Year Ended: 31st March 2026 Period: 01/04/2025 to 31/03/2026
Report on the Audit of the Financial Statements
To the Members of GUJARAT PEANUT AND AGRI PRODUCTS LIMITED
Opinion
We have audited the Financial Statements of GUJARAT PEANUT AND AGRI PRODUCTS LIMITED (the Company), which comprise the balance sheet as of 31st March 2026 , and the statement of profit and loss, statement of cash flows and statement of change in equity for the period 01/04/2025 to 31/03/2026 and notes to the Financial Statements, including a summary of significant accounting policies and other explanatory information [hereinafter referred to as the Financial Statements].
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements provide the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2026 , and its profit/loss and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the Financial Statements 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 Auditors 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 Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have no other key audit matters to be communicated in our report.
Information Other than the Financial Statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the report but does not include the Financial Statements and our auditors report thereon.
Our opinion on the 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 Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these Financial Statements that give a true and fair view of the financial position, financial performance, (changes in equity) and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and 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 Financial Statements 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 is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Companys financial reporting process.
Auditors 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 auditors report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. 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 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 an 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 on the appropriateness of managements 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.
e. Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the 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 Financial Statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors 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 A statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
Under Section 143(3) of the Act:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those.
c) The Balance Sheet, the Statement of Profit and Loss, the Cash Flow Statement, and the Statement of Change in Equity dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Financial Statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on 31st March 2026 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2026 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 the financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B .
g) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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 Financial Statement. Refer to note 1 of the Accounting Policy and other notes.
(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 that 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 its knowledge and belief, no funds 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(s) or entities, including foreign entities (intermediaries), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(iv)(b) The management has represented that, to the best of its knowledge and belief, no funds have been received by the company from any person(s) or entity(ies), including foreign entities (the 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 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.
(iv)(c) Based on such audit procedures that we 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 and/or paid any dividend during the year.
(vi) Based on our examination, which included test checks, the company has used accounting software for maintaining its books of accounts for the financial year ended 31st March 2026 which has a feature of recording audit trail (edit log) facility and the same has been made operational w.e.f. 1st April 2024 for all relevant transactions recorded in the software. Further, during our audit, we did not come across any instances of the audit trail feature being tampered with.
ANNEXURE - A
TO THE INDEPENDENT AUDITORS REPORT
(Referred to in Paragraph 3 under Report on Other Legal and Regulatory Requirements of our Report of Even Date) The Annexure referred to in our report to the members of GUJARAT PEANUT AND AGRI PRODUCTS LIMITED for the year ended on 31st March 2026 . We report that:
| Clause No / Name | Sub | Criteria | Auditors Remark | |||||||
| Whether the Company is | The Company has maintained proper | |||||||||
| maintaining proper records | records showing full particulars, | |||||||||
| showing full particulars, | including quantitative details and | |||||||||
| including quantitative details | situation of fixed assets. | |||||||||
