Globe Civil Projects Ltd Auditor Reports

To the Members of GLOBE CIVIL PROJECTS PRIVATE LIMITED

1. Opinion

We have audited the accompanying standalone financial statements of GLOBE CIVIL PROJECTS PRIVATE LIMITED ("the Company"), which comprise the Balance Sheet as at 31^st March 2023, and the Statement of Profit and Loss, Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

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 Companies Act, 2013 ("the Act") in 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 (Accounting Standards) Rules, 2006, as amended ("Accounting Standards") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2023, and its profit for the year and its cash flows for the year ended on that date.

2. Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditors Responsibility 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 ethical requirements that are relevant to our audit of the standalone 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 ICAIs Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

3. Emphasis of Matters

We draw attention to the below matter in the notes to the standalone financial statements:

Note No.2.42 to the financial statements relating to non-confirmation of balances under sundry debtors, creditors, loans & advances and necessary adjustments on reconciliation.

Our report is not qualified in respect of this matter.

4. 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. We have determined that there are no key audit matters to communicate in our report.

5. Other Information Board of Directors Report

Companys Board of Directors is responsible for the preparation and presentation of its report (herein after called as Board Report) which comprises various information required under section 134(3) of the Companies Act, 2013 but does not include the financial statements and other auditors report thereon. Our opinion on the financial statements does not cover the Board Report and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statement, 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. Based on the work we have performed, we conclude that there is no material misstatement in this Board Report, which we are required to report in this regard.

6. Managements Responsibility for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position and financial performance in accordance with the Accounting Standards and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the Companys 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.

Those Board of Directors are also responsible for overseeing the Companys financial reporting process.

7. Auditors Responsibility 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 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 standalone financial statements.

8. Report on Other Legal and Regulatory Requirements

I. As required by Section 143(3) of the Act, based on our audit, we report, to the extent applicable 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 and the Statement of Profit and Loss and the 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 Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31st March, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 31^st March, 2023 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-A. Our Report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting.

g) With respect to the other matters to be included in the Auditors 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 Company being a private Company, section 197 of the Act related to the managerial remuneration not applicable.

h) With respect to the other matters to be included in the Auditors 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 does not have any pending litigations which would impact its financial position.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

iv. (a) On the basis of written representation received from management, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), ("Intermediaries"), with the understanding, that the Intermediary shall, directly

(b) On the basis of written representation received from management, no funds have been received by the Company from any person(s) or entity(ies), ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, 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 audit procedures followed by us during the course of audit, nothing has come to our notice that has caused us to believe that the representations under subclause (i) and (ii) contain any material mis-statement.

v) The Company has not paid the dividend during the financial year 2022-23, hence provision of section 123 of the Companies Act 2013 is not applicable on the Company.

vi) The Central Government has, vide Notification G.S.R. 235(E) Dated 31st March 2022, deferred the usage by the companies of the accounting software which has a feature of recording audit trail for the financial year commencing on or after the 1st day of April 2023. Further, the management has also provided written representations that the company is in the progressive stages of implementing such audit-trail compliant accounting software. Accordingly, in respect of financial year commencing on 1st April, 2022 and ending on 31st March, 2023, we are unable to comment whether the Company has used such accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and whether the same has been operated throughout the year for all transactions recorded in the software and whether the audit trail feature has not been tampered with and the audit trail has been preserved by the company as per the statutory requirements for record retention.

II. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act and on the basis of such check as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure-B, a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable to the Company relevant to this year.

ANNEXURE TO INDEPENDENT AUDITORS REPORT

[Referred to in paragraph 8(l)(f) under Report on Other Legal and Regulatory Requirements in the Independent Auditors Report of the even date to the members of Globe Civil Projects Private Limited on the financial statements for the year ended March 31, 2023]

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Globe Civil Projects Private Limited ("the Company") as of March 31, 2023 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India". These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of internal Financial Controls Over Financial Reporting

A Companys internal financial control over financial reporting is a process 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 accounting principles. A Companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2023, based on the essential components of internal control stated in the Guidance Note issued by ICAI.

ANNEXURE TO AUDIT REPORT

ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF GLOBE CIVIL PROJECTS PRIVATE

LIMITED FOR THE YEAR ENDING 31^st MARCH 2023

(Referred to in paragraph 8(ll) under Report on Other Legal and Regulatory Requirements section of

our report of even date)

(i) Fixed Assets

a) (A) The Company has maintained proper records showing full particulars including quantitative details and the situation of Property, Plant and Equipment.

(B) The Company has maintained proper records showing full particulars of intangible assets.

b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such physical verification.

c) The title deed of all immovable properties is held in the name of the Company.

d) The Company has not revalued its Property, Plant and Equipment and Intangible assets during the year.

e) On the basis of available information, there is no proceeding initiated or pending against the Company for holding any Benami property under the "Benami Transactions (Prohibition) Act, 1988 and Rules made thereunder.

(ii) Inventories

a) The inventories have been physically verified by the management at reasonable intervals during the year. In our opinion the coverage and procedure of such verification by the management is appropriate and according to the information and explanation given to us, the Company is maintaining proper records of inventories. There are no discrepancies noticed on verification.

b) The Company has sanctioned working capital limit from bank which in aggregate exceeds Rs.

5 Crores secured against current assets of the Company. The Company is regularly filing monthly statements of book debt and stock to the bank, wherein book debt statements submitted to bank are in agreement with the books of accounts, however, in the stock statements there is some discrepancy, which is not material.

(iii) Investment, Guarantee or loan & advances

In our opinion and according to the information and explanations given to us, the company has provided corporate guarantee to Yes Bank Ltd for securing Loan amounting to Rs 6.20 Crores taken by Vara Milk Foods Specialities Private Limited having common director.

(iv) Compliance of section 185 and 186

In our opinion and according to the information and explanations given to us, in respect of loans, investments, guarantees, and security the provisions of section 185 and 186 of the Companies Act, 2013 have been complied with by the Company.

(v) Deposits from the public

In our opinion and according to the information and explanations given to us, Company has not accepted deposits from the public, hence compliance of provisions of sections 73 to 76 or

any other relevant provisions of the Companies Act and the rules framed there under with regards to acceptance of deposit is not required.

(vi) Maintenance of Cost records

The Company is not required to maintain cost records as specified by the central government under sub-section (1) of section 148 of the Companies Act 2013.

(vii) Statutory Dues

a) According to information and explanations given to us and records of the Company examined by us, in our opinion, the Company is regular in depositing undisputed statutory dues, including Goods and Service Tax, Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income tax, Custom Duty, Cess, Duty and other statutory dues with the appropriate authorities during the year.

b) According to information and explanations given to us, no undisputed amount payable in respect of income tax, wealth tax, Goods and service Tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31st March 2023 for a period of more than six months from the date they became payable.

(viii) Unrecorded transaction disclosed in Income Tax Assessment

Based upon examination of the books of account and related records and as per information and explanations given by the management, there is no instance of surrender or disclosed an income during the year in the tax assessment under Income Tax Act in respect of transaction not recorded in the books of accounts.

(ix) Default in repayment of Loans

During the examination of the books and records, the Company has not defaulted in repayment of loan and other borrowing or in the payment of interest thereon to any lender.

(x) Raising Money by way of IPO

a) In our opinion and according to the records of the Company examined by us and the information and explanations given to us, during the year the Company has not raised money by way of initial public offer or further public offer (including debt instruments) and term loans.

b) In our opinion and according to the records of the Company examined by us and the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review; hence the provisions of clause (x) of paragraph 3 are not applicable to the Company.

(xi) Fraud by Company

a) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given by the management, we have neither come across any instance of fraud on or by the Company, noticed or reported during course of our audit, nor we have been informed of such case by the management.

b) Since we have not found any instance of fraud on or by the Company, this sub-clause is not applicable on the Company.

c) There is no any whistle-blower complaint received during the year by Corrjpahy.

(xii) Nidhi Company

The Company is not a Nidhi company; hence the provisions of clause (xii) of paragraph 3 are not applicable to the Company.

(xiii) Related Party Disclosure

In our opinion and according to the records of the Company examined by us and the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

(xiv) Internal Audit

The Company is not required to appoint the internal auditor according to the provision of Section 138 of Company Act 2013, hence the provisions of clause (xiv) of paragraph 3 are not applicable to the Company.

(xv) Non-Cash Transaction

In our opinion and according to the records of the Company examined by us and the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with him; hence the provisions of clause (xv) of paragraph 3 are not applicable to the Company.

(xvi) Registration under RBI

(a) In our opinion and according to the information and explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

(b) The Company has not conducted any Non-Banking Financial or Housing Finance activities, hence no requirement for obtaining the certificate of registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India.

(d) Since the Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India, provision of subclause (d) of clause (xvi) is not applicable.

(xvii) Cash Losses

During the course of our examination of the books and records of the Company, the Company has not incurred cash losses in the financial year.

(xviii) Resignation of Statutory Auditor

There has not been any resignation by the statutory auditors during the year.

(xix) Creditworthiness of a Company

On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, the auditors knowledge of the Board of Directors and management plans, our opinion that no material uncertainty exists as on the date of the audit report that Company is capable 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.

(xx) CSR Activities

The provisions of Section 1S5 of the Company Act 2013 are applicable on the Company, and the provisions of clause (xx) of paragraph 3 are applied by the Company.