16 Provisions and Contingent Liabilities:

Provisions : Provisions are recognized when there is a present obligation as a result of a past event, it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation, and there is a reliable estimate of the amount of the obligation. Provisions are measured at the best
estimate of the expenditure required to settle the present obligation at the Balance Sheet date and are not discounted to their present value unless the effect of
the time value of money is material. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

Contingent Liabilities : Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of The Company or a present
obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the
amount cannot be made. When there is a possible obligation or a present obligation in respect of which the likelihood of an outflow of resources embodying
economic benefits is remote, no provision or disclosure is made.

17 Segment Reporting:

In accordance with Ind AS 108, the identification of operating segments for reporting purposes is based on the internal reports reviewed by The Company's
management to allocate resources and assess performance. The Board of Directors, collectively functioning as the Company's Chief Operating Decision
Maker (CODM) under Ind AS 108, evaluates segment performance using key financial and operational metrics. These metrics may evolve over time to align
with changes in The Company's performance assessment framework.

The Company allocates common costs to each segment based on their respective contributions to the total common costs. Revenue, expenses, assets, and
liabilities that relate to tire Company as a.whole and cannot be reasonably attributed to specific segments are classified under unallocated revenue, expenses,
assets, and liabilities. The Company's segment information is prepared in line with the accounting policies adopted for the preparation and presentation of its
standalone financial statements.

18 Earnings Per Share:

Basic Earnings Per Share

Basic earnings per share is calculated by dividing the profit (or loss) attributable to the owners of the Company by the weighted average number of equity
shares outstanding during the year. The weighted average number of equity shares outstanding during the year is adjusted for bonus issue, bonus element in
a rights issue to existing shareholders, share split, and reverse share split (consolidation of shares).

Diluted Earnings Per Share

Diluted earnings per share is computed by dividing the profit (considered in determination of basic earnings per share) after considering the effect of interest
and other financing costs or income (net of attributable taxes) associated with dilutive potential equity shares by the weighted average number of equity
shares considered for deriving basic earnings per share, adjusted for the weighted average number of equity shares that would have been issued upon
conversion of all dilutive potential equity shares.

19 Cash & Cash Equivalents:

Cash and cash equivalents comprises cash on hand and at banks and short-term deposits with an original maturity of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. ---

/s REC t'Tvv

IV. Critical Accounting Judgements, Assumptions and Key Sources of Estimation Uncertainty

The following are the critical judgements, assumptions concerning the future, and key sources of estimation uncertainty at the end of the reporting period
that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year for the
Company.

1 Useful lives of Property, Plant and Equipment:

As described above, the charge in respect of periodic depreciation for the year is derived after determining an estimate of an asset's expected useful life and
the expected residual value at the end of its life. The useful lives and residual values of the Company's assets are determined by the management at the time
the asset is acquired and reviewed annually. The lives are based on historical experience with similar assets as well as anticipation of future events, which
may impact their life, such as changes in technical or commercial obsolescence arising from changes or improvements in production or from a change in
market demand of the product or service output of the asset.

2 Evaluation of Indicators for Impairment of Assets:

The evaluation of applicability of indicators of impairment of assets requires assessment of several external and internal factors, such as significant changes in
market conditions, economic environments, technological advancements, asset utilization, physical damage, or adverse legal/regulatory changes, which
could result in deterioration of the recoverable amount of the assets of the Company.

3 Allowance for Expected Credit Loss:

The allowance for expected credit loss represents The Company's estimate of potential losses within its credit portfolio. This estimate is based on The
Company's historical experience with similar receivables, current and past due balances, dealer termination rates, write-offs, collections, ongoing monitoring
of portfolio credit quality, and both current and anticipated economic and market conditions. If the current economic and financial conditions persist or
worsen, there could be an additional decline in the financial condition of The Company's debtors, which might not have been fully accounted for when
determining the allowances recorded in the financial statements.

4 Employee Benefits:

The cost of defined benefit plans are determined using actuarial valuation, which involves making assumptions about discount rates, expected rates of return
on assets, future salary increases, and mortality rates. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty.

5 Taxation:

Significant assumptions and judgements are involved in determining the provision for tax based on tax enactments, relevant judicial pronouncements and
tax expert opinions, including an estimation of the likely outcome of any open tax assessments / litigations. Deferred income tax assets are recognized to the
extent that it is probable that future taxable income will be available, based on estimates thereof. Significant assumptions are also involved in evaluating the
recoverability of deferred tax assets recognised on unused tax losses of the Company.

