UTTAM SUGAR MILLS LIMITED Corporate Office,' A-2E, ill Floor, CMA Tower, Sector-24, NOIDA-20l30l Uttar Pradesh, India Telephone: 0120-4525000 E-mail: [email protected]February 14, 2020 National Stock Exchange of India Ltd. Listing Department "Exchange Plaza", Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051 B.S.E. Limited Listing Department P.].Tower, Dalal Street, Fort, Mumbai - 400 001 Ref. - Scrip Code - 532729 Ref. :- Symbol- UTTAMSUGAR Dear Sirs, Sub. :- Outcome of Board Meeting - Listing Compliances This is to inform you that a meeting of the Board of Directors of the Company is held today (i.e. 14.02.2020) and Board of Directors of the Company approved the following :- 1) Un-audited Financial Results for the Quarter/period ended 31 st December, 2019, pursuant to the provisions of Regulation 33 of SEB! (Listing Obligations & Disclosure Requirements), Regulations, 2015. 2) Limited Review Report obtained from the Statutory Auditors of the Company for the Quarter/period ended 31 st December, 2019. This is in compliance of SEB! (Listing Obligations & Disclosure Requirements) Regulations, 2015. You are requested to take the information on your records. Thanking you Yours faithfully, S GARG) General Manager -Leg~~rr' • Registered Office: Village Libberheri, Tehsil Roorkee, Distt. Haridwar, Uttarakhand, India Website: www.uttamsugar.in, CIN No-L99999UR1993PLC032518
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Sub. :- Outcome of Board Meeting - Listing Compliances
This is to inform you that a meeting of the Board of Directors of the Company is held today(i.e. 14.02.2020) and Board of Directors of the Company approved the following :-
1) Un-audited Financial Results for the Quarter/period ended 31st December, 2019,pursuant to the provisions of Regulation 33 of SEB! (Listing Obligations & DisclosureRequirements), Regulations, 2015.
2) Limited Review Report obtained from the Statutory Auditors of the Company for theQuarter/period ended 31st December, 2019.
This is in compliance of SEB! (Listing Obligations & Disclosure Requirements) Regulations,2015. You are requested to take the information on your records.
Thanking you
Yours faithfully,
S GARG)General Manager -Leg~~rr'
•Registered Office: Village Libberheri, Tehsil Roorkee, Distt. Haridwar, Uttarakhand, India
1) Current tax (Net of MAT credit entitlement) - (14) - - 46 462) Deferred Tax Expenses 603 (434) 337 982 (36) 1,5103) Income Tax for earlier years - - 5 5
7 Profit/CLoss) for the period (5-6) 1,332 (1,176) 726 1,669 3,131 5,8118 Other Comprehensive Income
a) (i) Items that will not be reclassified to profit or loss (59) 22 (162) (84) (14) 17(ii) Income Tax relating to items that will not be reclassified to profit or loss 20 (7) 56 29 5 (5)b) (i) Items that will be reclassified to profit or loss - - - - - -(ii) Income Tax relating to items that will be reclassified to profit or loss - - - -Other Comprehensive Income/(Loss) (39) 15 (106) (55) (9) 12
9 Total Comprehensive Income/(Loss) for the period (7+8) 1,293 (1,161) 620 1,614 3,122 5,823
10 Paid up Equity Share Capital (Face Value of RS.10/- each) 3,813.81 3,813.81 3,813.81 3,813.81 3,813.81 3,813.8111 Other Equity (Rs. In Lakhs) - - - 19,606.1312 Earning Per Share - (Basic) (Not annualised) (Rs.) 3.49 (3.08) 1.90 4.38 8.20 15.27 ,.-:-
Sugar being a seasonal industry, the performance of the quarter may not be representative of the annual performance of the Company. As per past practice the entire off season expenses arecharged to revenue in the period they are incurred.
Finance costs for the period ended December 31, 2019 are net of Rs.942.45Iakhs being interest subsidy and Other Expenses for the period ended December 31,2019 are also net of RS.164.74lakhs towards Handling Charges and Insurance receivable from Government of India on buffer stock of sugar as per the notification no.1 (6) /2018-SP-1 Dated 15th June,2018 and no.1 (8)/2019-SP-1 dated 31 st July, 2019 issued by Ministry of Consumer Affairs, Food and Public Distribution.
