అకౌంట్స్ గమనికలుVoler Car Ltd.

Mar 31, 2025

2.06 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provision involving substantial degree of estimation in measurement is recognized when there is a present obligation as a result
of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are
disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.

2.07 REVENUE RECOGNITION

Revenue comprises of revenue from providing transportation services of passengers.

Revenue is recognized as per the terms of arrangements entered into with individual parties (service orders or service
confirmations) and is recognized when the performance obligation of an event is satisfied.

Revenue is recognized only when it is reasonably certain that the ultimate collection will be made.

2.08 INVESTMENTS

Current investments are carried at cost less any other-than-temporary diminution in value or NRV whichever is lower, determined
on the specific identification basis.

Profit or loss on sale of investments is determined as the difference between the sale price and carrying value of investment,
determined individually for each investment. Cost of investments sold is arrived using average method.

2.09 BORROWING COSTS

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of
such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other
borrowing costs are recognised in Statement of Profit and Loss in the period in which they are incurred.

2.10 TAXES ON INCOME

Income taxes are accounted for in accordance with Accounting Standard (AS-22) - "Accounting for taxes on income", notified
under Companies (Accounting Standards) Rules, 2021. Income tax comprises of both current and deferred tax.

Current tax is measured on the basis of estimated taxable income and tax credits computed in accordance with the provisions
of the Income Tax Act, 1961.

The tax effect of the timing differences that result between taxable income and accounting income and are capable of reversal
in one or more subsequent periods are recorded as a deferred tax asset or deferred tax liability. They are measured using
substantially enacted tax rates and tax regulations as of the Balance Sheet date.

Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are
recognized, only if there is virtual certainty of its realization, supported by convincing evidence. Deferred tax assets on account
of other timing differences are recognized only to the extent there is a reasonable certainty of its realization.

2.11 CASH AND BANK BALANCE

Cash and cash equivalents comprises Cash-in-hand, Current Accounts, Fixed Deposits with banks. Cash equivalents are short¬
term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are
readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

2.12 EARNINGS PER SHARE

Basic earning per share is computed by dividing the profit/ (loss) aftertax (including the post tax effect of extraordinary items,
if any) by the weighted average number of equity share outstanding during the year. Diluted earning per share is computed by
dividing the profit/ (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, interest
and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the
weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.

2.13 EMPLOYEE BENEFITS
Defined Contribution Plan:

Contributions payable to the recognised provident fund, which is a defined contribution scheme, are charged to the statement of
profit and loss.

Defined Benefit Plan:

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides for
lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount
equivalent to 15 days salary payable for each completed year of service without any monetary limit. Vesting occurs upon completion
of five years of service. Provision for gratuity has been made in the books as per actuarial valuation done as at the end of the year.

B. DEFINED BENEFIT OBLIGATION
1) Gratuity

The gratuity benefit payable to the employees of the Company is as per the provisions of the Payment of Gratuity
Act, 1972, as amended. Under the gratuity plan, every employee who has completed at least 5 years of service gets
gratuity on separation or at the time of superannuation calculated for equivalent to 15 days salary for each completed
year of service calculated on last drawn basic salary. The Company does not have a funded plan for gratuity liability.

Notes to the Contingent Liability:

(i) Litigation between AWPAssistance(lndia) Pvt Ltd v/sVoler Car wherein the liability demanded by AWPAssistance(lndia) Pvt Ltd
is approx. Rs. 8,00,000 as per the professional judgement of legal counsel whereas the liability already booked as per books is
Rs. 4,12,758. The company has not accepted the order and will contest the order. Therefore, difference amount of Rs. 3,87,242
is booked as contingent liability.

(ii) Litigation between Tata Motors Finance v/s Voler Car wherein the liability demanded by Tata Motors Finance is Rs. 71,94,907 as
per the order dated 20-11-2023. Amount already recorded in company''s books is Rs. 21,06,690. Therefore, contingent liability to
be booked is Rs. 50,88,217.

(iii) The li abi lity in case of Sangita Ganpat Bhise has been booked for Rs. 13,00,000 on account of any possible outcome from the case.

(iv) Outstanding demand on seen on the direct tax portal raised by the A.O. in which company has filed its response, but the order is
yet to be passed - Rs. 80,119.

(v) Order issued under sec 73(1) of CSGT Act, 2017 have been issued to the company for the year 2019-20 dated 31-08-2024
demanding a total liability of Rs. 6,49,327. Out of this, Rs. 1,62,124 is considered as contingent liability.

(vi) An order has been issued under sec 73(1) of CSGT Act, 2017 for year 2017-18 to the company dated 31-12-2023 demanding a
total liability of Rs. 10,10,839. Company has contested the same and have booked liability of 10% of taxi.e. Rs. 47,277 as a pre¬
requisite for filing appeal on 01-04-2024. Only balance amount of Rs. 9,63,562 is to be considered as contingent liability.

(vii) Order issued under sec 73(1) of CSGT Act, 2017 have been issued to the company for the year 2019-20 dated 06-02-2024
demanding a total liability of Rs. 53,55,638. Company has contested the same and have booked liability of 10% of tax i.e. Rs.
1,88,232 as a pre-requisite for filing appeal on 06-02-2024. Balance amount of Rs. 51,67,406 is considered as contingent liability
for the case under appeal.

(viii) Order issued under sec 73(1) of CSGT Act, 2017 have been issued to the company for the year 2019-20 dated 30-04-2024
demanding a total liability of Rs. 1,10,54,129.

31. ADDITIONAL INFORMATION TO THE FINANCIAL STATEMENTS

(i) Earnings and Expenditure in foreign currency: - Nil

(ii) Details of consumption of imported and indigenous items : -Nil

(iii) Details of Benami Property held:

The company does not hold any benami property neither any proceeding has been initiated or pending against the company for
holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(iv) Relationship with Struck off Companies:

During the financial year the company does not have has any transactions with companies struck off under section 248 of the
Companies Act, 2013 or section 560 of Companies Act, 1956.

(v) Title deeds of Immovable Properties not held in name of the Company:

All titles deeds of i mmovable property i ncluding the properti es which are taken on lease are executed in favour of reporting entity
and all title deeds are registered in the name of the company, hence no reporting is required herein.

(vi) Wilful Defaulter:

The company has not been declared wilful defaulter (as defined by RBI Circul ar) by any bank or f inanci al Institution or other I ender.

(vii) Registration of charges or satisfaction with Registrar of Companies:

The company does not have any charges or satisfactions which is yet to be registered with Registrar of Companies beyond the
statutory period.

(viii) Compliance with number of layers of companies

Clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 is not applicable to
reporting entity as it i s neither i nvestor nor i nvestee in/of any company or Body corporate whether incorporated in Indi a or outsi de.

(ix) Utilisation of Borrowed funds and share premium:

(i) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

(a) 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

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(ii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) 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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Reasons for variation more than 25%: Since, comparative period is full financial year, hence, not comparable.

1 Current Ratio : Ratio improved due to increase in current assets during the year.

2 Debt-Equity Ratio: Due to repayment of loans, there is no debt equity ratio during the year.

3 Debt Service Coverage Ratio : Due to repayment of loans, there is no ratio during the year.

4 Returnon Equity Ratio: Returns on equity have been improved since the company''s shareholder''s equity have grown higher.

5 Trade payables turnover ratio: Ratio declined due to increase in trade payable during the year.

6 Net capital turnover ratio: Ratio has improved mainly due to i ncrease in net working capital avail abl e with the company.

7 Net profit ratio: Ratio decrease due to prior period profits and deferred tax expenses recorded during the previous year.

8 Return on Capital employed : Ratio decreased due to increase in capital employed during the year.

9 Return on Investment: Ratio is increased due to increase in income generated on investments.

(xiv) The Company has no capital work-in-progress and intangible assets under development.