6 Contingent Liabilities:

The company is involved in legal disputes and tax matters across multiple jurisdictions, with various cases currently pending. Due to the inherent
uncertainty of such issues, it is challenging to forecast their ultimate resolution. These legal cases and claims present complex factual and legal challenges,
influenced by numerous variables such as the specific details of each case, the jurisdiction, and the differences in relevant laws. In the regular course of
operations, the company seeks advice from legal professionals and other experts regarding litigation and tax-related issues. A liability is recorded by the
company when it is deemed likely that an unfavourable outcome will occur, and the potential loss can be reasonably estimated.

7 Provisions:

At each balance sheet date, based on management's judgment and any changes in facts or legal circumstances, the Company evaluates the need for
provisions related to outstanding contingent liabilities. However, the actual outcome in the future may differ from this assessment.

The Ministry of Corporate Affairs has notified amendments to various Indian Accounting Standards through the Companies (Indian Accounting Standards)
Amendment Rules, 2025 and the Companies (Indian Accounting Standards) Second Amendment Rules, 2025 as under:

Amendments to Ind AS 1 and Ind AS 10: Classification of Liabilities as Current or Non-current

These amendments are introduced to clarify the requirements on determining whether a liability is current or non-current and require new disclosures for
non-current liabilities that are subject to future covenants. These amendments apply for the annual reporting periods beginning on or after April 1, 2025,
while certain amendments are effective for annual reporting periods beginning on or after April 1, 2026. The Company is in the process of assessing the
impact of these amendments, which will be applied retrospectively in accordance with Ind AS 8. These amendments may particularly affect the classification
and disclosures relating to non-current borrowings subject to future covenant compliance.

Amendments to Ind AS 107 and Ind AS 7: Supplier Finance Arrangements

These amendments introduce new disclosures relating to supplier finance arrangements that assist users of the financial statements to assess the effects of
these arrangements on an entity's liabilities and cash flows and on an entity's exposure to liquidity risk. The amendments apply for the annual reporting
periods beginning on or after April 1, 2025. The Company is in the process of assessing whether any of its supplier related financing arrangements fall within
the scope of these amendments and, if so, will provide the required disclosures.

Amendments to Ind AS 21: The Effects of Changes in Foreign Exchange Rates (Lack of Exchangeability)

These amendments require assessing currency exchangeability and estimating exchange rates when currencies are not readily exchangeable and also requires
specific disclosures viz. the nature and financial effects of the currency not being exchangeable, the spot exchange rates used, the estimation process, and the
risks to which the entity is exposed because of the currency not being exchangeable. The amendment also lays down transition requirements, while
specifically stating that an entity shall not restate comparative information in applying Lack of Exchangeability. These amendments are effective from April
1, 2025; however, these amendments are not expected to have a material impact on the Company's financial statements as the Company's transactions are
limited to currencies that are freely convertible and exchangeable, and management has assessed that no significant restrictions apply to its operations.

Amendments to Ind AS 12: International tax reform—Pillar Two model rules

The amendments to Ind AS 12 have been introduced in response to the OECD's BEPS Pillar Two rules and include a mandatory temporary exception to the
recognition and disclosure of deferred taxes arising from tire jurisdictional implementation of the Pillar Two model rules and disclosure requirements for
affected entities to help users of the financial statements better understand an entity's exposure to Pillar Two income taxes arising from that legislation. These
amendments have no impact on the Company's financial statements as the Company is not in scope of tire Pillar Two model rules.

g) Critical Judgements in Determining the Lease Term:

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension
option, or not to exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if
the lease is reasonably certain to be extended (or not terminated).

For leases of buildings, the following factors are normally the most relevant:

(a) If there are significant penalties to terminate (or not extend), the Company is typically reasonably certain not terminate (or to extend).

(b) If any lease hold improvements are expected to have a significant remaining value the Company is typically reasonably certain to extend
(or not terminate).

(c) Otherwise, the Company considers other factors including historical lease durations and the costs and business disruption required to
replace the leased asset.

