We have audited the accompanying Standalone Financial Statements of JBF Industries
Limited ("the Company”), which comprise the balance sheet as at 31st March 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 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 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, and its profit including
other comprehensive income, changes in equity and its cash flows for the year ended
on that date.

Basis for Qualified Opinion

(i) As mentioned in Note 21.1 to the Standalone Financial Statements, provision of
interest @ NIL% p.a. on its borrowings aggregating to ? 2,473.79 crores for the
year ended from1st April 2024 to 31st March 2025 as against the documented
rate, resulting into lower provision of finance cost for the year ended
31st March, 2025 by ? 394.62 crores, which is not in compliance with Ind
AS -23 "Borrowings Costs” read with Ind AS-109 on "Financial Instruments”.

Aggregate amount of Interest not provided for as at 31st March, 2025 is
? 1,561.50 crores. Had the interest been provided at the documented rate,
finance cost, net loss after tax for the year, total comprehensive income and
EPS for the year ended 31st March, 2025 would have been ? 394.62 crores,
? (399.88) crores, ? (399.88) crores, ? (48.84) as against the reported figure
of NIL, ? (5.27) crores ? (5.27) crores and ? (0.64) in the above Statements.

Further current financial liabilities-others and other equity as at 31st March,
2025 would have been ? 854.47 crores and ? (3,329.24) crores respectively as
against reported figure of ? 459.85 crores and ? (2,934.62) crores respectively
in the above results.

(ii) As mentioned in Note 24.3 to the Standalone Financial Statements regarding
the application filed with the National Company Law Tribunal (NCLT), by one
of the operational creditors of JBF RAK LLC (JBF RAK), situated at UAE, a
subsidiary of the company, against the Company, for supply of raw materials to
JBF RAK and claim of ?128.48 Crores (US$ 19,899,091.53) as per notice dated
17th February, 2020. No provision has been considered for the above claim for
the reasons stated therein. The matter described in above has uncertainties
related to the outcome of the legal proceedings and hence we are unable to
quantify the provisions for above claim at this stage, if any, and its consequential
impacts on the financial statements of the Company.

We concluded our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities
under those Standards are further described In the Auditor's Responsibility 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 together with the ethical requirements that
are relevant to our audit of the Standalone Financial Statements under the provisions
of the Companies Act, 2013 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 are sufficient and appropriate to
provide a basis for our opinion on the Standalone Financial Statements.

Emphasis of Matter

We draw your attention to:-

(i) Note 24.2 to the Standalone Financial Statements, regarding invocation of
corporate guarantee given by the company to the lender of JBF Petrochemicals Ltd.
("JPL”). The company has denied above invocation and is of the view that above
invocation is not tenable for the reasons explained therein and hence no provision
against the claims under the invoked corporate guarantee is considered necessary.

(ii) Note 33 to the Standalone Financial Statements that there is a significant and
material impact on the "going concern” status of the Company and its future
operations. The Company's ability to sustain itself and generate revenues
to meet its financial commitment has been critically dented. Therefore, the
company ceases to continue as a going concern.

(iii) Note 33 to the Standalone Financial Statements that the Company has received
demand notice from Tamilnad Mercantile Bank Ltd, (TMBL) under Section 13(2)
of the Securitization and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2OO2 ("Sarfaesi Act”) and the Rules framed thereunder
for recovery of their dues vide letter dated 23rd November, 2O21 amounting
to ? 32.94 Crores plus future interest as applicable thereon in terms of loan
agreement. TMBL has denied to release the pro rata charge on assets of the
company which was transferred to CFM and finally to Madelin Enterprises
Private Limited (MEPL).

Thereafter, TMBL approached DRT Mumbai for recovery of their dues from the
Company and CFM. DRT Mumbai has passed interim order and CFM challenged
the maintainability of TMBL application in DRAT where their contention was
upheld. Thereafter, TMBL has approached Gujarat High Court and the matter is
subjudice. TMBL has also filed an IA with NCLT.

(iv) Note 36 to the statement, regarding non-preparation of consolidated financial
statement due to the reasons mentioned therein. The company has subsidiaries
and is required to present consolidated financial results. The Company has not
prepared and presented the consolidated financial statements/results required
by Companies Act, 2013 and IND AS 110 "Consolidated Financial Statements”
and the Listing Regulation. However, as on 31st March 2023, M/s. Madelin
Enterprises Pvt. Ltd., has acquired the holding of JBF Industries Ltd. in its
Subsidiary Company JBF Global Pte Limited situated at Singapore under the
Sarfaesi Act but pending transfer of shares in the name of Madelin Enterprises
Pvt. Ltd., the shares are still in the company as on date.

