We have audited the accompanying Ind-AS financial statements of GLOBAL VECTRA HELICORP LIMITED (“the Company”),which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including Other ComprehensiveIncome), the Statement of Changes in Equity, Statement of Cash Flows for the year then ended, and the Notes to the Ind-ASfinancial statements, including a summary of material accounting policies and other explanatory information (hereinafter referredto as “ Ind-AS financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind-AS financialstatements give the information required by the Companies Act, 2013, (“the Act”) in the manner so required and give a true and fairview in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (IndianAccounting Standard) Rules, 2015, as amended, (“Ind-AS”) and with accounting principles generally accepted in India, of the stateof affairs of the Company as at March 31, 2025, the loss, total comprehensive income, changes in equity and its cash flows for theyear ended on that date.
Basis for Opinion
We conducted our audit of the Ind-AS financial statements in accordance with the Standards on Auditing (SAs) specified undersection 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor’sResponsibilities for the Audit of the Ind-AS Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the Ind-AS financial statements under the provisions of the Companies Act, 2013 and the Rulesthereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Ind-AS financialstatements of the current period. These matters were addressed in the context of our audit of the Ind-AS financial statements as awhole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined the matters described below to be the key audit matters to be communicated in our report
Key Audit Matter Description
Auditor's Response
1. Revenue recognition and measurement
We refer to notes 1 and 21 to the financialstatements for accounting policies anddisclosures relating sale of services. TheCompany's revenue is derived primarily fromsale of services. Revenue from sale of servicesis recognised when performance obligationis satisfied as per terms of the contract withcustomer which may vary for each customer.Revenue recognition has been identified as akey audit matter as there could be cut-off riskwith respect to revenue recognition.
Our procedures includes:
Accounting policies: Understood the revenue recognition policy of theCompany and ensured that it is in line with Ind AS 115 'Revenue fromContracts with Customers'; Assessing the Company's revenue recognitionpolicies.
Tests of controls:
Evaluating the design and testing the operating effectiveness of controlsover the accuracy and correct timing of revenue recognition.
Tests of details:
- Verifying the supporting documentation for determining that the revenuewas recognised in the correct accounting period.
- To assess the recoverability of trade receivables, our proceduresincluded an assessment of whether the provision against, or write off,impacted our view as to the initial recognition of the related revenue.
We also assessed as to whether the disclosures in respect of revenue wereadequate.
2. Aircraft Maintenance Obligations
The Company operates aircraft which areowned or held under lease arrangementsand incurs liabilities for maintenance costs inrespect of aircraft leased during the term ofthe lease.
These arise from legal and contractualobligations relating to the condition of theaircraft when it is returned to the lessor.
At each reporting date, the calculation of themaintenance provision includes a number ofvariable factors and assumptions including:likely utilisation of the aircraft; the expectedcost of the heavy maintenance at the futuredate it is expected to occur; the condition of theaircraft engine, contractual return conditions.Given the involvement of inherent level ofmanagement judgement required as a resultof the complex and subjective element aroundthese variable factors and assumptionsin order to quantify the amounts, we haveidentified this as a key audit matter.
Our audit procedures includes:
• assessed the design, implementation and operating effectiveness of themanagement's internal controls over the maintenance process includingaccounting for maintenance provisions for aircraft held under operatingleases.
• assessed the amount recorded and key assumptions adopted by themanagement in estimating the amount, and reviewed the terms of theoperating leases, compared assumptions to contract terms and theCompany's maintenance cost experience;
• obtained information about the utilisation pattern by reference to theexpected future maintenance event dates from Company's personneland assessed the consistency of the provisions with the engineeringdepartment's assessment of the condition of aircraft, based onunderlying engine inspections and results, analysis of historical flighthours, estimate of the cost of maintenance work to historic invoices;
• assessed the provision by ensuring that all significant return conditionobligations included in aircraft lease contracts have been considered;
The Company's Board of Directors is responsible for the other information. The other information comprises the informationincluded in the Annual Report, namely Financial Highlights, Directors' Report and Report on Corporate Governance but does notinclude the Ind-AS financial statements and our auditor's report thereon which we obtained prior to the date of this auditor's report.Our opinion on the Ind-AS financial statements does not cover the other information and we do not express any form of assuranceconclusion thereon.
