Your directors have pleasure in presenting the 10^th Annual Report of your Company together with the Audited Financial Statements for the year ended 31^st March, 2024.

Your Director’s Report is prepared based on the Standalone Financial Statements of the Company and the Report on the performance and financial position of the Company.

The Company’s financial performance for the year ended on 31^st March, 2024 is summarized below:

2. STATE OF COMPANY’S AFFAIRS

The Total Income increased from Rs. 16,438.83 lakh to Rs. 36,801.53 lakh in the current year. The Profit before Tax for the year is Rs. 1154.15 lakh as against Rs. 385.17 lakh in previous year. The net profit increased to Rs. 873.48 lakh from Rs. 271.07 lakh in the previous year.

3. TRANSFER TO RESERVES IN TERMS OF SECTION 134 (31(11 OF THE COMPANIES ACT, 2013

During the year, the Company has not apportioned any amount to other reserve. The profit earned during the year has been carried to the reserve and surplus of the Company.

4. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There has been no material change and commitment affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report.

The current policy is to have an appropriate mix of executive, non-executive and independent directors to maintain the independence of the Board, and separate its functions of governance and management. As of March 31, 2024, the Board had nine members, a Managing Director, a whole time Director, two executive directors of which one is a woman director and Chief Financial Officer, two non-executive directors and three independent directors.

The policy of the Company on directors’ appointment and remuneration, including the criteria for determining qualifications, positive attributes, independence of a director and other matters, as required under sub-section (3) of Section 178 of the Companies Act, 2013, is available on our website, at https://solex.in/investor/.

We affirm that the remuneration paid to the directors is as per the terms laid out in the Nomination and Remuneration Policy of the Company.

6. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES

During the year 2023-24 there are no Subsidiary, Joint Ventures or Associate Companies and neither have ceased to be Subsidiary, Joint Venture or Associate Companies.

7. CHANGE IN THE NATURE OF BUSINESS

There is no change in the nature of the business of the company.

8. MEETINGS OF THE BOARD OF DIRECTORS

During the year 7 (Seven) Board Meetings and one Independent Directors’ meeting was held, and the details of the number of Board Meeting held during the year as follow:

Independent Directors’ Meeting:

Date of Independent Director Meeting: 31.01.2024

9. CORPORATE GOVERNANCE

As per regulation 15(2) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 (“LODR Regulations”), the Compliance with the Corporate Governance provisions shall not apply in respect of the following class of the Companies:

a) Listed entity having paid up equity share capital not exceeding ?10 Crore and Net Worth not exceeding ?25 Crore, as on the last day of the previous financial year;

b) Listed entity which has listed its specified securities on the SME Exchange.

Since, our Company falls within the ambit of aforesaid exemption of clause (b); hence compliance with the provision of Corporate Governance as specified in Regulation 17,17A, 18, 19, 20, 21,22, 23, 24, 24A, 25, 26, 27 and clauses (b) to (i) of sub regulation (2) of regulation 46 & Para C, D & E of Schedule V shall not apply to the Company and it does not form the part of the Annual Report for the financial year 2023-2024.

A report on Management Discussion and Analysis, as required in terms of Regulation 34(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, forms part of this report and it deals with the Business Operations and Financial Performance, Research & Development Expansion & Diversification, Risk Management, Marketing Strategy, Safety & Environment, Human Resource Development, significant changes in key financial ratios etc. in “ANNEXURE-A”

11. DIVIDEND

The Board of Directors at its meeting held on 28^th May, 2024 have recommended a payment of dividend of Rs. 0.55 per equity share of the face value of Rs. 10/- each for the financial year ended 31^st March, 2024, subject to approval of the shareholders of the Company at the ensuing Annual General Meeting. Also, there is no obligation of company to transfer the unpaid/unclaimed dividend in IEPF account during the year.

12. SHARE CAPITAL:AUTHORIZED SHARE CAPITAL

As on 31^st March, 2024, the Authorized Share Capital of the Company is Rs. 8,00,00,000/- (Eight Crore Only) consisting 80,00,000 (Eighty Lakh Only) Equity shares of Rs.10/- Each.

PAID UP SHARE CAPITAL

As on 31^st March, 2024, the Paid-up share capital of the Company is Rs. 8,00,00,000/- (Eight Crore Only) consisting 80,00,000 (Eighty Lakh Only) Equity shares of Rs. 10/- each.

13. DEPOSITS

Our Company has not accepted any deposits from the public within the meaning of Section 73 and 74 of the Companies Act, 2013 and read with the Companies (Acceptance of Deposits) Rules, 2014 for the year ended 31^st March, 2024.

