Notes to Accounts of Jet Solar Ltd.

Mar 31, 2025

b. Rights, preferences and restrictions attached to shares

The Company has one class of equity shares having par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approvals of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. 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 to their shareholding.

At the Extra-Ordinary General Meeting of the Company held on 25th June, 2024, members approved Reclassification & Increase in the Authorised Share Capital of the Company as follows: (a) Reclassify the existing Authorized Share Capital of the Company of Rs. 5,50,00,000/- divided into 4596000 (Forty-Five Lakhs Ninety Six Thousand) Equity Shares of Rs.10/- each and 904000 (Nine Lakhs Four Thousand) Preference Shares of Rs. 10/- (Rupees Ten) each in to Rs. 5,50,00,000/- (Rupees Five Crores Fifty Lakhs Only) divided into 5500000 (Fifty Five Lakhs) Equity Shares of Rs.10/-each, after cancelling the existing unissued preference share capital comprising of 904000 (Nine Lakhs Four Thousand) Preference Shares of Rs. 10/- (Rupees Ten) each and (b) Increase the Authorized Share Capital of the Company from Rs. 5,50,00,000/- (Rupees Five Crores Fifty Lakhs Only) divided into 5500000 (Fifty Five Lakhs) Equity Shares of Rs.10/-each to Rs. 14,00,00,000/- (Rupees Fourteen Crores Only) divided into 14000000 (One Crore Forty Lakhs) Equity Shares of Re. 10/- each by way of creation of additional 8500000 (Eighty Five Lakhs) Equity Shares of face value of Rs.10/- each.

Pursuant to board resolution dated 29th May, 2024, shareholders resolution dated 25th June, 2024 and in-principal approval received from the BSE Limited on 25th June, 2024 and following receipt of Equity Share Subscription consideration amounting to INR 3,75,70,000 (Indian Rupees Three Crores Seventy Five Lakhs Seventy Thousand Only)

into the bank account of the Company, the Board of Directors at their meeting held on 10/07/2024 approved preferential allotment of 23,12,000 (Twenty Three Lakhs Twelve Thousand Only) Equity Shares of face value of INR 10/- (Indian Rupees Ten Only) at INR 16.25 (Indian Rupees Sixteen and Twenty Five Paisa) each.

Pursuant to board resolution dated 31st August, 2024, shareholders resolution dated 30th September, 2024 and inprincipal approval received from the BSE Limited on 03 October, 2024 and following receipt of the Equity Shares Subscription consideration amounting to INR 5,16,60,000 (Indian Rupees Five Crores Sixteen Lakhs Sixty Thousand Only) into the bank account of the Company, the Board of Directors at their meeting held on 09/10/2024 approved preferential allotment of 24,60,000 Equity Shares of face value of INR 10/- (Indian Rupees Ten Only) at INR 21 (Indian Rupees Twenty One).

Further the company allotted 29,12,000 fully Convertible Warrants on 09/10/2024 carrying a right exercisable by the Warrant holder to subscribe to one Equity Share per Warrant, to persons belonging ‘Non-Promoter, Public Category'' on preferential basis at an issue price of Rs. 21/- per Warrant, after receipt of subscription amount being 25% of the issue price i.e. Rs. 5.25/- in accordance with provisions of Chapter V of SEBI ICDR Regulations. Out of this as on 31st March, 2025, 10,88,000 Convertible Warrants are converted into 10,88,000 Equity Shares of Rs. 10/- each on 23/11/2024 and 18,24,000 warrants are pending for conversion.

c. Shares held by Holding/Ultimate Holding Company and/or their subsidiaries/associates

Not Applicable

The company allotted 29,12,000 fully Convertible Warrants on 09/10/2024 carrying a right exercisable by the Warrant holder to subscribe to one Equity Share per Warrant, to persons belonging ‘Non-Promoter, Public Category'' on preferential basis at an issue price of Rs. 21/- per Warrant, after receipt of subscription amount being 25% of the issue price i.e. Rs. 5.25/- in accordance with provisions of Chapter V of SEBI ICDR Regulations. Out of this as on 31st March, 2025, 10,88,000 Convertible Warrants are converted into 10,88,000 Equity Shares of Rs. 10/- each on 23/11/2024 and 18,24,000 warrants are pending for conversion''s.

27. Segment Reporting:

The Company does not have any reportable segments as per the Accounting Standard 17 on "Segment Reporting" notified under Companies (Accounting Standard) Rules, 2014.