The lease term is reassessed if an option is actually exercised (or not exercised) or the Company becomes obliged to exercise (or not exercise it.
The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects the
assessment, and that is within the control of the lessee. During the Current Financial Year, there was no revision in the Lease Terms.

h) Extension and Termination Options:

Extension and termination options are included in a number of property leases. These are used to maximise operational flexibility in terms of
managing the assets used in the Company's operations. The majority of extension and termination options held are exercisable only by the
Company and not with the respective lessor.

i) Securities wity Bank:

All leasehold lands are pledged as security with Banks. Refer note 47
f o/ V

5A 3

Pursuant to the resolution of the board dated February 14, 2024 and in accordance with the share purchase agreement dated May 11, 2024, the Company has
acquired 51 shares of Jain Ikon Global Ventures for a consideration of Rs. 1.74 Millions and in accordance with the share purchase agreement dated December 9,
2024, the Company has acquired additional 19 shares of Jain IKON Global Ventures for a consideration of Rs.0.65 Millions. Consequent to this acquisition,
shareholding of the Company in Jain Ikon Global Ventures stands at 70.00% as on March 31,2025.

Subsequent to the reporting date,the Subsidiary has discontinued its previously licensed activities and obtained approval for a new licensing activities from the
relevant regulatory authority, as referred to in Note No. 50.

As at 31 March 2025, the Investment in the Subsidiay continues to be classified under Non-Current Investments - Investments in Subsidiary, since the criteria for
classification as held for sale under lnd AS 105 Non-Current Assets Held for Sale and Discontinued Operations were not met at the reporting date.

5A.4 Provision for Diminution in Value of Investments is created against the Investments in the Equity Shares of Kamachi Industries Limited and Nagai Power Pvt Ltd
as both the companies are under Corporate Insolvency Resolution Process.

" During the year ended March 31, 2025, in accordance with the share purchase agreement dated Augithe^ft^a^y lias

Minerals Mannar Private Limited for a consideration of Rs. 137.14 million and In accordance with thett^horaiidum of Uro«$9itetanding ^t^rebuary 20,zOfeWic
Company has acquired addtional 13,125 shares of Sim Minerals Mannar Private Limited for a consifet^tloir 6rf8rs*r.l3f ^Ytilljon. Con&oj&nt to this acquWitn,
shareholding of the Company in Sun Minerals Mannar Private Limited stands at 28.88%. l J

Subsequent to the reporting date, on July 17, 2025, the Company entered into a definitive agreement to sell its 28.88% equity interest in Sim Minerals Mannar
Private Limited, as referred to in Note No. 50.

As at 31 March 2025, the Investment in the Associate continues to be classified under Non-Current Investments - Investments in Associates, since the criteria for
classification as held for sale imder Ind AS 105 Non-Current Assets Held for Sale and Discontinued Operations were not met at the reporting date.

The Company will recognise the resulting gain or loss on disposal in the Statement of Profit and Loss in the period in which the sale is completed.

5A.6 The Company has invested in 9.35% Secured Redeemable Non-Convertible Debentures (NCDs) issued by Edelweiss Financial Services Limited. The NCDs carry an
Annual Coupon Rate of 9.35%, payable on a Monthly Basis, and are Redeemable at par on October 20, 2027.

Nature and Purpose of Other Reserves:

(a) Securities Premium Reserve:

Securities premium represents premium received on equity shares, which can be utilised only in accordance with the provisions of the
Companies Act, 2013.

(b) Retained Earnings:

Retained Earnings represents Company's cumulative earnings since its formation less the dividends / Capitalisation, if any. These reserves are
free reserves which can be utilised for any purpose as may be required. All adjustments arising on account of transition to Ind AS are recorded
under this reserve.

(c) Amalgamation Reserve:

Amalgamation Reserve represents the difference between the Share Capital issued and the Book Value of Assets, Liabilities and Reserves
taken over from the Transferor Company, pursuant to the Scheme of Merger (Refer Note No. 39.2)

(i) The basic EPS amounts are calculated by dividing the Profit/(Loss) for the year attributable to Equity Holders of the Company by
the weighted average number of Equity shares outstanding during the year.

(ii) Diluted Earnings per Share is computed by dividing the Net Profit attributable to Equity Holders of the Company by the Weighted
Average Number of Equity Shares considered for Basic Earnings per Share and the Weighted Average Number of Equity Shares that
could have been issued upon conversion of All Dilutive Potential Equity Shares.

Dilutive Potential Equity Shares are deemed converted as at the beginning of the period unless issued at a later date. The Dilutive
Potential Equity Shares are determined independently for each period presented.

The Company has considered the following dilutive potential equity shares in the computation of diluted EPS:

Compulsorily Convertible Preference Shares (CCPS) (Refer Note No. 16A.3) - The net effect of interest income and interest expense
recognized as per Ind AS 109 - Financial Instruments has been adjusted in the net profit (net of tax impact), and the additional equity
shares upon conversion have been included in the denominator.

