We have audited the Standalone Financial Statements of Kuantum
Papers Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2025, the statement of Profit and Loss, including the
statement of other Comprehensive Income, Cash Flow Statement
and the Statement of Changes in Equity for the year then ended,
and notes to the financial statements, 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 ("Ind AS")
prescribed under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended and other
accounting principles generally accepted in India, of the state
of affairs of the Company as at March 31, 2025, the profit, total
comprehensive income, changes in equity and its cash flows for
the year ended on that date.

Basis of Opinion

We conducted our audit in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Companies

Act, 2013. 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 together with the
ethical requirements that are relevant to our audit of the Financial
Statements under the provisions of the Companies Act, 2013 and
the Rules thereunder, and we have fulfilled our other 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 for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, 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.

Description of Key Audit Matters

Other Information

The Company's Board of Directors is 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.

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 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.

Responsibilities of Management and Those Charged
with Governance for the 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 Financial Statements that give
a true and fair view of the financial position, financial performance
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) specified under section 133 of the Act read
with the Companies (Indian Accounting Standards) Rules,2015,
as amended. 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 Standalone Financial
Statements 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, the Board of
Directors 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 the 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.

Auditor's Responsibilities for the Audit of the 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
judgment and maintain professional skepticism throughout the
audit. We also:

1. 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.

2. 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.

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

4. 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.

5. 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 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 auditors' 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 section 143(3) of the Act, we report that:

(a) We have 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, 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, the Statement of Profit and Loss
including the Statement of 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 Standalone Financial
Statements comply with the Accounting Standards
specified under Section 133 of the Act, read with
Companies (Indian Accounting Standards) Rules,
2015, as amended.

(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 is
disqualified as on March 31, 2025 from being appointed
as a director in terms of sub-section (2) of section
164 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 our separate Report in "Annexure I". 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 the requirements
of section 197(16) of the Act, as amended:

In our opinion and according to the information and
explanations given to us, the remuneration paid by the
company to its directors during the current 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. Refer Note 36 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,
requiring provision in the financial statements.

iii. There has been no delay in transferring amounts,
required to be transferred during the year, to
the Investor Protection and Education 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,
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. 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 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. The final dividend proposed in the previous year,
declared and paid by the Company during the year
is in accordance with Section 123 of the Act, as
applicable. As stated in Note 41 to the standalone
financial statements, the Board of Directors of
the Company have proposed final dividend for
the year which is subject to the approval of the
members at the ensuing Annual General Meeting.
The dividend declared is in accordance with
section 123 of the Act to the extent it applies to
declaration of dividend.

vi. Based on our examination which included test
checks, the Company, in respect of financial
year commencing on 01 April 2024, has used an
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 tampered with
in respect of the accounting software where such
feature is enabled.

Additionally, the audit trail has been preserved by
the company as per the statutory requirements for
record retention.

2. As required by The Companies (Auditor's Report) Order, 2020',

issued by the Central Government of India in terms of sub¬
section (11) of section 143 of the Act (hereinafter referred to as
the "Order"), and on the basis of such checks of the books and
records of the Company as we considered appropriate and
according to the information and explanations given to us, we
give in "Annexure II" a statement on the matters specified in
paragraphs 3 and 4 of the said Order, to the extent applicable.

For O P BAGLA & CO LLP

CHARTERED ACCOUNTANTS
Firm Regn No. 000018N/N500091

(ATUL BAGLA)

PARTNER

PLACE : CHANDIGARH M No. 91885

DATED : 20th May 2025 UDIN : 25091885BMLCNO8511