Alcokraft Distilleries Ltd.-இன் இயக்குநர் அறிக்கை

Mar 31, 2025

The Board of Directors of your Company has pleasure
in presenting herewith their 25^th Annual Report of
Aurangabad Distillery Limited together with the
Audited Financial Statements for the financial year
ended 31^st March, 2025.

FINANCIAL RESULTS

The Company''s financial performance for the year
under review along with previous year''s figures is
given hereunder:

(Amount in Lakhs)

Particulars	31st March	31st March
	2025	2024
Revenue from Operation	11,117.10	13,069.58
Other Income	871.50	840.33
Total Revenue	11,988.60	13,909.91
Less: Expenses	10,741.49	11,233.36
Profit Before Exceptional and Extraordinary Items and Tax	1,247.11	2,676.55
Less: Exceptional Items	-	-
Profit Before Extraordinary Items and Tax	1,247.11	2,676.55
Less: Extraordinary Items	-	-
Add / (Less): Prior Period Incomes / (Expenses)	-	-
Add: Excess / (Short) Provision of Taxation for Previous Years
Profit Before Tax	1,247.11	2,676.55
Tax Expense:
Less: Current Tax	343.34	677.38
Deferred Tax	-18.58	(118.14)
Excess/Short Provision Written back/off	25.27	24.78
Profit (Loss) for the Year	897.08	2,092.53

REVIEW OF OPERATIONS AND FUTURE OUTLOOK

The Company generated revenue of Rs. 11,117.10 Lakhs
during the current year as against revenue of Rs.
13,069.58 Lakhs generated in the preceding year. The
operations of the Company have resulted into post tax
profit of Rs. 897.08 Lakhs against post tax profit of Rs.
2,092.53 Lakhs in the preceding year.

The product portfolio of Company includes production
of various types of Alcohol viz. Rectified Spirit, Extra
Neutral Alcohol, Denatured Spirit and Anhydrous
Alcohol (Ethanol).

DIVIDEND

Owing to the growing business needs and the
necessity to plough back the profits in the business,
your directors do not recommend any dividend for the
year.

TRANSFER TO RESERVES

The Board of Directors does not propose to transfer
any amount to general reserve during the year under
review.

ANNUAL RETURN

The Annual Return of the Company as on 31^st March,
2025 is available on the Company''s website and can
be accessed at https://aurangabaddistillery.com/.

NUMBER OF MEETINGS OF THE BOARD

The Board of Directors met Six (6) times during the
year under review on 25^th May 2024, 02^nd September
2024, 30^th September 2024, 15^th October 2024, 13^th
November 2024 and 13^th February 2025 respectively.
Notice of meetings with agenda along with necessary
details was sent to the Directors in time.

Further following are the details with respect to Board
meeting attendance by each Director.

Name of Director	Board Meetings held during the tenure of Director	Board Meeting Attended
Mr. Dharampal Kalani	06	06
Mr. Amardeepsingh Sethi	06	06
Mr. Kanyalal Kalani	06	06
Mrs. Jagjitkaur Sethi	06	04
Mr. Prakash Sawant	06	06
Mr. Dilip Mutalik	06	04

COMMITTEES OF THE BOARD:

i) Audit Committee

Composition of Audit Committee of the Company
comprises as follows:

Name of the Member	Category
Mr. Prakash Sawant	Chairperson [Independent Director]
Mr. Dilip Shriniwas	Member
Mutalik	[Independent Director]
Mr. Dharampal Kalani	Member [Managing Director]

ii) Nomination and Remuneration Committee

Composition of Nomination and Remuneration
Committee comprises as follows:

Name of the Member	Category
Mr. Dilip Shriniwas	Chairperson
Mutalik	[Independent Director]
Mr. Prakash Sawant	Member [Independent Director]
Mrs. Jagjitkaur Sethi	Member [Non-Executive Director]

iii) Stakeholders Relationship Committee

Composition of Stakeholders Relationship
Committee comprises as follows

Name of the Member	Category
Mr. Dilip Shriniwas	Chairperson
Mutalik	[Independent Director]
Mr. Prakash Sawant	Member [Independent Director]
Mr. Dharampal Kalani	Member [Managing Director]

DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the financial year under review, there were no
changes in the composition of the Board of Directors.
No appointments, resignations, or cessations took
place.

In accordance with Section 152 of the Companies Act,
2013, Mr. Kanayalal Kimatram Kalani and Mrs. Jagjitkaur
Amardeepsingh Sethi are retiring by rotation at the
ensuing Annual General Meeting and being eligible
have offered themselves for re-appointment.

KEY MANAGERIAL PERSONNEL (KMPS)

Pursuant to provisions of Section 203 of the Act, your
Company has the following KMPs as on the date of the
report:

Name of the KMPs	Designation	Date of Appointment	Date of Resignation
Mr. Amardeep singh Trilok singh Sethi	Whole-time director	25/04/2016	-
Mr. Dharampal Kimatram Kalani	Managing Director	15/06/2007	-
Mr. Karan Vallabh Yadav	Chief Executive Officer	10/11/2023	-
Mr. Uday Balwant Hemade	Chief Financial Officer	15/06/2016	-
Ms. Pooja Kishore Soni	Company Secretary & Compliance Officer	25/05/2024

DECLARATION FROM INDEPENDENT DIRECTORS

All Independent Directors have given Declaration
confirming that;

a. They meet the criteria for independence as laid
down under Section 149(6) of the Companies Act,
2013, and Regulation 25(8) read with 16(1) (b) of the
Listing Obligation and Disclosure Requirements,
2015.

b. The Independent Directors have complied with
the Code for Independent Directors prescribed in
Schedule IV to the Act.

c. They have registered their names in the
Independent Directors'' Databank pursuant to
Sub-rule (1) and (2) of Rule 6 of the Companies
(Appointment and Qualifications of Directors)
Rules, 2014 and amendments thereto.

In the opinion of the Board, the Independent Directors
fulfil the conditions specified in the Listing Regulations
and are Independent of the Management. Further
there has been no change in the circumstances
affecting their status as Independent Directors of
the Company. Further, the Board also states that
Independent Directors are the persons of integrity and
have adequate experience to serve as Independent
Directors of the Company.

COMPANY’S POLICY ON DIRECTORS’
APPOINTMENT AND REMUNERATION INCLUDING
CRITERIA FOR DETERMINING QUALIFICATIONS,
POSITIVE ATTRIBUTES, INDEPENDENCE OF A
DIRECTOR AND OTHER MATTERS PROVIDED
UNDER SUB-SECTION (3) OF SECTION 178

Pursuant to the provisions of Section 178(3) of the
Act, your Company has framed a policy on Directors''
appointment and remuneration and other matters
(“Remuneration Policy”) which is available on the
website of the Company at https://aurangabaddistillery.
com/.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013,
the Board of Directors of your Company, to the best of
their knowledge and ability, confirm that:

(a) in the preparation of the annual accounts, the
applicable accounting standards have been
followed along with proper explanation relating to
material departures;

(b) The Directors have selected such accounting
policies and applied them consistently and made
judgments 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 & loss of the
Company for that period;

(c) The Directors have taken proper and sufficient
care for the 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 fraud and other
irregularities;

(d) The Directors have prepared the annual accounts
on a going concern basis;

(e) The Directors have laid down proper internal
financial controls and system which are adequate
and are operating effectively; and

(f) The Directors have devised proper systems
to ensure compliance with the provisions of
all applicable laws and that such systems are
adequate and operating effectively.

AUDITORS & THEIR REPORTS

STATUTORY AUDITORS

In the 22^nd Annual General Meeting of the Company
held on 30^th September 2022, members of the
Company have appointed M/s. HMA & Associates,
Chartered Accountants, Pune (Firm Registration No.:
100537W) as a Statutory Auditors of the Company to
hold office from the conclusion of 22^nd Annual General
Meeting for a period of 5 (five) consecutive financial
years until the conclusion of the 27^th Annual General
Meeting to be held for the financial year 2027-28.

The report given by the Statutory Auditors on the
financial statements of the Company forms part of this
Annual Report.

There has been no qualification, reservation, adverse
remark or disclaimer given by the Statutory Auditors in
their report except below:

1. Auditor Observation: As per Rule 3(1) of the
Companies (Accounts) Rules, 2014, every company
which uses accounting software for maintaining its
books of account, shall use only such accounting
software which has a feature of recording audit
trail of each transaction, creating an edit log of
each change made in the books of account along
with the date when such changes were made and
ensuring that the audit trail cannot be disabled. The
accounting software used by the Company has the
feature to maintain the audit trail but the same was
not enabled throughout the year. Though the audit
trail was not enabled throughout the audit period,
our opinion on the books of accounts is not vitiated
as we have adopted alternative audit procedures
to confirm that the financial statements are free
from material misstatements and present true and
fair view of the financial position of the company.

