We have audited the financial statements of M/s. CHAMBAL BREWERIES & DISTILLERIES LIMITED
(the "company"), which comprise the Balance Sheet as at March 31, 202S, the Statement of Profit and Loss
and Cash Flow Statement for the year then ended and a summary of significant accounting policies and
other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone 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 affairs of the Company as at March 31, 2025, and profit/loss, (changes in equity] and
its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit 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 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 there under, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.

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.

We want to express our opinion that going concern of the company has adversely effected after written
off several balances of various advances in previous years. Company's capital has declined significantly in
last years. (Refer notes to accounts point No 3)

Emphasis of Matter

As per the management the company is still a going concent entity because it is in process of identifying
new plans to start the business of the company. But in our view there is no certainty on the company’s
going concern. Although the company has prepared its financial statements on a going concern, basis.

information other than the Financial Statements and Auditors' Report thereon.

The Company's management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Company's annual report, hut does not include the
financial statements and our auditors' 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 in the audit, or
otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this
auditor's report, 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 (Ind AS) 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 and presentation of these Ind AS financial statements

that give a true and fair view of the financial position, financial performance and rash 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 Df 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 effectively 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.

In preparing the financial statements, management is responsible for assessing the Company's ability tD
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. Those Board of Directors are also responsible for
overseeing the Company's financial reporting process

Auditors' Responsibility

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 thal 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
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 control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances.

> 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 auditors 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,

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 cohtrol 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.

Report on Other Legal and Regulatory Requirements

1. 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 Act, we give in the
Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the
extent applicable.

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

a) we have sought and obtained all the information and explanations which tD 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 by 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, read with Rule 7 of the Companies (Accounts) Rules,
2014;

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

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 B

g) 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, in our opinion and to the best of our
information and according to the explanations given to us:

i. the Company does not have any pending litigation which would impact its financial position.

ii. the Company does not have any long term contracts including derivative contracts forwhich
there were any material foreseeable losses.

iii. There has been no amount to be transferred to the Investor Education and Protection Fund
by the Company.

iv. a the management has represented that, to the best of it's knowledge and belief other than as

disclosed in the notes to the accounts, no funds 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 persons or
entities identified in any manner whatsoever by or ort behalf of the company {"Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;(Also refer point no 3 of annexure A to this audit report)

iv, b the management has represented, that, to the best of it's knowledge and belief, other than

as disclosed in the notes to the accounts, no funds 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 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 any
guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

iv.c Based on such audit procedures that the auditor has considered reasonable and appropriate
in the circumstances, nothing has come to their notice that has caused them to believe that
the representations under sub-clause (i) and (11) of rule 11(e), as provided under (a) and (b)
above, contain any material mis-statement.

iv.d There is no dividend declared or paid during the year by the company. Accordingly,
provisions of section 123 of the Companies Act, 2013 is not applicable.

v. According to information and explanation given to us, the book of accounts are entirely
maintained manually hence rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not
applicable on company.

For Lokesli Mahcshwari & Associates
Chartered Accountants

(Registration No. 020075C)

PLACE : KOTA
DATED : 24/05/2025

UDIN 25463940BMLKKM3867 Sd/-

(Partner)

CA Deepchand Nagar
Membership No. 463940