We have audited the accompanying Ind As financial statements
ofVISHWARAJ SUGAR INDUSTRIES LIMITED ("the

Company")which comprise the Balance Sheet as at 31st March,
2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and
the Statement of Cash Flows ended on that date, and notes to the
financial statements, including a summary of the significant
accounting policiesand other explanatory information.

In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid Ind AS 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 Ind AS prescribed under section
133 of the Actread with the Companies (Indian Accounting
Standards) Rules,205, as amended, ("Ind AS") and other accounting
principles generally accepted in India, of the state of affairs of the
Company as at 31st March, 2025, the loss andtotal comprehensive
income, the changes in equity and its cash flows for the year ended
on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Companies
Act, 2013. 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 together with the
ethical requirements that are relevant to our audit of the Ind AS
financial statements under the provisions of the Companies Act,
2013 and the Rules made thereunder, 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 obtained by us is sufficient and appropriate to
provide a basis for our audit opinion.

Key Audit Matters

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 period. These matters were
addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and
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.

Emphasis of Matter

As more fully described in Note.... to the standalone financial
statements. The scope, duration or outcome of these matters are
uncertain. Our opinion is not modified in respect of this matter.

Information Other than the Financial Statements and
Auditor's Report Thereon

The Company's Board of Directors is responsible for 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 Report and
Shareholder's Information, but does not include the standalone
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 in the
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 Responsibilities for the Standalone
Financial Statements

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

Actread with the Companies (Indian Accounting Standards) Rules,
2015, as amended. This responsibility also includes maintenance
of adequate accounting records in accordance with the provisions
of the Act for safeguarding of 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 Ind AS financial statement
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the Ind AS 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 Responsibilities for the Audit of Ind AS Financial
Statement

Our objectives are to obtain reasonable assurance about whether
the Ind AS 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 Ind AS
financial statements.

As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional scepticism 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 control 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 the 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.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements may
be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating
the results of our work; and (ii) to evaluate the effect of any
identified misstatements in the standalone financial statements.

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 and Regulatory Requirements

1. 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
including Other Comprehensive Income, Statement of
Changes in Equity and the Statement of Cash Flow dealt
with by this Report are in agreement with the relevant
books of account.

d) In our opinion, the aforesaid Ind AS financial statements
comply with the Indian Accounting Standards (Ind-AS)
specified under Section 133 of the Act.

e) On the basis of the written representations received from
the directors as on 31st March, 2025taken on record by
the Board of Directors, none of the directors is disqualified
as on31st March, 2025 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(16) of the
Act.

h) With respect to the other matters to be included in the
Auditor's Report in accordance withRule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of ourinformation and according to the
explanations given to us:

i. The company has disclosed the impact of pending
litigations on its financial position in its Notes forming
part of Ind AS financial statements Refer "notes-48".

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

iii. There are no any instances during the audit period
wherein the amount is required to be transferred to
the 'Investor Education and Protection Fund' by the
Company.

iv. i. In our opinion and to the best of our information
and according to the explanations given to us, 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 ultimate beneficiaries.

ii. In our opinion and to the best of our information
and according to the explanations given to us no
funds have been received by the company from any
person(s) or entities including foreign entities
("Funding Parties") with the understanding that
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.

iii. Based on audit procedure which we considered
reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us
to believe that the representations under sub-
clause(i) and (ii) contain any material mis¬
statement.

i) The company has not proposed any dividend during the
year.The unclaimed dividend is transferred to separate
account as per provisions of companies act and rules
thereunder.

j) As proviso to rule 3(1) of the Companies (Accounts) Rules,
2014 is applicable for the company and the company has
implemented the Audit trailduring the year. However the
Audit trail implementation is not effective and satisfactory.

2. As required by Companies (Auditor's Report) order, 2020,
issued by Central Government in terms of Section 143 (11) of
the companies Act 2013,we give in the "Annexure A" statement
on matters specified in paragraph (3) and (4) of said order

"As per our report of even date"
For, M/s P. G. Ghali & Co.,

Chartered Accountants
FRN:011092S
P.R.C.No.017013

Sd/-

(CA. Praveen P. Ghali)

Partner

^{Date:27 May}, ²⁰²⁵ M. No: 215756

^{place: Belagavi} UDIN:25215756BMJNGZ8162