We have audited the accompanying Standalone Financial
Statements of Heranba Industries Limited ("the Company"),
which comprise the Balance Sheet as at March 31,
2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in
Equity the Statement of Cash Flows for the year then ended,
and notes to the Standalone financial statements, including
a summary of material accounting policy information and
other explanatory information (hereinafter 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, its profit (including
other comprehensive income), the 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 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 ("ICAI") 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 ICAI's 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.

INFORMATION OTHER THAN THE
STANDALONE FINANCIAL STATEMENTS
AND AUDITOR'S REPORT THEREON

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 but
does not include the Standalone and Consolidated Financial
Statements and our Independent Auditors' Report thereon.
We have read the Director's Report forming part of the
Annual Report which was made available to us and found
the same to be in order. However, the other contents of the
Annual Report are expected to be made available to us after
the date of this report.

Our opinion on the Standalone Financial Statements does
not cover the Other Information and we do not and will not
express any form of assurance or conclusion thereon.

In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the Other
Information identified above 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.

Substantial portion of the Other Information has not been
made available to us till the date of this report. We will read
the Other Information as and when it is made available to
us and if we conclude that there is a material misstatement,
we are required to communicate the matter with those
charged with governance and take necessary steps as may
be required thereafter.

RESPONSIBILITIES OF MANAGEMENT AND
THOSE CHARGED WITH GOVERNANCE
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 accounting Standards
specified under Section 133 of the Act and the relevant
provisions 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 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:

1. 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.

2. 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
an adequate internal financial controls system in place
and the operating effectiveness of such controls.

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

4. 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.

5. 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, make 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 of the current year 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 Companies Act, 2013, we give in the attached
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 relating to preparation of the
aforesaid Financial Statements have been kept
so far as it appears from our examination of those
books except for the matters stated in paragraph

2(i)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

c. The Balance Sheet, the Statement of Profit and
Loss (including Other Comprehensive Income),
Statement of Changes in Equity and the
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 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 directors is disqualified as on March 31, 2025,
from being appointed as a director in terms of
Section 164 (2) of the Act.

f. With reference to maintenance of accounts and
other matters therewith, reference is invited
to paragraph 2(b) above on reporting under
Section 143(3)(b) and paragraph 2(i)(vi) below
on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 as amended.

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 B". Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company's
internal financial controls with reference to
Standalone Financial Statements.

h. 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,
the remuneration paid by the Company to its
directors during the year is in accordance with the
provisions of Section 197 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
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 34 to the Standalone Financials
Statements.

ii. The Company did not have any long-term
contracts including derivative contracts for
which there were 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 their 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.

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
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)(a) and (iv) (b) above
contain any material misstatement.

v. In the matter of dividend proposed in the
previous year, declared and paid by the
Company during the year is in compliance
with Section 123 of the Act.

vi. Based on our examination which included
test checks, except for instances/matters
mentioned below, the Company has used
an accounting software for maintaining its
books of account which has a feature of
recording audit trail (edit log) facility and the
same has been operated throughout the year

for all relevant transactions recorded in the
software except:

i. the audit trail feature was not enabled
at the database level for accounting
software ”Navision” to log any direct
data changes used for maintenance of
all accounting records by the Company.

ii. At present the audit trail is preserved
only for a period of six months. All
audit trails beyond six months are not
preserved due to space constraints.
Further, back up of the audit trail has
not been preserved as per statutory

requirements for record retention due
to cloud space constraints.

Further, during the course of our audit we did
not come across any instance of audit trail
feature being tampered with.

Further, as required by proviso to Rule 3(1)
of the Companies (Accounts) Rules, 2014
on preservation of audit trail as per the
statutory requirements for record retention,
considering the fact that audit trail beyond
six months are not preserved, the Company
is not in a position to retain the records as per
the requirements of the Act relating to record
retention.

For Natvarlal Vepari & Co LLP.

(Formerly known as Natvarlal Vepari &Co.)

Chartered Accountants

Firm Registration No- 106971W/W101085

N Jayendran

Partner

M. No. - 040441

Mumbai, Dated: May 23, 2025

UDIN: 25040441BMUJCX9773