Shree Renuka Sugars Limited Corporate Office: 7 th Floor • Devchand House • Shiv Sagar Estate • Dr. Annie Besant Road • Worli Mumbai 400 018 • Maharashtra • India P +91 22 2497 7744/4001 1400 F +91 22 2497 7747 E [email protected]Registered Office: 2nd / 3rd Floor, Kanakshree Arcade, CTS No. 10634, JNMC Road, Nehru Nagar, Po: Belagavi- 590 010 • Karnataka • India P +91 831 2404000 F +91 831 2404961 W www.renukasugars.com • Corporate Identification No.: L01542KA1995PLC019046 7 th July 2020 Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra (East), Mumbai – 400 051 NSE Symbol: RENUKA Dept. of Corporate Service BSE Limited P. J. Towers, Dalal Street Mumbai – 400 001 BSE Scrip Code: 532670 Dear Sir/Madam, Sub: Outcome of Board meeting We wish to inform you that the meeting of the Board of Directors of the Company was held today i.e. 7 th July 2020, which commenced at 2:15 pm and concluded at 7.30 pm. The major outcome of the meeting is as follows: 1. Audited Financial Results Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby enclose the following documents: a. Audited Financial Results (Standalone and Consolidated) for the financial year ended 31 st March 2020; b. Auditors' Report on Financial Results (Standalone and Consolidated) for the financial year ended 31 st March 2020; and c. Declaration with respect to Audit report with unmodified opinion on the Audited Financial Results (Standalone and Consolidated) for the financial year ended 31 st March 2020. The abovementioned results are also being uploaded onto the website of the Company (www.renukasugars.com) and published in the respective Newspapers. 2. Re-appointment of Dr. Bharat Kumar Mehta (DIN: 00895163) as an Independent Director The term of Dr. Bharat Kumar Mehta (DIN: 00895163) as an Independent Director of the Company will expire on 12 th November 2020 and hence, on the recommendation of Nomination & Remuneration/Compensation Committee, the Board of Directors has re‐appointed Dr. Mehta as an Independent Director for a second consecutive tenure of 5 years. The said appointment is subject to the approval of the shareholders at the ensuing Annual General Meeting. Further, the Company specifically affirms that Dr. Mehta is not debarred from holding
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Shree Renuka Sugars Limited Corporate Office: 7th Floor • Devchand House • Shiv Sagar Estate • Dr. Annie Besant Road • Worli Mumbai 400 018 • Maharashtra • India
W www.renukasugars.com • Corporate Identification No.: L01542KA1995PLC019046
7th July 2020 Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra (East), Mumbai – 400 051 NSE Symbol: RENUKA
Dept. of Corporate Service BSE Limited P. J. Towers, Dalal Street Mumbai – 400 001 BSE Scrip Code: 532670
Dear Sir/Madam, Sub: Outcome of Board meeting We wish to inform you that the meeting of the Board of Directors of the Company was held today i.e. 7th July 2020, which commenced at 2:15 pm and concluded at 7.30 pm. The major outcome of the meeting is as follows:
1. Audited Financial Results
Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby enclose the following documents:
a. Audited Financial Results (Standalone and Consolidated) for the financial year ended 31st March 2020;
b. Auditors' Report on Financial Results (Standalone and Consolidated) for the financial year ended 31st March 2020; and
c. Declaration with respect to Audit report with unmodified opinion on the Audited Financial Results (Standalone and Consolidated) for the financial year ended 31st March 2020.
The abovementioned results are also being uploaded onto the website of the Company (www.renukasugars.com) and published in the respective Newspapers.
