We have audited the accompanying financial statements of Shree Rama Newsprint Limited ("the Company"),
which comprise of the Balance Sheet as at March 31, 2025, and the statement of Profit and Loss, (Including other
Comprehensive Income), Statement of Changes in Equity and Statement of Cash Flows for the year then ended
March 31,2025, and notes to the financial statements, including 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
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 Indian Accounting Standards prescribed under section 133 of the
Act read with 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, and its loss and
other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SA's") specified under section 143(10) of
the Act. Our responsibilities under those SA's 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 ("the 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 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.

Material Uncertainty Related to Going Concern

We draw attention to Note 35 of the financial statements, which states that the Company has incurred a total
comprehensive loss of ?10,627.75 lakhs for the year ended March 31, 2025, and that, as at that date, the Company's
current liabilities (pertaining to continuing operations) exceeded its current assets (pertaining to continuing
operations) by ?6,326.85 lakhs. As disclosed in the said note, these events or conditions, along with other matters
described therein, indicate the existence of a material uncertainty that may cast significant doubt on the Company's
ability to continue as a going concern.

The financial statement have been prepared on a going-concern basis, based on management's assessment, which
is supported by its plans for the disposal of certain non-core assets to improve the Company's financial position and
generate cash flows.

Our opinion is not modified in respect of this matter.

Emphasis of Matter Paragraph

1. We refer to note 34 to the financial statement of the Company, wherein it has been stated that during the
financial year 2022-23, the Paper Division of the Company had been classified as a discontinued operation.
Consequently, the assets and liabilities related to the Paper Division, primarily comprising of plant and
machineries, and other associated assets, are presented separately as discontinued operations. The Company
keeps on disposing of assets of the Paper Division on a piecemeal basis on successful negotiations with vendors.
The Company remains committed to the disposal of the remaining assets of the paper division and is actively
exploring various alternatives to realise their value. Given the nature and geographical dispersion of these
assets, along with the anticipated fair value realisable from the disposal of the assets of the Paper Division, there
has been an extension of time for the disposal of these assets. During the quarter ended December 31, 2024,
the Company has reassessed the fair valuation of the assets forming part of the discontinued operations as per
the requirements of Ind AS 105 - Non-current Assets Held for Sale and Discontinued Operations based on the
valuer report and accordingly recognised a further impairment loss of Rs.6,956.48 lakhs.

Our opinion is not modified in respect of the above matter.

Key Audit Matters

Key audit matters are 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.

Information other than the Financial Statements and Auditors' Report thereon

The Company's management and Board of Directors is responsible for the other information. The other information
comprises the information included in the Board's Report including Annexures to the Board's Report, Director's
responsibility statement, Management Discussion and Analysis, Business Responsibility Report, Corporate
Governance and Shareholder's Information. The annual report 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 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 identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to communicate the matter to those charged with
governance as required under SA 720 'The Auditors responsibilities relating to other information' and take necessary
actions, as applicable under the relevant laws and regulations.

We have nothing to report in this regard.

Management's and Board of Directors' Responsibility for the Financial Statements

The Company's Management and Board of Directors is responsible for the matters stated in section 134(5) of the Act
with respect to the preparation of this financial statements that give a true and fair view of the financial position,
financial performance including total comprehensive income, changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards
(IND AS) specified under section 133 of the Act and rules thereunder.

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 financial statements that give a true and fair view and are free from material
misstatements, whether due to fraud or error.

In preparing the 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 management and Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditors' 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 SA's 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 this 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, but not for the purpose of expressing an opinion on the effectiveness of the
company's internal control.

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

• Conclude on the appropriateness of the management and Board of Directors' 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, make
it probable that the economic decisions of a reasonably knowledgeable user of the 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 statements of our work; and (ii) To evaluate the effect of any identified misstatements in the
annual 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 for the financial year ended March 31, 2025 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 (Auditors' Report) Order, 2020 ("the Order"), issued by the Central Government

of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure A" a

statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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 the matters stated in the paragraph 2(f) below on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

c. 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 Flow for the year ended dealt with
by this Report are in agreement with the books of accounts.

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

e. On the basis of the written representations received from the directors as on 31 March, 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. The modifications relating to the maintenance of accounts and other matters connected therewith are
as stated in the paragraph 2(b) above on reporting under Section 143(3)(b) and paragraph 2(f) below on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

g. With respect to the adequacy of the internal financial controls over financial reporting of the Company
with reference to the financial statements and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B" to this report.

h. With respect to the other matters to be included in the Auditor's Report in accordance with the requirements
of sub-section (16) of Section 197 of the Act, as amended, we report that to the best of our information and
according to the explanations given to us, 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 Auditors' 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
- Refer Note 28 to the 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 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 its knowledge and belief, 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, 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 notes
to accounts, no funds have been received by the Company from any persons or entities, 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; and

v. Based on the audit procedures that has 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 i (iv) (a) and (b) above, contain any material misstatement.

vi. The company has not declared any dividend during the financial year ended March 31, 2025.

j. 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.

Based on our examination which included test checks, except for the instances mentioned below, the Company have
used accounting software for maintaining its books of account, which have a feature of recording audit trail (edit
log) facility and the same has operated throughout the year for all relevant transactions recorded in the respective
software. In respect of the Company, the feature of recording audit trail (edit log) facility was not enabled at the
database layer to log any direct data changes for all the accounting software used for maintaining the books of
account.

Further, for the periods where audit trails (edit logs) facility was enabled for the respective software, we did not
come across any instances of audit trail feature being tampered with. Further, for the periods where audit trails
(edit logs) facility was enabled for the respective software, we did not come across any instances of audit trail feature
being tampered with.

Additionally, the audit trail has been preserved by the Company as per the statutory requirements for record
retention, except for the stock records maintained in where the audit trail has not been preserved.

For Batliboi & Purohit

Chartered Accountants
FRN:101048W

Parag Hangekar

Partner

Place: Mumbai Membership No: 110096

Date: May 29, 2025 UDIN: 25110096BMIKCF8485