Globus Spirits Limited

Annual Report 2023-24

2023-24 Annual Report 1

 Contents
02
02 Corporate
Corporate Information
Information

24
03 Chairman’s
Chairman’s Message
Message

25
24 Financial
Financial Highlights
Highlights

26
25 Board’s
Board’s Report
Report

38
37 Secretarial
Secretarial Audit
Audit Report
Report

41
42 Management
Management Discussion
Discussion &
& Analysis
Analysis

50
50 Report
Report on
on Corporate
Corporate Governance
Governance

64
64 CEO
CEO &
& CFO
CFO Certification
Certification

65
65 Business
Business Responsibility
Responsibility &
& Sustainability
Sustainability Report
Report

91
97 Auditor’s
Auditor’s Report
Report on
on Financial Statements
Consolidated Financial Statements

100
105 Financial Statements
Consolidated Financial Statements

104
152 Notes Forming
Auditor’s ReportPart of the Financial
on Standalone Statements
Financial Statements

163 Standalone Financial Statements

2 Globus Spirits Limited 2023-24 Annual Report 1

 Corporate Chairman’s
Information Message
Chairman Dear Shareholders,
Mr. Sunil Chadha
(Non Executive & Independent Director) It has been yet another year filled with geopolitical tensions, and Umbrella brand: As a testament to our deep-rooted strengths,
their consequences on several developed economies. Economic we have evolved into one of India’s most reputed liquor brands.
Managing Director
Mr. Ajay Kumar Swarup activity continued to grow steadily after inflation declined from its Several recently launched craft spirits have gained traction and
peak in mid-2022, despite warnings of stagflation and recession. are performing well, such as Terai - India Dry Gin, Snoski - a
Joint Managing Director Although major advanced economies have raised their interest highly unique crafted vodka, and Mountain Oak - an exclusive
Mr. Shekhar Swarup
rates significantly to restore price stability, the unexpected blend of Scotch malts and select Indian grain spirits. With
Executive Director economic resilience also reflects the ability of households to this vote of confidence, we have been able to enter untapped
Dr. Bhaskar Roy draw on substantial savings. categories like Read to Drink and Beer.

Non-Executive Director Globalization and interconnected economics created operating Optimum utilization of incremental Manufacturing
Mr. Ajay B Baliga challenges for your company as well. And yet your company Capabilities: As a result of our focus on deficit states in the

Independent Directors continued to show resilience in the face of those challenges. ENA, we have a lot of pricing power and opportunity to profit.
Mr. Amit Bhatiani With raw material costs increasing throughout the fiscal year, Government policies focused on ethanol blending will continue
Ms. Ruchika Bansal we managed to partially mitigate the impact on margins by to drive demand for bulk alcohol in the manufacturing segment.

implementing a risk mitigation framework.
Key Managerial Personnel Creating a circular economy: Using the cash flow from the
Mr. Santosh Kumar Pattanayak : Company Secretary
In recent years, your company has been able to compete manufacturing business and enriching the consumer business
Mr. Nilanjan Sarkar : CFO
effectively in both the mass and premium markets due to an has always been the goal. Investing in a sustainable business
Auditors hourglass-shaped market for consumers. By leveraging the model in the Prestige & Above segment is one of our long-term
M/ s. Walker Chandiok & Co LLP inherent strength of our product portfolio and operational agility, growth objectives.
Chartered Accountants
21st Floor, DLF Square we believe we will be able to move forward and enter two new
Risk Mitigation: Our margins were affected by inflationary
Jacaranda Marg, DLF Phase II markets, beer and ready-to-drink.
Gurgaon — 122002 pressures on the raw material during the year. Our strategy
Our business is diversified geographically, and we strive to is to move towards maize, which will help us improve our
Bankers identify market trends and new cohorts of consumers to ethanol realizations. Such measures, along with internal cost
State Bank of India, HDFC Bank, Axis Bank, Kotak Mahindra Bank,
continually improve our performance. Creating a sustainable rationalisation measures will help in the medium to long term.
ICICI Bank, SVC Co-operative Bank
business is our vision, and for that, we must be guided by these
Investing strategically in capacity and premiumization, your
Registered office : principles:
F-0, Ground Floor, The Mira Corporate Suites, company continues to build a strong platform across the
Plot No.1&2, Ishwar Nagar, Mathura Road, New Delhi – 110065 Premiumization Journey: As we prepared to take the next value chain. We believe that the Indian consumption story will
big leap in our growth journey, we brought more innovation, continue to drive strong growth in all of our markets.
Registrar & Share Transfer Agents
Link Intime India Private Limited distinctiveness, and brand excellence into our value proposition
I would like to once again place on record, our sincere
Noble Heights, 1st Floor, Plot No. N.H-2, LSC, C-1 Block, as the alcohol industry is moving towards premiumization, we
Near Savitri Market, Janakpuri, New Delhi-110058 gratitude to all our employees, customers, partners, and
wish to capitalize on this trend. Through exceptional innovation,
other stakeholders that continue to support the Company’s
we have added new layers of excitement to our Prestige & Above
Stock Exchanges where : 1) Bombay Stock Exchange endeavours.
the Company is listed : 2) National Stock Exchange portfolio. With our strategy, we have already seen success in the
transition from Value to Value Plus in recent years, and we aim to Sd/-
Website : www.globusspirits.com replicate this success in the Prestige & Above segment. Chairman.

2 Globus Spirits Limited 2023-24 Annual Report 3

 ENAbling
Excellence
Excellence
Through our
Through our commitment
commitment to
to performance
performance we
we have
have been

......Product Product
......ENAbling excellence by producing
excellence and using
by producing and
highest
using qualityquality
highest of “ENA” or Extra
of “ENA” Neutral
or Extra Alcohol
Neutral Alcohol

......MarketingMarketing
......ENAbling by pioneering
excellenceexcellence bybranding at
pioneering
the bottom
branding at of
thethebottom
pyramid
of ‘Value and Value
the pyramid Plus’
‘Value andmarket
Value
and creating
Plus’ innovative
market and ‘Premium’
creating innovativebrands
‘Premium’ brands

......Organizational
......ENAbling achieved through
excellence excellence
Organizational our
achieved
unique 360°
through business
our unique model,
360° allowing
business for high
model, capacity
allowing for
utilization
high capacity utilization

......Manufacturing
......ENAbling excellence
Manufacturing by byestablishing
excellence establishing
world-class, fully integrated, earth-friendly distilleries that
world-class,
produce reliable
produce reliable products
products at
at better
better efficiencies
efficiencies

4 Globus Spirits Limited 2023-24 Annual Report 5

2023-24 Annual Report 5
Product Marketing
Excellence Excellence
The Extra Neutral Alcohol that is fractioned in our It was a milestone year for us as the overall Premium
multi-pressure columns assures higher purity than volumes crossed 24 lakh cases in FY23.
FY24.
conventional re-distillation techniques thereby providing
safer and better tasting beverages, In addition, stringent We envisage becoming PAN India leaders in Premium
controls over the natural fermentation process ensures alcohol, making the most of opportunities emerging in
new markets.
that every batch of ENA is ENAbling excellence, day
after day.
Our premium segment is ENAbling excellence by
creating a disruption in the market with a robust
In fact, we were the 1st company to use this high-quality
portfolio of differentiated brands providing value
ENA for producing IMIL even before the Government
propositions for consumers. The Company is focusing
started to mandate it. on growing this high-margin, low-volume fast-growing
premium segment which has hitherto been dominated
Ethanol will grow the company’s top line due to the by a few selected brands. The sharp rise in
recent expansion in West Bengal and Jharkhand. The discretionary spending, increasing number of aspiring
government’s initiative of 20% blending of petrol in the consumers and lack of options for consumers make
country by 2025 has given us an opportunity. this category particularly attractive. Backed by an
experienced team having a strong track record of
creating successful brands, we are poised to leverage
these trends.

6 Globus Spirits Limited 2023-24 Annual Report 7

2023-24 Annual Report 7
 TERAI Dry Gin Snoski Vodka

TERAI India Dry Gin is an award-winning, one-shot, A highly unique vodka crafted from alcohol distilled
copper pot distilled London Dry style gin. This grain- from the finest winter grains grown in the verdant
to-glass gin is distilled at the India Craft Spirit Co., environments of Himalayan Highlands. After a
the first-of-its-kind boutique craft distillery in India, in rigorous selection process, the grains are subject to
Behror, Rajasthan. the most advanced fermentation and multiple -stage
distillation process to extract the purest form of
The base of TERAI is a rice spirit, created to our alcohol for preparing the vodka.
specifications from our sister distillery, which gives us
complete control over the quality of our gin. This vodka is then passed through a select grade of
activated charcoal made from coconut shell to ensure
11 select botanicals — Juniper berries, Tulsi or Holy a smooth superior vodka that provides comfortable
Basil, Fennel, Coriander, Lemon peel, Orange peel, warmth and texture on the plate.
Lavender, Rose, Almond, Angelica and Orris root
- add flavour and aroma and are represented in an
embossed wreath on the TERAI label.

Together they create a distinctive lush, green

herbaceous spirit with fresh citrus and a dry, delicate
floral finish.

Mountain Oak Seventh Heaven Blue

Recently launched ‘Mountain Oak’ Whisky. An Seventh Heaven Blue is a rare blend of aged premium
exclusive blend of Scotch malts and select Indian scotch and finest Indian malts. Blended to perfection
grain spirit.
and rested to marry over time resulting in a smooth
whisky. Each blend is duly approved and certified by
our master blender.

Seventh Heaven Blue Ultra Premium Grain Whisky

awakens your senses with a unique and exquisite
palate experience.

8 Globus Spirits Limited 2023-24 Annual Report 9

8 Globus Spirits Limited 2023-24 Annual Report 9
 Governors’ Reserve Blue Governors’ Reserve Red

Governors’ Reserve Blue Blended with finest Presenting a unique expression of art by our master
imported scotch malts and matured indian spirits. blender. This blend has been arrived after years of
Iconic reserve whisky for personal collection. exploring combinations with the best scotch and malt
whiskies across the world.

This unicorn of whiskies has a distinct personality and

character. It is a perfectly balanced, light bodied
whisky having an exceptional flavor and aroma.
Governors Reserve is his tribute to the art of blending.

“Oakton” Barrel Aged Value & Value Plus

“Oakton” Meticulously handcrafted to perfection by Our product excellence has ENAbled us to pioneer branding in the Value and Value Plus space. As a first for the
our master blender and matured in oak barrels. industry, we gave the bottom of the pyramid consumer a better tasting product, along with superior packaging that
Mellow, smooth and full-bodied ensuring a well the consumers otherwise expect from other FMCG lines. This has led to a higher value perception of our brands.
rounded palate experience and enjoyable peaty Little wonder then, that every day we are redefining ‘country liquor’ in India. Endeavour has been to revolutionize the
aroma country liquor space with various offerings at different price points.

White Lace Black Lace Globus Green Regal Estate County Club Samurai

10 Globus Spirits Limited 2023-24 Annual Report 11

10 Globus Spirits Limited 2023-24 Annual Report 11
 Plant Locations
Globus Spirits Limited,
Vill: Shyampur, Tehsil: Behror, Dist: Alwar, Rajasthan

Haryana Organics (A u/o Globus Spirits Limited),

4K.M., Chulkana Road, Vill: Samalkha, Dist: Panipat, Haryana

Associated Distilleries (A u/o Globus Spirits Limited),

National Highway, Hisar Bye-pass, Hisar, Haryana

Globus Spirits Limited,

Vill: Duduha, Tehsil : Jandaha, Dist: Vaishali, Bihar

Globus Spirits Limited,

Plot B-7, Panagarh Industrial Area,
Panagarh, Dist: Burdwan, West Bengal

Globus Spirits Limited,

Vill : Olda, Block-Baharagora, Tehsil: Ghatshila,
Dist:East Singhbhum, Jharkhand

Globus Spirits Limited

Vill ; Abbaspur, Aurangabad, Tehsil-Mitauli,
Dist: Lakhimpur Kheri, Uttar Pradesh

12 Globus Spirits Limited 2023-24 Annual Report 13

2023-24 Annual Report 13
 Organizational
Excellence
Led by a blend of experience- RIGHT PARTNERS RIGHT TEAM
led wisdom and youthful We believe strong partnerships, A strong team, unified in its
exuberance, Globus Spirits whether it be in the form of vision, is critical to the success
operates with high standards of relationships with customers, of any organisation. Over the
Corporate Governance creating employees or investors, are years, we have built a dynamic
value for all of its stakeholders. critical in growth of a company. and robust team backed by
We have tirelessly worked deep industry experience,
RIGHT STRATEGY towards building the right kind reflected in a well-defined and
Our unique 360-degree business of partnerships and have effective organisation structure.
model has been perfected over established deep relationships The spends are really on
two decades. Our approach with stakeholders. creating teams and capabilities.
allows for greater control Around~2.5 years back Mr.
on quality of our consumer RIGHT VALUES Paramjit Singh Gill, CEO,
products and higher utilization We operate on high standards Consumer Division has joined us
of ENA facilities enabling us to of governance, fair and to scale up the consumer
generate healthy returns. The transparent in all our dealings business.
strategy is to get stronger in the whether internally or with our
manufacturing business which customers, suppliers, and
is the backbone of the company dealers. We encourage a culture
which gives us the confidence of participation and truthfulness.
to target the consumer business
and invest in it.

14 Globus Spirits Limited 2023-24 Annual Report 15

Manufacturing State-of-the-Art
Excellence Manufacturing Units (1/5)
Our manufacturing facilities are ENAbling excellence
by maximising yields from raw material. Our fully
Distilleries Across 05 States with a
765 KLPD
Total Capacity of 885
Behror (Rajasthan) Plant
operational production units allow us to maximise
alcohol yield while maximising production of by-
products leading to complete utilisation of the raw Capacity: 54.4
Capacity: 54.4 Mn
Mn Ltrs
Ltrs
material.
Total Capacity:
Total Capacity: Products
Products: :Value,
Value, Value Plus, IMFL
Value Plus, IMFLLiquor
Liquor
; ;
These facilities are also ENAbling a clean environment
765 KLPD
885 KLPD
with a zero-pollution footprint and cogeneration of ENA, Ethanol
ENA, Ethanoland
and other By-products(Mainly
other By-products (Mainly AFS)
AFS)
power using renewable biomass as fuel.

Lakhimpur Kheri, Uttar Pradesh

Combined together with the experience of our Capacity:Plant
Bottling 85 KLPD
Samalkha, Haryana
leadership team, we can state proudly that our ability Capacity: 140 KLPD Dhandua, Bihar

to run distilleries in India is unparalleled.

Capacity: 85 KLPD

Behror, Rajasthan
Capacity: 160 KLPD

ENAbled excellence in our manufacturing facilities

helped us achieve in Fiscal 2024:
2023:

•
l ~257 million
~301 million litres
litres or
or ~885
~765 KLPD
KLPD of
of production
production
Panagarh, West Bengal
with zero
with zero discharge
discharge Capacity: 300
240 KLPD

Behragoda, Jharkhand
•
l End to
End to end
end production
production ofof~4
~3million
million cases
cases of
of Capacity: 140
200 KLPD

bottled beverages
bottled beverages

•
l ~90% utilization
~90% utilization of operating
of operating capacity capacity,
(Disruptions in the Haryana facility led to lower
l utilization)relationship with India’s top 2 IMFL
Healthy
companies ensures steady offtake
• Healthy relationship with India’s top 2 IMFL
companies ensures steady offtake

16 Globus Spirits Limited 2023-24 Annual Report 17

18 Globus Spirits Limited 2023-24 Annual Report 19
 State-of-the-Art State-of-the-Art
Manufacturing Units (2/5) Manufacturing Units (3/5)
Samalkha (Haryana)
Samalkha (Haryana) Plant
Plant Panagarh (West
(West Bengal)
Bengal) Plant
Plant

Capacity:
Capacity: 47.6 MnLtrs
47.6 Mn Ltrs Capacity:
Capacity: 81.681.6 Mn tillLtrs
Mn Ltrs Feb(scale
2024up
& to 102.0
102.0 Mn Mn
Ltrs Ltrs by Q1FY24)
Effective March 2024

Products
Products:: Value,
Value, Value Plus, IMFL
Value Plus, IMFLLiquor
LiquorFranchisee
FranchiseeIMFL;
IMFL; Products
Products:: Value, Plus, IMFL
Value, Value Plus, IMFLLiquor
LiquorFranchisee
FranchiseeIMFL;
IMFL;
ENA,
ENA,Ethanol
Ethanol and Other By-products
and Other By-products(mainly
(mainlyAFS)
AFS) ENA,
ENA,Ethanol
Ethanol and Other
Other By-products
By-products(mainly
(mainlyAFS)
AFS)

18 Globus Spirits Limited 2023-24 Annual Report 19

20 Globus Spirits Limited 2023-24 Annual Report 21
 State-of-the-Art State-of-the-Art
Manufacturing Units (4/5) Manufacturing Units (5/5)
Hajipur (Bihar)
Hajipur (Bihar) Plant
Plant Baharagora
Baharagora (Jharkhand) Plant
(Jharkhand) Plant

Capacity: 28.9 Mn Ltrs (scale 28.9

Capacity: up toMn35.4
Ltrs Mn Ltrs by Q1FY24) Capacity:
Capacity: 47.6
47.6 Mn till
Mn Ltrs Ltrs
Feb(scale
2024 up to Mn
& 68 68 Ltrs
Mn Effective
Ltrs by March
Q1FY24)
2024

Products : Ethanol
Products: Ethanol and Other By-products
and Other By-products (mainly
(mainly AFS)AFS) Products : ENA,
Products: ENA, Ethanol and Other
Ethanol and OtherBy-products
By-products(mainly
(mainly AFS)
AFS)

20 Globus Spirits Limited 2023-24 Annual Report 21

22 Globus Spirits Limited 2023-24 Annual Report 23
 360°
360° EXPANSION
EXPANSION
IN
IN FY
FY 24
24
01
01 02
02 03
03 04
04 05
05 06
06
MAINTAINED STEADY ACHIEVED ROBUST LEADING VALUE PROGRESSING FINANCIAL
SIGNIFICANT PERFORMANCE PERFORMANCE IN SEGMENT INTO HIGHLIGHTS*
HIGHLIGHTS*
MARKET SHARE IN OF PRESTIGE BULK ALCOHOL PLAYER WITH PREMIUM LIQUOR Strong
Strong growth
growth ofof 34%
12% YoY
YoY
VALUE
RegularSEGMENT
& FRANCHISEE
BUSINESS WITH PRODUCTION WITH FOOTPRINT IN 4 SEGMENT to reach total income (net of
to reach total income (net of
excise duty) of `21.1 Bn
IN STATES
Other OF
SEGMENT BUSINESS
GROWTH OFWITH
84% VOLUME CAGR OF~5% STATES
STATES excise duty) of `24 Bn
Present
Present inin 08
08markets
marketswith
witha a
PRESENCE WITH
IN STATES OF VOLUMES AT DURING
OF~14% FY19-23
IN FY23-24 portfolio
portfolio of
of 99 brands
brands
EBITDA of ` 2,534 Mn and
EBITDA of ` 1,838 Mn and
PAT of `1,222 Mn
TOTAL SALES
PRESENCE OF
WITH ~3 MN CASES PAT of `967 Mn
Sustained high utilization levels
~14.4
TOTALMN CASES
SALES OF due
due to
to 360°
360° approach
approach
Sound balance sheet
Sound with
position balance sheet
a debt-equity
~14.2 MN CASES position with
ratio of 0.3x a debt-equity
~257mn Bulk
Total capacity of ~301mn
ratio of 0.33x
Litres
Litres of
of alcohol
alcohol

22 Globus Spirits Limited 2023-24 Annual Report 23

Historical Financials Board’s
Report
Net Revenues (` Crore) Segment Revenue Split
To the Members In Fiscal 2024, your Company reported a growth of 15% in
2,415 net revenues to reach ` 2,415crore due to performance in the
Your Board of Directors are pleased to present the 31st Annual
2,109 manufacturing and consumer segment, and EBITDA stood
Report and Audited Accounts for the year ended 31st March,
at ` 184crores. EBITDA margins were at 8% due to the higher
2024.
1,579 input costs, and investments in the IMFL segment. Net profit
41%
1,169 1,231 65% 58% 65% 56% FINANCIAL PERFORMANCE stood at ` 97Crores in the year under review.
(` In Lakhs)
The share of consumer business was 34% in Fiscal 2024. The
59%
35% 42% Particulars Current Year Previous Year Company continued to perform well in its key markets like
35% 34%
(2023-24) (2022-23) Rajasthan with higher growth in the Value Plus (Medium Liquor)
FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 Standalone Consolidated Standalone and continues to be the market leader, in this segment we enjoy
Total Revenue 316072.47 316075.47 283029.79 a healthy EBITDA margin which leads to strong return ratios and
Consumer Manufacturing
is a fast-moving cash-cycle with a low asset base which helps
Total Expenses 306907.50 307004.43 265023.10
us to invest in company’s future growth opportunity which is
Profit before 9165.47 9071.04 18006.69
the Prestige & Above segment. In Fiscal 2024, the sales from
Exceptional
EBITDA (` Crore) Profit after Tax (` Crore) items & Tax the IMFL segment picked up and contributed 6% of the top
187
Less: Provision (509.42) (532.85) 5786.89 line of consumer revenue. We have been able to enter brand
335 new categories such as the Read to Drink category, as well as
for taxation
144 including the Beer category thanks to this vote of confidence. A premium
262 253 122 Deferred tax segment currently contributes 2% of your company’s revenue,
184 97 Profit/ (Loss) 9674.88 9603.89 12219.80 and the company believes it will contribute to its next phase
after tax of growth. Your company has developed a strong portfolio of
129
50 Basic EPS 33.58 33.33 42.43 Prestige & Above segment brands, with six brands spread
Diluted EPS 33.51 33.26 42.39 across six states. In the upcoming year, several launches of
new products in select markets and existing products in new
PERFORMANCE OVERVIEW
FY20 FY21 FY22 FY23 FY24 FY21
markets will be planned and executed.
FY20 FY22 FY23 FY24
During the year under review the company reported a growth of
The share of the manufacturing business was 66% in Fiscal
11% in revenue as compare to previous year and PBT has been
2024. It witnessed a growth of 17% as the plants were running at
decreased by Rs.88crores from the previous year and also PAT
optimum utilisation and raw material prices increased which we
has been decreased by 20% from the previous year. The Basic
Net Worth (` Crore) EPS EPS of the Company is ` 33.58/- as compared to ` 42.43/-
partially passed on because of the strong nature of our business.
65.01 Our incremental capacities of 60 KLPD each at Jharkhand and
in the previous year and the Diluted EPS of the Company is
972 West Bengal will be operational from Q1 of FY25 and we expect
887 ` 33.51/- as compared to ` 42.39/- in the previous year.
50.01 further boost in topline from here on. There is no doubt that your
772
42.4 THE YEAR IN PERSPECTIVE company’s strong presence in the manufacturing sector is the
491 33.32 backbone of the business.
In Fiscal 2024 the global economy remained resilient even
450 though there were many disruptions like Inflation spiked following As a manufacturing company with a solid foundation, we are
18.51 a Russian-Ukraine war, followed by a globally synchronized confident in exploring opportunities in the consumer segment.
tightening of monetary policy, and attacks on commercial
DIVIDEND
shipping in the Red Sea which led to a rise in global freight rates.
However, India has shown resilience and is poised for further Your Directors are pleased to recommend dividend of Re. 3.50/-
FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 growth because of the strong economic policies in place. i.e. 35% per equity share of the company for the year 2023-24.

24 Globus Spirits Limited 2023-24 Annual Report 25

 PUBLIC DEPOSITS AUDITORS Meeting (‘AGM’) as per the provision of Section 148(3) of the PARTICULARS OF EMPLOYEES
Pursuant to the provisions of Section 139 (1) and (2) of the Act Act 2013.
The Company has neither accepted nor Invited any deposits Statement pursuant to u/s 197 (12) of the Companies Act, 2013
2013, M/s Walker Chandiok & Co. LLP, Chartered Accountants,
from public under the provisions of Section 73 of the Companies SECRETARIAL AUDIT read with the Companies (Appointment and Remuneration of
New Delhi, having ICAI Firm Registration No. 001076N/N500013,
Act, 2013 read with the Companies (Acceptance of Deposit) Managerial Personnel) Rules, 2014, the particulars of top ten
the Statutory Auditors of the Company was appointed in 30th Secretarial Audit Report has been annexed herewith and forms
Rules 2014 and as such, no amount on account of principal or employees are as follows :-
AGM of the company to hold office till the conclusion of 35th AGM part of the this Report.
interest on deposits from public was outstanding as on the date
of the Company at the remuneration to be fixed by the Board of
of the balance sheet.
Directors / senior management of the Company, in addition to Particulars of Top Ten Employees:
DIRECTORS AND KEY MANAGERIAL PERSONNEL applicable taxes and actual out of pocket expenses incurred in
Name Designation Nature of Age Date of Qualifications Previous %age of Gross
Mr. Santosh Kumar Bishwal, Mr. Kunal Agarwal and Mr. Vivek connection with the audit of the accounts of the Company. Employment Joining & Experience Employment Equity Remuneration
Gupta, have resigned from the Board of Directors of the shares held
AUDITORS’ REPORT
company w.e.f. 30th May 2024. The Board of Directors places Ajay Kumar Managing Permanent 65 16-Jan-1993 PGDBM (40 years M/s SVP 0.08% 39375000
The Auditors in their report have given a qualification and the Swarup Director of experience) Industries Ltd.
on record its appreciation of the valuable contribution made
response of your Directors with regards to it is as follows : Shekhar Joint Permanent 38 27-Oct-2008 Degree in N.A. 0.13% 33750000
by them. Further, Mr Amit Bhatiani has been inducted in the Swarup Managing Business &
Board as an Independent Director and Mr. Sunil Chadha has During the year ended 31 March 2023, the Income Tax Director Management
been appointed as Chairman of the Board of Directors of the Department had carried out search and seizure operation at (17 years of
company w.e.f. 30th May 2024. the head office and other premises of the Company from 30th experience)
Paramjit CEO- Permanent 63 01-Nov-2020 M.Phil – Decision M/s Allied 0.05% 24192004
January 2023 to 03rd February 2023 under section 132 of
Dr. Bhaskar Roy, Executive Director of the company, retire by Singh Gill Consumer making, Blenders &
the Income-tax Act, 1961 (‘IT Act’). Subsequent to year end, Division knowledge Distillers Ltd.
rotation and being eligible offer himself for re-appointment. The
the Company has received assessment orders for the last 10 management &
Board recommends his re-appointment.
assessment years in the first week of April’24 disallowing certain values (34 years of
SUBSIDIARY COMPANY experience)
expenses resulting in an aggregate tax impact of ` 5,649 lacs
R.K. Malik President Permanent 67 15/Aug/2000 MBA (46 years of M/s Golden 0.00% 10719996
Your Company has one subsidiary viz., M/s Bored Beverages (including interest). The Company has no tax demand for the
(Operation- experience) Bottling
Private Limited (Indian subsidiary). AY 2014-15 to AY 2020-21 and for the remaining 3 years, the North)
amount of tax demand is ` 4,093 lacs, out of which ` 532 lacs Bhaskar Roy Executive Permanent 62 04-Oct-2005 Mcom, FCA, M/s Saraya 0.00% 10260000
In terms of proviso to sub section (3) of Section 129 of the Act, was paid as self-assessment tax during the quarter ended on Director & PHD (35 years of Industries
the salient features of the financial statement of the subsidiary is 31 December 2023. The Company has filed an appeal u/s 246A COO experience) Limited
set out in the prescribed form AOC-1, which forms part of the Nilanjan CFO Permanent 53 01-Sep-2021 ICWA (28 years of M/s Allied 0.00% 9720000
of the IT Act for all the assessment years covered by the order
annual report. Sarkar experience) Blenders &
and has paid ` 2,511 lacs under protest. The management has Distillers Private
CORPORATE GOVERNANCE appointed an independent firm to review these disallowances Limited
and report to Audit committee and the Company has been Rajesh Fanda Business Permanent 53 24-Nov-2022 PG- Deploma M/s Alcobrew 0.00% 8559996
As per requirement of SEBI (Listing Obligations and Disclosure Head – in Retail Distilleries India
legally advised that the tax demand may not be sustainable at the
Requirements) Regulations, 2015, a Compliance Report on Emerging Management Limited
appellate forums. While the outcome is awaited, based on legal
Corporate Governance has been annexed as part of the Annual Market (30 years of
advice and company’s preliminary assessment, management experience)
Report.
has determined that no material adjustments are needed with Amitabh Vice President Permanent 57 16-Apr-2013 B.Sc. Engineering M/s Radico 0.00% 8559996
CORPORATE SOCIAL RESPONSIBILITY (CSR) respect to the aforementioned matter in the financial results. Singh (33 years of Khaitan Limited
experience)
The CSR Policy of the Company and the details about the COST AUDIT & COST AUDITOR Pankaj Tyagi Vice President Permanent 50 14-May-2015 B.Sc. Engineering M/s 0.00% 7696008
initiatives taken by the Company on CSR during the year as per Your Company is required to maintain the Cost records as (26 years of Brahamaputra
the Companies (Corporate Social Responsibility Policy) Rules, experience) Biochem Pvt.
required under Section 148(1) of the Act and accordingly, such Ltd.
2014 have been disclosed in Annexure-II to this Report. Further accounts and records are maintained by the Company. The Akhil Arora Sr. V. P. - Permanent 43 30-May-2022 PG in IRMA M/s Suguna 0.00% 7560009
details of composition of the Corporate Social Responsibility Board of Directors appointed M/s JSN & Co., Cost Accountants, Commercial (over 21 years of Foods
Committee and other details are provided the Corporate having Firm’s registration no. 455, its office at 462/1, 1st Floor, experience)
Governance Report which forms part of this report. The policy Old MB Road, Lado Sarai, New Delhi-110030, as Cost Auditor Notes:
on Corporate Social Responsibility as approved by the Board
for conducting the Cost Audit for the financial year 2024-25. 1. The percentage of equity share holding mentioned as above is as on 31st March 2024.
of Directors is available on the website of the Company www. 2. None of the Directors or employees are inter related to each other except Sh. Ajay K. Swarup, Managing Director of the
The audit committee recommended their appointment and
globusspirits.com. company is the father of Sh. Shekhar Swarup, Joint Managing Director of the company.
remuneration. The Company has also received necessary
NOMINATION AND REMUNERATION POLICY certificate under Section 141 of the Act 2013 conveying their
eligibility for re-appointment. The remuneration fixed by the
The Nomination & Remuneration Policy as approved by the
board, based on the recommendation of the audit committee
Board on recommendation of the Nomination & Remuneration
is required to be ratified by the members at the Annual General
Committee is available on website of the Company www.
globusspirits.com.

26 Globus Spirits Limited 2023-24 Annual Report 27

 EMPLOYEE STOCK OPTION SCHEME 5. That they have laid down internal financial controls to be and a ‘Code of Practices and Procedures for Fair Disclosure of Risk Management Committee are namely, Identification of risks,
followed by the Company and that such internal financial Unpublished Price Sensitive Information’. Implementing and monitoring the risk management plan for the
The Employee Stock Option Scheme was approved by the
controls are adequate and operating properly ; and Company and reframe the risk management plan and policy as
shareholders in the Annual General Meeting held on September RELATIONSHIP BETWEEN DIRECTORS INTER-SE
6. That they have devised proper systems to ensure it may deem fit, lay down procedures to inform Board members
24, 2021. Total 2,87,992 Options were approved under the
None of the Directors are related to each other within the meaning about the risk assessment and minimization procedures,
Employee Stock Option Scheme. Disclosure under SEBI (Share compliance with the provisions of all applicable laws and
of the term “relative” as per Section 2(77) of the Act and SEBI Monitoring and reviewing of the risk management plan from
Based Employees Benefits and Sweat Equity) Regulations, 2021 that such systems were adequate and operating effectively.
(Listing Obligations & Disclosure Requirements) Regulations, time to time and activities as may be required to be done under
regarding details of the “ESOP 2021” is given in Annexure-III.
NUMBER OF MEETINGS OF THE BOARD 2015 except Sh. Shekhar Swarup (Joint Managing Director) is the Companies Act 2013 or SEBI listing Regulations.
The Employee Stock Option Scheme containing all the relevant
Five meetings of the Board of Directors of the Company were the son of Sh. Ajay Kumar Swarup (Managing Director) of the
terms & conditions can be access at https://www.globusspirits. ANTI-SEXUAL HARASSMENT POLICY
held during the financial year. For details of the meetings of the Company.
com/investors_corporate_governance.php. The Company has in place an Anti-Sexual Harassment Policy in
Board, please refer to the Corporate Governance Report, which ANNUAL PERFORMANCE EVALUATION line with the requirements of the Sexual Harassment of Women
ANNUAL RETURN
forms part of the Annual Report. . at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The Board of Directors has carried out an annual evaluation of its
Pursuant to Section 92(3) read with Section 134(3)(a) of the Internal Complaints Committee has been set up to redress
COMMITTEES OF THE BOARD own performance, board committees, and individual directors
Act, the Annual Return as on March 31, 2024 can be accessed complaints received on sexual harassment. All employees
Composition and other details pertaining to various Committees including Independent Directors pursuant to the provisions of
on the Company’s website at https://www.globusspirits.com/ (permanent, contractual, temporary, trainees) are covered under
of the Board of Directors have been disclosed in the Corporate the Companies Act 2013 and Securities and Exchange Board
investors_corporate_governance.php this policy. No complaint on sexual harassment was received
Governance Report. of India (Listing Obligations and Disclosure Requirements)
CONSERVATION OF ENERGY / TECHNOLOGY Regulations 2015 The performance was evaluated by the Board during the period under review.
ABSORPTION / RESEARCH & DEVELOPMENT ETC. INDEPENDENT DIRECTORS’ DECLARATION after seeking inputs from all the directors on the basis of criteria VIGIL MECHANISM
All the Independent Directors, have submitted a declaration that such as the board composition & structure, Board meetings The Company has established a vigil mechanism for Directors
Particulars as required under Rule 8 (3) of the Companies
each of them meets the criteria of independence as provided & Procedures, Board Development, Risk Management, and employees to report their genuine concerns.
(Accounts) Rules, 2014 are given in Annexure I and form part
in Sub-Section (6) of Section 149 of the Act and SEBI (Listing effectiveness of board processes, information and functioning,
of this report. DIVIDEND DISTRIBUTION POLICY
Obligations and Disclosure Requirements) Regulations, 2015. succession planning etc.
Management’s discussion and analysis of As required under Regulation 43A of the Listing Regulations,
Further, there has been no change in the circumstances which PARTICULARS OF LOANS, GUARANTEES AND
financial condition and results of operations. the Company has formulated a Dividend Distribution Policy.
may affect their status as independent director during the year. INVESTMENTS This policy can be viewed on the Company’s website at https://
Management’s Discussion and Analysis Report has been www.globusspirits.com/documents/key-policies/Dividend%20
POLICY OF DIRECTORS’ APPOINTMENT AND The particulars of loans, guarantees and investments , as per
annexed and forms part of the this Report. Distribution%20Policy-GSL.pdf
REMUNERATION Section 186 of the Act, have been disclosed in the financial
DIRECTORS RESPONSIBILITY STATEMENT statements. PARTICULARS OF REMUNERATION
Company’s policy on Directors’ appointment and remuneration
Pursuant to the requirement under Section 134 (5) of including criteria for determining qualifications, positive attributes, SECRETARIAL STANDARDS The information required under section 197 of the Companies
the Companies Act, 2013, with respect to Directors independence of a director and other matters provided under Act, 2013 and the rules made there under, in respect of
section 178(3) of the Act are covered in Corporate Governance All the provisions of Secretarial standards has been complied by employees of the Company, is follows :-
Responsibility Statement, it is hereby confirmed
Report which forms part of this Report. the Company during Financial Year 2023-24.
1. That in preparation of the Annual Accounts for the financial (a) The ratio of the remuneration of each director to the median
CODE OF CONDUCT FOR DIRECTORS AND SENIOR TRANSACTIONS WITH RELATED PARTIES remuneration of the employees of the Company
year 2023-24, the applicable Accounting Standards have
been followed along with explanation relating to material MANAGEMENT The Company has entered into contract / arrangements with Executive Directors Ratio to the Median
Remuneration*
departures, if any. the related parties in the ordinary course of business and on
The Directors and members of Senior Management have
arm’s length basis. The details are mentioned in the notes to Mr. Ajay Kumar Swarup 117.19
2. That the Directors have selected such accounting policies affirmed compliance with the Code of Conduct for Directors and Mr. Shekhar Swarup 100.45
Senior Management of the Company. A declaration to this effect accounts of the financial statements. Policy on materiality of
and applied them consistently and made judgments and Dr. Bhaskar Roy 30.54
has been signed by the Managing Director and forms part of the Related Party Transactions can be accessed on the company’s
estimates that are reasonable and prudent so as to give a Non-Executive Directors
Annual Report. website www.globusspirits.com. (Sitting Fees only)
true and fair view of the State of Affairs of the Company as
at 31st March, 2024 and of the results of the Company for INTERNAL CONTROL Sh. Santosh Kumar Bishwal 1.49
CODE FOR PREVENTION OF INSIDER TRADING
that period. Sh. Vivek Gupta 1.40
Your Company has adopted a comprehensive ‘Code of Conduct The information about internal controls is set out in the
Sh. Kunal Agarwal 1.86
3. That the directors had taken proper and sufficient care Management Discussion & Analysis report which is attached
to Regulate, Monitor and Report of Trading by Insiders’and Sh. Sunil Chadha 1.72
for the maintenance of adequate accounting records in and forms part of this Report. Ms. Ruchika Bansal 4.48
also a ‘Code of Practices and Procedures for Fair Disclosure
accordance with the provisions of the Companies Act, Mr. Ajay Baliga 11.20
of Unpublished Price Sensitive Information’ relating to the RISK MANAGEMENT
2013, for safeguarding the assets of the Company and for
Company, under the provisions of the Securities Exchange * for the purpose of comparison 12 months salary has
preventing and detecting fraud and other irregularities. The Company has a Risk Management Committee & also it has
Board of India (Prohibition of Insider Trading) Regulations, 2015. been considered for all the employees even though any
in place a Risk Management Policy to deal with various risks
4. That the directors had prepared the Annual Accounts for The Board of Directors have approved and adopted the ‘Code of
arising in the course of business. The key responsibilities of employee has worked for less than 12 months
the financial year 2023-24 on a going concern basis. Conduct to Regulate, Monitor and Report of Trading by Insiders’

28 Globus Spirits Limited 2023-24 Annual Report 29

 (b) The percentage increase in remuneration of each compensation mix of fixed pay, benefits and performance tribunals impacting the going concern status and Company’s The details of application made or any proceeding pending under
Director, Chief Executive Officer, Chief Financial based variable pay. Individual performance pay is operations in future the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during
Officer, Company Secretary or Manager, if any, in the determined by business performance and the performance the year along with their status as at the end of the financial year:
The details in respect of adequacy of internal financial controls
financial year of the individuals measured through the annual appraisal During the financial year under review, the Company has neither
with reference to the Financial Statements: The Company
process. The Company affirms remuneration is as per the made any application nor any proceedings are pending under
has adequate internal financial control systems in place. The
Name of the Person % increase in remuneration policy of the Company. the Insolvency and Bankruptcy Code, 2016.
Remuneration control systems are regularly reviewed and updated as per the
PECUNIARY RELATIONSHIP OR TRANSACTIONS OF requirement and circumstances. ACKNOWLEDGEMENT
Mr. Ajay Kumar Swarup 25%
(Managing Director) NON-EXECUTIVE DIRECTORS The details of difference between amount of the valuation done The Board wishes to place on record its appreciation for the
Mr. Shekhar Swarup 25% at the time of one time settlement and the valuation done while wholehearted support and valuable co-operation extended
During the year, the Non-Executive Directors of the Company
(Joint Managing Director) taking loan from the Banks or Financial Institutions along with
had no pecuniary relationship or transactions with the Company. to the Company by the Central & the State Governments,
Dr. Bhaskar Roy 8% the reasons thereof: During the financial year, no one time Bankers, Suppliers, Associates, Contractors, employees and
(Executive Director) MISCELLANEOUS settlement was made with respect to any amount of loan raised shareholders.
Sh. Santosh Kumar Pattanayak 8% by the Company from any banks or financial institution.
Details in respect of frauds reported by auditors under sub-
(Company Secretary)
section (12) of section 143 other than those which are reportable
Sh. Nilanjan Sarkar (CFO) 8%
to the Central Government : The Auditors have not reported any
fraud under section 143(12) of the Act.
(c) The percentage increase in the median remuneration
of employees in the financial year: The amounts, if any, which it proposes to carry to any reserves: For and on behalf of the Board of Directors
There is no amount which is transferred to reserves. The closing
7.28% (Since there is lot of variation in the no. of employees
balance of the retained earnings of the Company after all
during the current year as compare to previous year, (Dr. Bhaskar Roy) (Ajay K. Swarup)
appropriation and adjustments forms part of surplus retained
comparison of the exact median remuneration may not be Executive Director & COO Managing Director
by the Company.
accurate.)

Material changes and commitments, if any, affecting the financial
(d) The number of permanent employees on the rolls of (Santosh Kumar Pattanayak) (Shekhar Swarup)
position of the company which have occurred between the Company Secretary Joint Managing Director
Company as on 31/03/2024 : 908
end of the financial year of the company to which the financial Place : New Delhi
(e) The average percentile increase already made in statements relate and the date of the report: There have been Date : May 30, 2024
the salaries of employees other than the managerial no material changes and commitment, affecting the financial
personnel in the last financial year and its comparison position of the Company which occurred between the end of
with the percentile increase in the managerial the FY2024 till the date of this Report, other than those already
remuneration and justification thereof and point out if mentioned in this Report.
there are any exceptional circumstances for increase
The change in the nature of business, if any: There was no
in the managerial remuneration :
change in the nature of business during the year under review
The average increase in salaries of employees other than
The names of companies which have become or ceased to be
managerial personnel in 2023-24 was 9% approximately.
its Subsidiaries, joint ventures or associate companies during
Percentage increase in the managerial remuneration for the
the year: No company has become or ceased to be a subsidiary,
year was also approximately 15%.
joint venture or associate company of the Company, during the
(f) The affirmation that the remuneration is as per the year except that M/s Bored Beverages Private Limited (Indian
remuneration policy of the Company : subsidiary) has become subsidiary of the Company during the
financial year under review.
The Company’s remuneration policy is driven by the
success and performance of the individual employees The details of significant and material orders passed by the
and the Company. Through its compensation package, regulators or courts or tribunals impacting the going concern
the Company endeavors to attract, retain, develop and status and company’s operations in future : No significant
motivate a high performance staff. The Company follows a and material orders were passed by the regulators or court or

30 Globus Spirits Limited 2023-24 Annual Report 31

 Annexure -I Annexure -II
to the Directors’ Report 2023-24 to the Directors’ Report 2023-24
Particulars required under Rule 8 (3) of the Companies (Accounts) Rules, 2014. CORPORATE SOCIAL RESPONSIBILITY

(A) Conservation of Energy 1. Brief outline on CSR Policy of the Company:

Conservation of energy is a high priority area for the Company and the Company has proper system for reduction of consumption The Corporate Social Responsibility Policy (‘CSR Policy’) of Globus Spirits Limited has been formulated in accordance with
of energy. Section 135 of the Companies Act 2013 and the rules made there under. The CSR Policy shall apply to all the CSR activities
undertaken by the Company.
a) Energy Conservation Measures Taken:
2. Composition of the CSR Committee
1) Setting up evaporators for all plants to concentrate effluent which will give value addition of final product as cattle feed,
zero discharge for environmental protection and water availability as hot condensate for process reuse, saving on use Sl. No. Name of Director Designation/Nature Number of meetings Number of meetings of
of fresh cold water and heat/energy saving. of Directorship of CSR Committee CSR Committee attended
held during the year during the year
2) Recycle of hot high temperature spent lyes and hot condensate streams for process/boiler and saving fresh cold DM
water and energy in terms of heat saving with hot spent lyes. 1 Mr. Santosh Kumar Bishwal Chairman 2 2
2 Mr. Vivek Gupta Member 2 1
3) Lowering the steam pressure in jet cookers to enable generation of power from steam used and reduce steam
consumption to 50% of the present usage. 3 Mr. Shekhar Swarup Member 2 2

b) Additional Investments & Proposals, if any, being implemented for reduction of consumption of Energy: 4 Dr.Bhaskar Roy Member 2 2

1) Increasing alcohol percentage in fermentation thereby lowering effluent quantity generation and production at lower 3. Web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed
steam consumption per liter of product. on the website of the company: www.globusspirits.com

2) Reconfiguration of high temperature streams to reduce steam consumption in process such as liquefaction & evaporation. 4. Details of Impact assessment of CSR projects carried out in pursuance of sub- rule (3) of rule 8 of the Companies
c) Impact of measures at (a) & (b) above for reduction or energy consumption & consequent impact on the cost of (Corporate Social responsibility Policy) Rules, 2014, if applicable:
production of goods: The provisions relating to Impact assessment of CSR project carried out in pursuance of sub-rule rule (3) of rule 8 of the Com-
- As mentioned in point (a) panies (Corporate Social responsibility Policy) Rules, 2014 is not applicable on the company.
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the companies (Corporate social
(B) Technology Absorption
Responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any –
FORM - B
(Form for Disclosure of Particulars with respect to Absorption.) Sl. No. Financial Year Amount available for set-off from Amount required to be set-off for
preceding financial years (in Rs. ) the financial year, if any (in Rs. )
(i) The Company’s plants are based on indigenous technology which has been fully absorbed.
(ii) The Company does not have separate Research & Development Section. However, steps are being taken continuously for: Nil
a Improvement in product quality 6. Average net profit of the company as per section 135(5): Rs.228,01,06,505/-
b Improvement in productivity
7. (a) Two percent of average net profit of the company as per section 135(5): Rs.4,56,02,130/-
c Improvement in cost effectiveness
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial year: Nil
(iii) Expenditure of R & D ................Nil
(c) Amount required to be set off for the financial year, if any : Nil
(C) Foreign Exchange earnings & Outgo 2023-2024 2022-2023
(d) Total CSR obligation for the financial year ( 7a+7b-7c) : Rs.4,56,02,130/-
Foreign Exchange earnings (Export Sale) INR70.60crores INR52.02crores
8. (a) CSR amount spent or unspent for the financial year:
Foreign Exchange used (Import of Machine) NIL NIL
Total Amount spent Amount Unspent (in Rs.)**
for the Financial (** including the amount unspent for the previous year.)
For and on behalf of the Board of Directors year. (in Rs.)
Total Amount transferred to unspent Amount transferred to any fund specified under
CSR Account as per section 135(6) Schedule VII as per second proviso to section 135(5)

(Dr. Bhaskar Roy) (Ajay K. Swarup) Amount Date of transfer Name of the Fund Amount. Date of transfer
Executive Director & COO Managing Director
Rs 4,78,70,893/- - - - - -

Place : New Delhi (Santosh Kumar Pattanayak) (Shekhar Swarup)

Date : May 30, 2024 Company Secretary Joint Managing Director

32 Globus Spirits Limited 2023-24 Annual Report 33

 9 (a) Details of Unspent CSR amount for the preceding three financial years: Nil
8 (b) Details of CSR amount spent against ongoing projects for the financial year: Nil
Sl. No. Preceding Amount transferred Amount spent Amount transferred to any fund Amount
S. Name Item from Local Location of Project Amount Amount Amount Mode of Mode of
Financial Year to unspent CSR in the reporting specified under Schedule VII as remaining to
No. of the the list of Area the Project duration allocated spent transferred Implementation Implementation
Account under Financial Year (in per Section 135(6), if any be spent in
Project activities (Yes/ for the in the to unspent Direct – Through
section 135 (6) (in Rs. million) succeeding
in NO project current CSR (Yes/No) Implementing
Rs. million) financial years.
Schedule (in Rs. financial account Agency
(in Rs. million)
VII to the Million) year for the
Act. (in Rs. project Name Amount (in Date of
Million) as per of the Rs.) Transfer
Section Fund
135(6) (in
Rs. Million)
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): Nil
State District Name CSR
Registeration
Number (1) (2) (3) (4) (5) (6) (7) (8) (9)

Sl. No. Project ID Name of Financial Year Project Total Amount Cumulative Status of the
(c) Details of CSR Amount spent against other than ongoing projects for the financial year: the Project in which the Duration amount spent on amount spent Project-
project was allocated for the project at the end of Completed/
(1) (2) (3) (4) (5) (6) (7) (8) commenced the project in the the reporting Ongoing
(in Rs.) reporting Financial Year
Sl. Name of the Items from the Local Location of the project Amount spent Mode of Mode of implementation Financial (in Rs.)
No. project list of activities Area for the project Implementation- Through Implementing year (in Rs.)
in schedule VII (Yes/ (in Rs.) Direct (Yes/No) agency
to the Act No)
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired
State District Name CSR through CSR spent in the financial year: Nil
Registration
Number (a) Date of creation or acquisition of the capital asset(s).
1 Engaged in Ensuring Social Yes Jharkhand East Rs.2,00,00,000/- No M/s India CSR00007947 (b) Amount of CSR spent for creation or acquisition of capital asset.
impacting awareness, & West Singhbhoom Paryavaran
social changes, economic Bengal (Jharkhand), Sahayak (c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc.
economic changes and Burdwan Foundation
changes, Environmental (West (d) Provide details of the capital asset(s) created or acquired ( including complete address and location of the capital asset)
environmental sustainability Bengal)
changes
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per
2 Conducting Conducting Yes Rajasthan, Alwar Rs.2,78,70,893/- Yes M/s CSR00020883 section 135(5) : Nil
Enterpreneurship Enterpreneurship Bihar, (Rajasthan), Inshakti
training, training, technical Jharkhand, Hajipur Foundation
technical training, West (Bihar), Hisar
training, computer Bengal & and Panipat
computer training, career Haryana (Haryana),
training, career counselling, East For and on behalf of the Board of Directors
counselling, organic farming Singhbhoom
organic farming training..etc (Jharkhand),
training..etc Burdwan
(West
Bengal) (Dr. Bhaskar roy) (Ajay K. Swarup)
(d) Amount spent in Administrative Overheads: Nil Executive Director Managing Director
Place: New Delhi
(e) Amount spent on Impact Assessment, if applicable: Nil Date: 30th May 2024
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): Rs. 4,78,70,893/-
(g) Excess amount for set off, if any: Nil

Sl. No. Particular Amount (in Rs. million)

(i) Two percent of average net profit of the company as per section 135(5) Rs. 4,56,02,130/-

(ii) Total amount Spent for the Financial Year Rs. 4,78,70,893/-

(iii) Excess amount spent for the financial year (ii)-(i) Rs.22,68,763/-

(iv) Surplus arising out of the CSR projects or programmes or activities of the Nil
previous financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] Nil

34 Globus Spirits Limited 2023-24 Annual Report 35

Annexure -III Secretarial Audit Report
to the Directors’ Report 2023-24 For the financial year ended 31 March, 2024
ESOP Disclosures pursuant to Securities and Exchange (v) Weighted-average exercise prices and weighted-average [Pursuant to Section 204(1) of the Companies Act, 2013 and (v) The following Regulations and Guidelines prescribed under
Board of India (Share Based Employee Benefits and fair values of options shall be disclosed separately for Rule No. 9 of the Companies (Appointment and Remuneration the Securities and Exchange Board of India Act, 1992 (‘SEBI
Sweat Equity) Regulations, 2021 options whose exercise price either equals or exceeds or is Act’), wherever applicable :-
less than the market price of the stock. – Not Applicable-- of Managerial Personnel) Rules, 2014]
Details related to ESOP (a) The Securities and Exchange Board of India (Substantial
(vi) Employee wise details (name of employee, designation,
(i) Brief terms and conditions of ESOP, including - number of options granted during the year, exercise price) Acquisition of Shares and Takeovers) Regulations,
of options granted to, during the year - To, 2011;
(a) Date of shareholders’ approval : 24th Sep 2021
The Members,
(b) Total number of options approved under ESOP : (a) senior managerial personnel as defined under Regulation (b) The Securities and Exchange Board of India (Prohibition
2,87,992 shares 16(d) of the Securities and Exchange Board of India Globus Spirits Limited
(Listing Obligations and Disclosure Requirements) of Insider Trading) Regulations, 2015;
CIN: L74899DL1993PLC052177
(c) Vesting requirements : It is mandatory
Regulations, 2015; (c) The Securities and Exchange Board of India (Issue of
(d) Exercise price or pricing formula : Rs.10/- per share We have conducted the secretarial audit of the compliance
(e) Maximum term of options granted : Minimum One year Name of Employee No. of shares for Capital and Disclosure Requirements) Regulations,
of applicable statutory provisions and the adherence to good
(f) Source of shares (primary, secondary or combination) : which options has 2018;
corporate practices by M/s Globus Spirits Limited (hereinafter
Additional shares. been granted
called “the Company”). Secretarial Audit was conducted in a (d) The Securities and Exchange Board Of India (Share
Paramjit Singh Gill 43350
(g) Variation in terms of options : Yes, as may be determined manner that provided us a reasonable basis for evaluating the Based Employee Benefits and Sweat Equity)
by the Nomination and Remuneration Committee Nilanjan Sarkar 1833
corporate conducts/statutory compliances and expressing our Regulations, 2021;
Kunal Sikka 200
(ii) Method used to account for ESOP - Fair Value. opinion thereon.
Rajesh Fanda 1000 (e) The Securities and Exchange Board of India (Issue and
(iii) Where the company opts for expensing of the options Jasbir Singh 1000 Based on our verification of the Company’s books, papers, Listing of Non Convertible Securities) Regulations,
using the intrinsic value of the options, the difference
between the employee compensation cost so computed Satender Kumar 200 minute books, forms and returns filed and other records 2021;
and the employee compensation cost that shall have Buddhadeb Roy 200 maintained by the company and also the information provided by
been recognized if it had used the fair value of the options Anitha Nair 667 (f) The Securities and Exchange Board of India (Registrars
the Company, its officers, agents and authorized representatives
shall be disclosed. The impact of this difference on profits to an Issue and Share Transfer Agents) Regulations,
(b) any other employee who receives a grant in any one year during the conduct of secretarial audit, we hereby report that in
and on EPS of the company shall also be disclosed. : 1993 regarding the Companies Act 2013 and dealing
--Not Applicable--- of option amounting to 5% or more of option granted our opinion, the Company has, during the audit period covering
with client;
during that year; and the financial year ended on March 31, 2024, complied with the
(iv) Option movement during the year (For each ESOP):
Name of Employee No. of shares for which statutory provisions listed hereunder and also that the Company (g) The Securities and Exchange Board of India (Delisting of
Particulars Details has proper Board-processes and compliance mechanism in Equity Shares) Regulations, 2021;
options has been granted
Number of options outstanding at place to the extent, in the manner and subject to the reporting
the beginning of the period 2,87,992 Paramjit Singh Gill 43350 (h) The Securities and Exchange Board of India (Buyback
made hereinafter:
Number of options granted during of Securities) Regulations, 2018.
(c) Identified employees who were granted option,
the year 69,425 We have examined the books, papers, minute books, forms and
during any one year, equal to or exceeding 1% of the (i) The Securities and Exchange Board of India (Listing
Total Number of options granted in issued capital (excluding outstanding warrants and returns filed and other records maintained by the Company for
previous year(s) 20,284 Obligations and Disclosure Requirements) Regulations,
conversions) of the company at the time of grant. the financial year ended on March 31, 2024
Number of options forfeited / lapsed 2015 and;
-- Nil----
during the year 200 According to the provisions of:
(vii) A description of the method and significant assumptions (j) The Securities and Exchange Board of India
Number of options vested during the
year 20084 used during the year to estimate the fair value of options (i) The Companies Act, 2013 (“the Act”) and the rules made (Depositories and Participants) Regulations, 2018
Number of options exercised during : ESOP valuation was done by estimating the company’s thereunder, as applicable;
equity instrument’s fair value using Income, Asset or Market We have also examined compliance with the applicable clauses
the year 19884
Approach (like Business Valuation) and thereafter applying (ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) of the following:
Number of shares arising as a result
of exercise of options 19884 Option Pricing valuation method including Black Scholes and the rules made thereunder;
(i) Secretarial Standards issued by the Institute of Company
or Binomial method to value the option. The fair value of
Money realized by exercise Rs.1,98,840/- (iii) The Depositories Act, 1996 and the Regulations and Bye- Secretaries of India.
of options (INR), if scheme is the equity of the company was considered basis the equity
implemented directly by the valuation conducted and the valuation report as made laws framed thereunder;
(ii) The Listing Agreements entered into by the Company with
company available to us for period in which the options are granted.
Accordingly, the same has been considered for the purpose (iv) Foreign Exchange Management Act, 1999 and the rules BSE Limited and National Stock Exchange of India Limited.
Loan repaid by the Trust during the -
year from exercise price received of valuation of ESOPs. Using the fair value of the equity and regulations made thereunder to the extent of Foreign
During the period under review the Company has complied
of the company which is the price of the equity shares of Direct Investment, Overseas Direct Investment and External
Number of options outstanding at with the provisions of the Act, Rules, Regulations, Guidelines,
the end of the year 1,98,283 the company, Black Scholes model is applied to arrive at Commercial Borrowings;
the valuation of the ESOP’s issued/ to be issued by the Standards, etc. mentioned above.
Number of options exercisable at the
- company.
end of the year

36 Globus Spirits Limited 2023-24 Annual Report 37

 We further report that: Annexure- A To, 4. In connection with the above, we have performed the
The Members, following procedures:
The Board of Directors of the Company is duly constituted with
Globus Spirits Limited
proper balance of Executive Directors, Non-Executive Directors a. Read the Plan provided to us by the Company;
To, CIN: L74899DL1993PLC052177
and Independent Directors. The changes in the composition of
The Members, F-0, Ground Floor, b. Read the resolutions passed in the meeting of the
the Board of Directors that took place during the period under
Globus Spirit Limited, The Mira Corporate Suites Board of Directors;
review were carried out in compliance with the provisions of the
CIN: L74899DL1993PLC052177 Plot No.1&2, Ishwar Nagar,
Act. c. Read the shareholders resolution passed in the
Mathura Road, South Delhi
Our report of even date is to be read along with this letter. general meeting and;
Adequate notice is given to all directors to schedule the Board New Delhi- 110065
Meetings, agenda and detailed notes on agenda were sent at Maintenance of secretarial record is the responsibility of the d. Obtained required information and explanations
least seven days in advance except wherever a meeting was management of the Company. Our responsibility is to express from the management.
Secretarial Auditors’ Certificate on compliance of the
duly called on shorter notice as per the prescribed procedure, an opinion on these secretarial records based on our audit.
requirement of Securities and Exchange Board of India Certificate
and a system exists for seeking and obtaining further information
(Share Based Employee Benefits) Regulations, 2021
and clarifications on the agenda items before the meeting and 5. On the basis of the examination carried out by us and
1. We have followed the audit practices and processes as (the “Regulations”) wr.t. Employee Stock Option Plant
for meaningful participation at the meeting. the information and explanations provided to us by the
were appropriate to obtain reasonable assurance about the 2021 (ESOP 2021 / Plan) prepared by Globus Spirits
management of the Company, we certify that the Company
Majority decision is carried through while the dissenting correctness of the contents of the Secretarial records. The Limited.
has implemented the Employee Stock Option Plant 2021
members’ views are captured and recorded as part of the verification was done on test basis to ensure that correct
As per the information provided and records produced before (ESOP 2021 / Plan) in accordance with the Securities
minutes. facts are reflected in secretarial records. We believe that the
us, the ‘Employees Stock Option Plan 2021’,(the “plan”), Exchange Board of India (Share Based Employee Benefits
processes and practices we followed provide a reasonable
We further report that there are adequate systems and processes has been formulated andapproved by the Board of Directors and Sweat Equity) Regulations, 2021 and the relevant
basis for our opinion.
in the Company commensurate with the size and operations of of Globus Spirits Limited (the “Company”) in their meeting Resolution passed by the Company in the Annual General
the Company to monitor and ensure compliance with applicable held on August 8, 2021 and has further been approved Meeting of the Company held on September 24, 2021.
2. We have not verified the correctness and appropriateness
laws, rules, regulations and guidelines. by the shareholders in their Annual General Meeting held
of financial record and Books of Accounts of the Company. Restriction on use
on September 24, 2021. We have been requested by
We further report that during the audit period, the Company
the management to certify if the aforesaid Plan has been 6. This Certificate is addressed to and provided to the Board
has not undertaken any such events as public or rights or 3. Wherever required, we have obtained the Management
implemented the Employee Stock Option Plant 2021 (ESOP of Directors of the Company solely for the purpose of being
preferential issue of shares, debentures or sweat equity; Representation about the compliance of laws, rules and
2021 / Plan) in accordance with the Securities Exchange Board placed before the shareholders of the Company at the
redemption or buy-back of securities; major decisions by the regulations and happening of events etc.
of India (Share Based Employee Benefits and Sweat Equity) forthcoming Annual General Meeting and is not intended
Members in pursuance to Section 180 of the Companies Act,
Regulations, 2021. to be and should not be used for any other purpose, and
2013; reconstruction; Foreign 4. The compliance of the provisions of corporate and other should not be used by any other person for any other
applicable laws, rules, regulations, standards is the Management’s Responsibility
Technical Collaboration or any other like event(s)/action(s) having purpose. Accordingly, we do not accept or assume any
a major bearing on the Company’s affairs in pursuance of the responsibility of management. Our examination was limited 1. The Board of Directors and the Nomination and liability or any duty of care for any other purpose or to any
above referred laws, rules, regulations, guidelines, standards, to the verification of procedure on test basis. Remuneration Committee is responsible for formulation other person to whom this certificate is shown or into whose
et cetera. and implementation of the Plan in compliance with the hands it may come without our prior consent in writing.
5. The Secretarial Audit report is neither an assurance as to Regulations and the special resolution to be passed in
the future viability of the company nor of the efficacy or the shareholders’ meeting.
effectiveness with which the management has conducted
the affairs of the company. 2. The management is responsible for preparation, design
For SKP & Co.
and maintenance of all accounting and other relevant
Company Secretaries
supporting records and documents relating to Plan
For SKP & Co.
including the design, implementation and maintenance of
For SKP & Co. Company Secretaries
internal controls on the implementation of the aforesaid
(CS Sundeep K. Parashar) Company Secretaries
Plans in compliance with the Regulations.
M. No. : FCS 6136
C.P. No. : 6575 Auditors’ Responsibility (CS Sundeep K. Parashar)
Date: 30.05.2024 PR : 1323/2021 (CS Sundeep K. Parashar) M. No. : FCS 6136
3. Pursuant to the requirements of the Regulations, it is our
Place: Vaishali, NCR Delhi UDIN : F006136F000491071 M. No. : FCS 6136 C.P. No. : 6575
responsibility to obtain reasonable assurance and form
C.P. No. : 6575 Date: 30.05.2024 PR : 1323/2021
an opinion, as to whether the Scheme is in compliance
Note: This report is to be read with our letter of even date which Date: 30.05.2024 PR : 1323/2021 Place: Vaishali, NCR Delhi UDIN : F006136F000491071
with the Regulations.
is annexed as Annexure A and forms an integral part of this Place: Vaishali, NCR Delhi UDIN : F006136F000491071
report.

