We have audited the accompanying standalone financial statements of G M Breweries Limited (“the Company”),
which comprise the balance sheet as at 31st March 2025, and the statement of Profit and Loss (including other com¬
prehensive income), statement of changes in equity and statement of cash flows for the year then ended, and notes to
the financial statements, including a summary of significant accounting policies and other explanatory information
(hereinafter referred to as the “standalone financial statements”)

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid stand¬
alone financial statements give the information required by The Companies Act, 2013 (“The Act”) in the manner so
required and give a true and fair view in conformity with the Indian accounting standards prescribed under section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended, (“Ind AS”) and other
accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and its
profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further
described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report.
We are independent of the Company in accordance with the “Code of Ethics” issued by the Institute of Chartered Ac¬
countants of India (“ICAI”) together with the independent requirement that are relevant to our audit of the standalone
financial statements under the provisions of the Act and the rules made there under, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the au¬
dit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on standalone financial
statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the fi¬
nancial statements of the current period. These matters were addressed in the context of our audit of the financial state¬
ments as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Information other than standalone financial statements and Auditors report thereon

The company’s Board of Directors are responsible for the other information. The other information comprises of the
information included in the management discussion and analysis, Boards report including annexure to Boards Report,
Corporate Governance and Shareholders information, but does not include the standalone financial statements and our
auditor’s report thereon.

Our opinion on standalone financial statements does not cover the other information and we do not express any form
of assurance or conclusion thereon.

In connection with our audit of the standalone financial statement, our responsibility is to read the other information
and in doing so, consider whether the other information is materially inconsistent with the standalone financial state¬
ment or our knowledge obtained during the course of our audit or otherwise appear to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information;
we are required to report that fact. We have nothing to report in this regard.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the 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, changes in equity and cash flows of the Company in accordance with the ac¬
counting principles generally accepted in India, including the Ind AS specified under Section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules,2015, as amended. This responsibility also includes maintenance
of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Com¬
pany and for preventing and detecting frauds and other irregularities; selection and application of appropriate imple¬
mentation and maintenance of accounting policies; making judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of
the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or
error.

In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of ac¬
counting unless management either intends to liquidate the Company or to cease operations, or has no realistic alterna¬
tive but to do so.

The Board of Directors are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reason¬
able assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inten¬
tional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for ex¬
pressing our opinion on whether the Company has adequate internal financial controls system in place and the
operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncer¬
tainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the standalone
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may

f , ^

cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the
disclosures, and whether the standalone financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial state¬
ments may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in
the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical require¬
ments regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of
India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the “Annexure A” a statement
on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears
from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement
of Changes in Equity, the Statement of Cash Flows and notes to the standalone financial statements 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 Ind AS specified under Section
133 of the Act, read with Rule 7 of the Companies (Indian Accounting Standards) Rules, 2014 as amended;

e) As per the management representation we report,

• no funds have been advanced or loaned or invested by the company to or in any other person(s) or entities,
including foreign entities (“Intermediaries”), with the understanding that the intermediary shall whether
directly or indirectly lend or invest in other persons or entities identified in any manner by or on behalf of
the company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of ultimate
beneficiaries.

• no funds have been received by the company from any person(s) or entities including foreign entities (“Fund-

ing Parties”) with the understanding that such company shall whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate
beneficiaries) or provide guarantee, security or the like on behalf of the Ultimate beneficiaries.

• Based on the audit procedures performed, we report that nothing has come to our notice that has caused us to
believe that the representations given under sub-clause (i) and (ii) by the management contain any material mis¬
statement.

f) In our opinion Company has complied with section 123 of the Companies Act, 2013 with respect to dividend
declared/paid during the year.

g) On the basis of the written representations received from the directors as on 31st March, 2025 taken on record
by the Board of Directors, none of the directors is disqualified as on 31st, March, 2025 from being appointed as
a director in terms of Section 164 (2) of the Act.

h) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

i) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of
section 197(16) of the Act, as amended: In our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance
with the provisions of section 197 of the Act.

j) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Com¬
panies (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 standalone finan¬
cial statements.

ii. The Company has made provision, as required under the applicable law or accounting standards, for mate¬
rial foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.

iv. Based on our examination which included test checks, the Company has used accounting software for
maintaining its books of account for the financial year ended March 31, 2025, which has a feature of record¬
ing audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions
recorded in the software. Further, during the course of our audit we did not come across any instance of the
audit trail feature being tampered with.

For and on behalf of
V. P. Mehta & Co.

Chartered Accountants
Firm Regn.No:106326W

Vipul P. Mehta
Proprietor
M. No.035722

Mumbai
April 15th, 2024

UDIN: 25035722BMIHUG7755