We have audited the accompanying financial statements of Goblin India Limited, which
comprise the Balance Sheet as at 31/03/2025, the Statement of Profit and Loss, the cash
flow statement for the year then ended, and a summary of the significant accounting
policies and other explanatory information.

Auditor's Opinion

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 Act in the
manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the state of affairs of the Company as at
31/03/2025, and its Profit and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditor's Responsibilities for the Audit of the 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 together
with the ethical requirements that are relevant to our audit of the financial statements
under the provisions of the Companies Act, 2013 and the Rules there under, 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.

Emphasis of Matter Paragraph

We draw attention to following matters forming part of the notes to financial statements:

1. The company has undisputed liability in respect of income tax for the assessment year
2020-21 amounting to Rs. 88 Lakhs plus applicable interest. The company had not paid

any amount towards this liability and the said amount of liability is adjusted against the
income tax refund of subsequent year i.e. 2021-22 onwards. The net liability as per books
of accounts is Rs. 42.64 Lakhs. The said amount is subject to reconciliation.

2. Kind attention is invited to Note No. 5 “Long-Term Borrowings” and 6 “Short-Term
Borrowings” of the notes on accounts for the half year and year ended 31/03/2025,
which represent the Term loan from Banks and NBFCs. Such amount includes an amount
of Rs. 337.71 Lakhs, being loan from Deutsche Bank for which the company during the
year has entered into a onetime settlement and agreed to pay sum of Rs. 267.00 Lakhs
loan which is duly repaid during the year.

3. Kind attention is invited to Note No. 11 “Non-Current Investments” of the notes on
accounts for the half year and year ended 31/03/2025, which represent the non-current
investment. Such amount includes an amount of Rs. 250.00 Lakhs, being the investment
in immovable property. The said property was held in the name of director and the
company has entered into an agreement to sale such property through its director. The
same is transferred to director loan account.

4. The Amount of Rs. 60.26 Lakhs, shown as an “Extraordinary Item” represent the amount
written off due to a one-time settlement of GECL loan from Deutsche Bank.

5. For the half year and year ending on 31st March 2025, the company has total
outstanding dues amounting to Rs. 210.30 Lakhs to the Micro and Small Enterprises,
which qualify as per the definition given in the MSMED Act, 2006. Out of the said amount
of 123.81 Lakhs, the company issued cheques to the parties, which are subject to
clearance of such cheques.

6. As per the statutory dues of GST, there is an outstanding GST demand amounting to
?273.41 lakhs. This demand has arisen from the tax period under review and pertains to
issues. However, the said demand is currently under appeal, and necessary proceedings
have been initiated before the appropriate appellate authority. The matter is sub judice,
and the outcome of the appeal will determine the final liability. Further the company
during the year had paid an amount of 26.76 lakhs on account of liability of GST.

7. During past years, the Company had given various capital advances totalling to INR
1,141.24 Lakhs - shown under ‘Short Term Loans & Advances’. The management has
explained us that these advances were given for the purpose of acquiring of property,
however, such acquisition is pending as on balance sheet date. The management is in
process of either settling these transactions by acquisition of property, or by squaring off
the advances through repayment. We have solely relied on management’s
representation in this regard (Note 17 to financial results).

8. Certain balances of trade receivables, trade payables, and loans and advances are
subject to confirmation, reconciliation, and consequential adjustments, if any. The

management has obtained confirmations for some of these balances and is in the
process of obtaining the remainder.

Our opinion is not modified in respect of these matters.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under Section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those
Standards are further described in the "Auditor's Responsibilities for the Audit of the
Standalone Financial Results" 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 Results under the provisions of the Act and the Rules thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements
and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion on the standalone
financial results.

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 statement’s context of our audit of the financial 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 Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Management
Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business
Responsibility Report, Corporate Governance and Shareholder’s Information, but does not
include the standalone financial statements and our auditor’s report thereon.

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

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

When we read such other information as and when made available to us and if we
conclude that there is a material misstatement therein, we are required to report that fact.

Responsibility of Management and Those Charged with Governance (TCWG)

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of
the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial
statements that give a true and fair view of the financial position, financial performance
and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions
of the Act for the safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concerned, and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations or has no
realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financial
reporting process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether the 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 financial statements.

As part of an audit in accordance with SAs, we exercise professional judgement 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 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 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 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 management.

• Conclude on the appropriateness of management’s use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
the Company’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report
to the related disclosures in the 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 financial statements,
including the disclosures, and whether the 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 the aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine
those matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (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. We give in Annexure A statements on the matters specified in paragraphs 3 and
4 of the order, to the extent applicable.

As required by Section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss, and the cash flow statement
dealt with by this Report are in agreement with the books of account.

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

(e) On the basis of the written representations received from the directors as on
31/03/2025 taken on record by the Board of Directors, none of the directors is
disqualified as 31/03/2025 from being appointed as a director in terms of Section 164
(2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to
our separate report in "Annexure B".

(g) With respect to the other matters to be included in the Auditor’s Report in
accordance with the requirements of section 197 of the Act, as amended, in our
opinion and to the best of our information and according to the explanations given
to us, the remuneration paid by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.

(h) With respect to the other matters to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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 financial statements.

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

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

iv. (a) The management has represented that, to the best of it’s knowledge and
belief, other than as disclosed in the notes to the accounts, 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), including foreign entities (“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 it’s knowledge and
belief, other than as disclosed in the notes to the accounts, no funds 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 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; and

(c) Based on audit procedures which we considered reasonable and appropriate
in the circumstances, nothing has come to their notice that has caused them to
believe that the representations under sub-clause (i) and (ii) contain any material
misstatement.

v. The company has not paid any interim dividend during the year and hence the
provisions of section 123 of the Companies Act, 2013 are not applicable to the
company.

vi. Based on our examination, the company, has used accounting software for
maintaining its books and accounts which has a feature of recording audit trail
(edit log) facility. However, during the year the company has not enabled such
feature throughout the year. Due to non-enablement of such feature of recording
audit trail (edit log) throughout the year, we are unable to comment whether such
feature of audit trail was operated for all the relevant transactions recorded in the
software or whether there were any instances of the audit trail feature been
tampered with.

FOR O R MALOO & CO.

(Chartered Accountants)

Reg No. :0135561W

SD/-

Date: 30/05/2025 CA OMKAR MALOO

Place: Ahmedabad Partner

M. No.: 044074

UDIN: 25044074BMMAPB8755