Optionally Convertible Redeemable Preference Shares (OCRPS) (Refer Note No. 16A.2)- The net impact of interest income and interest
expense recognized as per Ind AS 109 has been considered in the net profit (net of tax impact), and the corresponding equity shares
have been included in the denominator.

Optionally Fully Convertible Debentures (OFCDs) (Refer Note No. 16A.1) - The net effect of interest income and interest expense
recognized under Ind AS 109 has been adjusted in the net profit (net of tax impact), and the corresponding equity shares have been
included in the denominator.

(iii) Share Transactions that have occ^-^^^-t^e reporting period:

As required under the Ind AS 33 f^^dmgsf>et^imtfe' the effect of the merger hasy^5nadjustiMWt«bspectively for all the periods
presented. 1 coif

Jit JjJ

Note No: 33 Employee Benefit Plans:

A. Defined Contribution Plans:

Tine Company makes Contributions, determined as a Specified Percentage of Employee Salaries, in respect of Qualifying Employees
towards the Provident Fund, which is a Defined Contribution Plan. The Company has No Obligations other than to make the
Specified Contributions. These Contributions are charged to the Statement of Profit and Loss. The Amount Recognized as an Expense
towards Contribution to the Provident Fund for the year ended March 31, 2025, aggregates to ? 12.08 Millions(year ended March 31,
2024: ?10.38 Millions).

Tire Major Defined Contribution plans operated by the Company are as below:

(a) Provident Fund and Pension:

In accordance with the Employee's Provident Fund and Miscellaneous Provisions Act, 1952, eligible employees of the Company are
entitled to receive benefits in respect of Provident Fund, a Defined Contribution Plan, in which both Employees and the Company
make monthly contributions at a Specified Percentage of the Covered Employees' Salary.

The Contributions, as specified under the law, are made to Employee Provident Fund Organisation.

B. Defined Benefit Plans:

The defined benefit plans operated by the Company are as below:

Tire Company has a Defined Benefit Gratuity plan for its Employees. Under this plan, every employee who has completed at least five
years of service is entitled to gratuity upon departure, calculated at 15 days of last drawn salary for each completed year of service.
The plan is not funded by the Company, and gratuity is paid to employees upon separation in accordance with the provisions of the
Payment of Gratuity Act, 1972.

During the year ended March 31, 2025, and March 31, 2024, certain Customers contributed more than 10% of the Company's Total
Revenue. The Revenue Concentration from Major Customers is assessed in line with the requirements of Ind AS 108 - Operating
Segments, and Specific Customer Details are Not Disclosed in Compliance with Reporting Standards.

UnAllocable and Adjustment/Eliminations:

Investments, Income Tax Assets, Other Bank Balances, Current Taxes, Current Assets and Deferred Tax Liabilities and Assets are Not
Allocated to these Segment as they are managed at an Entity Level.

Note No: 35 Commitments:

The Company has No Outstanding Commitments as of the Reporting Date that require Disclosure or Adjustment in the Financial
Statements.

Refer (Note No:36) for Commitments relating to Export Obligations/Import Entitlement.

The Company was incorporated on 25th, February, 2022, through the conversion of the erstwhile partnership firm M/s Jain Metal
Rolling Mills (JMRM), in accordance with the provisions of Chapter XXI-Part I of the Companies Act, 2013. Subsequently, M/s Jain
Recycling Private Limited ('JRPL') was merged into the Company pursuant to the Hon'ble NCLT order dated 21st January, 2025, as
explained in Note No. 40.

Both JRPL and the Company were subject to search and seizure operations under Section 132 of the Income-tax Act, 1961 ("the Act")
on 25th February, 2020. Consequent thereto, the income-tax authorities, initiated assessment proceedings for Assessment Years (AY)
2014-15 to AY 2020-21. To settle the disputes, the Company filed an application under Section 245C of the Act before the Settlement
Commission (now succeeded by the Interim Board for Settlement "IBS") on 12th March, 2021, offering additional income of Rs.734.40
million for AY 2014-15 to AY 2020-21 and paying additional tax of Rs.365.40 million.

