We have audited the accompanying financial statements of G.M.Breweries
 Limited (''the Company'') which comprise the Balance Sheet as at March
 31, 2013, the Statement of Profit and Loss and the Cash Flow Statement
 for the year then ended and a summary of significant accounting
 policies and other explanatory information.
 
 Managements responsibility for the Financial Statements
 
 Management is responsible for 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 Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956 (the Act). This responsibility includes
 the design, implementation and maintenance of internal control 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.
 
 Auditors Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by management, as
 well as evaluating the overall presentation of the financial
 statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the 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:
 
 (i) in the case of the Balance sheet, of the state of affairs of the
 company as at March 31, 2013;
 
 (ii) in the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date; and
 
 (iii) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order), as amended, issued by the Central Government of India in terms
 of sub-section (4A) of section 227 of the Act, we give in the Annexure
 a statement on the matters specified in paragraphs 4 and 5 of the
 Order.
 
 2.  As required by section 227(3) of the Act, we report that:
 
 a.  we have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 b.  in our opinion proper books of account as required by law have been
 kept by the Company so far as appears from our examination of those
 books;
 
 c.  the Balance Sheet, Statement of Profit and Loss and Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account;
 
 d.  in our opinion, the Balance Sheet, Statement of Profit and Loss and
 Cash Flow Statement comply with the Accounting Standards referred to in
 subsection (3C) of section 211 of the Companies Act, 1956; and
 
 e.  on the basis of written representations received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2013, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956.
 
 ANNEXURE TO THE AUDITORS'' REPORT
 
 (Referred to in paragraph 1 of our report of even date)
 
 1.  a) The Company has maintained proper records to show full
 particulars including quantitative details and situations of fixed
 assets.
 
 b) As per the information and explanations given to us, the fixed
 assets of the Company have been physically verified by the management
 at reasonable intervals and no serious discrepancies between the book
 records and physical verification were noticed.
 
 c) During the year the Company has not disposed off any substantial
 /major part of fixed assets.
 
 2.  a) As per the information and explanations given to us, the
 inventories have been physically verified by the management at
 reasonable intervals during the year.
 
 b) In our opinion and as per the information and explanations given to
 us, procedures of physical verification of inventory followed by the
 management are reasonable and adequate in relation to the size of the
 Company and nature of its business.
 
 c) The Company is maintaining proper records of inventories. In our
 opinion, discrepancies noticed on physical verification of inventory
 were not material in relation to the operations of the Company and the
 same have been properly dealt with in the books of account.
 
 3.  As per information furnished, the company has not granted any loans
 to companies, firms or other parties covered in the register maintained
 under section 301 of the Companies Act 1956. The company had taken loan
 from director which was paid back during the year.
 
 4.  In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 commensurate with the size of the Company and the nature of its
 business with regard to purchase of inventory and fixed assets and for
 the sale of goods. During the course of audit, no major weakness has
 been notice in the internal controls.
 
 5.  a) Based on the audit procedures applied by us and according to the
 information and explanations provided by the management, we are of the
 opinion that the transactions that need to be entered into the register
 maintained under sec 301 have been so entered.
 
 b) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements entered in the register maintained under sec 301 and
 exceeding the value of five lakh rupees in respect of any party during
 the year have been made at prices which are reasonable having regard to
 prevailing market prices at the relevant time.
 
 6.  As the company has not accepted any deposits from the public within
 the meaning of the provisions of Sec 58A and 58AA of the Companies Act,
 1956 and rules made there under, clause (vi) of the order is not
 applicable.
 
 7.  In our opinion, the company has an internal audit system
 commensurate with the size of the Company and nature of its business.
 
 8.  The maintenance of cost records has not been prescribed by the
 Central Government under Section 209(1)(d) of the Companies Act, 1956.
 
 9.  (a) According to information and explanations given to us and the
 records examined by us, the Company has generally been regular in
 depositing with appropriate authorities undisputed statutory dues
 including provident fund, investor education and protection fund,
 employees'' state insurance, income tax, value added tax, wealth tax,
 custom duty, excise duty, cess and other statutory dues wherever
 applicable.
 
 (b) According to information and explanations given to us, no
 undisputed arrears of statutory dues were outstanding as at March 31,
 2013, for a period of more than six months from the date they became
 payable.
 
 (c) According to the records of the Company, there are no dues
 outstanding in respect of income tax, MVAT, customs duty, wealth-tax,
 service tax, excise-duty, cess, etc, on account of any dispute.
 
 10.  There are no accumulated losses of the Company as on March 31,
 2013. The Company has not incurred any cash losses during the financial
 year covered by our audit and the immediately preceding financial year.
 
 11.  The Company has not defaulted in repayment of dues to Banks and
 payments have been made as per the repayment schedule sanctioned by the
 banks. The Company has no borrowings from financial institutions or by
 way of debentures.
 
 12.  Based on our examination of the records and the information and
 explanations given to us, the Company has not granted any loans and/ or
 advances on basis of security by way of pledge of shares, debentures
 and other securities.
 
 13.  Clause (xiii) of the order is not applicable to the Company as the
 Company is not a Chit fund company or nidhi/ mutual benefit fund/
 society.
 
 14.  Clause (xiv) of the order is not applicable to the Company as the
 Company is not dealing or trading in shares, securities, debentures and
 other investments.
 
 15.  According to information and explanations given to us, the Company
 has not given any guarantee for loans taken by others from banks or
 financial institutions.
 
 16.  The company has applied funds from term loans raised during the
 year only for the purpose for which those term loans were raised .The
 Company has raised during the year term loans, which has been used for
 long term funding of capital assets of the Company.
 
 17.  During the year under purview the Company has not made any long
 term Investments out of funds raised on short- term basis or vice
 versa.
 
 18.  The Company has not made any preferential allotment of shares
 during the year.
 
 19.  Clause (xix) of the order is not applicable to the company, as the
 Company has not issued any debentures.
 
 20.  The Company has not raised any money by public issues during the
 year covered by our report.
 
 21.  As per the information and explanations given to us, no fraud on
 or by the Company has been noticed or reported during the year.
 
 For V. P. Mehta & Company
 
 Chartered Accountants
 
 Firm Registration No.106326W
 
 Vipul P. Mehta
 
 Proprietor
 
 Membership No : 035722
 
 Mumbai : April 04, 2013