We have audited the accompanying standalone financial statements of GLOBE CIVIL PROJECTS LIMITED (formerly
GLOBE CIVIL PROJECTS PRIVATE LIMITED) (“the Company”), which comprise the Standalone Balance Sheet as of
31^st March 2025, and the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the
Standalone Statement of Cash Flows, the Standalone Statement of Changes in Equity for the year then ended, notes
to the financial statements including a summary of material accounting policies and other explanatory information
(hereinafter referred to as the standalone financial statements).

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 Indian Accounting Standards prescribed
under section 133 of the Act 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 Company as
at 31st March 2025, and its profit, total comprehensive income, its cash flows and changes in equity for the year
ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described
in the Auditor’s 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 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 obtained by us is sufficient and appropriate to provide a basis for our 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. We have determined the matters described below to be the key audit matters
to be communicated in our report.

Information Other than the Standalone Financial Statements and Auditor's Report thereon

The Company’s Management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Director’s Report including Annexure to Director’s Report, but does not
include the standalone financial statements and our auditor’s report thereon. The other information is expected to
be made available to us after the date of this auditor’s report.

Our opinion on the standalone 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 standalone financial statements, our responsibility is to read the other information
identified above, when it becomes available, 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.

When we read the other information, if we conclude, that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance as required under SA 720 ‘The Auditor’s responsibilities
Relating to Other Information’.

Management's Responsibility for the Standalone Financial Statements

The Company’s Management and Board of Directors are 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, financial performance including other comprehensive income, cash flows and changes
in equity of the Company in accordance with the Ind AS 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 statements 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, the Management and Board of Directors are 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 the Board of Directors either intends to liquidate
the Company or to cease operations or has no realistic alternative but to do so. The Board of Directors is also
responsible for overseeing the Company’s financial reporting process.

Auditor's 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 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 control 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 an 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 the Management and Board of Directors.

• Conclude on the appropriateness of Management and 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 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

• 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.

Other Matters

(i) The financial statements of the company for the year ended 31^st March 2024, were audited by another
auditor who expressed an unmodified opinion on those statements vide Independent Auditor’s Report dated
2^nd September, 2024.

(ii) The comparative financial information of the Company for the year ended 31^st March, 2024 and the transition
date opening balance sheet as at 1^st April, 2023 included in these standalone financial statements, are based
on the statutory financial statements prepared in accordance with the Companies (Accounting Standards)
Rules, 2021 audited by the predecessor auditor whose report for the year ended 31^st March 2024, and
31^st March, 2023 dated 2^nd September, 2024 and 30^th August, 2023 respectively expressed an unmodified
opinion on those financial statements, and have been restated to comply with Ind AS. Adjustments made to
one previously issued said financial information prepared in accordance with the Companies (Accounting
Standards) Rules, 2021 to comply with Ind AS have been audited by us.

Our opinion on the standalone financial statements is not modified in respect of these matters.

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 in terms of sub-section (ll) of Section 143 of the Act, we give in Annexure A statement on
the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including Other
Comprehensive Income) the Standalone Statement of Cash Flows, and the Standalone Statement
of Changes in Equity 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 Indian Accounting
Standards (ind AS) prescribed 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 of 31st March 2025 taken
on record by the Board of Directors, none of the directors is disqualified as of 31st March 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 with reference to the financial statements
of the Company and the operating effectiveness of such controls, refer to our separate report in
Annexure B. Our report expresses unmodified opinion on the adequacy and operating effectiveness
of the Company’s internal financial controls with reference to standalone financial statements.

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 explanation given to us, the
remuneration paid/provided by the Company to its directors during the year is in accordance with
the provisions of section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other
details under section 197 (16) of the Act, which are required to be commented upon by us.

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 as of 31st March 2025 on its
financial position in its standalone financial statements - Refer to Note No-41 of standalone
financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses during the year ended 31st March 2025.

iii. There were no amounts that were required to be transferred, to the Investor Education and
Protection Fund by the Company during the year ended 31st March 2025.

iv. (a) The Management has represented that, to the best of its knowledge and belief, 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 Company to or in any other person or entity, including foreign
entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall, whether, 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 Management has represented, that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) 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 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 have 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. Based on our examination, which included test checks, the Company has used accounting
software for maintaining its books of account for the financial year ended 31st March 2025
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 the audit trail feature being
tampered with and the audit trail has been preserved by the Company as per the statutory
requirements for record retention.

vi. The Company has not paid or declared dividends during the year and until the date of this
report.

For JAGDISH CHAND & CO.

Chartered Accountants
ICAI Firm Registration Number: 000129N

Sd/-

Santosh Kumar Jha
Partner

Place of Signature: New Delhi Membership Number: 532638

Date: 21^st July 2025 UDIN: 25532638BMKUOS8738