ఆడిటర్ నివేదిక Jash Engineering Ltd.

Mar 31, 2025

We have audited the accompanying standalone
financial statements of Jash Engineering
Limited [the "Company"], which comprise the
Balance Sheet as at 31st March 2025, and the
Statement of Profit and Loss [including Other
Comprehensive Income], the Statement of Cash
Flows and the Statement of Changes in Equity
for the year ended on that date, and notes to
the financial statements, including a summary
of material 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 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, ["Ind AS"] and other
accounting principles generally accepted in
India, of the state of affairs of the Company as
at 31st March 2025, and its profit, total
comprehensive income, its cash flows and the
changes in equity 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 ["SA"s] specified under
section 143(10] of the Act,

Our responsibilities under those Standards are
further described in the Auditor''s Responsibility
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 made thereunder, and we have
fulfilled our other ethical responsibilities in
accordance with these requirements and the
ICAI''s Code of Ethics, We believe that the audit
evidence obtained by us is sufficient and
appropriate to provide a basis for our audit
opinion on the standalone financial statements,

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,

Key Audit Matter	Auditor''s Response
Inventory Valuation	To assess valuation of Inventory, our procedures
At the balance sheet date 31 March	included, but are not limited to the following:
2025, the Company held inventories	[a] Obtained an understanding of the management''s
comprising raw materials amounting	process of valuation of inventory,
to INR 6,617,40 lakhs, work-in-progress amounting to INR 4,511,32 lakhs, finished goods amounting to INR 3,575,63 lakhs, and stores, spares and other consumables amounting to INR 173,99 lakhs i,e,, total Inventories	[b] Evaluated the design and tested the operating effectiveness of key controls around valuation including around management estimates, stage of completion, overhead computations and determination of net realizable value of inventory items,
amounting to INR 14,878,34 lakhs as	ic] Evaluated the appropriateness of the Company''s
i n c l u d e d i n N o t e 1 3 o f t h e	accounting policy and method of valuation for inventory
accompanying standalone financial	in accordance with the accounting standards,
statements,	[d] Discussed with management the rationale supporting
Whilst the inventory valuation has	the assumptions and estimates used in carrying out the
been automated through SAP, the	inventory valuation and corroborated the same to our
allocation of various production and	understanding of the business, Testing the computation
related overheads on the finished	of various overhead absorption rates by tracing the
goods and work-in-progress inventory	underlying data to audited historical operational results
is carried out manually using MS-Excel	of the Company,
application, Further, the identification of activities for overhead allocation and computation of machine/labour hour rates are varied and/or complex, Owing to the nature of the business, which involves manufacture of engineering products specific to the	[e] On a sample basis, recomputed the cost of the inventory by applying management''s valuation model, which included inspection of approved bills of material [BOM], testing underlying cost of acquisition of raw materials consumed and testing overheads and labour cost allocation to such inventory items,
requirements of customers, the	[f] Obtained an understanding of management process for
valuation of inventory and cost of	identification of slow moving, non-moving or obsolete
production for each product being	inventories and ensured that the same is consistently
manufactured is distinct and	applied,
separately determined,	[g] On test check basis, performed an analysis of ageing of
Further, assessment by management	inventory items leading to specific inquiries with the
of net realizable value of items of	management to ensure the completeness of the
inventory involves specific	inventory identified as slow moving, non-moving and
identification of slow moving and	obsolete,
obsolete inventories, and assessment of net realizable value of such slow moving and obsolete inventory items, requiring judgement and estimation on part of the management, on	[h] Tested the net realizable value of finished goods inventory on a sample basis to recent selling prices less costs to sell [to the agreed contract value], to identify allowance required for finished goods,
considering the complexities and	[I] Evaluated the disclosures made in the standalone
materiality of amounts involved, this	financial statements in accordance with the applicable
matter is considered as a key audit matter,	accounting standards,

Information Other than the Financial
Statements and Auditor’s Report Thereon

• The Company''s Board of Directors is
responsible for the other information, The
other information comprises the information
included in the Annual report, but does not
include the consolidated financial
sta tem en ts, s ta n d a l on e fi na n ci a l
statements and our auditor''s report
thereon, The Annual report is expected to be
made available to us after the date of this
auditor''s report,

• 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,

• When we read the above mentioned reports,
if we conclude that there is a material
misstatement therein, we are required to
communicate the matter to those charged
with governance as required under SA 720
''The Auditor''s responsibilities Relating to
Other Information'',

