N G Industries Ltd Auditor Reports

To

The Members of

N G INDUSTRIES LIMITED

Report and Opinion on the Audit of Financial Statements

I. Report on the Audit of the Financial Statements

1. Opinion

A. We have audited the accompanying Standalone Financial Statements of N G Industries Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2026, the Statement of Profit and Loss for the year ended on that date, cash flow statement as on 31^st March, 2026 and a summary of the significant accounting policies and other explanatory informations (hereinafter referred to as "the Financial Statements").

B. In our opinion best of our infortnations and according to the explanations given to us; the afores^^^liljahcial Statements give the informations required by the Companies Act 2013 ("the Act") ip the manner so required and give a true and fair view in conformity with the Accounting Standards prescribed under section 133 of the Act read with the Companies (Acc^gllipig Standards) Rules, 2021. ("AS") and other accounting principles generally accepted in IriSpbf the state of affairs of the Company as at March 31, 2026, and its profit for the year ended? on that date.

2. Basis tr Opinion =

We liave conducted our audit of the Standalone Financial Statements, in accordance with the Standards on Auditing specified under section 143(10) of the Act (Sits). Our responsibilities under thosjs Standards are further described in the Auditors Responsibilities for the Audit of the Finaneial 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 financial statements under the provisions.?! thd Act and the Rules made thereunder, and we have fulfilled our other ethical, responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidences that we have obtained are sufficient and appropriate to provide a basis for our audit opinion on the Financial Statements.

3. 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.

4. Information other than the Standalone Financial Statements and Auditors Report thereon

A. The Companys Board of Directors is responsible for the preparation and presentation of its report (herein after called as "Board Report") which comprises various informations required under section 134(3) of the Companies Act 2013 but does not include the financial statements and auditors report thereon.

Our opinion on the financial statements does not cover the Board Report and we do not express any form of assurance or conclusion thereon.

B. hi connection with our audit of the Standalone financial statements, our responsibility is to read the Board Report and in doing so, consider whether the Board Report 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 in this Board Repent; we are required to report that fact. We have nothing to report in this regard.

4. Managements Responsibility for the Financial Statements

A. The Companys Board of Directors is responsible for the matted 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 and financial performance of the Company in accordance with the AS and other account^^HW^^^ g^p^lly accepted in India. This responsibility also includes maintenance <^ pp^;^i^unting records in a^i^^ce with the provisions of the Act for saf^uardimflB^^^^-of the Company and fbr prevehting and detecting frauds and other inegula^^Hpiection and application of appropriate accounting policies; making judgments and esfflEKthat are reasonable and prudent; iin^ design, iptplementation and maintenance of adecyjHBhtemal financial controls, that were operating^Iflpsfiyely for ensuring the accuracy and jMgpleteness of the accounting records* relevant to the ? paration and presentation of the fingHY statements that give a true and; fair" view and are free from material misstatement, whjHBdue to fraud or error. ?

?B \

B. In {Haring the Financial Statements, management is responiible for assessing the Companys

abilHBL continue as a going concept disclosing, as applicable, matters related to going concHHd using the going concefc%isis of accounting un less man^^pent either intends to liquidl^HkCompany or to ceas&gperations, or has no realistic but to do so. The

Board nr^prr are responsib^^^ overseeing the Companys finami^ifcporting process.

5. Auditors Resp^s^I^fblpIl Audit of the Financial Statement^ ^:::

A. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are flee from material misstatement, 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 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 Financial Statements.

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

i) 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.

ii) Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that am appropriate in the circumstances but not for the purpose of expressing an opinion cm die effectiveness of the Companys internal control systems.

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

iv) Conclude cm the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidences obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a n&terial uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are

?aakmdun to the da? ;iQf our auditors report. However, future

pt^tepany to continue as a going concern.

tion, structure rand contents of the Financial Statements, whether the Financial Statements represent the underlying finer that achieves fair pre e&feition

isstatements in the Financial Statements that, individually or it the economic decisions pfamtgjpnably knowledgeable user / be influenced. We consider pjantitative materiality and he ?pp?e*of our audit work and ifr evaluating the results of our t < fany identified misstatements mpe Financial Statements.

jj jj ? with governance regardin^^^^lg other matters, the lidit and significant audit findings,^appding any significant it We identify during our audit. %.

ith governance with a statement that law-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.

