Notes to Accounts of Orient Beverages Ltd.

Mar 31, 2024

(b) Terms/ rights attached to Equity Shares:

The Company has only one class of issued shares i.e. equity shares having a face value of " 10/- each. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in the proportion of their shareholdings.

As per records of the Company, including its register of shareholders / members as on March 31, 2024, the above shareholding represents legal ownership of shares.

e) The company has neither issued bonus shares not has bought back any shares during last 5 years.

f) No ordinary shares have been reserved for issue under options and contracts/ commitments for the sale of shares/ disinvestment as at the Balance Sheet date.

g) No securities convertible into Equity/ Preference shares have been issued by the Company during the year.

h) No calls are unpaid by any Director or Officer of the Company during the year.

Nature and purpose of other serves

(i) Securities Premium Reserve

Securities premium reserve represents premium received on issue of shares. The reserve is utilised in accordance with the provisions of the Companies Act, 2013.

ii) General Reserve

Under the erstwhile Companies Act 1956, a general reserve was created through an annual transfer of net profit at a specified percentage in accordance with applicable regulations. Consequent to the introduction of the Companies Act, 2013 the requirement to mandatory transfer a specified percentage of net profit to general reserve has been withdrawn.

iii) Retained Earnings

This reserve represents the net profit of company. This reserve can be utilised in accordance with the provisions of Companies Act, 2013 .

Note 16(1) : Term Loans from Banks (Secured) includes:

(a) " 50,000 thousand (Previous year " Nil) from HDFC Bank Ltd. is secured by mortgage of immovable property of the Company situated

at 225C, A. J. C. Bose Road, Kolkata up to " 20,0000 thousand plus outstanding interest and other charges. The loan is repayable in 120 installments and carries rate of interest of 9.50 % p.a. (Floating). Last installment is payable in March, 2034

(b) " Nil (Previous year " 8,354 thousand) from HDFC Bank Ltd. was secured by mortgage of immovable property of the Company

situated at Sankrail Industrail Park, Sankrail, Howrah up to " 20,000 thousand plus outstanding interest and other charges. The loan was repayable in 54 installments and carries rate of interest of 8.95 % p.a. (Floating). Repaid in full in May, 2023.

(c) " Nil (Previous year " 46,996 thousand ) from ICICI Bank Ltd. was secured by mortgage of leasehold immovable property of the

Company situated at Premises no. 225C, A. J. C. Bose Road, Kolkata - 700020 up to " 60,000 thousand plus outstanding interest and

other charges. The loan was repayable in 36 installments and carries rate of interest of 9.75 % p.a. (Floating). Repaid in full in March, 2024.

(d) " Nil (Previous year " 16,232 thousand) from ICICI Bank Ltd. was secured by mortgage of immovable leasehold property of the Company situated at Premises no. 225C, A. J. C. Bose Road, 2nd Floor, Kolkata - 700020 up to " 17,000 thousand plus outstanding interest and other charges. The loan was repayable in 72 installments and carries rate of interest of 9.30 % p.a. (Floating). Repaid in full in March, 2024.

(e) " Nil (Previous year " 43,713 thousand ) from Union Bank of India in the nature of Term Loan was secured by mortgage of immovable property of the Company situated at 21, Pramatha Choudhury Sarani, Kolkata. The loan was repayable in 360 installments and carries rate of interest of 9.25% p.a. (Floating). Repaid in full in September, 2023.

(f) " Nil (Previous year " 27,017 thousand) from Union Bank of India in the nature of Home Loan was secured by mortgage of immovable property of the Company situated at 21, Pramatha Choudhury Sarani, Kolkata. The loan was repayable in 162 installments and carries rate of interest of 6.80% p.a. (Floating). Repaid in full in September, 2023.

Note - Loans from HDFC Bank Ltd. and Kotak Mahindra Bank Ltd. are secured by hypothecation of vehicles and machinaries

financed by them. Loan from Punjab National Bank and State Bank of India is secured by lien on Fixed Deposit with them.

Different rates of interest are payable against different agreements. The rate given above is the highest rate for respective

Bank.

Note 16(3): Loans from entities other than Banks (secured) includes:

(a) " 1,261 thousand (Previous year " 4,973 thousand) from Aditya Birla Finance Ltd. is secured by mortgage of immovable property of the Company situated at NH- 6, Mumbai Highway, Salap More, Howrah and personal guarantee of two Directors of the Company. The loan is repayable in 89 installments and carries rate of interest of

12.70 % p.a. (Floating). Last installment is payable on 1st July, 2024.

(b) " 18,153 thousand (Previous year " 20,224 thousand) from Aditya Birla Finance Ltd. is secured by mortgage of immovable property of the Company situated at NH- 6, Mumbai Highway, Salap More, Howrah and personal guarantee of two Directors of the Company. The loan is repayable in 136 installments and carries rate of interest of

12.70 % p.a. (Floating). Last installment is payable on 1st August, 2029.

(c) " 5,826 thousand (Previous year " 6,485 thousand) from Aditya Birla Finance Ltd. is secured by mortgage of immovable property of the Company situated at NH- 6, Mumbai Highway, Salap More, Howrah and personal guarantee of two Directors of the Company. The loan is repayable in 126 installments and carries rate of interest of 12.70 % p.a. (Floating). Last installment is payable on 1st September, 2029.

(d) " 6,121 thousand (Previous year " 6,582 thousand) from Aditya Birla Finance Ltd. is secured by mortgage of immovable property of the Company situated at NH- 6, Mumbai Highway, Salap More, Howrah. The loan is repayable in 126 installments and carries rate of interest of 12.70% p.a. (Floating). Last installment is payable on 1st July, 2030.

(e) " 1,134 thousand (Previous year " 2,253 thousand) from Aditya Birla Finance Ltd. is an additional loan against original loan of " 5 Crore granted under EMI moratorium scheme as Covid-19 relief package The loan is repayable in 47 installments and carries rate of interest of 12.70 % p.a. (Floating). Last installment is payable on 1st May, 2024.

(f) " 1,404 thousand (Previous year " 1,404 thousand) from Aditya Birla Finance Ltd. is an additional loan against original loan of " 2 Crore granted under EMI moratorium scheme as Covid-19 relief package The loan is repayable in 52 installments and carries rate of interest of 12.70 % p.a. (Floating). Last installment is payable on 1st October, 2024.

(g) " 1,573 thousand (Previous year " 1,573 thousand) from Aditya Birla Finance Ltd. is an additional loan against original loan of " 2.80 Crore granted under EMI moratorium scheme as Covid-19 relief package. The loan is repayable in 112 installments and carries rate of interest of 12.70 % p.a. (Floating). Last installment is payable on 1st October, 2029.

(h) " 500 thousand (Previous year " 500 thousand) from Aditya Birla Finance Ltd. is an additional loan against original loan of " 86 Lakh granted under EMI moratorium scheme as Covid-19 relief package. The loan is repayable in 110 installments and carries rate of interest of 12.70 % p.a. (Floating). Last installment is payable on 1st August, 2029.

(i) " 468 thousand (Previous year " 468 thousand) from Aditya Birla Finance Ltd. is an additional loan against original loan of " 80 Lakh granted under EMI moratorium scheme as Covid-19 relief package.The loan is repayable in 120 installments and carries rate of interest of 12.70 % p.a. (Floating). Last installment is payable on 1st June, 2030.

(j) " Nil (Previous year " 3,709 thousand) from Aditya Birla Finance Ltd. was secured by mortgage of immovable property of the Company situated at NH- 6, Mumbai Highway, Salap More, Howrah. The loan was repayable in 38 installments and carries rate of interest of 12.70% p.a. (Floating). Last installment paid on 5th October, 2023.

(k) " 8,067 thousand (Previous year " 8,800 thousand) from Aditya Birla Finance Ltd. is secured by mortgage of immovable property of the Company situated at Mouza Salap, Domjur, Howrah. The loan is repayable in 61 installments and carries rate of interest of 11.70 % p.a. (Floating). Last installment is payable on 5th December, 2026.

(l) " 9,264 thousand (Previous year " 9,653 thousand) from Aditya Birla Finance Ltd. is secured by mortgage of immovable property of the Company situated at Mouza Salap, Domjur, Howrah and immovable property of M/s Esenzzaro Beverages Pvt. Ltd., a related party, situated at Madhyamgram, North 24 Parganas, West Bengal. The loan is repayable in 134 installments and carries rate of interest of 13.60 % p.a. (Floating). Last installment is payable on 15th August, 2033.

(m) " 195 thousand (Previous year " 427 thousand) from Tata Capital Financial Services Ltd. is secured by hypothecation of certain machinery financed by them. The loan is repayable in 54 installments and carries rate of interest of 14.80 % p.a. (Floating) Last installment is payable on 5th December, 2024.

(n) " 7,043 thousand (Previous year " 8,880 thousand) from Tata Capital Financial Services Ltd. is secured by hypothecation of certain machineries financed by them . The loan is repayable in 60 installments and carries rate of interest of 11.25 % p.a. Last installment is payable on 10th February, 2028.

(o) " 54,582 thousand (Previous year " Nil) from Tata Capital Financial Services Ltd. is secured by mortgage of immovable property of the Company situated at Mouza - Bhagabatipur, Sankrail, Howrah. The loan is repayable in 60 installments and carries rate of interest of 11.25 % p.a. Last installment is payable on 1thJune, 2028.

Note 16(4): Loans from Banks (unsecured) includes:

(a) " 93 thousand (Previous year " 303 thousand) from IDFC First Bank Ltd. The loan is repayable in 48 installments and carries rate of interest of 9.25 % p.a. Last installment is payable on 2nd August, 2024.

(b) " Nil (Previous year " 1,374 thousand) from IDFC First Bank Ltd. The loan was repayable in 36 installments and carries rate of interest of 15.00 % p.a. Last installment paid on 2nd October, 2023.

Note : 35

Segment Reporting

The Company has disclosed segment information in the Consolidated Financial Statements which are presented in the same Financial Report. Accordingly, in terms of Paragraph 4 of Ind-AS 108 ‘Operating Segments’, no disclosures related to segments are presented in these Standalone Financial Statements.

Valuation techniques and key inputs:

Level 1: The value of Mutual Funds is based on market price (NAV).

Level 2: At present the Company has no such Financial Assets or Financial Liabilities which are required to be measured by this level of hierarchy.

Level 3: For investments in Equity Instruments, cost has been considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s financial risk management policy is set by the Board of Directors.

Market Risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings. The Company manages market risk through a finance department, which evaluates and exercises independent control over the entire process of market risk management. The finance department recommends risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures, borrowing strategies, and ensuring compliance with market risk limits and policies.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the Company’s position with regards to interest income and interest expenses and to manage the interest rate risk, finance department performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

The company is not exposed to significant interest rate risk as at the respective reporting dates.

Foreign Currency Risk

The Company operates only in India and does not import or export of any goods or capital items to/from outside India. Consequently the Company is not exposed to foreign exchange risk.

Credit Risk

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forward-looking information such as :

(i) Actual or expected significant adverse changes in business.

(ii) Actual or expected significant changes in the operating results of the counterparty.

(iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations.

(iv) Significant increase in credit risk on other financial instruments of the same counterparty.

(v) Significant changes in the value of the collateral supporting the obligation or in the quality of third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. The Company categorises a loan or receivable for write off when a debtor fails to make contractual payments greater than 2 years past due. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss.

Liquidity Risk

Liquidity risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at a reasonable price. The Company''s finance department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the company''s net liquidity position through rolling forecasts on the basis of expected cash flows.

Maturity profile of Financial Liabilities

The table below provides details regarding the remaining contractual maturities of significant financial liabilities at the reporting date based on contractual undiscounted payments.

Capital Management

For the purposes of the Company’s Capital Management, capital includes issued capital and all other equity reserves. The primary objective of the Company’s Capital Management is to maximize shareholder value. The company determines the capital management requirement based on annual operating plans and long-term and other strategic investment plans. The funding requirements are met through optimum mix of borrowed and own funds.

Note 40: Contingent Liabilities and Commitments (To the extent not provided for)		(" in Thousand)
Particulars	As at	As at
	31st March, 2024	31st March, 2023
(i) Contingent liabilities
Liabilities disputed
Income Tax demand in dispute and under
Appeal before CIT(A) for the A.Y. 2018-19	6,403	6,403
Income Tax demand in dispute and under
Appeal before CIT(A) for the A.Y. 2020-21	560	560
(ii) Commitments
(a) Estimated amount of contracts remaining to be
executed on Capital account	75,596	73,175
(b) Advances paid against Contracts at (a) above	59,991	63,163

Note 40(i):

The Income Tax demand in respect of Assessment year 2018-19 and 2020-21 for " 6,403 thousand and " 560 thousand respectively has been disputed by the Company in full and the same are pending before the CIT (Appeals). The Company is confident that it will get full relief on disposal of appeal(s). The demand, being contingent in nature, has not provided for in the books.

Note 41:

As per Scheme of Amalgamation M/s Jaypee Estates Pvt. Ltd. And M/s Avni Estates Pvt. Ltd. have merged with the Company w.e.f. 01.04.2003 with all assets and liabilities including charges, liens, mortgages, interest, appeal etc. vide Order(s) dated 26.08.2002 and 14.10.2004 passed by the Hon''ble High Court at Calcutta. The Company is to issue 1133 Equity Shares of " 10/- each fully paid up to the erstwhile shareholders of amalgamating Companies as purchase consideration.

The Company has sold 3,11,000 Equity Shares of " 10/- each i.e. 45% (approx.) of its shareholding in M/s Satyanarayan Rice Mill Pvt. Ltd. (SRMPL) on 1st April, 2023. As a result the status of SRMPL changed from a wholly owned subsidiary to a subsidiary of M/s Orient Beverages Limited (OBL).The Company has further sold 2,76,550 Equity Shares of " 10/- each i.e. 40% (approx.) of its shareholding in SRMPL on 1st April, 2024, so SRMPL is no more a subsidiary of OBL with effect from 1st April, 2024.

Note 43:

Financial Statements of M/s Sharad Quench Pvt. Ltd. (SQPL), a wholly owned subsidiary and M/s Satyanarayan Rice Mill Pvt. Ltd. (SRMPL), a subsidiary of the Company, for the financial year 2023-24 has been duly consolidated with that of the Company, as required by the provisions of the Section 129 of the Companies Act, 2013. SQPL and SRMPL are engaged in the manufacture of packaged drinking water.

Note 44:

Land of the Company at Kankulia measuring 5 (five) Bighas and 1 (one) Cottah was acquired by the West Bengal Government under the provisions of the West Bengal Land ( Requisition and Acquisition) Act, 1948. The compensation so far received, net of cost, has already been taken as Income in the books. The Company has further received a sum of " 768 thousand as balance compensation during the year and same has taken as Income.

Note 45:

Amount due and outstanding to be credited to the Investor Education and Protection Fund " NIL (Previous year " Nil)

Note 46:

The Company has provided security on behalf M/s Esenzzaro Beverages Pvt. Ltd. (EBPL) by extending charge on its Industrial Property situated at NH-6, Mumbai Highway, Salap, Howrah in favour of M/s Aditya Birla Finance Ltd. (ABFL) to the extent of " 39,000 thousand as on 31.03.2024. Further the Company is also giving loan/ advance, from time to time, to said EBPL to meet its fund requirements. The Company has given loan/ advance of " 44,665 thousand to EBPL as on 31.03.2024. EBPL is working as contract packer of the Company and getting the goods manufactured by the said EBPL on the agreed terms and conditions will benefit the Company. Some Directors of the Company are Directors and/ or members in the said EBPL, hence may be deemed to be an interested party.

Note 47:

The Company has become Co-Guarantor on behalf of M/s. Satyanarayan Rice Mill Pvt. Ltd. (SRMPL), subsidiary of the Company, for loan/financial assistance of " 35,000 thousand obtained by the said subsidiary from M/s. Aditya Birla Finance Ltd.

The Company is also giving loan/advance to SRMPL, from time to time, to meet its fund requirements. The Company has given loan of " 12,522 thousand to the said SRMPL as on 31.03.2024. SRMPL is working as contract packer of the Company and getting the goods manufactured by the said SRMPL on the agreed terms and conditions will benefit the Company. Some Directors of the Company are Directors and/ or members in the said SRMPL, hence may be deemed to be an interested party.

Note 48:

As required by the Rule 3 of The Companies (Accounts) Rules, 2014, the company has implemented a feature of recording audit trail (edit log) of each and every transaction, in the accounting software used by it for maintaining books of account, with effect from the dates listed below for its various divisions. Edit log feature has been maintained through out the financial year.

No Income Tax is payable by the Company for the Assessment Year 2024-25 as per computation made based on provisions of the Income Tax Act, 1961, so no provision has been made for Current Tax in the Financial Year 2023-24.

Note 50:

Amount due to micro and small enterprises as defined in the " The Micro, Small and Medium Enterprises Development Act, 2006" has been determined to the extent such parties have been identified on the basis of information available with the company.The disclosures relating to micro and small enterprises is as below:

(II) Disclosure in relation to undisclosed income:

The Company does not have any such transaction which is not recorded in the books of account that has been surrendered or disclosed as income during the current and previous financial years 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).

(III) Details of Benami Property held

The Company does not have any Benami Property. Further, there are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

(V) Details of Crypto Currency or Virtual Currency

The Company have not traded or invested in Crypto Currency or Virtual Currency during the Current and previous financial year.

(VI) Utilization of Borrowed Fund and Share Premium

(a) The Company have not advanced or loaned or invested funds to any other persons(s) or entity(ies), including foreign entities (intermediaries) with the understanding that the intermediary shall;(a)directly or indirectly lend or invest in other person 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 Ultimate Beneficiaries.

(b) The Company have not received any fund from any other persons(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 person 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 Ultimate Beneficiaries.

(VII) Disclosure for no wilful default

The Company has not been declared as a wilful defaulter by any bank or financial institution or government or any government authority.

(VIII) Compliance with number of layers of Companies

The Company has complied with the number of layers prescribed under Section 2(87) of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

Note 53:

Previous year''s figures have been re-arranged/ re-grouped, wherever found necessary.

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Mar 31, 2023

j. Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. If the effect of the time value of money is material, provisions are discounted. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.

k. Income Tax

(i) Current Income Tax

Current Income Tax is measured at the amount expected to be paid to the tax authorities in accordance with provisions of Income Tax Act, 1961.

(ii) Deferred Tax

Deferred tax is provided using the balance sheet approach on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. The tax rates and tax laws used to compute the tax are those that are enacted or substantively enacted at the reporting date. Current income tax/deferred tax relating to items recognised directly in equity is recognised in equity and not in the Statement of Profit and Loss.

l. Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts stated net of discounts, GST, other taxes and returns. The Company recognises revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Company’s activities, as described below. The Company bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

(i) Sale of goods and services

Sales are recognised when the significant risks and rewards of ownership in the goods are transferred to the buyer as per the terms of contract, which generally coincides with the delivery of the product. Income and fees from services are accounted as per terms of relevant contractual agreements /arrangements. The products are often sold with sales related discounts such as volume discounts, customer rebates, trade support and listing costs and consumer promotional activities as billed by customers. Sales are recorded based on the price specified in the sales contracts, net of the estimated discounts/rebates and returns at the time of sale. Accumulated experience is used to estimate and provide for the discounts and returns.

(ii) Rental Income

Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government.

(iii) Interest Income and Dividend Income

Interest income is recognised using the effective interest method. Dividend income is recognised when the right to receive payment is established.

m. Leases

In view of the implementation of Ind As 116, from 1 April 2019, leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the company. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the fixed payments (including in-substance fixed payments) and variable lease payment, if any, that are based on an index or a rate, initially measured using the index or rate as at the commencement date.

The lease payments are discounted using the interest rate implicit in the lease. If the rate cannot be readily determined, which is generally the case for leases in the company, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

To determine the incremental borrowing rate, the company:

a) Where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received.

b) Uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the company, which does not have recent third-party financing, and

c) Makes adjustments specific to the lease, e.g. term, country, currency and security.

Lease payments are allocated between principal and finance cost. The finance cost is charged to the statement of profit and loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right of use assets are measured at cost comprising the following:

a) the amount of the initial measurement of lease liability,

b) any lease payments made at or before the commencement date less any lease incentive received, and

c) any initial direct costs

Right-of-use assets are generally depreciated over the asset’s useful life and the lease term on a straight-line basis. If the company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life.

Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as an expense in the statement of profit and loss. Short-term leases are leases with a lease term of 12 months or less.

The Company as Lessor

The Company classifies leases as either operating or finance lease. A lease is classified as a financial lease if the Company transfers substantially all the risks and rewards incidental to ownership of the Asset to the lessee, and classifies it as an operating lease otherwise.

n. Borrowing Costs

Borrowing costs consist of interest, ancillary and other costs that the Company incurs in connection with the borrowing of funds and interest relating to other financial liabilities. Borrowing costs also include exchange differences to the extent regarded as an adjustment to the borrowing costs. Borrowing costs directly attributable to the acquisition, construction or production of an 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. All other borrowing costs are expensed in the period in which they occur.

o. Exceptional Items

Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the Company. These are material items of income or expense that have to be shown separately due to their nature or incidence.

p. Earnings per share

The Company presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares.

q. Segment Reporting

Segments are identified based on the manner in which the Company’s Chief Operating Decision Maker (CODM) reviews performance. Segment results that are reported to the CODM include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment and intangible assets other than goodwill. “Unallocated Corporate Expenses” include revenue and expenses that relate to initiatives/costs attributable to the enterprise as a whole and are not attributable to segments.

r. Contingent Assets and Contingent Liabilities

Contingent liabilities exist when there is a possible obligation arising from past events, the existence obligation arising from past events, the existence 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 where it is either not probable that an outflow of resources will be required or the amount cannot be reliably estimated. Contingent liabilities are appropriately disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.

Contingent assets are not recognised in financial statements since this may result in the recognition of income that may never be realised. However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and is recognised.

s. Cash and cash equivalents

Cash and cash equivalents for the purpose of presentation in the statement of cash flow, comprises of cash at bank, in hand, bank overdrafts and short term highly liquid investments/bank deposits with an original maturity of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

t. Events after the reporting period

Adjusting events are events that provide further evidence of conditions that existed at the end of the reporting period. The financial statements are adjusted for such events before authorisation for issue. Non-adjusting events are events that are indicative of conditions that arose after the end of the reporting period. Non-adjusting events after the reporting date are not accounted, but disclosed.

u. Key accounting judgement, estimates and assumptions

The preparation of the financial statements requires management to exercise judgment and to make estimates and assumptions. These estimates and associated assumptions are based on historical experiences and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised if the revision affect only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The areas involving critical estimates or judgements are:

1. Depreciation

Depreciation is based on management’s estimate of the future useful lives of the Property, Plant and Equipments and Investment Properties. Estimates may change due to technological developments, competition, changes in market conditions and other factors and may result in changes in the estimated useful life and in the depreciation and amortisation charges.

2. Employee Benefits

The present value of the defined benefit obligations depends on a number of factors that are determined on an actuarial basis using various assumptions. One of the critical assumptions used in determining the net cost (income) for these obligations include the discount rate. Any changes in these assumptions will impact the carrying amount of retirement benefit obligations.

3. Fair Value of Financial Instruments

All financial instruments are required to be fair valued as at the balance sheet date, as provided in Ind-AS 109 and 113.

Being a critical estimate, judgement is exercised to determine the carrying values. The fair value of financial instruments that are unlisted and not traded in an active market is determined at fair values assessed based on recent transactions entered into with third parties, based on valuation done by external appraisers etc., as applicable.

(a) " 4,973 thousand (Previous year " 25,519 thousand) from Aditya Birla Finance Ltd. is secured by mortgage of immovable property of the Company situated at NH- 6, Mumbai Highway, Salap More, Howrah and personal guarantee of two Directors of the Company. The loan is repayable in 89 installments and carries rate of interest of 15.25 % p.a. (Floating). Last installment is payable on 1st July, 2024.

(b) " 20,224 thousand (Previous year " 22,010 thousand) from Aditya Birla Finance Ltd. is secured by mortgage of immovable property of the Company situated at NH- 6, Mumbai Highway, Salap More, Howrah and personal guarantee of two Directors of the Company. The loan is repayable in 144 installments and carries rate of interest of 15.00 % p.a. (Floating). Last installment is payable on 1st April, 2030.

(c) " 6,485 thousand (Previous year " 7,067 thousand) from Aditya Birla Finance Ltd. is secured by mortgage of immovable property of the Company situated at NH- 6, Mumbai Highway, Salap More, Howrah and personal guarantee of two Directors of the Company. The loan is repayable in 132 installments and carries rate of interest of 14.65 % p.a. (Floating). Last installment is payable on 1st March, 2030.

(d) " 6,582 thousand (Previous year " 6,981 thousand) from Aditya Birla Finance Ltd. is secured by mortgage of immovable property of the Company situated at NH- 6, Mumbai Highway, Salap More, Howrah. The loan is repayable in 135 installments and carries rate of interest of 14.65% p.a. (Floating). Last installment is payable on 1st April, 2031.

(e) " 3,657 thousand (Previous year " 4,957 thousand) from Aditya Birla Finance Ltd. is an additional loan against original loan of " 7 Crore granted under EMI moratorium scheme as Covid-19 relief package The loan is repayable in 53 installments and carries rate of interest of 15.50 % p.a. (Floating). Last installment is payable on 1st November, 2024.

(f) " 1,573 thousand (Previous year " 1,573 thousand) from Aditya Birla Finance Ltd. is an additional loan against original loan of " 2.80 Crore granted under EMI moratorium scheme as Covid-19 relief package. The loan is repayable in 112 installments and carries rate of interest of 15.00 % p.a. (Floating). Last installment is payable on 1st October, 2029.

(g) " 500 thousand (Previous year " 500 thousand) from Aditya Birla Finance Ltd. is an additional loan against original loan of " 86 Lakh granted under EMI moratorium scheme as Covid-19 relief package. The loan is repayable in 110 installments and carries rate of interest of 14.65 % p.a. (Floating). Last installment is payable on 1st August, 2029.

(h) " 468 thousand (Previous year " 468 thousand) from Aditya Birla Finance Ltd. is an additional loan against original loan of " 80 Lakh granted under EMI moratorium scheme as Covid-19 relief package.The loan is repayable in 120 installments and carries rate of interest of 14.65 % p.a. (Floating). Last installment is payable on 1st June, 2030.

(a) " Nil (Previous year " 1,617 thousand) from ICICI Bank Ltd. The loan is repayable in 24 installments and carries rate of interest of 15.00 % p.a. Last installment was payable on 5th October, 2022.

(b) " 303 thousand (Previous year " 494 thousand) from IDFC First Bank Ltd. The loan is repayable in 48 installments and carries rate of interest of 9.25 % p.a. Last installment is payable on 2nd August, 2024.

(c) " 1,374 thousand (Previous year " 3,455 thousand) from IDFC First Bank Ltd. The loan is repayable in 36 installments and carries rate of interest of 15.00 % p.a. Last installment is payable on 2nd October, 2023.

Note : 35

Segment Reporting

The Company has disclosed segment information in the Consolidated Financial Statements which are presented in the same Financial Report. Accordingly, in terms of Paragraph 4 of Ind-AS 108 ‘Operating Segments’, no disclosure related to segments are presented in these Standalone Financial Statements.

Note : 36

Related Party disclosures: i) Key Management Personnel:

Sri N. K. Poddar Chairman

Sri Akshat Poddar Managing Director

Sri B. D. Mundhra Executive Director

Sri A. K. Singhania Chief Financial Officer

Sri Jiyut Prasad Company Secretary

Financial Instruments

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

Fair value of cash and short-term deposits, trade and other short term receivables, other current liabilities, short term loans from banks and other financial instruments approximate their carrying amounts largely due to the short-term maturities of these instruments.

Financial instruments with fixed and variable interest rates are evaluated by the company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken into account for the expected losses of these receivables, if any.

The company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2: Other techniques for which all inputs have a significant effect on the recorded value are observable, either directly or indirectly

Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data

Valuation techniques and key inputs:

Level 1: The value of Mutual Funds is based on market price (NAV).

Level 2: At present the Company has no such Financial Assets or Financial Liabilities which are required to be measured by this level of hierarchy.

Level 3: For investments in Equity Instruments, cost has been considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s financial risk management policy is set by the Board of Directors.

Market Risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings. The Company manages market risk through a finance department, which evaluates and exercises independent control over the entire process of market risk management. The finance department recommends risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures, borrowing strategies, and ensuring compliance with market risk limits and policies.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the Company’s position with regards to interest income and interest expenses and to manage the interest rate risk, finance department performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

The company is not exposed to significant interest rate risk as at the respective reporting dates.

Foreign Currency Risk

The Company operates only in India and does not import or export of any goods or capital items to/from outside India. Consequently the Company is not exposed to foreign exchange risk.

Credit Risk

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forward-looking information such as :

(i) Actual or expected significant adverse changes in business.

(ii) Actual or expected significant changes in the operating results of the counterparty.

(iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations.

(iv) Significant increase in credit risk on other financial instruments of the same counterparty.

(v) Significant changes in the value of the collateral supporting the obligation or in the quality of third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. The Company categorises a loan or receivable for write off when a debtor fails to make contractual payments greater than 2 years past due. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss.

Liquidity Risk

Liquidity risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at a reasonable price. The Company''s finance department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the company''s net liquidity position through rolling forecasts on the basis of expected cash flows.

Capital Management

For the purposes of the Company’s Capital Management, capital includes issued capital and all other equity reserves. The primary objective of the Company’s Capital Management is to maximize shareholder value. The company determines the capital management requirement based on annual operating plans and long-term and other strategic investment plans. The funding requirements are met through optimum mix of borrowed and own funds.

Note 41:

As per Scheme of Amalgamation M/s Jaypee Estates Pvt. Ltd. And M/s Avni Estates Pvt. Ltd. have merged with the Company w.e.f. 01.04.2003 with all assets and liabilities including charges, liens, mortgages, interest, appeal etc. vide Order(s) dated 26.08.2002 and 14.10.2004 passed by the Hon''ble High Court at Calcutta. The Company is to issue 1133 Equity Shares of " 10/- each fully paid up to the erstwhile shareholders of amalgamating Companies as purchase consideration.

Note 42:

Financial Statements of M/s Sharad Quench Pvt. Ltd. (SQPL) and M/s Satyanarayan Rice Mill Pvt. Ltd. (SRMPL), wholly owned subsidiaries of the Company, for the financial year 2022-23 has been duly consolidated with that of the Company, as required by the provisions of the Section 129 of the Companies Act, 2013. SQPL and SRMPL are engaged in the manufacture of packaged drinking water.

Note 43:

Some of the tenants have deposited rent in the Rent Control Account and the Company is withdrawing the amount there from time to time.

Note 44:

Land of the Company at Kankulia measuring 5 (five) Bighas and 1 (one) Cottah was acquired by the West Bengal Government under the provisions of the West Bengal Land (Requisition and Acquisition) Act, 1948. Compensation so far received, net of cost, has already been taken as Income. In case the Company gets any further compensation the same shall be adjusted in the year of receipt.

Note 45 :

Amount due and outstanding to be credited to the Investor Education and Protection Fund " Nil (Previous Year " Nil).

Note 46:

The Company has provided security on behalf M/s Esenzzaro Beverages Pvt. Ltd. (EBPL) by extending charge on its Industrial Property situated at NH-6, Mumbai Highway, Salap, Howrah in favour of M/s Aditya Birla Finance Ltd. (ABFL) to the extent of " 39,000 thousand as on 31.03.2023. Further the Company is also giving loan/ advance to said EBPL to meet its fund requirements. The Company has given loan/ advance of "36,006 thousand to EBPL as on 31.03.2023. EBPL is working as contract packer of the Company and getting the goods manufactured by the said EBPL on the agreed terms and conditions will benefit the Company. Some Directors of the Company are Directors and/ or members in the said EBPL, hence may be deemed to be an interested party.

Note 47:

The Company has become Co-Guarantor on behalf M/s Satyanarayan Rice Mill Pvt. Ltd. (SRMPL), a subsidiary Company, for loan/ financial assistance of " 35,000 thousand obtained by said subsidiary from M/s Aditya Birla Finance Ltd. (ABFL). Further the Company is also giving loan/ advance to said SRMPL to meet its fund requirements. The Company has given loan of " 5,254 thousand and advance against supply of goods of " 4,043 thousand to SRMPL up to 31.03.2023 . SRMPL is working as contract packer of the Company and getting the goods manufactured by the said SRMPL on the agreed terms and conditions will benefit the Company. Some Directors of the Company are Directors in the said SRMPL, hence may be deemed to be an interested party. Appropriate resolution (s) will be put at the ensuing Annual General Meeting of the Company to get approval of the members u/s 185 of the Companies Act, 2013 for giving loan, advance, guarantee or providing security to or on behalf of SRMPL.

Note 48:

No Income Tax is payable by the Company for the Assessment Year 2023-24 as per computation made based on provisions of the Income Tax Act, 1961, so no provision has been made for Current Tax in the Financial Year 2022-23.

Note 49:

Amount due to micro and small enterprises as defined in the " The Micro, Small and Medium Enterprises Development Act, 2006" has been determined to the extent such parties have been identified on the basis of information available with the company.The disclosures relating to micro and small enterprises is as below:

(V) Details of Crypto Currency or Virtual Currency

The Company have not traded or invested in Crypto Currency or Virtual Currency during the Current and previous financial year.

(VI) Utilization of Borrowed Fund and Share Premium

(a) The Company have not advanced or loaned or invested funds to any other persons(s) or entity(ies), including foreign entities (intermediaries) with the understanding that the intermediary shall;(a)directly or indirectly lend or invest in other person 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 Ultimate Beneficiaries.

(b) The Company have not received any fund from any other persons(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 person 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 Ultimate Beneficiaries.

(VII) Disclosure for no wilful default

The Company has not been declared as a wilful defaulter by any bank or financial institution or government or any government authority.

(VIII) Compliance with number of layers of Companies

The Company has complied with the number of layers prescribed under Section 2(87) of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

Note 52:

Previous year''s figures have been re-arranged/ re-grouped, wherever found necessary.

As per our report of even date annexed N. K. Poddar - Chairman (DIN : 00304291)

For TIWARI & COMPANY Akshat Poddar - Managing Director (DIN : 03187840)

Chartered Accountants B. D. Mundhra - Executive Director (DIN : 01162223)

Firm Regn. No. - 309112E Gora Ghose - Director (DIN : 00217079)

P. Tiwari Sarita Tulsyan - Director (DIN : 05285793)

Partner V. V. Agarwalla - Director (DIN : 00674395)

Membership No. 016590 A. K. Singhania - Chief Financial Officer (FCS - 4210)

Place : Kolkata Jiyut Prasad - Company Secretary (ACS - 28758)

Date : 30th May, 2023

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Mar 31, 2016

II. Post Employment Benefits -Defined Contribution Plans:

a) Gratuity Plans:

Gratuity is payable to all eligible employees of the Company on death, permanent disablement and resignation in terms of the provisions of the Payment of Gratuity Act, 1972 or as per the Company''s Scheme, whichever is more beneficial. Benefit would be paid at the time of separation based on the last drawn basic salary.

b) Leave Encashment :

Eligible employees can carry forward and encash leave up to death, permanent disablement and resignation subject to maximum accumulation allowed as applicable to the concerned division of the Company or individual employee, highest being up to 88 days.

Leave over and above accumulation allowed is liable to be encased in the next year based on gross salary drawn in the last year.

III. Termination Benefits :

Termination Benefits are charged to the Statement of Profit and Loss in the year in which they are incurred.

(b) Terms/ rights attached to Equity Shares:

The Company has only one class of issued shares i.e. equity shares having a face value of Rs, 10/- each. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in the proportion of their shareholdings.

1 Term Loans from Banks includes:

(a) Rs, 6,58,119/- (Previous year Rs, 25,99,702/-) from United Bank of India is secured by assignment of rent receivable from the lender Bank itself and personal guarantee of a Director of the Company up to Rs, 37,50,000/- plus outstanding interest and other charges. The loan is repayable in 24 installments and carries rate of interest of 13.75 % p.a. (Floating) . Last installment is payable on 1st July 2016.

(b) Rs, 66,16,717/- (Previous year Rs, 97,73,251/-) from Union Bank of India is secured by mortgage of immovable property of the Company situated at Sankrail Industrail Park, Sankrail, Howrah and personal guarantee of two Directors/ Promoters of the Company up to Rs, 1,00,00,000/- plus outstanding interest and other charges. The loan is repayable in 120 installments and carries rate of interest of 12.75 % p.a. (Floating). Last installment is payable on 28th February, 2025.

(c) Rs, 4,65,36,415/- (Previous year Rs, 2,71,15,667/-) from Union Bank of India in the nature of Home Loan is secured by mortgage of immovable property under acquisition by the Company at 21, Pramatha Choudhury Sarani, Kolkata. The loan is repayable in 162 installments and carries rate of interest 11% p.a. (Floating). Last installment is payable on December 2029.

Above loans are secured by hypothecation of vehicles and machineries financed by the respective Banks. Different rates of interest are payable against different agreements. The rate given above is the highest rate for the respective

Bank.

2. Loans from entities other than Banks (secured) includes:

(a) Rs, 79,94,625/- (Previous year Rs, 83,85,865/-) from Reliance Capital Ltd. is secured by hypothecation of certain machineries financed by them. Loans are repayable in 48 installments. Different rates of interest are payable against different agreements, highest being 15.50% p.a. for one loan. Last installment is payable on 1st February, 2020.

(b) Rs, 6,76,909/- (Previous year Rs, 1,71,33,893/-) from L&T Finance Ltd. is secured by hypothecation of certain machineries financed by them. Loans are repayable in 48 installments. Rate of interest payable is 13.75 % p.a. Last installment is payable on 5th September, 2016.

(c) Rs, 1,66,34,099/- (Previous year Rs, 2,19,41,051/-) from Magma Fincorp Ltd. is secured by pledge of 8,25,000 Equity Shares of the Company held by Directors/Promoters and personal guarantee of two Directors/Promoters of the Company. The loan is repayable in 48 installments and carries rate of interest of 17.50% p.a. Last installment is payable on 7th July, 2018.

(d) Rs, 2,00,00,000/- (Previous year Rs, Nil) from Reliance Home Finance Ltd. is secured by mortgage of immovable property of the Company situated at NH- 6, Mumbai Highway, Salap More, Howrah and personal guarantee of three Directors/ Promoters of the Company. The loan is repayable in 48 installments and carries rate of interest of 15.50 % p.a. Last installment is payable on 1st April, 2020.

3 Loans from entities other than Banks (unsecured) includes:

(a) Rs, 24,79,473/- (Previous year Rs, 26,06,558/-) from Bajaj Finance Ltd. Loan is repayable in 36 installments (maximum) and carries rate of interest of 18.25 % p.a. (highest). Last installment is payable on 2nd August, 2018.

(b) Rs, 21,59,436/- (Previous year Rs, 33,82,440/-) from Tata Capital Financial Services Ltd. Loan is repayable in 36 installments and carries rate of interest of 18.08 % p.a. Last installment is payable on 3rd August, 2017.

4. Estimated amount of contracts remaining to be executed on capital account is '' 11,26,01,870/- (Previous Year '' 11,46,95,881/-) against which '' 7,70,36,940/- (Previous Year '' 4,52,16,011/-) has been paid as advance.

5. One of the tenants of the Company namely M/s Income Tax Appellate Tribunal is not paying Service Tax on Rent since the same has came in to effect. The Company is liable to collect a sum of '' 62,59,572/- (Previous Year '' 54,26,127/- ) from said M/s Income Tax Appellate Tribunal towards Service Tax on Rent for the period 01.06.2007 to 31.03.2016 and remit the same to the Government account. The Company has duly provided the said Service Tax liability in its books of account. The Company has filed a writ petition before the Hon''ble High Court at Calcutta for recovery of Service Tax on Rent from M/s Income Tax Appellate Tribunal. The matter is subjudiced pending decision by the Hon''ble High Court at Calcutta.

