BLU-SMART MOBILITY PRIVATE LIMITED

FORMERLY KNOWN AS GENSOL MOBILITY PRIVATE LIMITED

ANNUAL REPORT

2020-21
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Blu-Smart Mobility Private Limited
Balance Sheet as at March 31, 2021
As At As At
Note March 31, 2021 March 31, 2020
Equity and liabilities (Amount in Rs.) (Amount in Rs.)
Shareholders' funds
Share capital 3 54,22,44,160 10,49,81,620
Employee Stock Options Outstanding 4 1,65,02,790 -
Reserves and surplus 5 14,00,28,098 16,75,96,332
Total shareholder's fund 69,87,75,048 27,25,77,952

Share Application Money Pending Allotment 3A 9,57,750 -

Non - current liabilities
Long term provisions 6 2,98,855 1,17,092
Total non - current liabilities 2,98,855 1,17,092

Current liabilities
Other current liabilities 7 1,38,11,821 1,45,11,901
Short term provisions 8 672 282
Total current liabilities 1,38,12,493 1,45,12,183
Total 71,38,44,146 28,72,07,227
Asset
Non current assets
Property plant and equipment 9 65,310 1,37,874
Intangible Assets 9 19,772 22,172
Deferred tax assets (net) 10 90,314 28,933
Non-current Investments 11 56,00,02,670 15,84,99,700
Other non-current assets 12 - 74,68,735
56,01,78,066 16,61,57,414
Current assets
Cash and cash equivalents 13 10,19,76,998 2,12,64,739
Short term loans and advances 14 3,10,96,138 8,72,38,627
Other current assets 15 2,05,92,944 1,25,46,447
Total current assets 15,36,66,080 12,10,49,813
Total 71,38,44,146 28,72,07,227

Corporate Information 1
Significant accounting policies 2
The accompanying notes form an integral part of these financial statements

As per report of even date For and on behalf of the Board of Directors
For S.S. Kothari Mehta & Company Blu-Smart Mobility Private Limited
Chartered Accountants U74999GJ2018PTC104895
FRN- 000756N

SD SD SD SD
Amit Goel Anmol Singh Jaggi Tapesh Sharma Puneet Singh Jaggi
Partner (Director) (Company Secretary) (Director)
Membership No. 500607 (DIN-01293305) (DIN-02479868)

Place : New Delhi Place : New Delhi Place : New Delhi Place : New
Delhi Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021

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 Blu-Smart Mobility Private Limited
Statement of Profit and Loss for the year ended March 31, 2021
(Amount in Rs.) (Amount in Rs.)
For the year ended
For the year ended
Note March 31, 2021 March 31, 2020

Revenue
Revenue from operations 16 1,96,70,486 86,51,377
Other income 17 1,40,33,629 1,34,00,161
Total Revenue 3,37,04,115 2,20,51,538
Expenses
Employee benefit expenses 18 1,30,44,714 88,48,986
Finance Cost 19 4,898 1,31,923
Depreciation and amortisation expense 20 74,964 39,335
Other Expenses 21 4,82,09,154 3,44,62,874
Total Expenses 6,13,33,730 4,34,83,118

(Loss) before tax (2,76,29,615) (2,14,31,580)

Tax expense : 22
(i) Current tax - -
(ii) Deferred tax (61,381) (16,294)
Total Tax Expense (61,381) (16,294)
(Loss) for the year (2,75,68,234) (2,14,15,286)
Earning per equity share(face value of Rs. 10/- each) 23
Basic (Rs.) (18.36) (16.81)
Diluted (Rs.) (18.36) (16.81)

Corporate Information 1
Significant accounting policies 2

The accompanying notes form an integral part of these financial statements

As per report of even date For and on behalf of the Board of Directors
For S.S. Kothari Mehta & Company Blu-Smart Mobility Private Limited
Chartered Accountants U74999GJ2018PTC104895
FRN- 000756N

SD SD SD SD
Amit Goel Anmol Singh Jaggi Tapesh Sharma Puneet Singh Jaggi
Partner (Director) (Company Secretary) (Director)
Membership No. 500607 (DIN-01293305) (DIN-02479868)

Place : New Delhi Place : New Delhi Place : New Delhi Place : New Delhi
Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021

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Blu-Smart Mobility Private Limited
Cash Flow Statement for the year ended March 31, 2021
(Amount in Rs.) (Amount in Rs.)
For the year ended For the year ended
March 31, 2021 March 31, 2020
Cash flow/(Loss) from operating activities
Loss Before Tax (2,76,29,615) (2,14,31,580)
Adjustment for:
Depreciation and amortisation expense 74,964 39,335
Interest Expenses 4,898 1,31,923
Interest income (1,34,05,946) (1,06,73,761)
Operating Loss before working capital changes (4,09,55,699) (3,19,34,083)
Changes in working capital
Other current assets (5,77,762) (1,03,38,964)
Loans and advances and other assets 6,85,43,604 (7,66,78,844)
Other current liabilities & provisions 24,81,466 65,49,892
Net cash used in operations 2,94,91,609 (11,24,01,999)
Direct tax paid (29,99,393) (16,76,239)
Net cash flow from/(used in) operating activities (A) 2,64,92,216 (11,40,78,238)
Cash flow from investing activities:
Purchase of Property plant and equipment - (1,99,381)
Investment in Subsidaries companies at cost (Refer foot note 2) (38,50,00,180) (15,84,99,700)
Interest income received 10,04,831 15,82,983
Net cash flow from/(used in) investing activities (B) (38,39,95,349) (15,71,16,098)
Cash flow from financing activities:
Proceeds from issue of shares 43,72,62,540 30,46,77,060
Proceeds from share application money 9,57,750 -
Proceeds from short term borrowings - (1,22,01,697)
Interest & financial charges paid (4,898) (1,31,923)
Net cash flow from/(used in) financing activities (C) 43,82,15,392 29,23,43,440
Net increase/(decrease) in cash & cash equivalents (A+B+C) 8,07,12,259 2,11,49,104
Cash & cash equivalents as at beginning of the year 2,12,64,739 1,15,635
Cash & cash equivalents as at end of the year 10,19,76,998 2,12,64,739

Notes :
1 The above cash flow statement has been prepared under the “Indirect Method” as set out in the Accounting Standard - 3 on
Cash Flow Statements specified under Section 133 of the Companies Act, 2013.
2 During the year the Company had given loan to subsidairies which was converted into 0.01% Non-Cumulative
Compulsorily Convertible preference share capital.
3 Cash & cash equivalents at the end of the year comprises:
As As At
At March 31, March 31, 2020
2021
Cash on hand - 9,271
Balances with banks
(i) In current accounts 15,08,768 1,37,35,421
Other Cash & Cash Equivalents
(ii) Fixed Deposit 10,04,68,230 75,20,047
Total cash & cash equivalents as per cash flow statement 10,19,76,998 2,12,64,739

Cash & cash equivalents as per Balance Sheet 10,19,76,998 2,12,64,739

As per report of even date For and on behalf of the Board of

Directors For S.S. Kothari Mehta & Company Blu-Smart Mobility Private
Limited Chartered Accountants U74999GJ2018PTC104895
FRN- 000756N

SD SD SD SD
Amit Goel Anmol Singh Jaggi Tapesh Sharma Puneet Singh Jaggi
Partner (Director) (Company Secretary) (Director)
Membership No. 500607 (DIN-01293305) (DIN-02479868)
Place : New Delhi Place : New Delhi Place : New Delhi Place : New Delhi
Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021

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Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021
1 Corporate information
BLU-SMART MOBILITY PRIVATE LIMITED (the Company) is a private company domiciled in India and incorporated under the
provisions of Companies Act,2013. BLU-SMART MOBILITY PRIVATE LIMITED is engaged in the business of providing customers
with a platform & to enable transactions of hiring of all types of cars and Software designing, development, customization
implementation maintenance. The Company was incorporated on 24th October, 2018.
2 Summary of significant accounting policies
a. Basis of Preparation of Financial Statements & Use of Estimates
The Financial Statements of the Company have been prepared in accordance with the generally accepted accounting principles in
India (Indian GAAP). The Financial Statements have been prepared on an accrual basis under the historical cost convention. The
accounting policies have been consistently applied by the Company and are consistent with those used in the previous year. The
Company has prepared these Financial Statements to comply in all material respects with the accounting standards notified
under Section 133 of the Companies Act, 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 and the
other relevant provisions of the Companies Act, 2013 & the Companies (Accounting Standards) Amendment Rules, 2016.

The preparation of financial statements in conformity with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenditure and
disclosure of contingent liabilities at the date of the balance sheet and the results of operations during the reporting period.
Although these estimates are based upon management’s best knowledge of current events and actions, actual results could
differ from these estimates. Difference between the actual results and estimates are recognized in the period in which the results
are known/ materialized.
b. Current & Non- Current Classification
All the assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle as 12
months and other criteria set out in Revised Schedule III to the Companies Act, 2013. Based on the nature of activities and time
between the activities performed and their subsequent realisation in cash or cash equivalents, the company has ascertained its
operating cycle as 12 months for the purpose of current / non-current classification of assets and liabilities.

c. Cash and Cash Equivalents

Cash comprises cash on hand and demand deposit with banks. Cash equivalents are short-term balances (with an original
Maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known
amounts of cash and which are subject to insignificant risk of changes in value.
d. Cash Flow Statement
The Cash Flow Statement has been prepared in accordance with the indirect method prescribed under Accounting Standard - 3
of the Companies (Accounting Standards) Rules, 2006 (as amended). whereby profit / (loss) before extraordinary items and tax is
adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the
available information.
e. Tangible Assets
Fixed assets are stated at cost of acquisition or construction less accumulated depreciation / amortisation and impairment losses,
if any. The cost comprises of the purchase price and any attributable cost of bringing the assets to its working condition for its
intended use.
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible
assets are carried at cost less accumulated amortization and accumulated impairment losses, if any.
The useful life of trademark is estimated as 10 years and accordingly amortised on a straight line basis over its useful life.

f. Investments
Investments that are readily realisable and intended to be held for not more than a year are classified as current investments. All
other investments are classified as long term investments.
Long-term investments are stated at cost. Provision for diminution in the value of long-term investments is made only if such a
decline is other than temporary in the opinion of the management.
Current investments are carried at the lower of cost and fair value, computed category wise.

g. Depreciation
i) Depreciation on fixed assets is calculated on written down value method (WDV) using the rates arrived at based on the Useful

Type of Assets Useful Life (In Years)

Computer 3
Mobile 5
Office Equipments 5

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Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021

ii) Depreciation on assets acquired / disposed off during the year is provided on pro-rata basis with reference to the date of
addition/ disposal.

h. Leases
Assets acquired under lease where the Company has substantially all the risks and rewards incidental to ownership are classified
as finance lease. Such assets are capitalised at the inception of the lease at the lower of the fair value or the present value of
minimum lease payments and a liability is created for an equivalent amount. Each lease rental paid is allocated between the
liability and the interest cost, so as to obtain a constant periodic rate of interest on the outstanding liability for each period.
Assets acquired on leases where a significant portion of the risks and rewards incidental to ownership is retained by the lessor
are classified as Operating Lease. Lease rentals are charged to the Statement of Profitand Loss on straight line basis. The
Company's significant leasing arrangements are in respect of operating leases for premises. The leasing arrangements which are
not cancellable range between 11 months and five years generally, and are usually renewable by mutual consent on agreed
terms. The aggregate lease rentals payable are charged as rent including lease rentals. Assets subject to operating leases are
included in Fixed Assets. Lease income is recognized in statement of profit and loss. Costs, including depreciation are recognized
as an expense in statement of profit and loss. Initial direct costs such as legal cost, brokerage cost, etc., are recognized
immediately in statement of profit and loss.

i. Revenue recognition
i) Revenue (income) is recognized when no significant uncertainty as to the measurability or collectability exists. Revenues
from services are recognised immediately when the service is provided. Sale of Goods is recognised when the significant risks
and rewards of ownership of the goods have passed to the buyer.
j. Impairment of Assets
An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to
the Statement of Expenses in the period in which an asset is identified as impaired. The impairment loss, if any, recognized in
prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

k. Foreign exchange transactions

i) Transactions denominated in foreign currencies are normally recorded at the exchange rates prevailing at the time of the
transaction.
ii) Monetary items denominated in foreign currencies at the balance sheet date are restated at the rates prevailing on that date.
All exchange differences arising on settlement and conversion of foreign currency transaction are included in the Statement of
Profit and Loss.

iii) Non monetary foreign currency items are carried at cost.

l. Employee Benefits
(i) Short Term Employee Benefits
Short term employee benefits are recognised as an expense on accrual basis. Short term Project related employee benefits are
recognized as an expenses at the undiscounted amount in the statement of profit and loss of the year in which the related
service is rendered.
(ii) Post Employee Benefits
a) Defined Benefit Plan:
Gratuity being a defined benefit scheme is accrued based on actuarial valuations, carried out by an independent actuary as at the
balance sheet date using the projected unit credit method.
Actuarial gain and losses in respect of post employment and other long term benefits are recognised as per actuarial assumptions
in the Statement of Profit and Loss in the period in which they arise.
b) Defined Contribution Plan :
Provision is made for compensated absence based on actuarial valuation, carried out by an independent actuary as at the
balance sheet date.
Company’s contribution to Provident Fund, Employees’ State Insurance Fund and labour welfare fund which are defined
contribution plans determined under the relevant schemes and/or statute are charged to the Statement of Profit and Loss when
incurred. There are no other obligations other than the contribution payable to the respective funds.

