Paramount Dye Tec Ltd Auditor Reports

1. The Companys Board of Directors is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis Report, Business
Responsibility and Sustainability Report, Directors Report including Annexures to the Directors
Report and Corporate Governance Report.

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

3. 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.

4. 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.

The Companys Board of Directors is responsible for the matters stated in section 134(5) of 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, cash flows and changes in equity of
the Company in accordance with the AS and other accounting principles generally accepted in India. This
responsibility also includes 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 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 statement 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 Companys 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.

The Companys Board of Directors are also responsible for overseeing the Companys financial reporting
process.

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 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
scepticism throughout the audit. We also:

1. 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.

2. 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
with reference to financial statements 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 the management.

4. Conclude on the appropriateness of managements 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 Companys ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 auditors
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 financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the 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 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.

1. As required by Section 143(3) of the Act, based on our audit 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, 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 financial statements comply with the AS specified under Section 133 of
the Act.

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 is 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 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 A". Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Companys internal financial controls with reference to financial statements.

g. With respect to the other matters to be included in the Auditors 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 Auditors 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:

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

• There is no amount which has been transferred to the Investor Education and Protection
Fund by the Company.

i. Management Representation:

• The Management has represented that, to the best of its knowledge and belief, the
Company is responsible for the Completeness and accuracy of the underlying data and
complete disclosure of all material and relevant information to the accountant.

• The Management has represented that, to the best of its knowledge and belief, the
Company is responsible for maintaining adequate accounting and other records and
internal controls and selecting and applying appropriate accounting policies.

• The Management has represented that, to the best of its knowledge and belief, the
Company is responsible for establishing controls to safeguard the assets of the entity and
preventing and detecting frauds or other irregularities.

• The Management has represented that, to the best of its knowledge and belief, the
Company is responsible for the physical verification of stock as on date and also the
valuation of the stock as on date.

• The Management has represented that, to the best of its knowledge and belief, the
Company is responsible for establishing controls for ensuring that the activities of the entity
are carried out in accordance with the applicable laws and regulations and preventing and
detecting any non-compliance.

• The Management has represented that, to the best of its knowledge and belief, the
Company is responsible for the accuracy of the Balance Sheet and the Profit & Loss account
and any other reports & books of accounts are responsibility of the management of the
firm. Further, our engagement cannot be relied upon to disclose whether frauds or
defalcations, or illegal acts exist. However, we will inform you of any such matters which
might come to our attention in the course of the engagement.

2. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central
Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters
specified in paragraphs 3 and 4 of the Order.

(Referred to in paragraph 1(f) under Report on Other Legal and Regulatory Requirements section of our
report of even date)

We have audited the internal financial controls with reference to financial statements of Paramount Dye Tec
Limited ("the Company") as of March 31, 2025 in conjunction with our audit of the Ind AS financial
statements of the Company for the year ended on that date.

The Companys management is responsible for establishing and maintaining internal financial controls with
reference to financial statements based on the internal control with reference to financial statements criteria
established by the Company considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India. These responsibilities include the design, implementation and maintenance of
adequate internal financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to companys policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Our responsibility is to express an opinion on the Companys internal financial controls with reference to
financial statements of the Company based on our audit. We conducted our audit in accordance with the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued
by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section
143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls with
reference to financial statements. Those Standards and the Guidance Note require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls with reference to financial statements was established and maintained
and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls with reference to financial statements and their operating effectiveness. Our audit of
internal financial controls with reference to financial statements included obtaining an understanding of
internal financial controls with reference to financial statements, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion on the Companys internal financial controls with reference to financial statements.

Meaning of Internal Financial Controls with reference to financial statements

A companys internal financial control with reference to financial statements is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with Accounting Standards. A companys internal financial
control with reference to financial statements includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with accounting standards, and
that receipts and expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a
material effect on the financial statements.

Because of the inherent limitations of internal financial controls with reference to financial statements,
including the possibility of collusion or improper management override of controls, material misstatements
due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal
financial controls with reference to financial statements to future periods are subject to the risk that the
internal financial control with reference to financial statements may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, to the best of our information and according to the explanations given to us, the Company
has, in all material respects, an adequate internal financial controls with reference to financial statements
and such internal financial controls with reference to the financial statements were operating effectively as
at March 31, 2025, based on the criteria for internal financial control with reference to financial statements
established by the Company considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.

(Referred to in paragraph 2 under Report on Other Legal and Regulatory Requirements section of our report
of even date)

In terms of the information and explanations sought by us and given by the Company and the books of
account and records examined by us in the normal course of audit and to the best of our knowledge and
belief, we state that:

I. (a) The Company has maintained proper records showing full particulars, including quantitative details
and situation of Property, Plant and Equipment, capital work-in-progress and relevant details of right-
of-use assets.

(b) The Company have an adequate program of verification of property, plant and equipment.
Pursuant to the program, certain Property, Plant and Equipment were due for verification during the
year and were physically verified by the Management during the year. According to the information and
explanations given to us, no material discrepancies were noticed on such verification.

(c) Based on the examination of the registered sale deed / transfer deed / conveyance deed / court
order provided to us, we report that, the title deeds of all the immovable properties of land and buildings
(other than properties where the Company is the lessee and the lease agreements are duly executed in
favour of the Company) disclosed in the financial statements included in property, plant and equipment,
are held in the name of the Company as at the balance sheet date. Immovable properties of land whose
title deeds have been pledged for obtaining credit facility extended to the company as security are held
in the name of the Company based on the confirmations directly received by us from "Axis Bank Limited"
(custodian) on behalf of term and consortium lenders.

(d) The Company has not revalued any of its property, plant and equipment (including Right of Use
assets) and intangible assets during the year.

(e) No proceedings have been initiated during the year or are pending against the Company as at
March 31, 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988
(as amended in 2016) and rules made thereunder.

II. The inventories have been valued and certified by the management, the valuation of inventories
involves certain estimates and judgements regarding quantities, Net Realisable Value and
obsolesce. We were unable to verify the same by alternative means. Accordingly, we have relied
upon the Management Representations for determining the quantities and Valuation appearing in
the financial statements.

III. The Company has provided guarantee or security and granted advances in the nature of loans, secured
or unsecured, to companies, firms, Limited Liability Partnerships or any other parties during the year.
The company has not made any investments in and granted loans to employees, secured or unsecured,
to companies, firms, Limited Liability Partnerships or any other parties during the year.

IV. According to information and explanation given to us, the Company has not granted any loans, made
investments or provided guarantees or securities that are covered under the provisions of sections 185
or 186 of the Companies Act, 2013, and hence reporting under clause (iv) of the Order is not applicable.

V. The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence,
reporting under clause (v) of the Order is not applicable.

VI. The Company is not obligated for maintenance of cost records as been specified by the Central
Government under section 148(1) of the Companies Act, 2013.

VII. In respect of statutory dues:

According to the information and explanations given to us, there is no amounts payable in respect of
income tax, Wealth Tax, Goods and Service tax, Provident Fund, Employees State Insurance, Sales Tax,
duty of Custom, duty of Excise, Value Added Tax, cess and other material statutory dues applicable to
the Company have generally been regularly deposited by it with the appropriate authorities except as
under:

VIII. There were no transactions relating to previously unrecorded income that were surrendered or disclosed

as income in the tax assessments under the Income Tax Act, 1961 (43 of 1961) during the year.

IX. Loan Repayments

(a) In our opinion, the Company has not defaulted in the repayment of loans or other borrowings
or in the payment of interest thereon to any lender during the year.

(b) The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.

(c) To the best of our knowledge and belief, in our opinion, term loans availed by the Company
were, applied by the Company during the year for the purposes for which the loans were
obtained.

(d) On an overall examination of the financial statements of the Company, funds raised on short-
term basis have, prima facie, not been used during the year for long-term purposes by the
Company.

(e) The Company has not made any investment in or given any new loan or advances to any of its
subsidiaries, associates or joint ventures during the year and hence, reporting under clause
(ix)(e) of the Order is not applicable.

(f) The Company has not raised loans during the year on the pledge of securities held in its
subsidiaries or joint ventures or associate companies.

X. (a) The Company has raised moneys by way of initial public offer or further public offer (including
debt instruments) during the year and hence reporting under clause (x)(a) of the Order is applicable and
working is as under: -

(b) The company has not made any preferential allotment or private placement of shares or convertible
debentures (fully, partially or optionally convertible) during the year.

XI. (a) To the best of our knowledge, no fraud by the Company and no material fraud on the Company has
been noticed or reported during the year.

(b) To the best of our knowledge, no report under subsection (12) of section 143 of the Companies Act
has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014
with the Central Government, during the year and upto the date of this report:

XII. The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not
applicable.

XIII. In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, where
applicable, for all transactions with the related parties and the details of related party transactions have
been disclosed in the financial statements etc. as required by the applicable accounting standards

XIV. (a) In our opinion the Company has an adequate internal audit system commensurate with the size
and the nature of its business.

XV. In our opinion during the year the Company has not entered into any non-cash transactions with its
directors or persons connected with its directors and hence provisions of section 192 of the Companies
Act, 2013 are not applicable to the Company.

XVI. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
Hence, reporting under clause (xvi)(a), (b) and (c) of the Order is not applicable.

The Group does not have any CIC as part of the group and accordingly reporting under clause (xvi)(d) of
the Order is not applicable.

XVII. The Company has not incurred cash losses during the financial year covered by our audit and the
immediately preceding financial year.

XVIII. There has been no resignation of the statutory auditors of the Company during the year.

XIX. On the basis of the financial ratios, ageing and expected dates of realization of financial assets and
payment of financial liabilities, (Asset Liability Maturity (ALM) pattern) other information accompanying
the financial statements and our knowledge of the Board of Directors and Management plans and based
on our examination of the evidence supporting the assumptions, nothing has come to our attention,
which causes us to believe that any material uncertainty exists as on the date of the audit report
indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as
and when they fall due within a period of one year from the balance sheet date. We, however, state that
this is not an assurance as to the future viability of the Company. We further state that our reporting is
based on the facts up to the date of the audit report and we neither give any guarantee nor any
assurance that all liabilities falling due within a period of one year from the balance sheet date, will get
discharged by the Company as and when they fall due.

XX. (a) To respect of other than ongoing projects, the Company does not have any unspent Corporate
Social Responsibility (CSR) amount which is required to be transfer to a Fund specified in Schedule VII to
the Companies Act, 2013 before the date of this report and within a period of six months of the expiry
of the financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act.