Notes to Accounts of Ganesh Green Bharat Ltd.

m Provisions, Contingent liabilities and Contingent assets

A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an outflow
of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions (excluding
retirement benefits and compensated absences) are not discounted to its present value and are determined based on best
estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted
to reflect the current best estimates. Contingent liabilities are not recognised in the financial statements. A contingent asset is
neither recognised nor disclosed in the financial statements.

n Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash that are
subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase,
to be cash equivalents.

o Current & non- current classification

All the assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle as 12
months and other criteria set out in Revised Schedule III to the Companies Act, 2013. Based on the nature of activities and time
between the activities performed and their subsequent realisation in cash or cash equivalents, the company has ascertained its
operating cycle as 12 months for the purpose of current / non-current classification of assets and liabilities.

p Cash flow statement

The Cash Flow Statement has been prepared in accordance with the indirect method prescribed under Accounting Standard - 3 of
the Companies (Accounting Standards) Rules, 2006 (as amended). whereby profit / (loss) before extraordinary items and 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

q Segment reporting

Company is in business of Manufacturing of Solar Modules and EPC of Solar Projects and accordingly company has considered it
as single segment activity. Considering the total turnover of the said solar business (Manufacturing of Solar Modules and EPC of
Solar Projects), revenue from EPC contract activity is lesser than 10% of total revenue and accordingly compny has considered
this as Primary segment activity and as there are no other reportable segments, segmental reporting as per Accounting Standard

17 is not Applicable

r Related party transactions

Disclosure of transactions with related parties, as required by Accounting Standard 18 of the Companies (Accounting Standards)
Rules, 2006 (as amended). "Related Party Disclosures" has been set out in a separate statement annexed to this note. Related
parties as defined under the said Accounting Standard (as amended) have been identified on the basis of representations made
by management and information available with the Company.

s Earning per share

The Company reports basic and diluted earnings per share (EPS) in accordance with the Accounting Standard 20 as specified in
the Companies (Accounting Standards) Rules, 2006 (as amended). The Basic EPS has been computed by dividing the income
available to equity shareholders by the weighted average number of equity shares outstanding during the accounting year. The
Diluted EPS has been computed using the weighted average number of equity shares and dilutive potential equity shares
outstanding at the end of the year

The Company''s secured borrowings from banks and financial institutions are secured, on a first pari passu and/or exclusive basis, as applicable to the respective facilities, by the
following:

Primary Security:

First pari passu hypothecation charge over the Company''s entire present and future current assets, including inventories, stock-in-trade, book debts, trade receivables and other
current assets, together with movable assets and movable fixed assets (excluding assets specifically charged on an exclusive basis to the respective lenders), shared amongst the
consortium / multiple banking lenders.

Exclusive hypothecation charge over the respective plant and machinery, equipment and other movable fixed assets financed under the respective term loan facilities granted by the
lenders.

Exclusive hypothecation charge over the respective vehicles financed under the vehicle loan facilities.

Exclusive charge over fixed deposits maintained with the respective lenders, wherever created as cash margin and/or security for credit facilities, including bank guarantees, letters of
credit and other banking facilities.

Collateral Security

Equitable mortgage of identified immovable properties comprising:

Residential property situated at Ognaj, Ahmedabad; Commercial office premises situated at S.G. Business Hub, Gota, Ahmedabad; Commercial office premises situated at Chinmay
Tower, Memnagar, Ahmedabad; Residential flat situated at Science City Road, Ahmedabad; and Industrial land situated at Chandanki, Taluka Becharaji, District Mehsana, Gujarat and
Tundali, Mehsana, Gujarat. The above borrowings are further secured by personal guarantees of the promoters/directors and corporate guarantee of Souraj Energy Private Limited.

All seven immovable properties listed below have been secured in favour of HDFC Bank by way of Equitable Mortgage, bifurcated into Primary and Collateral security as follows:

A. Primary Security

Shop No. 006 (006/a, 006/b, 006/c), Ground Floor, S G Business Hub, Near Adani CNG Pump, Sarkhej-Gandhinagar Highway Road, Gota, Ahmedabad, Gujarat - 380061 (Commercial

Office; F.P. No. 133/1 135 144/1 154, T.P.S. No. 56, City Survey No. 409/2/1 and 432/1), held in the name of Ketan Patel, Rajendra Patel & Nirav Patel.

Commercial Office No. 101, Block No. G, 1st Floor, S.G. Business Hub, Near Gota Fly Over Bridge, Gota, Ahmedabad, Gujarat - 380061, held in the name of Ketanbhai Narsinhbhai
Patel.

