Jindal Supreme India Ltd Auditor Reports

THE MEMBERS OF

JINDAL SUPREME (INDIA) PRIVATE LIMITED
Report on the Audit of the Financial Statements
Opinion

We have audited the financial statements of Jindal Supreme (India) Private Limited which comprise the balance sheet
as at 31st March 2025, and the statement of Profit and Loss, and statement of cash flows for the year then ended
and notes to thd 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 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, and its financial performance, and its cash flows for the year ended on that date.

Basts 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 there under, 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.

Emphasis of Matter

There is no uncertainty on the company s ability to continue as a going concern The company has prepared its
financial statements on a going concern basis.

Information other than the Financial Statements and Auditors Report thereon

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The Companys management and Board of Directors are responsible for the other information The other information
comprises the information included in the Companys annual 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 matenally inconsistent with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially misstated.

If. based on the work we have performed on the other information obtained prior to the date of this auditors report,
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 Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Ad, 2013
("the Act") with resped 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 Ad. 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 polides, making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal finandal controls, that were
operating effectively for ensunng the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error

In preparing the financial statements, the Board of Directors 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 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 are also responsible for overseeing the companys financial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

f

Our objectives are to obtain reasonable assurance about whether the finandal 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 matenal 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 exerdse professional judgment and maintain professional skeptidsm
throughout the audit. We also;

• Identify and assess the risks of matenal misstatement of the finandal statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence (hat is
sufficient and appropnate 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.

• Evaluate the appropriateness of accounting pojjgies 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 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 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.

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

1 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, to the extent applicable.

2. As required by Section 143(3} of the Act, we report that

(1) 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,

(2) 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.

(3) 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

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

(5) 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

(6) 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, the company is exempt from getting an audit opinion on
internal financial control.

(7) 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 infoimation and according to the
explanations given to us:

(a) The Company has disclosed information regarding pending litigations in note 9 of Additional Regulatory
Information in the significant accounting Policies and notes forming part of Accounts which are not of serious nature,
which would not seriously impact its financial position.

(b) The Company does not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.

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

(d) (i) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the
notes to the accounts, no funds have been advanced or loaned.or invested (eitiieUrorn 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, secunty or the like on
behalf of the Ultimate Beneficianes;

(ii) The management has represented, that, to the best of its knowledge and belief, other than as disclosed in the
notes to the accounts, 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 wnting 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

(iii) Based on audit procedures which we considered reasonable and appropnate in the circumstances nothing has

come to their notice that has caused them to believe that the representations under sub-clause (i) and (ii) contain any
material mis-statement ? -

(e) The company has not declared or paid any dividend during the yeac in contravention of the provisions of section
123 of the Companies Act, 2013.

(0 Based on our examination which included test checks, the Company has used an accounting software for
maintaining its books of account for the financial year ended Mirch 31, 2025 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, dunng the course of our audit we did not come across any instance of audit trail feature being
tampered with and the audit trail has been preserved by the company as per the statutory requirements for record
retention.

(8) With respect to the matter to be included in the Auditors Report under Section 197(16) of the Act, in our opinion
and according to the information and explanations given to us, the limit prescribed by section 197 for maximum
permissible managerial remuneration is not applicable to a pnvate limited company.

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

Report 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 (Refer to in paragraph 1
under Report on Other Legal and Regulatory Requirements section of our report of even date) with reference to the
Annexure A referred to in the Independent Auditors Report to the members of the Company on the financial
statements for the year ended March 31, 2025, we report the following:

(i) (a) (A) The Company has proper records related to full particulars including quantitative details and situation of
Property, Plant and Equipment

(B) the company is not having any intangible asset. Therefore, the provisions of Clause (i)(a)(B) of parag; aph 3 of the
order are not applicable to the company.

(b) In our opinion Property, Plant and Equipment have been physically verified by the management at reasonable
intervals. No material discrepancies were noticed on such verification during the year.

(c) All the immovable property are in the name of Company No Property is in the name of any directors, promoters

or any. other person. • • ,

(d) The company has not revalued its Property, Plant and Equipment during the year Therefore, the provisions of
Clause (i)(d) of paragraph 3 of the order are not applicable to the company.

(e) 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) arid rules made thereunder. Therefore, the provisions of
Clause (t)(e) of paragraph 3 of the order are not applicable to the company.

(ii) (a) In our opinion, physical verification of inventory has been conducted at reasonable intervals by the
management and the coverage and procedure of such verification by the management is appropriate. No material
discrepancies were noticed on such verification.

(b) The Company has been availing working capital facilities from HDFC Bank Limited and ICICI Bank Limited and
Kotak Mahindra Bank Limited .Stock statements are being submitted regularly to these banks. Stock statements
submitted to these banks are in agreement with the books of accounts of the Company

(iii) During the year, the company has made investments in, 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 Mostly loan & advances given by the Company are for its business requirement Investment made and
Loan & advances given to Associate Companies are nofagainst the interest of the Company. The detail of
investment made in the Associate concerns is as under

Particulars	As At March 31,2025		As At March 31,2024
Investments in equity instruments (Unquoted)	No. of Units	Amount	No. of Units	Amount
J.J. JINDAL INFIN PVT LTD NEW DELHI	8000	8.00lakh	8000	8.00Lakh
?	--	-	-

The opening balance of advance amount given to Jindal Retail (India) Private Limited was Rs, 77.40 Lakh and its
closing balance as at closing of the year was Rs 0 00.

