sayaji industries ltd share price Management discussions

Your directors have pleasure in presenting the management discussion and analysis report for the year ended on March 31, 2023.


Global Economy

Global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024. The forecast for 2023 is 0.2 percentage point higher than predicted in the October 2022 World Economic Outlook (WEO) but below the historical (2000-19) average of 3.8 percent. The rise in central bank rates to fight inflation and Russias war in Ukraine continue to weigh on economic activity. The rapid spread of COVID-19 in China dampened growth in 2022, but the recent reopening has paved the way for a faster-than-expected recovery. Global inflation is expected to fall from 8.8 percent in 2022 to 6.6 percent in 2023 and 4.3 percent in 2024, still above pre-pandemic (2017-19) levels of about 3.5 percent.

The balance of risks remains tilted to the downside, but adverse risks have moderated since the October 2022 WEO. On the upside, a stronger boost from pent-up demand in numerous economies or a faster fall in inflation are plausible. On the downside, severe health outcomes in China could hold back the recovery, Russias war in Ukraine could escalate, and tighter global financing costs could worsen debt distress. Financial markets could also suddenly reprice in response to adverse inflation news, while further geopolitical fragmentation could hamper economic progress.

Indian Economy

Indias growth continues to be resilient despite some signs of moderation in growth, says the World Bank in its latest India Development Update, the World Bank Indias biannual flagship publication.

The Update notes that although significant challenges remain in the global environment, India was one of the fastest growing economies in the world. The overall growth remains robust and is estimated to be 6.9 percent for the full year with real GDP growing 7.7 percent year-on-year during the first three quarters of fiscal year 2022/23. There were some signs of moderation in the second half of FY 22/23. Growth was underpinned by strong investment activity bolstered by the governments capex push and buoyant private consumption, particularly among higher income earners. Inflation remained high, averaging around 6.7 percent in FY22/23 but the current-account deficit narrowed in Q3 on the back of strong growth in service exports and easing global commodity prices.

The World Bank has revised its FY23/24 GDP forecast to 6.3 percent from 6.6 percent (December 2022). Growth is expected to be constrained by slower consumption growth and challenging external conditions. Rising borrowing costs and slower income growth will weigh on private consumption growth, and government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fiscal support measures.


Starch Industry - Global

The global corn starch market is projected to grow at a CAGR of 6.35% during the forecast period (2022-2027). The growing production of corn, increasing demand for organic and clean lable products and rising manufacturing of ethanol represent some of the key factors driving the global corn starch market.

The rising demand for organic and clean-label products represents one of the primary drivers of the corn starch market. The growing consumer preference toward organic corn starch products that are free from chemical modifications is offering a favorable market outlook. Consumers consider chemical products as undesirable and want to consume products with healthy ingredients. In addition, clean-label starches are either native starches or starch blends, which may or may not be heat or moisture controlled. Moreover, the rising utilization of corn starch in various processed and convenience food items is propelling the growth of the market.

The COVID-19 pandemic outbreak caused a severe problem for the corn starch industry and imposed unprecedented challenges on numerous countries. It created disruptions in manufacturing plants and key players were forced to halt or temporarily close their production facilities, which caused huge losses. The imposition of strict restrictions on-road movement hindered the supply of raw materials in the corn starch industry. In addition to this, there was an unavailability of laborers due to the fear of widespread coronavirus among individuals. In addition, the prices of raw materials for manufacturing corn starch also increased due to the pandemic. Moreover, raw material suppliers faced a demand and supply gap on account of the restrictions in the transportation sector. However, post-pandemic, the industry experienced growth due to the utilization of corn starch in various ready-to-eat (RTE) and convenience food products. Also, key players have reopened their manufacturing plants and rapidly started producing corn starch and derived products.

