United Breweries Ltd Auditor Reports

To The Members of United Breweries Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone nancial statements of United Breweries Limited (the "Company"), which comprise the Balance Sheet as at March 31, 2025, and the Statement of Pro t and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year ended on that date, and notes to the nancial statements, including a summary of material 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 nancial 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, ("Ind AS") and other accounting principles generally accepted in India, of the state of a airs of the Company as at March 31, 2025, and its pro t, total comprehensive income, its cash ows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone nancial statements in accordance with the Standards on Auditing ("SA"s) speci ed under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibility 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 Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the standalone nancial statements under the provisions of the Act and the Rules made thereunder, and we have ful lled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is su cient and appropriate to provide a basis for our audit opinion on the standalone nancial statements.

Emphasis of Matter

a) As described in Note 34 (a), the Company led an appeal against the NCLAT order before the Supreme Court of India on January 30, 2023. The Supreme Court issued an order on February 17, 2023, and granted stay on the recovery proceedings. The Management of the Company has represented that the Company has a strong case on merits supported by external legal advice. Pending outcome of the matter, the Company is not in position to reliably estimate, the obligation relating to the penalties, if any. Accordingly, no provision has been recorded in the books of account and amount is disclosed as contingent liability. b) As described in Note 41, the Company has evaluated the carrying value of the property, plant and equipment aggregating Rs. 6,289 Lakhs (net of depreciation and impairment) based on fair value less cost of disposal after considering its contractual rights under the BIADA Act (including its options relating to the policies announced by BIADA which are subject to the outcome before the Honourable High Court of Patna), pending the outcome of special leave petition led by the Bihar State Government before the Honourable Supreme Court of India.

Our opinion is not modi ed in respect of the aforesaid matters.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most signi cance in our audit of the standalone nancial statements of the current period. These matters were addressed in the context of our audit of the standalone nancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter	Auditors Response
1 Evaluation of provisions and contingencies towards taxes and competition law matters	Principal audit procedures: Our audit procedures relating to the evaluation of the outcome of direct tax, indirect tax and competition law matters included the following, among others:
(Refer Notes 2.1 (s), (v), 8, 16 and 34 to the financial statements).	(1) We have obtained an understanding of the processes with respect to (i) recognition of provision,
The Company has material disputes with respect to direct tax, indirect tax and competition law matters which involves significant judgment to determine the possible outcome of these disputes. Therefore, we have considered these as a key audit matter.	(ii) disclosure of contingencies and (iii) ensuring completeness of litigations.
	(2) We have tested the effectiveness of controls over (i) recognition of provisions, (ii) disclosure of contingencies and (iii) ensuring completeness of litigations.
	(3) We read correspondences between the Company and the various authorities and where applicable, the opinions from external advisors and evaluated the reasonableness of the estimate in relation to the possible outcome of the disputed matters based on applicable laws and judicial precedence by involving our internal specialists, as needed.
2 Revenue recognition:	Principal audit procedures:
(Refer Notes 2.1(d), (v) and 20 to the financial statements)	Our audit procedures relating to the estimation of accruals towards discounts and incentives, included the following,
Revenue from the sale of products is net of returns and allowances, discounts and incentives.	among others:
Amounts of discounts and incentives that have been incurred and not yet issued to customers are estimated and accrued. Amount of discounts and incentives accrued as at March 31, 2025 amounts to INR 26,088 Lakhs.	• We obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls relating to accruals towards discounts and incentives and utilisation of the same.
Estimates of expected discount and incentives are sensitive to changes in circumstances and the Companys past experience regarding these amounts may not be representative of actual amounts in the future. Estimating accruals relating to discounts and incentives recognised in relation to sales made during the year involves significant judgment and is complex and hence we have considered this as a key audit matter.	• We selected the samples of accruals of discounts and incentives and inspected the underlying documents and evaluated the basis of creating the accruals.
	• We selected the samples of customer claims processed during the year for discount and incentives and compared the same against the accruals made.
	• We performed the retrospective review of provisions created and utilisation of the same during the year.
	• We performed analytical procedures on discounts and incentives.

