1 We have audited the accompanying standalone financial statements of HRS
ALUGLAZE LIMITED [FORMERLY KNOWN AS HRS ALUGLAZE PRIVATE
LIMITED] (the 'Company') which comprise the Balance Sheet as at 31^st March, 2025,
the Statement of Profit and Loss, the Cash Flow Statement for the year then ended and
a summary of the significant accounting policies and other explanatory information.

2. 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 accounting Principles generally accepted in India of
the state of affairs of the Company as at 31st March, 2025 and its profit and its cas
flows for the year ended on that date.

BASIS FOR OPINION

3. We conducted our audit in accordance with the Standards on Auditing 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 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 (ICA1
together with the ethical requirements that are relevant to our audit of the 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.

KEY AUDIT MATTERS

4 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 FINANCIAL STATEMENTS AND AUDITOR'S

REPORT THEREON

5. The Company's Board of Directors is responsible for the other information. The other
information comprises the information included in the Annual Report, but does not
include the financial statements and our auditor's report thereon. The Annual Report is
expected to be made available to us after the date of this auditor's report.

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

In connection with our audit of the financial statements, our responsibility is to read
the other information identified above when it becomes available and, in doing so,
consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated.

When we read the Annual Report, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance
and seek legal advice for further course of action.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH

GOVERNANCE FOR THE FINANCIAL STATEMENTS

6. 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 state of affairs (financial position), profit
or loss (financial performance) and cash flows of the Company in accordance with the
accounting Principles generally accepted in India 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 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 financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

7. In preparing the 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.

8. Those Board of Directors are also responsible for overseeing the company's financial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL

STATEMENTS

9. 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 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 Standards on Auditing 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.

10. 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 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 explaining 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 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 financial
statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.

11. We communicate with those charged with governance regarding, among

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

12. 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.

13. 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 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

14. As required by the Companies (Auditor's Report) Order, 2020 (the 'Order') issued by
the Central Government of India in terms of Section 143(11) of the Act, we give in the
"Annexure A", a statement on the matters specified in paragraphs 3 and 4 of the Order.

15. Further to our comments in Annexure A, 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 standalone financial statements 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
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 and taken on
record by the Board of Directors, none of the directors is disqualified as on 31st

March, 2025 from being appointed as a director in terms of Section 164(2) of the Act;

f) We have also audited the internal financial controls over financial reporting (IFCoFR)

of the Company as on 31^st March, 2025 in conjunction with our audit of the
standalone financial statements of the Company for the year ended on that date and
our report as per "Annexure B" expressed an unmodified opinion;

g) 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 does not have any pending litigations which would impact its financial

position.

ii. The Company did not have any long-term contracts including derivative

for which there were any material foreseeable losses.
iii There were no amounts which were required to be transferred to

Education and Protection Fund by the Company.

iv. The management has represented that, to the best of their 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 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;

v. The management has represented, that, to the best of their 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 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;

vi. Based on such audit procedures that we have 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 (iv) and (v) above contain any material
mis-statement.

vii. The company has not declared any dividend during the year.

viii. Based on our examination, the Company has used accounting software for
maintaining its books of account, which has a feature of recording audit trail (edit
log) facility and that has operated throughout the year, for all relevant transactions
recorded in the software. Further, during the course of our audit, we did not notice
any instance of the audit trail feature being tampered with.

For, SHAH & PATEL

Chartered Accountant

FRN No. 124743w

NIMESH N.SHAH

Partner
M. No. 111329

UDIN: 25111329BMLIHM7599
Place: Ahmedabad
Date: 30-04-2025