At present, the increasing utilization of corn starch in the paper industry to improve the bonding strength of paper and corrugated boxes represents one of the key factors contributing to the growth of the market. Apart from this, the growing demand for corn starch in the textile sector to soften the fabric and add weight to clothes is positively influencing the market. Additionally, the rising demand for natural, pure, and high-quality starches due to inflating income levels of individuals worldwide is propelling the growth of the market. In line with this, the escalating demand for various ready-to-eat (RTE) and processed food products due to the hectic working schedules and busy lifestyles of individuals across the globe is bolstering the growth of the market. Besides this, the rising utilization of corn starch in the pharmaceutical industry as an instant binder and disintegration agent in tablets, emulsions, and ointments, is impelling the growth of the market. In addition, the increasing adoption of corn starch-based foam for shipping temperature-sensitive products due to the compostable and thermal insulation properties is providing lucrative growth opportunities to industry investors. Moreover, there is a rise in preference toward clean-label products due to the increasing health consciousness among individuals worldwide. This, coupled with the escalating demand for organic products that are free from chemicals and do not impact overall health, is supporting the growth of the market. Apart from this, the growing popularity of corn starch in producing bioplastics on account of the increasing environmental concerns among the masses is offering a positive market outlook. Furthermore, the rising production of corn, as it is a staple food of people and a major component of livestock feed, along with the increasing utilization of corn starch in ethanol production, is strengthening the growth of the market.

Starch Industry - India

India corn starch market is estimated to grow at a CAGR of 3.9% during the forecast period 2019-2024. India Corn Starch market growth can be attributed to the easy availability of corn and its wide range of applications in various industries such as food and beverage, pharmaceutical, animal feed, textile industry, paper industry, and others. The Food and Beverage industry dominated the application segment of India Corn Starch Market. Post COVID-19 pandemic, there has been an improved demand for native starch and its derivatives and by-products. The rapid growth of population, as well as rapid industrialization, have propelled the growth of India corn starch market.

Growing use of corn starch in food and beverage applications is anticipated to drive development in the India corn starch industry. Key sustainability strategies such as partnerships or acquisitions are being adopted by the market players to ensure the growth of the India Corn Starch market.

Growth Drivers

Outlook for Maize: The largest corn exporter in the world are US and Brazil. The export from Ukraine remained affected due to war. Of late China is on a corn importing spree and is presently buying corn in large quantities from Brazil due to decreased domestic maize production. Lower supply combined with increased demand from countries like China, Canada and other Asian countries to which China earlier used to export are driving up the corn prices.

However, there are opportunities for Indian players as despite of increase in the corn prices, Indian exports are still cheaper compared to global prices, creating export opportunities for India which is indirectly benefiting all players in the value chain.

Increased demand for sweetener side : Demand has also increased from sweetener side. Sugarcane and corn can be used as alternatives for sweetener/ flavour in cold drinks, medicines and other food products etc. However, sugarcane production is being increasingly diverted for production of ethanol for fuels and this is opening up growth opportunities for corn in consumer industries.

High entry barriers for the new comers in the industry : Additionally there are high entry barriers in corn processing industry due to quality standards for end-use industries such as pharma and FMCG which means trust factor and track record of a supplier is of utmost important and for the new players, given the critical end-use, the approval process of these products takes a substantially long period and established players in the industry has advantage and this also acts as entry barrier for the new comers.

Government Support: The support of Government through fixing of MSP for maize continues. In addition to above, with increased price of maize after Russia - Ukraine war many growers may opt for the crop this year.


Sayaji Industries, the flagship company of the Sayaji Group is one of the leading manufacturers of maize starch and its derivatives. Established in 1941, the Company was initially set up as a corn wet milling unit with modest corn crushing capacity of one ton/ day in Ahmedabad, primarily to serve the citys textile units. Within a span of over seven decades, the Company has emerged as one of the largest corn refiners in India. With an annual capacity of 850 Metric Tonnes Per Day (MTPD), the Company runs one of the largest corn wet milling plants in India, making it among the foremost corn starch producers in the country. It is also proposed to gradually increase the maize grinding capacity in future with modernization of equipment which in turn is expected to improve the top and bottom lines of the company.

Supported by its state-of-the-art manufacturing facilities and cutting-edge R&D prowess, the Company delivers quality modified starches and other derivatives to a wide range of industries, including textiles, paper, pharmaceutical, food processing, consumer products, animal nutrition, among others. Globally, the Company has a market in more than 40 countries and is one of the largest exporters in Indias starch industry. Its commendable export work has been credited with the Export House Status by the government of India. Besides, the Company has a strong distribution network in India, with branches and agents to fulfil the requirements of its extensive customer base.

Product Portfolio

Products Covered Industries Served
Starch Paper, food products (soups, ketchup, jellies, custard powders, mayonnaises, salad dressing), gypsum board, pharmaceutical formulations
Liquid Glucose Used in food products like jams, jellies, chewing gums, canned fruits to prevent spoilage
Fabrilose Textile sizing - to provide elasticity to yarn, gypsum board
Dextrose Anhydrous Used in special food preparations and is the best sweetener for water sensitive systems such as chocolate. Also used in medical critical conditions like comas and operations
Dextrose Monohydrate Used in quality yeast for bakery, confectionary, dairy products, carbonated beverages, formulations with vitamins and minerals
Sorbitol For use in mints, cough syrups, tooth paste, cigarettes and baked food items to maintain freshness, softness and flexibility
By Products For use in food products, cattle feed and poultry farming



For the first time in the history of the company, the total income of the company increased to more than Rs 1000 Crores. The company expanded its grinding capacity to 850 Tons per day which resulted into increased grinding activity which in turn improved the topline of the company. The bottom line however remained subdued during the year under review due to worsening of geopolitical situation and increase in the price of maize. Though the company could pass on some portion of the increased cost to its customer, the bottom line of the company remained affected and, as a result of this, despite of increase in the total income of the company, there has not been corresponding increase the net profit of the company. The price of maize during the year under review remained high as compared to the previous year. Cost of some other inputs has also increased. The company could pass on only some portion of such increased cost to its customer. As a result of this the bottom-line of the company remained subdued as compared to previous year. The EBITDA of the company during the year under review remained lower at Rs 3351 lakhs as against Rs 5181 lakhs in the previous year. The gross profit of the company decreased to Rs 2317.69 lakhs as against Rs 4173.72 lakhs in the previous year. The profit before tax of the company reduced to Rs 912.85 lakhs as againstRs 2958.51 lakhs in the previous year and profit after tax declined to Rs 721.65 lakhs as against Rs 1884.39 lakhs in the previous year.


Maize Processing

Maize Processing segment is the main source of revenue and profitability of the company. The key numbers of the maize processing segments are as given below : ( in lakhs)




Variance (%)

Maize Grinding

287278 MTs

252124 MTs


Revenue from operations



Export Turnover








Profit Before Tax




Profit After Tax





There has been increase in the grinding capacity of the company due to small capital expenditure and process improvements in the plants. The bottom line remained affected due to very high maize and coal prices during the year under review as compared to last year which could not be passed on to the consumers fully.

Agri Seeds Segment




Variance (%)

Revenue from operations




Profit Before Tax




Profit After Tax





There has been increase in turnover. However there has been slight reduction in the bottom line of the company due to increased input costs.

Spray Dried Food Products Segment (W.e.f. 18/ 01/2022)

The revenue from operation of spray dried food products segment was 1403.76 Lakhs during the year under review as against Rs 155.38 in the previous year. The profit before interest and tax during the year under review was (244.12 Lakhs) against (65.17 Lakhs) in the previous year.

Key Financial Ratios based on standalone financial statement





Reason for variance (if 25% or more)
Debtors Turnover




Ratio has increased due to improved Ratio receivable management and higher top line.
Inventory Turnover Ratio




The company achieved significantly significantly higher revenue from operations with better inventory mana gement
Interest coverage Ratio




Increase in capital expenditure and expenditure and reduction in profitability due to increased raw materials and power and fuel costs coupled with increased utilization of working capital limits
Current Ratio




Debt Equity Ratio




Operating profit margin




Profitability has been adversely affected due to increase in raw materials and power and fuel costs
Net Profit margin




Profitability has been adversely affected due to increase in raw materials and power and fuel costs
Return on capital




The ratio is impacted due to less profitability employed on account of increase in raw materials and power and fuel costs.


