Auditor Report of Ganesh Green Bharat Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of the GANESH GREEN
BHARAT LIMITED (formerly known as Ganesh Electricals Private Limited) (the ‘Company’), which
comprise the Balance Sheet as at March 31,2025, the Statement of Profit and Loss and Cash Flow
Statement for the year ended and notes to the standalone financial statements, including a summary
of significant accounting policies and other explanatory information.

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
in the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the State of Affairs of the Company as at March 31, 2025 and its
Profits for the year ended on that date.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section
143(10) of the Companies Act, 2013 (the ‘Act’). Our responsibilities under those Standards 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 there under, 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 of our opinion on the standalone financial statements.

Key Audit Matters

Key Audit Matters

How our Audit addressed the Key Audit Matters

Revenue Recognition: The Company’s revenue principally comprises sale of goods. The revenue from sale of goods is recognized in accordance with the accounting principles prescribed under AS 9, “Revenue Recognition” and is measured at the transaction price taxes or duties collected on behalf of government authorities and is recognized at the time when control of promised goods transferred to customers. The control in respect of sale of goods is generally transferred when the products are delivered to customers in accordance with the terms of contract with customers.

Our audit procedures on revenue recognition included the following: • Testing the operating effectiveness of Company’s controls around revenue recognition. • Assessing the Company’s accounting policy for revenue recognition in accordance with AS 9 “Revenue Recognition”. • Selecting samples of revenue transactions during the year and inspecting underlying documents which included invoices, shipping documents/ customers’ acceptance, as applicable, to determine that the revenue is

(as described in note 22 of the standalone financial statements)	recognized in accordance with the agreed terms. • Testing on a sample basis credit notes issued to customers.
	Based on the above procedures performed, we did not identify any material exceptions in revenue recognition of sale of goods.

Other information

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.

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 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, 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 Those Charged with Governance for the Standalone
Financial Statements

The Company’s Board of Directors is 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, change in equity of the Company in accordance with
the accounting principles generally accepted in India, including the 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 statements 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 is responsible for assessing
the Company’s ability to continue as a going concern, disclosing, as applicable, matters relating 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.

Those Board of Directors are also responsible for overseeing the Company’s financial reporting
process.

Auditor’s Responsibilities for the Audit of the 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.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act,
we are also responsible for expressing our opinion on whether the Company has adequate
internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management''s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company''s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor''s report to the related disclosures in the standalone
financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor''s
report. However, future events or conditions may cause the Company to cease to continue
as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatement in the standalone financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatement
in the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding Independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.

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 Section 143(11) of the Act, we give in “Annexure B” a statement

on the matters specified in paragraphs 3 and 4 of the Order.

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;

(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;

(c) the Balance Sheet, Statement of Profit and Loss and Cash flow statement dealt with by this
report are in agreement with the books of account;

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014;

(e) On the basis of the written representations received from the directors as on 31^st March,
2025 taken on record by the Board of Directors, none of the directors is disqualified as on
31^st March, 2025 from being appointed as a director in terms of Section 164(2) of the Act;

(f) With respect to the adequacy of the internal control over financial reporting of the Company
and the operating effectiveness of such control, refer to our separate Report in “Annexure
A”. Our report expresses unmodified opinion on the adequacy and operating effectiveness of
the Company’s internal financial controls over the financial reporting.

(g) with respect to the other matters to be included in the Auditor''s Report in accordance
with the requirements of section 197(16) of the Act, as amended, we report that:

According to the records of the company examined by us and the information and
explanation given to us, the Company has paid/ provided for managerial remuneration in
accordance with the requisite approvals mandated by the provision of Section 197 read with
Schedule V to the Act.

(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 did not have pending litigations which will have impact on its financial
position as at March 31,2025;

ii. the Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses as at March 31,2025;

iii. there is no amount required to be transferred to Investor Education and Protection Fund
by the Company during the year ended March 31,2025;

iv. (a) The Management has represented that, to the best of its knowledge and belief,

other than as disclosed in the notes to the accounts, no funds (which are material either
individually or in the aggregate) 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 or entity, including foreign
entity ("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, whether, 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 its knowledge and belief,
other than as disclosed in the notes to the accounts, no funds (which are material
either individually or in the aggregate) have been received by the Company
from any person or entity, including foreign entity ("Funding Parties"), with the
understanding, whether recorded in writing or otherwise, that the Company
shall, whether, 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; and

(c) Based on the audit procedures 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),
as provided under (a) and (b) above, contain any material misstatement.

v. The Company has not proposed, declared and paid any dividend during the year.
Accordingly reporting under Rule 11(f) is not applicable to the Company.

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 audit trail (edit log) facility and the same has operated throughout the year for
all relevant transactions recorded in the software. Further, during the course of our audit
we did not come across any instance of audit trail feature being tempered with.

For, K C Parikh & Associates

(Chartered Accountants)
(Firm’s Reg. No. 107550W)

CA. Chintan M. Doshi

Date: 29.05.2025 Partner

Place: Ahmedabad M.No. : 118298

UDIN : 25118298BMHVBX2812