B. Collateral Security

G-14, Chinmay Tower, Ground Floor, Subhash Chowk, Gurukul Road, Memnagar, Parasnath Memnagar Co-op. Housing Society Ltd., Ahmedabad, Gujarat - 380052 (Commercial
Office), held in the name of Ketan Patel.

R.S. No. 319, Tundali, Near Mehsana-Ahmedabad Road, Near Tundali Village Road, Opp. Deem Rolltech, Behind Honest Hotel, Near Surya Aluminium, Tundali, Mehsana, Gujarat -
384003 (Industrial Estate with Industrial Activity), held in the name of Ketan Patel, Rajendra Patel & Nirav Patel.

Revenue Survey No. 412, 420 & 421 (Old R.S. No. 364/3, 364/9, 364/3/6/9), Chandanki, Taluka Becharaji, District Mehsana, Gujarat - 384430 (Vacant Land), held in the name of Ketan

Patel, Rajendra Patel & Nirav Patel.

Office No. 201 (Block G) & Office No. 202 (Block F), 2nd Floor, S.G. Business Hub, Near Gota Fly Over Bridge, Gota, Ahmedabad, Gujarat - 380061 (Commercial Office; F.P. No.
133/1 135 144/1 154, T.P.S. No. 56, Survey No. 406, 409/2/1, 432/1), held in the name of Ketanbhai Narsinhbhai Patel.

Flat No. D-103, Astha Home, 1st Floor, Science City Road, Sola, Near Anuraj Bunglow, Near BR Park, Ahmedabad, Gujarat - 380060 (Residential Flat/Apartment), held in the name of
Rajendra N. Patel.

General Description of the Plan

The Entity operates gratuity plan through a trust wherein every employee is entitled to the benefit equivalent to fifteen days salary last drawn for each completed year of
service. The same is payable on termination of service or retirement, whichever is earlier. The benefit vests after five years of continuous service. In case of some
employees, the Entity''s scheme is more favourable as compared to the obligation under Payment of Gratuity Act, 1972.

(i) Actuarial gains and losses in respect of defined benefit plans are recognised in the profit and loss account. (ii) The defined benefit plan comprises of gratuity a) Gratuity is
a benefit to an employee based on 15 days last drawn basic salary including dearness allowance (if any) for each completed year of continuous service with part thereof in
excess of six months. The plan is unfunded. The company operates a defined benefit plan (the gratuity plan) covering eligible employees, which provides a lump sum
payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee''s salary and the tenure
of employment.

1. Bank Guarantees Given: This Represents amount of Bank guarantees for performance of contracts of goods/services against Fixed deposits of
Rs. 8,60,84,459/-

For Assessment year 2022-23 there was demand from income tax department for Rs. 571.24 Lakhs against which company has preferred an
Appeal to CIT(Appeals).

3. Laibility for GST : In Previous year there was demand from GST of Rs. 931.67 Lakhs, Company has successfully got order for NIL payment
against the said demand.

Letter of Credits represents amount of Letter of Credits issued against Fixed Deposits of Rs. 20,75,56,831/-

35 Registration of Charge

The registration of charges in respect of certain borrowings obtained by the Company was delayed beyond the statutory period prescribed under
the Companies Act, 2013. The details of such charges are as under:

HDFC Bank Limited - Vehicle for Factory (Forklift) date of agreement 26/03/2024 and date of registration 01/06/2024

Kotak Mahindra Prime Limited - Virtus date of agreement 15/10/2025 and date of registration 22/11/25

Kotak Mahindra Bank Limited - Vehicle for Factory (Forklift) date of agreement 31/12/2025 and date of registration 16/02/25

Reasons for Variances

c) Increase due to significant growth in profitability and cash accruals available for debt servicing, coupled with reduction/stabilization in debt
service obligations during the year.

d) Increase mainly due to higher profit after tax during the year as compared to the previous year.

e) Increase due to higher sales/turnover and improved inventory management resulting in faster inventory movement.

f) Increase due to substantial growth in revenue and improved collection efficiency, leading to lower average receivable days.

g) Increase due to higher purchases and faster settlement of trade payables during the year.

h) Increase due to higher revenue generated with comparatively lower increase in working capital.

i) Decrease mainly due to increase in operating costs and other expenses relative to revenue growth.

k) Increase due to significant improvement in EBIT and better utilization of capital employed during the year.

Nature of CSR activities

1. Donation Made To Shree Samyagnan Ramya Parshada - ^16,89,000/- Towards Promotion Of Education And Educational Development
Initiatives.

