Your Directors have the pleasure in presenting their 32^ndAnnual Report together with Audited Accounts of the
Company for the year ended 31^st March 2025.

FINANCIAL RESULTS:

Rs. In Lacs

’Profit on the sale of Fixed Assets

1. Review of the operations of Company

A) Patran (Punjab): The distillery unit has not produced any cases of Punjab Medium Liquor (PML)
consisting of 50 degree & 65 degree. The unit has not produced any boxes of Indian made foreign
Liquor (IMFL). The unit has achieved a turnover of 25.63 Lacs during the year.

Bawal (Haryana) The distillery unit has produced 123260 cases of Country Liquor & has made a
turnover of 401.18 Lacs.

B) Sugar Mill

Sugar Mill did not commence the crushing operations during the season 2024-25, due to adverse
conditions prevailing in the entire area. Low recovery of sugar & steep increase in the prices of sugarcane
rendered the prices of finished sugar un- remunerative. There is a other income of Rs. 176.08 Lacs
during the year.

C) Expansion Plan

The ethanol project for enhancement and augmentation of the existing distillery of the company at Patran
from 40 KLPD to 105 KLPD. The progress of implementation of the project is as per schedule. All the
major machinery has been ordered and implementation is underway.

The expected Commercial Operation of the project is in the last quarter of 2025.

2. Standalone Results:

During year under review the total income of the Company is Rs. 635.59 lacs with a Loss before Tax (PBT) of
Rs. (193.85) lacs against the income of 622.13 lacs and loss before Tax of Rs. (204.96) lacs in the previous
year.

Company has suffered losses due to intense competition in the Liqour market. However company is devising
new policies to increase the margin of profit & revenue of the company.

3. Dividend

Your Directors have not recommended any dividend on the equity shares for the financial year ended March
31^st 2025 due to accumulated Losses.

4. Share Capital

The paid up Equity Share Capital as at March 31, 2025 stood at Rs. 2325.45 lacs consisting of 23254527
equity shares of Rs.10/- each. During the year under review, the company has not allotted shares or
convertible securities or shares with differential voting rights nor has granted any stock options or sweat
equity or warrants.

5. Subsidiary/Associate Company

During the year company have no subsidiary company. Details of the subsidiary/associate company are
provided in AOC-1 annexed in Annexure-C.

6. DIRECTORS& KEY MANAGERIAL PERSONNEL

(a) Independent Directors

All the Independent Directors (IDs) have provided declaration u/s 149(6) of the Act and Regulation 16(1)
of the SEBI (LODR) Regulations, 2015, confirming that they meet the criteria of independence as laid
down under the said Section/ Regulation. The Directors also confirm that they are not disqualified to be
appointed as Directors and they have not been debarred by SEBI to hold the office of Director.

(b) Retirement by Rotation

In accordance with the provisions of Section 152 of the Companies Act, 2013 and Articles of Association
of the Company, Ms. Avneet kaur (DIN: 09479099) Director of the Company retires by rotation at the
ensuing Annual General Meeting and being eligible for re-appointment.

(c) Appointment/Re-appointment/ Cessation of Directors

Sh. Naveen Pawar re-appointed as Whole -Time Director of the Company w.e.f. 30^th July 2025 for a
period of one year subject to the approval of shareholders in the forthcoming Annual General Meeting.

(d) Number of meetings of Board of Directors

During the year under review 6 (six) meetings of the Board of Directors were held to transact the business
of the company. The time gap between the two consecutive meetings was not exceeding 120 days.
Details of the Board meetings including attendance of Directors at these meetings are provided in the
Corporate Governance Report annexed to this report.

(e) Board Evaluation

The Board has carried out an annual evaluation of its own performance, performance of its committees,
and individual Directors as required under the provisions of the Act and the Corporate Governance
requirements as prescribed by SEBI (LODR) Regulations 2015.

(f) Details of Familiarization Programme

The details of the programmes for familiarization of independent directors with the company, their roles,
rights, responsibilities in the company, nature of industry in which the company operates and related
matters are posted on the website of the company at www.psailpatran.com.

(g) Committees of Board

Pursuant to requirement under Companies Act, 2013 & Listing Regulations the Board has constituted the
following committees

a) Audit Committee.

b) Stakeholder Relationship Committee.

c) Nomination & Remuneration Committee

d) Corporate Social Responsibility Committee

The details of committees viz. composition, number of meetings held & attendance of committee members
in the meeting are given in Corporate Governance Report forming part of Annual Report.

(h) Key Managerial Personnel

During the financial year ended March 31,2025 the following persons are the Whole Time Key Managerial
Personnel (KMP) of the Company in term of provision of section 203 of the Companies Act, 2013.

7. REPORTING OF FRAUD

There was no instance of fraud during the year under review, which required the Statutory Auditors to report
to the Audit Committee and/or board under section 143(12) of act and rules framed there under.

8. STATE OF AFFAIRS OF THE COMPANY

The state of affairs of the company is presented as part of Management Discussion and Analysis Report in a
separate section forming part of this report, as required under the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.

9. MATERIAL CHANGES & COMMITMENT AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There are no material changes affecting the financial position of the company subsequent to the close of the
financial year 2024-25 till the date of report.

10. SIGNIFICANT& MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

There are no significant material orders passed by the regulators or Courts or Tribunal which would impact
the going concern status of the company and its future operation. However, Members attention is drawn to
the statement on Contingent Liabilities and commitments in the notes forming part of the financial statement.

11. DEPOSITS

Your company has not accepted any deposits from the public during the year. Further there is not any non¬
compliance of Chapter 5 of Companies, Act 2013 and rules framed there under.

12. LISTING WITH STOCK EXCHANGE

The Company’s Share continues to be listed at the BSE Limited(BSE). The Annual Listing fee the financial
year 2025-26 has already been paid.

13. POLICY ON DIRECTORS APPOINTMENT & REMUNERATION

The Company has adopted a Remuneration Policy for executive and non-executive directors and persons
who are appointed in Senior Management and Key Managerial positions and to determine their remuneration.
The remuneration policy is placed on the Company’s website.

14. AUDITORS & AUDIT REPORT
a. Statutory Auditors

M/s Jain& Associates, Chartered Accountants , Chandigarh the Statutory Auditors of the company were
appointed by the members at the 29^th Annual General meeting of the company for an initial term of 5
years i.e. from the conclusion of 29^th Annual General Meeting till the conclusion of 34^th Annual General
meeting of the company pursuant to section 139 of the Companies Act, 2013.They have confirmed that

they are not disqualified from continuing as Auditors of the company.

The Auditors Report does not contain any qualification, reservation or adverse remark. The Notes on
Financial statements referred to in the Auditors report are self-explanatory and do not call any further
comments.

b. Secretarial Audit

The Board has, subject to the approval of the Shareholders, approved the appointment of P Chadha &
Associates (Peer Review Certificate No. 1671/2022), Practicing Company Secretaries, as Secretarial
Auditor of the Company for a term of five consecutive years commencing from financial year 2025-2026
to financial year 2029-2030.

The Secretarial Audit Report for the financial year ended March 31,2025 is attached as Annexure - 1 of
this Report.

The Auditors Report does not contain any qualification, reservation or adverse remark.

15. AMOUNT PROPOSED TO BE CARRIED TO RESERVES

Particulars of the amount proposed to be carried to reserves have been covered as part of the financial
performance of the company.

18. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:

As required under Section 134 (3)(m) of the Companies Act, 2013 read with rule 8 of the Companies
(Accounts) Rules 2014, the information relating to the conservation of the energy, technology absorption
and foreign exchange earnings and outgo, is annexed and forms part of the report as per “Annexure-B”.

19. CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The Board has framed a Policy on related party transactions and placed the same on the Company’s
website.The related party transactions between the Company and the Directors, Key Management
Personnel, the subsidiaries, or the relatives have been disclosed in the financial statementsin Notes
to Financial Statements and compliance of Section188(1) of the Companies Act, 2013 have been duly
made wherever applicable.

20. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of Loans, Guarantees and investments covered under the provisions of Section 186 of the
Companies Act,2013 are given in the notes to the Financial Statements, and however there is no
transaction during the year.

21. INTERNAL CONTROLS

The Audit Committee actively reviews the adequacy and effectiveness of the internal control systems and
suggests improvements to strengthen the same. The Management Information System of the Company
is an integral part of the control mechanism.

The Audit Committee, Board of Directors, Statutory Auditors and the Business Heads are periodically
apprised of the internal audit findings and the corrective actions taken.

Audit plays a key role in providing assurance to the Board of Directors. Significant audit observations
and corrective actions taken by the management are presented to the Audit Committee of the Board. To
maintain its objectivity and independence, the Internal Auditor has an access to the Chairman of the Audit
Committee.

22. CHANGE IN THE NATURE OF BUSINESS

During the year under review, there has been no change in the nature of business of the company.

23. EXTRACT OF ANNUAL RETURN

A copy of Annual Return for the year 2023-24, is available on the Company’s website www.psailpatran.com.

The Annual Return for the year 2024-25 will be uploaded after filing with the Registrar of Companies in
due course.

24. ENVIRONMENT / POLLUTION CONTROL, HEALTH AND SAFETY:

A clean environment and safe operations has always been top priority of the management. Safety of all
employees, compliances of environmental regulations and preservation of natural resources are regularly
monitored. The effluent and emissions from the plants are regularly monitored and treated.

25. CEO/CFO CERTIFICATION:

In terms of the SEBI (Listing Obligation and Disclosures Requirements) 2015, the Certificate duly signed
by Mr.Naveen Pawar, Whole-Time Director, Mr. Rajesh Kaushik, Chief Financial Officer (CFO) of the
Company was placed before the Board of Directors along with the annual financial statements for the
year ended on March 31,2025, at its meeting held on 08/05/2025. The said Certificate is also annexed to
the Corporate Governance Report.

26. MANAGEMENT DISCUSSION AND ANALYSIS &CORPORATE GOVERNANCE& POLICIES

Pursuant to regulation 34 (3) of SEBI (Listing Obligation And Disclosure Requirements) 2015.Management
discussion and Analysis, Corporate Governance Report and Auditors certificate regarding compliance of
conditions of corporate governance are made part of the Annual Report as per “Annexure-F”.

Your board has in accordance with the requirements of Companies Act 2013 &SEBI (Listing Obligations
and Disclosure Requirements), 2015 has adopted policies such as Related Party Transactions,
Corporate Social Responsibility Policy, Whistle Blower Policy,Vigil Mechanism Policy etc. These policies
are available on the website of the company and can be viewed on www.psailpatran.com.

Your board has in accordance with the requirements of Companies Act 2013 &SEBI (Listing obligation
and disclosure requirements) 2015, has formed Nomination &Remuneration Committee, Corporate
Social Responsibility Committee, Audit Committee & Stakeholders relationship Committee is given in
“Annexure-F”.

27. WHISTLE BLOWER / VIGIL MECHANISM POLICY

Whistle Blower / Vigil Mechanism policy Regulation 22 of the Listing regulations and subsection (9 & 10)
of section 177 read with rule 7 of the companies (Meetings of Board & its powers) Rules, 2014, inter-alia,
provides, for all listed companies to establish a Whistle Mechanism called ''whistle blower policy'' for
Directors &employees to report genuine concerns about unethical behavior, actual or suspected fraud or
violation of the company’s code of conduct or ethics policy.

