Notes to Accounts of Bright Solar Ltd.

Mar 31, 2024

m. Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized when the Company has a present obligation as a result of past events and it
is probable that an outflow of resources will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their
present values and are determined based on the best estimate required to settle the obligations at
the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the
current best estimates. Contingent liabilities are not recognized in the financial statements and are
disclosed in the Notes. A Contingent asset is neither recognized nor disclosed in the financial
statements.

n. Earnings Per Share

Basic earnings per share is computed by dividing the profit/loss after tax by the weighted average
number of equity shares outstanding during the year. Diluted earnings per share is computed by
dividing the profit/loss after tax as adjusted for dividend, interest and other charges to expense or
income relating to the dilutive potential equity shares, by the weighted average number of equity
shares considered for deriving basic earnings per share and the weighted average number of equity
shares which could have been issued on the conversion of all dilutive potential equity shares.
Potential equity shares are deemed to be dilutive only if their conversion to equity shares would
decrease the net profit per share from continuing ordinary operations. Potential dilutive equity
shares are deemed to be converted as at the beginning of the period, unless they have been issued at
a later date. The number of equity shares and potentially dilutive equity shares are adjusted for
share splits/reverse share splits and bonus shares, as appropriate.

p. The company has during the year created deferred tax assets of Rs.1,20,228/- due to timing difference
arising on account of depreciation which in current year is lower under Income Tax act compared to
books of accounts.

q. Balances of creditors, Loans & Advances and Debtors are subject to confirmation by the parties
concerned.

r. As per Management, in respect of goods and service tax / income tax liability company does not expect
any more liability than provided in the books of accounts.

s. Value of stock and work in progress at the yearend is taken, valued and certified by the management of
the company.

t As explained by management, goods are received mostly on F.O.B basis.

u. Sundry Balances written off / written back or transferred through journal entry from one account to
another account includes amount no more payable / receivable from the parties whose accounts are
adjusted but the same are subject to confirmation from respective parties.

v. The nature of business of company is of assembling and as per the information provided by the
management, it is not possible to maintain quantities details of as the Raw material purchased are not in
the same unit of the finished product namely Solar Pump/solar rooftop.

x. Dividend

For the year ended 31^st March, 2024, the Board has not recommended any dividend

For, NIRAV S SHAH AND CO. For and On Behalf of the Board of Directors of Bright Solar Limited

Chartered Accountant

NIRAV S. SHAH Parth Jethava Piyushkumar Babubhai Thumar

Proprietor Chief Financial Officer Chairman & Managing Director

Membership No. 133345 DIN: 02785269

Firm Registration No. 0130244W
UDIN:

Place: Ahmedabad Jagrutiben Rameshbhai Joshi

Date: 07^th June 2024 Director

DIN:07737814

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Mar 31, 2018

Note No.: 1

1. Background

Bright Solar Limited is engaged in assembling of DC/AC Solar Pumps and Solar Pump Systems under the registered brand name of "PUMPMAN", "BRIGHT SOLAR", and "BRIGHT SOLAR WATER PUMP".

Our company is also engaged in EPC contracts of Solar Photo voltaic Water pumps which include supplying, installing and commissioning of the pump system along with comprehensive maintenance contract for a specific period of 1-5 years. In solar pump system we are having wide range of products of DC Solar Pump, Solar Pump Inverted and AC Solar Pump.

In the year 2017-18, we have started providing consultancy services for acquiring projects and tender bidding after identifying competent client on tender to tender basis. In addition, we have also been added water supply, sewerage and infra project in our service portfolio.

To sum up, we are into assembling of DC/AC Solar Pumps and Solar Pump Systems, EPC contracts of Solar Photo voltaic Water pumps, consulting of Projects and tenders, Water supply and Sewerage Infra Project. We are planning to commence Solar Module manufacturing and water treatment plant assembling unit.

Equity Shares

i. The company has only one class of shares referred to as equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

ii. In the event of liquidation of the Company, the holders of equity shares shall be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The amount distributed will be in proportion to the number of equity shares held by the shareholders.

i) RBL Loan was fully repaid during he year

ii) Religare Finseve Loan was fully repaid during the year

iii) Bajaj Finserve Loan was taken during the year carrying 18% rate of interest. In the intial tenure of 48 months no principal amount of the loan is required to be repaid, therefore the total loan amount is classified as Long term borrowing.