XI. Contingent liabilities and Contingent Assets

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a
present obligation that is not recognised because it is not probable that an outflow of resources will be required to
settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be
recognised because it cannot be measured reliably. The contingent liability is not recognised in books of account
but its existence is disclosed in financial statements.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of
which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company or a present obligation that arises from past events where it is either not
probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount
cannot be made.

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by
future events not wholly within the control of the entity.

Contingent assets require disclosure only. If the realisation of income is virtually certain, the related asset is not a
contingent asset and recognition is require.

XII. Impairment of non-financial assets

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the company estimates the asset''s
recoverable amount. An asset''s recoverable amount is the higher of an asset''s or cash-generating unit''s (CGU) fair
value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset. unless the
asset does not generate cash inflows that are largely independent of those from other assets or Company''s assets.
When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired
and is written down to its recoverable amount.

A previously recognised impairment loss if any is further provided or reversed depending on changes in the
circumstances and to the extent that carrying amount of the assets does not exceed the carrying amount that will
be determined if no impairment loss had previously been recognised.

XIII. Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation. When the Company expects some
or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset, but only when the
reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and
loss net of any reimbursement.

The amount recognised as a provision is the best estimate of the consideration required to settle the present
obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.
When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount
is the present value of those cash flows (when the effect of the time value of money is material).

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision
due to the passage of time is recognised as a finance cost.

XIV. Property, plant and equipment

The cost of property, plant and equipment comprises its purchase price net of any trade discounts and rebates, any
import duties and other taxes (other than those subsequently recoverable from the tax authorities), costs relating
to trial run, any directly attributable expenditure on making the asset ready for its intended use, including relevant
borrowing costs for qualifying assets if recognition criteria are met and any expected costs of decommissioning.
Expenditure incurred after the property, plant and equipment have been put into operation, such as repairs and
maintenance, are charged to the Statement of Profit and Loss in the period in which the costs are incurred. Major
shut-down and overhaul expenditure is capitalised if recognition criterias are satisfied.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are
expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an
item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying
amount of the asset and is recognised in Statement of Profit and Loss.

Assets in the course of construction are capitalised in the assets under Capital work in progress net of accumulated
impairment loss if any. At the point when an asset is operating at management''s intended use, the cost of construction
is transferred to the appropriate category of property, plant and equipment and depreciation commences. Costs
associated with the commissioning of an asset and present value of any obligatory decommissioning costs are
capitalised in the asset when recognition criteria for provision are satisfied.

Property, plant and equipment except freehold land held for use in the production, supply or administrative
purposes, are stated in the standalone financial statements at cost less accumulated depreciation and accumulated
impairment losses, if any.

Depreciable amount for assets is the cost of an asset or other amount substituted for cost, less its estimated residual
value. Depreciation is recognised so as to write off the cost of assets (other than freehold land and properties
under construction) less their residual values over their useful lives, using straight-line method as per the useful life
prescribed in Schedule II to the Companies Act, 2013.

In case of certain class of assets, the Company uses different useful lives than those prescribed in Schedule II of
Companies Act, 2013. The useful lives have been assessed based on technical assessment, taking into account
the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of
replacement, anticipated technological changes, manufacturers warranties and maintenance support, etc.

When significant parts of plant and equipment are required to be replaced at intervals, the Company depreciates
them separately based on their specific useful lives. Freehold land and leasehold land where the lease is convertible
to freehold land under lease agreements at future dates at no additional cost, are not depreciated.

The Company reviews the residual value, useful lives and depreciation method annually and, if expectations differ
from previous estimates, the change is accounted for as a change in accounting estimate on a prospective basis.

b) Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. Following the initial
recognition, intangible assets are carried at cost less accumulated amortisation and accumulated impairment
losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. Internally generated
intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is
reflected in profit or loss in the period in which the expenditure is incurred.

The Company has elected to continue with carrying value of all its intangible assets recognised as on transition
date, measured as per the previous GAAP and use that carrying value as its deemed cost as of transition date.

The useful lives of intangible assets are assessed as either finite or indefinite.

Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment
whenever there is an indication that the intangible asset may be impaired.

Estimated useful lives of the intangible assets are as follows:

Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either
individually or at the cash generating unit level.

Depreciation and amortisation

The charge in respect of periodic depreciation is derived after determining an estimate of expected useful
life and the expected residual value of the assets at the end of its useful life. The lives are based on historical
experience with similar assets as well as anticipation of future events, which may impact their life.

The depreciation on tangible assets is calculated on SLM method over the estimated useful life of assets
prescribed by the Schedule II to the Companies Act 2013 as follows:

The useful life has been determined based on technical evaluation done by the Management/ experts, which
might be different from the useful life prescribed in Part C of Schedule II of the Act in order to reflect actual
use of the assets. The residual values, useful life and method of depreciation of property, plant and equipment
are reviewed annually and adjusted prospectively, if appropriate.

The carrying amount of an asset is written down immediately to its recoverable amount if the carrying amount
of the asset is greater than its estimated recoverable amount.

Asset under ROU are amortised on a straight-line basis over the primary period of lease.

Derecognition of assets

An item of property plant & equipment and any significant part initially recognised is derecognised upon
disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising
on derecognition of the asset is included in the statement of profit and loss when the asset is derecognised.

XV. Financial instruments

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions
of the instrument.

Financial assets and financial liabilities are initially measured at fair value except trade receivables which are
recognised at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial
assets and financial liabilities (other than financial assets and financial liabilities at fair value through Statement of
Profit and Loss (FVTPL)) are added to or deducted from the fair value of the financial assets or financial liabilities,
as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or
financial liabilities at fair value through profit and loss are recognised immediately in the statement of profit and loss.

(a) Financial assets

(i) Recognition and initial measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), and fair value through profit or loss. Purchases or
sales of financial assets that require delivery of assets within a time frame established by regulation or
convention in the marketplace (regular way trades) are recognised on the trade date, i.e., the date that
the Company commits to purchase or sell the asset.

(ii) Classification and measurement of financial assets

Financial assets are classified, at initial recognition and subsequently measured at amortised cost, fair
value through other comprehensive income (OCI) and fair value through profit and loss.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not
designated at FVTPL:

(a) The asset is held within a business model whose objective is to hold assets to collect contractual
cash flows; and

(b) The contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding.

A debt instrument is classified as FVTOCI only if it meets both of the following conditions and is not
recognised at FVTPL;

(c) The asset is held within a business model whose objective is achieved by both collecting
contractual cash flows and selling financial assets; and

(d) The contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding.

Debt instruments included within the FVTOCI category are measured initially as well as at each reporting
date at fair value. Fair value movements are recognised in the Other Comprehensive Income (OCI).
However, the Company recognises interest income, impairment losses, reversals and foreign exchange
gain or loss in the Statement of Profit and Loss. On derecognition of the asset, cumulative gain or loss
previously recognised in OCI is reclassified from the equity to Statement of Profit and Loss. Interest
earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.

Equity investment if any in scope of Ind AS 109 are measured at fair value. Equity instruments which are
held for trading and contingent consideration recognised by an acquirer in a business combination to
which Ind AS 103 applies are classified as at FVTPL. For all other equity instruments, the Company may
make an irrevocable election to present in other comprehensive income subsequent changes in the fair
value. The Company makes such election on an instrument-by-instrument basis. The classification is
made on initial recognition and is irrevocable.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the
instrument, excluding dividends, are recognised in the OCI. There is no recycling of the amounts from
OCI to Statement of Profit and Loss, even on sale of investment. However, the Company may transfer
the cumulative gain or loss within equity.

Equity instruments included within the FVTPL category are measured at fair value with all changes
recognised in the Statement of Profit and Loss.

All other financial assets are classified as measured at FVTPL.

In addition, on initial recognition, the Company may irrevocably designate a financial asset that
otherwise meets the requirements to be measured at amortised cost or at FVTOCI as at FVTPL if doing
so eliminates or significantly reduces and accounting mismatch that would otherwise arise.

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any gains
and losses arising on remeasurement recognised in statement of profit and loss. The net gain or loss

recognised in statement of profit and loss incorporates any dividend or interest earned on the financial
asset and is included in the other income'' line item.

Dividend on financial assets at FVTPL is recognised when:

(a) The Company''s right to receive the dividends is established,

(b) It is probable that the economic benefits associated with the dividends will flow to the entity,

(c) The dividend does not represent a recovery of part of cost of the investment and the amount of
dividend can be measured reliably.

(iii) Derecognition of financial assets

The Company derecognises a financial asset when the contractual rights to the cash flows from
the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of
ownership of the asset to another party.

(iv) Impairment

The Company applies the expected credit loss model for recognising impairment loss on financial
assets measured at amortised cost, debt instruments at FVTOCI, lease receivables, trade receivables and
other contractual rights to receive cash or other financial asset, and financial liabilities not designated
as at FVTPL.

Expected credit losses are the weighted average of credit losses with the respective risks of default
occurring as the weights. Credit loss is the difference between all contractual cash flows that are due
to the Company in accordance with the contract and all the cash flows that the Company expects
to receive (i.e. all cash shortfalls), discounted at the original effective interest rate (or credit-adjusted
effective interest rate for purchased or originated credit impaired financial assets). The Company
estimates cash flows by considering all contractual terms of the financial instrument (for example,
prepayment, extension, call and similar as) through the expected life of that financial instrument.

The Company measures the loss allowance for a financial instrument at an amount equal to the lifetime
expected credit losses if the credit risk on that financial instrument has increased significantly since
initial recognition. If the credit risk on a financial instrument has not increased significantly since initial
recognition, the Company measures the loss allowance for that financial instrument at an amount
equal to 12 month expected credit losses. 12 month expected credit losses are portion of the life-time
expected credit losses and represent the lifetime cash shortfalls that will result if default occurs within
the 12 months after the reporting date and thus, are not cash shortfalls that are predicted over the next
12 months.

If the Company measured loss allowance for a financial instrument at lifetime expected credit loss
model in the previous year but determines at the end of a reporting period that the credit risk has not
increased significantly since initial recognition due to improvement in credit quality as compared to the
previous year, the Company again measures the loss allowance based on 12 month expected credit
losses.

When making the assessment of whether there has been a significant increase in credit risk since initial
recognition, the Company uses the change in the risk of a default occurring over the expected life
of the financial instrument instead of the change in the amount of expected credit losses. To make
that assessment, the Company compares the risk of a default occurring on the financial instrument
as at the reporting date with the risk of a default occurring on the financial instrument as at the date
of initial recognition and considers reasonable and supportable information, that is available without
undue cost or effort, that is indicative of significant increases in credit risk since initial recognition. For
trade receivables or any contractual right to receive cash or another financial asset that result from
transactions that are within the scope of Ind AS 115, the Company always measures the loss allowance
at an amount equal to lifetime expected credit losses.

Further, for the purpose of measuring lifetime expected credit loss allowance for trade receivables,
the Company has used a practical expedient as permitted under Ind AS 109. This expected credit loss
allowance is computed based on a provision matrix which takes into account historical credit loss
experience and adjusted for forward-looking information.

The impairment requirements for the recognition and measurement of a loss allowance are
equally applied to debt instruments at FVTOCI except that the loss allowance is recognised in other
comprehensive income and is not reduced from the carrying amount in the balance sheet. The
Company has performed sensitivity analysis on the assumptions used and based on current indicators
of future economic conditions, the Company expects to recover the carrying amount of these assets.

(v) Effective interest method

The effective interest method is a method of calculating the amortised cost of a debt instrument and of
allocating interest income over the relevant year. The effective interest rate (EIR) is the rate that exactly
discounts estimated future cash receipts (including all fees and points paid or received that form an
integral part of the effective interest rate, transaction costs and other premiums or discounts) through
the expected life of the debt instrument, or, where appropriate, a shorter year, to the net carrying
amount on initial recognition.

Income is recognised on an effective interest basis for debt instruments other than those financial assets
classified as at FVTPL. Interest income is recognised in the statement of profit and loss and is included
in the ''Other income'' line item.

(b) Financial liabilities and equity instruments

(i) Classification as debt or equity debt and equity

Instruments issued by the Company are classified as either financial liabilities or as equity in accordance
with the substance of the contractual arrangements and the definitions of a financial liability and an
equity instrument.

(ii) Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after
deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds
received, net of direct issue costs. Repurchase of the Company''s own equity instruments is recognised
and deducted directly in equity. No gain or loss is recognised in Statement of Profit and Loss on the
purchase, sale, issue or cancellation of the Company''s own equity instruments.

(iii) Financial liabilities

Financial liabilities are classified as either financial liabilities ''at FVTPL'' or ''other financial liabilities''.
Financial liabilities at FVTPL:

Financial liabilities are classified as at FVTPL when the financial liability is either held for trading or it is
designated as at FVTPL.

A financial liability is classified as held for trading if:

(a) It has been incurred principally for the purpose of repurchasing it in the near term; or

(b) on initial recognition it is part of a portfolio of identified financial instruments that the Company
manages together and has a recent actual pattern of short-term profit taking; or

(c) it is a derivative that is not designated and effective as a hedging instrument.

A financial liability other than a financial liability held for trading may be designated as at FVTPL
upon initial recognition if:

(a) such designation eliminates or significantly reduces a measurement or recognition inconsistency
that would otherwise arise;

(b) the financial liability forms part of a group of financial assets or financial liabilities or both, which is
managed and its performance is evaluated on a fair value basis, in accordance with the Company''s
documented risk management or investment strategy, and information about the Company is
provided internally on that basis; or

(c) it forms part of a contract containing one or more embedded derivatives, and Ind AS 109 permits
the entire combined contract to be designated as at FVTPL in accordance with Ind AS 109.

Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement
recognised in Statement of Profit and Loss. The net gain or loss recognised in Statement of Profit and
Loss incorporates any interest paid on the financial liability and is included in the Statement of Profit and
Loss. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk
are recognised in OCI.

The Company derecognises financial liabilities when, and only when, the Company''s obligations are
discharged, cancelled or they expire. The difference between the carrying amount of the financial
liability derecognised and the consideration paid and payable is recognised in the Statement of Profit
and Loss.

Financial liabilities at amortised cost (Loans, Borrowings, Trade and Other payables) after initial
recognition, interest bearing loans and borrowings, trade and other payables are subsequently
measured at amortised cost using the EIR method. The EIR amortisation is included as finance costs in
the statement of profit and loss.

(iv) Other financial liabilities

The Company enters into arrangements whereby banks and financial institutions make direct payments
to suppliers for raw materials and project materials. The banks and financial institutions are subsequently
repaid by the Company at a later date providing working capital timing benefits. These are normally
settled within twelve months. The economic substance of the transaction is determined to be operating
in nature and these are recognised as supplier''s credit / letter of credit - acceptances and disclosed on
the face of the balance sheet. Interest expense on these are recognised in the finance cost. Payments
made by banks and financial institutions to the operating vendors are treated as a non cash item and
settlement of due to supplier''s credit / letter of credit - acceptances by the Company is treated as an
operating cash outflow reflecting the substance of the payment.

(iv) Derecognition of financial liabilities:

The Company derecognises financial liabilities when, and only when, the Company''s obligations are
discharged, cancelled or have expired. An exchange between with a lender of debt instruments with
substantially different terms is accounted for as an extinguishment of the original financial liability and
the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing
financial liability (whether or not attributable to the financial difficulty of the debtor) is accounted for as
an extinguishment of the original financial liability and the recognition of a new financial liability. The
difference between the carrying amount of the financial liability derecognised and the consideration
paid and payable is recognised in the statement of profit and loss.

XVI. Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes
a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset.
All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and
other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange
differences to the extent regarded as an adjustment to the borrowing costs.

Other borrowing costs are expensed in the period in which they are incurred.

XVII. Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits which
are subject to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits,
as defined above, as they are considered an integral part of the Company''s cash management.

XVIN.Employee Benefit Expenses

(a) Short term employee benefits:

A liability is recognised for benefits accruing to employees in respect of wages, salaries and annual leaves in

the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in

exchange for that service. Liabilities recognised in respect of short-term employee benefits are measured at
the undiscounted amount of the benefits expected to be paid in exchange for the related service.

(b) Long term employee benefits:

Liabilities recognised in respect of long term employee benefits are measured at the present value of the
estimated future cash outflows expected to be made by the Company in respect of services provided by
employees up to the reporting date.

The Company operates a defined benefit gratuity plan in India. The cost of providing benefits under the
defined benefit plan is determined using the projected unit credit method.

Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts
included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts
included in net interest on the net defined benefit liability), are recognised immediately in the balance sheet
with a corresponding debit or credit to retained earnings through OCI in the period in which they occur.
Remeasurements are not reclassified to profit or loss in subsequent periods.

Past service costs are recognised in profit or loss on the earlier of:

(i) The date of the plan amendment or curtailment, and

(ii) The date that the Company recognises related restructuring costs.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company
recognises the following changes in the net defined benefit obligation as an expense in the statement of
profit and loss :-

(i) Service costs comprising current service costs, past-service costs, gains and losses on curtailments and
non-routine settlements; and

(ii) Net interest expense or income.

The liabilities for earned leave are not expected to be settled wholly within 12 months after the end of the
period in which the employees render the related service. They are therefore measured as the present value
of expected future payments to be made in respect of services provided by employees up to the end of
the reporting period using the projected unit credit method. The benefits are discounted using the market
yields at the end of the reporting period that have terms approximating to the terms of the related obligation.
Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised
in profit or loss. The obligations are presented as current liabilities in the balance sheet if the entity does not
have an unconditional right to defer the settlement for at least twelve months after the reporting date.

(c) Termination benefits:

A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the
offer of the termination benefit and when the entity recognises any related restructuring costs.

(d) Defined contribution plans:

Payments to defined contribution retirement benefit plans are recognised as an expense when employees
have rendered service entitling them to the contributions. Payments made to state managed retirement
benefit plans are accounted for as payments to defined contribution plans where the Company''s obligations
under the plans are equivalent to those arising in a defined contribution retirement benefit plan.

(e) Defined benefit plans:

For defined retirement benefit plans, the cost of providing benefits is determined using the Projected Unit
Credit Method, with actuarial valuations being carried out at the end of each annual reporting period.
Remeasurements comprising actuarial gains and losses, the effect of the asset ceiling (if applicable) and the
return on plan assets (excluding interest) are recognised immediately in the balance sheet with a charge or
credit to other comprehensive income in the period in which they occur. Remeasurements recognised in
other comprehensive income are not reclassified. Actuarial valuations are being carried out at the end of each
annual reporting period for defined benefit plans.

The retirement benefit obligation recognised in the standalone financial statements represents the deficit or
surplus in the Company''s defined benefit plans. Any surplus resulting from this calculation is limited to the
present value of any economic benefits available in the form of refunds from the plans or reductions in future
contributions to the plans.

The Company pays gratuity to the employees whoever has completed five years of service with the Company
at the time of resignation/ superannuation. The gratuity is paid @ 15 days salary for each completed year of
service as per the provision of the Payment of Gratuity Act, 1972.

XIX. Lease

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company as a lessee

The Company applies a single recognition and measurement approach for all leases, except for short-term leases
and leases of lowvalue assets. The Company recognises lease liabilities to make lease payments and right of use
assets representing the right to use the underlying assets.

Right-of-use assets

The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying
asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes
the amount of lease liabilities recognised, initial direct costs incurred and lease payments made at or before the
commencement date less any lease incentives received.

The right-of-use assets are subject to impairment. Refer to "XIV- Impairment of Non-Financial Asset" of Material
Accounting Policies. The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of
its estimated useful life and the lease term is as follows:

XX. Earnings per share

Basic earnings per share is computed by dividing the profit and loss after tax by the weighted average number of
equity shares outstanding during the period. The weighted average number of equity shares outstanding during the
period is adjusted for treasury shares, bonus issue, bonus element in a rights issue to existing shareholders, share
split and reverse share split (consolidation of shares).

Diluted earnings per share is computed by dividing the profit or loss after tax as adjusted for dividend, interest and
other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares by
weighted average number of equity shares considered for deriving basic earning per share and weighted average
number of equity shares which could have been issued on the conversion of dilutive potential equity shares.

XXI. Research and Development expenditure

Expenditure on research is recognised as an expense when it is incurred. Expenditure on development which
does not meet the criteria for recognition as an intangible assets is recognised as an expense when it is incurred.
Items of Property, Plant and Equipment and acquired Intangible assets are used for research and development are
capitalised and depreciated in accordance with the policies stated for Property, Plant and Equipment and Intangible
assets.

XXII. Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The Board of directors of the Company has been identified as the Chief Operating Decision Maker
which reviews and assesses the financial performance and makes the strategic decisions. As the allocation of
resources and profitability of the business is evaluated by CODM on an overall basis, with evaluation into individual
categories to understand the reason for variations, no separate segments have been identified. Accordingly no
additional disclosure has been made for the segment revenue, segment results and the segment assets and liabilities.

Lease liabilities

At the commencement date of the lease, the Company recognises lease liabilities measured at the present value
of lease payments to be made over the lease term.

In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease
commencement date if the interest rate implicit in the lease is not readily determinable. The lease payments includes
fixed payments (including in substance fixed payments less any incentives receivable, variable lease payments and
amount payable under residual value guarantees). After the commencement date, the amount of lease liabilities
is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease
payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such
lease payments) or a change in the assessment of an option to purchase the underlying asset.

Short-term leases and lease of low value assets

The Company applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that
have a lease term of 12 months or less from the commencement date and do not contain a purchase option) and
lease of low value assets.

Security Details : Working capital loans repayable on demand from banks is secured by hypothecation of :

Joint deed of Hypothecation with first pari-passu charge of all consortium member Banks on entire stock of raw material,

Plant & Machinery and Book Debts, both present and future (excluding machinery/ Equipments hypothecated to other

financial institutions

¦ Pari-passu charge by equitable mortgage of property situated at B/2,Punit Socity,Behind Purnima Socity,Opp Flora
Ghar Ghanti,Anand-Sojitra Road, Anand, admeasuring 112.87 sq.mtrs,R.S.No.1606/2,FP No.124/B,TPS No.4 of Anand
Nagar Palika standing in the name of Kalpeshkumar Ramanbhai Patel.

¦ Pari-passu charge by equitable mortgage of leasehold factory land bearing R.S.No.755/p (original R.S.No.755),Plot
No.131/A admeasuring 821 sq mtrs and construction thereon admeasuring of 1653.63 sq mtrs,GIDC Estate, Vithal
Udyognagar,Tal.and Dist. Anand belonging to Mr. Kalpeshkumar Ramanbhai Patel.

¦ Pari-passu charge by equitable mortgage of lease hold property situated at R.S.No.755/p paiki Plot No.131/B Phase
I,M/s. Gujarat Renewable & Packaging, Behind Sun Energy,GIDC Vithal Udyognagar admeasuring 696.01 sq.mtrs and
construction thereon admeasuring of 500.05 Sq. Mtr.belonging to Mr. Kalpeshkumar R Patel.

¦ Pari-passu charge by equitable mortgage of lease hold property situated at R.S.No 770/P2, Ground floor shop no
G-90, Jai Bhavani security services admeasuring 18.58 sq. mtrs. situated at ""Pooja estate"" bh. Dmart, Nr Janta
Chowkdi, Vithal Udhyonagar GIDC area, Off Anand Sojita road, At Anand 388121 belonging to Mr. Kalpeshkumar R
Patel.

¦ Pari-passu charge by equitable mortgage of factory Land & Building at Block no 938/2 of block no 938 paikee, Plot
no 1(A-Type), Tadkeshwar, Mandvi, Surat admeasuring 36742.88 sq.mtrs and construction thereon admeasuring of
242151 Sq. Mtr.belonging to M/s Shree Vasudev Industries.

¦ Pari-passu charge by extension of charge on Plot No 106, Shree Sant Tukaram Co-op. Housing Society Ltd., Part
3, Bhattar Road, Surat admeasuring 406.82 sq.yards and construction thereon situated at survey no 60, 61,and 62

14 Borrowings - Non Current Financial Liabilities (Contd.)

paikee and its town planing scheme no 27 (Bhatar-Majura), admeasuring of 4394 Sq. Mtr.beLonging to Mr. Chetan
Shah, Mr. Jayesh Shah and Mr. Paresh Shah.

¦ Pari-passu charge by 203-204 (build up area Sq mtr 50.25 each), Adhyashakti Complex, Beside Honest Hotel, */A,
National Highway, LaLpar, Morbi, Gujarat- 363642.beionging to Mr. VipuL Shah.

¦ ALL piece and parcel of property bearing plot no 2 (B-type) R.S.no 938/3, admeasuring 4857.44 sq mtrs, village :
tadkeshwar, TaL: Mandvi, Surat belongs to SoLex Energy Limited.