28. Details of Dues to Micro and Small Enterprises as defined under the MSMED Act, 2006

The details of dues to micro enterprises and small enterprises (MSME) as defined under Micro, Small and Medium Enterprises Development Act, 2006 (‘MSMED Act'') and disclosures pursuant to the MSMED Act are as follows (Refer Note 6):

(a) Adjusted Expenses = Direct cost other expenses - (rates and taxes "Lost stock - customers" Net loss on foreign currency transactions and translation)

(b) Since the Company does not hold any inventory or has availed any debt, Inventory turnover ratio, Debt equity ratio and debt service coverage ratio are not applicable

ii. There are no proceedings that have been initiated or pending against the Company for holding any benami property the Prohibition of Benami Property Transactions Act,1988 (as amended from time to time) (earlier Benami Transactions (Prohibition) Act, 1988) and the rules made thereunder.

iii. Borrowing

The Company has no borrowings from banks and financial institutions during the year.

iv. Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority or other lender.

v. Relationship with struck off companies

During the year ended March 31, 2025 and March 31, 2024, the Company has not entered into any transactions with the companies whose names were struck off under Companies Act, 2013 or Companies Act, 1956. Further, the Company does not have any balance outstanding as at the year end and previous year end with struct off companies.

vi. Utilisation of borrowed funds and share premium

The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:

a. 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

b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

a. 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

b. provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

vii. Undisclosed income

The Company does not have any transaction 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). Further, there was no previously unrecorded income and no additional assets were required to be recorded in the books of account during the year.

viii. Details of crypto currency or virtual currency

ix. The Company has neither traded nor invested in cryptocurrency or virtual currency during the financial year ended March 31, 2025. Further, the Company has also not received any deposits or advances from any person for the purpose of trading or investing in cryptocurrency or virtual currency.

x. Title deeds of Immovable Property are held in the name of the Company

xi. Valuation of Property, Plant & Equipment and Intangible Assets

The Company has not revalued its Property, Plant and Equipment or Intangible Assets during the current year or previous year.

xii. The Company has not given loans and advances to promoters and directors during the current year or previous year.

xiii. Capital Work in Progress (WIP) : The Company does not have any Capital work in Progress as at the end of current year and previous year.

xiv. Intangible asset under development: The Company does not have any intangible asset under development as at the end of current year and previous year.

xv. The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Act read with Companies (Restrictions on number of Layers) Rules, 2017, and there are no companies beyond the specified layers.

xvi. The Company has not entered into any scheme of arrangement which has an accounting impact on current year or previous year.

xvii. The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Further, the Group (as defined in the Core Investment Companies (Reserve Bank) Directives, 2016) also does not have any CICs, which are part of the Group.

31. Previous year figures have been re-grouped and recasted wherever necessary to confirm to the current year classification.

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Mar 31, 2024

j) Provisions

Provisions involving substantial degree of estimations in measurements are recognized when there is present
obligation as a result of past event and it is probable that there will be an outflow of resources. Provisions are not
discounted to their present value and are determined based on best estimates 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.

k) Contingent liabilities

Contingent liabilities are not recognized but are disclosed in the notes.

l) Employee Retirement Benefits

1) Salary paid to the employees monthly after deduction of Income Tax as per Income Tax Act 1961.

2) Retirement benefits/Gratuity will be considered in accounts on payment basis.

m) Borrowing Costs

Borrowing Costs attributable to the acquisition of fixed assets are capitalized as part of the cost of such assets till
such assets are put to use.

n) Taxation

1) Provisions for current tax is made and retained in the accounts on the basis of estimated tax liability as per the
applicable provisions of Income Tax Act 1961.

2) Deferred tax for timing differences between the book profits and tax profits for the year is accounted for using
the tax rates and laws that apply substantively as on the date of Balance Sheet. Deferred tax assets arising
from timing differences are recognized only if there is reasonable certainty that these will be realized in future.

Deferred tax asset, in case of unabsorbed loss and depreciation are recognized only if there is virtual certainty that such
deferred tax assets can be realized against future taxable profits.

iii. Terms /Rights attached to Equity Shares

The Company has Equity shares having value of Rs. 10 per share. Each holder of Equity shares is entitled to one vote
per share. The shareholders have the right to receive Interim Dividends declared by the Board of Directors and the final
dividends proposed by the Board of Directors and approved by the shareholders. In the event of liquidation of the
company, the distribution will be in proportion to the number of equity shares held by the shareholders. The equity
shareholders have all other rights as available to the Equity Shareholders as per the provisions of Companies Act, 2013
read with the Memorandum of Association and Articles of Association of the Company as applicable.

iv. At the Extra-Ordinary General Meeting of the Company held on 6th April, 2023, members approved an Increase in
Authorised Capital from Rs. 3 Cr. to Rs. 5.50 Cr. as follows: Rs.5,50,00,000/- (Rupees Five Crore Fifty Lakhs Only)

divided into 45,96,000 (Forty Five Lakhs Ninety Six Thousand) Equity Shares of Rs.10/- each and 9,04,000 (Nine Lakhs
Four Thousand) Preference Shares of Rs. 10/- (Rupees Ten) each.

Further pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the
Board of Directors of the Company, at their meeting held on April 24, 2023 have allotted 20,96,000 Equity Shares of Rs.
10/- each as fully-paid up Bonus Equity Shares, in the proportion of 1 (One) new equity share for every 1 (One) existing
equity shares, to the eligible Members whose names appeared in the register of Members/ list of beneficial owners as on
April 21, 2023, being the record date fixed for this purpose, based on the Shareholders approval at the Extraordinary
General Meeting held on April 6, 2023 and in accordance with the in-principle approval received from the BSE exchange.

