We were engaged to audit the financial statements of SHREE RAJESHWARANAND PAPER
MILLS LIMITED ("the company"), which comprise the balance sheet as at March 31, 2024, the
statement of Profit and Loss, [the statement of changes in equity (where applicable)] and
statement of cash flows for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies.

We do not express an opinion on the accompanying financial statements of the entity.
Because of the significance of the matters described in the Basis for Disclaimer of Opinion
section of our report, we have not been able to obtain sufficient appropriate audit evidence
to provide a basis for an audit opinion on these financial statements.

Basis of Disclaimer of Opinion

Due to circumstances beyond our control, we were unable to obtain sufficient appropriate
audit evidence to provide a basis for an audit opinion. The reasons for our disclaimer are lack
of access to relevant books of accounts and unavailability of necessary information. Because
of the significance of the matters described we do not express an opinion on the financial
statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, 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 that there are no key audit matters to be communicated in our report.

Other Information

The company's management and board of directors are responsible for the other information.
The other information comprises Board's Report on corporate governance and Business
Responsibility report but does not include the standalone financial statement and our
auditor's report thereon.

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

In connection with our audit of 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 procedures or otherwise appear 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 on that fact. We have nothing to report
in this regard.

Management's Responsibility for the Standalone Ind AS Financial Statements

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 Ind
AS financial statements that give a true and fair view of the state of affairs, Profit (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 Indian
Accounting Standards (Ind AS) prescribed under section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safe guarding 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 Ind AS 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.

Board of directors is also responsible for overseeing the company's financial reporting
process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether 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 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 aggregate, they could reasonably be
expected to influence the economic decision of users taken on the basis of these standalone
financial statements.

As a 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 risk of material misstatement of the standalone financial
statements, weather due to fraud or error, design and perform audit procedure
responsive to those risk, and obtain evidence that are sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than the one resulting from error, as fraud may involve
collusion, forgery, intentional, omission, misrepresentation, or the override of internal
control.

• Obtain an understanding of internal financial control relevant to the audit in order to
design audit procedure 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 control 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 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, 2020 ("the Order") issued by the

Central Government in terms of Section 143(11) of the Act, we give in "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) As described in the Basis for Disclaimer of Opinion paragraph, we sought but were
unable to obtain all the information and explanations which to the best of our
knowledge and belief were necessary for the purpose of our audit.

(b) Due to the possible effects of the matter described in the Basis for Disclaimer of
Opinion paragraph, we are unable to state whether 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) Due to the possible effects of the matter described in the Basis for Disclaimer of
Opinion paragraph, we are unable to state whether the Balance Sheet, and Statement
of Profit and Loss dealt with by this Report are in agreement with the books of
account.

(d) Due to the possible effects of the matter described in the Basis for Disclaimer of
Opinion paragraph, we are unable to state whether the aforesaid financial statements
comply with the Accounting Standards under Section 133 of the Act read with Rule 7
of the Companies (Accounts) Rules, 2014.

(e) The matters described in the basis of opinion paragraph, 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
2024 from being appointed as a director in terms of Section 164(2) of the Act;

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

(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. Due to possible effects of the matter described in Basis for Disclaimer of Opinion
paragraphs, we are unable to state whether the company has disclosed the impact of
pending litigations on its financial position in its financial statements.

ii. Due to the possible effect of the matter described in the Basis for Disclaimer of Opinion
paragraphs, we are unable to state whether the Company has made provision, as
required under the applicable law or Indian accounting standard, for material
foreseeable losses, if any, on long term contacts contracts.

iii. There has not been an occasion in case of the Company during the year under report
to transfer any sums to the Investor Education and Protection Fund.

iv. (a) Due to Disclaimer of opinion, no information is available regarding the

Management's representation 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, 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) Due to Disclaimer of opinion, no information is available regarding the

Management's representation, that, to the best of its knowledge and belief, no funds
(which are 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) Due to lack of information, we are unable to express an opinion on whether the
representations under sub-clause (i) and (ii) of Rule 11(e) as outlined in (a) and (b)

above contain any material misstatement. We disclaim any opinion regarding these
representations.

v. The Company has not declared or paid any Dividend during the year.

vi. We are unable to examine whether, the company has used accounting software for
maintaining its books of account for the financial year ended March 31, 2024 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 except
that, audit trail feature was not enabled at database level for accounting software to
log any direct data changes.

Date: 05/09/2024 For M A A K & Associates

Place: Ahmedabad (Chartered Accountants).

UDIN: 24133926BKCJUO8922 FRN: 135024W

Marmik G. Shah

Partner

M. No.: 133926