RISKS AND THREATS Competition Risk

The corn starch industry has been witnessing increased capacity expansion by existing players and growing availability of substitute materials. Due to the abrupt increase in maize prices in the domestic market, the company is facing pricing pressure in the international Market (where the prices of maize have remained steady). This, in turn, may impact the export market share of the company.


Over the years, the company has cemented its reputation as a leading manufacturer and supplier of high-quality corn starch products at right prices to diverse industries. Further, its consistent focus on capacity expansion for production of high-margin products and cost optimization are likely to drive the overall profitability and sustain the market position.

Raw Material Risk

Maize, as an agricultural product, is highly vulnerable to the impacts of climate change. Extreme weather events such as droughts, floods, and heatwaves can disrupt corn production, leading to shortages in supply and increased production costs. Additionally, changing precipitation patterns and water stress can further exacerbate the challenges faced by the industry. The increased occurrence of pests and diseases associated with climate change also poses a threat to maize crops. Moreover, regulatory changes aimed at mitigating climate change effects can impact the production practices and costs within the industry. These climate-related factors may result in high production costs, under-utilization of capacities, and market volatility.

Furthermore, climate change influences the cost of power, a major input for starch manufacturing. Increased energy costs driven by renewable energy transitions or resource scarcity may further impact the margins and profitability of companies in the industry. To mitigate the impacts of climate change, implementing sustainable agricultural practices such as improving irrigation efficiency, developing drought-resistant maize varieties, and promoting integrated pest management becomes crucial.


The Company has established an effective maize procurement policy to ensure a continuous supply of quality corn while reducing the risks associated with climate-related production shortages. The strategic location of its storing facilities near manufacturing plants minimizes transportation emissions. The companys power generation turbine and biogas engine utilize methane gas from effluent treatment for low-cost energy production. Procuring power from the open market helps mitigate the impact of rising power costs and supports a transition to sustainable energy sources. These actions demonstrate the companys commitment to reducing its carbon footprint and promoting a sustainable future.

Environmental Risk

In addition to the risks associated with maize supply, the company also faces environmental risks such as increasing regulation and changing government policies related to sustainability and climate change. Indias Nationally Determined Contributions (NDCs) have set targets for reducing greenhouse gas emissions, increasing renewable energy use, and improving energy efficiency. Failure to comply with these regulations could result in fines, legal action, and damage to the companys reputation.


To mitigate these risks, Sayaji Industries Ltd. - Maize Products has implemented several initiatives aimed at reducing its environmental impact and promoting sustainability. The company has recently commissioned a new solar power plant that will generate clean energy and reduce its reliance on fossil fuels. Additionally, the company is utilizing waste heat to generate steam and and utilizes the organic waste generated to convert into Bio CNG to power its manufacturing operations, further reducing its emissions and fossil fuel related energy demand.


As a company based in Ahmedabad, Gujarat, Sayaji Industries Ltd. is exposed to various acute physical risks that could impact its operations, including extreme weather events such as floods, droughts, storms, fires, and heavy rains. These risks could affect the companys manufacturing facilities, inventory, and supply chain, leading to disruptions in production and delivery, as well as potential damage to property and equipment.


To mitigate these risks, the company has implemented various measures, including regular monitoring of weather patterns and climate-related risks, as well as disaster preparedness plans. In addition, the company has invested in infrastructure and technology to enhance its resilience to extreme weather events, such as building flood protection measures and implementing fire safety protocols beyond the legal requirements.


Sayaji Industries Ltd. also recognizes the potential impact of physical risks on its supply chain, particularly with regard to its reliance on agricultural products such as maize. The company works closely with its suppliers to encourages its suppliers to implement sustainable practices and where possible climate-resilient farming techniques to reduce the risk of crop failures and supply chain disruptions. Sayaji has further tied up with its major customers like Colgate and has initiated measures to reduce its footprint by supplying to the closest factories from supplying to several across the country.

Physical Risk Matrix and Scenario Analysis

To better understand the potential impact of physical risks on our operations, we have developed a Physical Risk Matrix, which assesses the likelihood and potential impact of various physical risks. Based on this assessment, we have identified several scenarios that could affect our operations and developed contingency plans to minimize potential disruptions. For example, in the event of a flood or heavy rainfall, we have established protocols for managing water infiltration and ensuring the safety of our employees and facilities and have emergency preparedness plans. Sayaji conducts mock drills periodically covering all possible scenarios and is well prepared to handle any such emergency


Sayaji Industries Ltd. recognizes the importance of addressing physical risks and is committed to implementing measures to enhance its resilience to extreme weather events and other acute physical risks. Through ongoing monitoring, contingency planning, and collaboration with suppliers, the company aims to minimize potential disruptions and ensure the continued delivery of high-quality products and services to its customers.



As a company operating in the corn wet milling industry in India, Sayaji Industries Ltd. - Maize Products is well aware of the importance of managing legal risks in our business operations. There are several legal risks that we face, including compliance with government regulations, intellectual property disputes, and contractual obligations. To mitigate these risks, we have put in place comprehensive compliance programs that ensure our operations meet all relevant regulatory requirements. We have also taken steps to protect our intellectual property, such as trademarks and patents, to safeguard our products and processes. Additionally, we maintain strong relationships with our customers and suppliers, ensuring that all contractual obligations are clearly defined and met.

Despite our best efforts, however, legal risks can be unpredictable and difficult to control. We recognize that any failure to comply with legal requirements or contractual obligations can have a significant impact on our business, reputation, and financial performance. Therefore, we remain vigilant in our approach to legal risks, continuously monitoring changes in laws and regulations, and working with legal experts to mitigate any potential legal issues that may arise.

By prioritizing legal compliance and proactively managing legal risks, we are confident in our ability to operate effectively and responsibly


As a leading player in the corn wet milling industry, Sayaji Industries Ltd. - Maize Products is well aware of the importance of keeping up with the latest technologies to stay competitive. We understand that the technological landscape is constantly evolving, and we recognize the risks associated with failing to adapt to changing trends.

To mitigate these risks, we have invested in state-of-the-art technologies that allow us to improve efficiency, reduce waste, and enhance the quality of our products. For example, we use advanced processing techniques to manufacture modified starches and other derivatives like liquid glucose, dextrose monohydrate, dextrose anhydrous, and sorbitol. We have also implemented innovative solutions to reduce our environmental footprint, such as utilizing renewable energy sources as well as energy from effluents in addition to implementing water conservation measures where we have achieved our target within a couple of years We understand that technology risks can have a significant impact on our business, and we are committed to staying up-to-date with the latest developments in the industry to ensure that we are well-positioned to meet the evolving needs of our customers. By investing in the right technology and continuously updating our processes, we are confident in our ability to remain a leader in the corn wet milling industry and deliver high-quality products to our customers.


As a manufacturer and supplier of maize products, Sayaji Industries Ltd. is exposed to various market risks that can impact its financial performance. One of the key market risks is the growing demand from industries for sustainable sourcing and production processes. As industries are increasingly focused on environmental sustainability and social responsibility, they are seeking suppliers who can demonstrate their commitment to these values.

Sayaji Industries Ltd. recognizes this market risk and has implemented several measures to mitigate it. The company has adopted sustainable practices in its sourcing and production processes , reducing its environmental footprint and demonstrating social responsibility. The company besides evaluating suppliers on parameters like price and quality, also does an evaluation on sustainability and environment related parameters. Sayaji has also taken several initiatives within its production processes, like use of renewable power, energy from waste water and waste energy. In addition, the company has invested in advanced technology and innovative processes to reduce waste, conserve natural resources, and minimize its carbon footprint.

Overall, we believe that our commitment to sustainability is not only a responsible business practice but also a strategic advantage in todays market. We remain committed to continuously improving our sustainable practices, promoting social responsibility, and mitigating market risks associated with sustainability. By adopting sustainable practices, Sayaji Industries Ltd. is well-positioned to meet the growing demand for environmentally responsible and socially conscious suppliers. The companys commitment to sustainability and social responsibility not only mitigates market risk but also strengthens its reputation and brand value, building trust and credibility with customers and stakeholders.


As a supplier of renowned organizations, Sayaji Industries Ltd. - Maize Products recognizes the importance of maintaining a positive reputation in the industry. We understand that our customers and stakeholders expect us to be responsible and sustainable in our operations, and we strive to meet those expectations. To this end, we have taken significant steps to reduce our environmental footprint, such as reducing water consumption and achieving our 10-year target in just a couple of years. We have also implemented many energy efficiency measures and made changes throughout our organization to prioritize sustainability. We recognize that climate change is an increasingly pressing issue, and we stay informed of developments in this landscape to ensure that we are doing our part. We evaluate stakeholder responses and perspectives on our climate change strategy to understand their potential reputational impacts on our company. We understand that negative publicity from stakeholders about our products, supply chain, ingredients, packaging, or employees, whether or not deserved, could adversely affect our reputation. As such, we are committed to managing any potential reputational risks and to maintaining our sustainability practices to ensure a positive impact on the environment and society.

In all of our operations, we strive to meet the highest standards of social and environmental responsibility, and we are committed to maintaining our position as a trusted supplier of high-quality maize products.


As part of Sayaji Industries Maize Products commitment to monitor and comply with regulations, we continuously assess emerging regulations that may affect our operations. One such emerging regulation that we are monitoring closely is the development of a National Emissions Trading Scheme (ETS) in India. The Indian government has set ambitious targets to reduce greenhouse gas emissions as part of its Nationally Determined Contribution (NDC) under the Paris Agreement. The upcoming National ETS, which is currently under development, is expected to play a significant role in achieving these targets. As a company operating in the corn wet milling industry in India, we recognize that the implementation of this regulation may impact our operating costs over time. Our commitment to comply with all applicable laws and regulations remains steadfast. Non-compliance with applicable laws and regulations could result in civil remedies, fines, damages, injunctions, product recalls, or criminal sanctions, any of which could adversely affect our business, results of operations, cash flows, and financial condition. Therefore, emerging regulation risks related to climate change are always included in our climate-related risk assessments. We continue to stay informed about new regulations and work to mitigate any risks that may arise.


There has been a substantial increase in the price of maize due to geopolitical tensions which continued throughout the year under review. However, the threat of new covid-19 waves has reduced substantially due to large scale vaccination drive by the Government of India and the activities has returned to pre pandemic levels. Your company is also hopeful that the geopolitical situation due to Russia Ukraine war turns for better in the times to come. This coupuled with normal rains forcast during the current financial year may ease the prices of maize and other inputs in the times to come. The company is also striving to pass on the increased input costs to its customers to the extent possible to ensure that its bottom line is not much adversely affected. The company is also planning to increase its grinding capacity with modernization of its equipment to meet the expected increased demand for its products.

Demand for corn starch products is set to grow with rising incomes, favourable demographics and swift industrial growth. The company offers quality products to consumers worldwide by combining customer insights with scientific and technical excellence. To remain competitive, the Company has invested in modernizing its plant and machinery and reducing the bottlenecks in the production process. The company has aggressively focused on strengthening its cost competitiveness and raising production of higher-margin value-added products to enhance profitability. The company is hopeful that normal monsoon in the maize growing areas like Karnataka, Maharashtra, Telangana, MP, etc. in this monsoon season coupled with culmination of the aforesaid factors will offer sustainable growth opportunities to the company.


The company has an adequate internal control framework commensurate with the size, nature and complexity of its business operations. The internal control systems are formulated as part of the principles of good governance and ensure proper recording and reporting of transactions, safeguarding of assets and protection against losses from any unauthorized use or disposition and misappropriation of funds.

The internal auditors ensures, checks and reviews the internal controls and proactively recommends measures for strengthening them. The internal controls are supplemented by documented policies and procedures, which provide reasonable assurance about the reliability of financial and operational information, fraud control, compliance with applicable statutes and internal policies. The Audit Committee of the Board periodically reviews the internal audit reports to ensure the effectiveness of the internal controls. The management as well as the statutory auditors of the Company review the internal audit findings and undertake relevant action.


Sayaji Industries Ltd. - Maize Products believes in top-down approach when it comes to sustainability and environmental responsibility. The Managing Director and Board of Directors are responsible for setting the tone and providing direction to ensure the companys commitment to sustainability is reflected in its policies and practices. Mr. Shah, the Company Secretary reports directly to the Managing Director and is responsible for ensuring compliance with all regulations including environmental regulations and implementing sustainability initiatives and monitoring the environmental impact of the companys operations. In addition, the company has an independent Environmental Manager, who is exclusively responsible for managing the function and reports to the Directors..

The company has also established an Internal Environmental Health and Safety (EHS) Committee, comprising of senior management representatives, along with worker initiatives which oversees the implementation of the companys sustainability, environmental as well as energy policies and procedures. In addition, the company has an Energy Management Committee, which is responsible for monitoring the companys energy usage and identifying areas for improvement. The committee is headed by the Electrical and Mechanical Heads of the plants in addition to representatives from various departments. Human resource function by creating adequate roles plays critical role in the company meeting its compliance regulations in addition to the emerging risks At Sayaji Industries Ltd. - Maize Products, sustainability and environmental responsibility are integral to the companys business operations and are deeply ingrained in its organizational structure. The company recognizes that it has a responsibility towards the environment and is committed to implementing best practices to minimize its environmental impact.

Form AOC-I

Salient features of the financial statement of Subsidiaries / Joint Ventures Pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5 of The Companies (Accounts) Rules, 2014 Part "A": Subsidiaries

( in lakhs)

Sr. No. Particulars Sayaji Seeds LLP 2022-23 Sayaji Seeds LLP 2021-22
1 Share Capital/ Partners capital account



2 Other equity/Partners current account



3 Total Assets



4 Total Liabilities



5 Investments



6 Turnover/Total Income



7 Profit/(Loss) Before Tax



8 Provision for Tax (Including Deferred Tax)



9 Profit/(Loss) After Tax



10 Other comprehensive income/(loss)



11 Total comprehensive Income/(loss)



12 Proposed Dividend



13 % of Shareholding




Part "B": Associates and Joint Ventures

Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Joint Venture

Sr. No. Particulars Alland & Sayaji LLP
1 Latest Audited Balance Sheet Date



2 Shares in Associate/ Joint Venture held by the Company on the year end
No. Capital contribution of INR 350.00 Lakhs Capital contribution of INR 350.00 Lakhs
Amount of Investment in Associate/ Joint Venture INR 350.00 Lakhs INR 350.00 Lakhs
Extent of holding in percentage Refer note no. 6 of financial statements Refer note no. 6 of financial statements
3 Description of how there is significant influence There is join control because of the capital contribution of firm There is join control because of the capital contribution of firm
4 Reason why the associate/ joint venture is not consolidated Not applicable as we have done the consolidated Not applicable as we have done the consolidated
5 Net worth attributable to shareholding as per latest audited balance sheet INR 1108.63 Lakhs INR 613.01 Lakhs
6 Profit/ (Loss) for the year:
I Considered in consolidation INR 422.38 Lakhs INR 83.66 Lakhs
II Not considered in consolidation INR 442.50 Lakhs INR 153.36 Lakhs


There are no associates or joint ventures which are yet to commence operations. There are no associates or joint ventures which are liquidated or sold during the year.

Place : Ahmedabad

Dated: May 24, 2023