Greenhitech Ventures Ltd Management Discussions

You should read the following discussion of our financial condition and results of operations together with our restated financial statements included in the Prospectus. You should also read the section entitled "Risk Factors" beginning on page 20 and "Forward Looking Statements" beginning on page 15, which discusses a number of factors, risks and contingencies that could affect our financial condition and results of operations.

The following discussion of our financial condition and results of operations should be read in conjunction with our restated financial statements for the period ended July 31, 2023, May 13, 2023, March 31, 2023, March 31, 2022 and March 31, 2021 including the schedules and notes thereto and the reports thereto, which appear in the section titled "Financial Information of our company" on Page No. 135 of the Prospectus. The financial statements presented and discussed herein have been prepared to comply in all material respects with the notified accounting standards by Companies (Accounting Standards) Rules, 2006 (as amended), the relevant provisions of the Companies Act and SEBI (Issue of Capital and Disclosure Requirements) Regulations. Our fiscal year ends on March 31 of each year. Accordingly, all references to a particular fiscal year/financial year are to the twelve-month period ended on March 31 of that year. The forward-looking statements contained in this discussion and analysis is subject to a variety of factors that could cause actual results to differ materially from those contemplated by such statements.

Overview

Our company is engaged in trading of various petroleum-based products for the different categories of industries based on their requirement. This includes supply of biofuels, bitumen, light density oils, furnace oils etc. Our company is also engaged in Operation & Maintenance as Job worker for Ethanol manufacturing in Government owned distilleries. We understand the market needs and upgrade our team constantly with growing technology and market trends. We provide business solutions and services to consumers of Fuels and other alternative materials across India.

Our company is engaged in Operation & Maintenance as Job worker for Ethanol manufacturing in Government owned distilleries. Company is not having its owned manufacturing unit. Our Company bids for tender of Government owned distillery for Operation & Maintenance as Job worker for Ethanol manufacturing.

After receipt of tender, our company runs the ethanol plant in government owned distillery and manufacture ethanol and transfer all ethanol manufactured to the respective distillery. Hence there is no procurement and selling of Product for ethanol manufacturing as our Company manufacturer ethanol in government owned distillery for transferring to them only.

Our Company was originally formed as a Partnership Firm under the Partnership Act, 1932 ("Partnership Act") in the name and style of "Greentech Hydrocarbons" pursuant to Deed of Partnership dated November 18, 2011. Greentech Hydrocarbons was thereafter converted from Partnership Firm to a Private Limited Company under Part I chapter XXI of the Companies Act, 2013 with the name and style of "Greenhitech Ventures Private Limited" and received a Certificate of Incorporation from the Registrar of Companies, Kanpur dated May 14, 2023. Subsequently our Company was converted into Public Limited Company and name of company was changed from "Greenhitech Ventures Private Limited" to "Greenhitech Ventures Limited" vide fresh certificate of incorporation dated October 10, 2023 issued by the Registrar of Companies, Kanpur.

Our registered office is situated at B27/92 K1 Jawahar Nagar Colony, Bhelupura Varanasi-221010, Uttar Pradesh, India.

Driven by experience in agriculture, innovation and investment in Research & Development, as bio fuel is substitute for the traditional fossil fuels and with the indiscriminate exploitation of all fossil fuels. We started with an aim "Effective, Efficient and Economical" the 3 Es form the base of our commitment be it any segment of services or supply that we provide. The company have compiled an extensive list of customers/potential customers and vendors. Our Company is a well-known itself in Purvanchal belt of Uttar Pradesh, India for supply of bio-diesel.

In Addition, the Ministry of Petroleum and Natural Gas vide its notification dated August 10, 2015 permit the sale of bio-diesel (B-100) for blending with high speed diesel to bulk consumers, in accordance with the standards specified by Bureau of Indian Standards. We believe in qualitative products matching the customer requirements, timely deliverables and cost efficiency and have thereby developed a long-continuing relationship with our customers. With the experience of our Promoter, technological drive, continuous research, supplier tie-ups, customer relationships, government support and industry demand for bio-fuel our company is one of key player for supplying of biofuels.

We are among one of very few players eligible for Operation and Maintenance of ethanol production in Government managed distilleries. We are capable of running an ethanol distillation in units which run on fuel mode of both ethanol plus grain based raw material.

