We have audited the accompanying standalone financial statements of M/s. Ganon Products
Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2024, the
Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement
and the Statement of Changes in Equity for the year ended 31^st March, 2024, and a summary of
the 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 (‘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 the Companies
(Indian Accounting Standards) Rules, 2015, as amended, (Ind AS) and other accounting
principles generally accepted in India, of the state of affairs (financial position) of the Company
as at 31^st March 2024 and its profit and loss (financial performance including other
comprehensive income), its cash flows and changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (‘SAs') specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those standards are
further described in the Auditor's Responsibilities for the Audit of the standalone financial
Statement 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 (‘the 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 obtained by us, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

a. During the year, purchases of Cotton of Rs.28.77 Crore lacs had been done from a single party in
Mumbai, Maharashtra. As reported by the Management, there are long term purchase contracts
and payments of 10.60 Crore in less than 90 days and balance is more than 90 days pending.

b. The Company has been delaying / defaulting on payment of statutory dues - TDS and GST.

c. As per section 143(3)(h) read with rule 11(g) of the act, every company is required to install audit
trail in their accounting software for FY 2023-24. Based on our examination, the Company, has
used accounting software for maintaining its books of account which does not have a feature of
recording audit trail (edit log) facility wherein the accounting software did not have the audit trail
feature enabled throughout the year.

“Our opinion is not modified in respect of this matter”.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the financial statements of the current period. These matters were addressed in
the context of our audit of the 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 that
there are no key audit matters to communicate in this report.

Information other than the Financial Statements and Auditor’s Report thereon.

Company's Board of Directors is responsible for the preparation of the other information. The
other information comprises the information included in the Management Discussion and
Analysis, Board's Report including Annexure to Board's Report, Corporate Governance 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 during the
course of our 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.

Responsibility of Management and Those Charged with Governance for the Financial
Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 (“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 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, management is 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 management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do
so.

The 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 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
Companies Act, 2013, 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 financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.

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.

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor's report
unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.

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 Companies Act 2013, we give
in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extend 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 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;

c) the Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, the Cash Flow Statement and the Statement of changes in Equity dealt with by this
report are in agreement with the books of account;

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian
Accounting Standards (Ind AS) prescribed under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014 (As amended).

e) On the basis of written representations received from the Directors as on 31^st March 2024
taken on record by the Board of Directors, none of the Directors is disqualified as on 31^st
March 2024 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 over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate report in
“Annexure B” to this report. Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company's Internal Financial Controls over financial
Reporting;

g) With respect to the matter to be included in the Auditors' Report under section 197(16): In our
opinion and according to the information and explanations given to us, 17.94 Lakh
remuneration is being paid by the company to its directors during the current year.

h) With respect to the other matters to be included in the Auditor's Report in accordance with
the Rule 11 of Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion
and to the best of our information and according to the explanation given to us (as
amended),

i. The Company has disclosed the impact of pending litigations on its financial position in of
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. During the year, no amounts were required to be transferred to the Investor Education
and Protection Fund by the Company. So, the question of delay in transferring such
sums does not arise.

iv.

a. The management has represented that, to the best of its knowledge and belief, other
than as disclosed in the notes to accounts to the standalone Ind AS 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 or entity, including foreign entities (“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, no
funds have been received by the Company from any person or entity, including foreign
entities (“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 such 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 (a) and (b) contain any material
misstatement.; and

v. The Company has not declared or paid any dividend during the year.

vi. Based on our examination, the company has used an accounting software for
maintaining its books of account for the period ended 31^st March, 2024, which didn't
have a feature of recording audit trail facility and the same has not operated throughout
the year.

For L K J & Associates LLP
Chartered Accountants
FRN No. 105662W / W100174

Richa Kapasi
Partner

Membership No: 138471
Place: Mumbai
Dated: 30^th May 2024
UDIN: 24138471BKHIVU7820