Notes to Accounts of Zelio E-Mobility Ltd.

Mar 31, 2024

(ix) Provision for Taxes:

Tax expense comprises income tax (i.e., amount of tax for the period determined in accordance with
the Income Tax Act, 1961), deferred tax charge of benefit (reflecting the tax effect of timing differences
between accounting income and taxable income for the period.)

Income Tax:

Provision for Income tax is recognized based on estimated tax liability computed after adjusting for
allowances, disallowances and exemptions in accordance with the Income Tax Act, 1961.

Deferred Tax:

The deferred tax charge or benefit and the corresponding deferred tax liabilities and assets are
recognized using the tax rates that have been enacted or substantially enacted at the balance sheet
date. Deferred tax assets are reviewed as at each balance sheet date and written down or written-up
to reflect the amount that is reasonable/virtually certain as the case may be, to be realized.

(x) Foreign Currency Transaction:

Foreign currency transaction and balances:

(a) Initial recognition: Foreign currency transactions, if any, are recorded in the reporting currency, by
applying to the foreign currency amount the exchange rate between the reporting currency and the
foreign currency at the time of the transaction.

(b) Conversion: Foreign currency monetary items are reported using the exchange rate prevailing on the
reporting date, if any.

(c) Exchange differences: Exchange differences arising on the settlement of monetary items or on
restatement of monetary items on reporting date at rates different from those at which they were
initially recorded during the year, or reported in previous financial statements, are recognized as
income or as expenses in the year in which they arise.

31 Earnings Per Share:

The company reports basic and diluted earnings per share in accordance with Accounting
Standard 20 - Earnings per share prescribed by the Companies (Accounting Standards)
Rules, 2006. Basic earnings per share are computed by dividing the net profit after tax
attributable to the equity shareholders by the weighted average number of equity shares
outstanding during the year

EPS 2,106.29
DEPS 2,106.29

32 The following disclosures are required by the said notification (similar to Sec 22 of MSMED Act
2006 under the Chapter on Delayed Payments to Micro and Small Enterprises):

a) the principal amount and the interest due thereon (to be shown separately) remaining unpaid
to any supplier as at the end of accounting year;

b) the amount of interest paid by the buyer under MSMED Act, 2006 along with the amounts of
the payment made to the supplier beyond the appointed day during each accounting year;

c) the amount of interest due and payable for the period (where the principal has been paid
but interest under the MSMED Act, 2006 not paid);

d) The amount of interest accrued and remaining unpaid at the end of accounting year; and

e) The amount of further interest due and payable even in the succeeding year, until such date
when the interest dues as above are actually paid to the small enterprise, for the purpose of
disallowance as a deductible expenditure under section 23 of MSMED Act 2006.

The Company is making efforts to get the confirmation from the suppliers as regards their
status under the Act.

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

b) The Company has not been declared wilful defaulter by any bank or financial Institution or
other lender

c) The Company does not have any transactions with companies struck off

d) The Company does not have any charges or satisfaction which is yet to be registered with
ROC beyond the statutory period,

e) The Company has not traded or invested in Crypto currency or Virtual Currency during the
financial year

f) The Company has 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:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

g) The Company has 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:

(i) 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

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

h) The Company has no any 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,

34 The Company uses accounting software for maintaining its books of account which has a
feature of recording audit trail (edit log) facility but the same facility was not enabled at the
database level to log any direct data changes

35 The previous year''s figures have been regrouped and rearranged wherever and whenever
deemed necessary, if any.

Schedule 1 to 35 are annexed to and form integral part of the Balance Sheet and Statement of
Profit & Loss.