Bisleri Insights

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Annual Report : 2019-20
ORIENT BEVERAGES LIMITED

(CIN - L15520WB1960PLC024710)
Board of Directors Sri Narendra Kumar Poddar - Chairman (DIN : 00304291)

(As on 26th August, 2020) Sri Akshat Poddar - Managing Director (DIN : 03187840)
Sri Ballabha Das Mundhra - Executive Director (DIN : 01162223)
Dr. Gora Ghose - Independent Director (DIN : 00217079)
Smt. Sarita Tulsyan - Director (DIN : 05285793)
Sri Vivek Vardhan Agarwalla - Independent Director (DIN : 00674395)
Chief Financial Officer Sri Arun Kumar Singhania
Company Secretary Sri Jiyut Prasad
Audit Committee Sri Vivek Vardhan Agarwalla - Chairman

Dr. Gora Ghose - Member
Sri Ballabha Das Mundhra - Member
Nomination and Dr. Gora Ghose - Chairman

Remuneration Smt. Sarita Tulsyan - Member
Committee Sri Vivek Vardhan Agarwalla - Member
Stakeholders Smt. Sarita Tulsyan - Chairperson

Relationship Sri Akshat Poddar - Member
Committee Sri Ballabha Das Mundhra - Member
Share Transfer Sri Narendra Kumar Poddar - Chairman

Committee Sri Akshat Poddar - Member
Sri Ballabha Das Mundhra - Member
Smt. Sarita Tulsyan - Member
Auditors D. Mitra & Co.

Chartered Accountants
107/1, Park Street, Kolkata - 700 016, W.B.
Registered Office “Aelpe Court”, 3rd Floor,

225C, A. J. C. Bose Road
Kolkata - 700 020, W.B.
Phone : (033) 2281 7001 / 7002
E-mail : cs@obl.org.in
Website : www.obl.org.in
1
Orient Beverages Limited
Works • NH-6, Mumbai Highway,

Salap More, Howrah - 711 409, W.B.
• Dag No. 418 & 419,
Durgapur Expressway, Durgapur Toll Plaza,
Dankuni, Hooghly - 712 310, W.B.
• Sankrail Industrial Park,
Near Dhulagarh Toll Plaza,
Chaturbhujkati, Sankrail,
Howrah - 711 313, W.B.
• Marshit, Pandua, Hooghly - 712 149, W.B.
• Rukka Road
P.O. - Chakla, Ormanjhi
Ranchi - 835 219, Jharkhand
Bankers Punjab National Bank

Union Bank of India
Axis Bank
HDFC Bank
ICICI Bank
State Bank of India
Registrars and Share Niche Technologies Pvt. Ltd.

Transfer Agents 3A, Auckland Place, 7th Floor, Room No. 7A & 7B
Kolkata - 700 017, W. B.
Phone : (033) 2280 6616 / 17 / 18
Fax : (033) 2280 6619
E-mail : nichetechpl@nichetechpl.com
Website : www.nichetechpl.com
SECRETARIAL SECTION FINANCIAL SECTION
Notice ............................................................... 3
STANDALONE
Directors’ Report ............................................. 18 Independent Auditor’s Report ........................... 40
Balance Sheet ................................................ 46
Annexure to the Directors’ Report ................... 24
Statement of Profit & Loss .............................. 48
Statement of Changes in Equity ...................... 49
Cash Flow Statement ...................................... 50
Notes to Financial Statements ........................ 52
CONSOLIDATED
Independent Auditor’s Report ........................... 94
Balance Sheet .............................................. 100
Statement of Profit & Loss ............................ 102
Statement of Changes in Equity .................... 103
Cash Flow Statement .................................... 104
Notes to Financial Statements ...................... 106
Form AOC-1 .................................................. 152
2
Notice
NOTICE is hereby given that 59th Annual General Meeting of the member(s) of ORIENT BEVERAGES LIMITED will be held
on 30th December, 2020, Wednesday at 1:00 P.M. (IST) through Video Conferencing(VC) or Other Audio Visual Means(OAVM)
for which purpose the Registered Office of the Company situated at "Aelpe Court", 3rd Floor, 225C, A. J. C. Bose Road,
Kolkata - 700 020, W.B. shall be deemed as the venue for the Meeting and the proceedings of the Annual General Meeting
shall be deemed to be made thereat, to transact the following business:
ORDINARY BUSINESS:
1. To receive, consider and adopt the audited standalone financial statements of the Company along with audited
consolidated financial statements for the financial year ended 31st March, 2020 and the Reports of the Directors and
Auditors thereon.
2. To declare a dividend on equity shares of the Company.
3. To appoint a Director in place of Sri Ballabha Das Mundhra (DIN: 01162223), who retires by rotation and being eligible,
offers himself for re-appointment.
SPECIAL BUSINESS:
4. To consider and if thought fit, to pass with or without modification(s), the following resolutions as a Ordinary Resolution:
"RESOLVED THAT pursuant to the provisions of Section 196, 197 read with the Schedule V and other applicable
provisions, if any, of the Companies Act, 2013 (including any statutory modifications or re-enactment thereof for the time
being in force), consent of the Members be and is hereby given for the re-appointment of Sri Narendra Kumar Poddar
(DIN: 00304291) as Chairman (being Whole Time Director) of the Company for a further period of 5(five) years with effect
from 1st April, 2020 on the remuneration and other terms and conditions as set out in the draft agreement placed before
the meeting and initialled by the Chairman for the purpose of identification.
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby specifically authorised to alter and
vary the terms and conditions of the said appointment and/or agreement so as not to exceed the limit specified in
Schedule V to the Companies Act, 2013 (including any statutory modifications or re-enactment thereof for the time being
in force), as may be agreed to between the Board of Directors and Sri Narendra Kumar Poddar."
being in force), consent of the Members be and is hereby given for the re-appointment of Sri Akshat Poddar (DIN:
03187840) as Managing Director of the Company for a further period of 5(five) years with effect from 1st April, 2020 on the
remuneration and other terms and conditions as set out in the draft agreement placed before the meeting and initialled
by the Chairman for the purpose of identification.
vary the terms and conditions of the said appointment and/or agreement so as not to exceed the limit specified in
in force), as may be agreed to between the Board of Directors and Sri Akshat Poddar."
being in force), consent of the Members be and is hereby given for the re-appointment of Sri Ballabha Das Mundhra
(DIN: 01162223) as Executive Director (being Whole Time Director) of the Company for a further period of 5(five) years
with effect from 1st April, 2020 on the remuneration and other terms and conditions as set out in the draft agreement
placed before the meeting and initialled by the Chairman for the purpose of identification.
3
Notice
vary the terms and conditions of the said appointment and/ or agreement so as not to exceed the limit specified in
in force), as may be agreed to between the Board of Directors and Sri Ballabha Das Mundhra."
By Order of the Board

Registered Office:
"Aelpe Court", 3rd Floor, Jiyut Prasad
225C, A. J. C. Bose Road, Company Secretary
Kolkata- 700 020, W.B.
Dated: 16th October, 2020
NOTES:
1. The relevant details of Director seeking appointment/re-appointment as required under Regulation 36(3) of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
("Listing Regulations") and Clause 1.2.5 of Secretarial Standard on General Meetings issued by the Institute of
Company Secretaries of India (SS-2), in respect of the Ordinary Business under Item No. 3 of the Notice along with the
Explanatory Statement pursuant to Section 102 of the Companies Act, 2013("the Act") in respect of the Special Business
under Item No. 4 to 6 of the Notice, is annexed hereto.
2. In view of the continuing Covid-19 pandemic, the Ministry of Corporate Affairs ("MCA") vide its circular dated May 5, 2020
read with circulars dated April 8, 2020 and April 13, 2020 (collectively referred to as "MCA circulars") permitted the holding
of the Annual General Meeting ("AGM") through VC/OVAM without the physical presence of the Members at a common
venue. In compliance with the provisions of the Act, LODR and MCA circulars, the AGM of the Company will be held
through VC/OAVM.
3. As this AGM will be held through VC/OAVM pursuant to MCA Circular No. 14/2020 dated April 8, 2020, Circular No.17/2020
dated April 13, 2020 and Circular No. 20/2020 dated May 5, 2020 the facility to appoint proxy to attend and cast vote for the
members will not be available for this AGM and hence the proxy form and attendance slip are not annexed to this Notice.
However, in pursuance of Section 112 and 113 of the Act, Authorised representatives of corporate members are
requested to send certified copies of such authorization of their Board to the Company, authorising their representative
to attend the AGM through VC/OAVM on its behalf and to vote through remote e-voting to the Company by email at
cs@obl.org.in with a copy marked to helpdesk.evoting@cdslindia.com.
4. The Notice along with the Annual Report for the year ended March 31, 2020 will be sent to all the Members by electronic
mode, whose names appear in the Register of Members as on November 6, 2020 in compliance with the MCA and
SEBI Circulars dated May 12, 2020. This Notice can be accessed on the website of the Company at www.obl.org.in,
website of the Stock Exchanges i.e. BSE Limited and The Calcutta Stock Exchange Ltd. at www.bseindia.com and
www.cse-india.com respectively and also on the website of CDSL at www.evotingindia.com.
5. Members attending the AGM through VC/OAVM shall be counted for the purpose of reckoning the quorum under Section
103 of the Act.
6. The members can cast their votes by way of remote e-voting provided by the Company through CDSL in proportion to
their shares of the paid up equity share capital of the Company held as on the cut-off date December 23, 2020. Any
person, who acquires shares of the Company and becomes a Member of the Company after sending of the Notice and
holding shares as of the cut-off date, may obtain the login ID and password by sending a request at cs@obl.org.in.
However, if he/she is already registered with CDSL for remote e-voting then he/she can use his/her existing User ID and
password for casting their vote.
7. The members, who have casted their vote by remote e-voting prior to the AGM may also attend/participate in the AGM
through VC/OAVM but shall not be entitled to cast their vote again.
4
Notice
8. The Register of Member(s) and the Share Transfer Books of the Company will remain closed from Thursday, 24th
December, 2020 to Wednesday, 30th December, 2020 (both days inclusive) for the purpose of ensuing AGM and
Dividend.
9. i. Members who are holding shares in physical mode and have not registered their email address with the Company,
may get the same registered by providing necessary details like Folio No, Name of shareholder, scanned copy of
the share certificate (front and back), PAN (self attested scanned copy), Aadhaar (self attested scanned copy) to the
email address of the Company/RTA.
ii. Members who are holding shares in Demat mode and have not registered their email address, may get the same
registered by providing details like Demat account details (CDSL - 16 digit beneficiary ID or NSDL - 16 digit DP ID+
Client ID), Name, Client Master or Copy of Consolidated Account Statement, PAN (self attested scanned copy),
Aadhaar (self attested scanned copy) to the email address of the Company/RTA. Further, Members holding shares
in demat mode are also requested to contact their Depository Participant (DP) for updation of their email ID in their
demat account permanently.
10. As per SEBI Notification No. SEBI/LAD-NRO/GN/2018/24 dated 8th June, 2018 and SEBI Notification No. SEBI/LAD-
NRO/GN/2018/49 dated 30th November, 2019 read with Regulation 40 of LODR, as amended, securities of listed
companies can be transferred only in dematerialized form with effect from April 1, 2019, except in case of request
received for transmission or transposition of securities. In view of this and to eliminate all risks associated with physical
shares and for ease of portfolio management, members holding shares in physical form are requested to consider
converting their holdings to dematerialized form. Shareholders holding shares in physical form under multiple folios are
requested to consolidate their holdings in a single folio enabling the Company to serve effectively.
11. The Board of Directors has recommended for consideration of the Member(s) a final dividend at 5% i.e. " 0.50 per Equity
Share of the nominal value of "10/- each for the year ended 31st March, 2020.
12. Dividend as recommended by the Board of Directors, if approved, at the ensuing Annual General Meeting, will be paid
as under:
a. To all Beneficial Owners in respect of shares held in dematerialized form as per the data made available by the
National Securities Depository Limited "NDSL" and the Central Depository Services (India) Limited "CDSL" as of the
close of business hours on December 23, 2020;
b. To all Member(s) in respect of shares held in physical form after giving effect to valid transfers in respect of transfer
requests lodged with the Company on or before the close of business hours on December 23, 2020.
13. The Securities and Exchange Board of India (SEBI) vide Circular No. SEBI/HO/MIRSD/DOP1/ CIR/P/2018/73 dated 20th
April, 2018 has mandated the submission of Permanent Account Number (PAN) and Bank details by every participant in
the Securities Market. Member(s) holding shares in electronic mode are, therefore, requested to submit their PAN and
Bank details to their Depository Participant(s), with whom they maintain their demat accounts. The member(s) holding
shares in physical mode are requested to submit self attested photocopy of their PAN card and Original cancelled
cheque leaf with name (if name is not printed on cheque- self attested photocopy of the first page of the Passbook of the
bank), to the Company's Registrars and Share Transfer Agents i.e. M/s Niche Technologies Pvt. Ltd., 3A, Auckland Place,
7th Floor, Room No. 7A & 7B, Kolkata- 700017, W.B. or Company Secretary of the Company.
The SEBI has also made it mandatory for all the listed companies to make dividend payments through electronic
payment modes to the investors. It is further directed that in case electronic payment is rejected or returned, the
Company shall mandatorily print the Bank account details of the investor on payment instrument. Member(s) are
requested to provide their updated Bank account particulars allotted after implementation of CBS to enable the
Company to electronically credit dividend directly in their respective bank accounts.
5
Notice
14. Shareholders seeking any information/queries with regard to accounts are requested to write to the Company Secretary
of the Company at least 10 days in advance of the date of the AGM, so as to keep the information ready at the AGM.
15. Member(s) are informed that the equity shares of the Company are listed on The Calcutta Stock Exchange Ltd. and
BSE Ltd. The equity shares of the Company have been admitted both on NDSL & CDSL and may be dematerialised
under the ISIN- INE247F01018.
16. Pursuant to the provisions of Section 124 and 125 of the Act, the dividends which remain unclaimed for a period of 7
years will be transferred by the Company to the "Investor Education and Protection Fund" ("IEPF") established by the
Central Government as and when they fall due for transfer. Shareholders who have not encashed their dividend
warrants/payment instrument(s) so far are requested to make their claim to the Company / RTA before transfer to IEPF.
The following table shows the details of tentative date of transfer of unclaimed dividend to IEPF.
Financial Year ended Date of declaration Tentative Date for

of Dividend Transfer to IEPF
31st March, 2014 22.09.2014 27.10.2021
31st March, 2015 22.09.2015 27.10.2022
31st March, 2016 28.09.2016 31.10.2023
31st March, 2017 18.09.2017 21.10.2024
31st March, 2018 24.09.2018 25.10.2025
31st March, 2019 23.09.2019 25.10.2026
The Company is required to transfer the shares to the demat account of the IEPF Authority, the shares in respect of which
the dividend is not claimed/remains unpaid for seven consecutive years or more and such dividend/shares can be
claimed by respective members from IEPF authority by following prescribed procedures.
17. Pursuant to Finance Act, 2020 dividend income will be taxable in the hands of shareholders with effect from April 1, 2020
and the Company is required to deduct tax at source from dividend paid to shareholders at the prescribed rates.
Shareholders are requested to refer to the Finance Act, 2020 and amendments thereof for the prescribed rates
applicable to various categories. The shareholders are requested to update their PAN with the Company/ RTA (in case
of shares held in physical mode) and depositories (in case of shares held in demat mode). A Resident individual
shareholder with PAN and who is not liable to pay income tax can submit a yearly declaration in Form No. 15G/15H, to
avail the benefit of non-deduction of tax at source by email to cs@obl.org.in by 23:59 hrs IST on December 23, 2020.
Shareholders are requested to note that in case their PAN is not registered, the tax will be deducted at a higher rate of
20%. Non-resident shareholders can avail beneficial rates under tax treaty between India and their respective country of
residence, subject to providing necessary documents i.e. No Permanent Establishment and Beneficial Ownership
Declaration, Tax Residency Certificate, Form 10F, any other document which may be required to avail the tax treaty
benefits by sending an email to cs@obl.org.in. The aforesaid declarations and documents need to be submitted by the
shareholders by 23:59 hrs IST on December 23, 2020.
18. The requirement to place the matter relating to appointment of Auditors for ratification of Auditors by members at every
Annual General Meeting is done away with vide notification dated 7th May, 2018 issued by the Ministry of Corporate
Affairs. Accordingly, no resolution is proposed for ratification of appointment of Statutory Auditors who were appointed in
the Annual General Meeting held on 18th September, 2017 for a period of 5(five) years with effect from financial year
2017-18, who shall hold office from the conclusion of the 56th Annual General Meeting till the conclusion of the 61st
Annual General Meeting of the Company.
6
Notice
19. Member(s) can avail the facility of nomination in respect of shares held by them. Those holding shares in
dematerialised form are requested to submit their nomination details to their respective Depository Participant(s) and
in respect of member(s) holding shares in physical form, the prescribed form for making nomination i.e. Form SH-13
can be obtained/submitted (in duplicate) from/to the Company's Registrars and Share Transfer Agents or Registered
Office of the Company.
20. Since the AGM will be held through VC/OAVM, the route map is not furnished in this Notice.
21. Voting through Electronic means (Remote E-Voting) and E-Voting during AGM:
I) Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies
(Management and Administration) Rules, 2014 (as amended) and Regulation 44 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (as amended), and in
compliance with MCA Circulars dated April 8, 2020, April 13, 2020 and May 5, 2020, the Company is pleased to
provide facility of Remote e-Voting to its Members in respect of the business to be transacted at the AGM. In addition,
the facility of voting through electronic voting system (e-voting) shall also be made available during the AGM for
Members of the Company participating in the AGM through VC/OAVM and who have not cast their vote by Remote e-
Voting. For this purpose, the Company has entered into an agreement with Central Depository Services (India)
Limited for facilitating voting through electronic means, as the authorized e-Voting's agency. The facility of casting
votes by a Member using Remote e-Voting as well as the e-Voting system on the date of the AGM in case of a
member participating in the AGM through VC/OAVM will be provided by CDSL.
II) The Members attending the AGM through VC/OAVM can join the AGM 15 minutes before and after the scheduled time
of the commencement of the Meeting by following the procedure mentioned below in this Notice. The facility of
participation at the AGM through VC/OAVM will be made available to atleast 1000 members on first come first served
basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters,
Institutional Investors, Directors, Key Managerial Personnel, the Chairman/Chairperson of the Audit Committee,
Nomination and Remuneration Committee and Stakeholders Relationship Committee, Auditors etc. who are
allowed to attend the AGM without restriction on account of first come first served basis.
INSTRUCTIONS FOR SHAREHOLDERS FOR REMOTE E-VOTING ARE AS UNDER:
(i) The voting period begins on Sunday, the 27th December, 2020 at 9.00 A.M. and ends on Tuesday, the 29th
December, 2020 at 5.00 P.M. During this period, member(s) of the Company, holding shares either in physical
form or in dematerialized form, as on the Cut-off date i.e. Wednesday, the 23rd December, 2020, may cast their
vote by remote e-voting. The remote e-voting module shall be disabled by CDSL for voting thereafter. Once the
vote on a resolution is cast by the member(s), the member(s) shall not be allowed to change it subsequently.
Shareholders who have already voted prior to the meeting date would not be entitled to vote at the time of AGM.
(ii) The shareholders should log on to the e-voting website www.evotingindia.com during voting period.
(iii) Click on "Shareholders" tab.
(iv) Now Enter your User ID
a. For CDSL: 16 digits beneficiary ID,

b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
c. Member(s) holding shares in Physical Form should enter Folio Number registered with the Company,
excluding the special characters.
(v) Next enter the Image Verification as displayed and Click on Login.
(vi) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier
voting of any Company, then your existing password is to be used.
7
Notice
(vii) If you are a first time user follow the steps given below:
For Member(s) holding shares in Demat Form and Physical Form
PAN Enter your 10 digit alpha-numeric PAN issued by Income Tax Department (Applicable for
both demat shareholders as well as physical shareholders)
• Member(s) who have not updated their PAN with the Company/Depository
Participant(s) are requested to use the first two letters of their name and the 8 digits of
the sequence number in the PAN field.
• In case the sequence number is less than 8 digits enter the applicable number of 0's
before the number after the first two characters of the name in CAPITAL letters. Eg. If
your name is Ramesh Kumar with sequence number 1 then enter RA00000001 in the
PAN field.
DOB Enter the Date of Birth as recorded in your demat account with the depository or in the
Company records for your folio in dd/mm/yyyy format.
Bank Account Enter the Bank Account Number as recorded in your demat account with the
Number depository or in the Company for your folio.
• Please enter the DOB or Bank Account Number in order to Login.
• If both the details are not recorded with the depository or Company then please enter the
member id/ folio number in the Bank Account Number details field as mentioned in
instruction (iv).
(viii) After entering these details appropriately, click on "SUBMIT" tab.
(ix) Member(s) holding shares in physical form will then directly reach the Company selection screen. However,
member(s) holding shares in demat form will now reach 'Password Creation' menu wherein they are required to
mandatorily enter their login password in the new password field. Kindly note that this password is to be also
used by the demat holders for voting for resolutions of any other Company on which they are eligible to vote,
provided that Company opts for e-voting through CDSL platform. It is strongly recommended not to share your
password with any other person and take utmost care to keep your password confidential.
(x) For member(s) holding shares in physical form, the details can be used only for remote e-voting on the
resolutions contained in this Notice.
(xi) Click on the EVSN for the relevant Company Name i.e. ORIENT BEVERAGES LIMITED on which you choose to
vote.
(xii) On the voting page, you will see "RESOLUTION DESCRIPTION" and against the same the option "YES/NO" for
voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and
option NO implies that you dissent to the Resolution.
(xiii) Click on the "RESOLUTIONS FILE LINK" if you wish to view the entire Resolutions details.
(xiv) After selecting the resolution you have decided to vote on, click on "SUBMIT". A confirmation box will be displayed.
If you wish to confirm your vote, click on "OK", else to change your vote, click on "CANCEL" and accordingly modify
your vote.
(xv) Once you "CONFIRM" your vote on the resolution, you will not be allowed to modify your vote.
(xvi) You can also take a print of the votes cast by clicking on "Click here to print" option on the Voting page.
8
Notice
(xvii) If a demat account holder has forgotten the login password then Enter the User ID and the image verification code
and click on Forgot Password & enter the details as prompted by the system.
(xviii) Shareholders can also cast their vote using CDSL's mobile app "m-Voting". The m-Voting app can be
downloaded from respective Store. Please follow the instructions as prompted by the mobile app while voting on
your mobile.
PROCESS FOR THOSE SHAREHOLDERS WHOSE EMAIL ADDRESSES ARE NOT REGISTERED WITH THE DEPOSITORIES
FOR OBTAINING LOGIN CREDENTIALS FOR E-VOTING FOR THE RESOLUTIONS PROPOSED IN THIS NOTICE:
1. For Physical shareholders- please provide necessary details like Folio No., Name of shareholder, scanned copy of the
share certificate (front and back), PAN (self attested scanned copy), AADHAR (self attested scanned copy) by email to
Company/RTA email id.
2. For Demat shareholders- please provide Demat account details (CDSL-16 digit beneficiary ID or NSDL-16 digit DPID +
CLID), Name, client master or copy of Consolidated Account statement, PAN (self attested scanned copy), AADHAR (self
attested scanned copy) to Company/RTA email id.
INSTRUCTIONS FOR SHAREHOLDERS ATTENDING THE AGM THROUGH VC/OAVM ARE AS UNDER:
1. Shareholder will be provided with a facility to attend the AGM through VC/OAVM through the CDSL e-Voting system.
Shareholders may access the same at https://www.evotingindia.com under shareholders/members login by using
the remote e-voting credentials. The link for VC/OAVM will be available in shareholder/members login where the EVSN
of Company will be displayed.
2. Shareholders are encouraged to join the Meeting through Laptops/IPads for better experience.
3. Further shareholders will be required to allow Camera and use Internet with a good speed to avoid any disturbance
during the meeting.
4. Please note that Participants connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile
Hotspot may experience Audio/Video loss due to Fluctuation in their respective network. It is therefore recommended to
use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
5. Shareholders who would like to express their views/ask questions during the meeting may register themselves as a
speaker by sending their request in advance atleast 10 days prior to meeting date mentioning their name, demat
account number/folio number, email id, mobile number at cs@obl.org.in. The shareholders who do not wish to speak
during the AGM but have queries may send their queries in advance 10 days prior to meeting date mentioning their
name, demat account number/folio number, email id, mobile number at cs@obl.org.in. These queries will be replied to/
by the Company suitably by email.
6. Those shareholders who have registered themselves as a speaker will only be allowed to express their views/ask
questions during the meeting.
INSTRUCTIONS FOR SHAREHOLDERS FOR E-VOTING DURING THE AGM ARE AS UNDER:
1. The procedure for e-Voting on the day of the AGM is same as the instructions mentioned above for Remote e-voting.
2. Only those shareholders, who are present in the AGM through VC/OAVM facility and have not casted their vote on the
Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through
e-Voting system available during the AGM.
3. If any votes are cast by the shareholders through the e-voting available during the AGM and if the same shareholders
have not participated in the meeting through VC/OAVM facility , then the votes cast by such shareholders shall be
considered invalid as the facility of e-voting during the meeting is available only to the shareholders attending the
meeting.
4. Shareholders who have voted through Remote e-Voting will be eligible to attend the AGM. However, they will not be
eligible to vote at the AGM.
9
Notice
(xix) Note for Non - Individual Shareholders and Custodians
• Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodians are required to log on to
www.evotingindia.com and register themselves in the "Corporates" module.
• A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed to
helpdesk.evoting@cdslindia.com.
• After receiving the login details a Compliance User should be created using the admin login and password. The
Compliance User would be able to link the account(s) for which they wish to vote on.
• The list of accounts linked in the login should be mailed to helpdesk.evoting@cdslindia.com and on approval of the
accounts they would be able to cast their vote.
• A scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in favour of the
Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer to verify the same.
• Alternatively Non Individual shareholders are required to send the relevant Board Resolution/ Authority letter etc.
together with attested specimen signature of the duly authorized signatory who are authorized to vote, to the
Scrutinizer and to the email address of the Company at cs@obl.org.in, if they have voted from individual tab & not
uploaded same in the CDSL e-voting system for the scrutinizer to verify the same.
(xx) All grievances connected with the facility for voting by electronic means may refer the Frequently Asked Questions
("FAQs") and E-voting Manual available at www.evotingindia.com and may be addressed to Mr. Rakesh Dalvi, Manager,
Central Depository Services (India) Limited, A Wing, 25th Floor, Marathon Futurex, Mafatlal Mill Compounds, N M Joshi
Marg, Lower Parel (East), Mumbai - 400013 or send an email to helpdesk.evoting@cdslindia.com or Call 1800225533.
22. The voting rights of shareholders shall be in proportion to their shares of the paid up equity share capital of the Company
as on the Cut-off date of 23rd December, 2020. A person who is not a member as on Cut-off date should treat this notice
for information purpose only.
23. The notice of ensuing Annual General Meeting will be sent to the member(s), whose names appear in the register of
members/register of beneficial owners maintained by depositories as at closing hours of business on Friday the 6th
November, 2020.
24. Investors who became member(s) of the Company subsequent to the dispatch of the Notice/E-mail and holds the
shares as on the Cut-off date i.e. 23rd December, 2020 are requested to send the written/E-mail communication to the
Company at cs@obl.org.in, by mentioning their Folio No./DP ID and Client ID to obtain their Login-ID and Password for
remote e-voting.
25. The shareholders shall have one vote per equity share held by them as on the "Cut off date" of 23rd December, 2020
the facility of remote e-voting would be provided once for every folio/client id, irrespective of the number of joint holders.
26. The Company has appointed Sri Manoj Prasad Shaw of M/s Manoj Shaw & Co., Practising Company Secretaries,
(Membership No.5517, Certificate of Practice No.4194) "Poddar Court", 18, Rabindra Sarani, Gate No.1, 3rd Floor,
Room No.331, Kolkata - 700 001, W.B. as the Scrutinizer for conducting the remote e-voting and e-voting at AGM in the
fair and transparent manner.
27. The Scrutinizer's decision on the validity of remote e-voting and e-voting at AGM will be final.
28. The Scrutinizer shall, immediately after the conclusion of e-voting at AGM, first count the votes cast during the AGM,
thereafter unblock the votes cast through remote e-voting and make, not later than 48 hours of conclusion of the AGM, a
consolidated Scrutinizer’s Report of the total votes cast in favour or against, if any, to the Chairman or a person
authorised by him in writing, who shall countersign the same. The results of voting will be declared within 48 hours from
the conclusion of the AGM and the result declared alongwith the Scrutinizer’s Report shall be placed on the Company’s
website at www.obl.org.in and on the website of CDSL and shall simultaneously forward the results to BSE Ltd. and
The Calcutta Stock Exchange Ltd., where the shares of the Company are listed.
10
Annexure to Notice
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013:
Item No.4:
The term of office of Sri Narendra Kumar Poddar (hereinafter referred to as Sri N. K. Poddar) as Chairman (being Whole
Time Director) has expired on 31st March, 2020. The Board of Directors, on the recommendation and approval of
Nomination and Remuneration Committee, at their meeting held on 26th February, 2020 re-appointed Sri N. K. Poddar as
Chairman (being Whole Time Director) of the Company for a further period of 5(five) years with effect from April 1, 2020 on the
terms and conditions as described hereunder:
Particulars of Sri N. K. Poddar as required to be disclosed under Companies Act, 2013, Regulation 36(3) of the Listing
Regulations and Clause 1.2.5 of Secretarial Standard on General Meetings issued by the Institute of Company Secretaries
of India (SS-2) is given as under:
Age 63 years
Qualifications B.Com (Hons.)
Experience 45 years of experience in business and administration
Last remuneration drawn " 5,292 thousand during the financial year 2019-20
Date of first appointment on the Board 01.08.1979
Relationships with other Directors and Key Managerial Sri Akshat Poddar, Managing Director - Son of
Personnel Sri N. K. Poddar
Companies in which he holds directorship Jenny Christensen (S.A.) Pvt. Ltd.

