Globe International Carriers Ltd Auditor Reports

TO

THE MEMBERS OF

GLOBE INTERNATIONAL CARRIERS LIMITED

Report on the Audit of the Consolidated Financial Statements Opinion

We have audited the accompanying Consolidated financial statements of Globe International Carriers Limited (hereinafter referred to as the Holding Company) and its subsidiaries (the Holding Company and its subsidiary together referred to as the Group) which comprise the Consolidated Balance Sheet as at March 31, 2026, the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Consolidated Statement of Cash Flow 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 consolidated financial statements).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013, as amended (the Act) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 as amended (IND AS) and other accounting principles generally accepted in India, of the state of affairs of the group as at March 31, 2026 and their Consolidated Profits including other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of consolidated financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Consolidated 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 Consolidated financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, 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 audit opinion on the Consolidated Financial Statements.

Emphasis of Matter

These matters were addressed in the context of our audit of the Consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Our opinion is not modified in respect of these matters.

I. Right Issue:-

In order to meet the margin money requirements for proposed capital expenditure projects, the Company had raised funds through a Rights Issue of 48,21,000 Equity Shares of face value 10 each at an issue price of 49.50 per share (including securities premium of 39.50 per share), aggregating to 2,386.39 Lakhs. The Rights Issue was offered to eligible shareholders in the ratio of 6 (Six) Rights Equity Shares for every 25 (Twenty-Five) fully paid-up Equity Shares held as on the record date i.e., 22 September 2023, and was successfully completed during FY 2023-24.

Pursuant to the proposed capex projects, the Company advanced 520.00 Lakhs to Mr. Khyat Prakash Shah during FY 2024-25 towards purchase of land for construction of a warehouse for business expansion. Further, an advance of

200 Lakhs was given to Dispar Fintrade Private Ltd towards proposed purchase of land. Additionally, the Company advanced 1,100.00 Lakhs to Darwin Platform Infrastructure towards construction of a warehouse on leasehold land. However, no registered or formal agreements were executed in respect of these transactions.

Subsequently, pursuant to the approval obtained in the Extraordinary General Meeting held on 19 March 2025, the object of the Rights Issue relating to the proposed capex utilisation was partly modified, and the Unutilised proceeds are proposed to be utilised towards working capital requirements. Accordingly, the advances given for the proposed capex projects are being recalled. During FY 2025-26, the advance given to Mr. Khyat Prakash Shah of Rs.520 Lakhs has been fully recovered, 60 Lakhs has been recovered from Darwin Platform Infrastructure, and the remaining balance Rs.1240 Lakhs is recoverable.

Refer Note 13 - Share Capital to the Consolidated financial statements.

II. Acquisition of 40,80,000 equity shares of M/s. Govind Kripa Infratech Private Limited (GKIT)

The Company acquired 40,80,000 equity shares of M/s Govind Kripa Infratech Private Limited (GKIT) on 18 June 2025, representing 51% of the equity share capital of GKIT, for an aggregate purchase consideration of 29,43,31,197/- (Rupees Twenty-Nine Crores Forty-Three Lakhs Thirty-One Thousand One Hundred and Ninety-Seven Only), at a price of 72.14 per equity share. In consideration for the aforesaid acquisition, the Company issued 30,69,147 fully paid-up equity shares having a face value of 10 each at an issue price of 95.90 per equity share (including securities premium of 85.90 per equity share) to the shareholders of GKIT by way of share swap arrangement, thereby discharging the entire purchase consideration. The aforesaid acquisition was approved by the Board of Directors in its meeting held on 24 April 2025. Further, the Company incurred expenses amounting to 9,13,455/- in connection with the aforesaid transaction, which have been adjusted against Securities Premium Account.

Key Audit Matter

Key audit matters are those matters that, in our professional judgments, were of the 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.

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

Information Other than the Financial Statements and Auditors Report Thereon

The Holding Companys Board of Directors are responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the consolidated financial statements and our auditors report thereon. The Annual Report is expected to be made available to us after the date of this auditors report.

Our opinion on the Consolidated financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether such information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the Annual Report, if we conclude that there is a material misstatement, we are required to report that fact. On the auditors report date, we have nothing to report in this regard, as the Annual Report is expected to be made available to us after the date of this auditors report.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

The Holding Companys 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 Consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance including other comprehensive income, consolidated cash flows and changes in the equity of the Group in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Consolidated 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.

The Board of directors of the companies included in the Group are also responsible for overseeing the financial reporting process of the Group.

Auditors Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated 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 Consolidated 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 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 one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, 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 Board of Directors 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 Groups ability to continue as a going concern. If we conclude that a material 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 based on the audit evidence obtained up to the date of our auditors 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 consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the 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 (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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors 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 , to be included in the Auditors report, according to the information and explanations given to us, and based on the CARO reports issued by us for the Holding Company and its subsidiary included in the consolidated financial statements of the Company, to which reporting under CARO is applicable, we report that there are no qualifications or adverse remarks in these CARO reports.

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 were necessary for the purposes of our audit of the accompanying Consolidated financial statements;

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. Further, the backup of the books of accounts of the company maintained in electronic mode has been maintained on the system physically located in India. However, it was not possible for us to verify the same on daily basis.

c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows dealt with by this report are in agreement with the books of accounts.

d) In our opinion, the aforesaid Consolidated financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended.

e) On the basis of the written representations received from the directors as on March 31, 2026 taken on record by the Board of Directors of the Group, none of the directors is disqualified as on March 31, 2026 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 with reference to these financial statements and the operating effectiveness of such controls, refer to our separate Report in Annexure A to this report.

g) In our opinion and to the best of our information and according to the explanation given to us the remuneration paid by the Company to its directors during the year is in accordance with the provisions of Section 197 read with Schedule V to the Act.

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 consolidated financial statements has disclosed the impact of pending litigations on the consolidated financial position of the Group - Refer note 41 to the financial statements.

ii. The Group 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) The respective Management of Holding and Subsidiary companies has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Group to or in any other person(s) or entity(ies), including foreign entities (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The respective Management of Holding and Subsidiary companies has represented, that, to the best of its knowledge and belief, other than as disclosed in the notes to accounts, no funds (which are material either individually or in the aggregate) have been received by the Company from any person(s) or entity(ies), including foreign entities (Funding Parties), with the understanding, whether recorded in writing or otherwise, that the Group 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 the audit procedures that has been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. The Group has not declared or paid any dividend during the year and has not proposed final dividend for the year. vi. 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 has used 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 and the audit trail has been preserved by the company as per the statutory requirements for record retention.

For Gourisaria Goyal & Co.
Chartered Accountants
FRN:016681C

(Sandeep K Agrawal)
Partner
Membership No.: 417193
64

Place: Jaipur
Date: 29-05-2026

UDIN : 26417193TMITFY8944
Annual Report 2025-26

ANNEXURE-A TO THE INDEPENDENT AUDITORS REPORT of the GLOBE INTERNATIONAL CARRIERS LIMITED (REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS) FOR THE YEAR ENDED 31 ST MARCH, 2026

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of the audit and to the best of our knowledge and belief, we state that:

i. In respect of the Companys Property, Plant and Equipment, Right-of-Use Assets, Investment Property, and Intangible Assets:

ii. a) (A) The Company is under process of finalization of records showing full particulars, including quantitative details, Location, Situation and Tagging of Property, Plant and Equipment and Investment Property, and relevant details of right-of-use assets.

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

b) The Company has a program of physical verification of Property, Plant and Equipment, Investment Property, and right-of-use assets so to cover all the assets once in a year which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain Property, Plant and Equipment were due for verification during the year and were physically verified by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

c) The Company does not hold any immovable property, thus, the paragraph 3(i)(c) is not applicable on the Company.

d) The Company has not revalued any of its Property, Plant and Equipment (including right-of-use assets) and intangible assets during the year.

e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2026 for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) and rules made thereunder.

iii. (a) The Company is a service Company, primarily rendering transportation services. Accordingly, it does not hold physical inventories except few items of stores and consumables.

(b) According to the information and explanations given to us the Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, during the year from banks or financial institutions on the basis of the security of current assets. The quarterly returns or statements filed by the Company including stock statements with such banks or financial institutions have differences in Book Debts and Creditors submitted to the bank are due to the submission of data while the books of accounts were under finalization. However, these differences are not material for concern, as the statements are primarily used for the calculation of Drawing Power, and the amount withdrawn remained within the permissible Drawing Power limits, after considering the finalized balances of debtors and creditors as per the books of account.

Amount in Lacs

	Debtors Less Than 90 Days
Month	Submitted to Banker	As per Books	Differences	Submitted to Banker	Creditors As per Books	Differences
June	10947.31	10902.77	44.54	1353.03	1711.61	-358.59
September	11802.75	11044.47	758.28	964.03	1322.23	-358.19
December	11348.59	11873.81	-525.22	927.57	1470.16	-542.59
March	12186.48	13973.10	-1786.62	1273.18	2389.15	-1115.97

a) i) The Company has made investments, or 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, during the year, and hence, reporting under clause 3(iii) of the Order is applicable to the Company, details are as follow:

S.No. Particular	Nature	Amount in lacs
1 Jio Financial Services Limited (50 Shares)	Investment	0.16
2 LG Electronics India Limited (182 Shares)	Investment	2.07
3 State Bank of India (6 Shares)	Investment	0.05
4 Govind Kripa Infratech Private Limited	Investment	2943.31

ii) In our opinion, the investments made during the year are, prima facie, not prejudicial to the Companys interest. iii b) i) the aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such loans or advances and guarantees or security to subsidiaries, joint ventures and associates;

Particulars	The aggregate amount during the year (In Lacs)	Balance as on 31 03- 2026(In Lacs)
Intra Globe Green Energy Pvt Ltd (Formerly Known as Intra Globe Transport Solutions) Interest free loan to wholly owned subsidiary	0.00	222.53
Govind Kripa Infratech Private Limited (GKIT) Interest free loan to subsidiary	1291.29	1291.29

ii) the aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such loans or advances and guarantees or security to parties other than subsidiaries, joint ventures and associates;

Particulars	The aggregate amount during the year (In Lacs)	Balance as on 31 03- 2026(In Lacs)
Govind Kripa Enclave LLP	1193.79	949.73

iii) the Company has provided guarantee and given adhoc loans to such parties and there are no terms and conditions on record for such guarantee and loans. According to the information and explanations given to us, the terms and conditions of the grant of such loans and guarantee are not prejudicial to the Companys interest.

iii c) According to the information and explanations given to us, the schedule of repayment of principal and payment of interest has not been stipulated, iii d) As the schedule of repayment of principal and payment of interest has not been stipulated, there is no overdue amount. iii e) The company has granted loans or advances in the nature of loans, either repayable on demand or without specifying any terms or period of repayment,

Particulars	Rs. In Lakhs
Aggregate Amount of Such Loans/Advances	Rs. 2463.55
% thereof to the total loans granted	100%
Aggregate amount of loans granted to Promoters, related parties as defined in clause (76) of section 2 of the companies Act, 2013	Rs. 2463.55

iv. According to information and explanation given to us, the Company has not granted any loans or provided guarantees or securities that are covered under the provisions of sections 185 of the Companies Act, 2013. Also, the Company has complied with the provisions of Section 186 of the Companies Act, 2013 in respect of investments made.

v. According to the information and explanations given to us the Company has not accepted any deposits from the public within the meaning of the directives issued by the Reserve Bank of India and the provisions of section 73 to 76 or any relevant provisions of the Companies Act, 2013 and the rules made there under. Hence, reporting under clause 3(v) of the Order is not applicable.

vi. We have broadly reviewed the books of account maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148 of the Act, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

vii. In respect of statutory dues:

(a) In our opinion, the Company has generally been regular in depositing undisputed statutory dues including Goods and Services tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with appropriate authorities.

