Auditor Report of Rapid Fleet Management Services Ltd.

Mar 31, 2025

We have audited the accompanying Financial Statements of RAPID FLEET
MANAGEMENT SERVICES LIMITED (Formerly known as RAPID FLEET MANAGEMENT
SERVICES PRIVATE LIMITED) (‘the Company’), which comprise the Balance Sheet as at
31st March, 2025, the Statement of Profit and Loss and the statement of Cash Flows
for the year then ended and notes to the Financial Statements, including a summary
of significant accounting policies and other explanatory information.

OPINION

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
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 31st March, 2025, the profit and total income, and its cash flows for
the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the financial statement in accordance with the Standards
on Auditing specified under Section 143(10) of the Act (SAs). Our responsibilities
under those Standards are further described in the Auditor’s Responsibilities for the
Audit of 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 independence requirements that are
relevant to our audit of the Financial Statements under the provisions of the Act and
the Rules made there under, 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 we have obtained is sufficient and appropriate to provide a basis
for our audit opinion on the Financial Statements.

OTHER INFORMATION

The Company’s Management and Board of Directors are responsible for the other
information. The other information comprises the information included in the
Company’s annual report, but does not include the financial statements and our
auditors’ report thereon. The Company’s annual report is expected to be made
available to us after the date of this auditor’s report. Our opinion on the financial
statements does not cover the other information and we will 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 identified above when
it becomes available and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in
the audit or otherwise appears to be materially misstated. When we read the
Company’s annual report, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with
governance and take necessary actions, as applicable under the relevant laws and
regulations.

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 Companies Act, 2013 (“the Act”) with respect to the preparation and
presentation of these Financial Statements that give a true and fair view of the
financial position, financial performance and cash flows of the company in
accordance with the accounting principles generally accepted in India, including the
Accounting Standards 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 the 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 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

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.

We have taken into account the provisions of the Act, the accounting and auditing
standards and matters which are required to be included in the audit report under
the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified
under Section 143(10) of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether the Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the
amounts and the disclosures in the Financial Statements. The procedures selected
depend on the Auditor’s judgment, including the assessment of the risks of material
misstatement of the Financial Statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal financial control relevant to
the company’s preparation of the Financial Statements that give a true and fair view
in order to design audit procedures that are appropriate in the circumstances. An
audit also includes evaluating the appropriateness of the accounting policies

used and the reasonableness of the accounting estimates made by the Company’s
Directors, as well as evaluating the overall presentation of the Financial Statements.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by sub-section 3 of Section 143 of the Act, 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 purpose 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 Statement of
Cash Flows dealt with by this Report are in agreement with the books of
account;

(d) In our opinion, the aforesaid Financial Statements comply with the
Accounting Standards specified under Section 133 of the Act, read with relevant
rule issued thereunder.

(e) On the basis of the written representations received from the directors as
on 31st March, 2025 taken on record by the Board of Directors, none of the
directors is disqualified as on 31st March, 2025 from being appointed as a
director in terms of Section 164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financial
reporting of the company and the operating effectiveness of such controls,
refer to our separate report in “ANNEXURE - A”;

(g) with respect to the other matters to be included in the Auditor’s Report in
accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid by the company to its directors
during the year is in accordance with the provisions of section 197 of the Act.

An audit also includes evaluating the appropriateness of the accounting policies
used and the reasonableness of the accounting estimates made by the Company’s
Directors, as well as evaluating the overall presentation of the Financial Statements.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by sub-section 3 of Section 143 of the Act, we report that:

(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, in
our opinion and to the best of our information and according to the
explanations given to us: -

i. The Company did not have any pending litigations in its Financial Statements.

ii. The Company did not have any long term contract including derivative

contract which may lead to any foreseeable losses.

iii. There were no amounts which are required to be transferred to the Investor

Education and Protection Fund by the Company during the period ended 31st

March, 2025.

iv. The Company has not declared or paid any dividend during the year.

v.

a. The Management has represented that, to the best of its knowledge and
belief, no funds (which are material either individually or in the aggregate)
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 person or entity, including foreign entity ("Intermediaries"),
with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of
the Company ("Ultimate Beneficiaries") or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries;

b. The Management has represented, that, to the best of its knowledge and
belief, no funds (which are material either individually or in the aggregate)
have been received by the Company from any person or entity, including
foreign entity ("Funding Parties"), with the understanding, whether recorded

in writing or otherwise, that the Company shall, whether, directly or
indirectly, lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

c.Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representations under sub-clause (i) and (ii)
of Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining
books of account using accounting software which has a feature of recording
audit trail (edit log) facility is applicable to the Company with effect from April
1, 2023. Based on our examination which included test checks, the company
has used accounting software for maintaining its books of account which has
a feature of recording audit trail (edit log) facility, however the same has not
been operated throughout the year for all relevant transactions recorded in
the software.

Additionally, the audit trail has been preserved by the Company as per the
statutory requirements for record retention.

2. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”),
issued by the Central Government of India in terms of sub-section (11) of Section
143 of the Act, we give in the “Annexure B” a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

Sd/

For Jay Gupta and Associates
(Erstwhile Gupta Agarwal & Associates)
Chartered Accountants
Firm’s Registration No: 329001E

Sd/

Jay Shanker Gupta
Partner

PLACE: KOLKATA Membership No: 059535

^{DATE: MAY 24, 2025} UDIN: 25059535BMHCAK5717