h. Contingent Liability, Provisions and Contingencies

The Company creates a provision when there is present obligation as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of obligation. ^q °^f

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that probably will not
require an outflow of resources or where a reliable estimate of the obligation cannot be made. ^Y

Contingent assets are neither recorded nor disclosed in the financial statements.

i. Cash and Cash Equivalents

momhTor tes^{h E,UiVi}"^en‘^{S inC}'”^{de CaSh 0}" ^{ha,,Cl a}"^d “ ^ba"^k' ™‘^{I Sh0B}-'™ -fePOsto with an original maturity period of three

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1. Corporate Information

BIKEWO GREEN TECH LIMITED Company, incorporated in India, having its registered office at Plot No.502B, Amara Jyothi
RoadNo.jl, Jubilee Hills, Hyderabad, Telangana 500033. The company is primarily engaged in the Sale of Electrical Vehicles &
Resale of Used Vehicles."

a. Basis of Preparation of Financial Statements

a) The financial statements have been prepared in accordance with generally accepted accounting principles in India (Indian
Accounting Standards) under the historical cost convention on an accrual basis in compliance with all material aspects of
the Indian Accounting Standards (AS) notified under section 133 of the Companies Act 2013, read together with Rule 7 of
the Companies (Accounts) Rules 2014. The accounting policies adopted in the preparation of financial statements have
been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing
accounting standard requires a change in the accounting policy until now (hitherto) in use with those of previous year.

b) The financial statements have been prepared on accrual and going concern basis. The accounting policies are applied
consistently to all the periods presented in the financial statements.

c) All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle and
other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of business and the time between
the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its
opeiating cycle as 12 months for the purpose of current and non-current classification of assets and liabilities.

2. Material Accounting Policies:

a. Revenue Recognition

Revenue on sale of products is recognised on delivery of the products, upon passing of title of goods and / or on transfer of significant
risk and rewards of ownership thereto.

Revenue from services rendered is recognised as the service is completed and for which there is certainty of ultimate collection
Interest Income is recognised in the profit and loss account on accrual basis.

b. Property, Plant & Equipment
Tangible Assets

Tangible assets are stated at cost, less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price
borrowing costs, if capitalization criteria are met and any cost attributable to bringing the assets to its working condition for its

-^Intended use which includes taxes, freight, and installation and allocated incidental expenditure during construction/ acquisition and-

exclusive of CENVAT /Input tax credit (IGST/CGST and SGST) or other tax credit available to the Company.

When parts of an item of tangible assets have different useful lives, they are accounted for as separate items (major components) of
property, plant and equipment. ^F ’

Subsequent expenditure relating to tangible assets is capitalized only if such expenditure results in an increase in the future benefits
trom such asset beyond its previously assessed standard of performance.

The useful life, residual value and the depreciation method are reviewed atleast at each year end. If the expectations differ from
pievious estimates, the changes are accounted for prospectively as a change in accounting estimate.

Intangible assets

An intangible asset is recognized when it is probable that the future economic benefits attributable to the asset will flow to the
enterprise and where its cost can be reliably measured. Intangible assets are stated at cost of acquisition less accumulated
amortization and impairment losses, if any. Cost comprises the purchase price and any cost attributable to bringing the assets to its
working condition for its intended use which includes taxes, freight, and installation and allocated incidental expenditure during

construction/ acquisition and exclusive of CENVAT/ Input tax credit (IGST/CGST and SGST) or other tax credit available to the
Company.

Subsequent expenditure^^^^^ngible assets is capitalized only if such expenditure results in an increa^f^^fe benefits
trom such asset bey on^^previStt^^/^essed standard of performance .-QA

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Tt°^U,^ntS °f ^aSSetS.^{are reviewed at eac}h balance sheet date if there is any indication of impairment based or
mtemal/external factors. An impairment loss is recognised wherever the carrying amount of an asset exceeds its recoverable amount
The recoverable amount is the greater of the assets’ net selling price and value in use. In assessing value in use, the estimated future
cash flows are discounted to their present value at the weighted average cost of capital.

