Autoriders International Ltd Auditor Reports

The Members of

AUTORIDERS INTERNATIONAL LIMITED

Report on the audit of Financial Statements Opinion

I have audited the accompanying financial statements of AUTORIDERS INTERNATIONAL LIMITED (“the Company”), which comprises Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss ( including Other Comprehensive Income) , Statement of changes in Equity and Cash Flow statement for the year ended 31^st March 2024, including summary of significant accounting policies and other explanatory information (herein after referred to as financial statements.

In my opinion and to the best of my information and according to the explanations given to me, the financial statements give the information required by the Companies Act,2013 (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^st March 2022, and Loss and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

I have conducted my audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. My responsibilities under those SAs are further described in the Auditors Responsibilities for the Audit of the Financial Statements Section of my Report. I am 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 my audit of the financial statements under the provisions of the Act and the Rules there under, and I have fulfilled my other ethical responsibilities in accordance with these requirements and the Code of Ethics. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion on the financial statements

Emphasis of Matters

a) The company had granted unsecured loan of Rs. 300 lacs to a group company which has ceased to be going concern. However in the opinion of management the same is good for recovery being a loan given to company within group.

( Refer Note No. 33 of Notes forming part of accounts)

b) Balances of Income Tax Refunds receivable are subject to confirmation.

( Refer Note No 34 of Notes forming part of accounts)

Information other than the financial statements and Auditors report thereon (Other information)

The Companys management and Board of Directors are responsible for the other information. The other information comprises the information included in the Companys annual report, but does not include the financial statements and auditors report thereon.

My Opinion on the financial statements does not cover the information and I do not express any form of assurance or conclusions thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or other wise appears to be materially misstated. If, based on the work I have performed, I conclude that there is a material misstatement of the other information, I am required to report that fact. I have nothing to report in this regard.

Responsibilities of Management and Those charged with Governance for the Standalone Financial Statements

The Companys Board of Directors is 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 state of affairs ( financial position), profit or loss (financial performance) changes in equity and cash flows of the company in accordance with the accounting principles generally accepted in India, including the Ind As 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 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 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 and the Board of Directors are responsible for assessing the Companys ability to continue as 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.

Auditors Responsibility for the audit of the financial statements

My objective is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatements, whether due to fraud or error, and to issue an auditors report that include my opinion. Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatement 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 decision of users taken on the basis of the financial statements.

As part of an audit in accordance with SAs, I exercise professional judgment and maintain professional skepticism throughout the audit. I 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 my 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.

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

• Conclude on the appropriateness of managements 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 Companys ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditors report to the related disclosures conclusions are based on the audit evidence obtained up to the date of my auditors 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.

I 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 I identify during an audit.

1 also provide those charged with governance with a statement that I 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 my independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies ( Auditors Report) Order,2016 issued by the Central Government in terms of the Section 143(11) of the Act, I give in the “Annexure A” 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, I report that:

a. I have sought and obtained all the information and explanations which to the best my knowledge and belief were necessary for the purpose of my audit.

b. In my opinion proper books of accounts as required by law have been kept by the Company so far as appears from my examination of those books.

c. The standalone financial statements dealt with by this Report are in agreement with the books of accounts.

d. In my opinion, the aforesaid financial statements comply with the Indian accounting standards referred to in the Section 133 of the Companies Act,2013 and read with Rule No 7 of the Companies Accounting Rules 2014.

e. On the basis of representations received from the directors as on Mar 31, 2022 and taken on record by the Board of Directors, none of the directors is disqualified as on Mar 31,2024 from being appointed as a director in terms of Section 164(2) of the Act.

f. As referred in Para (b) of the main report the company could not carry out review of Internal

Financial Controls due to Covid 19 lockdown situations at the year end, and hence separate report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”) is not given.

g. With respect to other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,2014, in my opinion and to the best of my information and according to the explanations given to me:

i. As per the information and explanations given to me there are no pending litigations other than those disclosed in the financial statements.

ii. As per the information and explanations given to me the company has not entered into any long-term derivative contracts during the year and hence there exists no such losses from such contracts which requires provision in the accounts.

iii. There are no amounts to be transferred to Investor Education & Protection Fund during the year.

iv. a) The management has represented that, to the best of its knowledge and belief, as disclosed 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: dire ctly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Company, or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries. b)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 provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries.

Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing has caused us to believe that the representations under clause iv (a) and (b) contain any material misstatement.

h. With respect to the matter to be included in the Auditors Report under Section 197 (16):

In my opinion and according to the information and explanations given to me, the remuneration paid by the company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to the directors is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.

For VANDHANA V.DODHIA & CO.

Chartered Accountants

(Firm Regn No. 117812W)

Sd/-

Vandana V. Dodhia

Partner

Membership No.104000

UDIN NO. 24104000BKFJGJ2115

Mumbai.

Date : 30th May, 2024