38 Globus Spirits Limited 2023-24 Annual Report 39

 CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
FORM-AOC-1
(Pursuant to Regulation 34(3) and Schedule V, Para C, Sub-clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015) Statement containing salient features of the financial statement of subsidiaries

Part “A”: Subsidiaries

To,
The Members Particulars Amount (in INR - Lakhs)
Globus Spirits Limited
New Delhi
S.No. Name of the Subsidiary M/s Board Beverages Private Limited

1 Reporting Period 1st April 2023 - 31st March, 2024

We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Globus Spirits Limited
having CIN L74899DL1993PLC052177 and having registered office at F-0, Ground Floor, The Mira Corporate Suites, Plot No. 1&2, 2 Reporting Currency Amount (in INR- lakhs)
Ishwar Nagar, Mathura Road New Delhi-110065 (hereinafter referred to as ‘the Company’), produced before us by the Company for 3 Share Capital 64.75
the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V, Para-C, Sub clause 10(i) of the 4 Reserves & Surplus 236.36
Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. 5 Total Assets 339.77
6 Total Liabilities 339.77
In our opinion and to the best of our information and according to the verifications, including Directors Identification Number (DIN)
7 Investments -
status on the portal www.mca.gov.in, as considered necessary and explanations furnished to us by the Company & its officers, we,
hereby, certify that none of the Directors on the Board of the Company as stated below has been debarred or disqualified from being 8 Total Turnover 9.47
appointed or continuing as Director of the Company by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or 9 Profit/(Loss) before taxation (242.47)
any such other Statutory Authority as on March 31, 2024 : 10 Provision for taxation -
11 Profit/(Loss) after taxation (185.10)
Sr. No. Name of Director DIN
12 Proposed Dividend -
1. Mr. Ajay Kumar Swarup 00035194
13 % of shareholding 69.26%
2. Mr. Shekhar Swarup 00445241
3. Mr. Ajay Bhaskar Baliga 00030743
4. Mr. Santosh Bishwal Kumar 01098021
Part “B”: Associates and Joint Ventures
5. Mr. Vivek Gupta 00035916
There is no Associates and Joints Ventures of the company
6. Mr. Kunal Agarwal 02416218
7. Mr. Bhaskar Roy 02805627
8. Mr. Ruchika Bansal 06505221
9. Mr. Sunil Chadha 00401305
For and on behalf of the Board of Directors
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of the
Company. Our responsibility is to express an opinion on these, based on our verification. This certificate is neither an assurance as Ajay K. Swarup Shekhar Swarup
to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of Managing Director Joint Managing Director
the Company. DIN-00035194 DIN-00445241

For SKP & Co. Nilanjan Sarkar Bhaskar Roy Santosh Kumar Pattanayak
Company Secretaries Chief Financial Officer Executive Director Company Secretary
DIN-02805627 ACS-18721

(CS Sundeep K. Parashar)

M. No. : FCS 6136 Place : New Delhi
C.P. No. : 6575 Date : May 30, 2024
Place: Vaishali PR : 1323/2021
Date: 30.05.2024 UDIN : F006136F000491104

40 Globus Spirits Limited 2023-24 Annual Report 41

 Outlook: In the wake of the recent conflict in the Middle In CY2023 Spirits grew by 12.1% over the last year; whereas
East, as well as the Russian Federation’s invasion of Ukraine, wine was up by 18%, growth contributed by increased volumes
geopolitical risks have risen, if tensions escalate, energy prices of imported brands. The highest growth was witnessed by
could rise, affecting global activity and inflation. The global Beer and RTD segment of 38% each. Over the next five years,
economy is expected to slow further this year as a result of India’s alcoholic beverage market is projected to reach US$ 64
tight monetary policy, restrictive financial conditions, and weak billion, ensuring its position as the fifth-largest contributor to
global trade and investment. global market revenues. As of 2021, the sector accounted for
around 2% of the nominal GDP of the country, with a market
The Indian economy was sturdy and continues to sustain the
size of $52.4 billion. AlcoBev is an important economic engine,
momentum achieved, touted as a sleeping giant, an untapped
making it essential that relevant stakeholders acknowledge
market, and a potential superpower, India’s economy is
and value its economic impact. (Source: International Spirits
claiming its global prominence, and the economy is growing
& Wines Association of India)
strong despite the World Economy showing uncertainty and
weakness. The Indian consumption story is yet to play out The Indian spirit industry has faced many disruptions in recent
which will be the next leg of growth. The International Monetary years, some of them are excise duty hikes across states,
Fund estimates that in 2024, India’s economy is expected to changes in route-to-market in some states, demonetization,
grow by 6.8 per cent, and by 6.5 per cent in 2025, as domestic Levy of Customs Duty on imports, Administration of national
demand and the working-age population continue to grow. regulations, highway ban and GST implementation. Even after
(Source: World Economic Outlook, International Monetary facing turbulent times, the industry is poised for strong growth
Fund | April 2024). as there are several tailwinds which will drive the demand for
the coming years.
India Real GDP & World Economy Growth Projections (Percent change)
2023 2024E 2025E
7.8 Currently, the Indian Spirits industry consists of two distinctive
6.8
6.5 markets differentiated based on the target audience, product
characteristics and distribution network:

Management 3.2 3.2 3.2 1.

2.
Prestige & Above or Premium Segment
Regular & Others or Value & Value Plus Segment

Discussion & Analysis Nominal GDP World Economy Output

Source: World Economic Outlook, International Monetary Fund | April 2024

1. Prestige & Above or Premium Segment

Adapting comprehensive strategies and premiumizing their

products are becoming increasingly important for beverage
INDIAN SPIRITS INDUSTRY alcohol brands in the rapid evolution of the global travel
MACROECONOMIC SCENARIO IMIL
retail landscape. Although IMIL caters to a large segment of
The alcohol industry plays an important role in the national
While the global economy has faced several shocks in the Indian population, it is expected that prices will rise and
economy, generating jobs, income, and economic growth.
recent years, it has managed to maintain a surprising level premiumization will become prevalent in the Indian Alcohol
India is one of the fastest-growing alcohol markets in the world,
of resilience. The global inflation rate is being controlled Industry. The focus is on product development and the efforts
market is dominated by whisky followed by beer and wine.
being aimed either at the top where margins are high or at the
without causing a recession throughout the world. The The country’s population is around 1.3 billion and the strong
base where volumes are high. Also, showcasing new products,
journey has been eventful due to the following reasons: a o
demographic profile that the youngest population make-ups
360 branding of shelf space in retail outlets and company outreach
Russian-Ukraine war that triggered a global energy and food IMFL Bottling in the world with ~50% of its population below the age of 25;
model to its customers through multiple marketing initiatives so that it
crisis, and a significant rise in inflation, followed by a global and ~65% of the population below the age of 35 the per capita
suits consumers’ preferences and the core focus is on brand
tightening of monetary policy. There was another conflict alcohol consumption in India is set to boom. As we look to the
recognition/brand recall.
between Gaza and Israel which can be escalated further future, the importance of the alcohol industry in India is poised
to grow because of the demographic shift, the growth of the Craft spirits have inspired curiosity and high interest among
into the wider region. And, another headwind was due to
young, expanding middle class with increased purchasing new-generation consumers. Every sip is a celebration of
ongoing hostilities in the Red Sea and disruptions in other
power, rapid urbanization, changing consumer preferences, craftsmanship, where tradition meets innovation. Traditionally,
key global trade routes, geopolitical risks remain high and
and a reduction in cultural barriers to drinking. A conducive brown spirits have dominated the premium segment in India,
container shipping costs have risen. Bulk operating environment for this sector can be fostered through namely whisky, rum, and brandy. However, the share of white
constructive government policies.

42 Globus Spirits Limited 2023-24 Annual Report 43

 spirits like vodka and gin is picking up. – (source: Technopak The Value segment is evolving from a restricted quota-based,
Advisors). Based on Euromonitor International estimates, IMFL commoditized market to a consumer driven brand based
volume will reach 353 million cases in CY25. industry. The main attractiveness of this market lies in its sizable
base, comprising SEC-D and below which could translate into
Over the past few years, premium segment growth has slowed
~40% of total population (excluding Below Poverty Line). In
down significantly after experiencing rapid growth between
this segment, growth will be driven by an increasing consumer
2001 and 2011.Volumes in the mass segment have declined,
base, increasing rural incomes and consumption, conversion
but growth in the premium segment has partially offset this.
from illicit/toddy to value segment, conducive regulations, and
While the market at present is still dominated by strong national
population growth. In the short run, the Value segment could
brands at low price points, the 300+ million cases market is
benefit from lower discretionary incomes, which would push
undergoing a transformation with newer entrants, challenging
up the demand for lower priced liquor.
the traditional labels and more so in the higher price points.
There are high potential niche opportunities that are emerging The illicit alcoholic beverage market is estimated to be worth
in the space. Rs. 23,466 crores in 2019-20, according to FICCI. Though
this number may have reduced since then, it would still be
2. Value and Value Plus Segment
sizable representing a large opportunity for the industry. The
In volume terms, the country liquor segment accounts for about State Governments play an important role in this conversion.
a third of the alcoholic beverage market. A high acceptance As there is a significant potential revenue stream from excise
rate in rural areas makes this segment very attractive to price- taxes, it is important to organize the Value and Value Plus
sensitive and lower-income consumers in India. (source: markets to prevent tragedies.
Technopak Advisors)

Parameter IMIL IMFL

Likely Consumer Segment Socio-economic D, comprising ~40% of More affluent, socioeconomic sections C and
differs in size and status population excluding below poverty line upwards
population

Taste Preference Local fruit flavour dominated market, varies with North India - Whisky
states East India - Rum
South India - Brandy & Rum

Point of Purchase Mostly State Government Regulated vends Standalone retail outlets, department stores and
(except for West Bengal and Haryana where Government owned shops in some states like
distributor model also exists); Banned in Delhi
Southern India, apart from dry states

Excise Control Highly regulated: Distillery must for selling in the Less restricted than IMIL, but higher excise
state of sale Excise of Rs 15 per Proof Litre duties of minimum of Rs 40 per Proof Litre

Alcohol Content ~30% on average Earlier made from Rectified 42.8% IMFL is made from ENA (higher purity
Spirits, now increasingly trending towards ENA 96%)

Min Retail Price ~ Rs 100-200 for 750 ml Starts from ~ Rs 600 for 650 ml

Brand Loyalty Low with high distributor power and price High with multiplicity of purchase options and
sensitive consumer; now changing in line with more affluent consumer
increasing brand consciousness

Outlook
on traditional marketing and storefronts, brand owners are
In light of the large number of young people in India, this focusing on online marketing to reach out to as many young
industry has a great deal of potential for growth. It is likely that people as possible. There is no doubt that the spirit industry
young adults will be the driving force for much of the expected is due for a growth phase, however in order to sustain that
and projected future demand for alcohol as they reach the legal growth, it will require an ecosystem which is conducive to
drinking age and become more affluent. Rather than focusing growth.

44 Globus Spirits Limited 2023-24 Annual Report 45

 ETHANOL INDUSTRY Net Revenue Breakup (Rs crore) For Fiscal 2024, bulk alcohol sales for your Company were Prestige & Above (IMFL) Segment
~208 million bulk litres as compared to ~182 million bulk litres Under your Prestige & Above segment, the company has
Ethanol production has resulted in a reduction in petrol or 2,415
in Fiscal 2023, the capacity utilisation was at 90%. The bulk been building a strong portfolio of brands, with an established
crude oil imports, saving foreign exchange and enhancing 2,109
realisations at ~Rs 63 per litre in Fiscal 2024 as against ~Rs presence in Pondicherry, Karnataka, Telangana, Andhra
India’s energy security. It is the Government of India’s goal to
59 per litre in Fiscal 2023, underscores the structural shift that Pradesh, West Bengal, Chhattisgarh, Odisha, Maharashtra,
blend 20% ethanol with petrol by 2025. It is estimated that 1,579
1,628 has played out and the high raw material inflation scenario Goa Haryana, Uttar Pradesh and Delhi market. Currently,
by 2025, 1700 crore litres of ethanol production capacity 1,231 1,363
1,169
984
witnessed in the current year. your company is seeking both organic and inorganic growth
will be required, assuming an operational efficiency of 80%. 900
855
702 opportunities, which means we will be adding more brands to
Ethanol interest subvention schemes have been implemented 571
748 Franchisee Bottling: Our bottling operations was at 2.7
453 the portfolio as well as strengthening the ones that are already
to facilitate the establishment and expansion of distilleries. The 679 746
778 million cases as opposed to 3.0 million cases bottled in FY23.
402 413 421 529 here. We are confident about our product range and will be
implementation of these policies has resulted in significant Your Company has bottling contracts with United Spirits in
focused towards the journey of premiumization by targeting
growth in the supply of ethanol to Oil Marketing Companies FY18 FY19 FY20 FY21 FY22 FY23 FY24 the states of Haryana and West Bengal to manufacture their
new geographies. As India’s preferred drink is Whisky, there
(OMCs) and increased blending percentages. Oil Marketing Consumer Manufacturing flagship brands and with Bacardi in West Bengal. It is through
are good growth prospects in the market, the size of the semi-
Companies (OMCs) released a tender for 825 crore liters of the company’s strong management, deepened relationships,
premium whisky segment is almost 50 million cases, whereas
ethanol with a 15% blending target during the Ethanol Supply BUSINESS SEGMENTS and captive high-quality Extra Neutral Alcohol (ENA) that your
premium whisky is almost 15 million cases and super premium
Year (ESY) 2023 - 24 (November to October). company can provide unmatched value to top companies in
1. Manufacturing Segment whisky is almost 2 million cases annually.
the IMFL industry.
The manufacturing business revenue, comprising (a) Bulk
By-products: Our other products, that is, Animal Feed There are two crucial highlights we would like to highlight, we
alcohol manufacturing (b) Franchisee IMFL (third party bottling)
Supplements (AFS) and CO2 have been a strong focus area for are foraying into the Ready-to-Drink (RTD) segment with the
and c) By-Products, was Rs 1,628 crore during Fiscal 2024
the Company. The By-product segment contributed about 11% formation of a subsidiary in M/s Bored Beverages Pvt. There
which was up by 17% YoY due to the company’s resilient
to the Total Income in Fiscal 2024. AFS remains a promising is a strategic alignment as well as a thrilling journey that will
business model which allows them to pass on the raw material
market prospect, but due to its linkage to soya, an agricultural cater to the changing preferences of consumers of today as
inflation in ENA. On 28th March 2024, commenced commercial
commodity, prices are volatile. well as tomorrow in a way that will engage them. India’s RTD
production of additional capacity at two of our existing units
market volume is projected to grow from 3.82 Cr litres in FY20
67 151 189 173 332 437 542 698 located in Jharkhand and West Bengal. With this expansion, 2. Consumer Business
to 6.56 Cr litres by FY25. Apart from this, recently announced
the capacity of the units was increased from 140 KLPD to The consumer business revenue, comprising largely of Regular
a Joint Venture partnership with ANSA McAL Ltd, a diverse
200 KLPD at Jharkhand and from 240 KLPD to 300 KLPD at & Others (IMIL) and Prestige & Above (IMFL), has shown strong
conglomerate with a rich Caribbean heritage, the primary
West Bengal. The additional capacity will be used for various performance in Fiscal 2024 and grew by ~9% year-on-year to
BUSINESS OVERVIEW objective of this venture is to engage in the manufacturing,
products including ENA and Ethanol. reach Rs 787 crore from Rs 721 crore in Fiscal 2023, on the
sourcing, and distribution of beer in India, with the initial focus
As a company, we have focused on creating steady growth As one of the central pillars of your company’s integrated back of higher volumes and better product mix. As a company,
placed on introducing the world-renowned Carib® beer brand
through the development of a well-established distillation strategy, bulk alcohol division is the heart and soul, the two we have made efforts to invest in human capital which is
to the Indian market.
business, as well as laying the foundations for growth in our core products in this division are: extremely important in the consumer business to allow us to
understand the consumer’s taste preference and allow us to As we strive to provide premium quality products, we
consumer goods business. Extra Neutral Alcohol: To maintain a competitive advantage,
enter the new segments we want to expand into and prosper are focusing on ensuring our commitment to excellence
we distribute high-quality Extra Neutral Alcohol to the other
The well-balanced consumer and manufacturing segment in. So, to drive this we have a completely dedicated innovation and customer satisfaction. The driving force behind our
divisions. We were able to protect our margins in this challenging
continues to generate healthy cash returns, which are deployed team to gain traction in the Prestige & Above Segment: premiumization journey is creating a positive and memorable
year when costs were high due to the natural hedge provided
through growth investments in the Prestige & Above segment. experience for our customers.
by ENA for the consumer business. In addition, as the prices
The Prestige & Above segment consists of niche segments were rising in FY24, the ENA that was not consumed internally
and high-margin brands which we are building. Our overall could also be sold outside of the company at elevated spot Brands from Premium Portfolio:
Oakton Barrel Aged Grain Whisky

Governors Reserve 100% Grain Whisky Mountain Oak Whisky

SNOSKI Crafted Vodka NOT OUT (RTD)

volume in FY24 reached 3.8 lakh cases, marking an important prices, which helped to increase the top line. TERAI India Oakton Barrel SNOSKI Governors Reserve Mountain Oak
CARIB®

CARIB® NOT OUT

milestone for us. Dry Gin Aged Grain Whisky Crafted Vodka 100% Grain Whisky Whisky (RTD)
Ethanol: Several structural changes that have been put into
motion over the past few years are starting to play out and
In Fiscal 2024, the consolidated Net Revenue (net of excise
this is further strengthening our abilities as a team. Ethanol
duty) of Rs 2,415 crore was higher by 15% year-on-year from
blending in India has reached 12% blending. Our participation
Rs 2,109 crore in Fiscal 2023. EBITDA was at Rs 184 crore
in such government initiatives has given us the opportunity to
and Net Profit after Tax was at Rs 97 crore. This significant
ramp up our capacities in Jharkhand and West Bengal, and
jump in topline can be attributed to the raw material inflation
we will be able to capitalize on those opportunities in the years
in grain cost, which the company was able to pass it on to its
to come.
ENA customer base, also as OMCs had revised ethanol prices.

46 Globus Spirits Limited 2023-24 Annual Report 47

 Regular & Others Segment Water Management Risk Management

It is a segment that has been undergoing a transformation due to an increase in income in the rural and semi-urban markets driving The nature of our business is such that it is subject to certain
1. All water re-circulated to process with or without
a change in demand. Despite the challenging year, we have been able to post solid growth in this segment and maintain our market risks at different points of time. Some of these include
treatment thus no discharge of any water stream.
leader position in Rajasthan, even though the industry has witnessed a degrowth. In Rajasthan under RML, the Company’s market escalation in the cost of raw materials and other inputs,
share is maintained at almost 57% on the back of strong consumer acceptance and preference. It is clear that consumers are 2. Surplus water used in make ups or in the boiler and increasing competitive intensity from other players, changes
ready to move from a cheaper product to a more expensive product and will be ready to upgrade for a better (or you can say a cooling towers after treatment. in regulation from central and state governments, changes
premium) product at a higher price point. The consolidated Value and Value Plus segment sales stood at ~14.16 million cases in in supplier-distributor relationship, labour shortage. Your
3. Condensate from process reused in the boiler as boiler
Fiscal 2024 as against ~14.06 million cases in Fiscal 2023. company has always had a proactive approach when it comes
feed water.
to risk management where it periodically reviews the risks and
Brands from Value Plus Portfolio:
4. Condensate from evaporator reused in the process after strives to develop appropriate risk mitigation measures for the
White Lace Black Lace County Club Globus Dry Gin Ghoomar Heer Ranjha Shahi Samurai same. To enhance this focus, your company has formed a Risk
treatment.
Management Committee to frame, implement and monitor risk
5. All cooling water is through recirculation. management plan.

6. All bottle washing water reused after treatment in the Internal Control Systems
process or used for horticulture.
Your Company has ensured that stringent and comprehensive
Thus, achievement of zero discharge on all streams as per controls are put in place to ensure the optimal and efficient
requirement of the Pollution Boards utilization of resources and to ensure safety and protection
of all assets from unauthorized use. An extensive program
Expansion Plan b) Air Pollution control through installation of the relevant
R&D Activities in Globus (Technology) of internal, external audits along with periodic reviews by the
Your Company plans to expand in those areas that continue Control devices with ESPs
management is carried out to ensure compliance with the best
to remain deficit in ENA for beverage and Ethanol for petrol c) Air pollution control through collection, purification, and a) Higher efficiencies of conversion: The expansion was
practices.
blending. Eventually, the company plans to target the sale of CO2. All Carbon dioxide generated in fermentation done with the state-of-the-art latest technologies
consumer segment in that state after establishing itself in the shall be collected purified and sold to buyers including soft to get the best conversions to alcohol at the highest Human Capital Overview
manufacturing business. drink manufacturers and others thus abating air pollution. efficiencies. This would be in line with the best practices
Your Company considers human capital a core area for
being followed. We are also working on improving
 In Q4FY24 enhanced the capacity by 60 KLPD at West d) Proper disposal of all effluent related products such as sustainable growth and has been making conscious efforts to
conversions not only of starch but also to alcohol with
Bengal & Jharkhand. spent grain and fly ash. Spent Grain shall be sold as cattle engage and develop human capital at all levels. The Human
new strain enzymes and yeasts.
 In Q1FY25 Bottling Capacity in Uttar Pradesh - feed (see below) and fly ash/ash disposed off for land fill Resource Department of your Company is highly focused
Commenced commercial production with a bottling or for brick making. b) Improving Distillation techniques and translating that to on enhancing stakeholder value by ensuring a fit between
capacity of 25,000 cases per line per month. the plant in the expansion – Multi-pressure: To improve the management of an organization’s employees, and the
Details of Zero Discharge – Liquid Discharges
both on quality and energy consumption the distillation overall strategic direction of the company. Over the years your
Financial Highlights Achieved through the following steps:
plant shall be of the multi-pressure design which company has been able to build a team of qualified, dedicated
• Net Revenues at Rs 2,415 Crores, up by 15% y-o-y. 1. Separation of spent grain from spent wash: The spent & motivated professionals. The working atmosphere provided
would give us the benefit of both. The quality would be
wash emerging from distillation (waste) would be passed to the employees is aimed at creating a sense of ownership
• EBITDA at Rs 184 Crores down by 27%, with EBITDA matched with the best alcohol available in the country.
through suitable equipment for the separation of spent which helps them to shoulder greater responsibilities. As on
margin of 7.6%.
grain. c) Looking at alternate disposals of spent grain: To keep in 31st March 2024, the employee (excluding casual) count for
• PAT at Rs 97 Crores, down by 21% with margin of 4%.
2. Evaporation of Spent Wash: The lean spent wash would line with the requirements of government regulations we the company stood at 908 compared to 892 on 31st March
Environmental Compliance then be evaporated and concentrated to syrup in an would look at the waste as cost centre and are looking 2023.
evaporator specially put for the purpose which is integrated at alternative markets in the cattle feed segment for its
Your Company is a zero-wastewater discharge company. We
with the Distillation plant. This would be required to enable best disposal at the best price. Branding of the product Disclaimer
care for the environment as we believe in the philosophy of
its drying later. is also being examined. Certain statements in this MDA may be forward looking
sustainable development. Air pollution is controlled through the
3. Mixing the concentrated spent wash with spent grain: The within the meaning of applicable laws and regulations. Actual
installation of relevant control devices like ESPs which help in d) Looking at better blends as final product diversification:
syrup spent wash and the spent grain obtained would be results may differ from those expressed or implied. Important
bringing air discharge to within permissible limit. Following are With better quality alcohol available we are moving to
mixed to form Wet Grain which can be disposed as cattle developments that could affect the Company’s operations
the steps we have undertaken in the new expanded capacity: higher segments in the potable alcohol sector with
feed. include a downtrend in domestic industry, significant changes
better blends and brands and would be launching
Air Pollution 4. Drying the same to powder: To improve on the quality of in the political environment, changes in tax laws & excise
further brands in the future to build our market.
the Wet grain produced above the same would be dried duties, litigation, and labour relation
a) Step forward to achieving zero discharge (explained
and sold as dried cattle feed.
below)

48 Globus Spirits Limited 2023-24 Annual Report 49

 Report on corporate governance
persons (Directors, Advisors, Officers and other concerned of their appointment have been disclosed on the website of
employees / persons) are prevented from dealing in the the Company (www.globusspirits.com).
Company’s shares during the closure of Trading Window.
for the year ended march 31, 2024 All the designated employees are also required to disclose
None of the Directors hold Chairmanship of more than 5
Committees or Membership in more than 10 committees
related information periodically as defined in the Code. The
across all Public Limited Companies.
aforesaid Code is available at the website of the Company
Your Company believes in conducting its affairs with the highest important parameters like appointment of directors,
(www.globusspirits.com). Board Functioning & Procedure
levels of integrity, with proper authorizations, accountability, guiding principles to remunerate directors, responsibilities
disclosure and transparency. The Company strongly believes in of the Board, risk management, the enhanced role of Audit 1.6 Vigil Mechanism Globus Spirits Ltd. believes that at the core of its corporate
maintaining a simple and transparent corporate structure driven Committee and conduct of Secretarial Audit. governance practice is the Board, which oversees how the
Your Company has established a mechanism called ‘Vigil
solely by business needs. Shareholders’ interests are on utmost management serves and protects the long-term interests of
1.2 Role of the Company Secretary in Overall Governance Mechanism’ for directors and employees to report to the
priority and the management is only a trustee to carry out the all stakeholders of the Company. An active, well-informed
Process appropriate authorities of unethical behavior, actual or
activities in a truthful and fruitful manner. and independent board is necessary to ensure the highest
The Company Secretary ensures that all relevant suspected, fraud or violation of the Company’s code of
The details of the Corporate Governance compliance by the standards of Corporate Governance.
information, details and documents are made available to conduct or ethics policy and provides safeguards against
Company as stipulated in the SEBI (Listing Obligations and victimization of employees who avail the mechanism. The Globus Spirits Ltd. believes that composition of board
the directors for effective decision making at the meetings.
Disclosure Requirements) Regulations, 2015 for the below policy permits all the directors and employees to report is conducive for making decisions expediently, with the
He is primarily responsible to ensure compliance with
mentioned period are as under: benefit of a variety of perspectives and skills, and in the
applicable statutory requirements and is the interface their concerns directly to the Management/Chairman of
• Regulations 17 to 27 and clauses (b) to (i) of regulation between the Company and the regulatory authorities. the Audit Committee of the Company. The policy has been best interests of the Company as a whole rather than of
46(2) and para C & D of Schedule V of the SEBI (Listing communicated to the employees by uploading the same individual shareholders or interest groups.
1.3 Selection and Appointment of New Directors on the
Obligations and Disclosure Requirements) Regulations, on the website of the Company (www.globusspirits.com).
Board In accordance with the provisions of Regulation 17 of
2015 (the Listing Regulations) for the period from April 01, The employees can directly contact on the email address
SEBI (Listing Obligations and Disclosure Requirements)
2023 to March 31, 2024. Considering the requirements of the skill-sets on the as mentioned in the `Vigil Mechanism Policy’ uploaded at
Regulations, 2015, the Board meets at least once in every
Board, eminent persons having an independent standing the website of the Company. During the year under review
1. COMPANY’S PHILOSOPHY ON CODE OF quarter to review the quarterly results and other items of
in their respective field/profession and who can effectively no personnel was denied access to the Audit Committee.
GOVERNANCE agenda. The agenda is sent in advance to the Directors
contribute to the Company’s business and policy decisions
Corporate Governance is the system by which companies are considered by the Nomination and Remuneration 2. BOARD OF DIRECTORS along with the draft of relevant documents and explanatory
are directed and managed. A good corporate governance Committee for appointment of new Directors on the Board. notes.
Composition
structure encourages companies to create value (through The number of directorships and memberships in various The Company is under the process of development
entrepreneurism, innovation, development and exploration) committees of other companies by such persons is also The Board of Directors of the Company consists of an
and implementation of the plans for orderly succession
and provide accountability and control systems considered. optimal mix of Executive and Non-Executive & Independent
for appointment to the Board of Directors and to senior
commensurate with the risks involved. Directors. The present Board consists of 7 Directors
1.4 Familiarization Program of Independent Directors management.
comprising one Chairman who is a Non-Executive -
Globus Spirits Ltd. believes in adopting and carrying out
The Independent directors of our Company are eminent Independent Director, one Managing Director, one Joint During the financial year 2023-24, 5 (Five) Board Meetings
sound corporate governance practices to build the trust
personalities having wide experience in the field of business, Managing Director, One Executive Director, one Non- were held on May 25, 2023, August 14, 2023, October
of the stakeholders in the company. It strives to observe
finance, education, industry, commerce and administration. executive Director, Two Independent Directors including 05 2023, November 09, 2023 and February 09, 2024.
superior corporate governance principles in each activity
Their presence on the Board has been advantageous and one Independent Woman Director. The maximum gap between any two Board Meetings
it undertakes. The company follows cardinal principles
fruitful in taking business decisions. Independent Directors was less than one hundred and twenty days. All material
of corporate performance, transparency, integrity and The Directors have in-depth knowledge of business and
with management expertise and wide range of experience information was circulated to the directors before the
accountability in order to maximize the shareholders’ long- bring with them their respective expertise in the fields of
are appointed as per the Governance guidelines of the meeting or placed at the meeting, including minimum
term wealth while simultaneously achieving the goal of strategy, management, finance and economics among
Company. The new Board members are also requested information required to be made available to the Board as
shareholder protection. others. The Board provides leadership, strategic guidance,
to access the necessary documents / brochures, Annual prescribed under Part A of Schedule II of Regulation17 of
1.1 Key Board activities during the year Reports and internal policies available at our website objective and independent view to the Company’s
the Listing Regulations. During the year, separate meeting
(www.globusspirits.com) to enable them to familiarize with management while discharging its fiduciary responsibilities,
The Board provides and critically evaluates strategic of the Independent Directors was held on May 25, 2023
the Company’s procedures and practices. Updates on thereby ensuring that management adheres to high
direction of the Company, management policies and their without the attendance of non-independent directors and
relevant statutory changes encompassing important laws standards of ethics, transparency and disclosure.
effectiveness. Their main function is to ensure that long- members of the management.
are regularly intimated to the Independent Directors.
term interests of the stakeholders are being served. The The Board also meets the requirement of the minimum
The Company has proper systems to enable the Board to
agenda for Board’s review / strategic review includes 1.5 Prevention of Insider Trading number of Independent Directors being not less than one
periodically review compliant reports of all laws applicable
a detailed analysis and review of annual strategic and third of the Total Directors. The size and composition of
Pursuant to the SEBI (Prohibition of Insider Trading) to the Company, as prepared by the Company as well as
operating plans and capital allocation and budgets. the Board conforms to the requirements of Regulation 17
Regulations, 2015, Code of Conduct for Prevention of steps taken by the Company to rectify instances of non-
Frequent and detailed interaction sets the agenda and of SEBI (Listing Obligations and Disclosure Requirements)
Insider Trading and Code of Corporate Disclosure Practices compliances.
provides the strategic roadmap for future growth of the Regulations, 2015. The Company issued letter of
for prevention of insider trading is in place. The objective of
Company. Voluntary Corporate Governance Guidelines appointment to the Independent Director as per Schedule IV The Composition of Board of Directors as on March 31,
the Code is to prevent purchase and / or sale of shares of
of the Ministry of Corporate Affairs, Government of India to the Companies Act, 2013 and the terms and conditions 2024, their qualifications, attendance during the year at
the Company by an insider on the basis of unpublished
broadly outlines a framework for corporate sector on the Board meetings and the last Annual General Meeting,
price sensitive information. Under this Code, Designated

50 Globus Spirits Limited 2023-24 Annual Report 51

 Number of other Directorships, Committee memberships and Chairmanships held by them are given below: Sh. Vivek He is a B com(Hons) from Delhi Nil NE-I-C 2 No 6 2 -
Director Qualification & Expertise No. of Category Gupta University and has about 32 years
Shares of Director Attendance No. of other Directorships of experience in senior position in
held as and Committee Industry.
on March Memberships/ Sh. He is a B.Sc. (Mechanical Nil NE-I 5 Yes 1 1 -
31, 2024 Chairmanships held$ Santosh Engg) from REC,
Board Last AGM Director- Com- Com- Kumar Rourkela and M.Tech.(Industrial
Meetings on July 22, ships mittee mittee
Bishwal Engineering & Operations
during the 2023 Member Chair-
Research) from IIT, Kharagpur.
Financial ship man-
Mr. Bishwal has
Year 2023- ships
24 about 44 years of experience
Sh. Ajay K. He graduated in B.A.(Honours) 23,666 MD-P 4 Yes 3 - - Sh. Kunal He holds a B.A. (Honours) degree in Nil NE-I 4 Yes - - -
Swarup Economics from St. Stephens College, Agarwal Economics from Harvard College. He
Delhi University and PGDBM from is having various exposures in Food
the Indian Institute of Management, and logistics industries.
Kolkata and having more than 40 years
Sh. Sunil He has got vast experience in running 13345 NE- I 5 Yes - - -
of expertise in Alcohol Industry
Chadha of large Thermal Power Stations and
Sh. He has completed his schooling from 37,490 E-P 4 Yes 4 - -
Shekhar The Doon School, Dehradun and is been consultants for various power
Swarup a graduate in Business Management stations/projects. He has done ISC
from the University of Bradford, UK. from The Doon School, Dehradun in
He is a Charter Member of TiE, New 1975 and BA Hons. Economics from
Delhi and having more than 16 years Shri Ram College of Commerce, Delhi
of experience. University in 1979 Masters in Business
Sh. Ajay B. He is a Chemical Engineer and has 175 NE 5 Yes 3 6 2 Administration from Faculty of
Baliga over 40 years of in the Alcobev space Management Studies, Delhi University
in various roles, starting from factory in 1981.
management and production control
to ultimately end-to-end global supply Ms. Ruchika Bansal is a management Nil NE - I -W 5 No 1 1 -
solutions for Mainstream Spirits Ruchika consultant with over 15 years of work
for Diageo Plc, the global leader in Bansal experience, specializing in corporate
beverage alcohol. His areas of expertise finance and business strategy.
lie in General Management, Supply,
C = Chairman, MD = Managing Director, E = Executive, NE= Non-Executive Director, P = Promoter,
Procurement & Sourcing, Regulatory &
Compliance, Innovation & Renovation, I = Independent, N-Nominee Director, W-Woman Director
Operations Excellence, Technical,
Projects & Acquisitions within the
$
Represents Directorships and Committee Memberships/Chairmanships in Indian Public Limited Companies only and it only covers
Indian and global space. Ajay’s long the Membership/Chairmanship of Audit Committee, Nomination and Remuneration Committee, Risk Management Committee and
years of association with the Indian Stakeholders Relationship Committee.
alcobev space lends to his extensive
Private Limited Companies, Foreign Companies and companies under Section 8 of The Companies Act, 2013 are excluded for the
knowledge, interest & insights on
trends, consumer behaviour, market above purposes.
dynamics & regulatory framework for Sh. Shekhar Swarup, the Joint Managing Director of the Company is the son of Sh. Ajay K. Swarup, the Managing Director of the
market penetration & development. Company and none of the other director is related to inter-se with any other Director on the Board in terms of the definition of “relative”
Dr. Bhaskar He is a Chartered Accountant 1100 E 5 Yes 0 - - given under the Companies Act, 2013.
Roy and Doctorate in Commerce and has
over 35 years of experience in the Mr. Santosh Kumar Bishwal, Mr. Kunal Agarwal and Mr. Vivek Gupta, have resigned from the Board of Directors of the company
areas of Strategic Financial Planning, w.e.f. 30th May 2024. The Directors place on record their appreciation of the valuable contribution made by them. Further Mr. Amit
Fund Management, Accounts, Bhatiani has been inducted on the Board as an Independent Director since 30th May 2024 and Mr. Sunil Chadha has been appointed
Auditing, Budgeting and MIS. He as Chairman of the Board of Directors of the company w.e.f. 30th May 2024.
has expertise in designing internal
control systems for accomplishment It is further being confirmed by the Board of Directors that the Independent Directors fulfill the conditions specified in these regulations
of corporate business goals, is a keen and are independent of the Management.
analyst with relationship management
skills and has ability to liaison with
Banks, Financial Institutions and other
external agencies.

52 Globus Spirits Limited 2023-24 Annual Report 53

 Skill Matrix of the Board 3. AUDIT COMMITTEE (b) Changes, if any, in accounting policies and the qualifications, experience and background, etc. of
practices and reasons for the same; the candidate;
The Board has identified the following skills/ expertise/ BROAD TERMS OF REFERENCE
competencies fundamental for effective functioning of the (c) Major accounting entries involving estimates based xxiv. Carrying out any other function as may be required
The terms of reference of this Committee covers the
Company which are currently available with the Board: on the exercise of judgment by management; by the Companies Act, 2013, rules made thereunder
matters specified for Audit Committee under Regulation 18
and Listing Agreements with the Stock Exchanges or
Strategic Appreciation of long-term trends, of SEBI (Listing Obligations and Disclosure Requirements) (d) Significant adjustments made in the financial
otherwise referred by the Board from time to time; and
Leadership Skills strategic choices and experience in Regulations, 2015 as well as in Section 177 of the statements arising out of audit findings;
guiding and leading management Companies Act, 2013. xxv. The Audit Committee shall mandatorily review the
(e) Compliance with listing and other legal requirements
teams following information :
The terms of reference of the Audit Committee are as under: relating to financial statements;
Financial and Risk Wide-ranging financial skills, accounting
a) Management discussion and analysis of financial
Management and reporting, corporate finance and i. Recommendation for the appointment, remuneration (f) Disclosure of any related party transactions; and
internal controls, including assessing condition and results of operations;
and terms of appointment of auditors of the Company;
quality of financial controls. (g) Qualifications in the draft audit report
ii. Reviewing and monitoring the auditor’s independence, b) Statement of significant related party transactions
Identify the key risks to the Company auditor’s performance and the effectiveness of the xiv. Reviewing, with the management, the quarterly (as defined by the Audit Committee), submitted by
and monitor the effectiveness of the risk financial statements before submission to the Board for the management;
audit process;
management framework and practices approval;
Governance Experience in developing governance iii. Examining the financial statements and the auditors’ c) Management letters / letters of internal control
practices, serving the best interest of report thereon; xv. Reviewing, with the management, the statement of weaknesses issued by the statutory auditors;
all stakeholders, maintaining board iv. Approval or any subsequent modification of uses / application of funds raised through an issue
d) Internal audit reports relating to internal control
and management accountability, transactions of the Company with related parties; (public issue, rights issue, preferential issue, etc.), the
weaknesses; and
effective stakeholder engagements and statement of funds utilized for other than those stated in
commitment to highest standards of
v. Scrutiny of inter-corporate loans and investments;
the offer document / prospectus / notice and the report e) The auditors of the Company and the key
corporate ethics and values. vi. Valuation of undertakings or assets of the Company, submitted by the monitoring agency monitoring the managerial personnel shall have a right to be heard
Health, Safety, Experience and knowledge of working wherever it is necessary; utilization of proceeds of a public or rights issue, and in the meetings of the Audit Committee when it
environment and on environment, health, safety, vii. Evaluation of internal financial controls and risk making appropriate recommendations to the Board to considers the auditor’s report but shall not have
sustainability sustainability and corporate social management systems; take up steps in this matter; the right to vote.
responsibility activities directly or as a
part of operational responsibility for long viii. Monitoring the end use of funds raised through public xvi. Reviewing, with the management, performance of f) Reviewing the utilization of loans and/ or advances
term value creation. offers and related matters; statutory and internal auditors, adequacy of the internal from/investment by the holding company in the
Industry and Knowledge and experience to provide ix. The Audit Committee shall have authority to investigate control systems; subsidiary exceeding rupees 100 crore or 10% of
sector experience strategic guidance to the management. into any matter in relation to the items specified in (i) the asset size of the subsidiary, whichever is lower
or knowledge
xvii. Reviewing the adequacy of internal audit, reporting
to (viii) above or referred to it by the Board and for including existing loans / advances / investments
structure, coverage and frequency of internal audit;
Directors seeking re-appointment: As required by Regulation this purpose shall have power to obtain professional existing as on the date of coming into force of this
36(3) of SEBI (Listing Obligations and Disclosure Requirements) advice from external sources and have full access to xviii. Discussion with internal auditors of any significant provision.
Regulations, 2015, details of Directors seeking re-appointment information contained in the records of the Company; findings and follow up there on;
x. The Audit Committee may call for the comments of the COMPOSITION
/ appointment are forming part of the notice of 31st Annual xix. Reviewing the findings of any internal investigations
General Meeting. auditors about internal control systems, the scope of by the internal auditors into matters where there is The members in the Audit Committee as on 31st March 2024
audit, including the observations of the auditors and suspected fraud or irregularity or a failure of internal are as follows:-
CODE OF CONDUCT & CODE OF ETHICS
review of financial statement before their submission control systems of a material nature and reporting the
The Board of Directors has adopted the Code of Conduct and to the Board and may also discuss any related issues matter to the Board; Sl. Name of Member Designation Designation in
Ethics for Directors and Senior Management personnel. The with the internal and statutory auditors and the No. in Committee Company
Code is available on the Company’s website (www.globusspirits. management of the Company; xx. Discussion with statutory auditors before the audit 1 Sh. Santosh Kumar Chairman Independent
com). commences, about the nature and scope of audit as Bishwal Director
xi. Oversight of the Company’s financial reporting process well as post-audit discussion to ascertain any area of
A declaration signed by the Managing Director of the Company and the disclosure of its financial information to ensure 2 Sh. Vivek Gupta Member Independent
concern;
is given below: that the financial statement is correct, sufficient and Director
credible; xxi. To look into the reasons for substantial defaults in 3 Sh. Kunal Agarwal Member Independent
This is to certify that, to the best of my knowledge and belief, for the payment to the depositors, debenture holders,
xii. Approval of payment to statutory auditors for any other Director
the financial year ended on March 31, 2024, all Board members shareholders (in case of non-payment of declared
services rendered by the statutory auditors; 4 Sh. Sunil Chadha Member Independent
and Senior Management Personnel have affirmed compliance dividends) and creditors;
xiii. Reviewing, with the management, the annual financial Director
with the code of Conduct for Directors and Senior Management
respectively. statements and auditor’s report thereon before xxii. To review the functioning of the Whistle Blower/Vigil 5 Sh. Shekhar Member Joint Managing
submission to the Board for approval, with particular mechanism. Chairperson of the Audit Committee shall Swarup Director
Sd/- reference to: be directly accessible in appropriate or exceptional
The company secretary is the secretary to the Committee.
Ajay K. Swarup (a) Matters required to be included in the Director’s cases;
Mr. Santosh Kumar Bishwal, Mr. Kunal Agarwal and Mr. Vivek
30th May 2024 Managing Director Responsibility Statement to be included in the xxiii. Approval of appointment of CFO (i.e., the whole-time
Board’s report in terms of clause (c) of sub-section Gupta, have resigned from the Board of Directors of the
DIN – 00035194 Finance Director or any other person heading the finance
3 of section 134 of the Companies Act, 2013; company w.e.f. 30th May 2024. Further Mr. Amit Bhatiani has
function or discharging that function) after assessing

54 Globus Spirits Limited 2023-24 Annual Report 55

 been inducted on the Board as an Independent Director since and Mr. Santosh Kumar Bishwal, Mr. Kunal Agarwal and Mr. Vivek - Revision from time to time depending upon performance
30th May 2024. Accordingly the Audit Committee has been re- iii. remuneration to directors, key-managerial personnel Gupta, have resigned from the Board of Directors of the of the Company, individual Director’s performance and
constituted w.e.f. 30th May 2024 and the Present Members of and senior management involves a balance company w.e.f. 30th May 2024. Further Mr. Amit Bhatiani has prevailing Industry norms.
the Audit Committee w.e.f. 30th May 2024 are as follows:- between fixed and incentive pay reflecting short and been inducted on the Board as an Independent Director since
- No sitting fees.
long term performance objectives appropriate to the 30th May 2024. Accordingly the Nomination & Remuneration
Sl. Name of Member Designation Designation in
No. in Committee Company working of the Company and its goals. Committee has been re-constituted w.e.f. 30th May 2024 and b) Payment Terms for Non-Executive Directors
1 Ms. Ruchika Bansal Chairman Independent the Present Members of the Nomination & Remuneration
d) Devise a policy on Board diversity; - Sitting fees shall not exceed limits prescribed under the
Director Committee w.e.f. 30th May 2024 are as follows:-
e) Fix the Salary and Perquisites of Executives of the Companies Act, 2013.
2 Sh. Amit Bhatiani Member Independent Sl. Name of Member Designation in Designation
Company; No. Committee in Company - The remuneration payable to Non - Executive Directors is
Director
f) Consider and grant annual and special increments 1 Ms. Ruchika Bansal Chairman Independent decided by the Board of Directors.
3 Sh. Sunil Chadha Member Independent
Director to the executives of the Company and to confirm Director During the Financial Year 2023-24, 2023-24, 5 (Five) Audit
4 Sh. Shekhar Member Joint Managing the adhoc special increments granted to staff and 2 Sh. Amit Bhatiani Member Independent Committee Meetings were held on May 25, 2023, August 14,
Swarup Director executives of the Company; Director 2023, November 09, 2023, January 03 2024 and February 09,
g) To consider the adequacy of profits of the Company 3 Sh. Sunil Chadha Member Independent 2024. The attendance of Remuneration Committee meeting is
The minutes of the Audit Committee Meetings are noted by the
and to consider remuneration payable to the Managerial Director
Board of Directors at the subsequent Board Meeting. as follows:
persons as per requirement of the Companies Act and Remuneration Policy:
During the Financial Year 2023-24, 5 (Five) Audit Committee Schedules of the Companies Act; Members Designation No. of Meetings
This Remuneration Policy relating to remuneration for the directors attended
Meetings were held on May 25, 2023, August 14, 2023,
h) To approve the remuneration payable to the managerial has been formulated by the Nomination and Remuneration
October 05 2023, November 09, 2023 and February 09, 2024. Sh. Santosh Kumar Chairman 5
personnel of the Company in case of inadequacy of the Committee and approved by the Board of Directors.
The attendance of Audit Committee meeting is as follows: Bishwal
profits; and
a) Payment Terms for Executive Directors Sh. Vivek Gupta Member 3
Members Designation No. of Meetings i) To take all other consequential and incidental actions Sh. Sunil Chadha Member 5
attended that may arise due to requirements under the - Salary shall not exceed limits prescribed under the
Companies Act, 2013. Sh. Kunal Agarwal Member 4
Sh. Santosh Kumar Chairman 5 Companies Act, 2013 and any amendment thereto,
Bishwal Listing Regulations and guidelines/circular issued by
the Securities and Exchange Board of India from time Details of Directors Remuneration:
Sh. Vivek Gupta Member 1
Sh. Kunal Agarwal Member 4 to time. The details of remuneration paid to the Managing/Executive/Whole-time Directors of the Company during the financial year ended
Sh. Shekhar Swarup Member 4 j) Recommend to the Board, all remuneration, in whatever March 31, 2023 are as under:
Sh. Sunil Chadha Member 5 form, payable to senior management.
S. Name Designation Fixed Salaries Variable Others Arrears Commission & Total
4. NOMINATION AND REMUNERATION COMMITTEE Performance evaluation criteria No. and Allowance Portion & Incentive Other Benefits (Rs.)
(Rs.) (Rs.) (Rs.) (Rs.)
The terms of reference of the Nomination and Remuneration The company has a devised an evaluation form which is to
1. Sh. Ajay K. Swarup Managing Director 3,40,59,375 53,15,625 1,50,00,000 Nil 5,43,75,000
Committee are as under: be required to be filled by directors to rate the functioning of
2. Sh. Shekhar Swarup Joint Managing 2,91,93,750 45,56,250 1,50,00,000 Nil 4,87,50,000
Board of Directors, its Committees and individual directors. The
a) Identify persons who are qualified to become directors Director
criteria to evaluate independent directors include Participations
and who may be appointed in senior management in 3. Dr. Bhaskar Roy Executive Director 84,64,500 16,73,663 - Nil 1,01,38,163
at Meetings, Managing Relationships, Knowledge and
accordance with the criteria laid down. Recommend
Skill, Personal Attributes and Criteria of Independence. All The tenure of the appointment of Sh. Ajay K. Swarup, Managing None of the Non-Executive Directors had any pecuniary
the identified persons to the Board for their appointment
independent directors are rated out of 5 on these basis. Director has been for a period of 5 years w.e.f. December 01, relationship or transactions with the Company during the
and removal. and shall carry out evaluation of every
2021. year ended March 31, 2024 except getting sitting fees for the
director’s performance; COMPOSITION
meeting attended by them.
Dr. Bhaskar Roy, who retire by rotation and, being eligible, offer
b) Formulate criteria for the evaluation of every director’s The constitution of the Nomination and Remuneration
himself for re-appointment.
performance which includes determining qualifications, Committee as on 31st March 2024 is as under:-
positive attributes and independence of a director; The Non-Executive Directors are paid by way of sitting fees 5. STAKEHOLDERS RELATIONSHIP COMMITTEE
Sl. Name of the Designation Designation in for each meeting of the Board of Directors and its Committees
c) Recommend to the Board a policy, relating to No. Members the Company COMPOSITION
attended by them. The details of sitting fees paid to Non-
the remuneration for the directors, key managerial
1 Sh. Santosh Chairman Independent Executive Directors during financial year 2023-24 are as under: The constitution of the Stakeholders Relationship
personnel and other employees and while formulating
Kumar Bishwal Director Committee as on 31st March 2024 is as under:-
such policy, the committee shall ensure that: Name of the Non-Executive & Sitting Fees (Rs.)
2 Sh. Vivek Gupta Member Independent
Independent Director Name of the Designation Designation in
i. the level and composition of remuneration is Director
reasonable and sufficient to attract, retain and Sh. Vivek Gupta 1,35,000 Members the Company
3 Sh. Sunil Chadha Member Independent
motivate directors of the quality required to run the Sh. Santosh Kumar Bishwal 3,30,000 Sh. Santosh Kumar Chairman Independent
Director
Company successfully; Sh. Sunil Chadha 2,40,000 Bishwal Director
4 Sh. Kunal Agarwal Member Independent Sh. Kunal Agarwal 2,25,000 Sh. Vivek Gupta Member Independent
ii. relationship of remuneration to performance is clear Director
Ms. Ruchika Bansal 90,000 Director
and meets appropriate performance benchmarks;
Mr. Ajay B. Baliga 75,000 Dr. Bhaskar Roy Member Executive Director

56 Globus Spirits Limited 2023-24 Annual Report 57

 Mr. Santosh Kumar Bishwal and Mr. Vivek Gupta, have resigned Sl. Name of Member Designation in Designation in Terms of reference of the Risk Management Committee are: Details of Special Resolutions passed through Postal
from the Board of Directors of the company w.e.f. 30th May No. Committee Company Ballots during the financial year 2023-24:
1. Framing, implementing and monitoring the risk management
2024. Accordingly the Stakeholders Relationship Committee 1 Ms. Ruchika Bansal Chairman Independent
plan for the Company; No Special Resolutions has been passed through postal ballots
has been re-constituted w.e.f. 30th May 2024 and the Present Director
Members of the Stakeholders Relationship Committee w.e.f. 2 Dr. Bhaskar Roy Member Executive 2. Laying down procedures to inform Board members about during the FY 2023-24
30th May 2024 are as follows:- Director the risk assessment and minimization procedures; 9. DISCLOSURES Made By the Management to the Board
3 Sh. Sunil Chadha Member Independent
Director 3. Monitoring and reviewing of the risk management plan from i) Related Party Transactions
Sl. Name of Member Designation Designation in
No. in Committee Company 4 Sh. Shekhar Member Joint Managing time to time; and
There have been related party transactions as reflected
Swarup Director 4. Activities as may be required to be done under the
1 Ms. Ruchika Bansal Chairman Independent in Note 44 to the consolidated financial statements but
Director Terms of reference of the CSR Committee are: Companies Act 2013. none of them are not in conflict with the interest of the
1. Formulate and recommend to the Board, a CSR policy During the year 2023-24, 2 (Two) meetings of Risk Management Company. The Company has formulated a policy on
2 Sh. Sunil Chadha Mem- Independent
indicating the activity or activities to be undertaken by the Committee has been taken place vide dated 11th December materiality of Related Party Transactions and also on
ber Director
Company as specified in Schedule VII of the Companies
2023 and 08th February 2024. The attendance of Remuneration dealing with Related Party Transactions. The said policy
3 Dr. Bhaskar Roy Member Executive Act, 2013;
Committee meeting is as follows: is also available on the website of the Company (www.
Director 2. Recommend the amount to be spent on these activities;
globusspirits.com).
COMPLIANCE OFFICER 3. Monitor the Company’s CSR policy periodically; and Members Designation No. of Meetings
attended ii) Details on Non-Compliance
Shri Santosh Kumar Pattanayak, Company Secretary of the 4. Institution of transparent monitoring mechanism for the
implementation of CSR projects. The equity shares of the Company are listed on BSE
Company has been appointed as the Compliance Officer. Sh. Kunal Agarwal Chairman 2
as well as on NSE and the Company has complied
The Company has adopted a policy on Corporate Social
DETAILS OF SHAREHOLDERS’/INVESTORS’ COMPLAINTS Sh. Ajay B. Baliga Member 1 with all the applicable requirements of capital markets
Responsibility as required under section 135 of The Companies
RECEIVED AND ATTENDED and no penalties or strictures have been imposed on
Act, 2013 which is also available at the website of the Company Sh. Shekhar Swarup Member 1
Number of Shareholders’/Investors’ Five (www.globusspirits.com). During the year 2023-24, 2 (Two) CSR the Company by Stock Exchanges, SEBI or any other
Dr. Bhaskar Roy Member 2
Complaints received during the period Committee meetings were held on May 24, 2023 and February statutory authority, on any matter relating to the capital
April 01, 2023 to March 31, 2024 09, 2024. markets, during the year.
8. GENERAL BODY MEETINGS
Number of Complaints attended/resolved Five 7. RISK MANAGEMENT COMMITTEE: iii) Vigil Mechanism / Whistle Blower Policy
COMPOSITION Details of the last three Annual General Meetings:
Number of Complaints not resolved to the Nil The Company has a Vigil Mechanism / Whistle Blower
satisfaction of shareholders The constitution of the Risk Management Committee as on 31st Policy as required under the Companies Act, 2013. ).
Date of Location of the Time Whether
March 2024 is as under:- Meeting Meeting any Special
Number of pending complaints as on March 31, Nil The purpose of this policy is to provide a framework to
Name of the Designation Designation in Resolution
2024 promote responsible whistle blowing by employees. It
Members the Company Passed in
previous provides protection to those employees who wish to raise
6. CORPORATE SOCIAL RESPONSIBILITY (CSR) Sh. Kunal Agarwal Chairman Independent
Director three AGM a concern about serious irregularities, unethical behavior
COMMITTEE:
Sh. Ajay B. Baliga Member Non-executive and/or actual or suspected fraud within the Company.
22.07.2023 Registered office:- 12:00 Noon Yes
COMPOSITION Director The mechanism under the Policy has been appropriately
F-0, The Mira
The constitution of the Corporate Social Responsibility (CSR) Sh. Shekhar Swarup Member Joint Managing Corporate Suites, communicated within the organization and the Company
Director Ishwar Nagar,
Committee as on 31st March 2024 is as under:- has not denied access to any personnel, to approach the
Dr. Bhaskar Roy Member Executive Director Mathura Road,
management/Audit Committee on any issue.
Name of the Designation Designation in the Since Mr. Kunal Agarwal have resigned from the Board of New Delhi-110065
Members Company Directors of the company w.e.f. 30th May 2024. Accordingly the iv) CEO/CFO Certification
24.09.2022 Registered office:- 03:00 P.M. Yes
Risk Management Committee has been re-constituted w.e.f. F-0, The Mira The Managing Director, Sh. Ajay Kumar Swarup and CFO
Sh. Santosh Kumar Chairman Independent Director
Bishwal 30th May 2024 and the Present Members of the Risk Mangement Corporate Suites, Nilanjan Sarkar have certified to the Board of Directors,
Committee w.e.f. 30th May 2024 are as follows:- Ishwar Nagar, inter alia, the accuracy of financial statements and
Sh. Vivek Gupta Member Independent Director Sl. Name of Member Designation in Designation Mathura Road,
adequacy of internal controls for the financial reporting
No. Committee in Company New Delhi-110065
Sh. ShekharSwarup Member Joint Managing Director purpose as required under Regulation 17 of SEBI (Listing
1 Ms. Ruchika Bansal Chairman Independent 24.09.2021 Registered office:- 03:00 P.M. Yes
Dr. Bhaskar Roy Member Executive Director Director Obligations and Disclosure Requirements) Regulations,
F-0, The Mira
2 Sh. Ajay B. Baliga Member Non-executive Corporate Suites, 2015, for the year ended March 31, 2024.
Mr. Santosh Kumar Bishwal and Mr. Vivek Gupta, have resigned Director Ishwar Nagar, v) Compliance with Mandatory Requirements
from the Board of Directors of the company w.e.f. 30th May 2024. 3 Sh. Sunil Chadha Member Independent Mathura Road,
Accordingly the CSR Committee has been re-constituted w.e.f. Director New Delhi-110065 The Company has submitted to stock exchange
30th May 2024 and the Present Members of the CSR Committee 4 Sh. Shekhar Swarup Member Joint Managing on quarterly basis the compliance status of all the
w.e.f. 30th May 2024 are as follows:- Director
5 Dr. Bhaskar Roy Member Executive
Director

58 Globus Spirits Limited 2023-24 Annual Report 59

 Mandatory Requirements pursuant to Part C of Schedule 13. GENERAL SHAREHOLDERS INFORMATION The Company had paid Annual Listing Fees for the Financial Registrar and Share Transfer Agents (STA):
V of Regulation 34(3) of SEBI (Listing Obligations and a) Annual General Meeting: Year 2023-24. Link Intime India Pvt. Ltd.
Disclosure Requirements) Regulations, 2015. Date & Time : Thursday, 29th August 2024 at Noble Heights, 1st Floor, Plot No. N.H-2, LSC, C-1 Block, Near
Performance in comparison with Indices (BSE/NSE) Savitri Market, Janakpuri, New Delhi-110058
03:00 PM through Audio Visual
vi) Policy for determining material subsidiaries Base is 100 as at March 31, 2024
conference mode.
Share Transfer System:
The Company has duly posted the policies with respect Venue : At the Registered office of the
BSE
to determining material subsidiaries at its website (www. company at F-0, Mira Corporate Company’s shares are transferable both in Demat and Physical
globusspirits.com). Suites, Ishwar Nagar, Mathura mode. The transfers of shares in case of dematerialization form
Road, New Delhi are being conducted through Depository Participant (DP). For
vii) Consolidated fees paid to statutory auditor b) Financial Year : April 01, 2023 to March 31, the transfer of physical shares Company’s Registrar at above
Total fees for all services paid by the Company and its 2024 mentioned address is to be contacted. Further Share transfer
subsidiaries, on a consolidated basis, to the statutory c) Book Closure : From 23rd August 2024 to 29th requests received in physical form are registered within 21
August 2024(both days inclusive) days from the date of receipt and demat requests are normally
auditors and all entities in the network firm/network
d) Dividend : 35% dividend is proposed on confirmed within the prescribed time from the date of receipt.
entity for FY 2023-24 of which it is a part is as reflected
paid up equity share capital of
in Notes to the financial statements. the company and if approved Investor correspondence address
viii) With respect to disclosure in relation to Sexual by the Shareholders it will be Shareholders correspondence should be addressed to the
distributed to the shareholders
Harassment of Women at Workplace (Prevention, Registrars and Transfer Agents at the address given here above.
within the scheduled time of 30
Prohibition and Redressal) Act, 2013: days from the data of AGM of the Shareholders holding shares in dematerialized form should
company. (Source: www.bseindia.com)
a. number of complaints filed during the financial year address all their correspondence to their respective Depository
- Nil e) Listing on Stock Exchanges: w.e.f. September 23, 2009 Participants.
NSE
b. number of complaints disposed of during the The Company has complied with all the mandatory requirements
The Equity Shares of the Company are listed at the following
financial year - Nil specified in Regulations 17 to 27 and clauses (b) to (i) of sub-
Stock Exchanges:
c. number of complaints pending as on end of the regulation (2) of Regulation 46 of the Listing Regulations.
financial year - Nil i) Bombay Stock Exchange Limited, 25th Floor, Phiroze
Shareholding Pattern as on March 31, 2024:
Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001.
10. MEANS OF COMMUNICATION
ii) National Stock Exchange of India Limited, ‘Exchange No. Of % Of
Category
The Company’s financial results are communicated Share Held Holding
Plaza’, Bandra - Kurla Complex, Bandra (East),
forthwith to both the Stock Exchanges with whom the Mumbai- 400 051. Equity:
Company has listing arrangements as soon as they are A. Promoter & Promoter Group
f) Stock Code: BSE 533104 1. India 1,46,93,920 50.98
approved and taken on record by the Board of Directors of
NSE GLOBUSSPR 2. Foreign - -
the Company. Thereafter the results are normally published Total (A) 1,46,93,920 50.98
NSDL/ CDSL – ISIN INE615I01010
in The Financial Express and Regional newspapers. The B. Public
Financial Results, Press Releases and Presentations made g) Stock Market Price Data for the year 2023-24
1. Institutions 5.87
to institutional investors are also available under Investors BSE PRICE NSE PRICE (Source: www.nseindia.com) 2. Non-Institutions 16,92,141 43.15
section on the Company’s website (www.globusspirits. Month High Low High Low 1,24,36,572
Distribution of Equity shareholding as on March 31, 2024 Total (B) 1,41,28,713 49.02
com). Apr-23 903.95 777.55 902.00 779.75
No of Equity No. of % of No. of % Share- Grand Total (A+B) 28,822,633 100
Designated Exclusive e-mail ID: The Company has May-23 1054.35 829.95 1055.00 844.05
Shares Held Share- Share- Shares holding Dematerialization of Shares and Liquidity
designated the following e-mail ID exclusively for investor Jun-23 1311.30 1007.45 1313.90 1002.00 holders holders Held
grievance redressal:- Jul-23 1326.25 962.00 1327.70 962.00 Up to 500 98,003 96.9588 4971075 17.2471 The Company’s shares are compulsorily traded in dematerialized
[email protected]; santoshp@globusgroup. 501 to 1000 1689 1.6710 1271595 4.4118 form. As on March 31, 2024, 99.996% (28,821,399 shares
Aug-23 1089.30 881.25 1090.00 880.35
out of total 28,822,633 equity shares) shares were held in
in; [email protected] Sep-23 953.95 863.15 954.95 864.00 1001 to 2000 757 0.7489 1095415 3.8005
dematerialized form.
11. DISCLOSURE OF CERTAIN TYPE OF AGREEMENTS Oct-23 892.00 760.00 894.00 759.50 2001 to 3000 236 0.2335 590769 2.0497
Credit Rating
BINDING LISTED ENTITIES Nov-23 865.00 799.30 866.00 799.85 3001 to 4000 99 0.0979 346229 1.2012
There are no agreement impacting management or control 4001 to 5000 80 0.0791 368643 1.2790 The Company has been rated by CARE A+ Stable (single A Plus
Dec-23 934.95 829.45 935.00 830.05
5001 to 115 0.1138 804352 2.7907 : Outlook Stable) for its various working capital and term loan
of the Company or imposing any restriction or create any Jan-24 911.00 794.55 911.50 794.55
10000 credit facilities availed by the company from various bankers.
liability upon the Company.
Feb-24 883.75 775.00 883.95 775.00 10001 & 98 0.0970 19374555 67.2199 Outstanding GDR/ADRs/Warrants or any Convertible
12. SHARES IN THE SUSPENSE ACCOUNT Mar-24 794.00 656.10 793.45 661.3 above instruments, conversion date and likely impact on equity:
There are no shares in the demat suspense account or Grand Total 101077 100.00 2,88,22,633 100.00
(Source: www.bseindia.com and www.nseindia.com) There is no outstanding GDR/Warrants and Convertible Bonds
unclaimed suspense account.
etc.

