Jeet Machine Tools Ltd Auditor Reports

To

The Members of

JEET MACHINE TOOLS LIMITED
Opinion

We have audited the accompanying financial statements of JEET MACHINE TOOLS
LIMITED ("the Company"), for the quarter and year ended 31 March 2025, attached
herewith, being submitted by the company pursuant to the requirement of regulation 33
of SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015, as amended
(Listing Regulations).

In our opinion to the best of information and according to explanations given to us the
aforesaid financial results read with note therein.

a. Are presented in accordance with the requirements of regulations 33 of the listing
regulations in these regards" and

b. give a true and fair view in conformity with the regulation and measurements principal
laid down in the applicable Indian Accounting Standard, and other accounting principal
accepted in India specified under section 133 of the Act, of the state of affairs (financial
position) of the company as at 31^st March 2025, and its profit and loss A/c (financial
performance including other comprehensive Income), its cash flow.

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 ("the Act"). Our responsibilities under
those SAs are further described in the Auditors Responsibilities for the Audit of the
Financial Results section of our report. We are indep endent 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 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 we have obtained, is sufficient and appropriate to provide
a basis for our opinion on the financial results.

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. We have fulfilled the responsibilities described in the
Auditors responsibility for the audit of the standalone Ind AS financial statements section
of our report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material
misstatement of the standalone Ind AS financial statements. The results of our audit

procedures, including the procedures performed to address the matters below, provide
the basis for our audit opinion on the accompanying standalone Ind AS Financial
statements.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys board of directors is responsible for the preparation of the 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 do
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.

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 for the Standalone Ind AS Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5)
of the Act with respect to the preparation of these Standalone Ind AS financial statements
that give a true and fair view of the financial position, financial performance including
other comprehensive income, cash flows and changes in equity of the Company in
accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with
[the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 the 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 Ind AS 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 Ind AS 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.

That Board of Directors is also responsible for overseeing the Companys financial
reporting process.

Auditors Responsibilities for the Audit of the Standalone Ind AS Financial
Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS
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 Standalone Ind AS 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 Ind AS
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 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 Standalone Ind AS
financial statements, including the disclosures, and whether the Standalone Ind AS
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.

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.

From the matters communicated with those charged with governance, we determine
those matters that were of most Significance in the audit of the Standalone Ind AS
financial statements for the financial year ended March 31, 2025 and are therefore the
key audit matters. We describe these matters in our auditors report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh
the public interest benefits of such communication.

Report on other Legal and Regulatory Requirements

a) As required by the Companies (Auditors Report) Order, 2016 (‘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 statement on the matters specified in the paragraph 3 and
4 of the Order, to the extent applicable.

b) As required by Section 143 (3) of the Act, we report that:

c) 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.

d) 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.

e) 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.

f) In our opinion, the aforesaid financial statements comply with the Accounting
Standards (AS) specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.

g) On the basis of the written representations received from the directors as on 31st
March, 2025 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2025 from being appointed as a director in terms of
Section 164 (2) of the Act.

h) With respect to the adequacy of the internal financial controls with reference to
financial statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in ‘Annexure B.

i) With respect to the matter to be included in the Auditors Report under section
197(16), In our opinion and according to the information and explanations given to
us, the remuneration paid by the Company to its directors during the current year is
in accordance with the provisions of section 197 of the Act. The remuneration paid to
any director is not in excess of the limit laid down under section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other details under section 197(16)
which are required to be commented upon by us.

j) 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 does not have any pending litigations which would impact its
financial position.

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,
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, whether, 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, whether, 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;
and

(c) Based on such audit procedures 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),
as provided under (a) and (b) above, contain any material mis-statement.

v. No dividend has been declared or paid during the year by the company.

vi. Audit Trail: Based on our examinations, which includes test checks, the company
has used accounting software which did not had a feature of recording audit trail
(edit log) facility.

