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appeal before the Hon'ble Appellate Tribunal under the Prevention of Money laundering Act, 2002 against the order of Adjudicating Authority.

Further, The Director of Enforcement (hereinafter referred to as ED), Government of India had initiated proceedings of search/seizure on 30.05.2018 on the group company NKPL, the promoters of the company late Shri Nilesh Patel and Shri Nimish Patel, one of the family member as well as on the company and thereafter on 29.06.2018, the ED, Government of India, had preferred an application u/s 17(4) of the Prevention of Money Laundering Act, 2002 before the Adjudicating Authority, New Delhi, vide it's Application No. OA/236 of 2018 against the company as well as group company NKPL and the promoters for retention of the seized properties and for continuation of order of freezing the properties, till finalization of the proceedings, of the properties mentioned in the application u/s 17(4) of the PMLA Act, 2002. The company along with Group Company and promoters challenged the show cause notice issued by the adjudicating authority New Delhi, before the Hon'ble High Court of Delhi and the Hon'ble High Court has set aside the said show cause notice. The Director of Enforcement has attached assets of the company, group company NKPL and the promoters of the company by issuing a fresh show cause notice dated 30/08/2018 and the company has filed an appeal before PMLA Appellate Tribunal, Delhi.

In view of the above that the matter is subjudice, and the alleged liability /claim are not accepted by the company, we are unable to quantify the final liability and its impact if any, on the loss of the company for the Quarter ended on 30th June,2025.

1. The Government of Maharashtra, (at the instance of Economic wing offence Mumbai), has filed supplementary Charge sheet dated 25th December, 2018 under the various sections of IPC AND MPID Act against the company and its chairman Shri Nimish Patel. Further MPID Court on the basis of above supplementary charge sheet has issued summons and as stated by the management, the company has complied with said summons. However, the matter is subjudice. Thus, in view of the fact that the said criminal proceedings which have been initiated, inter alia, against the company and its Chairman Shri Nimish Patel are pending, we are unable to ascertain/quantify the final liability, if any, that may arise from the said criminal proceedings and therefore we are unable to quantify its impact, if any, on the loss of the company for the Quarter ended on 30th June,2025.

Based on our review conducted as above, except as mentioned in qualified opinion, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles

laid down in the aforesaid Indian Accounting Standard ("Ind AS") specified under section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulations 33 and 52 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

EMPHASIS OF MATTER

1. The company is having accumulated losses (after taking into account the balance of reserves) of Rs 35248.60 lakhs as at 30.06.2025 and the net worth of the company is negative. However, as per the business plan and future cash flow projections submitted by the management to us and accepted by us, the Company is making sincere efforts for the revival of the Business & the management is confident to recover the losses through improved profitability in foreseeable future. Therefore, no provision for the impairment has been made and accounts for the year have been prepared on "going concern basis." Further, the above projections also contains business plan/ projected cash flow prepared by the management and accepted by us with respect to the subsidiaries company i.e. Banpal Oil Chem Private limited and NK OIL Mills Private limited ,( Except Tirupati Retail India Pvt ltd where proper provision of Impairment has been done )the management is confident to also revive the operations of the loss making these two subsidiary companies, hence no provision for impairment in the fair value of the investment made in the said subsidiary companies has been made in the books of accounts of the company.

Our report is not modified in respect of this matter of Emphasis.

Date: 08-08-2025 Place: Ahmedabad

For, Pankaj R Shah & Associates Chartered Accountants Registration No.107361W

CA Nilesh Shah Partner Membership No.107414 UDIN: 25107414BMGIZH3734

Registered Office: 7th Floor, Popular House,Ashram Road, Ahmedabad • 380 009. Works : 745, Kadi· Thor Road, KADl-382715 Dist.Mehsana (North Gujarat) Standalone Statement of Unaudited Financial Results For Quarter Ended On 30th June, 2025 CIN: L91110GJ1987PLC009905, Phone: 91-79-66309999, Email: [email protected]

Notes:

1. The above f inanclal results have been reviewed by the Aud1t Committee and approved by the Board of Directors at Its meeting held on 08th August, 2025 and are published in accordance with the SEBI (LODR) Regulations, 2015.

