We have audited the accompanying Standalone Ind AS
financial statements of Primo Chemicals Ltd ("the Company"),
which comprise the Standalone Balance Sheet as at March 31,
2025, the Standalone Statement of Profit and Loss (including
the Standalone statement of Other Comprehensive Income),
the Standalone Statement of Changes in Equity and the
Standalone Cash Flow Statement for the year ended on that
date, and a summary of the significant accounting policies and
other explanatory information (hereinafter referred to as "the
Standalone Ind As financial statements")

In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid Standalone Ind
AS 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, the profit and total
comprehensive income, changes in equity and its cash flows
for the year ended on that date.

Basis for Opinion

We have conducted our audit of the Standalone Ind AS
financial statements in accordance with the Standards on
Auditing specified under section 143(10) of the Act (SAs). 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 (ICAI) together with the independence requirements that
are relevant to our audit of the Standalone Ind AS 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
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.

Management's Responsibility for the Standalone
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 Standalone
Ind AS 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 accounting principles generally
accepted in India, including the Indian Accounting Standards
(Ind AS) specified under section 133 of the Act., read with Rule
7 of the Companies (Accounts) Rules, 2014 and the Companies
(Indian Accounting Standards) Rules, 2015, as amended.
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 the 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 Ind AS 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 Responsibility 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.

An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the
accounting estimates made by the Company's Directors, as
well as evaluating the overall presentation of the Standalone
Ind AS financial statements. 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.

Report on Other Legal and Regulatory
Requirements

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" statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

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 Balance Sheet, Profit and Loss statement including
the Statement of 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 Standalone Ind AS financial
statements comply with the Accounting Standards
specified under section 133 of the Act, read with Rule 7
of the Companies (Accounts) Rules, 2014, Companies
(Indian Accounting Standards) Rules, 2015, as amended;

e) On the basis of written representations received from the
directors as on March 31,2025, and taken on record by the
Board of Directors, none of the directors of the company 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 over financial reporting of the Company and
the operating effectiveness of such controls, refer to our
separate Report in "Annexure B" to this report;

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) Based on our examination, which included test checks, the
Company has used accounting software's 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 operated throughout the
year for all relevant transactions recorded in the software.
Further, during our audit we did not come across any
instance of the audit trail feature being tampered with.

i) In accordance with proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014 and as required under Rule 11(g)
of the Companies (Audit and Auditors) Rules, 2014
company had preserved audit trail as per the statutory
requirements for record retentions.

j) 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
litigation on its financial position in its Standalone
Ind AS 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 amount which were 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 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, 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, to
the best of its knowledge and belief, 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 entities ("Funding Parties"),
with the understanding, whether recorded in
writing or otherwise, that the Company shall,
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 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 (a) and (b) above,
contain any material misstatement.

For S Tandon & Associates LLP

Chartered Accountants
ICAI Firm Registration Number 006388N/N500433
ICAI UDIN: 25518893BMKRPV5241

Sd/-

Nipun Rastogi

Place of Signature: Chandigarh Partner

Date: May 30, 2025 Membership No 518893