60 Globus Spirits Limited 2023-24 Annual Report 61

 Address for Correspondence : REQUEST TO SHAREHOLDERS Compliance
1) Registered office Address : M/s Globus Spirits Limited, F-0, The Certificate dated 30th May 2024 obtained from our statutory auditors SKP & Co, Vaishali, NCR Delhi forms part of this Annual Report.
Demat of Shares:

Auditor’s Certificate on
The Mira Corporate Suites, Ishwar Nagar, Mathura Road,
New Delhi-110065, E-mail : [email protected] Shareholders are requested to convert their physical holding
2) Address of Registrar and Share Transfer Agent : M/s Link to demat/ electronic form through any of the DPs to avoid any

Corporate Governance
Intime India Pvt. Ltd., Noble Heights, 1st Floor, Plot No. NH- possibility of loss, mutilation etc., of physical share certificates
2, LSC, C-1 Block, Near Savitri Market, Janakpuri, New and also to ensure safe and speedy transaction in securities.
Delhi-110058
Consolidation of Multiple Folios:
Commodity price risk or foreign exchange risk and
hedging activities Shareholders, who have multiple folios in identical names and
order are requested to apply for consolidation of such folios To,
During the year 2023-24, the Company had managed the and send the relevant share certificates to the Company. The Members
foreign exchange risk and entered into forward contracts to the Globus Spirits Limited
extent considered necessary for minimizing the risk of foreign Registration of Nominations:
CIN: L74899DL1993PLC052177
exchange fluctuations. The details of foreign currency exposure Section 72 of the Companies Act, 2013 provides facility for New Delhi.
are disclosed in note to be financial statements. making nominations by shareholders in respect of their holding
Plant Locations of shares. Such nomination greatly facilitates transmission of
We have examined the compliance of conditions of Corporate Governance by M/s Globus Spirits Limited (the “Company”), for the
shares from the deceased shareholder to his / her nominee
: 1) Vill: Shyampur, Tehsil: Behror, Dist : Alwar, financial year ended on March 31, 2024 as stipulated in the relevant provisions of Securities and Exchange Board of India (Listing
without having to go through the process of obtaining succession
Rajasthan Obligations and Disclosure Requirements) Regulations, 2015 (“the SEBI Listing Regulations, 2015”) as referred to in Regulations 15(2)
certificate / probate of the will, etc. It would therefore be in the
: 2) 4K.M., Chulkana Road, Vill: Samalkha, best interest of the shareholders holding shares in physical of the SEBI Listing Regulations, 2015.
Dist: Panipat, Haryana form registered as a sole holder to make such nominations.
: 3) National Highway, Hisar Bye-pass, Hisar, Haryana Shareholders, who have not availed nomination facility, are The Compliance of conditions of Corporate Governance is the responsibility of the Management. Our examination was limited to
: 4) Vill: Duduha, Tehsil :Jandaha, Dist: Vaishali, Bihar requested to avail the same by submitting the nomination form procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of Corporate
to the Company or STA. This form will be made available on Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
: 5) Plot B-7, Panagarh Industrial Area, Panagarh,
request. Investors holding shares in demat form are advised to
Dist: Burdwan, West Bengal
contact their DPs for making nominations. In our opinion and to the best of our information and according to the explanations given to us and the representations made by the
: 6) Vill : Olda, Block-Baharagora, Tehsil: Ghatshila,
Updation of address: Directors and the management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated
Dist:East Singhbhum, Jharkhand
in the above said Clause(s) of the SEBI Listing Regulations, 2015
: 7) Vill ; Abbaspur, Aurangabad, Tehsil-Mitauli, Shareholders are requested to update their addresses
Dist: Lakhimpur Kheri, Uttar Pradesh registered with the Company, directly through the STA, to We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness
receive all communications promptly. Shareholders, holding with which the management has conducted the affairs of the Company.
DISCRETIONARY REQUIREMENTS
shares in electronic form, are requested to deal only with their
(1) CHAIRMAN OF THE BOARD DPs in respect of change of address, furnishing bank account This certificate is issued solely for the purposes of complying with the aforesaid Regulations and is not intended to be and should not
number, etc.
The Board of Directors of the Company has a Chairman be used for any other purpose whatsoever, and may not be used by any other person for any other purpose. Accordingly, we do not
who is a Non-Executive & Independent Director. GREEN INITIATIVE IN CORPORATE GOVERNANCE accept or assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is shown or
(2) SHAREHOLDERS’ RIGHTS into whose hands it may come without our prior consent in writing.
In compliance with the provisions of section 20 of the
As the Company’s quarterly results are published in leading companies act, 2013, permits circulation of Annual Report
English newspapers having circulation all over India and in through electronic means to such of the members whose
e-mail addresses are registered with NSDL or CDSL or with
a Hindi newspaper widely circulated in the region, the same
are not sent to each household of shareholders. the Company to receive the documents in electronic form and For SKP & Co.
physical copies to those shareholders whose e-mail addresses Company Secretaries
(3) MODIFIED OPINIONS IN AUDIT REPORT have not been either registered with the Company or with
There is no qualification contained in Audit Report. the DPs. To support this green initiative of the Government,
members are requested to register their e-mail addresses and
(4) SEPARATE POST OF CHAIRMAN AND MANAGING (CS Sundeep K. Parashar)
also intimate changes, if any, with the DPs, in case shares
DIRECTOR are held in dematerialized form and with the STA, in case the M. No. : FCS 6136
The Company has separately appointed Chairman and shares are held in physical form. C.P. No. : 6575
Managing Director. PR : 1323/2021
UDIN : F006136F000491236
(5) REPORTING OF INTERNAL AUDITOR
Place : Vaishali, NCR Delhi
The Internal Auditors reports directly to the Audit Committee.
Date : 30.05.2024

62 Globus Spirits Limited 2023-24 Annual Report 63

 CEO and CFO Business
Certification Responsibility & Sustainability Report
Globus Spirits Limited was incorporated in 1993. Today, with a blend of experience-led wisdom and youthful exuberance, Globus
CEO AND CFO Certification under Regulation 17(8) of SEBI (LODR) Regulation, 2015 Spirits operates with high standards of quality in the spirits business, driven to create value for all our stakeholders. Our presence in
multiple segments and price points of the value chain is clearly visible, with well-integrated operations aiding in ensuring quality and
In terms of Regulation 17(8) of the SEBI (LODR) Regulation, 2015, we, Nilanjan Sarkar, CFO and Ajay K. Swarup, Managing
cost control.
Director hereby certify that :
In accordance with clause (f) of sub-regulation (2) of Regulation 34 of the Securities and Exchange Board of India (Listing Obligations
A. We have reviewed financial statements for the period ending 31st March 2024 and that to the best of our knowledge and
belief: and Disclosure Requirements) Regulations, 2015, as amended from time to time (Listing Regulations).Your Company’s Business
Performance and Impacts are disclosed based on the 9 Principles of the ‘National Guidelines on Responsible Business Conduct’(
(1) these statements do not contain any materially untrue statement or omit any material fact or contain statements that NGRBC).
might be misleading;
SECTION A: GENERAL DISCLOSURES
(2) these statements together present a true and fair view of the listed entity’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations. I. Details of the listed entity

B. There are, to the best of our knowledge and belief, no transactions entered into by the listed entity during the year which are S. No Details of Listed Entity
fraudulent, illegal or violative of the listed entity’s code of conduct. 1 Corporate Identity Number (CIN) L74899DL1993PLC052177
2 Name of the Listed Entity Globus Spirits Limited
C. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated
the effectiveness of internal control systems of the listed entity pertaining to financial reporting and we have disclosed to the 3 Year of Incorporation 1993
auditors and the audit committee, deficiencies in the design or operation of such internal controls, if any, of which we are 4 Registered Office Address F-0, Ground Floor, The Mira Corporate Suites, Plot No. 1 & 2,
aware and the steps we have taken or propose to take to rectify these deficiencies. Ishwar Nagar, Mathura Road, New Delhi 110065
5 Corporate Address F-0, Ground Floor, The Mira Corporate Suites, Plot No. 1 & 2,
D. We have indicated to the auditors and the Audit committee Ishwar Nagar, Mathura Road, New Delhi 110065

(1) significant changes in internal control over financial reporting during the year; 6 E-Mail [email protected]
7 Telephone +91-11-66424600
(2) significant changes in accounting policies during the year and that the same have been disclosed in the notes to the 8 Website www.globusspirits.com
financial statements; and
9 Financial Year for which reporting is being done 1st April 2023 -- 31st March 2024
(3) instances of significant fraud of which they have become aware and the involvement therein, if any, of the management 10 Name of Stock Exchanges where shares are listed BSE 533104 and NSE-GLOBUSSPR
or an employee having a significant role in the listed entity’s internal control system over financial reporting. (No Instance 11 Paid-up Capital Rs 28,82,26,330/-
of any kind of fraud has been detected)
12 Name and Contact details of person who has to be Mr. Santosh Kumar Pattanayak: Company Secretary
contacted for any BRSR Report related Queries Email: [email protected]
Phone Number: +91-11-66424600
13 Reporting Boundary (Standalone/Consolidated The disclosure under this Report are made on
Basis) Standalone Basis for Globus Spirits Limited
14 Name of assurance provider Not Applicable
(Nilanjan Sarkar) (Ajay K. Swarup)
15 Type of assurance obtained Not Applicable
CFO Managing Director
Place-New Delhi II. Products/services

Date- May 30, 2024 16. Details of business activities (accounting for 90% of the turnover):

S. No. Description of Main Activity Description of % of Turnover of

Business Activity the entity
1 Manufacturing of Bulk industrial alcohol and Bulk Alcohol, IMFL Bottling, By-Products; 100
Potable Alcohol (RS/ENA/ETHANOL/IMIL/ Value Spirits and Premium Spirits
IMFL/ Others)

64 Globus Spirits Limited 2023-24 Annual Report 65

 17. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover): WORKERS
4. Permanent(F) 123 123 100% 0 0%
S.No. Product/Service NIC Code % of total Turnover contributed
5. Other than 301 300 99.6% 1 0.4%
1 ENA 2208 15 Permanent(G)
2 Ethanol 2208 40
6. Total workers (F+G) 424 423 99.7% 1 0.3%
3 IMIL 2208 31
b. Differently abled Employees and workers:
4 IMFL 2208 2
5 Others 2208 12 S.No Particulars Total Male Female
(A) No.(B) %(B/A) No.(C) %(C/A)
Abbreviations: ENA (External Neutral Alcohol), IMIL (Indian Mfg. Indian Liquor), IMFL (Indian Mfg. Foreign Liquor).
DIFFERENTLYABLEDEMPLOYEES
III. Operations
1. Permanent(D) Nil Nil Nil Nil Nil
18. Number of locations where plants and/or operations/offices of the entity are situated:
2. Other than Permanent(E) Nil Nil Nil Nil Nil

Location Number of plants Number of offices Total 3. Total differently abled Nil Nil Nil Nil Nil
employees (D+E)
National 6 1 7
DIFFERENTLYABLEDWORKERS
International 0 0 0
4. Permanent(F) Nil Nil Nil Nil Nil
19. Markets served by the entity: 5. Other than permanent(G) Nil Nil Nil Nil Nil
a. Number of location 6. Total differently abled Nil Nil Nil Nil Nil
workers (F+G)
Locations Number
21. Participation/Inclusion/Representation of women
National (No. of States) States-8
Total No. and percentage of Females
International (No. of Countries) 6 Approx(Countries of Africa and Japan) (A) No.(B) %(B/A)
b. What is the contribution of exports as a percentage of the total turnover of the entity? Board of Directors 9 1 11.11
-Contribution of exports as a percentage of the total turnover of the entity is 1 % Key Management Personnel 2 0 0

c. Brief on types of customers: 22. Turnover rate for permanent employees and workers

- GSL caters to the individual /retail customers as well as the industrial customers. GSL business is divided into the FY-2023-24 FY-2022-23 (Turnover rate in FY-2021-22
following areas- (Turnover rate in current FY) previous FY) (Turnover rate in the year prior
to the Previous FY)
a) The manufacturing business involves sale of ethanol, ENA and sale of by-products. Ethanol is sold to OMC (HPCL, Male Female Total Male Female Total Male Female Total
IOCL, and BPCL), ENA is sold to MNC’s like USL, Pernod, Beam, Bacardi and big domestic liquor companies like Permanent 31.22% 0 31.22% 27.8% 0% 27.8% 12.97% 33.3% 46.27%
ABD, Radico and other country liquor bottlers. By products predominantly Animal Feed Supplement (AFS) is sold to Employees
local customers who lift the same.
Permanent 33.15% 0 33.15% 42.1% 0% 42.1% 44.68% 0% 44.68%
b) Consumer division involves sale of Country Liquor (Value segment), liquor in the value plus segment and IMFL (Indian Workers
Made Foreign Liquor). These are sold to the distributors, retailers etc. depending on the terms of trade and route to
V. Holding, Subsidiary and Associate Companies (including joint ventures)
market.
23. (a) Names of holding/subsidiary /associate companies/joint ventures
IV. Employees
S. Name of the holding/ Indicate whether % of shares held Does the entity indicated at
20. Details as at the end of Financial Year: No. subsidiary/ associate holding/ Subsidiary/ by listed entity column A; participate in the
companies/ joint Associate/ Joint Business Responsibility initiatives
a. Employees and workers (including differently abled): ventures(A) Venture of the listed entity?(Yes/No)
1 Bored Beverages Subsidiary 40.9% No
S.No. Particulars Total Male Female
Private Limited
(A) No.(B) %(B/A) No. (C) %(C/A) Percentage of Preference shares held by the company against the total share capital of the company/subsidiary including equity and preference.
EMPLOYEES
1. Permanent(D) 760 756 99.4% 4 0.52% VI. CSR Details

2. Other than Permanent(E) 8 7 87.5% 1 12.5% 24. (i) Whether CSR is applicable as per Section135 of Companies Act, 2013: (Yes / No) – Yes
3. Total employees (D+E) 768 763 99.3% 5 0.65% (ii) Turnover (in Rs.): 23,43,83,64,000
(iii) Net worth (in Rs.): 7,72,30,59,000

66 Globus Spirits Limited 2023-24 Annual Report 67

 VII. Transparency and Disclosures Compliances
Employees Globus Spirits Limited has 0 0 Internal 0 0 Internal
25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business and workers a Whistle-Blower Policy and grievance grievance
Conduct:
associated mechanisms redressal redressal
Stakeholder Grievance Redressal FY-2023-24 FY-2022-23 to redress grievances of mechanism mechanism
group from Mechanism in Place (Yes/ Current Financial Year Previous Financial Year all stakeholders, including in place in place.
whom No)
employees and workers. The
complaint is
received link to the Policy is available
on company’s website and
(If Yes, then provide web- Number of Number of Number of Number accessible to everybody at
link for grievance redress complaints complaints Remarks complaints of chrome-extension://efaidn-
policy) filed during pending filed complaint bmnnnibpcajpcglclefindmkaj/
Remarks
the year resolution during the s pending https://www.globusspirits.
at close of year resolution com/documents/key-poli-
the year at close
cies/Whistle-Blower-Policy.
of the
year pdf
Communities Globus Spirits Limited 0 0 Internal 0 0 Internal Customers Globus Spirits Limited 0 0 Internal 0 0 Customer
enables community grievance grievance enables customers to grievance complaint
members or other redressal redressal
register concerns, through its redressal cell is
stakeholders to register mechanism mechanism
helpline and email address mechanism established
concerns, through its in place. in place.
helpline and email address as provided on the official in place
as provided on the official website of the company i.e.
website of the company i.e. https://www.globusspirits.
https://www.globusspirits. com
com/contact_us.php contact_us.php with the
with the aim of resolving aim of resolving challenges
challenges before they before they escalate.
escalate.
Investors Globus Spirits Limited has 0 0 Internal 0 0 Internal Value Chain Globus Spirits Limited 0 0 Internal
(other than a Board-level Stakeholders’ grievance grievance Partners enables suppliers or other grievance
shareholders) Relationship Committee redressal redressal stakeholders to register redresser
to oversee functioning of mechanism mechanism concerns, through its mecha-
mechanisms for redressal in place in place. helpline and email address nisms are
of investor grievances.
as provided on the official in place
Additionally the company has
website of the company i.e.
provided a separate email
address i.e. ir@globusgroup. https://www.globusspirits.
in provided on the official com/contact_us.php
website of the company i.e. with the aim of resolving
https://www.globusspirits. challenges before they
com/contact_us.php escalate.
Shareholders Globus Spirits Limited has 0 0 Internal 0 0 Internal
a Board-level Stakeholders’ grievance grievance Others Globus Spirits Limited 0 0 Internal 0 0 Internal
Relationship Committee redressal redressal enables other stakeholders grievance grievance
to oversee functioning of mechanism mechanism to register concerns, through redressal redressal
mechanisms for redressal of in place in place. its helpline and email address mechanism mechanism
investor grievances. as provided on the official in place. in place.
Mr. Santosh Kumar website of the company i.e.
Pattanayak, the Company https://www.globusspirits.
Secretary of Globus Spirits com/contact_us.php
Limited actively address with the aim of resolving
and resolve all investor and challenges before they
shareholder grievances.
escalate.
The Investor Presentations,
Quarterly Financial Reports,
Annual Report etc. are also
shared through the website:
https://www.globusspirits.
com/investors.php

68 Globus Spirits Limited 2023-24 Annual Report 69

 26. Overview of the entity’s material responsible business conduct issues. Please indicate material responsible business conduct and 5 Efficient waste Opportunity Efficient waste management Organization is presently Positive
sustainability issues pertaining to environmental and social matters that present a risk or an opportunity to your business, rationale management helps manage and reduce risk segregating the waste implications
for identifying the same, approach to adapt or mitigate the risk along-with its financial implications, as per the following format: and disposal of released process waste produced at the source itself
released which can be liquid, and has authorized vendors to
S.No. Material Indicate Rationale for In case of Financial gaseous, solid type and may further safely handle different
identified Whether risk Identifying the risk / risk, approach to adapt or Implications include both hazardous and types of wastes. The entity
or Opportunity mitigate Of the risk or non- hazardous classification is also deploying controls
opportunity Opportunity Safe handling and disposal to ensure compliance with
(R/O) (Indicate of waste reduces risk to the the environmental consents
positive or community and environment. obtained.
Negative Further, new ways are being
implications) devised to recycle, reuse and
1 Energy Opportunity Optimization of energy use Multiple action plans have Positive deploy the effluent and process
Optimization leads to reduced climate been initiated and executed to implication waste for safe application and
and related risks due to high carbon improve energy efficiency: disposal.
management footprint on account of high 1.Transition to use of more Further, alternate ways to use
energy consumption. efficient devices with 5-star spent raw material to ensure
rating, better waste management are
•Decreased direct and indirect 2.Responsible usage of being explored.
use of fossil fuels electricity, Waste management strategies
3.Usage of innovative involving color coding of bins,
•Reduced indirect impact on technologies to optimize and waste segregation, giving
environment improve energy efficiency in e-waste to authorized vendors
distillation processes (improving for recycling and safe disposal
efficiency of fermentation &safely handling of hazardous
process to give 100% alcohol) waste are also followed
2 Natural Risk Most of our business 1.Disaster Negative
disaster operations are located in areas Management plans is in place. implications SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
prone to natural disasters like: 2.Simulation of the various
1. Flooding disaster scenarios is periodically Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
2. Earthquake Undertaken
Policy and management processes
(Being in seismic zone IV. & V 3. Regular monitoring of critical
In case of any natural disaster, controls to reflect readiness of 1. a. Whether your entity’s policy/policies cover Yes Yes Yes Yes Yes Yes Yes Yes Yes
there may be an the infrastructure and processes each principle and its core elements of the
4. Periodic training Programs
impact resulting in: are undertaken to keep the ERT NGRBCs. (Yes/No)
Disruption in business activities team always prepared b. Has the policy been approved by the Yes Yes Yes Yes Yes Yes Yes Yes Yes
Damage of infrastructure 5. Plans for engage outsourcing
Employee safety becomes at part of activities in case of Board?(Yes/No)
risk emergencies is under discussion c. Web Link of the Policies, if available The policies of the company are published on the website of the company on
partners and : https://www.globusspirits.com/investors_corporate_governance.php

3 Board Opportunity Strict compliance with the No discrimination and Positive 2. Whether the entity has translated the policy Yes Yes Yes Yes Yes Yes Yes Yes Yes
independence Anti-corruption and Anti-Bribery encouragement of diversity in Implications
into procedures. (Yes /No)
policies board through Nomination and
Business conduct focusing Remuneration committee 3. Do the enlisted policies extend to your value Policies of the Company have been communicated with the key value chain
on Integrity, Compliance and chain partners?(Yes/No) partners.
Ethics
Diversity & Inclusivity is 4. Name of the national and international codes/ ISO 22000: 2018
encouraged certifications / labels / standards (e.g. Forest The Company has obtained ISO 22000: 2018 certifications for the plant of the
Stewardship Council, Fair trade , Rainforest Company situated at Panagarh, West Bangal.
4 Transparency Opportunity Ethical business conduct Following “code of conduct Positive
Alliance, Trustee) standards (e.g.SA8000, ISO 14001 :2004
in Business Respecting interests of all for directors” to ensure ethical, implications
OHSAS, ISO, BIS) adopted by your Entity The Company had obtained ISO 14001:2004 certification for the plants of
conduct stakeholders transparent business conduct
and mapped to each principle. the Company situated at Samalkha in the state of Haryana and the other one
situiated at Behror in the state of Rajasthan. The Company is in the process of
further reimplementation and renewal of the said certifications.
OHSAS 18001 :2007:
The Company had obtained ISO 14001:2004 certifications for the plants of
the Company situated at Samalkha in the state of Haryana and the other one
situiated at Behror in the state of Rajasthan. The Company is in the process of
further reimplementation and renewal of the said certifications.

70 Globus Spirits Limited 2023-24 Annual Report 71

 5. Specific commitments, Goals and targets set The company is committed to better performance in terms of product 8. Details of the highest Board of Directors
by the entity with defined timelines, if any. excellence, marketing excellence, organizational excellence and manufacturing authority responsible
excellence. for implementation and S.No. Name of Director DIN Designation
oversight of the Business 1 Mr. Ajay Kumar Swarup 00035194 Managing Director
6. Performance of the entity against the specific Product excellence has been enhanced by producing and using highest quality
Responsibility policy (ies).
commitments, goals and targets along-with of “ENA” or Extra Neutral Alcohol. The Extra Neutral Alcohol that is fractioned 2 Mr. Shekhar Swarup 00445241 Executive Director
reasons in case the same are not met. in our multi-pressure columns assures higher purity than conventional re-
3 Dr. Bhaskar Roy 02805627 Executive Director
distillation techniques thereby providing safer and better tasting beverages, in
addition, stringent controls over the natural fermentation process ensures that 9. Does the entity have
every batch of ENA is of high purity and quality. S.No. Members of Committee Designation
a specified Committee
of the Board/Director 1 Mr.Ajay Bhaskar Baliga Non-Executive - Non Independent Director
Marketing excellence strategy has been in pioneering branding at the bottom
of the pyramid ‘IMIL’ market as well as creating innovative ‘IMFL’ brands. responsible for decision 2 Mr.Kunal Agarwal Non-Executive - Independent Director
Organizational excellence achieved through the entity’s unique 360° business making on Sustainability
3 Mr. Bhaskar Roy Executive Director
model, allowing for high capacity utilization and operation of high standards of related issues? (Yes / No).
Corporate Governance creating value for all of its stakeholders. If yes,provide details. 4 Mr. Shekhar Swarup Executive Director

Manufacturing excellence was achieved by establishing world-class, fully 10. Details of Review of NGRBCs by the Company:
integrated, earth-friendly distilleries that produce reliable products at better
efficiencies. Subject for Review Indicate whether review was undertaken by Frequency
Director/Committee of the Board/ (Annually/Half yearly/Quarterly/ Any other –
Governance, leadership and oversight
Any other Committee please specify)
7. Statement by director responsible for the Globus Spirit is committed to ensure preservation of the environment, P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
business responsibility report, highlighting positively contributing to the sustainable development of the society, while
Performance against As a practice, BR policies of the company are On a continuous basis
ESG related challenges, targets and ensuring continued compliance with the applicable governance requirements.
above policies and follow reviewed on a continuous basis by department
achievements The commitment is evident in all the activities undertaken at strategic and
up action heads and Risk Management committee. During
operational level across all locations of the group. Compliance is the core to all this assessment, the efficacy of the policies is
activities at Globus Spirit. reviewed and any changes needed are discussed
Board of Directors of the company has specifically communicated their and implemented.
commitment to comply with all applicable legal and regulatory requirements. Compliance with The organization is in compliance with all regulations as applicable. No evidence of any deviation from
Involvement of the leadership team and the office staff in multiple environmental statutory requirements the applicable compliance could be seen during the sampling assessment. Further, a confirmation was
and social welfare initiatives undertaken as part of the various CSR activities of relevance to the provided by the compliance head on 100% compliance with applicable requirements.
are also an evidence of the company’s strong resolve to positively contribute principles, and,
towards environmental and social wellbeing. rectification of any
The company’s sincere commitment to compliance is evident from the strict non-compliances
deployment of the Code of Conduct and Ethics, which is followed by all 11. Has the entity P1 P2 P3 P4 P5 P6 P7 P8 P9
within the organization from the Directors, Senior Management personnel to carried out independent
the employee at the last pedestal within the organization. Vendors engaged assessment/evaluation of
by the organization are also evaluated and are expected to conform to the the working of its policies Yes, policies are reviewed by external ISO auditors as a part of Environment Health and Safety
applicable legal & regulatory requirements. Globus Spirit makes all efforts to by an external agency? Management System assessment and certification process
ensure transparency and integrity in the company’s business conduct. Our (Yes/No). If yes, provide
vigil mechanism and prevention of insider trading policy prevents misuse of name of the agency.
data and ensures transparency and ethical business conduct.
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
Globus Spirits ensure conformance with the available environmental consents
obtained for each of the facility. Further, efforts are made towards adopting
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
new technological controls to ensure continual improvement in the various
sustainability goals as per the defined global guidelines and standards. The entity does not consider the Principles material NA NA NA NA NA NA NA NA NA
Innovation is one the core values here at Globus Spirits limited and we reflect the to its business(Yes/No)
same in our constant endeavors like ensuring conversions to alcohol at higher The entity is not at a stage where it is in a position NA NA NA NA NA NA NA NA NA
efficiencies through installation of newer and more advanced technologies, to formulate and implement the policies on specified
improving distillation techniques and exploring alternate disposals of spent principles (Yes/No)
grain to improve our waste disposal strategies.
The entity does not have the financial or/human and NA NA NA NA NA NA NA NA NA
We, at Globus spirits, take pride in our strong risk and opportunities-based technical resources available for the task(Yes/No)
process framework which helps our organization to proactively identify the It is planned to be done in the next financial year NA NA NA NA NA NA NA NA NA
risks and effectively mitigate the same to acceptable levels, while ensuring (Yes/No)
adequate leverage from the inherent opportunities to consistently drive our
organization on the path of continual improvements. Any other reason( please specify) NA NA NA NA NA NA NA NA NA

72 Globus Spirits Limited 2023-24 Annual Report 73

 SECTIONC: PRINCIPLE WISE PERFORMANCE DISCLOSURE 5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement agency
for the charges of bribery/ corruption: NA
This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements with key
processes and decisions. The information sought is categorized as “Essential” and “Leadership”. While the essential indicators are FY 2023-24 FY 2022-23
expected to be disclosed by every entity that is mandated to file this report, the leadership indicators may be voluntarily disclosed by (Current Financial Year) (Previous Financial Year)
entities which aspire to progress to a higher level in their quest to be socially, environmentally and ethically responsible. Directors Nil Nil
KMPs Nil Nil
PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical,
Transparent and Accountable. Employees Nil Nil
Workers Nil Nil
ESSENTIAL INDICATORS
6. Details of complaints with regard to conflict of interest:
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year:
FY 2023-24 FY 2022-23
Segment Total Number Topics / principles covered Percentage of persons
(Current Financial Year) (Previous Financial Year)
of Training and under the training and its in respective category
awareness Programs impact covered by the awareness Number Remarks Number Remarks
held programmes Number of complaints received None, not NIL None, not applicable
Board of Directors 2 POSH Training, Ethics training on 100% in relation to issues of Conflict of NIL applicable
business practices Interest of the Directors
Key Managerial Personnel 2 POSH Training, Ethics training on 100% Number of complaints received NIL None, not NIL None, not applicable
business practices, Human rights in relation to issues of Conflict of applicable
issues Interest of the KMPs
Employees other than 94 Skill development, Ethics, Team 33.34%
7. Provide details of any corrective action taken or underway on issues related to fines/Penalties action taken by regulators/ law
BoD and KMPs Building, Health & Safety, Sales skill
enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.
Workers 81 Skill development, Ethics, POSH 48.74%
S. No. Corrective Action Details Regulators/Law Enforcement agency Concerned Evidence available
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the entity or by
directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year, in the following format NA NA NA NA NA
(Note: the entity shall make disclosures on the basis of materiality as specified in Regulation 30 of SEBI (Listing Obligations and
Disclosure Obligations) Regulations, 2015 and as disclosed on the entity’s website):Nil 8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) in the following format:

MONETARY FY 2023-24 FY 2022-23

(Current Financial Year) (Previous Financial Year)
NGRBC Name of Amount Brief Has an Is Evidence Attach
Principle Regulatory/ (in INR) of the appeal available? Evidence if Number of days of accounts payables 68 days 58 days
Enforcement Case been (Yes/No) available
Agencies/judicial preferred 9. Open-ness of business
Institutions (Yes/No)
Provide details of concentration of purchases and sales with trading houses, dealers, and related parties along-with loans and
Penalty/Fine NA NA NA NA NA NA NA advances & investments, with related parties, in the following format:
Settlement Fee NA NA NA NA NA NA NA Parameter Metrics FY 2023-24 FY 2022-23
Compounding Fee NA NA NA NA NA NA NA (Current Financial (Previous Financial
Year) Year)
Concentration of Purchases a. Purchases from trading houses as % of total Nil Nil
NON-MONETARY purchases pures
NGRBC Name of Regulatory/ Amount (in Brief of the Has an appeal been b. Number of trading houses where purchases Nil Nil
Principle Enforcement INR) Case preferred (Yes/No) are made from
Agencies/judicial c. Purchases from top 10 trading houses as % Nil Nil
Institutions of total purchases from trading houses
Imprisonment NA NA NA NA NA Concentration of Sales a. Sales to dealers / distributors as % of total 99.73 crores 101.89 crores
Punishment NA NA NA NA NA sales
b. Number of dealers / distributors to whom 380 392
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or non-monetary sales are made
action has been appealed.
c. Sales to top 10 dealers / distributors as % of 60% 62%
total sales to dealers / distributors
Case Details Name of the regulatory/ enforcement
Share of RPT’s in a. Purchases (Purchases with related parties / Nil Nil
agencies/ judicial institutions
Total Purchases)
NA NA
b. Sales (Sales to related parties / Total Sales) Nil Nil
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a web-link to the c. Loans & advances (Loans & advances given Nil Nil
policy. : Yes. The relevant weblink is : https://www.globusspirits.com/documents/key-policies/Whistle-Blower-Policy.pdf,http:// to related parties / Total loans & advances)
www.globusspirits.com/documents/Code_of_Ethics.pdf,https://www.globusspirits.com/documents/key-policies/Code-of- d. Loans & advances (Loans & advances given to Nil Nil
Conduct-Globus.pdf related parties / Total loans & advances)

74 Globus Spirits Limited 2023-24 Annual Report 75

 LEADERSHIP INDICATORS 4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities(Yes / No). If yes, whether the waste
collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If not,
1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year: provide steps taken to address the same.- As per Plastic Waste Management Rules, 2016 and its Amendments, Globus Spirits
Limited comes under the obligations of Extended Producer Responsibility (EPR) for Plastic waste Management. We have applied
Total number of awareness Topics / principles covered under % age of value chain partners for EPR Registration of with the Central Pollution Control Board.The company is in compliance with this regulation.
programmes held the training covered (by value of business
done with such partners) under LEADERSHIP INDICATORS
the awareness programmes
Nil 1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing industry) or for
its services (for service industry)? If yes, provide details in the following format?
2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board? (Yes/No) If
Yes, provide details of the same. NIC Code Name of % of total Boundary for which Whether Results communicated in
Product Turnover the Life Cycle conducted by public domain (Yes/No)
PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe /Service contributed Perspective / independent If yes, provide the web-link.
Assessment was external
ESSENTIAL INDICATORS conducted agency
(Yes/No)
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and
social impacts of product and processes to total R&D and capex investments made by the entity, respectively. Nil

Current Financial Previous Financial Details of 2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of your products /
Year Year improvements in services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means, briefly describe the same
environmental and along-with action taken to mitigate the same.
social impacts
R&D Nil Nil Nil Name of Product / Service Description of the risk / concern Action Taken
Capex 6 crore 5.50 crore Unit has the facility to maintain the Zero Nil
liquid discharge with Multi-effect evaporation
followed by decanter and dryers. Unit has 3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing industry) or
invested approx. 6 crore on the facility in the providing services (for service industry)
current financial year to improve. Units also
have the ESP to maintain the air emission
norms to reduce the carbon foot print. Indicate input material Recycled or re-used input material to total material
FY 2023-24 FY 2022-23
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No) (Current Financial Year) (Previous Financial Year)
- The resources involved in the manufacturing processes are efficient and sustainable. However no formal “sustainable
sourcing process” presently in place. Glass bottles re-purchased from market 15 % 15 %

b. If yes, what percentages of inputs were sourced sustainably?

4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and safely
1. All water re-circulated to process with or without treatment thus no discharge of any water stream. disposed, as per the following format: nil
2. Surplus water used in make ups or in the boiler and cooling towers after treatment.
FY 2023-24 FY 2022-23
3. Condensate from process reused in the boiler as boiler feed water. (Current Financial Year) (Previous Financial Year)
4. Condensate from evaporator reused in the process after treatment. Re- used Recycled Safely Re-Used Recycled Safely
5. All cooling water is through recirculation. Disposed Disposed

6. All bottle washing water reused after treatment in the process or used for horticulture. Plastics (including packaging) Nil Nil Nil Nil Nil Nil
E-waste Nil Nil Nil Nil Nil Nil
3. Describe the processes in place to safely reclaim your products for reusing, recycling anddisposing at the end of life, for (a)
Plastics (including packaging) (b) E-waste (c) Hazardous wasteand (d) other waste. Hazardous waste Nil Nil Nil Nil Nil Nil
Other waste Nil Nil Nil Nil Nil Nil
S.No. Category Process in Place
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category
A Plastics (including packaging) Sold to authorized Vendors
B E-Waste Sending to Authorized Recycler/re-processor Indicate product category Reclaimed products and their packaging materials
C Hazardous Waste Sending to Authorized Recycler/re-processor as % of total products sold in respective category

D Other Waste Nil Nil Nil

76 Globus Spirits Limited 2023-24 Annual Report 77

 PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in their 3. Accessibility of workplaces
value chains Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of the
Rights of Persons with Disabilities Act, 2016? If not, whether any steps is being taken by the entity in this regard. -Yes, the
ESSENTIAL INDICATORS premises/offices are accessible to differently abled employees and workers as per the requirements of the rights of persons with
disabilities act, 2016.
1. a. Details of measures for the well-being of employees
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a web-link
Category % of employees covered by to the policy. -Yes, HR Policy covers all aspects of Equal Opportunity Policy relevant to the entity. HR Policy is available to the
Total Health Accident Maternity Paternity Day Care employees and workers as a manual. Web-link of the same is unavailable.
(A) insurance Insurance benefits Benefits Facilities
Number % (B / Number % (C / Number % (D / Number % (E / Number % (F / 5. Return to work and Retention rates of permanent employees and workers that took parental leave.
(B) A) (C) A) (D) A) (E) A) (F) A) Permanent employees Permanent workers
Permanent employees Gender Return to work Retention rate Return to work Retention rate
Male 756 756 100% 756 100% NA NA 756 100% Nil Nil Rate Rate
Female 5 5 100% 5 100% 5 100% NA NA Nil Nil Male Nil Nil Nil Nil
Total 761 761 100% 761 100% 5 100% 756 100% Nil Nil Female Nil Nil Nil Nil
Other than Permanent employees Total Nil Nil Nil Nil
Male 7 7 100% 7 100% NA NA 7 100% Nil Nil
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and worker? If yes,
Female 1 1 100% 1 100% 1 100% NA NA Nil Nil
give details of the mechanism in brief.
Total 8 8 100% 8 100% 1 100% 7 100% Nil Nil
Yes/No
b. Details of measures for the well-being of workers: (If Yes, then give details of the
mechanism in brief)
Category % of employees covered by
Permanent Workers Yes, company has a complaint and grievance reporting process in place.
Total Health Accident Maternity Paternity Day Care
All workers are free to reach and report any of their grievance directly to the HR SPOCs
(A) insurance Insurance benefits Benefits Facilities
(Human Resource Single Point Of Contact) at their respective locations
Number % (B / Number % (C / Number % (D / Number % (E / Number % (F /
Other than Permanent Workers Yes, company has a complaint and grievance reporting process in place.
(B) A) (C) A) (D) A) (E) A) (F) A)
All Temporary workers are free to reach their Function Lead or the HR SPOC of the
Permanent workers respective locations to report any grievance directly or through their unions at their
Male 123 123 100% 123 100% NA NA 123 100% Nil Nil respective locations
Female 0 0 0% 0 0% 0 0% NA NA Nil Nil Permanent Employees Yes, company has a complaint and grievance reporting process in place.
Total 123 123 100% 123 100% 0 0% 123 100% Nil Nil All employees are free to reach and report any of their grievance directly to the HR SPOCs
Other than Permanent workers at their respective locations
Male 300 300 100% 300 100% Nil Nil Nil Nil Nil Nil Other than Permanent Employees Yes, company has a complaint and grievance reporting process in place.
All Temporary employees are free to reach their Function Lead or the HR SPOC of the
Female 1 1 100% 0 100% Nil Nil Nil Nil Nil Nil respective locations to report any grievance directly or through their representative unions
Total 301 301 100% 300 100% Nil Nil Nil Nil Nil Nil at their respective locations
c. Spending on measures towards well-being of employees and workers (including permanent and other than permanent) in the 7. Membership of employees and worker in association(s) or Unions recognized by the listed entity:
following format –
Category FY 2023-24 FY 2022-23
FY 2023-24 FY 2022-23 (Current Financial Year) (Previous Financial Year)
(Current Financial Year) (Previous Financial Year) Total No. of employees / % (B / A) Total No. of % (D / C)
Cost incurred on wellbeing measures as a % 75 lakhs 60 lakhs employees / workers in respective employees employees /
of total revenue of the company. workers in category, who are part / workers workers in
respective of association(s) or in respective respective
2. Details of retirement benefits for Current Financial Year and Previous Financial Year. category (A) Union (B) category (C) category, who are
part of
Benefits FY 2023-24 FY 2022-23 association(s) or
Current Financial Year Previous Financial Year Union (D)
No. of employees No. of workers Deducted and No. of employees No. of workers Deducted and Total 760 23 3.02% 417 24 5.75%
covered as a % of covered as a % deposited with covered as covered as a % deposited with Permanent
total employees of total workers the authority a % of total of total Workers the authority Employees
(Y/N/N.A.) employees (Y/N/N.A.) - Male 756 21 2.77% 413 24 5.8%
PF 89.3% 100% Y 77.45% 95.15% Y - Female 5 0 0 4 - -
Gratuity 100% 100% Y 100% 100% Y Total 123 2 1.62% 475 0 0
Permanent
ESI 0% 29% Y 0% 33% Y Workers
Others 0% 0% N.A 0% 0% N.A - Male 123 2 1.62% 475 0 0
- Female 0 0 0 0 0 0

78 Globus Spirits Limited 2023-24 Annual Report 79

8. Details of training given to employees and workers: 11. Details of safety related incidents, in the following format:

Category FY 2023-24 FY 2022-23 Safety Incident/Number Category FY 2023-24 FY 2022-23

Current Financial Year Previous Financial Year Current Financial Year Previous Financial Year
Total (A) On Health On Skill Total (D) On Health On Skill up Lost Time Injury Frequency Rate Employees Nil Nil
and safety up and gradation (LTIFR) (per one million-person hours worked)
Workers Nil Nil
measures gradation safety
measures Total recordable work-related injuries Employees 3 1
No. (B) % (B / A) No. (C) % (C / A) No. (E) % (E / D) No. (F) % (F / D) Workers Nil Nil
Employees No. of fatalities Employees Nil Nil
Male 756 162 21.4% 280 37% 413 54 6.36% 27 4.07% Workers Nil Nil
Female 5 2 40% 3 75% 4 2 66.6% 1 66.67% High consequence work-related injury or Employees Nil Nil
ill-health (excluding fatalities)
Total 761 164 21.57% 283 37.2% 417 56 6.8% 28 4.5% Workers Nil Nil
Workers 12. Describe the measures taken by the entity to ensure a safe and healthy work place.
Male 123 35 28.45% 30 24.39% 645 146 22.63% 63 9.76%
A risk based Occupational health and safety framework in accordance with OHSAS 18001:2007 is in place at each of our
Female 0 0 0 0 0 0 0 0 0 0 manufacturing units and head office. We ensure security of our employees and workers along with creating and promoting a
Total 123 35 28.45% 30 24.39% 645 146 22.63% 63 9.76% harmonious, safe and an environment which supports equal and fair treatment. We have a whistle blower policy in place which
helps employees work in and maintain a transparent and ethical business environment.
9. Details of performance and career development reviews of employees and worker:
13. Number of Complaints on the following made by employees and workers: - Globus Spirits has not received any complaint on
“Health & Safety” and “Working Conditions” in FY 2023-24 and FY 2022-23. However, the Company encourages its employees
Category FY 2023-24 FY 2022-23
and contractor workers to proactively submit safety observations and report unsafe acts and conditions at workplace as a
Current Financial Year Previous Financial Year
preventive action.
Total (A) No. (B) % (B / A) Total (C) No. (D) % (D / C)
Employees FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Male 756 562 74.33% 413 352 85.02%
Filed during Pending Remarks Filed Pending Remarks
Female 5 5 100% 4 3 100%
the year resolution during the resolution
Total 761 567 74.50% 417 355 85.13% at the end year at the end
Workers of year of year

Male 123 100 81.3% 475 89 18.73% Working Conditions Nil Nil Nil Nil Nil Nil

Female 0 0 0 - - - Health & Safety Nil Nil Nil Nil Nil Nil

Total 123 100 81.3% 475 89 18.73% 14. Assessments for the year:

10. Health and safety management system: % of your plants and offices that were assessed (by entity or
statutory authorities or third parties)
a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No). If yes, the
coverage such system? -The occupational health and safety management system has been implemented in accordance with SMETA Audits (Ethical trade audit- Health and safety, hygiene) 25%
the requirements of OHSAS 18001:2007 to cover the following location Internal Audits (Occupational health and safety) 100%
1. Samalkha, Haryana, India Internal audits (Environmental Management System) 100%
2. Behror, Rajasthan, India
3. Panagarh, West Bengal, India
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks /
b. What are the processes used to identify work-related hazards and assess risks on a Routine and non-routine basis by the concerns arising from assessments of health & safety practices and working conditions. - All safety incidents are investigated,
entity? -The company assesses their suppliers and focuses monitoring of health and safety conditions for employees and and risk mitigation is done by risk management committee.
workers. The entity undergoes SMETA (Sedex Members Ethical Trade Audit) Four Pillar Audits to ensure health and safety,
environment assessment, hygiene and upholding of human rights. Risk Assessment, as a part of OHSAS 18001:2007, the LEADERSHIP INDICATORS
company (plants: Behror, Samalkha, Panagarh) has a risk and opportunity framework in place and properly maintained with
respect to HESAP/ HIRA/ISO 14001: 2004/ OHSAS 18001:2007. 1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees (Y/N) (B) Workers
(Y/N) – Yes, Workmen Compensation and Medical insurance is provided to both workers and employess who are not covered
c. Whether you have processes for workers to report the work related hazards and to Remove themselves from such risks. (Y/N) under ESIC scheme.
- Yes, reporting and monitoring of leakage, induction and fire safety trainings are performed to inform workers about risks and
safety processes to be followed. 2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by the value
chain partners. - The company ensures that its value chain partners comply with all applicable laws and regulations of the country
d. Do the employees/ worker of the entity have access to non-occupational medical? and healthcare services? (Yes/ No) - Yes where we undertake operations.

80 Globus Spirits Limited 2023-24 Annual Report 81

 Investors No Website, E-Mail Shareholders and investor Business performance
3. Provide the number of employees / workers having suffered high consequence work related injury / ill-health / fatalities (as communities are being informed
reported in Q11 of Essential Indicators above), who have been are rehabilitated and placed in suitable employment or whose regarding performance of the
family members have been placed in suitable employment: Nil company every quarterly and also
event based all the key material
Total no. of affected No. of employees/workers that are events are being informed to
employees/workers rehabilitated and placed in suitable employ- the shareholders and investor
ment or whose family members have been community under regulation 30 of
placed in suitable employment SEBI (LODR) on happening of each
material event. And also outcome
FY 2023-24      FY 2022-23 FY 2023-24      FY 2022-23 of the Board and committee
(Current Financial Year) (Previous Financial Year) (Current Financial Year) (Previous Financial Year) meetings as well as shareholders
Employees Nil meeting outcome and voting
results are also informed to the
Workers Nil shareholders on timely basis.
BoDs No Website, E-Mail The Board of Directors and Business performance
4. Does the entity provide transition assistance programs to facilitate continued employability and the management of career endings KMPs meet every quarterly and
resulting from retirement or termination of employment? (Yes/ No) : No accordingly they discuss and
evaluate the performances of the
5. Details on assessment of value chain partners: company each quarterly
KMPs No Website, E-Mail The Board of Directors and Generally the information shared
% of value chain partners KMPs meet every quarterly and is relating to the strategic and
(by value of business done with such partners) accordingly they discuss and operations business requirements
that were assessed evaluate the performances of the
company each quarterly.
Health and safety practices Nil
Permanent No Website, E-Mail, Periodically, The periodicity may Generally the information shared
Working Conditions Nil Employees notice board in vary depending on the nature of is relating to their personal
the local language information shared wellbeing and operational business
for ease of their requirements
6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from assessments of understanding
health and safety practices and working conditions of value chain partners. : NA Employees No Website, E-Mail, Periodically, The periodicity may Generally the information shared
(Other than notice board in vary depending on the nature of is relating to their personal
PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders Permanent) the local language information shared wellbeing and operational business
for ease of their requirements
ESSENTIAL INDICATORS understanding
Workers No Website, E-Mail, Periodically, the periodicity may Generally, the information shared
1. Describe the processes for identifying key stakeholder groups of the entity. - Key stakeholder groups include all the groups of (Other than notice board in vary depending on the nature of is relating to their personal
people affected by the company and have an interest in company and its various operations. We make sure to include vendors, Permanent) the local language information shared. wellbeing and operational business
suppliers and local community in our stakeholder groups to ensure transparency, accountability and inclusivity in our processes. for ease of their requirements
understanding.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group. Also, verbal
communications are
Stakeholder Whether Channels of Frequency of engagement Purpose and scope of also held periodically
Group identified as communication (Annually/ Half yearly/ Quarterly engagement including key through their
Vulnerable & / topics and concerns raised concerned location
Marginalized others – please specify) during such engagement team and supervisors
Group (Yes/ as applicable.
No) Farmers No Personal Meetings Periodically at the time of Meetings are held with the farmers
Shareholders No Website, E-Mail, Periodically as per the Companies Reporting to the share-holders of Procurement of the raw material or relating to the company’s welfare
n e w s p a p e r law. Shareholders and investor the business performance, annual else relating to their welfare policies and also relating to the
advertisement communities are being informed reports and notices for general produce purchase
regarding performance of the and extra-ordinary meetings, as Transporters No Meetings and Periodically as based on the The Business Transactions to be
company every quarterly and also applicable instruction circulars Business Requirements shared and also their welfare at
event based all the key material periodic intervals
events are being informed to Community No Community meetings As and when required. For Generally, for the welfare of the
the shareholders and investor simulation of emergency community and to inform them
community under regulation 30 of preparedness drills, it is periodically on the specific activities relating
SEBI (LODR) on happening of each as per the plan. to the emergency preparedness
material event. And also outcome simulation drills at the organization.
of the Board and committee Consumer No Website, complaint Ongoing on products and related Information relating to the products
meetings as well as shareholders and feedback cell aspects. and their related specifications,
meeting outcome and voting features and other relevant aspects
results are also informed to the are communication either on
shareholders on timely basis. specific communications with the
Industrial customers or through the
website for the retail consumers.

82 Globus Spirits Limited 2023-24 Annual Report 83

 LEADERSHIP INDICATORS Other than 8 0 0 8 100% 4 0 0 4 100%
Permanent
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social topics or if
Male 7 0 0 7 100% 3 0 0 3 100%
consultation is delegated, how is feedback from such consultations provided to the Board. – The Corporate Social Responsibility
(CSR) committee of the company provides consultation between stakeholders and the Board on economic, environmental, and Female 1 0 0 1 100% 1 0 0 1 100%
social topics and review, monitor, and provide strategic direction to our CSR practices and social initiatives. Workers
Permanent 123 0 0 123 100% 475 0 0 475 100%
2. Whether stakeholder consultation is used to support the identification and management of environmental, and social topics (Yes
Male 123 0 0 123 100% 475 0 0 475 100%
/ No). If so, provide details of instances as to how the inputs received from stakeholders on these topics were incorporated into
policies and activities of the entity Female 0 0 0 0 100% 0 0 0 0
Other than 301 0 0 301 100% 170 0 0 170 100%
– Yes, the company takes steps to understand each stakeholder group’s needs and priorities through several mediums, including Permanent
direct engagement or through CSR committee. For instance the company undertakes its CSR activities in consultation with its Male 300 0 0 300 100% 170 0 0 170 100%
Board members. Female 1 0 0 1 100% 0 0 0 0
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/ marginalized 3. Details of remuneration/salary/wages
stakeholder group. – The company engage with vulnerable/marginalized stakeholder groups through its CSR outreach
programmes. a. Median remuneration / wages:

Male Female
PRINCIPLE 5 Businesses should respect and promote human rights
Number Median remuneration/ salary/ Number Median remuneration/
ESSENTIAL INDICATORS wages of respective category salary/ wages of
respective category
1. Employees and workers who have been provided training on human rights issues and policy (ies) of the entity, in the following Board of Directors (BoD) 3 33750000 0 NA
format:
Key Managerial Personnel 2 2481249 0 NA
Category FY 2023-24 FY 2022-23 Employees other than BoD and KMP 755 365400 5 2467584
Current Financial Year Previous Financial Year
Total (A) No. of % (B / A) Total (C) No. of % (D / C) Workers 123 224400 0 NA
employees / employees /
workers workers b. Gross wages paid to females as % of total wages paid by the entity, in the following format:
covered (B) covered (D)
FY 2023-24 FY 2022-23
Employees Current Financial Year Previous Financial Year
Permanent 760 174 22.89% 417 65 15.58% Gross wages paid to females as % of total wages 0 0
The females are employed at the employee positions and hence are
Other than 8 6 75% 4 4 100%
paid salaries and not wages.
permanent
Total Employees 768 180 23.43% 421 69 16.3% 4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused or contributed
Workers to by the business? - Yes, the responsibilities for all such situations are with the HR/ IR team SPOCs at the respective locations.

Permanent 123 72 58.5 475 103 21.68% 5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
Other than 301 0 0% 170 0 100%
permanent - The entity regards respect for human rights as one of its fundamental and core values and strives to support, protect and
promote human rights to ensure that fair and ethical business and employment practices are followed.
Total Workers 424 72 58.5% 645 103 15.96%
We are committed to maintain a safe and harmonious business environment and workplace for everyone, irrespective of the
2. Details of minimum wages paid to employees and workers, in the following format: ethnicity, region, sexual orientation, race, caste, gender, religion, disability, work, designation and such other parameters.
Globus spirits limited believes that every workplace shall be free from violence, harassment, intimidation and/or any other unsafe
Category FY 2023-24 FY 2022-23
Current Financial Year Previous Financial Year or disruptive conditions, either due to external or internal threats.
Equal to Minimum More than Equal to More than Accordingly, Globus Spirits Limited has aimed to provide reasonable safeguards for the benefit of employees at the workplace,
Wage Minimum Minimum Minimum while having due regard for their privacy and dignity.
Total (A) Wage Total Wage Wage We, as an entity have zero tolerance towards and prohibit all forms of slavery, coerced labour, child labour, human trafficking,
No. % (B / No. % (C / (D) No. % (E / No. % (F / violence or physical, sexual, psychological or verbal abuse.
(B) A) (C) A) (E) D) (F) D)
As a matter of policy, Globus Spirits Limited does not hire any underage employee or engage with any agent or vendor against
Employees
their free will.
Permanent 760 0 0 760 100% 417 0 0 417 100%
Male 756 0 0 756 100% 413 0 0 413 100%
Female 5 0 0 5 100% 4 0 0 4 100%

84 Globus Spirits Limited 2023-24 Annual Report 85

 6. Number of Complaints on the following made by employees and workers: 4. Details on assessment of value chain partners:

FY 2023-24 FY 2022-23 % of value chain partners (by value of business done

Current Financial Year Previous Financial Year with such partners) that were assessed
Filed Pending Remarks Filed Pending Remarks Sexual Harassment No such formal assessment of value chain partners had been done during the FY
during the resolution at during resolution at Discrimination at workplace 2023-24. However the company ensures to engage only with such value chain
year the end of year the year the end of partners who are ethical in their conduct.
year Child Labour
Sexual Harassment Nil Nil Nil Nil Nil Nil Forced Labour/Involuntary Labour
Discrimination at workplace Nil Nil Nil Nil Nil Nil Wages
Child labour Nil Nil Nil Nil Nil Nil Others – please specify
Forced Labour/Involuntary Labour Nil Nil Nil Nil Nil Nil 5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments
Wages Nil Nil Nil Nil Nil Nil at Question 4 above. : NA
Other human rights related issues Nil Nil Nil Nil Nil Nil
PRINCIPLE 6: Businesses should respect and make efforts to protectand restore the environment
7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, in the
following format ESSENTIAL INDICATORS

FY 2023-24 FY 2022-23 1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
Current Financial Year Previous Financial Year
Parameter FY 2023-24 FY 2022-23
Total Complaints reported under Sexual Harassment on of Nil Nil (Current Financial Year) (Previous Financial Year)
Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013 (POSH) From renewable sources
Complaints on POSH as a % of female employees / workers Nil Nil Total electricity consumption (A) (KWH) - -
Complaints on POSH upheld Nil Nil Total fuel consumption (B) (KWH) 268248636 (Rice husk) 299270585 (Rice husk)
8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases. Globus Spirits Limited Energy consumption through other sources (C) (KWH) - -
seeks to encourage its employees, customers, suppliers, and other stakeholders to raise concerns or make disclosures when Total energy consumed from renewable sources (A+B+C) 268248636 299270585
they become aware of any actual or potential violation of the company’s Code of Conduct, policies or law and accordingly has
put in place mechanisms to prevent adverse consequences to the complainant. As part of Whistle-blower Policy and Prevention From non-renewable sources
of Sexual Harassment Policy, the company is committed to the protection of identity of the complainant and all such matters are Total electricity consumption (A) (KWH) 11818808 131953608
dealt in strict confidence, with appropriate measures taken to maintain such confidentiality.
Total fuel consumption (D) - -
9. Do human rights requirements form part of your business agreements and contracts? - Yes Energy consumption through other sources (E) - -
10. Assessments for the year: Energy consumption through other sources (F) 1300246 1568025
% of your plants and offices that were assessed Total energy consumed from nonrenewable sources (D+E+F) 13119054 133521633
(by entity or statutory authorities or third parties)
Energy intensity per rupee of turnover 0.035 0.049
Child labour All our offices and plants are compliant with all the laws and regulations (Total energy consumed / Revenue from operations) (KWH/Rs.) (KWH/Rs.)
applicable and periodic evaluation and the reporting is deemed to be
Forced/involuntary labour Energy intensity (optional) – the relevant metric may be selected - -
reported unless an objection has been raised otherwise.
Sexual harassment by the entity

Discrimination at workplace Energy intensity per rupee of turnover adjusted for Purchasing 0.035 0.049
Power Parity (PPP) (Total energy consumed / Revenue from (KWH/Rs.) (KWH/Rs.)
Wages operations adjusted for PPP)
Others – please specify Energy intensity in terms of physical output - -
11. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments Energy intensity (optional) – the relevant metric may be selected - -
at Question 10 above. - There was no significant risk or concerns identified during FY 2023-24. by the entity

Leadership Indicators Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? - NA

1. Details of a business process being modified / introduced as a result of addressing human rights grievances / complaints. - 2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and Trade
We have not encountered any concern requiring a change in our business processes because of addressing human rights (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been achieved.
grievances or complaints. In case targets have not been achieved, provide the remedial action taken, if any. - PAT Scheme is not applicable to the entity as
2. Details of the scope and coverage of any Human rights due-diligence conducted. – The company had not formally conducted distilleries are not included in the energy intensive industries outlined in the PAT Scheme.
the Human rights due-diligence, however the Board Committees and HR SPOCs (Human Resource Single Point Of Contact)
ensures that the company proactively manage potential and actual adverse human rights impacts with which they are involved.
3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of Persons with
Disabilities Act, 2016? – Yes.

86 Globus Spirits Limited 2023-24 Annual Report 87

 3. Provide details of the following disclosures related to water, in the following format: 6. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Parameter FY 2023-24 FY 2022-23
Parameter Please specify Unit FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
(Current Financial Year) (Previous Financial Year)
Water withdrawal by source (in kilolitres)
NOx Mg/Nm3 73.59719 106
(i) Surface water 0 Nil
(ii) Groundwater 1076082 970821 SOx Mg/Nm3 52.73666 81.8
(iii) Third party water 0 Nil Particulate matter Mg/Nm3 147.97
118.16301
(iv) Seawater / desalinated water 0 Nil
(PM) - Nil Nil
(v) Others 0 Nil
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 1076082 970821 Persistent organic - Nil Nil
Total volume of water consumption (in kilolitres) 1076082 970821 pollutants (POP) - Nil Nil
Water intensity per rupee of turnover (Total water consumption 0.00013 0.00011
Volatile organic - Nil Nil
/ Revenue from operations)
Water intensity per rupee of turnover adjusted for Purchasing 0.00013 0.00011
Note: Indicate if any independent assessment/ evaluation/assurance have been carried out by an external agency?
Power Parity (PPP) (Total water consumption / Revenue from
operations adjusted for PPP) Yes through pollution control boards.
Water intensity in terms of physical output - -
Water intensity (optional) – the relevant metric may be selected - - 7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format:
by the entity
Parameter Unit FY 2023-24 FY 2022-23
Note: Indicate if any independent assessment/ evaluation/assurance have been carried out by an external agency? (Current Financial Year) (Previous Financial Year)
- Achievement of zero discharge on all streams as per requirement of the Pollution Control Boards
4. Total Scope 1 emissions (Break-up of Metric Tonnes of CO2 Eq. 38802 tonnes 39076 tonnes
FY 2023-24 FY 2022-23          the GHG into CO2, CH4, N2O, HFCs,
Parameter PFCs, SF6, NF3, if available)
(Current Financial Year) (Previous Financial Year)
Water discharge by destination and level of treatment (in kilolitres) Total Scope 2 emissions (Break-up of Metric Tonnes of CO2 Eq. Not being presently done Not being presently done
(i) To Surface water - - the GHG into CO2, CH4, N2O, HFCs,
- No treatment - - PFCs, SF6, NF3, if available)
_ With treatment-please specify level of treatment - - Total Scope 1 and Scope 2 emissions 0.00000494 0.00000444
(ii) To Groundwater - - per rupee of turnover
- No treatment - -
Total Scope 1 and Scope 2 emission 0.00000494 0.00000444
_ With treatment-please specify level of treatment - -
intensity per rupee of turnover adjusted
(iii) To Seawater - -
for Purchasing Power Parity (PPP)
- No treatment - -
(Total Scope 1 and Scope 2 GHG
_ With treatment-please specify level of treatment - - emissions / Revenue from operations
(iii) To Seawater - - adjusted for PPP)
- No treatment - -
Total Scope 1 and Scope 2 emission Nil Nil
_ With treatment-please specify level of treatment - -
intensity in terms of physical output
(iv) Sent to third- parties - -
- No treatment - - Total Scope 1 and Scope 2 emission - -
_ With treatment-please specify level of treatment - - intensity (optional)
(v) Others - - – the relevant metric may be selected
- No treatment - - by the entity
_ With treatment-please specify level of treatment - -
Note: Indicate if any independent assessment/ evaluation/assurance have been carried out by an external agency?
Total water discharged (in kilolitres) - -
All water re-circulated to process with or without treatment thus no discharge of any water stream. Nil, because no ash is produced. Co2 is generated. Gathered and sold in the form of Solid carbon dioxide – also known as dry
ice.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency. NA 8. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details.
5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation. CO2 Collection plant is available in installed in our plants. Our Company is committed to Carbon footprint reduction. Globus
Yes, the entity has implemented a zero liquid discharge policy for all its plants and relevant procedures are in place and well- Spirits has reduced carbon emission with respect to 2007 baseline through implementation of multiple projects to meet demand
implemented and the entirety of plants are covered under the zero liquid discharge policy. The ZLD process includes MEE (Multi of operation through in-house power generation. Globus Spirits developed a strategy to increase Steam Turbine Power generation
effect Evaporation) followed vapor integration Plant and rotary tube bundle dryers. It has been installed in the plants to ensure in factories. Each of our plants generates >3MW energy from waste.
zero liquid discharge. The entity is in compliant with all environmental regulations and laws of the land relevant to it.

88 Globus Spirits Limited 2023-24 Annual Report 89

 9. Provide details related to waste management by the entity, in the following format: 11 If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere
reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals / clearances are
Parameter FY 2023-24 FY 2022-23 required, please specify details in the following format
(Current Financial Year) (Previous Financial Year)
S.No. Location of Type of operations Whether the conditions of
Total Waste generated (in metric tonnes) operations/offices Environmental approval / clearance are being
complied with? (Y/N)If no, the reasons thereof
Plastic waste (A) 760775.194 649416 and corrective action taken, if any.
E-waste (B) 0 0 NA NA NA NA
Bio-medical waste (C) 0 0 12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current
Construction and demolition waste (D) 0 0 financial year:

Battery waste (E) 350 664 Name and brief details EIA Notification No. Date Whether Results Relevant
Radioactive waste (F) 0 0 of project conducted by communicated Web link
independent in public domain
Other Hazardous waste. Please specify, if any. (G) 0 0 external agency (Yes / No)
(Yes / No)
Other Non-hazardous waste generated (H). Please 0 0
specify, if any. (Break-up by composition i.e. by materials NA NA NA NA NA NA
relevant to the sector) 13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water (Prevention and
Total (A+B + C + D + E + F + G + H) 761125.194 650080 Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act and rules thereunder (Y/N). If
not,provide details of all such non-compliances, in the following format:
Waste intensity per rupee of turnover (Total waste 0.00009 0.00007
generated / Revenue from operations) S. No. Specify the law / Provide details of the Any fines / Corrective
Waste intensity per rupee of turnover adjusted for 0.00009 0.00007 regulation / non-compliance penalties / action a c t i o n
Purchasing Power Parity (PPP) (Total waste generated / guidelines taken by regulatory taken, if
Revenue from operations adjusted for PPP) which was not agencies such as any
complied with pollution control
Waste intensity in terms of physical output - -
boards or by courts
Waste intensity (optional) – the relevant metric may be - - The entity is compliant with all
selected by the entity applicable environmental laws,
For each category of waste generated, total waste recovered through recycling, re-using or other recovery regulations, guidelines and provisions
operations (in metric tonnes) of India such as Water (Prevention
and Control of Pollution) Act, 1974,
Category of waste Air (Prevention and control of
pollution) Act, 1981, the Environment
(i) Recycled 0 0
Protection Act, 1986, Hazardous
(ii) Re-used 0 0 Wastes (Management and Handling
Rules, 2003/2008/2016, public liability
(iii) Other recovery operations 0 0 Insurance act, 1991 along with their
Total 0 0 amendments and rules.

For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste LEADERSHIP INDICATORS
(i) Incineration 0 0 1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres): Nil
(ii) Land filling 0 0 For each facility / plant located in areas of water stress, provide the following information: Nil
(iii) Other disposal operations 0 0
(i) Name of the area
Total 0 0 (ii) Nature of operations
(iii) Water withdrawal, consumption and discharge in the following format: Nil
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?- No
Water withdrawal by source (in kilolitres)
10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your
company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to (i) Surface water - -
manage such wastes. (ii) Groundwater - -
- The entity has installed Multi effect evaporator followed by Decanters and rotary tube Bundle Dryers in all its plants (iii) Third party water - -
(iv) Seawater / desalinated water - -
(v) Others - -

90 Globus Spirits Limited 2023-24 Annual Report 91

 PRINCIPLE 7 Businesses, when engaging in influencing public and Regulatory policy, should do so in a manner that is
Total volume of water withdrawal (in kilolitres) -
responsible and transparent
Total volume of water consumption (in kilolitres) - -
ESSENTIAL INDICATORS
Water intensity per rupee of turnover (Water consumed / turnover) - -
Water intensity (optional) – the relevant metric may be selected by the entity - - 1. A. Number of affiliations with trade and industry chambers/ associations.
- We are affiliated with two three trade and Industry chambers/ associations.
Water discharge by destination and level of treatment (in kilolitres)
(i) Into Surface water - - B. List the top 10 trade and industry chambers/ associations (determined based on the total members of such body) the entity
is a member of/ affiliated to
- No treatment - -
_ With treatment-please specify level of treatment - - S. No. Name of the trade and industry chambers/ Reach of trade and industry chambers/
associations associations(State/National)
(ii) Into Groundwater - -
1 All India Distillery Association National
- No treatment - -
2 PHD Chamber of Commerce National
_ With treatment-please specify level of treatment - -
(iii) Into Seawater - - 2. Provide details of corrective action taken or underway on any issues related to anti competitive conduct by the entity, based
on adverse orders from regulatory authorities.
- No treatment - -
_ With treatment-please specify level of treatment - - Name of authority Brief of the case Corrective action taken
(iv) Sent to third-parties - - NA NA NA
- No treatment - -
LEADERSHIP INDICATORS
_ With treatment-please specify level of treatment - -
(v) Others - - S. No. Public policy Method resorted Whether Frequency Web Link,
advocated for such advocacy information of Review if available
- No treatment - -
available by Board
_ With treatment-please specify level of treatment - - in public (Annually/
domain? Half yearly/
Total water discharged (in kilolitres) - -
(Yes/No) Quarterly /
Others – please
2. Please provide details of total Scope 3 emissions & its intensity, in the following format: N.A. specify)
1 Ethical business conduct is W e perform policy Yes On need basis. http://www.globusspirits.
FY      2023-24    FY   2022-23         critical to a business. Our advocacy in a com/documents/Code_
Parameter Unit approach to advocacy is guided transparent and of_Ethics.pdf
(Current Financial Year) (Previous Financial Year)
by the Code of Ethics. The responsible manner
Total Scope 3 emissions (Break-up Metric tonnes of CO2 - - purpose of the Code is to deter while engaging with
of the GHG into CO2, CH4, N2O, equivalent wrongdoing and promote ethical all the authorities.
HFCs, PFCs, SF6, NF3, if available) conduct in the Company. The
matters covered in this Code
Total Scope 3 emissions - - - are of utmost importance to the
per rupee of turnover Company, its stakeholders and
Total Scope 3 emission intensity - - - business partners.
(optional) – the relevant metric may
be selected by the entity PRINCIPLE 8 Businesses should promote inclusive growth and equitable development

Note: Indicate if any independent - - - ESSENTIAL INDICATORS

assessment/ evaluation/assurance
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current financial
has been carried out by an external
year. : The Social Impact Assessments (SIA) is not applicable on the company however the company had voluntarily conducted
agency? (Y/N) If yes, name of the SMETA audit.
external agency. - N
Name and SIA Date of Whether conducted by Results Relevant
3. With respect to the ecologically sensitive areas reported at Question 11 of Essential Indicators above, provide details of significant
brief details Notification No. Notification independent external communicated Web link
direct & indirect impact of the entity on biodiversity in such areas along-with prevention and remediation activities : NA of project agency (Yes / No) in public domain
(Yes / No)
NA

92 Globus Spirits Limited 2023-24 Annual Report 93

 2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement(R&R) is being undertaken by your entity, in PRINCIPLE 9 Businesses should engage with and provide value totheir consumers in a responsible manner
the following format:
ESSENTIAL INDICATORS
S.No. Name of Project State District No. of Project % of PAFs Amounts
for which R&R is Affected covered by paid to PAFs in the 1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
ongoing Families (PAFs) R&R FY (In INR) - Consumer complaint cells are available and in place to receive and respond to consumer complaints and feedback.
NA NA NA NA NA NA NA
2. Turnover of products and/ services as a percentage of turnover from all products/servicethat carry information about:
3. Describe the mechanisms to receive and redress grievances of the community.
Community complaints are recorded and resolved through complaint forum, community is made aware of policies and procedures As a percentage to total turnover
through our website www.globusspirits.com Environmental and social parameters relevant to Not Applicable. However, all our products contain general information,
the product appropriate warnings with respect to environmental and social parameters
- Discussions with community are also held where concerns of community are heard. Several CSR Activities of supporting relevant to the products; safe and responsible usage and safe disposal of
nearby villages and community also leads to understanding of their concerns and grievances. A proper cell dedicated to resolve Safe and responsible usage the product container.
complaints by local community is in process of being proposed and planned. Recycling and/or safe disposal General Information:
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers: • Branding
• MRP
FY 2023-24 FY 2022-23
• Manufacturing unit address
Current Financial Year Previous Financial Year
• Reg. office address
Directly sourced from MSMEs/ small producers 4% 3.98%
• FSSAI License number
Sourced directly from within the district and neighboring districts Not available Not available • Customer care phone number and Mail ID
LEADERSHIP INDICATORS • Ingredients
• Quantity and strength declarations
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments (Reference: • Batch number and date of manufacturing
Question 1 of Essential Indicators above): NA
• Bar code
Details of negative social impact identified Corrective action taken • Excise mandates as per state excise regulation
NA NA • Country of Origin
Warnings:
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as identified by • “Be safe: Do not drink and drive”
government bodies:
• “Consumption of liquor is injurious to health”
• Appropriate warnings for the manufacturing segment are also duly
S. No. State Aspirational District Amount spent (In INR)
present.
1 Jharkhand Purbi Singhbhum 9000000
3. Number of consumer complaints in respect of the following:
3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising marginalized
/vulnerable groups? (Yes/No): No , (b) From which marginalized /vulnerable groups do you procure? (c) What percentage of total FY 2023-24 Remarks FY 2022-23 Remarks
procurement (by value) does it constitute? : Nil (Current Financial (Previous Financial Year)
Year)
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the current financial
year), based on traditional knowledge: Nil Received Pending Received Pending
during resolution at during the resolution at
S. No. Intellectual Property Owned/ Acquired Benefit shared (Yes Basis of calculating benefit the year end of year year end of year
based on (Yes/No) / No) share
traditional knowledge Data privacy Nil NA All consumer Nil NA All consumer
complaints are complaints are
Nil Nil Nil Nil Nil Advertising
received at complaint received at complaint
Cyber-security forum. Process forum. Process
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes wherein of segregation of of segregation of
usage of traditional knowledge is involved. NA Delivery of
essential complaints on basis complaints on basis
services of certain categories of certain categories
Name of authority Brief of the Case Corrective action taken mentioned in SEBI mentioned in SEBI
Restrictive BRSR Format BRSR Format
Nil Nil Nil Trade Practices is in process of is in process of
6. Details of beneficiaries of CSR Projects: Unfair Trade being planned and being planned and
Practices implemented implemented
Beneficiaries are local villagers at large. Precise number of beneficiaries cannot be quantified.
S. No. CSR Project No. of persons % of beneficiaries from vulnerable and Other
benefitted marginalized groups
from CSR Projects
  Beneficiaries are local villagers at large. Precise number of beneficiaries could be quantified.

