(i) For details of property, plant and equipment charged as security against borrowings. Refer Note 15B[ii] &[iii).

(ii) Title deeds of all freehold immovable properties and lease deed of lease hold properties are in the name of the Company, except property having carrying value of ' 39 Lakhs in respect of which the execution of flat buyers agreement with the builder is under process. However the Company is in effective physical possession of the property since inception.

(iii) Estimated amount of capital contracts remaining to be executed is ' 4 Lakhs [Previous year : ' 2 Lakhs].

(iv) For leasehold land refer note 2.3(b) regarding Significant Accounting Policy.

(vi) Estimation of fair value

The company obtained independent valuations for its investment properties on April 01, 2016. The best evidence of fair value is current prices in an active market for similar properties.

All resulting fair value estimates for investment properties are as per level 2. The company is of view that there is no significant change in fair value as on March 31,2023. However, the fresh valuation will be taken in the subsequent financial year.

(vii) For details of investment property charged as security of borrowings refer note 15 (i)(a)&(b).

(viii) Title deeds of investment properties comprising of Flat Buyer's agreement and free hold land are held in the name of the Company.

(i) From the above loan [61% of total loan), a sum of ' 143 lakhs [28%] has been subsequently realised and for the balance loan the Company is making efforts to recover.

(ii) [a] Includes ' 197 Lakhs [Previous year : ' 234 Lakhs] recoverable from a senior employee which has been provided as a matter

of abundant caution in earlier year. The Company has recovered ' 37 Lakhs during the year.

[b] It also includes a sum of ' 201 Lakhs [Previous year : ' 201 Lakhs] due from an Ex-employee and Management is hopeful to recover this loan in the subsequent period.

(iii) No Loans are due by Directors or other officers of the company or any of them either severally or jointly with any other person or by firms or private companies in which any director is a partner, director or member.

(iv) In line with circular no. 4/201 5 issued by the Ministry of Corporate Affairs dated 1 0.03.201 5, loans and advances given to employees as per company's policy are not covered for the purpose of disclosures under section 186 [4] of the Companies Act, 2013.

(i) Includes an amount of ' 152 Lakhs [Previous year : Nil] for participating in an event which company could not proceed due to statutory reasons. The Company is pursuing the same with the organiser for refund.

(ii) Includes fixed deposit of ' 650 Lakhs [Previous year : ' 1438 Lakhs] with IndusInd Bank for security against borrowings. [Also refer note no 1 5[i][c]].

(iii) Towards bank guarantees against contractual/statutory obligations.

(iv) [a] Includes ' 16 Lakhs [Previous year : ' 16 Lakhs] security deposit against loan taken from related party [refer note 15], ' 56

Lakhs [Previous year : ' 50 Lakhs] as advance to other party including interest for which management is hopeful to recover the amount as mentioned in note 10[i].

[b] Includes Settlement of insurance claims of earlier years of ' 237 Lakhs [including interest of ' 106 Lakhs] pending realisation, settlement of other claims [mesne] profits of ' 45 Lakhs subsequently realised and ' 139 Lakhs unbilled revenue, out of which ' 121 Lakhs has been realised subsequently.

(ii) The Company has obtained confirmations from the trade receivables for substantial value. The confirmation requests sent by the management in respect of amount due from state owned Beverage Corporations are awaited. The adjustment entries if any will be made in the subsequent year on receipt of the confirmation.

(iii) No debts are due from directors or other officers of the Company or any of them either severally or jointly with any other person or from firms or private companies, in which any director is a partner or a director or a member.

(iv) Allowance for expected credit loss is made on the simplified approach as followed in earlier years.

(v) Refer Note 38(a) and 38(b) in respect of market risk and credit risk.

(i) During the financial year 2017-18, the Company entered into an agreement of sale for development and disposal thereafter a part of Leasehold land of Glass division at Sahibabad due to discontinuity of operations. In pursuance of the said agreement, the Company has received a sum of ' 4627 Lakhs (grouped under other current liabilities) towards part performance of the agreement. Recognition of revenue has been deferred, pending approval from the lessor (UPSIDC). Tripartite MOU for development of entire property in pursuance of Board Resolution dated 14.08.2021 has been cancelled on 08.08.2022 without any rights and obligations. The Company is hopeful of receiving the approval from the authority in the next financial year.