Annexure ‘A

The Annexure referred to in paragraph 1 of Our Report on "Other Legal and

Regulatory Requirements".

We report that:

(i) (a) company does not have any fixed assets according Clause (a) to (c) not

applicable

(b) 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,

(c) The company has not revalued its Property, Plant and Equipment
(including Right of Use assets) or intangible assets or both during the
year.

(d) As explained to us, no proceedings have been initiated or are pending
against the company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules
made thereunder.

(ii) (a) The inventory has been physically verified by the management during

the year. In our opinion, the frequency of such verification is
reasonable. The Company has maintained proper records of inventory.
There were no discrepancies noticed on verification between the
physical stock and the book records.

(b) The company has not having any working capital Loans therefore this
clause not applicable.

(iii) (a) During the year the company has not made investments in, nor

provided any guarantee or security or granted any loans or advances
in the nature of loans, secured or unsecured, to companies, firms,
Limited Liability Partnerships or any other parties.

(b) According to the information and explanations given to us, the
investments made, guarantees provided, security given and the
terms and conditions of the grant of all loans and advances in the
nature of loans and guarantees provided are not prima facie
prejudicial to the companys interest;

(c) There is no stipulation of schedule of repayment of principal and
payment of interest and therefore we are unable to comment on the
regularity of repayment of principal & payment of interest.

(d) Since the term of arrangement do not stipulate any repayment
schedule, we are unable to comment whether the amount is overdue
or not. Clause is not applicable.

(e) No loan or advance in the nature of loan granted which has fallen
due during the year, has been renewed or extended or fresh loans
granted to settle the over dues of existing loans given to the same
parties except following:

(f) 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.

(iv) In respect of loans, investments, guarantees, and security, provisions of
section 185 and 186 of the Companies Act, 2013 have been complied with
except non-charging of interest on the loan.

(v) The company has not accepted any deposits or amounts which are deemed
to be deposits covered under sections 73 to 76 of the Companies Act, 2013.

(vi) As per information & explanation given by the management, company not
required to maintenance of cost records has been specified by the Central
Government under sub-section (1) of section 148 of the Companies Act.-
Clause is not applicable.

(vii) (a) According to the records made available to us, company is regular in
depositing undisputed statutory dues including Goods and Services Tax,
provident fund, employees state insurance, income-tax, sales-tax, service
tax, duty of customs, duty of excise, value added tax, cess and any other
statutory dues to the appropriate authorities. According to the information
and explanation given to us there were no outstanding statutory dues as on
31st of March, 2025 for a period of more than six months from the date they
became payable.

(b) According to the information and explanations given to us, there is no
statutory dues referred to in sub-clause (a) that have not been deposited on
account of any dispute except following:

Nature of Statues	Nature of Dues	Amount (in Lacs) excluding interest	Period for which amount related	Forum where dispute is pending
Income tax Act-1961	Income tax	0.74	A.Y. 2005-06	Assessing Officer
Income tax Act-1961	Income tax	2.85	A.Y. 2007-08	Assessing Officer
Income tax Act-1961	Income tax	0.71	A.Y. 2011-12	CPC

(viii) According to the information and explanations given by the management,
no transactions not recorded in the books of account have been

surrendered or disclosed as income during the year in the tax assessments
under the Income Tax Act, 1961.

(ix) (a) In our opinion and according to the information and explanations given
by the management, we are of the opinion that the company has not
defaulted in repayment of loans or other borrowings or in the payment of
interest thereon to any lender. Company not having any loan from banks
and Financial institution hence Clause is not applicable.

(b) According to the information and explanations given by the management,
the company is not declared willful defaulter by any bank or financial
institution or other lender;

(c) In our opinion and according to the information and explanations given by
the management, the Company has utilized the money obtained by way of
term loans during the year for the purposes for which they were obtained,
Company not having any loan from banks and financial institution hence
Clause is not applicable.

