INDEPENDENT AUDITOR'S REPORT

Report on the Audit of the Standalone Financial Statements
Opinion

We have audited the accompanying standalone financial statements
of M/s Som Distilleries & Breweries Limited, New Delhi ("the
Company”), which comprise the Standalone Balance Sheet as at 31st
March 2023, the Standalone Statement of Profit and Loss (including
standalone other comprehensive Income), the Standalone Statement
of Changes in Equity and the Standalone Cash Flow Statement for the
year then ended on that date, and notes to the Standalone financial
statements, including a summary of significant accounting policies
and other explanatory information (herein after 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 standalone financial
statements give the information required by the Companies Act,
2013, as amended ("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, 2023 and its Profit including
other 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 ("SA”s) as specified under
section 143(10) of the Companies Act, 2013 as amended ("the Act”).
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 Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements
under the provisions of the Act and the Rules thereunder, and we
have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit
evidence obtained by us is sufficient and appropriate to provide a
basis for our opinion on the standalone financial statements.

Emphasis of Matter

We draw attention to the following Notes to the accompanying
Standalone financial results:

a) Note No. 46 regarding non availability of the necessary
information of outstanding dues to Micro Enterprises and Small
Enterprises.

Our opinion is not modified in respect of these matters.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the standalone financial
statements for the financial year ended March 31,2023. These matters
were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters. For each matter
provided below, description of how our audit has addressed the
matter is provided in that context.

We have determined the matters described below to be the key
audit matters to be communicated in our report. We have fulfilled

the responsibilities described in the Auditor's responsibilities for
the audit of the standalone financial statements section of our
report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our
assessment of the risks of material misstatement of the standalone
financial statements. The results of our audit procedures, including
the procedures performed to address the matters below, provide the
basis for our audit opinion on the accompanying standalone financial
statements.

Other Information

The Company's Board of Directors is responsible for preparation of the
other information. The other information comprises the information
included in the Management Discussion and Analysis, Board's Report
including annexures to Board's Report, Business Responsibility Report,
Corporate Governance and Shareholder's Information, but does not
include the Standalone 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 standalone financial statements,
our responsibility is to read the other information and, in doing so,
consider whether such 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, 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 those charged with
Governance for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated
in sub section (5) of Section 134 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 including other comprehensive income, cash
flows and changes in equity of the Company in accordance with the
Accounting Principles generally accepted in India, including the Indian
Accounting Standards 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 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 the 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 standalone 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 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.

Those Board of Directors are also 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 standalone 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 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 control 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
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 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
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.

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 standalone financial statements
for the financial year ended March 31, 2023 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

1. As required by the Companies (Auditor's Report) Order, 2020
issued by the Central Government of India in terms of sub¬
section (11) of Section 143 of the Companies Act, 2013, we
provide "Annexure-A”, a statement on the matters specified in
paragraphs 3 and 4 of the said order.

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 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 Standalone Balance Sheet and Standalone
Statement of Profit and Loss (including Standalone Other
Comprehensive Income), Standalone Cash Flow Statement
and Standalone Statement of Changes in Equity 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 Accounting Standards
specified under section 133 of the Act, read Companies
(Indian Accounting Standards) Rules, 2015, as amended.

e) On the basis of written representations received from the
directors as on March 31,2023, and taken on record by the
Board of Directors, none of the directors is disqualified as
on March 31, 2023, from being appointed as a director in
term of sub-section (2) of section 164 of the Companies
Act, 2013.

f) With respect to the adequacy of the internal financial
controls over financial reporting of the Company with
reference to these standalone financial statements and
the operating effectiveness of such controls, refer to our
separate Report in "Annexure B” to this report.

g) According to the information and explanations given by
the management and audit procedures performed by us,
the remuneration paid/provided by the company to its
directors is in accordance with the provisions of Section
197 read with Schedule V of the Act.

h) With respect to the other matter to be included in
the Auditor's report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rule, 2014, as amended,
in our opinion and to the best of our information and
according to explanation given to us:

(a) According to the information provided by the management,
there is no pending litigation which may impact the
financial position of the Company. As referred in Note No.
35 and Note No. 44 of the standalone financial statements.

(b) The company does not have long term contracts including
derivative contracts for which there are any material
foreseeable losses.

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

(d) (i) The Management has represented that, to the best of
its knowledge and belief, other than as disclosed in the
notes to accounts to the Standalone Financial Statements,
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 or entity, including foreign entity ("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 on behalf of
the Company ("Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate
Beneficiaries;

(ii) The Management has represented, that, to the best of its
knowledge and belief, no funds (which are material either
individually or in the aggregate) have been received by
the Company from any person or entity, including foreign
entity ("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;

(iii) Based on the audit procedures 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 (i) and (ii)
above, contain any material misstatement.

(e) The interim dividend declared and paid by the Company
for the previous year is in accordance with the section
123 of the act to the extent it applies to the payment of
dividend.

(f) Proviso to Rule 3(1) of the Companies (Accounts) Rules,
2014 for maintaining books of account using accounting
software which has a feature of recording audit trail (edit
log) facility is applicable to the Company with effect from
April 1,2023, and accordingly, reporting under Rule 11(g)
of Companies (Audit and Auditors) Rules, 2014 is not
applicable for the financial year ended March 31,2023.

For AKB Jain & Co.,

Chartered Accountants
Firm Registration No. 003904C

Sd/-

Rahul Dewani

Partner

BHOPAL Membership No. 435066

Dated: 27.04.2023 UDIN : 23435066BGUVLC8237