Auditor Report of Rapid Multimodal Logistics Ltd.

Mar 31, 2025

We have audited the accompanying half yearly financial results of RAPID MULTIMODAL LOGISTICS
LIMITED (Formerly known as RAPID MULTIMODAL LOGISTICS PRIVATE LIMITED)("the

Company”) for the half year ended 31^st March, 2025 and the year to date results for the period from 1st
April, 2024 to 31st March, 2025, being submitted by the Company pursuant to the requirement of
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended (“Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us these
financial results:

i) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations
in this regard; and

ii) give a true and fair view in conformity with the recognition and measurement principles laid
down in the applicable accounting standards and other accounting principles generally accepted
in India of the net profit and other financial information for the half year ended 31^st March,
2025 and the year to date results for the period from 1^st April, 2024 to 31^st March, 2025.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10)
of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in
the Audilor’s Responsibilities for the Audit of the Financial Results 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 together with the ethical requirements that are relevant to our audit of the financial
results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management’s Responsibilities for the Financial Results

The Statement, which is the responsibility of the Company’s management and approved by the Board of
Directors, has been prepared on the basis of the financial statements. The Company’s Board of Directors
are responsible for the preparation of these financial results that give a true and fair view of the net loss and
other financial information in accordance with the Indian Accounting Standards prescribed under Section
133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted
in India and in compliance with Regulation 33 of the Listing Regulations.

This responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of 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 preparalion and presentation of the financial results that give a true and
fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial results, the Board of Directors are 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 the Board of Directors either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company’s financial reporting process
Auditor’s Responsibilities for the Audit of the Financial Results

Our objectives are to obtain reasonable assurance about whether the financial results 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 wilh SAs will always delect 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 results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial results, 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 our 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. Under section 143(3)(i) of the Act, we are also responsible
for expressing our opinion on whether the Company has adequate internal financial controls with
reference to financial statements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of the Board of Directors’ 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 Company’s ability to continue as a
going concern, If we conclude that a material uncertainty exists, we are required to draw attention
in our auditor’s report to the related disclosures in the financial results or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s 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 results, including the
disclosures, and whether the financial results represent the underlying transactions and events in a
manner that achieves fair presentation.

We 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 we identify during our audit.

We also provide those charged with governance with a statement that we 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 our independence, and
where applicable, related safeguards.

Other Matters

The Statement includes the results for the half year ended March 31, 2025 being the balancing
figure between audited figures in respect of the full financial year to date figures up to the Half year
(September 30, 2024) of the current financial year which were subject to limited review by us. Our
report on the Statement is not modified in respect of this matter.

Place: Kolkata For Jay Gupta & Associates

Date: 30^th day of May, 2025 (Formerly Gupta Agarwal & Associates)

Chartered Accountants FRN: 329001E

Sd/-

Jay Shanker Gupta
Partner
(Mem. No. 059535)
UDIN: 25059535BMHBZA2142