We have audited the accompanying standalone financial statements
of Jagatjit Industries Limited [“the Company"], which comprise
the Balance Sheet as at March 31, 2025, 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 ended
on that date, notes to the standalone financial statements, including
a summary of the material accounting policy information 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 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 of the
Company as at March 31,2025, its loss and total 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 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 made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI's
Code of Ethics.

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

Key Audit Matters

1. Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the standalone
financial statements for the financial year ended March
31,2025. 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.

2. 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 management and Board of Directors are
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 Annexures to
Board's Report, Corporate Governance Report etc. included in
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. In connection with the information included in the Annual
report i.e. Directors Report, Management Discussion and Analysis,
Corporate Governance Report, 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 this fact. We have
nothing to report in this regard.

Management’s Responsibility for the Standalone Financial
Statements

The accompanying standalone financial statements have been
approved by the Company's Board of Directors. The Company's
Board of Directors is responsible for the matters stated in section
1 34(5) of the Act with respect to the preparation and presentation
of these standalone financial statements that give a true and fair

view of the financial position, financial performance including other
total comprehensive income, changes in equity and cash flows of
the Company in accordance with the Ind AS specified under Section
133 of the Act and other accounting principles generally accepted
in India. 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 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 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 Board of Directors 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 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.

As part of an audit in accordance with SAs specified under Section
143(10) of the Act, we exercise professional judgment and maintain
professional scepticism 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 controls 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 with reference to financial
statements 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 the Board of Directors 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) Further to our comments in Annexure B, as required by Section

143(3) of the Act based on our audit, we report, to the extent

applicable, 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
accompanying standalone 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 read with our remarks for
certain matters in respect of audit trail as required under
Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 (as amend as stated in paragraph (i)(vi) below.

(c) The standalone financial statements 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 Ind As as specified under
Section 133 of the Act.

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

(f) The modifications relating to the maintenance and other
matters connected therewith in respect of audit trail as
stated in the paragraph 1(b) above on reporting under
section 143 (3) (b) of the Act and paragraph (i)(vi) below
on reporting under Rule 11 (g) of the Companies (Audit
and Auditors) Rules, 2014 (as amended);

(g) With respect to the adequacy of the internal financial
controls with reference to financial statements of the
Company as on 31st March, 2025 and the operating
effectiveness of such controls, refer to our separate
report in “Annexure A” wherein we have expressed an
unmodified opinion; and

(h) As required by Section 197(16) of the Act based on our
audit, we report that the Company has paid remuneration
to its directors during the year in accordance with the
provisions of and limits laid down under Section 197 read
with Schedule V to the Act.

(i) 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, as detailed in Note 31 to the standalone
financial statements, has disclosed the impact of pending

litigations on its financial position as at 31st March, 2025;

[ii] The Company did not have any long term contracts
including derivative contracts for which there were any
material foreseeable losses as at 31st March, 2025.

[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 31st March,
2025;

[iv] [a] The Management has represented that, to the best

of its knowledge and belief, no funds [which are
material either individually or in the aggregate] have
been advanced or loaned or invested [either from
borrowed funds or securities 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 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 as disclosed in Note 50
to the standalone financial statements,, no funds
[which are material either individually or in the
aggregate] have been received by the Company from
any person [s] or entity [ies], 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 such audit procedures performed as
considered reasonable and appropriate in the
circumstances, nothing has come to our notice that
has caused us to believe that the the management

representations , as provided under sub-clauses [a]
and [b] above, contain any material misstatement.

[v] The Company has neither declared/ paid any dividend
during the year, nor has proposed any final dividend for
the year and therefore the requirement of compliance of
Sec 123 of the Act are not applicable.

[vi] Based on our examination which included test checks and
in accordance with requirements of the Implementation
Guide on Reporting on Audit Trail under Rule 11 [g] of the
Companies [Audit and Auditors] Rules, 2014, the
Company in respect of financial year commencing on 1st
April, 2024, has used accounting software's for
maintaining its books of account, which have a feature of
recording audit trail [edit log] facility and the same has
operated throughout the year for all relevant transactions
recorded in the respective software. Further, during the
course of our audit we did not come across any instance
of audit trail feature being tampered with for the period
where audit trail is enabled and operated and for this we
also relied upon the certificate of the management.
Furthermore, the audit trail has been preserved by the
Company as per the statutory requirements for record
retention where the audit trail feature was enabled.
Further, the daily back-up of audit trail [edit log] in respect
of its accounting software for maintenance of all
accounting records, an accounting software for journal
entries has been maintained on the servers physically
located in India as certified by the management.

2] As required by the Companies [Auditor's Report] Order, 2020
[the “Order"] issued by the Central Government 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 to the extent applicable

For V. P. Jain & Associates

Chartered Accountants
Firm's registration number: 015260N

Sarthak Madaan

Place : New Delhi Partner

Date : 17.05.2025 Membership number: 547131

UDIN: 25547131BMOVAN4273