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L51109GJ2010PLC060377 2021-04-01 2022-03-31 Q1 L51109GJ2010PLC060377 2022-03-31 auditor L51109GJ2010PLC060377 2021-04-01 2022-03-31 auditor iso4217:INR xbrli:shares xbrli:pure iso4217:INR xbrli:shares EQUITY PIYUSHKUMAR BABUBHAI THUMAR AGRPT9202C INDIA 12636000 0.62 Other non-current investments Other investments UNQUOTED 2828340 VC Project BSL (JV) JV 81916110 0 valued on basis of the incurred costs less the cost of progressive billing of the projects 12254700 0 at lower of cost and net realisable value 0 AS PER NOTES 90681990 0 90681990 0 0 0 0 0 90681990 0 12658500 0.62 39000 0.00 0 0 12697500.00 0.62 6397500 0.31 162000 0.01 1122000 0.01 21000 0.00 7702500.00 0.38 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 0 0 0 0 0 0 0 0 0 0 0 0 0 533120 133280 0 0 0 0 0 0 0 0 133280 176530 0 0 0 0 -133280 0 0 0 0 0 0 0 0 0 0 -133280 356590 0 0 0 0 0 0 0 0 0 0 0 0 0 533120 133280 0 0 0 0 0 0 0 0 133280 176530 0 0 0 0 -133280 0 0 0 0 0 0 0 0 0 0 -133280 356590 0 0 0 0 0 0 0 0 0 0 0 0 0 533120 133280 0 0 0 0 0 0 0 0 133280 176530 0 0 0 0 -133280 0 0 0 0 0 0 0 0 0 0 -133280 WDV estimated useful life or 4 years, whichever is lower WDV estimated useful life or 4 years, whichever is lower WDV estimated useful life or 4 years, whichever is lower Bright Solar Inverter Private limited INDIA AAGCB5969A Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives PURCHASE 6372910 0 0 Jagrutiben Rameshbhai Joshi INDIA ASKPJ5727D Key Management Personnel Sitting fees 100000 0 0 Hitesh Thumar INDIA ARPPT2713B Key Management Personnel Salary 1100000 0 0 Sahul Natvarbhai Jotaniya INDIA AYRPJ7563Q Key Management Personnel Salary 469090 0 0 VC PROJECT BSL INDIA AARFV2104K Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives Sales 15002510 0 0 Mr. Keyur Muchhala INDIA AZSPM1266H Key Management Personnel SALARY 600000 0 0 Mr. Chalapathi Satya Venkata INDIA ACZPM3638D Others Sitting Fees 100000 0 0 Mr. Viren Makwana INDIA CJXPM6600E Others Sitting Fees 50000 0 0 Mr. Phoolkumar Saluja INDIA ABEPS1142G Others Sitting Fees 50000 0 0 COST OF GOODS SOLD 210259520 COST OF GOODS SOLD 210259520 EQUITY 22000000 220000000 20400000 204000000 20400000 204000000 0 0 20400000.00 204000000 20400000 204000000 0 0 0 0 0 0 0 204000000 10.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0 0 0.00 0.00 20400000.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 204000000 i. The company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting." ii. In the event of liquidation of the Company, the holders of equity shares shall be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The amount distributed will be in proportion to the number of equity shares held by the shareholders. 0 0 0 0 0 0 0.00 0 0 0 0 0 0 0 0 0 0 22000000 220000000 20400000 204000000 20400000 204000000 0 0 20400000.00 204000000 20400000 204000000 0 0 0 0 0 0 0 204000000 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0 0 0.00 0.00 20400000.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 204000000 i. The company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting." ii. In the event of liquidation of the Company, the holders of equity shares shall be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The amount distributed will be in proportion to the number of equity shares held by the shareholders. 0 0 0 0 0 0 0.00 0 0 0 0 0 0 0 0 0 0 22000000 220000000 20400000 204000000 20400000 204000000 0 0 20400000.00 204000000 20400000 204000000 0 0 0 0 0 0 0 204000000 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0 0 0.00 0.00 20400000.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 i. The company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting." ii. In the event of liquidation of the Company, the holders of equity shares shall be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The amount distributed will be in proportion to the number of equity shares held by the shareholders. 0 0 0 0 0 0 0.00 0 0 0 0 0 0 EQUITY PIYUSHKUMAR BABUBHAI THUMAR AGRPT9202C INDIA 9000 0.00 1657640 0 0 As per Repayment Schedule 0 0 164850 i) Hundai I10 Car Loan - ICICI Bank was taken during the year carrying 8.59% rate of interest. The tenure of loan is 60 months and is secured by the hypothecation of Hyundai I10 (Fixed Asset). The amount of principle repayable within the next 12 months is treated as Short Term Borrowing. ii) Toyoto Innova Car Loan - Toyoto Finance was taken during the year carrying 8.89% rate of interest. The tenure of loan is 36 months and is secured by the hypothecation of Toyoto Innova (Fixed Asset). The amount of principle repayable within the next 12 months is treated as Short Term Borrowing. NA 0 0 60 MONTHS 0 0 1657640 0 0 As per Repayment Schedule 0 0 164850 i) Hundai I10 Car Loan - ICICI Bank was taken during the year carrying 8.59% rate of interest. The tenure of loan is 60 months and is secured by the hypothecation of Hyundai I10 (Fixed Asset). The amount of principle repayable within the next 12 months is treated as Short Term Borrowing. ii) Toyoto Innova Car Loan - Toyoto Finance was taken during the year carrying 8.89% rate of interest. The tenure of loan is 36 months and is secured by the hypothecation of Toyoto Innova (Fixed Asset). The amount of principle repayable within the next 12 months is treated as Short Term Borrowing. NA 0 0 60 MONTHS 0 0 3733670 0 0 Unsecured Loan from G.L.E. India Solar Private Limited was taken during the previous year carrying 8% rate of interest. Term of the loan is 8 months, with consecutive renewal until termination by either of the parties 0 0 164850 i) Hundai I10 Car Loan - ICICI Bank was taken during the year carrying 8.59% rate of interest. The tenure of loan is 60 months and is secured by the hypothecation of Hyundai I10 (Fixed Asset). The amount of principle repayable within the next 12 months is treated as Short Term Borrowing. ii) Toyoto Innova Car Loan - Toyoto Finance was taken during the year carrying 8.89% rate of interest. The tenure of loan is 36 months and is secured by the hypothecation of Toyoto Innova (Fixed Asset). The amount of principle repayable within the next 12 months is treated as Short Term Borrowing. NA 0 0 60 MONTHS 0 0 729110 0 0 As per repayment shedule 0 0 729110 0 0 As per repayment shedule 0 0 29901070 0 0 on Demand 0 0 29901070 0 0 on Demand 0 0 164850 i) Hundai I10 Car Loan - ICICI Bank was taken during the year carrying 8.59% rate of interest. The tenure of loan is 60 months and is secured by the hypothecation of Hyundai I10 (Fixed Asset). The amount of principle repayable within the next 12 months is treated as Short Term Borrowing. ii) Toyoto Innova Car Loan - Toyoto Finance was taken during the year carrying 8.89% rate of interest. The tenure of loan is 36 months and is secured by the hypothecation of Toyoto Innova (Fixed Asset). The amount of principle repayable within the next 12 months is treated as Short Term Borrowing. NA 0 0 60 MONTHS 0 0 164850 i) Hundai I10 Car Loan - ICICI Bank was taken during the year carrying 8.59% rate of interest. The tenure of loan is 60 months and is secured by the hypothecation of Hyundai I10 (Fixed Asset). The amount of principle repayable within the next 12 months is treated as Short Term Borrowing. ii) Toyoto Innova Car Loan - Toyoto Finance was taken during the year carrying 8.89% rate of interest. The tenure of loan is 36 months and is secured by the hypothecation of Toyoto Innova (Fixed Asset). The amount of principle repayable within the next 12 months is treated as Short Term Borrowing. NA 0 0 60 MONTHS 0 0 3482900 0 0 Unsecured Loan from G.L.E. India Solar Private Limited was taken during the previous year carrying 8% rate of interest. Term of the loan is 8 months, with consecutive renewal until termination by either of the parties 0 0 164850 i) Hundai I10 Car Loan - ICICI Bank was taken during the year carrying 8.59% rate of interest. The tenure of loan is 60 months and is secured by the hypothecation of Hyundai I10 (Fixed Asset). The amount of principle repayable within the next 12 months is treated as Short Term Borrowing. ii) Toyoto Innova Car Loan - Toyoto Finance was taken during the year carrying 8.89% rate of interest. The tenure of loan is 36 months and is secured by the hypothecation of Toyoto Innova (Fixed Asset). The amount of principle repayable within the next 12 months is treated as Short Term Borrowing. NA 0 0 60 MONTHS 0 0 1454700 0 0 As per repayment shedule 0 0 1454700 0 0 As per repayment shedule 0 0 0 0 0 0 0 0 6065190 0 0 24590 0 6089780 0 0 0 0 0 0 0 0 0 0 0 0 0 6089780 0 0 0 0 0 0 8217340 0 0 67420 0 8284760 0 0 0 0 0 0 0 0 0 0 0 0 0 8284760 Other non-current investments Other investments UNQUOTED 9420630 VC Project BSL (JV) JV 9801710 0 valued on basis of the incurred costs less the cost of progressive billing of the projects 12094010 0 at lower of cost and net realisable value 0 AS PER NOTES 63348340 0 63348340 0 0 0 0 0 63348340 0 75119320 0 75119320 Project Advances 0 0 0 0 0 1098000 0 1098000 EMD Rent Deposit 0 0 0 0 0 105809840 0 105809840 Advances to Creditors 0 0 0 0 0 75119320 0 75119320 Project Advances 0 0 0 0 0 2175000 0 2175000 EMD Rent Deposit 0 0 0 0 0 106847580 0 106847580 Advances to Creditors 0 0 0 0 0 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 WDV AS PER SCHEDULE II OF COMPANIES ACT 2013 0 0 0 0 0 0 0 0 0 0 0 0 0 533120 133280 0 0 0 0 0 0 0 0 133280 309810 0 0 0 0 -133280 0 0 0 0 0 0 0 0 0 0 -133280 223310 0 0 0 0 0 0 0 0 0 0 0 0 0 533120 133280 0 0 0 0 0 0 0 0 133280 309810 0 0 0 0 -133280 0 0 0 0 0 0 0 0 0 0 -133280 223310 0 0 0 0 0 0 0 0 0 0 0 0 0 533120 133280 0 0 0 0 0 0 0 0 133280 309810 0 0 0 0 -133280 0 0 0 0 0 0 0 0 0 0 -133280 WDV estimated useful life or 4 years, whichever is lower WDV estimated useful life or 4 years, whichever is lower WDV estimated useful life or 4 years, whichever is lower EQUITY 22000000 220000000 20400000 204000000 20400000 204000000 0 0 20400000.00 204000000 20400000 204000000 0 0 0 0 0 0 0 204000000 10.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0 0 0.00 0.00 20400000.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 204000000 i. The company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting." ii. In the event of liquidation of the Company, the holders of equity shares shall be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The amount distributed will be in proportion to the number of equity shares held by the shareholders. 0 0 0 0 0 0 0.00 0 0 0 0 0 0 0 0 0 0 22000000 220000000 20400000 204000000 20400000 204000000 0 0 20400000.00 204000000 20400000 204000000 0 0 0 0 0 0 0 204000000 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0 0 0.00 0.00 20400000.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 204000000 i. The company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting." ii. In the event of liquidation of the Company, the holders of equity shares shall be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The amount distributed will be in proportion to the number of equity shares held by the shareholders. 0 0 0 0 0 0 0.00 0 0 0 0 0 0 0 0 0 0 22000000 220000000 20400000 204000000 20400000 204000000 0 0 20400000.00 204000000 20400000 204000000 0 0 0 0 0 0 0 204000000 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0 0 0.00 0.00 20400000.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 i. The company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting." ii. In the event of liquidation of the Company, the holders of equity shares shall be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The amount distributed will be in proportion to the number of equity shares held by the shareholders. 0 0 0 0 0 0 0.00 0 0 0 0 0 0 NA 0 NA 0 NA 0 NA 0 COST OF GOODS SOLD 129153470 COST OF GOODS SOLD 129153470 true true 627380 995320 1125120 1157970 -1013160 -1642750 2882570 2882570 -926580 -516250 2695330 2876860 72275100 5637160 27333650 89990870 4352510 -70205470 -14999590 -51222390 -5465940 29717640 -42830 -1233950 83452900 2683860 86148230 5560720 12394870 8412460 10242720 1405550 10242720 1405550 6592280 536250 1748930 62300 1013160 1642750 -4982910 -9678030 -12310960 -8633830 -12310960 -8633830 0 0 1908420 0 0 1197450 204000 2040000 627380 995320 0 10 1077040 -4232760 1077040 -4232760 -991200 -11461040 -991200 -11461040 <p>&nbsp;</p> <p>&nbsp;</p> 0 0 0 0 9420630 2828340 0 0 9420630 2828340 0 0 NA PROVISION FOR EXPENSES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12040 8400 0 0 0 0 0 0 0 0 21930 36170 21763250 29604090 21763250 29604090 0 0 21785180 29640260 7684990 34132540 1123230 1300660 0 0 661000 826000 0 0 0 0 52722960 48928120 * Other Non Current Assets Includes Trade Receivables from PGVCL, UGVCL, MGVCL and DGVCL which is due for more than one year and is under dispute. Arbitration Award was in favour of our company, however MGVCL & PGVCL has filed an appeal against Arbitration order dated 20.01.2019 in Small court of Ahmedabad. Currently, case is pending in the concern court.. Deferred Revenue ExpenditureOther Non Current Assets * Other Non Current Assets Includes Trade Receivables from PGVCL, UGVCL, MGVCL and DGVCL which is due for more than one year. The same amounts are under dispute whose arbitration is underway. 63126570 70350330 24188510 23879440 4758170 3999960 28946680 27879400 139000 1888410 0 0 24188510 23879440 24188510 23879440 24188510 23879440 5721240 9036010 Subsidy Receivable Balance with Government Authorities Other Current Assets Other Current Assets Subsidy Receivable Balance with Government Authorities <div><span>BRIGHT SOLAR LIMITED</span><span>C-103, TITANIUM SQUARE, THALTEJ CROSS ROAD</span><p><span>S.G HIGHWAY, THALTEJ, AHMEDABAD </span></p><p><span>CIN: L51109GJ2010PLC060377</span></p><p><span>&nbsp;</span></p><p><span>Note No.: 28</span></p><p><span>&nbsp;</span></p><p><span>Notes forming part of Financial Statements</span></p><p><span>&nbsp;</span></p><p><span><span>1.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Background</span></p><p><span>Bright Solar Limited is engaged in assembling of DC/AC Solar Pumps and Solar Pump Systems under the registered brand name of &quot;PUMPMAN&quot;, &quot;BRIGHT SOLAR&quot;, and &quot;BRIGHT SOLAR WATER PUMP&quot;.Our company is also engaged in EPC contracts of Solar Photo voltaic Water pumps which include supplying, installing and commissioning of the pump system along with comprehensive maintenance contract for a specific period of 1-5 years. In solar pump system we are having wide range of products of DC Solar Pump, Solar Pump Inverted and AC Solar Pump.</span></p><p><span>&nbsp;</span></p><p><span>In the year 2017-18, we had started providing consultancy services for acquiring projects and tender bidding after identifying competent client on tender to tender basis. In addition, we have also been added water supply, sewerage and infra project in our service portfolio.</span></p><p><span>&nbsp;</span></p><p><span>To sum up, we are into assembling of DC/AC Solar Pumps and Solar Pump Systems, EPC contracts of Solar Photo voltaic Water pumps, consulting of Projects and tenders, Water supply and Sewerage Infra Project. We are planning to commence Solar Module manufacturing and water treatment plant assembling unit.</span></p><p><span><span>2.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Significant Accounting Policies</span><span></span></p><p><span><span>a.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Basis of Preparation of Accounts:-</span></p><p><span>The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with relevant rules there under and other accounting principles generally accepted in India. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year. Previous year&apos;s figures were re-grouped/re-classified wherever necessary.</span></p><p><span>&nbsp;</span></p><span><span>b.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Use of Estimates</span><p><span>The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities)and thereportedincomeandexpensesduringtheyear.TheManagementbelievesthatthe estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known/materialise.</span></p><p><span>&nbsp;</span></p><span><span>c.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Cash and Cash Equivalents (for purposes of Cash FlowStatement)</span><p><span>Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><span><span>d.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Cash FlowStatement</span><p><span>Cash flows are reported using the indirect method, whereby profit/loss before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.</span></p><p><span>&nbsp;</span></p><span><span>e.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Tangible/Intangible FixedAssets:</span><p><span>An item is classified as fixed asset only if it satisfies the recognition criteria stated in AS 11(i.e.) is probable that future economic benefits will flow to the company and the cost of such item could be measured. Stores and Spares fulfilling the above conditions are also classified as fixed assets. Fixed assets are initially recognized at its purchase price including all costs directly attributable to bring the asset in a ready to use condition. All subsequent cost incurred such as day to day running expenses, repair and maintenance expenses are treated as revenue expenses except when such expenditure satisfied the recognition criteria stated above. Cost Model is followed after initial recognition i.e. Fixed Assets are carried at cost less accumulated depreciation/amortization/impairment.</span></p><p><span>&nbsp;</span></p><p><span>Depreciation</span><span>: Fixed assets are depreciated using the Written Down Value method. Useful lives of assets necessary for calculation of depreciation rates are taken as specified in Schedule II of Companies Act, 2013.</span></p><p><span>&nbsp;</span></p><p><span>Intangible assets are amortized on written down value method over their estimated useful life or 4 years, whichever is lower.</span></p><p><span>&nbsp;</span></p><p><span>The estimated useful life of the intangible assets and the amortization period are reviewed at the end of each financial year and the amortization period is revised to reflect the changed pattern, if any.</span></p><p><span>Fixed assets retired from active use and held for sale are stated at the lower of their net book value and net realizable value and are disclosed separately.</span></p><p><span>&nbsp;</span></p><p><span>Capital Work-in-Progress: Projects under which tangible fixed assets are not yet ready for their intended use and other capital work-in-progress are carried at cost, comprising direct cost, related incidental expenses and attributable borrowing costs.</span></p><span><span>f.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Impairment ofAssets</span><p><span>The carrying value of assets/cash generating units at each balance sheet date is reviewed for impairment if any indication of impairment exists. If the carrying amount of the assets exceeds the estimated recoverable amount, impairment is recognized for such excess amount. The impairment loss is recognized as an expense in the Statement of Profit and Loss, unless the asset is carried at revalued amount, in which case any impairment loss of the revalued asset is treated as a revaluation decrease to the extent a revaluation reserve is available for thatasset.</span></p><p><span>&nbsp;</span></p><p><span>The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor.</span></p><p><span>&nbsp;</span></p><p><span>When there is indication that an impairment loss recognized for an asset (other than a revalued asset) in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognized in the Statement of Profit and Loss, to the extent the amount was previously charged to the Statement of Profit and Loss. In case of revalued assets such reversal is not recognized.</span></p><span><span>g.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Leases:</span><p><span>Where the Company as a lessor leases asset under finance leases, such amounts are recognized as receivables at an amount equal to the net investment in the lease and the finance income is recognized based on a constant rate of return on the outstanding net investment.</span></p><p><span>Assets leased by the Company in its capacity as lessee where substantially all the risks and rewards of ownership vest in the Company are classified as finance leases. Such leases are capitalized at the inception of the lease at the lower of the fair value and the present value of the minimum lease payments and a liability is created for an equivalent amount. Each lease rental paid is allocated between the liability and the interest cost so as to obtain a constant periodic rate of interest on the outstanding liability for each year.</span></p><p><span>Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognized as operating leases. Lease rentals under operating leases are recognized in the Statement of Profit and Loss on a straight-line basis, over the lease term.</span></p><p><span>&nbsp;</span></p><span><span>h.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Inventories</span><p><span>Items of inventories are measured at lower of cost and net realisable value after providing for obsolescence, if any, except in case of by-products which are valued at net realisable value. Cost of inventories comprises of cost of purchase and other costs net of recoverable taxes incurred in bringing them to their respective present location andcondition.</span></p><p><span>Valuation of work in progress: -</span></p><p><span>Work in Progress has been valued on basis of the incurred costs less the cost of progressive billing of the projects.</span></p><span><span>i.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Taxes on Income</span><p><span>The tax expense for the period comprises current and deferred tax. Tax is recognized in Statement of Profit and Loss, except to the extent that it relates to items recognized in the reserves directly. In such cases, the tax is also recognized in thereserves.</span></p><span><span>-<span>&nbsp;&nbsp; </span></span></span><span>Current tax</span><p><span>Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted at the Balance sheet date.</span></p><span><span>-<span>&nbsp;&nbsp; </span></span></span><span>Deferred tax</span><p><span>Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The carrying amount of Deferred tax liabilities and assets are reviewed at the end of each reporting period.</span></p><p><span>&nbsp;</span></p><span><span>j.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Finance Cost</span><p><span>Borrowing costs include exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use.</span></p><p><span>&nbsp;</span></p><p><span>Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are charged to the Statement of Profit and Loss for the period for which they are incurred.</span></p><p><span>&nbsp;</span></p><span><span>k.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Provisions</span><p><span>Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.</span></p><p><span>&nbsp;</span></p><span><span>l.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Revenue recognition</span><p><span>Revenue from sale of goods is recognized when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated cost can be estimated reliably, there is no continuing effective control or managerial involvement with the goods, and the amount of revenue can be measured reliably.</span></p><p><span>&nbsp;</span></p><p><span>Revenue from rendering of services is recognized when the performance of agreed contractual task has been completed. Revenue from sale of goods is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government.</span></p><p><span>&nbsp;</span></p><span>Interest income</span><p><span>Interest income and guarantee commission is accounted on an accrual basis.</span></p><span>&nbsp;</span><span>Dividends</span><p><span>Revenue is recognized when the Company&apos;s right to receive the payment has been established.</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><span><span>m.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Provisions, Contingent Liabilities and ContingentAssets</span><p><span>A provision is recognized when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present values and are determined based on the best estimate required to settle the obligations at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.<span>&nbsp; </span>Contingent liabilities are not recognized in the financial statements and are disclosed in the Notes. A Contingent asset is neither recognized nor disclosed in the financial statements.</span></p><p><span>&nbsp;</span></p><span><span>n.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Earnings Per Share</span><p><span>Basic earnings per share is computed by dividing the profit/loss after tax by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit/loss after tax as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date. The number of equity shares and potentially dilutive equity shares are adjusted for share splits/reverse share splits and bonus shares, as appropriate.</span></p></div><p><span><br /></span>&nbsp;</p><span><span>o.<span>&nbsp;&nbsp;&nbsp; </span></span></span><span>Related Party Disclosure</span><span>&nbsp;</span><p><span>Disclosure as required by Accounting Standard-18 (AS-18) - &quot;Related Party Disclosures&quot; are as follows </span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Nature of Relationship</span></p></td><td class="bordered"><p><span>Name of Parties</span></p></td></tr><tr><td class="bordered"><p><span>Other related party</span></p></td><td class="bordered"><p><span>Bright Solar Inverter Private limited</span></p></td></tr><tr><td class="bordered"><p><span>Director</span></p></td><td class="bordered"><p><span>Piyushkumar Babubhai Thumar</span></p></td></tr><tr><td class="bordered"><p><span>Director </span></p></td><td class="bordered"><p><span>Jagrutiben Rameshbhai Joshi </span></p></td></tr><tr><td class="bordered"><p><span>Director&apos;s Relative</span></p></td><td class="bordered"><p><span>Hitesh Thumar</span></p></td></tr><tr><td class="bordered"><p><span>KMP</span></p></td><td class="bordered"><p><span>Sahul Natavarbhai Jotaniya</span></p></td></tr><tr><td class="bordered"><p><span>KMP</span></p></td><td class="bordered"><p><span>Keyur Muchhala</span></p></td></tr><tr><td class="bordered"><p><span>KMP</span></p></td><td class="bordered"><p><span>Mukesh Tolia</span></p></td></tr><tr><td class="bordered"><p><span>Director&apos;s Relative</span></p></td><td class="bordered"><p><span>Naynaben Piyushkumar Thumar</span></p></td></tr><tr><td class="bordered"><p><span>Other related party</span></p></td><td class="bordered"><p><span>VC Project BSL (JV)</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>Details of Transactions with related parties: -</span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Name of Parties</span></p></td><td class="bordered"><p><span>Transaction Type</span></p></td><td class="bordered"><p><span>Amount (in Rs.)</span></p></td></tr><tr><td class="bordered"><p><span>Piyushkumar Babubhai Thumar</span></p></td><td class="bordered"><p><span>Short Term Borrowings from Director</span></p></td><td class="bordered"><p><span>Rs. 2,32,25,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Jagrutiben Rameshbhai Joshi</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 1,00,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Viren Makwana</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 1,00,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Ms. Shivangi Gajjar</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 70,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Sahul Natvarbhai Jotaniya</span></p></td><td class="bordered"><p><span>Salary</span></p></td><td class="bordered"><p><span>Rs. &nbsp;6,78,000/-</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Piyushkumar Babubhai Thumar</span></p></td><td class="bordered"><p><span>Loan Repayment</span></p></td><td class="bordered"><p><span>Rs. 14,77,652/-</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span><span>p.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The company has during the year created deferred tax assets of Rs.9,153/- due to timing difference arising on account of depreciation which in current year is lower under Income Tax act compared to books of accounts.</span></p><p><span><span>q.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Balances of creditors, Loans &amp; Advances and Debtors are subject to confirmation by the parties concerned.</span></p><p><span><span>r.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>As per Management, in respect of goods and service tax / income tax liability company does not expect any more liability than provided in the books of accounts. </span></p><p><span><span>s.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Value of stock and work in progress at the yearend is taken, valued and certified by the management of the company.</span></p><p><span><span>t.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>As explained by management, goods are received mostly on F.O.B basis.</span></p><p><span><span>u.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Sundry Balances written off / written back or transferred through journal entry from one account to another account includes amount no more payable / receivable from the parties whose accounts are adjusted but the same are subject to confirmation from respective parties.</span></p><p><span><span>v.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The nature of business of company is of assembling and as per the information provided by the management, it is not possible to maintain quantities details of as the Raw material purchased are not in the same unit of the finished product namely Solar Pump/solar rooftop.</span></p><p><span><span>w.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The closing stock of work in progress is certified by and calculated by management and we are unable to comment on its computation due to non availability of its working at the time of audit.</span></p><p><span><span>x.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Following Arbitration Award is disputed in concerned department with higher forum:</span><span></span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Sr. No</span></p></td><td class="bordered"><p><span>Arbitration Petition No.</span></p></td><td class="bordered"><p><span>Basic amount of</span></p><p><span>an Award</span></p></td><td class="bordered"><p><span>Interest Period</span></p></td></tr><tr><td class="bordered"><p><span>1</span></p></td><td class="bordered"><p><span>Petition no. 61/16</span></p></td><td class="bordered"><p><span>50,97,168.00</span></p></td><td class="bordered"><p><span>From 01.03.2016 to till realization of amount</span></p></td></tr><tr><td class="bordered"><p><span>2</span></p></td><td class="bordered"><p><span>Petition no. 62/16</span></p></td><td class="bordered"><p><span>3,51,10,000.00</span></p></td><td class="bordered"><p><span>From 12.02.2016 to till realization of amount</span></p></td></tr><tr><td class="bordered"><p><span>3</span></p></td><td class="bordered"><p><span>Petition no. 63/16</span></p></td><td class="bordered"><p><span>1,86,54,490.00</span></p></td><td class="bordered"><p><span>From 12.02.2016 to till realization of amount</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>Total</span></p></td><td class="bordered"><p><span>5,88,61,658.00</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span><span>y.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Dividend </span></p><p><span>For the year ended 31st March, 2022, the Board has not recommended any dividend</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>FOR, </span><span><span>&nbsp;</span>Nirav S. Shah &amp; Co</span></p></td><td class="bordered"><p><span><span>&nbsp;</span></span></p></td><td class="bordered"><p><span>&nbsp;</span></p><p><span>FOR AND ON BEHALF OF THE BOARD</span></p></td></tr><tr><td class="bordered"><p><span>Chartered Accountants</span></p></td><td class="bordered"></td><td class="bordered"></td></tr><tr><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td></tr><tr><td class="bordered"></td><td class="bordered"></td><td class="bordered"><p><span>Piyushkumar Babubhai Thumar</span></p></td></tr><tr><td class="bordered"></td><td class="bordered"></td><td class="bordered"><p><span>Chairman and Managing Director</span></p></td><td class="bordered"><p>&nbsp;</p></td></tr><tr><td class="bordered"><p><span>( Nirav S. Shah )</span></p></td><td class="bordered"></td><td class="bordered"><p><span>DIN: 02785269</span></p></td></tr><tr><td class="bordered"><p><span>Proprietor</span></p></td><td class="bordered"></td><td class="bordered"></td></tr><tr><td class="bordered"><p><span>Membership No.: 133345 </span></p></td><td class="bordered"></td><td class="bordered"></td></tr><tr><td class="bordered"><p><span>Firm Registration No.: 130244W</span></p><p><span>UDIN:</span><span>22133345AJWYFC7989<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></span><span></span></p></td><td class="bordered"></td><td class="bordered"><p><span>&nbsp;</span></p><p><span>Jagruti Rameshbhai Joshi</span></p></td></tr><tr><td class="bordered"></td><td class="bordered"></td><td class="bordered"><p><span>Director</span></p></td></tr><tr><td class="bordered"><p><span>Place:</span><span> Ahmedabad</span></p></td><td class="bordered"></td><td class="bordered"><p><span>DIN: 07737814</span></p></td></tr><tr><td class="bordered"><p><span>Date: </span><span>30/05/2022</span></p></td><td class="bordered"></td><td class="bordered"></td></tr></tbody></table><p>&nbsp;</p> <div><p><span>FY 2020-21</span></p><p><span>Note No.: 25</span></p><p><span></span></p><p><span>Notes forming part of Financial Statements</span></p><p><span></span></p><p><span></span></p><p><span><span>1.<span>&nbsp;&nbsp;</span></span></span><span>Background</span></p><p><span>Bright Solar Limited is engaged in assembling of DC/AC Solar Pumps and Solar Pump Systems under the registered brand name of &quot;PUMPMAN&quot;, &quot;BRIGHT SOLAR&quot;, and &quot;BRIGHT SOLAR WATER PUMP&quot;. Our company is also engaged in EPC contracts of Solar Photo voltaic Water pumps which include supplying, installing and commissioning of the pump system along with comprehensive maintenance contract for a specific period of 1-5 years. In solar pump system we are having wide range of products of DC Solar Pump, Solar Pump Inverted and AC Solar Pump.</span></p><p><span></span></p><p><span>In the year 2017-18, we had started providing consultancy services for acquiring projects and tender bidding after identifying competent client on tender to tender basis. In addition, we have also been added water supply, sewerage and infra project in our service portfolio.</span></p><p><span></span></p><p><span>To sum up, we are into assembling of DC/AC Solar Pumps and Solar Pump Systems, EPC contracts of Solar Photo voltaic Water pumps, consulting of Projects and tenders, Water supply and Sewerage Infra Project. We are planning to commence Solar Module manufacturing and water treatment plant assemblingunit.</span></p><p><span><span>2.<span>&nbsp;&nbsp;</span></span></span><span>Significant AccountingPolicies</span><span></span></p><p><span><span>a.<span>&nbsp;</span></span></span><span>Basis of Preparation of Accounts:-</span></p><p><span>The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with relevant rules there under and other accounting principles generally accepted in India. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year. Previous year&apos;s figures were re-grouped/re-classified wherever necessary.</span></p><p><span></span></p><span><span>b.<span>&nbsp;</span></span></span><span>Use of Estimates</span><p><span>The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities(including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known/materialise.</span></p><p><span></span></p><span><span>c.<span>&nbsp;</span></span></span><span>Cash and Cash Equivalents (for purposes of Cash FlowStatement)</span><p><span>Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.</span></p><p><span></span></p><p><span></span></p><span><span>d.<span>&nbsp;</span></span></span><span>Cash Flow Statement</span><p><span>Cash flows are reported using the indirect method, whereby profit/loss before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.</span></p><p><span></span></p><span><span>e.<span>&nbsp;</span></span></span><span>Tangible/Intangible FixedAssets:</span><p><span>An item is classified as fixed asset only if it satisfies the recognition criteria stated in AS 11(i.e.) is probable that future economic benefits will flow to the company and the cost of such item could be measured. Stores and Spares fulfilling the above conditions are also classified as fixed assets. Fixed assets are initially recognized at its purchase price including all costs directly attributable to bring the asset in a ready to use condition. All subsequent cost incurred such as day to day running expenses, repair and maintenance expenses are treated as revenue expenses except when such expenditure satisfied the recognition criteria stated above. Cost Model is followed after initial recognition i.e. Fixed Assets are carried at cost less accumulated depreciation/amortization/impairment.</span></p><p><span></span></p><p><span>Depreciation</span><span>: Fixed assets are depreciated using the Written Down Value method. Useful lives of assets necessary for calculation of depreciation rates are taken as specified in Schedule II of Companies Act, 2013.</span></p><p><span></span></p><p><span>Intangible assets are amortized on written down value method over their estimated useful life or 4 years, whichever is lower.</span></p><p><span></span></p><p><span>The estimated useful life of the intangible assets and the amortization period are reviewed at the end of each financial year and the amortization period is revised to reflect the changed pattern, if any.</span></p><p><span>Fixed assets retired from active use and held for sale are stated at the lower of their net book value and net realizable value and are disclosed separately.</span></p><p><span></span></p><p><span>Capital Work-in-Progress: Projects under which tangible fixed assets are not yet ready for their intended use and other capital work-in-progress are carried at cost, comprising direct cost, related incidental expenses and attributable borrowing costs.</span></p><span><span>f.<span>&nbsp;&nbsp;</span></span></span><span>Impairment of Assets</span><p><span>The carrying value of assets/cash generating units at each balance sheet date is reviewed for impairment if any indication of impairment exists. If the carrying amount of the assets exceeds the estimated recoverable amount, impairment is recognized for such excess amount. The impairment loss is recognized as an expense in the Statement of Profit and Loss, unless the asset is carried at revalued amount, in which case any impairment loss of the revalued asset is treated as a revaluation decrease to the extent a revaluation reserve is available for thatasset.</span></p><p><span></span></p><p><span>The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor.</span></p><p><span></span></p><p><span>When there is indication that an impairment loss recognized for an asset (other than a revalued asset) in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognized in the Statement of Profit and Loss, to the extent the amount was previously charged to the Statement of Profit and Loss. In case of revalued assets such reversal is not recognized.</span></p><p><span></span></p><p><span></span></p><p><span></span></p><span><span>g.<span>&nbsp;</span></span></span><span>Leases:</span><p><span>Where the Company as a lessor leases asset under finance leases, such amounts are recognized as receivables at an amount equal to the net investment in the lease and the finance income is recognized based on a constant rate of return on the outstanding net investment.</span></p><p><span>Assets leased by the Company in its capacity as lessee where substantially all the risks and rewards of ownership vest in the Company are classified as finance leases. Such leases are capitalized at the inception of the lease at the lower of the fair value and the present value of the minimum lease payments and a liability is created for an equivalent amount. Each lease rental paid is allocated between the liability and the interest cost so as to obtain a constant periodic rate of interest on the outstanding liability for each year.</span></p><p><span>Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognized as operating leases. Lease rentals under operating leases are recognized in the Statement of Profit and Loss on a straight-line basis, over the lease term.</span></p><p><span></span></p><span><span>h.<span>&nbsp;</span></span></span><span>Inventories</span><p><span>Items of inventories are measured at lower of cost and net realisable value after providing for obsolescence, if any, except in case of by-products which are valued at net realisable value. Cost of inventories comprises of cost of purchase and other costs net of recoverable taxes incurred in bringing them to their respective present location andcondition.</span></p><p><span>Valuation of work in progress: -</span></p><p><span>Work in Progress has been valued on basis of the incurred costs less the cost of progressive billing of the projects.</span></p><span><span>i.<span>&nbsp;&nbsp;</span></span></span><span>Taxes onIncome</span><p><span>The tax expense for the period comprises current and deferred tax. Tax is recognized in Statement of Profit and Loss, except to the extent that it relates to items recognized in the reserves directly. In such cases, the tax is also recognized in thereserves.</span></p><span><span>-<span>&nbsp;</span></span></span><span>Current tax</span><p><span>Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted at the Balance sheet date.</span></p><span><span>-<span>&nbsp;</span></span></span><span>Deferredtax</span><p><span>Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The carrying amount of Deferred tax liabilities and assets are reviewed at the end of each reportingperiod.</span></p><p><span></span></p><span><span>j.<span>&nbsp;&nbsp;</span></span></span><span>FinanceCost</span><p><span>Borrowing costs include exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use.</span></p><p><span></span></p><p><span>Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are charged to the Statement of Profit and Loss for the period for which they areincurred.</span></p><p><span></span></p><span><span>k.<span>&nbsp;</span></span></span><span>Provisions</span><p><span>Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.</span></p><p><span></span></p><span><span>l.<span>&nbsp;&nbsp;</span></span></span><span>Revenuerecognition</span><p><span>Revenue from sale of goods is recognized when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated cost can be estimated reliably, there is no continuing effective control or managerial involvement with the goods, and the amount of revenue can be measuredreliably.</span></p><p><span></span></p><p><span>Revenue from rendering of services is recognized when the performance of agreed contractual task has been completed.Revenue from sale of goods is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government.</span></p><p><span></span></p><span>Interest income</span><p><span>Interest income and guarantee commission is accounted on an accrual basis.</span></p><p><span></span></p><span>Dividends</span><p><span>Revenue is recognized when the Company&apos;s right to receive the payment has been established.</span></p><p><span></span></p><p><span></span></p><span><span>m.<span>&nbsp;</span></span></span><span>Provisions, Contingent Liabilities and ContingentAssets</span><p><span>A provision is recognized when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present values and are determined based on the best estimate required to settle the obligations at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.<span>&nbsp;</span>Contingent liabilities are not recognized in the financial statements and are disclosed in the Notes. A Contingent asset is neither recognized nor disclosed in the financialstatements.</span></p><p><span></span></p><span><span>n.<span>&nbsp;&nbsp;</span></span></span><span>Earnings Per Share</span><p><span>Basic earnings per share is computed by dividing the profit/loss after tax by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit/loss after tax as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date. The number of equity shares and potentially dilutive equity shares are adjusted for share splits/reverse share splits and bonus shares, asappropriate.</span></p></div><span><br /></span><span><span>o.<span>&nbsp;</span></span></span><span>Related Party Disclosure</span><span></span><p><span>Disclosure as required by Accounting Standard-18 (AS-18) - &quot;Related Party Disclosures&quot; are as follows</span></p><p><span></span></p><p><span></span></p><table><tbody><tr><td class="bordered"><p><span>Nature of Relationship</span><span></span></p></td><td class="bordered"><p><span>Name of Parties</span></p></td></tr><tr><td class="bordered"><p><span>Other related party</span></p></td><td class="bordered"><p><span>Bright Solar Inverter Private limited</span></p></td></tr><tr><td class="bordered"><p><span>Director</span></p></td><td class="bordered"><p><span>Piyushkumar Babubhai Thumar</span></p></td></tr><tr><td class="bordered"><p><span>Director</span></p></td><td class="bordered"><p><span>Jagrutiben Rameshbhai Joshi</span></p></td></tr><tr><td class="bordered"><p><span>Director&apos;s Relative</span></p></td><td class="bordered"><p><span>Hitesh Thumar</span></p></td></tr><tr><td class="bordered"><p><span>KMP</span></p></td><td class="bordered"><p><span>Sahul Natavarbhai Jotaniya</span></p></td></tr><tr><td class="bordered"><p><span>KMP</span></p></td><td class="bordered"><p><span>Keyur Muchhala</span></p></td></tr><tr><td class="bordered"><p><span>Director&apos;s Relative</span></p></td><td class="bordered"><p><span>Naynaben Piyushkumar Thumar</span></p></td></tr><tr><td class="bordered"><p><span>Other related party</span></p></td><td class="bordered"><p><span>VC Project BSL (JV)</span></p></td></tr></tbody></table><p><span><span></span></span></p><p><span>Details of Transactions with related parties: -</span></p><p><span></span></p><table><tbody><tr><td class="bordered"><p><span>Name of Parties</span></p></td><td class="bordered"><p><span>Transaction Type</span></p></td><td class="bordered"><p><span>Amount (in Rs.)</span></p></td></tr><tr><td class="bordered"><p><span>Bright Solar Inverter Private limited</span></p></td><td class="bordered"><p><span>Purchase</span></p></td><td class="bordered"><p><span>Rs. 63,72,908/-</span></p><p><span></span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Jagrutiben Rameshbhai Joshi</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 1,00,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Phoolkumar Saluja</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 50,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Viren Makwana</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 50,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Chalapathi Satya Venkata</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 1,00,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Hitesh Thumar</span></p></td><td class="bordered"><p><span>Salary</span></p></td><td class="bordered"><p><span>Rs. 11,00,000/-</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Mr. Sahul Natvarbhai Jotaniya</span></p></td><td class="bordered"><p><span>Salary</span></p></td><td class="bordered"><p><span>Rs. &nbsp;4,69,088/-</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Mr. Keyur Muchhala</span></p></td><td class="bordered"><p><span>Salary</span></p></td><td class="bordered"><p><span>Rs. 6,00,000/-</span></p></td></tr><tr><td class="bordered"><p><span>VC PROJECT BSL (JV)</span></p></td><td class="bordered"><p><span>Sales</span></p></td><td class="bordered"><p><span>Rs.</span><span>1,50,02,511/-</span></p></td></tr></tbody></table><p><span></span></p><p><span><span>p.<span>&nbsp;</span></span></span><span>The company has during the year created deferred tax assets of Rs. 1,04,458/- due to timing difference arising on account of depreciation which in current year is lower under Income Tax act compared to books of accounts.</span></p><p><span><span>q.<span>&nbsp;</span></span></span><span>Balances of creditors, Loans & Advances and Debtors are subject to confirmation by the parties concerned.</span></p><p><span><span>r.<span>&nbsp;&nbsp;</span></span></span><span>As per Management, in respect of goods and service tax / income tax liability company does not expect any more liability than provided in the books of accounts.</span></p><p><span><span>s.<span>&nbsp;</span></span></span><span>Value of stock and work in progress at the yearend is taken, valued and certified by the management of the company.</span></p><p><span><span>t.<span>&nbsp;&nbsp;</span></span></span><span>As explained by management, goods are received mostly on F.O.B basis.</span></p><p><span><span>u.<span>&nbsp;</span></span></span><span>Sundry Balances written off / written back or transferred through journal entry from one account to another account includes amount no more payable / receivable from the parties whose accounts are adjusted but the same are subject to confirmation from respective parties.</span></p><p><span><span>v.<span>&nbsp;</span></span></span><span>The nature of business of company is of assembling and as per the information provided by the management, it is not possible to maintain quantities details of as the Raw material purchased are not in the same unit of the finished product namely Solar Pump/solar rooftop.</span></p><p><span></span></p><p><span></span></p><p><span></span></p><p><span></span></p><p><span></span></p><p><span></span></p><p><span><span>w.<span>&nbsp;</span></span></span><span>Following Arbitration Award is disputed in concerned department with higher forum:</span><span></span></p><p><span></span></p><table><tbody><tr><td class="bordered"><p><span>Sr. No</span></p></td><td class="bordered"><p><span>Arbitration Petition No.</span></p></td><td class="bordered"><p><span>Basic amount of</span></p><p><span>an Award</span></p></td><td class="bordered"><p><span>Interest Period</span></p></td></tr><tr><td class="bordered"><p><span>1</span></p></td><td class="bordered"><p><span>Petition no. 61/16</span></p></td><td class="bordered"><p><span>50,97,168.00</span></p></td><td class="bordered"><p><span>From 01.03.2016 to till realization of amount</span></p></td></tr><tr><td class="bordered"><p><span>2</span></p></td><td class="bordered"><p><span>Petition no. 62/16</span></p></td><td class="bordered"><p><span>3,51,10,000.00</span></p></td><td class="bordered"><p><span>From 12.02.2016 to till realization of amount</span></p></td></tr><tr><td class="bordered"><p><span>3</span></p></td><td class="bordered"><p><span>Petition no. 63/16</span></p></td><td class="bordered"><p><span>1,86,54,490.00</span></p></td><td class="bordered"><p><span>From 12.02.2016 to till realization of amount</span></p></td></tr><tr><td class="bordered"><p><span></span></p></td><td class="bordered"><p><span>Total</span></p></td><td class="bordered"><p><span>5,88,61,658.00</span></p></td><td class="bordered"><p><span></span></p></td></tr></tbody></table><p><span></span></p><p><span><span>x.<span>&nbsp;</span></span></span><span>Dividend</span></p><p><span>For the year ended 31stMarch, 2021, the Board recommends dividend of 0.1% of the face value of shares (i.e. face value of Rs. 10 per equity shares) i.e Rs. 0.01 paisa per equity shares aggregating to Rs. 2.04 lacs for the year ended 31st March, 2021, which is subject to the approval of the Shareholders at the ensuing Annual General Meeting of the Company.</span></p><p>&nbsp;</p> <p><span>Bright Solar Limited is engaged in assembling of DC/AC Solar Pumps and Solar Pump Systems under the registered brand name of &quot;PUMPMAN&quot;, &quot;BRIGHT SOLAR&quot;, and &quot;BRIGHT SOLAR WATER PUMP&quot;.Our company is also engaged in EPC contracts of Solar Photo voltaic Water pumps which include supplying, installing and commissioning of the pump system along with comprehensive maintenance contract for a specific period of 1-5 years. In solar pump system we are having wide range of products of DC Solar Pump, Solar Pump Inverted and AC Solar Pump.</span></p><p><span>&nbsp;</span></p><p><span>In the year 2017-18, we had started providing consultancy services for acquiring projects and tender bidding after identifying competent client on tender to tender basis. In addition, we have also been added water supply, sewerage and infra project in our service portfolio.</span></p><p><span>&nbsp;</span></p><p><span>To sum up, we are into assembling of DC/AC Solar Pumps and Solar Pump Systems, EPC contracts of Solar Photo voltaic Water pumps, consulting of Projects and tenders, Water supply and Sewerage Infra Project. We are planning to commence Solar Module manufacturing and water treatment plant assembling unit.</span></p><p>&nbsp;</p> <div><span><p><span>FY 2020-21</span></p></span><p><span>Note No.: 25</span></p><p><span></span></p><p><span>Notes forming part of Financial Statements</span></p><p><span></span></p><p><span></span></p><p><span><span>1.<span>&nbsp;&nbsp;</span></span></span><span>Background</span></p><p><span>Bright Solar Limited is engaged in assembling of DC/AC Solar Pumps and Solar Pump Systems under the registered brand name of &quot;PUMPMAN&quot;, &quot;BRIGHT SOLAR&quot;, and &quot;BRIGHT SOLAR WATER PUMP&quot;. Our company is also engaged in EPC contracts of Solar Photo voltaic Water pumps which include supplying, installing and commissioning of the pump system along with comprehensive maintenance contract for a specific period of 1-5 years. In solar pump system we are having wide range of products of DC Solar Pump, Solar Pump Inverted and AC Solar Pump.</span></p><p><span></span></p><p><span>In the year 2017-18, we had started providing consultancy services for acquiring projects and tender bidding after identifying competent client on tender to tender basis. In addition, we have also been added water supply, sewerage and infra project in our service portfolio.</span></p><p><span></span></p><p><span>To sum up, we are into assembling of DC/AC Solar Pumps and Solar Pump Systems, EPC contracts of Solar Photo voltaic Water pumps, consulting of Projects and tenders, Water supply and Sewerage Infra Project. We are planning to commence Solar Module manufacturing and water treatment plant assemblingunit.</span></p><p><span><span>2.<span>&nbsp;&nbsp;</span></span></span><span>Significant AccountingPolicies</span><span></span></p><p><span><span>a.<span>&nbsp;</span></span></span><span>Basis of Preparation of Accounts:-</span></p><p><span>The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with relevant rules there under and other accounting principles generally accepted in India. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year. Previous year&apos;s figures were re-grouped/re-classified wherever necessary.</span></p><p><span></span></p><span><span>b.<span>&nbsp;</span></span></span><span>Use of Estimates</span><p><span>The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities(including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known/materialise.</span></p><p><span></span></p><span><span>c.<span>&nbsp;</span></span></span><span>Cash and Cash Equivalents (for purposes of Cash FlowStatement)</span><p><span>Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.</span></p><p><span></span></p><p><span></span></p><span><span>d.<span>&nbsp;</span></span></span><span>Cash Flow Statement</span><p><span>Cash flows are reported using the indirect method, whereby profit/loss before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.</span></p><p><span></span></p><span><span>e.<span>&nbsp;</span></span></span><span>Tangible/Intangible FixedAssets:</span><p><span>An item is classified as fixed asset only if it satisfies the recognition criteria stated in AS 11(i.e.) is probable that future economic benefits will flow to the company and the cost of such item could be measured. Stores and Spares fulfilling the above conditions are also classified as fixed assets. Fixed assets are initially recognized at its purchase price including all costs directly attributable to bring the asset in a ready to use condition. All subsequent cost incurred such as day to day running expenses, repair and maintenance expenses are treated as revenue expenses except when such expenditure satisfied the recognition criteria stated above. Cost Model is followed after initial recognition i.e. Fixed Assets are carried at cost less accumulated depreciation/amortization/impairment.</span></p><p><span></span></p><p><span>Depreciation</span><span>: Fixed assets are depreciated using the Written Down Value method. Useful lives of assets necessary for calculation of depreciation rates are taken as specified in Schedule II of Companies Act, 2013.</span></p><p><span></span></p><p><span>Intangible assets are amortized on written down value method over their estimated useful life or 4 years, whichever is lower.</span></p><p><span></span></p><p><span>The estimated useful life of the intangible assets and the amortization period are reviewed at the end of each financial year and the amortization period is revised to reflect the changed pattern, if any.</span></p><p><span>Fixed assets retired from active use and held for sale are stated at the lower of their net book value and net realizable value and are disclosed separately.</span></p><p><span></span></p><p><span>Capital Work-in-Progress: Projects under which tangible fixed assets are not yet ready for their intended use and other capital work-in-progress are carried at cost, comprising direct cost, related incidental expenses and attributable borrowing costs.</span></p><span><span>f.<span>&nbsp;&nbsp;</span></span></span><span>Impairment of Assets</span><p><span>The carrying value of assets/cash generating units at each balance sheet date is reviewed for impairment if any indication of impairment exists. If the carrying amount of the assets exceeds the estimated recoverable amount, impairment is recognized for such excess amount. The impairment loss is recognized as an expense in the Statement of Profit and Loss, unless the asset is carried at revalued amount, in which case any impairment loss of the revalued asset is treated as a revaluation decrease to the extent a revaluation reserve is available for thatasset.</span></p><p><span></span></p><p><span>The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor.</span></p><p><span></span></p><p><span>When there is indication that an impairment loss recognized for an asset (other than a revalued asset) in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognized in the Statement of Profit and Loss, to the extent the amount was previously charged to the Statement of Profit and Loss. In case of revalued assets such reversal is not recognized.</span></p><p><span></span></p><p><span></span></p><p><span></span></p><span><span>g.<span>&nbsp;</span></span></span><span>Leases:</span><p><span>Where the Company as a lessor leases asset under finance leases, such amounts are recognized as receivables at an amount equal to the net investment in the lease and the finance income is recognized based on a constant rate of return on the outstanding net investment.</span></p><p><span>Assets leased by the Company in its capacity as lessee where substantially all the risks and rewards of ownership vest in the Company are classified as finance leases. Such leases are capitalized at the inception of the lease at the lower of the fair value and the present value of the minimum lease payments and a liability is created for an equivalent amount. Each lease rental paid is allocated between the liability and the interest cost so as to obtain a constant periodic rate of interest on the outstanding liability for each year.</span></p><p><span>Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognized as operating leases. Lease rentals under operating leases are recognized in the Statement of Profit and Loss on a straight-line basis, over the lease term.</span></p><p><span></span></p><span><span>h.<span>&nbsp;</span></span></span><span>Inventories</span><p><span>Items of inventories are measured at lower of cost and net realisable value after providing for obsolescence, if any, except in case of by-products which are valued at net realisable value. Cost of inventories comprises of cost of purchase and other costs net of recoverable taxes incurred in bringing them to their respective present location andcondition.</span></p><p><span>Valuation of work in progress: -</span></p><p><span>Work in Progress has been valued on basis of the incurred costs less the cost of progressive billing of the projects.</span></p><span><span>i.<span>&nbsp;&nbsp;</span></span></span><span>Taxes onIncome</span><p><span>The tax expense for the period comprises current and deferred tax. Tax is recognized in Statement of Profit and Loss, except to the extent that it relates to items recognized in the reserves directly. In such cases, the tax is also recognized in thereserves.</span></p><span><span>-<span>&nbsp;</span></span></span><span>Current tax</span><p><span>Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted at the Balance sheet date.</span></p><span><span>-<span>&nbsp;</span></span></span><span>Deferredtax</span><p><span>Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The carrying amount of Deferred tax liabilities and assets are reviewed at the end of each reportingperiod.</span></p><p><span></span></p><span><span>j.<span>&nbsp;&nbsp;</span></span></span><span>FinanceCost</span><p><span>Borrowing costs include exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use.</span></p><p><span></span></p><p><span>Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are charged to the Statement of Profit and Loss for the period for which they areincurred.</span></p><p><span></span></p><span><span>k.<span>&nbsp;</span></span></span><span>Provisions</span><p><span>Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.</span></p><p><span></span></p><span><span>l.<span>&nbsp;&nbsp;</span></span></span><span>Revenuerecognition</span><p><span>Revenue from sale of goods is recognized when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated cost can be estimated reliably, there is no continuing effective control or managerial involvement with the goods, and the amount of revenue can be measuredreliably.</span></p><p><span></span></p><p><span>Revenue from rendering of services is recognized when the performance of agreed contractual task has been completed.Revenue from sale of goods is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government.</span></p><p><span></span></p><span>Interest income</span><p><span>Interest income and guarantee commission is accounted on an accrual basis.</span></p><p><span></span></p><span>Dividends</span><p><span>Revenue is recognized when the Company&apos;s right to receive the payment has been established.</span></p><p><span></span></p><p><span></span></p><span><span>m.<span>&nbsp;</span></span></span><span>Provisions, Contingent Liabilities and ContingentAssets</span><p><span>A provision is recognized when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present values and are determined based on the best estimate required to settle the obligations at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.<span>&nbsp;</span>Contingent liabilities are not recognized in the financial statements and are disclosed in the Notes. A Contingent asset is neither recognized nor disclosed in the financialstatements.</span></p><p><span></span></p><span><span>n.<span>&nbsp;&nbsp;</span></span></span><span>Earnings Per Share</span><p><span>Basic earnings per share is computed by dividing the profit/loss after tax by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit/loss after tax as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date. The number of equity shares and potentially dilutive equity shares are adjusted for share splits/reverse share splits and bonus shares, asappropriate.</span></p></div><p><span><br /></span>&nbsp;</p><span><span>o.<span>&nbsp;</span></span></span><span>Related Party Disclosure</span><span></span><p><span>Disclosure as required by Accounting Standard-18 (AS-18) - &quot;Related Party Disclosures&quot; are as follows</span></p><p><span></span></p><p><span></span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Nature of Relationship</span><span></span></p></td><td class="bordered"><p><span>Name of Parties</span></p></td></tr><tr><td class="bordered"><p><span>Other related party</span></p></td><td class="bordered"><p><span>Bright Solar Inverter Private limited</span></p></td></tr><tr><td class="bordered"><p><span>Director</span></p></td><td class="bordered"><p><span>Piyushkumar Babubhai Thumar</span></p></td></tr><tr><td class="bordered"><p><span>Director</span></p></td><td class="bordered"><p><span>Jagrutiben Rameshbhai Joshi</span></p></td></tr><tr><td class="bordered"><p><span>Director&apos;s Relative</span></p></td><td class="bordered"><p><span>Hitesh Thumar</span></p></td></tr><tr><td class="bordered"><p><span>KMP</span></p></td><td class="bordered"><p><span>Sahul Natavarbhai Jotaniya</span></p></td></tr><tr><td class="bordered"><p><span>KMP</span></p></td><td class="bordered"><p><span>Keyur Muchhala</span></p></td></tr><tr><td class="bordered"><p><span>Director&apos;s Relative</span></p></td><td class="bordered"><p><span>Naynaben Piyushkumar Thumar</span></p></td></tr><tr><td class="bordered"><p><span>Other related party</span></p></td><td class="bordered"><p><span>VC Project BSL (JV)</span></p></td></tr></tbody></table><p><span><span></span></span></p><p><span>Details of Transactions with related parties: -</span></p><p><span></span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Name of Parties</span></p></td><td class="bordered"><p><span>Transaction Type</span></p></td><td class="bordered"><p><span>Amount (in Rs.)</span></p></td></tr><tr><td class="bordered"><p><span>Bright Solar Inverter Private limited</span></p></td><td class="bordered"><p><span>Purchase</span></p></td><td class="bordered"><p><span>Rs. 63,72,908/-</span></p><p><span></span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Jagrutiben Rameshbhai Joshi</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 1,00,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Phoolkumar Saluja</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 50,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Viren Makwana</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 50,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Chalapathi Satya Venkata</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 1,00,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Hitesh Thumar</span></p></td><td class="bordered"><p><span>Salary</span></p></td><td class="bordered"><p><span>Rs. 11,00,000/-</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Mr. Sahul Natvarbhai Jotaniya</span></p></td><td class="bordered"><p><span>Salary</span></p></td><td class="bordered"><p><span>Rs. &nbsp;4,69,088/-</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Mr. Keyur Muchhala</span></p></td><td class="bordered"><p><span>Salary</span></p></td><td class="bordered"><p><span>Rs. 6,00,000/-</span></p></td></tr><tr><td class="bordered"><p><span>VC PROJECT BSL (JV)</span></p></td><td class="bordered"><p><span>Sales</span></p></td><td class="bordered"><p><span>Rs.</span><span>1,50,02,511/-</span></p></td></tr></tbody></table><p><span></span></p><p><span><span>p.<span>&nbsp;</span></span></span><span>The company has during the year created deferred tax assets of Rs. 1,04,458/- due to timing difference arising on account of depreciation which in current year is lower under Income Tax act compared to books of accounts.</span></p><p><span><span>q.<span>&nbsp;</span></span></span><span>Balances of creditors, Loans &amp; Advances and Debtors are subject to confirmation by the parties concerned.</span></p><p><span><span>r.<span>&nbsp;&nbsp;</span></span></span><span>As per Management, in respect of goods and service tax / income tax liability company does not expect any more liability than provided in the books of accounts.</span></p><p><span><span>s.<span>&nbsp;</span></span></span><span>Value of stock and work in progress at the yearend is taken, valued and certified by the management of the company.</span></p><p><span><span>t.<span>&nbsp;&nbsp;</span></span></span><span>As explained by management, goods are received mostly on F.O.B basis.</span></p><p><span><span>u.<span>&nbsp;</span></span></span><span>Sundry Balances written off / written back or transferred through journal entry from one account to another account includes amount no more payable / receivable from the parties whose accounts are adjusted but the same are subject to confirmation from respective parties.</span></p><p><span><span>v.<span>&nbsp;</span></span></span><span>The nature of business of company is of assembling and as per the information provided by the management, it is not possible to maintain quantities details of as the Raw material purchased are not in the same unit of the finished product namely Solar Pump/solar rooftop.</span></p><p><span></span></p><p><span></span></p><p><span></span></p><p><span></span></p><p><span></span></p><p><span></span></p><p><span><span>w.<span>&nbsp;</span></span></span><span>Following Arbitration Award is disputed in concerned department with higher forum:</span><span></span></p><p><span></span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Sr. No</span></p></td><td class="bordered"><p><span>Arbitration Petition No.</span></p></td><td class="bordered"><p><span>Basic amount of</span></p><p><span>an Award</span></p></td><td class="bordered"><p><span>Interest Period</span></p></td></tr><tr><td class="bordered"><p><span>1</span></p></td><td class="bordered"><p><span>Petition no. 61/16</span></p></td><td class="bordered"><p><span>50,97,168.00</span></p></td><td class="bordered"><p><span>From 01.03.2016 to till realization of amount</span></p></td></tr><tr><td class="bordered"><p><span>2</span></p></td><td class="bordered"><p><span>Petition no. 62/16</span></p></td><td class="bordered"><p><span>3,51,10,000.00</span></p></td><td class="bordered"><p><span>From 12.02.2016 to till realization of amount</span></p></td></tr><tr><td class="bordered"><p><span>3</span></p></td><td class="bordered"><p><span>Petition no. 63/16</span></p></td><td class="bordered"><p><span>1,86,54,490.00</span></p></td><td class="bordered"><p><span>From 12.02.2016 to till realization of amount</span></p></td></tr><tr><td class="bordered"><p><span></span></p></td><td class="bordered"><p><span>Total</span></p></td><td class="bordered"><p><span>5,88,61,658.00</span></p></td><td class="bordered"><p><span></span></p></td></tr></tbody></table><p><span></span></p><p><span><span>x.<span>&nbsp;</span></span></span><span>Dividend</span></p><p><span>For the year ended 31stMarch, 2021, the Board recommends dividend of 0.1% of the face value of shares (i.e. face value of Rs. 10 per equity shares) i.e Rs. 0.01 paisa per equity shares aggregating to Rs. 2.04 lacs for the year ended 31st March, 2021, which is subject to the approval of the Shareholders at the ensuing Annual General Meeting of the Company.</span></p><p>&nbsp;</p> <div><span>BRIGHT SOLAR LIMITED</span><span>C-103, TITANIUM SQUARE, THALTEJ CROSS ROAD</span><p><span>S.G HIGHWAY, THALTEJ, AHMEDABAD </span></p><p><span>CIN: L51109GJ2010PLC060377</span></p><p><span>&nbsp;</span></p><p><span>Note No.: 28</span></p><p><span>&nbsp;</span></p><p><span>Notes forming part of Financial Statements</span></p><p><span>&nbsp;</span></p><p><span><span>1.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Background</span></p><p><span>Bright Solar Limited is engaged in assembling of DC/AC Solar Pumps and Solar Pump Systems under the registered brand name of &quot;PUMPMAN&quot;, &quot;BRIGHT SOLAR&quot;, and &quot;BRIGHT SOLAR WATER PUMP&quot;.Our company is also engaged in EPC contracts of Solar Photo voltaic Water pumps which include supplying, installing and commissioning of the pump system along with comprehensive maintenance contract for a specific period of 1-5 years. In solar pump system we are having wide range of products of DC Solar Pump, Solar Pump Inverted and AC Solar Pump.</span></p><p><span>&nbsp;</span></p><p><span>In the year 2017-18, we had started providing consultancy services for acquiring projects and tender bidding after identifying competent client on tender to tender basis. In addition, we have also been added water supply, sewerage and infra project in our service portfolio.</span></p><p><span>&nbsp;</span></p><p><span>To sum up, we are into assembling of DC/AC Solar Pumps and Solar Pump Systems, EPC contracts of Solar Photo voltaic Water pumps, consulting of Projects and tenders, Water supply and Sewerage Infra Project. We are planning to commence Solar Module manufacturing and water treatment plant assembling unit.</span></p><p><span><span>2.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Significant Accounting Policies</span><span></span></p><p><span><span>a.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Basis of Preparation of Accounts:-</span></p><p><span>The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with relevant rules there under and other accounting principles generally accepted in India. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year. Previous year&apos;s figures were re-grouped/re-classified wherever necessary.</span></p><p><span>&nbsp;</span></p><span><span>b.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Use of Estimates</span><p><span>The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities)and thereportedincomeandexpensesduringtheyear.TheManagementbelievesthatthe estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known/materialise.</span></p><p><span>&nbsp;</span></p><span><span>c.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Cash and Cash Equivalents (for purposes of Cash FlowStatement)</span><p><span>Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><span><span>d.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Cash FlowStatement</span><p><span>Cash flows are reported using the indirect method, whereby profit/loss before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.</span></p><p><span>&nbsp;</span></p><span><span>e.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Tangible/Intangible FixedAssets:</span><p><span>An item is classified as fixed asset only if it satisfies the recognition criteria stated in AS 11(i.e.) is probable that future economic benefits will flow to the company and the cost of such item could be measured. Stores and Spares fulfilling the above conditions are also classified as fixed assets. Fixed assets are initially recognized at its purchase price including all costs directly attributable to bring the asset in a ready to use condition. All subsequent cost incurred such as day to day running expenses, repair and maintenance expenses are treated as revenue expenses except when such expenditure satisfied the recognition criteria stated above. Cost Model is followed after initial recognition i.e. Fixed Assets are carried at cost less accumulated depreciation/amortization/impairment.</span></p><p><span>&nbsp;</span></p><p><span>Depreciation</span><span>: Fixed assets are depreciated using the Written Down Value method. Useful lives of assets necessary for calculation of depreciation rates are taken as specified in Schedule II of Companies Act, 2013.</span></p><p><span>&nbsp;</span></p><p><span>Intangible assets are amortized on written down value method over their estimated useful life or 4 years, whichever is lower.</span></p><p><span>&nbsp;</span></p><p><span>The estimated useful life of the intangible assets and the amortization period are reviewed at the end of each financial year and the amortization period is revised to reflect the changed pattern, if any.</span></p><p><span>Fixed assets retired from active use and held for sale are stated at the lower of their net book value and net realizable value and are disclosed separately.</span></p><p><span>&nbsp;</span></p><p><span>Capital Work-in-Progress: Projects under which tangible fixed assets are not yet ready for their intended use and other capital work-in-progress are carried at cost, comprising direct cost, related incidental expenses and attributable borrowing costs.</span></p><span><span>f.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Impairment ofAssets</span><p><span>The carrying value of assets/cash generating units at each balance sheet date is reviewed for impairment if any indication of impairment exists. If the carrying amount of the assets exceeds the estimated recoverable amount, impairment is recognized for such excess amount. The impairment loss is recognized as an expense in the Statement of Profit and Loss, unless the asset is carried at revalued amount, in which case any impairment loss of the revalued asset is treated as a revaluation decrease to the extent a revaluation reserve is available for thatasset.</span></p><p><span>&nbsp;</span></p><p><span>The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor.</span></p><p><span>&nbsp;</span></p><p><span>When there is indication that an impairment loss recognized for an asset (other than a revalued asset) in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognized in the Statement of Profit and Loss, to the extent the amount was previously charged to the Statement of Profit and Loss. In case of revalued assets such reversal is not recognized.</span></p><span><span>g.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Leases:</span><p><span>Where the Company as a lessor leases asset under finance leases, such amounts are recognized as receivables at an amount equal to the net investment in the lease and the finance income is recognized based on a constant rate of return on the outstanding net investment.</span></p><p><span>Assets leased by the Company in its capacity as lessee where substantially all the risks and rewards of ownership vest in the Company are classified as finance leases. Such leases are capitalized at the inception of the lease at the lower of the fair value and the present value of the minimum lease payments and a liability is created for an equivalent amount. Each lease rental paid is allocated between the liability and the interest cost so as to obtain a constant periodic rate of interest on the outstanding liability for each year.</span></p><p><span>Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognized as operating leases. Lease rentals under operating leases are recognized in the Statement of Profit and Loss on a straight-line basis, over the lease term.</span></p><p><span>&nbsp;</span></p><span><span>h.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Inventories</span><p><span>Items of inventories are measured at lower of cost and net realisable value after providing for obsolescence, if any, except in case of by-products which are valued at net realisable value. Cost of inventories comprises of cost of purchase and other costs net of recoverable taxes incurred in bringing them to their respective present location andcondition.</span></p><p><span>Valuation of work in progress: -</span></p><p><span>Work in Progress has been valued on basis of the incurred costs less the cost of progressive billing of the projects.</span></p><span><span>i.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Taxes on Income</span><p><span>The tax expense for the period comprises current and deferred tax. Tax is recognized in Statement of Profit and Loss, except to the extent that it relates to items recognized in the reserves directly. In such cases, the tax is also recognized in thereserves.</span></p><span><span>-<span>&nbsp;&nbsp; </span></span></span><span>Current tax</span><p><span>Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted at the Balance sheet date.</span></p><span><span>-<span>&nbsp;&nbsp; </span></span></span><span>Deferred tax</span><p><span>Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The carrying amount of Deferred tax liabilities and assets are reviewed at the end of each reporting period.</span></p><p><span>&nbsp;</span></p><span><span>j.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Finance Cost</span><p><span>Borrowing costs include exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use.</span></p><p><span>&nbsp;</span></p><p><span>Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are charged to the Statement of Profit and Loss for the period for which they are incurred.</span></p><p><span>&nbsp;</span></p><span><span>k.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Provisions</span><p><span>Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.</span></p><p><span>&nbsp;</span></p><span><span>l.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Revenue recognition</span><p><span>Revenue from sale of goods is recognized when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated cost can be estimated reliably, there is no continuing effective control or managerial involvement with the goods, and the amount of revenue can be measured reliably.</span></p><p><span>&nbsp;</span></p><p><span>Revenue from rendering of services is recognized when the performance of agreed contractual task has been completed. Revenue from sale of goods is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government.</span></p><p><span>&nbsp;</span></p><span>Interest income</span><p><span>Interest income and guarantee commission is accounted on an accrual basis.</span></p><span>&nbsp;</span><span>Dividends</span><p><span>Revenue is recognized when the Company&apos;s right to receive the payment has been established.</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><span><span>m.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Provisions, Contingent Liabilities and ContingentAssets</span><p><span>A provision is recognized when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present values and are determined based on the best estimate required to settle the obligations at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.<span>&nbsp; </span>Contingent liabilities are not recognized in the financial statements and are disclosed in the Notes. A Contingent asset is neither recognized nor disclosed in the financial statements.</span></p><p><span>&nbsp;</span></p><span><span>n.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Earnings Per Share</span><p><span>Basic earnings per share is computed by dividing the profit/loss after tax by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit/loss after tax as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date. The number of equity shares and potentially dilutive equity shares are adjusted for share splits/reverse share splits and bonus shares, as appropriate.</span></p></div><p><span><br /></span>&nbsp;</p><span><span>o.<span>&nbsp;&nbsp;&nbsp; </span></span></span><span>Related Party Disclosure</span><span>&nbsp;</span><p><span>Disclosure as required by Accounting Standard-18 (AS-18) - &quot;Related Party Disclosures&quot; are as follows </span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Nature of Relationship</span></p></td><td class="bordered"><p><span>Name of Parties</span></p></td></tr><tr><td class="bordered"><p><span>Other related party</span></p></td><td class="bordered"><p><span>Bright Solar Inverter Private limited</span></p></td></tr><tr><td class="bordered"><p><span>Director</span></p></td><td class="bordered"><p><span>Piyushkumar Babubhai Thumar</span></p></td></tr><tr><td class="bordered"><p><span>Director </span></p></td><td class="bordered"><p><span>Jagrutiben Rameshbhai Joshi </span></p></td></tr><tr><td class="bordered"><p><span>Director&apos;s Relative</span></p></td><td class="bordered"><p><span>Hitesh Thumar</span></p></td></tr><tr><td class="bordered"><p><span>KMP</span></p></td><td class="bordered"><p><span>Sahul Natavarbhai Jotaniya</span></p></td></tr><tr><td class="bordered"><p><span>KMP</span></p></td><td class="bordered"><p><span>Keyur Muchhala</span></p></td></tr><tr><td class="bordered"><p><span>KMP</span></p></td><td class="bordered"><p><span>Mukesh Tolia</span></p></td></tr><tr><td class="bordered"><p><span>Director&apos;s Relative</span></p></td><td class="bordered"><p><span>Naynaben Piyushkumar Thumar</span></p></td></tr><tr><td class="bordered"><p><span>Other related party</span></p></td><td class="bordered"><p><span>VC Project BSL (JV)</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>Details of Transactions with related parties: -</span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Name of Parties</span></p></td><td class="bordered"><p><span>Transaction Type</span></p></td><td class="bordered"><p><span>Amount (in Rs.)</span></p></td></tr><tr><td class="bordered"><p><span>Piyushkumar Babubhai Thumar</span></p></td><td class="bordered"><p><span>Short Term Borrowings from Director</span></p></td><td class="bordered"><p><span>Rs. 2,32,25,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Jagrutiben Rameshbhai Joshi</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 1,00,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Viren Makwana</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 1,00,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Ms. Shivangi Gajjar</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 70,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Sahul Natvarbhai Jotaniya</span></p></td><td class="bordered"><p><span>Salary</span></p></td><td class="bordered"><p><span>Rs. &nbsp;6,78,000/-</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Piyushkumar Babubhai Thumar</span></p></td><td class="bordered"><p><span>Loan Repayment</span></p></td><td class="bordered"><p><span>Rs. 14,77,652/-</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span><span>p.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The company has during the year created deferred tax assets of Rs.9,153/- due to timing difference arising on account of depreciation which in current year is lower under Income Tax act compared to books of accounts.</span></p><p><span><span>q.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Balances of creditors, Loans &amp; Advances and Debtors are subject to confirmation by the parties concerned.</span></p><p><span><span>r.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>As per Management, in respect of goods and service tax / income tax liability company does not expect any more liability than provided in the books of accounts. </span></p><p><span><span>s.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Value of stock and work in progress at the yearend is taken, valued and certified by the management of the company.</span></p><p><span><span>t.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>As explained by management, goods are received mostly on F.O.B basis.</span></p><p><span><span>u.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Sundry Balances written off / written back or transferred through journal entry from one account to another account includes amount no more payable / receivable from the parties whose accounts are adjusted but the same are subject to confirmation from respective parties.</span></p><p><span><span>v.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The nature of business of company is of assembling and as per the information provided by the management, it is not possible to maintain quantities details of as the Raw material purchased are not in the same unit of the finished product namely Solar Pump/solar rooftop.</span></p><p><span><span>w.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The closing stock of work in progress is certified by and calculated by management and we are unable to comment on its computation due to non availability of its working at the time of audit.</span></p><p><span><span>x.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Following Arbitration Award is disputed in concerned department with higher forum:</span><span></span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Sr. No</span></p></td><td class="bordered"><p><span>Arbitration Petition No.</span></p></td><td class="bordered"><p><span>Basic amount of</span></p><p><span>an Award</span></p></td><td class="bordered"><p><span>Interest Period</span></p></td></tr><tr><td class="bordered"><p><span>1</span></p></td><td class="bordered"><p><span>Petition no. 61/16</span></p></td><td class="bordered"><p><span>50,97,168.00</span></p></td><td class="bordered"><p><span>From 01.03.2016 to till realization of amount</span></p></td></tr><tr><td class="bordered"><p><span>2</span></p></td><td class="bordered"><p><span>Petition no. 62/16</span></p></td><td class="bordered"><p><span>3,51,10,000.00</span></p></td><td class="bordered"><p><span>From 12.02.2016 to till realization of amount</span></p></td></tr><tr><td class="bordered"><p><span>3</span></p></td><td class="bordered"><p><span>Petition no. 63/16</span></p></td><td class="bordered"><p><span>1,86,54,490.00</span></p></td><td class="bordered"><p><span>From 12.02.2016 to till realization of amount</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>Total</span></p></td><td class="bordered"><p><span>5,88,61,658.00</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span><span>y.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Dividend </span></p><p><span>For the year ended 31st March, 2022, the Board has not recommended any dividend</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>FOR, </span><span><span>&nbsp;</span>Nirav S. Shah &amp; Co</span></p></td><td class="bordered"><p><span><span>&nbsp;</span></span></p></td><td class="bordered"><p><span>&nbsp;</span></p><p><span>FOR AND ON BEHALF OF THE BOARD</span></p></td></tr><tr><td class="bordered"><p><span>Chartered Accountants</span></p></td><td class="bordered"></td><td class="bordered"></td></tr><tr><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td></tr><tr><td class="bordered"></td><td class="bordered"></td><td class="bordered"><p><span>Piyushkumar Babubhai Thumar</span></p></td></tr><tr><td class="bordered"></td><td class="bordered"></td><td class="bordered"><p><span>Chairman and Managing Director</span></p></td><td class="bordered"><p>&nbsp;</p></td></tr><tr><td class="bordered"><p><span>( Nirav S. Shah )</span></p></td><td class="bordered"></td><td class="bordered"><p><span>DIN: 02785269</span></p></td></tr><tr><td class="bordered"><p><span>Proprietor</span></p></td><td class="bordered"></td><td class="bordered"></td></tr><tr><td class="bordered"><p><span>Membership No.: 133345 </span></p></td><td class="bordered"></td><td class="bordered"></td></tr><tr><td class="bordered"><p><span>Firm Registration No.: 130244W</span></p><p><span>UDIN:</span><span>22133345AJWYFC7989<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></span><span></span></p></td><td class="bordered"></td><td class="bordered"><p><span>&nbsp;</span></p><p><span>Jagruti Rameshbhai Joshi</span></p></td></tr><tr><td class="bordered"></td><td class="bordered"></td><td class="bordered"><p><span>Director</span></p></td></tr><tr><td class="bordered"><p><span>Place:</span><span> Ahmedabad</span></p></td><td class="bordered"></td><td class="bordered"><p><span>DIN: 07737814</span></p></td></tr><tr><td class="bordered"><p><span>Date: </span><span>30/05/2022</span></p></td><td class="bordered"></td><td class="bordered"></td></tr></tbody></table><p>&nbsp;</p> <div><span><p><span>FY 2020-21</span></p></span><p><span>Note No.: 25</span></p><p><span></span></p><p><span>Notes forming part of Financial Statements</span></p><p><span></span></p><p><span></span></p><p><span><span>1.<span>&nbsp;&nbsp;</span></span></span><span>Background</span></p><p><span>Bright Solar Limited is engaged in assembling of DC/AC Solar Pumps and Solar Pump Systems under the registered brand name of &quot;PUMPMAN&quot;, &quot;BRIGHT SOLAR&quot;, and &quot;BRIGHT SOLAR WATER PUMP&quot;. Our company is also engaged in EPC contracts of Solar Photo voltaic Water pumps which include supplying, installing and commissioning of the pump system along with comprehensive maintenance contract for a specific period of 1-5 years. In solar pump system we are having wide range of products of DC Solar Pump, Solar Pump Inverted and AC Solar Pump.</span></p><p><span></span></p><p><span>In the year 2017-18, we had started providing consultancy services for acquiring projects and tender bidding after identifying competent client on tender to tender basis. In addition, we have also been added water supply, sewerage and infra project in our service portfolio.</span></p><p><span></span></p><p><span>To sum up, we are into assembling of DC/AC Solar Pumps and Solar Pump Systems, EPC contracts of Solar Photo voltaic Water pumps, consulting of Projects and tenders, Water supply and Sewerage Infra Project. We are planning to commence Solar Module manufacturing and water treatment plant assemblingunit.</span></p><p><span><span>2.<span>&nbsp;&nbsp;</span></span></span><span>Significant AccountingPolicies</span><span></span></p><p><span><span>a.<span>&nbsp;</span></span></span><span>Basis of Preparation of Accounts:-</span></p><p><span>The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with relevant rules there under and other accounting principles generally accepted in India. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year. Previous year&apos;s figures were re-grouped/re-classified wherever necessary.</span></p><p><span></span></p><span><span>b.<span>&nbsp;</span></span></span><span>Use of Estimates</span><p><span>The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities(including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known/materialise.</span></p><p><span></span></p><span><span>c.<span>&nbsp;</span></span></span><span>Cash and Cash Equivalents (for purposes of Cash FlowStatement)</span><p><span>Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.</span></p><p><span></span></p><p><span></span></p><span><span>d.<span>&nbsp;</span></span></span><span>Cash Flow Statement</span><p><span>Cash flows are reported using the indirect method, whereby profit/loss before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.</span></p><p><span></span></p><span><span>e.<span>&nbsp;</span></span></span><span>Tangible/Intangible FixedAssets:</span><p><span>An item is classified as fixed asset only if it satisfies the recognition criteria stated in AS 11(i.e.) is probable that future economic benefits will flow to the company and the cost of such item could be measured. Stores and Spares fulfilling the above conditions are also classified as fixed assets. Fixed assets are initially recognized at its purchase price including all costs directly attributable to bring the asset in a ready to use condition. All subsequent cost incurred such as day to day running expenses, repair and maintenance expenses are treated as revenue expenses except when such expenditure satisfied the recognition criteria stated above. Cost Model is followed after initial recognition i.e. Fixed Assets are carried at cost less accumulated depreciation/amortization/impairment.</span></p><p><span></span></p><p><span>Depreciation</span><span>: Fixed assets are depreciated using the Written Down Value method. Useful lives of assets necessary for calculation of depreciation rates are taken as specified in Schedule II of Companies Act, 2013.</span></p><p><span></span></p><p><span>Intangible assets are amortized on written down value method over their estimated useful life or 4 years, whichever is lower.</span></p><p><span></span></p><p><span>The estimated useful life of the intangible assets and the amortization period are reviewed at the end of each financial year and the amortization period is revised to reflect the changed pattern, if any.</span></p><p><span>Fixed assets retired from active use and held for sale are stated at the lower of their net book value and net realizable value and are disclosed separately.</span></p><p><span></span></p><p><span>Capital Work-in-Progress: Projects under which tangible fixed assets are not yet ready for their intended use and other capital work-in-progress are carried at cost, comprising direct cost, related incidental expenses and attributable borrowing costs.</span></p><span><span>f.<span>&nbsp;&nbsp;</span></span></span><span>Impairment of Assets</span><p><span>The carrying value of assets/cash generating units at each balance sheet date is reviewed for impairment if any indication of impairment exists. If the carrying amount of the assets exceeds the estimated recoverable amount, impairment is recognized for such excess amount. The impairment loss is recognized as an expense in the Statement of Profit and Loss, unless the asset is carried at revalued amount, in which case any impairment loss of the revalued asset is treated as a revaluation decrease to the extent a revaluation reserve is available for thatasset.</span></p><p><span></span></p><p><span>The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor.</span></p><p><span></span></p><p><span>When there is indication that an impairment loss recognized for an asset (other than a revalued asset) in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognized in the Statement of Profit and Loss, to the extent the amount was previously charged to the Statement of Profit and Loss. In case of revalued assets such reversal is not recognized.</span></p><p><span></span></p><p><span></span></p><p><span></span></p><span><span>g.<span>&nbsp;</span></span></span><span>Leases:</span><p><span>Where the Company as a lessor leases asset under finance leases, such amounts are recognized as receivables at an amount equal to the net investment in the lease and the finance income is recognized based on a constant rate of return on the outstanding net investment.</span></p><p><span>Assets leased by the Company in its capacity as lessee where substantially all the risks and rewards of ownership vest in the Company are classified as finance leases. Such leases are capitalized at the inception of the lease at the lower of the fair value and the present value of the minimum lease payments and a liability is created for an equivalent amount. Each lease rental paid is allocated between the liability and the interest cost so as to obtain a constant periodic rate of interest on the outstanding liability for each year.</span></p><p><span>Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognized as operating leases. Lease rentals under operating leases are recognized in the Statement of Profit and Loss on a straight-line basis, over the lease term.</span></p><p><span></span></p><span><span>h.<span>&nbsp;</span></span></span><span>Inventories</span><p><span>Items of inventories are measured at lower of cost and net realisable value after providing for obsolescence, if any, except in case of by-products which are valued at net realisable value. Cost of inventories comprises of cost of purchase and other costs net of recoverable taxes incurred in bringing them to their respective present location andcondition.</span></p><p><span>Valuation of work in progress: -</span></p><p><span>Work in Progress has been valued on basis of the incurred costs less the cost of progressive billing of the projects.</span></p><span><span>i.<span>&nbsp;&nbsp;</span></span></span><span>Taxes onIncome</span><p><span>The tax expense for the period comprises current and deferred tax. Tax is recognized in Statement of Profit and Loss, except to the extent that it relates to items recognized in the reserves directly. In such cases, the tax is also recognized in thereserves.</span></p><span><span>-<span>&nbsp;</span></span></span><span>Current tax</span><p><span>Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted at the Balance sheet date.</span></p><span><span>-<span>&nbsp;</span></span></span><span>Deferredtax</span><p><span>Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The carrying amount of Deferred tax liabilities and assets are reviewed at the end of each reportingperiod.</span></p><p><span></span></p><span><span>j.<span>&nbsp;&nbsp;</span></span></span><span>FinanceCost</span><p><span>Borrowing costs include exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use.</span></p><p><span></span></p><p><span>Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are charged to the Statement of Profit and Loss for the period for which they areincurred.</span></p><p><span></span></p><span><span>k.<span>&nbsp;</span></span></span><span>Provisions</span><p><span>Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.</span></p><p><span></span></p><span><span>l.<span>&nbsp;&nbsp;</span></span></span><span>Revenuerecognition</span><p><span>Revenue from sale of goods is recognized when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated cost can be estimated reliably, there is no continuing effective control or managerial involvement with the goods, and the amount of revenue can be measuredreliably.</span></p><p><span></span></p><p><span>Revenue from rendering of services is recognized when the performance of agreed contractual task has been completed.Revenue from sale of goods is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government.</span></p><p><span></span></p><span>Interest income</span><p><span>Interest income and guarantee commission is accounted on an accrual basis.</span></p><p><span></span></p><span>Dividends</span><p><span>Revenue is recognized when the Company&apos;s right to receive the payment has been established.</span></p><p><span></span></p><p><span></span></p><span><span>m.<span>&nbsp;</span></span></span><span>Provisions, Contingent Liabilities and ContingentAssets</span><p><span>A provision is recognized when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present values and are determined based on the best estimate required to settle the obligations at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.<span>&nbsp;</span>Contingent liabilities are not recognized in the financial statements and are disclosed in the Notes. A Contingent asset is neither recognized nor disclosed in the financialstatements.</span></p><p><span></span></p><span><span>n.<span>&nbsp;&nbsp;</span></span></span><span>Earnings Per Share</span><p><span>Basic earnings per share is computed by dividing the profit/loss after tax by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit/loss after tax as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date. The number of equity shares and potentially dilutive equity shares are adjusted for share splits/reverse share splits and bonus shares, asappropriate.</span></p></div><span><br /></span><span><span>o.<span>&nbsp;</span></span></span><span>Related Party Disclosure</span><span></span><p><span>Disclosure as required by Accounting Standard-18 (AS-18) - &quot;Related Party Disclosures&quot; are as follows</span></p><p><span></span></p><p><span></span></p><table><tbody><tr><td class="bordered"><p><span>Nature of Relationship</span><span></span></p></td><td class="bordered"><p><span>Name of Parties</span></p></td></tr><tr><td class="bordered"><p><span>Other related party</span></p></td><td class="bordered"><p><span>Bright Solar Inverter Private limited</span></p></td></tr><tr><td class="bordered"><p><span>Director</span></p></td><td class="bordered"><p><span>Piyushkumar Babubhai Thumar</span></p></td></tr><tr><td class="bordered"><p><span>Director</span></p></td><td class="bordered"><p><span>Jagrutiben Rameshbhai Joshi</span></p></td></tr><tr><td class="bordered"><p><span>Director&apos;s Relative</span></p></td><td class="bordered"><p><span>Hitesh Thumar</span></p></td></tr><tr><td class="bordered"><p><span>KMP</span></p></td><td class="bordered"><p><span>Sahul Natavarbhai Jotaniya</span></p></td></tr><tr><td class="bordered"><p><span>KMP</span></p></td><td class="bordered"><p><span>Keyur Muchhala</span></p></td></tr><tr><td class="bordered"><p><span>Director&apos;s Relative</span></p></td><td class="bordered"><p><span>Naynaben Piyushkumar Thumar</span></p></td></tr><tr><td class="bordered"><p><span>Other related party</span></p></td><td class="bordered"><p><span>VC Project BSL (JV)</span></p></td></tr></tbody></table><p><span><span>&nbsp;</span></span></p><p><span>Details of Transactions with related parties: -</span></p><p><span></span></p><table><tbody><tr><td class="bordered"><p><span>Name of Parties</span></p></td><td class="bordered"><p><span>Transaction Type</span></p></td><td class="bordered"><p><span>Amount (in Rs.)</span></p></td></tr><tr><td class="bordered"><p><span>Bright Solar Inverter Private limited</span></p></td><td class="bordered"><p><span>Purchase</span></p></td><td class="bordered"><p><span>Rs. 63,72,908/-</span></p><p><span></span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Jagrutiben Rameshbhai Joshi</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 1,00,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Phoolkumar Saluja</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 50,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Viren Makwana</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 50,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Chalapathi Satya Venkata</span></p></td><td class="bordered"><p><span>Sitting fee</span></p></td><td class="bordered"><p><span>Rs. 1,00,000/-</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Hitesh Thumar</span></p></td><td class="bordered"><p><span>Salary</span></p></td><td class="bordered"><p><span>Rs. 11,00,000/-</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Mr. Sahul Natvarbhai Jotaniya</span></p></td><td class="bordered"><p><span>Salary</span></p></td><td class="bordered"><p><span>Rs. &nbsp;4,69,088/-</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Mr. Keyur Muchhala</span></p></td><td class="bordered"><p><span>Salary</span></p></td><td class="bordered"><p><span>Rs. 6,00,000/-</span></p></td></tr><tr><td class="bordered"><p><span>VC PROJECT BSL (JV)</span></p></td><td class="bordered"><p><span>Sales</span></p></td><td class="bordered"><p><span>Rs.</span><span>1,50,02,511/-</span></p></td></tr></tbody></table><p><span></span></p><p><span><span>p.<span>&nbsp;</span></span></span><span>The company has during the year created deferred tax assets of Rs. 1,04,458/- due to timing difference arising on account of depreciation which in current year is lower under Income Tax act compared to books of accounts.</span></p><p><span><span>q.<span>&nbsp;</span></span></span><span>Balances of creditors, Loans & Advances and Debtors are subject to confirmation by the parties concerned.</span></p><p><span><span>r.<span>&nbsp;&nbsp;</span></span></span><span>As per Management, in respect of goods and service tax / income tax liability company does not expect any more liability than provided in the books of accounts.</span></p><p><span><span>s.<span>&nbsp;</span></span></span><span>Value of stock and work in progress at the yearend is taken, valued and certified by the management of the company.</span></p><p><span><span>t.<span>&nbsp;&nbsp;</span></span></span><span>As explained by management, goods are received mostly on F.O.B basis.</span></p><p><span><span>u.<span>&nbsp;</span></span></span><span>Sundry Balances written off / written back or transferred through journal entry from one account to another account includes amount no more payable / receivable from the parties whose accounts are adjusted but the same are subject to confirmation from respective parties.</span></p><p><span><span>v.<span>&nbsp;</span></span></span><span>The nature of business of company is of assembling and as per the information provided by the management, it is not possible to maintain quantities details of as the Raw material purchased are not in the same unit of the finished product namely Solar Pump/solar rooftop.</span></p><p><span></span></p><p><span></span></p><p><span></span></p><p><span></span></p><p><span></span></p><p><span></span></p><p><span><span>w.<span>&nbsp;</span></span></span><span>Following Arbitration Award is disputed in concerned department with higher forum:</span><span></span></p><p><span></span></p><table><tbody><tr><td class="bordered"><p><span>Sr. No</span></p></td><td class="bordered"><p><span>Arbitration Petition No.</span></p></td><td class="bordered"><p><span>Basic amount of</span></p><p><span>an Award</span></p></td><td class="bordered"><p><span>Interest Period</span></p></td></tr><tr><td class="bordered"><p><span>1</span></p></td><td class="bordered"><p><span>Petition no. 61/16</span></p></td><td class="bordered"><p><span>50,97,168.00</span></p></td><td class="bordered"><p><span>From 01.03.2016 to till realization of amount</span></p></td></tr><tr><td class="bordered"><p><span>2</span></p></td><td class="bordered"><p><span>Petition no. 62/16</span></p></td><td class="bordered"><p><span>3,51,10,000.00</span></p></td><td class="bordered"><p><span>From 12.02.2016 to till realization of amount</span></p></td></tr><tr><td class="bordered"><p><span>3</span></p></td><td class="bordered"><p><span>Petition no. 63/16</span></p></td><td class="bordered"><p><span>1,86,54,490.00</span></p></td><td class="bordered"><p><span>From 12.02.2016 to till realization of amount</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>Total</span></p></td><td class="bordered"><p><span>5,88,61,658.00</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr></tbody></table><p><span></span></p><p><span><span>x.<span>&nbsp;</span></span></span><span>Dividend</span></p><p><span>For the year ended 31stMarch, 2021, the Board recommends dividend of 0.1% of the face value of shares (i.e. face value of Rs. 10 per equity shares) i.e Rs. 0.01 paisa per equity shares aggregating to Rs. 2.04 lacs for the year ended 31st March, 2021, which is subject to the approval of the Shareholders at the ensuing Annual General Meeting of the Company.</span></p><p>&nbsp;</p> <div><p><span>Note<span></span>21</span><span></span></p><span><br /></span><p><span>Year<span></span>Ended<span></span>March<span></span>31,<span></span>2022</span></p><span><br /></span><p><span>Year<span></span>Ended<span></span>March<span></span>31,<span></span>2021</span></p></div><p><span><br /></span>&nbsp;</p><div><p><span>Employee<span></span>Benefit<span></span>Expenses</span><span></span></p><span><br /></span><p><span>(</span><span>?<span></span></span><span>thousands)<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>(</span><span>?<span></span></span><span>thousands)</span></p></div><p><span><br /></span></p><table><tbody><tr><td class="bordered"><p><span>Director&apos;s<span></span>Remuneration</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>-3,884.43</span></p></td></tr><tr><td class="bordered"><p><span>Labour<span></span>Welfare<span></span>Fund<span></span>Exps</span></p></td><td class="bordered"><p><span>0.53</span></p></td><td class="bordered"><p><span>0.00</span></p></td></tr><tr><td class="bordered"><p><span>ESIC<span></span>Expenses</span></p></td><td class="bordered"><p><span>65.80</span></p></td><td class="bordered"><p><span>173.37</span></p></td></tr><tr><td class="bordered"><p><span>PF<span></span>Expenses</span></p></td><td class="bordered"><p><span>287.68</span></p></td><td class="bordered"><p><span>623.00</span></p></td></tr><tr><td class="bordered"><p><span>Professional<span></span>Tax<span></span>Expenses</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>5.70</span></p></td></tr><tr><td class="bordered"><p><span>Salaries<span></span>and<span></span>Wages</span></p></td><td class="bordered"><p><span>5066.81</span></p></td><td class="bordered"><p><span>11,048.79</span></p></td></tr><tr><td class="bordered"><p><span>Staff<span></span>Welfare<span></span>Expenses</span></p></td><td class="bordered"><p><span>491.12</span></p></td><td class="bordered"><p><span>816.16</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>5,911.93</span></p></td><td class="bordered"><p><span>8,782.60</span></p></td></tr></tbody></table> <p></p><table><tbody><tr><td class="bordered">Note 20</td><td class="bordered"></td><td class="bordered">Year Ended March 31, 2021</td><td class="bordered">Year Ended March 31, 2020</td></tr><tr><td class="bordered">Employee Benefit Expenses</td><td class="bordered"></td><td class="bordered">(`)</td><td class="bordered">(`)</td></tr><tr><td class="bordered">Director`s Remuneration</td><td class="bordered"></td><td class="bordered">-3884426</td><td class="bordered">2350170</td></tr><tr><td class="bordered">ESIC Expenses</td><td class="bordered"></td><td class="bordered">173374</td><td class="bordered">216923</td></tr><tr><td class="bordered">PF Expenses</td><td class="bordered"></td><td class="bordered">623002</td><td class="bordered">736350</td></tr><tr><td class="bordered">Professional Tax Expenses</td><td class="bordered"></td><td class="bordered">5703</td><td class="bordered">0</td></tr><tr><td class="bordered">Salaries and Wages</td><td class="bordered"></td><td class="bordered">11048790</td><td class="bordered">15587937</td></tr><tr><td class="bordered">Staff Welfare Expenses</td><td class="bordered"></td><td class="bordered">816158</td><td class="bordered">1313945</td></tr><tr><td class="bordered"></td><td class="bordered"></td><td class="bordered">8782601</td><td class="bordered">20205325</td></tr></tbody></table> false false Bright Solar Inverter Private limited INDIA AAGCB5969A Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives PURCHASE 6372910 0 0 Jagrutiben Rameshbhai Joshi INDIA ASKPJ5727D Others Sitting fees 100000 0 0 Sahul Natvarbhai Jotaniya INDIA AYRPJ7563Q Key Management Personnel Salary 678000 0 0 VC PROJECT BSL INDIA AARFV2104K Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives Sales 0 0 Mr. Keyur Muchhala INDIA AZSPM1266H Key Management Personnel SALARY 0 0 Mr. Chalapathi Satya Venkata INDIA ACZPM3638D Others Sitting Fees 0 0 Mr. Viren Makwana INDIA CJXPM6600E Others Sitting Fees 100000 0 0 Mr. Phoolkumar Saluja INDIA ABEPS1142G Others Sitting Fees 0 0 SHIVANGI BIPINCHANDRA GAJJAR INDIA ASRPG2005J Others Sitting Fees 70000 0 0 PIYUSHKUMAR THUMAR INDIA AGRPT9202C Key Management Personnel Loan taken and repaid 23225000 1477650 0 0 true true false false 0 0 0 0 <span><span>a.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Finance Cost</span><p><span>Borrowing costs include exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use.</span></p><p><span>&nbsp;</span></p><p><span>Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are charged to the Statement of Profit and Loss for the period for which they are incurred.</span></p><p>&nbsp;</p> <p>Finance Cost</p><p>Borrowing costs include exchange differences arising from foreign currency borrowings to the extent they</p><p>are regarded as an adjustment to the interest cost. Borrowing costs that are directly attributable to the</p><p>acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying</p><p>asset is one that necessarily takes substantial period of time to get ready for its intended use.</p><p>Interest income earned on the temporary investment of specific borrowings pending their expenditure on</p><p>qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs</p><p>are charged to the Statement of Profit and Loss for the period for which they are incurred.</p> 630460 621310 630460 621310 The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement 24265700 The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement 24265700 The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement 24265700 The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement 26844120 The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement 26844120 The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement 26844120 The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement The company's pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome of these proceedings to have a materially adverse effects on its financial statement 0 0 false false false 0 0 0 0 0 0 71868330 245239410 0 0 0 0 0 0 71868330 245239410 74912130 247791300 0 0 129153470 210259520 991840 1024690 133280 133280 0 0 1125120 1157970 0 0 148665490 244939560 -73753360 2851740 -73753360 2851740 -73753360 2851740 -9150 -104460 -9150 1088870 -73744210 1762870 -73744210 1762870 -3.61 0.09 -3.61 0.09 -3.61 0.09 -3.61 0.09 10.00 10.00 4897170 5888370 -24188510 -23879440 29085680 29767810 2152150 7006910 2152150 7006910 false false false <span><span>a.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Revenue recognition</span><p><span>Revenue from sale of goods is recognized when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated cost can be estimated reliably, there is no continuing effective control or managerial involvement with the goods, and the amount of revenue can be measured reliably.</span></p><p><span>&nbsp;</span></p><p><span>Revenue from rendering of services is recognized when the performance of agreed contractual task has been completed. Revenue from sale of goods is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government.</span></p><p><span>&nbsp;</span></p><span>Interest income</span><p><span>Interest income and guarantee commission is accounted on an accrual basis.</span></p><span>&nbsp;</span><span>Dividends</span><p><span>Revenue is recognized when the Company&apos;s right to receive the payment has been established.</span></p> <p><span>Revenue from sale of goods is recognized when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated cost can be estimated reliably, there is no continuing effective control or managerial involvement with the goods, and the amount of revenue can be measured<span></span>reliably.