We have audited the accompanying standalone
financial statements of Jain Resource Recycling
Limited(Formerly known as Jain Resource Recycling
Private Limited) ("the Company”), which comprise
the Balance Sheet as at March 31, 2026, and the
Statement of Profit and Loss, including Other
Comprehensive loss, Statement of Changes in
Equity and Statement of Cash Flows for the year
then ended, and notes to the standalone financial
statements, including material 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 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, 2026, and profit (including other
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 standalone financial
statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the
Act. Our responsibilities under those Standards are
further described in the ‘Auditor’s Responsibilities for
the Audit of the Standalone Financial Statements’
section of our report. We are independent of the
Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of
India ("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 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 obtained by us is
sufficient and appropriate to provide a basis for our
opinion.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our
professional judgment, were of most significance in

our audit of the standalone financial statements 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 the matters
described below to be the key audit matters to be
communicated in our report.

INFORMATION OTHER THAN THE STANDALONE
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
Director’s report, Management Discussion and
Analysis including annexures to the Board Report,
Corporate Governance and Business Responsibility
and Sustainability Reporting but does not include
the financial statements and our auditor’s report
thereon. The Director’s report, Management
Discussion and Analysis including annexures to the
Board Report, Corporate Governance and Business
Responsibility and Sustainability Reporting is
expected to be made available to us after the date
of this auditor’s report.

Our opinion on the 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 financial
statements, our responsibility is to read the other
information identified above when it becomes
available 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 Director’s report, Management
Discussion and Analysis including annexures to the
Board Report, Corporate Governance and Business
Responsibility and Sustainability Reporting, if we
conclude that there is a material misstatement
therein, we are required to communicate the
matter to those charged with governance under SA
720 ‘The Auditor’s responsibilities Relating to Other
Information’.

RESPONSIBILITIES OF MANAGEMENT AND
BOARD OF DIRECTORS FOR THE STANDALONE
FINANCIAL STATEMENTS

The Company’s Management and Board of Directors
are 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, changes in equity and
cash flows of the Company in accordance with the
accounting principles generally accepted in India,
including the Accounting Standards specified
under section 133 of the Act. This responsibility also
includes maintenance of adequate accounting
records in accordance with the provisions of the
Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and
other irregularities; selection and application of
appropriate accounting policies; making judgments
and estimates that are reasonable and prudent;
and design, implementation and maintenance
of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to
the preparation and presentation of the standalone
financial statement that give a true and fair view
and are free from material misstatement, whether
due to fraud or error.

In preparing the standalone financial statements,
the 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 Board of Directors
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Board of Directors is 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.

We give in "Annexure A” a detailed description of
Auditor’s responsibilities for Audit of the Standalone
Financial Statements.

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 sub-section (11)
of section 143 of the Act, we give in "Annexure
B” 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 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 except that in
the absence of Independent Auditors SOC
2 report for the period March 01, 2026 to
March 31, 2026, we are unable to comment
whether back-up of the books of account
and other books and papers maintained in
electronic mode, have been kept in servers
physically located in India on a daily basis
for the period March 01, 2026 to March 31,
2026 and matters stated in paragraph 2(h)
(vi) below on reporting under Rule 11(g).

(c) The Balance Sheet, the Statement of Profit
and Loss including other comprehensive
loss, the Statement of Changes in Equity
and the Statement of Cash Flows dealt
with by this Report are in agreement with
the books of account maintained for the
purpose of preparation of the financial
statements.

(d) In our opinion, the aforesaid standalone
financial statements comply with the Ind
AS specified under Section 133 of the Act.

(e) On the basis of the written representations
received from the directors as on March
31, 2026 taken on record by the Board
of Directors, none of the directors are
disqualified as on March 31, 2026 from
being appointed as a director in terms of
Section 164 (2) of the Act.

(f) The reservation relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph 2(b)
above on reporting under Section 143(3)(b)
and paragraph 2(h)(vi) below on reporting
under Rule 11(g).

(g) With respect to the adequacy of the
internal financial controls with reference
to standalone financial statements of the
Company and the operating effectiveness
of such controls, refer to our separate
Report in "Annexure C”.

(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
financial statements - Refer Note 36 to
the standalone financial statements;

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

iii. There were no amounts which were
required to be transferred to the
Investor Education and Protection
Fund by the Company.

iv. A. The Management has represented

that, to the best of it’s knowledge
and belief, as disclosed in Note
52 to the standalone financial
statements, 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

vi. Based on our examination, which
included test checks, the Company
has used two accounting softwares for
maintaining its books of account, one of
which is managed and maintained by
a third-party software service provider
and was implemented from April 01,
2025. Both the softwares have a feature
of recording audit trail (edit log) facility
at application level and the same has
operated throughout the year for all
relevant transactions recorded in the
software’s at application level. Further,
in respect of one accounting software
there is no feature of recording audit
trail(edit log) facility at database level.

In respect of the other accounting
software, in absence of adequate
coverage on the audit trail (edit log)
in the Independent Auditors SOC 2
report for the period April 01, 2025 to

February 28, 2026 and in the absence
of the Independent Auditors SOC 2
report for the period March 01, 2026
to March 31, 2026, we are unable to
comment on the audit trail feature at
the database level.(Refer Note 56 to
the standalone financial statements)

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 of prior years has been preserved
by the Company as per the statutory
requirements for record retention to
the extent it was enabled and recorded
in prior years.

3. In our opinion, according to information,
explanations given to us, the remuneration paid
or provided by the Company to its directors is
within the limits laid prescribed under Section
197 of the Act.

For M S K C & Associates LLP

Chartered Accountants
ICAI Firm Registration Number - 001595S/S000168

Geetha Jeyakumar

Partner

Place: Chennai Membership No. 029409

Date: May 18, 2026 UDIN: 26029409YQBHZB5718