Issue of Shares (Initial Public Offer)

The Company has completed the initial Public Offer (IPO) of fresh issue and allotment of 25,00,200 equity shares of INR 10 each at an issue price of INR 200 per share on September 28, 2023. The equity shares of the Company were listed on Bombay Stock Exchange (BSE) on SME Platform w.e.f. October 06, 2023. The issue comprised of fresh issue of 25,00,200 equity shares aggregating to INR 5,000.40 Lakhs.

The Unutilised amount of INR 220 Lakhs is in bank as Fixed Deposit and INR 5 Lakhs is kept with Merchant Banker as a deposit.

Terms/Rights attached to equity shares

The Company has only one class of equity shares having a par value of INR 10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of 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 shares held by the shareholders.

As per the records of the company, including its register of shareholders/members and other declaration received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

Aggregate number of Equity shares issued as Bonus, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

• Equity shares issued as pursuant to any contract for consideration other than cash

The Company allotted 41,25,000 equity shares as fully paid up bonus shares by capitalisation of profits transferred from Securities Premium, pursuant to the passing of an Ordinary Resolution by the Shareholder in Extra Ordinary General Meeting held in September 8, 2022 for bonus equity in the ratio of 300:1 [300 (Three Hundred) equity shares to be issued for every 1 (one) equity shares].

• Equity shares bought back

The Company has not bought back any shares during the 5 preceding years.

Terms/Rights attached to 0% non-cumulative redeemable preference shares

Preference shareholders shall be entitled to rights and privileges as are contained in the Preference Share Agreement dated September 16, 2013 and any subsequent addendums thereof subject to the Companies Act, 1956 and any subsequent re-enactments thereof.

Preference Shares are redeemable / transferable in accordance with the terms contained in the Preference Share Agreement dated September 16, 2013 and any subsequent addendums thereof. As per addendum dated September 08, 2022, the preference shares are redeemable on any date on or before March 31, 2029.

No dividend is payable on the preference shares of the Company.

Each of the shares shall be redeemed at price calculated based on annual return of 18% p.a. for the Redemption period.

*The Company has completed the initial Public Offer (IPO) of fresh issue and allotment of 25,00,200 equity shares of INR 10 each at an issue price of INR 200 per share on September 28, 2023. The equity shares of the Company were listed on Bombay Stock Exchange (BSE) on SME Platform w.e.f. October 06, 2023. The issue comprised of fresh issue of 25,00,200 equity shares aggregating to INR 5,000.40 Lakhs.

**The Company has incurred Share issue expenses of INR 155.83 Lakhs (P.Y. INR 15.45 Lakhs) (excluding taxes) in connection with its Initial Public Offer (IPO) of equity shares. These expenses have been adjusted against securities premium as permissible under Section 52 of the Companies Act, 2013.

* 37,00,000 (P.Y. 37,00,000) fully paid up equity shares of Solapur Bio Energy System Private Limited and 14,80,000 (P.Y. 14,80,000) Redeemable Preference shares of Solapur Bio Energy System Private Limited are pledge with Bank for term loan taken by Solapur Bio Energy System Private Limited.

** Out of the total shares issued, 85,000 are partly paid up

# Out of total shareholding, 1 share is held by nominee shareholder.

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and demand factors in the employment market.

31. Leave Encashment (Unfunded)

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

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and demand factors in the employment market.

*Earning for debts Services = Net Profit Before Tax Non Cash Operating Expenses Interest Other

adjustment like loss on sale of property, plant and equipment etc.

**Debts Service = Interest Principal Repayment

***Interest on Debt Expense = Interest payable on any borrowings such as bonds, loans, line of credit during

the period.

****Capital Employed = Tangible Net worth Debts Deferred Tax Liability

Explanations for significant variation (i.e. change of 25% or more as compared to FY 2022-23) in ratios:

a) (Current Ratio : The ratio has improved due to increase in currents assets & decrease in current liabilities in current year as compared to last year.

(b) Debt-Equity Ratio : The ratio has improved due to decrease in total debts & increase in shareholder's equity in current year as compared to last year.

(c) Return on Equity Ratio : The ratio has declined due to decrease in profit after tax and increase in average shareholder's funds in current year as compared to last year.

(d) Trade payables turnover ratio : During the year, average trade payables have decreased and net credit purchases have increased as compared to last year. In view of the above, trade payable ratio is 0.57 times in FY 2023-24 as compared to 0.08 times in FY 2022-23.

(e) Net capital turnover ratio : The ratio has improved due to increase in sales and average working capital in current year as compared to last year.

(f) Net profit ratio : The ratio has declined due to decrease in profit and in increase in sales in current year as compared to last year.

(g) Return on Capital employed : The ratio has declined due to decrease in earnings before interest and tax in current year as compared to last year.

35. Segment Reporting

The Company is operating in the single segment and hence provision relating to the Segment Reporting as per

AS-17 "Segment Reporting" is not applicable.

36. Audit Trail

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 operated throughout the year for all relevant transactions recorded in the software.

37. Other Disclosures

1. The Company does not have any Benami property, where any proceeding has been initiated or pending against the company for holding any Benami property under Benami Transactions (Prohibition) Act, 1988 (45of 1988).

2. The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

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

4. The Company do not have any transactions with Crypto Currency or Virtual Currency where the Company has traded or invested in Crypto Currency or Virtual Currency during the year.

5. The Company has not advanced or loaned or invested funds to any other persons or entities, 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.

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

7. The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961.

8. During the year, the Company is not declared a wilful defaulter by any bank or financial Institution or other lender.

During the F.Y. 2023-24, the company has recognised lease payments of INR 29.69 Lakhs in the statement of profit and loss.

42 In the opinion of the Board, the provision for all the known liabilities is ' adequate and not in excess of the amount reasonably necessary.

43 In the opinion of the Board, all assets other than fixed assets and non current investments, have a realisable ' value in the ordinary course of business which is not different from the amount at which it is stated.

*During the year 2023-2024, the Management of the Company has searched various CSR projects and out of which identified one ongoing project of construction of Old Age Home and Hostel for persons with disability in Safale, Palghar, Maharashtra and allocated an amount of INR 6.30 lakhs towards such project and transferred such amount in an “Unspent CSR Account” of the Company in two tranches of INR 1.00 Lakh and INR 5.30 Lakhs on April 29, 2024 and April 30, 2024 respectively, in accordance with the Companies Act, 2013 read with the CSR Amendment Rules. The said amount of INR 6.30 lakhs shall be spent in compliance with provisions of Section 135(6) of the Companies Act, 2013 and rules made thereunder.

45. Previous year figure

Previous year’s figures have been regrouped where necessary to confirm to current year’s classification.