(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" and “Others" as
per Ind AS-1 08 “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 Equipment - 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) 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. It can be utilised for limited
purposes for issuance of bonus shares etc. in accordance with the provisions of the Companies Act, 2013.

(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 ' 24,468 Lakhs (Previous year : ' 24,479 Lakhs) 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 employees 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.

(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 for disallowance of ITC on purchase of rice flour ' Nil [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 Dehradun VAT Act Assessment for FY 2016-17'71 Lakhs [Previous year : ' 71 Lakhs]

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

(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 supplier under arbitration :

- Pending before Chattisgarh Commercial Court Raipur : ' Nil [ Previous Year ' 560 lakhs]

- 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] Protective addition of ' 3002 Lakhs and substantive addition of ' 107 Lakhs made in the assessment proceedings u/s 153
A in earlier years [AY 2011-12 to Ay 201 3-14] on account of excessive sales promotion expenses and alleged accommodation
purchases respectively. These additions [except disallowance sales promotion expenses of Rs 77 Lakhs] were deleted by CIT
[A].The department has filed appeal[s] and company filed cross objection before the ITAT which are pending for adjudication.
The company has strong legal reasons that appeal of the Department for remaining years will be dismissed and 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 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 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.

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 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 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'.

Footnote(s) :

(i) Food segment represents revenue from one customer who terminated the agreement during the current year [Previous year : one
customer].

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

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 cost 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.

36. 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 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 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 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 process for managing capital during the years ended March 31,2025 and
March 31,2024

37. 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. 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.

[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 of trade receivables from other than state government corporations,
the Company makes a provision for expected credit loss on the basis of simplified approach as prescribed under Ind AS 109 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:

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 2013 or under
section 560 of the 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 34 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).