Notes to Accounts of Veer Energy & Infrastructure Ltd.

Mar 31, 2023

Provisions, Contingent Liabilities and Contingent Assets

Provision is recognized when the Company has a present obligation (legal or constructive) as a result of past events and it is probable that the outflow of
resources will be required to settle the obligation and in respect of which reliable estimates can be made.

A disclosure for contingent liability is made when there is a possible obligation, that may, but probably will not require an outflow of resources. When
there is a possible obligation ora present obligation in respect of which the likelihood of outflow of resources is remote, no provision/ disclosure is
made. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

Contingent assets are not recognized in the financial statements. Provisions and contingencies are reviewed at each balance sheet date and adjusted to
reflect the correct management estimates.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, usinga current pre-tax rate that
reflects, when appropriate, the risks specific to the liability. Commitments include the amount of purchase order (net of advances) issued to partiesfor
completion of assets. Provisions, contingent liabilities, contingent assets and commitments are renewed at each balance sheet date.

2.14 Cash and Cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial
institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts
of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current
liabilities in the balance sheet.

2.15 Earnings per equity share

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average
number of equity shares outstanding during the period.

Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average
numberof equity shares considered for deriving basic earnings perequity share and also the weighted average number of equity shares that could have
been issued upon conversion of all dilutive potential equity shares.

2.16 Recent Accounting Pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards under Companies (Indian AccountingStandards).
Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, applicable
from April 1, 2022, as below:

Ind AS 103 — Reference to Conceptual Framework

The amendments specify that to qualify for recognition as part of applying the acquisition method, the identifiable assets acquired and liabilities
assumed must meet the definitions of assets and liabilities in the Conceptual Framework for Financial Reporting under Indian AccountingStandards
(Conceptual Framework) issued by the Institute of Chartered Accountants of India at the acquisition date. These changes do not significantly change the
requirements of Ind AS 103. The Company does not expect the amendment to have any significant impact in its financial statements.

Ind AS 16 — Proceeds before intended use

The amendments mainly prohibit an entity from deducting from the cost of property, plant and equipment amounts received from selling items
produced while the company is preparing the asset forits intended use. Instead, an entitywill recognise such sales proceeds and related cost in profitor
loss. The Company does not expect the amendments to have any impact in its recognition of its property, plant and equipment in its financial
statements.

Ind AS 37 — Onerous Contracts - Costs of Fulfilling a Contract

The amendments specify that that the ''cost of fulfilling'' a contract comprises the ''costs that relate directly to the contract''. Costs that relate directly to a
contractcan eitherbe incremental costs of fulfilling that contract (examples would be direct labour, materials) oran allocationof othercosts thatrelate
directly to fulfilling contracts. The amendment is essentially a clarification and the Company does not expect the amendment to have any significant
impact in its financial statements.

Ind AS 109 — Annual Improvements to Ind AS (2021)

The amendment clarifies which fees an entity includeswhen itapplies the ''10 percent'' testof Ind AS 109 in assessing whether to derecognise a financial
liability. The Company does not expect the amendment to have any significant impact in its financial statements.

Ind AS 116 — Annual Improvements to Ind AS (2021)

The amendments remove the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion
regarding the treatment of lease incentives that might arise because of how lease incentives were described in that illustration. The Company does not
expect the amendment to have any significant impact in its financial statements.

---

Mar 31, 2015

1. Contingent Liabilities The Company has a 100% subsidiary in Germany named " Veer Enterprise - GMBH" Subsidiary has incurred a loss of INR 398269/- equivalent to Euro 5899/- during the year 2014-15. The accumulated loss is INR 8254839/- equivalent to Euro 122275/- The investment of the Company so far is Euro 25000/- in equity and Euro 73500/- as loan totaling to Euro 98500/- Hence there is a contingent liability to the turn of Euro 25632/- equivalent to INR 1730449/- as on 31st March, 2015 considering the exchange rate of 1 Euro = INR 67.5104 as per RBI reference rate. The management is hopeful to recover the losses of subsidiary in future.

2.The Company has not been informed by any suppliers under Micro, Small and Medium Enterprises Development Act, 2006 ( The Act ) and hence disclosure regarding:

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year; (c ) Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

3. The Company has floated a 100% subsidiary " Veer Enterprise-GMBH" in Germany to explore the possibility of expansion in the field of non conventional energy with the help of collaboration with any company in this field with a wide experience and capital resources. The main idea is to make development in India only at a later stage. The subsidiary is incurring losses, but the management is hopeful to recover the same in future. The management has taken care to minimize the expenses.

4. The Company has also 100% subsidiary in India " Shruti Power Projects Pvt Ltd., The subs diary is engaged in the same business of non conventional energy.

5. Previous year figures have been regrouped & rearranged wherever necessary. As per our report of even date attached

---

Mar 31, 2014

1 a) Employees Retirement Benefits:

As required by the mandatory accounting standard -15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer" . Acturial Valuation Report has been obtained for the liabilities for gratuity and leave encashment benefits. The amount as per report is Rs.385473/-. for the year which has been provided in the accounts but investments of the total amount till date Rs. 960386/- has not been made so far.

