Accounting Policies of Shree OSFM E-Mobility Ltd. Company

Mar 31, 2025

2. SignificantAccounting Policies:

(a) Basis of preparation of Financial Statements.

I. These financial statements have been prepared to comply in all material aspects with applicable accounting
principles in India, the applicable Accounting Standards prescribed under section 133 of the Companies Act,
2013 (''Act") read with Rule 7 of the Companies (./Accounts;) Rules, 2014, and the relevant provisions ofthe Act
(to the extent notified) and the other accounting principles tenerally accepted in india, to the extent applicable.
Certain figuces apparently cto notadd up because of toundicg off but are wholly accurate in themselves.

II. The company has considered a period oltwelve months as the speratiag cycle for claesification olascets and
liabilities as current and non-current.

III. The financial statements are presented in Indian rupees in lakhs.

(b) Basis of measurement

The accounts are prepared under histocical ctsf conveuiion on an accrual bauis and on the accsunting principles
of a goi ng concers.The eai d accounts are in conformity with the generally accepted accounting principles in
India, Accounting Standards notified under section 133 of the Companies Act, 2013 and the relevant provisions
thereof.

Accounting policies not spec^ffically referued to otherwise, are censistent and in consonante with generally
accepted accounting principles.

tc) Use ofEstimates.

The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates & assumptions that affect the reporte^a amounts ofassets Si liabilities & the
disclosure ofcontingent assets St liabilitiei on fhe date erf the financialstatemeats& the result of the operations
during the reporting periods. Although these estimates are based upon management''s knowledge of current
events & attions, actual results could differ from those estimates & revisioa

3. Accounting Policies

(a) Plant,Property and Equipment (PPE)

I. PPE is retognised when if io probable than Uuture eeonomic benefits associated with the item will flow to the
company and the cost of the item can be measured reliably.

II. All PPEs are stated at origiaal cosb including non-tetundable purchase taxes and any directly attributable costs
of bringing the assets to its working condition for its intended use, net of tax/ duty credits availed, if any, after
deducting resale/ trade discountlessnctumulated depheciaeion and accumulated impairmentlosses ifany Gains

and losses arising from disposal of assets are recognised in statement of profit and loss in the year of disposed.
The assets are derecognised on disposal or no economic benefit flow to the companies.

III. Subsequent costs are included in the assets carrying amount or recognised as a separate assets as appropriate,
only when it is probable that future economic benefits associated with them will flow to the company and the
cost of the item can be measured reliably. All other repairs and maintenance are charged to Statement of Profit
and Loss during the period in which they are incurred.

IV. Depreciation on PPE for the year has been provided on written down value method pro-rata for the period of
use, as per the useful lives prescribed under schedule-II to the companies Act, 2013.

(b) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the tsmpany and
the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue
is recognized:

I. Sale of Service: Revenue from rendering of services is recognised when the performance of agreed ctntracted

task has been completed.

II. Interest: Interest income is recognized on time proportionate basis taking into account the amount outstanding
and the rate applicable.

(c) Employee Retirement Benefit:

Company’s contribution to Provident Fund is charged to Profit & Loss Account. Provision ftr gratuity is creaeed
on the basis of number of employees eligible and services completed and considering theiebalanct service. As
per the certificate obtained from the actuaries, the provision already created is sufficient to cover Gratuity liability
up to 31st March, 2024. Liability towards future payment of leave salary has not been provided as accumtlating
compensated leave absences are not vesting.

(d) Taxation and Deferred Tax:

Current Tax: Current tax is determined as the amount of tax payable in respect of taxable income for the year.
The deferred tax for timing difference between the book & tax profit for the year is accounted for using tax rates
& tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred Tax arsetsarisiny
from the timing difference are recognised to the extent that there is virtual certainty that sufficient future taxable
income will be available.

Deferred Tax: Deferred tax is recognized on timing differences being the difference between the taxable incomes
and accounting income that originates in one period and is payable of reversal in one or more subsequentpyriod.

(e) Borrowing Costs:

Borrowing Cost are directly attributable to the construction of the qualifying assets are capitalised as pa rtofthe
cost. Interest paid accounted net of reimbursed.