As a conscious & vigilant organization, the company believes in the conduct of the affairs of it constituents
in a fair & transparent manner, by adopting the highest standards of professionalism, honesty, integrity
& ethical behavior. In its endeavor to provide its employee a secure & fearless working environment, the
company has established the 'Whistle Blower Policy'.

The Whistle Blower Policy and establishment of Vigil Mechanism have been appropriately communicated
with in the company. The purpose of the policy is to create a fearless environment for the Directors &
employees to report any instance of unethical behavior, actual or suspected fraud or violation of the
company’s code of conduct or ethics policy. It protects Directors & employees wishing raise a concern
about serious irregularities within the company.

During the year, the company has not received any complaint under Vigil mechanism / Whistle Blower
Policy.

28. INSURANCE

The Company has taken adequate Insurance policies for its assets against the possible risks like fire,
flood, public liability, marine etc.

29. POLICY ON SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSED ACT 2013)

Your company is committed in creating & maintaining a secured work environment where is its employees,

agents vendors & partners can work and pursue business together in an atmosphere free of harassment,
exploitation &intimidation. To empower women & protect woman against sexual harassment a policy
for prevention of sexual harassment had been rolled out & internal complaints committee as per legal
guidelines had been setup. This policy allows employees to report sexual harassment at the work place.
The internal committee is empowered to look into all complaints of sexual harassment& facilitate free &
fair enquiry process with cleat timelines .The policy on prevention of sexual harassment is also posted on
the website of the company.

During the year ended 31^st March 2025, No complaints pertaining to sexual harassment was received by
the company.

30. EMPLOYEES AND INDUSTRIAL RELATIONS

The Board of Directors and the Management are extremely thankful to all the employees for their
commitment, competence and dedication in the affairs of the Company. The relation between the
management and employees are transparent, healthy and cordial.

The Board of Directors are pleased and place on record its appreciation for all categories of employees
for their sincere efforts and the sense of belongingness and commitment towards the Company.

Further, particulars of employees pursuant to Rule 5(2) & (3) of the above Rules, form part of this Report.
However, in terms of provisions of Section 136 of the Act, the Report and Accounts are being sent to all
the Members of the Company and others entitled thereto, excluding the said particulars of employees.
The said information is available for inspection at the Registered Office of the Company during business
hours on working days upto the ensuing AGM. Any Member interested in obtaining such particulars may
write to the Company Secretary.

31. DIRECTOR’S RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 134 (3) (c) and section 134(5) of the Companies Act 2013,
your Directors hereby report that:

a) In the preparation of the annual accounts, the applicable accounting standards had been followed
along with proper explanation relating to material departures.

b) The Directors had selected such accounting policies and applied them consistently and made
judgment and estimates that are reasonable & prudent so as to give true and fair view of the state
of affairs of the Company at the end of the financial year and of the Profit & Loss of the Company
for the said period.

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

d) The Directors have prepared the Annual Account ongoing concern basis.

e) The Directors in the case of a listed company had laid down internal financial controls to be
followed by the company and that such internal financial controls are adequate and were
operating effectively.

f) The Directors had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.

32. INSOLVENCY AND BANKRUPTCY CODE UPDATE

No application has been made / No proceeding is pending under the Insolvency and Bankruptcy Code,
2016 during the yearunder review.

33. VALUATION FOR ONE TIME SETTLEMENT WITH BANK AND FINANCIAL INSTITUTION:

The Company has not made any valuation for one-time settlement with banks and financial Institution.
Hence, there is noreason for elaboration on the said aspect.

34. APPRECIATION

Your Directors wish to place on record their appreciation towards the contribution of all the employees of
the company and their gratitude to the company’s valued customers, farmers, bankers, vendors, for their
continued support and confidence in the company.

For Piccadily Sugar &Allied Industries Limited

Sd/- Sd/-

(NaveenPawar) (Akhil Dada )

Place:Gurugram Whole-time Director & Chairman Director

Date :11/08/2025 Din No. 09691282 Din No :02321706