</span></p><p><span></span></p><p><span>Revenue from rendering of services is recognized when the performance of agreed contractual task has been completed. Revenue from sale of goods is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government.</span></p><p><span></span></p><p><span>Interest income</span></p><p><span>Interest income and guarantee commission is accounted on an accrual basis.</span></p><p><span></span></p><p><span>Dividends</span></p><p><span>Revenue is recognized when the Company&apos;s right to receive the payment has been established.</span></p> <p></p><table><tbody><tr><td class="bordered"><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Note<span></span>25</span><span></span></p></td><td class="bordered"><p><span>&nbsp;</span></p><p><span>Year<span></span>Ended<span></span>March<span></span>31,<span></span>2022</span></p></td><td class="bordered"><p><span>&nbsp;</span></p><p><span>Year<span></span>Ended<span></span>March<span></span>31,<span></span>2021</span></p></td></tr><tr><td class="bordered"><p><span>Earning<span></span>Per<span></span>Share</span><span></span></p></td><td class="bordered"><p><span>(</span><span>?<span></span></span><span>thousands)</span></p></td><td class="bordered"><p><span>(</span><span>?<span></span></span><span>thousands)</span></p></td></tr><tr><td class="bordered"><p><span>Basic</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>Net<span></span>Profit<span></span>attributable<span></span>to<span></span>equity<span></span>shareholders</span></p></td><td class="bordered"><p><span>-73,744.21</span></p></td><td class="bordered"><p><span>1,762.87</span></p></td></tr><tr><td class="bordered"><p><span>The<span></span>weighted<span></span>average<span></span>number<span></span>of<span></span>Equity<span></span>Shares<span></span>for<span></span>Basic<span></span>Earnings<span></span>Per<span></span>Share<span></span>(Nos.)</span></p></td><td class="bordered"><p><span>2,04,00,000</span></p></td><td class="bordered"><p><span>2,04,00,000</span></p></td></tr><tr><td class="bordered"><p><span>Par<span></span>Value<span></span>Per<span></span>Share<span></span>(in<span></span>`)</span></p></td><td class="bordered"><p><span>10</span></p></td><td class="bordered"><p><span>10</span></p></td></tr><tr><td class="bordered"><p><span>Basic<span></span>Earnings<span></span>Per<span></span>Share<span></span>(in<span></span>`)</span></p></td><td class="bordered"><p><span>-3.61</span></p></td><td class="bordered"><p><span>0.09</span></p></td></tr><tr><td class="bordered"><p><span>Diluted</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>Net<span></span>Profit<span></span>attributable<span></span>to<span></span>equity<span></span>shareholders</span></p></td><td class="bordered"><p><span>(73,744)</span></p></td><td class="bordered"><p><span>1,763</span></p></td></tr><tr><td class="bordered"><p><span>The<span></span>weighted<span></span>average<span></span>number<span></span>of<span></span>Equity<span></span>Shares<span></span>for<span></span>Diluted<span></span>Earnings<span></span>Per<span></span>Share<span></span>(Nos.)</span></p></td><td class="bordered"><p><span>2,04,00,000</span></p></td><td class="bordered"><p><span>2,04,00,000</span></p></td></tr><tr><td class="bordered"><p><span>Par<span></span>Value<span></span>Per<span></span>Share<span></span>(in<span></span>`)</span></p></td><td class="bordered"><p><span>10</span></p></td><td class="bordered"><p><span>10</span></p></td></tr><tr><td class="bordered"><p><span>Diluted<span></span>Earnings<span></span>Per<span></span>Share<span></span>(in<span></span>`)</span></p></td><td class="bordered"><p><span>-3.61</span></p></td><td class="bordered"><p><span>0.09</span></p></td></tr><tr><td class="bordered"><p><span>Weighted<span></span>Avg<span></span>Number<span></span>of<span></span>Shares</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr></tbody></table> <p></p><table><tbody><tr><td class="bordered"><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Note<span></span>25</span><span></span></p></td><td class="bordered"><p><span>&nbsp;</span></p><p><span>Year<span></span>Ended<span></span>March<span></span>31,<span></span>2022</span></p></td><td class="bordered"><p><span>&nbsp;</span></p><p><span>Year<span></span>Ended<span></span>March<span></span>31,<span></span>2021</span></p></td></tr><tr><td class="bordered"><p><span>Earning<span></span>Per<span></span>Share</span><span></span></p></td><td class="bordered"><p><span>(</span><span>?<span></span></span><span>thousands)</span></p></td><td class="bordered"><p><span>(</span><span>?<span></span></span><span>thousands)</span></p></td></tr><tr><td class="bordered"><p><span>Basic</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>Net<span></span>Profit<span></span>attributable<span></span>to<span></span>equity<span></span>shareholders</span></p></td><td class="bordered"><p><span>-73,744.21</span></p></td><td class="bordered"><p><span>1,762.87</span></p></td></tr><tr><td class="bordered"><p><span>The<span></span>weighted<span></span>average<span></span>number<span></span>of<span></span>Equity<span></span>Shares<span></span>for<span></span>Basic<span></span>Earnings<span></span>Per<span></span>Share<span></span>(Nos.)</span></p></td><td class="bordered"><p><span>2,04,00,000</span></p></td><td class="bordered"><p><span>2,04,00,000</span></p></td></tr><tr><td class="bordered"><p><span>Par<span></span>Value<span></span>Per<span></span>Share<span></span>(in<span></span>`)</span></p></td><td class="bordered"><p><span>10</span></p></td><td class="bordered"><p><span>10</span></p></td></tr><tr><td class="bordered"><p><span>Basic<span></span>Earnings<span></span>Per<span></span>Share<span></span>(in<span></span>`)</span></p></td><td class="bordered"><p><span>-3.61</span></p></td><td class="bordered"><p><span>0.09</span></p></td></tr><tr><td class="bordered"><p><span>Diluted</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>Net<span></span>Profit<span></span>attributable<span></span>to<span></span>equity<span></span>shareholders</span></p></td><td class="bordered"><p><span>(73,744)</span></p></td><td class="bordered"><p><span>1,763</span></p></td></tr><tr><td class="bordered"><p><span>The<span></span>weighted<span></span>average<span></span>number<span></span>of<span></span>Equity<span></span>Shares<span></span>for<span></span>Diluted<span></span>Earnings<span></span>Per<span></span>Share<span></span>(Nos.)</span></p></td><td class="bordered"><p><span>2,04,00,000</span></p></td><td class="bordered"><p><span>2,04,00,000</span></p></td></tr><tr><td class="bordered"><p><span>Par<span></span>Value<span></span>Per<span></span>Share<span></span>(in<span></span>`)</span></p></td><td class="bordered"><p><span>10</span></p></td><td class="bordered"><p><span>10</span></p></td></tr><tr><td class="bordered"><p><span>Diluted<span></span>Earnings<span></span>Per<span></span>Share<span></span>(in<span></span>`)</span></p></td><td class="bordered"><p><span>-3.61</span></p></td><td class="bordered"><p><span>0.09</span></p></td></tr><tr><td class="bordered"><p><span>Weighted<span></span>Avg<span></span>Number<span></span>of<span></span>Shares</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr></tbody></table> 20400000 20400000 20400000 20400000 20400000 20400000 -73744210 1762870 -73744210 1762870 -73744210 1762870 0.00 0 69468330 245239410 0 0 0 0 1013160 1642750 0 0 1013160 1642750 1013160 1642750 0 0 0 0 0 0 0 245520 2030640 663620 2030640 909140 3043800 2551890 481050 700670 481050 700670 481050 700670 146330 294650 627380 995320 5066810 11048790 0 -3884430 0 -3884430 0 -3884430 287680 623000 287680 623000 65800 173370 491640 816160 0 5710 5911930 8782600 0 0 0 0 1840100 2402690 0 0 77000 27430 42470 204520 0 635470 0 0 0 635470 73360 219750 135200 323760 76800 423660 22970 23770 1254330 1908640 1397680 1120690 107140 155010 270000 300000 0 0 100310 962190 0 431640 2000 630 219290 2674540 219290 2674540 59160 317590 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 300000 462000 300000 462000 5869780 11150170 11847590 23744150 0 0 0 1193330 0 1193330 0 0 0 0 0 0 2400000 0 2400000 0 0 0 0 0 0 0 0 0 0 0 0 0 69468330 245239410 69468330 245239410 69468330 245239410 2400000 0 2400000 0 25650650 23844510 0 0 8543 EQUIPMENT OR GADGETS BASED ON SOLAR ENERGY NOS 71868330 85437092 EQUIPMENT OR GADGETS BASED ON SOLAR ENERGY NOS 71868330 BRIGHT SOLAR LIMITED L51109GJ2010PLC060377 AAECB0997L C-103, TITANIUM SQUARE, THALTEJ CROSS ROAD,, S.G HIGHWAY, THALTEJ,, AHMEDABAD, Ahmedabad, Gujarat, 380059, India, Commercial and Industrial 2010-04-23 COMPANY LIMITED BY SHARES / NON GOVT COMPANY true 32.00 false 2022-05-30 FY 2021-22 FY 2020-21 2021-04-01 2020-04-01 2022-03-31 2021-03-31 Standalone Financial Statements INR Thousands Indirect Method https://www.brightsolarltd.com/images/investor-relations/annualreports/Annual%20Report%202021-22.pdf true C-103, TITANIUM SQUARE, THALTEJ CROSS ROAD,, S.G HIGHWAY, THALTEJ,, AHMEDABAD, Gujarat, 380059, India, AHMEDABAD GUJARAT 380059 AHMEDABAD 91 INDIA 7229035500 false Auditors firm NIRAV S. SHAH & Co. NIRAV SATYENDRAKUMAR SHAH 130244W 133345 112 SAKAR V, NR MITHAKHALI RAILWAY CROSSING, ASHRAM ROAD, AHMEDABAD - 380009 AZZPS6397L T53627154 2022-05-30 2022-05-30 PIYUSHKUMAR THUMAR MANAGING DIRECTOR 02785269 2022-05-30 JAGRUTIBEN RAMESHBHAI JOSHI DIRECTOR 07737814 2022-05-30 Jointly controlled entities VC Project (BSL) JV 0.49 0 2312090 VC Project (BSL) JV INDIA AARFV2104K 2022-03-31 false NA 2723340 926580 0 926580 <p><span>ANNEXURE- I</span></p><p><span>&nbsp;</span></p><p><span>FORM AOC-1</span></p><p><span>(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)</span></p><p><span>Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures</span></p><p><span>Part &quot;A&quot;: Subsidiaries: </span><span><span>&nbsp;</span>N.A</span></p><p><span>&nbsp;</span></p><p><span>Part B: Associates and Joint Ventures: </span><span></span></p><p><span>Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures</span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Name of Associates / Joint Ventures</span></p></td><td class="bordered"><p><span>VC Project (BSL) JV</span></p></td></tr><tr><td class="bordered"><p><span>1. Latest audited Balance Sheet Date</span><span></span></p></td><td class="bordered"><p><span>31/03/2021</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>2. Shares of Associate/Joint Ventures held by the</span></p><p><span>company on the year end</span><span></span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>No.</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>Amount of Investment in Associates/Joint Venture</span><span></span></p></td><td class="bordered"><p><span>Rs. 23,12,090/-</span></p></td></tr><tr><td class="bordered"><p><span>Extend of Holding %</span><span></span></p></td><td class="bordered"><p><span>49%</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>3. Description of how there is significant influence</span><span></span></p></td><td class="bordered"><p><span>49% Partnership</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>4. Reason why the associate/joint venture is not consolidated</span></p></td><td class="bordered"><p><span>No Subsidiary Company therefore consolidation is not applicable</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>5. Net Worth attributable to Shareholding as per latest</span></p><p><span>audited Balance Sheet</span></p></td><td class="bordered"><p><span>Rs. 27,23,344/-</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>6. Profit / Loss for the year</span></p></td><td class="bordered"><p><span>Rs. 9,26,581/-</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>i. Considered in Consolidation</span><span></span></p></td><td class="bordered"><p><span>Rs. 0/-</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>i. Not Considered in Consolidation</span></p></td><td class="bordered"><p><span>Rs. 9,26,581/-</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Notes:</span><span> The following information shall be furnished</span><span> at the end of the statement:</span></p><p><span><span>1.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Names of subsidiaries which are yet to commence operations. - </span><span>N.A.</span><span></span></p><p><span><span>2.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Names of subsidiaries which have been liquidated or sold during the year. -N.A.</span></p><p><span><span>&nbsp;</span></span></p><p><span>&nbsp;</span></p><p><span>For and on behalf of the Board of Directors</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Sd/-</span></p><p><span>Piyushkumar Babubhai Thumar</span></p><p><span>Place: </span><span>Ahmedabad</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>Chairman &amp; Managing Director</span><span></span></p><p><span>Date: </span><span>September 08, 2022</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>(DIN:02785269)</span><span></span></p><p>&nbsp;</p> true 0 0 0 0 0 0 0 0 <p><span>ANNEXURE- I</span></p><p><span>&nbsp;</span></p><p><span>FORM AOC-1</span></p><p><span>(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)</span></p><p><span>Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures</span></p><p><span>Part &quot;A&quot;: Subsidiaries: </span><span><span>&nbsp;</span>N.A</span></p><p><span>&nbsp;</span></p><p><span>Part B: Associates and Joint Ventures: </span><span></span></p><p><span>Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures</span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Name of Associates / Joint Ventures</span></p></td><td class="bordered"><p><span>VC Project (BSL) JV</span></p></td></tr><tr><td class="bordered"><p><span>1. Latest audited Balance Sheet Date</span><span></span></p></td><td class="bordered"><p><span>31/03/2021</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>2. Shares of Associate/Joint Ventures held by the</span></p><p><span>company on the year end</span><span></span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>No.</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>Amount of Investment in Associates/Joint Venture</span><span></span></p></td><td class="bordered"><p><span>Rs. 23,12,090/-</span></p></td></tr><tr><td class="bordered"><p><span>Extend of Holding %</span><span></span></p></td><td class="bordered"><p><span>49%</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>3. Description of how there is significant influence</span><span></span></p></td><td class="bordered"><p><span>49% Partnership</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>4. Reason why the associate/joint venture is not consolidated</span></p></td><td class="bordered"><p><span>No Subsidiary Company therefore consolidation is not applicable</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>5. Net Worth attributable to Shareholding as per latest</span></p><p><span>audited Balance Sheet</span></p></td><td class="bordered"><p><span>Rs. 27,23,344/-</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>6. Profit / Loss for the year</span></p></td><td class="bordered"><p><span>Rs. 9,26,581/-</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>i. Considered in Consolidation</span><span></span></p></td><td class="bordered"><p><span>Rs. 0/-</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>i. Not Considered in Consolidation</span></p></td><td class="bordered"><p><span>Rs. 9,26,581/-</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Notes:</span><span> The following information shall be furnished</span><span> at the end of the statement:</span></p><p><span><span>1.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Names of subsidiaries which are yet to commence operations. - </span><span>N.A.</span><span></span></p><p><span><span>2.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Names of subsidiaries which have been liquidated or sold during the year. -N.A.</span></p><p><span><span>&nbsp;</span></span></p><p><span>&nbsp;</span></p><p><span>For and on behalf of the Board of Directors</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Sd/-</span></p><p><span>Piyushkumar Babubhai Thumar</span></p><p><span>Place: </span><span>Ahmedabad</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>Chairman &amp; Managing Director</span><span></span></p><p><span>Date: </span><span>September 08, 2022</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>(DIN:02785269)</span><span></span></p><p>&nbsp;</p> false false 0 0 0 0 140400000 0 0 0 0 140400000 -73744210 10 -73744200 0 0 0 0 0 204000 204000 204000 -73948200 -36672830 1762870 0 1762870 0 0 2040000 2040000 2040000 0 0 2040000 -277130 37275370 10 -73744200 0 0 0 0 0 204000 204000 204000 -73948200 103727170 0 1762870 0 0 2040000 2040000 2040000 0 0 2040000 -277130 177675370 <p>The company&apos;s pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome&nbsp;&nbsp; of these proceedings to have a materially adverse effects on its financial statement</p> <p>The company&apos;s pending litigation comprise of claims by the company towards debtors pertaining to proceedings pending with other authorities. The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable,in its financial statements. The company does not expect the outcome&nbsp;&nbsp; of these proceedings to have a materially adverse effects on its financial statement</p> 26844120 24265700 26844120 24265700 26844120 24265700 0 2040000 0.00 0.10 0.00 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0.00 0 0.00 0 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0 0 0 0 0 0 0 0 0.00 0 0.00 0 0.00 0 0.00 0 0 0 true true false false false false 307727170 381675370 0 0 0 0 0 0 0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 Piyushkumar Thumar 0.00 0.00 Ajay Raj Singh 0.00 0.00 Jagrutiben Rameshbhai Joshi 0.73 0.00 Viren Makwana 0.73 0.00 Shivangi Gajjar 0.51 0.00 Sahul Natvarbhai Jotaniya 4.75 0.46 PIYUSHKUMAR THUMAR MANAGING DIRECTOR 02785269 2022-09-08 <p>&nbsp;</p> false <p>&nbsp;</p> <p>&nbsp;</p> As under i. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets; (b) As explained to us, fixed assets have been physically verified by the management at regular intervals; as informed to us no material discrepancies were noticed on such verification; (c) The title deeds of immovable properties are held in the name of the company. ii. (a)The Company has conducted physical verification of inventory at regular interval. iv. In our opinion and according to the information and explanations given to us in respect of loans, investments, guarantees and securities, there is adequate compliance of provisions of section 185 and 186 of the Companies Act, 2013. v. The Company has not accepted any deposits from the public hence compliance of directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other provisions of the Companies Act, 2013 and the rules framed there under need not be applicable. viii. According to the records of the company examined by us and as per the information and explanations given to us, the company has not availed any term loans from banks and has not issued debentures. x. During the course of our examination of the books and records of the company, carried in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the course of our audit nor have we been informed of any such instance by the Management. xiii. In our opinion, and according to the information and explanations given to us, section 177 is not applicable to the company and as compliance required under section 188 of companies act,2013 company has not taken any loan from related party except following: Sr. No. Description Amount 1 Piyushkumar Babubhai Thumar 2,32,25,000/- <p><span><span>i.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>(a)<span>&nbsp; </span>According to the information and the explanations given to us, the Company has been generally regular in depositing undisputed statutory dues including provident fund, income-tax, goods and service tax, cess and other statutory dues as applicable with the appropriate authorities. There were no undisputed amounts payable in respect of income tax, sales tax, goods and, cess and any other material statutory dues in arrears as at 31 March 2022 for a period of more than six months from the date they became payable.</span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Sr. No.</span></p></td><td class="bordered"><p><span>Description</span></p></td><td class="bordered"><p><span>Amount</span></p></td></tr><tr><td class="bordered"><p><span>1</span></p></td><td class="bordered"><p><span>TDS Payable </span></p></td><td class="bordered"><p><span>1,24,648/-</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span><span>(b)<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>According to the information and explanations given to us and the records of the Company examined by us, there are no dues of Goods and Service Tax, and cess which have not been deposited </span><span>with the appropriate authorities on account of any dispute. There is an Income tax demand pertaining to following years as under:</span><span></span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Sr. No.</span></p></td><td class="bordered"><p><span>Description</span></p></td><td class="bordered"><p><span>Pending with</span></p></td><td class="bordered"><p><span>Amount</span></p></td></tr><tr><td class="bordered"><p><span>1</span></p></td><td class="bordered"><p><span>A.Y. 2012-13 </span></p></td><td class="bordered"><p><span>Hon&apos;ble CIT(A)</span></p></td><td class="bordered"><p><span>1,22,550/-</span></p></td></tr><tr><td class="bordered"><p><span>2</span></p></td><td class="bordered"><p><span>A.Y. 2019-20</span></p></td><td class="bordered"><p><span>Hon&apos;ble CIT(A)</span></p></td><td class="bordered"><p><span>1,08,11,640/-</span></p></td></tr><tr><td class="bordered"><p><span>3</span></p></td><td class="bordered"><p><span>A.Y. 2020-21</span></p></td><td class="bordered"><p><span>Hon&apos;ble CIT(A)</span></p></td><td class="bordered"><p><span>5,02,268/-</span></p></td></tr><tr><td class="bordered"><p><span>4</span></p></td><td class="bordered"><p><span>A.Y. 2020-21</span></p></td><td class="bordered"><p><span>Hon&apos;ble CIT(A)</span></p></td><td class="bordered"><p><span>24,82,898/-</span></p></td></tr><tr><td class="bordered"><p><span>5</span></p></td><td class="bordered"><p><span>A.Y. 2016-17</span></p></td><td class="bordered"><p><span>Hon&apos;ble CIT(A)</span></p></td><td class="bordered"><p><span>3,89,910/-</span></p></td></tr><tr><td class="bordered"><p><span>6</span></p></td><td class="bordered"><p><span>A.Y. 2018-19</span></p></td><td class="bordered"><p><span>Hon&apos;ble CIT(A)</span></p></td><td class="bordered"><p><span>1,56,600/-</span></p></td></tr><tr><td class="bordered"><p><span>7</span></p></td><td class="bordered"><p><span>Case Number 2401105003282022 Dispute with GLE India Solar Private Limited</span></p></td><td class="bordered"><p><span>National Company Law Tribunal (NCLT)</span></p></td><td class="bordered"><p><span>4,02,37,377/-</span></p></td></tr></tbody></table> iii. The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Act. vi. The company is not liable to maintain cost records as prescribes under sub-section (1) of Section 148 of the Companies Act, 2013. ix. In our opinion and according to the information and explanations given to us, the company has not raised moneys by way of initial public offer or further public offer and any term loans during the year. xi. According to the records of the company examined by us and as per the information and explanations given to us, the company has paid no managerial remuneration. xii. As the company is not the Nidhi company, the compliance requirement of net Owned funds to Deposits in the ratio of 1:20 to meet out the liability and maintaining ten percent unencumbered term deposits as specified in the Nidhi Rules, 2014 to meet out the liability is not Applicable. xiv. According to the records of the company examined by us and as per the information and explanations given to us, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. xv. In our opinion, and according to the information and explanations given to us, the company has not entered into any non-cash transactions with directors or persons connected with him. xvi. (a) In our opinion and according to the information and explanations given to us, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. (b) In our opinion, the Company has not conducted any Non-Banking Financial or Housing Finance activities without any valid Certificate of Registration from Reserve Bank of India. Hence, the reporting under paragraph clause 3 (xvi)(b) of the Order are not applicable to the Company (c) The Company is not a Core investment Company (CIC) as defined in the regulations made by Reserve Bank of India. Hence, the reporting under paragraph clause 3 (xvi)(c) of the Order are not applicable to the Company. (d) The Company does not have any CIC as a part of its group. Hence, the provisions stated in paragraph clause 3 (xvi)(d) of the Order are not applicable to the Company. <p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>INDEPENDENT AUDITOR&apos;S REPORT</span></p><p><span>&nbsp;</span></p><span>T</span><span>o,</span><span></span><span>T</span><span>he<span></span><span>M</span>embers,</span><p><span>BRIGHT SOLAR LIMITED</span><span></span></p><p><span>Ahmedabad. </span></p><span>&nbsp;</span><span>R</span><span>e<span>p</span>ort<span></span>on<span></span><span>t</span>he <span>A</span>u<span>d</span><span>i</span>t<span></span><span>o</span>f<span> Financial</span><span></span><span>S</span><span>t</span><span>a</span><span>t</span>eme<span>n</span><span>t</span><span>s</span></span><span>&nbsp;</span><span>O</span><span>pi<span>n</span><span>i</span>on</span><span>&nbsp;</span><p><span>W</span><span>e h<span>a</span><span>v</span>e<span></span>a<span>u</span>d<span>i</span><span>t</span>ed<span></span><span>t</span><span>h</span>e<span></span><span><span>&nbsp;</span></span><span>f</span><span>i</span><span>n<span>a</span>nc<span>i</span>al</span><span></span>s<span>t</span><span>a</span><span>t</span>eme<span>n</span><span>t</span>s<span></span><span>o</span>f<span></span></span><span>BRIGHT SOLAR LIMITED</span><span></span><span>(</span><span>&quot;</span><span>t</span><span>h</span><span>e <span>C</span>ompan<span>y</span><span>&quot;)</span>,<span></span><span>w</span>h<span>i</span>ch<span></span>com<span>p</span><span>r</span><span>i</span>se<span> t</span>he<span></span>b<span>al</span>a<span>n</span>ce<span></span>sh<span>e</span>et<span></span><span>a</span>s<span></span>at<span></span>3<span>1st</span><span>M</span>arch<span></span>2022,<span></span><span>a</span>nd<span> t</span>he<span></span>s<span>t</span><span>a</span><span>t</span>e<span>m</span>e<span>n</span>t <span>o</span>f <span>P</span><span>r</span><span>o</span><span>f</span><span>i</span>t<span></span>a<span>n</span>d<span></span>L<span>o</span><span>s</span>s<span></span>a<span>n</span>d<span></span>s<span>t</span><span>a</span><span>t</span><span>e</span><span>m</span>e<span>n</span>t<span></span><span>o</span>f<span></span>cash<span></span><span>f</span><span>l</span>o<span>w</span>s<span></span><span>f</span>or<span></span><span>t</span>he<span></span><span>y</span>e<span>a</span>r <span>t</span>h<span>e</span>n<span></span>en<span>d</span>e<span>d</span>,<span></span>a<span>n</span>d<span></span>n<span>o</span><span>t</span>es <span>t</span>o<span></span><span>t</span>he <span>f</span><span>i</span>n<span>a</span>nc<span>i</span>al<span></span>s<span>t</span>at<span>e</span><span>m</span>e<span>n</span><span>t</span><span>s</span>,<span></span><span>i</span>nc<span>l</span>u<span>di</span>ng<span></span>a<span></span>su<span>m</span><span>m</span>ary<span></span><span>o</span>f<span></span>s<span>i</span><span>g</span>n<span>i</span><span>f</span><span>i</span>c<span>an</span>t acc<span>o</span>u<span>n</span><span>t</span><span>i</span><span>n</span>g<span></span>p<span>oli</span>c<span>i</span>es<span></span>a<span>n</span>d<span></span>other<span></span>e<span>x</span>p<span>l</span>a<span>n</span>ato<span>r</span>y <span>i</span>n<span>f</span>o<span>rm</span>ati<span>o</span>n.<span></span></span><span></span></p><span>&nbsp;</span><span>I</span><span>n<span></span>o<span>u</span>r<span></span>o<span>pi</span>n<span>i</span>on<span></span>a<span>n</span>d<span></span><span>t</span>o<span></span><span>t</span>he<span></span>b<span>e</span>st<span></span><span>o</span>f<span></span>o<span>u</span>r<span></span><span>i</span><span>n</span><span>f</span>o<span>r</span><span>m</span>ati<span>o</span>n a<span>n</span>d<span></span>acc<span>o</span><span>r</span>d<span>i</span>ng<span></span><span>t</span>o<span></span><span>t</span>he<span></span>e<span>x</span>p<span>l</span>a<span>n</span>ati<span>o</span>ns<span></span><span>g</span><span>i</span><span>v</span>en<span></span><span>t</span>o us,<span></span><span>t</span>he<span></span><span>a</span><span>f</span>o<span>r</span>es<span>ai</span>d<span></span></span><span>financial</span><span></span><span>s<span>t</span>at<span>e</span><span>m</span>e<span>nt</span>s <span>g</span><span>i</span><span>v</span>e<span></span><span>t</span>he<span></span><span>i</span><span>n</span><span>f</span>o<span>r</span><span>m</span><span>a</span><span>t</span><span>i</span>on<span></span><span>r</span><span>e</span>q<span>ui</span><span>r</span>ed<span></span>by <span>t</span>he<span></span><span>A</span>ct<span></span><span>i</span>n <span>t</span>he <span>m</span>a<span>n</span>n<span>e</span>r<span></span>so <span>r</span><span>e</span><span>q</span>u<span>i</span><span>r</span>ed a<span>n</span>d <span>g</span><span>i</span>ve<span></span>a<span></span><span>tr</span>ue a<span>n</span>d <span>f</span>a<span>i</span>r<span></span><span>v</span><span>i</span><span>e</span>w <span>i</span>n<span></span>co<span>n</span><span>f</span><span>o</span><span>rm</span><span>i</span><span>t</span>y <span>wi</span><span>t</span>h<span></span><span>t</span>he<span></span><span>a</span>cco<span>u</span>nti<span>n</span>g pri<span>n</span>c<span>i</span>p<span>l</span>es<span></span><span>g</span>e<span>n</span>era<span>ll</span>y<span></span>acc<span>e</span>pted<span></span><span>i</span>n<span></span><span>I</span>n<span>di</span>a,<span></span>of<span></span><span>t</span>he<span></span><span>s</span><span>t</span>ate<span></span>of<span></span><span>a</span><span>ff</span>a<span>i</span><span>r</span>s<span></span><span>o</span>f<span></span><span>t</span>he<span></span><span>C</span>ompa<span>n</span>y<span></span>as<span></span>at<span></span><span>M</span>arch<span></span>3<span>1</span>, 2022, a<span>n</span>d <span>loss</span><span></span>a<span>n</span>d its<span></span>cash<span></span><span>f</span><span>l</span>o<span>w</span>s<span></span><span>f</span><span>o</span>r <span>t</span>he<span></span><span>y</span>e<span>a</span>r<span></span><span>e</span>n<span>d</span>ed<span></span>on<span></span><span>t</span>h<span>a</span>t d<span>a</span><span>t</span><span>e</span>.</span><span>&nbsp;</span><span>B</span><span>a<span>s</span><span>i</span>s <span>f</span><span>o</span>r <span>O</span>pi<span>n</span><span>i</span>on</span><span>&nbsp;</span><span>W</span><span>e co<span>n</span>d<span>u</span><span>c</span><span>t</span>ed<span></span>o<span>u</span>r<span></span>a<span>u</span>d<span>i</span>t<span></span><span>i</span>n<span></span>acc<span>o</span><span>r</span>d<span>a</span><span>n</span>ce<span></span><span>w</span><span>i</span><span>t</span>h<span></span><span>t</span>he<span></span><span>S</span><span>t</span>a<span>n</span>d<span>a</span><span>r</span>ds<span></span>on<span></span><span>A</span>u<span>di</span><span>t</span><span>i</span>ng<span></span><span>(</span><span>S</span><span>A</span>s)<span></span>sp<span>e</span>c<span>i</span><span>f</span><span>i</span>ed<span></span>u<span>n</span>d<span>e</span>r secti<span>o</span>n<span></span>1<span>4</span>3(10)<span></span><span>o</span>f<span></span><span>t</span>he<span></span><span>C</span>ompan<span>i</span>es<span></span><span>A</span>c<span>t</span>,<span></span>2<span>0</span>1<span>3</span><span>.<span></span></span><span>O</span><span>u</span><span>r <span>r</span>es<span>p</span>o<span>n</span>s<span>i</span>b<span>ili</span><span>t</span><span>i</span>es<span></span>u<span>n</span>d<span>e</span>r<span></span><span>t</span>h<span>o</span>se<span></span><span>S</span><span>t</span>a<span>n</span>d<span>a</span><span>r</span>ds<span></span>a<span>r</span>e <span>f</span>u<span>r</span><span>t</span>h<span>e</span>r<span></span>d<span>e</span><span>s</span>c<span>r</span><span>i</span>b<span>e</span>d<span></span><span>i</span>n<span></span><span>t</span>he <span>A</span>u<span>di</span><span>t</span>o<span>r</span><span>&apos;</span>s<span></span><span>R</span>es<span>p</span>o<span>n</span>s<span>i</span>b<span>i</span><span>l</span><span>i</span><span>t</span><span>i</span><span>e</span>s<span></span><span>f</span>or<span> t</span>he<span></span><span>A</span>u<span>d</span><span>i</span>t<span></span>of<span> t</span>he<span></span>F<span>i</span>n<span>a</span>nc<span>i</span>al<span></span><span>S</span><span>t</span>ate<span>m</span>e<span>n</span><span>t</span>ssecti<span>o</span>n<span></span><span>o</span>f<span></span>o<span>u</span>r<span></span><span>r</span>e<span>p</span>o<span>r</span><span>t</span>. <span>W</span>e<span></span>are<span></span><span>i</span>n<span>d</span>e<span>p</span>e<span>n</span>d<span>e</span>nt<span></span><span>o</span>f<span></span><span>t</span><span>h</span>e<span></span><span>C</span>ompany<span></span><span>i</span>n<span></span>acc<span>o</span><span>r</span>d<span>a</span>nce<span></span><span>w</span><span>i</span><span>t</span>h<span></span><span>t</span>he<span></span><span>C</span>o<span>d</span>e<span></span>of <span>E</span><span>t</span>h<span>i</span>cs<span></span><span>i</span>ssu<span>e</span>d<span></span>by <span>t</span>he<span></span><span>I</span>nstitu<span>t</span>e<span></span><span>o</span>f<span></span><span>C</span>h<span>a</span><span>r</span><span>t</span>ered<span></span><span>A</span>c<span>c</span>o<span>u</span>ntan<span>t</span>s<span></span><span>o</span>f<span></span><span>I</span>n<span>di</span>a<span></span><span>t</span><span>o</span><span>g</span><span>e</span><span>t</span><span>h</span>er<span></span><span>w</span><span>i</span><span>t</span>h<span></span><span>t</span>he<span></span>eth<span>i</span>cal <span>r</span><span>e</span><span>q</span>u<span>i</span><span>r</span>eme<span>n</span><span>t</span>s<span> t</span>h<span>a</span>t<span></span>are<span> r</span>e<span>l</span>e<span>v</span>a<span>n</span>t<span></span><span>t</span>o our<span></span>a<span>u</span>d<span>i</span>t<span></span>of<span></span><span>t</span>he<span></span><span>f</span><span>i</span>n<span>a</span>nc<span>i</span>al s<span>t</span>ate<span>m</span>e<span>n</span><span>t</span>s<span></span>u<span>n</span>d<span>e</span>r<span></span><span>t</span>he<span></span>pro<span>v</span><span>i</span>s<span>i</span>o<span>n</span>s<span></span>of <span>t</span>he <span>C</span>ompan<span>i</span>es<span></span><span>A</span>c<span>t</span>,<span></span>2<span>0</span>13 a<span>n</span>d<span> t</span>he <span>R</span>u<span>l</span>es<span> t</span>h<span>e</span><span>r</span>e<span>u</span>n<span>d</span>er,<span></span>a<span>n</span>d<span></span><span>w</span>e<span></span>h<span>a</span><span>v</span>e<span></span><span>f</span>u<span>l</span><span>f</span><span>ill</span>ed o<span>u</span>r<span></span>other<span></span>eth<span>i</span>c<span>a</span>l <span>r</span>es<span>p</span>o<span>n</span>s<span>i</span>b<span>ili</span><span>t</span><span>i</span>es<span></span><span>i</span>n<span></span>acc<span>o</span><span>r</span><span>d</span>a<span>n</span>ce<span></span><span>w</span><span>i</span><span>t</span>h<span></span><span>t</span>h<span>e</span>se<span></span><span>r</span><span>e</span><span>q</span>u<span>i</span><span>r</span><span>e</span><span>m</span>e<span>n</span><span>t</span>s<span></span>a<span>n</span>d<span></span><span>t</span>he<span></span><span>C</span>o<span>d</span>e<span></span><span>o</span>f<span></span><span>E</span><span>t</span>h<span>i</span>cs. <span>W</span>e<span></span>b<span>eli</span>e<span>v</span>e <span>t</span>h<span>a</span>t<span></span><span>t</span>he<span></span>a<span>u</span>d<span>i</span>t<span></span>e<span>v</span><span>i</span>d<span>e</span>nce<span></span><span>w</span>e<span></span>h<span>a</span><span>v</span>e<span></span>o<span>b</span><span>t</span>a<span>i</span>n<span>e</span>d<span></span><span>i</span>s<span></span>suf<span>f</span><span>i</span>c<span>i</span>e<span>n</span>t<span></span>a<span>n</span>d<span></span>a<span>p</span>propri<span>a</span><span>t</span>e<span></span><span>t</span>o pro<span>v</span><span>i</span>de<span></span>a<span></span>b<span>a</span>s<span>i</span>s<span></span><span>f</span>or o<span>u</span>r<span></span>o<span>pi</span>n<span>i</span>o<span>n</span>.</span></span><span>&nbsp;</span><span>Other Information</span><span>&nbsp;</span><span>The Company&apos;s Board of Directors is responsible for the other information. The other information comprises the information included in the Board&apos;s report including Annexure to Board&apos;s Report but does not include the financial statements and our auditors&apos; report thereon.<span>&nbsp; </span></span><span>&nbsp;</span><span>Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.</span><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><span>&nbsp;</span><span>In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.</span><span>&nbsp;</span><span>M</span><span>a<span>n</span>a<span>g</span>eme<span>n</span><span>t&apos;</span>s<span></span><span>R</span>e<span>s</span>p<span>o</span><span>n</span>sib<span>i</span><span>l</span><span>i</span><span>t</span>y<span></span><span>f</span>or<span> t</span>he<span></span></span><span>Financial</span><span><span>S</span><span>t</span><span>a</span><span>t</span>eme<span>n</span><span>t</span>s</span><span>&nbsp;</span><span>The Company&apos;s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (&quot;the Act&quot;) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection<span>&nbsp; </span>and<span>&nbsp; </span>application<span>&nbsp; </span>of<span>&nbsp; </span>appropriate<span>&nbsp; </span>accounting<span>&nbsp; </span>policies;<span>&nbsp; </span>making<span>&nbsp; </span>judgments<span>&nbsp; </span>and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the<span>&nbsp; </span>financial<span>&nbsp; </span>statement<span>&nbsp; </span>that<span>&nbsp; </span>give<span>&nbsp; </span>a<span>&nbsp; </span>true<span>&nbsp; </span>and<span>&nbsp; </span>fair<span>&nbsp; </span>view<span>&nbsp;&nbsp;&nbsp; </span>and<span>&nbsp; </span>are<span>&nbsp; </span>free<span>&nbsp; </span>from<span>&nbsp; </span>material misstatement, whether due to fraud or error.</span><p><span>&nbsp;</span></p><span>I</span><span>n <span><span>&nbsp;</span></span>prep<span>a</span><span>r</span><span>i</span>ng <span><span>&nbsp;</span></span><span>t</span>he <span><span>&nbsp;</span></span><span>f</span><span>i</span>n<span>a</span><span>n</span>c<span>i</span>al <span><span>&nbsp;</span></span>s<span>t</span>ate<span>m</span>e<span>n</span><span>t</span><span>s</span>, <span><span>&nbsp;</span></span><span>m</span><span>a</span>n<span>a</span>g<span>e</span><span>m</span>e<span>n</span>t <span><span>&nbsp;</span></span><span>i</span>s <span><span>&nbsp;</span></span><span>r</span>es<span>p</span>o<span>n</span>s<span>i</span>b<span>l</span>e <span><span>&nbsp;</span></span><span>f</span>or <span><span>&nbsp;</span></span>ass<span>e</span>ss<span>i</span><span>n</span>g <span><span>&nbsp;</span></span><span>t</span>he <span>C</span><span>ompan<span>y</span><span>&apos;</span>s<span></span>a<span>bi</span><span>l</span><span>i</span><span>t</span>y<span></span><span>t</span>o<span></span>co<span>n</span><span>t</span><span>i</span>n<span>u</span>e<span></span>as<span></span>a<span></span><span>g</span>o<span>i</span><span>n</span>g<span></span>co<span>n</span>cer<span>n</span>,<span></span>d<span>i</span>sc<span>l</span>os<span>i</span>n<span>g</span>,<span></span>as<span></span>a<span>p</span>p<span>li</span>ca<span>bl</span>e,<span></span><span>m</span><span>a</span><span>tt</span><span>e</span><span>r</span>s<span></span><span>r</span>e<span>l</span>a<span>t</span><span>e</span>d </span><span>t</span>o<span></span><span>g</span>o<span>i</span>ng<span></span>c<span>o</span>nc<span>e</span><span>r</span>n<span></span>a<span>n</span>d<span></span><span>u</span>s<span>i</span>ng<span></span><span>t</span>he<span></span>g<span>oi</span>ng<span></span>co<span>n</span>cern<span></span>b<span>a</span>s<span>i</span>s<span></span><span>o</span>f<span></span>acc<span>o</span>u<span>n</span><span>t</span><span>i</span>ng<span></span>u<span>n</span><span>l</span>ess<span></span><span>m</span>a<span>n</span><span>a</span><span>g</span>em<span>e</span><span>n</span>t e<span>i</span><span>t</span>h<span>e</span>r<span></span><span>i</span>ntends <span>t</span>o<span></span><span>li</span><span>q</span>u<span>i</span>d<span>at</span>e<span></span><span>t</span>he<span></span><span>C</span>ompany or<span></span><span>t</span>o<span></span>ce<span>a</span>se<span></span>o<span>p</span>era<span>t</span><span>i</span>o<span>n</span><span>s</span>,<span></span>or<span></span>h<span>a</span>s<span></span>no<span> r</span>e<span>ali</span>s<span>t</span><span>i</span>c<span></span>a<span>l</span><span>t</span>erna<span>t</span><span>i</span><span>v</span>e b<span>u</span>t <span>t</span>o do<span></span>so.</span><span>&nbsp;</span><span>T</span><span>h<span>o</span>se <span><span>&nbsp;</span></span><span>B</span>o<span>a</span><span>r</span>d <span><span>&nbsp;</span></span><span>o</span>f <span><span>&nbsp;</span></span><span>Di</span><span>r</span>e<span>c</span><span>t</span><span>o</span><span>r</span>s <span><span>&nbsp;</span></span>are <span><span>&nbsp;</span></span>a<span>l</span>so <span><span>&nbsp;</span></span><span>r</span>e<span>s</span>p<span>o</span>ns<span>i</span>b<span>l</span>e <span><span>&nbsp;</span></span><span>f</span>or <span><span>&nbsp;</span></span>o<span>v</span>ersee<span>i</span>ng <span><span>&nbsp;</span></span><span>t</span>he <span><span>&nbsp;</span></span><span>C</span><span>o</span><span>m</span>p<span>a</span>n<span>y</span><span>&apos;</span>s <span><span>&nbsp;</span>f</span><span>i</span>n<span>a</span>nc<span>i</span>al <span>r</span>e<span>p</span>o<span>r</span><span>t</span><span>i</span>ng<span></span>proc<span>e</span>ss.</span><span>&nbsp;</span><span>Auditor&apos;s Responsibilities for the Audit of the Financial Statements</span><span>&nbsp;</span><span>O</span><span>ur<span></span>o<span>b</span><span>j</span>ecti<span>v</span>es<span></span>are<span></span><span>t</span>o<span></span>o<span>b</span><span>t</span>a<span>i</span>n<span></span><span>r</span>e<span>a</span>so<span>n</span>a<span>bl</span>e<span></span>ass<span>u</span><span>r</span>a<span>n</span>ce<span></span>a<span>b</span>o<span>u</span>t<span></span><span>w</span>h<span>e</span><span>t</span>h<span>e</span>r<span></span><span>t</span>he<span></span><span>f</span><span>i</span>n<span>a</span>nc<span>i</span>al<span></span>s<span>t</span>ate<span>m</span>e<span>n</span><span>t</span>s as<span></span>a<span></span><span>w</span>h<span>ol</span>e<span></span>are<span></span><span>f</span><span>r</span>ee<span></span><span>fr</span><span>o</span>m<span></span><span>m</span>at<span>e</span><span>r</span><span>i</span>al<span></span><span>m</span><span>i</span>ss<span>t</span><span>a</span><span>t</span>eme<span>n</span><span>t</span>,<span></span><span>w</span>h<span>e</span><span>t</span>h<span>e</span>r<span></span>d<span>u</span>e<span></span><span>t</span>o<span></span><span>f</span><span>r</span>a<span>u</span>d<span></span><span>o</span>r<span></span>er<span>r</span>o<span>r</span>,<span></span>a<span>n</span>d<span></span><span>t</span>o<span></span><span>i</span>ssue an<span></span>a<span>u</span>d<span>i</span><span>t</span>or&apos;s<span></span><span>r</span>e<span>p</span>o<span>r</span>t <span>t</span>h<span>a</span>t<span></span><span>i</span>nc<span>l</span>u<span>d</span>es<span></span>o<span>u</span>r o<span>pi</span>n<span>i</span>o<span>n</span>. <span><span>&nbsp;</span></span><span>R</span>e<span>a</span>so<span>n</span>a<span>bl</span>e ass<span>u</span><span>r</span>a<span>n</span>ce<span></span><span>i</span>s a h<span>i</span><span>g</span>h <span>l</span>e<span>v</span>el<span></span>of ass<span>u</span><span>r</span>a<span>n</span>c<span>e</span>,<span></span>b<span>u</span>t<span></span><span>i</span>s<span></span>n<span>o</span>t<span></span>a<span></span><span>g</span>u<span>a</span><span>r</span>a<span>n</span><span>t</span>ee<span></span><span>t</span>h<span>a</span>t<span></span>an<span></span>a<span>u</span>d<span>i</span>t<span></span>co<span>n</span>d<span>u</span>c<span>t</span>ed<span></span><span>i</span>n<span></span>acc<span>o</span><span>r</span>d<span>a</span>nce<span></span><span>wi</span><span>t</span>h<span></span><span>SA</span>s<span></span><span>w</span><span>i</span><span>l</span>l a<span>l</span><span>w</span>a<span>y</span>s<span></span>d<span>e</span><span>t</span>ect<span></span>a<span></span><span>m</span><span>a</span><span>t</span>eri<span>a</span>l <span>m</span><span>i</span>ss<span>t</span><span>a</span><span>t</span>eme<span>n</span>t<span></span><span>w</span>h<span>e</span>n<span></span><span>i</span>t<span></span>e<span>x</span><span>i</span>s<span>t</span>s.<span></span><span>M</span><span>i</span>ss<span>t</span>ate<span>m</span>e<span>nt</span>s<span></span>can<span></span><span>a</span><span>r</span><span>i</span>se<span> fr</span>om<span></span><span>fr</span>a<span>u</span>d<span></span><span>o</span>r er<span>r</span>or<span></span>a<span>n</span>d<span></span><span>a</span><span>r</span>e<span></span>co<span>n</span>s<span>i</span>d<span>e</span><span>r</span><span>e</span>d<span></span><span>m</span>at<span>e</span><span>r</span><span>i</span>al<span></span><span>i</span><span>f</span>,<span></span><span>i</span>n<span>di</span><span>v</span><span>i</span>d<span>u</span><span>a</span><span>l</span><span>l</span>y<span></span>or<span></span><span>i</span>n<span></span><span>t</span>he<span></span><span>a</span>g<span>g</span><span>r</span><span>e</span><span>g</span><span>a</span><span>t</span>e,<span></span><span>t</span>h<span>e</span>y<span></span>co<span>ul</span>d<span></span><span>r</span>e<span>a</span>so<span>n</span>a<span>b</span><span>l</span>y be<span></span>e<span>x</span>p<span>e</span>c<span>t</span>ed<span></span><span>t</span>o<span></span><span>i</span>n<span>f</span><span>l</span>u<span>e</span>n<span>c</span>e<span></span><span>t</span>he<span></span>ec<span>o</span>n<span>o</span><span>m</span><span>i</span>c<span></span>d<span>e</span>c<span>i</span>s<span>i</span>o<span>n</span>s<span></span><span>o</span>f<span></span>us<span>e</span><span>r</span>s<span></span><span>t</span><span>a</span><span>k</span>en<span></span>on<span></span><span>t</span>he<span></span>b<span>a</span>s<span>i</span>s<span></span>of<span></span><span>t</span>h<span>e</span><span>s</span>e <span>f</span><span>i</span>n<span>a</span>nc<span>i</span>al <span>s</span><span>t</span>at<span>e</span><span>m</span>e<span>n</span><span>t</span>s.</span><span>&nbsp;</span><span>A</span><span>s<span></span>p<span>a</span><span>r</span>t<span></span><span>o</span>f<span></span>an a<span>u</span>d<span>i</span>t<span></span><span>i</span>n<span></span>ac<span>c</span>ordance<span></span><span>w</span><span>i</span><span>t</span>h<span></span><span>SA</span>s,<span></span><span>w</span>e<span></span>ex<span>e</span><span>r</span>c<span>i</span>se<span></span>pr<span>o</span><span>f</span>ess<span>i</span>o<span>n</span>al<span></span><span>j</span>u<span>d</span>gment<span></span>a<span>n</span>d <span>m</span>a<span>i</span><span>n</span><span>t</span>a<span>i</span>n pr<span>o</span><span>f</span>ess<span>i</span>o<span>n</span>al <span>s</span>ke<span>p</span><span>t</span><span>i</span>c<span>i</span>sm <span>t</span>hro<span>u</span><span>g</span>h<span>o</span>ut <span>t</span>he<span></span>a<span>u</span>d<span>i</span><span>t</span>.<span></span><span>W</span>e<span></span>a<span>l</span>so:<span>&nbsp; </span></span><span>&nbsp;</span><span>�<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>I</span>d<span>e</span>nt<span>i</span><span>f</span>y<span></span>a<span>n</span>d<span></span>ass<span>e</span><span>s</span>s<span></span><span>t</span>he<span></span><span>r</span><span>i</span><span>s</span><span>k</span>s<span></span><span>o</span>f<span></span><span>m</span><span>a</span><span>t</span>eri<span>a</span>l<span></span><span>m</span><span>i</span>s<span>s</span><span>t</span>ate<span>m</span>e<span>n</span>t<span></span><span>o</span>f<span></span><span>t</span>he<span></span><span>f</span><span>i</span>n<span>a</span>nc<span>i</span>al<span></span>s<span>t</span>at<span>e</span><span>m</span>e<span>n</span><span>t</span><span>s</span>, <span>w</span>h<span>e</span><span>t</span>h<span>e</span>r<span></span>d<span>u</span>e <span>t</span>o<span></span><span>fr</span>a<span>u</span>d <span>o</span>r er<span>r</span>o<span>r</span>,<span></span>d<span>e</span>s<span>i</span><span>g</span>n<span></span>a<span>n</span>d p<span>er</span><span>f</span><span>o</span><span>r</span>m<span></span>a<span>u</span>d<span>i</span>t proced<span>u</span><span>r</span>es<span></span><span>r</span>es<span>p</span>o<span>n</span>s<span>i</span><span>v</span>e <span>t</span>o <span>t</span>h<span>o</span><span>s</span>e <span>r</span><span>i</span>sks,<span></span>a<span>n</span>d o<span>b</span><span>t</span>a<span>i</span>n a<span>u</span>d<span>i</span>t<span></span><span>e</span><span>v</span><span>i</span>d<span>e</span>nce <span>t</span>h<span>a</span>t<span></span><span>i</span>s suf<span>f</span><span>i</span>c<span>i</span>e<span>n</span>t<span></span>a<span>n</span>d a<span>p</span>propri<span>a</span><span>t</span>e <span>t</span>o <span>p</span><span>r</span>o<span>v</span><span>i</span>de a b<span>a</span>s<span>i</span>s <span>f</span><span>o</span>r o<span>u</span>r<span></span>o<span>pi</span>n<span>i</span>o<span>n</span>.<span> T</span>he<span></span><span>r</span><span>i</span><span>s</span>k<span></span><span>o</span>f<span></span>n<span>o</span>t<span></span>d<span>e</span><span>t</span>e<span>c</span><span>t</span><span>i</span><span>n</span>g<span></span>a<span></span><span>m</span><span>a</span><span>t</span>eri<span>a</span>l <span>m</span><span>i</span>ss<span>t</span><span>a</span><span>t</span>eme<span>n</span>t<span></span><span>r</span>es<span>ul</span><span>t</span><span>i</span><span>n</span>g<span></span><span>fr</span><span>o</span>m<span></span><span>fr</span>a<span>u</span>d<span></span><span>i</span>s h<span>i</span><span>g</span>h<span>e</span>r<span> t</span>h<span>a</span>n <span>f</span>or<span></span>o<span>n</span>e <span>r</span><span>e</span>su<span>l</span><span>t</span><span>i</span>ng<span></span><span>fr</span>om<span></span><span>e</span><span>rr</span><span>o</span><span>r</span>,<span></span>as <span>f</span><span>r</span>a<span>u</span>d<span></span><span>m</span>ay <span>i</span>n<span>v</span><span>o</span><span>l</span><span>v</span>e<span></span><span>c</span>o<span>ll</span><span>u</span>s<span>i</span>o<span>n</span>,<span></span><span>f</span>o<span>r</span><span>g</span><span>e</span><span>r</span><span>y</span>, <span>i</span>nten<span>t</span><span>i</span>o<span>n</span>al omiss<span>i</span>o<span>n</span><span>s</span>, <span>m</span><span>i</span>s<span>r</span>e<span>p</span><span>r</span>es<span>e</span><span>n</span><span>t</span>ati<span>o</span>n<span>s</span>,<span></span><span>o</span>r <span>t</span>he<span></span>o<span>v</span>er<span>r</span><span>i</span>de<span></span><span>o</span>f<span></span><span>i</span><span>n</span><span>t</span>ernal co<span>n</span><span>t</span><span>r</span>o<span>l</span>.</span><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><span>&nbsp;</span><span>�<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>O</span>bta<span>i</span>n<span></span>an u<span>n</span>d<span>e</span><span>r</span><span>s</span><span>t</span>a<span>n</span>d<span>i</span><span>n</span>g<span></span><span>o</span>f<span></span><span>i</span><span>n</span><span>t</span>ernal<span></span>co<span>n</span><span>tr</span>ol <span>r</span>e<span>l</span>e<span>v</span>a<span>n</span>t<span></span><span>t</span>o<span> t</span>he a<span>u</span>d<span>i</span>t<span></span><span>i</span>n<span></span>ord<span>e</span>r<span></span><span>t</span>o<span></span>d<span>e</span>s<span>i</span><span>g</span>n<span></span>a<span>u</span>d<span>i</span>t proced<span>u</span><span>r</span>es<span> t</span>h<span>a</span>t<span></span><span>a</span><span>r</span>e<span></span>a<span>p</span><span>p</span><span>r</span>o<span>p</span><span>r</span><span>i</span>ate<span></span><span>i</span>n<span></span><span>t</span>he c<span>i</span><span>r</span>cu<span>m</span>s<span>t</span><span>a</span>nc<span>e</span>s.<span></span><span>U</span>n<span>d</span>er<span></span>s<span>e</span>c<span>t</span><span>i</span>on<span></span>1<span>4</span>3(3<span>)(</span><span>i</span>)<span></span><span>o</span>f<span></span><span>t</span>he <span>C</span>ompan<span>i</span>es<span></span><span>A</span>c<span>t</span>,<span></span>2<span>0</span>1<span>3</span>,<span></span><span>w</span>e<span></span>are<span></span>a<span>l</span>so <span>r</span>es<span>p</span>o<span>n</span>s<span>i</span>b<span>l</span>e <span>f</span>or<span></span>e<span>x</span>press<span>i</span>ng<span></span>o<span>u</span>r<span></span>o<span>pi</span>n<span>i</span><span>o</span>n<span></span>on<span></span><span>w</span>h<span>e</span><span>t</span>h<span>e</span>r <span>t</span>he<span></span>c<span>o</span><span>m</span>p<span>a</span>ny<span></span>h<span>a</span>s<span></span>a<span>d</span><span>e</span><span>q</span><span>u</span>ate<span></span><span>i</span>nt<span>e</span><span>r</span>n<span>a</span>l<span></span><span>f</span><span>i</span>n<span>a</span>nc<span>i</span>al co<span>n</span><span>t</span><span>r</span>o<span>l</span>s<span></span>s<span>y</span>s<span>t</span>em<span> i</span>n p<span>l</span>ace<span></span>a<span>n</span>d<span></span><span>t</span>he<span></span>o<span>p</span><span>e</span><span>r</span>ati<span>n</span>g <span>e</span><span>f</span><span>f</span>e<span>c</span><span>t</span><span>i</span><span>v</span>e<span>n</span>ess <span>o</span>f<span></span>such<span></span>c<span>o</span>nt<span>r</span>o<span>l</span>s.</span><span>&nbsp;</span><span>�<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>E</span><span>v</span>a<span>l</span>u<span>a</span><span>t</span>e<span></span><span>t</span>he<span></span>a<span>p</span>propri<span>a</span><span>t</span><span>e</span>n<span>e</span>ss<span></span><span>o</span>f<span></span><span>a</span><span>c</span>co<span>u</span>nti<span>n</span>g<span></span>p<span>oli</span><span>c</span><span>i</span>es<span></span>us<span>e</span>d<span></span>a<span>n</span>d<span></span><span>t</span>he<span></span><span>r</span>e<span>a</span>s<span>o</span>n<span>a</span>b<span>l</span>e<span>n</span>ess<span></span><span>o</span>f acc<span>o</span>u<span>n</span><span>t</span><span>i</span><span>n</span>g<span></span>e<span>s</span><span>t</span><span>i</span><span>m</span><span>a</span><span>t</span>es a<span>n</span>d <span>r</span>e<span>l</span>ated<span></span>d<span>i</span>sc<span>l</span>os<span>u</span><span>r</span>es<span></span><span>m</span><span>a</span>de<span></span>by<span></span><span>m</span>a<span>n</span><span>a</span><span>g</span><span>e</span><span>m</span>e<span>nt</span>.</span><span>&nbsp;</span><span>�<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>C</span>o<span>n</span>c<span>l</span>u<span>d</span>e<span></span>on<span></span><span>t</span>he<span></span>a<span>p</span><span>p</span><span>r</span>o<span>p</span><span>r</span><span>i</span>ateness<span></span><span>o</span>f<span></span><span>m</span>a<span>n</span><span>a</span><span>g</span>em<span>e</span>nt&apos;s<span></span>use<span></span><span>o</span>f<span></span><span>t</span>he<span></span><span>g</span>o<span>i</span>ng<span></span>c<span>o</span>nc<span>e</span><span>r</span>n<span></span>b<span>a</span>s<span>i</span>s<span></span><span>o</span>f acc<span>o</span>u<span>n</span><span>t</span><span>i</span><span>n</span>g<span></span>a<span>n</span>d,<span></span>b<span>a</span>sed<span></span><span>o</span>n<span> t</span>he<span></span>a<span>u</span>d<span>i</span>t<span></span>e<span>v</span><span>i</span>d<span>e</span>nce<span></span>o<span>b</span><span>t</span>a<span>i</span>n<span>e</span>d,<span></span><span>w</span>h<span>e</span><span>t</span><span>h</span>er<span></span>a<span> m</span>at<span>e</span><span>r</span><span>i</span>al u<span>n</span>cer<span>t</span>a<span>i</span>nty e<span>x</span><span>i</span>s<span>t</span>s<span></span><span>r</span>e<span>l</span>ated<span></span><span>t</span>o<span></span>e<span>v</span>e<span>n</span><span>t</span>s<span></span>or<span></span>co<span>n</span>d<span>i</span><span>t</span><span>i</span>o<span>n</span>s<span></span><span>t</span>h<span>a</span>t<span> m</span>ay cast<span></span>s<span>i</span><span>g</span>n<span>i</span><span>f</span><span>i</span>ca<span>n</span>t<span></span>d<span>o</span>u<span>b</span>t<span></span>on <span>t</span>he<span></span><span>C</span>ompan<span>y</span><span>&apos;</span>s a<span>bili</span><span>t</span>y<span></span><span>t</span>o<span></span>co<span>n</span><span>t</span><span>i</span>n<span>u</span>e<span></span>as<span></span>a<span></span><span>g</span>o<span>i</span>ng<span></span>co<span>n</span>cer<span>n</span>.<span></span><span>I</span>f<span></span><span>w</span>e co<span>n</span>c<span>l</span>u<span>d</span>e<span> t</span>h<span>a</span>t<span></span>a<span> m</span>at<span>e</span><span>r</span><span>i</span>al u<span>n</span>cer<span>t</span>a<span>i</span>nty ex<span>i</span>s<span>t</span>s, <span>w</span>e a<span>r</span>e <span>r</span>e<span>q</span>u<span>i</span><span>r</span>ed<span> t</span>o d<span>r</span>aw<span></span>at<span>t</span>e<span>n</span><span>t</span><span>i</span>on<span></span><span>i</span>n our<span></span>a<span>u</span>d<span>i</span><span>t</span>or&apos;s<span></span><span>r</span>e<span>p</span>o<span>r</span>t<span></span><span>t</span>o <span>t</span>he<span> r</span>e<span>l</span><span>a</span><span>t</span>ed<span></span>d<span>i</span>sc<span>l</span>os<span>u</span><span>r</span>es in<span> t</span>he <span>f</span><span>i</span>n<span>a</span>nc<span>i</span>al<span></span>s<span>t</span><span>a</span><span>t</span><span>e</span><span>m</span>e<span>n</span><span>t</span>s<span></span><span>o</span><span>r </span><span>i</span>f<span></span>such<span></span>d<span>i</span>sc<span>l</span>os<span>u</span><span>r</span>es are <span>i</span><span>n</span>a<span>d</span>e<span>q</span>u<span>a</span><span>t</span>e, <span>t</span>o <span>m</span>o<span>d</span><span>i</span><span>f</span>y o<span>u</span>r<span></span>o<span>pi</span>n<span>i</span>o<span>n</span>.