Jay Bee Laminations Ltd Auditor Reports

To the Members of Jay Bee Laminations Limited
Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying Financial Statements of Jay Bee Laminations Limited ("the Company"), which comprise the balance
sheet as at March 31, 2025, the statement of Profit and Loss and the statement of cash flows for the year then ended, and notes to the
Financial Statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2025, its profit and its
cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act,
2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the 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 to our audit of the Financial Statements
under the provisions of the Companies Act, 2013 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 we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.

Other Information

The Companys Board of Directors is responsible for the preparation of other information. The other information comprises the
information included in the Boards Report including Annexures to Boards Report, but does not include the Financial Statements and
our auditors report thereon.

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 and, in doing so, consider
whether the other information is materially inconsistent with the Financial Statements or our knowledge obtained during the course
of our audit, or otherwise appears to be materially misstated.

When we read the other information comprising the above documents, if we conclude that there is a material misstatement therein,
we are required to report the fact. We have nothing to report in this regard.

Managements Responsibility for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation of these 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 financial
statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, management is responsible for assessing the Companys 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 Companys financial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue an auditors 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 Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the
audit. We also:

• Identify and assess the risks of material misstatement of the 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 financial controls 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 managements 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 Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditors report to the related disclosures in the 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 auditors 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 Financial Statements, including the disclosures, and whether the
Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that
the economic decisions of a reasonably knowledgeable user of the 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 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

A. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms
of sub-section (11) of Section 143 of the Companies Act, 2013, we give in the "Annexure-A" a statement on the matters specified
in paragraphs 3 and 4 of the Order.

B. 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.

(c) The balance sheet, the statement of profit and loss and the statement of cash flows dealt with by this Report are in agreement
with the books of account.

(d) In our opinion, the aforesaid Financial Statements comply with the Accounting Standards specified under Section 133 of the
Act, read with relevant rules issued thereunder.

(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 is disqualified as on March 31, 2025 from being appointed as a director in terms of Section
164 (2) of the Act.

(f) 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".

(g) With respect to the other matters to be included in the Auditors Report in accordance with the requirements of Section
197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to
us, the company has paid/provided managerial remuneration in accordance with the requisite approvals mandated by the
provisions of Section 197 of the Act read with Schedule V of the Act.

(h) With respect to the other matters to be included in the Auditors 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 Note No 27(C)(i) of the
financial statements;

ii. The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts. The Company does not have any derivative contracts.

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, 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, 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, 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,
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) contain any material mis-statement.

v. The company has not paid or declared any dividend during the year.

vi. Based on our examination, which included test checks, the Company has used accounting software systems for
maintaining its books of account for the financial year ended March 31, 2025 which have the feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in
the software systems. Further, during the course of our audit we did not come across any instance of the audit trail
feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements
for record retention.

ANNEXURE A to the Independent Auditors Report

(Referred to in "Paragraph-A" under Report on Other Legal and Regulatory Requirements section of our report to the Members of Jay

Bee Laminations Limited of even date)

To the best of our information and according to the explanations provided to us by the Company and the books of account and records

examined by us in the normal course of audit, we state that:

i. In respect of the Companys Property, Plant and Equipment and Intangible Assets:

(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of
Property, Plant and Equipment;

(b) The Company does not have any intangible assets and accordingly the requirements under paragraph 3(i)(a)(B) and 3(i)(a)
(B) are not applicable to the company.

(c) Property, Plant and Equipment of the Company have been physically verified by the management during the year and there
is as regular program of verification which, in our opinion, is reasonable having regard to the size of the Company and nature
of its assets.

(d) The title deeds of all the immovable properties (other than properties where the company is the lessee and the lease
agreements are duly executed in favour of the lessee) disclosed in the financial statements are held in the name of the
Company.

(e) The Company has not revalued any of its Property, Plant and Equipment during the year.

(f) As explained by the management, no proceedings have been initiated during the year or are pending against the Company
as at March 31, 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended
in 2016) and rules made thereunder.

ii.