Termination benefits, if any, are recognized as an expense as and when incurred.

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Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021

(ii) Employee Stock Options Outstanding

Certain employees (Senior Executives) of the Group receive remuneration in the form of employee stock options, whereby
employees render services as consideration for equity instruments (equity-settled transactions).
Equity-settled transactions
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate
valuation model.
Cost is recognised, together with a corresponding increase in Employee stock optionsoutstanding , over the period in which the
performance and/or service conditions are fulfilled in employee benefits expense. The cumulative expense recognised for equity-
settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and
the Group’s best estimate of the number of equity instruments that will ultimately vest. The statement of profit and loss expense
or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period and
is recognised in employee benefits expense.
Service and non-market performance conditions are not taken into account when determining the grant date fair value of
awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity
instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value.

No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions
have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective
of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are
satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognised is the expense had the terms had not
been modified, if the original terms of the award are met. An additional expense is recognised for any modification that increases
the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee as measured at the date
of modification.
m. Provisions, contingent liabilities and contingent assets
Provisions involving substantial degree of estimation in measurements are recognised when there is a present obligation as a
result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are
disclosed in the notes. Contingent Assets are neither recognised nor disclosed in the financial statements.

n. Segment reporting
In accordance with Accounting Standard 17 “Segment Reporting” as prescribed under Companies (Accounting Standards) Rules,
2006 (as amended ), the Company has determined its business segment as providing customers with a platform & to enable
transactions of hiring of all types of cars and Software designing, development, customization implementation maintenance.
Since, there are no other business segments in which the Company operates; there are no other primary reportable segments.
Therefore the segment revenue, segment results, segment assets, segment liabilities, total cost incurred to acquire segment
assets, depreciation charge are all as is reflected in the financial statement.

o. Related Party transactions

Disclosure of transactions with related parties, as required by Accounting Standard 18 of the Companies (Accounting Standards)
Rules, 2006 (as amended). “Related Party Disclosures” has been set out in a separate statement annexed to this note. Related
parties as defined under the said Accounting Standard (as amended) have been identified on the basis of representations made
by management and information available with the Company.

p. Earning Per Share

The Company reports basic and diluted earnings per share (EPS) in accordance with the Accounting Standard 20 as specified in
the Companies (Accounting Standards) Rules, 2006 (as amended). The Basic EPS has been computed by dividing the income
available to equity shareholders by the weighted average number of equity shares outstanding during the accounting year. The
Diluted EPS has been computed using the weighted average number of equity shares and dilutive potential equity shares
outstanding at the end of the year.
q. Taxes on Income
i) Provision for income tax is made on the basis of estimated taxable income for the year at current rates.
Current Tax represents the amount of Income Tax Payable in respect of the taxable income for the reporting period as
determined in accordance with the provisions of the Income Tax Act, 1961.

ii) Deferred Tax

Deferred tax charge or credit is recognized using enacted or substantially enacted rates at the Balance Sheet date. In case of
unabsorbed depreciation, deferred tax assets are recognized only to the extent there is virtual certainty of realization of such
assets. Other deferred tax assets are recognized only to the extent there is reasonable certainty of realization of income in
future. Such assets are reviewed as at each balance sheet date to reassess realization.

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Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021
3 Share capital (Amount in Rs.)
As At As At
March 31, 2021 March 31, 2020
Authorised paid up share capital
17,50,000 (PY: 17,50,000) equity share of Rs. 10/- each 1,75,00,000 1,75,00,000
13,17,075 (PY: 6,19,070) 0.01% non - cumulative Compulsorily convertible preference 54,00,00,750 25,38,18,700
share of Rs. 410/- each
10 (PY: 10) 0.01% non - cumulativeCompulsorily convertible preference share of Rs. 10/- 100 100
each
55,75,00,850 27,13,18,800
Issued, subscribed & fully paid up share capital
15,01,737 (PY 15,01,737) Equity share of Rs. 10/- each 1,50,17,370 1,50,17,370
12,85,919 (PY:2,19,425) 0.01% non - cumulative Compulsorily convertible preference 52,72,26,790 8,99,64,250
shares of Rs. 410/- each fully paid up
54,22,44,160 10,49,81,620
3.1 Reconciliation of number of shares outstanding at the end of year
As At March 31, 2021 As At March 31, 2020
No. of shares Amount No. of shares Amount
Equity shares at the beginning of the year 15,01,737 1,50,17,370 1,00,000 10,00,000
Add: Shares Allotted during the year - - 14,01,737 1,40,17,370
Equity Shares at the end of the year 15,01,737 1,50,17,370 15,01,737 1,50,17,370
`
As At March 31, 2021 As At March 31, 2020
No. of shares Amount No. of shares Amount
Perference shares at the beginning of the year 2,19,425 8,99,64,250 - -
Add: Shares Allotted during the year 10,66,494 43,72,62,540 2,19,425 8,99,64,250
Preference Shares at the end of the year 12,85,919 52,72,26,790 2,19,425 8,99,64,250

3.2 Details of shareholders holding more than 5% of the aggregate equity shares in the company
As At As At
Name of shareholder March 31, 2021 March 31, 2020
No. of shares Percentage No. of shares Percentage

Puneet Singh Jaggi 3,57,351 23.80% 3,57,351 23.80%

Punit Goyal 1,95,122 12.99% 1,95,122 12.99%
Anmol Singh Jaggi 3,95,122 26.31% 3,95,122 26.31%

3.3 Details of shareholders holding more than 5% of the aggregate preference shares in the company
As At As At
Name of shareholder March 31, 2021 March 31, 2020
No. of shares Percentage No. of shares Percentage

Chhatisgarh Investment Limited 24,390 1.90% 24,390 11.12%

DLM Estates LLP 12,195 0.95% 12,195 5.56%
Jewelmark Sourcing LLP 36,586 2.85% 34,390 15.67%
Phalguni Kothari 12,796 1.00% 12,796 5.83%
Moonstone Management Services Trust 1 1,41,164 10.98% - -
RSM Family 24,390 1.90% 24,390 11.12%

As per records of the Company, including register of shareholders/members and other declarations received from shareholders

regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

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Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021
3.4 Terms/rights attached to equity shares
The Company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to
vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company,
after distribution of all preferential amounts, in proportion of their shareholding.

Aggregate number of shares issued for consideration other than cash and shares bought back since incorporation, immediately
preceeding the reporting date is nil.

3.5 Terms/rights attached to preference shares

The Company has 0.01% non- cumulative compulsorily convertible preference shares of the face value of Rs. 410 each. These
share are convertible into equity shares after expiry of 19 years and eleven months or any time before that at the option of the
preference shareholders at the rate equivalent to the fair value of the preference shares on the date of exercise of such option.

3A Share Application Money Pending Allotment

As At As At
March 31, 2021 March 31, 2020
Share Application Money Pending Allotment * 9,57,750.00 -

*Note : During the year, the Company has received share application money from its two investors to whom allotment is
pending as on reporting date. The shares has been allotted subsequently to the year end i.e. April 17, 2021.

As At As At
March 31, 2021 March 31, 2020
4 Employee Stock Options Outstanding (Refer Note No. 33) 1,65,02,790 -

Total 1,65,02,790 -

5 Reserves and surplus

As At As At
March 31, 2021 March 31, 2020
Surplus in Statement of Profit & Loss
Balance at the beginning of the year (3,30,99,108) (1,16,83,822)
Add: (Loss)for the Year (2,75,68,234) (2,14,15,286)
Balance at the end of the year (6,06,67,342) (3,30,99,108)
Securities Premium Account
Outstanding at the beginning of the year 20,06,95,440 -
Add: Addition during the year - 20,06,95,440
Outstanding at the end of the year 20,06,95,440 20,06,95,440
Total 14,00,28,098 16,75,96,332

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Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021

6 Long term provisions (Amount in Rs.)

As At As At
March 31, 2021 March 31, 2020

Provision for Gratuity (Refer Note No. 32) 2,98,855 1,17,092

Total 2,98,855 1,17,092

7 Other current liabilities

As At As At
March 31, 2021 March 31, 2020
Interest accured - 1,31,923
Advances from customers 8,513 -
Other Payable 57,85,644 99,65,963
Expenses Payable 2,25,000 9,43,929
Employee Dues Payable 11,97,037 4,06,485
Statutory dues Payables 65,95,627 30,63,601

Total 1,38,11,821 1,45,11,901

8 Short term provisions

As At As At
March 31, 2021 March 31, 2020
Others
Provision for Gratuity (Refer Note No. 32) 672 282

Total 672 282

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Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021

9 Property plant and equipment and Intangible Assets (Amount in Rs.)

Particulars Computer Mobile Office equipment Total
Gross block
As on 1st April 2019 - - - -
Additions 57,204 1,03,177 15,000 1,75,381
Sold during the year - - - -
As on 31st March 2020 57,204 1,03,177 15,000 1,75,381
Additions - - - -
Sold during the year - - - -
As on 31st March 2021 57,204 1,03,177 15,000 1,75,381
Depreciation
As on 1st April 2019 - - - -
For the year 8,216 22,932 6,359 37,507
Relating to sale/adjustment/transfer -
As on 31st March 2020 8,216 22,932 6,359 37,507
For the year 30,941 36,166 5,457 72,564
Relating to sale/adjustment/transfer - - - -
As on 31st March 2021 39,157 59,098 11,816 1,10,071

Net block
As at March 31, 2021 18,047 44,079 3,184 65,310
As at March 31, 2020 48,988 80,245 8,641 1,37,874

Particulars Trade mark

Gross block
As on 1st April 2019 -
Additions 24,000
Sold during the year -
As on 1st April 2020 24,000
Additions -
Sold during the year -
As on 31st March 2021 24,000
Depreciation
As on 1st April 2019 -
For the year 1,828
Relating to sale/adjustment/transfer
As on 31st March 2020 1,828
For the year 2,400
Relating to sale/adjustment/transfer
As on 31st March 2021 4,228
Net block
As at March 31, 2021 19,772
As at March 31, 2020 22,172
Notes:
The Company evaluates impairment losses on the items of property, plant and equipment whenever events or changes in
circumstances indicate that their carrying amounts may not be recoverable. If such assets are considered to be impaired, the
impairment loss is then recognised for the amount by which the carrying amount of the assets exceeds its recoverable amount,
which is the higher of an asset’s net selling price and value in use. For the purpose of assessing impairment, assets are grouped at
the smallest level for which there are separately identifiable cash flows. The Management has reviewed the recoverability of the
assets and has concluded that no indication of impairment exists and hence, no impairment of asset is required.

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Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021

10 Deferred tax assets (net) (Amount in Rs.)

As At As At
March 31, 2021 March 31, 2020
(a) Deferred tax assets on
(i) Employee benefits 77,877 30,517
(ii) Difference between written down vale (WDV) as per books and as per 12,437 -
Income Tax Act 1961

90,314 30,517
(b) Deferred tax liabilities
(i) Difference between written down vale (WDV) as per books and as per - 1,584
Income Tax Act 1961
- 1,584
Total 90,314 28,933
Note:- Due to absence of virtual certainty of relisation of carry forward business losses in near future, Deferred tax assets has not
created on brought forward business losses & Unabsorbed Depreciation.

