The Ravalgaon Sugar Farm Ltd Auditor Reports

To the Members of

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 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 (SAs) specified 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the 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 obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial

EMPHASIS OF MATTER

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

We draw attention to Note 2(b)(xvii) to thefinancialstatements, which provides information regarding the Companys segment the Company previously operated in two reportable segments: sugar and confectionery. However, the reporting. 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 Companys 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 continueits 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 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 Companycontinuesto 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, institutions, other current assets and liabilities are subject to confirmation and the frombanks&financial reported in the standalone financial statement as per the books of accounts.

Ouropinionisnotmodifiedin

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the 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	Auditors Response
1) Litigation, Claims and Contingent Liabilities:	Our Audit procedures included, among others, the following:
The Company is exposed to a variety of different laws,• regulations and interpretations thereof. Consequently, in normal course of business, Provisions and Contingent Liabilities obligations and commercial claims.	We understood the processes, evaluated the design and implementation of controls and tested the operating effectiveness of the Companys controls over the recording and re-assessment of mayarisefromlegalproceedings,constructive uncertain legal positions, claims and contingent liabilities.
Management applies significant judgement when considering whether and how much to provide for the potential exposure of each matter.	• 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 ‘remote.
These estimates could change substantially over time as acts emerge as each legal case or matters progresses.	Examined the Companys legal expenses on a sample basis and read the minutes of the board meetings in order to ensure completeness.
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)
	With respect to tax matters (direct and indirect), discussed with the Companys tax officers and obtained their views and strategies on significant cases, as well as grounds relating to their conclusions based on applicable tax laws.
	Assessing the decisions and rationale for decisions not to record provisions or make disclosures. For those matters where management concluded that no provisions should be recorded, considering the adequacy and completeness of the Companys disclosures.

 

2) Deferred Tax Assets:	Our Audit procedures included, among others, the following:
The company had recognized deferred tax assets during earlier years on deductibletemporary differences; unused tax losses/ unabsorbed depreciation that it believes are recoverable.	• Reconciling Tax Losses and expiry dates to tax statements.
	assessing the companys view recognitionof to restrict deferred tax assets to Rs.458.96 lakhs in view of its past performance and uncertainty of generating future taxable profits.
The recoverability of recognized deferred tax assets is dependent on the companys ability to generate future taxable profits sufficient to utilize the deductible temporary differences and tax losses.
	• Reviewed the disclosures made by the Company in the financial statements
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)

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS REPORT THEREON

The Companys 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, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not include the financial statements and our auditors 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,ourresponsibilityistoreadtheotherinformationand, 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 Companys 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 section133 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 Companys 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 Companys reporting process.

AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the misstatement, whether due to fraud or error, and to issue an auditors 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:

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 resultingfrom fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal financial 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 Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

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

Conclude on the appropriateness of managements 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention our auditors 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 auditors report. However, future events or conditions may cause the Company to cease to continue as a

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 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 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 auditors 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 (Auditors 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 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 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 transactionsor 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 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 Companys internal financial controls over financial reporting. j. With respect to the matter to be included in the Auditors Report under Section 197(16) of the Act: 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 197 read with Schedule V to the Companies Act, 2013.remuneration paidisin k. With respect to the other matters to be included in the Auditors 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 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 Beneficiaries; and c. Based on such audit procedures, the auditor has considered reasonable and appropriate in the circumstances, nothing has come to our noticethat 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.

ANNEXURE - A TO INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1, under ‘Report on Other Legal and Regulatory Requirements section of our Report of even date)

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that: i. In respect of the Companys Property, Plant and Equipment: (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

(B) The Company has maintained proper records showing full particulars of Intangible assets.

(b) In our opinion Property, Plant and Equipment have been physically verified by the management at reasonable intervals during the year, and we are further informed that no serious / material discrepancy has been noticed by the management on such verification.

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

(d) The company has not revalued its Property, Plant and Equipment during the year. Therefore, the provisions of Clause (i)(d) of paragraph 3 of the order are not applicable to the company.

