PSL AnnualReport15 16

What makes
Pincon Spirit
Limited one of
the most exciting
liquor companies
in India today?
PINCON SPIRIT LIMITED
www.pinconspirit.in
15
38th Annual
Report 20 16
Bringing superior
IMFL attributes to
the IMIL space
06
How Pincon has strengthened its
credentials as an Opportunityresponsive company
04
Making the
consumption leap
happen
Chairmans
review
14
Vision
To make liquor
consumption
safe, hygienic
and responsible
Pincons biggest contribution has been in

graduating the consumer at the bottom of the
consumption pyramid to a superior product
08
Forward-looking statement
In this annual report, we have disclosed forward looking information to enable investors to comprehend our prospects and take investment decisions. This
report and other statements- written and oral- that we periodically make contain forward looking statements that set out anticipated results based on the
management plans and assumptions. We have tried wherever possible to identify such statements by using words such as anticipate, estimate, expects,
projects, intends, plans, beliefs and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these
forward looking statements will be realised, although we believe we have been prudent in our assumptions. The achievements of results are subject to risk,
uncertainties and even inaccurate assumptions. Should known or unknown risk or uncertainties materialise, or should underlying assumptions prove inaccurate,
actual; results could vary materially from those anticipated, estimated or projected. Readers should bear this in mind. We undertake no obligation to publicly
update any forward-looking statement, whether as a result of new information, future events or otherwise.
Contents
Opportunity-responsive 04
Bringing IMFL attributes to IMIL space 06
An insight into the corporate 10

Company review 17
section 26
Our corporate journey 12
Management discussion and analysis 18
Balance Sheet and P&L Account 61
Indias liquor industry is regulated by the

government at one end and dominated by
multinationals at the other.
Their formidable industry barriers mean
that industry players are either large or
slow-growing.
The one exception is Pincon Spirit Limited.
One of the youngest corporatised success
stories in Indias liquor space. And one of
the fastest-growing as well.
Heres proof: Company reported its eighth
successive year of profitable growth in
2015-16.
Revenues grew by 43%. Profit after tax
strengthened by 53%.
Making the Company one of the most
exciting prospects in Indias liquor industry.
Making the consumption leap happen 08
Chairmans review 14
Our robust business model 16
Managing business uncertainties 24
Statutory
A
PRODUCT
info@trisyscom.com
Annual
Report
20 1516
Corporate overview | Statutory reports | Financial statements
JUST DIFFERENT.
PINCON.
Most established liquor companies

focus on the upmarket consumer.
Pincon focuses at the bottom of the
countrys consumption pyramid.
Most liquor companies focus on

upmarket niche segments.
Pincon selected to focus on the popular
segment.
Most liquor companies address existing
price segments.
Pincon has successfully created new price
segments.
There have been virtually no new
players entering the IMFL space in the
last couple of decades.
Pincon has been one of the most exciting
entrants in the countrys IMFL sector.
Most IMFL companies have high marketing

budgets.
Pincons business model is weighted around low
marketing costs, which can be passed on to the
retailers.
Most liquor companies begin by blending,

bottling and branding followed by
distribution.
Pincon was engaged in the distribution business
and used this insight of liquor across blending,
bottling, branding and marketing hence the
entire value chain.
Most liquor companies prefer to specialise in a
space of their choosing.
Pincon is extending its IMFL specialisation to the
IMIL segment.
Annual
Report
20 1516
THE PINCON DIFFERENCE
Opportunityresponsive.
The Company
widened it
footprint across
21 districts of
West Bengal.
A few years ago, the West Bengal Government

embarked on reforming the liquor sector.
Pincon was among the first to respond to this
emerging opportunity.
The result is that Pincons firstmovers advantage has helped it

acquire a leading market share
and enhance revenue visibility.
he State Governments policy of issuing composite

licenses made it possible for IMFL and IMIL
manufacturers to market their products from the
same retail points. This open market approach increased
the throughput of liquor brands and products through retail
outlets. Besides, the very classification of the points of liquor
sale was extended to clubs, bars and hotels.
Pincon was among the first liquor companies in West Bengal
to recognise the implications of this reform. The Company
invested aggressively, creating its first IMFL bottling capacity
in 2013 widened its footprint across 21 districts of West
Bengal. It launched more brands. It invested in facilities that
enhanced IMIL acceptability, eliminating the odour usually
associated with this product following the use of grainbased ENA.
The result is that Pincons first-movers advantage has helped
it acquire a leading market share and enhance revenue
visibility.
Making it a dominant IMIL player

in West Bengal.
Bottling
plants
in 2013-14
in 2014-15
in 2015-16
Annual
Report
20 1516
Bringing IMFL
attributes to the
IMIL space.
Pincon is one of the few companies to have
extended successfully from the premium to the
popular segment.
ntil a few years ago, Pincon was largely

present in the IMFL segment. W hen the
Company selected to extend to the IMIL
space, it leveraged the knowledge gathered from the
IMFL segment.
The Companys principal learning was centred
around product quality. The result was that Pincon
was among one of the first players to graduate
from molasses-based IMIL to the superior grainbased equivalent, achieving the requisite 70 degree
strength.
The Company
proactively invested
in deodorising
its IMIL products,
enhancing their social
acceptability and
creating new markets.
The Company created branded IMIL products with

an upmarket look for the first time, revolutionising
on-site consumer promotional methods.
The Company proactively invested in deodorising its
IMIL products, enhancing their social acceptability
and creating new markets.
The Company eectively utilised PET bottles
to market its products and thus drive sales and
realisations.
The result is that Pincon

singlehandedly graduated
the West Bengal consumer
from drinking illicit liquor
consumption to progressive
IMIL equivalents.
The result is that Pincon singlehandedly graduated

the West Bengal consumer from drinking illicit liquor
consumption to progressive IMIL equivalents.
Graduating lifestyles at the

bottom-of-the-pyramid.
Additions
to the IMIL
portfolio
in 2014
in 2015
in 2016
Annual
Report
20 1516
Making the
consumption
leap happen.
Pincons biggest contribution has
been graduating the consumer at
the bottom-of-the-pyramid to a
superior product.
few years ago, Pincon launched Pincon

Series, a mid-priced liquor category.
R ather than compete with some of the
established brands and take years to carve out an
identity, Pincon responded laterally.
The Company introduced radical pricing. H50 for a
180 ml bottle. H100 for a 375 ml bottle. And H260
for a litre bottle. Most experts indicated that the
pricing would only attract more IMFL drinkers.
What Pincon achieved was entirely unexpected.
The Company addressed a large chunk of IMIL
consumers as well. Attracted by the price-value
proposition, a number of them were encouraged
to transform their tastes and lifestyles.
Going beyond enhancing

market shares; creating new
markets altogether.
Additions
to the IMFL
portfolio
in 2013-14
Rather than compete

with some of the
established brands
and take years to carve
out an identity, Pincon
responded laterally.
The Company introduced

radical pricing. H50 for a 180 ml
bottle. H100 for a 375 ml bottle.
And H260 for a litre bottle.
11
in 2014-15
11
in 2015-16
Annual
Report
20 1516
10 11
Pincon Spirit Limited.

Extended from IMFL
to IMIL.
Pioneered the advent
of branded IMIL.
Leveraging the
growth prospects
of two fast-growing
business segments.
Liquor and edible oil.
Our presence
in West Bengal
(districts)
in 2013-14
12
in 2014-15
21
Background
Management
Pincon Spirit Limited entered

Indias liquor business in 2005 as a
wholesale distributor of high-volume
IMFL brands. Over the decade,
Pincon has emerged as a leading
player in blending, bottling and
distributing proprietary IMFL and
IMIL products. Besides this, Pincon
refines, bottles and distributes edible
oils in the FMCG segment.
Pincon Spirit Limited is headed

by Mr. Monoranjan Roy. The
Companys operations are
managed by a 14-member senior
management team who are
supported by 90+ employees.
Facilities
Brands
The Company manages six blending

and bottling facilities (two owned
and three contract manufacturing)
ensuring that products reach 2,000+
retail outlets in West Bengal, Karnataka,
Odisha, Jharkhand and Uttarakhand,
quickly and cost-eectively. Also, it
has its own oil refining and packaging
plant in West Bengal.
Pincon enjoys a presence in all

IMFL segments through 11 inhouse brands. The Companys three
brands in the IMIL space make it
a dominant player in West Bengal.
In the FMCG space, two edible
oil brands enjoy wide consumer
acceptance in West Bengal.
Key shareholder information

Market capitalisation
in H crore
Enterprise value
in H crore
243 504 10
OTHER CORPORATE INFORMATION

Headquarters: Bangalore, India
Listing: CSE Ltd and BSE Ltd.
Contribution towards CSR initiatives: H0.20 crore
in 2015-16
Face value per share

in H
*As of FY 2015-16
BSE Code: 538771

CSE Code: 10029247
*All information relevant as of
31 March 2016
Annual
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12 13
OUR CORPORATE JOURNEY
2005-09
2010
n Present management
takes over Sarang Viniyog
Ltd, (presently Pincon
Spirit Limited)
2011
n Launched first in-house

brand in the IMFL segment
Pincon XXX Matured
Rum
Launched wholesale
distribution of reputed
IMFL brands in West Bengal
n
2012
Entered into a tie-ups

with bottling units outside
West Bengal for its IMFL
brands
n
Crossed turnover of H50

crore
Launched Pincon No. 1

Whisky
Pincon XXX Matured

Rum emerged as the third
largest rum brand in West
Bengal*
n
2013
Expanded whisky and

rum portfolio
n Launched Highland
Blue Whisky in the midpremium segment
Launched Pincon Kings

Coin 50 (vodka, rum and
whisky)

crore
Launched Pincon Ruby

Gold XO Brandy
n Entered the FMCG
segment edible oils

crore
2014
n
2015
Set up oce in Bengaluru

for expanding into South
India
Launched in-house IMFL

brand in Karnataka
n Launched Ultra Force

XXX Jamaican Rum in the
premium segment
Entered the IMIL segment

by launching Pincon
Bangla No.1 in West Bengal
Launched Odisha Choice

Whisky in Odisha in the
economic segment
n Launched Pincon Ruby

Gold Orange Flavoured Gin
in regular segment
Got listed on the BSE

crore

crore and net profit H10
crore
*As per a survey conducted by the West Bengal Foreign Liquor Manufacturers and Bonders Association
H17 crore in 2014-15 to H26 crore.
n EBITDA grew by 64% from H35 crore in

2014-15 to H58 crore.
n Acquired an IMIL bottling unit of

National Industrial Corporation (Nicols) in
Asansol.
n Profit after tax increased by 53% from
n Planned to acquire two more IMIL and
28.6
25.1
28.7
27.1
FY 16
32.4
FY 15
17.3
FY 14
16.6
58.1
FY 13
10.0
35.6
FY 12
8.5
19.1
FY 16
RONW (%)
6.8
14.9
FY 15
n Penetrated deeper and enhanced

acceptance of edible oils in West Bengal.
25.5
10.3
FY 14
EPS (H)
onward marketing in India.
16.7
987.9
FY 13
n Decided to make a direct overseas

investment to acquire 100% of OSPL
(Orbitol Solutions Pte Ltd), a Singaporebased company that will enable Pincon
to export its own brand of Ultra Force XXX
Jamaican Rum to ASEAN countries. This will
facilitate the import of liquor and pulses for
10.1
692.9
FY 12
one more IMFL blending and bottling unit

in West Bengal coupled with two popular
IMIL brands.
8.5
384.9
PAT (H crore)
320.1
EBITDA (H crore)
244.6
Net sales (H crore)
n Revenues increased by 43% from H693

crore in 2014-15 to H988 crore.
6.9
THIS IS HOW WE
OUTPERFORMED
THE SECTOR
IN 2015-16
FY 12
FY 13
FY 14
FY 15
FY 16
FY 12
FY 13
FY 14
FY 15
FY 16
FY 12
FY 13
FY 14
FY 15
FY 16
Annual
Report
20 1516
14 15
Chairmans overview
If you ask me what

we have done that it
is indeed creditable, I
will only say this: we
offered a branded
product in a space
where nobody
previously aspired
to; we seeded the
market with branded
offerings; we created
an appetite for better
products.
Pincon Spirit Limited is one of the
most attractive proxies of Indias
liquor industry.
Our Company is a proxy of the vast consumption
potential at the base of Indias consumption
pyramid. Our Company is a proxy of an increased
national emphasis on hygiene. Our Company is
a proxy of the countrys branding and packaging
revolution. Our Company is a proxy of the nations
growing aspirations. Our Company is a proxy of the
countrys millions who are eager to unwind and
entertain themselves.
Its on the back of these diverse realities, our
Company has emerged as one of the fastestgrowing companies in India today.
Our Company grew revenues by 43%

and profit after tax by 53% in 2015-16
the eighth successive year of profitable
growth.
This outperformance was the result of a
conscious decision to grow the business
in a manner distinctive from our peers.
Principally, liquor companies in India
focus on the premium branded segment,
avoiding the low-value IMIL portfolio which
is considered to be incompatible with
the premium portfolio and its realisations
not considered good enough to ensure
profitable growth.
Our Company was able to perceive
opportunities where others saw
challenges because of our in-depth
understanding of the business. We have
grown from a point where we distributed
products for some of the largest liquor
companies in the country for a number of
years. We saw how the business worked
from up front what trade policies were
followed by the larger companies, how
consumers responded to dierent prices
and how otake responded to changes in
positioning.
As it turned out, we extended from
distribution to blending, bottling,
branding, marketing and retailing, possibly
the longest value chain in the countrys
liquor industry. Being small, we possessed
the right size to manage overheads.
Besides, the decision of the West Bengal
Government to create a composite license
for the liquor sector made it possible for
us to widen our reach across the IMIL and
IMFL segments.
This convergence right place, right
time, right size brought us face to
face with one of the largest sectoral
opportunities. In West Bengal, where we
selected to enhance our presence, there
was a large illicit liquor trade marked by
spurious products, absence of quality
assurances and no certifications, low
product traceability and most importantly
no contribution to the exchequer.
Our Company addressed this vast
segment (estimated in excess of H50,000
crore a year across India), by oering a
superior packaged and branded IMFL

product priced aordably for the masses,
we created an inducement for thousands
of consumers to graduate their tastes,
preferences and lifestyles.
So, if you ask me what we have done
that it is indeed creditable, I will only say
this: we oered a branded product in a
space where nobody previously aspired
to; we seeded the market with branded
oerings; we created an appetite for
better products.
The result is that we grew revenues at a
CAGR of 57.25% in the three years leading
to 2015-16; we grew our profit after tax at
a CAGR of 58% during the same period.
Optimism, 2016-17
n Leverage acquisitions to step
up production to over 1.2 crore
bottles per month in the IMIL
segment.
n Acquire two bottling units in
Malda and Cooch Behar.
n Strengthen our presence
throughout West Bengal and
Karnataka.
n Widen our IMFL portfolio to
reap promising returns.
What we have achieved in the last few

years pales in comparison to what lies
ahead.
The prospects are compelling. In India,
there are only two pan-Indian MNCs; the
rest of the players are regional. The market
is getting increasingly corporatised.
There is a greater respect for companies
that can market wider and deeper.
There have been no eorts undertaken
towards educating the masses about the
consumption of safe and hygienic IMIL.
Our Company is attractively placed to
capitalise on these realities. We achieved
a critical mass of over 21,00,000+ cases
of IMFL and IMIL products for the year
under review, following which scale-based
eciencies will translate greater margins

visibility. We have an unusual commitment
towards logistics management and
customer responsiveness for a company
of our size. We have been blending
grain-based extra neutral alcohol with
RO-treated water which has enabled us
to create an absolutely odourless IMIL
product. Besides, ours is an instance of a
company that has widened its national
footprint parallely with its regional spread.
Considering that the acquired facilities
are running profitably, we expect them to
contribute handsomely to our financials
in 2016-17. More importantly, we have
invested in a medium-term plan that
comprises expanding our operating
facilities, evolving our product mix, and
widening our footprint to cumulatively
grow our revenues to C3,000 crore by
2020.
The other distinctive Pincon initiative
has been our decision to extend into a
completely dierent business segment
the refining, branding and distribution
of edible oils in the FMCG segment. This
strategy has helped us de-risk ourselves
from an excessive dependence on the
liquor segment. Following an investment
in product variety, smart marketing
strategies and superior distribution
network, we have carved out a successful
presence in this segment marked by
attractive revenues. This provides us
with the optimism that this segment
can emerge as a full-fledged business
capable of enhancing shareholder value
sustainably.
I strongly believe that a company can
ensure sustainable growth through open
communication with its stakeholders.
I would like to thank our stakeholders for
their unflinching support and persistent
commitment in helping Pincon reach
such great heights. I look forward to
the next year with the strong belief that
Pincon will continue to receive your
encouragement.
Monoranjan Roy,
Chairman and Managing Director
Annual
Report
20 1516
16 17
A conversation with Mr. Arup Thakur, Executive Director and CFO
Our robust business model
We aspire to continue growing our

topline, improve margins and drive
bottomline growth in 2016-17.
An overview of the Companys
2015-16 performance
Value chain
Twin revenue engines
Transformation-focused
The Company enjoys a

visible presence across
the value chain from
production to retail.
The Companys revenues are

being driven by liquor and
edible oils; ensuring that it
isnt overtly depedent on any
one of the two verticals.
The Company focuses on

strengthening its presence
in the IMIL segment,
graduating from entry-level
IMFL products to mainstream
products by branding and
leveraging its corporatised
identity.
Bottling integration
Resource integrity
The Company has invested

extensively in back-end
integration via the direct
ownership of bottling plants
and tie-ups, strengthening
its value chain.
The Company has selected

to manufacture IMIL from
grain-based ENA, enhancing
taste on the one hand and
eliminating odour on the
other, resulting in increased
acceptability among the
masses.
Distribution
Acquisitions
Diversification
The Company markets

products through private/
governmental distribution
channels. The Company
possesses a strong retail
and institutional network
(proprietary retail shops in
West Bengal).
The Company has

demonstrated the ability
to identify targets and
acquire bottling plants and
brands to address the vast
consumption potential in the
markets of its presence.
The Company invested across

the IMFL range (whisky, gin,
vodka and rum) with the
objective to capture the
upside in each and moderate
an excessive dependence on
any one variety.
The year 2015-16 was a positive year as

our topline grew by 43% to H988 crore
while net profit increased by 53% to
H26 crore. More importantly, our EBIDTA
margin strengthened by 80 bps over
the previous year. This profitable growth
validates the Companys ability to build
volumes, generate attractive realisations
and optimise costs.
This outperformance was the result of the
successful implementation of a number of
initiatives. We strengthened our presence
in Karnataka (having entered the market
in late 2014-15), resulting in incremental
volumes. We focused on growing
awareness regarding our core brands.
We launched new products and product
extensions that generated encouraging
volumes.
Key corporate achievements,

2015-16
The Company completed two IMIL-related
acquisitions in 2015-16. Pincon acquired
a bottling unit in Asansol to address the
large liquor consuming market in the
coal mining belt of West Bengal. The
Company embarked on the acquisition
of two blending and bottling units in
Dankuni and Barahanagar. The Company
also acquired two popular IMIL brands Bengal Tiger (more than 20 years old) and
Uddan (more than 15 years old) that
are expected to translate into enhanced
otake in 2016-17.
The IMIL business segment

The Company has enhanced
manufacturing capacities following these
acquisitions. The Company will now be
able to produce 2.5 crore bottles per

month compared to 1.25 crore bottles
per month, a year ago. This capacity jump
empowers the Company to address
a growing IMIL market. Besides, the
ownership of three leading IMIL brands is
likely to make Pincon the go-to company
in terms of its distribution channel and will
make it possible for us to optimise costs.
The bottomline is that the acquisitions
will make us a larger company capable
of selling faster and at a lower cost
adding value for stakeholders across the
foreseeable future.
The West Bengal opportunity

From a macro perspective, West Bengal
consumes about 6 crore IMIL bottles per
month on an average, apart from the
sizeable volumes of illicit liquor. The West
Bengal Governments desire to wipe out
illicit liquor consumption in West Bengal
has brightened prospects for us in the
IMIL segment.
Business-strengthening initiatives
Consider this: our flagship Bangla No.1
brand along with the newly-acquired
brands are present across 21 districts
of West Bengal. The extension of these
prominent brands across our existing
footprint could alone make a sizeable
addition to our volumes.
2,000+ of them. Our focus on extending

our pan-Bengal footprint should catalyse
business growth.
The IMFL segment

Pincons IMFL brands reported a 60%plus revenue growth over the previous
year even as its core brands are relatively
new and only started gaining consumer
acceptance in the states of their presence.
Outlook
The Company is hopeful of sustaining
its growth in the current year on a
larger base. We will continue enhancing
marketplace and shopfloor eciencies
and strengthening our product basket to
fill market gaps. Our proposed acquisition
of Orbitol Solutions Pte Ltd, a Singaporebased company, will facilitate the export
of our Ultra Force XXX Jamaican Rum to
the ASEAN countries.
We aspire to continue growing our
topline, improve margins and drive
bottomline growth in 2016-17. We
intend to mobilise funds for acquisitions
and financing day-to-day opeartions
through a prudent mix of debt and equity,
strengthening our Balance Sheet.
In view of these realities, we expect
to drive sustainable growth over the
foreseeable future.
Growth opportunities
Even as we are a dominant IMIL player in
West Bengal with a 40% market share, our
presence in North Bengal is still marginal.
Consequently, we are analysing inorganic
growth opportunities in that location.
From a distribution perspective, there are
about 2,200 active shops marketing IMIL
brands while our products are available in
55
%
increase in our points-of-sale in FY16
Annual
Report
20 1516
18 19
Management discussion and analysis

Indian economy
The global landscape has been rough and
uncertain with weak output growth.
Even in these trying times, Indias
economic growth was positive wherein
inflation, fiscal deficit and current account
balance showed improvement.
India registered robust growth of 7.2% in
2014-15 and an 7.6% in 2015-16, retaining
its position as the fastest-growing major
economy. This growth was largely the
result of the exceptional performance

of the countrys manufacturing sector
(9.5% growth in 2015-16 against 5.5% in
2014-15), which was due to a significant
fall in inputs costs following a decline in
global commodity prices. Besides, growth
is also being significantly driven by private
consumption aided by lower energy
prices and higher real incomes.
Economic robustness was also facilitated
by positive RBI policies which aided in
consider India as an under-consumed

market, which has seen steady growth
in the last five years. In view of this rich
potential, the pace of acquisitions and
Indias economy is expected to sustain

its growth momentum in the current
year. The Economic Survey 2015-16 has
projected a GDP growth of 7-7.75% in
2016-17, while IMF has estimated Indias
GDP growth at 7.5% in FY17 supported by
stronger domestic demand.
joint ventures have increased, leading to

market consolidation. This industry can
be broadly divided into the following
segments:
Pricing
Target audience
IMFL (Indian Made Foreign Liquor)
Aordable and competitive
Above 24 years
IMIL (Indian Made Indian Liquor)
Low-end prices are a driving factor
Above 35 years
IMFL is a large segment of the Indian

liquor industry segmented into various
types (whisky, vodka, gin, rum and
brandy). This segment is dominated by
whisky (60% of volumes), followed by
rum (25%). This segment sells around 80
billion cases a year. In the IMFL segment,
vodka is the fastest-growing at around
9-10%, consumption of which has
increased due to increased popularity
among women. Besides, evolving
consumer preferences towards premium
IMFL varieties are likely to enhance
realisations and prospects.
IMIL (Indian Made Indian