2. Re-appointment of Dr. Bharat Kumar Mehta (DIN: 00895163) as an Independent Director
The term of Dr. Bharat Kumar Mehta (DIN: 00895163) as an Independent Director of the Company will expire on 12th November 2020 and hence, on the recommendation of Nomination & Remuneration/Compensation Committee, the Board of Directors has re‐appointed Dr. Mehta as an Independent Director for a second consecutive tenure of 5 years. The said appointment is subject to the approval of the shareholders at the ensuing Annual General Meeting. Further, the Company specifically affirms that Dr. Mehta is not debarred from holding
Shree Renuka Sugars Limited Corporate Office: 7th Floor • Devchand House • Shiv Sagar Estate • Dr. Annie Besant Road • Worli Mumbai 400 018 • Maharashtra • India
W www.renukasugars.com • Corporate Identification No.: L01542KA1995PLC019046
the office of Director by virtue of any SEBI order or any other such Authority. Brief Profile: Dr. B. V. Mehta obtained his graduation in Science (B.Sc.) and Master Degree in Law (LL. M.) from Bombay University and also has Diploma in Marketing Management (D.M.M.). He was awarded Doctorate (Ph.D) for his thesis on "Impact of WTO on Indian (Edible) Oilseeds Sector and Safeguard Measures" in 2008. Dr. Mehta is representing Indian vegetable oil industry on number of Committees set up by the Government of India. He was also Member of National Oilseeds and Vegetable Oils Development Board (NOVOD), the highest policy making body of Ministry of Agriculture, Government of India since its inception in 1984 till 2016.
Dr. Mehta is connected with Indian vegetable oil industry over 4 decades and has in-depth knowledge of Indian oilseed sector and vegetable oil industry, and recipient of "Globoil Man of the Year Award" in 2016. He has presented many papers on Indian Vegetable Oilseed and Vegetable Oil sector at National and International Platforms. Dr. Mehta is the Executive Director of The Solvent Extractors' Association of India (SEA), the largest and premier association in the vegetable oil industry and trade in India.
Relationship between other Directors: Dr. Mehta is not a part of the Promoter group and is neither related to any Director on the Board.
3. Closure of Trading Window
Pursuant to the Company’s ‘Code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting of trading by Insiders’, the Trading Window for trading in the Company's equity shares by the Specified Persons shall continue to remain closed until 48 hours of the declaration of results for the quarter ended 30th June 2020.
We hereby request you to kindly take the above details on record.
Thanking you,
Yours faithfully, For Shree Renuka Sugars Limited Deepak Manerikar Company Secretary
Encl.: as above
Shree Renuka Sugars Limited Corporate Office: 7th Floor • Devchand House • Shiv Sagar Estate • Dr. Annie Besant Road • Worli Mumbai 400 018 • Maharashtra • India
W www.renukasugars.com • Corporate Identification No.: L01542KA1995PLC019046
7th July 2020 Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra (East), Mumbai – 400 051 NSE Symbol: RENUKA
Dept. of Corporate Service BSE Limited P. J. Towers, Dalal Street Mumbai – 400 001 BSE Scrip Code: 532670
Dear Sirs, Sub: Declaration with respect to Audit Report with unmodified opinion on the Audited Financial Results (Standalone and Consolidated) for the financial year ended 31st March 2020
Pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), the Company hereby declares that the Statutory Auditors of the Company have issued their Audit Reports on the Audited Financial Results (Standalone and Consolidated) of the Company for the financial year ended 31st March 2020, with unmodified opinion. Thanking you, Yours faithfully, For Shree Renuka Sugars Limited Sunil Ranka Chief Financial Officer
12th Floor, The Ruby29 Senapati Bapat MargDadar (West)Mumbai - 400 028, India
Tel: +91 22 6819 8000
Chartered Accountants
S R B C & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318Regd. Office : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016
Independent Auditor’s Report on the Quarterly and Year to Date Audited Standalone Financial Results ofthe Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015, as amended
ToThe Board of Directors ofShree Renuka Sugars Limited
Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying statement of quarterly and year to date standalone financial results ofShree Renuka Sugars Limited (the “Company”) for the quarter ended March 31, 2020 and for the year endedMarch 31, 2020 (“Statement”), attached herewith, being submitted by the Company pursuant to therequirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended (the “Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us, the Statement:
i. is presented in accordance with the requirements of the Listing Regulations in this regard; andii. gives a true and fair view in conformity with the applicable accounting standards and other accounting
principles generally accepted in India, of the net loss and other comprehensive loss and other financialinformation of the Company for the quarter ended March 31, 2020 and for the year ended March 31,2020.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10)of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are furtherdescribed in the “Auditor’s Responsibilities for the Audit of the Standalone Financial Results” section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued by the Institute ofChartered Accountants of India together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that theaudit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.
