1.08 Provisions, Contingent Liabilities and Contingent Assets Provisions

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past
events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be
reliably estimated. A provision is made in respect of onerous contracts, i.e., contracts in which the unavoidable costs
of meeting the obligations under the contract exceed the economic benefits expected to be received under such
contracts. Provisions are not recognised for other future operating losses. The carrying amounts of provisions are
reviewed at each balance sheet date and adjusted to reflect the current best estimate. Where there are a number
of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the
class of obligations as a whole. Provisions are measured at the present value of management''s best estimate of the
expenditure required to settle the present obligation at the end of the reporting period. 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. A disclosure for contingent liabilities is made where there is a possible obligation or a present obligation
that may probably not require an outflow of resources or an obligation for which the future outcome cannot be
ascertained with reasonable certainty. When there is a possible or a present obligation where the likelihood of
outflow of resources is remote, no provision or disclosure is made.

Contingent liability and contingent assets

Contingent liabilities are not recognized but are disclosed where possibility of any outflow in settlement is remote.
Contingent assets are not recognised but disclosed where an inflow of economic benefits is probable.

1.09 Employee benefits
Short-term obligations

Liabilities for salaries and wages, including nonmonetary benefits, that are expected to be settled wholly within 12
months after the end of the period in which the employees render the related service are recognized up to the end
of the reporting period and are measured at the amounts expected to be paid on settlement of such liabilities. The
liabilities are presented as current employee benefit obligations in the Balance Sheet.

Other long-term employee benefit obligations

The liabilities for earned and sick leave are not expected to be settled wholly within 12 months after the end of the
period in which the employees render the related service. They are therefore measured at the present value of
expected future payments to be made in respect of services provided by employees up to the end of the reporting
period using the projected unit credit method. The benefits are discounted using the market yields at the end of
the reporting period that have terms approximating to the terms of the related obligation. Re-measurements as a
result of experience adjustments and changes in actuarial assumptions are recognized in the Statement of Profit
and Loss.

1.10 Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.

Initial recognition and measurement

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities, other than those designated as fair
value through profit or loss (FVTPL), are added to or deducted from the fair value of the financial assets or financial
liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial
assets or financial liabilities recognised at FVTPL are recognized immediately in Statement of Profit and Loss.

A. Financial Assets

Financial assets are recognised when the company becomes a party to the contractual provisions of the instrument.
Subsequent measurement

Financial assets are subsequently classified as measured at:

- amortised cost - fair value through other comprehensive income (FVTOCI) - fair value through profit or loss (FVTPL)
Trade Receivables and Loans

Trade receivables that do not contain a significant financing component are measured at transaction price in
accordance with Ind AS 115 and Loans 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 (ECL). The EIR is the
rate that discounts estimated future cash income through the expected life of financial instrument.

Financial assets measured at amortised cost

A financial asset is measured at amortised cost if both the following conditions are met:

a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash
flows, and

b) Contractual terms of the instruments give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the Effective
Interest Rate (EIR) method. EIR is the rate that exactly discounts estimated future cash receipts (including all fees
and points paid or received that form an integral part of the EIR, transaction costs and other premiums or discounts)
through the expected life of the debt instrument or where appropriate, a shorter period, to the net carrying amount
on initial recognition.

The EIR amortisation is included in other income in the statement of profit and loss. The losses arising from
impairment are recognised in the statement of profit and loss. This category generally applies to trade and other
receivables, loans, etc.

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 recognized 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 investments

All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for
trading and contingent consideration recognised by an acquirer in a business combination to which Ind AS 103
applies are classified as FVTPL. For all other equity instruments, the company may make an irrevocable election
to present in other comprehensive income subsequent changes in the fair value. The entity makes such election
on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable. Equity
instruments included within the FVTPL category are measured at fair value with all changes recognized in the
Statement of Profit and Loss.

Investment in Subsidiary

Investments in subsidiaries and joint venture are carried at cost less accumulated impairment losses, if any. Where
an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately
to its recoverable amount. On disposal of investments in subsidiaries and joint venture, the difference between net
disposal proceeds and the carrying amounts are recognised in the statement of profit and loss.

Derecognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset
expire or the same are transferred.

Impairment of financial assets

Expected credit losses (ECL) are recognized for all financial assets subsequent to initial recognition other than
financials assets in FVTPL category, as per policy approved by the Board of Directors.

For financial assets, as per Ind AS 109, the Company recognises 12 months 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.