| I. Property, Plant, | and situation of Property, | |||||||||
| Equipment & | a | Plant and Equipment; and | ||||||||
| Intangibles | As the provisions regarding | |||||||||
| intangible assets? | intangible assets are not applicable to | |||||||||
| the company since the company does | ||||||||||
| not have any intangible assets during | ||||||||||
| or as at the end of the year. | ||||||||||
| Whether these Property, | Property, Plant and Equipment | and | ||||||||
| Plant and Equipment have | right-of-use assets were physically | |||||||||
| been physically verified by | verified by the management during | |||||||||
| the management during the | the year, in accordance with an annual | |||||||||
| year; whether any material | plan of verification, which in | our | ||||||||
| discrepancies were noticed | opinion is reasonable having regard to | |||||||||
| b | ||||||||||
| on such verification and if so, | the size of the Company and | the | ||||||||
| whether the same have been | nature of the assets. According to the | |||||||||
| properly dealt with in the | information and explanation given to | |||||||||
| books of account? | us, no material discrepancies were | |||||||||
| noticed on such verification. | ||||||||||
| Whether the title deeds of all | According to the information | and | ||||||||
| the immovable properties | explanation given to us and on | the | ||||||||
| (other than leased properties) | basis of our examination of | the | ||||||||
| c | ||||||||||
| disclosed in the financial | records of the company, the title deeds | |||||||||
| statements are held in the | of the immovable properties are held | |||||||||
| name of the company? | in the name of the company. | |||||||||
| Whether the Company has | Based on our examination of records | |||||||||
| revalued its Property, Plant | and according to the information and | |||||||||
| and Equipment (including | explanations given to us, | the | ||||||||
| d | Right of Use assets) or | Company has not revalued any of its | ||||||||
| intangible assets or both | Property, Plant and Equipment | |||||||||
| during the year and, if so, | (including right-of-use assets) | and | ||||||||
| whether the revaluation is | intangible assets during the year. | |||||||||
| Clause No / Name | Sub | Criteria | Auditors Remark | |||||||
| based on the valuation by a | ||||||||||
| Registered Valuer? | ||||||||||
| Whether any proceedings | No proceedings have been initiated | |||||||||
| have been initiated or are | during the year or are pending against | |||||||||
| pending against the company | the Company as at March 31, 2026 for | |||||||||
| for holding any Benami | holding any benami property under | |||||||||
| e | ||||||||||
| Property under the Benami | the Benami Transactions | |||||||||
| Transactions (Prohibition) | (Prohibition) Act, 1988 (as amended | |||||||||
| Act, 1988 and Rules made | in 2016) and rules made thereunder. | |||||||||
| thereunder? | ||||||||||
| Whether physical | As explained to us, inventories have | |||||||||
| verification of inventory has | been physically verified during the | |||||||||
| been conducted at reasonable | year by the management at reasonable | |||||||||
| intervals by the management | intervals. No material discrepancy | |||||||||
| II. Inventory | a | and whether any | was noticed on physical verification | |||||||
| discrepancies of 10% or | of stocks by the management as | |||||||||
| more in the aggregate for | compared to book records. | |||||||||
| each class of inventory were | ||||||||||
| noticed? | ||||||||||
| Whether during the year, the | The company has been sanctioned | |||||||||
| Company has been | working capital limits in excess of Rs. | |||||||||
| sanctioned working capital | 5 Crore from bank on the basis of | |||||||||
| limits in excess of Rs. 5 | security of current assets. The | |||||||||
| crores, in aggregate, from | quarterly returns and statements filed | |||||||||
| banks or financial | by the company with the bank are in | |||||||||
| institutions on the basis of | commensurate with the books of | |||||||||
| b | security of current assets? | accounts. However, for every month, | ||||||||
| stock valued as per return submitted to | ||||||||||
| the bank varies from books of | ||||||||||
| accounts due to valuation method | ||||||||||
| adopted this has no impact on | ||||||||||
| drawing power of the company. | ||||||||||
| Referred Note No. 15 of Notes to | ||||||||||
| Accounting Policy. | ||||||||||
| Whether during the year the | As informed to us and as per records | |||||||||
| company has made | available with the company, the | |||||||||
| III. Loans, | investments in, provided any | Company has not granted any loans, | ||||||||
| Investments & | guarantee or security or | secured or unsecured to companies, | ||||||||
| Guarantees | granted any loans or | firms or other parties covered in the | ||||||||
| advances in the nature of | register maintained under section 189 | |||||||||
| loans, secured or unsecured | ||||||||||
| Clause No / Name | Sub | Criteria | Auditors Remark | |||||||
| to Companies, Firms, LLPs | of the Companies Act. Sub-clauses (a) | |||||||||
| or any other Parties? | through (f) Not Applicable. | |||||||||
| In respect of loans, | In our opinion and according to the | |||||||||
| investments, guarantees, and | information and explanation given to | |||||||||
| IV. Compliance with | security whether provisions | us, the company has complied with | ||||||||
| Sections 185 and 186 | of section 185 and 186 of the | the provisions of section 185 and 186 | ||||||||
| Companies Act, 2013 have | of the Act with respect to the loans | |||||||||
| been complied with? | and investments made. | |||||||||
| Whether directives issued by | Based on our examination of records | |||||||||
| the Reserve Bank of India | and according to the information and | |||||||||
| and the provisions of | explanations given to us, the | |||||||||
| sections 73 to 76 of the | Company has not accepted any | |||||||||
| V. Public Deposits | Companies Act, 2013 | deposits or amounts deemed to be | ||||||||
| (deposits) have been | deposits within the meaning of | |||||||||
| complied with? | sections 73 to 76 of the Companies | |||||||||
| Act. Hence, reporting under clause | ||||||||||
| 3(v) of the Order is not applicable. | ||||||||||
| VI. Cost Records | Where maintenance of cost records has been specified by the Central Government under section 148(1) of the Companies Act, whether such accounts and records have been made and maintained? | As per information and explanation made available to us, the Cost records specified by the Central Government under section 148(1) of the Companies Act have been maintained. Reporting under Clause (vi) of the Order is not applicable to the Company. | ||||||||
| VII. Statutory Dues | a | Whether the company is regular in depositing undisputed statutory dues including GST, Provident Fund, ESI, Income-Tax, Customs Duty, Excise Duty, Cess and any other statutory | The Company is regular in depositing undisputed statutory dues with the appropriate authorities. However, the following amounts were outstanding as at March 31, 2026 for a period of more than six months from the date they became payable: | |||||||
| dues to the appropriate authorities? | Sr. No Name of Forum Financial Year Amount 1 TDS 2011-12 19,020/- 2 TDS 2010-11 920/- 3 GST 2019-20 2,83,99,006/- | |||||||||
| b | Where statutory dues have not been deposited on account of any dispute, the amounts involved and the forum where dispute is pending? | According to the information and explanations given to us, there are no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes. | ||||||||
| VIII. Unrecorded Income | Whether any transactions not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961? | According to the information and explanation given to us, the company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961, as income during the year. Accordingly, reporting under clause 3(viii) of the order does not arise. | ||||||||
| Whether the company has | Based on our audit procedures and as | |||||||||
| defaulted in repayment of | per the information and explanations | |||||||||
| loans or other borrowings or | given by the management, the | |||||||||
| IX. Defaults in | ||||||||||
| a | in the payment of interest | Company did not default in | ||||||||
| Repayment | ||||||||||
| thereon to any lender? | repayment of dues to Financial | |||||||||
| Institutions or Banks or Debenture | ||||||||||
| Holders. | ||||||||||
| Whether the company is a | According to the information and | |||||||||
| declared wilful defaulter by | explanations given to us, the company | |||||||||
| any bank or financial | has not been declared a wilful | |||||||||
| b | institution or other lender? | defaulter by any bank or financial | ||||||||
| institution or government authority. | ||||||||||
| Accordingly, reporting under clause | ||||||||||
| 3(ix)(b) does not arise. | ||||||||||
| Whether term loans were | According to the information and | |||||||||
| applied for the purpose for | explanations given to us and on the | |||||||||
| which the loans were | basis of books and records examined | |||||||||
| c | obtained? | by us, the existing and new term loans | ||||||||
| taken during the year have been | ||||||||||
| applied for the purposes for which | ||||||||||
| those were obtained. | ||||||||||
| Whether funds raised on | According to the information and | |||||||||
| short term basis have been | explanation given to us and on an | |||||||||
| d | utilised for long term | overall examination of the balance | ||||||||
| purposes? | sheet of the company, we report that | |||||||||
| funds raised on short-term basis have | ||||||||||
| Clause No / Name | Sub | Criteria | Auditors Remark |
| not been utilized for long term | |||
| purposes. | |||
| Whether the Company has | Based on our examination of records | ||
| taken any funds from any | and according to the information and | ||
| entity or person to meet the | explanations given to us, the | ||
| obligations of its | Company has not taken any funds | ||
| subsidiaries, associates or | from any entity or person to meet the | ||
| e | joint ventures? Or raised | obligations of its subsidiaries or | |
| loans on pledge of securities | associated companies. The company | ||
| held in subsidiaries? | has not raised loans during the year on | ||
| the pledge of securities held in its | |||
| subsidiaries. Reporting under clause | |||
| 3(ix)(e) and (f) does not arise. | |||
| Whether moneys raised by | During the year under review, the | ||
| way of initial public offer or | Company completed its Initial Public | ||
| further public offer | Offering (IPO) dated 30th September, | ||
| (including debt instruments) | 2025, pursuant to which the Company | ||
| during the year were applied | issued and allotted 29,76,000 | ||
| for the purposes for which | (Twenty-Nine Lakh Seventy-Six | ||
| those are raised? | Thousand) Equity Shares of face | ||
| value of 10/- each at an issue price of | |||
| 80/- per share (including a Securities | |||
| Premium of 70/- per share), | |||
| aggregating to a total issue size of | |||
| 23,80,80,000/- (Rupees Two Crore | |||
| Thirty-Eight Lakh Eight Thousand | |||
| Only). | |||
| X. Application of | |||
| a | |||
| Funds (IPO/FPO) | |||
| Based on the information and | |||
| explanations furnished to us by the | |||
| Management and on the basis of our | |||
| examination of the books of account | |||
| and related records, we report that the | |||
| moneys raised by the Company | |||
| through the aforesaid Initial Public | |||
| Offering have been applied for the | |||
| purposes for which they were raised | |||
| and money which were not utilised | |||
| fully for the purpose are parked in the | |||
| separate Bank Account for the | |||
| Specific utilization, as disclosed in the | |||
| Prospectus filed with the Registrar of |
| Clause No / Name | Sub | Criteria | Auditors Remark |
| Companies and Bombay Stock | |||
| Exchange. | |||
| As at the Balance Sheet date, the | |||
| proceeds have been duly utilized in | |||
| accordance with the objects stated in | |||
| the Prospectus and remaining | |||
| unutilised amount is in the Current | |||
| Account of the Company. | |||
| The same has been Confirmed with | |||
| management by taking management | |||
| representation letter. | |||
| Whether the Company has | According to the information and | ||
| made any preferential | explanations given to us, the | ||
| allotment or private | Company has not made any | ||
| placement of shares or | preferential allotment or private | ||
| b | convertible debentures | placement of shares during the year. | |
| during the year and whether | The requirements of sections 42 and | ||
| the requirements of Sections | 62 of the Companies Act, 2013 have | ||
| 42 and 62 have been | been complied with. | ||
| complied with? | |||
| Whether any fraud by the | To the best of our knowledge and | ||
| company or any fraud on the | belief and according to the | ||
| Company has been noticed | information and explanations given to | ||
| XI. Fraud & Whistle- | |||
| a | or reported during the year? | us, no fraud by the Company or no | |
| blower | |||
| material fraud on the Company has | |||
| been noticed or reported during the | |||
| course of our audit. | |||
| Whether any report under | During the year, no report under sub- | ||
| sub-Section (12) of Section | section (12) of section 143 of the | ||
| 143 has been filed by the | Companies Act, 2013 has been filed | ||
| b | |||
| auditors in Form ADT-4 | in Form ADT-4 with the Central | ||
| with the Central | Government. | ||
| Government? | |||
| Whether the auditor has | As explained and informed by the | ||
| considered whistle-blower | management, no such complaints | ||
| c | complaints, if any, received | were received during the year. | |
| during the year by the | |||
| Company? |
| Clause No / Name | Sub | Criteria | Auditors Remark |
| Whether the Nidhi Company | The Company is not a Nidhi company | ||
| has complied with the Net | as per provisions of the Companies | ||
| XII. Nidhi Companies | Owned Funds to Deposits | Act, 2013. Accordingly, reporting | |
| ratio of 1:20 and other Nidhi | under clause 3(xii)(a), (b), (c) of the | ||
| Rules? | Order does not arise. Not Applicable. | ||
| Whether all transactions with | According to the information and | ||
| the related parties are in | explanations given to us and based on | ||
| compliance with sections | our examination of the records of the | ||
| 177 and 188 of Companies | Company, all transactions with the | ||
| Act, 2013 where applicable | related parties are in compliance with | ||
| XIII. Related Party | |||
| and the details have been | sections 177 and 188 of the | ||
| Transactions | |||
| disclosed in the Financial | Companies Act where applicable and | ||
| Statements? | details of such transactions have been | ||
| disclosed in the financial statements | |||
| as required by the applicable | |||
| accounting standards. | |||
| Whether the company has an | According to the information and | ||
| internal audit system | explanations given to us and based on | ||
| commensurate with the size | our examination of the records of the | ||
| and nature of its business? | Company, management has | ||
