Notes to Accounts of Ravindra Energy Ltd.

Mar 31, 2025

xii. Provisions and Contingent liabilities:

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of a
past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of
the amount of the obligation.

If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the
liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a
finance cost.

A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed by
the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the
Company or a present obligation that is not recognized
because it is not probable that an outflow of resources
will be required to settle the obligation. A contingent
liability also arises in extremely rare cases where there
is a liability that cannot be recognized because it cannot
be measured reliably. The Company does not recognize a
contingent liability but discloses its existence in the
financial statements.

xiii. Retirement and other employee benefits

Retirement benefit in the form of provident fund is a
defined contribution scheme. The Company has no
obligation, other than the contribution payable to the
provident fund. The Company recognizes contribution
payable to the provident fund scheme as an expense in
the statement of profit and loss.

Provisions for liabilities in respect of leave encashment
benefits and gratuity are made based on actuarial
valuation made by an independent actuary as on the
balance sheet date. The cost of providing benefits under
the defined benefit plan is determined using the projected
unit credit method.

Re-measurements, comprising of actuarial gains and
losses, the effect of the asset ceiling, excluding amounts
included in net interest on the net defined benefit liability
and the return on plan assets (excluding amounts
included in net interest on the net defined benefit
liability), are recognised immediately in the balance
sheet with a corresponding debit or credit to retained
earnings through OCI in the period in which they occur.

Re-measurements are not reclassified to profit or loss in
subsequent periods.

xiv. Earnings per share:

Basic earnings per share are calculated by dividing the
net profit or loss for the period attributable to equity
shareholders by the weighted average number of equity
shares outstanding during the period. The weighted
average numbers of equity shares outstanding during
the period are adjusted for events of bonus issue.

For the purpose of calculating diluted earnings per share,
the net profit or loss for the period attributable to equity
shareholders and the weighted average number of shares
outstanding during the period are adjusted for the effects
of all dilutive potential equity shares.

xv. Impairment of assets

As at each Balance Sheet date, the carrying amount of
assets is tested for impairment so as to determine the
provision for impairment loss, if any, required or the
reversal, if any, required of impairment loss recognized
in previous periods. Impairment loss is recognized when
the carrying amount of an asset exceeds its recoverable
amount.

xvi. Leases

The Company evaluates if an arrangement qualifies to
be a lease as per the requirements of Ind AS 116.
Identification of a lease requires significant judgment.
The Company uses significant judgement in assessing
the lease term (including anticipated renewals) and the
applicable discount rate. The Company determines the
lease term as the non-cancellable period of a lease,

together with both periods covered by an option to extend
the lease if the Company is reasonably certain to exercise
that option; and periods covered by an option to terminate
the lease if the Company is reasonably certain not to
exercise that option. In assessing whether the Company
is reasonably certain to exercise an option to extend a
lease, or not to exercise an option to terminate a lease, it
considers all relevant facts and circumstances that
create an economic incentive for the Company to exercise
the option to extend the lease, or not to exercise the option
to terminate the lease. The Company revises the lease
term if there is a change in the non-cancellable period of
a lease. The discount rate is generally based on the
incremental borrowing rate specific to the lease being
evaluated or for a portfolio of leases with similar
characteristics.

xvii. Current versus non-current classification

The Company presents assets and liabilities in the
balance sheet based on current/ non-current
classification. An asset is treated as current when it is:

a. Expected to be realised or intended to be sold or
consumed in normal operating cycle

b. Held primarily for the purpose of trading, or

c. Cash or cash equivalent unless restricted from being
exchanged or used to settle a liability for at least
twelve months after the reporting period.

All other assets are classified as non-current.

A liability is current when:

a. It is expected to be settled in normal operating cycle

b. It is held primarily for the purpose of trading, or

c. There is no unconditional right to defer the settlement
of the liability for at least twelve months after the
reporting period.

The Company classifies all other liabilities as non¬
current.

Deferred tax assets and liabilities are classified as non¬
current assets and liabilities.

The operating cycle is the time between the acquisition
of assets for processing and their realisation in cash
and cash equivalents. The Company has identified twelve
months as its operating cycle.

Transition to Ind AS 116 - Leases - effective April 1, 2019, the Company has adopted Ind AS 116, ''Leases''. Ind AS 116
introduces a single lease accounting model and requires a lessee to recognise Right-of-Use assets and lease liabilities for
all leases with a term of more than 12 months, unless the underlying asset is of low value. The company has used the
''modified retrospective approach'' from transition from previous standard -Ind AS 17, and consecutively comparatives for
previous periods have been retrospectively adjusted. On transition, the company records the lease liability at the present
value of future lease payments discounted using the incremental borrowing rate and has also chosen the practical
expedient provided in the standard to measure the right-of-use at the same value as the lease liability. The effect of Ind AS
116 on profit for current year is not material.

10. During the year, the company has received its Share of Profits from its Subsidiary LLPs. This income is recognised as and
when the right to receive is established.

11. During the year ended March 31, 2022, the company had allotted 2,00,00,000 (Two Crore) Warrants of the face value of
Rs. 51/- (Rupees Fifty-One only) each at par, for cash, for an aggregate amount of Rs. 1,020 Mn, in dematerialised form.
During the year ended March 31, 2023, out of the total outstanding warrants, 32,00,000 warrants were converted into
32,00,000 equity shares of the face value of Rs. 10/- each at a premium of Rs. 41/- per share. Further, during the previous
year ended March 31, 2024, the company converted 1,68,00,000 warrants into 1,68,00,000 equity shares of the face
value of Rs.10/ at a premium of Rs. 41/- per share.

During the current year, the company has raised funds through preferential issue of 2,43,24,313 equity shares issued at
a premium of Rs.64 per share. The total amount received during the period from preferential issue is Rs.1799.99 Mn.

12. During the year, the company has provided for Impairment Loss of Rs.7.60 Mn on Inter Corporate Deposit given to its
Subsidiary company REL Wardha Solar Project 3 Private Limited.

13. During the previous year, the company has sold the shares held in its Associate company REL - Marine Infra Private Limited
(Formerly Known as REL Marinetek Infra Pvt. Ltd.) and also recovered the Inter Corporate Deposit. This has resulted in
reversal of the Impairment loss which was booked in the Previous year of Rs.9.69 Mn.

14. Exceptional item includes amount of '' 145.33 Mn of loan and investment written off on account of voluntary liquidation
of the foreign subsidiary Renuka Energy Resource Holdings (FZE).The Company has received closure certificate dated 21st
April 2025 from Government of Sharjah, SAIF ZONE confirming the liquidation.

During the year, the company has earned a Net profit of Rs.91.54 Mn by sale of equity shares of its subsidiary companies.
The same has been shown under exceptional item.

During the year, the company has impaired its investments in LLPs to the tune of Rs.10.84 Mn and the same is shown under
exceptional item.

15. The Company, in its Nomination & Remuneration Committee of Directors meeting held on 10th January 2025 has approved
the grant of 10,67,301 (Ten Lakh-Sixty Seven Thousand-Three Hundred One) employee stock options to the eligible employees
under the ''Ravindra Energy Employees Stock Option Scheme 2022'' ("REL ESOP Scheme 2022" or "Plan") to eligible employees
with grant date as 15^th of January 2025. Further, the "REL ESOP Scheme 2022" was approved by the Board of Directors on
15^th January 2025. Under the scheme, each option upon exercise would be entitled for allotment of one equity share of face
value INR 10 each of the Company. 25% of the stocks will be vested after 1 year and balance 75% will be vested after 2
years. All the vested options shall be exercised by the eligible employees within 10 years from the date of respective
vesting. With respect to the scheme, the Company has accounted the required entries with compliance with Ind AS 102
Share based payment.

18. Trade Receivables, Trade Payables and all Advance accounts are subject to confirmation.

19. Previous year figures have been regrouped and reclassified wherever necessary.

To be read with our report of even date

For P. Ishwara Bhat & Co., ^{For and on behalf of the Board}

Chartered Accountants
Firm Reg. No - 001156S

Sd/- Sd/- Sd/-

P. Ishwara Bhat Vidya Murkumbi Shantanu Lath

Partner Executive Chairperson Whole Time Director

Membership No - 019716 DIN: 00007588 DIN: 07876175

Sd/- Sd/-

Vikas Pawar Madhukar Shipurkar

Place : Mumbai Chief Financial Officer Company Secretary

Date : May 27, 2025 ACS: 64947

---

Mar 31, 2024

xii. Provisions and Contingent liabilities:

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

xiii. Retirement and other employee benefits

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no obligation, other than the contribution payable to the provident fund. The Company recognizes contribution payable to the provident fund scheme as an expense in the statement of profit and loss.

Provisions for liabilities in respect of leave encashment benefits and gratuity are made based on actuarial valuation made by an independent actuary as on the balance sheet date. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method.

Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised immediately in the balance sheet with a

corresponding debit or credit to retained earnings through OCI in the period in which they occur.

Re-measurements are not reclassified to profit or loss in subsequent periods.

xiv. Earnings per share:

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

xv. Impairment of assets

As at each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine the provision for impairment loss, if any, required or the reversal, if any, required of impairment loss recognized in previous periods. Impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount.

xvi. Leases

The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification of a lease requires significant judgment. The Company uses significant judgement in assessing the lease term (including anticipated renewals) and the applicable discount rate. The Company determines the lease term as the noncancellable period of a lease, together with both periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. In assessing whether the Company is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive for the Company to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Company revises the lease term if there is a change in the non-cancellable period of a lease. The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar characteristics.

xvii. Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated as current when it is:

a. Expected to be realised or intended to be sold or consumed in normal operating cycle

b. Held primarily for the purpose of trading, or

c. Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is current when:

a. It is expected to be settled in normal operating cycle

b. It is held primarily for the purpose of trading, or

c. There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as noncurrent assets and liabilities.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Company has identified twelve months as its operating cycle.

9 "Ministry of Corporate Affairs ("MCA") through Companies (Indian Accounting Standards) Amendment Rules, 2019 and Companies Indian Accounting Standards) Second Amendment Rules, has notified Ind AS 116 Leases which replaces the existing lease standard, Ind AS 17 Leases, and other interpretations.

Transition to Ind AS 116 - Leases - effective April 1, 2019, the Company has adopted Ind AS 116, ''Leases''. Ind AS 116 introduces a single lease accounting model and requires a lessee to recognise Right-of-Use assets and lease liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. The company has used the ''modified retrospective approach'' from transition from previous standard -Ind AS 17, and consecutively comparatives for previous periods have been retrospectively adjusted. On transition, the company records the lease liability at the present value of future lease payments discounted using the incremental borrowing rate and has also chosen the practical expedient provided in the standard to measure the right-of-use at the same value as the lease liability. The effect of Ind AS 116 on profit for current year is not material."

10 During the year, the company has received its Share of Profits from its Subsidiary LLPs. This income is recognised as and when the right to receive is established .

11 During the year ended March 31, 2022, the company had allotted 2,00,00,000 (Two Crore) Warrants of the face value of Rs. 51/- (Rupees Fifty-One only) each at par, for cash, for an aggregate amount of Rs. 1,020.00 Mn, in dematerialised form. During the previous year ended March 31, 2023, out of the total outstanding warrants, 32,00,000 warrants were converted into 32,00,000 equity shares of the face value of Rs. 10/- each at a premium of Rs. 41/- per share. Further, during the year ended March 31, 2024, the company converted 1,68,00,000 warrants into 1,68,00,000 equity shares of the face value of Rs.10/- at a premium of Rs. 41/- per share.

12 During Previous the year, the company has provided for Impairment Loss on the principal portion of the Inter Corporate Deposit amount of Rs.182.11 Mn given to its foreign subsidiary Renuka Energy Resource Holdings (FZE). Further during the year, an additional amount of Inter Corporate Deposit of Rs.149.58 Mn was extended of which Rs. 67.04 Mn was recovered and the balance amount of Rs.82.54 Mn is considered good.

13 During the Current year, the company has sold the shares held in its Associate company REL Marinetek Infra Private Limited and also recovered the Inter Corporate Deposit. This has resulted in reversal of the Impairment loss which was booked in the previous year of Rs.9.69 Mn.

14 "The Scheme of Amalgamation of Agri Venture Trading and Investment Private Limited into Ravindra Energy Limited has been sanctioned by the Hon''ble National Company Law Tribunal, Bench at Bengaluru, vide its Order dated January 5, 2022. A Certified True Copy of the said Order has been filed with the Registrar of Companies, Bengaluru on 20th January 2022. The Hon''ble National Company Law Tribunal, Mumbai Bench, has also sanctioned the said Scheme of Amalgamation vide its Order dated March 24, 2023. A Certified True Copy of the said Order has been filed with the Registrar of Companies, Maharashtra at Mumbai on 15th May 2023. Therefore, pursuant to the said Scheme, the effective Date of Amalgamation is 15th May 2023 with Appointment date as April 01, 2019.

