Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1450

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 4
Chunk 1450
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 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 reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

GRANT THORNTON Bharat LLP

We have served as the Company’s auditor since 2021.

Gurugram, India

June 30, 2025

F-2

ZOOMCAR HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

    (in USD, except number of shares) As at 
    March 31, 2025  
    March 31, 2024