Expected credit losses are measured as lifetime expected credit losses for trade receivable and for other financial
asset if the credit risk on financial asset increases significantly since its initial recognition.

The impairment losses and reversals are recognised in Statement of Profit and Loss.

3. Financial liabilities

Financial liabilities are recognised when the company becomes a party to the contractual provisions of the
instrument.

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.

Trade and other payables

In case of trade and other payables, they are initially recognised at fair value and subsequently, these liabilities are
held at amortised cost, using the effective interest rate method.

Trade and other payables represent liabilities for goods and services provided to the Company prior to the end of
financial year which are unpaid. The amounts are unsecured and are usually paid as per credit period. Trade and
other payables are presented as current liabilities unless payment is not due within 12 months after the reporting
period.

Derecognition

A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires.
Reclassification of financial assets

No reclassification is made for financial assets which are equity instruments and financial liabilities. For financial
assets which are debt instruments, a reclassification is made only if there is a change in the business model for
managing those assets. Changes to the business model are expected to be infrequent. The company''s senior
management determines change in the business model as a result of external or internal changes which are
significant to the entity''s operations. Such changes are evident to external parties. A change in the business model
occurs when the company either begins or ceases to perform an activity that is significant to its operations. If the
company reclassifies financial assets, it applies the reclassification prospectively from the reclassification date
which is the first day of the immediately next reporting period following the change in business model. The entity
does not restate any previously recognised gains, losses(including impairment gains or losses).

C. Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the standalone Balance Sheet
if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle
on a net basis, to realise the assets and settle the liabilities simultaneously, includes balances written off against
provisions.

1.11 Cash and cash equivalents

Cash and cash equivalent in the Balance Sheet comprise balance at banks and cash on hand and short-term deposits
with an original maturity of three months or less, highly liquid investments that are readily convertible which are
subject to an insignificant risk of changes in value.

1.12 Significant accounting judgements, estimates and assumptions

The preparation of the standalone financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets, liabilities, contingent liabilities, and the
accompanying disclosures. Uncertainty about these assumptions and estimates.

Judgements

In the process of applying the accounting policies, management has made the following judgements, which have
most significant effect on the amounts recognised in the separate financial statements:

a) Arrangement containing lease

Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with
any option to extend or terminate the lease, if the use of such option is reasonably certain. The Company
makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is
reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease
term, the Company considers factors such as any significant leasehold improvements undertaken over the
lease term, costs relating to the termination of the lease and the importance of the underlying asset to Asgard''s
operations taking into account the location of the underlying asset and the availability of suitable alternatives.
The lease term in future periods is reassessed to ensure that the lease term reflects the current economic
circumstances. After considering current and future economic conditions, the Company has concluded that no
changes are required to lease period relating to the existing lease contracts.

b) Revenue from contracts with customers

The entity assesses its revenue arrangements against specific criteria, i.e. whether it has exposure to the
significant risks and rewards associated with the sale of goods or the rendering of services, in order to
determine if it is acting as a principal or as an agent. The entity has generally concluded that it is acting as a
principal in all its revenue arrangements.

When deciding the most appropriate basis for presenting revenue or costs of revenue, both the legal form and
substance of the agreement between the entity and its business partners are reviewed to determine each
party''s respective role in the transaction.

Where the entity''s role in a transaction is that of a principal, revenue is recognised on a gross basis. This requires
revenue to comprise the gross value of the transaction billed to the customer, net off sales tax/VAT/GST, trade
discounts and rebates but inclusive of excise duty with any related expenditure charged as an operating cost.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation and uncertainty at the reporting
date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year, are described below. The entity based its assumptions and estimates on parameters
available when the financial statements were prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances arising that are beyond the control
of the entity. Management has made the estimates and assumptions considering the short to medium term impact,
to the best of understanding. Such changes are reflected in the assumptions when they occur.

Estimation of current tax and deferred tax

"The entity is subject to income tax laws as applicable in India. Significant judgement is required in determining
the provision for taxes as the tax treatment is often by its nature complex, and cannot be finally determined until
a formal resolution has been reached with the relevant tax authority which may take several years to conclude.
Amounts provided are accrued based on management''s interpretation of country specific tax laws and the likelihood
of settlement. The entity recognises liabilities for anticipated tax issues based on estimates of whether additional
taxes will be due. Actual liabilities could differ from the amount provided which could have a consequent adverse
impact on the results and net position of the entity.”