II. Report on Other Legal and Regulatory Requirements^

1. As required by Section 143(3) of the Act, based on our audit we report that:

a) We have sought and obtained all the informations 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 lawTiave 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 dealt with by this Report are in agreement with the relevant books of account.

d) hi our opinion, the aforesaid financial statements comply with the AS prescribed under Section 133 of the Act, read with the Companies (Accounting Standards) Rules, 2021.

e) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company as on 31 March 2026 and the operating effectiveness of such controls, refer to our separate Report in Annexure B, wherein we have expressed an unmodified opinion; and

f) On the basis of die written representations received from the directors as on March 31, 2026 and taken on record by the Board of Directors, none <jf the directors is disqualified as on March 31, 2026 from being appointed as a director in terms of Section 164 (2) of the Act.

2. With respect to fee^^tt ^^^^^luded in thgs&tiditors Report in accordance with Rule

11 of the Cnig gB M Rules. jjjjlpits amended in our opinion and to the

best of ourjlPpaMfcris ^ according to the expj^^^^yen to us:

i. IJSlKpany has disclosed the impact ofpending litigs^ns if any on its financial position

jaHnnancial Statements. ,S0M TS

ii. wBmCompany has made provision, Jjl^uired under^ ^^: applicable law or accounting sHBdards, for material foreseeabl^^ses, if any, longterm contracts including

iii. Wm has been no delay in transferring amounts, required to b j ransferred, to the Investor ?Hon and Protection FundS^tlie Company.

iv. a) nHftj^^ement has repp^erited that, to the best of its knowlAljjlnd belief, no funds

have invested (either from borrowed i ^^p^hare premium or

any othe^w^pi^^pd^nf frindsl by the company to or in an^ ^^^rson or entity, including fi^gir^l?WFf^>int€a^,mediaries^w) with the understanding iimraner recorded in writing or otherwise, that the intermediary shall, whether directly or indirectly lend or invest in other person or entity identified in any manner whatsoever by or behalf of the company ("ultimate beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate beneficiaries.

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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 or entity 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 person or entity identified in any manner whatsoever by or 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 were considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to Believe that representations under sub clause (a) and (b) contain any material mis-statement

v. The Company has paid a final dividend of ? 1,17,26,750/-for the financial year 2024-25, m compliance with the provisions of Section 123 of the Companies Act, 2013..

vi. WHh respect to die matter to be included in the Auditors Report under Section 197(16) of the Act, in otff opinion and according to the informations and explanations given to us, the pcrmiwfble managerial remuneration paid by the company to its, directors are within die Ignite pacified under section 197 of the companies act 2013 and there is no violation on

vli. The report under Rule 11(g) of the companies (Audit and Auditors) Rules,2014 is applicable front 1 April 2023

Based on our examination which included test checks, except for the instances mentioned below, the company has used accounting softwares for maintaining its books of account; which have a features of recording audit trail (edit log) facility and

Ethe yeaivJ^ H relevant transactions recorded in

t tianKdUty was not enabled at the fotqjgfPteek ral^feaccountine softwares used for intJ ?ting tb^raj^p, consolidation process and :s?^pe accoimtl^ttoftware used for maintaining

ipaudit trail (ed^^p^cility was enabled and fr the respective aaxwnjj g software, we did not audit trail features beirig^tfipered with.

Report) Order, 2020 ("the (^l^^der), issued by the 3-section (l 1) pf section 143 of ffi^^oj^panies Act, 2013, 2/2020 (CARO-2020);we give la fi^j^ijiexure A" to our i in paragraphs 3 and 4 of the to the extent

applicable tothe Company. ^r

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

Report as required by the Companies (Auditors Report) Order, 2020 (the CARO Order), issued by the Central Government of India in terms of-sub-section (11) of section 143 of the Companies Act, 2013 (Refer to paragraph ‘7of our report of even date.

