Wehave audited the accompanying Standalone financial statements of Jet Freight Logistics Limited ('the Company')
which comprise the Balance Sheet as at March 31, 2026,and the Statement of Profit and Loss (including Other
Comprehensive Income), Statement of Changes in Equity and Statement of Cash Flows forthe year ended on that
date, and notes to the Financial Statements, including a summary of material accounting policy information 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 standalone
Financial Statements give the information required by the Companies Act, 2013 ('Act')in the manner sorequired and
give a true and fair viewin conformity with the Indian Accounting Standards prescribed under section 133of 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, 2026,and its Profit and
Other Comprehensive Income, Changes in Equity and its Cash Flows forthe year ended on that date.
Basis for Opinion
Weconducted our audit in accordance with the Standards on Auditing (SAs)specified under section 143(10) of the
Companies Act, 2013.Our responsibilities under those Standards are further described in the Auditor's Responsibilities
forthe Audit of the Standalone Financial Statements section of our report. Weare 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 thereunder, and wehave fulfilled our other ethical responsibilities in accordance with these requirements
and the Code of Ethics. Webelieve that the audit evidence wehave obtained is sufficient and appropriate to provide
a basis forour opinion on the Standalone Financial Statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, wereof most significance in our audit of the
financial statements of the current period. These matters wereaddressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and wedo not provide a separate opinion on these
matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
Wehave determined the matters described below to be the key audit matters to be communicated in our report. We
have fulfilled the responsibilities described in the Auditor's responsibilities forthe audit of the standalone financial
statements section of our report, including in relation to these matters. Accordingly, our audit included the performance
of procedures designed to respond to our assessment of the risks of material misstatement of the standalone financial
statements. The results of our audit procedures, including the procedures performed to address the matters below,
provide the basis forour audit opinion on the accompanying standalone financial statements.
Asper CARO Report forFY 2022-23,the Company utilized Rs. 2,568.00 Lakhs from the proceeds of the Rights Issue
towards advance forconstruction of warehouse, as disclosed in the end use statement and reported under Clause
(x)(b)of CARO 2020. However,as of the date of signing of the financial statements, no physical progress has been
observed at the project site, and an amount of Rs. 47.92Lakhs has been refunded during the F.Y.2025-26.(Refer to
Note 7to Standalone financial statements "Other non-current assets" (Advance forWarehouse Project)
The absence of physical progress and the long outstanding nature of the advance raises concerns regarding the
recoverability of the amount and appropriate classification, presentation, and disclosure in the financial statements.
Significant audit attention wasrequired to assess whether the funds have been appropriately accounted forand
whether there is any potential impairment, misstatement, ornon-compliance with fund utilization requirements under
Section 42and Section 62of the Companies Act, 2013.
How our audit addressed the key audit matter:
Our audit procedures includes the following:
1) Weobtained and reviewed the underlying agreements, board approvals, and documents related to the advance
given forwarehouse construction.
2) Weassessed the Company's explanation and rationale forthe delay in physical progress and whether the
accounting treatment and disclosures wereappropriate under the applicable accounting standards.
3) Weconsidered whether any provision forimpairment ordisclosure of contingent risks wasnecessary.
Other Matters
The financial statement of the Company forthe year ended 31st March 2025 wereaudited by another auditor, who
expressed an unmodified opinion vide their Audit report dated 27thMay 2025.
Information other than the Financial Statements and Auditor's Report thereon
The Company's Management and Board of Directors are responsible forthe other information. The other information
comprises the information included in the Management Discussion and Analysis, Board's Report including Annexure
to Board's Report, Business Responsibility Report and Report on Corporate governance and Shareholder's Information
but does not include the consolidated financial statement, standalone financial statements and our auditor's report
thereon.
Our opinion on the financial statements does not cover the other information and wedo 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, orour knowledge obtained during the course of our audit orotherwise appears to be materially misstated.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
The Company's Board of Directors is responsible forthe matters stated in section 134(5) of the Companies Act, 2013
("the Act") with respect to the preparation of these financial statements that give a true and fair viewof the financial
position, financial performance including other comprehensive income, cash flows and changes in equity of the
Company in accordance with the and accounting principles generally accepted in India, including the specified under
section 133of 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 accounting policies; making judgments and estimates
that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls,
that wereoperating effectively forensuring 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 viewand are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible forassessing 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 orto ceaseoperations, orhas no realistic
alternative but to do so.
The Board of Directors are also responsible foroverseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Statements
1. Our objectives are to obtain reasonable assurance about whether the 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 errorand are considered material if,individually orin the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these standalone financial statements.
2. Aspart of an audit in accordance with SAs, weexercise professional judgment and maintain professional
skepticism throughout the audit. Wealso :
• 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 forour opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than forone resulting from error,as fraud may involve collusion,
forgery,intentional omissions, misrepresentations, orthe 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 Companies Act, 2013, weare also
responsible forexpressing 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 orconditions
that may cast significant doubt on the Company's ability to continue as a going concern. If weconclude
that a material uncertainty exists, weare required to draw attention in our auditor's report to the related
disclosures in the 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 orconditions may cause the Company to ceaseto continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the standalone financial statements represent the underlying transactions and events in a
manner that achieves fairpresentation.
3. Wecommunicate 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.
4. Wealso provide those charged with governance with a statement that wehave 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.
5. From the matters communicated with those charged with governance, wedetermine those matters that were
of most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. Wedescribe these matters in our auditor's report unless law orregulation precludes public
disclosure about the matter orwhen, in extremely rarecircumstances, wedetermine that a matter should not be
communicated in our report because the adverse consequences of doing sowould reasonably be expected to
outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1 Asrequired 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 143of the Companies Act, 2013, wegive in the Annexure “A” a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2 Asrequired by Section 143(3)of the Act, wereport that:
a. Wehave sought and obtained all the information and explanations which to the best of our knowledge and
belief werenecessary forthe purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the Company so faras it
appears from our examination of those books except forthe matters stated in paragraph (v)a below on
reporting under Rule 11(g);
c. The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement
of Cash Flows and the Statement of Changes in Equity dealt with by this Report are in agreement with the
books of account;
d. In our opinion, the aforesaid financial statements comply with the specified under Section 133of 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, 2026,taken on
record by the Board of Directors, none of the directors is disqualified as on March 31, 2026from being
appointed as a director in terms of Section 164 (2)of the Act.
f. With respect to adequacy of the internal financial control over financial reporting of the company and the
operating effectiveness of such controls referour separate report in "Annexure B” and
g. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11of 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 it's financial
statements- Refer Note 30in the standalone financial statements
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were
any material foreseeable losses.
iii. There has been no delay in transferring the amounts required to be transferred to the Investor
Education and Protection Fund by the Company.
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 share premium or any other sources or kind of funds) by the
Company to orin any other person orentity, including foreign entity ("Intermediaries"), with the
understanding, whether recorded in writing orotherwise, that the Intermediary shall, whether,
directly orindirectly lend orinvest in other persons orentities identified in any manner whatsoever
by oron behalf of the Company ("Ultimate Beneficiaries") orprovide 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, no funds (which
are material either individually orin the aggregate) have been received by the Company from any
person orentity, including foreign entity ("Funding Parties"), with the understanding, whether
recorded in writing orotherwise, that the Company shall, whether, directly orindirectly, lend or
invest in other persons orentities identified in any manner whatsoever by oron behalf of the
Funding Party ("Ultimate Beneficiaries") orprovide any guarantee, security orthe like on behalf
of the Ultimate Beneficiaries;
(c) Based on the audit procedures 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), as provided under (a)and (b)above,
contain any material misstatement.
v. Based on our examination which included test checks, the company has used an accounting software
formaintaining its books of account which has a feature of recording audit trail (edit log) facility, and
the same has operated throughout the year forall relevant transactions recorded in the software.
Further, during the course of our audit we did not come across any instance of audit trail feature being
tampered with. Additionally, the audit trail has been preserved by the Company as per the statutory
requirements forrecord retention forthe current year and previous year.
vi. The company has not declared /paid any dividend during the year ,section 123of the Act is not
applicable.
vii. With respect to the matter to be included in the Auditor's Report under Section 197(16)of the act: In
our opinion and according to the information and explanations given to us, the remuneration paid by
the Company to its directors during the current year is in accordance with the provisions of Section 197
of the Act. The remuneration paid to any director is not in excessof the limit laid down under Section
197of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16)
of the Act which are required to be commented upon by us.
For Ajay Shobha & Co.
Chartered Accountants
Firm's Registration No. 317031E
Ajay Kumar Gupta
Partner
Mem. No. 53071
UDIN: 26053071FJIKMA8280
Place: Mumbai
Date: 13th May 2026
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