2. Donation Made To Jan Mangal Seva Charitable Trust - ^7,00,000/- Towards Promotion Of Education And Support For Educational Welfare
Activities.

3. Donation Made To Shree Aadi Jin Yuvak Charitable Trust - ^7,00,000/-Towards Animal Welfare, Protection And Care Of Animals (Jeevdaya
Activities).

4. Donation Made To Seeta Rasoi Nyas - ^1,11,000/- Towards Food Security Initiatives And Distribution Of Food To The Needy.

5. Donation Made To Tennis For Life - ^1,00,000/- Towards Promotion Of Sports And Development Of Sports Welfare Activities.

6. Donation Made To Choryasi Kadva Patidar Samaj Vikas Trust - ^3,00,000/- Towards Cultural And Social Welfare Activities For Community
Development.

7. Donation Made To Shree Barfani Baba Jogania Mata Bhandara Samity - ^2,00,000/- Towards Charitable Food Distribution And Community
Food Service Activities For The Needy.

8. Donation Made To Vishv Umiya Foundation - ^10,00,000/- Towards Promotion Of Education And Educational Development Initiatives.

38 Regrouping

Figures have been rearranged and regrouped wherever practicable and considered necessary.

39 Vehicles purchased in the name of directors & KMP but accounted in the books of company

KIA SELTOS (31-08-2024) - 14.56 Lakhs (WDV as at 31.03.2026)

VITARA (27-07-2025 )- 6.90 Lakhs (WDV as on 31.03.2026)

FORTUNER CAR ( 29-09-22) - 3.57 Lakhs (WDV as at 31.03.2026)

VIRTUS CAR (16-10-25) -16.55 Lakhs (WDV as at 31.03.2026)

ECO LOAN (05-07-25) - 6.02Lakhs (WDV as on 31.03.2026)

WAGONER (15-05-24) - 3.25Lakhs (WDV as on 31.03.2026)

TOYOTA (24-12-25) - 12.68Lakhs (WDV as on 31.03.2026)

m Provisions, Contingent liabilities and Contingent assets

Provisions involving substantial degree of estimation in measurements are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources. Contingent Liabilities are disclosed in the notes. Contingent Assets are
neither recognised nor disclosed in the financial statements.

n Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash that are subject to
an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash
equivalents.

o Current & non- current classification

All the assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle as 12 months and
other criteria set out in Revised Schedule III to the Companies Act, 2013. Based on the nature of activities and time between the activities
performed and their subsequent realisation in cash or cash equivalents, the company has ascertained its operating cycle as 12 months for
the purpose of current / non-current classification of assets and liabilities.

p Cash flow statement

The Cash Flow Statement has been prepared in accordance with the indirect method prescribed under Accounting Standard - 3 of the
Companies (Accounting Standards) Rules, 2006 (as amended). whereby profit / (loss) before extraordinary items and 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.

q Borrowing costs

All borrowing costs are recognised in the Statement of Profit and Loss in the period they occur.
r Segment reporting

Company is in business of Manufacturing of Solar Modules and EPC of Solar Projects and accordingly company has considered it as single
segment activity. Considering the total turnover of the said solar business (Manufacturing of Solar Modules and EPC of Solar Projects),
revenue from EPC contract activity is lesser than 10% of total revenue and accordingly compny has considered this as Primary segment
activity and as there are no other reportable segments, segmental reporting as per Accounting Standard 17 is not Applicable.

s Related party transactions

Disclosure of transactions with related parties, as required by Accounting Standard 18 of the Companies (Accounting Standards) Rules, 2006
(as amended). "Related Party Disclosures" has been set out in a separate statement annexed to this note. Related parties as defined under
the said Accounting Standard (as amended) have been identified on the basis of representations made by management and information
available with the Company.

t Earning per share

The Company reports basic and diluted earnings per share (EPS) in accordance with the Accounting Standard 20 as specified in the
Companies (Accounting Standards) Rules, 2006 (as amended). The Basic EPS has been computed by dividing the income available to equity
shareholders by the weighted average number of equity shares outstanding during the accounting year. The Diluted EPS has been
computed using the weighted average number of equity shares and dilutive potential equity shares outstanding at the end of the year.

