The Directors are pleased to present their 17^thBoard's Report on the state of affairs of the Company together with the Audited Statement of Accounts and the Auditors' Report of Shree OSFM E-Mobility Limited (Formerly Known as Shree OSFM E-Mobility Private Limited) ["the Company'] for the financial year ended March 31^s1, 2023.

Financial Results

The summarized financial performance of the Company for the financial year ended March 31, 2023 is given below:

Review of Operations

During the financial year under review, the total revenue generated by the company was INR 8,261.01 lacs against INR 3,079.58 lacs for the corresponding previous year.

The profit after tax for the financial year is INR 291.49 lacs as against the profit after tax of INR 69.65 lacs in the corresponding previous year

State of Affairs and Future Prospects

Your Board is exploring new avenues to engage Company into Staff Transportation & Premium Car Services, with an expectation to grow its business in upcoming year. Moreover, the company has witnessed upward trend in its revenue and profit after tax. The company is hopeful to do better in upcoming future.

Dividend and Reserves

In order to conserve the profit for future years, the company do not recommend dividend for the financial year 2022-23.

Change in the Nature of the Business

There is no change in the nature of the business during the financial year under review State of Company's Affairs

Your Company has performed well and your Directors are relentlessly striving for the betterment of the business and simultaneously your Directors are optimistic about the future and expect the business to perform much better in the forthcoming years

Share Capital

As on March 31, 2023, the authorized capital of the company is INR 11,00,00,000/- (Indian Rupees Two Crores only) divided into 1,10,00,000 (One Core Ten Lakhs) Equity Shares of INR 10/- (Indian Rupees Ten Only) each.

Further, the issued/subscribed and paid-up share capital of the company is INR 10,50,00,000/- (Indian Rupees Ten Crofes ^ifty Lakhs only) divided into 105,00,000 (One Crore Five Lacs) Equity Shares of INR 10/- (Indian Ifyrpees Ten Only) each.

Changes in Authorised Capital:

During the financial year company has increased its authorized capital from INR 2,00,00,000 (Indian Rupees Two Crores only) to INR 11,00,00,000 (Indian Rupees Eleven Crores only) by creation of additional 90,00,000 (Ninety Lacs) Equity Shares of Rs. 10 (Indian Rupees Ten Only) each aggregating to INR 9,00,00,000 (Indian Rupees Nine Crores only) and same was approved by the members of the company at the Extra-Ordinary General Meeting held on June, 20 2022.

Further, the company has increased its authorized capital from INR 11,00,00,000 (Indian Rupees Eleven Crores only) to INR 20,00,00,000 (Indian Rupees Twenty Crores only) by creation of additional

90.00. 000 (Ninety Lacs) Equity Shares of Rs. 10 (Indian Rupees Ten Only) each aggregating to INR

9.00. 00.000 (Indian Rupees Nine Crores only) and same was approved by the members of the company at the Extra-Ordinary General Meeting held on June, 30 2023.

Changes in issued, subscribed and Paid up Capital:

During the financial year, the company had on 19^lh July, 2022, allotted 90,00,000 (Ninety Lacs) Equity Shares as fully paid-up Bonus Shares of face value of INR 10/- (Indian Rupees Ten only) each to the existing shareholders of the company in the ratio of 6:1 i.e. six bonus equity shares of INR 10/- each for every one fully paid up equity shares held by the them and approval of the members by way of special resolution was accorded at the Extra-ordinary General meeting held on 19^,h July, 2022.

Transfer of Unclaimed Dividend to Investor Education and Protection Fund

The provisions of Section 125(2) of the Companies Act, 2013 does not apply as there was no unclaimed dividend.

Material Changes and Commitments

No material changes and commitments affecting the financial position of the Company occurred between the financial years to which these financial statements relate on the date of this report.