(ii) Terms/ rights attached to equity shares

(a) 1,86,05,628 shares referred to as equity shares are having face value of ' 10/- per share. Each holder of equity shares is entitled to one vote per share and dividend, if declared.

(b) 2,52,10,000 underlying Equity Shares of ' 10/- each fully paid up ranking pari-passu with existing shares were issued in the name of the Depository, The Bank of New York, representing the Global Depository Receipts (GDR) issue. GDRs do not carry any voting rights until they are converted into equity shares.

(c) 25,00,000 Equity Shares of ' 10/- each, fully paid up at a premium of ' 20/- per share, as a special series with differential rights to dividend and voting, were issued during the financial year 2004-05. These shares have no right to the dividend and

each share carry twenty voting rights as compared to one voting right per existing equity share and were under the lock-inperiod of three years from the date of allotment. These shares are held by the promoters and promoter group companies.

(d) The holders of all the above Equity Shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in event of liquidation of the Company in the proportion to their shareholdings.

(i) Capital Redemption Reserve:

Capital Redemption Reserve was created pursuant to buy back of equity shares in earlier years out of free reserves. The Capital Redemption Reserve amount may be applied by the company, in paying up unissued share of the Company to be issued to shareholders of the Company as fully paid bonus shares.

(ii) Securities Premium

The amount received in excess of face value of the equity shares is recognised in Securities Premium. Where the Company issues shares at premium, whether for cash or otherwise, a sum equal to the aggregate amount of the premium received on those shares shall be transferred to "Securities Premium account". Additions during the year represents premium received on allotment of 1,67,516 equity shares under ESOP. The Company may issue fully paid-up bonus shares to its members out of balance lying in the Securities Premium Account and the Company can also use this reserve for buy-back of shares.

(iii) General Reserve

General reserve is created out of profit earned by the company by way of transfer from surplus in the statement of profit & loss. There are no restrictions on utilisation of the reserve except in case of declaration of dividend out of Reserves as prescribed under

The Companies [Declaration and Payment of Dividend) Rules, 2014 read with Section 123 of The Companies Act 2013.

(iv) Retained Earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. It also Includes revaluation reserve of ' 24,490 Lakhs (Previous year : ' 24,501 Lakhs) related to

land situated at Hamira and Behror.

[v] The company has utilised the borrowings from banks and others for the specific purposes for which it has been borrowed. There has been no default with regard to repayment of borrowing and interest during the year and there are no overdue amount on this account as on the date of balance sheet. The company has not been declared as wilful defaulter by any bank or financial institution or any other lender.

[i] Includes interest of ' 40 Lakhs [Previous year : ' 13 Lakhs) on income tax refund, ' 96 Lakhs interest on FD [Previous year : ' 83 Lakhs], ' 44 Lakhs interest on loans given to related party and others (Previous year : ' 26 Lakhs].

[ii] Includes an item of exceptional nature being gain on sale of investment held in associates of ' 198 Lakhs [Previous year : ' Nil ] made to a group entity at arms length price determined on the report of Registered Valuer.

[iii] Includes:

[a] Reversal of provision in respect of bad and doubtful debts, advances written off, recovered during the year, write back of

Advances from customers, Trade and expenses payable, security deposit aggregating to ' 1 373 Lakhs as no longer required/ payable.

[b] items of exceptional nature being reversal of provision of ' 185 Lakhs [Previous year : ' Nil] for earlier years in respect of loans given to subsidiary company as subsequently realised.

[iv] Includes items of exceptional nature:

[a] settlement of insurance claims of earlier years of ' 237 Lakhs [including interest of ' 106 Lakhs] [Previous year : ' Nil] pending realisation.

[b] settlement of other claims [mesne] Profits of ' 45 Lakhs [Previous year : ' Nil] subsequently realised.

[c] ' 52 Lakhs [Previous year : ' 45 Lakhs] gain on foreign exchnage fluctuation.