Contingencies

Contingent liabilities may arise from the ordinary course of business in relation to claims against the Company. By
their nature, contingencies will be resolved only when one or more uncertain future events occur or fail to occur. The
assessment of the existence, and potential quantum, of contingencies inherently involves the exercise of significant
judgments by management and the use of estimates regarding the outcome of future events.

1.13 All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakh as per the
requirement of Schedule III (Division II) to the Act, unless otherwise stated. The sign ''0’ in these financial statements
indicates that the amounts involved are below '' fifty thousand and the sign ''-’ indicates that amounts are nil.

1.14 Recent accounting pronouncement
Standard notified but not yet effective

The Ministry of Corporate Affairs ("MCA”)has not notified any new standard or amendment to the existing standard
under companies (Indian accounting standard ) Rules 2023.

1.15 Audit Trail

The Company has used accounting software systems for maintaining its books of account for the financial year
ended March 31, 2026 which has a feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded in the respective software systems.

Further, there are no instances of the audit trail feature being tampered with. Additionally, where audit trail (edit log)
facility was enabled and operated in the previous year, the audit trail has been preserved by the Company as per the
statutory requirements for record retention.

Foot Note:

(a) Pursuant to in-principle approval received from BSE, the company has completed preferential allotments & shares
swap as follows in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations,
2018 and the provisions of the Companies Act, 2013 and rules made thereunder.

i) On February 17, 2026, allotment of 3,90,10,000 (Three Crores Ninety Lakhs Ten Thousand) Equity Shares of Re. 1/-
(Rupee One Only) each at an issue price of Rs. 1.45/- (Rupees One and Paisa Forty-Five Only) each on preferential
basis (''Preferential Issue'') for consideration in cash to persons forming part of the Non-Promoter Public Category,

ii) On February 17, 2026, Pursuant to the SPSSA and preferential allotment swap of shares, the company has received

the consideration and the Board of Directors has made the allotment of 15,10,64,917 (Fifteen Crores Ten Lakhs Sixty-
Four Thousand Nine Hundred Seventeen) Equity Shares of Re. 1/- (Rupee One Only) each at an issue price of Rs.
1.45/- (Rupees One and Paisa Forty-Five Only) each on preferential basis (''Preferential Issue'') for consideration other
than cash (i.e., swap of shares) to the shareholders of Selling Company persons forming part of the Non- Promoter
Public category.

iii) On February 17, 2026, allotment of 2,20,00,000 (Two Crores Twenty Lakh) Convertible Warrants of Re. 1/- (Rupee
One Only) each at an issue price of Rs. 1.45/- (Rupees One and Paisa Forty-Five Only) each on preferential basis
(''Preferential Issue'') for consideration in cash to persons forming part of the Non-Promoter Public Category. 25% of
the fund has been received on this account.

iv) On February 18, 2026, allotment of 16,70,000 (Sixteen Lakhs Seventy Thousand) Equity Shares of Re. 1/- (Rupee
One Only) each at an issue price of Rs. 1.45/- (Rupees One and Paisa Forty-Five Only) each on preferential basis
(''Preferential Issue'') for consideration in cash to persons forming part of the Non-Promoter Public Category.

The issue resulted in an increase in the Company''s equity share capital by Rs. 19,17,44,917 and securities premium
by Rs. 8,40,05,212. Expenses directly attributable to the issue have been adjusted against the Securities Premium
Account in accordance with Section 52 of the Companies Act, 2013.

d) Rights of Equity Shareholders

The Company has only one class of equity shares having a face value of Rs. 1/- Per share. Each holder of equity
shares is entitled to one vote per share and dividend in Indian rupees, if proposed by the Board of Directors, which
is subject to the approval of the shareholders in the ensuing Annual General Meeting. The Board of Directors have
not declared dividend for the year ending 31st March, 2026.

Description Of Nature And Purpose Of each Reserve

Securities Premium: Securities Premium is used to record the Premium on issue of shares, This balance is restricted and
will be utilized strictly in accordance with Section 52 of the Companies Act, 2013, as specified below:-

The reserve can be utilised only for limited purposes such as issuance of bonus shares / allotment of ESOP / SAR in
accordance with the provisions of the Companies Act, 2013.

Retained Earnings: Retained Earnings are created from the profit / loss of the Company, as adjusted for distributions to
owners, transfers to other reserves, etc.

Capital Reserve: Capital Reserve represents capital surpluses realized by the Company that are non-distributable as
dividends. It primarily comprises profits generated from capital-nature transactions, such as the forfeiture of shares or
gains on the buyback of securities. The utilisation of this reserve is restricted and governed by the relevant provisions of
the Companies Act, 2013, and applicable Indian Accounting Standards (Ind AS).