(e) No proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. Therefore, the provisions of Clause (i)(e) of paragraph 3 of the order are not applicable to the company. ii. In respect of Inventories: (a) The management has conducted physical verification of inventory at reasonable intervals during the year. In our opinion the coverage and the procedure of such verification by the management is appropriate. Discrepancies of 10% or more in aggregate for each class of inventorywerenotnoticed . onsuch physicalverification (b) According to the information and explanations given to us and on the basis of our examination of the records of Company, the Company has not been sanctionedwith any working capital limits in excess of five crore rupees in aggregate from banks and financial institutions on timeof thebasis year. Accordingly, security currentassetsatanypoint clause 3(ii)(b) of the Order is not applicable to the Company. iii. In our opinion and according to the information and explanation given to us and on the basis of our examination of the records of the Company;

(a) The Company has not provided loans, advances in the nature of loans, provided guarantee or provided security to companies, firms, Limited Liability Partnerships or any other parties. (b) The investments made by the Company, during the year, are not prejudicial to its interest. During the year the Company has not provided guarantees, provided security and granted loans and advances in the nature of loans to companies, firms, Limited Liability Partnerships or any other parties. (c) The Company has not granted any loans to its employees during the year, Accordingly, the requirement to report under clause 3(iii)(c) of the Order is not applicable to the Company. (d) There are no amounts of loans and advances in nature of loans granted to companies, Firms, Limited Liability Partnerships or any other parties which are overdue for more than ninety days.

(e) There were no amounts of loans and advances in nature of loans granted to companies, Firms, Limited Liability Partnerships or any other parties which has fallen due during the years, that have been renewed or extended or fresh loans granted to . settle the

(f) The Company has not granted loans and advances in the nature of loans, either repayable at demand or without specifying any terms or period of repayment to companies, firms, Limited Liability Partnerships or any other parties. requirement to report on clause 3(iii)(f) of the Order are not applicable to the company. iv. In our opinion and according to the information and explanations given to us, the Company has not granted any loans provided any guarantees or securitiesto partiescovered under Section 185 of the Act. Further, provisions of sections 186 of the

Companies Act, 2013 in respect of loans, investments, guarantees and security have been complied with by the Company.

v. During the year the Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits within the meaning of section 73 to 76 of the Companies Act and the rules made thereunder, to the extent applicable. The company has unclaimed deposits at the end of the year and the company has complied with the directives issued by the Reserve Bank of India and the provisions of Chapter V of the Companies Act 2013 or any other relevant provisions of the Companies Act 2013, and the rules framed thereunder. vi. The maintenance of cost recordshasnotbeenspecifiedby the Central Government under section 148(1) of the Companies Act, activities carried out by the Company. Thus, reporting under clause 3(vi) of the order is not applicable to 2013forthebusiness the Company. of statutory dues: vii. Accordingtothe (a) The Company has generally been regular in depositing with appropriate authorities Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Goods and Service Tax, Value Added Tax, Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it. (b) There were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Value Added Tax, Goods and Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues in arrears as at March 31, 2025, for a period of more than six months from the date they became payable.

(c) Details of dues of Income Tax, Sales Tax, Service Tax, Excise Duty, Value Added Tax and Goods, Service Tax and any other statutory dues which have not been deposited as at March 31, 2025, on account of dispute are given below:

Name of the statute	Nature of dues	Amount (Rs. In Lacs)	Period to which the amount relates	Forum where dispute is pending
E.P.F. Act 1952	PF on Contract Labour	140	Various years from 2003-04	Employee Provident Fund Appellate Tribunal, New Delhi
The Bombay Electricity Duty Act, 1958	Electricity Duty on own generation	76.33	April 2005 to March 2009	High Court, Mumbai
Maharashtra Village Panchayat Act	Grampanchayat Cess	207.74	2018-2024	NA
Payment of Gratuity Act, 1972	Gratuity Payment to Badli Workers	62.10	1992 - 2013	Appeal to be filed before the High Court.
Dam Division, Malegaon.	Penalty for water usage for Industrial and Domestic use.	29.56	2020-2025	Hon. Executive Engineer, Malegaon Dam Division

viii. According to the information and explanations given to us, there is no any transactionnot recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961). Thus, reporting under clause 3(viii) of the order is not applicable to the Company. ix. In respect of Loan & Advances: (a) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of any loan or other borrowings or any interest due thereon to any lender.

(b) In our opinion, and according to the information and explanations given to us, the company has not been declared a willful defaulter by any bank or financial institution or other lender.

(c) In our opinion, and according to the information and explanations given to us, the loans were applied for the purpose for which the loans were obtained.

(d) In our opinion, and according to the information and explanations given to us, there are no funds raised on a short-term basis which have been utilized for long-term purposes. (e) In our opinion, and according to the information and explanations given to us, the company has not taken any funds from any entity orsubsidiaries, associates or joint ventures.persononaccountofortomeettheobligations ofits (f) In our opinion, and according to the information and explanations given to us, the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies. x. (a) The Company has not raised money by way of an initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause 3 (x) of the Order is not applicable to the Company.

(b) In our opinion, and according to the information and explanations given to us, the company allotment or private placement of shares / fully or partially or optionally and hence, the requirement to report on clause 3(x)(b) of the Order is not applicable to the Company. xi. (a) Based upon the audit procedures performed and according to the information and explanations given to us, no fraud by the company or on the company by its officers or employees has been noticed or reported during the course of our audit, that causes the financial statements to be materially misstated.