2. As the Cornpany has only one business segrnent. discl,·sure under Indian Accou ~ f/r~ on 'Segment Report1ng· Issued by the Institute of Chartered Accountants of India Is not applicable. '\:--.,• '. ^~- ~r~ ?. ,, •

.. •

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l.The figures for the quarter ended 31st March, 2025 are balancing figures between the audited figures In respect of the full financial year and unaudited published year to date figures up to the third quarter of the relevant financial year which were subject to limited Review.

-t. During the year Company had three Wholly Owned Subsldlnes V1Z. 1'.\ls. Banpal Oilchem Private limited and Mis. N.K.Oil Mills Private limited and Mis. Tirupatl Retail (India) Pnvate limited whose accounts have been consolidated herewith.

1. The Auditors' report on the standalone financial results for the year ended on 31st March, 2025 Contains qualfficatlon regarding transactions entered by company during f.y. 2012·13 through trading and clearing member with NSEL. With respect to the said qualification It Is to be submitted that National spot Exchange limited (NSEL) has served a notice to N K Proteins Private Limited (Formerly known as N K Proteins limited) who was a Trading and Clearing Member at NSEL and N K Industries limited was only a client Company of Trading Member i.e. N K Proteins Limited. As regards, the balances of trade receivables and trade payables arising out of the transactions through NSEL platform, the same cannot be confirmed pursuant to the pendency of lftlgatlons and as the matter Is still pending before the respective authorities. Further, the Home Department, Government of Maharashtra has fssued a notification under the MPID Act, 1999 securing the attachment of Land & Building and Plant & Machinery of the Company. Aialnst this the Company had challenged the notification issued by Home department, Government of Maharashtra, before the Hon'ble High Court of Gujarat. The Hon'ble Gujarat High Court had disposed off the application of the Company vide Its order dated 29th March 2017.Agatnst the said order the Company had preferred a Special Leave Petition before the Hon'ble Supreme Court of India. The Hon'ble Supreme Court of lndla had disposed off the Special Leave Petition on 1710"412017, with an observation to file an application before the Hon'ble Bombay High Court. The Company has filed petition before the Hon'ble Bombay High Court in June 2017. Besides the above, the Company has also filed Its objections against the attachment notification before the Designated Spl MPID Court, Mumbai. The matter Is subjudtce.

2. The Auditors' report on the standalone financial results for the quarter ended on 31st March, 2025 contains quahflcat1on regarding proceedings Initiated by the Directorate of Enforcement under the Preventfon of Money Laundering Act, 2002. With respect to the said qualification it fs hereby clarified that the Company has preferred an appeal before the Hon'ble Appellate Tribunal under the Prevention of M.oney Laundering Act, 2002. The matter Is sub-Judice.

• 7. With regards to search and seizure carried out by the Directorate of Enforcement, Government of Ind la on 30.05.2018 the group company NKPPL, the Company along with group company and promoters challanged the show cause notice issued by the adjudicating authority, New Delhi, before the Hon'ble High Court of Delhi and the Hon'ble High Court has set aside the show cause notice. Further against the attachment of the assets of the Company, the Company has Issued fresh show cause dated 30.08.2018 and the Company has filed an appeal before the PMLA Appellate Tribunal, Del hf.

1. Government of Maharashtra has filed suplementary charge sheet dated 25th December,2018, under the MPID Act against the Company and the Cha1rman. The Company has complied with all the summons under the said charge sheet and the matter was adjourned to 07.11.2019 and further adjourned to various dates and now the matter Is further adjourned to 12th August, 2025.

Pankaj R Shah & Associates Chartered Accountants

Independent Auditors Review Report on the Quarterly Unaudited Consolidated Financial Results of the Company pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,as amended

Review Report to, The Board of Directors N.K. INDUSTRIES LIMITED, Ahmedabad.

We have reviewed the accompanying statement of unaudited consolidated financial results of N.K.INDUSTRIES LIMITED (the "Holding company") and its subsidiaries (the Holding Company and its Subsidiaries together referred to as "the Group for the quarter ended June 30, 2025 attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing obligations & Disclosure Requirements) Regulation,2015, (the Regulation) as amended, (the "Listing Regulations").

This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34¹¹ ), prescribed under section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulations 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.

We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and -onsequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMDl/44/ 2019 dated 29th March, 2019 issued by the Securities and Exchange Board oflndia under Regulation 33(8) of the Listing Regulations, to the extent applicable.

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The statement includes the results of the following entities

Parent Company/Holding Company :

i. N.K.INDUSTRIES LIMITED

Subsidiaries:

• i. Banpal Oilchem Private limited
• ii. NK Oil mills Private limited.
• iii. Tirupati Retail (India) Pvt Ltd.

Basis of Qualified Opinion

1. The Holding Company had entered into financial arrangement with National Spot Exchange Ltd (NSEL) through trading and Clearing Member, N.K. Proteins Private Ltd (erstwhile N. K. Proteins Limited (NKPL) (Group Company) by way of purchase and sales of various goods up to financial year 2012-13. The trade payables and trade receivables arising out of the said transactions through National Spot Exchange Limited (NSEL) from the concerns other than the group concerns are subject to confirmations by the respective parties/NSEL and reconciliations/adjustments, if any. Further, NSEL has suspended the trading on 31.07.2013, as per the directions issued by the Government of India, Ministry of Consumer Affairs. NSEL has initiated recovery proceedings against the group company NKPL and also against the Holding company by filing a civil suit in the Hon'ble High Court of Mumbai for an alleged amount of around Rs.937 crores plus interest and the said proceedings are pending as on date. Further, the Home department, Government of Maharashtra has issued a notification under the Maharashtra Protection of Interest of Depositors (in financial establishments)-Act, 1999 (MPID Act) attaching the Land, Building & Plant & Machinery of the Holding company located at Kadi, Gujarat. The Holding company had challenged the notification issued by Home department of Maharashtra before Hon'ble Gujarat High Court which was disposed off vides its order dated 29th March 2017. The Holding company preferred a Special Leave Petition before the Hon'ble Supreme Court of India against the order of Hon'ble Gujarat High Court and The Hon'ble Supreme Court of India had disposed off the Special Leave Petition on 17th April, 2017 with a observation to file an application before Hon'ble Bombay High Court, Mumbai, and as informed by the management, the Holding company has filed petition before the Hon'ble Bombay High Court in June 2017 which is pending.Besides the above, the Holding company has also filed its objections against the attachment notification before the Designated Special MPID Court, Mumbai.

In view of the above that the matter is subjudice, and the alleged liability /claim are not accepted by the company we are unable to quantify the final liability and its impact if any, on the loss of the Holding company for the quarter ended on 30th June,2025.

1. The Directorate of Enforcement, Government of India has initiated proceedings against the Holding company under section 5(1) of the prevention of Money Laundering Act, 2002, along with group company NKPL, and by virtue of the provisional attachment order d e s"-1\H &

10/03/2015, attached the assets of the Holding company comprising of Land, building, plant and machinery situated at Survey Nos.719, 720, 721, 732/1, 732/2, 733, 741, 743, 744, 745, Kadi Thol Road, Village Kadi Kasba , taluka- Kadi, District Mehsana-382715, Gujarat. As explained to us, the Holding Company has preferred an appeal before the Hon'ble Appellate Tribunal under the Prevention of Money laundering Act, 2002 against the order of Adjudicating Authority.

Futher,The Director of Enforcement (hereinafter referred to as ED), Government of India had initiated proceedings of search/seizure on 30.05.2018 on the group company NKPL, the promoters of the Holding company late Shri Nilesh Patel and Shri Nimish Patel, one of the family member as well as on the Holding company and thereafter on 29.06.2018, the ED, Government of India, had preferred an application u/s 17(4) of the Prevention of Money Laundering Act, 2002 before the Adjudicating Authority, New Delhi, vide it's Application No. OA/236 of 2018 against the company as well as group company NKPL and the promoters for retention of the seized properties and for continuation of order of freezing the properties, till finalization of the proceedings, of the properties mentioned in the application u/s 17(4) of the PMLA Act, 2002. The Holding company along with Group Company and promoters challenged the show cause notice issued by the adjudicating authority New Delhi, before the Hon'ble High Court of Delhi and the Hon'ble High Court has set aside the said show cause notice. The Director of Enforcement has attached assets of the Holding company, group company NKPL and the promoters of the Holding company by issuing a fresh show cause notice dated 30/08/2018 and the Holding company has filed an appeal before PMLA Appellate Tribunal, Delhi .

