Your Directors hereby present the Eighty Ninth (89^th) Annual Report on the Business and Operations together with the Audited Financial Statements of the Company for the Financial Year ended March 31, 2024 ("FY 2023-24").

FINANCIAL HIGHLIGHTS:

The Company's financial performance for the year under review is summarized below:

(Rs. in Lakhs'

REVIEW OF OPERATIONS AND STATE OF THE COMPANY AFFAIRS:

The Financial Statements of the Company for the FY 2023-24, have been prepared in accordance with the applicable Indian Accounting Standards (Ind AS) and the provisions of Companies Act, 2013 ("the Act").

During the year under review, the Company had total income of Rs. 871.61 Lakhs as against Rs. 985.03 Lakhs in the previous year. The profit before tax (after exceptional items) was Rs. 2,155.80 Lakhs as against loss of Rs. 255.70 Lakhs in the previous year. The profit after tax was Rs. 1,730.80 Lakhs as against loss Rs. 255.88 Lakhs in the previous year.

The Company operates in a single segment viz. Manufacturing of Confectionery. An analysis of performance for the year including the major developments, if any, has been included in the Management Discussion & Analysis Report, which forms a part of the Annual Report.

CHANGE IN NATURE OF BUSINESS:

There was no change in nature of business carried on by the Company during the financial year under review. However, the company entered into a deed of assignment with Reliance Consumer Products Limited for assigning trademarks, recipes (including packaging, packaging design, and labeling aspects), and all other intellectual property rights relating to the company's sugar boiled confectionery business details of which has been included in the Management Discussion & Analysis Report, which forms a part of the Annual Report.

DIVIDEND:

With a view to conserve the resources of the Company, your Directors recommend not declaring a dividend for the year under review.

TRANSFER TO RESERVES:

During the financial year under review, no amount has been transferred to the reserves.

SHARE CAPITAL:

Sub-Division/Split of Equity Shares

Pursuant to the approval of the members at the Annual General Meeting held on September 22, 2023, the issued, subscribed, and paid-up equity share capital existing on the record date (i.e., Friday, November 24, 2023) was sub-divided/split from 1 (one) equity share having a face value of Rs. 50/- each, fully paid-up, into 5 (five) equity shares having a face value of Rs. 10/- each, fully paid-up.

Authorized Share Capital

Pursuant to the approval of the members at the Annual General Meeting held on September 22, 2023, for the sub-division/split of the company's equity shares from 1 (one) equity share having a face value of Rs. 50/- each, fully paid-up, into 5 (five) equity shares having a face value of Rs. 10/- each, fully paid-up, the authorized share capital of the company was sub-divided/split from Rs. 6,00,00,000/- (Rupees Six Crores only), divided into 3,00,000 (Three Lakhs) preference shares of Rs. 100/- (Rupees One Hundred Only) each and 6,00,000 (Six Lakhs) equity shares of Rs. 50/- (Rupees Fifty Only) each, to 3,00,000 (Three Lakhs) preference shares of Rs. 100/- (Rupees One Hundred Only) each and 30,00,000 (Thirty Lakhs) equity shares of Rs. 10/- (Rupees Ten Only) each.

Issued, Subscribed, Paid-up Share Capital

During the financial year 2023-24, there was no change in the issued, subscribed, and paid-up share capital of the Company. However, as a result of the sub-division of equity shares, the face value of each share was changed from Rs. 50/- to Rs. 10/-. Consequently, the issued, subscribed, and paid-up share capital of the Company as on March 31, 2024, was Rs. 34,00,000/- (Rupees Thirty-Four Lakhs Only), divided into 3,40,000 (Three Lakhs Forty Thousand) equity shares of Rs. 10/- (Rupees Ten Only) each.

Further, during the year under review, the Company has not issued equity shares with differential rights as to dividend, voting, or otherwise.

PUBLIC DEPOSITS:

During the FY 2023-24, the Company has not accepted any deposits from public/members within the meaning of Section 73 and 76 of the Act read with Companies (Acceptance and Deposits) Rules, 2014. However, the total amount of fixed deposit as on March 31, 2024 was Rs. 0.40 Lakh. There are no overdue deposits except unclaimed deposits amounting to Rs. 0.40 Lakh, which is included in the aforesaid total amount of Fixed Deposits.

