president & cfo - UB Group

Auditors' Report to the Board of Directors of United Spirits Limited1. We have audited the attached Consolidated BalanceSheet of United Spirits Limited and its subsidiaries(United Spirits Limited Group) as at March 31, 2009,the Consolidated Profit and Loss account for theyear ended on that date annexed thereto, and theConsolidated Cash Flow Statement for the yearended on that date, which we have signed underreference to this report. These Consolidated FinancialStatements are the responsibility of the United SpiritsLimited’s management and have been prepared bythe management on the basis of separate financialstatements and other financial information regardingcomponents. Our responsibility is to express an opinionon these Consolidated Financial Statements based onour audit.2. We conducted our audit in accordance with auditingstandards generally accepted in India. Those Standardsrequire that we plan and perform the audit to obtainreasonable assurance about whether the financialstatements are free of material misstatement. Anaudit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financialstatements. An audit also includes assessing theaccounting principles used and significant estimatesmade by the management, as well as evaluating theoverall financial statement presentation. We believethat our audit provides a reasonable basis for ouropinion.3. We did not audit the financial statements of certainsubsidiaries, whose financial statements reflect totalassets of Rs. 68,927.464 Million as at March 31, 2009,total revenues of Rs. 16,381.334 Million and net cashoutflow amounting to Rs. 731.870 Million for the yearended on that date as considered in the ConsolidatedFinancial Statements and associates whose financialstatements reflect the United Spirits Limited Group’sshare of loss of Rs. 1.308 Million for the year ended onthat date as considered in the Consolidated FinancialStatements. These financial statements and otherinformation of these subsidiaries and associates havebeen audited by other auditors, whose reports havebeen furnished to us, and our opinion, insofar as itrelates to the amounts included in respect of thesesubsidiaries, is based solely on the report of the otherauditors.4 We report that the Consolidated Financial Statementshave been prepared by United Spirits Limited’smanagement in accordance with the requirementsof Accounting Standard 21, Consolidated FinancialStatements and Accounting Standard 23, Accountingfor Investments in Associates in Consolidated FinancialStatements, as specified in the Companies (AccountingStandard) Rules, 2006.5. Based on our audit and on consideration of the reportsof other auditors on separate financial statements andon the other financial information of the components,in our opinion and to the best of our information andaccording to the explanations given to us, the attachedConsolidated Financial Statements, give a true andfair view in conformity with the accounting principlesgenerally accepted in India:i) in the case of the Consolidated Balance Sheet, ofii)iii)the state of affairs of the United Spirits LimitedGroup as at March 31, 2009;in the case of the Consolidated Profit and Lossaccount, of the loss for the year ended on thatdate; andin the case of the Consolidated Cash FlowStatement, of the cash flows for the year endedon that date.Place: BangaloreDate : July 29, 2009J. MajumdarPartnerMembership Number – F 51912For and on behalf ofPrice WaterhouseChartered Accountants75