We have audited the accompanying standalone financial
statements of Balrampur Chini Mills Limited (hereinafter
referred to as "the Company"), which comprise the
Standalone Balance Sheet as at 31^st March, 2025, the
Standalone Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone Statement
of Changes in Equity and the Standalone Statement of
Cash Flows for the year then ended, and notes to the
standalone financial statements, including a summary of
material accounting policies and other explanatory notes
for the year ended on that date (hereinafter referred to as
"the standalone financial statements").

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013 (hereinafter referred
to as "the Act") in the manner so required and give a true
and fair view in conformity with the Indian Accounting
Standards notified under section 133 of the Act read
with the Companies (Indian Accounting Standards)
Rules, 2015, as amended from time to time (hereinafter
referred to as "Ind AS") and other accounting principles
generally accepted in India, of the state of affairs of the
Company as at 31^st March, 2025, its profit (including other
comprehensive income), 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 (hereinafter referred to as "SAs") specified
under section 143(10) of the Act. Our responsibilities

under those SAs are further described in the "Auditors'
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
(hereinafter referred to as "the ICAI") together with the
ethical requirements that are relevant to our audit of the
standalone 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 ICAI's 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

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
standalone financial statements for the financial year ended
31^st March, 2025. 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 considered the matters described below to be the
key audit matters for incorporation in our report.

We have fulfilled the responsibilities described in the
"Auditors' Responsibilities for the Audit of the Standalone
Financial Statements" section of our report, including in
relation to these matters. Accordingly, our audit included
the performance of procedures designed to respond to
our assessment of the risks of material misstatement of
the standalone financial statements. The result of our
audit procedures, including the procedures performed to
address the matters below, provide the basis for our opinion
on the accompanying standalone financial statements.

INFORMATION OTHER THAN THE
STANDALONE FINANCIAL STATEMENTS AND
AUDITORS' REPORT THEREON

The Company's Board of Directors is responsible for the
preparation of other information. The other information
comprises the information included in the Annual Report
but does not include the standalone financial statements,
consolidated financial statements and our auditors'
reports 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 identified above when it becomes available,
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 with respect to the above.

RESPONSIBILITIES OF MANAGEMENT AND
THOSE CHARGED WITH GOVERNANCE FOR
THE STANDALONE FINANCIAL STATEMENTS

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), changes in equity and cash flows of the Company
in accordance with the accounting principles generally
accepted in India, including the Indian Accounting
Standards notified under section 133 of the Act read
with relevant rules, as amended from time to time. 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 the 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 standalone
financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud
or error.

In preparing the standalone financial statements, the Board
of Directors 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 the Board
of Directors 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.

AUDITORS' RESPONSIBILITIES FOR THE
AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS

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 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 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:

Ý 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 controls;

Ý Obtain an understanding of internal 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;

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

Ý 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 auditors' 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
auditors' report. However, future events or conditions
may cause the Company to cease to continue as a
going concern; and

Ý 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 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 (Auditor's Report)
Order, 2020 (hereinafter referred to as "the Order"),
issued by the Central Government of India in terms
of sub-section (11) of section 143 of the Act, we
give in the "Annexure A" a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

2. Further to our comments in the Annexure referred to
in the paragraph above, 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 except for the matters stated in paragraph
3(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014, as
amended from time to time;

c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone
Statement of Changes in Equity and the
Standalone Statement of Cash Flows dealt with
by this Report are in agreement with the books
of accounts;

d) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards notified under section 133 of the Act,
read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended from time
to time;

e) On the basis of the written representations
received from the Directors as on 31^st March,
2025, taken on record by the Board of Directors,
none of the Directors are disqualified as on 31^st
March, 2025 from being appointed as a Director
in terms of section 164(2) of the Act;

f) With respect to the maintenance of accounts and
other matters connected therewith, reference
is invited to paragraph 2(b) above on reporting
under section 143(3)(b) of the Act; and

g) With respect to the adequacy of the internal
financial controls with reference to the
standalone financial statements of the Company
and the operating 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
internal control with reference to the standalone
financial statements of the Company.

3. 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 from time to time), in our opinion and to
the best of our information and according to the
explanations given to us:

i. Pending litigations (other than those already
recognised in the standalone financial statements)
having a material impact on the financial position
of the Company have been disclosed in the
standalone financial statements as required in
terms of accounting standards and provisions of
the Act- refer note no. 38(1)(a) and 38(3)(d) to the
standalone 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 delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company;

iv. a. The management has represented that,

to the best of its knowledge and belief,
as disclosed in note no. 38(19)(a)(ii) to
the standalone financial statements, no
funds have been advanced or loaned or
invested (either from borrowed funds or
securities premium or any other sources
or kind of funds) by the Company to or in
any other person(s) or entity(ies), 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 Beneficiaries;

b. The management has represented that,
to the best of its knowledge and belief,
as disclosed in note no. 38(19)(a)(ii) to
the standalone financial statements, no
funds have been received by the Company
from any person(s) or entity(ies), 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 Parties ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and

c. Based on the audit procedures that have
been 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) of Rule 11(e) of the Companies (Audit and
Auditors) Rules, 2014, as amended from time
to time, as provided under (a) and (b) above,
contain any material misstatement;

v. As stated in note no. 38(18)(b) to the standalone
financial statements, the dividend declared
and paid by the Company during the year is in
accordance with section 123 of the Act; and

vi. Based on our examination which included
test checks, the Company has used an ERP for
maintaining its books of accounts and collating
the related data ("prime software") along with
certain other software for supporting specific
functions and operations ("supporting software").

The prime software incorporating all the financial
and other transactions involving various operational
areas and functions has the fields and tables
where audit trail (edit log) for changes made in the

transactions at application level are available and
have been operated throughout the year for all
relevant transactions recorded in the said software.
In the case of the supporting software used for
cane management, the feature for recording audit
trail (edit log) facility, excepting the log for the initial
posting for procurement and payment thereagainst,
was also available at application level and maintained
throughout the year for all relevant transactions.

Audit trail (edit log) with respect to the direct changes
at database level, with respect to above, have not
been enabled.

The payroll processing function with respect to senior
level employees and compilation of related details,
etc., undertaken through another supporting software
have been outsourced to a third-party service provider
and as confirmed by them, the audit trail (edit log) has
been enabled and operated throughout the year for
all relevant transactions recorded in the said software.

In respect of the above software, where audit trail has
been enabled, we have, however, not come across
any instance of the same being tampered with and
relevant edit logs are being maintained as per the
statutory requirements for record retention.

4. With respect to the reporting under section 197(16)
of the Act to be included in the Auditors' Report,
in our opinion and according to the information
and explanations given to us, the remuneration
(including sitting fees) paid/ payable by the Company
to its Directors during the current financial year is in
accordance with the provisions of section 197 of the
Act and is not in excess of the limit laid down therein.

For LODHA & CO LLP

Chartered Accountants
Firm's ICAI Registration No.: 301051E/ E300284

Sd/-
A. K. Ghosh

(Partner)

Place: Kolkata Membership No.: 054565

Date: 15^th May, 2025 UDIN: 25054565BMOPSF8429