e. Provisions and contingencies

A provision is recognised if, as a result ofa past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable thatan
outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects
current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but will probably not, require an outflow of resources.
When there is a possible obligation of a present obligation in respect of which the likelihood of outflow of resources is remote, no provision disclosure is made.

f. Cash and cash equivalents

Cash comprises of cash at bank and on hand and cash equivalents comprise of short-term bank deposits with an original maturity of three months or less.

g. Operating cycle

All assets and liabilities have been classified as current or non-current as per criteria set out in the Schedule III to the Companies Act, 2013.

h. Financial Instruments
a. Financial assets

i. Recognition and initial measurement

Trade receivables and debt instruments issued are initially recognised when they are originated. All other financial assets are initially recognised when the Company
becomes a party to the contractual provisions of the instrument.

A financial asset is initially measured at fair value. In the case of financial assets which are recognised at fair value through profit and loss (FVTPL), the transaction costs
are recognised in the statement of profit and loss. In other cases, the transaction costs are attributed to the acquisition value of the financial asset.

ii. Classification

On initial recognition, a financial asset is classified as measured at

- amortised cost; or

- fair value through profit or loss (FVTPL); or

- fair value through other comprehensive income (FVOCI) - debt investment or equity investment

Financial assets are not reclassified subsequent to their initial recognition, except if and in the period the Company changes its business model for managing financial
assets.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:

- the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; 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.

A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:

- the asset 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.

On initial recognition ofan equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the ^investment'^s fair value in
OCI (designated as FVOCI - equity investment). This election is made on an investment- by- investment basis.

All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial
Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL.

iii Subsequent measurement and gains and losses

Financial assets at FVTPL

These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss.

Financial assets at amortised cost

These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income,
foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.

Debt investments at FVOCI

These assets are subsequently measured at fair value. Interest income under the effective interest method, foreign exchange gains and losses and impairment are
recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.

Equity investments at FVOCI

These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part ofthe
cost of the investment. Other net gains and losses are recognised in OCI and are not reclassified to profit or loss.

iv. Derecognition

The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the
contractual cash flows in a transaction in which substantially all ofthe risks and rewards of ownership ofthe financial asset are transferred orin which the Company neither
transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset.

If the Company enters into transactions whereby ittransfers assets recognised on its balance sheet, but retains eitherall orsubstantially all of the risks and rewards ofthe
transferred assets, the transferred assets are not derecognised.

v. Impairment of financial assets

In accordance with Ind AS 109, the company applies Expected Credit Loss (ECL) model for measurement and recognition of impairment loss on the following financial
assets and credit risk exposure:

i. Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, and bank balance.

ii. Trade receivables.

The application of simplified approach does not require the company to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime
ECLs at each reporting date, right from its initial recognition.

b. Financial liabilities

i. Recognition and initial measurement

All financial liabilities are initially recognised when the Company becomes a party to the contractual provisions of the instrument.

A financial liability is initially measured at fair value. In the case of financial liabilities which are recognised at fair value through profit and loss (FVTPL), the transaction
costs are recognised in the statement of profit and loss. In other cases, the transaction costs are attributed to the acquisition or issue of financial liability.
ii ClasBifiiElcatiorHtii^bseqiueBs ifi^asmecraiisullran <1 garnsiDed dassesor FVTPL. A financial liability is classified as at FVTPL if it is classified as held- for- trading, or it is a
derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense,
are recognised in profit or loss. Other financial liabilities are

subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any
gain or loss on derecognition is also recognised in profit or loss.

iii. Derecognition

The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.

The Company also derecognises a financial liability when its terms are modified and the cash flows under the modified terms are substantially different. In this case, a new
financial liability based on the modified terms is recognised at fair value. The difference between the carrying amount of the financial liability extinguished and the new
financial liability with modified terms is recognised in
profit or loss.

iv. Offsetting

Financial assetsand financial liabilities are offsetand the net amount presented in the balance sheet when, and only when, the Company currently hasa legally enforceable
right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.

i. Share capital and share premium

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new sharesare shown in equity as a deduction net of tax from the proceeds.
Par value of the equity share is recorded as share capital and the amount received in excess of the par value is classified as share premium.

J. Dividend Distribution to equity shareholders

The Company recognizes a liabilityto make cash distributions to equity holders when the distribution is authorized and the distribution is no longerat the discretion ofthe
Company. As per the corporate laws in India, a distribution is authorized when it is approved by the shareholders. A corresponding amount is recognized directly in other
equity along with any tax thereon.

