k) Provisions, contingent liabilities and contingent assets

The Company creates a provision where 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
the obligation. A disclosure for a contingent liability is made when there is a possible or a present
obligation that may, but probably will not require an outflow of resources. When there is a possible
obligation in respect of which the likelihood of outflow of resources is remote, no provision or
disclosure is made. Contingent Assets are disclosed only when an inflow of economic benefit
is probable.

l) Cash and cash equivalents

Cash and cash equivalents comprise cash and cash on deposit with banks and corporations.
The Company considers all highly liquid investments with a remaining maturity at the date of
purchase of three months or less and that are readily convertible to known amounts of cash to be
cash equivalents.

m) Impairment of non-financial assets

Intangible assets are tested for impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An asset is treated as impaired when the carrying
cost of assets exceeds its recoverable value. An impairment loss is charged to the Statement of Profit
and Loss in the year in which an asset is identified as impaired. The impairment loss recognised
in prior accounting period is increased/ reversed where there has been change in the estimate of
recoverable value. The recoverable value is the higher of the assets' net selling price and value in use.

n) Impairment of financial assets

The Company recognised loss allowances using the expected credit loss (ECL) model for the financial
assets which are not fair valued through profit and loss. Loss allowance for the trade receivables with

no significant financing component is measured at amount equal to life time ECL. For all other financial
assets, ECLs are measured at an amount equal to the 12 month ECL, unless there has been significant
increase in credit risk from initial recognition in which case those are measured at lifetime ECL. The
amount of ECLs (or reversal) that is required to adjust the loss allowance at reporting date to the
amount that is required to be recognised is recognised as an impairment gain or loss in profit and loss.

o) Measurement of Fair value of financial instruments

The Company's accounting policies and disclosures require measurement of fair values for
the financial instruments. The Company has an established control framework with respect to
measurement of fair values. The management regularly reviews significant unobservable inputs and
valuation adjustments. If third party information, such as broker quotes or pricing services, is used to
measure fair values, then the management assesses evidence obtained from third parties to support
the conclusion that such valuations meet the requirements of Ind AS, including level in the fair value
hierarchy in which such valuations should be classified.

When measuring the fair value of a financial asset or a financial liability, the Company uses observable
market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy
based on the inputs used in the valuation techniques as follows.

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).

I f inputs used to measure fair value of an asset or a liability fall into different levels of fair value
hierarchy, then fair value measurement is categorised in its entirety in the same level of fair value
hierarchy as the lowest level input that is significant to the entire measurement. The Company
recognises transfers between levels of fair value hierarchy at the end of the reporting period during
which the change has occurred.

p) Financial Instruments:

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity. Financial instruments also include derivative contracts
such as foreign exchange forward contracts.

Financial assets and liabilities are recognised when the Company becomes a party to the contractual
provisions of the instruments.

Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial
assets and financial liabilities at fair value through profit or loss) are added to or deducted from the
fair value measured on initial recognition of financial asset or financial liability. Transaction costs
directly attributable to the acquisition of financial assets or financial liabilities at fair value through
profit or loss are recognised in profit or loss.

(i) Financial assets at amortised cost

Financial assets are subsequently measured at amortised cost if these financial assets are held
within a business whose objective is to hold these assets in order to collect contractual cash
flows and contractual terms of the financial asset give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal amount outstanding.

(ii) Financial assets at fair value through other comprehensive income (FVTOCI)

A financial asset is measured at FVTOCI if it is held within a business model whose objective
is achieved by both collecting contractual cash flows and selling financial assets and the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.

(iii) Financial assets at fair value through profit or loss (FVTPL)

A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity. Financial instruments also include
derivative contracts such as foreign exchange forward contracts.

(iv) Investment in subsidiaries, associates and joint venture

The Company has accounted for its investments in subsidiaries, associates and joint venture at cost.

(v) Financial liabilities

All financial liabilities are recognized at fair value and in case of loans, net of directly attributable
cost. Fees of recurring nature are directly recognised in the Statement of Profit and Loss as
finance cost.

Financial liabilities are carried at amortized cost using the effective interest method. For
trade and other payables maturing within one year from the balance sheet date, the carrying
amounts approximate fair value due to the short maturity of these instruments.

(vi) Equity instruments

An equity instrument is a contract that evidences residual interest in the assets of the Company
after deducting all of its liabilities. Equity instruments recognised by the Company are
recognised at the proceeds received net off direct issue cost.

(vii) De-recognition of financial instruments

The Company derecognizes a financial liability (or a part of a financial liability) from the
Company's Balance Sheet when the obligation specified in the contract is discharged or
cancelled or expires.

q) Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing
standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For
the year ended March 31,2025, MCA has notified Ind AS - 117 Insurance Contracts and amendments
to Ind AS 116 - Leases, relating to sale and leaseback transactions, applicable to the Company w.e.f.
April 1, 2024. The Company has reviewed the new pronouncements and based on its evaluation has
determined that it does not have any significant impact in its financial statements.

Note 13 (a) Terms/ rights attached to equity shares The company has only one class of equity with a par value
of ' 10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board
of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of
interim dividend.

Note 13 (b) :- Aggregate number of shares issued for consideration other than cash during the period of five years
immediately preceding the year-end. - NIL

Note 13 (c) :- The company had issued 1,60,00,000/- shares of ' 10/- at premium of ' 20/- aggregating of ' 30/- each
which was required to be paid in three tranches of ' 10/- each.

The Board of Directors of the company has passed a resolution at its meeting held on July 26, 2023, approving the
Rights Issue of Equity Shares of the Company of Face value ' 10/- each at issue price of ' 30/- each, for an aggregate
amount of up to INR 48 crores ("the Rights Issue"), to the existing Shareholders (i.e., 8 (Eight) Equity Shares for every
5 (Five) Fully Paid Equity Shares held) of the Company as on the record date ("Eligible Equity Shareholders"). The
Company has issued 1,60,00,000 shares on partly paid basis and has called for ' 3 per share along with premium of
' 7 per share till March 31,2024.

Pursuant to 1^st, 2^nd call and final call and reminder notice, the following number of shares are partly paid as on
31 March 2025:

1,07,051 shares of ' 6.50 each, unpaid ' 3.50 per share
1,82,036 shares of ' 3.00 each, unpaid ' 7.00 per share

Pursuant to the provisions of the Companies Act, 2013, the Board of Directors reserves the right to forfeit the shares
by following due process.

Note: 14.1

i) Retained Earnings

Retained earnings are the profits / (loss) that the Company has earned / incurred till date, less any transfers to
general reserve, dividends or other distributions paid to shareholders.

ii) Securities Premium

Securities Premium is used to record premium on issuance of shares. The reserve shall be utilised in accordance
with provisions of the Companies Act, 2013.

iii) Other Comprehensive Income

Other Comprehensive Income refers to items of income and expenses that are not recognised as a part of the
profit and loss account.

Note 33. Segment Reporting

The Company operates in Electric vehicle charger sales and services and allied services which is the only reportable
segment. Therefore, the same has not been separately disclosed in line with provisions of Ind AS 108 'Operating Segment'.

Note 34. Corporate Social Responsibility

Corporate Social Responsibility as prescribed under section 135 of the Companies Act, 2013 are not applicable to
the Company.

Note 35. Disclosure as per Section 186 of the Companies Act, 2013

The details of loans, guarantees and investments under section 186 of the Companies Act, 2013 read with the
Companies Rules, 2014 are as follows.

1) Details of investment made are given in Note No. 3

2) Detail of loans given by company are as follows.

Note 36. Capital Management

Equity share capital and other equity are considered for the purpose of Company's capital management. The
Company manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns
to shareholders. The capital structure of the Company is based on management's judgement of its strategic and
day-to-day needs with a focus on total equity so as to maintain investor, creditors and market confidence.