(d) In our opinion and according to the information and explanations given by
the management, funds raised on short term basis have not been utilized for
long term purposes. Company not having any loan from banks and financial
institution hence Clause is not applicable.

(e) In our opinion and according to the information and explanations given by
the management, the company has not taken any funds from any entity or
person on account of or to meet the obligations of its subsidiaries, associates
or joint ventures,

(f) In our opinion and according to the information and explanations given by
the management, the company has not raised loans during the year on the
pledge of securities held in its subsidiaries, joint ventures or associate
companies.

(x) (a) The company has not raised any money by way of initial public offer or
further public offer (including debt instruments) during the year.

(b)The company has not made any preferential allotment or private placement
of shares or convertible debentures (fully, partially or optionally
convertible) during the year.

(xi) (a) According to the information and explanations given by the management,

no fraud by the company or any fraud on the company has been noticed or
reported during the year;

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

(c) According to the information and explanations given to us by the
management, no whistle-blower complaints had been received by the
company.

(xii) The company is not a Nidhi Company. Therefore, clause xii is not applicable
on the company.

(xiii) According to the information and explanations given to us, all transactions
with the related parties are in compliance with sections 177 and 188 of
Companies Act, where applicable and the details have been disclosed in the
financial statements,

(xiv) (a) In our opinion and based on our examination, the company having an
internal audit system.

(xv) On the basis of the information and explanations given to us, in our opinion
during the year the company has not entered into any non-cash transactions
with directors or persons connected with him.

(xvi) (a) In our Opinion and based on our examination, the Company is not
required to be registered under section 45-IA of the Reserve Bank of India
Act, 1934 (2 of 1934).

(b) In our Opinion and based on our examination, the Company has not
conducted any Non-Banking Financial or Housing Finance activities without
a valid Certificate of Registration (CoR) from the Reserve Bank of India as
per the Reserve Bank of India Act, 1934,

(c) In our Opinion and based on our examination, and information and
explanations given by the management the Company is not a Core
Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India.

(d) According to the information and explanations given by the management,
the Group does not have any CIC as part of the Group.

(xvii) Based on our examination, the company has incurred cash losses Rs 65.01
Lacs in the financial year and in the immediately preceding financial year.

(xviii) There has been resignation of the statutory auditors during the year and we
have taken into consideration the issues, objections or concerns raised by
the outgoing auditors.

(xix) On the information obtained from the management and audit procedures
performed 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, the auditors
knowledge of the Board of Directors and management plans, we are of the
opinion that no material uncertainty exists as on the date of the audit report
that company is 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;

(xx) Based on our examination, the provision of section 135 is not applicable on
the company. Hence this clause is not applicable on the company.

(xxi) The company is not required to prepare Consolidate financial statement
hence this clause is not applicable.

Annexure - B to the Independent Auditors Report

[Referred to in paragraph 6 (ii) (f) of our report of even date]

Report on the Internal Financial Controls Over Financials Reporting under Clause

(i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act") JEET
MACHINE TOOLS LIMITED

We have audited the internal financial controls over financial reporting of JEET
MACHINE TOOLS LIMITED ("the Company") as of March 31, 2025 in conjunction
its our audit of the financial statements of the Company for the year ended and as
at 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 Controls
Over Financial Reporting issued by the Institute of Chartered Accountants of India
(the Guidance Note). These responsibilities include the design, implementa tion
and maintenance of adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct of its business, including
adherence to 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 and the Standards on Auditing, prescribed
under section 143(10) of the Companies Act, 2013, to the extent applicable to an
audit of internal financial controls. The Guidance Note and those Standards
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 was 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 controls 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 reporting, assessing the risk that a material weakness exists, and 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 Companys 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 that, 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 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; and

(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, 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.

For Agrawal Jain and Gupta.

Chartered Accountants

Firm Reg. No. 013538C

 

Gaurav Jain

Partner

Membership No. 405875

UDIN: 25405875BMIZYY7474

Place: Mumbai

Dated: 28th May 2025