Notes to Accounts of Surana Solar Ltd.

Mar 31, 2024

1) All the Trade Receivables are Unsecured.

2) No Debts due by Directors or other officers of the company or any of them either severally or jointly with any other person or debts due by firms or private companies respectively in which any director is a partner or a director or a member.

3) The company considers its maximum exposure to credit risk with respect to customers as at 31st March 2024 to be Rs. 21.96 Lakhs (31st March 2023, 33.67 Lakhs) which is the carrying value of trade receivable after allowance for credit losses.

4) Trade receivables are hypothicated to Banks for availing the Cash Credit Facilities.

14(a) Advance paid under protest includes Bank Guarantee Invocation of Rs 666.63 Lakhs by Paradip Port Trust (PPT) Odissa. The said forfeiture was contested by the company, before Arbitral Tribunal constituted by the Honourable High Court of Odissa and the Arbitral Tribunal was pleased to pass award in favour of the company. Pradip Port Trust (PPT) has contested the award before Civil Judge (Senior Division) Commercial Court at Bhubaneshwar and the company has filed excution petition before the said court. Both the petitions are pending before the said court.

The Honble High Court of Odissa has directed by its order dated 08.04.2024 the Civil Judge (Senior Division) commercial court at Bhubaneshwar to conculde proceeding within a period of 6 months.

a) Terms / rights attached to Equity Shares

The company has only one class of issued equity shares having a par value of Rs.10/- per share. Each shareholder is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Description,Nature and Purpose of the each reserve with in equity are as follows

General Reserve: This reserve is created by an appropriation from one component of equity (generally retained earnings) to another, not being an item of OCI. The same can be utilised in accordance with the provisions of Companies Act 2013.

Retained Earnings: This reserve represents the cummulative profits of the company. The reserve can be utilised in accordance with the provisions of the Companies Act 2013

30. Financial Instruments by Category

The fair value of financial assets and liabilities is included in 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 fair value of trade receivable, trade payable and other current financial assets and liabilities is considered to be equal to the carrying value amounts of these items due to their short term nature. Where such items are non-current in nature the same has been classified as level 3 and fair value determine using discounted cash value basis.

Set out below is a comparison, by class, of the carrying amounts and fair value of the Company''s financial instruments,

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, decribed as follows, based on the input that is significant to the fair value measurement as a whole:

a) Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

b) Level 2 — Inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

c) Level 3 — Inputs which are unobservable inputs for the asset or liability.

External valuers are involved for valuation of significant assets & liabilities. Involvement of external valuers is decided by the management of the company considering the requirements of Ind As and selection criteria include market knowledge, reputation, independence and whether professional standards are maintained.

The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.

41) Contingent Liabilities and Commitments (to the extent not provided for)
Particulars	As at 31-03-2024	As at 31-03-2023
Contingent Liabilities- Commercial Claims	76.29	76.29
Commitments:
Guarantees issued by banks		4.25
Total	76.29	80.54

The Company''s employee benefits primarily cover provident fund, gratuity and leave encashment.

Provident fund is a defined contribution scheme and the company has no further obligation beyond the contribution made to the fund. Contributions are charged to the Profit & Loss account in the year in which they accrue. Gratuity liability is a defined benefit obligation and is based on the actuarial valuation done. The gratuity liability and the net periodic gratuity cost is actually determined after considering discounting rates, expected long term return on plan assets and increase in compensation level. All actuarial gain/ losses are immediately charged to the Profit & Loss account and are not deferred.

44) Financial Instruments by Category:

The fair value of financial assets and liabilities is included in 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 fair value of trade receivable, trade payable and other current financial assets and liabilities is considered to be equal to the carrying value amounts of these items due to their short term nature. Where such items are non-current in nature the same has been classified as level 3 and fair value determine using discounted cash value basis.

Set out below is a comparison, by class, of the carrying amounts and fair value of the Company''s financial instruments, other than those with carrying amounts that are reasonable approximates of fair values:

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, decribed as follows, based on the input that is significant to the fair value measurement as a whole:

a) Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

b) Level 2 — Inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either

directly or indirectly; and

c) Level 3 — Inputs which are unobservable inputs for the asset or liability.

External valuers are involved for valuation of significant assets & liabilities. Involvement of external valuers is decided by the management of the company considering the requirements of Ind As and selection criteria include market knowledge, reputation, independence and whether professional standards are maintained.

The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.

45) financial risk management objectives and policies

The Company''s principal financial liabilities other than derivatives comprise long-term and short-term borrowings, capital creditors and trade and other payables. The main purpose of these financial liabilities is to finance the Company''s

operations. The Company''s principal financial assets other than derivatives include trade and other receivables, cash and cash equivalents and deposits that derive directly from its operation.

The Company is exposed to market, credit, liquidity and regulatory risks. The Company''s senior management oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below :

A. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: commodity risk, interest rate risk and foreign currency risk.

(i) Commodity Price Risk

Company is affected by the price volatility of certain commodities, primarily, Solar Module. Its operating activities require the on-going purchase of these materials. The company has arrangement to pass-through the increase/decrease in these material price through price variance clause in majority of the contract.