All financial instruments are initially recognized and subsequently re-measured at fair value as described below:

The fair value of financial assets and liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between the willing parties, other than in a forced or liquidation sale.

The fair value of investment in quoted Equity Shares, Bonds, Government Securities, Treasury Bills and Mutual
Funds is measured at quoted price or NAV.

The fair value of the remaining financial instruments is determined using discounted cash flow analysis.

The financial instruments are categorized into levels based on the inputs used to arrive at fair value measurements
as described below:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; and

Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly.

Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.

The Company's business activities expose it to a variety of financial risks, namely market risks, credit risk and
liquidity risk.

The Company's primary focus is to foresee the unpredictability of financial markets and seek to minimize
potential adverse effects on its financial performance.

The Company's financial liabilities comprise of trade payable and other liabilities to manage its operation and
the financial assets include trade receivables, deposits, cash and bank balances, other receivables etc. arising
from its operation.

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market prices comprise three types of risk: Foreign currency rate risk, interest rate risk
and other price risks, such as equity price risk and commodity risk.

Foreign currency risk : Foreign currency risk is the risk that the fair value or future cash flows of an exposure will
fluctuate because of changes in foreign exchange rates. The carrying amounts of the Company's net foreign
currency exposure (net of forward contracts) denominated monetary assets and monetary liabilities at the end
of the reporting period as follows:

The Company does not have any exposure to foreign currency and thus does not have any risk from its
fluctuations.

Interest Rate Risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate
risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the
interest rates, in cases where the borrowings are measured at fair value through profit or loss. Cash flow interest
rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of
fluctuations in the interest rates.

Exposure to Interest Rate Risk

Interest rate risk of the Company arises from borrowings. The Company endeavour to adopt a policy of ensuring
that maximum of its interest rate risk exposure is at fixed rate. The Company's interest-bearing financial
instruments are reported as below:

Note 37. Financial Instruments: (Contd.)

Fair Value Sensitivity Analysis for Fixed-Rate Instruments

The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or
loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Cash Flow Sensitivity Analysis for Variable-Rate Instruments

Since there is no variable-rate instruments, hence impact for the reporting period is Nil.

Derivative Financial Instruments

The Company does not hold derivative financial instruments.

Credit Risk

Credit risk arises from the possibility that the counterparty will default on its contractual obligations resulting in
financial loss to the Company. To manage this, the Company periodically assesses the financial reliability of customers,
taking into account the financial conditions, current economic trends, and analysis of historical bad debts and ageing
of accounts receivable.

Trade Receivables

Our historical experience of collecting receivables is that credit risk is low. Hence, trade receivables are considered to
be a single class of financial assets. Credit risk has always been managed by each business segment through credit
approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the
Company grants credit terms in the normal course of business.

Other Financial Assets

Credit risk on cash and cash equivalents is limited as the Company generally invests in deposits with banks and
financial institutions with high credit ratings assigned by international and/or domestic credit rating agencies.
Investments primarily include investment in liquid mutual fund units, quoted bonds issued by Government and
Quasi Government organizations and certificates of deposit which are funds deposited at a bank for a specified time
period.

Liquidity Risk

Liquidity risk refers to risk of financial distress or extra ordinary high financing cost arising due to shortage of liquid
funds in a situation where business conditions unexpectedly deteriorate and require financing. The Company's
objective is to maintain at all times optimum levels of liquidity to meet its cash and collateral requirements. Processes
and policies related to such risk are overseen by senior management and management monitors the Company's net
liquidity position through rolling forecast on the basis of expected cash flows.

Note 40. Disclosure requirements as notified by MCA pursuant to amended Schedule III (Contd.)

