We have audited the accompanying financial statements of NAKODA GROUP OF INDUSTRIES LIMITED (the
"Company”), which comprises the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including
the Other Comprehensive Income / (Losses), the Statement of Cash Flows and the Statement of Changes in Equity
for the year ended on that date and notes to the financial statements, including a summary of material accounting
policies and other explanatory information (hereinafter referred to as "the financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
financial statements give the information required by the Companies Act, 2013, as amended, ("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, and its losses including total comprehensive income / (losses), its cash flows and the changes in equity
for the year ended on that date.

Basis of Opinion

We conducted our audit of the 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 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 ("the ICAI”) together
with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the
Act and the Rules made 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 audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters and to be communicated in our report.
We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the financial
statements section of our report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risk of material misstatement of the
financial statements. The results of our audit procedures, including the procedures performed to address the matter
below, provide the basis for our audit opinion on the accompanying financial statements.

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

The Company's Management and the Board of Directors are responsible for the other information. The other
information comprises the information included in the Management's Discussion and Analysis, Board's Report
including Annexure to the Board's Report, Report on Corporate Governance, Business Responsibility and
Sustainability Report and Shareholder's information, but does not include the consolidated financial statements,

standalone financial statements and our auditor's report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the 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 Financial Statements

The Company's Management and the Board of Directors are responsible for the matters stated in Section 134(5) of
the Act with respect to the preparation of these financial statements that give a true and fair view of the financial
position, the financial performance including the other comprehensive income / (losses), cash flows and changes
in equity of the Company in accordance with the accounting principle generally accepted in India, including the
Indian Accounting Standards (Ind AS) as specified under Section 133 of the Act, read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, time to time. 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 presentations of the financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Company's Management and the Board of Directors are 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 the Company's management and Board of Directors
either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Company's Board of Directors are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of Financial Statements

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
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 financial statements.

As part of an audit in accordance with SAs, 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 controls.

• Obtain an understanding of internal financial controls 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 these
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 the Company's Management and Board of Directors.

• Conclude on the appropriateness of the 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.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably knowledgeable users of the 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
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 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 sub-section (11) of Section 143 of the Act, we give in the Annexure "A”, a statement on the matters
specified in paragraph 3 and paragraph 4 of the said Order.

2. As required by Section 143(3) of the Act, based on our audit, 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 the Other Comprehensive Income / (Losses), the
Statement of Cash Flows and the Statement of Changes in Equity dealt with this Reports are in agreement with
the relevant books of account.

d. In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards as specified
under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended,
time to time.

e. On the basis of the written representation received from the directors as on March 31, 2025, taken on the
record by the Board of Directors, none of directors is disqualified as on March 31, 2025, from being appointed
as a director in term of Section 164(2) of the Act.

f. With respect to adequacy of the internal financial controls with reference to these financial statements of the
Company and the operating effectiveness of such control, 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 financial statements.

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, time to time, in our opinion and to the best of our information and
explanations given to us, the remuneration paid / provided by the Company to its directors during the reporting
period is in accordance with the provision of section 197 of the Act.

h. With respect to the other matters to be included in the Independent Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014, as amended, time to time, 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 the financial
statements - Refer "Note No. 34" of the 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 the 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 (which are
material either individually or in the aggregate) have been advanced or loaned or invested (either from
borrowed fund or share premium or any other sources or kind of funds) by the Company to or in any other
person or entities, including the 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 to or on behalf of the Ultimate Beneficiaries;

b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material
either individually or in the aggregate) have been received by the Company from any person or entities,
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 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 (i) and
(ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

(v) As stated in "Note No. 45" to the financial statements:

a) The final dividend proposed in the previous year, declared and paid by the Company during the reporting
period is in accordance with section 123 of the Act, as applicable.

b) During the reporting period and until the date of this report, the Company has not declared or paid any
interim dividend in accordance with section 123 of the Act, as applicable.

c) The Board of Directors of the Company has proposed the final dividend for the period, which is subject to
the approval of the shareholders at their ensuing Annual General Meeting (AGM). The amount of dividend
proposed is in accordance with the section 123 of the Act, as applicable.

(vi) Based on our examination, which included test check, the Company has used accounting software for
maintaining its books of accounts for the financial period ended March 31, 2025, which has a feature of
recording audit trail (edit log) facilities and the same has operated throughout the period for all the relevant
transactions recorded in the software systems. Further, during the course of our audit, we did not come across
any instance of the audit trail feature being tampered with and the audit trails have been preserved by the
Company as per the statutory requirements for the record retention.

THE INDEPENDENT AUDITORS' REPORT

For MANISH N JAIN & CO.

Chartered Accountants
FRN No. 0138430W

Place: Nagpur ARPIT AGRAWAL

Dated: May 28, 2025 Partner

UDIN No.: 25175398BMIEJQ4300 Membership No. 175398