This application, however, was rejected by IBS on 31st July, 2023. Tire matter was subsequently carried before the Hon'ble Madras
High Court, which remanded it back for reconsideration by the IBS. Pursuant thereto, IBS, vide its order dated October 07, 2024,
directed Joint Verification under Section 245D(3) of the Act by the Principal Commissioner of Income-tax (PCIT Central 1, Chennai).
After conclusion of the Joint Verification process, the Hon'ble IBS passed its final order under Section 245D(4) of the Act on 30th May,
2025, quantifying further additional income of Rs.138.63 million to be offered by the Company, with NIL additional income for JRPL,
thereby bringing finality to the issues arising out of the search proceedings.

Accordingly, the Company has created a provision for tax pertaining to earlier years amounting to Rs.44.78 million. The Company has
also filed a review petition before the Interim Board for Settlement - II, Delhi, contesting the levy of interest for the period 01st
February, 2021 to 30th June, 2022

Note No: 39 Business Combinations:

Note No: 39.1 Scheme of Merger:

The Board of Directors of the Company in its meeting dated December 14, 2023 had approved merger of Jain Resource Recycling
Private Limited (Transferee Company) and Jain Recycling Private Limited (Transferor Company). The application for merger was filed
by the Company on February 13, 2024 and the same was approved by the National Company Law Tribunal on January 21, 2025 with
appointed date as April 01, 2024. The merger has been accounted for using the pooling of interests method under Ind AS 103 -
Business Combinations and the difference between the fair value of net identifiable assets acquired and consideration paid on the
merger has been adjusted against the reserves and surplus of the Company. Accordingly, previous years balances have been restated
in accordance with provisions of Ind AS 103 - Business Combinations.

The amalgamation has resulted in the merger and dissolution of the Transferor Company without winding up, and the consequent
issuance of the Transferee Company’s equity shares. Pursuant to the scheme of merger, the Company shall issue 2,12,14,393 equity
shares of Rs.10 each to the shareholders of Jain Recycling Private Limited in lieu of their shareholding in Jain Recycling Private
Limited. The swap ratio for the exchange of shares between the Transferor and Transferee Companies has been set at 18.27 shares of
the Transferee Company for each share held in the Transferor Company. —

Pursuant to the Scheme of Merger approved by Hon'ble National Company Law Tribunal vide its Order dated January 21, 2025, 0.01%
Optionally Convertible / Redeemable Preference Shares (OCRPS)and 0.01% Compulsorily Convertible Preference Shares (CCPS) were
approved for repayment as explained under Note No. 16A.2 and 16A.3

Note No: 40 Conversion from Private Limited to Public Limited Company:

The Members of the Company, through a Special Resolution passed at the Extraordinary General Meeting (EGM) held on February 5,
2025, approved the Conversion of the Company from a Private Limited Company to a Public Limited Company. Pursuant to the said
Resolution and upon completion of the necessary filings with the Registrar of Companies ("ROC"), the ROC issued a Fresh Certificate
of Incorporation dated February 25, 2025, reflecting the change in the Company's Name and Status.

Note No: 42 First-Time IndAS Adoption:

As Stated in the Basis of Preparation Section of these Financial Information, Company has prepared its Financial Statements under
Indian Accounting Standards (Ind AS) as per Companies (Indian Accounting Standards) Rules, 2015 notified under section 133 of
Companies Act, 2013 (the Act') and other relevant provisions of the Act. for the year ended March 31, 2025, with Comparative
Information for tine year ended March 31, 2024, which has been restated from previous Generally Accepted Accounting Principles in
India (Indian GAAP) to IndAS. Tine Transition Date is April 01, 2023.

The standalone financial statements up to and for the year ended March 31, 2024 were prepared in accordance with the Companies
(Accounting Standards) Rules, 2006, notified under section 133 of the Act and other relevant provisions of the Act.

As these arc the Company's first standalone financial statements prepared in accordance with Indian Accounting Standards (Ind AS),
Ind AS 101, First time adoption of Indian Accounting Standards has been applied. An explanation of how the transition to Ind AS has
affected the previously reported financial position, financial performance and cash flows of tire Company is provided in this Note
below.

Note No: 42.1 First-Time Adoption - Mandatory Exceptions and Optional Exemptions:

The Company has prepared the Opening Balance Sheet as per IndAS as at the Date of Transition, April 01, 2023, by recognizing All
Assets and Liabilities whose recognition is required by IndAS, not recognizing items of assets or liabilities that are not permitted by
IndAS, ReClassifying Items from previous GAAP to IndAS as required, and applying IndAS in the Measurement of Recognized Assets
and Liabilities.

However, this principle is subject to certain exceptions and optional exemptions availed by the Company, as detailed below. The effect
on the Reported Financial Position and Financial Performance of the Company on Transition to IndAS has been provided thereunder,
which also includes Reconciliations of Total Equity and Total Comprehensive Income for Comparative Years under Indian GAAP to
those reported for respective years under IndAS.

Mandatory Exceptions to Retrospective Application:

Estimates:

On assessment of estimates made under the previous GAAP Financial Information, the Company has concluded that there is no
necessity to revise such estimates under IndAS, as there is no objective evidence of an error in those estimates.

Classification and Measurement of Financial Assets & Financial Liability:

rhe Company has followed the Classification and Masurement of Financial Assets and Financial Liabilities in accordance with IndAS
109 - Financial Instruments, based on the facts and circumstances that existed at the Date of Transition to IndAS.

Impairment of Financial Assets:

The Company has applied the Impairment requirements of IndAS 109 retrospectively; however, as permitted by IndAS 101, it has
used reasonable and supportable information that is available without undue cost or effort to determine the Credit Risk as at the date
that Financial Instruments were initially recognized in order to compare it with the Credit Risk as at the Transition Date.

However, as permitted by IndAS 101, the Company has not undertaken an exhaustive search for information when determining, at
the Date of Transition to Ind ASs, whether there have been significant Increases in Credit Risk since Initial Recognition.

Derecognition of Financial Assets and Financial Liabilities:

The Company has applied the Derecognition requirements of Financial Assets and Financial Liabilities prospectively for transactions
occurring on or after the Date of Transition, April 01, 2023.

Deemed Cost for Property, Plant and Equipment and Intangible Assets: ^ a ^

The Company has elected to continue with the carrying value of all its Property^gt^rtCand^^ti^ment and

recognized as of the transition date, April 01, 2023, measured under the previous gjyj^e tlfemrrying i^s its Deen^jy

Cost. The Company follows the Cost Model for Subsequent Measurement. ^ w / y' ^

(ii) Measurement of Financial Liabilities at Amortised Cost:

Under GAAP Financial Liabilities were Carried at Cost. However, under IndAS, certain Financial Liabilities are subsequently
Measured at Aamortized Cost using the Effective Interest Method (EIR). The EIR is the rate that exactly discounts estimated Future
Cash Payments or Receipts through the Expected Life of a Financial Asset or Liability to its Gross Carrying Amount.

Guarantee Liabilities are initially recognized at Fair Value and subsequently Measured at Amortized Cost, with the difference between
the Initial Fair Value and the Transaction Amount recognized appropriately in the Financial Statements.

These changes have been accounted for in accordance with IndAS 101 - First-time Adoption of Indian Accounting Standards, with
necessary adjustments recognized in the Opening Balance Sheet on the Transition Date.

(vi) Deferred Tax Adjustments of the Above:

Under Previous GAAP, Deferred taxes were recognized for the Tax effect of Timing Differences between Accounting Profit and
Taxable Profit for the Year using the Income Statement Approach. Under Ind AS, Deferred Taxes are recognized using the Balance
Sheet for Future Tax Consequences of Temporary Differences between the Carrying Value of Assets and Liabilities and their
respective Tax Bases. The Above Difference, together with the consequential Tax Impact of tire other IndAS Transitional adjustments
lead to Temporary Differences. Deferred Tax Adjustments are recognized in correlation to the underlying transaction either in
Retained Earnings or through Statement of Profit and Loss or Other Comprehensive Income.

Note No: 42.4 Effect of IndAS Adoption on the Statement of Cash Flows:

There are no changes to the cash flows from operating, financing, and investing activities as reported in the cash flow statement for the
financial years 2023-24 under the previous GAAP on account of the transition to Ind AS.

The only adjustments pertain to the reclassification of previous period figures to conform to the presentation requirements of Ind AS
for the current year's financial statements.

rls SOC/T* f/s?S--

Note No: 43 Financial Instruments:

Note No: 43.1 Capital Management:

The Company manages its capital to ensure that entities in the Company will be able to continue as going concern, while maximizing
the return to stakeholders through the optimisation of the debt and equity balance.

The Company determines the amount of capital required on the basis of annual operating plans and long-term product and other
strategic investment plans. The funding requirements are met through equity, long-term borrowings and other short-term borrowings.