Liquor)
This is the largest form of alcohol
consumed in India, accounting for

nearly 50% of the market and growing at
around 6-8% each year. There has been a
gradual shift from illicit liquor to licensed
and subsidised IMIL (country liquor).
Industry challenges comprise restrictive
state policies regarding pricing,
production and movement, increase
in raw material costs and advertising
restrictions.
Industry drivers
Urbanisation: As more people migrate
to cities, they will be exposed to a wider
variety of liquor products.
Favourable demographics: More than
60% of Indias population lies in the age
group of 15-45. More than 480 million
Indians are above the drinking age;
11
Traded brands
50+
IMFL
(Source: IMF, ET, World Bank)
Type of industry
IMFL (Indian Made Foreign

Liquor)
Proprietary
brands
controlling demand pressures, keep

external shocks at bay and control rupee
volatility and inflation.
INDUSTRY REVIEW
The Indian liquor industry is estimatedly
worth C1,400 billion. This segment is still
largely untapped, making it attractive for
liquor players. Several global companies
Business segment#1
around 150 million will be added to this

group over the next five years.
Social norms: There has been a visible
change in drinking attitudes, enhancing
the social acceptability of alcohol
consumption.
Rising disposable incomes: Most
Indians are in the productive working age
bracket and moving towards the upper
and middle income groups.
Increased alcohol accessibility and
availability: The industry is populated
by a number of brands (high-end and
low-end). Most low-end brands are
available in government-licensed outlets,
government shops (monopolies), private
licensed retail chains, restaurants and
bars.
incon entered the IMFL segment

through wholesale distribution and
subsequently graduated to blending,
bottling and marketing proprietary brands
across five states. Pincon is possibly the
only liquor player in India with a footprint
extending from production to wholesale and
retail.
Wholesale distribution
The Company is engaged in the wholesale
distrbution of leading liquor brands for
which it enjoys tie-ups with more than 3,000
licensees in West Bengal. Over the years,
the business provided the Company with a
grassroots understanding of the segment
and regional customer preferences. The
Company entered this segment in 2009. In
2015-16, this business generated revenues
worth H341 crore against H322 crore in
2014-15. Even as its contribution to the
topline (consolidated) declined from 49% to
33%, IMFL as a segment registered a growth
of 14% on the strong growth of our IMFL

brands. Going forward, business growth is
expected to sustain momentum, even as
its share in the overall business is likely to
decline.
Proprietary products
The Company produces proprietary liquor
brands with a manufacturing capacity of
120,000 cases per month. The Companys
product portfolio comprises 11 brands across
five categories (rum, whisky, vodka, brandy and
gin).
Highlights, 2015-16
n Revenues grew by more than 60%; the
average industry growth was more than 8%
n Strengthened route to market capabilities
right product at the right place.
n Launched Ruby Gold Gin, which was well
received by the customers
Product
segment
Brands
Pincons position in West

Bengal
50 degrees or
more
Pincon Kings Coin (whisky, rum, vodka)
Second-largest by volume
Budget
Pincon No. 1 Select Whisky, Odisha Choice

Whisky, Pincon XXX Matured Rum, Pincon
Perfect Grain Vodka and Pincon Ruby Gold
XO Brandy
Leader in this product

segment
Highland Blue Whisky, Ultra Force XXX

Jamaican Rum, Pincon Ruby Gold Orange
Gin
Steadily growing market

shares
Regular
Proportion of
income from IMFL
business (2015-16) (%)
45
Sales volumes in
2015-16 (lac cases)
11+
Revenue in 201516 (H crore)
588
Pincon is one of the few
users of grain-based
ENA, which enhances
product taste.
Annual
Report
20 1516
20 21
Business segment#2
n Made inroads in the dicultto-penetrate rum segment
(customer preferences are fixed
around traditional brands) with
its Ultra Force XXX Jamaican Rum
n Revamped packaging of its
flagship Highland Blue whisky
brand to strengthen customer
appeal
n Strengthened branding and
awareness
Agenda for 2016-17

n Increase presence of core
brands (Highland Blue Whisky,
Pincon No.1 Select Whisky and
Ultra Force XXX Jamaican Rum)
in Karnataka
n Widen and deepen the
distribution network
n Bolster the Pincon portfolio
Proprietary
brands
Indian IMFL
segment revenue
growth, 2015-16 (%)
Pincon IMFL
revenue growth,
2015-16 (%)
8+ 14
Districts of
presence
21
IMIL
Points-of-sale
IMFL portfolio
H320 for 750 ml
H415 for a litre
aving entered this space in 2015

following the launch of the Pincon
Bangla No.1 brand, the Company has
emerged as a dominant IMIL player (postacquisition) in West Bengal.
Pincon is among the pioneers in
corporatising the IMIL segment (country
liquor), which is still largely unorganised.
IMFL A wide product

basket across strategic
price points widens the
opportunity canvas
H340 for a litre
Rum Jamaican Ultra Force
Gin Ruby Gold
Whisky Highland Blue
H160 for 750 ml
H160 for 750 ml
Vodka Kings Coin
Rum Kings Coin
The use of grain-based ENA as the basic

ingredient mixed with demineralised water
from the Companys plant and the use of
state-of-the-art automatic bottling lines
have positioned Pincon distinctively from
its peers (through product quality and
taste). The Companys sustained advertising
and promotional initiatives are aimed at
raising awareness on the need to graduate
consumers from illicit liquor to branded IMIL
variants. These factors have enhanced the
acceptability of the Companys products
leading to increased otake.
Highlights, 2015-16
n The Company began blending and
bottling liquor under the IMIL segment
during the year under review.
n Acquired Nicols, which added a
manufacturing unit to the Companys asset
bank (capacity of 20 lac bottles per month),
enabling the Company to establish its
footprint in the coal mining belt of West
Bengal, a large IMIL market.
n Embarked to acquire two manufacturing
units Dankuni and Barahanagar - which
also added two of the highest-selling IMIL
brands, Bengal Tiger (more than 20 years old)
and Uddan (more than 15 years old).
n Introduced an orange-flavoured variant of
Bangla No. 1 in December 2015, which was
well-received.
Agenda for 2016-17
Pincon strengthened its sectoral

leadership by increasing capacities (three
manufacturing units) and acquiring brands
(Uddan and Bengal Tiger).
n Introduce four flavoured variants under the

Bangla No. 1 brand
Currently, the Company has a capacity to

produce 1.3 crore bottles a month across
three manufacturing facilities in Central
and South Bengal. Pincons Bangla No. 1 is
available in 21 districts across 2,000+ retail
outlets.
n Scout for acquisition opportunities to

strengthen presence in North Bengal.
n Extend product availability of newly-acquired

brands across Bengal.
n Assist the State Government to counter

the sale of unlicensed country liquor (hooch)
by introducing an alcohol variant of similar
strength (80 degrees).
4,800
Revenue in 201516 (H crore)
123
Pincon IMIL revenue
growth, 2015-16 (%)
100
Indian IMIL segment revenue

growth, 2015-16 (%)
15
Pincon aims to achieve a

60% market share in the
IMIL space in West Bengal
by the end of FY17.
Annual
Report
20 1516
22 23
Business segment#3
2
brands
Production
capacity in tonnes
50,000
Edible oils
his business segment is engaged

in the manufacture of edible oils.
The Company owns a refining and
packaging unit.
The Company entered the edible oil segment
in 2013 and markets its products in West
Bengal and North East India. This segment
has helped in diversifying the Companys
business and creating an additional revenue
stream.
Highlights, 2015-16
n The topline growth that was achieved in
the year under review was H101 crore, which
is substantial, considering the Company
entered the edible oils segment in 2013.
Proportion of
income from own
business (2015-16) (%)
28
segment grow revenues by 60% during the

year under review.
n Pincon leveraged its expertise in the
distribution of liquor products in the realm of
edible oils.
n The Company focused on consolidating its
edible oils business in West Bengal.
Sales volumes in
2015-16 in tonnes
31,000+
Revenue in
2015-16 (H crore)
281
Agenda for 2016-17

n The segment holds substantial promise
and hence the Company plans to further
consolidate its presence in West Bengal.
n The product recall of its liquor business
would be instrumental in boosting sales of its
edible oils.
n Its competitive pricing has helped this
The Indian edible oils market is the

fourth largest in the world after the US,
China and Brazil, accounting for around
9% of the worlds oilseeds production.
Edible oil consumption will receive a

boost with the population increasing
incrementally over the years.
Sectoral
attributes
Demand-supply issues have still not
been fully addressed due to a lack of an
ecient logistics chain.
The Indian edible oil market is

under-penetrated and holds immense
potential for growth.
Rising incomes will enhance the

growth of this sector.
How does
Pincon enhance
consumer value?
At Pincon, we believe in providing
value to our consumers through
dierentiation. This philosophy has
ensured the Companys success in
the IMIL segment, with growing
customer adoption of our brands,
increasing IMIL sales volumes to 1
crore bottles a month. Our superior
price-value proposition is expected
to establish us as one of the largest
IMIL (country spirit) players in India.
Annual
Report
20 1516
24 25
Managing business uncertainties

Business is about taking and managing risks. A businesss risk profile will evolve with altering
dynamics. The same holds true at Pincon, which has progressively emerged as one of the Indias
fastest-growing corporates. The Company leveraged its domain knowledge to strengthen
viability across products, geographies and market cycles.
REGULATORY RISK: The Companys

business depends largely on governmental
policies, especially excise laws.
Mitigation: As a part of its de-risking initiatives, the Company has strategically established a
footprint in areas where State Governments are not averse to liquor consumption. The Company
has a team of professionals who ensure that its operations conform to the laws of the land.
Result: Pincon has emerged as one of the fastest-growing companies in India. Its topline has grown
at a CAGR of 50% + over the last five years.
GEOGRAPHIC RISK: An overt dependence on a

single state could impact growth if geopolitical
challenges emerge in that geography.
Mitigation: Pincon generates more than 65% of its revenues from West Bengal. Hence it could
be aected by unforeseen adversities impacting the state. However, the geopolitical scenario
in West Bengal does not threaten liquor consumption. As a de-risking measure, the Company is
strengthening its presence in Karnataka, Jharkhand and Odisha. The Company is also extending
its footprint to Delhi and Chattishgarh. Its proposed acquisitions allows it to export IMFL products
to ASEAN nations. The widening of the opportunity canvas is expected to reduce the Companys
dependence on West Bengal.
Result: Revenue contribution from outside West Bengal states grew from scratch in 2012-13 to 35%
in 2015-16.
PRODUCT RISK: Non-acceptance of the

product in the consuming fraternity could
impact business sustainability.
Mitigation: The Company has been in business for more than a decade. Its IMFL wholesale
operations provide insights into evolving customer preferences across geographies. Based on this
knowledge, the Company has launched a slew of successful products. The most recent launch was
Ruby Gold Gin which sold more than 30,000 cases during the previous fiscal.
Result: Each of the Companys brands registered healthy double-digit growths in the last three years.
FUNDING RISK: Inability to mobilise

adequate low-cost funds could aect
growth aspirations.
Mitigation: The Companys businesses (liquor and edible oils) are working capital-intensive. The
Company expects to infuse around H225 crore in 2016-17 (a mix of debt and equity) thereby
strengthening organisational liquidity and de-leveraging its Balance Sheet. Moreover, growth in
business volumes is expected to strengthen cash flows which could be deployed to fund working
capital needs and repay debts.
Result: The capital employed in the business increased from H99 crore in 2014-15 to H136 crore in
2015-16; strategic investor (Chairman and Managing Director) infused H62 crore into the business
in 2015-16, enhancing liquidity.
MARGINS RISK: Inability to manage

growing business operations could impact
profitability.
Mitigation: The growing scale of operations and the consequent economies-of-scale will bolster
operating margins. Streamlining of business operations is a continuous journey and as the
Company grows larger, its negotiating power with key stakeholders is expected to strengthen, thus
optimising costs. From a realisations perspective, the Company is moving up the value chain in the
IMFL business (focus on core brands) and this is expected to improve margins
Result: Revenues from core brands increased from H170 crore in 2014-15 to H384 crore in 2015-16
while EBIDTA margin improved by 80 bps over the same period.
Annual
Report
20 1516
26 27
Directors Report
Your Directors are pleased to present the 38th Annual Report and the Companys Audited Accounts for the Financial Year ended
March 31, 2016.
FINANCIAL RESULTS
The Companys financial performance for the year under review along with previous year figures is given hereunder:
PARTICULARS
Revenue
Profit before Interest, Depreciation, Tax
Depreciation
H in Lacs
2015-16
2014-15
94,605.88
60,269.67
5610.41
3,285.89
207.40
215.14
Interest
1,669.28
706.73
Profit after Interest & Depreciation
3,733.73
2,364.01
Provision for Taxation (I. Tax & Deferred Tax)
1,247.77
796.01
Profit after Tax
2,485.96
1,568.00
Share Capital
2,104.30
1,002.15
Reserve & Surplus
6,948.14
4,463.84
EPS - Basic (Rupees)
11.81
15.65
EPS - Diluted (Rupees)
16.87
15.65
RESULTS OF OPERATIONS
Operating in a volatile and uncertain environment, the Company
demonstrated the resilience of its business model.
PERFORMANCE OF THE COMPANY
During the year under review, your Company has achieved sales
of H94,605.88 Lacs representing a steadfast growth of 56.97% over
the previous year of H60,269.97 Lacs. Net Profit from operations
at H2,485.96 Lacs registered a robust growth of 58.54% over the
previous year of H1,568.00 Lacs.
OUTLOOK
The details about prospects/ outlook of your Company are provided
under the Management Discussion and Analysis Report, forming
part of this Annual Report.
CONSOLIDATED FINANCIAL STATEMENT
In accordance with the Accounting Standard (AS) 21 on Consolidated
Financial Statements, the Audited Consolidated Financial Statement
is provided in the Annual Report.
DIVIDEND
Directors have recommended a dividend of H0.75 (i.e. 7.50%) per
equity share for the Financial Year ended March 31, 2016. The
dividend payout is subject to approval of members at the ensuing
Annual General Meeting. The dividend will be paid to members
whose names appear in the Register of Members as on May 30,
2016 and in respect of shares held in dematerialised form, it will be
paid to members whose names are furnished by National Securities
Depository Limited and Central Depository Services (India) Limited,
as beneficial owners as on that date.
DIRECTORS
As per the provisions of the Companies Act, 2013, Mr. Subrata
Basu retires by rotation at the ensuing AGM and being eligible
oers himself for re-appointment. The Board recommends the reappointment of Mr. Subrata Basu as Director & Mr. Abhijit Datta, who
was appointed as Additional Director (Independent) on 09.02.2016
to be appointed/regularised as Director (Independent) in the
ensuing AGM of the Company.
AUDITORS
In the 36th AGM held on 29.09.2014, D.N. Misra & Co., Chartered
Accountants has been appointed as Statutory Auditors of the
Company for a period of 5 years. Ratification of appointment of
Statutory Auditors is being sought from the members of the
Company at the ensuing AGM.
Further, the report of the Statutory Auditor along with Schedules
and Notes to Accounts are enclosed to this report. The observations
made in the Auditors Report are self-explanatory and therefore do
not call for any further comments.
AUDITORS REPORT
The observations of the auditors in their report are self-explanatory
and therefore, in the opinion of the Directors, do not call for further
comments.
SUBSIDIARIES
In accordance with Section 129(3) of the Companies Act, 2013, a
statement containing salient features of the Financial Statements of
the subsidiary companies in Form AOC 1 is provided as Annexure
1 to this report. In accordance with third provision to Section
136(1) of the Companies Act, 2013, the Annual Report and Financial
Statements of each of the Subsidiary Companies have also been
placed on the website of the Company www.pinconspirit.in
SECRETARIAL AUDITORS
Section 204 of the Companies Act, 2013 inter-alia requires every
listed company to annex with its Boards Report, a Secretarial Audit
Report given by a Company Secretaries in practice, in the prescribed
form.
The Board of Directors appointed M/s. Arpan Sengupta & Associates,
Practicing Company Secretary, as Secretarial Auditor to conduct
Secretarial Audit of the Company for Financial Year 2015-16 and
their report is annexed to this Board Report as Annexure 2.
The Secretarial Audit Report does not contain any qualification,
reservation, adverse remark or disclaimer.
PARTICULARS OF EMPLOYEES
The information required pursuant to Section 197 read with rule 5
of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 in respect of employees of the Company, is
provided as Annexure 3.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND

FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars prescribed under section 134(3) (m) of the Act, read
with Rule 8 of the Companies (Accounts) Rules, 2014, are set out in
Annexure 4.
RELATED PARTY TRANSACTION
All related party transactions that were entered into during the
Financial Year were on an arms length basis and were in the ordinary
course of business. There are no materially significant related party
transactions made by the Company with Promoters, Directors, Key
Managerial Personnel or other designated persons which may have
a potential conflict with the interest of the Company at large. The
details of related party transactions required under section 134(3)
(h) read with Rule 8 of the Companies (Accounts) Rules, 2014, is
given in Form AOC 2 and the same is enclosed as Annexure 5, the
same is mentioned in the notes of accounts as well.
The Companys policy on dealing with Related Party Transactions
was adopted by the Board on 17th October, 2014 and is available
on the website.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in Form
No. MGT-9 is annexed herewith as Annexure 6.
CORPORATE GOVERNANCE
The report on Corporate Governance as stipulated under the SEBI
(Listing Obligations and Disclosure Requirements) Regulations,
2015, forms an integral part of this Report. The requisite certificate
from the Auditors of the Company confirming compliance with the
conditions of Corporate Governance is attached to the report on
Corporate Governance.
BOARD MEETINGS
A calendar of Meetings is prepared and circulated in advance to
the Directors. The Board met 19 times during the year, the details of
which are given in the Corporate Governance Report that forms part
of this Annual Report. The intervening gap between the Meetings
was within the period prescribed under the Companies Act, 2013
and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015,
Annual
Report
20 1516
28 29
BOARD COMMITTEES
The Company has set up the following committees of the Board.
A. Audit Committee
B. Nomination and Remuneration Committee
C. Stakeholders Relationship Committee
D. Corporate Social Responsibility Committee
E. Risk Management Committee
F. General Committee of Directors
The composition of each of the above committees, and their
respective roles and responsibilities are detailed in the Corporate
Governance Report.
NOMINATION, REMUNERATION AND EVALUATION POLICY
In accordance with the provisions of Section 178 of the Companies
Act, 2013 read with Regulation 19 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, the Board of
Directors in its Meeting held on 17th October, 2015 has, on the
recommendation of Nomination and Remuneration Committee,
adopted the Nomination, Remuneration and Evaluation Policy of
the Company which is laid down in the Corporate Governance
Report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
Corporate Social Responsibility is commitment of Company to
improve the quality of life of the work force and their families and
also the community and society at large. The Company believes
in undertaking business in such a way that it leads to overall
development of all stakeholders and Society. Report on Corporate
Social Responsibility is annexed herewith as Annexure 7.
Information on the composition of the Corporate Social Responsibility
(CSR) Committee is provided in the Corporate Governance Report
that forms part of this Annual Report. Furthermore, as required by
Section 135 of the Act, and the Rules made thereunder, additional
information on the policy and implementation of CSR activities
by your Company during the year are provided in Corporate
Governance Report to this Report.
RISK MANAGEMENT POLICY
The Company has a Risk Management Policy which has been
adopted by the Board of Directors. Currently, the Companys risk
management approach comprises of the following:
Regulatory Risk
Strategic Risk
Concentration Risk
The risks have been prioritised through a company wide exercise.
Members of Senior Management have undertaken the ownership
and are continuously working on mitigating the same through coordination among the various departments, insurance coverage,
security policy and personal accident coverage for lives of all

employees.
A detailed note on the risks is included in the Corporate Governance
Report.
MANAGEMENT DISCUSSION AND ANALYSIS
The Report on Management Discussion and Analysis as stipulated
under the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, forms an integral part of this Report. The requisite
certificate from the Auditors of the Company confirming compliance
with the conditions of Corporate Governance are attached to the
Report on Corporate Governance.
DEPOSITORY SYSTEM
The trading in the Equity Shares of your Company are under
compulsory dematerialisation mode. As on 31.03.2016 Equity
Shares representing 71.00% of the Equity Share Capital are in
dematerialised form. As the depositary system oers numerous
advantages, Members are requested to take advantages of the same
and avail of facility of dematerialisation of the Companys Shares.
FIXED DEPOSITS
Your Company has not accepted any deposits within the meaning
of Section 73 of the Companies Act, 2013 and the Companies
(Acceptance of Deposits) Rules, 2014.
CREDIT RATING
SMERA, a reputed agency has assigned Credit Rating SMERA BBB
(Stable) for short-term instrument of the Company.
During the year Dun & Bradstreet has assigned a Rating of D&B-4A2
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The Company has not given any loans, guarantees or investments
covered under the provisions of Section 186 of the Companies
Act, 2013.
WHISTLE BLOWER /VIGIL MECHANISM
In accordance with the provisions of Section 177(9) of the
Companies Act, 2013 read with Rule 7 of the Companies (Meetings
of Board and its Powers) Rules, 2014 and the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, the Company has
adopted a Whistle Blower Policy to provide a mechanism to its
directors, employees and other stakeholders to raise concerns about
any violation of legal or regulatory requirements, misrepresentation
of any financial statement and to report actual or suspected fraud or
violation of the Code of Conduct of the Company. The Policy allows
the whistle-blowers to have direct access to the Chairman of the
Audit Committee in exceptional circumstances and also protects
them from any kind of discrimination or harassment.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has a well-placed, proper, adequate and documented
internal control system commensurate with the size and nature of
its business. The primary objective of the internal control system
is to ensure that all its assets are safeguarded and protected and
to prevent any revenue leakage and losses to the Company. Such
controls also enable reliable financial reporting. The report on
Internal Control Systems and their adequacy is forming part of
Management & Discussion Analysis Report.
HUMAN RESOURCES:
Your Company treats its Human Resources as one of its most
important assets. Your Company continuously invests in attraction,
retention and development of talent on an ongoing basis. A
number of programs that provide focussed people attention are
currently underway. Your Companys thrust is on the promotion of
talent internally through job rotation and job enlargement.
INDUSTRIAL RELATIONS:
During the year under review, your Company enjoyed cordial
relationship with its workers and employees at all levels.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT,
2013:
The Company is committed to provide a healthy environment to
all its employees and has zero tolerance for sexual harassment at
workplace. The Company has in place an Anti-Sexual Harassment
Policy in line with the requirements of the Sexual Harassment
of Women at Workplace (Prevention, Prohibition and Redressal
Act), 2013. Internal Complaints Committee (ICC) has been set up
to redress complaints received regarding sexual harassment. All
employees (permanent, temporary, trainees) are covered under this
policy.
There was no case reported during the year under review under the
said policy.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND
PROTECTION FUND
Your Company did not have any funds lying unpaid or unclaimed
for a period of seven years. Therefore there were no funds which
were required to be transferred to Investor Education and Protection
Fund (IEPF).
BOARD EVALUATION CRITERIA
Pursuant to the section 134 (P) of Companies Act, 2013 read with
Rule 8 (4) of Companies Accounts Rule, 2014 and the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the
Board has carried out an annual performance evaluation of its
own performance, the Directors individually, as well as the Board
Committees. The evaluation process considered the eectiveness

of the Board and the Committees with special emphasis on the
performance and functioning of the Board and the Committees.
The evaluation of the Directors were based on the time spent by
each of the Board Members.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of Section 134(3) (C ) & (5) of the Companies Act, 2013, the
Directors would like to state that:
I.
In the preparation of the Annual Accounts, the applicable

accounting standards have been followed.
II.
The Directors have selected such accounting policies and

applied them consistently and made judgments and estimates
that were reasonable and prudent so as to give a true and fair
view of the state of aairs of the Company at the end of the
Financial Year and of the Profit or Loss of the Company for the
year under review.
III.
The Directors have taken proper and sucient care for the
maintenance of adequate accounting records in accordance
with the provisions of this Act for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
As per Section 134(CA) of the Companies Amendment Act,
2015 duly notified on 26th May 2015, no fraud was reported by
Auditors under Sub-Section (12) of Section 143.
IV.
The Directors have prepared the Annual Accounts on a going

concern basis.
V.
The Directors have laid down internal financial controls to

be followed by the Company and that such internal financial
controls are adequate and were operating eectively.
VI. The Directors had devised proper system to ensure compliance

with the provisions of all applicable laws and that such system
were adequate and operating eectively.
ACKNOWLEDGEMENTS
Your Directors would like to acknowledge and place on record
their sincere appreciation of all stakeholders - shareholders, bankers
dealers, vendors and other business partners for the excellent
support received from them during the year under review. Your
Directors recognise and appreciate the eorts and hard work of all
the employees of the Company and their continued contribution
to its progress.
For and on behalf of the Board of Directors
Place: Kolkata,
Date: 28.04.2016
Sd/Monoranjan Roy
Chairman & Managing Director
(DIN: 02275811)
Annual
Report
20 1516
30 31
Annexure 1
Annexure 2
FORM AOC1
SECRETARIAL AUDIT REPORT FOR THE

FINANCIAL YEAR ENDED MARCH 31, 2016
PURSUANT TO FIRST PROVISO TO SUBSECTION 3 OF SECTION 129 READ WITH RULE 5 OF

COMPANIES ACCOUNTS RULES, 2014
STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENT OF SUBSIDIARIES/
ASSOCIATE COMPANIES/JOINT VENTURES
To,
The Members,
Pincon Spirit Limited
7, Red Cross Place
Wellesley House 3rd Floor,
Kolkata 700 001
Part A: Subsidiaries
(Information in respect of each subsidiary to be presented with amounts in Lacs)
Sl. No
Name of the Subsidiary
Financial Year Ended
Currency
Share Capital
Paul Distributors
Priya Laboratories
Yours Laboratories
Private Limited
Private Limited
Private Limited
31.03.2016
31.03.2016
31.03.2016
INR
INR
INR
100.00
243.78
16.00
Reserves & Surplus
1,208.04
(137.83)
40.26
Total Assets
1,913.40
233.74
141.05
605.35
127.79
84.78
3543.13
323.60
322.71
Profit Before Taxation
77.31
64.50
38.08
Provision For Taxation
23.89
50.39
11.77
Profit After Taxation
53.42
14.10
26.31
Total Liabilities
Investments
Turnover
Proposed Dividend
% of Shareholding
[PURSUANT TO SECTION 204(1) OF THE COMPANIES ACT, 2013 AND RULE 9 OF THE COMPANIES
(APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014, READ WITH
THE GUIDANCE NOTE ON SECRETARIAL AUDIT (RELEASE 1.2) OF THE INSTITUTE OF COMPANY
SECRETARIES OF INDIA]
55.00%
62.50%
100.00%
We have conducted the Secretarial Audit of the compliance

of applicable statutory provisions and the adherence
to good corporate practices by Pincon Spirit Limited
(CIN L67120WB1978PLC031561) (hereinafter calledthe Company).
Secretarial Audit was conducted in a manner that provided us a
reasonable basis for evaluating the corporate conducts/statutory
compliances and expressing our opinion thereon.
has proper Board-processes and compliance-mechanism in place

to the extent, in the manner and subject to the reporting made
hereinafter:
Managements
Compliances
(i)
Responsibility
for
Secretarial
The Companys Management is responsible for preparation and

maintenance of secretarial records and for devising systems to
ensure compliances with the provisions of applicable Laws and
Regulations.
Auditors Responsibility
Our responsibility is to express an opinion on the secretarial records,
standard and procedures followed by the Company with respect to
secretarial compliances.
Part B: Associates and Joint Ventures

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
This part is not applicable to the company as there is no associate or Joint Venture Company
We believe that, Audit evidence and information obtained from the

Companys Management is adequate and appropriate to provide a
basis for our opinion.
Sd/Monoranjan Roy
Place: Kolkata,
Date: 28.04.2016

(DIN: 02275811)
Based on our verification of the Companys books, papers, minute

books, forms and returns filed and other records maintained by
Pincon Spirit Limited and also the information provided by the
Company, its ocers, agents and authorized representatives during
the conduct of Secretarial Audit, we hereby report that in our
opinion, the Company has, during the Audit Period from 1st April,
2015 to 31st March, 2016 (the Reporting Period) complied with the
statutory provisions listed hereunder and also that, the Company
We have examined the books, papers, minute books, forms and

returns filed and other records maintained by the Company for the
period from 1st April, 2015 to 31st March, 2016 according to the
provisions of:
The Companies Act, 2013 (the Act) and the Rules made
thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (SCRA) and the
Rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws
framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the Rules and
Regulations made thereunder to the extent of Foreign Direct
Investment (Not applicable to the Company during the Audit
Period), Overseas Direct Investment and External Commercial
Borrowings (Not applicable to the Company during the Audit
Period);
(v) The following Regulations and Guidelines prescribed under the
Securities and Exchange Board of India Act, 1992 (SEBI Act):a)
The Securities and Exchange Board of India (Substantial

Acquisition of Shares and Takeovers) Regulations, 2011;
b)
The Securities and Exchange Board of India (Prohibition of

Insider Trading) Regulations, 1992;
c)
The Securities and Exchange Board of India (Issue of Capital and

Disclosure Requirements) Regulations, 2009;
Annual
Report
20 1516
32 33
The Securities and Exchange Board of India (Employee Stock

Option Scheme and Employee Stock Purchase Scheme)
Guidelines, 1999 and The Securities and Exchange Board
of India (Share Based Employee Benefits) Regulations, 2014
notified on October 28, 2014;
Adequate notice is given to all directors to schedule the

Board Meetings, agenda and detailed notes on agenda were sent
adequately in advance, and a system exists for seeking and obtaining
further information and clarifications on the agenda items before
the meeting and for meaningful participation at the meeting.
e)
The Securities and Exchange Board of India (Issue and Listing

of Debt Securities) Regulations, 2008 (Not applicable to the
Company during the Audit Period);
Majority decision is carried through while the dissenting members

views are captured and recorded as part of the minutes.
f)
The Securities and Exchange Board of India (Registrars to an

Issue and Share Transfer Agents) Regulations, 1993 regarding
the Companies Act and dealing with client;
d)
g)
h)
i)
The Securities and Exchange Board of India (Delisting of Equity

Shares) Regulations, 2009 (Not applicable to the Company
during the Audit Period);
The Securities and Exchange Board of India (Buyback of
Securities) Regulations, 1998 (Not applicable to the Company
during the Audit Period); and
We, based on the representation made by the Company and its

ocers for systems and mechanism framed by the Company for
compliances under other applicable Acts, Laws and Regulations to
the Company, further report that, the Company has complied
with the following laws applicable specifically to the Company:
We are of the opinion that the management has complied with the
following laws specifically applicable to the Company:
are adequate systems and

processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance
with applicable laws, Rules, Regulations and Guidelines.
We further report that during the Audit Period:

The Company has passed following special resolutions which are
having major bearing on the Companys aairs in pursuance of
the above referred Laws, Rules, Regulations, Guidelines, Standards,
etc.:
i.
Issue of Secured, Rated, Listed, Non-Convertible, Cumulative,

Redeemable, Taxable Debentures;
ii.
Increase in borrowing limits under Section 180(1) (c) of the

Companies Act, 2013;
iii.
Sell, lease or dispose o whole or substantially the whole of

the undertaking under Section 180(1) (a) of the Companies Act,
2013;
iv.
Increase of Authorised Capital of the Company;
v.
Change Clause V of the Memorandum of Association of the

Company;
vi.
Acceptance of Deposits from Members and Public;
1.
The Trade Marks Act, 1999;
2.
Food Safety and Standards Act, 2006;
vii. Issuance of Bonus Shares by capitalization of Reserves /

Securities Premium Account;
3.
West Bengal Excise Act, 1949.
viii. Changes in Articles of Association of the Company;
We have also examined compliance with the applicable clauses of

the following:
ix.
Approval of Material Related Party Transactions;
x.
Preferential Issue of Equity Shares; and
i.
Secretarial Standards issued by The Institute of Company

Secretaries of India.
xi.
Preferential Issue of Equity Share Warrants.
ii.
The Listing Agreements entered into by the Company with

Stock Exchanges.
During the period under review the Company has complied with
the provisions of the Act, Rules, Regulations, Guidelines, Standards,
etc. mentioned above.
To,
The Members,
7, Red Cross Place
Wellesley House 3rd Floor,
Kolkata 700 001
the board and by various committees of the Company during
the period under review. We have checked the board process
and compliance management system to understand and to
form an opinion as to whether there is an adequate system
of seeking approval of respective committees of the board, of
the members of the Company and of other authorities as per
the provisions of various statutes as referred in the aforesaid
Secretarial Audit Report.
Our Secretarial Audit Report for the Financial Year ended 31st March,
2016 of even date is to be read along with this letter.
1.
2.
3.
Disclosure
Maintenance of secretarial record is the responsibility of the

management of the Company. Our responsibility is to express
an opinion on existence of adequate board process and
compliance management system, commensurate to the size
of the company, based on these secretarial records as shown
to us during the said audit and also based on the information
furnished to us by the ocers and agents of the Company
during the said audit.
We have followed the audit practices and processes as were
appropriate, to the best of our understanding, to obtain
reasonable assurance about the correctness of the contents of
the secretarial records. The verification was done on test basis
to ensure that correct facts are reflected in secretarial records.
We believe that the processes and practices, we followed,
provide a reasonable basis for our opinion.
We have not verified the correctness, appropriateness and bases
of financial records, books of accounts and decisions taken by
4.
Where ever required, we have obtained the management

representation about the compliance of laws, rules and
regulations and happening of events etc.
5.
The compliance of the provisions of corporate and other

applicable laws, rules, regulations, standards is the responsibility
of management. Our examination was limited to the verification
of compliance procedures on test basis.
6.
The Secretarial Audit Report is neither an assurance as to

the future viability of the Company nor of the eciency or
eectiveness or accuracy with which the management has
conducted the aairs of the Company.
This Report is to be read with our letter of even date which is

annexed as Annexure A and forms an integral part of this Report.
For Arpan Sengupta and Associates
For Arpan Sengupta and Associates
Sd/-
We further report that

The Board of Directors of the Company is duly constituted with
proper balance of Executive Directors, Non-Executive Directors
and Independent Directors. The changes in the composition of the
Board of Directors that took place during the period under review
were carried out in compliance with the provisions of the Act.
Annexure to the Secretarial Audit Report of M/s. Pincon Spirit Limited

for the Financial Year ended 31st March, 2016
We further report that there
The SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015,
Annexure A
CS Arpan Sengupta
Sd/CS Arpan Sengupta

Proprietor
Place: Kolkata,
Date: 28.04.2016
Membership No.: ACS 37706

C.P. No.: 14416
Proprietor
Place: Kolkata,
Date: 28.04.2016
Membership No.: ACS 37706

C.P. No.: 14416
Annual
Report
20 1516
34 35
Annexure 3
VI. Variations in the market capitalization of the Company, price earnings ratio as at the closing date of the current Financial Year and
previous Financial Year and percentage increase or decrease in the market quotations of the shares of the Company in comparison
to the rate at which the Company came out with the last public offer in case of listed companies:
PARTICULARS OF EMPLOYEES
Particulars
STATEMENT OF DISCLOSURE OF REMUNERATION PURSUANT TO SECTION 197 OF THE

COMPANIES ACT, 2013 READ WITH RULE 51 OF THE COMPANIES APPOINTMENT AND
REMUNERATION OF MANAGERIAL PERSONNEL RULES, 2014
31st March, 2016
31st March, 2015
% Change
Closing Price (BSE) in H
121.50
54.78
121.82
Market Capitalization (HIn million)
243.52
109.79
121.82
10.29
3.50
193.94
31st March, 2016
Last
% Change
121.50
10.00*
1115.00
Price earnings Ratio

Particulars
Market price (H)
*The Company come out with Initial Public Oer (IPO) in 1978 at H10/- per share.
I.
The ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the Financial Year
2015-2016 and the percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer, Company
VII. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last Financial
Year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there
Secretary or Manager, if any, in the Financial Year 2015-16:

Sl. No
Name
Designation
are any exceptional circumstances for increase in the managerial remuneration:

Ratio of Remunera-
Percentage Increase
During the Financial Year 2015-16, average percentile increase already made in the salaries of employees other than the managerial
tion of each Director
in
personnel was 14.21% which in view of the robust growth made by the Company during the Financial Year 2015-16, there was an increase
to median remuner-
Remuneration
in the managerial remuneration under Section 197 of the Companies Act, 2013. The nominal increments were given to employees other
ation of Employee
II.
than the managerial personnel during the Financial Year 2015-16 to provide for increased cost of living/ inflation in accordance with the
Remuneration Policy of the Company.
Mr. Monoranjan Roy
12.06:1
Mr. Arup Thakur
Executive Director & CFO
7.13:1
16.12%
Mr. Subrata Basu
Executive Director
7.13:1
20.00%
Mr. JBS Negi
Non-Executive Director
Ms. Mou Roy
Mr. Abhijit Datta
Mr. Aditya Karwa
Company Secretary
1.64:1
0.00%
VIII. Comparison of the each remuneration of the Key Managerial Personnel against the performance of the Company:
The comparison of the each remuneration of the Key Managerial Personnel against the performance of the Company for the Financial
Year 2015-16 are as follows:
Name of KMP
Designation
Mr. Monoranjan Roy
The percentage increase in the median remuneration of employees in the Financial Year: The median remuneration of employees
in the Financial Year 2015-16 has increased by 14.33% as compared to the previous year.
III. The number of permanent employees on the rolls of Company:

As on March 31, 2016, 104 permanent employees were on the rolls of the Company.
% of Revenue
% of EBITDA
0.03%
0.53%
Mr. Arup Thakur
0.02%
0.32%
Mr. Subrata Basu
Executive Director
0.02%
0.32%
Mr. Aditya Karwa
Company Secretary
0.004%
0.07%
IX. The key parameters for any variable component of remuneration availed by the Directors:
IV. The explanation on the relationship between average increase in remuneration and Companys performance:
During the Financial Year 2015-16, no variable component of remuneration has been availed by the Directors of the Company.
Average increase in the remuneration of employees during the Financial Year 2015-16 was 14.33 %. In view of the robust growth
performance of the Company during the year, increased increments are justified as given to employees.
V.
During the Financial Year 2015-16, no employee has received remuneration in excess of the highest paid Director of the Company.
The comparison of remuneration of the Key Managerial Personnel against the performance of the Company for the Financial Year 201516 is as follows:
Revenue (Hin Lacs)

Remuneration of KMPs (as % of revenue)
Earnings before interest, depreciation and amortization and tax [EBITDA] (Hin Lacs)
Remuneration of KMPs (as % of EBITDA)
The ratio of the remuneration of the highest paid Director to that of the employees who are not Directors but receive remuneration
in excess of the highest paid Director during the year:
Comparison of the remuneration of the Key Managerial Personnel against the performance of the Company:
Aggregate remuneration of KMPs in FY 2015-16 (Hin Lacs)
X.
XI. Affirmation that the remuneration is as per the remuneration policy of the Company:
It is hereby armed that the remuneration paid during the Financial Year 2015-16 is as per the Remuneration Policy of the Company.
70.08
94,605.88
0.07
5,610.41
Sd/-
1.25
Monoranjan Roy
Place: Kolkata,
Date: 28.04.2016

(DIN: 02275811)
Annual
Report
20 1516
36 37
Annexure 4
Annexure 5
FORM NO. AOC -2
PARTICULARS OF ENERGY CONSERVATION,

TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
AND OUTGO REQUIRED UNDER THE COMPANIES (ACCOUNTS) RULES, 2014
A.
PURSUANT TO CLAUSE (H) OF SUB-SECTION (3) OF SECTION 134 OF THE ACT AND RULE 8(2)
OF THE COMPANIES (ACCOUNTS) RULES, 2014.
CONSERVATION OF ENERGY:
a)
Energy conservation measures taken:
-Nil-
b)
Additional investments and proposals, if any, being implemented for reduction of consumption of Energy:
-Nil-
c)
Impact of the measures at (a) and (b) above for reduction of energy consumption and consequent impact on the
Form for Disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in sub section (1)
of Section 188 of the Companies Act, 2013 including certain arms length transaction under third proviso thereto.
- N.A.-
B.
Total energy consumption and energy consumption per unit of production as per Form A is given below:
- N.A.-
Particulars
Details
a)
Name (s) of the related party & nature of relationship
Nil
b)
Nature of contracts/arrangements/transactions
Nil
Form for disclosure of particulars with respect to absorption
c)
Duration of the contracts/arrangements/transactions
Nil
RESEARCH AND DEVELOPMENT (R&D):
d)
Salient terms of the contracts or arrangements or transactions including the value, if any
Nil
TECHNOLOGY ABSORPTION:
A.
Details of contracts or arrangements or transactions not at Arms length basis.
Sl. No
cost of production of goods:

d)
1.
1.
Specific areas in which R & D carried out by the Company
N.A
e)
Justification for entering into such contracts or arrangements or transactions
Nil
2.
Benefits derived as a result of the above R & D.
N.A
f)
Date of approval by the Board
Nil
Amount paid as advances, if any
Nil
Date on which the special resolution was passed in General Meeting as required under first proviso
Nil
3.
Future plan of action
N.A
g)
4.
Expenditure on R & D
N.A
h)
to section 188
B.
TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION:

1
Eorts, in brief, made towards technology absorption, adaptation and innovation
2.
N.A
Details of contracts or arrangements or transactions at Arms length basis.
2.
Benefits derived as a result of the above eorts, e.g. Product development, import substitution, etc.
N.A
Sl. No
3.
In case of imported technology (imported during the last 5 years reckoned from the beginning of the Financial Year),
N.A
a)
Particulars
Name (s) of the related party & nature of relationship
following information may be furnished:
C
a)
Details
Details
Priya Laboratories Pvt. Ltd.
Yours Laboratories Pvt. Ltd.
(Subsidiary Company)
(Subsidiary Company)
Conversion Charges
Conversion Charges
a)
Technology imported
N.A
b)
Nature of contracts/arrangements/transaction
b)
Year of import
N.A
c)
Duration of the contracts/arrangements/transaction
Nil
Nil
c)
Has Technology been fully absorbed
N.A
d)
Salient terms of the contracts or arrangements or transactions
Nil
Nil
d)
If not fully absorbed, area where this has not taken place reasons there for and future plans of action
N.A
22.04.2015
22.04.2015
Nil
Nil
including the value, if any
FOREIGN EXCHANGE EARNINGS AND OUTGO:

Activities relating to exports; initiatives taken to increase exports; development of new
e)
Date of approval by the Board
f)
Amount paid as advances, if any
export markets for products and services and export plans

b)
Total foreign exchange used and earned:
(i) Foreign Exchange earned

(ii) Foreign Exchange used
(H In Lacs)
April 1, 2015 to
April 1, 2014 to
March 31, 2016
March 31, 2015
9.97
N.A
Sd/-
N.A
Monoranjan Roy
13.72
Place: Kolkata,
Sd/Monoranjan Roy
Place: Kolkata,
Date: 28.04.2016

(DIN: 02275811)
Date: 28.04.2016

(DIN: 02275811)
Annual
Report
20 1516
38 39
Annexure 6
IV. SHARE HOLDING PATTERN

(Equity Share Capital Breakup as Percentage of Total Equity)
FORM NO. MGT-9
i)
Category of Shareholders
EXTRACT OF ANNUAL RETURN

As on the Financial Year ended on March 31, 2016
PURSUANT TO SECTION 923 OF THE COMPANIES ACT, 2013 AND RULE 121 OF THE COMPANIES
MANAGEMENT AND ADMINISTRATION RULES, 2014
I.
REGISTRATION AND OTHER DETAILS

i.
CIN
L67120WB1978PLC031561
ii.
Registration Date
29-06-1978
iii.
Name of the Company
iv.
Category/ Sub-Category of the Company
Public Company Limited by Shares /Indian Non-Government Companies
v.
Address of the Registered oce and Contact details
7, Red Cross Place,

Wellesley House 3rd Floor, Kolkata 700 001
Phone No. 033 2231-9135. Fax No. 033 4008-0690
E-mail: pinconspiritlimited@gmail.com
Website: www.pinconspirit.in
vi.
Whether Listed Company
Yes
vii.
Name, Address and Contact details of Registrar and Transfer

Agent, If any
S. K. INFOSOLUTIONS PVT. LTD

34/1A Sudhir Chatterjee Street, Kolkata- 700 006
Phones : 033-2219-4815 & 033-2219-6797
Fax
: 033-2219-4815
Email
: skcdilip@gmail.com, contact@skcinfo.com,
URL
: www.skcinfo.com
II.
PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
Sl. No
Name and Description of Main Products/ Services
1.
Wholesale of intoxicants like wines and liquors
2.
Refining & Packaging of Edible Oils (FMCG)
3.
4.
III.
NIC Code of the

Product/Service
% to total Turnover
of the Company
46308
30.37
10401, 10402
29.70
Blending & Bottling of Indian Made Foreign Liquor
11011
26.95
Blending & Bottling of Indian Made Indian Liquor
11012
12.97
PARTICULARS OF HOLDINGS, SUBSIDIARY AND ASSOCIATE COMPANIES
Sl. No
Name and
Address of the Company
Category-wise Share Holding
CIN/GLN
Holding/ Subsidiary
Associate
% of Shares
held
Application
Section
Priya Laboratories Pvt. Ltd.

Wellesley House
7, Red Cross Place, 3rd Floor
Kolkata 700 001
U24246WB2003PTC097219
Subsidiary
62.50%
2(87)
Yours Laboratories Pvt. Ltd.

28T, Ramakrishna Samadhi Road
Kolkata 700 054
U24231WB2005PTC106783
Subsidiary
100.00%
2(87)
Paul Distributors Pvt. Ltd.

247/C Raipur Road,
Bagha Jatin Street,
Kolkata-700092
U51109WB1995PTC072426
Subsidiary
55.00%
2(87)
A. Promoters
1. Indian
a) Individual/ HUF
b) Central Govt
c) State Govt(s)
d) Bodies Corp.
e) Banks / FI
f ) Any other
Sub-Total (A) (1)
2. Foreign
a) NRIs - Individuals
b) Others - Individuals
c) Bodies Corp.
d) Banks / FI
e) Any other
Sub-Total (A) (2)
Total Shareholding of Promoters
(A)=(A)(1)+(A)(2)
B. Public Shareholding
1. Institutions
a)Mutual Funds
b) Venture Capital Funds
c) Alternate Investment Funds
d) Foreign Venture Capital Investors
e) Foreign Portfolio Investors
f )Financial Institutions/ Banks
g) Insurance Companies
h) Provident Funds/ Pension Funds
i) Any Other (specify)
Sub-total (B)(1):2. Non-Institutions
a) Bodies Corp.
i) Indian
ii) Overseas
b) Individuals
i) Individual shareholders holding nominal
share capital upto H2 lakh
ii) Individual shareholders holding
nominal share capital in excess of H2 lakh
c) Others (specify): Director 2
i) Non Resident Indians
ii) Overseas Corporate Bodies
iii) Foreign Nationals
iv) Clearing Members
v) Trusts
vi) Foreign Bodies - D R
Sub-total (B)(2):Total Public Shareholding (B)=(B)(1)+
(B)(2)
C. Shares held by Custodian for GDRs
& ADRs
Grand Total (A+B+C)1
No. of Shares held at the beginning of the year

[As on 1-April-2015]
Demat
Physical
Total
% of Total
Shares
No. of Shares held at the end of the year

[As on 31-March-2016]
Demat
Physical
Total
% of Total
Shares
% Change
during the
year
174,239
174,239
174,239
174,239
0.83
0.83
0.83
0.83
1,991,366
597,006
2,753,600
141,000
4,744,966
738,006
47.35
7.36
2,805,739
4325500
7,131,239
33.89
(13.46)
4,743,081
225,813
4,968,894
23.61
16.25
883,806
372,500
1,498,853
14.96
705,106
551,200
1,256,306
5.97
(8.99)
2,993,393
37.00
46,245
6,754,400
6,754,400
3,267,100
3,267,100
2,993,393
37
46,245
10,021,500
10,021,500
29.87
0.00
0.46
100.00
100.00
5,986,786
195,494
330,042
14,766,248
14,940,487
1,000,000
6,102,513
6,102,513
6,986,786
195,494
330,042
20,868,761
21,043,000
33.20
0.93
1.57
99.17
100.00
3.33
0.93
1.11
(0.83)
(0.00)
6,754,400
3,267,100
10,021,500
100.00
14,940,487
6,102,513
21,043,000
100.00
(0.00)
Note:
1. The total number of Equity Shares has increased due to issuance of bonus share in October 2015 in the ratio 1:1
2. Includes Equity shares of 1000000 as of March 31, 2016 issued on preferential basis to the CMD Mr. Monoranjan Roy allotted made on 30.03.2016.
Annual
Report
20 1516
40 41
ii) Shareholding of Promoters

Sr. No.
v) Shareholding of Directors and Key Managerial Personnel
Shareholders Name
Shareholding at the beginning of the year

No. of Shares
Shareholding at the end of the year
% of total
Shares of the
Company
%of Shares
Pledged /
encumbered
to total
shares
No. of Shares
% of total
Shares of the
Company
%of Shares
Pledged /
encumbered
to total
shares
% change in
shareholding
during the
year
iii) Change in Promoters Shareholding (Please specify, if there is no change)

Shareholding at the beginning of
the year
Sl. No.
Particulars
At the beginning of the year
% of total
shares of the
company
Date wise Increase / Decrease in Promoters Shareholding during the year

specifying the reasons for increase / decrease (e.g. allotment /transfer /
bonus/ sweat equity etc.)
At the end of the year
No. of Shares
% of total
shares of the
company at the
end of year
N.A.
For Each of the Top

Shareholders
Shareholding at the
beginning of the year
i.e. on April 01, 2015
No. of
Shares
1.
Monoranjan Roy
(Chairman & Managing
Director)
% of total
Shares
of the
Company
2993393
iv) Shareholding Pattern of top ten Shareholders (Other than Directors, Promoters and Holders of GDRs and ADRs)
Sl. No.
For Each of the Top Shareholders
No. of shares
Cumulative Shareholding
at the end of the year
i.e. on March 31, 2016
% of total
Shares
of the Company
No. of shares
01/07/2015
to
30/09/2015
01/10/2015
to
31/12/2015
01/01/2016
to
31/03/2016
29933931
10000002
No. of
Shares
% of total
Shares
of the
Company
6986786
33.20
Secured Loans
Unsecured
Loans
Deposits
Total
920,788,668.00
600,000,000.00
1,520,788,668.00
ii) Interest due but not paid
iii) Interest accrued but not due
920,788,668.00
600,000,000.00
1,520,788,668.00
600,000,000.00
1,520,788,668.00
Indebtedness
Indebtedness at the beginning of the Financial Year
Total (i+ii+iii)
% of total
Shares
of the Company
Hin Lacs
excluding deposits
Change in Indebtedness during the Financial Year

* Net Change
998,917,544.00
17,500,000.00
1,919,706,212.00
617,500,000.00
1,016,417,544.00
Indebtedness at the end of the Financial Year
Jaibishwambhar Traders Private Limited #
1,000,000
4.75
Omshaktidev Realestate Private Limited #
900,000
4.28
i) Principal Amount
ii) Interest due but not paid
Shivmani Projects Private Limited #
900,000
4.28
Youthvision Commodities Private Limited #
777,890
3.70
iii) Interest accrued but not due
Coinage Tradecomm Private Ltd #
760,000
3.61
Total (i+ii+iii)
Ajay Tiwari $
122,700
1.22
245,400
1.17
Rajasthan Global Securities Private Limited #
204,416
0.97
Kemnay Investment Fund Ltd #
174,239
0.83
VLS Finance Ltd #
166,200
0.79
10
JIT Software Solution (P) Ltd. $
75,000
0.75
150,000
0.71
11
Hari Singh @
199,790
1.99
88,000
0.42
12
Anushri Textiles Pvt Ltd @
1,090,998
10.89
34,920
0.17
13
Gomti Commercial Pvt Ltd @
230,000
2.30
30,000
0.14
14
Anima Credit & Investments Pvt Ltd*
500,000
4.99
15
Accent Commerce Pvt Ltd*
450,000
4.49
16
Cuckoo Merchandise Pvt Ltd*
450,000
4.49
17
Graceful Advisory Services Pvt Ltd*
380,000
3.79
18
Profitus Commodities Pvt Ltd*
190,000
1.90
19
Dipankar Basu*
190,000
1.90
20
Bam Basuki & Investments Pvt Ltd*
168,100
1.68
Note:
# New members purchased during the year
*Sold out fully by the members during the members
$ Change in no of share due to allotment of bonus share
@ Change in their holding positions due to sale by those shareholders.
01/04/2015 to
30/06/2015
Indebtedness of the Company including interest outstanding/accrued but not due for payment
i) Principal Amount
Shareholding at the
beginning of the year
i.e. on April 01, 2015
29.87
Cumulative Shareholding
at the end of the year
i.e. on March 31, 2016
V. INDEBTEDNESS
PARTICULARS
-
Increase/Decrease in shareholding during the year
Note:
1.
The total number of Equity Shares has increased due to issuance of bonus share in October 2015 in the ratio 1:1
2.
Includes Equity shares of 1000000 as of March 31, 2016 issued on preferential basis to the CMD Mr. Monoranjan Roy allotment made on 30.03.2016.
Cumulative Shareholding during

the year
No. of shares
Sl. No
2,537,206,212.00
-
1,919,706,212.00
617,500,000.00
2,537,206,212.00
Note:
1. Conversion of Unsecured Loan of Mr. Monoranjan Roy into Equity Shares on preferential basis as approved by the Shareholders on 22.03.2016 in the EGM
& allotment of same on 30.03.2016
Annual
Report
20 1516
42 43
VII. PENALTIES/PUNISHMENT/COMPOUNDING OF THE OFFENCES
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager
Sl.
No.
Particulars of Remuneration
Name of MD/WTD/ Manager

Monoranjan Roy
Chairman & Managing
Director
Arup Thakur
Executive Director
& CFO
Subrata Basu
Executive
Director
Total Amount
3,000,000.00
1,800,000.00
1,800,000.00
6,600,000.00
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961
Nil
Nil
Nil
Nil
Details of Penalty
/ Punishment/Compounding
fees imposed
Authority
[RD / NCLT/ COURT]
Appeal made,
if any (give Details)
A. COMPANY
Compounding
B. DIRECTORS
(c) Profits in lieu of salary under section 17(3) Income- tax Act, 1961
Nil
Nil
Nil
Nil
Stock Option
Nil
Nil
Nil
Nil
Sweat Equity
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Commission
- as % of profit
Penalty
Punishment
There were no penalties/punishment/compounding of oences for

breach of any section of the Companies Act against the Company or its Directors or other
Ocers in Default during the Financial Year 2015-16.
Compounding
C. OTHER OFFICERS IN DEFAULT
Penalty
Punishment
- others, specify
5
Brief
Description
Punishment
(a) Salary as per provisions contained in

section 17(1) of the Income-tax Act, 1961
Section of the
Companies Act
Penalty
Gross salary
Type
H in Lacs
Others, please specify

Total (A)
Ceiling as per the Act
Nil
Nil
Nil
Nil
3,000,000.00
1,800,000.00
1,800,000.00
6,600,000.00
Compounding
H2.49 Crore (being 10% of the net profits of the Company calculated as per Section 198 of the
Companies Act, 2013)
Sd/Monoranjan Roy
B. Remuneration to Other Directors and/or Managers

Sl. No.
Hin Lacs
Kunal Saxena1
Independent Directors
Fee for attending board & committee meetings
Commission
Total (1)
Other Non-Executive Directors
Fee for attending board committee meetings
Commission
Total (2)
Total (B)=(1+2)
Total Managerial Remuneration (A+B)
Overall Ceiling as per the Act
280,000.00
280,000.00
280,000.00
Name of Directors
Abhijit Datta2
20,000.00
20,000.00
20,000.00
Total Amount
JBS Negi
Mou Roy
140,000.00
140,000.00
140,000.00
320,000.00
320,000.00
320,000.00
760,000.00
760,000.00
760,000.00
7,360,000.00
H0.249 Crore (being 10% of the net profits of the Company calculated as per Section 198 of the Companies Act, 2013).
Note:
1. Mr. Kunal Saxena, Resigned on 09.02.2016
2. Mr. Abhijit Datta, Appointed on 09.02.2016
C. Remuneration to Key Managerial Personnel other than MD/MANAGER/WTD

Sl. No.
Hin Lacs
Key Managerial Personnel

CS Aditya Karwa
Total
408,000.00
408,000.00
Gross salary
1
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961
(c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961
Stock Option
Sweat Equity
Commission
- as % of profit
others, specify
408,000.00
408,000.00
Total
Place: Kolkata,
Date: 28.04.2016

(DIN: 02275811)
Annual
Report
20 1516
44 45
Annexure 7
ANNUAL REPORT ON
CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
A. Corporate Social Responsibility Initiatives
E. Details of CSR spend for the Financial Year 2015-16:
As part of its initiatives under Corporate Social Responsibility (CSR), the Company has Constituted Corporate Social Responsibility Committee
a) Total amount spend for the Financial Year: H20.00 Lacs.
in line with Section 135 of the Companies Act, 2013 read with Schedule VII. For the year 2015-16 CSR would be implemented in association
b) Amount unspent, if any: H13.66 lac.
with Belaria Humanity Welfare Society, established under West Bengal Society Registration Act 1961, as NGO to grant donations to poor and
c) Manner in which the amount spends during the Financial Year 2015-16 is detailed below:
the needy for meeting expenditure of education, medical treatments and any other charitable purpose; to establish, run, support and grant
aid or other financial assistance to schools, libraries laboratories, research and other institutions of the like nature in India. CSR Policy As per
Sl No
CSR project or
activity identified
Sector in which the

project is covered
Projects or
programmes
1. Local area or
other
2. State of project
Amount outlay
(budget project or
programme wise)
Amount spent in
each project or
programme
Direct expenditure
Overhead
Cumulative
expenditure upto
the report period
Amount
Spent:
Direct or through
implementation
agencies
1.
Education, Medical
treatments and any
Other charitable
purpose
Eradication of
Extreme poverty and
hunger (Clause (i) of
Schedule VII)
Local Project at
Kolkata,
24 - Parganas (N & S)
(West Bengal)
H33.66 Lacs
H20.00 Lacs
H20.00 Lacs
Through
Implementing
Agency Belaria
Humanity Welfare
Society
H33.66 Lacs
H20.00 Lacs
H20.00 Lacs
recommendation of CSR Committee Board has approved CSR Policy at the Board Meeting held on 17th October, 2015. The constitution and
composition of the said Policy can be viewed from Company website.

During the Financial year ended 31st March, 2016, 2 Meetings were held on 31st October, 2015 & 21st January, 2016.
B. Composition, Name of Members and Chairperson

The composition and attendance of Members at the Meetings of the Nomination & Remuneration committee held during 2015-16 are as
Eradication of
Malnutrition (Clause
(i) of Schedule VII)
Sanitation and
making available
safe drinking
water (Clause (i) of
Schedule VII)
follows:
Name of the Directors
Category
Held
Attended
Chairman (Resigned on 09.02.2016)
Chairman (Appointed on 09.02.2016 )
Member
Member (Inducted in the Committee on 09.02.2016)
Mr. Kunal Saxena1

Mr. JBS Negi
Mr. Subrata Basu
Ms. Mou Roy
No. of Meetings Held
Note:
C. Average net profit of the Company for last Three Financial Years:
Average net profit: H1682.92 Lacs
D. Prescribed CSR Expenditure (Two percent of the amount as in item C above)

The Company is required to spend H33.66 Lacs.
Total
* Implementation Agency is Belaria Humanity Welfare Society.
F. Reason for failure to spend Budgeted Amount

The shortfall in the budgeted CSR expenditure during the Financial Year 2015-16 relates to certain CSR projects of ongoing nature
undertaken by the Company spanning over multiple years and the same is being spent by the Company across the life of these projects.
G. A responsibility statement of the CSR Committee that the implementation and monitoring of CSR
Policy, is in compliance with the CSR objectives and Policy of the Company:
The CSR Committee confirms that the implementation and monitoring of the CSR Policy of the Company is in compliance with the CSR
objectives and CSR Policy of the Company.
Sd/Place: Kolkata
Date: 28.04.2016
Sd/-
JBS Negi
Monoranjan Roy
Chairperson CSR Committee
Annual
Report
20 1516
46 47
Board Meeting:
During the year ended March 31, 2016, 18 (Eighteen) Board Meetings held as against the minimum requirement of four meeting. The
maximum time gap between any of the two consecutive meeting did not exceed four months.
The details of Board Meetings are given below:
Report on Corporate Governance
Date
The Directors present the Companys Report on Corporate Governance.
I. MANDATORY REQUIREMENTS
1. COMPANY S PHILOSOPHY ON CORPORATE GOVERNANCE
Board Strength
No. of Directors Present
22nd April 2015
21st May 2015
11th June 2015
16th June 2015
08th July 2015
06th August 2015
26th August 2015
19th September 2015
PINCON SPIRIT LIMITED (PSL/ the Company/Company) is committed to implement sound Corporate Governance practices to ensure
29th September 2015
transparency in its operations and maximize Stakeholders value. The Companys core philosophy on the code of Corporate Governance
12th October 2015
is to abide by the following practices:
28th October 2015
Board accountability to the Company and Shareholders
31st October 2015
Strategic guidance and eective monitoring by the Board
16th November 2015
Protection of minority interests and rights
15th December 2015
21st January 2016
09th February 2016
25th February 2016
30th March 2016
Equitable treatment of all Shareholders
2. BOARD OF DIRECTORS
The Board of Directors along with its Committees provides leadership and guidance to the Companys Management and supervises
the Companys performance. As at March 31, 2016 the Board of Directors (Board) comprises of 6 (Six) Directors out of which 3 (Three)
Directors are Non-Executive Directors.
The Composition of the Board of Directors is in conformity with Regulation 17 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
Designation
Category
Directorship held in other

companies #
Mr. Monoranjan Roy
Executive Director
10
Mr. Arup Thakur
Executive Director
Mr. Subrata Basu
Executive Director
Executive Director
Mr. JBS Negi
Independent Director
Mr. Kunal Saxena1
Ms. Mou Roy
Independent Women Director
Mr. Abhijit Datta2
Note:
The details of the attendance of the Directors at the Board Meetings held during the year ended March 31, 2016 and at the last Annual
General Meeting (AGM) are given below:
The Composition and Category of the Board of Directors is as follows:

Attendance of Directors at the meetings:
Number of Board Meetings

Held
Attended
Held on December 26, 2015
Mr. Monoranjan Roy
18
18
Yes
Mr. Arup Thakur
18
18
Yes
18
18
Yes
Mr. Kunal Saxena
16
14
No
Mr. JBS Negi
18
No
18
16
Yes
No
Mr. Subrata Basu

1
Ms. Mou Roy

Mr. Abhijit Datta
Note:

# Including Private Limited
Attendance at AGM
None of the Directors hold Directorship in more than 15 Companies.
Annual
Report
20 1516
48 49
PROFILE OF BOARD OF DIRECTORS

Brief resume of the Directors, nature of their expertise in specific
functional areas and name of Companies in which they hold
directorship and membership of the committees of the Board are
furnished hereunder:
MR. MONORANJAN ROY
Mr. Monoranjan Roy (DIN. 02275811) is Masters in Economics &
Masters in Business Management. Mr. Monoranjan Roy aged about
41 years is a successful industrialist having business experience of
over 18 years. He started his business career at a very tender age. By
virtue of his extreme hard work and honest endeavour for achieving
business goals, he has been able to create a commendable position
in the business circle. Mr. Roy is having all the traits of being an
entrepreneur of big magnitude. He is having the requisite aptitude
for adapting himself in various types of business activities with the
ultimate result being a successful business venture. The Group
headed by Mr. Roy, is a multi crores business conglomerate, having
business forays in to Indian Made Foreign Liquor, FMCG, Real Estates
& Civil Infrastructure.
Apart from being honoured by the Excellence Award as the
Entrepreneur of the year 2011 by Institute of Economic Studies,
he has recently been winner under Outstanding Entrepreneur
Category, conferred by 6th Annual Asia Pacific Entrepreneurship
Awards (APEA) India 2015, Asias one of the most prestigious awards.
MR. ARUP THAKUR
Mr. Arup Thakur, (DIN. 03476120) aged about 52 years, is a Chartered
Accountant by profession, with experience of more than 23 years
in Accounts, Audit, Finance, Investments. During the course of his
professional career, he gained vast exposure in the field of Bank
Audit, Audit of Govt. Undertakings and other sundry audit. He has
also acquired an in depth exposure in Project Feasibility Study and
Project Appraisal. His diversified experience in finance, accounts,
audit and investment management shall help the Company in
maintaining the business activity within laid down prudential norms.
He is entrusted with the responsibility of taking overall finance and
investment decisions of the company.
MR. SUBRATA BASU

Mr. Subrata Basu (DIN. 06758717) aged about 48 years, Post Graduate
in Commerce from University of Calcutta has almost two decades
of banking experience at senior level in a reputed public sector
& private sector bank with experience in processing large value
proposals, corporate finance proposals, supervising & monitoring
credit administration activities for east, north-east & central zone.
He also served as VP-Corporate Business Development with reputed
Financial Insitution. His diversified experience in Banking & Finance,
provide immense insight in managing business financial structure
within laid down prudential norms
MR. JAG BAHADHUR SINGH NEGI (INDEPENDENT DIRECTOR)
Mr. Negi is a retired IPS ocer. His presence in the Board and his
advice has enabled the Company in expanding business at a fast
pace.
MS. MOU ROY (INDEPENDENT DIRECTOR)
Ms. Mou Roy is Practicing Advocate in Calcutta High Court. During
the course of her profession, she gained vast exposure and
knowledge in the field of criminal and civil law, which helped the
Company in various compliance related aspects.
MR. ABHIJIT DATTA (INDEPENDENT DIRECTOR)
Mr. Abhijit Dutta is the retired Deputy Managing Director of State
Bank of India. He is a Masters in Economics from the Presidency
College, Kolkata. During his long service career with the Bank as the
Mid Corporate Head, he worked in various specialized segments viz.
Credit Compliance, Resolving Stressed Assets, Fund Management,
Interacting with International Banks / Agencies / Regulatory
Authorities like Federal Reserve Bank, Federal Deposit Insurance
Corporation. Apart from having worked in very senior position in
overseas posting, in India he also headed segments like Capital
Markets, Structured Finance, Treasury, etc.
After retirement from SBI, he had been appointed as Chairman of
Asset Reconstruction Company (India) Limited (ARCIL) and the term
ended in 2012 with the largest Asset Recovery reconstruction in the
Country.
3. BOARD COMMITTEES:
The Company currently has the following committees of the Board:
A. AUDIT COMMITTEE
B. STAKEHOLDERS RELATIONSHIP COMMITTEE
C. NOMINATION AND REMUNERATION COMMITTEE
D. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
E. RISK MANAGEMENT COMMITTEE
F. GENERAL COMMITTEE OF DIRECTORS
A. AUDIT COMMITTEE
Terms of Reference and Composition, Names of Members and Chairman
The powers of the Audit Committee are as mentioned in Regulation 18 of The Securities and Exchange Board of India (Listing Obligation
& Disclosure Requirements) Regulations, 2015. The terms of reference of this Committee are wide enough covering the matters specified
for Audit Committee under The Securities and Exchange Board of India (Listing Obligation & Disclosure Requirements) Regulations, 2015.
The Committee acts as a link between the Management, the Statutory and the Internal Auditors on one side and the Board of Directors
of the Company on the other side and oversees the financial reporting process.
The Internal Auditors are permanent invitees of the Audit Committee. The Statutory Auditors are also invited to attend the meetings.
During the Financial year ended 31st March, 2016, 4 Meetings were held on 21st May, 2015, 06th August, 2015, 31st October, 2015 & 21st
January 2016.
Composition, Name of Member and Chairperson
The composition and attendance of Members at the Meetings of the Audit Committee held during 2015-16 are as follows:
Mr. Kunal Saxena
Mr. JBS Negi
Category
Attended
Chairman (Appointed on 09.02.2016)
Member
Mr. Subrata Basu

Ms. Mou Roy

Held
Note:
B. STAKEHOLDERS RELATIONSHIP COMMITTEE
The powers of the Stakeholders Relationship Committee are as mentioned in are as mentioned in Regulation 27(1) & (2) of The Securities
and Exchange Board of India (Listing Obligation & Disclosure Requirements) Regulations, 2015. The terms of reference of this Committee
are wide enough covering the matters specified for Stakeholders Relationship Committee under the Securities and Exchange Board of
India (Listing Obligation & Disclosure Requirements) Regulations, 2015. The Committee oversees the transfer of shares lodged for transfer,
transmission, dematerialization/rematerialization, split and stock option allotments and complaints received from shareholders and other
statutory bodies. The Companys Registrars and Share Transfer Agents, have adequate infrastructure to process the above mentioned
activities.
Number of Shareholders complaints pending so far.
During the year ended March 31, 2016, no complaints were pending for Redressal either at the beginning or at the end of the year
During the Financial year ended 31st March, 2016, 4 Meetings were held on 21st May, 2015, 06th August, 2015, 31st October, 2015 & 21st
January 2016.
The composition and attendance of Members at the Meetings of the Stakeholders Relationship Committee held during 2015-16 are as
follows:
Mr. Kunal Saxena1
Mr. JBS Negi
Category
Held
Attended
Mr. Subrata Basu

Ms. Mou Roy
Member
Note:
Annual
Report
20 1516
50 51
D. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
C. NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee of the Board recommends to the Board, from time to time, compensation package for
Corporate Social Responsibility Initiatives
Whole-Time Members of the Board.
As part of its initiatives under Corporate Social Responsibility (CSR), the Company has Constituted Corporate Social Responsibility
Committee in line with Section 135 of the Companies Act, 2013 read with Schedule VII. For the year 2015-16 CSR was implemented
During the Financial year ended 31st March, 2016, 1 Meeting were held on 21st May, 2015.
in association with Belaria Humanity Welfare Society, established under West Bengal Society Registration Act 1961, as NGO to grant
donations to poor and the needy for meeting expenditure of education, medical treatments and any other charitable purpose; to
The composition and attendance of Members at the Meetings of the Nomination & Remuneration committee held during 2015-16 are
establish, run, support and grant aid or other financial assistance to schools, libraries, laboratories, research and other institutions of the
as follows:
like nature in India. CSR Policy As per recommendation of CSR Committee Board has approved CSR Policy at the Board Meeting held
Category
Held
Attended
Member
Mr. Kunal Saxena
Mr. JBS Negi

Mr. Subrata Basu
Ms. Mou Roy
on 17th October, 2015. The constitution and composition of the said Policy can be viewed from Company website.
Note:
During the Financial year ended 31st March, 2016, 2 Meetings were held on 31st October, 2015 & 21st January, 2016.
The composition and attendance of Members at the Meetings of the Nomination & Remuneration committee held during 2015-16 are
as follows:
Mr. Kunal Saxena
Remuneration to Executive Director
Mr. JBS Negi
The details of remuneration paid to the Executive Directors of the Company for attending the Board and Committee Meetings for the year
Mr. Subrata Basu
2015-16 are as follows:
Ms. Mou Roy
Name
Salary Paid
Mr. Monoranjan Roy
H3,000,000.00
Mr. Arup Thakur
H1,800,000.00
Mr. Subrata Basu
H1,800,000.00
Total
H6,600,000.00
Remuneration to Non-Executive Directors

Non-Executive Directors are being paid sitting fee of H20,000.00 per meeting of the Board.
The details of remuneration paid to the Non-Executive Directors of the Company for attending the Board and Committee Meetings for the
year 2015-16 are as follows:
Name
Sitting Fees Paid
Mr. JBS Negi
H140,000.00
Mr. Kunal Saxena
H280,000.00
Ms. Mou Roy
H320,000.00
Mr. Abhijit Datta2
H20,000.00
Total
Mr. Kunal Saxena, Resigned on 09.02.2016
2.
Mr. Abhijit Datta, Appointed on 09.02.2016
The detail content of Nomination, Remuneration and Evaluation Policy is published on the website.
Attended
Member
E. RISK MANAGEMENT COMMITTEE

In line with the provisions of the Companies Act, 2013
and The Securities and Exchange Board of India (Listing
Obligation & Disclosure Requirements) Regulations, 2015, the
Company has adopted a Risk Management Policy to identify
and evaluate elements of business risks. The Policy defines
the risk management approach, establishes various levels
of accountability for risk Management / mitigation within
the Company and reviewing, documentation and reporting
mechanism for such risks.
The Risk Management Committee has been entrusted with
the responsibilities of developing risk mitigation plans,
implementing risk reduction/mitigation strategies and
reviewing the eectiveness of the Risk Management Policy.
H760,000.00
Nomination, Remuneration and Evaluation Policy of the Company which lays down criteria for:
I. Determining qualifications, positive attributes required for appointment of Directors, Key
II. Managerial Personnel and Senior Management and also the criteria for determining the independence of a Director;
III. Appointment, tenure, removal/retirement of Directors, Key Managerial Personnel and Senior Management;
IV. Determining remuneration (fixed and performance linked) payable to the Directors, Key Managerial Personnel and Senior Management; and
V. Evaluation of the performance of the Board and its constituents.

Held
Note:
Note:
1.
Category
The key business risks, which in the opinion of the Board of

Directors may threaten the existence of the Company, along
with mitigation strategies adopted by the Company are
enumerated herein below:
I.
Regulatory Risk
The IMFL & IMIL industry is a high-risk industry, primarily on
account of high taxes and innumerable regulations governing
it. As a result, liquor companies suer from low pricing flexibility
and have underutilized capacities, which, in turn, may lead to

low margins. To mitigate this risk, the Company complies with
all the applicable rules and regulations in all the States where it
is present.
II. Strategic Risk
The Companys strategy and its execution is dependent on
uncertainties and untapped opportunities. To mitigate this risk,
the Company has adopted resilient policies which not only
allow the Company to maximize opportunities under normal
conditions but also ensure that acceptable results are achieved
under extra-ordinary adverse conditions.
III. Concentration Risk
A large percentage of the Companys turnover is derived from
Eastern India, where any unfavourable regulatory policy may
impact its business. The Companys three business segments
are evenly distributed in the revenue pie contributing to the
revenue stream in the following manner IMFL segment 57%
IMIL segment 13% and FMCG segment 30%. To mitigate this risk,
the Company has extended its focus on other geographies viz.
Southern Region, etc. and product categories viz. Whisky, Vodka,
etc. The Companys recent aquisition would significantly add to
the contribution from the segment.
Annual
Report
F.
20 1516
52 53
GENERAL COMMITTEE OF DIRECTORS

In view of the diculties in convening Board Meeting[s] with requisite quorum at short notice, for matters requiring immediate and
prompt action, on behalf of the Company, the Board constituted a Committee of Directors.
5. DISCLOSURES:
premium of H125/- per share on preferential basis to
Related party transactions:
Mr. Monoranjan Roy as approved by the Shareholders at
During the year ended March 31, 2016 there were
the EGM held on 22.03.2016 & allotment was done on
The powers to be delegated to the Committee of Directors consisting of Mr. Monoranjan Roy, Mr. Arup Thakur & Mr. Subrata Basu are
materially significant related party transactions for which
30.03.2016 towards the part conversion of unsecured loan.
regulated by the Board of Directors from time to time. There were 2 occasions for the General Committee to meet during the year 2015-16
adequate disclosure is made in the Annual Accounts
a)
regarding related party transactions.
4. GENERAL BODY MEETINGS

The details of date, location and time of the last 3 years Annual General Meetings held on as under:
Financial year
Ended March, 31
Year Ended
37th
31.03.2015
36th
31.03.2014
Date & Time

December 26,
2015 at 11.00 AM
September 29,
2014 11.00 AM
Venue
The Peerless Inn
Wellesley House
3rd Floor,
Kolkata 700 001
35th
31.03.2013
June 04, 2013

11.00 AM
Appointment of Ms. Mou Roy (DIN: 07144271) as an

Independent Director upto March 30, 2020.
7, Red Cross Place,
Date & Time
notified under Companies (Accounting Standards) Rules,
c)
sent
to
each
household
of
shareholders : No
b)
Quarterly results
2006 in the preparation of its Financial Statements.
The quarterly results of the Company are published
Code of Conduct
agreement, in widely circulated newspapers like Business
in accordance with the requirements of the listing
The Board has laid down a Code of Conduct covering the

ethical requirements to be complied with covering all the
Board members and Senior Management Personnel of the
Standard, Anandabazar Patrika etc.

c)
News releases, presentations etc.

Ocial Releases along with Quarterly Results are displayed
Company. An armation of compliance with the code is
Approval of Material Related Party Transactions
received from them on an annual basis.
on the Companys website: www.pinconspirit.in
CEO and CFO Certification
Presentations were also made to the media, analysts.
Adoption of new Articles of Association of the

Company
d)
Institutional investors, fund managers, among other form
The Managing Director and the CFO have given a Certificate
Borrowing Power Under Section 180(1) and any

other applicable provisions of the Companies Act, 2013
to the Board as contemplated under Regulation 17(8) of
time
the SEBI (Listing Obligations and Disclosure Requirements)
To create such charges, mortgages and hypothecations

in addition to the existing charges, mortgages and
hypothecations created by the Company, Under Section
180(1)(a) and any other applicable provisions of the
Companies Act, 2013.
During the year ended March 31, 2016 the Company has
Regulations, 2015 and is separately annexed.
made presentations to the investors/analysts. Which is
Proceeds from public issues, rights issues, preferential
duly submit to the Stock exchanges.
No Special Resolution was passed in the meeting
e)
issues etc.
d)
Management Discussion and Analysis (MDA) Report
During the year ended March 31, 2016, company has
The report on MDA is annexed to the Directors Report and
allotted 1000000 Equity Share of H10 per share at the
forms part of this Annual Report.
3rd Floor,
7. GENERAL SHAREHOLDER INFORMATION
Kolkata 700 001
1. Company Registration Details

The Company is registered in the State of West Bengal, India. The Corporate Identification Number (CIN) allotted to the Company by the
Ministry of Corporate Aairs (MCA) is L67120WB1978PLC031561.
Venue
The Peerless Inn
Special Resolution Passed

Issue of Secured, Rated, Listed, Non-Convertible, Cumulative,
Redeemable, Taxable Debentures.
2. Annual General Meeting
Approval of borrowing limits of the Company

Creation of Charge on the assets of the Company
Increase of Authorised Capital of the Company
Change Clause V of the Memorandum of Association of the
Company
Acceptance of Deposits from Members and Public
The Peerless Inn

12, Jawaharlal Nehru Road,
Kolkata 700 013
22nd March, 2016 at 11.30 A.M.
Report
Wellesley House

Kolkata 700 013
29th September, 2015 at 11.00 A.M
Half-Yearly
Changes in Articles of Association of the Company.
Details of Extraordinary General Meetings held during the Financial Year 2015-16
25th July, 2015 at 11.00 A.M
a)
Disclosure of Accounting Treatment:

The Company has followed the Accounting Standards
Special Resolution Passed
12, Jawaharlal
Nehru Road, Kolkata
Re-appointment of Mr. Monoranjan Roy (DIN:
700 013
02275811) as Chairman and Managing Director upto
August 09, 2020.
7, Red Cross Place,
b)
6. MEANS OF COMMUNICATION
Issuance of Bonus Shares by Capitalizations of Reserves / Securities

Premium Account
The Peerless Inn
Preferential Issue of Equity Shares

Kolkata 700 013
Preferential Issue of Equity Share Warrants
3. Financial Year
38th Annual General Meeting
Monday, June 06, 2016 at 11.00 A.M
:
:
The Peerless Inn

12, Jawaharlal Nehru Road, Kolkata, West Bengal 700013, India
April 1, to March 31.
4. Financial Calendar (tentative) Results for the quarter ending

June 30, 2016
: July/August, 2016
September 30, 2016
: October/November, 2016
December 31, 2016
: January/February, 2017
March 31, 2017
: April/May, 2017
5. Date of Book Closure
May 31 to June 6, 2016 (Both days inclusive)
6. Dividend Payment Date
A Dividend payment of H0.75 i.e., 7.50% per Equity Share of H10.00 each will be
paid by 21th June 2016 subject to the approval of the members in the ensuing
Annual General Meeting.
Annual
Report
20 1516
7. Listing on Stock Exchanges

Sl. No.
54 55
13. Stock Performance in comparison to BSE Sensex
Company Equity Shares are listed at:
(Based on closing prices of Pincon Spirit Limited and BSE Sensex)
Name of the Stock Exchanges
Address
1.
The Calcutta Stock Exchange Limited (CSE)
7, Lyons Range, Kolkata 700 001
2.
BSE Limited (BSE)
Phiroze Jeejeebhoy Towers
Apr 01, 2015 - Mar 31, 2016
200%
150%
Dalal Street
Mumbai- 400001
100%
8. Listing Fees to Stock Exchanges
50%
The Annual Listing fee for the year 2016-17 has been paid by the Company to all exchanges within stipulated time.
0%
9. Payment of Depository Fee

-50%
Annual Custody/Issuer fee for the year 2016-17 will be paid by the Company to NSDL and CDSL on receipt of the invoices.
Apr 15
10. International Securities Identification Number (ISIN) of the Company

International Securities Identification Number (ISIN) of the Companys shares in the dematerialised mode, as allotted by NSDL and CDSL
11. Scrip Code & Scrip Name

Name of the Stock Exchanges
Script Name, Script Code
1.
The Calcutta Stock Exchange Limited (CSE)
Pincon Spirit Limited, 10029247
2.
BSE Limited (BSE)
Pincon, 538771
Jul 15
Aug 15
SENSEX - 13.28%
Sep 15
Oct 15
Nov 15
Dec 15
Jan 16
Feb 16
Mar 16
538771 + 137.66%
S.K. INFOSOLUTIONS PVT. LTD

(CIN: U72300WB1999PTC090120)
34/1A Sudhir Chatterjee Street,
Kolkata- 700 006
Phones : 033-2219-4815 & 033-2219-6797
Fax
: 033-2219-4815
Email : skcdilip@gmail.com , contact@skcinfo.com,
URL
: www.skcinfo.com
12. Stock Market Price Data

Month
Jun 15
14. Registrar & Share Transfer Agents:

For Shares held in both Physical and Demat mode
is INE675G01018
Sl. No.
May 15
BSE Limited
Calcutta Stock Exchange Limited#
High Price
Low Price
Volume
High Price
Low Price
Volume
Apr-15
139.60
100.60
474448
May-15
136.00
103.00
2391737
Jun-15
122.00
92.20
2983799
Jul-15
114.70
95.00
2907712
Aug-15
239.00
111.00
5430022
Sep-15
184.00
125.90
1878778
Oct-15
181.80
76.00
2702020
Nov-15
108.00
87.95
4357769
Dec-15
122.70
97.80
3364620
Jan-16
159.00
111.00
7554632
Feb-16
135.90
100.00
1717992
Mar-16
133.00
109.80
3953644
# There were no transactions on Calcutta Stock Exchange Limited, during the said period.
15. Share Transfer System and Dematerialization of Shares

The Physical share transfers are processed and the share certificates are returned to the shareholders within a maximum period of one
month from the date of receipt, subject to the documents being valid and complete in all respects.
Any transferee who wishes to Demat the shares may approach a Depository participant along with a duly filled Demat Request Form,
who shall, on the basis of the Share Certificate, generate a Demat request and send the same to the Registrar and Share transfer Agents
(RTA). On receipt, the Depository Registrar confirms the request.
All requests for Dematerialization of shares are processed and the confirmation is given to the respective Depositories, i.e., National
Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL), within 21 days of receipt.
Annual
Report
20 1516
56 57
16. Shareholding Pattern:

Sl.
No.
Category of Shareholders
Promoter and Promoter Group
(1)
Indian
(a)
Individuals/Hindu undivided Family
(b)
Central Government/ State

Government(s)
(c)
Financial Institutions/ Banks
(d)
Any Other (specify)
No. of
Shareholders
As on March 31, 2015

No. of
% of Total
Shares held
Shares
No. of
Shareholders
As on March 31, 2016

No. of
% of Total
Shares held
Shares
% Change
during the
year
Sub-Total (A)(1)
(2)
Foreign
(a)
Individuals (NonResident Individuals/

Foreign Individuals)
(b)
Government
(c)
Institutions
(d)
Foreign Portfolio Investor
(e)
Any Other (specify)
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Sub-Total (A)(2)
Total Shareholding of
Promoter and Promoter Group (A)=(A)(1)+(A)(2)
B
Public shareholder
(1)
Institutions
(a)
Mutual Funds
(b)
Venture Capital Funds
Upto - 5,000
5,001 -10,000
10,001-20,000
20,001-30,000
30,001-40,000
40,001-50,000
50,001-100,000
100,001-above
Total 1&2
Share Holders
Number
% of total
6213
79.12
692
8.81
370
4.71
138
1.76
84
1.07
63
0.80
130
1.66
163
2.08
7853
100.00
Share Amount
% of total
8325570
3.96
5535290
2.63
5816580
2.76
3540600
1.68
3033610
1.44
2951530
1.40
9569150
4.55
171657670
81.57
210430000
100.00
H
Note:
2.
Includes Equity shares of 1000000 as of March 31, 2016 issued on preferential basis to the CMD Mr. Monoranjan Roy.
18. Dematerialization of Shares and Liquidity

As per notification issued by SEBI, with eect from 26th June 2000, it has become mandatory to trade in the Companys shares in the
electronic form. The Companys shares are available for trading in the depository systems of both the NSDL and CDSL.
Percentage of Shares held in Physical & Electronic form as on March 31, 2016
Sl. No. Particulars
1
Demat Mode
2
Physical Mode
Grand Total
No. of Shares
14940487
6102513
21043000
%
71.00
29.00
100.00
To enable us to serve our investors better, we request Members whose shares are in physical mode to dematerialize shares and to update
their bank accounts with the respective depository participants.
(c)
Alternate Investment Funds
(d)
Foreign Venture Capital Investors
(e)
Foreign Portfolio Investors
174239
0.83
0.83
Members may please note that ECS details contained in the BENPOS downloaded from the Depositories would be reckoned for payment
(f )
Financial Institutions/ Banks
(g)
Insurance Companies
of dividend. In order to avoid fraudulent encashment of dividend, please register either ECS mandate or Bank details for payment of
(h)
Provident Funds/ Pension Funds
(i)
Any Other (specify)
174239
0.83
0.83
Sub-Total (B)(1)
(3)
Non-institutions
(a)
Bodies Corporate
113
4744966
47.35
273
7131239
33.89
(13.46)
(b(i))
Individuals i. Individual shareholders holding

nominal share capital up to H2 lakhs.
716
738006
7.36
7328
4968894
23.61
16.25
(b(ii))
Individuals ii. Individual shareholders holding

nominal share capital in excess of
H2 lakhs.
23
1498853
14.96
42
1256306
5.97
(8.99)
(c)
Clearing Members
31
46245
0.46
50
330042
1.57
1.11
(d)
NRI
37
0.00
158
195494
0.93
0.93
(e)
Any Other (specify) : Director2
2993393
29.87
6986786
33.20
3.33
Sub-Total (B)(2)
888
10021500
100.00
7852
20868761
99.17
(0.83)
Total Public Shareholding (B)=(B)(1)+(B)(2)
888
10021500
100.00
7853
21043000
100.00
Grand Total (A+B)1
888
10021500
100.00
7853
21043000
100.00
Note:
2.
17. Distribution of Shareholding as on March 31, 2016

Shareholding of nominal value
Includes Equity shares of 1000000 as of March 31, 2016 issued on preferential basis to the CMD Mr. Monoranjan Roy.
19. ECS [Electronic Clearing Service] / Mandates / Bank Details
dividend.
20. Disclosure with respect to demat suspense account/unclaimed suspense account
As on 31st March, 2016, there are no outstanding shares lying in the demat suspense account/unclaimed suspense account.
21. Address for correspondence with Depositories
National Securities Depository Limited
TradeWorld, 4th & 5th Floor,, Kamala Mills Compound
Senapati Bapat Marg, Lower Parel
Mumbai - 400 013
Central Depository Services (India) Limited

Phiroze Jeejeebhoy Towers,
17th Floor, Dalal Street
Mumbai - 400 001
Telephone No : 022-2499 4200

Facsimile Nos : 022-2497 2993/6351
E-mail : info@nsdl.co.in
Website : www.nsdl.co.in
Telephone No : 022-2272 3333

Facsimile Nos : 022-2272 3199/2072
E-mail : investors@cdslindia.com
Website : www.cdslindia.com
22. Outstanding GDRs/ADRs/Warrants or any Convertible instruments, conversion date and likely impact on equity.
The Company has issued 1000000 Equity Share Warrants approved by the Members at the EGM held on 22.03.2016 and allotment was
done on 06.04.2016. The same shall be converted by 05.10.2017. Otherwise, there are no others outstanding warrants or any Convertible
instruments.
Annual
Report
20 1516
58 59
23. Dividend History (Last 10 years)

Sl. No.
Financial Year
1
2015-16*
2
2014-15
3
2013-14
4
2012-13
5
2011-12
6
2010-11
7
2009-10
8
2008-09
9
2007-08
10
2006-07
Dividend %
7.50%
5.00%
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Certificate under Regulation 17(8) of the SEBI

(Listing Obligations and Disclosure Requirements) Regulations, 2015
Total Dividend (in H)

15,782,250
10,021,500
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
CERTIFICATION
Pursuant to Regulation 17(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby certify that:
1.
(i). these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be
misleading;
Note:
* subject to the approval of the members
24. Unclaimed Dividend

Sl. No.
Financial Year
1
2
3
4
5
6
7
2014-15
2013-14
2012-13
2011-12
2010-11
2009-10
2008-09
We have reviewed Financial Statements and the Cash Flow Statement for the year and that to the best of our knowledge and belief :
(ii). these statements together present a true and fair view of the listed entitys aairs and are in compliance with existing Accounting
Standards, applicable laws and regulations.
Dividend %
5.00 %
Nil
Nil
Nil
Nil
Nil
Nil
(in H)
Unclaimed Dividend
as on date of transfer
10,021,500
Nil
Nil
Nil
Nil
Nil
Nil
(H)
995618
NA
NA
NA
NA
NA
NA
Total Dividend
Due date for

transfer to
IEPF on
26.12.2022
NA
NA
NA
NA
NA
NA
2.
There are, to the best of our knowledge and belief, no transactions entered into by the listed entity during the year which are fraudulent,
illegal or violative of the listed entitys code of conduct.
3.
We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the
eectiveness of internal control systems of the listed entity pertaining to financial reporting and we have disclosed to the Auditors and
the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware and the steps we
have taken or propose to take to rectify these deficiencies.
4.
We have indicated to the Auditors and the Audit committee:

(i). significant changes in internal control over financial reporting during the year;
(ii). significant changes in Accounting Policies during the year and that the same have been disclosed in the notes to the Financial
25. Plant Location
Statements; and
IMFL Division
(iii). instances of significant fraud of which they have become aware and the involvement therein, if any, of the management or an
1. Kamarbari, Kalaberia, Bishnupur, Rajarhat, Kolkata-700 135
employee having a significant role in the listed entitys internal control system over Financial Reporting.
IMIL Division
1. Mouza Gopalpur, Chandigarh, P.S. : Barasat, Dist.: 24 Parganas (South)
2. M2 ADDA Industrial Estate, Kanyapur, Asansol, West Bengal
Place: Kolkata
FMCG Division
Date: 28.04.2016
1. 81, Neelgunj Road, Agarpara, Kolkata 700 109, West Bengal
Sd/-
Sd/-
Arup Thakur
Monoranjan Roy
(DIN: 03476120)
(DIN: 02275811)
26. Address for Correspondence

Mr. Aditya Karwa
Company Secretary & Compliance Officer
DECLARATION REGARDING AFFIRMATION OF CODE OF CONDUCT

Registered Office:
7, Red Cross Place, Wellesley House 3rd Floor, Kolkata 700 001
I hereby confirm that the Company has obtained from all the members of the Board and Management Personnel, armation that they have
Phone No. 033 2231-9135. Fax No. 033 4008-0690
complied with the Code of Business Conduct and Ethics for Directors/Management Personnel for the Financial Year 2015-16
E-mail: pinconspiritlimited@gmail.com
Website: www.pinconspirit.in
Sd/-
Sd/Monoranjan Roy
Place: Kolkata,
Date: 28.04.2016

(DIN: 02275811)
Monoranjan Roy
Place: Kolkata,
Date: 28.04.2016

(DIN: 02275811)
Annual
Report
20 1516
60 61
AUDITORS CERTIFICATE ON CORPORATE GOVERNANCE
CORPORATE INFORMATION
AS ON 31ST MARCH, 2016
CIN : L67120WB1978PLC031561
Board of Directors
Mr. Monoranjan Roy
Mr. Arup Thakur
To
The Members,
We have examined the compliance of conditions of Corporate Governance by Pincon Spirit Limited, for the year ended
on 31st March 2016, as stipulated in Regulation 27(1) & (2) of The Securities and Exchange Board of India (Listing
Obligation & Disclosure Requirements) Regulations, 2015 (earlier Clause 49 of the Listing Agreement) of the said
The compliance of conditions of Corporate Governance is the responsibility of the Management. Our examination
has been limited to a review of the procedures and implementation thereof adopted by the Company for ensuring
compliance with the conditions of the Corporate Governance as stipulated in the said Clause. It is neither an audit nor
an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us and based on the
representations made by the Directors and the Management, we certify that the Company has complied with the
conditions of Corporate Governance as stipulated in Regulation 27(1) & (2) of The Securities and Exchange Board of
India (Listing Obligation & Disclosure Requirements) Regulations, 2015 (earlier Clause 49 of the above-mentioned
Listing Agreement)
We state that such compliance is neither an assurance as to future viability of the Company nor of the eciency or
Mr. Abhijit Datta

Additional Director Independent
Mr. Aditya Karwa
Company Secretary
Board Committees
Audit Committee
Mr. Jag Bahadur Singh Negi Chairman
Ms. Mou Roy
Mr. Subrata Basu
Stakeholders Relationship Committee
eectiveness with which the management has conducted the aairs of the Company.
For D.N. Misra & Co.

