3.16 Provisions, Contingent Liabilities and Contingent Assets:

Provision is recognized when the Company has a present
obligation (legal or constructive) as a result of past events and
it is probable that the outflow of resources will be required
to settle the obligation and in respect of which reliable
estimates can be made.

A disclosure for contingent liability is made when there is a
possible obligation that may, but probably will not require
an outflow of resources. When there is a possible obligation
or a present obligation in respect of which the likelihood of
outflow of resources is remote, no provision/ disclosure is
made. The Company does not recognize a contingent liability
but discloses its existence in the financial statements.

Contingent assets are not recognized in the financial
statements. Provisions and contingencies are reviewed at
each balance sheet date and adjusted to reflect the correct
management estimates.

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. Commitments
include the amount of purchase order (net of advances)
issued to parties for completion of assets. Provisions,
contingent liabilities, contingent assets and commitments
are reviewed at each balance sheet date.

3.17 Determination of Lease Term and Discount Rate

A. Determination of Lease Term:

Ind AS 116 Leases requires lessee to determine the lease
term as the non-cancellable period of a lease adjusted
with any option to extend or terminate the lease, if the
use of such option is reasonably certain. The Company
makes assessment on the expected lease term on
lease-by-lease basis and thereby assesses whether
it is reasonably certain that any options to extend or
terminate the contract will be exercised. In evaluating

the lease term, the Company considers factors such as
any significant leasehold improvements undertaken
over the lease term, costs relating to the termination
of lease and the importance of the underlying to the
Company's operations taking into account the location
of the underlying asset and the availability of the
suitable alternatives. The lease term in future periods
is reassessed to ensure that the lease term reflects the
current economic circumstances.

B. Estimating the Incremental Borrowing Rate:

The Company cannot readily determine the interest rate
implicit in the lease, therefore, it uses its incremental
borrowing rate (IBR) to measure lease liabilities. The IBR
is the rate that the Company have to pay to borrow over
a similar terms, and with a similar security, the funds
necessary to obtain an asset of similar value to the right-
to-use asset in a similar economic environment. The
IBR therefore reflects what the Company 'would have
to pay', which require estimation when no observable
rates are available or when they need to be adjusted
to reflect the terms and conditions of the lease. The
Company estimates the IBR using observable inputs
when available and is required to make certain entity
/ lease transaction specific estimates. For further details
on lease liabilities movement refer note 52(B). The
weighted average incremental borrowing rate applied
to lease liabilities is 10.25% (previous year 10.25%).

3.18 Cash and Cash Equivalents

Cash and cash equivalent comprise cash on hand and
demand deposits with banks which are short-term, highly
liquid investments that are readily convertible into known
amounts of cash and which are subject to insignificant risk of
changes in value.

3.19 Exceptional items

Certain occasions, the size, type or incidence of an item of
income or expense, pertaining to the ordinary activities
of the Company is such that its disclosure improves the
understanding of the performance of the Company, such
income or expense is classified as an exceptional item and
accordingly, disclosed in the notes accompanying to the
financial statements.

3.20 Investment in subsidiaries and joint ventures

Equity investments in subsidiaries and joint ventures
are stated at cost less impairment, if any as per Ind AS 27.
The Company tests these investments for impairment
in accordance with the policy applicable to 'Impairment
of nonfinancial assets. Where the carrying amount of an
investment or cash generating unit to which the investment
relates is greater than its estimated recoverable amount, it is
written down immediately to its recoverable amount and the
difference is recognized in the Statement of Profit and Loss.

a. The management has determined that all of the aforementioned ongoing tax litigations are only possible in nature and expected to
be resolved in the company's favor, based on the legal counsels advice and the current status of the proceedings of the respective
matters. The Company do not expect any financial impact.

b. The company received show-cause notices regarding couple of matters, but no further demands were raised with respect to such
notices. Based on an internal assessment by management, the company has not disclosed such notices as contingent liabilities or
acknowledged them as claims.

c. I n respect of disputed matters under appeal, where the demand includes components of interest and penalty that are not
quantifiable, such amounts have not been disclosed herein.

d. The company is involved in a couple of court cases, such as those involving regulatory issues pertaining to how it conducts
business. According to the legal counsel's advice, the management has determined that the possibilities of such litigation having
an unfavorable outcome is distant, and as a result, it has not been considered as contingent liability.

Note: -35: Event Occurring After Balance Sheet

The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to approval of
the financial statements to determine the necessity for recognition and/or reporting of any of these events and transactions
in the financial statements.

Note: -36: In compliance with Ministry of Corporate Affairs Notification w.r.t amendments in Schedule III to the Companies Act, 2013,
figures for comparative previous periods has been regrouped, reclassified and rearranged wherever necessary for better
presentation and to make them comparable with those of current financial year.

Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements
and are to be read in relation to the amounts and other disclosures relating to current year.

Note: -37: Balances of Trade Payables, Trade Receivables, Receivables / Payables from / to various parties / authorities, Loans & advances
are subject to confirmation from the respective parties, and necessary adjustments if any, will be made on its reconciliation.

Note: -38: In the opinion of the Board of Directors the aggregate value of current assets, loans and advances on realization in ordinary
course of business will not be less than the amount at which these are stated in the Balance Sheet.

Note: -39: Disclosure pursuant to regulation 34(3) and 53(f) read with para A of schedule V of the SEBI (Listing obligation and disclosure
requirements) Regulations, 2015.

Note: -50: Financial Instruments - Fair Values & Risk Management:

A. Financial Assets and Liabilities

The Company's principal financial assets include loans and trade receivables, investments, cash and cash equivalents and other
receivables. The Company's principal financial liabilities other than derivatives comprise of borrowings, trade and other payables.
The main purpose of these financial liabilities is to finance the Company's operations and projects.

B. Disclosure of fair value measurement and fair value hierarchy for Financial Assets and Liabilities

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in
the fair value hierarchy:

C. Valuation techniques and significant unobservable inputs:

Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as
follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices)

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

Note: - 51: Financial Risk Management Objectives & Policies:

The Company's financial risk management is an integral part of how to plan and execute its business strategies. The company's financial
risk management policy is set by the Managing Board. The Company's principal financial liabilities, other than derivatives, comprises of
borrowings and trade & other payables. The main purpose of these financial liabilities is to finance the Company's operations and to
support its operations. The Company's principal financial assets include investments, loans given, trade and other receivables and cash
& short-term deposits that derive directly from its operations. Risk assessment and management of these policies and processes are
reviewed regularly to reflect changes in market conditions and the Company's activities.

The company has exposure to the following risks arising from financial instruments: -

(i) Market Risk

(a) Currency Risk

(b) Interest Rate Risk

(c) Commodity Risk

(d) Equity Risk

(ii) Credit Risk and

(iii) Liquidity Risk

A. Risk Management Framework:

The Company's activities expose it to variety of financial risks, including market risk, credit risk and liquidity risk. The Company's
primary risk management is to minimize potential adverse effects of risk on its financial performance. The company's risk
management assessment policies and processes are established to identify and analyze the risk faced by the company, to set
appropriate risk limits and controls, and to monitor such risks and compliance with the same. Risk assessment and management of
these policies and processes are reviewed regularly to reflect changes in market conditions and the Company's Activity. The Board
of Directors and Audit Committee are responsible for overseeing these policies and processes.

In order to minimize any adverse effects on the financial performance of the company, derivative financial instruments, such as
foreign exchange forward contracts are entered to hedge certain foreign currency exposures. Derivatives are used exclusively for
hedging purposes and not as trading/speculative instruments.

(i) Market Risk:

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of
a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign
currency exchange rates, equity prices, commodity prices and other market changes that affect market risk sensitive
instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits,
foreign currency receivables and payables. The objective of market risk management is to manage and control market risk
exposure within acceptable parameters, while optimizing the returns.

(a) Currency Risk:

The fluctuation in foreign currency exchange rates may have potential impact on the profit and loss of the company,
where any transactions has more than one currency or where assets/liabilities are denominated in a currency other
than the functional currency of the entity.

Considering the countries and economic environment in which the company operates, its operations are subject to
risks arising from fluctuations in exchange rates in those countries. The risk primarily relates to fluctuations in U.S. dollar,
GBP and Euro, against the respective functional currencies (INR) of Gokul Agro Resources Limited.

The company, as per its risk management policy, uses its foreign exchange and other derivative instruments primarily
to hedge foreign exchange and interest rate exposure. The company does not use derivative financial instruments for
trading or speculative purpose.

i) Exposure to Currency Risk:-

Refer Note no. 49 for foreign currency exposure as at March 31,2025 and March 31,2024 respectively.

ii) Sensitivity Analysis: -

A 1% Increase/Decrease of the respective foreign currencies with respect to functional currency of company would
result in increase or decrease in profit or loss as shown in the table below. The following analysis has been worked out
based on the exposure as of the date of statement of financial position.

(b) Interest Rate Risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The company's exposure to market risk for changes in interest rates relates to borrowings
from financial institutions. In order to optimize the company's position with regards to the interest income and
interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk
management by balancing the proportion of fixed rate and floating rate financial instruments in it total portfolio.

For Company's total borrowings, the analysis is prepared assuming the amount of the liability outstanding at the end of
the reporting period was outstanding for the whole year:

(c) Commodity Risk

The prices of agricultural commodities are subject to wide fluctuations due to unpredictable factors such as weather,
government policies, changes in global demand resulting from population growth and changes in standards of
living and global production of similar and competitive crops. During its ordinary course of business, the value of the
Company's open sales and purchases commitments and inventory of raw material changes continuously in line with
movements in the prices of the underlying commodities. To the extent that its open sales and purchases commitments
do not match at the end of each business day, the Company is subjected to price fluctuations in the commodities
market.

While the Company is exposed to fluctuations in agricultural commodities prices, its policy is to minimise its risks arising
from such fluctuations by hedging its purchase either through direct sales of a similar commodity or through futures
contracts on the commodity exchanges.

In the course of hedging its sales either through direct purchases or through futures, the Company may also be exposed
to the inherent risk associated with trading activities conducted by its personnel. The Company has in place a risk
management system to manage such risk exposure.

(d) Equity Risk

Equity/Mutual Fund price risk is related to change in market reference price of investments in equity/mutual fund
securities held by the Company. The fair value of quoted investments held by the Company exposes the Company to
equity/mutual fund price risks. These investments are classified as current investments.

The fair value of quoted investments in equity/mutual fund, classified as fair value through profit and Loss as at March
31,2025 and March 31,2024 was '967.11 Lakhs and '850.25 Lakhs respectively.

A 5% change in market prices of such securities held as at March 31,2025 and March 31,2024, would result in an impact
of '48.36 Lakhs and '42.51 Lakhs respectively on equity/mutual fund investment before considering tax impact.

(ii) Credit Risk

Credit risk arises from the possibility that a customer or counter party may not be able to settle their contractual obligations
as agreed. To manage this, the Company periodically assesses the financial reliability of customers, taking into account
the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable.
Individual risk limits are set accordingly.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant
increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is significant increase
in credit risk the company compares the risk of a default occurring and the asset at the reporting date with the risk of default
as the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

(i) Actual or expected significant adverse changes in business.

(ii) Actual or expected significant changes in the operating results of the counterparty.

(iii) Financial or economic conditions that are expected to cause a significant change to the counterparty's ability to mere
its obligation.

(iv) Significant increase in credit risk on other financial instruments of the same counterparty.

(v) Significant changes in the value of the collateral supporting the obligation or in the quality of third-

(vi) party guarantees or credit enhancements.

(a) Trade and Other Receivables: -

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The
demographics of the customer, including the default risk of the industry has an influence on credit risk assessment.
Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit
worthiness of customers to which the Company grants credit terms in the ordinary course of business.

Summary of the Company's exposure to credit risk by age of the outstanding from various customers is as follows:

iii) Provision for expected credit losses against "I" and "II" above:

The company has assets where the counter- parties have sufficient capacity to meet the obligations and where
the risk of default is very low. Hence based on historic default rates, the Company believes that, no impairment
allowance is necessary in respect of above mentioned financial assets, except otherwise stated above.

(b) Cash and cash equivalents

The Company holds cash and cash equivalents with credit worthy banks of '737.18 Lakhs as at March 31,2025 [March
31,2024 '8,442.52 Lakhs]. The credit worthiness of such banks and financial institutions is evaluated by the management
on an ongoing basis and is considered to be good.

(c) Derivatives

The derivatives are entered into with credit worthy banks and financial institution on counterparties. The credit
worthiness of such banks and financial institutions is evaluated by the management on an ongoing basis and is
considered to be good.

(d) Investments

The Company limits its exposure to credit risk by generally investing in liquid securities and only with counter-parties
that have a good credit rating. The Company does not expect any losses from non-performance by these counter¬
parties apart from those already given in financials and does not have any significant concentration of exposures to
specific industry sectors or specific country risks.

(iii) Liquidity Risk

Liquidity Risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at reasonable
price. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to
meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to
the Company's reputation. The company's treasury department is responsible for liquidity, funding as well as settlement
management. In addition, processes and policies related to such risks are overseen by senior management. Management
monitors the company's net liquidity position through rolling forecast on the basis of expected cash flows.

The Company has obtained fund and non-fund based working capital lines from various banks. The Company also constantly
monitors various funding options available in the debt and capital markets with a view to maintaining financial flexibility.

As of March 31, 2025, the Company has working capital of '32,400.50 Lakhs [March 31, 2024 '23,516.98 Lakhs] including
cash and cash equivalents of '737.18 Lakhs [March 31, 2024 '8,442.52 Lakhs] and investments in term deposits (i.e., bank
certificates of deposit having maturities of less than 3 months & more than 3 months and less than 12 months) of '24,438.13
Lakhs [March 31,2024 '20,848.67 Lakhs].

(a) Exposure to Liquidity Risk

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting
date based on contractual undiscounted payments.

Note: -53: Approval of Financial Statements

The financial statements of the Company for the year ended March 31,2025 have been reviewed by the audit committee and approved
by the Board of Directors in its meeting held on May 20, 2025.

Note:- 54: Additional Regulatory Disclosures As Per Schedule III Of Companies Act, 2013

A. Additional Regulatory Information pursuant to Clause 6L of General Instructions for preparation of Balance Sheet as given in
Part I of Division II of Schedule III to the Companies Act, 2013, are given hereunder to the extent relevant and other than those
given elsewhere in any other notes to the Financial Statements.

a. No proceedings has been initiated or are pending against the Company for holding any Benami property under the
Benami Transaction (Prohibition) Act, 1988 and rules made thereunder.

b. The Company has Fund-based and Non-fund-based limits of Working Capital from Banks and Financial institutions. For
the said facility, the submissions made by the Company to its lead bankers based on closure of books of accounts at
the year end, the quarterly returns or statements comprising stock statements, statement of trade receivables and trade
payables and ageing analysis of the debtors/other receivables, and other stipulated financial information filed by the
Company with such banks or financial institutions are generally in agreement with the unaudited books of account of
the Company of the respective quarters and no material discrepancies have been observed except as stated below.

Summary of reconciliation of statements of stock, trade receivables and payables submitted by the company (quarterly)
with banks as follows.

*Multiple banks involved as there is consortium finance by various banks.

Note: The above differences are not considered material with reference to the size and nature of the business operations
of the company.

c. The Company has not been declared as a willful defaulter by any lender who has powers to declare a company as a
willful defaulter at any time during the financial year or after the end of reporting period but before the date when the
financial statements are approved.

d. The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013
or section 560 of the Companies Act, 1956.

e. The Company has compiled with the number of layers prescribed under clause (87) of section 2 of the Companies Act
2013 read with Companies (Restrictions on number of Layers) Rules, 2017.

f. Registration of charges or satisfaction with Registrar of Companies (ROC)

i. The company has registered/satisfaction of charges with ROC from time to time.

g. The Company has not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign
entities(intermediaries), with the understanding that the intermediary shall;

i. 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

ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

h. The Company has not received any funds from any person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Company shall;

i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate beneficiaries) or

ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

i. The Company does not have any transactions which is not recorded in the books of accounts but has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey
or any other relevant provisions of the Income Tax Act, 1961).

j. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

B. Audit Trail:

a. The Company uses an accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in
the accounting software. Further no instance of audit trail feature being tampered with was noted in respect of the
accounting software.

For and On Behalf of the Board As per our report of even date attached

Kanubhai J. Thakkar Jayesh K. Thakkar For Surana Maloo & Co.

Chairman & Managing Director Managing Director Chartered Accountants

DIN : 00315616 DIN : 03050068 Firm Reg.No.-112171W

Hitesh T. Thakkar Dhara Chhapia Per. Vidhan Surana

Whole Time Director & Chief Financial Officer Partner

Chief Executive Officer Membership No: 041841

DIN : 01813667 UDIN - 25041841BMJBBV3771

Date: May 20, 2025
Place: Ahmedabad