There were no undisputed amounts payable in respect of Goods and Services tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory in arrears as at March 31, 2026 for a period of more than six months from the date they became payable.

(b) There are no statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2026 on account of any dispute

viii. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

ix. In respect of repayment of dues:

(a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) According to the information and explanations given to us, we report that the Company has not been declared a wilful defaulter by any bank or financial institution or government or any government authority or any other lender.

(c) According to the information and explanations given to us, the Company has utilized the money obtained by way of term loans during the year for the purposes for which they were obtained.

(d) According to the information and explanations given to us, on an overall examination of the financial statements of the Company, we report that funds raised on short term basis have generally not been used for long-term purposes by the Company.

(e) In our opinion and according to the information and explanation given to us, during the year 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) ) In our opinion and according to the information and explanation given to us, the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint venture or associate companies.

x. (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year and hence, reporting under clause 3(x)(a) of the Order is not applicable.

(b) During the year, the Company has made preferential allotment/private placement of equity shares in compliance with the requirements of Sections 42 and 62 of the Companies Act, 2013.

The Company acquired 40,80,000 equity shares constituting 51% equity stake in M/s. Govind Kripa Infratech Private Limited (GKIT) on 18 June 2025 for an aggregate consideration of 29,43,31,197 at a price of 72.14 per equity share.

In consideration of the aforesaid acquisition, the Company issued 30,69,147 fully paid up equity shares having face value of 10 each at an issue price of 95.90 per share (including securities premium of 85.90 per share) to the shareholders of GKIT by way of share swap arrangement, thereby discharging the entire purchase consideration.

The Company has utilised the funds raised for the purposes for which the funds were raised. Further, expenses amounting to 9,13,455 incurred in connection with the aforesaid issue have been adjusted against the securities premium account.

xi.(a) According to the information and explanations given to us, no material fraud by the Company or fraud on the Company has been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report.

(c) Whistler Blower Mechanism is not applicable to the company as per section 177 read with rule 7 of Companies Rule 2014. Hence, reporting under clause 3(xi)(c) of Order is not applicable.

xii. The Company is not a Nidhi Company and hence, reporting under clause 3(xii)of the Order is not applicable.

xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 177 and 188 of Act where applicable and details of such transactions have been disclosed in the Consolidated Financial Statements as required by the applicable accounting standards.

xiv. (a) In our opinion, the Company has an Internal Audit System but there is a substantial scope of improvement in terms of coverage, frequency of reporting and in compliance by the Company of Internal Audit.

(b) We have considered, the Internal Audit Reports for the year under audit, issued to the Company during the year and till date, in determining the nature, timing and extent of our audit procedures.

xv. In our opinion and based on the information and explanations provided to us, the Company has entered into non-cash transactions with a director, Mrs. Surekha Agrawal, and the provisions of Section 192 of the Companies Act, 2013 have been duly complied with. Details of the said transaction are disclosed under clause 3(x)(b) above. xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 and hence, reporting under clause 3(xvi) of the Order is not applicable.

xvii. The Company has not incurred cash losses during the current financial year covered by our audit and in the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors during the year and accordingly requirement to report on Clause 3(xviii) of the Order is not applicable to the Company.

xix. On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not 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.

We, however, state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

xx. There are no unspent amounts towards Corporate Social Responsibility (CSR) under sub-section (5) of Section 135 of the Companies Act as on the balance sheet date. Hence, reporting under clause 3(xx)(a), (b) of the Order is not applicable for the year.

xxi. According to the information and explanations given to us and based on our audit of the subsidiary companies included in the consolidated financial statements, no qualification or adverse remarks have been reported in the audit reports of such subsidiary companies.

For Gourisaria Goyal & Co.
Chartered Accountants
FRN:016681C

(Sandeep K Agrawal)
Partner
Membership No.: 417193
Place: Jaipur
Date: 29-05-2026