1.1 The Company announced a Voluntary Retirement Scheme (VRS) for the
 employees of one of the units during the year. A sum of Rs. 285.95 Lakh
 (Previous year Rs. Nil) has been paid under VRS during the year and is
 included in Salaries, Wages & Bonus
 
 Notes:
 
 1.  The Company''s operations are diversified into two main business
 segments, namely :
 
 a) Spirit, Liquor and Spirituous Beverages comprising of Rectified
 Spirit, Country Liquor and Indian Made Foreign Liquor.
 
 b) Marine division comprising of Marine products processing & exports,
 domestic selling and Marine Feed trading.
 
 2.  Segments have been identified and reported in accordance with
 Accounting Standard 17 Segment Reporting.
 
 3.  Segment Revenue in each of the above domestic Business Segments
 primarily includes sales, processing charges and export incentives in
 the respective segments.
 
 4.  Segment Revenue, Results, Assets and Liabilities include the
 respective amounts identifiable to each of the segment and amounts
 allocated on a reasonable basis.
 
 2. The Company has entered into arrangements with certain bottling
 units (tie -up units) in Assam, Orissa & Bihar for production and
 marketing of its own IMFL brands. The production in the premises of
 tie-up units under the said arrangements, wherein each party''s
 obligations are stipulated, is carried out under the Company''s close
 supervision. The marketing is entirely the responsibility of the
 Company. The Company is also required to ensure adequate finance to the
 tie-up units, whenever required. Though under the agreements, the
 production and sale are accounted for by and in the books of the tie-up
 units, the Company promotes its brands through these arrangements.
 Accordingly, it is considered appropriate to disclose the following
 quantitative and value information for the year, as furnished by the
 tie-up units:
 
 iii) The balance due from tie-up units, of Rs. 572.52 Lacs (31.03.2011:
 Rs. 402.36 Lacs) is included under Advances (Note 18). This is on
 account of the financing by the company of inventories, debtors and
 other current assets net of current liabilities on behalf of the units.
 
 3.  Contingent Liabilities and Commitments (to the extent not provided
 for)           
 
                                                       (Rs. in Lacs)
 
                                            31.03.12       31.03.11
 
 Contingent Liabilities:
 
 A)   Claims against the company not 
 acknowledged as debts
 
 i)   Show Cause Notice issued by Customs
 Department against the Marine Division       210.53        210.53
 of the Company. The Company had filed 
 suitable reply and also faced personal
 hearing. The adjudication order is 
 still awaited. The Company is of 
 the considered view that the demand 
 is not sustainable.
 
 ii) Demand raised by Excise Department 
 for payment of duty not acknowledged by       10.95         10.95 
 the company, being not sustainable in the
 Company''s considered view. Matter
 pending with Commissioner of Excise, 
 Government of West Bengal.
 
 iii) Demand raised by Sales Tax 
 Department under West Bengal Sales 
 Tax Act 1994                                2564.88        906.47
 for the years 2004-05, 2005-06, 
 2006-07, 2007-08 and 2008-09, 
 Central Sales Tax Act 1956 for 2005-06
 and 2007-08 and under West Bengal 
 VAT Act, 2003 for the years 2005-06, 
 2006-07, 2007-08 and 2008-09 for 
 payment of duty including interest and 
 penalty, not acknowledged by the 
 company being not sustainable in the 
 Company''s considered view. Matters 
 pending under appeal with
 West Bengal Commercial Taxes Appellate 
 and Revisional Board/Additional
 Commissioner of Commercial Taxes, 
 West Bengal  
 
 Total                                      2,786.36      1,127.95
 
 B) Other moneys for which the company is 
 contingently liable
 
 i) Letters of Credit issued by Bankers         1.60        114.91
 
 ii)  ESI liability for the period April
 1997 - March 2011, pending renewal               -          15.97
 of exemption at Noorpur Factory
 
 Total                                          1.60        130.88
 
 C) Disputed income tax demand outstanding for the Assessment year
 2009-10 is Rs. 914.46 Lacs (31.03.2011: Rs. Nil) which is not
 acknowledged as debt by the Company and the appeal is pending for
 adjudication before CIT (Appeals). Based on certain decisions of the
 appellate authorities and the interpretation of the relevant
 provisions, the company has been legally advised that the demand is
 likely to be either deleted or substantially reduced and accordingly no
 provision has been made.
 
 Commitments:
 
 Estimated amount of Capital Contracts remaining to be executed and not
 provided for (net of advances) Rs. 14.99 Lacs (previous year Rs 770.55
 Lacs).
 
 4.  Trade Receivables, Advances, Deposits and Trade Payables are
 subject to confirmation.
 
 5.  In terms of Article 76 of the Article of Association of the
 Company, Mr. Bijon Nag is a permanent Director of the Company. As he
 does not seeks re-appointment by rotation, the Company is of the
 opinion that the provisions of Section 274(1)(g) of the Companies Act,
 1956 are not applicable to him.
 
 6.  As notified by the Ministry of Corporate Affairs of the Government
 of India, revised Schedule VI under the Companies Act, 1956 is
 applicable to all financial statements for the financial year
 commencing on or after 1st April, 2011. Accordingly, the financial
 statements for the year ended 31st March, 2012 are prepared in
 accordance with the aforesaid revised Schedule VI.
 
 7.  Previous year''s figures have been regrouped/reclassified to
 conform to the current year''s classification, wherever considered
 necessary.