Management’s Responsibilities for the Standalone Financial Results
The Statement has been prepared on the basis of the standalone annual financial statements. The Board ofDirectors of the Company are responsible for the preparation and presentation of the Statement that gives atrue and fair view of the net loss and other comprehensive loss of the Company and other financial informationin accordance with the applicable accounting standards prescribed under Section 133 of the Act read withrelevant rules issued thereunder and other accounting principles generally accepted in India and in compliancewith Regulation 33 and 52 of the Listing Regulations. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguarding of the assets ofthe Company and for preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable and prudent; and thedesign, implementation and maintenance of adequate internal financial controls, that were operatingeffectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparationand presentation of the Statement that give a true and fair view and are free from material misstatement,whether due to fraud or error.
In preparing the Statement, the Board of Directors are responsible for assessing the Company’s ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using the goingconcern basis of accounting unless the Board of Directors either intends to liquidate the Company or to ceaseoperations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Chartered Accountants
Page 2 of 3Shree Renuka Sugars LimitedIndependent Auditor’s Report on the Quarterly and Year to Date Audited Standalone Financial Results
Auditor’s Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free frommaterial misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ouropinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if, individually or in the aggregate, they could reasonably beexpected to influence the economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error,design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error, as fraud may involvecollusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures thatare appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible forexpressing our opinion on whether the company has adequate internal financial controls with referenceto financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accountingand, based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Company’s ability to continue as a going concern. If weconclude that a material uncertainty exists, we are required to draw attention in our auditor’s report tothe related disclosures in the financial results or, if such disclosures are inadequate, to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Statement, including the disclosures, andwhether the Statement represents the underlying transactions and events in a manner that achieves fairpresentation.
We communicate with those charged with governance regarding, among other matters, the planned scope andtiming of the audit and significant audit findings, including any significant deficiencies in internal control thatwe identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethicalrequirements regarding independence, and to communicate with them all relationships and other matters thatmay reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matter
The Statement includes the results for the quarter ended March 31, 2020 being the balancing figure betweenthe audited figures in respect of the full financial year ended March 31, 2020 and the published unauditedyear-to-date figures up to the third quarter of the current financial year, which were subjected to a limitedreview by us, as required under the Listing Regulations.
Chartered Accountants
Page 3 of 3Shree Renuka Sugars LimitedIndependent Auditor’s Report on the Quarterly and Year to Date Audited Standalone Financial Results
The Statement includes the results for the half year ended March 31, 2020 being the balancing figure betweenthe audited figures in respect of the full financial year ended March 31, 2020 and the published unauditedyear-to-date figures upto half year ended September 30, 2019 of the current financial year, which weresubjected to a limited review by us, as required under the Listing Regulations.
For S R B C & CO LLPChartered AccountantsICAI Firm registration number: 324982E/E300003
per Shyamsundar PachisiaPartnerMembership No.: 049237
UDIN: 20049237AAAABD8115
Place: MumbaiDate: July 7, 2020
PART I
Statement of standalone audited financial results for the quarter and year ended March 31, 2020 (INR in Million)
Statement of standalone audited cash flows (INR in Million)For the year ended
March 31, 2020
For the year ended
March 31, 2019
(Audited) (Audited)Operating activitiesLoss before tax (3,396) (3,963)
Adjustments to reconcile loss before tax to net cash flows:Depreciation of property, plant and equipment 2,028 2,134
Amortisation of intangible assets 1 - Writeback of provision (98) (600) Unrealised gain on derivatives (9) (49) Government assistance (28) (60) Finance costs 4,858 5,410 Finance income (201) (188) (Gain)/loss on disposal of property, plant and equipment - 1 Gain on discounting of OCPS (2,889) - Dividend income (1) (1) (Gain)/loss from disposal of investments (1) - Net foreign exchange differences 1,612 (560) Impairment of other assets 100 158 Impairment of investment 47 - Property, plant and equipment written off 54 4 Impairment of trade receivables 424 66
