Shree Renuka Sugars Ltd

Dear Members,

In accordance with the Companies Act, 2013 ("the Act") and Rules framed there under and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), the Board of Directors ("the Board") of Shree Renuka Sugars Limited ("the Company") present their Twenty-Eighth Annual Report and Audited Financial Statements for the financial year ended 31st March 2024.

Standalone Financial Results

The highlights of the standalone financial results are as under:

(Rs. in Mn.)

Operating Highlights

The Company achieved total revenue of Rs. 108,981 Mn. (PY: Rs. 86,862 Mn.) for the year ended 31st March 2024. The EBITDA for the year under review stood at Rs. 7,195 Mn. (PY: Rs. 7,197 Mn.) while the Net Loss stood at Rs. 5,595 Mn. (PY Net Loss: Rs. 1,357 Mn.). Analysis of operating performance is covered under Management Discussion and Analysis (MDA) Report which forms part of this Annual Report.

There were no material changes and commitments affecting the financial position of the Company which occurred between the end of the financial year to which this financial statement relates and on the date of this Annual Report.

Material events during the year under review

In accordance with the approval of the Board dated 23rd September 2023:

• On 6th October 2023, the Company acquired 100% Equity Share Capital, i.e. 50,048,589 Equity Shares of Rs. 10 each of M/s. Anamika Sugar Mills Private Limited ("Anamika") at Rs. 47.05 per share, for a total consideration of Rs. 2,355 Mn.

• The Company further invested an amount of Rs. 1,095 Mn. in Anamika by subscribing to 23,273,114 Equity Shares of Rs. 10/- each at issue price of Rs. 47.05/- issued on Rights basis on 11th October 2023.

• The Company issued and allotted 28,500 Rated, Guaranteed, Listed, Unsecured Non-Convertible Redeemable Non - Convertible Debentures ("NCD") at face value of Rs. 100,000/- each aggregating to Rs. 2,850 Mn. to DBS Bank Limited on a private placement basis on 4th January 2024. The details of NCD outstanding as on 31st March 2024 are provided in the Corporate Governance Report forming part of this Annual Report.

Dividend & Dividend Distribution Policy

Since the Company has carried forward losses as on 31st March 2024, your Directors have not recommended any dividend for the financial year ended 31st March 2024. The Company has formulated the Dividend Distribution Policy which may be accessed on the Company's website at https://renukasugars.com/pdf/corporate-governance/dividend-distribution-policy.pdf.

Transfer to Reserves

Pursuant to exemption provided under Rule 18 of the Companies (Share Capital and Debentures) Rules, 2014, the Company was not required to create Debenture Redemption Reserve (DRR) for privately placed Non-Convertible Redeemable Non- Convertible Debentures (NCDs) issued and allotted during the financial year under review.

For the NCDs issued during previous financial years, DRR is created to the extent of 25% of the value of NCDs, as per the requirements of the applicable laws.

Deposits

During the year under review, your Company has not accepted any deposits from the public within the meaning of Sections 73 and 74 of the Act and the Companies (Acceptance of Deposits) Rules, 2014.

Management Discussion and Analysis (MDA) Report

The MDA report on the business and operations of the Company is given in a separate section and forms part of this Annual Report.

Subsidiary Companies and Consolidated Financial Statements

As stipulated by Regulation 33 of SEBI Listing Regulations, the Consolidated Financial Statements have been prepared by the Company in accordance with the applicable Accounting Standards. The Audited Consolidated Financial Statements together with Auditors' Report, forms part of the Annual Report.

Pursuant to Section 129(3) of the Act, a statement containing the salient features of the financial statements of each subsidiary, in the prescribed Form AOC-1 is provided in the financial statements forming part of this Annual Report.

Pursuant to the Rule 8 of the Companies (Accounts) Rules, 2014, the highlights of performance of subsidiaries and their contribution to the overall performance of the Company during the period under review is provided in the notes to Consolidated Financial Statements forming part of this Annual Report. There was no material change in the nature of the business of any of the subsidiaries during the year.