During the period ended December 31,2019 amounting to RS.3551.18 lakhs recognised as per notification no.1(14)/2018-SP-1 Dated 05.10.2018 issued by Ministry of Consumer Affairs, Food &Public Distribution regarding assistance to sugar mills with a view to off set the cost of cane and facilitate timely payment of cane price. Out of this RS.254.82 lakhs adjusted as reduced from costof raw material consumed related to cane crushed during this period & RS.3296.36 lakhs shown in Revenue from operations.
During the period ended December 31,2019 amounting to Rs.1179.26 lakhs recognised as per notification no.1 (14)/2018-SP-1 Dated 05.10.2018 issued by Ministry of Consumer affairs and Food& Public Distribution for improving of liquidity position of sugar mills with a view to facilitiate export for defraying expenditure towards internal transport, freight and Handling Charges on export.Out of this Rs.520 351akhs reduced from other expenses & RS.658.91 lakhs shown in Revenue from operations.
During the quarter and period ended December 31,2019 amounting to RS.1522.59 lakhs recognised financial assistance in Revenue from operations pertaining to export made under MaximumAdmissable Export Quota (MAEQ) allotted to the company as per notification no.1(14)/2019-SP-1 Dated 12.09.2019 issued by Ministry of Consumer affairs and Food & Public Distribution forimproving of liquidity position of sugar mills enabling to clear cane price dues of farmers for sugar season 2019-2020 with a view to faciliate export of sugar. Inventory of sugar held for exports interms of MAEQ has been valued at NRV after considering the financial assistance having direct relation to such exports.
The Government of India has introduced the Taxation laws (Amendment) Act, 2019, which has given the option of lower rate, subject to certain conditions. The company is currently in the processof evaluating the impact of the same. Presently income tax charged has been arrived at without considering the above option.
Figures stated above have been regrouped and/or reclassified wherever necessary.
The above financial results have been taken on record by the Board of Directors at their meeting held on 14th February, 2020 after being reviewed and recommended by Audit Committee.
The Board of Directors ofUttam Sugar Mills Limited
Auditor's Review Report on Quarterly and Nine Months ended Unaudited Financial Results ofthe Company Pursuant to the Regulation 33 of the SEel (Listing Obligations and DisclosureReguirements) Regulations, 2015
We have reviewed the accompanying statement of unaudited financial results of Uttam Sugar MillsLimited ("the Company") for the quarter and nine months ended 31st December, 2019 attached herewith("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of theSEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Listing Regulations2015") as amended to date, which has been initialed by us for identification purpose.
The preparation of the statement is in accordance with the recognition and measurement principles laiddown in the Indian Accounting Standard 34 (Ind AS 34) for Interim Financial Reporting, prescribed,under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and otheraccounting principles generally accepted in India read with the regulations, is the responsibility of theCompany's Management and been approved by the Board of Directors of the Company. Ourresponsibility is to issue a report on the statement based on our review.
We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410,'Review of Interim Financial Information performed by the Independent Auditor of the Entity' issued byInstitute of Chartered Accountants of India. This standard requires that we plan and perform the reviewto obtain moderate assurance as to whether the financial statements are free of material misstatement.A review is limited primarily to inquiries of company personnel and analytical procedures applied tofinancial data and thus provides less assurance than an audit. We have not performed an audit andaccordingly, we do not express an audit opinion.
Based on our review conducted as above, nothing has come to our attention that causes us to believethat the accompanying statement of unaudited financial results prepared in all material respect inaccordance with applicable Indian Accounting Standards (Ind AS) prescribed under section 133 of theCompanies Act, 2013 read with relevant rules issued thereunder including the amendment thereofother recognized accounting practices and policies generally accepted in India, has not disclosed theinformation required to be disclosed in accordance with the requirements of the regulations asamended to date, including the manner in which it is to be disclosed, or that it contains any materialmisstatement.