We have audited the accompanying Standalone Ind AS financial
statements of Nahar Industrial Enterprises Limited ("the
Company)” which comprise the Balance Sheet as at 31st March,
2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and
the Cash Flow Statement for the year then ended, and a summary
of material 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 31st
March, 2025, and its profit, total comprehensive income, its cash
flows and the changes in equity for the year ended on that date.
Basis for Opinion

We 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
ethical requirements that are relevant to our audit of the
Standalone Ind AS financial statements under the provisions of the
Act and the Rules made there under, 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 statement.

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 not come across with any key audit matter during the
audit.

Information other than the Financial Statements and Auditor's
Report thereon

The Company's Board of Directors are responsible for the other
information. The other information comprises the information
included in the Directors Report, including annexure thereto, Report
on Corporate Governance and Management Discussion & Analysis
Report, but does not include the Consolidated and Standalone Ind
AS Financial Statements and our auditor's report thereon.

Our opinion on the Standalone Ind AS 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 Ind AS 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 Ind AS 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 Ind AS
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 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 the cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Ind AS specified under
Section 133 of the Act read with 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 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 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.

Auditor's Responsibility for the Audit of 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 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 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 misstatement 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 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 with
reference to financial statements 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
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.

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 Ind AS 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 Ind AS 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 Ind AS 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

1. 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.

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 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, the Statement of Profit and Loss
including other comprehensive income, the Cash Flow
Statement, and the statement of changes in equity dealt
with by this Report are in agreement with the relevant
books of account;

d. In our opinion, the aforesaid Standalone Ind AS financial
statements comply with the Indian Accounting
Standards (Ind AS) specified under section 133 of the
Act;

e. On the basis of written representations received from
the directors as on 31st March, 2025 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. 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.

In our opinion and to the best of our information and
according to the explanations given to us, we report that
the managerial Remuneration for the year ended 31st
March, 2025 has been paid to its directors in accordance
with the provisions of section 197 and schedule V to 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, 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
litigations on its financial position in its Standalone
Ind AS financial statements.

ii. The Company do not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses.

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
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,
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 (Refer
Note 47(h) to the Standalone financial
statements);

(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 (Refer Note 47(i) to the
Standalone financial statements);

(c) Based on such 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 (a) and
(b) above, contain any material misstatement

v. Since the Company has not declared or paid any
dividend during the year, accordingly, commenting
on whether dividend declared or paid is in
accordance with Section 123 of the Companies
Act, 2013 is not applicable.

vi. Based on our examination which included test
checks, the Company has used accounting
software for maintaining its books of account
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 audit trail
feature being tampered with in respect of
accounting software and the audit trail has been
preserved by the company as per the statuary
requirements for record retention.

For K R AGGARWAL & ASSOCIATES

Chartered Accountants
FRN NO: 030088N

Vivek Aneja

Place: Ludhiana (Partner)

Dated: 30th May, 2025 M.No. 544757

UDIN: 25544757BMJCTZ8189