We have audited the accompanying Standalone Financial
Statements of Jay Jalaram Technologies Limited ("the Company"),
which comprise the Standalone Balance Sheet as at 31^st March,
2025, the Statement of Standalone Profit and Loss and Standalone
Cash Flow Statement for the year ended 31^st March, 2025 and notes
to the Standalone financial statements, including a summary of
significant 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, as amended from time to time (“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 state of
affairs of the Company as at 31^st March 2025, its profit and its cash
flows for the year ended on that date.

Basis for opinion

We conducted our audit of standalone financial statements 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 for the financial year ended 31^st March, 2025.
In our opinion there is no Key Audit Matter to be reported.

Information other than the Standalone Financial
Statements and Auditors’ Report thereon

The Company’s Board of Directors is responsible for the
preparation of other information. The other information comprises
the information 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 during the course of our 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 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 and cash flows
of the Company in accordance with the accounting principles
generally accepted in India, including the accounting standards
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
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 statement 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. The 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:

I. 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.

II. 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.

III. Evaluate the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related
disclosures made by management.

IV. 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.

V. 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 reasonable and
knowledgeable user of the standalone financial statements may be
influenced.

We consider quantitative materiality and qualitative factors in

a) Planning the scope of our audit work and in evaluating the
results of our work; and

b) 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 for
the financial year ended 31^st March, 2025 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

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.

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;

c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss, and the Standalone Cash
Flow Statement dealt with by this report are in agreement
with the books of account and returns;

d) In our opinion, the aforesaid standalone financial
statements comply with the Accounting Standards
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 31^st March, 2025 taken on record by
the Board of Directors, none of the directors is
disqualified as on 31^st March, 2025 from being appointed
as a director in terms of Section 164 (2) of the Act;

f) 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;

g) 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

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 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. No dividend has been declared or has been
proposed to be declared during the year.
Accordingly, this clause is not applicable.

vi. Based on our examination which included test
checks, the Company has used Accounting
Software for maintaining its books of account,
which has a feature of recording audit trail (edit
log) facility. The audit trail functionality was
enabled and operated in respect of one set of
books, and we did not come across any
instance of the audit trail feature being
tampered with during the course of our audit
and the audit trail has been preserved by the
Company as per the statutory requirements for
record retention.

For, V C A N & Co.

Chartered Accountants
FRN:125172W

CA Saurabh Jain

Partner

Place: Ahmedabad Membership No. 175015

Date: 29^th May 2025 UDIN: 25175015BMIBEE8597