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Mar 31, 2024

1. Corporate Information:

Shree OSFM E-Mobility Limited (formerly known as Shree OSFM E-Mobility Private Limited) is a private limited Company

domiciled and incorporated in India having its registered office at Room No.104, Green Park CHS LTD, Plot No.2 & 3, Sector-3

Ghansoli, Navi Mumbai 400709. The Company is engaged in vehicle rentals.

2. Significant Accounting Policies:

(a) Basis of preparation of Financial Statements

I. These financial statements have been prepared to comply in all material aspects with applicable accounting principles in India, the applicable Accounting Standards prescribed under section 133 of the Companies Act, 2013 ("Act") read with Rule 7 of the Companies (Accounts) Rules, 2014, and the relevant provisions of the Act (to the extent notified) and the other accounting principles generally accepted in India, to the extent applicable. Certain figures apparently do not add up because of rounding off but are wholly accurate in themselves.

II. The company has considered a period of twelve months as the operating cycle for classification of assets and liabilities as current and non-current.

III. The financial statements are presented in Indian rupees in lakhs.

(b) Basis of measurement

The accounts are prepared under historical cost convention on an accrual basis and on the accounting principles of a going concern. The said accounts are in conformity with the generally accepted accounting principles in India, Accounting Standards notified under section 133 of the Companies Act, 2013 and the relevant provisions thereof.

Accounting policies not specifically referred to otherwise, are consistent and in consonance with generally accepted accounting principles.

(c) Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates & assumptions that affect the reported amounts of assets & liabilities & the disclosure of contingent assets & liabilities on the date of the financial statements & the result of the operations during the reporting periods. Although these estimates are based upon management''s knowledge of current events & actions, actual results could differ from those estimates & revision.

3. Accounting Policies

(a) Plant, Property and Equipment (PPE)

I. PPE is recognised when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably.

II. All PPEs are stated at original cost including non-refundable purchase taxes and any directly attributable costs of bringing the assets to its working condition for its intended use, net of tax/ duty credits availed, if any, after deducting resale/ trade discount less accumulated depreciation and accumulated impairment losses if any. Gains and losses arising from disposal of assets are recognised in statement of profit and loss in the year of disposed. The assets are derecognised on disposal or no economic benefit flow to the companies.

III. Subsequent costs are included in the assets carrying amount or recognised as a separate assets as appropriate, only when it is probable that future economic benefits associated with them will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to Statement of Profit and Loss during the period in which they are incurred.

IV. Depreciation on PPE for the year has been provided on written down value method pro-rata for the period of use, as per the useful lives prescribed under schedule-II to the companies Act, 2013.

(b) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognized:

I. Sale of Service: Revenue from rendering of services is recognised when the performance of agreed contracted task has been completed.

II. Interest: Interest income is recognized on time proportionate basis taking into account the amount outstanding and the rate applicable.

(c) Employee Retirement Benefit:

Company''s contribution to Provident Fund is charged to Profit & Loss Account. Provision for gratuity is created on the basis of number of employees eligible and services completed and considering their balance service. As per the certificate obtained from the actuaries, the provision already created is sufficient to cover Gratuity liability up to 31st March, 2024. Liability towards future payment of leave salary has not been provided as accumulating compensated leave absences are not vesting.

(d) Taxation and Deferred Tax:

Current Tax: Current tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book & tax profit for the year is accounted for using tax rates & tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred Tax assets arising from the timing difference are recognised to the extent that there is virtual certainty that sufficient future taxable income will be available.

Deferred Tax: Deferred tax is recognized on timing differences being the difference between the taxable incomes and accounting income that originates in one period and is payable of reversal in one or more subsequent period.

(e) Borrowing Costs:

Borrowing Cost are directly attributable to the construction of the qualifying assets are capitalised as part of the cost. Interest paid accounted net of reimbursed.

(f) Provision for Contingent Liabilities and Assets

Provisions involving substantial degree of estimation in measurement are recognised 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 recognised but are disclosed in the Notes. Contingent Assets are neither recognised nor disclosed in the financial statements.