In view of the above that the matter is subjudice, and the alleged liability /claim are not accepted by the Holding company we are unable to quantify the final liability and its impact if any, on the loss of the Holding company for the quarter ended on 30th June,2025.

1. The Government of Maharashtra, (at the instance of Economic wing offence Mumbai), has filed supplementary Charge sheet dated 25th December, 2018 under the various sections of IPC AND MPID Act against the Holding Company and its Chairman Shri Nimish Patel. Further, MPID Court on the basis of above supplementary charge sheet has issued summons and as stated by the management ,the holding company has complied with said summons. However, the matter is subjudice. Thus, in view of the fact that the said criminal proceedings which have been initiated, inter alia, against the holding company and its Chairman Shri Nimish Patel are pending, we are unable to ascertain/quantify the final liability, if any, that may arise from the said criminal proceedings and therefore we are unable to quantify its impact, if any, on the loss of the Holding company for the quarter ended on 30th June,2025.

2. The Subsidiary Company Tirupati Retail (India) Pvt ltd had entered into financial arrangement with National Spot Exchange Ltd (NSEL) through trading and Clearing Member, N.K. Proteins private Limited erstwhile N.K Proteins Limited (NKPL) (Group Company) by way of purchase and sales of various goods for the financial year 2013- 14 up to 31-07-2013. The trade payables and trade receivables (now reflected under non current financial liabilities & non current financial assets) arising out of the transactions through National Spot Exchange Limited (NSEL) from the concerns other than the group concerns are subject to confirmations by the respective parties and reconciliations I adjustments, if any. Further, NSEL has initiated recovery proceedings against the group company viz. N.K. Proteins private Limited and Holding Company viz. N K Industries limited and also against the subsidiary Companies and the said proceedings are pending as on date. In view of the fact that the matter is sub-judice, and the alleged liability/Claim are not accepted by the said subsidiary company, we are unable to quantify the final liability and its impact if any, on the loss of the Consolidated Accounts.

Based on our review conducted as above, except as mentioned in qualified opinion, and based on the consideration of the review reports of the other auditors referred to in paragraph below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard ("Ind AS") specified under section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

EMPHASIS OF MATTER

1. The Consolidated financial statements reflects accumulated losses (after taking into account the balance of reserves) of Rs 35490.57 lakhs as at 30.06.2025 and the net worth of the Consolidated accounts as well as Holding Company and Subsidiary Companies as at 30.06.2025 is negative. However, as per the business plan and future cash flow projections submitted by the management of the holding company to us and accepted by us and as informed by the management of the Holding Company, the Holding Company is making sincere efforts for the revival of the Business & the management is confident to recover the losses through improved profitability in foreseeable future. Therefore, provision for the impairment has not been provided for and accounts for the year have been prepared on "going concern basis." Similarly, on the basis of the Certificate received from the respective auditors of the subsidiary companies i.e Banpal Oil Chem Private limited and NK Oil Mills Private limited, (Except Tirupati Retail India Pvt limited, where proper provision of Impairment has been done) the management of the said two subsidiary companies are also making sincere efforts to revive the business and the management of the said Subsidiary companies are confident to recover the losses through improved profitability in foreseeable future. Therefore, no provision for the impairment has been made in the books of said subsidiary companies and in the consolidated accounts and accounts of the Holding and said Subsidiary Companies for the quarter have been prepared on " going concern basis."