(Other than M/s Orient Beverages Ltd.) Akshat Developers Pvt. Ltd.,
Satyanarayan Rice Mill Pvt. Ltd.
Companies in which he holds Committee Nil

membership/chairmanship
(Other than M/s Orient Beverages Ltd.)
Shareholding in the Company 638739 nos. of equity shares of "10/- each as on 31.03.2020
No. of Meetings of the Board attended All 12 (twelve) nos. of Board Meetings held during the financial
year 2019-20.
Following are the main terms and conditions of re-appointment of Sri N. K. Poddar as Chairman (being Whole Time
Director) of the Company with effect from 1st April, 2020 to 31st March, 2025:
I. SALARY: " 3,25,000/- (Rupees Three lakh twenty five thousand only) per month.
II. Perquisites and Allowances: Perquisites, allowances and other benefits shall be restricted to an amount equal to the
annual salary. Provided further that aggregate of salary, perquisites and allowances shall not exceed the limits allowed
under the Companies Act, 2013. These perquisites and allowances shall be classified as follows:
a) Accommodation: The expenses on Company leased residential accommodation shall be subject to ceiling of 60%
of the Salary.
In case the Company provides no accommodation, the Chairman shall be entitled to House Rent Allowance as
above.
In case the accommodation is owned by the Company, a deduction of 10% of the Salary of the Chairman shall be
made by the Company towards house rent.
Expenditure incurred on Gas, Electricity, Water and Furnishings shall be valued as per Income Tax Rules, 1962
subject to ceiling of 10% of the Salary of the Chairman.
b) Medical Reimbursement: Expenses incurred for self and family subject to ceiling of one month's salary in a year or
three months' salary over a period of three years.
11
Annexure to Notice
c) Leave Travel Concession: For self and family once in a year incurred in accordance with the Company Rules.
d) Club Fees: Subject to a maximum of 2(two) Clubs. This will not include Admission and Life Membership Fee.
e) Personal Accident Insurance: Premium not to exceed " 10,000/- per annum.
f) Entitlement of Leave and encashment: Entitlement of Leave and encashment of same per Rules of the Company.
g) Bonus as per Rules of the Company.
h) Such other benefits or allowances as may be decided by the Board from time to time.
Sri Narendra Kumar Poddar, Chairman will be entitled to an increment up to 50% of the last gross salary, at the completion
of each year, subject to the limit allowed under the provisions of the Companies Act, 2013. Rate of increment will be decided
by the Board of Directors depending upon his performance and profitability of the Company. Break up of perquisites and
allowances may be decided by the Board from time to time.
III. Other payments and provisions which shall not be included in the computation of the ceiling on remuneration:
a) Contribution to Provident Fund, Superannuation Fund or Annuity Fund to the extent these either singly or put together
are not taxable under the Income Tax Act, 1961.
b) Gratuity payable at a rate not exceeding half a month's Salary for each completed year of Service, subject to
maximum amount permissible as per the Payment of Gratuity Act, 1972.
c) Car: Provision of Car for use of Company's business.
d) Telephone: Provision of Telephone at Residence for Company's business.
IV. Reimbursement of Expenses:
a) Entertainment Expenses:
Reimbursement of Entertainment Expenses actually and properly incurred for the business of the Company will not
be considered as perquisite.
b) Travelling Expenses:
Reimbursement of Travelling Expenses actually and properly incurred for the business of the Company will not be
considered as perquisite.
V. MINIMUM REMUNERATION:
The Salary, perquisites and allowances as above shall be paid to Sri Narendra Kumar Poddar, Chairman as minimum
remuneration, notwithstanding absence or inadequacy of profits in any financial year.
VI. Sri N. K. Poddar will not be entitled to have any remuneration for attending the Board Meeting and/or any meeting of the
Committee of the Board.
VII. Sri N. K. Poddar shall not become interested or otherwise concerned directly or through his wife or minor children in any
selling agency of the Company in future without prior necessary approval of any authority, if required, so long he
functions as a Whole Time Director of the Company and his appointment shall be liable to be ceased in the event of the
contravention of this condition.
VIII. The terms and conditions of the said appointment and/or agreement may be altered or varied from time to time mutually
by the Company and the Sri N. K. Poddar subject to the provisions of the Companies Act, 2013 or any amendment
thereof and with the approval of the Shareholders and/or Central Government, wherever required.
IX. The Agreement may be terminated by either party by giving the other party one month's Notice or the Company paying
one month's remuneration in lieu of the Notice.
The Board considers that the Company would benefit from the continuation of Sri N. K. Poddar as its Chairman (being Whole
Time Director). The Board recommend the resolution(s) for approval of the members.
12
Annexure to Notice
Sri N. K. Poddar himself and Sri Akshat Poddar, being his relative, may be deemed to be concerned and/or interested in the
said resolution(s). None of the other Directors and the Key Managerial Personnel of the Company and their relatives is
concerned or interested, financially or otherwise, in this Resolution(s).
Item No. 5:
The term of office of Sri Akshat Poddar as Managing Director has expired on 31st March, 2020. The Board of Directors, on the
recommendation and approval of Nomination and Remuneration Committee, at their meeting held on 26th February, 2020
re-appointed Sri Akshat Poddar as Managing Director of the Company for a further period of 5(five) years with effect from April
1, 2020 on the terms and conditions as described hereunder:
Particulars of Sri Akshat Poddar as required to be disclosed under Companies Act, 2013, Regulation 36(3) of the Listing
Age 33 years
Qualifications B.A. (Hon.) in Management Studies from the University of
Nottingham (U.K.)
Experience 10 years of experience in business and administration and 1
year of experience with M/s Delloite, U.K.
Relationships with other Directors and Key Managerial Sri Narendra Kumar Poddar, Chairman -
Personnel Father of Sri Akshat Poddar
Companies in which he holds directorship - Satyanarayan Rice Mill Pvt. Ltd.

(Other than M/s Orient Beverages Ltd.) - B. P. Poddar Hospital and Medical Research Ltd.
- Aarshi Ventures Pvt. Ltd. (w.e.f. 15.09.2020)

No. of Meetings of the Board attended 11 (eleven) nos. of Board meetings were attended out of 12
(twelve) nos. of Board Meetings held during the financial year
2019-20.
Following are the main terms and conditions of re-appointment of Sri Akshat Poddar as Managing Director of the Company
with effect from 1st April, 2020 to 31st March, 2025:
i. Salary: "2,50,000/- (Rupees Two lakh fifty thousand only) per month.
ii. Perquisites and Allowances: Perquisites, Allowances and other benefits shall be restricted to an amount equal to the
annual salary. Provided further that aggregate of salary, perquisites and allowances shall not exceed the limits allowed
under the Companies Act, 2013. These perquisites and allowances shall be classified as follows:
a) Accommodation: The expenses on Company leased residential accommodation shall be subject to ceiling of 60%
of the Salary.
In case the Company provides no accommodation, the Managing Director shall be entitled to House Rent
Allowance as above.
In case the accommodation is owned by the Company, a deduction of 10% of the Salary of the Managing Director
shall be made by the Company towards house rent.
13
Annexure to Notice
Expenditure incurred on Gas, Electricity, Water and Furnishings shall be valued as per Income Tax Rules, 1962
subject to ceiling of 10% of the Salary of the Managing Director.
b) Medical Reimbursement: Expenses incurred for self and family subject to ceiling of one month's salary in a year or
three months' salary over a period of three years.
c) Leave Travel Concession: For self and family once in a year incurred in accordance with the Company Rules.
d) Club Fees: Subject to a maximum of 2(two) Clubs. This will not include Admission and Life Membership Fee.
e) Personal Accident Insurance: Premium not to exceed " 10,000/- per annum.
f) Entitlement of Leave and encashment: Entitlement of Leave and encashment of same as per Rules of the
Company.
g) Bonus as per Rules of the Company.
h) Such other benefits or allowances as may be decided by the Board from time to time.
Sri Akshat Poddar will be entitled to an increment up to 50% of the last gross salary, at the completion of each year,
subject to the limit allowed under the provisions of the Companies Act, 2013. Rate of increment will be decided by the
Board of Directors depending upon his performance and profitability of the Company. Break up of perquisites,
allowances and other benefits may be decided by the Board from time to time.
iii. Other payments and provisions which shall not be included in the computation of the ceiling on remuneration:
a) Contribution to Provident Fund, Superannuation Fund or Annuity Fund to the extent these either singly or put together
are not taxable under the Income Tax Act, 1961.
b) Gratuity payable at a rate not exceeding half a month's Salary for each completed year of Service, subject to
c) Car: Provision of Car for use of Company's business.
d) Telephone: Provision of Telephone at Residence for Company's business.
iv. Reimbursement of Expenses:
a) Entertainment Expenses:
Reimbursement of Entertainment Expenses actually and properly incurred for the business of the Company will not
be considered as perquisite.
b) Travelling Expenses:
Reimbursement of Travelling Expenses actually and properly incurred for the business of the Company will not be
considered as perquisite.
v. Minimum Remuneration:
The Salary, perquisites and allowances as above shall be paid to Sri Akshat Poddar as minimum remuneration
notwithstanding absence or inadequacy of profits in any financial year.
vi. Sri Akshat Poddar will not be entitled to have any remuneration for attending the Board Meeting and/or any meeting of the
vii. Sri Akshat Poddar shall not become interested or otherwise concerned directly or through his wife or minor children in
any selling agency of the Company in future without prior necessary approval of any authority, if required, so long he
functions as a Managing Director of the Company and his appointment shall be liable to cease in the event of the
14
Annexure to Notice
viii. The terms and conditions of the said appointment and/or agreement may be altered or varied from time to time mutually
by the Company and the Sri Akshat Poddar subject to the provisions of the Companies Act, 2013 or any amendment
thereof and with the approval of the Shareholders and/or Central Government, wherever required.
ix. The Agreement may be terminated by either party by giving the other party one month's Notice or the Company paying
The Board considers that the Company would benefit from the continuation of Sri Akshat Poddar as its Managing Director.
The Board recommend the resolution(s) for approval of the members.
Sri Akshat Poddar himself and Sri N. K. Poddar, being his relative, may be deemed to be concerned and/or interested in the
said resolution(s). None of the other Directors and the Key Managerial Personnel of the Company and their relatives is
concerned or interested, financially or otherwise, in this Resolution(s).
Item No. 3 & 6:
The term of office of Sri Ballabha Das Mundhra (hereinafter referred to as "Sri B. D. Mundhra") as Executive Director (being
Whole Time Director) has expired on 31st March, 2020. The Board of Directors, on the recommendation and approval of
Nomination and Remuneration Committee, at their meeting held on 26th February, 2020 re-appointed Sri B. D. Mundhra as
Executive Director of the Company for a further period of 5(five) years with effect from April 1, 2020 on the terms and
conditions as described hereunder:
Particulars of Sri B. D. Mundhra as required to be disclosed under Companies Act, 2013, Regulation 36(3) of the Listing
Age 61 years
Qualifications B.Com (Hons.)
Experience 33 years of experience in finance and administration
Relationships with other Directors and Key Managerial None

Personnel
Companies in which he holds directorship - Akshat Developers Pvt. Ltd.

(Other than M/s Orient Beverages Ltd.) - Satyanarayan Rice Mill Pvt. Ltd.
- Aarshi Ventures Pvt. Ltd. (w.e.f. 15.09.2020)

No. of Meetings of the Board attended All 12 (twelve) nos. of Board Meetings held during the financial
year 2019-20.
15
Annexure to Notice
Following are the main terms and conditions of re-appointment of Sri B. D. Mundhra as Executive Director(being Whole Time
Director) of the Company with effect from1st April, 2020 to 31st March, 2025:
I. SALARY: "90,000/- (Rupees Ninety thousand only) per month.
II. Perquisites and Allowances: Perquisites and allowances shall be restricted to an amount equal to the annual salary.
Provided further that aggregate of salary, perquisites and allowances shall not exceed the limits allowed under the
Companies Act, 2013. These perquisites and allowances shall be classified as follows:
a) House Rent Allowance: "15,000/- (Rupees Fifteen thousand only).
b) Transport Allowance: "10,000/- (Rupees Ten thousand only).
c) Medical Allowance: "10,000/- (Rupees Ten thousand only).
d) Refreshment Allowance: "5,000/- (Rupees Five thousand only).
e) Entitlement of leave and encashment of same as per Rules of the Company.
f) Bonus as per Rules of the Company.
g) Such other benefits or allowances as may be decided by the Board from time to time.
The Executive Director will be entitled to an increment up to 50% of the last gross salary, at the completion of each year,
subject to the limit allowed under the provisions of the Companies Act, 2013. Rate of increment will be decided by the Board
of Directors depending upon his performance and profitability of the Company. Break up of perquisites and allowances may
be decided by the Board from time to time.
III. Other payments and provisions which shall not be included in the computation of the ceiling on remuneration:
a) Contribution to Provident Fund, Superannuation Fund or Annuity Fund as per Rules of the Company to the extent
these either singly or put together are not taxable under the Income Tax Act, 1961.
b) Gratuity payable at a rate not exceeding half a month's Salary for each completed year of service, subject to
c) Telephone: Provision of Telephone at Residence for Company's business.
III) Reimbursement of Expenses:
a) Entertainment Expenses: Reimbursement of Entertainment Expenses actually and properly incurred for the
business of the Company will not be considered as perquisite.
b) Travelling Expenses: Reimbursement of Travelling Expenses actually and properly incurred for the business of the
Company will not be considered as perquisite.
IV) Minimum Remuneration: The Salary, perquisites and/or allowances as above shall be paid to Sri Ballabha Das
Mundhra, Executive Director as minimum remuneration, notwithstanding absence or inadequacy of profits in any
financial year.
V) Sri B. D. Mundhra will not be entitled to have any remuneration for attending the Board Meeting and/or any meeting of the
16
Annexure to Notice
VI) Sri B. D. Mundhra shall not become interested or otherwise concerned directly or through his wife or minor children in
any selling agency of the Company in future without prior necessary approval of any authority, if required, so long he
functions as a Whole Time Director of the Company and his appointment shall be liable to be ceased in the event of the
VII) The terms and conditions of the said appointment and/or agreement may be altered or varied from time to time mutually
by the Company and the Sri B. D. Mundhra subject to the provisions of the Companies Act, 2013 or any amendment
thereof and with the approval of the Shareholders and/ or Central Government, wherever required.
VIII) The Agreement may be terminated by either party by giving the other party one month's Notice or the Company paying
The Board considers that the Company would benefit from the continuation of Sri B. D. Mundhra as its Executive Director
(being Whole Time Director). The Board recommend the resolution(s) for approval of the members.
Except Sri B. D. Mundhra, being an appointee, none of the Directors and the Key Managerial Personnel of the Company and
their relatives is concerned or interested, financially or otherwise, in this Resolution(s).
Inspection of documents:
Relevant documents referred to in this notice and/or explanatory statement will be made available at Company website
www.obl.org.in for inspection by the members upto the date of ensuing Annual General Meeting.
By Order of the Board
Place: Kolkata Jiyut Prasad

Dated: 16th October, 2020 Company Secretary
17
Directors’ Report
To The Shareholders,
Your Directors have pleasure in presenting the Annual Report and Audited Accounts of your Company for the year
ended 31st March, 2020:
FINANCIAL RESULTS : (" in 000)
Particulars Standalone Consolidated

2019-20 2018-19 2019-20 2018-19
Profit / (Loss) before Depreciation & Taxation 36,563 41,877 25,096 46,587
Less : Depreciation and Amortization Expense 14,405 13,898 15,642 15,642
Tax Expenses
-Current Tax 6,555 6,853 7,038 7,747
-Deferred Tax Expenses/ (Credit) 231 (241) (3,107) (372)
-Tax for Earlier years 1,237 - 1,394 (168)
8,023 6,612 5,325 7,207
Profit after Depreciation and Taxation 14,135 21,367 4,129 23,738
Other Comprehensive Income (Net of Tax) (1,892) (947) (1,892) (947)
Total Comprehensive Income for the year 12,243 20,420 2,237 22,791
DIVIDEND:
Your Directors have recommended a dividend @5% i.e. " 0.50 per equity share of " 10/- each for the financial year ended
31st March, 2020 amounting to " 1,081 thousand. The dividend payout is subject to approval of the members at the ensuing
Annual General Meeting.
TRANSFER TO RESERVE:
The Directors doesn't propose to transfer any amount to reserve during the year.
OPERATIONS AND STATE OF COMPANY’S AFFAIRS:
The Company’s Revenue from operations have increased from " 6,92,689 thousand in the FY 2018-19 to " 7,79,786
thousand in the FY 2019-20. Sale of Beverages has increased from " 6,43,638 thousand in the FY 2018-19 to " 7,62,900
thousand in the FY 2019-20, showing an increase of 18.53%. In spite of increase in turnover, the total Comprehensive
Income of the Company has decreased from " 20,420 thousand in the FY 2018-19 to " 12,243 thousand in the FY 2019-20,
because in the FY 2018-19 the Company has received a sum of " 18,426 thousand as arrear rent pursuant to settlement of
a long dispute with a tenant. Hence comparing previous year’s financial results excluding arrear rent, financial results for the
year under review are encouraging.
Leasehold rights of the Company in a property situated at 225C, A. J. C. Bose Road, Kolkata has expired on 11th May, 2019.
Negotiations for renewal of the lease between the landlord and the Company are going on. The Company’s rental income
has got a big hit due to expiry of lease.
The spread of COVID-19 and consequent nationwide lockdown has severally affected sales, profit and overall performance
of the Company, but we are struggling hard to minimise the loss and achieve the best possible results in the current year.
SUBSIDIARY COMPANIES :
Sharad Quench Pvt. Ltd. (SQPL) : SQPL, a wholly owned subsidiary of the Company, has completed the construction of a
“Packaged Drinking Water” project and commenced production of packaged drinking water with effect from 22nd February,
2020 at Sankrail, Howrah, W.B. Financial Statements of SQPL for the FY 2019-20 has been duly considered in the
Consolidated Financial Statements presented in this Annual Report of the Company.
Satyanarayan Rice Mill Pvt. Ltd. (SRMPL) : SMRPL is engaged in the business of packaged drinking water and has Plant
18
at P.O. Pandua, Dist. - Hooghly, W.B. Financial Statements of SRMPL for the FY 2019-20 has been duly considered in the
Consolidated Financial Statements presented in this Annual Report of the Company. It is expected that there should be a
sizeble increase in the Group turnover and income with the working of said subsidiary companies in the coming time.
Salient features of the financial statements of said subsidiary Companies have been attached along with the Annual Report
in the Form AOC-1.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management discussion and analysis report for the year under review, as stipulated under Regulation 34(2)(e) of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is attached
with this Report and marked as Annexure - I.
EXTRACT OF ANNUAL RETURN:
Pursuant to Section 92(3) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and
Administration) Rules, 2014, an extract of the Annual Return for the financial year ended 31st March, 2020 in the prescribed
Form MGT- 9 is attached with this Report and marked as Annexure - II.
DIRECTORS:
Sri Ballabha Das Mundhra, Executive Director (DIN: 01162223) retires by rotation at the ensuing Annual General Meeting and
being eligible, offers himself for re-appointment. An appropriate resolution for his appointment is being placed for
consideration of the members at the ensuing Annual General Meeting.
The present term of Sri Narendra Kumar Poddar as Chairman (being Whole time Director); Sri Akshat Poddar as Managing
Director and Sri Ballabha Das Mundhra as Executive Director (being Whole time Director) expired on 31st March, 2020. Your
Directors propose their re-appointment for another term as mentioned in the relevant Resolutions with effect from 1st April,
2020 for a period of 5(five) consecutive years.
None of the Directors is disqualified for appointment/re-appointment under Section 164 of the Companies Act, 2013.
DECLARATION UNDER SECTION 149(7) OF THE COMPANIES ACT, 2013:
The Company has received declarations from Dr. Gora Ghose (DIN: 00217079) and Sri Vivek Vardhan Agarwalla (DIN:
00674395) that they meet the criteria of Independence as prescribed under Section 149(6) of the Companies Act, 2013.
FORMAL ANNUAL EVALUATION:
The Nomination and Remuneration Committee of the Board has devised criteria for evaluation of the performance of
Directors. The Board has evaluated its own performances and that of its Committees and all individual directors i.e. both
Independent and Non-Independent. All the Directors of the Company are found to be persons of having knowledge and
experience in their respective area and their association with the Company is considered to be beneficial to the Company.
COMPANY'S POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS:
The Board of Directors of the Company has adopted a Remuneration Policy in consultation with its Nomination and
Remuneration Committee for determining qualifications, positive attributes and independence of directors and criteria for
directors' appointment and remuneration.
The main features of the Policy are as follows:
• The Company while constituting the Board shall draw members from diverse fields such as finance, law,
administration, management, marketing, manufacturing, operations or other disciplines related to the Company's
business. There shall be no discrimination on the basis of gender, while determining the Board composition.
• A Director shall be a person of integrity, who possesses relevant expertise and experience. He/she shall uphold ethical
standards of integrity and probity and act objectively and constructively. He/she shall exercise his/her responsibilities in
a bona-fide manner in the interest of the Company. Devote sufficient time and attention to his/her professional
obligations for informed and balanced decision making. Assist the Company in implementing the best corporate
governance practices.
• The objective of the policy is to have a compensation framework that will reward and retain talent.
• The remuneration will be such as to ensure that the correlation of remuneration to performance is clear and meets
appropriate performance benchmarks.
19
KEY MANAGERIAL PERSONNEL:

Pursuant to Section 203 of the Companies Act, 2013 following officials are the Key Managerial Personnel of the Company:
i. Sri Narendra Kumar Poddar, Chairman;
ii. Sri Akshat Poddar, Managing Director;
iii. Sri Ballabha Das Mundhra, Executive Director;
iv. Sri Arun Kumar Singhania, Chief Financial Officer and
v. Sri Jiyut Prasad, Company Secretary.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:
The Board of Directors met 12(twelve) times during the year under review. The dates of such meetings were 12th April, 2019,
30th May, 2019, 22nd July, 2019, 14th August, 2019, 2nd September, 2019, 14th October, 2019, 13th November, 2019, 10th
December, 2019, 26th December, 2019, 10th January, 2020, 13th February, 2020 and 26th February, 2020.
Pursuant to the requirements of Schedule IV to the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, a separate Meeting of the Independent Directors of the Company was also held on 20th
December, 2019 without the presence of non-independent directors and members of the management, to review the
performance of non-independent directors and the Board as a whole, the performance of the Chairperson of the Company
and also to assess the quality, quantity and timeliness of flow of information between the Company management and the
Board.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 134(5) the Companies Act, 2013, the Directors hereby confirm and state that:
i. In the preparation of annual accounts for the financial year ended 31st March, 2020, the applicable accounting
standards have been followed along with proper explanation relating to material departures,
ii. They have selected such accounting policies and applied them consistently and made judgement and estimates that
are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the
financial year and of the profit of the Company for that period;
iii. They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud
and other irregularities;
iv. They have prepared the annual accounts on a going concern basis;
v. They have laid down internal financial controls to be followed by the Company and that such internal financial controls
are adequate and are operating effectively and
vi. They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such
systems are adequate and operating effectively.
AUDITORS:
M/s D. Mitra & Co., Chartered Accountants (ICAI Firm Regn. No. 328904E), were appointed as Statutory Auditors of the
Company for a period of 5(five) years with effect from financial year 2017-18, who shall hold office from the conclusion of the
56th Annual General Meeting till the conclusion of the 61st Annual General Meeting of the Company. M/s D. Mitra & Co.,
Chartered Accountants have confirmed their willingness and eligibility in terms of the provisions of Section 141 of the
Companies Act, 2013, the Chartered Accountants Act, 1949 and rules or regulations made there under to continue as
Auditors of the Company.
Further the Ministry of Corporate Affairs (MCA) vide notification dated 7th May, 2018 has done away with the requirement of
ratification of appointment of Statutory Auditors at every Annual General Meeting, as per the first proviso of Section 139 of the
20
Companies Act, 2013 and the Companies (Audit and Auditors) Amendment Rules, 2018. Accordingly, the Company is not
required to pass any resolution pertaining to ratification of the appointment of Statutory Auditors in the ensuing Annual
General Meeting.
AUDITORS' REPORTS:
The Independent Auditors' Reports for the financial year ended 31st March, 2020 does not contain any qualification,
reservation or adverse remark.
SECRETARIAL AUDIT:
Pursuant to Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the Company had appointed M/s Manoj Shaw & Co., Practising Company Secretaries,
as Secretarial Auditor for conducting the Secretarial Audit of the Company for the financial year 2019-20. The Secretarial
Auditors' Report received from said Auditors, forms part of this Report and marked as Annexure - III. There are no
qualifications or adverse remarks in their Report.
COST AUDIT:
Pursuant to the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost records and audit)
Rules, 2014, Cost Audit is not applicable to the Company.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
Particulars of loans given by the Company have been disclosed in the Notes to the Financial Statements for the year under
review. The Company has not given any guarantee or provided security in connection with a loan taken by any other person.
Particulars of investments made by the Company have been disclosed in the Notes to Financial Statements for the year
under review.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
All the transactions with related parties entered during the year under review were in the ordinary course of business and on
the arm's length basis and the same has been duly approved by the Audit Committee. However, there was no material
contract or arrangement or transaction other than arm's length basis entered with a related party during the year under
review. Hence, disclosure in Form AOC- 2 is not required.
INFORMATION PURSUANT TO SECTION 134(3)(m) OF THE COMPANIES ACT, 2013 READ WITH RULE 8 OF THE COMPANIES
(ACCOUNTS) RULES, 2014:
(A) Conservation of energy:
i. Steps taken or impact on conservation of energy:
• Installation of Industrial Process Chiller with Automatic Pet Blow Moulding Machine for Blowing Plant to upgrade
the output system.
• Installation of new Pet Blow Machine for 5 Litre pack in Blowing Plant to save time and energy.
• Installation of Shrink Wrapping Machine for packing of finished goods to save time and energy.
• The lighting system in the factory has been upgraded and modified to use of LED lights to reduce consumption
of energy.
ii. The steps taken by the Company for utilising alternate sources of energy:
• The Company is making maximum use of natural lighting during day time by using transparent roof sheets.
iii. The capital investment on energy conservation equipments:
• A sum of " 1,295 thousand was spent towards acquisition of energy conservation equipments during the year
under review.
21
(B) Technology Absorption:
i. The efforts made towards technology absorption:
• Technology absorption is a continuous process. The Company keeps track of new machines and upgrade its
plant and machinery with the latest available technology.
ii. The benefits derived like product improvement, cost reduction, product development or import substitution:
• Improved productivity and consequent reduction in the cost of production.

iii. In case of imported technology (imported during the last three years reckoned from the beginning of the financial
year)
Details of technology Year of Whether the technology If not fully absorbed, areas where absorption has
imported import been fully absorbed not taken place, and the reasons thereof
Not Applicable
iv. The expenditure incurred on research and development:
• Being Franchisee of M/s Bisleri International Private Limited, the Company is adopting technological guidelines
provided by its Principal from time to time and thus research and development of technology is automatically taken
care of. Hence there is no expenditure incurred on research and development during the year.
(C) Foreign exchange earnings and outgo:
Your Company did not have any foreign exchange earnings during the year under review. The foreign exchange outgo
was " 2,804 thousand on account of travelling and other expenses.
DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY:
The Board has developed and implemented a risk management policy of the Company identifying therein the elements of
risk and concern that may threaten the existence of the Company which entail the recording, monitoring and controlling of
Company's risks and addressing them comprehensively and empirically.
The Risk Management system aims to:
i. Address our Company's strategies, operations and compliances and provide a unified and comprehensive
perspective;
ii. Establish the risk appetite;
iii. Be simplistic and intuitive to facilitate a speedy and appropriate identification of potential and actual risks and its
communication;
iv. Seek escalation of the identified risk events to the appropriate persons to enable a timely and satisfactory risk response;
v. Reduce surprises and losses, foresee opportunities and improve deployment of resources; and
vi. Develop a mechanism to manage risks.
CORPORATE SOCIAL RESPONSIBILTY:
Provisions of Section 135 of the Companies Act, 2013 are not applicable to the Company. Hence, disclosure as per Annexure
given in the Companies (Corporate Social Responsibility Policy) Rules, 2014 has not been made here.
LISTING OF SHARES AND LISTING FEE:
The equity shares of the Company are listed on The Calcutta Stock Exchange Ltd. and BSE Limited. The listing fee for the
year 2020-21 has already been paid to the both Stock Exchanges.
CORPORATE GOVERNANCE REPORT:
The provisions of Regulation 15(2) read with Regulation 27 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 are not applicable to the Company. Hence, report on
Corporate Governance for the financial year 2019-20 is not attached herewith.
22
DEPOSITS:
The Company has not accepted any deposits from the public under Section 73 of the Companies Act, 2013 read with the
Companies (Acceptance of deposit) Rules, 2014.
AUDIT COMMITTEE:
The present composition of the Audit Committee of the Company is as under:
Sl. No. Name of the Director Category of the Director Designation
i. Sri Vivek Vardhan Agarwalla Independent Director Chairman
ii. Dr. Gora Ghose Independent Director Member
iii. Sri Ballabha Das Mundhra Executive Director Member
The Company Secretary acts as Secretary of the Committee. There is no such recommendation of the Audit Committee
which has not been accepted by the Board, during the year under review.
ESTABLISHMENT OF VIGIL MECHANISM:
The Company has established a vigil mechanism/ whistle blower policy. The policy allows intimation by any director or
employee or any other stakeholder to the designated officer in good faith of misconduct or unethical or improper activity
through a written communication. Audit Committee oversees the vigil mechanism for disposal of the complaint. Direct
access to the chairman of the Audit Committee is also allowed in exceptional cases. The vigil mechanism/ whistle blower
policy is available on Company's website www.obl.org.in.
PARTICULARS OF EMPLOYEES:
Particulars of employees pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are attached herewith and marked as
Annexure - IV.
INTERNAL FINANCIAL CONTROL SYSTEMS:
The Company has adopted guidelines for ensuring orderly and efficient Internal Financial Controls as required under the
provisions of the Companies Act, 2013. The Audit Committee after considering the views of Statutory Auditors and Internal
Auditors has found that such Internal Financial Controls, commensurate with the size and operations of the Company, are
adequate and operating efficiently. The Audit Committee, in consultation with the Internal Auditors, formulates the scope,
function and methodology for conducting the internal audit. The Internal Financial Controls system is satisfactory as per
evaluation of the Audit Committee.
DISCLOSURES:
Following disclosures are made under the Companies (Accounts) Rules, 2014:
(i) The financial summary or highlights are discussed at the beginning of this report;
(ii) There is no change in the nature of business;
(iii) There is no significant and material order was passed by the regulators or courts or tribunals impacting the going
concern status and the Company's operations in future.
APPRECIATION:
Your Directors wish to express their grateful appreciation for the co-operation and support received from customers,
vendors, shareholders, financial institutions, banks, regulatory authorities and the society at large. Deep appreciation is
also recorded for the dedicated efforts and contribution of the employees at all levels, as without their focus, commitment
and hard work, the Company's consistent growth would not have been possible, despite the challenging environment.
For and behalf of the Board

N. K. Poddar
Kolkata, 26th August, 2020 Chairman
23
Annexure - I to the Directors' Report

MANAGEMENT DISCUSSION AND ANALYSIS REPORT
a. Industry structure and developments: The global business witnessed moderate growth in the year 2019, following a
slowdown across most advanced and developing nations. Increasing trade barriers, rising geo-political tensions and
lower industrial output have cumulatively affected global growth during the year. International Monetary Fund(IMF)
estimates that global GDP grew by 2.9% in 2019. However, in 2020, the world economy is expected to show a steady
rebound. With the stabilization of economic conditions, recovery in investments, and easing trade tensions, IMF expects
global growth to edge up to 3.3% in 2020 and 3.4% in 2021.
The Indian economy was also stable with steady growth. In fiscal 2019, India clocked a GDP growth rate of 6.8%, thus
maintaining the tag of the fastest-growing major economy in the world. Although economic growth during the second
half of fiscal 2019 slowed down, given the deceleration in investments and private consumption following lower income
growth, rural stress, and NBFC liquidity issues, the Government of India has announced a series of structural reforms
to boost sustainable economic growth. Among these are liberalization of FDI flows and corporate tax reforms, including
a massive reduction in the corporate tax rate. These measures are expected to increase capital inflows, to stabilize the
financial structure, improve investments, and strengthen the overall business environment in the country. The Indian
economy is expected to pick up momentum from the second half of fiscal 2020, on the back of accommodative fiscal and
monetary policy and reform implementations. According to IMF, the growth in India is projected at 6.1% in fiscal 2020 and
is then expected to rebound to 7.0% in fiscal 2021. The GDP rise would have a cascading effect on consumer spending,
which would in turn further drive growth.
India is one of the fastest growing economies of the World. The Beverages industry being Fast Moving Consumer
Goods (FMCG) segment is the fourth largest sector in the Indian economy. The sector is expected to grow at a
Compound Annual Growth Rate of 27.86% to reach " 7,11,620 crore by 2020. Growing awareness, easier access and
changing lifestyles have been the key growth drivers for the sectors.
b. Opportunities and threats: The Company's main threat is competition from multinational giants and local entrepreneur
who are also engaged in beverages industry. The change in taste of consumers gives opportunities to the Company to
grow further.
c. Segment wise performance: The Company is operating mainly in two segments i.e. Beverages and Real Estate
business. Sale of Beverages has increased from " 6,43,638 thousand in the FY 2018-19 to " 7,62,900 thousand in
the FY 2019-20, showing an increase of 18.53%. Rental income from Real Estate business has decreased from
" 49,051 thousand in the FY 2018-19 to " 16,886 thousand in the FY 2019-20, due to expiry of lease rights of the
Company in the property situated at 225C, A. J. C. Bose Road, Kolkata. However, negotiations for renewal of the lease
are going on.
d. Outlook: Considering the Real Estate activities are stable, the Company is likely to focus mainly on beverages segment.
The Company will also look forward for any attractive opportunities, if available in other sectors.
e. Risks and concerns: The risk of the Company are interest risk, market risk etc. Increased competition from
multinational giants and increase in government levies, from time to time, are main concern of the Company.
f. Internal control systems and their adequacy: The Company has adequate systems of Internal Controls
commensurate with its size and operations to ensure orderly and efficient conduct of business. These controls ensure
safeguarding of assets, reduction and detection of fraud and error, adequacy and completeness of the accounting
records and timely preparation of reliable financial information.
g. Financial performance with respect to operational performance: The financial performance of the Company for the
year 2019-20 is discussed in the Directors' Report under the head 'Operations and State of Company's Affairs'.
h. Material developments in human resources and industrial relations front: The Company sincerely make efforts and
gives special attention to Human Resources/Industrial Relations development. Industrial relations remained cordial
throughout the year and there was no incidence of strike, lock out etc.
i. Cautionary statement: The statements describing the Company's outlook, estimates or predictions may be forward-
looking statements based on certain assumptions of future events. Actual results may differ materially from those
expressed or implied, since the Company's operations are influenced by external or internal factors. Your Company
closely monitors all major developments likely to affect the operations and will respond to meet the potential threats and
to gain from any possible opportunities.
N. K. Poddar
24
Annexure - II to the Directors' Report