<span></span><span>O</span>ur co<span>n</span>c<span>l</span>us<span>i</span>o<span>n</span>s<span></span>are<span></span>b<span>a</span>sed <span>o</span>n<span> t</span>he a<span>u</span>d<span>i</span>t<span></span>e<span>v</span><span>i</span>d<span>e</span>nce o<span>bt</span>a<span>i</span>n<span>e</span>d<span></span>up <span>t</span>o<span> t</span>he d<span>a</span><span>t</span>e<span></span><span>o</span>f<span></span>o<span>u</span>r<span></span>a<span>u</span>d<span>i</span><span>t</span>or&apos;s <span>r</span>e<span>p</span>o<span>r</span><span>t</span>.<span></span><span>H</span>o<span>w</span>e<span>v</span>er,<span></span><span>f</span>ut<span>u</span><span>r</span>e e<span>v</span>e<span>n</span><span>t</span>s<span></span>or<span></span>co<span>n</span>d<span>i</span><span>t</span><span>i</span><span>o</span>ns <span>m</span>ay ca<span>u</span>se<span></span><span>t</span>he<span></span><span>C</span>omp<span>a</span>ny <span>t</span>o<span></span>ce<span>a</span>se<span></span><span>t</span>o co<span>n</span><span>t</span><span>i</span>n<span>u</span>e as<span></span>a<span></span><span>g</span>o<span>i</span><span>n</span>g<span></span>co<span>n</span><span>c</span>ern.</span><span>&nbsp;</span><span>�<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>E</span><span>v</span>a<span>l</span>u<span>a</span><span>t</span>e<span></span><span>t</span>he<span></span>o<span>v</span>era<span>l</span>l<span></span>presenta<span>t</span><span>i</span>o<span>n</span>,<span></span>s<span>t</span><span>r</span>uct<span>u</span><span>r</span>e<span></span>a<span>n</span>d<span></span>co<span>n</span><span>t</span>e<span>n</span>t<span></span><span>o</span>f<span></span><span>t</span>he<span></span><span>f</span><span>i</span>n<span>a</span>nc<span>i</span>al<span></span>s<span>t</span>at<span>e</span><span>m</span>e<span>n</span><span>t</span>s, <span>i</span>nc<span>l</span>u<span>di</span>ng <span><span>&nbsp;</span></span><span>t</span>he <span><span>&nbsp;</span></span>d<span>i</span>sc<span>l</span>os<span>u</span><span>r</span>es, <span><span>&nbsp;</span></span>a<span>n</span>d <span><span>&nbsp;</span></span><span>w</span>h<span>e</span><span>t</span>h<span>e</span>r <span><span>&nbsp;</span></span><span>t</span>he <span><span>&nbsp;</span></span><span>f</span><span>i</span>n<span>a</span>nc<span>i</span>al <span><span>&nbsp;</span></span>s<span>t</span><span>a</span><span>t</span>eme<span>n</span><span>t</span>s <span><span>&nbsp;</span></span><span>r</span><span>e</span>present <span><span>&nbsp;</span></span><span>t</span>he u<span>n</span>d<span>e</span><span>r</span><span>l</span><span>y</span><span>i</span>ng<span></span><span>t</span><span>r</span>a<span>n</span>sacti<span>o</span>ns<span></span><span>a</span>nd<span></span>e<span>v</span>e<span>n</span><span>t</span>s<span></span><span>i</span>n a<span></span><span>m</span>a<span>n</span>n<span>e</span>r <span>t</span><span>h</span>at<span></span>ac<span>hi</span>e<span>v</span>es<span></span><span>f</span>a<span>i</span>r pr<span>e</span>se<span>n</span><span>t</span><span>a</span><span>t</span><span>i</span>o<span>n</span>.</span><span>&nbsp;</span><span>W</span><span>e c<span>o</span><span>mm</span>u<span>ni</span>c<span>a</span><span>t</span>e<span></span><span>w</span><span>i</span><span>t</span>h<span></span><span>t</span><span>h</span>ose<span></span>ch<span>a</span><span>r</span><span>g</span>ed<span></span><span>w</span><span>i</span><span>t</span>h<span></span><span>g</span>o<span>v</span>er<span>n</span>a<span>n</span>ce<span></span><span>r</span><span>e</span><span>g</span><span>a</span><span>r</span>d<span>i</span>n<span>g</span>,<span></span><span>a</span><span>m</span>o<span>n</span>g<span></span>other<span></span><span>m</span><span>a</span><span>tt</span><span>e</span><span>r</span>s,<span></span><span>t</span><span>h</span>e p<span>l</span>a<span>n</span>n<span>e</span>d<span></span>sco<span>p</span>e<span></span>a<span>n</span>d<span> t</span><span>i</span><span>m</span><span>i</span>ng<span></span><span>o</span>f<span></span><span>t</span>he<span></span>a<span>u</span>d<span>i</span>t<span></span>a<span>n</span>d<span></span>s<span>i</span><span>g</span>n<span>i</span><span>f</span><span>i</span>ca<span>n</span>t<span></span>a<span>u</span>d<span>i</span>t <span>f</span><span>i</span>n<span>di</span>n<span>g</span>s,<span></span><span>i</span>nc<span>l</span><span>u</span>d<span>i</span>ng<span></span>a<span>n</span>y<span></span>s<span>i</span><span>g</span>n<span>i</span><span>f</span><span>i</span>c<span>an</span>t d<span>e</span><span>f</span><span>i</span>c<span>i</span>e<span>n</span>c<span>i</span>es in<span></span><span>i</span>n<span>t</span>ernal<span> c</span>o<span>n</span><span>tr</span>ol<span></span><span>t</span>h<span>a</span>t <span>w</span>e i<span>d</span>e<span>n</span><span>t</span><span>i</span><span>f</span>y<span></span>d<span>u</span><span>r</span><span>i</span>ng<span></span>o<span>u</span>r a<span>u</span>d<span>i</span><span>t</span>.</span><span>&nbsp;</span><span>W</span><span>e<span></span>a<span>l</span>so<span></span>pro<span>v</span><span>i</span>de<span></span><span>t</span>h<span>o</span>se<span></span>ch<span>a</span><span>r</span><span>g</span>ed<span></span><span>w</span><span>i</span><span>t</span>h<span></span><span>g</span>o<span>v</span>ernan<span>c</span>e<span></span><span>w</span><span>i</span><span>t</span>h<span></span>a<span></span>s<span>t</span>ate<span>m</span>e<span>n</span>t<span></span><span>t</span>h<span>a</span>t<span></span><span>w</span>e<span></span>h<span>a</span><span>v</span>e<span></span>comp<span>li</span>ed <span>wi</span><span>t</span>h<span></span><span>r</span>e<span>l</span>e<span>v</span>a<span>n</span>t<span></span>eth<span>i</span>cal<span></span><span>r</span>e<span>q</span>u<span>i</span><span>r</span>emen<span>t</span>s<span></span><span>r</span><span>e</span><span>g</span>ard<span>i</span><span>n</span>g<span></span><span>i</span>n<span>d</span>e<span>p</span>e<span>n</span>d<span>e</span>nc<span>e</span>,<span></span>a<span>n</span>d<span></span><span>t</span>o<span></span>co<span>m</span><span>m</span>u<span>ni</span>cate<span></span><span>w</span><span>i</span><span>t</span>h<span></span><span>t</span>h<span>e</span>m a<span>l</span>l<span></span><span>r</span>e<span>l</span>ati<span>o</span>ns<span>hi</span>ps<span></span>a<span>n</span>d<span></span>other<span></span><span>m</span>a<span>t</span><span>t</span><span>e</span><span>r</span>s <span>t</span>h<span>a</span>t<span></span><span>m</span>ay <span>r</span>e<span>a</span>so<span>n</span>a<span>bl</span>y be<span></span><span>t</span>h<span>o</span>u<span>g</span>ht<span> t</span>o<span></span>b<span>e</span>ar<span></span>on<span></span>o<span>u</span>r <span>i</span>n<span>d</span>e<span>p</span>e<span>n</span>d<span>e</span>nc<span>e</span>,<span></span>a<span>n</span>d<span></span><span>w</span>h<span>e</span><span>r</span>e app<span>l</span><span>i</span>ca<span>bl</span>e,<span></span><span>r</span>e<span>l</span>ated<span></span>s<span>a</span><span>f</span><span>e</span><span>g</span>u<span>a</span><span>r</span>ds.</span><span>&nbsp;</span><span>R</span><span>e<span>p</span>ort<span></span>on<span></span><span>O</span><span>t</span>h<span>e</span>r<span></span>L<span>e</span>g<span>a</span>l<span></span>a<span>n</span>d R<span>e</span>g<span>u</span><span>l</span>at<span>o</span>ry<span></span><span>R</span>e<span>q</span>ui<span>r</span>eme<span>n</span><span>t</span>s</span><span>1.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>A</span><span>s<span></span><span>r</span>e<span>q</span>u<span>i</span><span>r</span>ed<span></span>by <span>t</span>he<span></span><span>C</span>ompan<span>i</span>es<span></span><span>(</span><span>A</span>u<span>di</span><span>t</span>or&apos;s<span></span><span>R</span>e<span>p</span>or<span>t</span>)<span></span><span>Or</span>d<span>e</span><span>r</span>,<span></span>2<span>0</span>16<span></span><span>(</span><span>&quot;</span><span>t</span>he<span></span><span>O</span><span>r</span><span>d</span>er<span>&quot;</span><span>)</span>,<span></span><span>i</span>ssu<span>e</span>d<span></span>by <span>t</span>he <span>C</span>e<span>n</span><span>tr</span>al<span></span><span>G</span>o<span>v</span>er<span>n</span><span>m</span>e<span>n</span>t<span></span><span>o</span>f<span></span><span>I</span>n<span>di</span>a<span></span><span>i</span>n<span></span><span>t</span>er<span>m</span>s<span></span><span>o</span>f<span></span>su<span>b-</span>se<span>c</span><span>t</span><span>i</span>on<span></span><span>(</span>1<span>1</span>)<span></span><span>o</span>f<span></span>se<span>c</span><span>t</span><span>i</span>on<span></span>1<span>4</span>3<span></span><span>o</span>f<span></span><span>t</span>he<span></span><span>C</span><span>o</span><span>m</span>p<span>a</span>n<span>i</span>es <span>A</span>c<span>t</span>,<span></span>2<span>0</span>13,<span></span><span>w</span>e<span></span><span>g</span><span>i</span><span>v</span>e<span></span><span>i</span>n<span></span><span>t</span>he<span> &quot;</span><span>A</span>n<span>n</span>e<span>x</span>ure-A&quot;,<span></span>a<span></span>s<span>t</span>ate<span>m</span>e<span>n</span>t<span></span>on<span></span><span>t</span>he<span></span><span>m</span>at<span>t</span><span>e</span><span>r</span>s<span></span>sp<span>e</span>c<span>i</span><span>f</span><span>i</span><span>e</span>d<span></span><span>i</span>n<span></span>p<span>a</span><span>r</span>a<span>g</span><span>r</span>a<span>p</span>hs<span></span>3 a<span>n</span>d 4<span></span><span>o</span>f <span>t</span>he<span></span><span>Or</span>d<span>e</span><span>r</span>,<span></span><span>t</span>o<span></span><span>t</span><span>h</span>e e<span>x</span><span>t</span>e<span>n</span>t<span></span>a<span>p</span>p<span>li</span>ca<span>bl</span>e.</span><span>&nbsp;</span><span>2.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>A</span><span>s<span> r</span><span>e</span><span>q</span>u<span>i</span><span>r</span>ed<span></span>by<span></span><span>S</span>ecti<span>o</span>n <span>1</span>43<span>(</span>3)<span></span><span>o</span>f<span></span><span>t</span>he<span></span><span>A</span>c<span>t</span>,<span></span><span>w</span>e <span>r</span>e<span>p</span><span>o</span><span>r</span>t <span>t</span>h<span>a</span><span>t</span>:</span><span>&nbsp;</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>(</span>a) <span><span>&nbsp;</span><span>&nbsp; </span></span><span>W</span>e<span></span>h<span>a</span><span>v</span>e<span></span>so<span>u</span><span>g</span><span>h</span>t<span></span>a<span>n</span>d o<span>b</span><span>t</span>a<span>i</span>n<span>e</span>d<span></span>a<span>l</span>l<span></span><span>t</span>he<span></span><span>i</span><span>n</span><span>f</span><span>o</span><span>r</span><span>m</span>ati<span>o</span>n a<span>n</span>d<span></span>e<span>x</span>p<span>l</span>a<span>n</span>ati<span>o</span>ns<span></span><span>w</span>h<span>i</span>ch<span></span><span>t</span>o <span>t</span>he<span></span>b<span>e</span>st<span></span><span>o</span>f o<span>u</span>r <span>k</span>n<span>o</span><span>w</span><span>l</span>e<span>d</span><span>g</span>e and<span></span>b<span>eli</span><span>e</span>f<span></span><span>w</span>ere<span></span>n<span>e</span>cess<span>a</span><span>r</span>y<span></span><span>f</span>or<span></span><span>t</span>he<span></span>p<span>u</span><span>r</span>p<span>o</span>ses <span>o</span>f<span></span><span>o</span>ur<span></span>a<span>u</span>d<span>i</span><span>t</span>.</span><span>&nbsp;</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>(</span>b) <span>&nbsp;&nbsp;&nbsp; </span><span>I</span>n<span></span>o<span>u</span>r<span></span>o<span>pi</span>n<span>i</span>o<span>n</span>,<span></span>proper<span></span>b<span>o</span>o<span>k</span>s<span></span><span>o</span>f<span></span>acc<span>o</span>u<span>n</span>t<span></span>as<span></span><span>r</span><span>e</span><span>q</span>u<span>i</span><span>r</span>ed<span></span>by<span></span><span>l</span><span>a</span>w<span></span>h<span>a</span><span>v</span>e<span></span>b<span>e</span>en<span></span><span>k</span>e<span>p</span>t<span></span>by<span></span><span>t</span>he <span>C</span>ompany so <span>f</span>ar<span></span>as<span></span><span>i</span>t<span></span>a<span>p</span>p<span>e</span>ars<span> fr</span><span>o</span>m<span></span>o<span>u</span>r<span></span>e<span>x</span>ami<span>n</span>a<span>t</span><span>i</span>on<span></span>of<span></span><span>t</span>h<span>o</span>se<span></span>b<span>o</span><span>o</span><span>k</span>s.</span><span>&nbsp;</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>(</span><span>c)<span><span>&nbsp; </span></span><span>T</span>he<span></span><span>B</span>a<span>l</span>a<span>n</span>ce<span></span><span>S</span>h<span>e</span>e<span>t</span>,<span></span><span>t</span>he<span></span><span>S</span><span>t</span>at<span>e</span><span>m</span>e<span>n</span>t<span></span><span>o</span>f<span></span><span>P</span><span>r</span><span>o</span><span>f</span><span>i</span>t<span></span>a<span>n</span>d<span></span>L<span>o</span>ss,<span></span>a<span>n</span>d<span></span><span>t</span>he<span></span><span>C</span>ash<span></span>F<span>l</span><span>o</span>w<span></span><span>S</span><span>t</span>ate<span>m</span>e<span>n</span>t dea<span>l</span>t<span></span><span>wi</span><span>t</span>h<span></span>by<span></span><span>t</span>h<span>i</span>s<span></span><span>R</span>e<span>p</span><span>o</span><span>r</span>t<span></span>are<span></span><span>i</span>n<span></span><span>a</span><span>g</span><span>r</span>e<span>e</span><span>m</span>e<span>n</span>t<span></span><span>w</span><span>i</span><span>t</span>h<span></span><span>t</span>he<span></span>b<span>o</span>oks<span></span><span>o</span>f<span></span>acc<span>o</span>u<span>n</span>t.<span></span></span><p><span>&nbsp;</span></p><span>&nbsp;</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>(d)<span>&nbsp;&nbsp;&nbsp;&nbsp; </span>I</span><span>n<span></span>o<span>u</span>r<span></span>o<span>pi</span>n<span>i</span>o<span>n</span>,<span></span><span>t</span>he<span></span><span>a</span><span>f</span><span>o</span><span>r</span><span>e</span>sa<span>i</span>d<span></span></span><span>financial</span><span> s<span>t</span>at<span>e</span><span>m</span>e<span>n</span><span>t</span>s<span></span>c<span>o</span><span>m</span>p<span>l</span>y<span></span><span>w</span><span>i</span><span>t</span>h<span></span><span>t</span>he<span></span><span>A</span>cco<span>u</span>nti<span>n</span>g <span>S</span><span>t</span>a<span>n</span>d<span>a</span><span>r</span>ds sp<span>e</span>c<span>i</span><span>f</span><span>i</span>ed u<span>n</span>d<span>e</span>r<span></span><span>S</span>ec<span>t</span><span>i</span>on 1<span>3</span>3 of<span></span><span>t</span>he <span>A</span>c<span>t</span>,<span> r</span>e<span>a</span>d <span>w</span><span>i</span><span>t</span>h <span>R</span>u<span>l</span>e<span></span>7 of<span></span><span>t</span>he <span>C</span>ompan<span>i</span>es <span>(</span><span>A</span>cco<span>u</span>nt<span>s</span>)<span></span><span>R</span>u<span>l</span>e<span>s</span>,<span></span>2<span>0</span>1<span>4</span>.</span><span>&nbsp;</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>(e)<span>&nbsp;&nbsp;&nbsp;&nbsp; </span><span>O</span>n<span></span><span>t</span>he<span></span>b<span>a</span>s<span>i</span>s<span></span><span>o</span>f<span></span><span>t</span>he<span></span><span>w</span><span>r</span><span>i</span><span>t</span><span>t</span>en<span></span><span>r</span>e<span>p</span><span>r</span>es<span>e</span><span>n</span><span>t</span>ati<span>o</span>ns<span></span><span>r</span><span>e</span>ce<span>i</span><span>v</span>ed<span></span><span>f</span><span>r</span><span>o</span>m<span></span><span>t</span>he<span></span>d<span>i</span><span>r</span>e<span>c</span><span>t</span>o<span>r</span>s<span></span>as<span></span>on<span></span>31st<span>M</span>arch, 2022<span></span><span>t</span><span>a</span><span>k</span>en<span></span>on<span></span><span>r</span>ec<span>o</span><span>r</span>d<span></span><span>b</span>y<span></span><span>t</span>he<span></span><span>B</span>o<span>a</span><span>r</span>d<span></span>of<span></span><span>Di</span><span>r</span>ect<span>o</span><span>r</span><span>s</span>,<span></span>n<span>o</span>ne<span></span>of<span></span><span>t</span>he<span></span>d<span>i</span><span>r</span><span>e</span>c<span>t</span><span>o</span><span>r</span>s<span></span><span>i</span>s<span></span>d<span>i</span>s<span>q</span>u<span>al</span><span>i</span><span>f</span><span>i</span>ed<span></span>as on<span></span>31st<span>M</span>arch,<span></span>2022 <span>fr</span><span>o</span>m<span></span>b<span>ei</span>ng<span></span>a<span>p</span>p<span>oi</span>nted<span></span><span>a</span>s<span></span>a d<span>i</span><span>r</span>ector<span></span><span>i</span>n <span>t</span><span>e</span><span>r</span><span>m</span>s<span></span><span>o</span>f<span></span><span>S</span>e<span>c</span><span>t</span><span>i</span>on<span></span>1<span>6</span>4 <span>(</span>2)<span></span><span>o</span>f<span></span><span>t</span><span>h</span>e <span>A</span>c<span>t</span>.</span><span>&nbsp;</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>(</span><span>f)<span><span>&nbsp; </span></span></span><span>W</span><span>i</span><span>t</span><span>h<span> r</span>es<span>p</span>e<span>c</span>t<span></span><span>t</span>o<span></span><span>t</span>he<span></span>a<span>d</span><span>e</span><span>q</span>u<span>a</span>cy<span></span><span>o</span>f<span></span><span>t</span>he<span></span><span>i</span>nt<span>e</span><span>r</span>n<span>a</span>l <span>f</span><span>i</span>n<span>a</span>nc<span>i</span>al<span></span>co<span>n</span><span>tr</span>o<span>l</span>s<span></span>o<span>v</span>er<span></span><span>f</span><span>i</span>n<span>a</span>n<span>c</span><span>i</span>al<span></span><span>r</span>e<span>p</span>or<span>t</span><span>i</span><span>n</span>g<span></span><span>o</span>f <span>t</span>he<span></span><span>C</span>ompany a<span>n</span>d<span> t</span>he o<span>p</span>era<span>t</span><span>i</span><span>n</span>g<span></span><span>e</span><span>ff</span>e<span>c</span><span>t</span><span>i</span><span>v</span>e<span>n</span>ess<span></span><span>o</span>f<span></span>such co<span>nt</span><span>r</span>o<span>l</span>s,<span></span><span>r</span><span>e</span><span>f</span><span>e</span>r<span></span><span>t</span>o<span></span>o<span>u</span>r<span></span>se<span>p</span><span>a</span><span>r</span>a<span>t</span>e <span>R</span>e<span>p</span>ort<span></span><span>i</span>n<span></span><span>&quot;</span><span>A</span>n<span>n</span>e<span>x</span>ure<span></span><span>B</span><span>&quot;</span> and</span><p><span>&nbsp;</span></p><p><span><span>&nbsp; </span>(g)<span>&nbsp;&nbsp;&nbsp;&nbsp; </span>W</span><span>ith respect to the other matters to be included in the Auditor&apos;s Report in accordance with the requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its Directors during the year is in accordance with the provisions of Section 197 of the Act.</span></p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>(h)<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>W</span><span>i</span><span>t</span><span>h<span></span><span>r</span><span>e</span>sp<span>e</span>ct<span></span><span>t</span>o<span></span><span>t</span>he<span></span><span>o</span><span>t</span>h<span>e</span>r<span></span><span>m</span><span>a</span><span>tt</span><span>e</span><span>r</span>s<span></span><span>t</span>o<span></span>be<span></span><span>i</span>nc<span>l</span>u<span>d</span>ed<span></span><span>i</span>n<span></span><span>t</span>he<span></span><span>A</span>u<span>di</span><span>t</span><span>o</span><span>r</span><span>&apos;</span>s<span></span><span>R</span>e<span>p</span>o<span>r</span>t<span></span><span>i</span>n<span></span>acc<span>o</span><span>r</span>d<span>a</span>nce <span>wi</span><span>t</span>h<span></span><span>R</span>u<span>l</span>e<span></span>11<span></span>of<span></span><span>t</span>he<span></span><span>C</span>o<span>m</span>p<span>a</span>n<span>i</span>es<span></span><span>(</span><span>A</span>u<span>di</span>t<span></span>a<span>n</span>d<span></span><span>A</span>u<span>di</span><span>t</span>ors)<span></span><span>R</span>u<span>l</span>es,<span></span>2<span>0</span>1<span>4</span>,<span></span><span>i</span>n<span></span>o<span>u</span>r<span></span>o<span>pi</span>n<span>i</span>on<span></span>a<span>n</span>d<span></span><span>t</span>o <span>t</span>he<span></span>b<span>e</span><span>s</span>t<span></span><span>o</span>f<span></span>o<span>u</span>r<span></span><span>i</span><span>n</span><span>f</span>o<span>r</span><span>m</span>ati<span>o</span>n and acc<span>o</span><span>r</span>d<span>i</span><span>n</span>g<span></span><span>t</span>o<span></span><span>t</span>he<span></span><span>e</span><span>x</span>p<span>l</span>a<span>n</span>ati<span>o</span>ns <span>g</span><span>i</span><span>v</span>en<span> t</span>o u<span>s</span>:</span></span><span>&nbsp;</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>(<span>i)<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Company has disclosed pending litigations which would impact its financial position</span><span>.</span><span> (Refer Note - 36 to the financial statements)</span><span>&nbsp;</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>(ii)<span>&nbsp;&nbsp;&nbsp; </span>The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.</span></span><span>&nbsp;</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>(<span>iii)</span><span>&nbsp;&nbsp; </span><span>There were no amount which were required to be transferred to the Investor Education and Protection Fund by the Company.</span></span><p><span>&nbsp;</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>(iv)</span><span></span><span><span></span>(a)<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or <span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>loaned or invested (either from borrowed funds or share premium or any other sources or<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>kind of funds) by the Company to or in any other person or entity, including foreign entity<span>&nbsp; </span>(&quot;Intermediaries&quot;), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (&quot;Ultimate Beneficiaries&quot;) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>(b)<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>The Management has represented, that, to the best of its knowledge and <span>&nbsp;&nbsp;&nbsp;&nbsp;</span>belief, no funds (which are material either individually or in the<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>aggregate)have been received by the Company from any person or entity, <span>&nbsp;&nbsp;</span>including foreign entity (&quot;Funding Parties&quot;), with the understanding, whether recorded in writing <span>&nbsp;&nbsp;&nbsp; </span>or otherwise, that the Company shall, whether, directly or indirectly, lend or <span></span>invest in other persons or entities identified in any manner whatsoever by or on <span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>behalf of the Funding Party (&quot;Ultimate Beneficiaries&quot;) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>(c)<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Based on the audit procedures that have been considered reasonable and <span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>appropriate in the circumstances, nothing has come to our notice that has <span></span>caused us to believe that the representations under sub-clause (i) and (ii) of <span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Rule 11(e), as provided under (a) and (b) above, contain any material <span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>misstatement.</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>(v)<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>The Company has neither declared nor paid any dividend during the year.</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span><span>&nbsp;</span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>For Nirav S Shah &amp; Co.</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>(Firm Registration no. 130244W) </span></p><p><span>Chartered Accountant</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Nirav S Shah</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Partner</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Mem. No. 133345</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>UDIN:22133345AJWYFC7989 </span></p><p><span>Place:</span><span> Ahmedabad</span></p><p><span>Date: 30/05/2022</span><span></span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Annexure 1 referred to in paragraph 1 of Our Report under &quot;Report on Other Legal and Regulatory Requirements&quot; of even date to the members of BRIGHT SOLAR LIMITED on the accounts of the company for the year ended 31st March, 2022. </span></p><p><span>&nbsp;</span></p><p><span>On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that:</span></p><p><span>&nbsp;</span></p><p><span><span>i.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;</span></p><p><span>(b) As explained to us, fixed assets have been physically verified by the management at regular intervals; as informed to us no material discrepancies were noticed on such verification;<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p><p><span>(c) The title deeds of immovable properties are held in the name of the company.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p><p><span>&nbsp;</span></p><p><span><span>ii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>(a)The Company has conducted physical verification of inventory at regular interval.</span></p><p><span>(b) No material discrepancy has been noticed on such verification.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbs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</span></span></span><span>The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Act.</span></p><p><span>&nbsp;</span></p><p><span><span>iv.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>In our opinion and according to the information and explanations given to us in respect of loans, investments, guarantees and securities, there is adequate compliance of provisions of section 185 and 186 of the Companies Act, 2013.<span>&nbsp;&nbsp; </span></span></p><p><span>&nbsp;</span></p><p><span><span>v.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Company has not accepted any deposits from the public hence compliance of directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other provisions of the Companies Act, 2013 and the rules framed there under need not be applicable.<span>&nbsp; </span></span></p><p><span>&nbsp;</span></p><p><span><span>vi.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The company is not liable to maintain cost records as prescribes under sub-section (1) of Section 148 of the Companies Act, 2013.</span></p><p><span>&nbsp;</span></p><p><span><span>vii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>(a)<span>&nbsp; </span>According to the information and the explanations given to us, the Company has been generally regular in depositing undisputed statutory dues including provident fund, income-tax, goods and service tax, cess and other statutory dues as applicable with the appropriate authorities. There were no undisputed amounts payable in respect of income tax, sales tax, goods and, cess and any other material statutory dues in arrears as at 31 March 2022 for a period of more than six months from the date they became payable.</span></p><p><span>&nbsp;</span></p><table><tbody><tr><td class="bordered"><p><span>Sr. No.</span></p></td><td class="bordered"><p><span>Description</span></p></td><td class="bordered"><p><span>Amount</span></p></td></tr><tr><td class="bordered"><p><span>1</span></p></td><td class="bordered"><p><span>TDS Payable </span></p></td><td class="bordered"><p><span>1,24,648/-</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span><span>(b)<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>According to the information and explanations given to us and the records of the Company examined by us, there are no dues of Goods and Service Tax, and cess which have not been deposited </span><span>with the appropriate authorities on account of any dispute. There is an Income tax demand pertaining to following years as under:</span><span></span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><table><tbody><tr><td class="bordered"><p><span>Sr. No.</span></p></td><td class="bordered"><p><span>Description</span></p></td><td class="bordered"><p><span>Pending with</span></p></td><td class="bordered"><p><span>Amount</span></p></td></tr><tr><td class="bordered"><p><span>1</span></p></td><td class="bordered"><p><span>A.Y. 2012-13 </span></p></td><td class="bordered"><p><span>Hon&apos;ble CIT(A)</span></p></td><td class="bordered"><p><span>1,22,550/-</span></p></td></tr><tr><td class="bordered"><p><span>2</span></p></td><td class="bordered"><p><span>A.Y. 2019-20</span></p></td><td class="bordered"><p><span>Hon&apos;ble CIT(A)</span></p></td><td class="bordered"><p><span>1,08,11,640/-</span></p></td></tr><tr><td class="bordered"><p><span>3</span></p></td><td class="bordered"><p><span>A.Y. 2020-21</span></p></td><td class="bordered"><p><span>Hon&apos;ble CIT(A)</span></p></td><td class="bordered"><p><span>5,02,268/-</span></p></td></tr><tr><td class="bordered"><p><span>4</span></p></td><td class="bordered"><p><span>A.Y. 2020-21</span></p></td><td class="bordered"><p><span>Hon&apos;ble CIT(A)</span></p></td><td class="bordered"><p><span>24,82,898/-</span></p></td></tr><tr><td class="bordered"><p><span>5</span></p></td><td class="bordered"><p><span>A.Y. 2016-17</span></p></td><td class="bordered"><p><span>Hon&apos;ble CIT(A)</span></p></td><td class="bordered"><p><span>3,89,910/-</span></p></td></tr><tr><td class="bordered"><p><span>6</span></p></td><td class="bordered"><p><span>A.Y. 2018-19</span></p></td><td class="bordered"><p><span>Hon&apos;ble CIT(A)</span></p></td><td class="bordered"><p><span>1,56,600/-</span></p></td></tr><tr><td class="bordered"><p><span>7</span></p></td><td class="bordered"><p><span>Case Number 2401105003282022 Dispute with GLE India Solar Private Limited</span></p></td><td class="bordered"><p><span>National Company Law Tribunal (NCLT)</span></p></td><td class="bordered"><p><span>4,02,37,377/-</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span><span>viii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>According to the records of the company examined by us and as per the information and explanations given to us, the company has not availed any term loans from banks and has not issued debentures.</span></p><p><span>&nbsp;</span></p><p><span><span>ix.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>In our opinion and according to the information and explanations given to us, the company has not raised moneys by way of initial public offer or further public offer and any term loans during the year.<span>&nbsp; </span></span></p><p><span>&nbsp;</span></p><p><span><span>x.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>During the course of our examination of the books and records of the company, carried in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the course of our audit nor have we been informed of any such instance by the Management.</span></p><p><span>&nbsp;</span></p><p><span><span>xi.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>According to the records of the company examined by us and as per the information and explanations given to us, the company has paid no managerial remuneration.</span></p><p><span>&nbsp;</span></p><p><span><span>xii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>As the company is not the Nidhi company, the compliance requirement of net Owned funds to Deposits in the ratio of 1:20 to meet out the liability and maintaining ten percent unencumbered term deposits as specified in the Nidhi Rules, 2014 to meet out the liability is not Applicable.</span></p><p><span>&nbsp;</span></p><p><span><span>xiii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>In our opinion, and according to the information and explanations given to us, section 177 is not applicable to the company and as compliance required under section 188 of companies act,2013 company has not taken any loan from related party except following:</span></p><p><span>&nbsp;</span></p><table><tbody><tr><td class="bordered"><p><span>Sr. No.</span></p></td><td class="bordered"><p><span>Description</span></p></td><td class="bordered"><p><span>Amount</span></p></td></tr><tr><td class="bordered"><p><span>1</span></p></td><td class="bordered"><p><span>Piyushkumar Babubhai Thumar </span></p></td><td class="bordered"><p><span>2,32,25,000/-</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span><span>xiv.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>According to the records of the company examined by us and as per the information and explanations given to us, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.</span></p><p><span>&nbsp;</span></p><p><span><span>xv.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>In our opinion, and according to the information and explanations given to us, the company has not entered into any non-cash transactions with directors or persons connected with him. </span></p><p><span>&nbsp;</span></p><p><span><span>xvi.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>(a) In our opinion and according to the information and explanations given to us, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>(b) In our opinion, the Company has not conducted any Non-Banking Financial or Housing<span>&nbsp; </span>Finance activities without any valid Certificate of Registration from Reserve Bank of India.<span>&nbsp; </span>Hence, the reporting under paragraph clause 3 (xvi)(b) of the Order are not applicable to the Company</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>(c) The Company is not a Core investment Company (CIC) as defined in the regulations made<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>by Reserve Bank of India. Hence, the reporting under paragraph clause 3 (xvi)(c) of the Order are not applicable to the Company.</span></p><p><span>(d) The Company does not have any CIC as a part of its group. Hence, the provisions stated in paragraph clause 3 (xvi)(d) of the Order are not applicable to the Company.</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span><span>xvii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Based on the overall review of standalone financial statements, the Company has not incurred cash losses in the current financial year and in the immediately preceding financial year. Hence, the provisions stated in paragraph clause 3 (xvii) of the Order are not applicable to the Company.</span></p><p><span>&nbsp;</span></p><p><span><span>xviii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>There has been no resignation of the statutory auditors during the year. Hence, the provisions stated in paragraph clause 3 (xviii) of the Order are not applicable to the Company.</span></p><p><span>&nbsp;</span></p><p><span><span>xix.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>According to the information and explanations given to us and based on our examination of financial ratios, ageing and expected date of realisation of financial assets and payment of liabilities, other<span>&nbsp; </span>information accompanying the standalone financial statements, our knowledge of the Board of Directors and management plans, we are of the opinion that no material uncertainty exists as on the date of audit report and the Company is capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. </span></p><p><span>&nbsp;</span></p><p><span><span>xx.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>According to the information and explanations given to us, the provisions of section 135 of the Act are not applicable to the Company. Hence, the provisions of paragraph (xx)(a) to (b) of the Order are not applicable to the Company.</span></p><p><span>&nbsp;</span></p><p><span><span>xxi.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>According to the information and explanations given to us, the Company does not have any Subsidiary, Associate or Joint Venture. Accordingly,&nbsp;reporting under clause 3(xxi) of the Order is not applicable.</span></p><p><span>&nbsp;</span></p><table><tbody><tr><td class="bordered"><p><span>Sr. No.</span></p></td><td class="bordered"><p><span>Description</span></p></td><td class="bordered"><p><span>Nature of Relation</span></p></td></tr><tr><td class="bordered"><p><span>1</span></p></td><td class="bordered"><p><span>VC Project BSL (JV)</span></p></td><td class="bordered"><p><span>Joint Venture</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>For, Nirav S Shah &amp; Associates</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;</span>Chartered Accountants</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>(Nirav S Shah)</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span>Propritor</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Membership No.# 133345</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;</span>Firm Registration No.# 130244W</span></p><p><span>Place: Ahmedabad<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>UDIN: 22133345AJWYFC7989</span><span></span></p><p><span>Date: 30/05/2022</span><span></span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Annexure B to Independent Auditors&apos; Report</span></p><p><span>(Referred to in paragraph 2(f) under the heading &apos;Report on Other Legal and Regulatory Requirements&apos; of our report of even date)</span></p><p><span>&nbsp;</span></p><p><span>Report on the Internal Financial Controls with reference to financial statements under Clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 (&quot;the Act&quot;)</span></p><p><span>We have audited the internal financial controls with reference to financial statements of Bright Solar Limited (&quot;the Company&quot;) as of March 31, 2022 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.</span></p><p><span>Management&apos;s Responsibility for Internal Financial Controls</span></p><p><span>The Company&apos;s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company&apos;s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.</span></p><p><span>Auditor&apos;s Responsibility</span></p><p><span>Our responsibility is to express an opinion on the Company&apos;s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the &quot;Guidance Note&quot;) and the Standards on Auditing deemed to be prescribed under section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.</span></p><p><span>Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor&apos;s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.</span></p><p><span>We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the Company&apos;s internal financial controls system with reference to financial statements.</span></p><p><span>&nbsp;</span></p><p><span>Meaning of Internal Financial Controls over Financial Reporting</span></p><p><span>A company&apos;s internal financial control with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.<span>&nbsp; </span>A company&apos;s internal financial control with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company&apos;s assets that could have a material effect on the financial statements.</span></p><p><span>Inherent Limitations of internal Financial Controls Over Financial Reporting</span></p><p><span>Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal </span></p><p><span>financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</span></p><p><span>Opinion</span></p><p><span>In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at March 31, 2022, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.</span></p><p><span>&nbsp;</span></p><p><span>For Nirav Shah &amp; Associates</span></p><p><span>Chartered Accountants</span></p><p><span>Firm Reg. No. 130244W</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Nirav Shah<span>&nbsp;&nbsp; </span></span></p><p><span>Place: Ahmedabad<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>(Proprietor)</span></p><p><span>Date: 30/05/2022<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span>(Membership No. 133345)</span></p><p><span>UDIN: 22133345AJWYFC7989</span><span></span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Annexure C to the Independent Auditors&apos; Report</span></p><p><span>Additional Reporting as per Revised Schedule-III of the Companies Act-2013</span></p><p><span>&nbsp;</span></p><p><span>Additional Regulatory Information </span></p><p><span>1. Title Deeds of Immovable Property not held in the name of the Company </span></p><p><span>As per the information and explanation given to me, the records examined by me and based on the examination of the conveyance deeds/ registered sale deed provided to me I report that the title deeds comprising all the Immovable Properties of building which are freehold and are held in the name of the Company as at the Balance Sheet date. </span></p><p><span>2. Revaluation of Property, Plant &amp; Equipments </span></p><p><span>The Company has not revalued its Property, Plant and Equipments during the current financial year. </span></p><p><span>3. Loans &amp; Advances to Directors, Promoters KMPs &amp; Related Parties </span></p><p><span>The Company has not granted any loans or advances in the nature of loan outstanding to any of its Promoters, Directors, Key Managerial Personals and related parties. </span></p><p><span>4. Capital Work-in-Progress </span></p><p><span>The Company does not have any Capital Work in Progress Account as at the Balance Sheet Date. </span></p><p><span>5. Intangible Assets under Development </span></p><p><span>The Company does not have any Intangible Assets under development as at the Balance Sheet Date. </span></p><p><span>6. Details of Benami Property held </span></p><p><span>The Company does not hold any Benami Property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.</span></p><p><span>7. Wilful Defaulter </span></p><p><span>As informed by the management, the name of the Company and any of its directors does not appear under the list of wilful defaulter. </span></p><p><span>8. Relationship with Struck off Companies </span></p><p><span>The Company does not have any transactions with the Companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956. </span></p><p><span>9. Registration of charges or satisfaction with Registrar of Companies </span></p><p><span>The Company does not require to create/modified/ satisfied charge on the assets of the Company during the financial year. </span></p><p><span>10. Compliance with number of layers of Companies </span></p><p><span>The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on Number of Layers) Rules, 2017. </span></p><p><span><span>&nbsp;</span></span></p><p><span>11. Financial Ratios FY 2021-22 </span></p><p><span>As per Schedule 27 </span></p><p><span>12. Compliance with approved Scheme(s) of Arrangements </span></p><p><span>There is not any scheme of arrangements has been approved by the competent authority in terms of section 230 to 237 of the Companies Act, 2013 during the current financial year. </span></p><p><span>13. Utilization of Borrowed funds and Share Premium </span></p><p><span>[A]</span><span> The Company has not advanced or loaned or invested funds (either borrowed funds or </span></p><p><span>share premium or any other sources or kind of funds) to any other person(s) or entity ), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the intermediary shall </span></p><p><span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>i.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Directly or indirectly lend or invest in other persons or entities identified in any </span></p><p><span>manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or </span></p><p><span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>ii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Provide any guarantee, security or the like to or on behalf of the Ultimate</span></p><p><span>[B]</span><span> The Company has not received any funds from any persons(s) or entity (ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall </span></p><p><span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>i.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>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 </span></p><p><span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>ii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries </span></p><p><span>14. Undisclosed Income </span></p><p><span>The Company does not have any transaction which was not recorded in the books of accounts in earlier years &amp; that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961. </span></p><p><span>15. Corporate Social Responsibility </span></p><p><span>The Company is not covered under section 135 of the Companies Act, 2013. </span></p><p><span>16. Details of Crypto Currency or Virtual Currency </span></p><p><span>The Company has not traded or invested in Crypto currency or Virtual Currency during the current financial year.</span></p><p><span>For Nirav Shah &amp; Associates</span></p><p><span>Chartered Accountants</span></p><p><span>Firm Reg. No. 130244W</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Nirav Shah<span>&nbsp;&nbsp; </span></span></p><p><span>Place: Ahmedabad<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>(Proprietor)</span></p><p><span>Date: 30/05/2022<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span>(Membership No. 133345)</span></p><p><span>UDIN: 22133345AJWYFC7989</span><span></span></p> true false 204000000 204000000 103727170 177675370 0 0 307727170 381675370 0 0 0 0 0 0 5556160 3647750 0 0 0 0 5556160 3647750 30630180 1454700 27753850 42753430 31266440 65907860 6089780 8284760 95740250 118400750 409023580 503723870 43948080 43190990 223310 356590 0 0 0 0 44171390 43547580 9420630 2828340 630460 621310 76217320 77294320 52722960 48928120 183162760 173219670 0 0 21895720 94170810 63348340 90681990 29085680 29767810 105809840 106847580 5721240 9036010 225860820 330504200 409023580 503723870 0 0 0 0 0 0 0 0 0 0 3175000 139930 0 0 0 0 0 0 0 139930 441650 0 0 -139930 0 0 0 0 0 0 0 0 0 -139930 2733350 0 0 0 0 0 0 0 0 0 0 3175000 139930 0 0 0 0 0 0 0 139930 441650 0 0 -139930 0 0 0 0 0 0 0 0 0 -139930 2733350 0 0 0 0 0 0 0 0 0 0 2326410 212860 0 0 0 0 0 0 0 212860 1363260 0 0 -212860 0 0 0 0 0 0 0 0 0 -212860 963150 0 0 0 0 0 0 0 0 0 0 2326410 212860 0 0 0 0 0 0 0 212860 1363260 0 0 -212860 0 0 0 0 0 0 0 0 0 -212860 963150 0 0 0 0 0 0 0 0 0 0 3138220 479520 0 0 0 0 0 0 0 479520 2082290 0 0 -479520 0 0 0 0 0 0 0 0 0 -479520 1055930 0 0 0 0 0 0 0 0 0 0 3138220 479520 0 0 0 0 0 0 0 479520 2082290 0 0 -479520 0 0 0 0 0 0 0 0 0 -479520 1055930 0 0 0 0 0 0 0 0 0 0 38202500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 38202500 0 0 0 0 0 0 0 0 0 0 38202500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 38202500 0 0 0 0 0 0 0 0 0 0 3175000 139930 0 0 0 0 0 0 0 139930 441650 0 0 -139930 0 0 0 0 0 0 0 0 0 -139930 2733350 0 0 0 0 0 0 0 0 0 0 2326410 212860 0 0 0 0 0 0 0 212860 1363260 0 0 -212860 0 0 0 0 0 0 0 0 0 -212860 963150 0 0 0 0 0 0 0 0 0 0 385150 20630 0 0 0 0 0 0 0 20630 326080 0 0 -20630 0 0 0 0 0 0 0 0 0 -20630 59070 0 0 0 0 0 0 0 0 0 0 385150 20630 0 0 0 0 0 0 0 20630 326080 0 0 -20630 0 0 0 0 0 0 0 0 0 -20630 59070 0 0 0 0 0 0 0 0 0 0 3138220 479520 0 0 0 0 0 0 0 479520 2082290 0 0 -479520 0 0 0 0 0 0 0 0 0 -479520 1055930 17370 0 0 0 0 0 0 0 0 17370 346870 51330 0 0 0 0 0 0 0 51330 261090 17370 0 -51330 0 0 0 0 0 0 0 0 0 -33960 85780 17370 0 0 0 0 0 0 0 0 17370 346870 51330 0 0 0 0 0 0 0 51330 261090 17370 0 -51330 0 0 0 0 0 0 0 0 0 -33960 85780 44930 0 0 0 0 0 0 -10 -10 44920 644860 120420 0 0 0 0 0 -10 -10 120410 553650 44930 0 -120420 0 0 0 0 0 0 0 0 0 -75490 91210 44930 0 0 0 0 0 0 -10 -10 44920 644860 120420 0 0 0 0 0 -10 -10 120410 553650 44930 0 -120420 0 0 0 0 0 0 0 0 0 -75490 91210 62300 0 0 0 0 0 0 -10 -10 62290 48219010 1024690 0 0 0 0 0 -10 -10 1024680 5028020 62300 0 -1024690 0 0 0 0 0 0 0 0 0 -962390 0 0 0 0 0 0 0 0 0 0 3175000 133110 0 0 0 0 0 0 0 133110 574750 0 0 -133110 0 0 0 0 0 0 0 0 0 -133110 2600250 0 0 0 0 0 0 0 0 0 0 3175000 133110 0 0 0 0 0 0 0 133110 574750 0 0 -133110 0 0 0 0 0 0 0 0 0 -133110 2600250 0 0 0 0 0 0 0 0 0 0 2326410 174330 0 0 0 0 0 0 0 174330 1537590 0 0 -174330 0 0 0 0 0 0 0 0 0 -174330 788820 0 0 0 0 0 0 0 0 0 0 2326410 174330 0 0 0 0 0 0 0 174330 1537590 0 0 -174330 0 0 0 0 0 0 0 0 0 -174330 788820 0 0 0 0 0 0 0 0 0 0 3138220 329770 0 0 0 0 0 0 0 329770 2412060 0 0 -329770 0 0 0 0 0 0 0 0 0 -329770 726160 0 0 0 0 0 0 0 0 0 0 3138220 329770 0 0 0 0 0 0 0 329770 2412060 0 0 -329770 0 0 0 0 0 0 0 0 0 -329770 726160 0 0 0 0 0 0 0 0 0 0 38202500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 38202500 0 0 0 0 0 0 0 0 0 0 38202500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 38202500 0 0 0 0 0 0 0 0 0 0 3175000 133110 0 0 0 0 0 0 0 133110 574750 0 0 -133110 0 0 0 0 0 0 0 0 0 -133110 2600250 0 0 0 0 0 0 0 0 0 0 2326410 174330 0 0 0 0 0 0 0 174330 1537590 0 0 -174330 0 0 0 0 0 0 0 0 0 -174330 788820 1525420 0 0 0 0 0 0 0 0 1525420 1910570 215470 0 0 0 0 0 0 0 215470 541550 1525420 0 -215470 0 0 0 0 0 0 0 0 0 1309950 1369020 1525420 0 0 0 0 0 0 0 0 1525420 1910570 215470 0 0 0 0 0 0 0 215470 541550 1525420 0 -215470 0 0 0 0 0 0 0 0 0 1309950 1369020 0 0 0 0 0 0 0 0 0 0 3138220 329770 0 0 0 0 0 0 0 329770 2412060 0 0 -329770 0 0 0 0 0 0 0 0 0 -329770 726160 197730 0 0 0 0 0 0 0 0 197730 544600 77200 0 0 0 0 0 0 0 77200 338290 197730 0 -77200 0 0 0 0 0 0 0 0 0 120530 206310 197730 0 0 0 0 0 0 0 0 197730 544600 77200 0 0 0 0 0 0 0 77200 338290 197730 0 -77200 0 0 0 0 0 0 0 0 0 120530 206310 25780 0 0 0 0 0 0 0 0 25780 670650 61960 0 0 0 0 0 0 0 61960 615630 25780 0 -61960 0 0 0 0 0 0 0 0 0 -36180 55020 25780 0 0 0 0 0 0 0 0 25780 670650 61960 0 0 0 0 0 0 0 61960 615630 25780 0 -61960 0 0 0 0 0 0 0 0 0 -36180 55020 1748930 0 0 0 0 0 0 0 0 1748930 49967950 991840 0 0 0 0 0 0 0 991840 6019870 1748930 0 -991840 0 0 0 0 0 0 0 0 0 757090 <span><span>a.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Tangible/Intangible FixedAssets:</span><p><span>An item is classified as fixed asset only if it satisfies the recognition criteria stated in AS 11(i.e.) is probable that future economic benefits will flow to the company and the cost of such item could be measured. Stores and Spares fulfilling the above conditions are also classified as fixed assets. Fixed assets are initially recognized at its purchase price including all costs directly attributable to bring the asset in a ready to use condition. All subsequent cost incurred such as day to day running expenses, repair and maintenance expenses are treated as revenue expenses except when such expenditure satisfied the recognition criteria stated above. Cost Model is followed after initial recognition i.e. Fixed Assets are carried at cost less accumulated depreciation/amortization/impairment.</span></p><p><span>&nbsp;</span></p><p><span>Depreciation</span><span>: Fixed assets are depreciated using the Written Down Value method. Useful lives of assets necessary for calculation of depreciation rates are taken as specified in Schedule II of Companies Act, 2013.</span></p><p><span>&nbsp;</span></p><p><span>Intangible assets are amortized on written down value method over their estimated useful life or 4 years, whichever is lower.</span></p><p><span>&nbsp;</span></p><p><span>The estimated useful life of the intangible assets and the amortization period are reviewed at the end of each financial year and the amortization period is revised to reflect the changed pattern, if any.</span></p><p><span>Fixed assets retired from active use and held for sale are stated at the lower of their net book value and net realizable value and are disclosed separately.</span></p><p><span>&nbsp;</span></p><p><span>Capital Work-in-Progress: Projects under which tangible fixed assets are not yet ready for their intended use and other capital work-in-progress are carried at cost, comprising direct cost, related incidental expenses and attributable borrowing costs.</span></p><p>&nbsp;</p> <p>Depreciation</p>: Fixed assets are depreciated using the Written Down Value method. Useful lives of assets <p>necessary for calculation of depreciation rates are taken as specified in Schedule II of Companies Act, 2013.</p><p>Intangible assets are amortized on written down value method over their estimated useful life or 4 years,</p><p>whichever is lower.</p><p>The estimated useful life of the intangible assets and the amortization period are reviewed at the end of</p><p>each financial year and the amortization period is revised to reflect the changed pattern, if any.</p><p>Fixed assets retired from active use and held for sale are stated at the lower of their net book value and</p><p>net realizable value and are disclosed separately.</p><p>Capital Work-in-Progress: Projects under which tangible fixed assets are not yet ready for their intended</p><p>use and other capital work-in-progress are carried at cost, comprising direct cost, related incidental</p><p>expenses and attributable borrowing costs.</p> PIYUSHKUMAR THUMAR 02785269 AGRPT9202C 1980-09-10 Managing Director Senior Secondary Class (SSC) 9000 0 0 0 JAGRUTIBEN RAMESHBHAI JOSHI 07737814 ASKPJ5727D 1976-04-20 Director Bachelor of Arts 0 0 0 100000 100000 SAHUL NATAVARBHAI JOTANIYA AYRPJ7563Q 1993-07-09 Company Secretary Master of Business Administration (M.B.A.) in Human Rresource (HR) and Company Secretary (ICSI) 0 678000 678000 0 678000 Mukesh Tolia AAAPT7246H 1960-10-16 CFO Master of Business Administration (M.B.A.) in Finance 0 0 0 0 0 VIREN RAJESHKUMAR MAKWANA 09007676 CJXPM6600E 1988-07-10 Independent Director ICSI, Mast of Law in Intellectual Property Rights, Pursue Ph.D in Real Estate Regulations. 0 0 0 100000 100000 SHIVANGI BIPINCHANDRA GAJJAR 07243790 ASRPG2005J 1991-10-18 Independent Director CS 0 0 0 70000 70000 Solar Water Pumping & Other System Sales 2966000 0 2966000 -208000 233303000 36172000 Solar Water Pumping & Other System Sales Sale of Services - Installation of Systems and Consulting of Project Tendering 2400000 0 2400000 2400000 0 0 Sale of Services - Installation of Systems and Consulting of Project Tendering Infrastructure - Project Revenue 67607000 0 67607000 -66595000 116226000 22190000 Infrastructure - Project Revenue Unallocated 0 0 0 -13230000 59495000 42934000 Unallocated Solar Water Pumping & Other System Sales 118739090 118739090 -19560360 268834250 42478700 Solar Water Pumping & Other System Sales Infrastructure - Project Revenue 126500320 126500320 30633750 179590930 62894200 Infrastructure - Project Revenue Unallocated 0 0 -13323000 55299000 16676000 Unallocated Electric power generation using solar energy Electric power generation using solar energy 35105 0.94 Water Collection treatment and supply Water Collection treatment and supply 3600 0.03 Consultancy Income Water Collection treatment and supply 3600 0.03 1. Company has not attached Audit Report to Financial Statement which is dispatched to shareholders for FY 2020-21. As required under Section 134 (2) of Companies Act 2013; 2. Company has not given explanations of or comments by the Board on every qualification, reservation or adverse remark or disclaimer made by the auditor in their Board Report and by the company secretary in practice in her secretarial audit report as required under Section 134(3)(f) of Companies Act 2013; 3. Contra Trade as per code of internal procedures and conduct for prevention of insider trading in securities as per Regulation 9 of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 as amended " Contra Trade (Buy as well sell) has been executed by Mr. Piyushkumar Babubhai Thummar (PAN:- AGRPT9202C) within a period of 6 months during FY 2021-22. 4. Company has not transferred unspent amount of CSR amount of FY 2020-21 earmarked for Corporate Social Responsibility activities within a period of six months from the end of the financial year 2020-21 to a Fund specified in Schedule VII. 5. There was delay in reporting of information of Designated Persons under System Driven Disclosures (SDD) for Insider. " Change (Addition/Deletion) in Designated Persons was not updated on the same day as required under SEBI Circular No. SEBI/HO/ISD/ISD/CIR/P/2020/168 dated September 9, 2020. the Company is in process of compliance Individual Payal Dhamecha and Associates PAYAL DIVYANGBHAI DHAMECHA S2020GJ735800 47303 20411 S/1, 2nd Floor, Olway House, Nr. Navneet House, Gurukul, Ahmedabad- 380052 BTFPD2145G 2022-09-08 <p><span>Form No. MR-3</span><span></span></p><p><span>For the financial year ended March 31, 2022</span></p><p><span>[Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]</span><span></span></p><p><span>To, </span></p><p><span>The Members, </span></p><p><span>BRIGHT SOLAR LIMITED</span></p><p><span>C-103, Titanium Square, Thaltej Cross Road, </span></p><p><span>S.G Highway, Thaltej, Ahmedabad - 380059</span></p><p><span>I</span><span> have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by BRIGHT SOLAR LIMITED (CIN L51109GJ2010PLC060377)(hereinafter called &apos;the Company&apos;). Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/ statutory compliances and expressing my opinion thereon. </span></p><p><span>Based on our verification of the Company&apos;s books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on 31st March, 2022 (hereinafter called the &apos;Audit Period&apos;) complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:<span></span></span><span>I</span><span> have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2021 according to the provisions of: </span></p><p><span>We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2022 according to the provisions of:</span></p><p><span><span>i.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Companies Act, 2013 (&quot;the Act&quot;) and the rules made there under as applicable;</span></p><p><span><span>ii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities Contracts (Regulation) Act, 1956 (&quot;SCRA&quot;) and the rules made there under;</span></p><p><span><span>iii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;</span></p><p><span><span>iv.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Foreign Exchange Management Act, 1999 (FEMA) and the rules and regulations made there under to the extent of Foreign Direct Investment;</span></p><p><span><span>v.