We have audited the accompanying financial statements
of Aurangabad Distillery Limited (“the Company”) which
comprises the Balance Sheet as at March 31, 2025, the
Statement of Profit and Loss and Statement of Cash Flow
for the year ended on that date, and notes to the financial
statements, including a summary of significant accounting
policies and other explanatory information. (Hereinafter
referred to as the “Financial Statements”)

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 Companies
Act 2013 (the “Act”) in the manner so required and give a true
and fair view in conformity with the Accounting Standards
prescribed under section 133 of the Act & other accounting
principles generally accepted in India, of the state of affairs
of the Company as at March 31, 2025, and its profit, and its
cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the 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 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 Accountants of India (“ICAI”)
together with the ethical requirements that are relevant to
our audit of the financial statements under the provisions of
the Companies Act, 2013 and the Rules made thereunder,
and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI's Code of
Ethics.

We believe that the audit evidence obtained by us is sufficient
and appropriate to provide a basis for our audit opinion on
the 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
financial statements of the current period. These matters
were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.

There are no significant Key Audit matters that need to be
reported for the current period.

Emphasis of Matter

We wish to report that -

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

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

Our opinion is not modified in the above matter.

Information other than the financial statements and
auditors’ report thereon

The Company's Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Management
Discussion & analysis, Board's Report including Annexures
to Board's Report, Business Responsibility Report, Corporate
Governance & shareholders' information, but does not
include the financial statements and our auditor's report
thereon.

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

In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing
so, consider whether the other information is materially
inconsistent with the financial statements, or our knowledge

obtained during the course of our audit or otherwise appears
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.

Responsibilities of Management & Those Charged with
Governance for the 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
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. This
responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of
the Act for safeguarding of 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
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
accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.

The Board of Directors are also responsible for overseeing
the company's financial reporting process.

Auditor’s Responsibility 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.
Reasonable 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 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 skepticism

throughout the audit. We also:

• Identify and assess the risks of material misstatement of
the 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, intentional
omissions, misrepresentations, or the override of
internal control.

• Obtain an understanding of internal financial controls
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under
section 143(3)(i) of the Companies Act, 2013, we are
also responsible for expressing 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 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 uncertainty exists, we are required to draw
attention in our auditor's report to the related disclosures
in the 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 cause the Company to cease to continue as a going
concern.

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

Materiality is the magnitude of misstatements in the
financial statements that, individually or in aggregate,
makes it probable that the economic decisions of
a reasonably knowledgeable user of the financial
statements may be influenced. We consider quantitative
materiality and qualitative factors in -

• planning the scope of our audit work and in evaluating
the results of our work; and

• to evaluate the effect of any identified misstatements in
the 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
requirements 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 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.

Other Matters

There are no matters reportable under this head.

Report on Other Legal and Regulatory Requirements:

1. Companies (Auditor's Report) Order 2020, issued by
Central Government of India in terms of sub section
(11) of the Section 143 of the Companies Act, 2013 is
applicable to the company. We are giving in Annexure a
statement on the matters specified in paragraph 3 & 4 of
the Order to the extent possible. (Annexure 1)

2. As required by Section 143(3) of the Act, based on our
audit, 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, and the Cash Flow Statement dealt with in this
Report are in agreement with the books of account.

d. In our opinion, the aforesaid financial statements
comply with the Accounting Standards specified
under Section 133 of the Act,

e. 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.

f. 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 2”. Our report
expresses an unmodified opinion on the adequacy
& operating effectiveness of the Company's internal
financial control over financial reporting.

g. In our opinion & to the best of our information &
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 read with Schedule V of the Act.

h. With respect to the other matters to be included in
the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014,
as amended 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
Note No. 34 of the financial statements.

ii. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses.

iii. There were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company.

iv. The management of the Company has
represented that, to the best of its knowledge
and belief, other than as disclosed in the notes
to the accounts, no funds (which are material
either individually or in the aggregate) have
been advanced or loaned or invested (either
from borrowed funds or share premium or any
other sources or kind of funds) by the company
to or in any other person(s) or entity(ies),
including foreign entities (Intermediaries),
with the understanding, whether recorded
in writing or otherwise, that the Intermediary
shall, whether, directly or indirectly lend or
invest in other person or entities identified in
any manner whatsoever by or on behalf of the
company (Ultimate Beneficiaries) or provide
any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

v. The management of the Company has
represented, that, to the best of it's knowledge
and belief, other than as disclosed in the notes
to the accounts, no funds (which are material
either individually or in the aggregate) have
been received by the company from any
person(s) or entity(ies), including foreign entities
(Funding Parties), with the understanding,
whether recorded in writing or otherwise,
that the company shall, whether, directly or

vii. The company has not declared or paid any
dividend during the year in contravention of the
provision of Section 123 of the Companies Act
2013.

viii. Based on our examination which included test
checks, the company has used such accounting
software for maintaining its books of account
which has a feature of recording audit trail (edit
log) facility. since the audit trail was not enabled,
our comments on whether the audit trail feature
has been tampered with and whether the audit
trail has been preserved by the company as per
the statutory requirements for record retention,
are not applicable. (Also refer Emphasis of
Matter given above.)