After impairment, depreciation/amortization is provided on the revised carrying amount of the asset over its remaining useful life

c. Inventories

Raw materials Components, Consumables, stores and spares, and packing material are valued at lower of cost. However these
below Tost °^{nSldeied t0 56 real}'^{Sable at re}P^{lacement cost if the} finished goods, in which they will be used, are expected to be sold

Cost of Consumables, stores and spares are expensed in the year of purchase.

d. Taxes on Income

Tax expense for the period comprises of current tax and deferred tax.

fnTTmtnalAcTTiV³" ^ ^ ^ °^{f CStimated taxable income for the current} accounting year in accordance with the

Cui rent tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognised amounts
and there is an intention to settle the asset and the liability on a net basis.

^dT^bT^Cd ^ w ^til?ⁿf ^differe"^{ces b}fr^{Cn tHe b}°°^{k and t3X pr0fitS for the} >'^{ear is} accounted for, using the tax rates and laws
that have been substantively enacted as of the reporting date.

Defend tax charge or credit reflects the tax effects of timing differences between accounting income and taxable income for the

m’t?' ^Thu ^defeiTed !,^{aX charge or credlt and the} corresponding deferred tax liabilities or assets are recognised using the tax rates
at have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised only to the extent there
is reasonable certainty that the assets can be realised in future; however, where there is unabsorbed depreciation or cany forward of
losses, deferred tax assets are recognised only if there is a virtual certainty of realisation of such assets. Deferred tax assets are

the'cTe^nay⁶be) tobTrealiled ^ ** ^wntten'^{down or written U}P^{t0reflect the} amount that is reasonably/virtually certain (as

At each reporting date, the Company reassesses the unrecognized deferred tax assets, if any.

Minimum ahemate tax (MAT) paid in a year is charged to the Statement of Profit and Loss as current tax. The Company recognizes
credit available as an asset only to the extent that there is convincing evidence that the Company will pay nonnal income tax
during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in which the company
recognizes MAT credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum
emative Tax under the Income-tax Act, 1961, the said asset is created by way of credit to the Statement of Profit and Loss and
shown as MAT Credit Entitlement.’ The Company reviews the “MAT credit entitlement” asset at each reporting date and writes
own the asset to the extent the company does not have convincing evidence that it will pay nonnal tax during the specified period.

e. Employee Benefits

(i) Short-term obligations

Liabilities for wages and salaries, including non-monetaiy benefits that are expected to be settled wholly within 12 months after the
end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end
of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are
presented as current employee benefit obligations in the balance sheet.

(ii) Defined contribution plans

The Company pays provident fund contributions to publicly administered provident funds as per local regulations. The Company
has no further payment obliMtims once the contributions have been paid. The contributions are accountetfec as defined
contribution plans and the contributions arc recognised as employee benefit expense when they are due.

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a. Functional and Presentation Currency

The financial statements are presented in Indian rupees (Rs.) or ? which is also the Company's functional currency.All
the amounts stated in the financial statements are presented in Rs. Lakhs unless otherwise stated.

b. Accounting Estimates

The preparation of Financial Statements in conformity with Indian Accounting Standards (Ind AS) requires management of the
Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities as at the date of the Financial Statements and the results of operations during the reporting period. Although
these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from those
estimates. Any revision to accounting estimates is recognised prospectively in the current and future periods. Examples of such
estimates include future obligations under employee retirement benefit plans, recognition of Deferred Tax Assets and useful lives
of Property, Plant & Equipment.

c. Current and non-current classification

The Company presents assets and liabilities in the balance sheet based on current and non-current classification.

An asset is current, when it satisfies any of the following criteria:

• It is expected to be realised or intended to sold or consumed in nonnal operating cycle;

• It is held primarily for the purpose of trading;

• It is expected to be realised within twelve months after the reporting period, or

• It is Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the
reporting period.

Current assets include the current portion of non-current financial assets. All other assets are classified as non-current."

"A liability is current when it satisfies any of the following criteria:

• It is expected to be settled in normal operating cycle;

• It is held primarily for the purpose of trading;

• It is due to be settled within twelve months after the reporting period; or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

Current liabilities include the current portion of non-current financial liabilities. All other liabilities are classified as non-current.

d. Borrowing cost

Borrowing costs are interest and other costs incurred in connection with the borrowing of funds. Borrowing costs directly attributable

_to acquisition or construction of an asset which necessarily take a substantial period of time to get ready for their intended use are_

capitalised as part of the cost of that asset. Other borrowing costs are recognised as expense in the period in which they are incurred.

e. Foreign currency translation

Initial recognition:

Foreign currency transactions are recorded in the reporting currency by applying the exchange rate between the reporting currency
and the foreign currency at the date of the transaction.