Pursuant to Section 136 of the Act, the Audited Standalone and Consolidated Financial Statements, and related information of the Company and accounts of each of the subsidiaries of the Company are available on the website of the Company athttps://renukasugars. com/financials/. These documents of the Company will be made available to the Members for inspection electronically, upon request, up to the date of the ensuing Annual General Meeting. The Company will make available the documents of the subsidiaries upon request by any Member of the Company interested in obtaining the same.

During the year under review, Anamika became a wholly owned subsidiary of the Company with effect from 6th October 2023. None of the companies ceased to be subsidiaries of the Company.

The Company's Policy for Determining Material Subsidiaries may be accessed on the Company's website at https://renukasugars.com/pdf/corporate-governance/policy-on-determining-material-subsidiaries.pdf.

• Merger of subsidiary companies with the Company

The Board at their meeting held on 24th May 2022, had given an in-principle approval for scheme of amalgamation/merger of Monica Trading Private Limited ("MTPL"), Shree Renuka Agri Ventures Limited ("SRAVL") and Shree Renuka Tunaport Private Limited ("SRTPL"), wholly owned subsidiaries of the Company, with the Company. The National Company Law Tribunal (NCLT), Mumbai Bench after processing the application, approved the scheme of merger of MTPL with the Company and issued certified copy of the order which is filed in Form INC-28 with the Registrar of Companies, Mumbai (ROC). The said order will become effective upon filing of NCLT, Bangalore Bench's order for merger of SRAVL and SRTPL with the Company.

In respect of the application filed with the Bangalore Bench of NCLT, the final hearing of the case is scheduled on 7th August 2024. The scheme would be implemented once approval of both the benches is received.

• Capital Reduction of KBK Chem-Engineering Private Limited

The Mumbai bench of NCLT, on 23rd February 2024 approved capital reduction petition filed by KBK Chem-Engineering Private Limited on 14th March 2023 for reducing an amount of Rs. 1,088.55 Mn. out of the Securities Premium Account as on 31st December 2022, for writing off equivalent amount of deficit in the statement of Profit and Loss Account of the Company as on that date.

Share Capital

During the year under review, there were no issue/ allotment of Equity Shares or securities convertible into Equity Shares. The share capital of the Company as on 31st March 2024 stands at Rs. 2,128.49 Mn. comprising of 2,128,489,773 equity shares of Rs. 1 each fully paid-up. As on 31st March 2024, 99.86% of the total paid-up Equity Share Capital of the Company stands in the dematerialized form.

During the year under review, there were no instances where the Company failed to implement any corporate action within the specified time limit.

Directors and Key Managerial Personnel

Pursuant to the provisions of Section 152 of the Act, Mr. Jean-Luc Bohbot (DIN: 06857132), Non-Executive Director, is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. The Board recommends his re-appointment at the forthcoming Annual General Meeting.

Pursuant to Section 152 and other applicable provisions, if any, of the Act, the Companies (Appointment and Qualification of Directors) Rules, 2014 and Regulation 17(1A) of SEBI Listing Regulations and pursuant to the recommendation made by the Nomination & Remuneration/Compensation Committee and the Board of the Company at their meeting held on 11th August 2023, and the Members of the Company at their 27th Annual General Meeting held on 25th September 2023 approved continuation of Mr. Kuok Khoon Hong (DIN: 00021957), as a Non-Executive Director of the Company liable to retire by rotation, after him attaining the age of 75 on 30th April 2024.

The Board is of the opinion that the Independent Directors of the Company possess requisite qualifications, expertise and experience and they hold highest standards of integrity. The Independent Directors of the Company have confirmed compliance with the relevant provisions of Rule 6 of the Companies (Appointments and Qualifications of Directors) Rules, 2014.

None of the Directors are disqualified under Section 164 of the Act. Further, they are not debarred from holding the office of Director pursuant to order of SEBI or any other authority.

In accordance with the provisions of Section 2(51) and 203 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Mr. Atul Chaturvedi, Executive Chairman, Mr. Vijendra Singh, Executive Director & Dy. CEO, Mr. Ravi Gupta, Executive Director, Mr. Sunil Ranka, Chief Financial Officer and Mr. Deepak Manerikar, Company Secretary, are the Key Managerial Personnel of the Company.

During the year under review, none of the Directors resigned from the Board of the Company and there were no changes to the Key Managerial Personnel of the Company.

Nomination and Remuneration Policy

The policy of the Company on Directors and Senior Management appointment and remuneration including criteria for determining their qualifications, positive attributes, independence of a director and other matters provided under Section 178(3) of the Act and SEBI Listing Regulations is adopted by the Board. We affirm that the remuneration paid to the Directors is as per the terms laid out in the Nomination and Remuneration Policy of the Company. The policy maybe accessed on the website of the Company at https://renukasugars. com/pdf/corporate-governance/nomination-and-remuneration-policy-amended-9-8-2022.pdf.

Performance Evaluation

Pursuant to the provisions of the Act and SEBI Listing Regulations, the Board has undertaken an evaluation of its own performance, the performance of its Committees and of all the individual Directors based on various parameters relating to roles, responsibilities and obligations of the Board, effectiveness of its functioning, contribution of Directors at meetings and the functioning of its Committees. Detailed questionnaires were circulated covering various parameters relevant for the evaluation of the Board and Committees. The performance evaluation of the Chairman and Non-Independent Directors was carried out by the Independent Directors in their separate meeting. The Board expressed their satisfaction with the evaluation process.

The meeting of Independent Directors of the Company was held on 14th March 2024 to discuss matters as per the provisions of the Act and SEBI Listing Regulations.

All the Independent Directors have furnished‘ Declaration of Independence' stating that they meet the criteria of independence as laid down under Section 149(6) of the Act and Regulation 16(1)(b) of SEBI Listing Regulations and there has been no change in the circumstances which may affect their status as an Independent Director and that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence and that they are independent of the management. The Independent Directors have also affirmed that they have complied with the Company's Code of Business Conduct & Ethics and Code for Independent Directors prescribed in Schedule IV to the Act.

Further, in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, the Independent Directors have also submitted a declaration that they have registered themselves on the online data bank of the Indian Institute of Corporate Affairs.

Meetings of the Board

During the year, six meetings of the Board were held, the details of which are given in the report on Corporate Governance, which forms part of this Annual Report.

The maximum interval between any two Board Meetings did not exceed 120 days, as prescribed by the Act and the SEBI Listing Regulations.

Compliance with Secretarial Standards

During the year under review, the Company has complied with all the mandated Secretarial Standards issued by the Institute of Company Secretaries of India.

Directors' Responsibility Statement

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Act:

(a) that in the preparation of the annual accounts, the applicable accounting standards have been followed along with no material departures;

(b) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March 2024 and of the loss of the Company for the year ended on that date;

(c) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) that the Directors have prepared the annual accounts on a going concern basis;

(e) that the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively except to the extent mentioned in Annexure 2 to the Auditors' Report which forms part of this Annual Report; and

(f) that the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

Auditors and Auditors' Report

M/s. S R B C & CO LLP, Chartered Accountants (Firm Registration No. 324982E/E300003) were re-appointed as Statutory Auditors of the Company at the 26th Annual General Meeting held on 16th September 2022, for a second term of 5 consecutive years to hold office from the conclusion of the 26th Annual General Meeting till the conclusion of 31st Annual General Meeting. The Report given by M/s. S R B C & CO LLP, on the financial statements of the Company for financial year 2023-24 forms part of this Annual Report. There are no qualifications, reservations, adverse remarks or disclaimers given by the Auditors in their Report except to the extent as mentioned in Annexure 2 to the Auditors' Report which forms part of this Annual Report. During the financial year 2023-24, the Statutory Auditors did not report any matter under Section 143(12) of the Act and therefore, no details are required to be disclosed under Section 134(3) of the Act.

Explanation to the comments of the statutory auditors on their report on Internal Financial Controls

Your Directors would like to state that except to the extent of the comments of the statutory auditors in Annexure 2 (Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013) of their report dated 29 th May 2024 on the standalone financial statements, the internal controls of the Company are working effectively. The Company thoroughly re-evaluates its internal control environment on a regular basis by reviewing its existing policies, procedures and processes in general. The Company conducts regular audits from independent external experts to assess the efficacy of the processes.

In respect of the comments on Commodity derivatives transactions, your Directors would like to state that the Company has a robust Commodity Risk Management Policy (the Policy) and the Executive Directors and the Risk Management Committee (RMC) oversee the implementation of this policy. Due cognizance has been taken of the auditors' observation on operational part and implementation procedures of the Policy. In the interest of facilitating conduct of business, and given the substantial increase in refinery volumes during the year under review, risk exposure limits have been suitably increased by RMC. Further, Commodity Risk Management Policy has been amended for enhanced control and monitoring.

In respect of the comments on Impairment assessment, your Directors would like to state that the Company regularly assesses the impairment of investment and loans which is supported by adequate documentation, assumptions and supporting evidence. The management reviews the assumptions underlying the impairment testing on a regular basis. Based on the comments of the statutory auditors, additional layers of review will be added to strengthen the review mechanism / process.

In respect of the comments on inventory valuation, we have noted the observations of the statutory auditors. Your Directors would like to state that, due to volatility of prices of sugar in international market and the absence of market prices for by-products/intermediaries, the existing process for review of inventory valuation will be further strengthened using improved valuation methodology to reduce the possibility of errors. In respect of the comments on the review of financial closure process, your Directors would like to state that the Company has instituted processes to ensure that the review mechanism and its documentation is working effectively.

Your Directors would like to assure that the internal control systems are working effectively and we are committed to strengthen the efficacy of the same.

Secretarial Auditors

Pursuant to the provisions of Section 204 of the Act, the Board, at its meeting held on 11th August 2023 had appointed M/s. DVD & Associates, Practicing Company Secretary (Membership No. F6055/ CP No. 6515), to conduct Secretarial Audit for the financial year 2023-24. The Secretarial Audit Report for the financial year ended 31st March 2024 is annexed herewith at Annexure I to this Report. There are no qualifications or observations made by the Secretarial Auditor in the said report, except as mentioned in point v (i) of the said report.

During the year, the Secretarial Auditors had not reported any matter under Section 143(12) of the Act and therefore, no details are required to be disclosed under Section 134(3) of the Act.

Explanation to the comments of Secretarial Auditors

In respect of Secretarial Auditors' comments in their report dated 6th June 2023 on delay in filing an intimation of record date for purposes of payment of interest/payment of repayment amount to BSE Limited, your Directors would like to state that the delay in compliance has been cured, as the Company has made the payment of the penalty. Your Directors further state that the Company is committed to comply with the

Listing Regulations and has a robust mechanism to ensure compliance with the same. Serious cognizance has been taken of the non-compliance reported by the Secretarial Auditors in their report. All possible measures are being taken to ensure that the compliance mechanism is further strengthened to avoid any such non-compliances in the future.

Cost Auditors

The Board of Directors, on the recommendation of the Audit Committee, appointed M/s. B. M. Sharma & Co, Cost Accountants, as the Cost Auditor to audit the cost records for the financial year 2024-25. The remuneration payable to the Cost Auditor is subject to approval by the members of the Company. Accordingly, a resolution seeking members' approval for the remuneration payable to M/s. B. M. Sharma & Co, Cost Accountant for financial year 2024-25, forms part of the Notice of the forthcoming Annual General Meeting, along with relevant details, including the proposed remuneration.

In terms of Section 148 of the Act, read with Rule 8 of the Companies (Accounts) Rules, 2014, it is stated that the cost accounts and records are made and maintained by the Company as specified by the Central Government under sub-section 148 (1) of the Act.

