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, 2026, 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, 2026, 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 (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 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, 2026 taken
on record by the Board of Directors, none of the
directors is disqualified as on 31st March, 2026
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, 2026 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 did 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 statutory requirements for
record retention.
For K R AGGARWAL & ASSOCIATES
Chartered Accountants
FRN NO: 030088N
Vivek Aneja
(Partner)
Place: Ludhiana M.No. 544757
Dated: 30th May, 2026 UDIN: 26544757WXGSLG1609
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