K. Foreign Currency T ransactions

The Financial Statements of Company are presented in INR, which isalso its functional currency. In preparing the Financial Statements, transactionsin currenciesother
than the entity's functional currency are recognised atthe rates of exchange prevailing atthe dates ofthe transactions. Atthe end of each reporting period, monetary items
denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items denominated in foreign currency are reported at the exchange
rate ruling on the date of transaction.

Exchange differences on monetary items are recognised in the Statement of Profit & Loss in the period in which they arise.

Market risk is the risk of changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Company's income or the value
of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and
payables and long term debt. The Company is not exposed to market risk primarily related to foreign exchange rate risk.
iii. 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/loans because of fluctuations in the interest rates. 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 arises from borrowings. Borrowings issued at fixed rates exposes to fair value interest rate risk. The Company have borrowings in financial years
2017-18, 2018-19 without interest, accordingly there is no exposure to interest rate risk.

Note 37. Capital Management

For the purpose of the Company's capital management, capital includes issued capital and other equity reserves . The primary objective of the Company's Capital
Management is to maximise shareholders value. The Company manages its capital structure and makes adjustments in the light of changes in economic
environment and the requirements of the financial covenants.

The Company monitors capital using adjusted net debt to equity ratio. For this purpose, adjusted net debt is defined as total debt less cash and bank balances.

The Company have borrowings of Rs.8.10 lakh in financial years 2020-21 and Rs.8.10 Lakh in financial years 2019-20. . Hence, balance equity belongs to shareholders.

Note 38. Advance against purchase of Land

During the year under review the company has provided advances amounting to Rs.25158227 for the acquisition of land for the purpose of expanding its
operational facilities. The advances are recognized under non-current assets, as the transaction is expected to be completed in the foreseeable future.

Note 39. Note on Preoperative Expenses for EV Buses Plant Setup

The Company is currently in the process of establishing an EV Buses Plant. In accordance with the management's directives, the costs incurred in connection with
this project have been capitalized, adhering to the principles and guidelines set out in the Indian Accounting Standards (IND AS). Specifically, the capitalization of
these costs aligns with IND AS 16 - Property, Plant, and Equipment, which permits the capitalization of directly attributable costs incurred in bringing an asset to its
Details of Preoperative Expenses

It has been shown under the head Non Current Assets -Property Plant and Equipment.

Note 40. Micro, Small and Medium Enterprises

There are no party which is Micro, Small and Medium Enterprises, to whom the Company owes dues which are outstanding for more than 45 days as at 31st March,
2023. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such
parties have been identified on the basis of information available with the Company.

Note 41. Relationship with stuck of the company

The company did not have any transaction with companies struck off under section 248 of the companies act 2013 or section 560 of the companies act, 1956 as such
Note 42. Registration of Charge/Satisfaction

There is no change or satisfactory changes which is pending for registration beyond the statutory period.

Note 43. Gratuity Provision

No provision for gratuity is considered necessary since qualifying no of employees are less than prescrimed limit as per INDAS

Note 44. Account Accounts

Personal accounts are subject to confirmations.

Note 45. Loans and advances

In the opinion of the management the value of the current assets Loans and Advances will not be less than amount stated against them in the ordinary course of
business.

Note 46. Previous year figures

Figures of the previous year have been regrouped/reclassified/rearranged, wherever necessary, to confirm with the current year's presentation. Amounts and
other disclosures for the preceding year are included as an integral part of the current year's financial statements and to be read in relation to the amounts and
other disclosures to the current year.

Note 47. Issue of Share Warrants

During the year under review the Company has made allotment of 50,00,000 shares at Rs.16 per share including premium of Rs.6.00 per share )Money Received: Rs.
800 lacs). The Company has converted 60,50,000 share warrants into shares on payment of balance consideration of Rs. 484 lacs and filed Form No. PAS-3- Return of
Allotment and has now increased its Paid-up Captial to 3,51,75,625 Equity Shares of Rs 10.00 each (Equity SHares: 35,17,56,250).

See accompanying notes forming part of the financial statements 1 - 47

In terms of our report attached

For R. Bhargava and Associates For and on behalf of the Board of Directors of :

Chartered Accountants Azad India Mobility Limited

FRN: 012788N

sd/- sd/- sd/- sd/- sd/-

R. Bhargava Bupinder Singh Chadha Charanjeet Singh Chadha Vedant Bhatt Ulhas Deosthale

Partner Director Director Company Secretary Chief Financial Officer

Membership No.: 071637 DIN: 00151568 DIN: 00151726 Membership no: A38641

Place : Mumbai Place : Mumbai Place : Mumbai Place : Mumbai Place : Mumbai

Date : 21.05.2025 Date : 21.05.2025 Date : 21.05.2025 Date : 21.05.2025 Date : 21.05.2025