• 1. NSEL has initiated recovery proceedings against the group company N. K. Proteins Private Ltd and has made one of the Subsidiary Company viz. N. K. Oil Mills Pvt Ltd., a party to the said proceedings and these proceeding are pending as on date.
• 3. In case of One of the Subsidiary Company viz. Banpal Oil Chem Pvt ltd, The Directorate of Enforcement, Government of India has initiated proceedings against the said company under section 5(1) of the prevention of Money Laundering Act, 2002, and by virtue of the provisional attachment order dated 27.08.2014, attached the assets of the subsidiary company comprising of Factory Plant, Land, Building & Plant & Machinery of the company located at plot No. 144/64,65,66 of Chandisar Industrial Area. GIDC Mauje chandisar, Taluka-Palanpur, Dist- Banaskantha, Gujarat. As explained to us, The said Subsidiary company has preferred an appeal before the Hon'ble Appellate Tribunal under the Prevention of Money laundering Act, 2002.However, matter is subjudice, we are unable to quantify the liability and its impact if any, on the loss of the consolidated accounts.
• 1. On the basis of certificate received from the Management of Holding company, the holding company does not have any control on its joint Venture viz "AWN AGRO PRIVATE LIMITED" and hence no consolidation of the said joint venture is taken in to accounts while consolidation of accounts.

Our report is not modified in respect of this matter of Emphasis.

OTHER MATTERS

The accompanying unaudited consolidated financial results includes unaudited interim financial results and other unaudited financial information of Three Subsidiaries which have not been reviewed by their auditors, whose interim financial statements reflect total Revenue of Rs. 317.87 lakhs and total net loss after tax of Rs 48.61 lakhs for the quarter ended on June 30, 2025 as considered in the unaudited consolidated financial results. These unaudited financial results and other unaudited financial information have been approved and furnished to us by the management. Our Conclusion, in so far as it relates to the affairs of these subsidiaries, is based solely on such unaudited financial results and other unaudited financial information.

Date: 08-08-2025 Place: Ahmedabad For, Pankaj R Shah & Associates Chartered Accountants Registration No.107361W

CA Nilesh Shah Partner Membership No.107414 UDIN: 25107414BMGIZl7526

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1. The Auditors' report on the standalone financial results contains qualification regarding transactions entered by company during f.y. 2012-13 through trading and clearing member with NSEL. With respect to the said qualification It Is to be submitted that National spot Exchange Limited (NSEL) has served a notice to N K Proteins Pnvate Limited (formerly known as N K Proteins Limited) who was a Trading and Clearing Member at NSEL and N K Industries limited was only a client Company of Trading Member I.e. N K Proteins Limited. As regards, the balances of trade receivables and trade payables arlsfng out of the transactions through NSEL platform, the same cannot be confirmed pursuant to the pendency of litigations and as the matter is still pending before the respect1ve authorities. Further, .the Home Department, Government of Maharashtra has issued a notification under the MPID Act, 1999 securing the attachment of Land &. Building and Plant & Machinery of the Company. Against this the Company had challenged the notification Issued by Home department, Government of Maharashtra, bet ore the Hon'ble High Court of Gujarat. The Hon'ble Gujarat High Court had disposed off the application of the Company vide its order dated 29th March 2017.Agalnst the said order the Company had preferred a Special Leave Petition before the Hon'ble Supreme Court of India. The Hon'ble Supreme Court of India had disposed off the Special leave Petition on 17/04/2017, with an observation to file an application before the Hon'ble Bombay High Court. The Company has filed petition before the Hon'ble Bombay High Court in June 2017. Besides the above, the Company has also filed its objections against the attachment notification before the Designated Spl MPID Court, Mumbai. The matter ts subjudlce.

2. The Auditors' report on the standalone financial results for the year ended on 31st March, 2025 contains qualification regarding proceedings lnfttated by the Directorate of Enforcement under the Prevention of Money Laundering Act, 2002. With respect to the said quallficatfon it ls hereby clarified that the Company has preferred an appeal before the Hon'ble Appellate Tribunal under the Prevention of MIJney Launderfng Act, 2002. The matter is sub·judlce.

3. The above consolidated figures have been prepared in accordance with the principles and procedrues as set out In Indian Accounting Standard - 116 on Consolidated Financial Statements' issued by the Institute of Chartered Accountants of India.

PLACE: AHMEDABAD

For, N.K.lndustrles fmited

whole tf me dtrector (DIN: 06587284)

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