Our Promoter and key managerial personnel have been instrumental in the growth of our business and actively advise us on corporate strategy and planning. We have a strong management team with significant industry experience. Our Managing Director, Mr. Naved Iqbal and Whole Time Directors, Mr. Mohammad Nadeem, have 12 and 08 years of experience in recycling and green energy business, thus vast experience of the Directors have been instrumental in determining the vision and growth strategies for our Company. We further believe that our market position has been achieved by adherence to the vision of our Promoter and senior management team and their experience of over a decade in the industry in which our Company operates.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer to Restated Standalone Financial Statements under chapter titled "Restated Financial Statements" beginning on page 135 of this Prospectus.

Factors Affecting our Results of Operations

Our business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk Factors" beginning on page 20 of this Prospectus. Our results of operations and financial conditions are affected by numerous factors including the following:

1. Disruption in our business process.

2. Our ability to successfully implement our strategy, our growth and expansion, technological changes.

3. Fail to attract, retain and manage the transition of our management team and other skilled & unskilled employees;

4. Our ability to protect our intellectual property rights and not infringing intellectual property rights of other parties;

5. Ability to respond to technological changes;

6. Failure to comply with regulations prescribed by authorities of the jurisdictions in which we operate;

7. General economic and business conditions in the markets in which we operate and in the local, regional and national economies;

8. Our ability to effectively manage a variety of business, legal, regulatory, economic, social and political risks associated with our operations;

9. Recession in the market;

10. Changes in laws and regulations relating to the industries in which we operate; 11. Effect of lack of infrastructure facilities on our business;

12. Our ability to meet our capital expenditure requirements;

13. Failure to adapt to the changing technology in our industry of operation may adversely affect our business and financial condition; 14. Failure to obtain any approvals, licenses, registrations and permits in a timely manner;

15. Changes in political and social conditions in India or in countries that we may enter, the monetary and interest rate policies of India and other countries, inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices; 16. Occurrence of natural disasters or calamities affecting the areas in which we have operations;

17. Conflicts of interest with affiliated companies, the promoter group and other related parties; 18. The performance of the financial markets in India and globally;

19. Any adverse outcome in the legal proceedings in which we are involved; 20. Our ability to expand our geographical area of operation;

21. Concentration of ownership among our Promoters.

RESULTS OF OUR OPERATION

On Standalone Basis

(Rs. in Lakhs)

		For the Period Ended				For the year ended
Particulars	Janua ry 31,	% of Total	May 13,	% of Total	March 31, 2023	% of Total	March 31,	% of Total	March 31,	% of Total
	2024	Income	2023	Income		Income	2022	Income	2021	Income
Revenue from			139.12	100.00	2504.35	100.00	6611.5	100.00	4006.9	99.98
Operations							8		7
Other Income			0.00	0.00	0.00	0.00	0.00	0.00	0.71	0.02
Total Income							6611.5		4007.6
	335.67	100.00	139.12	100.00	2504.35	100.00		100.00		100.00
(A)							8		9
EXPENDITUR
E

 

		For the Period Ended					For the year ended
Particulars	Janua ry 31,	% of Total	May 13,	% of Total	March 31, 2023	% of Total	March 31,	% of Total	March 31,	% of Total
	2024	Income	2023	Income		Income	2022	Income	2021	Income
Cost of Material	190.87	56.86	50.62	36.39	2,032.27	81.15	5,870.0	88.78	3,681.0	91.85
Consumed							3		9
Purchase of Stock in	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Trade Changes in inventories of Finished Goods,	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
WIP and Traded
Goods
Employee	38.03	11.33	7.50	5.39	76.10	3.04	86.20	1.30	73.80	1.84
benefits expense
Finance costs	25.08	7.47	5.92	4.26	44.65	1.78	16.72	0.25	13.99	0.25
Depreciation and amortization expense	5.56	1.66	0.95	0.68	13.52	0.54	11.86	0.18	11.30	0.28
Other expenses	28.27	8.42	66.71	47.95	240.18	9.59	398.40	6.03	187.18	4.67
Total Expenses			131.69		2406.72		6383.2		3967.3
(B)	287.82	85.75		94.66		96.10	1	96.55	6	98.99
Profit before
Exceptional	47.85	14.25	7.43	5.34	97.63	3.90	228.37	3.45	40.33	1.01
Items(A-B)
Exceptional
			0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Items
Profit Before
	47.85	14.25	7.43	5.34	97.63	3.90	228.37	3.45	40.33	1.01
Tax
Tax expense :
(i) Current tax	11.52	3.43	2.61	1.88	41.70	1.67	94.27	1.43	17.25	0.43
(ii) Deferred tax	0.69	0.21	(0.24)	(0.17)	(1.30)	(0.05)	(1.03)	(0.02)	(1.32)	(0.03)
Total Tax	12.21	3.64	2.38	1.71	40.40	1.61	93.23	1.41	15.94	0.40
Expenses
Profit for the year	35.64	10.62	5.05	3.63	57.23	2.29	135.14	2.04	24.39	0.61