General Reserve: General reserve is created from time to time by way of transfer of profits from retained earnings for
appropriation purposes. It is created by a transfer from one component of equity to another and is not an item of other
comprehensive income.

Use of the Securities Premium Reserve by the Company

(i) Securities Premium reserve is net of expenses related to MCA Fees & Stamp Duty as per Sec 52 of the Companies
Act,2013.

(ii) The Company raised funds through the issue of equity shares during the year at a premium aggregating to ^862.85
lakhs. The net proceeds from the issue have been deployed for the Company''s general corporate purposes, including
funding requirements of its subsidiary by way of inter-corporate loans/advances.

21. CONTINGENT LIABILITIES AND PENDING LITIGATIONS

The Company does not have any contingent liabilities or pending litigations which would impact its financial
position. A disclosure for contingent liabilities is made where there is a possible obligation or a present obligation
that may probably not require an outflow of resources or an obligation for which the future outcome cannot be
ascertained with reasonable certainty.Contingent liabilities are not recognized but are disclosed where possibility
of any outflow in settlement is remote.

22. CURRENT ASSETS AND LIABILITIES:

In the opinion of the Board of Directors, the current assets are valued approximately at their realizable value in the
ordinary course of business. Adequate provisions have been made for all known liabilities, which are not considered
excessive.

23. DEFERRED TAX LIABILITY:

The Company does not have any Deferred Tax Liability as of 31st March, 2026.

29.02 Fair Valuation Techniques And Policies

The Company has established procedures for valuing its financial assets and liabilities based on the most relevant
and reliable data available. The Fair Value of financial assets and liabilities is determined as the amount that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. Below are the methods and assumptions used to estimate Fair Values:

(a) Cash and Cash Equivalents, Trade Receivables, and Other Current Financial Assets and Liabilities

The Fair Value of cash and cash equivalents, trade receivables, and other current financial assets and liabilities
approximate their carrying amounts, as these instruments have short-term maturities.

(b) Non-Current Borrowings and Security Deposits

The Fair Value of unsecured non-current borrowings and security deposits is determined based on discounted
cash flow analysis using current lending rates. These financial instruments are classified as Level 2 in the
fair value hierarchy due to the use of observable inputs. The Fair Value of secured non-current borrowings
approximates their carrying amount, reflecting the interest-bearing nature of these instruments.

(c) Investments in Equity Instruments

The Fair Value of investments in equity instruments is derived from quoted market prices in active markets. The
Fair Value of mutual funds is based on the published Net Asset Value (NAV) at the reporting date.

29.03 Fair Value Hierarchy

The following hierarchy is used to determine and disclose the fair value of financial instruments by valuation
technique:

Level 1: Quoted prices / published Net Assets Value (unadjusted) in active markets for identical assets or liabilities.
It includes fair value of financial instruments traded in active markets and are based on quoted market prices at the
Balance Sheet date and financial instruments like mutual funds for which Net Assets Value is published by mutual
fund operators at the Balance Sheet date.

Level 2: Inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices). It includes fair value of the financial instruments
that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation

techniques. These valuation techniques maximise the use of observable market data where it is available and rely
as little as possible on the Company specific estimates. If all significant inputs required to fair value an instrument
are observable then instrument is included in level 2.

Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

30. FINANCIAL RISK MANAGEMENT - OBJECTIVE AND POLICIES

The Company is exposed to market risk and credit risk. Risk management is carried out by the company under policies
approved by the Board of Directors. This Risk management plan defines how risks associated with the Company
will be identified, analysed, and managed. It outlines how risk management activities will be performed, recorded,
and monitored by the Company. The basic objective of risk management plan is to implement an integrated risk
management approach to ensure all significant areas of risks are identified, understood and effectively managed,
to promote a shared vision of risk management and encourage discussion on risks at all levels of the organisation
to provide a clear understanding of risk / benefit trade-offs, to deploy appropriate risk management methodologies
and tools for use in identifying, assessing, managing and reporting on risks, and to determine the appropriate
balance between cost and control of risk and deploy appropriate resources to manage/optimize key risks. Activities
are developed to provide feedback to management and other interested parties (e.g. Audit committee, Board etc.).
The results of these activities ensure that risk management plan is effective in the long term.

30.01 Market Risk and Sensitivity:

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises of three types of risk: foreign currency rate risk, interest rate risk
and other price risks, such as equity price risk and commodity risk. Financial instruments affected by market risk
include loans and borrowings, deposits and investments.

