v) Pursuant to ordinary resolution passed by the Shareholders at their Extraordinary General Meeting held on October 27, 2023 and pursuant to Section 63 and other applicable provisions, if any, of the Companies Act, 2013 and rules made thereunder, the company has issued bonus shares of C 1199.56 Lakhs out of free reserves and surplus, and distributed amongst the Equity Shareholders by issue of 1,19,95,600/- Equity shares of ?10/- each credited as fully paid to the Equity Shareholders in the proportion of 2 (Two) Equity share for every 1 (One) Equity shares on 27^th October 2023.

vi) No shares were bought back in past 5 years preceding the balance sheet date

Note-29(a): Segment Information

For the financial year ended March 31,2024, the primary reporting of the Company has been performed on the basis of business segment. The management of the company has evaluated the Company's overall performance as one segment which is 'manufacturing of solar modules and assembling of solar pumps' and operates in a single business segment based on the nature of business, the risks and returns, the organization structure and the internal financial reporting systems. Accordingly, the figures appearing in these financial statements relate to the Company's single business segment. The Company has significant operations based in India, hence there are no reportable geographical segments in standalone financial results.

During the preceding financial year (i.e., FY2022-23), the Company had identified business segments as its primary segment and geographic segments as its secondary segment.

- Business segments are primarily trading of Circular Knitting Needle & other items except solar related items and Manufacturing; trading and application of Solar Panel etc.

'- Geographic segments are primarily divided into Domestic & Overseas operations. The Company operates and deals primarily in India and does not have major overseas operations. Accordingly, no geographical segment reporting has been made.

Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts with some assumption on provisional basis. Revenue & Expenses not attributable to segments are reported as unallocatable.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment, however due to complex nature of business the segment assests and liabilities are on provisional basis.

All other assets and liabilities are disclosed as unallocable.

Reasons for variance of more than 25% in above ratios

(i) Change is on account of increase in outstanding balance of trade receivables and unutilised balance of IPO proceeds laying in cash & cash equivalents.

(ii) Change is on accounts of public issue being made during the year which has resulted in improved Debt to Equity Ratio.

(iii) Increase in revenue and improved profitability has resulted into change in ratio by more than 25%

(iv) Increase in volume and procurement of smaller lots has resulted into change in ratio by more than 25%

(v) Procurement of smaller lots has resulted into change in ratio by more than 25%

(vi) Change is on increase in volume and thereby turnover

(vii) Increase is on account of Profit on Disposal of Investment in Subsidiary / Associates booked during current year.

¹ The company has received assessment order for the AY2017-18 wherein the AO has raised demand of C109.03 Lakhs under the provisions of Income Tax Act, 1961. The company has filed appeal against the said order which is pending before the Commissioner of Income Tax (Appeals). The company is confident of getting favourable order and hence the said demand has been disclosed as contingent liability.

² On the basis of individual cases, the company is confident of settling the aforesaid obligation in time. Accordingly, no provision is required in respect of the above.

30.3 Unhedged foreign currency exposure:

The company have unhedged foreign currency exposure as at the reporting date of USD 6.14 Lakhs (receivable) [PY 208 Lakhs (payable)]

30.4 Pending Litigations:

The company is subject to legal proceedings and claims, which have arisen in the ordinary course of business. The company's management does not reasonably expect that these legal actions, when ultimately concluded and determined, will have a material and adverse effect on the company's results of operations or financial condition.

30.7 The company has used the borrowings from banks and financial institutions for the specific purpose for which it was taken at the balance sheet date.

30.8 Corporate Social Responsibility Expenses

As per Section 135 of the Companies Act, 2013, the company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The company is in the process of setting up CSR Committee and will formulate a plan for spending of CSR amount.

31. The Company's financials are appropriately prepared on a going concern basis. The Company have no plans or intentions that may materially affect the carrying value or classification of assets and liabilities reflected in the financial statements.

32. The outstanding balances of suppliers, debtors, creditors and others are subject to confirmation and subsequent reconciliation.

33. In the opinion of the board and to the best of their knowledge and belief the realizable value of current assets, loans and advances and others, in the ordinary course of business, would not be less than the amount at which they are stated in balance sheet and the provisions are all known and determined liabilities is adequate and not in excess of the amount

34. The GST Receivable / Payable / RCM on Freight & other issues on GST are subject to reconciliation / rectification in GST Annual Return and entries arising out of the same, if any.

35. The quantitative details & valuation of inventory and work in progress has been taken as certified & verified by the Management based on the physical verification carried out as at March 31,2024.

36. Information as required to be reported / disclosed pursuant to the provisions of Schedule III of the Companies Act, 2013 has not been given / reported / disclosed, where the same is not applicable to the company.

37. The financial statements have been prepared on accrual basis under the historical cost convention and on going concern concept.

38. Disclosure under Accounting Standards

38.1 Foreign Exchange Gain / (Loss) (AS-11):

The Company has booked exchange rate difference gain during the year of C58.24 Lakhs against previous year gain of C31.98 Lakhs on account of foreign transactions and the same is credited to the Statement of Profit & Loss Account.

ii) Defined Benefit Plans Gratuity

The Company operates one defined benefit plan, viz., gratuity for its employees. Under the gratuity plan, every employee who has completed atleast five years of service gets a gratuity on departure @ 15 days of last drawn salary for each completed year of service. The scheme is unfunded.

The following tables summarize the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet for the respective plans.

39. Additional Regulatory Information

39.1 Title deeds pertaining to Immovable Property are held in the name of the Company as at March 31,2024.

There are no title deed of Immovable Property which is not held in name of the Company

39.2 During the year, no Property, Plant and Equipment, has been revalued by the company.

39.3 The company has not granted any Loans or Advances in the nature of loans to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person, that are repayable on demand or without specifying any terms or period of repayment.

39.5 The company does not have any Intangible under Development as at March 31,2024.

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

39.7 In respect of borrowings from banks or financial institutions on the basis of security of current assets, monthly or quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts.

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

39.9 Relationship with Struck off Companies

Based on the information available, the company did not have any transactions with the companies struck off under sec 248 of the companies Act 2013 or section 560 of companies act, 1956 during the financial year.

39.10 All charges have been duly registered on the MCA portal except Vehicle loan taken from ICICI Bank amounting to C 16.37 Lakhs.

39.11 The company has complied 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.

39.12 No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.

39.13 The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall 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 provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

39.14 There were no transactions which were 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.

39.15 During the year, the company had not traded or invested in Crypto Currency or Virtual Currency, hence this note is not applicable.

41. Previous year's figures :

Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

42 During the year ended March 31,2024, the Company has completed its Initial Public Offer (IPO) of 64,80,000 equity shares of face value C10 each at an issue price of C115 per share (including a share premium of C105 per share). The complete public issue comprised of fresh issue of 64,80,000 equity shares aggregating to C7452 lacs. Pursuant to IPO, the equity shares of the Company were listed on EMERGE platform National Stock Exchange of India Limited (NSE) for SMEs on Feb 15, 2024.

The total offer expenses are estimated to be C 1,159.35 lacs (exclusive of taxes) which has been utilised from Securities Premium Account in accordance with section 52 of the Companies Act, 2013. The utilization of IPO proceeds of C6,693.83 lacs (net of provisional IPO expenses of C758.17 lacs) is summarized below:

Net proceeds which were unutilised as at March 31,2024 were temporarily invested in deposits with scheduled commercial banks account.

There is no material deviation or variation in the utilisation of IPO proceeds, the same has only been utilised for the objects specified in the issue document.

43. On Sept 30, 2023, the Company had disposed off its stake of 97.83% in its subsidiary company i.e., M/s Alpex Exim Private Limited for a consideration of C251.84 lacs.

44. On Sept 21, 2023, the Company had disposed off its stake of 32.49% in its associate company, i.e., M/s Scan International Private Limited for a consideration of ?9.30 lacs.

45. The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

Corporate Information & Significant Accounting Policies 1-2

Accompanying notes form an integral part of the Financial Statements