We have audited the accompanying Financial statements of Shankar lal Rampal Dye Chem Limited ("the
Company**), which comprise the Balance Sheet as at March 31. 2025. the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows
for the year ended on that date, and a summary of the significant accounting policies and other explanatory'
information (hereinafter referred to as "the financial statements”).

In our opinion and to the best of our information and according to the explanations given to us. the aforesaid
financial statements give the information required by 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 31,2025. the profit and total comprehensive income, changes in equity and its cash flows for the year
ended on that date.

Basis for Opinion

We conducted our audit of the FinancialStatements in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Companies Act. 2013 ("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 independence 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 ICAfs
Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters arc those matters that, in our professional judgment, were of most significance in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
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 preparation of die other information. ITie other
information comprises the information included in the Management Discussion and Analysis. Board's Report
including Annexures to Board's Report. Corporate Governance and Shareholder's Information, but does not
include the financial statements and our auditor's report thereon. I he other information as identified above is
expected to be made available to us after the date of this auditor's report.

Our opinion on the 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 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 thefinancial statements or our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated.

When we read the other information as identified above, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance.

.Management’s Responsibility for the Financial Statements

Tlte Company's Board of Directors is responsible for the matters staled in Section 134(5) of the Companies Act,
2013 (“the Act") with respect to the preparation of these financial statements that give a true and fair view' of
thefinancial position, financial performance, total comprehensive income, changes in equity and cash flows of
the Company in accordance with the IndAS 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 w ere 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 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.

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

Auditor's Responsibilities for the Audit of the 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
scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whetlter 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
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 financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements
may be influenced. We consider quantitativ e 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 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.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditor's Report) Order, 2()20(*lhe order) issued by the Central Government

in terms of Section 143( 11) of the act. we give in “Annexure I” a statement on the matters specified in
paragraph 3 and 4 of the Order

2) As required by section 143(3) of the Act. based on our audit we report:

(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 and to the best of our information and according to the explanations given to us. proper books
of accounts as required by law have been kept by the Company so far as appears from our examination of
those books:

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

(d) In our opinion, the aforesaid financial statements comply w ith the Ind AS specified under Section 133 of the
Act. read with Rule 7 of the Companies (Accounts) Rules. 2014

(e) On the basis of written representations received from the directors, as on March 31. 2025 and taken on
record by the Board of Directors, none of the Directors are 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 ‘IF to this report.

(g) With respect to the other matter 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. 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 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 are no amounts w hich are required to be transferred to the Investor Education and Protection Fund
by the Company.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (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 funds) by the Company to or in any
other person or entity, including foreign entity (“Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, w hether, directly or indirectly lend or invest
in oilier persons or entities identified in any manner whatsoever by or on behalf of ihe Company
("Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;

(b) The Management has represented, that to the best of its knowledge and belief, no funds (which arc
material either individually or in the aggregate) have been received by the Company from any person or
entity, including foreign entity ("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 the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations under
sub-clause (i) and (ii) of Rule 11(e). as provided under (a) and (b) above, contain any material
misstatement.

v. As stated in Note-28 to the financial statements

(a) The final dividend proposed in the previousyear. declared and paid by Company during the year
is in accordance with section 123 of the act. as applicable

(b) No Interim dividend declared and paid by the company during the year.

(c) I he Board of Director of the company may propose final dividend for the year which is subject
to the approval of the members at the ensuing Annual General Meeting. The amount of dividend
proposed shall be in accordance with section 123 of the Act. as applicable.

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

l or LAXMAN KUMAR AND ASSOCIATES

Chartered Accountants
FRN: 0019866C

Sd/-

Place:-BHILWARA Laxman Kumar Sindhi

Date:- 19/05/2025 (Partner )

UDIN: 25407532BMMIH18960 Membership No. 407532