Fair Value Measurement:

inis section explains tne judgements anti estimates made in determining me tair values or tne financial instruments tnat are jaj
recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial

clofomonfc

To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial
instruments into the three levels prescribed under the accounting standard. An explanation of each level is as under:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments,
traded bonds and mutual funds that have quoted price. The fair value of all equity instruments (including bonds) which are traded in
the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing NA V.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the-counter
derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible
on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in
level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This is
the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3.

Valuation Technique used to Determine Fair Value:

Specific valuation techniques used to value financial instruments include:

-the use of quoted market prices or dealer quotes for similar instruments.

-the fair value of the remaining financial instruments is determined using discounted cash flow analysis.

Tine carrying amounts of trade receivables, trade payables, cash and cash equivalents and other current financial liabilities are
considered to be the same as their fair values, due to thijir sboj^-term nature.

For financial assets and liabilities that are measure^Tfofi§&£^^l^ carrying amounts are equal to the fair values.

The borrowing rate of the Company has been takufuaifthe discouWt-iVte used for determination of fair value.

Note No: 43.3 Financial Risk Management:

The Company is exposed to Market risk, Credit risk and Liquidity risk.The Company monitors and manages the financial risks
relating to the operations of the Company through internal risk reports which analyse exposures by degree and magnitude of risks.

The following disclosures summarize the Company's exposure to financial risks and information regarding use of derivatives
employed to manage exposures to such risks. Quantitative sensitivity analysis have been provided to reflect the impact of reasonably
possible changes in market rates on the financial results, cash flows and financial position of the Company.

Note No: 43.3.1 Market Risk:

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
conditions. Market risk mainly comprises of interest rate risk, currency risk. Financial instruments affected by market risk includes
borrowings, investments, trade payables, trade receivables and derivative financial instruments. The Company's activities expose it
primarily to the financial risks of changes in foreign currency exchange rates, interest rates and other price risk.

There has been no change to the Company's exposure to market risks or the manner in which these risks are being managed and measured.

(a) Interest Rate Risk

interest rate risK is tne tisk tnat me tair vatue or ruture casn nows or a nnanciai instrument wm riuctuate Decause ot cnanges in manner
interest rates. Since the Company has insignificant interest bearing borrowings, the exposure to risk of changes in market interest

rafoc ic minimal

(b) Foreign Currency Risk

The company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise.
Exchange rate exposures are managed within approved policy parameters utilising derivative contracts. The risk management
objective of the company is to hedge risk of change in the foreign currency exchange rates associated with it's direct & indirect
transactions denominated in foreign currency. Since most of the transactions of the company are denominated in its functional
currency (INR), any foreign exchange fluctuation affects the profitability of the Company and its financial position. Hedging provides
stability to the financial performance by estimating the amount of future cash flows and reducing volatility.

The Company does not enter into a forcien exchange transaction for speculative purposes i.e. without anv actual / anticipated

The carrying amounts of the company's foreign currency denominated monetary assets and monetary liabilities at the end of the

reporting period are as follows :

In management’s opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk because the exposure at the
end of the reporting period does not reflect the exposure during the year.

Note No: 43.3.2 Credit Risk:

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company.
The company has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss
from defaults. The company's exposure of its counterparties are continuously monitored and the aggregate value of transactions
concluded is spread amongst counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by
the management.

Note No: 43.3.3 Liquidity Risk:

Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity
risk management framework for the management of the company’s short-term, medium-term and long-term funding and liquidity
management requirements. Tire company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve
borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial
assets and liabilities.

Tire Following Tables detail the Company's remaining Contractual Maturity for its Non-Derivative Financial Liabilities with agreed
Repayment Periods. The tables have been drawn up based on the Undiscounted Cash Flows of Financial Liabilities based on the
Earliest Date on which the Company can be required to pay.

Note No: 44 Hedge Accounting:

The Company's Business Objective includes Safe-Guarding its Earnings against Adverse Price Movements of Aluminium. The
Company has adopted a Structured Risk Management Policy to Hedge all these Risks within an Acceptable Risk Limit and an
Approved Hedge Accounting Framework which allows for Fair Value Hedges. Hedging Instruments include Exchange Traded
Futures and Options to Achieve this Objective.

Fair Value Hedge:

The Fair Value Hedges relate to Future covers taken to Hedge Commodity Price Risk. Gains and Losses on these Hedge Transactions
are Substantially Offset by the Amount of Gains or Losses on the Underlying Transactions. Net Gains and Losses are recognised in the
Statement of Profit and Loss.