Information Other than the Financial Statements and Auditors Report Thereon

• The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Boards Report, Corporate Governance Report and Sustainability Report, but does not include the consolidated financial statements, standalone financial statements and our auditors report thereon.

• Our opinion on the standalone 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 standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone 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 and Board of Directors for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of 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 including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including Ind AS 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 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 standalone financial statements, management and Board of Directors are responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Companys Board of Directors is also responsible for overseeing the Companys financial reporting process.

Auditors Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone 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 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, 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 Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements 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 managements 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 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 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 statements 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 financial controls 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 standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors 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

1. 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 except for not keeping backup on a daily basis of audit trail of software operated by third

party software service provider for maintaining payroll maintained in electronic mode in a server physically located in

India and not complying requirement of audit trail as stated in (i)(vi) below.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Cash Flows

and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of

the Act.

e) On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the Board

of Directors, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in terms of

Section 164(2) of the Act.

f) The modification relating to the maintenance of accounts and other matters connected therewith, is as stated in

paragraph (b) above.

g) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of

the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report

expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial

controls with reference to standalone financial statements.

h) With respect to the other matters to be included in the Auditors 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.

i) 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, 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 its standalone financial statements - Refer Note 34 to the standalone 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 has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. iv. (a) The Management has represented that, to the best of its knowledge and belief, as disclosed in the note 42(v) to the financial statements, 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, directly or indirectly lend or invest in other persons 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.

(b) The Management has represented, that, to the best of its knowledge and belief, as disclosed in the note 42(vi) to the financial statements, 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, 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.

(c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement. v. The final dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with section 123 of the Act, as applicable.

As stated in note 14 to the standalone financial statements, the Board of Directors of the Company has proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. Such dividend proposed is in accordance with section 123 of the Act, as applicable. vi. Based on our examination, which included test checks, the Company has used accounting softwares for maintaining its books of account for the year ended March 31, 2025, which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the softwares except that: i) in respect of one software, the audit trail feature was not enabled for certain critical tables throughout the year and at the database level to log any direct data changes and accordingly we are unable to comment whether there were any instances of the audit trail feature being tampered with. ii) in respect of software operated by third party software service provider for maintaining payroll records, in the absence of an independent auditors System and Organization Controls report covering the audit trail requirement at the database level, we are unable to comment whether the audit trail at the database level was enabled and operated throughout the year and whether there was any instance of the audit trail feature been tampered with.

Additionally, the audit trail that was enabled and operated for the year ended March 31, 2024, has been preserved by the Company as per the statutory requirements for record retention.

2. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.

	For Deloitte Haskins & Sells
	Chartered Accountants
	(Firms Registration No. 008072S)
	Gurvinder Singh
	Partner
Place: Bengaluru	(Membership No. 110128)
Date : May 07, 2025	UDIN : 25110128BMHZTT8774

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 (g) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date) Report on the Internal Financial Controls with reference to standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the "Act")

We have audited the internal financial controls with reference to standalone financial statements of United Breweries Limited (the "Company") as at March 31, 2025 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

Managements and Board of Directors Responsibilities for Internal Financial Controls

The Companys management and Board of Directors are responsible for establishing and maintaining internal financial controls with reference to standalone financial statements based on the internal control with reference to standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to standalone financial statements of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls with reference to standalone financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to standalone financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements included obtaining an understanding of internal financial controls with reference to standalone financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls with reference to standalone financial statements.

Meaning of Internal Financial Controls with reference to standalone financial statements

A companys internal financial control with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to standalone financial statements

Because of the inherent limitations of internal financial controls with reference to standalone financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to standalone financial statements to future periods are subject to the risk that the internal financial control with reference to standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls with reference to standalone financial statements and such internal financial controls with reference to standalone financial statements were operating effectively as at March 31, 2025, based on the criteria for internal financial control with reference to standalone financial statements established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

	For Deloitte Haskins & Sells
	Chartered Accountants
	(Firms Registration No. 008072S)
	Gurvinder Singh
	Partner
Place: Bengaluru	(Membership No. 110128)
Date : May 07, 2025	UDIN : 25110128BMHZTT8774

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

(i)(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property,

Plant and Equipment, capital work-in-progress and relevant details of right-of-use assets.