31. EARNINGS PER SHARE (EPS)

Basic EPS is calculated by dividing the net profit for the year attributable to equity shareholders by weighted average number of equity shares outstanding during the year. The weighted average number of equity shares outstanding during the year is adjusted for events such

as Bonus share, other than potential equity shares.

For the purpose of calculating the diluted EPS the net profit for the year attributable to equity shareholders and weighted average number of equity shares outstanding during the year are adjusted for the effects all dilutive potentenial equity shares.

(ii) Sales tax / VAT

[a] Demand of sales tax & penalty under Telangana VAT Act on account of VAT on royalty ' 103 Lakhs [Previous year : ' 103 Lakhs).

[b] Demand of sales Tax & penalty under Punjab VAT Act on account of input VAT credit denied on rice husk ' 220 Lakhs [Previous year : ' 220 Lakhs].

[c] Demand of sales tax under Haryana VAT Act on account of disallowance of credit of excess VAT deposited due to rate difference

' 40 Lakhs [Previous year : ' 40 Lakhs].

[d] Demand for disallowance of ITC on purchase of rice flour ' 108 Lakhs [Previous year : ' 108 Lakhs].

[e] Demand of sales tax under Ranchi VAT Act Assessment for FY 2015-16'65 Lakhs [Previous year : ' 65 Lakhs].

[f] Demand of sales tax under Ranchi VAT Act Assessment for FY 2016-17'8 Lakhs [Previous year : ' 8 Lakhs].

[g] Demand of sales tax under Dehradun VAT Act Assessment for FY 2016-17'71 Lakhs [Previous year : ' 71 Lakhs].

(iii) Employee state insurance/employee related

[a] Claim in respect of case filed by ESI Corporation ' 6 Lakhs [Previous year : ' 6 lakhs].

[b] Employees related claims ' 208 Lakhs [Previous year : ' 208 Lakhs].

(iv) Others

[a] Claim by Punjab Government in respect of amount paid to Mahalaxmi Sugar Mills pending before the 'The Court of Civil Judge [Senior Division ], Kapurthala' ' Nil [Previous year : ' 22 Lakhs].

[b] There are certain claims against the Company relating to usage of trade mark etc., which have not been acknowledged as debts. The quantum and outcome of such claims is not ascertainable at this stage.

[c] Includes ' 60 lakhs deposited pending completion of assessment in response to Notice of Demand u/s 1 00[1 ] Of NDMC ACT 1994.

(v) Income Tax Act, 1961

[a] Protective addition of ' 5657 Lakhs and substantive addition of ' 107 Lakhs made in the assessment proceedings u/s 153 A in earlier years [AY 2009-1 0 to AY 201 3-14] on account of excessive sales promotion expenses and alleged accommodation purchases respectively were deleted by CIT [A] [except sales promotion expenses of ' 77 Lakhs which was confirmed by CIT [A].] against which department has filed appeal[s] and company has filed cross objection to the confirmed addition before the ITAT which is pending for adjudication. For assessment year 2009-1 0 and 201 0-11, ITAT has dismissed the second appeal of Department regarding relief of sales promotion expenses of ' 2655 Lakhs. The company has strong legal reasons that appeal of the Department for remaining years will be dismissed and the company will get the remaining relief of ' 77 Lakhs.

[b] Assessment under section 147 in respect of assessment year 201 6-1 7 has been made by making certain disallowances/ addition of ' 445 Lakhs on account of late deposit of provident fund and alleged bogus purchases resulting in reduction of

carry forward of losses to the same extent. The Company have filed appeal before first appellate authority and has strong legal reasons to get relief.

[c] Rectification order U/ s 154 for AY 201 7-1 8 making total additions of ' 1012 Lakhs on account of disallowance of expenses u/ s 36[1 ] [va], 201 [1A]/206 C[7] and provision for obsolete inventory has been passed. The additions made by the Assessing officer purports to reduction of carry forward of losses without any current tax impact. Aggrieved by the disallowances made by the A.O. the assessee company have preferred an appeal before first appellate authority which is pending. The company expects substantial releif considering the legal position and past record.

(vi) The Company is contesting these above demands and the management, based on advise of its advisors, believes that its position will likely be upheld in the appellate process. No expense has been accrued in the standalone financial statements for these demands raised. The management believes that the ultimate outcome of these proceedings will not have a material adverse effect on the Company's financial position and results of operations. The Company does not expect any reimbursements in respect of the above contingent liabilities.

(vii) In addition, the Company is subject to legal proceedings and claims, which have arisen in the ordinary course of business. The Company's management reasonably does not expect that these legal actions, when ultimately concluded and determined, will have material effect on the Company's results of operations or financial condition.

(B) Defined benefit plans

The benefit of Gratuity is payable as per the Payment of Gratuity Act, 1972 or maximum gratuity payable under the said Act, which ever is lower. The benefit vests upon completion of five years of continuous service and once vested it is payable to employees on retirement or on termination of employment. In case of death while in service, the gratuity is payable irrespective of vesting. The gratuity benefits payable to the employees are based on the employee's service and last drawn salary at the time of leaving. The employees do not contribute towards this plan and the full cost of providing these benefits are met by the Company. The company does not have any funded plan.

The company's operating segments are established on the basis of those components of the group that are evaluated regularly by the chief operating officer (the 'Chief Operating Decision Maker' as define in Ind As 1 08 -'Operating Segments'), in deciding how to allocate resources and in assessing performance. These have been identified taking into account nature of products and services, the differing risks and returns and the internal business reporting systems. The CODM does not review assets and liabilities for each operating segment separately, hence segment disclosures relating to total assets and toal liabilities have not been furnished. The Company's business segments are as under:

Beverages: Segment includes manufacturing and supply of Bottled Indian Made Foreign Liquor, Country Liquor, Industrial Alcohol and licensing use of its IMFL brands.

Food: Segment includes manufacturing and supplies of food products and providing services for manufacture of food products.

Others: Segment includes trading of Petroleum products.

The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting.

Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as 'Unallocable'.

36. FAIR VALUE

Fair value measurement:

(i) All the financial assets and financial liabilities of the company are carried at amortised cost except investment. Investment in subsidiaries are carried at cost less impairment and other investments are carried at fair value.

(ii) The management assessed that the carrying values of trade and other receivables, deposit, cash and short term deposits, other assets, borrowings, trade and other payables reasonably approximate their fair values because these instruments have short-term maturities.

37. CAPITAL MANAGEMENT

The Company manages its capital to ensure that the Company will be able to continue as going concern while maximising the return to shareholders through the optimisation of the debt and equity. For the purpose of the Company's capital management, includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders.

The Company monitors capital using a gearing ratio, which is net debt divided by total capital. The Company includes within net debt, all noncurrent and current borrowings reduced by cash and cash equivalents. The Company manages its capital structure and makes adjustments in the light of changes in economic conditions and the requirements of the financials covenants. To maintain or adjust the capital structure,

the Company may adjust the dividend payments to shareholders, return capital to shareholders or issue new shares. The capital structure is monitored on the basis of net debt to equity and maturity profile of the overall debt portfolio of the Company.

In order to achieve this overall objective, the company's capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing borrowings that define capital structure requirements. The breaches in meeting the financial covenants would permit the bank to immediately call borrowings. There have been no breaches in the financial covenants of any interestbearing borrowings in the current year.

No significant changes were made in the objectives, policies or processes for managing capital during the years ended March 31,2023 and March 31,2022 except as stated in Note 14(v).

38. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company's principal financial liabilities comprise borrowings, security depsoits received, trade and other payables. The main purpose of these financial liabilities is to finance the company's operations. The company's principal financial assets include trade and other receivables, cash and cash equivalents and security deposits that are out of regular business operations.

The Company's activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk. In order to manage the aforementioned risks, the Company operates a risk management policy and a program that performs close monitoring of and responding to each risk factors. The company's senior management oversees the management of these risks.

(a) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument that will fluctuate be-cause of changes in market

prices. Market risk comprises of three types of risk i.e. interest rate risk, currency risk and other price risk, such as commodity risk. Financial instruments affected by market risk include borrowings, trade payables and trade receivables. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

i. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rate relates primarily to the company's borrowings with floating interest rates.

ii. Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in

foreign exchange rates. There does not seem to be any significant risk as transaction in foreign currency are not material.