As per our report of even date

For K. C. PARIKH & ASSOCIATES For and on behalf of the Board of

Chartered Accountants GANESH GREEN BHARAT LIMITED

Firm''s Registration No. 107550W (Formerly Known as GANESH ELECTRICALS PRIVATE LIMITED)

Ketanbhai N. Patel Rajendrakumar N. Patel

CA. Chintan M. Doshi Managing Director Director

Partner DIN-07499411 DIN-07498445

Membership No. 118298
UDIN: 25118298BMHVBX2812

^Place : ^Ahmedabad Palakben Mahesh Joshi Krunalkumar Dayaljibhai Shah

^{Date : 29/}0^5/202⁵ Company Secretary Chief Financial Officer

3.5 Terms/rights attached to equity shares

The company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to
vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company,
after distribution of all preferential amounts, in proportion of their shareholding.

3.6 The Company has issued 65,91,000 Equity Shares of face value of 10 each at premium of Rs. 180 per share by way of Initial
Public Offer("IPO) on 10th July 2024, and the Company were listed on NSE Emerge Platform (National Stock Exchange of India
Limited) on 12th July,2024.

3.7 Company in its meeting of shareholders through Extra Ordinary General Meeting dated Sep 02, 2023 resolved in pursuance of
the provisions of Section 61 and 64 and other applicable provisions, if any, of the Companies Act, 2013 (including any
amendment thereto or re-enactment thereof) and the rules framed there under, the consent of the shareholders was accorded
to increase the Authorized Share Capital of the Company from existing R 1,20,00,000 (Rupees One Crore Twenty Lakhs) divided
into 12,00,000 (Twelve Lakh) Equity Shares of R 10/- each to R 25,00,00,000 (Rupees Twenty Five Crores) divided into
2,50,00,000 (Two Crore Fifty Lakhs) Equity Shares of R 10/- each by creation of additional 2,38,00,000 (Two Crore Thirty Eight
Lakh) Equity Shares of R 10/- each ranking pari passu in all respect with the existing Equity Shares of the Company.

39 Vehicles purchased in the name of directors but accounted in the books of company

ENDEAVOUR 2.0 L TITANIUM PLUS - 5.19 Lakhs (WDV as at 31.03.2025)
ENDEAVOUR TITANIUM PLUS - 2.99 Lakhs (WDV as at 31.03.2025)

FORTUNER CAR ( 28-6-19 ) - 2.72 Lakhs (WDV as at 31.03.2025)

40 Figures of previous year have been recasted/restated where necessary

41 Employee Benefit Plans
(A) Defined Benefit Plan

(i) Actuarial gains and losses in respect of defined benefit plans are recognised in the profit and loss account.

(ii) The defined benefit plan comprises of gratuity

a) Gratuity is a benefit to an employee based on 15 days last drawn basic salary including dearness allowance (if any) for each completed year of
continuous service with part thereof in excess of six months. The plan is unfunded. The company operates a defined benefit plan (the gratuity
plan) covering eligible employees, which provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of
employment, of an amount based on the respective employee''s salary and the tenure of employment.

Notes

1 (a) The discount rate is based on the benchmark yields available on government bonds as at the balance sheet date.

(b) The Management''s estimate of the increases in the salaries of the employees over the long term. Estimated future salary increases should
take account of inflation, seniority, promotion and other relevant factors such as supply and demand in employment market.

See accompanying explanatory notes forming part of the financial statements

In terms of our report attached For and on behalf of the Board of Directors

For K. C. Parikh & Associates Ganesh Green Bharat imited

Chartered Accountants L31900GJ2019PLC108417

Firm Regn. No. 107550W

Ketanbhai N. Patel Rajendrakumar N. Patel

Managing Director Director

CA. Chintan M. Doshi DIN-07499411 DIN-07498445

Partner

Membership No. 118298

Place : Ahmedabad Palakben Mahesh Joshi Krunalkumar Dayaljibhai Shah

Date : 29/05/2025 Company Secretary Chief Financial Officer

UDIN: 25118298BMHVBX2812

I Provisions, Contingent liabilities and Contingent assets

A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an outflow of resources will be
required to settle the obligation, in respect of which reliable estimate can be made. Provisions (excluding retirement benefits and compensated absences)
are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are
reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial

statements, A contingent asset is neither recognised nor disclosed in the financial statements.

m Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash that are subject to an insignificant
risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents.

