Notes to Accounts of Viviana Power Tech Ltd.

Mar 31, 2025

2.6 Provisions

A provision is recognised when the entity has a present obligation as a result of past event and it is probable that
an outflow of resources will be required and a reliable estimate can be made of the amount of the obligation.
Provisions are measured at the best estimates of the expenditure required to settle the present obligation at the
Balance Sheet date.

2.7 Investment

Investments are either classified as current or long term based on the management intention at the time of
purchase. Current investments are stated at lower of cost or fair value. Long term investments are shown at cost.
The cost comprises purchase price and directly attributable acquisition charges such as brokerage, fees and duties.

However, when there is decline, other than temporary in the value of long-term investment, the carrying amount is
reduced to recognize the decline.

2.9 Cash and Cash Equivalents (for purpose of Cash Flow Statement)

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

2.10 Cash Flow Statement

The above Cash Flow Statement has been prepared under the ''Indirect Method'' as set out in the Accounting
Standard (AS) 3 " Cash Flow Statement") prescribed under the Companies (Accounting Standards) Rules, 2006.

2.11 Employee Benefits

Defined benefit plans and other long-term employee benefits

i Defined Contribution Plan

The Entity makes defined contribution to Government Employee Provident Fund, Government Employee Pension
Fund, Employee Deposit Linked Insurance and ESI, which are recognised in the Profit and Loss Account on accrual
basis.

The Entity has no further obligations under these plans beyond its monthly contributions.

ii Defined Benefit Plan

The Liabilities towards defined benefit schemes are determined using the Projected Unit Credit Method. Actuarial
valuations under the Projected Unit Credit Method are carried out at the balance sheet date. Actuarial gains and
losses are recognized in the Statement of Profit and Loss in the period of occurrence of such gains and losses. Past
service cost is recognized immediately to the extent of benefits are already vested and otherwise it is amortized on
straight-line basis over the remaining average period until the benefits become vested.

The retirement benefit obligation recognized in the balance sheet represents the present value of the defined
benefit obligation as reduced by the plan assets.

iii Other Long-term Benefits

Compensated absences which are not expected to occur within twelve months after the end of the period in which
the employee renders the related services are recognized on the basis of unutilized leave balances at the end of the
year.

2.12 Borrowing Costs

Borrowing costs are interest and ancillary costs incurred in connection with the arrangement of borrowings.

General and specific borrowing costs attributable to acquisition and construction of qualifying assets is added to
the cost of the assets up to the date the asset is ready for its intended use. A qualifying asset is an asset that
necessarily takes a substantial period of time to get ready for its intended use Capitalisation of borrowing costs is
suspended and charged to the Statement of Profit and Loss during extended periods when active development
activity on the qualifying assets is interrupted. All other borrowing costs are recognised in the Statement of Profit
and Loss in the period in which they are incurred.

2.13 Contingent Liabilities

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 evets not
wholly within the control of the entity 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.

2.14 Earning Per Share

In determining earnings per share, the Company considers the net profit after tax attributable to equity
shareholders. The number of shares used in computing basic earnings per share is the weighted average number of
equity shares outstanding during the year.

Diluted EPS is calculated by dividing Net Profit or Loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive
potential equity shares.

2.15 Accounting for Taxes on Income

Tax expense for the year comprises current tax and deferred tax.

(i) Current Tax

The provision for taxation is ascertained on the basis of assessable profits computed in accordance with the
provisions of the Income-tax Act, 1961.

(ii) Deferred Tax

Deferred tax assets and liabilities are recognized on timing differences, being the differences between taxable
incomes and accounting income, that originate in one period and are capable of reversal in one or more
subsequent periods using tax rates that have been enacted or substantively enacted at the balance sheet date.
Deferred tax assets, other than on unabsorbed depreciation and carried forward losses, are recognised only if there
is reasonable certainty that they will be realised in the future. Deferred tax assets in respect of unabsorbed
depreciation and carry forward losses are recognized if there is virtual certainty that there will be sufficient future
taxable income available to realize such losses. Deferred Tax assets are reviewed at each balance sheet date for their
realisability.

2.16 Intangible Assets and amortisation

Intangible Assets are recognized only if it is probable that the future economic benefits that are attributable to the
assets will flow to the enterprise and the cost of the assets can be measured reliably. The intangible assets are
recorded at cost and are carried at cost less accumulated amortization and accumulated impairment losses, if any.

Intangible assets are amortized over the estimated period of benefit, not exceeding ten years.

2.17 Impairment of Assets

Intangible assets with finite useful life acquired separately, are recognized only if it is probable that future
economic benefits that are attributable to the assets will flow to the enterprise and the cost of assets can be
measured reliably. The intangible assets are recorded at cost and are carried at cost less accumulated amortization
and accumulated impairment losses, if any. Intangible assets under development includes the cost of assets.
Intangible assets are amortized over the estimated period of benefit, not exceeding ten years.

2.18 Leases

Assets acquired on leases where a significant portion of the risks and rewards of ownership are retained by the
lessor are classified as operating leases. Lease rentals are charged to Statement of Profit and Loss.

2.19 Trade Receivables and Loans and Advances

Trade receivables and loans and advances are presented after making adequate provision for any shortfall in their
recovery. The provision and any subsequent recovery is recognized in the Profit and Loss statement. Bad debts are
written off when they are identified.

The entire consideration has been received by the Company and the shares have been duly allotted. The shares issued rank Pari-passu with the existing equity shares of the
Company.

During the financial year, the Company has issued 57,500 fully convertible share warrants on a preferential basis. Against this issuance, the Company has received a sum of Rs.
80.47 lakhs as application money. The amount received represents 25% of the issue price (or as applicable) as per the terms of the issue and regulatory guidelines. These warrants
are convertible into an equivalent number of equities shares of the Company at a later date, subject to the terms and conditions approved by the Board and shareholders, and in
compliance with applicable laws and regulations. The amount of Rs. 80.47 lakhs received against the share warrant application is disclosed in the financial statements under the
head "Money received against share warrants" under Equity in the Balance Sheet. The balance amount will be payable by the warrant holders at the time of conversion of the
warrants into equity shares, within the prescribed period.

** The Company has availed working capital facilities from the following banks for meeting its short-term operational requirements:

1. HDFC Bank Ltd.

Type of Facility: Cash Credit

Primary Security: Hypothecation of stock, book debts, Fixed Deposits and other bank for DRUL

Collateral Security: Equitable mortgage of immovable property being commercial property situated at 313-315, Orchid Plaza, Sama Savli Road, Near Canal,
Vadodara - 390008 held in the name of Directors; being Residential property and plot adjoining to residential property situated at A1-29, Keystone Mansion 2,
Near Vicenza Highland, Khanpur, Vadodara held in the name of Directors.

Charge Registered with ROC: Charge ID: 101068589 dated: 25/03/2025

2. Axis Bank Ltd.

Type of Facility: Cash Credit

Primary Security: First Pari Passu charge with HDFC Bank Limited by way of hypothecation on current assets of the Company including stock and book debts both
present and future.

Charge Registered with ROC: Charge ID 101051436 dated 25/02/2025

The Company is in compliance with the terms and conditions of the above facilities and no instances of default in repayment or covenant breaches have occurred
during the year

26.1 During the financial year, the Company incurred total interest expenses amounting to Rs. 233.86 lakhs. Out of this, a
sum of Rs. 0.19 lakhs has been recognized as a provision towards interest on delayed payments to suppliers registered
under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006.

This provision has been made based on confirmations received from vendors regarding their MSME status and an
internal review of payment timelines. The Company continues to monitor its payment cycles to ensure compliance with
the MSMED Act and minimize any such interest liabilities going forward.

a) The company has awarded subcontract to Mr. Bhupesh Mittal to provide civil work services worth ? 27.81 lakhs for
the project initiated by the State of Haryana under its solar policy. The contractor has raised bill of ? 7.12 lakhs for the
initial work done and the same has been paid by the company. However, after covid lock down the work was
suspended. After lock down the work was started again but due to policy issues with Government of Haryana, work was
stopped again. The contractor, thereafter raised demand of ? 11.49 lakhs for the material procured by him. However, as
no bills pertaining to that has been provided by the contractor, the company has not accepted his claim. We have been
informed that the management is in process of resolving the dispute and hence, no provision as been made of the
above in books of account.

b) Contingent Liability: Co-Borrower for Vehicle Loan

M/s. Viviana Power Tech Limited has acted as a co-borrower for a vehicle loan facility availed by Mr. Richi Nikeshbhai
Choksi from Mercedes-Benz Financial Services India Private Limited (formerly known as Daimler Financial Services India
Private Limited), for the purchase of a car registered in name of Mr. Richi Choksi.