14. A STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY FOR THE COMPANY INCLUDING IDENTIFICATION THEREIN OF ELEMENTS OF RISK. IF ANY. WHICH IN THE OPINION OF THE BOARD MAY THREATEN THE EXISTENCE OF THE COMPANY

The Company has formalized Risk Management system by formulating and adopting Risk Management Policy to identify, evaluate, monitor and minimize the identifiable business risk in the Company. This is an ongoing process and the Audit Committee periodically reviews all the risk and suggests the necessary steps to mitigate the risk if any such as strategic, financial, credit, market, liquidity, security, property, IT, legal, regulatory, reputational and other risks those have been identified and assessed, which may threaten the existence of the Company.

There is no such risk which in the opinion of the Board may threaten the existence of the Company.

15. THE DETAILS ABOUT THE POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON CORPORATE SOCIAL RESPONSIBILITY INITIATIVES TAKEN DURING THE YEAR

During the reporting period, the company was not required to make contribution towards the Corporate Social Responsibility. Accordingly, the Company was not required to develop policy and constitute a committee.

16. DIRECTORS & KEY MANAGERIAL PERSONNEL

In accordance with the provisions of the Companies Act, 2013 and Articles of Association of the Company, Mr. Piyush Kailashchandra Chandak (Din: 09195922) and Mr. Vipul Mulchand Shah (DIN:

01547319) will retire by rotation at the ensuing Annual General Meeting and are being eligible for re-appointment.

Further, Mr. Dilipkumar Nikhare has resigned from the post of Company Secretary & Compliance Officer of the company w.e.f. November 25, 2023.

Mrs. Azmin Chiniwala has been appointed as Company Secretary & Compliance Officer of the company of the company w.e.f. February 5, 2024

17. NOMINATION AND REMUNERATION POLICY

The Board has, on recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, senior Management and their Remuneration including criteria for determining qualifications, positive attributes, Independence of a director. The said policy has also been uploaded on the Company’s website at https://solex.in/investor/

18. ANNUAL EVALUATION OF THE PERFORMANCE OF THE BOARD. ITS COMMITTEES AND OF INDIVIDUAL DIRECTORS

The Board of Directors has carried out an annual evaluation of its own performance, its Committees and Individual Directors pursuant to the requirements of the Companies Act, 2013 and rules made thereunder and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and schedule prescribed thereunder.

The Performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of criteria such as the board composition and structure, effectiveness of board processes, information and functioning etc.

In a separate meeting of independent directors held on Wednesday, January, 31, 2024, the performance of non- independent directors, the Board as a whole, and the chairman of the company were evaluated, taking into account the views of executive directors and non-executive directors.

19. AUDITORS Statutory Auditors

The Board of Directors at its meeting held on 30^th August, 2022, as per the recommendation of the Audit Committee, and pursuant to the provisions of Section 139 of the Companies Act, 2013, have appointed M/s. HRK & Co., Chartered Accountants, (Firm Registration No: 146985W), Vapi to hold the office from the conclusion of the 8^th Annual General Meeting till the conclusion of 13^th Annual General Meeting of the Company.

The Auditors’ Report annexed to the financial statements for the year under review does not contain any qualifications.

Internal Auditors

The Board of Director in their meeting held on 24^th, April, 2024, appointed M/s Savjani & Associates, Chartered Accountants, as Internal Auditor of the Company in terms of Section 138 of the Companies Act, 2013 and rules made thereunder, for Financial Year 01/04/2024 to 31/03/2025, upon recommendation of the Audit Committee.

Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. RPSS & Co., Practicing Company Secretaries, Ahmedabad (Peer Review No.: 1305/2021) to undertake the Secretarial Audit of the Company. The Report of the Secretarial Audit is annexed herewith marked as “ANNEXURE -B” to this Report.

20. DISCLOSURE REGARDING MAINTENANCE OF COST RECORDS

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014, the cost audit records maintained by the Company in respect of its activity are required to be audited.

Your directors had, on recommendation of the Audit Committee, appointed M/s P.K. Chatterjee & Associates, to audit the cost accounts of the Company for the financial year ending 31^st March 2025 on a remuneration of Rs. 35,000/- plus applicable taxes and out of pocket expenses, if any incurred during the course of audit. As required under the Companies Act, 2013, the remuneration payable to the Cost Auditors is required to be placed before the Members in a general meeting for their ratification. Accordingly, a Resolution seeking Members’ ratification for the remuneration payable to M/s P.K. Chatterjee & Associates, the Cost Auditors is included in the Notice convening the 10^th Annual General Meeting.

