H) Management's Discussion and Analysis Report Overall review: The Company has crushed 6.97 lakh tonnes (brvious year 5.83 lakh tonnes) of sugar cane and produced 7.58 lakh quintal (brvious year 6.21 lakhs quintals) of sugar with an average recovery of 10.92% (brvious year 10.66%). The Company has sold 6.08 lakh quintals (brvious year 6.01 Lakh quintals) of sugar. The company's average sales realization of sugar has decreased to Rs.2,742/- per quintal during the current year as compared to Rs. 2,816/- per quintal during the brvious year. Company has incurred cash loss of Rs. 1024.77 Lakhs during the year as compared to the cash loss of Rs.60.43 Lakhs during the brvious year. Revenue: Company has achieved a net Turnover Rs.197.05 Crores as compared to Rs.186.89 Crores during the brvious year. Sugar Industry Analysis: TThe Financial Year 201 3-14 has been a challenging year for the Sugar Industry as the sugar prices have witnessed a down ward throught out the Financial Year. As per Indian Sugar Mills Association (ISMA), the Sugar Production for the Sugar Season 2012-13 was 25.14 Million Tonnes against 26.34 Million Tonnes in the brvious Season due to deficiet rain fall in the states of Maharastra, Karnataka and Tamilnadu. For the Sugar season 2013-14, ISMA projected 25 Million Tonnes of Sugar production in September, 2013 where as the actual production till April, 2014 was 24.3 Million Tonnes. The expected sugar production in India for the next sugar season 2014-1 5 would be around 24.00 million tonnes on account of decrease of Acreage due to drought conditions in the states of Karnataka and Maharastra. I) Compliance of Insider Trading Norms The Company has adopted the code of internal procedures and conduct for listed Companies notified by the Securities Exchange Board of India prohibiting insider trading |