The total sanctioned loan amount is ?167.60 lakhs, repayable in 48 equal monthly instalments at a fixed interest rate of
8.5049% per annum. Loan repayment is scheduled to commence from April 2025.

The Company has agreed to act as a co-borrower solely for the purpose of facilitating the loan approval and is not
liable for payment of any Equated Monthly Instalments (EMIs) under the facility. The full and exclusive responsibility for
loan repayment, including all principal and interest obligations, rests with Mr. Richi Choksi. Accordingly, no liability has
been recognized in the Company''s books as of the reporting date, since the likelihood of an outflow of economic
resources is considered remote.

Additionally, M/s. Viviana Power Tech Limited shall not have, nor claim, any ownership rights, economic interest
including depreciation on asset, or beneficial entitlement in respect of the vehicle acquired under the said loan.

Note 33 COMMITMENTS

Estimated amount of contract remaining to be executed and not provided for is ? Nil. (Previous year ? Nil.)

Note 34 EARNINGS/EXPENDITURE IN FOREIGN CURRENCY

During the financial year as well as previous financial year, the Company did not earn any income in foreign currency.

In current year the total expenditure incurred in foreign currency amounted to ? 0.22 lakhs, which pertains to foreign
outward remittance towards fees for obtaining tender documents from ZECO, Africa. Foreign outward remittance /
expense in foreign currency in Previous Year is ? Nil. There is no other remittance or expenditure otherthan stated
above in Foreign Currency.

Note 35 Borrowings on the basis of security against current assets:

During the year the company has been sanctioned cash credit facility from HDFC Bank Limited and Axis Bank Limited on
the basis of security of current assets. The Company has complied with the requirement of filing of monthly returns /
statements of current assets with the bank, as applicable, and these returns were in agreement with the books of
accounts for the year ended March 31, 2025 and March 31, 2024.

Note 38 UTILIZATION OF SHARE PREMIUM

During the current financial year the Company has proposed total 3,08,500 number of shares to non-promoter
category and 51,500 warrants for shares on preferential basis vide EOGM dated 09/07/2024. Out of total proposed
3,08,500 number of shares, the Company has issued 3,06,500 number of shares on preferential basis and collected total
amount of ? 1,915.63 lakhs (including share premium of ? 1,884.98 lakhs). The company has utilised total share
premium collected against preferential issue towards Strengthening working capital requirement of the Company.

Note 39 EMPLOYEE BENEFITS

(a) Defined Contribution Plans:

(i) Provident fund and Superannuation Fund:

The Company has recognized an amount of ? 8.29 lakhs (P.Y. ? 5.52 lakhs) for provident fund contribution under the
defined contribution plan in the Statement of Profit & Loss for the year ended 31st March, 2025.

(b) Defined Benefit Plan:

(i) Gratuity:

The Company has opted to outsource the Employees Gratuity Fund maintenance with Life Insurance Corporation of
India (LIC) and accordingly, the Company''s Employees Trust has been created and maintained by Pension and Group
Gratuity Schemes Department of LIC.

The Company is contributing to the fund annually as per the standard contribution quote provided by the LIC. The
Company has received a quote of ? 3.96 lakhs (P.Y. ? 4.05 lakhs) and the same has been provided for in the books of
account.

(c) Leave Encashment

The liabilities for leave encashment is provided on the basis of the actual encash able leave outstanding at the year end.
The Management has classified Leave encashment as short-term employee''s benefit and hence no further disclosure is
required as per Accounting Standard -15.

Note 40 The Company had awarded a subcontract to M/s. Ravinandan Enterprise for the execution of civil work services in the
State of Madhya Pradesh. Subsequently, M/s. Ravinandan Enterprise had raised a grievance regarding delayed payment
amounting to ?38.00 lakhs through the MSME Champions Grievance Portal.

During the month of March 2025, the matter was mutually settled between the Company and M/s. Ravinandan
Enterprise. Pursuant to this settlement, M/s. Ravinandan Enterprise has formally withdrawn its grievance/case against
the Company.

The Company has accounted for the settlement in accordance with applicable accounting policies, and there is no
further financial obligation remaining as at the balance sheet date in relation to this matter.

Note 41 Revaluation of property, plant and equipment and intangible assets:

The company has not revalued any of its Property, Plant and Equipment or Intangible Assets in the current as well as
previous year.

Note 42

The Company has not granted Loans or Advances in the nature of loan to any Promoters, Directors, KMPs and the
Related Parties (As per Companies Act, 2013), which are repayable on demand or without specifying any terms or
period of repayments.

Note 43 BENAMI PROPERTY

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

Note 44 WILFUL DEFAULTER

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

Note 45 RELATIONSHIP WITH STRUCKOFF COMPANIES

Management has represented that it does not have any transaction with companies struck off undersection 248 of the
Companies Act,2013 or section 560 of Companies Act, 1956.

Note 46 REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES

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

Note 47 UTILIZATION OF BORROWED FUNDS

A. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding 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

B. The Company have 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.

Note 48

Figures of the previous year have been regrouped and reclassified wherever necessary.

Note 49

The value of realizations of Assets, other than Property, plant and equipment and Non-Current Investments in the
ordinary course of business will not be less than the value at which they are stated in the Balance Sheet.

Note 50

Additional Information pursuant to Provisions of Paragraph 6 of Part I of Schedule III and Paragraph 5 of Part II of
Schedule III to the Companies Act, 2013 has been furnished to the extent applicable in view of the nature of business of
the Company.

Signature to Notes 1 - 50

For Mukund & Rohit For & on behalf of the Board

Chartered Accountants Viviana Power Tech Limited

Registration No. 113375W

Shivshyam Maurya Nikesh Choksi Richi Choksi

Partner Director Director

Membership No: 422057 DIN: 07762121 DIN: 07020977

Place: Vadodara Place: Vadodara Place: Vadodara

Date: 06.05.2025 Date: 06.05.2025 Date: 06.05.2025

Dipesh Patel Kavaljit Parmar

CFO CS (ACS # 53248)

Date: 06.05.2025 Place: Vadodara

Date: 06.05.2025

---

Mar 31, 2024

(m) Provisions, Contingent Liabilities and Contingent Assets

The Company recognizes a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation that the likelihood of outflow of resources is remote, no provision or disclosure is made. Contingent Assets are neither recognized nor disclosed.

(n) Cash Flow Statement

The above Cash Flow Statement has been prepared under the ''Indirect Method'' as set out in the Accounting Standard (AS) S " Cash Flow Statement") prescribed under the Companies (Accounting Standards) Rules, 2006.

B. Rights, preferences and restrictions attached to shares

The company is having only one class of equity shares having value of Rs. 10 per share. For all matters submitted to vote in a shareholders meeting of the Company, every holder of an equity share as reflected in the records of the Company on the date of the shareholders meeting shall have one vote in respect of each share held. Any dividend declared by the company shall be paid to each holder of Equity shares in proportion to the number of shares held to total equity shares outstanding as on that date. In the event of liquidation of the Company all preferential amounts if any shall be discharged by the Company. The remaining assets of the Company shall be distributed to the holders of equity shares in proportion to the number of shares held to the total equity shares outstanding as on that date.

Notes:

(i) Fresh issue of shares in initial public offer (IPO)

During the year ended 31 March 2023, the Company has completed initial public offer (IPO) of 16,00,000 equity shares of the face value of Rs 10/-each at an issue price of Rs. 55/- per equity share (including a premium of Rs. 45 per equity share) aggregating to Rs 880.00 Lac. The offer comprises of a fresh issue of 16,00,000 equity shares aggregating to Rs. 880.00 Lac. The equity shares of the Company were listed on 16/09/2022 on National Stock Exchange of India Limited (NSE SME Platform)

NOTE 32 CAPITAL AND OTHER COMMITMENTS

Estimated amount of contract remaining to be executed and not provided for is Rs. NIL (Previous year Rs. NIL.)

