Auditor Report of Jain Resource Recycling Ltd.

Mar 31, 2025

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

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Mar 31, 2024

We have audited the Standalone Financial Statements of Jain Resource Recycling Private
Limited (“the Company"), which comprise the Balance sheet as at 31 March, 2024 statement of Profit and Loss, the statement of cashflow for the year then ended, notes to the
Standalone Financial Statements, including a summary of significant accounting policies and
other explanatory information (herein after referred to as “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
Art 2013 (the Act) in the manner so required and give a true and fair view in conformity
the Accounting Standards prescribed under section 133 of the Act read with the Companies
(Accounting Standards) Rules, 2021, and other accounting principles generally accepted in
india of the state of affairs of the Company as a. March 31.2024 and its profit and ,its cashflow

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 together with the ethical requirements that are relevant 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 issued by the Institute of Chartered Accountants of India (ICAI). We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion on the Standalone Financial Statements.

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 separate opinion on these
matters.

Reporting of key audit matters as per SA 701 is not mandated for Unlisted Companies. Hence
a report is not drawn in this respect.

Information other than the Standalone Financial Statements and auditors’ report thereon

The Company’s board of directors is responsible for the preparation of the other information.
The other information comprises the information included in the Board’s Report including
Annexure to Board’s Report, Business Responsibility 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 during the
course of our 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.

Responsibility of Management for 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 and presentation of these Standalone Financial Statements
that give a true and fair view of the financial position, financial performance, 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 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 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.

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) of the Act, 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
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.

Materiality is the magnitude of misstatements in the Standalone Financial Statements that,
individually or in aggregate, make it probable that the economic decisions of the reasonable
knowledgeable user of the Standalone Financial Statements may be influenced. We consider

quantitative materiality and qualitative factors in (i) planning the scope of our audit work and
in evaluating the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the Standalone Financial Statements.

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 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.

Report on Other Legal and Regulatory Requirements

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
the Annexure “A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.

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 reporting
under Rule 11(g) is separately commented upon in paragraph (i)(6).

(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) In our opinion, the aforesaid Standalone Financial Statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounting Standards) Rules, 2021.

(e) On the basis of the written representations received from the directors as on 31st March,
2024 taken on record by the Board of Directors, none of the directors is disqualified as on
31st March, 2024 from being appointed as a director in terms of Section 164 (2) of the
Act.

(f) 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, the same is not applicable as the
company is a private company.

(g) 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 over financial
reporting.

(h) The modification relating to maintenance of accounts and other matters connected
therewith are as stated in paragraph (b) on reporting under Sec. 143(3)(b) and para (i)(6)
below on reporting under Rule 11 (g).

(i) 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.

1. The Company has disclosed the impact of pending litigations on its financial position in
its Standalone Financial Statements in Note 4.10 to the Standalone Financial
Statements.

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

3. There has been no amount required to be transferred to the Investor Education and
Protection Fund by the Company.

4.

(i) The management has represented that, to the best of its knowledge and belief, 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 or entity, 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 person or entity 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) The management has represented, that, to the best of its knowledge and belief, no
funds have been received by the company from any person or entity including foreign
entities(“Funding Parties") with the understanding, whether recorded in writing or
otherwise, that the company shall, whether directly or indirectly, lend or invest in
other person or entity identified in any manner whatsoever by or behalf of the
Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like
on behalf of the ultimate beneficiaries; and

(iii) Based on such audit procedures that were considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe that
representations under sub clause (a) and (b) contain any material mis-statement.

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

6. Based on our examination carried out in accordance with the Implementation Guidance
on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors)
Rules,2014 (Revised 2024 Edition) issued by the Institute of Chartered Accountants of
India, which included test checks, we report that the company has used an accounting
software for maintaining its books of account which has a feature of recording audit trail
(edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software.

Further, during the course of our audit we did not come across any instance of audit trail
feature being tampered with.

Our examination of the audit trail was in the context of an audit of standalone financial
statements carried out in accordance with the Standard of Auditing and only to the
extent required by Rule 11(g) of the Companies (Audit and Auditors) Rules,2014. We
have not carried out any audit or examination of the audit trail beyond the matters
required by the aforesaid Rule 11(g) nor have we carried out any standalone audit or
examination of the audit trail.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from
April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 on preservation of audit trail as per the statutory requirements for record retention
is not applicable for the financial year ended March 31, 2024.

For M/s. CNGSN & ASSOCIATES LLP
CHARTERED ACCOUNTANTS
FRN.04915S/S200036

Place: Chennai E.K. SRIVATSAN

Date: 24-06-2024 PARTNER

Membership No. 225064
^UDIN: