n. Provisions

Provisions are recognized when the Company has a present
obligation (legal or constructive) as a result of a past event,
it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the
obligation. When the Company expects some or all of a
provision to be reimbursed, for example, under an insurance
contract, the reimbursement is recognized as a separate
asset, but only when the reimbursement is virtually certain.
The expense relating to a provision is presented in the
Statement of profit and loss net of any reimbursement.

Provisions are measured at the present value of
management's best estimate of the expenditure required
to settle the present obligation at the end of the reporting
period. The increase in the provision due to the passage of
time is recognized as an interest expense

o. Contingent liabilities

A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain
future events beyond the control of the Company or a present
obligation that is not recognized because it is not probable
that an outflow of resources will be required to settle the
obligation. contingent liability also arises in extremely rare
cases where there is a liability that cannot be recognized
because it cannot be measured reliably. The Company does
not recognize contingent liability but discloses its existence
in the financial statements.

p. Contingent assets

A contingent asset is a possible asset that arises from past
events and whose existence will be confirmed only by future
events not wholly within the control of the entity. Contingent
assets require disclosure only if the realization of income is
virtually certain, the related asset is not a contingent asset
and recognition is required.

q. Employee Benefit

Defined contribution plans (Provident Fund)

In accordance with Indian Law, eligible employees
receive benefits from Provident Fund, which is a defined
contribution plan. Both the employee and employer make
monthly contributions to the plan, which is administrated
by the Government authorities, each equal to the specific
percentage of the employee's basic salary. The Company
has no further obligation under the plan beyond its monthly
contributions. Obligation for contributions to the plan is
recognized as an employee benefit expense in the Statement
of Profit and Loss when incurred.

Defined benefit plans (Gratuity)

In accordance with applicable Indian Law, the Company
provides for gratuity, a defined benefit retirement plan (the
Gratuity Plan) covering eligible employees. The Gratuity

Plan provides a lump sum payment to vested employees,
at retirement or termination of employment, and amount
based on the respective last drawn salary and the year
of employment with the Company. The Company's net
obligation in respect of the Gratuity Plan is calculated by
estimating the amount of future benefits that the employees
have earned in return of their service in the current and prior
periods; that benefit is discounted to determine its present
value. Any unrecognized past service cost and the fair
value of plan assets are deducted. The discount rate is the
yield at the reporting date on risk-free government bonds
that have maturity dates approximating the terms of the
Company's obligation. The calculation is performed annually
by a qualified actuary using the projected unit credit method.
When the calculation results in a benefit to the Company, the
recognized asset is limited to the Total of any unrecognized
past service cost and the present value of the economic
benefits available in the form of any future refunds from the
plan or reduction in future contribution to the plan.

The Company recognizes all remeasurement of net defined
benefit liability/asset directly in other comprehensive
income and presented within equity.

Short term benefits

Short-term employee benefit obligations are measured on
an undiscounted basis and are expensed as a related service
provided. A liability is recognized for the amount expected to
be paid under short-term cash bonus or profit-sharing plans
if the Company has a present legal or constructive obligation
to pay this amount as a result of past service provided by the
employee and the obligation can be estimated reliably.

r. Segment reporting

Operating segments are reported in a manner consistent
with the internal reporting provided to the chief operating
decision maker (CODM). The board of directors of the
company assesses the financial performance and position
of the company and makes strategic decisions. The board
of directors, which has been identified as being the chief
operating decision-maker, consists of the managing director
and other directors. Refer to note 40 for the segment
information presented.

s. Earnings per share

Basic earnings per share is calculated by dividing the net
profit or loss for the period attributable to equity shareholders
(after deducting attributable taxes) by the weighted average
number of equity shares outstanding during the period. The
weighted average number of equity shares outstanding
during the periods/years is adjusted for events including
a bonus issue. There are no potential equity shares; hence
diluted EPS is the same as Basic earnings per Share.

t. Cash dividend distribution to equity holders

The Company recognizes a liability to make cash distributions
to equity holders when the distribution is authorized and the
distribution is no longer at the discretion of the Company. As
per the corporate laws in India, a distribution is authorized
when it is approved by the shareholders. A corresponding
amount is recognized directly in equity.

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity
risk. Financial instruments affected by market risk include loans and borrowings, deposits and derivative financial instruments.

Credit risk on financial assets

Financial assets that are potentially subject to concentrations of credit risk and failures by counterparties to discharge their obligations in
full or in a timely manner consist principally of cash balances with banks, cash equivalents and receivables, and other financial assets.

The maximum exposure to credit risk is: the Total of the fair value of the financial instruments and the full amount of any loan payable
commitment at the end of the reporting year. Credit risk on cash balances with banks is limited because the counterparties are entities with
acceptable credit ratings. Credit risk on other financial assets is limited because the other parties are entities with acceptable credit ratings.

As disclosed in Note 12 (a), cash and cash equivalents balances generally represent short term deposits with a less than 90-day maturity.

As part of the process of setting customer credit limits, different credit terms are used. The average credit period generally granted to trade
receivable customers is about 7-30 days. But some customers take a longer period to settle the amounts.

