We have audited the accompanying standalone financial statements of Jain Resource Recycling LimitedfFormerly
known as Jain Resource Recycling Private Limited) (“the Company”), which comprise the Balance Sheet as at March
31, 2025, and 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 standalone financial statements,
including material accounting policy information and other explanatory information (hereinafter referred to as the
“standalonefinancial 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, 2025,
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.

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
Director’s 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
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 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 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 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.

Other Matters:

i) The comparative financial information of the Company for the year ended March 31, 2024 and the transition
date opening Balance Sheet as at April 1, 2023 included in these standalone financial statements, are based
on the previously issued standalone financial statements prepared in accordance with the Companies
(Accounting Standards) Rules, 2021, specified under Section 133 and other relevant provisions of the Act
audited by the predecessor auditors for the respective financial years whose report for the year ended March
31, 2024 and March 31, 2023 dated June 24, 2024 and June 30, 2023 expressed an unmodified audit opinion
on those standalone financial statements, as adjusted for the differences in the accounting principles adopted
by the Company on transition to the Ind AS, which have been audited by us.

ii) As fully described in Note 39 of the standalone Ind AS financial statements, the Company has prepared these
standalone Ind AS financial statements to give effect to the Scheme of arrangement of merger of Jain
Recycling Private Limited (JRPL) into the Company from April 1, 2023, being a common control entity. We
did not audit total assets of Rs 5,803.71 million and 5,087.87 million as at March 31, 2024 and April 01, 2023
respectively and total revenues of Rs.14,118.32 million for the year ended March 31, 2024, included in the
accompanying standalone Ind AS financial statements (as part of previous year ended March 31, 2024) in
respect of JRPL whose financial statements and other information was audited by predecessor auditors for
the respective financial years and whose report has been furnished to us. Our opinion, in so far as it relates
to the JRPL is based solely on the report of other auditors.

Our opinion is not modified in respect of these matters.

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 the Company has not maintained daily back-up of
books of accounts and other books and papers maintained in electronic mode in a server physically located
in India and matters stated in paragraph 2(h)(vi) betow on reporting under Rule 11(g).

(c) The Balance Sheet, the Statement of Profit and Loss including other comprehensive income, the Statement
of Changes in Equity and the Statement of Cash Row 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.

(e) 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 are disqualified as on March 31, 2025 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 there with are as
stated in paragraph (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 its knowledge and belief, as stated in Note
54 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 person(s) or entity(ies), including foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall, 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.

B. The Management has represented, that, to the best of its knowledge and belief, as stated in Note
54 to the standalone financial statements, 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, as on the date of this audit report, that the Company shall, 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.

C. Based on the audit procedures performed that have been considered reasonable and appropriate
in the circumstances, and according to the information and explanations provided to us by the
Management in this regard 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) as provided under (A) and (B) above, contain
any material mis-statement

v. The Company has neither declared nor paid any dividend during the year.

vi. Based on our examination, which included test checks, the Company has used an accounting software
for maintaining its books of account which has 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 at application level. Further, there is no feature of recording audit trail(edit log)
facility at database level. 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 year has been
preserved by the Company as per the statutory requirements for record retention to the extent it was
enabled and recorded in prior year.

3. In our opinion, according to information, explanations given to us, the remuneration paid by the Company
to its directors is within the limits laid prescribed under Section 197 read with Schedule V of the Act and
the rules thereunder.

For M S K C 8t Associates LLP (Formerly known as M S K C 6t Associates)

Chartered Accountants

ICAI Firm Registration Number - 001595S/S000168

Geetha Jeyakumar V^V

Partner JJt

Membership No. 029409

UDIN: 25029409BMMITL2625

Place: Chennai

Date: August 24, 2025