2.12 Provisions, Contingent Liabilities and
Contingent Assets:

Provisions are recognised when the Company has
a present obligation as a result of past events and
it is probable that the outflow of resources will be
required to settle the obligation and in respect of
which reliable estimates can be made. A disclosure
for contingent liability is made when there is a
possible obligation, that may but probably will
not require an outflow of resources. When there
is a possible obligation or a present obligation
in respect of which the likelihood of outflow of
resources is remote, no provision/ disclosure is
made. Provisions and contingencies are reviewed
at each balance sheet date and adjusted to reflect
the correct management estimates. Contingent
assets are not recognised but are disclosed
separately in standalone financial statements.

If the effect of the time value of money is material,
provisions are discounted using a current pre¬
tax rate that reflects, when appropriate, the risks
specific to the liability.

2.13 Retirement and other Employee Benefits:

2.13.1 Short Term Obligation:

Liabilities for wages and salaries, including leave
encashment that are expected to be settled wholly
within 12 months after the end of the period in
which the employees render the related service are
recognised in respect of employees'' services up to
the end of the reporting period and are measured
by the amounts expected to be paid when the
liabilities are settled. The liabilities are presented
as Payable to Employees in the balance sheet.

2.13.2 Post-employment Benefits

(a) Defined Benefit Plans - Gratuity:

The Company operates a defined benefit
gratuity plan for its eligible employees. A
portion of the gratuity obligation is funded
through contributions to the Employees''
Group Gratuity Scheme administered by the
Life Insurance Corporation of India (LIC),
while the remaining obligation is unfunded.
Contributions to the funded plan are made
based on the actuarial valuation of the
gratuity liability carried out by LIC as at 31
March each year. The unfunded gratuity

obligation is provided for in the books based
on an independent actuarial valuation as at
the reporting date.

The liability or asset recognised in the balance
sheet in respect of defined benefit gratuity
plan is the present value of the defined benefit
obligation at the end of the reporting period
less the fair value of the plan assets. Liability
with regards to gratuity plan is determined
using the projected unit credit method, with
actuarial valuations being carried out by a
qualified independent actuary at the end of
each reporting period.

Remeasurement gains and losses arising
from experience adjustments and changes
in actuarial assumptions are recognized in
the period in which they occur, directly in
other comprehensive income and will not be
reclassified to Statement of Profit and Loss.

(b) Defined Contribution Plans:

The Company''s contribution to Provident
Fund, ESIC and Pension fund are considered
as defined contribution plans and are charged
as an expense based on the amount of
contribution required to be made and when
services are rendered by the employees.

2.14 Cash Flow Statement

The Statement of Cash flows are reported using
the indirect method, whereby the net profit before
tax is adjusted for the effects of transactions of a
non-cash nature, any deferrals or accruals of past
or future operating cash receipts or payments
and item of income or expenses associate with
investing or financing cash flows. The cash flows
from operating, investing and financing activities
of the Company are segregated.

2.15 Earning Per Share

Basic earnings per share are calculated by
dividing the net profit or loss after tax for the
period attributable to equity shareholders
(after deducting preference dividends, if
any, and attributable taxes) by the weighted
average number of equity shares outstanding
during the period.

For the purpose of calculating diluted earnings
per share, the net profit or loss after tax for the
period attributable to equity shareholders and the
weighted average number of shares outstanding

during the period are adjusted for the effects of all
dilutive potential equity shares.

2.16 Foreign currency transactions

The Company''s financial statements are presented
in Indian Rupees, which is also its functional
currency. Transactions denominated in foreign
currencies are initially recorded at the exchange
rate prevailing on the date of the transaction.

Foreign currency monetary assets and liabilities
outstanding at the reporting date are translated at
the closing exchange rate. Exchange differences
arising on settlement or translation of such
monetary items are recognised in the Statement
of Profit and Loss in the period in which they
arise, except where such exchange differences
are capitalised as borrowing costs in accordance
with Ind AS 23.

2.17 First Time Adoption of Indian Accounting
Standard

These financial statements for the year ended
31 March 2026 are the first annual financial
statementsofthe Company prepared in accordance
with Indian Accounting Standards ("Ind AS")
notified under Section 133 of the Companies Act,
2013 read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended.

For all periods up to and including the year
ended 31 March 2025, the Company prepared
its financial statements in accordance with
the accounting standards notified under the
Companies (Accounting Standards) Rules, 2006
(Previous GAAP).

The date of transition to Ind AS is 1 April 2024
("Transition Date"). An opening Ind AS Balance
Sheet has been prepared as at that date.

In preparing these financial statements, the
Company has applied Ind AS 101 - First-time
Adoption of Indian Accounting Standards. The
impact of transition has been recognised in
retained earnings as at the Transition Date.

Accordingly, the Company has prepared its
financial statements to comply with Ind AS
for the year ending 31^st March 2026, together
with comparative information as at and for the
year ended 31^st March 2025, as described in
the summary of material accounting policies.
In preparing these financial statements, the
Company''s opening Balance Sheet was prepared
as at 1^st April 2024 i.e. the transition date to Ind AS

for the Company. This note explains the principal
adjustment made by the Company in restating
its previous GAAP financial statements, including
the Balance Sheet as at 1^st April 2024, and the
financial statements as at and for the year ended
31^st March 2025.

2.17.1 Mandatory Exceptions Availed

In accordance with Ind AS 101, the Company has
applied the following mandatory exceptions:

(i) Estimates

An entity''s estimates in accordance with Ind
AS at the date of transition to Ind AS shall
be consistent with estimates made for the
same date in accordance with previous GAAP
(after adjustments to reflect any difference in
accounting policies).

(ii) Classification and Measurement of

Financial Assets

In accordance with Ind AS 101, the Company
has applied the classification and

measurement requirements of Ind AS 109
prospectively from the date of transition
to Ind AS (April 1, 2024). The classification
and measurement of financial assets
have been determined based on the facts
and circumstances existing at the date of
transition, in compliance with Ind AS 109,
Financial Instruments.

Under Ind AS 109, the classification of financial
assets is based on the Company''s business
model for managing the financial assets and
the contractual cash flow characteristics of
the financial assets assessed as at the date of
transition. Where it is impracticable to apply
the effective interest method retrospectively,
the fair value of the financial asset at the
date of transition has been treated as the
new gross carrying amount of that asset. A
similar exemption is available in respect of
financial liabilities.

(iii) Impairment of Financial Asset

Ind AS 101 provides relaxation from applying
the impairment related requirements of
Ind AS 109 retrospectively. At the date of

transition, the Company has used reasonable
and supportable information that is available
without undue cost or effort to determine
the credit risk at the date that financial
instruments were initially recognised and
compare that to the credit risk at the date of
transition to Ind AS. Similarly, the Company
has recognized a loss allowance at an amount
equal to lifetime expected credit losses
at each reporting date until that financial
instrument is derecognised.

2.17.2 Optional Exemptions Availed:

The Company has elected to apply the following

optional exemptions available under Ind AS 101:

(i) Deemed Cost for Property, Plant
and Equipment:

The Company has elected to continue with
the carrying value of all of its Property, Plant
and Equipment recognised as of 1 April 2024,
measured as per Previous GAAP, and use such
carrying values as deemed cost as at the date
of transition as permitted under Ind AS 101.

(ii) Investments in Joint Ventures:

The Company has elected to measure its
investments in Joint Ventures at the Previous
GAAP carrying amount as its deemed cost
as at the transition date in its Standalone
Financial Statements.

(iii) Past Business Combinations:

The Company has elected not to apply Ind AS
103 - Business Combinations retrospectively
to business combinations that occurred
before 1 April 2024.

(iv) Revenue from Contracts with Customers
(Ind AS 115):

The Company, being engaged in EPC
contracts, has applied Ind AS 115 - Revenue
from Contracts with Customers using the
modified retrospective approach. The
Comparative information for prior periods has
not been restated. Contract assets, contract
liabilities and performance obligations have
been recognised in accordance with Ind AS
115 from the transition date.

