Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 434

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1A
Chunk 434
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IRM

Board of Directors and Shareholders

Zoomcar Holdings, Inc.

Opinion on the financial statements

We have audited the accompanying consolidated
balance sheets of Zoomcar Holdings, Inc. and subsidiaries (the “Company”) as of March 31, 2025 and 2024, the related consolidated
statements of operations, comprehensive loss, stockholders' deficit, and cash flows for each of the two years in the period ended March
31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the
consolidated financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2025
and 2024, and the results of its operations and its cash flows for each of the two years in the period ended March 31, 2025, in conformity
with accounting principles generally accepted in the United States of America.

Going concern

The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements,
the Company has suffered recurring losses from operations and has a net capital deficiency. In addition, the Company’s cash position
is critically deficient and critical payments are not being made in the ordinary course of business, all of which raises substantial doubt
about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described
in the aforesaid note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this
uncertainty.

Basis for opinion

These consolidated financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based
on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial