Shareholders meeting

The Ugar Sugar Works Limited 86th Annual Report : 31-03-2026 THE UGAR SUGAR WORKS LIMITED CIN: L15421PN1939PLC006738 86th ANNUAL REPORT 2025-26 Name Designation Shri. Rajendra V. Shirgaokar Chairman Emeritus BOARD OF DIRECTORS (As on 12th May 2026) Sr. No. Name Designation 1 Mr. Shishir S. Shirgaokar Chairman 2 Mr. Prafulla V. Shirgaokar Non-Executive Director 3 Mr. Hari Y. Athawale Independent Director 4 Mr. Shripad S. Gangavati Independent Director 5 Mrs. Suneeta S. Thakur Independent Woman Director 6 Mr. Subhash G. Kutte Independent Director 7 Mr. Aashish R. Kamath Independent Director 8 Mr. Shreenath Deshpande Independent Director 9 Adv. Ravi Shiralkar Independent Director 10 Mr. Sachin R. Shirgaokar Non-Executive Director 11 Mrs. Shilpa Kumar Non-Executive Woman Director 12 Mr. Niraj S. Shirgaokar Managing Director 13 Mr. Chandan S. Shirgaokar Managing Director 14 Mr. Sohan S. Shirgaokar Executive Director Company Secretary & Auditor Compliance Officer M/s. Kirtane & Pandit LLP Mr. Tushar V. Deshpande Chartered Accountants Mahaveernagar, Sangli 416 416 5th Floor, Wing A, Gopal House, Phone: 0233-2623716, 2623717 S No.127/1B/1, Plot A1, Fax: 0233-2623617. Pune – 411029 Email: usw.sangli@ugarsugar.com Phone: 020-67295100 Email:kpca@ kirtanepandit.com The Ugar Sugar Works Limited 86th Annual Report : 31-03-2026 CONTENTS Sr. No Particulars Page No. 1. Notice of Annual General Meeting 03 - 15 2. Directors’ Report with Annexure 16 - 36 3. Management Discussion & Analysis 37 - 39 4. Business Responsibility Report 40 - 68 5. Corporate Governance Report 69 - 92 6. Auditors’ Report with Annexure 93 - 106 7. Balance Sheet 107 - 108 8. Profit and Loss Account 109 - 110 9. Cash Flow Statement 111 - 111 10. Notes to Financial Statements 112 - 173 11. Progress of the Company for the last 25 years 174 - 174 Registered Office: Administrative Office: Mahaveernagar, Sangli 416 416 Ugarkhurd 591 316 (Dist- Belagavi) Phone : 0233-2623716, 2623717 Phone: 08339-274000 Fax : 0233-2623617 Fax: 08339-272232 Email:usw.sangli@ugarsugar.com e-mail: helpdesk@ugarsugar.com website: www.ugarsugar.com Registrar & Transfer Agent: Plants: UgarKhurd and Malli (Jewargi) Bigshare Services Pvt. Ltd. Office No S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East) Mumbai – 400093 Board No: 022 – 62638200 | Direct No: 022-62638261 | prasadm@bigshareonline.com |www.bigshareonline.com Bankers Central Bank of India Bank of Baroda Union Bank of India Dombivli Nagari Sahakari Bank Ltd Sangli Urban Co-Op Bank Ltd. Saraswat Co-op Bank Ltd. Janata Sahakari Bank Ltd. ANNUAL GENERAL MEETING Wednesday, 5th August 2026 AT 11.00 a.m., through VC/OAVM The Ugar Sugar Works Limited 86th Annual Report : 31-03-2026 THE UGAR SUGAR WORKS LIMITED REGD. OFFICE: MAHAVEERNAGAR [WAKHAR BHAG], SANGLI- 416416. NOTICE NOTICE is hereby given that the 86th Annual General Meeting of THE UGAR SUGAR WORKS LIMITED will be held on Wednesday 5thAugust 2026 at 11:00 A.M. through Video Conferencing (VC)/OAVM for which purpose the Registered Office of the Company situated at Mahaveer Nagar, Wakhar Bahg Sangli 416416 shall be deemed as the venue for the Meeting and the proceedings of AGM shall be deemed to be made thereat, to transact the following business: Ordinary Business: 1. To receive, consider and adopt the Audited Standalone Balance Sheet as on 31st March 2026 and the Statement of Profit and Loss Account, Cash Flow Statement for the year ended as on that date, and the Reports of the Directors, Report on Corporate Governance, Business responsibility and sustainability reporting (BRSR) and Auditors thereon. 2. To declare Dividend. 3. To appoint a Director in place of Mr. Shishir Shirgaokar (DIN NO- 00166186) who retires by rotation and being eligible, offers himself for re-appointment. 4. To appoint a Director in place of Mrs. Shilpa Kumar (DIN NO- 02404667) who retires by rotation and being eligible, offers herself for re-appointment. Special Business: 5. Continuation of Directorship of Mr. Shishir Shirgaokar as a Non-Executive Director of the Company, liable to retire by rotation and to consider and if thought fit, to pass the following resolution as a Special Resolution "RESOLVED THAT, pursuant to applicable provisions of the Companies Act, 2013 and rules made there under including any statutory modification or re-enactment thereof, Regulation 17, 17(1A), 17(1C) and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in accordance with the provisions of SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, approval of the members be and is hereby accorded for continuation of Mr. Shishir Shirgaokar as a Non-Executive Director of the Company, who has already attained the age of 75 years for further period as Non-Executive Director from conclusion of this Annual General Meeting till the conclusion of Annual General Meeting to be held in the year 2028. RESOLVED FURTHER THAT, the Board of Directors and/or the Company Secretary, be and are hereby authorized to settle any question, difficulty or doubt, that may arise in giving effect to this resolution and to do all such acts, deeds and things as may be necessary, expedient and desirable for the purpose of giving effect to this resolution". 6. To ratify the remuneration of Cost Auditors for the financial year ending March 31, 2027, and to consider and if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution. The Ugar Sugar Works Limited 86th Annual Report : 31-03-2026 "RESOLVED THAT pursuant to the provisions of section 148 of the Companies Act, 2013 and the relevant Rules, M/s. Dhananjay V. Joshi & Associates, Practicing Cost Accountant, (Firm Registration No: 000030) who was appointed by the Board of Directors of the Company in their meeting held on 12th May 2026 as a Cost Auditor to audit the cost records, as may be ordered by the Central Government, on a remuneration of Rs.3,50,000/- (Rupees Three Lakh Fifty Thousand only) plus reimbursement of out of pocket expenses plus Taxes as applicable, for the Financial Year 2026-27 be and is hereby ratified." By order of the Board of Directors, For The Ugar Sugar Works Limited, Place : Regd. Office: Mahaveer Nagar, Sangli – 416416. Tushar V. Deshpande Company Secretary & Compliance Officer Date : 12th May 2026. (M. No. A45586) NOTES i. Pursuant to General Circulars No. 14/2020 dated April 8, 2020, No. 17/2020 dated April 13, 2020, No. 20/2020 dated May 5, 2020, No . 02/2021 dated January 13, 2021, No. 21/2021 dated December 14, 2021, No. 2/2022 dated May 5, 2022, and No. 10/2022 dated December 28, 2022 issued by the Ministry of Corporate Affairs (collectively referred to as 'MCA Circulars1, the Company is convening the 86th AGM through Video Conferencing ('VC1 or Other Audio-Visual Means ('OAVM1, without the physical presence of the Members. The proceedings of the AGM will be deemed to be conducted at the Registered Office of the Company ii. Pursuant to the provisions of the Companies Act, 2013, a Member entitled to attend and vote at- the Annual General Meeting is entitled to appoint a proxy to attend and vote on his/her behalf and the proxy need not be a Member of the Company. Since this AGM is being held pursuant to the MCA Circulars through VC/OAVM, physical attendance of Members has been dispensed with. Accordingly, the facility for appointment of proxies by the Members will not be available for the Annual General Meeting and hence the Proxy Form and Attendance Slip are not annexed to the Notice. iii. Members attending the meeting through VC/OAVM shall be counted for the purposes of reckoning the quorum under Section 103 of the Companies Act, 2013. iv. Institutional/Corporate Shareholders (i.e. other than individuals/HUF, NRI, etc.) are required to send a scanned copy (PDF/ JPEG Format) of its Board Resolution or governing body Reso [Showing first 8,000 characters — download PDF for full document]