We have audited the accompanying standalone financial statements of Kush Industries Limited (Earlier
Known as SNS Textiles Limited) (“the Company”), which comprise the balance sheet as at 31^st March
2024, 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 summary of the significant
accounting policies and other explanatory information (herein after referred to as “standalone Ind AS
financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid 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;

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2024;

b) In the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing 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 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 financial
statements under the provisions of the Companies Act, 2013 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 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 financial statements of the current period. These matters were addressed in the context of
our audit of the financial statements as a whole, and informing our opinion thereon, and we do not
provide a separate opinion on these matters.

Information other than the financial statements and auditors’ report thereon

The Company's board of directors is responsible for the preparation of the other information. The other
information comprises the information included in the Board's Report including Annexures to Board's
Report, Business Responsibility Report but does not include the financial statements and our auditor's
report thereon.

Our opinion on the 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 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.

Management’s responsibility 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 Ind AS financial
statements that give a true and fair view of the state of affairs, profit/loss and other comprehensive
income, changes in equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards (“Ind AS”) prescribed 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 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
Ind AS financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the 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.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our responsibility is to express an opinion on these standalone Ind AS financial statements based on
our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters
which are required to be included in the audit report under the provisions of the Act and the Rules made
there under.

We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards
on Auditing specified under Section 143 (10) of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the
standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures
in the standalone Ind AS financial statements. The procedures selected depend on the auditor's judgment,
including the assessment of the risks of material misstatement of the standalone Ind AS financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal financial controls relevant to the Company's preparation of the standalone Ind AS financial
statements that give a true and fair view in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of the accounting policies used
and the reasonableness of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the standalone Ind AS financial statements.

We are also responsible to 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 entity's ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the
auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate
to modify the opinion. Our conclusions are based on the audit evidence obtained up to the date of the
auditor's report. However, future events or conditions may cause an entity to cease to continue as a
going concern.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the standalone Ind AS financial statements.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2016 issued by the Central Government of
India in terms of sub-section (11) of section 143 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.

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 purpose 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 Accounting Standards specified
under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014,

(e) On the basis of written representations received from the directors as on March 31,2024 taken
on record by the Board of Directors, none of the directors is disqualified as on March 31,2024
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 report in Annexure -
‘B’.

(g) 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 financial statements - Refer Note - Disclosure as required by AS 29 “Provisions,
Contingent Liability and contingent Assets” to the financial statements.

ii. The Company has not undertaken any long-term contracts including derivative contracts.

iii. The Company is not required to transfer any amount to Investor Education and Protection
Fund.

For V H GUNDARWALA & CO.,

Chartered Accountants

Place: Surat

Date : 28-05-2024 PROPRIETOR

M.NO:-046851
FRN:-113291W
PAN : ABHPG3627M
UDIN : 24046851BKFHGV7140