(xv) The Company has not granted loans or advances in the nature of loans are granted to promoters, Directors, KMPs and the related
parties (as defined under Companies Act, 2013,) either severally or jointly with any other person, that are:

(a) repayable on demand or

(b) without specifying any terms or period of repayment
32. Previous year''s figures :

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s
classification / disclosure.

The accompanying notes are an integral part of the financial statements
As per our report of even date

For Goyal Goyal & Co For and on behalf of the Board

Chartered Accountants Voler Car Limited

Firm’s Registration No. - 015069C

Hemant Goyal Pawan Parasrampuria Vikas Parasrampuria

Partner Managing Director Whole-time Director

M. No. 405884 (DIN: 01731502) (DIN: 03143499)

Place: Kolkata

Date: 26* May 2025

UDIN: 25405884BMKSNP5455

Ankit Toshniwal Mustafa Rangwala

CFO Company Secretary

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Mar 31, 2024

2.05 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provision involving substantial degree of estimation in measurement Is recognized when there is a present obligation as a result of past events and it is
probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent assets are neither
recognized nor disclosed in the financial statements.

2.06 REVENUE RECOGNITION

when the performance obligation of an event is satisfied.

Revenue is recognized only when it is reasonably certain that the ultimate collection will be made.

²''⁰⁷ hl^Xm!?axc™c^Eoun,ed for in accordance with Accounting Standard (AS-22, - "Accounting for taxes on income”, notified under Companies

d in accordance with the provisions of the Income Tax Act.

1961.

regulations as of the Balance Sheet date.

the extent there is a reasonable certainty of its realization.

cash and which are subject to insignificant risk of changes in value.

~ ==

dilutive potential equity shares.

2.10 EMPLOYEE BENEFITS

Con''tri^hons payable tothe recognised provident fund, which is a defined contribution scheme, are charged to the statement of profit and loss.

^‘olp^ha^an obligation towards gratuity, a defined benefit retirement plan covering eligible employees, lire plan provides for tampMun
payment to vested employees at retirement, death while in employment or on termination of employment of an amount equ.valent to 15 sala y
payable for each completed year of service without any monetary limit. Vesting occurs upon completion of ftve years of servtce. Provts.on for grat y
has been made in the books as per actuarial valuation done as at the end of the vear.

8f"JSwa fiLUm

₍₁₎ X"l^,M^CrS^^,ndU₎ Pv, Ltd v/s Voter Car wheroin the liability landed by AWP Assi,Ume(b,di,> — t

professional judgement of legal counsel whereas the liability already booked as per books Is Rs. 4.U758.1 he company has no. accepted the order and will contest the

order. Therefore, difference amount of Rs. 3,87,242 is booked as contingent liability. „

Outstanding demand on seen on the direct tax portal raised by the A.O. in which company has filed its response, but the order is yet to be passed - Rs 96*58.

(LJ Show cause- notice issued under sec 73 .

(iv) A louder has been issued under sec- 73(1) of CSGT AC, 2017 for year 20.7-18 to the company dated 31-12-2023 demanding a total liability of

contested the same and have booked liability of 10% of tax i.e Rs. 47,277 as a pre-requisit for filing appeal on 01-W-2024. Only balance amount of Rs. 9,63,562 ,s to

considered as contingent liability. .

(V, Show cause not.ee issued under sec- 73(I) of CSGT AC. 2017 have hcvn issued to the company for the year 2019-20 dated ,30-0.-2024 demanding a total liability of Rs.

I 10 54 179 Out of Ihis, company has reversed liability of Rs. 1,00,49,208. Balance amount of penalty Rs. 10,04,921 is booked as contingent liability. ,,

(Vi) Show cause notice issued under sec 73(1) of CSGT Act, 2017 have been issued to the company for the year 2019-20 dated 06-02--0.4 demanding a total hah t> •

53,55,638.