(a) As per the information furnished, the Inventories have been physically verified by the management at reasonable intervals
during the year. In our opinion, having regard to the size, nature and location of inventory, the coverage and procedure of
such verification by the management is appropriate and no discrepancies of 10% or more in aggregate for each class of
inventory were noticed on such verification conducted by the Company.

(b) According to the information and explanations given to us, the Company has been sanctioned working capital limits in excess
of Rs. 5 crores, in aggregate, at points of time during the year, from banks or financial institutions on the basis of security
of current assets. In our opinion and according to the information and explanations given to us, the quarterly returns and
statements filed by the Company with such banks or financial institutions have certain differences with the unaudited books
of account of the company, of the respective quarters on reason of exclusion of packing material inventory, exclusion of
service-related vendors, Margin Money, TDS/Exchange Fluctuations. As stated by the management in Note 5 of the financial
statement, the differences are not material to impact the drawing power limit of company.

iii.

(a) During the year, the Company has not provided loans, advances in the nature of loans, stood guarantee or provided security
to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)

(a) of the Order is not applicable to the Company.

(b) During the year, the Company has not made investment, provided guarantees, provided security and granted loans and
advances in the nature of loans to companies, firms. Limited Liability Partnerships or any other parties. Accordingly, the
requirement to report on clause 3(iii)(b) of the Order is not applicable to the Company.

(c) The Company has not granted loans and advances in the nature of loans to companies, firms. Limited Liability Partnerships
or any other parties. Accordingly, the requirement to report on clause 3(iii)(c) of the Order is not applicable to the Company.

(d) According to the information and explanations given to us and on the basis of our examination of the records of the Company,
the company has not given loans and advances in the nature of loans and hence, no comments are applicable in respect of
amount overdue for the more than ninety days.

(e) According to the information and explanations given to us and on the basis of our examination of the records of the Company,
there is no loan or advance in the nature of loan granted falling due during the year, which has been renewed or extended or
fresh loans granted to settle the overdues of existing loans given to same parties.

(f) According to the information and explanations given to us and on the basis of our examination of the records of the Company,
the Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying
any terms or period of repayment, to promoters, related parties as defined in clause (76) of section 2 of the Companies Act,
2013.

iv. According to the information and explanations given to us and on the basis of our examination of the records, the Company has
not made any investments, given any loans, guarantees, or security which attracts compliance of section 185 and section 186 of
Companies act. Accordingly, Clause 3(iv) of the Order is not applicable to the Company.

v. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits during
the year from the public to which the directives issued by the Reserve Bank of India and the provisions of Section 73 to 76 or any
other relevant provisions of the Companies Act, 2013 and the rules framed there under apply, or an order has been passed by
Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.

vi. We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government
for the maintenance of cost records under section 148(1) of the Companies Act, 2013, and are of the opinion that prima facie,
the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the
same.

vii.

(a) The Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State
Insurance, Income-Tax, Goods and Service Tax, Duty of Customs, Cess and any other statutory dues applicable to it.

No undisputed amounts payable in respect of the above, were in arrears as on 31st March, 2025 for a period of more than
six months from the date on when they become payable.

(b) According to the information and explanations given to us and as certified by the management, dues outstanding with the
appropriate authorities on account of any dispute is as follows:

Name of the Statute	Nature	Amount (in Lakhs)	Period for which amount relates	Forum where dispute is pending
Department of Custom	Commissioner of Custom, (Appeal)	2.29	Question relates to imposition of Penalty	Principal commissioner of custom (Import), New Custom House, New Delhi

viii. There are no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the
year in the tax assessments under the Income Tax Act, 1961. Hence, reporting under clause 3 (viii) is not applicable.

(a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any
lender as at the Balance Sheet date.

(b) The Company has not been declared willful defaulter by any bank or financial institution or other lender. Hence, reporting
under clause 3 (ix)(b) is not applicable.

(c) As per information and explanations given to us, no term loans have been raised.

(d) On an overall examination of the financial statements of the Company, funds raised on short-term basis have, prima facie, not
been used during the year for long-term purposes by the Company.

(e) The Company does not have any subsidiaries, associates or joint ventures and accordingly the requirements under paragraph
3(ix)(e) and 3(ix)(f) are not applicable to the company.

