Auditor Report of The Ravalgaon Sugar Farm Ltd.

Mar 31, 2025

THE RAVALGAON SUGAR FARM LIMITED

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

OPINION

We have audited the accompanying financial statements of THE RAVALGAON SUGAR FARM LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Cash Flow and Statement of Changes in Equity for the year ended and notes to the financial statements including a summary of significant accounting policies and other explanatory information (hereinafter referred to as ''financial statements.'')

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its loss and total comprehensive income (including other comprehensive income), the changes in equity and its cash flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SA''s) 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 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 (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made there under, 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 audit opinion on the financial statements.

EMPHASIS OF MATTER

We draw attention to certain matters and its consequential impact, if any, on the results including their presentation / disclosure:

i. Segment Reporting:

We draw attention to Note 2(b)(xvii) to the financial statements, which provides information regarding the Company''s segment reporting. As disclosed, the Company previously operated in two reportable segments: sugar and confectionery. However, the sugar manufacturing operations have been inactive since FY 2013-14, and the related business was sold in September 2018. Similarly, the confectionery business, represented by the candy sugar plant, has not been operational since FY 2004-05. During the financial year 2023-24, the Company divested its trademarks, recipes, and intellectual property related to the confectionery business to Reliance Consumer Products Limited. As a result, the Company has been inactive as at March 31, 2025, and does not have any operating segments. Accordingly, no segment information has been disclosed in the financial statements.

Our opinion is not modified in respect of this matter.

ii. Going Concern Assessment:

We draw attention to Note 2(c)(i) to the financial statements, which describes the Company''s going concern assumption. As of March 31, 2025, the Company reported a net loss of ^201.78 Lakhs for the year; however, its net worth remains robust at ^1,509.09 Lakhs. Despite the loss, the management believes that the Company has sufficient resources to continue its operations and does not foresee any significant doubt about its ability to operate as a going concern. This view is supported by the continued ownership of the operating assets related to the confectionery business, as well as other assets that may be utilized for future activities. Based on these factors, management is confident that the Company will continue to meet its obligations as they become due.

As a result, the financial statements have been prepared on a going concern basis, assuming the continuing availability of funding, operational viability, and the ability to generate future cash flows. The Company continues to assess and monitor its circumstances to ensure that its going concern status is maintained.

Our opinion is not modified in respect of this matter.

iii. We draw your attention to Note No. 34 to the Financial Statement, the balance with respect to certain bank balances, borrowings from banks & financial institutions, other current assets and liabilities are subject to confirmation and the balances are currently reported in the standalone financial statement as per the books of accounts.

Our opinion is not modified in respect of this matter.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current year. These matters were addressed in the context of our audit of the financial statements and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matter described below to be the key audit matter to be communicated in our report:

Key Audit Matter

Auditors'' Response

1) Litigation, Claims and Contingent Liabilities:

â¢ The Company is exposed to a variety of different laws, regulations and interpretations thereof. Consequently, in normal course of business, Provisions and Contingent Liabilities may arise from legal proceedings, constructive obligations and commercial claims.

â¢ Management applies significant judgement when considering whether and how much to provide for the potential exposure of each matter.

â¢ These estimates could change substantially over time as new facts emerge as each legal case or matters progresses.

â¢ Given the different views possible, basis the interpretations, complexity and the magnitude of potential exposures and the judgement necessary to estimate the amount of provision required or determine required disclosures. (Refer Note No. 29)

Our Audit procedures included, among others, the following:

â¢ We understood the processes, evaluated the design and implementation of controls and tested the operating effectiveness of the Company''s controls over the recording and re-assessment of uncertain legal positions, claims and contingent liabilities.

â¢ We held discussions with senior management including the person responsible for legal and compliance to obtain an understanding of the factors considered by management in classification of the matter as ''probable'', ''possible'' and ''remote''.

â¢ Examined the Company''s legal expenses on a sample basis and read the minutes of the board meetings in order to ensure completeness.

â¢ With respect to tax matters (direct and indirect), discussed with the Company''s tax officers and obtained their views and strategies on significant cases, as well as the related technical grounds relating to their conclusions based on applicable tax laws.

â¢ Assessing the decisions and rationale for provisions held or for decisions not to record provisions or make disclosures.

â¢ For those matters where management concluded that no provisions should be recorded, considering the adequacy and completeness of the Company''s disclosures.

2) Deferred Tax Assets:

â¢ The company had recognized deferred tax assets during earlier years on deductible temporary differences; unused tax losses/ unabsorbed depreciation that it believes are recoverable.

â¢ The recoverability of recognized deferred tax assets is dependent on the company''s ability to generate future taxable profits sufficient to utilize the deductible temporary differences and tax losses.

â¢ We have determined this to be a key audit matter, due to inherent uncertainty in forecasting the amount and timing of future taxable profits and the reversal of temporary differences. (Refer note no. 6)

Our Audit procedures included, among others, the following:

â¢ Reconciling Tax Losses and expiry dates to tax statements.

â¢ assessing the company''s view to restrict recognition of deferred tax assets to Rs.458.96 lakhs in view of its past performance and uncertainty of generating future taxable profits.

â¢ Reviewed the disclosures made by the Company in the financial statements

INFORMATION OTHER THAN THE 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 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 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 in this regard.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE FINANCIAL STATEMENTS

The Company''s management and Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 with respect to the preparation of these financial statements that give a true and fair view of the state of affairs, profits/ losses and other comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India, including the Accounting Standards (Ind AS) 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 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management and the 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 management 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 reporting process.

AUDITOR''S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:

â¢ Identify and assess the risks of material misstatement of the 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.

