G. M. Breweries Limited: 28th Annual Report 2010-2011

G. M.
BREWERIES LIMITED
28th Annual Report 2010-2011
G. M. BREWERIES LIMITED
BOARD OF DIRECTORS
Shri. Jimmy William Almeida - Chairman & Managing Director
Smt. Jyoti Jimmy Almeida - Whole-Time Director
Shri. John William Almeida - Whole-Time Director
Smt. Celina William Almeida - Director
Shri. Mukund Govind Diwan - Director
Shri. Ashwin Pranlal Mehta - Director
Shri. Paresh Nanubhai Trivedi - Director
Chief Financial Officer
Shri. S. Swaminathan
Company Secretary & Manager-Accounts
Shri. Sandeep Kutchhi
Auditors Factory
M/s. V. P. Mehta & Company S. Veer Savarkar Marg, Virar (East),
Chartered Accountants Dist. Thane - 401305 State : Maharashtra (India)
17, Hem Prakash, 90/92, Kazi Syed Street, Phone : 0250 - 2528728, 2528793, 2529127
Mumbai - 400 003.
Share Transfer Agent
Bankers Sharex Dynamic (India) Pvt. Ltd.
Citizen Credit Co-Op. Bank Ltd. Unit - 1, Luthra Indl. Premises, Safed Pool, Andheri Kurla
Dadar, Mumbai 400 028. Rd., Andheri (E), Mumbai - 400 072,
Phone : 28515606, 28515644, Fax : 2851 2885.
Central Bank of India
Prabhadevi, Mumbai - 400 025 Contents Page
Notice 3-4
IDBI Bank Financial Highlights 5
Prabhadevi, Mumbai - 400 025
Directors' Report 6-8
Auditors' Report 9-12
Regd. Office
Ganesh Niwas, S. Veer Savarkar Marg,
Corporate Governance &
Prabhadevi, Mumbai - 400 025 Management Discussion & Analysis 13-18
Phone : 24331150 / 51 / 24371805 / 41, Balance Sheet 19
24367005 / 24385540 / 41
Profit and Loss Account 20
Telefax : 24331150 / 51
E-mail : gmbreweries@gmail.com Schedules 1-14 21-32
Website : www.gmbreweries.com Business Profile 33
Cash Flow Statement 34
2
NOTICE
Notice is hereby given that the 28th Annual General Meeting of the Members of G.M. Breweries Limited will be held at
Joshi's Kohinoor Hall, 3rd Floor, Veer Savarkar Marg, Prabhadevi, Mumbai - 400025 on Tuesday the 10th of May,
2011 at 11.30 a.m. to transact the following business :
Ordinary Business:
1) To receive, consider and adopt the Balance Sheet as at 31st March, 2011 and Profit and Loss Account for the year ended
on that date, the Reports of Directors and Auditor's thereon.
2) To declare dividend on the equity shares.
3) To appoint a Director in place of Shri. Mukund Govind Diwan who retires by rotation and being eligible, offers himself
for re- appointment.
4) To appoint a Director in place of Shri. Ashwin P. Mehta who retires by rotation and being eligible, offers himself for
re- appointment.
5) To appoint Auditors to hold office from the conclusion of this Annual General Meeting until the conclusion of the
next Annual General Meeting and to fix their remuneration.
Special Business:
6) To consider and if thought fit, to pass with or without modification, the following resolution as a SPECIAL
RESOLUTION:
"RESOLVED THAT pursuant to the provisions of sections 314 and other applicable provisions, if any, of the
Companies Act, 1956, Consent of the Company be and is hereby accorded to Shri. Vipul P. Mehta, Proprietor of
M/s. V.P. Mehta & Co., Chartered Accountants, relative of Shri. Ashwin P. Mehta, a Director of the Company, to
hold office from the conclusion of this Annual General Meeting as Auditors of the Company and/or for rendering
any other professional services on such remuneration and on such terms as may be agreed by the Board of Directors."
By Order of the Board of Directors

Mumbai For G. M. Breweries Limited
7th April, 2011
Registered Office :
Ganesh Niwas, S.Veer Savarkar Marg,
Prabhadevi, Mumbai - 400 025. Jimmy William Almeida
Chairman & Managing Director
NOTES : -
a) The Explanatory Statement pursuant to section 173(2) of the Companies Act, 1956 in respect of the Special Business
under item no 6 as stated above is annexed hereto.
b) A member entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of himself/herself and the
proxy need not be a member. The proxies should, however, be deposited at the registered office of the Company not
later than 48 hours before the commencement of the meeting.
c) The Register of Members and Transfer Books of the Company will remain closed from 4th May, 2011 to 10th May,
2011 (both days inclusive).
3
d) Shareholders desiring any information as regards the Accounts are required to write to the Company at least seven days
in advance of the meeting so that the information, to the extent practicable, can be made available at the meeting.
e) Members are requested to notify immediately changes, if any, in their registered addresses to the Company's Registrar
and Share Transfer Agents M/s. Sharex Dynamics (India) Pvt. Ltd., Unit -1, Luthra Indl. Premises, Safed Pool, Andheri
Kurla Rd., Andheri (E), Mumbai, - 400 072. Members are also requested to furnish their Bank details to the company's
Share Transfer Agents immediately for printing the same on the dividend warrants/Cheques to prevent fraudulent
encashment of the instruments.
f) Members who hold shares in dematerialized form are requested to bring their Client ID and DP ID numbers for easy
identification of attendance at the meeting and number of shares held by them.
g) Shri. Mukund Govind Diwan and Shri. Ashwin P Mehta , Directors retire by Rotation and are eligible for re-appointment
at the Annual General Meeting. A brief resume of the said directors is given below.
Name Shri. Mukund Govind Diwan Shri. Ashwin P Mehta

Age 79 51
Qualification M.Sc.,F.I.A., F.A.S.I., F.I.I.I B.COM., F.C.A.
Expertise in Specific Area Former Chairman L.I.C Finance,Management
Consultancy,Taxation,Audit,Allied Matters.
Date of first Appointment on

the Board of the Company 20-12-1992 17-11-1994
Name(s) of the Other Companies
in which Directorship and
Chairmanship held. Refer to Report on CORPORATE GOVERNANCE
ANNEXURE TO THE NOTICE

EXPLANATORY STATEMENT PURSUANT TO SECTION 173 (2) OF THE COMPANIES ACT, 1956
ITEM NO. 6 :
Shri. Vipul P. Mehta, Proprietor of M/s. V.P. Mehta & Co., Chartered Accountants, the retiring Auditors of the
Company, is a relative of Shri. Ashwin P. Mehta, a Director of the Company. Pursuant to the provisions of Section 314
of the Companies Act, 1956, the shareholder's approval by special resolution is required at the Annual General
Meeting of the Company for his appointment.
M/s. V.P. Mehta & Co., Chartered Accountants have been the Auditors of the Company even prior to the appointment
of Shri. Ashwin P. Mehta, as a Director of the Company and it will be in the interest of the Company to reappoint them as
Auditors of the Company.
Shri. Vipul P. Mehta is related to Shri. Ashwin P. Mehta, a Director of the Company and to that extent Shri. Ashwin P.
Mehta may be deemed to be concerned or interested in the resolution.
No other Director of the Company is concerned or interested in this resolution.

By Order of the Board of Directors
Mumbai For G. M. Breweries Limited
7th April, 2011
Registered Office :
Ganesh Niwas, S.Veer Savarkar Marg,
Prabhadevi, Mumbai - 400 025. Jimmy William Almeida
Chairman & Managing Director
4
FINANCIAL HIGHLIGHTS FOR THE PAST 15 YEARS
(Rs. in Lacs)
Year Share Reserves Total Bank Current Contingent Total Gross Current State Sales Total Interest Gross Profit Tax Profit Dividend
Capital & Own Secured Liabilities Liabilities Liabilities Fixed Assets Excise Tax Pd. Rev. To & Sales Before After Paid (%)
Surplus Funds Borrow. Assets Duty Pd. State Financial Tax Prov. Tax
Govt. Charges
2011 936.66 6520.32 7456.98 2965.69 1904.44 Nil 4870.13 11741.33 6031.39 32166.94 11701.93 43868.87 249.47 67031.70 3167.02 1084.68 2082.34 25*
2010 936.66 4690.11 5626.77 1839.79 2162.28 Nil 4007.62 9903.58 4021.11 29470.64 9874.36 39345.00 198.18 61309.49 1020.85 355.07 665.78 20
2009 936.66 4249.11 5185.77 1457.52 1844.38 Nil 3301.90 9614.80 1647.03 26721.09 7416.40 34137.49 189.55 55110.92 1384.91 479.38 905.53 20
2008 936.66 3607.85 4544.51 1453.01 1688.45 Nil 3141.46 8504.03 1631.42 24586.34 7089.95 31676.29 179.35 50259.70 2249.33 776.23 1473.10 25
2007 936.66 2416.27 3352.93 1432.78 1827.28 Nil 3260.06 7201.61 1486.27 21349.28 6145.37 27494.65 199.87 44796.28 1806.35 619.79 1186.56 18
2006 936.66 1462.22 2398.88 2316.99 2050.55 Nil 4367.54 5921.63 3316.52 16227.00 4743.55 20970.55 261.15 36451.47 2027.47 688.92 1338.55 15
5
2005 936.66 508.25 1444.91 2041.05 1841.39 Nil 3882.44 4985.29 1761.63 9048.75 3258.33 12307.08 295.48 19481.76 100.71 25.44 75.27 06
2004 936.66 498.96 1435.62 2235.32 1361.40 Nil 3596.72 4710.52 1569.49 8256.63 2745.62 11002.25 331.67 16434.44 118.06 8.75 109.31 06

