We have audited the accompanying Standalone Ind AS financial statement of JATTASHANKAR
INDUSTRIES LIMITED (“the company”), which comprise the Balance Sheet as at 31^st MARCH 2025,
the statement of Profit and Loss (including other comprehensive income) and the cash flow statement of the
Company and the Statement of Changes in Equity for the year ended and a summary of significant
accounting policies and other explanatory information, (hereinafter referred to as “Ind. AS Financial
Statements”.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
Standalone Ind. AS financial statements give the information required by 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 the financial position of the Company as at 31^stMarch 2025 and its financial performance including
other comprehensive income, its cash flows and the 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 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 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 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 financial statements.

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 the matters described below to be 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 other information. The other
information comprises the information included in the Company’s annual report but does not include the
financial statements and 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 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.

Management’s Responsibilities for the Standalone 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 and presentation of these Standalone Ind AS financial
statements that give a true and fair view of the financial position and financial performance including other
comprehensive income of the Company in accordance with the accounting principles generally accepted in
India, including the Ind AS Specified under Section 133 of the Act, read with the companies (Indian
Accounting Standards) Rules,2015 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 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.

The Board of Directors are also responsible for overseeing the company’s financial reporting process.
Auditor’s Responsibilities for the Audit of Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Annual Financial Results 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 annual financial results.

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 annual financial results, 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
opinion through a separate report on the complete set of financial statements on whether the Company has
adequate internal financial controls with reference to financial statements in place and operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and 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 appropriateness of this assumption. 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 financial results 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 Annual Financial Results,
including the disclosures, and whether the financial results represent the underlying transactions and events
in a manner that achieves fair presentation

Materiality is the magnitude of misstatement 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 misstatement 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 significant deficiencies in internal control
that we identify during our audit.

We also provide those charged with governance with a statement that we may 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.

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 subsection (11) of section 143 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 possible.

2. (A) As required by section 143 (3) of the Act, we repot 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 Company has no branches hence, the provisions of section 143(3)(c) is not applicable.

d. The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive
income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with
by this Report agree with the books of account.;

e. In our opinion, the aforesaid Standalone Ind. AS financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with relevant Rule issued thereunder.

f. There are no observations or comments on financial transactions or matters which have any adverse effect on
the functioning of the company.

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

h. There is no any qualification, reservation or adverse remark relating to maintenance of accounts and other
matters connected therewith.

i. 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.

j. with respect to the other matters to be included in the Auditor's Report in accordance with the requirements
of section 197(16) of the Act, as amended, In our opinion and to the best of our information and according to
the explanations given to us, the remuneration paid by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.

k. 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 :

a) The Company has disclosed the impact of pending litigations on its Standalone Ind AS financial statements.

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

c) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.

d) (i) The Management has represented that, to the best of its knowledge and belief, 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 persons or entities, including foreign entities (“Intermediaries”),
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or
indirectly lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate
Beneficiaries”) by or on behalf of the Company or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries required by The Companies (Amendment) Act, 2017, in our opinion, according to
information, explanations given to us, the remuneration paid by the Company to its directors is within the
limits prescribed under Section 197 of the Act and the rules thereunder.

(ii) The Management has represented that, to the best of its knowledge and belief, no funds have been
received by the Company from any persons or entities, including foreign entities (“Funding Parties”), with
the understanding, whether recorded in writing or otherwise, that the Company shall directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by
or on behalf of the Funding Parties or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

(iii) Based on the 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 (i) and (ii) of Rule 11(e) contain any material misstatement.

e) The Company has not declared or paid any dividend in the current year. Hence, reporting the compliance
with section 123 of the Act is not applicable.

f) Based on our examination, which included test checks, we observed that the company did not use accounting
software with an audit trail feature for maintaining its books of account for the financial year ended March
31, 2025. As a result, the company is in non-compliance with Rule 3(1) of the Companies (Accounts) Rules,
2014, which requires the maintenance of books of accounts using software that includes an audit trail
feature.

For and on behalf of
K.K. Jhunjhunwala & Co.

Chartered Accountants
F. R. No. 111852W

SD/-

SurendraSureka

Place: Mumbai Partner

Date: 30.05.2025 M.No. 119433

UDIN: 25119433BMHPSZ2006