â¢ Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

â¢ Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

â¢ Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the 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 identify matters that were of such significance in the audit of the Financial Statements for the financial year ended March 31, 2025, that they would be considered key audit matters. Accordingly, such matters have been described in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of Section 143(11) of the Act, we give in "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, based on our audit 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 our examination of those books.

c. The Company does not have any branches therefore the reporting under this clause is not applicable.

d. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, 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 comply with the Ind AS specified under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended.

f. There are no observations or comments on financial transactions or matters which have any adverse effect on the functioning of the 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 is disqualified as on March 31, 2025, from being appointed as a director in terms of Section 164(2) of the Act.

h. There is no qualification, reservation or adverse remark relating to maintenance of accounts and other matters connected therewith no need to include this.

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. With respect to the matter to be included in the Auditor''s Report under Section 197(16) of the Act: In our opinion and to the best of our information and according to the explanations given to us, the provisions of section 197 read with schedule V to the companies Act, 2013 in respect of the remuneration paid by the Company to its directors during the year. The remuneration paid is in accordance with the provisions of Section 197 read with Schedule V to the Companies Act, 2013.

k. With 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, as amended in our opinion and to the best of our information and according to the explanations

given to us:

i) The company has disclosed the impact of pending litigations on its financial position in its financial statements, Refer Note No. 30 to the Financial Statements.

ii) The company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii) There has been no amount which is to be transferred to the Investor Education and Protection Fund during the financial year

iv) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts,

a. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b. No funds have been received by the company from any persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c. Based on such audit procedures, the auditor has considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused them to believe that the representations under sub-clause (a) and (b) contain any material misstatement.

v) The company has not declared or paid dividend during the year.

vi) Based on our examination of the books of account and other relevant records of the Company, and according to the information and explanations given to us, we report that the Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility.

Further, in accordance with the requirements of the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, applicable with effect from April 1, 2023, the audit trail feature has been operated throughout the financial year ended March 31, 2025, for all transactions recorded in the software, and the audit trail has not been tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

For Anil A. Masand & Co Chartered Accountants F. R. No. 100412W

Anil A. Masand Proprietor

Place: Mumbai M. No. 037245

Date: May 29, 2025 UDIN: 25037245BMJHSW5889

Mar 31, 2024

We have audited the accompanying financial statements of THE RAVALGAON SUGAR FARM LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss including (Other Comprehensive Income), Cash Flow Statement and Statement of Changes in Equity for the year then ended and notes to the financial statements including a summary of significant accounting policies and other explanatory information (hereinafter referred to as ''financial statements.'')

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, its profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the 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 (ICAI) together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made there under, 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 audit opinion on the financial statements.

KEY AUDIT MATTERS

1.1 Profit on Assigning of Trade Marks (Refer to Note No. 28.1)

The Company entered into a deed of assignment with Reliance Consumer Products Limited for assigning Trademarks, Recipes (including packaging and packaging design and labeling aspects) and all other Intellectual Right relating to the products of the business of the Company On 09th February 2024. The Company in consideration for the deed of assignment received Rs. 27,00,00,000 (Indian Rupees Twenty Seven Crores). The carrying value in the books of the Trademarks, Recipes and all other Intellectual property assigned to Reliance Consumer Products Limited is NIL, in profit on the same, which has been shown under the head Exceptional Items. The decision for the same was taken by shareholders using signed Ballots.

1.2 Expenses for Assigning of Trademarks (Refer to Note No. 28.2)

For assigning the Trademarks, Recipes & Other Intellectual Property to Reliance Consumer Products Limited, the company incurred an expense of Rs. 89,50,000.

Auditor''s Response: Our procedures included but were not limited to:

- We examined the terms and conditions of the deed of assignment.

- We evaluated appropriateness of adequate disclosures in accordance with the applicable accounting standards

2 Obsolete Inventory- Stores and Spares (Refer note no. 2(ix) for valuation of Inventory)

The company has written off inventory from stores and spares of Rs. 29,99,646 as the same has become obsolete and the inventory has no realizable value as per decision taken by the management.

Auditor''s response: Our audit approach consisted of testing and design of the operating effectiveness of the internal controls and substantive testing is as follows:

- We have assessed the Company''s process regarding Maintenance of records, Valuation and accounting of transactions relating to Inventory as per the Indian Accounting Standard 2.

- We have evaluated the design of Internal Controls relating to recording and valuation of Inventory.

- Reviewed the disclosures made by the Company in the financial statements.

3 Provision for Gratuity (Refer to Note No. 25.1(ii))

The Balance Sheet as on 31st March 2023 and the Profit and Loss Account for the year ended on that date, have accordingly been restated to give effect of following, as required under Ind AS 8," Accounting Policies, Changes in Accounting Estimates and Errors"

â¢ During the year, the company has adjusted the opening Gratuity Payable as at 01st April 2022 and adjusted the retained earnings on that date for the cumulative effect of change in accounting policy.

â¢ The Company restated comparative amount in respect of increase/decrease in gratuity in statement of profit and loss, total comprehensive income, closing balances of retained earnings and gratuity for that comparative year (i.e. 2022-23).

â¢ The said restated closing balances of retained earnings and gratuity became the opening balances of these items for the year 2023-24, which is the year of change in accounting policy.

Auditor''s Response: Our procedures included but were not limited to:

- Reviewing the adjustments made for changes in accounting policies retrospectively in Financial Year to reflect the same accounting treatment as per changed accounting policy for all previous years.

- We examined the Actuarial report issued for the current year and previous year.

- Reviewed the disclosures made by the Company in the financial statements.

4 Deferred Tax Assets: (Refer to Note No.6)

The company had recognized deferred tax assets during the earlier years on deductible temporary differences, unused tax losses/ unabsorbed depreciation that it believes are recoverable. The recoverability of recognized deferred tax assets is dependent on the company''s ability to generate future taxable profits sufficient to utilize the deductible temporary differences and tax losses. We have determined this to be a key audit matter, due to inherent uncertainty in forecasting the amount and timing of future taxable profits and the reversal of temporary differences. (Refer note 6 to the Financial Statements)

Auditor''s response: Our audit procedures included and were not limited to the following- reconciling tax losses and expiry dates to tax statements

- assessing the company''s view to restrict recognition of deferred tax assets to Rs.458.96 lakhs in view of its past performance and uncertainty of generating future taxable profits.