Chartered Accountants
Firm Registration No. 312021E
Sd/D.N. Misra
Date: 28.04.2016
Mr. Jag Bahadur Singh Negi

Director Independent
Ms. Mou Roy
Director Independent
Company with stock exchanges.
Place: Kolkata
Mr. Subrata Basu

Executive Director
Proprietor
Membership No.: 050440

Ms. Mou Roy
Mr. Subrata Basu
Nomination & Remuneration Committee

Ms. Mou Roy
Mr. Subrata Basu
Corporate Social Responsibility Committee

Ms. Mou Roy
Mr. Subrata Basu
Corporate Office
Samskruti Chambers, No. 103, 3rd Floor, K.H.Road, Shanthi Nagar,
Bangalore- 560027
Auditors
D.N.Misra & Co
54, Ganesh Chandra Avenue, 1st Floor, Kolkata-700013
Bankers
Andhra Bank
Bank Of India
Corporation Bank
Indian Overseas Bank
Laxmi Vilas Bank Limited
Punjab National Bank
State Bank Of Hyderabad
State Bank Of Mysore
State Bank Of Travancore
Tamilnad Mercantile Bank Limited
Vijaya Bank
Registrar
S. K. Infosolutions Pvt. Ltd
34/1A, Sudhir Chatterjee Street, Kolkata- 700 006
Contact No : 033-2219-4815 & 033-2219-6797
Fax No: 033-2219-4815
Email Id : skcdilip@gmail.com , contact@skcinfo.com
Website : www.skcinfo.com
Solicitor
AQUILAW
9, Old Post Oce Street, 8th Floor, Kolkata 700 001
Website
www.pinconspirit.in
Registered Office
7, Red Cross Place, Wellesley House, 3rd Floor, Kolkata 700 001
Phone No. 033 2231-9135. Fax No. 033 4008-0690
E-Mail: psl@pinconspirit.in ; pinconspiritlimited@gmail.com
Annual
Report
20 1516
62 63
Independent Auditors Report

To
The Members,
Report on the Financial Statements

We have audited the accompanying Financial Statements of Pincon
Spirit Limited (the Company), which comprise the Balance Sheet
as at 31st March, 2016, the Profit and Loss Statement, the Cash Flow
Statement for the year ended 31st March, 2016 and a summary of
significant Accounting Policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 (the Act)
with respect to the preparation of these Standalone Financial
Statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in
accordance with the Accounting Principles generally accepted in
India including the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates
that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were
operating eectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation
of the Financial Statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these Standalone
Financial Statements based on our Audit.
We have taken into account the provisions of the Act, the
Accounting and Auditing Standards and matters which are required
to be included in the Audit Report under the provisions of the
Act and the Rules made there under. We conducted our Audit in
accordance with the Standards on Auditing specified under Section

143(10) of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the Audit to obtain
reasonable assurance about whether the Financial Statements are
free from material misstatements.
An Audit involves performing procedures to obtain Audit evidence
about the amounts and disclosures in the Financial Statements. The
procedures selected depend on the Auditors judgment, including
the assessment of the risks of material misstatement of the Financial
Statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control
relevant to the Companys preparation of the Financial Statements
that give a true and fair view in order to design Audit procedures
that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on whether the Company has in place an
adequate internal financial controls system over Financial Reporting
and the operating eectiveness of such controls. An Audit also
includes evaluating the appropriateness of accounting policies used
and the reasonableness of the accounting estimates made by the
Companys Directors, as well as evaluating the overall presentation
of the Financial Statements.
We believe that the Audit evidence we have obtained is sucient
and appropriate to provide a basis for our Audit opinion on the
Standalone Financial Statements.
Opinion
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid Financial Statements
give the information required by the Act in the manner so required
and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the state of aairs of the
Company as at March 31, 2016, and its profit and its cash flows for
the year ended on that date.
Report On Other Legal And Regulatory Requirements

1. As required by The Companies (Auditors Report) Order, 2015,
issued by the Central Government of India in terms of Subsection (11) of Section 143 of the Act (hereinafter referred to
as the Order), and on the basis of such checks of the books
and records of the Company as we considered appropriate and
according to the information and explanations given to us, we
give in the Annexure a statement on the matters specified in
paragraphs 3 and 4 of the Order.
2.
f)
With respect to the other matters to be included in

the Auditors Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and according
to the explanations given to us:
(i)
The Company has disclosed the impact of pending

litigations on its Financial position in its Financial
Statements as referred to in the Note to the Financial
Statements.
a)
We have sought and obtained all the information and

explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit;
(ii) The Company has made provision, as required under

the applicable law or Accounting Standards, for
material foreseeable losses, if any, and as required on
long-term contracts including derivative contracts.
b)
In our opinion, proper books of account as required by law

have been kept by the Company so far as it appears from
our examination of those books.
(iii) There has been no delay in transferring amounts,

required to be transferred, to the Investor Education
and Protection Fund by the Company.
c)
The Balance Sheet, the Profit and Loss Statement, and

the Cash Flow Statement dealt with by this Report are in
agreement with the books of account.
d)
In our opinion, the aforesaid Standalone Financial

Statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014;

On the basis of the written representations received from

the Directors as on March 31, 2016, taken on record by the
Board of Directors, none of the directors is disqualified as
on March 31, 2016, from being appointed as a Director in
terms of Section 164 (2) of the Act.
Sd/D.N. Misra
Proprietor
Membership No.:050440
As required by Section 143(3) of the Act, we report that:
e)
Place: Kolkata
Date: 28.04.2016
Annual
Report
20 1516
64 65
Annexure to Independent Auditors Report

Referred to in paragraph 1 of the Independent Auditors Report of even date to the members of Pincon Spirit Limited on the Financial
Statements as of and for the year ended March 31, 2016.
1.
(a) The Company has maintained proper records showing full

particulars, including quantitative details and situation of
fixed assets;
5.
(b) The substantial portion of fixed assets have been physically

verified by the management at reasonable intervals
having regard to the size of the Company and the nature
of assets. No material discrepancies were noticed on such
physical verification.
2.
(a) The inventory (excluding stocks with third parties) has

been physically verified by the Management during
the year. In respect of inventory lying with third parties,
these have substantially been confirmed by them. In our
opinion, the frequency of verification is reasonable.
(b) The procedures of physical verification of inventories
followed by the Management are reasonable and
adequate in relation to the size of the Company and the
nature of its business.
(c) In our opinion and according to the information and
explanations given to us, the Company is maintaining
proper records of inventory. The discrepancies noticed
on verification between the physical stocks and the book
records were not material and have been properly dealt
with in the books of account.
3.
(a) The Company has not granted any loan during the year.
(b) There is no overdue amount of loans granted to
companies, firms and other parties covered in the register
maintained under section 189 of the Companies Act, 2013
4.
In our opinion and according to the information and

explanations given to us, there are adequate internal control
procedures commensurate with the size of the Company and
the nature of its business with regard to purchases of inventory,
fixed assets and with regard to the sale of goods and services.
During the course of our audit, no major weakness has been
noticed in the internal controls system.
6.
7.

explanations given to us, the Company has not accepted any
deposits within the meaning of provisions of sections of 73 to
76 or any other relevant provisions of the Companies Act, 2013
and the rules framed there under. In our opinion and according
to the information and explanations given to us, no order
has been passed by the Company Law Board or the National
Company Law Tribunal or the Reserve Bank of India or any
other Tribunal against the Company.
We have broadly reviewed the books of account relating
to materials, labor and other items of cost maintained by
the Company pursuant to the Rules made by the Central
Government for the maintenance of cost records under section
148 (1) of the Companies Act, 2013 and are of the opinion that,
prima facie, the prescribed accounts and record have been
made and maintained.
(a) According to the records of the Company, the Company
is regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund,
Investor Education Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty,
Excise Duty, Service Tax, Value Added Tax , Cess and other
material statutory dues applicable to it.
(b) According to the information and explanations given to
us, no undisputed amount payable in respect of Income
Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty,
Service Tax, Value Added Tax, Cess etc. were outstanding as
at 31st March, 2016 for a period of more than six months
from the date they became payable.
(c) According to the records of the Company, no dues
outstanding of Sales Tax, Income Tax, Customs Duty,
Wealth Tax, Excise Duty, Service Tax, Value Added Tax, and
Cess on account of any dispute.
(d) According to the information and explanation given

to us and records of the Company examined by us, the
Company is not required to transfer amount to investor
education and protection fund in accordance with the
provisions of the Companies Act, 2013 and the rules made
thereunder.
8.
The Company has no accumulated losses at the end of the

financial year and it has not incurred cash losses in the current
and immediately preceding financial year.
9.

explanations given by the management, we are of the opinion
that the Company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
12. Based upon the audit procedures performed for the purpose
of reporting the true and fair view of the Financial Statements
and as per the information and explanations given by the
management, we report that no fraud on or by the Company
has been noticed or reported during the year.

10. The Company has not given any guarantee for loans taken by
others from bank or financial institutions.
11. In our opinion, and according to the information and
explanations given to us, the term loans have been applied, on
an overall basis, for the purposes for which they were obtained.
Place: Kolkata
Date: 28.04.2016
Sd/D.N. Misra
Proprietor
Annual
Report
20 1516
66 67
Audited Standalone Balance Sheet as at 31.03.2016

Particulars
(In H)
Note No.
As at
31.03.2016
As at
31.03.2015
EQUITY AND LIABILITIES

Share Capital
210,430,000
100,215,000
Reserves and Surplus
694,814,237
446,383,596
Non-Current Liabilities
Note No.
For the year ended

31.03.2016
For the year ended

31.03.2015
Revenue from Operations
18
9,460,588,193
6,025,557,392
Other Incomes
19
1,409,333
9,460,588,193
6,026,966,725
Total Revenue (I)

EXPENSES
620,409,047
603,767,335
Short-Term Borrowings
1,916,797,165
917,021,333
Trade Payables
27,560,931
13,376,124
Other Current Liabilities
133,429,505
25,919,345
Short-Term Provisions
346,609,430
205,599,790
3,950,050,315
2,312,282,523
Current Liabilities
TOTAL
ASSETS
Non-Current Assets
Cost of Materials Consumed
20
3,300,247,529
1,343,496,828
Purchases
21
5,839,765,750
4,380,881,518
Change In Inventories (Increase)/Decrease
22
(566,330,719)
(262,535,234)
Other Manufacturing Expenses
23
149,503,009
109,372,132
Employee Benefit Expenses
24
26,040,000
21,700,000
Administrative & General Expenses
25
35,608,380
25,341,083
Selling & Distribution Expenses
26
114,092,292
80,121,563
Finance Costs
27
166,927,698
70,672,884
20,739,970
21,514,463
28
620,824
9,087,214,733
5,790,565,237
373,373,460
236,401,488
126,909,640
80,352,870
Depreciation and Amortization Expenses
Fixed Assets
Tangible Assets
Particulars
(In H)
INCOME
Shareholders Funds
Long Term Borrowings
Audited Standalone Statement of Profit and Loss Account for the year ended 31.03.2016
177,449,993
178,047,751
40,116,135
Capital Working in Progress
Miscellaneous Expenses
Total Expenses (II)
Profit before Tax (I - II)=III
Non-Current Investments
10
155,236,250
155,236,250
Long-Term Loans and Advances
11
190,814,560
Deferred Tax Assets (Net)
12
3,439,204
1,306,873
1)
Current tax
Miscellaneous Expenditure
13
3,104,122
2)
Deferred Tax Liability/(Assets)
Tax Expense:
Profit/ (Loss) for the Period (III-IV-V)=VI
Current Assets
(2,132,331)
(751,868)
248,596,151
156,800,486
Earnings per equity share of face value of H10 each
Inventories
14
1,902,463,098
695,659,579
Trade Receivables
15
1,075,108,319
1,056,681,086
1)
Basic
29
11.81
15.65
Cash and Cash Equivalents
16
3,717,789
1,370,646
2)
Diluted
29
16.87
15.65
Other Current Assets
17
398,600,845
223,980,338
3,950,050,315
2,312,282,523
TOTAL
Significant Accounting Policies
The accompanying notes form an integral part of the Standalone Financial Statements
As per our report of even date attached
For and on behalf of the Board
Sd/For D.N. Misra & Co.

Monoranjan Roy
(DIN: 02275811)
Sd/D.N. Misra
Proprietor
Sd/Arup Thakur
(DIN: 03476120)
Place: Kolkata
Date: 28.04.2016
Sd/Aditya Karwa
Company Secretary
SIGNIFICANT ACCOUNTING POLICIES
The accompanying notes form an integral part of the Standalone Financial Statements

Monoranjan Roy
(DIN: 02275811)
Sd/D.N. Misra
Proprietor
Sd/Arup Thakur
(DIN: 03476120)
Place: Kolkata
Date: 28.04.2016
Sd/Aditya Karwa
Company Secretary
Annual
Report
20 1516
68 69
Cash Flow Statement for the year ended 31.03.2016
(In H)
Particulars
A.
For the year ended

31.03.2016
For the year ended

31.03.2015
373,373,460
236,401,488
20,739,970
21,514,463
166,927,698
70,672,884
CASH FLOW FROM OPERATING ACTIVITIES:

Net Profit before tax
Notes forming part of the Audited Standalone Financial Statements

NOTE # 1
A.
Pincon Spirit Limited (referred to as PSL or the Company) (CIN No: L67120WB1978PLC031561) is a Public Company domiciled in India
and Incorporated under the provisions of the Companies Act, 1956. Its shares are listed on The Calcutta Stock Exchange Limited & BSE
Limited in India. The Company is engaged in carrying on the Business of Blending, Bottling & Wholesale Distribution of Indian Made
Foreign Liquor (IMFL), Indian Made Indian Liquor (IMIL) & Refining, Packaging, & Wholesale Distribution of Fast Moving Consumer
Goods (FMCG)
B.
Adjustments for:
Depreciation & Amortization Expenses
Interest Paid
Operating Profit before Working capital changes
620,824
561,661,952
328,588,835
a.
Adjustments for:
(Increase) / Decrease in Inventories
(1,206,803,519)
(482,101,809)
(18,427,233)
(801,704,539)
(Increase)/ Decrease in Loans & Advances
(174,620,507)
168,694,092
Increase/ (Decrease) in Account Payables
262,704,607
106,083,971
(575,484,700)
(680,439,450)
(126,909,640)
(80,352,870)
(448,575,060)
(600,086,580)
Tangible Assets
(20,142,212)
(40,116,135)
24,308,964
(85,000,000)
(190,814,560)
(3,724,946)
(254,797,853)
(Increase)/ Decrease in Account Receivable
Cash Generated from Operations

Income Tax paid (Net of Refund)
Net Cash from Operating Activities
B.

Net Cash from Investing Activities
C.
These Financial Statements have been prepared on accrual basis under historical cost convention and are presented in Indian
Rupees, rounded o to the nearest Rupee.
b.
Use of Estimates
The preparation of the Financial Statements in conformity with the Indian GAAP requires Management of the Company to make
estimates, judgments and assumptions to be made that aect the reported amount of assets and liabilities, disclosure of contingent
liabilities as on the date of the financial statements and the reported amount of revenues and expenses during the reporting period.
Any dierence between the actual results and estimates are recognised in the period in which the results are known / materialised.
c.
(60,691,036)
Fixed Assets
i.
Tangible Assets
Tangible Assets are stated at cost, net of taxes, discounts plus revaluations, if any, less accumulated depreciation & impairment
loss, if any.
135,000,000
The Cost includes the purchase price plus other attributable costs for bringing the assets to its working condition for intended
use.
CASH FLOW FROM INVESTING ACTIVITIES:
Non-Current Investments
Basis of Preparation of the Financial Statements

The Financial Statements have been prepared in compliance with the Generally Accepted Accounting Principles in India (Indian
GAAP) and the Accounting Standards notified under relevant provisions of the Companies Act, 2013.
CASH FLOW FROM FINANCING ACTIVITIES:

Proceeds of Equity Share
Proceeds of Unsecured Loans
Proceeds of Secured Loans
Interest Paid
17,500,000
299,365,968
998,917,544
596,314,763
Any subsequent expenditure relating to the Tangible Assets which increase the future benefits are added to the book value of
the tangible assets.
Expenditure relating Tangible Assets that are not ready for their intended use are disclosed under Capital Work-in-Progress.
(166,927,698)
(70,672,884)
Dividends paid (including corporate dividend tax)
(24,950,510)
(6,012,599)
Net Cash from Financing Activities
959,539,336
818,995,248
Net Increase/(Decrease) in Cash and Cash equivalents
2,347,144
(2,488,109)
Cash and Cash equivalents as at 1st April(Opening Balance)
1,370,646
3,858,755
Cash and Cash equivalents as at 31st March(Closing Balance)
3,717,789
1,370,646
ii.
d.
Leases
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating
leases. Payments made under operating leases are charged to the Statement of Profit and Loss on a straight-line basis over the
period of lease.
e.
Depreciation & Amortisation

In Tangible Fixed Assets (other than freehold land & capital work-in-progress), acquired during the year, depreciation / amortisation
is charged on Written Down Method so as to write o the cost of the Assets over the useful lives and in regard to the Tangible Assets
acquired prior to April 1, 2014, the carrying amount as on April 1, 2014 is depreciated over the remaining useful life as prescribed in
Schedule II of the Companies Act, 2013.
Monoranjan Roy
(DIN: 02275811)
Sd/-
Sd/-
Sd/-
D.N. Misra
Arup Thakur
Aditya Karwa
Proprietor
Company Secretary
(DIN: 03476120)
Place: Kolkata
Date: 28.04.2016
Intangible Assets
Initial recognition of Intangible Assets are at cost less accumulated amortisation and accumulated impairment loss, if any.
Internally generated Intangible Assets, excluding capitalised development costs, are not capitalised and expenditure is
reflected in the Statement of Profit & Loss for the year in which the expenditure is incurred. Amortisation of Intangible Assets
are done on a straight-line basis over the estimated useful economic life.
Annual
Report
20 1516
70 71
f.
Impairment
In case an asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged
to the Profit and Loss Statement in the year in which an asset is identified as impaired. The impairment loss recognised in prior
accounting period is reversed if there has been a change in the estimate of recoverable amount.
q.
Earnings per Share (EPS)

Basic EPS is arrived at based on Net Profit after Taxation available to equity shareholders to the weighted average number of equity
shares outstanding during the year. The Diluted EPS is calculated on the same basis as Basic EPS, after adjusting for the eects of
potential dilutive equity shares unless impact is anti-dilutive.
g.
Investments
Current investments are carried at lower of cost and quoted/fair value, computed category-wise. Non-Current investments are stated
at cost. Provision for diminution in the value of Non-Current investments is made only if such a decline is other than temporary.
r.
h.
Inventories
Items of inventories are measured at lower of cost and net realizable value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other costs including manufacturing overheads incurred in bringing them to
their respective present location and condition.
Provisions
A provision is recognised when an enterprise has a present obligation as a result of a past event and it is probable that an outflow
of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions, other than
employee benefits, are not discounted to their present value and are determined based on management estimate required to
settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current
management estimates.
s.
Contingent Liabilities/Assets
No provision is made for liabilities which are contingent in nature. Provision is made for those contingencies which are likely to
materialize into liabilities after the year end till the date of finalization of accounts and have material eect on the position stated in
the Balance Sheet.
i.
Employee Benefits
There is no employee who is in receipt of remuneration in excess of the limits specified.
j.
Revenue Recognition
Revenue is recognised only when risks and rewards incidental to ownership are transferred to the customer, it can be reliably
measured and it is reasonable to expect ultimate collection. Revenue from operations includes sale of goods, tax, excise duty,
adjusted for discounts (net).
Dividend income, if any, is recognised when right to receive payment is established.
Interest income is recognised on a time proportion basis taking into account the amount outstanding and the interest rate
applicable.
k.
Borrowing Costs
Borrowing costs consist of interest and other ancillary costs than an entity incurs in connection with borrowing of funds, Ancillary
costs incurred in connection with the arrangement of borrowings are amortized over the tenure of borrowing.
l.
Foreign Currency Transactions

