Independent Auditor's Report

To,

The Members of,

Gokul Agro Resources Limited
CIN -L15142GJ2014PLC080010
Ahmedabad.

Report on the Audit of the Standalone Financial
Statements

Opinion

We have audited the standalone financial statements of
GOKUL AGRO RESOURCES LIMITED ("the Company"), which
comprise the Balance Sheet as at 31st March 2023, and the
Statement of Profit and Loss (including Other Comprehensive
Income), Statement of Changes in Equityand Statement of Cash
Flows for the year then ended, and notes to the Financial
Statements, including a summary of Significant Accounting
Policies and other Explanatory Information (hereinafter
referred to as the "Standalone FinancialStatements").

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 (the "Act") in the manner so required and
give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the Act
read with the Companies (Indian Accounting Standards) Rules,
2015, as amended, ("Ind AS") and other accounting principles
generally accepted in India, of the state of affairs of the
Company as at March 31, 2023, and its profit, total

comprehensive income, changes in equity and its cash flows for
theyearendedon thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditor's
Responsibilities for the Audit of the 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 together with the ethical
requirements that are relevant to our audit of the financial
statements under the provisions of the Companies Act, 2013
and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements
and the ICAI Code of Ethics. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a
basis for our opinion on Standalone Financial Statement.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements of the current period. These matters were
addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key
audit matters to be communicated inour report.

Information Other than Standalone Financial
Statements and Auditor's Report Thereon

The company's Board of Directors are responsible for the
preparation and presentation of the other information. The
other information comprises the information included in the
Management Discussion and Analysis, Board's Reportincluding
the Annexure to the board's Report, Share Holder's
Information etc., but does not include the standalone financial
statement andauditor's report 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 other information 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 material misstatement of this information;we are
required to report that fact. We have nothing to report in this
regard.

Responsibility of the Management and those
charged with the Governance for the Standalone
Financial Statements

The Company's Management and Board of Directors of the
Company are responsible for the matters stated in section
134(5) of the Act with respect to the preparation and
presentation of these standalone financial statement that
gives 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
Ind AS and other accounting principles generally accepted in
India.

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 fraud and other irregularities;
selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent;and 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 statement that give a true and fair view and
are free from material misstatement, whether due to fraud or
error.

In preparing the financial statements, the Board of Directors
are also responsible for assessing the Company's ability to
continue as going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting unless the Board of Directors either intend 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
financial reporting process of the Company.

Auditor's Responsibilities for the Audit of the
Financial Statements

Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor's 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 financialstatements.

As a part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout theaudit.

We also:

(a) Identify and assess the risks of material misstatement of
the 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 control.

(b) Obtain an understanding of internal financial control
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section
143(3)(I) of the Companies Act, 2013, 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.

(c) Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.

(d) Conclude 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 auditor's 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 theaudit
evidence obtained up to the date of our auditor's report.
However, future events or conditions may cause the
company to cease to continue as a going concern.

(e) Evaluate the overall presentation, structure and content of
the financial statements, including the disclosures, and
whether the financial statements represent the
transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the standalone financial
statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of
our audit work and in evaluating the results of our work;and (ii)
to evaluate the effect of any identified misstatements in the
standalone financialstatements.

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
duringouraudit.

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 auditor's 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 Legaland Regulatory Requirements

1. 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
beliefwere 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.

(c) The Balance Sheet, the Statement of Profit and Loss
(Including Other Comprehensive Income), Statement
of Change in Equity and the Statement of Cash Flow
dealt with by this Report are in agreement with the
books of account.

(d) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
StandardsspecifiedunderSection133 of the Act read
with the Companies (Indian Accounting Standards)
Rules, 2015, as amended.

(e) On the basis of the written representations received
from the directors as on 31st March, 2023 taken on
record by the Board of Directors, none of the directors
is disqualified as on 31st March,2023 from being
appointed as a director in terms of Section 164(2) of
the Act.

(f) With respect to the adequacy of the internal financial
controls over financial reporting of the Company and
the operating effectiveness of such controls, refer to
our separate Report in "Annexure - A". Our report
expresses an unmodified opinion on the adequacy and
operating effectiveness of the company's internal
financial controls over financial reporting.

(g) Proviso to Rule 3(1) of the Companies (Accounts)
Rules, 2014 for maintaining books of accounts using
accounting software which has a feature of recording
audit trail (edit log) facility, is applicable with effect
from April 01,2023 to the company and its subsidiaries,
which are companies incorporated in India and
accordingly, reporting under Rule 11(g) of Companies
(Audit and Auditor) Rules, 2014 is not applicable for the
financialyear ended March 31,2023.

(h) With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements
of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and
according to the explanations given to us, the
remuneration paid by the Company to its directors
during the year is in accordance with the provisions of
section 197 of the Act.

(i) With respect to the other matters to be included in the
Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and
according to the explanations given to us:

(i) The Company has disclosed the impact of pending
litigations on its financial position in its standalone
financial statements. Refer Note No.33 to the
Standalone FinancialStatement.

(ii) The Company did not have any long-term contracts
including derivative contracts for which there were any
material foreseeable losses.

(iii) There were no amounts which were 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 their knowledge and belief, no funds (which are
material either individually or in the aggregate)
have been advanced or loaned or invested (either
from borrowed funds or share premium or any
other sources or kind of funds) by the Company to
or in any other person or entity, including foreign
entity ("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 their knowledge and belief, no funds (which
are material either individually or in the aggregate)
have been received by the Company from any
person or entity, including foreign entity ("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
Party ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries;

(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), as provided under (a) and (b) above,
contain any material misstatement.

(v) The company has not declared or paid dividend
during the year, hence compliance with section 123
of the CompaniesAct, 2013 is not applicable.

2. As required by the Companies (Auditor's Report) Order,
2020 ("the Order"), issued by the Central Government of
India in terms of sub-section (11) of section 143 of the

Companies Act, 2013, we give in the "Annexure - B", a
statement on the matters specified in paragraphs 3 and
4 of the Order, to the extent applicable.

For, Surana Maloo & Co.

Chartered Accountants
Firm Reg. No. 112171W

Per, Nidhi Surana

Partner

Place : Ahmedabad Membership No. -158319

Date : May 10, 2023 UDIN - 22041841AHZYVJ6212