During the year, the Cost Auditors had not reported any matter under Section 143(12) of the Act and therefore, no details are required to be disclosed under Section 134(3) of the Act.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

Information pursuant to the provisions of Section 134(3)(m) of the Act and the rules framed thereunder relating to conservation of energy, technology absorption, foreign exchange earnings and outgo as per the Act, forms part of this Report and is annexed hereto at Annexure II.

Corporate Governance

In compliance with Regulation 34 read with Schedule V of SEBI Listing Regulations, a detailed report on Corporate Governance is given in a separate section and forms part forms part of this Annual Report. A Certificate from the Practising Company Secretary confirming compliance of the conditions of Corporate Governance as stipulated under SEBI Listing Regulations is appended to the Corporate Governance Report.

Particulars of Employees

The information in terms of Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given as Annexure III. Further, the statement containing particulars of employees as required under Section 197(12) of the Act, read with Rule 5(1), 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure III which forms part of this Report. In terms of Section 136(1) of the Act, the Annual Report and the financial statements are being sent to the Members of the Company excluding the aforesaid Annexure which is available for inspection at the request of any Member.

Contracts and Arrangements with Related Parties

All Contracts/Arrangements entered by the Company during the financial year under review with related parties were on an arm's length basis and in the ordinary course of business except for the Contracts/ ArrangementsreferredinFormAOC-2annexedheretoas Annexure IV. The details of transactions with related parties as required under Ind AS-24 and 2A of Schedule V of SEBI Listing Regulations are given in notes to the financial statements.

The Company's Policy on Related Party Transactions may be accessed on the Company's website at https:// renukasugars.com/pdf/corporate-governance/ tpt-policy-srsl.pdf

Particulars of Loans, Guarantees or Investments

Particulars of loans, guarantees given, securities provided and investments made are provided in the notes to the standalone financial statements.

Corporate Social Responsibility

Your Company is committed to Corporate Social Responsibility (CSR) by catering to the needs of the weaker sections of the society. The CSR Committee vide Circular Resolutions dated 23rd February 2023 and 8th January 2024, approved the CSR spending for the financial year 2023-24 and carried out the same. The CSR Policy of the Company may be accessed on the Company's website at https://renukasugars.com/pdf/ corporate-governance/policy-on-corporate-social-responsibility.pdf The report on the CSR activities is appended at Annexure V to the Board's Report.

Investor Education and Protection Fund (IEPF)

Pursuant to the provisions of Section 124 of the Act, Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘IEPF Rules') read with the relevant circulars and amendments thereto, the amount of dividend remaining unpaid or unclaimed for a period of seven years from the due date is required to be transferred to IEPF, constituted by the Central Government. Further, all shares in respect of which dividend has not been paid or claimed for seven consecutive years shall be transferred by the Company to IEPF.

During the year under review, the Company has not transferred any unclaimed/unpaid dividend amount and shares to IEPF.

The details of unclaimed/unpaid dividends and equity shares transferred to IEPF maybe accessed on the website of the Company at https:// renukasugars.com/shareholders-service/ and chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/ https://renukasugars.com/pdf/shares-trfd-to-iepf. pdf respectively.

The contact details of Nodal Officer of the Company maybe accessed on the website of the Company at https://renukasugars.com/pdf/shares-trfd-to-iepf.pdf

Annual Return

Pursuant to Section 134(3)(a) and Section 92(3) of the Act, read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company in the Form MGT-7 for the financial year 2023-24 maybe accessed on the website of the Company at https://renukasugars.com/pdf/shareholders-service/ agm/annual-return-fy-2023-24.pdf

Risk Management & Internal Financial Controls

The Company has adopted a Risk Management Policy which is reviewed on a periodic basis in order to recognize, assess and reduce exposure to risks wherever possible, identify steps to mitigate risks and to identify risk owners for all types of risks.

The Company's Risk Management Policy is based on the philosophy of achieving substantial growth while mitigating and managing risks involved. The Company's internal control systems with reference to the financial statements are adequate and commensurate with the nature of its business and the size and complexity of its operations except the extent mentioned in Annexure 2 to the Auditors' Report which forms part of this Annual Report. Periodic audits and checks are conducted and the controls to prevent, detect and correct any irregularities in the operations have been laid down by the Company.