ANNUAL RETURN:

Pursuant to Sections 92(3) and 134(3)(a) of the Act, a copy of the Annual Return of the Company in Form MGT-7 for the FY 2023-24 is available on the website of the Company and can be accessed at https://trsfl.in/annual-results.html.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Board of Directors ("the Board") as on March 31, 2024 comprises of 5 (Five) Directors out of which 3 (Three) are Independent Directors whereas 2 (Two) are Executive Directors. The composition of the Board of Directors is as follows:

Sr. No. Name of the Director__Designation_

1. Mr. Harshavardhan Doshi__Chairman & Managing Director_

2. Mr. Nihal Doshi__Executive Director & Chief Financial Officer_

3. Mrs. Ramola Mahajani__Independent Director_

4. Mr. Rajiv Jain__Independent Director_

5. Mr. Subodh Mawalankar__Independent Director_

Key Managerial Personnel (KMP):

Pursuant to the provisions of Section 2(51) and Section 203 of the Act, the following are KMPs of the Company as on March 31, 2024:

Retirement by rotation:

In accordance with the provisions of Section 152 of the Act read with the Companies (Management and Administration) Rules, 2014 and in accordance with the Articles of Association of the Company, Mr. Nihal Doshi (DIN: 00246749), Executive Director of the Company, who is liable to retire by rotation at the ensuing Annual General Meeting ("AGM"), being eligible, offers himself for reappointment. The Board recommends the re-appointment of Mr. Nihal Doshi as Director of the Company.

Re-appointment of Chairman & Managing Director:

Mr. Harshavardhan Doshi (DIN: 00688736), Chairman & Managing Director of the Company will be completing his present term on January 15, 2025. Based on recommendation of the Nomination & Remuneration Committee, the Board of Directors in its meeting held on August 13, 2024 has approved the re-appointment of Mr. Harshavardhan Doshi for a term of 3 (three) years effective from January 16, 2025 until January 15, 2028 subject to approval of members at the ensuing AGM.

During the year under review, there has been no change in the composition of the Board of Directors of the Company.

Brief resume of the Directors proposed to be appointed/re-appointed as stipulated under Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company Secretaries of India (ICSI) is given in the Notice forming part of this Annual Report.

Declaration from Independent Directors:

The Company has received declaration from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations. There has been no change in the circumstances which may affect their status as Independent Directors of the Company and the Board is satisfied of the integrity, expertise and experience (including proficiency in terms of Section 150(1) of the Act and applicable rules thereunder) of all Independent Directors on the Board.

Further, in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment & Qualification of Directors) Rules, 2014, as amended, and as per the Ministry of Corporate Affairs Notification dated October 22, 2019, the Independent Directors of the Company have included their names in the databank of Independent Directors maintained with the Indian Institute of Corporate Affairs.

Remuneration to Non-Executive Directors:

During the financial year under review, the Non-Executive Directors (NEDs) of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, commission and reimbursement of expenses incurred by them for the purpose of attending meetings of the Board/Committee of the Company.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 134(3)(c) and Section 134(5) of the Act, your Directors, to the best of their knowledge and ability, confirm that:

a. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b. the directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year and of the profit of the Company for that period;

c. the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d. the directors have prepared the annual accounts on a going concern basis;

e. the directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and

f. the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

ANNUAL PERFORMANCE EVALUATION BY THE BOARD, IT'S COMMITTEES AND OF INDIVIDUAL DIRECTORS:

Board: In accordance with the criteria suggested by the Nomination and Remuneration Committee, the Board of Directors evaluated the performance of the Board, with regards to various criteria such as Board composition, Board processes and Board dynamics. The Independent Directors, at their separate meeting held on February 06, 2024, also evaluated the performance of the Board as a whole based on various criteria. The Board and the Independent Directors were of the unanimous view that performance of the Board of Directors as a whole was satisfactory.

Committees of the Board: The performance of the Audit Committee, the Nomination & Remuneration Committee and the Stakeholders' Relationship Committee was evaluated by the Board with regards to various criteria such as committee composition, committee processes and committee dynamics. The Board was of the unanimous view that all the committees were performing their functions satisfactorily and according to the mandate prescribed by the Board under the regulatory requirements including the provisions of the Act, the Rules framed thereunder.

Individual Directors: In accordance with the criteria suggested by the Nomination & Remuneration Committee, the performance of each independent director was evaluated by the entire Board of Directors (excluding the director being evaluated) on various parameters such as qualification, experience, availability and attendance, integrity, commitment, governance, independence, communication, preparedness, participation and value addition. The Board was of the unanimous view that each independent director was a reputed professional and brought his/her rich experience to the deliberations of the Board.

MEETINGS OF THE BOARD:

The Board met at regular interval to discuss and decide on affairs, operations of the Company and to supervise and control the activities of the Company.

During the year under review, 6 (Six) Board Meetings were held i.e. on May 22, 2023, July 24, 2023, August 30, 2023, November 03, 2023, February 06, 2024 and February 09, 2024 The intervening gap between the two consecutive Board meetings did not exceed the period prescribed by the Act, Listing Regulations, Secretarial Standard on Board Meetings (SS-1) issued by ICSI.

The details of attendance of the Directors at the meetings held during the year under review is stated herewith:

COMMITTEES OF THE BOARD:

As required under the applicable provisions of the Act, the Company has constituted following Committees of the Board viz.:

1. Audit Committee;

2. Stakeholders' Relationship Committee; and

3. Nomination & Remuneration Committee.

AUDIT COMMITTEE AND ITS COMPOSITION:

The Audit Committee is duly constituted as per the provisions of Section 177 of the Act.

During the FY 2023-24, the Committee met 6 (Six) times i.e. on May 22, 2023, July 24, 2023, August 30, 2023, November 03, 2023, February 06, 2024 and February 09, 2024

The composition of the Committee and attendance details for the meetings held during FY 2023-24, are as follows:

All members are financially literate and bring in expertise in the fields of finance, accounting, development, strategy and management. During the year under review, all the recommendations made by the Committee were accepted by the Board.

Mr. Rajiv Narendra Jain, Chairman of the Audit Committee was present at the last AGM of the Company held on September 22, 2023. Ms. Ritu Gianani, Company Secretary & Compliance Officer of the Company acts as the Secretary to the Committee. STAKEHOLDERS' RELATIONSHIP COMMITTEE AND ITS COMPOSITION:

The Composition of the Stakeholders' Relationship Committee is in compliance with the provisions of Section 178 of the Act.

The Committee is primarily responsible to review all matters connected with the Company's transfer of securities and redressal of shareholders' / investors' / security holders' complaints.

During the FY 2023-24, the Committee met 1 (One) time i.e. on February 06, 2024.

The composition of the Committee and Attendance details of the meeting held during FY 2023-24, are as follows:

All the recommendations made by the Committee during the year under review were accepted by the Board.

Mr. Rajiv Jain, Member of the Stakeholders' Relationship Committee was present at the last AGM of the Company held on September 22, 2023.

Ms. Ritu Gianani, Company Secretary & Compliance Officer of the Company acts as the Secretary to the Committee.

NOMINATION AND REMUNERATION COMMITTEE AND ITS COMPOSITION:

The Composition of the Nomination and Remuneration Committee is in compliance with the provisions of Section 178 of the Act. During the FY 2023-24, the Committee met 1 (one) time i.e. on August 30, 2023.

The composition of the Committee and attendance details of the meeting held during FY 2023-24. are as follows:

Ms. Ritu Gianani, the Company Secretary & Compliance Officer of the Company acts as the Secretary to the Committee. COMPANY'S POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION:

The Company's policy on Directors' appointment including criteria for determining qualifications, positive attributes and independence of a Director as well as policy relating to Remuneration of Key Managerial Personnel and other employees and other matters as provided in Section 178(3) of the Act, is appended as an ''Annexure I" to this Report and the same is uploaded on the website of the Company and can be accessed at the web-link:

https://trsfl.in/assets/policies/remuneration-policy.pdf

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has adopted a Whistle Blower Policy to provide a formal mechanism to the Directors and employees to report concerns about unethical behavior, actual or suspected fraud or violation of Code of Conduct and Ethics. It also provides for adequate safeguards against the victimization of employees who avail of the mechanism and provides direct access to the Chairperson of the Audit Committee in exceptional cases. It is affirmed that none of the personnel of the Company was denied access to the Audit Committee. The Whistle Blower Policy aims at conducting the affairs in a fair and transparent manner by adopting highest standards of professionalism, honesty, integrity and ethical behavior. The Policy is available on the Company's website and can be accessed at:

https://trsfl.in/assets/policies/whistleblower-policy-vigil-mechanism.pdf

We affirm that no employee / director has been denied access to the Chairman of the Audit Committee and that no complaints were received during the year under review.

RISK MANAGEMENT:

The Company has implemented a comprehensive Risk Management Policy aimed at proactively identifying, analyzing, and mitigating risks that may impact its operations and objectives. The Board of Directors consistently engages in a detailed exercise to identify these risks and define appropriate measures for their control and mitigation, following a well-defined procedure.

