We have audited the accompanying Financial Statements of Bikewo Green Tech Limited (formerly known
as “Bikewo Green Tech Private Limited”) (“the Company”), which comprise the Balance Sheet as at 31^st
March 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of
Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the Financial
Statements, including a summary of material accounting policies and other explanatory information.

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 Companies Act, 2013, as amended (“the Act”) in
the manner so required and give a true and fair view in conformity with accounting principles generally
accepted in India including the Indian Accounting Standards prescribed under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015, as amended (“Ind AS”), of the state of affairs of
the Company as at 31^st March 2024, its profit (including other comprehensive income), its changes in equity
and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing (“SAs”)
specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the
Auditor’s Responsibilities for the Audit of the 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 ethical requirements that are relevant to our audit of the Financial Statements
under the provisions of the Act 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 on the Financial
Statements.

Emphasis of Matters

a) We draw attention to Provision for Gratuity. The Company has not obtained Actuarial Valuation
Report with regards to Employee’s Gratuity as required by Ind Accounting Standard 19 "Employee
Benefit" issued by the Institute of Chartered Accountants of India. In the absence_:^}%t^2§^pie, the
exact impact to the extent cannot be ascertained in the books of accounts. ----

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement, were of the most significance in our
audit of the Financial Statements of the financial year ended 31^st March 2024. These matters were addressed
in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters. We have determined the following matters as Key Audit
Matters to be communicated in our report:

Other Information

The Company’s Board of Directors is 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
oui auditoi s icpoit thereon. The other information is expected to be made available to us after the date of
auditor s report. Thus, our report does not deal with matters mentioned under other information in Annual
Report.

Our opinion on the Financial Statements does not cover the other information and we do 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 during the course of our
audit or otherwise appears to be materially misstated.

When we read the other information, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance.

Management’s Responsibilities for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with
respect to the preparation of these Financial Statements that give a true and fair view of the financial position,
financial performance, total comprehensive income, changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the IndAgsgpjjtfied under
section 133 of the Act. This responsibility also includes maintenance of adequate.^Icb&Tfin^l^rds 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 judgements 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
Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, Board of Directors 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 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 Statements

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.

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

(a) Identify and assess the risks of material misstatement of the Financial Statements, 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.

(b) 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 system with
reference to Financial Statement in place and the operating effectiveness of such controls.

(c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.

(d) Conclude on the appropriateness of management’s 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 Statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the dategiLourauditor’s
report. However, future events or conditions may cause the Company to cease oing

concern. //>/.„

*J^N:0093s*rW

(e) Evaluate the overall presentation, structure and content of the Financial Statements, including the
disclosures, and whether the Financial Statements represent the underlying transactions and events in a
manner that achieves fair presentation.

Materiality is the magnitude of misstatement in the Financial Statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Statements
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of
our audit work and in evaluating the results of the work; and (ii) to evaluate the effect of any identified
misstatements in the Financial Statements.

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 identity 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.

From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the Financial Statements of the financial year ended 31^st March 2024 and
are therefore the Key Audit Matters. We describe these matters in our auditor’s report unless law or regulations
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

The company has been converted from Private Limited Company to Public Limited Company during the
current financial year (i.e., on 14-12-2023).In-Erinciple approval of proposed Initial Public Offering of up to
38,86,600 equity shares has been received on July 19, 2024.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. 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 A”
a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) 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 purposes of our audit of the aforesaid Financial Statements.

(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid
Financial Statements have been kept by the Company so far as it appears from^S^^^ination of

those books, except for the matters stated in the paragraph 3(f) below on reporting under Rule 11(g)
of the Companies (Audit and Auditors) Rules, 2014, as amended.

(c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity, 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 the Companies (Indian Accounting Standard) Rules, 2015 as
amended.

(e) On the basis of the written representations received from the directors as on 31^st March 2024 taken on
record by the Board of Directors, none of the directors is disqualified as on 31^st March 2024 from
being appointed as a director in terms of Section 164 (2) of the Act.

(f) The modifications relating to the maintenance of accounts and other matters connected therewith are
as stated in the paragraph 2(b) above on reporting under Section 143(3)(b) of the Act and paragraph
3(f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, as
amended.

(g) With respect to the adequacy of the internal financial controls with reference to Financial Statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in
“Annexure B” to this report. The matters described in the disclaimer of opinion paragraph of
Annexure-B, in our opinion, may have an adverse effect on the functioning of the Company.

3. 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 as amended, in our opinion and to the best of our information

and according to the explanations given to us:

(a) The Company does not have any pending litigations which would impact its financial position. Refer
Note No. 36 to the Financial Statements.

(b) The Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses.

(c) There are no amounts which were required to be transferred, to the Investor Education and Protection
Fund by the Company during the year.

(d) (i) The Management has represented that, to the best of its knowledge and belief, no funds 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(s) or entity(ies), including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the
Intermediaiy shall, 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.

(ii) 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 fropr^a^f!grson(s)
or entity(ies), including foreign entity (“Funding Parties”), with the understanding, in

|/?I^FRN:°09399sO

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 Parties
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;

(iii) Based on the audit procedures performed 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 (i) and (ii) above, contain any material
misstatement.

(e) The Company has not declared or paid any dividend during the year.

(f) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, as amended, 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 1st April 2023, and accordingly, reporting under Rule 11(g)
of Companies (Audit and Auditors) Rules, 2014, as amended, is applicable for the financial year ended
31^st March 2024.

Based on our examination, the Company has used an accounting software for maintaining its books of
account which does not have the feature of recording audit trail (edit log) facility and the same did not
operate throughout the year for all relevant transactions recorded in the software.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, as amended, is applicable from 1^st
April 2023, reporting under 11(g) of the Companies (Audit and Auditors) Rules, 2014, as amended, on
preservation of audit trail as per the statutory requirements for record retention is not applicable for the
financial year ended 31^st March 2024.

4. Witli 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 provision of
section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under
section 197(16) which are required to be commented upon by us.

For N G Rao & Associates
Chartered Accountants

Firm’s Regn No. 009399S^==~25>^

^'j FRN:009399sVu

11*1 HYDERABAD J*

G. Nageswara Rao NppN y-WJ
Place: Hyderabad Partner

Date: 18.07.2024 Membership No. 207300

UDIN: 24207300BKASFC5061