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (&quot;SEBI Act&quot;):-</span></p><p><span><span>a)<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;</span></p><p><span><span>b)<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;</span></p><p><span><span>c)<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Listing Agreement entered with National Stock Exchange of India Limited (NSE);</span></p><p><span><span>vi.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Revised Secretarial Standards issued by the Institute of Company Secretaries of India.</span></p><p><span>During the year under the report, the provisions of the Acts, Rules, Regulations, Guidelines, Standards, etc. mentioned above read with circulars, notifications and amended rules, regulations, standards etc. issued by the Ministry of Corporate Affairs, Securities and Exchange Board of India and such regulatory authorities for such acts, rules, regulations, standards etc. as may be applicable, from time to time issued for compliances under the pandemic situation, have been complied with by the Company except to the following observations:-</span></p><p><span><span><span>1.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Company has not attached Audit Report to Financial Statement which is dispatched to shareholders for FY 2020-21. As required under Section 134 (2) of Companies Act 2013;</span></span></p><p><span><span><span>2.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Company has not given explanations of or comments by the Board on every qualification, reservation or adverse remark or disclaimer made by the auditor in their Board Report and by the company secretary in practice in her secretarial audit report as required under Section 134(3)(f) of Companies Act 2013;</span></span></p><p><span><span><span>3.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Contra Trade as per code of internal procedures and conduct for prevention of insider trading in securities as per Regulation 9 of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 as amended</span></span></p><p><span><span><span>�<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Contra Trade (Buy as well sell) has been executed by<span>&nbsp; </span>Mr. Piyushkumar Babubhai Thummar (PAN:-<span>&nbsp; </span>AGRPT9202C) within a period of 6 months during FY 2021-22.</span></span></p><p><span><span><span>4.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Company has not transferred unspent amount of CSR amount of FY 2020-21 earmarked for Corporate Social Responsibility activities within a period of six months from the end of the financial year 2020-21 to a Fund specified in Schedule VII.</span></span></p><p><span><span><span>5.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>There was delay in reporting of information of Designated Persons under System Driven Disclosures (SDD) for Insider.</span></span><span><span></span></span><span><span></span></span></p><p><span><span><span>�<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Change (Addition/Deletion) in Designated Persons was not updated on the same day as required under SEBI Circular No. SEBI/HO/ISD/ISD/CIR/P/2020/168 dated September 9, 2020. </span></span><span><span></span></span></p><p><span><span>&nbsp;</span></span></p><p><span><span>We further report that, </span></span><span><span>company being engaged in assembling of DC/AC Solar Pump Systems,</span></span><span><span> there is no specific act applicable to Company. </span></span></p><p><span><span>&nbsp;</span></span></p><span></span><p><span>During the Period under review, provisions of the following Acts, Rules, Regulations, and Standards are not applicable to the Company,</span></p><p><span><span>i.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client; - the Company is not registered as Registrar to an Issue &amp; Share Transfer Agent. However, the Company has appointed Accurate Securities and Registry Private Limited as Registrar &amp; Share Transfer Agent as per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015;</span></p><p><span><span><span>ii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;</span></span></p><p><span><span><span>iii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;</span></span></p><p><span><span><span>iv.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;</span></span></p><p><span><span><span>v.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;</span></span></p><p><span><span><span>vi.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018; and</span></span></p><p><span><span><span>vii.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of Overseas Direct Investment and External Commercial Borrowings.</span></span></p><span></span><p><span>We further report that -</span></p><p><span>The Board of Directors of the Company is duly constituted with Executive Directors, Non-Executive Director, Independent Directors and Woman Director in accordance with the act. The changes in the composition that took place during the period under review were carried out in compliance with the provisions of the Act.</span></p><p><span>Since none of the members have communicated dissenting views in the matters / agenda proposed from time to time for consideration of the Board and Committees thereof, during the year under the report, hence were not required to be captured and recorded as part of the minutes.</span></p><p><span>We further report that -</span></p><p><span>There are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.</span></p><p><span>We Further report that during the period under review:-</span></p><p><span><span>�<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Stake of Promoter and Promoter Group reduced from 62.24% as on March 31, 2021 to 0.24% as on March 31, 2022.</span></p><p><span><span>�<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>GLE India Solar Private Limited (&quot;applicant company&quot;) has filed petition with NCLT Bench, Ahmedabad under Insolvency &amp; Bankruptcy Code, 2016, detail are as under:-</span></p><table><tbody><tr><td class="bordered"><p><span>Sr. No. </span></p></td><td class="bordered"><p><span>Details </span></p></td></tr><tr><td class="bordered"><p><span><span>1.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>&nbsp;</span></p></td><td class="bordered"><p><span>Brief Details of litigation:- GLE India Solar Private Limited (&quot;applicant company&quot;) has filed petition with NCLT Bench, Ahmedabad under Insolvency &amp; Bankruptcy Code, 2016. The business agreement was entered into by one parent company of the applicant with Bright Solar Limited (&quot;Respondent&quot;)<span>&nbsp; </span>and respondent suddenly cancelled the agreement invoking Force majure clause. Deed of Debt assignment was executed by Ningbo and applicant.</span></p></td></tr><tr><td class="bordered"><p><span><span>2.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>&nbsp;</span></p></td><td class="bordered"><p><span>Expected financial implications, if any, due to compensation, Penalty etc;- Rs. 4,02,37,377/-</span></p></td></tr><tr><td class="bordered"><p><span><span>3.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>&nbsp;</span></p></td><td class="bordered"><p><span>Quantum of claims, if any- Under review with legal consultant to make counter claim.</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><table><tbody><tr><td class="bordered"><p><span>Place: </span><span>Ahmedabad</span></p><p><span>Date: September 8, 2022</span><span></span></p></td><td class="bordered"><p><span>PAYAL DHAMECHA</span></p><p><span>Practicing Company Secretary</span></p><p><span>ACS No.: 47303 COP No. 20411</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span>&nbsp;&nbsp;&nbsp;</span><span>&nbsp;</span>UDIN: A047303D000941471</span></p></td></tr></tbody></table><div><p><span>Note: This Report is to be read with my letter of above date which is annexed as Annexure I and forms an integral part of this report.</span></p></div><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Annexure I</span><span></span></p><p><span>To,<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p><p><span>The Members</span><span></span></p><p><span>BRIGHT SOLAR LIMITED</span></p><p><span>C-103, Titanium Square, Thaltej Cross Road, </span></p><p><span>S.G Highway, Thaltej, Ahmedabad - 380059</span></p><p><span>My report of even date is to be read along with this letter.</span></p><p><span><span>1.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Maintenance of secretarial records is the responsibility of the management of the Company. My responsibility is to express an opinion on these secretarial records based on my audit.</span></p><p><span><span>2.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of secretarial records. The verification was done based on the records and documents provided to me, on test basis, to ensure that correct facts are reflected in secretarial records. I believe that the processes and practices followed by me provide a reasonable basis for my opinion.</span></p><p><span><span>3.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>I have not verified the correctness and appropriateness of financial records and books of accounts of the Company.</span></p><p><span><span>4.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Wherever required, I have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.</span></p><p><span><span>5.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The compliance of the provision of corporate and other applicable laws, rules, regulations, standards is the responsibility of management. My examination was limited to verification of procedures on test basis.</span></p><p><span><span>6.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Secretarial Audit report is neither an assurance as to the future viability of the Company nor the efficacy or effectiveness with which the management has conducted the affairs of the Company.</span></p><p><span>&nbsp;</span></p><table><tbody><tr><td class="bordered"><p><span>Place: </span><span>Ahmedabad</span></p><p><span>Date: September 8, 2022</span><span></span></p></td><td class="bordered"><p><span>PAYAL DHAMECHA</span></p><p><span>Practicing Company Secretary</span></p><p><span>ACS No.: 47303 COP No. 20411</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span>&nbsp;</span>UDIN:A047303D000941471</span><span></span></p></td></tr></tbody></table><p><span>&nbsp;</span></p> true true 1. Company has not attached Audit Report to Financial Statement which is dispatched to shareholders for FY 2020-21. As required under Section 134 (2) of Companies Act 2013; 2. Company has not given explanations of or comments by the Board on every qualification, reservation or adverse remark or disclaimer made by the auditor in their Board Report and by the company secretary in practice in her secretarial audit report as required under Section 134(3)(f) of Companies Act 2013; 3. Contra Trade as per code of internal procedures and conduct for prevention of insider trading in securities as per Regulation 9 of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 as amended " Contra Trade (Buy as well sell) has been executed by Mr. Piyushkumar Babubhai Thummar (PAN:- AGRPT9202C) within a period of 6 months during FY 2021-22. 4. Company has not transferred unspent amount of CSR amount of FY 2020-21 earmarked for Corporate Social Responsibility activities within a period of six months from the end of the financial year 2020-21 to a Fund specified in Schedule VII. 5. There was delay in reporting of information of Designated Persons under System Driven Disclosures (SDD) for Insider. " Change (Addition/Deletion) in Designated Persons was not updated on the same day as required under SEBI Circular No. SEBI/HO/ISD/ISD/CIR/P/2020/168 dated September 9, 2020. <p><br />BOARD`S REPORT</p><p><br /></p><p>To,</p><p>The Members of</p><p>Bright Solar Limited</p><p><br /></p><p>Dear Shareholders,</p><p><br /></p><p>The Board of Directors are pleased to present the company`s 12th Annual Report along with the Audited FinancialStatements for the financial year ended on March 31, 2022.</p><p><br /></p><p>COMPANY`S PERFORMANCE</p><p><br /></p><p>1) FINANCIAL HIGHLIGHTS</p><p><br /></p><p>The Company`s financial performance (Standalone) for the year ended on March 31, 2021 is summarized below:</p><p>(? in Lakhs)</p><p></p><table><tbody><tr><td class="bordered"><p>PARTICULARS</p></td><td class="bordered"><p>STANDALONE</p></td></tr><tr><td class="bordered"><p>YEAR ENDED</p><p>31.03.2022</p></td><td class="bordered"><p>YEAR ENDED</p><p>31.03.2021</p></td></tr><tr><td class="bordered"><p>I. Net Sales/Income from Operations</p></td><td class="bordered"><p>718.68</p></td><td class="bordered"><p>2452.39</p></td></tr><tr><td class="bordered"><p>II. Other Income</p></td><td class="bordered"><p>30.43</p></td><td class="bordered"><p>25.52</p></td></tr><tr><td class="bordered"><p>III. Total Income(I+II)</p></td><td class="bordered"><p>749.12</p></td><td class="bordered"><p>2477.91</p></td></tr><tr><td class="bordered"><p>IV. Earnings Before Interest, Taxes, Depreciation and Amortization Expense</p></td><td class="bordered"><p>(691.18)</p></td><td class="bordered"><p>78.88</p></td></tr><tr><td class="bordered"><p>V. Finance Cost</p></td><td class="bordered"><p>6.27</p></td><td class="bordered"><p>9.95</p></td></tr><tr><td class="bordered"><p>VI. Depreciation and Amortization Expense</p></td><td class="bordered"><p>40.07</p></td><td class="bordered"><p>40.41</p></td></tr><tr><td class="bordered"><p>VII. Profit Before Tax (IV-V-VI)</p></td><td class="bordered"><p>(737.53)</p></td><td class="bordered"><p>28.52</p></td></tr><tr><td class="bordered"><p>VIII. Tax Expense:</p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>i Current Tax Expense</p></td><td class="bordered"><p>0.00</p></td><td class="bordered"><p>11.93</p></td></tr><tr><td class="bordered"><p>ii MAT Credit</p></td><td class="bordered"><p>0.00</p></td><td class="bordered"><p>0.00</p></td></tr><tr><td class="bordered"><p>iii MAT Credit Relating to prior years</p></td><td class="bordered"><p>0.00</p></td><td class="bordered"><p>0.00</p></td></tr><tr><td class="bordered"><p>iv Tax Expense Relating to prior years</p></td><td class="bordered"><p>0.00</p></td><td class="bordered"><p>0.00</p></td></tr><tr><td class="bordered"><p>v Deferred Tax (Asset)/Liabilities</p></td><td class="bordered"><p>(0.92)</p></td><td class="bordered"><p>(1.04)</p></td></tr><tr><td class="bordered"><p>IX. Profit After Tax (VII-VIII)</p></td><td class="bordered"><p>(737.44)</p></td><td class="bordered"><p>17.63</p></td></tr></tbody></table><p><br /></p><p>The Company discloses financial results on a quarterly basis of which results are subjected to limited review andpublishes audited financial results on an annual basis. The Financial Statements as stated above are also available on thewebsite of the Company athttp://www.brightsolarltd.com/investor-relations/financial-results.</p><p><br /></p><p>2) FINANCIAL PERFORMANCE</p><p><br /></p><p>The audited financial statements of your Company as on March 31, 2022, prepared in accordance with the relevantapplicable Generally Accepted Accounting Standards and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015and provisions of the Companies Act, 2013, forms part of this Annual Report. The keyaspects of your Company`s performance during the financial year 2021-22 are as follows:</p><p><br /></p><p>During the Year under review, the Company recorded revenue from operations of ? 718.68lacs as compared to the previous year was ? 2,452.39lacs which is decreased by 70.69 % on Y-o-Y. The Net loss is? 737.44lacs as compared to the previous year was Net Profit is ? 17.63lacs.</p><p><br /></p><p>3) DIVIDEND</p><p><br /></p><p>The Board of Directors of the company has not declared dividend for the financial year 2021-22.</p><p><br /></p><p>4) TRANSFER TO RESERVES</p><p><br /></p><p>Your Company has not transferred any amount to the General Reserve and the same is retained in the Profit and loss account.</p><p><br /></p><p>5) DEBT</p><p><br /></p><p>In the Financial Year 2017-18, the Company has availed business loan from Bajaj Finserve amounting of ? 25.05 lacs from at 18% rate of interest. In the F.Y 2018-19,two Auto loans i.e. from ICICI Bank amounting of?6.15 lacs at 8.59% and from Toyoto Financial Services India Ltd. of?23.87 lacs.</p><p><br /></p><p>During the F.Y 2019-20, the company has availed an unsecured loan from M/s. G.L.E. India Solar Private Limited amount of ? 32.42 lacs. At the end of March 2022,total outstanding debt is? 361.86 lacs of the Company.</p><p><br /></p><p>6) CHANGE IN THE REGISTERED OFFICE</p><p><br /></p><p>During the year under review, there was no change in the registered office of the Company.</p><p><br /></p><p>7) SHARE CAPITAL</p><p><br /></p><p>During the F.Y 2021-22, no changes have taken place in the authorized and paid-up share capital of the Company:</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>�&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AUTHORIZED CAPITAL</p><p><br /></p><p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Authorised Capital of the Company is ?22,00,00,000/- (Rupees Twenty-two crore Only) divided into 2,20,00,000 Equity Shares of ?10/- each.</p><p><br /></p><p>However, after the end of Financial Year ending on March 31, 2021, Authorised Capital was increased from ?22,00,00,000/- (Rupees Twenty-two crore Only) divided into 2,20,00,000 (Two crore twenty lacs) Equity Shares of ?10/- each to ?30,00,00,000 (Rupees Thirty crore only) divided into 3,00,00,000 (Three Crore) via EGM held on 19th April, 2021.</p><p><br /></p><p>�&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ISSUED, SUBSCRIBED &amp; PAID-UP CAPITAL</p><p><br /></p><p>The issued, subscribed, and paid-up capital is ?20,40,00,000/- (Rupees Twenty crore and forty lacs only) divided into 2,04,00,000 Equity shares of ?10/- each.</p><p><br /></p><p>In EoGM No.EoGM/2021-22/01&nbsp; dated 19th April, 2021, Members of the Company approved ?22,00,00,000/- (Rupees Twenty Two Crore Only) divided into 2,20,00,000 (Two Crore Twenty Lakh) Equity Shares of?10/- (Rupees Ten Only) each to ?30,00,00,000/- (Rupees Thirty Crore Only) divided into3,00,00,000 (Three Crore) Equity Shares of ?10/- (Rupees Ten Only)and approved Issue of Equity Shares on Preferential Basis to Persons other than Promoter and Promoter Group, i.e to Issue up to 45,00,000 Equity Shares at a price of?14 per Equity Share including premium of ?4 per Equity Share aggregating to ?6,30,00,000(Rupees Six Crores Thirty Lacs only)</p><p><br /></p><p>The board of directors (`Board`) of Bright Solar Limited (`Company`), at its Meeting held on Monday,June 7,2021 has approved withdrawal of above Preferential Issue due toWithdrawal of consent of Proposed Strategic Investors for Subscribing to the said preferential allotment. The Board of Directors have also decided to hold back their decision till they found some other strategic investors to whom shares can be allotted.</p><p><br /></p><p>8) DEPOSITS</p><p><br /></p><p>During the year under review, your Company has not acceptedany deposits from the shareholders and public within the meaning of Sections 73 and 74 of the Companies Act, 2013read together with the Companies (Acceptance of Deposits)Rules, 2014 (including any statutory modification(s)or re-enactment(s) for the time being in force).</p><p><br /></p><p>9) SUBSIDIARIES/HOLDINGS OF THE COMPANY</p><p><br /></p><p>Our Company does not have any holding company and nor it has any subsidiary company/(ies).</p><p><br /></p><p>10) RISK MANAGEMENT AND INTERNAL CONTROL SYSTEM</p><p><br /></p><p>The company has established a well-defined process of risk management, wherein the identification,analysis and assessment of the various risks, measuring of the probable impact of such risks, formulation of risk mitigation strategy and implementation of the same takes place in a structured manner. Though, the various risks associated with the business cannot be eliminated completely, all efforts are made to minimize the impact of such risks on the operations of the company. The require internal control systems are also put in place by the company on various activities across the board to ensure that business operations are directed towards attaining the stated organizational objectives with optimum utilization of the resources.</p><p><br /></p><p>11) PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS</p><p><br /></p><p>Details of Loans Guarantees Investments and Security covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statement.</p><p><br /></p><p>12) DIRECTORS AND KEY MANAGERIAL PERSONNEL</p><p><br /></p><p>A)&nbsp;&nbsp;&nbsp; Constitution of Board:</p><p><br /></p><p>As on the date of this report, the Board comprises of following Directors.</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Name of Director</p></td><td class="bordered"><p>Category Cum Designation</p></td><td class="bordered"><p><br /></p><p>Date of Original Appointment</p></td><td class="bordered"><p>Date of Appointment at current Term &amp; designation</p></td><td class="bordered"><p>Total Directorship1</p></td><td class="bordered"><p>No. of Committee2</p></td><td class="bordered"><p>No. of Shares held as on March 31, 2022</p></td></tr><tr><td class="bordered"><p>in which Director is Member</p></td><td class="bordered"><p>in which Director is Chairperson</p></td></tr><tr><td class="bordered"><p>Mr. Piyushkumar Babubhai Thumar</p></td><td class="bordered"><p>Chairman &amp;</p><p>Managing Director</p><p><br /></p></td><td class="bordered"><p>Apri23, 2010</p></td><td class="bordered"><p>January 25, 2018</p></td><td class="bordered"><p>1</p></td><td class="bordered"><p>2</p></td><td class="bordered"><p><br /></p></td><td class="bordered"><p>9,000</p><p>Equity Shares</p></td></tr><tr><td class="bordered"><p>Mr. Ajay Raj Singh</p><p><br /></p></td><td class="bordered"><p>Whole- Time Director</p></td><td class="bordered"><p>October 12, 2020</p></td><td class="bordered"><p>October 12, 2020</p></td><td class="bordered"><p>3</p></td><td class="bordered"><p><br /></p></td><td class="bordered"><p><br /></p></td><td class="bordered"><p>Nil</p></td></tr><tr><td class="bordered"><p>Mrs. Jagrutiben Rameshbhai Joshi</p></td><td class="bordered"><p>Non-Executive Director</p></td><td class="bordered"><p>January 05, 2018</p></td><td class="bordered"><p>September 28, 2018</p></td><td class="bordered"><p>1</p></td><td class="bordered"><p><br /></p></td><td class="bordered"><p><br /></p></td><td class="bordered"><p>Nil</p></td></tr><tr><td class="bordered"><p>Mr. Viren Makwana</p><p><br /></p></td><td class="bordered"><p>Independent Director</p></td><td class="bordered"><p>December 23,2020</p></td><td class="bordered"><p>December 23,2020</p></td><td class="bordered"><p>2</p></td><td class="bordered"><p>2</p></td><td class="bordered"><p>2</p></td><td class="bordered"><p>Nil</p></td></tr><tr><td class="bordered"><p>Mrs. Shivangi Gajjar</p><p>(Appointed w.e.f. 23rd July, 2021)</p></td><td class="bordered"><p>Additional Non-Executive Independent Director</p></td><td class="bordered"><p>July 23, 2021</p></td><td class="bordered"><p>July 23, 2021</p></td><td class="bordered"><p>3</p></td><td class="bordered"><p>2</p></td><td class="bordered"><p><br /></p></td><td class="bordered"><p>Nil</p></td></tr></tbody></table><p>1Excluding LLPs, Section 8 Company &amp; Struck Off Companies.</p><p>2Committee includes Audit Committee, and Stakeholder`s Relationship Committee across all Public Companies.</p><p>The composition of Board complies with the requirements of the Companies Act, 2013 (`Act`).Further, in pursuance of Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (`Listing Regulations`), the Company is exempted from the requirement of having composition of Board as per Regulation 17 of Listing Regulations.</p><p><br /></p><p>None of the Director of the Company is serving as a Whole-Time Director in any other Listed Company and the number of their directorship is within the limits laid down under section 165 of the Companies Act, 2013.</p><p><br /></p><p>13) DISCLOSURE BY DIRECTORS</p><p><br /></p><p>The Directors on the Board have submitted notice of interest under Section 184(1) i.e. in Form MBP-1, intimation under Section 164(2) i.e. in Form DIR 8 and declaration as to compliance with the Code of Conduct of the Company. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p><p><br /></p><p>14) BOARD MEETING</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p><br /></p><p>Name of Director</p><p><br /></p><p><br /></p><p><br /></p></td><td class="bordered"><p>Mr. Piyushkumar Thumar</p></td><td class="bordered"><p>Mr. Ajay Raj Sing</p></td><td class="bordered"><p>Mrs. Jagrutiben Rameshbhai Joshi</p></td><td class="bordered"><p>Mr. Viren Makwana</p></td><td class="bordered"><p>Mrs. Shivangi Gajjar*</p></td></tr><tr><td class="bordered"><p>Number of Board Meeting held</p></td><td class="bordered"><p>8</p></td><td class="bordered"><p>8</p></td><td class="bordered"><p>8</p></td><td class="bordered"><p>8</p></td><td class="bordered"><p>8</p></td></tr><tr><td class="bordered"><p>Number of Board Meetings Eligible to attend</p></td><td class="bordered"><p>8</p></td><td class="bordered"><p>8</p></td><td class="bordered"><p>8</p></td><td class="bordered"><p>8</p></td><td class="bordered"><p>4</p></td></tr><tr><td class="bordered"><p>Number of Board Meeting attended</p></td><td class="bordered"><p>8</p></td><td class="bordered"><p>8</p></td><td class="bordered"><p>8</p></td><td class="bordered"><p>8</p></td><td class="bordered"><p>4</p></td></tr><tr><td class="bordered"><p>Presence at the previous 11thAGM of F.Y. 2021-22 held on 28/09/2021</p></td><td class="bordered"><p>Yes</p></td><td class="bordered"><p>Yes</p></td><td class="bordered"><p>Yes</p></td><td class="bordered"><p>Yes</p></td><td class="bordered"><p>Yes</p></td></tr></tbody></table><p>1Mrs. Shivangi Gajjar was appointed on 23rd July, 2021.</p><p><br /></p><p>Regular meetings of the Board are held at least once in a quarter. Additional Board meetings are convened, as and when require, to discuss and decide on various business policies, strategies and other businesses. The Board meetings are generally held at the registered office of the Company.</p><p><br /></p><p>During the year under review, Board of Directors of the Company met 7 times on April 22, 2021, June 07, 2021, June 17, 2021, July 23, 2021, August 27, 2021, November 11, 2021 and December 28, 2021 and March 30, 2022.Pursuant to Section 173 of the Companies Act, 2013, the time gap between the two consecutive Board Meetings shall not be more than 120 days.</p><p><br /></p><p>Further, pursuant to General Circular No. 11/2020 dated Mach 24, 2020 &amp;08/2021 dated May 03, 2021, issued by Ministry of Corporate Affairs and in view of current extra-ordinary circumstances due to the pandemic caused by Covid-19 prevailing in the country, the mandatory requirement of holding meetings of the Board of the Companies within the intervals provided in section 173 of the Companies Act, 2013 (120 days) stands extended by a period of 60 days for the first two quarters of F.Y 2021-22 till 30th September,2021. Accordingly, as a one-time relaxation the gap between two consecutive meetings of the Board may extend to 180 days till the next two quarters, instead of 120 days as required in the Companies Act, 2013. The Company has complied with the aforesaid circular.The details of attendance of each Director at the Board Meeting and Annual General Meeting held during the year are given below:</p><p><br /></p><p>15) GENERAL MEETINGS</p><p><br /></p><p>During the year under review, 1 (one) General Meeting was held, the details of which is given as under:</p><p></p><table><tbody><tr><td class="bordered"><p>Sr. No.</p></td><td class="bordered"><p>Type of General Meeting</p></td><td class="bordered"><p>Date of General Meeting</p></td></tr><tr><td class="bordered"><p>1.</p></td><td class="bordered"><p>11th Annual General Meeting</p></td><td class="bordered"><p>September 28, 2021</p></td></tr></tbody></table><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>16) INDEPENDENT DIRECTORS</p><p><br /></p><p>The Company has received necessary declaration from each Independent Director under Section 149 (7) of the act that they meet the criteria of independence laid down in Section 149 (6) of the Act. Further, all the Independent Directors of the Company have registered themselves in the Independent Director Data Bank.&nbsp;</p><p><br /></p><p>The Policy for selection of Directors and determining Directors` independence sets out the guiding principles for theNomination and Remuneration Committee for identifying persons who are qualified to become Directors and todetermine the independence of Directors, in case of their appointment as Independent Directors of the Company. ThePolicy also provides for the factors in evaluating the suitability of individual Board members with diverse backgroundand experience that are relevant for the Company`s operations. The said policy is put up on the Company`s websiteandcan be accessed athttp://www.brightsolarltd.com/investor-relations/terms-of-appointment-of-independent-director.</p><p><br /></p><p>17) INFORMATION ON DIRECTORATE AND KEY MANAGERIAL PERSONNEL (KMP)</p><p><br /></p><p>In accordance with the provisions of Section 152 and other applicable provisions if any of the CompaniesAct, 2013 read with the Companies (Appointment and Qualification of Directors) Rules 2014 (including anystatutory modification(s) or re-enactment(s) thereof for the time being in force) Mr. Piyushkumar Thumar, Chairman &amp; Managing Director is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, have offered himself for re-appointment.</p><p><br /></p><p>During the previous year, Mr. Chalapathi Satya, has tendered his resignation from the position of independent director w.e.f. March 18, 2021due to personal reasons.</p><p><br /></p><p>During the year under review, Mr. Mukesh Tolia was appointed as a Chief Financial Officer (CFO) of the company. However, Mr. Mukesh Tolia has tendered his resignation on April 09, 2022 due to personal reason.</p><p><br /></p><p>During the year under review, Mrs. Sivangi Gajjar appointed as an additional independent director onJuly 23rd, 2021 and after that in the 11th annual general meeting, Mrs. Shivangi Gajjar was regularized as an Independent Director of the company.</p><p><br /></p><p><br /></p><p>Further, during the year under review; other KMPs, i.e. Mr. Piyushkumar Thumar, Chairman and Managing Director and Mr. Sahul Jotaniya as Company Secretary and Compliance officer of the company continues their designation.</p><p><br /></p><p><br /></p><p>18) BOARD DIVERSITY AND EVALUATION</p><p><br /></p><p>The Company recognizes and embraces the importance of a diverse board in overall success. We believe that a truly diverse board will leverage differences in thought, perspective, knowledge, skill, regional and industry experience, cultural and geographical background, age, ethnicity, race and gender that will help us retain our competitive advantage.</p><p><br /></p><p>Pursuant to provisions of Companies Act, 2013 and Rules made there under, SEBI Listing Regulations and Guidance Note on Board Evaluation issued by Securities and Exchange Board of India on January 05, 2017, The Board of Directors has carried out an annual evaluation of its own performance, performance of Individual Directors, Board Committee including the Chairman of the Board on the basis of composition and structure, attendance, contribution, effectiveness of process, information, functions and various criteria as recommended by Nomination and Remuneration Committee. The evaluation of the working of the Board, its committees, experience and expertise, performance of specific duties and obligations etc. were carried out. The Directors expressed their satisfaction with the evaluation process and outcome.</p><p><br /></p><p>The performance of each of the Executive and Non- Executive and Non-Independent Directors (including the Chairman) were also evaluated by the Independent Directorsat the separate meeting held on 30th March, 2022between the Independent Directors of the Company.</p><p><br /></p><p>19) PERFORMANCE EVALUATION</p><p><br /></p><p>The Board of Directors has carried out an annual evaluation of its own performance board committees and individual directors pursuant to the provisions of the Act.</p><p>The performance of the board was evaluated by the board after seeking inputs from all the directors on the basis of the criteria such as the board composition and structure effectiveness of board processes information and functioning etc.</p><p><br /></p><p>The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings etc.</p><p><br /></p><p>The Board and the Nomination and Remuneration Committee reviewed the performance of the individual Directors on the basis of the criteria such as the contribution of the individual Director to the Board and Committee Meetings like preparedness on the issues to be discussed meaningful and constructive contribution and inputs in meetings etc. In addition, the chairman was also evaluated on the key aspects of his role.</p><p><br /></p><p><br /></p><p>20) DIRECTORS` RESPONSIBILITY STATEMENT</p><p><br /></p><p>Pursuant to section 134(5) of the Companies Act, 2013 the Board of Directors to the best of their knowledge and ability confirm that:</p><p><br /></p><p>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In preparation of Annual Accounts for the year ended March 31, 2021 the applicable accounting standards have been followed and that no material departures have been made from the same;</p><p>b)&nbsp;&nbsp;&nbsp;&nbsp; The Directors have selected such accounting policies and applied them consistently and have made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year and of the profit or loss of the Company for that year;</p><p>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;</p><p>d)&nbsp;&nbsp;&nbsp;&nbsp; The Directors have prepared the Annual Accounts for the year ended March 31, 2021 on going concern basis;</p><p>e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Directors have laid down the internal financial controls to be followed by the Company and that such Internal Financial Controls are adequate and were operating effectively; and</p><p>f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.</p><p><br /></p><p>21) COMMITTEE OF BOARD</p><p><br /></p><p>The Board of Directors in line with the requirement of the act has formed various committees, details of which are given hereunder:</p><p><br /></p><p>A. AUDIT COMMITTEE</p><p><br /></p><p>The Board of Directors in their meeting held on February 2, 2018 had formed Audit Committee in line with the provisions of Section 177 of the Companies Act, 2013.The detailed terms of reference of the committee are as provided in Section 177(8) of the Companies Act, 2013. The Board has accepted the recommendations of the Audit Committee as and when given. During the year under review, Mr. Phool Kumar Saluja has tendered his resignation on 16th September, 2020 from the position of Independent Director of the company. Hence, the composition of the committee was changed in the Board meeting held on 23rd December, 2020. Mr. Chalapathi Satya Venkata Mogalapalli was the Chairman of the Committee, Mr. Piyushkumar Babubhai Thumar and Mr. Viren Rajeshkumar Makwana (Appointed as an `Additional Independent Director w.e.f. 23rd December, 2020) were the members of the Committee.</p><p><br /></p><p>Composition of Audit Committee at the beginning of the year:</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Name</p></td><td class="bordered"><p>DIN</p></td><td class="bordered"><p>Designation</p></td></tr><tr><td class="bordered"><p>Mr. Phoolkumar Saluja*</p></td><td class="bordered"><p>08035523</p></td><td class="bordered"><p>Chairperson</p></td></tr><tr><td class="bordered"><p>Mr. Piyushkumar Babubhai Thumar</p></td><td class="bordered"><p>02785269</p></td><td class="bordered"><p>Member</p></td></tr><tr><td class="bordered"><p>Mr. Chalapathi Satya Venkata Mogalapalli</p></td><td class="bordered"><p>07032007</p></td><td class="bordered"><p>Member</p></td></tr></tbody></table><p><br /></p><p>*During the year under review, Mr. Phool Kumar Saluja has tendered his resignation on16th September, 2020 from the position of Independent Directorof the company.</p><p><br /></p><p>Reconstitution of Audit Committee in the Board meeting held on 23rd December, 2020:</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Name</p></td><td class="bordered"><p>DIN</p></td><td class="bordered"><p>Designation</p></td></tr><tr><td class="bordered"><p>Mr. Chalapathi Satya Venkata Mogalapalli*</p></td><td class="bordered"><p>07032007</p></td><td class="bordered"><p>Chairperson</p></td></tr><tr><td class="bordered"><p>Mr. Viren Rajeshkumar Makwana**</p></td><td class="bordered"><p>09007676</p></td><td class="bordered"><p>Member</p></td></tr><tr><td class="bordered"><p>Mr. Piyushkumar Babubhai Thumar</p></td><td class="bordered"><p>02785269</p></td><td class="bordered"><p>Member</p></td></tr></tbody></table><p><br /></p><p>*During the year under review, Mr. Chalapathi Satya Venkata Mogalapalli has tendered his resignation on 18th March, 2021 from the position of an Independent Director of the company.</p><p><br /></p><p>**During the year under review, Mr. Viren Rajeshkumar Makwana was appointed as an Additional Independent Director of the company w.e.f. 23rd Dec, 2020.He is admitted as member of the Audit Committee of the Company w.e.f. 23rd December, 2021.</p><p><br /></p><p>Present Composition of Audit Committee (Reconstituted in the Board meeting held on 23rd July, 2021:</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Name</p></td><td class="bordered"><p>DIN</p></td><td class="bordered"><p>Designation</p></td></tr><tr><td class="bordered"><p>Mr. Viren Rajeshkumar Makwana</p></td><td class="bordered"><p>09007676</p></td><td class="bordered"><p>Chairperson</p></td></tr><tr><td class="bordered"><p>Mrs. Shivangi Bipinchandra Gajjar*</p></td><td class="bordered"><p>07243790</p></td><td class="bordered"><p>Member</p></td></tr><tr><td class="bordered"><p>Mr. Piyushkumar Babubhai Thumar</p></td><td class="bordered"><p>02785269</p></td><td class="bordered"><p>Member</p></td></tr></tbody></table><p><br /></p><p>*In the Board Meeting held on 23rd July, 2021, Mrs. Shivangi Gajjar was appointed as an Additional Independent Director of the company w.e.f. 23rd July, 2021. She is admitted as amember of the Audit Committee of the Company w.e.f. 23rd July, 2021.</p><p><br /></p><p>the Audit Committee met 5 (Five) times during the Financial Year 2021-22, on April 22, 2021, June 17, 2021, August 27, 2021, November 11, 2021 and March 30, 2022.</p><p><br /></p><p>The composition of the Committee and the details of meetings attended during the year under review by its members are given below:</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Name of the Directors</p></td><td class="bordered"><p>Category</p></td><td class="bordered"><p>Designation</p></td><td class="bordered"><p>Number of meetings during the Financial Year 2021-22</p></td></tr><tr><td class="bordered"><p>Held</p></td><td class="bordered"><p>Eligible to attend</p></td><td class="bordered"><p>Attended</p></td></tr><tr><td class="bordered"><p>Mr. Viren Makwana (Appointed on 23rd December, 2020)</p></td><td class="bordered"><p>Independent Director</p></td><td class="bordered"><p>Chairperson</p></td><td class="bordered"><p>5</p></td><td class="bordered"><p>5</p></td><td class="bordered"><p>5</p></td></tr><tr><td class="bordered"><p>Mr. Piyushkumar Thumar</p></td><td class="bordered"><p>Chairman and Managing Director</p></td><td class="bordered"><p>Member</p></td><td class="bordered"><p>5</p></td><td class="bordered"><p>5</p></td><td class="bordered"><p>5</p></td></tr><tr><td class="bordered"><p>Mrs. Shivangi Gajjar (Appointed on July 23, 2021)</p></td><td class="bordered"><p>Independent Director</p></td><td class="bordered"><p>Member</p></td><td class="bordered"><p>5</p></td><td class="bordered"><p>3</p></td><td class="bordered"><p>3</p></td></tr></tbody></table><p>The Statutory Auditors of the Company are invited in the meeting of the Committee wherever requires. Further, the Company Secretary of the Company is acting as Company Secretary to the Audit Committee.</p><p><br /></p><p>VIGIL MECHANISM</p><p>The Company has established a vigil mechanism and accordingly framed a Whistle Blower Policy. The policy enables the employees to report to the management instances of unethical behaviour actual or suspected fraud or violation of Company`s Code of Conduct.</p><p><br /></p><p>Further the mechanism adopted by the Company encourages the Whistle Blower to report genuine concerns or grievances and provide for adequate safe guards against victimization of the Whistle Blower who avails of such mechanism and also provides for direct access to the Chairman of the Audit Committee in exceptional cases. The functioning of vigil mechanism is reviewed by the Audit Committee from time to time. None of the Whistle blowers has been denied access to the Audit Committee of the Board. The Whistle Blower Policy of the Company is available on the website of the Company at www.brightsolarltd.com</p><p><br /></p><p>The link is here:</p><p>http://www.brightsolarltd.com/images/investor-relations/policies/whistle-blowerpolicy.pdf</p><p><br /></p><p>B.&nbsp;&nbsp; STAKEHOLDER`S RELATIONSHIP COMMITTEE</p><p><br /></p><p>The Board of Directors in their meeting held on 02nd February, 2018 has formed Stakeholder`s Relationship Committee. The Stakeholder Relationship Committee has been constituted as per the Companies Act, 2013 and Regulation 20 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and is entrusted with the responsibility of addressing the Shareholders/Investors complaints with respect to transfer of shares, transmission, issue of duplicate share certificates, splitting and consolidation of shares, Non-receipt of Share Certificates, Annual Report, Dividend etc.</p><p><br /></p><p><br /></p><p>Composition of Stakeholder Relationship Committee at the beginning of the year:</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Name</p></td><td class="bordered"><p>DIN</p></td><td class="bordered"><p>Designation</p></td></tr><tr><td class="bordered"><p>Mr. Phoolkumar Saluja*</p></td><td class="bordered"><p>08035523</p></td><td class="bordered"><p>Chairperson</p></td></tr><tr><td class="bordered"><p>Mr. Piyushkumar Babubhai Thumar</p></td><td class="bordered"><p>02785269</p></td><td class="bordered"><p>Member</p></td></tr><tr><td class="bordered"><p>Mr. Chalapathi Satya Venkata Mogalapalli</p></td><td class="bordered"><p>07032007</p></td><td class="bordered"><p>Member</p></td></tr></tbody></table><p><br /></p><p>*During the year under review, Mr. Phool Kumar Saluja has tendered his resignation on 16th September, 2020 from the position of Independent Directorof the company.</p><p><br /></p><p>Reconstitution of Stakeholder Relationship Committee in the Board meeting held on 23rd December, 2020:</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Name</p></td><td class="bordered"><p>DIN</p></td><td class="bordered"><p>Designation</p></td></tr><tr><td class="bordered"><p>Mr. Viren Rajeshkumar Makwana*</p></td><td class="bordered"><p>09007676</p></td><td class="bordered"><p>Chairperson</p></td></tr><tr><td class="bordered"><p>Mr. Chalapathi Satya Venkata* Mogalapalli</p></td><td class="bordered"><p>07032007</p></td><td class="bordered"><p>Member</p></td></tr><tr><td class="bordered"><p>Mr. Piyushkumar Babubhai Thumar</p></td><td class="bordered"><p>02785269</p></td><td class="bordered"><p>Member</p></td></tr></tbody></table><p><br /></p><p><br /></p><p>*During the year under review, Mr. Viren Rajeshkumar Makwana was appointed as an Additional Independent Director of the company w.e.f. 23rd Dec, 2020.He is admitted as member of the Stakeholder`s Relationship Committee of the Companyw.e.f.23rd December, 2021.</p><p><br /></p><p>**During the year under review, Mr. Chalapathi Satya Venkata Mogalapalli has tendered his resignation on 18th March, 2021 from the position of an Independent Director of the company.</p><p><br /></p><p>Present Composition of Stakeholder Relationship Committee (Reconstituted in the Board meeting held on 23rd July, 2021:</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Name</p></td><td class="bordered"><p>DIN</p></td><td class="bordered"><p>Designation</p></td></tr><tr><td class="bordered"><p>Mr. Viren Rajeshkumar Makwana</p></td><td class="bordered"><p>09007676</p></td><td class="bordered"><p>Chairperson</p></td></tr><tr><td class="bordered"><p>Mrs. Shivangi Bipinchandra Gajjar*</p></td><td class="bordered"><p>07243790</p></td><td class="bordered"><p>Member</p></td></tr><tr><td class="bordered"><p>Mr. Piyushkumar Babubhai Thumar</p></td><td class="bordered"><p>02785269</p></td><td class="bordered"><p>Member</p></td></tr></tbody></table><p><br /></p><p>*In the Board Meeting held on 23rd July, 2021, Mrs. Shivangi Gajjar was appointed as an Additional Independent Director of the company w.e.f. 23rd July, 2021.She is admitted as member of the Stakeholder`s Relationship Committee of the Companyw.e.f. 23rd July, 2021 and regularized in the ensuing AGM.</p><p><br /></p><p>During the year under review, Stakeholder`s Relationship Committee met 2 (Two) time viz on April 22, 2021 and November 11, 2021.The composition of the Committee and the details of meetings attended by its members are given below:</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Name of the Directors</p></td><td class="bordered"><p>Category</p></td><td class="bordered"><p>Designation</p></td><td class="bordered"><p>Number of meetings during the Financial Year 2021-22</p></td></tr><tr><td class="bordered"><p>Held</p></td><td class="bordered"><p>Eligible to attend</p></td><td class="bordered"><p>Attended</p></td></tr><tr><td class="bordered"><p>Mr. Viren Makwana (Appointed on 23rd December, 2020)</p></td><td class="bordered"><p>Independent Director</p></td><td class="bordered"><p>Chairperson</p></td><td class="bordered"><p>2</p></td><td class="bordered"><p>2</p></td><td class="bordered"><p>2</p></td></tr><tr><td class="bordered"><p>Mr. Piyushkumar Thumar</p></td><td class="bordered"><p>Chairman and Managing Director</p></td><td class="bordered"><p>Member</p></td><td class="bordered"><p>2</p></td><td class="bordered"><p>2</p></td><td class="bordered"><p>2</p></td></tr><tr><td class="bordered"><p>Mrs. Shivangi Gajjar (Appointed on July 23, 2021)</p></td><td class="bordered"><p>Independent Director</p></td><td class="bordered"><p>Member</p></td><td class="bordered"><p>2</p></td><td class="bordered"><p>1</p></td><td class="bordered"><p>1</p></td></tr></tbody></table><p>During the year under review, the Company had not received any complaint from the Shareholder. And there was no complaint unresolved as on March 31 2022.</p><p><br /></p><p>C.&nbsp;&nbsp; NOMINATION AND REMUNERATION COMMITTEE</p><p><br /></p><p>The Board of Directors in their meeting held on 2nd February, 2018 has formed Nomination and Remuneration committee in line with the provisions of Section 178 of the Companies Act 2013. The detailed terms of reference of the Committee are as per Section 178 of the Companies Act, 2013.</p><p><br /></p><p>The Board has framed a policy for selection and appointment of Directors, Senior Management and their remuneration as recommended by the Nomination &amp; Remuneration Committee.</p><p><br /></p><p>The details of program for familiarization of Independent Directors with the company, their roles, rights, responsibilities in the company, nature of the industry in which the company operates, business model of the company and related matters are put upon the website of the company.</p><p><br /></p><p>Composition of Nomination &amp; Remuneration Committee at the beginning of the year:</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Name</p></td><td class="bordered"><p>DIN</p></td><td class="bordered"><p>Designation</p></td></tr><tr><td class="bordered"><p>Mr. Phoolkumar Saluja*</p></td><td class="bordered"><p>08035523</p></td><td class="bordered"><p>Chairperson</p></td></tr><tr><td class="bordered"><p>Mr. Chalapathi Satya Venkata Mogalapalli</p></td><td class="bordered"><p>07032007</p></td><td class="bordered"><p>Member</p></td></tr><tr><td class="bordered"><p>Mrs. Jagrutiben Rameshbhai Joshi</p></td><td class="bordered"><p>07737814</p></td><td class="bordered"><p>Member</p></td></tr></tbody></table><p><br /></p><p>*During the year under review, Mr. Phool Kumar Saluja has tendered his resignation on 16th September, 2020 from the position of Independent Directorof the company.</p><p><br /></p><p><br /></p><p>Reconstitution of Nomination &amp; Remuneration Committee in the Board meeting held on 23rd December, 2020:</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Name</p></td><td class="bordered"><p>DIN</p></td><td class="bordered"><p>Designation</p></td></tr><tr><td class="bordered"><p>Mr. Viren Rajeshkumar Makwana*</p></td><td class="bordered"><p>09007676</p></td><td class="bordered"><p>Chairperson</p></td></tr><tr><td class="bordered"><p>Mr. Chalapathi Satya Venkata Mogalapalli**</p></td><td class="bordered"><p>07032007</p></td><td class="bordered"><p>Member</p></td></tr><tr><td class="bordered"><p>Mrs. Jagrutiben Rameshbhai Joshi</p></td><td class="bordered"><p>07737814</p></td><td class="bordered"><p>Member</p></td></tr></tbody></table><p><br /></p><p>*During the year under review, Mr. Viren Rajeshkumar Makwana was appointed as an Additional Independent Director of the company w.e.f. 23rd Dec, 2020.He is admitted as member of the Stakeholder`s Relationship Committee of the Company w.e.f. 23rd December, 2021.</p><p><br /></p><p>**During the year under review, Mr. Chalapathi Satya Venkata Mogalapalli has tendered his resignation on 18th March, 2021 from the position of an Independent Director of the company.</p><p><br /></p><p>Present Composition of Nomination &amp; Remuneration Committee (Reconstituted in the Board meeting held on 23rd July, 2021):</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Name</p></td><td class="bordered"><p>DIN</p></td><td class="bordered"><p>Designation</p></td></tr><tr><td class="bordered"><p>Mr. Viren Rajeshkumar Makwana</p></td><td class="bordered"><p>09007676</p></td><td class="bordered"><p>Chairperson</p></td></tr><tr><td class="bordered"><p>Mrs. Shivangi Bipinchandra Gajjar*</p></td><td class="bordered"><p>07243790</p></td><td class="bordered"><p>Member</p></td></tr><tr><td class="bordered"><p>Mrs. Jagrutiben Rameshbhai Joshi</p></td><td class="bordered"><p>07737814</p></td><td class="bordered"><p>Member</p></td></tr></tbody></table><p><br /></p><p>*In the Board Meeting held on 23rd July, 2021, Mrs. Shivangi Gajjar was appointed as an Additional Independent Director of the company w.e.f. 23rd July, 2021 and regularized in the ensuing AGM held on September 28, 2021.She is admitted as member of the Nomination &amp; Remuneration Committee of the Company w.e.f. 23rd July, 2021.</p><p><br /></p><p>During the year under review Nomination and Remuneration Committee met 4 (Four) time viz on April 22, 2021, July 23, 2021, August 27, 2021 and March 30, 2022. The composition of the Committee and the details of meetings attended by its members are given below:</p><p><br /></p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Name of the Directors</p></td><td class="bordered"><p>Category</p></td><td class="bordered"><p>Designation</p></td><td class="bordered"><p>Number of meetings during the Financial Year 2020-21</p></td></tr><tr><td class="bordered"><p>Held</p></td><td class="bordered"><p>Eligible to attend</p></td><td class="bordered"><p>Attended</p></td></tr><tr><td class="bordered"><p>Mr. Viren Makwana</p></td><td class="bordered"><p>Independent Director</p></td><td class="bordered"><p>Chairperson</p></td><td class="bordered"><p>4</p></td><td class="bordered"><p>4</p></td><td class="bordered"><p>4</p></td></tr><tr><td class="bordered"><p>Mrs. Jagrutiben Joshi</p></td><td class="bordered"><p>Non-Executive Director</p></td><td class="bordered"><p>Member</p></td><td class="bordered"><p>4</p></td><td class="bordered"><p>4</p></td><td class="bordered"><p>4</p></td></tr><tr><td class="bordered"><p>Mrs. Shivangi Gajjar (Appointed on 23rdJuly, 2021)</p></td><td class="bordered"><p>Independent Director</p></td><td class="bordered"><p>Member</p></td><td class="bordered"><p>4</p></td><td class="bordered"><p>2</p></td><td class="bordered"><p>2</p></td></tr></tbody></table><p><br /></p><p>Nomination and Remuneration Policy</p><p><br /></p><p>Nomination and Remuneration Policy in the Company is designed to create a high-performance culture. It enables the Company to attract motivated and retained manpower in competitive market, and to harmonize the aspirations of human resources consistent with the goals of the Company. The Company pays remuneration by way of salary, benefits, perquisites and allowances to its Executive Directors and Key Managerial Personnel.</p><p><br /></p><p>The Nomination and Remuneration Policy, as adopted by the Board of Directors, is placed on the website of the Company at http://www.brightsolarltd.com/images/investor-relations/policies/nomination-and-remuneration-policy.pdf.</p><p><br /></p><p>21) ANNUAL RETURN</p><p><br /></p><p>The Annual Return of the Company as on March 31, 2022 is available on the Company`s website and can be accessed at http://www.brightsolarltd.com/investor-relations/Annual-Report.</p><p><br /></p><p>22) SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE OF THE COMPANY</p><p><br /></p><p>The Company has joint venture in the name of VC PROJET BSL (JV) as below:</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>SR. No.</p></td><td class="bordered"><p>Name and Address of the Joint Venture</p></td><td class="bordered"><p>Address of Registered Office</p></td><td class="bordered"><p>Nature of Business</p></td></tr><tr><td class="bordered"><p>1.</p></td><td class="bordered"><p>VC PROEJCT BSL (JV)</p></td><td class="bordered"><p>2A, New York Corner, B/h. Kiran Motors, Opp. Rajpath Club, Bodakdev, Thaltej, Ahmedabad- 380015, Gujarat.</p></td><td class="bordered"><p>To carry the business of Solar related projects, Infra projects and Rural water supply projects.</p></td></tr></tbody></table><p><br /></p><p>Pursuant to Provision of 129(3) read with rule 5 of Companies (Accounts) Rules, 2014, Form AOC-1 (Statement containing salient features of the Financial Statement of Joint venture is attached as a ANNEXURE- I.</p><p><br /></p><p>Company does not have any Associate Company or Subsidiary Company as on March 31, 2022.</p><p><br /></p><p>23) RELATED PARTY TRANSACTIONS</p><p><br /></p><p>All Related Party Transactions entered into during the financial year were on an arm`s length basis and were in the ordinary course of business. Your Company had not entered into any transactions with the related parties which could be considered material in terms of Section 188 of the Companies Act, 2013. Accordingly, the disclosure of related party transactions as required under Section 134(3)(h) of the Companies Act, 2013 in form AOC-2 is not applicable.</p><p><br /></p><p>The Board of the Company has adopted the Policy and procedure with regard to Related Party Transactions. The policy envisages the procedure governing the materiality of Related Party Transactions and dealing with Related Party transactions required to be followed by Company to ensure compliance with the Law and Regulation. The said Policy is available on the website of the Company at http://www.brightsolarltd.com/images/investor-relations/policies/policy-on-related-party-transactions.pdf.</p><p><br /></p><p>24) SECRETARIAL STANDARDS OF ICSI</p><p><br /></p><p>The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively. During the year under review, the Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India, New Delhi.</p><p><br /></p><p>25) PARTICULARS OF EMPLOYEESANDOTHER ADDITIONAL INFORMATION</p><p><br /></p><p>The ratio of the remuneration of each whole-time director to the median of employees` remuneration as per Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed to this Report as a Statement of Disclosure of Remuneration (Annexure - II).</p><p><br /></p><p>The statement containing particulars of employees as required under Section 197 of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 will be provided upon request. In terms of Section 136 of the Companies Act, 2013, the Report and Accounts are being sent to the members and others entitled thereto, excluding the information on employees` particulars which is available for inspection by the members at the Registered Office of the Company during business hours on working days of thecompany up to the date of ensuing Annual General Meeting. If any member is interested ininspecting the same, suchmember may write to the company secretary in this regard.</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>26) MATERIAL CHANGES AND COMMITMENT</p><p><br /></p><p>There are no material changes and commitments affecting the financial position of the Company have occurred between the end of Financial Year of the Company i.e. March 31, 2022 to the date of this Report.</p><p><br /></p><p>27) SIGNIFICANT AND MATERIAL ORDERS</p><p><br /></p><p>The Company has received an arbitration award on 20th day of January, 2019 in the matter between company Vs.PGVCL and MGVCL. As per the award, total ? 5.88 Cr. along with an interest @ 9% is receivable by the company from PGVCL and MGVCL. At present, the Opponent parties have filed an appealon 15th April ,2019[ns1]&nbsp;in the City Civil and Session court, Ahmedabad. Currently, the mattersare pending.&nbsp;</p><p><br /></p><p>28) SEXUAL HARASSMENT OF WOMEN AT WORKPLACE</p><p><br /></p><p>To foster a positive workplace environment free from harassment of any nature we have framed Prevention of Sexual Harassment Policy through which we address complaints of sexual harassment at all workplaces of the Company. Our policy assures discretion and guarantees non-retaliation to complainants. We follow a gender-neutral approach in handling complaints of sexual harassment and we are compliant with the law of the land where we operate.</p><p>Further, the company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.</p><p>During the year under review there were no incidences of sexual harassment reported.</p><p><br /></p><p>29) ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO</p><p><br /></p><p>The information on conservation of energy technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules 2014 as amended from time to time is annexed to this Report as Annexure -III.</p><p><br /></p><p>30) REPORTING OF FRAUD</p><p><br /></p><p>The Auditors of the Company have not reported any fraud as specified under Section 143(12) of the Companies Act, 2013.[ns2]&nbsp;</p><p><br /></p><p>31) MANAGEMENT DISCUSSION AND ANALYSIS REPORT</p><p><br /></p><p>Management`s Discussion and Analysis Report for the year under review, is presented in a separate section forming part of the Annual Report and is annexed herewith as `Annexure -IV.</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>32) CORPORATE GOVERNANCE</p><p><br /></p><p>Integrity and transparency are key factors to our corporate governance practices to ensure that we achieve and will retain the trust of our stakeholders at all times. Corporate governance is about maximizing shareholder value legally, ethically and sustainably. Our Board exercises its fiduciary responsibilities in the widest sense of the term. Our disclosures seek to attain the best practices in international corporate governance. We also endeavour to enhance long-term shareholder value and respect minority rights in all our business decisions.</p><p><br /></p><p>As our company has been listed on Emerge Platform of National Stock Exchange Limited (NSE), by virtue of Regulation 15 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 the compliance with the corporate Governance provisions as in regulation 17 to 27 and Clause (b) to (i) of sub regulation (2) of Regulation 46 and Para C D and E of Schedule V are not applicable to the company. Hence Corporate Governance Report does not form a part of this Board Report, though we are committed for the best corporate governance practices.</p><p><br /></p><p>The Board has framed Code of Conduct for all Board members and Senior Management of the Company and they have affirmed the compliance during the year under review.</p><p><br /></p><p>The Board has also re-framed Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information`. The Code casts obligations upon the Directors and officers of the Company to prevent/ preserve Price Sensitive information, which may likely to have a bearing on the share price of the Company. Those who are in the knowledge of any such information are prohibited to use such information for any personal purpose. Similarly, the Code also prescribes how such information needs to be handled, disclosed or made available to the Public through Stock Exchanges, Company`s website, Press, Media, etc. The Company Secretary &amp; Compliance Officer has been entrusted with the duties to ensure compliance.</p><p><br /></p><p>33) AUDITORS</p><p><br /></p><p>A) Statutory Auditor</p><p><br /></p><p>M/s. Nirav S. Shah&amp; Co., Chartered Accountant Firm (Firm Reg. No. 130244W) was appointed as Statutory Auditor of the company to hold office from the conclusion of the 11th Annual General Meeting till conclusion of the 16thAnnual General Meeting to be in the calendar year 2026. M/s. Nirav S. Shah &amp; Co., is Peer Reviewed by the ICAI having certificate no. 011405 allotted on 25thSeptember, 2018 have confirmed their eligibility and qualification required under Sections 139, 141 and other applicable provisions of the Companies Act, 2013 and Rules issued there under (including any statutory modification(s) or re-enactment(s) thereof for the time being in force)</p><p><br /></p><p>The Auditors` Report for the financial year ended March 31, 2022 on the financial statements of the Company is a part of this Annual Report. The Auditor`s Report for the financial year ended March 31, 2022 does not contain any qualification, reservation or adverse remark.</p><p><br /></p><p>B) Internal Auditor</p><p><br /></p><p>M/s. VCAN&amp; Co., Chartered Accountants has conducted internal audit of the Company for FY 2021-22. The report of Internal Auditor was reviewed by the Audit Committee and Board of Directors in their meeting held on May 30, 2022. During the year, the company continued to implement his suggestions and recommendations to improve the control environment, their scope of works includes, review of processes for safeguarding the assets of the company, review of operational efficiency, effectiveness the assets of the company, review of operational efficiency, effectiveness of systems and process, and assessing the internal control strengths in all areas.</p><p><br /></p><p>C) Secretarial Auditor and Their Report</p><p><br /></p><p>The Company has appointed M/s. Payal Dhamecha&amp; Associates, Company Secretaries in practice, to conduct the secretarial audit of the Company for the Financial Year 2021-22, as required under Section 204 of the Companies Act, 2013 and Rules thereunder. The Secretarial Audit Report for the Financial Year&nbsp;2021-22 is annexed to this report as an Annexure - V.</p><p><br /></p><p>34) WEBSITE</p><p><br /></p><p>As per Regulation 46 of SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 the Company has maintained a functional website namely `www.brightsolarltd.com` containing basic information about the Company.</p><p><br /></p><p>On May 13, 2021, the company has submitted intimation to the stock exchange that the old website i.e.www.brightsolar.in is not working so that the company has developed new website www.brightsolarltd.com.</p><p><br /></p><p>The website of the Company is containing information like Policies, Shareholding Pattern, Financial and information of the designated officials of the Company who are responsible for assisting and handling investor grievances for the benefit of all stakeholders of the Company etc.</p><p><br /></p><p>35) INVESTOR EDUCATIONANDPROTECTION FUND (IEPF)</p><p><br /></p><p>There has not been an occasion in case of the Company during the year to transfer any sums or shares to the InvestorEducation and Protection Fund.</p><p><br /></p><p>36) LISTING AT STOCK EXCHANGE</p><p><br /></p><p>The Equity Shares of the Company continue to be listed on the NSE Emerge SME Platform.</p><p><br /></p><p>37) Corporate Social Responsibility</p><p><br /></p><p>The CSR was not applicable to the company for the previous financial year i.e. 2021-22.</p><p><br /></p><p>37) GENERAL DISCLOSURE</p><p><br /></p><p>Your Directors state that the Company has made disclosures in this report for the items prescribed in section 134 (3) of the Act and Rule 8 of The Companies (Accounts) Rules 2014 and other applicable provisions of the act and listing regulations to the extent the transactions took place on those items during the year. Your directors further state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:</p><p><br /></p><p>(i)&nbsp;&nbsp;&nbsp; Details relating to deposits covered under Chapter V of the Act;</p><p>(ii)&nbsp; Issue of Equity Shares with differential rights as to dividend, voting or otherwise;</p><p>(iii)Issue of shares (including sweat equity shares) to employees of the Company under any scheme save and ESOS;</p><p>(iv)Annual Report and other compliances on Corporate Social Responsibility;</p><p>(v)&nbsp; There is no revision in the Board Report or Financial Statement;</p><p>(vi)The Company has received an arbitration award on 20th day of January, 2019 in the matter with PGVCL and MGVCL. As per the award total ? 5.88 Cr. along with an interest @ 9% is receivable by the company from PGVCL and MGVCL.</p><p><br /></p><p>The details of application made or any proceeding pending under the insolvency and bankruptcy code, 2016 during the year along with their status as at the end of the financial year: during the financial year 2021-22, there was no application made and proceeding initiated /pending under the Insolvency and Bankruptcy Code, 2016, by any Financial and/or Operational Creditors against your Company. As on the date of this report. On February 2022, G.L.E India Solar Private Limited has filed an application under IBC code, 2016 against your company at NCLT, Ahmedabad bench having case no. C.P. (IB) - 66/2022 and the matter is currently pending for legal proceedings.</p><p><br /></p><p>38) ACKNOWLEDGEMENT</p><p><br /></p><p>Your directors acknowledge the dedicated service of the employees of the company during the year. They would also like to place on record their appreciation for the continued co-operation and support received by the Company during the year from bankers, financial institutions, business partners and other stakeholders.</p><p><br /></p><p>For and on behalf of the Board of Directors</p><p><br /></p><p><br /></p><p><br /></p><p>Sd/-</p><p>Piyushkumar Babubhai Thumar</p><p>Place: Ahmedabad&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman &amp; Managing Director</p><p>Date: September 08, 2022&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(DIN:02785269)</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>ANNEXURE- I</p><p><br /></p><p>FORM AOC-1</p><p>(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)</p><p>Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures</p><p>Part `A`: Subsidiaries: &nbsp;N.A</p><p><br /></p><p>Part B: Associates and Joint Ventures:</p><p>Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Name of Associates / Joint Ventures</p></td><td class="bordered"><p>VC Project (BSL) JV</p></td></tr><tr><td class="bordered"><p>1. Latest audited Balance Sheet Date</p></td><td class="bordered"><p>31/03/2021</p></td></tr><tr><td class="bordered"><p><br /></p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>2. Shares of Associate/Joint Ventures held by the</p><p>company on the year end</p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>No.</p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>Amount of Investment in Associates/Joint Venture</p></td><td class="bordered"><p>Rs. 23,12,090/-</p></td></tr><tr><td class="bordered"><p>Extend of Holding %</p></td><td class="bordered"><p>49%</p></td></tr><tr><td class="bordered"><p><br /></p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>3. Description of how there is significant influence</p></td><td class="bordered"><p>49% Partnership</p></td></tr><tr><td class="bordered"><p><br /></p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>4. Reason why the associate/joint venture is not consolidated</p></td><td class="bordered"><p>No Subsidiary Company therefore consolidation is not applicable</p></td></tr><tr><td class="bordered"><p><br /></p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>5. Net Worth attributable to Shareholding as per latest</p><p>audited Balance Sheet</p></td><td class="bordered"><p>Rs. 2723.344/-</p></td></tr><tr><td class="bordered"><p><br /></p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>6. Profit / Loss for the year</p></td><td class="bordered"><p>Rs. 9,26,581/-</p></td></tr><tr><td class="bordered"><p><br /></p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>i. Considered in Consolidation</p></td><td class="bordered"><p>Rs. 0/-</p></td></tr><tr><td class="bordered"><p><br /></p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>i. Not Considered in Consolidation</p></td><td class="bordered"><p>Rs. 926.581/-</p></td></tr></tbody></table><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>Notes: The following information shall be furnished at the end of the statement:</p><p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Names of subsidiaries which are yet to commence operations. - N.A.</p><p>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Names of subsidiaries which have been liquidated or sold during the year. -N.A.</p><p><br /></p><p><br /></p><p>For and on behalf of the Board of Directors</p><p><br /></p><p><br /></p><p><br /></p><p>Sd/-</p><p>Piyushkumar Babubhai Thumar</p><p>Place: Ahmedabad&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman &amp; Managing Director</p><p>Date: September 08, 2022&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (DIN:02785269)</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>ANNEXURE- II</p><p><br /></p><p>STATEMENT OF DISCLOSURE OF REMUNERATION</p><p>[Pursuant to Section 197 of the Companies Act, 2013 (`the Act`) and Rule 5(1) of the Companies</p><p>(Appointment and Remuneration of Managerial Personnel) Rules, 2014]</p><p><br /></p><p>A.&nbsp;&nbsp;&nbsp;&nbsp; Information as per Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:</p><p>a)&nbsp;&nbsp;&nbsp;&nbsp; The ratio of remuneration of each director to the median remuneration of employees for the Financial Year and the Percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the Financial Year:</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Sr. No.</p></td><td class="bordered"><p>Name</p></td><td class="bordered"><p>Designation</p></td><td class="bordered"><p>Nature of Payment</p></td><td class="bordered"><p>Ratio against median employee`s remuneration</p></td><td class="bordered"><p>Percentage Increase/Decrease In 2022 as compared to 2021</p></td></tr><tr><td class="bordered"><p>1.</p></td><td class="bordered"><p>Piyushkumar Thumar</p></td><td class="bordered"><p>Chairman &amp; Managing Director</p></td><td class="bordered"><p>Remuneration</p></td><td class="bordered"><p>0:1</p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>2.</p></td><td class="bordered"><p>Ajay Raj Singh</p></td><td class="bordered"><p>Whole- Time Director</p></td><td class="bordered"><p>Remuneration</p></td><td class="bordered"><p>0:1</p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>3.</p></td><td class="bordered"><p>Jagrutiben Rameshbhai Joshi</p></td><td class="bordered"><p>Non-ExecutiveDirector</p></td><td class="bordered"><p>Sitting Fees</p></td><td class="bordered"><p>0.73:1</p></td><td class="bordered"><p>N.A</p></td></tr><tr><td class="bordered"><p>4.</p></td><td class="bordered"><p>Viren Makwana</p></td><td class="bordered"><p>Non-Executive Independent Director</p></td><td class="bordered"><p>Sitting Fee</p></td><td class="bordered"><p>0.73:1</p></td><td class="bordered"><p>N.A</p></td></tr><tr><td class="bordered"><p>5.</p></td><td class="bordered"><p>Shivangi Gajjar</p></td><td class="bordered"><p>Non-Executive Independent Director</p></td><td class="bordered"><p>Sitting Fee</p></td><td class="bordered"><p>0.51:1</p></td><td class="bordered"><p>NA</p></td></tr><tr><td class="bordered"><p>7.</p></td><td class="bordered"><p>Sahul Natvarbhai Jotaniya</p></td><td class="bordered"><p>Company Secretary &amp; Compliance Officer</p></td><td class="bordered"><p>Remuneration</p></td><td class="bordered"><p>4.75:1</p></td><td class="bordered"><p>46.45%</p></td></tr><tr><td class="bordered"><p>8.</p></td><td class="bordered"><p>Mukesh Tolia</p><p><br /></p></td><td class="bordered"><p>Chief Financial Officer</p></td><td class="bordered"><p>Remuneration</p></td><td class="bordered"><p>0:1</p></td><td class="bordered"><p>0.0%[ns4]</p></td></tr><tr><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td></tr></tbody></table><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>Note:1</p><p><br /></p><p>The employees who have drawn remuneration from the Company for full fiscal 2022 are considered for medianremuneration.</p><p><br /></p><p>b)&nbsp; The percentage increase in the median remuneration of employees in the financial year:</p><p>The Median remuneration of Employees in the financial year was 61.77</p><p><br /></p><p>c)&nbsp;&nbsp; The number of permanent employees on the rolls of the Company: &nbsp;32 as on March 31, 2022.</p><p><br /></p><p>d)&nbsp; Average percentile increases already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:</p><p>-Average increase in remuneration of employees excluding KMPs:NA</p><p>- Average Remuneration of KMPs :NA</p><p>- KMP salary increases are decided based on the Company`s performance, individual performance, inflation, prevailing industry trends and benchmarks.</p><p>e)&nbsp;&nbsp; Affirmation that the remuneration is as per the remuneration policy of the company</p><p>Note:2</p><p><br /></p><p>1) For the calculation of Median, we have considered total number of employees who have withdrawn salary during the whole year i.e.32 number of employees.</p><p>2) Appropriate Approvals have been taken for related party transactions wherever necessary.</p><p><br /></p><p>For and on behalf of the Board of Directors</p><p><br /></p><p><br /></p><p><br /></p><p>Sd/-</p><p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piyushkumar Babubhai Thumar</p><p>Place: Ahmedabad&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman &amp; Managing Director</p><p>Date: September 08, 2022&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (DIN:02785269)</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>ANNEXURE - III</p><p>CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO</p><p>(Pursuant to Section 134 (3) (m) of the Companies (Accounts) Rules, 2014 and rules made there under)</p><p><br /></p><p>A.&nbsp;&nbsp;&nbsp;&nbsp; Conservation of energy</p><p>i.)&nbsp;&nbsp;&nbsp;&nbsp; The steps taken or impact on conservation of energy: The Company has taken measures and applied strict control system to monitor day to day power consumption, to endeavour to ensure the optimal use of energy with minimum extent possible wastage as far as possible. The day today consumption is monitored and various ways and means are adopted to reduce the power consumption in an effort to save energy.</p><p>ii.)&nbsp; The steps taken by the Company for utilizing alternate sources of energy: The Company has not taken any step for utilizing alternate sources of energy.</p><p>iii.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The capital investment on energy conservation equipment: During the year under review, Company has not incurred any capital investment on energy conservation equipment.</p><p>B.&nbsp;&nbsp;&nbsp;&nbsp; Technology absorption -</p><p>i.)&nbsp;&nbsp;&nbsp;&nbsp; The effort made towards technology absorption: The Company has not imported any technology and hence there is nothing to be reported here.</p><p>ii.)&nbsp; The benefit derived like product improvement, cost reduction, product development or import substitution:</p><p>None</p><p>iii.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in case of imported technology (imported during the last three years reckoned from the beginning of the financial year) -</p><p>a. The details of technology imported: None</p><p>b. The year of import: None</p><p>c. Whether the technology has been fully absorbed: None</p><p>d. If not fully absorbed, areas where absorption has not taken place, and the reasons thereof: None</p><p>iv.)The expenditure incurred on Research and Development: During the year under review, the Company has not incurred any Expenditure on Research and Development</p><p>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchange Earnings &amp; Expenditure:</p><p>i.)&nbsp;&nbsp;&nbsp;&nbsp; Details of Foreign Exchange Earnings:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p><p>(? in Lakhs)</p><p></p><table><tbody><tr><td class="bordered"><p>Sr. No.</p></td><td class="bordered"><p>Particulars</p></td><td class="bordered"><p>F.Y. 2021-22</p></td><td class="bordered"><p>F.Y. 2020-21</p></td></tr><tr><td class="bordered"><p>1.</p></td><td class="bordered"><p>Foreign Exchange Earnings</p></td><td class="bordered"><p>0.00</p></td><td class="bordered"><p>0.00</p></td></tr></tbody></table><p><br /></p><p><br /></p><p><br /></p><p>ii.)&nbsp; Details of Foreign Exchange Expenditure:</p><p><br /></p><p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (? in Lakhs)&nbsp;&nbsp;&nbsp;&nbsp;</p><p></p><table><tbody><tr><td class="bordered"><p>Sr. No.</p></td><td class="bordered"><p>Particulars</p></td><td class="bordered"><p>F.Y. 2021-22</p></td><td class="bordered"><p>F.Y. 2020-21</p></td></tr><tr><td class="bordered"><p>1.</p></td><td class="bordered"><p>Foreign Exchange Expenditure</p></td><td class="bordered"><p>0.00</p></td><td class="bordered"><p>0.00</p></td></tr></tbody></table><p><br /></p><p><br /></p><p>For and on behalf of the Board of Directors</p><p><br /></p><p><br /></p><p><br /></p><p>Sd/-</p><p>Piyushkumar Babubhai Thumar</p><p>Place: Ahmedabad&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman &amp; Managing Director</p><p>Date: September 08, 2022&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (DIN:02785269)</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>ANNEXURE - IV</p><p><br /></p><p>MANAGEMENT DISCUSSION AND ANALYSIS REPORT</p><p><br /></p><p>SPECIAL NOTE ON CORONAVIRUS PANDEMIC</p><p><br /></p><p>By mid of March 2020, the outbreak of Coronavirus (COVID-19) pandemic has been rapidly spreading throughout the world, including India causing significant disturbance and slowdown of economic activity. The Company has made committed efforts to support its business stakeholders, employees and service providers. The effect of Covid-19 on the Company is insignificant. The company`s manufacturing facilities were shut down from March 23, 2020 for 42 days. Due to this Pandemic, the first Q1 of F.Y 2020-21 was very worse for all the corporate entities for doing business and due to that the company has not made sufficient profitability. Even in the F.Y 2021-22 in mid of April, 2021 partial lockdown was imposed. Because of that most of the entities have stopped manufacturing activities, labours were returned to their hometown and pick in prices of raw materials, food items etc. Looking at current situation the company predict significant effect of Covid-19 on profitability during F.Y 2021-22 also. The Company is continuously monitoring the situation and taking necessary actions in response to the developments, to minimize the impact on the business of the Company.</p><p><br /></p><p>Impact of Covid-19 on the Business of the Company</p><p><br /></p><p></p><table><tbody><tr><td class="bordered"><p>Sr. No</p></td><td class="bordered"><p>Particulars</p></td><td class="bordered"><p>Disclosure/Information</p></td></tr><tr><td class="bordered"><p>1</p></td><td class="bordered"><p>Impact of the COVID-19 pandemic on the business</p></td><td class="bordered"><p>The Company`s main revenue comes from EPC projects. Therefore, due to lockdown announced by the Government of India, our all-EPC projects were shut down from March 22, 2020. Our all skilled, semi-skilled and Un-skilled labours were migrated to their native place which has impacted negatively to the business operation and company`s financial position. Moreover, in case of EPC projects, billing normally done in the month of march but due to lockdown, all the Government departments were closed. Due to that, our various pending payments are pending to receive. Therefore, the company is currently facing financial crunch and shortage of working capital.</p><p><br /></p><p>However, the Government allowed tostart offices from 3rd May, 2020 but our EPC works are yet not started with full capacity because of non-availability of manpower. Due to this, the revenue and profitability were adversely affected during the financial year 2020-21.</p></td></tr><tr><td class="bordered"><p>2</p></td><td class="bordered"><p>Ability to maintain operations including the factories/Branch office spaces functioning and closed down</p></td><td class="bordered"><p>Due to announcement of lockdown, our skilled, un-skilled employees and labours have been returned to their home state, due to which the operation of the company is drastically impacted and during the period of lockdown Company`s operation was ceased. However, it was permitted to do work from home to skilled staff. But Factory unit and EPC projects are not started till 31st May, 2020. However, the company has taken precautionary measures to safeguard health and safety of its employees and starting EPC works at various sites specifically in Bihar state with half capacity.</p></td></tr><tr><td class="bordered"><p>3</p></td><td class="bordered"><p>Schedule, if any for re-starting the Business operations</p></td><td class="bordered"><p>The Company has followed guideline of State and Central Government and starting its Office, Factory unit and Branch offices as per guideline.</p></td></tr><tr><td class="bordered"><p>4</p></td><td class="bordered"><p>Steps taken to ensure smooth functioning of operations</p></td><td class="bordered"><p>The company is taking care of its staff and work force and has put in place strict monitoring process for COVID-19 ensuring the following:</p><p><br /></p><p>� Ensuring wearing of masks and regular cleaning of hands.</p><p>� Use of sanitizer at office and factory unit.</p><p>� Maintaining social distancing at all work places.</p><p>� Asking all employees to have Aarogya Setu App.</p><p>� Taking regular updates of the health of all the employees and their facilities.</p></td></tr><tr><td class="bordered"><p>5</p></td><td class="bordered"><p>Estimation of future impact of COVID-19 on Business operation of the company</p></td><td class="bordered"><p>Our business is depended on semi and unskilled labours. But due to COVID-19, they are returned to their home state. Therefore, it was very difficult to resume EPC work at full capacity after lockdown closed. Therefore, our revenue and profitability were adversely affected in financial year 2020-21.</p><p><br /></p><p>In the first and Second quarter of F.Y 2020-21, revenue and profitability wereadversely affected.</p></td></tr><tr><td class="bordered"><p>6</p></td><td class="bordered"><p>Impact on Financial Resources</p></td><td class="bordered"><p>Presently, the Management of working capital is badly affected. The payments aregetting delay to receive and therefore, the company is currently in struggle for completing ongoing projects in given time frame.</p><p><br /></p><p>The shortage of fund will stick for next few months considering this extraordinary circumstance.</p></td></tr><tr><td class="bordered"><p>7</p></td><td class="bordered"><p>Impact on Profitability</p></td><td class="bordered"><p>The profitability of the company inthe 1st and 2nd quarter was on negative side. It had directly affectedprofitability of the entire F.Y 2020-21. On other side, fixed overheads will affect our profitability adversely in the current financial year.</p></td></tr><tr><td class="bordered"><p>8</p></td><td class="bordered"><p>Impact on Liquidity position of the company</p></td><td class="bordered"><p>Due to lockdown in 2020, all the existing projects were stopped and simultaneously revenue generation was also stopped. The major source of revenue generation was from Solar EPC&amp; Infra projects but due to lockdown we were not able resume work with full capacity. Hence, the liquidity position of the company is currently tight and the company is trying to manage it by strict monitoring of cash inflows and outflows.</p><p><br /></p><p>Moreover, due to liquidity issue, company is not able to procure new works and submit bid for big projects during the next few months.</p></td></tr><tr><td class="bordered"><p>9</p></td><td class="bordered"><p>Business Opportunities</p></td><td class="bordered"><p>In future for next few months, the company is expecting that new tenders for water supply and Solar pump installation work will not published by the Government. Moreover, the company`s position is not good to submit bid for new big projects. Therefore, the company`s financial performance will be adversely affected.</p></td></tr><tr><td class="bordered"><p>10</p></td><td class="bordered"><p>Assets</p></td><td class="bordered"><p>The company has put on hold planning for starting Solar panel manufacturing unit at Fagvel, Gujarat. Moreover, the Company is not thinking for any addition in the company`s assets during the year.</p><p><br /></p><p>The Company is planning to sell out the land situated at Fagvel, Gujarat.</p></td></tr><tr><td class="bordered"><p>11</p></td><td class="bordered"><p>Disruption of Supply chain</p></td><td class="bordered"><p>Due to lockdown, in first 2 Quarters,the Company was facing difficulties in supply of materials, parts and machinery at various location. The supply chain was badly affected because during lockdown transportation facility was not available.</p></td></tr><tr><td class="bordered"><p>12</p></td><td class="bordered"><p>Existing contracts /agreements</p></td><td class="bordered"><p>The Company is expecting that the ongoing projects of solar pumping system, Solar PV Rooftop system and Water Supply projects will get delayed.</p></td></tr><tr><td class="bordered"><p>Conclusion</p></td><td class="bordered"><p>Due to lockdown in mid of march, 2020, in first 2 quarters of F.Y 2020-21, the company has made loss. After that the company has resumed works in July, 2020. But due to lockdown, all ongoing projects were not run-in full capacity. So that the billing generation was not done as per our expectation. Due to that cash inflow was not sufficient in order to meet existing liabilities i.e., expenses, fixed overheads.</p><p><br /></p><p>In April, 2021, Partial lockdown is imposed. This all things have encouraged in increase in inflation rate,Increase in Raw material prices, increase in expenses such as rents, price of transportation cost etc.</p><p><br /></p><p>Currently in Q1 of F.Y 2021-22, due to partial lockdown, the company has not done sufficient business. Also, currently government is saying that 3rd wave of COVID-19 may come in Aug, 2021. Hence, the company is predicting that in F.Y 2021-22, it will adversely affect revenue &amp; profitability of the company.</p></td></tr></tbody></table><p><br /></p><p><br /></p><p>INDUSTRY STRUCTURE AND DEVELOPMENTS</p><p><br /></p><p>India`s Nationally Determined Contributions (NDC) under the Paris Agreement for the Period 2021-</p><p>2030 include:</p><p><br /></p><p>To reduce the emissions intensity of its GDP by 33 to 35 percent by 2030 from 2005 level; and to achieve about 40 percent cumulative electric power installed capacity from Non-fossil fuel basedenergy resources by 2030 with the help of transfer of technology. India is well on its way to achieve these targets.</p><p><br /></p><p>India has achieved a cumulative installed renewable energy capacity (excluding large hydro) of 92.54GW out of which 5.47 GW was added in the period April 2020 till January, 2021. During the periodfrom April 2014 to January 2021, the installed RE capacity of India has increased by two-and-halftimes, and in the same period, the installed solar energy capacity has increased 15 times. Globally,today India stands 4th in RE power capacity, 4th in Wind power, and 5th in Solar Power capacity.</p><p><br /></p><p>India has one of the highest rates of growth for renewable energy in the world. As per GlobalTrendsin Renewable Energy Investment 2020 report, during the period 2014-2019, renewable energyprogrammes and projects in India attracted an investment of US$ 64.2 billion (Rs 4.7 lakh crore).</p><p><br /></p><p>SWOT Analysis</p><p><br /></p><p>Introduction:</p><p><br /></p><p>Solar energy is one of the best options as it is a clean</p><p>renewable energy source, and found abundantly in most places.</p><p>In 90 minutes, the earth receives an amount of energy that is</p><p>sufficient to meet the energy demand of the planet for one year</p><p>from the sun. Although the solar energy is abundant to this</p><p>extent, the energy taped from this source is a tiny fraction of</p><p>the world`s current energy mix. However, this is changing</p><p>rapidly and is being driven by global action to improve energy</p><p>access and supply security, and to mitigate climate change</p><p>Solar energy is one of the best options as it is a clean</p><p>renewable energy source, and found abundantly in most places.</p><p>In 90 minutes, the earth receives an amount of energy that is</p><p>sufficient to meet the energy demand of the planet for one year</p><p>from the sun. Although the solar energy is abundant to this</p><p>extent, the energy taped from this source is a tiny fraction of</p><p>the world`s current energy mix. However, this is changing</p><p>rapidly and is being driven by global action to improve energy</p><p>access and supply security, and to mitigate climate change</p><p>Solar energy is one of the best options as it is a clean</p><p>renewable energy source, and found abundantly in most places.</p><p>In 90 minutes, the earth receives an amount of energy that is</p><p>sufficient to meet the energy demand of the planet for one year</p><p>from the sun. Although the solar energy is abundant to this</p><p>extent, the energy taped from this source is a tiny fraction of</p><p>the world`s current energy mix. However, this is changing</p><p>rapidly and is being driven by global action to improve energy</p><p>access and supply security, and to mitigate climate change</p><p>Solar energyis one of the best options as it is a cleanrenewable energy source, and found abundantly in most places.In 90 minutes, the earth receives an amount of energy that issufficient to meet the energy demand of the planet for one yearfrom the sun. Although the solar energy is abundant to thisextent, the energy taped from this source is a tiny fraction ofthe world`s current energy mix. However, this is changingrapidly and is being driven by global action to improve energyaccess and supply security, and to mitigate climate change.</p><p><br /></p><p>Countries and companies all over the world are currentlyinvesting huge amount of money on solar energy. As aconsequence, the technologies are advancing and cost ofoperating the solar energy is reducing from time to time.</p><p>Solar energy is one of the best options as it is a clean</p><p>renewable energy source, and found abundantly in most places.</p><p>In 90 minutes, the earth receives an amount of energy that is</p><p>sufficient to meet the energy demand of the planet for one year</p><p>from the sun. Although the solar energy is abundant to this</p><p>extent, the energy taped from this source is a tiny fraction of</p><p>the world`s current energy mix. However, this is changing</p><p>rapidly and is being driven by global action to improve energy</p><p>access and supply security, and to mitigate climate change</p><p>Solar energy is one of the best options as it is a clean</p><p>renewable energy source, and found abundantly in most places.</p><p>In 90 minutes, the earth receives an amount of energy that is</p><p>sufficient to meet the energy demand of the planet for one year</p><p>from the sun. Although the solar energy is abundant to this</p><p>extent, the energy taped from this source is a tiny fraction of</p><p>the world`s current energy mix. However, this is changing</p><p>rapidly and is being driven by global action to improve energy</p><p>access and supply security, and to mitigate climate change</p><p><br /></p><p>A. Strength</p><p><br /></p><p>v&nbsp; Limitless: Solar energy originates from the sun, and it isone of the main sources of unlimited free energy available onEarth. Theoretically solar energy has the capacity to fulfil theenergy demand of the world. Despite this huge potential and increase inawareness, the contribution of solar energy to the global energysupply is still insignificant. Theoretically the amount ofsolar energy that touches the earth is 4200 times the energy thathuman population would consume in the year 2035. In fewhours the earth can get the amount of solar energy that coversthe annual energy consumption. Hence, developing anefficient and effective capacity of collecting solar energy couldpotentially solve the energy demand of the world withoutrequiring additional sources of energies. The amount of solarenergy that can be collected depends on the location. Forexample, India receives 4 to 7 KW/hr of solar radiation persquare meter per day for more than 250 days per year.</p><p><br /></p><p>v&nbsp; Environmentally Friendly: The energy from the sun iscollected and stored to generate electricity. This method isconsidered as a renewable alternative to non-renewabletechnologies. Thus, the usage of solar energy greatly reducesthe negative impact of carbon emissions. In California USA, anaverage of 696,544 metric tons of carbon emission wasreduced through the installation of solar system onto 113,533households. In addition, solar energy does not release otherharmful gases that could harm the environment. The solarpanels used on household can be recycled. It can then beconcluded that solar energy is a non-polluting, reliable andclean source of energy.</p><p><br /></p><p>v&nbsp; Ease of usage/harvest: Solar energy is collectedmostly using solar panels that generate electricity by usingphotovoltaic technology. Installation of solar energy systemcan be done anywhere. For instance, solar panels are noweasily placed on the rooftops of houses and commercialbuildings. However, one could say that it would beimpossible to install solar system on their homes especially ifthey are not the sole owner or due to lack of space or shaderequirement by others. In countries like America with theintroduction of shared solar energy there is no more problemwith space unavailability. Homeowners can obtain electricityfrom the community solar garden without having solar panelson rooftop.</p><p><br /></p><p>v&nbsp; Less overall cost: At first the investment of solarsystem seems expensive. Once solar system is installed therunning cost is very low. Hence, in the long-run the costbenefit of using solar energy would be better than other sourcesof energy. Solar panels have low maintenance cost and canserve for 10 to 15 years with minor service. In addition, solarpower benefits us in various ways such as tax incentives andadded property values. Particularly when solar energy is usedfor specific purpose such as in draying of different products,the benefit obtained will be significant. In certain countries likeUSA, Germany, Denmark, UK and France drying of foodproducts consumes 7-15% of industrial energy which can be done simply by solar energy [9]. Thus, for such processes solarenergy is being used as an alternative source to reduce the highcost associated with drying.</p><p><br /></p><p>v&nbsp; Versatile: Solar power is utilized either directly orindirectly in numerous applications that are not limited toindustry purposes but also applicable on day-to-day usage suchas, drying of agricultural and industrial products, solarpowered refrigerator, water heating, solar cooking, etc. Usingsolar radiation for drying or removal of excess moisture froma product is a widely used method to meet the specificationrequired for industrial processes. For instance, in thegasification process of biomass the moisture content of thefeedstock should not exceed 20%, and this can be achieved byremoving the moisture using solar driers.&nbsp; Solar energyis also widely used in cooking particularly in areas when thesolar radiation intensity is high and no electricity. In solarcooking, radiation from the sun is concentrated at one pointwith the help of reflectors. Various type of solar cookers hasalready been invented such as box cooker, parabolic cooker,panel cooker and so on.</p><p><br /></p><p>B. Weakness</p><p><br /></p><p>v&nbsp; Solar Power is Available Only in Day Time: As solarradiation is available only in day time, photovoltaic panels andother collectors are able to convert solar energy into other forms of energy only when there is sunlight. For this reason,solar power needs to have energy storage system to getuninterrupted power supply. The solar system is also installedwith other power supplement to replace when the availablesolar radiation is not enough or the energy storage is notenough to supply for the rest of the day when solar radiation isnot available. The backup system is also an additional costthat makes solar system more expensive.</p><p><br /></p><p>v&nbsp; Solar Panels are inefficient: The conversion efficiencyof solar panels is very low compared to other energyconversion system. The achievable conversation efficiency ofthe solar energy into usable energy by solar panels are notexceeding 20% in general. Because of the inefficiency of thepanels, a large space is required to collect solar energy whichis just enough for an average household.</p><p><br /></p><p>v&nbsp; The Space Required for PV: Many photovoltaic cellsare needed to absorb enough energy for larger applications.The efficiency of photovoltaic panel drops dramatically due tooverheating of the panel and as a result large quantity of solar panel is required. Since the space required for thesolar collectors are large, identifying a space where it is notused for other purposes is frequently a challenging task.</p><p><br /></p><p>v&nbsp; High Initial Cost: Although installation of solar systembrings immense benefits, the initial investment cost isexpensive. Quantifying the total cost is also difficult without the assistance of the manufacturing company. However, asmost of the governments are concerned with the globalwarming that is caused by burning of fossil fuels, a subsidyand tax exemptions are provided for users of solar energywhich helps to reduce the burden of overall installation cost ofsolar energy.</p><p><br /></p><p>C. Opportunities</p><p><br /></p><p>v&nbsp; Create New Business Opportunities: Every newinnovation opens business opportunities. Currently, Tesla andPanasonic are orchestrating a huge solar panel manufacturingplant in Buffalo, New York. The powerwall produced byTesla has increased dramatically in the recent years. Thedemand of solar panels by real states are growing in recentyears. Landowners have got opportunities to rent their unusedland for new solar farms and get income. In countries like US,Germany, Italy, China, India, Japan and the UK, the marketfor solar products are growing very fast. Worldwide thedemand for utilization of solar energy increases by more than9% every year.</p><p><br /></p><p>v&nbsp; Availability of Subsidy and Support: In most countriesgovernmental and non-governmental organizations havesubsidy and income tax exemptions schemes. The Indian Government is giving subsidy for installation of solar rooftop system for household sector. The various state government in India giving subsidy for installation of solar in the Household sector.</p><p><br /></p><p>v&nbsp; Cost Reduction: Solar energy technologies aredeveloping quickly and the computation in the market on thetechnologies are increasing. The competition in the technologyleads to an improved efficiency and cost reduction. The Price of Silicon cell is globally going to reduce day by day. Hence, overall cost of solar technology is getting down which is good thing for us.</p><p><br /></p><p>D. Threats</p><p><br /></p><p>v&nbsp; Health risks: A new investigation by EnvironmentalProgress (EP) reported that lethal waste from the used solarpanels presents a worldwide environmental danger. Thedisposal of solar panels, which contain unsafe componentssuch as lead, chromium, and cadmium are running over theworld, but effort to minimize the adverse effect is very minimal.Accordingto EP research, developing nations like India andChina frequently burn the e-waste to reclaim the copper wireswhich is profitable for resale. Since this procedure requiresburning off plastic, the resulting smoke contains poisonthat may cause cancer and teratogenic (birth deformity)when it`s being inhaled. It is approximated that per quadrillion joules of energy produced, 11 and 21 deaths have beenidentified in conjunction with the solar energy health threats.</p><p><br /></p><p>v&nbsp; High carbon footprint: A carbon footprint ischaracterized as the total amount of greenhouse gasesproduced to either directly or indirectly in the process ofrealization of a product. It is usually specified in equal tons ofcarbon dioxide (CO2). The fact is that even solar power plantshave an environmental footprint on a lifecycle basis. The main components of solar PVpanels are made from crystalline silicon. Manufacturing thesecomponents is an energy-intensive process that represents ahigh percentage of the total energy used to make solar panels.The exact carbon footprint of any solar panel relies uponnumerous variables, including the materials source, thetransported distance, and the energy used by the plants.</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>SWOT ANALYSIS OF THE COMPANY</p><p><br /></p><p>OUTLOOK</p><p><br /></p><p>The Renewable energy industry is well-established, viewing bright future in this sector. India is very ambitious in its targets for promoting renewable energy. In India, renewable energy has startedplaying an increasingly important role in the augmentation of grid power, providing energy access, reducingthe consumption of fossil fuels and helping India pursue its low carbon development path. India submitted its Intended Nationally Determined Contribution (INDC) to the UNFCCC, outlining thecountry`s post-2020 climate actions. India`s INDC builds on its goal of installing 175 gigawatts (GW) ofrenewable power capacity by 2022 by setting a new target to increase the country`s share of non-fossil-basedinstalled electric capacity to 40 percent by 2030.</p><p><br /></p><p>The launch of the International Solar Alliance (ISA) was announced by Mr. Narendra Modi, the Hon`ble Prime Minister of India and Mr. Francois Hollande, former Hon`ble President of France on 30th November 2015, at the 21stsession of United Nations Climate Change Conference of the Parties (COP-21) in Paris, France. Former UN Secretary-General Ban Ki-moon attended the launch, alongside the Heads of about 120 nations who affirmed their participation in the Alliance to dedicate efforts for promotion of solar energy.</p><p><br /></p><p>Moreover, MNRE has published scheme for achieving of 40,000 MW capacity from Rooftop Solar (RTS) Projects by the year 2022.</p><p><br /></p><p>SCHEMES OF MINISTRY OF NEW AND RENEWABLE ENERGY (MNRE)</p><p><br /></p><p>1)&nbsp;&nbsp;&nbsp;&nbsp; Pradhan Mantri Kisan Urja Suraksha Evam UtthaanMahabhiyaan (PM KUSUM)</p><p><br /></p><p>PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evamUtthaanMahabhiyan)&nbsp;Scheme is aimed at ensuring energy security for farmers in India, along with honouring India`s commitment to increase the share of installed capacity of electric power from non-fossil-fuel sources to 40% by 2030 as part of Intended Nationally Determined Contributions (INDCs).</p><p><br /></p><p>The Scheme consists of three components:</p><p><br /></p><p>�&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Component A: 10,000 MW of Decentralized Ground Mounted Grid Connected Renewable Power Plants of individual plant size up to 2 MWwill be setup by individual farmers/ group of farmers/ cooperatives/ panchayats/ Farmer Producer Organisations (FPO)/Water User associations (WUA) on barren/fallow land.</p><p>�&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Component B: Installation of 17.50 lakh standalone Solar Powered Agriculture Pumps of individual pump capacity up to 7.5 HPfor replacement of existing diesel Agriculture pumps / irrigation systems in off-grid areas, where grid supply is not available.&nbsp;</p><p>�&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Component C: Solarisation of 10 Lakh Grid-connected Agriculture Pumps. Under this Component, individual farmers having grid connected agriculture pump will be supported to solarise pumps.&nbsp;</p><p><br /></p><p><br /></p><p>2)&nbsp;&nbsp;&nbsp;&nbsp; Atma Nirbhar Bharat- Production Linked Incentive Scheme (PLI)</p><p><br /></p><p>Accordingly, PLI schemes to create manufacturing global champions for an AtmaNirbhar Bharat have been announced for 13 sectors including manufacturing of `High Efficiency Solar PV Modules`. The government has committed nearly Rs. 1.97 lakh crores, over 5 years starting FY 2021-22 including Rs. 4500 crore for `High Efficiency Solar PV Modules` which will be will be implemented by Ministry of New &amp; Renewable Energy (MNRE). It will help bring scale and size in Solar PV manufacturing, create and nurture global champions and provide jobs to youth. The PLI schemes will incentivize new Gigawatt (GW) scale solar PV manufacturing facilities in India. The EFC meeting for formulating a scheme in this regard has already been held. It will now be taken to the Cabinet for final approval. The scheme will reward efficiency of solar modules as well as local value addition.</p><p><br /></p><p>Solar capacity addition presently depends largely upon imported solar PV cells and modules as the domestic manufacturing industry has limited annual capacity of around 2,500 MW for solar PV cells and operational annual capacity of 9,000-10,000 MW for solar PV modules.</p><p><br /></p><p>Under the PLI Scheme 10,000 MW capacity of integrated solar PV manufacturing plants (from manufacturing of wafer-ingot to high efficiency modules) will be set up by Q4 of 2022-23 with the direct investment for around Rs. 14,000 crore. Due to inbuilt incentive for higher efficiency module and local value addition, it is expected that the successful manufacturers will invest in R&amp;D for achieving more efficiency and source their input material locally for more PLI benefits. The scheme will additionally create further demand of Rs 17,500 crore over a period of 5 years for locally produced balance of materials like EVA, Solar glass, Backsheet, Junction box etc, which will help in the development and augmentation of entire ecosystem associated with Solar PV manufacturing.</p><p><br /></p><p><br /></p><p>3)&nbsp;&nbsp;&nbsp;&nbsp; Development of Solar Parks and Ultra Mega Solar Power projects</p><p>Solar power projects can be set up anywhere in the country, however the scattering of solar power projects leads to higher project cost per MW and higher transmission losses. Individual projects of smaller capacity incur significant expenses in site development, drawing separate transmission lines to nearest substation, procuring water and in creation of other necessary infrastructure. It also takes a long time for project developers to acquire land, get change of land use and various permissions, etc. which delays the project. To overcome these challenges, the scheme for `Development of Solar Parks and Ultra-Mega Solar Power Projects` was rolled out in December, 2014 with an objective to facilitate the solar project developers to set up projects in a plug and play model.</p><p><br /></p><p>This scheme is valid till 31.03.2022.The scheme for `Development of Solar Parks and Ultra Mega Solar Power Projects` was rolled out by Ministry of New &amp; Renewable Energy on 12-12-2014. Under this scheme, it was proposed to set up at least 25 Solar Parks and Ultra Mega Solar Power Projects targeting over 20,000 MW of solar power installed capacity within a span of 5 years starting from 2014-15.</p><p><br /></p><p>4)&nbsp;&nbsp;&nbsp;&nbsp; Grid Connected Solar Rooftop Programme</p><p><br /></p><p>The Scheme is published for or achieving cumulative capacity of 40,000 MW from Rooftop Solar (RTS) Projects by the year 2022. This scheme is valid till 31.12.2022. As the Scheme is to be implemented through Power Distributing companies (DISCOMs), therefore, the residential consumer who wishes to seek CFA has to approach the DISCOMs operating in his area for installation of rooftop solar plant and get the CFA. Power Distributing companies (DISCOMs) operating in his area for installation of rooftop solar plant and get the CFA. One can approach either the portal of the DISCOM, if available, or visit the local office of the DISCOM in his area.</p><p><br /></p><p>Phase II of the Grid connected rooftop solar programme was approved for with a target for achievinga cumulative capacity of 40,000 MW from Rooftop Solar (RTS) Projects by the year 2022 in February2019. Operational guidelines were issued on 20th August, 2019.</p><p><br /></p><p>Under the Phase II of the Grid connected rooftop solar programme Central Financial Assistance (CFA)up-to 40% of the benchmark cost is provided for RTS projects up to 3 kW capacity and 20% for RTSsystem capacity beyond 3 kW and up to 10 kW in residential sectors. For Group Housing Societies/Residential Welfare Associations (GHS/RWA), CFA is limited to 20% for RTS plants for supply of powerto common facilities maximum upto 500 kW capacity. The programme is being implemented throughpower distribution companies (DISCOMs)/Electricity Department of States and UTs</p><p><br /></p><p>(Source:https://mnre.gov.in/solar/schemes)</p><p><br /></p><p>5)&nbsp;&nbsp;&nbsp;&nbsp; Har Ghar Jal- Jal Jeevan Mission</p><p>(Functional Household Tap Connection (FHTC) to every household by 2024)</p><p><br /></p><p>In his address to the nation on Independence Day-2019, Hon`ble Prime Minister of India announced Jal Jeevan Mission (JJM) to be implemented in partnership with States, to provide functional household tap connection to every household by 2024. Prime Minister has given a call to make water everyone`s business - a Jan Andolan.</p><p><br /></p><p>On 15 August, 2019, piped water supply covered about 17% of rural households, when the Prime Minister had announced potable tap water supply to every household by 2024 under Jal Jeevan Mission. The mission emerged from a realization that reliable access to potable water is the cornerstone of sustainable rural development. It has been 22 months since the announcement of the mission, and tap water supply has increased from 3.23 Crore (17%) to 7.63 Crore (39.7%), Covid-19 pandemic limitations notwithstanding. In spite of this good progress made so far, still about 11.56 Crore rural households to be provided with tap water supply in next 3 years, a gigantic task by any measure.</p><p><br /></p><p>In the first quarter of 2021-22, about 28 lakh households have been provided with tap water connections. At present, 7,82,41,464 lakh households provided with tap connections; Now daily 1 lakh families are being given tap connections.</p><p><br /></p><p>Out of 6.04 lakh villages in the country, as of now, more than 95 thousand villages (16%) have already achieved 100% tap water supply to rural households. In another 1.25 lakh villages, water supply works are at different stages of completion. Similarly, out of 19.20 Crore rural households, now more than 7.63 Crore households have tap water supply. In these 22 months, despite CoVid -19, the coverage has increased from 17% to 39.78% by providing tap water connections to 4.39 Crore households.</p><p><br /></p><p>6)&nbsp;&nbsp;&nbsp;&nbsp; Scheme for Development of Solar Parks and Ultra Mega Solar Power Projects:</p><p><br /></p><p>The Scheme for Development of Solar Parks and Ultra Mega Solar Power Projects was rolled outon 12-12-2014 with aggregate capacity 20,000 MW. Further, the capacity of the Solar Park Schemewas enhanced from 20,000 MW to 40,000 MW on 21-03-2017 to set up at least 50 Solar Parks by2021-22.</p><p><br /></p><p>Solar Park is a large chunk of land developed with all necessary infrastructure and clearancesfor setting up of Solar projects. The capacity of the Solar Parks is generally 500 MW and above.However, smaller parks (up to 20 MW) are also considered in States or UTs where there is shortageof non-agricultural land. Approximately 4 to 5 acres per MW of land is required for setting up Solar</p><p>Parks. The total Central Grants approved under the Scheme is Rs. 8,100 crore.</p><p><br /></p><p>Under the scheme, the Ministry provides Central Financial Assistance (CFA) of up to _ 25 lakh persolar park for preparation of Detailed Project Report (DPR). Beside this, CFA of up to _ 20.00 lakhper MW (12 Lakh/MW for development of internal infrastructure of solar park and _ 8 Lakh/MWfor development of external power evacuation infrastructure of solar park) or 30% of the projectcost, including Grid-connectivity cost, whichever is lower, is also provided on achieving themilestones prescribed in the scheme. The approved grant is released by Solar Energy Corporationof India Ltd. (SECI) as per milestones.</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE</p><p><br /></p><p>The Company`s financial performance for the year ended March 31, 2021 is summarized below:</p><p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p><p>(? in Lakhs)</p><p></p><table><tbody><tr><td class="bordered"><p>PARTICULARS</p></td><td class="bordered"><p>STANDALONE</p></td></tr><tr><td class="bordered"><p>YEAR ENDED</p><p>31.03.2022</p></td><td class="bordered"><p>YEAR ENDED</p><p>31.03.2021</p></td></tr><tr><td class="bordered"><p>I. Net Sales/Income from Operations</p></td><td class="bordered"><p>718.68</p></td><td class="bordered"><p>2452.39</p></td></tr><tr><td class="bordered"><p>II. Other Income</p></td><td class="bordered"><p>30.43</p></td><td class="bordered"><p>25.52</p></td></tr><tr><td class="bordered"><p>III. Total Income (I+II)</p></td><td class="bordered"><p>749.12</p></td><td class="bordered"><p>2477.91</p></td></tr><tr><td class="bordered"><p>IV. Earnings Before Interest, Taxes, Depreciation and Amortization Expense</p></td><td class="bordered"><p>(691.18)</p></td><td class="bordered"><p>78.88</p></td></tr><tr><td class="bordered"><p>V. Finance Cost</p></td><td class="bordered"><p>6.27</p></td><td class="bordered"><p>9.95</p></td></tr><tr><td class="bordered"><p>VI. Depreciation and Amortization Expense</p></td><td class="bordered"><p>40.07</p></td><td class="bordered"><p>40.41</p></td></tr><tr><td class="bordered"><p>VII. Profit Before Tax (IV-V-VI)</p></td><td class="bordered"><p>(737.53)</p></td><td class="bordered"><p>28.52</p></td></tr><tr><td class="bordered"><p>VIII. Tax Expense:</p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>i Current Tax Expense</p></td><td class="bordered"><p>0.00</p></td><td class="bordered"><p>11.93</p></td></tr><tr><td class="bordered"><p>ii MAT Credit</p></td><td class="bordered"><p>0.00</p></td><td class="bordered"><p>0.00</p></td></tr><tr><td class="bordered"><p>iii MAT Credit Relating to prior years</p></td><td class="bordered"><p>0.00</p></td><td class="bordered"><p>0.00</p></td></tr><tr><td class="bordered"><p>iv Tax Expense Relating to prior years</p></td><td class="bordered"><p>0.00</p></td><td class="bordered"><p>0.00</p></td></tr><tr><td class="bordered"><p>v Deferred Tax (Asset)/Liabilities</p></td><td class="bordered"><p>(0.92)</p></td><td class="bordered"><p>(1.04)</p></td></tr><tr><td class="bordered"><p>IX. Profit After Tax (VII-VIII)</p></td><td class="bordered"><p>(737.44)</p></td><td class="bordered"><p>17.63</p></td></tr></tbody></table><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS ANDRETURN ON NETWORTH</p><p><br /></p><p>The Key Financial Ratios during Financial Year 2021-2022 vis-�-vis Financial Year 2020-2021 are as below:</p><div><table><tbody><tr><td class="bordered"><p>Particulars</p></td><td class="bordered"><p>F.Y. 2021-22</p></td><td class="bordered"><p>F. Y. 2020-21</p></td><td class="bordered"><p>% Change from Last Year</p></td><td class="bordered"><p>* Explanation for Change in Ratio (for more than 25% in comparison with last year)</p></td></tr><tr><td class="bordered"><p>Debtors Turnover Ratio</p></td><td class="bordered"><p>0.97</p></td><td class="bordered"><p>1.67</p></td><td class="bordered"><p>-41.92</p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>Creditors Turnover Ratio</p></td><td class="bordered"><p>1.92</p></td><td class="bordered"><p>4.79</p></td><td class="bordered"><p>-59.92</p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>Inventory Turnover Ratio</p></td><td class="bordered"><p>2.23</p></td><td class="bordered"><p>2.17</p></td><td class="bordered"><p>-2.76</p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>Current Ratio</p></td><td class="bordered"><p>2.36</p></td><td class="bordered"><p>2.79</p></td><td class="bordered"><p>-15.41</p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>Interest Coverage Ratio</p></td><td class="bordered"><p>-143.68</p></td><td class="bordered"><p>5.07</p></td><td class="bordered"><p>-2933.93</p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>Debt Equity Ratio</p></td><td class="bordered"><p>0.12</p></td><td class="bordered"><p>0.01</p></td><td class="bordered"><p>1100</p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>Operating Profit Margin Ratio</p></td><td class="bordered"><p>-104.65</p></td><td class="bordered"><p>0.57%</p></td><td class="bordered"><p>-18459.65</p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>Net Profit Margin</p></td><td class="bordered"><p>-102.61</p></td><td class="bordered"><p>1.15%</p></td><td class="bordered"><p>-9022.61</p></td><td class="bordered"><p><br /></p></td></tr><tr><td class="bordered"><p>Return on Net Worth</p></td><td class="bordered"><p>-21.62</p></td><td class="bordered"><p>0.47%</p></td><td class="bordered"><p>-4700</p></td><td class="bordered"><p><br /></p></td></tr></tbody></table></div><p><br /></p><p>CAUTIONARY STATEMENT</p><p><br /></p><p>Statement in this report describing the Company`s objectives projections estimates and expectation may constitute `forward looking statement` within the meaning of applicable laws and regulations. Forward looking statements are based on certain assumption and expectations of future events. These Statements are subject to certain risk and uncertainties. The Company cannot guarantee that these assumption and expectations are accurate or will be realized. The actual results may different from those expressed or implied since the Company`s operations are affected by many external and internal factors which are beyond the control of the management. Hence the Company assumes no responsibility in respect of forward-looking statements that may be amended or modified in future on the basis of subsequent developments information or events.