21. EXPLANATION OR COMMENTS ON DISQUALIFICATIONS. RESERVATIONS. ADVERSE REMARKS OR DISCLAIMERS IN THE AUDITOR’S REPORTS

There have been no disqualifications, reservations, adverse remarks or disclaimers in the auditor’s reports, requiring explanation or comments by the Board.

22. COMMITTEES OF THE BOARD

During the year under review, there were no modifications in the composition of Audit Committee and Nomination and Remuneration Committee

In accordance with Section 178(5) of the Companies Act, 2013 companies having more than one thousand shareholders, debenture-holders, deposit-holders and any other security holders at any time during a financial year shall constitute a Stakeholders Relationship Committee. Therefore, since the number of shareholders of the company exceeded 1000 during the year, the company constituted a Stakeholders Relationship Committee w.e.f 07/11/2023.

In compliance with the requirement of applicable laws and as part of best governance practices, the Company has following Committees of the Board as on 31^st March, 2024.

i. Audit Committee

ii. Nomination and Remuneration Committee

iii. Stakeholders Relationship Committee

Terms of Reference:

Audit Committee:

Every Audit Committee shall act in accordance with the terms of reference specified in writing by the Board which shall, inter alia, include;

(i) the recommendation for appointment, remuneration and terms of appointment of auditors of the company;

(ii) review and monitor the auditor’s independence and performance, and effectiveness of audit process;

(iii) examination of the financial statement and the auditors’ report thereon;

(iv) approval or any subsequent modification of transactions of the company with related parties;

Provided that the Audit Committee may make omnibus approval for related party transactions proposed to be entered into by the company subject to such conditions as may be prescribed.

Provided further that in case of transaction, other than transactions referred to in section 188, and where Audit Committee does not approve the transaction, it shall make its recommendations to the Board:

Provided also that in case any transaction involving any amount not exceeding one crore rupees is entered into by a director or officer of the company without obtaining the approval of the Audit Committee and it is not ratified by the Audit Committee within three months from the date of the transaction, such transaction shall be voidable at the option of the Audit Committee and if the transaction is with the related party to any director or is authorized by any other director, the director concerned shall indemnify the company against any loss incurred by it:

Provided also that the provisions of this clause shall not apply to a transaction, other than a transaction referred to in section 188, between a holding company and its wholly owned subsidiary company.

(v) scrutiny of inter-corporate loans and investments;

(vi) valuation of undertakings or assets of the company, wherever it is necessary;

(vii) evaluation of internal financial controls and risk management systems;

(viii) monitoring the end use of funds raised through public offers and related matters.

Nomination and Remuneration Committee:

Every Nomination and Remuneration Committee shall act in accordance with the terms of reference specified in writing by the Board which shall, inter alia, include;

(i) The Nomination and Remuneration Committee shall identify persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, recommend to the Board their appointment and removal and shall specify the manner for effective evaluation of performance of Board, its committees and individual directors to be carried

out either by the Board, by the Nomination and Remuneration Committee or by an independent external agency and review its implementation and compliance.

(ii) The Nomination and Remuneration Committee shall formulate the criteria for determining qualifications, positive attributes and independence of a director and recommend to the Board a policy, relating to the remuneration for the directors, key managerial personnel and other employees.

(iii) The Nomination and Remuneration Committee shall, while formulating the policy under subsection ensure that;

a) The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate directors of the quality required to run the company successfully;

b) Relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and

c) Remuneration to directors, key managerial personnel and senior management involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the company and its goals.

Stakeholders Relationship Committee:

The role of the committee shall inter-alia include the following:

1. Resolving the grievances of the security holders of the listed entity including complaints related to transfer/transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/duplicate certificates, general meetings etc.

2. Review of measures taken for effective exercise of voting rights by shareholders.

3. Review of adherence to the service standards adopted by the listed entity in respect of various services being rendered by the Registrar & Share Transfer Agent.

4. Review of the various measures and initiatives taken by the listed entity for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by the shareholders of the company.

5. Oversee the statutory compliance relating to all securities including dividend payments and transfer of unclaimed amounts to the Investor Education and Protection Fund.

6. Review of movements in shareholding and ownership structures of the Company.

7. Conduct a shareholder satisfaction survey to judge the level of satisfaction amongst shareholders.

8. Suggest and drive implementation of various investor-friendly initiatives.

9. Carry out any other function as is referred by the Board from time to time or enforced by any statutory notification / amendment or modification as may be applicable.