(a) Foreign Currency Exchange Risk and Sensitivity

Foreign exchange risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign currency exchange rates. The Company is not involved in Foreign Currency
Transaction and therefore the Company is not exposed to Foreign Currency Exchange Risk.

(b) Interest Rate Risk and Sensitivity :

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. However, the Company does not have any financial instruments
which is exposed to Interest Rate Risk.

(c) Commodity Price Risk :

The Company''s revenue primarily involves sales of goods and does not involve any service. Therefore, the
Company is exposed to Commodity price risks.

30.02 Credit Risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities, including deposits with banks and other financial instruments.

a) Trade Receivables :

The Company extends credit to customers in normal course of business. The Company considers factors such
as credit track record in the market and past dealings with the Company for extension of credit to customers.
The Company evaluates the concentration of risk with respect to trade receivables as low. Therefore, the
Company does not expect any material risk on account of non performance by any of the counterparties.

b) Financial Instruments and Cash Deposits :

The Company considers factors such as track record, size of the institution, market reputation and service
standards to select the banks with which balances are maintained. The Company does not maintain significant
cash in hand. Excess balance of cash other than those required for its day to day operations is deposited into
the bank.

31. ACQUISITIONS AND DISPOSALS OF INVESTMENTS IN EQUITY INSTRUMENTS OF
SUBSIDIARIES

(A) Disposal of Subsidiary

On 9 February 2026, Banganga Paper Mills Limited, a subsidiary of the Company was disposed of for a
consideration of ^ 1,121.88 lakhs. This resulted in the de-recognition of net assets of ^ 1,297.20 lakhs, yielding a
total gain of ^ 101.88 lakhs.

(B) Acquisition of Subsidiary

The Company entered into a Share Purchase Agreement to acquire 78.90% equity shares of CMJ Breweries
Private Limited, a company engaged in manufacturing alcoholic beverages (Beer) under third-party bottling and
brewing contracts, for a total consideration of ^ 2,190.44 lakhs. The acquisition was completed on 17 February
2026.

33. OTHER STATUTORY INFORMATION

33.01 Cryptocurrency and Virtual Currency Transactions

The Company has not traded or invested in cryptocurrency or virtual currency during the financial year.

33.02 Loans, Advances, and Investments to Intermediaries

The Company has not advanced, loaned, or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries), with the understanding that the Intermediary shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company (Ultimate Beneficiaries), or

(b) Provide any guarantee, security, or the like to or on behalf of the Ultimate Beneficiaries.

33.03 Funds Received from Funding Party

The Company has not received any funds from any person(s) or entity(ies), including entities (Funding Party), with
the understanding (whether recorded in writing or otherwise) that the:

(a) Funding Party shall directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries), or

(b) Provide any guarantee, security, or the like on behalf of the Ultimate Beneficiaries.

33.04 Transactions Not Recorded in Books of Account

The Company does not have any transactions that were not recorded in the books of account or disclosed as
income during the year in the tax assessments under the Income-tax Act, 1961.

33.05 Benami Property Proceedings

No proceedings have been initiated or are pending against the Company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

33.06 Declaration as Wilful Defaulter

The Company has not been declared a wilful defaulter by any bank, financial institution, or other lender.

33.07 Transactions with Struck-off Companies

The Company does not have any transactions with companies that have been struck off under Section 248 of the
Companies Act, 2013 or Section 560 of the Companies Act, 1956.

33.08 Borrowings Secured by Current Assets

The Company does not have any borrowings from banks or financial institutions that are secured by current assets.

33.09 Internal Financial Control

During the year, the Company has identified no weaknesses in its internal financial controls over financial reporting
in compliance with the requirements of Section 143(3)(i) of the Companies Act, 2013.

34. CHANGE OF OBJECT CLAUSE:

At the Extra Ordinary General Meeting (EGM) on January 14, 2026 Object Clause was changed to include the activities
of manufacturing, brewing, distilling, bottling, blending, packaging, marketing, trading, importing, and exporting
alcoholic and non-alcoholic beverages. The Company has identified and operates only in one Business Segment
"Beverages”, hence does not have any reportable Segments as per Ind AS 108 "Operating Segments”.

35. PREDECESSOR AUDITOR OPINION

The standalone financial statements of the Company for the previous year ended March 31, 2025, included in
these financial statements, were audited by predecessor Auditor, who expressed an unmodified opinion on those
statements vide their audit report dated May 15, 2025.

r) Provision and contingent liabilities

A provision is recognised if as a result of a past event, the Company has a present
obligation (legal or constructive) that can be estimated reliably and it is probable that
an outflow of economic benefits will be required to settle the obligation. Provisions are
recognised at the best estimate of the expenditure required to settle the present
obligation at the balance sheet date.

A contingent liability exists when there is a possible but not probable obligation, or a
present obligation that may, but probably will not, require an outflow of resources, or a
present obligation whose amount cannot be estimated reliably. Contingent liabilities
do not warrant provisions but are disclosed unless the possibility of outflow of resources
is remote.

Note 2: Critical estimates and judgements

In applying the accounting policies, which are described in note 1B, the management
are required to make judgements (other than those involving estimations) that have a
significant impact on the amounts recognized and to make estimates and assumptions
about the carrying amounts of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions are based on historical
experience and after considering the impact of macro-economic factors including
geo- political factors that are considered to be relevant. Actual results may differ from
these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in the period in which the estimate is revised if
the revision affects only that period, or in the period of the revision and future periods if
the revision affects both current and future periods.

This note provides an overview of the areas that involved a higher degree of
judgement or complexity, and of items which are more likely to be materially adjusted
due to estimates and assumptions turning out to be different than those originally
assessed.

a) Tax:

The Company reviews at each balance sheet date the carrying amount of deferred
tax assets. The factors used in estimates may differ from actual outcome which could
lead to an adjustment to the amounts reported in the financial statements.

b) Estimation of useful life

Useful lives of tangible assets and intangible assets are based on the estimate by the
management. The useful lives as estimated are same as prescribed in Schedule II of the
Companies Act, 2013. In cases, where the useful lives are different from that prescribed
in Schedule II, they are based on management estimate, taking into account the
nature of the asset, the estimated usage of the asset, the operating conditions of the
asset, past history of replacement, anticipated technological changes, manufacturers’
warranties and maintenance support. Assumptions also need to be made, when the
Company assesses, whether an asset may be capitalized and which components of
the cost of the asset may be capitalised.

The useful lives and residual values of Company’s assets are determined by
management at the time the asset is acquired and reviewed annually for
appropriateness. The lives are based on historical experience with similar assets as well
as anticipation of future events which may impact their life such as changes in
technology.

c) Provisions and contingent liabilities

The Company exercises judgement in measuring and recognising provisions and the
exposures to contingent liabilities related to pending litigation or other outstanding
claims subject to negotiated settlement, mediation, arbitration or government
regulation, as well as other contingent liabilities. Judgement is necessary in assessing
the likelihood that a pending claim will succeed, or a liability will arise, and to quantify
the possible range of the financial settlement. Because of the inherent uncertainty in
this evaluation process, actual losses may be different from the originally estimated
provision.

d) Impairment of assets

The Company reviews the carrying amounts of its property, plant and equipment,
Capital work in progress and intangible assets, whenever events or changes in

circumstances indicate that the carrying amount may not be recoverable. If any such
indication exists, the recoverable amount of the asset is estimated to determine the
extent of the impairment loss (if any). Further details on the Company’s accounting
policies on this are set out in the accounting policy above. Determining whether an
asset is impaired requires an estimation of the recoverable amount, which requires
company to estimate the Fair value less cost of disposal.

e) Investment in Subsidiary

The carrying amount of the Company’s investment in its subsidiary is subject to
management’s estimates and judgements regarding its recoverable value. Under Ind
AS 27 - Separate Financial Statements, investments in subsidiaries are carried at cost.
Management assesses whether there is any indication of impairment in the value of the
investment. This assessment involves estimating the recoverable amount based on the
subsidiary’s future cash flows, expected profitability, and overall business outlook. Any
change in these estimates could lead to recognition of an impairment loss in the
Statement of Profit and Loss.

In the current year, no impairment loss has been recognized as management believes
that the carrying amount of the investment is fully recoverable.

f) Employee Benefits

The measurement of employee benefits, particularly defined benefit plans such as
gratuity, involves management estimates and judgements regarding actuarial
assumptions including discount rates, future salary increases, employee turnover, and
mortality rates.

During the year:

Holding Company: Since the Company does not have sufficient employees on its rolls,
no provision for gratuity has been recognized, and no actuarial assumptions have been
applied.

Subsidiary Company: The subsidiary was incorporated in FY 2023-24. As at March 31,
2025, no employee has completed the minimum qualifying period of five years’
continuous service under the Payment of Gratuity Act, 1972. Accordingly, no provision
for gratuity has been recognized, and no actuarial assumptions have been applied.

