Riga Sugar Company Ltd

Riga Sugar Co Ltd trading window closure from Oct 1, 2026 until 48 hours after unaudited results for quarter and half year ending Sept 30, 2026

AGM Details

• AGM held on Sept 15, 2026 at 12:00 PM IST via video conferencing/OAVM.
• Cut-off date: Sept 11, 2026; remote e-voting: Sept 12–14, 2026.
• Promoter group attended via VC: 9; public attendance: 0.
• Total resolutions passed: 4.

Resolutions & Outcomes

• Resolution 1 (Ordinary): Adopt audited standalone financials for year ended Mar 31, 2026; passed.
• Resolution 2 (Ordinary): Re-appoint Vishal Nirani by rotation; passed.
• Resolution 3 (Ordinary): Re-appoint Sangamesh Nirani by rotation; passed.
• Resolution 4 (Ordinary): Appoint Arora Shekhar & Co as Secretarial Auditor; passed.
• All resolutions passed with 100% in favour.

Secretarial Auditor Appointment

• Appointed Arora Shekhar & Co as Secretarial Auditor; tenure/remuneration not specified.

AGM Details

• Date: 15 September 2026; Time: 12:00 IST; Mode: VC/OAVM.

Key Resolutions

• Ordinary: Adoption of Audited Standalone Financial Statements for year ended 31 March 2026.
• Ordinary: Re-appointment of Vishal Nirani by rotation.
• Ordinary: Re-appointment of Sangamesh Nirani by rotation.
• Special: Appointment of Arora Shekhar and Company as Secretarial Auditors.

Voting Status

• Consolidated voting results to be announced within timelines.

Directors

• No new director appointments; two directors re-appointed by rotation.

Auditors & Secretarial

• Secretarial Auditor appointed: Arora Shekhar and Company.

Resolutions proposed

• Special resolution to shift the registered office from West Bengal to Karnataka and alter MOA.
• Requires regulatory approval (Regional Director) and MOA alteration via INC-23/INC-26.
• Voting window: E-voting Aug 31–Sept 29, 2026; cut-off Aug 14, 2026; results by Oct 1, 2026.
• Results will be announced by the Chairman and posted on the company website.

Overview & Financials

• Revenue from operations ₹2,898.06 lakh in FY2025-26.
• EBITDA ₹415.96 lakh; PAT ₹-180.25 lakh; Total income ₹2,942.14 lakh.
• Net worth ₹26,574.21 lakh; Total assets ₹39,140.34 lakh.

Operations & Segments

• Sugar revenue ₹2,529.76 lakh; Distillery ₹368.30 lakh in FY2025-26.
• Restart enabled full-year operations post-revival; cane procurement revival ongoing.
• Inter-segment adjustments affect consolidation; integrated sugar-ethanol platform anticipated.

Capital & Liquidity

• Short-term borrowings ₹7,661.33 lakh; negative net working capital ₹(4,591.40) lakh as on 31-Mar-2026.
• Current ratio 0.63; debt-equity ratio 0.29; cash ₹45.94 lakh.
• Promoter stake held by Nirani Sugars Limited at 100% following capital restructuring.

Corporate Governance & IR

• NCLT order (Sept 18, 2025) reconstituted Board; Riga is subsidiary of Nirani Sugars since Dec 18, 2024.
• Seven Board meetings; Arora Shekhar & Company appointed as Secretarial Auditor for 5 years.
• Trading remains suspended; revocation process underway; CIRP relaxations applied during revival.

Growth Strategy

• Expansion plan: sugar capacity from 5,000 TCD to 10,000 TCD.
• Distillery capacity from 45 to 545 KLPD; cogeneration from 11 to 50 MW.
• Greenfield compressed biogas facility of 20 tonnes per day planned; integrated agro-energy platform.

Dividend & Capital Allocation

• No dividend proposed for FY2025-26.
• Share capital replaced after CIRP; promoter stake remains 100%; no new equity issued.

Risks & Outlook

• Trading suspension and revival risk; listing revocation process ongoing.
• Cane supply, policy changes, and sugar-ethanol price parity impact margins.
• Execution risk in major capex and related-party financing.

Audit & Internal Controls

• Statutory auditors: YCRJ & Associates; no qualifications.
• Secretarial audit noted delays in filings; CIRP-relaxed governance in effect during revival.
• Internal controls deemed adequate; no material weaknesses observed.