We have au d Usd the accnrppanvlng financial statement of Khaftan (India) Limited (tfie "Company') which cornpfIse tne Balance Shee! as at 3i March, 2(rdA, and the Statement of Profit and Low {Including Other Comprehensive I ncome), Statement cl C lianges in Equity end the Statement of Cash Flows far the year then ended} end notes to the financial statements, including a summary of significant accounting policies «nd other explanatory Iniormetlun (Financial Statement).

in Dur opinion and tn the best ol our irttbrihaljon and hcoc rding la tha explanation* given to us, the srnrEsaid Financial Statements give 1he information required by the Comperfiaa Act 2Q13 f'ttiBAd") in Ihe manner so required arm give alrue anflfiairvieW subject to qualification as mention n nt basis for qualified opinion paragraph, in ccfiiornrHy Uvilh the accuunting principles generally accepted in India including the Indian Accounting StandanJs -spec: lied m !Fie Com nateas llnfl ian Accourttmg Standenda) Rule 2tl15 {as emended) under SBC-hcn 133 or She Act,, cf the slate of alTairs erf IhB Company as at 31 March £034, and nat profit (including other comprensnsive income}, changes in equity end Its cash Notts lor the year ended on that date

Basis far Qualified Opinion

Reference la Invited to Nate fid - AT to (hefinancial results regarding Pi eduction activity dftfie sugar mill efthe company is continued tc be under suspension for h long time altar incurring heavy losses. Tha production activilias could not be resumed during the currant yea'-because of urt-remunateftiVe eel'llng prices and high cost ol productioh. However. the ccmp&ny Is hapeliif that In future because of the various maasu ras anvlaaged tha position may improve. therefore, for the tme being company has not considered tho business of sugar as discontinued L'cersFcn

Wd Conducted «J|* a jdi. In accordance With the Standards on Auditing (5AS), as Specified undar Sedtidn 14311 C) of (he Companies Act, 2013, as amended (Thfl Aif). Ctur responsiljllijcas under thoSE Standards ara farther described in the ‘Auditors Responsibilities far 1ha Audit or the Financial Ftesulti" Section of ouri-epcd. Wfe are Independently the Company in acCbidance with (ha 'Cede Sf.BfllKf issued by (ha inetitule of Ccanarad Accountants ct India ibgethar with the ethical requirements that am relevant tc out audit of tha financial statements under the provisions ol the- Am and tha Rules theraundsu, and lira have falfilted cur othar ethical retc u -isib. iiias la ecccrilapte with these requirements and the C ode ct Ethics We believe that the audit evidence cd-ained by us is sufficient and appropi isne id provide a basis far Our opinion.

Male rial Uncertainly related ID Sulitg Concern

We draw attention iu Note rm M of the financial statement* which indicates that-the the company has incurred imses uptc me halt year ohCed 30ih September 2032 and atSointlte Immediately preceding fteVlInariCial vc-on,. is tuth the net wudh of the company has reduced However, dua tu various business i mpmvement related measures undertaken oy the company, II has earned not profits fur the financiaf year 2022-23 and 2023-24. The nianagement is hopslbl of improved results In ati^sequent serteda) years tod, as such the accounts of 'the company have been prepared an going concern basis.

emphaits or Mailer

WlMluuL modifying oh r opinion attention is drawn tofalluwi-ng matters:

a) Referenda Is Irti/ned to Nero No .-51 to financial statements, balances of bade i eealvibles. trade payables, loans una advance s, claims recoverable are subject-fa reconciliation andcucfinmoliub.

Key Audit Matters

Key audit itfatters are those mailers that, in our professional Judgment. were of must s-gnUe-antc In our audit ct me Lnd AS financial statements for ihe financial year ended 31 st March, 2024. These itistters ware addressed In tne eorvlext of plu eudu of ific- lnd AS financial statements as a whale, and in forming our opinion thereon, aid we do net provide a separate opifibn on these manats. For each mutter below, our descri pticn of hew our audit adare*sad the matter Is provided In that context.

Information cOivr ihnnUic Financial Statomanta and Auditors' Fte purl thereon

The Company* management and Beard ot Dbaefora ara responsible for fwaparafian otthe Dinar information. The either lnformalfon comprise* the Irifarmstftin Ineludeo In the Directors' report, Management DlMussiuh S Analysis etc, bur dent: nc( Include the Ulnencld statements and uur auditors' repc rt tries wn. Such ether Informal!cuts ate eKweted fobs made available to ua after the data at this auditors repurt. Our tipinfon Dti the financial statements does not ccvei the altier information and we eu not express any term d assurance conclusion Ihereon.

In connection wlih our audit sf the financial etaterf rents. our responsibility Is to read the other Informanton klervtffiad as abate vidian It bedtimes available and, In doing so, consider y/hethwihe ether information Is materially Incorvsfsteiti whh the financial siatEincnts or cut knowledge obtained In th* audit, dr otherwise appears to be mute rlsIlytnlssEited.

Whan MM read the other Information, nf we conclude that [Iter* Is a material mlsstalomenl tlherdn, we are required Id canvnnijnleate hie matter id tnosa charged ’Mth governance and take appropriate actions fiecessftated by the clrctimstancee and the applicable laws and legulations

Responsibilities of Management and Those Charged with Governance farthc Financier Stati-monts

Tlw Company's Boajd of Directors ts responsible fo-r the rnaneirs staled In section I34f5| otlha Companies Act, 2Q13 flha Act") wllh respect to Llv; preparation at these financial statements that gives- a true and fair view of the financial position, financial performance, change* lr, equity and cash flows of the Company In accordance with the accounting principles generally accepted In India, including the Indian Accou ntlng Standards -find AS) specified under section 133 of the Act.

This responsibility also Includes maintenance Of adequate accounting records In accordance with the provisions irt the Act lot Safeguarding of Ihe assets or the Company and for preventing and detecting frauds and oilier foagularniest seleuUtn and application of appropriate accounting policies, making Judgment 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 >jf the accounting reeordi, relevam to ihe preparation and presentation of Uts Ind AS financial statements dm give a true and fair view a nd are Pee from material misstatement, whether due to fraud or error.

In preparing the Knanclai statements, 1he Board of Directors is responsible for assessing the Company's ability to continue os a going concern. disclosing, as applicable, matters related to going concern arid using foe going concern basis sf accou ntmg unless the Board of Directors either Intends to Itoutdstt the Company or to cease operations, or has no realistic alternative but to dose.

That Board of Director! are aide responslbte for overseeing the Company's financial repenting process

Auditor's fiespon ufbiiiire s tor fh e Audit or Ptm nn.i n da I Stntenicniu,

Our qbj«ah»Mre^ ablaln f^aaonatilo assura/i^e Hta-jul whether thfl thanclsl *3 a whofe arts tree from me=erlal mfestatoment,

whetrieriliM to fraudor error andlBSSgwan aratEir'i reportlfttil ncludts-ouopMon ^:ie^si a-tbie ctsst. diiifce Is a hfgh level of assurance, but Is nut a. guaranies inat an audit conducted in accordance a-ith SAs rill always detect e material miSjtaEemenr when It e/sts M sslitementi can arise ifinni fraud u' arttn and are dnrtslcterijd material f, iiidly^uatiy or in the ti'evcjuid wiftofiably be

eirpec^rfrd tc influence the Scprom c aec.i cns of users taker on the bas:s nr these financial suitements.