94 Globus Spirits Limited 2023-24 Annual Report 95

 4. Details of instances of product recalls on account of safety issues:
Independent Auditor’s Report
Number Reasons for recall
Report on the Consolidated Financial Statements
Voluntary recalls Nil Nil
Forced recalls Nil Nil To the Members of Globus Spirits Limited (including interest and penalties thereon). As stated in
Report on the Audit of the Consolidated Financial the note, the Holding Company’s management has filed
Statements
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available, provide a an appeal u/s 246A of the Income Tax Act for all the
web-link of the policy. assessment years covered by the order. Holding Company’s
Qualified Opinion
management has appointed an independent firm to review
- Yes, policy on cyber security and framework for risks related to data privacy are covered under our IT Policy. 1. We have audited the accompanying consolidated financial these additions. Pending completion of the said review,
statements of Globus Spirits Limited (‘the Holding Company’) the Holding Company’s management is currently unable
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential services;
and its subsidiary (the Holding Company and its subsidiary to determine whether further adjustments or disclosures, if
cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action taken by regulatory
authorities on safety of products / services. NA together referred to as ‘the Group’), as listed in Annexure 1, any, are required to be made to the consolidated financial
which comprise the Consolidated Balance Sheet as at 31 statements.
LEADERSHIP INDICATORS March 2024, the Consolidated Statement of Profit and Loss
Consequently, we were unable to assess the extent of the
(including Other Comprehensive Income), the Consolidated
1. Channels / platforms where information on products and services of the entity can be accessed (provide web link, if available). adjustments to be recognised or disclosures to be made,
Cash Flow Statement and the Consolidated Statement of
https://www.globusspirits.com/ if any, and the consequential impact on the consolidated
Changes in Equity for the year then ended, and notes to
financial statements as at and for the year ended 31 March
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services. - We provide the consolidated financial statements, including a material
2024.
information on our product packaging, including ingredients, expiry date, and usage directions, as appropriate to inform our accounting policy information and other explanatory
consumers about safe and responsible usage. Consumers can also contact us on 91-11-66424600. information. 3. We conducted our audit in accordance with the Standards
on Auditing specified under section 143(10) of the Act.
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services. - We disseminate In our opinion and to the best of our information and
information through our website, various mass media platforms, social media platforms, distribution networks, sales Our responsibilities under those standards are further
according to the explanations given to us and based on
representatives, and e-mails described in the Auditor’s Responsibilities for the Audit
the consideration of the report of the other auditor on
of the Consolidated Financial Statements section of our
4. Does the entity display product information on the product over and above what is mandated as per local laws? (Yes/No/Not separate financial statements of the subsidiary, except for
report. We are independent of the Group, in accordance
Applicable) If yes, provide details in brief.– Yes. We are fully committed to not only ensuring compliance to mandatory labelling, the possible effects of the matters described in the Basis
with the Code of Ethics issued by the Institute of
but also to providing important information to consumers regarding safety, health, proper usage and appropriate precautions. for Qualified Opinion section of our report, the aforesaid
Chartered Accountants of India (‘ICAI’) together with the
consolidated financial statements give the information
Did your entity carry out any survey with regard to consumer satisfaction relating to the major products / services of the entity, ethical requirements that are relevant to our audit of the
required by the Companies Act, 2013 (‘the Act’) in the
significant locations of operation of the entity or the entity as a whole? (Yes/No) - No consolidated financial statements under the provisions
manner so required and give a true and fair view in
of the Act and the rules thereunder, and we have fulfilled
5. Provide the following information relating to data breaches: conformity with the Indian Accounting Standards (‘Ind
our other ethical responsibilities in accordance with these
AS’) specified under section 133 of the Act, read with the
a. Number of instances of data breaches along-with impact: Nil, there were no instances of reportable data breaches in the requirements and the Code of Ethics. We believe that the
Companies (Indian Accounting Standards) Rules, 2015,
current financial year. audit evidence we have obtained together with the audit
and other accounting principles generally accepted in India
b. Percentage of data breaches involving personally identifiable information of customers: Nil evidence obtained by the other auditor in terms of their
of the consolidated state of affairs of the Group, as at 31
report referred to in paragraph 15 of the Other Matter
March 2024, and their consolidated profit (including other
section below, is sufficient and appropriate to provide a
comprehensive income), consolidated cash flows and the
basis for our qualified opinion.
consolidated changes in equity for the year ended on that
date. Key Audit Matters

Basis for Qualified Opinion 4. Key audit matters are those matters that, in our professional
2. As stated in Note 46 to the consolidated financial judgment and based on the consideration of the report of
statements, the Income Tax Department had carried out the other auditor on separate financial statements of the
search and seizure operation at the head office and other subsidiary, were of most significance in our audit of the
premises of the Holding Company between 30 January consolidated financial statements of the current period.
2023 to 03 February 2023. Subsequent to year end, the These matters were addressed in the context of our audit
Holding Company has received assessment orders for of the consolidated financial statements as a whole, and
last 10 assessment years alleging certain disallowances in forming our opinion thereon, and we do not provide a
resulting in an aggregate tax demand of Rs. 3,561 lakhs separate opinion on these matters.

96 Globus Spirits Limited 2023-24 Annual Report 97

 5. In addition to the matter described in the Basis for Qualified Opinion sections, we have determined the matters described below Information other than the Consolidated Financial 8. In preparing the consolidated financial statements, the
to be the key audit matters to be communicated in our report. Statements and Auditor’s Report thereon respective Board of Directors of the company included
in the Group are responsible for assessing the ability of
Key audit matter How our audit addressed the key audit matter 6. The Holding Company’s Board of Directors are responsible
the Group to continue as a going concern, disclosing, as
for the other information. The other information comprises
A. Indirect Tax Litigation (Goods & Services Tax (GST) Our audit procedures to address this key audit matter applicable, matters related to going concern and using the
case) included, but were not limited to the following: the information included in the Annual report but does
going concern basis of accounting unless the Board of
not include the consolidated financial statements and our
Refer note 1.3(XI) to the accompanying Consolidated financial a. Obtained an understanding of the Holding Company’s Directors either intend to liquidate the Group or to cease
auditor’s report thereon.
statements for the accounting policy on Contingent Liabilities. process for evaluating the outcome of litigations, including operations, or has no realistic alternative but to do so.
As described in note 32 to the Consolidated financial assessment of accounting treatment as per Ind AS 37. Our opinion on the consolidated financial statements does
9. Those respective Board of Directors are also responsible
statements, the Holding Company has an ongoing litigation b. Evaluated the design and tested the operating not cover the other information and we do not express any
for overseeing the financial reporting process of the
with respect to GST which is pending adjudication. effectiveness of key controls implemented by the form of assurance conclusion thereon.
companies included in the Group.
Significant judgement is applied by the management management relating to aforesaid process.
In connection with our audit of the consolidated financial
in application and interpretation of tax laws and judicial c. Obtained and reviewed management’s evaluation on the Auditor’s Responsibilities for the Audit of the
statements, our responsibility is to read the other
pronouncements, and evaluating the likely outcome / or expected outcome of the litigation including legal advice Consolidated Financial Statements
information and, in doing so, consider whether the other
timing of the cash outflows, to determine whether the related obtained by management from an external indirect
information is materially inconsistent with the consolidated 10. Our objectives are to obtain reasonable assurance about
obligation, if any, requires recognition of a a provision or a tax expert and correspondences with the concerned
financial statements, or our knowledge obtained in the whether the consolidated financial statements as a whole
disclosure as a contingent liability in accordance with principles authorities.
enunciated in Ind AS 37, Provisions, Contingent Liabilities and d. Assessed the objectivity and competence of the external audit or otherwise appears to be materially misstated. are free from material misstatement, whether due to fraud
Contingent Assets (‘Ind AS 37’). or error, and to issue an auditor’s report that includes our
tax expert engaged by the management. When we read the Annual Report, if we conclude that opinion. Reasonable assurance is a high level of assurance
Accordingly, considering the significance of amount involved, e. Involved auditor’s tax experts to understand the there is a material misstatement therein, we are required to
the uncertainties involved and use of significant management but is not a guarantee that an audit conducted in accordance
current status of the matter, review the legal/tax advice communicate the matter to those charged with governance
judgement in determining the likely outcome of the litigation as with Standards on Auditing will always detect a material
obtained by the management and assist in evaluating
explained above, we have determined this to be a key audit the tax position taken by management by applying and Responsibilities of Management and Those Charged with misstatement when it exists. Misstatements can arise from
matter. interpreting tax laws, relevant judicial pronouncements Governance for the Consolidated Financial Statements fraud or error and are considered material if, individually
and available precedents to challenge management’s or in the aggregate, they could reasonably be expected
7. The accompanying consolidated financial statements
assumptions in estimating the possible outcome of the to influence the economic decisions of users taken on the
have been approved by the Holding Company’s Board
ongoing proceedings. basis of these consolidated financial statements.
of Directors. The Holding Company’s Board of Directors
f. Assessed the adequacy and appropriateness of the 11. As part of an audit in accordance with Standards on
are responsible for the matters stated in section 134(5) of
disclosures made in the Consolidated financial statements Auditing specified under section 143(10) of the Act we
the Act with respect to the preparation and presentation
in accordance with the applicable accounting standards.
of these consolidated financial statements that give a exercise professional judgment and maintain professional
B. Revenue Recognition Our audit procedures with respect to revenue recognition true and fair view of the consolidated financial position, skepticism throughout the audit. We also:
Refer note 1.3(II) to the accompanying Consolidated financial included, but were not limited, to the following: consolidated financial performance including other • Identify and assess the risks of material misstatement
statements for the accounting policy on revenue recognition a. Understood the process of revenue recognition and comprehensive income, consolidated changes in equity of the consolidated financial statements, whether due
and note 22 for the details of revenue recognised during the evaluated the appropriateness of the accounting policy and consolidated cash flows of the Group in accordance
year. adopted by the management on revenue recognition to fraud or error, design and perform audit procedures
with the Ind AS specified under section 133 of the Act read responsive to those risks, and obtain audit evidence
The Holding Company derives its revenue from sale of liquor including determination of transaction price and
with the Companies (Indian Accounting Standards) Rules, that is sufficient and appropriate to provide a basis
products to a wide range of customers through a network of satisfaction of performance obligations and transfer of
control in accordance with Ind AS 115; 2015, and other accounting principles generally accepted for our opinion. The risk of not detecting a material
distributors and state government corporations.
in India. The respective Board of Directors of the companies misstatement resulting from fraud is higher than for
Ind AS 115, Revenue from Contracts with Customers (‘Ind AS b. Evaluated the design and tested the operating included in the Group are responsible for maintenance
effectiveness of key internal controls around revenue one resulting from error, as fraud may involve collusion,
115’), requires management to make certain key judgements, of adequate accounting records in accordance with the
such as, identification of performance obligations in contracts recognition; forgery, intentional omissions, misrepresentations, or
provisions of the Act for safeguarding of the assets of the the override of internal control;
with customers, determination of transaction price for the c. On a sample basis, tested revenue transactions recorded
Group and for preventing and detecting frauds and other
contract and assessment of satisfaction of the performance during the year, and transactions recorded in specific • Obtain an understanding of internal control relevant to
obligations under each contract representing the transfer of period before and after year end, basis inspection of irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that the audit in order to design audit procedures that are
control of the products sold to the customers, including state supporting documents such as purchase orders, price
are reasonable and prudent; and design, implementation appropriate in the circumstances. Under section 143(3)
government corporations. lists, proof of dispatch and delivery including regulatory
and maintenance of adequate internal financial controls, (i) of the Act we are also responsible for expressing our
Given to significance of amount involved, multiplicity of the documents used for movement of liquor as per applicable
regulations, invoices, to assess the appropriateness of that were operating effectively for ensuring the accuracy opinion on whether the Holding Company has adequate
Holding Company’s products, volume of sales transactions,
identification of performance obligations, determination and completeness of the accounting records, relevant internal financial controls with reference to financial
size of distribution network, nature of customers and varied
of transaction price, including allocation thereof to to the preparation and presentation of the financial statements in place and the operating effectiveness of
terms of contracts with different customers, revenue recognition
is determined to be an area involving significant risk in line with performance obligations and identification of the point statements that give a true and fair view and are free from such controls.;
the requirements of the Standards on Auditing and hence, of revenue recognition, in order to ensure revenue is material misstatement, whether due to fraud or error, which • Evaluate the appropriateness of accounting policies
necessitated significant auditor attention. recorded with the correct amount and in the correct
have been used for the purpose of preparation of the used and the reasonableness of accounting estimates
period; and
Due to the extent of industry knowledge and skills required to consolidated financial statements by the Board of Directors and related disclosures made by management;
design and execute audit procedures to address the risks of d. Assessed the adequacy and appropriateness of the of the Holding Company, as aforesaid.
material misstatement and management judgments involved in disclosures made in the accompanying Consolidated • Conclude on the appropriateness of Board of
assessing appropriateness of revenue recognition, the matter financial statements in respect of revenue recognition in
is considered as a key audit matter in the current year audit. accordance with the applicable accounting standards.

98 Globus Spirits Limited 2023-24 Annual Report 99

 Directors’ use of the going concern basis of accounting Other Matter possible effect of the matter described in paragraph 2 i. The consolidated financial statements disclose the
and, based on the audit evidence obtained, whether of the Basis for Qualified Opinion section and except impact of pending litigations on the consolidated
15. We did not audit the financial statements of one subsidiary,
a material uncertainty exists related to events or for the matters stated in paragraph 18(i)(v) below on financial position of the Group as detailed in Note
whose financial statements reflect total assets of ` 339.77
conditions that may cast significant doubt on the reporting under Rule 11(g) of the Companies (Audit 32 to the consolidated financial statements;
lacs as at 31 March 2024, total revenues of ` 7.13 lacs
ability of the Group to continue as a going concern. If and Auditors) Rules, 2014 (as amended)..
and net cash outflow amounting to ` 3.90 lacs for the ii. The Holding Company and its subsidiary did not
we conclude that a material uncertainty exists, we are
year ended on that date, as considered in the consolidated c) The consolidated financial statements dealt with by have any long-term contracts including derivative
required to draw attention in our auditor’s report to the
financial statements. These financial statements have this report are in agreement with the relevant books of contracts for which there were any material
related disclosures in the financial statements or, if such
been audited by other auditor whose reports have been account maintained for the purpose of preparation of foreseeable losses as at 31 March 2024;
disclosures are inadequate, to modify our opinion. Our
furnished to us by the management and our opinion on the consolidated financial statements;
conclusions are based on the audit evidence obtained iii. There were no amounts which were required to
the consolidated financial statements, in so far as it relates
up to the date of our auditor’s report. However, future d) Except for the possible effects of the matter be transferred to the Investor Education and
to the amounts and disclosures included in respect of this
events or conditions may cause the Group to cease to described in the Basis for Qualified Opinion section, Protection Fund by the Holding Company and its
subsidiary, and our report in terms of sub-section (3) of
continue as a going concern; in our opinion, the aforesaid consolidated financial subsidiary covered under the Act, during the year
section 143 of the Act in so far as it relates to the aforesaid
statements comply with Ind AS specified under ended 31 March 2024;
• Evaluate the overall presentation, structure and content subsidiary are based solely on the reports of the other
section 133 of the Act read with the Companies (Indian
of the financial statements, including the disclosures, auditors. iv. a. The respective managements of the Holding
Accounting Standards) Rules, 2015;
and whether the financial statements represent the Company and its subsidiary incorporated in
Report on Other Legal and Regulatory Requirements
underlying transactions and events in a manner that e) The matter described in paragraph 2 of the Basis for India whose financial statements have been
achieves fair presentation; and 16. As required by section 197(16) of the Act based on our Qualified Opinion section, in our opinion, may have audited under the Act have represented to
audit and on the consideration of the report of the other an adverse effect on the functioning of the Holding us and the other auditors of such subsidiary
• Obtain sufficient appropriate audit evidence regarding
auditor, on separate financial statements of the subsidiary, Company, Globus Spirits Limited; respectively that, to the best of their
the financial statements of the entities or business
we report that the Holding Company and its subsidiary knowledge and belief, as disclosed in the
activities within the Group, to express an opinion on the f) On the basis of the written representations received
incorporated in India whose financial statements have Note 57 to the accompanying consolidated
consolidated financial statements. We are responsible from the directors of the Holding Company, and taken
been audited under the Act have paid remuneration to their financial statements, no funds have been
for the direction, supervision and performance of on record by the Board of Directors of the Holding
respective directors during the year in accordance with the received by the Holding Company or its
the audit of financial statements of such entities Company, and the reports of the statutory auditors
provisions of and limits laid down under section 197 read subsidiary from any person(s) or entity(ies),
included in the financial statements, of which we of its subsidiary covered under the Act, none of the
with Schedule V to the Act. including foreign entities (‘the Funding
are the independent auditors. For the other entities directors of the Group companies are disqualified as
Parties’), with the understanding, whether
included in the financial statements, which have been 17. As required by clause (xxi) of paragraph 3 of Companies on 31 March 2024 from being appointed as a director
recorded in writing or otherwise, that the
audited by the other auditors, such other auditors (Auditor’s Report) Order, 2020 (‘the Order’) issued by the in terms of section 164(2) of the Act.
Holding Company, or any such subsidiary
remain responsible for the direction, supervision and Central Government of India in terms of section 143(11)
g) The qualification relating to the maintenance of shall, whether directly or indirectly, lend or
performance of the audits carried out by them. We of the Act based on the consideration of the Order reports
accounts and other matters connected therewith with invest in other persons or entities identified
remain solely responsible for our audit opinion. issued by us and by the respective other auditor as
respect to the consolidated financial statements are as in any manner whatsoever by or on behalf of
mentioned in paragraph 15 above, of companies included
12. We communicate with those charged with governance stated in paragraph 2 of the Basis for Qualified Opinion the Funding Party (‘Ultimate Beneficiaries’) or
in the consolidated financial statements and covered under
regarding, among other matters, the planned scope and section, paragraph 18(b) above on reporting under provide any guarantee, security or the like on
the Act we report that there are no qualifications or adverse
timing of the audit and significant audit findings, including section 143(3)(b) of the Act and paragraph 18(i)(v) behalf of the Ultimate Beneficiaries; and
remarks reported in the respective Order reports of such
any significant deficiencies in internal control that we identify below on reporting under Rule 11(g) of the Companies b. The respective managements of the Holding
companies.
during our audit. (Audit and Auditors) Rules, 2014 (as amended); Company and its subsidiary company
18. As required by section 143(3) of the Act, based on our incorporated in India whose financial
13. We also provide those charged with governance with a h) With respect to the adequacy of the internal financial
audit and on the consideration of the report of the other statements have been audited under the Act
statement that we have complied with relevant ethical controls with reference to financial statements of the
auditor on separate financial statements and other financial have represented to us of such subsidiary
requirements regarding independence, and to communicate Holding Company, and its subsidiary company, and
information of the subsidiary incorporated in India whose company that, to the best of their knowledge
with them all relationships and other matters that may the operating effectiveness of such controls, refer to
financial statements have been audited under the Act, we and belief, as disclosed in the Note 57 to
reasonably be thought to bear on our independence, and our separate report in ‘Annexure B’ wherein we have
report, to the extent applicable, that: the accompanying consolidated financial
where applicable, related safeguards. expressed a modified opinion; and
a) We have sought and except for the matter described statements, no funds have been received by the
14. From the matters communicated with those charged with i) With respect to the other matters to be included in
in the Basis for Qualified Opinion section, obtained all Holding Company or its subsidiary company
governance, we determine those matters that were of most the Auditor’s Report in accordance with rule 11 of
the information and explanations which to the best from any person(s) or entity(ies), including
significance in the audit of the financial statements of the the Companies (Audit and Auditors) Rules, 2014
of our knowledge and belief were necessary for the foreign entities (‘the Funding Parties’), with the
current period and are therefore the key audit matters. We (as amended), in our opinion and to the best of our
purpose of our audit of the aforesaid consolidated understanding, whether recorded in writing
describe these matters in our auditor’s report unless law or information and according to the explanations given
financial statements; or otherwise, that the Holding Company, or
regulation precludes public disclosure about the matter or to us and based on the consideration of the report of
any such subsidiary company shall, whether
when, in extremely rare circumstances, we determine that a b) In our opinion, proper books of account as required the other auditors on separate financial statements
by law relating to preparation of the aforesaid and other financial information of the subsidiary directly or indirectly, lend or invest in other
matter should not be communicated in our report because
the adverse consequences of doing so would reasonably consolidated financial statements have been kept so incorporated in India whose financial statements have persons or entities identified in any manner
be expected to outweigh the public interest benefits of far as it appears from our examination of those books been audited under the Act whatsoever by or on behalf of the Funding
such communication. and the reports of the other auditors, except for the

100 Globus Spirits Limited 2023-24 Annual Report 101

 Party (‘Ultimate Beneficiaries’) or provide any Annexure B
Nature of exception Details of Exception
guarantee, security or the like on behalf of the noted
Ultimate Beneficiaries; and Independent Auditor’s Report on the internal financial requirements and plan and perform the audit to obtain
Instances of accounting The accounting software used
software maintained by a for maintenance of books controls with reference to consolidated financial reasonable assurance about whether adequate internal
c. Based on such audit procedures performed third party where we are of account of the Holding statements under Clause (i) of Sub-section 3 of Section financial controls with reference to financial statements
by us and that performed by the auditors of unable to comment on the Company is operated by a
audit trail feature third party software service 143 of the Companies Act, 2013 (‘the Act’) were established and maintained and if such controls
the subsidiary, as considered reasonable and
provider. The ‘Independent operated effectively in all material respects.
appropriate in the circumstances, nothing has
Service Auditor’s Assurance 1. In conjunction with our audit of the consolidated financial
come to our or other auditors’ notice that has Report on the Description of statements of Globus Spirits Limited (‘the Holding 4. Our audit involves performing procedures to obtain audit
caused us or the other auditors to believe that Controls, their Design and
Operating Effectiveness’ Company’) as at and for the year ended 31 March 2024, we evidence about the adequacy of the internal financial
the management representations under sub-
(‘Type 2 report’ issued have audited the internal financial controls with reference controls with reference to financial statements and their
clauses (a) and (b) above contain any material in accordance with ISAE
misstatement. to financial statements of the Holding Company as at that operating effectiveness. Our audit of internal financial
3000 (Revised), Assurance
Engagements Other than date. controls with reference to financial statements includes
v. The final dividend paid by the Holding Company Audits or Reviews of Historical obtaining an understanding of such internal financial
and its subsidiary during the year ended 31 March Financial Information) does Responsibilities of Management and Those Charged with
controls, assessing the risk that a material weakness
2024 in respect of such dividend declared for the not comment on existence of Governance for Internal Financial Controls
audit trail (edit logs) for any exists, and testing and evaluating the design and operating
previous year is in accordance with section 123 direct changes made at the
2. The Company’s Board of Directors is responsible for effectiveness of internal control based on the assessed
of the Act to the extent it applies to payment of database level. Accordingly,
we are unable to comment on establishing and maintaining internal financial controls risk. The procedures selected depend on the auditor’s
dividend.
whether audit trail feature with based on internal financial controls with reference to financial judgement, including the assessment of the risks of material
vi. As stated in note 53 to the consolidated financial respect to the database of the misstatement of the financial statements, whether due to
said software was enabled statement criteria established by the Company considering
statements and based on our examination the essential component of internal control stated in fraud or error.
and operated throughout the
which included test checks, except for instance year. Guidance Note on Audit of Internal Financial Controls over
mentioned below, the Holding Company, in 5. We believe that the audit evidence we have obtained is
Financial Reporting (the ‘Guidance Note’) issued by the
respect of financial year commencing on 1 April sufficient and appropriate to provide a basis for our qualified
Institute of Chartered Accountants of India (the ‘ICAI”) .
2023, has used an accounting software for audit opinion on the Company’s internal financial controls
For Walker Chandiok & Co LLP These responsibilities include the design, implementation
maintaining its books of account which has a Chartered Accountants with reference to financial statements.
feature of recording audit trail (edit log) facility and maintenance of adequate internal financial controls
Firm’s Registration No.: 001076N/N500013
and the same has been operated throughout the that were operating effectively for ensuring the orderly and Meaning of Internal Financial Controls with Reference to
year for all relevant transactions recorded in the Arun Tandon efficient conduct of the Company’s business, including Financial Statements
software. Further, during the course of our audit Partner adherence to the Company’s policies, the safeguarding
Membership No.: 517273 6. A company’s internal financial controls with reference
we did not come across any instance of audit of its assets, the prevention and detection of frauds and
trail feature being tampered with, other than the UDIN: 24517273BKEXFV5145 to financial statements is a process designed to provide
errors, the accuracy and completeness of the accounting
consequential impact of the exceptions given reasonable assurance regarding the reliability of financial
records, and the timely preparation of reliable financial
below. Place: New Delhi reporting and the preparation of financial statements for
Date: 30 May 2024 information, as required under the Act.
external purposes in accordance with generally accepted
Auditor’s Responsibility for the Audit of the Internal accounting principles. A company’s internal financial
Annexure 1 Financial Controls with Reference to Financial Statements controls with reference to financial statements include those
policies and procedures that (1) pertain to the maintenance
Name of Holding Company 3. Our responsibility is to express an opinion on the Company’s
of records that, in reasonable detail, accurately and fairly
Globus Spirits Limited internal financial controls with reference to consolidated
reflect the transactions and dispositions of the assets
financial statements based on our audit. We conducted our
Name of Subsidiary Company of the company; (2) provide reasonable assurance
Bored Beverages Private Limited audit in accordance with the Standards on Auditing issued
that transactions are recorded as necessary to permit
by the ICAI prescribed under Section 143(10) of the Act, to
preparation of financial statements in accordance with
the extent applicable to an audit of internal financial controls
generally accepted accounting principles, and that receipts
with reference to consolidated financial statements, and
and expenditures of the company are being made only
the Guidance Note issued by the ICAI. Those Standards
in accordance with authorisations of management and
and the Guidance Note require that we comply with ethical
directors of the company; and (3) provide reasonable

102 Globus Spirits Limited 2023-24 Annual Report 103

 Globus Spirits Limited
CIN : L74899DL1993PLC052177

assurance regarding prevention or timely detection

of unauthorised acquisition, use, or disposition of the
Qualified Opinion’ paragraph of our audit report, and
the consequential impact it may have on the Company’s
Consolidated Balance Sheet as at March 31, 2024
All amounts are in ` Lacs, unless otherwise stated
company’s assets that could have a material effect on the processes and internal controls, we are unable to comment Particulars Note As at As at
financial statements. on whether the Holding Company has established March 31, 2024 March 31, 2023
I. ASSETS
adequate internal financial controls with reference to 1 Non - current assets
Inherent Limitations of Internal Financial Controls with (a) Property, plant and equipment 2(a) 92,560.09 79,899.47
financial statements and whether such internal financial (b) Capital work-in-progress 2(b) 8,878.56 9,909.95
Reference to Financial Statements (c) Right to use of assets 3 3,049.78 2,648.52
controls were operating effectively as at March 31, 2024
(d) Intangible assets 4(a) 33.66 70.73
7. Because of the inherent limitations of internal financial in all material respects, which could potentially result in the (e) Goodwill on acquisition 4(c) 350.78
(f) Intangible assets under development 4(b) 91.42 -
controls with reference to financial statements, including the Company not providing for adjustment, if any, that may (g) Financial assets
(i) Investments 5 0.30 0.30
possibility of collusion or improper management override be required to the accompanying consolidated financial (ii) Other financial assets 7 1,919.31 6,864.68
of controls, material misstatements due to error or fraud statements. (h) Income tax assets (net) 8 1,148.56 326.14
(i) Other non current assets 9 5,725.51 8,528.08
may occur and not be detected. Also, projections of any Total non-current assets 1,13,720.12 108,238.43
9. We have considered the material weakness identified and 2 Current assets
evaluation of the internal financial controls with reference to
reported above in determining the nature, timing, and (a) Inventories 10 18,896.92 15,778.12
financial statements to future periods are subject to the risk (b) Financial assets
extent of audit tests applied in our audit of the Consolidated (i) Trade receivables 11 27,597.00 20,970.95
that the internal financial controls with reference to financial (ii) Cash and cash equivalents 12 (a) 88.75 194.43
financial statements of the Company as at and for the (iii) Bank balances other than (ii) above 12 (b) 7,708.51 3,320.84
statements may become inadequate because of changes (iv) Loans 6 1.43 1.76
year ended 31 March 2024 and the material weakness
(v) Others financial assets 7 1,394.97 981.94
in conditions, or that the degree of compliance with the
has affected our opinion on the consolidated financial (c) Other current assets 9 7,520.47 9,463.07
policies or procedures may deteriorate. Total current assets 63,208.04 50,711.11
statements of the Company and we have issued a Qualified
TOTAL ASSETS 1,76,966.02 1,58,958.98
Qualified opinion opinion on the consolidated financial statements. II. EQUITY AND LIABILITIES
(a) Equity share capital 13 2,882.26 2,880.28
(b) Other equity 13 94,557.42 85,782.95
8. According to the information and explanations given to us Equity attributable to owners 97,439.68 88,663.23
and based on our audit, the following material weakness Non controlling interest 0.91
For Walker Chandiok & Co LLP Total equity 97,440.59 88,663.23
has been identified in the operating effectiveness of the Chartered Accountants
2 Liabilities
Company’s/Holding Company’s internal financial controls Firm’s Registration No.: 001076N/N500013 Non - current liabilities
(a) Financial liabilities
with reference to financial statements as at 31 March 2024. (i) Borrowings 14 9,196.88 11,115.81
(ii) Lease liabilities 15 659.16 1,117.23
Arun Tandon (b) Provisions 16 652.98 455.74
Consequent to the matter described in Note 46 to the Partner (c) Deferred tax liabilites (net) 17 8,406.20 11,031.19
accompanying consolidated financial statements, pending Membership No.: 517273 (d) Other non current liabilities 18 224.22 237.50
Total non-current liabilities 19,139.44 23,957.47
UDIN: 24517273BKEXFV5145
completion of an independent review of the disallowances 3 Current liabilities
(a) Financial liabilities
by the Company and outcome of the appeal filed with Place New Delhi (i) Borrowings 14 22,585.23 16,451.40
Date 30 May 2024 (ii) Lease liabilities 15 456.17 387.49
the Income Tax Department as stated in the ‘Basis of (iii) Trade payables 19
-Total outstanding dues of micro enterprises and small enterprises 10,147.40 3,940.35
-Total outstanding dues to creditors other than micro enterprises and small enterprises 21,249.30 16,782.60
(iv) Other financial liabilities 20 1,912.50 2,957.77
(b) Other current liabilities 18 3,634.05 4,364.03
(c) Provisions 16 401.34 490.43
(d) Current tax liabilities (net) 21 - 964.21
Total current liabilities 60,385.99 46,338.28
Total liabilities 79,525.43 70,295.75
TOTAL EQUITY AND LIABILITIES 1,76,966.02 1,58,958.98
Summary of material accounting policies and other explanatory information (1-57)
This is the consolidated balance sheet referred to in our report of even date.
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm’s Registration Number 001076N/N500013
Ajay K. Swarup Shekhar Swarup Bhaskar Roy
Arun Tandon Managing Director Joint Managing Director Executive Director
Partner DIN-00035194 DIN-00445241 DIN-02805627
Membership No. 517273
Nilanjan Sarkar Santosh Kumar Pattanayak
Chief Financial Officer Company Secretary
ACS-18721
Place : New Delhi Place : New Delhi
Date : May 30, 2024 Date : May 30, 2024

104 Globus Spirits Limited 2023-24 Annual Report 105

 Globus Spirits Limited
CIN : L74899DL1993PLC052177
Globus Spirits Limited
CIN : L74899DL1993PLC052177
Consolidated Statement of Cash Flow for the year ended March 31, 2024
Consolidated Statement of Profit and Loss for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated
All amounts are in ` Lacs, unless otherwise stated
Particulars Note For the year ended For the year ended
March 31, 2024 March 31, 2023
Particulars Note For the year ended For the year ended A. Cash flow from operating activities
March 31, 2024 March 31, 2023 Profit for the year 9,071.04 18,006.70
Adjustments for :
Depreciation and amortisation expenses 29 6,560.23 5,633.03
I Revenue from operations 22 314,722.53 282,246.84 Employee stock options 45 525.88 83.66
Finance costs 28 2,678.91 1,701.30
II Other income 23 1,352.94 782.95 Provision against doubtful advances 30 95.15 19.49
Interest income 23 (658.28) (491.19)
III Total income (I + II) 316,075.47 283,029.79 Liabilities written back 23 (254.67) (186.68)
Miscellaneous income - (8.66)
IV Expenses: Unrealised foreign exchange gains (83.89) (59.77)
(a) Cost of materials consumed 24 1,66,696.29 128,881.57 Gain on disposal of property, plant and equipment - (5.97)
8,843.33 6,685.21
(b) Changes in inventories of finished goods & work in progress 25 (1,904.97) (2,786.16) Operating profit before working capital changes 17,914.37 24,691.90
(c) Excise duty on sale of goods 26 73,254.08 71,340.85 Movement in working capital:
(Increase) in inventories (3,117.03) (4,929.23)
(d) Employee benefits expense 27 7,960.54 6,522.84
(Increase) in trade receivables (6,407.90) (9,275.58)
(e) Finance costs 28 2,658.91 1,701.30 Decrease/(Increase) in other assets 2,243.18 (6,652.90)
(f) Depreciation and amortisation expenses 29 6,560.22 5,633.03 Increase in trade payables 10,022.11 7,963.03
Increase in other liabilities and provisions 140.16 1,528.00
(g) Other expenses 30 51,779.36 53,729.66
2,880.52 (11,366.68)
Cash generated from operations 20,794.89 13,325.23
Total expenses (IV) 307,004.43 2,65,023.09
Income taxes paid(net of refunds) (3,773.22) (3,124.91)
V Profit before tax (III - IV) 9,071.04 18,006.70 Net cash flow from operating activities (A) 17,021.67 10,200.32

VI Tax expenses: B. Cash flow from investing activities

Payment for property, plant and equipment (17,506.49) (20,595.97)
(a) Current tax 31 (a) 2,100.97 3,639.12
Proceeds from disposal of property, plant and equipment - 18.77
(b) Deferred tax 31 (b) (2,633.82) 2,147.77 Proceeds from maturity of bank deposits and margin money 561.20 1,736.26
(532.85) 5,786.89 Invetsment in bank deposits (1,000.00) (1,350.00)
Interest received 561.22 524.12
VII Profit for the year (V-VI) 9,603.89 12,219.81 Net cash (used) in investing activities (B) (16,444.33) (19,666.82)
C. Cash flow from financing activities
VIII Profit for the period/year attributable to Proceeds from long term borrowings 5,469.53 12,850.00
a) Shareholders of the company 9,647.62 12,219.81 Repayment of long term borrowings (8,345.00) (7,376.22)
Net proceeds from short term borrowings 7,080.31 4,648.41
b) Non controlling interest (43.73) - Repayment of principal portion of lease liabilities 37 (389.39) (375.23)
Repayment of interest portion of lease liabilities 37 (106.52) (107.84)
IX Other comprehensive income (OCI) Proceeds from issue of share capital 13 1.98 -
Payment of interest and other borrowing cost (2,665.77) (1,675.97)
a) (i) Items that will not be reclassified to profit or (loss) 31 (c) 35.06 (10.34)
Dividend paid (1,728.16) (864.08)
(ii) Income tax relating to items that will not be reclassified to profit or (loss) 31 (c) (8.83) 3.61 Net cash (used) in financing activities (C) (683.02) 7,099.07

b) (i) Items that will not be reclassified to profit or (loss) 31 (c) - - Net increase / (decrease) in cash and cash equivalents (A+B+C) (105.68) (2,367.43)
(ii) Income tax relating to items that will not be reclassified to profit or (loss) 31 (c) - - Cash and cash equivalents at the beginning of the year 194.43 2,561.86
Cash and cash equivalents at the end of the year 12(a) 88.75 194.43
X Total comprehensive income net of tax - - Reconciliation of cash and cash equivalents: (refer note 12(a))
a) Shareholders of the company 9,673.85 12,213.08 Cash in hand 0.89 1.25
b) Non controlling interest (43.73) - Balances with banks
(i) In current accounts 87.86 193.18
X Earnings per share (Face value of Rs. 10 each): 35 (ii) Bank deposits upto 3 months - -
Net cash and cash equivalents 88.75 194.43
Basic 33.33 42.43
Note: The above consolidated cash flow statement has been prepared under the “Indirect method”
Diluted 33.26 42.39 as set out in Indian accounting standard(Ind AS)- 7, “Statement of cash flow”.
Summary of material accounting policies and other explanatory information (1-57) Summary of material accounting policies and other explanatory information
This is the consolidated statement of profit and loss referred to in our report of even date. This is the consolidated statement of cash flow statement referred to in our report of even date.

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors
Chartered Accountants
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors
Firm’s Registration Number 001076N/N500013
Chartered Accountants
Ajay K. Swarup Shekhar Swarup Bhaskar Roy
Firm’s Registration Number 001076N/N500013
Arun Tandon Managing Director Joint Managing Director Executive Director
Ajay K. Swarup Shekhar Swarup Bhaskar Roy
Partner DIN-00035194 DIN-00445241 DIN-02805627
Arun Tandon Managing Director Joint Managing Director Executive Director
Membership No. 517273
Partner DIN-00035194 DIN-00445241 DIN-02805627
Nilanjan Sarkar Santosh Kumar Pattanayak Membership No. 517273
Chief Financial Officer Company Secretary
Nilanjan Sarkar Santosh Kumar Pattanayak
ACS-18721
Chief Financial Officer Company Secretary
Place : New Delhi Place : New Delhi
ACS-18721
Date : May 30, 2024 Date : May 30, 2024
Place : New Delhi Place : New Delhi
Date : May 30, 2024 Date : May 30, 2024

106 Globus Spirits Limited 2023-24 Annual Report 107

 Globus Spirits Limited Globus Spirits Limited
CIN : L74899DL1993PLC052177
CIN : L74899DL1993PLC052177

Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
Consolidated Statement of Changes in Equity All amounts are in ` Lacs, unless otherwise stated
for the year ended March 31, 2024 Note 1 - General information and Material Accounting Policies amounts recognised in prior periods and are not expected to
All amounts are in ` Lacs, unless otherwise stated
significantly affect the current or future periods.
Note 1.1 - General information
(a) Equity share capital Ministry of Corporate Affairs (“MCA”) notifies new standards
Globus Spirits Limited (“the Company” or “the Holding or amendments to the existing standards under Companies
Balance as at March 31, 2023 Changes Balance Changes Balance
in equity as at in equity as at Company”) is a public Company domiciled in India and (Indian Accounting Standards) Rules as issued from time
share March 31, share March 31, incorporated under the provisions of the Companies Act. The to time. For the year ended March 31, 2024, MCA has not
capital due 2023 capital 2024 registered office of the Company is located at F-0, Ground notified any new standards or amendments to the existing
to prior during the
period year
Floor, The Mira Corporate Suites, Plot No. 1 & 2, Ishwar standards applicable to the Group.
errors Nagar, Mathura Road, New Delhi - 110065. The Company
Note 1.2.2 - Basis of Consolidation
2,880.28 - 2,880.28 1.98 2,882.26 is primarily engaged in the business of manufacturing and
sale of Indian Made Indian Liquor (IMIL), Indian Made Foreign
Balance as at March 31, 2022 Changes Balance Changes Balance as Combine like items of assets, liabilities, equity, income,
Liquor (IMFL), Bulk Alcohol, Hand Sanitizer and Franchise
in equity as at in equity at March expenses and cash flows of the parent with those of its
share March 31, share 31, 2023 Bottling.
subsidiaries. For this purpose, income and expenses of
capital due 2022 capital
to prior during the Note 1.2 - Statement of compliance the subsidiary are based on the amounts of the assets and
period year liabilities recognised in the consolidated financial statements
errors These Ind AS financial statements of the Group have at the acquisition date.
2,880.28 - 2,880.28 - 2,880.28 been prepared in accordance with the Indian Accounting
(b) Offset (eliminate) the carrying amount of the parent’s
Standards (Ind AS) as prescribed under the Companies
investment in each subsidiary and the parent’s portion of
(b) Reserves and surplus (Indian Accounting Standards) Rules, 2015.
equity of each subsidiary. Business combinations policy
Particulars Reserves and surplus Attributable NCI Total Note 1.2.1 - Recent accounting pronouncements explains how to account for any related goodwill.
Securities General Capital Surplus in Share to the (c) Eliminate in full intragroup assets and liabilities, equity,
(Standard issued but not yet effective):
premium reserve Reserve Statement Based owner
of the The Group has applied the following amendments for the first income, expenses and cash flows relating to transactions
account of Profit Payment
and Loss Reserve Company time for their annual reporting period commencing April 01, between entities of the group (profits or losses resulting from
2023: intragroup transactions that are recognised in assets, such as
Balance as at March 31, 2022 14,894.92 1,415.65 (41.34) 58,081.08 - - - 74,350.31 inventory and fixed assets, are eliminated in full). Intragroup
Profit for the year - - - 12,219.81 - - - 12,219.81 Ind AS 8 – Accounting Policies, Changes in Accounting
losses may indicate an impairment that requires recognition
Dividend paid - - - (864.08) - - - (864.08) Estimates and Errors
in the consolidated financial statements. Ind AS 12 Income
Other comprehensive income for the year, net of - - - (6.71) - - - (6.71) Taxes applies to temporary differences that arise from the
The amendments to Ind AS 8 clarify the distinction between
income tax
changes in accounting estimates, changes in accounting elimination of profits and losses resulting from intragroup
Share based payment - - - - 83.62 - - 83.62
policies and the correction of errors. They also clarify how transactions.
Total comprehensive income for the year - - - 11,349.02 83.62 - - 11,432.64
entities use measurement techniques and inputs to develop All intra-group assets and liabilities, equity, income, expenses
Balance as at March 31, 2023 14,894.92 1,415.65 (41.34) 69,430.10 83.62 - - 85,782.95
accounting estimates and cash flows relating to transactions between members of
Acquisition of a subsidiary 302.89 44.65 347.54 The amendments had no impact on the Group’s consolidated the Group are eliminated in full on consolidation.
financial statements.
Profit for the year - - - 9,647.62 - - (43.74) 9,603.88
Note 1.3 - Material Accounting Policies
Dividend paid - - - (1,728.16) - - - (1,728.16) Ind AS 1 – Presentation of Financial Statements
Other comprehensive income for the year, net of - - - 26.24 - - - 26.24 The amendments to Ind AS 1 provide guidance on applying I Basis of preparation and presentation
income tax materiality judgements to accounting policy disclosures. The The financial statements have been prepared on accrual
Share based payment - - - - 525.88 - - 525.88 amendments aim to help entities provide accounting policy basis under the historical cost basis except for certain
Total comprehensive income for the year - - - 7,945.69 525.88 302.89 0.91 8,775.38 disclosures that are more useful by replacing the requirement financial instruments which are measured at fair value at the
Balance as at March 31, 2024 14,894.92 1,415.65 (41.34) 77,375.79 609.50 302.89 0.91 94,558.33 for entities to disclose their ‘significant’ accounting policies end of each reporting period.
Summary of material accounting policies and other explanatory information with a requirement to disclose their ‘material’ accounting
Fair value is the price that would be received to sell an asset
This is the consolidated statement of changes in equity referred to in our report of even date. policies and adding guidance on how entities apply the
or paid to transfer a liability in an orderly transaction between
concept of materiality in making decisions about accounting
market participants at the measurement date, regardless of
policy disclosures.
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors whether that price is directly observable or estimated using
The amendments have had an impact on the Group’s
Chartered Accountants another valuation technique. In estimating the fair value
disclosures of accounting policies, but not on the
Firm’s Registration Number 001076N/N500013 of an asset or a liability, the Group takes into account the
Ajay K. Swarup Shekhar Swarup Bhaskar Roy measurement, recognition or presentation of any items in the
Arun Tandon Managing Director Joint Managing Director Executive Director characteristics of the asset or liability if market participants
Group’s consolidated financial statements.
Partner DIN-00035194 DIN-00445241 DIN-02805627 would take those characteristics into account when pricing
Membership No. 517273 Ind AS 12 – Income Taxes the asset or liability at the measurement date.
Nilanjan Sarkar Santosh Kumar Pattanayak The amendments to Ind AS 12 Income Tax narrow the
Fair value for measurement and/or disclosure purposes in
Chief Financial Officer Company Secretary scope of the initial recognition exception, so that it no
ACS-18721 these financial statements is determined on such a basis,
longer applies to transactions that give rise to equal taxable
Place : New Delhi Place : New Delhi except for leasing transactions that are within the scope of
Date : May 30, 2024 Date : May 30, 2024 and deductible temporary differences such as leases. The
Ind AS 116, and measurements that have some similarities to
above amendments did not have any material impact on the

108 Globus Spirits Limited 2023-24 Annual Report 109

 Globus Spirits Limited Globus Spirits Limited
CIN : L74899DL1993PLC052177 CIN : L74899DL1993PLC052177

Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

and equipment have been measured at fair value at the on internally generated goodwill and brands, is recognised in
fair value but are not fair value, such as net realizable value in include multiple performance obligations, the transaction
date of transition to Ind-AS. The Group has opted for profit or loss as incurred.
Ind AS 2 or value in use in Ind AS 36. price is allocated to each performance obligation based on
the consolidated selling prices. such fair valuation as deemed cost as at the transition ii. Amortisation
In addition, for financial reporting purposes, fair value
Revenue is measured based on the transaction price i.e. date i. e. April 01, 2016.
measurements are categorised into Level 1, 2, or 3 based on Amortisation is calculated to write off the cost of intangible
the consideration to which the Group expects to be entitled Cost is inclusive of inward freight, duties and taxes and
the degree to which the inputs to the fair value measurements assets less their estimated residual values over their
from a customer, net of returns and allowances, trade incidental expenses related to acquisition or construction.
are observable and the significance of the inputs to the fair estimated useful economic lives using straight line basis, and
discounts and volume rebates. Revenue includes both All upgradation / enhancements are charged off as revenue
value measurement in its entirety, which are described as is included in depreciation and amortisation in Statement of
fixed and variable consideration. Variable consideration expenditure unless they bring similar significant additional
follows: Profit and Loss.
arises on the sale of goods as a result of discounts benefits. An item of property, plant and equipment is
Level 1 inputs are quoted prices (unadjusted) in active The estimated useful lives are as follows:
and allowances given and accruals for estimated future derecognised upon disposal or when no future economic
markets for identical assets or liabilities that the entity can
returns and rebates. Revenue is not recognised in full benefits are expected to arise from the continued use Asset Useful life
access at the measurement date;
until it is highly probable that a significant reversal in the of asset. Any gain or loss arising on the disposal or Software- ERP 5 Years
Level 2 inputs are inputs, other than quoted prices included retirement of an item of property, plant and equipment is
amount of cumulative revenue recognised will not occur.
within Level 1, that are observable for the asset or liability, determined as the difference between the sales proceeds Amortisation method, useful lives and residual values are
The methodology and assumptions used to estimate rebates
either directly or indirectly; and and the carrying amount of the asset and is recognised reviewed at the end of each financial year and adjusted if
and returns are monitored and adjusted regularly in the light
in the Statement of Profit and Loss. Depreciation of appropriate.
Level 3 inputs are unobservable inputs for the asset or liability. of contractual and legal obligations, historical trends and past
experience. Once the uncertainty associated with the returns these assets commences when the assets are ready for V A. Depreciation
Use of estimates and critical accounting judgments their intended use which is generally on commissioning.
and rebates is resolved, revenue is adjusted accordingly.
i. Depreciation has been provided on the cost of the assets
The preparation of these financial statements in conformity Revenue includes excise duty but excludes goods and Items of property, plant and equipment are depreciated
less their residual values on straight line method on the
with the recognition and measurement principles of Ind AS services tax. Revenue in excess of billing is classified as in a manner that amortizes the cost (or other amount
basis of estimated useful life of the assets as prescribed
requires the management of the Group to make estimates unbilled revenue while billing in excess of revenue is classified substituted for cost) of the assets after commissioning,
in Schedule II to the Companies Act, 2013.
and assumptions that affect the reported balances of assets as unearned revenue. less its residual value, over their useful lives as specified
and liabilities, disclosures relating to contingent liabilities Critical judgements in Schedule II of the Companies Act, 2013 on a straight Estimated useful lives of the assets is as given below :
as at the date of the financial statements and the reported Judgement is required to determine the transaction price for line basis. Asset Useful Life
amounts of income and expense for the periods presented. the contract. Subsequent costs are included in the assets’s carrying Buildings (including roads) 10-60 years
Estimates and the underlying assumptions are reviewed on amount or recognised as a separate asset, as appropriate, Plant and machinery 3-25 years
Transaction Price: The transaction price could either be a fixed
an ongoing basis. Revisions to accounting estimates are Furniture and fixtures 10 years
amount of customer consideration or variable consideration only when it is probable that future economic benefits
Computers and data processing units 3-6 years
recognised in the period in which the estimates are revised with elements such as discounts and incentives. The associated with the item will flow to the company and the Electrical installations and equipment 10 years
and future periods are affected. estimated amount of variable consideration is adjusted in the cost of the item can be measured reliably. The carrying Vehicles 8 years
Key source of estimation of uncertainty at the date of the amount of any component accounted for as a separate Office equipment 5 years
transaction price only to the extent that it is highly probable
financial statements, which may cause a material adjustment asset is derecognised when replaced. All other repairs
that a significant reversal in the amount of cumulative revenue ii. Depreciable amount for assets is the cost of an asset,
to the carrying amounts of assets and liabilities within the next and maintenance are charged to profit or loss during the
recognized will not occur and is reassessed at the end of or other amount substituted for cost, less its estimated
financial year, are in respect of useful lives of property, plant reporting period in which they are incurred.
each reporting period. residual value.
and equipment, employee stock option plan and provision for Government Grants related to purchase of property, plant
Rendering of services iii. The Company, based on technical assessment made by a
employee benefits. & equipment’s are presented in the balance sheet as a
Revenue from bottling contracts with brand franchise is technical expert and management estimate, depreciates
deduction from the carrying amount of property, plant and
II Revenue recognition recognised in the accounting period in which the services are respective assets basis the technical estimates and
Revenue from contracts with customers equipment.
rendered and related costs are incurred in accordance with estimates, which are different from the useful life
ii. Machinery spares which can be used only in connection
the agreement between the parties. prescribed in schedule II to the Companies Act, 2013.
Sale of goods with an item of fixed asset and whose use is expected
The Group derives revenue from manufacture and sale of Other Operating income The management believes that estimated useful lives are
to be irregular are capitalised and depreciated over the
Indian Made Indian Liquor (IMIL), Indian Made Foreign Liquor Income from export incentives are recognised on an accrual realistic and reflect fair approximation of the period over
useful life of the principal item of the relevant assets.
(IMFL), Bulk alcohol and Franchisee Bottling. basis. iii. Capital work-in-progress which the assets are likely to be used.

Other income Projects under which property, plant and equipment are B. Impairment
The Group has applied Ind AS 115 ‘Revenue from contracts not yet ready for their intended use are carried at cost,
Interest income is recognised using the effective interest (i) Financial assets
with customers’ with effect from 1 April 2018, using the comprising direct cost, related incidental expenses and
rate method. The effective interest rate is the rate that The Company recognizes loss allowances for the financial
retrospective method with restatement of comparative period. attributable interest.
exactly discounts estimated future cash receipts through assets which are not measured at fair value through profit or
Upon application of Ind AS 115, Revenue is recognized upon
the expected life of the financial asset to the gross carrying IV Intangible assets : loss. Loss allowance for trade receivables with no significant
transfer of control of promised goods to the customers.
amount of a financial asset. When calculating the effective financing component is measured at an amount equal to
The point at which control passes is determined by each Intangible assets including those acquired by the Company
interest rate, the Group estimates the expected cash flows expected losses.
customer arrangement when there is no unfulfilled obligation are initially measured at cost. Following initial recognition,
by considering all the contractual terms of the financial
that could affect the customer’s acceptance of goods. intangible assets are carried at cost less accumulated (ii) Non - financial assets
instrument but does not consider the expected credit losses.
amortisation and impairment losses, if any. Property, plant and equipment and intangible assets
At contract inception, the Group assesses its promise III Property, plant and equipment Property, plant and equipment and intangible assets are
i. Subsequent expenditure
to transfer products or services to a customer to identify i. Property, plant and equipment are stated at cost of tested for impairment whenever events or changes in
Subsequent expenditure is capitalised only when it increases
separate performance obligations. Where the contracts acquisition or construction less accumulated depreciation circumstances indicate that the carrying amount may not
the future economic benefits embodied in the specific asset
and impairment losses, if any. All items of property, plant to which it relates. All other expenditure, including expenditure be recoverable. If any such indication exists, the recoverable

110 Globus Spirits Limited 2023-24 Annual Report 111

 Globus Spirits Limited Globus Spirits Limited
CIN : L74899DL1993PLC052177 CIN : L74899DL1993PLC052177

Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

amount (i.e. higher of the fair value less cost of disposal and Subsequent measurement Offsetting of financial instruments Share-based payments
the value-in-use) is determined on an individual asset basis i Financial assets carried at amortised cost : A financial Financial assets and financial liabilities are offset and the net Employees (including senior executives) of the Group receive
to determine the extent of the impairment loss (if any). An asset is subsequently measured at amortised cost if amount is reported in the consolidated balance sheet if there remuneration in the form of share-based payments, whereby
impairment loss is recognised in the statement of profit or it is held in order to collect contractual cash flows and is a currently enforceable legal right to offset the recognised employees render services as consideration for equity
loss. The Company reviews at each reporting date if there are the contractual terms of the financial asset give rise on amounts and there is an intention to settle on a net basis, to instruments (equity-settled transactions).
any indications that an asset may be impaired. specified dates to cash flows that are solely payments of realise the assets and settle the liabilities simultaneously. Equity-settled transactions
principal and interest on the principal amount outstanding. The cost of equity-settled transactions is determined by
Non financial assets that suffered an impairment are reviewed VIII Investments the fair value at the date when the grant is made using
ii Financial assets carried at fair value through other The Company reviews its carrying value of long term
for possible reversal of the impairment at the end of each an appropriate valuation model. That cost is recognised,
comprehensive income (FVTOCI): A financial asset is investments in equity instrument which are carried at cost at
reporting period. together with a corresponding increase in share-based
subsequently measured at FVTOCI if it is held not only for the end of each reporting period. If the recoverable amount
VI Foreign currency transactions collection of cash flows arising from payments of principal payment (SBP) reserves in equity, over the period in which
is less than its carrying amount, the impairment loss is
Items included in the consolidated financial statements and interest but also from the sale of such assets. Such the performance and/or service conditions are fulfilled
accounted for.
are measured using the currency of the primary economic assets are subsequently measured at fair value, with in employee benefits expense. The cumulative expense
environment in which the entity operates (‘the functional unrealised gains and losses arising from changes in IX Inventories recognised for equity-settled transactions at each reporting
currency’). The consolidated financial statements are Inventories are valued at the lower of cost (weighted date until the vesting date reflects the extent to which the
the fair value being recognised in other comprehensive
presented in Indian Rupee (`), which is the Company’s average basis) and the net realisable value after providing vesting period has expired and the Company best estimate
income.
functional and presentation currency. iii Financial assets carried at fair value through profit for obsolescence and other losses, wherever considered of the number of equity instruments that will ultimately vest.
Transactions in foreign currency are recorded on initial or loss (FVTPL): A financial asset which is not classified necessary. The statement of profit and loss expense or credit for a period
recognition at the exchange rate prevailing at the time of Cost includes all charges in bringing the goods to the point represents the movement in cumulative expense recognised
in any of the above categories (at amortised cost or
transaction. of sale, including duties and levies, transit insurance and as at the beginning and end of that period and is recognised
through other comprehensive income) are subsequently
Monetary items (i.e. trade receivables) denominated in foreign receiving charges. Finished goods include appropriate in employee benefits expense.
measured at fair value through profit or loss.
currency are reported using the closing exchange rate on iv Financial liabilities : Financial liabilities are subsequently proportion of overheads and, where applicable, excise duty. Service and non-market performance conditions are not
each balance sheet date. Raw materials, store and spares and consumables are taken into account when determining the grant date fair
measured at amortized cost using the effective interest
Non-monetary items that are measured in terms of historical determined on weighted average basis. value of awards, but the likelihood of the conditions being
method. For trade and other payables maturing within
cost in a foreign currency are translated using the exchange Obsolete, slow moving and defective inventories are identified
one year from the Balance Sheet date, the carrying met is assessed as part of the Company best estimate of the
rates at the dates of the initial transactions. Non-monetary at the time of physical verification of inventories and, if
amounts approximate fair value due to the short maturity number of equity instruments that will ultimately vest. Market
items measured at fair value in a foreign currency are necessary, provisions are made for such items of inventories.
of these instruments. performance conditions are reflected within the grant date fair
translated using the exchange rates at the date when the fair Derecognition: value. Any other conditions attached to an award, but without
X Employee benefits
value is determined. The gain or loss arising on translation of A financial asset (or, where applicable, a part of a financial The Group has various schemes of employee benefits such an associated service requirement,are considered to be non-
non-monetary items measured at fair value is treated in line asset or part of a group of similar financial assets) is as provident fund, employee state insurance scheme and vesting conditions. Non-vesting conditions are reflected in the
with the recognition of the gain or loss on the change in fair primarily derecognised (i.e. removed from the Company’s gratuity fund, which are dealt with as under: fair value of an award and lead to an immediate expensing of
value of the item (i.e., translation differences on items whose balance sheet) when: i The Group’s contribution to provident fund and employee an award unless there are also service and/or performance
fair value gain or loss is recognised in OCI or profit or loss are a) The rights to receive cash flows from the asset have state insurance scheme are considered as defined conditions.
also recognised in OCI or profit or loss, respectively). expired, or contribution plans and are charged as an expense based The dilutive effect of outstanding options is reflected as
The exchange differences arising on the settlement of b) The Company has transferred its rights to receive cash on the amount of contribution required to be made and additional share dilution in the computation of diluted
monetary items or on reporting these items at rates different flows from the asset or has assumed an obligation to pay when services are rendered by the employees. earnings per share.
from rates at which these were initially recorded / reported the received cash flows in full without material delay to a ii For defined benefit plans in the form of gratuity fund
in previous financial statements are recognised as income / the cost of providing benefits is determined using the XI Contingent liabilities and provisions
third party under a ‘pass-through’ arrangement; and either
expense in the period in which they arise. Contingent liabilities are disclosed after evaluation of the
(a) the Company has transferred substantially all the risks Projected Unit Credit method, with actuarial valuations
facts and legal aspects of the matter involved, in line with
VII Financial instruments and rewards of the asset, or (b) the Company has neither being carried out at each balance sheet date. Actuarial
the provisions of Ind AS 37. The Group records a liability for
Initial recognition transferred nor retained substantially all the risks and gains and losses are recognised in the Statement of Profit
Financial assets (excluding trade receivables) and financial any claims where a potential loss is probable and capable
rewards of the asset, but has transferred control of the asset. and Loss in the period in which they occur through other
liabilities are initially measured at fair value. Transaction costs of being estimated and discloses such matters in its
When the Company has transferred its rights to receive comprehensive income.
that are directly attributable to the acquisition or issue of iii The undiscounted amount of short-term employee financial statements, if material. For potential losses that are
cash flows from an asset or has entered into a pass-
financial assets and financial liabilities (other than financial benefits expected to be paid in exchange for the services considered possible, but not probable, the Group provides
through arrangement, it evaluates if and to what extent
assets and financial liabilities at fair value through profit or loss) rendered by employees are recognised during the year disclosures in the financial statements but does not record
it has retained the risks and rewards of ownership. When
are added to or deducted from the fair value of financial asset when the employees render the service. These benefits a liability in its financial statements unless the loss becomes
it has neither transferred nor retained substantially all
or financial liabilities, as appropriate, on initial recognition. include performance incentive which are expected to probable.
of the risks and rewards of the asset, nor transferred
All regular way purchases or sales of financial assets are occur within twelve months after the end of the period in Provisions are recognised when the Group has a present
control of the asset, the Company continues to recognise
recognised and derecognised on a trade date basis. Regular which the employee renders the related service. obligation (legal / constructive) as a result of a past event,
the transferred asset to the extent of the Company’s
way purchases or sales are purchases or sales of financial iv The Group uses assumptions to determine current service for which it is probable that a cash outflow may be required
continuing involvement. In that case, the Company also
assets that require delivery of assets within the time frame cost, net interest cost for the period and recognizes in and a reliable estimate can be made of the amount of the
recognises an associated liability. The transferred asset
established by regulation or convention in the marketplace statement of profit or loss as past service cost, gain or obligation. When a provision is measured using the cash
and the associated liability are measured on a basis that
All recognised financial assets are subsequently measured in loss on settlement, any reduction in a surplus. flows estimated to settle the present obligation, its carrying
reflects the rights and obligations that the Company has The cost of short-term compensated absences is
their entirety at either amortised cost or fair value, depending amount is the present value of those cash flows (when the
retained. accounted on actual basis.
on the classification of the financial assets effect of the time value of money is material).

112 Globus Spirits Limited 2023-24 Annual Report 113

 Globus Spirits Limited Globus Spirits Limited
CIN : L74899DL1993PLC052177 CIN : L74899DL1993PLC052177

Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

XII Leases Right-of-use assets are generally amortised over the shorter The current and deferred tax asset or liability shall be iv and its long-term nature, a defined benefit obligation
From 1 April 2019, leases are recognised as a right-of-use of the asset’s useful life and the lease term on a straight- recognized and measured by applying the requirements is highly sensitive to changes in these assumtions.
asset and a corresponding liability at the date at which the line basis. If the Group is reasonably certain to exercise a in Ind AS 12- Income Taxes based on the taxable profit/ All assumptions are reviewed at each reporting date.
leased asset is available for use by the Group. purchase option, the right-of-use asset is depreciated over (loss), tax base, unused tax losses, unused tax credits The parameter most subject to change is the discount
Assets and liabilities arising from a lease are initially measured the underlying assets useful life. and tax rates determined by applying this appendix. rate. The management considers the interest rates of
on a present value basis. Lease liabilities include the net Payments associated with short-term leases of equipment Deferred tax assets are recognised only to the extent that government securities based on expected settlement
present value of the following lease payments: and all leases of low-value assets are recognised on a it is probable that the temporary differences will reverse in the period of various plans.
i fixed payments (including in-substance fixed payments), straight-line basis as an expense in profit and loss account. v Contingent liabilities and claims: The Group is the
foreseeable future and taxable profit will be available against
less any lease incentives receivable. Short term leases are the leases with a lease term of 12 subject of lawsuits and claims arising in the ordinary
variable lease payment that are based on an index or a which the temporary differences can be utilised.
months or less. Low-value assets comprise IT equipments course of business from time to time. The Group reviews
ii rate, initially measured using the index or rate as at the XV Use of estimates and judgement
and small items of office furniture. any such legal proceedings and claims on an ongoing
commencement date. The preparation of the financial statements in conformity with
iii amounts expected to be payable by the Group under basis and follow appropriate accounting guidance when
XIII Earnings per share recognition and measurement principles of Ind AS requires
residual value guarantees. making accrual and disclosure decisions. The Group
Basic earnings / (loss) per share is calculated by dividing the the Management to make estimates and assumptions
iv the exercise price of a purchase option if the Group is establishes accruals for those contingencies where the
net profit / (loss) for the current year attributable to equity considered in the reported amounts of assets and liabilities
reasonably certain to exercise that option and incurrence of a loss is probable and can be reasonably
shareholders by the weighted average number of equity (including contingent liabilities) and the reported income
v Payments of penalties for terminating the lease, if the estimated, and it discloses the amount accrued and the
shares outstanding during the year. The number of shares and expenses during the year. Estimates and underlying
lease term reflects the Group exercising that option. amount of a reasonably possible loss in excess of the
used in computing diluted earnings per share comprises assumptions are reviewed on an ongoing basis. Revisions to
Lease payments to be made under reasonably certain amount accrued, if such disclosure is necessary for the
the weighted average share considered for calculating basic accounting estimates are recognized in the period in which
extension options are also included in the measurement Group’s financial statements to not be misleading. To
earnings / (loss) per share, and also the weighted average
of the liability. The lease payments are discounted using estimates are revised if the revision affects only that period or estimate whether a loss contingency should be accrued
number of shares, which would have been issued on the
the interest rate implicit in the lease. If the rate cannot be in the period of the revision and future periods if the revision by a charge to income, the Group evaluates, among
conversion of all dilutive potential equity shares. affects both current and future periods. The following are the
readily determined, which is generally the case for leases in other factors, the degree of probability of an unfavourable
the Group, the lessee’s incremental borrowing rate is used, key assumptions concerning the future, and other sources of outcome and the ability to make a reasonable estimate
XIV Income taxes
being the rate that the individual lessee would have to pay to estimation uncertainty at the end of the reporting period that of the amount of the loss.The Group does not record
borrow the funds necessary to obtain an asset of similar value Provision for current taxation is ascertained on the basis may have risk of causing a material adjustment to the carrying liabilities when the likelihood that the liability has
to the right-of-use asset in a similar economic environment of assessable profits computed in accordance with the amounts of assets and liabilities in future are: been incurred is probable, but the amount cannot be
provisions of the Income-tax Act, 1961. i Useful lives and residual value of property, plant
with similar terms, security and conditions. reasonably estimated. Based upon present information,
In calculating the present value of lease payments, the Minimum Alternate Tax (MAT) paid in accordance with the and equipment and intangible assets: Useful life and
the Group determined that there were no matters that
Company uses its incremental borrowing rate at the lease tax laws, which gives future economic benefits in the form residual value are determined by the management based
required an accrual as of March 31, 2023 other than
commencement date because the interest rate implicit in the of adjustment to future income tax liability, is considered as on a technical evaluation considering nature of asset,
the accruals already recognized, nor were there any
lease is not readily determinable. After the commencement an asset if there is convincing evidence that the Group will past experience, estimated usage of the asset, vendor’s
asserted or unasserted claims for which material losses
date, the amount of lease liabilities is increased to reflect the pay normal income tax. Accordingly, MAT is recognised as advice etc and same is reviewed at each financial year
are reasonably possible.
accretion of interest and reduced for the lease payments an asset in the Balance Sheet when it is highly probable that end.
future economic benefit associated with it will flow to the ii Deferred tax assets : The Group has reviewed the XVI Operating cycle
made. In addition, the carrying amount of lease liabilities is
Group. carrying amount of deferred tax assets including MAT Based on the nature of products / activities of the Group
remeasured if there is a modification, a change in the lease
Deferred tax is provided on temporary differences between credit entitlement at the end of each reporting period and and the normal time between acquisition of assets and
term, a change in the lease payments (e.g., changes to
the tax bases of assets and liabilities and their carrying reduced to the extent that it is no longer probable that their realisation in cash or cash equivalents, the Group has
future payments resulting from a change in an index or rate
amounts at the reporting date. Deferred tax is measured sufficient taxable profits will be available to allow all or part determined its operating cycle as 12 months for the purpose
used to determine such lease payments) or a change in the
using the tax rates and the tax laws enacted or substantively of the asset to be recovered. of classification of its assets and liabilities as current and non-
assessment of an option to purchase the underlying asset. iii Transaction price - Sale of goods: The transaction
Lease payments are allocated between principal and finance enacted as at the reporting date. Deferred tax assets and current.
liabilities are offset if such items relate to taxes on income price could either be a fixed amount of customer
cost. The finance cost is charged to statement of profit or loss
levied by the same governing tax laws and the Group consideration or variable consideration with elements XVII Government grants, subsidies, export incentives and
over the lease period so as to produce a constant periodic
has a legally enforceable right for such set off. The carrying such as discounts and incentives. The estimated amount interest subvention
rate of interest on the remaining balance of the liability for Grants from the government are recognised at their fair value
amount of deferred tax assets is reviewed at each reporting of variable consideration is adjusted in the transaction
each period. where there is a reasonable assurance that the grant will
Variable lease payments that depend on sales are recognised date and reduced to the extent that it is no longer probable price only to the extent that it is highly probable that a
significant reversal in the amount of cumulative revenue be received and the Holding Company will comply with all
in statement of profit or loss in the period in which the that sufficient taxable profit will be available to allow all or
recognized will not occur and is reassessed at the end of attached conditions.
condition that triggers those payments occurs. part of the deferred tax asset to be utilised. Unrecognised
each reporting period. Government grants and subsidies are recognised as income
deferred tax assets are re-assessed at each reporting date
Right-of-use assets are measured at cost comprising the iv Defined benefit plans/ other long term employee over the periods necessary to match them with the costs
and are recognised to the extent that it has become probable
following: benefits: The cost of the defined benefit plans and for which they are intended to compensate, on a systematic
that future taxable profits will allow the deferred tax asset to be
i the amount of the initial measurement of lease liability other long term employee benefit plans are determined basis.
recovered. Deferred tax relating to items recognised outside The Holding Company is entitled for interest subvention
ii any lease payments made at or before the commencement using actuarial valuations. An actuarial valuation involves
statement of profit and loss is recognised outside statement from Government of India, Department of Food and Public
date less any lease incentives received making various assumptions that may differ from
of profit and loss i.e. in other comprehensive income when Distribution (DFPD) for loans sanctioned vide notification
iii any initial direct costs, and actual developments in the future. These include the
there is uncertainty over income tax treatments. dated January 14, 2021 for the purpose of setting up/
iv restoration costs. determination of the discount rate, future salary increases
and mortality rates. Due to the complexities involved in expansion of new/existing grain based distilleries.
the valuation

114 Globus Spirits Limited 2023-24 Annual Report 115

 Globus Spirits Limited Globus Spirits Limited
CIN : L74899DL1993PLC052177
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 All amounts are in ` Lacs, unless otherwise stated
All amounts are in ` Lacs, unless otherwise stated

The Holding Company recognises amount receivable are measured at their acquisition fair values irrespective of the Note -2(a): Property, plant and equipment
from government as interest subvention when the Holding fact that outflow of resources embodying economic benefits
Companyis entitled to receive it. The interest cost is recorded is not probable. However, the following assets and liabilities Particulars Gross carrying amount Accumulated depreciation Net carrying amount
net of interest reimbursement received under the interest acquired in a business combination are measured at the As at Acquisi- Additions Dispos- As at As at Deprecia- Dispos- As at As at As at
subvention scheme. basis indicated below: March 31, tion of a als / March 31, March 31, tion als / March 31, March 31, March 31,
2023 subsidiary adjust- 2024 2023 for the adjust- 2024 2024 2023
Deferred tax assets or liabilities, and the liabilities or assets ment to year ment to
XVIII Borrowing costs
related to employee benefit arrangements are recognised assets assets
Borrowing costs directly attributable to the acquisition,
and measured in accordance with Ind AS 12 Income Tax and
construction or production of qualifying assets, which are
Ind AS 19 Employee Benefits respectively. Freehold land 3,068.09 - 780.03 - 3,848.12 - - - - 3,848.12 3,068.09
assets that necessarily take a substantial period of time
Potential tax effects of temporary differences and carry Factory buildings 11,335.79 - 247.49 - 11,583.28 2,504.92 411.13 - 2,916.05 8,667.23 8,830.87
to get ready for their intended use or sale, are added to
forwards of an acquiree that exist at the acquisition date
the cost of those assets, until such time as the assets Plant and 90,048.83 1.10 17,488.54 3.94 1,07,534.53 23,037.25 5,424.51 - 28,461.76 79,072.77 67,011.58
or arise as a result of the acquisition are accounted in machinery
are substantially ready for their intended use or sale.
accordance with Ind AS 12.
All other borrowing costs are recognised in the Statement of Electrical 428.92 - - - 428.92 229.94 42.97 - 272.91 156.00 198.97
Liabilities or equity instruments related to share based
profit or loss in the period in which they are incurred. installations and
payment arrangements of the acquiree or share – based equipments
XIX Cash and cash equivalents payments arrangements of the Group entered into to replace
Computer & data 124.44 0.10 31.37 - 155.91 85.49 22.31 - 107.80 48.11 38.95
Cash comprises of cash on hand and bank. Cash equivalents share-based payment arrangements of the acquiree are processing units
are short term balances, highly liquid investments that are measured in accordance with Ind AS 102 Share-based
Furniture and 209.82 - 37.71 - 247.53 136.00 14.05 - 150.05 97.48 73.82
readily convertible into known amounts of cash and which are Payments at the acquisition date. fixtures
subject to insignificant risk of changes in value. Assets (or disposal groups) that are classified as held for
Motor vehicles 942.98 - 138.80 - 1,081.78 329.71 131.77 - 461.48 620.29 613.27
sale in accordance with Ind AS 105 Non-current Assets
XX Business combination and Goodwill
Held for Sale and Discontinued Operations are measured in Office 199.66 1.89 4.34 - 205.89 136.64 19.16 - 155.80 50.09 63.02
accordance with that Standard. equipments
Business combinations are accounted for using the
acquisition method. The cost of an acquisition is measured Reacquired rights are measured at a value determined on
Total 1,06,358.53 3.09 18,728.28 3.94 1,25,085.96 26,459.95 6,065.90 - 32,525.85 92,560.09 79,898.57
as the aggregate of the consideration transferred measured the basis of the remaining contractual term of the related
at acquisition date fair value and the amount of any non- contract. Such valuation does not consider potential renewal Note 1: The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the Company’s general
controlling interests in the acquiree. For each business of the reacquired right. borrowings during the year, in this case 7.75% p.a. (Previous year 7.75% p.a).
Goodwill is initially measured at cost, being the excess of the Note 2: For lien / charge against property, plant and equipment(PPE) refer note 14
combination, the Group elects whether to measure the non-
controlling interests in the acquiree at fair value or at the aggregate of the consideration transferred and the amount
recognised for non-controlling interests, and any previous Property, plant and equipments as at March 31, 2023
proportionate share of the acquiree’s identifiable net assets.
Acquisition-related costs are expensed in the periods in which interest held, over the net identifiable assets acquired and
liabilities assumed. If the fair value of the net assets acquired Particulars Gross carrying amount Accumulated depreciation Net carrying amount
the costs are incurred and the services are received, with the
exception of the costs of issuing debt or equity securities that is in excess of the aggregate consideration transferred, the As at Additions Disposals / As at As at Deprecia- Disposals / As at As at As at
Group re-assesses whether it has correctly identified all of March 31, adjustment March 31, March 31, tion adjustment March 31, March 31, March 31,
are recognised in accordance with Ind AS 32 and Ind AS 109. 2022 of assets 2023 2022 for the year of assets 2023 2023 2022
The Group determines that it has acquired a business when the assets acquired and all of the liabilities assumed and
the acquired set of activities and assets include an input and reviews the procedures used to measure the amounts to be
a substantive process that together significantly contribute recognised at the acquisition date. If the reassessment still
Freehold land 2,907.33 160.76 - 3,068.09 - - - - 3,068.09 2,907.33
to the ability to create outputs. The acquired process is results in an excess of the fair value of net assets acquired
considered substantive if it is critical to the ability to continue over the aggregate consideration transferred, then the gain Factory buildings 10,706.72 629.07 - 11,335.79 2,114.17 390.75 - 2,504.92 8,830.87 8,592.55
producing outputs, and the inputs acquired include an is recognised in OCI and accumulated in equity as capital
Plant and machinery 71,195.10 18,853.57 - 90,048.67 18,415.28 4,621.81 - 23,037.09 67,011.58 52,779.83
organised workforce with the necessary skills, knowledge, reserve. However, if there is no clear evidence of bargain
or experience to perform that process or it significantly purchase, the entity recognises the gain directly in equity as Electrical installations and 422.87 6.05 - 428.92 187.35 42.59 - 229.94 198.97 235.52
contributes to the ability to continue producing outputs and capital reserve, without routing the same through OCI. equipments

is considered unique or scarce or cannot be replaced without After initial recognition, goodwill is measured at cost less Computer & data 100.54 23.86 - 124.40 69.06 16.39 - 85.45 38.95 31.47
significant cost, effort, or delay in the ability to continue any accumulated impairment losses. For the purpose processing units
producing outputs. of impairment testing, goodwill acquired in a business Furniture and fixtures 199.17 10.65 - 209.82 122.41 13.59 - 136.00 73.82 76.75
At the acquisition date, the identifiable assets acquired, and combination is, from the acquisition date, allocated to each
the liabilities assumed are recognised at their acquisition date of the Group’s cash-generating units that are expected to Motor vehicles 349.08 612.68 17.87 943.89 257.36 73.27 - 330.63 613.26 91.73
fair values. For this purpose, the liabilities assumed include benefit from the combination, irrespective of whether other Office equipments 181.83 17.13 - 198.96 113.59 22.35 - 135.94 63.02 68.24
contingent liabilities representing present obligation and they assets or liabilities of the acquiree are assigned to those units.

Total 86,062.64 20,313.77 17.87 1,06,358.52 21,279.22 5,180.75 - 26,459.97 79,898.56 64,783.42
Note: For lien / charge against property, plant and equipments refer note 14

116 Globus Spirits Limited 2023-24 Annual Report 117

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 2(b) - Capital work-in-progress Note 3 - Right to use of Assets as at March 31, 2024
Particulars Amount
Particulars Gross Carrying amount Accumulated depreciation Net carrying amount
Gross carrying amount
As at March 31, 2022 9,800.32 As at Additions/ Disposals / As at As at Depreciation Elimination As at As at As at
March 31, adjustments adjustment March 31, March 31, for the year on March 31, March 31, March 31,
Additions 20,423.40 2023 of assets of assets 2024 2023 disposals / 2024 2024 2023
Transferred to property, plant & equipment 20,313.78 adjustment
of assets
Disposal -
As at March 31, 2023 9,909.94
Leasehold land 1,331.28 837.59 - 2,168.87 82.46 26.79 - 109.26 2,059.60 1,248.82
Additions 17,696.90
Transferred to property, plant & equipment 18,728.28 Buildings 2,336.37 20.95 - 2,357.32 936.67 430.47 - 1,367.14 990.18 1,399.70
Disposal -
3,667.65 858.54 - 4,526.19 1,019.13 457.26 - 1,476.40 3,049.78 2,648.52
As at March 31, 2024 8,878.56

Right to use of Assets as at March 31, 2023

(a) Capital work-in-progress(CWIP) ageing as at March 31, 2024 and March 31, 2023
Particulars Gross Carrying amount Accumulated depreciation Net carrying amount
Amount in CWIP for a period of
Particulars Less than 1-2 Years 2-3 Years More than Total As at Additions/ Disposals / As at As at Depreciation Elimination As at As at As at
1 year 3 Years March 31, adjustments adjustment March 31, March 31, for the year on March 31, March 31, March 31,
2022 of assets of assets 2023 2022 disposals / 2023 2023 2022
Projects in progress 7,514.61 1,327.05 32.43 4.47 8,878.56 adjustment
of assets
9,745.57 97.59 52.82 13.97 9,909.95

Projects temporarily suspended - - - - -

Leasehold land 1,331.28 - - 1,331.28 71.33 11.13 - 82.46 1,248.82 1,259.95
- - - - -

Note: Figures for the year ended March 31, 2023 are in italics Buildings 1,041.82 1,294.55 - 2,336.37 531.27 405.40 - 936.67 1,399.70 510.55

2,373.10 1,294.55 - 3,667.65 602.60 416.53 - 1,019.13 2,648.52 1,770.50

(b) For capital work-in progress, whose completion is overdue as compared to its original plan, the project wise details
of when the project is expected to be completed is given below as at March 31, 2024 Note 4 - Intangible Assets as on March 31, 2024

To be completed in Particulars Gross carrying amount Accumulated amortisation Net carrying amount
Particulars Less than 1-2 Years 2-3 Years More than As at Additions/ Disposals / As at As at Amortisation Elimination As at As at As at
1 year 3 Years March 31, adjustments adjustment March 31, March 31, for the year on March 31, March 31, March 31,
Projects in progress: 2023 of assets of assets 2024 2023 disposals / 2024 2024 2023
adjustment
Godown structure, road and drainage system - - - - of assets

Projects temporarily suspended - - - - Softwares 152.46 - - 152.46 81.73 37.07 - 118.80 33.66 70.73

152.46 - - 152.46 81.73 37.07 - 118.80 33.66 70.73

For capital work-in progress, whose completion is overdue as compared to its original plan, the project wise details of when the project is
expected to be completed is given below as at March 31, 2023
Intangible assets as on March 31, 2023

To be completed in
Particulars Particulars Gross carrying amount Accumulated amortisation Net carrying amount
Less than 1-2 Years 2-3 Years More than
1 year 3 Years As at Additions/ Disposals / As at As at Amortisation Elimination As at As at As at
March 31, adjustments adjustment March 31, March 31, for the year on March 31, March 31, March 31,
Projects in progress: 2022 of assets of assets 2023 2022 disposals / 2023 2023 2022
adjustment
ENA tank and spent wash tank 42.32 - - - of assets

Godown structure, road and drainage system 23.80 - - -

Softwares 103.62 48.84 - 152.46 45.07 36.66 - 81.73 70.73 58.55
Projects temporarily suspended - - - -
103.62 48.84 - 152.46 45.07 36.66 - 81.73 70.73 58.55

(c) There is no capital work-in progress projects, whose completion has exceeded its cost compared to its original plan as at March 31, 2024
and March 31, 2023..

118 Globus Spirits Limited 2023-24 Annual Report 119

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 4(b) - Intangible assets under development(IAUD) Note 5- Investments

Particulars Amount
Particulars As at As at
Gross carrying amount March 31, 2024 March 31, 2023
As at March 31, 2022 -
Amount Amount
Additions 48.84
Transferred to intangible assets 48.84 Investment in equity instruments (valued at cost) (Unquoted)
Disposal -
As at March 31, 2023 - (i) India Paryavaran Sahayak Foundation (IPSF) 0.30 0.30
3,000 shares (as at March 31, 2023: 3,000 Shares ) of Rs.10 each fully paid up
Additions 91.42
Transferred to intangible assets - Total 0.30 0.30
Disposal -
Aggregate carrying value of unquoted investments 0.30 0.30
As at March 31, 2024 91.42
Total 0.30 0.30
(i) Intangible assets under development ageing as at March 31, 2024 and March 31, 2023

Note 6 - Loans
Particulars Amount in IAUD for a period of
Less than 1 1-2 Years 2-3 Years More than Total As at As at
Particulars
year 3 Years March 31, 2024 March 31, 2023
Projects in progress 91.42 - - - 91.42 Loan to employees - unsecured and considered good 1.43 1.76
- - - - - Total 1.43 1.76
Projects temporarily suspended - - - - -
- - - - -
Note: Figures for the year ended March 31, 2023 are in italics
Note 7 - Others financial assets
Note: There are no intangible assets under development projects, whose completion has exceeded its cost compared to its original plan as at March 31, 2024
(Unsecured, considered good unless otherwise stated)
and March 31, 2023.
As at As at
Note -4(c): Business combination March 31, 2024 March 31, 2023
Particulars
Acquistion during the year ended March 31, 2024 Non Current Current Non Current Current
On October 05, 2023, the Company acquired bored beverages private limited, a non-listed company based in india and having specialization into ready to drink alcoholic
beverages. The Company acquired the above business to enter into new market segment of ready to drink which the company believes have great potential in near future. Security Deposits

The above transaction qualified as a business combination as per Ind as 103 -"Business combinations" and had been accounted by applying the acquisition method Unsecured - considered good 788.80 146.79 722.03 187.95
wherein identifiable assets acquired, liabilities assumed are valued against the fair value of consideration transferred and the resultant goodwill is recognised. Unsecured - credit impaired 14.00 - 14.00 -
Assets acquired and liabilities assumed 802.80 146.79 736.03 187.95
Assets Amount Less: Allowance for credit impaired (14.00) - (14.00) -
Property, plant and equipment 2.19 788.80 146.79 722.03 187.95
Deferred tax assets (net) 88.85 Bank deposits having remaining maturity of more than 12 months 391.62 - 5,536.15 -
Inventories 1.77
Other bank balances - balance held as margin money against bank 738.89 151.32 488.28 218.58
Trade receivables 35.22 guarantees
Security deposits 45.21 Interest accrued on deposits - 333.97 118.22 116.15
Cash and cash equivalents 1.97 Interest receivable from banks* - 762.89 - 459.26
175.21
Total 1,919.31 1,394.97 6,864.68 981.94
Liabilities
*The Holding Company has availed interest subvention scheme notified by Government of India (Department of Food and Public Distribution) vide notification dated January
Trade payables 27.14 14, 2021, for setting up/ expansion of new/existing grain based distilleries. Basis the scheme the Company is waived interest interest on the loans taken upto the extent
Statutory dues payable 1.17 of 50% of the interest cost or 6% p.a. of the oustanding loan amount whichever is lower.
Employee related expenes payable 23.98
Others payable 54.00
Note 8 - Income tax assets (net)
106.29
As at As at
Total identifiable net assets 68.92 Particulars
March 31, 2024 March 31, 2023
Globus's share in net identifiable assets (%) 38.08%
Globus's share in net identifiable assets 26.25
TTax assets (Advance tax paid/ TDS receivable) 1,148.56 326.14
Purchase consideration transferred 377.03 Total 1,148.56 326.14

Goodwill on acquisition 350.78

Revenue and profit contribution
The acquired business contributed revenue of Rs. 1.12 lacs and incurred loss of Rs. 94.44 lacs to the Group for the period March 31, 2024 from the date of acquisition.
If the acquisition would have incurred on April 1, 2023, Group's proforma revenue and loss for the year ended March 31, 2023 would have been Rs. 3,14,728.54 lacs and
Rs. 9,491.45 lacs respectively.

120 Globus Spirits Limited 2023-24 Annual Report 121

 Globus Spirits Limited
Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
Note 9 - Other assets
All amounts are in ` Lacs, unless otherwise stated
(Unsecured, considered good unless otherwise stated)
As at As at
Note 10 - Inventories
March 31, 2024 March 31, 2023 (valued at lower of cost and net realisable value)
Particulars
Non Current Current Non Current Current Particulars As at As at
March 31, 2024 March 31, 2023
Capital advances
(a) Raw materials 3,899.77 2,918.37
Unsecured, considered good 1,611.57 - 3,646.43 - (b) Work in progress 1,292.44 958.94
Unsecured, credit impaired 52.00 - 44.05 - (c) Finished goods* 9,302.57 7,753.55
Less: Provision for slow and non moving inventory - (87.02)
1,663.57 - 3,690.48 - (d) Packing material 1,902.23 1,523.69
Less: Allowance for credit impaired (refer note 40) (52.00) - (44.05) - (e) Fuel, chemicals, stores and spares 2,456.01 2,689.14
(f) Stock in transit 43.90 21.45
1,611.57 3,646.43 - Total 18,896.92 15,778.12
Goods and Services tax (GST) deposited under protest (refer note 32) 3,449.50 - 3,443.27 - Note: For parri passu charge against Inventories refer note 14.
* Finished goods include provision for excise duty of Rs. 1,471.11 Lacs (March 31, 2023 Rs. 1,384.07 Lacs)
Excise duty paid under protest 4.59 - 4.59 -
Prepaid expenses 127.36 1,058.72 121.64 1,211.71 Particulars As at As at
March 31, 2024 March 31, 2023
Income tax paid under protest (refer note 47) 532.49 - - -
Provision for slow moving stock
Advances to vendors Opening balance 87.02 87.02
Unsecured, considered good - 1,729.11 - 1,768.30 Additions -
-
Unsecured, credit impaired - 49.84 - 28.44 Deletion/write back 87.02 -
Closing balance - 87.02
- 1,778.95 - 1,796.74
Less: Allowance for credit impaired advances (refer note 40) - (49.84) - (28.44) Note 11 - Trade receivables
- 1,729.11 - 1,768.30 (unsecured and considered good, unless otherwise stated)

Particulars As at As at
Amount recoverable from customer - - - 125.01 March 31, 2024 March 31, 2023

Less : Provision for amount recoverable from customer - - (125.01) Undisputed :

Considered good 27,597.00 20,970.95
- - - -
Credit impaired 173.85 177.38
Unbilled revenue (refer note 50) - 11.60 - 307.14 27,770.85 21,148.33
Balance with government authorities - 4,597.87 1,312.15 6,054.42 Less: Loss Allowance (173.85) (177.38)
Total 27,597.00 20,970.95
Others - 123.17 - 121.50
Note: For parri passu charge against trade receivables refer note 14.
Total 5,725.51 7,520.47 8,528.08 9,463.07
Trade receivables - Ageing as on March 31, 2024 and March 31, 2023
(i) The movement to allowance for credit impaired - capital advances as follows: Particulars Outstanding for following periods from due date of invoice Total

As at As at Not Due Less than 6 6 months- 1 1-2 years 2-3 years More than
Particulars months year 3 years
March 31, 2024 March 31, 2023
i) Undisputed trade receivables – considered good 17,381.10 9,382.42 519.39 306.54 6.70 0.85 27,597.00
16,333.43 3,854.40 667.86 57.87 57.39 - 20,970.95
Opening balance 44.05 44.05
(ii) Undisputed trade receivables – credit impaired - - 17.94 34.50 22.11 99.30 173.85
Addition during the year 7.95 -
- 34.50 21.47 22.11 66.00 33.30 177.38
Deletion during the year - - Total 17,381.10 9,382.42 537.33 341.04 28.81 100.15 27,770.85
Balance at the end 52.00 44.05 16,333.43 3,888.90 689.33 79.98 123.39 33.30 21,148.33

Less: Loss allowance - - 17.94 34.50 22.11 99.30 173.85

The movement to allowance for credit impaired - trade advances as follows:
- 34.50 21.47 22.11 66.00 33.30 177.38
As at As at
Particulars Total trade receivables
March 31, 2024 March 31, 2023 17,381.10 9,382.42 519.39 306.54 6.70 0.85 27,597.00
16,333.43 3,854.40 667.86 57.87 57.39 - 20,970.95

Opening balance 28.44 28.44 Note: Figures for the year ended March 31, 2023 are in italics

Addition during the year 21.40 -

Deletion during the year - -
Balance at the end 49.84 28.44

122 Globus Spirits Limited 2023-24 Annual Report 123

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 12 - Cash and cash equivalents (c) Shareholding of promoters and promoters group :
Particulars As at March 31, 2024 As at March 31, 2023 Change in %
Particulars As at As at
March 31, 2024 March 31, 2023 No. of shares % of holding No. of shares % of holding
held held
(a) Cash and cash equivalents Chandbagh Investments Limited 1,12,19,840 38.93% 1,12,19,840 38.95% -0.03%
Cash on hand 0.89 1.25 Globus Infosys Private Limited 5,38,854 1.87% 5,38,854 1.87% 0.00%
Balances with banks Ram Bagh Facilities Services LLP 2,39,377 0.83% 2,37,177 0.82% 0.01%
(i) In current accounts 87.86 193.18 Madhavi Swarup 26,29,993 9.13% 60 0.00% 9.13%
Total (a) 88.75 194.43 Ajay Kumar Swarup 23,666 0.08% 19,24,254 6.68% -6.60%
(b) Bank balances other than (a) above Shekhar Kumar Swarup 37,490 0.13% 7,66,835 2.66% -2.53%
(i) Unpaid dividend account 5.53 5.99 Radhika Swarup 4,400 0.02% 4,400 0.02% 0.00%
(ii) Bank deposits with maturity of less than 12 months* 7,702.98 3,314.85 Bhupendra Kumar Bishnoi 90 0.00% 90 0.00% 0.00%
Total (b) 7,708.51 3,320.84 Roshni Bishnoi 90 0.00% 90 0.00% 0.00%
* This includes bank deposits given on lien. Late. Madhav Kumar Swarup 60 0.00% 60 0.00% 0.00%

Late. Saroj Rani Swarup 60 0.00% 60 0.00% 0.00%

Note 13 - Equity share capital

Particulars As at March 31, 2024 As at March 31, 2023 Rights, preferences and restrictions on equity shares:

Number of Amount Number of Amount The Holding Company has one class of equity shares having a par value of Rs. 10 each. Each shareholder is eligible for one vote per share held and carry a right to
shares shares dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Holding Company, in proportion to their shareholding.

Bonus shares and shares bought back:

(a) Authorised Over the period of five years immediately preceding March 31, 2024 and March 31, 2023, neither any bonus shares were issued nor any shares were allotted for
Equity shares of Rs. 10 each with voting rights 4,25,00,000 4,250.00 3,50,00,000 3,500.00 consideration other than cash. Further, no shares were bought back during the said period.

Cumulative compulsorily convertible preference shares (CCCPS) of Rs. 140 each 51,00,000 7,140.00 51,00,000 7,140.00 (d) Other Equity
4,76,00,000 11,390.00 4,01,00,000 10,640.00
As at As at
Particulars
(b) Issued, subscribed and fully paid up March 31, 2024 March 31, 2023

Equity shares of Rs. 10 each with voting rights 2,88,22,633 2,882.26 2,88,02,749 2,880.28 Securities premium 14,894.92 14,894.92

Total 2,88,22,633 2,882.26 2,88,02,749 2,880.28 General reserve 1,415.65 1,415.65

Capital reserve (41.34) (41.34)

(a) Changes in equity share capital during the year :
Retained earnings 77,652.44 69,436.83
Particulars As at March 31, 2024 As at March 31, 2023
Number of Amount Number of Amount Share based payment reserves 609.50 83.62
shares shares
Other comprehensive income 26.24 (6.73)
Equity shares with voting rights
Non controlling interest 0.91 -
Shares outstanding at the beginning of the year 2,88,02,749 2,880.28 2,88,02,749 2,880.28
Total 94,558.32 85,782.95
Equity shares issued during the year 19,884 1.98 - -

Shares outstanding at the end of the year 2,88,22,633 2,882.26 2,88,02,749 2,880.28 Description of nature and purpose of each reserve
Security premium: Security premium is used to record the premium on issue of shares, which will be utilized as per provisions of relevant act/rules.
Share based payment reserves: This is created to recognise the grant date fair valuation of options issued to employees under employee stock option schemes
During the current year March 31, 2024, 19,884 number of equity shares have been issued to the eligible option holders who exercise the right. (refer note no 45) and is adjusted on exercise of options
General reserve: General reserve is created from time to time by way of transfer of profits from retained earnings for appropriate purposes. It is created by a transfer
(b) Shareholder holding more than 5 percent shares : from one component of equity to another.
Retained earnings: It is created from the statement of profit and loss of the Company, as adjusted for distributions to owners, transfer to other reserves, etc.
Particulars As at March 31, 2024 As at March 31, 2023
Capital reserves: This is generally recognised during the amalgamation/merger by acquirer company where purchase price is less that fair value of net assets of
No. of shares % of holding No. of shares % of holding acquiree company.
held held
Non controlling interest: This is share of minority shareholders in profit/loss or equity.
Fully paid equity shares with voting rights
Other comprehensive income: The profits and losses which are routed out of statement of profit and loss are classified in other comprehensive income.
Chandbagh Investments Limited 1,12,19,840 38.93% 1,12,19,840 38.95%

Ajay Kumar Swarup 23,666 0.08% 19,24,254 6.68%

Madhavi Swarup 26,29,993 9.13% 60 0.00%

124 Globus Spirits Limited 2023-24 Annual Report 125

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 16 - Provisions
Note 14 - Borrowings (at amortised cost)
As at March 31, 2024 As at March 31, 2023 As at As at
Particulars March 31, 2024 March 31, 2023
Non Current Current Non Current Current Particulars
Non current Current Non current Current
Secured

(i) Term loans from banks 9,196.88 - 11,115.81 20.05

Gratuity (refer note 41) 652.98 5.53 455.74 136.19
(ii) Current maturities of long term loans - 5,873.56 - 4,300.00
Other provisions - 395.81 - 354.24
(iii) Short term loan (refer note c below) - - - 2,500.00
Total 652.98 401.34 455.74 490.43
(iv) Cash credit (refer note d below) - 16,215.61 - 9,559.27

(v) Bank overdraft - 496.06 - 72.08

Total 9,196.88 22,585.23 11,115.81 16,451.40 Other provisions Provision against

customer contracts
a. The Holding Company has availed above mentioned term loans (i) and (ii) under interest subvention scheme notified by Government of India (Department of Food
and Public Distribution) vide notification dated January 14, 2021, for setting up/ expansion of new/existing grain based distilleries.
Balance at April 1, 2022 373.39
b. ‘The above mentioned term loans (i) and (ii) are secured by
Provision made during the year 18.02
-First pari passu charge on movable PPE and equitable mortgage of factory land & building of the plants at Behror, Samalkha, West Bengal and Bihar.
-Second pari passu charge by way of extension of charge on all the current assets of the Holding Company. Provision written back/ utilised during the year 37.17
Balance at March 31, 2023 354.24
Bank Name Sanctioned Rate of Interest Effective rate Monthly Installment start As at As at
Amount (p.a) (p.a) principal date^ March 31, 2023 March 31, 2022 Balance at April 1, 2023 354.24
repayment^
Provision made during the year 41.55
HDFC Bank Limited 7,000.00 7.80% 3.90% 145.83 July, 2022 3,937.00 5,687.50
Provision written back/ utilised during the year -
Axis Bank Limited 10,000.00 7.70% 3.85% 2.08 April, 2023 - 100.00
Balance at March 31, 2024 395.78
Axis Bank Limited 9,000.00 7.70% 3.85% 93.75 January, 2023 2,993.67 4,118.75
* It includes provision for non supply of rectified spirits amounting to Rs. 66.14 lakhs (Previous year: Rs. 66.14 lakhs), provision against customer
ICICI Bank Limited 10,000.00 8.95% 8.95% 10.41 October, 2024 500.00 - contracts for excess price charged as per approved excise price amounting to Rs. 283 lakhs (Previous year: Rs. 283 lakhs), and other provisions
ICICI Bank Limited 2,500.00 8.95% 8.95% 36.94 June, 2024 1,530.00 - amounting to Rs. 46.64 lakhs (Previous year: Rs. 41.54 lakhs).
SVC Co-operative Bank Limited 5,000.00 9.50% 9.50% 166.66 September, 2024 2,000.00 -

Kotak Mahindra Bank Limited 6,500.00 8.85% 4.43% 116.67 March, 2023 4,083.33 5,483.33 Note 17 - Deferred tax liabilities (net)

^ The above loans are repayable in 48 equal installments post availing one year moratorium. As at As at
Particulars
March 31, 2024 March 31, 2023
c. Short term borrowings interest rate is N/A as on March 31, 2024 ( March 31, 2023 8.90 % p.a).

d. Cash credit is secured by first pari passu charge by way of hypothecation of entire present and future current assets including stocks and book debts and second
Deferred tax assets (refer note 31) 656.81 841.11
pari passu charge by way of extension of charge on all the PPE of the Holding Company including equitable mortgage of factory land & building at Behror, Samalkha, Deferred tax liabilities (refer note 31) (9,063.01) (11,872.30)
West Bengal and Bihar and letter of comfort from Chandbagh Investments Limited. Rate of interest of cash credit has range of 8.15% - 9.25% p.a (March 31, 2023 Total (8,406.20) (11,031.19)
8.10% - 9.00%)

Note 18 - Other liabilities

Note 15 - Lease liabilities
Particulars As at March 31, 2024 As at March 31, 2023
Particulars As at As at Non current Current Non current Current
March 31, 2024 March 31, 2023 Subsidy received from ministry of new and renewable energy 102.10 6.00 108.10 6.00
Non current Current Non current Current Import duty grants 122.12 7.27 129.40 7.29
Advances from customers (refer note 49) - 810.23 - 1,643.06
Buildings (refer note 37) 659.16 456.17 1,117.23 387.49 Statutory liabilities - 2,727.03 - 2,699.71
Total 659.16 456.17 1,117.23 387.49 Other liabilities - 83.52 - 7.97
Total 224.22 3,634.05 237.50 4,364.03

126 Globus Spirits Limited 2023-24 Annual Report 127

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 22 - Revenue from operations

Note 19 - Trade payables
As at As at For the year ended For the year ended
Particulars Particulars
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Revenue from contract with customers*
Undisputed trade payables: (a) Sale of goods 3,13,031.67 2,80,429.36

-Total outstanding dues of micro enterprises and small enterprises(MSME)(refer note 33) 10,147.40 3,940.35 (b) Rendering of services
Bottling and Cleaning Charges 1,538.77 1,704.89
-Total outstanding dues to creditors other than micro enterprises and small enterprises 21,249.30 16,782.60
Other operating Revenue
Total 31,396.70 20,722.95
Duty drawback and other export incentives 152.09 112.59
Total 3,14,722.53 2,82,246.84
Trade payables ageing as at March 31, 2024 and March 31, 2023
* Also refer note 50 for additional disclosure as per Indian Accounting Standard 115 - 'Revenue
from Contracts with Customers' ("Ind AS 115")
Outstanding for following periods from due date of payment Total
Particulars Unbilled Less than 1 1-2 years 2-3 years More than 3 Note 23 - Other income
year years
For the year ended For the year ended
Particulars
March 31, 2024 March 31, 2023
MSME - 4,994.57 5,079.19 58.05 15.42 0.17 10,147.40
(a) Interest income
- 1,939.46 1,984.69 16.03 0.17 - 3,940.35 Interest income earned on financial assets that are not designated as at fair value through
profit or loss :
Other than MSME 1,705.98 7,952.33 11,371.15 137.85 52.00 29.99 21,249.30 On financial assets carried at amortised cost 658.28 491.19
1,027.08 6,667.42 15,575.56 131.73 43.54 4.69 23,450.02 (b) Other non-operating income
(a) Foreign exchange gain (net) 83.89 59.77
Total trade payables 1,705.98 12,946.90 16,450.34 195.90 67.42 30.16 31,396.70
(b) Liabilities no longer required written back (net) 254.67 186.68
1,027.08 8,606.88 17,560.25 147.76 43.71 4.69 27,390.37 (b) Others 356.10 45.31
Total 1,352.94 782.95
Note: Figures for the year ended March 31, 2023 are in italics
Note 24 - Cost of materials consumed
Trade payables are non interest bearing and are normally settled on 7-60 days term.
For the year ended For the year ended
Note 20 - Other financial liabilities Particulars
March 31, 2024 March 31, 2023
Particulars As at As at Raw materials and packing materials
March 31, 2024 March 31, 2023 Opening stock 4,442.06 3,357.04
Add: Purchases 1,68,056.24 1,29,966.59
Security deposits from customers 29.95 59.36 1,72,498.30 1,33,323.63
Payables towards purchase of property, plant & equipment 947.93 1,904.44 Less: Closing stock (5,802.01) (4,442.06)
Total 1,66,696.29 1,28,881.57
Interest accrued but not due on borrowings 101.96 108.82
Note 24.1 - Particulars of raw materials consumed
Unpaid dividend 5.53 5.99
For the year ended For the year ended
Particulars
Employee related payable 667.65 679.15 March 31, 2024 March 31, 2023

Interest payable to micro and small enterprises (refer note 33) 42.00 - Grain/Maize 1,47,100.64 1,08,288.87
Others 19,595.65 20,592.70
Liabilities for trade spends 117.48 200.00
Total 1,66,696.29 1,28,881.57
Total 2,957.76 2,957.77

Note 25 - Changes in inventory of finished goods, work in progress & stock in transit
Note 21 - Current tax liabilities (net)
Particulars As at As at For the year ended For the year ended
Particulars
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Provision for income tax (net of advance tax including TDS receivables of Rs. 2,673.70 Lacs) - 964.21
(March 31, 2023 Rs. 2,719.50 Lacs) (refer note 8) Opening stock 8,733.94 5,947.78
Total - 964.21 Closing stock (10,638.91) (8,733.94)
Total (1,904.97) (2,786.16)

128 Globus Spirits Limited 2023-24 Annual Report 129

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 30 - Other expenses

Note 26 - Excise duty
Particulars For the year ended For the year ended
For the year ended For the year ended March 31, 2024 March 31, 2023
Particulars
March 31, 2024 March 31, 2023 Power and fuel 24,541.86 29,280.61
Bottling expenses/fees 8,942.90 8,151.21
Excise duty on sale of goods 73,254.08 71,340.85 Freight and handling charges 5,851.79 4,685.95
Total 73,254.08 71,340.85 Marketing expenses 1,946.91 2,181.45
Excise license, establishment and supervision fees 1,794.23 1,103.45
Note 27 - Employee benefits expenses
Flour and pet coke feeding 1,179.11 937.09
Travelling and conveyance 961.17 799.24
Particulars For the year ended For the year ended
Consumption of lab chemicals and enzymes 696.17 764.75
March 31, 2024 March 31, 2023
Legal and professional 960.69 746.37
Increase/ (decrease) of excise duty on inventory 90.20 628.23
Salaries and wages 6,950.85 6,126.69 Expenditure on corporate social responsibility (refer note 34) 478.71 370.00
Employee stock option plan (refer note 45) 525.88 83.62 Repairs and maintenance - machinery 1,964.67 2,130.60
Contribution to provident fund & other funds 263.71 228.20 Repairs and maintenance - buildings 425.03 264.91
Repairs and maintenance - others 192.42 235.47
Staff welfare expenses 220.10 84.33
Insurance 395.65 294.57
Total 7,960.54 6,522.84
Security expenses 299.41 232.01
Effluent disposal 118.86 128.20
Note 28 - Finance costs Rent (refer note 37) 195.07 190.74
Payments to auditors (refer note 36) 82.94 83.16
Particulars For the year ended For the year ended Rates and taxes 204.68 127.06
March 31, 2024 March 31, 2023
Communication 45.28 50.46
Printing and stationery 31.91 33.67
(a) Interest expense on amortised cost:
Donations and contributions 17.55 3.61
Term loans 694.00 715.18
Subscription books & periodicals 93.58 40.15
Working capital loans 1,558.41 659.67 Provision against doubtful advances 95.15 19.49
Miscellaneous expenses 173.41 247.22
(b) Lease liabilities (refer note 37) 106.52 117.01
Total 51,779.36 53,729.66
( c ) Others Note 31 - Tax expenses
Interest on MSME (refer note 33) 22.01 -
For the period ended For the period ended
Income tax - 48.21 Particulars
March 31, 2024 March 31, 2023
Bank charges 277.97 161.23
Total 2,678.91 1,701.30 (a) Current tax
Current tax expenses 2,100.97 3,639.12
2,100.97 3,639.12
Note 29 - Depreciation and amortisation expenses
(b) Deferred tax charge
Particulars For the year ended For the year ended Current year (2,633.82) 2,147.77
March 31, 2024 March 31, 2023 (2,633.82) 2,147.77

Depreciation on property, plant and equipments 6,065.89 5,179.84 Income tax recognised in consolidated statement of profit and loss (including OCI) (532.85) 5,786.89

Depreciation on right to use of assets (refer note 37) 457.26 416.53 The income tax expense for the year can be reconciled to the accounting profit as
follows
Amortisation of intangible assets 37.07 36.66
Profit before tax 9,071.04 18,006.69
Total 6,560.22 5,633.03
Income tax expense # 2,283.00 6,292.26
Effect of items that are not deductible in determining taxable profit 134.30 170.10
Effect of tax benefit on exempted income - (736.20)
Effect of change in tax rate on deferred tax (3,065.00) -
Others 114.86 60.72
Income tax expense recognised in consolidated statement of profit and (532.84) 5,786.88
loss (including OCI)

130 Globus Spirits Limited 2023-24 Annual Report 131

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

(c) Income tax recognised in other comprehensive income (OCI) Note 32 - Contingent liabilities and commitments
Remeasurement of defined benefit liabilities 35.06 (10.34)
As at As at
Tax adjustment in respect of remeasurement of defined benefit liabilities (8.83) 3.61 Particulars
March 31, 2023 March 31, 2022
(8.83) 3.61
# From the current financial year, the Company has decided to exercise the option permitted under section 115BAA of the Income Tax Act 1961 as (a) Contingent liabilities*
introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company re-measured the deferred tax assets/liabilities on the Claims against the Company not acknowledged as debts
basis of the rates prescribed in that section. This has resulted in a reversal of deferred tax liability to the extent of Rs. 3,003.50 lacs on account of (i) Excise duty#### 180.81 180.81
re-measurement of deferred tax liability pertaining to previous period which has been recorded in the consolidated statement of profit and loss.
(ii) Goods and services tax ** 3,449.50 3,443.27
Reconciliation of deferred tax Assest/liabilities (net): (iii) Haryana value added tax *** 1,084.01 1,084.01
(iv) Income tax # 196.61 196.61
Particulars Opening Recognised in Recognised in other Closing
balance statement of comprehensive balance (v) Service tax**** 12.59 12.59
profit and loss income Guarantees by bank on behalf of Group### - -
4,923.52 4,917.29
As on March 31, 2024
Tax effect of items constituting deferred tax assets (b) Commitments
Provision for gratuity & payable 206.84 (32.28) (8.83) 165.73 Estimated amount of contracts remaining to be executed on capital account and not 1,856.42 666.40
provided for (net of capital advances)
Provision for the doubtful security 4.89 (1.37) - 3.52
Total 6,779.94 5,583.69
Provision for leave entitlement 3.10 (3.10) - -
Other Provisions 56.96 85.53 - 142.49 Note:
Bonus Payable 11.55 (11.55) - 0.00 * The above disclosure excludes an amount of Rs. 324.68 Lacs, wherein the demand is in respect of sales made by the Holding Company on behalf of its brand
Provision for doubtful debts & normal advance & Capex advance 6.63 37.13 - 43.75 franchisees, and contractually, these brand franchises are required to reimburse the Holding Company for the liability, if any.
Provision for doubtful advances to vendor 25.33 0.30 - 25.63 ** On June 26, 2020, Directorate General of Goods and Services Tax (GST) Intelligence (DGGI) carried out search and seizure proceedings at various premises of
the Holding Company; at factories and at head office. Pursuant to this, during the FY 2020-2021 the Holding Company had deposited Rs. 1,989.97 lacs under
Lease Liability 525.81 (245.10) - 280.71 protest towards GST which may arise on account of issue regarding classification of one of the items sold by the Holding Company (Animal Feed Supplement)
Gross deferred tax Assets (a) 841.11 (170.44) (8.83) 661.83 for the period July 01, 2017 to December 31, 2020. The Holding Company had also filed a writ petition on February 17, 2021 before Hon’ble High Court of Delhi
challenging the actions of DGGI and seeking refund of the amount deposited by the Holding Company.
Tax effect of items constituting deferred tax liabilities Subsequently, DGGI issued summons dated October 01, 2021 to the authorized representatives of the Holding Company and The Ministry of Finance,
Property, plant and equipment & intangible assets 11,079.10 (2,650.35) - 8,428.75 Department of Revenue vide its Circular No. 163/19/2021-GST dated October 06, 2021 provided clarification on the classification of the said item. Pursuant to
the summons and the aforesaid circular, during the FY 2021-2022 the Holding Company deposited Rs. 751.07 lacs under protest towards GST for the period
Right-of-use asset 489.11 (239.90) - 249.21
January 01, 2021 to October 10, 2021 and started collecting and depositing GST under protest on the said item from its customers w.e.f October 11, 2021.
Others 304.09 85.99 - 390.08 During the current year, the Holding Company has also deposited Rs. 448.17 lacs towards interest and Rs. 254.06 lacs towards penalty on the above GST paid
Gross deferred tax liability (b) 11,872.30 (2,804.26) - 9,068.04 under protest for the period July 01, 2017 to October 10, 2021.
The amount of Goods and Services Tax deposited under protest (net of amount collected and deposited under protest) with the department aggregating to Rs.
Net deferred tax liability (a - b) (11,031.19) 2,633.82 (8.83) (8,406.21) 3,443.27 lacs (previous year aggregating to Rs. 3443.27 lacs) have been disclosed as recoverable in note 9 to the financial statements. Basis the legal advice
obtained by the management, that the circular issued by the Government is ultra vires the provisions of the GST laws, the Holding Company has filed a writ
Reconciliation of deferred tax Assest/liabilities (net):
petition on January 18, 2022 challenging the constitutional validity of imposing GST on the said item before Hon’ble High Court of Delhi. Proceedings in respect
Particulars Opening Recognised in Recognised in other Closing of above matters are in progress before Hon’ble High Court of Delhi and on the basis of legal opinion obtained, the Management is confident that ultimately no
liability will devolve on the Holding Company and it will be able to get the refund of GST amount including interest and penalty thereon from the GST Department
balance statement of comprehensive balance
which has been paid under protest.
profit and loss income
*** The Holding Company has ongoing proceedings under Haryana Value Added Tax Act, 2003 in respect of Value Added Tax liability arising on account of issue
As on March 31, 2023
regarding classification of one of the item sold by the Holding Company for the year 2010-11 to 2016-17 in Samalkha involving amount of Rs. 735 lacs and for
Tax effect of items constituting deferred tax assets the year 2010-11 to 2012-13 in Hisar involving amount of Rs. 326 lacs. The Holding Company has filed appeals against the demand orders received in respect
Provision for gratuity & payable 164.42 38.81 3.61 206.84 of these proceedings, which are pending for disposal at various judicial forums. The Holding Company has already filed an appeal before appropriate authority
Provision for the doubtful security 4.89 - - 4.89 dated November 14, 2019. Further, there is no update during the current year in the aforesaid matters.
Provision for leave entitlement 2.40 0.70 - 3.10 **** The Holding Company received a tax demand of Rs. 68.60 lacs from the Office of Commissioner of Central Tax (CE & GST) on 31.03.2021. An appeal
was filed with the Commissioner (Appeals), Panchkula, which on 09.02.2023, remanded the case for redetermination of tax liability. However, the adjudicating
Other Provisions 50.75 6.21 - 56.96 authority's revised order on 31.08.2023 maintained the original demand. A further appeal led to a reduction of the demand to Rs. 12.59 lacs by the Commissioner
Bonus Payable 30.57 (19.02) - 11.55 (Appeals) on 27.12.2023. This order was received on 09.01.2024.
Provision for doubtful debts & normal advance & Capex advance 8.49 (1.86) - 6.63 # The Holding Company has ongoing proceedings under Income tax act, 1961 in respect of income tax liability arising on account of unexplained cash credit
Provision for doubtful advances to vendor 25.33 - - 25.33 (cash deposited during demonitization period) under section 115BBE of Income tax act. The Holding Company has filed an appeal in the matter before CIT(A).
Lease Liability 220.80 305.01 - 525.81 ### Guarantees by bank on behalf of Holding Company as on March 31, 2024 are excluding performance guarantees of Rs. 5,115 lacs.
Gross deferred tax Assets (a) 507.65 329.85 3.61 841.11 There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Holding Company.
#### Out of 180.81 lakhs above, 142.05 lakhs pertains to FY 2004-05 to 2009-10 in which Company filed a writ against the demand raised by the Rajasthan
Tax effect of items constituting deferred tax liabilities
Excise Department u/s 22 & 12 of the Rajasthan Excise Act, 1950 and Rules, 1956 of transport permit fee u/s 69 of the Rules for transportation / captive
Property, plant and equipment & intangible assets 8,924.92 2,183.80 - 11,108.72 consumption of goods (Rectified Spirits used in the manufacture of liquor) within the factory premises. These matters are still pending for next hearing.
Right-of-use asset 178.41 310.70 - 489.11 - 38.76 lakhs pertains to FY 1995-96 and FY 1996-97 where excise department provided a ratio of use of old and new glass bottles and provided with a penalty
Others 291.35 (16.88) - 274.47 for excess of use of old bottles. The case is pending sine die.
Gross deferred tax liability (b) 9,394.68 2,477.62 - 11,872.30

Net deferred tax liability (a - b) (8,887.03) (2,147.77) 3.61 (11,031.19)

132 Globus Spirits Limited 2023-24 Annual Report 133

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 33 - Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Note 35 - Earnings per share (EPS)

There are no dues to enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). Further no For the year ended For the year ended
Particulars
interest has been paid under the terms of MSMED Act, 2006. Micro and Small Enterprises have been determined to the extent such parties have been March 31, 2024 March 31, 2023
identified on the basis of information collected by the Management. Profit for the year attributable to equity shareholders of the Company Rs. in Lacs 9,603.89 12,219.80
Weighted average number of equity shares outstanding for basic EPS Numbers 2,88,10,489 2,88,02,749
As at As at
Particulars Basic EPS (face value - Rs. 10 per share) Rs. 33.33 42.43
March 31, 2024 March 31, 2023
Weighted average number of equity shares outstanding for diluted EPS Numbers 2,88,68,384 2,88,23,033
Principal amount remaining unpaid to any supplier as at the end of the year 10,147.40 3,940.35
Diluted EPS (face value - Rs. 10 per share) Rs. 33.26 42.39
Interest due thereon remaining unpaid to any supplier as at the end of the year 42.01 - Note 36 - Auditors’ remuneration (excluding taxes)
The amount of interest paid along with the amounts of the payment made to the supplier - - For the year ended For the year ended
beyond the appointed day Particulars
March 31, 2024 March 31, 2023
The amount of interest due and payable for the year 42.01 - Statutory audit 43.74 50.00
Limited reviews 31.50 25.50
The amount of interest accrued and remaining unpaid at the end of the year 42.01 -
Certificates - 3.00
The amount of further interest due and payable even in the succeeding year, until such date - - Reimbursement of out-of-pocket expenses 6.70 4.66
when the interest dues as above are actually paid
Others 1.00 -
Total 82.94 83.16
Note 34 - Corporate social responsibility expenditure
Note 37 : Leases
Gross amount required to be spent by the Group during the year Rs. 456.02 Lacs (March 31, 2023 Rs. 366.95 Lacs) Asset taken on lease:
The Group leases land and buildings.Generally, the Company is restricted from assigning and subleasing the leased assets. With the exception of
For the year ended For the year ended short team lease, every lease is recognised in balance sheet as right to use and lease liability. Rental contracts are typically made for fixed periods of
Amount spent during the year on:
March 31, 2024 March 31, 2023 3 to 8 years, but may have extension options. Land has a lease term of 99 years.
(i) Construction / acquisition of any asset The RoU assets are as follows:
- in cash - -
Particulars As at As at
- yet to be paid in cash - - March 31, 2024 March 31, 2023
- - Land 2,059.60 1,248.82
Buildings 990.18 1,399.70
(ii) On purpose other than above
Total 3,049.78 2,648.52
- in cash 478.71 370.00
- yet to be paid in cash - -
Particulars As at As at
478.71 370.00 March 31, 2024 March 31, 2023
Unspent amount - - Lease liabilities
Total 478.71 370.00 Current 456.17 387.49
Non-current 659.16 1,117.23
Total 1,115.33 1,504.72
For the year ended For the year ended
Particulars
March 31, 2024 March 31, 2023 Note: The weighted average discount rate applied to lease liabilities as at April 1, 2023 is 8.00% for the remaining lease term.
Amount required to be spent by Group during the year 456.02 366.95
Amounts recognised in the statement of profit and loss
Amount of expenditure incurred 478.71 370.00
The statement of profit or loss shows the following amounts relating to leases:
Excess at the end of the year 22.69 3.05
Nature of CSR activities Women Entrepreneurship Programme, Youth Particulars For the year ended For the year ended
Skill and Education programmes March 31, 2024 March 31, 2023
Details of related party transactions, e.g., contribution to a trust controlled by the Holding Inshakti Foundation(Formerly known as Grass Amortisation of right-of-use assets (refer note 29)
Company in relation to CSR expenditure as per relevant Accounting Standard (Refer Note 44) Skills Foundation) and India Paryavaran Sa- Land 26.79 11.13
hayak Foundation
Buildings 430.47 405.40
Total 457.26 416.53

134 Globus Spirits Limited 2023-24 Annual Report 135

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 38(b) - Fair value hierarchy

Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023 The following table provides fair value management hierarchy of the company’s assets:
Interest expense (refer note 28) 106.52 122.21
Particulars Level 1 Level 2 Level 3
The total cash outflow for leases for the year ended March 31, 2024 was Rs. 495.91 Lacs (March 31, 2023 Rs. 483.07 Lacs) As on March 31, 2024
Assets for which fair values are disclosed (Note 38)
Rent expense recorded for short-term leases was Rs. 195.07 Lacs for the year ended March 31, 2024 (March 31, 2023 Rs. 190.74 Lacs)
Trade receivables - - 27,597.00
The details of contractual maturities of lease liabilities as at March 31, 2024 on an undiscounted basis are as follows: Loans - - 1.43
Cash and cash equivalents - - 88.75
Particulars As at As at Other bank balances - - 7,708.51
March 31, 2024 March 31, 2023 Other financial assets - - 3,314.28
Total 38,709.97
1. Payable not later than 1 year 530.02 515.97
Liabilities for which fair values are disclosed (Note 38)
2. Payable later than 1 year and not later than 5 years 736.98 1,267.09 Borrowings - - 31,782.11
Total 1,267.00 1,783.06 Trade payables - - 31,396.70
Other financial liabilities - - 1,912.50
Extension and termination options
Lease liabilities - - 1,115.33
Extension and termination options are included in a number of property, plant and equipment leases across the Company. These are used to maximise
Total 66,206.64
operational flexibility in terms of managing the assets used in the Company’s operations. The majority of extension and termination options held are
exercisable only by the Company and not by the respective lessor.
Particulars Level 1 Level 2 Level 3
Note 38 - Financial instruments by categories As on March 31, 2023
The criteria for recognition of financial instruments is explained in significant accounting policies note 1. Assets for which fair values are disclosed (Note 38)
Trade receivables - - 21,129.36
Particulars As at March 31, 2024 As at March 31, 2023 Loans - - 1.76
Amortised FVTPL FVTOCI Amortised FVTPL FVTOCI Cash and cash equivalents - - 194.43
cost cost
Other bank balances - - 3,320.84
Other financial assets - - 7,846.62
Financial assets Total - - 32,493.01
Trade receivables 27,597.00 - - 21,129.36 - - Liabilities for which fair values are disclosed (Note 38)
Borrowings - - 27,567.21
Loans 1.43 - - 1.76 - -
Trade payables - - 20,722.96
Cash and cash equivalents 88.75 - - 194.43 - -
Other financial liabilities - - 2,957.77
Other bank balances 7,708.51 - - 3,320.84 - - Lease liabilities - - 1,504.72
Other financial assets 3,314.28 - - 7,846.62 - - Total 52,752.66

Total 38,709.97 - - 32,493.01 - -

There have been no transfer between level 1, level 2 and level 3 during the year

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
Financial liabilities
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
Borrowings 31,782.11 - - 27,567.21 - - Level 3 inputs are unobservable inputs for the asset or liability.

Trade payables 31,396.70 - - 20,722.96 - - C - Valuation techniques and processes used to determine fair value
Other financial liabilities 1,912.50 - - 2,957.77 - - Fair Value of unquoted investment is determined based on present value, calculated using generally accepted valuation principals.
Lease liabilities 1,115.33 - - 1,504.72 The fair value of security deposit has been estimated using DCF model which consider certain assumptions viz. forecast cash flows, discount rate,
credit risk and volatility.
Total 66,206.64 - - 52,752.65 - -
The fair values of the Group’s interest-bearing borrowings and loans are determined by using DCF method using discount rate that reflects the issuer’s
borrowing rate as at the end of the reporting period. The own non-performance risk as at 31 March 2024 was assessed to be insignificant.

136 Globus Spirits Limited 2023-24 Annual Report 137

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 39 - Capital management

Trade receivables :
The Group manages its capital to ensure that the Group will be able to continue as a going concern while maximising the return to stakeholders through the Trade receivables are unsecured in nature and are derived from revenue earned from customers. To mitigate the credit risk related to trade
optimisation of the debt and equity balance. receivables, the Group closely monitors the credit worthiness of the trade receivables through internal systems that are configured to define
For the purpose of the Group’s capital management, capital includes equity capital, securities premium and all other equity reserves attributable to the equity credit limits of customers, thereby, limiting the credit risk to pre-calculated amounts. The Group assesses increase in credit risk on an ongoing
shareholders. basis for amounts receivable that become 90 days past due and consider the default after assessement on case to case basis. Top five
customers for the year ended March 31, 2024 constitutes 72% of net trade receivables (March 31, 2023: 69%). The Group evaluates the credit
The Group’s risk management committee reviews the capital structure periodicallly. The committee considers the cost of capital and risks associated with the risk associated with trade receivables on a case-by-case basis. Historically, the Group has not experienced defaults or written off bad debts.
capital. Further the credit risk is incrased if trade receivables are 30 days past due.
Gearing Ratio Loan and other financial assets measured at amortised cost:
Other financial assets measured at amortised cost includes loans and advances to employees, security deposits and others. Credit risk related to these other
Particulars Note As at As at financial assets is managed by monitoring the recoverability of such amounts continuously.
March 31, 2024 March 31, 2023
Non current borrowings 14 9,196.88 11,089.58 The movement to allowance for credit impaired - security deposits as follows:
Current maturities of non current borrowings 14 5,873.56 4,300.00 Particulars As at As at
Current borrowings 14 16,711.67 12,131.36 March 31, 2024 March 31, 2023
Less : Cash and cash equivalents 12(a) 88.75 2,799.28 Opening balance 14.00 14.00
Addition during the year - -
Less : Other bank balance 12(b) 7,708.51 715.99
Deletion during the year - -
Net Debt (a) 23,984.85 24,005.67
Balance at the end 14.00 14.00
Equity share capital 13 2,882.26 2,880.28
Expected credit loss for trade receivables:
Other equity 13 94,557.42 85,782.95
The Group recognises lifetime expected credit losses on trade receivables using a provision matrix. In accordance with Ind AS 109, the Group uses expected
Total Capital (b) 97,439.68 88,663.23 credit loss model to assess the impairment loss. The Group uses a provision matrix to compute the expected credit loss allowance of trade receivables. The
provision matrix takes into account available external and internal credit risk factors such as default risk of industry, historical experience for customers etc. The
Gearing Ratio (a/b) 24.62% 27.08% expected credit loss as on March 31, 2024 is Rs. 173.85 Lacs (March 31, 2023: Rs. 177.38 Lacs). The movement to expected credit loss for trade receivables
is as follows:
In order to achieve the overall objective, the Group’s capital management, amongst other things, aims to ensure that it meets capital financial covenants Particulars As at As at
attached to interest bearing loans and borrowings that defined capital structure requirements. There have been no breaches in the financial covenants of any March 31, 2024 March 31, 2023
interest bearing loans and borrowings in the current financial year. Opening balance 177.38 177.38
Addition during the year 65.79 0.00
Note 40 - Financial risk management Deletion during the year 69.32 0.00
Balance at the end 173.85 177.38
The Group is exposed to various financial risks arising from underlying operations and finance activities. The Group is primarily exposed to credit risk, liquidity
risk and market risk. (b) Liquidity risk management
Financial risk management within the Group is governed by policies and guidelines approved by the senior management and board of directors. These policies
and guidelines cover credit risk, liquidity risk and market risk. Liquidity risk is the risk that the Group will encounter in meeting the obligations associated with its financial liabilities that are settled by delivering cash or
another financial asset. The approach of the Group to manage liquidity is to ensure, as far as possible, that these will have sufficient liquidity to meet their
(a) Credit risk management respective liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risk damage to their reputation.
The working capital credit facilities are continuing facilities which are reviewed every year to ensure the availability of credit lines and borrowings facility on time.
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group if the counterparty defaults on
The Group also ensures that the long term funds requirements are met through adequate availability of long term capital (Debt & Equity).
its obligations.
The Group is exposed to credit risk from cash and cash equivalents, deposits with banks, trade receivables, loans and other financial assets measured at Particulars As at As at
amortized cost. March 31, 2024 March 31, 2023
i) Credit risk rating Total sanctioned limits from banks 30,000.00 20,000.00
Utilized 16,711.67 9,631.36
The Group assesses and manages credit risk of financial assets based on following categories arrived on the basis of assumptions, inputs and factors specific
to the class of financial assets. Unutilized 13,288.33 10,368.64

A: Low credit risk on financial reporting date (ii) Maturities of financial liabilities
B: Moderate credit risk
The tables below analyse the Group’s financial liabilities into relevant maturity groupings based on their contractual maturities. The amount disclosed in the table
C: High credit risk
are the contractual undiscounted cash flow.
The Group provides for expected credit loss based on the following:
Particulars Upto 1 year Between 1 to 5 years Over 5 years Total
Asset group Basis of categorisation Provision for expected credit loss As at March 31, 2024
Low credit risk Cash and cash equivalents, other bank balances, loans, trade Borrowing * 5,873.56 9,196.88 - 15,070.44
Life time expected credit loss
receivable, investments and other financial assets Trade payable 31,396.70 - - 31,396.70
Medium credit risk Trade Receivable Life time expected credit loss Other financial liabilities 1,912.50 - - 1,912.50
Lease Liabilities 456.17 659.16 - 1,115.33
Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring bankruptcy or a litigation decided against the Group.
The Group continues to engage with parties whose balances are written off and attempts to enforce repayment. There have been no cases of write off with Total non-derivatives liabilities 39,638.93 9,856.04 - 49,494.96
the Group.
As at March 31, 2023
Cash and cash equivalents and bank balances :
Borrowing * 6,800.00 11,115.81 - 17,915.81
Credit risk relating to cash and cash equivalents is considered negligible as counterparties are banks. The management considers the credit quality of deposits
Trade payable 20,722.95 - - 20,722.95
with such banks to be good and reviews the banking relationships on an on–going basis.

138 Globus Spirits Limited 2023-24 Annual Report 139

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Other financial liabilities 2,957.77 - - 2,957.77

Lease Liabilities 387.49 1,117.23 - 1,504.71 Note 41 - Employee benefits plans
Total non-derivatives liabilities 30,868.20 12,233.04 - 43,101.24

* Excludes utilized working capital limit disclosed above under liquidity risk management. Defined benefits plans
The The Group does not have any foreign currency derivatives contracts outstanding as at March 31, 2024 and March 31, 2023.’s gratuity scheme
(c) Market risk provides for lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equiva-
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises lent to 15 days salary payable for each completed year of service or part thereof in excess of 6 months (subject to maximum of Rs. 20.00 lacs). Vesting
three types of risk: interest rate risk, currency risk and credit risk. Financial instruments affected by market risk include deposits. The functional currency of the occurs upon completion of 5 years of service. The present value of the defined benefit obligation and the related current service cost were measured
Company is Indian Rupee. using the Projected unit credit method with actuarial valuations being carried out at each balance sheet date.
i) Interest rate risk
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. The Group’s Particulars Gratuity
exposure to the risk of changes in market interest rates relates primarily to the long-term debt obligations (including current maturities of long-term borrowings)
As at As at
with floating interest rates.
March 31, 2024 March 31, 2023
The Group manages its interest rate risk by having a balanced portfolio of fixed and floating interest rates on borrowings.
Movement in the present value of defined benefit obligation (A)
Particulars As on March 31, 2024 As on March 31, 2023 1. Present value of obligation as at the beginning of the year 591.93 470.52
Borrowings 2. Current service cost 107.59 97.55
From banks 31,782.11 27,567.21
3. Interest cost 43.57 33.78
Total 31,782.11 27,567.21
4. Actuarial (gain) / losses arising from change in demographic assumption (1.37) 2.42
Interest rate sensitivity 5. Actuarial (gain) / losses arising from change in financial assumption 8.26 12.92
The following table demonstrates the sensitivity to a reasonably possible change in interest rates of loans and borrowings. With all other variables held constant, 6. Actuarial (gain) / losses arising from change in experience adjustments (43.33) (5.00)
the Group’s profit before tax is affected through the impact on floating rate borrowings, as follows: 7. Benefits paid (48.15) (20.26)
Currency Increase/ Effect on equity Effect on profit before tax 8. Present value of obligation as at the end of the year 658.50 591.93
(decrease) in As at As at As at As at
basis points March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
INR +50 bps 158.91 137.84 158.91 137.84 Liability recognized in the financial statement (A-B) 658.50 591.93
INR -50 bps (158.91) (137.84) (158.91) (137.84)
Non Current 652.98 455.74
The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market environment, showing a significantly Current 5.53 136.19
higher volatility than in prior years.

Foreign Currency risk management Main actuarial assumption

Foreign currency risk also known as Exchange Currency Risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes Discount rate 7.22% 7.36%
in foreign exchange rates. Foreign currency risk in the Company is attributable to Company’s operating activities.
Expected rate of increase in compensation levels 8.50% 8.50%
The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period demoninated in
Mortality rates inclusive of provision for disability (100% of Indian Assured Lives
Rupees are as follows :
Mortality (IALM) (2012-14):-
Particulars Assets Liabilities Age upto 30 years 3.00% 3.00%
As at As at As at As at Age from 31 to 44 years 2.00% 2.00%
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Age above 44 years 1.00% 1.00%
SGD - 7.95 - -
USD 34.01 262.58 - - Retirement age (years) 60 60
Total 34.01 270.53 - -

Foreign currency senstivity analysis

Maturity profile of defined benefit obligation
The Group is mainly exposed to USD. Year As at As at
March 31, 2024 March 31, 2023
The following table details the Group’s sensitivity to a 1% increase and decrease in the Rupee against the foreign currency. The sensitivity analysis includes only
outstanding foreign currency denominated monetary item as tabulated above and adjusts their translation at the period end for 1% change in foreign currency 0 to 1 year 127.00 136.19
rates. A positive number indicates an increase in profit before tax or vise-versa.
1 to 2 year 36.24 23.48

Particulars For the year ended For the year ended 2 to 3 year 12.74 26.23
March 31, 2024 March 31, 2023 3 to 4 year 28.65 12.27
strenthens by 1% weakens by 1 % strenthens by 1% weakens by 1 %
4 to 5 year 27.92 21.97
Impact on profit for the year and equity *
SGD - - 0.08 (0.08) 5 to 6 year 25.31 24.17
USD (2.29) 2.29 2.63 (2.63) 6 year onwards 402.01 347.63
* Holding all other variables constant

Forward foreign exchange contracts

The Group does not have any foreign currency derivatives contracts outstanding as at March 31, 2024 and March 31, 2023.

140 Globus Spirits Limited 2023-24 Annual Report 141

 Globus Spirits Limited Globus Spirits Limited

Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Particulars Gratuity Note 42 - Segment reporting

For the year ended For the year ended
March 31, 2024 March 31, 2023 TThe Group is engaged in the business of manufacture and sale of Indian Made Indian Liquor (IMIL), Indian Made Foreign Liquor (IMFL), Ethanol,
Cost for the period Bulk Alcohol and Franchise Bottling. This is the only activity performed and is thus also the main source of risks and returns. The Group’s segments
1. Current service cost 107.59 97.55 as reviewed by the Chief Operating Decision Maker (CODM) does not result into identification of different ways / sources in to which they see the
2. Net interest cost 43.57 33.78 performance of the Group. Accordingly, the Group has a single reportable segment. Hence, the disclosure requirments in terms of Ind AS 108
Total amount recognised in statement of profit or loss 151.16 131.33 “Operating Segments” are not applicable. Further the additional disclosures are provided in note 50.

Re-measurements recognised in Other comprehensive income

1. Actuarial gain / (losses) arising from change in demographic assumption - 2.42 Note 43 - Information about major customer
2. Actuarial gain / (losses) arising from change in financial assumptions 8.26 12.92
3. Actuarial gain / (losses) arising from change in experience adjustments (43.33) (5.00) For the year ended For the year ended
Total re-measurements included in Other Comprehensive Income 35.07 (10.34) Particulars
March 31, 2024 March 31, 2023
Total amount recognised in statement of profit and loss 116.09 141.67

Sensitivity analysis of the defined benefit obligation Sale to customers contributing more than 10% to Company’s revenue 156734.63 135403.84
The significant actuarial assumption for the determination of defined benefit obligations are discount rate and expected salary increase. Total 156734.63 135403.84
Particulars Gratuity Note 44 - Related party
For the year ended For the year ended
March 31, 2024 March 31, 2023
Key management personnel and their relatives :
a) Impact of the change in discount rate *
Mr. Ajay Kumar Swarup, Managing Director
Present value of obligation at the end of the year 659.88 591.93
i). Impact due to increase of 0.50% (30.31) (27.93) Mr. Shekhar Swarup, Joint Managing director
ii). Impact due to decrease of 0.50% 33.14 27.07 Dr. Bhaskar Roy, Executive Director and Chief Operating Officer
Mr. Nilanjan Sarkar, Chief Financial officer
b) Impact of the change in salary increase *
Present value of obligation at the end of the year 659.88 591.93 Mr. Manik Lal Dutta, Executive Director (till July 31, 2022)
i). Impact due to increase of 0.50% 30.30 24.98 Ms. Devika Swarup, Head Development - Projects
ii). Impact due to decrease of 0.50% (27.93) (26.35) Mr. Santosh Kumar Pattanayak, Company Secretary
Note: Sensitivities due to mortality & withdrawals are not material & hence impact for change due to these are not calculated.

Enterprises over which key management personnel and / or their relatives exercise significant influence :
Previous years details of present value of defined benefit obligation and actuarial loss/ (gain) :
Biotech India Limited
Assets/Liabilities March 31, 2024 March 31, 2023 March 31, 2022 March 31, 2021 March 31, 2020
Projected benefit obligation (PBO) 658.51 591.93 470.52 449.85 393.91 Rajasthan Distilleries Private Limited
Plan assets - - - - - ADL Agrotech Limited (Formerly known as Associated Distilleries Limited)
Net Assets/ (Liabilities) (658.51) (591.93) (470.52) (449.85) (393.91) Rambagh Facility Services LLP

Experience on actuarial gain/ (loss) for March 31, 2023 March 31, 2023 March 31, 2022 March 31, 2021 March 31, 2020 Rambagh Estate Private Limited
PBO and plan assets : Chandbagh Investments Limited
On plan projected benefit obligation (43.33) (5.00) (8.03) (9.56) (6.34) Globus Infosys Private Limited
On plan assets - - - - -
India Paryavaran Sahayak Foundation (IPSF)
Defined contribution plans Astral Capital Private Limited
The Company makes contribution towards employees’ provident fund and employees’ deposit linked insurance scheme for qualifying employees. J12 Consultancy and Ventures LLP
Under the schemes, the Company is required to contribute a specified percentage of payroll cost, as specified in the rules of the schemes, to these
defined contribution schemes.
The Company has recognised for contributions to these plans in the statement of consolidated profit and loss as under :

For the year ended For the year ended

Particulars
March 31, 2024 March 31, 2023
Company’s contribution to provident fund and other funds 263.71 155.75
Total 263.71 155.75

142 Globus Spirits Limited 2023-24 Annual Report 143

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 45 - Employee Stock Option Plan

(i) Transactions with related parties
The shareholders at Annual General Meeting held on September 24, 2021 approved an employee stock option scheme (“ESOP 2021”) which
For the year ended For the year ended
Particulars provides the grant upto 2,87,992 options to eligible employees of the Company determined by Nomination and Remunaration Committee, which are
March 31, 2024 March 31, 2023 convertible into equivalent number of equity shares of Rs. 10 each as per terms of scheme.
Rent Under the employee share based payment plan (“Plan”), certain employees were granted stock options of Globus Spirits Limited (‘GSL’). The plan was
Rajasthan Distilleries Private Limited 94.38 90.60 assessed, managed and administered by GSL. Plan granted to employees are equity-settled.
Biotech India Limited 94.38 90.60 The Groupapplied Ind AS 102 - Share based payments to share based payment transactions. Pursuant to this standard, stock options granted to the
ADL Agrotech Limited 191.66 174.24 employee by GSL were measured at fair value and recognised in the statement of consolidated profit and loss over the vesting period of the options
Rambagh Estate Private Limited 11.59 7.48 and crediting other equity. The fair value of stock options was determined by the GSL using the Black Scholes option pricing model.
Rambagh Facility Services LLP 46.49 30.99 The movement in the stock options under the Plan, during the year, is set out below:

Strategic and Technical Consultancy Particulars For the year ended 31 March, 2024 For the year ended 31 March, 2023
Rambagh Facility Services LLP 40.00 80.00 Number of Weighted average Number of Weighted average
option exercise price (Rs.) options exercise price (Rs.)
J12 Consultancy and Ventures LLP 62.50 -
Outstanding at the beginning of the year 20,284 10 - -
Maintenance charges Granted during the year 69,525 10 20,284 10
Forfeited during the year - - - -
Rambagh Facility Services LLP 82.44 68.05
Exercised during the year 19,884 10 - -
Expired during the year - - - -
Security deposit given
Outstanding at the end of the year 69,925 10 20,284 10
Rambagh Facility Services LLP 29.18 13.58 Exercisable at the end of the year 400 10 - -

Employee stock compensation expense in relation to stock options granted to employees of the Company is Rs. 525.88 Lacs
CSR amount paid
(Previous year Rs. 83.62 Lacs)
India Paryavaran Sahayak Foundation 200.00 50.00
Employee stock compensation expense under the fair value method has been determined based on fair value of the stock options. The fair value of
‘0’ represent amount which is below the rounding off norms adopted by the Group.
stock options was determined using the Black Scholes option pricing model with the following assumptions:

Closing balances with related parties : Particulars Factors considered for fair valuation of options
As at As at Grant date April 01, September October 01, October 13,
Particulars
March 31, 2024 March 31, 2023 2023 01, 2023 2023 2023
Security deposit Number of options granted 48450 2000 4400 14675
ADL Agrotech Limited 430.50 398.61 Expected volatility 45.99% 43.23% 43.81% 38.34%
Rajasthan Distilleries Private Limited 35.50 38.05 Risk free interest rate 6.71% 6.67% 6.73% 6.76%
Biotech India Limited 35.50 34.66 Exercise price (Rs.) 10.00 10.00 10.00 10.00
Rambagh Facility Services LLP 29.18 25.58 Expected dividend yield 0.71% 0.71% 0.71% 0.68%
Life of options (year) 1.00 1.00 1.00 1.00
Investment outstanding
Weighted average exercise price 10.00 10.00 10.00 10.00
India Paryavaran Sahayak Foundation 0.30 0.30
Weighted average fair value of options as at the grant date (Rs.) 776.00 877.00 859.00 835.00
(ii) Transactions with key managerial personnel and their relatives: Expected Option Life The expected option life is assumed to be mid-way between the option
vesting and expiry.
For the year ended For the year ended Expected Volatility Volatility was calculated using standard deviation of daily change in stock
Particulars
March 31, 2024 March 31, 2023 price. The historical period considered for volatility is matched with the
Managerial remuneration life of options.
Mr. Ajay Kumar Swarup 543.75 514.21 Terms and conditions of eligibility of options in the current year and Service based specified in grant letter
Mr. Shekhar Swarup 487.50 469.33 previous year
Ms. Devika Swarup 42.12 39.00 Model used Black-Scholes Method
Dr. Bhaskar Roy 101.38 94.76 Weighted average remaining contractual life (in days) March 31, 2024 - 57 days (previous year 180 days)
Mr. Manik Lal Dutta (till July 31, 2022) - 20.67 How expected volatility was determined, including an explanation The following factors have been considered:
Mr. Nilanjan Sarkar 97.20 90.00 of the extent to which expected volatility was based on historical (a) Share price (b) Exercise prices (c) Historical volatility
Mr. Santosh Kumar Pattanayak 24.66 22.92 volatility; and (d) Expected option life (e) Dividend Yield
Note 1: All transactions to/from related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances Whether and how any other features of the option grant were
incorporated into the measurement of fair value, such as a market
at the year-end are unsecured and settlement occurs in cash. For the year ended March 31, 2024, the Group has not recorded any impairment
condition.
of receivables relating to amounts owed by related parties (March 31, 2023: Rs. Nil). This assessment is undertaken each financial year through
examining the financial position of the related party and the market in which the related party operates.
Note 1: Certain KMPs also participate in post employment benefits plans provided by the Group. The amount in respect of these towards the KMPs
can not be segregated as these are based on actuarial valuation for all employees of the Group.

144 Globus Spirits Limited 2023-24 Annual Report 145

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 49- Disclosure on revenue pursuant to Ind AS 115 - Revenue from contracts with customers
Note 46 - Income tax
A. Reconciliation of reveue from sale of products and rendering of services with the contracted price
During the year ended March 31, 2023, the Income Tax Department had carried out search and seizure operation at the head office and other
premises of the Holding Company from January 30, 2023 to February 03, 2023 under section 132 of the Income-tax Act, 1961 (‘IT Act’). Subsequent For the year ended For the year ended
Particulars
to year end, the Holding Company has received assessment orders for the last 10 assessment years in the first week of April’24 disallowing certain March 31, 2024 March 31, 2023
expenses resulting in an aggregate tax impact of Rs. 5,649 lacs (including interest). The Holding Company has no tax demand for the AY 2014-15 to Contracted price 2,42,893.49 211,950.98
AY 2020-21 and for the remaining 3 years, the amount of tax demand is Rs. 4,093 lacs, out of which Rs. 532.49 lacs was paid as self-assessment tax Add: Excise duty 73,254.08 71,340.85
during the quarter ended December 31, 2023. The Holding Company has filed an appeal u/s 246A of the IT Act for all the assessment years covered Less: Discounts and rebates etc. (1,577.14) (1,157.58)
by the order and has paid Rs 2,511 lacs under protest. The Holding Company’s management has appointed an independent firm to review these Sale of products/rendering of services 3,14,570.43 2,82,134.25
disallowances and report to Audit committee and the Holding Company has been legally advised that the tax demand may not be sustainable at the B. Disaggregation of revenue
appellate forums. While the outcome is awaited, based on legal advice and Holding company’s preliminary assessment, management has determined Set out below is the disaggregation of Company’s revenue from contracts with customers:
that no material adjustments are needed with respect to the aforementioned matter in consolidated financial statements.
Revenue from contracts with customers
For the year ended For the year ended
Particulars
Note 47 - Dividend paid & proposed dividend March 31, 2024 March 31, 2023
The Holding Company has paid final dividend amounting to Rs. 1728.16 Lacs (Rs. 6 per equity share (par value of Rs. 10 each)), basis the dividend i) Revenue from operations
declared by the board of directors in their meeting held on May 25, 2023. The payment was made post approval by the shareholders in the Annual a) Sale of goods
General Meeting (AGM) of the Holding Company. The dividend was paid on the 5th working day from the date of declaration of the final dividend by Industrial alcohol 1,32,857.64 107,754.98
the shareholders in the AGM. Indian made indian liquor (Country liquor & Rajasthan made liquor) 75,984.11 70,894.57
Indian made foreign liquor (Foreign liquor) 5,577.12 5,073.13
For the financial year 2023-24, the Board of Directors of the Holding Company recommended a final dividend of Rs. 3.50 per equity share (par value of Spent grain, Co2, Animal feed supplement dried, etc. 25,324.39 25,353.26
Rs. 10 each). This payment is subject to the approval of shareholders in the AGM of the Holding Company. The dividend will be paid on the 5th working Others 34.31 12.58
Add: Excise duty collected 73,254.08 71,340.85
day from the date of declaration of the final dividend to the shareholders. The book closure date for the purpose of the payment of final dividend and
Sub total 3,13,031.65 2,80,429.37
AGM date will be announced in due course.
b) Rendering of services
Note 48 - Additional disclosures Bottling income 1,538.77 1,704.89
Sub total 1,538.77 1,704.89
Particulars Notes in financial statements
Operating revenue 3,14,570.42 2,82,134.26
Details of benami property held The Group does not have any benami property, where any proceeding has been initiated or pending against the Group for
ii) Other operating income
holding any benami property.
Title deeds of immovable property not The Group does not have any such property, where title deed is not registered in name of company.
Duty drawback and other export incentives 152.09 112.59
held in name of company Total revenue covered under Ind AS 115 (refer note 22) 3,14,722.51 2,82,246.85
Willful defaulter The Group has not been declared a "Willful Defaulter" by any bank or financial institution (as defined under the Companies
act, 2013) or consortium thereof, in accordance with the guidelines on Willful defaulter issued by Reserve Bank of India. C. Contract balances
Relationship with struck off companies The Group does not have any transactions with struck-off companies. The following table provides information about receivables and contract liabilities from contract with customers:
The Group does not have any charges which are yet to be registered with ROC beyond the statutory period. In respect of
For the year ended For the year ended
borrowings repaid during the year, the Group is yet to receive no dues certificate from the banks, pending which, satisfaction Particulars
Registration of charges or satisfaction March 31, 2024 March 31, 2023
of charges is yet to be registered with ROC.
with Registrar of Companies (ROC) Contract liabilities
The Group has ensured compliance with section 2(87) of the Companies act, 2013 read with Companies (Restriction on
number of layers) Rules, 2017 ("Layering Rules") is not applicable. Advance from customers 810.23 1,643.06
Restriction on number of layers The Group have not traded or invested in crypto currency or virual currency during the year. Total 810.23 1,643.06
Details of crypto currency or virtual The Group have not advanced or loaned or invested funds to any other person or entity including foreign entities (Intermediaries) Receivables
currency with the understanding that the intermediary shall directly or indirectly lend or invest in other persons or entities identified in Trade receivables 27,770.85 21,148.33
any manner whatsoever by or on behalf of Company (Ultimate Beneficiaries); or provide any guarantee, security or the like to Less: Allowances for expected credit loss (173.85) (177.38)
or on behalf of the ultimate beneficiaries.
Net receivables 27,597.00 20,970.95
Utilisation of borrowed funds and The Group have not received any fund from any person or entity, including foreign entities (Funding Party) with the
share premium understanding (whether recorded in writing or otherwise) that the Group shall: directly or indirectly lend or invest in other
Contract assets is the right to consideration in exchnage for goods or services transferred to customer and Contract liabilities are contractual
persons or entities identified in any manner whatsoever by or on behalf of funding party (Ultimate Beneficiaries); or provide
obligation to transfer the goods or services to customer against which the consideration has already been received
any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
Undisclosed income The Group does not have any transaction which is not recorded in the books of accounts that has been surrendered or The amount receivables from customers become due after the expiry of credit period which ranges between 30-90 days on an average basis.
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or As a practical expedient provided in Ind AS 115.121, an entity has decided not to disclose the amount of the remaining performance obligations for
any other relevant provisions of the Income Tax Act, 1961) contracts with original expected duration of less than one year or those that meet the requirements of the right to invoice practical expedient in Ind
Core investment companies (CIC) The Group (as per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2016) has one register CIC AS 115.B16
and one unregistered CIC as part of the Group.
Revaluation of PPE or intangible assets The Group has not revalued its property, plant and equipment including right-of-use assets or intangible assets during the D. Movement in contractual liabilties during the year as follows:
year. For the year ended For the year ended
Particulars
Loans or advances in the nature There are no loans or advances in the nature of loans are granted to promoters, Directors, KMPs. March 31, 2024 March 31, 2023
of loans are granted to promoters, Opening balance 1,643.06 718.35
Directors, KMPs and the related Addition during the year 810.23 1,643.06
parties
Revenue recognised during the year (1,643.06) (718.35)
Compliance with approved Scheme(s) No scheme of arrangements has been approved by the Competent Authority in term of sections 230 to 237 of the Companies
of Arrangements Act, 2013, during the year. Closing balance 810.23 1,643.06

146 Globus Spirits Limited 2023-24 Annual Report 147

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

E. Movement in unbilled reveue: Note 54 - Reconciliation of liabilities from financing activities

For the year ended For the year ended
Particulars Effective April 1, 2017, the Group adopted the amendment to Ind AS-7, which require the entities to provide disclosures that enable users of financial
March 31, 2024 March 31, 2023
statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes,
Opening balance 307.14 64.61
suggesting inclusion of a reconciliation between the opening and closing balances in the consolidated balance sheet for liabilities arising from financing
Addition during the year 107.16 429.20
activities, to meet the disclosure requirements. The required disclosure is presented below:
Deletion/Invoices issued during the year 402.70 186.67
Closing balance 11.60 307.14 Particulars As on Cash flows Non cash changes As on
April 01, 2023 March 31, 2024
F. Information about geopraphical structure: Interest expense New leases Others
The following information discloses revenue from external customers based on geographical areas: Non current borrowings 17,915.81 (2,875.47) - - 30.10 15,070.44
(including current maturities)
Revenue from external customers: Current borrowings 9,651.40 7,080.31 - - (20.04) 16,711.67
For the year ended For the year ended
Particulars Lease liabilities 1,504.72 (495.91) 106.52 - - 1,115.33
March 31, 2024 March 31, 2023
India 3,07,656.61 2,77,008.72
Outside India 7,065.91 5,238.13 Particulars As on Cash flows Non cash changes As on
Total 3,14,722.52 2,82,246.85 April 01, 2022 Interest expense New leases Others March 31, 2023
Non current borrowings 12,415.80 5,473.78 - - 26.23 17,915.81
G. Information about timing: (including current maturities)
Current borrowings 4,982.93 4,648.41 - - 20.06 9,651.40
Timing of revenue recognition
Services/products transferred at a point in time 3,14,722.52 2,82,246.85 Lease liabilities 547.07 (483.07) 117.01 1,323.71 - 1,504.72
3,14,722.52 2,82,246.85
Note 55 - Following subsidiaries have been considered in the preparation of the consolidated financial statements
The Group has all the revenue from short term contracts and there are no long term contracts available with the Group
Name of Company Relationship Country of incorporation Ownership held by As at As at
Note 50 - Standards notified but not yet effective March 31, 2024 March 31, 2023
There are no standards that are notified and not yet effective as on date. Bored Beverages Private Limited Subsidiary India Globus Spirits Limited 38.08% 0.00%

Note 51 - Subsequent Events Additional information, as required under schedule III to the Companies Act, 2013 of Entities Consolidated
All events or transactions that have taken place between March 31, 2024 and date of signing of the consolidated financial statements and for which Name of the Entity Net assets Share in profit or loss Share in other Share in total
the Indian Accounting Standard 10 – ‘Events after the Reporting Period’ (“Ind AS 10”) requires disclosure/adjustment are disclosed and/or adjusted (Profit after tax) comprehensive income comprehensive income
in the consolidated financial statements. As a % of Amount As a % of Amount As a % of other Amount As a % of total Amount
consolidated consolidated consolidated comprehensive
Note 52 - Approval of consolidated financial statements net assets profit or (loss) comprehensive income
These consolidated financial statements were approved for issue by the Board of Directors on May 30, 2024. income
Parent
Note 53 - Audit trail Globus Spirits Limited
Balance as at March 99.72% 97,164.05 100.74% 9,674.88 100.00% 26.24 100.74% 9,701.12
The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) 31, 2024
Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies, 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 and every transaction, creating an Subsidiary
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 Indian
be disabled. Bored Beverages
Private Limited
The Holding Company uses an accounting software for maintenance of books of account. Once the financial entries are posted in accounting soft- Balance as at March 0.31% 301.61 (0.74%) (70.63) - - (0.73%) (70.63)
ware, no changes are allowed to already posted transactions. Also, in case of cancellation/reversal of already posted entries, separate entries are 31, 2024
created in the application.
Add/(Less):
Further, the database of the accounting software is operated by a third-party software service provider and information on the availability of audit trail Eliminations arising
(edit log) feature is not covered in the ‘Independent Service Auditor’s Assurance Report on the Description of Controls, their Design and Operating out of consolidation
Effectiveness’ (‘Type 2 report’ issued in accordance with SAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Balance as at March (0.03%) (25.07) (0.00%) (0.36) 0.00% - (0.00%) (0.36)
Financial Information) at the database level. The Holding Company has migrated to a new accounting software with effect from 1 April 2024 and will 31, 2024
include the database of audit trail functionality in the next year’s Type 2 report.
Total
The subsidiary company has used an accounting software for maintaining its books of account which does not have feature of recording audit trail Balance as at March 100.00% 97,440.59 100.00% 9,603.89 100.00% 26.24 100.00% 9,630.13
(edit log) facility. 31, 2024
- As the acquisition in subsidiary is made during the year ended March 31, 2024, Hence the consolidated financial statements are prepared for the
first time during the current period i.e. March 31, 2024.

148 Globus Spirits Limited 2023-24 Annual Report 149

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the Consolidated financial statements for the year ended March 31, 2024 Notes forming part of the Consolidated financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 56 - Previous year’s figures

The Company have not received any fund from any person or entity, including foreign entities
In accordance with the principles of Indian Accounting Standard 8 - ‘Accounting Policies, Changes in Accounting Estimates and Errors’ (“Ind AS 8”),
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company
the comparative financial information for the year ended 31 March 2023 included in these financial statements, have been restated on account of
shall: directly or indirectly lend or invest in other persons or entities identified in any manner
correction of following reclassification/ regrouping errors:
whatsoever by or on behalf of funding party (Ultimate Beneficiaries); or provide any guarantee,
Reclassification of financial information of previous year ended March 31, 2023: security or the like to or on behalf of the ultimate beneficiaries.
Undisclosed income The Company does not have any transaction which is not recorded in the books of accounts that
Particulars From To Amount Note reference has been surrendered or disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income
Current assets Cash and cash equivalents Other bank balances 2,604.85 Note 1 Tax Act, 1961)
Non- current assets Right to use of assets Property, plant and equipments 175.04 Note 2 Core investment companies (CIC) The Group (as per the provisions of the Core Investment Companies (Reserve Bank) Directions,
2016) has one register CIC and one unregistered CIC as part of the Group.
Non- current liabilities Lease liabilities Borrowings 26.23 Note 2
Revaluation of PPE or intangible assets The Company has not revalued its property, plant and equipment including right-of-use assets or
Current liabilities Lease liabilities Borrowings 20.05 Note 2 intangible assets during the year.
Current liabilities Trade payables Other financial liabilities 679.15 Note 3 Loans or advances in the nature of loans are There are no loans or advances in the nature of loans are granted to promoters, Directors, KMPs.
granted to promoters, Directors, KMPs and the
Expenses Other expenses Cost of materials consumed 1,962.68 Note 4 related parties
Expenses Cost of materials consumed Changes in inventories of finished 362.85 Note 5 Compliance with approved Scheme(s) of No scheme of arrangements has been approved by the Competent Authority in term of sections
goods and work in progress Arrangements 230 to 237 of the Companies Act, 2013, during the year.

Non- current assets Other financial assets - security deposits Other financial assets - bank deposits 274.84 Note 6
with maturity of more than 12 months Summary of material accounting policy information

Note 1: Pertains to reclassification of deposits made with bank having original maturity more than 3 months from cash and cash equivalent to
bank balance other than cash and cash equivalent.
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors
Note 2: Pertains to regrouping of carrying value of Motor vehicles purchased by the Company from right of use assets to property, plant and
Chartered Accountants
equipment and the carrying value of loan obtained from the bank to purchase such motor vehicles from lease liability to borrowings. Firm’s Registration Number : 001076N/N500013
Note 3: Pertains to reclassification of contractual obligations towards employee dues from trade payable to other financial liabilities Ajay K. Swarup Shekhar Swarup Bhaskar Roy
Arun Tandon Managing Director Joint Managing Director Executive Director
Note 4: Pertains to regrouping of freight inward charges from other expenses to cost of material consumed
Partner DIN-00035194 DIN-00445241 DIN-02805627
Note 5: Pertains to regrouping of changes in inventories of work in progress from cost of material consumed to changes in inventories of finished Membership No. 517273
goods and work in progress. Nilanjan Sarkar Santosh Kumar Pattanayak
Note 6: Pertains to reclassification of deposits made with bank having maturity of more than 12 months from security deposit to bank deposit Chief Financial Officer Company Secretary
with maturity of more than 12 months within non-current other financial assets. ACS-18721
Place : New Delhi Place : New Delhi
Date : May 30, 2024 Date : May 30, 2024
Note 57 - Additional disclosures

Particulars Notes in financial statements

Details of benami property held The Company does not have any benami property, where any proceeding has been initiated or
pending against the Company for holding any benami property.
Title deeds of immovable property not held in The Company does not have any such property, where title deed is not registered in name of
name of company company.
Willful defaulter The Company has not been declared a "Willful Defaulter" by any bank or financial institution (as
defined under the Companies act, 2013) or consortium thereof, in accordance with the guidelines
on Willful defaulter issued by Reserve Bank of India.
Relationship with struck off companies The Company does not have any transactions with struck-off companies.
Registration of charges or satisfaction with The Company does not have any charges which are yet to be registered with ROC beyond the
Registrar of Companies (ROC) statutory period. In respect of borrowings repaid during the year, the Company is yet to receive
no dues certificate from the banks, pending which, satisfaction of charges is yet to be registered
with ROC.
Restriction on number of layers The Company has ensured compliance with section 2(87) of the Companies act, 2013 read with
Companies (Restriction on number of layers) Rules, 2017 ("Layering Rules") is not applicable.
Details of crypto currency or virtual currency The Company have not traded or invested in crypto currency or virual currency during the year.
Utilisation of borrowed funds and share The Company have not advanced or loaned or invested funds to any other person or entity
premium including foreign entities (Intermediaries) with the understanding that the intermediary shall directly
or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of Company (Ultimate Beneficiaries); or provide any guarantee, security or the like to or on
behalf of the ultimate beneficiaries.

150 Globus Spirits Limited 2023-24 Annual Report 151

 Independent Auditor’s Report 6. In addition to the matter described in the Basis for Qualified Opinion section, we have determined the matters described below
to be the key audit matters to be communicated in our report.

Report on the Standalone Financial Statements Key audit matter How our audit addressed the key audit matter

A. Indirect Tax Litigation (Goods & Services Tax (GST) Our audit procedures to address this key audit matter included,
case) but were not limited to the following:
Refer note 1.3(XI) to the accompanying Standalone financial a. Obtained an understanding of the Company’s process for
To the Members of Globus Spirits Limited of Rs. 3,561 lakhs (including interest and penalties thereon).
statements for the accounting policy on Contingent Liabilities. evaluating the outcome of litigations, including assessment
As stated in the note, the Company’s management has of accounting treatment as per Ind AS 37.
As described in note 32 to the Standalone financial statements,
Report on the Audit of the Standalone Financial filed an appeal u/s 246A of the Income Tax Act for all the Company has an ongoing litigation with respect to GST b. Evaluated the design and tested the operating effectiveness
Statements the assessment years covered by the order. Company’s which is pending adjudication. of key controls implemented by the management relating to
Significant judgement is applied by the management in application aforesaid process.
management has appointed an independent firm to review
Qualified Opinion and interpretation of tax laws and judicial pronouncements, and c. Obtained and reviewed management’s evaluation on the
these additions. Pending completion of the said review, the
evaluating the likely outcome / or timing of the cash outflows, expected outcome of the litigation including legal advice
1. We have audited the accompanying standalone financial Company’s management is currently unable to determine to determine whether the related obligation, if any, requires obtained by management from an external indirect tax expert
whether further adjustments or disclosures, if any, are recognition of a provision or a disclosure as a contingent liability in and correspondences with the concerned authorities.
statements of Globus Spirits Limited (‘the Company’),
accordance with principles enunciated in Ind AS 37, Provisions, d. Assessed the objectivity and competence of the external tax
which comprise the Balance Sheet as at 31 March required to be made to the standalone financial statements.
Contingent Liabilities and Contingent Assets (‘Ind AS 37’). expert engaged by the management.
2024, the Statement of Profit and Loss (including Other Accordingly, considering the significance of amount involved, e. Involved auditor’s tax experts to understand the current
Consequently, we were unable to assess the extent of the
Comprehensive Income), the Statement of Cash Flow the uncertainties involved and use of significant management status of the matter, review the legal/tax advice obtained by
adjustments to be recognised or disclosures to be made,
judgement in determining the likely outcome of the litigation the management and assist in evaluating the tax position
and the Statement of Changes in Equity for the year then
if any, and the consequential impact on the standalone as explained above, we have determined this to be a key audit taken by management by applying and interpreting tax laws,
ended, and notes to the standalone financial statements, matter.
financial statements as at and for the year ended 31 March relevant judicial pronouncements and available precedents
including material accounting policy information and other to challenge management’s assumptions in estimating the
2024.
explanatory information. possible outcome of the ongoing proceedings.
4. We conducted our audit in accordance with the Standards f. Assessed the adequacy and appropriateness of the
2. In our opinion and to the best of our information and disclosures made in the Standalone financial statements in
on Auditing specified under section 143(10) of the Act.
according to the explanations given to us, except for accordance with the applicable accounting standards.
Our responsibilities under those standards are further
the possible effects of the matter described in the Basis B. Revenue Recognition Our audit procedures with respect to revenue recognition
described in the Auditor’s Responsibilities for the Audit of
for Qualified Opinion section of our report, the aforesaid Refer note 1.3(II) to the accompanying Standalone financial included, but were not limited, to the following:
the Standalone Financial Statements section of our report. statements for the accounting policy on revenue recognition and a. Understood the process of revenue recognition and
standalone financial statements give the information required
We are independent of the Company in accordance with note 22 for the details of revenue recognised during the year. evaluated the appropriateness of the accounting policy
by the Companies Act, 2013 (‘the Act’) in the manner so The Company derives its revenue from sale of liquor products to adopted by the management on revenue recognition
the Code of Ethics issued by the Institute of Chartered
required and give a true and fair view in conformity with a wide range of customers through a network of distributors and including determination of transaction price and satisfaction
Accountants of India (‘ICAI’) together with the ethical
state government corporations. of performance obligations and transfer of control in
the Indian Accounting Standards (‘Ind AS’) specified under
requirements that are relevant to our audit of the financial accordance with Ind AS 115;
section 133 of the Act read with the Companies (Indian Ind AS 115, Revenue from Contracts with Customers (‘Ind AS
statements under the provisions of the Act and the 115’), requires management to make certain key judgements, b. Evaluated the design and tested the operating effectiveness
Accounting Standards) Rules, 2015 and other accounting such as, identification of performance obligations in contracts of key internal controls around revenue recognition;
rules thereunder, and we have fulfilled our other ethical
principles generally accepted in India, of the state of with customers, determination of transaction price for the c. On a sample basis, tested revenue transactions recorded
responsibilities in accordance with these requirements and
affairs of the Company as at 31 March 2024, and its profit contract and assessment of satisfaction of the performance during the year, and transactions recorded in specific period
the Code of Ethics. We believe that the audit evidence we obligations under each contract representing the transfer of before and after year end, basis inspection of supporting
(including other comprehensive income), its cash flows and
have obtained is sufficient and appropriate to provide a control of the products sold to the customers, including state documents such as purchase orders, price lists, proof of
the changes in equity for the year ended on that date. government corporations. dispatch and delivery including regulatory documents
basis for our qualified opinion.
Given to significance of amount involved, multiplicity of the used for movement of liquor as per applicable regulations,
Basis for Qualified Opinion Company’s products, volume of sales transactions, size of invoices, to assess the appropriateness of identification of
Key Audit Matters
distribution network, nature of customers and varied terms performance obligations, determination of transaction price,
3. As stated in Note 47 to the standalone financial statements, 5. Key audit matters are those matters that, in our professional of contracts with different customers, revenue recognition is including allocation thereof to performance obligations and
determined to be an area involving significant risk in line with identification of the point of revenue recognition, in order to
the Income Tax Department had carried out search and judgment, were of most significance in our audit of the
the requirements of the Standards on Auditing and hence, ensure revenue is recorded with the correct amount and in
seizure operation at the head office and other premises of standalone financial statements of the current year. These the correct period; and
necessitated significant auditor attention.
the Company between 30 January 2023 to 03 February matters were addressed in the context of our audit of the Due to the extent of industry knowledge and skills required to d. Assessed the adequacy and appropriateness of the
2023. Subsequent to year end, the Company has received financial statements as a whole, and in forming our opinion design and execute audit procedures to address the risks of disclosures made in the accompanying Standalone financial
material misstatement and management judgments involved in statements in respect of revenue recognition in accordance
assessment orders for last 10 assessment years alleging thereon, and we do not provide a separate opinion on these
assessing appropriateness of revenue recognition, the matter is with the applicable accounting standards.
certain disallowances resulting in an aggregate tax demand matters. considered as a key audit matter in the current year audit.

152 Globus Spirits Limited 2023-24 Annual Report 153

 Information other than the Financial Statements and reasonable and prudent; and design, implementation and the audit in order to design audit procedures that are that a matter should not be communicated in our report
Auditor’s Report thereon maintenance of adequate internal financial controls, that appropriate in the circumstances. Under section 143(3) because the adverse consequences of doing so would
were operating effectively for ensuring the accuracy and (i) of the Act we are also responsible for expressing reasonably be expected to outweigh the public interest
7. The Company’s Board of Directors are responsible for completeness of the accounting records, relevant to the our opinion on whether the Company has adequate benefits of such communication.
the other information. The other information comprises preparation and presentation of the financial statements internal financial controls with reference to financial
the information included in the Annual report but does Other Matter
that give a true and fair view and are free from material statements in place and the operating effectiveness of
not include the standalone financial statements and our misstatement, whether due to fraud or error. such controls; 16. The standalone financial statements of the Company
auditor’s report thereon.
for the year ended 31 March 2023 were audited by the
9. In preparing the financial statements, the Board of • Evaluate the appropriateness of accounting policies
Our opinion on the standalone financial statements does predecessor auditor, Deloitte Haskins & Sells, who have
Directors is responsible for assessing the Company’s used and the reasonableness of accounting estimates
not cover the other information and we do not express any expressed an unmodified opinion on those standalone
ability to continue as a going concern, disclosing, as and related disclosures made by management;
form of assurance conclusion thereon. financial statements vide their audit report dated 25 May
applicable, matters related to going concern and using
• Conclude on the appropriateness of Board of Directors’ 2023.
In connection with our audit of the standalone financial the going concern basis of accounting unless the Board
use of the going concern basis of accounting and,
statements, our responsibility is to read the other of Directors either intends to liquidate the Company or to Report on Other Legal and Regulatory Requirements
based on the audit evidence obtained, whether
information and, in doing so, consider whether the other cease operations, or has no realistic alternative but to do
a material uncertainty exists related to events or 17. As required by section 197(16) of the Act based on our
information is materially inconsistent with the standalone so.
conditions that may cast significant doubt on the audit, we report that the Company has paid remuneration
financial statements or our knowledge obtained in the 10. The Board of Directors is also responsible for overseeing Company’s ability to continue as a going concern. If to its directors during the year in accordance with the
audit or otherwise appears to be materially misstated. the Company’s financial reporting process. we conclude that a material uncertainty exists, we are provisions of and limits laid down under section 197 read
required to draw attention in our auditor’s report to the with Schedule V to the Act.
If, based on the work we have performed, we conclude that Auditor’s Responsibilities for the Audit of the Standalone
there is a material misstatement of this other information, related disclosures in the financial statements or, if such 18. As required by the Companies (Auditor’s Report) Order,
Financial Statements disclosures are inadequate, to modify our opinion. Our
we are required to report that fact. As described in the 2020 (‘the Order’) issued by the Central Government
Basis for Qualified Opinion section above, we were unable 11. Our objectives are to obtain reasonable assurance about conclusions are based on the audit evidence obtained of India in terms of section 143(11) of the Act we give in
to assess the extent of the adjustments to be recognised whether the financial statements as a whole are free from up to the date of our auditor’s report. However, future the Annexure A, a statement on the matters specified in
or disclosures to be made, if any, and the consequential material misstatement, whether due to fraud or error, events or conditions may cause the Company to cease paragraphs 3 and 4 of the Order, to the extent applicable.
impact of the Income Tax Department search and seizure and to issue an auditor’s report that includes our opinion. to continue as a going concern; and
19. Further to our comments in Annexure A, as required by
operation on the standalone financial statements. We Reasonable assurance is a high level of assurance, but is • Evaluate the overall presentation, structure and content section 143(3) of the Act based on our audit, we report, to
have concluded that the other information is materially not a guarantee that an audit conducted in accordance of the financial statements, including the disclosures, the extent applicable, that:
misstated for the same reason with respect to the amounts with Standards on Auditing will always detect a material and whether the financial statements represent the
or other items in the Annual Report affected by Income Tax misstatement when it exists. Misstatements can arise from underlying transactions and events in a manner that a) We have sought and except for the matter described in
Department search and seizure operation. fraud or error and are considered material if, individually achieves fair presentation. the Basis for Qualified Opinion section, obtained all the
or in the aggregate, they could reasonably be expected information and explanations which to the best of our
Responsibilities of Management and Those Charged with to influence the economic decisions of users taken on the 13. We communicate with those charged with governance knowledge and belief were necessary for the purpose
Governance for the Standalone Financial Statements basis of these financial statements. regarding, among other matters, the planned scope and of our audit of the accompanying standalone financial
8. The accompanying standalone financial statements have timing of the audit and significant audit findings, including statements;
12. As part of an audit in accordance with Standards on any significant deficiencies in internal control that we
been approved by the Company’s Board of Directors. Auditing, specified under section 143(10) of the Act we identify during our audit. b) In our opinion, proper books of account as required
The Company’s Board of Directors are responsible for the exercise professional judgment and maintain professional by law have been kept by the Company so far as it
matters stated in section 134(5) of the Act with respect skepticism throughout the audit. We also: 14. We also provide those charged with governance with appears from our examination of those books and
to the preparation and presentation of these standalone a statement that we have complied with relevant ethical except for the possible effect of the matter described in
financial statements that give a true and fair view of the • Identify and assess the risks of material misstatement requirements regarding independence, and to communicate Basis for Qualified Opinion section and except for the
financial position, financial performance including other of the financial statements, whether due to fraud with them all relationships and other matters that may matters stated in paragraph 19(i)(vi) below on reporting
comprehensive income, changes in equity and cash flows or error, design and perform audit procedures reasonably be thought to bear on our independence, and under Rule 11(g) of the Companies (Audit and Auditors)
of the Company in accordance with the Ind AS specified responsive to those risks, and obtain audit evidence where applicable, related safeguards. Rules, 2014 (as amended).
under section 133 of the Act and other accounting that is sufficient and appropriate to provide a basis
principles generally accepted in India. This responsibility for our opinion. The risk of not detecting a material 15. From the matters communicated with those charged with c) The standalone financial statements dealt with by this
also includes maintenance of adequate accounting misstatement resulting from fraud is higher than for governance, we determine those matters that were of most report are in agreement with the books of account;
records in accordance with the provisions of the Act one resulting from error, as fraud may involve collusion, significance in the audit of the financial statements of the
for safeguarding of the assets of the Company and for forgery, intentional omissions, misrepresentations, or current period and are therefore the key audit matters. We d) Except for the possible effects of the matter
preventing and detecting frauds and other irregularities; the override of internal control; describe these matters in our auditor’s report unless law described in the Basis for Qualified Opinion section,
selection and application of appropriate accounting or regulation precludes public disclosure about the matter in our opinion, the aforesaid standalone financial
• Obtain an understanding of internal control relevant to or when, in extremely rare circumstances, we determine statements comply with Ind AS specified under section
policies; making judgments and estimates that are
133 of the Act;

154 Globus Spirits Limited 2023-24 Annual Report 155

 e) The matters described in paragraph 3 under the Basis person(s) or entity(ies), including foreign entities mentioned below, the Company, in respect of Annexure A referred to in paragraph 18 of the Independent
for Qualified Opinion section, in our opinion, may have (‘the intermediaries’), with the understanding, financial year commencing on 1 April 2023, has Auditor’s Report of even date to the members of Globus
an adverse effect on the functioning of the Company; whether recorded in writing or otherwise, used an accounting software for maintaining its Spirits Limited on the standalone financial statements for
that the intermediary shall, whether, directly books of account which has a feature of recording the year ended 31 March 2024
f) On the basis of the written representations received or indirectly lend or invest in other persons or audit trail (edit log) facility and the same has been In terms of the information and explanations sought by us and
from the directors and taken on record by the Board entities identified in any manner whatsoever operated throughout the year for all relevant given by the Company and the books of account and records
of Directors, none of the directors is disqualified as on by or on behalf of the Company (‘the Ultimate transactions recorded in the software. Further, examined by us in the normal course of audit and to the best of
31 March 2024 from being appointed as a director in Beneficiaries’) or provide any guarantee, during the course of our audit we did not come our knowledge and belief, we report that:
terms of section 164(2) of the Act; security or the like on behalf the Ultimate across any instance of audit trail feature being (i) a) (A) The Company has maintained proper records
g) The modification relating to the maintenance of Beneficiaries; tampered with, other than the consequential showing full particulars, including quantitative
accounts and other matters connected therewith are impact of the exception given below. details and situation of property, plant and
b. The management has represented that, to the
as stated in paragraph 19(b) above on reporting under equipment, capital work-in-progress and relevant
best of its knowledge and belief, as disclosed in
Nature of exception Details of Exception details of right-of-use assets.
section 143(3)(b) of the Act and paragraph 19(i)(vi) note 49 to the standalone financial statements, noted
below on reporting under Rule 11(g) of the Companies no funds have been received by the Company (B) The Company has maintained proper records
Instances of accounting The accounting software used for showing full particulars of intangible assets.
(Audit and Auditors) Rules, 2014 (as amended); from any person(s) or entity(ies), including
software maintained by maintenance of books of account
foreign entities (‘the Funding Parties’), with the a third party where we of the Company is operated by b) The Company has a regular programme of physical
h) With respect to the adequacy of the internal financial
understanding, whether recorded in writing or are unable to comment a third party software service verification of its property, plant and equipment
controls with reference to financial statements of the
otherwise, that the Company shall, whether on the audit trail feature provider. The ‘Independent Service under which the assets are physically verified in a
Company as on 31 March 2024 and the operating
directly or indirectly, lend or invest in other Auditor’s Assurance Report on the phased manner over a period of 3 years, which in
effectiveness of such controls, refer to our separate our opinion, is reasonable having regard to the size
persons or entities identified in any manner Description of Controls, their Design
report in Annexure B wherein we have expressed a of the Company and the nature of its assets. In
whatsoever by or on behalf of the Funding and Operating Effectiveness’ (‘Type
modified opinion; and 2 report’ issued in accordance with accordance with this programme, certain property,
Party (‘Ultimate Beneficiaries’) or provide any
ISAE 3000 (Revised), Assurance plant and equipment were verified during the year
i) With respect to the other matters to be included in guarantee, security or the like on behalf of the
Engagements Other than Audits and no material discrepancies were noticed on such
the Auditor’s Report in accordance with rule 11 of Ultimate Beneficiaries; and
or Reviews of Historical Financial verification.
the Companies (Audit and Auditors) Rules, 2014 c. Based on such audit procedures performed Information) does not comment on c) The title deeds of all the immovable properties held
(as amended), in our opinion and to the best of our as considered reasonable and appropriate existence of audit trail (edit logs) by the Company (other than properties where the
information and according to the explanations given in the circumstances, nothing has come to for any direct changes made at the Company is the lessee and the lease agreements
to us: Except for the possible effects of the matters our notice that has caused us to believe that database level. Accordingly, we are are duly executed in favour of the lessee), disclosed
described in paragraph 3 of the Basis for Qualified the management representations under sub- unable to comment on whether in Note 2(a) to the standalone financial statements,
Opinion section, the Company, as detailed in note 32 clauses (a) and (b) above contain any material audit trail feature with respect to the are held in the name of the Company. For title deeds
to the standalone financial statements, has disclosed misstatement. database of the said software was of immovable properties in the nature of land and
the impact of pending litigations on its financial position enabled and operated throughout building which have been mortgaged as security
as at 31 March 2024; iv. The final dividend paid by the Company during the year. for loans or borrowings taken by the Company,
the year ended 31 March 2024 in respect of confirmations with respect to title of the Company
i. The Company did not have any long-term contracts such dividend declared for the previous year is have been directly obtained by us from the respective
including derivative contracts for which there were in accordance with section 123 of the Act to the lenders.
any material foreseeable losses as at 31 March extent it applies to payment of dividend. For Walker Chandiok & Co LLP
2024; Chartered Accountants Particulars Gross Block
As stated in note 48 to the accompanying Firm’s Registration No.: 001076N/N500013 as on 31 March 2024 (in lacs)
ii. There were no amounts which were required standalone financial statements, the Board of Land 3,848.12
to be transferred to the Investor Education and Directors of the Company have proposed final
Building 11,583.28
Protection Fund by the Company during the year dividend for the year ended 31 March 2024 which Arun Tandon
ended 31 March 2024; is subject to the approval of the members at the Partner d) The Company has adopted cost model for its
ensuing Annual General Meeting. The dividend Membership No.: 517273 Property, Plant and Equipment (including right-
iii. a. The management has represented that, of-use assets) and intangible assets. Accordingly,
declared is in accordance with section 123 of UDIN: 24517273BKEXFO1657
to the best of its knowledge and belief, as reporting under clause 3(i)(d) of the Order is not
the Act to the extent it applies to declaration of
disclosed in note 49 to the standalone financial Place: New Delhi applicable to the Company.
dividend.
statements, no funds have been advanced or
Date: 30 May 2024 e) No proceedings have been initiated or are pending
loaned or invested (either from borrowed funds v. As stated in Note 53 to the standalone financial against the Company for holding any benami
or securities premium or any other sources or statements and based on our examination property under the Prohibition of Benami Property
kind of funds) by the Company to or in any which included test checks, except for instance Transactions Act, 1988 (as amended) and rules
made thereunder.

156 Globus Spirits Limited 2023-24 Annual Report 157

 (ii) a) The management has conducted physical verification of inventory at reasonable intervals during the year, except for reporting under clause 3(v) of the Order is not applicable
Particulars All Promoters Related
goods-in-transit. In our opinion, the coverage and procedure of such verification by the management is appropriate to the Company.
Parties Parties
and no discrepancies of 10% or more in the aggregate for each class of inventory were noticed as compared to book Aggregate of (vi) The Central Government has specified maintenance of
records. loans : cost records under sub-section (1) of section 148 of the
Act in respect of the products of the Company. We have
- Repayable on - - -
b) As disclosed in Note 14 to the standalone financial statements, the Company has been sanctioned a working capital broadly reviewed the books of account maintained by
demand (A) the Company pursuant to the rules made by the Central
limit in excess of Rs. 500 lakhs by banks based on the security of current assets during the year. The quarterly
-Agreement 30.00 - 30.00 Government for the maintenance of cost records and are
returns/statements, in respect of the working capital limits have been filed by the Company with such banks or does not specify of the opinion that, prima facie, the prescribed accounts
financial institutions and such returns/statements are in agreement with the books of account of the Company for the any terms and records have been made and maintained. However,
respective periods, which were subject to review. or period of we have not made a detailed examination of the cost
repayment (B) records with a view to determine whether they are
(amount in lacs) accurate or complete.
Total (A+B) 30.00 - 30.00
Name of the Working Nature of current Quarter Information Information as per Difference (vii) (a) In our opinion, and according to the information and
Percentage of 100% - 100% explanations given to us, undisputed statutory dues
Bank capital limit assets offered as disclosed as per books of accounts loans to the total
sanctioned security return including goods and services tax, provident fund,
loans employees’ state insurance, income-tax, sales-tax,
Inventory 11,343.21 19,526.00 (8,182.79) service tax, duty of customs, duty of excise, value
(iv) In our opinion, and according to the information and
Trade receivable Jun-23 18,820.97 21,511.00 (2,690.03) explanations given to us, the Company has complied added tax, cess and other material statutory dues, as
Trade payable 8,594.59 21,205.00 (12,610.41) with the provisions of section 186 of the Act in respect of applicable, have generally been regularly deposited
loans and investments made and guarantees and security with the appropriate authorities by the Company,
Inventory 24,601.31 27,324.00 (2,722.69)
provided by it, as applicable. Further, the Company has not though there have been slight delays in a few cases.
1. Axis Bank 1. 5000 Trade receivable Sep-23 24,601.31 15,780.00 8,821.31 Further, no undisputed amounts payable in respect
2. SBI Bank 2. 6000 entered into any transaction covered under section 185 of
Trade payable 14,911.77 23,300.00 (8,388.23) the Act. thereof were outstanding at the year-end for a period
3. HDFC Bank 3. 6500 of more than six months from the date they became
4. Kotak Bank 4. 2500 Inventory 13,907.62 15,724.00 (1,816.38)
(v) In our opinion, and according to the information and payable.
5. HSBC Bank 5. 5000 Trade receivable Dec-23 28,058.86 29,437.00 (1,378.14) explanations given to us, the Company has not accepted (b) According to the information and explanations given
Trade payable 18,555.02 28,683.00 (10,127.98) any deposits or there are no amounts which have been to us, there are no statutory dues referred in sub-
Inventory 16,708.64 18,872.00 (2,163.36) deemed to be deposits within the meaning of sections clause (a) which have not been deposited with the
73 to 76 of the Act and the Companies (Acceptance appropriate authorities on account of any dispute
Trade receivable Mar-24 25,971.71 27,560.68 (1,588.97)
of Deposits) Rules, 2014 (as amended). Accordingly, except for the following:
Trade payable 18,280.97 31,389.18 (13,108.21)
(amount in lacs)
(iii) The Company has not made investments in firms, limited during the year. However, the Company has made Name of the statute Nature of Gross Amount Period to which Forum where dispute is pending
liability partnerships or any other parties during the year. investment in One entity amounting to Rs. 377.33 dues Amount paid under the amount relates
(Rs) Protest (Rs)
The Company has also not provided any guarantee or lacs (year-end balance Rs. 377.33 lacs) in our opinion, Rajasthan Excise Act, 1950 Excise Duty 169.69 - FY 1995-96, 2004- Jaipur, Punjab, and Haryana High Court
security or granted any loans or advances in the nature and according to the information and explanations Haryana Excise 10
of loans to firms or limited liability partnerships during given to us, such investments made are, prima facie, (amendment) Act, 2021
the year. Further, the Company has made investment not prejudicial to the interest of the Company. Punjab Excise
(amendment) Act, 2020
and provided loan to company during the year, in
(c) In respect of loans granted by the Company, the Haryana Excise 11.12 - FY 1996-97 Commissioner, Excise & Taxation
respect of which: (amendment) Act, 2021 Haryana, Panchkula
schedule of repayment of principal and the payment of
Haryana Value Added Act, Sales Tax 1,084.00 - FY 2010-17 Haryana Tax Tribunal
(a) The Company has provided loans to Subsidiaries the interest has not been stipulated and accordingly, 2003
and Others during the year as per details given we are unable to comment as to whether the Haryana Value Added Act, Service tax 12.59 - AY 2013-14, Commissioner (Appeals) of Central
below: repayments/receipts of principal interest are regular. 2003 2014-15, 2015-16, Goods & Services Tax (CE&GST),
2016-17 Panchkula
(amount in lacs) (d) In the absence of stipulated schedule of repayment Central Goods & services Goods & 1,989.97 1,989.97 AY 2017-18 to High Court of Haryana, Rajastha, West
Tax Act, 2017 services Tax December 31, 2020 Bengal, Jharkhand and Bihar.
Particulars Loans of principal and payment of interest in respect of
189   .46 189.46 January 2021 to
loans, we are unable to comment as to whether March 2021
Aggregate amount provided/granted
during the year: there is any amount which is overdue for more than 561.61 561.61 April 2021 to
90 days. October 2021
- Subsidiaries 30.00 701.62 701.62 July 2017 to June
-  Employees 5.85 (e) The Company has granted loans which were repaid 2020
during the year. Further, no fresh loans were granted 6.24 6.24 FY 2023-24 Apealate Authority
Balance outstanding as at balance
to any party to settle the overdue loans/advances in Income Tax Act. 1961 Income tax 196.61 - FY 2017-18 CIT (A)
sheet date in respect of above cases:
4,093.00 532.49 FY 2013 -2014 to FY
-  Employees 1.43 nature of loan. 2022 - 2023
(f) The Company has granted loans which are repayable 283 FY 2002 - 2003 Punjab & Haryana High Court
(b) The Company has not provided any guarantee or Haryana Excise -
on demand or without specifying any terms or period Excise Duty
given any security or advances in the nature of loans (amendment) Act, 2021
of repayment, as per details below: 66.14 FY 1992 - 1993 High Court of Jammu and Kashmir
-

158 Globus Spirits Limited 2023-24 Annual Report 159

 (viii) According to the information and explanations given to of shares or (fully, partially or optionally) convertible (xv) According to the information and explanation given to any ongoing or other than ongoing project as
us, no transactions were surrendered or disclosed as debentures during the year. Accordingly, reporting us, the Company has not entered into any non-cash at the end of the financial year. Accordingly,
income during the year in the tax assessments under under clause 3(x)(b) of the Order is not applicable to transactions with its directors or persons connected reporting under clause 3(xx) of the Order is not
the Income Tax Act, 1961 (43 of 1961) which have not the Company. with its directors and accordingly, reporting under applicable to the Company.
been previously recorded in the books of accounts. clause 3(xv) of the Order with respect to compliance
(xi) a) To the best of our knowledge and according to the (xxi) The reporting under clause 3(xxi) of the Order is
with the provisions of section 192 of the Act are not
(ix) a) According to the information and explanations given information and explanations given to us, no fraud not applicable in respect of audit of standalone
applicable to the Company.
to us, the Company has not defaulted in repayment by the Company or no fraud on the Company has financial statements of the Company.
of its loans or borrowings or in the payment of been noticed or reported during the period covered (xvi) a) The Company is not required to be registered Accordingly, no comment has been included in
interest thereon to any lender. by our audit, except for the potential impact of the under section 45-IA of the Reserve Bank of India respect of said clause under this report.
matter referred to in the ‘Basis of Qualified Opinion’ Act, 1934. Accordingly, reporting under clauses
b) According to the information and explanations given
paragraph of our audit report. 3(xvi)(a), (b) and (c) of the Order are not applicable
to us including confirmations received from banks and
to the Company
representation received from the management of the b) According to the information and explanations given For Walker Chandiok & Co LLP
Company, and on the basis of our audit procedures, to us including the representation made to us by the b) Based on the information and explanations given Chartered Accountants
we report that the Company has not been declared management of the Company, no report under sub- to us and as represented by the management Firm’s Registration No.: 001076N/N500013
a willful defaulter by any bank or financial institution section 12 of section 143 of the Act has been filed of the Company, the Group (as defined in Core
or government or any government authority. by the auditors in Form ADT-4 as prescribed under Investment Companies (Reserve Bank) Directions,
rule 13 of Companies (Audit and Auditors) Rules, 2016) does not have any CIC. Arun Tandon
c) In our opinion and according to the information and Partner
2014, with the Central Government for the period
explanations given to us, money raised by way of (xvii) The Company has not incurred any cash losses in Membership No.: 517273
covered by our audit.
term loans were applied for the purposes for which the current financial year as well as the immediately UDIN: 24517273BKEXFO1657
these were obtained. c) According to the information and explanations given preceding financial year.
Place: New Delhi
to us including the representation made to us by the Date: 30 May 2024
d) In our opinion and according to the information (xviii) There has been no resignation of the statutory auditors
management of the Company, there are no whistle-
and explanations given to us, and on an overall during the year. Accordingly, reporting under clause
blower complaints received by the Company during
examination of the financial statements of the 3(xviii) of the Order is not applicable to the Company.
the year.
Company, funds raised by the Company on short
(xix) According to the information and explanations given
term basis have not been utilised for long term (xii) The Company is not a Nidhi Company and the Nidhi
to us and on the basis of the financial ratios, ageing
purposes except for borrowings amounting to Rules, 2014 are not applicable to it. Accordingly,
and expected dates of realisation of financial assets
Rs. 2,288.10 lacs which has been utilised for reporting under clause 3(xii) of the Order is not applicable
and payment of financial liabilities, other information in
procurement of property plant and equipment. to the Company.
the standalone financial statements, our knowledge of
e) According to the information and explanations given (xiii) In our opinion and according to the information and the plans of the Board of Directors and management
to us and on an overall examination of the financial explanations given to us, all transactions entered into by and based on our examination of the evidence
statements of the Company, the Company has not the Company with the related parties are in compliance supporting the assumptions, nothing has come to our
taken any funds from any entity or person on account with sections 177 and 188 of the Act, where applicable. attention, which causes us to believe that any material
of or to meet the obligations of its subsidiaries. Further, the details of such related party transactions uncertainty exists as on the date of the audit report
have been disclosed in the standalone financial indicating that Company is not capable of meeting its
f) According to the information and explanations
statements, as required under Indian Accounting liabilities existing at the date of balance sheet as and
given to us, the Company has not raised any loans
Standard (Ind AS) 24, Related Party Disclosures when they fall due within a period of one year from
during the year on the pledge of securities held in its
specified in Companies (Indian Accounting Standards) the balance sheet date. We, however, state that this
subsidiaries.
Rules 2015 as prescribed under section 133 of the Act. is not an assurance as to the future viability of the
(x) a) The Company has not raised any money by way of company. We further state that our reporting is based
(xiv) a) In our opinion and according to the information
initial public offer or further public offer (including on the facts up to the date of the audit report and we
and explanations given to us, the Company has
debt instruments), during the year. Accordingly, neither give any guarantee nor any assurance that all
an internal audit system which is commensurate
reporting under clause 3(x)(a) of the Order is not liabilities falling due within a period of one year from
with the size and nature of its business as required
applicable to the Company. the balance sheet date, will get discharged by the
under the provisions of section 138 of the Act.
company as and when they fall due.
b) According to the information and explanations given
b) We have considered the reports issued by the
to us and on the basis of our examination of the (xx) According to the information and explanations given to
Internal Auditors of the Company till date for the
records of the Company, the Company has not us, the Company does not have any unspent amounts
period under audit.
made any preferential allotment or private placement towards Corporate Social Responsibility in respect of

160 Globus Spirits Limited 2023-24 Annual Report 161

 Annexure B company’s internal financial controls with reference to financial Globus Spirits Limited
Independent Auditor’s Report on the internal financial statements include those policies and procedures that (1) CIN : L74899DL1993PLC052177
pertain to the maintenance of records that, in reasonable detail,

