Accounting Policies of Zelio E-Mobility Ltd. Company

Mar 31, 2024

1(b) Statement of significant accounting policies

The financial statements have been prepared in accordance with the generally accepted accounting
principles in India (Indian GAAP). The company has prepared these financial statements to comply in
all material respects with the accounting standards notified under the Companies (Accounting
Standards) Rules, 2016, (as amended) and the relevant provisions of the Companies act, 2013. The
accounting policies adopted in the preparation of financial statements are consistent with those of
previous year, except for the change in accounting policy explained below: -

(i) Basis of Preparation:

The financial statements have been prepared under the historical cost convention in accordance with
the generally accepted accounting principles in India and the provisions of the Companies Act, 2013.
The Company is following accrual basis of accounting on a going concern concept. Accounting policies
are suitably disclosed as notes annexed to the Balance Sheet and Profit & Loss Account.

(ii) Fixed Assets:

Tangible Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. The cost of fixed assets comprises
purchase price and any attributable cost of bringing the asset to its working condition for its intended
use.

Depreciation is provided on a written down value basis from the date the asset is ready for its intended
use or put to use whichever is earlier. In respect of assets sold, depreciation is provided upto the date
of disposal.

Intangible Fixed Assets

There is no separate intangible asset purchased during the year.

(iii) Contingent Liabilities:

Contingent liabilities are determined on the basis of available information and are disclosed by way of
notes to the accounts.

(iv) Use of estimates:

The preparation of financial statements in conformity with Indian GAAP requires the management to
make judgments, estimates and assumptions that effect the reported amounts of revenues, expenses,
assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period.
Although these estimates are based on the management''s best knowledge of current events and
actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a
material adjustment to the carrying amounts of assets or liabilities in future periods.

(v) Inventories:

Items of inventories are valued at lower of Cost or Net Realizable Value. Cost of inventories comprise
of all cost of purchases of consumables and others,

(vi) Borrowing Cost:

Borrowing costs directly attributable to the acquisition, construction of an asset that necessarily takes
a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost
of the respective asset. All other borrowing costs are expensed in the period they occur.

(vii) Cash and Cash equivalents:

Cash and Cash equivalents comprise cash at bank and in hand and include the Fixed Deposits at the
reporting date.

(viii) Contingencies and Event Occurring after the Balance Sheet Date:

There are no contingencies and events occurred after the Balance Sheet dates that affect the financial
position of the company.