However, as per the special resolution passed by the members of the company at the Extra-Ordinary General Meeting held on April 10, 2023, approved change in the name of the Company from "Om Sai Fleet Management (India) Private Limited" To "Shree OSFM E-Mobility Private Limited". In addition to this, as per the special resolution passed by the members of the company at the extraordinary General Meeting held on July 21, 2023, approved the conversion of the company from Private Limited Company to Public Limited Company and consequently altered its Articles of Association (AoA) and Memorandum of Association (MoA) and the name of the Company stands changed from SHREE OSFM E-MOBILITY PRIVATE LIMITED' to SHREE OSFM E-MOBILITY LIMITED' by removing the word 'Private' before the word 'Limited'.

Also the companyHias empanelled its shares on both Central Depository Services (India) Limited (CBSOj^Bw^aMonal Securities Depository Limited (NSDL) post which the company has received

International Securities Identification Number (ISIN) for its fully paid-up Equity shares i.e., INE02S501018 on July 10, 2023.

Directors and Key Managerial Personnel

During the financial year under review, below are the changes in the composition of Board of Directors of the company.

The Board of Directors of the Company consists of eminent persons with considerable professional expertise and experience in business, industry, finance, management and Compliance etc.

Further, post March 31, 2023, following changes took place:

Approvals of members were accorded wherever required.

Annual Return

Pursuant to Notification dated 28* August, 2020 issued by the Ministry of Corporate Affairs as published in the Gazette of India on 28* August, 2020, the details forming part of the extract of Annual Return in Form MGT-9 is not required to be annexed herewith to this report. However, the Annual Return in Form MGT-7 will be made available at the website of the Company at www.osfm.in

Disclosures by the Directors

All the directors of the Company have confirmed that they satisfy the fit and proper criteria as prescribed under the applicable regulations and that they are not disqualified from being appointed as directors in terms of Section 164(2) of the Companies Act, 2013.

Independent Directors Declaration

The Company has received the necessary declaration from each Independent Director in accordance with Section 149(7) of the Act, that he/she meets the criteria of independence as laid out in Section 149(6) of the Act.

Directors' Responsibility Statement

Pursuant to Section 134(3)(c) & 134(5) of the Companies Act, 2013, the Board of Directors of the Company hereby confirm that:

(a)    In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(b)    the directors 1mve selected such accounting policies and applied them consistently and made

judgments an/estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs ct^the company at the end of the financial year and of the profit and loss of the coijipasitfor thfit period; /    (\    t\

(c)    the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d)    the directors have prepared the annual accounts on a going concern basis; and

(e)    the directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

(f)    the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Meeting of the Board of Directors:

During the Financial Year 2022-23, the Company held 14 (Fourteen) board meetings of the Board of Directors as per Section 173 of Companies Act, 2013 which is summarized below. The provisions of Companies Act, 2013 was adhered to while considering the time gap between two meetings.

Necessary quorum was present at all the Board Meetings and the intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

Corporate Social Responsibility Policy

During the financialVear under review, the Company has not developed the policy on Corporate Social Responsibility asNfhe Company does not fall under the prescribed lasses of Companies

the/Companies Act, 2013. _A

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Details of Subsidiary/Joint Ventures/Associate Companies

The Company does not have any Subsidiary, Joint venture or Associate Company.

Statutory Auditors

letter dated ijy 10,2023 ^ImLTate^ff^r¹¹ ^ ^ *"****    ^{hiS resi}8^nation

^{heid on s,h ,une}'²⁰²³ appr°^{ved ihe} <* _fv .    v Mumbai, Chartered Accountant, (Firm Registration Number - 154422W) as

Ka e Ml7;^Udd°"°l^,he,^tr^Pany '° “ '^{hC CaS}“^al ^ «- by .he resignations le Malde & Co., Chartered Accountant, to hold the office till next Annual General Meetine and

approval of members was seeked at the Extra- ordinary General Meeting held on June 12 2023.

The Board of Directors of the Company ('the Board'), proposed to re-appoint M/s Kale Malde & CO Mumba, (F,rm Registration Number - J54422W, Chartered Accountants the Stamti'dtiom oi

agm mm £*£%££^{yMrS fr}°^{m ,he c}°^nclusion °^f ensu*"⁸ AGM HM ,he    °^{f the}

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.icompaⁿ„°_y^{adVerSe remarks/Qualif}'caHons made in Statutory Report issued by Statutory Auditor of Deposits    *

?omp⁰aZ^T^X^d,ri^POS'^{,S fr}°^m '^{he PUb}'^{iC Wi,Wn} '^{he mean}'ⁿ8 of Section 73 of the R^^^^^^read with the Companies (Acceptance of Deposits) Rules, 2014.

During the financial year under review, the Company has not provided any loan, guarantee, security

or made any investment pursuant to the provisions of Section 186 of the Companies Act, 2013 to any person or other body corporate.

Insurance:

The properties/assets of the Company are adequately insured.

Related Party Transactions:

During the financial year under review, all related party transactions entered into by the Company were at arm s length and in the ordinary course of business the details of which are provided in the notes to Accounts of the Company. The Company did not have any contracts or arrangements with related parties in terms of Section 188(1) of the Companies Act, 2013. Also, there were no material related party contracts entered into by the Company during the year under review.

Further all the necessary details of transaction entered with the related parties are attached herewith in Form AOC-2 for your kind perusal and information. (Annexure: I)

Conservation of Energy, Research and Development, Technology Absorption and Foreign Exchange

A.    Conservation of Energy:

The business of vehicle rental services to Domestic and Multinational Corporations, Government Organizations, Private Corporate Bodies, Individuals etc for the traveling of their staff, workers and other personnel's However, We continue to strengthen our energy conservation efforts. We are always in lookout for energy efficient measures for operation, and value conservation of energy through usage of latest technologies for quality of services. Although the equipments used by the Company are not energy sensitive by their very nature, still the Company is making best possible efforts for conservation of energy, which assures that the computers and all other equipments

purchased by the Company strictly adhere to environmental standards, and they make optimum utilization of energy.

B.    Research and Development (R&D)

The Company believes that in order to improve the quality and standards of services, the Company should have a progressive Research and Development Process, which should keep on increasing along with the scale of operations of the Company.

C.    TechaiQlQcvabsoi^tion, adaptation and innovation

In this era of competition, in order to maintain and increase the clients and customers, we need to provide best quality services to our clients and customers at minimum cost, which is not possible

without innovation, and adapting to the latest technology available in the market for providing the services.

D.    The Company has not imported any technology during the financial year under review;

E.    The Company has not expended any expenditure towards Research and Development during the year under review.

F. Foreign exchange earnings and Outgo:

Earnings    Nil

_Outgo_ Nil    ~

Particulars of Managerial Remuneration:

The company, being a private limited company during the financial year under review, has nothing to do with this section.

Risk Management

Pursuant to section 134(3)(n) of the Act, the Company has a Risk Management (RM) framework to identify, monitor, evaluate business risks and opportunities. The framework seeks to create transparency, minimize adverse impact on the business objectives and enhance the Company's competitive advantage.

The Risk Management framework defines the risk management approach across the enterprise at various levels including documentation and reporting. The framework helps in identifying risk trend, exposure and potential impact analysis at a Company Level.

The Risk Management Policy formulated by the Company has identified the key business risks an also plans to mitigate the risks

Vigil Mechanism / Whistle Blower

Pursuant to the provisions of Section 177 of the Companies Act, 2013 read with the rules made thereunder, the Company has formulated and implemented Vigil Mechanism/ Whistle Blower Policy for disclosing of any un^thicalsbehavior, actual or suspected fraud or violation of company's code of

conduct and ^Qtheth^rojser practices or wrongful conduct by employees or directors of the Company.

Disclosure as Per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The company has in place a policy for prevention of sexual harassment in accordance with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The company is in process of forming Internal Complaints Committee (ICC) to redress complaints regarding sexual harassment. During the financial year ended 31^st March, 2023, there were no cases filed /reported pursuant to the Sexual Harassment of women at workplace (Prevention, Prohibition and Redressal) Act, 2013.

General:

During the financial year under review, no significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and Company's operations.

Acknowledgement:

The Directors would like to thank all shareholders, customers, bankers, suppliers and everybody else with whose help, cooperation and hard work the Company is able to achieve the results. The Directors would also like to place on record their appreciation of the dedicated efforts put in by the employees of the Company.