(v) Borrowing Costs

The Company has continued its Previous
GAAP accounting policy for borrowing costs
capitalised to qualifying assets existing as at
the transition date. Borrowing costs incurred
after the Transition Date are accounted for in
accordance with Ind AS 23.

(vi) Financial Instruments

The Company has applied Ind AS 109
prospectively from the transition date.
Financial liabilities have been measured at
amortised cost using the effective interest
rate method from the Transition Date.

Fair value measurement of financial assets
and financial liabilities at initial recognition

Ind AS 109 requires fair value measurement,
retrospectively, however an entity may apply
the requirements of Ind AS 109 prospectively
to transactions entered into on or after the
date of transition to Ind AS. Company has
measured its financial asset and financial
liability as per Ind As 109.

(vii) Employee Benefits

Actuarial gains and losses previously
recognised under Previous GAAP have

been reclassified to Other Comprehensive
Income (OCI) in accordance with Ind AS 19.
All cumulative actuarial gains and losses have
been recognised in retained earnings as at
the Transition Date.

(viii) Derecognition of financial assets and
financial liabilities

Ind AS 101 requires a first-time adopter
to apply the de-recognition provisions of
Ind AS 109 prospectively for transactions
occurring on or after the date of transitions
to Ind AS. However, Ind AS 101 allows a first¬
time adopter to apply the de-recognition
requirements in Ind AS 109 retrospectively
from a date of the entity''s choosing, provided
that the information needed to apply Ind AS
109 to financial assets and financial liabilities
derecognised as a result of past transactions
was obtained at the time of initially accounting
for those transactions.

The Company has elected to apply the
de-recognition provisions of Ind AS 109
prospectively from date of transition to
Ind AS.

Some Overdraft & Cash Credit including facilities from Kotak Mahindra Bank and ICICI Bank, presently
having positive balance have been shown as part of Cash & Cash Equivalent being integral part of Company''s
treasury management system are secured with Current Assets and Fixed Deposits having interest rate of
RPRR 3% & MCLR 0.40% respectively.

The Unsecured Loan repayable on demand from other parties include Asset Financing Facility from Seimens
Financial Services Limited and Unsecured Other Loans include Bill discounting facility carrying interest as per
Bank Rate as on the date of sanction.

The aggregates amount of transaction price allocated to performance obligations that are unsatisfied or
partially unsatisfied as at 31 March 2026 is ? 3,32,600 lakhs. The Company expects to recognise such revenue
over the next 1-5 years.

Information about major customers:

Revenue from one external customer constitute 27.19% of total revenue and Revenue from another external
customer 28.91% of total revenue and relates to the EPC segment for the year ended March 31,2026. Revenue
from one external customer constitute 53.44% of total revenue and relates to the EPC segment for the year
ended March 31, 2025.

40 Defined Benefit Plans

The Company operates a defined benefit gratuity plan in accordance with the applicable labour laws
governing gratuity, including relevant provisions of the Labour Codes / gratuity legislation as notified and
effective. Gratuity is payable to eligible employees on resignation, retirement or death/disablement and is
generally calculated at 15 day''s salary (based on last drawn eligible salary components) for each completed
year of service, subject to applicable statutory conditions and limits.

The Company has two gratuity arrangements:

(i) Funded gratuity plan for skilled employees, which is funded with an insurance company in the form of a
qualifying insurance policy; and

(ii) Unfunded gratuity plan for unskilled employees, where the gratuity obligation is met from the Company''s
operating cash flows as and when it becomes due.

For the funded plan, the management reviews the level of funding and contribution requirements at each
reporting date (including asset-liability considerations) and aims to maintain contributions at a level that
mitigates the risk of plan deficit, based on actuarial valuation. For the unfunded plan, the Company provides
for the gratuity obligation based on actuarial valuation and monitors the obligation periodically.

The following tables summarise the component of the net benefits expense recognised in the statement
of profit and loss account and the funded status and amounts recognized in the balance sheet for the
respective plan.

CODE ON SOCIAL SECURITY, 2020

The Government of India has notified the Code on Wages, 2019, the Industrial Relations Code, 2020 the
Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020
("Labour Codes") with effect from 21 November 2025, which consolidates 29 existing labour laws. The
Labour Codes, amongst other things, introduced changes including a uniform definition of wages and
enhanced benefits relating to leaves. In accordance with the guidance issued by the Institute of Chartered
Accountants of India and based on the Actuarial Valuation, the Company has assessed the impact of these
regulatory changes towards additional Gratuity and has recognised a charge of ? 63.92 lakhs, classified as
past service cost disclosed under Exceptional Items in the Standalone Statement of Profit and Loss for the
year ended March 31,2026.

The Government is in the process of notifying the related rules under the New Labour Codes. The impact
of these rules will be evaluated and accounted for in accordance with the applicable Indian Accounting
Standards in the period in which they are notified.

45 Leases

The Company has elected not to recognise right-of-use assets and lease liabilities for short-term leases
that have a lease term of 12 months or less. Lease payments associated with such short-term leases are
recognised as an expense on a straight-line basis over the lease term.

The total expense recognised in the Statement of Profit and Loss for short-term leases during the year is
f 222.52 Lakhs (Previous year: f130.41 lakhs ). Considering all the lease arrangements having term below 12
months, no right-of-use assets or lease liabilities have been recognised in these financial statements.

Financial Risk Management-Objectives and Policies

The Company''s activities expose it to liquidity risk, credit risk, foreign currency risk and interest rate risk.
This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and
the related impact in the financial statements.

The Company''s risk management is done in close co-ordination with the board of directors and focuses on
actively securing the Company''s short, medium and long-term cash flows by minimizing the exposure to
volatile financial markets. Long-term financial investments are managed to generate lasting returns. The
Company does not actively engage in the trading of financial assets for speculative purposes nor does it
write options. The most significant financial risks to which the Company is exposed are described below:

Fair Value Hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position
are grouped into three Levels of a fair value hierarchy. The three Levels are defined based on the
observability of significant inputs to the measurement, as follows:

Level 1 : Quoted prices [unadjusted] in active markets for financial instruments.

Level 2 : Inputs other than quoted prices included within Level 1 which are observable for the assets or
liabilities, either directly or indirectly.

Level 3 : If one or more of the significant inputs is not based on observable market data, the instrument
is included in level 3.

B. Market Risk

(a) Interest Rate Risk

The Company''s policy is to minimise interest rate cash flow risk exposures on long term financing.
The Company is exposed to changes in market interest rates through bank borrowings at variable
interest rates. The Company''s Investments in Fixed Deposits are at fixed Interest rates.

(b) Foreign Currency Risk

The Company is exposed to foreign exchange risk arising from foreign currency transactions,
primarily with respect to the US Dollar. Foreign exchange risk arises from recognised assets and
liabilities denominated in a currency that is not the Company''s functional currency.

C. Credit Risk

Credit risk arises from the possibility that counter party may not be able to settle its obligations as
agreed. The Company is exposed to credit risk from trade receivables, bank deposits and other financial
assets. The Company periodically assesses the financial reliability of the counter party taking into
account the financial condition, current economic trends, analysis of historical bad debts and ageing of
accounts receivable. Individual customer limits are set accordingly.

As per Policy, receivables are classified into different buckets based on the overdue period ranging
from 6 months-one year. There are different provisioning norms for each bucket which are ranging
from 50% to 100%.

(i) Cash and Cash Equivalent and Bank Balance

The Company maintains its Cash and cash equivalents and Bank deposits with reputed and highly
rated banks. Hence, there is no significant credit risk on such deposits.

(ii) Loans and Other Financial Assets measured at Amortized Cost

There are no significant credit risks with related parties of the Company.

(iii) Trade Receivable

The Company''s exposure to credit risk is primarily on account of trade receivables and contract
assets arising from Engineering, Procurement and Construction (EPC) contracts. The Company''s
customers predominantly comprise government authorities, public sector undertakings and
established corporate entities, resulting in a relatively low credit risk profile.

Credit risk is managed through evaluation of customer creditworthiness, contract-specific risk
assessment and continuous monitoring of receivable balances. The Company generally operates
through contractual arrangements which provide for milestone-based billing, retention clauses
and advance payments, thereby mitigating credit risk exposure.

The Company monitors recoverability of receivables and contract assets on an ongoing basis,
with a focus on ageing, contractual terms and project-specific developments. In case of delays
or disputes, appropriate steps are taken including follow-ups, negotiations and invocation of
contractual remedies.

Expected credit loss is assessed using a simplified approach, considering historical trends, specific
customer circumstances and forward-looking information. Based on such assessment, the Company
believes that the credit risk on its trade receivables and contract assets is adequately provided for.

(a) Concentration of Trade Receivables:

Total revenue from two major external customers constitutes 56% of the total revenue booked
during the year. In the previous year, revenue from one major external customers constituted 53%
of the total revenue.

D. Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and
the availability of funding through an adequate amount of committed credit facilities to meet obligations
when due. Due to the nature of the business, the Company maintains flexibiltiy in funding by maintaining
availability under committed facilities.

Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents
on the basis of expected cash flows. The Company takes into account the liquidity of the market in which
it operates. In addition, the Company''s liquidity management policy involves projecting cash flows and
considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios
against internal and external regulatory requirements and maintaining debt financing plans.

For the purpose of the Company''s capital management, capital includes issued capital and all other
equity. The primary objective of the Company''s capital management is to maximize shareholder value.
The Company manages its capital structure and makes adjustments in the light of changes in economic
environment and the requirements of the financial covenants.

The Company monitors capital using gearing ratio which is net debt (total debt less cash and bank
balances) divided by total capital plus net debt.

Note:

In order to achieve this overall objective, the Company''s capital management, amongst, other things,
aims to ensure that it meets financial covenants attached to the interest bearing loans and borrowings
that define capital structure requirements. Breaches in meeting the financial covenants would permit
the bank to immediately call loans and borrowings. There have been no breaches in the financial
covenants of any interest bearing loans and borrowings in current year or previous year.

50 Supplier Finance Arrangement
Nature and terms of arrangements

The Company participates in supplier finance arrangements with participating banks, under which the banks
make payment directly to approved suppliers on the invoice due date. The Company subsequently settles the
amounts due with the banks in accordance with the terms of the respective arrangements.

Under these arrangements, participating banks settle invoices of approved suppliers on the contractual due
date. The Company is generally required to settle the amounts due with the finance providers within 60-120
days from the invoice date, compared with payment terms of 0-60 days applicable to comparable suppliers
not participating in these arrangements.

The arrangements are unsecured, and no corporate or bank guarantee has been issued by the Company.
The terms of purchase, including the price of goods or services, are not modified merely because a supplier
participates in the arrangements.

Note:

A. I n the current year, Earnings available for Debt service has increased and Repayment of loan has
decreased significantly causing the major increase in this ratio.

B. In the current year, average trade receivables increased significantly, at a higher rate compared to the
increase in net credit sales.

C. In the current year the Company managed to negotiate better payment terms to the vendors causing
average trade payable on higher side.

D. Decrease in Return on Investment ratio is primarily due to lower returns from investments during the
current year, as no material investment was sold during the year as compared to the previous year.

53 Undisclosed Income

The Company does not have any such trasaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the period in the tax assessments under the Income Tax Act, 1961
(Such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

Nature of CSR activities

CSR expenditure incurred by the Company during the year pertains to activities in environmental sustainability,
climate action, renewable energy, hunger alleviation, healthcare, education, women empowerment, and
rural development, in compliance with the Companies Act, 2013.

55 First Time Adoption of IND AS.

The Company has prepared its financial statements for the year ended 31 March 2026 in accordance with
Indian Accounting Standards (Ind AS) for the first time. Years up to and including the year ended 31 March
2025, the Company prepared its financial statements in accordance with Previous GAAP.

The date of transition to Ind AS is 1 April 2024, and an opening Balance Sheet has been prepared as at that date.
The transition has been carried out in accordance with Ind AS 101 - First-time Adoption of Indian Accounting
Standards, as more fully described in Note 2.17 - First-time Adoption of Ind AS of the material accounting
policies, including the mandatory exceptions and optional exemptions availed by the Company.

On transition to Ind AS, the Company has recognised the resulting adjustments in retained earnings as at the
Transition Date.

A. Investment In Joint Venture

Under Previous GAAP, the Company''s interest in the LLP comprised current and fixed capital balances.
The LLP was subsequently converted into a Company with effect from 20 July 2024.

Pursuant to transition to Ind AS, the investment in the Joint Venture is carried at cost in the standalone
financial statements, with the equity method applied in the consolidated financial statements. The
carrying amount of the investment at the transition date has been considered as deemed cost, including
accumulated share of profits recognised under Previous GAAP.

Accordingly, the current and fixed capital balances have been regrouped as a non-current investment.
The share of profit recognised under Previous GAAP and included in the investment balance has been
reversed, along with the corresponding impact on the Statement of Profit and Loss. Similarly, the share
of profit recognised in the current year has been reversed from the standalone Statement of Profit and
Loss with a corresponding reduction in the carrying amount of the investment.

B. Deferred Tax Assets/ Liabilities

I GAAP requires deferred tax accounting using the income statement approach, which focuses on
differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to
account for deferred taxes using the Balance Sheet approach, which focuses on temporary differences
between the carrying amount of an asset or liability in the Balance Sheet and its tax base. The application
of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which
was not required under IGAAP.

In addition, the various transitional adjustments lead to temporary differences. According to the
accounting Policies, the Company has to account for such differences. Deferred tax adjustments are
recognised in correlation to the underlying transaction either in retained earnings, OCI or profit and
loss respectively.

C. Defined Benefit Obligation:

As at the transition date, the liability relating to the defined benefit obligation was determined based
on an actuarial valuation. Accordingly, the liability recognised under Ind AS at the transition date differs
from the amount recognised under Previous GAAP, resulting in a transition adjustment to the carrying
amount of the obligation.

For the year ending 31 March 2025, Both under Previous GAAP and Ind AS, the Company recognised
costs related to its post-employment defined benefit plan on an actuarial basis. Under Previous
GAAP, the entire cost, including actuarial gain and losses, are charged to profit or loss. Under Ind

AS, remeasurements (comprising of actuarial gains and losses, the effect of assets ceiling, excluding
amounts included in net interest on the net defined benefit liability and return on plan assets excluding
amount included in net interest on the net defined benefit liability) are recognised in the Balance Sheet
through Other Comprehensive Income (OCI). Thus, employee benefit expense is reduced by INR 2.04
Lakhs and is recognised in OCI during the year ended 31^st March 2025.

The current tax amounting to INR 0.52 lakhs is also regrouped from profit or loss to OCI for the year
ended 31^st March, 2025. The above change does not affect total equity as at 31^st March, 2025. However,
profit before tax and profit for the year ended 31^st March, 2026, is reduced by INR 2.04 Lakhs and 0.52
Lakhs respectively.

D. Re-classification of Assets and Liabilities as per Schedule III of the Companies Act, 2013:

1. As per Schedule III, Security Deposits which are financial in nature are to be classified under Loans
and other deposits are classified under Other Non-Current/Current Assets respectively.

2. Under Previous GAAP, Loans as well as Advances were shown together under heading "Loans and
Advances". However, as per Schedule III, Loans are classified under Financial Assets.

3. Current and Non-Current Assets have been reclassified into financial and non-financial assets as
per the nature of assets.

4. Current and Non-Current Liabilities have been reclassified into financial and non-financial liabilities
as per the nature of liabilities.

5. Cash Credit having Debit balance have been reclassified from Short term borrowing to
Balance with bank.

6. Provision for Statutory dues, earlier shown as provisions reclassified to Other Current Liabilities.

7. Certain Bank charges not relating to financing activities shifted to Other expenses.

8. Certain minor differences in the amounts presented in the Ind AS financial statements are on
account of rounding-off of balances for presentation purposes. These differences do not represent
any accounting adjustment or change in the underlying balances.