(B) The Company has maintained proper records showing full particulars of intangible assets.

(i)(b) Some of the Property, Plant and Equipment, capital work-in-progress and right-of-use assets were physically verified during the year

by the Management in accordance with a programme of verification, which in our opinion provides for physical verification of all

the Property, Plant and Equipment at reasonable intervals having regard to the size of the Company and the nature of its activities.

According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(i)(c) With respect to immovable properties (other than properties where the Company is the lessee and the lease agreements are duly

executed in favour of the Company) disclosed in the standalone financial statements included in property, plant and equipment and

non-current assets held for sale, according to the information and explanations given to us and based on the examination of the

registered sale deed / conveyance deed / lease deed provided to us, we report that, the title deeds of such immovable properties are

held in the name of the Company as at the balance sheet date, except for the following:

 

Description of property	Gross carrying value (Rs. in Lakhs)	Held in name of	Whether promoter, director or their relative or employee	Period held since	Reason for not being held in name of Company
Freehold land	80	Tamil Nadu	No	2010-11	Application for registration of title
(9.04 acres at		State Marketing			deed is pending with the state
Kutthambakkam,		Corporation Ltd.			government for approval
Tamilnadu)
Freehold land (63.07	654	UB Nizam Breweries	No	2010-11	Final decree order from Karnataka
acres at Kothlapur,		Private Limited			High Court (KHC) was passed on
Telangana)		(Erstwhile entity			November 14, 2024 (was on hold due
		which merged with			to higher stamp duty demand from
		the Company)			the Government which was set aside
					by KHC) and was filed with MCA on
					December 11, 2024. Application being
					processed for change of name to UBL.
Freehold land (1.002	21	United Breweries	No	2010-11	The dispute is between the family
acres at Mallepally,		Limited			members of land sellers regarding
Telangana)					partition of the land among them,
					which is sub-judice at District Court,
					Sangareddy, Telangana.
Leasehold land (25.71	1,189	Inertia Industries	No	2010-11	Company has paid stamp duty and
acres at Aurangabad,		Limited (Erstwhile			penalty, under the amnesty scheme
Maharashtra)		entity which merged			2024 as per order of Collector of
		with the Company)			Stamps dated February 11, 2025.
					Company has thereafter filed
					application on February 17, 2025 with
					MIDC for execution of modified lease
					deed.
Freehold land (16.91	36	Title deeds are not	No	2003-04	The Company is not in possession of
acres at Aranvoyal,		in possession of the			the original title deeds for this portion
Tamil Nadu)		Company			of the land.
Freehold land (3.4	270		No	1992-93
acres at Daruhera,
Haryana)

(i)(d) The Company has not revalued any of its property, plant and equipment and intangible assets during the year. (i)(e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and Rules made thereunder.

(vii)(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2025 on account of disputes are given below:

(vii)(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2025 on account of disputes are given below:

Name of the	Nature of the	Amount (including interest and penalty)	Payment under protest	Period to which the	Forum where dispute is
Statute	dues	(Rs. in Lakhs)	(Rs. in Lakhs)	amount relates	pending
The Income Tax	Income tax/	61,589	6,662	FY 2001-02 to FY 2016-	Assessing Officer
Act, 1961	tax deducted at			17, FY 2018-19 and
	source			FY 2019-20
		9,573	3,265	FY 2003-04, FY 2006-	High Court of Karnataka
				07 to FY 2016-17 and
				FY 2019-20
		7,890	–	FY 2005-06, FY 2008-	Commissioner of
				09 to FY 2011-12, FY	Income Tax (Appeals)
				2015-16 to FY 2017-18
				and FY 2020-21
		105	–	FY 2007-08	Income Tax Appellate
					Tribunal
		4,876	50	FY 2001-02 to	High Court of Madras
				FY 2009-10
		138	–	FY 2007-08 to	High Court of
				FY 2009-10	Andhra Pradesh
		408	–	FY 2016-17 and	Dispute Resolution
				FY 2017-18	Panel
State Excise Act	Storage and	2,937	–	FY 2004-05,	High Court of Karnataka
(various states)	privilege fees,			FY 2005-06
	excise duty, etc.			FY 2017-18
		2,833	2,833	FY 2014-15 to	High Court of Rajasthan
				FY 2022-23
		619	613	FY 2019-20	Excise Commissioner,
					Aligarh, Uttar Pradesh
		392	49	FY 2019-20	Excise commissioner,
					Rajasthan
		350	50	FY 2007-08 to	High Court of Bombay
				FY 2011-12
		1	–	FY 2014-15	Rajasthan Tax Board,
					Ajmer (Rajasthan)
		56	–	FY 2015-16	Excise Commissioner,
					Guwahati
		43	13	FY 1998-99	High Court of Calcutta
		98	38	FY 2011-12 to	High Court of Bombay
				FY 2015-16	at Goa
		19	5	FY 2008-09 to	High Court of
				FY 2012-13	Madhya Pradesh.
		8	–	FY 2017-18
					General, Revenue Audit
					Wing, Bengaluru
		30	–	FY 2022-23	Excise Commissioner,
					Kerala
		902	499	FY 2000-01 to	Excise Commissioner,
				FY 2022-23	Karnataka
		24	–	FY 2022-23 and	Additional Excise
				FY 2023-24	Commissioner Revenue-
					II West Bengal
State Excise Act	Storage and	2	–	FY 2023-24	Assistant Commissioner,
(various states)	privilege fees,				Prohibition & Excise
	excise duty, etc.	1	–	FY 2023-24	Managing Director,
					Telangana State
					Beverages Corporation
					Ltd.
		18	–	FY 2023-24	Assistant Collector,
					Haryana Excise
		6	–	FY 2023-24	Excise Circle Inspector,
					Palakkad
Central Excise Act	Excise duty/	1	0.35	FY 2007-08	Commissioner
	Disallowance of				(Appeals), Central
	cenvat credit				Excise, Chandigarh-II
		107	-	FY 2010-11 to	Joint Commissioner,
				FY 2016-17	Hyderabad-1
		50	4	FY 2010-11 to	Commissioner (Appeals),
				FY 2016-17	Central Excise, Nashik
The Finance Act,	Service tax	2,192	–	FY 2009-10 to	High Court of Bombay
1994				FY 2011-12
		401	–	FY 2008-09 to	Customs, Excise and
				FY 2010-11	Service Tax Appellate
					Tribunal
		32	2	FY 2016-17	Assistant Commissioner
					of Central Excise,
					Sadashivpet Division
		6	0.43	FY 2014-15	Assistant Commissioner,
					GST & Central Excise,
					Bhubaneshwar
Bihar Goods and	Goods and	215	59	FY 2020-21	Additional
Services Tax Act,	Services Tax				Commissioner State Tax
2017					(Appeal), Patna
		10	–	FY 2017-21	The Assistant
					Commissioner of
					Central tax
		521	–	FY 2020-21	Assistant Commissioner
					of Commercial taxes,
					Bihar
Karnataka Goods	Goods and	164	–	FY 2020-21	Deputy Commissioner
and Services Tax	Services Tax				of Commercial taxes,
Act, 2017					Bengaluru
		410	205	FY 2017-18 to	Commissioner (Appeals)
				FY 2021-22
Andhra Pradesh	Goods and	29	29	FY 2017-18 to	Additional