Litigation i, been booked against Sachin Arora for the BMW car theft. BMW India has been demanding amount of loan and interest the^inforthe said car loamThe
confpany¹ hassome liabiliW recorded in .he books to the tune of Rs .7,50,340 whereas the amount demanded by the lender is 1*. 22.51,990. Balance amount of Rs.
5.01.650 is booked as contingent liability since it would be payable if the company fails to return car of loses law suit against Sachin Arora.

Ivml Litigation is been booked against company by state of Haryana. The amount of contingent liability in this case if Rs 20,000.

(IX) The liability in case of Sangita Ganpat Bhise has been booked for Rs. 13,00,000 on account of any possible outcome from the ca«.

(XI Litigation between Tata Motors Finance v/s Voler Car wherein the liability demanded by Tata Motors Finance is Rs. 71,94,907 as per the order dated 20-11 -0-.
Amount already recorded in company''s books is Rs. 21,06,690. Therefore, contingent liability to be booked is Rs. 50,88,217.

32 ADDITIONAL INFORMATION TO THE FINANCIAL STATEMENTS

(i) Earnings and Expenditure in foreign currency : - Nil

(ii) Details of consumption of imported and indigenous items : -Nil

^1,1,1 Tte“Xam''d^s^PnT,rhIf^hrlt benami property neither any proceeding has been initialed or pending against the company for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(iv) Relationship with Struck off Companies: ._tL _ . _A .

During the financial year Ihe company does not have has any transactions with companies struck off under section 248 of the Companies Act, 2013 or

section 560 of Companies Act, 1956.

(viii) Compliance with number of layers of companies mCk, _J( » u

Clause (87) ol section 2 ot the Act read with the Companies (Restriction on number of Users) Rules, 2017 .s not applicable to reporting entity as it is

neither investor nor investee in/of any company or Body corporate whether incorporated in india or outside.

fix) Utilisation of Borrowed funds and share premium: . . » j- 1,1.

(T) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies). including foreign entities (Intermediaries) with the

understanding that the Intermediary shall: .. ,, . .. tt«_m.|„

(a) 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 ...

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Benefit iaries.

(ii) The Company has not received any fund from any person(s) or enlitv(ies), including foreign entities (Funding Party) with the understanding

(whether recorded in writing or otherwise) that the Company shall: .. „ . ,,

(a) directly or indirectly lend or invest in other (versons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate
Beneficiaries) or

(b) prov ide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

dPI

Reasons for variation more than 25% :

1 Current Ratio : Ratio improved due to increase in current assets during the year.

2 Debt-Equity Ratio : Due to written off and repayment of loans.

3 Debt Service Coverage Ratio: Due to greater profit the ratio is increased.

4 Return on Kquitv Ratio: Returns on equity have been reduced since the company''s shareholder''s equity have grown higher.

5 Trade pa cables turnover ratio : Ratio improved due to decrease in trade payable during the year.

6 Net capital turnover ratio : Ratio has decreased mainly due to decrease in net working capital available with the company.

7 Net profit ratio : Ratio improved due to increased profits during the year.

8 Return on Capital employed : Ratio improved due to increase in operating profits during the year.

9 Return on Investment: Ratio is decreased due to decrease in investments and income generated thereon. /

(xi) Previous year''s figures: I

Previous year''s figures have been regrouped / reclassified w herever necessary to correspond with the current years classification / disclosure. I he

figures have also been rounded off and presented the amounts in lakhs. \

The accompanying notes are an integral part of the financial statements \

As per our report of even date \

For Goyal Goyal & Co lor ^{Jnd on h<-hdlf of ,he Bo,,rd of dirf,lors}

Chartered Accountants Voler Car Private Limited \ \ .

Firm''s RegistMj^^^^L^jj^^^QYA^ ^ X j

llemanl C.oyaf „ ifp I Q &4) Pawan Parasrampuria Vikas Parasranmjrfla^

Partner Ti 0 /?/ Director Director

M. Na. 4l)5/lai4A^V\ff\^ (DIN: 01731502) (DIN: 0*f43499)

UDIN: 24405884BKCOOK7729 Ankit Toshniwal Mustafa Kangwala

CFO Company Secretary

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