Responsibilities of Management and Board of
Directors for the 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 of these
standalone 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 Ind AS 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 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 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 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 intend to liquidate the Company
or to cease operations, or has no realistic
alternative but to do so

The Company''s Board of Directors is also
responsible for overseeing the Company''s
financial reporting process,

Auditor’s Responsibility 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
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 with reference to
standalone financial statements in place
and the operating effectiveness of such
controls,

• Evaluate the appropriateness of accounting
policies used and the reasonableness of
a ccounting estima tes and rela ted
disclosures made by the 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, makes it probable
that the economic decisions of a reasonably
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 financial
controls 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 financial statements of
the current period and are therefore the key
audit matters, We describe these matters in our
auditor''s 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

1. As required by Section 143(3) of the Act,
based on our audit 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 including Other Comprehensive
Income, the Statement of Cash Flows and
Statement of Changes in Equity dealt with
by this Report are in agreement with the
relevant books of account.

d) In our opinion, the aforesaid standalone
financial statements comply with the Ind AS
specified under Section 133 of the Act.

e) 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.

f) 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 A". Our report expresses
an unmodified opinion on the adequacy and
operating effectiveness of the Company''s
internal financial controls with reference to
standalone financial statements.

g) 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, as amended,

• in our opinion and to the best of our
information a nd a ccording to the
explanations

given to us, the remuneration paid by the
Company to its directors during the year is
in accordance with the provisions of section
197 of the Act.

) 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, as
amended 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 44 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 has been no delay in transferring
amounts, 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 disclosed in the note 55 (j) to the
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
disclosed in the note 55 (k) to the 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, 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), as provided under (a) and (b)
above, contain any material misstatement.

(v) The final dividend proposed in the previous
year, declared and paid by the Company
during the year is in accordance with section
123 of the Act, as applicable.

As stated in note 21 to the standalone
financial statements, the Board of Directors
of the Company has proposed final dividend

for the year which is subject to the approval
of the members at the ensuing Annual
General Meeting. Such dividend proposed is
in accordance with section 123 of the Act, as
applicable.

(vi) Based on our examination, which included
test checks, the Company has used
accounting software system for maintaining
its books of account for the financial year
ended 31st March, 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
system. 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.

(2) As required by the Companies (Auditor''s
Report) Order, 2020 ("the Order") issued by
the Central Government in terms of Section
143(11) of the Act, we give in "Annexure B" a
statement on the matters specified in
paragraphs 3 and 4 of the Order.

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm''s Registration No.117366W/W-100018)

Pallavi Sharma

Place: Mumbai Partner Membership No. 113861

Date: 5th May, 2025 UDIN: 25113861BMJIAS6786

---

Mar 31, 2024

To The Members of lash Engineering Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Jash Engineering Limited ("the Company"), which comprise the Balance Sheet as at 31 March 2024, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year ended on that date, and notes to the financial statements, including a summary of material 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 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, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2024, and its profit, total comprehensive income, its cash flows and the changes in equity 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 Responsibility 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 made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

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.

Sr. No.	Kev Audit Matter	Auditor''s Response
1	Inventory Valuation	To assess valuation of Inventory, our procedures included, but are not limited
	At the balance sheet date 31 March	to the following:
	2024, the Company held inventories	a) Obtained an understanding of
	comprising of raw materials	the management’s process of
	amounting to INR 5,64_6.42 lakhs, work-in-progress amounting to INR	valuation of inventory.
	4,691.24 lakhs, finished goods and	b) Evaluated the design and tested
	stores amounting to INR 3,14(i).32	the operating effectiveness of
	lakhs, spares and other	key controls around valuation
	consumables amounting to INR	including around management
	194.02 lakhs i.e., total Inventories	estimates, stage of completion,
	amounting to INR 13,674.30 lakhs	overhead computations and
	as included in Note 13 of the	determination of net realizable
	accompanying standalone financial statements.	value of inventory items.