Management Reply: Management is committed to
ensuring data security and compliance with new
Indian legislation by enabling audit trail logging at the
database level. Further, testing has been conducted
for assessing the impact on system performance and
the Company has successfully implemented audit trail
facility.

Auditor Observation: The State Excise Department has
raised a demand for excise duty, which, in their view,
has been evaded by the company. The company has
made an appeal to the state excise minister, who has
temporarily stayed the demand without specifying a
timeline for the stay. The company has also sought
legal opinion on the matter, and it has been disclosed
in the Director''s Report. According to the directors,
this demand is completely erroneous and mala fide
and will be quashed in due course of time. After
reviewing all the relevant documents, we believe that
the company''s ability to continue as a going concern is
not challenged, despite the raised demand. We have
provided a detailed note on this matter in Note No. 34
under Contingent Liabilities in the financial statements.

Management Reply: The demand for the excise duty
was received in the financial year 2023-24, and the
Board of Directors firmly believes that the claim is
erroneous and mala fide, and is confident that the
matter will be resolved in the Company''s favour and
After careful evaluation of all relevant documents and
legal inputs, the Board is of the considered view that
the demand does not pose any threat to the Company''s
financial position or its status as a going concern.

DETAILS IN RESPECT OF FRAUDS REPORTED BY
AUDITORS UNDER SUB-SECTION (12) OF SECTION
143 OF THE COMPANIES ACT, 2013 OTHER THAN
THOSE WHICH ARE REPORTABLE TO THE CENTRAL
GOVERNMENT

There were no frauds reported by Auditors under Sub¬
Section (12) of Section 143 of the Companies Act, 2013
other than those which are reportable to the Central
Government.

SECRETARIAL AUDITORS

The Board of Directors had appointed M/s. Prajot
Tungare & Associates, Practicing Company Secretaries
as the Secretarial Auditors of your Company to issue a
Secretarial Audit Report pursuant to Section 204 of the
Companies Act, 2013 for the Financial Year 2024-25.
The Secretarial Auditors have given their report, which
is annexed hereto as “Annexure I”.

Further, as per recommendation of the Audit
Committee, the Board of Director has appointed M/s.
Prajot Tungare & Associates, Practicing Company
Secretaries as Secretarial Auditors of your Company
a term of Five (5) years from financial year 2025-26

to 2029-30 subject to approval of the Members in the
ensuing Annual General Meeting.

There has been no qualification, reservation, adverse
remark or disclaimer given by the Statutory Auditors in
their report except below:

> There has been delay of more than three
months in appointment of Company Secretary
as a Compliance officer as per Regulation 6 of
The Securities and Exchange Board of India
(Listing obligations and Disclosure Requirements)
Regulations, 2015.

Management Reply: The Management has taken
proactive actions for appointment of Company
Secretary and Compliance Officer in time but
the company has not received any responses.
However, the company has appointed Ms. Pooja
Soni as a Company Secretary and Compliance
Officer of the company from 25^th May 2024.

COST AUDITORS

The Company is required to have the audit of its
cost records conducted by a Cost Accountant in
Practice. In this connection, the Audit Committee
has recommended to the Board of Directors and the
Board of Directors had approved the appointment of
M/s. Dargad & Associates, Cost Accountants, as Cost
Auditors of the Company to conduct the Cost Audit
functions for the Financial Year 2024-25.

Further, based on the recommendation of the Audit
Committee, the Board of Director has re-appointed
M/s. Dargad & Associates, Cost Accountants, as Cost
Auditors of the Company to conduct the Cost Audit
functions for the Financial Year 2025-26 subject to
ratification of remuneration of the cost auditor in
ensuring Annual General Meeting.

In accordance with the provisions of the Act, read with
the Companies (Cost Records and Audit) Rules, 2014,
the Company has maintained cost records.

INTERNAL AUDITOR

The Board of Directors had appointed M/s. S. R. Bakare
& Co., Chartered Accountants as the Internal Auditor
of the Company pursuant to Section 138 and other
applicable provisions, if any of the Companies Act for
the financial year 2024-25.

As per recommendation of the Audit Committee, the
Board of Director has re-appointed M/s. S. R. Bakare
& Co., Chartered Accountants as an Internal Auditor of
the Company for the Financial Year 2025-26.

SHARE CAPITAL

The Shareholder of the Company at their Annual
General Meeting held on 30^th September 2024 has
approved the increase in Authorised Share Capital
of the Company from Rs. 9,00,00,000/- (Rupees Nine
Crore Only) divided into 90,00,000 (Ninety Lakhs)
Equity shares of Rs. 10/- each to Rs. 11,00,00,000/-
(Rupees Eleven Crore Only) divided into 1,10,00,000
(One Crore Ten Lakh) Equity shares of Rs. 10/- each.

The paid-up share capital of the Company as on 31^st
March 2025 was Rs. 1025.00 lakhs.

During the year under review, the Company has issued
20,50,000 Equity Shares as Bonus shares in the ratio
of 1:4 i.e. 1 Equity Shares for every 4 equity shares held.

PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS

Particulars of loans given, investments made,
guarantees given and securities provided during the
year are mentioned in the table herein-below:

Sr. No.	Particulars	Amount
1.	Loans
	i) Loans given during the year	401.50
2.	Details of Investment
3.	Details of Guarantee''s / Securities Provided
Total		401.50

PARTICULARS OF CONTRACTS OR ARRANGEMENTS
MADE WITH RELATED PARTIES

The transactions entered by the Company with related
parties were in ordinary course of business and at
arm''s length basis. The particulars of transactions
entered with related parties are annexed herewith as
“Annexure II” to this report.

MATERIAL CHANGES AND COMMITMENT, IF ANY,
AFFECTING THE FINANCIAL POSITION OF THE
COMPANY

No material changes and commitments affecting the
financial position of the Company occurred between
the end of the financial year to which these financial
statements relate till the date of this report.

CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE EARNINGS
AND OUTGO

The particulars prescribed under section 134(3)(m)
of the Companies Act, 2013 read with Rule 8 of the
Companies (Accounts) Rules, 2014, are set out in
Annexure - III to this Report.

DEVELOPMENT AND IMPLEMENTATION OF RISK
MANAGEMENT POLICY OF THE COMPANY

The Company has a robust risk management framework
that includes a well-defined risk governance structure
and established processes. It proactively identifies
and assesses all strategic, operational, and financial
risks by analyzing the most up-to-date risk information
from both internal and external sources. This valuable
insight is then utilized to plan and implement risk
mitigation activities effectively.

INTERNAL FINANCIAL CONTROLS

The Company has implemented comprehensive
procedures to ensure robust internal financial controls.
It consistently adheres to industry best practices to
safeguard its assets, prevent and detect frauds and
errors, maintain the accuracy and completeness of
accounting records, and ensure the timely preparation
of reliable and accurate financial information.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE
COMPANIES AND THEIR POSITION & FINANCIAL
PERFORMANCE

The Company does not have any Subsidiary, Joint
Venture or Associate Company.

DEPOSITS

The Company has not accepted any deposits within
the meaning of Section 73 of the Companies Act, 2013.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
PASSED BY THE REGULATORS OR COURTS
IMPACTING THE GOING CONCERN STATUS AND
COMPANY’S OPERATIONS IN FUTURE PURSUANT
TO RULE 8(5) (VII) OF COMPANIES (ACCOUNTS)
RULES, 2014

The Company has not received any significant or
material order passed by regulators or courts or
tribunals impacting the Company''s going concern
status or the Company''s operations in future.

MANAGEMENT’S DISCUSSION AND ANALYSIS
REPORT

Management''s Discussion and Analysis Report for the
year under review, as stipulated under the Securities
and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“Listing
Regulations”) is presented in “Annexure-IV” to this
report.

PERFORMANCE EVALUATION

The Company has developed a comprehensive
policy for evaluating the performance of the Board,
Committees, and individual Directors, including
Independent Directors and Executive Directors. This

policy encompasses various criteria for assessing the
performance of Non-executive Directors and Executive
Directors.

The Board evaluated its performance after seeking
inputs from all the Directors based on criteria such as
the board composition and structure, effectiveness
of board processes, information and functioning, etc.
The performance of the Committees was evaluated
by the Board after seeking inputs from the committee
members based on criteria such as the composition of
committees, effectiveness of committee meetings, etc.
The above criteria are broadly based on the Guidance
note on Board Evaluation issued by the Securities and
Exchange Board of India on 5^th January, 2017.

Importantly, this evaluation process ensures
compliance with all relevant laws, regulations, and
guidelines.

PARTICULARS OF EMPLOYEES

Disclosure as per Section 197(12) of the Companies Act,
2013 and Rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is
annexed herewith as “Annexure -V” to this report.

VIGIL MECHANISM

The Company has a vigil mechanism named as
Whistle Blower Policy of the Company in compliance
of provisions of section 177(10) of the companies Act
2013, an avenue to raise concern and access in good
faith the Chairman of the Audit Committee which
provide for adequate safeguard against victimization
of person.

The Policy on Whistle Blower Policy is available on the
website of the Company under the weblink at www.
aurangabaddistillery.com.

DISCLOSURE UNDER THE SEXUAL HARASSMENT
OF WOMAN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013

As per requirements of the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013, the Company has designed and
implemented a comprehensive policy and framework
to promote a safe and secure work environment,
where every person at the workplace is treated with
dignity and respect. Moreover, the Company''s policy
is inclusive and gender neutral. Further, the complaint
redressal mechanism detailed in the policy ensures
complete anonymity and confidentiality.

Internal Complaint Committee (ICC) have been
constituted as per the requirement with the highest
governance norms. During the year under review,
there was no complaints received pursuant to the
aforesaid Act.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVE

Pursuant to the Section 135(9) of the Companies
Act, 2013, the CSR Committee is not required to be
constituted if an amount to be spent by the Company
in a year does not exceed Rs. 50 Lakhs. Currently, the
CSR liability for the Company is less than Rs.50 Lakhs.
Hence all functions for fulfilling CSR liability shall be
carried out by the Board of Directors of the Company.

Pursuant to Rule 8 of the Companies (CSR Policy)
Rules, 2014 the detailed Report on CSR Activities for
the financial year 2024-25 is enclosed as “Annexure-
VI”.

COMPLIANCE WITH SECRETARIAL STANDARDS

During the financial year, your Company has complied
with the applicable Secretarial Standards issued by the
Institute of Company Secretaries of India.

INSOLVENCY AND BANKRUPTCY CODE UPDATE

No application has been made / No proceeding is
pending under the Insolvency and Bankruptcy Code,
2016 during the year under review.

VALUATION FOR ONE TIME SETTLEMENT WITH
BANK AND FINANCIAL INSTITUTION

The Company has not made any valuation for one-time
settlement with Bank and financial Institution. Hence,
there is no reason for elaboration on the said aspect.

NATURE OF COMPANIES AFFAIRS

The Company is the process to carry on the business
of Wine & Liquor Manufacturing, Marketing, Purchase

and Sale thereof either wholesale or retail and to run
Business of Distilleries or Breweries, to manufacture,
wine spirits and Brew Beer, mineral waters, aerated
waters, drinkables and other liquids and processed
items of every description and to carry on business of
toddy and other liquor and toddy operations thereof
and to run permit rooms within the republic of India
and during the year the company has not altered its
main object.

ACKNOWLEDGEMENTS

Your directors place on records their sincere thanks to
bankers, business associates, consultants, and various
Government Authorities for their continued support
extended to your Companies activities during the
year under review. Your directors also acknowledge
gratefully the shareholders for their support and
confidence reposed on your Company.

For and on behalf of the Board of Directors of
Aurangabad Distillery Limited

Amardeepsingh Sethi

Chairman & Whole time Director
DIN: 00097644
Address: Trilok Villa P. No. 17-18,
Town Centre N-1 CIDCO Aurangabad, 431001

Date: 28^th May 2025
Place: Pune

---

Mar 31, 2024

The Board of Directors of your Company has pleasure in presenting herewith their 24^th Annual Report of Aurangabad Distillery Limited together with the Audited Financial Statements for the financial year ended 31^st March, 2024.

FINANCIAL SUMMARY

The Company’s financial performance for the year under review along with previous year’s figures is given hereunder:

(Rs. in Lakhs)

Particulars	31st March 2024	31st March 2023
Revenue from Operation	13,069.58	11,872.15
Other Income	840.33	357.06
Total Revenue	13,909.91	12,229.21
Less: Expenses	11,233.36	9,843.43
Profit Before Exceptional and Extraordinary Items and Tax	2,676.55	2,385.78
Less: Exceptional Items	-	-
Profit Before Extraordinary Items and Tax	2,676.55	2,385.78
Less: Extraordinary Items	-	-
Add / (Less): Prior Period Incomes / (Expenses)	-	-
Add: Excess / (Short) Provision of Taxation for Previous Years	-	-
Profit Before Tax	2,676.55	2,385.78
Tax Expense:
Less: Current Tax	677.38	669.71
Deferred Tax	(118.14)	39.73
Excess/Short Provision Written back/off	24.78	0.17
Profit (Loss) for the Year	2,092.53	1,676.17

REVIEW OF OPERATIONS AND FUTURE OUTLOOK

The Company generated revenue of Rs. 13,069.58 Lakhs during the current year as against revenue of Rs. 11,872.15 Lakhs generated in the preceding year. The operations of the Company have resulted into post tax profit of Rs.2,092.53 Lakhs against post tax profit of Rs. 1,676.17 Lakhs in the preceding year.

The product portfolio of Company includes production of various types of Alcohol viz Rectified Spirit, Extra Neutral Alcohol, Denatured Spirit and Anhydrous Alcohol (Ethanol).

The National Policy on Biofuels set an indicative target of 20% ethanol blending under the Ethanol Blended Petrol (EBP) Program by next year. Currently petrol the OMC’s are blending close to 15% Ethanol. The usage of ethanol for fuel blending creates new opportunities for the distillery industry.

DIVIDEND

Owing to the growing business needs and the necessity to plough back the profits in the business, your directors do not recommend any dividend for the year.

TRANSFER TO RESERVES

The Board of Directors does not propose to transfer any amount to general reserve during the year under review.

ANNUAL RETURN

The Company has its website; the link for Annual Return is as follows https://aurangabaddistillery.com/.

NUMBER OF MEETINGS OF THE BOARD

The Board of Directors met Five (5) times during the year under review on 25^th May 2023, 4^th September 2023, 09th November 2023, 25^th November 2023, 22nd March 2024 respectively. Notice of meetings with agenda along with necessary details was sent to the Directors in time.

Further following are the details with respect to Board meeting attendance by each Director.

Name of Director	Board Meetings held during the tenure of Director	Board Meeting Attended
Mr. Dharampal Kalani	05	05
Mr. Amardeepsingh Sethi	05	05
Mr. Kanyalal Kalani	05	03
Mrs. Jagjitkaur Sethi	05	04
Mr. Karan Yadav	03	03
Mr. Prakash Sawant	05	05
Mr. Tanaji Yadav	03	03
Mr. Avinash Salunke	03	02
Mr. Dilip Mutalik	05	04

COMMITTEES OF THE BOARD

i) Audit Committee

Composition of Audit Committee of the Company as follows:

Name of the Member	Category
Mr. Prakash Sawant	Chairman [Independent Director]
Mr. Dilip Shriniwas Mutalik	Member [Independent Director]
Mr. Dharampal Kalani	Member [Managing Director]

ii) Nomination and Remuneration Committee

During the year under review Mr. Avinash Salunke ceased to be a Director of the Company upon completion of his term and consequently ceased to be a Chairman of Nomination and Remuneration Committee. The Nomination and Remuneration Committee presently comprises as follows:

Name of the Member	Category
Mr. Dilip Shriniwas Mutalik	Chairman [Independent Director]
Mr. Prakash Sawant	Member [Independent Director]
Mrs. Jagjitkaur Sethi	Member [Non-Executive Director]

iii) Stakeholders Relationship Committee

During the year under review Mr. Avinash Salunke ceased to be a Director of the Company upon completion of his term and consequently ceased to be a Chairman of Stakeholders Relationship Committee. The Stakeholders Relationship Committee presently comprises as follows:

Name of the Member	Category
Mr. Dilip Shriniwas Mutalik	Chairman [Independent Director]
Mr. Prakash Sawant	Member [Independent Director]
Mr. Dharampal Kalani	Member [Managing Director]

DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with Section 152 of the Companies Act, 2013, Mr. Kanayalal Kimatram Kalani and Mr. Jagjitkaur Amardeepsingh Sethi are retiring by rotation at the ensuing Annual General Meeting and being eligible have offered themselves for reappointment.

Further, during the year under review upon completion of tenure Mr. Avinash Salunke ceased to be an Independent Director of the company from 12th November, 2023 and Mr. Karan Vallabh Yadav and Mr. Tanaji Yadav has resigned from the post of Whole time Director of the company w. e. f 09th November, 2023.

Further, during the year under review, the Board based on the recommendation of Nomination and remuneration Committee has appointed Mr. Karan Vallabh Yadav as Chief Executive Officer (‘CEO’) of the company for a period of five years from 10th November 2024 to 9th November 2028.

Further, during the year under review Ms. Komal Shendge has resigned from the position of Company Secretary and Compliance Officer of the Company w. e. f 20th December, 2023 and Ms. Pooja Soni has been appointed as Company Secretary and Compliance Officer of the Company w.e.f. 25th May, 2024.

DECLARATION ON FROM INDEPENDENT DIRECTORS

All Independent Directors have given Declaration that;

a. They meet the criteria for independence as laid down under Section 149(6) of the Companies Act, 2013, and Regulation 25(8) read with 16(1)(b) of the Listing Obligation and Disclosure Requirements, 2015.

b. The Independent Directors have complied with the Code for Independent Directors prescribed in Schedule IV to the Act.

In the opinion of the Board, the Independent Directors fulfil the conditions specified in the Listing Regulations and are Independent of the Management. Further there has been no change in the circumstances affecting their status as Independent Directors of the Company.

NOMINATION AND REMUNERATION POLICY

The Nomination and Remuneration Policy is designed to attract, motivate, improve productivity and retain manpower, by creating a congenial work environment, encouraging initiatives, personal growth and team work, and inculcating a sense of belonging and involvement, besides offering appropriate remuneration packages and superannuation benefits. The policy reflects the Company’s objectives for good corporate governance as well as sustained long term value creation for shareholders.

Overall, the Nomination and Remuneration Policy of the Company demonstrates the company’s commitment to fostering a conducive work environment, recognizing and rewarding employee contributions, and ensuring the long-term success and growth of the organization while upholding principles of good corporate governance.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors of your Company, to the best of their knowledge and ability, confirm that:

(a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(b) The Directors have selected such accounting policies and applied them consistently and made judgments 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 & loss of the Company for that period;

(c) The Directors have taken proper and sufficient care for the 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 fraud and other irregularities;

(d) The Directors have prepared the annual accounts on a going concern basis;

(e) The Directors have laid down proper internal financial controls and system which are adequate and are operating effectively; and

(f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

AUDITORS &THEIR REPORTS

STATUTORY AUDITORS

In the 22nd Annual General Meeting of the Company held on 30th September 2022, members of the Company have appointed M/s. HMA & Associates, Chartered Accountants, Pune (Firm Registration No.: 100537W) as a Statutory Auditors of the Company to hold office from the conclusion of this 22nd Annual General Meeting for a period of 5 (five) consecutive financial years until the conclusion of the 27thAnnual General Meeting to be held for the financial year 2027-28.

There has been no qualification, reservation, adverse remark or disclaimer given by the Statutory Auditors in their report except below:

Based on our examination which included test checks, the company has used such accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility. However, the audit trail facility has not been operating throughout the year for all transactions recorded in the software. Further, since the audit trail was not enabled, our comments on whether the audit trail feature has been tampered with and whether the audit trail has been preserved by the company as per the statutory requirements for record retention, are not applicable

Management Reply: Management is committed to ensuring data security and compliance with new Indian legislation by enabling audit trail logging at the database level. Further, testing has been conducted for assessing the impact on system performance and the Company has successfully implemented audit trail facility.

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION 143 OF THE COMPANIES ACT, 2013 OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT

There were no frauds reported by Auditors under Sub-Section (12) of Section 143 of the Companies Act, 2013 other than those which are reportable to the Central Government.

SECRETARIAL AUDITORS

The Board of Directors had appointed M/s. Prajot Tungare & Associates, Practicing Company Secretaries as the Secretarial Auditors of your Company to issue a Secretarial Audit Report pursuant to Section 204 of the Companies Act, 2013 for the Financial Year 2023-24. The Secretarial Auditors have given their report, which is annexed hereto as “Annexure I”.

Further, as per recommendation of the Audit Committee, the Board of Director has re-appointed M/s. Prajot Tungare & Associates, Practicing Company Secretaries as Secretarial Auditors of your Company for the Financial Year 2024-25.

There has been no qualification, reservation, adverse remark or disclaimer given by the secretarial auditors in their report except below:

i. There has been delay of more than three months in appointment of Company Secretary as a Compliance officer as per Regulation 6 of the Securities and Exchange Board of India (Listing obligations and Disclosure Requirements) Regulations, 2015.

Management Reply: The Management has taken proactive actions for appointment of Company Secretary and Compliance Officer in time but the company has not received any responses. However, the company has appointed Ms. Pooja Soni as a Company Secretary and Compliance Officer of the company from 25th May 2024.

ii. The accounting software used by the Company has the feature to maintain the audit trail as per the rule 3(1) of the companies (Account) Rules, 2014 but the same was not enabled throughout the year.

Management Reply: Management is committed to ensuring data security and compliance with new Indian legislation by enabling audit trail logging at the database level. Further, testing has been conducted for assessing the impact on system performance and the Company has successfully implemented audit trail facility.

COST AUDITORS

The Company is required to have the audit of its cost records conducted by a Cost Accountant in Practice. In this connection, the Audit Committee has recommended to the Board of Directors and the Board of Directors had approved the appointment of M/s. Dargad & Associates, Cost Accountants, as Cost Auditors of the Company to conduct the Cost Audit functions for the Financial Year 2023-24.

Further, as per recommendation of the Audit Committee, the Board of Director has re-appointed M/s. Dargad & Associates, Cost Accountants, as Cost Auditors of the Company to conduct the Cost Audit functions for the Financial Year 2024-25 subject to ratification of remuneration of the cost auditor in ensuring Annual General Meeting.

The Company has maintained cost records as stated in the provisions of maintenance of Cost Records pursuant to Section 148 of the Companies Act, 2013 read with Companies (Cost Record & Audit) Amendment Rules 2014, our company maintained all the records.

INTERNAL AUDITOR

The Board of Directors had appointed M/s. S. R. Bakare & Co., Chartered Accountants as the Internal Auditor of the Company pursuant to Section 138 and other applicable provisions, if any of the Companies Act for the financial year 2023-24.

As per recommendation of the Audit Committee, the Board of Director has re-appointed M/s. S. R. Bakare & Co., Chartered Accountants as an Internal Auditor of the Company for the Financial Year 2024-25.

SHARE CAPITAL

The paid-up share capital of the Company as on 31st March 2024 was Rs. 8.20 Crores. During the year under review the Company has not issued any types shares.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Particulars of loans given, investments made, guarantees given and securities provided during the year are mentioned in the table herein-below:

(Rs. in Lakhs)

Sr. No.	Particulars	Amount
1.	Loans
	i) Loans given during the year	900.50
2.	Details of Investment	-
3.	Details of Guarantee’s / Securities Provided	-
	Total	900.50

PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

The transactions entered by the Company with related parties were in ordinary course of business and at arm’s length basis. The particulars of transactions entered with related parties are annexed herewith as “Annexure II” to this report.

MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THEFINANCIAL POSITION OF THE COMPANY

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which these financial statements relate till the date of this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars prescribed under section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, are set out in Annexure - III to this Report.

DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANY

The Company has a robust risk management framework that includes a well-defined risk governance structure and established processes. It proactively identifies and assesses all strategic, operational, and financial risks by analyzing the most up-to-date risk information from both internal and external sources. This valuable insight is then utilized to plan and implement risk mitigation activities effectively.

INTERNAL FINANCIAL CONTROLS

The Company has implemented comprehensive procedures to ensure robust internal financial controls. It consistently adheres to industry best practices to safeguard its assets, prevent and detect frauds and errors, maintain the accuracy and completeness of accounting records, and ensure the timely preparation of reliable and accurate financial information.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES AND THEIR POSITION & FINANCIAL PERFORMANCE

The Company does not have any Subsidiary, Joint venture or Associate Company.

DEPOSITS

Your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BYTHE REGULATORS OR COURTS IMPACTING THE GOING CONCERNSTATUS AND COMPANY’S OPERATIONS IN FUTURE PURSUANTTO RULE 8(5)(VII) OF COMPANIES (ACCOUNTS) RULES, 2014

The Company has not received any significant or material order passed by regulators or courts or tribunals impacting the Company’s going concern status or the Company’s operations in future except the below:

The Company received an order for the payment of duty on rectified spirit from the Commissioner of State Excise, Mumbai, Maharashtra. Further, the Minister of State Excise has issued a stay on the Commissioner’s order.

MANAGEMENT’S DISCUSSION AND ANALYSIS REPORT

Management’s Discussion and Analysis Report for the year under review, as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) is presented in “Annexure-IV” to this report.

PERFORMANCE EVALUATION

The Company has developed a comprehensive policy for evaluating the performance of the Board, Committees, and individual Directors, including Independent Directors and Executive Directors. This policy encompasses various criteria for assessing the performance of Non-executive Directors and Executive Directors. The evaluation process takes into account factors such as Directors’ attendance at Board and Committee Meetings, understanding of the Company’s business, effective communication among Board members, active participation, domain knowledge, adherence to the code of conduct, vision and strategy, and benchmarks set by global peers. Importantly, this evaluation process ensures compliance with all relevant laws, regulations, and guidelines.