Review of Restated Financials,

Key Components of Companys Profit and Loss Statement

Revenue from Sale of Services: Revenue from operations mainly consists from Revenue from Trading of Biofuels and revenue generated from ethanol manufacturing as job worker.

Other Income: Other Income Consist of Interest Income, Discount Received & Other Misc. Incomes etc.

Expenses: Companys expenses consist of, Cost of Material Consumed, Changes in Inventories of WIP, Finished goods & Stock in Trade, Employee benefit expenses, Finance Cost, Depreciation and Amortization expenses & Other Expenses.

Cost of Material Consumed: Cost of material consumed mainly consist Opening Stock of Raw Material, Purchase of Raw Material Less Closing Stock of Raw Material available at the end of reporting period.

Purchase of Stock in Trade: Purchase of Stock in Trade consist of Items purchase for Trading purpose only.

Change in Inventory of WIP, Finished Goods & Stock in Trade: Change in Inventory of WIP, Finished goods & Stock in Trade consist of Difference between opening & closing Stock.

Employee Benefits Expense: Employee benefit expenses includes Salaries and Wages, Staff Welfare Expenses & Contribution to statutory funds.

Finance Cost: Finance Cost mainly consist of Interest on borrowings & other Finance Cost such as Loan processing fees, bank charges etc.

Depreciation and Amortization Expense: We recognize Depreciation and Amortization expense on a WDV Basis as per the rates set forth in the Companies Act, 2013/ Companies Act, 1956, as applicable. Other Expenses: Other Expenses includes Audit Fees, Commission Expenses, Facility Usage Charges, Freight, Insurance, Labour Charges, Legal & Professional Expenses, Rates & Taxes, Rent etc.

Review of Operations for the period ended on January 31, 2024:

Revenue from Operation

Revenue from operations for the period ended on January 31, 2024 amounting to Rs. 335.67 lakhs represent 100.00% of Total Revenue

Cost of Material Consumed

Cost of Material Consumed consist of Opening Stock, Purchase of Raw Material, Direct Expenses & Closing Stock amounting to Rs. 190.87Lakhs represents 56.86% of Total Revenue.

Employee Benefit Cost

Employee benefit expenses includes Salaries and Wages, Directors Remuneration & Contribution to Statutory Funds, Gratuity Expenses etc. amounting to Rs. 38.03 Lakhs represents 11.33% of Total Revenue.

Finance Cost

Finance Cost includes Interest on Borrowings & Bank Charges amounting to Rs. 25.08 Lakhs represents 7.47% of Total Revenue.

Depreciation

Depreciation charged on WDV method amounting to Rs. 5.56 Lakhs represents 1.66% of Total Revenue

Other Expenses

Other expenses include Brokerage & Commission, Loading & Unloading Charges, Security Expense, Rebate & Discount, Professional Fees, Rent Expenses, Repair & Maintenance, Repair & Maintenance, Travelling & Conveyance, Freight & Cartage, Power & Fuel, ROC Filing etc amounting to Rs. 28.27 Lakhs represents 8.42% of Total Revenue.

Profit Before Tax

The Profit before tax for the period ended on January 31, 2024 was Rs. 47.85 Lakhs representing 14.25% of Total Revenue.

Tax Expenses

Tax Expenses consisting of Current Tax & Deferred Tax for the period ended on January 31, 2024 was Rs12.21 Lakhs representing 3.64% of Total Revenue.

Profit After Tax

The Profit after tax for the period ended on January 31, 2024 was Rs. 35.64 Lakhs representing 10.62% of Total Revenue.

Review of Operations for the period ended on May 13, 2023:

Revenue from Operation

Revenue from operations for the period ended on May 13, 2023 amounting to Rs. 139.12 lakhs represent 100.00% of Total Revenue

Cost of Material Consumed

Cost of Material Consumed consist of Opening Stock, Purchase of Raw Material, Direct Expenses & Closing Stock amounting to Rs. 50.62 Lakhs represents 36.39% of Total Revenue.

Employee Benefit Cost

Employee benefit expenses includes Salaries and Wages, Directors Remuneration & Contribution to Statutory Funds, Gratuity Expenses etc. amounting to Rs. 7.5 Lakhs represents 5.39% of Total Revenue.

Finance Cost

Finance Cost includes Interest on Borrowings & Bank Charges amounting to Rs. 5.92 Lakhs represents 4.26% of Total Revenue.

Depreciation

Depreciation charged on WDV method amounting to Rs.0.95 Lakhs represents 0.68% of Total Revenue

Other Expenses

Other expenses include Brokerage & Commission, Loading & Unloading Charges, Security Expense, Rebate & Discount, Professional Fees, Rent Expenses, Repair & Maintenance, Repair & Maintenance, Travelling & Conveyance, Freight & Cartage, Power & Fuel, ROC Filing etc amounting to Rs. 66.71 Lakhs represents 47.95% of Total Revenue.

Profit Before Tax

The Profit before tax for the period ended on May 13, 2023 was Rs. 7.43 Lakhs representing 5.34% of Total Revenue.

Tax Expenses

Tax Expenses consisting of Current Tax & Deferred Tax for the period ended on May 13, 2023 was Rs. 2.38 Lakhs representing 1.71% of Total Revenue.

Profit After Tax

The Profit after tax for the period ended on May 13, 2023 was Rs. 5.05 Lakhs representing 3.63% of Total Revenue.

Fiscal 2023 compared with Fiscal 2022

Revenue from Operation

Revenue from operations had decreased by 62.12% from 6611.58 lakhs in Fiscal 2022 to 2504.35 lakhs in Fiscal 2023. The change was primarily due to decrease in sales of products.

Cost of Material Consumed

Cost of material consumed had decreased by 65.38% from 5870.03 lakhs in Fiscal 2022 to 2032.27 lakhs in Fiscal 2023. The change was primarily due to decrease in sales of products.

Employee Benefit Expenses

Employee benefit expenses had decreased by 11.72% from Rs. 86.20 Lakhs in Fiscal 2022 to Rs. 76.10 Lakhs in Fiscal 2023 majorly due to decrease in Salary & Wages from Rs. 33.19 lakhs in Fiscal 2022 to Rs. 41.92 Lakhs in Fiscal 2023.

Finance Costs

Finance Costs had increased by 167.05% from 16.72 lakhs in Fiscal 2022 to 44.65 Lakhs in Fiscal 2023. This was primarily due to increase in Interest Expenses from Rs. 13.97 Lakhs in Fiscal 2022 to 41.13 Lakhs in Fiscal 2023.

Depreciation and Amortization Expenses

Depreciation had increased by 14% from 11.86 in Fiscal 2022 to 13.52 lakhs in Fiscal 2023 due to addition of Property Plant & Equipments during the year.

Other Expenses

Other expenses had decreased by 39.71% from 398.40 lakhs in Fiscal 2022 to 240.18 lakhs in Fiscal 2023. The decrease was primarily due to decrease in commission expenses, Bank Charges, Freight, Insurance Expenses, Labour charges, & Other Misc. Expenses.

Tax Expenses

The Companys tax expenses had decreased from 93.23 lakhs in the Fiscal 2022 to 40.40 lakhs in Fiscal 2023.

Profit after Tax

After accounting for taxes at applicable rates, our Company reported a net profit of 57.23 lakhs in Fiscal 2023 as compared to a net profit of 135.14 lakhs in Fiscal 2022.

Fiscal 2022 compared with Fiscal 2021

Revenue from Operation

Revenue from operations had increased by 65.00% from 4006.97 lakhs in Fiscal 2021 to 6611.58 lakhs in Fiscal 2022. The change was primarily due to increase in sales of Products traded by the company.

Cost of Material Consumed

Cost of material consumed had increased by 59.46% from 3681.09 lakhs in Fiscal 2022 to 5870.03 lakhs in Fiscal 2023. The change was primarily due to increase in sales of products.

Employee Benefit Expenses

Employee benefit expenses had increased by 16.80% from 73.80 Lakhs in Fiscal 2021 to 86.20 Lakhs in Fiscal 2022 majorly due to increase in Director remuneration from 40.00 lakhs in Fiscal 2021 to 50.00 Lakhs in Fiscal 2022.

Finance Costs

Finance Costs had increased by 19.51% from 13.99 lakhs in Fiscal 2021 to 16.72 Lakhs in Fiscal 2022. This was primarily due to increase in borrowings which results in higher interest cost during the year.