2003 936.66 462.54 1399.20 2526.09 1522.61 Nil 4048.70 4563.18 1976.74 8014.83 2701.51 10716.34 390.47 16181.97 136.18 23.77 112.41 06
2002 936.66 443.42 1380.08 2537.66 2141.36 Nil 4679.02 4438.58 2442.38 7137.76 2421.23 9558.99 442.79 14510.04 124.47 40.23 84.24 06
2001 936.57 411.41 1347.98 2812.21 2071.89 Nil 4884.10 4330.40 2619.07 6110.16 1972.39 8082.55 556.08 13089.30 70.73 6.00 64.73 05
2000 936.57 399.09 1335.66 3467.89 1931.85 42.75 5442.49 4287.85 2909.46 5817.59 336.34 6153.93 614.53 10487.73 51.03 6.00 45.03 04
1999(18 Months) 936.57 445.72 1382.29 3026.26 1223.84 595.95 4846.05 3359.99 2654.70 8149.59 -- 8149.59 1095.21 15110.86 169.95 17.00 152.95 06
1997(18 Months) 936.57 1217.20 2153.77 4490.41 1078.44 674.99 6243.84 3814.31 3316.29 8239.40 -- 8239.40 1436.89 15159.43 163.74 20.00 143.74 09
1996 936.57 1267.10 2203.67 2809.07 1521.99 1798.91 6129.97 2887.73 2890.50 5740.47 -- 5740.47 512.56 10419.16 450.31 50.00 400.31 12
* Proposed
DIRECTORS’ REPORT TO THE MEMBERS

Your Directors have pleasure in presenting their 28th Annual Report together with the Audited Accounts of the Company
for the Year ended 31st March, 2011.
Financial Results : (Rs. in lacs)
Audited Audited
31.03.2011 31.03.2010
Gross Sales 67031.70 61309.49

Less: State Excise & Vat 43868.87 39345.00
Net Sales 23162.83 21964.49
Other Income 281.96 24.64
Total 23444.79 21989.13
Profit before depreciation & taxation 3524.96 1,383.54
Less: Depreciation 357.94 362.69

Less: Provision for taxation 1084.68 355.07
Add: Prior period adjustment (Taxation) 20.68 (5.81)
Profit after taxation 2103.02 659.97
Add: Balance brought forward from previous year 199.16 58.16
Surplus available for appropriation 2302.18 718.13
Appropriations
General reserves 300.00 300.00
Proposed Dividend 233.95 187.16
Tax on Dividend 38.86 31.81
Balance carried to Balance sheet 1729.37 199.16
Total 2302.18 718.13
DIVIDEND:
Your Directors have pleasure in recommending for approval of the members at the Annual General Meeting a dividend of
25 % (previous year 20 %) . The Dividend of 25 %, if approved at the forth coming Annual General Meeting, will result in
the out flow of Rs. 233.95 lacs to the company in addition to Rs. 38.86 lacs by way of dividend distribution tax.
OPERATIONAL REVIEW :
Gross revenues increased to Rs.67031.70 Lacs, a growth of around 9.33 % against Rs. 61309.49 Lacs in the previous year.
Profit before depreciation and taxation was Rs. 3524.96 Lacs against Rs. 1383.54 Lacs in the previous year. After providing
for depreciation and taxation of Rs. 357.94 & Rs.1084.68 Lacs respectively, the net profit of the Company for the year under
review was placed at Rs. 2103.02 Lacs as against Rs. 659.97 Lacs in the previous year.
The Company's performance for the year 2010-11 shows impressive growth in terms of sales and profitability. The moderate
price level of Company’s raw material Rectified Spirit throughout the year coupled with increased volumes helped the
Company to achieve unprecedented increase in profits as well as profitability during the year under review.
6
DISCLOSURE OF SPECIAL PARTICULARS:
Information as per Clause (e) of sub-section (1) of Section 217 of the Companies Act, 1956, read with the Companies
(Disclosure of particulars in the Report of Board of Directors) Rules, 1988 for the Year ended 31st March, 2011 is given
below :
CONSERVATION OF ENERGY:
a) Company ensures that the manufacturing operations are conducted in the manner whereby optimum utilisation and
maximum possible savings of energy is achieved.
b) No specific investment has been made in reduction in energy consumption.
c) As the impact of measures taken for conservation and optimum utilisation of energy are not quantitative, its impact
on cost cannot be stated accurately.
d) Since the Company does not fall under the list of industries, which should furnish this information in Form A
annexed to the aforesaid Rules, the question of furnishing the same does not arise.
TECHNOLOGY ABSORPTION:
Company's products are manufactured by using in-house know how and no outside technology is being used for
manufacturing activities. Therefore no technology absorption is required. The Company constantly strives for maintenance
and improvement in quality of its products and entire Research & Development activities are directed to achieve the aforesaid
goal.
FOREIGN EXCHANGE EARNINGS AND OUT-GO :

During the period under review there was net foreign exchange our flow to the extent of Rs. 478,933.
PARTICULARS OF EMPLOYEES:
The provisions of section 217(2A) of the Companies Act, 1956 are not applicable as no Employee was in receipt of
remuneration to the extent laid down therein.
FIXED DEPOSITS:
Your Company has not accepted any deposits within the meaning of Section 58A of the Companies Act, 1956 and the rules
made there under.
INDUSTRIAL RELATIONS:
During the year under review, your Company enjoyed cordial relationship with workers and employees at all levels.
DIRECTOR'S RESPONSIBILITY STATEMENT
In terms of Section 217 (2AA) of the Companies Act, 1956, the directors would like to state that :
i) In the preparation of the annual accounts, the applicable accounting standards have been followed.
ii) The directors have selected such accounting policies and applied them consistently and made judgments and
estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the profit or loss of the Company for the year under
review.
iii) The directors have taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities.
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iv) The directors have prepared the annual account on a going concern basis.
SUBSIDIARY COMPANIES:
The Company does not have any subsidiary.
AUDITOR’S REPORT :
The observation made in the Auditors' Report read together with relevant notes thereon are self explanatory and hence, do
not call for any further comments under Section 217 of the Companies Act, 1956.
DIRECTORS:
a) Shri Mukund Govind Diwan and Shri. Ashwin P Mehta retire by rotation and are being eligible, offer themselves
for re appointment. The Directors recommend Shri. Mukund Govind Diwan and Shri. Ashwin P Mehta’s s re-
appointment.
AUDITORS:
The Auditors M/s. V. P. Mehta & Co., Chartered Accountants, Mumbai, retire at the conclusion of the ensuing Annual
General Meeting and being eligible offer themselves for re-appointment.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS
The Corporate Governance and Management Discussion & Analysis Report, which form an integral part of this Report are
set out as separate Annexures, together with the Certificate from the auditors of the Company regarding compliance with
the requirements of Corporate Governance as stipulated in Clause 49 of the Listing Agreement.
ACKNOWLEDGEMENTS:
Your Company and its Directors wish to extend their sincerest thanks to the Members of the Company, Bankers, State
Government, Customers, Suppliers, Executives, Staff and workers at all levels for their continuous co-operation and support.
For and on Behalf of The Board of Directors
Mumbai Jimmy William Almeida

7th April, 2011 Chairman & Managing Director
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AUDITORS' REPORT
TO THE MEMBERS OF G.M. BREWERIES LIMITED
We have audited the attached Balance Sheet of G.M. Breweries Limited as at 31st March, 2011 and the profit & Loss Account
and Cash Flow Statement for the year ended on that date annexed thereto. These Financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on these financial statement based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in India. These Standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining on a test basis evidence supporting accounts and disclosures in financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by the
management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
1) As required by the Companies (Auditors' Report) order, 2003 (as amended) issued by the Central Government in
terms of section 227(4A) of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters
specified in paragraphs 4 and 5 of the said orders.
2) Further to our comments in the Annexure referred to in paragraph 1 above:

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 it appears
from our examination of such books.
c) The Balance Sheet, profit and Loss Account and Cash Flow Statement referred to in this report, are in
agreement with the books of account.
d) In our opinion, the Balance Sheet, Profit and Loss Account and the Cash Flow statement dealt with by this
report are in compliance with the Accounting Standards referred to in section 211(3c) of the Companies Act,
1956.
e) On basis of written representation received from the Directors, as on 31st March 2011 and taken on record by
the board of Directors, we report that none of the Directors is disqualified as on 31st March 2011 from being
appointed as a director under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.
3) Subject to the foregoing and in our opinion and to the best of our information and according to the explanation given
to us, the said Accounts read together with the schedules and the notes thereon give the information required by
the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India:
I. In so far as it relates to the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011
and:
II. In so far as it relates to the Profit & Loss Account, of the Profits of the Company for the year ended on that
date annexed thereto.
III. In the case of the Cash Flow Statement, of the Cash Flows of the company for the year ended on that date.
For V. P. Mehta & Company

Chartered Accountants
Firm Registration No. 106326W
Mumbai
7th April, 2010 Vipul P. Mehta
Proprietor
Membership No : 35722
9
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 or taken any loans from companies, firms or other
parties covered in the register maintained under section 301 of the Companies Act 1956.
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.
10
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 31st March 2011, 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, 2011. 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 working capital limits, which has been used
for long term working capital need 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.
11
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.