NOTE 33 SEGMENT REPORTING

The Company operates in only one segment namely ''Doing Job work of Erection and Installation of Power Transmission Lines & Installation and Maintenance of Power Stations''. The Company is operating in India, which is considered as single geographical segment. Accordingly, no disclosure is required under AS-17.

NOTE 34 Lease payments are recognized in the Statement of Profit and Loss as "Rent Expense" under Note- 27.

NOTE 35 GST closing balances of respective states are subject to reconciliation with respective returns. Liability if any shall be accounted

for on cash basis in the year of admission.

NOTE 36 The company has awarded subcontract to M/S. Ravinandan Enterprise to provide civil work services for the State of MP. The contractor has raised grievance on MSME Champions Greivance Portal for delay in payment of Rs. 38 lakhs. However, outstanding payable to subcontractor as on March 31,2023 and March 31, 2024 is Rs. 575730/- only.

NOTE 37 ADDITIONAL REGULATORY INFORMATION

a. REVALUATION OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS:

The company has not revalued any of its Property, Plant and Equipment or Intangible Assets in the current as well as previous year.

b. The Company has not granted Loans or Advances in the nature of loan to any Promoters, Directors, KMPs and the Related Parties (As per Companies Act, 2013), which are repayable on demand or without specifying any terms or period of repayments.

C. DETAILS OF BENAMI PROPERTY HELD

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

d. BORROWINGS ON THE BASIS OF SECURITY AGAINST CURRENT ASSETS:

During the year the company has been sanctioned cash credit facility from HDFC Bank Limited on the basis of security of current assets. The Company has complied with the requirement of filing of monthly returns / statements of current assets with the bank, as applicable, and these returns were in agreement with the books of accounts for the year ended March 31,2024 and March 31,2023.

e. WILFUL DEFALUTER

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

f. RELATIONSHIP WITH STRUCK OFF COMPANIES

Management has represented that it does not have any transaction with companies struck off undersection 248 of the Companies Act,2013 or section 560 of Companies Act, 1956.

Explanation for variance of more than 25%

1 Current Ration has improved on account of significant increase in current assets and reduction in overall trade payables.

2 Debt service coverage ratio has been increased primarily due to increase in profitability as well as loan repayment capacity.

3 Return on equity ratio has been significant increase in equity share capital due to increase in net profit during the year

4 Trade payables turnover ratio has been increased due to quick payments to trade payable pursuant to healthy internal accruals.

5 Net capital turnover ratio has been increased primarily due to increase Turnover as compared to working capital.

6 Return on Capital Employed has been increased due to increase in EBIt during the year as compared to previous year

7 Return on investment has been generated this year due to profit on sale of wholly owned subsidiary during the year.

NOTE 38 Additional Information pursuant to Provisions of Paragraph 6 of Part I of Schedule III and Paragraph 5 of Part II of Schedule III to the Companies Act, 2013 has been furnished to the extent applicable in view of the nature of business of the Company.

NOTE 39 The value of realizations of Assets, other than Property, plant and equipment and Non-Current Investments in the ordinary course of business will not be less than the value at which they are stated in the Balance Sheet.

NOTE 40 The Outstanding Balances of Trade Payables, Unsecured Loans, Trade Receivables, Deposits and Loans & Advances are subject to confirmation.

NOTE 41 Figures of the previous year have been regrouped and reclassified wherever necessary.

As Per Our Report of Even Date Attached

For Mukund & Rohit For and on behalf of the Board of

Chartered Accountants Viviana Power Tech Limited

FRN 113375W

Sd/- Sd/- Sd/-

Vinay Sehgal Nikesh Choksi Richi Choksi

Partner Director Director

Membership No. 109802 DIN : 07762121 DIN : 07020977

Place: Vadodara Date: 08.05.2024

Sd/- Sd/-

Priyanka Choksi Hiral Bhatt

C.F.O. C.S.

Place: Vadodara Date: 08.05.2024