23. COMPANY’S POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION INCLUDING CRITERIA FOR DETERMINING QUALIFICATIONS. POSITIVE ATTRIBUTES, INDEPENDENCE OF A DIRECTOR AND OTHER MATTERS PROVIDED UNDER SUB-SECTION (3) OF SECTION 178

During the financial year ended on 31^st March, 2024, the Company has constituted a Nomination and Remuneration Committee under Section 178(1) of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014.

24. PARTICULARS OF LOANS GIVEN. INVESTMENTS MADE. GUARANTEES GIVEN AND SECURITIES PROVIDED

Details of investments, loans and guarantee under the provisions of Section 186 of the Companies Act, 2013 read with the Companies (Meeting of Board and its Powers) Rules, 2014, as on 31^st March, 2024, are set out in Notes to Financial Statements forming part of this report.

25. DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134 (3)(c) of the Companies Act, 2013, the Board of Directors hereby confirms that,

i. In the preparation of the annual accounts, the applicable accounting standards have been followed and that there are no material departures.

ii. They have in the selection of the accounting policies, consulted the Statutory Auditors and has applied them consistently and 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 as at 31^st March, 2024 and of the profit or loss of the company for that period.

iii. They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities, to the best of its knowledge and ability.

iv. They have prepared the annual accounts on a going concern basis.

v. The Directors, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating efficiently.

vi. The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

26. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

The Company has been exempted from reporting on Business Responsibility and Sustainability Report as per Regulation 34(2)(f) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

27. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION 143 OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT

There was no instance of fraud during the year under review, which required the statutory auditors to report to the audit committee and /or Board under section 143(12) of Act and rules framed thereunder.

28. A STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SUB-SECTION (6) OF SECTION 149

All Independent Directors (IDs) have given declaration that they meet the criteria of independence as laid down under section 149(6) of the Companies Act, 2013. In the opinion of the Board, they fulfil the conditions of independence, integrity, expertise and experience (including the proficiency) as specified in the act and the rules made thereunder and are independent of the management. The details terms of appointment of IDs are disclosed on the company’s website with following link https://solex.in/investor/

29. ANNUAL RETURN

Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return for FY 2022-23 is available on the website of the Company at URL https://solex.in/annual-return-under-section-92-of-the-companies-act-2013/.

30. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) & 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as “ANNEXURE -C” to this report.

31. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SUB-SECTION (1) OF SECTION 188

All related party transactions that were entered during the financial year were in the ordinary course of the business of the Company and were on arm’s length basis. There were no materially significant related party transactions entered with Promoters, Directors, Key Managerial Personnel or other persons which may have a potential conflict with the interest of the Company. The

transactions entered into, pursuant to the omnibus approval so granted, are audited and a statement giving details of all related party transactions is placed before the Audit Committee and the Board of Directors for their approval. The policy on materiality of Related Party Transactions and also on dealing with Related Party Transactions as approved by the Audit Committee and the Board of Directors is uploaded on the website of the Company https://solex.in/investor/. Details of related party transactions in the ordinary course of business and on an arm’s length basis, are furnished in form AOC-2, which is annexed herewith as “ANNEXURE -D” to this report.

32. VIGIL MECHANISM / WHISTLE BLOWER POLICY

Pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism or ‘Whistle Blower Policy’ for directors, employees and other stakeholders to report genuine concerns has been established. The Company has built a reputation for doing business with honesty and integrity over the years, and has shown zero tolerance for any sort of unethical behavior or wrong doing or suspected fraud or violation of the Company’s Code of Conduct or policy. Whistleblower Policy and Code of Business Conduct have been hosted on the website of the Company. https://solex.in/investor/

33. COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND GENERAL MEETINGS

The company is in compliance with the Secretarial Standard on Meeting of the Board of Directors (SS-1) and General Meeting (SS-2) issued by the Institute of Company Secretaries of India and approved by the Central Government.

34. NON-APPLICABILITY OF INDIAN ACCOUNTING STANDARDS

As per Provision to sub rule (1) of Rule 4 of the companies (Indian Accounting Standards) Rules, 2015 notified vide Notification No. G.S.R 111 (E) on 16th February, 2015, Companies whose shares are listed on SME exchange as referred to in Chapter XB of SEBI (Issue of Capital and Disclosure Requirements) Regulations,2009, are exempted from the compulsory requirements of adoption of IND-AS w.e.f. 1st April, 2017. As your Company is also listed on SME Platform of NSE Limited, is covered under the exempted category and is not required to comply with IND-AS for preparation of financial statements beginning with period on or after 1^st April, 2017.

35. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, is annexed herewith as “ANNEXURE- E”.

36. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

As we review our financial practices, we recognize that establishing a robust system of internal financial controls is a crucial step towards enhancing the accuracy of our financial reporting and safeguarding our assets. Currently, our internal control framework is in its initial stages, and we acknowledge the need for comprehensive development in this area. Moving forward, we are committed to implementing a structured approach to internal financial controls, including the development of policies and procedures designed to address risk management, segregation of duties, and authorization processes. Our goal is to create a strong control environment that not only supports reliable financial reporting but also promotes operational efficiency and compliance with regulatory requirements..

37. ANY SIGNIFICANT AND MATERIAL ORDER PASSED BY REGULATORS OR COURTS OR TRIBUNALS

No orders were passed by the regulators or courts or tribunals impacting the going concern status and company’s operation in future during the year under review.

38. SEBI COMPLAINTS REDRESS SYSTEM (SCORES)

The investor complaints are processed in a centralized web-based complaints redress system. The salient features of this system are centralized database of all complaints, online upload of Action Taken Reports\(ATRs) by the concerned companies and online viewing by investors of actions taken on the complaint and its current status. Your Company has been registered on SCORES and makes every effort to resolve all investor complaints received through SCORES or otherwise within the statutory time limit from the receipt of the complaint. The Company has not received any complaint on the SCORES during financial year 2023-24.

39. DISCLOSURE AS REQUIRED UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT. 2013

The Company has in place a Prevention of sexual harassment policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. All employees, workers and trainees (whether in office premises or outside while on assignment) are covered under this policy.

Your Company has adopted a policy on prevention, prohibition and redressal of sexual harassment at the workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules made there under. Your Company has constituted an Internal Complaints Committee to handle all clearing and forwarding Agency where our employees are working and Manufacturing site.

Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

a. number of complaints filed during the financial year: Nil

b. number of complaints disposed of during the financial year: Nil

c. number of complaints pending as on end of the financial year: Nil

40. DISCLOSURE IN RESPECT OF EQUITY SHARES TRANSFERRED IN THE ‘SOLEX ENERGY LIMITED- UNCLAIMED SUSPENSE ACCOUNT’:

There are no such instances during the year which requires transfer of equity shares to Unclaimed Suspense Account.

41. CREDIT RATING

The rating assessment undertaken by Acuite Ratings & Research, where they have assigned its long-term rating of ‘ACUITE BBB-’ and short-term rating of ‘ACUITE A3’ to Solex Energy Limited (SEL). The outlook is ‘Stable’.

42. CERTIFICATION

Solex modules have undergone rigorous testing and obtained various certifications, ensuring their world-class quality and reliability. The manufacturing facility's certifications are commitment to quality, environmental sustainability, and safety in the production process. Solex Modules have obtained certification from the Bureau of Indian Standards (BIS) and are listed in the Approved List of Models and Manufacturers (ALMM).

List of certificates are given below:

IEC 61215-1 & 2: 2016 - Design & Type Approval

IEC 61730-1 & 2: 2016 - Safety Qualification

IEC 61701: 2020 - Salt Mist Corrosion

IEC 62804: 2015 - PID (Potential-Induced Degradation)

IEC 61853-1 & 2: 2016 - PAN File & IAM Qualification (Performance testing for photovoltaic devices)

IEC 60068-2-68: 1994 - Environmental Testing - Sand & Dust

IEC 62716: 2013 - Ammonia Corrosion

IEC 60904-1 - Calibration Module (Modules)

IEC TS 63342: 2022 - Latiid (Light and elevated temperature induced degradation)

IEC 61215-2 (MQT 08, 19.1) - LID (Light-Induced Degradation)

CEC 300: 2018 California (Energy Commission's photovoltaic module quality standard)

UL 61730-1 & 2: 2017 - Safety Qualification

CE MARK - European Conformity marking indicating compliance with European Union directives.

Certifications for Solex's Manufacturing Facility:

ISO - 9001:2015 - Quality Management System

ISO - 14001:2015 - Environmental Management System

OHSAS - 45001:2018 - Occupational Health and Safety Management System

44. ACKNOWLEDGEMENT

Your directors wish to express their grateful appreciation to the continued co-operation received from the Banks, Government Authorities, Customers, Vendors and Shareholders during the year under review. Your directors also wish to place on record their deep sense of appreciation for the committed service of the executives, staff and workers of the Company.