| XIV. Internal Audit | |||
| Whether the reports of the | established an internal audit system | ||
| System | |||
| Internal Auditors for the | and internal audit has been conducted | ||
| period under audit were | by professionals. Yes, the Internal | ||
| considered by the statutory | audit report has been considered while | ||
| auditor? | framing opinion on statutory audit. | ||
| Whether the company has | According to the information and | ||
| entered into any non-cash | explanations given to us and based on | ||
| transactions with directors or | our examination of the records of the | ||
| persons connected with him | Company during the year, the | ||
| XV. Non-Cash | and if so, whether the | Company has not entered into non- | |
| Transactions | provisions of section 192 of | cash transactions with directors or | |
| Companies Act, 2013 have | persons connected with its directors. | ||
| been complied with? | Hence, provisions of section 192 are | ||
| not applicable. Reporting under | |||
| clause 3(xv) does not arise. | |||
| Whether the company is | In our opinion, the Company is not | ||
| required to be registered | required to be registered under section | ||
| under section 45-IA of the | 45-IA of the Reserve Bank of India | ||
| XVI. RBI Registration | |||
| Reserve Bank of India Act, | Act, 1934. Hence, reporting under | ||
| 1934 and if so, whether the | clause 3(xvi)(a), (b), (c) and (d) of the | ||
| registration has been | Order is not applicable. |
| Clause No / Name | Sub | Criteria | Auditors Remark |
| obtained? Whether | |||
| conducting NBFC or | |||
| Housing Finance activities? | |||
| Whether the Company has | Based on our examination of the | ||
| incurred cash losses in the | records and according to the | ||
| Financial Year and in the | information and explanation given to | ||
| XVII. Cash Losses | immediately preceding | us, the Company has not incurred cash | |
| Financial year? | losses during the financial year and in | ||
| the immediately preceding financial | |||
| year. | |||
| Whether there has been any | No such resignation of statutory | ||
| XVIII. Resignation of | |||
| resignation of the statutory | auditor during the year. | ||
| Auditors | |||
| auditors during the year? | |||
| Whether the auditor is of the | On the basis of the financial ratios, | ||
| opinion that no material | ageing and expected dates of | ||
| uncertainty exists as on the | realization of financial assets and | ||
| date of the audit report that | payment of financial liabilities, other | ||
| company is capable of | information accompanying the | ||
| meeting its liabilities within | financial statements and our | ||
| a period of one year from the | knowledge of the Board of Directors | ||
| balance sheet date? | and Management plans, nothing has | ||
| XIX. Going Concern | come to our attention which causes us | ||
| Status | to believe that material uncertainty | ||
| exists as on the date of the audit report | |||
| indicating that the Company is not | |||
| capable of meeting its liabilities as | |||
| and when they fall due within a period | |||
| of one year from the balance sheet | |||
| date. This is however not an assurance | |||
| as to the future viability of the | |||
| Company. | |||
| Whether the company has | The Company has applicable | ||
| transferred unspent CSR | provisions of CSR activity and has | ||
| amount to a Fund specified | spent the specified amount in eligible | ||
| in Schedule VII within six | CSR activity during the year. No | ||
| XX. CSR Unspent | months of the expiry of the | unspent amount remains at the end of | |
| a-b | |||
| Amounts | financial year? Whether any | year; hence, the company is not liable | |
| amount remaining unspent | to transfer any unspent amount. No | ||
| under ongoing projects has | ongoing project Not Applicable. | ||
| been transferred to the | |||
| special account? |
| Clause No / Name | Sub | Criteria | Auditors Remark |
| Whether there have been any | Not Applicable. | ||
| qualifications or adverse | |||
| XXI. | remarks by the respective | ||
| Qualifications/Adverse | auditors in the CARO reports | ||
| Remarks | of the companies included in | ||
| the consolidated financial | |||
| statements? |
ANNEXURE B TO INDEPENDENT AUDITORS
REPORT
(Referred to in Paragraph (F) under the Report on Other Legal and Regulatory Requirements Section of our Report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act)
We have audited the internal financial controls over financial reporting of GUJARAT PEANUT AND AGRI PRODUCTS LIMITED (the Company) as of March 31st, 2026 , in conjunction with our audit of the standalone AS financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) issued by the
Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that:
(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31st, 2026 , based on the criteria for internal financial control over financial reporting established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For, M/s. R B GOHIL & CO. Chartered Accountants FRN No.: 119360W
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