The details relating to the composition, powers, roles, terms of reference, number of meetings held, attendance at the meetings etc. of Risk Management Committee are given in detail in the Corporate Governance Report, which forms part of this Annual Report.

Whistle Blower Policy and Vigil Mechanism

Pursuant to SEBI Listing Regulations and the Act, the Company has in place a Whistle Blower Policy/ Vigil Mechanism to deal with unethical behaviour, victimisation, fraud and other grievances or concerns of Directors, employees and stakeholders. The Whistle Blower Policy may be accessed on the Company's website at https://renukasugars.com/pdf/corporate-governance/whistle-blower-policy.pdf

During the year under review, no complaints were received by the Company under the policy.

Prevention of Sexual Harassment at Workplace

The Company has complied with the requirement of constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 and Rules made thereunder.

During the year, there were no complaints received by the Company under the said Act.

Human Resources (HR)

The Company has transformed its human resources strategy, creating a "People Organization" that empowers and engages employees while aligning them with the company's long-term vision. This holistic approach to employee development is evident in the establishment of a cutting-edge Centre for HR Excellence, which leverages digital tools and data-driven insights to streamline processes, optimize talent management, and drive organizational growth. Additionally, the Company's unwavering commitment to nurturing a positive and supportive work environment has been recognized with a prestigious Great Place to

Work certification, further solidifying its position as an employer of choice.

By transitioning from a traditional transactional model to a people-centric approach, the Company has fostered a culture of continuous improvement and employee empowerment. The Company invests in its workforce through customized training programs, objective performance management, and optimized organizational structures. This creates an environment where employees feel valued, motivated, and equipped to reach their full potential.

The Company places a strong emphasis on investing in its human capital through comprehensive training programs for employees at all levels, equipping them with the necessary skills and knowledge to excel. Simultaneously, the Company nurtures a robust talent pipeline by identifying and developing high-potential individuals for future leadership roles through mentorship, workshops, and cross-functional assignments. This holistic approach to talent management strengthens the Company's workforce and creates a dynamic environment where employees feel valued and empowered to reach their full potential, ensuring the Company's continued growth and success.

Business Responsibility and Sustainability Report ("BRSR")

In terms of Regulation 34 and Schedule V of SEBI Listing Regulations read with Circular No. SEBI/HO/CFD/ CFD-SEC-2/P/CIR/2023/122 dated July 12, 2023, and circular No. SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated 10th May 2021, the Company has prepared the BRSR on the environmental, social, and governance disclosures, including BRSR Core consisting of Key Performance Indicators as on 31st March 2024 as stipulated under the SEBI Listing Regulations and the same can be accessed at the website of the Company at https://renukasugars.com/pdf/shareholders-service/ agm/brsr-fy-2023-24.pdf

Other Disclosures/Reporting

Your Directors state that no disclosure or reporting is required in respect of the following events as there were no transactions that took place during the year under review.

• Issue of equity shares with differential rights as to dividend, voting or otherwise.

• Issue of shares (including sweat equity shares) to employees of the Company under any scheme.

• Passing of significant or material orders by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future.

• Pending application and/or proceedings under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year.

• Any one-time settlement during the year, and hence, the details of difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof is not applicable.

• Receipt of any remuneration or commission by the Whole Time Directors of the Company from the Holding Company or Subsidiary Company of the Company.

• Non-acceptance of Audit Committee recommendations by the Board during the year.

The name of the Company's holding company has been changed from Wilmar Sugar Holdings Pte. Ltd. to Wilmar Sugar and Energy Pte. Ltd. effective from 30th April 2024.

Appreciation & Acknowledgements

The Board wishes to place on record its gratitude for the assistance and co-operation received from the financial institutions, banks, government authorities, customers, vendors and cane growers and finally to all its Members for the trust and confidence reposed on the Company. The Board further wishes to record its sincere appreciation for the significant contributions made by employees at all levels for their competence, dedication and contribution towards the operations of the Company.