Gujarat Peanut & Agri Products Ltd Auditor Reports

Independent Auditors Examination Report on Restated Financial Information

To,

The Board of Directors

Gujarat Peanut and Agri Products Limited

D - 402, Imperial Heights, Opp. Big Bazar,

150 Feet Ring Road, Rajkot,

Gujarat, India 360005.

Dear Sir/Madam,

1. We M/s. R. B. Gohil & Co., Chartered Accountant ("we" or "us") have examined the attached Restated Financial Information of GUJARAT PEANUT AND AGRI PRODUCTS LIMITED (Formerly known as Gujarat Peanut Products Limited / Gujarat Peanut Products Private Limited) (hereinafter referred to as "the Company" or the "Issuer"), comprising the Restated Statement of Assets and Liabilities as at March 31, 2025, March 31, 2024 and March 31, 2023, the Restated Statements of Profit and Loss, the Restated Statement of Changes in Equity, the Restated Cash Flow Statement for the years ended March 31, 2025, March 31, 2024 and March 31, 2023, the summary Statements of Significant Accounting Policies, and other explanatory information (collectively referred to as the "Restated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on 26/07/2025 for the purpose of inclusion in the Draft Prospectus/Prospectus Prepared by the company in connection with its proposed Initial Public Offering of equity shares on the SME Platform ("IPO" or "SME IPO") prepared in terms of the requirement of:

a. Section 26 of Part I of Chapter III of the Companies Act, 2013 (the "Act");

b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the "SEBI ICDR Regulations"); and

c. The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI"), as amended from time to time (the "Guidance Note").

2. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Draft Prospectus/Prospectus to be filed with Securities and Exchange Board of India, Stock Exchange and Registrar of Companies, Ahmedabad in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the Company on the basis of preparation stated in Annexure V & VI to the Restated Financial Information. The Board of Directors of the Company responsibility includes designing, implementing, and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The Board of Directors are also responsible for identifying and ensuring that the company complies with the Act, ICDR Regulations, and the Guidance Note.

3. We have examined such Restated Financial Information taking into consideration:

a. The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated 04/03/2025 in connection with the proposed IPO of equity shares of the Issuer;

b. The Guidance Note. The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

c. Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Information; and

d. The requirements of Section 26 of the Act and the ICDR Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the IPO.

4. These Restated Financial Information have been compiled by the management from:

a. Audited Financial Statements of the Company as at and for the Year ended March 31, 2025 prepared by the Company in accordance with the Accounting Standards (Indian GAAP) as prescribed under Section 133 of the Act read with Companies (Accounting Standards) Rules 2021, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on 15/07/2025.

b. Audited Financial Statements of the Company as at and for the Year ended March 31, 2024 prepared by the Company in accordance with the Accounting Standards (Indian GAAP) as prescribed under Section 133 of the Act read with Companies (Accounting Standards) Rules 2021, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on 12/07/2024

c. Audited Financial Statements of the Company as at and for the Year ended March 31, 2023 prepared by the Company in accordance with the Accounting Standards (Indian GAAP) as prescribed under Section 133 of the Act read with Companies (Accounting Standards) Rules 2021, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on 04/09/2023.

5. For the purpose of our examination, we have relied on:

a. Auditors report issued by us dated 15/07/2025 on the financial statement as at and for the year ended March 31, 2025 as mentioned above;

b. Auditors report issued by us dated 12/07/2024 on the financial statement as at and for the year ended March 31, 2024 as mentioned above; and

c. Auditors report issued by Previous Auditor dated 04/09/2023 on the financial statement as at and for the year ended March 31, 2023 as mentioned above.

The audit for the financial year ended March 31, 2023 were conducted by the Companys previous auditor, M/s. D M A A and Associates, (the "Previous Auditor") and accordingly reliance has been placed on the Restated Statement of Assets and Liabilities and the Restated Statements of Profit and Loss, Statement of changes in Equity and Cash Flow statements, the Summary Statement of Significant Accounting Policies, and other explanatory information and examined by them for the said year. The examination report included for the said year is based solely on the report submitted by the Previous Auditor. Our opinion on the financial statements were not modified in respect of these matters.

6. Based on our examination and according to the information and explanations given to us, we report that: -

a. The "Restated statement of Asset and Liabilities" as set out in Annexure I to this report, of the company as at and for the financial years ended on March 31, 2025, March 31, 2024 and March 31, 2023 have been prepared after making such adjustments and regrouping/ reclassifications retrospectively to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure V & Annexure VI to this Report.

b. The "Restated statement of Profit and Loss" as set out in Annexure II to this report, of the company as at and for the financial years ended on March 31, 2025, March 31, 2024 and March 31, 2023 have been prepared after making such adjustments and regrouping/reclassifications retrospectively to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure V & Annexure VI to this Report.

c. The "Restated statement of Cash Flows" as set out in Annexure III to this report, of the company as at and for the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 have been prepared after making such adjustments and regrouping/reclassifications retrospectively to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure V & Annexure VI to this Report.

d. The "Restated statement of Changes in Equity" as set out in Annexure IV to this report, of the company as at and for the financial years ended on March 31, 2025, March 31, 2024 and March 31, 2023 have been prepared after making such adjustments and regrouping/reclassifications retrospectively to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure V & Annexure VI to this Report.

e. The Restated Summary Statement has been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

f. The Restated Summary Statements have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial years/period to reflect the same accounting treatment as per the changed accounting policy for all reporting periods, if any

g. The Restated Summary Statements have been made after incorporating adjustments for the prior period and other material errors in the respective financial years/period to which they relate, if any and there are no qualifications that require adjustments.

h. Extraordinary items that need to be disclosed separately in the accounts have been disclosed wherever required.

i. There were no qualifications in the Audit Reports issued by the Statutory Auditors as at and for the March 31, 2025, March 31, 2024 and March 31, 2023 which would require adjustments in this Restated Financial Statements of the Company;

j. Profits and losses have been arrived at after charging all expenses including depreciation and after making such adjustments/restatements and regroupings as in our opinion are appropriate and are to be read in accordance with the Significant Accounting Policies and Notes to Accounts as set out in Annexure V & VI to this report;

k. Adjustments in Restated Summary Statements if any have been made in accordance with the correct accounting policies in the Restated Summary Statements.

l. There are no revaluation reserves, which need to be disclosed separately in the Restated Financial Statements;

m. The company has not declared any dividend in past effective for the said period.

7. We have also examined the following other financial information relating to the company prepared by the Management and as approved by the Board of Directors of the Company and annexed to this report relating to the company as at and for the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023.

Annexure No. Particulars

I Restated Statement of Assets and Liabilities

I.1 Restated Statement of Share Capital

I.2 Restated Statement of Reserves & Surplus

I.3 Restated Statement of Long-Term Borrowings

I.4 Restated Statement of Deferred Tax liabilities

I.5 Restated Statement of Long-term provisions

I.6 Restated Statement of Short-term Borrowings

I.7 Restated Statement of Trade Payables

I.8 Restated Statement of Other Current Liabilities

I.9 Restated Statement of Short-Term Provisions

I.10 Restated Statement of Property, Plant and Equipment and Intangible assets

I.11 Restated Deferred tax assets

I.12 Restated Statement of Other Non-Current Assets

I.13 Restated Statement of Inventories

I.14 Restated Statement of Trade Receivable

I.15 Restated Statement of Cash and Cash Equivalent

I.16 Restated Statement of Short-Term Loans and Advances

I.17 Restated Statement of Other Current Assets

II Restated Statement of Profit and Loss

II.1 Restated Statement of Revenue from Operations

II.2 Restated Statement of Other Income

II.3 Restated Statement of Cost of Raw Material Consumed

II.4 Restated Statement of Purchases of Goods

II.5 Restated Statement of Changes in inventories of finished goods work-in-progress and Stock- in-Trade

II.6 Restated Statement of Direct Expenses

II.7 Restated Statement of Employee Benefits Expense

II.8 Restated Statement of Finance Costs

II.9 Restated Statement of Depreciation and Amortization Expense

II.10 Restated Statement of Administrative Expenses & Selling Expenses

II.11 Restated Statement of Tax Expense

II.12 Earnings Per Equity Share

Other Annexures:

III Restated Statement of Cash Flow

IV Restated Statement of Change in Equity Statement

V Statement of Significant Accounting Policies

VI Notes to the Re-stated Financial Statements Non-Adjustment

VII Statement of Accounting & Other Ratios, As Restated

VIII Statement of Capitalization, As Restated

IX Statement of Tax Shelter, As Restated

X Statement of Related Parties & Transactions

XI Statement of Dividends

8. We, M/s. R B GOHIL & CO, Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India ("ICAI") and hold a valid peer review certificate. Our Peer reviewed certificate number 018826 shall remain valid till 31/12/2027 issued by the "Peer Review Board" of the ICAI.

9. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited financial statements mentioned in paragraph 6 above.

10. The report should not in any way be construed as a re-issuance or re-dating of any of the previous audit reports issued by us or the previous auditor, nor should this report be construed as a new opinion on any of the financial statements referred to therein.

11. We have no responsibility to update our report for events and circumstances occurring after the date of the report.

12. Our report is intended solely for use by the management and for inclusion in the Draft Prospectus/ Prospectus/Offer

Document to be filed with Securities and Exchange Board of India, relevant stock exchange, and Registrar of Companies, Ahmedabad in connection with the proposed SME IPO of the company. Our report should not be used, referred to, or adjusted for any other purpose except with our consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing.

For, M/s. R B GOHIL & CO

Chartered Accountants

FRN No.: 119360W

PRC No.: 018826

Sd/-

CA RAGHUBHA BHAISABBHA GOHIL

PARTNER

Membership No: 104997

Place: Jamnagar

Date: 26/07/2025

UDIN: 25104997BMGEXC3844