Pursuant to the provisions of the Companies Act, 2013, the Board has carried out performance evaluation of its own performance and that of its committees and individual Directors.

PARTICULARS OF EMPLOYEES

Disclosure as per Section 197(12) of the Companies Act, 2013 and Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as “Annexure -V” to this report.

VIGIL MECHANISM

The Company has a vigil mechanism named as Whistle Blower Policy of the Company in compliance of provisions of section 177(10) of the companies Act 2013, an avenue to raise concern and access in good faith the Chairman of the Audit Committee which provide for adequate safeguard against victimization of person.

The Policy on Whistle Blower Policy is available on the website of the Company under the weblink www.aurangabaddistillery. com

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

As per requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has designed and implemented a comprehensive policy and framework to promote a safe and secure work environment, where every person at the workplace is treated with dignity and respect. Moreover, the Company’s policy is inclusive and gender neutral. Further, the complaint redressal mechanism detailed in the policy ensures complete anonymity and confidentiality.

Internal Complaint Committee (ICC) have been constituted as per the requirement with the highest governance norms. During the year under review, there was no complaints received pursuant to the aforesaid Act.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVE

Pursuant to the Section 135(9) of the Companies Act, 2013, the CSR Committee is not required to be constituted if an amount to be spent by the Company in a year does not exceed Rs. 50 Lakhs. Currently, the CSR liability for the Company is less than Rs.50 Lakhs. Hence all functions for fulfilling CSR liability shall be carried out by the Board of Directors of the Company.

Pursuant to Rule 8 of the Companies (CSR Policy) Rules, 2014 the detailed Report on CSR Activities for the financial year 2023-24 is enclosed as “Annexure- VI”.

INSOLVENCY AND BANKRUPTCY CODE UPDATE

No application has been made / No proceeding is pending under the Insolvency and Bankruptcy Code, 2016 during the year under review.

VALUATION FOR ONE TIME SETTLEMENT WITH BANK AND FINANCIAL INSTITUTION

The Company has not made any valuation for one-time settlement with Bank and financial Institution. Hence, there is no reason for elaboration on the said aspect.

OTHER MATTERS

Your directors state that no reporting is required in respect of the following items for the reasons mentioned therein:

1. There is no change in the nature of business.

2. There were no complaints relating to child labour, forced labour or involuntary labour during the financial year 202324.

3. Your Company does not have employee stock option scheme.

ACKNOWLEDGEMENTS

Your directors place on records their sincere thanks to bankers, business associates, consultants, and various Government Authorities for their continued support extended to your Companies activities during the year under review. Your directors also acknowledge gratefully the shareholders for their support and confidence reposed on your Company.

For and on behalf of the Board of Directors of Aurangabad Distillery Limited

Amardeepsingh Sethi Chairman & Whole time Director

DIN:00097644 Address: Trilok Villa P. No. 17-18, Town Centre N-1 CIDCO Aurangabad, 431001

Date: 02^nd September 2024

Place: Chhatrapati Sambhajinagar (Aurangabad)

---

Mar 31, 2023

Aurangabad Distillery Limited

The Board of Directors has pleasure in presenting herewith their 23^rd Annual Report together with the Audited Financial Statements
of your Company for the year ended 31^st March, 2023.

FINANCIAL SUMMARY

The Company’s financial performance for the year under review along with previous year’s figures is given hereunder:

(Rs. in Lakhs)

Particulars	31st March 2023	31st March 2022
Revenue from Operation	11,872.15	10,101.28
Other Income	357.06	154.63
Total Revenue	12,229.21	10,255.91
Less: Expenses	9484.52	8,620.34
Operating Profit before Preliminary expenses, Depreciation & Taxation	2744.69	1,635.57
Less: Depreciation and Preliminary expenses written off	358.91	342.04
Profit Before Exceptional and Extraordinary Items and Tax	2,385.78	1,293.53
Less: Exceptional Items	-	-25.50
Profit Before Extraordinary Items and Tax	2,385.78	1,319.03
Less: Extraordinary Items	-	-
Add / (Less): Prior Period Incomes / (Expenses)	-	-
Add: Excess / (Short) Provision of Taxation for Previous Years	-	-
Profit Before Tax	2,385.78	1,319.03
Tax Expense:
Less: Current Tax	669.71	443.89
Deferred Tax	39.73	-26.98
Excess/Short Provision Written back/off	0.17	3.90
Profit (Loss) for the Year	1,676.17	898.22

REVIEW OF OPERATIONS AND FUTURE OUTLOOK

The Company generated revenue of Rs.12,229.21 Lakhs
during the current year as against revenue of Rs. 10,255.91
Lakhs generated in the preceding year. The operations of the
Company have resulted into post tax profit of Rs.1,676.17 Lakhs
against post tax profit of Rs.898.22 Lakhs in the preceding year.

The product portfolio of Company includes production of
various types of Alcohol viz Rectified Spirit, Neutral Alcohol,
Extra Neutral Alcohol and Denatured Spirit.

The National Policy on Biofuels - 2018, provides an indicative
target of 20% ethanol blending under the Ethanol Blended
Petrol (EBP) Programme by 2030. Currently petrol with 10%
ethanol blend (E10) is being retailed by various Oil Marketing
Companies (OMCs) in India, wherever it is available. The usage
of rectified spirit as a raw material in ethanol production creates
new opportunities for the distillery industry.

DIVIDEND

Owing to the growing business needs and the necessity to

plough back the profits in the business, your directors do not
recommend any dividend for the year.

TRANSFER TO RESERVES

The Board of Directors do not recommend to carry any amount
to reserves. The Board of Directors proposes an amount of Rs.
1676.17 Lakhs to be retained in the statement of profit and loss
account.

WEBLINK OF ANNUAL RETURN

The Company has its website; the link for Annual Return is as
follows https://aurangabaddistillery.com/report.php

NUMBER OF MEETINGS OF THE BOARD

The Board of Directors met Eight (8) times during the year
under review on 1^st April 2022, 27^th May 2022, 26^th June 2022,
6^th September 2022, 1^st November 2022, 14^th November 2022,
23^rd January 2023 and 1^st March 2023 respectively. Notice of
meetings with agenda along with necessary details was sent to
the Directors in time.

Further following are the details with respect to Board meeting attendance by each Director.

Name of Director	Board Meetings held during the tenure of Director	Board Meeting Attended
Mr. Amardeepsingh Sethi	8	8
Mr. Dharampal Kalani	8	6
Mr. Karan Yadav	8	8
Mr. Tanaji Yadav	8	6
Mr. Kanyalal Kalani	8	2
Mrs. Jagjitkaur Sethi	8	6
Mr. Avinash Salunke	8	8
Mr. Prakash Sawant	8	3
Mr. Dilip Mutalik	8	4

COMMITTEES OF THE BOARD

i) Audit Committee

Composition of Audit Committee of the Company as
follows:

Name of the Member	Category
Mr. Prakash Sawant	Chairman [Independent Director]
Mr. Dilip Shriniwas Mutalik	Member [Independent Director]
Mr. Dharampal Kalani	Member [Managing Director]

ii) Nomination and Remuneration Committee

Composition of Nomination and Remuneration Committee
as follows:

Name of the Member	Category
Mr. Avinash Salunke	Chairman [Independent Director]
Mr. Prakash Sawant	Member [Independent Director]
Mrs. Jagjitkaur Sethi	Member [Non-Executive Director]

iii) Stakeholders Relationship Committee

Composition of Stakeholders Relationship Committee as
follows:

Name of the Member	Category
Mr. Avinash Salunke	Chairman [Independent Director]
Mr. Prakash Sawant	Member [Independent Director]
Mr. Dharampal Kalani	Member [Managing Director]

DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with Section 152 of the Companies Act, 2013,
Mr. Dharampal Kimatram Kalani and Mr. Tanaji Haribhau Yadav
are retiring by rotation at the ensuing Annual General Meeting
and being eligible have offered themselves for re-appointment.

Mr. Avinash Salunkhe has re-appointed by the Board of
Directors as an ‘Independent Director’ of the Company for a
period of 1 (One) Year with effect from 13^th November 2022
subject to approval of members of the Company at the ensuing

Annual General Meeting (AGM).

Further, during the year under review Ms. Ankita Gandhi has
resigned as Company Secretary of the Company w.e.f. 31^st
October 2022 and Ms. Komal Shendge was appointed as
Company Secretary of the Company w.e.f. 1^st November 2022.

DECLARATION ON FROM INDEPENDENT DIRECTORS

All Independent Directors have given Declaration that;

a. They meet the criteria for independence as laid down
under Section 149(6) of the Companies Act, 2013, and
Regulation 25(8) read with 16(1)(b) of the Listing Obligation
and Disclosure Requirements, 2015.

b. The Independent Directors have complied with the Code
for Independent Directors prescribed in Schedule IV to the
Act.

