Ravi Patidar

Date:-07.09.
2022
To, To,
The Secretary, The Secretary,
Listing Department Listing Department
The National Stock Exchange of India Ltd The BSE Ltd.
Exchange Plaza, BKC, Bandra (E) Phiroze Jeejeebhoy Towers,
Mumbai- 400051 Dalal Street, Mumbai 400001
ISIN:-INE908D01010, NSE Symbol SHAKTIPUMP, BSE Code: - 531431
Subject:- Submission of 27th Annual Report for the Financial Year ended 31st March,
2022 pursuant to regulation 34 (1) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
Dear Sir/Madam,
Pursuant to regulation 34 (1) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, we are submitting herewith
the Annual report of the Company including the Notice of 27th AGM, Board Report’s, Audit
Report and Financial Statement for the Financial Year 2021-22.
The same is also available on the website of the Company at www.shaktipumps.com.
You are requested to kindly take above information on record.
Thanking You
Yours faithfully,
For Shakti Pumps (India) Limited

Digitally signed by RAVI PATIDAR
RAVI
DN: c=IN, postalCode=453331, st=MADHYA
PRADESH, o=Personal,
serialNumber=31dde50601e6024b2732ca597
2ed69c26147945af389098003ac14a4c85644d
e,
PATIDAR
2.5.4.20=20656707e324f03def34723e3a22341
9b81d93a19ea445e5ebde95faffb68e21,
[email protected],
cn=RAVI PATIDAR, l=INDORE, title=8835,
pseudonym=883520210814165558843
Date: 2022.09.07 16:29:49 +05'30'
Ravi Patidar
Company Secretary
Encl: as above
-------------------------------------------------------------------------------------------------------------------------------------------------
SHAKTI PUMPS (INDIA) LIMITED
CIN: L29120MP1995PLC009327, Regd. Office & Works: Plot No. 401, 402 & 413, Industrial Area, Sector - 3,
Pithampur - 454774, Dist. Dhar (M.P.) INDIA. Tel.: +91 7292 410500, Fax: +91 7292 410645
E-mail: [email protected], [email protected], Web: www.shaktipumps.com
Overview | Statutory Report | Financial Statements
Pumping Life
Enhancing Growth
Annual Report 2021-22
1
What is Inside
Corporate Overview Board’s Reports & Financials
About the Company 02 Corporate Information 47

Corporate Structure 04 Notice 48
Message from the Chairman (Hindi) 05 Board's Report 56
Message from the Chairman (English) 07 Secretarial Audit Report 67
Business Model 10 Business Responsibility Report 72
How We Create Value 12 Report on Corporate Governance 79
Key Highlights of the Year 14 Independent Auditor's Report (Standalone) 99
Milestones 15 Standalone Balance Sheet 108
Review of the Business 16 Standalone Profit & Loss 109
Shakti's Global Business 18 Standalone Cash Flow Statement 110
Financial Highlights 19 Standalone Statement of Changes in Equity 112
Manufactured Capital - Products 20 Notes to Standalone Financial Statement 113
Manufactured Capital (Manufacturing Units) 22 Independent Auditor's Report (Consolidated) 148
Manufactured Capital - Solar Pumps 25 Consolidated Balance Sheet 154
Few Cutting Edge Products of Shakti 26 Consolidated Profit & Loss 155
Awards 27 Consolidated Cash Flow Statement 156
Intellectual Capital 28 Consolidated Statement of Changes in Equity 158
Intellectual Capital Certifications 29 Notes to Consolidated Financial Statement 159
Intellectual Capital - IT & Digital 30
Environmental Capital 32
Key Drivers 34
Materiality Matrix 36
Management Discussion & Analysis 39
2
‘SHAKTI’ personifies the

rudimentary cosmic
energy and many believe
that it is the force that
is responsible for the
existence of the Universe.
Shakti Pumps is the force
behind India’s one major
revolution, irrigation and
pumping of the farmlands.
Shakti Pumps (India) Limited 1

About the Company
Trailblazing in the space of excellent quality and energy efficient pumps and motors since its
incorporation in 1982, Shakti Pumps (India) Ltd. (Shakti) is a notable brand in national as well as
international markets. A global pioneer in the manufacture of 100% stainless steel pumps, it is India’s
first BEE 5 Star rated company. Certified by ISO 9001-2008, the stainless-steel pumps have a 60% higher
discharge rate compared to other pumps.
Playing a fundamental role pipes, drip irrigation systems Shakti strives to excel with an
in the agriculture sector of and sprinklers. emphasis on best business and
a predominantly agrarian ethical practice with strong
Shakti has wide range of
economy of India, Shakti has organizational values justifying
products having varied
been changing lives of farmers, the interest of all stakeholders.
applications, offering more
empowering them with better
than 1,200 product variants.
and faster means of irrigation.
The company holds a dominant
In addition to flood irrigation and position with almost 30% - 35%
micro irrigation, other advanced market share in the domestic
water pumping solutions for a solar pump market under the PM Shakti has a wide range
wide range of applications like KUSUM (Prime Minister’s Kisan of products having varied
horticulture, domestic water Urja Suraksha Evam Utthaan applications, offering more
supply, commercial applications Mahabhiyan) scheme under the than 1,200 product variants.
and industrial applications are Ministry of New and Renewable The company holds a dominant
also provided by Shakti. Energy. This scheme is one of its position with almost 30% - 35%
kind across the globe, aiming to market share in the domestic
Shakti offers end-to-end
provide clean energy to more solar pump market under the
solutions, including electronic
than 35 lac farmers. PM KUSUM
control panels, high-end cables,
2 Annual Report 2021-22

Key Highlights
500,000
Units Per Annum
1,200
Product Variants
260
Pump Models
27
Number of patents filed
2
Patents Received
500
Dealers in India
` 1,185
FY22 Revenue
Crore `117 Crore
FY22 EBITDA
` 65 Crore
FY22 Net Profit
Ranked 305 on
Fortune India’s
Next 500 list

Corporate Structure
The parent body Shakti Pumps (India) Ltd. has multiple subsidiaries for domestic and overseas
business.
Domestic Business Overseas Business

Shakti Energy Solutions Pvt. Ltd. Shakti Pumps USA LLC
 100% WOS  100% WOS based out of USA
 Has 1,00,000 solar structures annual  Revenue: ₹ 337 mn, PAT: ₹ 41 mn
capacity in FY2022
 Located in Pithampur, Madhya Pradesh Shakti Pumps FZE, UAE
 Currently only doing captive production,  100% WOS based out of UAE
but has plans to sell to other players as well
 Revenue: ₹ 794 mn, PAT: ₹ 55 mn in
 Revenue: ₹ 1,547 mn, PAT: ₹ 83 mn in FY2022
FY2022
Shakti Pumps (Shanghai) Ltd
Shakti Green Industries Pvt. Ltd.
 100% WOS based out of China
 100% Subsidiary Incorporated on Dec 2021
 PAT ₹ (0.2 mn) in FY2022
to enter into EV competent Solutions like
Motors, Controller, Chargers. Shakti Pumps (Bangladesh) Ltd
 100% subsidiary based out of Bangladesh
 Revenue: ₹ 25 mn, PAT: ₹ 0.3 mn
in FY2022

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Message from the Chairman

I am very happy to present to you the Annual Report of FY 2021-22 of Shakti Pumps (India)
Ltd.
This year has been exceptionally good for us, since this year we have received two patents,
one for Unidirectional Solar Pump and the other for S4RM. There are many benefits of
these products. The Unidirectional Solar Pump is a grid connected solar pump which saves
both water and electricity. Keeping in mind demand-supply, our R&D team has considered
the high requirement of customers for saving water and electricity and developed the
required technology which has got the patent. Through S4RM technology, we can improve
motor efficiency. Our target was to reduce the electricity bill of our customers and our
R&D team has done good work to achieve this and we have received our second patent for
energy efficiency. We faced another challenge of the losses faced by the power companies
and we wanted to reduce it. We worked on power factor improvement, developed a great
technology and received patent for it.
Dear Shareholders,
This year has been
transformational for the
world – in which we fought
against the COVID-19 virus
as well as the conflicts
between nations. This
international geo-political
challenge made it difficult
for us to sell as well as we
did not have any control on
the rates of raw material.
Despite this situation,
Shakti has been able to
perform quite well in this
year. Looking at the world
economy, it will take some
more time to get into the
normal situation. The teams
of R&D and production
at Shakti have faced
these challenges bravely
and changed them into
opportunities.
I took over the business
from my father around the
1980s and started working
under his guidance. It was

Message from the Chairman
Today, we have then led to the manufacture of and controllers for electric two
established our markets solar pumps, because energy wheelers, three wheelers, four
in various states i.e. efficiency is maximum in solar wheelers and six wheelers.
Rajasthan, Punjab, pumps. We have a market share
The company has always
of 30% to 35% market share in
Haryana, Madhya progressed based on the
this segment and going ahead,
Pradesh, Chhattisgarh R&D work done and the new
we are all set to maintain the
and Maharashtra and technologies developed. The
share.
there is high demand products of Shakti have also
for solar pumps from Today, we have established our been most suitable amongst our
markets in various states i.e. customers and will remain so in
these regions. The rural
Rajasthan, Punjab, Haryana, the future as well. Our products
areas from these states
Madhya Pradesh, Chhattisgarh are for the next generation; they
have high demand and and Maharashtra and there is are energy efficient as well as
acceptability for all high demand for solar pumps environmental-friendly.
our products. The solar from these regions. The rural
Shakti is also fulfilling its social
pumps manufactured areas from these states have
responsibility; we are doing our
by Shakti have a 30% high demand and acceptability
planning for CSR very well. We
higher discharge rate for all our products. The solar
have also worked during the
compared to other pumps manufactured by Shakti
covid pandemic and are willing
pumps, hence the high have a 30% higher discharge
to work for health and education
demand rate compared to other pumps,
in the future as well.
hence the high demand.
Going ahead, we would be The Future of Pumps
focussing on four wheelers and Our R&D team has always
his dream to start manufacturing
six wheelers also, since our R&D been working on improving
stainless steel pumps and
team has the experience of the energy efficiency of the
we started working on it and
manufacturing motors. products and we get to learn a
progressed. After manufacturing
We have filed the patent for lot from the research that we
steel pumps, we realised this is an
S4RM in USA, which has been a do and our R&D team always
energy efficient product, which
challenging task for us. We have tries to improve and get the best
reduced the electricity bill of our
spent lot of time and efforts for possible result. We have given
customer and stainless steel also
this, which has resulted into our a target to our R&D team to
increases the life of the pump.
success today. Apart from our make the world’s best product
With this began a new chapter,
two patents, we have filed for at Shakti. The farmers have
and we went ahead on this path.
27 more patents, the results appreciated our solar pumps,
Our R&D team has taken a lot of
of which are awaited. The new and this motivates us to improve
efforts and this has finally led us
subsidiaries in USA and Dubai our productivity and profitability
to receiving our patents and I am
have also put great efforts, in the near future.
sure going ahead, we will receive
many more patents. As you especially Shakti Energy Solution The solar pumps manufactured
know, Shakti is the first company which is working on the solar by Shakti is a good solution
in India to develop stainless structure. Recently, we have to the farmers. Solar energy
steel and energy efficient pumps started Shakti Green, which in is freely available everywhere
as well as the first company the next two to three years, will and we don’t need wires, poles,
to receive 5-star rating. This start the production of motors lines, diesel and transportation,

thereby reducing costs and FY2022 has been a good year We always work on
making it environment friendly. for Shakti from our point of view sustainable programmes,
This is beneficial for our and we tried our best in every while strengthening
customers, farmers and the area. We believe that we will do the solar pump market
country at large, and according our best in exports also in the in rural areas as
to the current scenario, if more near future. well as international
solar pumps are installed in markets. We will
Shakti is the symbol of R&D,
the country, the economic progress step by step
Shakti is the symbol of thoughts,
situation of the country will with the government,
Shakti is the symbol of capacity.
become better. Shakti Pumps coordinating with
With its thoughts and capacity,
will continue to achieve higher their policies, because
Shakti is marching ahead.
market share in its industry. PM we believe this is our
KUSUM scheme will also be I extend my appreciation towards underlying responsibility.
highly impactful on the sector the workers, engineers, officers
in the years to come. We would and the entire team of Shakti
like to partner with PM KUSUM for their contribution. Also, I am
scheme and grow along with it. in gratitude to our customers,
shareholders and partners and
The entire team of Shakti is
all those who believe in us, and
dedicatedly working towards
hope to get the same kind of
energy efficiency and solar
support in the coming years as
energy, because we believe that
well.
this is the only way to improve
social conditions and preserve Thank you.
the environment. We will work
towards this goal with great Warm regards,
strength.
Dinesh Patidar
We always work on
Chairman & Managing Director
sustainable programmes, while
strengthening the solar pump
market in rural areas as well
as international markets. We
will progress step by step with
the government, coordinating
with their policies, because we
believe this is our underlying
responsibility.
Financial Performance
Supported by a steady growth
the company has registered a
revenue growth of 27% y-o-y
basis, at ₹ 1,185 Cr. EBITDA
stood at ₹ 117 Cr. The net profit
stood at ₹ 65 Cr.

Business Model
Core Purpose
To enable the optimum
use of water for
domestic as well as
commercial purposes
Core
Purpose Values Vision Mission
Values
Environmental
Sustainability,
Social Responsibility
Demand Drivers:
 Thriving agricultural and irrigation sector in  India has third largest regional market for
India water pumps after MEA and China and fastest
 Government policies and regulations growing region with an estimated CAGR of
towards energy efficiency and promotion of over 10% during 2017-27
agricultural sector like subsidized electricity
and exemptions on use of solar pumps
 PM’s relentless support for solar power usage
through Pradhan Mantri - Kisan Urja Suraksha
Evam Utthaan Mahabhiyan (PM Kusum)
scheme, thus driving the demand for solar
pumps
 Rapid growth of population and urbanisation
calls for an exponential increase in demand
for water to be supplied to high rise buildings,
both domestic and commercial
 Cognizance of the need for better sanitation
 Awareness of the need for potable drinking
water and the emphasis on recycling of water
 Fast paced growth of many manufacturing
sectors that entail the usage of pumps

Vision Mission
To become a company that constantly strives for  To work relentlessly towards coming closer
quality and customer satisfaction by providing to our vision statement by offering best
best pumping solutions with global benchmarks working environment and training focusing
and to be a company which integrates Health, on integrity and ethics
Safety and Environmental considerations into all
 To empower the workforce to offer products
its business decisions and activities, such there
and services that exceeds customer
will be
expectations by providing value for money
 Zero accident and ensure handsome return to our
employees and shareholders
 Zero liquid discharge
 To create a safe workplace by reducing
 Zero carbon foot print
injuries, accidents and environmental impact
for current and future generations
Value Chain:
500+
Shakti creates a robust value chain by using
valuable resources from the point of sourcing
through the process of manufacturing to the point
sale, creating opportunities for OEMs, suppliers, Dealers
dealers amongst all others throughout the chain.
The raw materials required for the manufacturing
400+
of products are either sourced domestically or
imported, the decision of which is prudentially
taken, based on Cost Benefit Analysis.
Service Centres
The products are available in the market through
an extensive dealership and distributor network,
comprising of 500+ dealers.
The company also extends after sales service for
all the products, with a network of 400+ service
centres spread across the country.