Working capital adjustments:(Decrease)/ increase employee benefit expenses (2) 99 Decrease in trade receivables 48 5,984 Decrease/(increase) in other receivables and prepayments 316 (46) Increase in inventories (173) (7,132) Increase in trade and other payables 5,530 3,316
8,220 4,573 Income tax refunded/(paid) (32) 79
Net cash flows from operating activities 8,188 4,652
Investing activities:Purchase of property, plant and equipment (1,935) (1,535) Advance to subsidraies - (2,413) Loans given during the year to subsidiaries (9) - Repayment of loan from subsidiaries 172 598 Proceeds from sale of property, plant and equipment 2 7 Proceeds from sale of investments 1 - Interest received (finance income) 308 90 Dividend received 1 1
Net cash flows used in investing activities (1,460) (3,252)
Financing activities:Proceeds/(repayment) short term borrowings (net) (1,740) 3,816 Repayment of long-term borrowings (1,497) (1,202) Payment of Lease Liability (9) Finance cost and processing charges paid (3,334) (4,151)
Net cash flows used in financing activities (6,580) (1,537)
Net increase/(decrease) in cash and cash equivalents 148 (137) Opening cash and cash equivalents 202 339 Closing cash and cash equivalents 350 202
SHREE RENUKA SUGARS LIMITED
(A WILMAR GROUP COMPANY)CIN: L01542KA1995PLC019046
a) Paid-up debt capital/outstanding debts = Non-current borrowings, current portion of
long term borrowings and current borrowings
b) Debt equity ratio= Aggregate of outstanding debts/Equity attributable to shareholders
c) Debt service coverage ratio= Profit or (Loss) before Depreciation and amortisation
expense, finance costs/finance income, exceptional items and tax/(Long Term Loan
principal repaid + Finance costs)
d) Interest service coverage ratio= Profit or (Loss) before Depreciation and amortisation
expense, finance costs, exceptional items and tax and finance income/Finance costs.
e) Fixed asset coverage ratio = Revalued value of Property, plant and equipment and
capital work in progress / Long term debt.
21. The figures for the Quarter ended March 31,2020 are the balancing figures between the
audited figures in respect of the full year ended March 31,2020 and unaudited figures for
the nine months ended December 31,2019. Further, the figures for the six months ended
March 31, 2020 are the balancing figures between the audited figures in respect of the full
year ended March 31,2020 and audited figures for the six months ended September 30,
2019.
22. Previous year figures have been regrouped/reclassified, as considered necessary, to conform
with current year presentation, wherever applicable.
Place: Mumbai For Shree Renuka Sugars Ltd.
Date: July 07, 2020
Vijendra Singh
Whole time Director
DIN: 03537522
12th Floor, The Ruby29 Senapati Bapat MargDadar (West)Mumbai - 400 028, India
Tel: +91 22 6819 8000
Chartered Accountants
S R B C & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318Regd. Office : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016
Independent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results of theCompany Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended
ToThe Board of Directors ofShree Renuka Sugars Limited
Report on the audit of the Consolidated Financial Results
Opinion
We have audited the accompanying statement of quarterly and year to date consolidated financial results ofShree Renuka Sugars Limited (“Holding Company”) and its subsidiaries (the Holding Company and itssubsidiaries together referred to as “the Group”) and its associate for the quarter ended March 31, 2020 andfor the year ended March 31, 2020 (“Statement”), attached herewith, being submitted by the Holding Companypursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended (“Listing Regulations”). Attention is drawn to the fact that the consolidatedfigures for the corresponding quarter ended March 31, 2019, as reported in these consolidated financial resultshave been approved by the Holding Company’s Board of Directors, but have not been subjected to audit/review.
In our opinion and to the best of our information and according to the explanations given to us and based on theconsideration of the reports of the other auditors on separate audited financial statements and financialinformation of the subsidiaries and associates, the Statement:
i. includes the results of the entities as mentioned in Annexure I to this audit report;ii. are presented in accordance with the requirements of the Listing Regulations in this regard; andiii. gives a true and fair view in conformity with the applicable accounting standards, and other
accounting principles generally accepted in India, of the consolidated net loss and othercomprehensive loss and other financial information of the Group for the quarter endedMarch 31, 2020 and of the consolidated net profit and other comprehensive income and otherfinancial information of the Group for the year ended March 31, 2020.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10)of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are furtherdescribed in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Results” section of ourreport. We are independent of the Group and its associates in accordance with the ‘Code of Ethics’ issued by theInstitute of Chartered Accountants of India together with the ethical requirements that are relevant to our auditof the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that theaudit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter”paragraph below, is sufficient and appropriate to provide a basis for our opinion.
