-appointment of Independent Directors through postal ballot for which voting will end on May 04, 2025.

Declaration by Independent Directors

The Independent Directors of your Company have confirmed that they meet the criteria of Independence as prescribed under Section 149 of the Companies Act, 2013 and Regulation 16 of the Listing Regulations, and they are not aware of any circumstance or situation, which could impair or impact their ability to discharge duties with an objective independent judgement and without any external influence.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The Company has formulated Nomination and Remuneration Policy in accordance with Section 178 of the Act and Regulation 19 read with Schedule II of the Listing Regulations. Details of the said policy have been disclosed in the Corporate Governance Report attached to this Report. The said policy is also available on the website of the Company under the head ‘Policies at https://www.dhampur.com/investor/ other-disclosures.

ANNUAL PERFORMANCE EVALUATION OF BOARD, ITS COMMITTEESS AND DIRECTORS

Details pertaining to the way evaluation of the Board, its committees and individual Directors has been carried out, are mentioned in the Corporate Governance Report which forms part of this Annual Report.

FAMILIARISATION PROGRAM FOR INDEPENDENT DIRECTORS

All Independent Directors are familiarised with the operations and functioning of the Company at the time of their appointment and on an ongoing basis. The details of familiarisation program are provided in the Corporate Governance Report and is also available on the website of the Company under the head ‘Policies at https:// www.dhampur.com/investor/other-disclosures.

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 134(5) of the Companies Act, 2013 your Directors state that: a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any; b) the Directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and Profit and Loss (including other comprehensive income) of the Company for that period; c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) the annual accounts have been prepared on a going concern basis; e) the Directors had laid down Internal Financial controls to be followed by the Company and that such Internal Financial Controls are adequate and operating effectively; and f ) the Directors, had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

DEPOSITS

During the financial year under review, the Company did not invite or accept any deposits from the public falling under the ambit of Section 73 and 76 of the Companies Act, 2013 and rules framed thereunder.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the relevant notes to Financial Statements forming part of this Annual Report.

MATERIAL CHANGES DURING THE YEAR

There have been no material changes affecting the financial position of the Company which have occurred between the end of the financial year of the Company and the date of the Report. However, the Board of Directors in its meeting held on April 02, 2025 approved and recommended to change the name of the Company, for the approval of shareholders, subject to the approval of Ministry of Corporate Affairs and other requisite authority(ies). The Company has sought approval of shareholders for change of name of the Company through postal ballot for which voting will end on May 04, 2025.

EMPLOYEE STOCK OPTION SCHEME

The Board of Directors in its meeting held on April 02, 2025 approved the Employee Stock Option Scheme ("ESOS 2025"), subject to the approval of shareholders. The Company has sought approval of shareholders for ESOS 2025 through postal ballot for which voting will end on May 04, 2025.

RELATED PARTY TRANSACTIONS

There are no materially significant related party transactions made by the Company with Promoters, Directors or Key Managerial Personnel etc. which may have potential conflict with the interest of the Company at large.

The Policy on Related Party Transactions as approved by the Board of Directors is uploaded on the Companys website under the head ‘Policies at https://www.dhampur.com/investor/other-disclosures. Disclosure of Related Party Transactions is set out in Note No. 47 of the Standalone Financial Statements.

All transactions entered with Related Parties for the financial year under review were on arms length basis and in the ordinary course of business and the provisions of Section 188 of the Companies Act, 2013 and Rules made there under are not attracted. Thus, disclosure in Form AOC-2 in terms of Section 134 of Companies Act, 2013 is not required.

CREDIT RATING

Details of Credit Ratings assigned to the Company are mentioned in the Corporate Governance report, which forms part of this Annual Report.

AUDITORS

Statutory Auditors and their Audit Report

M/s. Mittal Gupta & Co., Chartered Accountants, (ICAI Firm Registration number 001874C) was appointed as Statutory Auditors of the Company at the 1st Annual General Meeting and shall continue to be Statutory Auditors of the Company till the conclusion of 6th Annual General Meeting to be held for the FY 2025-26.

The report given by the Auditors on the Standalone and Consolidated Annual Financial Statements of the Company for the year ended March 31, 2025 forms part of this Annual Report. The Auditors comments on the Companys account are self-explanatory in nature and do not require any explanation. Further, there is no qualification, reservation, adverse remark or disclaimer given by the Auditors in their reports. The Auditors of the Company have not reported any fraud in terms of the second proviso to Section 143(12) of the Companies Act, 2013 and therefore no detail is required to be disclosed under Section 134 (3)(ca) of the Companies Act, 2013.