</p><p><br /></p><p>For and on behalf of the Board of Directors</p><p><br /></p><p><br /></p><p><br /></p><p>Sd/-</p><p>Piyushkumar Babubhai Thumar</p><p>Place: Ahmedabad&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman &amp; Managing Director</p><p>Date: September 08, 2022&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (DIN:02785269)</p><p>ANNEXURE- V</p><p><br /></p><p><br /></p><p><span>Form No. MR-3</span><span></span></p><p><span>For the financial year ended March 31, 2022</span></p><p><span>[Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]</span><span></span></p><p><span>To, </span></p><p><span>The Members, </span></p><p><span>BRIGHT SOLAR LIMITED</span></p><p><span>C-103, Titanium Square, Thaltej Cross Road, </span></p><p><span>S.G Highway, Thaltej, Ahmedabad - 380059</span></p><p><span>I</span><span> have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by BRIGHT SOLAR LIMITED (CIN L51109GJ2010PLC060377)(hereinafter called &apos;the Company&apos;). Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/ statutory compliances and expressing my opinion thereon. </span></p><p><span>Based on our verification of the Company&apos;s books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on 31st March, 2022 (hereinafter called the &apos;Audit Period&apos;) complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:<span></span></span><span>I</span><span> have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2021 according to the provisions of: </span></p><p><span>We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2022 according to the provisions of:</span></p><p><span><span>i.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Companies Act, 2013 (&quot;the Act&quot;) and the rules made there under as applicable;</span></p><p><span><span>ii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities Contracts (Regulation) Act, 1956 (&quot;SCRA&quot;) and the rules made there under;</span></p><p><span><span>iii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;</span></p><p><span><span>iv.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Foreign Exchange Management Act, 1999 (FEMA) and the rules and regulations made there under to the extent of Foreign Direct Investment;</span></p><p><span><span>v.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (&quot;SEBI Act&quot;):-</span></p><p><span><span>a)<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;</span></p><p><span><span>b)<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;</span></p><p><span><span>c)<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Listing Agreement entered with National Stock Exchange of India Limited (NSE);</span></p><p><span><span>vi.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Revised Secretarial Standards issued by the Institute of Company Secretaries of India.</span></p><p><span>During the year under the report, the provisions of the Acts, Rules, Regulations, Guidelines, Standards, etc. mentioned above read with circulars, notifications and amended rules, regulations, standards etc. issued by the Ministry of Corporate Affairs, Securities and Exchange Board of India and such regulatory authorities for such acts, rules, regulations, standards etc. as may be applicable, from time to time issued for compliances under the pandemic situation, have been complied with by the Company except to the following observations:-</span></p><p><span><span><span>1.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Company has not attached Audit Report to Financial Statement which is dispatched to shareholders for FY 2020-21. As required under Section 134 (2) of Companies Act 2013;</span></span></p><p><span><span><span>2.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Company has not given explanations of or comments by the Board on every qualification, reservation or adverse remark or disclaimer made by the auditor in their Board Report and by the company secretary in practice in her secretarial audit report as required under Section 134(3)(f) of Companies Act 2013;</span></span></p><p><span><span><span>3.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Contra Trade as per code of internal procedures and conduct for prevention of insider trading in securities as per Regulation 9 of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 as amended</span></span></p><p><span><span><span>�<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Contra Trade (Buy as well sell) has been executed by<span>&nbsp; </span>Mr. Piyushkumar Babubhai Thummar (PAN:-<span>&nbsp; </span>AGRPT9202C) within a period of 6 months during FY 2021-22.</span></span></p><p><span><span><span>4.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Company has not transferred unspent amount of CSR amount of FY 2020-21 earmarked for Corporate Social Responsibility activities within a period of six months from the end of the financial year 2020-21 to a Fund specified in Schedule VII.</span></span></p><p><span><span><span>5.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>There was delay in reporting of information of Designated Persons under System Driven Disclosures (SDD) for Insider.</span></span><span><span></span></span><span><span></span></span></p><p><span><span><span>�<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Change (Addition/Deletion) in Designated Persons was not updated on the same day as required under SEBI Circular No. SEBI/HO/ISD/ISD/CIR/P/2020/168 dated September 9, 2020. </span></span><span><span></span></span></p><p><span><span></span></span>&nbsp;</p><p><span><span>We further report that, </span></span><span><span>company being engaged in assembling of DC/AC Solar Pump Systems,</span></span><span><span> there is no specific act applicable to Company. </span></span></p><p><span><span></span></span>&nbsp;</p><span></span><p><span>During the Period under review, provisions of the following Acts, Rules, Regulations, and Standards are not applicable to the Company,</span></p><p><span><span>i.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client; - the Company is not registered as Registrar to an Issue &amp; Share Transfer Agent. However, the Company has appointed Accurate Securities and Registry Private Limited as Registrar &amp; Share Transfer Agent as per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015;</span></p><p><span><span><span>ii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;</span></span></p><p><span><span><span>iii.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;</span></span></p><p><span><span><span>iv.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;</span></span></p><p><span><span><span>v.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;</span></span></p><p><span><span><span>vi.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018; and</span></span></p><p><span><span><span>vii.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of Overseas Direct Investment and External Commercial Borrowings.</span></span></p><span></span><p><span>We further report that -</span></p><p><span>The Board of Directors of the Company is duly constituted with Executive Directors, Non-Executive Director, Independent Directors and Woman Director in accordance with the act. The changes in the composition that took place during the period under review were carried out in compliance with the provisions of the Act.</span></p><p><span>Since none of the members have communicated dissenting views in the matters / agenda proposed from time to time for consideration of the Board and Committees thereof, during the year under the report, hence were not required to be captured and recorded as part of the minutes.</span></p><p><span>We further report that -</span></p><p><span>There are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.</span></p><p><span>We Further report that during the period under review:-</span></p><p><span><span>�<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Stake of Promoter and Promoter Group reduced from 62.24% as on March 31, 2021 to 0.24% as on March 31, 2022.</span></p><p><span><span>�<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>GLE India Solar Private Limited (&quot;applicant company&quot;) has filed petition with NCLT Bench, Ahmedabad under Insolvency &amp; Bankruptcy Code, 2016, detail are as under:-</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Sr. No. </span></p></td><td class="bordered"><p><span>Details </span></p></td></tr><tr><td class="bordered"><p><span><span>1.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>&nbsp;</span></p></td><td class="bordered"><p><span>Brief Details of litigation:- GLE India Solar Private Limited (&quot;applicant company&quot;) has filed petition with NCLT Bench, Ahmedabad under Insolvency &amp; Bankruptcy Code, 2016. The business agreement was entered into by one parent company of the applicant with Bright Solar Limited (&quot;Respondent&quot;)<span>&nbsp; </span>and respondent suddenly cancelled the agreement invoking Force majure clause. Deed of Debt assignment was executed by Ningbo and applicant.</span></p></td></tr><tr><td class="bordered"><p><span><span>2.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>&nbsp;</span></p></td><td class="bordered"><p><span>Expected financial implications, if any, due to compensation, Penalty etc;- Rs. 4,02,37,377/-</span></p></td></tr><tr><td class="bordered"><p><span><span>3.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>&nbsp;</span></p></td><td class="bordered"><p><span>Quantum of claims, if any- Under review with legal consultant to make counter claim.</span></p></td></tr></tbody></table><p><span></span>&nbsp;</p><p></p><table><tbody><tr><td class="bordered"><p><span>Place: </span><span>Ahmedabad</span></p><p><span>Date: September 8, 2022</span><span></span></p></td><td class="bordered"><p><span>PAYAL DHAMECHA</span></p><p><span>Practicing Company Secretary</span></p><p><span>ACS No.: 47303 COP No. 20411</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span>&nbsp;&nbsp;&nbsp;</span><span>&nbsp;</span>UDIN: A047303D000941471</span></p></td></tr></tbody></table><div><p><span>Note: This Report is to be read with my letter of above date which is annexed as Annexure I and forms an integral part of this report.</span></p></div><p><span></span>&nbsp;</p><p><span></span>&nbsp;</p><p><span></span>&nbsp;</p><p><span></span>&nbsp;</p><p><span></span>&nbsp;</p><p><span></span>&nbsp;</p><p><span></span>&nbsp;</p><p><span></span>&nbsp;</p><p><span></span>&nbsp;</p><p><span></span>&nbsp;</p><p><span></span>&nbsp;</p><p><span></span>&nbsp;</p><p><span>Annexure I</span><span></span></p><p><span>To,<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p><p><span>The Members</span><span></span></p><p><span>BRIGHT SOLAR LIMITED</span></p><p><span>C-103, Titanium Square, Thaltej Cross Road, </span></p><p><span>S.G Highway, Thaltej, Ahmedabad - 380059</span></p><p><span>My report of even date is to be read along with this letter.</span></p><p><span><span>1.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Maintenance of secretarial records is the responsibility of the management of the Company. My responsibility is to express an opinion on these secretarial records based on my audit.</span></p><p><span><span>2.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of secretarial records. The verification was done based on the records and documents provided to me, on test basis, to ensure that correct facts are reflected in secretarial records. I believe that the processes and practices followed by me provide a reasonable basis for my opinion.</span></p><p><span><span>3.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>I have not verified the correctness and appropriateness of financial records and books of accounts of the Company.</span></p><p><span><span>4.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Wherever required, I have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.</span></p><p><span><span>5.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The compliance of the provision of corporate and other applicable laws, rules, regulations, standards is the responsibility of management. My examination was limited to verification of procedures on test basis.</span></p><p><span><span>6.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The Secretarial Audit report is neither an assurance as to the future viability of the Company nor the efficacy or effectiveness with which the management has conducted the affairs of the Company.</span></p><p><span></span>&nbsp;</p><p></p><table><tbody><tr><td class="bordered"><p><span>Place: </span><span>Ahmedabad</span></p><p><span>Date: September 8, 2022</span><span></span></p></td><td class="bordered"><p><span>PAYAL DHAMECHA</span></p><p><span>Practicing Company Secretary</span></p><p><span>ACS No.: 47303 COP No. 20411</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span>&nbsp;</span>UDIN:A047303D000941471</span><span></span></p></td></tr></tbody></table> 2) FINANCIAL PERFORMANCE The audited financial statements of your Company as on March 31, 2022, prepared in accordance with the relevantapplicable Generally Accepted Accounting Standards and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015and provisions of the Companies Act, 2013, forms part of this Annual Report. The keyaspects of your Company's performance during the financial year 2021-22 are as follows: During the Year under review, the Company recorded revenue from operations of ? 718.68lacs as compared to the previous year was ? 2,452.39lacs which is decreased by 70.69 % on Y-o-Y. The Net loss is? 737.44lacs as compared to the previous year was Net Profit is ? 17.63lacs. Your Company has not transferred any amount to the General Reserve and the same is retained in the Profit and loss account. 3) DIVIDEND The Board of Directors of the company has not declared dividend for the financial year 2021-22. i.) The steps taken or impact on conservation of energy: The Company has taken measures and applied strict control system to monitor day to day power consumption, to endeavour to ensure the optimal use of energy with minimum extent possible wastage as far as possible. The day today consumption is monitored and various ways and means are adopted to reduce the power consumption in an effort to save energy. ii.) The steps taken by the Company for utilizing alternate sources of energy: The Company has not taken any step for utilizing alternate sources of energy. iii.) The capital investment on energy conservation equipment: During the year under review, Company has not incurred any capital investment on energy conservation equipment. B. Technology absorption - i.) The effort made towards technology absorption: The Company has not imported any technology and hence there is nothing to be reported here. ii.) The benefit derived like product improvement, cost reduction, product development or import substitution: None iii.) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year) - a. The details of technology imported: None b. The year of import: None c. Whether the technology has been fully absorbed: None d. If not fully absorbed, areas where absorption has not taken place, and the reasons thereof: None iv.) The expenditure incurred on Research and Development: During the year under review, the Company has not incurred any Expenditure on Research and Development C. Foreign Exchange Earnings & Expenditure: i.) Details of Foreign Exchange Earnings: (? in Lakhs) Sr. No. Particulars F.Y. 2021-22 F.Y. 2020-21 1. Foreign Exchange Earnings 0.00 0.00 ii.) Details of Foreign Exchange Expenditure: (? in Lakhs) Sr. No. Particulars F.Y. 2021-22 F.Y. 2020-21 1. Foreign Exchange Expenditure 0.00 0.00 Pursuant to section 134(5) of the Companies Act, 2013 the Board of Directors to the best of their knowledge and ability confirm that: a) In preparation of Annual Accounts for the year ended March 31, 2021 the applicable accounting standards have been followed and that no material departures have been made from the same; b) The Directors have selected such accounting policies and applied them consistently and have made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year and of the profit or loss of the Company for that year; c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) The Directors have prepared the Annual Accounts for the year ended March 31, 2021 on going concern basis; e) The Directors have laid down the internal financial controls to be followed by the Company and that such Internal Financial Controls are adequate and were operating effectively; and f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. MATERIAL CHANGES AND COMMITMENT There are no material changes and commitments affecting the financial position of the Company have occurred between the end of Financial Year of the Company i.e. March 31, 2022 to the date of this Report. <p><span>PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS</span></p><p><span>&nbsp;</span></p><p><span>Details of Loans Guarantees Investments and Security covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statement.</span></p> <p><span>23) RELATED PARTY TRANSACTIONS</span></p><p><span>&nbsp;</span></p><p><span>All Related Party Transactions entered into during the financial year were on an arm&apos;s length basis and were in the ordinary course of business. Your Company had not entered into any transactions with the related parties which could be considered material in terms of Section 188 of the Companies Act, 2013. Accordingly, the disclosure of related party transactions as required under Section 134(3)(h) of the Companies Act, 2013 in form AOC-2 is not applicable.</span></p><p><span>&nbsp;</span></p><p><span>The Board of the Company has adopted the Policy and procedure with regard to Related Party Transactions. The policy envisages the procedure governing the materiality of Related Party Transactions and dealing with Related Party transactions required to be followed by Company to ensure compliance with the Law and Regulation. The said Policy is available on the website of the Company at <span><span><span>http://www.brightsolarltd.com/images/investor-relations/policies/policy-on-related-party-transactions.pdf</span>.</span></span><span><span></span></span></span></p> false false <p><span>PERFORMANCE EVALUATION</span></p><p><span>&nbsp;</span></p><p><span>The Board of Directors has carried out an annual evaluation of its own performance board committees and individual directors pursuant to the provisions of the Act.</span></p><p><span>The performance of the board was evaluated by the board after seeking inputs from all the directors on the basis of the criteria such as the board composition and structure effectiveness of board processes information and functioning etc. </span></p><p><span>&nbsp;</span></p><p><span>The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings etc.</span></p><p><span>&nbsp;</span></p><p><span>The Board and the Nomination and Remuneration Committee reviewed the performance of the individual Directors on the basis of the criteria such as the contribution of the individual Director to the Board and Committee Meetings like preparedness on the issues to be discussed meaningful and constructive contribution and inputs in meetings etc. In addition, the chairman was also evaluated on the key aspects of his role.</span></p><p><span>&nbsp;</span></p> 2022-09-08 <p><span>ANNUAL RETURN</span></p><p><span>&nbsp;</span></p><p><span>The Annual Return of the Company as on March 31, 2022 is available on the Company&apos;s website and can be accessed at </span><span>http://www.brightsolarltd.com/investor-relations/Annual-Report</span><span>.</span><span></span></p> <p><span>INDEPENDENT DIRECTORS</span></p><p><span>&nbsp;</span></p><p><span>The Company has received necessary declaration from each Independent Director under Section 149 (7) of the act that they meet the criteria of independence laid down in Section 149 (6) of the Act. Further, all the Independent Directors of the Company have registered themselves in the Independent Director Data Bank.<span>&nbsp; </span></span></p><p><span>&nbsp;</span></p><p><span>The Policy for selection of Directors and determining Directors&apos; independence sets out the guiding principles for theNomination and Remuneration Committee for identifying persons who are qualified to become Directors and todetermine the independence of Directors, in case of their appointment as Independent Directors of the Company. ThePolicy also provides for the factors in evaluating the suitability of individual Board members with diverse backgroundand experience that are relevant for the Company&apos;s operations. The said policy is put up on the Company&apos;s websiteandcan be accessed at</span><span><span><span>http://www.brightsolarltd.com/investor-relations/terms-of-appointment-of-independent-director</span></span></span><span><span>.</span></span><span></span></p><p><span>&nbsp;</span></p> <p><span>.<span>&nbsp;&nbsp; </span></span><span>NOMINATION AND REMUNERATION COMMITTEE</span><span></span></p><p><span>&nbsp;</span></p><p><span>The Board of Directors in their meeting held on 2nd February, 2018 has formed Nomination and Remuneration committee in line with the provisions of Section 178 of the Companies Act 2013. The detailed terms of reference of the Committee are as per Section 178 of the Companies Act, 2013.</span></p><p><span>&nbsp;</span></p><p><span>The Board has framed a policy for selection and appointment of Directors, Senior Management and their remuneration as recommended by the Nomination &amp; Remuneration Committee. </span></p><p><span>&nbsp;</span></p><p><span>The details of program for familiarization of Independent Directors with the company, their roles, rights, responsibilities in the company, nature of the industry in which the company operates, business model of the company and related matters are put upon the website of the company.</span></p><p><span>&nbsp;</span></p><p><span>Composition of Nomination &amp; Remuneration Committee at the beginning of the year:</span></p><p><span>&nbsp;</span></p><table><tbody><tr><td class="bordered"><p><span>Name</span></p></td><td class="bordered"><p><span>DIN</span></p></td><td class="bordered"><p><span>Designation</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Phoolkumar Saluja*</span></p></td><td class="bordered"><p><span>08035523</span></p></td><td class="bordered"><p><span>Chairperson</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Chalapathi Satya Venkata Mogalapalli</span></p></td><td class="bordered"><p><span>07032007</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Jagrutiben Rameshbhai Joshi</span></p></td><td class="bordered"><p><span>07737814</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>*During the year under review, Mr. Phool Kumar Saluja has tendered his resignation on 16th September, 2020 from the position of Independent Directorof the company.</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Reconstitution of Nomination &amp; Remuneration Committee in the Board meeting held on 23rd December, 2020:</span></p><p><span>&nbsp;</span></p><table><tbody><tr><td class="bordered"><p><span>Name</span></p></td><td class="bordered"><p><span>DIN</span></p></td><td class="bordered"><p><span>Designation</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Viren Rajeshkumar Makwana*</span></p></td><td class="bordered"><p><span>09007676</span></p></td><td class="bordered"><p><span>Chairperson</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Chalapathi Satya Venkata Mogalapalli**</span></p></td><td class="bordered"><p><span>07032007</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Jagrutiben Rameshbhai Joshi</span></p></td><td class="bordered"><p><span>07737814</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>*During the year under review, Mr. Viren Rajeshkumar Makwana was appointed as an Additional Independent Director of the company w.e.f. 23rd Dec, 2020.</span><span>He is admitted as member of the Stakeholder&apos;s Relationship Committee of the Company w.e.f. 23rd December, 2021.</span></p><p><span>&nbsp;</span></p><p><span>**During the year under review, Mr. Chalapathi Satya Venkata Mogalapalli has tendered his resignation on 18th March, 2021 from the position of an Independent Director of the company.</span><span></span></p><p><span>&nbsp;</span></p><p><span>Present Composition of </span><span>Nomination &amp; Remuneration Committee </span><span>(Reconstituted in the Board meeting held on 23rd July, 2021):</span></p><p><span>&nbsp;</span></p><table><tbody><tr><td class="bordered"><p><span>Name</span></p></td><td class="bordered"><p><span>DIN</span></p></td><td class="bordered"><p><span>Designation</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Viren Rajeshkumar Makwana</span></p></td><td class="bordered"><p><span>09007676</span></p></td><td class="bordered"><p><span>Chairperson</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Shivangi Bipinchandra Gajjar*</span></p></td><td class="bordered"><p><span>07243790</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Jagrutiben Rameshbhai Joshi</span></p></td><td class="bordered"><p><span>07737814</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>*In the Board Meeting held on 23rd July, 2021, Mrs. Shivangi Gajjar was appointed as an Additional Independent Director of the company w.e.f. 23rd July, 2021 and regularized in the ensuing AGM held on September 28, 2021.She is admitted as member of the </span><span>Nomination &amp; Remuneration Committee </span><span>of the Company w.e.f. 23rd July, 2021.</span></p><p><span>&nbsp;</span></p><p><span>During the year under review Nomination and Remuneration Committee met 4 (Four) time viz on April 22, 2021, July 23, 2021, August 27, 2021 and March 30, 2022. The composition of the Committee and the details of meetings attended by its members are given below:</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><table><tbody><tr><td class="bordered"><p><span>Name of the Directors</span></p></td><td class="bordered"><p><span>Category</span></p></td><td class="bordered"><p><span>Designation</span></p></td><td class="bordered"><p><span>Number of meetings during the Financial Year 2020-21</span></p></td></tr><tr><td class="bordered"><p><span>Held</span></p></td><td class="bordered"><p><span>Eligible to attend</span></p></td><td class="bordered"><p><span>Attended</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Viren Makwana </span><span></span></p></td><td class="bordered"><p><span>Independent Director</span></p></td><td class="bordered"><p><span>Chairperson<span></span></span></p></td><td class="bordered"><p><span>4</span></p></td><td class="bordered"><p><span>4</span></p></td><td class="bordered"><p><span>4</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Jagrutiben Joshi </span><span></span></p></td><td class="bordered"><p><span>Non-Executive Director</span></p></td><td class="bordered"><p><span>Member<span></span></span></p></td><td class="bordered"><p><span>4</span></p></td><td class="bordered"><p><span>4</span></p></td><td class="bordered"><p><span>4</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Shivangi Gajjar </span><span>(Appointed on 23rdJuly, 2021)</span><span></span></p></td><td class="bordered"><p><span>Independent Director</span></p></td><td class="bordered"><p><span>Member </span></p></td><td class="bordered"><p><span>4</span></p></td><td class="bordered"><p><span>2</span></p></td><td class="bordered"><p><span>2</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>Nomination and Remuneration Policy</span></p><p><span>&nbsp;</span></p><p><span>Nomination and Remuneration Policy in the Company is designed to create a high-performance culture. It enables the Company to attract motivated and retained manpower in competitive market, and to harmonize the aspirations of human resources consistent with the goals of the Company. The Company pays remuneration by way of salary, benefits, perquisites and allowances to its Executive Directors and Key Managerial Personnel. </span></p><p><span>&nbsp;</span></p><p><span>The Nomination and Remuneration Policy, as adopted by the Board of Directors, is placed on the website of the Company at </span><span><span><span>http://www.brightsolarltd.com/images/investor-relations/policies/nomination-and-remuneration-policy.pdf</span>.</span></span><span></span></p> <p><span>RISK MANAGEMENT AND INTERNAL CONTROL SYSTEM</span></p><p><span>&nbsp;</span></p><p><span>The company has established a well-defined process of risk management, wherein the identification,analysis and assessment of the various risks, measuring of the probable impact of such risks, formulation of risk mitigation strategy and implementation of the same takes place in a structured manner. Though, the various risks associated with the business cannot be eliminated completely, all efforts are made to minimize the impact of such risks on the operations of the company. The require internal control systems are also put in place by the company on various activities across the board to ensure that business operations are directed towards attaining the stated organizational objectives with optimum utilization of the resources.</span></p><p><span>&nbsp;</span></p> <p><span>Corporate Social Responsibility</span></p><p><span>&nbsp;</span></p><p><span>The Annual report on CSR Activities is attached as an <span>Annexure- VI.</span></span></p><span><span><p><span>ANNEXURE - VI</span></p><p><span>&nbsp;</span></p><p><span>ANNUAL REPORT ON CSR ACTIVITIES</span><span><span>[ns1]<span>&nbsp;</span></span></span><span></span></p><p><span>&nbsp;</span></p><p><span><span>1.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Brief outline on CSR Policy of the Company</span></p><p><span>&nbsp;</span></p><p><span>The main objective of CSR Policy of the Company encompasses the ideas of corporate governance, sustainable wealth creation, corporate philanthropy and advocacy for the goals of the community. The projects undertaken will be within the broad framework of Schedule VII of the Companies Act, 2013. The Company has framed its CSR Policy in compliance with the provisions of the Companies Act, 2013 and the same is placed on the Company&apos;s website and may be accessed at </span><span>http://www.brightsolarltd.com/images/investor-relations/policies/policy-on-corporate-social-responsibilty.pdf</span><span></span></p><p><span>&nbsp;</span></p><p><span><span>2.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Composition of CSR Committee as at March 31, 2022:</span><span></span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Sl. No.</span><span></span></p></td><td class="bordered"><p><span>Name of Director</span><span></span></p></td><td class="bordered"><p><span>Designation </span><span></span></p></td><td class="bordered"><p><span>Designation in Committee</span><span></span></p></td></tr><tr><td class="bordered"><p><span>1</span></p></td><td class="bordered"><p><span>Mr. Viren Makwana </span></p></td><td class="bordered"><p><span>Independent Director</span></p></td><td class="bordered"><p><span>Chairman</span></p></td></tr><tr><td class="bordered"><p><span>2</span></p></td><td class="bordered"><p><span>Ms. Jagrutiben Rameshbhai Joshi</span></p></td><td class="bordered"><p><span>Non-Executive Director</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr><tr><td class="bordered"><p><span>3</span></p></td><td class="bordered"><p><span>Mr. Ajay Raj Singh</span></p></td><td class="bordered"><p><span>Whole-Time Director </span></p></td><td class="bordered"><p><span>Member</span></p></td></tr><tr><td class="bordered"><p><span>4</span></p></td><td class="bordered"><p><span>Mrs. Shivangi Gajjar </span></p></td><td class="bordered"><p><span>Independent Director</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span><span>3.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the website of the company.</span><span></span></p><p><span><span><span>http://www.brightsolarltd.com/investor-relations/</span></span></span><span></span></p><p><span><span>&nbsp;</span></span></p><p><span><span>4.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report). :Not Applicable.</span></p><p><span>&nbsp;</span></p><p><span><span>5.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any</span><span></span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Sl. No.</span><span></span></p></td><td class="bordered"><p><span>Financial Year</span><span></span></p></td><td class="bordered"><p><span><br />Amount available for set-off from preceding financial years (in Rs)</span><span></span></p><p><span>&nbsp;</span></p></td><td class="bordered"><p><span><br />Amount required to be set-off for the financial year, if any (in Rs)</span><span></span></p><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>NIL</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span><span>6.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Average net profit of the company as per section 135(5). :487.66 Lacs</span><span></span></p><p><span><span>7.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>(a) Two percent of average net profit of the company as per section 135(5): 9.75 Lacs</span><span></span></p><p><span>(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years. NIL</span></p><p><span><span>&nbsp;</span>(c) Amount required to be set off for the financial year, if any: NIL</span></p><p><span><span>&nbsp;</span>(d) Total CSR obligation for the financial year (7a+7b-7c). 9.75 Lacs</span><span></span></p><p><span><span>8.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>&nbsp;(a) CSR amount spent or unspent for the financial year:</span><span></span></p><p></p><table><tbody><tr><td class="bordered"><p><span><br /><span>Total Amount Spent for the Financial Year. (in Rs.)</span></span><span></span></p></td><td class="bordered"><p><span>Amount Unspent (in Rs.)</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Total Amount transferred to Unspent CSR Account as per section 135(6).</span><span></span></p></td><td class="bordered"><p><span>Amount transferred to any fund specified under Schedule VII as per second proviso to section 135(5).</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Amount.</span></p></td><td class="bordered"><p><span>Date of transfer.</span><span></span></p></td><td class="bordered"><p><span>Name of the Fund</span><span></span></p></td><td class="bordered"><p><span>Amount.</span><span></span></p></td><td class="bordered"><p><span>Date of transfer.</span><span></span></p></td></tr><tr><td class="bordered"><p><span>NIL</span></p></td></tr><tr><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>* </span><span>The Company has neither transferred the unspent CSR amount to any Unspent CSR Account nor to any fund specified under Schedule VII as per second provision of Section 135(5).</span></p><p><span>(b) Details of CSR amount spent against ongoing projects for the financial year:</span><span></span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Sl. No.</span><span></span></p></td><td class="bordered"><p><span>Name of the Project.</span><span></span></p></td><td class="bordered"><p><span>Item from the list of activities in Schedule VII to the Act.</span><span></span></p></td><td class="bordered"><p><span>Local area (Yes/No).</span><span></span></p></td><td class="bordered"><p><span>Location of the project.</span><span></span></p></td><td class="bordered"><p><span>Project duration.</span><span></span></p></td><td class="bordered"><p><span>Amount allocated for the project (in Rs.).</span><span></span></p></td><td class="bordered"><p><span>Amount spent in the current financial Year (in Rs.).</span><span></span></p></td><td class="bordered"><p><span>Amount transferred to Unspent CSR Account for the project as per Section 135(6) (in Rs.).</span><span></span></p></td><td class="bordered"><p><span>Mode of Implementation - Direct (Yes/No)</span><span></span></p></td><td class="bordered"><p><span>Mode of Implementation - Through Implementing Agency</span><span></span></p></td></tr><tr><td class="bordered"><p><span>NIL</span></p></td></tr></tbody></table><p><span>(c) </span><span>Details of CSR amount spent against&nbsp;other than ongoing projects&nbsp;for the financial year:</span><span></span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Sl. No.</span><span></span></p></td><td class="bordered"><p><span>Name of the Project.</span><span></span></p></td><td class="bordered"><p><span>Item from the list of activities in Schedule VII to the Act.</span><span></span></p></td><td class="bordered"><p><span>Local area (Yes/No).</span><span></span></p></td><td class="bordered"><p><span>Location of the project.</span><span></span></p></td><td class="bordered"><p><span>Amount spent for the project (in Rs.).</span><span></span></p></td><td class="bordered"><p><span>Mode of Implementation - Direct (Yes/No)</span><span></span></p></td><td class="bordered"><p><span>Mode of Implementation - Through Implementing Agency</span><span></span></p></td></tr><tr><td class="bordered"><p><span>NIL</span></p></td></tr></tbody></table><p><span>(d) </span><span>Amount spent in Administrative Overheads: NIL</span></p><p><span>(e) Amount spent on Impact Assessment, if applicable :NA</span></p><p><span>(f) Total amount spent for the Financial Year (8b+8c+8d+8e) :NIL</span></p><p><span>(g) Excess amount for set off, if any</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Sr. No</span></p></td><td class="bordered"><p><span>Particular</span><span></span></p></td><td class="bordered"><p><span>Amount (in Rs.)</span><span></span></p></td></tr><tr><td class="bordered"><p><span>1</span></p></td><td class="bordered"><p><span>Two percent of average net profit of the company as per section 135(5)</span></p></td><td class="bordered"><p><span>Rs. 9.75 Lacs</span></p></td></tr><tr><td class="bordered"><p><span>2</span></p></td><td class="bordered"><p><span>Total amount spent for the Financial Year</span></p></td><td class="bordered"><p><span>NA</span></p></td></tr><tr><td class="bordered"><p><span>3</span></p></td><td class="bordered"><p><span>Excess amount spent for the financial year [(ii)-(i)]</span></p></td><td class="bordered"><p><span>NA</span></p></td></tr><tr><td class="bordered"><p><span>4</span></p></td><td class="bordered"><p><span><br />Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any</span></p><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>NA</span></p></td></tr><tr><td class="bordered"><p><span>5</span></p></td><td class="bordered"><p><span><br />Amount available for set off in succeeding financial years [(iii)-(iv)]</span></p><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>NA</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span><span>9.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>A) </span><span>Details of Unspent CSR amount for the preceding three financial years:</span><span></span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Sr.No</span></p></td><td class="bordered"><p><span>Preceding Financial Year.</span><span></span></p></td><td class="bordered"><p><span>Amount transferred to Unspent CSR Account under section 135 (6) (in Rs.)</span><span></span></p></td><td class="bordered"><p><span>Amount spent in the reporting Financial Year (in Rs.).</span><span></span></p></td><td class="bordered"><p><span>Amount transferred to any fund specified under Schedule VII as per section 135(6), if any.</span><span></span></p></td><td class="bordered"><p><span>Amount remaining to be spent in succeeding financial years. (in Rs.)</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Name of the Fund</span><span></span></p></td><td class="bordered"><p><span>Amount (in Rs).</span><span></span></p></td><td class="bordered"><p><span>Date of transfer.</span><span></span></p></td></tr><tr><td class="bordered"><p><span>1</span></p></td><td class="bordered"><p><span>F.Y 2017-18</span></p></td><td class="bordered"><p><span>Nil</span></p></td><td class="bordered"><p><span>Rs. 8,76,200/-</span></p></td><td class="bordered"><p><span>Nil</span></p></td><td class="bordered"><p><span>Nil</span></p></td><td class="bordered"><p><span>Nil</span></p></td><td class="bordered"><p><span>Nil</span></p></td></tr><tr><td class="bordered"><p><span>1</span></p></td><td class="bordered"><p><span>F.Y 2018-19</span></p></td><td class="bordered"><p><span>Nil</span></p></td><td class="bordered"><p><span>Nil</span></p></td><td class="bordered"><p><span>Nil</span></p></td><td class="bordered"><p><span>Nil</span></p></td><td class="bordered"><p><span>Nil</span></p></td><td class="bordered"><p><span>Rs. 10,74,654/-</span></p></td></tr><tr><td class="bordered"><p><span>2</span></p></td><td class="bordered"><p><span>F.Y 2019-20</span></p></td><td class="bordered"><p><span>Nil</span></p></td><td class="bordered"><p><span>Nil</span></p></td><td class="bordered"><p><span>Nil</span></p></td><td class="bordered"><p><span>Nil</span></p></td><td class="bordered"><p><span>Nil</span></p></td><td class="bordered"><p><span>Rs. 9,75,321/-</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>Total</span></p></td><td class="bordered"><p><span>0</span></p></td><td class="bordered"><p><span>Rs. 8,76,200/-</span></p></td><td class="bordered"><p><span>0</span></p></td><td class="bordered"><p><span>0</span></p></td><td class="bordered"><p><span>0</span></p></td><td class="bordered"><p><span>Rs. 20,49,975/-</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>B) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Sr. No</span></p></td><td class="bordered"><p><span>Project ID.</span><span></span></p></td><td class="bordered"><p><span>Name of the Project.</span><span></span></p></td><td class="bordered"><p><span>Financial Year in which the project was commenced.</span><span></span></p></td><td class="bordered"><p><span>Project duration</span><span></span></p></td><td class="bordered"><p><span>Total amount allocated for the project (in Rs.).</span><span></span></p></td><td class="bordered"><p><span>Amount spent on the project in the reporting Financial Year (in Rs).</span><span></span></p></td><td class="bordered"><p><span>Cumulative amount spent at the end of reporting Financial Year. (in Rs.)</span><span></span></p></td><td class="bordered"><p><span>Status of the project - Completed /Ongoing.</span><span></span></p></td></tr><tr><td class="bordered"><p><span>NIL</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span><span>10.<span></span></span></span><span>In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the financial year - NA</span></p><p><span>&nbsp;</span></p><p><span><span>11.<span></span></span></span><span>Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5).</span></p><p><span>The Company has on spent on CSR activities due to inadequacy of profit during the year.On having adequate profits, company will make sure to spent on CSR activities in due course of time.</span></p><p><span><br /></span><span>For and on behalf of the Board of Directors</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Sd/-</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Piyushkumar Babubhai Thumar</span></p><p><span>Place: </span><span>Ahmedabad</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>Chairman &amp; Managing Director</span><span></span></p><p><span>Date: </span><span>September<span> 08, 2022</span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>(DIN:02785269)</span><span></span></p><div>&nbsp;</div></span></span> <p>As under</p> <p><span>The Company&apos;s financial performance (Standalone) for the year ended on March 31, 2021 is summarized below:</span></p><p><span>(? in Lakhs)</span></p><table><tbody><tr><td class="bordered"><p><span>PARTICULARS</span></p></td><td class="bordered"><p><span>STANDALONE</span></p></td></tr><tr><td class="bordered"><p><span>YEAR ENDED</span></p><p><span>31.03.2022</span></p></td><td class="bordered"><p><span>YEAR ENDED</span></p><p><span>31.03.2021</span></p></td></tr><tr><td class="bordered"><p><span>I. Net Sales/Income from Operations </span></p></td><td class="bordered"><p><span>718.68</span></p></td><td class="bordered"><p><span>2452.39</span></p></td></tr><tr><td class="bordered"><p><span>II. Other Income</span></p></td><td class="bordered"><p><span>30.43</span></p></td><td class="bordered"><p><span>25.52</span></p></td></tr><tr><td class="bordered"><p><span>III. Total Income(I+II)</span></p></td><td class="bordered"><p><span>749.12</span></p></td><td class="bordered"><p><span>2477.91</span></p></td></tr><tr><td class="bordered"><p><span>IV. Earnings Before Interest, Taxes, Depreciation and Amortization Expense</span></p></td><td class="bordered"><p><span>(691.18)</span></p></td><td class="bordered"><p><span>78.88</span></p></td></tr><tr><td class="bordered"><p><span>V. Finance Cost</span></p></td><td class="bordered"><p><span>6.27</span></p></td><td class="bordered"><p><span>9.95</span></p></td></tr><tr><td class="bordered"><p><span>VI. Depreciation and Amortization Expense</span></p></td><td class="bordered"><p><span>40.07</span></p></td><td class="bordered"><p><span>40.41</span></p></td></tr><tr><td class="bordered"><p><span>VII. Profit Before Tax (IV-V-VI)</span></p></td><td class="bordered"><p><span>(737.53)</span></p></td><td class="bordered"><p><span>28.52</span></p></td></tr><tr><td class="bordered"><p><span>VIII. Tax Expense:<span></span></span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>i Current Tax Expense</span></p></td><td class="bordered"><p><span>0.00</span></p></td><td class="bordered"><p><span>11.93</span></p></td></tr><tr><td class="bordered"><p><span>ii MAT Credit</span></p></td><td class="bordered"><p><span>0.00</span></p></td><td class="bordered"><p><span>0.00</span></p></td></tr><tr><td class="bordered"><p><span>iii MAT Credit Relating to prior years</span></p></td><td class="bordered"><p><span>0.00</span></p></td><td class="bordered"><p><span>0.00</span></p></td></tr><tr><td class="bordered"><p><span>iv Tax Expense Relating to prior years</span></p></td><td class="bordered"><p><span>0.00</span></p></td><td class="bordered"><p><span>0.00</span></p></td></tr><tr><td class="bordered"><p><span>v Deferred Tax (Asset)/Liabilities</span></p></td><td class="bordered"><p><span>(0.92)</span></p></td><td class="bordered"><p><span>(1.04)</span></p></td></tr><tr><td class="bordered"><p><span>IX. Profit After Tax (VII-VIII)</span></p></td><td class="bordered"><p><span>(737.44)</span></p></td><td class="bordered"><p><span>17.63</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>The Company discloses financial results on a quarterly basis of which results are subjected to limited review andpublishes audited financial results on an annual basis. The Financial Statements as stated above are also available on thewebsite of the Company at<span>http://www.brightsolarltd.com/investor-relations/financial-results</span><span>.</span></span></p> <p><span>NA</span></p> <p><span>) INDEPENDENT DIRECTORS</span></p><p><span>&nbsp;</span></p><p><span>The Company has received necessary declaration from each Independent Director under Section 149 (7) of the act that they meet the criteria of independence laid down in Section 149 (6) of the Act. Further, all the Independent Directors of the Company have registered themselves in the Independent Director Data Bank.<span>&nbsp; </span></span></p><p><span>&nbsp;</span></p><p><span>The Policy for selection of Directors and determining Directors&apos; independence sets out the guiding principles for theNomination and Remuneration Committee for identifying persons who are qualified to become Directors and todetermine the independence of Directors, in case of their appointment as Independent Directors of the Company. ThePolicy also provides for the factors in evaluating the suitability of individual Board members with diverse backgroundand experience that are relevant for the Company&apos;s operations. The said policy is put up on the Company&apos;s websiteandcan be accessed at</span><span><span><span>http://www.brightsolarltd.com/investor-relations/terms-of-appointment-of-independent-director</span></span></span><span><span>.</span></span><span></span></p><p><span>&nbsp;</span></p><p><span>17) INFORMATION ON DIRECTORATE AND KEY MANAGERIAL PERSONNEL (KMP)</span></p><p><span>&nbsp;</span></p><p><span>In accordance with the provisions of Section 152 and other applicable provisions if any of the CompaniesAct, 2013 read with the Companies (Appointment and Qualification of Directors) Rules 2014 (including anystatutory modification(s) or re-enactment(s) thereof for the time being in force) Mr. Piyushkumar Thumar, Chairman &amp; Managing Director is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, have offered himself for re-appointment.</span></p><p><span>&nbsp;</span></p><p><span>During the previous year, Mr. Chalapathi Satya, has tendered his resignation from the position of independent director w.e.f. March 18, 2021due to personal reasons.</span></p><p><span>&nbsp;</span></p><p><span>During the year under review, Mr. Mukesh Tolia was appointed as a Chief Financial Officer (CFO) of the company. However, Mr. Mukesh Tolia has tendered his resignation on April 09, 2022 due to personal reason.</span></p><p><span>&nbsp;</span></p><p><span>During the year under review, Mrs. Sivangi Gajjar appointed as an additional independent director onJuly 23rd, 2021 and after that in the 11th annual general meeting, Mrs. Shivangi Gajjar was regularized as an Independent Director of the company.</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Further, during the year under review; other KMPs, i.e. Mr. Piyushkumar Thumar, Chairman and Managing Director and Mr. Sahul Jotaniya as Company Secretary and Compliance officer of the company continues their designation.</span></p> <p><span>SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE OF THE COMPANY</span></p><p><span>&nbsp;</span></p><p><span>The Company has joint venture in the name of VC PROJET BSL (JV) as below:</span></p><p><span>&nbsp;</span></p><table><tbody><tr><td class="bordered"><p><span>SR. No.</span></p></td><td class="bordered"><p><span>Name and Address of the Joint Venture</span></p></td><td class="bordered"><p><span>Address of Registered Office</span></p></td><td class="bordered"><p><span>Nature of Business</span></p></td></tr><tr><td class="bordered"><p><span>1.</span><span></span></p></td><td class="bordered"><p><span>VC PROEJCT BSL (JV)</span></p></td><td class="bordered"><p><span>2A, New York Corner, B/h. Kiran Motors, Opp. Rajpath Club, Bodakdev, Thaltej, Ahmedabad- 380015, Gujarat.</span></p></td><td class="bordered"><p><span>To carry the business of Solar related projects, Infra projects and Rural water supply projects.</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>Pursuant to Provision of 129(3) read with rule 5 of Companies (Accounts) Rules, 2014, Form AOC-1 (Statement containing salient features of the Financial Statement of Joint venture is attached as a ANNEXURE- I.</span></p><p><span>&nbsp;</span></p><p><span>Company does not have any Associate Company or Subsidiary Company as on March 31, 2022. </span></p><span><p><span>ANNEXURE- I</span></p><p><span>&nbsp;</span></p><p><span>FORM AOC-1</span></p><p><span>(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)</span></p><p><span>Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures</span></p><p><span>Part &quot;A&quot;: Subsidiaries: </span><span><span>&nbsp;</span>N.A</span></p><p><span>&nbsp;</span></p><p><span>Part B: Associates and Joint Ventures: </span><span></span></p><p><span>Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures</span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Name of Associates / Joint Ventures</span></p></td><td class="bordered"><p><span>VC Project (BSL) JV</span></p></td></tr><tr><td class="bordered"><p><span>1. Latest audited Balance Sheet Date</span><span></span></p></td><td class="bordered"><p><span>31/03/2021</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>2. Shares of Associate/Joint Ventures held by the</span></p><p><span>company on the year end</span><span></span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>No.</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>Amount of Investment in Associates/Joint Venture</span><span></span></p></td><td class="bordered"><p><span>Rs. 23,12,090/-</span></p></td></tr><tr><td class="bordered"><p><span>Extend of Holding %</span><span></span></p></td><td class="bordered"><p><span>49%</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>3. Description of how there is significant influence</span><span></span></p></td><td class="bordered"><p><span>49% Partnership</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>4. Reason why the associate/joint venture is not consolidated</span></p></td><td class="bordered"><p><span>No Subsidiary Company therefore consolidation is not applicable</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>5. Net Worth attributable to Shareholding as per latest</span></p><p><span>audited Balance Sheet</span></p></td><td class="bordered"><p><span>Rs. 2723.344/-</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>6. Profit / Loss for the year</span></p></td><td class="bordered"><p><span>Rs. 9,26,581/-</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>i. Considered in Consolidation</span><span></span></p></td><td class="bordered"><p><span>Rs. 0/-</span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>i. Not Considered in Consolidation</span></p></td><td class="bordered"><p><span>Rs. 926.581/-</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Notes:</span><span> The following information shall be furnished</span><span> at the end of the statement:</span></p><p><span><span>1.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Names of subsidiaries which are yet to commence operations. - </span><span>N.A.</span><span></span></p><p><span><span>2.<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Names of subsidiaries which have been liquidated or sold during the year. -N.A.</span></p><p><span><span>&nbsp;</span></span></p><p><span>&nbsp;</span></p><p><span>For and on behalf of the Board of Directors</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Sd/-</span></p><p><span>Piyushkumar Babubhai Thumar</span></p><p><span>Place: </span><span>Ahmedabad</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>Chairman &amp; Managing Director</span><span></span></p><p><span>Date: </span><span>September 08, 2022</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>(DIN:02785269)</span><span></span></p><p></p></span>&nbsp; <p><span>8) DEPOSITS</span></p><p><span>&nbsp;</span></p><p><span>During the year under review, your Company has not acceptedany deposits from the shareholders and public within the meaning of Sections 73 and 74 of the Companies Act, 2013read together with the Companies (Acceptance of Deposits)Rules, 2014 (including any statutory modification(s)or re-enactment(s) for the time being in force).</span></p> <p><span>8) DEPOSITS</span></p><p><span>&nbsp;</span></p><p><span>During the year under review, your Company has not acceptedany deposits from the shareholders and public within the meaning of Sections 73 and 74 of the Companies Act, 2013read together with the Companies (Acceptance of Deposits)Rules, 2014 (including any statutory modification(s)or re-enactment(s) for the time being in force).</span></p> <p><span>) SIGNIFICANT AND MATERIAL ORDERS</span></p><p><span>&nbsp;</span></p><p><span>The Company has received an arbitration award on 20th day of January, 2019 in the matter between company Vs.PGVCL and MGVCL. As per the award, total </span><span>?</span><span> 5.88 Cr. along with an interest @ 9% is receivable by the company from PGVCL and MGVCL. At present, the Opponent parties have filed an appealon 15th April ,2019</span><span><span>[ns1]<span>&nbsp;</span></span></span><span>in the City Civil and Session court, Ahmedabad. Currently, the mattersare pending.<span>&nbsp; </span></span></p><div><div><div><span></span><p><span><span><span>&nbsp;[ns1]</span></span></span>CONFIRM DATES </p></div></div></div> <p><span>The require internal control systems are also put in place by the company on various activities across the board to ensure that business operations are directed towards attaining the stated organizational objectives with optimum utilization of the resources.</span></p><p>&nbsp;</p> The CSR was not applicable to the company for the previous financial year i.e. 2021-22. <p><span>PARTICULARS OF EMPLOYEESANDOTHER ADDITIONAL INFORMATION</span></p><p><span></span>&nbsp;</p><p><span>The ratio of the remuneration of each whole-time director to the median of employees&apos; remuneration as per Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed to this Report as a Statement of Disclosure of Remuneration (<span>Annexure - II)</span><span>.</span></span></p><p><span></span>&nbsp;</p><p><span>The statement containing particulars of employees as required under Section 197 of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 will be provided upon request. In terms of Section 136 of the Companies Act, 2013, the Report and Accounts are being sent to the members and others entitled thereto, excluding the information on employees&apos; particulars which is available for inspection by the members at the Registered Office of the Company during business hours on working days of thecompany up to the date of ensuing Annual General Meeting. If any member is interested ininspecting the same, suchmember may write to the company secretary in this regard.