Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are
assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost
of those assets, until such time as the assets are substantially ready for their intended use or sale. Interest income
earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted
from the borrowing costs eligible for capitalization

• Taxation

Tax on Income comprises current and deferred tax. It is recognized in statement of profit and loss except to the extent
that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.

• Current tax

Tax on income for the current period is determined on the basis on estimated taxable income and tax credits computed
in accordance with the provisions of the relevant tax laws and based on the expected outcome of assessments /
appeals. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to
the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted, at the reporting date. Management periodically evaluates positions taken in the tax returns with
respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where
appropriate.

• Deferred tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities
are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary
differences to the extent that it is probable that taxable profits will be available against which those deductible
temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary
difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a
transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not
recognized if the temporary difference arises from the initial recognition of goodwill.

The carrying amount of deferred tax assets is reviewed at the end of each reporting year and reduced to the extent that
it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

• Earnings per share

The Company presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic earnings per share is
computed by dividing the profit or loss after tax by the weighted average number of equity shares outstanding during
the year. The weighted average number of equity shares outstanding during the year is adjusted for treasury shares,
bonus issue, bonus element in a rights issue to existing shareholders, share split and reverse share split (consolidation of
shares).

Diluted earnings per share is computed by dividing the profit/(loss) after tax as adjusted for dividend, interest and other
charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the
weighted average number of equity shares considered for deriving basic earnings per share and the weighted average
number of equity shares which could have been issued on the conversion of all dilutive potential equity shares including
the treasury shares held by the Company to satisfy the exercise of the share options by the employees

Further, the Company entered into Supplemental Agreement with GNRL Oil & Gas Limited and GNRL Oil and Gas (I) Private
Limited on 20^th March, 2025 pursuant to which GOGL agrees to share revenue from business operations with GNRL, up to a
maximum of Rs. 2 Crore annually. This revenue will be paid quarterly to GNRL until the approval from the Government of
India for transfer of Portion of Participating Interest is obtained.

The Company shall be entitled to receive the revenue, based on the funds already provided by GNRL to GOGL through GOGIL
for its business operations by way of loan.

> Capital Management

The Company manages its capital to ensure that entities in the Company will be able to continue as going concerns
while maximizing the return to stakeholders through the optimization of the debt and equity balance. The capital
structure of the Company consists of net debt (borrowings offset by cash and bank balances) and total equity of the
Company.

Fair value hierarchy

The following section explains the judgments and estimates made in determining the fair values of the financial instruments
that are recognized and measured at fair value through profit or loss. To provide an indication about the reliability of the inputs
used in determining fair value, the Company has classified its financial investments into the three levels prescribed under the
accounting standard. An explanation of each level follows underneath the table.

Notes:

Level 1 hierarchy includes financial instruments measured using quoted prices (unadjusted) in active market for identical
assets that the entity can access at the measurement date. This represents mutual funds that have price quoted by
the respective mutual fund houses and are valued using the closing Net asset value (NAV).

Level 2 hierarchy includes the fair value of financial instruments measured using quoted prices for identical or similar assets
in markets that are not active.

Level 3 if one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
This is the case for unlisted compound instruments.

There are no transfers between any of these levels during the year. The Company's policy is to recognize transfers into and
transfers out of fair value hierarchy levels as at the end of the reporting period.

C. Fair value of financial assets and liabilities measured at amortized cost

The Management has assessed that fair value of loans, trade receivables, cash and cash equivalents, other bank
balances, other financial assets and trade payables approximate their carrying amounts largely due to their short-term
nature. Difference between carrying amount of Bank deposits, other financial assets, borrowings and other financial
liabilities subsequently measured at amortized cost is not significant in each of the years presented.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

> Financial risk management

The Company's board of directors has overall responsibility for the establishment and oversight of the Company's risk
management framework. The board has established the Audit Committee, which is responsible for developing and
monitoring the Company's risk management policies. The Committee holds regular meetings and report to board on its
activities. The Company's risk management policies are established to identify and analyses the risks faced by the
Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management
policies and systems are reviewed regularly to reflect changes in market conditions and the Company's activities. The
Company, through it straining and management standards and procedures, aims to maintain a disciplined and
constructive control environment in which all employees understand their roles and obligations.

The audit committee oversees how management monitors compliance with the Company's risk management policies
and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the
Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular
and adhoc views of risk management controls and procedures, the results of which are reported to the audit
committee.

(a) Credit risk

Credit risk is the risk of financial loss to the company if a customer or counter party to a financial instrument fails to
meet its contractual obligations. The company is exposed to the credit risk from its trade receivables, unbilled revenue,
investments, cash and cash equivalents, bank deposits and other financial assets. The maximum exposure to credit risk
is equal to the carrying value of the financial assets. The objective of managing counter party credit risk is to prevent
losses in financial assets.

Trade Receivables

Trade receivables comprise a widespread customer base. Management evaluates credit risk relating to customers on
an ongoing basis. If customers are independently rated, these ratings are used. Otherwise, if there is no independent
rating, risk control assesses the credit quality of the customer, taking into account its financial position, past experience
and other factors

(b) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing
liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under
both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's
reputation.

Liquidity Table

The Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment
periods is given below. The tables have been drawn up based on the undiscounted cash flows of financial liabilities
based on the earliest date on which the Company can be required to pay. The tables include both interest and principal
cash flows. The contractual maturity is based on the earliest date on which the Company may be required to pay.

(c) Price Risk Exposure

The Company's exposure to securities price risk arises from investments held in mutual funds and classified in the
balance sheet at fair value through profit or loss. To manage its price risk arising from such investments, the Company
diversifies its portfolio. Further these are all debt base securities for which the exposure is primarily on account of
interest rate risk. Quotes (NAV) of these investments are available from the mutual fund houses. Profit for the year
would increase/decrease as a result of gains/losses on these securities classified as at fair value through profit or loss.

> Others

- As informed by the management that the loans are interest free, which in our opinion is violation of Section 186 (7) of
the Companies Act, 2013.

- Confirmation of the concerned parties for the amount due to them and/or due from them as per accounts of the
company is not received. Necessary adjustments, if any, will be made when accounts are reconciled or settled. Balance
of sundry debtors and creditors, loans and advances accepted and given in the balance sheet are subject to
confirmation.

- In the opinion of board of directors the value of loans and advances and other current assets have a value on realization
in the ordinary course of business at least equal to the amount at which they are stated in balance sheet.

- There is carry forward of losses, the company need not to recognize deferred tax assets in the event of non-availability
of convincing evidence as to future income.

- The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary. 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 the current year.

For, Gujarat Natural Resources Limited For, G M C A & Co.

Chartered Accountants
FRN: 109850W

Shalin A. Shah Ashok C. Shah Hitesh Donga Barkha Lakhani

Managing Director Director CFO Company Secretary

DIN : 00297447 DIN : 02467830

CA. Amin G. Shaikh

(Partner)

Place : Ahmedabad Membership No. 108894

Date : 29.05.2025 UDIN: 25108894BMKOSZ2629