- Reviewed the disclosures made by the Company in the financial statements.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND 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 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 in this regard.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company''s management and Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 with respect to the preparation of these financial statements that give a true and fair view of the state of affairs, profits/losses and other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards (Ind AS) specified under section 133 of the Act.

In preparation the financial statements, 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 management 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 reporting process.

AUDITOR''S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements for the financial year ended March 31, 2024, and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

2. As required by Section 143(3) of the Act, based on our audit 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 our examination of those books.

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

d. In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended.

e. On the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164(2) of the Act.

f. 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".

g. In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

h. With 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, as amended in our opinion and to the best of our information and according to the explanations given to us:

i) The company has disclosed the impact of pending litigations on its financial position in its financial statements,

ii) The company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii) Final pending amounts related to Unclaimed Fixed Deposits were transferred to Investor Education and Protection fund along with penalties for delay, as applicable.

iv) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts,

b. The management has represented, that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the company from any persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

v) In compliance with section 123 of the Companies Act, 2013, no dividend is declared during the year by the company.

vi) The Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2024 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software . As provision to Rule 3(1) of the Companies ( Accounts ) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11(g) of the Companies ( Audit and Auditors ) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31, 2024.

For Anil A. Masand & Co Chartered Accountants F. R. No. 100412W

Anil A. Masand Proprietor

Place: Mumbai M. No. 037245

Date: 30 May, 2024 UDIN: 24037245BKGOPM2357

Mar 31, 2023

We have audited the accompanying financial statements of THE RAVALGAON SUGAR FARM LiMiTED ("the Company"), which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss including (Other Comprehensive Income), Cash Flow Statement and Statement of Changes in Equity for the year then ended and notes to the financial statements including a summary of significant accounting policies and other explanatory information (hereinafter referred to as ''financial statements.'')

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the aforesaid 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, its loss and total comprehensive income, changes in equity and its cash flows for the year ended on that date.

BASiS FOR QUALiFiED OPiNiON

No provision has been made for the present value of the accrued Gratuity Liability and valued actuarially by an independent actuary as at March 31, 2023 amounting to Rs.292.88 lakhs (Previous year Rs.276.6 lakhs) which constitutes a departure from the Indian Accounting Standards on Employee Benefits (Ind. AS 19) referred to in Section 133 of the Act (refer note no. 24.1 of the financial statements). In our opinion, this has a corresponding effect on the loss and Reserves and Surplus of the Company as at March 31, 2023.

KEY AUDiT MATTERS

deferred Tax Assets: The company had recognized deferred tax assets during the earlier years on deductible temporary differences, unused tax losses/ unabsorbed depreciation, that it believes are recoverable. The recoverability of recognized deferred tax assets is dependent on the company''s ability to generate future taxable profits sufficient to utilize the deductible temporary differences and tax losses. We have determined this to be a key audit matter, due to inherent uncertainty in forecasting the amount and timing of future taxable profits and the reversal of temporary differences. (Refer note 6 to the Financial Statements)

Auditor''s response: Our audit procedures included and were not limited to the following- reconciling tax losses and expiry dates to tax statements

- assessing the company''s view to restrict recognition of deferred tax assets to Rs.458.96 lakhs in view of its past performance and uncertainty of generating future taxable profits.

- Reviewed the disclosures made by the Company in the financial statements. iNFoRMATioN oTHER THAN THE FiNANCiAL STATEMENTS And Auditor''s REPoRT THEREoN

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company''s management and Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 with respect to the preparation of these financial statements that give a true and fair view of the state of affairs, profits/losses and other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards (Ind AS) specified under section 133 of the Act.

The Board of Directors is also responsible for overseeing the Company''s reporting process.

AUDITOR''S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements for the financial year ended March 31, 2023, and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

2. As required by Section 143(3) of the Act, based on our audit 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 our examination of those books.

e. On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2023 from being appointed as a director in terms of Section 164(2) of the Act.

i) The company has disclosed the impact of pending litigations on its financial position in its financial statements,

ii) The company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

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

iv) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts,

v) In compliance with section 123 of the Companies Act, 2013, no dividend is declared during the year by the company.

For Anil A. Masand & Co Chartered Accountants F. R. No. 100412W

Anil A. Masand Proprietor

Place: Mumbai M. No. 037245

Date: May 22, 2023 uDIN: 23037245BGWLAK2422

Mar 31, 2016

Independent Auditorâs Report

To the Members of The Ravalgaon Sugar Farm Limited,

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of The Ravalgaon Sugar Farm Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Managementâs Responsibility for the Standalone Financial Statements

The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements. Basis for Qualified Opinion

No provision has been made for the present value of the accrued Gratuity liability (net of funds lying with LIC of India) and valued actuarially by a independent actuary as at March 31, 2016 amounting to Rs. 283.40 Lacs (previous year Rs 319.33 lacs) which constitutes a departure from the Accounting Standards on Employee Benefits (AS-15) referred to in Section 133 of the Act (Refer Note no.32 of financial statements). Therefore the loss for the period is understated by Rs. 17.20 lacs (previous year Rs 17.89 lacs) and the Reserves and Surplus of the company as at 31st March, 2016 are higher by Rs. 283.40 lacs (previous year Rs 319.33 lacs).

Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2016, and its profit and its cash flows for the year ended on that date.

Emphasis on Matter

We draw your attention to Note 36 with regard to going concern. Our opinion is not modified in respect of this matter.

Report on other Legal and Regulatory Requirements

1 As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of Section 143 (11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2 As required by Section 143 (3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 except as mentioned in para on Basis for Qualified Opinion.

e) On the basis of the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.

f) 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 âAnnexure Bâ; and

g) With respect to the other matters to be included in the Auditorâs 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 us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note no.27 to the financial statements;

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

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

Annexure A to the Auditor''s report

The Annexure referred to in the independent Auditor''s Report to the members of the company on the financial statements for the year ended 31st March 2016, we report that :

i. (a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) As explained to us, the fixed assets have been physically verified by the management mint during the year as per the phased programme which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. We are informed that there were no material discrepancies noticed on such verification.

(c) According to the information and explanations given to us, the title deeds of immovable properties are held in the name of the Company.

ii. Physical verification of inventory has been conducted at reasonable intervals by the management. In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventory followed by the management reasonable and adequate in relation to the size of the company and the nature of its business. There were no material discrepancies notice during the course of verification.

iii. The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013.

iv. In our opinion and according to the information and explanations given to us, the Company has complied with section 185 and 186 of Companies Act 2013 in respect of loans, investments, guarantees, and securities.

v. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 73 to 76 or any other relevant provisions of the Act and the rules framed under for deposits accepted from public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

vi. We have reviewed the cost records of the Company in respect of the relevant activities pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under sub-section (1) of section 148 of the Companies Act, and are of the opinion the prima facie the prescribed cost records have been made and maintained. We have however, no made detailed examination of the cost records with a view to determine whether they are accurate and complete.

vii a) The company is generally regular in depositing undisputed statutory dues including provident fund, employeesâ state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities during the year. According to the information and explanations given to us, no undisputed amount in respect of the aforesaid statutory dues were in arrears, as at 31 st March 2016, for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us based on the records of the company examined by us, there are no dues of Income Tax, Sales tax, Service Tax, Customs duty, Wealth Tax, Excise Duty, Excise Duty and Cess which have not been deposited on account of a dispute, except as enumerated herein below which are pending before respective authorities as mentioned there against:

Name of Statute	Nature of dues	Amount not deposited in (Rs. in Lacs)	Period to which the amount relates	Forum where dispute is pending
Sugarcane Purchase Tax Act	Sugarcane Purchase tax payable on harvesting and transport charges.	60.90	1995 to 1999.	Supreme Court, Delhi
The Bombay Electricity Duty Act,1958.	Electricity duty on own generation.	76.33	April, 2005 to March, 2009	High Court, Mumbai
Provident Fund on Contract Labour	Provident Fund on Contract Labour	140.00	2001-2002 to 2008-2009	P. F.Commissioner, Nashik

viii Based on our audit procedures, information and explanations given to us, in our opinion the Company has not defaulted in repayment of dues to a financial institution and banks. The Company does not have any outstanding debentures during the year.

ix. The company has not raised any money during the year by way of initial public offer and further public offer (including debt instruments) and term loans.

x. According to the information and explanations given to us, no material fraud on or by the company has been noticed or reported during the course of our audit.

xi. According to the information and explanations given to us based on the records of the company examined by us, the company has complied with the provision

of section 197 read with schedule V of the Companies Act for payment and provision of managerial remuneration.

xii. According to the information and explanations given to us, the Company is not a Nidhi company.

xiii. According to the information and explanations given to us and based on our examination of the records of the records of the company, transactions with the related parties are in compliance with section 177 and section 188 of the Companies Act 2013, where applicable, and the details of such transactions have been disclosed in the financial statement as required by applicable accounting standards.

xiv. According to the information and explanations given to us based on our examination of the records of the company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

xv. According to the information and explanations given to us and based on our examination of the records of the company, the Company has not entered into any non- cash transaction with directors or persons connected with him.

xvi. The company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934.

Annexure - B to the Auditorsâ Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)

We have audited the internal financial controls over financial reporting of THE RAVALGAON SUGAR FARM LIMITED (âthe Companyâ) as of 31 March 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managementâs Responsibility for Internal Financial Controls

The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditorsâ Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For V. Sankar Aiyar & Co

Chartered Accountants

(Firmâs Registration No.109208W)

(Arvind Mohan)

Partner

Membership No. 124082

Place: Mumbai,

Date: 28th April 2016

Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of The Ravalgaon Sugar Farm Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the eighteen month period then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Basis of Qualified Opinion

No provision has been made for the present value of the accrued Gratuity liability (net of funds lying with LIC of India) and valued actuarially by an independent actuary as at March 31, 2014 amounting to Rs. 540.53 Lacs which constitutes a departure from the Accounting Standards on Employee Benefits (AS Â 15) referred to in section 211(3C) of the Act. Therefore the loss for the period is understated by Rs. 73.20 lacs and the Reserves and Surplus of the company as at March 31, 2014 are higher by Rs. 540.53 lacs. The company has not provided for Excise duty amounting to Rs. 11,64,665/- on closing stock of confectionaries held at their factory which constitutes a departure from the Accounting Standards on Inventories (AS Â 2) referred to in section 211(3C) of the Act. Accordingly closing stock of confectionaries and excise duty payable would have been increased by Rs. 11,64,665/-. However, this does not have any impact on the Loss for the period.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis of Opinion paragraph, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

b) in the case of the Statement of Profit and Loss, of the Loss for the period ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the period ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order"),as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

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 appears from our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph, in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

Annexure to Auditors'' Report

( Referred to in Paragraph 1 under the heading of "Report on other Legal and Regulatory Requirements" of our report of even date to the members of The Ravalgaon Sugar Farm Ltd. for the period ended 31st March, 2014)

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. In respect of its fixed assets:

a)The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b)As explained to us, the fixed assets have been physically verified by the management as per the phased programme of physical verification of fixed assets. As informed to us programme is such that all the fixed assets will get physically verified in two years time which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets.

c)In our opinion, the Company has not disposed of substantial part of fixed assets during the period and the going concern status of the Company is not affected.

2. In respect of inventory:

a)The stock of finished goods and raw material has been physically verified during the year by the Management. The Company has a perpetual inventory system in respect of stores and spare parts. In our opinion, the frequency of verification is reasonable.

b)In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and nature of its business.

c)In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material having regard to the size of the operations of the Company.

