We have audited the accompanying standalone
financial statements of Ganesha Ecosphere Limited

("the Company"), which comprise the balance sheet
as at March 31, 2025, and the statement of profit and
loss (including other comprehensive income), the
cash flow statement and the statement of changes
in equity for the year then ended, and notes to
the standalone financial statements, including a
summary of material 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
("the Act") in the manner so required and give a
true and fair view in conformity with the accounting
principles generally accepted in India including
Indian Accounting Standards ('Ind AS') specified
under Section 133 of the Act, of the state of affairs
(financial position) of the Company as at March 31,
2025, and its profit (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 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 ('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 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 are responsible for
the preparation of the other information. The other
information comprises the information included
in the Annual 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.

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 state of affairs (financial position),
profit (financial performance including other
comprehensive income), cash flows and changes
in equity of the Company in accordance with the
accounting principles generally accepted in India,
including the Ind AS 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, which have been used for the purpose
of preparation of the standalone financial statements
by the Directors of the Company, as aforesaid.

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 the management either intends
to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.

The Company's Board of Directors are 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 Standards on
Auditing 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 SA's, 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.

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
standalone 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 Act, we give in the "Annexure A", a statement
on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.

2. Further to our comments in Annexure A,
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, 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 accounts.

(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, 2025 taken on record by the
Board of Directors, none of the directors is
disqualified as on March 31, 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
financial controls over financial reporting
of the Company and the operating
effectiveness of such controls, refer to our
separate report in "Annexure B". 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 other matters to be
included in auditor's report in accordance with
the requirements of Section 197(16) of the Act:

In our opinion and to the best of our information
and according to the explanations given to
us, the remuneration paid/ provided by the
Company to its director's during the year is in
accordance with the provisions of Section 197 of
the Act 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, as
amended, 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 30.2;

ii. the Company has made provision, as
required under the applicable law or
Ind AS, for material foreseeable losses,
if any, on long-term contracts including
derivative contracts;

iii. there has been no delay in transferring
amounts, required to be transferred, to
the 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, as disclosed in the
notes to the accounts, 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, whether,
directly or indirectly lend or invest in
other persons or entities identified

v. The dividend (including interim dividend)
declared or paid during the year by the
Company is in compliance with Section
123 of the Act.

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 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 tampered
with in respect of the accounting
software. Additionally, the audit trail
has been preserved by the company
as per the statutory requirements for
record retention.

For Narendra Singhania & Co.

Chartered Accountants

Firm Reg No. 009781N

Narendra Singhania

Partner

Membership No.: 087931

Place: New Delhi

Date: May 24, 2025

UDIN - 25087931BMJHPW1144