</span></p><span><p><span>ANNEXURE- II</span></p><p><span></span>&nbsp;</p><p><span>STATEMENT OF DISCLOSURE OF REMUNERATION</span></p><p><span>[Pursuant to Section 197 of the Companies Act, 2013 (&quot;the Act&quot;) and Rule 5(1) of the Companies</span></p><p><span>(Appointment and Remuneration of Managerial Personnel) Rules, 2014]</span></p><p><span></span>&nbsp;</p><p><span><span>A.<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>Information as per Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:</span></p><p><span><span>a)<span>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span>The ratio of remuneration of each director to the median remuneration of employees for the Financial Year and the Percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the Financial Year:</span></p><p><span></span>&nbsp;</p><p></p><table><tbody><tr><td class="bordered"><p><span>Sr. No.</span></p></td><td class="bordered"><p><span><span>Name</span></span></p></td><td class="bordered"><p><span><span>Designation</span></span></p></td><td class="bordered"><p><span><span>Nature of Payment</span></span></p></td><td class="bordered"><p><span><span>Ratio against median employee&apos;s remuneration</span></span></p></td><td class="bordered"><p><span><span>Percentage Increase/Decrease In 2022 as compared to 2021</span></span></p></td></tr><tr><td class="bordered"><p><span><span>1.</span></span><span><span></span></span></p></td><td class="bordered"><p><span><span>Piyushkumar Thumar</span></span></p></td><td class="bordered"><p><span><span>Chairman &amp; Managing Director</span></span></p></td><td class="bordered"><p><span><span>Remuneration</span></span></p></td><td class="bordered"><p><span><span>0:1</span></span></p></td><td class="bordered"><p><span><span>0</span></span></p></td></tr><tr><td class="bordered"><p><span><span>2.</span></span><span><span></span></span></p></td><td class="bordered"><p><span><span>Ajay Raj Singh</span></span></p></td><td class="bordered"><p><span><span>Whole- Time Director</span></span></p></td><td class="bordered"><p><span><span>Remuneration</span></span></p></td><td class="bordered"><p><span><span>0:1</span></span></p></td><td class="bordered"><p><span><span>0</span></span></p></td></tr><tr><td class="bordered"><p><span><span>3.</span></span><span><span></span></span></p></td><td class="bordered"><p><span><span>Jagrutiben Rameshbhai Joshi</span></span></p></td><td class="bordered"><p><span><span>Non-ExecutiveDirector</span></span></p></td><td class="bordered"><p><span><span>Sitting Fees</span></span></p></td><td class="bordered"><p><span><span>0.73:1</span></span></p></td><td class="bordered"><p><span><span>N.A</span></span></p></td></tr><tr><td class="bordered"><p><span><span>4.</span></span><span><span></span></span></p></td><td class="bordered"><p><span><span>Viren Makwana</span></span></p></td><td class="bordered"><p><span><span>Non-Executive Independent Director</span></span></p></td><td class="bordered"><p><span><span>Sitting Fee</span></span></p></td><td class="bordered"><p><span><span>0.73:1</span></span></p></td><td class="bordered"><p><span><span>N.A</span></span></p></td></tr><tr><td class="bordered"><p><span><span>5.</span></span><span><span></span></span></p></td><td class="bordered"><p><span><span>Shivangi Gajjar </span></span></p></td><td class="bordered"><p><span><span>Non-Executive Independent Director</span></span></p></td><td class="bordered"><p><span><span>Sitting Fee</span></span></p></td><td class="bordered"><p><span><span>0.51:1</span></span></p></td><td class="bordered"><p><span><span>NA</span></span></p></td></tr><tr><td class="bordered"><p><span><span>7.</span></span><span><span></span></span></p></td><td class="bordered"><p><span><span>Sahul Natvarbhai Jotaniya</span></span></p></td><td class="bordered"><p><span><span>Company Secretary &amp; Compliance Officer</span></span></p></td><td class="bordered"><p><span><span>Remuneration</span></span></p></td><td class="bordered"><p><span><span>4.75:1</span></span></p></td><td class="bordered"><p><span><span>46.45%</span></span></p></td></tr><tr><td class="bordered"><p><span><span>8.</span></span></p></td><td class="bordered"><p><span><span>Mukesh Tolia </span></span></p><p><span><span></span></span>&nbsp;</p></td><td class="bordered"><p><span><span>Chief Financial Officer</span></span></p></td><td class="bordered"><p><span><span>Remuneration</span></span></p></td><td class="bordered"><p><span><span>0:1</span></span></p></td><td class="bordered"><p><span><span>0.0%</span></span><span><span>[ns1]<span>&nbsp;</span></span></span><span></span></p></td></tr><tr><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td><td class="bordered"></td></tr></tbody></table><p><span>Note:1</span></p><p><span></span>&nbsp;</p><p><span>The employees who have drawn remuneration from the Company for full fiscal 2022 are considered for medianremuneration.</span></p><p><span></span>&nbsp;</p><p><span><span>b)<span>&nbsp; </span></span></span><span>The percentage increase in the median remuneration of employees in the financial year: </span><span></span></p><p><span>The Median remuneration of Employees in the financial year was 61.77</span></p><p><span></span>&nbsp;</p><p><span><span>c)<span>&nbsp;&nbsp; </span></span></span><span>The number of permanent employees on the rolls of the Company: </span><span><span>&nbsp;</span>32 as on March 31, 2022.</span></p><p><span></span>&nbsp;</p><p><span><span>d)<span>&nbsp; </span></span></span><span>Average percentile increases already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:</span></p><p><span>-Average increase in remuneration of employees excluding KMPs:NA</span></p><p><span>- Average Remuneration of KMPs :NA</span></p><p><span>- KMP salary increases are decided based on the Company&apos;s performance, individual performance, inflation, prevailing industry trends and benchmarks.</span></p><p><span><span>e)<span>&nbsp;&nbsp; </span></span></span><span>Affirmation that the remuneration is as per the remuneration policy of the company</span><span></span></p><p><span>Note:2 </span></p><p><span></span>&nbsp;</p><p><span>1) For the calculation of Median, we have considered total number of employees who have withdrawn salary during the whole year i.e.32 number of employees.</span></p><p><span>2) Appropriate Approvals have been taken for related party transactions wherever necessary.</span></p><p><span></span>&nbsp;</p><p><span>For and on behalf of the Board of Directors</span></p><p><span></span>&nbsp;</p><p><span></span>&nbsp;</p><p><span></span>&nbsp;</p><p><span>Sd/-</span></p><p><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Piyushkumar Babubhai Thumar</span></p><p><span>Place: </span><span>Ahmedabad</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>Chairman &amp; Managing Director</span><span></span></p><p><span>Date: </span><span>September 08, 2022</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>(DIN:02785269)</span><span></span></p><div><div><div><span></span><p><span><span><span>&nbsp;[ns1]</span></span></span>Share excel working </p></div></div></div></span> 0.62 32.00 <p>-Average increase in remuneration of employees excluding KMPs: NA - Average Remuneration of KMPs : NA - KMP salary increases are decided based on the Company&apos;s performance, individual performance, inflation, prevailing industry trends and benchmarks.</p> Appropriate Approvals have been taken for related party transactions wherever necessary. <p><span>The statement containing particulars of employees as required under Section 197 of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 will be provided upon request. In terms of Section 136 of the Companies Act, 2013, the Report and Accounts are being sent to the members and others entitled thereto, excluding the information on employees&apos; particulars which is available for inspection by the members at the Registered Office of the Company during business hours on working days of thecompany up to the date of ensuing Annual General Meeting. If any member is interested ininspecting the same, suchmember may write to the company secretary in this regard.</span></p> <p><span>AUDIT COMMITTEE</span><span></span></p><p><span>&nbsp;</span></p><p><span>The Board of Directors in their meeting held on February 2, 2018 had formed Audit Committee in line with the provisions of Section 177 of the Companies Act, 2013.The detailed terms of reference of the committee are as provided in Section 177(8) of the Companies Act, 2013. The Board has accepted the recommendations of the Audit Committee as and when given. During the year under review, Mr. Phool Kumar Saluja has tendered his resignation on 16th September, 2020 from the position of Independent Director of the company. Hence, the composition of the committee was changed in the Board meeting held on 23rd December, 2020. Mr. Chalapathi Satya Venkata Mogalapalli was the Chairman of the Committee, Mr. Piyushkumar Babubhai Thumar and Mr. Viren Rajeshkumar Makwana (Appointed as an &quot;Additional Independent Director w.e.f. 23rd December, 2020) were the members of the Committee.</span></p><p><span>&nbsp;</span></p><p><span>Composition of Audit Committee at the beginning of the year:</span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Name</span></p></td><td class="bordered"><p><span>DIN</span></p></td><td class="bordered"><p><span>Designation</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Phoolkumar Saluja*</span></p></td><td class="bordered"><p><span>08035523</span></p></td><td class="bordered"><p><span>Chairperson</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Piyushkumar Babubhai Thumar </span></p></td><td class="bordered"><p><span>02785269</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Chalapathi Satya Venkata Mogalapalli</span></p></td><td class="bordered"><p><span>07032007</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>*During the year under review, Mr. Phool Kumar Saluja has tendered his resignation on16th September, 2020 from the position of Independent Directorof the company.</span></p><p><span>&nbsp;</span></p><p><span>Reconstitution of Audit Committee in the Board meeting held on 23rd December, 2020:</span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Name</span></p></td><td class="bordered"><p><span>DIN</span></p></td><td class="bordered"><p><span>Designation</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Chalapathi Satya Venkata Mogalapalli*</span></p></td><td class="bordered"><p><span>07032007</span></p></td><td class="bordered"><p><span>Chairperson</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Viren Rajeshkumar Makwana**</span></p></td><td class="bordered"><p><span>09007676</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Piyushkumar Babubhai Thumar </span></p></td><td class="bordered"><p><span>02785269</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>*During the year under review, Mr. Chalapathi Satya Venkata Mogalapalli has tendered his resignation on 18th March, 2021 from the position of an Independent Director of the company.</span></p><p><span>&nbsp;</span></p><p><span>**During the year under review, Mr. Viren Rajeshkumar Makwana was appointed as an Additional Independent Director of the company w.e.f. 23rd Dec, 2020.</span><span>He is admitted as member of the Audit Committee of the Company w.e.f. 23rd December, 2021.</span></p><p><span>&nbsp;</span></p><p><span>Present Composition of Audit Committee (Reconstituted in the Board meeting held on 23rd July, 2021:</span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Name</span></p></td><td class="bordered"><p><span>DIN</span></p></td><td class="bordered"><p><span>Designation</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Viren Rajeshkumar Makwana</span></p></td><td class="bordered"><p><span>09007676</span></p></td><td class="bordered"><p><span>Chairperson</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Shivangi Bipinchandra Gajjar*</span></p></td><td class="bordered"><p><span>07243790</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Piyushkumar Babubhai Thumar </span></p></td><td class="bordered"><p><span>02785269</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>*In the Board Meeting held on 23rd July, 2021, Mrs. Shivangi Gajjar was appointed as an Additional Independent Director of the company w.e.f. 23rd July, 2021. She is admitted as amember of the Audit Committee of the Company w.e.f. 23rd July, 2021.</span><span></span></p><p><span>&nbsp;</span></p><p><span>the Audit Committee met 5 (Five) times during the Financial Year 2021-22, on April 22, 2021, June 17, 2021, August 27, 2021, November 11, 2021 and March 30, 2022.</span></p><p><span>&nbsp;</span></p><p><span>The composition of the Committee and the details of meetings attended during the year under review by its members are given below:</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>Name of the Directors</span></p></td><td class="bordered"><p><span>Category</span></p></td><td class="bordered"><p><span>Designation</span></p></td><td class="bordered"><p><span>Number of meetings during the Financial Year 2021-22</span></p></td></tr><tr><td class="bordered"><p><span>Held</span></p></td><td class="bordered"><p><span>Eligible to attend</span></p></td><td class="bordered"><p><span>Attended</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Viren Makwana </span><span>(Appointed on 23rd December, 2020)</span></p></td><td class="bordered"><p><span>Independent Director</span></p></td><td class="bordered"><p><span>Chairperson<span></span></span></p></td><td class="bordered"><p><span>5</span></p></td><td class="bordered"><p><span>5</span></p></td><td class="bordered"><p><span>5</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Piyushkumar Thumar </span><span></span></p></td><td class="bordered"><p><span>Chairman and Managing Director</span></p></td><td class="bordered"><p><span>Member</span></p></td><td class="bordered"><p><span>5</span></p></td><td class="bordered"><p><span>5</span></p></td><td class="bordered"><p><span>5</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Shivangi Gajjar </span><span>(Appointed on July 23, 2021)</span><span><br /><br /></span><span></span></p></td><td class="bordered"><p><span><span>&nbsp;</span>Independent Director</span></p></td><td class="bordered"><p><span>Member</span></p></td><td class="bordered"><p><span>5</span></p></td><td class="bordered"><p><span>3</span></p></td><td class="bordered"><p><span>3</span></p></td></tr></tbody></table><p><span>The Statutory Auditors of the Company are invited in the meeting of the Committee wherever requires. Further, the Company Secretary of the Company is acting as Company Secretary to the Audit Committee.</span></p> <p><span>VIGIL MECHANISM</span></p><p><span>The Company has established a vigil mechanism and accordingly framed a Whistle Blower Policy. The policy enables the employees to report to the management instances of unethical behaviour actual or suspected fraud or violation of Company&apos;s Code of Conduct. </span></p><p><span>&nbsp;</span></p><p><span>Further the mechanism adopted by the Company encourages the Whistle Blower to report genuine concerns or grievances and provide for adequate safe guards against victimization of the Whistle Blower who avails of such mechanism and also provides for direct access to the Chairman of the Audit Committee in exceptional cases. The functioning of vigil mechanism is reviewed by the Audit Committee from time to time. None of the Whistle blowers has been denied access to the Audit Committee of the Board. The Whistle Blower Policy of the Company is available on the website of the Company at </span><span><span><span>www.brightsolar</span>ltd.com</span></span><span></span></p><p><span>&nbsp;</span></p><p><span>The link is here<span>:</span></span><span></span></p><p><span><span><span>http://www.brightsolarltd.com/images/investor-relations/policies/whistle-blower</span></span></span><span>policy.pdf<span><span></span></span></span></p><p>&nbsp;</p> <p><span>NOMINATION AND REMUNERATION COMMITTEE</span><span></span></p><p><span>&nbsp;</span></p><p><span>The Board of Directors in their meeting held on 2nd February, 2018 has formed Nomination and Remuneration committee in line with the provisions of Section 178 of the Companies Act 2013. The detailed terms of reference of the Committee are as per Section 178 of the Companies Act, 2013.</span></p><p><span>&nbsp;</span></p><p><span>The Board has framed a policy for selection and appointment of Directors, Senior Management and their remuneration as recommended by the Nomination &amp; Remuneration Committee. </span></p><p><span>&nbsp;</span></p><p><span>The details of program for familiarization of Independent Directors with the company, their roles, rights, responsibilities in the company, nature of the industry in which the company operates, business model of the company and related matters are put upon the website of the company.</span></p><p><span>&nbsp;</span></p><p><span>Composition of Nomination &amp; Remuneration Committee at the beginning of the year:</span></p><p><span>&nbsp;</span></p><table><tbody><tr><td class="bordered"><p><span>Name</span></p></td><td class="bordered"><p><span>DIN</span></p></td><td class="bordered"><p><span>Designation</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Phoolkumar Saluja*</span></p></td><td class="bordered"><p><span>08035523</span></p></td><td class="bordered"><p><span>Chairperson</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Chalapathi Satya Venkata Mogalapalli</span></p></td><td class="bordered"><p><span>07032007</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Jagrutiben Rameshbhai Joshi</span></p></td><td class="bordered"><p><span>07737814</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>*During the year under review, Mr. Phool Kumar Saluja has tendered his resignation on 16th September, 2020 from the position of Independent Directorof the company.</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><p><span>Reconstitution of Nomination &amp; Remuneration Committee in the Board meeting held on 23rd December, 2020:</span></p><p><span>&nbsp;</span></p><table><tbody><tr><td class="bordered"><p><span>Name</span></p></td><td class="bordered"><p><span>DIN</span></p></td><td class="bordered"><p><span>Designation</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Viren Rajeshkumar Makwana*</span></p></td><td class="bordered"><p><span>09007676</span></p></td><td class="bordered"><p><span>Chairperson</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Chalapathi Satya Venkata Mogalapalli**</span></p></td><td class="bordered"><p><span>07032007</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Jagrutiben Rameshbhai Joshi</span></p></td><td class="bordered"><p><span>07737814</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>*During the year under review, Mr. Viren Rajeshkumar Makwana was appointed as an Additional Independent Director of the company w.e.f. 23rd Dec, 2020.</span><span>He is admitted as member of the Stakeholder&apos;s Relationship Committee of the Company w.e.f. 23rd December, 2021.</span></p><p><span>&nbsp;</span></p><p><span>**During the year under review, Mr. Chalapathi Satya Venkata Mogalapalli has tendered his resignation on 18th March, 2021 from the position of an Independent Director of the company.</span><span></span></p><p><span>&nbsp;</span></p><p><span>Present Composition of </span><span>Nomination &amp; Remuneration Committee </span><span>(Reconstituted in the Board meeting held on 23rd July, 2021):</span></p><p><span>&nbsp;</span></p><table><tbody><tr><td class="bordered"><p><span>Name</span></p></td><td class="bordered"><p><span>DIN</span></p></td><td class="bordered"><p><span>Designation</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Viren Rajeshkumar Makwana</span></p></td><td class="bordered"><p><span>09007676</span></p></td><td class="bordered"><p><span>Chairperson</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Shivangi Bipinchandra Gajjar*</span></p></td><td class="bordered"><p><span>07243790</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Jagrutiben Rameshbhai Joshi</span></p></td><td class="bordered"><p><span>07737814</span></p></td><td class="bordered"><p><span>Member</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>*In the Board Meeting held on 23rd July, 2021, Mrs. Shivangi Gajjar was appointed as an Additional Independent Director of the company w.e.f. 23rd July, 2021 and regularized in the ensuing AGM held on September 28, 2021.She is admitted as member of the </span><span>Nomination &amp; Remuneration Committee </span><span>of the Company w.e.f. 23rd July, 2021.</span></p><p><span>&nbsp;</span></p><p><span>During the year under review Nomination and Remuneration Committee met 4 (Four) time viz on April 22, 2021, July 23, 2021, August 27, 2021 and March 30, 2022. The composition of the Committee and the details of meetings attended by its members are given below:</span></p><p><span>&nbsp;</span></p><p><span>&nbsp;</span></p><table><tbody><tr><td class="bordered"><p><span>Name of the Directors</span></p></td><td class="bordered"><p><span>Category</span></p></td><td class="bordered"><p><span>Designation</span></p></td><td class="bordered"><p><span>Number of meetings during the Financial Year 2020-21</span></p></td></tr><tr><td class="bordered"><p><span>Held</span></p></td><td class="bordered"><p><span>Eligible to attend</span></p></td><td class="bordered"><p><span>Attended</span></p></td></tr><tr><td class="bordered"><p><span>Mr. Viren Makwana </span><span></span></p></td><td class="bordered"><p><span>Independent Director</span></p></td><td class="bordered"><p><span>Chairperson<span></span></span></p></td><td class="bordered"><p><span>4</span></p></td><td class="bordered"><p><span>4</span></p></td><td class="bordered"><p><span>4</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Jagrutiben Joshi </span><span></span></p></td><td class="bordered"><p><span>Non-Executive Director</span></p></td><td class="bordered"><p><span>Member<span></span></span></p></td><td class="bordered"><p><span>4</span></p></td><td class="bordered"><p><span>4</span></p></td><td class="bordered"><p><span>4</span></p></td></tr><tr><td class="bordered"><p><span>Mrs. Shivangi Gajjar </span><span>(Appointed on 23rdJuly, 2021)</span><span></span></p></td><td class="bordered"><p><span>Independent Director</span></p></td><td class="bordered"><p><span>Member </span></p></td><td class="bordered"><p><span>4</span></p></td><td class="bordered"><p><span>2</span></p></td><td class="bordered"><p><span>2</span></p></td></tr></tbody></table><p><span>&nbsp;</span></p><p><span>Nomination and Remuneration Policy</span></p><p><span>&nbsp;</span></p><p><span>Nomination and Remuneration Policy in the Company is designed to create a high-performance culture. It enables the Company to attract motivated and retained manpower in competitive market, and to harmonize the aspirations of human resources consistent with the goals of the Company. The Company pays remuneration by way of salary, benefits, perquisites and allowances to its Executive Directors and Key Managerial Personnel. </span></p><p><span>&nbsp;</span></p><p><span>The Nomination and Remuneration Policy, as adopted by the Board of Directors, is placed on the website of the Company at </span><span><span><span>http://www.brightsolarltd.com/images/investor-relations/policies/nomination-and-remuneration-policy.pdf</span>.</span></span><span></span></p><p>&nbsp;</p> 7 <div><p><span>Note<span></span>2</span><span></span></p><span><br /></span><p><span>As at 31st March</span><span></span><span>2022</span><span></span></p><span><br /></span><p><span>As</span><span></span><span>at</span><span></span><span>31st</span><span></span><span>March<span></span>2021</span><span></span></p></div><p><span><br /></span>&nbsp;</p><div><p><span>Reserves<span></span>&amp;<span></span>Surplus</span><span></span></p><p><span>A)</span><span></span><span>Securities</span><span></span><span>Premium</span><span></span></p><span><br /></span><p><span><span>&nbsp;</span></span><span><span>&nbsp;&nbsp;&nbsp; </span><span><span>&nbsp;</span></span>(</span><span>?</span><span></span><span>thousands)<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>(</span><span>?</span><span></span><span>thousands)<span></span></span><span></span></p></div><p><span><br /></span>&nbsp;</p><p><span>----Opening</span><span></span><span>Balance</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span></span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>1,40,400.00<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>1,40,400.00</span><span></span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>----Closing</span><span></span><span>Balance</span><span></span></p></td><td class="bordered"><p><span>1,40,400.00</span><span></span></p></td><td class="bordered"><p><span>1,40,400.00</span><span></span></p></td></tr><tr><td class="bordered"><p><span>B)<span></span>Surplus</span><span></span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>Opening</span><span></span><span>Balance</span><span></span></p></td><td class="bordered"><p><span>37,275.37</span><span></span></p></td><td class="bordered"><p><span>37,552.50</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Add:<span></span>Net<span></span>Profit<span></span>for<span></span>the<span></span>current<span></span>year</span><span></span></p></td><td class="bordered"><p><span>-73,744.21</span><span></span></p></td><td class="bordered"><p><span>1,762.87</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Less:<span></span>Dividend<span></span>&amp;<span></span>DDT<span></span>Paid</span><span></span></p></td><td class="bordered"><p><span><span>&nbsp;</span></span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>204.00<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>2,040.00</span></span><span></span></p></td></tr><tr><td class="bordered"><p><span>Closing</span><span></span><span>Balance</span><span></span></p></td><td class="bordered"><p><span><span>&nbsp;</span></span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>-36,672.83<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>37,275.37</span></span><span></span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span><span>&nbsp;</span></span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>1,03,727.17<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>1,77,675.37</span></span><span></span></p></td></tr></tbody></table> <div><p><span>Note<span></span>2</span><span></span></p><span><br /></span><p><span>As at 31st March</span><span></span><span>2022</span><span></span></p><span><br /></span><p><span>As</span><span></span><span>at</span><span></span><span>31st</span><span></span><span>March<span></span>2021</span><span></span></p></div><p><span><br /></span>&nbsp;</p><div><p><span>Reserves<span></span>&amp;<span></span>Surplus</span><span></span></p><p><span>A)</span><span></span><span>Securities</span><span></span><span>Premium</span><span></span></p><span><br /></span><p><span><span>&nbsp;</span></span><span><span>&nbsp;&nbsp;&nbsp; </span><span><span>&nbsp;</span></span>(</span><span>?</span><span></span><span>thousands)<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>(</span><span>?</span><span></span><span>thousands)<span></span></span><span></span></p></div><p><span><br /></span>&nbsp;</p><p><span>----Opening</span><span></span><span>Balance</span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span></span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span>1,40,400.00<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>1,40,400.00</span><span></span></p><p><span>&nbsp;</span></p><p></p><table><tbody><tr><td class="bordered"><p><span>----Closing</span><span></span><span>Balance</span><span></span></p></td><td class="bordered"><p><span>1,40,400.00</span><span></span></p></td><td class="bordered"><p><span>1,40,400.00</span><span></span></p></td></tr><tr><td class="bordered"><p><span>B)<span></span>Surplus</span><span></span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span>&nbsp;</span></p></td></tr><tr><td class="bordered"><p><span>Opening</span><span></span><span>Balance</span><span></span></p></td><td class="bordered"><p><span>37,275.37</span><span></span></p></td><td class="bordered"><p><span>37,552.50</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Add:<span></span>Net<span></span>Profit<span></span>for<span></span>the<span></span>current<span></span>year</span><span></span></p></td><td class="bordered"><p><span>-73,744.21</span><span></span></p></td><td class="bordered"><p><span>1,762.87</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Less:<span></span>Dividend<span></span>&amp;<span></span>DDT<span></span>Paid</span><span></span></p></td><td class="bordered"><p><span><span>&nbsp;</span></span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>204.00<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>2,040.00</span></span><span></span></p></td></tr><tr><td class="bordered"><p><span>Closing</span><span></span><span>Balance</span><span></span></p></td><td class="bordered"><p><span><span>&nbsp;</span></span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>-36,672.83<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>37,275.37</span></span><span></span></p></td></tr><tr><td class="bordered"><p><span>&nbsp;</span></p></td><td class="bordered"><p><span><span>&nbsp;</span></span><span><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span>1,03,727.17<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>1,77,675.37</span></span><span></span></p></td></tr></tbody></table> <div><span><table><tbody><tr><td class="bordered"><p><span>Note<span></span>1</span></p></td><td class="bordered"><p><span>As at 31st March</span><span></span><span>2022</span><span></span></p></td><td class="bordered"><p><span>As</span><span></span><span>at</span><span></span><span>31st</span><span></span><span>March<span></span>2021</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Share<span></span>Capita</span><span>l</span><span></span></p></td><td class="bordered"><p><span>(</span><span>?</span><span></span><span>thousands)</span><span></span></p></td><td class="bordered"><p><span>(</span><span>?</span><span></span><span>thousands)</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Authorised</span><span></span></p><p><span>2,20,00,000</span><span></span><span>Equity<span></span>Shares<span></span>of<span></span>`10/-<span></span>each</span><span></span></p><p><span>(P.Y</span><span><span>&nbsp;</span></span><span>2,20,00,000</span><span><span>&nbsp;</span></span><span>Equity<span></span>Shares<span></span>of<span></span>`10/-<span></span>each)</span><span></span></p></td><td class="bordered"><p><span>2,20,000.00</span><span></span></p></td><td class="bordered"><p><span>2,20,000.00</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Total</span></p></td><td class="bordered"><p><span>2,20,000.00</span><span></span></p></td><td class="bordered"><p><span>2,20,000.00</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Issued,</span><span></span><span>Subscribed</span><span></span><span>And<span></span>Paid<span></span>Up</span><span></span></p></td><td class="bordered"><p><span></span>&nbsp;</p></td><td class="bordered"><p><span></span>&nbsp;</p></td></tr><tr><td class="bordered"><p><span>2,04,00,000</span><span></span><span>Equity<span></span>Shares<span></span>of<span></span>`10/-<span></span>each</span><span></span></p></td><td class="bordered"><p><span>2,04,000.00</span><span></span></p></td><td class="bordered"><p><span>2,04,000.00</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Add:</span><span></span><span>Issued</span><span></span><span>during<span></span>the<span></span>year<span></span></span></p></td><td class="bordered"><p><span>0.00</span></p></td><td class="bordered"><p><span>0.00</span></p></td></tr><tr><td class="bordered"><p><span>2,04,00,000</span><span><span>&nbsp;</span></span><span>Equity<span></span>shares<span></span>of<span></span>`<span></span>10/-<span></span>each</span><span></span></p></td><td class="bordered"><p><span>2,04,000.00</span><span></span></p></td><td class="bordered"><p><span>2,04,000.00</span><span></span></p></td></tr></tbody></table></span></div><div><span></span>&nbsp;</div><div><span>A)Terms/rights</span><span></span><span>attached<span></span>to<span></span>equity<span></span>shares:</span><span></span></div><p><span>Equity<span></span>Shares</span><span></span></p><p><span></span>&nbsp;</p><p><span><span>i.<span></span></span></span><span>The</span><span></span><span>company</span><span></span><span>has</span><span></span><span>only</span><span></span><span>one</span><span></span><span>class</span><span></span><span>of</span><span></span><span>shares</span><span></span><span>referred</span><span></span><span>to</span><span></span><span>as</span><span></span><span>equity</span><span></span><span>shares</span><span></span><span>having</span><span></span><span>a</span><span></span><span>par</span><span></span><span>value<span></span>of<span></span>`10/-.<span></span>Each<span></span>holder<span></span>of<span></span>equity<span></span>shares<span></span>is<span></span>entitled<span></span>to<span></span>one<span></span>vote<span></span>per<span></span>share.<span></span>The<span></span>dividend<span></span>proposed<span></span>by<span></span>the<span></span>Board<span></span>of<span></span>Directors<span></span>is<span></span>subject<span></span>to<span></span>the<span></span>approval<span></span>of<span></span>the<span></span>shareholders<span></span>in<span></span>the<span></span>ensuing<span></span>Annual<span></span>General</span><span></span></p><p><span>Meeting.</span><span></span></p><p><span></span>&nbsp;</p><p><span><span>ii.<span></span></span></span><span>In</span><span></span><span>the</span><span></span><span>event</span><span></span><span>of</span><span></span><span>liquidation</span><span></span><span>of</span><span></span><span>the</span><span></span><span>Company,</span><span></span><span>the</span><span></span><span>holders</span><span></span><span>of</span><span></span><span>equity</span><span></span><span>shares</span><span></span><span>shall</span><span></span><span>be</span><span></span><span>entitled</span><span></span><span>to</span><span></span><span>receive</span><span></span><span>any</span><span></span><span>of</span><span></span><span>the</span><span></span><span>remaining</span><span></span><span>assets</span><span></span><span>of</span><span></span><span>the</span><span></span><span>Company,</span><span></span><span>after<span></span>distribution<span></span>of<span></span>all<span></span>preferential<span></span>amounts.<span></span>The<span></span>amount<span></span>distributed<span></span>will<span></span>be<span></span>in<span></span>proportion<span></span>to<span></span>the<span></span>number<span></span>of<span></span>equity<span></span>shares<span></span>held<span></span>by<span></span>the<span></span>shareholders.</span><span></span></p><p><span></span>&nbsp;</p><p><span></span>&nbsp;</p><p></p><table><tbody><tr><td class="bordered"><p><span>B)<span></span>Reconciliation<span></span>of<span></span>the<span></span>number<span></span>of<span></span>shares<span></span>outstanding</span><span></span></p></td><td class="bordered"><p><span></span>&nbsp;</p></td></tr><tr><td class="bordered"><p><span></span>&nbsp;</p><p><span>Particulars</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st<span></span>March</span><span></span></p><p><span>2022</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st<span></span>March</span><span></span></p><p><span>2021</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Number</span><span></span><span>of</span><span></span><span>Shares</span><span></span><span>at</span><span></span><span>the</span><span></span><span>beginning</span><span></span><span>of</span><span></span><span>the</span><span></span><span>year</span><span></span></p></td><td class="bordered"><p><span>2,04,00,000.00</span><span></span></p></td><td class="bordered"><p><span>2,04,00,000.00</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Number<span></span>of<span></span>Shares<span></span>at<span></span>the<span></span>end<span></span>of<span></span>the<span></span>year</span><span></span></p></td><td class="bordered"><p><span>2,04,00,000.00</span><span></span></p></td><td class="bordered"><p><span>2,04,00,000.00</span><span></span></p></td></tr><tr><td class="bordered"><p><span></span>&nbsp;</p><p><span>C)<span></span>Details<span></span>Of<span></span>Shares<span></span>In<span></span>The<span></span>Compnay<span></span>Held<span></span>By<span></span>Each<span></span>Shareholder<span></span>Holding<span></span>More<span></span>Than<span></span>5%<span></span>Shares:</span><span></span></p></td><td class="bordered"><p><span></span>&nbsp;</p></td><td class="bordered"><p><span></span>&nbsp;</p></td></tr><tr><td class="bordered"><p><span>Name<span></span>Of<span></span>Shareholder</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st</span><span></span></p><p><span></span>&nbsp;</p><p><span>No.<span></span>of</span><span></span></p></td><td class="bordered"><p><span>March,<span></span>2022</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st<span></span>March,<span></span>2021</span><span></span></p><p><span></span>&nbsp;</p><p><span>No.<span></span>of<span></span>Shares</span><span></span></p></td></tr><tr><td class="bordered"><p><span></span>&nbsp;</p></td><td class="bordered"><p><span>Shares<span></span>held</span><span></span></p></td><td class="bordered"><p><span>%<span></span>of<span></span>Holding</span></p></td><td class="bordered"><p><span>held</span><span></span></p></td><td class="bordered"><p><span>%<span></span>of<span></span>Holding</span></p></td></tr><tr><td class="bordered"><p><span>Mr.</span><span></span><span>Piyushkumar</span><span></span><span>Babubhai</span><span></span><span>Thumar</span><span></span></p></td><td class="bordered"><p><span>9,000</span><span></span></p></td><td class="bordered"><p><span>0.04%</span><span></span></p></td><td class="bordered"><p><span>1,26,36,000</span><span></span></p></td><td class="bordered"><p><span>61.94%</span><span></span></p></td></tr><tr><td class="bordered"><p><span></span>&nbsp;</p></td><td class="bordered"><p><span>9,000</span><span></span></p></td><td class="bordered"><p><span>0.04%</span><span></span></p></td><td class="bordered"><p><span>1,26,36,000</span><span></span></p></td><td class="bordered"><p><span>61.94%</span><span></span></p></td></tr></tbody></table><p><span></span>&nbsp;</p><p><span><span>D)<span></span></span></span><span>Out</span><span></span><span>of</span><span></span><span>the</span><span></span><span>Total</span><span></span><span>Fully</span><span></span><span>Paid</span><span></span><span>2,04,00,000</span><span></span><span>Equity</span><span></span><span>Shares</span><span></span><span>1,35,00,000</span><span></span><span>Equity</span><span></span><span>Shares</span><span></span><span>of</span><span></span><span>Rs.</span><span></span><span>10/-</span><span></span><span>were</span><span></span><span>alloted</span><span></span><span>as</span><span></span><span>Fully</span><span></span><span>paid</span><span></span><span>bonus</span><span></span><span>shares<span></span>during<span></span>the<span></span>Financial<span></span>Year<span></span>2017-18</span><span></span></p><p><span></span>&nbsp;</p><p><span><span>E)<span></span></span></span><span>Details</span><span></span><span>of</span><span></span><span>Shareholding</span><span></span><span>of<span></span>Promoters:<span></span>-</span><span></span></p><p><span></span>&nbsp;</p><p><span>Shares</span><span></span><span>held</span><span></span><span>by<span></span>promoters<span></span>as<span></span>at<span></span>March<span></span>31,<span></span>2022<span></span>is<span></span>as<span></span>follows:</span><span></span></p><p></p><table><tbody><tr><td class="bordered"><p><span></span>&nbsp;</p><p><span>Promoter<span></span>Name</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st<span></span>March,<span></span>2022</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st<span></span>March,<span></span>2021</span><span></span></p></td><td class="bordered"><p><span>% Change<span></span><span>During</span><span></span><span>the</span><span></span><span>year</span></span></p></td></tr><tr><td class="bordered"><p><span>No<span></span>of<span></span>Shares</span><span></span></p></td><td class="bordered"><p><span>%<span></span>of<span></span>Total<span></span>Shares</span></p></td><td class="bordered"><p><span>No<span></span>of<span></span>Shares</span><span></span></p></td><td class="bordered"><p><span>%<span></span>of<span></span>Total</span></p><p><span>Shares</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Mr.</span><span></span><span>Piyushkumar</span><span></span><span>Babubhai</span><span></span><span>Thumar</span><span></span></p></td><td class="bordered"><p><span>9,000</span><span></span></p></td><td class="bordered"><p><span>0.04%</span><span></span></p></td><td class="bordered"><p><span>1,26,36,000</span><span></span></p></td><td class="bordered"><p><span>61.94%</span><span></span></p></td><td class="bordered"><p><span>-61.90%</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Total</span><span></span></p></td><td class="bordered"><p><span>9,000</span><span></span></p></td><td class="bordered"><p><span>0.04%</span><span></span></p></td><td class="bordered"><p><span>1,26,36,000</span><span></span></p></td><td class="bordered"><p><span>61.94%</span><span></span></p></td><td class="bordered"><p><span>-61.90%</span><span></span></p></td></tr></tbody></table><p><span></span>&nbsp;</p><p><span>Shares</span><span></span><span>held</span><span></span><span>by<span></span>promoters<span></span>as<span></span>at<span></span>March<span></span>31,<span></span>2021<span></span>is<span></span>as<span></span>follows:</span><span></span></p><p></p><table><tbody><tr><td class="bordered"><p><span></span>&nbsp;</p><p><span>Promoter<span></span>Name</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st<span></span>March,<span></span>2022</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st<span></span>March,<span></span>2021</span><span></span></p></td><td class="bordered"><p><span>% Change<span></span><span>During</span><span></span><span>the</span><span></span><span>year</span></span></p></td></tr><tr><td class="bordered"><p><span>No<span></span>of<span></span>Shares</span><span></span></p></td><td class="bordered"><p><span>%<span></span>of<span></span>Total<span></span>Shares</span></p></td><td class="bordered"><p><span>No<span></span>of<span></span>Shares</span><span></span></p></td><td class="bordered"><p><span>%<span></span>of<span></span>Total</span></p><p><span>Shares</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Mr.</span><span></span><span>Piyushkumar</span><span></span><span>Babubhai</span><span></span><span>Thumar</span><span></span></p></td><td class="bordered"><p><span>1,26,36,000</span><span></span></p></td><td class="bordered"><p><span>61.94%</span><span></span></p></td><td class="bordered"><p><span>1,42,23,000</span><span></span></p></td><td class="bordered"><p><span>69.72%</span><span></span></p></td><td class="bordered"><p><span>-7.78%</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Total</span><span></span></p></td><td class="bordered"><p><span>1,26,36,000</span><span></span></p></td><td class="bordered"><p><span>61.94%</span><span></span></p></td><td class="bordered"><p><span>1,42,23,000</span><span></span></p></td><td class="bordered"><p><span>69.72%</span><span></span></p></td><td class="bordered"><p><span>-7.78%</span><span></span></p></td></tr></tbody></table> <div><span><p></p><table><tbody><tr><td class="bordered"><p><span>Note<span></span>1</span></p></td><td class="bordered"><p><span>As at 31st March</span><span></span><span>2022</span><span></span></p></td><td class="bordered"><p><span>As</span><span></span><span>at</span><span></span><span>31st</span><span></span><span>March<span></span>2021</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Share<span></span>Capita</span><span>l</span><span></span></p></td><td class="bordered"><p><span>(</span><span>?</span><span></span><span>thousands)</span><span></span></p></td><td class="bordered"><p><span>(</span><span>?</span><span></span><span>thousands)</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Authorised</span><span></span></p><p><span>2,20,00,000</span><span></span><span>Equity<span></span>Shares<span></span>of<span></span>`10/-<span></span>each</span><span></span></p><p><span>(P.Y</span><span><span>&nbsp;</span></span><span>2,20,00,000</span><span><span>&nbsp;</span></span><span>Equity<span></span>Shares<span></span>of<span></span>`10/-<span></span>each)</span><span></span></p></td><td class="bordered"><p><span>2,20,000.00</span><span></span></p></td><td class="bordered"><p><span>2,20,000.00</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Total</span></p></td><td class="bordered"><p><span>2,20,000.00</span><span></span></p></td><td class="bordered"><p><span>2,20,000.00</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Issued,</span><span></span><span>Subscribed</span><span></span><span>And<span></span>Paid<span></span>Up</span><span></span></p></td><td class="bordered"><p><span></span>&nbsp;</p></td><td class="bordered"><p><span></span>&nbsp;</p></td></tr><tr><td class="bordered"><p><span>2,04,00,000</span><span></span><span>Equity<span></span>Shares<span></span>of<span></span>`10/-<span></span>each</span><span></span></p></td><td class="bordered"><p><span>2,04,000.00</span><span></span></p></td><td class="bordered"><p><span>2,04,000.00</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Add:</span><span></span><span>Issued</span><span></span><span>during<span></span>the<span></span>year<span></span></span></p></td><td class="bordered"><p><span>0.00</span></p></td><td class="bordered"><p><span>0.00</span></p></td></tr><tr><td class="bordered"><p><span>2,04,00,000</span><span><span>&nbsp;</span></span><span>Equity<span></span>shares<span></span>of<span></span>`<span></span>10/-<span></span>each</span><span></span></p></td><td class="bordered"><p><span>2,04,000.00</span><span></span></p></td><td class="bordered"><p><span>2,04,000.00</span><span></span></p></td></tr></tbody></table><p></p></span><span></span>&nbsp; <p><span>A)Terms/rights</span><span></span><span>attached<span></span>to<span></span>equity<span></span>shares:</span><span></span></p></div><p><span>Equity<span></span>Shares</span><span></span></p><p><span></span>&nbsp;</p><p><span><span>i.<span></span></span></span><span>The</span><span></span><span>company</span><span></span><span>has</span><span></span><span>only</span><span></span><span>one</span><span></span><span>class</span><span></span><span>of</span><span></span><span>shares</span><span></span><span>referred</span><span></span><span>to</span><span></span><span>as</span><span></span><span>equity</span><span></span><span>shares</span><span></span><span>having</span><span></span><span>a</span><span></span><span>par</span><span></span><span>value<span></span>of<span></span>`10/-.<span></span>Each<span></span>holder<span></span>of<span></span>equity<span></span>shares<span></span>is<span></span>entitled<span></span>to<span></span>one<span></span>vote<span></span>per<span></span>share.<span></span>The<span></span>dividend<span></span>proposed<span></span>by<span></span>the<span></span>Board<span></span>of<span></span>Directors<span></span>is<span></span>subject<span></span>to<span></span>the<span></span>approval<span></span>of<span></span>the<span></span>shareholders<span></span>in<span></span>the<span></span>ensuing<span></span>Annual<span></span>General</span><span></span></p><p><span>Meeting.</span><span></span></p><p><span></span>&nbsp;</p><p><span><span>ii.<span></span></span></span><span>In</span><span></span><span>the</span><span></span><span>event</span><span></span><span>of</span><span></span><span>liquidation</span><span></span><span>of</span><span></span><span>the</span><span></span><span>Company,</span><span></span><span>the</span><span></span><span>holders</span><span></span><span>of</span><span></span><span>equity</span><span></span><span>shares</span><span></span><span>shall</span><span></span><span>be</span><span></span><span>entitled</span><span></span><span>to</span><span></span><span>receive</span><span></span><span>any</span><span></span><span>of</span><span></span><span>the</span><span></span><span>remaining</span><span></span><span>assets</span><span></span><span>of</span><span></span><span>the</span><span></span><span>Company,</span><span></span><span>after<span></span>distribution<span></span>of<span></span>all<span></span>preferential<span></span>amounts.<span></span>The<span></span>amount<span></span>distributed<span></span>will<span></span>be<span></span>in<span></span>proportion<span></span>to<span></span>the<span></span>number<span></span>of<span></span>equity<span></span>shares<span></span>held<span></span>by<span></span>the<span></span>shareholders.</span><span></span></p><p><span></span>&nbsp;</p><p><span></span>&nbsp;</p><p></p><table><tbody><tr><td class="bordered"><p><span>B)<span></span>Reconciliation<span></span>of<span></span>the<span></span>number<span></span>of<span></span>shares<span></span>outstanding</span><span></span></p></td><td class="bordered"><p><span></span>&nbsp;</p></td></tr><tr><td class="bordered"><p><span></span>&nbsp;</p><p><span>Particulars</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st<span></span>March</span><span></span></p><p><span>2022</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st<span></span>March</span><span></span></p><p><span>2021</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Number</span><span></span><span>of</span><span></span><span>Shares</span><span></span><span>at</span><span></span><span>the</span><span></span><span>beginning</span><span></span><span>of</span><span></span><span>the</span><span></span><span>year</span><span></span></p></td><td class="bordered"><p><span>2,04,00,000.00</span><span></span></p></td><td class="bordered"><p><span>2,04,00,000.00</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Number<span></span>of<span></span>Shares<span></span>at<span></span>the<span></span>end<span></span>of<span></span>the<span></span>year</span><span></span></p></td><td class="bordered"><p><span>2,04,00,000.00</span><span></span></p></td><td class="bordered"><p><span>2,04,00,000.00</span><span></span></p></td></tr><tr><td class="bordered"><p><span></span>&nbsp;</p><p><span>C)<span></span>Details<span></span>Of<span></span>Shares<span></span>In<span></span>The<span></span>Compnay<span></span>Held<span></span>By<span></span>Each<span></span>Shareholder<span></span>Holding<span></span>More<span></span>Than<span></span>5%<span></span>Shares:</span><span></span></p></td><td class="bordered"><p><span></span>&nbsp;</p></td><td class="bordered"><p><span></span>&nbsp;</p></td></tr><tr><td class="bordered"><p><span>Name<span></span>Of<span></span>Shareholder</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st</span><span></span></p><p><span></span>&nbsp;</p><p><span>No.<span></span>of</span><span></span></p></td><td class="bordered"><p><span>March,<span></span>2022</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st<span></span>March,<span></span>2021</span><span></span></p><p><span></span>&nbsp;</p><p><span>No.<span></span>of<span></span>Shares</span><span></span></p></td></tr><tr><td class="bordered"><p><span></span>&nbsp;</p></td><td class="bordered"><p><span>Shares<span></span>held</span><span></span></p></td><td class="bordered"><p><span>%<span></span>of<span></span>Holding</span></p></td><td class="bordered"><p><span>held</span><span></span></p></td><td class="bordered"><p><span>%<span></span>of<span></span>Holding</span></p></td></tr><tr><td class="bordered"><p><span>Mr.</span><span></span><span>Piyushkumar</span><span></span><span>Babubhai</span><span></span><span>Thumar</span><span></span></p></td><td class="bordered"><p><span>9,000</span><span></span></p></td><td class="bordered"><p><span>0.04%</span><span></span></p></td><td class="bordered"><p><span>1,26,36,000</span><span></span></p></td><td class="bordered"><p><span>61.94%</span><span></span></p></td></tr><tr><td class="bordered"><p><span></span>&nbsp;</p></td><td class="bordered"><p><span>9,000</span><span></span></p></td><td class="bordered"><p><span>0.04%</span><span></span></p></td><td class="bordered"><p><span>1,26,36,000</span><span></span></p></td><td class="bordered"><p><span>61.94%</span><span></span></p></td></tr></tbody></table><p><span></span>&nbsp;</p><p><span><span>D)<span></span></span></span><span>Out</span><span></span><span>of</span><span></span><span>the</span><span></span><span>Total</span><span></span><span>Fully</span><span></span><span>Paid</span><span></span><span>2,04,00,000</span><span></span><span>Equity</span><span></span><span>Shares</span><span></span><span>1,35,00,000</span><span></span><span>Equity</span><span></span><span>Shares</span><span></span><span>of</span><span></span><span>Rs.</span><span></span><span>10/-</span><span></span><span>were</span><span></span><span>alloted</span><span></span><span>as</span><span></span><span>Fully</span><span></span><span>paid</span><span></span><span>bonus</span><span></span><span>shares<span></span>during<span></span>the<span></span>Financial<span></span>Year<span></span>2017-18</span><span></span></p><p><span></span>&nbsp;</p><p><span><span>E)<span></span></span></span><span>Details</span><span></span><span>of</span><span></span><span>Shareholding</span><span></span><span>of<span></span>Promoters:<span></span>-</span><span></span></p><p><span></span>&nbsp;</p><p><span>Shares</span><span></span><span>held</span><span></span><span>by<span></span>promoters<span></span>as<span></span>at<span></span>March<span></span>31,<span></span>2022<span></span>is<span></span>as<span></span>follows:</span><span></span></p><p></p><table><tbody><tr><td class="bordered"><p><span></span>&nbsp;</p><p><span>Promoter<span></span>Name</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st<span></span>March,<span></span>2022</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st<span></span>March,<span></span>2021</span><span></span></p></td><td class="bordered"><p><span>% Change<span></span><span>During</span><span></span><span>the</span><span></span><span>year</span></span></p></td></tr><tr><td class="bordered"><p><span>No<span></span>of<span></span>Shares</span><span></span></p></td><td class="bordered"><p><span>%<span></span>of<span></span>Total<span></span>Shares</span></p></td><td class="bordered"><p><span>No<span></span>of<span></span>Shares</span><span></span></p></td><td class="bordered"><p><span>%<span></span>of<span></span>Total</span></p><p><span>Shares</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Mr.</span><span></span><span>Piyushkumar</span><span></span><span>Babubhai</span><span></span><span>Thumar</span><span></span></p></td><td class="bordered"><p><span>9,000</span><span></span></p></td><td class="bordered"><p><span>0.04%</span><span></span></p></td><td class="bordered"><p><span>1,26,36,000</span><span></span></p></td><td class="bordered"><p><span>61.94%</span><span></span></p></td><td class="bordered"><p><span>-61.90%</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Total</span><span></span></p></td><td class="bordered"><p><span>9,000</span><span></span></p></td><td class="bordered"><p><span>0.04%</span><span></span></p></td><td class="bordered"><p><span>1,26,36,000</span><span></span></p></td><td class="bordered"><p><span>61.94%</span><span></span></p></td><td class="bordered"><p><span>-61.90%</span><span></span></p></td></tr></tbody></table><p><span></span>&nbsp;</p><p><span>Shares</span><span></span><span>held</span><span></span><span>by<span></span>promoters<span></span>as<span></span>at<span></span>March<span></span>31,<span></span>2021<span></span>is<span></span>as<span></span>follows:</span><span></span></p><p></p><table><tbody><tr><td class="bordered"><p><span></span>&nbsp;</p><p><span>Promoter<span></span>Name</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st<span></span>March,<span></span>2022</span><span></span></p></td><td class="bordered"><p><span>As<span></span>at<span></span>31st<span></span>March,<span></span>2021</span><span></span></p></td><td class="bordered"><p><span>% Change<span></span><span>During</span><span></span><span>the</span><span></span><span>year</span></span></p></td></tr><tr><td class="bordered"><p><span>No<span></span>of<span></span>Shares</span><span></span></p></td><td class="bordered"><p><span>%<span></span>of<span></span>Total<span></span>Shares</span></p></td><td class="bordered"><p><span>No<span></span>of<span></span>Shares</span><span></span></p></td><td class="bordered"><p><span>%<span></span>of<span></span>Total</span></p><p><span>Shares</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Mr.</span><span></span><span>Piyushkumar</span><span></span><span>Babubhai</span><span></span><span>Thumar</span><span></span></p></td><td class="bordered"><p><span>1,26,36,000</span><span></span></p></td><td class="bordered"><p><span>61.94%</span><span></span></p></td><td class="bordered"><p><span>1,42,23,000</span><span></span></p></td><td class="bordered"><p><span>69.72%</span><span></span></p></td><td class="bordered"><p><span>-7.78%</span><span></span></p></td></tr><tr><td class="bordered"><p><span>Total</span><span></span></p></td><td class="bordered"><p><span>1,26,36,000</span><span></span></p></td><td class="bordered"><p><span>61.94%</span><span></span></p></td><td class="bordered"><p><span>1,42,23,000</span><span></span></p></td><td class="bordered"><p><span>69.72%</span><span></span></p></td><td class="bordered"><p><span>-7.78%</span><span></span></p></td></tr></tbody></table> true true 0.00 0 0.00 643 0.00 0 false false false false Deferred Revenue Expenditure 2,190.48 Other Non Current Assets 22,102.52 Security Deposit 28,429.96 Deferred Revenue Expenditure 5,073.05 Other Non Current Assets 22,102.52 Security Deposit 21,752.55 Subsidy Receivable 1,772.17 Balance with Government Authorities 3,941.23 Other Current Assets 7.85 Subsidy Receivable 6,574.75 Balance with Government Authorities 2,461.27 Other Current Assets 0.00 Sitting Fees Sitting Fees Sitting Fees Misc.Income 1104.06 Profit From VC Project BSL (JV) 926.58 Misc.Income 147.37 Profit From VC Project BSL (JV) 516.25 Compliance Expenses 340.00 Factory Expenses 300.00 GST Expenses 0.00 Interest and Late Filing Fees 19.20 Labour Welfare Cess 754.05 Misc Expenses 189.96 Office Expenses 1373.40 Penalty Charges 0.00 Tender Fees 10.62 Travelling Exp. -- Foreign 0.00 Deferred Revenue Expenditure 2,882.57 Compliance Expenses 266.85 Factory Expenses 48.65 GST Expenses 652.34 Interest and Late Filing Fees 2037.53 Labour Welfare Cess 1377.98 Misc Expenses 189.29 Office Expenses 738.62 Penalty Charges 2854.64 Tender Fees 101.69 Travelling Exp. -- Foreign 0.00 Deferred Revenue Expenditure 2,882.57