In view of the above Scheme of Amalgamation by the respective NCLTs, figures of the previous year ended March 31, 2023, have been restated by giving the effect of Amalgamation from the date of Appointment date April 01, 2019. Accordingly, the company has absorbed the carried forward losses to the extent of Rs.609.81 Mn as on the effective date of Amalgamation."

15 Pursuant to the approval of the Board of Directors of the Company in its meeting held on May 21, 2022 and as approved by the shareholders of the Company in the Annual General Meeting of the Company held on August 11, 2022, the Company has completed the divestment by way of sale of its stake held in REL Rural Warehousing Limited, a Wholly-Owned Subsidiary of the Company to the promoters of the Company on September 29, 2022.

18. Trade Receivables, Trade Payables and all Advance accounts are subject to confirmation.

19. Previous year figures have been regrouped and reclassified wherever necessary.

Accompanying Notes 1 to 32 forming part of the Financial Statements To be read with our report of even date

For P. Ishwara Bhat & Co., ^{For and on behalf of the Board}

Chartered Accountants Firm Reg. No - 001156S

Sd/- Sd/- Sd/-

P. Ishwara Bhat Vidya Murkumbi Shantanu Lath

Partner Executive Chairperson Whole Time Director

Membership No - 019716 DIN: 00007588 DIN: 07876175

Sd/- Sd/-

Vikas Pawar Vadiraj Mutalik

Place : Mumbai Chief Financial Officer Company Secretary

Date : May 03, 2024 ACS: 50738

---

Mar 31, 2023

xii. Provisions and Contingent Liabilities

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

xiii. Retirement and Other Employee Benefits

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no obligation, other than the contribution payable to the provident fund. The Company recognizes contribution payable to the provident fund scheme as an expense in the statement of profit and loss.

Provisions for liabilities in respect of leave encashment benefits and gratuity are made based on actuarial valuation made by an independent actuary as on the balance sheet date. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method.

Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised immediately in the balance sheet with a

corresponding debit or credit to retained earnings through OCI in the period in which they occur.

Re-measurements are not reclassified to profit or loss in subsequent periods.

xiv. Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

xv. Impairment of Assets

As at each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine the provision for impairment loss, if any, required or the reversal, if any, required of impairment loss recognized in previous periods. Impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount.

The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification of a lease requires significant judgment. The Company uses significant judgement in assessing the lease term (including anticipated renewals) and the applicable discount rate. The Company determines the lease term as the noncancellable period of a lease, together with both periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. In assessing whether the Company is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive for the Company to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Company revises the lease term if there is a change in the non-cancellable period of a lease. The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar characteristics.

xvii. Current versus Non-Current Classification

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated as current when it is:

a. Expected to be realised or intended to be sold or consumed in normal operating cycle

b. Held primarily for the purpose of trading, or

c. Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is current when:

a. It is expected to be settled in normal operating cycle

b. It is held primarily for the purpose of trading, or

c. There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The Company classifies all other liabilities as noncurrent.

Deferred tax assets and liabilities are classified as noncurrent assets and liabilities.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Company has identified twelve months as its operating cycle.

7. During the previous year ended March 31, 2022, exceptional item in the Statement of Profit & Loss of Rs.40.51 Mn comprise Rs. 75.13 Mn of loss incurred towards the project discarded and Rs.34.63 Mn of profit on sale of land which was meant for the discarded project

8 During the previous year ended March 21,2022, the Company has Outstanding Unsecured Perpetual Debt amounting to Rs. 500 Mn. This debt is perpetual in nature with no maturity or redemption and is repayable only at the option of the borrower. The Interest on this debt is payable at the discretion of the borrower at the rate of 10.00% p.a. compounded annually where the borrower has an unconditional right to waive the same. For this financial year, the company has waived the interest payable with the approval of lender and hence no interest has been provided for the year in the books of accounts. As this debt is perpetual in nature and ranked senior only to the Share Capital of the borrower and the borrower does not have any redemption obligation, this is considered to be in the nature of equity instruments. This Unsecured Perpetual Debt have been presented as Instruments entirely equity in nature.