Note No: 47 Title Deeds of Immovable Properties not held in the Name of the Company:

Tire Company does not have any Property (Other than Properties where the Company is the Lessee and the Lease Agreements are
duly executed in the favour of the Lessee) whose Title Deeds are not held in the Name of the Company, at any time during the year
ended March 31, 2025.

Note No: 48 Details of Benami Property held:

The Company does not have any Benami Property, where any proceeding has been Initiated or Pending against the Company for
Holding any Benami Property.

Note No: 49 Details of Transactions with Struck Off Companies:

The Company has no transactions with Companies that have been Struck Off under the Companies Act, 2013 or the Companies Act,
1956, during the year ended March 31, 2025.

Note No: 50 Events after Reporting Period:

A) Sale of Equity Interest and Realisation of Loans:

On July 17, 2025, the Company entered into a definitive agreement to sell its 28.88% equity interest and realize its loan from Sun
Minerals Mannar Private Limited. This represents a Non-Adjusting Event in accordance with IndAS 10 and has not been recognised in
the Financial Statements for the year ended March 31, 2025.

B) Discontinuation of Operations of a Subsidiary:

Subsequent to the reporting date of 31 March 2025, and prior to the date of approval of these financial statements, Jain Ikon Global
Ventures has discontinued its previously licensed activities and obtained approval for a new licensing activities from the relevant
regulatory authority.

This change reflects a strategic shift in the Company's operational focus and does not impact the financial position as at the reporting
date. Accordingly, this event has been treated as a non-adjusting event in accordance with Ind AS 10 - Events after the Reporting
Period.

On 26 December 2024, the Company entered into lease agreements for three warehouses to support its operational requirements.
These leases were recognized in accordance with Ind AS 116 - Leases, and the related right-of-use assets and lease liabilities have been
recorded in the financial statements as at 31 March 2025.

Subsequent to the reporting date, the Company has decided to discontinue the use of these warehouses and has formally terminated
the lease agreements. The accounting impact of this termination—including derecognition of the right-of-use assets and lease
liabilities, and any resulting gain or loss—will be reflected in the financial statements for the next reporting period, in line with the
requirements of Ind AS 10

Note No: 51 Registration of Charges or Satisfaction with Registrar of Companies:

The Company does not have any Charges or Satisfaction which is yet to be Registered with the RoC beyond the Statutory Period.

Note No: 52 Details of Crypto Currency or Virtual Currency:

The Company has not Traded or Invested in Crypto Currency or Virtual Currency during the year ended March 31, 2025.

Note No: 53 Compliance with Approved Scheme(s) of Arrang|j*jijyits:

The Company does not have any Transactions with Arrangement as under Secticra(^^®§^J^Nlie Companies

Act, 2013 for the year ended March 31,2025 4 fr^/'

i*\ )*r o chennai j£)i

Note No: 54 Utilisation of Borrowed Funds and Share Premium:

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 lend or invest in party identified by or on behalf of the Company
(Ultimate Beneficiaries). The Company has not received any fund from any parties (Funding Party) with the understanding that the
Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Note No: 55 Undisclosed Income:

The Company does not have Undisclosed Income which is not recorded in the books of account that has been surrendered or disclosed
as income during the year (previous year) in the tax assessments under the Income Tax, 1961 (such as, search or survey or any other
relevant provisions of the Income Tax, 1961).

Note No: 56 Compliance with Number of Layers of Companies:

Tire Company has complied with the numbers of layers complied prescribed under clause (87) of section 2 of the Act read with the
companies (Restriction on number of Layers) Rules, 2017.

Note No: 57 Wilful Defaulter:

The Company has not been declared as wilful defaulter by any bank or financial institution or lender.

As per our report of even date attached

For M S K C & Associates LLP (formerly known as M S K C & Associates) For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration Number : 001595S/S000168

Geetha Jeyakumar ^—RtlmTesh Jain Mayank Pareek Hemant SKantilal Jain Bibhu Kalyan Rauta

Partner Chairman & Joint Managing Director & Company Secretary

Managing Director Director Chief Financial Officer

ICAI Membership No. 029409 DIN: 01447952 DIN:00595657 DIN: 06545627 M No. A-31315

Place: Chennai Place: Chennai Place: Chennai Place: Chennai Place: Chennai

Date: August 24, 2025 Date: August 24, 2025 Date: August 24, 2025 Date: August 24, 2025 Date: August 24, 2025