For defined contribution plans such as Provident Fund (PF) and Employees’ State
Insurance (ESIC), contributions are made as per statutory requirements and recognized
as an expense on an accrual basis; no further estimates or judgements are involved.

g) Consolidation Adjustments

During the preparation of the consolidated financial statements, management applies
judgements and estimates to eliminate the effects of inter-company transactions and
balances in accordance with Ind AS 110 - Consolidated Financial Statements.

Key areas requiring judgement and estimation include:

Inter-company Balances and Loans: Determining the correct elimination of outstanding
balances, including advances, loans, and fixed deposits, between the Holding
Company and its Subsidiary.

Inter-company Transactions: Eliminating inter-company sales, purchases, and other
transactions to avoid double counting of revenue and expenses.

Unrealized Profits: Assessing and eliminating unrealized profits arising from inter¬
company transfers of inventory, fixed assets, or other items.

Minority Interests (if applicable): Judgement in measuring the non-controlling interest in
the net assets and profit/loss of the Subsidiary.

Management believes that the assumptions and estimates applied in these
consolidation adjustments are reasonable and provide a true and fair view of the
consolidated financial position and results of operations.

For Jain Chhajed & Associates For and on Behalf of Board of Directors

FRN No. 127911W Banganga Pa per Industries Limited

Chartered Accountants

Chetan Dhatrak Jayshree Dhatrak

Director Director

CA Suyash Chhajed DIN: 10064427 DIN: 10064293

Partner

M. No.:121597

^pl^{ace : Na}shⁱk Santosh B. Ugale Jitendra R. Patil

Dated : 15/05/2025 cFO CS

UDIN: 25121597BMIFYW4958 _m._nO. ₃₉₀₅₅

d) Rights of Equity Shareholders

The Company is having only one class of equity shares having a face value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

17 There are no Contingent Liabilities.

18 In the opinion of the Board, Current Assets are approximately of the value stated if realised in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount considered reasonably necessary.

21 There is no separate reportable segment within the meaning of Indian Accounting Standard 108 - "Operating Segment".

22 Previous Year''s figures have been reworked / regrouped / rearranged / reclassified wherever necessary to make them comparable with those of current year.

24 Details of Loan given, Investment made and Guarantee given covered u/s 186 (4) of the Companies Act, 2013.

The Company has not made any Investments as at 31st March, 2024.

The Company has not given any Loan or Guarantee as at 31st March, 2024.

Fair Valuation techniques used to determine Fair Value

The Company maintains procedures to value its financial assets or financial liabilities using the best and most relevant data available. The Fair Values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transactionbetween market participants at the measurement date.

The following methods and assumptions were used to estimate the Fair Values :

Fair Value of Cash and Cash Equivalents, Trade Receivable and other Current FinancialAssets and Liabilities are approximate at their carrying amounts largely due to the short-term maturities of these instruments.

Fair Value Hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques :-

Level 1 :- Quoted prices / published Net Assets Value (unadjusted) in active markets for identical assets or liabilities. It includes fair value of financial instruments traded in active markets and are based on quoted market prices at the Balance Sheet date and financial instruments like mutual funds for which Net Assets Value is published by mutual fund operators at the Balance Sheet date.

Level 2 :- Inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). It includes fair value of the financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on the Company specific estimates. If all significant inputs required to fair value an instrument are observable then instrument is included in level 2. Level 3 :- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

16 Financial Risk Management - Objective and Policies

The Company is exposed to market risk and credit risk. Risk management is carried out by the company under policies approved by the Board of Directors. This Risk management plan defines how risks associated with the Company will be identified, analysed, and managed. It outlines how risk management activities will be performed, recorded, and monitored by the Company. The basic objective of risk management plan is to implement an integrated risk management approach to ensure all significant areas of risks are identified, understood and effectively managed, to promote a shared vision of risk management and encourage discussion on risks at all levels of the organization to provide a clear understanding of risk / benefit trade-offs, to deploy appropriate risk management methodologies and tools for use in identifying, assessing, managing and reporting on risks, and to determine the appropriate balance between cost and control of risk and deploy appropriate resources to manage/optimize key risks. Activities are developed to provide feedback to management and other interested parties (e.g. Audit committee, Board etc.). The results of these activities ensure that risk management plan is effective in the long term.

26.01 Market Risk and Sensitivity:

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises of three types of risk: foreign currency rate risk, interest rate risk and other price risks, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits and investments.