Goods and	Services Tax			FY 2021-22	Commissioner (ST),
Services Tax Act,					Appellate Authority
2017					Vijayawada
Goa Goods and	Goods and	24	24	FY 2017-18 to	Additional
Services Tax Act,	Services Tax			FY 2021-22	Commissioner (Appeals)
2017					Central tax, Goa
Kerala Goods and	Goods and	160	64	FY 2017-18 to	Commissioner (Appeals)
Services Tax Act,	Services Tax			FY 2021-22
2017
Maharashtra	Goods and	504	252	FY 2017-18 to	Commissioner (Appeals)
Goods and	Services Tax			FY 2021-22
Services Tax Act,
2017
Telangana Goods	Goods and	453	194	FY 2017-18 to	High court of Telangana
and Services Tax	Services Tax			FY 2021-22
Act, 2017
Sales Tax Act	Sales tax/value	397	–	FY 2003-04 and	Supreme Court of India
	added tax and			FY 2004-05
	Central sales tax	94	–	FY 2016-17	The West Bengal Sales
					Tax Appellate And
					Revisional Board
		353	–	FY 2010-11	Assessing
					VAT,Dhanmad,
					Jharkhand
		185	–	FY 2009-10,	Additional
				FY 2013-14 and	Commissioner of Sales
				FY 2015-16	Tax, West Bengal
Sales Tax Act	Sales tax/value	58	57	FY 2007-08 to	Additional
	added tax and			FY 2014-15	Commissioner,
	Central sales tax				Commercial tax
		57	20	FY 2011-12 to	Telangana High Court
				FY 2016-17
		63	–	FY 2002-03	Joint Excise and
					Taxation Commissioner
					(Appeals), Faridabad
		40	–	FY 2015-16	Commissioner of sales
					tax, West Bengal
		20	8	FY 2011-12 to	Commissioner of
				FY 2013-14	Commercial tax, Bihar
		14	3	FY 2009-10,	Joint Commissioner
				FY 2010-11	of Commercial Taxes
					(Appeal), Patna
		1,204	251	FY 2017-18 to	Joint Commissioner
				FY 2021-22	(Commercial Taxes)
					Appeals, Chennai,
					Tamil Nadu
		293	–	FY 2017-18	Senior Joint
					Commissioner Of
					Commercial Taxes
					(Appeals),LTU, Kolkata,
					West Bengal
		5	–	FY 2006-07	Deputy Commissioner,
					Commercial Taxes
		261	8	FY 2006-07	Assessing Officer
		2	-	FY 2017-18	Excise & Taxation
					cum Notifed authority
					-Ludhiana 1
		2,122	-	FY 2020-21	Deputy Commissioner
					State Tax
		875	39	FY 2019-20	Joint Commissioner
					of Commercial Taxes
					(Appeal), Maharashtra
		677	1,064	FY 2018-19	Maharashtra Tribunal of
					sales tax
Customs	Levy of customs	53	-	FY 2002-03	High court, Bihar
	on import of
	Napalese beer
PF Act	Demand raised by	2	-	FY 2009-10 to FY	Regional PF
	PF authorities			2013-14	commissioner
		24	-	FY 2010-11, FY 2011-12	Assistant PF
				and FY 2015-16	Commissioner and
					Recovery Officer
		39	6	FY 2010-11 to FY 2012-	PF Southern Tribunal
				13
ESI Act	Demand raised by	3	-	FY 2005-06 to FY	Regional Director,
	ESI authorities			2006-07	Employees State
					Insurance Corporation
		24	2	FY 2004-05 to FY	Labour Court
				2007-08
Village	Demand raised	80	-	FY 2019-20 to FY 2022-	Village Panchayat, Goa
Panchayat,	for Building tax			23
Bethora		74	74	FY 2022-23 to FY 2023-	High court of
				24	Bombay,Goa
The Mathadi Act	Demand for	27	-	FY 1993-04 to	Court of Honorable Civil
of 1969	labour charges			FY 2006-2007	Judge, Senior Division,
					5th Joint Aurangabad
		21	-	FY 2010-11 to	Mathadi Board
				FY 2020-21	Aurangabad
		187	-	FY 2009-10 to FY	High Court of Judicature
				2015-16	of Bombay Bench at
					Aurangabad.
Rajasthan	Mandi Cess	7	-	FY 2015-16	High Court of Rajasthan
Agriculture
Produce Market
Act, 1961
Transfer of	Demand for	441	282	FY 2020-21 and FY	Panvel Municipal
Property Act,	Property tax			2023-24	Corporation
1882