¦ All piece and parcel of property bearing plot no 2 (D-type) R.S.no 938/1, admeasuring 3198.00 sq mtrs, village :
tadkeshwar, TaL: Mandvi, Surat belongs to SoLex Energy Limited.

¦ ALL piece and parcel of the property bearing PLOT NO. 8-A, 8-B, 8-C, 8-D, admeasuring 1140.61 sq.mtrs. aLongwith
construction standing thereon, bearing Revenue Survey Nos. 375 & 380 having it''s Block No. 296 of Village: Tantithaiya,
Sub-District : PaLsana, District : Surat belonging to Shri Vasudev Industries, partnership firm.

¦ Pledge of FDR of Rs. 70.00 Lacs in the name of the company.

37 In the Opinion of the board and to the best of their knowledge & belief, the compliance related to GST provisions
was properly complied, to the extent applicable to the company for the year under audit. Difference, if any, between
the figures as per books of account and the GST returns are reconciled and would be corrected in next period GST
returns and in annual returns. Therefore, Turnover differences may arise between books and GST return. The said
difference do not have any material impact on the financial statements regarding classification, tax liablity and other
requirements of the GST provisions.

38 Capital management

The Company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and
to optimise returns to its shareholders. Management monitors the return on capital as well as the debt equity ratio
and make necessary adjustments in the capital structure for the development of the business. The capital structure of
the company is based on management''s judgement of the appropriate balance of key elements in order to meet its
strategic and day-to-day needs. In order to maintain or adjust the capital structure, the group may adjust the amount
of dividends paid to shareholders, return capital to shareholders or issue new shares.

Terms and conditions:

Sales of products and services:

Sales of products and services to related parties are made on terms equivalent to those that prevail in arm''s length
transactions and in the ordinary course of business. Sale of products and services related transactions are based on
prevailing price lists. The group has not recorded any impairment of receivables relating to amounts owed by related
parties.

Purchases:

The purchases from related parties are made on terms equivalent to those that prevail in arm''s length transactions
and in the ordinary course of business. Purchase transactions are made on normal commercial terms and conditions
and market rates.

45 Financial instruments - Fair values and risk management

The Fair values of the Financial assets & liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between willing parties. Other than in a forced or liquidation sale.

The Following methods & assumptions were used to estimate the Fair Values :

Fair values of Cash and short term deposits, Trade and other short term receivables, trade payables, Other current
liabilities, Short term loans from banks and other Financials institutions approximate their Caring amounts largely due
to the short term maturities of these instruments

A. Accounting classification and fair values

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments
by valuation technique:

Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are
observable, either directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based
on observable market data.

The following table shows the carrying amounts and fair values of financial assets and financial liabilities,
including their levels in the fair value hierarchy. It does not include fair value information for financial assets and
financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

46 A. Financial Risk Management

i. Risk management framework

A wide range of risks may affect the Company''s business and operational / financial performance. The risks that
could have significant influence on the Company are market risk, credit risk and liquidity risk. The Company''s
Board of Directors reviews and sets out policies for managing these risks and monitors suitable actions taken
by management to minimise potential adverse effects of such risks on the company''s operational and financial
performance.

ii. Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Group''s trade and other receivables, cash and
cash equivalents and other bank balances. To manage this, the Group periodically assesses financial reliability
of customers, taking into account the financial condition, current economic trends and analysis of historical
bad debts and ageing of accounts receivable. The maximum exposure to credit risk in case of all the financial
instruments covered below is restricted to their respective carrying amount.

(a) Trade and other receivables from customers

Credit risk in respect of trade and other receivables is managed through credit approvals, establishing credit
limits and monitoring the creditworthiness of customers to which the group grants credit terms in the
normal course of business.

The Group measures the expected credit loss of trade receivables based on historical trend, industry
practices and the business environment in which the entity operates. The Group uses a provision matrix to
compute the expected credit loss allowance for trade receivables. The provision matrix takes into account
available external and internal credit risk factors such as credit ratings from credit rating agencies, financial
condition, ageing of accounts receivable and the group''s historical experience for customers.

(b) Cash and cash equivalents and other bank balances

The Company held cash and cash equivalents and other bank balances of H1200.64 Millions (March 31,
2025: H228.22 Millions). The cash and cash equivalents are held with bank with good credit ratings and
financial institution counterparties with good market standing.

iii. Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset.

Liquidity risk is managed by Group through effective fund management of the group''s short, medium and
long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining

49 Additional regulatory information

i) There is no Transaction with companies struck off under section 248 of the Act or section 560 of the Companies
Act, 1956.

ii) No proceeding has been initiated, nor any case is pending against the Company for holding any benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder

iii) The Group have not been declared willful defaulter by any bank or financial institution or government or any
government authority.

iv) The Company has not traded, nor invested in any Crypto currency or virtual currency during the year ended
March 31, 2026 and March 31, 2025.

v) The Group has availed borrowings based on security of current assets and have furnished returns which are in
agreements with books of account to the extent information are captured in such books.

vi) The Group do not have any charges or satisfaction which is yet to be registered with Registrar of Companies
beyond the statutory period.

vii) During the period, the Company has not advanced or given any loan or invested funds to any other persons or
entities, including foreign entities (Intermediaries) with the understanding that 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.

viii) During the period, the Company has not received any fund from any persons or entities, including foreign
entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that 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.

ix) 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).

x) There is no active layer hence the Company is in compliance with the number of layers prescribed under clause
(87) of Section 2 of the Companies Act, 2013 read with Companies (Restriction on number of layers) rules, 2017

xi) The Group have not entered into any scheme of arrangement which has an accounting impact on the current
or previous financial year

50 Comparative information

Previous year numbers have been regrouped/reclassified wherever considered necessary, to confirm to current
year''s classification.

c. Provisions, Contingent Liability & Contingent Assets

Provisions involving substantial degree estimation in measurement are recognized when there is a result of past
events and it is probable that there is a presence obligation as result of past events and it is probable that there will
be an outflow of resources. Contingent liabilities are not recognized but disclosed in notes. Contingent Assets are
neither recognized nor disclosed in the financial statement.