(a) Foreign Currency Exchange Risk and Sensitivity

Foreign exchange risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign currency exchange rates. The Company is not involved in Foreign Currency Transaction and therefore the Company is not exposed to Foreign Currency Exchange Risk.

b) Interest Rate Risk and Sensitivity :

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. However, the Company does not have any financial instruments which is exposed to Interest Rate Risk.

c) Commodity Price Risk :

The Company''s revenue primarily involves sales of goods and does not involve any service. Therefore, the Company is exposed to Commodity price risks.

26.02 Credit Risk :

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and other

a) Trade Receivables :

The Company extends credit to customers in normal course of business. The Company considers factors such as credit track record in the market and past dealings with the Company for extension of credit to customers. The Company evaluates the concentration of risk with respect to trade receivables as low. Therefore, the Company does not expect any material risk on account of non performance by any of the counterparties.

b) Financial Instruments and Cash Deposits :

The Company considers factors such as track record, size of the institution, market reputation and service standards to select the banks with which balances are maintained. The Company does not maintain significant cash in hand. Excess balance of cash other than those required for its day to day operations is deposited

28 Other Statutory Information

²⁸⁰¹ The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

28.02 The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall: (a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

28.03 The Company has not received any fund from any person(s) or entity(s), including entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

28.04 The Company does not have any such transaction which is not recorded in the books of account surrendered or disclosed as income during the year in the tax assessments under the Income-tax act, 1961.

28.05 No proceeding has been initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

28.06 The Company is not declared wilful defaulter by any bank or financial institution or other lender.

28.07 The Company does not have any transactions with companies struck off under section 248 of the Companies Act. 2013 or section 560 of the Companies Act, 19.

28.08 The Company does not have any borrowings from Banks or Financiallnstitutions on the basis of security of Current Assets.

29 The Management and authorities have the power to amend the Financial Statements in accordance with section 130 and 131 of the Companies Act, 2013.

1. There are no contingent liabilities.

2. In the opinion of the board, Current Assets are approximately of the value stated if realised in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount considered reasonably necessary.

3. There is no separate reportable segment within the meaning of Accounting Standard 17 issued by Institute of Chartered Accountants of India.

4. Previous Year''s figures have been reworked / regrouped / rearranged / reclassified wherever necessary to make them comparable with those of current year.

1. There are no contingent liabilities.

2. In the opinion of the board, Current Assets are approximately of the value stated if realised in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount considered reasonably necessary.

3. There is no separate reportable segment within the meaning of Accounting Standard 17 issued bv Institute of Chartered Accountants of India.

4. Previous Year''s figures have been reworked / regrouped / rearranged / reclassified wherever necessary to make them comparable with those of current year.

5. RELATED PARTY DISCLOSURES :

A. List of related parties :

(As certified by the Company)

I. Key Management Personnel

Shri Hari Gopal Joshi Shri Dhanesh B_ Ajmera

Shri Suresh J. Ajmera

1. Disclosure of related parties / related party transactions :

a) A List of related parties with whom transactions have taken place during the year :

Key Management Personnel :

Shri H.G. Joshi

Shri Suresh J.Ajmera

Shi Dhanesh B Ajmera

b) Disclosure of related party transaction :

Unsecured Loans

Balance as on 01-04-2010 Rs. 19,000/-

Taken during the year NIL

Balance as on 31 -03-2011 Rs. 19,000/-

2. There is no separate reportable segment within the meaning of Accounting Standard 17 issued by Institute of Chartered Accountants of India.

3. Previous years figures have been re-grouped and/or rearranged wherever necessary to make them comparable with those of the current year.

1. Disclosure of related parties / related party transactions :

a) A List of related parties with whom transactions have taken place during the year: Key Management Personnel:

Shri H.G. Joshi

Shri Suresh J.Ajmera .

Shi Dhanesh B Ajmera

b) Disclosure of related party transaction : Unsecured Loans

Balance as on 01 -04-2009 Rs. 19,000/-

Taken during the year NIL

Balance as on 31-03-2010 Rs.19,000/-

2. There is no separate reportable segment within the meaning of Accounting Standard 17 issued by Institute of Chartered Accountants of India.

3. Previous years figures have been re-grouped and/or rearranged wherever necessary to make them comparable with those of the current year.

The above Cash Flow Statement has been prepared under the "Indirect Method" as set out in Accounting Standard -3 "Cash Flow Statements" issued by the Institute of Chartered Accountants of Figures in brackets indicate Outflows.