Vipul P. Mehta
Proprietor
Membership No : 35722
Mumbai
7th April, 2010
12
CORPORATE GOVERNANCE: b) Number of Board Meetings: During the year ended
March 31, 2011, Six Board Meetings were held on
1. PHILOSOPHY: April 06, July 29, September 27, October 28, De-
The Company’s philosophy on Corporate Governance cember 28, 2010 and January 6, 2011
has been developed with a tradition of fair and transpar-
ent governance even before they were mandated by the c) Directors' attendance record:
legislation. Transparency, integrity, professionalism
Name of The Board Whether
and accountability - based values form the basis of the
Director Meetings attended
Company's philosophy for Corporate Governance. The
Attended Last AGM
Company believes that good Corporate Governance is
during the year
a continuing exercise and strives to improve the Corpo-
rate Governance practices to meet shareholder's expec- Shri. Jimmy William Almeida 6 Yes
tations. Smt. Jyoti Jimmy Almeida 5 Yes
Shri. John William Almeida 6 Yes
2. BOARD OF DIRECTORS: Smt. Celina William Almeida 6 Yes
a) Composition, Category of Directors and their other Shri. Mukund G. Diwan 4 No
and their other directorship as on March 31, 2011. Shri. Ashwin P. Mehta 6 Yes
Shri. Paresh N Trivedi 5 Yes
Name of The Category of No. of
Director Directorship Directorship 3. COMMITTEES OF THE BOARD
in other Public a) Audit Committee
& Pvt. Ltd. i) Terms of Reference:
Companies Apart from all the matters provided in clause 49 of
Shri. Jimmy Executive (Chairman 1 the listing agreement and sec 292-A of the Compa-
William Almeida & Managing Director) nies Act 1956, the Audit committee reviews reports
of the internal auditor, meets statutory auditors as
Smt. Jyoti Jimmy Executive (Whole 1 and when required and discusses their findings,
Almeida Time Director) suggestions, observations and other related matters.
It also reviews major accounting policies followed
Shri. John Executive by the company.
William Almeida (Whole Time Director) Nil
ii) Composition:
Smt. Celina Non-Executive Director Nil The Audit committee consisted of three independent
William Almeida directors, Shri. Mukund G. Diwan, Shri. Ashwin P.
Mehta and Shri. Paresh N. Trivedi, Shri Ashwin
Shri. Mukund G. Non-Executive 9 P.Mehta had been designated as chairman of the
Diwan (Independent Director) committee. The committee met 4 times during the
financial year ended March 31, 2011. The atten-
Shri. Ashwin P. Non-Executive 2 dance record of the members at the meeting were as
Mehta (Independent Director) follows
Name of The Member No of Meetings Attended
Shri. Paresh N. Non- Executive 1
Trivedi (Independent Director) Ashwin P. Mehta 4
Mukund G. Diwan 2
As per the Revised guidelines under Clause 49 of the Paresh N Trivedi 4
Listing Agreement, if the Executive Chairman/Chair-
b) Remuneration Committee and policy:
person is a Promoter, the Board should comprise of 50
The remuneration committee for fixing the remunera-
% Independent Directors. As against the Statutory
tion of Executive Directors Comprises of the follow-
requirement of 4 Independent Directors, the Company
ing Independent Non – Executive Directors.
has got 3 Independent Directors as on 31st March ,
2011. In this respect, the Company has not complied Name of The Member Designation
with the Mandatory requirements under Clause 49 of Ashwin P. Mehta Chairman
the revised Listing Agreement. However the Com- Mukund G. Diwan Member
pany is trying its best to find suitable persons to be Paresh N. Trivedi Member
inducted as Independent Directors at the earliest.
13
The details of remuneration for the year ended March b. Share Transfers Agents:
M/s. Sharex Dynamics(India) Pvt. Ltd., Unit -1,
31,2011 to the Executive Directors are as follows
Luthra Indl. Premises Safed Pool Andheri Kurla
Road, Andheri (E), Mumbai - 400 072.
Name Salary
Jimmy William Almeida 33.00 Lakhs c. Share Transfer System:
Jyoti J Almeida 6.00 Lakhs All physical share transfers are effected within 30 days
of lodgment, subject to the documents being in order.
John William Almeida 9.45 Lakhs
The Board has delegated the authority for approval of
transfer, transmission etc. to a committee comprising
The Company has paid sitting fees of Rs 10,000/- per of three Non Executive Directors and a summary of
meeting to Non-Executive Directors during the transfer/transmission of shares so approved by the
financial year 2010-11 committee is placed before the Board.
c) Shareholders/ Investors' Grievance Committee: d. General Body Meetings :

