We have audited the accompanying standalone financial statements
of Garware Hi-Tech Films 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
Statement of Cash Flows for the year then ended and notes to the
standalone financial statements, including a summary of material
accounting policies and other explanatory information (herein after
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 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 conducted our audit 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 Auditors
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 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 that 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 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, Corporate Governance,
Business Responsibility and Sustainability report 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 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, changes in equity and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards
specified 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 the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate implementation and maintenance of
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 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.

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
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 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 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 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 the 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 Matter

The Audit of financial statements for the year ended March 31,2024 was
conducted by the one of the previous joint Statutory Auditors, and they
have issued an unmodified opinion vide their report dated May 29, 2024.

Our opinion on the financial results is not modified in respect of this matter

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 in terms of Section

143(11) of the Act, we give in “Annexure A” a statement on matters

specified in paragraphs 3 and 4 of the order.

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 Standalone Balance Sheet, the Standalone Statement
of Profit and Loss including Other Comprehensive Income,
Standalone Statement of Changes in Equity and the
Standalone Statement of Cash Flow 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 Rule 7 of the Companies
(Accounts) Rules, 2014;

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 director 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”; 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, we report that 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, 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 standalone
financial statements - Refer Note 28(a) to the standalone
financial statements;

ii. The Company has made provision, as required under
the applicable law or Indian accounting standard, for
material foreseeable losses, if any on long-term contracts
including derivative contracts.

iii. There has been no delay 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 (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 or entity, including foreign
entity (“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 (which are
material either individually or in the aggregate) have
been received by the Company from any person or
entity, including foreign entity (“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 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 (iv) (a) and (b) above, contain any
material misstatement.

v. The dividend declared or paid by the Company during
the year is in compliance with Section 123 of the Act, as
applicable.

vi. Based on our examination which included test checks
and in accordance with requirements of implementation
Guide on Reporting on Audit Trail under Rule 11(g)
of Companies (Audit and Auditors) Rules, 2014, the
Company has used accounting software for maintaining
its books of accounts 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 audit trail has been preserved by the company
as per the statutory requirements for record retention and
during the course of our audit we did not come across any
instance of audit trail feature being tampered with.

For V Sankar Aiyar & Co. For Kirtane & Pandit LLP

Chartered Accountants Chartered Accountants

FRN 109208W FRN: 105215W/W100057

Asha Patel Aditya A. Kanetkar

Partner Partner

M.No.: 166048 M.No.:149037

Place: Mumbai Place: Mumbai

Date : May 14,2025 Date : May 14,2025

UDIN : 25166048BMKNOD7063 UDIN : 25149037BMLLGU4814