(v) Note 38 to the standalone financial statements, regarding the vacancy of the
post of the Chief Executive Officer and Chief Financial officer since 1st May,
2019 and 1st July 2023 due to the reason as mention therein. Also, regarding
the vacancy of Whole-time Company Secretary as Key Managerial personnel
(KMP) since 10th June, 2024 as required by section 203 of Companies
Act 2013 read with Rule 8 & Rule 8A of The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.

(vi) The company has not appointed any Internal Auditor, which is required by
section 138 of the Companies Act 2013.

(vii) The company has paid remuneration to Directors amounting to ? 84.72 Lakhs
as against the maximum limit of ? 60 Lakhs as laid down under Schedule V of
the Companies Act, 2013, which is in excess of limit laid down under section
197 of the Companies Act, 2013.

(viii) There is a difference of ? 11.46 Lakhs in GST Input credit as appearing in the
books of accounts and as appearing on the GST Electronic Credit Ledger. The
same is pending reconciliation.

Our opinion is not modified in respect of these matters.

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 year.
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. In addition to the matter described in the Basis
for Qualified Opinion, Material Uncertainty Related to Going Concern & Emphasis of
matters section, we have determined the matters described below to be key audit
matters to be communicated in our report.

Other Information

The Company's Board of Directors is responsible for the other information. The other information comprises the management discussion & analysis and director's report 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 identified above 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 communicate the matter to those charged
with governance. 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 financial position, financial performance including 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) 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 implementation and maintenance of 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, 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.

Those Board of Directors are also responsible for overseeing the Company's financial reporting process.

The Company was admitted under CIRP vide an order dated 25.01.2024 passed by the National Company of Law Tribunal (NCLT), Ahmedabad Bench and the management of the
Company is undertaken by the Resolution Professional (RP) and the powers of the Board of Directors stand suspended w.e.f. 25.01.2024.

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, 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 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 with reference to Standalone 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 the Board of Directors.

• Conclude on the appropriateness of the 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 ability of the Company 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.

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 standalone 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 standalone 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 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 year 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 B” 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, we report that:

a) Except for the effects of matters described in the Basis for Qualified Opinion
paragraph above, we have sought and obtained all the information and
explanations which to the best of our knowledge and belief were necessary or
the purposes of our audit.

b) Except for the effects of matters described in the Basis for Qualified Opinion
paragraph above, 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 statement of change in equity and the Cash
Flow Statement dealt with by this Report are in agreement with the books of
account.

d) Except for the effects of matters described in the Basis for Qualified Opinion
paragraph above, in our opinion, the aforesaid Standalone Financial Statements
comply with the Indian Accounting Standards specified under Section 133 of
the Act, read with Companies (Indian Accounting Standards) Rules 2015, as
amended.

e) The matters described in paragraph "Basis for Qualified Opinion” and "Emphasis
of Matter” have an adverse effect on the functioning of the Company.

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

g) 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 A” to this report.

h) 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 or provided by the Company
to its directors during the year is not in accordance with the provisions of
section 197 of the Act. The Remuneration paid Directors is in excess of limit
laid down under section 197 of the Act.

i) With respect to the other matters to be included in the Auditor's Reporting
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 as at
31st March 2025 on its financial position in its Standalone Financial Statements
as referred in Note 24 to the Standalone Financial Statements.

ii. Except for the effects of matters described in the Basis for Qualified Opinion
paragraph above, the Company has made provision, as required under the
applicable law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts.

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

a. to the best of its knowledge and belief, other than as disclosed in the notes no
funds have been advanced or loaned or invested (either from borrowed funds
or share premium or any other sources or kind to the accounts, 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. 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.

c. Based on the audit procedures, nothing has come to our notice that has
caused us to believe that the representations under sub-clause (a) and (b)
contain any material mis-statement.

v. No dividend has been paid during the year by the company.

vi. Based on our examination, the accounting software used by the company has the

feature to maintain audit trail.

For S.C. Ajmera & Co.

Chartered Accountants
FRN 002908C

(Arun Sarupria - Partner)

Place: Udaipur Membership No. . 078398

Date: 28.05.2025 UDIN: 25078398BMHZCN5440