For the year company has executed various tenders and recovered O&M charges from various customers from
services and maintenance during future period as specified under respective contracts and has been provided in
proportionate maintenance income for remaining period of contract. The outstanding obligation towards O&M
charges is J1,28,81,275/- as on date of balance sheet.

d. Use of Estimates

The preparation of financial statements in conformity with the generally accepted accounting principles requires
estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of
financial statements and the reported amount of revenues and expenses during the reported period. Difference
between the actual and estimates are recognized in the period in which the result are known or materialize.

e. Provision for Current and Deferred Tax

Current income tax expense comprises of taxes on income from operations in India. Income tax payable in India
is determined in accordance with the applicable rates and the provisions of the Income Tax Act, 1961. A provision

@ Amounts unpaid to Micro and Small Enterprises vendors on account of retention money have not been considered for the purpose of interest
calculation.

@ Amounts unpaid to Micro and Small Enterprises vendors on account of terms of payment have not been considered for the purpose of interest
calculation.

j. Balance of sundry Debtors/ Creditors/Loans/Advances and deposits are subject to confirmation, reconciliation and
necessary adjustments.

k. Previous year''s figures have been re-classified, re-grouped or re-arranged wherever necessary to make them
comparable with the current year figures.

l. Cash & Cash equivalents (for purpose of cash flow statement)

Cash & Cash equivalents in the cash flow statement comprise cash at bank, cash in hand and balance in current
account with bank.

m. Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax for the period by the number of the 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 expenses or income relating to the dilutive potential equity
shares, by the weighted average number of equity shares which could have been issued on the conversion of all
dilutive potential equity shares.

n. Impairment of Assets

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of
the assets may not be recoverable. An impairment loss is recognized for the amount by which the asset''s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher of an asset''s fair value less costs of
disposal and value in use. In assessing value in use, the estimate future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market assessment of the time value of money and the
risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into
account. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are
separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of
assets (cash -generating units).

o. Inventories

Inventories are stated at lower of cost and net realisable value. Costs of inventories are determined on a weighted
average basis.

Raw materials is stated at Cost. Raw Materials cost includes cost of purchase and other costs incurred in bringing the
inventories to their present location and condition.

Finished Goods is valued based on method which carried by the management which includes cost of direct materials,
labour and proportion of manufacturing overheads based on the normal operating capacity.

Traded Goods cost includes cost of purchase and other costs incurred in bringing the inventories to their present
location and condition.

p. Segment Reporting

The Company is a manufacturer of solar photo-voltaic modules as well as engaged in the business of the Engineering,
Procurement and Construction (EPC) in the solar energy market, wherein the manufactured modules are utilized.
Based on the "management approach" as defined in AS-17 Segment Reporting, the Chief Operating Decision Marker
(CODM) evaluates the Company''s performance and allocates resources based on an analysis of various performance
indicators by the overall business segment, i.e. the performance of the EPC projects. As the allocation of resources
and profitability of the business is evaluated by CODM on an overall basis, with evaluation into individual categories
to understand the reason for variations, no separate segments have been identified. Accordingly no additional
disclosure has been made for the segment revenue, segment results and the segment assets and liabilities.

q. The Company has borrowed fund from Banks on the basis of security of current assets and the company has filed
monthly statement of current assets with the Bank and the same are generally in agreement with books of accounts.

r. Immovable Property Not Held In Company''s Name

The Company holds the title deeds of all immovable properties in their name.

s. Details Of Benami Property

The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.

t. Transaction with Struck off Companies

The Company did not enter any transaction with struck off companies.

u. Registration Of Charges or Satisfaction with Registrar of Companies

The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.

v. Undisclosed Income

The Company does not have any such 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).

w. Details of Crypto / Virtual Currency

The Company has not traded or invested in crypto currency.

x. Wilful defaulter

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

y. Number of layers

The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on number of Layers) Rules, 2017.

z. The financial statements have been approved for issue by Company''s Board of Directors on 12^th May, 2025.
aa. Data back up

As per MCA notification dated August 05,2022, the Central Government has notified that Companies (Accounts)
Fourth Amendment Rules, 2022. As per the amended rules, the companies are required to maintain back up of the
books of account and other relevant books and papers in electronic mode that should be accessible in India at all
the time. Also, the companies are required to create back up on servers physically located in India on a daily basis.
To comply with this requirement, the Company takes the back up on daily basis.

7. Short Term Borrowings Contd.

7.1 Annexure to Working Capital borrowing

Security Details : Working capital loans repayable on demand from banks is secured by hypothecation of :

- Joint deed of Hypothecation with first pari-passu charge of all consortium member Banks on entire stock of
raw material, Plant & Machinery and Book Debts, both present and future (excluding machinery/ Equipments
hypothecated to other financial institutions

- Pari-passu charge by equitable mortgage of house situated at B/2,Punit Society,Opp. Mahi Canal, Nr. Vaikuth
Apartment, Behind N.D.D.B Auditorium, Anand-Sojitra Road, Anand, admeasuring 112.87 sq.mtrs, R.S.No.1606/2/P,
FP No.124/A, TP Seheme No.4 of Anand Nagar Palika standing in the name of Kalpeshkumar Ramanbhai Patel.

- Pari-passu charge by equitable mortgage of leasehold factory land bearing R.S.No.755/p (original R.S.No.755),
Plot No. 131/A admeasuring 821 sq mtrs and construction thereon admeasuring of 1653.63 sq mtrs, GIDC
Industrial Estate, Vithal Udyognagar, Tal. and Dist. Anand belonging to Mr. Kalpeshkumar Ramanbhai Patel.

- Pari-passu charge by equitable mortgage of lease hold property situated at R.S. No.755 paiki Plot No.131/B in
GIDC Industrial estate, Vithal Udyognagar admeasuring 696.01 sq. mtrs and construction thereon admeasuring
of 500.05 Sq. Mtr. belonging to Mr. Kalpeshkumar R Patel.

- Pari-passu charge by equitable mortgage of lease hold property situated at R.S. No 770/P2, Ground floor shop
no G-90, Jai Bhavani security services admeasuring 18.58 sq. mtr. situated at ""Pooja estate"" bh. Dmart, Nr Janta
Chowkdi, Vithal Udhyonagar GIDC area, Off. Anand Sojita road, At Anand- 388121

- Pari-passu charge by equitable mortgage of factory Land & Building at Block no 938, Plot no 1 (A-Type),
Tadkeshwar, Mandvi, Surat admeasuring 36742.88 sq. mtrs and construction thereon admeasuring of 242151
Sq. Mtr. belonging to M/s Shree Vasudev Industries.

- Pari-passu charge by extension of charge on Bungalow No 106, Shree Sant Tukaram Co-op. Housing Society
Ltd., Part 3, Bhattar Road, Surat admeasuring 406.82 sq yards and construction thereon admeasuring of 4394 Sq.
Mtr. belonging to Mr. Chetan Shah, Mr. Jayesh Shah and Mr. Paresh Shah.

- Pari-passu charge by 203 (Build up area of 50.25 sq mtr) and shop no 204 (build up area of 50.25 sq mtr) (Second
floow in, Adhyashakti Complex, Beside Honest Hotel, */A, National Highway, Lalpar, Morbi, Gujarat- 363642
belonging to Mr. Vipul Shah.

- Pledge of FDR of H70.00 Lacs in the name of the company."

Due to Micro and Small Enterprise have been determined to the extent such parties have been identified on the basis of information collected bythe Management. This has been relied upon by the auditors.

''@ Amounts unpaid to Micro and Small Enterprises vendors on account of retention money have not been considered for the purpose of interest calculation. j The Company has shown Net of Debtors and Creditors in case of Sub-Contract (Back to Back) Contracts

k. Balance of sundry Debtors/ Creditors/Loans/Advances and deposits are subject to confirmation, reconciliation and necessary adjustments.

i. Previous year''s figures have been re-grouped or re-arranged wherever necessary to make them comparable with the current year figures.

m. Cash & Cash equivalents (for purpose of cash flow statement)

Cash & Cash equivalents in the cash flow statement comprise cash at bank, cash in hand and fixed deposit with bank.

n. Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax for the period by the number of the 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 expenses or income relating to the dilutive potential equity shares, by the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.

o. Impairment of Assets

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss is recognized for the amount by which the asset''s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset''s fair value less costs of disposal and value in use. In assessing value in use, the estimate future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment ofthetime value of moneyand the risks specific to the asset. In determiningfairvalue less costs of disposal, recent market transactions aretaken into account. Forthe purpose of assessing impairment, assets are grouped atthe lowest levels forwhich thereare separately identifiable cash inflows which are largely independent ofthe cash inflows from other assets or groups of assets(cash -generating units).

p. Inventories

Inventories are stated at lower of cost and net realisable value. Costs of inventories are determined on a FIFO basis.

Raw materials is stated at Cost. Raw Materials cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition. FinishedGoods isvalued based on methodwhich carried bythemanagementwhich includescost ofdirect materials, labourand proportion of manufacturingoverheads basedon the normal operating capacity.

Traded Goods cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.

q. Segment Reporting

The Company is a manufacturer of solar photo-voltaic .modules as well as in the Engineering, Procurement and Construction (EPC) in the solar energy market, wherein the manufactured modules are utilized. Based on the "management approach" as defined in AS-17 Segment Reporting, the Chief Operating Decision Marker (CODM) evaluates the Company''s performance and allocates resources based on an analysis ofvarious performance indicators bythe overall business segment, i.e. the performance ofthe EPC projects. As the allocation of resources and profitability of the business is evaluated by CODM on an overall basis, with evaluation into individual categories to understand the reason for variations, no separate segments have been identified. Accordingly no additional disclosure has been madeforthe segment revenue, segment results and the segment assets and liabilities.

r. The Company has borrowed fund from Banks on the basis of security of current assets and the company has filed monthly statement of current assets with the Bank and the same are generally in agreement with books of accounts.

7.1 Annexure to borrowing

Security Details : Working capital loans repayable on demand from banks is secured by hypothecation of :

Joint deed of Hypothecation with first pari-passu charge of all consortium member Banks on entire stock of raw material, Plant & Machinery and Book Debts, both present and future (excluding machinery/ Equipments hypothecated to other financial institutions"

- Pari-passu charge by equitable mortgage of house situated at B/2,Punit Socity,Opp Mahi Canal, Nr. Vaikuth Apartment, Behind N.D.D.B Auditorium ,Anand-Sojitra Road, Anand, admeasuring 112.87 sq.mtrs,R.S.No.1606/2/P ,FP No.124/A,TP Seheme No.4 of Anand Nagar Palika standing in the name of Kalpeshkumar Ramanbhai Patel.

- Pari-passu charge by equitable mortgage of leasehold factory land bearing R.S.No.755/p (original R.S.No.755),Plot No.131/A admeasuring 821 sq mtrs and construction thereon admeasuring of 1653.63 sq mtrs,GIDC Industrial Estate, Vithal Udyognagar,Tal.and Dist. Anand belonging to Mr. Kalpeshkumar Ramanbhai Patel.

- Pari-passu charge by equitable mortgage of lease hold property situated at R.S.No.755 paiki Plot No.131/B in GIDC Industrial estate, Vithal Udyognagar admeasuring 696.01 sq.mtrs and construction thereon admeasuring of 500.05 Sq. Mtr.belonging to Mr. Kalpeshkumar R Patel.

- Pari-passu charge by equitable mortgage of lease hold property situated at R.S.No 770/P2, Ground floor shop no G-90, Jai Bhavani security services admesuring 18.58 sq . mtr. situated at "Pooja estate" bh. Dmart, Nr Janta Chowkdi, Vithal Udhyonagar GIDC area, Off Anand Sojita road, At Anand 388121

- Pari-passu charge by equitable mortgage of factory Land & Building at Block no 938, Plot no 1(A-Type), Tadkeshwar, Mandvi, Surat admeasuring 36742.88 sq.mtrs and construction thereon admeasuring of 242151 Sq. Mtr.belonging to M/s Shree Vasudev Industries.

- Pari-passu charge by extension of charge on Bungalow No 106, Shree Sant Tukaram Co-op. Housing Society Ltd., Part 3, Bhattar Road, Surat admeasuring 406.82 sq yards and construction thereon admeasuring of 4394 Sq. Mtr.belonging to Mr. Chetan Shah, Mr. Jayesh Shah and Mr. Paresh Shah.

- Pari-passu charge by 203 (Build up area of 50.25 sq mtr) and shop no 204 (build up area of 50.25 sq mtr) (Second floow in , Adhyashakti Complex, Beside Honest Hotel, */A, National Highway, Lalpar, Morbi, Gujarat- 363642.belonging to Mr. Vipul Shah.

- Pledge of FDR of Rs. 70.00 Lacs in the name of the company.

Due to Micro and Small Enterprise have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

Amounts unpaid to Micro and Small Enterprises vendors on account of retention money have not been considered for the purpose of interest calculation. @ Amounts unpaid to Micro and Small Enterprises vendors on account of terms of payment have not been considered for the purpose of interest calculation.

k. Balance of sundry Debtors/ Creditors/Loans/Advances and deposits are subject to confirmation, reconciliation and necessary adjustments.

l. Previous year’s figures have been re-grouped or re-arranged wherever necessary to make them comparable with the current year figures.

m. Cash & Cash equivalents (for purpose of cash flow statement)

Cash & Cash equivalents in the cash flow statement comprise cash at bank, cash in hand and fixed deposit with bank.

n. Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax for the period by the number of the 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 expenses or income relating to the dilutive potential equity shares, by the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss is recognized forthe amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount isthe higher of an asset’s fair value less costs of disposal and value in use. In assessing value in use, the estimate future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets(cash -generating units).

p. Inventories

Inventories are stated at lower of cost and net realisable value. Costs of inventories are determined on a weighted average basis.

Raw materials is stated at Cost. Raw Materials cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.

Finished Goods is valued based on method which carried by the management which includes cost of direct materials, labour and proportion of manufacturing overheads based on the normal operating capacity.

Traded Goods cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.

q. Segment Reporting

The Company is a manufacturer of solar photo-voltaic cells and modules as well as in the Engineering, Procurement and Construction (EPC) in the solar energy market, wherein the manufactured cells/modules are utilized. Based onthe "managementapproach" as defined inAS-17 Segment Reporting, the Chief Operating Decision Marker (CODM) evaluates the Company''s performance and allocates resources based on an analysis of various performance indicators by the overall business segment, i.e. the performance of the EPC projects. As the allocation of resources and profitability of the business is evaluated by CODM on an overall basis, with evaluation into individual categories to understand the reason for variations, no separate segments have been identified. Accordingly no additional disclosure has been made for the segment revenue, segment results and the segment assets and liabilities.

r. The Company has borrowed fund from Banks on the basis of security of current assets and the company has filed monthly statement of current assets with the Bank and the same are generally in agreement with books of accounts.

s. Analytical Ratio_

Note: 6.1 The Company has been sanctioned Fund Based Limit comprising of Term Loan of Rs. 4000 Lacs & Cash Credit Limit of Rs. 1900 Lacs & Rs. 115 Lacs ECLS by Consortium of Bank of Baroda & State bank of India. Additionally Non-Fund based Limit amounting to Rs. 3575 Lacs comprising of Inland LC/Foreign LC/SBLC & Bank Gurantee Performance/ Financial sanction by Consortium of Bank of Baroda & State bank of India. The Company is sanctioned an additional amount of Rs. 100 Lacs under ECLS by Bank of Baroda. Following are the main terms and conditions of the sanction.

A Joint deed of Hypothecation with first pari-passu charge of all consortium member Banks on entire stock of raw material, Plant & Machinery and Book Debts, both present and future (excluding machinery/ equipments hypothecated to other financial institutions)

B Pari-passu charge by equitable mortgage of house situated at B/2,Punit Socity,Behind Purnima Socity,Opp Flora Ghar Ghanti,Anand-Sojitra Road, Anand,admeasuring 112.87 sq.mtrs,R.S.No.1606/2,FP No.124/B,TPS No.4 of Anand Nagar Palika standing in the name of Kalpeshkumar Ramanbhai Patel.

C Pari-passu charge by equitable mortgage of Shop No.G-90,Ground Floor,"Jyoti Metal Corporation",Puja Estate,Opp.Akira Marble,Anand-Sujitra Road,Karmsad,admeasuring 18.58 sq.mtrs bearing Survery No.770/paiki 2 of Karamsad standing in the name of Mr. Kalpeshkumar Ramanbhai Patel.

D Pari-passu charge by equitable mortgage of leashold factory land bearing R.S.No.755/p (original R.S.No.755),Plot No.131/A admeasuring 821 sq mtrs and construction thereon admeasuring of 1653.63 sq mtrs,GIDC Estate,Vithal Udyognagar,Tal.and Dist.Anand belonging to Mr. Kalpeshkumar Ramanbhai Patel.

E Pari-passu charge by equitable mortgage of lease hold property situated at R.S.No.755 paiki PlotNo.131/B Phase I,M/s. Gujarat Renewable & Packaging, Behind Sun Energy,GIDC Vithal Udyognagar admeasuring 696.01 sq.mtrs and construction thereon admeasuing of 500.05 Sq. Mtr.belonging to Mr.Kalpeshkumar R Patel.

F Pari-passu charge by equitable mortgage of factory Land & Building at Block no 938, Plot no 1(A-Type), Tadkeshwar, Mandvi, Surat admeasuring 36742.88 sq.mtrs and construction thereon admeasuing of 242151 Sq. Mtr.belonging to M/s Shree Vasudev Industries.

G Pari-passu charge by extention of charge on Bunglow No 106, Shree Sant Tukaram Co-op. Housing Society Ltd., Part 3, Bhatar Road, Surat admeasuring 340.15 sq.mtrs and construction thereon admeasuing of 4394 Sq. Mtr.belonging to Mr. Chetan Shah, Mr Jayesh Shah and Mr Paresh Shah.

H Pari-passu charge by 203-204, Adhyashakti Complex, Beside Honest Hotel, */A, National Highway, Lalpar, Morbi, Gujarat- 363642.belonging to Mr. Vipul Shah.

I Pledge of 14.82 Lacs equity shares of the company held by Mr. Kalpeshkumar Patel (Director).

J Pledge of FDR of Rs. 70.00 Lacs in the name of the company.

K Personal Guarantee of Director/Guarantor (LDOC33)

a. Kalpeshkumar Ramanbhai Patel

b. Anil Rathi

c. Vipul Mulchand Shah

d. Piyush Kailashchandra Chandak

e. Chetan Sureshchandra Shah

f. Jayesh Shah

g. Paresh Shah

i. Shri Vasudev Industries & its partners i) Mr Vasudev Agarwal, ii) Mr Piyush Chandak and iii) Mr Ayush Patodia.

L Unsecured loan Amounting to Rs. 940 Lacs to be introduced by Promoter/Promoter relative/Director/Director Relative without interest till the continuance of the Loan as per condition of Consortium of Bank of Baroda & State bank of India.