The Company has foreign currency transactions during the period under review.
m. Cash and Cash Equivalents

Cash and Cash Equivalents include cash in hand, demand deposits with banks, other short-term highly liquid investments with
original maturities of three months or less.
n.
Conservation of Energy & Technology absorption

In view of the activities of the Company, the matters related to conservation of Energy & Technology are not applicable to the
Company.
o.
Due to Micro/ Small Industrial Enterprises

The Company has not received any information from any of the suppliers of their being a micro/ small scale industrial enterprise,
hence the amount due to such units outstanding as at the year ended 31.03.2016 is not ascertainable.
p.
Income Tax
Provision is made for Income Tax on a yearly basis under the tax payable method based on tax liability as computed after taking
credit for allowances, expenses. In case of matters under appeal due to disallowance or otherwise, full provision is made when the
liabilities are accepted. Deferred Tax is recognized on timing dierences between taxable income and accounting income subject
to a consideration of prudence.
Contingent liabilities are not recognised but disclosure of its existence is done in the Financial Statements. A contingent asset is
neither recognised nor disclosed in the Financial Statements.
Annual
Report
20 1516
72 73

(In H)
Particulars
As at
31.03.2016
As at
31.03.2015
Notes # 2 Share Capital

Authorised Capital
50,000,000 Equity Shares of H10/- each
(Previous Year : 10,030,000 Equity Shares of H10/- each)
500,000,000
100,300,000
500,000,000
100,300,000
210,430,000
100,215,000
210,430,000
100,215,000
Issued, Subscribed and Paid up

a)
Reconciliation of number of Shares Capital

Equity Shares
No.
Amount (H)
No.
Amount (H)
10,021,500
100,215,000
10,021,500
100,215,000
Add: Bonus Share Issue
10,021,500
100,215,000
Closing Balance
c)
As at 31.03.2015
Opening Balance
Add: Preferential Allotment
b)
As at 31.03.2016
1,000,000
10,000,000
21,043,000
210,430,000
10,021,500
100,215,000
Rights and restriction attached to Shares Capital

The Company has one class of equity shares having a par value of H10 each. Each shareholder is eligible for one vote per share held.
The Company has declared dividend of H0.75 (i.e. 7.50%) per share during the current year and in previous year dividend was of H0.50
(i.e.5.00%) per share.
Share held by holding/ultimate holding company and/or their subsidiaries/associates :
There is no such Share held by holding/ultimate holding company and/or their subsidiaries/associates.
e)
Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company
Monoranjan Roy: 33.20% (P.Y:29.87%)

Anushri Textile Private Limited: 0.17% (P.Y: 10.89%)
Notes # 3 Reserves and Surplus

(a) Securities Premium
As per last Balance Sheet
Addition during the year
a
(b) Surplus in the Statement of Profit & Loss
Opening Balance
Add: Profit for the Year
Less: Appropriations
(a) Proposed final Dividend on Equity Shares*
(b) Tax on Dividend
(c) Conversion into Equity due to Issue of Bonus Share
(d) Prior Period Dividend (F.Y: 2014-15)
(e) Prior Tax on Dividend (F.Y: 2014-15)
b
(a+b)
As at
31.03.2016
As at
31.03.2015
636,405
125,000,000
125,636,405
636,405
636,405
445,747,191
248,596,151
694,343,342
294,959,304
156,800,486
451,759,790
15,782,250
3,155,661
100,215,000
5,010,750
1,001,849
569,177,832
694,814,237
5,010,750
1,001,849
445,747,191
446,383,596
* The Board of Directors have recommended final dividend for the F.Y: 2015-16 of H0.75 Per Equity Share subject to approval in the forthcoming
AGM.
Notes # 4 Long-Term Borrowings
Secured Loan - Car Loan
Unsecured Loan - Director
2,909,047
3,767,335
617,500,000
600,000,000
620,409,047
603,767,335
Car Loan is from Punjab National Bank, the car being the primary security.
Cash Credit Facilities (Secured)
Shares allotted as fully paid up by way of bonus shares (during 5 years preceding March 31, 2016)
During the last 5 years preceding to March 31, 2016, the Company has allotted as fully paid up Bonus share in the ratio of 1:1 on
12.10.2015 as approved by Members in the EGM held on 29.09.2015.
As at 31.03.2016
Particulars
Notes # 5 Short-Term Borrowings
d)
Equity Shares
(In H)
As at 31.03.2015
No.
Amount (H)
No.
Amount (H)
6,986,786
69,867,860
2,993,393
29,933,930
34,920
349,200
1,090,998
10,909,980
6,986,786
69,867,860
4,084,391
40,843,910
1,916,797,165
917,021,333
1,916,797,165
917,021,333
Working Capital Loan has been availed under Consortium Banking arrangement from State Bank of Mysore, (Leader of Consortium) & other
member banks being State Bank of Hyderabad, State Bank of Travancore, Bank of India, Andhra Bank, Punjab National Bank, Laxmi Vilas Bank
Limited, Tamilnad Mercantile Bank Limited, Corporation Bank, Vijaya Bank, Indian Overseas Bank with sharing of pari passu charge by way of
hypothecation of present & future Currents Assets of the Company, consisting of Stock & Book Debts.
Notes # 6 Trade Payables
Trade Payables
27,560,931
13,376,124
27,560,931
13,376,124
133,429,505
25,919,345
133,429,505
25,919,345
346,609,430
205,599,790
346,609,430
205,599,790
Notes # 7 Other Current Liabilities

Other Payables
Notes # 8 Short-Term Provisions
For Income Tax & others
233,899,090
5,215,422
6,500,000
91,425,692
97,049,826
2,095,679
TOTAL
Motor Vehicle
Land
Plant & machinery
Building
Oce Equipment
Furniture & Fixtures
Electrical Equipment
Particulars
233,899,090
5,215,422
6,500,000
91,425,692
97,049,826
2,095,679
23,909,609
7,702,862
As at
April 1, 2014
Previous Year
Tangible Assets as on 31.03.2015
TOTAL
Motor Vehicle
Land
Plant & machinery
Building
Oce Equipment
23,909,609
7,702,862
As at
April 1, 2015
Additions
during
the year
7,702,862
254,041,302
5,215,422
26,642,212
91,425,692
97,049,826
2,095,679
23,909,609
233,899,090
5,215,422
6,500,000
91,425,692
97,049,826
2,095,679
23,909,609
7,702,862
Deductions
As at
during the March 31, 2015
year
Deductions
As at
year
Gross Block
20,142,212
20,142,212
Additions
during
the year
Gross Block
21,514,463
1,629,466
8,506,659
4,319,006
545,026
4,822,453
1,691,853
For the
year
Deductions
Deductions
Depreciation Block
20,739,970
1,000,688
10,858,390
4,337,747
252,845
3,394,912
895,388
For the
year
Notes # 12 Deferred Tax Assets
34,336,876
18,176,484
7,207,452
1,074,369
6,215,870
1,662,701
As at
April 1, 2014
55,851,339
1,350,273
31,434,591
7,979,050
1,534,674
10,796,780
2,755,971
As at
April 1, 2015
Depreciation Block
4,051,503
4,946,891
3,865,149
6,500,000
59,991,101
89,070,776
561,005
13,112,829
178,047,751
Net Block
177,449,993
2,864,461
26,642,212
49,132,711
84,733,029
308,160
9,717,917
55,851,339
1,629,466
26,683,143
11,526,458
1,619,395
11,038,323
3,354,554
178,047,751
3,585,956
6,500,000
64,742,549
85,523,368
476,284
12,871,286
4,348,308
199,562,214
5,215,422
6,500,000
73,249,208
89,842,374
1,021,310
17,693,739
6,040,161
As at
As at
As at
March 31, 2015 March 31, 2015 March 31, 2014
76,591,309
2,350,961
42,292,981
12,316,797
1,787,519
14,191,692
3,651,359
As at
As at
As at
Net Block
20 1516
Particulars
Notes # 9 Fixed Assets


Annual
Report
74 75

(In H)
Particulars
Notes # 10 Non-Current Investments
In Equity Shares of Subsidiary Companies -
As at
31.03.2016
As at
31.03.2015
Paul Distributors Private Limited

55,000,000
55,000,000
Priya Laboratories Private Limited

15,236,250
15,236,250
Yours Laboratories Private Limited
Notes # 11 Long-Term Loans and Advances
Business Advance for Acquisitions
Notes # 13 Miscellaneous Expenditure
Deferred Tax Assets
Opening Balance
Incurred during the year
Less: Written o during the year
Raw Materials
Finished Goods
- Outstanding for a period exceeding six months

- Others
- Export Receivable (above six month)
Cash in Hand & at Bank
Sundry Current Assets
85,000,000
85,000,000
155,236,250
155,236,250
190,814,560
-
190,814,560
-
Notes # 14 Inventories
Notes # 15 Trade Receivables
Secured, Considered Good
Notes # 16 Cash and Cash Equivalents
3,439,204
1,306,873
3,439,204
1,306,873
3,724,946
-
620,824
-
3,104,122
-
512,925,690
156,975,356
1,389,537,408
538,684,223
1,902,463,098
695,659,579
1,014,880,805
996,453,572
60,227,514
60,227,514
1,075,108,319
1,056,681,086
3,717,789
1,370,646
3,717,789
1,370,646
Notes # 17 Other Current Assets

398,600,845
223,980,338
398,600,845
223,980,338
Annual
Report
20 1516
76 77

(In H)
Particulars
For the year ended

31.03.2016
For the year ended

31.03.2015
(In H)
Particulars
Notes # 18 Revenue From Operations
Notes # 22 Change in Inventories
In Equity Shares of Subsidiary Companies -
IMFL
Own Blend (IMFL)
2,549,897,706
1,548,523,113
Own Blend (IMIL)
1,227,494,005
Traded - IMFL
2,873,214,281
2,660,260,974
996,798
60,227,514
FMCG EXPORT
FMCG - Domestic
For the year ended

31.03.2015
Opening Stock of Finished Goods
225,939,757
95,775,769
Closing Stock of Finished Goods
501,988,517
225,939,757
(276,048,760)
(130,163,988)
(A)
FMCG
2,808,985,403
1,756,545,791
164,255,904
31,884,658
9,460,588,193
6,025,557,392
454,537,863
164,255,904
(B)
(290,281,959)
(132,371,246)
(A+B)
(566,330,719)
(262,535,234)
Total
Notes # 19 Other Incomes

Interest Income
For the year ended

31.03.2016
1,409,333
1,409,333
Notes # 23 Other Manufacturing Expenses

Sundry Manufacturing Expenses
Notes # 20 Cost of Materials Consumed
149,503,009
109,372,132
149,503,009
109,372,132
COST OF RAW MATERIALS CONSUMED (IMFL)

Opening Stock of Raw Materials
Add: Purchase
Closing Stock of Raw Materials
COST OF RAW MATERIALS CONSUMED
(A)
156,975,356
21,473,958
2,535,680,325
1,563,063,402
331,820,385
156,975,356
2,360,835,296
1,427,562,004
148,488,562
64,423,386
2,360,835,296
1,427,562,004
282,547,512
148,488,562
2,226,776,346
1,343,496,828
COST OF RAW MATERIALS CONSUMED (IMIL)

1,405,040,004
181,105,305
1,223,934,699
1,223,934,699
150,463,516
(B)
1,073,471,183
(A+B)
3,300,247,529
1,343,496,828
Add: Purchase
Total Cost of Materials Consumed
Notes # 21 Purchases
Notes # 24 Employee Benefit Expenses

Salaries and Wages
26,040,000
21,700,000
26,040,000
21,700,000
Postage & Telephone
2,063,871
1,623,034
Directors Remuneration
7,440,000
6,730,000
Notes # 25 Administrative & General Expenses
Legal Expenses
2,611,162
1,946,637
13,962,440
7,883,076
Printing & Stationery
1,942,915
1,428,619
Rent
1,080,000
1,080,000
Travelling & Conveyance
6,439,292
4,616,009
68,700
33,708
35,608,380
25,341,083
Business Promotion/Advertisement
52,621,751
46,001,563
Carriage Outwards
10,635,350
10,576,205
Discount & Rebate
6,166,087
2,362,956
Godown Expenses
4,295,187
3,745,703
Organisational Expenses
Auditors' Fees
Notes # 26 Selling and Distribution Expenses
Purchase of IMFL Trade
2,989,412,849
2,617,774,241
Godown Rent
Purchase of FMCG
2,850,352,901
1,763,107,277
Rebate on Sales
5,839,765,750
4,380,881,518
600,000
600,000
39,773,917
16,835,136
114,092,292
80,121,563
Annual
Report
20 1516
78 79

(In H)
Particulars
Notes # 30 Related Party Disclosures (contd.)
For the year ended

31.03.2016
For the year ended

31.03.2015
166,927,698
70,672,884
Loan & Advances (Outstanding)
166,927,698
70,672,884
c)
Aggregate Related Parties Disclosures:

(In H)
Notes # 27 Finance Costs
Subsidiary Companies
Finance Expense
2015-16
2014-15
6,600,000
6,600,000
152,500,000
300,000,000
617,500,000
600,000,000
600,000,000
Key Management Personnel
Notes # 28 Miscellaneous Expenses

Written o during the Year
620,824
620,824
Remuneration
Unsecured Loan Taken (during the year)
Mr. Monoranjan Roy
Unsecured Loan Taken (Outstanding at the end of the Year)
(In H)
Particulars
2015-16
2014-15
Profit after Tax as per Profit & Loss Account
248,596,151
156,800,486
Number of Equity Share at the end of year
21,043,000
10,021,500
Weighted average number of Equity Shares
14,736,522
10,021,500
Basic Earnings per share
11.81
15.65
Diluted Earnings per share
16.87
15.65
Nominal Value of Shares
10.00
10.00
Mr. Monoranjan Roy

Preferential Allotment of Share Capital
Notes # 29 Basis for calculation of Basic and Diluted Earnings per Share is as under:
c)
Name of the Other Related Parties/

(In H)
Particulars
Audited
1.
2.
a)
IMFL & IMIL
b)
FMCG
31-Mar-15
6,650,605,992
4,208,784,088
2,809,982,201
1,816,773,305
9,460,588,193
6,025,557,392
Segment Results
a)
IMFL & IMIL
406,021,119
210,843,027
b)
FMCG
134,280,039
94,822,012
540,301,158
305,665,039
166,927,698
70,672,884
1,409,333
Profit Before Tax
373,373,460
236,401,488
Tax Expenses
124,777,309
79,601,002
Profit After Tax
248,596,151
156,800,486
Total
Less: Other un-allocable expenditure
a) Interest
(In H)
2015-16
Add: a) Other un-allocable income
2014-15
Sales
31-Mar-16
Segment Revenue
Gross Income from Operations
Mr. Monoranjan Roy (Chairman & Managing Director)

Mr. Arup Thakur (Executive Director & CFO)
Mr. Subrata Basu (Executive Director)
Year Ended
Notes # 31 Standalone Audited Segment-Wise Revenue, Results and Capital Employed
Notes # 30 Related Party Disclosures

a) Name of the related parties where control exists:
Paul Distributors Private Limited (with eect from 21st March 2014)
Priya Laboratories Private Limited (with eect from 21st March 2014)
Yours Laboratories Private Limited (With eect from 03rd July2014)
b)
Mr. Monoranjan Roy (Conversion of Unsecured Loan)
Purchase/Other Manufacturing Expenses

32,359,995
21,331,000
32,271,375
(25,000,000)
(16,000,000)
Loan & Advances [Unsecured Loan Given / (Recovered) during the year]
3.
Capital Employed
a)
IMFL & IMIL
958,776,185
694,174,057
b)
FMCG
405,097,523
299,648,751
1,363,873,708
993,822,808
Total Segment Capital Employed
Annual
Report
20 1516
80 81
Independent Auditors Report

To
The Members,
We have Audited the accompanying Consolidated Financial

Statements of M/s Pincon Spirit Limited (the Company) and its
Subsidiaries, which comprise the Consolidated Balance Sheet as
at March 31, 2016, the Consolidated Statement of Profit and Loss
Account and the Consolidated Cash Flow Statement for the year
ended March 31, 2016, and a summary of significant Accounting
Policies and other explanatory information.
Consolidated
Financial Statements
Managements Responsibility for the Consolidated Financial

Statements
Management is responsible for the preparation of these
Consolidated Financial Statements that give a true and fair view
of the Consolidated Financial position, Consolidated Financial
performance and Consolidated Cash Flows of the Company in
accordance with accounting principles generally accepted in
India. This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of the Consolidated Financial Statements that give a
true and fair view and are free from material misstatement, whether
due to fraud or error.
Our responsibility is to express an opinion on these Consolidated
Financial Statements based on our Audit. We conducted our Audit
in accordance with the Standards on Auditing issued by the Institute
of Chartered Accountants of India. Those Standards require that we
comply with ethical requirements and plan and perform the Audit
to obtain reasonable assurance about whether the Consolidated
Financial Statements are free from material misstatement.
An Audit involves performing procedures to obtain Audit evidence
about the amounts and disclosures in the Consolidated Financial
Statements. The procedures selected depend on the Auditors
judgment, including the assessment of the risks of material
misstatement of the Consolidated Financial Statements, whether
due to fraud or error. In making those risk assessments, the Auditor
considers internal control relevant to the Companys preparation
and presentation of the consolidated financial statements that
give a true and fair view in order to design audit procedures that
are appropriate in the circumstances but not for the purpose of
expressing an opinion on the eectiveness of the entitys internal
control. An Audit also includes evaluating the appropriateness of
Accounting Policies used and the reasonableness of the accounting

estimates made by management, as well as evaluating the overall
presentation of the consolidated financial statements. We believe
that the Audit evidence we have obtained is sucient and
appropriate to provide a basis for our Audit opinion.
Opinion
In our opinion and to the best of our information and according to
the explanations given to us, the Consolidated Financial Statements
give a true and fair view in conformity with the Accounting Principles
generally accepted in India:
a)
In the case of the Consolidated Balance Sheet, of the state of

aairs of the Company as at March 31, 2016;
b)
In the case of the Consolidated Statement of Profit and Loss, of

the Profit for year ended on that date; and
c)
In the case of the Consolidated Cash Flow Statement, of the

Cash Flows for the year ended on that date.
Other Matter
We did not Audit total assets of H22.88 Crore as at March 31, 2016,
total revenues of H41.89 Crore and Net Cash Inflows amounting
to H93.84 Lacs for the year ended, included in the accompanying
Consolidated Financial Statements in respect of Subsidiaries,
whose Financial Statements and other Financial Information have
been Audited by other Auditors and whose reports have been
furnished to us. Our opinion, in so far as it relates to the aairs of
such Subsidiaries is based solely on the report of other Auditors. Our
opinion is not qualified in respect of this matter.

Place: Kolkata
Date: 28.04.2016
Sd/D.N. Misra
Proprietor
Annual
Report
20 1516
82 83
Consolidated Balance Sheet as at 31.03.2016

Particulars
(In H)
Note No.
As at
31.03.2016
As at
31.03.2015
EQUITY AND LIABILITIES

Share Capital
210,430,000
100,215,000
Reserves and Surplus
712,041,264
457,159,795
Minority Interest
62,834,931
59,902,058
626,659,047
622,767,335
Short-Term Borrowings
1,916,797,165
917,021,333
Trade Payables
70,901,368
99,251,149
Other Current Liabilities
151,725,837
39,780,698
Short-Term Provisions
360,428,237
222,801,184
4,111,817,849
2,518,898,552
Non-Current Liabilities
Current Liabilities
TOTAL
ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets
199,194,252
200,219,846
10
40,116,135
11
88,272,806
88,272,806
12
193,697,677
2,883,117
Deferred Tax Assets (Net)
13
9,461,294
11,077,747
Capital Work in progress

Intangible Assets
Miscellaneous
Particulars
Note No.
(In H)
For the year ended

31.03.2016
For the year ended

31.03.2015
INCOME
Shareholders Funds
Long Term Borrowings
Consolidated Statement of Profit and Loss for the year ended 31.03.2016
14
3,149,468
70,693
Revenue from Operations
19
9,875,965,624
6,921,950,441
Other Incomes
20
3,567,104
7,601,820
9,879,532,728
6,929,552,261
Total Revenue (I +II)

EXPENSES
21
3,301,544,908
1,450,964,747
Purchase
22
6,155,557,100
5,115,749,200
Change in inventories
23
(550,760,310)
(280,226,464)
Other Manufacturing Expenses
24
179,135,552
124,393,544
Employee Benefit Expenses
25
41,632,410
33,862,398
Administrative & General Expenses
26
54,558,440
39,087,974
Selling & Distribution Expenses
27
115,769,855
89,442,638
Finance Costs
28
167,006,772
70,791,677
Depreciation and Amortization Expense
10
23,079,995
24,417,418
Preliminary expenses
29
646,171
25,347
9,488,170,893
6,668,508,479
391,361,835
261,043,782
131,765,531
87,638,976
(2) Deferred Tax Liability/(Assets)
1,616,453
1,222,514
(3) Minority Interest (Post Subsidiary)
2,932,873
5,611,031
255,046,978
166,571,261
Total Expenses (II)

Profit before Tax (I - II)=III
Tax Expense:
(1) Current tax
Profit/ (Loss) for the Period (VI-VII)
Current Assets
Earnings per equity share of face value of H10 each
Inventories
15
2,009,006,501
819,070,771
Trade Receivables
16
1,131,439,390
1,129,029,805
1)
Basic
30
12.12
16.62
Cash and Cash Equivalents
17
4,904,913
11,203,997
2)
Diluted
30
17.30
16.62
Other Current Assets
18
TOTAL
Significant Accounting Policies
432,575,413
257,069,770
4,111,817,849
2,518,898,552
The accompanying notes form an integral part of the Consolidated Financial Statements

Monoranjan Roy
(DIN: 02275811)
Sd/D.N. Misra
Proprietor
Sd/Arup Thakur
(DIN: 03476120)
Place: Kolkata
Date: 28.04.2016
Sd/Aditya Karwa
Company Secretary
The accompanying notes form an integral part of the Consolidated Financial Statements

Monoranjan Roy
(DIN: 02275811)
Sd/D.N. Misra
Proprietor
Sd/Arup Thakur
(DIN: 03476120)
Place: Kolkata
Date: 28.04.2016
Sd/Aditya Karwa
Company Secretary
Annual
Report
20 1516
84 85
Consolidated Cash Flow Statement for the year ended 31.03.2016

Particulars
A.
(In H)
For the year ended
31.03.2016
For the year ended

31.03.2015
391,361,835
261,043,782
Depreciation
23,079,995
24,417,418
Interest Paid
167,006,772
70,791,677
CASH FLOW FROM OPERATING ACTIVITIES:

Net Profit before tax
Notes forming part of the Audited Consolidated Financial Statements

