We have audited the accompanying standalone financial statements of Global Offshore Services Limited (“the Company”), which comprise
the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss, including the Statement of Other Comprehensive Income, the Cash
Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements, including a
summary of significant 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 accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2025, the loss and other
comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Basis of Opinion
We conducted our audit 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 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
(“ICAI”) together with the ethical requirements that are relevant to our audit of the standalone 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 ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
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. There are no key audit matters to be discbsed.
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 informatbn included in the
Management Discussbn and Analysis, Board’s Report, Corporate Governance Report, and Shareholder Information, but does not include the
standalone financial statements and our auditor’s report thereon.
Our opinbn on the standabne financial statements does not cover the other informatbn and we do not express any form of assurance conclusion
thereon.
In connection with our audit of the standabne financial statements, our responsibility is to read the other informatbn and, in doing so, consider
whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the 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.
Management Responsibility for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparatbn of these
standalone financial statements that give a true and fair view of the standalone financial positfon, standalone financial performance including
other comprehensive income, changes in equity and cash flows of the Company 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
Standard) Rubs, 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 policbs; making judgments and estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal standalone financial controls, that were operating effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparatbn and presentatbn of the standalone financial statements that give a true and fair vbw and
are free from material misstatement, whether due to fraud or error.
In preparing the standabne financial statements, the Board of Directors is 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.
Board of Directors are also responsible for overseeing the Company’s standabne financial reporting process
Auditor’s Responsibilities 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 opinbn. 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 standabne financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professbnal skepticism throughout the audit. We
also:
• Identify and assess the risks of material misstatement of the standabne 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 todesign 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 standalone 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.
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 of India in terms of sub¬
section (11) of Section 143 of the Act, we give in the ’AnnexureA”, a statement on the matters specified in paragraphs 3 and 4 of the Order.
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 Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement
of Changes in Equity dealt with by this report are in agreement with the books of account
(d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS 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 31st March, 2025 taken on record by the Board of
Directors, none of the directors are disqualified as on 31st March, 2025 from being appointed as a director in terms of Section 164 (2)
of the Act
(f) With respect to the adequacy ofthe internal financial controls with reference to these standalone financial statements and the operating
effectiveness of such controls, refer to our separate report in “Annexure B" to this report
(g) In our opinion, the managerial remuneration for the year ended 31st March, 2025 has been paid/ provided by the Company to its
directors in accordance with the provisions of section 197 read with ScheduleV to the Act.
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 ofthe 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 pending litigations which has impact on its financial position in its financial statements - Refer
Note 35 to the standabne financial statements.
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 Educatbn and Protection Fund by
the Company during the year ended 31 st March, 2025.
iv. (a) The Management has represented that, to the best of its knowledge and belief, as discbsed in Note 36(v) to the standalone
financial statements, 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 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 ofthe
Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf ofthe Ultimate Beneficiaries;
(b) The Management has represented that, to the best of its knowledge and belief, as disclosed in Note 36(vi) to the standalone
financial statements, no funds 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 such 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. Dividend has not been declared or paid during the year by the Company.
vi. Based on our examination, which included test checks, the Company has widely used Tally Prime as its accounting software for maintaining
its books of account and the same has operated throughout the year for all relevant transactions recorded in the respective software
system.
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 statutory requirements for record retention.
For D. Kothary & Co.
Chartered Accountants
(Firm Registration No. 105335W)
Deepak O. Narsaria
(Partner)
Membership No. 121190
UDIN: 25121190BMLLWF4358
Place: Mumbai
Date: May 23, 2025
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