(ii) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rate relates primarily to the Company''s operating activities (when revenue or expense is denominated in a foreign currency). Further, the Company has foreign currency risk on import of input materials, capital commitment and also borrow funds in foreign currency for its business. The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks. Certain transactions of the Company act as a natural hedge as a portion of both assets and liabilities are denominated in similar foreign currencies, for the remaining exposers to foreign exchange risks, the Company adopts a policy of selective hedging based on risk perception of management using derivative, whenever required, to mitigate or eliminate the risks.

(ii) Interest Rate risk

The Company is exposed to interest rate risk on financial liabilities such as borrowings, both short-term and long-term. It maintains a balance of fixed and floating interest rate borrowings and the proportion is determined by current market interest rates, projected debt servicing capability and view on future interest rates.

B. Credit Risk

Financial Asset of the Company include trade receivables, employee advances and bank deposits which represents Company''s maximum exposure to the credit risk.

With respect to credit exposure from customers, the Company has a procedure in place aiming to minimise collection losses. Credit Control team assesses the credit quality of the customers, their financial position, past experience in payment and other relevant factors. The Company''s exposure to credit risk is influence mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including default risk associated with the industry and country in which customers operate. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. with respect to other financial risk Viz loan and advances , deposit with government, the credit risk is insignificant since the loans and advances are given to its employees only and deposits are held with reputable banks. The credit quality of the financial assets is satisfactory, taking into account

^/-\n cmiuuiiie> die 111 ii iuicii i Rupee \jcu\ne>; eAuepi e>i iciie ucuci emu vviieie un ici vvie>c sicueu;

the allowance for credit losses.

C. Regulatory Risks

The Company performance may be impacted due to change in Regulatory Environment. The Company is closely monitoring the regulatory developments and risks thereof and proactively implementing course correction for proper compliance commensurate with new regulatory requirements.

D. Liquidity Risk

The company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank deposits and loans

The table below summarises the maturity profile of the company''s financial liabilities based on contractual undiscounted payments. (Amount in lakhs)

46) During the course of implementation of a project, there has been disputes on technical grounds between the company and Paradip Port Trust (PPT) as regard to escalation in cost and time limit for completion of the project. Taking a contrary stand, PPT cancelled/terminated LOI and forfeited mobilization advance, guarantee and performance guarantee. The company challenged the action of PPT before Honorable High Court of Odisha who in turn constituted an Arbitral Tribunal for settlement of dispute through arbitration. Consequently, the Arbitral Tribunal Passed an award in favour of the company. Paradip Port Trust (PPT) has contested the award before Civil Judge (Senior Division) commercial court at Bhubaneswar and company has filed execution petition before the said court. The honourable high court by order dated 8 April 2024 has directed Civil Judge (Senior Division) commercial court at Bhubaneswar to conclude the proceeding within a period of 6 months

The amount of Bank Guarantees invoked by PPT amounting to INR 666.63 Lacs (net of mobilization advance) has been shown under “Other Advances.

47) Capital Management

For the purpose of the Company''s capital management, capital includes issued equity capital, and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximize the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents.

49) Other Statutory Information

A. RELATIONSHIP WITH STRUCK OFF COMPANIES

The company do not have any transactions with company''s struck off under Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956 during the year ended 31st March, 2024 (Previous year: Nil).

B. DISCLOSURE IN RELATION TO UNDISCLOSED INCOME

The company do not have any such transactions which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year ended 31st March, 2024 and also for the year ended 31st March, 2023 in the tax assessments under Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

C. DETAILS OF BENAMI PROPERTY HELD

The Company do not hold any property under Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, hence there are no proceedings against the company for the year ended 31st March, 2024 and also for the year ended 31st March, 2023.

D. REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES (ROC)

The Company do not have any charges or satisfaction, which are yet to be registered with ROC beyond the statutory period, during the year ended 31st March, 2024 and also during the year ended 31st March, 2023

E. DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY

The company have not traded or invested in crypto currency or virtual currency during the year ended 31st March, 2024 and also during the year ended 31st March, 2023.

F. UTILISATION OF BORROWED FUND AND SHARE PREMIUM

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.

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.

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

50) Confirmation letters of majority of balances under the heads Trade Payables, Claims Recoverable, Loans & Advances, Trade Receivables and Deposits from and with various parties/ Government Departments have been sent but in number of cases such confirmation letters from the parties are yet to be received.

51) In respect of financial year commencing on or after 01^st April 2023, the Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operate throughout the year for all relevant transactions recorded in the software and the audit trail feature has not been tampered with and the audit trail has been and will be preserved by the company as per the statutory requirements for record retention

52) Previous year’s figures have been regrouped and rearranged, wherever found necessary.

In view of the recent amendments made in schedule III of Companies Act 2013, following changes has been done in the comparative period (as at March, 31 2023) which is not material qualitatively and quantitatively to the Company''s prior period financial statements.

---

Mar 31, 2023

1) All the Trade Receivables are Unsecured.

2) No Debts due by Directors or other officers of the company or any of them either severally or jointly with any other person or debts due by firms or private companies respectively in which any director is a partner or a director or a member.

3) The company considers its maximum exposure to credit risk with respect to customers as at 31st March 2023 to be Rs. 33.67 Lakhs (31st March 2022:354.75 Lakhs) which is the carrying value of trade receivable after allowance for credit losses.

4) Trade receivables are hypothicated to Banks for availing the Cash Credit Facilities.

Note * Earmarked balances with banks are denominated and held in Indian Rupees.

13 (a) Margin money represents money with original maturity of more than 3 months having remaining maturity of less than 12 months from the Balance sheet date

12 (b) Secion 124 of the companies Act, 2013 mandates that companies transfer dividend that has been unclaimed for a period of seven years from unpaid dividend account to the Investor Education and Protection Fund (IEPF). Accordingly, dividend pertaining to the financial year 2014-15 at Rs 5.78 Lakhs has been transferred to IEPF account.

15 (a) Advance paid under protest includes Bank Guarantee Invocation of Rs 666.63 Lakhs by Paradip Port Trust (PPT) Odissa. The said forfeiture was contested by the company, before Arbitral Tribunal constituted by the Honourable High Court of Odissa and the Arbitral Tribunal was pleased to pass award in favour of the company. Pradip Port Trust (PPT) has contested the award before Civil Judge (Senior Division) Commercial Court at Bhubaneshwar and the company has filed excution petition before the said court. Both the petitions are pending before the said court.

a) Terms / rights attached to Equity Shares

The company has only one class of issued equity shares having a par value of Rs.10/- per share. Each shareholder is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note Cash Credit /Letter of Credit

19 (a) Cash credit facilities from Scheduled Banks are secured by hypothecation of stock, trade receivables and first pari-passu charge on specific fixed assets of the company. Further, it has been guaranted by some of the Directors.The Company has taken loans against security of current assets and quarterly returns or statements of current assets filed by the Company with bank are in agreement with the books of accounts. It is repayable on demand.

Rate of Interest on the above loans is linked with Repo rate/ MCLR which is reset for every 3 months.

a. All the Trade payable are Unsecured

b. There are no disputed trade payables in the current and previous year.

c. Terms and conditions of the above financial liabilities:

- Trade payables are non-interest bearing and are normally settled on 30-120 day terms.

33 Financial Instruments by Category

The fair value of financial assets and liabilities is included in 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 fair value of trade receivable, trade payable and other current financial assets and liabilities is considered to be equal to the carrying value amounts of these items due to their short term nature. Where such items are non-current in nature the same has been classified as level 3 and fair value determine using discounted cash value basis.

Set out below is a comparison, by class, of the carrying amounts and fair value of the Company''s financial instruments, other than those with carrying amounts that are reasonable approximates of fair values:

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, decribed as follows, based on the input that is significant to the fair value measurement as a whole:

a) Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

b) Level 2 — Inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

c) Level 3 — Inputs which are unobservable inputs for the asset or liability.

External valuers are involved for valuation of significant assets & liabilities. Involvement of external valuers is decided by the management of the company considering the requirements of Ind As and selection criteria include market knowledge, reputation, independence and whether professional standards are maintained.

The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.

The Company''s employee benefits primarily cover provident fund, gratuity and leave encashment.

Provident fund is a defined contribution scheme and the company has no further obligation beyond the contribution made to the fund. Contributions are charged to the Profit & Loss account in the year in which they accrue. Gratuity liability is a defined benefit obligation and is based on the actuarial valuation done. The gratuity liability and the net periodic gratuity cost is actually determined after considering discounting rates, expected long term return on plan assets and increase in compensation level. All actuarial gain/ losses are immediately charged to the Profit & Loss account and are not deferred.

Segment Reporting

Factors used to identify the reportable segments.

The Company has following business segments, which are its reportable segments. These segments offer different products and services and are managed separately because they require different technology and production process. Operating segment disclosures are consistent with the Information.

The Company''s principal financial liabilities other than derivatives comprise long-term and short-term borrowings, capital creditors and trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets other than derivatives include trade and other receivables, cash and cash equivalents and deposits that derive directly from its operation.

The Company is exposed to market, credit, liquidity and regulatory risks. The Company''s senior management oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below :

A. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: commodity risk, interest rate risk and foreign currency risk.

(i) Commodity Price Risk

Company is affected by the price volatility of certain commodities, primarily, Solar Module. Its operating activities require the on-going purchase of these materials. The company has arrangement to pass-through the increase/decrease in these material price through price variance clause in majority of the contract.

(ii) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rate relates primarily to the Company''s operating activities (when revenue or expense is denominated in a foreign currency). Further, the Company has foreign currency risk on import of input materials, capital commitment and also borrow funds in foreign currency for its business. The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks. Certain transactions of the Company act as a natural hedge as a portion of both assets and liabilities are denominated in similar foreign currencies, for the remaining exposers to foreign exchange risks, the Company adopts a policy of selective hedging based on risk perception of management using derivative, whenever required, to mitigate or eliminate the risks.

(iii) Interest Rate risk

The Company is exposed to interest rate risk on financial liabilities such as borrowings, both short-term and long-term. It maintains a balance of fixed and floating interest rate borrowings and the proportion is determined by current market interest rates, projected debt servicing capability and view on future interest rates.

B. Credit Risk

Financial Asset of the Company include trade receivables, employee advances and bank deposits which represents Company''s maximum exposure to the credit risk.

With respect to credit exposure from customers, the Company has a procedure in place aiming to minimise collection losses. Credit Control team assesses the credit quality of the customers, their financial position, past experience in payment and other relevant factors. The Company''s exposure to credit risk is influence mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including default risk associated with the industry and country in which customers operate. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. with respect to other financial risk Viz loan and advances , deposit with government, the credit risk is insignificant since the loans and advances are given to its employees only and deposits are held with reputable banks. The credit quality of the financial assets is satisfactory, taking into account the allowance for credit losses.

C. Regulatory Risks

The Company performance may be impacted due to change in Regulatory Environment. The Company is closely monitoring the regulatory developments and risks thereof and proactively implementing course correction for proper compliance commensurate with new regulatory requirements.

D. Liquidity Risk

The company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank deposits and loans

The table below summarises the maturity profile of the company''s financial liabilities based on contractual undiscounted payments

50 During the course of implementation of a project, there has been disputes on technical grounds between the company and Paradip Port Trust (PPT) as regard to escalation in cost and time limit for completion of the project. Taking a contrary stand, PPT cancelled/terminated LOI and forfeited mobilization advance, guarantee and performance guarantee. The company challenged the action of PPT before Honorable High Court of Odisha who in turn constituted an Arbitral Tribunal for settlement of dispute through arbitration. Consequently, the Arbitral Tribunal Passed an award in favour of the company. Paradip Port Trust (PPT) has contested the award before Civil Judge (Senior Division) commercial court at Bhubaneswar and company has filed execution petition before the said court. Both the petition are pending before the said court. The amount of Bank Guarantees invoked by PPT amounting to INR 666.63 Lacs (net of mobilization advance) has been shown under “Other Advances”.

51 Capital Management

For the purpose of the Company''s capital management, capital includes issued equity capital, and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximize the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents.

Notes

a) Change in the ratio is due to decrease in the current liabilities and temporary investment in Liquid Funds.

b) Change in ratio is due to decrease in the debt.

c) Change in the ratio is due to increase in net profit and principal repayment of total debt.

d) Change in the ratio is due to increase in net profit after tax.

e) Change in the ratio is due to decrease in turnover.

f) Change in the ratio is due to increase in turnover and decrease in trade receivables.

g) Change in the ratio is due to increase in turnover and decrease in current liabilities.

h) Change in the ratio is due to increase in net profit after tax.

i) Change in the ratio is due to increase in net profit before tax and total repayment of total debt

j) Change in the ratio is due to increase in gain on investment.

53 Other Statutory Information

A. RELATIONSHIP WITH STRUCK OFF COMPANIES

The company do not have any transactions with company''s struck off under Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956 during the year ended 31st March, 2023 (Previous year: Nil).

B. DISCLOSURE IN RELATION TO UNDISCLOSED INCOME

The company do not have any such transactions which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year ended 31st March, 2023 and also for the year ended 31st March, 2022 in the tax assessments under Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

C. DETAILS OF BENAMI PROPERTY HELD

The Company do not hold any property under Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, hence there are no proceedings against the company for the year ended 31st March, 2023 and also for the year ended 31st March, 2022.

D. REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES (ROC)

The Company do not have any charges or satisfaction, which are yet to be registered with ROC beyond the statutory period, during the year ended 31st March, 2023 and also during the year ended 31st March, 2022.

E. DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY

The company have not traded or invested in crypto currency or virtual currency during the year ended 31st March, 2023 and also during the year ended 31st March, 2022.

F. UTILISATION OF BORROWED FUND AND SHARE PREMIUM

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.

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.

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

54 Confirmation letters of majority of balances under the heads Trade Payables, Claims Recoverable, Loans & Advances, Trade Receivables and Deposits from and with various parties/ Government Departments have been sent but in number of cases such confirmation letters from the parties are yet to be received.

55 Previous year''s figures have been regrouped and rearranged, wherever found necessary.

---

Mar 31, 2018

1. Related Party Disclosure

a. Name of the Related Parties and related party relationship Enterprises owned or significantly influenced by key management personnel or their relatives:

(i) Bhagyanagar India Limited (x) Andhra Electro Galvanising works

(ii) Surana Telecom and Power Limited (xi) Shahsons Private Limited

(iii) Surana Infocom Private Limited (xii) Surana Solar Systems Private Limited

(iv) Bhagyanagar Properties Limited (xiii) Innova Technologies Private Limited

(v) Bhagyanagar Green Energy Limited (xiv) Crescentia Solar Private Limited

(vi) Bhagyanagar Energy & Telecom Private Limited (xv) Aryavaan Renewable Energy Private Limited

(vii) Tejas India Solar Energy Private Limited (xvi) N.S Enterprises

(viii) Aanvik Mercantile Private Limited (xvii) Surana Woodworks India Private Limited

(ix) Bhagyanagar Ventures Private Limited (xviii) Bhagyanagar Securities Private Limited

b. Key management personnel

(i) G.M Surana (iii)Narender Surana

(ii) Devendra Surana (iv) Manish Surana (Director Fin. & Tech)

c. The following transactions were carried out during the year with Enterprises owned or significantly influenced by key management personnel or their relatives related parties in the ordinary course of business:

2. Advance to suppliers includes '' 7,962,711/- (USD $122,427) fraudulently collected from the company. A complaint has been lodged with the cybercrime cell, Hyderabad and the receiving bank in Poland who has confirmed to have blocked the amount and reported the case to Local Prosecutor. The company has taken steps for refund of the amount.

3. During the course of implementation of the project, there has been disputes on technical grounds between the company and PPT as regard to escalation in cost and time limit for completion of the project. Taking a contrary stand, PPT cancelled/ terminated LOI and forfeited mobilization advance, guarantee and performance guarantee. The company challenged the action of PPT before Honorable court of Odisha who in turn was pleased to pass an order to pursue the remedy before the adjudicator or file suitable application for settlement of dispute through arbitration. The amount of Bank Guarantees invoked by PPT amounting to '' 66,663,020/- (net of mobilization advance) has been shown under “Other Advances”.

4. In the opinion of Board of Directors and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business, would not be less than the amount at which the same are stated in the Balance Sheet.

The above table summarizes the components of Net Benefit expenses recognized in the Profit & Loss account and amount recognized in the Balance Sheet for the respective plans.

5. Segment Reporting

Factors used to identify the reportable segments:

The Company has following business segments, which are its reportable segments. These segments offer different products and services, and are managed separately because they require different technology and production processes. Operating segment disclosures are consistent with the information

Reportable segments Product/Service

1. Solar Products Manufacturing and trading of Solar Photovoltic (SPV) Modules.

2. Wind Power Generation of Wind Power Energy.

A. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and other price risk, such as equity price risk and commodity/ real-estate risk. Financial instruments affected by market risk include loans and borrowings and refundable deposits

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s long-term debt obligations with floating interest rates. The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The Company does not enter into any interest rate swaps.

B. Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including refundable joint development deposits, security deposits, loans to employees and other financial instruments.

Trade receivables

i. Receivables resulting from sale of properties: Customer credit risk is managed by requiring customers to pay advances before transfer of ownership, therefore, substantially eliminating the Company''s credit risk in this respect.

ii. Receivables resulting from other than sale of properties: The firm has established credit limits for customers and monitors their balances on ongoing basis. Credit Appraisal is performed before leasing agreements are entered into with customers. The risk is also marginal due to customers placing significant amount of security deposits for lease and fit out rentals.

Financial Instrument and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company''s Finance department in accordance with the Company''s policy. Investments of surplus funds are reviewed and approved by the Company''s Board of Directors on an annual basis The Company''s maximum exposure to credit risk for the components of the statement of financial position at 31 March 2018 and 2017 is the carrying amounts.

C. Liquidity risk

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank deposits and loans.

The table below summarizes the maturity profile of the Company''s financial liabilities based on contractual undiscounted payments. (Amount in '')

6. Capital Management

For the purpose of the Company''s capital management, capital includes issued equity capital, and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximize the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the

7. First-time adoption of Ind AS

These financial statements, for the year ended March 31, 2018, are the first the Company has prepared in accordance with Ind AS. For periods up to and including the year ended March 31, 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP).

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on March 31, 2018, together with the comparative period data as at and for the year ended March 31, 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the Company''s opening balance sheet was prepared as at April 1, 2016, the Company''s date of transition to Ind AS.

Exemptions applied

Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions:

(a) Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for investment property covered by Ind AS 40 Investment Properties. Accordingly, the Company has elected to measure all of its property, plant and equipment and investment property at their previous GAAP carrying value.

(b) Ind AS 27 requires investments in subsidiaries to be recorded at cost or in accordance with Ind AS 109 in its separate financial statements. However Ind AS 101 provides an option in case the Company decides to measure such investment at cost (determined in accordance with Ind AS 27) or deemed cost (fair value or previous GAAP carrying amount) at that date. The Company can avail the above exemption and recognize the investment in firms at the previous GAAP carrying amount at the date of transition to Ind AS.

The Company has also prepared a reconciliation of equity as at March 31, 2017 and April 1, 2016 under the Previous GAAP with the equity as reported in these financial statements under Ind AS, that reflect the impact of Ind AS on the components of statement of balance sheet which is presented below:

Notes to reconciliations between previous GAAP and Ind AS

Other comprehensive income:

Under Indian GAAP, the Company has not presented other comprehensive income (OCI) separately. Hence, it has reconciled Indian GAAP profit/loss to profit/loss as per Ind AS. Further, Indian GAAP profit/loss is reconciled to total comprehensive income as per Ind AS.

8. Previous year''s figures have been regrouped and rearranged, wherever found necessary.

---

Mar 31, 2016

1 (a) There were no Bonus issues, forfeited shares and buy back of shares in last five years.

2 (b) Issued, subscribed and paid-up capital

Notes:

3 (a) Car loan from bank / Financial Institutions

(i) Car loan from HDFC Bank Ltd is secured against hyphotication of car. The loan was taken during the financial year 2012-13 and is repayable in monthly installment of Rs 131,972/- each. Accordingly due with in a year is Rs 15,83,664/- which is classified under "Other Current Liabilities".

(ii) Car loan from Kotak Mahindra Prime Limited is secured against hyphotication of car. The loan was taken during the financial year 2013-14 and is repayable in monthly installment of Rs 32,000/- each. Accordingly due with in a year is Rs 3,84,000/- which is classified under "Other Current Liabilities".

(iii) Car loan from Daimler Financial Services India Private Limited is secured against hyphotication of car. The loan was taken during the financial year 2014-15 and is repayable in monthly installment of Rs 353,760/- each. Accordingly due with in a year is Rs 4,245,120/- which is classified under "Other Current Liabilities".

4 (b) Term Loan from Indian Overseas Bank is secured by way of Lease hold right of land and Building of the plant situated at Fabcity, RR.District. The loan is repayable in 12 quarterly installments of Rs 41,70,000/- each beginning from March 2016. Accordingly due with in a Year is Rs. 1,66,80,000/- which is classified under "Other Current Liabilities".

Notes: 5 (a) Cash Credit

Cash credit from Scheduled Banks is secured by hypothecation of stock, trade receivables and first pari-passu charge on specific fixed assets of the company. Further, it has been guaranteed by the Managing Director and Director.

(b) Buyer''s Credit

Buyer''s credit from Scheduled Banks is secured by hypothecation of stock, trade receivables and first pari-passu charge on specific fixed assets of the company. Further, it has been guaranteed by the Managing Director and Director.

6 (b) In case of Trade Payables, Letter of confirmations of balances were sent, Hence the balances as on the date of Balance Sheet are Subject to Confirmation and Reconciliation.

(c) As per the information available with the company about the Industry Status of the Creditors, There are no dues to Micro and Small Enterprises under the Micro, Small and Medium Enterprises development Act, 2006.

Retirement and Other Employees Benefits

The Company''s employee benefits primarily cover provident fund, gratuity and leave encashment.

Provident fund is a defined contribution scheme and the company has no further obligation beyond the contribution made to the fund. Contributions are charged to the Profit & Loss account in the year in which they accrue.

Gratuity liability is a defined benefit obligation and is based on the actuarial valuation done. The gratuity liability and the net periodic gratuity cost is actually determined after considering discounting rates, expected long term return on plan assets and increase in compensation level. All actuarial gain/ losses are immediately charged to the Profit & Loss account and are not deferred.

The following table summarizes the components of Net Benefit expenses recognized in the Profit & Loss account and amount recognized in the Balance Sheet for the respective plans.

Notes:

(7) The Company is currently focused on two business segments: manufacturing of solar Photovoltic (SPV) modules and generation of wind power energy. The company''s organizational structure and governance processes are designed to support effective management of multiple businesses while retaining focus on each one of them.

(8) Previous years figures have been regrouped and recast wherever necessary to make them comparable with current year''s figures.

---

Mar 31, 2015

1. (a) There were no Bonus issues, forefieted shares and buy back of shares in last five years.

(b) During the year, the Equity Shares of Rs. 10/- each were sub-divided into Equtiy Shares of Rs. 5/- each, due to which there is an increase in no. of shares.

2.(a) Buyer's credit from banks

(i) Buyer's credit from Scheduled Banks is secured by hypothecation of stock, trade receivables and first pari-passu charge on specific fixed assets of the company. Further, it has been guaranted by the Managing Director and Director. Accordingly due with in a Year is Rs. 509,806,556/- which is classified under short term borrowings.

(b) Car loan from bank / Financial Institutions

(i) Car loan from HDFC Bank Ltd is secured against hyphotication of car. The loan was taken during the financial year 2012-13 and is repayable in monthly installment of Rs. 131,972/- each. Accordingly due with in a year is Rs. 1,451,692/- which is clasified under current liabilities.

(ii) Car loan from Kotak Mahindra Prime Limited is secured against hyphotication of car. The loan was taken during the financial year 2013-14 and is repayable in monthly installment of Rs. 32,000/- each. Accordingly due with in a year is Rs. 384,000/- which is clasified under current liabilities.

(iii) Car loan from Daimler Financial Services India Private Limited is secured against hyphotication of car. The loan was taken during the financial year 2014-15 and is repayable in monthly installment of Rs. 353,760/- each. Accordingly due with in a year is Rs. 4,245,120/- which is clasified under current liabilities.

3.(a) Cash credit

Cash credit from Scheduled Banks is secured by hypothecation of stock, trade receivables and first pari-passu charge on specific fixed assets of the company. Further, it has been guaranted by the Managing Director and Director.

(b) Buyer's credit from scheduled banks due within a year is classified as short term borrowings

4.Provision for interest on buyer's credit from banks has been made on proportionate basis

5. The Board of Directors have recommended a dividend of Rs 0.50/- per share for the year ended 31st March, 2015 (Previous Year Rs.0.50/- per share). There is a subdivision of shares of Rs 10 each into 2 equity shares of Rs. 5/- each during the year. Hence, the dividend per share for the pervious year is restated to make it comparable.

As at As at Particulars 31.03.2015 31.03.2014

6. Commitments and contingent liabilities i Commitments/ contingent liabilities

a Guarantees issued by banks 18,424,116 3,062,116

b Letters of credit outstanding 65,076,532 44,256,894

Total 83,500,648 47,319,010

7. Related party disclosures

a. Related parties where significant inluence exists and with whom transactions have taken place during the year

1 Bhagyanagar India Limited

2 Surana Telecom and Power Limited

3 Solar Dynamics Private Limited

4 Surana Solar Systems Private Limited

5 Green Energy Systems Private Limited

6 Bhagyanagar Securities Private Limited

7 Bhagyanagar Green Energy Limited

8 Bhagyanagar Energy & Telecom Private Limited

b Associate Company

Solar World Exchange Private Limited

c Key Managerial Personnel

G.M Surana

Narender Surana

Devendra Surana

Manish Surana (Director Fin. & Tech)

Badarish H Chimalgi (Company Secretary)

8. Surana Solar Systems Private Limited ceased to be the subsidiary with effect from 09.06.2013

9. Retirement and Other Employees Benefits

The Company's employee benefits primarly cover provident fund, gratuity and leave encashment.

Provident fund is a defined contribution scheme and the company has no further obligation beyond the contribution made to the fund. Contributions are charged to the Profit & Loss account in the year in which they accrue.

Gratutiy liabilty is a defined benefit obligation and is based on the actuarial valuation done. The gratutiy liability and the net periodic gratutity cost is actually determined after considering discounting rates, expected long term return on plan assets and increase in compensation level. All actuarial gain/ lossess are immediately charged to the Profit & Loss account and are not deferred.

The following table summarises the components of Net Benefit expenses recognised in the Profit & Loss account and amount recognised in the Balance Sheet for the respective plans.

10.i. The Company is currently focused on two business segments: manufacturing of solar Photovoltic (SPV) modules and generation of wind power energy. The company's organisational stracture and governance processes are designed to support effective management of multiple businesses while retaining focus on each one of them.

ii. Previous years figures have been regrouped and recast wherever necessary to make them comparable with current year's figures.t year's figures.

---

Mar 31, 2014

1.1 (a) Cash credit

Cash credit from Scheduled Banks is secured by hypothecation of stock, trade receivables and first pari-passu charge on specific fixed assets of the company. Further, it has been guaranted by the Managing Director and Director.

1.2 (b) Buyer''s credit from scheduled banks due with in a year is classified as short term borrowings

As at As at Particulars 31.03.2014 31.03.2013

Note: 2.1 Commitments and contingent liabilities

i Commitments/ contingent liabilities

a Guarantees issued by banks 3,062,116 4,638,000

b Letters of credit outstanding 44,256,894 122,695,892

Related parties where significant inluence exists and with whom transactions have not taken place during the year

1 AP Golden Apparels Private Limited 18 Bhagynagar Entertainment and Infra Development Company Private Limited

2 Bhagyanagar Capital Private Limited 19 Majestic Logistics Private Ltd

3 Bhagyanagar Industrial Park 20 Sha Sons Private Limited

4 Bhagyanagar Infrastructure Limited 21 Bhagyanagar Foods & Beverages Private Limited

5 Bhagyanagar Metals Limited 22 Andhra Electro Galvanising 6 Bhagyanagar Properties Private ltd 23 Bhagyanagar Entertainment Ltd

7 Scientia Infocom India Private Ltd 24 Bhagyanagar Ventures Pvt Ltd

8 Blossom Residency Private Limited 25 Everytime Foods Industries Private Limited

9 Celestial Solar Solutions Privae Ltd 26 Royal Skyscrapers India PvtLtd

10 Epicentre Entertainment Private Ltd 27 Surana Boichemicals Pvt Ltd

11 Globecom Infotech Private Limited 28 Site Tonic Websolutions Pvt Ltd

12 GMS Realtors Private Limited 29 Stealth Energy Private Limited

13 Green Energy Systems Private Ltd 30 Surana Technopark Pvt Ltd

14 Innova Biotech India Private Ltd 31 Metropolitan Venuters India Limited

15 Innova Infrastructure Private Ltd 32 Bhagyanagar Securities Private Limited

16 Innova Technologies Private Limited 33 Corpmedia Publications India Private Limited

17 Vpower Solutions Private Limited 34 Globecom Infra Ventures Pvt ltd (formerly Tranquil Avenues Private Limited)

Related parties where significant inluence exists and with whom transactions have taken place during the year

1 Bhagyanagar India Limited 5 Surana Infocom Private Limited

2 Surana Telecom and Power Limited 6 Value Infrastructure & Properties Private Limited

3 Solar Dynamics Private Limited 7 Bhagyanagar Green Energy Limited

4 Surana Solar Systems Private Ltd 8 Bhagyanagar Energy & Telecom Private Limited

b Associate Company c Key Managerial Personnel

Solar World Exchange Private Limited G.M Surana

Narender Surana

Devendra Surana

Manish Surana

Note: 2.2

Retirement and Other Employees Benefits

The Company''s employee benefits primarly cover provident fund, gratuity and leave encashment

Provident fund is a defined contribution scheme and the company has no further obligation beyond the contribution made to the fund. Contributions are charged to the Profit & Loss account in the year in which they accrue Gratutiy liabilty is a defined benefit obligation and is based on the actuarial valuation done by the Life Insurance Corporation of India. The gratutiy liability and the net periodic gratutity cost is actually determined after considering discounting rates, expected long term return on plan assets and increase in compensation level. All actuarial gain/ lossess are immediately charged to the Profit & Loss account and are not deferred.

The following table summarises the components of Net Benefit expenses recognised in the Profit & Loss account and amount recognised in the Balance Sheet for the respective plans.

---

Mar 31, 2013

1.1 Retirement and Other Employees Benefits

The Company''s employee benefits primarly cover provident fund, gratuity and leave encashment

Provident fund is a defined contribution scheme and the company has no further obligation beyond the contribution made to the fund. Contributions are charged to the Profit & Loss account in the year in which they accrue

Gratutiy liabilty is a defined benefit obligation and is based on the actuarial valuation done by the Life Insurance Corporation of India. The gratutiy liability and the net periodic gratutity cost is actually determined after considering discounting rates, expected long term return on plan assets and increase in compensation level. All actuarial gain/ lossess are immediately charged to the Profit & Loss account and are not deferred.

The following table summarises the components of Net Benefit expenses recognised in the Profit & Loss account and amount recognised in the Balance Sheet for the respective plans.

1.2 Segment Information

The company is in the business of manufacture and sale of solar products and Generation of wind Electricity. Considering the core activities of the company, management is of the view that there is no secondary segment.

