We have audited the Standalone Financial Statements of JNK India
Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2025, and the Statement of Profit and Loss (including
Other Comprehensive Income), Statement of Changes in Equity and
Statement of Cash Flows for the year then ended, and notes to the
Financial Statements, including a summary of Material Accounting
Policies and other explanatory information (hereinafter referred to
as "the Standalone 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 ('the Act') in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India, of the Standalone state of affairs of the Company
as at March 31, 2025, and its Standalone profit (including Other

Comprehensive Income), its changes in equity and its Standalone
cash flows 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 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 Act 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 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 Standalone Financial
Statements of the current period. 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.

Other Information

The Company's Board of Directors is responsible for the other
information. The other information comprises the Management
Discussion and Analysis and Board of Directors' 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 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.

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 Standalone financial position, Standalone financial performance
(including other comprehensive income), (Standalone changes in
equity) and Standalone 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 read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended. 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 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 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.

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 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 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 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 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.

Other Matters

The comparative Standalone financial information of the Company
for the year ended March 31, 2024 is prepared in accordance with
Indian Accounting Standards (Ind AS) specified under section 133
of the Act read with the Companies (Indian Accounting Standards)
Rules, 2015, which included in these Standalone Financial Statements
have been audited by the predecessor auditor. The predecessor
auditor has expressed an unmodified opinion on the comparative
Standalone Financial Statements vide report dated May 30, 2024.

Our opinion is not modified in respect of the above matters.

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 Act, 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, 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 and except for
the matters stated in the paragraph 2(i)(vi) below on
reporting under Rule 11(g).

c) The Balance Sheet, the Statement of Profit and Loss
(including other comprehensive income), the Statement
of Changes in Equity and the Cash Flow Statement 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 Indian Accounting
Standards specified under Section 133 of the Act, read
with the Companies (Indian Accounting Standards) Rules,
2015, as amended.

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 reference to the maintenance of accounts and other
matters connected therewith, refer to our comment in
Paragraph 2 (b) above, the backup of books of accounts
and other books and papers maintained in electronic
mode has been maintained on the servers located
outside India and refer to our comment in paragraph
2(i)(vi) below, on reporting under rule 11 (g).

g) With respect to the adequacy of the internal financial
controls with reference to financial statements and the
operating effectiveness of such controls, refer to our
separate Report in "Annexure B".

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, 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 its Financial
Statements - Refer Note 34 to the Standalone
Financial Statements

(ii) The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses as at 31 March 2025.

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

(iv) (a) The management has represented to us

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, 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 to us, 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,
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 information and explanation
given to us and 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 representations made by the
management and as mentioned under sub¬
clause (iv)(a) and (iv)(b) above contain any
material misstatement.

(v) The dividend paid during the year by the Company
is in compliance with Section 123 of the Act.

The Board of Directors of the Company have
proposed final dividend for the year which is
subject to the approval of the members at the
ensuing Annual General Meeting. The amount of
dividend proposed is in accordance with section
123 of the Act, as applicable.

(vi) Based on our examination which included test
checks, the Company, has used an accounting
software, for maintaining its books of account
which has a feature of recording audit trail (edit log)
facility and the same has operated throughout the
year for all relevant transactions recorded in the
software except that no audit trail (edit log) facility/
feature was enabled at the database level to log any
direct changes. During the course of our audit, so
far it relates to audit trail in respect of transactions,
we did not come across any instance of audit
trail feature being tampered with. The audit trail
has been preserved by the company as per the
statutory requirements for record retention.

Further, the Company uses services of a third-party
service provider for salary processing and in the
absence of Service Organisation Control Type 2
Report/ISAE 3402, "Assurance Reports on Control
at a Service Organisation", specifically covering
the maintenance of audit trail, we are unable to
comment whether audit trail feature of the said
software was enabled and operated throughout
the year for all relevant transactions recorded in
the software or whether there were any instances
of the audit trail feature been tampered with.

For P G BHAGWAT LLP
Chartered Accountants

Firm Registration Number: 101118W / W100682

Shriniwas Shreeram Gadgil
Partner

Membership Number: 120570
Date: May 29, 2025
Place: Mumbai

UDIN: 25120570BMFXNZ1750