Annexure to Report of the Directors (Contd.)The Emerging Markets Division which was set upduring fiscal 2012 has zeroed in on 4 countries – 2 each inSouth East Asia and Africa. Country specific organisationsare being created to lead the foray into these markets.The initial plans are to export products out of India andprogressively go in for local manufacture.I. HUMAN RESOURCES:Your Company’s human capital now stands at over6,200 employees including permanent factoryworkmen. During the fiscal year there has been no lossof production at any of the Company’s manufacturingfacilities due to industrial unrest.J. FORWARD LOOKING STATEMENTS:undertakes no obligation to publicly update or reviseany forward-looking statements, whether as a result ofnew information, future events, or otherwise. Actualresults, performances or achievements could differmaterially from those expressed or implied in suchforward-looking statements. Readers are cautionednot to place undue reliance on these forwardlookingstatements that speak only as of their dates.This Report should be read in conjunction with thefinancial statements included herein and the notesthereto.By Authority of the BoardThis Report contains forward-looking statementsthat involve risks and uncertainties. Your CompanyMumbaiMay 29, 2012Dr. VIJAY MALLYAChairman23
Auditors' Report to the Members of <strong>United</strong> <strong>Spirits</strong> <strong>Limited</strong>1. We have audited the attached Balance Sheet of<strong>United</strong> <strong>Spirits</strong> <strong>Limited</strong>, (the ‘Company’) as at March 31,2012, and also the Statement of Profit and Loss andthe Cash Flow Statement for the year ended on thatdate, annexed thereto (collectively referred as the‘financial statements’). These financial statements arethe responsibility of the Company’s management. Ourresponsibility is to express an opinion on these financialstatements based on our audit.2. We conducted our audit in accordance with the 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. An auditincludes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements.An audit also includes assessing the accountingprinciples used and significant estimates made bymanagement, as well as evaluating the overall financialstatement presentation. We believe that our auditprovides a reasonable basis for our opinion.3. As required by the Companies (Auditor’s Report) Order,2003 (the ‘Order’)(as amended), issued by the CentralGovernment of India in terms of sub-section (4A) ofSection 227 of the Companies Act, 1956 (the ‘Act’), weenclose in the Annexure a statement on the mattersspecified in paragraphs 4 and 5 of the Order.4. Further to our comments in the Annexure referred toabove, we <strong>report</strong> that:(a) We have obtained all the information andexplanations, which to the best of our knowledgeand belief were necessary for the purposes of ouraudit;(b) In our opinion, proper books of account asrequired by law have been kept by the Companyso far as appears from our examination of thosebooks;(c) The financial statements dealt with by this <strong>report</strong>are in agreement with the books of account;(d) On the basis of written representations received fromthe directors, as on March 31, 2012 and takenon record by the Board of Directors, none of thedirectors is disqualified as on March 31, 2012 frombeing appointed as a director in terms of clause (g)of sub-section (1) of Section 274 of the Act;(e) In our opinion and to the best of our informationand according to the explanations given to us,the financial statements dealt with by this <strong>report</strong>comply with the accounting standards referred to insub-section (3C) of Section 211 of the Act andgive the information required by the Act, in themanner so required and give a true and fair view inconformity with the accounting principles generallyaccepted in India, in the case of:(i) the Balance Sheet, of the state of affairs of theCompany as at March 31, 2012;(ii) the Statement of Profit and Loss, of the profitfor the year ended on that date; and(iii) the Cash Flow Statement, of the cash flows forthe year ended on that date.For Walker, Chandiok & CoChartered AccountantsFirm Registration No: 001076Nper Aashish Arjun SinghPlace : MumbaiPartnerDate : May 29, 2012 Membership No. 21012224