We have audited the accompanying standalone financial statements of Jainco Projects (India) Limited (“the
Company”), which comprise the Balance Sheet as at 31^st March, 2024, the Statement of Profit and Loss
(including Other Comprehensive Income), the statement of Cash Flows and the Statement of Changes in
Equity for the year then ended, and the notes to the financial statements including a summary of the significant
accounting policies and other explanatory information (hereinafter referred to as “the standalone financial
statements”).

Opinion

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 31^st March, 2024, its profit, its cash flows and 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 Companies Act 2013. 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 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 on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significant in our audit of
the 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.

Emphasis of Matter

We draw attention to Note No 2.22 in the financial statements wherein the Company has disclosed the impact
of various litigations on its current and future financial performance. Considering the uncertainties involve in
the future outcome of such proceeding scenario which a based on various external factors outside the control of
the Company, the management’s assumptions and estimates on operational and financial performance of the
Company would largely depend on future developments as they emerged as stated in the said note. Our
opinion is not modified in respect of this matter.

Information Other than the Financial Statements and Auditor’s Report thereon

The Company’s board of Directors is responsible for the other information. The other information comprises
the information included in the management Discussion and Analysis. Board’s Report including annexures to
Board’s Report and Report on Corporate Governance but does not include the standalone and consolidate

financial statements and our respective auditor’s report thereon. The other information referred to above is
expected to be made available to us after the date of this auditor’s report.

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 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
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the other information, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance.

Management’s Responsibility 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, 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, cash flows and changes in
equity of the Company in accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) prescribed under the Act read with rules framed thereunder as
applicable.

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 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, the Board of Directors 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 the Board of Director’s either intends to liquidate the Company or to cease
the operations, or has no realistic alternative but to do so. Thus 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 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 it is not a guarantee that an audit concluded in
accordance with SAs will always detect a material misstatements 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 financial statements.

As a 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 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 omission, 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 Companies Act, 2013, 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 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 financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves the 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 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:

Our opinion is not modified in respect of these matters.

1. Attention is drawn to :

a. Note 2.19 and 24.1 of the financial results, relating to advances, unsecured loan, trade payable and
receivable are subject to confirmation from respective parties as at March 31 and consequential
effect upon reconciliation/adjustment arising there from, if any. Hence, financial impact if any is
not currently ascertainable. Receivables and advances include the amount due from customers and
parties which are sub-judice or assets which are not presently in possession of the company and
matter is sub-judice.

b. Note 2.12 & 24.9 Borrowing Cost and dues to financial creditor of the company, it has not
recognized disputed interest and other charges payable & also loss faced by the company for
financial creditors in preparation of the financial results as its being disputed by the company and
the matter is sub-judice.

c. Note no. 24.1 & also 24.9, effect of total non-recognition of various financial figures i.e. total
contingent liability of the company which has been unascertainable include differences of claims
by financial / operational creditors / statutory dues / effect of guarantees extended by the company
and brought to our notice during our audit.

d. Note no. 24.1 wherein companies some assets, current and fixed are not in possession of company
due to reason briefed therein.

e. Note no. 24.1 wherein the company has not made any provision for gratuity payment for the year
and the same is also not ascertainable by us.

f. Note 2.22 to the standalone financial statements which explain the uncertainties and management’s
assessment of the financial impact due to legal cases, for which a definitive assessment of the
impact is dependent upon future outcome of the same.

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 Section 143(11) of the Act, we give in Annexure-A, a statement on the

matters specified in paragraphs 3 and 4 of the Order.

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.

(c) The Balance Sheet, Statement of Profit and Loss including other comprehensive income, the Cash
Flow Statement 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 standalone financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with 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, 2024, taken

st

on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2024 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. Our Report expresses an unmodified opinion on the adequacy and operating effectiveness of the
Company’s internal financial controls with reference to financial statements.

(g) With respect to other matters to be included in Auditor’s Report in accordance with the requirements
of section 197(16) of the Act, 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.

(h) 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
standalone Ind-AS financial statements.

ii. The Company has certain long-term contracts for which there are no material foreseeable losses.
The Company did not have any 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, to the best of it’s knowledge and belief, other than as
disclosed in the notes to the accounts, 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 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

v. The management has represented, that, to the best of it’s 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;

vi. Based on such audit procedures which we have 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) contain any material mis-statement.

vii. The company has not declared or paid any dividend during the year is in accordance with section
123 of the Companies Act 2013”, Hence clause not applicable.

viii. Based on our examination which included test checks, the Company has in place 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. 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 is
preserved by the Company as per the statutory requirements for record retention.

For SARKAR GURUMURTHY & ASSOCIATES

Chartered Accountants
FRN. 0314062E

(Parimal Sarkar)

Place : Kolkata Partner

Date : 30-05-2024 (M.No. 051550)

UDIN: 24051550BKACGQ2448