We have audited the accompanying financial statements of
Sundaram Multi Pap Limited (“the Company”), which comprises
of the Balance Sheet as at 31st March, 2025, the Statement of Profit
and Loss (including Other Comprehensive Income), the Statement
of Changes in Equity and the Statement of Cash Flows for the year
ended on that date, and a summary of the significant accounting
policies and other explanatory information (hereinafter referred
to as "the 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, as
amended ("the Act") in the manner so required and give a true
and fair view, except for the effects of matter described in the Basis
for Qualified Opinion paragraph below, in conformity with the
accounting principles generally accepted in India, of the state of
affairs of the Company as at 31st March, 2025 its Profit including
other comprehensive income, its cash flows and the changes in
equity for the year then ended.

Basis for Qualified Opinion

We conducted our audit of the standalone Ind AS financial
statements in accordance with the Standards on Auditing(SAs),
as 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 Ind AS 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
ICAI’s Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our
audit opinion on the standalone Ind AS financial statements

The balances of trade receivables are subject to confirmations,
reconciliation and consequential adjustments if any. Further,
inadequate provision has been made for trade receivables, which are
outstanding since long and are to be provided for.

ln view of above, we are unable to comment upon the resultant
impact of the above on the profit for the year, statement of changes
in equity, investment, loans and advances, trade receivables, trade
payables, current and non-current assets and liabilities, as at
Balance Sheet date.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the Ind AS
financial statements of the financial year ended March 31, 2025.
These matters were addressed in the context of our audit of the
Ind AS 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.

We have determined the matters described below to be the key
audit matters to be communicated in our report. We have fulfilled
the responsibilities described in the Auditor's responsibilities for
the audit of the Ind AS financial statements section of our report,
including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond
to our assessment of the risks of material misstatement of the
Ind AS financial statements. The results of our audit procedures,
including the procedures performed to address the matters below,
provide the basis for our audit opinion on the accompanying Ind
AS financial statements.

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

The Company's Board of Directors is responsible for the preparation
of the other information. The other information comprises the
information included in the Management Discussion and Analysis,
Board's Report including Annexures to Board's Report, Business
Responsibility Report, Corporate Governance and Shareholder's
Information, but does not include the financial statements and our
auditor's report thereon.

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 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.

Responsibility of Management for the Financial Statements

The Company's Board of Directors is responsible for the preparation
and presentation of these consolidated financial statements in term
of the requirements of the Companies Act,2013 ("the Act") that give
a true and fair view of the financial position, financial performance
and consolidated cash flows, and changes in equity of the Company
in accordance with the accounting principles generally accepted
in India, including the Accounting Standards specified under
Section 133 of the Act. The Board of Directors of the company
are responsible for maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding 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 the design, implementation and
maintenance of adequate internal financial controls, that were
operating effectively for ensuring 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, which
have been used for the purpose of preparation of the financial
statements by the Directors of the Company, as aforesaid.

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.

Auditor's 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
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 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 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.

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

• 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

1. As required by paragraph 3(xxi) of 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 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.

c. The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, Statement of
Changes in Equity and the Statement of Cash Flows 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 Ind AS 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^stMarch, 2025 taken on record by the
Board of Directors, none of the directors is disqualified as
on 31st March, 2025 from being appointed as a director in
terms of Section 164 (2) 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 B". 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 to the best of our information
and according to the explanations given to us, the
remuneration paid by the Company to its directors during
the 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, as amended
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.

ii. The Company did not have any long term contracts
including derivative contracts for which there were
any material foreseeable losses.

iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Company.

i. The management has represented that,

• no funds have been advanced or loaned or invested
by the Company to or in any other person(s) or
entities, including foreign entities ('Intermediaries"),
with the understanding that the intermediary shall
whether directly or indirectly lend or invest in other
persons or entities identified in any manner by or on
behalf of the Company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries.

• no funds have been received by the Company from
any person(s) or entities including foreign entities
('Funding Parties"), with the understanding that
such 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. Based on such audit
procedures performed as considered reasonable
and appropriate in the circumstances, nothing has
come to our notice that causes us to believe that the
representations under sub-clause (iv) contain any
material misstatement.

j. Based on our examination, which included test checks,
the Company has used an accounting software for
maintaining its books of account for the financial year
ended March 31, 2025 which has a feature of recording
audit trail (edit log) facility and the same has been
operating for all relevant transactions recorded in the
software after implementation of audit trail in accounting
software. Further, during the course of our audit we did
not come across any instance of the audit trail feature
being tampered with.

As proviso to Rule 3(1) ofthe Companies (Accounts) Rules,
2014 is applicable from April 1, 2023, 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 is not applicable for the
financial year ended March 31, 2025.

k. The dividend is not declared during the year by the
company.

For Ashok Shyam & Associates.

Chartered Accountants
Firm Reg. No. 011223N

FCA Deepak Khanna
Partner

Membership No.:083466
Place: Mumbai
Date: 22 May 2025
UDIN: 25083466BMUIMX2975