We have audited the accompanying standalone financial statements of GRAND OAK
CANYONS DISTILLERY LIMITED (“the Company”), which comprise the balance sheet as at
March 31, 2025, and the statement of profit and loss (including other comprehensive
income), the statement of changes in equity and the statement of cash flows for the year
then ended, and notes to the standalone financial 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 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 and other
accounting principles generally accepted in India, of the state of affairs of the Company as at
31 March 2025, and its Loss and total comprehensive Loss, changes in equity and its cash
flows for the year ended on that date. The company should have prepared a financial
statements in compliance with IND AS as prescribed, which may significantly affects the
financial statements of the company.

Basis for opinion

We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing (SAs) specified under Section 143(10) of 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 (“the ICAI”) together with the ethical requirements that are relevant to
our audit of the standalone 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 ICAI’s Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion on the
standalone 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 standalone financial statements of the current period. These
matters were addressed in the context of our audit of the standalone financial statements as
a whole, and in forming our opinion thereon, 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.

Information Other than the Standalone Financial Statements and Auditor’s 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
and Analysis, Board’s Report including Annexures to Board's Report, Business
Responsibility and Sustainability Report, Corporate Governance and Shareholder’s
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 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 on 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 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, total comprehensive
income, changes in equity and cash flows 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. 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 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, the Management and Board of Directors
are 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 the Board of Directors either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.

The Board of Directors is 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 have 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 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 the Management.

• Conclude on the appropriateness of the Management and Board of Directors 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 material
uncertainty exists, we are required to draw attention in our Auditor’s 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 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 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.

The previously issued standalone financial statements were audited by the predecessor
auditor whose report for the year ended 31 March 2024 issued on 30 May 2024 expressed
an unmodified opinion on those standalone financial statements were also prepared without
complying to Companies (Accounting Standard) Rules 2021 to comply with Ind As.

Report on other legal and regulatory requirements

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 Companies
Act, 2013, we give in Annexure “A” a statement on the matters specified in paragraphs 3 and
4 of the Order.

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 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 my examination of those books.

(c) The company does not have any branch office.

(d) The Balance Sheet, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Statement of
Cash Flows dealt with by this report are in agreement with the books of account.

(e) In our opinion, the aforesaid standalone financial statements does not comply with
the Indian Accounting Standards specified under Section 133 of the Act.

(f) There is no uncertainty regarding the going concern the status of company.

(g) 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 are
disqualified as on March 31, 2025 from being appointed as a director in terms of
Section 164 (2) of the Act;

(h) The accounting and statutory records are being maintained at the registered office of
the company.

(i) 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". Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Company’s internal financial controls
over financial reporting;

(j) Wth respect to the other matters to be included in the Auditor’s 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 our, no
remuneration paid by the Company to its directors during the year.

(k) Wth 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 our;

a. The Company does not have any pending litigations which would impact on its
financial position.

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

c. The company was not required to transfer any amount during the year to the
Investor Education and Protection Fund by the Company.

d. (a) The Management has represented that, to the best of it’s knowledge and
belief, no funds have been advanced or loaned or invested 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, 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 subject to the fact that no that some expenses have been booked
on cash basis .

e. The Company has not declared or paid any dividend during the year and has not
proposed a final dividend during the year.

f. With respect to the proviso to rule 3 sub section 1 of companies (Accounts) rules
2014, the company did not maintain the accounting software which has a feature
of recording of audit trail of each and every transaction, creating and edit log of
each change made in the books of accounts along with the date when such
changes were made and ensuring that the audit trail cannot be disabled.

For VRSK & Associates (FRN 011199N)

Chartered Accountant

CA. RAHUL JAIN (M.NO: 099134)

Partner

New Delhi, May 31, 2025
UDIN: 25099134BMJQCR5023