We have audited the financial statements of Jackson Investments Limited (‘the Company’), which comprise the Balance
Sheet as at 31st March 2025 and the Statement of Profit and Loss (including other comprehensive income), the Statement of
Changes in Equity and Statement of Cash Flows for the Year ended, and Notes to the Financial Statements, including a
summary of Material Accounting Policies and other Explanatory Information (‘the 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, of the state of affairs of the Company as at
March 31, 2025, and its loss, changes in Equity, and its Cash Flows for the year ended on that date.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (“SAs”) issued by Institute of Chartered Accountants
of India (“ICAI”), specified under section 143(10) of the Act. Our responsibilities under those standards are further
described in the Auditors’ 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 ICAI together with the ethical requirements
that are relevant to our audit of the financial statements, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.

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 for the year ended 31 March 2025. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion there on, and we do not provide a separate opinion on those
matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

Emphasis of Matters

We draw attention to the following matters in the accompanying financial statements:

1. Certain balances of trade receivables, trade payables, and loans and advances are subject to confirmation,
reconciliation, and consequential adjustments, if any. The management has obtained confirmations for some of these
balances and is in the process of obtaining the remainder (Note 37(b) to financial statements).

2. The Company has ongoing matter with ‘Office of Registrar of Companies, West Bengal’ (‘ROC’) (Letter
ROC/TS/206(4)/Inquiry/490/23/3836 dated 9 August 2024), wherein, ROC has ordered an inquiry in the books of
accounts & other records / papers of the Company, which inter alia, involves a past matter relating to ‘loan’ receipt /
‘payment’. The management has represented that it does not expect any negative outcome on account of the said
matter (Note 24.1 to financial statements)

3. In accordance with Object clause A. - 1. & 2. of its ‘Memorandum of Association’, the Company is engaged in
Investments and trading of shares and securities and other financial activities and meets the criteria specified under
Section 45-IA of the Reserve Bank of India Act, 1934, requiring registration as a Non-Banking Financial Company
(NBFC). However, the Company has not obtained such registration from the Reserve Bank of India.

4. The Company holds investments in various unlisted companies, valued at INR 778.43 Lakhs as on 31 March 2025.
The Company had last undertaken fair value assessment of these investments by obtaining valuation reports for
valuation as on 31 March 2024. The management have undertaken self-assessment of these investments as on
31 March 2025 and based on the same, they do not expect any material changes to the fair value determined under
previous valuation reports. Therefore, the management has decided to carry same fair value of investments as on
31 March 2025. We have solely relied on management’s representation in this regard. (Note 6.1 to financial
statements)

5. The Company holds ‘stock-in-trade’ of shares in listed Companies, which are not currently traded on any stock
exchange (Calcutta Stock Exchange). Based on Company’s anticipated recovery at disposal of these shares, the
Company has valued such stock-in-trade’ at nominal value of INR 1 per share, totaling to INR 1.49 Lakhs. (Note 5.1
to financial statements)

6. During past years / periods, the Company had given various advances (recoverable in cash / kind) totaling to INR
956.38 Lakhs (gross value) - shown under ‘Other financial assets (current)’. The management has explained us that
these advances were given for the purpose of acquiring of shares / securities; however, such acquisition is pending as
on balance sheet date. The management is in process of either settling these transactions by acquisition of shares /
securities, or by squaring off the advances through repayment. We have solely relied on management’s representation
in this regard (Note 10.1 to financial statements).

7. Based on our review, it is observed that interest income is not recognized on some of outstanding loans and advances
given to various parties as interest income could not be crystallized from such parties. However, the management is
of the opinion that it will be able to soon recover the principal amount from these parties. The Company has
considered ECL provision in respect of these parties as per the policy adopted considering them as credit-impaired
financial assets. In the absence of any further details / documents, we have solely relied on management’s
representation with regard to the items of these loans and the ECL provision thereof.

8. The Company has outstanding ‘trade receivables’ for more than 3 years, totaling to 303.72 Lakhs (gross value) in
respect of shares transferred by it to such parties. The management is of the opinion that it is in process of recovering
these amounts. The Company has considered ECL provision in respect of these parties as per the policy adopted
considering them as credit-impaired financial assets.

9. The Company has a dormant bank account (held with Kotak Mahindra Bank) totaling to 0.20 lakhs, reflected in the
books of accounts. The balance is pending confirmation and may require adjustments upon receipt of relevant
statements. (Note 8.1 to the financial statements).

Our opinion is not modified in respect of these matters.

Information other than the Financial Statements and Auditors’ Report thereon

The Company’s Board of Directors are responsible for the other information. The other information does not include the
Financial Statements and our auditors’ 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 identified
above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with

the 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 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 Financial Statements that give a true and fair view of the State of Affairs, Profit and Cash Flows of the
Company in accordance with the Accounting Standards prescribed under section 133 of the Act read with the Companies
(Accounting Standards) Rules, 2021, as amended, 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 of the assets of the Company and for preventing and detecting frauds and other irregularities; selection of the
appropriate accounting software for ensuring compliance with applicable laws and regulations including those related to
retention of audit logs; 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 Financial Statements, the Board of Directors 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 either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

The Board of Directors is 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 Ind AS 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 Ind AS 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 controls.

• Obtain an understanding of internal financial 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 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 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 misstatements in the standalone financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the 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 misstatements in the 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.

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 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, to the extent applicable.

2. As required by Section 143(3) of the Act, based on our audit 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, Statement of
Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the
relevant books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS 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 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 maintenance of accounts and other matters connected therewith, reference is made to our
remarks in paragraph ‘b’ above on reporting under Section 143(3)(b) and paragraph ‘j(viii)’ below on reporting
under Rule 11(g) of the Rules.

g) With respect to the adequacy of the Internal Financial Controls with reference to financial statements of the
Company and the operative effectiveness of such controls, please refer our report in the ‘Annexure B’. Our
report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal
financial controls with reference to financial statements.

h) In our opinion and to the best of our information and according to the explanation given to us, the managerial
remuneration for the year ended 31 March 2025 has been paid / provided by the Company to its directors in
accordance with the provisions of section 197 of 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. As represented by the Management, except as disclosed under Note 24 to the financial statements, the
Company does not have any pending litigations as at 31 March 2025 which would have an impact on its
financial position in its Financial Statements;

ii. The Company does not have any long-term contracts including long term derivatives contracts for
which there were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company;

iv. 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 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 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;

v. 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 have been received by the Company from any person(s) or
entity(ies), 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

vi. Based on audit procedures which we 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
(iv) and (v) contain any material mis-statement.

vii. In our opinion and according to information and explanation given to us, the Company has not declared
or paid dividend during the year, accordingly compliance with section 123 of the Act by the Company
is not applicable.

viii. Based on our examination, the company has used an accounting software for maintaining its books of
account which has a feature of recording audit trail (edit log) facility, however, the Company has not
activated the feature of recording audit trail (edit log) facility during whole of the financial year ended
31 March 2025.

For S P M L & Associates
Chartered Accountants
ICAI Registration No. 136549W

Place: Mumbai S/d-

Date: May 27, 2025 CA Govind Mandhania

UDIN: 25183098BMJEKO4820

M. No. 183098