2 There are no pending capital commitments.

3 Contingent Liabilities

The Company has a 100% subsidiary in Germany named " Veer Enterprise - GMBH"

Subsidiary has incurred a loss of INR 268768/- equivelent to Euro 3255/- during the year 2013-14. The accumulated loss is INR 9609898/- equivelent to Euro 116376/- The investment of the Company so far is Euro 25000/- in equity and Euro 73500/- as loan totalling to Euro 98500/- Hence ther is a contingent liability to the tunr of Euro 17876/- equivelent to INR 1476138/- as on 31st March, 2014 considering the exchange rate of 1 Euro = INR 82.5765 as per RBI reference rate. The management is hopeful to recover the losses of subsidiary in future.

4 The Company has no liability under Micro, Small and Medium Enterprises Development Act,2006

( The Act ) and hence disclosure regarding:

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year;

(c ) Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

5 The Company has floated a 100% subsidiary " Veer Enterprise-GMBH" in Germany to explore the possibility of expansion in the field of non conventional energy with the help of colloberation with any company in this field with a wide experience and capital resources. The main idea is to make development in India only at a later stage. The subsidiary is incurring losses, but the management is hopeful to recover the same in future. The management has taken care to minimise the expenses.

6 The Company is required to appoint a Whole time Company Secretary as per Section 383A of the Companies Act,1956.The Company had advertised for the proper candidate, but the Company being small and medium size company, could not get proper candidate hence the Company is getting work done from practicing Company Secretary on retainership basis..

7 Previous year figures have been regrouped & rearranged wherever necessary.

---

Mar 31, 2013

1 a) Employees Retirement Benefits:

As required by the mandatory accounting standard -15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer" . Acturial Valuation Report has been obtained for the liabilities for gratuity and leave encashment benefits. The amount as per report is Rs.385473/-. for the year which has been provided in the accounts but investments of the total amount till date Rs. 960386/- has not been made so far.

2 There are no pending capital commitments.

3 Contingent Liabilities

The Company has a 100% subsidiary in Germany named " Veer Enterprise - GMBH" Subsidiary has incurred a loss of INR 2125745/- equivelent to Euro 30567/- during the year 2012-13. The accumulated loss is INR 7866864/- equivelent to Euro 113121/- The The investment of the Company so far is Euro 25000/- in equity and Euro 70000/- as loan totalling to Euro 95000/- Hence ther is a contingent liability to the tunr of Euro 18121/- equivelent to INR 1260203/- as on 31st March, 2013 considering the exchange rate of 1 Euro = INR 69.5438 as per RBI reference rate. The management is hopeful to recover the losses of subsidiary in future.

4 The Company has no liability under Micro, Small and Medium Enterprises Development Act,2006 ( The Act ) and hence disclosure regarding:

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year;

(c) Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

5 The Company has floated a 100% subsidiary " Veer Enterprise-GMBH" in Germany to explore the possibility of expansion in the field of non conventional energy with the help of colloberation with any company in this field with a wide experience and capital resources. The main idea is to make development in India only at a later stage. The subsidiary is incurring losses, but the management is hopeful to recover the same in future. The management has taken care to minimise the expenses.

6 The Company is required to appoint a Whole time Company Secretary as per Section 383A of the Companies Act,1956.The Company had advertised for the proper candidate, but the Company being small and medium size company, could not get proper candidate hence the Company is getting work done from practicing Company Secretary on retainership basis..

7 Previous year figures have been regrouped & rearranged wherever necessary.

---

Mar 31, 2012

1. a) Employees Retirement Benefits:

As required by the mandatory accounting standard -15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer". Acturial Valuation Report has been obtained for the liabilities for gratuity and leave encashment benefits. The amount as per report is Rs. Which has been

provided in the accounts but investments has not been made so far.

44. Segment Reporting as required by Accounting Standard 17

Primary Segment Energy & Infrastructure

Secondary Segment Trading

Geographical Segment 100% Revenue from India only.

2 Related parties disclosure in accordance with the accounting standard 18

List of Related Parties : Enterprise owned or significantly controoled by the Directors of the Company:

The name of the Company/Firm Director Capacity Intersted

1. M/s. Niyati Industries Limited Yogesh M. Shah Director

2. M/s. Pan India & Drugs Chemicals Ltd. Yogesh M. Shah Director

3. M/s. Niyati Industries Limited Arvind M. Shah Director

4. M/s. Pan India & Drugs Chemicals Ltd. Prakash C. Shah Director

5. M/s. Danish Engineering Prakash C. Shah Proprietor

6. M/s. Kunal Traders Prakash C. Shah Proprietor

7. M/s. Arpan Housing Company Yogesh M. Shah Proprietor

8. M/s. V. K. Enterprise Dhimant Shah Partner

9. M/s. Vithaldas Kalidas Dhimant Shah Partner

10. M/s Arvind Shah & Co. Arvind Shah Proprietor

11. M/s. Kesar Swasthya Pvt Ltd. Prakash A Patel Director

3. There are no pending capital commitments.

4. Contingent Liabilities

The Company has a 100% subsidiary in Germany named " Veer Enterprise - GMBH" Subsidiary has incurred a loss of INR 5595345/- equivelent to Euro 82554/- The investment of the Company so far is Euro 75000/- Hence ther is a contingent liability to the tunr of Euro 7554/- Equivelent to INR 512671/- as on 31st March, 2012 considering the exchange rate of 1 Euro= INR 67.8675