11 Non-current Investments
As At As At
March 31, 2021 March 31, 2020
Investment in unquoted equity shares
Investment in wholly owned Subsidiaries companies :
Blu-Smart Fleet Private Limited
10,000 equity shares of Rs. 10 each fully paid (31 March 2020 - 10,000 shares) 1,00,000 1,00,000

23,35,714 0.01% Non Cumulative Compulsorily convertible preference shares of 32,69,99,960 12,69,99,880
Rs. 140 each fully paid (31 March 2020 -9,07,142 shares)
Investment in subsidiary on account of ESOP 1,05,43,420
Blu-Smart Charge Private Limited
10,000 equity shares of Rs. 10 each fully paid (31 March 2020 - 10,000 shares) 1,00,000 1,00,000
216,666 0.01% Non Cumulative Compulsorily convertible preference shares of Rs. 2,59,99,920 1,09,99,920
120 each fully paid (31 March 2020 -91666 shares)
Blu-Smart Mobility Tech Private Limited
10,000 equity shares of Rs. 10 each fully paid (31 March 2020 - 10,000 shares) 1,00,000 1,00,000
12,68,000 0.01% Non Cumulative Compulsorily convertible preference shares of 19,02,00,000 2,01,99,900
Rs. 150 each fully paid (31 March 2020 -134666 shares)
Investment in subsidiary on account of ESOP 59,59,370
Total 56,00,02,670 15,84,99,700
Aggregate carrying value of unquoted investments 56,00,02,670 15,84,99,700
Aggregate amount of impairment in value of investments - -

12 Other non-current assets

As At As At
March 31, 2021 March 31, 2020
Fixed Deposits with banks (Maturity of more than 12 months) - 74,68,735
Total - 74,68,735
13 Cash and cash equivalents
As At As At
March 31, 2021 March 31, 2020
(A) Cash & Cash Equivalents
Cash on hand - 9,271
Balances with banks
(i) In current accounts 15,08,768 1,37,35,421
Total Cash & Cash Equivalents 15,08,768 1,37,44,692
(B) Other Bank Balances
Fixed Deposits with bank (Maturity of Less than 12 months) 10,04,68,230 75,20,047
Total Other Bank Balances 10,04,68,230 75,20,047
Total 10,19,76,998 2,12,64,739

13
Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021
14 Short term loans and advances (Amount in Rs.)
As At As At
March 31, 2021 March 31, 2020
(Unsecured, Considered Good)
Advance to Vendors 3,946 59,716
Advance to subsidiaries (Refer Note No. 31) 2,98,16,972 8,54,18,742
Rent Deposits - 1,68,652
Advance to Staff 12,75,220 15,91,517
Total 3,10,96,138 8,72,38,627

15 Other current assets

As At As At
March 31, 2021 March 31, 2020
Others Receivables 1,40,173 1,40,173
Prepaid Expenses 41,186 -
Interest Accured on Loan given (Refer Note No. 31) 1,24,01,115 90,90,778
Balances with Government Authorities 80,10,470 33,15,496
Total 2,05,92,944 1,25,46,447

14
Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021
16 Revenue from operations (Amount in Rs.)

For the year ended For the year ended

March 31, 2021 March 31, 2020
Sale of Services 1,96,70,486 86,51,377

Total 1,96,70,486 86,51,377

17 Other income
For the year ended For the year ended
March 31, 2021 March 31, 2020
Other Income 6,27,683 27,26,400
Interest Income 1,34,05,946 1,06,73,761
Total 1,40,33,629 1,34,00,161

18 Employee benefit expenses

For the year ended For the year ended
March 31, 2021 March 31, 2020
Salaries and allowances 68,24,436 66,87,885
Director's Remuneration 60,00,000 20,00,000
Contribution to Provident and Other Funds 38,125 9,750
Staff Welfare Expenses - 82,588
Gratuity 1,82,153 68,763
Total 1,30,44,714 88,48,986

19 Finance Cost
For the year ended For the year ended
March 31, 2021 March 31, 2020
Interest Expenses 4,898 1,31,923

Total 4,898 1,31,923

20 Depreciation and amortisation expense

For the year ended For the year ended
March 31, 2021 March 31, 2020
Depreciation on property, plant and equipment 72,564 37,507
Amortisation on intangible assets 2,400 1,828
Total 74,964 39,335

15
 Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021
(Amount in Rs.)
21 Other expenses For the year ended For the year ended
March 31, 2021 March 31, 2020
Advertisement Expenses (Refer Note No. 31) 65,81,221 25,60,263
Application Maintenance Charges - 1,91,459
Bad Debt - 3,881
Bank Charges 9,922 18,133
Cab Expenses (Refer Note No. 31) - 16,04,380
Commission Expenses 3,00,000 12,76,489
Computer Expenses - 8,92,450
Donation - 1,00,100
Driver Charges - 30,79,336
Electricity Expense - 5,54,978
Equipment Expenses - 2,89,975
Insurance Expenses 44,472 -
Legal & Compliance Exp 58,65,220 21,93,148
Office Maintenance Expenses 88,445 1,75,222
Printing & Stationary 13,760 41,073
Professional & Consultancy expenses* 3,38,41,009 1,35,98,825
Rates and taxes 1,24,509 1,28,364
Interest on Statutory dues 4,64,088 2,18,914
Rent Expenses (Refer Note No. 31) 60,000 19,86,085
Road Tax - 22,27,120
Site Maintenance Expenses - 1,00,000
Travelling & Conveyance Exp 8,16,508 32,22,679
Total 4,82,09,154 3,44,62,874
Notes : (i)
For the year ended For the year ended
Payment to auditors* March 31, 2021 March 31, 2020

For statutory audit 2,25,000 1,70,000

For other services - -
For reimbursement of expenses 6,500 -
Total 2,31,500 1,70,000
*Excluding applicable taxes.

16
 Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021
22 Income tax expenses (Amount in Rs.)
For the year For the year ended
ended March March 31, 2020
31, 2021

Income tax (income) / expense recognised in the Statement of Profit and Loss
Current tax expenses
Current tax on profits for the year - -
- -
Deferred tax expenses
Decrease/(Increase) in deferred tax assets (61,381) (16,294)
MAT Credit entitlement - -
(61,381) (16,294)
Income tax expenses (61,381) (16,294)

23 Earning per equity share(face value of Rs. 10/- each) For the year For the year ended
ended March March 31, 2020
31, 2021

Profit for the year attributable to Equity Shareholder (2,75,68,234) (2,14,15,286)

No of weighted average equity shares outstanding during the year 15,01,737 12,73,819
No of potential equity shares for Diluted Earning Per Share 17,77,705 12,75,107
Nominal Value of Equity Share 10 10
Nominal Value of Preference Share 410 410
Basic Earning Per Share (18.36) (16.81)
Diluted Earning Per Share* (18.36) (16.81)
Note:
Earnings per share calculations are done in accordance with Accounting Standard 20 “Earnings Per Share”. As per the
requirements of AS 20 “Earnings Per Share”, the weighted average number of equity shares considered for calculation of Basic
and Diluted Earnings per Share.
* Effect of Potential equity share are anti-dilutive and hence not considered in computation of EPS.
24 Contingent liabilities Nil Nil
A. Guarantees excluding financial guarantees
Outstanding bank guarantees - -

B. Claims against Company not acknowledged as debts - -

25 Commitments
As At As At
March 31, 2021 March 31, 2020
A. Capital Commitments
Estimated amount of contracts remaining to be executed on capital - -
account and not provided for
B. Corporate guarantees given to financial institution / bank
Corporate guarantees given to financial institution / bank on behalf of - -
subsidiaries for facilities availed by them

26 Operating lease arrangements

(A) Operating lease payment recognised in the Statement of Profit and Loss
For the year ended For the year ended
March 31, 2021 March 31, 2020
Office premises 60,000 19,86,085
TOTAL 60,000 19,86,085

Future minimum rental payables under non-cancellable operating lease For the year ended For the year ended
March 31, 2021 March 31, 2020
0 to 1 year 60,000 60,000
1 to 5 year - -
More than 5 year - -
27 As the Company’s business activity falls within a single primary business viz. ‘providing customers with a platform & to
segment
enable transactions of hiring of all types of cars and Software designing, development, customization implementation
maintenance’ the disclosure requirements of Accounting Standard (AS-17) “Segment Reporting”, as notified under Companies
Accounting Standard Rules, 2006 are not applicable.

17
Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021

28 Details of Dues to Micro, Small and Medium Enterprises as defined under MSMED Act, 2006
(Amount in Rs.)
For the year ended For the year ended
March 31, 2021 March 31, 2020
(i) Principal amount remaining unpaid to any supplier as at the end of the year - -

(ii) Interest due thereon remaining unpaid to any supplier as at the end of the - -
year
(iii) The amount of interest paid along with the amounts of the payment made - -
to the supplier beyond the appointed day
(iv) The amount of interest due and payable for the year - -
(v) The amount of interest accrued and remaining unpaid at the end of the year - -

The amount of further interest due and payable even in the succeeding
(vi) until such date when the interest dues as above are actually paid
year, - -

The above information regarding Micro Small & Medium Enterprises has been determined to the extent such
parties have been identified on the basis of the information available with the Company. The same has been relied upon by the
auditors.
29 Unhedged Foreign currency exposures hedged by derivative instruments as at the balance sheet date is Nil. ( As at 31st
March, 2020 - Nil)
30 In the opinion of the Board and to the best of their knowledge and belief, the value on realization of loans,
advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the
Balance Sheet.
31 Related party disclosures

Related party disclosures as required by Accounting Standard 18, ”Related Party Disclosures”.
(A) List of related parties and relationships:

Director of Company
Anmol Singh Jaggi
Puneet Singh Jaggi
Manoj Maganlal Mehta
Senthil Kumaran
Inderpreet Singh
Wadhwa Giri
Krishnaswamy
Relative of Director
Jasminder Kaur
Key Managerial Personnel ("KMP")
Tapesh Sharma (Company Secretary)
Subsidiary Companies
Blu-Smart Fleet Private Limited
Blu-Smart Mobility Tech Private
Limited Blu-Smart Charge Private
Limited
Other related parties
Enterprises over which Key Managerial Personnel are able to exercise significant influence / control
with whom transactions have been taken place
Gensol Ventures Private Limited
Gensol Engineering Limited

18
Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021
(B) Transactions with related parties: (Amount in Rs.)
Nature ofRemuneration Reimbursement Sales of Interest Purchase of Sales of Finance Loan converted Investment in Rent Loan & Advance Loan & Advance
Relationship of expenses goods/services Income goods/services Assets charges into Preference subsidiary on a/c Expenses Given Received
Share of ESOP
Anmol Singh Jaggi Director 60,00,000 - - - - - - - - - 40,62,151 38,63,319
(20,00,000) - - - - - - - - - (12,81,100) (13,19,237)
Puneet Singh Jaggi Director - - - - - - - - - - 39,95,116 34,85,680
- - - - - - - - - - (1,46,30,600) (30,68,339)
Jasminder Kaur Relative of - - - - - - - - - - - -
Director - - - - - - - - - - (12,35,000) (12,10,000)
Tapesh Sharma Company 3,18,763 - - - - - - - - - - -
Secretary - - - - - - - - - - - -
Blu-Smart Charge Subsidiary - - 10,00,000 7,75,512 - - - 1,50,00,000 - - 3,98,82,000 2,86,48,163
Private Limited Company - (60,11,229) - (11,33,611) - (88,174) - (1,10,99,920) - - (2,77,71,655) (1,16,14,365)
Blu-Smart Fleet Private Subsidiary - - 1,00,00,000 93,35,967 - - - 20,00,00,080 1,05,43,420 - 42,99,10,794 29,51,45,225
Limited Company - (86,50,061) (9,05,390) (70,18,394) (18,19,345) - - (12,70,90,880) - - (27,35,95,462) (7,72,00,129)
Gensol Engineering Group - 32,330 - - - - - - - 60,000 - -
Limited Company - - - - - - - - - (60,000) - -
Blu-Smart Mobility Tech Subsidiary - 61,70,486 25,00,000 22,89,636 - - - 17,00,00,100 59,59,370 - 18,71,94,949 1,28,86,723
Private Limited Company - (27,91,871) - (11,39,276) (78,806) (6,34,998) - (2,01,99,900) - - (3,34,85,589) (25,12,816)
Gensol Ventures Private Group - - - - - - 4,898 - - - 2,63,381 1,26,559
Limited Company - - - - - - (1,31,923) - - - (50,25,000) (48,93,077)
Figures in brackets indicates figures of previous year.

(C) Closing Balance with related parties:

Nature of Loans & Loans & Other
Relationship Remuneration Advances Advances Payable
payable Given(Including Received
interest)
Anmol Singh Jaggi Director 7,08,316 - - -
- - - (4,78,517)
Puneet Singh Jaggi Director - - - -
- - - (5,09,436)
Tapesh Sharma Company 47,385 - - -
Secretary - - - -
Blu-Smart Charge Subsidiary - 32,00,330 - -
Private Limited Company - (61,90,981) - -
Blu-Smart Fleet Private Subsidiary - 2,05,07,846 - -
Limited Company - (7,64,06,390) - -
Blu-Smart Mobility Tech Subsidiary - 1,85,09,911 - 8,512
Private Limited Company - (1,19,12,149) - -
Gensol Ventures Private Group - - - -
Limited Company - - (1,31,923) -
Figures in brackets indicates figures of previous year.