With reference to the Annexure A referred to in the paragraph ‘7 of the Independent Auditors Report to the members of the Company on the financial statements for the year ended March 31, 2026, we report the following:

1. In respect of the Companys Property, plant and equipment:

(a) The Company has maintained proper records showing fell particulars, including quantitative details Mid situation of property, plant and equipment Further the Company does not have intangible assets.

(b) The Company has physically verified all the major property, plant and equipment as per a phased program of verification. In our opinion, the periodicity of physical verification is reasonable having regard to the size of the Company and the i&ture of its assets. The discrepancies reported on such verification were not material and have been properly dealt in the books of accounts.

(c) Aco^^l^^^afonnatii^i^^planations^iyeli to us, and the records examined by us and

to us, we report that the tide deeds of j^9pP$ri^ovable properties other than immovable properties (Building and

jSBlpifory sheds etc.) are held in the name

jflHrThe Company has not revalued any ofitS; property, plat ? i equipments during the year.

MM No proceedings have been initiated cpp^-pending agdp^e,Company for holding any benami g&B property under the Benami Transa<^^ts(Prohibitiofts)%?eti 1988 (45 of 1988) and rules made

T iV (a) The inventories were physically verified during the year by the Management at

. ?Sr.y. reasonable intervals. In our opinion and according to the miormation and explanations given to us, the coveragesjand procedure of such verification by the Management is appropriate having regatfl^fee size of the Company and the nature of its operations. No

?-^^Krepancies of 10% ofertore in the aggregate for each class of inventories were noticed on ‘?-{jjjptitygical verifi^f g jf inventories when compared with books of account

not have any working capital limits from tanks or financial institutions of any kind either during or as at the end of the year, hence clause (iiXb) of paragraph 3 of the order is not applicable to the company.

3. a. During the year, the company has not made any investments in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties. Therefore, the provisions of clause 3(iii)(a) of the said Order are^iot applicable to fee company.

b. In terms of requirement of reporting under clause (iiiXb) of the order; the management has reported that since no loans have been given by the company during the year hence, reporting under clause 3 (iii) (b) of the Order is not applicable.

c. In terms of requirement of reporting under clause (iif)(c) (iii)(d) and (iiiXe); Company has not granted any loans or advances in the nature of loans during the year and is not having any outstanding balance of any loans or advances in the nature,of loans at the

beginning ₀f the current year and end of the year. Hence, reporting under clause 3 (iii) (c), (dX (e) of the Order is not applicable.

d. In terms of requirement of reporting under clause (iiiXf) of the order; the management has repented that it has not given any loan during the year to promoters and or to any related party as defined under section 2(76) of Companies Act, 2013.

4. No reporting under clause (iv) of the order is required as the company has not given any loansto _ any of its Directors or to any other entity covered, under settiQa lM-of CumpaniesXet, 2013, and finder. the-provisions ofsection TS6 of Companies Act, 2013 are also not applicable to the Company

5. In terms of requirement of reporting under clause (v) of the order; it is stated that the company has not accepted any deposits or amounts which are deemed to be deposits during the year under review and has not contravened or violated any provisions tff section 73 to 76 of Companies Act, 2013.

6. In terms of under clause (vi) of the order; as explained to us, the

Prntnl teljjjfepecified th^gmttenance of cost records under sub-section

(1) ^mNePPPPhtoC companiHHBpgag^ in any manufacturing activity. TOdflHH^>rovisions of Clause (vi) of the order are not applicable to the

7. of requirement of reporting of the order; in our opinion, and

?HEording to fhe-information and explatffflmfc given %>V^^ isputed statutory dues including J mjjjbods and services tax, provident j p feemployees i^taie Insurance, income-tax, sales-tax, .Vflgfervice tax, duty of customs, duty qfl^pe, value adde^ t^Jfeuandl other, matieriaf statutory- - -? applicsWe;-have geiterally^^pregularly deposit^effl^p^e appropriate authorities by ?Hbe Company, though there havemB slight delays in ! fclPlases. Further, no undisputed ^Hmounts payable in respect of dBEud taxes and duties that arerig ptanding as at March 31, 19HB6 for a period of more thanjSjpths /rom the date they bec^iiB ffable. Further there are no of any type with ies^^pbfi>resaid taxes and duties.