The opening balance of advance amount given to WJ Enterprise Private Limited was Rs. 0,00 and its closing
balance at close of the year was Rs 109 8? Lakh The amount is fully recoverable.

(iv) The company has not made any loans, investments, guarantees and security on which provisions or section 1B5
and 186 of the Companies Act 2013 are applicable. Therefore, the provisions of clause 3(iv) of the said Order are 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 from public. Therefore, the provisions of Clause (v) of paragraph 3 of the order are not applicable to the
Company.

(vi) As explained to us, the Central Government of India has specified the maintenance of cost records under sub-
section (1) of Section 148 of the Act for any of the products of the Company The Company has been maintaining
cost records as has been prescribed for its products. Cost Audit for its cost records are being got connected from
Cost Accountants regularly and their reports are being submitted to the concerned Authority in time.

(vii) (a) The Company is generally regular in depositing undisputed statutory dues including Provident Fund,
Employees State Insurance, Income tax, Sales Tax, Wealth tax, Service tax, Duty of Customs, duty of Excise Value
Added Tax, GST, Cess and other statutory dues with the appropriate authorities to the extent applicable to it There
are no undisputed amounts payable in respect of income tax wealth tax, service tax. sales tax, value added tax, duty
of customs, duty of excise or cess which have remained outstanding as at March 31,2025 for a penod of more than 6
months from the date they became payable

(b) According to the rnforma(ion_and explanations given to us, there are not any statutory dues referred in sub- clause

(a) which have not been deposited on account of any dispute. Therefore, the provisions of Clause (vii)(b; of
paragraph 3 of the order are not applicable to the Company.

(viii) In our opinion and according to the information and explanations given to us, there is no any transaction not
recorded In the books of account which have been surrendered or disclosed as income during the year in the tax
assessments under the Income Tax Act, 1961 (43 of 1961),

(ix) (a) In our opinion and according to the information and explanations given to us, the Company has not defaulted
in repayment of any loan or other borrowings or any interest due thereon to any lender.

(b) In our opinion and according to the information ?nd explanations given to us, the company has not been a
declared willful defaulter by any bank or financial institution or other lender.

(c) In our opinion and according to the information and explanations given to us, the loans were applied for the
purpose for which the loans were obtained.

(d) In our opinion and according to the information and explanations given to us, there are no funds raised on short
term basis which have been utilized for long term purposes.

(e) In our opinion and according-to the information and explanations given to us, 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.

(0 In our opinion and according tothe information and explanations given to us, 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 money by way of initial public offer or further public offer (including debt
instruments). Therefore, the provisions of Clause (x)(a) of paragraph 3 of the order are not applicable to the
Company.

(b) In our opinion and according to the information and explanations given to us, the company has not made
preferential allotment or private placement of shares dunng the year and therefore the requirements of section 42 and
section 62 of the Companies Act, 2013 are not applicable in the case of this company

(xi) (a) We have not noticed any case of fraud by the company or any fraud on the Company by its officers or
employees during the year The management has also not reported any case of fraud during the year

(b) During the year 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) As auditor, we did not receive any whistle- blower complaint during the yean

(xii) The company is not a Nidhi Company. Therefore, the provisions of Clause (xii) of paragraph 3 of the order are
not applicable to the Company.

(xiii) As per the information and explanations received 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, etc., as required by the applicable accounting standards. Identification of related parties were made and
provided by the management of the company,

(xiv) The company is covered by section 138 of the Companies Act, 2013, related to appointment of internal auditor
of the company: Therefore, the company has appointed its.intemal auditor for this purpose.

(xv) The Company has not entered into any non-cash transactions with directors or persons connected with him for
the year under review Therefore, the provisions of Clause (xv) of paragraph 3 of the order are not applicable to the
Company,

(xvi) (a) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

(b) The company has not conducted any Non-Banking Financial or Housing Finance activities during the year

(c) The company is not a Core Investment Company (CIC) as defined in the regulations made .by the Reserve Bank
of India.

(d) As per the information and explanations received, the group does not have any CIC as part of the group.

(xvii) The company has not incurred cash loss in current financial year as well in immediately preceding financial
year.

(xviii) There has been no resignation of the previous statutory auditors during the year:

(xix) 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) Under the provisions of section 135 of the Companies Act, the Company is required to incur CSR expenditure as
the profit of the Company in this year has exceeded the prescribed limit

Year	Amount of Profit (in Lakh)
2024-25	3,266.74
2023-24	f,461.76
2022-23	281.23
Total	5.009.73
Avg. of 3 years	1,669.91
2% of average of 3 y<	sars 33.40

(xxi) The company has not made investments in subsidiary company Therefore, the company does not require to
prepare consolidated financial statement. Therefore, the provisions of Clause (xxi) of paragraph 3 of the order are not
applicable to the Company

ForS.C. Thakral(8	t Co.
Chartered Accouri	tents
Firm F^g iNo0#

 

CA S.C^Th^krai ^ f

M No. 084048

Place: Hisar

Date: 30.08.2025

UDIN: