We have audited the accompanying Standalone
Financial Statements of Control Print Limited (“the
Company”), which comprise the Standalone Balance
Sheet as at March 31, 2025, the Standalone Statement
of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Changes in Equity
and the Standalone Cash Flow Statement for the year
ended on that date and notes to 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
prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015,
as amended, (“Ind AS”) and accounting principles
generally accepted in India, of the state of affairs of the
Company as at 31st March 2025, total comprehensive
income (comprising of profit and other comprehensive
income), the changes in equity and its cash flow 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
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 (‘ICAI’) together with
ethical requirements that are relevant to our audit of the
standalone 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 Code of Ethics. We believe
that the audit evidence that we have obtained is sufficient
and appropriate to provide a basis for our audit 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. We have
determined the matters described below to be the key
audit matters to be communicated in our report.

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITOR’S REPORT
THEREON

The Company’s Board of Directors are responsible for 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 and Sustainability Report,
Corporate Governance and Shareholder’s Information,
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
standalone 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.

MANAGEMENT’S RESPONSIBILITY FOR THE
STANDALONE FINANCIAL STATEMENTS

The Company’s Board of Directors are 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, financial performance (including other
comprehensive income), changes in equity and cash
flow of the Company in accordance with the accounting
principles generally accepted in India, including the

Indian Accounting Standards (Ind AS) prescribed
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 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.

The 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 Standards
on Auditing, we exercise professional judgment and
maintain professional skepticism throughout the audit.
We also:

• 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.

• 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 explaining our opinion
on whether the Company has an 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 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.

• 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.

OTHER MATTERS

We did not audit the financial statements of Colombo
(Sri Lanka) Branch included in the standalone financial
statements whose financial statements reflect total
assets of Rs. 170.75 Lakhs as at 31st March 2025 and
total revenues of Rs. 125.25 Lakhs, total net loss after
tax Rs. 18.68 Lakhs, total comprehensive loss of Rs. 18.68
Lakhs for the year ended on that date, and net cash
outflow of Rs. 1.18 Lakhs for the year ended 31st March
2025 as considered in the audited financial statements.
The financial statements of above branch have been
audited by another independent auditor in accordance
with the regulations of that country, whose report has
been furnished to us, and our opinion on the standalone
financial statements, to the extent it has been derived
from such audited financial statements is based solely
on the report of such other auditor.

Our opinion is not modified in respect of this matter.

REPORT ON OTHER LEGAL AND REGULATORY

REQUIREMENTS

1. As required by the Companies (Auditors’ 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’ statement on the matters specified in the
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 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 it appears from our
examination of those books.

c. The reports on the accounts of the branch
office of the Company audited under Section
143(8) of the Act by branch auditors have been
sent to us and have been properly dealt with
by us in preparing this report.

d. The Balance Sheet, Statement of Profit and
Loss (including other comprehensive income),
the Statement of Changes in Equity and the
Cash Flow Statement dealt with in this Report
are in agreement with the books of accounts.

e. In our opinion, the aforesaid standalone
financial statements comply with the Indian
Accounting Standards (Ind AS) specified under
Section 133 of the Act.

f. 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.

g. With respect to the adequacy of the internal
financial controls with respect to these
standalone financial statements and the
operating effectiveness of such controls, refer
to our separate report in Annexure ‘B’.

h. 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.

i. 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:

a. The Company has disclosed the impact
of pending litigation as at March 31, 2025
on its financial position in its standalone
financial statements - Refer Note 47 (C)
to the standalone financial statements.

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

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 ended
March 31, 2025.

d. (i) The Management has represented

that, to the best of its knowledge and
belief, no funds 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 persons or entities, including
foreign entities (“Intermediaries”),
with the understanding, whether
recorded in writing or otherwise,
that the Intermediary shall directly
or indirectly lend or invest in other
persons or entities identified in any
manner whatsoever (“Ultimate
Beneficiaries”) by or on behalf of the
Company or provide any guarantee,
security or the like to or on behalf of
the Ultimate Beneficiaries.

(ii) The Management has represented,
that, to the best of its knowledge
and belief, no funds have been
received by the Company from any
persons or entities, including foreign
entities (“Funding Parties”), with the

e. The Final Dividend proposed in the
previous year, declared and paid by
the Company during the year and the
Interim Dividend declared and paid by the
Company during the year is in compliance
with section 123 of the Companies Act,
2013.

f. Based on our examination, which included
test checks, the Company has used
accounting software for maintaining
its books of account for the year ended
March 31, 2025, 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 the audit trail feature being
tampered with and the same has been
preserved by the Company for the year
ended March 31, 2025.

For Jhawar Mantri & Associates

Chartered Accountants
Firm Registration Number: 113221W

Vinayak Mantri

Partner

Membership No. 153459
UDIN: 25153459BMOAJS2582

Place: Navi Mumbai
Date: 23-May-2025