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring
unacceptable losses. The Company's objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral
requirements. The Company closely monitors its liquidity position and deploys a robust cash management system. It maintains
adequate sources of financing including debt and cash credits from banks at an optimised cost.

The Company maximum exposure to credit risk for the components of the balance sheet year ended as at March 31,2025 and March 31,2024
is the carrying amounts. The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The average credit
period taken to settle trade payables is about 90 days. The other payables are with short-term durations. The carrying amounts are assumed
to be a reasonable approximation of fair value. The following table analysis financial liabilities by remaining contractual maturities:

48 Capital management

For the purpose of the Company’s capital management, capital includes issued equity capital, share premium and all other equity
reserves attributable to the equity holders of the parent. The primary objective of the Company's capital management is to maximise the
shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the
financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return
capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by Total capital
plus net debt. The Company's policy is to keep optimum gearing ratio. The Company includes within net debt, interest bearing loans and
borrowings, trade and other payables, less cash and cash equivalents, excluding discontinued operations.

48 Capital management (Contd..)

In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure that it meets financial
covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the
financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial
covenants of any interest-bearing loans and borrowing in the current period.

50 Estimates

The estimates at March 31,2025, are consistent with those made for the same dates in accordance with Ind As(after adjustments to
reflect any differences in accounting policies).

Balances in the accounts of Trade Receivables, Loans and Advances, Trade Payables and Other Current Liabilities are subject to
confirmation / reconciliation, if any. The management does not expect any material adjustment in respect of the same effecting the
financial statements on such reconciliation / adjustments.

54 Disclosure pursuant to requirements of Rule 11(e) (i) & (ii) of the Companies (Audit and Auditors) Rules

a) 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 lend or invest in party identified by or on behalf of the Company
(Ultimate Beneficiaries)

b) The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether,
directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

55 Other statutory information

i) Undisclosed income

The Company has not entered into any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year ended March 31,2025 in the tax assessments under the Income Tax Act, 1961.

ii) Number of layers under clause (87) of companies act

The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Act read with the
Companies (Restriction on number of Layers) Rules, 2017.

iii) Wilful defaulter

The Company is not declared wilful defaulter by any bank or financial institution or other lenders.

iv) Crypto currency

The Company has not traded or invested in crypto currency or virtual currency during the financial year ended March 31,2025.

v) Revalued of property, plant and equipments

The Company has not revalued its property, plant and equipment (including right-of-use asset) during year ended March 31,2025.

vi) Benami Transactions

No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made there under.

vii) Stuck of under section 248 or 560 of companies act

The company does not have any transactions with companies struck off under section 248 of the Companies Act,2013
or section 560 of Companies Act, 1956.

viii) Title deeds of all immovable property

Title deeds of all the Immovable property (other than properties where the company is the lessee and the lease
agreements are duly executed in favor of the lessee) are held in the name of the company.

ix) ROC charge

There are no charges or satisfaction which are yet to be registered with ROC beyond the statutory period.

x) Credit facility from the bank

The company avails the credit facility from the bank on the basis of security of inventory and book debts and file
monthly statements with the banks and the same is in agreement with books of accounts.

xi) Borrowings from bank

The Company has used the borrowings from banks for the specified purpose for which it has taken place
at the balance sheet date.

56 The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company
towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released draft rules for the Code on Social
Security, 2020 on November 13, 2020. The Company will assess the impact and its evaluation once the subject rules are notified.

The Company will give appropriate impact in its financial statements in the period in which, the Code becomes effective and the
related rules to determine the financial impact are published.

57 A fire incident occurred at one of the Company's plants located in Rajkot on December 11,2024, causing significant damage to
property, plant and equipment, inventory, and other assets; however, there were no human casualties. During the quarter ended
March 31,2025, the company reported a loss of ? 471.85 million under the exceptional item, which includes plant & machinery,
factory building, stock, and expenses incurred due to fire. Since the company is in the process of filing an insurance claim, claim
receivable is not accounted for in the books. The company has adequate insurance cover for the loss incurred and will claim the
same based on the reinstatement of assets.

58 The company has evaluated all events or transactions that occurred between reporting date March 31,2025 and May 23, 2025
the date the financial statements were authorized for issue by the Board of Directors.

59 Previous years figures have been regrouped/rearranged wherever necessary, to correspond with the current year
classification / disclosures.

60 The balance sheet, statement of profit and loss, cash flow statement, statement of changes in equity, statement of
accounting policies and the other explanatory notes forms an integral part of the financial statements of the Company.

As per our report of even date

For Maheshwari & Co. For and on behalf of the Board of Directors of Gopal Snacks Limited

Chartered Accountants CIN:-L15400GJ2009PLC058781

Firm Registration No. 105834W

Bipinbhai Vithalbhai Hadvani Raj Bipinbhai Hadvani

Vikas Asawa Chairman & Managing Director Whole-time Director & Chief Executive Officer

Partner DIN : 02858118 DIN : 09802257

Membership No.: 172133

Rigan Hasmukhrai Raithatha Mayur Popatbhai Gangani

Chief Financial Officer Company Secretary

PAN-AFRPR7537P Membership No- F9980

Place: Mumbai Date: May 23,2025 Place: Rajkot

Date: May 23,2025