	Whilst the inventory valuation has	c) Evaluated the appropriateness
	been automated through SAP, the	of the Company''s accounting
	allocation of various production and	policy and method of valuation
	administration related overheads on	for inventory in accordance with
	the finished goods and work-in-progress inventory is carried out	the accounting standards.
	manually using MS-Excel	d) Discussed with management the
	application. Further, the	rationale supporting the
	identification of activities for	assumptions and estimates used
	overhead allocation and	in
	computation of machine/labour	carrying out the inventory
	hour rates are varied and complex.	valuation and corroborated the
	Owing to the nature of the business,	same to our understanding of
	which involves manufacture of	the
	engineering products specific to the	business. Testing the
	requirements of customers, the	computation of various
	valuation of inventory and cost of	overhead absorption rates by
	production for each product being	tracing the underlying data to
	manufactured is distinct and	audited historical operational
	separately determined. Further, assessment by	results of the Company.
	management of net realizable value	e) On a sample basis, recomputed
	of items of inventory involves	the cost of the inventory by
	specific identification of slow	applying management''s
	moving and obsolete inventories,	valuation model, which included
	and assessment of net realizable	inspection of approved bills of
	value of such slow moving and	material (BOM), testing
	obsolete inventory items, requiring	underlying cost of acquisition of
	judgement and estimation on part	raw materials consumed and
	of the management, on considering	testing overheads and labour
	the complexities and materiality of	cost allocation to such inventory
	amounts involved, this matter is considered as a key audit matter.	items. f) Obtained and understanding management process for identification of slow moving,

		non-moving or obsolete inventories and ensured that the same is consistently applied. g) On test check basis, performed an analysis of ageing of inventory items leading to specific inquiries with the management to ensure the completeness of the inventory identified as slow moving, nonmoving and obsolete. h) Tested the net realizable value of finished goods inventory on a sample basis to recent selling prices less costs to sell (to the agreed contract value), to identify allowance required for finished goods. i) Evaluated the disclosures made in the standalone financial statements in accordance with th applicable accounting standards.
2	Potential impairment of Investment in Subsidiary The Company has investments in one of subsidiaries - Jash USA Inc, located at United States aggregating to INR 5,313 05 lakhs (as of 31 March, 2024), as stated in Note 8 to the standalone financial statements which is measured at cost. The Company assesses the recoverable amount of the investments when indicators exist for decline in value of the investments, other than temporary, as on the reporting date, as disclosed in Note to the standalone financial statements. The Company also has outstanding long-term loans (interest portion) and trade receivable recoverable from Jash USA amounting to INR 8.31 lakhs and INR 3,902.14 lakhs re pectively. Further the ''loan along with interest which are outstanding remains unpaid as on year end. The Company''s management has evaluated if there are any impairment indicators relating to	To assess valuation of Investment and loans/receivables, our procedures included, but are not limited to the following: a) Obtained an understanding of management''s processes and controls to evaluate the indicators of impairment for investment. b) Evaluated the design and tested the operating effectiveness of key controls implemented by the management for evaluating the indicators of impairment for investment. c) Evaluated the external and internal sources of information for indicators of impairment. d) Evaluated the movement of receivables, repayment of loan and interest thereof. As the position and recoverability has improved, management evaluated that there are no impairment indicators.

these investments in accordance with Ind AS 36. Management''s assessment of the fair valuation of investments is complex and requires estimation and judgement around assumptions used. Accordingly, considering the materiality of the carrying amounts, recoverability assessment of aforesaid investments, has been considered to be a key audit matter for current year''s audit.

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report, but does not include the consolidated financial statements, standalone financial statements and our auditor''s report thereon. The Annual report is expected to be made available to us after the date of this auditor''s report.

• 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.

• When we read the above-mentioned reports, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance as required under SA 720 ''The Auditor''s responsibilities Relating to Other Information''.

Responsibilities of Management and Those Charged with Governance for the 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 of these standalone 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 Ind AS 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 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 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 and Board of Directors 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 the Board of Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Company''s Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibility 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 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 with reference to standalone financial statements 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 the 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 iri a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably 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 financial controls 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 financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s 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

1. As required by Section 143(3) of the Act, based on our audit 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 for matters stated in paragraph (i)(vi) below.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Cash Flows and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act.

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

f) The modification relating to the maintenance of accounts and other matters connected therewith, is as stated in paragraph (b) above.

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 A". Our report

expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls with reference to standalone financial statements.

h) 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, as amended,

in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

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, as amended 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 42 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 has been no delay in transferring amounts, 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 disclosed in the note 530) to the 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’¹), 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 disclosed in the note 53(k) to the 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, 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), as provided under (a) and (b) above, contain any material misstatement.

v. The final dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with section 123 of the Act, as applicable.

As stated in note 21 to the standalone financial statements, the Board of Directors of the Company has proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. Such dividend proposed is in accordance with section 123 of the Act, as applicable.

vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the year ended 31 March, 2024 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 except that in respect of an accounting software, audit trail was not enabled at the database level to log any direct data changes.

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 year ended 31 March, 2024.

2. As required by the Companies (Auditor’s Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm''s Registration No. 117366W/W-100018)

Pallavi Sharma Partner

Membership No. 113861 UDIN: 24113861BKBPBL2492

Place: Mumbai

Date: 9 May, 2024

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Mar 31, 2023

INDEPENDENT AUDITOR''S REPORT

To The Members of Jash Engineering Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Jash Engineering Limited (“the Company”), which
comprise the Balance Sheet as at 31^st March 2023, and the Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and 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 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 the
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 31 March 2023, and its profit, total comprehensive income, its
cash flows and the changes in equity 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
Responsibility 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 made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the
ICAI''s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our
audit opinion on the standalone financial statements.

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.

Information Other than the Financial Statements and Auditor''s Report Thereon

• The Company''s Board of Directors is responsible for the other information. The other information comprises the
information included in the Annual report, but does not include the standalone financial statements and our auditor''s report
thereon. The Annual report is expected to be made available to us after the date of this auditor''s report.

• 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.

• When we read the above mentioned reports, if we conclude that there is a material misstatement therein, we are required
to communicate the matter to those charged with governance as required under SA 720 ''The Auditor''s responsibilities
Relating to Other Information''

Responsibilities of Management and Those Charged with Governance for the 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 of these standalone 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 Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding 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 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

The Company''s Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibility 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 financial 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 with reference to standalone financial statements 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 the 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, makes
it probable that the economic decisions of a reasonably 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.

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor''s 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

1. As required by Section 143(3) of the Act, based on our audit 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 including Other Comprehensive Income, the Statement of
Cash Flows and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of
account.

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of
the Act.

e) On the basis of the written representations received from the directors as on 31st March, 2023 taken on record by the
Board of Directors, none of the directors is disqualified as on 31^st March, 2023 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 with reference to standalone financial statements of
the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our
report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal
financial controls with reference to standalone financial statements.

g) 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, as amended,

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid
by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

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, as amended 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 42 to the standalone 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 including derivative contracts - Refer Note 18 to
the standalone financial statements;

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 it''s knowledge and belief, as disclosed in note

53(j) to the 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 it''s knowledge and belief, as disclosed in note
53(k) to the 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, 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), as provided under (a) and (b) above,
contain any material misstatement.

v. The final dividend proposed in the previous year, declared and paid by the Company during the year is in
accordance with section 123 of the Act, as applicable.

As stated in note 21 to the standalone financial statements, the Board of Directors of the Company has
proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual
General Meeting. The dividend proposed is in accordance with section 123 of the Act, as applicable.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording audit trail (edit log) facility is applicable to the
Company w.e.f. April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and
Auditors) Rules, 2014 is not applicable for the financial year ended March 31,2023.

2. As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3
and 4 of the Order.

For Deloitte Haskins & Sells LLP

Chartered Accountants

(Firm''s Registration No. 117366W/W-100018)

S/d-

Pallavi Sharma

Partner

(Membership No. 113861)

(UDIN:23113861BGXTSI7599)

Place: Mumbai

Date: 23 May 2023

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Mar 31, 2021

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements of Jash Engineering Limited (‘the Company''), which comprise the Balance Sheet as at 31 March 2021, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.

2. 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 (‘Act’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including Indian Accounting Standards (‘Ind AS’) specified under section 133 of the Act, of the state of affairs of the Company as at 31 March 2021, and its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing 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 we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

4. We draw attention to Note 61 of the accompanying Standalone Financial Statements which describes the uncertainties relating to Covid-19 pandemic outbreak and management’s evaluation of its impact on the accompanying Standalone Financial Statements and operations of the Company as at the balance sheet date, the extent of which is significantly dependent on future developments, as they evolve. Our opinion is not modified in respect of this matter.

Key audit matters

5. 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.

6. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key audit matter

How our audit addressed the key audit matter

Inventory valuation and allowances: At the balance sheet date 31 March 2021, the Company held inventories comprising of raw materials, work-in-progress, finished goods and stores, spares and other consumables worth INR 5,208.24 lakhs as included in Note 14 of the accompanying standalone financial statements. During the current year, the Company has implemented a new IT system, SAP, whereby inventory valuation has been automated through such system, while allocation of various production and administration related overheads on the finished goods and work-in-progress inventory is still allocated basis manually calculations. Owing to the nature of the business, which involves manufacture of engineering products specific to the needs of the customers, the valuation of inventory involves evaluating reasonableness of ‘Bill of materials’ (BOM) determined for each product being manufactured. In addition to the above, the complexities involved in this assessment include: • Identification of products where specific administration and production overheads and others allocations such as job work costs and design costs are to be added to the cost of inventory. • Judgement involved in computation of machine hour rate, labour hour rate, which are subject to high estimation uncertainty due to rapid technological changes. Further, at the end of each reporting period, the management of the Company also assesses whether there is any objective evidence that net realizable value of any item of inventory is below the carrying value. If so, such inventories are written down to their net realizable value in accordance with Ind AS 2, Inventory. Such specific identification performed by management to ascertain slow moving and obsolete inventories, and assessment of net realizable value of such slow moving and obsolete inventory items require significant judgement and estimation. Considering the complexities and materiality of amounts involved, this matter is considered to be a key audit matter for current year audit.

