To, The Members of THE RAVALGAON SUGAR FARM LTD.
 
 The Directors present the 78th Annual Report together with the Audited
 Accounts of the Company for the period of 18 months ended 30th
 September 2012.
 
 
                                     18 months ended   Year Ended
                                     30th Sept. 2012   31 st March 2011
  FINANCIAL RESULTS:                (Rs. In Lacs)     (Rs. In Lacs)
 
 
  Net Profit / (Loss) after 
  providing for                              (844.65)              3.33
 
 
  i)    Depreciation                          338.39             225.56
 
 
  ii)   Prior Period Items                         -               0.23
 
  iii)  Provision for Taxation 
       (including Deferred Tax)               (37.61)              8.14
 
 
  Add:  Surplus brought forward              1099.84            1156.78
 
 
  Amount available for appropriation          255.19            1106.11
 
 
  Appropriation:-
 
  Proposed Dividend                             3.40              51.00
 
 
  Tax on Proposed Dividend                      0.55               8.27
 
 
  Transfer to General Reserve                      -               1.00
 
 
  Balance carried to Balance Sheet            251.24            1099.84
 
 
 
 
 DIVIDEND:
 
 Your Directors have recomended Dividend of 10% (Rs. 5/- per equity
 share on 68,000 equity shares of 50/- each) for the period of 18 months
 ended 30th September 2012. The dividend, if declared at AGM, will be
 paid to those shareholders whose names appear in the Register of
 Members of the Company on 20th December 2012 or on the Register of
 Beneficial Owners maintained by the Deposito- ries as per the details
 furnished by National Securities Depository Ltd. and Central Depository
 Services (India) Ltd. for the purpose of payment of dividend.
 
 OPERATIONS: SUGAR:
 
 The following table gives the comparative figures of sugarcane crushed,
 sugar bags produced and the rate of recovery for the period of 18
 months under review and previous financial year.
 
 
 
                                             Current     Previous
                                             Period      Year
 
   Surgarcane crushed in MT                   182195       149938
 
 
   Sugar MTs                                   19508        15557
 
 
   Recovery                                   10.70%       10.47%
 
 
 
 Late monsoon reduced the availability of sugarcane for the season 2011
 -12. this resulted in low area under Sugarcane plus low yields per
 acre.
 
 CANDY SUGAR
 
 The unhealthy competition from unorganized sector poses problems for
 candy sugar business. The company is taking steps to use the candy
 plant for production of high-grade sugar, Production for candy sugar
 and Bura was nil during the period.
 
 CONFECTIONERY:
 
 Production of confectionery was 2708 MT during the period under review
 as compared to 2569 MT during the previous year. The Company
 concentrated on brands such as Pan Pasand, Mango Mood, Coffee Break,
 etc.
 
 
 POLLUTION AND ENVIRONMENT AND SAFETY:
 
 Various equipments are installed as an anti-pollution measure for the
 protection of environment at your factory. The norms prescribed by the
 Government are also adhered to. Necessary industrial safety measures
 have also been taken at your factory, which has resulted in better
 protection of workers and no major acccident has taken place in the
 factory.
 
 FIXED DEPOSITS:
 
 The total amount of fixed deposit as at 30th September 2012 was 488.79
 lacs. There are no overdue deposits except unclaimed deposits amounting
 to Rs.6.77 Lacs as on 30th September 2012.
 
 DIRECTORS'' RESPONSIBILTY STATEMENT:
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956. the Director
 confirm that,
 
 a) In the preparation of Annual Accounts, the applicable Accounting
 Standards have been followed with explanatory notes relating to
 material departures.
 
 b) Appropriate accounting policies have been selected and applied
 consistently and judgements and estimates that are made are reasonable
 and prudent so as to give true and fair view of the state of affairs of
 the Company at the end of the period and of the profit and loss account
 of the Company for that period.
 
 c) Proper and sufficient care has been taken for maintaining adequate
 accounting records in accordance with the provisions of the Companies
 Act, 1956 for safeguarding the assets of the Company and for preventing
 and detecting fraud and other irregularities.
 
 d) The Annual Accounts have been prepared on a going concern basis.
 
 CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS:
 
 Persuant to clause 49 of the Listing Agreement with the Stock Exchange,
 a Management Discussion & Analysis and a report on Corporate
 Goverance are given as Annexure ''A'' and ''B'' respectively to the
 report. A certificate from the Statutory Auditors of Company regarding
 compliances of conditions of Corporate Goverance is also annexed
 thereto.
 
 SECRETARIAL COMPLIANCE CERTIFICATE:
 
 A Secretarial Compliance Certificate pursuant to Section 383 A of the
 Companies Act, 1956 is annexed herewith as Annexure C
 
 AUDITORS''REPORT:
 
 Auditors in their report have made observations in respect of
 non-provision for the present value of accrued gratuity liability.
 Suitable explanation have been provided by way of note 32 forming part
 of Financial Statement. This note should be considered as explanation
 by Directors as part of their report.
 
 PARTICULARS REGARDING EMPLOYEES:
 
 The information required under Section 217 (2 A) of the Companies Act,
 1956 read with Companies (Particulars of Employees) Rule 1975, as
 amended, forms part of this Report. However, as per the provisions of
 Section 219(1) (b)(iv) of the Companies Act, 1956, the Report and
 Accounts are being circulated to all the shareholders excluding the
 aforesaid information. Shareholders, interested in obtaining this
 information, may write to the Company at it''s Registered Office.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO:
 
 Statement giving particulars regarding Conservation of Energy,
 Technology Absorption and Foreign Exchange Earnings and outgo as
 required under Companies (Disclosure of Particulars in Report of Board
 of Directors) Rules, 1988 is annexed to and forms part of this Report,
 as per Annexure-''D''.
 
 DIRECTORS:
 
 Mr. M. B. Bhide, director retires by rotation under Article 152 of
 Articles of Association and being eligible offers himself for re-
 appointment.
 
 AUDITORS:
 
 You are requested to appoint Auditors for Current financial year
 2012-13 and authorise the Board to fix their remuneration. The retiring
 Auditors. M/s V. Sankar Aiyar & Co, being eligible, offer themselves
 for re-appointment.
 
 ACKNOWLEDGEMENTS:
 
 Your Directors take this opportunity to place on record their sincere
 appreciation for the timely assistance and cooperation extended by
 Financial Institutions, Company''s Bankers and various Government
 Agencies / Bodies and look forward to receive their continuous support.
 
 Your Directors also wish to place on record their appreciation for the
 co-operation extended / services rendered by the workmen, staff,
 executives, dealers, customers and all others concerned.
 
 Your Directors also express thanks to the shareholders for their
 support to and confidence reposed in the Company.
 
 
 
                                      For THE RAVALGAON SUGSR FARM LTD.
 
 
 
                                                 HARSHAVARDHAN B. DOSHI
                                           Chairman & Managing Director
 
 
 
 
                                                     Registered Office:
                                  Ravalgaon - 423 108, Taluka Malegaon, 
                                              Dist. Nasik, Maharashtra,
 
 
 
                                              Dated : 7th November 2012