How We Create Value
Product Advantages Environmental, Social &
Pumps form the quintessence in the water Governance
infrastructure of a country. Use of sustainable
India’s self-sufficiency in food today, can more or
pumping solutions can bring about a massive
less be attributed to the pumping sector as well.
reduction in energy consumption, thus saving huge
Being ancillary to one of the most important
amounts of operational and maintenance costs.
sectors of our country – agriculture – the pump
In the context of industries, pumps are used to sector has tremendous value in terms of support
provide multiple services viz. cooling and lubrication to the backbone of India.
services, to transfer fluids for processing, and to
From the perspective of infrastructure, building
provide the motive force in hydraulic systems
and construction and utilities sector, the role of
to name a few, apart from the need of pumps
the sector cannot be undermined. Water supply
for day-to-day operations. In the manufacturing
projects for both domestic and industrial use are
sector, pumps utilize 27% of the total electricity.
incomplete without pumps.
Solar pumps also bring about enormous saving
in expenditure on electricity. Efficient pumps can Pumps are also essential in waste water treatment
also bring down maintenance and operations cost and recycling of water, thus playing a critical part
of companies. in environmental preservation, lessening impact of
water wastage.
In the commercial sector, pumps are used in
heating, ventilation, and air-conditioning (HVAC) Leak free pumps help in controlling leakage of harsh
systems to provide water for heat transfer. Local chemicals, reducing the effects on environment.
government bodies use pumps for water and Sustainable pumping solutions also lessen energy
wastewater transfer and treatment and for the consumption; energy efficient pumps help fight
drainage system. For nuclear power sector, oil climate change.
and gas, pharmaceuticals and chemical industry,
pumps play a critical role and form the basis of The Company is committed to sound principles
their existence. They modulate the flow of the of Corporate Governance with respect to all of its
liquids, gases and slurries that is the lifeline of procedures, policies and practices.The governance
these industries. processes and systems are continuously reviewed
to ensure that highest ethical and responsible
standards are being practiced by the Company.

` 1,185
FY22 Revenue
Crore
` 65
Net Profit
Crore
`
EPS
35.26
` 22
Tax Paid
Crore
` 73
CSR Spent
Lakhs

Key Highlights of the Year
 August 2021 – Received award from Punjab government for PM
Kusum scheme
 September 2021 – Awarded by Uganda Government to supply
and EPC of solar pumps worth ₹ 250 million
 September 2021 – Installed solar pump at Mizoram, making
it India’s north-eastern region's first-ever high-altitude solar
project
 December 2021 – Shakti Pumps forays into manufacture of
motors, chargers and controllers for Electric Vehicles through a
wholly owned subsidiary, Shakti Green
 March 2022 – Awarded for the Innovation of Micro Smart Pump
at the Low Carbon Technology Innovation Conclave in
New Delhi
 April 2022 – Received its maiden patent for innovating
‘A Unidirectional Solar Water Pump with Grid-tied Power
Generation’ System
 August 2022 – Received the second patent for Shakti Slip Start
Synchronous Run motor. The company received this patent from
the United States Patent and Trademark Office

Milestones
SSI Unit started by
the Patidar family as Public issue and
a MSME Listing on BSE
1982 1986 1996 2003

Commencement Received quality
of manufacturing marking system
unit for pumps ‘CE mark’; Exports
and government extended to
supplies 20 countries
Set up a separate
SEZ Unit; Expansion Superstar Amitabh
of main DTA Unit- Bachchan become
total capacity of 5 the Brand
Lacs Pumps Ambassador
2008 2009 2013 2014

1st company to One of the first
receive 5 Star company to start
Rating from BEE in solar Pumps
pumping segment
Formed 100%
Started Electronic Subsidiary to enter
& Control Division into EV Solutions
(VFD Division with like Motors,
capacity of 2,00,000 Controller, Chargers
VFD PA) Arrival
2018 2020 2021 2022

Implementation Received two
of PM-KUSUM patents. Received
scheme IMC RBNQ
certificate of merit
in manufacturing
Shakti Pumps (India) Limited
category
15
Review of Business
The company’s product portfolio largely caters for applications like agriculture, irrigation, industrial
applications and processes, pressure boosting in high rise buildings, rural/urban community water
supply schemes, waste and sewage water treatments and fire-fighting.
Customer Segments
 Solar Power - Channel partner with MNRE  Sewage and Drainage – Wide range of
with top notch 1A ratings, pumps ranging requirements from draining flood water
from 0.5 HP to 300 HP that are simple to from various areas like basements, car
operate with remote monitoring system. parks, empty cesspools to managing
sewage in a water treatment plant.
 Agriculture – Irrigation pumps, solar pumping
solutions, sprinkler system with pumps.
 Commercial– Used in hotels, corporates,
malls, high rises buildings, commercial
premises where heavy pressure and boosting
is required
 Domestic – For domestic needs of
bungalows, high-rise buildings, housing
complexes and apartment, for tasks like water
supply, over tank storage watering, gardens
and fountains.
 Industrial – In industries for variety of
purposes like fire-fighting, sewage, heating &
cooling of systems, washing and storage.
Since pumps serve such diverse sectors with varied needs, their size ranges from fractions of a
horsepower (HP) to several thousand HP.

Diverse Industries
Customers under Government Projects Industrial Customers
FY22 70% FY22 1%
FY21 58% FY21 2%
FY20 32% FY20 5%
FY19 41% FY19 4%
FY18 37% FY18 4%
Highest revenue share with 70%, reported 50.5% CAGR Industries with 1.3% share has reported a degrowth by
during 2018-22 period 4.9%
OEM Customers Export Customers

FY22 3% FY22 16%
FY21 9% FY21 19%
FY20 12% FY20 33%
FY19 18% FY19 25%
FY18 20% FY18 30%
Dealing with major Solar OEM (L&T, Mahindra, REIL, Adani 2nd largest revenue segment with 15.7% share, CAGR
and Tata Power) has 2.6% share, degrow by 22.2% CAGR 9.2% during 2018-22
Other Customers
FY22 10%
Focussed area for SPIL
FY21 11%
Government Projects
FY20 18%
Export Customers
FY19 12%
Other customers including B2C business
FY18 9%
Contributed 10.2% revenue with CAGR of 30.5% includes

residential (B2C) segment

Shakti's Global Business
Shakti is one of the country’s leading pump Export Revenue – Geographical contribution
exporters, supplying to more than 100 countries,
with a portfolio largely catering to applications RoW 15%
relating to agriculture, irrigation, industrial
processes, pressure boosting in high-rise buildings, Asia 5%
rural/urban community water supply schemes,
waste and sewage treatment plants, fire-fighting
operations to name a few. Africa10%
Middle East
54%
` 185 Crore
FY22 Export Revenue
United States
16%
Middle East
Europe 26 Countries
26 Countries
Asia
15 Countries
North America Africa Oceania

4 Countries 29 Countries 3 Countries

Financial Highlights (Consolidated)
REVENUE (` in Crore) EBITDA (` in Crore)
FY22 1,178 FY22 110
FY21 930 FY21 141
FY20 383 FY20 11
FY19 547 FY19 88
FY18 437 FY18 78
PBT (` in Crore) PAT (` in Crore)
FY22 82 FY22 65
FY21 110 FY21 76
FY20 (22) FY20 (14)
FY19 60 FY19 55
FY18 53 FY18 35
EPS (`) NET WORTH (` in Crore)
FY22 35.3 FY22 393
FY21 41.1 FY21 341
FY20 (7.7) FY20 265
FY19 24.5 FY19 290
FY18 19.0 FY18 254

Manufactured Capital - Products
V3, V4, V6, V8, V10 V3, V4, V6, V8, V9, V10 & V12 OPENWELL PUMPS OPENWELL PUMPS
REWINDABLE SS SUBMERSIBLE PUMPS SHOS CA / SA Series / ECO SOMB Series
SUBMERSIBLE MOTORS
MONOBLOCK & END MONOBLOCK END-SUCTION HORIZONTAL OPENWELL VERTICAL MULTISTAGE

SUCTION SINGLE SHAFT PUMPS SUBMERSIBLE PUMPS CENTRIFUGAL PUMPS
PUMPS SNB, SNK SERIES SMB SERIES SHOC SERIES SCR, SCRI, SCRN SERIES
HYDROPNEUMATIC SEWAGE PUMPS (SVX Series) SEWAGE PUMPS (SDW Series) SHAKTI WASTE WATER
BOOSTER PUMPS
SYSTEMS HYPN Series SSEG Series
MONOBLOCK PUMPS SELF-PRIMING PUMPS SINGLE SHAFT VERTICAL IMMERSIBLE PUMPS

SSM Series CRP Series MULTISTAGE PUMPS (RO SMTR Series
Series)

PRESSURE BOOSTER PUMPS DOMESTIC WATER PRESSURE PRESSURE BOOSTER PUMPS RAPID SUCTION
SH Series BOOSTER PUMPS SCM Series SRSC / SRSS Series
SJP Series
SHALLOW WELL PUMPS SIMHA 2.0 UNIVERSAL DRIVE NANDI UNIVERSAL DRIVE KALPAVRIKSHA HYBRID
SSW Series INVERTER
KALPAVRIKSHA GRID KALPAVRIKSHA (USPC) SUN SHAKTI SUN SHAKTI

TIE INVERTER UNIVERSAL SOLAR PUMP HYBRID INVERTER GRID TIE INVERTER
CONTROLLER
ELITE SOFT STARTER A1 SMART STARTER DU DT FILTER SHAKTI RMS DONGLE

Manufactured Capital
Domestic Unit (Main Unit)
The second manufacturing unit of Shakti is also situated in Sector III of the Pithampur Industrial
Area in Madhya Pradesh, but this setup consists of different plants that are able to meet the specific
market needs of different product groups. There is also an inhouse high tech R&D unit here.
Area Capacity
16 Acres 350,000 Pumps per annum
4" Motor Manufacturing Plant pumps for use in firefighting, among others. This
unit is also able to meet constantly changing
This particular plant is exclusively used for the
market demands in a rapid turnaround time, due
manufacturing of 4" submersible motors. It is
to the use of cutting-edge technology and the
equipped with state-of-the-art manufacturing
specialised workforce in the unit.
equipment to ensure every submersible 4"
motor produced is of the highest quality. Shakti always strives for an improvement in its
operations and its international ranking. To meet
6", 8" and 10" Motor Manufacturing Plant this requirement, the company has installed
This plant is focused on the manufacturing of a computerised testing facility to measure
6", 8" and 10"submersible motors for pumps the performance of the pumps produced and
of corresponding sizes. State-of-the-art compare them to the international market.
manufacturing equipment ensures that Shakti
The existing two manufacturing plants in
can compete on a global scale with respect to
Pithampur (SEZ and Domestic), along with an
these products in the most advanced way.
expansion of the domestic tariff area (DTA) unit
Submersible Pump Manufacturing Unit has resulted in the company having a combined
installed capacity (solar and motorised) of 5 lakh
This unit is used solely to produce 100% stainless
pumps per annum.
steel submersible pumps in various sizes for
use in the domestic market. Technologically
advanced assembly lines and equipment are a
characteristic of this unit and helps meet the
constantly changing demands of the domestic
market.
Industrial Pumps Manufacturing Unit
The plant in Unit III development produces
pumps for various industrial applications,
including vertical, multi-stage, centrifugal
pumps, pressure booster pumps, hydro systems,
self-priming pumps, open well pumps, end
solution pumps, sewage and effluent water
pumps, boiler feed application pumps and

Shakti has a unique infrastructure in place which allows the company to meet ever changing market
demands in India as well as abroad while focusing on quality. The specialised set-ups consisting of
its diverse capabiliteis allows the company to accurately allocate work to specific units, ensuring
production timeframes and quality control.
SEZ Unit:
A manufacturing facility has been setup in the Pithampur special economic zone (SEZ) in Madhya
Pradesh in 2008. This unit is engaged in the production of 100% stainless steel submersible pumps,
and is exported all over the world, in sync with the international market requirements. The unit
has an advanced modern plant and various pieces of high-tech machinery, meeting international
standards of production and quality. Highly personalised products based on the demand coming
from various geographies are manufactured in this unit, simultaneously ensuring global customer
satisfaction.
Area Capacity
3.15 Acres 150,000 Pumps per annum

Electronics and Control Plant (E&C Plant)
The E&C unit is a part of the main domestic unit. Through-Hole Component Assembly (THT)
It is based on Japanese technology, supplying
Traditional leaded through-hole components
power electronics outside the company as well.
can be either flow soldered or fitted by our
dedicated, highly skilled assembly team.
This approach offers a robust, high-precision
expedient assembly solution. With their wealth
Capacity
of training to the highest IPC-610 standards,
200,000 VFDs per annum

Shakti’s staff can offer a level of soldering ability
that sets us apart from the competition.
Encapsulation & Conformal Coating
Our conformal coating material is a thin
Manufacturing Facilities polymeric film that ‘conforms to the contours
The E&C Plant is equipped with state-of-the- of a printed circuit board to protect the board’s
art machinery and skilled manpower to provide components. Typically applied at 10-210μm
reliable and quality products. (micrometers), it is applied to electronic circuitry
to act as protection against moisture, dust,
SMT Assembly
chemicals and temperature extremes.
The plant has the capability to place
components ranging from 0402 (01005)
PCB Functional Test
package size components to the larger SMT The E&C Plant has a highly skilled team of test
packages with absolute precision, matching engineers and technicians as well as a large range
IPC-A-610 standards. With the high level of of testing equipment, bench, and functional test
placement accuracy and solder joint integrity, equipment. Our staff undergoes cross-product
the best quality is consistently achieved. With training and have a huge range of experience
two modern SMT lines, Shakti can place up within the field of electronics test. Customers
to 99,000 placements per hour and are fully can have the confidence that the product has
equipped to undertake PCB batches from low been fully tested to their specifications.
to high quantities.

Manufactured Capital - Solar Pumps

A solar-powered pump is a pump running on solar energy generated by photovoltaic panels or the
radiated thermal energy available from collected sunlight as opposed to grid electricity or diesel run
water pumps. Solar water pumps utilise solar panels to feed extra power to the grid, thus ensuring
efficient use of water and electricity.
Solar powered pumps are more economical mainly due to lower operation and maintenance costs and
has less environmental impact than pumps powered by an Internal Combustion Engine (ICE). On-grid
or Off-Grid Solar Pumps are useful in both scenarios where there is grid power supply and no grid.

Few Cutting Edge Products of Shakti
Plug and Play Submersible Pumps many more activities apart from water pumping
can be conducted like charging of Electric Vehicle,
The 4-inch Plug and Play Submersible Pumps, charging of other invertors or batteries as well as
designed and manufactured by Shakti achieves domestic usage, thus relieving the farmer of the
higher efficiency with lower operational cost and need to demand electricity
can be operated without a control box. The Pumps’
2-Wire Motor is an integral wire motor that offers Sun Shakti Grid-tie Invertor
customers ease of operation and protection
Sun Shakti Grid-tie Invertor is a high performance,
against overload and under-voltage operations.
transformer-less, high switching frequency-based
The 4-inch plug and play submersible pump is
grid-tie invertor with IP 65 ingress protection
designed to work with the range of 1HP, 1.5HP,
available in 3 to 6 kVA. It converts solar energy
2HP and 3HP. This product has been built for 100
into alternating current. This makes it extremely
mm (4 inches) or larger borewells with cooling
suitable for injecting into single-phase low voltage
jacket; the series motors used in the 4-inch plug
electrical power grid. It works on the principle of
and play submersible pumps are pre-loaded, pre-
net metering thereby reducing the electricity bill.
tested and come with a free cable.
This inverter also provides battery charging facility,
so that the stored energy can be used for domestic
Kalpavriksha Universal Solar purposes
Pump Controller
Kalpavriksha Hybrid Controller
Kalpavriksha Universal Solar Pump Controller
(KUSPC), a device that enables maximum utilisation The Kalpavriksha Hybrid Controller is a hybrid
of solar power. Apart from water pumping, the pumping solution designed for maximum
Universal Solar Pump Controller is also useful utilisation of solar power available at the site. It
in solar powered flour mill, thresher and fodder offers solar-powered variable frequency drive and
cutting machine set. This product can be easily a grid-tied invertor. It helps a farmer run a pump
controlled even from remote location using mobile for agriculture, feed surplus power to the grid
app or website. (when he is not farming) and draw rated power
from the grid if required. Features like a plug and
An IP65 rated product, that is both dust and rain play installation, simultaneous operation of VFD &
proof, KUSPC can be easily installed outdoors and Inverter and electrically safe user handling make it
also offers a graphical display for product selection, a simple equipment to use.
supports a variety of solar pumps, offers agrarian
application support and remote monitoring using Manufacturing parts for EVs
an App or the Portal to the modern farmer.
Shakti has ventured into manufacturing of motors,
Universal Solar Pump Controller chargers, controllers and multi-application
component variable frequency drives (VFDs)
(USPC) for electric vehicles, through a wholly owned
For availing the off-grid solar pump scheme, it is subsidiary “Shakti Green”.
mandatory that the farmer should not have any
electrical connection. In this scheme, the farmer Sun flower (Automatic Structure)
can operate other machines or equipments like A recently developed product by Shakti, called
flour mill, freezer or grass cutter through our Automatic Structure, exhibits inherent rotational
product. The farmers can have single-phase property where the panel can rotate as per sun’s
connection and single-phase instrument. After direction, thereby generating more than 30% extra
adding Universal Solar Pump Controller (USPC), power.

Awards

Intellectual Capital
Shakti Pumps was the first to manufacture India’s first ever 100% stainless-steel pumps & energy
efficient motors in the year 1996. It was also awarded India’s first 5-star ratings by the Bureau of Energy
Efficiency (BEE) and today has over 260, BEE-5Star’ rated pump models. With 29 patent applications,
of which two patents were recently granted, Shakti Pumps has emerged as a leading renewable
energy solutions company with diversified product offerings including technologically advanced utility
functions.
Patents Received Research and Development

Unidirectional Solar Water Pump (USWP): Shakti has a dedicated R&D department for the
The company got the maiden patent for development of innovative products with new
a unidirectional solar pump with grid- materials, applications and processes. Ground-
tied power generation capabilities. The breaking strategies have helped the company
unidirectional solar pump ensures efficient receive a patent for the solar pumps category.
performance by utilizing the panels to help For the in-house R&D, we have been issued a
feed extra power to the grid. This technology certificate in Science and Technology, from the
allows limiting the pumps discharge as per Government of India.
the water needed and help save both water
and electricity.
Shakti Slip Start Synchronous Run Motor
(S4RM): Stepping into FY23 the company
received the second patent for Shakti Slip
Start Synchronous Run motor. The company
received this patent from the United States
Patent and Trademark Office.
The product is one of its kind and has a
breakthrough retrofit super efficient motor
technology, duly available in both surface
and submergible categories. The patented
motor is 5 to 10% higher efficient and has
up to 15 percentage of power factor than a
conventional induction motor. Therefore the
product offers a reduced carbon footprint
compared to a line-run induction motor. This
will help customers in reduced electricity
bills and timely help in dropping the losses
of power distribution companies.
The two patents through the In house

research and development are strong
testimonials for the company's unique
intellectual capabilities

Intellectual Capital - Certifications
North American
UL Certificate Component
Certified
European
Certificate of
Conformity
Compliance
Certified
ISO ISI Mark

Certifications Certification
India’s First Star Export

5 star rated pumps House Certificate

Intellectual Capital - IT & Digital
Distributing water on a large scale sustainably has been a challenge that the world has been trying
to tackle for decades. Technological innovations in the water pump manufacturing industry made it
possible to deal with the issue and IT and digitalisation is playing a vital role.
At Shakti, the IT infrastructure is not an end by itself, but means to reduce supply chain glitches, greater
efficiencies, higher productivity, thereby causing higher sales and higher profitability.
Shakti has been agile to adapt to digital Shakti, with the help of IoT, data analysis and
transformation, triggered by the aim to conserve network connectivity, resorts to capturing live
energy as well as to meet the growing demand data, thereby being able to offer excellent after
to operate pumps with greater efficiencies which sales service and remotely assists in prompt fault
includes remote controlled operations. detection and elimination, which is of immense
support to the farmers.
Enterprise Resource Planning (ERP)
Apart from the application, the company also has
Social Media
an ERP system – SAP S/4 Hana – for Operations, The Social Media initiatives taken by Shakti are for
Procurement, Product design/Manufacturing and the purposes of marketing/branding as well as for
Human Resource. disseminating explanatory videos on installation
and important technical advantages.
The company has also moved onto cloud platform
for cyber security and data protection.

Shakti Pump Customer Application (Shakti RMS)

One of the digital initiatives taken by Shakti The app is GPS enabled, which enables the
for connecting with customers is Shakti Pump customer to know the location of the solar
Customer Application called Shakti RMS. It panel, from a remote place as well.
is a remote monitoring application used for
Another feature of the app is Multi-Device
operating solar pump and viewing data. The app
Installation, implying that the details of the
provides IoT platform to devices manufactured
same solar pump can be sought by multiple
by the company.
people on different devices at the same time.
The customer can start and stop the pump
Shakti, through this app, is not only helping
remotely, from anywhere in India with a single
the mission ‘Transform India Digitally’, but also
click through the app, thus controlling water
enabling conservation of one of the fastest
flow.
depleting natural resources – water.
By clicking on the respective icons, the app also
gives information about
 The solar pump motor and solar panel
 Total cumulative flow of water and total
flow of water on a particular day
 Total cumulative running time and total
running time of a particular day
 Total cumulative solar energy consumed
and total solar energy consumed during a
particular day
 The power/voltage being used
Micro Smart Pump under the Low Carbon Technology Deployment

(FLCTD) project
Micro Smart Pump is a highly efficient submersible helical pump solution, an innovation by Shakti
which was created under the Facility for Low Carbon Technology Deployment (FLCTD) project.
FLCTD has been jointly implemented by the Bureau of Energy Efficiency (BEE) and the United
Nations Industrial Development Organization (UNIDO). The main aim of the project is to promote
innovation of low-carbon technologies and its deployment in industrial and other related sectors.
In March 2022, Shakti received a grant of ` 35 lacs for the Micro Smart Pump, which is a PMSM -
based submersible helical pump running from single-phase AC.
It is presently installed at 15 sites in Indore, 1 in Shahdol and 1 in Hyderabad. The product enables
an increase in efficiency ranging from 200% to 500% vs conventional single - phase IM, energy
- efficient pumping irrespective of seasonal head variation, SMPS - based pump 90V to 270V
operations comes with in-built protection and does not require an external control panel.

Environmental Capital
Pumping Sustainability into our Incorporation in Business Strategy
Future The business processes within Shakti are such
that, there are
Pumping industry is at the heart of both agriculture
and industrial sectors. The connection between  Zero accident
environment and pump energy efficiency is deep  Zero liquid discharge
and influential. There is empirical evidence that a
pump operating at less than 20% of its efficiency  Zero carbon foot print
point utilizes 40% more energy and produces 20% It is a matter of pride to say the company has shown
more CO2, to dispense the same volume of water. zero non-compliance with regards to adherence to
Energy efficiency in the pump industry relates to environmental norms.
sustainable future through use of products that Both the units at Pithampur, Madhya Pradesh
consume minimal or no non-renewable energy. are covered under the company’s environment
Shakti’s Approach to Environment initiatives, and both are ISO 14001 certified units.
Environment Mission Statement The company has an in-house nursery and as a
part of tree plantation drive, plants approximately
To become a company that constantly strives for 200 plants per year.
quality and customer satisfaction by manufacturing
best pumping solutions with global benchmarks Rainwater harvesting is a technique of collection
and to be a company which integrates Health, and storage of rainwater into natural reservoirs or
Safety and Environmental considerations into all tanks, with an attempt to collect and make use of
its business decisions and activities. every drop of water which falls in the premises.
There are two such rainwater harvesting pits
maintained by the company.

Industrial Waste i.e. Food Waste generated during  Engage itself in the steady improvement in its
the year was 5739kg (Including Vegetable waste quality, environment, health, safety, cleanliness
like, peels/shells etc.) and social performance and we shall motivate
our self as well as our employees to achieve
Total amount of water consumed in FY 2022 was
this goal.
1,52,93,000 liters (15,293 KL) AKVN water, out of
which 6,169 KL water treated in effluent/sewage  Commit consultation and participation of
treatment plant and 100% of this treated water is workers and where they exist, workers’
used in toilet flushing and gardening. representatives, on health and safety matters
Integrated Management Systems  Engage in ongoing training & motivation of its
employees to pay attention to product quality,
Policy health, safety, environment, cleanliness and
The company is committed to achieve total social responsibility.
customer satisfaction by, manufacturing high
 Adopt the goals of United Nations.
quality pump set with global bench mark meeting
customer expectations, providing timely supply Energy efficiency in pumps lead not only to
and excellent services to our customers through sustainable future for the next generation,
team work and continual improvement. We are but also leads to sustainability in businesses,
also committed to the environment protection, helping reduce costs and diversion of funds
cleanliness, health, safety and welfare of our saved due to efficient use of resources, into
employees, and meeting expectations of other better investment alternatives.
interested parties including the society.
The company strives to maintain high degree of
goodwill and brand image to emerge as a market
leader in domestic as well as in international
market.
The company endeavours to follow the under Energy sources in FY22
mentioned policies, applicable to all existing and
future activities in India and abroad. MPEB UNIT CONSUMPTION
 Act within the framework of an Integrated

Management System which consists of ISO
9001:2015 Quality Management Systems,
21,86,168
ISO 14001:2015 Environment Management SOLAR UNIT CONSUMPTION
5,47,102
Systems and ISO 45001:2018 Occupational
Health and Safety Management Systems.
 Manufacture high quality products, prevent 405 KW solar plant is installed in the
pollution and injury or ill health and seek company premises.
improvement in the efficient use of natural
resources. DIESEL CONSUMPTION (LIT)
 Adhere to all applicable statutory or regulatory
and other requirements related to product,
environment, health, safety and employee
6,013
welfare.
 Adopt risk-based thinking approach to quality, PNG CONSUMPTION (SCM)
environment and health and safety issues, to
act proactively to achieve intended objectives. 42,282
Key Drivers
Key Differentiators/ External Drivers

Competitive Advantages  Greater focus on agriculture in the
Budget
 In-house manufacturing of all related
components of solar pump except solar  Government’s support for solar power
panel usage through Pradhan Mantri - Kisan
Urja Suraksha Evam Utthaan Mahabhiyan
 High quality stainless-steel pumps,
(PM Kusum) scheme
with approximately 40% more output
compared to cast iron pumps  Expected rainfall received by the country
 Energy efficient products enable 30-40%  Thriving farming sector
less energy consumption  Attractive subsidies from the central and
 Rust and corrosion free (two times more state government for purchase of green
life than cast iron pumps) pumps
 Indigenously developed Variable  India has third largest regional market for
Frequency Drives (VFD), thus reducing water pumps after MEA and China and
dependency on imported materials fastest growing region with an estimated
CAGR of over 10% during 2017-27.
 Inbuilt remote monitoring system
 Retail demand well supported by a strong Case for Solar Pumps
distribution network, aiding high market
 Increasing cost of fossil fuels is
penetration
responsible for alternative energy
 New product launches in place, enabling sources, thus boosting demand for solar
B2C business as well pumps.
 Strong backend support, helping improve  Governments support towards the
customer connectivity and service cause of solar pumps is the reduction
in costs as compared to regular pumps
(cost of infrastructure, generation, and
distribution (Losses) per Kilowatt of
electricity is higher than solar).
 Solar power water pumps are especially
advantageous in rural areas power supply
disruption for 5 to 7 hours, water pumps
running on fossil fuel are not sustainable,
hence demand for solar power water
pumps is on a rise.