Our audit procedures to assess valuation and allowance for inventories included, but were not limited to the following: • Obtained an understanding of the management’s process of valuation of inventory. • Evaluated the design and tested the operating effectiveness of key controls around valuation including around estimates, stage of completion, complex overhead computations, and determination of net realizable value of inventory items. • Evaluated the appropriateness of the Company’s accounting policy and valuation method of inventory in accordance with the accounting standards. • Discussed with management the rationale supporting assumptions and estimates used in carrying out the inventory valuation and corroborated the same to our understanding of the business. Tested the computation of various overhead absorption rates by tracing the underlying data to audited historical operational results of the Company. • On a sample basis, recomputed the cost of the inventory by applying management’s valuation model, which included inspection of approved bills of material (BOM), testing underlying cost of acquisition of raw materials consumed, and testing overheads and labour cost allocation to such inventory items. • Obtained and understanding management process for identification of slow moving, non-moving or obsolete inventories and ensured that the same is consistently applied. • Performed an independent analysis of the ageing of inventory line items leading to specific inquiries with the management to ensure the completeness of the inventory identified as slow moving, non-moving and obsolete. • For slow and non-moving inventories as on 31 March 2021 identified by the management, recomputed the allowance created by the management using management’s model which has been consistently applied. • Tested the net realizable value of finished goods inventory on a sample basis to recent selling prices less costs to sell, to identify allowance required for finished goods. • Evaluated the disclosures made in the standalone financial statements in accordance with the applicable accounting standards.

Key audit matter	How our audit addressed the key audit matter
Implementation of new Information Technology (‘IT’) System for financial reporting and related migration of data: From 01 August 2020, the Company has implemented a new IT System, SAP, for supporting its operations and financial reporting, which required an extensive exercise of data migration from the erstwhile used IT systems. Further, the Company’s accounting and financial reporting processes are dependent on the automated controls enabled by IT systems which impacts key financial accounting and reporting items. The controls implemented by the Company in its IT environment determine the integrity, accuracy, completeness and validity of data that is processed by the applications and is ultimately used for financial reporting. Such significant system change increases the risk to the internal financial controls environment. These changes represent a financial reporting risk while migration takes place as controls and processes that have been established over a number of years are updated and migrated into a new environment. Hence, considering the significance of the activity and the pervasive impact on the standalone financial statements, this matter has been determined as a key audit matter for current year audit.	Our audit work included, but was not limited to, the following procedures: • Obtained the understanding of the process followed by the Company for implementing the new IT system and migration of standing data from erstwhile IT systems into SAP, including the controls put in place in such process. • Involved our IT specialists to perform following procedures in relation to the new IT system: Obtained an understanding of the Company’s IT related control environment; ♦ Tested the design and operating effectiveness of the Company’s IT controls; ♦ Tested IT general controls particularly, logical access, changes management and aspects of IT operational controls; ♦ Tested controls around Company’s periodic review of access rights and inspected requests of changes to systems for appropriate approval and authorization; ♦ Tested that requests for access to systems were appropriately reviewed and authorized; ♦ Tested various specific key controls configured in the system; ♦ Where deficiencies were identified, tested compensating controls or performed alternative procedures. • Performed substantive procedures on completeness and accuracy of data migrated to the new IT system.
Recoverability assessment of investment in equity shares of and trade receivable due from Jash USA Inc., a wholly owned subsidiary company (Jash USA’) The Company has investments in equity shares of Jash USA Inc. amounting to INR 3,397.25 lakhs, as stated in Note 9 and Note 56 to the standalone financial statements. These investments are carried at cost in accordance with IND AS 27, Separate Financials Statements. The Company assesses the recoverable amount of the investments when indicators exist for decline in value of the investments, other than temporary, by comparing the fair value (less costs of disposal) and carrying amount of the investments as on the reporting date, as disclosed in Note 9 to the standalone financial statements. The Company also has outstanding longterm loans and trade receivable recoverable from Jash USA amounting to INR 492.84 lakhs and INR 5,103.73 lakhs respectively.	Our audit procedures in relation to the valuation of the investments included, but were not limited to, the following: • Obtained an understanding of management’s processes and controls for determining the fair valuation of investments. • Evaluated the design and tested the operating effectiveness of key controls implemented by the management around fair valuation of investments including for cash flow projections, use of estimates involved and review of valuation performed. • Evaluated the independent valuation specialist’s professional competence, expertise and objectivity. • Tested the accuracy of the input data provided by the management to the valuation specialist by reconciling the projected cash flows to approved business plans of the subsidiary companies.

Key audit matter

How our audit addressed the key audit matter

The aforesaid investments were tested for diminution and the receivables were assessed for recoverability by the management as at 31 March 2021. For this purpose, valuation was carried out by an independent valuation specialist in his capacity as a management’s expert using discounted cash flow (‘DCF’) method. Management''s assessment of the fair valuation of investments is complex and requires estimation and judgement around assumptions used. The key assumptions underpinning management''s assessment of the fair valuation include, but are not limited to, projections of future cash flows, growth rates, discount rates, estimated future operating and capital expenditure. Accordingly, considering the materiality of the carrying amounts, recoverability assessment of aforesaid investments, long-term loans and receivables has been considered to be a key audit matter for current year’s audit.

• Tested the reasonableness of the key assumptions used in the cash flow projections and fair valuation, such as growth rates, discount rate, etc. considering our understanding of the business, industry and relevant market factors. • Worked with our valuation specialists in order to compare the Company’s assumption to externally derived data in relation to key inputs such as projected economic growth and discount rate. • Tested the mathematical accuracy of the cash flow projections, fair valuation computation and sensitivity analysis prepared by the management. • Evaluated the appropriateness of disclosures made in the standalone financial statement in relation to such investments their fair valuation and such trade receivables, as required by applicable accounting standards.

Information other than the Standalone Financial Statements and Auditor''s Report thereon

7. The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the standalone financial statements and our auditor''s report thereon. The Annual Report is expected to be made available to us after the date of this auditor''s report.

Our opinion on the standalone 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 standalone financial statements, our responsibility is to read the other information identified above when it becomes available 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.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial

Statements

8. The accompanying standalone financial statements have been approved by the Company''s Board of Directors. The Company''s Board of Directors is 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 including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Ind AS 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.

9. 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.

10. Those 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

11. 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 Standards on Auditing 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.

12. As part of an audit in accordance with Standards on Auditing, 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)(l) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements 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.

13. 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.

14. 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.

15. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s 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

16. As required by section 197(16) of the Act, based on our audit, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act.

17. As required by the Companies (Auditor''s Report) Order, 2016 (''the Order¹) issued by the Central Government of India in terms of section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order.

18. Further to our comments in Annexure A, as required by section 143(3) of the Act, based on our audit, we report, to the extent applicable, 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 purpose of our audit of the accompanying standalone financial statements;

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from ourexamination of those books;

c) the standalone financial statements dealt with by this report are in agreement with the books of account;

d) In our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133 of the Act;

e) the matter described in paragraph 4 under the Emphasis of Matter, in our opinion, may have an adverse effect on the functioning of the Company;

f) on the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2021 from being appointed as a director in terms of section 164(2) of the Act;

g) we have also audited the internal financial controls with reference to standalone financial statements of the Company as on 31 March 2021 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date and our report dated 23 June 2021 as per Annexure B expressed unmodified opinion; and

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 (as amended), in our opinion and to the best of our information and according to the explanations given to us:

I. the Company, as detailed in Note 44 to the standalone financial statements, has disclosed the impact of pending litigation on its financial position as at 31 March 2021;

ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at 31 March 2021;

iii. there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended 31 March 2021.; and

iv. the disclosure requirements relating to holdings as well as dealings in specified bank notes were applicable for the period from 8 November 2016 to 30 December 2016, which are not relevant to these standalone financial statements. Hence, reporting under this clause is not applicable.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm''s Registration No.: 001076N/N500013

S/d-

Nitin Toshniwal

Partner

Membership No.: 507568

UDIN: 21507568AAAACP1755

Place: Faridabad Date: 23 June 2021

Annexure A to the Independent Auditor''s Report of even date to the members of Jash Engineering Limited, on the standalone financial statements for the year ended 31 March 2021

Based on the audit procedures performed for the purpose of reporting a true and fair view on the standalone financial

statements of the Company and taking into consideration the information and explanations given to us and the books of

account and other records examined by us in the normal course of audit, and to the best of our knowledge and belief, we

report that:

(I) (a) The Company has maintained proper records showing full particulars, including quantitative details and

situation of fixed assets in the nature of property, plant and equipment, capital work-in-progress, right of use assets and intangible assets.