In the opinion of the Board, the Independent Directors fulfil
the conditions specified in the Listing Regulations and are
Independent of the Management. Further there has been
no change in the circumstances affecting their status as
Independent Directors of the Company.

NOMINATION AND REMUNERATION POLICY

The Nomination and Remuneration Policy is designed to
attract, motivate, improve productivity and retain manpower, by
creating a congenial work environment, encouraging initiatives,
personal growth and team work, and inculcating a sense
of belonging and involvement, besides offering appropriate
remuneration packages and superannuation benefits. The
policy reflects the Company’s objectives for good corporate
governance as well as sustained long term value creation for
shareholders.

Overall, the Nomination and Remuneration Policy of the
Company demonstrates the company’s commitment to fostering
a conducive work environment, recognizing and rewarding
employee contributions, and ensuring the long-term success
and growth of the organization while upholding principles of
good corporate governance.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013,
the Board of Directors of your Company, to the best of their
knowledge and ability, confirm that:

(a) In the preparation of the annual accounts, the applicable
accounting standards have been followed along with
proper explanation relating to material departures;

(b) The Directors have selected such accounting policies
and applied them consistently and made judgments 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 the period;

(c) The Directors have taken proper and sufficient care for the
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 fraud and
other irregularities;

(d) The Directors have prepared the annual accounts on a
going concern basis;

(e) The Directors have laid down proper internal financial
controls and system which are adequate and are operating
effectively; and

(f) The Directors have devised proper systems to ensure
compliance with the provisions of all applicable laws and
that such systems are adequate and operating effectively.

AUDITORS &THEIR REPORTS

A) STATUTORY AUDITORS

In the 22^nd Annual General Meeting of the Company held
on 30^th September 2022, members of the Company have
appointed M/s. HMA & Associates, Chartered Accountants,
Pune (Firm Registration No.: 100537W) as a Statutory
Auditors of the Company to hold office from the conclusion
of the 22^nd Annual General Meeting for a period of 5 (five)
consecutive financial years i.e., from the conclusion of 22^nd
Annual General Meeting which was held for the financial
year 2022 until the conclusion of the 27^th Annual General
Meeting to be held for the financial year 2027-28.

In response to Auditors’ Report, Para wise explanation by
the management is given below:

i. Point No. 2 (b) of CARO Report ‘Inventory’ - Quarterly
statements are filed with such Banks which are not in
agreement with the books of account, which is as per
the explanations given by the company in Note No. 39
of the Financial Statements of the company.

The details of the differences are as under:

(Rs. in Lakhs)

Periodicity	As submitted to bank	As per books of accounts	Difference
Q-1	7,549.59	7,605.97	-56.38
Q-2	8,434.24	8,330.25	103.99
Q-3	5826.71	6,285.62	-458.91
Q-4	6,105.04	5,990.83	114.21

Management Reply:- The difference is due to change in
method of valuation of inventories as per AS-2 from FIFO
method to Weighted Average method during the year. The
change in the accounting policy was implemented due
to the rate variations in purchase of primary raw material
(Molasses) arising due to its seasonal nature of production.
Such change in accounting policy has decreased the
valuation on inventories by Rs. 188.37 lakhs as on 31^st
March 2023.

B) SECRETARIAL AUDITORS

The Board of Directors had appointed M/s. Prajot Tungare
& Associates, Practicing Company Secretaries as the
Secretarial Auditors of your Company to issue a Secretarial
Audit Report pursuant to Section 204 of the Companies
Act, 2013 for the Financial Year 2022-23.

The Secretarial Auditors have given their report, which is
annexed hereto as “Annexure I”.

Further, as per recommendation of the Audit Committee, the
Board of Director has re-appointed M/s. Prajot Tungare &
Associates, Practicing Company Secretaries as Secretarial
Auditors of your Company in their meeting held on 27^th May
2023 for the Financial Year 2023-24.

The Secretarial Auditors’ Comment/observation -

i. There was some delay in filing e forms with the Ministry
of Corporate Affairs;

Management Reply:- The delay was due to inadvertence.
The Company has taken sufficient precautions so as not
to repeat such instance in future. Further, the said delays
were unintentional and have not affected the interests of
the stakeholders, neither have benefited any persons.

C) COST AUDITORS

The Company is required to have the audit of its cost
records conducted by a Cost Accountant in Practice. In
this connection, the Audit Committee has recommended
to the Board of Directors and the Board of Directors had
approved the appointment of M/s. Dargad & Associates,
Cost Accountants, as Cost Auditors of the Company to
conduct the Cost Audit functions for the Financial Year
2022-23.

Further, as per recommendation of the Audit Committee,
the Board of Director has re-appointed M/s. Dargad
& Associates, Cost Accountants, as Cost Auditors of
the Company to conduct the Cost Audit functions for
the Financial Year 2023-24 subject to rectification of
remuneration of the cost auditor in ensuring Annual
General Meeting.

The Company has maintained cost records as stated in
the provisions of maintenance of Cost Records pursuant
to Section 148 of the Companies Act, 2013 read with
Companies (Cost Record & Audit) Amendment Rules 2014.

D) INTERNAL AUDITOR

The Board of Directors had appointed M/s. S. R. Bakare &
Co., Chartered Accountants as the Internal Auditor of the
Company pursuant to Section 138 and other applicable
provisions, if any of the Companies Act, 2013 for the
financial year 2022-23.

As per recommendation of the Audit Committee, the
Board of Director has re-appointed M/s. S. R. Bakare &
Co., Chartered Accountants as an Internal Auditor of the
Company for the Financial Year 2023-24.

COMPLIANCE OF THE SECREATARIAL STANDARDS
ISSUED BY ICSI

The Board confirms that, during the period under review,
the Company has complied with the applicable Secretarial
Standards to the extend applicable to the Company issued by
the Institute of Company Secretaries of India (ICSI) as amended
from time to time.

DETAILS IN RESPECT OF FRAUDS REPORTED BY
AUDITORS UNDER SUB-SECTION (12) OF SECTION 143 OF
THE COMPANIES ACT, 2013 OTHER THAN THOSE WHICH
ARE REPORTABLE TO THE CENTRAL GOVERNMENT

There were no frauds reported by Auditors under Sub-Section
(12) of Section 143 of the Companies Act, 2013 other than
those which are reportable to the Central Government.

SHARE CAPITAL

The paid-up share capital of the Company as on 31^st March
2023 was Rs. 8.20 Crores. During the year, the Company has
not issued any securities.

PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS

Particulars of loans given, investments made, guarantees given
and securities provided as on 31^st March 2023 are mentioned in
the table herein-below:

(Rs. in Lakhs)

Sr. No.	Particulars	Amount
1.	Loans
	i) Loans given	1,500.00
2.	Details of Investment
	i) Investment in The Saraswat Co-op Bank Ltd	0.26
	ii) Investment in Other	-
3.	Details of Guarantee’s / Securities Provided	-
	Total	1500.26

PARTICULARS OF CONTRACTS OR ARRANGEMENTS
MADE WITH RELATED PARTIES

The transactions entered by the Company with related parties
were in ordinary course of business and at arm’s length basis.
The particulars of transactions entered with related parties are
annexed herewith as “Annexure II” to this report.

MATERIAL CHANGES AND COMMITMENT, IF ANY,
AFFECTING THE FINANCIAL POSITION OF THE COMPANY

No material changes and commitments affecting the financial
position of the Company occurred between the end of the
financial year to which these financial statements relate till the
date of this report. Except that, the Company has received
order from Office of Commissioner, State Excise, State of
Maharashtra, Mumbai on 16^th August 2023 for payment of duty.

The Order has been received by the Company on the grounds
that the Company has released 34,58,175 liters of pure alcohol
for the manufacturing of liquor. Therefore, the Company shall
deposit an amount of Rs.1,435.14 million within 15 days with
the Government. If the said amount is not paid within the
prescribed period, further legal action will be taken by the
Collector, Pune, as per the provisions of Land Revenue Act to
recover the said amount. Further, Form-I license no.6 Unit of
the Company has cancelled. The said Order has effective from
the 21^st August 2023.

However, the Company has filed application for the stay order
in the appropriate court/authority.

Management recognizes that the Company’s future operations
are unlikely to be significantly impacted by COVID-19 due
to widespread vaccination efforts and the Company’s prior

experience with the pandemic. Despite ongoing monitoring of
future economic conditions, the Company maintains a positive
outlook for the upcoming financial year.

CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO

The particulars prescribed under section 134(3)(m) of the
Companies Act, 2013 read with Rule 8 of the Companies
(Accounts) Rules, 2014, are set out in Annexure - III to this
Report.

DEVELOPMENT AND IMPLEMENTATION OF RISK
MANAGEMENT POLICY OF THE COMPANY

The Company has a robust risk management framework
that includes a well-defined risk governance structure and
established processes. It proactively identifies and assesses
all strategic, operational, and financial risks by analyzing the
most up-to-date risk information from both internal and external
sources. This valuable insight is then utilized to plan and
implement risk mitigation activities effectively.