Management’s Responsibilities for the Consolidated Financial Results
The Statement has been prepared on the basis of the consolidated annual financial statements. The HoldingCompany’s Board of Directors are responsible for the preparation and presentation of the Statement that givea true and fair view of the net profit/loss and other comprehensive income/loss and other financial informationof the Group including its associates in accordance with the applicable accounting standards prescribed undersection 133 of the Act read with relevant rules issued thereunder and other accounting principles generallyaccepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board ofDirectors of the companies included in the Group and of its associates are responsible for maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of theGroup and its associates and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the design, implementation and maintenance of adequate internal financial controls, that wereoperating effectively for ensuring the accuracy and completeness of the accounting records, relevant to thepreparation and presentation of the Statement that give a true and fair view and are free from material
Chartered Accountants
Page 2 of 5Shree Renuka Sugars LimitedIndependent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results
misstatement, whether due to fraud or error, which have been used for the purpose of preparation of theStatement by the Directors of the Holding Company, as aforesaid.In preparing the Statement, the respective Board of Directors of the companies included in the Group and of itsassociates are responsible for assessing the ability of the Group and of its associates to continue as a goingconcern, disclosing, as applicable, matters related to going concern and using the going concern basis ofaccounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations,or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its associates are alsoresponsible for overseeing the financial reporting process of the Group and of its associates.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from materialmisstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or errorand are considered material if, individually or in the aggregate, they could reasonably be expected to influencethe economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error,design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error, as fraud may involvecollusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsiblefor expressing our opinion on whether the company has adequate internal financial controls withreference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accountingand, based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions that may cast significant doubt on the ability of the Group and its associates to continue asa going concern. If we conclude that a material uncertainty exists, we are required to draw attention inour auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate,to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor’s report. However, future events or conditions may cause the Group and its associates to ceaseto continue as a going concern.
Evaluate the overall presentation, structure and content of the Statement, including the disclosures,and whether the Statement represent the underlying transactions and events in a manner that achievesfair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results/financial information of theentities within the Group and its associates of which we are the independent auditors to express anopinion on the Statement. We are responsible for the direction, supervision and performance of theaudit of the financial information of such entities included in the Statement of which we are theindependent auditors. For the other entities included in the Statement, which have been audited byother auditors, such other auditors remain responsible for the direction, supervision and performanceof the audits carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entities includedin the Statement of which we are the independent auditors regarding, among other matters, the planned scopeand timing of the audit and significant audit findings, including any significant deficiencies in internal controlthat we identify during our audit. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence, and to communicate with them allrelationships and other matters that may reasonably be thought to bear on our independence, and whereapplicable, related safeguards.
Chartered Accountants
Page 3 of 5Shree Renuka Sugars LimitedIndependent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results
We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29,2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, tothe extent applicable.
Other Matter
The accompanying Statement includes the audited financial statements and other financial information, inrespect of:
Seven subsidiaries forming part of continued operations, whose financial statements include totalassets of INR 5,442 Million as at March 31, 2020, total revenues of INR 3,161 Million and INR 7,658Million, total net profit after tax of INR 94 Million and net loss after tax of INR 4,863 Million, totalcomprehensive income of INR 89 Million and total comprehensive loss of INR 4,868 Million, for thequarter and the year ended on that date respectively, and net cash inflows of INR 242 Million for theyear ended March 31, 2020, as considered in the Statement which have been audited by theirrespective independent auditors.
Eleven subsidiaries forming part of discontinued operations, whose financial statements include totalrevenues of INR Nil and INR 6,959 Million, total net loss after tax of INR Nil and INR 4,133 Million, totalcomprehensive loss of INR Nil and INR 4,133 Million, for the quarter and the year ended on that daterespectively, and net cash outflow of INR 76 Million for the year ended March 31, 2020, as consideredin the Statement which have been audited by their respective independent auditors.