Form No. MGT-9
EXTRACT OF ANNUAL RETURN
AS ON THE FINANCIAL YEAR ENDED ON 31ST MARCH, 2020
[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of
the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
i) CIN : L15520WB1960PLC024710
ii) Registration Date : 16th June, 1960
iii) Name of the Company : ORIENT BEVERAGES LIMITED
iv) Category/ Sub-Category of the Company : Public Company / Limited by Shares

v) Address of the Registered office : "Aelpe Court", 3rd Floor,
and contact details 225C, A. J. C. Bose Road, Kolkata- 700 020. W. B.
Phone: (033) 2281 7001 / 7002
Email: cs@obl.org.in
Website: www.obl.org.in
vi) Whether listed company (Yes/No) : Yes (Listed on The Calcutta Stock Exchange Ltd. and BSE Ltd.)
vii) Name, Address and Contact details of : Niche Technologies Pvt. Ltd.
Registrars and Share Transfer Agents, 3A, Auckland Place, 7th Floor, Room No. 7A & 7B
if any Kolkata- 700 017, W.B.
Phone: (033) 2280 6616 / 17 / 18
Fax: (033) 2280 6619
Email: nichetechpl@nichetechpl.com
Website: www.nichetechpl.com
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:
All the business activities contributing 10% or more of the total turnover of the Company shall be stated:
Sl. Name and Description of main NIC Code of the % to total turnover of the Company
No. products / services Product / service
1. Manufacture of soft drinks; production 1104 75%

of mineral waters and other bottled
waters
2. Wholesale of confectionery, bakery 46304 22%
products and beverages other than
intoxicants
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:

Sl. Name and Address of CIN/GLN Holding/ % of Applicable
No. the Company Subsidiary/ shares Section
Associate held
1. Sharad Quench Pvt. Ltd. U41000WB2017PTC220357 Subsidiary 100 2(87)
4, Hastings Park Road
Alipore, Kolkata - 700 027, W.B.
2. Satyanarayan Rice Mill Pvt. Ltd. U93093WB2009PTC137366 Subsidiary 100 2(87)
Vill - Marshit, P.O. & P.S. - Pandua
Dist-Hooghly, Hooghly-712 149, W.B.
25

IV. SHARE HOLDING PATTERN: (Equity Share Capital Breakup as percentage of Total Equity)
(i) Category-wise Share Holding:
Category of Shareholders No. of Shares held at the No. of Shares held at the % Change
beginning of the year end of the year during
the year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
A. Promoters
(1) Indian
a) Individual/HUF 1086056 - 1086056 50.245 1089695 - 1089695 50.414 0.169
b) Central Government - - - - - - - - -
c) State Government - - - - - - - - -
d) Bodies Corporate - - - - - - - - -
e) Banks / Financial
Institutions - - - - - - - - -
f) Any Other - - - - - - - - -
Sub-total (A)(1) 1086056 - 1086056 50.245 1089695 - 1089695 50.414 0.169
(2) Foreign
a) NRIs - Individuals - - - - - - - - -
b) Other - Individuals - - - - - - - - -
c) Bodies Corporate - - - - - - - - -
d) Banks / Financial
Institutions - - - - - - - - -
e) Any Other - - - - - - - - -
Sub-total (A)(2) - - - - - - - - -
Total Shareholding 1086056 - 1086056 50.245 1089695 - 1089695 50.414 0.169
of Promoter
(A) = (A)(1)+(A)(2)
B. Public Shareholding
(1) Institutions
a) Mutual Funds - - - - - - - - -
b) Banks / Financial
Institutions - 22550 22550 1.043 - 22550 22550 1.043 -
c) Central
Governments - - - - - - - - -
d) State Governments - - - - - - - - -
e) Venture Capital
Funds - - - - - - - - -
f) Insurance Companies - - - - - - - - -
g) Foreign Institutional
Investors (FII) - - - - - - - - -
h) Foreign Venture
Capital Funds - - - - - - - - -
i) Others (Specify) - - - - - - - - -
Sub-total (B)(1) - 22550 22550 1.043 - 22550 22550 1.043 -
26

Category of Shareholders No. of Shares held at the No. of Shares held at the % Change
beginning of the year end of the year during
the year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
(2) Non-Institutions
a) Bodies Corporate
i) Indian 124210 2400 126610 5.858 128752 2400 131152 6.068 0.210
ii) Overseas - - - - - - - - -
b) Individuals
i) Individual shareholders
holding nominal share
capital upto " 1 lakh 445500 219536 665036 30.767 447188 213132 660320 30.549 -0.218
ii) Individual shareholders
holding nominal share
capital in excess of
" 1 lakh 238417 - 238417 11.030 238417 - 238417 11.030 -
c) Others Specify
1. NRI 16269 - 16269 0.753 17527 - 17527 0.811 0.058
2. Overseas Corporate
Bodies - - - - - - - - -
3. Foreign Nationals - - - - - - - - -
4. Clearing Members 5562 - 5562 0.257 839 - 839 0.039 -0.218
5. Trusts 1000 - 1000 0.046 1000 - 1000 0.046 -
6. Foreign Bodies - D.R. - - - - - - - - -
Sub-total (B)(2) 830958 221936 1052894 48.711 833723 215532 1049255 48.543 -0.168
Total Public 830958 244486 1075444 49.755 833723 238082 1071805 49.586 -0.169
Shareholding
(B) = (B)(1)+(B)(2)
C. Shares held by
Custodian for GDRs
& ADRs - - - - - - - - -
GRAND TOTAL 1917014 244486 2161500 100.000 1923418 238082 2161500 100.000 0.000
(A+B+C)
27

(ii) Shareholding of Promoters:
Sl Shareholder’s Name Shareholding at the Shareholding at the % of

No. beginning of the year end of the year change in
shareholding
No. of % of total % of Shares No. of % of total % of Shares during the
Shares shares Pledged / Shares shares Pledged / year
of the encumbered of the encumbered
Company to total Company to total
shares shares
1. Narendra Kumar Poddar 635100 29.382 - 638739 29.551 - 0.169

2. Ruchira Poddar 202750 9.380 - 202750 9.380 - -
3. Akshat Poddar 151100 6.991 - 151100 6.991 - -
4. Avni Poddar 96006 4.442 - 96006 4.442 - -
5. Ballabha Das Mundhra 1100 0.051 - 1100 0.051 - -
Total 1086056 50.245 - 1089695 50.414 - 0.169
(iii) Change in Promoters’ Shareholding:

Sl Shareholder’s Name Shareholding at the Cumulative
No. beginning of the year Shareholding during the year
No. of % of total No. of % of total

Shares shares of the Shares shares of the
Company Company
1. Narendra Kumar Poddar

a) At the beginning of the year 635100 29.382 - -
b) Changes during year
Date Reason
26.06.2019 Transfer 500 0.023 635600 29.405
27.06.2019 Transfer 119 0.005 635719 29.411
28.06.2019 Transfer 1130 0.052 636849 29.463
13.03.2020 Transfer 890 0.041 637739 29.504
16.03.2020 Transfer 1000 0.046 638739 29.551
c) At the end of the year - - - 638739 29.551
2. Ruchira Poddar
b) Changes during year No change during the year
c) At the end of the year - - 202750 9.380
3. Akshat Poddar
4. Avni Poddar
5. Ballabha Das Mundhra
28

(iv) Shareholding Pattern of top 10 (ten) Shareholders (other than Directors, Promoters and Holders of GDRs
and ADRs):
Sl Shareholder’s Name Shareholding at the Cumulative Shareholding

No. beginning of the year during the year

Company Company
1. Laxmikant Kabra (HUF)

b) Change during the year No change during the year
2. Poddar Projects Ltd.
3. Sangeetha S #
a) At the beginning of the year - - - -
b) Change during the year
Date Reason
08.11.2019 Transfer 26060 1.206 26060 1.206
4. Aloke Tulsyan
5. United Industrial Bank Ltd.
6. Prakash Baid Securities Pvt. Ltd.
7. Laurel Securities Pvt. Ltd.
8. Deepak Jain
29

Sl Shareholder’s Name Shareholding at the Cumulative Shareholding

Company Company
9. Zia Ul Rab Siddiqui

Date Reason
07.06.2019 Transfer 457 0.021 8500 0.393
21.06.2019 Transfer 100 0.005 8600 0.398
05.07.2019 Transfer 5 0.000 8605 0.398
12.07.2019 Transfer 200 0.009 8805 0.407
19.07.2019 Transfer 400 0.019 9205 0.426
09.08.2019 Transfer 241 0.011 9446 0.437
08.11.2019 Transfer 207 0.010 9653 0.447
06.12.2019 Transfer 204 0.009 9857 0.456
13.12.2019 Transfer 155 0.007 10012 0.463
03.01.2020 Transfer 150 0.007 10162 0.470
06.03.2020 Transfer 280 0.013 10442 0.483
10. Parle Agro Pvt. Ltd.
11. Subramanian P *
Date Reason
08.11.2019 Transfer (26060) 1.206 - -
c) At the end of the year - - - -
* Ceased to be in the list of Top 10 shareholders as on 31st March, 2020. The same has been reflected above since the shareholder
was amongst one of the Top 10 shareholder as on 1st April, 2019.
# Not in the top 10 shareholders as on 1st April, 2019. The same has been reflected above since the shareholder was among one of
the Top 10 shareholders as on 31st March, 2020.
30

(v) Shareholding of Directors and Key Managerial Personnel:
Sl For each of the Directors and KMP Shareholding at the Cumulative Shareholding
(As on 01.04.2019) (01.04.2019 to 31.03.2020)
Company Company
1. Narendra Kumar Poddar, Chairman

b) Changes during year
Date Reason
26.06.2019 Transfer 500 0.023 635600 29.405
27.06.2019 Transfer 119 0.005 635719 29.411
28.06.2019 Transfer 1130 0.052 636849 29.463
13.03.2020 Transfer 890 0.041 637739 29.504
16.03.2020 Transfer 1000 0.046 638739 29.551
2. Akshat Poddar, Managing Director
3. Ballabha Das Mundhra, Executive Director
4. Gora Ghose, Independent Director
5. Sarita Tulsyan, Non-Executive Director
6. Vivek Vardhan Agarwalla, Independent Director
7. Arun Kumar Singhania, Chief Financial Officer
31

Sl For each of the Directors and KMP Shareholding at the Cumulative Shareholding
(As on 01.04.2019) (01.04.2019 to 31.03.2020)
Company Company
8. Jiyut Prasad, Company Secretary

V. INDEBTEDNESS :
Indebtedness of the Company including interest outstanding/accrued but not due for payment: (" in 000)
Particulars Secured Loans Unsecured Deposits Total

excluding Loans Indebtedness
deposits
Indebtedness at the beginning of the

financial year
(i) Principal Amount 1,48,363 1,58,306 - 3,06,669
(ii) Interest due but not paid - - - -
(iii) Interest accrued but not due - 5,649 - 5,649
Total (i+ii+iii) 1,48,363 1,63,955 - 3,12,318
Change in Indebtedness during the

financial year
- Addition 48,860 85,029 - 1,33,889
- Reduction 47,273 70,879 - 1,18,152
Net Changes 1,587 14,150 - 15,737
Indebtedness at the end of the

financial year
(i) Principal Amount 1,49,950 1,74,510 - 3,24,460
(ii) Interest due but not paid - - - -
(iii) Interest accrued but not due - 3,595 - 3,595
Total (i+ii+iii) 1,49,950 1,78,105 - 3,28,055
32

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:
A. Remuneration to Managing Director, Whole-time Directors and/or Manager: (" in 000)
Sl.No. Particulars of Remuneration Name of MD/WTD/Manager Total
Sri N. K. Poddar, Sri Akshat Poddar, Sri B. D. Mundhra,
(i) Gross Salary Chairman Managing Executive
Director Director
(a) Salary as per provisions contained

in Section 17(1) of the Income
Tax Act, 1961 4,745 3,642 1,849 10,236
(b) Value of perquisites u/s 17(2) of
the Income Tax Act, 1961 72 651 - 723
(c ) Profits in lieu of salary u/s 17(3)
of the Income Tax Act, 1961 - - - -
(ii) Stock Option - - - -
(iii) Sweat Equity - - - -
(iv) Commission
-as % of profit - - - -
-others, specify… - - - -
(v) Others, please specify
-Contribution to P.F. 475 365 184 1,024
Total (A) 5,292 4,658 2,033 11,983
Ceiling as per the Act As per Schedule V to the Companies Act, 2013, remuneration up to " 8,400 thousand
per annum can be paid to each director based on the effective capital of the Company.
B. Remuneration to other directors: (" in 000)

Sl.No. Particulars of Remuneration Name of Directors Total
1. Independent Directors Dr. Gora Ghose Sri V. V. Agarwalla
(i) -Fee for attending board / committee

meetings 29 27 56
(ii) -Commission - - -
(iii) -Others, please specify - - -
Total (1) 29 27 56
2. Other Non-Executive Directors Smt. Sarita Tulsyan
(i) -Fee for attending board / committee meetings 13 13
(ii) -Commission - -
(iii) -Others, please specify - -
Total (2) 13 13
Total (B)=(1+2) - 69
Total Managerial Remuneration (A+B) 12,052
Overall Ceiling as per the Act As per Schedule V to the Companies Act, 2013, remuneration up to " 8,400 thousand
per annum can be paid to each director based on the effective capital of the
Company. As per Section 197 to the said Act, sitting fee to a Director for attending
Board or Committee meeting can be paid up to " 100 thousand per meeting, which
shall not be treated as part of managerial remuneration.
33

C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD: (" in 000)
Sl.No. Particulars of Remuneration Key Managerial Personnel Total
Sri A. K. Singhania Sri Jiyut Prasad,

(i) Gross Salary Chief Financial Company
Officer Secretary
(a) Salary as per provisions contained in Section 17(1) of the

Income Tax Act, 1961 2,935 820 3,755
(b) Value of perquisites u/s 17(2) of the Income Tax Act, 1961 - 10 10
(c ) Profits in lieu of salary under Section 17(3) of the Income
Tax Act, 1961 - - -
(ii) Stock Option - - -
(iii) Sweat Equity - - -
(iv) Commission
-as % of profit - - -
-Others, specify… - - -
(v) Others, please specify

-Contribution to P.F. 295 84 379
Total 3,230 914 4,144
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type Section of the Brief Details of Penalty / Authority Appeal made,

Companies Act Description Punishment Compounding (RD/NCLT/ if any
fees imposed Court) (give details)
A. Company: Nil
Penalty
Punishment
Compounding
B. Directors: Nil
Penalty
Punishment
Compounding
C. Other Officers in Default: Nil
Penalty
Punishment
Compounding
N. K. Poddar
34
Annexure - III to the Directors’ Report

FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
"Aelpe Court”, 3rd Floor,
225C, A. J. C. Bose Road,
P.S. Ballygunge,
Kolkata- 700 020, W.B.
We have conducted the secretarial audit of the compliance of applicable statutory provisions and adherence to good
corporate practices by M/s ORIENT BEVERAGES LIMITED (CIN: L15520WB1960PLC024710) (hereinafter called the
Company). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate
conducts/statutory compliances and expressing our opinion thereon.
Based on our verification of the Company's books, papers, minute books, forms and returns filed and other records
maintained by the Company and also the information provided by the Company, its officers, agents and authorized
representatives during the conduct of secretarial audit, We hereby report that in our opinion, the Company has, during the
audit period covering the financial year ended on March 31st, 2020 complied with the statutory provisions listed hereunder
and also that the Company has proper Board-processes and compliance mechanism in place to the extent, in the manner
and subject to the reporting made hereinafter.
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company
for the financial year ended on March 31st, 2020, according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made there under;
(ii) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made there under;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of Foreign
Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992
('SEBI Act'):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,
2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 and the Securities
and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
(Not applicable to the Company during the Audit Period)
(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase
Scheme) Guidelines, 1999; (Not applicable to the Company during the Audit Period)
35
Annexure - III to the Directors’ Report (Contd.)

(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; (Not
applicable to the Company during the Audit Period)
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations,
1993 regarding the Companies Act and dealing with client;
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; (Not applicable to
the Company during the Audit Period) and;
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; (Not applicable to the
Company during the Audit Period.
(vi) The followings are the other laws as specifically applicable to the Company:
a) The Food Safety and Standards Act, 2006 and Rules made there under;
b) The Water (Prevention and Control of Pollution) Act, 1974 and the Air (Prevention and Control of Pollution) Act,
1981 and Rules and Orders made there under;
c) Legal Metrology Act, 2009 and Rules made there under;
d) The Factories Act, 1948;
e) The Payment of Bonus Act, 1965;
f) The Industrial Disputes Act, 1947;
g) The Employees Provident Fund and Miscellaneous Provisions Act, 1952;
h) The Employees' State Insurance Act, 1948.
We have relied on the representation made by the Company and its Officers for systems and mechanism formed by the
Company for compliances under other applicable Acts, Laws and Regulations to the Company.
We have also examined compliance with the applicable clauses of the following:
(i) The Company has complied with the applicable Clauses of Secretarial Standard (SS-1, SS-2 and SS-3) issued by the
Institute of Company Secretaries of India and it was noted that the Company has complied with the same to the extent
possible.
(ii) The Company has complied with the provisions of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 during the period under review.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.
Management's Responsibility:
1. Maintenance of Secretarial records is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct
facts are reflected in Secretarial records. We believe that the process and practices, we followed provide a reasonable
basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
36
Annexure - III to the Directors’ Report (Contd.)

4. Wherever required, we have obtained the Management representation about the Compliance of laws, rules and
regulations and happening of events etc.
5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedure on test basis.
6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
We further report that
• The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. No changes in the composition of the Board of Directors took place during the
period under review.
• Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were
sent at least seven days in advance and a system exists for seeking and obtaining further information and clarifications
on the agenda items before the meeting and for meaningful participation at the meeting.
• Majority decision is carried through while the dissenting members' views are captured and recorded as part of the
minutes.
We further report that there are adequate systems and processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that, during the audit period the Company had following events which had bearing on the Company's affairs
in pursuance of the above referred laws, rules, regulations, guidelines, etc.
We further report that during the audit period, the Company has accorded the consent of members to the Board of Directors
for the re-appointment of Dr. Gora Chand Ghose (DIN: 00217079) as an Independent Director of the Company for a second
term for a period of 5(five) consecutive years with effect from 1st April, 2019 till 31st March, 2024, pursuant to the provisions
of Sections 149, 150, 152 read with Schedule IV and any other applicable provisions, if any, of the Companies Act, 2013 and
the Companies (Appointment and Qualification of Directors) Rules, 2014 and the applicable provisions of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
For Manoj Shaw & Co.

Company Secretaries
"Poddar Court"
18, Rabindra Sarani, Gate No. 1 Manoj Prasad Shaw
3rd Floor, Room No. 331, Kolkata- 700 001, W.B. (Proprietor)
Dated: 26th August, 2020 FCS No. 5517, CP No.: 4194
UDIN : F005517B000617392
37
Annexure - IV to the Directors’ Report

PARTICULARS OF EMPLOYEES PURSUANT TO SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5
OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:
Relevant Prescribed requirement Particulars

Rule 5(1)
(i) The ratio of the remuneration of each director to the median remuneration of the
employees of the Company for the financial year; Ratio
Sri N. K. Poddar, Chairman 34.62 : 1
Sri Akshat Poddar, Managing Director 30.47 : 1
Sri B. D. Mundhra, Executive Director 13.30 : 1
Dr. Gora Ghose, Independent Director 0.19 : 1
Smt. Sarita Tulsyan, Director 0.09 : 1
Sri Vivek Vardhan Agarwalla, Independent Director 0.18 : 1
(ii) The percentage increase in remuneration of each director, Chief Financial Officer, % Increase/
Chief Executive Officer, Company Secretary or Manager, if any, in the financial (Decrease)
year;
Sri N. K. Poddar, Chairman 21
Sri Akshat Poddar, Managing Director 23
Sri B. D. Mundhra, Executive Director 26
Dr. Gora Ghose, Independent Director 16
Smt. Sarita Tulsyan, Director -
Sri Vivek Vardhan Agarwalla, Independent Director 46
Sri A. K. Singhania, Chief Financial Officer 21
Sri Jiyut Prasad, Company Secretary 16
(iii) The percentage increase/(decrease) in the median remuneration of employees in 7
the financial year;
(iv) The number of permanent employees on the rolls of Company 472 nos. of employees
as on 31.03.2020
(viii) Average percentage increase already made in the salaries of employees other than the managerial
personnel in the last financial year and its comparison with the percentage increase in the managerial
remuneration and justification thereof and point out if there are any exceptional circumstances for
increase in the managerial remuneration;
Average percentage increase/(decrease) in the salaries of employees other than the managerial personnel in
the financial year 2019-20 is 2% and average increase in the managerial remuneration is 22%. Since many
employees were worked for part of the financial year and they earned salary for a part of the year, so average
salary per employee has been affected. Increase in the managerial remuneration was given to match their
remuneration with prevailing market rate.
(xii) Affirmation that the remuneration is as per the remuneration policy of the Company.
The Company affirms that the remuneration paid to the employees during the year is in accordance of the
Remuneration Policy of the Company.
38
Annexure - IV to the Directors’ Report (Contd.)
Disclosure under Rule 5(2): (" in 000)
Details of top 10 (ten) employees in terms of remuneration drawn for the year ended 31st March, 2020
Sl.No. Name Designation Nature of Qualification Age Date of Experience - Remuneration Last
employment, (in Appointment No. of years Employment-
whether years) including Designation
contractual or previous
otherwise employment
1. Sri N. K. Poddar Chairman Contractual B. Com (Hons) 63 01.08.1979 45 5,292 None
2. Sri Akshat Poddar Managing Contractual B.A.-Honours 33 12.08.2010 11 4,658 Delloite
Director in Management (U.K.) -
Studies (U.K.) Associate
3. Sri A. K. Singhania Chief Financial Permanent B. Com (Hons), 50 01.10.2005 28 3,230 Mallcom
Officer FCS (India) Ltd. -
Co. Secretary
4. Smt. Ruchira Poddar Sr. Executive Permanent B.A. 65 01.06.2012 41 3,047 None
5. Smt. Avni Kandoi President Permanent BBA 34 15.07.2006 14 2,989 None
6. Sri Nanda Dulal De G.M. - Accounts Permanent M.Com, 50 01.10.2005 28 2,312 Bisleri
& Finance ICWA (Inter) Internati-
onal Pvt. Ltd. -
Manager (Accounts
& Operations)
7. Sri Sandeep Shankar G.M. - Produc- Permanent MBA 38 01.11.2005 20 2,266 R.A. Aqua
tion & Admini- Mineral
stration Pvt. Ltd. -
Manager
8. Sri Sudip Bhattacharjee G.M. - Sales Permanent BSC, LLB, 50 01.10.2005 22 2,251 Radico
MBA- Khaitan Ltd.-
Marketing Assistant
Sales Manager
9. Sri B. D. Mundhra Executive Contractual B.Com (Hons) 61 01.09.1991 33 2,033 Jenny
Director Christensen
(S.A.) Pvt. Ltd.-
Asstt. General
Manager
10. Sri Deepak Ganeriwala Accountant Permanent B.Com 52 01.10.1989 34 1,774 Jaypee Estates
Pvt. Ltd. -
Assistant
Accountant

Notes:
(1) Sri N. K. Poddar, Sri Akshat Poddar, Smt. Ruchira Poddar and Smt. Avni Kandoi are relatives to each other.
(2) During the year under review, the Company did not have any employee who was in receipt of remuneration, in aggregate, of not less than rupees one crore and two lakh per annum or rupees eight
lakh and fifty thousand per month.
(3) Smt. Ruchira Poddar and Smt. Avni Kandoi were in receipt of remuneration in excess of remuneration drawn by the managing director or whole-time director or manager and holds by themselves or
along with their spouse and dependent children, not less than two percent equity shares in the Company.
For and on behalf of the Board
N. K. Poddar
39

Independent Auditor's Report

To the Members of
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of Orient Beverages Limited ("the Company"), which
comprise the Balance Sheet as at 31st March 2020, the Statement of Profit and Loss (including other comprehensive
income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the
standalone financial statements, including a summary of the significant accounting policies and other explanatory notes for
the year ended on that date (herein after referred to as "Standalone Financial Statements ").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give
a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of Act read with
Companies (Indian Accounting Standards) Rules,2015,as amended ("Ind AS") and other accounting principles generally
accepted in India, of the state of affairs of the Company as at 31st March, 2020, the profit and total comprehensive income,
changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified
under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's
Responsibilities for the Audit of the standalone financial statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with
the independence requirements that are relevant to our audit of the standalone financial statements under the provisions
of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone financial statements of the current period. We have determined that there are no key audit matters to
communicate in our report.
Information Other than the standalone financial statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the preparation of the other information. The other information
comprises the information included in the Management Discussion and Analysis Report, Board's Report including
Annexures to Board's Report, but does not include the standalone financial statements and our auditor's report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our
knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the
preparation of these standalone financial statements that give a true and fair view of the state of affairs (financial
position),Profit or loss ( financial performance including other comprehensive income), changes in equity and cash flows of
the Company in accordance with the accounting principles generally accepted in India including the Ind AS specified under
Section 133 of the Act . This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are
40
reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the standalone financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Company's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
The Board of Directors are responsible for overseeing the Company's financial reporting process.
Auditor's Responsibility for the Audit of The Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion
on whether the Company has adequate internal financial controls system in place and the operating effectiveness of
such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor's report to the related disclosures in the standalone financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial statements, including the
disclosures, and whether the standalone financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and
in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial
statements
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
41
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2016 ("the Order"), issued by the Central Government of India in
terms of sub-section (11) of Section 143 of the Companies Act, 2013, we give in the Annexure "A" a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from
our examination of those books.
c) The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive
income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with by
this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards (Ind AS)
specified under Section 133 of the Act, read with relevant rules issued thereunder.
e) On the basis of the written representations received from the directors as on 31st March, 2020, taken on record by
the Board of Directors, none of the directors is disqualified as on 31st March, 2020 from being appointed as a
director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in 'Annexure B'.
g) With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of
Section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid
by the Company to its directors during the year under is in accordance with the provisions of Section 197 read with
Schedule V to the Act.
h) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the
explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial
statements (Refer Note No. 40 of the standalone financial statements).
ii. The Company did not have any long-term contracts including derivative contract for which there were any
material foreseeable losses.
iii. There were no amount required to be transferred to the Investor Education and Protection Fund by the
Company.
For D. MITRA & CO.

Firm Regn. No. 328904E
107/1, Park Street, Kolkata - 700016 D. K. Mitra

Dated: 26th August, 2020 Proprietor
Membership No. 017334
UDIN : 20017334AAAADG4693
42
ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirement" of our report of even
date
(i) In respect of its Fixed assets:
a. The Company has maintained proper records showing full particulars including quantitative details and situation of
its fixed assets.
b. As explained to us, all the fixed assets of the Company have been physically verified by the management in phased
periodical manner, which in our opinion, is reasonable, having regard to the size of the Company and nature of its
assets. No material discrepancies have been noticed on such physical verification.
c. According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the title deeds of immovable properties are held in the name of the Company.
(ii) The inventories of the Company have been physically verified during the year by the management. In our opinion, the
frequency of verification is reasonable and as explained to us, there was no material discrepancies noticed on physical
verification of inventories. The year end verification could not be carried out due to lockdown amidst COVID-19
pandemic. The inventories as on that date have been arrived at by rolling back the receipts and issues with respect to
verification carried out on a subsequent date in the presence and supervision of management and auditors.
(iii) The Company has granted loans to its two wholly owned subsidiaries covered in the register maintained under Section
189 of the Companies Act, 2013 ('the Act') . In our opinion and according to the information and explanation given to us:
(a) The terms and conditions of the grant of such loan are not prejudicial to the Company's interest.
(b) The schedule of repayment of principal and payment of interest has been stipulated and its repayment are regular.
(c) There are no amounts of loans to Companies, firms, other parties listed in the register maintained under section
189 of the Act which are overdue for more than ninety days.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the
provisions of Section 185 and 186 of the Act, with respect to the loans and investments made.
(v) According to the information and explanations given to us, the Company has not accepted any deposit in terms of
directions issued by the Reserve Bank of India and the provision of section 73 to 76 or any other relevant provisions of
the Companies Act and the rules framed there under.
(vi) The Central Government has not prescribed maintenance of cost records under Section 148(1) of the Companies Act,
2013 for any of the products of the Company.
(vii) In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues including Provident Fund, Employees' State
Insurance, Income-Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Goods and
Services Tax, Cess, and other statutory dues have been generally regularly deposited with the appropriate
authorities and no undisputed amounts payable in respect of statutory dues were in arrears as at 31st March 2020
for a period of more than six months from the date they became payable except a sum of " 340 thousand being
Municipal Tax of a property whose lease has expired on 11.05.2019 (Refer Note No. 45).
b) According to the information and explanations given to us, there are no material dues of Income Tax, Sales Tax,
Service Tax, Duty of Customs, Duty of Excise, Value Added Tax or Goods and Services Tax which have not been
deposited with the appropriate authorities on account of any dispute. However according to the information and
explanation given to us the following dues of Income Tax, Sales Tax, Duty of Excise, Service Tax and Value Added Tax
have not been deposited by the Company on account of disputes as at 31st March, 2020:
43
Annexure A to the Independent Auditor’s Report (Contd.)

Sl. Nature of dues Amount due Forum where pending For the period
No. (" in 000)
1. Municipal Tax 15,036 Kolkata Municipal Corporation
(Refer Note No. 40) 01.07.2006 to 30.09.2015
2. Interest and penalty on municipal tax 24,519 Kolkata Municipal Corporation 01.07.2006 to 31.03.2020
(Refer Note No. 40)
3. Excise Duty 652 Central Excise Tribunal 1977-78 to 1982-83
(viii)The Company has not defaulted in repayment of any loans or borrowings from any financial institution, banks,
government or debenture holders during the year. Accordingly, paragraph 3(viii) of the Order is not applicable.
(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and
term loans during the year. Accordingly, paragraph 3(ix) of the Order is not applicable.
(x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its
officers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanations given to us and based on our examination of the records of the Company,
the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by
the provisions of Section 197 read with Schedule V to the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company.
Accordingly, paragraph 3(xii) of the Order is not applicable.
(xiii)According to the information and explanations given to us and based on our examination of the records of the Company,
transactions with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and
details of such transactions have been disclosed in the standalone financial statements as required by the applicable
accounting standards.
(xiv) According to the information and explanations given to us and based on our examination of the records of the Company,
the Company has not made any preferential allotment or private placement of shares or fully or partly convertible
debentures during the year.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company,
the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly,
paragraph 3(xv) of the Order is not applicable.
(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act 1934.
For D. MITRA & CO.