46
Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021
32 Employee benefit plans
(A) Defined benefit plan
(i) Actuarial gains and losses in respect of defined benefit plans are recognised in the statement of Profit and Loss.
(ii) The Defined Benefit Plan comprises of Gratuity
a) Gratuity is a benefit to an employee based on 15 days last drawn basic salary including dearness allowance (if any) for each
completed year of continuous service with part thereof in excess of six months. The plan is unfunded. The Company operates a
defined benefit plan (the Gratuity plan) covering eligible employees, which provides a lump sum payment to vested employees at
retirement, death, incapacitation or termination of employment, of an amount based on the respective employee’s salary and the
tenure of employment.
The details of gratuity as required under AS-15 (revised): (Amount in Rs.)
For the year ended For the year ended
March 31, 2021 March 31, 2020
i. Reconciliation of Opening and Closing Balances of defined benefit obligation
Liability at the beginning of the year 1,17,374 48,611
Current Service Cost 1,53,554 80,740
Interest Cost 7,737 3,689
Past Service Cost - -
Liability Transferred in - -
Liability Transferred out - -
Benefit paid - -
Net Actuarial losses (gain) Recognised 20,862 (15,666)
Liability at the end of the year 2,99,527 1,17,374
ii. Reconciliation of Opening and Closing Balances of the Fair value of Plan assets
Plan assets at the beginning of the year, at Fair value - -
Expected return on plan assets - -
Contributions - -
Benefit paid - -
Actuarial gain/(loss) on plan assets - -
Transfer to other Company - -
Plan assets at the end of the year, at Fair Value - -
iii. Reconciliation of the Present value of defined benefit obligation and Fair value of plan assets

Obligations at the end of the year 2,99,527 1,17,374

Plan assets at the end of the year, at Fair value - -
Asset / (Liability) recognized in balance sheet as at the end of the year/period (2,99,527) (1,17,374)
iv. Gratuity Cost for the year
Current service cost 1,53,554 80,740
Interest cost 7,737 3,689
Expected return on plan assets - -
Actuarial Gain or (Loss) 20,862 (15,666)
Recognised Past Service Cost-Vested - -
Recognised Past Service Cost-Unvested - -
Net Gratuity cost 1,82,153 68,763
v. Actuarial assumptions
Discount Rate (per annum) 6.35% 6.60%
Expected rate of return on plan assets NA NA
Annual Increase in Salary Cost 10.00% p.a for next 1 10.00% p.a for next 2
years & 8.00% p.a years & 8.00% p.a
thereafter thereafter
Withdrawal Rates 20% at younger ages reducing to 1% at older ages
Mortality Indian Assured Lives Mortality (2006-08) Table
Retirement Age 60 Years
Actuarial Valuation Method Project Unit Credit Method
Notes
1 (a) The discount rate is based on the benchmark yields available on Government Bonds as at the Balance Sheet date.
(b) The Management’s estimate of the increases in the salaries of the employees over the long term.Estimated future salary
increases should take account of inflation, seniority, promotion and other relevant factors such as supply and demand in
employment market.

47
Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021

2 Defined contribution plan (Amount in Rs.)

Contribution to Defined Contribution plans, recognised as Expense, for the year is as under :

For the year For the year ended

ended March March 31, 2020
31, 2021
Employer's Contribution to Provident Fund 38,125 9,750

38,125 9,750

3 Experience adjustments

For the year ended For the year ended

March 31, 2021 March 31, 2020

Defined Benefit Obligation 2,99,527 1,17,374

Plan Assets - -
Surplus/(Deficit) (2,99,527) (1,17,374)
Experience adjustments on plan liabilities 13,553 (26,915)
Actuarial loss/(gain) due to change in financial assumptions 7,309 11,249
Actuarial loss/ (gain) due to change in demographic assumption - -
Experience adjustments on plan assets - -
Net actuarial loss/ (gain) for the year 20,862 (15,666)

33 Employee Stock Options Outstanding

(i) Employee Stock Option Scheme 2019 namely “Blu Smart ESOS 2019” was adopted by the Board of Directors. Under the Blu-
Smart ESOS 2019, the Company granted new stock options (‘New Options’) to the eligible employees of Company including
employees of subsidiaries as determined by the Board as its absolute discretion and separate ESOS agreement has been entered
whenever options are issued to the employees.
(ii) The fair value of the share options is estimated at the grant date using the Black- Scholes option pricing model, taking into
account the terms and conditions upon which the share options were granted. However, the above performance condition is
only considered in determining the number of instruments that will ultimately vest.
(iii) Options Granted under ESOS 2019 would Vest in accordance to the provisions of the ESOS Agreement, subject to a minimum
period of one year between the Grant of Options and Vesting of Options. Vesting of Options would be a function of continued
employment with the Company (passage of time) and achievement of performance criteria as specified by the Board as
communicated on Grant of Options. . There are no cash settlement alternatives. The Company does not have a past practice of
cash settlement for these share options.

Movements during the year

The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during
As At As At
March 31, March 31, 2020
2021
Numbers WAEP Numbers WAEP

Outstanding at the beginning of the year - - - -

Granted pursuant to Blu Smart ESOS Scheme 2019 84,464 116.55 - -
Exercised during the year - - - -
Expired/ lapsed during the year - - - -
Outstanding at the end of the year 84,464 116.55 - -
Exercisable at the end of the year - - - -

48
Blu-Smart Mobility Private Limited
Notes to the financial statements for the year ended March 31, 2021

The weighted average fair value of options granted during the year was Rs. 410/- (March 31, 2020: Rs. 410/-).

The range of exercise prices for options outstanding at the end of the year is Rupees 10/- each option to Rupees 410/- each option
(March 2020: Rupees 10/- each option ).
The following table list the inputs to the models used for the plan for the year ended March 31, 2021 and March 31, 2020:
Grant 1 Grant 2
Dividend yield (%) 0.00% 0.00%
Volatility (%) 16.02% 19.20%
Risk–free interest rate (%) 5.34% - 5.99% 3.40% - 4.75%
Weighted average share price (Rupees) for each 410 410
Model used Black Scholes Black Scholes Model
Model

34 In accordance with the provisions of accounting standard on impairment of assets, (AS-28), the management has made assessment
of loans, advances and other assets in use & considering the business prospects related thereto, no provision is considered necessary
in these accounts on account of impairment of assets.

35 There are no present obligations requiring provisions in accordance with the guiding principles as enunciated in accounting
standard (AS)-29 ‘provisions, contingent liabilities & contingent assets.

36 The Company has made assessment of impact of COVID 19 related lockdown on carrying value of fixed assets, receivable and cash
flow as at the balance sheet date and has concluded that there is no material adjustments required in these financial statement. The
Company will continue to monitor any material changes to future economic conditions.

37 Previous period figures have been regrouped / reclassified wherever necessary to confirm to current year classification /disclosure.

As per report of even date For and on behalf of the Board of Directors
For S.S. Kothari Mehta & Company Blu-Smart Mobility Private Limited
Chartered Accountants U74999GJ2018PTC104895
FRN- 000756N

SD SD SD SD
Amit Goel Anmol Singh Jaggi Tapesh Sharma Puneet Singh Jaggi
Partner (Director) (Company Secretary) (Director)
Membership No. 500607 (DIN-01293305) (DIN-02479868)
Place : New Delhi Place : New Delhi Place : New Delhi Place : New Delhi
Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021

49
Independent Auditors’ Report
To the Members of Blu ‐ Smart Mobility Private Limited

Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the accompanying consolidated financial statements of Blu ‐ Smart Mobility
Private Limited Blu ‐ Smart Mobility (“the Company” or “Holding Company”) and its
subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”),
which comprise the consolidated balance sheet as at March 31, 2021, the consolidated
statement of profit and loss and the consolidated statement of cash flows for the year ended
on that date, and a summary of the significant accounting policies and other explanatory
information (hereinafter referred to as “the consolidated financial statements”).

In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid consolidated financial statements give the information required by the
Companies Act, 2013, as amended (the “Act”) in the manner so required and give a true and
fair view in conformity with Accounting Standards prescribed under section 133 of the Act &
Rules issued there under and other accounting principles generally accepted in India, of the
consolidated state of affairs of the Group as at March 31, 2021, the consolidated loss and its
consolidated cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance with the
Standards on Auditing (SAs) specified under section 143(10) of the Act (SAs). Our
responsibilities under those Standards are further described in the Auditor’s Responsibilities
for the Audit of the Consolidated Financial Statements section of our report. We are
independent of the Group in accordance with the Code of Ethics issued by The Institute of
Chartered Accountants of India (ICAI) together with the independence requirements that are
relevant to our audit of the consolidated financial statements under the provisions of the Act
and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the consolidated financial statements.

Emphasis of Matter

We draw attention to Note 42 to the notes to consolidated financial statements, which

describes the uncertainties and the impact of Covid‐19 pandemic on the Group's operations
and results as assessed by the management. The impact of these uncertainties on the Group’s
operations is significantly dependent on future developments.

50
Our opinion is not modified in respect of this matter.

Information Other than the Consolidated Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the other information. The other
information comprises the information included in the Annual Report but does not include the
consolidated financial statements and our auditor’s report thereon. The Annual Report is
expected to be made available to us after the date of this Auditor’s Report. Our opinion on
the consolidated financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is
materially inconsistent with the consolidated financial statements or our knowledge obtained
in the audit or otherwise appears to be materially misstated.

When we read the Annual report, if we conclude that there is a material misstatement
therein, we are required to report the matter to those charged with governance.

Responsibility of the Management and those charged with governance for the Consolidated
Financial Statements

The Holding Company’s Board of Directors is responsible for the matters stated in section 134(5) of
the Act with respect to preparation of these consolidated financial statements that give a true
and fair view of the consolidated financial position, consolidated financial performance and
consolidated cash flows of the Group in accordance with the accounting standards and other
accounting principles generally accepted in India. The respective Board of Directors of the
companies included in the Group are responsible for maintenance of the adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the Group 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 financial controls,
that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the consolidated financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud
or error.

In preparing the consolidated financial statements, the respective Board of Directors of the
companies included in the Group are responsible for assessing the ability of the Group to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Group or
to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are also responsible
for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level
of assurance but is not a guarantee that an audit conducted in accordance with Standards
on
51
Auditing will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error 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 consolidated financial statements.

As part of an audit in accordance with Standards on Auditing, we exercise professional

judgment and maintain professional scepticism throughout the audit. We also:

 Identify and assess the risks of material misstatement of the consolidated financial
statements, whether due 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 financial controls relevant to the audit in order to

design audit procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the Company’s internal
control.

 Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by management.

 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 ability of the Group to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Group to cease to continue as a going concern.

 Evaluate the overall presentation, structure and content of the consolidated financial
statements, including the disclosures, and whether the consolidated financial
statements represent the underlying transactions and events in a manner that
achieves fair presentation.

 Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the Group to express an opinion on the
consolidated financial statements.

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 our audit.

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our
independence,

52
and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, we report, to the extent applicable, 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 of the
aforesaid consolidated financial statements;

b) In our opinion proper books of account as required by law relating to preparation of

the aforesaid consolidated financial statements have been kept so far as it appears
from our examination of those books;

c) The consolidated balance sheet, the consolidated statement of profit and loss, and the
consolidated cash flow statement dealt with by this Report are in agreement with the
relevant books of account maintained for the purpose of preparation of the
consolidated financial statements;

d) In our opinion the aforesaid consolidated financial statements comply with the
Accounting Standards specified under Section 133 of the Act and Rules issues
thereunder;

e) On the basis of the written representations received from the directors of the Holding
Company as on March 31, 2021 and taken on record by the Board of Directors of the
Holding Company and its subsidiaries incorporated in India, none of the directors of
the Group incorporated in India is disqualified as on March 31, 2021 from being
appointed as a director in terms of Section 164 (2) of the Act.

f) Clause (i) of section 143(3), with respect to the adequacy of the internal financial
controls over financial reporting of the Group and the operating effectiveness of such
controls, is not applicable pursuant to notification G.S.R 583(E) dated June 13,2017 as
amended, hence not commented upon;

g) In our opinion, and according to the information and explanations given to us, the
provisions of section 197 of the Act are not applicable to the Group; and

h) With respect to the other matters to be included in the Auditor’s Report in accordance
with Rule 11 of the Companies (Audit and Auditor’s) Rules, 2014, in our opinion and to
the best of our information and according to the explanations given to us:

i. The Group does not have any pending litigation as at March 31, 2021 which would
impact its financial position;

ii. The Group did not have any long term contracts including derivative contracts for
which there were any material foreseeable losses; and

53
 iii. There are no amounts which are required to be transferred to the Investor
Education and Protection Fund by the Group.