PM KUSUM Scheme possibility of the farmers being able to sell

surplus power back to the boards enabling
PM-KUSUM (Pradhan Mantri Kisan Urja additional income.
Suraksha evam Utthaan Mahabhiyan)
Scheme is government’s modus operandi to The scheme has provision for:
honour India’s commitment to increase the  Decentralised renewable energy plants
share of installed capacity of electric power
from non-fossil sources to 40% by 2030  Solar agriculture water pumps and
as part of Intended Nationally Determined  Solarisation of existing grid-connected
Contributions (INDCs). agriculture pumps.
The scheme is aimed at ensuring energy The scheme has the following components:
security for farmers in India, by developing
 Component-A: Setting up of 10,000 MW
decentralized renewable power, as well
of Decentralized Ground/ Stilt Mounted
as, to replace agricultural diesel pumps
Grid Connected Solar or other Renewable
with solar water pumps and solarise grid
Energy based Power Plants;
connected agriculture pumps. Presently,
33% of the installed agricultural pumps in  Component-B: Installation of 17.50 Lakh
India are diesel based. One-fifth of the grid- Stand-alone Solar Agriculture Pumps;
connected agriculture water pumps installed and
in the country consume more than 17% of  Component-C: Solarisation of 10 Lakh
the total annual electricity consumption. Grid Connected Agriculture Pumps.
Solarization of the pumps can reduce the
dependence on electricity in addition to the

Materiality Matrix:
INVESTORS
Investors consist of institutional as well as retail investors. With respect to investors, the objective of the organisation is to
create long terms sustainable financial value. Investors apart from seeking RoI also expect the company they invested in to
function sustainably
Stakeholder Interests Stakeholder Basis of Evaluation of

Engagement, Mode and Material Management
 Financial performance
Frequency
 Operational performance  Management meetings
 Corporate governance  Internal controls
 Changes in corporate practices
governance
 Information provided about
 Management decisions financial and operational
regarding policies management
 Company website
 Annual general meeting
 Quarterly and annual reports
 Announcements to stock
exchanges
SUPPLIERS
Managing a reliable set of suppliers, building relations with them for seamless supply of inputs materials, technology and
services is critical for the company to meet the customer demand.

 Number of orders Engagement, Mode and Material Management
 Competitive pricing Frequency
 Positive feedback
 Consistency of orders  Supply chain policy
 Timelines  Tender committee  Complaints/Constructive
 Payment methods feedback
 Logistics committee
 Other terms and conditions  Print media  Credit period
of delivery  Regular meetings between
supplier and the committee
 Stock out percentage
 Meetings of suppliers and  Timely delivery
management
 Timely payments  Repeat purchase percentage
 Transparent processes
 Negotiations
 Measuring deliverables

CUSTOMERS
The Company's customer service policy is aimed at ensuring high quality pumps and and timely services to its customers
across the country. It is committed to achieving complete customer satisfaction with excellence in service quality and
support.

 Availability of products
Frequency
 Quality of products  Positive feedback
 Continuous monitoring  Complaints/Constructive
 Cost effectiveness based on feedback system
feedback with regards to
depending on the dealer/
 Innovation in products price and quality
customer segment
 Data privacy  Repeat customers
 Responding to feedback
 Social media
 Company’s PRO
 Customer support desk
 Customer feedback system
 Customer satisfaction survey
EMPLOYEES
Company considers people as the most important capital and key internal stakeholders in delivering value

 Training and development Engagement, Mode and Material Management
 Employee perks Frequency
 Special benefits  Job security
 Social events  Rewards and recognition  Complaints/Constructive
feedback
 Grievance redressal
 Meetings and workshops  Employee retention
 Performance appraisal
 Grievance committee
 Employee forums
 Trainings
 Sponsored employee trips
 Life/Medical insurance
 Retirement/pension plans
 Employee suggestions

Materiality Matrix:
GOVERNMENT
The company and its products are in alignment with various agriculture development initiatives of the central and various
state governments. The company meticulously follows all regulatory rules as a responsible corporate citizen.

 Legal compliance
Frequency
 Regulatory compliance  Number of litigations
 Legal department within the  Non-compliance penalty
company
 Press release
 Compliance with regulations
 Filing of returns
 Report submissions
 Compliance to ESG
SOCIETY
The company ensures that its products are in the interest of the general public. Company monitors and mitigate all social
and environment risks which could impact the society. CSR policies of the company are aimed at empowering the under
privileged members of the society through various social upliftment initiatives.

 Identifying the gap between Engagement, Mode and Material Management
demand and supply Frequency
 Social media
 CSR meetings  Complaints/Constructive
 Community building sessions feedback
 Press conferences  Number of attendees for
 Sponsorships public events
 Reponses on social media

Management Discussion and Analysis

World Macro Scenario India had the strongest rebound in the initial
quarters of FY2022, however it has been gradually
The world has been combating against factors losing momentum as the trepidations of world
beyond its control since the last two years. Just economy get seeped in.
when economies and businesses started their
journey to recovery from the malevolence of Inflation numbers remain high due to rising global
COVID-19 pandemic, their path was thwarted by energy and food prices and global conditions
another set of unpleasant situations. 2022 is being deteriorate. However, headline inflation is
characterized by recurrent waves of the pandemic expected to come down in the later quarters of
in some parts of the world, but the risks of the FY2023. Due to depreciating rupee as well as due
geo-political tension between Russia and Ukraine to rising energy import costs, the current account
began to materialize and have been more impactful deficit is expected to widen.
on the way businesses are conducted. In June 2022, India’s Purchasing Manager Index
Without signs of an end, the Russian-Ukraine (PMI) Manufacturing has been at the highest value
conflict has been continuously attempted to since November 2021, signifying expansion in
be resolved by world leaders and international economic activity. Both core sector growth and
regulatory bodies. The conflict has unleashed itself Index of Industrial Production (IIP) have shown a
indirectly on most countries, the consequences robust growth y-o-y, though they are yet to cross
progressively invading all corners of the world. pre-pandemic levels, highlighting the fact that
the post-pandemic recovery is more statistical
The world economy already weakened by the than tangible. But there are some other economic
pandemic is now characterized by higher-than- indicators that have reached pre-pandemic values
expected inflation worldwide especially in USA now. While PMI is more aligned to the formal
and major European nations triggering tighter sector, IIP includes the informal sector as well.
financial conditions, interruptions in supply chain, The trends in PMI and IIP indicate that the lag in
shortage of food and the possibility of stagflation. informal sector is almost counterbalanced by the
Recently, fresh COVID lockdowns in some parts resilience in the formal sector of the economy.
of the world have compounded the destruction
caused to businesses. There is a resurgence of corporate investment due
to introduction of Production-Linked Incentive
Globally, risks of ‘above average inflation’, in Schemes (PLI).
addition to ‘below average growth’, could persist
for years to come, which has potentially hazardous Largely, the trend in the Indian economy can only
and destabilizing effects on economies. be determined by an inter-play of a large number
of forces mentioned above, and not in silos. The
The World Bank has slashed its forecast for global economy advanced 8.7% in FY2022 and GDP is
growth to 3.2% for 2022, stating that subdued projected to grow by 6.9% in FY2023 and 6.2% in
growth could possibly persist in this entire decade, FY2024.
led by feeble investments in most countries. The
growth rate for FY2023 is expected to be further Global Pump Industry
hit, with the rate at 2.9%, getting impacted by The global agriculture pump market is estimated at
disinflationary monetary policies. USD 4.97 Bn in 2022 and is expected to reach USD
Indian Macro Scenario 9.73 Bn by 2031, growing at a CAGR of 7.71%.
There are a multitude of factors affecting the Indian The non-submersible sub-segment is expected
economy in the current macroeconomic scenario. to grow at a faster rate of 6.6%, compared to the

submersible sub-segment, contributing almost countries, serving different segments, having a
68.6% to total revenues. (Centrifugal pumps are global share of 1.5%, which is expected to grow
non-submersible pumps in that they are used out to 4% by 20274. Exports from India have been
of the water. Centrifugal pumps offer easy access growing at 10%-12% annually.
and can provide a lot more pressure than what
As per the EEPC export data, the export of pumps
submersible pumps can offer).
of all types in FY2022 is USD 1005.67+ Mn as
The global agriculture sector demonstrates the against USD 910.37+ Mn in FY2021 i.e., a y-o-y
highest demand for pumps at a whopping 79%, growth of 11%.
and is growing at a CAGR of 8.21%.
Demand Drivers
The Asia-Pacific region is estimated to contribute
almost 36.7% in 2022 and a growth rate of 9.3%
• India, predominantly an agrarian
CAGR. economy, has a thriving agricultural
sector. Agriculture and irrigation have a
Indian Pump Industry sustained demand for pumps.
Playing a significant role in various other sectors
• Proactive government policies to
of the Indian economy, the pump industry has
indirectly accelerate demand for pumps
been immensely benefitting the Indian economy
especially in the last decade. The incessant by offering
requirement of pumps by the core sectors of the - subsidized electricity
economy have underlined the growing importance
of the pump sector in the country. The agriculture - exemptions on use of solar water
sector is the highest consumer of pumps and pumps
building services industry comes next. These policies have triggered the rise of
The rest of the infrastructure sector – the highly independent irrigation facilities thus increasing the
technologically intensive sectors – like oil and gas, demand for water pumps.
water and waste management treatments, metals • India GDP is projected at USD 15 Trn
and mining – also have high demand for pumps. by the year 2030, of which 70% is
The states of Rajasthan, Haryana, Punjab, Madhya accounted for by urbanization, which
Pradesh, Maharashtra and Chhattisgarh are the propels the demand for pumps. Thus,
largest consumers of pumps in India. urbanization and population growth are
The Indian pump industry is lined by both major demand drivers.
national (large companies as well as MSMEs) • Along with increasing population is
and international players. 95% of the country’s
the need for better sanitation, which
demand is met by local players, the balance 5% is
imported. The sector is self-reliant in captive power has increased the demand for pumps
generation and energy efficiency. Compliance manifold.
with quality systems like ISO 9000, ANSI, API or • Awareness of the need for potable
EUNO series of standards, technologies based on drinking water and the emphasis on
intelligent process and equipment systems and recycling of water.
high-end customised products are some of the
prominent features of the pump industry in the • Waste and waste water treatment
past few years. activities.
95% of the pumps manufactured are centrifugal • Growth of the Indian chemical and
pumps, while the remaining 5% are positive pharmaceutical market has also
displacement pumps. stimulated the demand for high quality
India exports pumps and valves to over 100 industrial pumps.

• Government policies and regulations estimated to grow at CAGR of more than 27%
towards energy efficiency and from FY2018 to FY2024.
promotion of agricultural sector. Key growth drivers of the solar
• Escalating demand for exports energy market
- Overseas demand is high in steel, - Government subsidies
mining and oil & gas.
- Tax rebates for solar panel installation
- Global population growth
- Increased awareness of environmental
Key Strengths of Indian Pump degradation
Industry
Estimated Solar Pumps demand under KUSUM
The Indian pump market is a reliable and mature
market since years and has been growing steadily.
Its price competitiveness and technological
consistency gives it a competitive advantage.
Many foreign players have extended technical
collaborations and joint ventures with Indian
manufacturers, thus enhancing the technical know-
how within the country. The domestic pump sector
exhibits both vertical and horizontal integration.
• The domestic market for pumps in India is
one of the fastest growing.
• Currently, 16% of India’s pump manufac-
turing capacity is ready for exports.
International Solar Alliance (ISA)
• India has a ready-to-sell, export market,
present in more than 100 countries. Shakti is also the part of International Solar Alliance
(ISA) which consists of:
• India offers among the highest net value
additions in the world (more than 20%). • Aggregated demand for more than 2,70,000
solar pumps across 22 countries.
• Adherence to the best quality standards –
such as ISO 9000, ANSI, API or EUNO se- • More than 1 GW of solar rooftop across 11
ries. countries.
• Lower cost of operation in India offers la- • More than 10 GW of solar mini-grids across 9
bour cost advantage. countries under its respective programmes.
ISA is a treaty-based intergovernmental
India has third largest regional market for water organisation, aimed towards making solar energy
pumps after Middle East Asia and China and is the available 24x7 at affordable cost to all in the 121
fastest growing region with an estimated CAGR of tropical countries. It is an action oriented, member
over 10% during 2017-27. driven platform, where massive solar energy
Solar Industry deployment is the focus area, ensuring energy
security. The ISA is guided by its ‘Towards 1000’
Global solar industry was valued at USD 50 bn in strategy which aims to mobilise USD 1,000 Bn
2019 and is estimated to grow by 26% to reach of investments in solar energy solutions by 2030,
USD 200 bn by 2026. while delivering energy access to 1,000 Mn people
Solar water pumping systems’ market in India is using clean energy solutions and resulting in
installation of 1,000 GW of solar energy capacity.

This would help mitigate global solar emissions to the way with drip-irrigation and micro irrigation.
the tune of 1,000 Mn tonnes of CO2 every year. Solar-powered pumps also conserve labour.
Solar-powered automation and mechanisation to
ISA is perceived as a critical organisation
agriculture will enable farmers to become self-
working towards achieving the 2030 Sustainable
sufficient and live an empowered life.
Development Goals and objectives of the Paris
Agreement on Climate Change. The state government of Haryana has also started
a special campaign called ‘Har Khet Ko Pani’ to
Shakti Pumps (India) Ltd. - promote irrigation and supply adequate water to
Company Overview the farm. Through this scheme, the government
Shakti Pumps (India) Ltd. has been instrumental wants to make people aware about the benefits
in changing the face of the pump industry since of drip irrigation or sprinkler irrigation instead
the past four decades. The “built to last” range of of relying on rain-fed irrigation, in which Shakti
innovative, technologically enabled offerings of Pumps is playing a crucial role.
Shakti are created with customer-centric focus, Shakti part of Highest Solar Pump
suited to commercial as well as industrial usage.
Project in India
Unswerving commitment as well as consistent
Shakti has announced the successful installation and
investments towards research and development
commissioning of the north-eastern region’s first
have been the backbone of our path till now.
high-altitude solar pumps project in Mizoram.
Starting with the manufacture of pumps, the
Under this marquee project, Shakti Pumps
company moved into the space of stainless-steel
has installed 8 solar pump sets of 75 HP,
pump manufacturing and then more recently into
the highest among similar projects in Mizoram.
solar pumps.
Of the 8 solar pump sets installed, 4 pump sets
Solar Pumps – the Way Ahead will be working and 4 have been reserved to be on
Solar pumps are a driving force behind the business. standby. The solar pump project will lift water from
The prices of fossil fuels are sky rocketing, and the river to a tank (with a capacity of 3 lakh litres)
farmers find irrigation through diesel pumps very in four stages.
expensive. This is where solar pumps play a dual
The total vertical height from the riverside to the
role in mitigating costs for the farmers. While
hilltop water tank is about 900 meters and the
installing solar pumps, various state governments
total length of the pipeline used to lift the water is
release 30 - 60% of the pump cost and the central
about 7,000 meters.
government 30%. The remaining only to be paid by
the farmer, thus the irrigation cost of the farmer The Sialhawk Solar Pumping Station will provide
being diminished. The installation of solar pumps access to drinking water and supply to the residents
will also benefit the state government by reducing of Sialhawk village in Mizoram.
the cost of arranging electricity connections
like wires, transformers, electric poles etc. while
Role in Electric Vehicles
simultaneously reducing the grid load. The Along with manufacturing submersible pumps, the
expenditure incurred by the farmers is recovered company has recently ventured into the making of
within a year. rechargeable batteries, controllers and motors for
electric vehicles.
The installation of solar pumps enables the farmer
to adopt micro-irrigation, due to which the yield One cannot deny the hazardous effects of the
of the crop increases manifold, resulting in an transportation sector operating through fossil fuel.
increase in the income of the farmer. This heralded the arrival of electric vehicles and
with their advent, rose the need for organisations
Combining the efficiency of drip irrigation with the
to setup manufacturing plants of the ancillary parts.
reliability of a solar-powered water pump will lead
Shakti Pumps once again assumed responsibility,

considering it as a contribution to a sustainable, prescribed under section 133 of the Companies

greener and cleaner future. Through its wholly Act, 2013, read with the Companies (Indian
owned subsidiary Shakti Green, the company has Accounting Standards) Rules, as amended from
been involved in the manufacturing of motors, time to time.
chargers, controllers and multi-application
Significant accounting policies used in the
component variable frequency drives (VFDs) for
preparation of the financial statements are
electric vehicles.
disclosed in the notes to the consolidated financial
With an experience of 30 years in manufacturing statements.
electric motors and 5 years of manufacturing
During FY22, the company earned total revenue
power electronics equipments, Shakti has gradually
of ₹ 118,468 lakhs. It is 26.9% higher than such
penetrated the newly growing market
revenue of ₹ 93,343 lakhs earned in FY21. Net
Segmental Performance: profit decreased 14.2% to ₹ 6,482 from earlier
year’s ₹ 7,558 lakhs. An analysis of revenue and
Shakti has the following business segments:
expenditure is provided below.
1. Solar EPC
Revenue
2. Solar OEM
(₹ in lakhs) FY22 FY21 Change
3. Domestic and Industrial Consumption Operating revenue 117,853 92,966 26.8%
4. Exports Other income 614 377 62.9%
Total revenue 118,468 93,343 52.4%
Analysis of financial performance PM Kusum Scheme helped the company to generate higher
The analysis in this section relates to the revenue from the last year
consolidated financial results of the year ended Other income went up on account of Interest.
March 31, 2022.
The financial statements of the company and
its joint venture are prepared as per the Indian
Accounting Standards (referred to as ‘Ind AS’)

Segment wise Revenue is as follows: (₹ in Lacs)
Segment Type FY22 FY21
Customers under Government Projects 81,484.21 54,226.53

Industrial Customers 1,551.96 1,747.87
OEM Customers 3,123.00 8,590.04
Export Customers 18,511.19 18,001.59
Other Customers 13,183.14 10,400.10
Total 1,17,853.51 92,966.14
Cost of materials (₹ in lakhs)

FY22 FY21
Cost of materials consumed 95,445.60 63,838.80
Changes in inventories (4,981.15) (1,829.54)
Total materials 90,464.45 65,668.34
Operating revenue 117,853.51 92,966.14
Cost of materials / Operating revenue 76.8% 70.6%
The cost of materials increased by 6.2% in FY22 as compare to FY21. The increase on account of spiralling
prices of steel, zinc and other materials.
Finance costs (₹ in lakhs)
FY22 FY21 Change
Finance costs 1,567.62 1,621.14 -3.3%
Finance costs decreased as the long-term borrowings have been repaid during the year out of the internal
accruals.
Depreciation and Amortisation (₹ in lakhs)

FY22 FY21 Change
Depreciation and Amortisation 1,857.46 1,836.46 1.10%
% of Revenue 1.6% 2.0%
No significant change in the amount of depreciation and amortisation.
Income tax (₹ in lakhs)

FY22 FY21 Change
Income tax 1,752.60 3,565.99
Profit before tax 8,234.81 11,124.43
Tax as % of Profit before tax 21.3% 32.1% -10.80%
The above reduction on account of change in Corporate Tax Rate to 22% (effective 25.17% including
Surcharge and Education Cess) as per Taxation Laws (Amendment) Ordinance, 2019 issued on 20,
September 2019, (as against 34.94% earlier).

Balance sheet items (Assets) Balance sheet items (Liabilities)

• Increase in the gross block of PPE from • The non-current borrowing decreased from
₹ 27,181.48 lakhs to ₹ 28,517.38 lakhs, after ₹ 1,991.66 lakhs to ₹ 930.37 lakhs due to the
the addition of ₹ 2,113.66 lakhs and disposal repayment of term loans.
of ₹ 777.76 lakhs.
• Current borrowings increased to ₹ 9,570.75
• Other non-current assets increased to ₹ 206.55 lakhs from ₹ 5,883.46 lakhs as the company
lakhs from ₹ 160.96 lakhs. The increase is on required more working capital funds to
account of capital advances. facilitate the increased procurement, stocking
• Inventories increased from ₹ 13,340.68 lakhs and selling operations during the year.
to ₹ 21,582.69 lakhs mainly in tandem with • Trade payables increased to ₹ 28,399.18
the increase in production and sales during the lakhs from ₹ 18419.86 lakhs in line with the
year. increased procurement of raw materials and
• Increase in Receivables from ₹ 26,456.75 lakhs other items for higher production.
to ₹ 38,277.58 lakhs is mostly on account of • Other financial liabilities increased to
higher revenue achieved during the year. ₹ 5,187.01 lakhs from ₹ 3,990.04 lakhs. The
• Increase in Cash and cash equivalents from ₹ increase represents higher credit for services,
2,157.43 lakhs to ₹ 3,124.99 on account of and other payables.
short term Fixed Deposits lying for LC margin. • Other current liabilities increased to ₹ 1538.78
• Bank balances decreased from ₹1,989.84 lakhs lakhs from ₹ 592.34 lakhs. The increase
to ₹1,335.12 lakhs due to non-renewal of fixed represents creditor for capital goods.
deposits on maturity.
• Increase in Other current assets to ₹ 6,455.72
lakhs from ₹ 5,775.06 lakhs is on account of
prepaid expenses and statutory receivables.
Risk Management
Risks/ Concerns Risk mitigation measures
Competition Risk The Company is an extensive integrated pump manufacturer & solar
energy solution provider in India. Its offerings include motors, pumps, solar
VFDs & inverters, and subsystems, each being manufactured inhouse with
indigenous procedures and tech. No other domestic player has a parallel
able range of such product offerings. Being an all-in-one provider, Shakti
Pumps has a competitive edge in the pumps’ business segment.
Manufacturing Risk The Company’s fungible production facilities and the reliable capacities in
place ensure manufacturing risk mitigation. The Company has a widespread
presence, and it also monitors and upgrades its property, plant, and
equipment from time-to-time to avoid delays.
Technological Risk The Company has a strong engineering and technological prowess. Its high-
tech processes, innovative designs, and technology help deliver products
that are a class apart. The Company has flourished over the years on its
technological strength on a global scale, backed by its inhouse R&D team of
qualified engineers & masters.

Internal Control Systems and Their Outlook
Adequacy We expect the momentum to continue going
forward as solar power is the need of the hour
For proper financial management and circumventing
and various state governments are now allocating
fraud, Shakti maintains an effective internal
budgets towards this direction to contribute to
control system at par with its size and operations.
building an environment-friendly product and
Internal Control Systems, comprising policies and
reduce their power distribution & transmission
procedures, are designed to ensure orderly and
cost. KUSUM Phase 2 is making strong progress
efficient conduct of business, safeguard the assets
which would generate steady growth for us. In
of the business, prevent and detect fraud, ensure the
addition to that, we also feel that our major R&D
completeness and accuracy of accounting records,
focus would enable us to capture strong footprints
and timely preparation of financial information.
in the retail market as well. As the raw material
Furthermore, the system is reviewed and updated
prices have been softening, and with the increase
continually based on the recommendations made
in the retail and export revenue mix, operating
by the Statutory Auditors, Internal Auditors, and
margin is expected to improve going forward
the Independent Audit Committee of the Board of
Directors, of the Company.
Human Resources Cautionary Statement
At Shakti, there is a defined HR policy with regards The information and opinion expressed in this
to the code of conduct, working hours, probation, report as well as the Boards’ Report describing
internal transfers, promotion, and misconduct, the Company’s objectives, projections, estimates,
among others. The Company believes ‘Development and expectations may be ‘forwardlooking
is only so if it develops all stakeholders’, and statements’ within the meaning of applicable
hence, Shakti Pumps continuously strives to make laws and regulations. Actual results might differ
a conducive work environment for everyone’s substantially or materially from those expressed or
growth. Talent management & leadership implied. Important developments that could affect
development are the strong pillars, holding the the Company’s operations include a downtrend in
Company’s positioning as a desirable workplace. the spend by the Government in agriculture and
infrastructure, significant changes in political and
economic environment in India, volatility in the
prices of major raw materials and its availability,
taxation laws, exchange rate fluctuations, interest,
and other costs.

Corporate Information
Board of Directors
Mr. Dinesh Patidar Managing Director
Mr. Sunil Patidar Whole Time Director
Mr. Ramesh Patidar Whole Time Director
Mr. Navin Sunderlal Patwa Independent Director
Mr. Pramod Kumar Bhawsar Independent Director
Mrs. Nishtha Neema Women Independent Director
Mr. Keyur Bipinchandra Thaker Independent Director
Company Secretary & Compliance Officer Registered Address Office & Work
Mr. Ravi Patidar Plot no. 401, 402 & 413 Sector III
Industrial Area Pithampur -Dist. Dhar-
Chief Financial Officer M.P.-454774.
Mr. Dinesh Patel Tel. no: +91- 7292-410500
Fax no.:-+91-7292-410645
Statutory Auditor Email:[email protected],
M/s PGS & Associates, Mumbai Web:-www.shaktipumps.com
Secretarial Auditor
M/s. M. Maheshwari & Associates, Indore
Cost Auditor
M/s. M.P. Turakhia & Associates, Indore
Banker
Axis Bank
HDFC Bank
ICICI Bank
Union Bank of India
Federal Bank
Registrar and Transfer Agent

Adroit Corporate Services Pvt. Ltd.
17-20, Jafferbhoy Ind. Estate,
1st Floor, Makwana Road,
Marol Naka, Andheri (E), Mumbai 400059
Tel: +91 (0) 22 42270400
Email: - [email protected]

Notice
Notice is hereby given that the 27th Annual General Meeting and take all such steps as may be necessary, proper or
(“AGM”) of the Members of Shakti Pumps (India) Limited expedient to give effect to this resolution.”
will be held through video conferencing (“VC”)/Other Audio
Visual means (“OAVM”) on Thursday, 29th September, For and on the behalf of the Board
2022, at 1:00 P.M. to transact the following business, The Shakti Pumps (India) Limited
deemed venue for the AGM will be the Registered Office
of the Company:- Plot No. 401, 402, & 413, Industrial Area, Ravi Patidar
Sector-3, Pithampur, Dist. Dhar (M.P.) 454774. Place: Pithampur Company Secretary
Date: July 14, 2022 M. No. ACS 32328
ORDINARY BUSINESS: -
1. To receive, consider and adopt: -
Notes: -
a) the Audited Standalone Financial Statements of
the Company for the financial year ended March 1. In view of the COVID-19 pandemic, the Ministry
31, 2022 together with the Reports of the Board of of Corporate Affairs (‘MCA’) has vide its General
Directors and Auditors thereon: and Circular No. 20/2020 dated May 5, 2020 in relation
to clarification on holding of Annual General Meeting
b) the Audited Consolidated Financial Statements of
(‘AGM’) through video conferencing (‘VC’) or other audio
the Company for the financial year ended March
visual means (‘OAVM’) read with General Circulars Nos.
31, 2022 together with the Report of the Auditors
14/2020 dated April 8, 2020, 17/2020 dated April 13,
thereon.
2020, 22/2020 dated June 15, 2020, 33/2020 dated
2. To declare a Dividend on Equity Shares of ` 2/- Per September 28, 2020, 39/2020 dated December 31,
Equity Share of `10/- each (i.e. 20%) of the Company for 2020, 10/2021 dated June 23, 2021, 19/2021 dated
the Financial Year ended March 31, 2022. December 8, 2021 and Circular No. 3/2022 dated
May 5, 2022 in relation to ‘Clarification on passing of
3. To appoint a Director in place of Mr. Ramesh Patidar
ordinary and special resolutions by companies under the
(DIN: 00931437), who retires by rotation at this Annual
Companies Act, 2013 and the rules made thereunder on
General Meeting and being eligible, offers himself for
account of the threat posed by COVID-19’ and General
re-appointment.
Circular No.02/2021 dated January 13, 2021 (collectively
referred to as ‘MCA Circulars’) and the Securities and
SPECIAL BUSINESS: - Exchange Board of India (‘SEBI’) vide its circular No.
4. Ratification of Remuneration payable to Cost Auditor: - SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12,
2020 in relation to ‘Additional relaxation in relation
To consider and, if thought fit, to pass the following to compliance with certain provisions of SEBI (Listing
resolution as an Ordinary Resolution: - Obligations and Disclosure Requirements) Regulations
2015-COVID-19 pandemic’ and Circular Nos. SEBI/HO/
Ratification of remuneration payable to M/s. M.
CFD/CMD2/CIR/P/2021/11 dated January 15, 2021
P. Turakhia & Associates, Cost Accountants (Firm
and SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May
Registration No. 000417) appointed as Cost Auditor of
13, 2022 (collectively referred to as ‘SEBI Circulars’)
the Company for the year 2022-23.
permitted the holding of the Annual General Meeting
“RESOLVED THAT pursuant to the provisions of Section (‘AGM’/‘the Meeting’) through VC/ OAVM, without the
148 and other applicable provisions, if any, of the physical presence of the Members at a common venue.
Companies Act, 2013 and the Companies (Audit and In compliance with the provisions of the Companies Act,
Auditors) Rules, 2014, M/s. M. P. Turakhia & Associates, 2013 (‘Act’), the SEBI (Listing Obligations and Disclosure
Cost Accountants (Firm Registration No. 000417) Requirements) Regulations, 2015 (‘SEBI Listing
appointed as Cost Auditors by the Board of Directors of Regulations’) and MCA Circulars, the 27th AGM of the
the Company to audit the cost records of the Company Company is being held through VC/OAVM on Thursday,
for the financial year 2022-23, be paid a remuneration of September 29, 2022 at 1:00 P.M. IST. The deemed
` 60,000/- per annum plus applicable Goods & Services venue for the AGM will be the Registered Office of the
Tax and out of pocket expenses that may be incurred Company:- Plot No. 401, 402, & 413, Industrial Area,
in connection with the aforesaid audit be and is hereby Sector-3, Pithampur, Dist. Dhar (M.P.) 454774 India.
ratified.”
2. The Explanatory Statement setting out the material
“RESOLVED FURTHER THAT the Board of Directors of facts pursuant to Section 102 of the Companies Act,
the Company be and is hereby authorized to do all acts 2013 (‘‘the Act’’), in respect of the Special Business

under Item nos. 4 set above and the details as required with the Company or with their respective Depository
under Regulation 36(3) of the SEBI (Listing Obligations Participants, and who wish to receive the Notice of the
and Disclosure Requirements) Regulations, 2015 (‘SEBI 27th AGM and the Annual Report for the year 2022 and
Listing Regulations’) and Secretarial Standard on General all other communication sent by the Company, from
Meeting (SS-2) in respect of the Directors seeking re- time to time, can get their email address registered by
appointment at this Annual General Meeting is also following the steps as given below: -
annexed.
a) For the Members holding shares in demat form,
3. As the AGM is being held through VC/OAVM, physical please update and register your email address
attendance of Members has been dispensed with and through your respective Depository Participant/s.
there is no provision for the appointment of proxies.
b) For the Members holding shares in physical form,
Accordingly, the facility for appointment of proxies by
with the Company/Adroit Corporate Services
the Members under Section 105 of the Act will not be
Private Limited.
available for the 27th AGM and hence the Proxy Form and
Attendance Slip are not annexed to this Notice. 11. Members may also note that the Notice of this AGM
and the Annual Report for the year 2022 will also be
4. Participation of Members through VC/OAVM will be
available on the Company’s website www.shaktipumps.
reckoned for the purpose of quorum for the AGM as per
com, website of the Stock Exchanges i.e. BSE Limited
section 103 of the Companies Act, 2013 (“the Act”).
at www.bseindia.com and National Stock Exchange of
5. Institutional/Corporate Members are intending to India Limited at www.nseindia.com and on the website
appoint authorize representatives to attend the meeting of CDSL www.evotingindia.com
through VC/OAVM and cast their vote through e-voting.
12. The Register of Directors’ and Key Managerial Personnel
Institutional/Corporate Members are requested
and their shareholding maintained under Section 170
to send a certified copy of the Board resolution /
of the Companies Act, 2013, the Register of Contracts
Authorization letter to the Company on their email id:-
or Arrangements in which the Directors are interested
[email protected] or upload on the VC portal /
under Section 189 of the Companies Act, 2013 will be
e-voting portal.
available electronically for inspection by the Members
6. The Register of Members and Share Transfer Books of the during the AGM. All documents referred to in the Notice
Company will remain closed from Friday, 23rd September will also be available for electronic inspection without
2022 to Thursday, 29th September 2022 (both days any fee by Shakti Pumps (India) Limited.
inclusive) for the purpose of 27th Annual General Meeting
13. Members are encouraged to express their views/
and payment of Final dividend, if declared at the Annual
send their queries in advance mentioning their name,
General Meeting.
demat account number/folio number, e-mail id, mobile
7. The Company has fixed Thursday, September 22, 2022 number at [email protected] Questions/queries
as the Record date for determining the entitlement of received by the Company till 5.00 p.m. on Tuesday, 20th
Members to final dividend for the financial year ended September, 2022 shall only be considered and responded
March 31, 2022, if approved at the AGM. during the AGM.
8. The dividend, as recommended by the Board, if approved 14. To support the Green Initiative, members who have not
at the AGM, in respect of equity shares held in electronic registered their e-mail address are requested to register
form will be payable to the beneficial owners of shares as their e-mail address for receiving all communication
on Thursday, September 22, 2022 as per details furnished including Annual Report, Notices, Circulars etc. from the
by Depositories for this purpose. In case of shares held Company electronically.
in physical form, the dividend will be payable to the
15. Pursuant to Section 72 of the Companies Act, 2013,
shareholders, whose name appears in the Company’s
Members holding shares in physical form are advised to
Register of Members as on Thursday, September 22,
file nomination in the prescribed Form SH-13 with the
2022.
Company’s share transfer agent. In respect of shares
9. In case of joint holders attending the Meeting, only such held in electronic/ demat form, the Members may please
joint holder who is higher in the order of names will be contact their respective depository participant.
entitled to vote during the AGM.
16. The Securities and Exchange Board of India (SEBI) has
10. In compliance with the MCA Circulars viz General mandated submission of PAN by every participant
Circulars No. 20/2020 dated May 5, 2020 and No. in the Securities Market. Members holding Shares in
02/2021 dated January 13, 2021, issued by the MCA electronic form are, therefore, requested to submit their
and SEBI Circulars, Notice of the 27th AGM along with PAN details to their Depository Participants. Members
Annual Report is being sent only through electronic holding shares in physical form are requested to submit
mode to those Members whose email addresses are their Pan details to the Company or to the Registrar and
registered with the Company/ Depositories. Therefore, Share Transfer Agent.
those Members, whose email address is not registered

17. As per Regulation 40 of the Listing Regulations, of the business to be transacted at the AGM. For this
securities of listed companies can be transferred purpose, the Company has entered into an agreement
only in dematerialised form with effect from April 1, with Central Depository Services (India) Limited (CDSL)
2019. In view of the above and to avail the benefits for facilitating voting through electronic means, as the
of dematerialisation and ease portfolio management, authorized e-Voting’s agency. The facility of casting votes
Members are requested to consider dematerialize shares by a member using remote e-voting as well as the e-voting
held by them in physical form. system on the date of the AGM will be provided by CDSL.
18. Members are requested to send all communications 2. The Members can join the AGM in the VC/OAVM
relating to shares and unclaimed dividends, change of mode 15 minutes before and after the scheduled time
address, bank details, email address etc. to the Registrar of the commencement of the Meeting by following
and Share Transfer Agents at the following address: Adroit the procedure mentioned in the Notice. The facility of
Corporate Services Private Limited 18-20, Jafferbhoy participation at the AGM through VC/OAVM will be
Ind. Estate, 1st Floor, Makwana Road, Marol Naka, made available to atleast 1000 members on first come
Andheri (E), Mumbai 400059, India. 022-42270423, Fax: first served basis. This will not include large Shareholders
022-28503748. If the shares are held in electronic form, (Shareholders holding 2% or more shareholding),
then change of address and change in the Bank Accounts Promoters, Institutional Investors, Directors, Key
etc. should be furnished to their respective Depository Managerial Personnel, the Chairpersons of the Audit
Participants (DPs). Committee, Nomination and Remuneration Committee
and Stakeholders Relationship Committee, Auditors etc.
19. Members are requested to note that, Pursuant to
who are allowed to attend the AGM without restriction
provisions of Section 124(5) of the Companies Act, 2013,
on account of first come first served basis.
dividends if not paid or claimed for a period of 7 years
from the date of transfer of Unpaid Dividend Account of 3. Pursuant to MCA Circular No. 14/2020 dated April 08,
the Company, are liable to be transferred to the Investor 2020, the facility to appoint proxy to attend and cast vote
Education and Protection Fund (“IEPF”). Further, all the for the members is not available for this AGM. However,
shares in respect of which dividend has remained unpaid in pursuance of Section 112 and Section 113 of the
or unclaimed for seven consecutive years or more from Companies Act, 2013, representatives of the members
the date of transfer to unpaid dividend account shall also such as the President of India or the Governor of a State
be transferred to IEPF account. or body corporate can attend the AGM through VC/
OAVM and cast their votes through e-voting.
Members are requested to claim their unpaid dividend for
the year 2014-15 to 2020-21, if any, from the company, 4. In continuation of this Ministry’s General Circular
within stipulated timeline. The Company has also sent No. 20/2020, dated 05th May, 2020, general circular
individual intimation to all such shareholders who No 02/2021 Dt. 13th Jan 2021, General Circular No
have not claimed their dividend for seven consecutive 19/2021 Dt. 8th Dec 2021 & 21/2021 dated 14th Dec
years. The details of unclaimed/unpaid dividend are 2021 and after due examination, it has been decided to
also available on the website of the Company via www. allow companies whose AGMs were due to be held in the
shaktipumps.com. Members may note that the dividend year 2022, or become due in the year 2022, to conduct
and shares transferred to the IEPF can be claimed back their AGMs on or before 31.12.2022, in accordance with
by the concerned shareholders from the IEPF Authority the requirements provided in paragraphs 3 and 4 of the
after complying with the procedure prescribed under the General Circular No. 20/2020 dated 05.05.2020.
Investor Education and Protection Fund Authority http:-
//iepf.gov.in/IEPF/refund.html. THE INTRUCTIONS OF SHAREHOLDERS FOR
20. All persons whose names are recorded in the Register E-VOTING AND JOINING VIRTUAL MEETINGS
of Members or in the Register of Beneficial Owners ARE AS UNDER:
maintained by the Depositories as on the cut-off date
Thursday, September 22, 2022 only shall be entitled to Step 1 : Access through Depositories CDSL/NSDL e-Voting
vote at the General Meeting by availing the facility of system in case of individual shareholders holding shares in
remote e-voting or by voting at the General Meeting. demat mode.
CDSL e-Voting System – For e-voting and Joining Virtual Step 2 : Access through CDSL e-Voting system in case
meetings of shareholders holding shares in physical mode and non-
individual shareholders in demat mode.
1. Pursuant to the provisions of Section 108 of the
Companies Act, 2013 read with Rule 20 of the Companies (i) The voting period begins on 25th September 2022 and
(Management and Administration) Rules, 2014 (as 9:00 A.M. and ends on 28th September 2022 and 5:00
amended) and Regulation 44 of SEBI (Listing Obligations P.M. During this period shareholders’ of the Company,
& Disclosure Requirements) Regulations 2015 (as holding shares either in physical form or in dematerialized
amended) and MCA Circulars dated April 08, 2020, April form, as on the cut-off date 22nd September 2022 may
13, 2020 and May 05, 2020 the Company is providing cast their vote electronically. The e-voting module shall
facility of remote e-voting to its Members in respect be disabled by CDSL for voting thereafter.

(ii) Shareholders who have already voted prior to the meeting way of a single login credential, through their demat
date would not be entitled to vote at the meeting venue. accounts/ websites of Depositories/ Depository
Participants. Demat account holders would be able to
(iii) Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD/
cast their vote without having to register again with
CIR/P/2020/242 dated 09.12.2020, under Regulation
the ESPs, thereby, not only facilitating seamless
44 of Securities and Exchange Board of India (Listing
authentication but also enhancing ease and convenience
Obligations and Disclosure Requirements) Regulations,
of participating in e-voting process.
2015, listed entities are required to provide remote
e-voting facility to its shareholders, in respect of all Step 1 : Access through Depositories CDSL/
shareholders’ resolutions. However, it has been observed NSDL e-Voting system in case of individual shareholders
that the participation by the public non-institutional holding shares in demat mode.
shareholders/retail shareholders is at a negligible level.
(iv) In terms of SEBI circular no. SEBI/HO/CFD/CMD/
Currently, there are multiple e-voting service providers CIR/P/2020/242 dated December 9, 2020 on e-Voting
(ESPs) providing e-voting facility to listed entities in facility provided by Listed Companies, Individual
India. This necessitates registration on various ESPs and shareholders holding securities in demat mode are
maintenance of multiple user IDs and passwords by the allowed to vote through their demat account maintained
shareholders. with Depositories and Depository Participants.
Shareholders are advised to update their mobile number
In order to increase the efficiency of the voting process,
and email Id in their demat accounts in order to access
pursuant to a public consultation, it has been decided
e-Voting facility.
to enable e-voting to all the demat account holders, by

Pursuant to above said SEBI Circular, Login method for e-Voting and joining virtual meetings for Individual shareholders holding
securities in Demat mode CDSL/NSDL is given below:
Type of
Login Method
shareholders
1) Users who have opted for CDSL Easi / Easiest facility, can login through their existing user id and
password. Option will be made available to reach e-Voting page without any further authentication.
Individual
The URL for users to login to Easi / Easiest are https://web.cdslindia.com/myeasi/home/login or
Shareholders
visit www.cdslindia.com and click on Login icon and select New System Myeasi.
holding securities
in Demat mode 2) After successful login the Easi / Easiest user will be able to see the e-Voting option for eligible
with CDSL companies where the evoting is in progress as per the information provided by company. On clicking
Depository the evoting option, the user will be able to see e-Voting page of the e-Voting service provider
for casting your vote during the remote e-Voting period or joining virtual meeting & voting during
the meeting. Additionally, there is also links provided to access the system of all e-Voting Service
Providers i.e. CDSL/NSDL/KARVY/LINKINTIME, so that the user can visit the e-Voting service
providers’ website directly.
3) If the user is not registered for Easi/Easiest, option to register is available at https://web.cdslindia.
com/myeasi/Registration/EasiRegistration
4) Alternatively, the user can directly access e-Voting page by providing Demat Account Number
and PAN No. from a e-Voting link available on www.cdslindia.com home page or click on https://
evoting.cdslindia.com/Evoting/EvotingLogin The system will authenticate the user by sending OTP
on registered Mobile & Email as recorded in the Demat Account. After successful authentication,
user will be able to see the e-Voting option where the evoting is in progress and also able to directly
access the system of all e-Voting Service Providers.
Individual 1) If you are already registered for NSDL IDeAS facility, please visit the e-Services website of NSDL.
Shareholders Open web browser by typing the following URL: https://eservices.nsdl.com either on a Personal
holding securities Computer or on a mobile. Once the home page of e-Services is launched, click on the “Beneficial
in demat mode Owner” icon under “Login” which is available under ‘IDeAS’ section. A new screen will open. You
with NSDL will have to enter your User ID and Password. After successful authentication, you will be able to
Depository see e-Voting services. Click on “Access to e-Voting” under e-Voting services and you will be able
to see e-Voting page. Click on company name or e-Voting service provider name and you will be
re-directed to e-Voting service provider website for casting your vote during the remote e-Voting
period or joining virtual meeting & voting during the meeting.
2) If the user is not registered for IDeAS e-Services, option to register is available at https://eservices.
nsdl.com. Select “Register Online for IDeAS “Portal or click at https://eservices.nsdl.com/SecureWeb/
IdeasDirectReg.jsp
3) Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.
evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the home page of e-Voting
system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’ section.
A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat account
number hold with NSDL), Password/OTP and a Verification Code as shown on the screen. After
successful authentication, you will be redirected to NSDL Depository site wherein you can see
e-Voting page. Click on company name or e-Voting service provider name and you will be redirected
to e-Voting service provider website for casting your vote during the remote e-Voting period or
joining virtual meeting & voting during the meeting
Individual You can also login using the login credentials of your demat account through your Depository Participant
Shareholders registered with NSDL/CDSL for e-Voting facility. After Successful login, you will be able to see e-Voting
(holding securities option. Once you click on e-Voting option, you will be redirected to NSDL/CDSL Depository site after
in demat mode) successful authentication, wherein you can see e-Voting feature. Click on company name or e-Voting
login through service provider name and you will be redirected to e-Voting service provider website for casting your
their Depository vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.
Participants (DP)

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password
option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through
Depository i.e. CDSL and NSDL
Login type Helpdesk details