Standalone Balance Sheet as at March 31, 2024

controls with reference to standalone financial statements
under Clause (i) of Sub-section 3 of Section 143 of the accurately and fairly reflect the transactions and dispositions of
Companies Act, 2013 (‘the Act’) the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation All amounts are in ` Lacs, unless otherwise stated
1. In conjunction with our audit of the standalone financial of financial statements in accordance with generally accepted
statements of Globus Spirits Limited (‘the Company’) as at and accounting principles, and that receipts and expenditures Particulars Note
As at As at
for the year ended 31 March 2024, we have audited the internal March 31, 2024 March 31, 2023
of the company are being made only in accordance with
financial controls with reference to financial statements of the authorisations of management and directors of the company; I. ASSETS
Company as at that date. and (3) provide reasonable assurance regarding prevention or 1 Non - current assets
Responsibilities of Management and Those Charged with timely detection of unauthorised acquisition, use, or disposition (a) Property, plant and equipment 2(a) 92,557.51 79,899.47
Governance for Internal Financial Controls of the company’s assets that could have a material effect on the (b) Capital work-in-progress 2(b) 8,878.56 9,909.95
financial statements. (c) Right to use of assets 3 3,049.78 2,648.52
2. The Company’s Board of Directors is responsible for establishing (d) Intangible assets 4(a) 33.66 70.73
and maintaining internal financial controls based on internal Inherent Limitations of Internal Financial Controls with (e) Intangible assets under development 4(b) 91.42 -
financial controls with reference to financial statement criteria Reference to Financial Statements (f) Financial assets
established by the Company considering the essential 7. Because of the inherent limitations of internal financial controls (i) Investments 5 377.33 0.30
component of internal control stated in Guidance Note on (ii) Other financial assets 7 1,919.31 6,864.68
with reference to financial statements, including the possibility (g) Income tax assets (net) 8 1,036.38 307.89
Audit of Internal Financial Controls over Financial Reporting (the of collusion or improper management override of controls, (h) Other non current assets 9 5,725.51 8,528.08
‘Guidance Note’) issued by the Institute of Chartered Accountants material misstatements due to error or fraud may occur and not
Total non-current assets 1,13,669.46 1,08,229.62
of India (the ‘ICAI”) . These responsibilities include the design, be detected. Also, projections of any evaluation of the internal 2 Current assets
implementation and maintenance of adequate internal financial financial controls with reference to financial statements to future (a) Inventories 10 18,871.80 15,778.12
controls that were operating effectively for ensuring the orderly periods are subject to the risk that the internal financial controls (b) Financial assets
and efficient conduct of the Company’s business, including with reference to financial statements may become inadequate (i) Trade receivables 11 27,560.68 20,970.95
adherence to the Company’s policies, the safeguarding of its because of changes in conditions, or that the degree of (ii) Cash and cash equivalents 12 (a) 79.09 194.43
assets, the prevention and detection of frauds and errors, the compliance with the policies or procedures may deteriorate. (iii) Bank balances other than (ii) above 12 (b) 7,606.76 3,320.84
accuracy and completeness of the accounting records, and the (iv) Loans 6 1.43 1.76
timely preparation of reliable financial information, as required Qualified opinion (v) Others financial assets 7 1,345.67 981.94
(c) Other current assets 9 7,515.91 9,463.07
under the Act. 8. According to the information and explanations given to us Total current assets 62,981.34 50,711.11
Auditor’s Responsibility for the Audit of the Internal Financial and based on our audit, the following material weakness has
TOTAL ASSETS 1,76,650.80 1,58,940.73
Controls with Reference to Financial Statements been identified in the operating effectiveness of the Company’s II. EQUITY AND LIABILITIES
internal financial controls with reference to financial statements 1 Equity
3. Our responsibility is to express an opinion on the Company’s as at 31 March 2024. (a) Equity share capital 13 2,882.26 2,880.28
internal financial controls with reference to financial statements (b) Other equity 13 94,281.79 85,782.95
based on our audit. We conducted our audit in accordance Consequent to the matter described in Note 47 to the
97,164.05 88,663.23
with the Standards on Auditing issued by the ICAI prescribed accompanying standalone financial statements, pending
2 Liabilities
under Section 143(10) of the Act, to the extent applicable to completion of an independent review of the disallowances by Non - current liabilities
an audit of internal financial controls with reference to financial the Company and outcome of the appeal filed with the Income (a) Financial liabilities
statements, and the Guidance Note issued by the ICAI. Those Tax Department as stated in the ‘Basis of Qualified Opinion’ (i) Borrowings 14 9,196.88 11,115.81
Standards and the Guidance Note require that we comply with paragraph of our audit report, and the consequential impact it (ii) Lease liabilities 15 659.16 1,117.23
ethical requirements and plan and perform the audit to obtain may have on the Company’s processes and internal controls, (b) Provisions 16 652.98 455.74
we are unable to comment on whether the Company has (c) Deferred tax liabilites (net) 17 8,406.20 11,012.93
reasonable assurance about whether adequate internal financial (d) Other non current liabilities 18 224.22 237.50
controls with reference to financial statements were established established adequate internal financial controls with reference
Total non-current liabilities 19,139.44 23,939.21
and maintained and if such controls operated effectively in all to financial statements and whether such internal financial 3 Current liabilities
material respects. controls were operating effectively as at 31 March 2024 in all (a) Financial liabilities
material respects, which could potentially result in the Company (i) Borrowings 14 22,585.23 16,451.40
4. Our audit involves performing procedures to obtain audit not providing for adjustment, if any, that may be required to the (ii) Lease liabilities 15 456.17 387.49
evidence about the adequacy of the internal financial controls accompanying standalone financial statements. (iii) Trade payables 19
with reference to financial statements and their operating - Total Outstanding dues of Micro Enterprises and Small Enterprises 10,147.32 3,940.35
effectiveness. Our audit of internal financial controls with 9. We have considered the material weakness identified and - Total Outstanding dues to creditors other than Micro Enterprises 21,241.86 16,782.60
reference to financial statements includes obtaining an reported above in determining the nature, timing, and extent and Small Enterprises
understanding of such internal financial controls, assessing the of audit tests applied in our audit of the standalone financial (iv) Other financial liabilities 20 1,882.95 2,957.77
risk that a material weakness exists, and testing and evaluating statements of the Company as at and for the year ended 31 (b) Other current liabilities 18 3,632.47 4,364.03
the design and operating effectiveness of internal control based March 2024 and the material weakness has affected our opinion (c) Provisions 16 401.77 490.43
on the standalone financial statements of the Company and (d) Current tax liabilities (net) 21 - 964.21
on the assessed risk. The procedures selected depend on the Total current liabilities 60,347.31 46,338.29
auditor’s judgement, including the assessment of the risks of we have issued a Qualified opinion on the standalone financial
material misstatement of the financial statements, whether due statements. Total liabilities 79,486.75 70,277.50
to fraud or error. TOTAL EQUITY AND LIABILITIES 1,76,650.80 1,58,940.73

5. We believe that the audit evidence we have obtained is sufficient For Walker Chandiok & Co LLP Summary of material accounting policies and other explanatory information (1-55)
and appropriate to provide a basis for our qualified audit opinion Chartered Accountants This is the standalone balance sheet referred to in our report of even date.

on the Company’s internal financial controls with reference to Firm’s Registration No.: 001076N/N500013 For Walker Chandiok & Co LLP For and on behalf of the Board of Directors
Chartered Accountants
financial statements. Firm’s Registration Number : 001076N/N500013
Meaning of Internal Financial Controls with Reference to Arun Tandon Ajay K. Swarup Shekhar Swarup Bhaskar Roy
Financial Statements Arun Tandon Managing Director Joint Managing Director Executive Director
Partner Partner DIN-00035194 DIN-00445241 DIN-02805627
6. A company’s internal financial controls with reference to financial Membership No.: 517273 Membership No. 517273
statements is a process designed to provide reasonable UDIN: 24517273BKEXFO1657
Nilanjan Sarkar Santosh Kumar Pattanayak
assurance regarding the reliability of financial reporting and Chief Financial Officer Company Secretary
the preparation of financial statements for external purposes in Place New Delhi
ACS-18721
accordance with generally accepted accounting principles. A Date 30 May 2024 Place : New Delhi Place : New Delhi
Date : May 30, 2024 Date : May 30, 2024

162 Globus Spirits Limited 2023-24 Annual Report 163

 Globus Spirits Limited Globus Spirits Limited
CIN : L74899DL1993PLC052177 CIN : L74899DL1993PLC052177

Standalone Statement of Profit and Loss for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated
Standalone Statement of Cash Flow for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated

For the year ended For the year ended

Particulars Notes
For the year ended For the year ended March 31, 2024 March 31, 2023
Particulars Note
March 31, 2024 March 31, 2023 A. Cash flow from operating activities
Profit for the year 9,165.47 18,006.69
I Revenue from operations 22 314,721.41 282,246.84 Adjustments for :
Depreciation and amortisation expenses 29 6,559.69 5,633.03
II Other income 23 1,351.06 782.95 Employee stock options 45 525.88 83.66
Finance costs 28 2,678.60 1,701.30
Provision against doubtful advances 30 104.00 19.49
III Total income (I + II) 316,072.47 283,029.79
Interest income 23 (656.41) (491.19)
Liabilities written back 23 (254.67) (186.68)
IV Expenses: Miscellaneous income - (8.66)
(a) Cost of materials consumed 24 166,695.93 128,881.57 Unrealised foreign exchange gains (83.89) (59.77)
Gain on disposal of property, plant and equipment - (5.97)
(b) Changes in inventories of finished goods & Work in progress 25 (1,901.97) (2,786.16) 8,873.20 6,685.21
(c) Excise duty on sale of goods 26 73,253.65 71,340.85 Operating profit before working capital changes 18,038.66 24,691.90
(d) Employee benefits expenses 27 7,903.47 6,522.84 Movement in working capital:
(Increase) in inventories (3,093.68) (4,929.23)
(e) Finance costs 28 2,678.60 1,701.30 (Increase) in trade receivables (6,571.66) (9,275.58)
(f) Depreciation and amortisation expenses 29 6,559.69 5,633.03 Decrease/(Increase) in other assets 2,443.13 (6,652.90)
Increase in trade payables 10,041.74 7,963.03
(g) Other expenses 30 51,717.63 53,729.66 Increase in other liabilities and provisions 117.82 1,528.00
Total expenses (IV) 306,907.00 2,65,023.09 2,937.36 (11,366.68)
Cash generated from operations 20,976.02 13,325.22
Income tax paid (3,798.83) (3,124.91)
V Profit before tax (III - IV) 9,165.47 18,006.70
Net cash flow from operating activities (A) 17,177.19 10,200.31
VI Tax expenses: B. Cash flow from investing activities
(a) Current tax 31 (a) 2,106.13 3,639.12 Payment for property, plant and equipment (17,503.40) (21,998.17)
Investment in subsidiary 5 (377.03) -
(b) Deferred tax 31 (b) (2,615.55) 2,147.77 Proceeds from disposal of property, plant and equipment - 18.77
(509.42) 5,786.89 Loan given to subsidiary 44 (30.00) -
Proceedes from loan repayment from subsidiary 44 30.00 -
VII Profit for the year (V-VI) 9,674.89 12,219.81 Proceeds from maturity of bank deposits and margin money 1,675.49 1,736.26
Invetsment in bank deposits (1,000.00) (1,350.00)
Interest received 558.90 524.12
VIII Other comprehensive income (OCI)
Net cash (used) in investing activities (B) (16,646.04) (21,069.01)
(i) Items that will not be reclassified to profit or loss 31 (c) 35.06 (10.34) C. Cash flow from financing activities
Proceeds from Long Term Borrowings 5,555.76 12,850.00
(ii) Income tax relating to items that will not be reclassified to profit or loss 31 (c) (8.83) 3.61 Repayment of Long Term Borrowings (8,375.00) (7,376.22)
Other comprehensive income 26.23 (6.73) Net proceeds from Short Term Borrowings 7,080.31 4,648.41
Lease liabilities against right of use assets created 60.24 1,402.20
Repayment of Principal portion of lease liabilities 37 (389.39) (375.23)
IX Total comprehensive income for the year (VII+VIII) 9,701.12 12,213.08
Repayment of Interest portion of lease liabilities 37 (106.52) (107.84)
Proceeds from issue of share capital 13 1.98 -
X Earnings per share (of Rs. 10 each): 35 Payment of Interest and other borrowing cost (2,685.46) (1,675.97)
Basic 33.58 42.43 Dividend Paid (1,728.16) (864.08)
Net cash (used) in financing activities (C) (646.49) 8,501.27
Diluted 33.51 42.39
Net increase / (decrease) in Cash and cash equivalents (A+B+C) (115.34) (2,367.43)
Cash and cash equivalents at the beginning of the year 194.43 2,561.86
Summary of material accounting policies and other explanatory information (1-55) Cash and cash equivalents at the end of the year 79.09 194.43
This is the standalone balance sheet referred to in our report of even date. Reconciliation of cash and cash equivalents:
Cash in hand 0.86 1.25
Balances with banks
(i) In current accounts 78.23 193.18
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors (ii) Bank deposits upto 3 months - -
Chartered Accountants Net cash and cash equivalents 79.09 194.43
Firm’s Registration Number : 001076N/N500013 Note: The above standalone cash flow statement has been prepared under the “Indirect method” as set out in Indian accounting standard(Ind AS)- 7, “Statement of cash flow”.
Summary of material accounting policies and other explanatory information
Ajay K. Swarup Shekhar Swarup Bhaskar Roy
This is the standalone balance sheet referred to in our report of even date.
Arun Tandon Managing Director Joint Managing Director Executive Director
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors
Partner DIN-00035194 DIN-00445241 DIN-02805627 Chartered Accountants
Membership No. 517273 Firm’s Registration Number : 001076N/N500013
Ajay K. Swarup Shekhar Swarup Bhaskar Roy
Arun Tandon Managing Director Joint Managing Director Executive Director
Nilanjan Sarkar Santosh Kumar Pattanayak Partner DIN-00035194 DIN-00445241 DIN-02805627
Chief Financial Officer Company Secretary Membership No. 517273
ACS-18721 Nilanjan Sarkar Santosh Kumar Pattanayak
Place : New Delhi Place : New Delhi Chief Financial Officer Company Secretary
Date : May 30, 2024 Date : May 30, 2024 ACS-18721
Place : New Delhi Place : New Delhi
Date : May 30, 2024 Date : May 30, 2024

164 Globus Spirits Limited 2023-24 Annual Report 165

 Globus Spirits Limited Globus Spirits Limited
CIN : L74899DL1993PLC052177 CIN : L74899DL1993PLC052177

Standalone Statement of Changes in Equity Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated
for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated Note 1 - General information and Material Accounting Policies Ministry of Corporate Affairs (“MCA”) notifies new standards
or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to
Note 1.1 - General information
time. For the year ended March 31, 2024, MCA has not notified
(a) Equity share capital
Globus Spirits Limited (“the Company”) is a public Company any new standards or amendments to the existing standards
domiciled in India and incorporated under the provisions of applicable to the Company.
Balance as at April 01, 2023 Changes in Restated balance Changes in Balance as at the Companies Act. The registered office of the Company
equity share as at equity share March 31, 2024 Note 1.3 - Material Accounting Policies
capital due to March 31, 2023 capital during
is located at F-0, Ground Floor, The Mira Corporate Suites,
prior period the year Plot No. 1 & 2, Ishwar Nagar, Mathura Road, New Delhi - I Basis of preparation and presentation
errors 110065. The Company is primarily engaged in the business
of manufacturing and sale of Indian Made Indian Liquor The financial statements have been prepared on accrual basis
2,880.28 - 2,880.28 1.98 2,882.26 under the historical cost basis except for certain financial
(IMIL), Indian Made Foreign Liquor (IMFL), Bulk Alcohol, Hand
Sanitizer and Franchise Bottling. instruments which are measured at fair value at the end of each
Balance as at April 01, 2022 Changes in Restated balance Changes in Balance as at reporting period.
equity share as at equity share March 31, 2023 Note 1.2 - Statement of compliance
capital due to March 31, 2022 capital during Fair value is the price that would be received to sell an asset
prior period the year These Ind AS financial statements of the Company have been or paid to transfer a liability in an orderly transaction between
errors prepared in accordance with the Indian Accounting Standards market participants at the measurement date, regardless of
2,880.28 - 2,880.28 - 2,880.28 (Ind AS) as prescribed under the Companies (Indian Accounting whether that price is directly observable or estimated using
Standards) Rules, 2015. another valuation technique. In estimating the fair value of
(b) Reserves and surplus an asset or a liability, the Company takes into account the
Note 1.2.1 - Recent accounting pronouncements (Standard characteristics of the asset or liability if market participants
Particulars Reserves and surplus Total issued but not yet effective): would take those characteristics into account when pricing
Securities General reserve Capital Surplus in Share Based The Company has applied the following amendments for the the asset or liability at the measurement date. Fair value for
premium Reserve Statement of Payment first time for their annual reporting period commencing April measurement and/or disclosure purposes in these financial
account Profit and Loss Reserve statements is determined on such a basis, except for leasing
01, 2023:
transactions that are within the scope of Ind AS 116, and
Balance as at March 31, 2022 14,894.92 1,415.65 (41.34) 58,081.08 - 74,350.31 Ind AS 8 – Accounting Policies, Changes in Accounting measurements that have some similarities to fair value but are
Profit for the year - - - 12,219.81 - 12,219.81 Estimates and Errors not fair value, such as net realizable value in Ind AS 2 or value
Dividend paid - - - (864.08) - (864.08) The amendments to Ind AS 8 clarify the distinction between in use in Ind AS 36.
Other comprehensive income for the year, net of - - - (6.71) - (6.71) changes in accounting estimates, changes in accounting In addition, for financial reporting purposes, fair value
income tax policies and the correction of errors. They also clarify how measurements are categorised into Level 1, 2, or 3 based on
Share based payment - - - - 83.62 83.62 entities use measurement techniques and inputs to develop the degree to which the inputs to the fair value measurements
Total comprehensive income for the year - - - 11,349.02 83.62 11,432.64 accounting estimates are observable and the significance of the inputs to the fair
Balance as at March 31, 2023 14,894.92 1,415.65 (41.34) 69,430.10 83.62 85,782.95 value measurement in its entirety, which are described as
The amendments had no impact on the Company’s standalone
follows:
financial statements
Profit for the year - - - 9,674.89 - 9,674.88
Level 1 inputs are quoted prices (unadjusted) in active markets
Dividend paid - - - (1,728.16) - (1,728.16) Ind AS 1 – Presentation of Financial Statements
for identical assets or liabilities that the entity can access at the
Other comprehensive income for the year, net of - - - 26.24 - 26.24 The amendments to Ind AS 1 provide guidance on applying measurement date;
income tax
materiality judgements to accounting policy disclosures. The Level 2 inputs are inputs, other than quoted prices included
Share based payment 162.03 - - - 363.85 525.88 amendments aim to help entities provide accounting policy within Level 1, that are observable for the asset or liability,
Total comprehensive income for the year 162.03 - - 7,972.96 363.85 8,498.84 disclosures that are more useful by replacing the requirement either directly or indirectly; and
Balance as at March 31, 2024 15,056.95 1,415.65 (41.34) 77,403.06 447.47 94,281.79 for entities to disclose their ‘significant’ accounting policies
with a requirement to disclose their ‘material’ accounting Level 3 inputs are unobservable inputs for the asset or liability.
Summary of material accounting policies and other explanatory information policies and adding guidance on how entities apply the Use of estimates and critical accounting judgments
This is the standalone statement of changes in equity referred to in our report of even date. concept of materiality in making decisions about accounting
The preparation of these financial statements in conformity
policy disclosures.
with the recognition and measurement principles of Ind AS
The amendments have had an impact on the Company’s requires the management of the Company to make estimates
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors disclosures of accounting policies, but not on the measurement, and assumptions that affect the reported balances of assets
Chartered Accountants recognition or presentation of any items in the Company’s and liabilities, disclosures relating to contingent liabilities
Firm’s Registration Number : 001076N/N500013 standalone financial statements. as at the date of the financial statements and the reported
Ajay K. Swarup Shekhar Swarup Bhaskar Roy amounts of income and expense for the periods presented.
Arun Tandon Managing Director Joint Managing Director Executive Director Ind AS 12 – Income Taxes
Estimates and the underlying assumptions are reviewed on
Partner DIN-00035194 DIN-00445241 DIN-02805627
Membership No. 517273 The amendments to Ind AS 12 Income Tax narrow the scope an ongoing basis. Revisions to accounting estimates are
of the initial recognition exception, so that it no longer applies recognised in the period in which the estimates are revised and
Nilanjan Sarkar Santosh Kumar Pattanayak to transactions that give rise to equal taxable and deductible future periods are affected.
Chief Financial Officer Company Secretary
ACS-18721
temporary differences such as leases. The above amendments Key source of estimation of uncertainty at the date of the
Place : New Delhi Place : New Delhi did not have any material impact on the amounts recognised financial statements, which may cause a material adjustment
Date : May 30, 2024 Date : May 30, 2024 in prior periods and are not expected to significantly affect the to the carrying amounts of assets and liabilities within the next
current or future periods. financial year, are in respect of useful lives of property, plant
and equipment, employee stock option plan and provision for
employee benefits.

166 Globus Spirits Limited 2023-24 Annual Report 167

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

II Revenue recognition Rendering of services ii. Machinery spares which can be used only in connection iii. The Company, based on technical assessment made by
with an item of fixed asset and whose use is expected to a technical expert and management estimate, depreciates
Revenue from contracts with customers Revenue from bottling contracts with brand franchise is be irregular are capitalised and depreciated over the useful respective assets basis the technical estimates and
Sale of goods recognised in the accounting period in which the services are life of the principal item of the relevant assets. estimates, which are different from the useful life
The Company derives revenue from manufacture and sale of rendered and related costs are incurred in accordance with the prescribed in schedule II to the Companies Act, 2013.
agreement between the parties. iii. Capital work-in-progress
Indian Made Indian Liquor (IMIL), Indian Made Foreign Liquor
Projects under which property, plant and equipment are The management believes that estimated useful lives are
(IMFL), Bulk alcohol and Franchisee Bottling. Other Operating income
not yet ready for their intended use are carried at cost, realistic and reflect fair approximation of the period over
The Company has applied Ind AS 115 ‘Revenue from contracts comprising direct cost, related incidental expenses and which the assets are likely to be used.
Income from export incentives are recognised on an accrual
with customers’ with effect from 1 April 2018, using the attributable interest.
basis. B. Impairment
retrospective method with restatement of comparative period.
Upon application of Ind AS 115, Revenue is recognized upon Other income IV Intangible assets :
(i) Financial assets
transfer of control of promised goods to the customers. The Intangible assets including those acquired by the Company are
Interest income is recognised using the effective interest rate The Company recognizes loss allowances for the financial
point at which control passes is determined by each customer initially measured at cost. Following initial recognition, intangible
method. The effective interest rate is the rate that exactly assets which are not measured at fair value through profit or
arrangement when there is no unfulfilled obligation that could assets are carried at cost less accumulated amortisation and
discounts estimated future cash receipts through the expected loss. Loss allowance for trade receivables with no significant
affect the customer’s acceptance of goods. impairment losses, if any.
life of the financial asset to the gross carrying amount of a financing component is measured at an amount equal to
At contract inception, the company assesses its promise to financial asset. When calculating the effective interest rate, the i. Subsequent expenditure expected losses which is computed on case to case basis.
transfer products or services to a customer to identify separate Company estimates the expected cash flows by considering all
performance obligations. Where the contracts include multiple Subsequent expenditure is capitalised only when it increases
the contractual terms of the financial instrument but does not (ii) Non - financial assets
performance obligations, the transaction price is allocated to the future economic benefits embodied in the specific asset to
consider the expected credit losses.
each performance obligation based on the standalone selling which it relates. All other expenditure, including expenditure on Property, plant and equipment and intangible assets
prices. III Property, plant and equipment internally generated goodwill and brands, is recognised in profit
Property, plant and equipment and intangible assets are tested
or loss as incurred.
Revenue is recognized to depict the transfer of promised i. Property, plant and equipment are stated at cost of for impairment whenever events or changes in circumstances
products or services to customers. Revenue is measured acquisition or construction less accumulated depreciation ii. Amortisation indicate that the carrying amount may not be recoverable. If
based on the consideration to which the Company expects to and impairment losses, if any. All items of property, plant any such indication exists, the recoverable amount (i.e. higher
Amortisation is calculated to write off the cost of intangible
be entitled in a contract with a customer and excludes amount and equipment have been measured at fair value at the of the fair value less cost of disposal and the value-in-use)
assets less their estimated residual values over their estimated
collected on behalf of third party. date of transition to Ind-AS. The Company has opted for is determined on an individual asset basis to determine the
useful economic lives using straight line basis, and is included
Revenue towards satisfaction of a performance obligation is such fair valuation as deemed cost as at the transition extent of the impairment loss (if any). An impairment loss is
in depreciation and amortisation in Statement of Profit and
measured at the amount of transaction price (net of variable date i. e. April 01, 2016. recognised in the statement of profit or loss. The Company
Loss.
consideration) allocated to that performance obligation. The reviews at each reporting date if there are any indications that
Cost is inclusive of inward freight, duties and taxes and an asset may be impaired.
transaction price of goods sold and services rendered is net Asset Useful life
incidental expenses related to acquisition or construction.
of variable consideration on account of various discounts and All upgradation / enhancements are charged off as revenue Software- ERP 5 Years Non financial assets that suffered an impairment are reviewed
schemes offered by the Company as part of the contract. expenditure unless they bring similar significant additional for possible reversal of the impairment at the end of each
Revenue is measured based on the transaction price i.e. the Amortisation method, useful lives and residual values are reporting period.
benefits. An item of property, plant and equipment is
consideration to which the Company expects to be entitled reviewed at the end of each financial year and adjusted if
derecognised upon disposal or when no future economic
appropriate. VI Foreign currency transactions
from a customer, net of returns and allowances, trade benefits are expected to arise from the continued use
discounts and volume rebates. Revenue includes both fixed of asset. Any gain or loss arising on the disposal or V A. Depreciation Items included in the standalone financial statements are
and variable consideration. Variable consideration arises on the retirement of an item of property, plant and equipment is measured using the currency of the primary economic
sale of goods as a result of discounts and allowances given and determined as the difference between the sales proceeds i. Depreciation has been provided on the cost of the assets environment in which the entity operates (‘the functional
accruals for estimated future returns and rebates. Revenue is and the carrying amount of the asset and is recognised less their residual values on straight line method on the currency’). The standalone financial statements are presented
not recognised in full until it is highly probable that a significant in the Statement of Profit and Loss. Depreciation of basis of estimated useful life of the assets as prescribed in in Indian Rupee (`), which is the Company’s functional and
reversal in the amount of cumulative revenue recognised will these assets commences when the assets are ready for Schedule II to the Companies Act, 2013. presentation currency.
not occur. their intended use which is generally on commissioning. Estimated useful lives of the assets is as given below : Transactions in foreign currency are recorded on initial
The methodology and assumptions used to estimate rebates Items of property, plant and equipment are depreciated
Asset Useful Life recognition at the exchange rate prevailing at the time of
and returns are monitored and adjusted regularly in the light in a manner that amortizes the cost (or other amount
Buildings (including roads) 10-60 years transaction.
of contractual and legal obligations, historical trends and past substituted for cost) of the assets after commissioning,
experience. Once the uncertainty associated with the returns less its residual value, over their useful lives as specified Plant and machinery 3-25 years Monetary items (i.e. trade receivables) denominated in foreign
and rebates is resolved, revenue is adjusted accordingly. in Schedule II of the Companies Act, 2013 on a straight Furniture and fixtures 10 years currency are reported using the closing exchange rate on each
line basis. balance sheet date.
Revenue in excess of billing is classified as unbilled revenue Computers and data 3-6 years
while billing in excess of revenue is classified as unearned Subsequent costs are included in the assets’s carrying processing units Non-monetary items that are measured in terms of historical
revenue. amount or recognised as a separate asset, as appropriate, Electrical installations and 10 years cost in a foreign currency are translated using the exchange
Critical judgements only when it is probable that future economic benefits equipment rates at the dates of the initial transactions. Non-monetary
associated with the item will flow to the company and the items measured at fair value in a foreign currency are translated
Judgement is required to determine the transaction price for Vehicles 8 years
cost of the item can be measured reliably. The carrying using the exchange rates at the date when the fair value is
the contract. amount of any component accounted for as a separate Office equipment 5 years determined. The gain or loss arising on translation of non-
Transaction Price: The transaction price could either be a fixed asset is derecognised when replaced. All other repairs ii. Depreciable amount for assets is the cost of an asset, monetary items measured at fair value is treated in line with the
amount of customer consideration or variable consideration and maintenance are charged to profit or loss during the or other amount substituted for cost, less its estimated recognition of the gain or loss on the change in fair value of the
with elements such as discounts and incentives. The reporting period in which they are incurred. residual value. item (i.e., translation differences on items whose fair value gain
estimated amount of variable consideration is adjusted in the or loss is recognised in OCI or profit or loss are also recognised
Government Grants related to purchase of property, plant
transaction price only to the extent that it is highly probable in OCI or profit or loss, respectively).
& equipment’s are presented in the balance sheet as a
that a significant reversal in the amount of cumulative revenue
deduction from the carrying amount of property, plant and
recognized will not occur and is reassessed at the end of each
equipment.
reporting period.

168 Globus Spirits Limited 2023-24 Annual Report 169

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

The exchange differences arising on the settlement of monetary a) The rights to receive cash flows from the asset have expired, ii For defined benefit plans in the form of gratuity fund any claims where a potential loss is probable and capable of
items or on reporting these items at rates different from rates or the cost of providing benefits is determined using the being estimated and discloses such matters in its financial
at which these were initially recorded / reported in previous b) The Company has transferred its rights to receive cash Projected Unit Credit method, with actuarial valuations statements, if material. For potential losses that are considered
financial statements are recognised as income / expense in the flows from the asset or has assumed an obligation to pay being carried out at each balance sheet date. Actuarial possible, but not probable, the Company provides disclosures
period in which they arise. the received cash flows in full without material delay to a gains and losses are recognised in the Statement of Profit in the financial statements but does not record a liability in
third party under a ‘pass-through’ arrangement and either and Loss in the period in which they occur through other its financial statements unless the loss becomes probable.
VII Financial instruments comprehensive income.
(a) the Company has transferred substantially all the risks
Provisions are recognised when the Company has a present
Initial recognition and rewards of the asset, or (b) the Company has neither iii The undiscounted amount of short-term employee obligation (legal / constructive) as a result of a past event, for
Financial assets (excluding trade receivables) and financial transferred nor retained substantially all the risks and benefits expected to be paid in exchange for the services which it is probable that a cash outflow may be required and a
liabilities are initially measured at fair value. Transaction rewards of the asset, but has transferred control of the asset. rendered by employees are recognised during the year reliable estimate can be made of the amount of the obligation.
costs that are directly attributable to the acquisition or issue When the Company has transferred its rights to receive when the employees render the service. These benefits When a provision is measured using the cash flows estimated
of financial assets and financial liabilities (other than financial cash flows from an asset or has entered into a pass-through include performance incentive which are expected to to settle the present obligation, its carrying amount is the
assets and financial liabilities at fair value through profit or arrangement, it evaluates if and to what extent it has retained occur within twelve months after the end of the period in present value of those cash flows (when the effect of the time
loss) are added to or deducted from the fair value of financial the risks and rewards of ownership. When it has neither which the employee renders the related service. value of money is material).
asset or financial liabilities, as appropriate, on initial recognition. transferred nor retained substantially all of the risks and iv The Company uses assumptions to determine current XII Leases
Trade receivables that do not contain a significant financing rewards of the asset, nor transferred control of the asset, service cost, net interest cost for the period and recognizes
component are measured at transaction price. the Company continues to recognise the transferred asset to in statement of profit or loss as past service cost, gain or From 1 April 2019, leases are recognised as a right-of-use
the extent of the Company’s continuing involvement. In that loss on settlement, any reduction in a surplus. asset and a corresponding liability at the date at which the
All regular way purchases or sales of financial assets are case, the Company also recognises an associated liability. The leased asset is available for use by the Company.
recognised and derecognised on a trade date basis. Regular transferred asset and the associated liability are measured on a The cost of short-term compensated absences is accounted
way purchases or sales are purchases or sales of financial basis that reflects the rights and obligations that the Company on actual basis. Assets and liabilities arising from a lease are initially measured
assets that require delivery of assets within the time frame has retained. on a present value basis. Lease liabilities include the net
established by regulation or convention in the marketplace Share-based payments present value of the following lease payments:
Offsetting of financial instruments Employees (including senior executives) of the Company
All recognised financial assets are subsequently measured in i fixed payments (including in-substance fixed payments),
their entirety at either amortised cost or fair value, depending Financial assets and financial liabilities are offset and the net receive remuneration in the form of share-based payments, less any lease incentives receivable.
on the classification of the financial assets amount is reported in the consolidated balance sheet if there whereby employees render services as consideration for equity variable lease payment that are based on an index or a
is a currently enforceable legal right to offset the recognised instruments (equity-settled transactions). ii rate, initially measured using the index or rate as at the
Subsequent measurement amounts and there is an intention to settle on a net basis, to Equity-settled transactions commencement date.
i Financial assets carried at amortised cost : A realise the assets and settle the liabilities simultaneously.
The cost of equity-settled transactions is determined by amounts expected to be payable by the Company under
financial asset is subsequently measured at amortised iii
VIII Investments the fair value at the date when the grant is made using an residual value guarantees.
cost if it is held in order to collect contractual cash flows
The Company reviews its carrying value of long term appropriate valuation model. That cost is recognised, together the exercise price of a purchase option if the Company is
and the contractual terms of the financial asset give rise on iv
investments in equity instrument which are carried at cost at with a corresponding increase in share-based payment (SBP) reasonably certain to exercise that option and
specified dates to cash flows that are solely payments of
the end of each reporting period. If the recoverable amount is reserves in equity, over the period in which the performance v Payments of penalties for terminating the lease, if the lease
principal and interest on the principal amount outstanding.
less than its carrying amount, the impairment loss is accounted and/or service conditions are fulfilled in employee benefits term reflects the Company exercising that option.
ii Financial assets carried at fair value through other for. expense. The cumulative expense recognised for equity-
comprehensive income (FVTOCI): A financial asset is settled transactions at each reporting date until the vesting Lease payments to be made under reasonably certain extension
subsequently measured at FVTOCI if it is held not only for IX Inventories date reflects the extent to which the vesting period has expired options are also included in the measurement of the liability.
collection of cash flows arising from payments of principal and the Company best estimate of the number of equity The lease payments are discounted using the interest rate
Inventories are valued at the lower of cost (weighted
instruments that will ultimately vest. The statement of profit and implicit in the lease. If the rate cannot be readily determined,
and interest but also from the sale of such assets. Such average basis) and the net realisable value after providing
loss expense or credit for a period represents the movement which is generally the case for leases in the Company, the
assets are subsequently measured at fair value, with for obsolescence and other losses, wherever considered
in cumulative expense recognised as at the beginning and end lessee’s incremental borrowing rate is used, being the rate that
unrealised gains and losses arising from changes in the fair necessary.
of that period and is recognised in employee benefits expense. the individual lessee would have to pay to borrow the funds
value being recognised in other comprehensive income. necessary to obtain an asset of similar value to the right-of-
Cost includes all charges in bringing the goods to the point of
Service and non-market performance conditions are not use asset in a similar economic environment with similar terms,
iii Financial assets carried at fair value through profit sale, including duties and levies, transit insurance and receiving
taken into account when determining the grant date fair security and conditions.
or loss (FVTPL): A financial asset which is not classified in charges. Finished goods include appropriate proportion of
value of awards, but the likelihood of the conditions being
any of the above categories (at amortised cost or through overheads and, where applicable, excise duty. In calculating the present value of lease payments, the
met is assessed as part of the Company best estimate of the
other comprehensive income) are subsequently measured Company uses its incremental borrowing rate at the lease
Raw materials, store and spares and consumables are number of equity instruments that will ultimately vest. Market
at fair value through profit or loss. commencement date because the interest rate implicit in the
determined on weighted average basis. performance conditions are reflected within the grant date fair
value. Any other conditions attached to an award, but without lease is not readily determinable. After the commencement
iv Financial liabilities : Financial liabilities are subsequently
Obsolete, slow moving and defective inventories are identified date, the amount of lease liabilities is increased to reflect the
measured at amortized cost using the effective interest an associated service requirement,are considered to be non-
at the time of physical verification of inventories and, if accretion of interest and reduced for the lease payments
method. For trade and other payables maturing within one vesting conditions. Non-vesting conditions are reflected in the
necessary, provisions are made for such items of inventories. made. In addition, the carrying amount of lease liabilities is
year from the Balance Sheet date, the carrying amounts fair value of an award and lead to an immediate expensing
of an award unless there are also service and/or performance remeasured if there is a modification, a change in the lease
approximate fair value due to the short maturity of these X Employee benefits
conditions. term, a change in the lease payments (e.g., changes to future
instruments.
The Company has various schemes of employee benefits such payments resulting from a change in an index or rate used to
Derecognition: as provident fund, employee state insurance scheme and The dilutive effect of outstanding options is reflected as determine such lease payments) or a change in the assessment
gratuity fund, which are dealt with as under: additional share dilution in the computation of diluted earnings of an option to purchase the underlying asset.
A financial asset (or, where applicable, a part of a financial per share.
asset or part of a group of similar financial assets) is primarily i The Company’s contribution to provident fund and Lease payments are allocated between principal and finance
employee state insurance scheme are considered as XI Contingent liabilities and provisions cost. The finance cost is charged to statement of profit or loss
derecognised (i.e. removed from the Company’s balance
sheet) when: defined contribution plans and are charged as an expense Contingent liabilities are disclosed after evaluation of the over the lease period so as to produce a constant periodic
based on the amount of contribution required to be made facts and legal aspects of the matter involved, in line with the rate of interest on the remaining balance of the liability for each
and when services are rendered by the employees. provisions of Ind AS 37. The Company records a liability for period.

170 Globus Spirits Limited 2023-24 Annual Report 171

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Variable lease payments that depend on sales are recognised that sufficient taxable profit will be available to allow all or
in statement of profit or loss in the period in which the condition part of the deferred tax asset to be utilised. Unrecognised iv Defined benefit plans/ other long term employee realisation in cash or cash equivalents, the Company has
that triggers those payments occurs. benefits: The cost of the defined benefit plans and determined its operating cycle as 12 months for the purpose
deferred tax assets are re-assessed at each reporting date
Right-of-use assets are measured at cost comprising the and are recognised to the extent that it has become probable other long term employee benefit plans are determined of classification of its assets and liabilities as current and non-
following: that future taxable profits will allow the deferred tax asset to be using actuarial valuations. An actuarial valuation involves current.
recovered. Deferred tax relating to items recognised outside making various assumptions that may differ from actual XVII Government grants, subsidies, export incentives and
i the amount of the initial measurement of lease liability
statement of profit and loss is recognised outside statement of developments in the future. These include the determination interest subvention
ii any lease payments made at or before the commencement of the discount rate, future salary increases and mortality
profit and loss i.e. in other comprehensive income when there Grants from the government are recognised at their fair value
date less any lease incentives received rates. Due to the complexities involved in the valuation
is uncertainty over income tax treatments. where there is a reasonable assurance that the grant will
iii any initial direct costs, and The current and deferred tax asset or liability shall be and its long-term nature, a defined benefit obligation
is highly sensitive to changes in these assumtions. be received and the company will comply with all attached
iv restoration costs. recognized and measured by applying the requirements conditions.
in Ind AS 12- Income Taxes based on the taxable profit/ All assumptions are reviewed at each reporting date.
Right-of-use assets are generally amortised over the shorter The parameter most subject to change is the discount
(loss), tax base, unused tax losses, unused tax credits Government grants and subsidies are recognised as income
of the asset’s useful life and the lease term on a straight-line rate. The management considers the interest rates of
and tax rates determined by applying this appendix. over the periods necessary to match them with the costs for
basis. If the Company is reasonably certain to exercise a government securities based on expected settlement
Deferred tax assets are recognised only to the extent that which they are intended to compensate, on a systematic basis.
purchase option, the right-of-use asset is depreciated over the period of various plans.
underlying assets useful life. it is probable that the temporary differences will reverse in the Government grants related to purchase of property, plant
foreseeable future and taxable profit will be available against v Contingent liabilities and claims: The Company is the and equipment’s are presented in the balance sheet as a
Payments associated with short-term leases of equipment and subject of lawsuits and claims arising in the ordinary course deduction from the carrying amount of property, plant and
which the temporary differences can be utilised.
all leases of low-value assets are recognised on a straight-line of business from time to time. The Company reviews equipment’s.
basis as an expense in profit and loss account. Short term XV Use of estimates and judgement
any such legal proceedings and claims on an ongoing The Company is entitled for interest subvention from
leases are the leases with a lease term of 12 months or less. The preparation of the financial statements in conformity with
basis and follow appropriate accounting guidance when Government of India, Department of Food and Public
Low-value assets comprise IT equipments and small items of recognition and measurement principles of Ind AS requires
making accrual and disclosure decisions. The Company Distribution (DFPD) for loans sanctioned vide notification dated
office furniture. the Management to make estimates and assumptions
establishes accruals for those contingencies where the January 14, 2021 for the purpose of setting up/ expansion of
considered in the reported amounts of assets and liabilities
XIII Earnings per share incurrence of a loss is probable and can be reasonably new/existing grain based distilleries.
(including contingent liabilities) and the reported income
Basic earnings / (loss) per share is calculated by dividing the estimated, and it discloses the amount accrued and the
and expenses during the year. Estimates and underlying The Company recognises amount receivable from government
net profit / (loss) for the current year attributable to equity amount of a reasonably possible loss in excess of the
assumptions are reviewed on an ongoing basis. Revisions to as interest subvention when the Company is entitled to receive
shareholders by the weighted average number of equity shares amount accrued, if such disclosure is necessary for the
accounting estimates are recognized in the period in which it. The interest cost is recorded net of interest reimbursement
outstanding during the year. The number of shares used in Company’s financial statements to not be misleading. To
estimates are revised if the revision affects only that period or received under the interest subvention scheme.
computing diluted earnings per share comprises the weighted estimate whether a loss contingency should be accrued
in the period of the revision and future periods if the revision XVIII Borrowing costs
average share considered for calculating basic earnings / (loss) by a charge to income, the Company evaluates, among
affects both current and future periods. The following are the
per share, and also the weighted average number of shares, other factors, the degree of probability of an unfavourable Borrowing costs directly attributable to the acquisition,
key assumptions concerning the future, and other sources of
which would have been issued on the conversion of all dilutive outcome and the ability to make a reasonable estimate construction or production of qualifying assets, which are
estimation uncertainty at the end of the reporting period that
potential equity shares. of the amount of the loss.The Company does not assets that necessarily take a substantial period of time to get
may have risk of causing a material adjustment to the carrying
record liabilities when the likelihood that the liability has ready for their intended use or sale, are added to the cost of
XIV Income taxes amounts of assets and liabilities in future are:
been incurred is probable, but the amount cannot be those assets, until such time as the assets are substantially
i Useful lives and residual value of property, plant reasonably estimated. Based upon present information,
Provision for current taxation is ascertained on the basis of ready for their intended use or sale.
and equipment and intangible assets: Useful life and the Company determined that there were no matters
assessable profits computed in accordance with the provisions
residual value are determined by the management based All other borrowing costs are recognised in the Statement of
of the Income-tax Act, 1961. that required an accrual as of March 31, 2023 other
on a technical evaluation considering nature of asset, past profit or loss in the period in which they are incurred.
than the accruals already recognized, nor were there any
Minimum Alternate Tax (MAT) paid in accordance with the experience, estimated usage of the asset, vendor’s advice asserted or unasserted claims for which material losses XIX Cash and cash equivalents
tax laws, which gives future economic benefits in the form of etc and same is reviewed at each financial year end. are reasonably possible.
adjustment to future income tax liability, is considered as an Cash comprises of cash on hand and bank. Cash equivalents
ii Deferred tax assets : The Company has reviewed the
asset if there is convincing evidence that the Company will XVI Operating cycle are short term balances, highly liquid investments that are
carrying amount of deferred tax assets including MAT
pay normal income tax. Accordingly, MAT is recognised as an Based on the nature of products / activities of the Company readily convertible into known amounts of cash and which are
credit entitlement at the end of each reporting period and
asset in the Balance Sheet when it is highly probable that future and the normal time between acquisition of assets and their subject to insignificant risk of changes in value.
reduced to the extent that it is no longer probable that
economic benefit associated with it will flow to the Company.
sufficient taxable profits will be available to allow all or part
Deferred tax is provided on temporary differences between of the asset to be recovered.
the tax bases of assets and liabilities and their carrying iii Transaction price - Sale of goods: The transaction
amounts at the reporting date. Deferred tax is measured price could either be a fixed amount of customer
using the tax rates and the tax laws enacted or substantively consideration or variable consideration with elements
enacted as at the reporting date. Deferred tax assets and such as discounts and incentives. The estimated amount
liabilities are offset if such items relate to taxes on income of variable consideration is adjusted in the transaction
levied by the same governing tax laws and the Company price only to the extent that it is highly probable that a
has a legally enforceable right for such set off. The carrying significant reversal in the amount of cumulative revenue
amount of deferred tax assets is reviewed at each reporting recognized will not occur and is reassessed at the end of
date and reduced to the extent that it is no longer probable each reporting period.

172 Globus Spirits Limited 2023-24 Annual Report 173

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note -2(a): Property, plant and equipment

Note 2(b) - Capital work-in-progress

Gross carrying amount Accumulated depreciation Net carrying amount Particulars Amount

As at Disposals / As at As at Deprecia- Disposals / As at As at As at Gross carrying amount

Particulars
March 31, Additions adjustment March 31, March 31, tion adjustment March 31, March 31, March 31, As at March 31, 2022 9,800.32
2023 to assets 2024 2023 for the year to assets 2024 2024 2023
Additions 20,423.40
Transferred to property, plant & equipment 20,313.78
Freehold land 3,068.09 780.03 - 3,848.12 - - - - 3,848.12 3,068.09
Disposal -
Factory buildings 11,335.79 247.49 - 11,583.28 2,504.92 411.13 - 2,916.05 8,667.23 8,830.87 As at March 31, 2023 9,909.96
Plant and machinery 90,048.83 17,488.54 3.94 107,533.43 23,037.09 5,424.45 - 28,461.54 79,071.89 67,011.74 Additions 17,695.96

Electrical installations and 428.92 - - 428.92 229.94 42.97 - 272.91 156.00 198.97 Transferred to property, plant & equipment 18,727.36
equipments Disposal -
Computer & data 124.44 30.45 - 154.89 85.45 22.10 - 107.55 47.34 38.99 As at March 31, 2024 8,878.56
processing units

Furniture and fixtures 209.82 37.71 - 247.53 136.00 14.05 - 150.05 97.48 73.82 (a) Capital work-in-progress(CWIP) ageing as at March 31, 2024 and March 31, 2023
Motor vehicles 942.98 138.80 - 1,081.78 329.71 131.77 - 461.48 620.29 613.27

Office equipments 199.66 4.34 - 204.00 135.94 18.90 - 154.84 49.16 63.72 Amount in CWIP for a period of
Particulars Less than 1-2 Years 2-3 Years More than Total
1 year 3 Years
Total 106,358.53 18,727.36 3.94 125,081.95 26,459.05 6,065.37 - 32,524.42 92,557.51 79,899.47
Projects in progress 7,514.61 1,327.05 32.43 4.47 8,878.56
9,745.57 97.59 52.82 13.97 9,909.95
Property, plant and equipments as at March 31, 2023 Projects temporarily suspended - - - - -
- - - - -
Particulars Gross carrying amount Accumulated depreciation Net carrying amount Note: Figures for the year ended March 31, 2023 are in italics
As at Additions Disposals / As at As at Deprecia- Disposals / As at As at As at
March 31, adjustment March 31, March 31, tion adjustment March 31, March 31, March 31,
(b) For capital work-in progress, whose completion is overdue as compared to its original plan, the project wise details
2022 of assets 2023 2022 for the year of assets 2023 2023 2022
of when the project is expected to be completed is given below as at March 31, 2024

Freehold land 2,907.33 160.76 - 3,068.09 - - - - 3,068.09 2,907.33 To be completed in

Particulars Less than 1-2 Years 2-3 Years More than
Factory buildings 10,706.72 629.07 - 11,335.79 2,114.17 390.75 - 2,504.92 8,830.87 8,592.55 1 year 3 Years

Plant and machinery 71,195.26 18,853.57 - 90,048.83 18,415.28 4,621.81 - 23,037.09 67,011.74 52,779.99 Projects in progress:

Electrical installations and 422.87 6.05 - 428.92 187.35 42.59 - 229.94 198.97 235.52 ENA tank & civil work - - - -
equipments Godown structure, road and drainage system - - - -
Computer & data 100.58 23.86 - 124.44 69.06 16.39 - 85.45 38.99 31.51 Projects temporarily suspended - - - -
processing units

Furniture and fixtures 199.17 10.65 - 209.82 122.41 13.59 - 136.00 73.82 76.75
For capital work-in progress, whose completion is overdue as compared to its original plan, the project wise details of when the project is
Motor vehicles 349.07 612.68 18.77 942.98 257.36 72.36 - 329.72 613.26 91.72 expected to be completed is given below as at March 31, 2023

Office equipments 182.53 17.13 - 199.66 113.59 22.35 - 135.94 63.72 68.94
To be completed in
Particulars Less than 1-2 Years 2-3 Years More than
Total 1 year 3 Years
86,063.53 20,313.77 18.77 106,358.53 21,279.21 5,179.84 - 26,459.06 79,899.47 64,784.31
Note: For lien / charge against property, plant and equipments refer note 14 Projects in progress:

ENA tank and spent wash tank 42.32 - - -

Note 1: The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the Company’s
general borrowings during the year, in this case 7.75% p.a. (Previous year 7.75% p.a). Further the Company has capitalised 66.55 lacs (Previous year: 174.54 lacs) as Godown structure, road and drainage system 23.80 - - -
borrowing cost during the year.
Projects temporarily suspended - - - -
Note 2: For lien / charge against property, plant and equipment(PPE) refer note 14

(c) There is no capital work-in progress projects, whose completion has exceeded its cost compared to its original plan as at March 31, 2024
and March 31, 2023.

174 Globus Spirits Limited 2023-24 Annual Report 175

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 3 - Right to use of assets as at March 31, 2024 Note 4(b) - Intangible assets under development(IAUD)

Particulars Particulars Amount

Gross Carrying amount Accumulated depreciation Net carrying amount
Gross carrying amount
As at Additions/ Disposals / As at As at Depreciation Elimination As at As at As at
March 31, adjustments adjustment March 31, March 31, for the year on March 31, March 31, March 31, As at March 31, 2022 -
2023 of assets of assets 2024 2023 disposals / 2024 2024 2023
adjustment Additions 48.84
of assets Transferred to intangible assets 48.84
Disposal -
Leasehold land 1,331.28 837.59 - 2,168.87 82.46 26.79 - 109.26 2,059.60 1,248.82 As at March 31, 2023 -
Buildings 2,336.37 20.95 - 2,357.32 936.67 430.47 - 1,367.14 990.18 1,399.70 Additions 91.42
3,667.65 858.54 - 4,526.19 1,019.13 457.26 - 1,476.40 3,049.78 2,648.52 Transferred to intangible assets -
Disposal -
Right to use of assets as at March 31, 2023 As at March 31, 2024 91.42

Particulars Gross Carrying amount Accumulated depreciation Net carrying amount (i) Intangible assets under development ageing as at March 31, 2024 and March 31, 2023

As at Additions/ Disposals / As at As at Depreciation Elimination As at As at As at

March 31, adjustments adjustment March 31, March 31, for the year on March 31, March 31, March 31, Particulars Amount in IAUD for a period of
2022 of assets of assets 2023 2022 disposals / 2023 2023 2022 Total
adjustment Less than 1 1-2 Years 2-3 Years More than
of assets year 3 Years
Projects in progress 91.42 - - - 91.42
- - - - -
Leasehold land 1,331.28 - - 1,331.28 71.33 11.13 - 82.46 1,248.82 1,259.95
Projects temporarily suspended - - - - -
Buildings 1,041.82 1,294.55 - 2,336.37 531.27 405.40 - 936.67 1,399.70 510.55
- - - - -
2,373.10 1,294.55 - 3,667.65 602.60 416.53 - 1,019.13 2,648.52 1,770.50 Note: Figures for the year ended March 31, 2023 are in italics

Note: There are no intangible assets under development projects, whose completion has exceeded its cost compared to its original plan as at March 31, 2024
Note 4 - Intangible Assets as on March 31, 2024 and March 31, 2023.

Particulars Gross carrying amount Accumulated amortisation Net carrying amount Note 5 - Investments
As at Additions/ Disposals / As at As at Amortisation Elimination As at As at As at
March 31, adjustments adjustment March 31, March 31, for the year on March 31, March 31, March 31, Particulars As at As at
2023 of assets of assets 2024 2023 disposals / 2024 2024 2023 March 31, 2024 March 31, 2023
adjustment
of assets Amount Amount
Investment in equity instruments (valued at cost) (Unquoted)
(i) India Paryavaran Sahayak Foundation (IPSF) 0.30 0.30
Softwares 152.46 - - 152.46 81.73 37.07 - 118.80 33.66 70.73 3,000 shares (as at March 31, 2024: 3,000 Shares ) of Rs.10 each fully paid up
152.46 - - 152.46 81.73 37.07 - 118.80 33.66 70.73 Investment in Subsidiary (at amortised cost)
(ii) Bored Beverages Private Limited (BBPL)** 377.03 -
5,24,999 Compulsory convertible cumulative preference shares Series A
Intangible assets as on March 31, 2023 (as at March 31, 2023 : NIL) of Rs. 10 each 1 Equity share of Rs. 10 each (as at March 31, 2023 : NIL)
Total 377.33 0.30
Particulars Gross carrying amount Accumulated amortisation Net carrying amount
As at Additions/ Disposals / As at As at Amortisation Elimination As at As at As at Aggregate carrying value of unquoted investments 377.33 0.30
March 31, adjustments adjustment March 31, March 31, for the year on March 31, March 31, March 31, Total 377.33 0.30
2022 of assets of assets 2023 2022 disposals / 2023 2023 2022
adjustment *As on October 05, 2023, the Company has 38.08% stake (acquired during the year) in Bored Beverages Private Limited. Subsequent to the year end, the Company has
of assets further invested in Bored Beverages Private Limited making the total shareholding to 51.13%.

Softwares 103.62 48.84 - 152.46 45.07 36.66 - 81.73 70.73 58.55 Note 6 - Loans
103.62 48.84 - 152.46 45.07 36.66 - 81.73 70.73 58.55 Particulars As at As at
March 31, 2024 March 31, 2023
Loan to employees - unsecured and considered good 1.43 1.76
Total 1.43 1.76

176 Globus Spirits Limited 2023-24 Annual Report 177

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 7 - Others financial assets

(Unsecured, considered good unless otherwise stated) (i) The movement to allowance for credit impaired - capital advances as follows:

Particulars As at As at As at As at
Particulars
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Non Current Current Non Current Current
Security Deposits
Opening balance 44.05 44.05
Unsecured - considered good 788.81 99.80 722.03 187.95
Addition during the year 7.95 -
Unsecured - credit impaired 14.00 - 14.00 -
802.81 99.80 736.03 187.95 Deletion during the year - -
Less: Allowance for credit impaired (14.00) - (14.00) - Balance at the end 52.00 44.05
788.81 99.80 722.03 187.95
Bank deposits having remaining maturity of more than 12 months 391.62 - 5,536.14 -
The movement to allowance for credit impaired - trade advances as follows:
Other bank balances - balance held as margin money against bank guarantees 738.89 151.10 488.28 218.58
As at As at
Interest accrued on deposits - 331.88 118.22 116.15 Particulars
March 31, 2024 March 31, 2023
Interest receivable from banks* - 762.89 - 459.26
Total 1,919.31 1,345.67 6,864.68 981.94
*The Company has availed interest subvention scheme notified by Government of India (Department of Food and Public Distribution) vide notification dated January 14, Opening balance 28.44 28.44
2021, for setting up/ expansion of new/existing grain based distilleries. Basis the scheme the Company is waived interest interest on the loans taken upto the extent of
Addition during the year 21.40 -
50% of the interest cost or 6% p.a. of the oustanding loan amount whichever is lower.
Note 8 - Income tax assets (net) Deletion during the year - -

Particulars As at As at
Balance at the end 49.84 28.44
March 31, 2024 March 31, 2023
Tax assets (Advance tax paid/ TDS receivable) 1,036.38 307.89 Note 10 - Inventories
Total 1,036.40 316.70 (valued at lower of cost and net realisable value)
Particulars As at As at
Note 9 - Other assets March 31, 2024 March 31, 2023
(a) Raw materials 3,892.36 2,918.37
Particulars As at As at
March 31, 2024 (b) Work in progress 1,292.44 958.94
March 31, 2023
(c) Finished goods** 9,343.47 7,775.00
Non Current Current Non Current Current
Less: Provision for slow and non moving inventory - (87.02)
Capital advances
(d) Packing material 1,887.52 1,523.69
Unsecured, considered good 1,611.57 - 3,646.43 -
(e) Fuel, chemicals, stores and spares 2,456.01 2,689.14
Unsecured, credit impaired 52.00 - 44.05 -
Total 18,871.80 15,778.12
1,663.57 - 3,690.48 -
Note: For parri passu charge against Inventories refer note 14.
Less: Credit impaired advances (refer note (i) bellow) (52.00) - (44.05) -
** Finished goods include provision for excise duty of Rs. 1,471.11 Lacs (March 31, 2023 Rs. 1,384.07 Lacs)
1,611.57 3,646.43 -
Goods and Services tax (GST) deposited under protest (refer note 32) 3,449.50 - 3,443.27 -
Particulars As at As at
Excise duty paid under protest 4.59 - 4.59 - March 31, 2024 March 31, 2023
Prepaid expenses 127.36 1,058.42 121.64 1,211.71 Provision for slow moving stock
Income tax paid under protest (refer note 47) 532.49 - - - Opening balance 87.02 87.02
Advances to vendors Additions - -
Unsecured, considered good - 1,728.38 - 1,796.74 Deletion/write back 87.02 -
Unsecured, credit impaired - 49.84 - (28.44) Closing balance - 87.02
- 1,778.22 - 1,768.30
Less: Allowance for credit impaired (refer note (i) bellow) - (49.84) - 125.01
- 1,728.38 (125.01)

Amount recoverable from customer - - - 125.01

Less : Provision for amount recoverable from customer - - (125.01)

Unbilled revenue (refer note 50) - 11.60 - 307.14

Balance with government authorities - 4,594.35 1,312.15 6,054.42
Others - 123.17 - 121.50
Total 5,725.51 7,515.91 8,528.08 9,463.07

178 Globus Spirits Limited 2023-24 Annual Report 179

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 11 - Trade receivables* Note 13 - Equity share capital

(unsecured and considered good, unless otherwise stated)
Particulars As at March 31, 2024 As at March 31, 2023
Particulars As at As at Number of Amount Number of Amount
March 31, 2024 March 31, 2023 shares shares
Undisputed :
(a) Authorised
Considered good 27,560.68 20,970.95
Credit impaired 173.85 177.38 Equity shares of Rs. 10 each with voting rights 42,500,000 4,250.00 35,000,000 3,500.00
27,734.53 21,148.33 Cumulative compulsorily convertible preference shares (CCCPS) of Rs. 140 each 5,100,000 7,140.00 5,100,000 7,140.00
Less: Allowance for credit impaired (refer note 40) (173.85) (177.38)
47,600,000 11,390.00 40,100,000 10,640.00
Total 27,560.68 20,970.95
* For parri passu charge against trade receivables refer note 14. (b) Issued, subscribed and fully paid up
Equity shares of Rs. 10 each with voting rights 2,88,22,633 2,882.26 2,88,02,749 2,880.28

Total 2,88,22,633 2,882.26 2,88,02,749 2,880.28

Trade receivables - Ageing as on March 31, 2024 and March 31, 2023
Particulars Outstanding for following periods from due date of invoice Total
Not Due Less than 6 6 months- 1 1-2 years 2-3 years More than (a) Changes in equity share capital during the year :
months year 3 years
Particulars As at March 31, 2024 As at March 31, 2023
i) Undisputed trade receivables – considered good 17,344.78 9,382.42 519.39 306.54 6.70 0.85 27,560.68
Number of Amount Number of Amount
16,333.43 3,854.40 667.86 57.87 57.39 - 20,970.95 shares shares
(ii) Undisputed trade receivables – credit impaired - - 17.94 34.50 22.11 99.30 173.85 Equity shares with voting rights
- 34.50 21.47 22.11 66.00 33.30 177.38 Shares outstanding at the beginning of the year 2,88,02,749 2,880.28 2,88,02,749 2,880.28
Total 17,344.78 9,382.42 537.33 341.04 28.81 100.15 27,734.53 Equity shares issued during the year 19,884 1.98 - -
16,333.43 3,888.90 689.33 79.98 123.39 33.30 21,148.33
Shares outstanding at the end of the year 2,88,22,633 2,882.26 2,88,02,749 2,880.28

Less: Loss allowance - - 17.94 34.50 22.11 99.30 173.85

- 34.50 21.47 22.11 66.00 33.30 177.38 During the current year March 31, 2024, 19,884 number of equity shares have been issued to the eligible option holders who exercised their right. (refer note no 45)

Total trade receivables 17,344.78 9,382.42 519.39 306.54 6.70 0.85 27,560.68 (b) Shareholder holding more than 5 percent shares :
16,333.43 3,854.40 667.86 57.87 57.39 - 20,970.95
Particulars As at March 31, 2024 As at March 31, 2023
Note: Figures for the year ended March 31, 2023 are in italics No. of shares % of holding No. of shares % of holding
- There are no unbilled trade receivables as at March 31, 2024 and March 31, 2023. held held
Fully paid equity shares with voting rights
Chandbagh Investments Limited 11,219,840 38.93% 11,219,840 38.95%
Note 12 - Cash and cash equivalents
Mr. Ajay Kumar Swarup 23,666 0.08% 1,924,254 6.68%
Mrs. Madhavi Swarup 2,629,993 9.13% 60 0.00%
Particulars As at As at
March 31, 2024 March 31, 2023
(c) Shareholding of promoters and promoters group :
(a) Cash and cash equivalents
Particulars As at March 31, 2024 As at March 31, 2023 Change in %
Cash on hand 0.86 1.25
No. of shares % of holding No. of shares % of holding
Balances with banks held held
(i) In current accounts 78.23 193.18 Chandbagh Investments Limited 11,219,840 38.93% 11,219,840 38.95% -0.03%
Globus Infosys Private Limited 538,854 1.87% 538,854 1.87% -0.00%
Total (a) 79.09 194.43
Ram Bagh Facilities Services LLP 239,377 0.83% 237,177 0.82% 0.01%
Mrs. Madhavi Swarup 2,629,993 9.13% 60 0.00% 9.13%
(b) Bank balances other than (a) above
Mr. Ajay Kumar Swarup 23,666 0.08% 1,924,254 6.68% -6.60%
(i) Unpaid dividend account 5.53 5.99 Mr. Shekhar Kumar Swarup 37,490 0.13% 766,835 2.66% -2.53%
(ii) Bank deposits with maturity of less than 12 months 7,601.23 3,314.85 Ms. Radhika Swarup 4,400 0.02% 4,400 0.02% 0.00%
Total (b) 7,606.76 3,320.84 Mr. Bhupendra Kumar Bishnoi 90 0.00% 90 0.00% 0.00%
Ms. Roshni Bishnoi 90 0.00% 90 0.00% 0.00%
* This includes bank deposits given on lien.
Late. Madhav Kumar Swarup 60 0.00% 60 0.00% 0.00%
Late. Saroj Rani Swarup 60 0.00% 60 0.00% 0.00%

180 Globus Spirits Limited 2023-24 Annual Report 181

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Rights, preferences and restrictions on equity shares:

The Company has one class of equity shares having a par value of Rs. 10 each. Each shareholder is eligible for one vote per share held and carry a right to dividend. c. Short term borrowings interest rate is N/A as on March 31, 2024 ( March 31, 2023 8.90 % p.a).
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, in proportion to their shareholding.

