We have audited the accompanying standalone financial
statements of PARAMOUNT COMMUNICATIONS LIMITED (“the
Company”), which comprise the Standalone Balance Sheet
as at March 31, 2025, the Standalone Statement of Profit and
Loss (including Other Comprehensive Income), the Standalone
Statement of Changes in Equity and the Standalone Cash Flow
Statement for the year then ended and notes to the financial
statement including a summary of significant accounting policies
and other explanatory information (hereinafter referred to as the
“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 31 March 2025, and its profit,
total comprehensive income, its cash flows and the changes in
equity for the year ended on that date.

Basis of Opinion

We conducted our audit of the standalone financial statements
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
Code of Ethics issued by the Institute of Chartered Accountants
of India together with the ethical requirements that are relevant
to our audit of the standalone financial statements under the
provisions of the Companies Act, 2013 and the Rule thereunder,
and we have fulfilled our 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 of our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgement, 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 Standalone financial
statements and Auditor’s Report Thereon

The Company’s Board of Directors are 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 Auditors’ 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 in the audit or otherwise appears to be
materially misstated.

If, based on the work we have performed, we conclude that there is
a material misstatement of this other information; we are required
to report that fact. We have nothing to report in this regard.

Management’s and Board of Director’s Responsibilities
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 specified under
section 133 of the Act 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
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 presentation of the standalone 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
and board of director 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 Company’s Board of Directors are also responsible for
overseeing the Company’s financial reporting process.

Auditors’ Responsibilities 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
judgement 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)(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 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 for
the financial year ended March 31, 2025 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 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 the
paragraph 3 and 4 of the Order, to the extent applicable.

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 it appears
from our examination of those books;

(c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss including Other
Comprehensive Income, the Standalone Statement
of Change in Equity and the Standalone Cash Flow
Statement 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 Indian Accounting
Standards specified under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2015;

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

(f) With respect to the adequacy of the internal financial
controls over financial reporting of the Company and
the operating effectiveness of such controls, refer to
Annexure ‘B’. Our report expresses an unmodified
opinion on the adequacy and operating effectiveness
of the Company’s internal financial controls over
financial reporting.

(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 has disclosed the impact of pending
litigations as at 31st March, 2025 on its financial
position in its standalone financial statements -
Refer Note No 48.

ii. The Company did not have any long-term
contracts including derivative contracts for which
there were any foreseeable losses during the year
ended 31st March, 2025.

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 on 31st March, 2025.

iv. a) The management has represented that, to

the best of its knowledge and belief, no funds
(which are material either individually or in
the aggregate) have been advanced or loaned
or invested (either from borrowed funds or
share premium or any other sources or kind

of Rule 11(e), as provided under (a) and (b)
above, contain any material mis-statement

v. The company has neither proposed nor declared
any dividend during the year.

(h) The managerial remuneration for the year ended
31st March, 2025 has been paid/ provided for by
the Company to its directors in accordance with the
provisions of Section 197 read with Schedule V to the Act.

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

For P. Bholusaria & Co.

Chartered Accountants
Firm Registration No: 000468N

Pawan Bholusaria

Partner

Place: New Delhi M.No.080691

Date: 21.05.2025 UDIN: 25080691BMOUAY6855