6 Annual Value of one property of the Company situated at 50, Chowringhee Road, Kolkata was revised by the Kolkata Municipal Corporation with retrospective effect from 1st July, 2006 on 15.06.2010. The Company had disputed the said valuation by filing a writ petition before the Hon''ble High Court at Calcutta praying for a fresh valuation which has since been dismissed. Now the Company has made an application to the Kolkata Municipal Corporation for reconsideration of the Annual Value and the Company is hopeful to get good relief on disposal of its request. Pending decision on the said request, the Company is not paying municipal tax but liability on this account including interest and penalty of '' 2,87,28,800/- (Previous Year '' 2,50,97,806/-) up to 31.03.2016 has been duly provided in the books of account.

7. As per the Scheme of amalgamation M/s. Jaypee Estates Pvt. Ltd. and M/s. Avni Estates Pvt. Ltd. have merged with the Company w.e.f. 01.04.2003 with all Assets and Liabilities including charges, liens, mortgages, interest, appeals etc. vide Order (s) dated 26.08.2002 and 14.10.2004 passed by the Hon''ble High Court at Calcutta. The Company is to issue 1133 Equity Shares of '' 10/- each fully paid up to the erstwhile shareholders of amalgamating Companies as purchase consideration.

8. The Company has provided depreciation on Silver Idol with effect from 1st April, 2015 on straight line method based on useful life specified under Schedule II to the Companies Act, 2013 for the furniture & fixture, the silver idol being in the nature of part of furniture & fixture and depreciation for the period up to 31st March, 2015 amounting to '' 5,76,555/- has been charged to the Statement of Profit & Loss as prior period expenses.

Goodwill acquired on amalgamation has been amortized over a period of 5 (five) years with effect from 1st April, 2015 in accordance with provisions of Accounting Standard-14 and accordingly a sum of Rs, 4,39,367/- has been amortized for the year.

9. Purchases of raw materials and finished goods have been shown net of input credit taken against Excise Duty & VAT, as applicable. Similarly Sales have been shown net of output tax adjusted against VAT Credit.

10. In the opinion of the management there being no impairment of fixed assets, no provision is required to be made as per Accounting Standard - 28 under this head.

11. The Company has commenced commercial production of an aerated water "Bisleri Soda" with effect from 19th October, 2015 at its new plant at Sankrail Industrial Park, Dist. Howrah (West Bengal). M/s Bisleri International Pvt. Ltd. has launched some new soft drink products namely (I) SPYCI, (II) FONZO, (III) LIMONATA and (IV) PINACOLADA. The Company as franchisee of M/s Bisleri International Pvt. Ltd. has commenced commercial production of said soft drinks with effect from 24th February, 2016 at its new plant at Sankrail.

12. Some Tenants have deposited rent in Rent Control Account and the Company is withdrawing the amount there from time to time.

13. Land of the Company at Kankulia measuring 5 (five) Bighas and 1 (one) Cottah was acquired by the West Bengal Government under the provisions of West Bengal Land (Requisition and Acquisition) Act, 1948. Compensation so far received, net of cost, has already been taken as Income. In case the Company gets any further compensation the same shall be adjusted in the year of receipt.

14. Leasehold rights of the Company in a property situated at 50, Chowringhee Road, Kolkata has expired on 30th September, 2015 as per terms of lease and the Company has handed over the property to the landlord or their nominee(s). Residual value of the property and loss on account of assets left with the property amounting to Rs, 1,62,827/- and Rs, 17,17,265/- respectively has been charged to the statement of Profit & Loss for the year.

15. Rates and Taxes have been charged to the accounts as net after adjusting Rs,12,15,034/- (Previous year Rs, 17,05,182/-) recoverable from tenants on this account. Since the final assessment of certain taxes such as Excise, VAT, Profession Tax etc. was made during the year, a sum of Rs, 6,03,700/- (previous year Rs, 80,672/-), paid on account of demands relating to earlier years, has been charged to the current year.

16. The Company has been advised that the Service Tax has become applicable w. e. f. 1st July, 2012 on Electricity Charges billed by it on its tenants on the basis of sub meters. However many tenants are disputing the said levy in the absence of specific notification from the concerned authority on this issue. The Company is charging Service Tax at the applicable rate on bills raised by it against Electricity Charges on its tenants with effect from 1st July, 2012 but the Company is remitting to the credit of Government Account only amount of Service Tax actually collected by it from the tenants. The Company is pursuing other tenants to make payment of Service Tax. The Company is to collect from its tenants and remit to the credit of Government Account a sum of Rs, 63,67,833/- (Previous Year Rs, 51,54,074/-) up to 31st March, 2016 on this account.

17. Previous year''s figures have been rearranged / regrouped, wherever found necessary.

18. Income on account of Electricity Charges have been taken in the accounts as net after adjusting Rs, 3,22,74,751/-(Previous year Rs, 4,39,68,981/-) paid on this account.

19. Amount due to Small Scale Industrial undertakings Rs, Nil (Previous Year Rs, Nil)

20. Amount due and outstanding to be credited to the Investor Education and Protection Fund Rs, Nil (Previous Year Rs, Nil).

21. (a) Earnings in Foreign Currency Rs, Nil (Previous Year Rs, Nil).

(b) Expenses incurred in Foreign Currency:

Travelling and other Expenses Rs, 30,53,671/- (Previous Year Rs, 11,74,258/-)

Purchase of machinery Rs, Nil (Previous year Rs, 65,88,681/-)

22. Related Party disclosures:

i) Key Management Personnel:

Sri N. K. Poddar - Chairman Sri Akshat Poddar - Managing Director Sri B. D. Mundhra - Executive Director Sri A. K. Singhania - Chief Financial Officer Sri Jiyut Prasad - Company Secretary

Note: Remuneration paid / payable to the above officials includes salary, allowances, bonus, leave encashment etc., Company''s contribution to provident fund and value of non monetary perquisites as per Income Tax Rules, 1962.

Previous year''s figures have been given in the brackets.

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Mar 31, 2015

1. The Company has received instructions from M/s BSE Ltd. vide letter dated 18th December, 2014 under Clause 31A of the Listing Agreement in terms of SEBI circular(s) no. CIR/CFD/ DIL/7/2012 dated 13th August, 2012 and CIR/CFD/DIL/9/2013 dated 5th June, 2013 to re- state its Financial Statements for the financial year 2012-13 in respect of certain Auditors' qualifications. As per the said instructions, the Company has submitted to the stock exchange(s) the Proforma Revised Financial Results for the financial year 2012-13 separately. The Company has given effect to the said instructions in the accounts for the financial year 2014-15 by providing disputed taxes and interest and penalty on disputed taxes for the financial 2012-13 and corresponding effect for the succeeding period. Accordingly a sum of Rs. 1,16,86,347/- has been shown as prior period expenses and Rs. 25,82,628/- as expenses for the current year.

2. Estimated amount of contracts remaining to be executed on capital account is Rs.11,46,95,881/- (Previous Year Rs. 11,22,76,870/-) against which Rs. 4,52,16,011/- (Previous YearRs. 49,72,360/-) has been paid as advance.

3. (a) One of the tenants of the Company namely M/s Income Tax Appellate Tribunal is not paying Service Tax on Rent since the same has came in to effect. The Company is liable to collect a sum of Rs. 54,26,127/- (Previous Year Rs. 46,84,664/- ) from said M/s Income Tax Appellate Tribunal towards Service Tax on Rent for the period 01.06.2007 to 31.03.2015 and remit the same to the Government account. The Company has duly provided the said Service Tax liability in its books of account. The Company has filed a writ petition before the Hon'ble High Court at Calcutta for recovery of Service Tax on Rent from M/s Income Tax Appellate Tribunal. The matter is subjudiced pending decision by the Hon'ble High Court at Calcutta.

(b) Annual Value of one property of the Company situated at 50, Chowringhee Road, Kolkata was revised by the Kolkata Municipal Corporation with retrospective effect from 1st July, 2006 on 15.06.2010. The Company has disputed the said valuation by filing a writ petition before the Hon'ble High Court at Calcutta praying for a fresh valuation. The Company is not paying municipal tax and liability on this account of Rs.1,42,04,945/- (Previous Year Rs.1,25,42,889/- ) up to 31.03.2015 has been duly provided in the books of account. The matter is subjudiced, pending decision by the Hon'ble High Court at Calcutta.

4. As per the Scheme of amalgamation M/s. Jaypee Estates Pvt. Ltd. and M/s. Avni Estates Pvt. Ltd. have been merged with the Company w.e.f. 01.04.2003 with all Assets and Liabilities including charges, liens, mortgages, interest, appeals etc. vide Order (s) dated 26.08.2002 and 14.10.2004 passed by the Hon'ble High Court at Calcutta. The Company is to issue 1133 Equity Shares of Rs. 10/- each fully paid up to the erstwhile shareholders of amalgamating Companies as purchase consideration.

5. Following the Companies Act, 2013 effective from 1st April, 2014, depreciation has been provided on straight line method based on useful lives of assets as specified under Schedule-II to the said Act. While implementing the Schedule-II to the Companies Act, 2013, the following has been considered:

(i) Carrying amount less residual value of assets whose remaining useful life has become nil at the beginning of the period amounting to Rs. 3,13,071/- (net of taxes) has been adjusted with the opening balance of retained earnings.

(ii) In case of certain very old assets, written down value as on 1st April, 2005 has been taken as cost for the purpose of calculation of depreciation.

(iii) In case of certain leasehold assets, depreciation has been charged over actual remaining period of lease after retaining residual value.

Due to change in the method of providing depreciation as above, depreciation is lower by Rs. 32,93,482/- for the year in comparison to the method followed in the earlier year.

6. Purchases of Packaged Drinking Water have been shown net of input credit taken against Excise Duty & VAT. Similarly Sales have been shown net of output tax adjusted against VAT.

7. In the opinion of the management there being no impairment of Fixed Assets, no provision is required to be made as per AS - 28 under this head.

8. The Company has put up a new plant at Dankuni, Dist. Hooghly (West Bengal) for the manufacture of packaged drinking water and commenced the production with effect from May' 2014. The Company has also started trading of an energy drink "Bisleri Urzza" with effect from September' 2014. Figures for the current year also include working of said units.

Packaged Drinking Water" segment has been re-named as "Beverage" segment to include all kinds of beverages including working of an energy drink "Bisleri Urzza". The Company is in the process of putting up a new plant at Sankrail Industrial Park, Dist. Howrah (West Bengal) for manufacture of an energy drink "Bisleri Urzza". Amount spent against putting up this plant till 31st March, 2015 has been shown as capital work-in- progress.

9. Some Tenants have deposited rent in Rent Control Account and the Company is withdrawing the amount there from time to time.

10. Land of the Company at Kankulia measuring 5 (five) Bighas and 1 (one) Cottah was acquired by the West Bengal Government under the provisions of West Bengal Land (Requisition and Acquisition) Act, 1948. Compensation so far received, net of cost, has already been taken as Income. In case the Company gets any further compensation the same shall be adjusted in the year of receipt.

11. Rates and Taxes have been charged to the accounts as net after adjusting 17,05,182/- Rs. (Previous year 17,05,182/-) recoverable from tenants on this account.

Since the final Rs. assessment of certain taxes such as VAT, CST, Profession Tax etc. was made during the year, a sum of 80,672/- (previous year 2,30,161/-), paid on account of demands relating to Rs.Rs. earlier years, has been charged to the current year.

12.(a) The Central Government approved the re-appointment of Sri N. K. Poddar as Chairman (being Whole Time Director) of the Company for a period of 5 (five) years w.e.f. 1st October, 2010 but payment of remuneration to him has been approved for a period of 2 (two) years only w.e.f. 1st October, 2010. The Company has made necessary representations to the Central Government to grant their approval for payment of remuneration to Sri N. K. Poddar for his residual term. The further approval is still awaited. The Company has paid/ provided a sum of Rs.14,57,600/- (Previous Year Rs. 14,07,600/-) including value of non monetary benefits of Rs.39,600/- to Sri N. K. Poddar as remuneration for the year ended 31st March, 2015.

(b) The Central Government approved appointment of Sri Akshat Poddar as Managing Director of the Company for a period of 5 (five) years w.e.f. 1st September, 2010 but payment of remuneration to him has been approved for the period 1st September, 2010 to 31st March, 2014. The Company has made necessary representations to the Central Government to grant their approval for payment of remuneration to Sri Akshat Poddar for his residual term. The further approval is still awaited. The Company has paid/ provided a sum of Rs.5,98,900/- (Previous Year Rs.5,81,400/-) including value of non monetary benefits of Rs.1,02,600/- to Sri Akshat Poddar as remuneration for the year ended 31st March, 2015.

(c) Sri B. D. Mundhra was appointed as an Executive Director ( being Whole Time Director) of the Company for a period of 5 (five) years w.e.f. 1st June, 2012.The shareholders have duly approved the appointment and remuneration of Sri B. D. Mundhra at the Annual General Meeting held on 27th September, 2012. Application for the approval of appointment and remuneration of Sri B. D. Mundhra has been rejected by the Central Government in the absence of certain clarification/ information asked by them from the Company. The letters asking the said clarification/ information were never received by the Company, so the Company has prayed the Central Government to grant an opportunity of being heard. The said application is still pending with the Central Government. The Company has paid/ provided a sum of Rs.5,70,548/- (Previous Year Rs.4,78,801/-) as remuneration to Sri B. D. Mundhra for the year ended 31st March, 2015.

13. The Company has been advised that the Service Tax has become applicable w. e. f. 1st July, 2012 on Electricity Charges billed by it on its tenants on the basis of sub meters. However many tenants are disputing the said levy in the absence of specific notification from the concerned authority on this issue. The Company is charging Service Tax at the applicable rate on bills raised by it against Electricity Charges on its tenants with effect from 1st July, 2012 but the Company is remitting to the credit of Government Account only amount of Service Tax actually collected by it from the tenants. The Company is pursuing other tenants to make payment of Service Tax. The Company is to collect from its tenants and remit to the credit of Government Account a sum of Rs. 51,54,074/- (Previous Year Rs. 37,65,620/-) up to 31st March, 2015 on this account.

14. Previous year's figures have been rearranged / regrouped, wherever found necessary.

15. Income on account of Electricity Charges have been taken in the accounts as net after Adjusting Rs. 4,39,68,981/- (Previous year Rs. 3,97,92,980/-) paid on this account.

16 Amount due to Small Scale Industrial undertakings Rs. Nil (Previous Year Rs.Nil)

17. Amount due and outstanding to be credited to the Investor Education and Protection Fund Rs.Nil (Previous Year Rs.Nil).

18.(a) Earnings in Foreign Currency- Rs.Nil (Previous Year- Rs.Nil).

(b) Expenses incurred in Foreign Currency:

Travelling and other Expenses- Rs.11,74,258/- (Previous Year- Rs.9,17,032-) Purchase of machinery Rs.65,88,681/- (Previous year Rs.Nil)

Notes:

(i) Remuneration paid / payable to the Directors includes salary, allowances, bonus, leave encashment etc. and company's contribution to provident fund. Value of non monetary perquisites has not been considered here.

(ii) Sri A. K. Singhania was promoted to Chief Financial Officer of the Company w.e.f. 2nd May, 2014. Earlier he was working as Company Secretary. Sri Jiyut Prasad was appointed as Company Secretary of the Company w.e.f. 2nd May, 2014.

Previous year's figures have been given in the brackets.

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Mar 31, 2014

1.1 As per the Scheme of amalgamation M/s. Jaypee Estates Pvt. Ltd. and M/s. Avni Estates Pvt. Ltd. have been merged with the Company w.e.f. 01.04.2003 with all Assets and Liabilities including charges, liens, mortgages, interest, appeals etc. vide Order (s) dated 26.08.2002 and 14.10.2004 passed by the Hon''ble High Court at Calcutta. The Company is to issue 1133 Equity Shares of " 10/- each fully paid up to the erstwhile shareholders of amalgamating Companies as purchase consideration.

Pending completion of certain legal formalities with the appropriate authorities, some of the assets and liabilities taken in the books are still in the name of amalgamating companies.

1.2 Capital Reserve amounting to " 4,00,00,000/- (Rupees Four Crores only) carried forward since financial year 1998-99 has been transferred to General Reserve during the year as the required period of restriction of non competing the business has completed long back and specific purpose of creation of Capital Reserve has since fulfilled.

1.3 Purchases of Packaged Drinking Water have been shown net of input credit taken against Excise Duty & VAT. Similarly Sales have been shown net of output tax adjusted against VAT.

1.4 In the opinion of the management there is no requirement making any provision on account of impairment of Fixed Assets held by the Company, accordingly no provision has been made as required by AS - 28.

1.5 Since the demand of Central Excise and Interest/ Penalty on municipal taxes is contingent in nature and has been disputed by the Company before the Appropriate Authorities, the provision required as per AS - 29 has not been considered necessary.

1.6 Some Tenants have deposited rent in Rent Control Account and the Company is withdrawing the amount there from time to time.

1.7 Land of the Company at Kankulia measuring 5 (five) Bighas and 1 (one) Cottah was acquired by the West Bengal Government under the provisions of West Bengal Land (Requisition and Acquisition) Act, 1948. Compensation so far received, net of cost, has already been taken as Income. In case the Company gets any further compensation the same shall be adjusted in the year of receipt.

1.8 Rates and Taxes have been charged to the accounts as net after adjusting " 17,05,182/- (Previous year " 17,05,182/-) recoverable from tenants on this account. Since the final assessment of certain taxes such as Excise Duty, VAT, CST, Profession Tax etc. was made during the year, a sum of " 2,30,161/- (previous year " 2,96,648/-), paid on account of demands relating to earlier years, has been charged to the current year.

1.9 (a) Sri N. K. Poddar was re-appointed as Chairman (being Whole Time Director) of the Company for a period of 5 (five) years w.e.f. 1st October, 2010. The Central Government approved the appointment and remuneration of Sri N. K. Poddar with effect from 01.10.2010 till next AGM i.e. 26.09.2011 and asked the Company to submit the shareholders resolution to consider the approval for the remaining period. The Company has submitted to the Central Government the Shareholders resolution approving the appointement and remuneration of Sri N. K. Poddar on 21.11.2011. The further approval is still awaited. The Company has paid a sum of " 14,07,600/- (Previous Year " 14,07,600/-) including value of non monetary benefits of " 39,600/- to Sri N. K. Poddar as remuneration for the year ended 31st March, 2014.

(b) The Central Government had approved appointment of Sri Akshat Poddar as Managing Director of the Company for a period of 5 (five) years w.e.f. 1st September, 2010 but approved payment of remuneration for a period of 3 (three) years only w.e.f. said date. The Company has made an application to the Central Government on 28.11.2013 for approval of remuneration for his residual term i.e. from 1st September, 2013 to 31st August, 2015 on the terms approved by the shareholders. The further approval is still awaited. The Company has paid a sum of " 3,39,150/- including value of non monetary benefits of " 59,850/- to Sri Akshat Poddar as remuneration for the period from 1st September, 2013 to 31st March, 2014.

(c) Sri B. D. Mundhra was appointed as an Executive Director (being Whole Time Director) of the Company for a period of 5 (five) years w.e.f. 1st June, 2012.The shareholders have duly approved the appointment and remuneration of Sri B. D. Mundhra at the Annual General Meeting held on 27th September, 2012. Application for the approval of appointment and remuneration of Sri B. D. Mundhra has been rejected by the Central Government vide letter dated 28.01.2013 in the absence of certain clarification/ information asked by them from the Company. The letters asking the said clarification/ information were never received by the Company, so the Company has prayed the Central Government on 01.03.2013 to grant an opportunity of being heard. The said application is still pending with the Central Government. The Company has paid/ provided a sum of " 4,78,801/- (Previous Year " 3,41,334/-) as remuneration to Sri B. D. Mundhra for the year ended 31st March, 2014.

1.10 The Company has been advised that the Service Tax has become applicable w. e. f. 1st July, 2012 on Electricity Charges billed by it on its tenants on the basis of sub meters. However many tenants are disputing the said levy in the absence of specific notification from the concerned authority on this issue. The Company is charging Service Tax at the applicable rate on bills raised by it against Electricity Charges on its tenants with effect from 1st July, 2012 but the Company is remitting to the credit of Government Account only amount of Service Tax actually collected by it from the tenants. The Company is pursuing other tenants to make payment of Service Tax. The Company is to collect from its tenants and remit to the credit of Government Account a sum of " 37,65,620/- (Previous Year " 24,15,671/-) up to 31st March, 2014 on this account.

1.11 Previous year''s figures have been rearranged / regrouped, wherever found necessary.

1.12 Income on account of Electricity Charges have been taken in the accounts as net after Adjusting " 3,97,92,980/- (Previous year " 4,07,99,139/-) paid on this account.

1.13 Amount due to Small Scale Industrial undertakings " Nil (Previous Year " Nil)

1.14 Amount due and outstanding to be credited to the Investor Education and Protection Fund " Nil (Previous Year " Nil).

1.15 (a) Earnings in Foreign Currency- " Nil (Previous Year- " Nil). (b) Expenses incurred in Foreign Currency:

Travelling and other Expenses- " 9,17,032/- (Previous Year- " 25,05,842/-)

1.16 Consumption of Raw materials:

1.17 Related Party disclosures under AS - 18 :

i) Key Management Personnel :

Sri N. K. Poddar - Chairman

Sri Akshat Poddar - Managing Director

Sri B. D. Mundhra - Executive Director

ii) Associated Companies :

M/s. Vrishti Beveragess Pvt. Ltd.

Previous year''s figures have been given in the brackets.

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Mar 31, 2013

1.1 Estimated amount of contracts remaining to be executed on capital account is Rs. 26,52,688/- (Previous Year Rs. 35,73,986/-) against which Rs. 4,63,149/- (Previous Year Rs. 4,75,000/-) has been paid as advance.

1.2 Contingent Liabilities not provided for:

(a) Additional Excise Duty amounting to Rs. 26,98,597/- demanded by the Excise Authorities has not been provided in the Books of Account although an amount of Rs. 20,46,303/- has been deposited with the Central Excise Authorities as per High Court Order. The matter is subjudiced pending decision by the Central Excise Tribunal, neither adjustment for the amount deposited nor provision for additional Excise Duty has been made.

(b) Interest and penalty of Rs. 58,53,873/- of Kolkata Municipal Corporation taxes of premises No. 50, Chowringhee Road, Kolkata, the valuation of which has been disputed by the Company and the matter is pending before Hon''ble High Court at Calcutta.

(c) Interest and penalty of Rs. 3,07,698/- of Kolkata Municipal Corporation taxes of premises No. 225C, A. J. C. Bose Road, Kolkata, which has been disputed by the Company as the Company has paid certain amount in waiver scheme and decision of the same is pending.

1.3 (a) Orre of the tenants of the Company namely M/s. Income Tax Appellate Tribunal is not paying Service Tax on Rent since the same has came in to effect. The Company is liable to collect a sum of f 39,43,202/- from said M/s Income Tax Appellate Tribunal towards Service Tax on Rent for the period 01.06.2007 to 31.03.2013 and remit the same to the Government account. The Company has duly provided the said Service Tax liability in its books of account. The Company has filed a writ petition before the Hon''ble High Court at Calcutta for recovery of Service Tax on Rent from M/s Income Tax Appellate Tribunal. The matter is subjudiced pending decision by the Hon''ble High Court at Calcutta.

(b) Annual Value of one property of the Company situated at 50, Chowringhee Road, Kolkata was revised by the Kolkata Municipal Corporation with retrospective effect from 1st July, 2006 on 15.06.2010. The Company has disputed the said valuation by filing a writ petition before the Hon''ble High Court at Calcutta praying for a fresh valuation. The Company is not paying municipal tax and liability on this account of f 1,06,00,390/- up to 31.03.2013 has been duly provided in the books of account. The matter is subjudiced, pending decision by the Hon''ble High Court at Calcutta.

1.4 As per the Scheme of amalgamation M/s. Jaypee Estates Pvt. Ltd. and M/s. Avni Estates Pvt. Ltd. have been merged with the Company w.e.f. 01.04.2003 with all Assets and Liabilities including charges, liens, mortgages, interest, appeals etc. vide Order (s) dated 26.08.2002 and 14.10.2004 passed by the Hon''ble High Court at Calcutta. The Company is to issue 1133 Equity Shares of Rs. 10/- each fully paid up to the erstwhile shareholders of amalgamating Companies as purchase consideration.

Pending completion of certain legal formalities with the appropriate authorities, some of the assets and liabilities taken in the books are still in the name of amalgamating companies.

1.5 Depreciation on Fixed Assets of Bhubaneswar unit has not been provided as the same were not in use during the current year.

1.6 Purchases of Packaged Drinking Water have been shown net of input credit taken against Excise Duty & VAT Similarly Sales have been shown net of output tax adjusted against VAT.

1.7 Fixed Assets of the unit closed represents discarded assets awaiting disposal of the same. Since there will be no need for replacement of these assets, the provision required as per AS-28 has not been considered necessary and in case of other Fixed Assets the management does not foresee any impairment of the same.

1.8 Since the demand of Central Excise and Interest / Penalty on municipal taxes is contingent in nature and has been disputed by the Company before the Appropriate Authorities, the provision required as per AS-29 has not been considered necessary.

1.9 Some Tenants have deposited rent in Rent Control Account and the Company is withdrawing the amount there from time to time.

1.10 Land of the Company at Kankulia measuring 5 (five) Bighas and 1 (one) Cottah was acquired by the West Bengal Government under the provisions of West Bengal Land (Requisition and Acquisition) Act, 1948. Compensation so far received, net of cost, has already been taken as Income. In case the Company gets any further compensation the same shall be adjusted in the year of receipt.

1.11 Rates and Taxes have been charged to the accounts as net after adjusting Rs. 17,05,182/- (Previous year Rs. 44,84,976/-) recoverable from tenants on this account. Since the final assessment of certain taxes such as Excise Duty, VAT, CST, Profession Tax etc. was made during the year, a sum of Rs. 2,96,648/-, paid on account of demands relating to earlier years, has been charged to the current year. Similarly previous year''s figures includes a sum of Rs. 2,67,187/- on account of municipal taxes relating to earlier years of a property of the Company, the valuation of which was made by the Municipal Corporation during the previous year with retrospective effect.

1.12 Sri N. K. Poddar was re-appointed as Chairman (being Whole Time Director) of the Company for a period of 5 (five) years w.e.f. 1st October, 2010. The Central Government approved the appointment and remuneration of Sri N. K. Poddar with effect from 01.10.2010 till next AGM i.e. 26.09.2011 and asked the Company to submit the shareholders resolution to consider the approval for the remaining period. The Company has submitted to the Central Government the shareholders resolution approving the appointment and remuneration of Sri N. K. Poddar on 21.11.2011. The further approval is still awaited. The Company has paid a sum of Rs. 14,07,600/- (including value of non monetary benefits Rs. 39,600/-) to Sri N. K. Poddar as remuneration for the year ended 31st March, 2013.

1.13 Sri B. D. Mundhra was appointed as an Executive Director ( being Whole Time Director) of the Company for a period of 5 (five) years w.e.f. 1st June, 2012. The shareholders have duly approved the appointment and remuneration of Sri B. D. Mundhra at the Annual General Meeting held on 27th September, 2012. Application for the approval of appointment and remuneration of Sri B. D. Mundhra has been rejected by the Central Government vide letter dated 28.01.2013 in the absence of certain clarification/ information asked by them from the Company. The letters asking the said clarification/ information were never received by the Company, so the Company has prayed the Central Government on 01.03.2013 to grant an opportunity of being heard. The said application is still pending with the Central Government. The Company has paid a sum of Rs. 3,41,334/- (including provision for bonus Rs. 33,334/-) to Sri B. D. Mundhra as remuneration for the year ended 31st March, 2013.

1.14 The Company has been advised that the Service Tax has become applicable w. e. f. 1st July, 2012 on Electricity Charges billed by it on its tenants on the basis of sub meters. However many tenants are disputing the said levy in the absence of specific notification from the concerned authority on this issue. The Company is charging Service Tax at the applicable rate on bills raised by it against Electricity Charges on its tenants with effect from 1st July, 2012 but the Company is remitting to the credit of Government Account only amount of Service Tax actually collected, by from the tenants. The Company is pursuing other tenants to make payment of Service Tax for The Company is to collect from its tenants and remit to the credit of Government Account a sum of Rs. 24,15,671/-up to 31st March, 2013 on this account.

1.15 Previous year''s figures have been rearranged / regrouped, wherever found necessary.

1.16 Income on account of Electricity Charges have been taken in the accounts as net after adjusting Rs. 4,07,99,139/- (Previous year Rs. 3,39,02,728/-) paid on this account.

1.17 Amount due to Small Scale Industrial undertakings Rs. Nil (Previous year Rs. Nil)

1.18 Amount due and outstanding to be credited to the Investor Education and Protection Fund Rs. Nil (Previous year Rs. Nil).

1.19 (a) Eafnings in Foreign Currency- Rs. Nil (Previous year- Rs. Nil).

(b) Expenses incurred in Foreign Currency :

Travelling and other Expenses- Rs. 25,05,842/-(Previous year- Rs. 41,54,029/-)

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Mar 31, 2012

(a) Terms/ rights attached to equity shares:

The Company has only one class of issued shares i.e.Equity shares having a Face Value of Rs. 10/- each. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. In the event of liquidation' the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts' in the proportion of their shareholdings.

1.1.1 Loan of Rs. NIL (Previous year Rs. 1'50'37'238/-) from United Bank of India is Secured by equitable mortgage of portion of Building at 50' Chowringhee Road' Kolkata' assignment of rent receivable and personal guarantee of two Directors of the Company up to Rs. 2'48'68'000/-.

1.1.2 Loans from entities other than banks includes :

(a) Rs. NIL (Previous year Rs. 21'96'644/-) from Reliance Commercial Finance Pvt. Ltd. is secured by hypothecation of certain machineries financed by them.

(b) Rs. NIL (Previous year Rs. 2'93'55'418/-) from Magma Fincorp Ltd. is secured by equitable mortgage of land and building of the factory at NH-6' Salap More' Howrah' deposit of title deeds of Premises no. 225C' A. J. C. Bose Road' Kolkata' assignment of rent receivable and personal guarantee of three Directors of the Company up to Rs. 3'00'00'000/-

(c) Rs. 5'64'10'145/- (Previous year Rs. 82'66'412/-) from L&T Finance Ltd. is Secured by mortgage of immovable properties of the Company situated at NH-6' Salap More' Howrah' portion of premises Nos. 50' Chowringhee Road' Kolkata and 225C' A. J. C. Bose Road' Kolkata' hypothecation of raw materials' work-in-progress' finished goods' movable properties such as plant and machinery' equipments etc.' book debts and personal guarantee of two Directors of the Company up to Rs. 6'00'00'000/-. Last installment is payable on 15th January 2016.

NOTES

(a) The Deferred Tax Assets arising from timing difference are recongnised to the extent there is reasonable certainty that these assets can be realised in future.

(b) The deferred tax for timing difference between the book and tax profit for the year is accounted for' using the tax rates and tax laws that have been enacted or subsequently enacted as at the Balance Sheet date.

1.2 Estimated amount of contracts remaining to be executed on capital account is Rs. 35'73'986/- (Previous Year Rs. 2'45'000/-) against which Rs. 4'75'000/- (Previous Year f 1'81'025/-) has been paid as advance.

1.3 Contingent Liabilities not provided for:

Additional Excise Duty amounting to Rs. 26'98'597/- demanded by the Excise Authorities has not been provided in the Books of Account although an amount of Rs. 20'46'303/- has been deposited with the Central Excise Authorities as per High Court Order. The matter is subjudiced pending decision by the Central Excise Tribunal' neither adjustment for the amount deposited nor provision for additional Excise Duty has been made.

1.4 (a) One of the tenants of the Company namely M/s. Income Tax Appellate Tribunal is not

paying Service Tax on Rent since the same has came in to effect. The Company is liable to collect a sum of Rs. 32'01'740/- from said M/s Income Tax Appellate Tribunal towards Service Tax on Rent for the period 01.06.2007 to 31.03.2012 and remit the same to the Government account. The Company has duly provided the said Service Tax liability in its books of account. The Company has filed a writ petition before the Hon'ble High Court at Calcutta for recovery of Service Tax on Rent from M/s Income Tax Appellate Tribunal. The matter is subjudiced pending decision by the Hon'ble High Court at Calcutta.

(b) Annual Value of one property of the Company situated at 50' Chowringhee Road' Kolkata was revised by the Kolkata Municipal Corporation with retrospective effect from 1st July' 2006 on 15.06.2010. The Company has disputed the said valuation by filing a writ petition before the Hon'ble High Court at Calcutta praying for a fresh valuation. The Company is not paying municipal tax and liability on this account of Rs. 89'38'334/- up to 31.03.2012 has been duly provided in the books of account. The matter is subjudiced' pending decision by the Hon'ble High Court at Calcutta.

1.5 As per the Scheme of amalgamation M/s. Jaypee Estates Pvt. Ltd. and M/s. Avni Estates Pvt. Ltd. have been merged with the Company w.e.f. 01.04.2003 with all Assets and Liabilities including charges' liens' mortgages' interest' appeals etc. vide Order (s) dated 26.08.2002 and 14.10.2004 passed by the Hon'ble High Court at Calcutta. The Company is to issue 1133 Equity Shares of Rs. 10/- each fully paid up to the erstwhile shareholders of amalgamating Companies as purchase consideration.

Pending completion of certain legal formalities with the appropriate authorities' some of the assets and liabilities taken in the books are still in the name of amalgamating companies.

1.6 Depreciation on Fixed Assets of Bhubaneswar and Raipur units has not been provided as the same were not in use during the current year.

1.7 Purchases of Packaged Drinking Water have been shown net of input credit taken against Excise Duty & VAT. Similarly Sales have been shown net of output credit adjusted against VAT.

1.8 Fixed Assets of the units closed represents discarded assets awaiting disposal of the same. Since there will be no need for replacement of these assets' the provision required as per AS-28 has not been considered necessary and in case of othe; Fixed Assets the management does not foresee any impairment of the same.

1.9 Since the demand of Central Excise is contingent in nature and has been disputed by the Company before the Appropriate Authority' the provision required as per AS-29 has not been considered necessary.

1.10 Some Tenants have deposited rent in Rent Control Account and the Company is withdrawing the amount there from time to time.

1.11 Land of the Company at Kankulia measuring 5 (five) Bighas and 1 (one) Cottah was acquired by the West Bengal Government under the provisions of West Bengal Land (Requisition and Acquisition) Act' 1948. Compensation so far received' net of cost' has already been taken as

Income. In case the Company gets any further compensation the same shall be adjusted in the year of receipt.

1.12 Annual Value of one property of the Company situated at 225C' A. J. C. Bose Road' Kolkata was revised by the Kolkata Municipal Corporation with retrospective effect from 1st October' 2006 on 26.08.2011 and accordingly a sum of Rs. 2'67'187/- has been debited to the books net of Rs. 26'63'267/- recoverable from tenants towards tax liability for earlier years.

Further a sum of Rs. 20'37'197/- has been debited to the books as Rates and Taxes for the year as net after adjusting Rs.18'21'709/- recoverable from tentants on this account.

1.13 Previous year's figures have been rearranged / regrouped' wherever found necessary.

1.14 Income on account of Electricity Charges have been taken in the accounts as net after adjusting Rs. 3'39'02'728/- (Previous year Rs. 3'16'22'769/-) paid on this account.

1.15 Amount due to Small Scale Industrial undertakings Rs. Nil (Previous year Rs. Nil)

1.16 Amount due and outstanding to be credited to the Investor Education and Protection Fund Rs. Nil (Previous year Rs. Nil).

1.17 (a) Earnings in Foreign Currency- Rs. Nil (Previous year- Rs. Nil).

(b) Expenses incurred in Foreign Currency :

Travelling and other Expenses- Rs. 12'82'705/-(Previous year- Rs. 8'30'623/-) Sponsorship Expenses - Rs. 28'71'324/- (Previous year- Rs. Nil)

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Mar 31, 2010

1. Estimated amount of contracts remaining to be executed on capital account is Rs. 126.07 (Previous Year Rs. 80.01 lacs) against which Rs. 47.64 lacs (Previous Year Rs. 78.21 lacs) has been paid as advance.

2. Contigent Liabilities not provided for :

Additional Excise Duty amounting to Rs.25.99 lacs demanded by the Exise Authorities has not been provided in the Books of Accounts an amount of Rs. 20.46 lacs has been deposited with the Central Excise Authorities as per High Court Order. The matter is subjudiced pending declsion by the Central Excise Tribunal, neither adjustment for the amount deposited nor provision for additional Exise Duty has been made.

3. As per the Schemed of amalgamation M/s.Jaypee Estates Pvt. Ltd and M/s. Avni Estates Pvt, Ltd. have been merged with the Company w.e.f. 01.04.2003 with all Assests and Liabilities including charges liens, mortgages, interest, appeals etc. vide Oder (s) dated 26.08.2002 passed by the Honble High Court at Calcutta. The Company is to issue 1133 Equity Shares of Rs. 10/- each fully paid up to the erstwhile shareholders of Amalgamating Companies as Purchase consideration.

Pending completion of certain legal formalities with the appropriate authotities, some of the Asseis and Liablities taken in the Books are still in the name of Amalgamating Companies.

4. Depreciaton of Fixed Assets Bhubaneswar and Raipur units has not been provided as the same were not in use during the current year.

5. Purchases and Sales of Packaged During Water have shown net of Excise Duty. VAT, Return etc.

6.Fixed Assets of the units closed represents discarded Assets awaiting disposal of the same. Since there will be no need for replace ment of these assets, the provision required as per AS-28 has not been considered necessary and in case of other Fixed Assets the management does not foresee any impairment of the same.

7. Since the demand of Central Excise is contigent in nature and has been disputed by the Company before the Appropriate Aulthority, the provision required as per AS-29 has not been considered necessary.

8. Some Tenants have deposited rent Countrol Account and the Company is withdrawing the amount there from time to time.

9. Land of the Company at Kankulia measuring 5 (five) Bighas and 1 (one) Cotton was acquired by the West Bengal Governmant under the provisions of West Bengal Land (Requisition and Acqusition) Act, 1948 Compansations so far recieved, net of cost, has already been taken as income. In case the Company gets any futher compensation the same shall be adjusted in the year of receipt.

10. Due to closure of Bhubaneswar unit in the previous year, for the current year may not comparable with those of previous year. which have rearranged/regroped, wherever found necessary.

11. Income on account of Electricity Change have been taken in the accounts as net after adjusting Rs.251.86 lacs (Previous year Rs.243.89 lacs) paid on account.

12. Amount due to Small Scale Industrial undertaking are a under:

(i) M/s S.S. Industrial - Rs.3.29 lacs (Previous year Rs.3.29 lacs

(ii) M/s Arihant Gujrat Plastic - Rs..Nil (Previous year Rs.1.17 Industries lacs)

13. Related Party disclosures under AS-18 issued by the Institute of Chartered Accountants of India:-

i) Key Management Personnel:

Sri N.K. Poddar - Chairman

Smt. Ruchira Poddar - Executive Director

Sri G.L. Agarwalla - Director

Sri A.K. Poddar - Director

ii) Associated Companies:

M/s Jenny Christensen (Service Apartments) Pvt. Ltd.

M/s Avni Enterprises Ltd.

M/s United Credit Ltd.

The Buxa Dooars Tea Company (India) Ltd.

V. Expenses Incurred in Foreign Cureency:

Travelling and other expenses Rs. 12,78,272/- (Previous Year Rs. 13,30,8 51/-

II. Capital raised during the year (Amount in Rs. Thousands)

Public Issue Nil

Bonus Issue Nil

Right Issue Nil

Private Placement Nil

V. Generic Names of Three Principal Products/Services of Company (as per monetary terms)

Item Code No.

(ITC Code) 2201 Product Description : Water including natural or artificial minoral water and aerated water, not containing added sugar or other sweetening matter not flavoured, ice and snow.

Item Code No. N.A. Product Description : Real Estate Activities.

N.K. Poddar - Chairman

Ruchira Poddar - Executive Director

G.L. Agarwalla - Director

A. K. Poddar - Director

Akshat Poddar - Director

A.K. Singhania - Company Secretary