Depreciation and Amortization Expenses

Depreciation had increased by 4.96% from 11.30 in Fiscal 2021 to 11.86 lakhs in Fiscal 2022 due to addition of Property Plant & Equipments during the year.

Other Expenses

Other expenses had increased by 112.84% from 187.18 lakhs in Fiscal 2021 to 398.40 lakhs in Fiscal 2022. The increase was primarily due to increase in Bank Charges, Commission Expenses, Facility Usage charges, Freight, Insurance expenses, Labour Charges etc.

Tax Expenses

The Companys tax expenses had increased from 15.94 lakhs in the Fiscal 2021 to 93.23 lakhs in Fiscal 2022. This was primarily due to increase in Current Tax Expenses during the year.

Profit after Tax

After accounting for taxes at applicable rates, our Company reported a net profit of 135.14 lakhs in Fiscal 2022 as compared to a net profit of 24.39 lakhs in Fiscal 2021.

Comparison of Revenue from Operations:

The Revenue from Operation in the year ended March 31, 2021 is Rs. 4006.97 Lakhs which is increased to Rs. 6611.58 Lakhs. The reason for such increase was due to expansion of its trading business which was in Uttar Pradesh and neighboring states till the year 2021 but from the year 2021-22 its expand to other states such as Gujarat, Karnataka and Kolkata. The other reason for such increase in Revenue from operations was active marketing of our trading business in all states of India.

Secondly the Revenue from operation decrease from the year ended March 31, 2022 i.e. Rs. 6611.58 Lakhs to Rs. 2504.35 Lakhs in the year ended March 31, 2023. The reason for decrease in revenue is due to shifting focus and working capital from trading business to manufacturing of ethanol on Job work basis. In the year 2022-23, our Company has received a tender from The Rajasthan State Ganganagar Sugar Mills Ltd. (RSGSM Ltd.) and The Kisan Sahkari Chini Mills Ltd., Ghosi Distt. Mau, Uttar Pradesh (The Distillery Unit) and signed agreement for Operation and maintenance of ethanol plant as Job-worker at government owned distilleries. The reason from shifting focus and working capital from trading business to manufacturing of ethanol on Job work basis is that the ethanol manufacturing business is higher in Profit margins as compared to trading business and very few players are involved in similar services of operation and maintenance of ethanol plant. The major dip in turnover is due to decrease in trading revenue.

Lastly the revenue from operation from April 01, 2023 to July 31, 2023 is Rs. 297.71 Lakhs which is from manufacturing of ethanol on Job work basis. Further the distillery plant is not operated from month of June till October due to rainy seasonal. The manufacturing of ethanol starts from November month; hence the revenue is comparative low in initial four months of financial year.

Comparison of Profit Margins:

The Profit after tax in the year ended March 31, 2021 is Rs. 24.39 Lakhs which is increased to Rs. 135.14 Lakhs. The reason for such increase was due to increase in revenue from operation and increased profit margin from sales to other states such as Orissa, Jharkhand and Bihar as compared to Uttar Pradesh only.

Secondly the Profit after Tax decrease from the year ended March 31, 2022 i.e. Rs. 135.14 Lakhs to Rs. 57.23 Lakhs in the year ended March 31, 2023. The sole reason for decrease is due to decrease in revenue from operations as there is substantial decrease in revenue. In addition to that since there is decrease in Profit after tax but the Net Profit Margin is increase from 2.04% in the year 2022 to 2.29% in the year 2023.

Lastly the Profit after tax from April 01, 2023 to July 31, 2023 is Rs. 18.54. The sole reason for decrease is due to decrease in revenue from operations as there is substantial decrease in revenue as per justification mentioned above. In addition to that since there is decrease in Profit after tax but the Net Profit Margin is increase from 2.29% in the year 2023 to 6.23% in the period ended July 31, 2023.

Cash Flows

Particulars	For the period ended		For the year ended March 31,
	January 31, 2024	May 13, 2023	2023	2022	2021
Cash flow from Operating Activities	68.50	(88.53)	(80.04)	(63.17)	(158.60)
Cash flow from Investing Activities	-	(0.22)	(5.31)	(8.28)	(25.14)
Cash flow from Financing Activities	66.12	88.71	91.57	67.88	155.66

Cash Flows from Operating Activities

Net cash from operating activities for the period ended on January 31, 2024 was at 68.50. lakhs as compared to the Profit Before Tax at 47.85 lakhs This was primarily due to adjustments against adjustments against, changes in Working Capital & Income Tax Paid.

