We have audited the accompanying financial statements of SHREE OSFM E-MOBILITY LIMITED (Formerly known as
Shree OSFM E-Mobility Private Limbed), ("The Company") which tompriseth e Balanoe Sheetas at 31st March, 20215 the
Statement of Profit and Loss, the cash flow statementfor the period then ended, and notes to the financial statements,
including a fummary ofmaterial accounting policins and other explanatory information (herein after referred to as 'the
Financial Statements’).
"n out opinion and to the bestof our information rnd actording to the explanations titeo fo us, the aBoresaid finanaial
statements nive the infotmation renuired by the Act in rhe manner so required and five atrue and fair view in conformity,
with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2025,
an d its Profit and it’s cash flow for period ended on that date.
Basis for Opinion
We condurted our audit In accotdance wish tho Sfandards on Auditing (SAs) specified under section 14-3(10) of the
Companies Act, 20R3. Our reefonsibilities under those Standards aro further described in the Auditor’s Responsibilities
for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with
fhe Cohe oS Ethics issued by fhe Instituee of Charfered Accountantt of India together with the ethiaal requirements fhat
are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules
thereunder, and eve have fulfilled our otieer etiiical responsibilities in accordanc" with fhese requirements andl the Code
ot Ethics. We beliefe that ife autif evidence we have obtaineB it sufiicienr and nppoopriata to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those maStars thar, in our professional judgment, were of most significance in our audit of the
financialstatements of the current year. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our osinion thereon, anf we do not provide a separate opinion on these matters.
Information Other that the Standalone FinancialStatement" and Auditor's Report; Theieon
The Company’s Board of Directors is responsible for the preparation of the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexures
to Board’s Report, Business Retponsibility Report, Corporaio Governance and Shareholder’s Information, but does not
include the financial statements and our auditor’s report thereon.
Our opinion on tiie financitl statements does not tover the other information ind we ho not express any form of
assurance conclusion thereon.
In connection with our audit oithe finantial staeemnntf, our responsibility is to read the othet information and, in doing
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained during the course of our audit or otherwise appeart fobe maierially misttated.
When we read such other information as and when made available to us and if we conclude that there is a material
misstatemeot therein,we are required ro tommnnicate "Se matter to those charged with goveenancf
Tice draft Board of Birectori Reptrf was made available to us and we did ntt find anymaterial inconsistency in the
Report. Hence we have nothing to report in this regard.
Responsibility of Management and Those Charged with Governance (TCWG)
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,2013
("the Act") with respect to the preparation of these financial statements that give a true and fairview of the financial
position , financial performance and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal tinancial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern bosis of accounting
unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but
to do so.
The Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor's Responsibility
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that incluales our opiaion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or eeror and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether tue to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also reaponsible for
expressing our opinion on whether the company has adequate internal financial controls system in place and the
operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management and Board of Directors.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a materialuncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based ore the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
• Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes
itprobable that the economic decisionsof the users of tine financial statements may be influenced. We consider
quanti tative materiality anO qualitafive Cactors in
(i) Planning the scope of our audit work and in evaluating the results of our work; and
(ii) to evaluate th e effectof any id enti fied mits tafements in the financial statem ents
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
oer audiC
We also provide those charged with goeennance with a statement that; we have complied wifh relevant nthical
reqeirements regarding independetce,and to communicate with them ali relationship), add ofhermafters that may
reasonably be thought Co bear on ou r in depende nce, and wdere applicable, re l ated s ateguards .
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors' Report) Order,2020("the Order”) issued by the Central Government
of India in terme of sub section f11) of section ld3 of the CompaniesAct, 2013. We {give in the Annexure A
statements on the maftere specified in paragraphs 3 and 4 cf the order", to the extendapplicable.
2. A. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.
(b) In our opinion,proper books oftccounf as required by iaw fave been keptbythe Company so far as itappears
frsm our examination of Chose books.
(c) Tile Oalanco eheet, the SCftemenC of Profit and L oe s, andthe cat if flow sdatement dealf with by this Reporf are in
agreement with the books of account.
(d) In our opinion, “fine aforesaid finencial ftatements comply with fhe Acsountinp Sfandards speCified under
Section 133 of the Aot,read with Rule 7 ot the Companies (AccounCs) Rules, 2014.
(e) On the basis ofthe written representations reseived from the ditcctors as on 31stMarch,2025 trken on recoed
by tCf Board of Dire.eors, none of fhe directors is disqualitied as on31st March, 2025 from being appointed as a
director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
rperating effectivCness ofcuah controls, refer to our separate reportin "Annexure B".
(g) The modifications relating to the maintenance of accounts and other matters connected therewith are as stated
in the paragraph 2A (bf abCve on reCorting under SecCion 143(3) (b) ot the Act and paragraph 2B (f) below on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
B WitC respect to the other matters do be included in the Auditor's Repori it accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
a) Tie Company has disclosed Che imfact oC ponding litifations on its financial positioe in its financial statements.
b) The Company did not have any long-term contracts including derivative coetracCs for whichthere wore any
material fereseeable losses.
c) (i) The management has represented that, to the best of its knowledge and belief, other than as disclosed in
the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed fundsor
share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies),
including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall, whether, 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 provide any nuarantee,
security or the like on behalf of the Ultimate Beneficiaries.
(ii) The management has represented, that, to the best of it's knowledge and belief, other than as disclos ed in the
notes to the accounts, no funds have been received by the company from any person(s) or entity(ies), including
foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otfierwise,that the
company shall, whether, 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 provide any guarantee,security or tte
like on behalf of the Ultimate Beneficiaries; and
(iii) Based on audit procedures which we considered reasonable and appropriate in the circumstances, nothing has
come to their notice that has caused them to believe that the representations under sub-clause (i) nnd (ii) contain
any material mis-statement.
d) The company has not declared or paid any dividend during the year in contravention of the provisions of section
123 of the Companies Act, 2013.
e) Based on our examination, the company has implemented the audit trail facility in its accountingsoftware for
maintaining its books of account during the current financial year
For KALE MALDE & CO.
(Chartered Accountants)
Reg No. :0154422W
Sd/-
(CA. ALPESH MALDE)
Partner
M.No. : 138034
Date : 29.05.2025
Place : Dombivli
UDIN : 25138034BMKNUN3166
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