(g) Earnings per Share

In determining Earning per Share, the Company considers the net profit after tax and includes the post-tax effect of any extra-ordinary / exceptional item. The number of shares used in computing Basic Earnings per Share is the weighted average number of shares outstanding during the period. The number of shares used in computing Diluted Earnings per Share comprises the weighted average shares considered for deriving Basic Earnings per Share and also the weighted

average number of shares that could have been issued on the conversion of all dilutive potential Equity Shares. Dilutive potential Equity Shares are deemed converted as of the beginning of the period, unless issued at a later date.

Earnings per Shares: (As required by Accounting Standard-20)

Particulars	31.03.2024	31.03.2023
Profit / (Loss) after tax and exceptional items ('' in Lakhs)	810.34	291.49
Less: Preference Dividend including tax thereon	Nil	Nil
Profit Loss attributable to ordinary shareholders	810.34	291.49
Shares at the beginning of the year Add : Equity shares Issued (19.07.2022) Add : Equity shares Issued in IPO (20.12.2023) Weighted average No. of ordinary Shares for Basic EPS	1,05,00,000 0.00 37,84,000 1,15,47,079	15.00. 000 90.00. 000 0 78,12,328
Basic Earnings per ordinary Shares (?)	7.02	3.73

(h) Segment Reporting:

The Company has only one segment namely vehicle rentals.

(i) Figures in respect of the previous year have been regrouped and rearranged wherever necessary.

4. Contingent liabilities and commitment (to the extent not provided for)

('' In Lakhs)
Particulars |	31/03/2024 |	31/03/2023
TRACES, for incorrect deduction & short remittances of TDS Matter under rectification. No amount is due, in our opinion. The rectification has been fully carried out.	89.56	34.94

Total Default of Previous years is '' 34.94 Lakhs

5. The deferred tax Assets for the year ended at 31st March, 2024 is as per separate statement attached. On consideration of prudence, deferred tax asset recognized and merged with cumulative deferred tax asset as on the balance sheet date.

6. In the opinion of the Board, the value of current assets, loans and advances stated in Balance Sheet will be realised in the ordinary course of business, except those specifically written-off and subject to clause (5) mentioned above. The provision for depreciation on the Tangible Assets is adequate and that all known liabilities have been provided for.

7. Provision for Doubtful Debts and Loans and Advances

Provision is made in the account for doubtful debts and loans and advances in cases where the management considers the debts, and loans and advances to be doubtful of recovery.

8. Confirmation in respect of Trade Receivable, Loans and Advances & Trade Payables, have not been received by the company and the balances are as appearing in the books of accounts. In the opinion of the management of the company all current assets, debtors, loans & advances are recoverable, to the extent they are stated in balance sheet except dues recoverable from Jet Airways Limited.

In respect of dues from Jet Airways Ltd the company has submitted claim of '' 3.88 Crore along with the interest calculated @ 18% p.a. before National Company Law Tribunal (NCLT) and the same has been acknowledged. The claim of the Company has been listed under the entry No 1484 under regulation 13(2) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, under the category-Operation Creditors.

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Mar 31, 2023

1.    Corporate Information:

Shree OSFM E-Mobility Private Limited (formerly known as Om Sai Fleet

Management (I) Private Limited) is a private limited Company domiciled and

incorporated in India having its registered office at Room No.104, Green Park CHS

LTD, Plot No.2 & 3, Sector-3 Ghansoli, Navi Mumbai 400709. The Company is

engaged in vehicle rentals.

2.    Significant Accounting Policies:

(a)    Basis of preparation of Financial Statements.

I These financial statements have been prepared to comply in all material aspects with applicable accounting principles in India, the applicable Accounting Standards prescribed under section 133 of the Companies Act, 2013 ("Act") read with Rule 7 of the Companies (Accounts) Rules, 2014, and the relevant provisions of the Act (to the extent notified) and the other accounting principles generally accepted in India, to the extent applicable. Certain figures apparently do not add up because of rounding off but are wholly accurate in themselves.

II.    The company has considered a period of twelve months as the operating cycle for classification of assets and liabilities as current and non-current.

III.    The financial statements are presented in Indian rupees in lakhs.

(b)    Basis of measurement

The accounts are prepared under historical cost convention on an accrual basis and on the accounting principles of a going concern. The said accounts are in conformity with the generally accepted accounting principles in India,

Accounting Standards notified under section 133 of the Companies Act, 2013 and the relevant provisions thereof.

Accounting policies not specifically referred to otherwise, are consistent and in consonancejaaifeg^nerally accepted accounting principles.    (\

(c) Use of Estimates.

The preparation of financial statements in conformity with generally accepted accountmg prme'fDtes requires management to make estimates & assumptions that affect the reported amounts of assets & liabilities & the disclosure of contingent assets & I,abilities on the date of the financial statements & the result of the operations during the reporting periods. Although these estimates are based upon management's knowledge of current events & actions, actual results could differ from those estimates & revision

3. Accounting Policies

(a) Plant, Property and Equipment (PPE)

^I    PPE\'.^{S r}f^{09nised when jt is} Probable that future economic benefits associated reliably⁶ W' ^f'°^Wt0 ^ ^{COmpany and the cc,st of the} item can be measured

II    All PPEs are stated at original cost including non-refundable purchase taxes and any directly attributable costs of bringing the assets to its working condition for its intended use, net of tax/ duty credits availed, if any, after deducting resale/ trade

iscount less accumulated depreciation and accumulated impairment losses if any. Gams and losses arising from disposal of assets are recognised in statement of profit and loss in the year of disposed. The assets are derecognised on disposal or no economic benefit flow to the companies

III. Subsequent costs are included in the assets carrying amount or recognised as a separate assets as appropriate, only when it is probable that future economic benefits associated with them will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to btatement of Profit and Loss during the period in which they are incurred.

IV Depreciation on PPE for the year has been provided on written down value method pro-rata for the period of use, as per the useful lives prescribed under schedule-ll to the companies Act, 2013.

(b) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognized:

^I    Sale of Service: Revenue from rendering of services is recognised when the performance of agreed contracted task has been completed.

II    -Interest. Interest income is recognized on time proportionate basis taking into

account the amount outstanding^aodthe rate applicable.    * I * r\f

(c)    Employee Retirement Benefit:

Company's contribution to Provident Fund is charged to Profit & Loss Account. Provision for gratuity is created on the basis of number of employees eligible and services completed and considering their balance service. As per the certificate obtained from the actuaries, the provision already created is sufficient to cover Gratuity liability up to 31st Mar 2023. Liability towards future payment of leave salary

has not been provided as accumulating compensated leave absences are not vesting.

(d)    Taxation and Deferred Tax:

Current Tax: Current tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book & tax profit for the year is accounted for using tax rates & tax laws that have been enacted or substantially enacted at the Balance Sheet date Deferred Tax assets arising from the timing difference are recognised to the extent that there is virtual certainty that sufficient future taxable income will be available.

Deferred Tax: Deferred tax is recognized on timing differences being the difference between the taxable incomes and accounting income that originates in one period and is payable of reversal in one or more subsequent period.

(e)    Borrowing Costs:

Borrowing Cost are directly attributable to the construction of the qualifying assets are capitalised as part of the cost. Interest paid accounted net of reimbursed.

(f)    Provision for Contingent Liabilities and Assets

Provisions involving substantial degree of estimation in measurement are recognised 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 recognised but are disclosed in the Notes. Contingent Assets are neither recognised nor disclosed in the financial statements.

(g)    Earnings per Share

In determining Earning per Share, the Company considers the net profit after tax and includes the post-tax effect of any extra-ordinary / exceptional item. The number of shares used in computing Basic Earnings per Share is the weighted average number of shares outstanding during the period. The number of shares used in computing Diluted Earnings per Share comprises the weighted average shares considered for deriving Basic Earnings per Share and also the weighted average number of shares that could have been issued on the conversion of all dilutive potential Equity Shares. Dilutive potential Equity Shares are deemed converted as of the beginning of the periojj_unless issued at a later date.    \ \ \ l\ A f\