We have audited the accompanying Standalone financial
statements of JK Paper Limited ("the Company"), which
comprise the Standalone Balance Sheet as at 31^st March 2025,
the Standalone Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity
and the Standalone Statement of Cash Flows for the year then
ended, and notes to the financial statements, including a
summary of material accounting policies and other explanatory
information (herein after referred to as "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^st
March, 2025, its Profit (including Other 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 standalone financial statements
in accordance with the Standards on Auditing (SAs) 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 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
standalone 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 Institute of Chartered Accountant of India's (ICAI) 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 standalone financial statements.

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.

Information Other than the Financial Statements
and Auditor's Report Thereon

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.

Responsibility of Management and Those
Charged with Governance for the Standalone
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 these standalone financial

statements that give a true and fair view of the financial position/
state of affairs, financial performance, 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. 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, 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 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
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 judgment and maintain professional skepticism
throughout the audit. We also:

Ý I dentify 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.

Ý 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.

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

Ý 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 ability of the Company 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.

Ý 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.

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.

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.

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 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 paragraph 2(h)(vi) below on
reporting under Rule 11(g) of The Companies (Audit
and Auditors) Rules, 2014 (as amended) ("the rules")

c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss including other
comprehensive income, the Standalone Statement of
Changes in Equity and the Statement of Cash Flows
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
Companies Act, 2013, 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^st March, 2025 taken on
record by the Board of Directors, none of the directors
is disqualified as on 31^st March, 2025 from being
appointed as a director in terms of Section 164 (2) of
the Act.

f) With respect to the maintenance of accounts and
other matters connected therewith, reference is
made to our remarks in paragraph 2(h)(vi) below on
reporting under Rule 11(g) of the rules.

g) 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 B". Our report
expresses unmodified opinion on the adequacy and
operating effectiveness of the Company's internal
financial controls over financial reporting.

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
standalone financial statements - Refer Note No.
36 to the standalone financial statements;

ii. The Company has made provision, as required
under the applicable law or Indian accounting
standards, for material foreseeable losses, if any,
on long-term contracts including derivative
contracts;

iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company
during the year ended 31^st 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 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(s) or entity(ies), including
foreign entities ("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, no
funds (which are material either individually
or in aggregate) have been received by the
company from any person(s) or entity(ies),
including foreign entities ("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 such audit procedures that we have
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 (a) and (b)
above as required by Rule 11 (e) of Companies
(Audit & Auditors) Rules, 2014, as amended,
contain any material mis-statement.

v. (a) The dividend declared and paid during the

year by the Company is in compliance with
section 123 of the Companies Act, 2013.

(b) The Board of Directors of the Company have
proposed dividend for the year which is
subject to the approval of the members in
the ensuing General meeting. The amount
of dividend proposed is in accordance with
section 123 of the Act.

vi. Based on our examination which included test
checks and written representations received from
the management, the Company has used an
accounting software for maintaining its books of
accounts during the year ended 31^st March 2025,
which has a feature of recording audit trail (edit
log) facility and operated throughout the year
except (a) the audit trail feature was not enabled
for certain relevant tables at the application level;
and (b) change log is not enabled for certain
information during the year. Further, during
the course of audit we did not came across any

instance of audit trail feature being tempered
with and audit trail has been preserved by the
company as per the statutory requirements for
record retention.

i) In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid/provided by the Company to its
directors during the year is in accordance with the
provisions of Section 197 read with Schedule V to the
Act.

For LODHA & CO LLP

Chartered Accountants
FRN: 301051E/ E300284

(Shyamal Kumar)

Partner

Place: New Delhi Membership No. 509325

Date: 19^th May, 2025 UDIN: 25509325BMINTX6987