3. a)The company has not granted any loans secured or unsecured to any party covered in the register maintained under section 301 of the Act.

b)The company has taken loans from two companies amounting to Rs. 435 Lacs, covered in register maintained under section 301 of Companies Act, 1956. These along with existing unsecured loans have on outstanding balance of Rs. 610 Lacs and maximum balance of Rs. 610 Lacs during the period.

c)The rate of interest and other terms and conditions of loan taken are not prima-facie prejudicial to the interest of the Company. d)The company is regular in repayment of the principal amount of loan taken and interest as stipulated.

4. In our opinion and according to the information and explanations given to us, having regard to the explanation that purchase of certain items of inventory and fixed assets are for the company''s specialized requirements, and similarly, certain goods sold are for the specialized requirements of the buyers and suitable alternate sources are not available to obtain comparable quotations, there is generally adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventories, fixed assets and also for the sale of goods and services. In our opinion, and according to the information and explanations given to us, we have not observed any major weakness during the course of audit.

5. In respect of transactions covered under Section 301 of the Companies Act, 1956:

a)In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956, have been entered in the register required to be maintained under that section.

b)In our opinion and according to the information and explanations given to us, the transactions made in pursuance of aforesaid contracts or arrangements in excess of Rs.5 lacs in respect of any party, have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has complied with the provisions of Section 58A, 58AA or any other relevant provisions of the Act and the rules framed there under for deposits Accepted from public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

7. In our opinion, the company has an internal audit system commensurate with its size and the nature of its business.

8. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the Company pursuant to the rules made by the Central Government for the maintenance of the Cost records under Section 209(1 )(d) of the Act and we are opinion that prima-facie, the prescribed accounts and records have been made and maintained.

9. In respect of the statutory dues:

a)According to the records of the Company, undisputed statutory dues including, Investor Education and Protection Fund, Income Tax, Wealth Tax, Service Tax, Customs Duty, Excise duty, cess and other material statutory dues have been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2014 for a period of more than six months from the date of becoming payable except in case of Provident Fund Rs. 5,04,031/- and Profession Tax Rs. 82,820/- on wage arrears. These have not been paid as on the date of our report.

b)According to the information and explanations given to us, the following disputed statutory dues on account of Excise duty, Purchase tax, Income Tax and Provident Fund on Contract Labour have not been deposited with the appropriate authorities:

Nature of dues Amount not deposited in (Rs. In lacs) Period to which the amount relates Forum where dispute is pending

Sugarcane Purchase Tax Act. 60.92 1995 to 1999. High Court Mumbai Sugarcane Purchase tax payable on harvesting and transport charges.

The Bombay Electricity 76.33 April,2005 to March,2009. High Court Mumbai Duty Act,1958. Electricity duty on own generation.

Income Tax Act,1961 4.20 A. Y 2005-06 I.T.A.T (Mumbai)

6.58 A. Y 2006-07 CIT Appeals (Mumbai)

14.95 A. Y 2008-09 CIT Appeals (Mumbai)

Provident Fund on 140.00 2001-2002 to Provident Fund Commissioner, Contract Labour 2008-2009 Nasik

10. The accumulated losses at the end of the financial period are not less than fifty percent of its net worth. The company has incurred cash loss of Rs. 1214.96 lacs during the period and Rs. 543.88 lacs during the immediately preceding financial period.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund or a Nidhi / mutual benefit fund / society. Accordingly, clause 4(xiii) of the Order does not apply.

14. The Company has not traded in securities, debentures and other investments. Accordingly, clause 4(xiv) of the Order does not apply.

15. In our opinion and according to information and explanations provided to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The Term loans were applied for the purpose for which they were raised.

17. According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the company, funds raised on short-term basis have, prima facie, not been used during the year for making long-term investments.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures. Accordingly, clause 4(xix) of the Order does not apply.

20. The Company has not raised any money by way of public issue during the year. Accordingly clause 4(xx) of the Order does not apply.

21. According to the information and explanations given to us, and based on audit procedures performed and representations obtained from the management, we report that no material fraud on or by the Company, has been noticed or reported during the year under audit.

For V.Sankar Aiyar & Co.

Chartered Accountants

Firm Regn No: 109208W

Arvind Mohan

Place : Mumbai Partner

Dated : 30th April 2014 M.No.124082

Sep 30, 2012

1 We have audited the attached Balance Sheet of The Ravalgaon Sugar Farm Limited as at September 30, 2012, and the Profit & Loss Account and Cash Flow Statement for the period 18 months ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those 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 the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors' Report) Order, 2003, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 ("The Act"), as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 on the basis of the information and explanation given to us, and on the basis of such checks as we considered appropriate, we give in the Annexure, hereto a statement on the matters specified in paragraphs 4 & 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 above we report that:

(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 appears from our examination of those books.

(c) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the Books of Account.

(d) On the basis of written representation received from the Directors of the Company as at September 30, 2012 and taken on record by the Board of Directors, none of the Directors is disqualified as on September 30, 2012 from being appointed as Director in terms of clause {g} of sub section {1} of section 274 of the Companies Act, 1956.

(e) In our opinion, the Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by this report comply with the mandatory Accounting Standards referred to in sub - section (3C) of section 211 of the Companies Act, 1956 except for the accounting standard relating to employee benefits referred in para 4(f) below.

(f) No provision has been made for the present value of the accrued Gratuity liability (net of adhoc partial provision of Rs. 34 Lacs and funds lying with LIC of India) and valued actuarially by a independent actuary as at September 30, 2012 amounting to Rs. 528.55 Lacs as detailed in Note 32 of financial statements. Therefore the profit for the period is over stated by Rs.139.62 lacs and the Reserves and Surplus of the company as at September 30, 2012 are higher by Rs. 528.55 lacs.

(g) Subject to the effect of matters contained in para 4(f) above, In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes thereon give the information required by the Act, 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 30th September 2012;

(ii) In so far as it relates to the Profit and Loss Account, of the loss of the Company for the period ended on that date; and

(iii) In the case of Cash Flow Statement, of the cash flows of the Company for the period ended on that date.

Annexure to Auditors' Report Referred to in Paragraph 3 of our report of even date

1. In respect of its fixed assets:

a.The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b.As explained to us, the fixed assets have been physically verified by the management as per the phased programme of physical verification of fixed assets. As informed to us programme is such that all the fixed assets will get physically verified in two years time which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets.

c.In our opinion, the Company has not disposed of substantial part of fixed assets during the period and the going concern status of the Company is not affected.

2. In respect of inventory;

a.The stock of finished goods and raw material has been physically verified during the year by the Management. The Company has a perpetual inventory system in respect of stores and spare parts. In our opinion, the frequency of verification is reasonable.

b.In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and nature of its business.

c.In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material having regard to the size of the operations of the Company.

3. a.The company has not granted any loans secured or unsecured to any party covered in the register maintained under section 301 of the Act.Therefore, the requirements of Clause 4(iii) (b), (c) and (d) of the Order are not applicable to the Company.

b.The company has taken loans from two companies amounting to Rs. 155 Lacs, renewable on quarterly basis, covered in register maintained under section 301 of Companies Act, 1956. The existing unsecured loans have on outstanding balance of Rs. 175 Lacs and maximum balance of Rs. 290 Lacs during the period.

c.The rate of interest and other terms and conditions of loan taken are not prima-facie prejudicial to the interest of the Company. d.The company is regular in repayment of the principal amount of loan taken and interest as stipulated.

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 for the purchase of inventories, fixed assets and also for the sale of goods and services. During the course of audit, we have not observed any other continuing failure to correct major weaknesses in the internal control.

5. In respect of transactions covered under Section 301 of the Companies Act, 1956:

a.In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956, have been entered in the register required to be maintained under that section.

b.In our opinion and according to the information and explanations given to us, the transactions made in pursuance of aforesaid contracts or arrangements in excess of Rs.5 lacs in respect of any party, have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

6.The Company has complied with the provisions of Section 58A, 58AA or any other relevant provisions of the Act and the rules framed under for deposits Accepted from public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

7. In our opinion, the company has an internal audit system commensurate with its size and the nature of its business.

8.We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the Company pursuant to the rules made by the Central Government for the maintenance of the Cost records under Section 209(l)(d) of the Act and we are opinion that prima-facie, the prescribed accounts and records have been made and maintained.

9. In respect of the statutory dues:

a.According to the records of the Company, undisputed statutory dues including, Investor Education and Protection Fund, Income Tax, Wealth Tax, Service Tax, Customs Duty, Excise duty, cess and other material statutory dues have been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at September 30, 2012 for a period of more than six mpnths from the date of becoming payable.

b.According to the information and explanations given to us, the following disputed statutory dues on account of Excise duty, Purchase tax, Income Tax and Provident Fund on Contract Lobour have not been deposited with the appropriate authorities:

Nature of dues Amount not deposited In Rs. In lacs Period to which the amount relates Forum where dispute is pending

Sugarcane Purchase Tax Act. 60.92 1995 to 1999. High Court Mumbai Sugarcane Purchase tax payable on harvesting and transport charges.

The Bombay Electricity 7633 April,2005 to March,2009. High Court Mumbai Duty Act, 1958. Electricity duty on own generation.

The Central Excise 136.36 March.2002 to October, 2006 Customs, Excise and Service Tax Act, 1944. Appellate Tribunal and Commissioner (Appeals)

Income Tax Act, 1961 4.20 A.Y 2005-06 I.T.A.T(Mumbai) 6.58 A.Y 2006-07 CIT Appeals (Mumbai) 14.95 A.Y 2008-09 CIT Appeals (Mumbai)

Provident Fund on 140.00 2001-2002 to Provident Fund Commissioner. Contract Labour 2008-2009 Nasik

10. The Company does not have accumulated losses as per the Balance Sheet as the end of the reporting period and has not incurred any cash loss during the period and during the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund or a Nidhi / mutual benefit fund / society. Accordingly, clause 4(xiii) of the Order does not apply.

14. The Company has not traded in securities, debentures and other investments. Accordingly. clause 4(xiv) of the Order does not apply.

15. In our opinion and according to information and explanations provided to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The Term loans were applied for the purpose for which they were raised.

17. According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the company, funds raised on short-term basis have, prima facie, not been used during the year for making long-term investments.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures. Accordingly, clause 4(xix) of the Order does not apply.

20. The Company has not raised any money by way of public issue during the year. Accordingly clause 4(xx) of the Order does not apply.

21. According to the information and explanations given to us, and based on audit procedures performed and representations obtained from the management, we report that no material fraud on or by the Company, has been noticed or reported during the year under audit.

For V.Sankar Aiyar & Co. Chartered Accountants Firm Regn No: 109208W

Place: Mumbai Dated : November 07, 2012

Arvind Mohan Partner M.No.l 24082

Mar 31, 2011

1. We have audited the attached Balance Sheet of The Ravalgaon Sugar Farm Limited as at March 31, 2011, and the Profit & Loss Account and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those 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 the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors' Report) Order, 2003, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 (The Act"), as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 on the basis of the information and explanation given to us, and on the basis of such checks as we considered appropriate, we give in the Annexure, hereto a statement on the matters specified in paragraphs 4 & 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 above we report that:

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 appears from our examination of those books.

c. The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the Books of Account.

d. On the basis of written representation received from the Directors of the Company as at March 31, 2011 and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2011 from being appointed as Director in terms of clause {g} of sub section {1} of section 274 of the Companies Act, 1956.

e. In our opinion, the Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by this report comply with the mandatory Accounting Standards referred to in sub - section (3C) of section 211 of the Companies Act, 1956 except for the accounting standard relating to employee benefits referred in para 4(f) below.

f. No provision has been made for the present value of the accrued Gratuity liability (net of adhoc partial provision of Rs. 34 Lacs made during the year and funds lying with LIC of India) and valued actuarially by a independent actuary as at March 31, 2011 amounting to Rs. 388.93 Lacs as detailed in Note 13 of Schedule N of financial statements. Therefore the profit for the year is over stated by Rs.50.72 lacs and the Reserves and Surplus of the company as at March 31, 2011 are higher by Rs. 388.93 lacs.

g. No provision has been made for excise duty payable amounting to Rs.164.64 lacs on the closing stock of finished goods held in the factory as at the close of the year. The same is being accounted for at the point of sale/transfer of goods as detailed in note no.7 of Schedule N. This accounting treatment is not in accordance with the Guidance note on Accounting for Excise Duties issued by the Institute of Chartered Accountants of India. However, this accounting treatment does not have any impact on the Profit for the year, but the closing value of the finished goods inventory would have been higher by Rs.164.64 lacs and other liabilities which include Provision for Excise Duty payable would have been higher by like amount.

h. Subject to the effect of matters contained in Para 4 (f) (g) above, In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes thereon give the information required by the Act, 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 31 st March 2011

ii In so far as it relates to the Profit and Loss Account, of the profit of the Company for the year ended on that date; and

iii In the case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Annexure to Auditors' Report Referred to in Paragraph 3 of our report of even date

1. In respect of its fixed assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to us, the fixed assets have been physically verified by the management as per the phased programme of physical verification of fixed assets. As informed to us programme is such that all the Fixed assets will get physically verified in two years time which in our opinion is reasonable having regard to the size of the Company and the nature of its Fixed assets. The reconciliation between assets and physically verified and books of account is in progress and not material discrepancies have been noticed.

c. In our opinion, the Company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of inventory;

a. The stock of finished goods and raw material has been physically verified during the year by the Management. The Company has a perpetual inventory system in respect of stores and spare parts. In our opinion, the frequency of verification is reasonable.

b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and nature of its business.

c. In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material having regard to the size of the operations of the Company.

3.

a. The company has not granted any loans secured or unsecured to any party covered in the register maintained under section 301 of the Act. Therefore, the requirements of Clause 4(iii) (b), (c) and (d) of the Order are not applicable to the Company.

b. During the year, the company has taken interest-bearing loan of Rs. 140 Lacs from three companies covered in register maintained under section 301 of Companies Act, 1956. The existing unsecured loans have an outstanding balance of Rs. 240 Lacs as on March 31, 2011 and maximum balance of Rs. 240 Lacs during the year.

c. The rate of interest and other terms and conditions of loan taken are not prima-facie prejudicial to the interest of the Company.

d. The company is regular in repayment of the principal amount of loan taken and interest as stipulated.

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 for the purchase of inventories, fixed assets and also for the sale of goods and services. During the course of audit, we have not observed any other continuing failure to correct major weaknesses in the internal control.

5. In respect of transactions covered under Section 301 of the Companies Act, 1956:

a. In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956, have been entered in the register required to be maintained under that section.

b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of aforesaid contracts or arrangements in excess of Rs.5 lacs in respect of any party, have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has complied with the provisions of Section 58A, 58AA or any other relevant provisions of the Act and the rules framed under for deposits Accepted from public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

7. In our opinion, the company has an internal audit system commensurate with its size and the nature of its business. However, there is a need to strengthen the same by increasing its scope and coverage of areas of fixed assets.

8. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the Company pursuant to the rules made by the Central Government for the maintenance of the Cost records under Section 209(1 )(d) of the Act and we are opinion that prima-facie, the prescribed accounts and records have been made and maintained.

9. In respect of the statutory dues:

a. According to the records of the Company, undisputed statutory dues including, Investor Education and Protection Fund, Income Tax, Wealth Tax, Service Tax, Customs Duty, Excise duty, cess and other material statutory dues have been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2011 for a period of more than six months from the date of becoming payable.

Nature of dues Amount not Period to which Forum where deposited in the amount relates dispute is Rs. In lacs pending

Sugarcane Purchase Tax Act. 60.92 1995 to 1999. High Court Mumbai

Sugarcane Purchase tax payable on harvesting and transport charges.

The Bombay Electricity Duty Act,1958. 76.33 April,2005 to High Court Mumbai Electricity duty on own generation. March,2009.

The Central Excise Act, 1944. 136.36 March,2002 to Customs, Excise and Service Tax October, 2006 Appellate Tribunal and Commissi -oner (Appeals)

Income Tax Act, 1961 4.20 A.Y 2005-06 I.T.A.T (Mumbai)

6.58 A.Y 2006-07 CTT Appeals (Mumbai)

14.95 AY 2008-09 CIT Appeals (Mumbai)

b. According to the information and explanations given to us, there are no disputed dues towards Wealth Tax, Service Tax and Customs Duty outstanding as on March 31, 2011. The following disputed statutory dues on account of Excise duty, Purchase tax and Income Tax have not been deposited with the appropriate authorities;

10. The Company had does not have accumulated losses as per the Balance Sheet as the end of the financial year and has not incurred any cash loss during the year and during the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund or a Nidhi / mutual benefit fund / society. Accordingly, clause 4(xiii) of the Order does not apply.

14. The Company has not traded in securities, debentures and other investments. Accordingly, clause 4(xiv) of the Order does not apply.

15. In our opinion and according to information and explanations provided to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. In our opinion and according to the information and explanation given to us, the term loans were applied for the purpose for which they were raised.

17. According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the company, funds raised on short-term basis have, prima facie, not been used during the year for making long-term investments.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year. Accordingly, clause 4(xix) of the Order does not apply.

20. The Company has not raised any money by way of public issue during the year. Accordingly clause 4(xx) of the Order does not apply.

21. According to the information and explanations given to us, and based on audit procedures performed and representations obtained from the management, we report that no material fraud on or by the Company, has been noticed or reported during the year under audit.

For V.Sankar Aiyar & Co. Chartered Accountants Firm Regn No:109208W

Arvind Mohan Partner Membership No. 124082

Place : Mumbai Dated : July 25, 2011

Mar 31, 2010

1. We have audited the attached Balance Sheet of The Ravalgaon Sugar Farm Limited as at March 31, 2010, and the Profit & Loss Account and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those 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 the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 ("The Act"), as amended by the Companies (Auditors Report) (Amendment) Order, 2004 on the basis of the information and explanation given to us, and on the basis of such checks as we considered appropriate, we give in the Annexure, hereto a statement on the matters specified in paragraphs 4 & 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 above we report that:

(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 appears from our examination of those books.

(c) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the Books of Account.

(d) On the basis of written representation received from the Directors of the Company as at March 31, 2010 and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2010 from being appointed as Director in terms of clause {g} of sub section {1} of section 274 of the Companies Act, 1956.

(e) In our opinion, the Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by this report comply with the mandatory Accounting Standards referred to in sub - section (3C) of section 211 of the Companies Act, 1956 except for accounting standard relating to employee benefits (AS 15) referred in para 4(f) below.

(f) No provision has been made for the present value of the accrued Gratuity liability (net of adhoc partial provision of Rs. 75 Lacs made during the year and funds lying with LIC of India) and valued actuarially by a independent actuary as at March 31, 2010 amounting to Rs. 337.00 Lacs as detailed in Note 13 of Schedule N of financial statements. Therefore the profit for the year is over stated by Rs.4.73 lacs and the Reserves and Surplus of the company as at March 31, 2010 are higher by Rs. 337 lacs.

(g) Subject to the effect of matters contained in Para 4 (f) above, In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes thereon give the information required by the Act, 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 2010;

(ii) In so far as it relates to the Profit and Loss Account, of the profit of the Company for the year ended on that date; and

(iii) In the case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Annexure to Auditors Report Referred to in Paragraph 3 of our report of even date

1. In respect of its fixed assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to us, the fixed assets have been physically verified by the management as per the phased programme of physical verification of fixed assets. As informed to us programme is such that all the fixed assets will get physically verified in two years time which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. The reconciliation between assets physically verified and books of account is in progress and no material discrepancies have been noticed.

c. In our opinion, the Company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of inventory;

a. The stock of finished goods and raw material has been physically verified during the year by the Management. The Company has a perpetual inventory system in respect of stores and spare parts. In our opinion, the frequency of verification is reasonable.

b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and nature of its business.

c. In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material having regard to the size of the operations of the Company.

3. a. The company has not granted any loans secured or unsecured to any party covered in

the register maintained under section 301 of the Act. Therefore, Clause 4(iii) (a), (b), (c) and (d) of the Order are not applicable to the Company.

b. The company has not taken any loans from parties covered in register maintained under section 301 of Companies Act, 1956. The existing unsecured loans have an outstanding balance of Rs. 100 Lacs and maximum balance of Rs. 265 Lacs during the year.

c. The rate of interest and other terms and conditions of loan taken are not prima-facie prejudicial to the interest of the Company.

d. The company is regular in repayment of the principal amount of loan taken and interest as stipulated.

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 for the purchase of inventories, fixed assets and also for the sale of goods and services. During the course of audit, we have not observed any other continuing failure to correct major weaknesses in the internal control.

5 In respect of transactions covered under Section 301 of the Companies Act, 1956:

a. In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956, have been entered in the register required to be maintained under that section.

b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of aforesaid contracts or arrangements in excess of Rs.5 lacs in respect of any party, have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has complied with the provisions of Section 58A, 58AA or any other relevant provisions of the Act and the rules framed under for deposits Accepted from public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

7. In our opinion, the company has an internal audit system commensurate with its size and the nature of its business.

8. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the Company pursuant to the rules made by the Central

Government for the maintenance of the Cost records under Section 209(1 )(d) of the Act and we are opinion that prima-facie, the prescribed accounts and records have been made and maintained.

9. In respect of the statutory dues:

a. According to the records of the Company, undisputed statutory dues including, Investor Education and Protection Fund, Income Tax, Wealth Tax, Service Tax, Customs Duty, Excise duty, cess and other material statutory dues have been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2010 for a period of more than six months from the date of becoming payable.

b. According to the information and explanations given to us, the following disputed statutory dues on account of Excise duty, Purchase tax and Income Tax have not been deposited with the appropriate authorities:

Nature of dues Amount Period to Forum where dispute not which the is pending

deposited amount

in relates

Rs. In lacs

Sugarcane Purchase Tax Act. 60.92 1995 to 1999. High Court Mumbai

Sugarcane Purchase tax payable on harvesting and transport charges.

The Bombay Electricity Duty Act, 1958 76.33 April,2005 to High Court Mumbai

Electricity duty on own generation. March,2009.

The Central Excise Act, 1944. 138.07 March,2002 to Customs, Excise and

October, 2006 Service Tax Appellate

Tribunal and Commissioner (Appeals)

Income Tax Act,1961 18.50 A.Y 2005-06 I.T.A.T (Mumbai)

6.59 A.Y 2006-07 CIT Appeals (Mumbai)

10. The Company had does not have accumulated losses as per the Balance Sheet as the end of the financial year and has not incurred any cash loss during the year and during the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund or a Nidhi / mutual benefit fund / society. Accordingly, clause 4(xiii) of the Order does not apply.

14. The Company has not traded in securities, debentures and other investments. Accordingly, clause 4(xiv) of the Order does not apply.

15. In our opinion and according to information and explanations provided to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. In our opinion and according to information and explanations provided to us, the Term loans were applied for the purpose for which they were raised.

17. According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the company, funds raised on short-term basis have, prima facie, not been used during the year for making long-term investments.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures. Accordingly, clause 4(xix) of the Order does not apply.

20. The Company has not raised any money by way of public issue during the year. Accordingly clause 4(xx) of the Order does not apply.

21. According to the information and explanations given to us, and based on audit procedures performed and representations obtained from the management, we report that no material fraud on or by the Company, has been noticed or reported during the year under audit.

For V. Sankar Aiyar & Co.

Chartered Accountants Firm Regn. No. 109208W

Arvind Mohan

Partner M. No.124082 Place : Mumbai Dated : July 27, 2010

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