We have audited the accompanying standalone financial statements of GOBLIN INDIA
LIMITED ("the Company”), which comprise the Balance Sheet as at 31st March 2026, the
statement of Profit and Loss (including other comprehensive income), the statement of
changes in equity and statement of Cash Flows for the year then ended, and notes to the
financial statements, including 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, except for the effects/possible effects of the matter(s) described in the Basis for
Qualified Opinion section of our report, 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, 2015, as
amended, and other accounting principles generally accepted in India, of the state of affairs
of the Company as at 31st March 2026, its profit/loss including other comprehensive
income, changes in equity and its cash flows for the year ended on that date.
Basis for Qualified Opinion
i. The Company has not provided GST electronic credit ledger, reconciliations and
detailed GST payable workings for verification and accordingly we were unable to
verify the related balances appearing in the books of account.
ii. The Company has certain outstanding statutory liabilities under the Income Tax
Act, 1961 and has not filed Income Tax Return of Assessment year 2025-26 and
applicable TDS returns for the financial year 2025-26 within the prescribed
timelines. Further, certain TDS liabilities remain unpaid as at 31 March, 2026. The
management has also not made provision for interest, penalty or other liabilities,
if any, that may crystallize on account of such non-compliances, nor disclosed
any related contingent liabilities. Accordingly, we are unable to comment upon
the consequential impact, if any, on the accompanying financial statements.
We conducted our audit of the standalone financial statements 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 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 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 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 obtained by us is sufficient and appropriate to
provide a basis for our qualified opinion, except for the effects/possible effects of the
matter(s) described in the Basis for Qualified Opinion section of our report.
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 depending upon the facts and circumstances of the
entity and the audit, that there are no key audit matters to communicate in the Auditors
Report except stated above under Basis of Opinion.
Information Other than the Standalone Financial Statements and Auditor’s Report
Thereon
The Company’s Board of Directors is responsible for the other information. The other
information comprises the information included in the Director’s Report including Annexures
to the Director’s Report, 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. If, based on
the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Emphasis on matter
We do not have any other matter to report here except mentioned under Basis of opinion.
Management’s responsibility for the Standalone Financial Statements
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 standalone
financial statements that give a true and fair view of the financial position, financial
performance, total comprehensive income, changes in equity and cash flows of the
Company in accordance with AS and other accounting principles generally accepted in
India, including the accounting Standards specified under section 133 of the Act. 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 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 Company’s ability to continue as a goi ng 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 Company’s financial
reporting process.
Auditor’s Responsibilities for the Audit of the 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 controls 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 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 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.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor’s 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” a statement 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) Except for the matter(s) described in the Basis for Qualified Opinion paragraph,
we have 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, except for the
possible effects of the matter(s) described in the Basis for Qualified Opinion
paragraph.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, Statement of Changes in Equity and the Cash Flow Statement dealt with by this
Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone financial statements except for the
effects/possible effects of the matter(s) described in the Basis for Qualified
Opinion para above, comply with the Accounting Standards (AS) 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 st March,
2026 taken on record by the Board of Directors, none of the directors is disqualified as
on 31st March, 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 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, 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 litigation 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 has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company.
iv. 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; (
Comment on Entries/Outstanding advances)
v. 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;
vi. Based on such audit procedures that we 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) contain material
misstatement.
vii. The company has not declared any dividend during the year.
viii. Company has not used such accounting software for maintaining its books
of account which has a feature of recording audit trail (edit log) facility and
the same has not been operated throughout the year for all transactions
recorded in the software. Since the accounting software with audit trail has
not been used, the question of it being tampered with and preserved by the
company does not arise.
For Chandabhoy & Jassoobhoy
Chartered Accountants
Place : Ahmedabad (CA Parin Patwari)
Date : 30-05-2026 Partner
Chartered Accountants
Membership No. 193952
Firm Regn. No. 101648W
UDIN: 26193952KHYBBC7433
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