1. We have audited the accompanying Standalone financial statements of Globe

International Carriers Ltd (“the Company”), which comprise the Standalone Balance
Sheet as at March 31, 2025, the Standalone Statement of Profit and Loss

and Standalone Cash Flow Statement for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies and other
explanatory information ( hereinafter referred to as “the standalone financial
statement’’)

2. 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
Act in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of affairs of the Company
as at March 31, 2025, the profit/loss 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 issued by the Institute of
Chartered Accountants of India and/or 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 independence requirements that are relevant to
our audit of the standalone 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
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 standalone financial statements of the current period. These
matters were addressed in the context of our audit of the standalone financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.

I. Contingent Liabilities

The Company has significant tax and other litigations against it. There is a high level of
judgement required in estimating the level of provisioning required and appropriateness
of disclosure of those litigations as contingent liabilities.

Refer to Note 30 - “Contingent Liabilities” of the standalone financial statement.

II. Bad Debts/Unrecoverable Advances

The Company management has decided to write-off non-recoverable debtors and
advances during the Year by Rs.0.77/- Lakhs including non-recoverable amount of
advances.

Refer to Note 25 - “Other Expenses” of the standalone financial statement.

III. Advance Against Land

The Company has made an advance of Rs.1020.00 Lakhs to Mr. Khyat Prakash Shah for
purchase of Land for construction of Ware House to expand the business and Rs. 100
Lakhs to M/s VIQBETRO FITNESS EQUIPMENTS PVT LTD till end of FY 2024-25, but no
registered agreement executed for the same. We advised to make agreement now and
register the same on immediate basis.

IV. Right Issue

In order to fund the margin money for various capex proposals, The company issued Right
Issue of 48,23,640 Equity Shares with a face value of Rs. 10 each for cash at a price of Rs.
49.50 (including a share premium of Rs. 39.50 per Equity Share) per Equity Share
aggregating up to Rs. 2,387.70 Lakhs on a rights basis to Eligible Shareholders in the ratio
of 6 (Six) Rights Equity Shares for every 25 (Twenty-Five) fully paid-up Equity Share held
on the Record Date i.e. 22nd September, 2023. The issue was successfully completed in
FY 2023-24. The purpose of issue has been partly altered in EGM held on 19^th March,
2025.

Refer to Note 3 - “Share Capital” of the standalone financial statement.

V. Authorised Share Capital

The company have increased the authorised share capital from Rs.2500 Lakhs to Rs.3000
Lakhs during FY 2024-25.

Refer to Note 3 - “Share Capital” of the standalone financial statement.

VI. Proposed Dividend

The Board of Directors of the Company have not proposed any Dividend for the year
ended 31^st March, 2025.

Refer to Note 31 - “Dividend” of the standalone financial statement.

VII. ACQUISITION OF 40,80,000 EQUITY SHARES OF M/S. GOVIND KRIPA INFRATECH
PRIVATE LIMITED (“GKIT”)

The board has approved in board meeting held on 24th April, 2025, the acquisition of
40,80,000 equity shares, representing 51% of the equity shareholding in M/s. Govind Kripa
Infratech Private Limited ("GKIT") for a total purchase consideration of ? 29,43,31,200/-
(Rupees Twenty-Nine Crores Forty Three Lakh Thirty One Thousand Two Hundred Only)
at a price of ? 72.14/- (Rupees Seventy Two and Fourteen Paise Only) per equity share.
And in consideration of the above acquisition, the consent of the Company be and is
hereby accorded for the issuance and allotment of up to 30,69,148 (Thirty Lakhs Sixty
Nine Thousand One Hundred and Forty Eight) fully paid-up equity shares of the Company
having a face value of ?10/- (Rupees Ten Only) each at a price of ? 95.90 (Rupees Ninety
Five and Ninety paisa Only) per equity share (including a premium of Rs. 85.90/- per
share), to the shareholder of GKIT by way of share swap, thereby discharging the entire
purchase consideration for the acquisition of GKIT

How our audit addressed the key audit matter

For legal, regulatory and tax matters our procedures included examining external legal
opinions obtained by management; meeting with regional and local management and
examining relevant Group correspondence; discussing litigations with the Company’s
legal counsel and tax head; assessing management’s conclusions through understanding
precedents set in similar cases; and circularization, where appropriate, of confirmations
to third party legal representatives regarding certain material cases.

In light of the above, we examined the level of provisions recorded and assessed the
adequacy of disclosures in 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 preparation of the other information.
The other information comprises the information included in the Management Discussion and
Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility Report,
Corporate Governance and Shareholder’s Information, but does not include the standalone
financial statements and our auditor’s report thereon.

Our opinion on the standalone 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 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 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 Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 (“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, 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. 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 financial statement that give a true and fair view and
are free from material misstatement, whether due to fraud or error. In preparing the 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 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 the 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:

• 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.

• 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 system 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
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.

• 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, makes it probable that the economic decisions of a reasonably
knowledgeable user 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 standalone 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

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 “Annexure A “a statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.

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 and Cash Flow Statement dealt
with by this Report are in agreement with the relevant books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standard specified under Section 133 of the Act, read with Rule 7 of the
Companies Accounts) Rules, 2014 as amended.

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 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, the remuneration paid by the Company to its directors during the year is
in accordance with the provisions of section 197 of 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 financial statements.

ii. The Company has made provision, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long-term
contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred,
to the Investor Education and Protection Fund by the Company.

iv. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 is applicable from 1 April 2023.

Based on our examination which included test checks, the company have 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 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.

For Gourisaria Goyal & Co.

Chartered Accountant
FRN 016681C
Sd/-

(CA Sandeep K Agrawal)

Partner
M. No. 417193

Place: Jaipur

Date: May 21, 2025

UDIN: 25417193BMOGIE1542