For S. S. KOTHARI MEHTA & COMPANY

Chartered Accountants
Firm’s Registration No. 000756N

Sd/‐

AMIT GOEL
Partner
Membership No. 500607

Place: New Delhi

Date: November 03, 2021
UDIN: 21500607AAAAMR4925

54
Blu-Smart Mobility Private Limited
Consolidated Balance Sheet as at March 31, 2021

As At As At
Note
March 31, 2021 March 31, 2020
Equity and liabilities (Amount in Rs.) (Amount in Rs.)
Shareholders' funds
Share capital 3 54,22,44,160 10,49,81,620
Employee Stock Options Outstanding 4 1,65,02,790 -
Reserves and surplus 5 (37,27,10,950) 2,18,49,207
Total shareholder's fund 18,60,36,000 12,68,30,827

Share Application Money Pending Allotment 3A 9,57,750 -

Non - current liabilities
Long Term Borrowings 6 1,42,92,373 -
Long term provisions 7 17,65,278 5,13,178
Total non - current liabilities 1,60,57,651 5,13,178

Current liabilities
Trade payables 8
(i) Total outstanding dues of micro enterprises and small 53,86,115 78,44,893
enterprises
(ii) Total outstanding dues of creditors other than micro
enterprises and small enterprises 2,01,28,605 3,02,07,895
Other current liabities 9 6,19,82,799 3,35,68,591
Short term provisions 10 3,196 1,061
Total current liabilities 8,75,00,715 7,16,22,440
Total 29,05,52,116 19,89,66,445
Assets
Non current assets
Goodwill on Consolidation 11 1,64,32,588 1,64,32,588
Property plant and equipment 12 82,46,204 1,10,49,918
Intangible Assets 12 2,36,03,598 22,172
Intangible Assets under development 12 - 65,38,621
Deferred tax assets (net) 13 10,51,158 4,63,390
Long term loans & advances 14 8,48,23,687 10,93,83,302
Other non-current assets 15 - 74,68,735
13,41,57,235 15,13,58,726
Current assets
Trade receivables 16 1,84,910 4,95,683
Cash and cash equivalents 17 10,42,34,176 2,15,73,969
Short term loans and advances 18 1,07,18,744 1,21,68,063
Other current assets 19 4,12,57,051 1,33,70,004
Total current assets 15,63,94,881 4,76,07,719
Total 29,05,52,116 19,89,66,445

As per report of even date For and on behalf of the Board of

Directors For S.S. Kothari Mehta & Company Blu-Smart Mobility Private
Limited Chartered Accountants
U74999GJ2018PTC104895
FRN- 000756N

SD SD SD SD
Amit Goel Puneet Singh Jaggi Tapesh Sharma Anmol Singh Jaggi
Partner (Director) (Company Secretary) (Director)
Membership No. 500607 (DIN-02479868) (DIN-01293305)

Place : New Delhi Place : New Delhi Place : New Delhi Place : New Delhi
Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021

55
Blu-Smart Mobility Private Limited
Statement of Consolidated Profit And Loss for the year ended March 31, 2021

For the year ended For the year ended

Note March 31, 2021 March 31, 2020
(Amount in Rs.) (Amount in Rs.)
Revenue
Revenue from operations 20 8,92,93,396 3,76,12,280
Other income 21 28,84,734 38,96,366
Total Revenue 9,21,78,130 4,15,08,646

Expenses
Cost of Service 22 29,37,93,925 13,55,49,876
Employee benefit expenses 23 8,20,24,081 3,17,23,310
Finance Cost 24 7,65,376 1,31,923
Depreciation and amortisation expense 25 88,05,849 32,14,463
Other Expenses 26 10,19,36,823 3,85,35,253
Total Expenses 48,73,26,054 20,91,54,825

(Loss) before tax (39,51,47,924) (16,76,46,179)

Tax expense : 27
(i) Current tax - -
(ii) Deferred tax (5,87,767) (4,83,768)
Total Tax Expense (5,87,767) (4,83,768)
(Loss) for the year (39,45,60,157) (16,71,62,411)
Earning per equity share(face value of Rs. 10/- each) 28
Basic (Rs.) (262.74) (131.23)
Diluted (Rs.) (262.74) (131.23)

As per report of even date For and on behalf of the Board of

Directors For S.S. Kothari Mehta & Company Blu-Smart Mobility Private
Limited Chartered Accountants U74999GJ2018PTC104895
FRN- 000756N

SD SD SD SD
Amit Goel Puneet Singh Jaggi Tapesh Sharma Anmol Singh Jaggi
Partner (Director) (Company Secretary) (Director)
Membership No. 500607 (DIN-02479868) (DIN-01293305)
Place : New Delhi Place : New Delhi Place : New Delhi Place : New Delhi
Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021

56
Blu-Smart Mobility Private Limited
Cash Flow Statement for the year ended March 31, 2021

As At As At
March 31, 2021 March 31, 2020
Cash flow/(Loss) from operating activities (Amount in Rs.) (Amount in Rs.)
(Loss) Before Tax (39,51,47,924) (16,76,46,179)
Adjustment for:
Depreciation and amortisation expense 88,05,849 32,14,463
Finance costs 7,65,376 1,31,923
Employee Stock Option Expenses 1,65,02,790 -
Interest income (10,09,561) (13,82,480)
Operating Loss before working capital changes (37,00,83,470) (16,56,82,273)
Changes in working capital
Trade receivables 3,10,773 (4,95,683)
Other current assets (2,04,18,313) (1,24,65,455)
Loans and advances and other assets 2,60,08,934 (13,51,78,996)
Trade payables (1,25,38,068) 3,36,45,871
Other current liabilities & provisions 5,16,00,956 3,17,45,141
Net cash used in operations (32,51,19,188) (24,84,31,395)
Direct tax paid (76,40,140) (30,11,016)
Net cash flow from/(used in) operating activities (A) (33,27,59,328) (25,14,42,411)
Cash flow from investing activities:
Purchase of Property plant and equipment (2,30,44,940) (2,08,25,174)
Interest income 10,09,561 13,82,480
Net cash flow from/(used in) investing activities (B) (2,20,35,379) (1,94,42,694)
Cash flow from financing activities:
Proceeds from issue of shares 43,82,20,290 30,46,77,060
Repayment of short term borrowings - (1,22,01,697)
Interest & financial charges paid (7,65,376) (1,31,923)
Net cash flow from/(used in) financing activities (C) 43,74,54,914 29,23,43,440
Net increase/(decrease) in cash & cash equivalents (A+B+C) 8,26,60,207 2,14,58,334
Cash & cash equivalents as at beginning of the year 2,15,73,969 1,15,635
Cash & cash equivalents as at end of the year 10,42,34,176 2,15,73,969
Notes :
1 The above cash flow statement has been prepared under the “Indirect Method” as set out in the Accounting Standard - 3 on
Cash Flow Statements specified under Section 133 of the Companies Act, 2013.
2. Cash & cash equivalents at the end of the year comprises:
As At As At
March 31, 2021 March 31, 2020
Cash on hand 3,77,842 2,20,393
Balances with banks
(i) In current accounts 33,88,104 1,38,33,529
Total cash & cash equivalents as per cash flow statement 37,65,946 1,40,53,922
(ii) In fixed deposit accounts 10,04,68,230 75,20,047
Cash & cash equivalents as per Balance Sheet 10,42,34,176 2,15,73,969
The accompanying notes from integral part of these financial statements

As per report of even date For and on behalf of the Board of Directors
For S.S. Kothari Mehta & Company Blu-Smart Mobility Private Limited
Chartered Accountants U74999GJ2018PTC104895
FRN- 000756N

SD SD SD SD
Amit Goel Puneet Singh Jaggi Tapesh Sharma Anmol Singh Jaggi
Partner (Director) (Company Secretary) (Director)
Membership No. 500607 (DIN-02479868) (DIN-01293305)

Place : New Delhi Place : New Delhi Place : New Delhi Place : New Delhi
Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021

57
Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021
1
Corporate information
Blu-Smart Mobility Private Limited (the Company) is a private company domiciled in India and incorporated under the provisions
of Companies Act, 2013. Blu-Smart Mobility Private Limited is engaged in the business of providing customers with a platform &
to enable transactions of hiring of all types of cars and Software designing, development, customization implementation
maintenance. The Company was incorporated on 24th October, 2018.The Company is holding company of Wholly owned
subsidary Companies namely Blu-Smart Fleet Private Limited , Blu-Smart Charge Private Limited and Blu-Smart Mobility Tech
Private Limited.
2
Summary of significant accounting policies

a. Basis of Preparation of consolidated financial statements & Use of Estimates

The Consolidated financial statements of the Group have been prepared in accordance with the generally accepted accounting
principles in India (Indian GAAP). The Consolidated financial statements have been prepared on an accrual basis under the
historical cost convention. The accounting policies have been consistently applied by the Company and are consistent with those
used in the previous year. The Group has prepared these consolidated financial statements to comply in all material respects with
the accounting standards notified under Section 133 of the Companies Act, 2013, read together with paragraph 7 of the
Companies (Accounts) Rules, 2014 and the other relevant provisions of the Companies Act, 2013 & the Companies (Accounting
Standards) Amendment Rules, 2016.
The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and
expenditure and disclosure of contingent liabilities at the date of the balance sheet and the results of operations during the
reporting period. Although these estimates are based upon management’s best knowledge of current events and actions, actual
results could differ from these estimates. Difference between the actual results and estimates are recognized in the period in
which the results are known/ materialized.
b. The consolidated financial statements include the financial statements of Blu-Smart Mobility Private Limited (‘the Company’), its
subsidiaries companies as described in Note No. 29 (collectively referred to as ‘the Group’). The consolidated financial
statements have been prepared on the basis of Accounting Standard 21, ‘Consolidated financial statements’, issued by the
Institute of Chartered Accountants of India. The consolidated financial statements have been prepared on the following basis:

(i) The financial statements of the Company and its subsidiary companies are combined on a line-by-line basis by adding together
the book value of like items of assets, liabilities, income and expenses, after fully eliminating intra-group balances and intra-group
transactions resulting in unrealised profits or losses in accordance with Accounting Standard-21 - "Consolidated financial
statements" issued by the Institute of Chartered Accountants of India.
(ii) The difference between the cost of investment in the subsidiaries, over the net assets at the time of acquisition of shares in
the subsidiaries is recognised in the consolidated financial statements as Goodwill or Capital Reserve as the case may be.

(iii) As far as possible, the Consolidated financial statements are prepared using uniform accounting policies for like transactions
and other events in similar circumstances and are presented in the same manner as the Company's separate consolidated
financial statements, except where it is not practicable to do so.
(iv) Intragroup balances and intragroup transactions are eliminated to the extent of share of the parent company in full.

(v) Unrealised profits on account of intra group transactions have been accounted for depending upon whether the transaction is
an upstream or a downstream transaction.
c. Current & Non- Current Classification
All the assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle as 12
months and other criteria set out in Revised Schedule III to the Companies Act, 2013. Based on the nature of activities and time
between the activities performed and their subsequent realisation in cash or cash equivalents, the company has ascertained its
operating cycle as 12 months for the purpose of current / non-current classification of assets and liabilities.

d. Cash and Cash Equivalents

Cash comprises cash on hand and demand deposit with banks. Cash equivalents are short-term balances (with an original
Maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known
amounts of cash and which are subject to insignificant risk of changes in value.

58
Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021

e. Property plant and equipment and Intangible assets

Property plant and equipment are stated at cost of acquisition or construction less accumulated depreciation / amortisation and
impairment losses, if any. The cost comprises of the purchase price and any attributable cost of bringing the assets to its working
condition for its intended use.
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets
are carried at cost less accumulated amortization and accumulated impairment losses, if any.
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an
indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset
with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation
period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible
assets with finite lives is recognised in the statement of profit and loss unless such expenditure forms part of carrying value of
another asset.
Gains or losses arising from de recognition of an intangible asset are measured as the difference between the net disposal
proceeds and the carrying amount of the asset and are recognised in the statement of profit and loss when the asset is
derecognised.
The useful life of Cab Booking Application is estimated as 5 years and trademark is estimated as 10 years and accordingly
amortised on a straight line basis over its useful life.

f. Capital Work in Progress:

Capital work in progress includes the cost of fixed assets that are not ready to use at the balance sheet date and advances paid to
acquire fixed assets before the balance sheet date.

g. Investment
Investments that are readily realisable and intended to be held for not more than a year are classified as current investments. All
other investments are classified as long term investments.
Long-term investments are stated at cost. Provision for diminution in the value of long-term investments is made only if such a
decline is other than temporary in the opinion of the management.
Current investments are carried at the lower of cost and fair value, computed category wise.

h. Depreciation and amortisation

i) Depreciation on Property plant and equipment is calculated on written down value method (WDV) using the rates arrived at
based on the Useful Life as specified in Schedule II of the Companies Act, 2013.
Type of Assets
Useful Life/Amortization Period (In Years)
Mobile
5
Furniture and Fixtures
10
Computer
3
Chargers 10
Vehicles 8
Office Equipment 5
Computer Software 5
ii) Depreciation on assets acquired / disposed off during the year is provided on pro-rata basis with reference to the date of
addition/ disposal.

i. Leases
Assets acquired under lease where the Company has substantially all the risks and rewards incidental to ownership are classified
as finance lease. Such assets are capitalised at the inception of the lease at the lower of the fair value or the present value of
minimum lease payments and a liability is created for an equivalent amount. Each lease rental paid is allocated between the
liability and the interest cost, so as to obtain a constant periodic rate of interest on the outstanding liability for each period.
Assets acquired on leases where a significant portion of the risks and rewards incidental to ownership is retained by the lessor
are classified as Operating Lease. Lease rentals are charged to the Statement of Profitand Loss on straight line basis. The
Company's significant leasing arrangements are in respect of operating leases for premises. The leasing arrangements which are
not cancellable range between 11 months and five years generally, and are usually renewable by mutual consent on agreed
terms. The aggregate lease rentals payable are charged as rent including lease rentals.