Details of last three Annual General meetings are as
During the year 2010-2011 the Shareholders/Inves-
under.
tors Grievance committee which also acts as Share
Transfer Committee met 14 times. The attendance at Financial Year Date Time Venue
the Shareholders/Investors Grievance Committee is 2009-10 06-05-2010 11.30 Joshi’s Kohinoor
given below A.M. Hall, 3rd Flr,
S.Veer Savarkar
Name of The No. Of No. Of Marg, Prabhadevi,
Member Meetings Attended Mumbai – 400 025.
Held
2008-09 05-05-2009 11.30 Joshi’s Kohinoor
Ashwin P. Mehta ,Chairman 14 13 A.M. Hall, 3rd Flr,
Jyoti Jimmy Almeida, Member 14 8 S.Veer Savarkar
Paresh N. Trivedi, Member 14 14 Marg, Prabhadevi,
Mumbai – 400 025.
During the year 2010-2011, 5 complaints were received
from shareholders and investors. All the complaints have 2007-08 06-05-2008 11.30 Joshi’s Kohinoor
A.M Hall, 3rd Flr,
generally been resolved to the satisfaction of the complain-
S.Veer Savarkar
ants except for disputed cases and sub-judice matters, if
Marg, Prabhadevi,
any, which would be solved on final disposal by the courts/ Mumbai – 400 025.
forums where they are pending. Management discussion
and analysis report forms part of this Annual Report e) Postal Ballot:
For the year ended March 31, 2011 there have been no
4. SHAREHOLDERS: ordinary or special resolutions passed by the Company's
(a) (i) Means of Communication : Shareholders through postal ballot.
The Quarterly Un-Audited (Provisional) Results 5. Additional shareholders information :
and the Annual Audited Financial results of the a) Annual General Meeting
company are sent to the stock exchanges immedi- Date : 10th May 2011
ately after they are approved by the Board and are Venue: Joshi's Kohinoor Hall, 3rd Flr,S.Veer Savarkar
also published in one vernacular news paper viz. Marg,Prabhadevi, Mumbai - 400 025.
Time : 11.30 A.M.
"Nava Shakti" and one English news paper viz.
"Free Press Journal". The results are published in b) Financial Calendar
accordance with the guidelines of the Stock Ex- Financial Year: 1st April to 31st March For the finan-
cial year 2011-12, the tentative dates for declaration
changes.
of Quarterly unaudited results will be by 31st July,
(ii) In line with the recent amendment to the Listing 2011, 31st October, 2011, 31st January 2012 and 30th
Agreement, the Company has created a separate April , 2012.
e-mail address viz. gmbreweries@gmail.com to c) Book Closure :
receive complaints and grievances of the inves- The register of Members and Share Transfer Books of
tors and the Company’s Website is the Company shall remain closed from 4th May, 2011
www.gmbreweries.com to 10th May 2011(both days inclusive).
14
d) Dividend Payment Date: h) Distribution of shareholding as on March 31, 2011.
Dividend will be paid within 30 days of the approval of
Size of Holdings No. of Percentage No. of Percentage
the same in the Annual General Meeting.
Share Holders % Shares %
e) Listing in stock exchanges and stock codes
The names of stock exchanges at which the equity Upto 100 3987 57.51 274795 2.94
shares are listed and respective stock codes are as 101 to 200 1097 15.82 205903 2.20
under : 201 to 500 1077 15.53 419037 4.48
Name of the Stock Exchanges Stock Code No. 501 to 1000 492 7.10 420411 4.49
The Bombay stock Exchange 507488 1001 to 5000 239 3.45 498256 5.32
The National Stock Exchange GMBREW 5001 to 10000 19 0.27 142590 1.52
10001 to 100000 17 0.25 567783 6.07
The ISN number allotted to the company for demat of 100001 to above 5 0.07 6829325 72.98
shares are as under.
NSDL : INE075D01018 Total 6933 100.00 9358100 100.00
CDSL : INE075D01018
Share Holding Pattern:
f) Stock data : Sr.No. Category No. of Shares %of Share
High/Low of Market price of Company's equity shares
holding
traded on the Bombay Stock Exchange Ltd. during
the financial year ended on March 31, 2011 was as 1. Promoters 6965316 74.431
follows : (Out of the Promoters’ Share
Month High Low holding 1,22,400 Shares have
April 2010 92.00 76.70 been offered as collateral
May 2010 83.40 66.40 security to CitizenCredit Co-Op
June 2010 82.00 67.35 Bank Ltd, Dadar – Mumbai from
July 2010 109.50 71.10 20-08-2003 for the term loan
August 2010 110.00 87.00 advanced to The Company.)
September 2010 99.85 88.65 2. Residential Individual 1907900 20.388
October 2010 100.80 90.25 3. Private Corporate Bodies 236991 2.532
November 2010 111.05 89.65 4. Financial Institutions/Banks and - -
December 2010 106.85 87.20 Mutual Funds
January 2011 132.90 98.20 5. FII 68428 0.731
February 2011 102.00 87.50 6. NRI’s and OCB 170259 1.820
March 2011 115.00 94.20 7. Clearing Member 9206 0.098
Total 9358100 100.00
g) Stock data:
High/Low of Market price of Company’s equity shares
i) Shares held in physical and dematerialized form:
traded on National Stock Exchange. During the fi-
As on March 31, 2011 94.50 % of shares were held in
nancial year ended on March 31, 2011 was as follows:
dematerialized form and the rest in physical form.
Month High Low
April 2010 92.10 80.00 j) Outstanding GDR's/ADR's/Warrant’s/Convertible
May 2010 85.00 67.25 instruments and their impact on equity.
June 2010 83.00 68.70 NIL.
July 2010 109.50 75.55
August 2010 110.00 87.00 k) Plant Location
September 2010 100.00 89.00 Village Narangi, S.Veer Savarkar Marg, Virar (East)
October 2010 100.30 90.00 Dist Thane- 401 305 Maharashtra State.
November 2010 110.65 89.10
December 2010 106.25 85.00 l) Address for correspondence
January 2011 134.05 97.80 Ganesh Niwas, Veer Savarkar Marg, Prabhadevi,
February 2011 102.40 86.00 Mumbai- 400 025 Telephone : 022- 24331150/51
March 2011 112.00 93.50 E-Mail : gmbreweries@gmail.com
Website : www.gmbreweries.com
15
m) Shares held in electronic form past several years and the company enjoys virtual
Shareholders holding shares in the electronic form monopoly in country liquor in the districts of Mumbai
may give instruction regarding bank details, which and Thane. It is the single largest manufacturer of
they wish to incorporate on their dividend to their country liquor in the State of Maharashtra. The
depository participants. As per the regulations of company has capacity to process 13.76 crore bulk
NSDL and CDSL the company is obliged to print the litres of country liquor per annum out of which only
bank details on the dividend warrants, as furnished about 44.4% has been utilized last year. The compa-
by these depositories to the Company. ny has got tremendous potential to utilise the balance
capacity by penetrating into interior districts of
6. Disclosures: Maharashtra taking advantage of its brand image.
The company has not entered into any transaction of Even though stringent steps have been taken by the
a material nature with the promoters, the Directors or various Government agencies, the parallel duty
the management, their relatives etc. that may have evaded market which eats into Company's market
any potential conflict with the interests of the com- share as well as Government's revenue continues to
pany. be the main threat to the Company. The company
The company has complied with the requirements of continues to make representations at various lev-
the stock exchanges, SEBI and other statutory au- els of the Government to take effective steps to curb
thorities on all matters related to capital markets the illicit market in the interest of the industry,
during the last three years. There were no penalties revenue of the state as well as the public health.
imposed nor any strictures issued on the Company by The Company has been facing difficulty also due to
the Stock Exchanges, SEBI or any other statutory very high levels of taxation and frequent changes in
authority relating to the above. laws. In fact the exorbitant rates of taxation is one of
the factors, which breeds duty evasion. The high
MANAGEMENT DISCUSSION AND ANALY- level of fluctuations in the prices of its main raw
SIS REPORT material namely Rectified Spirit and as well as acute
Your Directors have pleasure in presenting the shortage in the availability of Spirit are the con-
management discussion and analysis report for the straints faced by the Company.
year ended on 31st March, 2011. To over come the problem of shortage and wide price
fluctuation in glass bottles, the Company has started
(A) INDUSTRY STRUCTURE AND DEVELOP- marketing all sizes of country liquor in PET bottles.
MENT Even though the initial response from the market for
G.M.Breweries Limited (GMBL) is engaged in the the PET bottles was not very encouraging, there is a
manufacture of alcoholic liquor. Though the com- steady increase in the sale of PET bottles. During the
pany has got the facility to blend and bottle both year under riview about 25% of the company’s total
Indian made foreign liquor and country liquor, the production and sale consisted of PET bottles.
concentration has been mainly on country liquor Company’s all bottling lines have been designed to
during the past several years due to competitive handle both glass and PET bottles.
market conditions in the IMFL segment. The Com-
pany has been achieving impressive progress both in (C ) OUT LOOK
terms of value and volume in the production of Barring the aforesaid deterrents, the company does
country liquor during the past five years. not foresee any major threats to its growth and
Even though not much official statistics are available market share in the coming years. The existing ca-
about the production of country liquor by various pacity should take care of the company's requirement
manufacturers, the data gathered from The State at least for the next Five years and the Company does
Excise Department shows that the company contrib- not forsee any technological obsolescence for its
utes to about 20.56 % of the total Excise duty for products.
country liquor in the whole of Maharashtra.
(D) INTERNAL CONTROL SYSTEM AND
(B) OPPORTUNITIES, THREATS AND CON- THEIR ADEQUACY
CERNS. The Company has engaged the services of an inde-
The Company's products have been enjoying consis- pendent Chartered Accountant to carry out the inter-
tently good brand image from the consumers for the nal audit and ensure that recording and reporting are
16
adequate and proper, the internal controls exist in the (F) MATERIAL DEVELOPMENTS IN HUMAN
system and that sufficient measures are taken to RESOURCES/INDUSTRIAL RELATIONS
update the internal control system. The system also FRONT, INCLUDING NUMBER OF PEOPLE
ensures that all transaction are appropriately EMPLOYED.
authorised, recorded and reported. Exercises for safe- As on 31st March, 2011 the company had 141 perma-
guarding assets and protection against unauthorised nent employees at its manufacturing plants and admin-
use are undertaken from time to time. All these istrative office. The company recognises the impor-
measures are continuously reviewed by the manage- tance of human value and ensures that proper encour-
ment and as and when necessary improvements are agement both moral and financial is extended to em-
effected. ployees to motivate them. The company enjoyed excel-
lent relationship with workers and staff during the last
year.
(E) DISCUSSION ON FINANCIAL PERFOR-
Cautionary Statement
MANCE WITH RESPECT TO OPERATIONAL
The statements in the "Management Discussion and
PERFORMANCE
Analysis Report" section describes the Company's
The financial performance during the year under
objectives, projections, estimates, expectations and
reference has been very impressive. There has been a
predictions, which may be "forward looking state-
sizable increase in the turnover, as well as profits due
ments" within the meaning of the applicable laws and
to drop in the prices of rectified spirit compared to the
regulations. The annual results can differ materially
previous year. However, the Company will continue
from those expressed or implied, depending upon the
its efforts to cut down the costs in all possible manner
economic and climatic conditions, Government poli-
and improve the profitability in the coming years.
cies and other incidental factors.
DECLARATION REGARDING AFFIRMATION OF CODE OF CONDUCT
In terms of the requirements of Clause 49 of the Listing Agreement, this is to confirm that all the members of the Board and
the Senior Management personnel have affirmed Compliance with the Code of Conduct for the year ended 31st March 2011.
For G. M. Breweries Limited
Mumbai Jimmy William Almeida

7th April, 2010 Chairman & Managing Director
CERTIFICATE OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER ON CORPORATE

GOVERNANCE
To,
The Board of Directors
M/s. G. M. Breweries Limited
We have reviewed the financial statements and the cash flow statement of G.M.Breweries Limited for the financial year
2010-11 and certify that:
a) These statements to the best of our knowledge and belief:

I. Do not contain any materially untrue statements or omit any material facts or contain statements that might be
misleading:
II. Present a true and fair view of the Company’s affairs and are in compliance with existing accounting standards,
applicable laws and regulations.
b) To the best of our knowledge and belief, there are no transactions entered into by the Directors and Senior Management
17
Personnel during the year, which are fraudulent, illegal or violative of the Company’s Code of Conduct.
c) We accept responsibility for establishing and maintaining internal controls for financial reporting and have evaluated the
effectiveness of the internal control systems of the Company for such reporting. We have disclosed to the Auditors and
the Audit Committee, deficiencies, if any, in the design or operation of such internal controls, of which we are aware of
and the steps taken and/or proposed to be taken to rectify these deficiencies.
d) We have also indicated to the Auditors and the Audit Committee.
(i) Significant changes in Internal Controls with respect to financial reporting during the year.
(ii) Significant changes in accounting policies during the Year and these have been disclosed in the notes to the financial
statements.
e) To the best of our knowledge and belief, there are no instances of significant fraud involving either the management or
employees having a significant role in the Company’s internal control systems with respect to financial reporting.
Jimmy William Almeida S. Swaminathan