---

Mar 31, 2012

1.1 (a) On scheme of merger, the shares of promoters and Group companies have been reduced to the extent of 60,00,000 by converting into debentures and the same were to be redeemed after a period of 18 Months from the date of issue.

(b) Out of which 1,56,03,300 shares have been allotted to the shareholders of M/s Surana Telecom and Power Limited in consideration of merger of its Solar Division as per the scheme of arrangement in the year 2011 as approved by the High Court of Andhra Pradesh.

(c) Equity shareholder holding more than 5% of equity shares along with the number of equity shares held is as given below.

Notes: Car Loan from Bank:

1.2 (a) Car loan from Axis Bank Ltd is secured against hypothecation of car. The loan was taken during the financial year 2010-11 and is repayable in monthly installment of Rs. 2,28,222/- each. Accord- ingly due with in a year is Rs 27,38,664/- which is clasified under current liabilities.

1.3 (b) Cash Credit & Buyer's Credit from banks

Cash Credit & Buyer's Credit from scheduled Banks is secured by hypothecation of stock, Trade receivables and first pari-passu charge on specific fixed assets of the company. Further, it has been guaranted by the Managing Director and Director.

Notes: In case of Trade payables, Letters seeking confirmation of year-end balances are sent to the respective parties. Hence the Balances are subject to confirmation and reconcilation.Further, as per the information about the industrial status of the creditor there are no dues to any micro and small enterprises under the micro small and medium enterprises development act 2006.

Notes: Debentures

1.4 (a) in lieu of scheme of merger, 60,00,000 Non-convertible secured debentures of Rs. 10/- each were issued and the same were to be redeemed after a period of 18 months from the date of issue. Accordingly, the debentures were redeemed in the current financial year.

1.4 (b) Provision for interest on Buyers Credit from banks has been made on proportionate basis.

Note: Proposed Equity Dividend

1.5 (a) The Board of Directors have recommended a dividend of Rs.0.50/- per share for the year ended 31st March, 2012 (Previous Year Rs. 1/- per share)

Note: Trade Receivables

1.6(a) Previous year's figures include Rs. 53,47,380/- which was receivable from a company in which directors are interested.

1.6(b) Includes Rs. 53,47,380/- receivable from related party in which Directors are interested.

1.6(c) In case of Trade receivables letters for confirmation of year end balances are sent. Hence, the balances as on the date of Balance Sheet are subject to confirmation and reconciliation.

(All amounts in ' except share data and unless otherwise stated)

1.7. Commitments and Contingent Liabilities

As at As at

31.03.12 31.03.11

i. Commitments/ Contingent Liabilities

a Guarantees issued by banks 2,208,000 30,000,000

b Letters of credit outstanding 12,930,255 62,952,255

1.8 Retirement and Other Employees Benefits

The Company's employee benefits primarly cover provident fund, gratuity and leave encashment.

Provident fund is a defined contribution scheme and the company has no further obligation beyond the contribution made to the fund. Contributions are charged to the Profit & Loss account in the year in which they accrue.

Gratuity liabilty is a defined benefit obligation and is based on the actuarial valuation done by the Life Insurance Corporation of India. The gratutiy liability and the net periodic gratutity cost is actually determined after considering discounting rates, expected long term return on plan assets and increase in compensation level. All actuarial gain/ lossess are immediately charged to the Profit & Loss account and are not deferred.

Previous years figures have been regrouped and recast wherever necessary to make them comparable with current year's figures.

---

Mar 31, 2011

1. Share Capital

Upon scheme of arrangement with M/s. Surana Telecom and Power Limited, becoming effective on 28.07.2010 equity shares have been allotted to the share holders of M/s Surana Telecom and Power Limited and the amount of Rs. 15,60,33,000/- as disclosed on the face of the Balance Sheet under the head "Share Capital Suspense Account'' as on 31.03.2010 has been transferred to Share Capital Account.

2. Secured Loans

Cash Credit limits from banks are secured by current assets of the company on pari-pasu-basis and respectively and personal guarantee of the Managing Director and Director.

3. Minimum Alternate Tax- MAT (Non Current Asset)

The management after a detailed review of future business growth prospect of the company, the provisions of applicable accounting standards to the company and the Guidance note issued by Institute of Chartered Accountant of India on Accounting and Disclosure of MAT Credit, is of the opinion that the MAT Credit would be reversed by way of adjustments to Income Tax Payable in the forthcoming years.

4. a) Capital Advances

Capital advances represents the advances given for setting of a PV Cell Manufacturing Unit at Fab city, Hyderabad with a capacity of 35 MW.

b) Capital Commitment

Capital commitment for setting up the PV Cell Manufacturing Unit is Rs. 7,127 lacs

5. Sundry Debtors and loans and advances

In case of balances in Sundry debtors, loans & advances and other current assets letters seeking confirmation of year end balances are sent to the concerned parties. The balances are subject to confirmation and reconciliation.

6. Contingent Liability not provided for (As certified by the management)

31.03.2011 31.03.2010 Particulars Rs. in lakhs Rs. in lakhs

Counter Guarantees given to the banks against guarantee 300.00 - issued by them

Letters of Credit opened by banks/ Buyer's Credit 629.52 144.26

Previous figures have been regrouped and recast wherever necessary to make them comparable with current year's figures.