As per our report of even date

For K. C. PARIKH^SJiOCIATES _{For and on} behalf of the Board of

Chartered AtcoLyftaryfi GANESH GREEN BHARAT LIMITED

Firm''s Registration\«o. 107550W (Formerly Known as GANESHE^ECTR1CA15TR1VATE LIMITED)

nC/ |d /ctiMi*

Chilean M. Doshi Ketanbhai N. Patel ~~ " Rajendrakumar N. Patel

Putmar /•''''¦ ¦ ,

£7 Managing Director Director

Membership No. 118298 \r'' l\ 07499411 07498445

UDIN. 24118298BKAUIT9067

Place: Ahmedabad Palakben Mahesh Joshi Krunalkumar DayaljiSkal Shah

Date: 26 April 2024 / Company Secretary Chief Financial Officer

1. Company in its meeting of shareholders through Extra Ordinary General Meeting dated Sep 02, 2023 resolved in pursuance of the
provisions of Section 61 and 64 and other applicable provisions, if any, of the Companies Act, 2013 (including any amendment
thereto or re-enactment thereof) and the rules framed there under, the consent of the shareholders was accorded to increase the
Authorized Share Capital of the Company from existing ^ 1,20,00,000 (Rupees One Crore Twenty Lakhs) divided into 12,00,000
(Twelve Lakh) Equity Shares of K 10/- each to ^ 25,00,00,000 (Rupees Twenty Five Crores) divided into 2,50,00,000 (Two Crore Fifty
Lakhs) Equity Shares of ^ 10/- each by creation of additional 2,38,00,000 (Two Crore Thirty Eight Lakh) Equity Shares of ^ 10/- each
ranking pari passu in all respect with the existing Equity Shares of the Company.

2. During the year the company has alloted 14,000 fully paid up equity shares of Rs. 10/- each at a price of Rs. 1544.50/- on right
basis on 15th Sep, 2023.

3. 1,69,96,000/- Fully paid up Equity shares were issued as Bonus Shares 14:1 by capitalization of Securities Premium and Surplus in
Profit and Loss A/c on 18th Sep 2023.

34 Security of Current Assets Against Sorrowings

According to the information and explanations given to os and on the basis of our examination of the records of the Company, the
Company has been sanctioned working capital limits [including CC/LC/BG) of 8s. Sixty Five Crores Fifty LAkhs (Rs. 65,50,00,000/-), in
aggregate, from Kotak Bank of Rs. 31 [email protected]% (Rs.. 31,00,00,000/-) and from HDFC Bank of Rs. 34.50 Crores <5> 11.57% (Rs..
34,50,00,000/-) on the basis of security of current assets. Copies of quarterly returns or statements, furnished to bank have also been
made available for our verification. We have verified the same and found some discrepancies, which are not material as they are
below 2% of amount mentioned in stock statements. Summary of Reconciliation is mentioned below : jCK

Figures submitted in stock statements are lower than actual figures as per books of accounts so they are not considered as material
amount.

35 Registration of Charge

1. Motor Vehicle (Hypothecation) - Statutory Period of Registration (29-11-2022) - Actual Date of Registration (30-09-2022)

2. Motor Vehicle (Hypothecation) - Statutory Period of Registration (05-06-2021) - Actual Date of Registration (07-04-2021)

3. Motor Vehicle (Hypothecation) - Statutory Period of Registration (18-01-2023) - Actual Date of Registration (10-12-2022)

4. Cash Credit (Hypothecation); Book debts; Stock - Kotak Mahindra Bank Ltd - Statutory Period of Registration (15-12-2023) - Actual
Date of Registration (17-11-2023)

5. Cash Credit (Hypothecation); Book debts; Stock - HDFC BANK LTD - Statutory Period of Registration (12-06-2021) - Actual Date of
Registration (16-06-2021)

6. Cash Credit (Hypothecation); Book debts; Stock - AXIS BANK LTD - Statutory Period of Registration (11-12-2020) - Actual Date of
Registration (16-10-2020)

Amount unspent for the Previous years of Rs. 42,67,906/- has been paid in current year and for penalty company has applied for
adjudication of offence commited u/s 454 read with section 135 of the Companies Act, 2013.

Nature of CSR activities

Donation made to Choryasi Kadva Patidar Samaj Vikas Trust - 5 Lakhs towards Building construction for Educational Activities
Donation made to Brahmani - 42,67,906/- towards Health, Education, Human rights, Livelihoods and Women empowerment
Donation made to Brahmani -13,53,312/- towards Health, Education, Human rights, Livelihoods and Women empowerment

38 Regrouping

Figures have been rearranged and regrouped wherever practicable and considered necessary.

39 Vehicles purchased in the name of directors but accounted in the books of company
ENDEAVOUR 2.0 L TITANIUM PLUS - 7.87 Lakhs (WDV as at 31.03.2024)

ENDEAVOUR TITANIUM PLUS - 4.54 Lakhs (WDV as at 31.03.2024)

FORTUNER CAR ( 28-6-19 ) - 4.13 Lakhs (WDV as at 31.03.2024)