Individual Shareholders holding securities in Demat Members facing any technical issue in login can contact CDSL
mode with CDSL helpdesk by sending a request at [email protected]
or contact at toll free no. 1800 22 55 33
Individual Shareholders holding securities in Demat Members facing any technical issue in login can contact NSDL
mode with NSDL helpdesk by sending a request at [email protected] or call at toll
free no.: 1800 1020 990 and 1800 22 44 30
Step 2 : Access through CDSL e-Voting system in case Dividend Enter the Dividend Bank Details
of shareholders holding shares in physical mode and non- Bank or Date of Birth (in dd/mm/yyyy
individual shareholders in demat mode. Details format) as recorded in your demat
(v) Login method for e-Voting and joining virtual meetings account or in the company records
OR Date
for Physical shareholders and shareholders other than in order to login.
of Birth
individual holding in Demat form. (DOB) • If both the details are not
1) The shareholders should log on to the e-voting recorded with the depository
website www.evotingindia.com. or company, please enter the
member id / folio number in
2) Click on “Shareholders” module.
the Dividend Bank details field.
3) Now enter your User ID
(vi) After entering these details appropriately, click on
a. For CDSL: 16 digits beneficiary ID, “SUBMIT” tab.
b. For NSDL: 8 Character DP ID followed by 8
Digits Client ID, (vii) Shareholders holding shares in physical form will then
directly reach the Company selection screen. However,
c. Shareholders holding shares in Physical Form shareholders holding shares in demat form will now reach
should enter Folio Number registered with the ‘Password Creation’ menu wherein they are required
Company. to mandatorily enter their login password in the new
4) Next enter the Image Verification as displayed and password field. Kindly note that this password is to be
Click on Login. also used by the demat holders for voting for resolutions
5) If you are holding shares in demat form and had of any other company on which they are eligible to vote,
logged on to www.evotingindia.com and voted provided that company opts for e-voting through CDSL
on an earlier e-voting of any company, then your platform. It is strongly recommended not to share your
existing password is to be used. password with any other person and take utmost care to
6) If you are a first-time user follow the steps given keep your password confidential.
below: (viii) For shareholders holding shares in physical form, the
details can be used only for e-voting on the resolutions
For Physical shareholders and contained in this Notice.
other than individual shareholders
holding shares in Demat. (ix) Click on the EVSN for the relevant <Company Name> on
PAN Enter your 10 digit alpha-numeric which you choose to vote.
*PAN issued by Income Tax (x) On the voting page, you will see “RESOLUTION
Department (Applicable for both DESCRIPTION” and against the same the option “YES/
demat shareholders as well as NO” for voting. Select the option YES or NO as desired.
physical shareholders) The option YES implies that you assent to the Resolution
• Shareholders who have not and option NO implies that you dissent to the Resolution.
updated their PAN with (xi) Click on the “RESOLUTIONS FILE LINK” if you wish to
the Company/Depository view the entire Resolution details.
Participant are requested to
use the sequence number sent (xii) After selecting the resolution, you have decided to
by Company/RTA or contact vote on, click on “SUBMIT”. A confirmation box will
Company/RTA. be displayed. If you wish to confirm your vote, click on

“OK”, else to change your vote, click on “CANCEL” and after successful login as per the instructions mentioned
accordingly modify your vote. above for e-voting.
(xiii) Once you “CONFIRM” your vote on the resolution, you 3. Shareholders who have voted through Remote e-Voting
will not be allowed to modify your vote. will be eligible to attend the meeting. However, they will
not be eligible to vote at the AGM.
(xiv) You can also take a print of the votes cast by clicking on
“Click here to print” option on the Voting page. 4. Shareholders are encouraged to join the Meeting through
Laptops / IPads for better experience.
(xv) If a demat account holder has forgotten the login
password then Enter the User ID and the image 5. Further shareholders will be required to allow Camera and
verification code and click on Forgot Password & enter use Internet with a good speed to avoid any disturbance
the details as prompted by the system. during the meeting.
(xvi) There is also an optional provision to upload BR/POA if 6. Please note that Participants Connecting from Mobile
any uploaded, which will be made available to scrutinizer Devices or Tablets or through Laptop connecting via
for verification. Mobile Hotspot may experience Audio/Video loss due
to Fluctuation in their respective network. It is therefore
(xvii) Additional Facility for Non – Individual Shareholders
recommended to use Stable Wi-Fi or LAN Connection to
and Custodians –For Remote Voting only.
mitigate any kind of aforesaid glitches.
• Non-Individual shareholders (i.e. other than
7. Shareholders who would like to express their views/ask
Individuals, HUF, NRI etc.) and Custodians are
questions during the meeting may register themselves as
required to log on to www.evotingindia.com and
a speaker by sending their request in advance at least
register themselves in the “Corporates” module.
10 days prior to meeting mentioning their name, demat
• A scanned copy of the Registration Form bearing account number/folio number, email id, mobile number
the stamp and sign of the entity should be emailed at (company email id). The shareholders who do not wish
to [email protected]. to speak during the AGM but have queries may send their
• After receiving the login details a Compliance queries in advance 10 days prior to meeting mentioning
User should be created using the admin login and their name, demat account number/folio number, email
password. The Compliance User would be able to id, mobile number at [email protected]. These
link the account(s) for which they wish to vote on. queries will be replied to by the company suitably by
email.
• The list of accounts linked in the login will be
mapped automatically & can be delink in case of any 8. Those shareholders who have registered themselves as
wrong mapping. a speaker will only be allowed to express their views/ask
questions during the meeting.
• It is Mandatory that, a scanned copy of the Board
Resolution and Power of Attorney (POA) which 9. Only those shareholders, who are present in the AGM
they have issued in favour of the Custodian, if any, through VC/OAVM facility and have not casted their
should be uploaded in PDF format in the system for vote on the Resolutions through remote e-Voting
the scrutinizer to verify the same. and are otherwise not barred from doing so, shall be
eligible to vote through e-Voting system available during
• Alternatively Non Individual shareholders are
the AGM.
required mandatory to send the relevant Board
Resolution/ Authority letter etc. together with 10. If any Votes are cast by the shareholders through the
attested specimen signature of the duly authorized e-voting available during the AGM and if the same
signatory who are authorized to vote, to the shareholders have not participated in the meeting
Scrutinizer and to the Company at the email address through VC/OAVM facility, then the votes cast by such
viz; [email protected], if they have voted shareholders may be considered invalid as the facility
from individual tab & not uploaded same in the of e-voting during the meeting is available only to the
CDSL e-voting system for the scrutinizer to verify shareholders attending the meeting.
the same.
PROCESS FOR THOSE SHAREHOLDERS WHOSE
INSTRUCTIONS FOR SHAREHOLDERS EMAIL/MOBILE NO. ARE NOT REGISTERED
ATTENDING THE AGM THROUGH VC/OAVM & WITH THE COMPANY/DEPOSITORIES.
E-VOTING DURING MEETING ARE AS UNDER:
1 For Physical shareholders- please provide necessary
1. The procedure for attending meeting & e-Voting on the details like Folio No., Name of shareholder, scanned
day of the AGM is same as the instructions mentioned copy of the share certificate (front and back), PAN
above for e-voting. (self-attested scanned copy of PAN card), AADHAR
(self-attested scanned copy of Aadhar Card) by email to
2. The link for VC/OAVM to attend meeting will be
Company/RTA email id.
available where the EVSN of Company will be displayed

2. For Demat shareholders -, please update your email id & EXPLANATORY STATEMENT PURSUANT TO
mobile no. with your respective Depository Participant SECTION 102 OF THE COMPANIES ACT, 2013,
(DP)
IN RESPECT OF THE SPECIAL BUSINESS:
3. For Individual Demat shareholders – Please update your
email id & mobile no. with your respective Depository Item No.4:- Ratification of remuneration payable to Cost
Participant (DP) which is mandatory while e-Voting & Auditor:
joining virtual meetings through Depository. In pursuance of Section 148 of the Companies Act, 2013 and
If you have any queries or issues regarding attending Rule 14 of the Companies (Audit and Auditors) Rules, 2014,
AGM & e-Voting from the CDSL e-Voting System, you the Company is required to appoint a cost auditor to audit the
can write an email to [email protected] or cost records of the applicable products of the Company. On
contact at toll free no. 1800 22 55 33 the recommendation of the Audit Committee at its meeting
held on July 14, 2022, the Board has, considered and approved
All grievances connected with the facility for voting by the appointment of M/s. M. P. Turakhia & Associates, Cost
electronic means may be addressed to Mr. Rakesh Dalvi, Accountants as the cost auditor for the financial year 2022-
Sr. Manager, (CDSL, ) Central Depository Services (India) 23 at a remuneration of ` 60,000/- per annum plus applicable
Limited, A Wing, 25th Floor, Marathon Futurex, Mafatlal Goods & Services tax and reimbursement of out of pocket
Mill Compounds, N M Joshi Marg, Lower Parel (East), expenses.
Mumbai - 400013 or send an email to helpdesk.evoting@
cdslindia.com or call toll free no. 1800 22 55 33. The Board recommends this Ordinary resolution for approval
of the Members.
None of the Directors/Key Managerial Personnel of the
Company/their relatives are in any way, concerned or
interested, financially or otherwise, in the resolution.
Information pursuing to 1.25 of the Secretarial Standards on General Meetings (SS-2) regarding Director seeking Re-
appointment: -
Name of Directors Mr. Ramesh Patidar

Date of Birth and Age January 25, 1973 (49 years)
Expertise in specific functional areas International Business
Date of appointment October 17, 2006
No. of Equity Share held in the Company 76848 Equity Shares
Disclosure of relationships between directors inter-se NIL
Qualification MBA
List of outside Directorship held in Public Company NIL
Chairman/Member of the Committee of the Board of
NIL
Directors of the Company
Chairman/Member of the Committee of the Board of
NIL
Directors of other Companies

Boards’ Report
Dear Members,
Your directors have great delight in presenting the 27th Annual Report along with Company’s Audited Financial Statement for the
financial year ended March 31, 2022.
FINANCIAL HIGHLIGHTS
The financial Summary:- (` In Lacs)
2021-2022 2020-21 2021-2022 2020-21

Particulars
Standalone Consolidated
Sales & Other Income 1,13,469.09 89,029.05 1,18,467.65 93,343.26
Profit before Finance Cost, Depreciation & Tax 9,958.68 12,427.85 11,659.28 14,582.23
Finance Cost 1,357.27 1,403.90 1,567.62 1,621.14
Depreciation & Amortization Expenses 1,734.29 1,702.95 1,857.46 1,836.46
Profit/(Loss) before Tax 6,867.12 9,321.00 8,234.20 11,124.63
Less:-Current Tax 1,919.08 2,202.95 2,224.53 2,491.92
Less:-Deferred Tax (611.36) 1,001.08 (471.93) 1,074.07
Profit/(Loss) after Tax 5,559.40 6,116.97 6,481.60 7,558.64
FINANCIAL PERFORMANCE
• Consolidated Financial Performance
During the year, your Company has revenue from operations of ` 1,18,467.65 Lacs as compared to ` 93,343.26 Lacs of
previous year. Company was able to register a domestic sale of ` 96,533.11 Lacs and export sale of ` 18,511.19 Lacs in the
current year. Your Company have profit for the year of ` 6,659.83 Lacs in comparison to ` 7,493.46 Lacs in previous year.
• Standalone Financial Performance
During the year under review, the company has achieved Standalone total revenue from operation of ` 1,13,469.09 Lacs as
compared to ` 89,029.05 Lacs of previous year. Your Company have profit for the year of ` 5,531.18 Lacs in comparison to
` 6,163.64 Lacs in previous year.
TRANSFER OF RESERVE
The Company has not transferred any amount to the General Reserves for the year ended 31st March 2022.
DIVIDEND
Based on the Company’s performance, the Board of directors has recommended a dividend of 20% i.e. ` 2/- per equity share of
` 10/- each for the financial year ended March 31, 2022, which if approved at the forthcoming Annual General Meeting (“AGM”),
will be paid to all those equity shareholders of the Company whose names appear in the Register of Members and whose names
appear as beneficial owners as per the beneficiary list furnished for the purpose by National Securities Depository Limited and
Central Depository Services (India) Limited. The total dividend pay-out will amount to approx. `3.68 Crore (including tax).

KEY FINANCIAL RATIOS

Particulars 2021-22 2020-21 2019-20
Return on Net Worth (%) 16.49% 22.19% -5.31%
Return on Capital Employed (%) 19.86% 29.27% -0.19%
Basic EPS (after exceptional items) (`) 35.26 41.12 -7.66
Debtors turnover 3.63 4.67 2.42
Inventory turnover 5.52 5.12 2.21
Interest coverage ratio* 6.25 7.86 -0.04
Current ratio 1.59 1.71 1.53
Debt equity ratio 0.27 0.29 0.73
Operating profit margin (%) 9.91% 16.01% 4.42%
Net profit margin (%) 5.47% 8.10% -3.64%
*Interest coverage ratio has dropped because of accounting impact of Ind AS 116.
There is no significant change (i.e. change of 25% or more as compared to the immediately previous financial year) in the key
financial ratios, except return on net worth, return on capital employed, operating profit margin & net profit margin.
DETAILED EXPLANATION OF RATIOS calculated by dividing turnover by average inventory.
(i) Return on Net Worth (vi) Interest Coverage Ratio
Return on Net Worth (RONW) is a measure of profitability The Interest Coverage Ratio measures how many times
of a Company expressed in percentage. It is calculated a Company can cover its current interest payment with
by dividing total comprehensive income for the year by its available earnings. It is calculated by dividing PBIT by
average capital employed during the year. finance cost.
(ii) Return on Capital Employed (vii) Current Ratio
Return on Capital Employed (ROCE) is a financial The Current Ratio is a liquidity ratio that measures a
ratio that measures a Company’s profitability and the Company’s ability to pay short-term obligations or those
efficiency with which its capital is used. In other words, due within one year. It is calculated by dividing the
the ratio measures how well a Company is generating current assets by current liabilities.
profits from its capital. It is calculated by dividing profit (viii) Debt Equity Ratio
before exceptional items and tax by average capital
employed during the year. The ratio is used to evaluate a Company’s financial
leverage. It is a measure of the degree to which a
(iii) Basic EPS Company is financing its operations through debt
Earnings Per Share (EPS) is the portion of a Company’s versus wholly owned funds. It is calculated by dividing a
profit allocated to each share. It serves as an indicator Company’s total liabilities by its shareholder’s equity.
of a Company’s profitability. It is calculated by dividing (ix) Operating Profit Margin (%)
Profit for the year by Weighted average number of shares
outstanding during the year. Operating Profit Margin is profitability or performance
ratio used to calculate the percentage of profit a
(iv) Debtors Turnover Company produces from its operations. It is calculated
The above ratio is used to quantify a Company’s by dividing the EBIT by turnover.
effectiveness in collecting its receivables or money owed (x) Net Profit Margin (%)
by customers. The ratio shows how well a Company uses
and manages the credit it extends to customers and The net profit margin is equal to how much net income
how quickly that short-term debt is collected or is paid. or profit is generated as a percentage of revenue. It is
It is calculated by dividing turnover by average trade calculated by dividing the profit for the year by turnover.
receivables.
(v) Inventory Turnover
Inventory Turnover is the number of times a Company
sells and replaces its inventory during a period. It is