Bonus shares and shares bought back: d. Cash credit is secured by first pari passu charge by way of hypothecation of entire present and future current assets including stocks and
Over the period of five years immediately preceding March 31, 2024 and March 31, 2023, neither any bonus shares were issued nor any shares were allotted for book debts and second pari passu charge by way of extension of charge on all the PPE of the Company including equitable mortgage of
consideration other than cash. Further, no shares were bought back during the said period. factory land & building at Behror, Samalkha, West Bengal and Bihar. Rate of interest of cash credit has range of 8.15% - 9.25% p.a (March 31,
2023 8.10% - 9.00%)
(d) Other Equity
The Company has filed quarterly returns or statements with the banks in lieu of the aggregate working capital limit sanctioned which is in agreement
As at As at with books of accounts other than those as set out below for the year ended March 31, 2024
Particulars
March 31, 2024 March 31, 2023

Securities premium 15,056.95 14,894.92 Name of the Bank Working Nature of Quarter Information Information as Difference Remarks/
General reserve 1,415.65 1,415.65 capital limit current assets disclosed as per books of reason, if
sanctioned offered as per return accounts any
Capital reserve (41.34) (41.34)
security
Retained earnings 77,376.83 69,436.83
Share based payment reserves 447.47 83.62 Inventory 11,343.21 19,526.00 (8,182.79) Note 1
Other comprehensive income 26.23 (6.73)
Trade receivable Jun-23 18,820.97 21,511.00 (2,690.03) Note 2
Total 94,281.79 85,782.95

Description of nature and purpose of each reserve Trade payable 8,594.59 21,205.00 (12,610.41) Note 3
Security premium: Security premium is used to record the premium on issue of shares, which will be utilized as per provisions of relevant act/rules.
Inventory 24,601.31 27,324.00 (2,722.69) Note 1
Share based payment reserves: This is created to recognise the grant date fair valuation of options issued to employees under employee stock option schemes
and is adjusted on exercise of options
Trade receivable Sep-23 24,601.31 15,780.00 8,821.31 Note 2
General reserve: General reserve is created from time to time by way of transfer of profits from retained earnings for appropriate purposes. It is created by a
transfer from one component of equity to another.
1. Axis Bank 1. 5000
2. SBI Bank 2. 6000 Trade payable 14,911.77 23,300.00 (8,388.23) Note 3
Retained earnings: It is created from the statement of profit and loss of the Company, as adjusted for distributions to owners, transfer to other reserves, etc.
3. HDFC Bank 3. 6500
Capital reserves: This is generally recognised during the amalgamation/merger by acquirer company where purchase price is less that fair value of net assets of 4. Kotak Bank 4. 2500 Inventory 13,907.62 15,724.00 (1,816.38) Note 1
acquiree company.
5. HSBC Bank 5. 5000
Other comprehensive income: The profits and losses which are routed out of statement of profit and loss are classified in other comprehensive income. Trade receivable Dec-23 28,058.86 29,437.00 (1,378.14) Note 2

Note 14 - Borrowings (at amortised cost) Trade payable 18,555.02 28,683.00 (10,127.98) Note 3
As at March 31, 2024 As at March 31, 2023 Inventory 16,708.64 18,872.00 (2,163.36) Note 1
Particulars
Non Current Current Non Current Current
Secured Trade receivable Mar-24 25,971.71 27,560.68 (1,588.97) Note 2
(i) Term loans from banks 9,196.88 - 11,115.81 20.05
(ii) Current maturities of long term loans - 5,873.56 - 4,300.00
Trade payable 18,280.97 31,389.18 (13,108.21) Note 3
(iii) Short term loan (refer note c below) - - - 2,500.00
(iv) Cash credit (refer note d below) - 16,215.61 - 9,559.27 Note 1 - The difference in inventory is due to the excise duty (for Jun-23, Sep-23, Dec-23 and Mar-24) and capital goods (Jun-23 and Dec-
(v) Bank overdraft - 496.06 - 72.08
23) which are included in Inventory appearing in books of accounts. However, the same is not considered in the drawing power (DP)
Total 9,196.88 22,585.23 11,115.81 16,451.40
statement submitted to the banks.
a. The Company has availed above mentioned term loans (i) and (ii) under interest subvention scheme notified by Government of India (Department of Food and Public
Distribution) vide notification dated January 14, 2021, for setting up/ expansion of new/existing grain based distilleries. Note 2 - The difference in trade receivable is majorly on account of advances from customers which has been adjusted with trade receivables
b. The above mentioned term loans (i) and (ii) are secured by provided in quarterly statements submitted to bank which is not included in books of accounts. Further, only oil marketing companies
-First pari passu charge on movable fixed assets and equitable mortgage of factory land & building of the plants at Behror, Samalkha, West Bengal and Bihar. and corporations having dues upto 120 days and other debtors having dues upto 90 days are considered in DP statement submitted
-Second pari passu charge by way of extension of charge on all the current assets of the Company. which creates a difference between books of accounts and quarterly statement.
-Letter of comfort from Chandbagh Investments Limited.
Note 3 - The difference in trade payable is on account of accrued expenses and service related payables which are clubbed in trade payables in
Bank Name Sanctioned Rate of Interest Effective rate Monthly Installment start As at As at
Amount (p.a) (p.a) principal date^ March 31, 2024 March 31, 2023 books of accounts and are excluded in quarterly statements submitted to bank . Further advance given to Food Corporation of India
repayment^ has been adjusted with trade payables provided in quarterly statements submitted to bank which is not included in books of accounts.
HDFC Bank Limited 7,000.00 7.80% 3.90% 145.83 July, 2022 3,937.00 5,687.50
Axis Bank Limited 10,000.00 7.70% 3.85% 2.08 April, 2023 - 100.00
Axis Bank Limited 9,000.00 7.70% 3.85% 93.75 January, 2023 2,993.67 4,118.75
ICICI Bank Limited 10,000.00 8.95% 8.95% 10.41 October, 2024 500.00 -
ICICI Bank Limited 2,500.00 8.95% 8.95% 36.94 June, 2024 1,530.00 -
SVC Co-operative Bank Limited 5,000.00 9.50% 9.50% 166.66 September, 2024 2,000.00 -
Kotak Mahindra Bank Limited 6,500.00 8.85% 4.43% 116.67 March, 2023 4,083.33 5,483.33
^ The above loans are repayable in 48 equal installments post availing one year moratorium.

182 Globus Spirits Limited 2023-24 Annual Report 183

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 19 - Trade payables

Note 15 - Lease liabilities
As at As at
Particulars
March 31, 2024 March 31, 2023
Particulars As at As at
March 31, 2024 March 31, 2023
Non current Current Non current Current Undisputed Trade Payables:
-Total outstanding dues of micro enterprises and small enterprises(MSME)(refer note 33) 10,147.32 3,940.35
Buildings (refer note 37) 659.16 456.17 1,117.23 387.49
-Total outstanding dues to creditors other than micro enterprises and small enterprises 21,241.86 16,782.60
Total 659.16 456.17 1,117.23 387.49
Total 31,389.18 21,602.11
Note 16 - Provisions
As at As at Trade payables ageing as at March 31, 2024 and March 31, 2023
Particulars March 31, 2024 March 31, 2023
Outstanding for following periods from due date of payment Total
Non current Current Non current Current
Particulars Unbilled Not due Less than 1 1-2 years 2-3 years More than 3
Gratuity (refer note 41) 652.98 5.53 455.74 136.19 year years
Other provisions - 395.78 - 354.24
Total 652.98 401.31 455.74 490.43 10,147.32
MSME - 4,994.57 5,079.12 58.05 15.42 0.16
- 1,939.46 1,984.69 16.03 0.17 - 3,940.35
Other provisions Provision against
customer contracts Other than MSME 1,795.98 7,952.33 11,273.71 137.85 52.00 29.99 21,241.86
1,027.08 6,667.42 8,908.14 131.73 43.54 4.69 16,782.60
Balance at April 1, 2022 373.39 31,389.18
Total trade payables 1,795.98 12,946.90 16,352.83 195.90 67.42 30.15
Provision made during the year 18.02
Provision written back/ utilised during the year 37.17 1,027.08 8,606.88 10,892.83 147.76 43.71 4.69 20,722.95
Balance at March 31, 2023 354.24
Note: Figures for the year ended March 31, 2023 are in italics
Balance at April 1, 2023 354.24
Trade payables are non interest bearing and are normally settled on 7-60 days term.
Provision made during the year 42.00
Provision written back/ utilised during the year 0.46
Balance at March 31, 2024 395.78
Note 20 - Other financial liabilities
* It includes provision for non supply of rectified spirits amounting to Rs. 66.14 lakhs (Previous year: Rs. 66.14 lakhs), provision against customer
contracts for excess price charged as per approved excise price amounting to Rs. 283 lakhs (Previous year: Rs. 283 lakhs), other provisions Particulars As at As at
amounting to Rs. 46.64 lakhs. March 31, 2024 March 31, 2023

Note 17 - Deferred tax liabilities (net) Security deposits from customers 29.95 59.36

As at As at Payables towards purchase of property, plant & equipments 947.93 1,904.44

Particulars
March 31, 2024 March 31, 2023 Interest accrued but not due on borrowings 101.96 108.82
Unpaid dividend 5.53 5.99
Deferred tax assets (refer note 31) 661.84 841.12
Deferred tax liabilities (refer note 31) (9,068.04) (11,854.04) Employee related payable 638.10 679.15
Total (8,406.20) (11,012.92) Interest payable to micro and small enterprises (refer note 33) 42.00 -
Liabilities for rebate 117.48 200.00
Note 18 - Other liabilities
Total 1,882.95 2,957.77
Particulars As at March 31, 2024 As at March 31, 2023
Non current Current Non current Current Note 21 - Current tax liabilities (net)
Subsidy received from ministry of new and renewable energy 102.10 6.00 108.10 6.00 Particulars As at As at
March 31, 2024 March 31, 2023
Import duty grants 122.12 7.27 129.40 7.29
Provision for income tax (net of advance tax including TDS receivables of Rs. 2,673.70 Lacs) - 964.22
Revenue received in advance (refer note 50) - 810.23 - 1,643.06
(March 31, 2023 Rs. 2,719.50 Lacs)
Statutory liabilities - 2,725.45 - 2,699.71
Total - 964.22
Other liabilities - 83.52 - 7.97
Total 224.22 3,632.47 237.50 4,364.03

184 Globus Spirits Limited 2023-24 Annual Report 185

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 22 - Revenue from operations Note 25 - Changes in inventory of finished goods, work in progress & stock in transit

For the year ended For the year ended For the year ended For the year ended
Particulars Particulars
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Revenue from Contract with customers
Opening stock - -
(a) Sale of goods 313,030.54 280,429.36
Finished goods
(b) Rendering of services - In hand 7,753.55 5,335.17
Bottling and Cleaning Charges 1,538.77 1,704.89 - In transit 21.45 16.52
Work in progress 958.94 596.09
Other operating Revenue 8,733.94 5,947.78
Duty drawback and other export incentives 152.09 112.59 Closing stock
Total 314,721.41 282,246.84 Finished goods
* Also refer note 50 for additional disclosure as per Indian Accounting Standard 115 - 'Revenue
- In hand 9,299.57 7,753.55
from Contracts with Customers' ("Ind AS 115")
- In transit 43.90 21.45
Note 23 - Other income Work in progress 1,292.44 958.94
10,635.91 8,733.94
For the year ended For the year ended
Particulars
March 31, 2024 March 31, 2023 Total (1,901.97) (2,786.16)
(a) Interest income Note 26 - Excise Duty
Interest income earned on financial assets that are not designated as at Fair value through
profit or loss : For the year ended For the year ended
Particulars
On financial assets carried at amortised cost 656.41 491.19 March 31, 2024 March 31, 2023

Excise duty on sale of goods 73,253.65 71,340.85

(b) Other non-operating income
Total 73,253.65 71,340.85
(a) Foreign exchange gain (net) 83.88 59.77
(b) Liabilities no longer required written back 254.67 186.68 Note 27 - Employee benefits expenses
(b) Others 356.10 45.31
Total 1,351.06 782.95 Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
Note 24 - Cost of materials consumed

For the year ended For the year ended Salaries and wages 6,893.78 6,126.69
Particulars
March 31, 2024 March 31, 2023 Employee stock option plan (refer note 45) 525.88 83.62
Raw materials and packing materials Contribution to provident fund & other funds 263.71 228.20
Opening stock 4,442.05 3,357.03 Staff welfare expenses 220.10 84.34
Add: Purchases 1,68,033.76 129,966.59 Total 7,903.47 6,522.84
172,475.81 133,323.63
Less: Closing stock (5,779.88) (4,442.05) Note 28 - Finance costs
Total 1,66,695.93 128,881.57

Note 24.1 - Particulars of raw materials and packing material consumed Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
For the year ended For the year ended
Particulars
March 31, 2024 March 31, 2023
(a) Interest expense on amortised cost:
Grain/Maize 1,47,100.64 1,08,288.87
Term loans 694.00 715.18
Others 19,595.29 20,592.70
Working capital loans 1,558.41 659.67
1,66,695.93 1,28,881.57

(b) Lease liabilities (refer note 37) 106.52 117.01

(c) Others
Interest on MSME (refer note 33) 42.00 -
Income tax - 48.21
Bank charges 277.67 161.23
Total 2,678.60 1,701.30

186 Globus Spirits Limited 2023-24 Annual Report 187

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 29 - Depreciation and amortisation expenses

Note 31 - Tax expenses

Particulars For the year ended For the year ended For the period ended For the period ended
March 31, 2024 March 31, 2023 Particulars
March 31, 2024 March 31, 2023

Depreciation on property, plant and equipments 6,065.36 5,179.84 (a) Current tax
Depreciation on right to use of assets (refer note 37) 457.26 416.53 Current tax expenses 2,106.13 3,639.12
Amortisation of intangible assets 37.07 36.66 2,106.13 3,639.12
Total 6,559.69 5,633.03

(b) Deferred tax charge

Note 30 - Other expenses Current year (2,615.55) 2,147.77
(2,615.55) 2,147.77
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
Income tax recognised in standalone statement of profit and loss (including OCI) (509.43) 5,786.88

Power and fuel 24,541.86 29,280.61

The income tax expense for the year can be reconciled to the accounting
Bottling expenses/fees 8,942.90 8,151.21 profit as follows
Freight and handling charges 5,851.79 4,685.95 Profit before tax 9,165.47 18,006.69
Marketing expenses 1,925.20 2,181.45
Excise license, establishment and supervision fees 1,794.23 1,103.45 Income tax expense # 2,306.76 6,292.26
Flour and pet coke feeding 1,179.11 937.09 Effect of items that are not deductible in determining taxable profit 134.30 170.10
Travelling and conveyance 956.47 799.24 Effect of tax benefit on exempted income - (736.20)
Consumption of lab chemicals and enzymes 696.17 764.75 Effect of change in tax rate on deferred tax (3,083.47) -
Legal and professional 958.97 746.37 Others 132.99 60.71
Increase/ (decrease) of excise duty on inventory 87.04 628.23
Income tax expense recognised in standalone statement of profit and loss (509.43) 5,786.88
Expenditure on corporate social responsibility (refer note 34) 478.71 370.00 (including OCI)
Repairs and maintenance - machinery 1,964.67 2,130.60
Repairs and maintenance - buildings 425.03 264.91 (c) Income tax recognised in other comprehensive income (OCI)
Repairs and maintenance - others 192.42 235.47 Remeasurement of defined benefit liabilities 35.06 (10.34)
Insurance 395.65 294.57 Tax adjustment in respect of remeasurement of defined benefit liabilities (8.83) 3.61
Security expenses 299.41 232.01 (8.83) 3.61
Effluent disposal 118.86 128.20 # From the current financial year, the Company has decided to exercise the option permitted under section 115BAA of the Income Tax Act 1961 as
Rent (refer note 37) 194.81 190.74 introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company re-measured the deferred tax assets/liabilities on the
Payments to auditors (refer note 36) 82.20 83.16 basis of the rates prescribed in that section. This has resulted in a reversal of deferred tax liability to the extent of Rs. 3,003.50 lacs on account of re-
measurement of deferred tax liability pertaining to previous period which has been recorded in the standalone statement of profit and loss.
Rates and taxes 195.72 127.06
Communication 45.28 50.46
Printing and stationery 31.76 33.67
Donations and contributions 17.55 3.61
Subscription books & periodicals 93.25 40.15
Provision against doubtful advances 95.15 19.49
Miscellaneous expenses 153.41 247.22
Total 51,717.63 53,729.66

188 Globus Spirits Limited 2023-24 Annual Report 189

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 32 - Contingent liabilities and commitments

Reconciliation of deferred tax Assest/liabilities (net):

Particulars Opening Recognised in Recognised Closing balance As at As at

balance statement of in other Particulars
March 31, 2024 March 31, 2023
profit and loss comprehensive
income
As on March 31, 2024 (a) Contingent liabilities*
Tax effect of items constituting deferred tax assets Claims against the Company not acknowledged as debts
(i) Excise duty#### 180.81 180.81
Provision for gratuity & payable 206.85 (41.11) (8.83) 156.91
(ii) Goods and services tax ** 3,449.50 3,443.27
Provision for the doubtful security 4.89 (1.37) - 3.52
(iii) Haryana value added tax *** 1,084.01 1,084.01
Provision for leave entitlement 3.10 (3.10) - -
(iv) Income tax # 196.61 196.61
Other Provisions 56.95 85.53 - 142.48
(v) Service tax**** 12.59 12.59
Bonus Payable 11.55 (11.55) - 0.00
Provision for doubtful debts & normal advance & Capex advance 6.63 37.13 - 43.76 Guarantees by bank on behalf of Company### - -
Provision for doubtful advances to vendor 25.33 0.30 - 25.63 4,931.02 4,924.79
Lease Liability 525.81 (245.10) - 280.71 (b) Commitments
Estimated amount of contracts remaining to be executed on capital account and not 1,856.42 666.40
Gross deferred tax Assets (a) 841.11 (179.27) (8.83) 653.01 provided for (net of capital advances)
Tax effect of items constituting deferred tax liabilities Total 6,774.85 5,578.60
Property, plant and equipment & intangible assets 11,070.28 (2,640.91) 8,438.19 Note:
Right-of-use asset 489.11 (239.90) 249.21 * Consumer cases - The above disclosure excludes an amount of Rs. 324.68 Lacs, wherein the demand is in respect of sales made by the Company
Others 294.65 85.99 380.64 on behalf of its brand franchisees, and contractually, these brand franchises are required to reimburse the Company for the liability, if any.
Gross deferred tax liability (b) 11,854.04 (2,794.82) - 9,068.04 ** On June 26, 2020, Directorate General of Goods and Services Tax (GST) Intelligence (DGGI) carried out search and seizure proceedings at various
premises of the Company; at factories and at head office. Pursuant to this, during the FY 2020-2021 the Company had deposited Rs. 1,989.97
Net deferred tax liability (a - b) 11,012.93 (2,615.55) 8.83 8,406.21 lacs under protest towards GST which may arise on account of issue regarding classification of one of the items sold by the Company (Animal Feed
Supplement) for the period July 01, 2017 to December 31, 2020. The Company had also filed a writ petition on February 17, 2021 before Hon’ble
High Court of Delhi challenging the actions of DGGI and seeking refund of the amount deposited by the Company.
Reconciliation of deferred tax Assest/liabilities (net):
Subsequently, DGGI issued summons dated October 01, 2021 to the authorized representatives of the Company and The Ministry of Finance,
Particulars Opening Recognised in Recognised Closing Department of Revenue vide its Circular No. 163/19/2021-GST dated October 06, 2021 provided clarification on the classification of the said item.
balance statement of in other balance Pursuant to the summons and the aforesaid circular, during the FY 2021-2022 the Company deposited Rs. 751.07 lacs under protest towards GST for
profit and loss comprehensive the period January 01, 2021 to October 10, 2021 and started collecting and depositing GST under protest on the said item from its customers w.e.f
income October 11, 2021. During the current year, the Company has also deposited Rs. 448.17 lacs towards interest and Rs. 254.06 lacs towards penalty
on the above GST paid under protest for the period July 01, 2017 to October 10, 2021.
As on March 31, 2023
The amount of Goods and Services Tax deposited under protest (net of amount collected and deposited under protest) with the department aggregating
Tax effect of items constituting deferred tax assets
to Rs. 3,443.27 lacs (previous year aggregating to Rs. 3443.27 lacs) have been disclosed as recoverable in note 9 to the financial statements. Basis
Provision for gratuity & payable 164.42 38.82 3.61 206.85 the legal advice obtained by the management, that the circular issued by the Government is ultra vires the provisions of the GST laws, the Company
Provision for the doubtful security 4.89 - - 4.89 has filed a writ petition on January 18, 2022 challenging the constitutional validity of imposing GST on the said item before Hon’ble High Court of
Provision for leave entitlement 2.40 0.70 - 3.10 Delhi. Proceedings in respect of above matters are in progress before Hon’ble High Court of Delhi and on the basis of legal opinion obtained, the
Management is confident that ultimately no liability will devolve on the Company and it will be able to get the refund of GST amount including interest
Other Provisions 50.75 6.21 - 56.96
and penalty thereon from the GST Department which has been paid under protest.
Bonus Payable 30.57 (19.02) - 11.55
*** The Company has ongoing proceedings under Haryana Value Added Tax Act, 2003 in respect of Value Added Tax liability arising on account of
Provision for doubtful debts & normal advance & Capex advance 8.49 (1.86) - 6.63
issue regarding classification of one of the item sold by the Company for the year 2010-11 to 2016-17 in Samalkha involving amount of Rs. 735 lacs
Provision for doubtful advances to vendor 25.33 - - 25.33 and for the year 2010-11 to 2012-13 in Hisar involving amount of Rs. 326 lacs. The Company has filed appeals against the demand orders received in
Lease Liability 220.80 305.01 - 525.81 respect of these proceedings, which are pending for disposal at various judicial forums. The Company has already filed an appeal before appropriate
Gross deferred tax Assets (a) 507.65 329.85 3.61 841.12 authority dated November 14, 2019. Further, there is no update during the current year in the aforesaid matters.
# The Company has ongoing proceedings under Income tax act, 1961 in respect of income tax liability arising on account of unexplained cash credit
Tax effect of items constituting deferred tax liabilities (cash deposited during demonitization period) under section 115BBE of Income tax act. The Company has filed an appeal in the matter before CIT(A).
Property, plant and equipment & intangible assets 8,886.48 2,183.80 11,070.28
### Guarantees by bank on behalf of company as on March 31, 2024 are excluding performance guarantees of Rs. 5,115 lacs.
Right-of-use asset 178.41 310.70 489.11
There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
Others 311.53 (16.88) 294.65
Gross deferred tax liability (b) 9,376.42 2,477.62 - 11,854.04 #### Out of 180.81 lakhs above, 142.05 lakhs pertains to FY 2004-05 to 2009-10 in which Company filed a writ against the demand raised by
the Rajasthan Excise Department u/s 22 & 12 of the Rajasthan Excise Act, 1950 and Rules, 1956 of transport permit fee u/s 69 of the Rules for
Net deferred tax liability (a - b) 8,868.77 2,147.77 (3.61) 11,012.92 transportation / captive consumption of goods (Rectified Spirits used in the manufacture of liquor) within the factory premises. These matters are still
pending for next hearing.
- 38.76 lakhs pertains to FY 1995-96 and FY 1996-97 where excise department provided a ratio of use of old and new glass bottles and provided
with a penalty for excess of use of old bottles. The case is pending sine die.

190 Globus Spirits Limited 2023-24 Annual Report 191

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 33 - Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Note 35 - Earnings per share (EPS)

For the year ended For the year ended

There are no dues to enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). Further no Particulars
March 31, 2024 March 31, 2023
interest has been paid under the terms of MSMED Act, 2006. Micro and Small Enterprises have been determined to the extent such parties have
been identified on the basis of information collected by the Management. Profit for the year attributable to equity shareholders of the Company Rs. in Lacs 9,674.89 12,219.80
Weighted average number of equity shares outstanding for basic EPS Numbers 2,88,10,489 2,88,02,749
As at As at
Particulars Basic EPS (face value - Rs. 10 per share) Rs. 33.58 42.43
March 31, 2024 March 31, 2023
Weighted average number of equity shares outstanding for diluted EPS Numbers 2,88,68,384 2,88,23,033
Principal amount remaining unpaid to any supplier as at the end of the year 10,147.32 3,940.35
Diluted EPS (face value - Rs. 10 per share) Rs. 33.51 42.39
Interest due thereon remaining unpaid to any supplier as at the end of the year 42.00 -
The amount of interest paid along with the amounts of the payment made to the supplier - - Note 36 - Auditors’ remuneration (excluding taxes)
beyond the appointed day
For the year ended For the year ended
The amount of interest due and payable for the year 42.00 - Particulars
March 31, 2024 March 31, 2023
The amount of interest accrued and remaining unpaid at the end of the year 42.00 -
Statutory audit 43.00 50.00
The amount of further interest due and payable even in the succeeding year, until such date - - Limited reviews (including additional efforts) 32.50 25.50
when the interest dues as above are actually paid Certificates - 3.00
Reimbursement of out-of-pocket expenses 6.70 4.66
Note 34 - Corporate social responsibility expenditure Others 1.00 -
Total 82.20 83.16
Gross amount required to be spent by the Company during the year Rs. 456.02 Lacs (March 31, 2023 Rs. 366.95 Lacs)
Note 37 : Leases
For the year ended For the year ended Asset taken on lease:
Amount spent during the year on:
March 31, 2024 March 31, 2023
The Company leases land and buildings.Generally, the Company is restricted from assigning and subleasing the leased assets. With the exception of
(i) Construction / acquisition of any asset
short team lease, every lease is recognised in balance sheet as right to use and lease liability. Rental contracts are typically made for fixed periods of
- in cash - - 3 to 8 years, but may have extension options. Land has a lease term of 99 years.
- yet to be paid in cash - -
The RoU assets are as follows:
- -
Particulars As at As at
(ii) On purpose other than above
March 31, 2024 March 31, 2023
- in cash 478.71 370.00
- yet to be paid in cash - - Land 2,059.60 1,248.82
478.71 370.00 Buildings 990.18 1,399.70
Unspent amount - - Total 3,049.78 2,648.51
Total 478.71 370.00
Note: Additions/Adjustments to the RoU assets during the year amounts to Rs. 858.54 Lacs.

For the year ended For the year ended Particulars As at As at

Particulars
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Amount required to be spent by company during the year 456.02 366.95 Lease liabilities
Amount of expenditure incurred 478.71 370.00 Current 456.17 207.86
Excess at the end of the year 22.69 3.05 Non-current 659.16 424.01
Nature of CSR activities Women Entrepreneurship Programme, Youth Total 1,115.33 631.87
Skill and Education programmes
Details of related party transactions, e.g., contribution to a trust controlled by the company in Inshakti Foundation(Formerly known as Grass Note: The weighted average discount rate applied to lease liabilities as at April 1, 2023 is 8.00% for the remaining lease term.
relation to CSR expenditure as per relevant Accounting Standard (Refer Note 44) Skills Foundation) and India Paryavaran Sa-
hayak Foundation Amounts recognised in the statement of profit and loss
The statement of profit or loss shows the following amounts relating to leases:

Particulars For the year ended For the year ended

March 31, 2024 March 31, 2023
Amortisation of right-of-use assets (refer note 29)
Land 26.79 11.13
Buildings 430.47 405.40
Total 457.26 416.53

192 Globus Spirits Limited 2023-24 Annual Report 193

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 38(b) - Fair value hierarchy

Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023 The following table provides fair value management hierarchy of the company’s assets:
Interest expense (refer note 28) 106.52 122.21
Particulars Level 1 Level 2 Level 3
The total cash outflow for leases for the year ended March 31, 2024 was Rs. 495.91 Lacs (March 31, 2023 Rs. 483.07 Lacs)
As on March 31, 2024
Rent expense recorded for short-term leases was Rs. 194.81 Lacs for the year ended March 31, 2024 (March 31, 2023 Rs. 190.74 Lacs)
The details of contractual maturities of lease liabilities as at March 31, 2024 on an undiscounted basis are as follows: Assets for which fair values are disclosed (Note 38)
Trade receivables - - 27,560.68
Particulars As at As at Loans - - 1.43
March 31, 2024 March 31, 2023
Cash and cash equivalents - - 79.09
1. Payable not later than 1 year 530.02 515.97 Other bank balances - - 7,606.76
2. Payable later than 1 year and not later than 5 years 736.98 1,267.09 Other financial assets - - 3,264.98
Total 1,267.00 1,783.06 Total 38,512.94

Extension and termination options

Liabilities for which fair values are disclosed (Note 38)
Extension and termination options are included in a number of property, plant and equipment leases across the Company. These are used to maximise
operational flexibility in terms of managing the assets used in the Company’s operations. The majority of extension and termination options held are Borrowings - - 31,782.11
exercisable only by the Company and not by the respective lessor. Trade payables - - 31,389.18
Other financial liabilities - - 1,882.95
Lease liabilities - - 1,115.33

Note 38 - Financial instruments by categories Total 66,169.57

The criteria for recognition of financial instruments is explained in significant accounting policies note 1.
Particulars Level 1 Level 2 Level 3
As on March 31, 2023
Particulars As at March 31, 2024 As at March 31, 2023
Assets for which fair values are disclosed (Note 38)
Amortised FVTPL FVTOCI Amortised FVTPL FVTOCI Trade receivables - - 21,129.36
cost cost
Loans - - 1.76
Cash and cash equivalents - - 194.43
Financial assets Other bank balances - - 3,320.84
Trade receivables 27,560.68 - - 21,129.36 - - Other financial assets - - 7,846.62
Loans 1.43 - - 1.76 - - Total - - 32,493.01

Cash and cash equivalents 79.09 - - 194.43 - -

Liabilities for which fair values are disclosed (Note 38)
Other bank balances 7,606.76 - - 3,320.84 - -
Borrowings - - 27,567.21
Other financial assets 3,264.98 - - 7,846.62 - -
Trade payables - - 20,722.96
Total 38,512.94 - - 32,493.01 - -
Other financial liabilities - - 2,957.77
Lease liabilities - - 1,504.72
Financial liabilities Total 52,752.66
Borrowings 31,782.11 - - 27,567.21 - -
Trade payables 31,389.18 - - 20,722.96 - - There have been no transfer between level 1, level 2 and level 3 during the year
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
Other financial liabilities 1,882.95 - - 2,957.77 - - Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly;
Lease liabilities 1,115.33 - - 1,504.72 - - and
Total 66,169.57 - - 52,752.66 - - Level 3 inputs are unobservable inputs for the asset or liability.

C - Valuation techniques and processes used to determine fair value

Fair Value of unquoted investment is determined based on present value, calculated using generally accepted valuation principals.
The fair value of security deposit has been estimated using DCF model which consider certain assumptions viz. forecast cash flows, discount rate,
credit risk and volatility.
The fair values of the Company’s interest-bearing borrowings and loans are determined by using DCF method using discount rate that reflects the
issuer’s borrowing rate as at the end of the reporting period. The own non-performance risk as at 31 March 2024 was assessed to be insignificant.

194 Globus Spirits Limited 2023-24 Annual Report 195

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Trade receivables :
Note 39 - Capital management
The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximising the return to stakeholders Trade receivables are unsecured in nature and are derived from revenue earned from customers. To mitigate the credit risk related to trade receivables,
through the optimisation of the debt and equity balance. the Company closely monitors the credit worthiness of the trade receivables through internal systems that are configured to define credit limits of
customers, thereby, limiting the credit risk to pre-calculated amounts. The Company assesses increase in credit risk on an ongoing basis for amounts
For the purpose of the Company’s capital management, capital includes equity capital, securities premium and all other equity reserves attributable receivable that become 90 days past due for non governmental customers and 180 days past due for governmental customers and consider the
to the equity shareholders. default after assessement on case to case basis. Top five customers for the year ended March 31, 2024 constitutes 72% of net trade receivables
The Company’s risk management committee reviews the capital structure periodicallly. The committee considers the cost of capital and risks associated (March 31, 2023: 69%). The Company evaluates the credit risk associated with trade receivables on a case-by-case basis. Historically, the Company
with the capital. has not experienced defaults or written off bad debts.
However, credit risk for governmental customer is considered minimal, even if receivables are due for more than 180 days, due to the Company’s
Gearing Ratio historical experience of timely fund realization from these customers.
Particulars Note As at As at The Company considers a financial asset in default when contractual payments are 90 days past due for non govermental customers. However, in
March 31, 2024 March 31, 2023 certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is
Non current borrowings 14 9,196.88 11,089.58 unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial
Current maturities of non current borrowings 14 5,873.56 4,300.00 asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
Current borrowings 14 16,711.67 12,131.36 Loan and other financial assets measured at amortised cost:
Less : Cash and cash equivalents 12(a) 79.09 2,799.28
Less : Other bank balance 12(b) 7,606.76 715.99 Other financial assets measured at amortised cost includes loans and advances to employees, security deposits and others. Credit risk related to
these other financial assets is managed by monitoring the recoverability of such amounts continuously.
Net Debt (a) 24,096.26 24,005.67
The movement to allowance for credit impaired - security deposits as follows:
Equity share capital 13 2,882.26 2,880.28 As at As at
Particulars
Other Equity 13 94,281.79 85,782.95 March 31, 2024 March 31, 2023
Total Capital (b) 97,164.05 88,663.23 Opening balance 14.00 14.00
Addition during the year - -
Gearing Ratio (a/b) 24.80% 27.08%
Deletion during the year - -
In order to achieve the overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets capital financial
covenants attached to interest bearing loans and borrowings that defined capital structure requirements. There have been no breaches in the financial Balance at the end 14.00 14.00
covenants of any interest bearing loans and borrowings in the current financial year and wherever their has been any, the company has teaken the
waiver from the concerned bank. Expected credit loss for trade receivables:
The Company recognises lifetime expected credit losses on trade receivables using a provision matrix. In accordance with Ind AS 109, the Company
Note 40 - Financial risk management
uses expected credit loss model to assess the impairment loss. The Company uses a provision matrix to compute the expected credit loss allowance
The Company is exposed to various financial risks arising from underlying operations and finance activities. The Company is primarily exposed to credit of trade receivables which is computed on case to case basis. The expected credit loss as on March 31, 2024 is Rs. 173.85 Lacs (March 31, 2023:
risk, liquidity risk and market risk. Rs. 177.38 Lacs). The movement to expected credit loss for trade receivables is as follows:
Financial risk management within the Company is governed by policies and guidelines approved by the senior management and board of directors. As at As at March 31,
These policies and guidelines cover credit risk, liquidity risk and market risk. Particulars
March 31, 2024 2023
(a) Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company if the counterparty Opening balance 177.38 177.38
defaults on its obligations. Addition during the year 65.79 0.00
The Company is exposed to credit risk from cash and cash equivalents, deposits with banks, trade receivables, loans and other financial assets Deletion during the year 69.32 0.00
measured at amortized cost
Balance at the end 173.85 177.38
i) Credit risk rating
(b) Liquidity risk management
The Company assesses and manages credit risk of financial assets based on following categories arrived on the basis of assumptions, inputs and
factors specific to the class of financial assets. Liquidity risk is the risk that the Company will encounter in meeting the obligations associated with its financial liabilities that are settled by delivering
A: Low credit risk on financial reporting date cash or another financial asset. The approach of the Company to manage liquidity is to ensure, as far as possible, that these will have sufficient liquidity
B: Moderate credit risk to meet their respective liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risk damage
C: High credit risk to their reputation. The working capital credit facilities are continuing facilities which are reviewed every year to ensure the availability of credit lines and
borrowings facility on time.
The Company provides for expected credit loss based on the following:
Asset group Basis of categorisation Provision for expected credit loss The Company also ensures that the long term funds requirements are met through adequate availability of long term capital (Debt & Equity).
Low credit risk Cash and cash equivalents, other bank balances, loans, Life time expected credit loss Particulars As at As at
investments and other financial assets March 31, 2024 March 31, 2023
Medium credit risk Trade receivables Life time expected credit loss
Total sanctioned limits from banks 30,000.00 20,000.00
Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring bankruptcy or a litigation decided against the
Company. The Company continues to engage with parties whose balances are written off and attempts to enforce repayment. There have been no Utilized 16,711.67 9,631.36
cases of write off with the Company. Unutilized 13,288.33 10,368.64
Cash and cash equivalents and bank balances :
Credit risk relating to cash and cash equivalents is considered negligible as counterparties are banks. The management considers the credit quality of
deposits with such banks to be good and reviews the banking relationships on an on–going basis.

196 Globus Spirits Limited 2023-24 Annual Report 197

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Foreign Currency risk management

(ii) Maturities of financial liabilities
Foreign currency risk also known as Exchange Currency Risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
The tables below analyse the Company’s financial liabilities into relevant maturity groupings based on their contractual maturities. The amount disclosed changes in foreign exchange rates. Foreign currency risk in the Company is attributable to Company’s operating activities.
in the table are the contractual undiscounted cash flow. The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period
demoninated in Rupees are as follows :
Particulars Upto 1 year Between 1 to 5 Over 5 years Total
years Particulars Assets Liabilities
As at March 31, 2024 As at As at As at As at
Borrowing * 5,873.56 9,196.88 - 15,070.45 March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Trade payable 31,389.18 - - 31,389.18 SGD - 7.95 - -
Other financial liabilities 1,882.95 - - 1,882.95
USD 34.01 262.58 - -
Lease Liabilities 456.17 659.16 - 1,115.33
Total non-derivatives liabilities 39,601.86 9,856.04 - 49,457.89 Total 34.01 270.53 - -

Foreign currency senstivity analysis

As at March 31, 2023
Borrowing * 6,800.00 11,115.81 - 17,915.81 The Company is mainly exposed to USD.
Trade payable 20,722.95 - - 20,722.95 The following table details the Company’s sensitivity to a 1% increase and decrease in the Rupee against the foreign currency. The sensitivity analysis
Other financial liabilities 2,957.77 - - 2,957.77 includes only outstanding foreign currency denominated monetary item as tabulated above and adjusts their translation at the period end for 1%
change in foreign currency rates. A positive number indicates an increase in profit before tax or vise-versa.
Lease Liabilities 387.49 1,117.23 - 1,504.71
Total non-derivatives liabilities 30,868.20 12,233.04 - 43,101.24
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
* Excludes utilized working capital limit disclosed above under liquidity risk management.
strenthens by weakens by strenthens by weakens by 1 %
1% 1% 1%
(c) Market risk
Impact on profit for the year *
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk
SGD - - 0.08 (0.08)
comprises three types of risk: interest rate risk, currency risk and credit risk. Financial instruments affected by market risk include deposits. The
functional currency of the Company is Indian Rupee. USD (2.29) 2.29 2.63 (2.63)

i) Interest rate risk * Holding all other variables constant

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. Forward foreign exchange contracts
The Company’s exposure to the risk of changes in market interest rates relates primarily to the long-term debt obligations (including current maturities
The Company uses derivative financial instruments exclusively for hedging financial risks that arise from its commercial business. The
of long-term borrowings) with floating interest rates.
Company manages its foreign currency risk by hedging transactions that are expected to occur within of 2 to 3 months for hedges of
The Company manages its interest rate risk by having a balanced portfolio of fixed and floating interest rates on borrowings. forecasted sales. When a derivative is entered into for the purpose of being a hedge, the Company negotiates the terms of those derivatives to match
the terms of the hedged exposure. For hedges of forecast transactions, the derivatives cover the period of exposure from the point the cash flows of
Particulars As on March 31, 2024 As on March 31, 2023 the transactions are forecasted up to the point of settlement of the resulting receivable that is denominated in the foreign currency.

Borrowings The Company does not have any foreign currency derivatives contracts outstanding as at March 31, 2024 and March 31, 2023.
From banks 31,782.11 27,567.21
Total 31,782.11 27,567.21

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates of loans and borrowings. With all other variables held
constant, the Company’s profit before tax is affected through the impact on floating rate borrowings, as follows:
Currency Increase/ (decrease) Effect on equity Effect on profit before tax
in basis points
As at As at As at As at
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
INR +50 bps 158.91 137.84 158.91 137.84
INR -50 bps (158.91) (137.84) (158.91) (137.84)

The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market environment, showing a
significantly higher volatility than in prior years.

198 Globus Spirits Limited 2023-24 Annual Report 199

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Particulars Gratuity
Note 41 - Employee benefits plans
For the year ended For the year ended
March 31, 2024 March 31, 2023
Defined benefits plans
Cost for the period
The Company’s gratuity scheme provides for lump sum payment to vested employees at retirement, death while in employment or on termination of
1. Current service cost 107.59 65.59
employment of an amount equivalent to 15 days salary payable for each completed year of service or part thereof in excess of 6 months (subject to
maximum of Rs. 20.00 lacs). Vesting occurs upon completion of 5 years of service. The present value of the defined benefit obligation and the related 2. Past service cost - -
current service cost were measured using the Projected Unit Credit Method with actuarial valuations being carried out at each balance sheet date. 3. Net interest cost 43.57 30.20
Total amount recognised in statement of profit or loss 151.16 95.79
Particulars Gratuity
Re-measurements recognised in Other comprehensive income
As at As at
March 31, 2024 March 31, 2023 1. Actuarial (gain) / losses arising from change in demographic assumption (1.37) -
2. Actuarial (gain) / losses arising from change in financial assumptions 8.26 (13.42)
Movement in the present value of defined benefit obligation (A)
3. Actuarial (gain) / losses arising from change in experience adjustments (43.33) (8.03)
1. Present value of obligation as at the beginning of the year 591.93 470.52 Total re-measurements included in Other Comprehensive Income (36.44) (21.45)
2. Current service cost 107.59 97.55 Total amount recognised in statement of profit and loss 114.73 74.34
3. Interest cost 43.57 33.78
4. Actuarial (gain) / losses arising from change in Demographic Assumption (1.37) 2.42 Sensitivity analysis of the defined benefit obligation
The significant actuarial assumption for the determination of defined benefit obligations are discount rate and expected salary increase.
5. Actuarial (gain) / losses arising from change in Financial Assumption 8.26 12.92
Particulars Gratuity
6. Actuarial (gain) / losses arising from change in Experience Adjustments (43.33) (5.00)
a) Impact of the change in discount rate *
7. Benefits paid (48.15) (20.26)
Present value of obligation at the end of the year 658.50
8. Present value of obligation as at the end of the year 658.50 591.93 i). Impact due to increase of 0.50% (30.31)
ii). Impact due to decrease of 0.50% 33.14
Liability recognized in the financial statement (A-B) 658.50 591.93
b) Impact of the change in salary increase *
Present value of obligation at the end of the year 658.50
Non Current 652.98 455.74 i). Impact due to increase of 0.50% 30.30
Current 5.53 136.19 ii). Impact due to decrease of 0.50% (27.93)
Note: Sensitivities due to mortality & withdrawals are not material & hence impact for change due to these are not calculated.

Main actuarial assumption Previous years details of present value of defined benefit obligation and actuarial loss/ (gain) :
Discount rate 7.22% 7.36% Assets/Liabilities March 31, 2024 March 31, 2023 March 31, 2022 March 31, 2021 March 31, 2020
Expected rate of increase in compensation levels 8.50% 8.50% Projected benefit obligation (PBO) 658.50 591.93 470.52 449.85 393.91
Mortality rates inclusive of provision for disability (100% of Indian Assured Lives Plan assets - - - - -
Mortality (IALM) (2012-14):-
Net Assets/ (Liabilities) (658.51) (591.93) (470.52) (449.85) (393.91)
Age upto 30 years 3.00% 3.00%
Age from 31 to 44 years 2.00% 2.00%
Experience on actuarial gain/ (loss) March 31, 2023 March 31, 2023 March 31, 2022 March 31, 2021 March 31, 2020
Age above 44 years 1.00% 1.00% for PBO and plan assets :

Retirement age (years) 60 60 On plan projected benefit obligation (43.33) (5.00) (8.03) (9.56) (6.34)
On plan assets - - - - -

Maturity profile of defined benefit obligation

Defined contribution plans
Year Gratuity Amount
The Company makes contribution towards employees’ provident fund and employees’ deposit linked insurance scheme for qualifying employees.
0 to 1 year 127.00 Under the schemes, the Company is required to contribute a specified percentage of payroll cost, as specified in the rules of the schemes, to these
1 to 2 year 36.24 defined contribution schemes.

2 to 3 year 12.74 The Company has recognised for contributions to these plans in the statement of profit and loss as under :

3 to 4 year 28.65
For the year ended For the year ended
Particulars
4 to 5 year 27.92 March 31, 2024 March 31, 2023
5 to 6 year 25.31 Company’s contribution to provident fund and other funds 263.71 155.75
6 year onwards 400.64 Total 263.71 155.75

200 Globus Spirits Limited 2023-24 Annual Report 201

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

(i) Transactions with related parties

For the year ended For the year ended
Note 42 - Segment reporting Particulars
March 31, 2024 March 31, 2023
Rent
The Company is engaged in the business of manufacture and sale of Indian Made Indian Liquor (IMIL), Indian Made Foreign Liquor (IMFL), Ethanol, Rajasthan Distilleries Private Limited 94.38 90.60
Bulk Alcohol and Franchise Bottling. This is the only activity performed and is thus also the main source of risks and returns. The Company’s seg- Biotech India Limited 94.38 90.60
ments as reviewed by the Chief Operating Decision Maker (CODM) does not result into identification of different ways / sources in to which they see ADL Agrotech Limited 191.66 174.24
the performance of the Company. Accordingly, the Company has a single reportable segment. Hence, the disclosure requirments in terms of Ind AS Rambagh Estate Private Limited 11.59 7.48
108 “Operating Segments” are not applicable. Rambagh Facility Services LLP 46.49 30.99

Loan/Advances given
Note 43 - Information about major customer Bored Beverages Private Limited (Subsidiary) 30.00 -

For the year ended For the year ended Loan/Advances received
Particulars Bored Beverages Private Limited (Subsidiary) 30.00 -
March 31, 2024 March 31, 2023

Interest Income
Sale to customers contributing more than 10% to Company’s revenue 156734.63 135403.84
Bored Beverages Private Limited (Subsidiary) 0.44 -
Total 156734.63 135403.84
Investment in CCPS:
Note 44 - Related party Bored Beverages Private Limited (Subsidiary) 304.50 -

Key management personnel and their relatives : Investment in Equity:

Mr. Ajay Kumar Swarup, Managing Director Bored Beverages Private Limited (Subsidiary) 0.00 -

Mr. Shekhar Swarup, Joint Managing director Strategic and Technical Consultancy
Dr. Bhaskar Roy, Executive Director and Chief Operating Officer Rambagh Facility Services LLP 40.00 80.00
Mr. Nilanjan Sarkar, Chief Financial officer J12 Consultancy and Ventures LLP 62.50 -

Mr. Manik Lal Dutta, Executive Director (till July 31, 2022)
Maintenance charges
Ms. Devika Swarup, Head Development - Projects Rambagh Facility Services LLP 82.44 68.05
Mr. Santosh Kumar Pattanayak, Company Secretary
Security deposit given
Rambagh Facility Services LLP 29.18 13.58
Enterprises over which key management personnel and / or their relatives exercise significant influence :
Bored Beverages Private Limited (Subsidiary) CSR amount paid
India Paryavaran Sahayak Foundation 200.00 50.00
Biotech India Limited
'0' represent amount which is below the rounding off norms adopted by the Company
Rajasthan Distilleries Private Limited
ADL Agrotech Limited (Formerly known as Associated Distilleries Limited) Closing balances with related parties :
As at As at
Rambagh Facility Services LLP Particulars
March 31, 2024 March 31, 2023
Rambagh Estate Private Limited Security deposit
Chandbagh Investments Limited ADL Agrotech Limited 430.50 398.61
Rajasthan Distilleries Private Limited 35.50 38.05
Globus Infosys Private Limited
Biotech India Limited 35.50 34.66
India Paryavaran Sahayak Foundation (IPSF) Rambagh Facility Services LLP 28.63 25.58
Astral Capital Private Limited
Investment outstanding
J12 Consultancy and Ventures LLP
Bored Beverages Private Limited (Subsidiary) 52.50 -
India Paryavaran Sahayak Foundation 0.30 0.30

202 Globus Spirits Limited 2023-24 Annual Report 203

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

(ii) Transactions with key managerial personnel and their relatives:

Expected option life The expected option life is assumed to be mid-way between
For the year ended For the year ended
Particulars the option vesting and expiry.
March 31, 2024 March 31, 2023 Expected volatility Volatility was calculated using standard deviation of daily
Managerial remuneration change in stock price. The historical period considered for
Mr. Ajay Kumar Swarup 543.75 514.21 volatility is matched with the life of options.
Mr. Shekhar Swarup 487.50 469.33 Terms and conditions of eligibility of options in the current year and previous year Service based specified in grant letter
Ms. Devika Swarup 42.12 39.00 Model used Black-Scholes Method
How expected volatility was determined, including an explanation of the extent to The following factors have been considered:
Dr. Bhaskar Roy 101.38 94.76
which expected volatility was based on historical volatility; and (a) Share price (b) Exercise prices (c) Historical volatility (d)
Mr. Manik Lal Dutta (till July 31, 2022) - 20.67 Whether and how any other features of the option grant were incorporated into the Expected option life (e) Dividend yield
Mr. Nilanjan Sarkar 97.20 90.00 measurement of fair value, such as a market condition.
Mr. Santosh Kumar Pattanayak 24.66 22.92
Note 1: All transactions to/from related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances Note 46 - Key ratios
at the year-end are unsecured and settlement occurs in cash. For the year ended March 31, 2024, the Company has not recorded any impairment
Ratios Numerator Denominator Measurement As at As at % Variance Reason for Variance*
of receivables relating to amounts owed by related parties (March 31, 2023: Rs. Nil). This assessment is undertaken each financial year through
March 31, March 31,
examining the financial position of the related party and the market in which the related party operates.
2024 2023
Note 2: Certain KMPs also participate in post employment benefits plans provided by the Company. The amount in respect of these towards the KMPs Current Ratio Current Current Current Asset/ 1.04 1.10 -(4.74%) N/A
can not be segregated as these are based on actuarial valuation for all employees of the Company. assets Liabilities Current
Liabilities
Note 45 - Employee Stock Option Plan Debt-Equity Total Debt Shareholder’s Total Debt/ 0.33 0.31 (5.38%) N/A
Ratio Equity Shareholder’s
The shareholders at Annual General Meeting held on September 24, 2021 approved an employee stock option scheme (“ESOP 2021”) which Equity
provides the grant upto 2,87,992 options to eligible employees of the Company determined by Nomination and Remunaration Committee, which are
convertible into equivalent number of equity shares of Rs. 10 each as per terms of scheme. Debt Service Earning Debt Service Earning 1.72 2.56 -(32.74%) Earnings/margins have been
Coverage Ratio available for available for decreased due to increase in
Under the employee share based payment plans, certain employees were granted stock options of Globus Spirits Limited (‘GSL’). The plan was debt service debt service/ cost of input material cost.
assessed, managed and administered by the GSL. Plan granted to employees are equity-settled. Debt service
The Company applied Ind AS 102 - Share based payments to share based payment transactions. Pursuant to this standard, stock options granted Return on Equity Net Profit Average PAT/Average 10.41% 14.73% -(29.32%) Decrease in profits due to
to the employee by GSL were measured at fair value and recognised in the Statement of Profit and Loss over the vesting period of the options and Ratio after tax shareholder’s shareholder’s increased cost mainly on
crediting other equity. The fair value of stock options was determined by the GSL using the Black Scholes option pricing model. (PAT) equity equity account of prices of raw
The movement in the stock options under the Plan, during the year, is set out below: material.
Particulars For the year ended 31 March, 2024 For the year ended 31 March, 2023 Inventory Cost of Average Cost of goods 9.51 9.32 (2.02%) N/A
Turnover Ratio goods sold inventory sold/Average
Number of Weighted average Number of Weighted average
or sales Inventory
option exercise price (Rs.) options exercise price (Rs.)
Trade Net Credit Average Sale of product 9.94 12.80 -(22.31%) N/A
Outstanding at the beginning of the year 20,284 10 - - Receivables Sales accounts and services/
Granted during the year 69,525 10 20,284 10 Turnover Ratio receivables Avg. accounts
reecivables
Forfeited during the year - - - -
Trade Payables Net Credit Average Purchase of 6.45 7.23 -(10.76%) N/A
Exercised during the year 19,884 10 - -
Turnover Ratio Purchases accounts goods and
Expired during the year - - - - payables services/
Outstanding at the end of the year 69,925 10 20,284 10 average
Exercisable at the end of the year 400 10 - - accounts
payable
Employee stock compensation expense in relation to stock options granted to employees of the Company is Rs. 525.88 Lacs (Previous year Rs. Net Capital Net Sales Working Net Sales/ 91.61 47.42 (93.20%) Increased sales voulme from
83.62 Lacs) Turnover Ratio Capital Working Capital the previous year has mainly led
Employee stock compensation expense under the Fair Value Method has been determined based on fair value of the stock options. The fair value of to increase variance.
stock options was determined using the Black Scholes option pricing model with the following assumptions:
Net Profit Ratio Net Profit Revenue from PAT/Revenue 3.07% 4.33% (29.00%) Decrease in profits due to
after tax operations from operations increased cost mainly on
Particulars Factors considered for fair valuation of options
(PAT) account of prices of input
Grant date April 01, 2023 September 01, 2023 October 01, 2023 October 13, 2023 material cost.
Number of options granted 48450 2000 4000 14675 Return on Earning Capital EBIT/Capital 8.62% 15.49% -(44.34%) Decrease in earnings due
Expected volatility 45.99% 43.23% 43.81% 38.34% Capital before Employed Employed to increased cost mainly on
Risk free interest rate 6.71% 6.67% 6.73% 6.76% Employed interest and account of prices of input
taxes (EBIT) material cost.
Exercise price (Rs.) 10.00 10.00 10.00 10.00
Return on Net Average value
Net return on 0.00% 0.00% 0.00% N/A
Expected dividend yield 0.71% 0.71% 0.71% 0.68%
Investment return on of investment
investment /
Life of options (year) 1.00 1.00 1.00 1.00 investment Average value
Weighted average exercise price 10.00 10.00 10.00 10.00 of investment
Weighted average fair value of options as at the grant date (Rs.) 776.00 877.00 859.00 835.00 * Explanation has been provided where change in the ratio is more than 25% as compared to the ratio of preceeding year.

204 Globus Spirits Limited 2023-24 Annual Report 205

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

Note 47 - Income Tax

During the year ended March 31, 2023, the Income Tax Department had carried out search and seizure operation at the head office and other premises Note 50- Disclosure on revenue pursuant to Ind AS 115 - Revenue from contracts with customers
of the Company from January 30, 2023 to February 03, 2023 under section 132 of the Income-tax Act, 1961 (‘IT Act’). Subsequent to year end, the
Company has received assessment orders for the last 10 assessment years in the first week of April’24 disallowing certain expenses resulting in an A. Reconciliation of reveue from sale of products and rendering of services with the contracted price
aggregate tax impact of Rs. 5,649 lacs (including interest). The Company has no tax demand for the AY 2014-15 to AY 2020-21 and for the remaining
3 years, the amount of tax demand is Rs. 4,093 lacs, out of which Rs. 532 lacs was paid as self-assessment tax during the quarter ended December For the year ended For the year ended
Particulars
31, 2023. The Company has filed an appeal u/s 246A of the IT Act for all the assessment years covered by the order and has paid Rs 2,511 lacs under March 31, 2024 March 31, 2023
protest. The management has appointed an independent firm to review these disallowances and report to Audit committee and the Company has Contracted price 242,892.80 211,950.98
been legally advised that the tax demand may not be sustainable at the appellate forums. While the outcome is awaited, based on legal advice and Add: Excise duty 73,253.65 71,340.85
company’s preliminary assessment, management has determined that no material adjustments are needed with respect to the aforementioned matter Less: Discounts and rebates etc. (1,577.14) (1,157.58)
in standalone financial statements.While the uncertainty exists regarding the outcome of the search and seizure carried out by the Department, the
Sale of products/rendering of services 314,569.31 282,134.24
Company after considering all available information and facts as of date, has not identified the need for any adjustments in the financial statements.

Note 48 - Dividend paid & proposed dividend B. Disaggregation of revenue

The Company has paid final dividend amounting to Rs. 1728.16 Lacs (Rs. 6 per equity share (par value of Rs. 10 each)), basis the dividend declared by Set out below is the disaggregation of Company’s revenue from contracts with customers:
the board of directors in their meeting held on May 25, 2023. The payment was made post approval by the shareholders in the Annual General Meeting
(AGM) of the Company. The dividend was paid on the 5th working day from the date of declaration of the final dividend by the shareholders in the AGM. Revenue from contracts with customers
For the financial year 2023-24, the Board of Directors recommended a final dividend of Rs. 3.50 per equity share (par value of Rs. 10 each). This For the year ended For the year ended
Particulars
payment is subject to the approval of shareholders in the AGM of the Company.The dividend will be paid on the 5th working day from the date of March 31, 2024 March 31, 2023
declaration of the final dividend to the shareholders. The book closure date for the purpose of the payment of final dividend and AGM date will be i) Revenue from operations
announced in due course. a) Sale of goods
Note 49 - Additional Disclosures Industrial alcohol 132,856.96 107,754.98
Indian made indian liquor (Country liquor & Rajasthan made liquor) 75,984.11 70,894.57
Particulars Notes in financial statements
Indian made foreign liquor (Foreign liquor) 5,577.12 5,073.13
Details of benami property held The Company does not have any benami property, where any proceeding has been initiated or
pending against the Company for holding any benami property. Spent grain, Co2, Animal feed supplement dried, etc. 25,324.39 25,353.26
Title deeds of immovable property not held in name of The Company does not have any such property, where title deed is not registered in name of Others 34.31 12.58
company company. Add: Excise duty collected 73,253.65 71,340.85
Willful defaulter The Company has not been declared a "Willful Defaulter" by any bank or financial institution
Sub total 313,030.54 280,429.36
(as defined under the Companies act, 2013) or consortium thereof, in accordance with the
guidelines on Willful defaulter issued by Reserve Bank of India. b) Rendering of services
Relationship with struck off companies The Company does not have any transactions with struck-off companies. Bottling income 1,538.77 1,704.89
Registration of charges or satisfaction with Registrar of The Company does not have any charges which are yet to be registered with ROC beyond the Sub total 1,538.77 1,704.89
Companies (ROC) statutory period. In respect of borrowings repaid during the year, the Company is yet to receive
no dues certificate from the banks, pending which, satisfaction of charges is yet to be registered
Operating revenue 3,14,569.31 282,134.25
with ROC.
Restriction on number of layers The Company has ensured compliance with section 2(87) of the Companies act, 2013 ii) Other operating income
read with Companies (Restriction on number of layers) Rules, 2017 ("Layering Rules") is not Duty drawback and other export incentives 152.09 112.59
applicable. Total revenue covered under Ind AS 115 (refer note 22) 3,14,721.41 282,246.84
Details of crypto currency or virtual currency The Company have not traded or invested in crypto currency or virual currency during the year.
The Company have not advanced or loaned or invested funds to any other person or entity
including foreign entities (Intermediaries) with the understanding that the intermediary shall C. Contract balances
directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever The following table provides information about receivables and contract liabilities from contract with customers:
by or on behalf of Company (Ultimate Beneficiaries); or provide any guarantee, security or the like For the year ended For the year ended
to or on behalf of the ultimate beneficiaries. Particulars
Utilisation of borrowed funds and share premium March 31, 2024 March 31, 2023
The Company have not received any fund from any person or entity, including foreign entities Contract liabilities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the
Company shall: directly or indirectly lend or invest in other persons or entities identified in any Advance from customers 810.23 1,643.06
manner whatsoever by or on behalf of funding party (Ultimate Beneficiaries); or provide any Total 810.23 1,643.06
guarantee, security or the like to or on behalf of the ultimate beneficiaries. Receivables
Undisclosed income The Company does not have any transaction which is not recorded in the books of accounts that
Trade receivables 27,734.53 21,148.33
has been surrendered or disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Less: Allowances for expected credit loss (173.85) (177.38)
Tax Act, 1961) Net receivables 27,560.68 20,970.95
Core investment companies (CIC) The Group (as per the provisions of the Core Investment Companies (Reserve Bank) Directions,
2016) has one register CIC and one unregistered CIC as part of the Group. Contract assets is the right to consideration in exchnage for goods or services transferred to customer and Contract liabilities are contractual
Revaluation of PPE or intangible assets The Company has not revalued its property, plant and equipment including right-of-use assets obligation to transfer the goods or services to customer against which the consideration has already been received
or intangible assets during the year. The amount receivables from customers become due after the expiry of credit period which ranges between 30-180 days on an average basis.
Loans or advances in the nature of loans are granted to There are no loans or advances in the nature of loans are granted to promoters, Directors, KMPs.
promoters, Directors, KMPs and the related parties As a practical expedient provided in Ind AS 115.121, an entity has decided not to disclose the amount of the remaining performance obligations for
Compliance with approved Scheme(s) of Arrangements No scheme of arrangements has been approved by the Competent Authority in term of sections contracts with original expected duration of less than one year or those that meet the requirements of the right to invoice practical expedient in Ind
230 to 237 of the Companies Act, 2013, during the year. AS 115.B16.
* The above disclosures are applicable for year ended March 31, 2024 and March 31, 2023

206 Globus Spirits Limited 2023-24 Annual Report 207

 Globus Spirits Limited Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024 Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated All amounts are in ` Lacs, unless otherwise stated

D. Movement in contract liabilties (advance from customer) during the year as follows: Note 53 - Audit trail
For the year ended For the year ended
Particulars The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts)
March 31, 2024 March 31, 2023
Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies, which uses accounting software for maintaining
Opening balance 1,643.06 718.35
its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an
Addition during the year 810.23 1,643.06
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
Revenue recognised during the year (1,643.06) (718.35) be disabled.
Closing balance 810.23 1,643.06 The Company uses an accounting software for maintenance of books of account. Once the financial entries are posted in accounting software, no
changes are allowed to already posted transactions. Also, in case of cancellation/reversal of already posted entries, separate entries are created in
E. Movement in unbilled reveue: the application.
Further, the database of the accounting software is operated by a third-party software service provider and information on the availability of audit trail
For the year ended For the year ended
Particulars (edit log) feature is not covered in the ‘Independent Service Auditor’s Assurance Report on the Description of Controls, their Design and Operating
March 31, 2024 March 31, 2023
Effectiveness’ (‘Type 2 report’ issued in accordance with SAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical
Opening balance 307.14 64.61
Financial Information) at the database level. The Company has migrated to a new accounting software with effect from 1 April 2024 which will include
Addition during the year 107.16 429.20
the database of audit trail functionality in the next year’s Type 2 report.
Deletion/Invoices raised during the year 402.70 186.67
Closing balance 11.60 307.14 Note 54 - Reconciliation of liabilities from financing activities

Effective April 1, 2017, the Comapny adopted the amendment to Ind AS-7, which require the entities to provide disclosures that enable users of
F. Information about geopraphical structure: financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash
changes, suggesting inclusion of a reconciliation between the opening and closing balances in the consolidated balance sheet for liabilities arising
The following information discloses revenue from external customers based on geographical areas:
from financing activities, to meet the disclosure requirements. The required disclosure is presented below:
Revenue from external customers:
Particulars As on Cash flows Non cash changes As on
For the year ended For the year ended April 01, 2023 March 31, 2024
Particulars Interest expense New leases Others
March 31, 2024 March 31, 2023
India 3,07,655.51 2,77,008.72 Non current borrowings 17,935.86 (2,819.24) - - (46.18) 15,070.45
(including current maturities)
Outside India 7,065.91 5,238.13
Current borrowings 9,631.35 7,080.31 - - - 16,711.67
Total (refer note 22) 3,14,721.42 2,82,246.85
Lease liabilities 1,504.72 (495.91) 106.52 - - 1,115.33

G. Information about timing:

Particulars As on Cash flows Non cash changes As on
Timing of revenue recognition April 01, 2022 March 31, 2023
Interest expense New leases Others
Services/products transferred at a point in time 3,14,721.42 2,82,246.85 Non current borrowings 12,415.80 5,473.78 - - 46.28 17,935.86
3,14,721.42 2,82,246.85 (including current maturities)
Current borrowings 4,982.93 4,648.41 - - - 9,631.35
H. Information about type of customers:
Lease liabilities 547.07 (483.07) 117.01 1,323.71 - 1,504.72
Governmental customers 2,22,754.11 1,79,060.41
Non- governmental customers 91,967.31 1,03,186.44
3,14,721.42 2,82,246.85

The Company has all the revenue from short term contracts and there are no long term contracts available with the Company

Note 51 - Subsequent Events

All events or transactions that have taken place between March 31, 2024 and date of signing of the standalone financial statements and for which
the Indian Accounting Standard 10 – ‘Events after the Reporting Period’ (“Ind AS 10”) requires disclosure/adjustment are disclosed and/or adjusted
in the standalone financial statements.

Note 52 - Approval of standalone financial statements

These standalone financial statements were approved for issue by the Board of Directors on May 30, 2024.

208 Globus Spirits Limited 2023-24 Annual Report 209

 Globus Spirits Limited
Notes forming part of the standalone financial statements for the year ended March 31, 2024
All amounts are in ` Lacs, unless otherwise stated

Note 55 - Previous year’s figures

In accordance with the principles of Indian Accounting Standard 8 - ‘Accounting Policies, Changes in Accounting Estimates and Errors’ (“Ind AS 8”),
the comparative financial information for the year ended 31 March 2023 included in these financial statements, have been restated on account of
correction of following reclassification/ regrouping errors:

Reclassification of financial information of previous year ended March 31, 2023:

Particulars From To Amount Note reference

Current assets Cash and cash equivalents Other bank balances 2,604.85 Note 1
Non- current assets Right to use of assets Property, plant and equipments 175.04 Note 2
Non- current liabilities Lease liabilities Borrowings 26.23 Note 2
Current liabilities Lease liabilities Borrowings 20.05 Note 2
Current liabilities Trade payables Other financial liabilities 679.15 Note 3
Expenses Other expenses Cost of materials consumed 1,962.68 Note 4
Cost of materials Changes in inventories of finished goods and work in
Expenses 362.85 Note 5
consumed progress
Other financial assets - Other financial assets - bank deposits with maturity of
Non- current assets 274.84 Note 6
security deposits more than 12 months

Note 1: Pertains to reclassification of deposits made with bank having original maturity more than 3 months from cash and cash equivalent to
bank balance other than cash and cash equivalent.

Note 2: Pertains to regrouping of carrying value of Motor vehicles purchased by the Company from right of use assets to property, plant and
equipment and the carrying value of loan obtained from the bank to purchase such motor vehicles from lease liability to borrowings.

Note 3: Pertains to reclassification of contractual obligations towards employee dues from trade payable to other financial liabilities

Note 4: Pertains to regrouping of freight inward charges from other expenses to cost of material consumed

Note 5: Pertains to regrouping of changes in inventories of work in progress from cost of material consumed to changes in inventories of finished
goods and work in progress.

Note 6: Pertains to reclassification of deposits made with bank having maturity of more than 12 months from security deposit to bank deposit
with maturity of more than 12 months within non-current other financial assets.

Summary of material accounting policies and other explanatory information

This is the standalone balance sheet referred to in our report of even date.

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm’s Registration Number : 001076N/N500013
Ajay K. Swarup Shekhar Swarup Bhaskar Roy
Arun Tandon Managing Director Joint Managing Director Executive Director
Partner DIN-00035194 DIN-00445241 DIN-02805627
Membership No. 517273
Nilanjan Sarkar Santosh Kumar Pattanayak
Chief Financial Officer Company Secretary
ACS-18721
Place : New Delhi Place : New Delhi
Date : May 30, 2024 Date : May 30, 2024

210 Globus Spirits Limited