We have audited the accompanying Standalone financial
statements of Digjam Limited (“the Company”), which comprise
the Balance Sheet as at March 31, 2025, the Statement of Profit
and Loss (including Other Comprehensive Income), Statement of
Changes in Equity and the Cash Flow Statement for the year then
ended, and 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 (“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 March 31, 2025 and its
loss, total comprehensive loss, changes in equity and its cash
flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Statement financial statements in
accordance with the Standards on Auditing (“SAs”) specified
under section 143(10) of the Act. Our responsibilities under
those SAs 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 (“ICAI”) 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
made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the
Code of Ethics issued by ICAI. 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.

Material Uncertainty Related to Going Concern

We draw attention to Note 35 of the accompanying Standalone
financial statement, which indicates that the Company has
incurred a total comprehensive loss of '1,044.09 lakhs for the
year ended March 31, 2025. As of that date, the Company's
current liabilities exceeded its current assets by ' 502.64 lakhs.
Further, operations at the Company's sole manufacturing facility
located at Jamnagar have been discontinued effective March 31,
2025, and the related assets have been classified as “Non-Current
Assets Held for Sale” under Ind AS 105, with a carrying value of
'5,714.12 lakhs.

These events and conditions indicate the existence of a material
uncertainty that may cast significant doubt on the Company's
ability to continue as a going concern. However, as disclosed in the
said note, the standalone financial statement have been prepared
on a going concern basis based on management's plans, which
include realisation of non-core assets, cost optimization, and
strategic restructuring to support future business viability.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgement, 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. We have determined that there are no key audit
matters to communicated in our report.

Information Other than the Standalone Financial Statements
and our Report Thereon

The Company's Management and Board of Directors is
responsible for the preparation of the other information. The
Other Information comprises the information included in report
of the Board of Directors but does not include the standalone
financial statements and our auditor's report thereon. The
Annual Report is expected to be made available to us after the date
of this report.

Our opinion on the standalone financial statements does not
cover the Other Information and we will 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
identified above 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.

When we read the other information as mentioned above, that
would be included in Annual Report, if we conclude that there is a
material misstatement therein, we are required to communicate
the matter to those charged with governance and take
appropriate action as applicable under the relevant laws and
regulations.

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 financial position, financial performance, total
comprehensive loss, changes in equity and cash flows of the
Company in accordance with the Ind AS and other accounting
principles generally accepted in India. 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 Standalone financial statements, Management
and Board of Directors are 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 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:

• 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)
If the Act, we are also responsible for expressing our
opinion on whether the company has adequate internal
financial controls 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
a n d s i g n i fi c a n t a u d i t fi n d i n g s, 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.

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 the
“Annexure A”, a statement on the matters specified in the
paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act, based on our audit
we report that:

(i) 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;

(ii) 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 except
for the matters stated in the paragraph 2(i)(vi) below
on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014;

(iii) 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 relevant books of account;

(iv) In our opinion, the aforesaid Standalone financial
statements comply with the Ind AS specified under
section 133 of the Act, read with relevant rules issued
thereunder and relevant provisions of the Act;

(v) 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;

(vi) With respect to maintenance of accounts and other
matters connected therewith, reference is made in
paragraph 2(i)(vi) below on reporting under rule
11(g) of the Rules;

(vii) 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
Standalone financial statements.

(viii) 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; and;

(ix) 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, as
amended, in our opinion and to the best of our
information and according to the explanations given
to us:

a) The Company does not have any pending
litigations having impact on its financial
position in its Standalone financial statements;

b) The Company has made adequate provision
as required under the applicable laws or
accounting standards for any material
foreseeable losses if any on long-term
contracts including derivative contracts;

c) There were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company;

(i) As stated in Note 33(iv) to the Standalone
financial statements 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 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;

(ii) As stated in Note 33(v) to the Standalone
financial statements 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 received by
the Company from any person(s)
or entity(ies), including foreign entities
(“Fun d in g Partie s” ) , wi th 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;

(iii) Based on the audit procedures performed
by us that has 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), of the Audit &
Auditors Rule,2014 as provided under (i)
and (ii) above, contain any material
misstatement;

d) The Company has neither declared nor paid
any dividend during the year; and

e) Based on our examination which included test
checks, the Company has migrated to the
accounting software (SAB Infotech) with effect
from October 01, 2024, for maintaining its
books of account which has a feature of
recording audit trail (edit log) and the same
has been operated for all transactions post
completion of the migration and we did not
come across any instance of audit trail feature
being tampered with. However, the said
software does not have feature of recording
audit trail for direct changes at the database
level. Except for the previous periods and the
period for first six months from April 1, 2024,
where the audit trail feature was not enabled
for the accounting software and its databases,
the Company has preserved the audit trail in
accordance with statutory record retention
requirements.

For Nayan Parikh & Co.

Chartered Accountants
Firm Registration No. 107023W

K.Y. Narayana

Partner

Place: Mumbai Membership No. 060639

Date: May 27, 2025 UDIN: 25060639BMNUFQ9975