Conversion:

Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms of historical
cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction; non-monetary items which
are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that
existed when such values were determined.

Exchange differences:

Exchange differences arising on the settlement of monetary items or on reporting the Company’s monetary items at rates different
from those at which they were initially recorded during the year, or reported in previous financial statements, are recognised as
income or as expenses in the year in which they occur.

Forward Exchange Contracts:

The Company uses foreign^^ra^fe^rward contracts derivative instruments to hedge its exposure on acco^Coft'moVeHrehts in
foreign exchange. These^^atrve^ef^enerally entered with banks and not used for trading or speculationpurposgsNTHese
derivative instruments affcapcounted asYBttaws: Wc • A'Aojn

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For forward contracts which are entered into to hedge the foreign currency risk of the underlying instrument outstanding on the date

«/^er;^ng;ⁿ °^that r^var^ ^C°^ntraCt’^{the premium 0r disCOunt on such contracts} is amortized as income or expense over the life of
the contract. Any profit or loss arising on the cancellation or renewal of forward contracts is recognized as an incoZor _eZnsl
for the period. The exchange difference on such a forward exchange contract is calculated as the difference between

i) the foreign currency amount of the contract translated at the exchange rate at the Balance Sheet date, or the settlement date
where the transaction is settled during the reporting period and

^W toXSX”Wh'j ^ar^Un,r^laKd “^{,he la}“^r °^h,K da" °^{nncep,i0n of the f0}™^{ard e}“^ha"S' and .he

whicK»^Er_ge“”^ge * ” ^reC°^Sn'^Zed " '^{he S,a,emen}'^{and L}°^ss ” Period i"

areThf, 7H!?^aS'i'"^Clf“^e :^rrr‘ '"“T^{l,edse ,he foreign currcnc}> ^risk of the highly probable transactions or firm commitments

alued at fair value at each Balance Sheet date. The resultant loss from these transactions is recognised in the Statement of Profit
and Loss However m case of resultant gains, such gains are not accounted in the books of accounts of the ton™
fair valuation loss already recongmsed m earlier years are reversed in the year of such decrease in fair valuation loss.

f. Earnings Per Share

!£w^araingf ^{PCT Sh}T -^a,^re ?^lculf^ted ^ ^dividing the net profit or loss for the period attributable to equity shareholders (after
Ý I "p⁸ P[^efere"^ce dividends and attributable taxes) by the weighted average number of equity shares outstanding during the

v ? ^yt^Pa , ^eqi'^, ^Sharf ^{are treated as 3 fraction of an ec}I^uity ^sha'-e to the extent that they are entitled to participate in
dividends relative to a fully paid equity share during the reporting period. ^{P P}

The weighted average numbers of equity shares are adjusted for events such as bonus issue, bonus element in the rights issue share

S"‘^{da,,on of shares) ,ha}'^ha" ^cha"^{8ed df} Ý— —₈.

fhTweteteS⁰³⁶ °^{f Calculadng di}.^lu‘^{ed earnings per share}- the net profit or loss for the year attributable to equity shareholders and
shares ^{§h d ra§e nUmbei} °^{f SharCS outstandln}g during the period are adjusted for the effects of all dilutive potential equity

g. Leases

As a Lessee

Leases, where the lessor effectively retains substantially all the risks and benefits of ownership of the leased item are classified as

operatmg leases. Operating lease payments are for the premises which are recognized as an expense in the Statement of Profit and
Loss on a straight-lme basis over the lease term.

h. Contingent Liability, Provisions and Contingencies

The Company creates a provision when there is present obligation as a result of a past event that probably requires an outflow of
resouices and a reliable estimate can be made of the amount of obligation.

rennhl'TnTtrt¹" ^{3 C}°^{ntingent liabili}*y ^{is made when there is} a possible obligation or a present obligation that probably will not
require an outflow of resources or where a reliable estimate of the obligation cannot be made.

Contingent assets are neither recorded nor disclosed in the financial statements.

i. Cash and Cash Equivalents

monthTor'test ^{EquivaIentS bclude Cash} °^{n hand and at bank}’ ^and short-term deposits with an original maturity period of three