Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 932

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1C
Chunk 932
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 there were no changes in our internal control over financial reporting identified in connection with the evaluation required by
Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the period covered by this annual report on Form 10 K that have
materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Remediation Plans

We have commenced measures
to remediate the identified material weaknesses, including:

(i)We have been working with Deloitte to assist in the preparation
and presentation of financial statements in accordance with US GAAP and PCAOB guidelines. Furthermore, we are putting a framework in
place to properly manage the review and approval process of work prepared by our third-party advisors.

(ii)We will work on scheduling training sessions on a quarterly
basis to provide relevant USGAAP knowledge. In addition to this management would look to hire people with USGAAP knowledge to bridge
the gap over the next few quarters.

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(iii)Management will be finalizing work commenced on developing
accounting manuals, policies, and standard operating procedures in consultation with Deloitte, our external SOX consultants.

(iv)We are designing and implementing additional review procedures
within our accounting and finance department to provide more robust and comprehensive internal controls over financial reporting.

(v)We have properly concluded that ITGC controls over SAP (our
accounting software) are operating effectively as of March 31, 2025. We are in the midst of reviewing and implementing proper ITGC controls
in all other areas relevant to the preparation of the Company’s financial statements.

We intend to continue to
take steps to remediate the material weaknesses described above and further evolving our accounting processes. The actions we are taking
are subject to ongoing executive management review and are also subject to the oversight of the Audit Committee. We will not be able to
fully remediate these material weaknesses until these steps have been completed and have been operating effectively for a sufficient period
of time. If we are unable to successfully remediate these material weaknesses, or if in the future, we identify further material weaknesses
in our internal control over financial reporting, we may not detect errors on a timely basis and our consolidated financial statements
may be materially misstated.

Inherent Limitations on Effectiveness of
Controls

Our management, including
our Chief Executive Officer and Chief Financial Officer, believes that our disclosure controls and procedures and internal control over
financial reporting are designed to provide reasonable assurance of