Notes to Accounts of Pincon Spirit Ltd.

Mar 31, 2016

Contingent liabilities are not recognized but disclosure of its existence is done in the Financial Statements. A contingent asset
is neither recognized nor disclosed in the Financial Statements.

Working Capital Loan has been availed under Consortium Banking arrangement from State Bank of Mysore, (Leader of Consortium) &
other member banks being State Bank of Hyderabad, State Bank of Travancore, Bank of India, Andhra Bank, Punjab National Bank,
Laxmi Vilas Bank Limited, Tamilnad Mercantile Bank Limited, Corporation Bank, Vijaya Bank, Indian Overseas Bank with sharing of
pari passu charge by way of hypothecation of present & future Currents Assets of the Company, consisting of Stock & Book Debts.

b) Rights and restriction attached to Shares Capital

The Company has one class of equity shares having a par value of Rs,10 each. Each shareholder is eligible for one vote per share
held. The Company has declared dividend of Rs,0.75 (i.e. 7.50%) per share during the current year and in previous year dividend
was of Rs,0.50 (i.e.5.00%) per share.

c) Share held by holding/ultimate holding company and/or their subsidiaries/associates :

There is no such Share held by holding/ultimate holding company and/or their subsidiaries/associates.

d) Shares allotted as fully paid up by way of bonus shares (during 5 years preceding March 31, 2016)

During the last 5 years preceding to March 31, 2016, the Company has allotted as fully paid up Bonus share in the ratio of 1:1 on
12.10.2015 as approved by Members in the EGM held on 29.09.2015.

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Mar 31, 2015

Contingent liabilities are not recognised in the Financial Statements. A contingent asset is neither recognised nor disclosed in the Financial Statements.

b) Rights and restriction attached to Shares

The Company has one class of Equity Shares having a par value of Rs.10 each. Each shareholder is eligible for one vote per share held.

c) Share held by holding/ultimate holding company and/or their subsidiaries/associates :

There is no such Share held by holding/ultimate holding company and/or their subsidiaries/associates :

d) Shares allotted as fully paid up by way of bonus shares (during 5 years preceding March 31, 2015)

The Company has not allotted any equity shares as fully paid-up bonus shares during last 5 years preceding to March 31, 2015.

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Mar 31, 2014

NOTE # 1

I. CORPORATE INFORMATION

Pincon Spirit Limited (the "Company") (CIN No: L67120WB1978PLC031561) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Calcutta Stock Exchange Limited in India. The company is engaged in carrying on the Business of Bottling & Selling of Indian Made Foreign Liquor & FMCG the Company caters to domestic markets only.

Previous Year figures have been re-arranged and are grouped wherever necessary.

a) Rights and restriction attached to Shares

The Company has one class of equity shares having a par value of Rs.10 each. Each shareholder is eligible for one vote per share held. The company has not declared any dividends during the current and previous year.

b) Share held by holding/ultimate holding company and/or their subsidiaries/associates :

There is no such Share held by holding/ultimate holding company and/or their subsidiaries/associates :

c) Shares allotted as fully paid up by way of bonus shares (during 5 years preceding March 31,2014) The Company has not allotted any equity shares as fully paid-up bonus shares during last 5 years preceding to March 31,2014.

Notes

Working Capital Loan facilities from Punjab National Bank, B.RB.B.Road Br, Kolkata & Indian Oversea Bank, Mahalaksmipurm Branch, Bangalore are secured by hypothecation of Currents Assets consisting of Stock & Book Debts. Bank Overdraft, is from Punjab National Bank secured by way of Fixed Deposit

2. SEGMENT REPORTING

The Company has identified tree reportable segments viz. IMFL & FMCG segment have been identified and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting systems. The accounting policies adopted for segment reporting are in line with the accounting policy ofthe Company with following additional policies for segment reporting.

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

b. Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

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Mar 31, 2013

1. Particulars of Employees

There is no employee who is in receipt of remuneration in excess of the limits specified.

2. Conservation of Energy & Technology absorption

In view ofthe Trading activities ofthe Company the matters related to conservation of Energy & Technology are not applicable to the Company

3. Due to Micro/ Small Industrial Enterprises

The Company has not received any information from any of the suppliers of their being a micro/ small scale industrial enterprise, hence the amount due to such units outstanding as at the year ended 31.03.2013 is not ascertainable.

4. Income Tax

Provision is made for Income Tax on a yearly basis under the tax payable method based on tax liability as computed after taking credit for allowances, expenses. In case of matters under appeal due to disallowance or otherwise, full provision is made when the liabilities are accepted.

5. General

The Company has a policy of authorizing expenditure based on reasonable checks and balances. The policy is intended to ensure that expenses are authorized on the basis of contractual obligations or accepted business practices having regard to the company''s business need and exigencies. In terms of these observations we have not come across any expenses charged to the Revenue Account of the Company, which, in our opinion and according to explanations given to us could be regarded as personal expenses.

6. Dispute

"Company''s claim for liquidated damages from M/s Aventis Biofeeds Pvt Ltd was denied by the party and matter is under arbitration which is at present pending. Income if any arising, for the same shall be recognized on receiving the arbitration award.

7. Previous Year figures have been re-arranged and are grouped wherever necessary.

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Mar 31, 2012

1. Working Capital Loan facilities from Punjab National Bank, B.R.B.B.Road Br, Kolkata are secured by hypothecation of Currents Assets consisting of Stock & Book Debts

2. Particulars of Employees

There is no employee who is in receipt of remuneration in excess of the limits specified.

3. Conservation of Energy & Technology absorption

In view of the Trading activities of the Company the matters related to conservation of Energy & Technology are not applicable to the Company

4. Due to Micro/ Small Industrial Enterprises

The Company has not received any information from any of the suppliers of their being a micro/ small scale industrial enterprise, hence the amount due to such units outstanding as at the year ended 31.03.2011 is not ascertainable.

5. Income Tax

Provision is made for Income Tax on a yearly basis under the tax payable method based on tax liability as computed after taking credit for allowances, expenses. In case of matters under appeal due to disallowance or otherwise, full provision is made when the liabilities are accepted.

6. General

The Company has a policy of authorizing expenditure based on reasonable checks and balances. The policy is intended to ensure that expenses are authorized on the basis of contractual obligations or accepted business practices having regard to the company''s business need and exigencies. In terms of these observations we have not come across any expenses charged to the Revenue Account of the Company, which, in our opinion and according to explanations given to us could be regarded as personal expenses.

7. Previous Year figures have been re-arranged and are grouped wherever necessary.