(f) The Company does not have any subsidiaries, associates or joint ventures. Hence, reporting under clause 3(ix)(f) is not
applicable.

(a) In our opinion and according to the information and explanations given to us, the company has utilized the money raised by
way of initial public offer for the purposes for which they were raised,

(b) Based on our examinations of the records and information and explanations given to us, the company has not made any
preferential allotment or private placement of shares or convertible debentures during the year.

ix.

(a) To the best of our knowledge and belief and according to the information and explanations given to us including representation
received from the management, no fraud by the company or on the company has been noticed or reported during the year.

(b) To the best of our knowledge and belief, no report under sub-section (12) of section 143 of the Companies Act has been filed
by the auditors in Form ADT-4as prescribed under rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central
Government.

(c) As represented to us by the management, there are no whistle-blower complaints received during the year by the Company.

x. In our opinion, the Company is not a Nidhi company. Therefore, the provisions of clause 3 (xii) of the Order are not applicable to
the Company.

xi. In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and
the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

xii.

(a) The company has an internal audit system commensurate with the size and nature of its business.

(b) We have considered the reports of the internal auditor for the period under audit.

xiii. The Company has not entered into non-cash transactions with directors or persons connected with them. Accordingly, clause
3(xv) of the Order is not applicable.

xiv.

(a) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. According to the
information and explanations given to us, the Company has not conducted any Non-Banking Financial or Housing Finance
activities requiring it to have a Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of
India Act, 1934.

(b) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India.
According to the information and explanations given to us, the Group has no CIC as part of the Group.

xv. The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial
year.

xvi. There has been no resignation of the statutory auditors of the Company during the year.

xvii. According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates
of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements,
our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting
the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the
date of the audit report that company is not capable of meeting its liabilities existing at the date of balance sheet as and when
they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the
future viability of the company. We further state that our reporting is based on the facts up to the date of the audit report and
we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet
date, will get discharged by the company as and when they fall due.

xviii.

(a) There are no unspent amounts towards Corporate Social Responsibility (CSR) on other than ongoing projects requiring a
transfer to a Fund specified in Schedule VII to the Companies Act in compliance with second proviso to sub-section (5) of
Section 135 of the said Act. Accordingly, reporting under clause 3(xx)(a) is not applicable for the year.

(b) The company doesnt have any unspent money in respect of any ongoing projects. Hence, Clause 3(xx)(b) is not applicable
for the year.

xix. The Company does not have subsidiaries, associates or joint ventures. Accordingly, the reporting under clause (xxi) is not
applicable in respect of audit of financial statements of the Company.

ANNEXURE - B to the Independent Auditors Report of even date on the Financial Statements of Jay Bee Laminations Limited

Report on the Internal Financial Controls over financial reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies
Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Jay Bee Laminations Limited ("the Company") as of March
31, 2025 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control
over financial reporting criteria established by the Company considering the essential components of internal control stated in the
guidance note on Audit of Internal financial control over Financial Reporting issued by the Institute of Chartered Accountants of
India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We
conducted our audit in accordance with the Guidance Note on audit of Internal financial controls over financial reporting (the "Guidance
Note") and the standards on auditing as specified under Section 143 (10) of the companies act, 2013, to the extent applicable to an
audit of internal financial controls, both applicable to an audit of internal financial controls and, both issued by Institute of Chartered
Accountants of India. Those standards and the guidance note require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether adequate Internal financial controls over financial reporting were established
and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial control system over
financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining
an understanding of internal financial controls over financial repotting, assessing the risk that a material weakness exists, testing and
evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on
the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to
fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1)
pertain to the maintenance of records, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with the generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of the Company; (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a
material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or
improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also,
projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that

the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects,
an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were
operating effectively as at March 31, 2025, based on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting issued by the Institute of Chartered Accountants of India.

For Oswal Sunil & Company

Chartered Accountants

Firm Registration No. 016520N

 

CA Nishant Bhansali

Partner

Membership No: 532900

UDIN: 25532900BMLYBP5778

 

Place: New Delhi

Date: April 29, 2025