Chairman & Managing Director Chief Financial Officer
Mumbai
7th April, 2011
COMPLIANCE CERTIFICATE OF THE AUDITORS
A certificate from the auditors of the Company regarding compliance of Corporate Governance as stipulated under Clause
49 of the Listing Agreement is attached to this report.
AUDITORS' COMPLIANCE CERTIFICATE ON CORPORATE GOVERNANCE
To,
The Members of G.M.Breweries Limited.
We have examined the compliance of conditions of Corporate Governance by G.M.Breweries Limited for the year ended
March 31, 2011 stipulated in clause 49 of the Listing Agreement of the said Company with Stock Exchanges.
The Compliance of condition of Corporate Governance is the responsibility of the Management. Our examination was limited
to the procedures and implementation thereof, adopted by the Company to ensure Compliance with the condition of Corporate
Governance. It is neither an audit nor an expression of an opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company
has fully complied with all the mandatory conditions of Corporate Governance as stipulated in clause 49 of the Listing
Agreement except the one pertaining to Independent Directors in the composition of the Board of Directors as stipulated in
clause 49 of the revised Listing Agreement.

Vipul P. Mehta
Proprietor
Membership No: 35722
Mumbai
7th April, 2011
18
BALANCE SHEET AS AT 31st MARCH, 2011

(Rs. in ‘000)
As at As at
Schedule March 31, 2011 March 31, 2010
I. SOURCES OF FUNDS
1. Shareholders’ Funds
a) Share Capital 1 93,666 93,666
b) Reserves & Surplus 2 652,032 469,011
745,698 562,677
2. Loan Funds
a) Secured Loans 3 296,569 183,979
b) Unsecured Loans 4 20,555 555
317,124 184,534
3. Deferred Tax Liability 26,084 22,616

Total 1,088,906 769,827
II. APPLICATION OF FUNDS
1. Fixed Assets 5
a) Gross Block 1,174,133 990,358
b) Less: Accumulated Depreciation 309,839 274,045
c) Net Block 864,294 716,313
d) Capital Work in Progress 16,510 33,840
2. Investments 6 227 227
3. Current Assets, Loans and Advances 7

a) Inventories 64,026 113,825
b) Sundry Debtors 8,067 180
c) Cash and Bank balances 97,450 33,104
d) Loans and Advances 433,596 255,002
603,139 402,111
4. Less : Current Liabilities and Provisions 8

a) Current Liabilities 190,444 216,228
b) Provisions 204,820 166,436
395,264 382,664
Net Current Assets 207,875 19,447
Total 1,088,906 769,827
Notes forming part of the Accounts 14

As per our report of even date attached Chairman & Managing Director Jimmy W. Almeida
for V. P. Mehta & Company
Firm Registration No. 106326W Wholetime Directors { Jyoti J. Almeida
John W. Almeida
Vipul P. Mehta Celina W. Almeida

Proprietor
Membership No. 35722
Directors
{
Ashwin P. Mehta
Mukund G. Diwan
Paresh N. Trivedi
Chief Financial Officer S. Swaminathan
Company Secretary & Manager Accounts Sandeep Kutchhi
Mumbai, 7th April, 2011 Mumbai, 7th April, 2011
19
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2011
(Rs. in ‘000)
Current Year Previous year
Schedule March 31, 2011 March 31, 2010
I. Income
Gross Sales 6,703,170 6,130,949
Less: State Excise Duty 3,216,694 2,947,064
MVAT (Net of Set off) 1,170,193 4,386,887 987,436 3,934,500
2,316,283 2,196,449
Other Income 9 28,196 2,464
Total Income 2,344,479 2,198,913
II. Expenditure
Material Cost and Inventories 10 1,806,453 1,907,079
Manufacturing and Other Expenses 11 118,050 98,963
Personnel 12 42,533 34,699
Interest and Financial Charges 13 24,947 19,818
Depreciation 5 35,794 36,269
Total Expenditure 2,027,777 2,096,828
III. Profit before Taxation 316,702 102,085
IV. Provision for Current Tax 105,000 30,639
V. Provision for Deferred Tax 3,468 4,868
VI. Profit after Taxation 208,234 66,578

Add : Balance brought forward from Last Year 19,916 5,816
(Short)/ Excess provision for Income Tax for 2,068 (581)
earlier years (provided)/written back
VIII. Profit available for Appropriation 230,218 71,813
IX. Appropriations :
Proposed Dividend 23,395 18,716
Tax on Dividend 3,886 3,181
Transfer to General Reserve 30,000 30,000
Surplus carried to Balance Sheet 172,937 19,916
230,218 71,813
Earning per share (Basic & Diluted) 22.25 7.11
Notes forming part of the Accounts 14
John W. Almeida

Proprietor
Directors
{
Ashwin P. Mehta
Mukund G. Diwan
Paresh N. Trivedi
20
Schedules 1 to 14 annexed to and forming part of the Balance Sheet & Profit and Loss Account
SCHEDULE 1 - Share Capital (Rs. in '000)
As at As at
March 31, 2011 March 31, 2010
Authorised :
1,75,00,000 Equity Shares of Rs.10/- each 175,000 175,000
75,00,000 Unclassified Shares of Rs.10/- each 75,000 75,000
250,000 2,50,000
Issued, Subscribed and Paid-up :
93,58,100 Equity Shares of Rs.10/-

each fully paid up 93,581 93,581
Add : Shares forfeited 85 85
93,666 93,666
SCHEDULE 2 - Reserves & Surplus
Reserves :
General Reserve
As Per Last Balance Sheet 413,900 383,900
Add : Transfer from Profit and Loss Account 30,000 30,000
443,900 413,900
Share Premium 35,195 35,195
Surplus :
Balance in Profit & Loss Account 172,937 19,916
Total 652,032 469,011
SCHEDULE 3 - Secured Loans
A. From Banks :
Working Capital Term Loan & Overdraft
- Citizen Credit Co-operative Bank Ltd.-Term Loan 47,078 153,073
- Citizen Credit Co-operative Bank Ltd.-Overdraft 171,580 29,701
These facilities are secured by Charge on land bearing

Plot 1 to 8 and Plot 9 to 11 located at Village Narangi,
Virar along with structures, There on Plot 1 to 11 and
Plot A to F located at Village Palsai, Wada along with
Structures thereon,
AND
Flat at Pratamesh Co-operative Housing Society Ltd.,
Prabhadevi, Mumbai
21
(Rs. in '000)
As at As at
March 31, 2011 March 31, 2010
Further Secured by hypotehecation of Raw Materials, Stock in
Process, Finished Goods and Book Debts
Working Capital Overdraft
- Central Bank of India 77,618 0

Fully secured against Fixed Deposit Receipts of
Central Bank of India
B)Vehicle Finance 293 1,205

(Secured by hypothecation of Vehicles financed)
296,569 183,979
SCHEDULE 4 - Unsecured Loans
Security Deposits From Customers & Others 555 555

Loan from Director 20,000 -
20,555 555
SCHEDULE 5 : Fixed Assets

(Rs. in '000)
GROSS BLOCK DEPRECIATION NET BLOCK
AS AT ADDI- DEDUC- AS AT AS AT FOR THE WRITTEN AS AT AS AT AS AT
DESCRIPTION 01/04/10 TIONS TIONS 31/03/11 01/04/10 YEAR BACK 31/03/11 31/03/11 31/03/10
Brand Development 4,215 - - 4,215 4,215 - - 4,215 - -

Freehold Land at Virar 25,560 - - 25,560 - - - - 25,560 25,560
Freehold Land at Wada 13,603 - - 13,603 - - - - 13,603 13,603
Leasehold Land Deposit 90,000 - - 90,000 - - - - 90,000 90,000
Factory Building 292,408 53,965 - 346,373 51,608 9,766 - 61,374 284,999 240,800
Building at Wada 72,898 - - 72,898 19,322 2,435 - 21,757 51,141 53,576
Godown 7,525 - - 7,525 2,008 251 - 2,259 5,266 5,517
Residential & 45,049 124,785 - 169,834 784 278 - 1,062 168,772 44,265
Commercial Premises
Plant & Machinery 371,610 3,397 353 374,654 154,160 17,729 - 171,889 202,765 217,450
Electric Fittings 9,220 - - 9,220 4,737 438 - 5,175 4,045 4,483
Computers 8,203 277 - 8,480 8,203 8 - 8,211 269 -
Office Equipments 5,926 365 - 6,291 3,270 287 - 3,557 2,734 2,656
Furniture & Fixtures 6,666 - - 6,666 5,472 422 - 5,894 772 1,194
Vehicle 37,475 1,339 - 38,814 20,266 4,180 - 24,446 14,368 17,209
Total 990,358 184,128 353 1,174,133 274,045 35,794 - 309,839 864,294 716,313
Previous Year 934,890 55,468 - 990,358 237,776 36,269 - 274,045 716,313 697,114
22
SCHEDULE 6 : Investments - Long Term
Face Quantity Amount

Value (in Numbers) (Rs. in' 000)
As at March As at March As at March As at March

31, 2011 31, 2010 31, 2011 31, 2010
Unquoted: At cost
(a) Government/Trust Securities

7 Years National Saving Certificates 37 37
(Lodged with State Excise Department
as mandatory security)
Kisan Vikas Patra 30 30
(b) Equity Shares fully paid up

The Thane Janata Sahakari Bank Ltd. 50 3,000 3,000 150 150
Citizen Credit Co-op. Bank 10 1,010 1,010 10 10
Total 227 227
Aggregate cost of Unquoted Investment 227 227
SCHEDULE 7 - Current Assets, Loans and Advances (Rs. in '000)

As at As at
March 31, 2011 March 31, 2010
a) Inventories
(Stock-in-trade as per Inventories taken
Valued & Certified by the Management)
Raw Material & Packing Materials 44,611 81,668
Stock in Process 18,754 19,244
Stock of Finished Goods 0 12,462
Stock of Scrap 436 251
Consumable Stores and Spares 225 200
64,026 113,825
b) Sundry Debtors
(Unsecured, considered good)
Debts outstanding for a period exceeding six Months 170 180
Other Debts 7,897 -
8,067 180
c) Cash & Bank Balances
Cash-in-hand 251 1,689
Balance with Scheduled Bank
i) In Current Accounts 5,642 2,164
ii) In Unpaid Dividend Account 2,724 2,349
iii) In Fixed Deposits 88,833 26,902
97,450 33,104
23
d) Loans & Advances

(Unsecured, considered good unless
otherwise stated)
Advances recoverable in cash or kind or
for Value to be received 262,699 72,436
Advance payment of Income Tax 159,633 146,992
Security Deposits 5,000 10,000
Statutory Deposits 6,264 25,574
433,596 255,002
SCHEDULE 8 - Current Liabilities & Provisions

a) Current Liabilities
Sundry Creditors 48,513 72,454
Statutory Liabilities 121,283 96,260
Advance received from Customers & others 7,970 26,273
Other Liabilities 9,925 18,913
Unclaimed Dividend 2,753 2,328
190,444 216,228
b) Provisions
Provision for Tax 177,539 144,539
Proposed Dividend 23,395 18,716
Tax on Dividend 3,886 3,181
204,820 166,436
(Rs. in '000)
Current Year Previous Year
March 31, 2011 March 31, 2010
SCHEDULE 9 - Other Income
Interest on Income Tax Refund 11,775 98

Interest on Fixed Deposit 4,325 1,006
Dividend Received 13 2
Rent & Compensation Received 626 388
Other Operating Income 600 600
Other Income 10,857 370
28,196 2,464
SCHEDULE 10 - Material Cost and Inventories
Raw Materials Consumed

Opening Stock 15,199 16,360
Add : Purchases 8,36,913 1,026,062
8,52,112 1,042,422
Less: Closing Stock 2,757 15,199
8,49,355 1,027,223
24
(Rs. in '000)
Current Year Previous Year
March 31, 2011 March 31, 2010
Packing and Other Materials Consumed

Opening Stock 66,469 40,030
Add : Purchases 9,19,716 9,18,690
986,185 958,720
Less : Closing Stock 41,854 66,469
944,331 892,251
(Increase)/Decrease in Stock
Opening Stock
Finished Goods 12,462 4,390
Work-in-Process 19,244 14,954
Scrap 251 218
31,957 19,562
Less: Closing Stock

Finished Goods 0 12,462
Work-in-Process 18,754 19,244
Scrap 436 251
19,190 31,957
12,767 (12,395)
1,806,453 1,907,079
SCHEDULE 11 - Manufacturing and Other Expenses
Stores & Spares Consumed 2,891 1,723

Repairs & Maintenance
- Plant & Machinery 5,532 4,468
- Building 12,050 10,351
- Others 8,084 12,202
25,666 27,021
Excise Supervision Charges 964 955
Power & Fuel 8,454 6,765
Rent, Rates & Taxes 3,178 3,373
Octroi Charges 4,845 4,024
Licence Fees 7,189 7,189
Legal and Professional Charges 4,580 2,113
Legal Expenses 162 87
Postage,Telephone and Telegram Expenses 604 563
Printing & Stationery 737 468
25
Insurance 3,291 2,253

Directors’ Remuneration 5,055 2,265
Travelling & Conveyance 1,300 1,531
Donation 8,266 4,651
Vehicle Expenses 27,826 24,091
Advertisement and Publicity 1,555 2,841
Auditors Remuneration
- Audit Fees 287 281
- Tax Audit Fees 77 84
- Taxation Matters 33 28
397 393
Miscellaneous Expenses 11,090 6,657
118,050 98,963
SCHEDULE 12 - Personnel
Salaries & Wages 32,492 25,826

Bonus to Staff & Workers 1,494 791
Contribution to Provident & other Funds 2,623 2,763
Employees Welfare 5,924 5,319
42,533 34,699
SCHEDULE 13 - Interest and Financial Charges
Interest on Term Loan 14,962 16,915

Interest on Overdraft 8,770 411
Bank Interest and Charges 1,035 1,903
Other Interest and Financial Charges 180 589
24,947 19,818
26
NOTES ON ACCOUNTS
SCHEDULE 14:
Accounting Policies and Notes forming part of accounts for the year ended March 31, 2011
1. Significant Accounting Policies:
Basis of Accounting:
These financial statements have been prepared under historical cost convention from books of accounts maintained
on an accrual basis (unless otherwise stated hereinafter) in conformity with accounting principles generally accepted
in India and comply with the Accounting Standards issued by the Institute of Chartered Accountants of India and
referred to Sec 211(3C) of the Companies Act, 1956, of India.
Fixed Assets:
Fixed Assets are stated at their original cost, which includes expenditure incurred in the acquisition of Assets/
construction of Assets, Pre-operative expenses till the commencements of operation and Interest up to the date of
commencement of commercial production.
Depreciation:
Depreciation has been provided on the straight-line method in accordance with Schedule XIV of the Companies Act,
1956.
Investments:
Long term Investments are stated at acquisition cost and provision is made for diminution, other than temporary, in
value of the investments. Current investments are valued at lower of cost or market value/net asset value.
Inventories:
The cost of various categories of inventory is determined as follows:
1. Raw material and Packing Materials : At Cost including local taxes (Net of setoff) or Net realisable
value whichever is lower.
2. Stock in Process : At Cost or Net realisable value whichever is lower.
3. Stock of Finished Goods : At Cost or Net realisable value, whichever is lower.
4. Consumable Stores & Spares : At Cost or Net realisable value, whichever is lower.
5. Scrap : At Net realisable value
Cost of raw material and packing materials are determined using first in first out (FIFO) method. Costs of finished
goods and stock in process include cost of raw material and packing materials, cost of conversion and other costs
incurred in bringing the inventories to the present location and condition.
Employees Retirement Benefits:
(a) Defined Contribution Plans.
The Company has Defined Contribution Plan post employment benefit in the form of provident fund for eligible
employees, which is administered by Regional Provident Fund Commissioner; Provident fund is classified as Defined
Contribution Plan as the Company has no further obligation beyond making the contributions. The Company’s
contributions to defined Contribution Plans are charged to the Profit and Loss Account as and when incurred.
27
(b) Defined Benefit Plan.
The Company has Defined Benefit Plan for post employment benefit in the form of Gratutity for eligible employees
which is administered through a Group Gratuity Policy with Life Insurance Corporation of India (L.I.C). The Liability
for the above Defined Benefit Plan is provided on the basis of an actuarial valuation as carried out by L.I.C. The actuarial
method used for measuring the liability is the Projected Unit Credit Method.
(c) Termination Benefits, if any, are recognized as an expense as and when incurred.
(d) The Company does not have policy of leave encashment and hence there is no liability on this account.
Revenue recognition:
Gross Sales are inclusive of State Excise duty, MVAT, and Net of returns, Claims, and Discount etc.
The Company recognises sale of goods when the significant risks and rewards of ownership are transferred to the buyer,
which is usually when the goods are loaded in party’s vehicle and are ready for dispatch after clearance from excise
officials at the factory.
Interest Income is accounted on accrual basis and dividend income is accounted on receipt basis.
Excise Duty:
State Excise duty payable on finished goods is accounted for on clearance of goods from the Factory. Company’s
products do not attract any Central Excise duty.
Brand Development:
The Company has incurred expenses on brand development of various products. The expenses are accounted as per
prevailing Industry practices.
Value Added Tax (VAT):

VAT payable of finished goods is accounted net of setoff i.e.VAT payable on finished goods less VAT paid on inputs.
Taxation:
Provision is made for income tax liability estimated to arise on the results for the year at the current rate of Tax in
accordance with Income Tax Act, 1961.
In accordance with the According standard 22, Accounting for Taxes on Income, issued by the Institute of Chartered
Accountants of India, deferred Tax resulting from timing differences between book profit and Tax profit is accounted
for, at the current rate of Tax, to the extent the timing differences are expected to crystallize.
Deferred Tax asset arising on account of brought forward unabsorbed depreciation is recognised only to the extent there
is a reasonable certainty of realisation.
Provisions:
A provision is recognized when an enterprise has a present obligation as a result of a past event and it is probable that
an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.
Provisions, other than employees benefits, are not discounted to their present value and are determined based on
management estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet
date and adjusted to reflect the current management estimates.
28
Expenditure:
Expenses are net of taxes recoverable, where applicable.
Impairment of Assets:
Impairment losses, if any , are recognized in accordance with the accounting standard issued in this regard by The
Institute of Chartered Accountants of India.
2. Notes on Accounts forming part of accounts
1. Contingent Liabilities not provided for:
The Company’s basic raw material namely Rectified Spirit is purchased from various distilleries in Maharashtra on
which a specific “Transport Fee” is levied by the State Excise Department , Government of Maharashtra under the
Bombay Prohibition Rules. During the years 2002-03, 2003-04, 2004-05, 2005-06, 2006-07, 2007-08 ,2008-09,
2009-10 & 2010-11the Company has purchased 94.40 lacs Bulks liters (BL), 97.50 Lacs (BL), 100 Lacs (BL) , 210
Lacs (BL) 215 Lacs (BL) 241 Lacs (BL), 258 Lacs (BL), 259 Lacs (BL) & 269 Lacs (BL) of Rectified Spirit
respectively.
The Company has filed along with other manufacturers of Country Liquor & IMFL a writ petition in the Bombay
High Court Challenging the applicability of the Transport Fees and the High Court in an interim order has restrained
the concerned authorities from collecting the Transport Fees from the Company till the final disposal of the writ
petition.
Based on the modified interim orders of the Supreme Court and the Bombay High Court, in the identical cases and
pending final judgement of the High Court, the Company has deposited a sum of Rs.4,12,44,400/- with the State
Excise Department towards 50 % transport fees for the period 01.10.2008 to 31.03.2011.
However the Company will be in a position to meet out any additional liability that may arise out of the final
judgment of the High Court out of its reserves.
2. MVAT / Income Tax

Under the MVAT Act in force from 1/4/2005 there is no procedure for assessment. The Company is filing monthly
MVAT returns on regular basis and all dues have been paid as per the returns. The MVAT department of
Government of Maharashtra has completed Audit of the company’s transactions up to the financial year 2008-09.
The Company has also filed the audit report as required under the MVAT Act up to the financial year 2009-10 and
there are no dues payable under the provisions of the MVAT Act as on 31st March 2011.
The company’s Income Tax assessment has been completed upto assessment year 2008-09 and the demands raised
by the department has already been paid by the company.
3. Capital Contracts
Estimated amount of contracts remaining to be 2010-2011 2009-2010
Executed on capital accounts and not provided for Nil Nil
4. State Excise
As per practice consistently followed, State Excise duty payable on finished goods held in works is neither included
in expenditure nor included in such stocks, but is accounted for on clearance of the goods. This accounting treatment
has no impact on profits.
29
5. Remuneration to Directors (Rs. in ‘000)
Remuneration of Directors 2010-2011 2009-2010
Salary 4845 2005
6. In the opinion of the Board of Directors, the Current Assets, Loans and Advances are approximately of the value stated
if realised in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of
amount reasonably necessary.
7. There are no micro and small enterprises to which the company owes dues, which are outstanding for more than 45 days
as at March 31, 2011(Rs. Nil). This information as required to be disclosed under the Micro, Small and Medium
Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis
of information available with the company.
8. Additional information pursuant to paragraph 3,4(C) & 4(D) OF PART II to Schedule VI of the Companies Act, 1956
have been given to the extent applicable to the Company.
(a) Value of Raw Materials consumed: Quantity Value

(Rs. in ‘000)
Unit 2,73,10,721 10,88,530
Rectified Spirit BL (2,59,85,029) (10,27,223)
Note: Packing and other materials consumed are not considered as Raw materials and hence no separate figures are given
(b) Value of Imported & Indigenous Raw materials, Packing & other materials consumed:
% to Total Value
consumption (Rs. In ‘000)
2010-11 2009-10
i) Imported 0
ii) Indigenous 100 18,09,344 19,08,802
(c) Information for each class of goods:

Manufactured and sold during the year (with reference to bottling capacity)
Unit Installed Actual Sales
Capacity Production Quantity Value
(Rs. in’000)
Indian Made BL (1,10,16,000) -- -- --
Foreign Liquor (1,10,16,000) (--) (--) (--)
Country Liquor BL Hall No. 1 6,87,96,000

Hall No. 2 4,21,20,000
Hall No. 3 2,66,76,000
——————————
Total 13,75,92,000* 6,11,40,248 6,16,70,171 67,03,170
(13,75,92,000*) (5,79,67,531) (5,76,24,275) (61,30,949)
* As certified by the management.
30
(d) Particulars of Opening and Closing Stock of Finished goods after adjusting returns:
Unit Opening Stock Closing Stock
Quantity Value Quantity Value
Indian Made BL -- -- -- --
Foreign Liquor (--) (--) (--) (--)
Country Liquor BL 529,923 12,462 -- --
(186,667) (4,390) (529,923) (12,462)
9. Related Party Disclosures
(a) List of Related Parties
i) Associate
- Almeida Country Liquor Shop
ii) Key Management Personnel
- Jimmy William Almeida – Chairman & Managing Director
- Jyoti Jimmy Almeida- Whole Time Director
- John William Almeida- Whole Time Director
- Celina William Almeida- Director
(b) Details of transactions
Nature of Transaction Associate Key Management
Personnel
(Amount in Rs.) (Amount in Rs.)
Sale of Goods 91,75,146 --
Rent Paid -- 12,60,000/-
Remuneration -- 48,45,000/-
Outstanding
Trade Receivables Nil Nil
10. Earning per share

(Amount Rs.000’s)
Particulars 2010-11 2009-10
Net profit after tax before adjustment of Income Taxes of earlier year 2,08,234 66,578
Net profit after tax after adjustment of Income Taxes of earlier year 2,10,302 65,997
Weighted Average Number of Equity Shares (No’s) 93,58,100 93,58,100
Earning Per Share before adjustment of Income Tax of earlier years 22.25 7.11
Earning Per Share after adjustment of Income Tax of earlier years 22.47 7.05
11. During the year company has created deferred tax liability of Rs. 34.68 lacs on account of different rates of depreciation
as per Income Tax Act and depreciation as debited in books of accounts as per Company’s Act 1956.
12. Other Liabilities listed under the head Current Liabilities in Schedule 8(a) of the financial statements represent book over
draft
13. Segment Reporting:
The Company at present is engaged in the business of manufacture and sale of country liquor, which constitutes a single
business segment. In view of above, primary and secondary reporting disclosures for business/geographical segment as
envisaged in AS –17 are not applicable to the Company.
14. Auditors Remuneration:
(Rs.in ‘000)
Sr. No. Particulars Current Year Previous Year
1 Audit Fees 287 281
2 Tax Audit 77 84
3 Taxation Matters 33 28
Total 397 393
31
15. Employees Benefits:
The Company has made provision in the Accounts for Gratuity based on Actuarial valuation. The particulars under the
AS 15 (Revised) furnished below are those, which are relevant and available to company for this year.
GRATUITY
I ASSUMPTION AS AT ON 31.03.2011
MORTALITY RATE LIC(1994-96)
DISCOUNT RATE 8%
WITHDRAWAL RATE 1% TO 3%
SALARY ESCALATION 4%
VALUATION METHOD PROJECTED UNIT CREDIT METHOD
PERIOD OF ACCOUNTING 1.04.2010 TO 31.03.2011
II DATA INFORMATION ON 31.03.2011
NUMBER OF MEMBERS 141
AVERAGE AGE 39.72
AVERAGE MONTHLY SALARY 5970.78
AVERAGE PAST SERVICES 15.01
III RESULTS OF VALUATION ON 31.03.2011
(a) PV OF PAST SERVICE BENEFIT 45,85,995
(b) CURRENT SERVICE COST 2,81,077
(c) TOTAL SERVICE GRATUITY 1,58,21,440
(d) ACCRUED GRATUITY 73,91,900
(e) LCSA 84,29,540
(f) LC PREMIUM 26,870
(g) SERVICE TAX @10.30% 2,768
IV RECOMMENDED CONTRIBUTION RATE
(a) FUND VALUE AS ON RENEWAL DATE 42,80,708
(b) ADDITIONAL CONTRIBUTION FOR
EXISTING FUND 3,05,287
(c) CURRENT SERVICE COST 2,81,077
V ACTUAL (GAIN)/ LOSS ON OBLIGATION/
TOTAL AMOUNT CHARGED TO P&L 6,16,002
(III(F) +III(G) +IV(B)+IV(C )
16. The figures of the previous years have been regrouped/rearranged wherever necessary. The Figures or the previous years
are given in brackets.
John W. Almeida

Proprietor
Directors
{
Ashwin P. Mehta
Mukund G. Diwan
Paresh N. Trivedi
32
BALANCE SHEET ABSTRACT AND COMPANY’S GENERAL BUSINESS PROFILE
1. Registration Details
Registration No. 2 5 8 0 9 State Code 1 1
Balance Sheet Date 3 1 0 3 2 0 1 1

Date Month Year
2. Capital raised during the Year(Amount in Thousands)
Public Issue Rights Issue N I L
N I L
Bonus Issue N I L Private Placement N I L
3. Position of Mobilisation and Deployment of funds (Amount in Rs. Thousands)
Total Liabilities Total Assets
Sources of funds 1 0 8 8 9 0 6 1 0 8 8 9 0 6
Paid-up Capital 9 3 6 6 6 Reserves & Surplus 6 5 2 0 3 2
Secured Loans 2 9 6 5 6 9 Unsecured Loans 2 0 5 5 5
Deferred Tax Liability 2 6 0 8 4
Application of funds
Net Fixed Assets 8 8 0 8 0 4 Investments 2 2 7
Net Current Assets 2 0 7 8 7 5 Misc. Expenditure N I L
Accumulated Losses N I L
4. Performance of Company (Amount in Rs. Thousands)
Turnover/Income (Net) 2 3 1 6 2 8 3 Total Expenditure 2 0 2 7 7 7 7
Profit/Loss before tax 3 1 6 7 0 2 Profit/Loss after tax 2 0 8 2 3 4
Earnings per share (Rs) 2 2 . 2 5 Dividend rate % 2 5
5. Generic Names of the principal products/Services of company (as per monetary terms)
Item Code No. 2 2 0 8 3 0 . 0 0 Product Description W H I S K I E S
Item Code No. 2 2 0 8 4 0 . 0 1 Product Description R UM
Item Code No. 2 2 0 8 9 0 . 0 0 Product Description O T H E R
L I Q U O R
John W. Almeida

Proprietor
Directors
{
Ashwin P. Mehta
Mukund G. Diwan
Paresh N. Trivedi
33
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2011
(Rs. in '000)
Particulars Current Year Previous Year
2011 2010
A. Cash Flow from Operating Activities
Net Profit before tax 316,702 102,085
Adjustments for :
Depreciation 35,794 36,269
Interest 24,947 19,818
Indirect Taxes 4,386,887 3,934,500
Dividend Received (13) (2)
Interest Received (4,325) (1,104)
Other Non-Operating Income - (758)
Operating Profit before Working Capital Changes 4,759,992 4,090,808
Adjustments for :
(Increase) / Decrease in Trade and Other Receivables (186,481) (28,249)
(Increase) / Decrease in Inventories 49,799 (37,694)
Increase / (Decrease) Trade Payables (29,506) 4,139
Cash generated from Operations 4,593,804 4,029,004

Direct Taxes paid 91,982 33,569
Indirect Taxes Paid 4,361,541 3,907,683
Net Cash from Operating Activities 140,281 87,752
B. Cash Flow from Investing Activities :

Increase in Fixed Assets (166,444) (62,718)
Interest Received 4,325 1,104
Dividend Received 13 2
Other Non-Operating Income - 758
Net Cash (used in) / from Investing activities (162,106) (60,854)
C. Cash Flow from Financing Activities

Increase/(Decrease) in Long Term Borrowings 112,590 42,197
Increase/(Decrease) in Short Term Borrowings 20,000 (3,415)
Interest Paid (24,947) (19,818)
Dividend Paid (18,291) (18,208)
Tax on distributed profits (3,181) (3,181)
Net Cash (used in) / from Financing activities 86,171 (2,425)
D. Net changes in Cash and Cash Equivalents (A+B+C) 64,346 24,473

E. Cash and Cash Equivalents at beginning of the Period 33,104 8,631
F. Cash and Cash Equivalents at End of the Period 97,450 33,104
John W. Almeida

Proprietor
Directors
{
Ashwin P. Mehta
Mukund G. Diwan
Paresh N. Trivedi
34
Regd. Office : Ganesh Niwas, S. Veer Savarkar Marg, Prabhadevi, Mumbai - 400 025.
PROXY FORM
ANNUAL GENERAL MEETING
Regd. Folio No. ________________________

No. of Shares held __________________ D. P. ID No.__________________________
Client ID No._________________________
I/We____________________________________________________________ of ________________________
being a Member/Members of G. M. BREWERIES LTD. hereby appoint ________________________________
_______________________ of ___________________ as my/our proxy to vote for me/us on my/our behalf at the
ANNUAL GENERAL MEETING of the Company to be held on Tuesday, the 10th May, 2011 and at any
adjournment there of.
Signed on this __________ day of ____________ 2011
Note : Affix
The proxy form duly completed should be deposited at the Registered office Revenue
Stamp
of the Compay not less than forty eight hours before the time fixed for holding Signature
this meeting.
--------------------------------------------------------------------------------------------------------------------------------------------------
Regd. Office : Ganesh Niwas, S. Veer Savarkar Marg, Prabhadevi, Mumbai - 400 025.
ATTENDANCE SLIP
28th Annual General Meeting - 10th May 2011
I hereby record my presence at the TWENTY EIGHTH ANNUAL GENERAL MEETING of the Company held
at Joshi's Kohinoor Hall, 3rd Floor, S. Veer Savarkar Marg, Prabhadevi, Mumbai - 400 025. on Tuesday, the 10th
of May, 2011 at 11.30 a.m.
Full Name of the Member (in BLOCK LETTERS) _____________________________________________________
Regd. Folio No._______________________________ No. of Shares held______________________
DP ID No. _________________________ Client ID No.________________________
Full name of the Proxy (in BLOCK LETTERS) ______________________________________________________
Member's / Proxy's Signature __________________________________________________________________
35
Book-Post
Mr./Mrs._______________________________________________________________
Mr./Mrs._______________________________________________________________
Mr./Mrs._______________________________________________________________
If not delivered, please return to :
Regd. Office :
Ganesh Niwas, S. Veer Savarkar Marg,
Prabhadevi, Mumbai - 400 025.

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G. M.

Shri. Jimmy William Almeida - Chairman & Managing Director

Smt. Jyoti Jimmy Almeida - Whole-Time Director

Shri. John William Almeida - Whole-Time Director

Smt. Celina William Almeida - Director

Shri. Mukund Govind Diwan - Director

Shri. Ashwin Pranlal Mehta - Director

Shri. Paresh Nanubhai Trivedi - Director

Chief Financial Officer

Company Secretary & Manager-Accounts

Shri. Sandeep Kutchhi

By Order of the Board of Directors

Name Shri. Mukund Govind Diwan Shri. Ashwin P Mehta

Date of first Appointment on

ANNEXURE TO THE NOTICE

No other Director of the Company is concerned or interested in this resolution.

28th Annual Report 2010-2011

DIRECTORS’ REPORT TO THE MEMBERS

Gross Sales 67031.70 61309.49

Less: Depreciation 357.94 362.69

DISCLOSURE OF SPECIAL PARTICULARS:

b) No specific investment has been made in reduction in energy consumption.

FOREIGN EXCHANGE EARNINGS AND OUT-GO :

DIRECTOR'S RESPONSIBILITY STATEMENT

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS

For and on Behalf of The Board of Directors

Mumbai Jimmy William Almeida

TO THE MEMBERS OF G.M. BREWERIES LIMITED

2) Further to our comments in the Annexure referred to in paragraph 1 above:

For V. P. Mehta & Company

ANNEXURE TO THE AUDITORS' REPORT

For V. P. Mehta & Company

c) Shareholders/ Investors' Grievance Committee: d. General Body Meetings :

DECLARATION REGARDING AFFIRMATION OF CODE OF CONDUCT

For G. M. Breweries Limited

Mumbai Jimmy William Almeida

CERTIFICATE OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER ON CORPORATE

a) These statements to the best of our knowledge and belief:

Jimmy William Almeida S. Swaminathan

COMPLIANCE CERTIFICATE OF THE AUDITORS

AUDITORS' COMPLIANCE CERTIFICATE ON CORPORATE GOVERNANCE

For V. P. Mehta & Company

BALANCE SHEET AS AT 31st MARCH, 2011

3. Deferred Tax Liability 26,084 22,616

II. APPLICATION OF FUNDS

2. Investments 6 227 227

3. Current Assets, Loans and Advances 7

4. Less : Current Liabilities and Provisions 8

Total 1,088,906 769,827

Notes forming part of the Accounts 14

Vipul P. Mehta Celina W. Almeida

Total Expenditure 2,027,777 2,096,828

III. Profit before Taxation 316,702 102,085

IV. Provision for Current Tax 105,000 30,639

V. Provision for Deferred Tax 3,468 4,868

VI. Profit after Taxation 208,234 66,578

VIII. Profit available for Appropriation 230,218 71,813

Notes forming part of the Accounts 14

Vipul P. Mehta Celina W. Almeida

Signed on this day of __ 2011

Regd. Folio No._________ No. of Shares held

DP ID No. _ Client ID No.