The Board and the Audit Committee periodically reviews the risks associated with the Company and recommend steps to be taken to control and mitigate the same through a properly defined framework.

The Risk Management Policy of the Company is available on the website and can be accessed at: https://trsfl.in/assets/risk management policy rsfl.pdf

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:

There were no significant or material orders passed by any regulator or court or tribunal that would impact the going concern status of the Company or have a material bearing on the Company's operations in future.

DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:

The provisions relating to Corporate Social Responsibility under Section 135 of the Act and Rules made thereunder are not applicable to the Company.

STATUTORY AUDITORS AND AUDITORS' REPORT:

At the 86^th AGM convened on September 28, 2021, the Members of the Company had approved the appointment of M/s. Anil A. Masand & Co., Chartered Accountants (ICAI Firm Registration No. 100412W), as the Statutory Auditors of the Company for a period of 5 (five) years commencing from the conclusion of the 86^th AGM until the conclusion of the 91^st AGM. Accordingly, the first term of M/s. Anil A. Masand & Co. as Statutory Auditors expires at the conclusion of the 91^st AGM.

The Company has obtained written consent and a certificate from M/s. Anil A. Masand & Co. confirming their compliance with the criteria specified under Section 141 of the Act for the appointment of auditors. Additionally, the Certificate also verifies that their appointment as auditors falls within the limits prescribed under Section 139 of the Act.

During the year under review, the Statutory Auditors have confirmed that no instance of fraud was reported to the Audit Committee, in accordance with Section 143(12) of the Act. As a result, there are no details to be disclosed under Section 134(3)(ca) of the Act.

The Auditors Report for the financial year ended March 31, 2024 does not contain any qualification, reservation or adverse remark. The notes on the financial statement referred to in the Auditors' Report are self-explanatory and do not call for any further comments.

INTERNAL AUDITOR:

Pursuant to the provisions of Section 138 of the Act read with the Companies (Accounts) Rules, 2014, M/s Gokhale Associates, Chartered Accountant, was appointed as the Internal Auditor of the Company in the meeting of the Board of Directors held on November 03, 2023. His appointment is effective from the FY 2023-24 until he expresses unwillingness to continue or the Board decides otherwise.

The Internal Auditor monitors and evaluates the efficacy and adequacy of internal control system, including compliances with operating systems, accounting procedures, and policies and report the same to the Audit Committee periodically.

The management examines the internal auditors' report and promptly implements corrective actions within their respective areas to reinforce and enhance internal controls.

SECRETARIAL AUDITORS AND THEIR REPORT:

Pursuant to the provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors had appointed M/s S. R. Padhye & Co., Practicing Company Secretaries (COP No. 1559), as the Secretarial Auditors of the Company to undertake the Secretarial Audit for the FY 2023-24.

The Secretarial Audit Report for the said Financial Year is annexed to this report as "Annexure II".

INTERNAL FINANCIAL CONTROL WITH REFERENCE TO THE FINANCIAL STATEMENTS:

The Board has implemented comprehensive policies and procedures to ensure smooth and effective conduct of its business operations. These policies cover various aspects, including adherence to Company Policies, safeguarding of assets, prevention and detection of frauds and errors, as well as ensuring the accuracy and completeness of accounting records and timely preparation of reliable financial disclosures.

The Audit Committee in co-ordination with the Board evaluates the Internal Financial Control Systems and strives to maintain the appropriate Standards of Internal Financial Control. The details in respect of internal financial control and their adequacy are included in the Management Discussion & Analysis Report, which forms part of this Annual Report.

MAINTENANCE OF COST RECORDS:

Pursuant to the provisions of Section 148(1) of the Act and rules made thereunder, maintenance of Cost Records or Cost Audit was not applicable to the Company during the year under review.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

The particulars of Loans, Guarantees and Investments made by the Company, falling under the purview of Section 186 of the Act, are given in the notes to the Financial Statements, as included in this Annual Report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

All the contracts / arrangements / transactions entered by the Company during the FY 2023-24 with related parties were in the ordinary course of business and on an arm's length basis.

During the year under review, the Company had not entered into contract / arrangement / transaction with related parties which is required to be reported in Form No. AOC-2 in terms of Section 134(3)(h) read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014.

The Company has made full disclosure of transactions with the related parties as set out in Note No. 32 of Financial Statement, forming part of the Annual Report.

