GSP Crop Science Ltd. இன் முடிவுகள்

We have audited the accompanying standalone
financial statements of GSP Crop Science Limited
(formerly known as GSP Crop Science Private 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 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 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 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 Director''s report but
does not include the standalone financial statements
and our auditor''s report thereon, which we obtained
prior to the date of this auditor''s report.

Our opinion on the standalone 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 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.

If, based on the work we have performed on the other
information that we obtained prior to the date of this
auditor''s report, 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.

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
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 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 relating to preparation of the
aforesaid standalone financial statements
have been kept by the Company so far as
it appears from our examination of those
books except for the matters stated in the
paragraph 2(h)(vi) below on reporting under
Rule 11(g).

(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) The modification relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph 2(b)
above on reporting under Section 143(3)(b)
and paragraph 2(h)(vi) below on reporting
under Rule 11(g).

(g) 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".

(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 did not have any long¬
term contracts including derivative
contracts for which there were any
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) a. The Management has represented
that, to the best of it''s knowledge and
belief, as disclosed in the note 45(f) to
the standalone financial statements,
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.

b. The Management has represented
that, to the best of it''s knowledge
and belief, as disclosed in the note
45(g) to the standalone financial
statements, 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,
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.

c. Based on the audit procedures
performed that have been
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) contain any
material mis-statement.

(v) The final dividend paid by the Company
during the year in respect of the same
declared for the previous year is in
accordance with section 123 of the
Companies Act 2013 to the extent it
applies to payment of dividend.

The Board of Directors of the Company
have proposed final dividend for the year
which is subject to the approval of the

members at the ensuing Annual General
Meeting. The dividend declared is in
accordance with section 123 of the Act
to the extent it applies to declaration of
dividend. Refer note 47 to the Standalone
financial statements.

(vi) Based on our examination which
included test checks, the Company
has used accounting software for
maintaining its books of account
which has a feature of recording audit
trail (edit log) facility, except that no
audit trail feature was enabled at the
database level in respect of accounting
software to log any direct data changes
as explained in Note 48 to the standalone
financial statements. Further, where
enabled, audit trail feature has been
operated for all relevant transactions
recorded in the accounting software.
Also, during the course of our audit,
we did not come across any instance
of audit trail feature being tampered
with in respect of such accounting
software. Additionally, the audit trail
of prior year(s) has been preserved
by the Company as per the statutory
requirements for record retention to the
extent it was enabled and recorded in
respective years.

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 C & Associates LLP

Chartered Accountants
ICAI Firm Registration Number - 001595S/S000168

JAIMINKUMAR PANCHAL

Partner

Place: Ahmedabad Membership No. 133428

Date: May 26, 2026 UDIN: 26133428ICJQGU7731