(ii)(a) The inventories except for goods-in-transit and stocks held with third parties, were physically verified during the year

by the Management at reasonable intervals. In our opinion and based on information and explanations given to us,

the coverage and procedure of such verification by the Management is appropriate having regard to the size of the

Company and the nature of its operations. For stocks held with third parties, the Company obtains confirmations

during the year at regular intervals and in respect of goods in transit, majority of the goods have been received

subsequent to the year end. No discrepancies of 10% or more in the aggregate for each class of inventories were

noticed on such physical verification of inventories/alternate procedures performed as applicable, when compared with

the books of account.

(ii)(b) According to the information and explanations given to us, the Company has been sanctioned working capital limits in excess of Rs.

5 Crores, in aggregate, at points of time during the year, from banks on the basis of security of current assets. In our opinion and

according to the information and explanations given to us, the quarterly returns or statements filed by the Company with such banks

are in agreement with the unaudited books of account of the Company of the respective quarters, except for the following:

Rs in Lakhs

Quarter ended	Nature of discrepancy	Value as per books of account	Value as per quarterly returns	Discrepancy**
September 30, 2024*	Finished Goods	35,605	34,545	1,060
December 31, 2024	Finished Goods	45,774	46,859	(1,085)
March 31, 2025	Finished Goods	41,307	40,805	502
	Raw Materials	47,376	46,458	918
	Consumables, Stores and Spares	9,372	10,307	(935)
	Work in progress	44,834	44,919	(85)
	Sundry Debtors	286,011	286,063	(52)
	Trade Creditors	114,923	114,037	886

 

*Stock in trade was not considered inadvertently.

**Updated for book closure entries recorded post submission of returns/statements to banks.

(iii) The Company has not provided any other loans, advances in the nature of loans, stood guarantee or provided security to companies,

firms, Limited Liability Partnerships or any other parties during the year, except for, the loans or advances in the nature of unsecured

loans, granted to any other parties during the year by the Company in respect of which:

(iii) (a) The Company has provided loans or advances aggregating to Rs. 339 Lakhs in the nature of loans during the year to other parties

and the balance outstanding as at March 31, 2025 is Rs. 304 Lakhs.

(iii) (b) The terms and conditions of the grant of all the above-mentioned loans and advances in the nature of loans and guarantees

provided, during the year are, in our opinion, prima facie, not prejudicial to the Companys interest.

(iii) (c) In respect of loans granted or advances in the nature of loans provided by the Company, the schedule of repayment of principal has

been stipulated and the repayments of principal amounts are regular as per stipulation. These loans are interest free.

(iii) (d) In respect of loans granted and advances in the nature of loans provided by the Company, there is no amount overdue for more than

90 days at the balance sheet date.

(iii) (e) There were no loans or advances in the nature of loans granted to other parties which was fallen due during the year, that have been

renewed or extended or fresh loans granted to settle the overdues of existing loans or advances given to the same parties.

(iii) (f) The Company has not granted any loans or advances in the nature of loans, either repayable on demand or without specifying any

terms or period of repayment to other parties. Accordingly, the requirement to report on clause 3(iii)(f) of the Order is not applicable

to the Company.

(iv) The Company has complied with the provisions of Section 186 of the Companies Act, 2013 in respect of investments made. There

are no loans, guarantees, and securities in respect of which provisions of Sections 185 and 186 of the Act are applicable.

(v) The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence, reporting under clause 3(v) of the

Order is not applicable.

(vi) The maintenance of cost records has not been specified for the activities of the Company by the Central Government under Section

148(1) of the Companies Act, 2013.