As part uf an audii In acaycljnce riffi SAs,we exercise prcteMtonai judgment and maintain professional skeptrcism ihnougrurttBh* audit. Weals tr

* .rtentilv and assume risks of matedal m sstnternenr c-trhstirennir;¹ stBtBrneftftAhether due So t;ai 10 n r error, oes.an and perta'm aiwit proMdursj {tsjKMiSJvir.lq those rfcks, end obtain and levfaicncs Lliat s suffldttpt and appropriate tn provide a basis fm oui ?pinion Tl e risk of mi Pb'eeL r g a ir’jLe^-:.' ÝÝ'isstate" .ei: resulting tram fraud is h gnEr Lien to'cr-.e resulting l^ra'^_i ercr, as’rjud may .nunlve coll jalcrn, forgery, jrtfBffltotlfl imiBslon.5, rr ^rren:esentdtnriS, n-(h.e r-..erdde of Infernal control

* Qbta n an unde^ter-ping nf nrgrnsl rmlnol ’Ptevanfto die aupt ir rreer to design Huc-if procrmines -i-.Ht are appropriate in >hp

circurnstancee Under SitcUun dflheCtiifllSjwilea Atf,2Dl3, YvesFeafmrespiwiBfl: afi r express rvgour ojrinlcman iWiothei

the conn party has viiEgudfenirs- nal i 'uncial dG-iLiois kyptert h plats a id tho updating afitoiiflvGflBSs ofiuehbortrtts

* Lvd! Lints lie: uppmpr.itcriEsS Ol accounting pulic ou used a^rij ttl* reasonableness pi dccounting estimates aria ru'dtca a SdQjpjfSS made by rianagerner I.

* Conduce cn the spprop riater ess d managenBiif end Baird o' DirEctors use tiMbe go ig cor cam basis of acct-unLing in o'Eserarui of fnarciai state "ie-Hs and, oaaed on I Ha auo- e-sice icf cbtair ed, nether a material Uflcaitai ity ex its re ated to a-,E ils or oj icirior a Ina.i mgypEsJ s*yn ' arL dc jb( or tip Companyk apill Ý. :ocor.l r.jeasagcirg concern If -e 0010 ude Irial si material uncraranfy e~ tir. rve ara rsquirec to drF-r .itLEnlior n dl,¹ dLsilc'E report lo li-p ie:1:0a disoiosu os ir tn= inaneal tlile-rfriisor.r such d^:5c;lcsu:eca'Ei idJt-tijL:tp. fa. n dffyaOr opir c-i.Ctur londiiions j ebLis^c cnlrpaooii BVfpsnCeobtained j j to Intoale o' OtifSLM la 5 ipporf I- o - t;*Ei faLLiEEvenls a Pond I a is may cSusa Hit, Company 10 oEdcet-a i'.jnlinua as a ra ig cP:i«m.

* Btraluaie the Overall presemai on. Sfrjcnji'ti and Content of Ine [jnanoid; statema- its, including I lie diStMiKj-es, and W letnsi Jth lind'irjru! sla.Emb Its nspfSSEiit tneunoEriying-j ar tactions dr :^H anenia in a iiid-n-it^ :na: dthfevES fail pjresantfltion

'dafEr^:a!.-ty it I IE mati-rlodE ol m-ttfaLen ents in tl a sfindalnr b li uflbal ttalEm-Briitl that, InLiiviULal y oi .11 ayyreyd.E, makes il pidbac e tf-atlla OtoriorOib decisions of araasonaPfy krtavitl&dg&aolp Leer uf the Siflndaiond financial slate. uonts may be inf.uenaEd kVa consider goantlyilyematetiadlFy a'id oLidlnairie factors in (i) plann.no ma scope o' soi audit wurkand in evui uai u'j Li «rvtu tsof uur work; and (h: lo eiiSuais^ip offset of any ideriii'ied mtsstMemafitsin the siandaiopaf uancia^; statement

We cornmunlcate 1 ,'ilb ifioee ebargett wftn govanance regarding, among other matters, the panned scope and lining m me audi and signlStiSr:l Eudr Tndtogs, ncfuclp^ any ngi-if^:pdni CEripiEnciEt In uferOal Ctnlrul llistv-E idanUty during cor uudii We also provide these cna-ged '.--iln gover lane* wtlh a s.vtdrriorf tha; vda have c-anipiiod ritb re-e'/aif ethical rsgu a- isnts regard ng indEuai ueriLt and Id con uur- caft vvllh them ail fllationshlps and other niane-i that, nay reasonably de thought Lu beer on jur indeSoi c eOcP, 3'id iV1¹ ere applicable, relaled SJ.fiSguai ds

From the masers cornm-unicated v.iLIl those Charged v.-iLh govSmd'fCe. '.VS determine I nose matlero I hat '.tere of most i.-gri licence in the audltdflha tfendelenef naftclal statamsh^ib tti^'cLirrftni period andd«lhanafri!trftiekeyaud tniHtters. Wedesfit' beLbesemabort i- jur iUd lors redoh unless j<fr or 'cg-jliLiun precludeu pjp: 0 diSClosLic abu1.1L the nailer' of When, In esher-aty rare c^:rcurr:Sla:lcas Wa determineinala meltdi thi:u!drrol P'S corrmunicdlce in ou; report because tfih adverse Consequences of duiny a_Li Would reason iaoly bn espdOtBd Lo OUhVE y h the public; ! I r.e' Cid bar icips of such COrriTnuriicaf i uh.

Report bn otherLago! and Regulatory RCquMoments

As reau'rad by Lhe tanpirlis lAudilo-s Repurli {jnder, 2025 flheOrdeP^, Issued by tl:a Central Suvemifijen) ul India In [e-mis of tSLiior 143(111 of She Gdmpanles Act. 20f3, and on hit basis uf-suen r.-.iucku of J ic banks a icj rsc.'rds of lha Cotyipariy as . e consWered appropriate and according to the infarmaifufi and-enplfloalluns given to us, vie give In 'Annamure A” a statement an lbs Ý. iclic 1 s speci lied in paragraphs a £md 4 Df tbs 0' oer, to iha tAenl applicable

i|? As required by section I43(3ju1 fie-Act and based on our audlfw* report fiar

a? We have scughl and obtained all fie lnformallon and explanations which fa ihs best of our knowledge and babaf were necessary for Ihe purposes of wjr fl-udlL

b) In uur opinion, proper books of account as required by law have been kept by the Company so far as h apptajs Inom our examination of fipsa books

el The Balance Sheet, fie StalenerH of Profit and Loss including Other Cpmprehanslve Income, Blaie-mem ol Changes I n cqufrv and. Ihe Cash Flow Statemenl dealt with by fiia Fteporf are in agreement wifi fie books cl account.

d) In cur opinion, [be aforesaid financial statements comply wifi the Ind AS specified, under section 133 el fie Act, read with Rule 7 utfie Companies {Accounts) Rules, 2&14

e) On the basis cl fie whiten represenrailonB received from the directors as on 31 at March, £024 taken on record by the Guard r..f Directu rs, none of fie dir actors is di mualliled as un 31 si March, 3024 from being appointed as a director In terms of Section 164(3,'off he Ad

0 With respect to the adequacy of fie internal financial ewlrois ever financial reporting qf fie Company end lha operating effectiveness of such controls, refer to our separate Report in 'ftnnexureS'.

a) With rasped to the matter to be Included In the Audllohs Report In our opinion and to the beal of our information and according to the explanations given to us, fie remunerallon paid by the Company to Its directors during the yeai Is In accordance with fie provisions ol section 197 read with Schedule V to the Act In respect of one director, aggregate remuneration offts. 14,08,912/-pald / provided during the year, ts subjeottp fie appt oval of the Members¹ at the farficoming Annual General Meeting

h) V /ifi respect to fie pfior matters to oe included i n the Auditor's Report in accordnooe wifi Rute 11 of the Comp spies lAutflt and Aurfitors) 0)1)165,2014, as amended, in our opinion and to thebeal ef our infammalipn and according to the explanations given to ust

1. Releronw to fie Note no 36, the Company ha? disdosetf fie imped of pending litigations as af 51 st March, 2034 on it* financial position in its financial statements In accordance wifi fie generally accepted accounting praedee in fie financial statements,

2. The pnmpany did not have any long-term ccntrscts including derivative cofinscis fo» which there wore any rr-aterinl foreseeable losses.

3. There were no amounts. which were required to be -transferred to fie Investor Education and Fnotpctidn Fund by fie Company

4 (i) The management has represented fiei, to fie best gf i& knowledge and beliel: no finds fiHvq been advanced or loened

or invesred (either from bemowed funds or ehHre premium or any other sources or kind ot-fands.} by fie Qomperiy to pj in any qther persons ot entiiiej., Including toreign entities ("SotenTtedifiries"), wifi (he understand; ng. wnefier recorded in writing or otherwise, fial fie Intermedf&ry shall I

- directly nr indirectly lend oe invest In other persons or endfies identified in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf ofthe Company nr

- provide Hny guarantee, security or (he || "C to or on behslf or (|-^ Ultimate Beneficiaries;

(iij The menegemenl itee represented that, to fie best of ifi knowledge and belief, no lunde have been received by fie Company from any paeons or entities, including foreign enfibes rftinding PartiE-e’'), wffi fie understanding, whelher recpihed in wnli ng or otherwise, tliat fie Com pany sng-i

- directly or jndirectiy.. lord qr invest in other persons or entities idenHied in any manner whatsoever rUltimate Eeneficiaries") by cron behgtf oti lie Funding Party ar

- prpvMfe any guarantee, security or fie ItHe firpm qr oq bohpff pf the LJIbmste Beneficiaries; anti

(ifi Based on such audit procedures esmnpdeved reasonable end appropriate in fie m-cumsfannes, nothing bps come to our notice that has caused us Id bdisve fiat the represenlafemS under sub-clause ifi'! and 4{ii) mntein any materiel misstatement; end

5. Ko dividend declared or paid du ring ilia year by me Company.

'! P-n:v.su RuleSff} oftheCtjmpaftfes(Accdurital rHul^d, 2014 !vr maintaining boohs or account js igaccounting software wh ichhsij a feature "I recording -lodii -r#ii '.edit log) facility s appUcatils (0 tr* Compifl with ftieci from 1 Apr i 2023, and accrd'ng|y, reptifting under Buie ! n'g: .- C-.-n’i&ar.ies' (/Ý.Lidrt and Au-drtors: i^.ies 20l4:snul applicable f >- the financial year undid March 31, 2024.

j> Erased on ni ftxaflWialkiri vm-ch Included lest chec'is, the company has osed an recounting sunv/twe f-ir maintaining ns pm>K5 of aoe&ifl wblt^hasa feature cl iedortfngaudltfcell jedtilfl$^^ewMptlii«t audit iral ass not enabled at ihedatiEiase level ti.dog (try di^heci (^inⁿges f iMoii^ct: .Ý jmlng rtwara tiled tonfwlntflliilnjj me boolts ofacwum Fur accounting spit Agfa tor utitobaiid t trail feature is-enabled, the audit trail facility has been operating thtrciugtiouft the year for ail relevant transactions recorded In tine uofvA^rear-:">ed tf note.inte a: o_;s_L. any naraoct-n abort trail feaiuie lading tampe'iid^rr, poring rhe course of burauditA

Fo r K. C. 0 h attache-ncB ft Paul

Chdi artH Accountants

FFlN 3IHQ2BE

BI SWa|l l Da Lla

(Pil-tner)

^tKnbar's'i.p No GEiv5G2

UDlft:

Pities: K'.-lhiiU

Dale 29t'i day or way, 2G24