5. The Company has no liability under Micro, Small and Medium Enterprises Development Act, 2006 (The Act)and hence disclosure regarding:

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year;

(c) Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

6. The Company has floated a 100% subsidiary " Veer Enterprise-GMBH" in Germany to explore the possibility of expansion in the field of non conventional energy with the help of colloberation with any company in this field with a wide experience and capital resources. The main idea is to make development in India only at a later stage.

7. Previous year figures have been regrouped & rearranged wherever necessary.

---

Mar 31, 2011

1) CONTINGENT LIABILITIES: There are no contingent liabilities as on the date of the balance sheet.

2) RELATED PARTIES DISCLOSURE IN ACCORDANCE WITH THE ACCOUNTING STANDARD 18 LIST OF THE RELATED PARTIES: ENTERPRISE OWNED OR SIGNIFICANTLY CONTROLLED BY THE DIRECTORS OF THE COMPANY:

The Name Of The Company/Firm Director Interested

Niyati Industries Limited Mr. Yogesh M. Shah

Elecon Windfarm Developers Mr. Yogesh M. Shah (Motagunda- Vinzalpur) Limited

Yogesh M. Shah Mr. Yogesh M. Shah

Niyati Industries Limited Mr. Arvind M. Shah

International Auto Corporation Mr. Ritesh.P.Choksi

Choksi Group Mr.Ritesh.P.Choksi

Choksi Industrial Products Mr.Ritesh.P.Choksi Pvt. Ltd

Danish Engg Mr.Prakash.C.Shah

Elecon Windfarm Developers Mr.Prakash.C.Shah (Motagunda-Vinzalpur) Limited

Kunal Traders Mr.Prakash.C.Shah

Pratik Shah & Co Mr.Prakash.C.Shah

Vithaldas Kalidas Mr.Dhimant.J.Shah

Ravindra V. Joshi-CS Mr.Ravindra.v.Joshi

Summer Holdings Pvt. Ltd Mr.Ravindra.v.Joshi

3) TRANSACTIONS WITH RELATED PARTIES :

Elecon Windfarm developers (Motagunda-Vinzalpur) Ltd- Sale Rs.13.86Cr Purchase Rs.8.07Cr.

4) As required by the mandatory accounting standard – 15 regarding “Accounting for Retirement Benefits in the Financial Statements of Employer”. Actuarial valuation report has been obtained for the liabilities for gratuity and leave encashment benefits. The amount as per valuation report is Rs. 3, 66,412.00 which has been provided in the accounts.

5) Additional information pursuant to Para. 3 & 4C & 4D of the Part II of Schedule VI of the Companies Act,1956.(As certified by the management)

6) (i) Details of Capacity & Production

The License Capacity N.A

The Installed Capacity N.A

The Actual Production N.A

7) The company has promoted 100% subsidiary Named Veer Enterprise GmbH in Germany on 10th March 2011 the company has transferred 13500 Euros conversation value in 8,49,994.00 as a part capital of the subsidiary. The total capital to be invested shall be 25000 Euros. The subsidiary has not started any activities till 31st march 2011 and the total fund is lying in the bank account of subsidiary, hence no account of the subsidiary has been prepared and there is no requirement to prepare consolidated accounts for this year.

8) In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business.

9) The Company has not received any information from the suppliers regarding status under the Micro, Small and Medium Enterprises Development Act, 2006 (the act) and hence disclosure regarding:

(i) Amount due and outstanding to suppliers as the end of accounting year

(ii) Interest paid during the year

(iii) Interest payable at the end of the accounting year, and

(iv) Interest accrued and unpaid at the end of the accounting year, has not been provided

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

10) Previous year figures have been regrouped & re arranged wherever necessary

---

Mar 31, 2010

1) CONTINGENT LIABILITIES:

There are no contingent liabilities as on the date of the balance sheet.

2) TRANSACTIONS WITH RELATED PARTIES : Nil

3) As required by the mandatory accounting standard - 15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer". Actuarial valuation report has been obtained for the liabilities for gratuity and leave encashment benefits. There amount as per valuation report is Rs. 1, 27,444.00 which has been provided in the accounts.

4) Additional information pursuant to Para. 3 & 4C & 4D of the Part II of Schedule VI of the Companies Act,1956.(As certified by the management)

5) In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business.

6) The Company has not received any information from the suppliers regarding status under the Micro, Small and Medium Enterprises Development Act, 2006 (the act) and hence disclosure regarding:

(i) Amount due and outstanding to suppliers as the end of accounting year

(ii) Interest paid during the year

(iii) Interest payable at the end of the accounting year, and

(iv) Interest accrued and unpaid at the end of the accounting year, has not been provided

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

7) Previous year figures have been regrouped & re arranged wherever necessary