Cost Accounts and Cost Auditors

As per the requirement of Central Government and pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, the Board of Directors has on the recommendation of Audit Committee appointed Mr. S.R. Kapur, Cost Accountant as Cost Auditors to audit the Cost Accounts of the Company for the year ended March 31, 2026. As required under the Companies Act, 2013 the remuneration payable to Cost Auditors is required to be placed before the members in ensuing Annual General Meeting for their ratification. Accordingly, a resolution seeking members ratification for the remuneration payable to Mr. S.R. Kapur, Cost Auditors of the Company is included in the Notice convening the ensuing Annual General Meeting of the Company.

Secretarial Auditors and Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and rules made there under, the Company had appointed M/s. GSK & Associates, Company Secretaries to undertake the Secretarial Audit of the Company for the year ended March 31, 2025. The Secretarial Audit Report for the financial year 2024-25 is annexed as Annexure – 2 and forms an integral part of this report.

Annual Secretarial Compliance Report as required under Regulation 24A of Listing Regulations, as amended is also annexed as Annexure – 2A and forms an integral part of this report.

The comments of Secretarial Auditor are self-explanatory in nature and do not require any explanation. Further, there is no qualification, reservation, adverse remark or disclaimer given by the Secretarial Auditors in their report(s).

Appointment of the Secretarial Auditor

Pursuant to Regulation 24A of SEBI (LODR) (Third Amendment) Regulations, 2024, with effect from April 01, 2025, your Company is required to appoint, re-appoint or continue with the appointment of the Secretarial Auditor, who is a "Peer Reviewed Company Secretary". The appointment will be subject to the approval of the shareholders in its ensuing Annual General Meeting of the Company.

In accordance with the above Regulation, the Board of Directors of the Company has proposed to appoint GSK and Associates, Practicing Company Secretaries (FRN: P2014UP036000), as the Secretarial Auditor of the Company, for performing audit of the Companys secretarial records for a term of five consecutive years, beginning from financial year April 01, 2025. The practicing Company Secretary holds a valid certificate of peer review issued by the Institute of Company Secretaries of India and that he has not incurred any of the disqualifications as specified under the Companies Act, 2013 and by the SEBI.

The Company has received a written confirmation from GSK and Associates, Practicing Company Secretaries, to the effect that their appointment as the Secretarial Auditors of the Company, if made, will be as per the requirements laid down under the Companies Act, 2013 and Listing Regulations. In this regard, a Resolution for appointment is carried in the Notice of the Annual General Meeting, which is recommended by the Board for approval.

REPORTING OF FRAUDS BY AUDITORS

During the financial year under review, the statutory auditor and the secretarial auditor has not reported any instance of fraud committed in the Company by its officers or employees.

INTERNAL FINANCIAL CONTROL

The Company has adequate Internal Control system with reference to the financial statements and commensurate with the size and scale of its operations. The Internal Auditors evaluate the efficacy and adequacy of internal control system, accounting procedures and policies adopted by the Company for efficient conduct of its business, prevention and detection of frauds and errors. Based on the report of internal audit, corrective actions are undertaken by the Company, which are reviewed periodically.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report on the operations of the Company, is provided in a separate section and forms an integral part of this Annual Report.

CORPORATE GOVERNANCE

In accordance with Listing Regulations, a separate report on Corporate Governance is given along with the Secretarial Auditors Certificate on its compliance in the Annual Report. The Certificate does not contain any qualification, reservation or adverse remark.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

As per Regulation 34 of Listing Regulations, Business Responsibility and Sustainability Report for financial year 2024-25 is annexed as Annexure 3 to this Report.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Company complies with all the applicable mandatory Secretarial Standards issued by the Institute of Company Secretaries of India.

NUMBER OF BOARD MEETINGS HELD DURING THE YEAR

The Board of Directors met 4 (four) times during the financial year 2024-25 on April 24, 2024; July 25, 2024; November 04, 2024 and February 04, 2025 respectively. Time gap between any of the two consecutive meetings does not exceed 120 days.

COMMITTEES OF THE BOARD

The Board of Directors have following Committees:

Mandatory Committees

Audit Committee.

Nomination and Remuneration Committee.

Stakeholders Relationship Committee.

Corporate Social Responsibility Committee.

Risk Management Committee

Non-Mandatory Committees

Management Committee

Details of the Committees are provided in the Corporate Governance Report.

CORPORATE SOCIAL RESPONSIBILITY (CSR

During the financial year 2024-25, the Company has spent H61.15 lakhs towards CSR expenditure. The initiatives undertaken by the Company were focused on education, sports and healthcare. The Corporate Social Responsibility Policy as approved by the Board is uploaded on the Companys website under the head ‘Policies at https://www.dhampur.com/investor/other-disclosures.

The Companys CSR Policy statement and annual report on CSR activities undertaken by the Company during the financial year as per provisions of Section 135 of the Companies Act, 2013 read with the Companies (The Corporate Social Responsibility Policy) Rules, 2014 ("CSR Rules") is set out in Annexure – 4 to this Report.

DETAILS OF UNPAID AND UNCLAIMED DIVIDEND AND INVESTOR EDUCATION AND PROTECTION FUND

In terms of the provisions of section 124(6) of Companies Act, 2013 read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, during the financial year under review, the Company transferred the amount of final dividend declared for financial year 2023-24 amounting to H5,35,235 to the Investor Education and Protection Fund pertaining to shares lying in IEPF Account.

RISK MANAGEMENT

Risk is an integral part of business and therefore, the Company has formed a Risk Management Policy laying the framework to identify and mitigate the risks, whether internal or external, which could materially impact operations of the Company. The Risk Management Committee constituted by the Board of Directors of the Company monitors and assess risks management process. There are no risks which, in the opinion of the Board, threaten the very existence of your Company.

The Risk Management Policy as approved by the Board is uploaded on the Companys website under the head ‘Policies at www. dhampur.com/other-disclosures/policies

VIGIL MECHANISM/ WHISTLE BLOWER POLICY

This policy provides a secure avenue to directors, employees, business associates and other stakeholders of the Company for raising their concerns against the unethical practices.

Further, the Policy also provides adequate safeguards to the whistle blower by keeping his identity confidential and prevent victimization of persons who may use such mechanism.

The Vigil Mechanism/Whistle Blower Policy as approved by the Board is uploaded on the Companys website under the head ‘Policies at https://www.dhampur.com/investor/other-disclosures

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

The following is a summary of sexual harassment complaints received and disposed during the financial year 2024-25.

No. of complaints received during the financial year	0
No. of complaints disposed during the financial year	0
No. of complaints pending at the end of financial year	0

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Details of conservation of energy, technology absorption, foreign exchange earnings and outgo pursuant to Section 134 (3)(m) of the Companies Act, 2013 read with the Rule 8(3) of the Companies (Accounts) Rules, 2014 is annexed as Annexure – 5 and forms an integral part of this report.

ANNUAL RETURN

According to the provisions of Section 92(3) of the Companies Act, 2013 read with Companies (Management and Administration) Rules, 2014, the draft Annual Return of the Company in Form MGT-7 has been placed on the Companys website under the head ‘Shareholders Meeting at https://www.dhampur.com/investor/ financials

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE

There was no such order passed by the regulators or courts or tribunals impacting the going concern status and Companys operations in future.

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016)

No application or any proceeding has been filed against the Company under the Insolvency and Bankruptcy Code, 2016 during the financial year under review.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

The Company takes pride in the commitment, competence and dedication of its employees in all areas of the business. The Company has structured induction process at all locations and management development programmes to update skills of managers. Industrial relations remained cordial and harmonious during the year.

STATUTORY INFORMATION

The Disclosure required under Section 197(12) of the Companies Act, 2013 read with the Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed as Annexure – 6 and forms an integral part of this Report. A statement furnishing the names of Top Ten employees in terms of remuneration drawn and persons employed throughout the year, who were in receipt of remuneration in terms of Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed as Annexure – 6A and forms an integral part of this Report. The said annexure is not being sent along with this Annual Report to the Members of the Company in line with the provisions of Section 136 of the Companies Act, 2013. Members who are interested in obtaining these particulars may write to the Company Secretary and the same will be furnished on request.

DIFFERENCEBETWEENAMOUNTOFTHEVALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS

The requirement to disclose the details of difference between amount of the valuation done at the time of onetime settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof is not applicable.

ACKNOWLEDGEMENTS

Your Directors would like to acknowledge and place on record their sincere appreciation to the shareholders for their confidence in the management of the Company and gratitude to the Government of India, State Governments and Companys Bankers for the assistance, co-operation and encouragement they extended to the Company. Your Directors also wish to place on record their sincere thanks and appreciation for the continuing support of investors, vendors, dealers, business associates, the cane growers for their efforts in ensuring timely cane supply. Your Directors recognize and appreciate the efforts and hard work of all the employees of the Company and their continued contribution to promote its development.

	For and on behalf of the Board of Directors
	Vijay Kumar Goel
Place : New Delhi	Chairman
Date : May 02, 2025	DIN : 00075317