1. We have audited the accompanying Ind AS standalone financial statements of Revati
Organics Limited (“the Company”) which comprise the Balance Sheet as at 31^st
March, 2024, the Statement of Profit and Loss including Other Comprehensive Income,
the Cash Flow Statement, the Statement of Changes in Equity for the year ended on
that date, and a summary of the significant accounting policies and other explanatory
information.

Qualified Opinion

2. 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(s) described in the Basis for Qualified
Opinion section of our report, the accompanying standalone 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 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 31^st March, 2024, the Loss , total comprehensive Loss, changes
in equity and its cash flows for the year ended on that date.

Basis of Opinion

3. Note no 2 to the financial statements, wherein, the Fixed Assets of the Company at
Plot No. 1, Gat No. 506, Village Gonde Dumale, Taluka : Igatpuri, District Nasik namely
Land, Building, Plant & Machinery and Electrical Installation were taken over by
Maharashtra State Financial Corporation pursuant to their letter dated 18^th November,
1998 in accordance with the provisions of Section 29 of the State Financial Corporations
Act, 1951 and as such the Company ceased to be the owner of the said assets. The
Company however, has not written of these assets in the books of accounts during
the year under audit amounting to Rs. 52,35,848/- along with the secured loans from
Maharashtra State Financial Corporation outstanding as on 31^st March, 2024 as per
Balance Sheet amounting to Rs. 1,03,76,328/- and SICOM Ltd outstanding as on 31^st
March, 2024 as per Balance Sheet amounting to Rs. 16,24,436/-.The amount payable
to Maharashtra State Financial Corporation and SICOM after adjusting the value of
Fixed Assets namely land, Building, Plant & machinery, Electrical Installation, Furniture
& Fixture and Office Equipment is not ascertainable in the absence of relevant data.

We conducted our audit of the standalone financial statements in accordance
with the Standards on Auditing (SAs) 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 Standalone 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 together with the ethical requirements
that are relevant to our audit of the financial statements under the provisions of the
Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion on the standalone financial statements.

Key Audit Matters

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

Information Other than the Standalone Financial Statements and Auditor’s Report
Thereon

5. The Company’s Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Board’s
Report including Annexures to Board’s Report, and Shareholder’s Information, but does
not include the standalone financial statements and our auditor’s report thereon.

Our opinion on the standalone 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 standalone financial statements, our responsibility is
to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the standalone 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 Standalone Financial Statements

6. The Company’s Board of Directors is responsible for the matters stated in Section 134(5)
of the Act with respect to the preparation of these standalone financial statements
that give a true and fair view of the financial position, financial performance including

other comprehensive income, cash flows and changes in equity of the Company in
accordance with the accounting principles generally accepted in India. 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 fraud 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 control, 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 is 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 are also responsible for overseeing the Company’s financial
reporting process.

Auditor’s Responsibility for the Audit of the Standalone Financial Statements

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

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

• Identify and assess the risks of material misstatement of the standalone 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.

• 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 system 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 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
standalone 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.

• Evaluate the overall presentation, structure and content of the standalone financial
statements, including the disclosures, and whether the standalone 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 determine
those matters that were of most significance in the audit of the standalone financial
statements of the current period 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 & regulatory Requirements

8. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by
the Central Government in terms of Section 143(11) of the Act and on the basis of such
checks of the books and records of the Company as we considered appropriate and
according to the information and explanations given to us, we give in the Annexure I a
statement on the matters specified in paragraphs 3 and 4 of the Order.

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

1. 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.

2. 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.

3. The Balance Sheet, the Statement of Profit and Loss (including other comprehensive
income), the Cash Flow statement and the Statement of Changes in Equity dealt
with by this report are in agreement with the books of account.

4. In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act.

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

6. With respect to the adequacy of the internal financial control over financial reporting
of the Company and the operative effectiveness of such controls, refer to our separate
report in “Annexure II”.

(B) With respect to the other matters included in the Auditor’s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to our
best of our information and according to the explanations given to us :

i. The Company does not have any pending litigation.

ii. The Company does not have any long-term contracts including derivatives contracts
for which there were any material foreseeable losses.

iii. There are no amounts required to be transferred, to the Investor Education and
Protection Fund by the Company.

iv. As per the management representation we report,

(a) no funds have been advanced or loaned or invested by the company to or in
any other person(s) or entities ,including foreign entities (“Intermediaries”),with
the understanding that the intermediary shall whether directly or indirectly
lend or invest in other persons or entities identified in any manner 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 person(s) or entities,
including foreign entities (“Funding Parties”),with the understanding that
the such 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 guarantee, security or the
like on behalf of the Ultimate beneficiaries.

(c) Based on the audit procedures performed, we report that nothing has come
to our notice that has caused us to believe that the representations given
under sub-clause (i) and (ii) of Rule 11( e ) by the management contain any
material mis-statement.

v. Since the company has not declared or paid any dividend during the year, the
question of commenting on whether dividend declared or paid is in accordance
with Section 123 of the Act does not arise.

vi. Based on the audit procedures performed in terms of Proviso to Rule 3(1) of
the Companies (Accounts) Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording audit trail (edit log) facility
with effect from 1^st April 2023, we report that the company has maintained the
books of accounts in the software which has a feature of recording audit trail of
transactions entered in the software.

(C) With respect to the matters to be included in the Auditor’s Report in accordance with the
requirements of section 197(16) of the Act, as amended,

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

For and on behalf of
B L Dasharda & Associates
Chartered Accountants
F.R. No.:112615W

Sd/-

Sushant Mehta
Partner

Place : Mumbai M.No. : 112489

Dated : 29^th May, 2024

UDIN NO: 24112489BKANXT3310