59
Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021

j. Revenue recognition
i) Revenue (income) is recognized when no significant uncertainty as to the measurability or collectability exists. Revenues
from services are recognised immediately when the service is provided. Sale of Goods is recognised when the significant risks
and rewards of ownership of the goods have passed to the buyer.
ii) Interest income is accounted for on an accrual basis.
k. Impairment of Assets
An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to
the Statement of Expenses in the period in which an asset is identified as impaired. The impairment loss, if any, recognized in
prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

l. Employee Benefits
(i) Short Term Employee Benefits
Short term employee benefits are recognised as an expense on accrual basis. Short term Project related employee benefits are
recognized as an expenses at the undiscounted amount in the statement of profit and loss of the year in which the related service
is rendered.
(ii) Post Employee Benefits
a) Defined Benefit Plan:
Gratuity being a defined benefit scheme is accrued based on actuarial valuations, carried out by an independent actuary as at the
balance sheet date using the projected unit credit method.
Actuarial gain and losses in respect of post employment and other long term benefits are recognised as per actuarial assumptions
in the Statement of Profit and Loss in the period in which they arise.

b) Defined Contribution Plan :

Provision is made for compensated absence based on actuarial valuation, carried out by an independent actuary as at the
balance sheet date.
Group contribution to Provident Fund, Employees’ State Insurance Fund and labour welfare fund which are defined contribution
plans determined under the relevant schemes and/or statute are charged to the Statement of Profit and Loss when incurred.
There are no other obligations other than the contribution payable to the respective funds.
Termination benefits, if any, are recognized as an expense as and when incurred.
(ii) Employee Stock Options Outstanding
Certain employees (Senior Executives) of the Group receive remuneration in the form of employee stock options, whereby
employees render services as consideration for equity instruments (equity-settled transactions).
Equity-settled transactions
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate
valuation model.
Cost is recognised, together with a corresponding increase in Employee stock optionsoutstanding , over the period in which the
performance and/or service conditions are fulfilled in employee benefits expense. The cumulative expense recognised for equity-
settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and
the Group’s best estimate of the number of equity instruments that will ultimately vest. The statement of profit and loss expense
or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period and
is recognised in employee benefits expense.
Service and non-market performance conditions are not taken into account when determining the grant date fair value of
awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity
instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value.

No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions
have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective
of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are
satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognised is the expense had the terms had not
been modified, if the original terms of the award are met. An additional expense is recognised for any modification that increases
the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee as measured at the date of
modification.

60
Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021

m. Provisions, contingent liabilities and contingent assets

Provisions involving substantial degree of estimation in measurements are recognised when there is a present obligation as a
result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are
disclosed in the notes. Contingent Assets are neither recognised nor disclosed in the consolidated financial statements.

n. Segment reporting
In accordance with Accounting Standard 17 “Segment Reporting” as prescribed under Companies (Accounting Standards) Rules,
2006 (as amended ), the Company has determined its business segment as providing customers with a platform & to enable
transactions of hiring of all types of cars and Software designing, development, customization implementation maintenance.
Since, there are no other business segments in which the Company operates; there are no other primary reportable segments.
Therefore the segment revenue, segment results, segment assets, segment liabilities, total cost incurred to acquire segment
assets, depreciation charge are all as is reflected in the financial statement.

o. Related Party transactions

Disclosure of transactions with related parties, as required by Accounting Standard 18 of the Companies (Accounting Standards)
Rules, 2006 (as amended). “Related Party Disclosures” has been set out in a separate statement annexed to this note. Related
parties as defined under the said Accounting Standard (as amended) have been identified on the basis of representations made
by management and information available with the Group.

p. Earning Per Share

The Group reports basic and diluted earnings per share (EPS) in accordance with the Accounting Standard 20 as specified in the
Companies (Accounting Standards) Rules, 2006 (as amended). The Basic EPS has been computed by dividing the income available
to equity shareholders by the weighted average number of equity shares outstanding during the accounting year. The Diluted EPS
has been computed using the weighted average number of equity shares and dilutive potential equity shares outstanding at the
end of the year.
q. Taxes on Income
i) Provision for income tax is made on the basis of estimated taxable income for the year at current rates.
Current Tax represents the amount of Income Tax Payable in respect of the taxable income for the reporting period as
determined in accordance with the provisions of the Income Tax Act, 1961.

ii) Deferred Tax

Deferred tax charge or credit is recognized using enacted or substantially enacted rates at the Balance Sheet date. In case of
unabsorbed depreciation, deferred tax assets are recognized only to the extent there is virtual certainty of realization of such
assets. Other deferred tax assets are recognized only to the extent there is reasonable certainty of realization of income in future.
Such assets are reviewed as at each balance sheet date to reassess realization.

r. Though other Accounting Standards also apply to the Group by virtue of the Companies (Accounting Standards) Rules 2006 (as
amended), no disclosure for the same is being made as the Group has not done any transaction to which the said Accounting
Standard apply.

61
 Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021

Share capital (Amount in Rs.)

As At As At
March 31, 2021 March 31, 2020
Authorised share capital
17,50,000 (PY: 17,50,000) equity share of Rs. 10/- each 1,75,00, 1,75,00,
000 000
13,17,075 (PY: 6,19,070) 0.01% non - cumulative Compulsorily convertible preference 54,00,00 25,38,18
,75 ,70
0 0
share of Rs. 410/- each
10 (PY: 10) 0.01% non - cumulative Compulsorily convertible preference share of Rs. 100 100
10/- each
Total 55,75,00,850 27,13,18,800
Issued, subscribed & fully paid up share capital
15,01,737 (PY 15,01,737) Equity share of Rs. 10/- each 1,50,17,370 1,50,17,370
12,85,919 (PY:2,19,425) 0.01% non - cumulative Compulsorily convertible preference 52,72,26,790 8,99,64,250
shares of Rs. 410/- each fully paid up
Total 54,22,44,160 10,49,81,620
3.1 Reconciliation of number of shares outstanding at the end of the year
As At March 31, 2021 As At March 31, 2020
No. of shares Amount No. of shares Amount
Equity shares at the beginning of the year 15,01,737 1,50,17,370 1,00,000 10,00,000
Add: Shares Allotted during the year - - 14,01,737 1,40,17,370
Equity Shares at the end of the year 15,01,737 1,50,17,370 15,01,737 1,50,17,370

As At March 31, 2021 As At March 31, 2020

No. of shares Amount No. of shares Amount
Perference shares at the beginning of the year 2,19,425 8,99,64,250 - -
Add: Shares Allotted during the year 10,66,494 43,72,62,540 2,19,425 8,99,64,250
Preference Shares at the end of the year 12,85,919 52,72,26,790 2,19,425 8,99,64,250

3.2 Details of shareholders holding more than 5% of the aggregate equity shares in the
As At March 31, 2021 As At March 31, 2020
company Name of shareholder
No. of shares Percentage No. of shares Percentage

Puneet Singh Jaggi 3,57,351 23.80% 3,57,351 23.80%

Punit Goyal 1,95,122 12.99% 1,95,122 12.99%
Anmol Singh Jaggi 3,95,122 26.31% 3,95,122 26.31%

3.3 Details of shareholders holding more than 5% of the aggregate perference shares in the company
Name of shareholder As At March 31, 2021 As At March 31, 2020
No. of shares Percentage No. of shares Percentage

Chhatisgarh Investment Limited 24,390 1.90% 24,390 11.12%

DLM Estates LLP 12,195 0.95% 12,195 5.56%
Jewelmark Sourcing LLP 36,586 2.85% 34,390 15.67%
Phalguni Kothari 12,796 1.00% 12,796 5.83%
Moonstone Management Services Trust 1 1,41,164 10.98% - -
RSM Family 24,390 1.90% 24,390 11.12%

As per records of the Company, including register of shareholders/members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of
shares.

3.4 Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is
entitled to vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of
the Company, after distribution of all preferential amounts, in proportion of their shareholding.
Aggregate number of shares issued for consideration other than cash and shares bought back since incorporation,
immediately preceeding the reporting date is nil.

62
Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021

3.5 Terms/rights attached to preference shares

The Company has 0.01% non- cumulative compulsorily convertible preference shares of the face value of Rs. 410 each.
These share are convertible into equity shares after expiry of 19 years and eleven months or any time before that at the
option of the preference shareholders at the rate equivalent to the fair value of the preference shares on the date of
exercise of such option

3A Share Application Money Pending Allotment

As At As At
March 31, 2021 March 31, 2020
Share Application Money Pending Allotment * 9,57,750 -

*Note : During the year, the Company has received share application money from its two investors to whom allotment is
pending as on reporting date. The shares has been allotted subsequently to the year end i.e. April 17, 2021.

As At As At
March 31, 2021 March 31, 2020
4 Employee Stock Options Outstanding (Refer Note No. 39) 1,65,02,790 -

Total 1,65,02,790 -

5 Reserves and surplus (Amount in Rs.)

As At As At
March 31, 2021 March 31, 2020
Surplus in the Statement of Profit & Loss
Balance at the beginning of the year (17,88,46,233) (1,16,83,822)
Add: (Loss)for the year (39,45,60,157) (16,71,62,411)
Balance at the end of the year (57,34,06,390) (17,88,46,233)
Securities Premium Account
Outstanding at the beginning of the year 20,06,95,440 -
Add: Addition during the year - 20,06,95,440
Outstanding at the end of the year 20,06,95,440 20,06,95,440
Total (37,27,10,950) 2,18,49,207

63
Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021

6 Long Term Borrowings (Amount in Rs.)

As At As At
March 31, 2021 March 31, 2020
Unsecured
# Loan From Other 1,42,92,373 -

Total 1,42,92,373 -
# Lease rent payable to EESL of from April 1, 2020 to September 30, 2020 converted into unsecured loan to be repayable in 24
months at interest rate 12.05% p.a.