E. Other Comprehensive Income

Under Previous GAAP, all items of income and expense were recognised in the Statement of Profit
and Loss, as there was no concept of Other Comprehensive Income (OCI). On transition to Ind AS,
remeasurements of defined benefit obligations (actuarial gains and losses) are recognised in OCI in
accordance with Ind AS 19, along with the related tax impact, instead of the Statement of Profit and Loss.

56 Other Statutory Disclosures as per the Companies Act, 2013

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

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

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

D. The Company is in compliance with the number of layers prescribed under clause (87) of Section 2 of the
Companies Act read with the Companies (Restriction on number of Layers) Rules, 2017.

E. The Company has not traded or invested in crypto currency or virtual currency during the year ended
on March 31, 2026.

F. The Company has not revalued its Property, Plant and Equipment or Intangible Assets during the year.

G. The Company has utilised the proceeds from the borrowings from Banks for the specific purpose for
which it was taken.

H. Company has taken borrowings from banks on the basis of security of current assets and quarterly
returns or statements of current assets filed by the Company with banks are in agreement with the
books of accounts.

I. The Company has not advanced, loaned or invested any funds (either from borrowed funds or share
premium or any other sources or kind of funds) to or in any other person(s) or entity(ies), including
foreign entities ("Intermediaries"), 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 ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

J. The Company has not received any funds from any person(s) or entity(ies), including foreign entities
("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company
shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

K. In accordance with Ind AS 108 - "Operating Segments", operating segments are reported in a manner
consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The
Company operates in a single reportable segment, namely Engineering, Procurement and Construction
(EPC), and operates solely in the domestic market. Accordingly, the Company has a single reportable
segment and there are no separately reportable operating segments.

L. Foreign Exchange Earnings and Outgo:

The details of foreign exchange earnings and outgo current reporting period, on an accrual basis,
are set out below:

57 Subsequent Events

The Company has recommended final dividend of 10% on Equity Shares of the Company for the Financial
Year ended on 31 March 2026, i.e. ? 1 per equity share of Face Value ? 10/- each, subject to approval of the
Shareholders at the ensuing Seventeenth Annual General Meeting (17^th AGM) of the Company.

The Company has been contributing to a Gratuity Fund managed by the Life Insurance Corporation of India (LIC). These contributions have been charged to the Statement of Profit and Loss. Accordingly, the plan assets and the defined benefit obligations have not been separately recognised in the Balance Sheet. As at 31^st March 2025, the plan assets exceed the defined benefit obligation.

37 Other Disclosure

i. The figures in the Balance Sheet and Statement of Profit & Loss have been rounded off to the Lacs and re-grouped wherever necessary.

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

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

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

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

vi. The Company has not advanced or loaned or invested funds to any other persons or entities, including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

b. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

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

a. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

b. Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

viii. The Company complies with the number of layers of companies by clause 87 of Section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 for the year ended on March 31,2025.

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

1 During the financial year, the company raised additional equity capital through an IPO, contributing to an overall increase in shareholders'' equity.

2 Company''s turnover grew by approximately 278% during the financial year, which contributed to enhanced operating performance. This increase was reflected across various financial metrics, including higher sales, purchases, and profit, along with corresponding growth in trade receivables, trade payables, working capital, current assets, current liabilities, and capital employed.

3 Company had invested in a Limited Liability Partnership (LLP) in the capacity of a partner and was earning profit share and interest income. During the year, the said LLP has been converted into a Limited Company.

⁽¹²⁾ ASSEt|^I°a''^^^⁰NT1NGENT LTflRILITrES rnMTTBICCMT

Provisions involving a substantial degree of estimation in !^^r5^me"^{t are rec}°9^nized «^hen there is a present obligates a resour«s^{Pa eVentS} ^ *''^{S pr0bable that there wil1 be} an outflow of

The company does not have any contingent liability as on the date of Balance Sheet other than below.

0 Finance Guarantee: the Company has given following bank guarantee against loans taken by others from Banks and Financial Institutions and hence the question of terms and conditions prejudicial to the interest of the company does not arise The details are as under:-

The Company has given the following bank guarantee in Joint Capacity against loans taken by others from Banks and Financial

rh^nce'' ^the ,^{question of terms} and conditions prejudicial to the company s interest does not arise. The details are as under: -

taSS.^{are neither rec}°^9ni2ed "^or ***** ''» the

(¹³) OTHER ACCOUNTING STANDARn-

aI ?,^eEfA^reJ^{0 transact}j^ons relating to AS-S, AS-7, ASM, AS-19, same^{3 & AS}‘^{2 respectlvel}'''''' separate comments are not given for the

I. The figures in the Balance Sheet and Statement of Profit & Loss have been rounded off to the Lacs and re-grouped whereve? necessary

II. In the opinion of the Board of Directors, the Current Assets are of the coursed business^M **" ^

^111- ^ai^rnh^Cr^a|inⁿ °ⁿru^iX!^{d aSSets} °^{f the com}P^a"V has been provided on to CoCinresTct 2013“ ^t0 rateS PreSCr''^{bed Under Schedule} 11

^W'' SceeZ^Rs⁶ 60 oo^eo^Cn°nZ^any ”^h° T™ ^{in receipt of remu}neration exceeding Rs. 60,00,000/- per year if employed throughout the vear

yLTare aZoNows⁰⁰''⁰⁰⁰⁷'' ^P*^{r m}°"^{th if employed for the part of}

Additional Regulatory Reauirpmpntc-

VIII. Details of Crypto Currency or Virtual Currency

The Company has neither traded nor invested in Crvoto

T^e2oV^rF T¹ Cr^{ency durin9 the} P^eriod ended on March 31, 2024. Further, the Company has also not received anv

Crvnto r°^r advance.^s from anV P^erson for trading or investing in Crypto Currency or Virtual Currency. ^y

IX. Undisclosed income

During the Period the Company has not surrendered or disclosed as income any transactions not recorded in the books of accounts in the course of tax assessments under the Income ax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act. 1961)

X. Relationship with struck-off companies

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 during the period year ended on March 31, 2024.

XI. Compliance with numbers of layers of companies

The Company complies with the number of layers of companies by clause 87 of Section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 for the vear ended on March 31, 2024.

XII. Utilization of borrowed funds and share premium

During the year ended on March 31, 2024 the company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall

rf* -Vu if T -o

(i) dirertly or indirectly lend or invest in other oersons nr entities identified in any manner whatsoever by or on behalf o the company (Ultimate Beneficiaries) or

the EtteBLeflciaries⁶'' °^{r the} ''^{ike t0} °^{r on behalf of}

(B) During the year ended on March 31, 2024 the comoanv has not received any fund from any person(s) or entity(ies) indu^na foreign entities (Funding Party) with the understanding H recorded in writing or otherwise) that the company shall

0) d(rectiy or indirectly lend or invest in other persons or nt''ties identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

Ultimate''Beneficiaries³"^186, °^r ^ "^ke °^{n behalf} °^{f the}

XIII. The company has not been declared willful defaulter by any bank or financial institutions or government or any government authority.

^ for ^PhoTdinaⁱⁿa⁹n^Sv^hh^V,^e ^ ^{,nitiated n}°^{r pendin}9 ^a9^a^ the company tor folding any benami property under The Benami Transactions

(Prohibition) Act, 1988 (45 of 1988) and rules made thereunder a^SnlTa^rcco°unts⁹ⁿ''^fiCar1t Counting ^Polices" ^and ''Notes'' forming part of

CHARTERED ACCOUNTANT^'' r° ¦ ^{b''f ''he E°ard °f of}

(F.R. No loesZ) ?^{ajesh Power} Services Limited

^ (Formerly known as Rajesh Power Services

Private Limited)

^ ^{CIN: U31300G}J2010PLC059536

PRANAV N c_HAm !^*^ⁿ⁹ R‘ ^Panchal Rajendra B. Patel

proprietor” ^SHAH> DINm0773S2m^ECTOR) in <^DIRECT°«>

M .No. : 033747 (DIN.00773528) (DIN:00137280)

DATE^E 03/^M07^D/2O2S ^{PLACE :} AHMEDABAD

date .03/07/2024 DATE :03/07/2024