3) Debt Service Coverage Ratio (in times) = Earnings for debt service (Net Profit after tax Non-cash operating
expenses:

(Depreciation and amortisation Finance Cost Exceptional Loss) / Debt service (Interest & Lease
Payments Principal Repayments of long term borrowings)

4) Return on Equity Ratio (in %) = Net Profit After Tax / Shareholder equity

5) Inventory Turnover Ratio (in times) = Cost of goods sold / Average Inventory

6) Trade Receivables Turnover Ratio (in times) = Revenue from operations / Trade Receivables

7) Trade Payables Turnover Ratio (in times) = Operating Expenses and Other expenses / Trade Payables

8) Net Capital Turnover Ratio (in times) = Revenue from operations / Working Capital

9) Net Profit Ratio (in %) = Net Profit before Tax / Revenue from operations

10) Return on Capital Employed (in %) = Earnings before interest and tax / Capital employed (Net worth
Long term borrowings - Deferred tax assets)

11) Return on Investment (in %) = Interest income on bank deposits / Bank Fixed Deposits

ii) The Company do not have any Benami property, where any proceeding has been initiated or pending against
the Company for holding any Benami property.

iii) The Company do not have any transactions with companies struck off.

iv) The Company has not been declared as a wilful defaulter by any lender who has powers to declare a company
as a wilful defaulter at any time during the financial year or after the end of reporting period but before the date
when the financial statements are approved.

v) The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of
Companies (ROC) beyond the statutory period

vi) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

vii) The Company have 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.

viii) The Company have 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,

ix) The Company have no such transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or
survey or any other relevant provisions of the Income Tax Act, 1961).

x) The Company has compiled with the number of layers prescribed under clause (87) of section 2 of the Companies
Act 2013 read with Companies (Restrictions on number of Layers) Rules, 2017.

i) The Company does not face significant liquidity risk with regard to its lease liabilities as the current assets are
sufficient to meet the obligations related to lease liabilities as and when they fall due

(ii) For the year ended 31^st March, 2025, rental expense recorded for short-term leases was ' 4.53 lakhs (Previous
year: ' 3.13 lakhs)

(iii) Effective interest rate of 9.5% has been applied to lease liabilities recognised in the balance sheet at the date
of initial application

(iv) Applied the exemption not to recognize right to use assets and liabilities for leases with less than 12 months
of lease term on the date of initial application and leases for which the underlying asset is of low value.

Note 43. Utilisation of Money raised by Right Issue

The Board of Directors of the company has passed a resolution at its meeting held on July 26, 2023, approving
the Rights Issue of Equity Shares of the Company of Face value ' 10/- each at issue price of ' 30/- each, for an
aggregate amount of up to ' 4,800.00 lakhs ("the Rights Issue"), to the existing Shareholders (i.e.8 (Eight) Equity
Shares for every 5 (Five) Fully Paid Equity Shares held) of the Company as on the record date ("Eligible Equity
Shareholders").

Company has received ' 3,153.01 lakhs in year ended March 31,2025 and ' 1,600.00 lakhs towards issue of partly
paid share (i.e. ' 3/- per share) pursuant to right issue till March 31,2024. Utilisation of these money in respective
year of receipt is as under:

Note 44. Prior Period of Comparative

The previous year figures have been regrouped/ reclassified wherever necessary to make them comparable with
those of the current year.

Note 45. Authorisation of Financial Statements

The financial statements were approved by the Board of Directors on 30 May, 2025

As per our attached report of even date For and on behalf of the Board of Directors

For Bansi Khandelwal & Co. Ampvolts Limited

Chartered Accountants (Formerly known as Quest Softech (India) Limited)

Firm registration No. 145850W

Bansi Khandelwal Vipul N Chauhan Naimish Raval

Proprietor Executive Director Executive Director

Membership No.: 138205 DIN : 01241021 DIN : 09359061

May 30,2025 May 30,2025

Bhadresha Patel Mittal K Shah

Chief Financial Officer Compliance Officer

Place : Mumbai Place : Vadodara Place : Vadodara

May30,2025 May 30,2025 May 30,2025