We have audited the standalone financial statements of Haldyn Glass Limited ["the Company"], which comprise the Standalone
Balance Sheet as at March 31, 2025, the Standalone Statement of Profit and Loss including the Other Comprehensive Income,
Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows for the year then ended, and notes to
standalone financial statements, including a summary of material accounting policies and other explanatory information [hereinafter
referred to as "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, as amended ["the Act"] in the manner so required and give a
true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as
at March 31,2025, its profit including other comprehensive income, changes in equity and its cash flows 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], 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 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 Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our 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 for the financial year ended March 31,2025. 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.

Other Information

The Company’s Board of Directors is responsible for the other information. The other information comprises the information included
in the Company’s Annual Report which consist of the Board of Director’s Report [including Management Discussion and Analysis
and annexures thereto], the Corporate Governance Report [collectively referred to as "other information"] but does not include the
standalone financial statements and our auditor’s report thereon. These reports are expected to be made available to us after the
date of our auditor’s report.

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 in the audit or otherwise appears to be materially misstated.

When we read the other information, if we conclude that there is a material misstatement therein, we are required to communicate
the matter to those charged with governance and make other appropriate reporting as prescribed.

Management's Responsibilities for the Standalone Financial Statements

The Company’s Board of Directors is 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 flows of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards [Ind AS] specified under Section 133 of the Act, read with
the Companies [Indian Accounting Standard] Rules, 2015, as amended. 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 is 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
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 SAs, we exercise professional judgment and maintain professional skepticism throughout the
audit. We also:

Ý 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.

Ý Obtain an understanding of internal 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 the standalone financial statements in place and the operating
effectiveness of such controls.

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

Ý 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.

Ý 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.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably knowledgeable user of the standalone 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 standalone 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 standalone financial statements for the financial year ended March 31, 2025 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 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 1" 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 except for the matter stated in the paragraph 2[i][vi] below on reporting under Rule 11[g] of the
Companies [Audit and Auditors] Rules, 2014.

[c] The Standalone Balance Sheet, the Standalone Statement of Profit and Loss including the Other Comprehensive Income,
the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt with by this Report are
in agreement with the books of account.

[d] In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified
under Section 133 of the Act, read with Companies [Indian Accounting Standards] Rules, 2015, as amended.

[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] The modifications relating to the maintenance of accounts and other matters connected therewith are as stated in the
paragraph 2[b] above on reporting under Section 143[3][b] of the Act and paragraph 2[i][vi] below on reporting under Rule
11[g] of the Companies [Audit and Auditors] Rules, 2014.

[g] With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure 2".

[h] With respect to the 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 managing director and whole time director is within the limit as approved by the
shareholders by way of special resolution in the meeting dated September 13, 2023 passed in accordance with section
197 read with Schedule V 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, as amended, in our opinion and to the best of our knowledge and as per information and
explanations given to us:

i. The Company has disclosed the impact of pending litigations as at March 31, 2025 on its financial position in its
standalone financial statements - Refer Note 34 [A] and 40 of the standalone 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 delays in transferring amounts, required to be transferred, to the Investor Education and Protection
Fund by the Company.

iv. a. 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 kinds 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.

b. The management has represented that, to the best of its knowledge and belief, no funds 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, 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.

c. Based on such audit procedures performed that we consider reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause [iv] [a]
and [iv] [b] contain any material misstatement.

v. The final dividend proposed with respect to the previous year, declared and paid by the Company during the year is in
compliance with section 123 of the Act, as applicable.

As stated in Note 14.1 [e] of the standalone financial statements, the Board of Directors of the Company has proposed
a final dividend for the year ended March 31, 2025, which is subject to the approval of the members in the ensuing
Annual General Meeting. The amount of the dividend proposed is in accordance with section 123 of the Act to the
extent it applies to the declaration of dividend.

vi. Based on our examination, which included test checks, the Company has used 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 operated throughout the year for all relevant transactions recorded in the software except
that audit trail feature was not enabled at the database level for accounting software to log any direct data changes.

Further, during the course of our audit, we did not come across any instance of audit trail feature being tampered
with, in respect of accounting software for the period for which the audit trail feature was enabled and operating. The
audit trail has been preserved by the Company as per the statutory requirements for record retention except where
the audit trail at database level was not enabled in the previous year.

For KNAV & CO. LLP

Chartered Accountants
[Firm Registration No. 120458W/W100679]

Samir Parmar

Partner

Date: May 29, 2025 M. No. 113505

Place : Mumbai UDIN : 251 13505BMIZII9983