7 Long term provisions

As At As At
March 31, 2021 March 31, 2020
Provision for Gratuity (Refer Note No. 38) 17,65,278 5,13,178
Total 17,65,278 5,13,178
8 Trade payables
As At As At
March 31, 2021 March 31, 2020
Due to Micro, Small and Medium Enterprises 53,86,115 78,44,893
Other Trade Payables 2,01,28,605 3,02,07,895
Total 2,55,14,720 3,80,52,788
9 Other current liabilities
As At As At
March 31, 2021 March 31, 2020
Current maturities of long term borrowing 1,26,77,477 -
Other payables
Advances from customers 18,662 -
Other Payable 1,78,98,499 1,35,83,912
Capital Creditors 1,13,028 36,51,489
Interest accured - 1,31,923
Employee Dues Payable 63,79,508 53,49,017
Expenses Payable 7,50,000 5,60,000
Statutory dues Payables 2,41,45,625 1,02,92,250
Total 6,19,82,799 3,35,68,591
10 Short term provisions
As At As At
March 31, 2021 March 31, 2020
Others
Provision for Gratuity (Refer Note No. 38) 3,196 1,061
Total 3,196 1,061

11 Goodwill on Consolidation
As At As At
March 31, 2021 March 31, 2020

Goodwill on Consolidation 1,64,32,588 1,64,32,588

Total 1,64,32,588 1,64,32,588

64
 Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021
12 Property plant and equipment and Intangible Assets

Furniture & Electric Vehicle Office & Hub

Particulars Fixtues Computer Mobile Vehicles EV Battery Charger Equipments Total
Gross block
As at 1st April 2019 - 1,90,270 1,31,700 - - 27,92,450 - 31,14,420
Additions 1,78,072 16,73,715 14,69,480 19,201 - 85,74,237 4,80,109 1,23,94,814
Sold during the year 29,100 44,192 3,62,552 - - 10,99,600 32,120 15,67,564
As at 31st March 1,48,972 18,19,793 12,38,628 19,201 - 1,02,67,087 4,47,989 1,39,41,670
2020 Additions 79,114 9,18,726 38,996 - 2,76,441 12,38,482 4,24,344 29,76,103
Sold/Adjustment during the
year - - - - - 1,00,000 - 1,00,000
As at 31st March 2021 2,28,086 27,38,519 12,77,624 19,201 2,76,441 1,14,05,569 8,72,333 1,68,17,773

Depreciation
As at 1st April 2019 - 7,135 8,294 - - 78,730 - 94,159
For the year 13,141 5,06,775 3,90,776 3,121 - 22,18,552 80,270 32,12,635
Relating to
2,209 16,365 76,683 - - 3,13,662 6,123 4,15,042
sale/adjustment/transfer
10,932 4,97,545 3,22,387 3,121 - 19,83,620 74,147 28,91,752
As at 31st March 2020
44,801 11,23,927 4,16,351 5,022 8,280 38,11,721 2,69,715 56,79,817
For the year
Relating to - - - - - - - -
sale/adjustment/transfer 55,733 16,21,472 7,38,738 8,143 8,280 57,95,341 3,43,862 85,71,569
As at 31st March 2021
Net block 1,72,353 11,17,047 5,38,886 11,058 2,68,161 56,10,228 5,28,471 82,46,204
As at March 31, 2021 1,38,040 13,22,248 9,16,241 16,080 - 82,83,467 3,73,842 1,10,49,918
As at March 31, 2020
Refer Note No. 2( e ) Intangible
assets
Cab Booking
Particulars Trademark Application Total
Gross block
As on 1st April 2019 - - -
Additions 24,000 65,38,621 65,62,621
Sold during the year - - -
As on 31st March 2020 24,000 65,38,621 65,62,621
Additions - 2,01,68,836 2,01,68,836
Sold during the year - - -
As on 31st March 2021 24,000 2,67,07,457 2,67,31,457
Amortisation
As on 1st April 2019 - - -
For the year 1,828 - 1,828
Relating to sale/adjustment/ - - -
As on 31st March 2020 1,828 - 1,828
For the year 2,400 31,23,631 31,26,031
Relating to sale/adjustment/ - - -
As on 31st March 2021 4,228 31,23,631 31,27,859
Net block
As at March 31, 2021 19,772 2,35,83,826 2,36,03,598
As at March 31, 2020 22,172 65,38,621 65,60,793

65
Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021

13 Deferred tax assets (net) (Amount in Rs.)

As At As At
March 31, 2021 March 31, 2020
(a) Deferred tax assets on
(i) Employee benefits 4,59,910 1,33,702
(ii) Difference between written down vale (WDV) as per books and as per 10,50,184 3,31,272
Income Tax Act 1961
15,10,094 4,64,974
(b) Deferred tax liabilities
(i) Difference between written down vale (WDV) as per books and as per 4,58,936 1,584
Income Tax Act 1961
4,58,936 1,584
Total 10,51,158 4,63,390

14 Long term loans & advances

As At As At
March 31, 2021 March 31, 2020
Unsecured considered good
Security Deposits for cars taken on lease 8,12,54,248 10,67,77,802
Electricity Deposits 18,000 18,000
Advances to Capital Creditors 79,439 -
Rent Deposits 34,72,000 25,87,500
Total 8,48,23,687 10,93,83,302

15 Other non-current assets

As At As At
March 31, 2021 March 31, 2020
Fixed Deposits with bank for maturity of more than 12 months - 74,68,735
Total - 74,68,735

16 Trade receivables
As At As At
March 31, 2021 March 31, 2020
Trade Receivable
(a) Trade receivables outstanding for a period exceeding six months from the
date they were due for payment
(i) Secured, considered good - -
(ii) Unsecured, considered good 41,120 -
(iii) Doubtful - -
(b) Other Trade receivables
(i) Secured, considered good - -
(ii) Unsecured, considered good 1,43,790 4,95,683
(iii) Doubtful - -
Total 1,84,910 4,95,683
17 Cash and cash equivalents
As At As At
March 31, 2021 March 31, 2020
(A) Cash & Cash Equivalents
Cash on hand 3,77,842 2,20,393
Balances with banks
(i) In current accounts 33,88,104 1,38,33,529
Total Cash & Cash Equivalents 37,65,946 1,40,53,922
(B) Other Bank Balances
(ii) In fixed deposit bank for maturity of less than 12 months 10,04,68,230 75,20,047
Total Other Bank Balances 10,04,68,230 75,20,047
Total 10,42,34,176 2,15,73,969

66
Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021

18 Short term loans and advances (Amount in Rs.)

As At As At
March 31, 2021 March 31, 2020
(Unsecured, Considered Good)
Advance to Vendors 6,06,978 7,94,455
Advance to Other 15,792 -
Rent Deposits 83,64,312 94,98,635
Advance to Staff 17,31,662 18,74,973
Total 1,07,18,744 1,21,68,063
19 Other current assets
As At As At
March 31, 2021 March 31, 2020
Others Receivables 8,93,027 1,40,173
Prepaid Expenses 41,45,351 23,56,850
Balance with Government Authorities 3,62,18,673 1,08,72,981
Total 4,12,57,051 1,33,70,004

67
Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021

20 Revenue from operations (Amount in Rs.)

For the year ended For the year ended
March 31, 2021 March 31, 2020
Sale of Services 8,92,93,396 3,76,12,280

Total 8,92,93,396 3,76,12,280

21 Other income
For the year ended For the year ended
March 31, 2021 March 31, 2020
Interest Income 10,09,561 13,82,480
Other Income 18,75,173 25,13,886
Total 28,84,734 38,96,366

22 Cost of Service
For the year ended For the year ended
March 31, 2021 March 31, 2020
Cab Charging Expenses 1,50,19,062 92,36,116
Driver Expenses 10,96,65,881 4,16,01,270
Commission Expenses 9,63,125 48,62,774
Lease Rent Expenses 10,38,53,300 5,22,93,398
Hub Rent Expenses 2,25,49,613 78,06,326
Freight & Transportation Expenses 3,88,500 -
Application Development Expenses 8,32,920 86,56,765
Software Expenses 48,21,406 1,85,918
Car Electric Equipment & Devices 20,09,645 23,75,842
Car Maintenance Expenses 49,27,898 6,66,395
Hub Maintenance Expenses 51,88,632 32,88,757
Site Maintenance Expenses - 1,00,000
Road Tax and Toll tax Expenses 88,54,052 44,76,315
Discount Expenses 1,06,59,978 -
Promotional Credit / Cash Back Expenses 32,98,951 -
Payment Gateway Expesnes 7,60,962 -
Total 29,37,93,925 13,55,49,876
23 Employee benefit expenses
For the year ended For the year ended
March 31, 2021 March 31, 2020
Salaries and allowances 6,03,62,424 2,96,42,596
Contribution to Provident and Other Funds 22,11,113 6,14,535
Employee Stock Option Expenses (Refer Note No. 39) 1,65,02,790 -
Staff Welfare Expenses 11,32,979 4,45,627
Stipend Expenses 5,60,540 5,91,143
Gratuity Expenses (Refer Note No. 38) 12,54,235 4,29,409

Total 8,20,24,081 3,17,23,310

24 Finance Cost
For the year ended For the year ended
March 31, 2021 March 31, 2020
Interest on Unsecured Loan 4,898 1,31,923
Other Interest Expenses 7,60,478 -

Total 7,65,376 1,31,923

68
 Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021

25 Depreciation and amortisation expense (Amount in Rs.)

For the year ended For the year ended
March 31, 2021 March 31, 2020
Depreciation on property, plant and equipment 56,79,818 32,12,635
Amortisation on intangible assets 31,26,031 1,828
Total 88,05,849 32,14,463

26 Other expenses For the year ended For the year ended
March 31, 2021 March 31, 2020
Advertisement & Business Promotion Expenses 2,88,79,725 31,45,949
Bad Debt - 1,81,337
Bank Charges 3,21,537 18,56,036
Computer Expenses 1,73,504 9,54,247
Customer Support Service Expenses 8,43,836 2,18,923
Domain Expenses 1,30,070 -
Donation 21,400 1,00,100
Forex Gain/(Loss) 27,303 3,11,611
Insurance Expenses 7,09,729 -
Legal & Compliance Expenses 78,11,402 22,22,185
Medical Expenses - 47,382
Office Maintenance Expenses 13,05,892 10,07,862
Office Rent Expenses 19,92,583 52,14,647
Printing & Stationary Expenses 3,18,081 86,916
Professional & Consultancy expenses 5,29,17,892 1,65,92,658
Rate & Taxes 6,69,192 2,66,035
Interest on Statutory Dues 19,74,196 4,61,748
Telephone and communication expenses 1,37,236 4,61,659
Travelling & Conveyance Expenses 37,03,245 54,05,958
Total 10,19,36,823 3,85,35,253
Notes : (i)
For the year ended For the year ended
Payment to auditors* March 31, 2021 March 31, 2020

For statutory audit 7,50,000 5,60,000

For other services - -
For reimbursement of expenses 27,150 -
Total 7,77,150 5,60,000
*Excluding applicable taxes.

69
Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021

27 Income tax expenses (Amount in Rs.)

For the year ended For the year ended
March 31, 2021 March 31, 2020

Income tax (income) / expense recognised in the Statement of Profit and Loss

Current tax expenses

Current tax on profits for the year - -
- -
Deferred tax expenses
Decrease/(Increase) in deferred tax assets (5,87,767) (4,83,768)
MAT Credit entitlement - -

(5,87,767) (4,83,768)

(5,87,767) (4,83,768)

For the year ended For the year ended

28 Earning per equity share(face value of Rs. 10/- each) March 31, 2021 March 31, 2020

Loss for the period attributable to Equity Shareholder (39,45,60,157) (16,71,62,411)

No of weighted average equity shares outstanding during the year 15,01,737 12,73,819
No of potential equity shares for Diluted Earning Per Share 17,77,705 12,75,107
Nominal Value of Equity Share 10 10
Basic Earning Per Share (262.74) (131.23)
Diluted Earning Per Share* (262.74) (131.23)
Note:
Earnings per share calculations are done in accordance with Accounting Standard 20 “Earnings Per Share”. As per the requirements of AS
20 “Earnings Per Share”, the weighted average number of equity shares considered for calculation of Basic and Diluted Earnings per Share.
* Effect of Potential equity share are anti-dilutive and hence not considered in computation of EPS.

29 The subsidiary companies considered in the Consolidated Financial Statements are:

Name of Subsidiaries/Joint Venture and Country of Incorporation Effective ownership in
subsidiaries
As At March 31, 2021 As At March 31, 2020
Subsidiary
Blu-Smart Fleet Private Limited (w.e.f. May 13,2019) 100% 100%
Blu-Smart Charge Private Limited (w.e.f. May 13,2019) 100% 100%
Blu-Smart Mobility Tech Private Limited (w.e.f. May 13,2019) 100% 100%
30 Contingent liabilities Nil Nil
A. Guarantees excluding financial guarantees
Outstanding bank guarantees - -
B. Claims against Company not acknowledged as debts - -
31 Commitments

As At As At
March 31, 2021 March 31, 2020
A. Capital Commitments
Estimated amount of contracts remaining to be executed on - -
capital account and not provided for
B. Corporate guarantees given to financial institution / bank
Corporate guarantees given to financial institution / bank on - -
behalf of subsidiaries for facilities availed by them

70
Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021
32 Operating lease arrangements For the year ended For the year ended
March 31, 2021 March 31, 2020
(A) Operating lease payment recognised in the Statement of Profit and Loss
Office premises 19,92,583 52,14,647
Vehicle Lease Rent 10,38,53,300 5,22,93,398
Hub Rent 2,25,49,613 78,06,326
TOTAL 12,83,95,496 6,53,14,371
Future minimum rental payables under non-cancellable operating lease
0 to 1 year 7,67,70,600 11,95,89,810
1 to 5 year 2,27,17,560 15,96,89,696
More than 5 year - -
33 As the Group’s business activity falls within a single primary business segment viz. ‘providing customers with a platform & to enable
transactions of hiring of all types of cars and Software designing, development, customization implementation maintenance’ the
disclosure requirements of Accounting Standard (AS-17) “Segment Reporting”, as notified under Companies Accounting Standard
Rules, 2006 are not applicable.
34 Unhedged Foreign currency exposures hedged by derivative instruments as at the balance sheet date is Rs.16,90,146. ( As at 31,
March, 2020 - 42,35,769 ,USD : 56,237 )
Particulars USD INR
Trade Payable 22,000 16,90,146

35 In the opinion of the Board and to the best of their knowledge and belief, the value on realization of loans, advances and current assets
in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

36 Details of Dues to Micro, Small and Medium Enterprises as defined under MSMED Act, 2006
For the year ended For the year ended
March 31, 2021 March 31, 2020
(i) Principal amount remaining unpaid to any supplier as at the 46,25,637 78,44,893
end of the accounting year
(ii) Interest due thereon remaining unpaid to any supplier as at the - -
end of the accounting year
(iii) The amount of interest paid along with the amounts of - -
the payment made to the supplier beyond the appointed day
(iv) The amount of interest due and payable for the year 7,60,478 -
(v) The amount of interest accrued and remaining unpaid at the end - -
of the accounting year
(vi) 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
The above information regarding Micro Small & Medium Enterprises has been determined to the extent such parties have been identified
on the basis of the information available with the Group. The same has been relied upon by the auditors.

