We have audited the accompanying Ind AS Financial Statements of Jauss Polymers Limited("the Company") which
comprises the Balance Sheet as at March 31, 2024, 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 significant accounting policies and other explanatory information
(hereinafter referred to as "Ind AS Financial Statement").

In our opinion and to the best of our information and according to the explanations given to us,because of the
significance of the matters described in the Basis for Adverse Opinion section of our report, the accompanying
standalone financial statement do not give a true and fair view in conformity with the Indian Accounting Standard
prescribed under section 133 of the Companies Act, 2013 ( "the Act") and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2024, and loss (Financial Performance
Including comprehensive income), changes in equity and its cash flows for the year ended on that date.

Basis for Adverse Opinion

a) The Company's financial statements have been prepared using the going concern basis of accounting. The use of
the going concern basis of accounting is appropriate unless management either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.

As per our audit, we found that there is a rapidly decline in the turnover during the year which leads to significant
losses in the current financial year and company has also diluted its plant and machinery in FY 2020-21 which
indicates that the company has ceased to operate. Hence these are the significant events or conditions which cast
the material uncertainty on the Company's ability to continue as a going concern.

We extended our audit procedure to mitigate the uncertainty and found that

• management has not yet performed an assessment of the entity's ability to continue as a going concern
despite requesting management to make its assessment.

• management has not provided any plans for future actions in relation to its going concern assessment hence
we are unable to conclude whether the outcome of these plans is likely to improve the situation and whether
management's plans are feasible in the circumstances.

• The entity has not prepared a cash flow forecast to evaluation of management's plans for future actions.
Hence there is also no realistic alternative to justify the management ability to continue as a going concern.

b) We draw attention to Note 4& Note 6 of Financial Statement which describes that Loan and Advances given
amounting to Rs. 490.10 lakhs include balances which are outstanding for substantial period of time. We have
not received confirmations for these balances and were unable to perform alternate audit procedures in respect
of the same and accordingly, we are unable to comment on such balances.

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs)
issued by the Institute of Chartered Accountants of India (ICAI). 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 Accoun¬
tants of India together with the inde- pendence requirements that are relevant to our audit of the standalone financial
statements under the provisions of the Act and the Rules made there under, 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

Except for the matter described in the basis for adverse opinion section, we have determined that there are no key audit
matters to be communicated in our report.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Company's 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 Ind As 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 Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013
("the Act") with respect to the preparation of these Standalone Ind AS Financial Statements that give a true and fair
view of the financial position, financial performance including other comprehensive income, change in equity and cash
flows of the Company in accordance with the Indian Accounting Standards (Ind AS) and accounting principles generally
accepted in India, 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 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 Ind AS 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 Ind AS 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.

Board of Directors is also responsible for overseeing the company's financial reporting process.

Auditor's Responsibilities for the Audit of Standalone Ind AS Financial Statement

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS 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 Ind AS Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism
throughout the audit. We also:-

• Identify and assess the risks of material misstatement of the Standalone Ind AS 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 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 Standalone Ind AS

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 Ind AS Financial Statements, including
the disclosures, and whether the Standalone Ind AS 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 require¬
ments 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2016 ("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 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 (except for the matters described in Basis for adverse Opinion paragraph) 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) Except for the Possible effect of the matters described in the Basis of adverse 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, and the Cash Flow Statement dealt with by this Report are
in agreement with the books of account.

d) Except for the effect of the matters described in Basis for adverse Opinion paragraph, In our opinion, the
aforesaid Standalone Ind AS Financial Statements comply with the Indian Accounting Standards specified under
Section 133 of the Act read with rule 7 of the Companies (Accounts) Rule, 2014.

e) The matters described in Basis for adverse Opinion paragraph above, in our opinion, may 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, 2022 taken on record
by the Board of Directors, none of the directors is disqualified as on 31st March, 2022 from being appointed as
a director in terms of Section 164 (2) of the Act.

g) The adverse remarks related to the maintenance of accounts and other matters connected therewith are as
stated in the Basis for Adverse Opinion paragraph above.

h) With respect to the adequacy of the Internal Financial Control over financial reporting of the Company 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 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 the year is in accordance with the provisions of section 197 of the Act.

j) 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 statement
- Refer Note No. 22 on Contingent Liabilities to the standalone financial statement.

ii) The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.

iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.

For Mahesh Yadav& Co.

Chartered Accountants
Firm's Registration No.036520N

SD/-

Mahesh Yadav
Proprietor

Membership No. 548924
UDIN:24548924BKFVOY8013

Dated: 30^th May'2024
Place: Gurugram