We have audited the accompanying financial statements of VOLER CAR LIMITED (Formerly
known as VOLER CAR PRIVATE LIMITED) ("the Company"), which comprise the Balance
Sheet as at March 31, 2024, and the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and 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, the aforesaid 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, 2021, as amended ("Accounting Standards") and other
accounting principles generally accepted in India, of the state of affairs of the Company as
at March 31, 2024, its profit/loss and its cash flows for the year ended on that date.

Basis for Opinion .

We conducted our audit of the 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 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 financial statements under
the provisions of the Act and the Rules made 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 obtained by us is sufficient and appropriate to provide a
basis for our audit opinion on the financial statements.

Emphasis of matter

We draw attention to Note 31 of the financial statements, which outlines the basis for the
disclosure of contingent liabilities. The disclosed amounts have been determined solely on
the basis of a confirmation certificate provided by the company's legal counsel. As auditors,
we have not had access to certain underlying case documents and have therefore placed
reliance on the legal counsel’s professional judgment in determining these amounts.

We also draw attention to Notes 8 and 27 of the financial statements, which detail the
recognition of profit on the settlement of loans amounting to ?61.89 Lakhs and the recording
of interest and penalties on loan settlements amounting to ?20.85 Lakhs/Tha^^^^^x
collectively resulted in an increase in profit before tax by ?41.04 Lakhs. The i^aOT^rtajns^y

to loans totalling ?142.89 Lakhs, which were outstanding as of March 31, 2023, and for which
the company has been in default regarding the payment of interest and principal for more
than three years.

Out of these defaulted loans, ?28.12 Lakhs were settled before the year-end for ?3 Lakhs,
resulting in a recognized profit on loan settlement of ?25.12 Lakhs in the statement of profit
and loss for the year ended March 31, 2024. Subsequent to this settlement, the company
received a No Dues Certificate from the respective lenders.

Additionally, loans totalling ?80.88 Lakhs were settled before the date of signing for ?44.11
Lakhs, resulting in a recognized profit on loan settlement of ?36.77 Lakhs in the statement
of profit and loss for the year ended March 31, 2024. The company also received a No Dues
Certificate from the respective lenders following this settlement.

However, defaulted loans amounting to ?33.89 Lakhs remain unsettled as of the date of
signing the audit report. Of these, loans amounting to ?16.36 Lakhs, along with accrued
interest and penalties totalling ?20.85 Lakhs, have been recorded in the statement of profit
and loss, resulting in a closing balance of ?37.24 Lakhs. Additionally, one disputed loan of
?17.50 Lakhs has been carried at its prior year's value, as the company has not agreed to
the lender's balance confirmation. The additional amount claimed by the lender has been
recorded as a contingent liability.

Our opinion is not modified in respect of these matters.

Information Other than the 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 Management Discussion and
Analysis and Directors Report (the "Reports") but does not include the financial
statements and our auditor's report thereon.

• Our opinion on the 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 financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the 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.

Management's Responsibility for the 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 preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows in accordance with the
Accounting Standards and other accounting principles generally accepted in
responsibility also includes maintenance of adequate accounting records in accor^w^wMgN.

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 financial statement 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 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 Responsibility for the Audit of the Financial statements

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 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 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, but not for the
purpose of expressing an opinion on the effectiveness of the Company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the management. ¹

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 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.

Report on Other Legal and Regulatory Requirements

1. 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 and the Cash Flow Statement
dealt with by this Report are in agreement with the relevant books of account.

D. In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act.

E. On the basis of the written representations received from the directors as on March
31, 2024 taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2024 from being appointed as a director in terms of
Section 164(2) of the Act.

F. Reporting on the adequacy of Internal Financial Control Over Financial Reporting of
the Company and the operating effectiveness of such controls, under section 143(3)(i V
of the Act is not applicable in view of the exemption available to the Company ir^eijms
of the notification no. G.S.R. 583(E) dated 13 June 2017 issued by the

,70/ M' NO¹ \ 4\

Corporate Affairs, Government of India, read with general circular No. 08/2017 dated
25 July 2017 as the company was a private limited company during the financial year
ended March 31, 2024 and falling under the exemption limits as per the aforesaid
notification.

G. In my opinion and to the best of my information and according to the explanations
given to us, the Company being a private company during the financial year ended
March 31, 2024, section 197 of the Act related to the managerial remuneration not
applicable.

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:

a) The Company does not have any pending litigations which would impact its
financial position, except which has been disclosed in additional notes to
financial statements (Refer note 31 of financial statements).

b) The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses.

c) There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.

d)

i. The management has represented that, to the best of its knowledge and
belief, 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 persons or entities, 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 ("Ultimate Beneficiaries") by or on behalf of
the Company.

• provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.

ii. The management has represented, that, to the best of its knowledge and
belief, no funds have been received by the Company from any persons or
entities, including foreign entities ("Funding Parties"), with the
understanding, whether recorded in writing or otherwise, that the Company
shall:

• directly or indirectly, lend or invest in other persons or entities identified

in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of
the Funding Party or a/

• provide any guarantee, security or the like from or on

Ultimate Beneficiaries; and //o/w^⁰*V*Y

iii. Based on such audit procedures as considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under subclause (d) (i) and (d) (ii) contain
any material misstatement.

e) The Company has not paid any dividend during the year and hence, compliance
with Section 123 of the Act is not applicable.

I. Based on our examination, which included test checks, the Company has used
accounting softwares for maintaining its books of account for the financial year ended
March 31, 2024 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
softwares. Further, during the course of our audit we did not come across any instance
of the audit trail feature being tampered with. Additionally, as proviso to Rule 3(1) of
the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation
of audit trail as per the statutory requirements for record retention is not applicable
for the financial year ended March 31, 2024.

2. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the
Central Government in terms of Section 143(11) of the Act, we give in "Annexure A" a
statement on the matters specified in paragraphs 3 and 4 of the Order.

For Goyal Goyal & Co.

Chartered Accountants

(Firm's Registration No. - 015069C)

7 / /

Hemant Gbyal

(Partner)

(M. No. 405884)

(UDIN - 24405884BKCOOK7729)

Place : Kolkata

Date : August 29, 2024

1

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 disclosure£=ttt=£fci(^
financial statements or, if such disclosures are inadequate, to modify our oa^^h->C^^\