As there is no significant foreign currency risk, sensitivity analysis showing impact on profit is not calculated.

iii. Commodity price risk

The Company is exposed to the risk of the price volatility of certain commodities raw materials. Its operating activities inter-alia comprise of manufacture of spirit alcohol/Liquor and malted food products and therefore require a continuous supply of Barley/Nakku/Husk/etc. The Company's Board of Directors have developed and enacted a risk management strategy regarding commodity price risk and its mitigation. The company's long standing relationships with most of the suppliers ensure steady availability of raw materials at competitive prices.

(b) Credit risk

Credit risk is the risk of loss that may arise on outstanding financial instruments if a counterparty defaults on its obligations. The Company's exposure to credit risk arises majorly from loan, advances, trade and other receivables. Other financial assets like security deposits and bank deposits are mostly with government authorities and nationalised banks and hence, the Company does not expect any credit risk with respect to these financial assets. Trade receivables includes approximately 16 % dues from state government corporations, where probability of default is remote. In respect of trade receivables from other than state government corporations, Company makes a provision for expected credit loss on the basis of simplified approach as prescribed under Ind AS 1 09 i.e.on expiry of three years or at the time of initiation of legal proceeding whichever is earlier. The Company management reviews trade receivables/ advances on periodic basis and take necessary mitigative measures, wherever required.

(c) Liquidity risk

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The Company's approach in managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions. The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of bank borrowings/ deposits received in the ordinary course of business.The

table below summarises the maturity profile of the Company's financial liabilities:

(i) During the year, revenue from operations registered a significant increase resulting in increase in profit before tax despite increase

in the cost of production. As a result, negative net worth of the company is reduced on account of the increase in the income. The Company's ability to continue as going concern is dependent upon the further increased revenue from operations, gross margin and reduction in finance cost. The management is hopeful of increasing the revenues further and improving gross/ net margins by

adopting the cost saving measures. Therefore, no material uncertainty exists on the company's ability to continue as a going concern.

(ii) In view of the brought forward losses/ unabsorbed depreciation/ book losses, no provision of Income Tax has been made during the year. In absence of virtual certaininy of future taxable profits, the Company has not recognised deferred tax assets during the year.

(iii) Previous year figures have been reclassified/regrouped to this year's classification wherever necessary to make them comparable with this year's classification.

42. RELEVANT ADDITIONAL REGULATORY INFORMATION: (OTHER THAN DISCLOSED IN THE RESPECTIVE NOTES)

(i) The operating cycle of the Company is assumed to be of twelve months in absence of clearly identifiable normal operating cycle and accordingly assets/ liabilities have been claissified as current/ non current.

(ii) No proceedings have been initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

(iii) The Company has not revalued its PPE (including ROU asset) and hence disclosure regarding basis of revaluation is not applicable.

(iv) The Company has not carried out any transactions with companies struck off under section 248 of the Companies Act 201 3 or under

section 560 of the Companies Act 1956.

(v) There is no charge or satisfaction of any charge which is not registered with ROC beyond the statutory period.

(vi) The Company has not granted any loans or advances in the nature of loans to promoters, directors, Key Managerial Person and the related parties except as stated in the note 6(i) and 8(iii) either severally or jointly with any other person which is either repayable on demand or

without specifying any terms or period of demand.

(vii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies act read with companies (restriction on number of layers) rules 2017.

(viii) The Company has not applied any accounting policy retrospectively or has made a restatement of items in Financial Statements.

(ix) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the intermediary shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries), or

b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(x) The Company have not received any funds from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries), or

b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

fxi) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

(xii) The Company does not have any such transaction which are not recorded in the books of account that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act,1961).

(xiii) Provisions of Sec 135 of the Companies Act 2013 are not applicable to the company.

(xiv) The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released draft rules for the Code on Social Security, 2020 and invited suggestions from stakeholders which are under consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are notified. The Company will give appropriate impact in its financial statements in the period in which, the code becomes effective and the related rules to determine the financial impact are published.