INTERNAL FINANCIAL CONTROLS

The Company has implemented comprehensive procedures
to ensure robust internal financial controls. It consistently
adheres to industry best practices to safeguard its assets,
prevent and detect frauds and errors, maintain the accuracy
and completeness of accounting records, and ensure the timely
preparation of reliable and accurate financial information.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE
COMPANIES AND THEIR POSITION & FINANCIAL
PERFORMANCE

The Company does not have any Subsidiary, Joint venture or
Associate Company.

DEPOSITS

Your Company has not accepted any deposits within the
meaning of Section 73 of the Companies Act, 2013.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
PASSED BY THE REGULATORS OR COURTS IMPACTING
THE GOING CONCERN STATUS AND COMPANY’S
OPERATIONS IN FUTURE PURSUANT TO RULE 8(5)(VII)
OF COMPANIES (ACCOUNTS) RULES, 2014

The Company has not received any significant or material
order passed by regulators or courts or tribunals impacting the
Company’s going concern status or the Company’s operations
in future except below:

The Company has received order from Office of Commissioner,
State Excise, State of Maharashtra, Mumbai on 16^th August
2023 for payment of duty.

The Order has been received by the Company on the grounds
that the Company has released 34,58,175 liters of pure alcohol
for the manufacturing of liquor. Therefore, the Company shall
deposit an amount of Rs.1435.14 million within 15 days with the
Government. If the said amount is not paid within the prescribed
period, further legal action will be taken by the Collector, Pune,
as per the provisions of Land Revenue Act to recover the said
amount. Further, Form-I license no.6 Unit of the Company has
cancelled. The said Order has effective from the 21^st August
2023.

However, the Company has filed application for the stay order
in the appropriate court/authority

MANAGEMENT’S DISCUSSION AND ANALYSIS REPORT

Management’s Discussion and Analysis Report for the
year under review, as stipulated under the Securities and
Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“Listing Regulations”) is
presented in “Annexure-IV” to this report.

PERFORMANCE EVALUATION

The Company has developed a comprehensive policy for
evaluating the performance of the Board, Committees, and
individual Directors, including Independent Directors and
Executive Directors. This policy encompasses various criteria
for assessing the performance of Non-executive Directors and
Executive Directors. The evaluation process takes into account
factors such as Directors’ attendance at Board and Committee
Meetings, understanding of the Company’s business, effective
communication among Board members, active participation,
domain knowledge, adherence to the code of conduct, vision
and strategy, and benchmarks set by global peers. Importantly,
this evaluation process ensures compliance with all relevant
laws, regulations, and guidelines.

Pursuant to the provisions of the Companies Act, 2013, the
Board has carried out performance evaluation of its own
performance and that of its committees and individual Directors.

PARTICULARS OF EMPLOYEES

Disclosure as per Section 197(12) of the Companies Act, 2013
and Rule 5 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 is annexed herewith as
“Annexure - V” to this report.

VIGIL MECHANISM

The Company has a vigil mechanism named as Whistle Blower
Policy of the Company, an avenue to raise concern and access
in good faith the Chairman of the Audit Committee which
provide for adequate safeguard against victimization of person.
The Policy on Whistle Blower Policy is available on the website
of the Company under the weblink www.aurangabaddistillery.
com.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF
WOMAN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013

As per requirements of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013
(SHWWA), the Company has designed and implemented a
comprehensive policy and framework to promote a safe and
secure work environment, where every person at the work place
is treated with dignity and respect. Moreover, the Company’s
policy is inclusive and gender neutral. Further, the complaint
redressal mechanism detailed in the policy ensures complete
anonymity and confidentiality to the parties.

Internal Complaints Committee (ICC) have been constituted as
per the requirement with the highest governance norms. During
the year under review, there was no complaints received
pursuant to the aforesaid Act.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVE

Pursuant to the Section 135(9) of the Companies Act, 2013,
the CSR Committee is not required to be constituted if amount
to be spent by a Company in a year does not exceed Rs. 50
Lakhs. Currently, the CSR liability for the Company is less
than Rs.50 Lakhs. Hence all functions for fulfilling CSR liability
shall be carried out by the Board of Directors of the Company.
And during the year, the CSR Committee of the Company has
dissolved.

However, before dissolution of CSR Committee, the CSR
Committee met 1(One) time during the year i.e., on 6^th
September 2022.

Pursuant to Rule 8 of the Companies (CSR Policy) Rules, 2014
the detailed Report on CSR Activities for the financial year
2022-23 is enclosed as “Annexure- VI”.

INSOLVENCY AND BANKRUPTCY CODE UPDATE

No application has been made / No proceeding is pending
under the Insolvency and Bankruptcy Code, 2016 during the
year under review.

VALUATION FOR ONE TIME SETTLEMENT WITH BANK
AND FINANCIAL INSTITUTION

The Company has not made any valuation for one-time
settlement with Bank and financial Institution. Hence, there is
no reason for elaboration on the said aspect.

OTHER MATTERS

Your directors state that no reporting is required in respect of
the following items for the reasons mentioned therein:

1. There is no change in the nature of business.

2. Neither the Managing Director nor the Whole Time
Directors of the Company receive any remuneration or
commission from any of its subsidiaries.

3. There were no complaints relating to child labour, forced
labour or involuntary labour during the financial year 2022¬
23.

ACKNOWLEDGEMENTS

Your directors place on records their sincere thanks to bankers,
business associates, consultants, and various Government
Authorities for their continued support extended to your
Companies activities during the year under review. Your
directors also acknowledge gratefully the shareholders for their
support and confidence reposed on your Company.

For and on behalf of the Board of Directors of
Aurangabad Distillery Limited

Amardeepsingh Sethi
Chairman & Whole time Director

DIN: 00097644

Date: 4^th September 2023
Place: Chhatrapati Sambhajinagar

---

Mar 31, 2018

The Board of Directors has pleasure in presenting herewith their 18^th Annual Report together with the Audited Financial Statements of your Company for the year ended 31^st March, 2018.

FINANCIAL RESULTS:

The Company''s financial performance for the year under review along with previous year''s figures is given hereunder:

(Amount in Rs.)

Particulars	31st March	31st March
	2018	2017
Total Revenue	50,67,70,559	40,91,15,345
Less: Total expenses	46,67,15,667	39,55,64,513
Profit Before Exceptional And Extraordinary Items And Tax	4,00,54,892	1,35,50,832
Exceptional Items	-	-
Profit Before Extraordinary Items And Tax	4,00,54,892	1,35,50,832
Extraordinary Items	-	-
Add / (Less) : Prior Period Incomes / (Expenses)	-	-
Add : Excess / (Short) Provision of Taxation For Previous Years	-	-
Profit Before Tax	4,00,54,892	1,35,50,832
Tax Expense:
Less : Current Tax	1,21,70,000	27,50,000
Earlier Year Tax	76,966	8,51,628
Deferred Tax	13,78,166	31,05,114
Mat Credit Entitlements	(36,29,431)	-
Profit (Loss) For The Year	3,00,59,191	68,44,090

REVIEW OF OPERATIONS AND DIVIDEND

The Company generated revenue of Rs. 50,67,70,559/- during the current year as against revenue of Rs. 40,91,15,345/- generated in the preceding year. The operations of the Company have resulted into post tax profit of Rs. 3,00,59,191/- against post tax profit of Rs. 68,44,090/- in the preceding year. Owing to the growing business needs and the necessity to plough back the profits in the business, your Directors do not recommend any dividend for the year.

TRANSFER TO RESERVES

Your Company does not propose to transfer amounts to the General Reserve considering the availability of profits during the year under review.

ANNUAL RETURN

The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and Administration) Rules, 2014, is furnished in "Annexure-I" and is attached to this Report.

NUMBER OF MEETINGS OF THE BOARD

The Board of Directors met 5 times during the year under review on 30^th May, 2017, 17^th August, 2017, 29^th September 2017, 13^th November 2017 and 05^th March 2018 respectively. Notice of meetings with agenda along with necessary details was sent to the Directors in time.

Further following are the details with respect to Board meeting attendance by each Director.

Name of Director	Board Meetings held during the tenure of Director	Board Meeting Attended
Mr. Dharampal Kalani	5	5
Mr. Amardeepsingh Sethi	5	5
Mr. Kanyalal Kalani	5	5
Mrs. Jagjitkaur Sethi	5	5
Mr. Gurnamsing Bhatiyani#	4	0
Mr. Karan Yadav*	4	4
Mr. Ashokchandra Dhish	5	5
Mr. Prakash Sawant	5	5
Mr. Tanaji Yadav**	1	1
Mr. Avinash Salunke**	1	1

# Mr. Gurnamsing Bhatiyani vacated his office from 17^th February, 2018.

*Mr. Karan Yadav resigned from 15^th November, 2017; and

**Mr. Tanaji Yadav and Mr. Avinash Salunkhe were appointed w.e.f. 13^th November, 2017.

COMMITTEES OF THE BOARD:

i. Audit Committee Composition of Audit Committee:

The Audit Committee was reconstituted by the Board of Directors in a meeting held on November 13, 2017. The Committee comprises of the following members:

Name of the Member	Category
Mr. Avinash Salunke	Chairman & Independent Director
Mr. Ashokchandra Dhish	Independent Director
Mr. Dharampal Kalani	Managing Director

ii. Nomination and Remuneration Committee

Composition of Nomination and Remuneration Committee:

The Nomination and Remuneration Committee was reconstituted by the Board of Directors in a meeting held on November 13, 2017.The Committee comprises of the following members:

Name of the Member	Category
Mr. Avinash Salunke	Chairman & Independent Director
Mr. Ashokchandra Dhish	Independent Director
Mr. Prakash Sawant	Independent Director

iii. Stakeholders Relationship Committee

Composition of Stakeholders Relationship Committee:

The Stakeholders Relationship Committee was reconstituted by the Board of Directors in a meeting held on November 13, 2017. The Committee comprises of the following members:

Name of the Member	Category
Mr. Avinash Salunke	Chairman & Independent Director
Mr. Ashokchandra Dhish	Independent Director
Mr. Dharampal Kalani	Managing Director

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Mrs. Jagjitkaur Sethi, Director of the Company, retires by rotation and being eligible has offered herself for re-appointment.

The Company had appointed Mr. Avinash Salunkhe, Mr. Tanaji Yadav as Additional Directors of the Company in a Board Meeting held on 13^th November 2017 and Mr. Karan Yadav was appointed as an Additional Director of the Company in a board meeting held on 16^th August, 2018 pursuant to Section 161 of the Companies Act, 2013 (the Act) and they can hold the office till the conclusion of this Annual General Meeting (AGM). The Company has received notice under Section 160 of the Act in writing from the member signifying his intention to be proposed them as a candidate for Directorship.

All Independent Directors have given declarations that they meet the criteria of Independence as laid down under Section 149(6) of the Act.

Mrs. Sheetal Jagetiya resigned from the post of Company Secretary and Compliance Officer w.e.f. 24^th September, 2017 and in her place Mr. Chetan Kumbhojkar was appointed as Company Secretary and Compliance Officer of the Company w.e.f. 29^th September, 2017.

Mr. Gurnamsing Bhatiyani vacated his position from the directorship of the Company w.e.f. 17^th February, 2018.

NOMINATION AND REMUNERATION POLICY

The Nomination and Remuneration Policy is designed to attract, motivate, improve productivity and retain manpower, by creating a congenial work environment, encouraging initiatives, personal growth and team work, and inculcating a sense of belonging and involvement, besides offering appropriate remuneration packages and superannuation benefits. The policy reflects the Company''s objectives for good corporate governance as well as sustained long term value creation for shareholders.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors of your Company, to the best of their knowledge and ability, confirm that:

(a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(b) the Directors have selected such accounting policies and applied them consistently and made judgments 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 & loss of the Company for that period;

(c) the Directors have taken proper and sufficient care for the 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 fraud and other irregularities;

(d) the Directors have prepared the annual accounts on a going concern basis;

(e) the Directors have laid down proper internal financial controls and system which are adequate and are operating effectively.

(f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

AUDITORS & THEIR REPORTS

STATUTORY AUDITORS

M/s. Natesh & Associates, Chartered Accountants, Nashik, were appointed as Statutory Auditors of the Company at the Annual General Meeting of the Company held on 26^th September 2014 to hold office till the conclusion of 19^th Annual General Meeting subject to ratification by shareholders at every Annual General Meeting.

The Statutory Auditors'' Report does not contain any qualification, reservation or adverse remark.

SECRETARIAL AUDITORS

The Board of Directors had appointed M/s. Prajot Tungare & Associates, Practicing Company Secretaries as the Secretarial Auditors of your Company to issue a Secretarial Audit Report pursuant to Section 204 of the Companies Act, 2013 for the financial year 2017-18.

Accordingly, the Secretarial Auditors have given their report, which is annexed hereto as "Annexure II".

Auditor comments/ observation:

i. Scrutinizer Report was not submitted within 48 hours from the conclusion of annual general meeting

ii. Financial results for Quarter ended 30.09.2017 was not submitted within 30 minutes.

iii. Brief profile of Directors/ KMP was not submitted with the intimation letter.

Management Reply-

i. Last Annual General Meeting of the Company was held on Friday, 29^th September, 2017 and next two days being festival and weekly off for the RTA of the Company, the data required for filing voting results to Exchange was not available. Results were intimated to Exchange on immediate next working day.

ii. Due to technical difficulties there was delay in filing financial results to Exchange.

iii. The Company has submitted its reply on the clarifications sought on the profile of Directors and KMP appointed in the Company.

COST AUDITORS

The Company is required to have the audit of its cost records conducted by a Cost Accountant in Practice. In this connection, the Audit Committee has recommended to the Board of Directors and the Board of Directors has approved the appointment of M/s. A. J. Paranjape & Co., Cost Accountants, as Cost Auditors of the Company to conduct the Cost Audit Functions for the financial year 2018-19.

As required under the provisions of Companies Act, 2013, a resolution seeking members approval for the remuneration payable to the Cost Auditors forms part of the Notice convening the Annual General Meeting of the Company.

SHARE CAPITAL

The paid up share capital of the Company as on 31^st March, 2018 was Rs. 8.20 Crores. During the year under review the Company has not issued any types shares.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

There were no loans, guarantees or investments made by the Company as referred under the under the provisions of the section 186 of the Companies Act, 2013 during the year, and hence the said provision are not applicable to the Company.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

The transactions entered by the Company with related parties were in ordinary course of business and at arm''s length basis. The particulars of transactions entered with related parties are annexed herewith as "Annexure III" to this report.

MATERIAL CHANGES AND COMMITMENT

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which financial statements relate and on the date of this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The Particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Act, are provided in "Annexure IV" to this report.

DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANY

The Company has a robust risk management framework comprising risk governance structure and defined risk management processes. The Company identifies all strategic, operational and financial risks that the Company faces, by assessing and analyzing the latest trends in risk information available internally and externally and uses the same to plan for risk mitigation activities.

INTERNAL FINANCIAL CONTROLS

The Company has adopted adequate procedures for ensuring the internal financial controls. The Company adheres to best practices for safeguarding its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and timely preparation of reliable and accurate financial information.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVE

The provisions of Section 135 of the Companies Act, 2013, are not applicable to the Company hence Company has not developed and implemented any Corporate Social Responsibility initiatives.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES AND THEIR POSITION & FINANCIAL PERFORMANCE

The Company does not have any Subsidiary, Joint venture or Associate Company.

DEPOSITS

Your Company has not accepted any deposits within the meaning as provided in the Companies Act, 2013.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant material orders passed by the courts / regulators or tribunals impacting the going concern status and companies operations in future.

MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT

Management''s Discussion and Analysis Report for the year under review, as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") is presented in "Annexure V" to this report.

PERFORMANCE EVALUATION

The Company has devised a Policy for performance evaluation of the Board, Committees and other individual Directors (including Independent Directors) which includes criteria for performance evaluation of the Non-executive Directors and Executive Directors. The evaluation process inter alia considers attendance of Directors at Board and committee meetings, acquaintance with business, communicating inter se board members, effective participation, domain knowledge, compliance with code of conduct, vision and strategy, benchmarks established by global peers, etc., which is in compliance with applicable laws, regulations and guidelines.

The Board carried out annual performance evaluation of the Board, Board Committees and Individual Directors and Chairperson. The Chairman of the respective Board Committees shared the report on evaluation with the respective Committee members. The performance of each Committee was evaluated by the Board, based on report on evaluation received from respective Board Committees.

PARTICULARS OF EMPLOYEES

Disclosure as per Section 197 (12) of the Companies Act, 2013 and Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as "Annexure- VI" to this report.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

In this regard, Internal Complaints Committee has been set up to redress complaints. During the year under review, there were no complaints received pursuant to the aforesaid Act.

ACKNOWLEDGEMENTS

Your Directors place on record their sincere thanks to bankers, business associates, consultants, and various Government Authorities for their continued support extended to your Companies activities during the year under review. Your Directors also acknowledges gratefully the shareholders for their support and confidence reposed on your Company.

For and on behalf of The Board of Directors

Aurangabad Distillery Limited

Amardeepsingh Sethi

Chairman & Whole time Director

DIN: 00097644

Date: 16^th August, 2018

Place: Pune