23. Contingent Liability - Income Tax NIL for F.Y. 2023-2024 (Previous year - NIL)

24. Related Party Disclosures

In accordance with the requirement of Accounting Standard 18 - "Related Party Disclosures", the names of the related
parties where control exists and/or with whom transactions have taken place during the year and description of
relationship, as identified and certified by management are as follows.

Related Party Relationship where transactions have taken place during the year:

Rajul Shah

Key Management Personnel

Rajul Shah (Managing Director)

Ajay Shinde (Chief Financial Officer)

Krunal Shah (Company Secretary)

30. Based on the information available with the Company, only 1 creditor has been identified as "Supplier¹ within the
meaning of "Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. Kindly refer Note 6 of the Notes
forming part of the financial statements.

31. As per MCA Notification dated 16th February 2015, Companies whose shares are listed on SME Exchange as referred
to in Chapter XB of SEBI (issue of Capital and Disclosure Requirements) Regulations, 2009 are exempted from the
compulsory requirement of adoption of IND -AS. As the Company is covered under the exempted category, it has not
adopted IND-AS for preparation of financial results.

32. Previous year''s figures have been regrouped, rearranged wherever deemed necessary to conform to this year''s
classification.

For Mittal & Associates For and on behalf of the Board of Directors

Chartered Accountants Rajul R.Shah Riddhi Shah

Registration No. 106456W Director Director

DIN: 00227223 DIN:08125676

Mukesh Kumar Sharma

Partner Ajay Shinde Krunal Shah

M. No. 134020 Chief Financial Officer Company Secretary

UDIN: 24134020BKEIUX3724

Place: Mumbai Place: Mumbai

Date: 29-05-2024 Date: 29-05-2024

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Mar 31, 2015

1. Company Profile

Jet Infraventure Limited (formerly known as Jet Infraventure Private Limited) ("the Company") is an Indian Company and it is registered with Registrar of Companies, Mumbai vide registration number U45400MH2001PLC133483. The registered office of the Company is situated at Office No. 1, 1st Floor, 'E' wing, Nandanvan Apartment, Kandivali Link Road, Kandivali (West), Mumbai - 400 067. The Company is engaged in the business of Real Estate / Real Estate Development including Construction.

2. (i) During the year, the Company has issued 31,000 Equity shares o f Rs. 10/- each @ Rs. 118/- per share to the promoter on preferential basis on 30/04/2014.The Company has issued 6,02,000 Bonus Shares of Face Value Rs. 10/- each on 02/09/2014 at a ratio of 7:1 (I.e. Seven Equity Share for every one Equity Share already held). The Company also made an Initial Public Offer of 3,60,000 Equity Share of Rs. 10/- each at a price of Rs. 125/- per share through 100% book building process. Equity Shares of the Company listed on 25/11/2014 on BSE Exchange (SME).

(ii) Terms /Rights attached to Equity Shares

The Company has Equity shares having value of Rs. 10 per share. Each holder of Equity shares is entitled to one vote per share. The shareholders have the right to receive Interim Dividends declared by the Board of Directors and the final dividends proposed by the Board of Directors and approved by the shareholders. In the event of liquidation of the company, the distribution will be in proportion to the number of equity shares held by the shareholders. The equity shareholders have all other rights as available to the Equity Shareholders as per the provisions of Companies Act, 2013 read with the Memorandum of Association and Articles of Association of the Company as applicable.

3. No provision are made in respect of Gujarat Value Added Tax payable in respect of project at Gujarat as payment for the same has been made in succeeding financial year under the Amnesty scheme as announced by Gujarat Government.

4. Contingent Liability-NIL (Previous year - The Company has provided guarantee of Rs. 25 lakhs to one of the party.)

5. Related Party Disclosures

In accordance with the requirement of Accounting Standard 18 - "Related Party Disclosures", the names of the related parties where control exists and/or with whom transactions have taken place during the year and description of relationship, as identified and certified by management are as follows.

Related Party Relationship where transactions have taken place during the year

Rajul Shah Rajul Shah (HUF) Pramoda R Shah Preethi James AnilKumar Kinariwala

Key Management Personnel

Rajul Shah (Managing Director) Pramoda R Shah (Whole Time Director) Ajay Shinde (Chief Financial Officer) Krunal Shah (Company Secretary)

6. Company has incurred issue related expenses of Rs. 38.72 Lacs which is written off through Share Premium Account.

7. The balances of Sundry Creditors, Sundry Debtors, and Advances given are subject to confirmation.

8. Based on the information available with the Company, no creditors have been identified as "Supplier" within the meaning of "Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. Accordingly, no disclosure under the MSMED Act are required to be given.

9. Previous year's figures have been regrouped, rearranged wherever deemed necessary to conform to this year's classification.