10. Ministry of Corporate Affairs ("MCA") through Companies (Indian Accounting Standards) Amendment Rules, 2019 and Companies (Indian Accounting Standards) Second Amendment Rules, has notified Ind AS 116 Leases which replaces the existing lease standard, Ind AS 17 Leases, and other interpretations.

Transition to Ind AS 116 - Leases - effective April 1, 2019, the Company has adopted Ind AS 116, ''Leases''. Ind AS 116 introduces a single lease accounting model and requires a lessee to recognise Right-of-Use assets and lease liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. The company has used the ''modified retrospective approach'' from transition from previous standard -Ind AS 17, and consecutively comparatives for previous periods have been retrospectively adjusted. On transition, the company records the lease liability at the present value of future lease payments discounted using the incremental borrowing rate and has also chosen the practical expedient provided in the standard to measure the right-of-use at the same value as the lease liability. The effect of Ind AS 116 on profit for current year is not material.

11. During the year, the company has received its Share of Profits from its Subsidiary LLPs. This income is recognised as and when the right to receive is established

12. During the previous year ended March 31, 2022, the company has allotted 200,00,000 (Two Crore) Warrants of the face value of Rs. 51/- (Rupees Fifty-One only) each at par, for cash, for an aggregate amount of Rs. 1,020.00 Mn, in dematerialised form, out of which the company has received Rs.752.25 Mn towards subscription amount. During the year ended March 31,2023 the company has further received Rs. 42.84 Mn towards subscirption amount. The Company has converted the Warrants into 32,00,000 equity shares at a premium of Rs. 131.20 Mn during the current year.

13. During the year, the company has provided for Impairment Loss on the principal portion of the Inter Corporate Deposit amount of Rs.182.11 Mn given to its foreign subsidiary Renuka Energy Resource Holdings (FZE). Further Impairment loss of Rs.9.69 Mn on Inter Corporate Deposit given to its Associate company REL Marinetek Infra Private Limited has been provided and the balance of Rs.14.40 Mn is receivable and the same has been considered good.

During the previous year ended March 31, 2022, the company has provided for Impairment Loss on Investment of Rs.1,431.10 Mn and provided for Impairment Loss on the principal portion of the Inter Corporate Deposit amount of Rs.367.66 Mn given to its foreign subsidiary Renuka Energy Resource Holdings (FZE). Balance of Rs.34.23 Mn is receivable towards interest and the same has been considered good.

14. The Scheme of Amalgamation of Agri Venture Trading and Investment Private Limited into Ravindra Energy Limited has been sanctioned by the Hon''ble National Company Law Tribunal, Bench at Bengaluru, vide its Order dated January 5, 2022.

A Certified True Copy of the said Order has been filed with the Registrar of Companies, Bengaluru on 20th January 2022. The Hon''ble National Company Law Tribunal, Mumbai Bench, has also sanctioned the said Scheme of Amalgamation vide its Order dated March 24, 2023. However, the Certified True Copy of the said Order is yet to be filed with the Registrar of Companies, Maharashtra at Mumbai. Pursuant to the said Scheme the date of filing shall be the Effective Date of Amalgamation.

In view of the above Scheme of Amalgamation by the respective NCLTs, the Company will be absorbing the carried forward losses of AVTIPL as on 31st March, 2023 of Rs. 609.81 Mn from the Effective Date. Consequently, post-merger Other Equity of the Company shall get reduced to that extent..

15. Pursuant to the approval of the Board of Directors of the Company in its meeting held on May 21, 2022 and as approved by the shareholders of the Company in the Annual General Meeting of the Company held on August 11, 2022, the Company has completed the divestment by way of sale of its stake held in REL Rural Warehousing Limited, a Wholly-Owned Subsidiary of the Company to the promoters of the Company on September 29, 2022.

