We have audited the accompanying Financial Statements of Star Paper Mills Limited ("the Company"), which comprise 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, and Notes to the Financial Statements, including a
summary of material accounting policies and Other Explanatory Notes for the year ended on that date (hereinafter referred to
as "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 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 March 31, 2025, its profits, total 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 (SAs) specified under section 143(10) of the Act.
Our responsibilities under those Standards are further described in the Auditors' Responsibility 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 ethical 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 Code of Ethics. We believe that the audit evidence obtained by
us is sufficient and appropriate to provide a basis for our audit opinion.

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 the
matters described below to be the key audit matters for incorporation in our report:

Information Other than the Financial Statements and Auditors' 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.

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

In connection with our audit of the 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
during the course of our 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 state of affairs (financial
position), Profit or Loss (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
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 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 also responsible for overseeing the Company's financial reporting process.

Auditors' Responsibility 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 auditors' 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 Standard on Auditing (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 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 financial 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;

• 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 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;
and

• 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.

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

I. 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.

II. Further to our comments in the annexure referred to in the paragraph above, 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 III(f) below on reporting under Rule 11(g)
of the Companies (Audit and Auditors) Rules, 2014, as amended from time to time;

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

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 (Indian Accounting Standards) Rules, 2015, as amended
from time to time;

e. On the basis of the written representations received from the directors as on March 31,2025 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 maintenance of accounts and other matters connected therewith, reference is invited to
paragraph II(b) above on reporting under section 143(3)(b) of the Act; and

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". Our report expresses
an modified opinion on the adequacy and operating effectiveness of the Company's internal control with reference
to financial statements.

III. With respect to the other matters to be included in the Auditors' Report in accordance with Rule 11 of the Companies
(Audit and Auditor's) Rules, 2014, as amended, in our opinion and to the best of our information and according to the
explanations given to us:

a. The Company has disclosed the impact of pending litigations on its financial position in its financial statements-
Refer Note no. 39 of the financial statements;

b. The Company did not have any material foreseeable losses against long-term contracts, including derivative
contracts and thereby requirement for making provision in this respect is not applicable to the company;

c. 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;

d. i) The Management has represented that, to the best of its knowledge and belief as disclosed in Note No.48 to the

financial statements, 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(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;

ii) The Management has represented, that, to the best of its knowledge and belief as disclosed in Note No.48 to the
financial statements, no funds (which are material either individually or in the aggregate) have been received by
the Company from any person(s) or entity(ies), 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; and

iii) 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 (i) and (ii) above, contain any material misstatement.

e. The dividend declared or paid during the year by the Company is in compliance with section 123 of the Act.

f. Based on our examination which included test checks, except for the instances mentioned below, the Company has
used accounting software for maintaining its books of account, which have a feature of recording audit trail (edit
log) facility and transactions recorded in the respective software as:

• Audit trail feature on data changes was enabled at application level of the accounting software. However,
while changing the master data only latest data is stored. Further audit trail in all cases, system saves User ID
and date except time.

• The feature of recording audit trail (edit log) facility has also been enabled at database level to log any direct
data changes for the accounting software.

Audit trail (edit log) facility was enabled and operated throughout the year for the accounting software and we did
not come across any instance of the audit trail feature being tampered with during the course of our audit.

As per proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1,2023 and reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the
statutory requirements for record retention, audit trail on data changes are maintained since the implementation of
the software.

IV. With respect to the reporting under Section 197 (16) of the Act to be included in the Auditors' Report, in our opinion and
according to the information and explanations given to us, the Remuneration (including Sitting fees) paid by the Company
to its Directors during the current year is in accordance with the provisions of Section 197 of the Act and is not in excess
of the limit laid down therein.

For Lodha & Co., LLP

Chartered Accountants
Firm's ICAI Registration No.:301051E/E300284

Place: Kolkata Vikram Matta

Date: May 29, 2025 Partner

Membership No:054087
UDIN: 25054087BMNWEQ7485