44
ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2(f) under 'Report on Other Legal and Regulatory Requirements' section of our report to the
Members of Orient Beverages Limited of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Orient Beverages Limited ("the Company"), as of
March 31, 2020 in conjunction with our audit of the standalone financial statements of the Company for the year ended on
that date.
Management's Responsibility for Internal Financial Controls
The Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on
the internal control over financial reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the
Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance e
of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds
and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013.
Auditor's Responsibility
Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company based
on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on
Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal
financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting
was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial
reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that
a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on
the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of
material misstatement of the standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on
the internal financial controls system over financial reporting of the Company.
Meaning of Internal Financial Controls Over Financial Reporting
A company's internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of standalone financial statements for external purposes in
accordance with generally accepted accounting principles. A company's internal financial control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of standalone financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could
have a material effect on the financial statements.
Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion
or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the
risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material
respects, an adequate internal financial controls system over financial reporting and such internal financial controls over
financial reporting were operating effectively as at March 31, 2020, based on the internal control over financial reporting
criteria established by the Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For D. MITRA & CO.
45
Standalone Balance Sheet as at 31st March, 2020

(" in 000)
Particulars Note As at As at
No. 31st March, 2020 31st March, 2019
A. ASSETS
1 Non - Current Assets
a) Property, Plant and Equipment 3 140,521 143,934
b) Capital Work-in-Progress 3 22,888 19,741
c) Investment Property 4 1,684 1,980
d) Financial Assets
i) Investments 5(A,B&C) 36,252 39,688
ii) Other Financial Assets 7 18,536 17,782
e) Deferred Tax Assets (Net) 8 5,622 5,218
f) Other Non - Current Assets 9A 91,120 91,541
Total Non - Current Assets 316,623 319,884
2 Current Assets
a) Inventories 10 63,617 49,914
b) Financial Assets
i) Investments 5D 3,954 1,253
ii) Trade Receivable 11 56,383 44,876
iii) Cash and Cash Equivalents 12 15,093 28,407
iv) Bank Balances other than Cash and Cash Equivalents 13 857 700
v) Loans 6 347,951 306,423
c) Current Tax Assets (Net) 14 - 2,752
d) Other Current Assets 9B 22,596 10,173
Total Current Assets 510,451 444,498

TOTAL ASSETS 827,074 764,382
B EQUITY AND LIABILITIES

1 Equity
a) Share Capital 15 21,629 21,629
b) Other Equity 16 205,410 195,252
Total Equity 227,039 216,881
2 Liabilities
Non - Current Liabilities
a) Financial Liabilities
i) Borrowings 17A 121,315 131,379
ii) Trade Payables 18A
Total outstanding dues of Micro Enterprises and
Small Enterprises - -
Total outstanding dues of creditors other than Micro
Enterprises and Small Enterprises - -
iii) Other Financial Liabilities 19A 55,013 54,713
b) Provisions 20A 9,126 6,553
c) Other Non - Current Liabilities 21A 931 997
Total Non - Current Liabilities 186,385 193,642
46
Standalone Balance Sheet as at 31st March, 2020

(" in 000)
Current Liabilities
i) Borrowings 17B 166,446 141,449
ii) Trade Payables 18B
Small Enterprises 25,166 15,626
Enterprises and Small Enterprises 64,479 52,009
iii) Other Financial Liabilities 19B 76,334 61,675
b) Other Current Liabilities 21B 70,908 74,023
c) Provisions 20B 7,647 9,077
d) Current Tax Liabilities (Net) 14 2,670 -
Total Current Liabilities 413,650 353,859
TOTAL EQUITY AND LIABILITIES 827,074 764,382
SIGNIFICANT ACCOUNTING POLICIES 1&2
The notes referred to above and other notes form an

integral part of Standalone Financial Statements
As per our report of even date annexed N. K. Poddar - Chairman

For D. MITRA & CO. Akshat Poddar - Managing Director
Chartered Accountants B. D. Mundhra - Executive Director
Firm Regn. No. - 328904E Sarita Tulsyan - Director
D. K. Mitra V. V. Agarwalla - Director
Proprietor A. K. Singhania - Chief Financial Officer
Membership No. 017334 Jiyut Prasad - Company Secretary
Place : Kolkata
Date : 26th August, 2020
47
Standalone Statement of Profit and Loss for the year ended 31st March, 2020
(" in 000)
Particulars Note Year ended Year ended
I Income
Revenue from Operations 22 779,786 692,689
Other Income 23 39,078 32,059
Total Income 818,864 724,748
II Expenses
Cost of Materials Consumed 24 197,247 161,672
Purchase of Stock-in-Trade 25 100,245 109,748
Changes in Inventories of Finished Goods, Work-in-Progress
and Stock-in-Trade 26 (229) 448
Employee Benefits Expense 27 168,104 146,859
Finance Costs 28 35,561 32,761
Depreciation and Amortisation Expense 29 14,405 13,898
Other Expenses 30 281,373 231,383
Total Expenses 796,706 696,769
III Profit before exceptional items and tax (I - II) 22,158 27,979
IV Exceptional items - -
V Profit before Tax (III - IV) 22,158 27,979
VI Tax Expenses: 31
Current Tax 6,555 6,853
Deferred Tax Expenses / (Credit) 231 (241)
Tax for Earlier Years 1,237 -
VII Profit/ (Loss) for the period (V - VI) 14,135 21,367
VIII Other Comprehensive Income
A (i) Items that will not be reclassified to Standalone
Statement of Profit and Loss (2,528) (1,312)
(ii) Income tax relating to items that will not be reclassified
to Standalone Statement of Profit and Loss 636 365
Other Comprehensive Income (Net of Tax) (1,892) (947)
IX Total Comprehensive Income for the period (VII + VIII) 12,243 20,420
X Earnings per Equity Share: 32
(a) Basic - " 6.54 9.89
(b) Diluted - " 6.54 9.89
The notes referred to above and other notes form an integral part of Standalone Financial Statements

Place : Kolkata
48
Standalone Statement of Changes in Equity

(A) Equity Share Capital (" in 000)
Particulars Amount
Equity Shares of "10/- each issued, subscribed and fully paid up
At 1st April, 2018 21,629
Issued during the year 2018-19 -
At 31st March, 2019 21,629
At 31st March, 2020 21,629
(B) Other Equity
Capital Securities General Retained Other Total

Particulars Subsidy Premium Reserve Earnings Comprehen- Other
Reserve sive Income Equity
Balance as at 1st April, 2018 41 9,612 48,942 119,007 (685) 1,76,917
Remeasurement of the defined benefit liability (net of tax) - - - - (947) (947)
Dividend (including Dividend Distribution Tax) - - - (2,085) - (2,085)
Profit for the year 2018-19 - - - 21,367 - 21,367
Balance as at 31st March, 2019 41 9,612 48,942 138,289 (1,632) 195,252
Transfer to General Reserve (Note No. 47) (41) - 41 - - -
Remeasurement of the defined benefit liability (net of tax) - - - - (1,892) (1,892)
Dividend (including Dividend Distribution Tax) - - - (2,085) - (2,085)
Balance as at 31st March, 2020 - 9,612 48,983 150,339 (3,524) 205,410

Place : Kolkata
49
Standalone Statement of Cash Flows for the year ended 31st March, 2020
(" in 000)
Year ended Year ended
31st March, 2020 31st March, 2019
A. Cash Flow from Operating Activities:

Profit before Tax 22,158 27,979
Adjustments for:
Depreciation and Amortisation Expense 14,405 13,898
Interest Received (35,980) (28,256)
Finance Costs 35,561 32,761
Profit on Sale of Property, Plant and Equipment (11) (180)
Profit on Sale of Shares (2,200) -
Profit on Sale of Mutual Fund Investments - (83)
Diminution / (Appreciation) in the value of Investments:
Current Investment 300 (76)
Non-Current Investment 236 (45)
Loss on Sale of Property, Plant and Equipment 41 634
Loss on Sale of Investment Property 1 -
Loss by Fire of Property, Plant and Equipment - 966
Re-measurement of Employee Benefits (2,528) (1,312)
Operating Profit before Working Capital Changes 31,983 46,286
Changes in Working Capital:
(Increase) / Decrease in Inventories (13,703) 334
(Increase) / Decrease in Trade Receivables (11,507) 24,908
(Increase) / Decrease in Financial Assets - Loans 48 (465)
(Increase) / Decrease in Other Current Assets (12,423) 2,244
(Increase) / Decrease in Other Financial Assets (754) 457
(Increase) / Decrease in Other Financial Assets (Unpaid Dividend) (157) (173)
(Increase) / Decrease in Other Non - Current Assets 421 4,097
Increase/ (Decrease) in Trade Payables 22,010 16,134
Increase / (Decrease) in Provisions (6,649) (1,939)
Increase/ (Decrease) in Other Financial Liabilities 14,959 10,817
Increase/ (Decrease) in Other Non - Current Liabilities (66) (810)
Increase/ (Decrease) in Other Current Liabilities (3,115) (7,266)
Cash Generated from Operations 21,047 94,624
Income Tax paid (Net of Provision) 5,422 (226)
Net Cash Flow from Operating Activities 26,469 94,398
B. Cash Flow from Investing Activities:
Purchase of Property, Plant and Equipment (14,053) (29,258)
Purchase of Investment Property (125) (44)
Proceeds from Sale of Property, Plant and Equipment 301 2,661
Proceeds from Sale of Investment Property 3 -
Purchase of Current Investments (3,000) (9,000)
Proceeds from Sale of Current Investments - 8,604
Purchase of Investment in Subsidiary Company
(Satyanarayan Rice Mill Pvt. Ltd.) - (12,124)
Proceeds from Sale of Non Current Investments 5,400 -
Loan given to the Parties (41,576) (37,855)
Interest Received 35,980 28,256
Net Cash Flow from Investing Activities (17,070) (48,760)
50
Standalone Statement of Cash Flows for the year ended 31st March, 2020
(" in 000)
C. Cash Flow from Financing Activities:

Proceeds from Long Term Borrowings (Net) (10,064) (27,336)
Proceeds from Short Term Borrowings (Net) 24,997 7,260
Finance Costs (35,561) (32,761)
Dividend Paid (1,729) (1,729)
Tax on Dividend Paid (356) (356)
Net Cash used in Financing Activities (22,713) (54,922)
Net Increase/ (Decrease) in Cash and Cash Equivalents (13,314) (9,284)
Cash and Cash Equivalents at the Commencement of the Year 28,407 37,691
Cash and Cash Equivalents at the end of the Year 15,093 28,407
Components of Cash and Cash Equivalents

On Current Accounts 13,885 27,956
Cash on Hand 1,208 451
Total 15,093 28,407
Note:
1 The above Cash Flow Statement has been prepared under 'Indirect Method' as set out in Indian Accounting
Standard - 7 (Ind-AS 7) "Statement of Cash Flows ".
2 Effective April 1, 2017, the Company adopted the amendment to Ind-AS 7, which require the entities to provide the
disclosures that enable users of financial statements to evaluate changes in liabilities arising from cash flows and non
cash changes, suggesting inclusion of a reconciliation between the opening and closing balances in the Balance
Sheet for liabilities arising from financing activities to meet the disclosure requirement. The Adoption of the amendment
did not have any material impact on the financial statements.
3 Previous year's figures have been regrouped or rearranged, wherever found necessary.
This is the Cash Flow Statement referred to in our Report of even date.
N. K. Poddar - Chairman
Place : Kolkata
51
Notes to the Standalone Financial Statements for the year ended 31st March, 2020
1 General Information
Orient Beverages Limited (the “Company”) is engaged in the manufacturing, trading and marketing of Packaged
Drinking Water and Carbonated Soft Drinks under the trade brand “BISLERI” (a pioneer in Packaged Drinking Water
Industry) and has franchise license from M/s Bisleri International Private Limited for production and distribution of
Packaged Drinking Water and Carbonated Soft Drinks. The Company has set up its own manufacturing plants in the
state of West Bengal. The Company has further expanded its business in the state of Jharkhand. The Company is also
engaged in real estate business. The Company is a public limited company, incorporated and domiciled in India and
has its registered office at Kolkata, West Bengal, India. The equity shares of the Company are listed on the Bombay
and Calcutta Stock Exchanges. The Standalone Financial Statements for the year ended March 31, 2020 were
approved by the Board of Directors on August 26, 2020.
2. Basis of Preparation, Measurement and Significant Accounting Policies
A. Basis of Preparation and Measurement
(i) Basis of Preparation
The financial statements are prepared in accordance with and in compliance, in all material aspect with
Indian Accounting Standards (Ind-AS) notified under Section 133 of the Companies Act, 2013 (the “Act”)
read along with Companies (Indian Accounting Standards) Rules, 2015 as amended by Companies
(Indian Accounting Standards) Amendment Rules, 2016 and other relevant provisions of the Act.
(ii) Basis of measurement
The financial statements have been prepared on an accrual basis and in accordance with the historical
cost convention, unless otherwise stated. All assets and liabilities are classified into current and non-
current generally based on the criteria of realisation/ settlement within a twelve month period from the
balance sheet date.
B. Recent Accounting Developments:
Ministry of Corporate Affairs (“MCA”) notifies new Standards or amendments to the existing Standards. There are
no Standards issued but not yet effective upto the date of issuance of the company’s financial statements.
C. Significant Accounting Policies:
The principal accounting policies applied in the preparation of the standalone financial statements are set out
below. These policies have been consistently applied to all the years presented, unless otherwise stated.
a Foreign currency transactions and translations
(i) Functional and presentation currency
Items included in the standalone financial statements of the Company are measured using the
currency of the primary economic environment in which the Company operates (“functional
currency”). The financial statements are presented in Indian Rupees ("), which is the functional
currency of the Company.
(ii) Foreign currency transactions and translations
Transactions in foreign currencies are recorded at the exchange rate at the date of the transaction.
Monetary assets and liabilities in foreign currencies are translated at year end rate. Any resultant
exchange differences are taken to the statement of profit and loss, except when deferred in other
comprehensive income as qualifying cash flow hedges. Non-monetary assets and liabilities
denominated in a foreign currency and measured at historical cost are translated at the exchange
rate prevalent at the date of transaction.
b. Property, Plant and Equipment
“Property, plant and equipment” are stated at original cost net of tax/duty credit availed, less accumulated
depreciation and accumulated impairment losses, if any. When significant parts of property, plant and
equipment are required to be replaced at intervals, the Company derecognises the replaced part, and
recognises the new part with its own associated useful life and it is depreciated accordingly. Likewise,
when a major inspection is performed, its cost is recognised in the carrying amount of the plant and
52
equipment as a replacement if the recognisation criteria is satisfied. All other repair and maintenance
costs are recognised in the statement of profit and loss as incurred. The present value of the expected cost
for the decommissioning of the asset after its use is included in the cost of the respective asset if the
recognition criteria for a provision are met. “Internally manufactured property, plant and equipment” are
capitalised at factory cost, including excise duty/ GST, whenever applicable.“Capital work-in-progress”
includes cost of property, plant and equipment under installation/ development as at the balance sheet
date. Property, plant and equipment are eliminated from financial statement, either on disposal or retire
from active use. Losses arising in the case of retirement of property, plant and equipment and gains or
losses arising from disposal of property, plant and equipment are recognised in the statement of profit and
loss in the year of occurrence. The assets’ residual values, useful lives and methods of depreciation are
reviewed at the end of each financial year and adjusted prospectively, if appropriate. “Depreciation” on
straight line method on the property, plant and equipment is provided over the useful life of assets as
specified in Schedule II to the Companies Act, 2013. Property, plant and equipment which are added/
disposed off during the year, depreciation is provided on pro-rata basis with reference to the day of addition/
deletion. Depreciation on leasehold properties has been charged on proportionate basis over the
remaining period of lease.
c. Investment Properties
Properties that are held for long-term rental yields or for capital appreciation or both, and that are not
occupied by the Company, are classified as Investment Property. These are measured initially at cost,
including transaction costs. Subsequent to initial recognition, investment properties are stated at cost less
accumulated depreciation and accumulated impairment loss, if any. Subsequent expenditure related to
investment properties are added to its book value only when it is probable that future economic benefits
associated with the item will flow to the Company and the cost of the item can be measured reliably.
Investment properties being leasehold properties are depreciated over the remaining period of lease
period on proportionate basis.
d. Impairment of tangible and intangible assets
Assets that are subject to amortisation are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised
for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable
amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest possible levels for which there are independent
cash inflows (cash-generating units). Prior impairment of non-financial assets (other than goodwill) are
reviewed for possible reversal at each reporting date. Intangible assets that have an indefinite useful life or
intangible assets not ready to use are not subject to amortisation and are tested annually for impairment.
e. Financial Instruments: Financial Assets
Financial assets are recognised when the Company becomes a party to the contractual provisions of the
instrument. On initial recognition, a financial asset is recognised at fair value, in case of financial assets
which are recognised at fair value through profit and loss (FVTPL), its transaction costs are recognised in
the statement of profit and loss. In other cases, the transaction costs are attributed to the acquisition value
of the financial asset. Financial Assets are subsequently classified as measured at:
• amortised cost
• fair value through profit and loss (FVTPL)
• fair value through other comprehensive income (FVOCI).
Trade Receivables: Trade receivables are initially recognised at fair value. Subsequently, these assets are
held at amortised cost, using the effective interest rate (EIR) method net of any expected credit losses. The
EIR is the rate that discounts estimated future cash income through the expected life of financial
instrument.
53
Debt instruments: Debt instruments are initially measured at amortised cost, fair value through other comprehensive
income (‘FVOCI’) or fair value through profit or loss (‘FVTPL’) till derecognition on the basis of (i) the entity’s business model
for managing the financial assets and (ii) the contractual cash flow characteristics of the financial asset.
Measured at amortised cost: Financial assets that are held within a business model whose objective is to hold financial
assets in order to collect contractual cash flows that are solely payments of principal and interest, are subsequently
measured at amortised cost using the effective interest rate (‘EIR’) method less impairment, if any. The amortisation of EIR
and loss arising from impairment, if any is recognised in the Statement of Profit and Loss.
Measured at fair value through other comprehensive income: Financial assets that are held within a business model
whose objective is achieved by both, selling financial assets and collecting contractual cash flows that are solely payments
of principal and interest, are subsequently measured at fair value through other comprehensive income. Fair value
movements are recognized in the other comprehensive income (OCI). Interest income measured using the EIR method and
impairment losses, if any, are recognised in the Statement of Profit and Loss. On derecognition, cumulative gain or loss
previously recognised in OCI is reclassified from the equity to ‘other income’ in the Statement of Profit and Loss.
Measured at fair value through profit or loss: A financial asset not classified as either amortised cost or FVOCI, is classified
as FVTPL. Such financial assets are measured at fair value with all changes in fair value, including interest income and
dividend income if any, recognised as ‘other income’ in the Statement of Profit and Loss.
Equity Instruments: All investments in equity instruments classified under financial assets are initially measured at fair
value, the Company may, on initial recognition, irrevocably elect to measure the same either at FVOCI or FVTPL. The
Company makes such election on an instrument-by-instrument basis. Fair value changes on an equity instrument is
recognised as other income in the Statement of Profit and Loss unless the Company has elected to measure such
instrument at FVOCI. Fair value changes excluding dividends, on an equity instrument measured at FVOCI are recognised
in OCI. Amounts recognised in OCI are not subsequently reclassified to the Statement of Profit and Loss. Dividend income
on the investments in equity instruments are recognised as ‘other income’ in the Statement of Profit and Loss.
Derecognition: The Company derecognises a financial asset when the contractual rights to the cash flows from the financial
asset expire, or it transfers the contractual rights to receive the cash flows from the asset.
Impairment of Financial Asset: Expected credit losses are recognized for all financial assets subsequent to initial
recognition other than financials assets in FVTPL category. For financial assets other than trade receivables, as per Ind-AS
109, the Company recognises 12 month expected credit losses for all originated or acquired financial assets if at the
reporting date the credit risk of the financial asset has not increased significantly since its initial recognition. The expected
credit losses are measured as lifetime expected credit losses if the credit risk on financial asset increases significantly
since its initial recognition. The Company’s trade receivables do not contain significant financing component and loss
allowance on trade receivables, is measured at an amount equal to life time expected losses i.e. expected cash shortfall.
The impairment losses and reversals are recognised in Statement of Profit and Loss.
Financial Liabilities:
Initial recognition and measurement: Financial liabilities are recognised when the Company becomes a party to the
contractual provisions of the instrument. Financial liabilities are initially measured at the amortised cost unless at initial
recognition, they are classified as fair value through profit and loss. In case of trade payables, they are initially recognised at
fair value and subsequently, these liabilities are held at amortised cost, using the effective interest rate method (EIR).
Subsequent measurement: Financial liabilities are subsequently measured at amortised cost using the EIR method.
Financial liabilities carried at fair value through profit and loss statement are measured at fair value with all changes in fair
value recognised in the Statement of Profit and Loss.
54
Derecognition: A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or
expires.
f. Investment in Subsidiaries, Associates and Joint Ventures
Investment in subsidiaries, associates and joint ventures are accounted at cost less impairment loss, if any, in the
separate financial statements.
g. Fair value measurement
The Company classifies the fair value of its financial instruments in the following hierarchy, based on the inputs used
in their valuation
i) Level 1 - The fair value of financial instruments quoted in active markets is based on their quoted closing price
at the balance sheet date.
ii) Level 2 - The fair value of financial instruments that are not traded in an active market is determined by using
valuation techniques using observable market data. Such valuation techniques include discounted cash flows,
standard valuation models based on market parameters for interest rates, yield curves or foreign exchange
rates, dealer quotes for similar instruments and use of comparable arm’s length transactions.
iii) Level 3 - The fair value of financial instruments that are measured on the basis of entity specific valuations using
inputs that are not based on observable market data (unobservable inputs).
h. Inventory
Real Estate: Valued at lower of cost including other attributable expenses or market realisable value.
Shares: Initially it is recorded at purchases price. At year end, it is measured at lower of cost or market value, in case
of quoted shares and at lower of cost or book value in case of unquoted shares. Resultant profit or loss is recognised
in Statement of Profit and Loss.
Finished Goods: Finished goods has been valued at lower of cost or market realisable value.
Work-in-Progress: Work-in-progress has been valued at cost incurred up to the stage of completion.
Raw/Packing Material: Valued at cost.
i. Employee Benefits
(i) Short Term Employee Benefits
All employee benefits payable within twelve months of rendering the service are recognised in the period in which
the employee renders the related service.
(ii) Post Employment Benefits
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 to the employees. Benefit would be paid at the time of separation based on the last
drawn basic salary.
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 encashed in the next year based on gross salary drawn in the last year.
In case of “Salap and Dankuni” divisions of the Company, leave accumulated in excess of accumulation allowed
will be liable to be lapsed. However leave encashment will be allowed at the time of termination of employment
for whatsoever reason.
Both benefits are determined through independent actuarial valuation at year end and charged to statement of
profit and loss.
55
(iii) Termination Benefits

Termination Benefits are charged to the Statement of Profit and Loss in the year in which they are incurred.
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.
56
(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
(i) As a lessee
Lease of assets, where the Company, as a lessee, has substantially assumed all the risks and rewards of
ownership are classified as finance leases. Assets acquired on finance lease are capitalised and depreciated
as per Company’s policy on Property, Plant and Equipment. Finance lease are measured at the lease’s inception
at the lower of fair value of the leased property and the present value of the minimum lease payments. The
corresponding lease rental obligations, net of finance charges, are included in borrowings or other financial
liabilities as appropriate. Each lease payment is allocated between the liability 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 year.
Leases in which a significant portion of the risks and rewards of ownership are not transferred to the Company
as lessee are classified as operating leases. Payments made under operating leases (net of any incentives
received from the lessor) are charged to statement of profit and loss on a straight-line basis over the period of the
lease unless the payments are structured to increase in line with expected general inflation to compensate for
the lessor’s expected inflationary cost increases.
(ii) As a lessor
Lease income from operating leases where the company is a lessor is recognised as income on a straight-line
basis over the lease term unless the receipts are structured to increase in line with expected general inflation to
compensate for the expected inflationary cost increases.
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
57
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.
58
Note : 3
Property, Plant and Equipment and Capital Work-in-Progress
(A) Real Estate Division
(" in 000)
Particulars Land Leasehold Furniture Motor Office Computer Capital Work-
Development Building and Vehicles Equipments and Data in-Progress
(Note) Fittings Processing
Units
Cost:
Gross carrying value as at 01.04.2018 1,249 4,028 8,686 11,871 896 1,261 16,050
Additions - - 618 2,068 200 128 3,691
Deletions - - - 2,037 - - -
Gross carrying value as at 31.03.2019 1,249 4,028 9,304 11,902 1,096 1,389 19,741
Additions - - 11 4,037 266 168 3,147
Deletions - - - - - - -
Accumulated Depreciation:
As at 01.04.2018 - 3,424 7,766 5,316 644 1,170 -
Depreciation - 422 100 1,260 104 61 -
Accumulated Depreciation on deletions - - - 1,219 - - -
As at 31.03.2019 - 3,846 7,866 5,357 748 1,231 -
Depreciation - - 127 1,363 132 90 -
Accumulated Depreciation on deletions - - - - - - -
As at 31.03.2020 - 3,846 7,993 6,720 880 1,321 -

Net Book Value:
As at 31.03.2019 1,249 182 1,438 6,545 348 158 19,741
As at 31.03.2020 1,249 182 1,322 9,219 482 236 22,888
Note: The Self Occupied portion of the building situated at 225C, A. J. C. Bose Road, Kolkata.
59
60
(B) Beverage Division (" in 000)

Computer

Particulars Land Building Plant and Furniture Motor Office Electric
and Data
Machinery and Vehicles Equipments Processing Installation
Fittings
Units
Cost :
Gross carrying value as at 01.04.2018 14,953 28,730 113,924 687 29,410 1,197 1,235 15,552
Additions - 390 18,792 18 - 83 137 3,133
Deletions - - 2,072 - - - - 2,883
Additions - 580 4,806 33 50 14 170 771
Deletions - - 94 - - - - 1,129
As at 01.04.2018 - 8,833 43,019 399 15,800 1,074 1,023 9,420
Depreciation - 753 6,569 56 2,685 33 102 1,198
Accumulated Depreciation on deletions - 404 - - - - 1,288
As at 31.03.2019 - 9,586 49,184 455 18,485 1,107 1,125 9,330
Depreciation - 926 7,560 58 2,321 38 148 1,225
Accumulated Depreciation on deletions - - 33 - - - - 859
As at 31.03.2020 - 10,512 56,711 513 20,806 1,145 1,273 9,696
Net Book Value:
As at 31.03.2019 14,953 19,534 81,460 250 10,925 173 247 6,472
As at 31.03.2020 14,953 19,188 78,645 225 8,654 149 269 5,748
Total (A+B)
Particulars Land Land Building Leasehold Plant Furniture Motor Office Computer Electric Capital Total
Develop- Building and and Vehicles Equipments and Data Installation Work-in-
ment Machinery Fittings Processing Progress
Units
Net Book Value:
As at 31.03.2019 14,953 1,249 19,534 182 81,460 1,688 17,470 521 405 6,472 19,741 163,675
As at 31.03.2020 14,953 1,249 19,188 182 78,645 1,547 17,873 631 505 5,748 22,888 163,409
Note : 4
Investment Property* (" in 000)
Particulars Amount
Cost:
Gross carrying value as at 01.04.2018 20,546
Additions 44
Deletions -
Additions 125
Deletions 21
As at 01.04.2018 18,055
Depreciation 555
Accumulated Depreciation on deletions -
As at 31.03.2019 18,610
Depreciation 417
Accumulated Depreciation on deletions 17
As at 31.03.2020 19,010
Net Book Value:
As at 31.03.2019 1,980
As at 31.03.2020 1,684
* The Let out portion of the Building situated at 225C, A. J. C. Bose Road, Kolkata.
Note : 4(a)
Amount recognised in the Statement of Profit and Loss for Investment property
Particulars Year ended Year ended
Rental Income 16,886 49,051#
Direct Operating Expenses (including Repairs and Maintenance)
-Generating Rental Income 14,506 24,507
-Not Generating Rental Income - -
Profit before Depreciation and Indirect Expenses 2,380 24,544
Depreciation 417 555
Profit before Indirect Expenses 1,963 23,989
Fair value of Investment Property ## - 2,135
# Include "18,498 thousand arrear rent for the period 01.09.2012 to 31.03.2018 received during the year 2018-19
# #Fair values are based on valuation done by management itself. Management did not employ any external valuer to
assess the fair value of its Investment Property. For the purpose of valuation of Investment property only rent received/
receivable has been considered and amount received/ receivable on account of electricity charges, maintenance charges,
municipal taxes etc. are not considered since same are in the nature of reimbursement.
61
Note : 4(b)
Disclosure as per Ind-AS 17 on “Lease” (" in 000)
The total of future minimum lease payments receivable under Year ended Year ended
non-cancellable operating leases for each of the following period 31st March, 2020 31st March, 2019
i) not later than one year - 2,135
ii) later than one year and not later than five year - -
iii) later than five years - -
Total Contingent rent recognised as income in the period NIL NIL
The Company is in business of letting out of house property (taken on finance lease) to its various clients under contractual
arrangements (operating lease). These contractual arrangements are in line with original finance lease agreement
between the Company and Finance Lessor. The finance lease has expired on 11.05.2019. Consequently operating lease
arrangements has also expired. The Company is in negotiation with the finance lessor to renew the finance lease for further
period.
Note : 5
Non Current Financial Assets : Investments
Particulars As at 31st March, 2020 As at 31st March, 2019
No. of Shares/ Value No. of Shares/ Value
Unquoted Investments Units Units
Investments in Subsidiaries, Associates and Joint Venture
Investment in Equity Instruments (A)
Subsidiary Companies 100,000 1,000 100,000 1,000
1,00,000 Equity Shares of " 10/- each, fully paid-up in
Sharad Quench Pvt. Ltd.
6,91,100 Equity Shares of " 10/- each, fully paid-up in
Satyanarayan Rice Mill Pvt. Ltd. 691,100 12,124 691,100 12,124
Total 13,124 13,124
Quoted Investments
Investment in Mutual Fund (B)
Carried at fair value through Statement of Profit and Loss
Aditya Birla Sun Life Balanced '95 Fund 270.874 155 270.874 206
DSP Black Rock Balance Fund 1,412.958 188 1,412.958 214
HDFC Balanced Fund 4,014.720 171 4,014.720 219
L & T India Prudence Fund 7,846.214 168 7,846.214 205
Reliance Regular Saving Fund 3,772.866 134 3,772.866 208
Total 816 1,052
Unquoted Investments
Investment in Equity Instruments (C )
Fully paid up Equity Shares of "10/- each
Avni Enterprises Pvt. Ltd. 50,000 1,000 50,000 1,000
Balaji Metal & Sponge (P) Ltd. 530,000 5,300 530,000 5,300
Candlewood Holdings Pvt. Ltd. 300,000 6,000 300,000 6,000
Flora Suppliers (P) Ltd. - - 1,600 1,000
Jenny Christensen (S.A) Pvt. Ltd. 1,150 12 1,150 12
Prictrade Commerce Pvt. Ltd. - - 2,000 1,200
Shri Jagannath Steels & Power Ltd. - - 25,000 1,000
Sky-B (Bangla) (P) Ltd. 800,000 8,000 800,000 8,000
Yasshvi Buildwells Pvt. Ltd. 200,000 2,000 200,000 2,000
Total 22,312 25,512
Total (A+B+C) 36,252 39,688
62
Note : 5 (Contd.)
Current Financial Assets : Investments (" in 000)
Quoted Investments Units Units
Investment in Mutual Fund (D)
Aditya Birla Sun Life Cash Manager - Growth 264.726 128 264.726 119
ICICI Prudential Equity & Debt Fund - Growth 3781.562 401 - -
ICICI Prudential Floating Interest Fund - Growth 2200.370 661 2200.370 612
Kotak Equity Hybrid Fund - Growth 20026.032 406 - -
Kotak Low Duration Fund Standard Growth 57.565 142 57.565 132
Mirae Asset Large Cap Fund - Regular 9844.652 382 - -
Nippon India Low Duration Fund - Growth
(Previously Reliance Money Manager Fund) 526.690 1,449 151.097 390
SBI Blue Chip Fund - Regular Plan Growth 12940.817 385 - -
Total 3,954 1,253
Aggregate market value of Quoted Investments as on 31.03.2020 - " 4,770 thousand, as on 31.03.2019 " 2,305 thousand
Note : 6
Financial Assets : Loans
Particulars As at As at
Current
Unsecured, Considered good
Loans to Bodies Corporate 84,293 85,662
(Including doubtful " 290 thousand, Previous year " 290 thousand)
Loans to Subsidiaries 13,385 15,937
Loans to Other Parties 248,925 203,428
Loans to Employees 1,348 1,396
Total 347,951 306,423
63
Note : 6 (Contd.)
Details of loans to Bodies Corporate (" in 000)
Name of the Party Rate of Interest As at 31st March, 2020 As at 31st March, 2019
Principal Balance Principal Balance
AKC Steel Industries Ltd. 12% - - - 681
Beekay Steel Industries Ltd. 12% 5,000 6,080 5,000 6,080
Esenzzaro Beverages Pvt. Ltd. 12% 1,500 2,197 1,500 2,017
Girdhar Tracom Pvt. Ltd. 12% 6,000 7,041 11,000 11,000
Harshwardhan Gems Pvt. Ltd. 12% 32,000 35,461 27,500 30,470
Kamlesh Mercantile Credit Pvt. Ltd. 12% 5,000 5,540 5,000 5,540
Kejriwal Miiniing Pvt. Ltd. 15% 200 290 200 290
Kanoi Plantations Pvt. Ltd. 12% 7,000 10,745 13,500 15,993
Nepco Commercial Pvt. Ltd. 12% 4,000 4,108 4,000 4,106
Shree Khamakhya Tea Co. Pvt. Ltd. 12% 6,096 6,348 - -
Shree RSH Projects Pvt. Ltd. 12% 6,000 6,483 9,000 9,485
Total 72,796 84,293 76,700 85,662
Details of loans to Subsidiaries

Sharad Quench Pvt. Ltd. 12% 10,100 12,124 14,000 14,757
Satyanarayan Rice Mill Pvt. Ltd. 12% 750 1,261 750 1,180
Total 10,850 13,385 14,750 15,937
Details of loans to Other Parties