Net cash from operating activities for the period ended on May 13, 2023 was at (88.53) lakhs as compared to the Profit Before Tax at 7.43 lakhs This was primarily due to adjustments against adjustments against, changes in Working Capital & Income Tax

Paid.

Net cash from operating activities for fiscal 2023 was at (80.04) lakhs as compared to the Profit Before Tax at 97.63 lakhs while for fiscal 2022 Net cash from operating activities was at (63.17) lakhs as compared to the Profit Before Tax at 228.37 Lakhs. This was primarily due to adjustments against adjustments against, changes in Working Capital & Income Tax Paid.

Net cash from operating activities for fiscal 2021 was at (158.60) lakhs as compared to the Profit Before Tax at 40.33 lakhs.

Cash Flows from Investment Activities

In the Period Ended on January 31, 2024 the net cash invested in Investing Activities was .

In the Period Ended on May 13, 2022 the net cash invested in Investing Activities was (0.22) lakhs. This was mainly on account of Purchases of Fixed Assets.

In fiscal 2023, the net cash invested in Investing Activities was (5.31) lakhs. This was mainly on account of Purchases of Fixed

Assets.

In fiscal 2022, the net cash invested in Investing Activities was (8.28) lakhs. This was mainly on account of Purchases of Fixed Asset.

In fiscal 2021, the net cash invested in Investing Activities was (25.41) lakhs. This was mainly on account of Purchases of Fixed Asset.

Cash Flows from Financing Activities

In the period ended on January 31, 2024, the net cash from financing activities was 66.12 lakhs. This was on account of repayment of borrowings and partners capital.

In the period ended on May 13, 2023, the net cash from financing activities was 88.71 lakhs. This was on account of proceeds from partners capital.

In fiscal 2023, the net cash from financing activities was 91.57 lakhs. This was on account of proceeds from Borrowings.

In fiscal 2022, the net cash from financing activities was 67.88 lakhs. This was on account of proceeds from Borrowings & Partners capital.

In fiscal 2021, the net cash from financing activities was 155.66 lakhs. This was on account of Proceeds from Borrowings.

Information required as per Item (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:

An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:

1. Unusual or infrequent events or transactions

There has not been any unusual trend on account of our business activity. There are no Unusual or infrequent events or transactions in our Company. The transactions are as per usual business operations.

2. Significant economic changes that materially affected or are likely to affect income from continuing operations.

Except for any change in economic policy affecting our industry in India, there are no other significant economic changes that may materially affect or likely to affect income from continuing operations.

3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.

Apart from the risks as disclosed under Section "Risk Factors" beginning on page 20 in the Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

4. Future changes in relationship between costs and revenues

Our Companys future costs and revenues will be determined by growth of industry in which we operate.

5. Increases in net sales or revenue and Introduction of new products or services or increased sales prices

Increases in revenues are by and large linked to increases in volume of our business.

6. Status of any publicly announced New Products or Business Segment

Our Company has not announced any new Product.

7. Seasonality of business

Our ethanol manufacturing business is seasonal in nature as during rainy season the distillery is shut down for ethanol manufacturing.

8. Dependence on few customers/ clients

The percentage of contribution of our Companys Top Customers/Clients for the period ended January 31, 2024is as follows:

Particulars	Customers
Top Ten (%)	100%

9. Competitive conditions

Competitive conditions are as described under the Chapters "Industry Overview" and "Business Overview" beginning on pages

80 and 93, respectively of the Prospectus.

10. Details of material developments after the date of last balance sheet i.e. January 31, 2024

After the date of last Balance sheet i.e. January 31, 2024, no material events have occurred after the last audited period.

CAPITALIZATION STATMENT

Sr. No Particulars	Pre issue	Post issue
Debts
A Long Term Debt*	53.07	53.07
B Short Term Debt*	378.64	378.64
C Total Debt	431.71	431.71
Equity Shareholders Funds
Equity Share Capital*	344.00	470.00
Reserves and Surplus*	112.64	521.64
D Total Equity	456.64	991.64
E Total Capitalization	888.35	1,423.35
Long Term Debt/ Equity Ratio (A/D)	0.12	0.05
Total Debt/ Equity Ratio (C/D)	0.95	0.44

Notes :

* The amounts are consider as outstanding as on January 31, 2024