We have audited the accompanying standalone financial
statements of Gokaldas Exports Limited ("the Company"),
which comprise the Balance Sheet as at March 31, 2026,
and the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows for the year then
ended, and notes to the standalone financial statements,
including material accounting policy information and other
explanatory information (hereinafter referred to as the
"standalone financial statements").

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 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, 2026, and its profit (including other comprehensive
income), changes in equity and its cash flows for the year
ended on that date.

BASIS FOR OPINION

We conducted our audit of the standalone financial
statements in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Act. Our
responsibilities under those SAs are further described in the
Auditor's Responsibilities for the Audit of the Standalone
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 ("ICAI") together with the ethical requirements
that are relevant to our audit of the standalone financial
statements under the provisions of the Act 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
standalone financial statements of the current year. 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 determined the matters described below to be the key audit matters to be communicated in
our report.

INFORMATION OTHER THAN THE
STANDALONE FINANCIAL STATEMENTS AND
AUDITOR'S REPORT THEREON

The Company's Board of Directors is responsible for the
other information. The other information comprises the
information included in the Management report, Chairman's
statement, Director's report, Business Responsibility and
Sustainability Reporting etc but does not include the
standalone financial statements and our auditor's report
thereon. The Management report, Chairman's statement,
Director's report, Business Responsibility and Sustainability
Reporting etc, which is expected to be made available to us
after that date.

Our opinion on the standalone financial statements does
not cover the other information and we will not express
any form of assurance conclusion thereon.

In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information identified above and, in doing so, consider
whether the other information is materially inconsistent

with the standalone financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially
misstated.

When we read the Management report, Chairman's
statement, Director's report, Business Responsibility and
Sustainability Reporting etc, if we conclude that there
is a material misstatement therein, we are required to
communicate the matter to those charged with governance.

RESPONSIBILITIES OF MANAGEMENT
AND BOARD OF DIRECTORS FOR THE
STANDALONE FINANCIAL STATEMENTS

The Company's Management and Board of Directors are
responsible for the matters stated in section 134(5) of the
Act with respect to the preparation of these standalone
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 Indian 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 of 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 standalone
financial statement that give a true and fair view and are
free from material misstatement, whether due to fraud or
error.

In preparing the standalone financial statements, the
Management and Board of Directors of the Company are
responsible for assessing the Company's 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.

The Management and Board of Directors is also responsible
for overseeing the Company's financial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE
AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS

Our objectives are to obtain reasonable assurance about
whether the standalone 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
financial statements.

We give in “Annexure A" a detailed description of Auditor's
responsibilities for Audit of the Standalone Financial
Statements.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. 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 Act, we give in “Annexure B" 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:

(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 of the aforesaid standalone
financial statements.

(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, except for the matters stated in paragraph
h(vi) below relating to reporting under Rule
11(g) and except that back-up of the books of
account and other books and papers maintained
in electronic mode with respect to one of the
payroll application in the absence of sufficient
appropriate audit evidence we are unable to
comment whether back-up of the books of
account and other books and papers maintained
in electronic mode have been kept in servers
physically located in India on a daily basis as
explained in Note 50 to the standalone financial
statements.

(c) The Balance Sheet, the Statement of Profit and
Loss (including other comprehensive income),
the Statement of Changes in Equity and the
Statement of Cash Flows dealt with by this Report
are in agreement with the books of account
maintained for the purpose of preparation of the
standalone financial statements.

(d) In our opinion, the aforesaid standalone financial
statements comply with the Ind AS specified
under Section 133 of the Act.

(e) On the basis of the written representations
received from the directors as on March 31, 2026
taken on record by the Board of Directors, none
of the directors are disqualified as on March 31,
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 with reference to standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in “Annexure C".

(g) The modification relating to the maintenance of
accounts and other matters connected therewith
are as stated in paragraph (b) above on reporting
under Section 143(3)(b) and paragraph (h)(vi)
below on reporting under Rule 11(g).