(vii)(a) In respect of statutory dues:

Undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees State Insurance, Income-tax, Sales Tax,

Service Tax, duty of Custom, duty of Excise, Value Added Tax, cess and other material statutory dues applicable to the Company

have generally been regularly deposited by it with the appropriate authorities during the year.

There were no undisputed amounts payable in respect of Goods and Services tax, Provident Fund, Employees State Insurance,

Income-tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, cess and other material statutory dues in

arrears as at March 31, 2025 for a period of more than six months from the date they became payable.

 

(viii) According to the information and explanations provided to us, there were no transactions relating to previously unrecorded income

that were surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 (43 of 1961) during the year.

(ix)(a) In our opinion, the Company has not defaulted in the repayment of loans or other borrowings or in the payment of interest thereon

to any lender during the year.

(ix)(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(ix)(c) The Company has not taken any term loan during the year and there are no unutilised term loans at the beginning of the year and

hence, reporting under clause 3(ix)(c) of the Order is not applicable.

(ix)(d) On an overall examination of the financial statements of the Company, funds raised on short-term basis have, prima facie, not been

used during the year for long-term purposes by the Company.

(ix)(e) The Company has not made any investment in or given any new loan or advances to its subsidiary or associate during the year and

hence, reporting under clause 3(ix)(e) of the Order is not applicable. The Company does not have any joint venture.

(ix)(f) The Company has not raised any loans during the year on the pledge of securities held in its subsidiary or associate company.

(x)(a) The Company has not raised moneys by way of initial public offer/ further public offer (including debt instruments) during the year

and hence, reporting under clause 3(x)(a) of the Order is not applicable.

(x)(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures

(fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable to the Company.

(xi)(a) To the best of our knowledge, no fraud by the Company and no material fraud on the Company has been noticed or reported during

the year.

(xi)(b) To the best of our knowledge, no report under sub-section (12) of Section 143 of the CompaniesActhasbeenfiled in Form ADT-4 as

prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the

date of this report.

(xi)(c) We have taken into consideration the whistle blower complaints received by the Company during the year and upto the date of this

report and provided to us, when performing our audit.

(xii) The Company is not a Nidhi Company and hence reporting under clause 3(xii) of the Order is not applicable.

(xiii) In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, where applicable, for all transactions

with the related parties and the details of related party transactions have been disclosed in the financial statements etc., as required

by the applicable accounting standards.

(xiv)(a) In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business.

(xiv) (b) We have considered, the internal audit reports issued to the Company during the year and covering the period upto March 31, 2025

and the draft of the internal audit reports where issued after the balance sheet date covering the period April 1, 2024 to March 31,

2025 for the period under audit.

(xv) In our opinion, during the year, the Company has not entered into any non-cash transactions with its directors or persons connected

with its directors and hence provisions of Section 192 of the Companies Act, 2013 are not applicable to the Company.

(xvi) (a), The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under

(b), (c) clause 3(xvi)(a), (b) and (c) of the Order is not applicable.

(xvi) (d) The Group does not have any CIC as part of the group and accordingly reporting under clause (xvi)(d) of the Order is not applicable.

(xvii) The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors of the Company during the year.

(xix) On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities,

other information accompanying the financial statements and our knowledge of the Board of Directors and Management plans

and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to

believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its

liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date.

We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is

based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling

due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) (a) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a fund specified in

Schedule VII of the Act, for the year ended March 31, 2025, in compliance with second proviso to sub section 5 of Section 135 of the

Act. This matter has been disclosed in Note 28 to the standalone financial statements.

(xx) (b) In respect of ongoing projects, the Company has transferred unspent Corporate Social Responsibility (CSR) amount, to a Special

account before the date of this report and within a period of 30 days from the end of the financial year in compliance with the

provision of section 135(6) of the Act.

 

	For Deloitte Haskins & Sells
	Chartered Accountants
	(Firms Registration No. 008072S)
	Gurvinder Singh
	Partner
Place: Bengaluru	(Membership No. 110128)
Date : May 07, 2025	UDIN : 25110128BMHZTT8774