We have audited the accompanying the standalone financial statements of JUPITER INDUSTRIES & LEASING LIMITED
(“the Company”),which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss, including the
statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year
then ended, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as
“Standalone Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Companies 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 March 31, 2024 , its Profit including Other
Comprehensive Income, its Cash Flows and the Statement of Changes in Equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SA”) 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 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
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 we
have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.

Key Audit matters:

We have determined that there are no key audit matters to communicate in our report.

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

The Company’s Board of Directors is responsible for the other information. The other information comprises the information
included in the Management Discussion and Analysis, Board's Report including annexures to the Board's report but does
not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the standalone financial statements, or our knowledge
obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have
performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Management Responsibility for the 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 the Statement of 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 provision of the Act for
safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and
application of the appropriate accounting policies: making judgements 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 fair presentation of the financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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
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 financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether
the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the 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 financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the 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 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.

Basis of Qualification

We draw your attention to Note No. 2(b) in respect of going concern and Note no. 13 of the financial statements, that the
Company has accumulated losses of Rs. 307.29 Lakhs (Previous Year Rs. 299.10 Lakhs) resulting into negative net worth of
Rs. 207.29 Lakhs (Previous Year Rs. 199.10 Lakhs). The Company's current liabilities exceed its current assets by Rs. 207.29
Lakhs (Previous year 199.10 Lakhs) as on date. The Company has not provided interest on outstanding bank loan and other
payables up to the year ended 31st March 2024 aggregating to Rs. 14,377.36 lakhs (Previous Year Rs. 12,023.97 Lakhs)
which includes for the quarter and year ended as on 31 st March 2024 of Rs. 636.94 lakhs and Rs. 2353.39 lakhs respectively,
in terms of the order of the Mumbai Debts Recovery Tribunal — 1 dated 8th October 2002. The said bank has assigned its loan
to Green Malabar Finance Venture Ltd. Refer Note Nos. 2 & 3 of Statement of Financial Result for the quarter and year ended
31st March 2024. The turnover during the year ended 31st March 2024 is Rs. NIL (Previous Year Rs. NIL). These factors

along with other matters as set forth in the said notes raise doubts that the Company will be able to continue as a going concern.
The accounts of the Company have been prepared on the basis that the Company is a going concern although the ability of the
company to continue its operation in the near foreseeable future is dependent on the financial position of the Company.
Management is optimistic about various measures taken in terms of arranging resources and business integration to gain more
time for the business to recover and continue as a going concern. In view of the above uncertainties, we are unable to comment
on the ability of the Company to continue as ‘going concern’ and the consequential adjustment to the accompanying financial
statements if any, that might have been necessary had the financial statements been prepared under liquidation basis.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter
described in the Basis for Qualified Opinion section of our report, the aforesaid Ind AS 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 including the Ind AS, of the state of affairs of the Company as at March 31, 2024, its loss (including other
comprehensive loss), cash flows and changes in equity for the year ended on that date.

Emphasis of Matters

We bring your attention to Note No. 9 - Other Financial Labilities; where the amount of Rs. 123.53 lacs was due to Canara Bank
and the same were classified as NPA in the year 1994 and the Recovery Certificate for the said loans was issued by the Hon'ble
DRT in the year 2002. The said debt was allegedly assigned by Canara Bank to Green Malabar Finance Ventures Limited vide
Assignment Deed dated 29th September 2017. To circumvent the Order dated 18th May, 2018 passed by the Hon'ble DRT
wherein it was held by the Hon’ble DRT that it does not have jurisdiction to continue the proceedings in view of the assignment
of the debt to a private company, Green Malabar Finance Ventures Limited allegedly assigned the debt to Capri Global Capital
Limited vide Assignment Deed dated 27th July, 2018 who in turn within a short span of 10 days alleged assigned the said Debt
to Alchemist Asset Reconstruction Company Limited, as trustee for the Alchemist XXXVI Trust vide Assignment Deed dated 6th
August, 2018. The accumulated interest on the account as on 31st March 2024 was Rs. 14,364.81 lakhs, post NPA; the Company
has disclosed the same every year in its Notes of Accounts, however it has not provided for it in the books of accounts or disclosed
as Contingent Liability.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order”), issued by the Central Government of India in

terms of sub-section (11) of section 143 of the Act, we give in the “Annexure A” a statement on the matters specified in

paragraphs 3 and 4 of the Order.

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

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit;

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

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

d) In our opinion, the aforesaid financial statements comply with the accounting standards specified under section 133 of
the Act.

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

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company with reference to
these financial statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure

B".

g) With respect to the other matters to be included in the 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 no remuneration is paid by the Company to its directors during the year.

h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rules 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 and as represented by the management:

1. The Company has disclosed the impact, if any of pending litigations on its financials position in its standalone
financials (Refer Note 13).

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

iii. There were no amounts which were required to be transferred to the investor Education and Protection Fund by
the Company.

iv. (a) Management has represented to us that, to the best of its knowledge and belief, other than as disclosed in
the notes to the accounts no funds have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) by the Company to or in any other persons or entities,
including foreign entities (“Intermediaries"), with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;

(b) Management has represented to us that, to the best of its knowledge and belief, other than as disclosed in the
notes to the accounts no funds have been received by the Company from any person(s) or entity(ies), including
foreign entities (“Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries”) or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries

(c) Based on our audit procedure conducted that are considered reasonable and appropriate in the circumstances,
nothing has come to our attention that cause us to believe that the representation given by the management
under paragraph (2) (h) (iv) (a) & (b) contain any material misstatement.

v. No dividend is paid during the year.

vi. Based on our examination which included test checks, the Company has used accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the software. Further, during the course of
our audit we did not come across any instance of audit trail feature being tempered with.

For N N K&Co.

Chartered Accountants

FRN: 143291W

CA Nikita Lalwani

(Partner)

MRN : 131875

Place : Mumbai

Date : 29th May 2024

UDIN : 24131875BKHGCZ4033