(J) Provisions

Provisions are recognized when the Company has a
present obligation [legal or constructive] as a result of a
past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the
amount of the obligation. Provisions are measured at the
best estimate of the expenditure required to settle the
present obligation at the Balance Sheet date.

If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the
liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a
finance cost.

Provisions are reviewed at each balance sheet date and
adjusted to reflect the current best estimate. If it is no
longer probable that the outflow of resources would be
required to settle the obligation, the provision is reversed.

(K) Employee benefits:

(i) Short term employee benefits

All employee benefits payable wholly within twelve
months of rendering the service are classified as
short term employee benefits. Benefits such as
salaries and performance incentives, are charged
to standalone statement of profit and loss on an
undiscounted, accrual basis during the period of
service rendered by the employees in the financial
year.

(ii) Defined contribution plan:

Contributions to defined contribution schemes such
as employees' state insurance, labour welfare fund,
superannuation scheme, employee pension scheme
etc. are charged as an expense based on the amount
of contribution required to be made as and when
services are rendered by the employees. The above
benefits are classified as Defined Contribution
Schemes as the Company has no further defined
obligations beyond the monthly contributions.

(iii) Defined benefit plans

Company has an obligation towards gratuity a defined
benefit retirement plan covering all employees. The
plan provides for a lumpsum payment to employees
at retirement/determination of service on the basis
of 15 days terminal salary for each completed year
of service subject to maximum amount of ' 20 Lacs.

Company's liability towards gratuity and
compensated absences is determined using the
projected unit credit method, with actuarial
valuations being carried out at the end of each annual
reporting period by independent actuary.
Remeasurement, comprising actuarial gains and
losses, the effect of the changes, is reflected
immediately in the balance sheet with a charge or
credit recognized in other comprehensive income
[OCI] in the period in which they occur.
Remeasurement recognized in the other
comprehensive income is reflected immediately in
retained earnings and is not reclassified to profit or
loss.

(L) Revenue recognition

Sale of products/services

Revenue from sale of goods is recognised when control
of the products being sold is transferred to our customer
and when there are no longer any unfulfilled obligations.
The Performance Obligations in our contracts are fulfilled
at the time of dispatch, delivery or upon formal customer
acceptance, depending on terms with customers.

Revenue is measured on the basis of contracted price,
after deduction of any trade discounts, volume rebates
and any taxes or duties collected on behalf of the
Government such as Goods and Services Tax, Value
Added Tax etc. Revenue is only recognised to the extent
that it is highly probable a significant reversal will not
occur.

Sales include goods sold by contract manufacturers unit
[CMU] on behalf of the Company, since risk and reward
belong to the Company in accordance with the terms of
the relevant contract manufacturing agreements, the
related cost of sales is also recognized by the Company,
as and when incurred by the CMU.

Sales through State Corporations: Revenue is recognized
at the time of dispatch/delivery to the Corporation as
significant risk & rewards associated with ownership are
transferred to the Corporation along with the transfer of
the property in goods. The Company has complete physical
control over the goods and the liquor manufacturer does
not have any right to take back or have lien on such goods.

Specific recognition criteria described below must also
be met before revenue is recognized.

[a] Interest Income is recorded on time proportion basis
using the effective rate of Interest [EIR].

[b] Rent: Rental Income is accounted on accrual basis.

[c] Interest on Income Tax refunds, Insurance claims,
Export benefits [Duty Drawback etc] and other
refunds are accounted for as and when amounts
receivable can be reasonably determined as being
acceptable to authorities.

[d] Royalty income is accounted on an accrual basis in
accordance with terms specified in the relevant
agreements.

[e] Income from franchisees business: The Company has
entered into supply agreement with a party. Under
the agreement, party manufacture at their own cost
under supervision of the company and sell the same
to retailers/corporation [Licensees] on behalf of the
Company. Revenue is recognised net of cost of goods
sold.

(M) Borrowing costs:

Borrowing costs directly attributable to the acquisition,
construction or production of a qualifying asset that
necessarily takes a substantial period of time to get ready
for its intended use or sale are capitalised as part of the
cost of the asset until such time as the assets are
substantially ready for their intended use or sale. Interest
income earned on the temporary investment of specific
borrowings pending their expenditure on qualifying assets
is deducted from the borrowing costs eligible for
capitalisation.

All other borrowing costs are expensed in the period in
which they occur. Borrowing costs consist of interest and
other costs that an entity incurs in connection with the
borrowing of funds. Borrowing cost also includes
exchange differences to the extent regarded as an
adjustment to the borrowing costs.

(N) Foreign currency transactions:

Foreign Currency Transactions involving export sales
import purchases are recorded in the reporting currency,
by applying to the foreign currency amount the exchange
rate between the reporting currency and the foreign
currency on the customs rate on the date of dispatch of
goods/ arrival of import consignments at custom port.
The difference between the rates recorded and the rates
on the date of actual realization/ payment is transferred
to difference in exchange fluctuation account. At the year
end, the balances are converted at the year end rate and
difference if any between the book balance and converted

amount are transferred to the exchange fluctuation
account. The premium or discount arising at the inception
of a forward exchange contract is amortized as expenses
/ income over the life of the contract. Any profit or loss
arising on cancellation or renewal of such a forward
contract is recognized as income / expenses for the
period. Non-monetary items that are measured in
historical cost in a foreign currency are not retranslated.

(O) Earning per share:

The Company presents basic and diluted earnings per
share [“EPS"] data for its equity shares.

Basic EPS is calculated by dividing the profit and loss
attributable to equity shareholders of the Company by the
weighted average number of equity shares outstanding
during the period.

Diluted EPS is determined by adjusting the profit and loss
attributable to equity shareholders and the weighted
average number of equity shares outstanding for the
effects of all dilutive potential equity shares. Dilutive
potential equity shares are deemed converted as of the
beginning of the period, unless issued at a later date.
Dilutive potential equity shares are determined
independently for each period presented.

(P) Segment reporting:

(i) Operating segment:

An operating segment is a component of the
Company that engages in business activities from
which it may earn revenues and incur expenses
[including revenues and expenses relating to
transactions with other components of the
Company], whose operating results are regularly
reviewed by the Company's chief operating decision
maker to make decisions about resources to be
allocated to the segment and assess its
performance, and for which discrete financial
information is available. Operating segments of the
Company are reported in a manner consistent with
the internal reporting provided to the chief operating
decision maker. The company is operating under
three segment i.e., “Liquor", “Food", “Distillery
[Ethanol]" and “Others" as per Ind AS-108 “Segment
Reporting" issued under section 133 of Companies
Act 2013 read with Companies [Indian Accounting
Standards] rules 2015.

(ii) Segment revenue and expenses:

Segment revenue and expenses are directly
attributable to segment. It does not include interest
income on inter-corporate deposits, interest expense
and income tax.

Revenue and expenses which relate to the Company
as a whole and are not allocable to segments on
reasonable basis have been included under
“unallocated revenue/expenses".

(Q) Contingent liabilities:

A contingent liability is a possible obligation that arises
from past events and whose existence will be confirmed
only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of
the Company; or a present obligation that arises from
past events but is not recognized because it is not
probable that an outflow of resources embodying
economic benefits will be required to settle the obligation;
or the amount of the obligation cannot be measured with
sufficient reliability. Therefore, in order to determine the
amount to be recognised as a liability or to be disclosed
as a contingent liability, in each case, is inherently
subjective, and needs careful evaluation and judgement
to be applied by the management.

In case of provision for litigations, the judgements involved
are with respect to the potential exposure of each litigation
and the likelihood and/or timing of cash outflows from
the company, and requires interpretation of laws and past
legal rulings. The Company does not recognize a
contingent liability but discloses its existence in the
standalone Ind AS financial statements.

(R) Share based payments

Employees [including senior executives] of the Company
receive remuneration in the form of share-based
payments in consideration of the services rendered.

Under the equity settled share based payment, the fair
value on the grant date is recognised as 'employee benefit

expenses' with a corresponding increase in other equity
[Share Based Payment outstanding account] over the
vesting period. The fair value of the options at the grant
date is calculated by an independent valuer. When the
options are exercised, the Company issues fresh equity
shares and when the options are lapsed, the company
transfers the balance into securities premium account
i.e within other equity.

(S) Use of key accounting estimates and judgements:

The preparation of financial statements requires
management to make estimates, judgements and
assumptions in the application of accounting policies that
affect the reported financial position and the reported
financial performance. Difference between the actual
results and estimates are recognised in the period in
which it is known/materialised. Continuous evaluation is
done on the estimation and judgements based on
historical experience and other factors, including
expectations of future events that are believed to be
reasonable. Revisions to accounting estimates are
recognised prospectively.

In particular, information about significant areas of
estimation, uncertainty and critical judgments in applying
accounting policies that have the most significant effect
on the carrying amounts of assets and liabilities within
the next financial year are included in the following notes:

[i] Property, Plant and Equipments - Note 3A

[ii] Measurement of defined benefit obligation - Note
32

[iii] Measurement and likelihood of occurrence of
provisions and contingencies - Note 31

Footnote(s):

[i] The Company has entered into fresh agreements during Financial year 2023-24 after cancelling the earlier agreement of FY 201 7¬
1 8 for development and disposal for a part of leasehold land of Glass division at Sahibabad due to discontinuity of operations. Further,
the company has entered into fresh agreement for development/ disposal of balance part of leasehold land of Glass division during
FY 2025-26. In pursuance of the said agreements as amended from time to time, the Company has received a partial consideration
of ' 9707 Lakhs towards part performance of the said agreements which is shown under current liability. The approval from UPSIDA
has been received for sub division of the plots. The revenue of the same will be recognized at the time of completion of development
and transfer/ sales of developed plots as per agreements.

(iv) Terms/ rights attached to equity shares

(a) 19072528 equity shares are having face value of ' 10/- per share. Each holder of such 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 Bank of New York Mellon, the Depository representing 12,60,500 Global Depository Receipts (GDRs) issued by
the Company in the year 1 996. These GDRs do not carry any voting rights till they are converted into equity shares and are
beneficially owned by Mr Karamjit Jasiwal pending transmission. and were beneficially owned by Late Mr. L.P. Jaiswal (NRI)
Promoter of the Company. Mr. L.P. Jaiswal expired on 11th August, 2005.

Mr. L. P. Jaiswal had bequeathed his Jersey Estate by way of Will in favour of his son Mr. Karamjit Jaiswal, which inter-alia
consisted his beneficial interest in the said GDRs representing 2,52,10,000 underlying equity shares of the Company. A Probate
petition was filed in the Hon'ble Delhi High Court and the Hon'ble Delhi High Court probated the Will on 12th April, 2019 in

favour of Mr. Karamjit Jaiswal.

Thereafter, an application was filed in the Hon'ble Royal Court of Jersey, for the Probate of the Will as the estate in question
was located in Jersey. The Hon'ble Royal Court of Jersey vide their order dated 20th June, 2023 has probated the Will in

favour of Mr. Karamjit Jaiswal and accordingly Mr. Karamjit Jaiswal has acquired the beneficial ownership of the said underlying
equity shares. Mr. Jaiswal has disclosed the acquisition of the beneficial interest in the said underlying equity shares to the

Company. Accordingly, the underlying shares are being disclosed as held by Mr. Karamjit Jaiswal, as per declarations made to
the Company. However, as per the records of the Company, the said underlying shares are held in the name of The Bank of New
York Mellon, the Depository as the conversion of GDRs into underlying shares and transmission in the name of Mr. Karamjit
Jaiswal is still pending.

(c) Represents 25,00,000 Equity Shares of ' 10/- each, fully paid up issued at a premium of ' 20/- per share, as a special series
shares with differential rights to dividend and voting, 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 . These shares are
held by the promoters and promoter group companies.

(d) The holders of 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.

(e) There are no equity shares, issued as bonus, for consideration other than cash or bought back during the period of five years

immediately preceding the reporting date.

Footnote(s):

(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 can 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 in accordance with the provisions of the Companies Act, 2013.

(ii) Securities premium

The amount received in excess of face value of the equity shares is recognised in securities premium. In case of equity settled share
based payment transactios, the difference between the fair value on the grant date and nominal value of shares is accounted as
security premium. In case of business acquistions, the difference between the fair value on the acquistion date and nominal value of
shares is accounted as security premium. The company may issue fully paid-up bonus shares to its members/ buy back of shares out
of balance lying in the securities premium account

(iii) General reserve

General reserve is created out of profit earned by the company by way of transfer from retained earnings. 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 ' 24,457 Lakhs (Previous year : ' 24,468 Lakhs) created on

first time adoption of Ind AS related to land situated at Hamira and Behror.

(v) Share option outstanding account

The reserve is used to recognise the grant date fair value of options issued to employee under employee stock option schemes and
adjusted on exercise/cancellation/forfeiture of options.

(vi) The disaggregation of changes in each type of reserves are disclosed in Statement of Changes in Equity.

(vii) There are no changes in equity share capital and other equity due to accounting policy changes or prior period errors.

30. EARNINGS PER SHARE (EPS)

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holder by weighted average number of equity
shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit for the year attributable to equity holder by weighted average number of equity
shares outstanding during the year plus weighted average number of equity shares that would be issued on conversion of all dilutive

potential equity shares in to equity shares.

(ii) Sales tax / VAT/ GST

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

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

[f] Demand of GST under GST Act assessment for FY 2019-20 & FY 2020-21 is ' 164 lakhs [Previous year : ' 164 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] 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.

[b] Claims by franchisee partner under arbitration :

- Pending before Retd Justice Sole Arbitrator : ' 192 Laks for damages [Previous year ' 192 Lakhs]

[c] Supplier cases under recovery cases : ' 41 lakhs [Previous year ' 41 lakhs]

(V) Income Tax Act, 1961

[a] Assessment under section 147 in respect of assessment year 2016-1 7 has been made by making certain disallowances/
addition of ' 445 Lakhs on account 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.

[b] 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 AO
purports to reduction of carry forward of Losses without any current tax impact. Aggrieved by the disallowance made by the
A.O the assessee company have preferred an appeal before first appellate authority which is pending. The company expects
substantial relief considering the legal position and past records.

(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.

(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.

Footnote(s) :

(i) Related parties have been identified by the management.

(ii) No amount has been written off / provided for or written back during the year in respect of amount receivable from or payable to
related parties.

(iii) Key Management Personnel remuneration does not include provision for gratuity and compensated absences which is determined
for the Company as whole on acturial basis.

(iv) Remuneration paid to KMP excludes expenses incurred in the course of performance of duty.

(v) There have been no guarantees provided to or received from related parties other than disclosed vide note 15

34. SEGMENT INFORMATION

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 defined in Ind As 108 -'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 Company's business segments are as under:

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

Food: Segment includes manufacturing and supplies of food products

Distillery: Segment includes manufacturing of Ethanol and Sales to Oil Marketing Companies (OMC)

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.

(a) 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'.

(b) The company's CODM does not review assets and liabilities for each operating segment separately, hence segment disclosures
relating to total assets and liabilities have not been furnished.

Footnote(s) :

(i) The company has not received 10% or more of its revenue from one customer.

(ii) Non-current operating assets represent property, plant and equipment and capital work-in-progress.

35. 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 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 majority of these instruments have
short-term maturities.

36. CAPITAL MANAGEMENT

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

The Company's management/ Board monitors capital using a gearing ratio, which is net debt divided by total capital. The Company includes
within net debt, all non-current and current borrowings reduced by cash and cash equivalents and other bank balances. 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 level of dividend payments to shareholders, return
excess capital to shareholders, issue new shares, or buy back 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.

37. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company's principal financial liabilities comprise borrowings, lease liabilities, security deposits 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 namely credit risk, liquidity risk and market risk and other risks. 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. 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.

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on borrowings affected. With
all other variables held constant, the Company's profit before tax is affected through the impact on floating rate borrowings, as
follows:

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 very few.

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

The Company is affected by the price volatility of certain commodities. Its operating activities require the ongoing purchase and
manufacture of spirit alcohol/Liquor/ethanol and manufacuring of 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 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. In respect to sales made to other than state government corporations, Company
provides 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 mitigation measures, wherever required.

(ii) Disclosure required pursuant to Ind AS 102 - Share based payment

The shareholders of the Company at the Annual General Meetings held on September 30, 2021 had approved the Employee Stock
Option Scheme (ESOP) 2021. As per the Scheme, the Company has granted 13,20,584 equity options up to March 31,2026

During the current year, the Company has not granted any stock option.

41. 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 carried out any transactions with companies struck off under section 248 of the Companies Act 201 3 or under
section 560 of the erstwhile Companies Act 1956.

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

(v) 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 Note no 33 either severally or jointly with any other person which is either repayable on demand
or without specifying any terms or period of demand.

(vi) 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.

(vii) Company has not applied any accounting policy retrospectively or has made a restatement of items in Financial statements

(viii) 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.

(ix) 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.

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

(xi) 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).

(xii) The accompanying financial statements have been prepared on a going concern basis despite continued losses from operations and negative
net worth which is reduced due to monitisation of surplus non-core assets during the year. The sale proceeds from the disposal of non core
assets has been utilized to repay high-cost bank borrowings aggregating ' 10,700 Lakhs, which results in reduction in finance costs in the

subsequent year. The sustainability of the Company's operation on long term basis is dependent upon continuous and stable operations of
the 200 KL per day Ethanol Plant, improvement in operational performance, including growth in revenue and enhancement of gross and net
margins of other operating segments. The Company is contemplating to infuse long term interest free funds through private equity placement
& sizeable promoter contribution besides further monetization of surplus assets to augment the working capital. Based on the above
measures and projected positive cash flows, management believes that the Company will be able to meet its obligations as and when they
fall due. Accordingly, the financial statements have been prepared on a going concern basis, and no material uncertainty exists in this
regard.

(xiii) On 21st November 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations
Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29

existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial
impact due to changes in regulations. There has been an impact of increase in employee benefits by ' 123 Lakhs in the gratuity and
compensated absences liability in financial statementsas at 31.03.2026 due to change in definition of wages.

(xiv) The Company has used accounting software for maintaining its books of account, which have a feature of recording audit trail (edit log)
facility and the same has operated throughout the year for all relevant transactions recorded in the respective software. Further, where the
audit trail (edit log) facility was enabled and operated, the audit trail feature has not been tampered with.