(b) The fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of the fixed assets is reasonable having regard to the size of the Company and the nature of its assets.

(c) The title deeds/lease deeds of all the immovable properties (which are included under the head ''property plant and equipment'' and right-of-use assets) are held in the name of the Company.

(ii) In our opinion, the management has conducted physical verification of inventory at reasonable intervals during the year and no material discrepancies between physical inventory and book records were noticed on physical verification/ material discrepancies noticed on physical verification have been properly dealt with in the books of account.

(iii) The Company has granted unsecured loans to companies covered in the register maintained under Section 189 of the Act; and with respect to the same:

(a) in our opinion the terms and conditions of grant of such loans are not, prima facie, prejudicial to the Company''s interest;

(b) the schedule of repayment of principal and payment of interest has been stipulated and the principal amount and the interest amount are not due for repayment currently; and

(c) there is no overdue amount in respect of loans granted to such companies.

(iv) In our opinion, the Company has complied with the provisions of Sections 185 and 186 of the Act in respect of loans, investments and guarantees. Further, in our opinion, the Company has not entered into any transaction covered under Section 185 and Section 186oftheActin respect of security.

(v In our opinion, the Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and

the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of the Order are not applicable.

(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 sub-section (1) of Section 148 of the Act in respect of Company''s products and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii) (a) Undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax,

service tax, duty of customs, duty of excise, goods and services tax, value added tax, cess and other material statutory dues, as applicable, have generally been regularly deposited to the appropriate authorities, though there has been a slight delay in a few cases. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end fora period of more than six months from the date they became payable.

(b) The dues outstanding in respect of income-tax, sales-tax, service tax, duty of customs, duty of excise and value added tax on account of any dispute, are as follows:

85

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Mar 31, 2018

Independent Auditor''s Report

To the Members of Jash Engineering Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of Jash Engineering Limited (the ''Company''), which comprise the Balance Sheet as at 31 March 2018, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Standalone Financial Statements

2. The Company''s 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 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 prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act; safeguarding the assets of the Company; 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 statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these standalone financial statements based on our audit.

4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial controls relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.

7. 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.

Opinion

8. 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 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 31 March 2018, its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor''s Report) Order, 2016 (the ''Order'') issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order.

10. Further to our comments in Annexure A, 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 purpose 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 standalone financial statements 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 (Accounts) Rules, 2014 (as amended);

e. on the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2018 from being appointed as a director in terms of Section 164(2) of the Act;

f. we have also audited the internal financial controls over financial reporting (IFCoFR) of the Company as of 31 March 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date and our report dated 29May 2018 as per Annexure B expressed unmodified opinion; and

g. 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, as detailed in Note 32 to the standalone financial statements, has disclosed the impact of pending litigations on 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 is no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company; and

iv. the disclosure requirements relating to holdings as well as dealings in specified bank notes were applicable for the period from 8 November 2016 to 30 December 2016 which are not relevant to these standalone financial statements. Hence, reporting under this clause is not applicable.

Annexure A

Based on the audit procedures performed for the purpose of reporting a true and fair view on the standalone financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:

(I) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets in the nature of property, plant and equipment, capital work-in-progress and intangible assets.

(b) All fixed assets in the nature of property, plant and equipment and capital work-in-progresshave not been physically verified by the management during the year, however, there is a regular program of verification once in three years, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) The title deeds of all the immovable properties (which are included under the head ''property plant and equipment'') are held in the name of the Company.

(ii) In our opinion, the management has conducted physical verification of inventory at reasonable intervals during the year, except for stocks lying with third parties. For stocks lying with third parties at the year-end, written confirmations have been obtained by the management. No material discrepancies between physical inventory and book records were noticed on physical verification.

(iii) The Company has granted unsecured loans to companies covered in the register maintained under Section 189 of the Act; and with respect to the same:

(a) in our opinion the terms and conditions of grant of such loans are not, prima facie, prejudicial to the Company''s interest.

(b) the schedule of repayment of principal and payment of interest has been stipulated and the repayment/receipts of the principal amount and the interest are regular;

(c) there is no overdue amount in respect of loans granted to such companies;

(iv) In our opinion, the Company has complied with the provisions of Sections 185 and 186 of the Act in respect of loans, investments, guarantees, and security.

(v) In our opinion, the Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of the Order are not applicable.

(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 sub-section (1) of Section 148 of the Act in respect of Company''s products and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii)(a) Undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, have generally been regularly deposited to the appropriate authorities, though there has been a slight delay in a few cases. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they became payable.

(b) The dues outstanding in respect of income-tax, sales-tax, service tax, duty of customs, duty of excise and value added tax on account of any dispute, are as follows:

Statement of Disputed Dues

Name of Statues	Nature of Dues	Amount (Rs.)	Amount paid under protest (Rs.)	Period to which amount relates	Forum where dispute is is pending
Central Sales Tax Act, 1956	Central Sales Tax	1,394,108	898,000	Financial year 1999-00	Hon''ble High Court of Madhya Pradesh
Central Sales Tax Act, 1956	Central Sales Tax	239,354	92,250	Financial year 2000-01	Hon''ble High Court of Madhya Pradesh
Central Sales Tax Act, 1956	Central Sales Tax	546,175	650,100	Financial Year 2011-12	Additional Commissioner of Commercial Tax
Central Sales Tax Act, 1956	Central Sales Tax	3,449,643	2,940,425	Financial Year 2012-13	Additional Commissioner of Commercial Tax
Central Sales Tax Act, 1956	Central Sales Tax	22,065,027	2,228,780	Financial Year 2014-15	Additional Commissioner of Commercial Tax
Central Sales Tax Act, 1956	Central Sales Tax	7,369,543	1,273,000	Financial Year 2015-16	Additional Commissioner of Commercial Tax
Finance Act, 1994	Service Tax	2,312,211	230,721	Financial Year 2010-11	Customs, Excise and Service Tax Appellate Tribunal

(viii)The Company has not defaulted in repayment of loans or borrowings to any bank or financial institution during the year. The Company has no loans or borrowings payable to government and did not have any outstanding debentures during the year.

(ix) In our opinion, the Company has applied moneys raised by way of initial public offer and the term loans for the purposes for which these were raised, though idle funds which were not required for immediate utilization are temporarily lying in cash credit accounts maintained with banks. Further, the Company did not raise moneys by way of further public offer (including debt instruments).

(x) No fraud by the Company or on the Company by its officers or employees has been noticed or reported during the period covered by our audit.

(xi) Managerial remuneration has been paid and provided by the Company in accordance with the requisite approvals mandated by the provisions of Section 197 of the Act read with Schedule V to the Act.

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

(xiii) In our opinion, all transactions with the related parties are in compliance with Sections 177 and 188 of Act, where applicable, and the requisite details have been disclosed in the financial statements etc., as required by the applicable accounting standards.

(xiv) During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures.

(xv) In our opinion, the Company has not entered into any non-cash transactions with the directors or persons connected with them covered under Section 192 of the Act.

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

Independent Auditor''s report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the

Companies Act, 2013 (the ''Act'')

1. In conjunction with our audit of the standalone financial statements of Jash Engineering Limited (the ''Company'') as of and for the year ended 31 March 2018, we have audited the internal financial controls over financial reporting (IFCoFR) of the Company of as of that date.

Management''s Responsibility for Internal Financial Controls

2. The Company''s Board of Directors 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 (the ''Guidance Note'') issued by the Institute of Chartered Accountants of India (the ''ICAI''). 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 the Company''s business, including adherence to Company''s 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 Act.

Auditors'' Responsibility

3. Our responsibility is to express an opinion on the Company''s IFCoFR based on our audit. We conducted our audit in accordance with the Standards on Auditing (the ''Standards''), issued by the ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of IFCoFR, and the Guidance Note issued by the ICAI. 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 IFCoFR were established and maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the IFCoFR and their operating effectiveness. Our audit of IFCoFR included obtaining an understanding of IFCoFR, 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 auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s IFCoFR.

Meaning of Internal Financial Controls over Financial Reporting

6. A company''s IFCoFR 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 company''s IFCoFR 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 company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. Because of the inherent limitations of IFCoFR, 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 IFCoFR to future periods are subject to the risk that IFCoFR may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion, the Company has, in all material respects, adequate internal financial controls over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2018, 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 issued by the ICAI.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm''s Registration No.: 001076N/N500013

Sd/-

per Neeraj Sharma

Partner

Membership No.:502103

Place : Indore

Date : 29th May 2018

Jash Engineering Limited Summary of significant accounting policies and other explanatory information for the year ended 31 March 2018 (All amount in Rs,, unless stated otherwise)