(b) During the year no report under sub-section (12) of section

Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) To the best of our knowledge and according to the information and explanations received during the year by the company. xii. The Company is not a Nidhi company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on clause 3(xii)(a), 3(xii)(b) and 3(xii)(c) of the Order is not applicable to the Company. xiii. In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements as required by the applicable accounting standards. Identification of related parties were made and provided by the xiv. The provisions of Section138 of the Act in connection with applicability of Internal Audit is applicable to the Company.

(a) The Company has an internal audit system commensurate with the size and nature of its business.

(b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have been considered by us. xv. According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable. xvi. (a) The Company is not required to be registered under section45-IA of the Reserve Bank of India Act, 1934. Accordingly, the requirement to report on clause 3(xvi)(a) of the Order is not applicable to the Company. (b) The company has not conducted any Non-BankingFinancialorHousingFinanceactivities during the year. Accordingly, the requirement to report on clause 3(xvi)(b) of the Order is not applicable to the Company.

(c) The company is not a Core Investment Company (CIC) as defined in the regulations Accordingly, the requirement to report on clause 3(xvi)(c) of the Order is not applicable to the Company.

(d) As per the information and explanationsreceived, the group does not have any Core Investment Company as part of the group. Hence, the requirement to report on clause 3(xvi)(d) of the Order is not applicable to the Company. xvii. The company has incurred a cash loss of Rs. 201.78 Lakhs in the current financial year but in immediately preceding financial year i.e. 2023-24 no cash loss was incurred. xviii. There has been no resignation of the statutory auditors during the year and accordingly requirement to report on Clause 3(xviii) of the Order is not applicable to the Company. xix. On the basis of the financial ratios disclosed in the note no. 30 to the financial statements, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, auditors knowledge of the Board of Directors and management plans, we are of the opinion that no material uncertainty exists as on the date of the audit report that company is capable of meeting its liabilities when they fall due within a period of one year from the balance sheet date. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due. xx. In our opinion and according to the information and explanations given to us, there is no unspent amount under sub-section of Section 135 of the Companies Act, 2013 pursuant to any project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable. xxi. According to the information and explanations given to us, the Company does not have subsidiary, associate and joint venture. Accordingly, reporting under clause 3(xxi) of the Order is not

ANNEXURE - B TO INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2(i), under ‘Report on Other Legal and

Regulatory Requirements section of our Report of even date)

Report on the Internal reporting and their operatingFinancial Controls with reference to financial statements under Clause (i) of Sub-section controls over financialreporting

143 of the Companies Act, 2013 ("the Act") reporting, assessing the We have audited the internal financial controls with reference to financial statements of THE RAVALGAON SUGAR FARM LIMITED

("the Company") as of 31 March 2025 in conjunction with our audit of the financial statements of the Company for the ended on that date.

Opinion

In our opinion, the Company has, in all material respects, adequate internal financial controls over financial with reference these standalone financial statements such internal financial controls over financial reporting reference to these standalone financial statements were operating effectively as at March 2025, based on the financial controls over financial reporting criteria established the Company considering the essential control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute Chartered Accountants of India. control over financial

Managements Responsibility for Internal Financial Controls

The Board of Directors of the Company and management are responsible for establishing and maintaining internal financial controls based on the internal control over financial 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 (‘ICAI). These responsibilities include the design, implementation maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and accuracy and completeness detection of the accountingrecords,andthetimelypreparation of reliable financial

2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal on our reporting audit. We conducted our audit in accordance control over with the Guidance reporting may become inadequate because of changes Note on Audit of Internal Financial Controls over Financial Reporting issued by ICAI and prescribed under section143(10) of the

Companies Act, 2013, to the extent applicable to an audit of audit of Internal 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 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 financialcontrols systemover financial.

Our audit of internal financial included obtaining financialcontrols understandingofinternal over that a material financial weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the risk. The procedures selected depend on the auditors 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

Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting with reference to these Financial Statements

A companys internal financialcontrol over financial reporting a process designed to provide reasonablecomponents of internal assurance regarding the reliability reportingand the preparationof financial financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial reportingincludes 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 accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting with reference to these Financial Statements

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 financialcontrols over financial to future periods are subject to the risk that the internal financial financial (the"GuidanceNote")andtheStandardsonAuditing, in conditions, or that the or procedures may deteriorate.

For Anil A. Masand & Co

Chartered Accountants

F. R. No. 100412W

 

Anil A. Masand

controls over Proprietor financial

M. No. 037245

UDIN:25037245BMJHSW5889

 

Place: Mumbai

Date: May 29, 2025