PARTICULARS OF LOANS ACCEPTED FROM DIRECTORS OR RELATIVES OF DIRECTORS:

During the year under review, no loans have been accepted from any director or their relative.

PARTICULARS OF THE EMPLOYEES AND REMUNERATION:

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed to this report as ''Annexure IN".

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

Pursuant to Section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014, details regarding Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo for the year under review is annexed to this report as "Annexure IV''.

STOCK EXCHANGE:

The Equity Shares of the Company are listed on BSE Limited. The Company has paid the Annual listing fees for the Financial Year 2024-25 to the said Stock Exchange.

SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES:

As on March 31, 2024, the Company does not have any Subsidiary, Associate and Joint Venture Company. Therefore, the preparation of consolidated financial statements and the statement containing salient features of the Subsidiary, Associate and Joint Venture companies in Form AOC-1, as required under Section 129 of the Act, is not applicable to the Company.

Furthermore, during the year under review, no Company ceased to be a Subsidiary, Associate and Joint Venture of the Company.

MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENT RELATES AND THE DATE OF THE REPORT:

There have been no material changes and commitments affecting the financial positions of the Company occurred between the end of the financial year to which this financial statement relates and the date of this report.

COMPANY'S POLICY ON PREVENTION OF INSIDER TRADING:

Pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015 ("PIT Regulations"), as amended from time to time, the Company has formulated a Code of Conduct for Insiders ("Code of Conduct") and the "Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information" ("Code of Fair Disclosure") in line with the provisions of PIT Regulations. The aforementioned Codes can be accessed on the website of the Company at:

https://trsfl.in/assets/policies/insider-trading-policy.pdf

Further, the Compliance Officer has received requisite disclosure from the Directors and Designated Persons in compliance with the Code.

REPORT ON CORPORATE GOVERNANCE:

As per the Regulation 15(2) of Listing Regulations, the provisions related to Corporate Governance, as specified in Regulations 17, 17A, 18, 19, 20, 21, 22, 23, 24, 24A, 25, 26, 27 and clauses (b) to (i) and (t) of sub-regulation (2) of regulation 46 and para C, D and E of Schedule V, shall not apply to a listed entity having paid up Share Capital not exceeding Rupees Ten Crores and Net-worth not exceeding Rupees Twenty-Five Crores, as on the last day of the previous financial year.

As on the last day of the previous financial year, the paid up Share Capital and Net-worth of the Company were below the threshold limits stated above. Therefore, the Company is currently not required to comply with the above provisions of Corporate Governance.

Consequently, the Report on Corporate Governance and Certificate regarding compliance of conditions of Corporate Governance are not made a part of this Annual Report.

However, pursuant to the Regulation 34(2)(e) of Listing Regulations, Management Discussion & Analysis Report is attached herewith as "Annexure V" and forms an integral part of this Annual Report.

COMPLIANCE WITH SECRETARIAL STANDARDS:

During the year under review, the Company has followed the applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to 'Meetings of the Board of Directors' and 'General Meetings' respectively.

DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

In accordance with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ('POSH Act') and the Rules made thereunder, the Company has in place a policy which mandates no tolerance against any conduct amounting to sexual harassment of women at workplace. The Company has constituted Internal Complaints Committee to redress and resolve any complaints arising under the POSH Act. During the year under review, no complaint was received by the Committee on sexual harassment.

DISCLOSURE IN RESPECT OF STATUS OF APPLICATION OR PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016:

During the year under review, no application was made or any proceedings were pending against the Company under the Insolvency and Bankruptcy Code, 2016.

DISCLOSURE RELATING TO DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND VALUATION DONE WHILE TAKING LOAN FROM BANK OR FINANCIAL INSTITUIONS ALONG WITH THE REASONS THEREOF:

During the year under review, no such one-time settlement was done in respect of any loan taken by the Company from Banks / Financial Institutions.

ACKNOWLEDGEMENT:

The Directors of Company express their heartfelt gratitude and appreciation to all the stakeholders, including bankers, clients, employees, and the investing community, for their unwavering assistance, cooperation, and support to the Company. We sincerely acknowledge the contributions of every member of our organization, as their dedication and efforts have been instrumental in our success.

We eagerly look forward to the continued support and collaboration of all stakeholders in the future.

By order of the Board of Directors of The Ravalgaon Sugar Farm Limited

Harshavardhan Doshi

Place: Mumbai Chairman & Managing Director

Date: August 13, 2024 DIN: 00688736