We have audited the Standalone Ind AS Financial Statements of
Asahi India Glass Limited ("the Company"), which comprise the
Balance Sheet as at 31^st March, 2025, the Statement of Profit and
Loss, Statement of Changes in Equity and Statement of Cash Flows
for the year then ended, and notes to the Financial Statements,
including a summary of material accounting policies and other
explanatory information.

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 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 31^st March, 2025 and its Profit,
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 Companies

Act, 2013. Our responsibilities under those Standards are further
described in the Auditors' 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 together
with the ethical requirements that are relevant to our audit of the
Standalone Ind AS Financial Statements under the provisions of
the Companies Act, 2013 and the Rules there-under, 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

Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
Standalone Ind AS Financial Statements of the current period.
These matters were addressed in the context of our audit of the
Standalone Ind AS 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.

The Key Audit Matters

Management's Responsibility for the Standalone Ind
AS 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,
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) 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 judgements 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 Ind AS Financial Statements that give a true and
fair view and are free from material mis-statement, whether due
to fraud or error.

In preparing the Standalone Ind AS 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.

Auditors' Responsibilities for the Audit of the
Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether
the Standalone Ind AS Financial Statements as a whole are free
from material mis-statement, whether due to fraud or error, and
to issue an auditors' 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 mis-statement when it exists. Mis-statements 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
Ind AS Financial Statements.

As part of an audit in accordance with SAs, we exercise professional
judgement and maintain professional skepticism throughout the
audit. We also:

Identify and assess the risks of material mis-statement of
the Standalone Ind AS 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 mis-statement 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 Companies
Act, 2013, 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 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 auditors' report to
the related disclosures in the Standalone Ind AS Financial
Statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence
obtained upto the date of our auditors' 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 Ind AS Financial Statements, including the
disclosures and whether the Standalone Ind AS 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 Ind AS Financial
Statements of the current period and are therefore the key audit
matters. We describe these matters in our auditors' 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 outway the public interest benefits of such communication.

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 Companies
Act, 2013, we give in the "Annexure A", 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.

c) The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income and the
Cash Flow Statement 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 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 31^st March, 2025 taken on
record by the Board of Directors, none of the directors
is disqualified as on 31^st March, 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".

g) In our opinion and according to the information and
explanations given to us, the remuneration paid by
the Company to its directors during the current year
is in accordance with the provisions of Section 197 of
the Act. The remuneration paid to any director is not in
excess of the limit laid down under Section 197 of the
Act. The Ministry of Corporate Affairs has not prescribed
other details under Section 197(16) which are to be
required to be commented upon by us.

h) With respect to the other matters to be included in
the Auditors' 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 Ind AS
Financial Statements - refer Note 37 to 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 were no amounts which were 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, other than
as disclosed in the Notes to the Accounts,
no funds have been advanced or loaned
or invested (either from borrowed funds or
share premium or any other source 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 intermediaries 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, other than
as disclosed in the Notes to the Accounts, 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 and

c) 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 (i) and (ii)
contain any material mis-statement.

v) The dividend declared/paid during the year by the
Company is in compliance with Section 123 of the
Companies Act, 2013.

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 31^st March, 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. Additionally,
the audit trail has been preserved by the Company
as per the statutory requirements for record
retention.

For V S S A & Associates

Chartered Accountants
{Firm Registration No 012421N}

Place : New Delhi (CA Samir Vaid)

Dated: 14^th May, 2025 Partner

UDIN: 25091309BMJQCK3566 Membership No. 091309