The independent auditor’s report on the financial statements and financial information of these entities havebeen furnished to us by the Management and our opinion on the Statement in so far as it relates to the amountsand disclosures included in respect of these subsidiaries, and associates is based solely on the reports of suchauditors and the procedures performed by us as stated in paragraph above.
Certain of these subsidiaries are located outside India whose financial statements and other financialinformation have been prepared in accordance with accounting principles generally accepted in their respectivecountries and which have been audited by other auditors under generally accepted auditing standards applicablein their respective countries. The Holding Company’s management has converted the financial statements ofsuch subsidiaries located outside India from accounting principles generally accepted in their respectivecountries to accounting principles generally accepted in India. We have audited these conversion adjustmentsmade by the Holding Company’s management. Our opinion in so far as it relates to the balances and affairs ofsuch subsidiaries located outside India is based on the report of other auditors and the conversion adjustmentsprepared by the management of the Holding Company and audited by us.
The accompanying Statement includes unaudited financial statements and other unaudited financial informationin respect of:
two subsidiaries forming part of discontinued operations, whose financials results and other financialinformation reflect total assets of INR Nil as at March 31, 2020, and total revenues of INR Nil and INRNil, Total comprehensive loss of INR Nil and INR 2.17 million, for the quarter and the year ended onthat date respectively and net cash outflow of INR 0.04 million for the year ended March 31, 2020
one associate, whose statements includes the Group’s share of net profit of INR Nil and Group’s shareof total comprehensive income of INR Nil for the quarter and for the year ended March 31, 2020respectively, as considered in the Statement whose financial statements and other financialinformation have not been audited by any auditor.
These unaudited financial statements and unaudited financial information have been approved and furnished tous by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosuresincluded in respect of these subsidiaries and associate is based solely on such unaudited financial statements.In our opinion and according to the information and explanations given to us by the Management, these financialstatements are not material to the Group.
Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on thework done and the reports of the other auditors and the financial statements and financial information certifiedby the Management.
Chartered Accountants
Page 4 of 5Shree Renuka Sugars LimitedIndependent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results
The Statement includes the results for the quarter ended March 31, 2020 being the balancing figures betweenthe audited figures in respect of the full financial year ended March 31, 2020 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limitedreview by us, as required under the Listing Regulations.
For S R B C & CO LLPChartered AccountantsICAI Firm registration number: 324982E/E300003
per Shyamsundar PachisiaPartnerMembership No.: 049237
UDIN: 20049237AAAABC7712
Place: MumbaiDate: July 7, 2020
Chartered Accountants
Page 5 of 5Shree Renuka Sugars LimitedIndependent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results
Annexure 1 – List of entities included in the consolidated financial results
Sr. no. Particulars
Subsidiaries1. Gokak Sugars Limited, India2. KBK Chem-Engineering Private Limited, India3. Renuka Commodities DMCC, United Arab Emirates4. Shree Renuka Agri Ventures Limited, India5. Monica Trading Private Limited, India6. Shree Renuka Tunaport Private Limited, India7. Shree Renuka East Africa Agriventures PLC, Ethiopia
Associates *1. Shree Renuka Global Ventures Limited, Mauritius2. Lanka Sugar Refinery Company (Private) Limited, Srilanka3. Shree Renuka do Brasil Participações Ltda., Brazil**4. Shree Renuka São Paulo Participações Ltda. - RJ, Brazil**5. Renuka do Brasil S.A. - RJ, Brazil**6. Biovale Comercia de Leveduras Ltda. – RJ, Brazil**7. Renuka Geradora de Energia Elétrica Ltda. - RJ, Brazil**8. Renuka Vale do Ivaí S.A. - RJ, Brazil**9. Revati Agropecuária Ltda. - RJ, Brazil**10 Revati Geradora de Energia Elétrica Ltda. - RJ, Brazil**11. Revati S.A. Açúcar e Álcool - RJ, Brazil**12. Renuka Cogeração Ltda. - RJ, Brazil**13. Ivaicana Agropecuária Ltda. - RJ, Brazil**
* Subsidiaries till September 24, 2019. Associate with effect from September 25, 2019.
** Included in the consolidated financial statements of Shree Renuka do Brasil Participações Ltda., Brazil.
PART I
Statement of consolidated audited financial results for the quarter and year ended March 31, 2020 (INR in Million)