Beedee Investments 10% 58,872 64,855 54,245 60,783
Salim Traders 12% 157,816 175,166 123,427 133,741
Sangita Gupta 12% 1,500 1,680 1,500 1,680
Surabhi Gupta 12% 1,000 1,120 1,000 1,120
Vishal Gupta 12% 3,000 3,360 3,000 3,360
Vivek Gupta 12% 2,450 2,744 2,450 2,744
Total 224,638 248,925 185,622 203,428
All above loans are repayable on demand and will be utilised by the recipients of loans for their business purposes.
64
Note : 7
Other Financial Assets (" in 000)
Non - Current
Deposit with Other than Banks 18,536 17,782
Total 18,536 17,782
Note : 8
Deferred Tax Assets (Net)
Deferred Tax Assets
Disallowance under Section 43B 10,457 9,532
On remeasurement gain (Employee Benefits) 636 365
11,093 9,897
Deferred Tax Liabilities
Difference between Book and Tax Depreciation 5,471 4,679
Deferred Tax Assets (Net) 5,622 5,218
Note : 9
Other Assets
Non - Current (A)
Advance for Capital Goods 90,895 90,895
Deposit with Government 9 10
Others Advances 216 636
Total 91,120 91,541
Current (B)
Advance for Capital Goods 933 1,191
Advance to Suppliers for Materials/ Services 1,508 1,409
Prepaid Expenses 522 417
Others Advances 19,390 6,853
GST/ Excise Duty / Service Tax CENVAT Receivable 243 303
Total 22,596 10,173
Total (A+B) 113,716 101,714
65
Note : 10
Inventories (" in 000)
Beverages (A)
Raw/ Packing Materials 53,714 40,240
Work - in - Progress 829 612
Finished Goods 4,076 4,436
Scrap 1,034 662
Total 59,653 45,950
Other (B)
Building (Part) 964 964
Shares 3,000 3,000
Total 3,964 3,964
Total (A+B) 63,617 49,914
Note : 11
Current Financial Assets : Trade Receivable
(Considered good)
Secured 11,741 6,024
Unsecured 44,642 38,852
Total 56,383 44,876
Note : 12
Cash and Cash Equivalents
Balances with Banks
In Current Accounts 13,885 27,956
Cash on Hand 1,208 451
Total 15,093 28,407
Note : 13
Bank Balances other than Cash and Cash Equivalents
Earmarked Balances with Banks
In Unpaid Dividend Accounts 857 700
Total 857 700
66
Note : 14
Current Tax Assets / (Liabilities) (" in 000)
Advance Income Tax Paid 7,085 14,137
Less: Provision for Income Tax 9,755 11,385
Current Tax Assets / (Liabilities) - Net (2,670) 2,752
Note : 15
Share Capital
Authorised
39,00,000 (Thirty Nine Lakhs) Equity Shares of " 10/- each 39,000 39,000
10,000 (Ten Thousand) Preference Shares of " 100/- each 1,000 1,000
40,000 40,000
Issued & Subscribed
21,62,400 (Twenty One Lakhs Sixty Two Thousand Four
Hundred) Equity Shares of " 10/- each 21,624 21,624
Paid up
21,61,500 (Twenty One Lakhs Sixty One Thousand Five
Hundred) Equity Shares of " 10/- each fully paid up
(including 40,000 shares allotted in pursuant to a contract
without payment being received in cash) 21,615 21,615
Shares Suspense Account

1,133 Equity Shares of " 10/- each fully paid up to be issued
to the erstwhile shareholders of Amalgamating Companies,
namely
Jaypee Estates Pvt. Ltd. - 1100 Shares
Avni Estates Pvt. Ltd. - 33 Shares
and " 21.10 payable in cash against Fractional Shares in
pursuance to a scheme of Amalgamation duly approved by
the Hon'ble High Court at Calcutta vide Orders dated
26.08.2002 & 14.10.2004 (Refer Note No. 41) 11 11
Share Forfeiture Account 3 3
21,629 21,629
67
Note : 15 (Contd.)
(a) Reconciliation of the number of shares outstanding as at following year end is set out below :
Number of shares outstanding at the beginning of the year 2,161,500 2,161,500
Number of shares outstanding at the end of the year 2,161,500 2,161,500
(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.
(c) Details of shares held by shareholders holding more than 5 % of the aggregate share capital in the Company:

Number of Percentage Number of Percentage
Shares Shares
Narendra Kumar Poddar 638,739 29.55 635,100 29.38
Ruchira Poddar 202,750 9.38 202,750 9.38
Akshat Poddar 151,100 6.99 151,100 6.99
Laxmikant Kabra (HUF) 150,257 6.95 150,257 6.95
Note : 16
Other Equity (" in 000)
Particulars
Subsidy Premium Reserve Earnings Comprehen- Other
Balances as at 1st April, 2018 41 9,612 48,942 119,007 (685) 176,917

Profit for the year 2018-19 21,367 - 21,367
Other Comprehensive Income
Remeasurement of Defined Benefit Liability - - - - (1,312) (1,312)
Deferred Tax on Remeasurement of Defined
Benefit Liability - - - - 365 365
Other Comprehensive Income for the Year, net of Tax - - - - (947) (947)
Total Comprehensive Income for the Year - - - - - 20,420
Transaction with Owners in their Capacity as Owners,
recorded directly in equity:
Dividend - - - (1,729) - (1,729)
Dividend Distribution Tax - - - (356) - (356)
- - - (2,085) - (2,085)
68
Note : 16 (Contd.)
Particulars
Balances as at 31st March, 2019 41 9,612 48,942 138,289 (1,632) 195,252

Remeasurement of Defined Benefit Liability - - - - (2,528) (2,528)
Benefit Liability - - - - 636 636
Other Comprehensive Income for the Year, net of Tax - - - - (1,892) (1,892)
Total Comprehensive Income for the Year 12,243
Dividend - - - (1,729) - (1,729)
Dividend Distribution Tax - - - (356) - (356)
- - - (2,085) - (2,085)
Balances as at 31st March, 2020 - 9,612 48,983 150,339 (3,524) 205,410
Analysis of Accumulated OCI, Net of Tax

Remeasurement of Defined Benefit Liability
Opening Balance (1,632) (685)
Remeasurement of Defined Benefit Liability (1,892) (947)
(3,524) (1,632)
69
Note : 17
Financial Liabilities : Borrowings (" in 000)
Non - Current (A)
Secured
Term Loans from Banks [Refer Note 17(1)] 42,529 34,280
Others Loans from Banks [Refer Note 17(2)] 2,827 2,590
Loans from entities other than Banks [Refer Note 17(3)] 75,959 82,800
121,315 119,670
Unsecured
Loans from Banks [Refer Note 17(4)] - 7,083
Loans from entities other than Banks [Refer Note 17(5)] - 4,626
- 11,709
Total 121,315 131,379
Current (B)
Unsecured
Total 166,446 141,449
Total (A+B) 287,761 272,828
Note 17(1) : Term Loans from Banks (Secured) includes:
(a) " 19,892 thousand (Previous year " NIL) from HDFC Bank Ltd. is 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 is repayable in 50 installments and carries rate of interest of 9.25 % p.a. (Floating). Last
installment is payable in October, 2024
(b) " NIL (Previous year " 5,168 thousand) 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 one Director of
the Company up to " 13,000 thousand plus outstanding interest and other charges. The loan is repayable in 115
installments and carries rate of interest of 11.40 % p.a. (Floating). Loan has been repaid in full on 21st February, 2020.
(c ) " 33,049 thousand (Previous year " 39,623 thousand) 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 of 11% p.a. (Floating). Last installment is payable
in December 2029.
Break up of Term Loans from Banks (Secured) :
HDFC Bank Ltd. 19,892 -
Union Bank of India - 5,168
Union Bank of India 33,049 39,623
52,941 44,791
Less:
Current Maturities of Long Term Debts (Repayment of Loan
within next Twelve Months) 10,412 10,511
42,529 34,280
70
Note 17(2) : Break up of Other Loans from Banks (Secured) : (" in 000)
Name of the Bank No. of installments Rate of Interest Last Installment

(per agreement) (% per annum) payable on
HDFC Bank Ltd. 39 8.65 05.03.2023
Indusind Bank Ltd. 35 12.30 07.01.2020
Kotak Mahindra Bank Ltd. 36 12.16 20.10.2021
Yes Bank Ltd. 37 9.26 15.09.2021
As at As at
HDFC Bank Ltd. 2,823 278

Indusind Bank Ltd. - 507
Kotak Mahindra Bank Ltd. 1,479 2,746
Yes Bank Ltd. 1,111 2,661
5,413 6,192
Less:
2,827 2,590
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.
Note 17(3): Loans from entities other than Banks (secured) includes:
(a) " 45,445 thousand (Previous year " 53,661 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 69 installments and carries rate of interest of 13.10 % p.a.
(Floating). Last installment is payable on 1st July, 2024.
(b) " 25,325 thousand (Previous year " 26,709 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 immovable property
of the Company’s subsidiary, M/s. Satyanarayan Rice Mill Pvt. Ltd. situated at Village - Marshit, Mouza Panchpora,
Pandua, Hooghly and personal guarantee of two Directors of the Company. The loan is repayable in 128 installments
and carries rate of interest of 12.60 % p.a. (Floating). Last installment is payable on 1st June, 2029.
(c) " 8,163 thousand (Previous year " 8,583 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 immovable property
of the Company’s subsidiary, M/s. Satyanarayan Rice Mill Pvt. Ltd. situated at Village - Marshit, Mouza Panchpora,
Pandua, Hooghly and personal guarantee of two Directors of the Company. The loan is repayable in 120 installments
and carries rate of interest of 12.25 % p.a. (Floating). Last installment is payable on 1st April, 2029.
(d) " 7,900 thousand (Previous year " NIL) 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 immovable property of the Company’s
subsidiary, M/s. Satyanarayan Rice Mill Pvt. Ltd. situated at Village - Marshit, Mouza Panchpora, Pandua, Hooghly. The
loan is repayable in 120 installments and carries rate of interest of 12.25% p.a. (Floating). Last installment is payable
on 1st February, 2030.
(e) " 909 thousand (Previous year " NIL) from Tata Capital Financial Services Ltd. is secured by hypothecation of certain
machinery financed by them. The loan is repayable in 60 installments and carries rate of interest of 12.50 % p.a.
(Floating) Last installment is payable on 5th October, 2024.
(f) " Nil (Previous year " 1,002 thousand) from Reliance Commercial Finance Ltd. is secured by hypothecation of certain
machineries financed by them. The loan is repayable in 48 installments and carries rate of interest of 18.00% p.a.
Last installment is payable on 1st February, 2020.
(g) " 1,912 thousand (Previous year " 3,434 thousand) from Reliance Commercial Finance Ltd. is secured by
hypothecation of certain machineries financed by them. The loan is repayable in 48 installments and carries rate of
interest of 13.50 % p.a. Last installment is payable on 1st April, 2021.
(h) " 1,942 thousand (Previous year " 3,991 thousand) from Reliance Commercial Finance Ltd. is secured by
hypothecation of certain machinery financed by them. The loan is repayable in 48 installments and carries rate of
interest of 13.50 % p.a. Last installment is payable on 1st January, 2021.
71
Break up of Loans from entities other than Banks (secured) : (" in 000)
Aditya Birla Finance Ltd. 45,445 53,661
Aditya Birla Finance Ltd. 7,900 -
Tata Capital Financial Services Ltd. 909 -
Reliance Commercial Finance Ltd. - 1,002
Reliance Commercial Finance Ltd. 1,912 3,434
91,596 97,380
Less:
75,959 82,800
Note 17(4): Loans from Banks (unsecured) includes:

(a) " 1,622 thousand (Previous year " 3,147 thousand) from ICICI Bank Ltd. The loan is repayable in 36 installments and
carries rate of interest of 15.00 % p.a. Last installment is payable on 5th February, 2021.
(b) " 2,679 thousand (Previous year " 5,150 thousand) from Kotak Mahindra Bank Ltd. The loan is repayable in 36
installments and carries rate of interest of 16.28 % p.a. Last installment is payable on 1st February, 2021.
(c) " 2,750 thousand (Previous year " 5,286 thousand) from IDFC First Bank Ltd. (Previously Capital First Ltd.) The loan
is repayable in 36 installments and carries rate of interest of 17.00 % p.a. Last installment is payable on 2nd February,
2021.
Breakup of Loans from Banks (unsecured) :
ICICI Bank Ltd. 1,622 3,147
IDFC First Bank Ltd. (Previously Capital First Ltd.) 2,750 5,286
7,051 13,583
Less:
- 7,083
Note 17(5) : Loans from entities other than Banks (unsecured) includes:
(a) " Nil (Previous year " 140 thousand) from Bajaj Finance Ltd. The loan is repayable in 36 installments and carries rate
of interest of 16.50 % p.a. Last installment is payable on 2nd May, 2019.
(b) " 660 thousand (Previous year " 1,343 thousand) from Bajaj Finance Ltd. The loan is repayable in 36 installments and
carries rate of interest of 15.75 % p.a. Last installment is payable on 2nd January, 2021.
(c) " 2,157 thousand (Previous year " 4,146 thousand) from Tata Capital Financial Services Ltd. The loan is repayable in
36 installments and carries rate of interest of 17.00 % p.a. Last installment is payable on 9th February, 2021.
(d) " 1,791 thousand (Previous year " 3,294 thousand) from IVL Finance Ltd. The loan is repayable in 36 installments and
carries rate of interest of 17.00 % p.a. Last installment is payable on 10th March, 2021.
72
Break up of Loans from entities other than Banks (unsecured) : (" in 000)
Bajaj Finance Ltd. - 140
Bajaj Finance Ltd. 660 1,343
Tata Capital Financial Services Ltd. 2,157 4,146
IVL Finance Ltd. 1,791 3,294
4,608 8,923
Less:
- 4,626
Note 17(6) : Short Term Borrowings (unsecured) from entities other than banks are repayable on demand and carries
different rates of interest ranging from 10% to 18% p.a.
Note : 18
Financial Liabilities : Trade Payables
Non - Current (A)
Creditors for Materials/ Services
Total outstanding dues of Creditors other than Micro
Total - -
Current (B)
Total 89,645 67,635
Total (A+B) 89,645 67,635
73
Note : 19
Other Financial Liabilities (" in 000)
Non - Current (A)
Security Deposit from Customers 55,013 54,713
Total 55,013 54,713
Current (B)
Current Maturities of Long Term Debts 40,294 39,490
Unclaimed Dividend 857 700
Creditors for Capital Goods 2,663 2,641
Creditors for Expenses and Others 32,520 18,844
Total 76,334 61,675
Total (A + B) 1,31,347 116,388
Note : 20
Provisions
Non - Current (A)
For Gratuity 2,243 266
For Leave Encashment 6,883 6,287
Total 9,126 6,553
Current (B)
For Gratuity 5,722 4,916
Total 7,647 9,077
Total (A+B) 16,773 15,630
Note : 21
Other Liabilities
Non-Current (A)
Advance from Customers 931 997
Total 931 997
Current (B)
Advance from Customers 7,575 5,930
Liabilities for Employee Benefits 16,607 13,639
Statutory Dues 46,726 54,454
Total 70,908 74,023
Total (A+B) 71,839 75,020
74
Note : 22
Revenue from Operations (" in 000)

(A) Sale of Products
Beverages
Own Manufactured Goods 587,331 451,553
Traded Goods 173,804 187,437
Raw Materials 1,201 4,075
Scrap 564 573
Total 762,900 643,638
(B) Other Operating Revenue

Rental Income
Rent 2,165 36,719
(Include Arrear Rent " Nil previous year " 18,498 thousand)
(TDS " 188 thousand, Previous Year " 4,972 thousand)
Maintenance Charges 3,671 378
(TDS " 201 thousand, Previous Year " 4 thousand)
Generator Charges 88 106
Electricity Charges 10,890 11,078
(TDS " Nil thousand, Previous Year " 28 thousand)
Municipal Tax and Surcharge 72 770
Total 16,886 49,051
TOTAL (A+B) 779,786 692,689
Note : 23
Other Income

Interest Income 35,980 28,256

(TDS " 1,131 thousand, Previous Year " 1,043 thousand)
Miscellaneous Receipts 803 2,363
Profit on Sale of Property, Plant and Equipment 11 180
Profit on Sale of Shares 2,200 -
Profit on Sale of Mutual Fund Investments - 83
Appreciation in the value of Mutual Fund Investments - 121
Liabilities no longer required written back 84 1,056
39,078 32,059
75
Note : 24
Cost of Material Consumed (" in 000)

Raw/ Packing Material Consumed

(Including cost of materials sold)
Opening Stock 40,240 40,126
Add:Purchase 210,721 161,786
250,961 201,912
Less:Closing Stock 53,714 40,240
197,247 161,672
Note : 25
Purchase of Stock-in-Trade

Beverages 99,086 106,629

(Finished Goods)
Carriage Inward 1,159 3,119
100,245 109,748
Note : 26
Changes in Inventories of Finished Goods,
Work-in-progress and Stock-in-trade

Opening Balance
Beverages
Work-in-Progress 612 482
Scrap 662 282
Building 964 964
Shares 3,000 3,000
(A) 9,674 10,122
Closing Balance
Beverages
Scrap 1,034 662
Building 964 964
Shares 3,000 3,000
(B) 9,903 9,674
Net (Increase) / Decrease in Stock (A-B) (229) 448
76
Note : 27
Employee Benefits Expenses (" in 000)

Salary, Wages and other Allowances 150,745 133,427

Contribution to Provident and Other Funds 14,370 10,341
Directors' Sitting Fees 69 67
Staff Welfare Expenses 2,920 3,024
168,104 146,859
Defined Benefit Liability considered under
Other Comprehensive Income 2,528 1,312
170,632 148,171
Note : 28
Finance Costs

Interest Expense on:

Borrowings from Banks 2,671 2,978
Borrowings from Others 32,885 29,679
Other Borrowing Costs 5 104
35,561 32,761
Note : 29
Depreciation and Amortisation Expense

- Depreciation on Property, Plant and Equipment 13,988 13,343

- Depreciation on Investment Property 417 555
14,405 13,898
77
Note : 30
Other Expenses (" in 000)

(a) Manufacturing Expenses
Production Expenses 11,014 7,341
Contract Labour Charges 3,003 2,825
Power, Fuel and Water 30,684 26,402
Repairs and Maintenance:
Buildings 1,799 1,377
Plant and Machinery 3,657 4,163
Others 304 237
Total 50,461 42,345
(b) Rental Expenses
Municipal Tax and Surcharge 533 1,949
Buildings 637 837
Plant and Machinery 405 373
Rent (On leasehold property) 9 52
Total 13,358 15,088
(c) Selling and Distribution Expenses
Vehicle Expenses 41,557 38,122
Other Selling Expenses 53,315 38,002
Royalty 82,205 55,204
Sales Promotion Expenses 1,689 3,807
Total 178,766 135,135
(d ) Administrative Expenses
Advertisement and Publicity 114 92
Bank Charges 250 221
Books and Periodicals 27 16
Brokerage 1,134 363
Delayed Payment Charges 15 23
Donation 26 122
Entertainment Expenses 763 918
Insurance 723 825
Legal and Professional Charges 699 908
General Expenses 2,097 3,043
Office Maintenance 5,784 4,159
Payment to Auditors (Refer Note No. 33) 160 160
Prior period Expenses (Net) 41 481
Diminution in the value of Investments 536 -
Printing and Stationery 893 883
Postage, Courier and Telephone 1,142 1,031
Rates,Taxes and Fees 1,862 1,726
Interest on delayed payment of Taxes, Duties etc. 3,093 2,859
Rent 6,509 5,515
Repairs and Maintenance - Others 157 102
Service Charges 929 943
Sponsorship Expenses - 500
Sundry Balances Irrecoverable written off 1,269 382
Travelling and Conveyance 9,020 10,658
Vehicle Upkeep Expenses 1,503 1,285
Total 38,788 38,815
Total ( a + b + c + d ) 281373 231,383
78
Note : 31
Tax Expenses (" in 000)

Tax for Earlier Years 1,237 -
7,792 6,853
Deferred Tax Expenses/ (Credit) 231 (241)
8,023 6,612
Reconciliation of Tax Expense
Applicable Tax Rate (using the Company’s Tax Rate) 25.17% 27.82%
Computed Tax Expenses (A) 5,577 7,784
Adjustments for
Effect of deductions available (717) (2,970)
Expenses/ losses not allowed for tax purpose 744 780
Changes in recognised deductible temporary differences 472 467
Effect of additions as per ICDS and other 710 551
Tax for earlier years 1,237 -
Net Adjustments (B) 2,446 (1,172)
Tax Expenses (A+B) 8,023 6,612
Note : 32
Earnings Per Share (EPS)

i) Net Profit after tax as per Statement of Profit and Loss

attributable to Equity Shareholders (" in 000) 14,135 21,367
ii) Numbers of Equity Shares 2,161,500 2,161,500
iii) Basic and Diluted Earnings per share (Amount in ") 6.54 9.89
iv) Face Value per Equity Share (Amount in ") 10.00 10.00
Note : 33
Auditors' Remuneration includes

(i) Payment to Statutory Auditors :

As Audit Fees 110 110
(ii) Payment to Secretarial Auditors:

As Audit Fees 30 30
(iii) Payment to Internal Auditors:

As Audit Fees 10 10
(iv) Payment for Tax Audit Fees 10 10

Total 160 160
79
Note : 34
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.
Note : 35
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
80
ii) (a) Transactions with the related parties : (" in 000)

Name and relationship of Related Party Nature of Amount Balance as on
Transaction 31.03.2020
Sri N. K. Poddar, Chairman Remuneration 5,292 1,046 Cr.
(4,373) (617) Cr.
Dividend paid 509 -
(508) (-)
Sri Akshat Poddar, Managing Director Remuneration 4,658 774 Cr.
(3,799) (520) Cr.
Dividend paid 121 -
(121) (-)
Sri B. D. Mundhra, Executive Director Remuneration 2,033 383 Cr.
(1,618) (300) Cr.
Dividend paid 1 -
(1) (-)
Dr. Gora Ghose, Independent Director Sitting Fees 29 3 Cr.
(25) (-)
Sri A. K. Poddar, Independent Director (upto 27.09.2018) Sitting Fees - -
(11) (-)
Smt. Sarita Tulsyan, Director Sitting Fees 13 4 Cr.
(13) (-)
Dividend paid 20 -
(20) (-)
Sri V. V. Agarwalla, Independent Director Sitting Fees 27 5 Cr.
(18) (-)
Sri A. K. Singhania, Chief Financial Officer Remuneration 3,230 551 Cr.
(2,666) (453) Cr.
Sri Jiyut Prasad, Company Secretary Remuneration 914 149 Cr.
(791) (125) Cr.
Smt. Ruchira Poddar (Directors’ Relative) Remuneration 3,047 489 Cr.
(3,108) (507) Cr.
Dividend paid 162 -
(162) (-)
Smt. Avni Kandoi (Directors’ Relative) Remuneration 2,989 237 Cr.
(2,260) (90) Cr.
Dividend paid 77 -
(77) (-)
Smt. Sakshi Poddar (Directors’ Relative) Remuneration 1,460 193 Cr.
(1,501) (200) Cr
81
(" in 000)
M/s Pure & Sure - Purchase of 3,773 832 Dr.
Sri N. K. Poddar and Sri Akshat Poddar are Partners Raw Materials/ (1,612) (852) Dr.
Finished Goods
Sale of Raw 5,513
Materials/ (4,214)
Finished Goods
M/s Sharad Quench Pvt. Ltd. Loan Given -3,900 12,124 Dr.
(Wholly Owned Subsidiary of Orient Beverages Limited) (10,700) (14,757) Dr.
Interest on Loan 1,408
received (559)
M/s Satyanarayan Rice Mill Pvt. Ltd. Loan Given - 1,261 Dr.
(Become Wholly Owned Subsidiary of (Repayment) (-7250) (1,180) Dr.
Orient Beverages Limited w.e.f. 03.04.2018)
Interest on Loan 90
received (315)
Purchase of 32,603 6,144 Cr.
Raw Materials / (17,001) (1,367) Cr.
Finished Goods
Sale of Raw 712
Materials/ (3,188)
Finished Goods
M/s Vrishti Beveragess Pvt. Ltd. Loan Taken/ 10,000 7,227 Cr.
Sri N. K. Poddar’s and Sri Akshat Poddar’s (Repayment) - -
Relatives are Directors and Shareholders Interest on Loan 1,148
paid -
M/s Hiflyers – Relative of Smt. Sarita Tulsyan is Partner Purchase of 1,734 168 Cr.
tickets, insurance (2,639) (79) Cr.
etc. for travelling
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.
ii) (b) Details of remuneration paid/payable to Key managerial Personnel (KMP) - Year ended 31st March, 2020
Particulars Sri N. K. Poddar Sri Akshat Poddar Sri B. D. Mundhra Sri A. K. Singhania Sri Jiyut Prasad Total
Short-term employment benefits
- Salary 4,745 3,642 1,849 2,935 820 13,991
- Perquisites 72 651 - - 10 733
Post-employment benefits
- Contribution to Provident Fund 475 365 184 295 84 1,403
5,292 4,658 2,033 3,230 914 16,127
Year ended 31st March, 2019
- Salary 3,616 2,920 1,500 2,493 725 11,254
- Perquisites 337 543 - - 16 896
4,373 3,799 1,618 2,666 791 13,247
82
Note : 36
Disclosure under Regulation 34(3) of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015
Loans and advances (excluding advance towards equity) in the nature of loans given to Subsidiaries, Joint Ventures and
Associates:
(" in 000)
Name of the Company Relationship Amount Maximum Investment in
outstanding amount shares during
as at outstanding the year
the year end during the year
Satyanarayan Rice Mill Pvt. Ltd. Subsidiary 1,261 1,261 Nil
Sharad Quench Pvt. Ltd. Subsidiary 12,124 16,257 Nil
83
Note : 37
The Company operates a Gratuity Plan (Funded) which is administered through Life Insurance Corporation of India.
Every employee is entitled to minimum benefit equivalent to 15 days salary last drawn for each completed year of
service in the line with the payment of Gratuity Act, 1972
(" in 000)
Particulars As on As on
(A) Defined Contribution Plans:
(i) Contribution to Recognised Provident Fund (including Pension Fund) 11,774 7,097
(B) Defined Benefits Plans:
(i) Gratuity –Funded:
The principle assumptions used in Actuarial valuation are as below:
- Discount Rate 6.66% 7.66%
- Expected Rate of Return on Assets 6.66% 7.66%
- Expected Rate of future salary increase 7% 7%
Change in the present value of Obligations
- Present value of the Obligations at the beginning of the year 18,839 14,440
- Interest Cost 1,240 1,097
- Current Service Cost 2,688 2,004
- Benefits paid (452) (229)
- Plan Amendments: Vested portion at end of period (Past Service) - -
- Actuarial (Gain)/ Loss on Obligations due to change in Financial Assumption 2,265 69
- Actuarial (Gain)/ Loss on Obligations due to unexpected experience 618 1,458
- Present value of Obligations at the end of the year 25,198 18,839
Change in the fair value of Plan Assets
- Fair value of Plan Assets at the beginning of the year 13,658 9,696
- Expected return on Plan Assets 909 743
- Contributions 2,763 3,233
- Actuarial Gain/( Loss) on Plan Assets 355 215
- Fair Value of Plan Assets at the end of the year 17,233 13,658
Liability recognised in the Balance Sheet
- Fair value of Plan Assets at the end of the year 17,233 13,658
- Funded Status (7,965) (5,182)
- Net Assets/ (Liability) recognised in Balance Sheet (7,965) (5,182)
84
(" in 000)
Expenses recognised in the Statement of Profit and Loss

- Past Service Cost (Vested) - -
- Interest Cost 330 355
- Total expenses recognised in the Statement of Profit and Loss 3,018 2,359
Expenses recognised in the Other Comprehensive Income
- Actuarial (Gain)/ Loss on obligations due to Change in Financial Assumption 2,265 69
- Actuarial (Gain)/ Loss on obligations due to Unexpected Experience 618 1,458
- Net Actuarial (Gain)/ Loss recognised during the year 2,883 1,527
- Return on Plan Assets (Excluding Interest Income) 355 215
Sensitivity Analysis 31.03.2020 31.03.2019

Increase Decrease Increase Decrease
Discount Rate (-/+ 0.5%) 24,015 26,494 18,003 19,755

%Change Compared to base due to sensitivity -4.70% 5.15% -4.44% 4.86%
Salary Growth (-/+ 0.5%) 26,284 24,166 19,667 18,074
%Change Compared to base due to sensitivity 4.31% -4.10% 4.39% -4.06%
Attrition Rate (-/+ 0.5%) 25,232 25,164 18,867 18,813
Mortality Rate (-/+ 10%) 25,341 25,055 18,947 18,733
ii) Leave Encashment - Unfunded :

(A) Kolkata, Sankrail and Ranchi Division
The principle assumptions used in Actuarial Valuation are as below:
- Expected Rate of Return on Assets - -
- Current Service Cost 166 189
85
(" in 000)
- Actuarial (gain)/loss on obligations due to Change in Financial Assumption 314 52

- Actuarial (gain)/loss on obligations due to Unexpected Experience 157 1,520
- Fair value of Plan Assets at the beginning of the year N.A N.A
- Expected return on Plan Assets N.A N.A
- Contributions N.A N.A
- Benefits paid N.A N.A
- Actuarial Gain/ (Loss) on Plan Assets N.A N.A
- Fair Value of Plan Assets at the end of the year N.A N.A
- Fair value of Plan Assets at the end of the year - -
- Funded Status (4,831) (4,848)
- Expected return on plan Assets - -
- Net Actuarial (Gain)/ Loss recognised during the year 470 1,572
- Total expenses recognised in the Statement of Profit and Loss 927 2,001

Kolkata, Sankrail and Ranchi Division

Discount Rate (-/+ 0.5%) 5455 5916 4677 5038
Salary Growth (-/+ 0.5%) 5914 5456 5039 4675
Attrition Rate (-/+ 0.5%) 5674 5675 4849 4848
%Change Compared to base due to sensitivity -0.01% 0.01% 0.02% -0.02%
Mortality Rate (-/+ 10%) 5673 5676 4850 4847
%Change Compared to base due to sensitivity -0.02% -0.02% 0.03% -0.03%
86
(B) Salap and Dankuni Division (" in 000)
- Current Service Cost 146 1,287
- Benefits paid (2,668) (2,124)
- Actuarial (gain)/loss on obligations due to Change in Financial Assumption 592 5
- Actuarial (gain)/loss on obligations due to Unexpected Experience 23 3,890
- Funded Status (3,977) (5,600)
87
(" in 000)

Salap and Dankuni Division

Discount Rate (-/+ 50 basis points) 4450 5232 5176 6069
Salary Growth (Inflation rate -/+ 0.5) 5227 4451 6067 5174
Attrition Rate (-/+ 10 %) 4820 4822 5600 5599
Mortality Rate (-/+ 10%) 4819 5699 5600 5599
Note : During the year the Company has changed its policy in respect of leave encashment. Now surplus leave will be
encashed only at the time of termination of employment. As a result of this change expenses has decreased by " 990
thousand.
Note : 38
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
88
The carrying value and fair value of financial instruments by categories

as at 31st March, 2020 is as follow : (" in 000)
Particulars Level of Fair value Amortised Total Total fair

Fair Value through cost carrying value
Hierarchy P&L value
Assets:
Investment in Equity Instruments # 3 22,312 - 22,312 22,312
Investment in Mutual Fund 1 4,770 - 4,770 4,770
Trade Receivables (Current) 3 - 56,383 56,383 56,383
Loans (Current) 3 - 347,951 347,951 347,951
Other Financial Assets (Non-Current) 3 - 18,536 18,536 18,536
Cash and Cash Equivalents 3 - 15,093 15,093 15,093
Bank Balances other than Cash and Cash Equivalents 3 - 857 857 857
Total 27,082 438,820 465,902 465,902
Liabilities:
Borrowings (Non-Current) 3 - 121,315 121,315 121,315
Borrowings (Current) 3 - 166,446 166,446 166,446
Trade and Other Payables (Current) 3 - 89,645 89,645 89,645
Other Financial Liabilities (Non-Current) 3 - 55,013 55,013 55,013
Other Financial Liabilities (Current) 3 - 76,334 76,334 76,334
Total - 508,753 508,753 508,753
as at 31st March, 2019 is as follows:

Hierarchy P&L value
Assets:
Investment in Equity Instruments # 3 25,512 - 25,512 25,512
Investment in Mutual Fund 1 2,305 - 2,305 2,305
Trade Receivables (Current) 3 - 44,876 44,876 44,876
Loans (Current) 3 - 306,423 306,423 306,423
Other Financial Assets (Non-Current) 3 - 17,782 17,782 17,782
Cash and Cash Equivalents 3 - 28,407 28,407 28,407
Bank Balances other than Cash and Cash Equivalents 3 - 700 700 700
Total 27,817 398,188 426,005 426,005
Liabilities:
Borrowings (Non-Current) 3 - 131,379 131,379 131,379
Borrowings (Current) 3 - 141,449 141,449 141,449
Trade and Other Payables (Current) 3 - 67,635 67,635 67,635
Other Financial Liabilities (Non-Current) 3 - 54,713 54,713 54,713
Other Financial Liabilities (Current) 3 - 61,675 61,675 61,675
Total - 456,851 456,851 456,851
# Other than investment in subsidiaries accounted at cost in accordance with Ind-AS 27.
89
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.
90
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.
(" in 000)
As at 31st March, 2020 Less than 1 year 1 to 2 years 3 to 5 years Total
Borrowings 166,446 57,123 64,192 287,761

Trade Payables 89,645 - - 89,645
Other Financial Liabilities 76,334 55,013 - 131,347
As at 31st March, 2019
Borrowings 141,449 56,040 75,339 272,828
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.
The company's adjusted net debt to equity position was as follows:
Non Current and Current Borrowings 287,761 272,828
Current Maturities of Borrowings 40,294 39,490
Total (A) 328,055 312,318
Cash and Cash Equivalents 15,093 28,407
Loans to Bodies Corporate and Others 346,603 305,027
Total (B) 361,696 333,434
Adjusted Net Borrowings (A-B) -33,641 -21,116
Total Equity 227,039 216,881
Debt to Equity -14.82% -9.74%
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Note 39 :
Estimated amount of contracts remaining to be executed on capital account is " 123,247 thousand (Previous year
" 1,20,912 thousand) against which " 91,828 thousand (Previous year " 92,086 thousand) has been paid as advance.
Note 40:
Annual Value of one of the erstwhile leasehold property of the Company situated at 50, Chowringhee Road, Kolkata was
revised by the Kolkata Municipal Corporation on 15.06.2010 with retrospective effect from 1st July, 2006. 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. Subsequently 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 " 39,555 thousand (Previous year " 36,848 thousand ) up to 31.03.2020 has been duly provided in the books
of account.
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:
M/s Sharad Quench Pvt. Ltd. (SQPL), a wholly owned subsidiary of the Company, has commenced commercial production
of packaged drinking water with effect from 22nd February, 2020 at Sankrail, Howrah, West Bengal. M/s Satyanarayan Rice
Mill Pvt. Ltd. (SRMPL), another wholly owned subsidiary of the Company, is engaged in the business of manufacture of
packaged drinking water and has its plant at Pandua, Hooghly, West Bengal. Financial Statements of SQPL and SRMPL for
the financial year 2019-20 has been duly consolidated with that of the Company, as required by the provisions of the Section
129 of the Compnaies Act, 2013.
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:
The principal lease of the property situated at 225/C, A. J. C. Bose Road, Kolkata held by the Company for a period of 58 years
and which has been sublet to various occupiers has expired on 11th May, 2019. The efforts are being made to renew the
same from owner of the property. The liability on account of Municipal Tax and Surcharge, amounting to " 488 thousand, for
portion of the property occupied by the Company for the year ended 31st March, 2020 has been duly provided for by the
Company in its books.
Note 46 :
Amount due and outstanding to be credited to the Investor Education and Protection Fund " Nil (Previous Year " Nil).
Note 47:
A sum of " 41 thousand received by the Company from M/s Industrial Area Development Authority towards subsidy on
purchase of Generator has been transferred during the year from Capital Subsidy Reserve to General Reserve Account on
completion requisites number of years in use of Generator.
92
Note 48:
The spread of COVID-19 and consequent nationwide lockdown has severely impacted business operations of the
Company. The production in the factories have been affected. The Company has made detailed assessment of its liquidity
position for a period of at least one year from the balance sheet date, of the recoverability and carrying values of its assets
and ability to pay its liabilities as they become due and effectiveness of internal financial controls at the balance sheet date,
and has concluded that there are no material impact or adjustments required in the financial statements. The Company
continues to closely monitor the rapidly changing situation.
Note 49:
The Company has made provision for Income Tax as per option available under newly inserted Section 115BAA of the
Income Tax Act, 1961.
Note 50:
The 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 indentified on the basis of information available with
the company.The disclosures relating to micro and small enterprises are as below:
(" in 000)
Sl. Particulars As at As at
i Principal amount remaining unpaid to supplier at the end of the year 23,495 15,347
ii Interest due thereon remaining unpaid to supplier at the end of the year 141 279
iii The amount of interest paid along with the amount of the payment made
to the supplier beyond the appointed day 54 -
iv Amount of interest due and payable for the period of delay in making
payment ( which have been paid but beyond the appointed day during the
year ) but without adding the interest specified under this Act. 1,530 -
v Amount of interest accrued during the year and remaining unpaid at the
end of the year 1,473 279
vi The amount of further interest due and payable even in the succeeding
year, until such date the interest dues as above are actually paid - -
Note 51:
The Board of Directors has recommended, subject to approval of the shareholders in the ensuing Annual General Meeting
of the Company, a dividend @ 5 % i.e. " 0.50 per equity share of " 10/- each for the financial year ended 31st March, 2020
amounting to " 1,081 thousand.
Note 52:
Previous year's figures have been re-arranged/ re-grouped, wherever found necessary.

Jiyut Prasad - Company Secretary
Place : Kolkata
93
Independent Auditor's Report

To the Members of
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the accompanying consolidated financial statements of Orient Beverages Limited (hereinafter referred to
as "the Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the
Group"), which comprise the consolidated Balance Sheet as at March 31, 2020 and the consolidated Statement of Profit and
Loss (including Other Comprehensive Income), the consolidated Statement of Changes in Equity and the consolidated
Statement of Cash Flows for the year then ended, and Notes to the Consolidated Financial Statements, including a summary
of the significant accounting policies and other explanatory notes for the year ended on that date (hereinafter referred to as
"Consolidated Financial Statements").
In our opinion and to the best of our information and according to the explanations given to us and based on the
consideration of reports of other auditors on separate financial statements, the aforesaid consolidated financial statements
give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view
in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended, ("Ind-AS") and other accounting principles generally accepted in
India, of the consolidated state of affairs (financial position) of the Group as at March 31, 2020, the consolidated profit and
total comprehensive income, consolidated changes in equity and its consolidated cash flows for the year ended on that
date.
Basis for Opinion
We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing specified
under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor's
Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the
Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the
independence requirements that are relevant to our audit of the consolidated financial statements under the provisions of
the Act and the Rules made there under, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the consolidated financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current period. We have determined that there are no key audit matters to
communicate in our report.
Information Other than the Consolidated Financial Statements and Auditor's Report thereon
The Holding Company's Board of Directors is responsible for the preparation of the other information. The other information
comprises the information included in the Holding Company's annual report ,but does not include the consolidated financial
statements and our auditor's report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements
or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
94
If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are
required to report that fact.
We have nothing to report in this regard.
Management's Responsibility for the Consolidated Financial Statements
The Holding Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect
to the preparation of these consolidated financial statements that give a true and fair view of the state of affairs
(consolidated financial position), Profit or Loss (consolidated financial performance including other comprehensive
income), Consolidated Changes in Equity and Consolidated Cash Flows of the Group in accordance with the Ind-AS and
other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing
and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting
records ,relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error, which has been used for the preparation of the
consolidated financial statements by the Directors of the Holding Company, as aforesaid.
In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group
are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group
or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group are also responsible for overseeing the Group's
financial reporting process.
Auditor's Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these consolidated financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal controls.
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion
on whether the Holding Company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
95
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of such entities or business activities
within the Group to express an opinion on the consolidated financial statements, of which we are the independent
auditors. We are responsible for the direction, supervision and performance of the audit of financial information of such
entities included in the consolidated financial statements of which we are the independent auditors. For the other entity
included in the consolidated financial statements, which has been audited by other auditor, such other auditor remains
responsible for the direction, supervision and performance of the audit carried out by them. We remain solely
responsible for our audit opinion.
Materiality is the magnitude of misstatements in the consolidated financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the consolidated financial
statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the
consolidated financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Other Matter
We did not audit the financial statements of two subsidiary companies included in the consolidated financial statements,
whose financial statements, without giving the effect to elimination of intra group transactions, include total assets of
" 71,173 thousand as on 31st March, 2020 and total revenue of " 91,373 thousand and net cash flows of " 1,231 thousand
for the year ended on that date. These financial statements have been audited by other auditors whose report have been
furnished to us by the management and our opinion on the consolidated financial statements, in so far, as it relate to the
amounts and disclosure included in respect of subsidiaries, and our report in terms of sub-section (3) and sub-section (11)
of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, is based solely on the reports of the other
auditors. Our opinion is not modified in respect of above matter.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit and on the consideration of report of other auditors on
separate financial statements and other financial information of subsidiaries, as noted in "Other Matter" paragraph we
report that::
96
a) We/ the other auditors whose report we have relied upon have sought and obtained all the information and
explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the
aforesaid consolidated financial statements;
b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidation of
financial statements have been kept so far as it appears from our examination of those books and reports of the
other auditors;
c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including Other Comprehensive
Income, the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flow dealt with
by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of
consolidated financial statements;
d) In our opinion ,the aforesaid consolidated financial statements comply with the Ind-AS specified under Section 133
of the Act, read with Companies (Indian Accounting Standards) Rules,2015, as amended;
e) On the basis of the written representations received from the Directors of the Holding Company as on March 31,
2020 taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditors who
are appointed under 139 of the Act, of its subsidiary companies, none of the Directors of the Group's Companies, is
disqualified as on March 31, 2020 from being appointed as a Director in terms of Section 164 (2) of the Act;
f) With respect to the adequacy and operating effectiveness of the internal financial controls over financial reporting
with respect to these consolidated financial statements of the Holding Company and its subsidiary companies,
refer to our separate Report in "Annexure A" to this report. Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Holding Company and its subsidiaries internal financial controls over
financial reporting;
g) In our opinion and based on the consideration of reports of other statutory auditors of subsidiaries the managerial
remuneration for the year ended March 31, 2020 has been paid/ provided by the Holding Company and its
subsidiaries to their directors in accordance with the provisions of Section 197 read with Schedule V to the Act;
h) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according
to the explanations given to us and based on the consideration of the reports of other auditors on separate financial
statements as also the other financial information of the subsidiaries, as noted in the "Other Matter" paragraph:
i. The consolidated financial statements disclosed the impact of pending litigations on its consolidated financial
position of the Group in its consolidated financial statements- Refer Note 40 of the consolidated financial
statements;
ii. The Group do not have any long term contracts including derivative contracts for which there were any material
foreseeable losses.
iii. There were no amount which were required to be transferred to the Investor Education and Protection Fund by
the Group.
For D. MITRA & CO.


UDIN : 20017334AAAADH9406
97
ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS
(Referred to in paragraph 1(f) under 'Report on Other Legal and Regulatory Requirements' section of our report to the
Members of Orient Beverages Limited of even date)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
("the Act")
In conjunction with our audit of the consolidated financial statements of Orient Beverages Ltd. as of for the year ended March
31, 2020, we have audited the internal financial controls over financial reporting of Orient Beverages Limited (hereinafter
referred to as "the Holding Company") and its subsidiary companies, which are companies incorporated in India, as of that
date.
Management's Responsibility for Internal Financial Controls
The respective Board of Directors of the Holding Company, its subsidiary companies, which are companies incorporated in
India, are responsible for establishing and maintaining internal financial controls based on the internal control over
financial reporting criteria established by the Holding Company considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to respective company's policies, the safeguarding of its assets, the prevention and detection of frauds
and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Act.
Auditor's Responsibility
Our responsibility is to express an opinion on the internal financial controls over financial reporting with respect to these
consolidated financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on
Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, both,
issued by the Institute of Chartered Accountants of India, and deemed to be prescribed under Section143(10) of the Act, to the
extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls over financial reporting with reference to these consolidated financial statements was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
system over financial reporting with reference to these consolidated financial statements and their operating effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial
controls over financial reporting with reference to these consolidated financial statements, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of
material misstatement of the consolidated financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their
report referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion
on the internal financial controls system over financial reporting with reference to these consolidated financial statements.
Meaning of Internal Financial Controls over Financial Reporting with reference to these consolidated financial
statements
A company's internal financial control over financial reporting with reference to these consolidated financial statements is a
process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles. A company's
internal financial control over financial reporting with reference to these consolidated financial statements includes those
98
ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT (Contd.)
policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial
statements.
Inherent limitations of Internal Financial Controls over Financial Reporting with reference to these consolidated
financial statements
Because of the inherent limitations of internal financial controls over financial reporting with reference to these consolidated
financial statements, including the possibility of collusion or improper management override of controls, material
misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal
financial controls over financial reporting with reference to these consolidated financial statements to future periods are
subject to the risk that the internal financial control over financial reporting with reference to these consolidated financial
statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.
Opinion
In our opinion, the Holding Company and its subsidiary companies, which are companies incorporated in India, have,
maintained in all material respects, an adequate internal financial controls over financial reporting with reference to these
consolidated financial statements and such internal financial controls over financial reporting with reference to these
consolidated financial statements were operating effectively as at March 31, 2020, based on the internal control over
financial reporting criteria established by the Holding Company considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India.
Other Matters
Our report under section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls
over financial reporting with reference to these consolidated financial statements of the Holding Company, in so far as relate
to two subsidiary companies, which are incorporated in India, are based on the corresponding reports of the auditors of
such subsidiary companies incorporated in India.
For D. MITRA & CO.


UDIN : 20017334AAAADH9406
99
Consolidated Balance Sheet as at 31st March, 2020

(" in 000)
A. ASSETS
1 Non - Current Assets
a) Property, Plant and Equipment 3 151,904 154,907
b) Capital Work-in-Progress 3 39,418 19,741
c) Investment Property 4 1,684 1,980
d) Goodwill 5,932 5,932
e) Financial Assets
i) Investments 5(A & B) 23,128 26,564
ii) Other Financial Assets 7 27,721 23,310
f) Deferred Tax Assets (Net) 8 9,136 5,394
g) Other Non - Current Assets 9A 91,120 91,541
Total Non - Current Assets 350,043 329,369
2 Current Assets
a) Inventories 10 69,108 52,088
b) Financial Assets
i) Investments 5C 3,954 1,253
ii) Trade Receivable 11 59,023 68,509
iii) Cash and Cash Equivalents 12 19,323 31,407
iv) Bank Balances other than Cash and Cash Equivalents 13 857 1,230
v) Loans 6 334,566 290,486
c) Current Tax Assets (Net) 14 - 2,775
d) Other Current Assets 9B 26,048 13,437
Total Current Assets 512,879 461,185
TOTAL ASSETS 862,922 790,554
B EQUITY AND LIABILITIES

1 Equity
a) Share Capital 15 21,629 21,629
b) Other Equity 16 197,774 197,622
Total Equity 219,403 219,251
2 Liabilities
Non - Current Liabilities
i) Borrowings 17A 129,861 131,379
ii) Trade Payables 18A
iii) Other Financial Liabilities 19A 55,013 54,713
b) Provisions 20A 9,126 6,553
c) Other Non - Current Liabilities 21A 931 997
Total Non - Current Liabilities 194,931 193,642
100
Consolidated Balance Sheet as at 31st March, 2020

(" in 000)
Current Liabilities
i) Borrowings 17B 184,321 151,344
ii) Trade Payables 18B
iii) Other Financial Liabilities 19B 79,832 61,988
b) Other Current Liabilities 21B 72,351 76,848
c) Provisions 20B 7,647 9,077
d) Current Tax Liabilities (Net) 14 2,004 -
Total Current Liabilities 448,588 377,661
TOTAL EQUITY AND LIABILITIES 862,922 790,554
The notes referred to above and other notes form an

integral part of Consolidated Financial Statements

Place : Kolkata
101
Consolidated Statement of Profit and Loss for the year ended 31st March, 2020
(" in 000)
Particulars Note Year ended Year ended
I Income
Revenue from Operations 22 842,337 772,741
Other Income 23 38,167 31,541
Total Income 880,504 804,282
II Expenses
Cost of Materials Consumed 24 243,578 199,976
Purchase of Stock-in-Trade 25 72,637 95,480
Changes in Inventories of Finished Goods, Work-in-Progress
and Stock-in-Trade 26 (1,294) 367
Employee Benefits Expense 27 175,180 150,205
Project Expenses 28 31,348 41,381
Finance Costs 29 38,398 33,159
Depreciation and Amortisation Expense 30 15,642 15,642
Other Expenses 31 295,561 237,127
Total Expenses 871,050 773,337
III Profit before exceptional and tax (I - II) 9,454 30,945
IV Exceptional items - -
V Profit before Tax (III - IV) 9,454 30,945
VI Tax Expenses: 32
Deferred Tax Expenses / (Credit) (3,107) (372)
Tax for Earlier Years 1,394 (168)
VII Profit/ (Loss) for the period (V - VI) 4,129 23,738
VIII Other Comprehensive Income
A(i) Items that will not be reclassified to Consolidated Statement
of Profit and Loss (2,528) (1,312)
A(ii) Income tax relating to items that will not be reclassified to
Consolidated Statement of Profit and Loss 636 365
Other Comprehensive Income (Net of Tax) (1,892) (947)
IX Total Comprehensive Income for the period (VII + VIII) 2,237 22,791
X Earnings per Equity Share: 33
(a) Basic - (") 1.91 10.98
(b) Diluted - (") 1.91 10.98
Note : The Share of Profit and Other Comprehensive Income relates 100% to the Owners of the Company, Non - Controlling interest being nil.
The notes referred to above and other notes form an integral part of Consolidated Financial Statements
Place : Kolkata
102
Consolidated Statement of Changes in Equity

(A) Equity Share Capital (" in 000)
Particulars Amount
Equity Shares of " 10/- each issued, subscribed and fully paid-up
At 1st April, 2018 21,629
At 31st March, 2019 21,629
At 31st March, 2020 21,629
(B) Other Equity
Total
Capital Securities General Retained Other
Particulars Other
Subsidy Premium Reserve Earnings Comprehen-
Equity
Reserve sive Income
Balance as at 1st April, 2018 41 9,612 48,942 119,006 (685) 176,916
Remeasurement of the defined benefit liability (net of tax) (947) (947)
Dividend (including Dividend Distribution Tax) (2,085) (2,085)
Profit for the year 2018-19 23,738 23,738
Transfer to General Reserve (Note No. 47) (41) 41 -
Remeasurement of the defined benefit liability (net of tax) (1,892) (1,892)
Dividend (including Dividend Distribution Tax) (2,085) (2,085)

Place : Kolkata
103
Consolidated Statement of Cash Flows for the year ended 31st March, 2020
(" in 000)
A. Cash Flow from Operating Activities:

Adjustments for:
Depreciation and Amortisation Expense 15,642 15,642
Interest Received (35,028) (27,738)
Finance Costs 38,398 33,159
Profit on Sale of Property, Plant and Equipment (11) (180)
Profit on Sale of Shares (2,200) -
Profit on Sale of Mutual Fund Investments - (83)
Diminution / (Appreciation) in the value of Mutual Fund:
Current Investment 300 (76)
Non-Current Investment 236 (45)
Re-measurement of Employee Benefits (2,528) (1,312)
Operating Profit before Working Capital Changes 24,305 51,912
Changes in Working Capital:

(Increase) / Decrease in Inventories (17,020) (1,840)
(Increase) / Decrease in Trade Receivables 9,486 1,275
(Increase) / Decrease in Financial Assets - Loans 48 (465)
(Increase) / Decrease in Other Current Assets (12,611) 1,822
(Increase) / Decrease in Other Financial Assets (4,411) 169
(Increase) / Decrease in Other Financial Assets (Unpaid Dividend) 373 (703)
(Increase) / Decrease in Other Non - Current Assets 421 4,097
Increase/ (Decrease) in Trade Payables 24,029 26,903
Increase / (Decrease) in Provisions (7,289) (2,665)
Increase/ (Decrease) in Other Financial Liabilities 18,144 10,066
Increase/ (Decrease) in Other Non - Current Liabilities (66) (810)
Increase/ (Decrease) in Other Current Liabilities (4,497) (15,382)
Cash Generated from Operations 30,912 74,379
Income Tax paid (Net of Provision) 4,779 164
Net Cash Flow from Operating Activities 35,691 74,543
B. Cash Flow from Investing Activities:
Purchase of Property, Plant and Equipment (32,230) (31,848)
Purchase of Investment Property (125) (44)
Proceeds from Sale of Property, Plant and Equipment 301 2,661
Proceeds from Sale of Investment Property 3 -
Purchase of Current Investments (3,000) (9,000)
Proceeds from Sale of Current Investments - 8,604
Proceeds from Sale of Non Current Investments 5,400 -
Investment in Subsidiaries (Net) - (16,096)
Loan given to the Parties (44,128) (25,472)
Interest Received 35,028 27,738
Net Cash Flow from Investing Activities (38,751) (43,457)
104
Consolidated Statement of Cash Flows for the year ended 31st March, 2020
(" in 000)
C. Cash Flow from Financing Activities:

Taken/ (Repayment) of Long Term Borrowings (1,518) (27,336)
Taken/ (Repayment) of Short Term Borrowings 32,977 17,155
Finance Costs (38,398) (33,159)
Dividend Paid (1,729) (1,729)
Tax on Dividend Paid (356) (356)
Net Cash used in Financing Activities (9,024) (45,425)

Net Increase/ (Decrease) in Cash and Cash Equivalents (12,084) (14,339)
Cash and Cash Equivalents at the Commencement of the Year 31,407 45,746
Cash and Cash Equivalents at the end of the Year 19,323 31,407
Components of Cash and Cash Equivalents
On Current Accounts 17,448 30,282
Cash on Hand 1,875 1,125
Total 19,323 31,407
Notes:
1 The above Cash Flow Statement has been prepared under 'Indirect Method' as set out in Indian Accounting Standard -
7 (Ind-AS 7) "Statement of Cash Flow ".
2 Effective April 1, 2017, The Group adopted the amendment to Ind-AS 7, which require the entities to provide the
disclosures that enable users of financial statements to evaluate changes in liabilities arising from cash flows and non
cash changes, suggesting inclusion of a reconciliation between the opening and closing balances in the Balance
Sheet for liabilities arising from financing activities to meet the disclosure requirement. The Adoption of the amendment
did not have any material impact on the financial statements.
3 Previous year's figures have been regrouped or rearranged, wherever found necessary.
This is the Cash Flow Statement referred to in our Report of even date.
N. K. Poddar - Chairman
Place : Kolkata
105
Notes to the Consolidated Financial Statements for the year ended 31st March, 2020
1 General Information
Orient Beverages Limited (The Holding/ Parent Company) and its two subsidiary companies are together referred to
as ‘The Group’. The Holding Company is engaged in the manufacturing , trading and marketing of packaged drinking
water and carbonated soft drinks under the trade brand "BISLERI" ( a pioneer in the packaged drinking water industry)
and has franchise license from M/s Bisleri International Pvt. Ltd. for production and distribution of packaged drinking
water and carbonated soft drinks. The Holding Company has set up its own manufacturing plants in the state of West
Bengal. The Holding Company has further expanded its business in the state of Jharkhand. The Holding Company is
also engaged in the real estate business. The Holding Company is a public limited company incorporated and
domiciled in India and has its Registered Office at Kolkata, West Bengal, India. The Equity shares of the Holding
Company are listed at the Bombay and Calcutta Stock Exchanges. M/s. Sharad Quench Private Limited (SQPL), a
wholly owned subsidiary, has commenced production of packaged drinking water w.e.f. 22nd February 2020 at
Sankrail, Dist. Howrah, West Bengal. M/s. Satyanarayan Rice Mill Pvt. Ltd. (SRMPL), a wholly owned subsidiary, is
engaged in the manufacturing and trading of packaged drinking water and has a plant at P.O. Pandua, Hooghly, West
Bengal. The consolidated financial statements of the Group for the year ended March 31, 2020 were approved by the
Board of Directors on August 26, 2020.
2 Basis of Preparation, Consolidation, Measurement and Significant Accounting Policies
A (i) Basis of Preparation
The financial statements are prepared in accordance with and in compliance, in all material aspect with Indian
Accounting Standards (Ind-AS) notified under Section 133 of the Companies Act, 2013 (the “Act”) read along with
Companies (Indian Accounting Standards) Rules, 2015 as amended by Companies (Indian Accounting
Standards) Amendment Rules, 2016 and other relevant provisions of the Act.
Group information : The Consolidated Financial Statements of the Group includes information of the following
entities:
Name of Entity Status Country of Percentage of Ownership/
Origin Voting of Holding Company
31st March 31st March
2020 2019
Orient Beverages Ltd. Holding India N. A. N. A.
Company
Sharad Quench Pvt. Ltd. Subsidiary India 100 100
Satyanarayan Rice Mill Pvt. Ltd. Subsidiary India 100 100
(ii) Basis of Consolidation:

The Consolidated Financial Statements (CFS) include the financial statements of the Company and its
subsidiaries. Subsidiaries are entities controlled by the Group.Control is assessed annually with reference to
the voting power (usually arising from equity shareholdings and potential voting rights) and other rights (usually
contractual) enjoyed by the Group in its capacity as an investor that provides it the power and consequential ability
to direct the investee’s activities and significantly affect the Group’s returns from its investment. Such
assessment requires the exercise of judgement and is disclosed by way of a note to the Financial Statements.
The Group is considered not to be in control of entities where it is unclear as to whether it enjoys such power over
the investee.The assets, liabilities, income and expenses of subsidiaries are aggregated and consolidated, line
by line, from the date control is acquired by any Group to the date it ceases. Profit or loss and each component of
other comprehensive income are attributed to the Group as owners and to the non-controlling interests. The
Group presents the non- controlling interests in the Balance Sheet within equity, separately from the equity of the
Group as owners. The excess of the Group’s investment in a subsidiary over its share in the net worth of such
subsidiary on the date control is acquired is treated as goodwill while a deficit is considered as a capital reserve
in the CFS. On disposal of the subsidiary, attributable amount on goodwill is included in the determination of the
profit or loss and recognised in the Statement of Profit and Loss. Impairment loss, if any, to the extent the carrying
amount exceeds the recoverable amount is charged off to the Statement of Profit and Loss as it arises and is not
106
reversed. For impairment testing, goodwill is allocated to Cash Generating Unit (CGU) or a group of CGUs to
which it relates, which is not larger than an operating segment, and is monitored for internal management
purposes. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions
between members of the Group are eliminated in full on consolidation.
Operating Cycle: All assets and liabilities have been classified as current or non-current as per the Group’s
normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013 and Ind AS 1 –
Presentation of Financial Statements based on the nature of products and time between the acquisition of
assets for processing and their realisation in cash and cash equivalents.
(iii) Basis of measurement
The financial statements have been prepared on an accrual basis and in accordance with the historical cost
convention, unless otherwise stated. All assets and liabilities are classified into current and non-current
generally based on the criteria of realisation/settlement within a twelve month period from the balance sheet
date.
B. Recent Accounting Developments:
Ministry of Corporate Affairs (“MCA”) notifies new Standards or amendments to the existing Standards. There are
no Standards issued but not yet effective upto the date of issuance of the Group’s financial statements.
C. Significant Accounting Policies:
The principal accounting policies applied in the preparation of the financial statements are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.
a) Foreign currency transactions and translations
(i) Functional and presentation currency
Items included in the financial statements of The Group are measured using the currency of the primary
economic environment in which The Group operates (“functional currency”). The financial statements are
presented in Indian Rupees ("), which is the functional currency of The Group.
(ii) Foreign currency transactions and translations
Transactions in foreign currencies are recorded at the exchange rate at the date of the transaction.
Monetary assets and liabilities in foreign currencies are translated at the year end rate. Any resultant
exchange differences are taken to the statement of profit and loss, except when deferred in other
comprehensive income as qualifying cash flow hedges. Nonmonetary assets and liabilities denominated
in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the
date of transaction.
b) Property, Plant and Equipment
"Property, Plant and Equipment” are stated at original cost net of tax / duly credit availed, less accumulated
depreciation and accumulated impairment losses, if any. When significant parts of property, plant and equipment
are required to be replaced at intervals, The Group derecognises the replaced part, and recognises the new part
with its own associated useful life and it is depreciated accordingly. Likewise, when a major inspection is
performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the
recognisation criteria is satisfied. All other repair and maintenance costs are recognised in the statement of profit
and loss as incurred. The present value of the expected cost for the decommissioning of the asset after its use
is included in the cost of the respective asset if the recognition criteria for a provision are met.“Internally
manufactured property, plant and equipment are capitalised at factory cost, including GST, whenever applicable.
Capital work-in-progress includes cost of property, plant and equipment under installation / development as at
the balance sheet date.“Property, plant and equipment are eliminated from financial statement, either on
disposal or when retired from financial statement, either on disposal or retired from active use. Losses arising
in the case of retirement of property, plant and equipment and gains or losses arising from disposal of property,
plant and equipment are recognised in the statement of profit and loss in the year of occurrence. The assets'
residual values, useful lives and methods of depreciation are reviewed at each financial year and adjusted
107
prospectively, if appropriate.“Depreciation on straight line method on the property, plant and equipment is
provided over the useful life of assets as specified in Schedule II to the Companies Act, 2013. Property, plant and
equipment which are added / disposed off during the year, depreciation is provided on pro-rata basis with
reference to the month of addition/deletion. Depreciation on properties on leasehold land has been charged on
proportionate basis over the remaining period of lease.
c) Investment Properties
Properties that are held for long-term rental yields or for capital appreciation or both, and that are not occupied by
The Group, are classified as Investment Property. These are measured initially at cost, including transaction
costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation
and accumulated impairment loss, if any. Subsequent expenditure related to investment properties are added to
its book value only when it is probable that future economic benefits associated with the item will flow to The
Group and the cost of the item can be measured reliably. Investment properties are depreciated using the
straight line method over the useful lives.
d) Impairment of Tangible and Intangible Assets
Assets that are subject to amortisation are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for
the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is
the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing
impairment, assets are grouped at the lowest possible levels for which there are independent cash inflows
(cash-generating units). Prior impairment of non-financial assets (other than goodwill) are reviewed for possible
reversal at each reporting date. Intangible assets that have an indefinite useful life or intangible assets not ready
to use are not subject to amortisation and are tested annually for impairment.
e) Financial Instruments:
Financial Assets
Financial assets are recognised when The Group becomes a party to the contractual provisions of the
instrument. On initial recognition, a financial asset is recognised at fair value, in case of Financial assets which
are recognised at fair value through profit and loss (FVTPL), its transaction costs are recognised in the statement
of profit and loss. In other cases, the transaction costs are attributed to the acquisition value of the financial asset.
Financial assets are subsequently classified as measured at
• Amortised Cost
• Fair value through Profit and Loss (FVTPL)
• Fair value through other Comprehensive Income (FVOCI).
Trade Receivables:
Trade receivables are initially recognised at fair value. Subsequently, these assets are held at amortised cost,
using the effective interest rate (EIR) method net of any expected credit losses. The EIR is the rate that discounts
estimated future cash income through the expected life of financial instrument.
Debt Instruments:
Debt instruments are initially measured at amortised cost, fair value through other comprehensive income
(‘FVOCI’) or fair value through profit or loss (‘FVTPL’) till derecognition on the basis of (i) the entity’s business
model for managing the financial assets and (ii) the contractual cash flow characteristics of the financial asset.
Measured at Amortised Cost: Financial assets that are held within a business model whose objective is to hold
financial assets in order to collect contractual cash flows that are solely payments of principal and interest, are
subsequently measured at amortised cost using the effective interest rate (‘EIR’) method less impairment, if any.
The amortisation of EIR and loss arising from impairment, if any is recognised in the Statement of Profit and
Loss.
108
Measured at fair value through other Comprehensive income: Financial assets that are held within a business
model whose objective is achieved by both, selling financial assets and collecting contractual cash flows that are
solely payments of principal and interest, are subsequently measured at fair value through other comprehensive
income. Fair value movements are recognized in the other comprehensive income (OCI). Interest income
measured using the EIR method and impairment losses, if any are recognised in the Statement of Profit and
Loss. On derecognition, cumulative gain or loss previously recognised in OCI is reclassified from the equity to
‘other income’ in the Statement of Profit and Loss.
Measured at fair value through Profit or Loss: A financial asset not classified as either amortised cost or FVOCI,
is classified as FVTPL. Such financial assets are measured at fair value with all changes in fair value, including
interest income and dividend income if any, recognised as ‘other income’ in the Statement of Profit and Loss.
Equity Instruments:
All investments in equity instruments classified under financial assets are initially measured at fair value. The
Group may, on initial recognition, irrevocably elect to measure the same either at FVOCI or FVTPL.The Group
makes such election on an instrument-by-instrument basis. Fair value changes on an equity instrument is
recognised as other income in the Statement of Profit and Loss unless The Group has elected to measure such
instrument at FVOCI. Fair value changes excluding dividends, on an equity instrument measured at FVOCI are
recognised in OCI. Amounts recognised in OCI are not subsequently reclassified to the Statement of Profit and
Loss. Dividend income on the investments in equity instruments are recognised as ‘other income’ in the
Statement of Profit and Loss.
Derecognition:
The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset
expire, or it transfers the contractual rights to receive the cash flows from the asset.
Impairment of Financial Asset:
Expected credit losses are recognized for all financial assets subsequent to initial recognition other than
financials assets in FVTPL category. For financial assets other than trade receivables, as per Ind AS 109, The
Group recognises 12 month expected credit losses for all originated or acquired financial assets if at the
reporting date the credit risk of the financial asset has not increased significantly since its initial recognition. The
expected credit losses are measured as lifetime expected credit losses if the credit risk on financial asset
increases significantly since its initial recognition. The Groups trade receivables do not contain significant
financing component and loss allowance on trade receivables is measured at an amount equal to life time
expected losses i.e. expected cash shortfall. The impairment losses and reversals are recognised in Statement
of Profit and Loss.
Financial Liabilities:
Initial recognition and measurement
Financial liabilities are recognised when The Group becomes a party to the contractual provisions of the
instrument. Financial liabilities are initially measured at the amortised cost unless at initial recognition, they are
classified as fair value through profit and loss. In case of trade payables, they are initially recognised at fair value
and subsequently, these liabilities are held at amortised cost, using the effective interest method.
Subsequent measurement
Financial liabilities are subsequently measured at amortised cost using the EIR method. Financial liabilities
carried at fair value through profit or loss are measured at fair value with all changes in fair value recognised in
the Statement of Profit and Loss.
Derecognition
A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or
expires.
109
f) Fair value measurement

