Notes to Accounts of Evans Electric Ltd.

Mar 31, 2025

I Provisions, Contingent liabilities and Contingent assets

A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an outflow
of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions (excluding
retirement benefits and compensated absences) are not discounted to its present value and are determined based on best
estimate required to settle the obligation 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 recognised in the financial statements. A contingent asset is
neither recognised nor disclosed in the financial statements.

m Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash that are
subject to an insignificant risk of change in value and having original maturities of three months or less from the date of
purchase, to be cash equivalents.

The Company has issued only one class of equity shares having a par value of Rs. 10/- (previous year Rs. 10/- each) per share. Each
holder of Equity Share is entitled to one vote per share.

Company has increased its Authorised Capital from 30,00,000 Equity Shares to 60,00,000 Equity Shares vide Board Resolution dated
07th November, 2024.

Company has issued 27,44,000 Equity Shares as Bonus with Face value Rs. 10 each in the ratio of 1:1 i.e 1 equity share for 1 equity share
held on 07th November, 2024.

Out of the total issued and fully paid up shares, 531 Equity shares were originally allotted as fully paid up to Vendors &Technical Director
pursuant to the contract for consideration other than cash and 72,000 shares were allotted as fully paid bonus shares by Capitalising
General Reserves.

During the year ended 31st March 2020 the company had completed the Initial Public Offer (IPO) of its equity shares comprising a fresh
issue of 3,72,000 equity shares having a Face Value of Rs.10/- each at an offer price of Rs.52/- per share aggregating to Rs.1.93 crores.
Pursuant to the IPO the equity shares of the company have got listed on BSE Ltd (SME Platform) on 13th May 2019.

During the year ended 31st March 2023,13,72,000 Bonus equity shares were issued of Face value Rs. 10 each in the ratio of 1:1 i.e 1
equity share for 1 equity share held on 10th February, 2023.

35 Security of Current Assets Against Borrowings

The Company has been sanctioned working capital limits from Banks less than Rs.5 Crores.

36 Details of Benami Property held

The Company does not have any Benami property. No proceeding has been initiated or pending against the Company for holding any
Benami property. Further the title deeds of the immoveable property is held in the name of the Company.

37 Wilful Defaulter

The Company has not been declared as a wilful defaulter as prescribed by Reserve Bank of India.

38 Relationship with Struck off Companies

During the year, the Company had no transactions with a company which was struck off under Section 248 of the Companies Act, 2013
or Section 560 of Companies Act, 1956

39 Registration of Charge

During the year there has been no creation or modification of charge.

41 Disclosure where company has given loan or invested to other person or entity to lend or invest in another person or entity

No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds)
by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries.

42 Disclosure where company has received fund from other person or entity to lend or invest in other person or entity

No funds have been received by the Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the
understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

43 Undisclosed Income

The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961 (such as search or surveyor any other relevant provisions
of the Income Tax Act, 1961)

N ature of CSR activities

Company has contributed the entire funds to The Bandra Holy Family Hospital covering various health awareness programs

45 Details of Crypto Currency

During the year the Company has not dealt in any of the Crypto Currencies in whatsover form.

46 Subsequent Events

Company is in the process of shifting its Registered cum Corporate office from Goregaon to Santa Cruz by foreclosing the existing Lease
Agreement. There would be a reversal of Rent Equalisation Reserve of Rs.1,74,000 in the subsequent year.

47 Regrouping

Previous Year Figures have been regrouped / reclassified wherever necessary

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Mar 31, 2024

10. PROVISIONS

A provision is recognised when an enterprise has a present obligation as a result of past event 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 are determined based on management estimate required to settle the obligation at the balance sheet date.

11. TAXES ON INCOME

Tax expense comprises current tax & deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates. Deferred tax assets and liabilities are recognised for future tax consequences attributable to timing differences between taxable income & accounting income that are capable of reversal in one or more subsequent years and are measured using relevant enacted tax rates.

12. SEGMENT REPORTING

Operating segments are reported in a manner consistent with the internal reporting provided to the management. Based on the company''s business model, repair contracts have been considered as the only reportable business segment and hence no separate disclosures provided in respect of its single business segment.

13. CASH FLOW STATEMENT

Cash Flows are reported using the indirect method, whereby profit/ loss before extraordinary items and tax is adjusted for the effects of transactions of non cash nature. The cash flows from operating, investing and financing activities of the company are segregated based on the available information In the cash flow statement, cash and cash equivalents include cash in hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less.

Note 36

The Board of Directors, inits meeting on 02/08/2023 has issued a Final Dividend of Rs. 2/- per equity share forthe financial year ending 31st March, 2023, after the approval of shareholders at its Annual General Meeting held on 28/09/2023.

Note 37

The Company has been sanctioned working capital limits from Banks less than Rs.5 Crores.

Note 38

The Company has not been declared as a wilful defaulter as prescribed by Reserve Bank of India.

Note 39

No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Note 40

No funds have been received by the Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Note 41

The Company does not have any Benami property. No proceeding has been initiated or pending against the Company for holding any Benami property. Further the title deeds of the immoveable property is held in the name of the Company.

Note 42

The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as search or survey or any other relevant provisions of the Income Tax Act, 1961)

Note 43

Relationship with Struck off Companies : During the year, the Company had no transactions with a company which was struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956

Note 44

The dividend declared or paid during the year by the company is in accordance with section 123 of the Companies Act, 2013 Note 45

Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification / disclosure.

As per Our report of even date ivor For and on behalf of Board of Directors

_ . ANTH°NY c »1„ nmn NELSON LIONEL Of**,-. byNasONuoNi

For R.S.Prabhu & Associates. ^DESOUZA **’» fernandes rs?-,.,-.-,.-

Chartered Accountants Ivor Desouza Nelson Fernandes

Firm Registration No. 127010W Director Managing Director

ANITHA Digitally signed by ANITHA DIN 00978987 DIN 00985281

VISWANATHAN _{nllnl lnM} Dgtally signed by SIMP I

VISWANATHAN Date:2024.05.2819:43:01 05''30'' SAMANO DH=y„«

ANILGULWANI D:K;4n_sl8^by95N40f.LWAN^I 1 *°⁵³⁰''

CA.Anitha Viswanathan

Partner Anil Gulwani Simpi Sahani

M. No 113512 Chief Financial Company Secretary

Officer

|UDIN: 24113512BKABSF1114

Place : Vasai Road (East) Place : Mumbai

Date : 28th May, 2024 Date : 28th May, 2024

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Mar 31, 2023

11. PROVISIONS

A provision is recognised when an enterprise has a present obligation as a result of past event 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 are determined based on management estimate required to settle the obligation at the balance sheet date.

12. TAXES ON INCOME

Tax expense comprises current tax & deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates. Deferred tax assets and liabilities are recognised for future tax consequences attributable to timing differences between taxable income & accounting income that are capable of reversal in one or more subsequent years and are measured using relevant enacted tax rates.

13. SEGMENT REPORTING

Operating segments are reported in a manner consistent with the internal reporting provided to the management. Based on the company''s business model, repair contracts have been considered as the only reportable business segment and hence no separate disclosures provided in respect of its single business segment.

14. CASH FLOW STATEMENT

Cash Flows are reported using the indirect method, whereby profit/ loss before extraordinary items and tax is adjusted for the effects of transactions of non cash nature. The cash flows from operating, investing and financing activities of the company are segregated based on the available information In the cash flow statement, cash and cash equivalents include cash in hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less.

In accordance with AS-15 Retirement benefits, the company has contributed an amount of Rs.2,47,658/- to the Group Gratuity scheme managed by Life Insurance Corporation of India (previous year Rs.31,545/-) which is recognised as an expense. (Refer Note 1,6)

Note 32 Micro, Small and Medium Enterprises Development Act 2006

As per information available with the company, none of the creditors have confirmed that they are registered under the Micro, Small & Medium Enterprises Development Act 2006. Accordingly, disclosure as required by the said act is made on that basis.

The Board of Directors, in its meeting on 27/05/2022 has issued a Final Dividend of Rs. 2/- per equity share for the financial year ending 31st March, 2022, after the approval of shareholders at its Annual General Meeting held on

28/09/2022.

Note 35

In view of the unprecedented COVID-19 pandemic, the management has made an assessment of its position as at the Balance Sheet date. In assessing, the company has taken into consideration external and internal information upto the date of approval of these financial results. The company has assessed its liquidity, assets,capital and financial resources, p rofitabi lity,i nternal financial reporting and has concluded that there has been no material impact to its financial position or its operations.

Note 36

The company has availed cash credit facility from bank against security of current assets. The statement of current assets filed by the company with the bank are in agreement with the books of accounts.

Note 37

The Company has not been declared as a wilful defaulter as prescribed by Reserve Bank of India.

Note 38

No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Note 39

No funds have been received by the Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Note 40

The Company does not have any Benami property. No proceeding has been initiated or pending against the Company for holding any Benami property.

Note 41

The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as search or survey or any other relevant provisions of the Income Tax Act, 1961)

Note 42

Relationship with Struck off Companies : During the year, the Company had no transactions with a company which was struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956

Note 43

The dividend declared or paid during the year by the company is in accordance with section 123 of the Companies Act, 2013

Note 44

Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification / disclosure.

As per Our report of even date For and on behalf of

Board of Directors

For Anay Gogte & Co.

Chartered Accountants

Firm Registration No. 100398W ^DESOUZA Fernandes

Ivor Desouza Nelson Fernandes

Anay Digitally ^sig^ned by Anay , . . . _• j.

Raghunath Director Managing Director

Go^e ^D4^a:2.;”o⁹ DIN 00978987 DIN 00985281

(A R Gogte)

Partner anil DXiSWANd ^by simpi sohan ^sahN, ^{ly SIMPI}

M. No 037046 ^{GULWANI SAHANI} ''“”

Anil Gulwani Simpi Sahani

Chief Financial Officer Company Secretary

Place: Mumbai Place: Mumbai

Date : 29/05/2023 Date : 29/05/2023