8. ^^^^rotflMUiranent under clause (viii) of the ordetjjhe^^ no transactions not

ofjjiej^ishts that have been surrendered or discloji^feincome during die year the Income Tax Act, 1961. \,

9. Inrterms of requirement of reporting under clause (ix) of the order; it is stated as under:-

a) The Company has neither taken nor defaulted in repayment of any loan or other borrowings or any interest due thereon to any lender.

b) The company has not been declared a willful defaulter by any bank or financial

institution or any other lender. * ,

c) The company has neither applied for nor taken any term loans.

d) There are no funds raised by the company on short term basis which have been utilized for long term purposes.

l i.

.e) The company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.

f) The company has not raised loans during the year .on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

10. In terms of requirement of reporting under clause (x) of the order; The Company has not raised money by way of initial public offer or further public offer (including debt instruments), or through preferential allotment or private placement of shares or convertible debentures during die year and thus the provisions of section 42 and section 62 of the Companies Act, 2013.

11. a. In terms of requirement of reporting under clause (xi)(a) of the order; We have not noticed any case of fraud by the company or any fraud on the Company by its officers or employees during the year. The management has not reported any case of fraud during the year.

b. In terms of requirement of reporting under clause (xiXb) & (c) of the order; According to the information and explanations given to us including the representation made to us by the managafieat of the Company, no report under sub-section 12 of section 143 of the Act has been filed by the auchtors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014, with the Central Government for the period covered by our audit. We also did not receive any whistle- blower complaint during thrf year.

12. In terms of requiregient of reporting under clause (xii) of the order; it is reported that the

hence no reporting required.

13. IrUMHHil^^uiranent of reporting under c ^^ (x L ^ >f the order; all transactions with the jaHHErties are in compliance with sectic^? ^.ahdii^^>f Companies Act, where applicable,

Jg&Ke details thereof have been disclosed in the finajayal statements, as required by the JHKcable accounting standards. Identifics^^ of relqt#rafles were made and provided by the

JjSpiaganent of the company.

K terms of requirement of reportin^^ffllr clause (xiv)lufltbif order; the company in terms of

?gftarameters of capital and tumover atmded ⁿ section 138 c^^B^ompantes Act, 2013, is not

?Required to appoint internal auditt^^mwever the companyy^nave an in-house internal audit

^nkstem commensurate with naturdtmJ size of its business. * v

of requirement of repo^ng under clause (xv) of the order; the Company has not entered non-cash transactior^pth its directors or persons connebtecj \rith him/them for the year

16. In termS^if: reqiii^^tif^Treporting under clause (xvi) of the order; The .Company is not required to M^Eflpsitifted under section 45-IA of the Reserve Bank of India Act, 1934, Accordingly, reporting under clauses 3(xvi)(a),(b) and (c) of the Order are not applicable to the Company.

Based on the information and explanations given to us and as represented by the management of the Company, the Group (as defined in Core Investment Companies (Reserve Bank) Directions, 2016) does not have any CIC,

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17. In terms of requirement of reporting under clause (xvii) of the order; the company has not incurred any cash losses in the current financial year as well in the immediately preceding financial year.

18. In terms of requirement of reporting under clause (xviii) of the order; it is stated that no resignation of Statutory Auditor has taken place during the year under review.

19. In terms of requirement of reporting under clause (xix) of the order; it is stated that on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other informations accompanying the financial statements, and the auditors knowledge of the Board of Directors and its management plans, we are of the opinion

that no material uncertainty exists as on the date of the audit report that company is incapable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date.

20. In terms of requirement of reporting under clause (xx) of the order; according to the information and explanations given to us, the Company does not have any unspent amounts towards Corporate Social Responsibility in respect of any ongoing or other than ongoing project as at the end of the financial year. Accordingly, reporting under clause 3(xx) of the Order is not applicable to the Company.

21. In terms of requirement of reporting under clause (xxi) of the order; the company does not have any subsidiary or associate, company. Therefore, the company is not required to prepare the consolidated financial statements and no further reporting under this clause is required.

22. In terms of Para 4 of the CARO order it is stated that we, the dtiditors state that in paragraph 3 of CARO order there were no unfavorable or qualified answers and we have not come across any specific matters on which we were unable to express our opinion.

ANNEXUBE B TO THE INDEPENDENT AUDITORS REPORT

Independent Auditors Report on the internal financial controls with reference to the standalone financial statements under Clause (i) of Subsection 3 of Section 143 of the Companies Act, 2013 (‘the Act)

1. In conjunction with our audit of the standalone financial statements of N G Industries Limited (‘the Cofflpmy) as at and for the year ended 31 March 2026, we have audited the internal financial controls with reference to standalone financial statements of the Company as at that date.

ResponsibHHJes of Management and Those Charged with Governance for Internal Financial Controls

2. The Companys Board of Directors is responsible for establishing jnd maintaining internal financial controls based on the internal financial controls with reference to standalone financial statements criteria established by the Company considering the essential components of internal control stated in die Guidance Note on Audit of Internal Financial Controls over Financial Reporting (‘the

?phartered Accabt ants of India (‘ICA1).

implementation and maintenance of adequate internal ;tively orderly and efficient conduct of the ‘

to the Cifr^nFlIpl&sies, the safeguarding of its assets,

1 errors, the accuracy ild completeness of the accounting ,ble financial inforniatibh,..as required under the Act.

thitj^ternal Fiiihil fi .Controls with Reference to

j h on the Companys, internal financial controls with pits based on our audit. W^flpnducted our audit in g issued by the ICAI preseril^fj^er Section 143(10) of t of internal financial controls wfafeijgference to standalone ite issued by the ICAI. Those^:: Stg^^fe and the Guidance 1 requirements and plan and peri?pn fjhe audit to obtain late internal financial controls witRMytence to financial id and if such controls operated in all material

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements includes obtaining an understanding of such internal financial controls, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on fire assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or emir.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouf audit opinion on the Companys internal financial controls with reference to financial statements.

6. A eetnpasys ifdemal financial controls with reference to standalone financial statements is a > proofs designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accooBtfegprinciples. A companys internal financial controls with reference to financial statements include those policies and procedures that (1) pertain to the maintenance of records dial, in rcascmnWe dated, accurately and fairly reflect the transactions and dispositions of the assets of the compti^t; ^) provide reasonable assurance that transactions are recorded as necessary to permit ptepero&m of financial statements in accordance with generally accepted accounting principles, and thg recedes and expenditures of the company are being made only in accordance with authorisations of management and directors of die company; and (3) provide reasonable assurance regarding prevention or ttanely detection of unauthorised acquisition, use, or disposition of die companys assets that could have a materia) effect on die financial statements.

Inherent iiallsttosg of Internal Financial Controls with Reference to Standalone Financial Statements ? ^ v;..,

7. Because j^^PPm^hmit^ons of internal ^^^^^itrols with reference to standalone finaneg^PHnents, including the possibility o ? BBi6^p mproper management override of contt^Hpierial misstatements due to error^^pauc) c^^^bcur and not be detected. Also, -

pttri^PPTnfany evaluation of the internal fii^rat controls reference to standalone financial to future periods are subject to theroBliat the uitt^p^fuiancial controls with reference to^Huose financial statements may bewitfefpdequate becaujjidpf changes in conditions, or that ^dHHee of compliance with the policiro^^^fedures may det^^^^

8. VPlt opinion, the Company hagjpliill material respects, adetMi^^femal financial controls v^Hfiference to standalone fim^ftjltatements and such contro^^^mprating effectively as triHkdi 2026, based on th^^&nal financial controls with refee^^te^standalone financial stgaWHHhtoria esteblished^pjfee Company considering the esscn ?^^ ^onents of internal