The Group classifies the fair value of its financial instruments in the following hierarchy, based on the inputs used
in their valuation
i)Level 1 - The fair value of financial instruments quoted in active markets is based on their quoted closing price
at the balance sheet date.
ii)Level 2 - The fair value of financial instruments that are not traded in an active market is determined by using
valuation techniques using observable market data. Such valuation techniques include discounted cash flows,
standard valuation models based on market parameters for interest rates, yield curves or foreign exchange
rates, dealer quotes for similar instruments and use of comparable arm’s length transactions.
iii)Level 3 - The fair value of financial instruments that are measured on the basis of entity specific valuations
using inputs that are not based on observable market data (unobservable inputs).
g) Inventory
Real Estate: Valued at lower of cost including other attributable expenses or market realisable value.
Shares: Initially it is recorded at purchases price. At year end it is measured at market value. Resultant Profit or
loss is recognised in Statement of profit and loss.
Finished Goods: Finished goods has been valued at lower of cost or market realisable value.
Work - in - Progress: Work - in - progress has been valued at cost incurred up to the stage of completion.
Raw/Packing Material: Valued at cost.
h) Employee Benefits
(i) Short Term Employee Benefits
All employee benefits payable within twelve months of rendering the service are recognised in the period in which
the employee renders the related service.
(ii) Post Employment Benefits
Gratuity Plans: Gratuity is payable to all eligible employees of The Group on death, permanent disablement and
resignation in terms of the provisions of the Payment of Gratuity Act, 1972 or as per The Group’s Scheme,
whichever is more beneficial to the employees. Benefit would be paid at the time of separation based on the last
drawn basic salary.
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 Group or individual employee, highest being up to 88 days. Leave over and above accumulation allowed
is liable to be encashed in the next year based on gross salary drawn in the last year.
In case of “Salap and Dankuni” divisions of the Holding Company, leave accumulated in excess of accumulation
allowed will be liable to be lapsed. However leave encashment will be allowed at the time of termination of
employment for whatsoever reason.
Both benefits are determined through independent actuarial valuation at year end and charged to statement of
profit and loss.
(iii) Termination Benefits
Termination Benefits are charged to the Statement of Profit and Loss in the year in which they are incurred.
i) Provisions
Provisions are recognised when The Group 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
110
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.
j) 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
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.
(iii) Minimum Alternate Tax
According to section 115JAA of the Income Tax Act, 1961, Minimum Alternative Tax (‘MAT’) paid over and above the
normal income tax in a subject year is eligible for carry forward for fifteen succeeding assessment years for set-
off against normal income tax liability. The MAT credit asset is assessed against The Group’s normal income tax
during the specified period.
k) 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) Sale of services
Fixed price contracts: Contract revenue is recognised only to the extent of cost incurred till such time the outcome
of the job cannot be ascertained reliably subject to condition that it is probable that such cost will be
recoverable.When the outcome of the contract is ascertained reliably, contract revenue is recognised at cost of
work performed on the contract plus proportionate margin, using the percentage of completion method.
Percentage of completion the proportion of cost of work performed to-date, to the total estimated contract
111
costs.The estimated outcome of a contract is considered reliable when all the following conditions are satisfied:
i. the amount of revenue can be measured reliably; ii. it is probable that the economic benefits associated with the
contract will flow to the company; iii. the stage of completion of the contract at the end of the reporting period can
be measured reliably; and iv. the costs incurred or to be incurred in respect of the contract can be measured
reliably. Expected loss, if any, on a contract is recognised as expense in the period in which it is foreseen,
irrespective of the stage of completion of the contract. For contracts where progress billing exceeds the
aggregate of contract costs incurred to-date and recognised profits (or recognised losses, as the case may be),
the surplus is shown as the amount due to customers. Amounts received before the related work is performed
are disclosed in the Balance Sheet as a liability towards advance received. Amounts billed for work performed but
yet to be paid by the customer are disclosed in the Balance Sheet as trade receivables. The amount of retention
money held by the customers is disclosed as part of other current assets and is reclassified as trade receivables
when it becomes due for payment.
(iv) 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.
l) Leases
(i) As a Lessee
Lease of assets, where The Group, as a lessee, has substantially assumed all the risks and rewards of
ownership are classified as finance leases. Assets acquired on finance lease are capitalised and depreciated
as per Company’s policy on Property, Plant and Equipment. Finance lease are measured at the lease’s inception
at the lower of fair value of the leased property and the present value of the minimum lease payments. The
corresponding lease rental obligations, net of finance charges, are included in borrowings or other financial
liabilities as appropriate. Each lease payment is allocated between the liability 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 year.
Leases in which a significant portion of the risks and rewards of ownership are not transferred to The Group as
lessee are classified as operating leases. Payments made under operating leases (net of any incentives
received from the lessor) are charged to statement of profit and loss on a straight-line basis over the period of the
lease unless the payments are structured to increase in line with expected general inflation to compensate for
the lessor’s expected inflationary cost increases.
(ii) As a Lessor
Lease income from operating leases where The Group is a lessor is recognised as income on a straight-line
basis over the lease term unless the receipts are structured to increase in line with expected general inflation to
compensate for the expected inflationary cost increases.
m) Borrowing Costs
Borrowing costs consist of interest, ancillary and other costs that The Group 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.
n) 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 Group. These are material items of income or expense
that have to be shown separately due to their nature or incidence.
o) Earnings per share
The Group 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 Group 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.
112
p) Segment Reporting
Segments are identified based on the manner in which The Group’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.
q) 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 Group, 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.
r) 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.
s) 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.
t) Key accounting judgment, 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 judgments 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, judgment 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.
4. Construction Contracts
Contract revenue is recognised only to the extent of cost incurred till such time the outcome of job cannot be ascertain
reliably subject to the condition that it is probable that such cost will be recoverable. The Group shall determine the
performance obligations associated with the contract with customers at contract inception and also determine
whether they satisfy the performance obligation over time or at a point in time.
113
114
Note : 3

Property, Plant and Equipment and Capital Work-in-Progress
(A) Real Estate Division
(" in 000)
Particulars Land Leasehold Furniture Motor Office Computer Capital Work-
Development Building and Vehicles Equipments and Data in-Progress
(Note) Fittings Processing
Units
Cost:
Gross carrying value as at 01.04.2018 1,249 4,028 8,686 11,871 896 1,261 16,050
Additions - - 618 2,068 200 128 3,691
Deletions - - - 2,037 - - -
Additions - - 11 4,037 266 168 3147
Deletions - - - - - - -
As at 01.04.2018 - 3,424 7,766 5,316 644 1,170 -
Depreciation - 422 100 1,260 104 61 -
Accumulated Depreciation on deletions - - - 1,219 - - -
As at 31.03.2019 - 3,846 7,866 5,357 748 1,231 -
Depreciation - - 127 1,363 132 90 -
Accumulated Depreciation on deletions - - - - - - -
As at 31.03.2020 - 3,846 7,993 6,720 880 1,321 -
Net Book Value:
As at 31.03.2019 1,249 182 1,438 6,545 348 158 19,741
As at 31.03.2020 1,249 182 1,322 9,219 482 236 22,888
Note : Self Occupied portion of the Building situated at 225C, A. J. C. Bose Road, Kolkata.
(B) Beverage Division (" in 000)

Computer
Particulars Land Building Plant and Furniture Motor Office Electric
and Data
Machinery and Vehicles Equipments Processing Installation
Fittings
units
Cost:
Additions - 390 18,792 18 - 83 137 3,133
Deletions - - 2,072 - - - - 2,883
Additions - 580 4,806 33 50 14 170 771
Deletions - - 94 - - - - 1,129
As at 01.04.2018 - 8,833 43,019 399 15,800 1,074 1,023 9,420
Depreciation - 753 6,569 56 2,685 33 102 1,198
Accumulated Depreciation on deletions - - 404 - - - - 1,288
As at 31.03.2019 - 9,586 49,184 455 18,485 1,107 1,125 9,330
Depreciation - 926 7,560 58 2,321 38 148 1,225
Accumulated Depreciation on deletions - - 33 - - - 859
As at 31.03.2020 - 10,512 56,711 513 20,806 1,145 1,273 9,696
Net Book Value:

As at 31.03.2019 14,953 19,534 81,460 250 10,925 173 247 6,472
As at 31.03.2020 14,953 19,188 78,645 225 8,654 149 269 5,748
115
116
(C) Subsidiary Companies - Satyanarayan Rice Mill Pvt. Ltd. & Sharad Quench Pvt. Ltd. (" in 000)
Computer
Particulars Land Building Plant and Furniture Motor Office R&D Capital

and Data
Machinery and Vehicles Equipments Processing Laboratory Work in
Fittings Progress
units
Cost:
Gross carrying value as at 01.04.2018 781 2,536 8,471 118 573 30 55 493 -
Additions - 838 217 1,505 - - 30 - -
Deletions - - - - - - - - -
Gross carrying value as at 31.03.2019 781 3,374 8,688 1,623 573 30 85 493 -
Additions - - 205 1,386 - - 16 40 16,530
Deletions - - - - - - - - -
Gross carrying value as at 31.03.2020 781 3,374 8,893 3,009 573 30 101 533 16,530
As at 01.04.2018 - 323 2,103 30 280 7 33 154 -
Depreciation - 290 1,192 46 115 2 11 88 -
Accumulated Depreciation on deletions - - - - - - - - -
As at 31.03.2019 - 613 3,295 76 395 9 44 242 -
Depreciation - 112 628 243 149 7 21 77 -
Accumulated Depreciation on deletions - - - - - - - - -
As at 31.03.2020 - 725 3,923 319 544 16 65 319 -
Net Book Value:
As at 31.03.2019 781 2,761 5,393 1,547 178 21 41 251 -
As at 31.03.2020 781 2,649 4,970 2,690 29 14 36 214 16,530
Total (A+B+C)
Particulars Land Land Building Leasehold Plant Furniture Motor Office Computer R&D Electric Capital Total
Develop- Building and and Vehicles Equipments and Data Laboratory Installation Work-in-
ment Machinery Fittings Processing Progress
Units
Net Book Value:
At at 31.03.2019 15,734 1,249 22,295 182 86,853 3,235 17,648 542 446 251 6,472 19,741 174,648
At at 31.03.2020 15,734 1,249 21,837 182 83,615 4,237 17,902 645 541 214 5,748 39,418 191,322
Note : 4
Investment Property* (" in 000)
Particulars Amount
Cost:
Additions 44
Deletions -
Additions 125
Deletions 21
As at 01.04.2018 18,055
Depreciation 555
Accumulated Depreciation on deletions -
As at 31.03.2019 18,610
Depreciation 417
Accumulated Depreciation on deletions 17
As at 31.03.2020 19,010
Net Book Value:
As at 31.03.2019 1,980
As at 31.03.2020 1,684
* The let out portion of the Building situated at 225C, A. J. C. Bose Road, Kolkata.
Note : 4(a)
Amount recognised in the Statement of Profit and Loss for Investment Property
Particulars
Rental Income 16,886 49,051#
Direct Operating Expenses (including Repairs and Maintenance)
-Generating Rental Income 14,506 24,507
-Not Generating Rental Income - -
Profit before Depreciation and Indirect Expenses 2,380 24,544
Depreciation 417 555
Profit before Indirect Expenses 1,963 23,989
Fair value of Investment Property ## - 2,135
# Include "18,498 thousand arrear rent for the period 01.09.2012 to 31.03.2018 received during the year 2018-19
## Fair values are based on valuation done by management itself. Management did not employ any external valuer to
assess the fair value of its Investment Property. For the purpose of valuation of Investment property only rent received/
receivable has been considered and amount received/ receivable on account of electricity charges, maintenance charges,
municipal taxes etc. are not considered since same are in the nature of reimbursement.
117
Note : 4(b) Disclosure as per Ind-AS 17 on "Lease" (" in 000)

The total of future minimum lease payments receivable under Year ended Year ended
non-cancellable operating leases for each of the following period 31st March, 2020 31st March, 2019
i) not later than one year - 2,135
ii) later than one year and not later than five year - -
iii) later than five years; - -
Total Contingent rent recognised as income in the period NIL NIL
The Group is in business of letting out of house property (taken on finance lease) to its various clients under contractual
arrangements (operating lease). These contractual arrangements are in line with original finance lease agreement
between the Group and Finance Lessor. The finance lease has expired on 11.05.2019. Consequently operating lease
arrangements has also expired. The Group is in negotiation with the finance lessor to renew the finance lease for further
period.
Note : 5
Non Current Financial Assets : Investments
As at 31st March, 2020 As at 31st March, 2019
Particulars
Units Units
Quoted Investments
Investment in Mutual Fund (A)
Aditya Birla Sun Life Balanced '95 Fund 270.874 155 270.874 206
DSP Black Rock Balance Fund 1,412.958 188 1,412.958 214
HDFC Balanced Fund 4,014.720 171 4,014.720 219
L & T India Prudence Fund 7,846.214 168 7,846.214 205
Reliance Regular Saving Fund 3,772.866 134 3,772.866 208
Total 816 1,052
Unquoted Investments
Investment in Equity Instruments (B)
Fully Paid up Equity Shares of " 10/- each
Avni Enterprises Pvt. Ltd. 50,000 1,000 50,000 1,000
Balaji Metal & Sponge (P) Ltd. 530,000 5,300 530,000 5,300
Candlewood Holdings Pvt. Ltd. 300,000 6,000 300,000 6,000
Flora Suppliers (P) Ltd. - - 1,600 1,000
Jenny Christensen (S.A) Pvt. Ltd. 1,150 12 1,150 12
Prictrade Commerce Pvt. Ltd. - - 2,000 1,200
Shri Jagannath Steels & Power Ltd. - - 25,000 1,000
Sky-B (Bangla) (P) Ltd. 800,000 8,000 800,000 8,000
Yasshvi Buildwells Pvt. Ltd. 200,000 2,000 200,000 2,000
Total 22,312 25,512
Total (A+B) 23,128 26,564
118
Note : 5 (Contd.)
Current Financial Assets : Investments (" in 000)
Units Units
Quoted Investments
Investment in Mutual Fund (C)
Aditya Birla Sun Life Cash Manager - Growth 264.726 128 264.726 119
ICICI Prudential Equity & Debt Fund - Growth 3781.562 401 - -
ICICI Prudential Floating Interest Fund - Growth 2200.370 661 2200.370 612
Kotak Equity Hybrid Fund - Growth 20026.032 406 - -
Kotak Low Duration Fund Standard Growth 57.565 142 57.565 132
Mirae Asset Large Cap Fund - Regular 9844.652 382 - -
Nippon India Low Duration Fund - Growth
(Previously Reliance Money Manager Fund) 526.690 1,449 151.097 390
SBI Blue Chip Fund - Regular Plan Growth 12940.817 385 - -
Total 3,954 1,253
Aggregate market value of Quoted Investments as on 31.03.2020 - " 4,770 thousand, as on 31.03.2019 " 2,305 thousand.
Note : 6
Financial Assets : Loans
Current
Unsecured, Considered good
Loans to Bodies Corporate 84,293 85,662
(Including doubtful " 290 thousand, Previous year " 290 thousand)
Loans to Other Parties 248,925 203,428
Loans to Employees 1,348 1,396
Total 334,566 290,486
119
Note : 6 (Contd.)
Details of loans to Bodies Corporate (" in 000)
AKC Steel Industries Ltd. 12% - - - 681
Beekay Steel Industries Ltd. 12% 5,000 6,080 5,000 6,080
Esenzzaro Beverages Pvt. Ltd. 12% 1,500 2,197 1,500 2,017
Girdhar Tracom Pvt. Ltd. 12% 6,000 7,041 11,000 11,000
Harshwardhan Gems Pvt. Ltd. 12% 32,000 35,461 27,500 30,470
Kamlesh Mercantile Credit Pvt. Ltd. 12% 5,000 5,540 5,000 5,540
Kanoi Plantations Pvt. Ltd. 12% 7,000 10,745 13,500 15,993
Kejriwal Miinniing Pvt. Ltd. 15% 200 290 200 290
Nepco Commercial Pvt. Ltd. 12% 4,000 4,108 4,000 4,106
Shree Khamakhya Tea Co. Pvt. Ltd. 12% 6,096 6,348 - -
Shree RSH Projects Pvt. Ltd. 12% 6,000 6,483 9,000 9,485
Total 72,796 84,293 76,700 85,662
Details of loans to Other Parties
Beedee Investments 10% 58,872 64,855 54,245 60,783
Salim Traders 12% 157,816 175,166 123,427 133,741
Sangita Gupta 12% 1,500 1,680 1,500 1,680
Surabhi Gupta 12% 1,000 1,120 1,000 1,120
Vishal Gupta 12% 3,000 3,360 3,000 3,360
Vivek Gupta 12% 2,450 2,744 2,450 2,744
Total 224,638 248,925 185,622 203,428
All above loans are repayable on demand and will be utilised by the recipients of loans for their business purposes.
120
Note : 7
Other Financial Assets (" in 000)
Non - Current
Fixed Deposit with maturity of more than 12 months (Pledged with HDFC Bank
Ltd. / United Bank of India against Bank Guarantee) 7,155 5,528
Deposit with Other than Banks 20,566 17,782
Total 27,721 23,310
Note : 8
Deferred Tax Assets (Net)
Deferred Tax Assets
Disallowance under Section 43B 10,457 9,531
On Remeasurement Gain (Employee Benefits) 636 365
Disallowance under Section 35D - 4
Carry Forward losses 3763 -
14,856 9,900
Deferred Tax Liabilities
Difference between Book and Tax Depreciation 5,718 4,506
Disallowance under Section 35D 2 -
Deferred Tax Assets (Net) 9,136 5,394
Note : 9
Other Assets
Non - Current (A)
Advance for Capital Goods 90,895 90,895
Deposit with Government 9 10
Others Advances 216 636
Total 91,120 91,541
Current (B)
Advance for Capital Goods 933 1,191
Advance to Suppliers for Materials/ Services 7,266 3,341
Prepaid Expenses 522 417
Others Advances 13,455 8,014
GST/ Excise Duty / Service Tax CENVAT Receivable 3,872 474
Total 26,048 13,437
Total (A+B) 117,168 104,978
121
Note : 10
Inventories (" in 000)
Beverages (A)
Raw/ Packing Materials 57,703 41,977
Work - in - Progress 846 806
Scrap 1,034 662
Total 65,144 48,124
Other (B)
Building (Part) 964 964
Shares 3,000 3,000
Total 3,964 3,964
Total (A+B) 69,108 52,088
Note : 11
Current Financial Assets : Trade Receivable
(Considered good)
Secured 11,640 6,024
Unsecured 47,383 62,485
59,023 68,509
Note : 12
Cash and Cash Equivalents
Balances with Banks
In Current Accounts 17,448 30,282
Cash on Hand 1,875 1,125
Total 19,323 31,407
Note : 13
Bank Balances other than Cash and Cash Equivalents
Earmarked Balances with Banks
In Unpaid Dividend Accounts 857 1,230
Total 857 1,230
122
Note : 14
Current Tax Assets / (Liabilities) (" in 000)
Advance Income Tax Paid 8,243 15,063
Less: Provision for Income Tax 10,247 12,288
Current Tax Assets/(Liabilities) - Net (2,004) 2,775
Note : 15
Share Capital
Authorised
39,00,000 (Thirty Nine Lakhs) Equity Shares of " 10/- each 39,000 39,000
10,000 (Ten Thousand) Preference Shares of " 100/- each 1,000 1,000
40,000 40,000
Issued & Subscribed
21,62,400 (Twenty One Lakhs Sixty Two Thousand Four
Hundred) Equity Shares of " 10/- each 21,624 21,624
Paid up
21,61,500 (Twenty One Lakhs Sixty One Thousand Five
Hundred) Equity Shares of " 10/- each fully paid up
(including 40,000 shares allotted in pursuant to a contract
without payment being received in cash) 21,615 21,615
Shares Suspense Account

1,133 Equity Shares of " 10/- each fully paid up to be issued
to the erstwhile shareholders of Amalgamating Companies,
namely
Jaypee Estates Pvt. Ltd. - 1100 Shares
Avni Estates Pvt. Ltd. - 33 Shares
and " 21.10 payable in cash against Fractional Shares in
pursuance to a scheme of Amalgamation duly approved by
the Hon'ble High Court at Calcutta vide Orders dated
26.08.2002 & 14.10.2004 (Refer Note No. 41) 11 11
Share Forfeiture Account 3 3
21,629 21,629
123
Note : 15 (Contd.)
(a) Reconciliation of the number of shares outstanding as at following year end is set out below : (" in 000)
Number of shares outstanding at the beginning of the year 21,61,500 21,61,500
Number of shares outstanding at the end of the year 21,61,500 21,61,500
(b) Terms/ rights attached to Equity Shares:

The Parent 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. Parent 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 Parent
Company after distribution of all preferential amounts, in the proportion of their shareholdings.
(c) Details of shares held by shareholders holding more than 5 % of the aggregate share capital in the Parent Company:
Name of Shareholder As at 31st March, 2020 As at 31st March, 2019

Number of Percentage Number of Percentage
Shares Shares
Narendra Kumar Poddar 638,739 29.55 635,100 29.38
Ruchira Poddar 202,750 9.38 202,750 9.38
Akshat Poddar 151,100 6.99 151,100 6.99
Laxmikant Kabra (HUF) 150,257 6.95 150,257 6.95
Note : 16
Other Equity
Particulars
Balances as at 1st April, 2018 41 9,612 48,942 119,006 (685) 176,916

Remeasurement of Defined Benefit Liability (1,312) (1,312)
Deferred Tax on Remeasurement of Defined -
Benefit Liability 365 365
Other Comprehensive Income for the Year, net of Tax - (947) (947)
Dividend (1,729) - (1,729)
Dividend Distribution Tax (356) - (356)
(2,085) - (2,085)
124
Notes on the Consolidated Financial Statements for the year ended 31st March, 2020
Note : 16 (Contd.)
Particulars
Remeasurement of Defined Benefit Liability (2,528) (2,528)
Benefit Liability 636 636
Other Comprehensive Income for the Year, net of Tax - (1,892) (1,892)
Dividend (1,729) - (1,729)
Dividend Distribution Tax (356) - (356)
(2,085) - (2,085)
Analysis of Accumulated OCI, Net of Tax

Remeasurement of Defined Benefit Liability
Opening Balance (1,632) (685)
Remeasurement of Defined Benefit Liability (1,892) (947)
(3,524) (1,632)
125
Note : 17
Financial Liabilities : Borrowings (" in 000)
Non - Current (A)
Secured
Term Loans from Banks [(Refer Note 17(1)] 42,529 34,280
Others Loans from Banks [(Refer Note 17(2)] 2,827 2,590
Loans from entities other than Banks [(Refer Note 17(3)] 84,505 82,800
129,861 119,670
Unsecured
Loans from Banks [(Refer Note 17(4)] - 7,083
Loans from entities other than Banks [(Refer Note 17(5)] - 4,626
- 11,709
Total 129,861 131,379
Current (B)
Unsecured
Total 184,321 151,344
Total (A+B) 314,182 282,723
Note 17(1) : Term Loans from Banks (Secured) includes:

(a) " 19,892 thousand (Previous year " NIL) from HDFC Bank Ltd. is secured by mortgage of immovable property of the
parent Company situated at Sankrail Industrail Park, Sankrail, Howrah up to " 20,000 thousand plus outstanding
interest and other charges. The loan is repayable in 50 installments and carries rate of interest of 9.25 % p.a.
(Floating). Last installment is payable in October, 2024.
(b) " NIL thousand (Previous year " 5,168 thousand) from Union Bank of India is secured by mortgage of immovable
property of the Parent Company situated at Sankrail Industrail Park, Sankrail, Howrah and personal guarantee of one
Director of the Parent Company up to " 13,000 thousand plus outstanding interest and other charges. The loan is
repayable in 115 installments and carries rate of interest of 11.40 % p.a. (Floating). Loan has been repaid in full on 21st
February, 2020.
(c ) " 33,049 thousand (Previous year " 39,623 thousand) from Union Bank of India in the nature of Home Loan is secured
by mortgage of immovable property under acquisition by the Parent Company at 21, Pramatha Choudhury Sarani,
Kolkata. The loan is repayable in 162 installments and carries rate of interest of 11% p.a. (Floating). Last installment
is payable in December, 2029.
Break up of Term Loans from Banks (Secured) :
HDFC Bank Ltd. 19,892 -
Union Bank of India - 5,168
Union Bank of India 33,049 39,623
52,941 44,791
Less:
Current Maturities of Long Term Debts (Repayable of Loan
42,529 34,280
126
Note 17(2) : Break up of Other Loans from Banks (Secured) : (" in 000)
Name of the Bank No. of installments Rate of Interest Last Installment

(per agreement) (% per annum) payable on
HDFC Bank Ltd. 39 8.85 05.03.2023
Indusind Bank Ltd. 35 12.30 07.01.2020
Kotak Mahindra Bank Ltd. 36 12.16 20.10.2021
Yes Bank Ltd. 37 9.26 15.09.2021
As at As at
HDFC Bank Ltd. 2,823 278

Indusind Bank Ltd. - 507
Yes Bank Ltd. 1,111 2,661
5,413 6,192
Less:
2,827 2,590
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.
Note 17(3): Loans from entities other than Banks (secured) includes:
(a) " 45,445 thousand (Previous year " 53,661 thousand) from Aditya Birla Finance Ltd. is secured by mortgage of
immovable property of the parent Company situated at NH- 6, Mumbai Highway, Salap More, Howrah and personal
guarantee of two Directors of the Company. The loan is repayable in 69 installments and carries rate of interest of
13.10 % p.a. (Floating). Last installment is payable on 1st July, 2024.
(b) " 25,325 thousand (Previous year " 26,709 thousand) from Aditya Birla Finance Ltd. is secured by mortgage of
immovable property of the parent Company situated at NH- 6, Mumbai Highway, Salap More, Howrah and immovable
property of the M/s. Satyanarayan Rice Mill Pvt. Ltd., subsidiary Company, situated at Village - Marshit, Mouza -
Panchpora, Pandua, Hooghly and personal guarantee of two Directors of the Company. The loan is repayable in 128
installments and carries rate of interest of 12.60 % p.a. (Floating). Last installment is payable on 1st June, 2029.
(c) " 8,163 thousand (Previous year " 8,583 thousand) from Aditya Birla Finance Ltd. is secured by mortgage of
immovable property of the parent Company situated at NH- 6, Mumbai Highway, Salap More, Howrah and immovable
property of the M/s. Satyanarayan Rice Mill Pvt. Ltd., subsidiary Company, situated at Village - Marshit, Mouza -
Panchpora, Pandua, Hooghly and personal guarantee of two Directors of the Company. The loan is repayable in 120
installments and carries rate of interest of 12.25 % p.a. (Floating). Last installment is payable on 1st April, 2029.
(d) " 7,900 thousand (Previous year " NIL) from Aditya Birla Finance Ltd. is secured by mortgage of immovable property
of the parent Company situated at NH- 6, Mumbai Highway, Salap More, Howrah and immovable property of the M/s.
Satyanarayan Rice Mill Pvt. Ltd., subsidiary Company, situated at Village - Marshit, Mouza - Panchpora, Pandua,
Hooghly. The loan is repayable in 120 installments and carries rate of interest of 12.25% p.a. (Floating). Last
installment is payable on 1st February, 2030.
(e) " 909 thousand (Previous year " NIL) from Tata Capital Financial Services Ltd. is secured by hypothecation of certain
(Floating). Last installment is payable on 5th October, 2024.
(f) " 10,221 thousand (Previous year " NIL) from Tata Capital Financial Services Ltd. is secured by hypothecation of certain
Last installment is payable on 5th December, 2024.
(g) " Nil (Previous year " 1,002 thousand) from Reliance Commercial Finance Ltd. is secured by hypothecation of certain
machineries financed by them. The loan is repayable in 48 installments and carries rate of interest of 18.00% p.a. Last
installment is payable on 1st February, 2020.
(h) " 1,912 thousand (Previous year " 3,434 thousand) from Reliance Commercial Finance Ltd. is secured by
hypothecation of certain machineries financed by them. The loan is repayable in 48 installments and carries rate of
interest of 13.50 % p.a. Last installment is payable on 1st April, 2021.
(i) " 1,942 thousand (Previous year " 3,991 thousand) from Reliance Commercial Finance Ltd. is secured by
hypothecation of certain machinery financed by them. The loan is repayable in 48 installments and carries rate of
interest of 13.50 % p.a. Last installment is payable on 1st January, 2021.
127
Break up of Loans from entities other than Banks (secured) : (" in 000)
Aditya Birla Finance Ltd. 7,900 -
Tata Capital Financial Services Ltd. 909 -
Tata Capital Financial Services Ltd. 10,221 -
Reliance Commercial Finance Ltd. - 1,002
101,817 97,380
Less:
84,505 82,800
Note 17(4): Loans from Banks (unsecured) includes:

(a) " 1,622 thousand (Previous year " 3,147 thousand) from ICICI Bank Ltd. The loan is repayable in 36 installments and
carries rate of interest of 15.00 % p.a. Last installment is payable on 5th February, 2021.
(b) " 2,679 thousand (Previous year " 5,150 thousand) from Kotak Mahindra Bank Ltd. The loan is repayable in 36
installments and carries rate of interest of 16.28 % p.a. Last installment is payable on 1st February, 2021.
(c) " 2,750 thousand (Previous year " 5,286 thousand) from IDFC First Bank Ltd. (Previously Capital First Ltd.) The loan
is repayable in 36 installments and carries rate of interest of 17.00 % p.a. Last installment is payable on 2nd February,
2021.
Breakup of loans from Banks (unsecured) :
ICICI Bank Ltd. 1,622 3,147
IDFC First Bank Ltd. (Previously Capital First Ltd.) 2,750 5,286
7,051 13,583
Less:
- 7,083
Note 17(5) : Loans from entities other than Banks (unsecured) includes:
(a) " Nil (Previous year " 140 thousand) from Bajaj Finance Ltd. The loan is repayable in 36 installments and carries rate
of interest of 16.50 % p.a. Last installment is payable on 2nd May, 2019.
(b) " 660 thousand (Previous year " 1,343 thousand) from Bajaj Finance Ltd. The loan is repayable in 36 installments and
carries rate of interest of 15.75 % p.a. Last installment is payable on 2nd January, 2021.
(c) " 2,157 thousand (Previous year " 4,146 thousand) from Tata Capital Financial Services Ltd. The loan is repayable 36
installments and carries rate of interest of 17.00 % p.a. Last installment is payable on 9th February, 2021.
(d) " 1,791 thousand (Previous year " 3,294 thousand) from IVL Finance Ltd. The loan is repayable in 36 installments and
carries rate of interest of 17.00 % p.a. Last installment is payable on 10th March, 2021.
128
Break up of Loans from entities other than Banks (unsecured) : (" in 000)
Bajaj Finance Ltd. - 140

Bajaj Finance Ltd. 660 1,343
Tata Capital Financial Services Ltd. 2,157 4,146
IVL Finance Ltd. 1,791 3,294
4,608 8,923
Less:
- 4,626
Note 17(6): Short Term Borrowings (unsecured) from entities other than banks are repayable on demand and carries
different rates of interest ranging from 10% to 18% p.a.
Note : 18
Financial Liabilities : Trade Payables
Non - Current (A)
Total - -
Current (B)
Total 1,02,433 78,404
Total (A+B) 1,02,433 78,404
129
Note 19 : Other Financial Liabilities (" in 000)

Non - Current (A)
Security Deposit from Customers 55,013 54,713
Total 55,013 54,713
Current (B)
Current Maturities of Long Term Debts 41,969 39,490
Unclaimed Dividend 857 700
Creditors for Capital Goods 3,561 2,641
Creditors for Expenses and Others 33,445 19,157
Total 79,832 61,988
Total (A + B) 134,845 116,701
Note 20 : Provisions
Non - Current (A)
For Gratuity 2,243 266
Total 9,126 6,553
Current (B)
For Gratuity 5,722 4,916
Total 7,647 9,077
Total (A+B) 16,773 15,630
Note 21 : Other Liabilities

Non-Current (A)
Advance from Customers 931 997
Total 931 997
Current (B)
Advance from Customers 7,575 5,930
Liabilities for Employee Benefits 17,646 13,819
Statutory Dues 46,461 54,116
Amount due to Customers (Refer note below) - 2,983
Lease Rent Payable 669 -
Total 72,351 76,848
Total (A+B) 73,282 77,845
Note : Amount shown above represents balance of the sum received from the Customer against setting up of the packaged
drinking water project after adjusting cost incurred and recognised in accordance with provisions of Ind-AS 115 up to
31st March, 2020.
130
Note : 22 (" in 000)

Revenue from Operations

(A) Sale of Products
Beverages
Own Manufactured Goods 622,055 490,391
Traded Goods 173,778 187,303
Raw Materials 918 1,720
Scrap 564 573
Total 797,315 679,987
(B) Receipts against Project Work 28,136 43,703
Total 28,136 43,703
(C) Other Operating Revenue
Rental Income
Rent 2,165 36,719
(Include Arrear Rent " Nil, previous year " 18,498 thousand)
(TDS " 188 thousand, Previous Year " 4,972 thousand)
Maintenance Charges 3,671 378
Generator Charges 88 106
(TDS " Nil, Previous Year " 28 thousand)
Municipal Tax and Surcharge 72 770
Total 16,886 49,051
TOTAL (A+B+C) 842,337 772,741
Note : 23
Other Income

Interest Income 33,718 27,382
(TDS " 1,131 thousand, Previous Year " 1,043 thousand)
Interest Income on Fixed Deposits 1,310 356
Miscellaneous Receipts 844 2,363
Profit on Sale of Property, Plant and Equipment 11 180
Profit on Sale of Shares 2,200 -
Profit in Mutual Fund Investments - 83
Appreciation in the value of Mutual Fund Investments - 121
Liabilities no longer required written back 84 1,056
38,167 31,541
131
Note : 24
Cost of Material Consumed (" in 000)

Raw/ Packing Material Consumed

(Including cost of materials sold)
Opening Stock 41,977 41,150
Add:Purchase 259,304 200,803
301,281 241,953
Less:Closing Stock 57,703 41,977
243,578 199,976
Note : 25
Purchase of Stock-in-Trade

Beverages 71,478 92,218

(Finished Goods)
Carriage Inward 1,159 3,262
72,637 95,480
Note : 26
Changes in Inventories of Finished Goods,
Work-in-Progress and Stock-in-Trade

Opening Balance
Beverages
Scrap 662 282
Building 964 964
Shares 3,000 3,000
(A) 10,111 10,478
Closing Balance
Beverages
Scrap 1,034 662
Building 964 964
Shares 3,000 3,000
(B) 11,405 10,111
Net (Increase) / Decrease in Stock (A-B) (1,294) 367
132
Note : 27
Employee Benefits Expense (" in 000)

Salary, Wages and Other Allowances 157,582 136,676

Contribution to Provident and Other Funds 14,387 10,341
Directors' Sitting Fees 69 67
Staff Welfare Expenses 3,142 3,121
175,180 150,205
Defined Benefit Liability considered under
Other Comprehensive Income 2,528 1,312
177,708 151,517
Note : 28
Project Expenses

Professional Charges 42 252

Civil Works 9,650 19,692
31,348 41,381
Note : 29
Finance Costs

Interest Expense on:

Borrowings from Banks 2,671 2,980
Borrowings from Others 34,990 30,075
Other Borrowing Costs 737 104
38,398 33,159
Note : 30
Depreciation and Amortisation Expense

- Depreciation on Property, Plant and Equipment 15,225 15,087

- Depreciation on Investment Property 417 555
15,642 15,642
133
Note 31 : Other Expenses (" in 000)

(a) Manufacturing Expenses
Production Expenses 11,279 7,341
Contract Labour Charges 5,280 3,683
Power, Fuel and Water 36,617 29,198
Buildings 1,958 1,710
Others 622 263
Total 60,800 46,774
(b) Rental Expenses
Electricity Charges Paid 11,774 11,877
Municipal Tax and Surcharge 533 1,949
Buildings 637 837
Plant and Machinery 405 373
Rent (On Leasehold Property) 9 52
Total 13,358 15,088
(c) Selling and Distribution Expenses
Vehicle Expenses 41,557 38,122
Other Selling Expenses 53,315 38,220
Royalty 82,205 55,204
Sales Promotion Expenses 1,689 3,807
Total 178,766 135,353
(d) Administrative Expenses
Advertisement and Publicity 114 94
Bank Charges 745 224
Books and Periodicals 27 16
Brokerage 1,134 363
Delayed Payment Charges 15 23
Donation 26 122
Entertainment Expenses 763 918
Insurance 839 835
Legal and Professional Charges 894 944
General Expenses 2,987 3,189
Office Maintenance 6,180 4,425
Payment to Auditors (Refer Note No. 34) 245 210
Prior period Expenses (Net) 41 481
Diminution in the value of Investments 536 -
Preliminary Expenses written off - 12
Printing and Stationery 946 929
Postage, Courier and Telephone 1,162 1,047
Rates,Taxes and Fees 2,121 1,966
Interest on delayed payment of Taxes, Duties etc. 3,242 2,864
Rent 7,178 5,515
Repairs and Maintenance - Others 157 110
Service Charges 1,000 1,004
Sponsorship Expenses - 500
Sundry Balances Irrecoverable written off 1,271 382
Travelling and Conveyance 9,289 10,813
Vehicle Upkeep Expenses 1,683 1,326
Total 42,637 39,912
Total ( a + b + c + d ) 295,561 237,127
134
Note : 32
Tax Expenses (" in 000)

Tax for Earlier Years 1,394 (168)
8,432 7,579
Deferred Tax Expenses/ (Credit) (3,107 (372)
5,325 7,207
Reconciliation of Tax Expense
Applicable Tax Rate (using the Holding Company’s Tax Rate) 25.17% 27.82%
Computed Tax Expenses (A) 2,379 8,609
Adjustments for
Effect of deductions available (717) (2,970)
Expenses/ losses not allowed for tax purpose 783 780
Changes in recognised deductible temporary differences 776 405
Effect of additions as per ICDS and other 710 551
Tax for earlier years 1,394 (168)
Net Adjustments (B) 2,946 (1,402)
Tax Expenses (A+B) 5,325 7,207
Note : 33
Earnings per Share (EPS)

i) Net Profit after tax as per Statement of Profit and Loss

attributable to Equity Shareholders of Parent Company ( " in 000 ) 4,129 23,738
ii) Numbers of Equity Shares (Weighted Average) 2,161,500 2,161,500
iii) Basic and Diluted Earnings per share (Amount in ") 1.91 10.98
iv) Face Value per Equity Share (Amount in " ) 10.00 10.00
Note : 34
Auditors' Remuneration includes

(i) Payment to Statutory Auditors:

As Audit Fees 150 150
As Tax Audit Fees 10 10
(ii) Payment to Secretarial Auditors:
As Audit Fees 30 30
(iii) Payment to Internal Auditors:
As Audit Fees 10 10
(iv) Payment for Tax Audit Fees 10 10
Total 210 210
135
Note : 35
Segment Reporting
The Group has determined following reporting segments based on the information reviewed by the Group’s Chief Operating
Decision Maker (‘CODM’).
a) Beverages includes packaged drinking water and soft drinks.
b) Real Estate business is consists of letting out of house properties to the Company's customers.
c) Construction services includes construction of water treatment plant along with factory sheds.
d) Share Trading is a small segment of the Company which is currently not in active business.
The above business segments have been identified considering :

a) The nature of products and services,
b) The differing risks and returns,
c) The internal organisation and management structure and
d) The internal financial reporting systems.
The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been
identified by the Board of Directors.
136
Note : 35 (Contd.) (" in 000)
Primary Segment Beverage Real Estate Construction Total

Segment Revenue 798,803 54,580 27,121 880,504
683,279 77,538 43,465 804,282
Segment Results 76,551 (16,370) (12,329) 47,852
(PBIT) 54,457 9,194 453 64,104
Less :
Finance Costs 38,398
33,159
Provision for Taxation:
Current Tax 7,038
7,747
Deferred Tax (3,107)
(372)
For Earlier Years 1,394
(168)
Profit after Tax 4,129
23,738
Segment Assets 272,326 578,870 11,726 862,922
246,087 528,278 16,189 790,554
Segment Liabilities 301,621 549,575 11,726 862,922
232,253 542,112 16,189 790,554
Total Cost incurred during the period to 24,591 7,629 10 32,230
acquire Segment Assets 25,113 6,705 30 31,848
Total amount of expenses included for 13,501 2,129 12 15,642
depreciation and amortisation 13,140 2,502 - 15,642
Total amount of Significant non cash expenses other 5,678 7,341 190 13,209
than depreciation and amortisation 9,106 9,631 64 18,801
Previous year’s figures have been given in the bold.
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
137
ii) (a) Transactions with the related parties : (" in 000)

Name and relationship of Related Party Nature of Amount (") Balance as on
Sri N. K. Poddar, Chairman Remuneration 5,292 1,046 Cr.
(4,373) (617) Cr.
Dividend paid 509 -
(508) (-)
Sri Akshat Poddar, Managing Director Remuneration 4,658 774 Cr.
(3,799) (520) Cr.
Dividend paid 121 -
(121) (-)
Sri B. D. Mundhra, Executive Director Remuneration 2,033 383 Cr.
(1,618) (300) Cr.
Dividend paid 1 -
(1) (-)
Dr. Gora Ghose, Independent Director Sitting Fees 29 3 Cr.
(25) (-)
Sri A. K. Poddar, Independent Director (upto 27.09.2018) Sitting Fees - -
(11) (-)
Smt. Sarita Tulsyan, Director Sitting Fees 13 4 Cr.
(13) (-)
Dividend paid 20 -
(20) (-)
Sri V. V. Agarwalla, Independent Director Sitting Fees 27 5 Cr.
(18) (-)
Sri A. K. Singhania, Chief Financial Officer Remuneration 3,230 551 Cr.
(2,666) (453) Cr.
Sri Jiyut Prasad, Company Secretary Remuneration 914 149 Cr.
(791) (125) Cr.
Smt. Ruchira Poddar (Directors’ Relative) Remuneration 3,047 489 Cr.
(3,108) (507) Cr.
Dividend paid 162 -
(162) (-)
Smt. Avni Kandoi (Directors’ Relative) Remuneration 2,989 237 Cr.
(2,260) (90) Cr.
Dividend paid 77 -
(77) (-)
Smt. Sakshi Poddar (Directors’ Relative) Remuneration 1,460 193 Cr.
(1,501) (200) Cr.
M/s Pure & Sure - Purchase of 3,773 832 Dr.
Sri N. K. Poddar and Sri Akshat Poddar are partners Raw Materials/ (1,612) (852) Dr.
Finished Goods
Sale of Raw 5,513
Materials/ (4,214)
Finished Goods
138
ii)(a) Transactions with the related parties (Contd.) (" in 000)

M/s. Vrishti Beveragess Pvt. Ltd. Loan taken/ 10,000 7,227 Cr.
-Sri N. K. Poodar’s and Sri Akshat Poddar’s Relatives are (Repayment) (-) (-)
Directors and shareholders
Interest on 1,148
Loan paid (-)
M/s Hiflyers – Relative of Smt. Sarita Tulsyan is Partner Purchase of 1,734 168 Cr.
tickets, insurance (2,639) (79) Cr.
etc. for travelling
Sri Mudit Poddar - Director of M/s Sharad Quench Pvt. Ltd. Loan taken 13,000 17,821 Cr.
(9,000) (9,341) Cr.
Interest paid 1,528
(379)
Remuneration 1,097 91 Cr.
(-) (-)
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.
ii)(b) Details of remuneration paid/payable to Key Managerial Personnel (KMP) - Year ended 31st March, 2020
- Salary 4,745 3,642 1,849 2,935 820 13,991
- Perquisites 72 651 - - 10 733
5,292 4,658 2,033 3,230 914 16,127
Year ended 31st March, 2019

- Salary 3,616 2,920 1,500 2,493 725 11,254
- Perquisites 337 543 16 896
4,373 3,799 1,618 2,666 791 13,247
139
Note : 37
The Subsidiary Companies do not have any liability on account of Gratuity and Leave. Disclosure in respect of Gratuity
and Leave Liability of the Parent Company are as under:
The Group operates a Gratuity Plan (Funded) which is administered through Life Insurance Corporation of India. Every
employee is entitled to a minimum benefit equivalent to 15 days salary last drawn for each completed year of service in
line with payment of Gratuity Act, 1972. (" in 000)
(A) Defined Contribution Plans:

(i) Contribution to Recognised Provident Fund (including Pension Fund) 11,774 7,097
(B) Defined Benefits Plans:
(i) Gratuity –Funded:
- Expected Rate of Return on Assets 6.66% 7.66%
- Interest Cost 1,240 1,097
140
Note : 37 (Contd.)
(" in 000)
- Plan Amendments: Vested portion at end of period (Past Service) - -
- Actuarial (Gain)/ Loss on Obligations due to change in Financial Assumption 2,265 69
- Actuarial (Gain)/ Loss on Obligations due to unexpected experience 618 1,458
- Fair value of Plan Assets at the beginning of the year 13,658 9,696
- Expected return on Plan Assets 909 743
- Contributions 2,763 3,233
- Actuarial Gain/( Loss) on Plan Assets 355 215
- Fair Value of Plan Assets at the end of the year 17,233 13,658
- Fair value of Plan Assets at the end of the year 17,233 13,658
- Funded Status (7,965) (5,182)
- Past Service Cost (Vested) - -
Expenses recognised in the Other Comprehensive Income
- Actuarial (Gain)/ Loss on obligations due to Change in Financial Assumption 2,265 69
- Actuarial (Gain)/ Loss on obligations due to Unexpected Experience 618 1,458
- Net Actuarial (Gain)/ Loss recognised during the year 2,883 1,527
- Return on Plan Assets (Excluding Interest Income) 355 215
141
Note : 37 (Contd.) (" in 000)

Discount Rate (-/+ 0.5%) 24,015 26,494 18,003 19,755

Salary Growth (-/+ 0.5%) 26,284 24,166 19,667 18,074
Attrition Rate (-/+ 0.5%) 25,232 25,164 18,867 18,813
Mortality Rate (-/+ 10%) 25,341 25,055 18,947 18,733
(ii) Leave Encashment - Unfunded:

(A) Kolkata, Sankrail and Ranchi Division :
- Actuarial gain/loss on obligations due to Change in Financial Assumption 314 52
- Actuarial gain/loss on obligations due to Unexpected Experience 157 1,520
142
Note : 37 (Contd.) (" in 000)
- Funded Status (4,831) (4,848)
- Total expenses recognised in the Statement of Profit and Loss 927 2,001

Kolkata, Sankrail and Ranchi Division
Discount Rate (-/+ 0.5%) 5455 5916 4677 5038
Salary Growth (-/+ 0.5%) 5914 5456 5039 4675
Attrition Rate (-/+ 0.5%) 5674 5675 4849 4848
Mortality Rate (-/+ 10%) 5673 5676 4850 4847
%Change Compared to base due to sensitivity -0.02% -0.02% 0.03% -0.03%
(B) Salap and Dankuni Division :
- Benefits paid (2,668) (2,124)
143
Note : 37 (Contd.) (" in 000)

- Actuarial gain/loss on obligations due to Change in Financial Assumption 592 5
- Actuarial gain/loss on obligations due to Unexpected Experience 23 3,890
- Funded Status (3,977) (5,600)

Salap and Dankuni Division

Discount Rate (-/+ 50 basis points) 4450 5232 5176 6069
Salary Growth (Inflation rate -/+ 0.5) 5227 4451 6067 5174
Attrition Rate (-/+ 10 %) 4820 4822 5600 5599
Mortality Rate (-/+ 10%) 4819 5699 5600 5599
Note : During the year the Holding Company has changed its policy in respect of leave encashment. Now surplus leave will
be encashed only at the time of termination of employment. As a result of this change expenses has decreased by " 990
thousand
144
Note : 38
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 Group 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 Group 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
as at 31st March, 2020 is as follow : (" in 000)

Hierarchy P&L value
Assets:
Investment in Equity Instruments # 3 22,312 22,312 22,312
Investment in Mutual Fund 1 4,770 4,770 4,770
Trade Receivables (Current) 3 59,023 59,023 59,023
Loans (Current) 3 334,566 334,566 334,566
Other Financial Assets (Non Current) 3 27,721 27,721 27,721
Cash and Cash Equivalents 3 19,323 19,323 19,323
Bank Balances other than Cash and Cash Equivalents 3 857 857 857
Total 27,082 441,490 468,572 468,572
Liabilities:
Borrowings (Non-Current) 3 129,861 129,861 129,861
Borrowings (Current) 3 184,321 184,321 184,321
Trade and Other Payables (Current) 3 102,433 102,433 102,433
Other Financial Liabilities (Non-Current) 3 55,013 55,013 55,013
Other Financial Liabilities (Current) 3 79,832 79,832 79,832
Total - 551,460 551,460 551,460
145

as at 31st March, 2019 is as follows: (" in 000)

Hierarchy P&L value
Assets:
Investment in Equity Instruments # 3 25,512 25,512 25,512
Investment in Mutual Fund 1 2,305 2,305 2,305
Trade Receivables (Current) 3 68,509 68,509 68,509
Loans (Current) 3 290,486 290,486 290,486
Other Financial Assets (Non - Current) 3 23,310 23,310 23,310
Cash and Cash Equivalents 3 31,407 31,407 31,407
Bank Balances other than Cash and Cash Equivalents 3 1,230 1,230 1,230
Total 27,817 414,942 442,759 442,759
Liabilities:
Borrowings (Non Current) 3 131,379 131,379 131,379
Borrowings (Current) 3 151,344 151,344 151,344
Trade and Other Payables (Current) 3 78,404 78,404 78,404
Other Financial Liabilities (Non - Current) 3 54,713 54,713 54,713
Other Financial Liabilities (Current) 3 61,988 61,988 61,988
Total - 477,828 477,828 477,828
# Other than investment in subsidiaries accounted at cost in accordance with Ind-AS 27.
Valuation techniques and key inputs:
Level 1: The value of Mutual Funds and Quoted Equity Shares is based on quoted price.
Level 2: At present the Group has no such Financial Assets or Financial Liabilities which are required to be measured by this
level of hierarchy.
Level 3: 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 Group's financial risk management is an integral part of how to plan and execute its business strategies. The Group'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, loans and borrowings. The Group 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.
146
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 Group’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 Group is not exposed to significant interest rate risk as at the respective reporting dates.
Foreign Currency Risk
The Group operates only in India and does not import or export of any goods or capital items to/from outside India.
Consequently The Group 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 Group 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 Group 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 Group 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 Group. The Group 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 Group 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 Group will not be able to settle or meet its obligations on time or at a reasonable
price. The Group'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 Group's net
liquidity position through rolling forecasts on the basis of expected cash flows.
147
Maturity profile of Financial Liabilities
The table below provides details regarding the remaining contractual maturities of significant financial liabilities at the
(" in 000)
reporting date based on contractual undiscounted payments.
As at 31st March, 2020 Less than 1 year 1 to 2 years 3 to 5 years Total
Borrowings 184,321 61,168 68,693 314,182

Trade Payables 102,433 - - 102,433
As at 31st March, 2019
Borrowings 151,344 56,040 75,339 282,723
Capital Management
For the purposes of the Group’s Capital Management, capital includes issued capital and all other equity reserves. The
primary objective of the Group’s Capital Management is to maximise shareholder value. The Group 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.
The Group's adjusted net debt to equity position was as follows:
Non Current and Current Borrowings 314,182 282,723
Current Maturities of Borrowings 41,969 39,490
Total (A) 356,151 322,213
Cash and Cash Equivalents 19,323 31,407
Loans to Bodies Corporate and Others 333,218 289,090
Total (B) 352,541 320,497
Adjusted Net Borrowings (A-B) 3,610 1,716
Total Equity 219,403 219,251
Debt to Equity 1.65% 0.78%
Note 39 :
Estimated amount of contracts remaining to be executed on capital account is " 123,247 thousand (Previous year
" 1,20,912 thousand) against which " 91,828 thousand (Previous year " 92,086 thousand) has been paid as advance.
Note 40:
Annual Value of one of the erstwhile leasehold property of the Parent Company situated at 50, Chowringhee Road, Kolkata
was revised by the Kolkata Municipal Corporation on 15.06.2010 with retrospective effect from 1st July, 2006. The Parent
Company had disputed the said valuation by filing a Writ Petition before the Hon'ble High Court at Calcutta praying for a fresh
148
valuation which has since been dismissed. Subsequently the Parent Company has made an application to the Kolkata
Municipal Corporation for reconsideration of the Annual Value and the Parent Company is hopeful to get good relief on
disposal of its request. Pending decision on the said request, the Parent Company is not paying municipal tax but liability on
this account including interest and penalty of " 39,555 thousand (Previous year " 36,848 thousand ) up to 31.03.2020 has
been duly provided in the books of account.
Note 41:
As per Scheme of Amalgamation M/s Jaypee Estates Pvt. Ltd. and M/s Avni Estates Pvt. Ltd. have merged with the Parent
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 Parent 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:
M/s Sharad Quench Pvt. Ltd. (SQPL), a wholly owned subsidiary of the Parent Company, has completed construction of a
packaged drinking water project under "fixed price contract" and commenced commercial production of packaged drinking
water with effect from 22nd February, 2020 at Sankrail, Howrah, West Bengal. Since consideration for the contract was fixed
but cost of materials have increased substantially, SQPL has suffered huge losses for the year ended 31st March, 2020.
M/s Satyanarayan Rice Mill Pvt. Ltd. (SRMPL), another wholly owned subsidiary of the Parent Company, is engaged in the
business of manufacture of packaged drinking water and has its plant at Pandua, Hooghly, West Bengal. Financial
Statements of SQPL and SRMPL for the financial year 2019-20 has been duly consolidated with that of the Parent Company,
as required by the provisions of the Section 129 of the Companies Act, 2013.
Note 43:
Some of the tenants have deposited rent in the Rent Control Account and the Parent Company is withdrawing the amount
there from time to time.
Note 44:
Land of the Parent 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 Parent Company gets any further compensation the
same shall be adjusted in the year of receipt.
Note 45:
The principal lease of the property situated at 225/C, A. J. C. Bose Road, Kolkata held by the Parent Company for a period of
58 years and which has been sublet to various occupiers has expired on 11th May, 2019. The efforts are being made to
renew the same from owner of the property. The liability on account of Municipal Tax and Surcharge, amounting to " 488
thousand, for portion of the property occupied by the Parent Company for the year ended 31st March, 2020 has been duly
provided for by the Parent Company in its books.
Note 46 :
Amount due and outstanding to be credited to the Investor Education and Protection Fund " Nil (Previous Year " Nil).
Note 47:
A sum of " 41 thousand received by the Parent Company from M/s Industrial Area Development Authority towards subsidy on
purchase of Generator has been transferred during the year from Capital Subsidy Reserve to General Reserve Account on
completion requisites number of years in use of Generator.
149
Note 48:
The spread of COVID-19 and consequent nationwide lockdown has severely impacted business operations of the Group.
The production in the factories have been affected. The Group has made detailed assessment of its liquidity position for a
period of at least one year from the balance sheet date, of the recoverability and carrying values of its assets and ability to pay
its liabilities as they become due and effectiveness of internal financial controls at the balance sheet date, and has
concluded that there are no material impact or adjustments required in the financial statements. The Group continues to
closely monitor the rapidly changing situation.
Note 49:
The Parent Company has made provision for Income Tax as per option available under newly inserted Section 115BAA of the
Income Tax Act, 1961 and subsidiaries have made provision for Income Tax as per old Taxation regime.
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 indentified on the basis of information available with the
Group.The disclosures relating to micro and small enterprises is as below: (" in 000)
Sr. Particulars As at As at
i Principal amount remaining unpaid to supplier at the end of the year 27,947 21,300
ii Interest due thereon remaining unpaid to supplier at the end of the year 141 296
iii The amount of interest paid along with the amount of the payment
made to the supplier beyond the appointed day 110 -
iv Amount of interest due and payable for the period of delay in making
payment (which have been paid but beyond the appointed day during
the year) but without adding the interest specified under this Act. 1,703 -
v Amount of interest accrued during the year and remaining unpaid at
the end of the year 1,686 296
vi The amount of further interest due and payable even in the succeeding
year, until such date the interest dues as above are actually paid - -
Note 51:
The Board of Directors of the Parent Company has recommended, subject to approval of the shareholders in the ensuing
Annual General Meeting of the Company, a dividend @ 5 % i.e. " 0.50 per equity share of " 10/- each for the financial year
ended 31st March, 2020 amounting to " 1,081 thousand.
150
Note 52:
Additional Information pursuant to Part-III of the Schedule III to the Companies Act, 2013
(i) As at 31st March, 2020 (" in 000)
Name of the entity Net Assets i.e. total Share in Profit or loss Share in other Share in
in the Group assets minus total Comprehensive total Comprehensive
liabilities Income Income
As a % of Amount As a % of Amount As a % of Amount As a % of Amount
consolidated consolidated consolidated total
net assets profit or loss other comprehensive
comprehensive income
income
Parent Holding
Orient Beverages
Ltd. 103.48 227,039 342.335 14,135 100.000 -1892 547.296 12,243
Subsidiary (Indian)
Sharad Quench
Pvt. Ltd. -4.859 -10661 -259.264 -10705 - - -478.543 -10705
Satyanarayan Rice
Mill Pvt. Ltd. 1.379 3,025 16.929 699 - - 31.247 699
Total 100.000 219,403 100.000 4,129 100.000 -1,892 100.000 2,237
(ii) As at 31st March, 2019
Name of the entity Net Assets i.e. total Share in Profit or loss Share in other Share in
in the Group assets minus total Comprehensive total Comprehensive
liabilities Income Income
As a % of Amount As a % of Amount As a % of Amount As a % of Amount
consolidated consolidated consolidated total
net assets profit or loss other comprehensive
comprehensive income
income
Parent Holding
Orient Beverages
Ltd. 98.919 216,881 90.012 21,367 100.000 -947 89.597 20,420
Subsidiary (Indian)
Sharad Quench
Pvt. Ltd. 0.020 44 0.189 45 - - 0.197 45
Satyanarayan Rice
Mill Pvt. Ltd. 1.061 2,326 9.799 2,326 - - 10.206 2,326
Total 100.000 219,251 100.000 23,738 100.000 -947 100.000 22,791
Note 53:
Previous year's figures have been re-arranged/ re-grouped, wherever found necessary.
Firm Regn. No. - 328904E
Sarita Tulsyan - Director
D. K. Mitra
Proprietor V. V. Agarwalla - Director
Membership No. 017334 A. K. Singhania - Chief Financial Officer
Place : Kolkata Jiyut Prasad - Company Secretary
151
FORM NO. AOC. 1

Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures
[Pursuant to first proviso to sub-section (3) of Section 129 read with Rule 5 of Companies (Accounts) Rules, 2014]
Part A : Subsidiaries (" in 000)
Sr. No. Particulars Details
1. Name of the Subsidiary Sharad Quench Private Limited Satyanarayan

Rice Mill Pvt. Ltd.
(SRMPL)
2. Date of acquisition of control 29.03.2017 03.04.2018
3. Latest audited Balance Sheet date As at 31st As at 31st As at 31st As at 31st
March, 2020 March, 2019 March, 2020 March, 2019
4. Reporting currency and exchange rate Currency : Not Currency : Not Currency : Not Currency : Not
as on the last date of the relevant financial Applicable Applicable Applicable Applicable
year in the case of foreign subsidiaries
Rate : Not Rate : Not Rate : Not Rate : Not
Applicable Applicable Applicable Applicable
5 Share Capital 1,000 1,000 6,911 6,911
6 Reserves & Surplus -10661 44 2,307 1,607
7 Total Assets 26,698 33,034 44,475 20,907
8 Total Liabilities 36,359 31,990 35,257 12,389
9 Investments Nil Nil Nil Nil
10 Turnover 28,648 44,024 62,725 53,284
11 Profit before taxation -14469 73 1,765 2,891
12 Provision for taxation -3757 28 902 733
13 Profit after taxation -10705 45 699 2,326
14 Proposed Dividend Nil Nil Nil Nil
15 % of shareholding 100% 100% 100% 100%
Note :
i. Names of subsidiaries which are yet to commence operations: None
ii. Names of subsidiaries which have been liquidated or sold during the year: None
iii. Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associates Company or Joint Venture in
Part: B has not been made here since Company does not have any Associates Company or Joint Venture during the
financial year.

Place : Kolkata
152

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ORIENT BEVERAGES LIMITED Bisleri

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turlara.7ol] 001 . securilycode 025050

ORIENT BEVERAGES LIMITED

Board of Directors Sri Narendra Kumar Poddar - Chairman (DIN : 00304291)

Chief Financial Officer Sri Arun Kumar Singhania

Company Secretary Sri Jiyut Prasad

Audit Committee Sri Vivek Vardhan Agarwalla - Chairman

Nomination and Dr. Gora Ghose - Chairman

Stakeholders Smt. Sarita Tulsyan - Chairperson

Share Transfer Sri Narendra Kumar Poddar - Chairman

Auditors D. Mitra & Co.

Registered Office “Aelpe Court”, 3rd Floor,

Works • NH-6, Mumbai Highway,

Bankers Punjab National Bank

Registrars and Share Niche Technologies Pvt. Ltd.

SECRETARIAL SECTION FINANCIAL SECTION

2. To declare a dividend on equity shares of the Company.

By Order of the Board

Financial Year ended Date of declaration Tentative Date for

31st March, 2014 22.09.2014 27.10.2021

31st March, 2015 22.09.2015 27.10.2022

31st March, 2016 28.09.2016 31.10.2023

31st March, 2017 18.09.2017 21.10.2024

31st March, 2018 24.09.2018 25.10.2025

31st March, 2019 23.09.2019 25.10.2026

(iii) Click on "Shareholders" tab.

(iv) Now Enter your User ID

a. For CDSL: 16 digits beneficiary ID,

For Member(s) holding shares in Demat Form and Physical Form

• Please enter the DOB or Bank Account Number in order to Login.

(viii) After entering these details appropriately, click on "SUBMIT" tab.

Companies in which he holds directorship Jenny Christensen (S.A.) Pvt. Ltd.

Companies in which he holds Committee Nil

Companies in which he holds directorship - Satyanarayan Rice Mill Pvt. Ltd.

Companies in which he holds Committee Nil

Item No. 3 & 6:

Qualifications B.Com (Hons.)

Experience 33 years of experience in finance and administration

Relationships with other Directors and Key Managerial None

Companies in which he holds directorship - Akshat Developers Pvt. Ltd.

Companies in which he holds Committee Nil

I. SALARY: "90,000/- (Rupees Ninety thousand only) per month.

a) House Rent Allowance: "15,000/- (Rupees Fifteen thousand only).

b) Transport Allowance: "10,000/- (Rupees Ten thousand only).

c) Medical Allowance: "10,000/- (Rupees Ten thousand only).

d) Refreshment Allowance: "5,000/- (Rupees Five thousand only).

e) Entitlement of leave and encashment of same as per Rules of the Company.

f) Bonus as per Rules of the Company.

c) Telephone: Provision of Telephone at Residence for Company's business.

III) Reimbursement of Expenses:

By Order of the Board

Place: Kolkata Jiyut Prasad

FINANCIAL RESULTS : (" in 000)

Particulars Standalone Consolidated