18. Trade Receivables, Trade Payables and all Advance accounts are subject to confirmation.

19. Previous year figures have been regrouped and reclassified wherever necessary.

Accompanying Notes 1 to 32 forming part of the Financial Statements To be read with our report of even date

For P. Ishwara Bhat & Co., ^{For and on behalf of the Board}

Chartered Accountants Firm Reg. No - 001156S

Sd/- Sd/- Sd/-

P. Ishwara Bhat Vidya Murkumbi Shantanu Lath

Partner Executive Chairperson Whole Time Director

Membership No - 019716 DIN: 00007588 DIN: 07876175

Sd/- Sd/-

Vikas Pawar Vadiraj Mutalik

Place : Mumbai Chief Financial Officer Company Secretary

Date : May 12, 2023 ACS: 50738

---

Mar 31, 2018

xv. Significant accounting judgments estimates and assumptions

Revaluation of property, plant and equipment

The Company measures land, buildings, plant and machinery classified as property, plant and equipment at revalued amounts with changes in fair value being recognized in Others Comprehensive Income. The Company engaged an independent valuation specialist to assess fair value for the valuation of land. Fair value of land was determined by using the market comparable method and plant & equipment was determined by using resale value method adjusted for specific market factors such as nature, location and condition of the property. The Company has also determined that fair value does not differ materially from the carrying value of assets. Accordingly, the Company has not revalued the property, plant and equipment as at March 31, 2018.

Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

xvi. Standards issued but not yet effective

The amendments to standards that are issued, but not yet effective, up to the date of issuance of the Group''s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective.

The Ministry of Corporate Affairs (MCA) has issued the Companies (Indian Accounting Standards) Amendment Rules, 2017 and Companies (Indian Accounting Standards) Amendment Rules, 2018 amending the following standard:

Ind AS 115 Revenue from Contracts with Customers

Ind AS 115 was notified on 28 March, 2018 and establishes a five-step model to account for revenue arising from contracts with customers. Under Ind AS 115, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer.

The new revenue standard will supersede all current revenue recognition requirements under Ind AS. Either a full retrospective application or a modified retrospective application is required for annual periods beginning on or after April 1, 2018. The Company will adopt the new standard on the required effective date using the modified retrospective method. The Company has established an implementation team to implement Ind AS 115 related to the recognition of revenue from contracts with customers and it continues to evaluate the changes to accounting system and processes, and additional disclosure requirements that may be necessary. A reliable estimate of the quantitative impact of Ind AS 115 on the financial statements will only be possible once the implementation project has been completed.

Notes: Miscellaneous expenses are not recognized as asset as per IND AS, amount charged during the year has been transferred.

10. Previous year figures have been regrouped and reclassified wherever necessary.

---

Mar 31, 2016

1. Previous year figures have been regrouped and reclassified wherever necessary.

---

Mar 31, 2015

1. Sundry Debtors, Sundry Creditors and all Advance Accounts are subject to confirmation.

2 Contingent Liability 2014-15 2013-14

Corporate Guarantee 2,559.96 3,500.37

MVAT FY (2009-10) Appeal pending before Sales Tax Tribunal, Mumbai 24.36 7.13

MVAT FY (2008-09) Appeal pending before Sales Tax Tribunal, Mumbai 6.55 6.55

2. RELATED PARTY DISCLOSURES

Subsidiary Companies

i. Vantamuri Trading and Investments Limited

ii. Agri Venture Trading and Investment Private Limited

iii. Damodar Resource Holdings, (FZE) (UAE)

iv. Renuka Energy Resource Holdings, (FZE) (UAE)

v. Pt. Renuka Jambi (Indonesia)

vi. Renuka Resource (Singapore) Pte Ltd (Singapore)

vii. Pt. Nagarta Coal Fields (Indonesia)

viii. Pt.Renuka Coal Indo TBK (Indonesia)

ix. Pt. Jambi Prima Coal (Indonesia)

x. Renuka Global Minerals, (Mauritius)

xi. Mineracao Elefante Ltda (Brazil)

xii. Minerales Elefante S.A.S (Colombia)

xiii. Pt Bandargah Mandiangin Internasional (Indonesia)

xiv. Pt Surya Global Makmur (Indonesia)

xv. Nandur Sugars Limited

Key Management personnel

I. Mr. J. Suresh Kumar

ii. Mr. Sidram Kaluti

iii. Mr. Ramnath Sadekar

Related Parties

i. Shree Renuka Sugars Limited

ii. Murkumbi Investments Private Limited

iii. Khandepar Investments Private Limited

iv. Renuka Commodities DMCC

3. During the year ended 31 st March 2015, the Company has revised the useful life of fixed assets as specified in schedule II of the Companies Act, 2013. Accordingly, the carrying value of fixed assets as on 1st April, 2014, has been depreciated over the revised remaining useful life of such asset. As a result of this change, the net depreciation charge for the year ended 31st March, 2015 is higher by 1,33,243/-. Further, an amount of Rs. 1,05,658/- has been charged to the opening balance of the retained earnings representing carrying value of assets, whose remaining useful life is Nil, as at 1st April, 2014, as per the transitional provision prescribed in note 7(b) of Schedule II of the Companies Act, 2013.

4. Previous year figures have been regrouped and reclassified wherever necessary.

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Mar 31, 2014

1. CURRENT INVESTMENTS

* Note: These companies have applied for voluntary winding-up u/s 560 of the Companies Act'' 1956. As on 31st March 2014, it is pending for strike-off with the respective registrar of companies. The loss on Investment is estimated to be Rs. 0.30 millions and will be wrtten-off against strike-off of name.

2. OTHER NOTES TO ACCOUNTS

i. A Scheme of Amalgamation ("the Scheme"), for the amalgamation of Shree Renuka Energy Limited (SREL) called "the Transferor Company" with Ravindra Energy Limited (the Transferee Company) with effect from April 1, 2012, ("the Appointed Date"), was sanctioned by the Hon''ble High Court of Judicature at Bombay ("the Court’), vide its Order dated March 28, 2014 and certified copies of the Order of the Court sanctioning the Scheme were filed with the Registrar of Companies, Maharashtra on March 31, 2014 (the "Effective Date"). Accordingly, the standalone results of the Company for the year ended March 31, 2014, include the results of the erstwhile SREL for the financial year ended March 31, 2014.

ii. Sundry Debtors, Sundry Creditors and all Advance Accounts are subject to confirmation.

iii. Contingent Liability: 2013-14 2012-13

Corporte Guarantee 3,500.37 3,198.81

MVAT FY (2009-10) Appeal pending before Joint Comm. Kolhapur 7.13 -

MVAT FY (2008-09) Appeal pending before Sales Tax Tribunal, Mumbai 6.55 -

3. RELATED PARTY DISCLOSURES

Subsidiary Companies:

i. Vantamuri Trading and Investments Limited

ii. Agri Venture Trading and Investment Private Limite

iii. Damodar Resource Holdings, (FZE) UAE

iv. Renuka Energy Resource Holdings, (FZE) UAE

v. Pt. Renuka Jambi (Indonesia)

vi. Renuka Resource (Singapore) Pte Ltd

vii. Pt. Nagarta Coal Fields (Indonesia)

viii. Pt. Renuka Coal Indo TBK (Indonesia)

ix. Pt. Jambi Prima Coal (Indonesia)

x. Renuka Global Minerals, Mauritius

xi. Mineracao Elefante Ltda (Brazil)

xii. Minerales Elefante S.A.S (Colombia)

xiii. Shree Renuka Energy Urja Private Limited

xiv. Shree Renuka Ports Pvt. Ltd.

xv. Shree Renuka Resources Pvt. Ltd.

xvi. Shree Renuka Energy Infrastructure Pvt. Ltd.

xvii. Pt. Bandargah Mandiangin Internasional.

xviii. Nandur Sugars Ltd.



Key Management personnel

i. Mr. Vishwanath Mathur

ii. Mr. Sunil Bhide

iii. Mr. Basanagoud G. Patil

Companies coming under same management

i. Shree Renuka Sugars Limited

ii. Murkumbi Investments Private Limited

iii. Khandepar Investments Private Limited

iv. Renuka Commodities DMCC

4. Previous year figures have been regrouped and reclassified whereever necessary.

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Mar 31, 2013

A. Previous year''s figures have been regrouped /rearranged wherever considered necessary.

B. The Company has not entered into any transactions with entities covered under the Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, disclosure of such transactions does notarise.

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Mar 31, 2012

A. Previous year's figures have been regrouped/rearranged wherever considered necessary.

b. The Company has not entered into any transactions with entities covered under the Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, disclosure of such transactions does not arise.

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Mar 31, 2010

A. Change in Name of the Company:

In accordance with the provisions laid down in Section 21 of the Companies Act, 1956 and other applicable provisions, the name of the Company has accordingly been changed from ‘Ravindra Trading & Agencies Limited to ‘Ravindra Energy Limited.

b. Alteration in the Objects Clause of the Memorandum of Association:

In accordance with the provisions laid down in Section 17 of the Companies Act, 1956 and other applicable provisions, the Company has accordingly altered the Objects Clause (Clause III) of the Memorandum of Association vide a special resolution passed via Postal Ballot dated 19th December, 2009.

Following material amendments/ alterations demand attention in this regard:

* The Main objects of the Company are thereby replaced from, "Investment and Trading in shares, stocks, commodities etc to "Power generation, transmission, distribution and allied activities.

* The Other Objects Clause (Clause III C) of the Memorandum of Association is thereby altered, by addition of new clauses 53, 54 and 55, which consist of activities relating to promotion, establishment, installation, take over and setting up of various types of steel plants and other allied activities.

c. Commencement of business as specified in the Other Objects Clause of the Memorandum of Association:

In accordance with the provisions laid down in Section 149(2A) of the Companies Act, 1956 and other applicable provisions, approval of the shareholders is thereby accorded by the Company for commencement of business, as specified in the aforementioned clauses 53, 54 and 55 of the Other Objects Clause (Clause IIIC) of the Memorandum of Association, vide a special resolution passed via Postal Ballot dated 19th December, 2009.

d. Prior Period Expenses:

Annual Listing Fees amounting to Rs. 399,205/- included under Schedule ‘J - Other Expenses, of the Profit and Loss A/c annexed hereto, relates to expenses arisen in periods prior to the current financial year. Accordingly, losses for the current financial year are overstated to such extent.

e. Segment Reporting:

The Company has not identified any Reportable Segment, as prescribed in Accounting Standard -17, issued by the ‘Institute of Chartered Accountants of India and hence no disclosure is made with regard to the same.

f. Balances appearing under the head loans & advances and unsecured loans are subject to confirmation, adjustments, if any, on the receipt / reconciliation of such accounts.

g. Since the Company has not yet commenced its commercial operations as on the Balance Sheet date, the question of details of transactions carried out with the entities covered under the Micro, Small and Medium Enterprises Development Act, 2006, does not arise.

h. Quantitative Details:

Information pursuant to Paragraphs 3, 4C and 4D of part II of Schedule VI to the Companies Act, 1956 is not furnished, as the Company is yet to commence its commercial operations.

i. Previous years figures:

Previous years figures have been regrouped / rearranged wherever considered necessary.

j. Related Party Disclosures:

iii. Other Related Party Disclosures;

The shareholding of Murkumbi Investments Private Limited, the Holding Company, in Ravindra Energy Limited, as on the Balance Sheet date is as follows:

- 483,110 Equity Shares of Rs. 10/- each (fully paid-up)

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Mar 31, 2009

1. These are consistent with the generally accepted accounting practices.

2. Balances, in respect of Unsecured Loans, Loans & Advances, Sundry Creditors & Advances Received against Sale of Share are subject to confirmation & reconciliation.

3. In the opinion of the Board, the value of the realisation of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance sheet and all known liabilities is adequate and not in excess of the amount reasonably required.

4. Previous years figures have been reclassified, regrouped wherever necessary. All the figures have been rounded off to the nearest rupee.

5. As per the information available with the company there are no dues outstanding to any Small Scale Industrial undertaking as defined under the interest on Delayed Payment to Small Scale and Ancillary Industrial Undertaking Act, 1993.

6. Additional information pursuant to the provision of Paragraph 3,4C & 4D and other information pursuant to the part of schedule VI of the Companies Act, 1956 to the extent applicable to the company.

7. RELATED PARTY DISCLOSURE : A. List of Related Parties:

Key Management Personnel

- Vishwanath Mathur - Director

- G. A Desai - Director

- B.G. Patil - Director

- B.K. Lohia - Director

8. In view of the time limitations on carry forward of losses and as a matter of prudence deferred tax assets arising on accounts of brought forward losses and deprecation under tax laws has not been recognized.

9. The Company does not have a full time Company Secretary as required under Section 383 of the Companies Act, 1956. However the company has obtained a Compliance Certificate from the full time practicing company Secretary.