(h) 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 36 to the standalone financial
statements.

ii. The Company has long-term contracts
including derivative contracts for which
there were no material foreseeable losses.

iii. There are no amounts which are required to
be transferred to the Investor Education and

Protection Fund by the Company during the
year ended March 31, 2026.

iv. 1. 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 entity(ies), including
foreign entities ("Intermediaries"),
with the understanding, whether
recorded in writing or otherwise,
that the Intermediary shall, 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.

2. 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 (Funding Parties), with the
understanding, whether recorded in
writing or otherwise, as on the date
of this audit report, that the Company
shall, 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.

3. Based on the audit procedures
performed that have been considered
reasonable and appropriate in the
circumstances, and according to the
information and explanations provided
to us by the Management in this regard
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
(1) and (2) above, contain any material
mis-statement.

v. The Company has neither declared nor paid
any dividend during the year.

vi. Based on our examination which included
test checks, the Company has used an
accounting software for maintaining its
books of account, which has a feature of
recording the audit trail (edit log) facility,
except that audit trail feature was not
enabled throughout the year for certain
relevant transactions and also not enabled at
the database level to log any direct changes

as explained in Note 50 to the standalone
financial statements.

Further, where enabled, the audit trail feature
has operated for the relevant transactions
recorded in the accounting software. Also,
during the course of our audit, we did not
come across any instance of the audit trail
feature being tampered with in respect of
such accounting software. Additionally,
the audit trail feature of prior years has
been preserved by the Company as per the
statutory requirements for record retention
to the extent it was enabled and recorded in
relevant years.

Based on our examination which included
test checks, the Company has used a
payroll software for maintaining its books of
accounts, which is managed and maintained
by a third-party software service provider
as explained in note 50 to the standalone
financial statements. However, in absence
of sufficient and appropriate audit evidence
including SOC report we are unable to
comment whether the accounting software
has a feature of recording audit trail (edit
log) facility and whether the same has
operated throughout the year for all relevant
transactions recorded in the software or
whether there is any instance of audit trail
feature being tampered with. Additionally,
we are unable to comment whether the audit
trail of prior years has been preserved by the
Company as per the statutory requirements
for record retention prescribed under Rule
11(g) of the Companies (Audit and Auditors)
Rules, 2014.

Based on our examination which included
test checks, the Company has used an
inventory software for maintaining its
books of accounts, which has a feature of
recording audit trail (edit log) facility, except
no audit trail feature at application level.
Further, audit trail feature is not enabled at
database level to log any direct data changes
as explained in Note 50 to the standalone
financial statements. Accordingly, we are
unable to comment whether the audit trail
feature has operated throughout the year
for all relevant transaction recorded in the
software or whether there is any instance
of audit trail feature being tampered with
or whether the audit trail of prior year(s)
has been preserved by the Company as
per the statutory requirements for record
retention prescribed under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

Based on our examination which included
test checks, the Company has used an
another inventory software with effect from
August 28, 2025 for maintaining its books of
account, which has a feature of recording
the audit trail (edit log) facility, except that
no audit trail feature was enabled at the

database level in respect of the accounting
software to log any direct data changes
as explained in Note 50 to the standalone
financial statements.

Further, where enabled, the audit trail
feature has operated for the relevant
transactions recorded in the accounting
software. Also, during the course of our
audit, we did not come across any instance
of the audit trail feature being tampered
with in respect of such accounting software.

Additionally, reporting under Rule 11(g) of
the Companies (Audit and Auditors) Rules,
2014 on preservation of audit trail as per the
statutory requirements for record retention
is not applicable for the previous year(s) in
respect of this accounting software.

3. In our opinion, according to information, explanations
given to us, the remuneration paid or provided by
the Company to its directors is within the limits laid
prescribed under Section 197 read with Schedule V of
the Act.

For M S K A & Associates LLP
(Formerly known as M S K A & Associates)

Chartered Accountants

ICAI Firm registration number: 105047W/W101187

Pankaj S Bhauwala

Partner

Membership No.: 233552
UDIN: 26233552XLWNJB2267
Place: Bengaluru
Date: May 22, 2026