Notes to Accounts of Himalayan Solar Ltd.

20 PROVISIONS AND CONTINGENCIES

As per “AS 29: Provisions, Contingent Liabilities and 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) have not been discounted to their present value and are determined based on the 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.

*The amount represents bank guarantees issued by various banks on behalf of the Company in the normal course of
business. These guarantees are provided to customers/govemment authorities/other parties as required under
contracts and regulatory obligations.

Note 1: Educational upliftment of rural and general public and to impart free Education to the Poor and needy
children.

Note 2: To formulate and implement educational schemes and to establish schools, colleges, educational
institutions for econom^f^fya^loyard''pd^JlHimaOknlhlflr 1 tH

• The Company does not have title deeds of any Immovable Property which is not held in the name of Company
(other than properties where the Company is the lessee and the lease agreement are duly executed in the favor of
the lessee).

• According to records examined by us, the Company has not revalued its Property, Plant and Equipment on fair
value during reporting periods; based on valuation by registered valuer as defined under rule 2 of Companies
(Registered Valuers and Valuation) Rules, 2017 and does not have any intangible assets and right of use assets,
which required to be revalued. Hence, the disclosure as to whether the revaluation is based on the valuation by a
registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017 is not
applicable.

• The Company has not granted Loan & Advances in the nature of Loans are granted to promoters, directors, KMPs
and the related parties (as defined under Companies Act, 2013) either severally or jointly with any other person,
that are:

o Repayable on demand or

o without specifying any terms or period of repayment

• The Company does not have any Capital-work-in-progress.

• The Company does not have any Intangible assets under development

• No proceedings have been initiated or pending against the company for holding any benami property under the
Bcnami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

• The Company have borrowings from the banks or financials institutions on the basis of security of Current Assets.
Quarterly returns or statements of current assets submitted to die bank or financial institutions are in reconciliation
with the unaudited books of accounts.

• The company is not declared as wilful defaulter by any bank or financial institution or other lender.

• There is no 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), unless there is immunity for disclosure under any scheme,
hence disclosure regarding whether the previously unrecorded income and related assets have been properly
recorded in the books of account during the period under consideration is not applicable.

• The company has not traded or invested in Crypto currency or Virtual Currency during the reporting period/s, hence
disclosure regarding the same is not applicable.

• The company does not have any transactions with companies struck off under section 248 of the Companies Act,
2013 or section 560 of Companies Act, 1956

• There are no charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period.