NOTE # 1
A.
Pincon Spirit Limited (referred to as PSL or the Company) (CIN No: L67120WB1978PLC031561) is a public company domiciled in India
and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on The Calcutta Stock Exchange Limited & BSE
Limited in India. The Company is engaged in carrying on the Business of Blending, Bottling & Wholesale Distribution of Indian Made
Foreign Liquor (IMFL), Indian Made Indian Liquor (IMIL) & Refining, Packaging, & Wholesale Distribution of Fast Moving Consumer
Goods (FMCG).
B.
Adjustments for:
Operating Profit before Working capital changes
646,171
25,347
582,094,773
356,278,224
a.
Adjustments for:
(Increase) / Decrease in Inventories
(1,189,935,730)
(501,090,418)
(2,409,585)
(848,122,217)
(Increase)/ Decrease in Loans & Advances
(175,505,643)
108,803,394
Increase/ (Decrease) in Account Payables
221,222,411
169,949,993
(564,533,774)
(714,181,024)
(131,765,531)
(87,638,976)
(696,299,305)
(801,820,000)
(22,054,401)
(Increase)/ Decrease in Account Receivable
Cash Generated from Operations

Tax Paid
Net Cash from Operating Activities
B.
Intangible Assets
Net Cash from Investing Activities
C.
These Financial Statements have been prepared on accrual basis under historical cost convention and are presented in Indian
Rupees, rounded o to the nearest Rupee.
b.
Use of Estimates
The preparation of the Financial Statements in conformity with the Indian GAAP requires Management of the Company to make
estimates, judgments and assumptions to be made that aect the reported amount of assets and liabilities, disclosure of contingent
liabilities as on the date of the financial statements and the reported amount of revenues and expenses during the reporting period.
Any dierence between the actual results and estimates are recognised in the period in which the results are known / materialised.
c.
CASH FLOW FROM INVESTING ACTIVITIES:

Tangible Assets
Basis of Preparation of the Financial Statements

The Financial Statements have been prepared in compliance with the Generally Accepted Accounting Principles in India (Indian
GAAP) and the Accounting Standards notified under relevant provisions of the Companies Act, 2013.
(84,648,036)
(40,116,135)
(190,814,560)
52,889,582
(3,724,946)
(256,710,042)
(31,758,454)
Fixed Assets
i.
Tangible Assets
Tangible Assets are stated at cost, net of taxes, discounts plus revaluations, if any, less accumulated depreciation & impairment
loss, if any.
135,000,000
The Cost includes the purchase price plus other attributable costs for bringing the assets to its working condition for intended
use.
CASH FLOW FROM FINANCING ACTIVITIES:

Proceeds of Equity Share issue (including Premium)
Minority Interest
319,000,000
Proceeds of Unsecured Loans

Proceeds of Secured Loans
4,750,000
595,680,731
Any subsequent expenditure relating to the Tangible Assets which increase the future benefits are added to the book value of
the tangible assets.
Expenditure relating Tangible Assets that are not ready for their intended use are disclosed under Capital Work-in-Progress.
998,917,544
(70,791,677)
(167,006,772)
(6,012,599)
Dividends paid (including corporate dividend tax)
(24,950,509)
837,876,455
Net Cash from Financing Activities
946,710,263
843,487,486
(6,299,084)
4,298,001
Interest Paid
Net Increase/(Decrease) in Cash and Cash equivalents

Cash and Cash equivalents as at 1st April(Opening Balance)
11,203,997
6,905,996
Cash and Cash equivalents as at 31st March(Closing Balance)
4,904,913
11,203,997
ii.
d.
Leases
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating
leases. Payments made under operating leases are charged to the Statement of Profit and Loss on a straight-line basis over the
period of lease.
e.
Depreciation & Amortisation

In Tangible Fixed Assets (other than freehold land & capital work-in-progress), acquired during the year, depreciation / amortisation
is charged on Written Down Method so as to write o the cost of the Assets over the useful lives and in regard to the Tangible Assets
acquired prior to April 1, 2014, the carrying amount as on April 1, 2014 is depreciated over the remaining useful life as prescribed in
Schedule II of the Companies Act 2013.
Monoranjan Roy
(DIN: 02275811)
Sd/-
Sd/-
Sd/-
D.N. Misra
Arup Thakur
Aditya Karwa
Proprietor
Company Secretary
(DIN: 03476120)
Place: Kolkata
Date: 28.04.2016
Intangible Assets
Initial recognition of Intangible Assets are at cost less accumulated amortisation and accumulated impairment loss, if any.
Internally generated Intangible Assets, excluding capitalised development costs, are not capitalised and expenditure is
reflected in the Statement of Profit & Loss for the year in which the expenditure is incurred. Amortisation of Intangible Assets
are done on a straight-line basis over the estimated useful economic life.
Annual
Report
20 1516
86 87
f.
Impairment
In case an asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged
to the Profit and Loss Statement in the year in which an asset is identified as impaired. The impairment loss recognised in prior
accounting period is reversed if there has been a change in the estimate of recoverable amount.
q.
Earnings per Share (EPS)

Basic EPS is arrived at based on Net Profit after Taxation available to equity shareholders to the weighted average number of equity
shares outstanding during the year. The Diluted EPS is calculated on the same basis as Basic EPS, after adjusting for the eects of
potential dilutive equity shares unless impact is anti-dilutive.
g.
Investments
Current investments are carried at lower of cost and quoted/fair value, computed category-wise. Non-Current investments are stated
at cost. Provision for diminution in the value of Non-Current investments is made only if such a decline is other than temporary.
r.
h.
Inventories
Items of inventories are measured at lower of cost and net realizable value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other costs including manufacturing overheads incurred in bringing them to
their respective present location and condition.
Provisions
A provision is recognised when an enterprise has a present obligation as a result of a past event and it is probable that an outflow
of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions, other than
employee benefits, are not discounted to their present value and are determined based on management estimate required to
settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current
management estimates.
s.
Contingent Liabilities/Assets
No provision is made for liabilities which are contingent in nature. Provision is made for those contingencies which are likely to
materialize into liabilities after the year end till the date of finalization of accounts and have material eect on the position stated in
the Balance Sheet.
i.
Employee Benefits
There is no employee who is in receipt of remuneration in excess of the limits specified.
j.
Revenue Recognition
Revenue is recognised only when risks and rewards incidental to ownership are transferred to the customer, it can be reliably
measured and it is reasonable to expect ultimate collection. Revenue from operations includes sale of goods, tax, excise duty,
adjusted for discounts (net).
Dividend income, if any, is recognised when right to receive payment is established.
Interest income is recognised on a time proportion basis taking into account the amount outstanding and the interest rate
applicable.
k.
Borrowing Costs
Borrowing costs consist of interest and other ancillary costs than an entity incurs in connection with borrowing of funds, Ancillary
costs incurred in connection with the arrangement of borrowings are amortized over the tenure of borrowing.
l.
Foreign Currency Transactions

The Company has foreign currency transactions during the period under review.
m. Cash and Cash Equivalents

Cash and Cash Equivalents include cash in hand, demand deposits with banks, other short-term highly liquid investments with
original maturities of three months or less.
n.
Conservation of Energy & Technology absorption

In view of the activities of the Company, the matters related to conservation of Energy & Technology are not applicable to the
Company.
o.
Due to Micro/ Small Industrial Enterprises

The Company has not received any information from any of the suppliers of their being a micro/ small scale industrial enterprise,
hence the amount due to such units outstanding as at the year ended 31.03.2016 is not ascertainable.
p.
Income Tax
Provision is made for Income Tax on a yearly basis under the tax payable method based on tax liability as computed after taking
credit for allowances, expenses. In case of matters under appeal due to disallowance or otherwise, full provision is made when the
liabilities are accepted. Deferred Tax is recognized on timing dierences between taxable income and accounting income subject
to a consideration of prudence.
Contingent liabilities are not recognised but disclosure of its existence is done in the Financial Statements. A contingent asset is
neither recognised nor disclosed in the Financial Statements.
Annual
Report
20 1516
88 89

(In H)
Particulars
As at
31.03.2016
As at
31.03.2015
Notes # 2 Share Capital
(In H)
Particulars
As at
31.03.2016
As at
31.03.2015
Notes # 3 Reserves and Surplus
Authorised Capital
(a) Securities Premium
500,000,000
100,300,000
As per last Balance Sheet
636,405
636,405
500,000,000
100,300,000
Addition during the year
125,000,000
125,636,405
636,405
210,430,000
100,215,000
210,430,000
100,215,000
456,523,390
295,964,728
Issued, Subscribed and Paid up
a)
As at 31.03.2015
Amount (H)
No.
Amount (H)
Opening Balance
10,021,500
100,215,000
10,021,500
100,215,000
Add: Bonus Share Issue
10,021,500
100,215,000
1,000,000
10,000,000
21,043,000
210,430,000
10,021,500
100,215,000
Closing Balance
c)
As at 31.03.2016
No.
Add: Preferential Allotment
Rights and restriction attached to Shares Capital

The Company has one class of equity shares having a par value of H10 each. Each shareholder is eligible for one vote per share held.
The Company has declared dividend of H0.75 (i.e. 7.50%) per share during the current year and in previous year dividend was of H0.50
(i.e. 5.00%) per share.
Share held by holding/ultimate holding company and/or their subsidiaries/associates :
There is no such Share held by holding/ultimate holding company and/or their subsidiaries/associates.
Shares allotted as fully paid up by way of bonus shares (during 5 years preceding March 31, 2016)
During the last 5 years preceding to March 31, 2016, the Company has allotted as fully paid up Bonus share in the ratio of 1:1 on
12.10.2015 as approved by Members in the EGM Held on 29.09.2015.
e)
Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company
Monoranjan Roy: 33.20% (P.Y:29.87%)

Anushri Textile Private Limited: 0.17% (P.Y: 10.89%)
As at 31.03.2016
255,046,978
166,571,261
711,570,368
462,535,989
15,782,250
5,010,750
3,155,660
1,001,849
100,215,000
(d) Prior Period Dividend (F.Y: 2014-15)
5,010,750
(e) Prior Tax on Dividend (F.Y: 2014-15)
1,001,849
586,404,859
456,523,390
(a+b)
712,041,264
457,159,795
Less: Appropriations
(a) Proposed final Dividend on Equity Shares*
(b) Tax on Dividend
(c) Conversion into Equity due to Issue of Bonus Share
* The Board of Directors have recommended final dividend for the F.Y: 2015-16 of H0.75 Per Equity Share subject to approval in the forthcoming
AGM.
Notes # 4 Minority Interest
d)
Equity Shares
Opening Balance
Add: Profit for the Year
Reconciliation of number of Shares Capital

Equity Shares
b)
a
(b) Surplus in the Statement of Profit & Loss
Minority Interest
62,834,931
59,902,058
62,834,931
59,902,058
2,909,047
3,767,335
Notes # 5 Long-Term Borrowings

As at 31.03.2015
No.
Amount (H)
No.
Amount (H)
6,986,786
69,867,860
2,993,393
29,933,930
34,920
349,200
1,090,998
10,909,980
6,986,786
69,867,860
4,084,391
40,843,910
Secured Loan - Car Loan

Unsecured Loan - Director
Car Loan is from Punjab National Bank, the car being the primary security.
623,750,000
619,000,000
626,659,047
622,767,335
For Income Tax & others
Other Payables
Security Deposit
Notes # 8 Other Current Liabilities

70,901,368
99,251,149
70,901,368
99,251,149
151,725,837
38,780,698
1,000,000
151,725,837
39,780,698
Notes # 9 Short-Term Provisions
360,428,237
222,801,184
360,428,237
222,801,184
9,544,163
Motor Vehicle
9,544,163
Motor Vehicle
288,303,399
15,384,490
TOTAL
119,831,500
Plant & machinery

Land
3,088,435
103,427,618
26,694,464

Oce Equipment
Building
10,332,729
As at
April 1, 2014
Particulars
Previous Year
288,303,399
15,384,490
TOTAL
119,831,500
Plant & machinery

Land
3,088,435
103,427,618
26,694,464

Oce Equipment
Building
10,332,729
Additions
during
the year
310,357,800
9,544,163
37,438,891
119,831,500
103,427,618
3,088,435
26,694,464
10,332,729
288,303,399
9,544,163
15,384,490
119,831,500
103,427,618
3,088,435
26,694,464
10,332,729
Deductions
As at
year
Gross Block
22,054,401
22,054,401
63,666,135
1,848,766
42,191,098
6,892,636
1,804,463
8,173,385
2,755,787
As at
April 1, 2014
88,083,553
4,048,016
52,352,575
11,517,984
2,400,022
13,147,502
4,617,454
Notes # 7 Trade Payables
24,417,418
2,199,250
10,161,477
4,625,348
595,559
4,974,117
1,861,667
For the
year
Deductions
Depreciation Block
23,079,995
1,422,955
12,213,687
4,614,252
287,325
3,507,310
1,034,466
Net Block
5,496,147
15,384,490
67,478,925
91,909,634
688,413
13,546,962
5,715,275
200,219,846
Net Block
199,194,252
4,073,192
37,438,891
55,265,238
87,295,382
401,088
10,039,652
4,680,809
88,083,553
4,048,016
52,352,575
11,517,984
2,400,022
13,147,502
4,617,454
200,219,846
5,496,147
15,384,490
67,478,925
91,909,634
688,413
13,546,962
5,715,275
224,637,264
7,695,397
15,384,490
77,640,402
96,534,982
1,283,972
18,521,079
7,576,942
As at
As at
As at
111,163,548
5,470,971
64,566,262
16,132,236
2,687,347
16,654,812
5,651,920
As at
As at
As at
Working Capital Loan has been availed under Consortium Banking arrangement, from State Bank of Mysore, (Leader of Consortium) & other
member banks being State Bank of Hyderabad, State Bank of Travancore, Bank of India, Andhra Bank, Punjab National Bank, Laxmi Vilas Bank
Limited, Tamilnad Mercantile Bank Limited, Corporation Bank, Vijaya Bank, Indian Overseas Bank ,with sharing of pari passu charge by way of
hypothecation of present & future Currents Assets of the Company, consisting of Stock & Book Debts.
Deductions
917,021,333
For the
year
1,916,797,165
Depreciation Block
917,021,333
As at
April 1, 2015
(In H)
Deductions
As at
year
Trade Payables
1,916,797,165
Gross Block
Additions
during
the year
Cash Credit Facilities (Secured)

As at
31.03.2015
As at
April 1, 2015
Notes # 6 Short-Term Borrowings

As at
31.03.2016
Particulars
Particulars
Notes # 10 Fixed Assets

20 1516
Annual
Report
90 91
Annual
Report
20 1516
92 93

(In H)
Particulars
As at
31.03.2016
As at
31.03.2015
88,272,806
88,272,806
88,272,806
88,272,806
Notes # 11 Intangible Assets

Goodwill
Security Deposit
Deposit With Excise Dept.
Particulars
For the year ended

31.03.2016
For the year ended

31.03.2015
Own Blend (IMFL)
2,614,529,075
1,696,064,741
Own Blend (IMIL)
1,227,494,005
Traded - IMFL
3,223,960,343
3,409,112,395
Notes # 19 Revenue From Operations
Notes # 12 Long-Term Loans and Advances

Business Advance for Acquisitions
(In H)
FMCG Export
190,814,560
2,303,117
2,303,117
580,000
580,000
193,697,677
2,883,117
FMCG - Domestic
Deferred Tax Assets
Interest Income
9,461,294
11,077,747
9,461,294
11,077,747
60,227,514
1,756,545,791
9,875,965,624
6,921,950,441
3,567,104
6,192,487
1,409,333
3,567,104
7,601,820
Notes # 20 Other Incomes

Other Incomes
Notes # 13 Deferred Tax Assets
996,798
2,808,985,403
Notes # 21 Cost of Materials Consumed

Notes # 14 Miscellaneous Expenditure
Opening Balance
Incurred during the year
Less: Written o during the year

70,693
96,040
3,724,946
646,171
25,347
3,149,468
70,693

Add: Purchase

Notes # 15 Inventories
Raw Materials
Finished Goods
512,925,690
158,272,736
1,496,080,811
660,798,035
2,009,006,501
819,070,771

(A)
Add: Purchase
Secured, Considered Good

- Outstanding for a period exceeding six months
- Others
- Export Receivable (above six month)
1,071,211,876
1,068,802,291
60,227,514
60,227,514
1,131,439,390
1,129,029,805
Cash in Hand & at Bank
4,904,913
11,203,997
4,904,913
11,203,997
Notes # 18 Other Current Assets

Sundry Current Assets

432,575,413
257,069,770
432,575,413
257,069,770
331,820,385
158,272,736
2,362,132,675
1,535,029,923
148,488,562
64,423,386
2,362,132,675
1,535,029,923
282,547,512
148,488,562
2,228,073,725
1,450,964,747
1,405,040,004
181,105,305
1,223,934,699
1,223,934,699
150,463,516
(B)
1,073,471,183
(A+B)
3,301,544,908
1,450,964,747
Purchase of IMFL
3,305,204,199
3,352,641,923
Purchase of FMCG
2,850,352,901
1,763,107,277
6,155,557,100
5,115,749,200
Notes # 17 Cash and Cash Equivalents
21,473,958
1,671,828,701

Notes # 16 Trade Receivables
158,272,736
2,535,680,324
Notes # 22 Purchases
Annual
Report
20 1516
94 95

(In H)
Particulars
For the year ended

31.03.2016
For the year ended

31.03.2015
(In H)
Particulars
For the year ended

31.03.2016
For the year ended

31.03.2015
Notes # 23 Change in Inventories
Notes # 27 Selling and Distribution Expenses
IMFL
Business Promotion/Advertisement
52,967,579
46,142,071
348,053,569
200,198,351
Carriage Outwards
10,635,350
10,576,205
608,531,920
348,053,569
Discount & Rebate
6,166,087
2,362,956
(147,855,218)
Godown Expenses
4,295,187
3,745,703
(A)
(260,478,351)
Godown Rent
FMCG
164,255,904
31,884,658
454,537,863
164,255,904
(B)
(290,281,959)
(132,371,246)
(A+B)
(550,760,310)
(280,226,464)
Total
600,000
600,000
39,773,917
24,592,283
Salesman Commission
232,540
270,755
Breakage Replacement A/c
622,452
261,805
69,603
128,075
Rebate on Sales
Incidental Charge Refund A/c

Loading & Unloading Charges
Notes # 24 Other Manufacturing Expenses

Sundry Manufacturing Expenses
179,135,552
124,393,544
179,135,552
124,393,544
Notes # 25 Employee Benefit Expenses

41,632,410
33,862,398
41,632,410
33,862,398
Notes # 26 Administrative & General Expenses

290,049
750
7,860,000
202,833
2,614,842
396,153
22,285,905
148,764
9,678,919
721,058
2,918,356
6,079,874
1,360,937
54,558,440
255,057
450
7,150,000
115,424
1,987,452
428,958
14,353,592
1,120
8,186,524
678,880
92,541
4,617,530
1,220,446
39,087,974
167,006,772
70,791,677
167,006,772
70,791,677
646,171
25,347
646,171
25,347
Notes # 29 Miscellaneous Expenses

Written o during the year
Audit Fees
Books & Periodicals
Directors Remuneration
Donation & Subscription
Legal Expenses
Sta Welfare
Organizational Expenses
Business Development
Travelling & Conveyance
General Expenses
Promotional Marketing
Rates & Taxes
Rent
762,785
89,442,638
Notes # 28 Finance Costs

Finance Expense
Salaries and Wages
407,140
115,769,855
(In H)
Particulars
2015-16
2014-15
Profit after Tax as per Profit & Loss Account
255,046,978
166,571,261
Number of Equity Share at the end of year
21,043,000
10,215,000
Weighted average number of Equity Shares
Notes # 30 Basis for calculation of Basic and Diluted Earnings per Share is as under:
14,736,522
10,215,000
Basic Earnings per share
12.12
16.62
Diluted Earnings per share
17.30
16.62
Nominal Value of Shares
10.00
10.00
Annual
Report
20 1516

Notes # 31 Related Party Disclosures
a) Name of the related parties where control exists:
Paul Distributors Private Limited (with eect from 21st March 2014)
Priya Laboratories Private Limited (with eect from 21st March 2014)
Yours Laboratories Private Limited (With eect from 03rd July2014)
b)
c)
Name of the Other Related Parties/

Mr. Monoranjan Roy (Chairman & Managing Director)

Mr. Arup Thakur (Executive Director & CFO)
Mr. Subrata Basu (Executive Director)

(In H)
2015-16
2014-15
32,359,995
21,331,000
32,271,375
(25,000,000)
(16,000,000)
6,600,000
6,600,000
152,500,000
300,000,000
617,500,000
600,000,000
600,000,000
Sales
Purchase/Other Manufacturing Expenses
Loan & Advances [Unsecured Loan Given / (Recovered) during the year]
Loan & Advances (Outstanding)
Key Management Personnel

Remuneration
Unsecured Loan Taken (during the year)
Mr. Monoranjan Roy
Unsecured Loan Taken (Outstanding at the end of the Year)
Mr. Monoranjan Roy
Preferential Allotment of Share Capital
Mr. Monoranjan Roy (Conversion of Unsecured Loan)
A
PRODUCT
info@trisyscom.com
What makes
Pincon Spirit
Limited one of
the most exciting
liquor companies
in India today?
www.pinconspirit.in
15
38th Annual
Report 20 16

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What makes

PINCON SPIRIT LIMITED

Pincons biggest contribution has been in

Bringing IMFL attributes to IMIL space 06

An insight into the corporate 10

Our corporate journey 12

Management discussion and analysis 18

Balance Sheet and P&L Account 61

Indias liquor industry is regulated by the

Making the consumption leap happen 08

Our robust business model 16

Managing business uncertainties 24

Corporate overview | Statutory reports | Financial statements

Most established liquor companies

Most liquor companies focus on

Most IMFL companies have high marketing

Most liquor companies begin by blending,

Corporate overview | Statutory reports | Financial statements

THE PINCON DIFFERENCE

A few years ago, the West Bengal Government

The result is that Pincons firstmovers advantage has helped it

he State Governments policy of issuing composite

Making it a dominant IMIL player

Corporate overview | Statutory reports | Financial statements

THE PINCON DIFFERENCE

ntil a few years ago, Pincon was largely

The Company created branded IMIL products with

The result is that Pincon

The result is that Pincon singlehandedly graduated

Graduating lifestyles at the

Corporate overview | Statutory reports | Financial statements

THE PINCON DIFFERENCE

few years ago, Pincon launched Pincon

Going beyond enhancing

Rather than compete

The Company introduced

Corporate overview | Statutory reports | Financial statements

Pincon Spirit Limited.

Pincon Spirit Limited entered

Pincon Spirit Limited is headed

The Company manages six blending

Pincon enjoys a presence in all

Key shareholder information

OTHER CORPORATE INFORMATION

Face value per share

BSE Code: 538771

Corporate overview | Statutory reports | Financial statements

OUR CORPORATE JOURNEY

n Launched first in-house

Entered into a tie-ups

Crossed turnover of H50

Launched Pincon No. 1

Pincon XXX Matured

Expanded whisky and

Launched Pincon Kings

Crossed turnover of H240

Launched Pincon Ruby

Crossed turnover of H300

Set up oce in Bengaluru

Launched in-house IMFL

n Launched Ultra Force

Entered the IMIL segment

Launched Odisha Choice

n Launched Pincon Ruby