In connection with our audit of the 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 Ind-AS financial statements or our knowledge obtained inthe 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 arerequired to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the 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 preparationof these Ind-AS financial statements that give a true and fair view of the financial position, financial performance, changes in equityand cash flows of the Company in accordance with the accounting principles generally accepted in India, including the AccountingStandards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operatingeffectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation ofthe 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 Ind-AS financial statements, the Board of Directors is responsible for assessing the Company's ability to continueas a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountingunless Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Ind-AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Ind-AS financial statements as a whole are free from materialmisstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuranceis 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 theaggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Ind-ASfinancial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughoutthe audit. We also:
(a) Identify and assess the risks of material misstatement of the Ind-AS financial statements, whether due to fraud or error, designand perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to providea basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resultingfrom error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
(b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate inthe circumstances. Under section 143(3)(i) of the Companies Act, 2013 we are also responsible for expressing our opinionon whether the Company has adequate internal financial controls system in place and the operating effectiveness of suchcontrols.
(c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relateddisclosures made by Management.
(d) Conclude on the appropriateness of Management's use of the going concern basis of accounting and based on the auditevidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to drawattention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, tomodify 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.
(e) Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether thefinancial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the auditand 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 requirementsregarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bearon our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significancein the audit of the Ind-AS financial statements of the current period and are therefore the key audit matters. We describe thesematters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rarecircumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doingso 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 interms of sub-section (11) of section 143 of the Act, we give in the Annexure “A”, a statement on the matters specified inparagraphs 3 and 4 of the Order, to the extent applicable.
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 werenecessary 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 ourexamination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changesin Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid Ind-AS financial statements comply with the Accounting Standards specified under Section133 of the Act, read with relevant rules issued thereunder.
(e) On the basis of the written representations received from the Directors of the Company as on March 31, 2025, taken onrecord by the Board of Directors, none of the Directors of the Company is disqualified as on March 31, 2025 from beingappointed as a Director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company andthe operating effectiveness of such controls, refer to our separate Report in Annexure “B”.
(g) 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 (“the Rules”), 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 Ind-AS financial statements- Refer Note 31 to the Ind-AS financial statements.
ii. The Company did not have any long-term contracts during the year ended March 31, 2025, for which there were anymaterial foreseeable losses. Derivative contracts are appropriately dealt with in the books of account.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and ProtectionFund by the Company.
iv. The Management has represented that;
(a) to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowedfunds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity,including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, thatthe Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, securityor the like on behalf of the Ultimate Beneficiaries.
(b) to the best of its knowledge and belief, no funds have been received by the Company from any person or entity,including foreign entity (“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 anymanner 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; and
Based on such audit procedures performed by us that have been considered reasonable and appropriate inthe circumstances, nothing has come to our notice that has caused us to believe that the representations undersub-clause (i) and (ii) of Rule 11(e) of the Rules as provided under (a) and (b) above, contain any material mis¬statement.
v. The Company has not declared or paid any dividend during the year.
vi. Based on our examination, which included test checks, the Company has used accounting software programs formaintaining its books of account which have a feature of recording audit trail (edit log) facility and the same haveoperated throughout the year for all relevant transactions recorded in the software. Further, during the course of ouraudit we did not come across any instance of audit trail feature being tampered with.
The audit trail has been preserved by the Company, as per the statutory requirements for record retention.
3. In our opinion and according to information and explanations given to us and based on our examination of the records of theCompany, the Company has paid / provided managerial remuneration in accordance with the requisite approvals mandatedby the provisions of Section 197 of the Act.
For KALYANIWALLA & MISTRY LLPCHARTERED ACCOUNTANTSFirm Registration Number: 104607W/W100166
Place: Mumbai Membership Number: 127355
Date: May 29, 2025 UDIN: 25127355BMLFWX2472