37 Related party disclosures

Related party disclosures as required by Accounting Standard 18, ”Related Party Disclosures”.
(A) List of related parties and relationships:
Director of Group with whom transactions have been taken place
Anmol Singh Jaggi
Puneet Singh Jaggi
Manoj Maganlal Mehta
Senthil Kumaran
Inderpreet Singh
Wadhwa Giri
Krishnaswamy
Relative of Director
Jasminder Kaur
Key Managerial Personnel ("KMP")
Tapesh Sharma (Company Secretary)
Subsidiary Companies (Refer Note : 29)
Blu-Smart Fleet Private Limited (100% subsidiary w.e.f May 13, 2019)
Blu-Smart Mobility Tech Private Limited (100% subsidiary w.e.f May 13,
2019) Blu-Smart Charge Private Limited (100% subsidiary w.e.f May 13, 2019)
Other related parties
Enterprises over which Key Managerial Personnel are able to exercise significant influence / control
with whom transactions have been taken place
Gensol Consultants Private Limited
Gensol Ventures Private Limited
Gensol Engineering Limited
Param 71
Renewable Energy Private Limited
Blu-Smart Mobility Private Limited
Consolidated Balance Sheet as at March 31, 2021

(B) Transactions with related parties for the year ended March 31, 2021 (Amount in Rs.)
Nature of Purchase of Lease Rent Lease Rent Reversal of Finance charges Loan & Loan &
Remuneration
Relationship goods/services Expenses Expenses Deposit Lease Rent on loan and Advance Given Advance
paid Deposit advances Received
Anmol Singh Jaggi 60,00,000 - - - - - - 99,15,415 93,94,698
Director
(20,00,000) - - - - - - (17,52,454) (21,05,904)
Puneet - - - - - - -
Singh Jaggi Director 1,67,00,823 1,62,72,809
- - - - - - - (1,57,51,100) (36,12,839)
Jasminder Relative of - - -
Kaur - - - - - -
Director - - - - - - - (12,35,000 ) (12,10,000)
Company 3,18,763 - - - - - - - -
Tapesh Sharma
Secretary - - - - - - - - -
Group - 3,55,332 3,20,47,523 60,000 23,61,446 - - - -
Gensol Engineering Limited
Company - - (4,26,50,451) (60,000) (2,07,92,802) - - (500 ) (500)
Gensol Consultants Private Group -
- 0,000) - 1,67,87,520 - 1,18,80,000 - - -
Limited Company - - (14,98,335) - (3,34,8 - - - -
Gensol Ventures Private Group - - - 11,06,751 60,00,000 - 4,898 2,63,381 1,26,559
Limited Company - - - - - - (1,31,923) (50,25,000) (48,93,077)
Param Renewable Energy Group - 1,64,20,000 - - - - - - -
Private Limited Company - - - - - - - - -
Figures in brackets indicates figures of previous year.

(C) Closing Balance with related parties as at March 31, 2021 :

Nature of Relationship Loans & Lease rent Loans &Other Payable Creditors
Remuneration
Advances Given Deposit Advances
payable
Anmol 7,08,316 - - Received -
Singh Jaggi Director 53,428 -
- - - (1,98,832) (8,53,830) -
Puneet - - - -
Singh Jaggi Director 1,54,417 -
- - - - (5,82,431) -
Company 47,385 - - - - -
Tapesh Sharma
Secretary - - - - - -
Group - - 2,31,54,248 - 15,737 15,26,006
Gensol Engineering Limited
Company - - (2,07,92,802) - - (2,08,162)
Gensol Consultants Private Group - - 2,16,00,000 - - 19,49,737
Limited Company - - (3,34,80,000) - - (6,43,285)
Gensol Ventures Private Group - - 60,00,000 - - 12,73,528
Limited Company - - - (1,31,923) - -
Figures in brackets indicates figures of previous year.

72
Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021
38 Employee benefit plans

(A) Defined benefit plan

(i) Actuarial gains and losses in respect of defined benefit plans are recognised in the Profit and Loss Account.
(ii) The Defined Benefit Plan comprises of Gratuity
a) Gratuity is a benefit to an employee based on 15 days last drawn basic salary including dearness allowance (if any) for each
completed year of continuous service with part thereof in excess of six months. The plan is unfunded. The Company operates a
defined benefit plan (the Gratuity plan) covering eligible employees, which provides a lump sum payment to vested employees at
retirement, death, incapacitation or termination of employment, of an amount based on the respective employee’s salary and the
tenure of employment.
The details of gratuity as required under AS-15 (revised): (Amount in Rs.)

For the year ended For the year ended

March 31, 2021 March 31, 2020
i. Reconciliation of Opening and Closing Balances of defined benefit obligation
Liability at the beginning of the year 5,14,239 84,830
Current Service Cost 10,77,248 5,07,806
Interest Cost 33,904 6,440
Past Service Cost - -
Liability Transferred in - -
Liability Transferred out - -
Benefit paid - -
Net Actuarial losses (gain) Recognised 1,43,083 -84,837
Liability at the end of the year 17,68,474 5,14,239

ii. Reconciliation of Opening and Closing Balances of the Fair value of Plan assets
Plan assets at the beginning of the year, at Fair value - -
Expected return on plan assets - -
Contributions - -
Benefit paid - -
Actuarial gain/(loss) on plan assets - -
Transfer to other Company - -
Plan assets at the end of the year, at Fair Value - -

iii. Reconciliation of the Present value of defined benefit obligation and Fair value of plan assets
Obligations at the end of the year 17,68,474.00 5,14,239.00
Plan assets at the end of the year, at Fair value - -
Asset / (Liability) recognized in balance sheet as at the end of the year (17,68,474) (5,14,239)

iv. Gratuity Cost for the year

Current service cost 10,77,248 5,07,806
Interest cost 33,904 6,440
Expected return on plan assets - -
Actuarial Gain or (Loss) 1,43,083 (84,837)
Recognised Past Service Cost-Vested - -
Recognised Past Service Cost-Unvested - -
Net Gratuity cost 12,54,235 4,29,409
v. Actuarial assumptions
Discount Rate (per annum) 6.35% 6.60%
Expected rate of return on plan assets NA NA
Annual Increase in Salary Cost 10.00% p.a for next 1 10.00% p.a for next 2
years & 8.00% p.a years & 8.00% p.a
thereafter thereafter
Withdrawal Rates 20% at younger ages reducing to 1% at older
Mortality ages Indian Assured Lives Mortality (2006-08)
Table
Retirement Age 60 Years 60 Years
Actuarial Valuation Method Project Unit Credit Project Unit Credit
Method Method
Notes
1 (a) The discount rate is based on the benchmark yields available on Government Bonds as at the Balance Sheet date.
(b) The Management’s estimate of the increases in the salaries of the employees over the long term.Estimated future salary
increases should take account of inflation, seniority, promotion and other relevant factors such as supply and demand in
employment market.
73
Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021

2 Defined contribution plan (Amount in Rs.)

Contribution to Defined Contribution plans, recognised as Expense, for the year is as under :

For the period ended For the period ended

March 31, 2020 March 31, 2020
Employer's Contribution to Provident Fund & Other Funds 22,11,113 6,14,535

22,11,113 6,14,535

3 Experience adjustments

For the year ended For the year ended

March 31, 2021 March 31, 2020

Defined Benefit Obligation 15,37,185 5,14,239

Plan Assets - -
Surplus/(Deficit) (15,37,185) (5,14,239)
Experience adjustments on plan liabilities (1,22,007) (1,62,376)
Actuarial loss/(gain) due to change in financial assumptions 71,267 53,714
Actuarial loss/ (gain) due to change in demographic assumption (120) (215)
Experience adjustments on plan assets - -
Net actuarial loss/ (gain) for the year (50,860) (1,08,877)

39 Employee Stock Options Outstanding

(i) Employee Stock Option Scheme 2019 namely “Blu Smart ESOS 2019” was adopted by the Board of Directors . Under the Blu-Smart
ESOS 2019, the Company granted new stock options (‘New Options’) to the eligible employees of Company as determined by the
Board as its absolute discretion and separate ESOS agreement has been entered whenever options are issued to the employees.

(ii) The fair value of the share options is estimated at the grant date using the Black- Scholes option pricing model, taking into account
the terms and conditions upon which the share options were granted. However, the above performance condition is only
considered in determining the number of instruments that will ultimately vest.
(iii Options Granted under ESOS 2019 would Vest in accordance to the provisions of the ESOS Agreement, subject to a minimum period
of one year between the Grant of Options and Vesting of Options. Vesting of Options would be a function of continued
employment with the Company (passage of time) and achievement of performance criteria as specified by the Board as
communicated on Grant of Options. . There are no cash settlement alternatives. The Company does not have a past practice of cash
settlement for these share options.

The expense recognised for employee services received during the year is shown in the following table:
As At As At
March 31, 2021 March 31, 2020
Expense arising from equity-settled share-based payment transactions 1,65,02,790 -

Total expense arising from share-based payment transactions 1,65,02,790 -

Movements during the year

The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during
the year:
As At As At
March 31, March 31, 2020
2021
Numbers WAEP Numbers WAEP
Outstanding at the beginning of the year - - - -
Granted pursuant to Blu Smart ESOS Scheme 2019 84,464 116.55 - -
Exercised during the year - - - -
Expired/ lapsed during the year - - - -
Outstanding at the end of the year 84,464 116.55 - -
Exercisable at the end of the year - - - -

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Blu-Smart Mobility Private Limited
Notes to the consolidated financial statements for the year ended March 31, 2021

The weighted average fair value of options granted during the year was Rs. 410/- (March 31, 2020: Rs. 410/-).
The range of exercise prices for options outstanding at the end of the year is Rupees 10/- each option to Rupees 410/- each option (March 2020:
Rupees 10/- each option ).
The following table list the inputs to the models used for the plan for the year ended March 31, 2021 and March 31, 2020:
Grant 1 Grant 2
Dividend yield (%) 0.00% 0.00%
Volatility (%) 16.02% 19.20%
Risk–free interest rate (%) 5.34% - 5.99% 3.40% - 4.75%
Weighted average share price (Rupees) for each 410 410
Model used Black Scholes Black Scholes Model
Model

40 In accordance with the provisions of accounting standard on impairment of assets, (AS-28), the management has made assessment
of loans, advances and other assets in use & considering the business prospects related thereto, no provision is considered necessary
in these accounts on account of impairment of assets.

41 There are no present obligations requiring provisions in accordance with the guiding principles as enunciated in accounting
standard (AS)-29 ‘provisions, contingent liabilities & contingent assets.

42 The Group has made assessment of impact of COVID 19 related lockdown on carrying value of fixed assets, receivable and cash flow as
at the balance sheet date and has concluded that there is no material adjustments required in these financial statement. The Group
will continue to monitor any material changes to future economic conditions.

43 Previous period figures have been regrouped / reclassified wherever necessary to confirm to current year classification /disclosure.

As per report of even date For and on behalf of the Board of Directors
For S.S. Kothari Mehta & Company Blu-Smart Mobility Private Limited
Chartered Accountants U74999GJ2018PTC104895
FRN- 000756N

SD SD SD SD
Amit Goel Puneet Singh Jaggi Tapesh Sharma Anmol Singh Jaggi
Partner (Director) (Company Secretary) (Director)
Membership No. 500607 (DIN-02479868) (DIN-01293305)
Place : New Delhi Place : New Delhi Place : New Delhi Place : New Delhi
Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021 Date: November 3, 2021

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 BLU-SMART MOBILITY PRIVATE LIMITED
FORMERLY KNOWN AS GENSOL MOBILITY PRIVATE LIMITED
ANNUAL REPORT

Route Map

2020-21
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