LISTING INFORMATION DIRECTORS RESPONSIBILITY STATEMENT
The Company’s Shares are listed as follows: In terms of Section 134 (5) of the Companies Act 2013, your
Directors state that: -
Name of Stock Exchanges Stock Code/Symbol
a) In the preparation of the annual accounts for the year
1. BSE Limited (BSE) 531431 ended March 31, 2022, the applicable accounting
P.J. Towers, Dalal Street, standards read with requirements set out under
Mumbai-400001 Schedule III to the Act, have been followed and there are
no material departures from the same;
2. National Stock Exchange SHAKTIPUMP
of India Limited (NSE) b) The Directors have selected such accounting policies
and applied them consistently and made judgments and
“Exchange Plaza”, Bandra estimates that are reasonable and prudent so as to give a
Kurla Complex, Bandra (E), true and fair view of the state of affairs of the Company
Mumbai - 400 051. as at March 31, 2022 and of the profit of the Company
The Company has made all the compliances of the Securities for the year ended on that date;
and Exchange Board of India (Listing Obligations and Disclosure c) The Directors have taken proper and sufficient care
Requirements) Regulations, 2015 including payment of annual for the maintenance of adequate accounting records in
listing fees to the stock exchanges for the year 2022-23. accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and
SHARE CAPITAL detecting fraud and other irregularities;
As at 31st March, 2022, the Authorized share capital of the d) The Directors have prepared the annual accounts on a
Company is ` 40,00,00,000/- consisting of 4,00,00,000 equity ‘going concern’ basis;
shares of `10/- each. There is no change in the authorized
e) The Directors have laid down internal financial controls
share capital of the company and
to be followed by the Company and that such internal
As at 31st March, 2022, the paid up Equity Share Capital of financial controls are adequate and are operating
the Company was ` 18,38,01,560/- consisting of 1,83,80,156 effectively; and
equity shares of `10/- each. The Company has not allotted
f) The Directors have devised proper systems to ensure
any shares during the year.
compliance with the provisions of all applicable laws and
that such systems are adequate and operating effectively.
SUSBSIDIARIES, JOINT VENTURES AND
ASSOCIATES COMPANIES ANNUAL RETURN
As on March 31, 2022, Your Company has 6 subsidiaries, the The Annual Return of the Company as on 31st March,
details of which are as follows:- 2022 in accordance with Section 92(3) of the Act read
1. Shakti Pumps USA, LLC with the Companies (Management and Administration)
Rules, 2014, is available on the Company’s website at
2. Shakti Pumps FZE, UAE www.shaktipumps.com.
3. Shakti Pumps (Shanghai) Limited-China
DISCLOSURE BY INDEPENDENT DIRECTORS
4. Shakti Pumps (Bangladesh) Limited
All Independent Directors have given declarations that they
5. Shakti Energy Solutions Private Limited meet the criteria of independence as laid down under section
6. Shakti Green Industries Private Limited (w.e.f. 16th 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI
December, 2021). (Listing Obligations and Disclosure Requirements) Regulations
2015.
There has been no material change in the nature of the
Business of the Company and its Subsidiaries.
MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to the provisions of Section 129(3) of the Companies REPORT
Act, 2013 (Act), a statement containing salient features of
financial statements of Subsidiaries Companies in Form AOC- The Management Discussion and Analysis forms an integral
1 is attached as Annexure - I and forms part of Director Report. part of this Report and gives detail of the overall industry
structure, developments, performance and state of affairs of
The Consolidated Financial Statement of the Company the Company’s various businesses viz.,
prepared as per the Accounting IND-AS Consolidated
Financial Statement of the Company with its Subsidiaries have a) the decorative business international operations,
also been included as part of this Annual Report. b) Industrial and home improvement business,
c) Internal controls and their adequacy,

Risk Management Systems and other material developments its Risk Management Policy and details of same has been
during the financial year. uploaded on www.shaktipumps.com
Risk management is the process of identification, assessment,
CORPORATE GOVERNANCE and prioritization, of risk followed by coordinated efforts to
Corporate Governance is an ethically driven business minimize, monitor and mitigate/control the probability and/
process that is committed to values aimed at enhancing an or impact of unfortunate events or to maximize the realization
organizations brand and reputation. The Companies Act, 2013 of opportunities. The Company has laid a comprehensive risk
and SEBI (Listing obligation and Disclosure Requirements) assessments and minimization procedure which is reviewed
Regulation 2015 have strengthened the governance regime by the audit committee and approved by Board.
in the country. The Company is in compliance with the
governance requirements and had proactively adopted many RISK AND INTERNAL ADEQUACY
provisions of, ahead of time. The Company is committed to
Your company has an elaborate Risk Management procedure,
maintain the highest standards of corporate governance and
which is based on three pillars: Business Risk Assessment,
adhere to the corporate governance requirements set out by
Operational Control Assessment and Policy Compliance
SEBI.
processes. Major risks identified by the businesses and
A separate report on Corporate Governance is provided functions are systematically addressed through mitigating
together with a Certificate from the Secretarial Auditor actions on a continuing basis. The Company’s internal control
of the Company regarding compliance of conditions of systems are commensurate with the nature of its business and
Corporate Governance. A Certificate of the MD and CFO of the size and complexity of its operations. These are routinely
the Company, inter alia, confirming the correctness of the tested and certified by Statutory as well as Internal Auditors
financial statements and cash flow statements, adequacy of and cover all offices, factories and key business areas.
the internal control measures and reporting of matters to the Significant audit observations and follow up actions thereon
Audit Committee, is also annexed. are reported to the Audit Committee. The Audit Committee
reviews adequacy and effectiveness of the Company’s internal
MATERIAL CHANGES AFFECTING FINANCIAL control environment and monitors the implementation of audit
recommendations, including those relating to strengthening
POSITIONS OF THE COMPANY of the Company’s risk management policies and systems.
No material changes have occurred and commitments made,
affecting the financial position of the Company, between the INTERNAL FINANCIAL CONTROL
end of the financial year of the Company and the date of this
report. There is no order passed by any regulator or court or According to Section 134(5)(e) of the Companies Act, 2013 the
tribunal against the company, impacting the going concern term Internal Financial Control (IFC) means the policies and
concept or future operations of the Company procedures adopted by the company for ensuring the orderly
and efficient conduct of its business, including adherence
CORPORATE SOCIAL RESPONSIBILTY to company’s policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy
In line with provision of the Companies Act, 2013, the and completeness of the accounting records, and the timely
Company has framed its Corporate Social Responsibility (CSR) preparation of reliable financial information.
policy for the development of programs and projects for the
benefit of weaker sections of the Society and the same has
been approved by CSR Committee and the Board of Directors
DEPOSITS
of the Company. During the financial year 2021-22, the Company has not
accepted any deposit within the meaning of Sections 73
CSR policy has been uploaded on the Company’s website at
and 74 of the Companies Act, 2013 read together with the
www.shaktipumps.com.
Companies (Acceptance of Deposits) Rules, 2014.
Pursuant to requirements under section 135 and rules made
there under a Report on CSR activities and initiatives taken PARTICULARS OF LOANS GIVEN, INVESTMENTS
during the year in prescribed format is attached as Annexure II
MADE, GUARANTEES GIVEN AND SECURITIES
and forms part of Director Report
PROVIDED.
RISK MANAGEMENT COMMITTEE The Details of loans, guarantees or investments covered under
Pursuant to Regulation 21(5) of the Securities and the provision of Section 186 of the Companies Act, 2013 are
Exchange Board of India (Listing Obligations and Disclosure given in the Note No. 5 to the Financial Statement.
Requirements) Regulations, 2015, the top 1000 listed entities,
determined on the basis of market capitalization as at the CONTRACTS AND ARRANGEMENTS WITH
end of the immediate preceding financial year is required
RELATED PARTIES
to constitute a Risk Management Committee; The Board of
Directors of the company has constituted Risk management All related party transactions which were entered during the
Committee on 21st July, 2021. The Company has framed Financial Year were in the ordinary course of business and

on an arm’s length basis. There were no materially significant international market. The policy reflects the Company’s
related party transactions entered by the Company with the objectives for good corporate governance as well as sustained
Promoters, Directors, Key Managerial Personnel or other long-term value creation for shareholders. The Remuneration
persons which may have a potential conflict with the interests Policy applies to the Company’s senior management, including
of the Company. its Key Managerial Person and Board of Directors.
A statement of all related party transactions is presented
before the Audit Committee on quarterly basis, specifying ANNUAL EVALUATION OF BOARD’S
the nature and value of transactions. Since all the related PERFORMANCE
party transactions entered during the financial year were on
In accordance with the provisions of Schedule IV of the
an arm’s length basis and in the ordinary course of business,
Companies Act 2013, a Separate Meeting of the Independent
no details are required to be provided in Form AOC-2 as
Directors was held on January 18th, 2022, without the
prescribed under Section 134(3) (h) of the Act and Rule 8(2) of
attendance of Non-Independent Directors and Members of
the Companies (Accounts) Rules, 2014.
the Management. The Independent Directors has reviewed
In line with the requirements of the Companies Act, 2013 the performance and effectiveness of the Board in this
and SEBI Listing Regulation 2015, the Board has approved a meeting as a whole for the Financial Year 2021-22.
Policy on Related Party Transactions which is also available on
Company’s website at www.shaktipumps.com. DISCLOSURE RELATING TO REMUNERATION
OF DIRECTORS, KEY MANAGERIAL PERSONNEL
DIRECTORS AND KEY MANAGERIAL AND PARTICULARS OF EMPLOYEES
PERSONNEL
In terms of the provisions of Section 197(12) of the Companies
DIRECTOR Act, 2013 read with Rules 5 (2) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, a
Mr. Ramesh Patidar, Whole-Time Director (DIN: 00931437) statement showing the names and other particulars of the
retires from the Board by rotation and being eligible, offer employees drawing remuneration in excess of the limits set
himself for reappointment which is subject to approval of the out in the said rules is attached as Annexure III and forms part
Shareholders in the ensuing Annual General Meeting. of Director Report.
The tenure of Mr. Pramod Kumar Bhawsar (DIN:07825119),
Non- Executive Independent Director of the company has DISCLOSURE UNDER THE SEXUAL
completed on 18th May, 2022 therefore he ceased to be HARASSMENT OF WOMEN AT WORKPLACE
director of the company. (PREVENTION, PROHIBITION AND REDRESSAL)
KEY MANAGERIAL PERSONNEL ACT, 2013
The Key Managerial Personnel (KMP) in the Company as per The Company is committed to provide the healthy
Section 2(51) and 203 of the Companies Act, 2013 are as environment to all its employees, the company has in
follows: - place a Prevention of the Sexual Harassment Policy and an
Internal complaints committee as per the requirements of
a) Mr. Dinesh Patidar: - Managing Director (DIN: 00549552) Sexual Harassment of Women at Workplace (Prevention,
b) Mr. Sunil Manoharlal Patidar: - Whole Time Director Prohibition and Redressal) Act, 2013, The policy aims at
(DIN: 02561763) educating employees on conduct that constitute sexual
harassment, ways and means to prevent occurrence of any
c) Mr. Ramesh Patidar: - Whole Time Director
such incident, and the mechanism for dealing with such
(DIN: 00931437)
incident in the unlikely event of its occurrence. The Company
d) Mr. Dinesh Patel: - Chief Financial Officer has also constituted an Internal Committee as required under
e) Mr. Ravi Patidar: - Company Secretary & Compliance Sexual Harassment of Women at Workplace (Prevention,
Officer Prohibition and Redressal) Act, 2013 and rules made
there under. The Company has zero tolerance on Sexual
NUMBER OF MEETINGS OF THE BOARD Harassment at workplace. During the year under review, no
complaints were received against the sexual harassment at
During the year, six meetings of the Board of Directors were
workplace.
held. The details of the meetings held and the attendance
of the Directors are provided in the Corporate Governance
Report which forms part of this annual report. AUDITORS AND THEIR REPORTS
Statutory Auditors
POLICY ON DIRECTORS’ APPOINTMENT AND
In accordance with the provisions of Section 139 of the
REMUNERATION AND OTHER DETAILS
Companies, Act, 2013 and the Rules made there under, M/s
The Remuneration Policy of the Company is designed to PGS & Associates., Chartered Accountants Mumbai (Firm
attract, motivate and retain manpower in a competitive and Registration No.: 122384W), was appointed as the Statutory

Auditors of the Company at the 26th Annual General Meeting CONSERVATION OF ENERGY, TECHNOLOGY
held on 29th September, 2021 for the term of three years ABSORPTION AND FOREIGN EXCHANGE
beginning from financial 2021-22 up the financial year 2023-
24. EARNINGS AND OUTGO
Secretarial Auditor The information on conservation of energy, technology
absorption and foreign exchange earnings and outgo as
The Board has appointed M. Maheshwari & Associates, stipulated under Section 134 of the Companies Act, 2013
Company Secretaries to conduct the Secretarial Audit of the read with the Companies (Accounts) Rules, 2014, is attached
Company for the financial year 2021-22. The Secretarial Audit as Annexure V and forms part of Director Report.
Report is attached as Annexure IV and forms part of Director
Report. BUSINESS RESPONSIBILITY REPORT
Cost Auditor The Business Responsibility Report forms a part of this Annual
As per the requirement of Central Government and pursuant Report is attached as Annexure VI and forms part of Director
to the provisions of Section 148 of the Companies Act, 2013 Report.
read with the Companies (Cost Records and Audit) Rules,
2014, as amended from time to time, the Company has been APPRECIATION AND ACKNOWLEDGMENTS
carrying out audit of Cost Records.
Your directors place on record their deep appreciation to
The Board of Directors, on the recommendation of Audit employees at all levels for their hard work, dedication and
Committee, has appointed M/s. M.P. Turakhia & Associates, commitment.
Cost Accountant, as Cost Auditor to audit the cost accounts
of the Company for the Financial Year 2022-23 at a The enthusiasm and unstinting efforts of the employees have
remuneration of ` 60,000 as required under the Companies enabled the Company to remain as industry leaders.
Act, 2013. A resolution seeking members’ approval for the The board places on record its appreciation for the support
remuneration payable to the Cost Auditor forms part of the and co-operation your company has been receiving from its
Notice convening the Annual General Meeting. suppliers, retailers, dealers and other associated with the
company.
COMPLIANCE OF SECRETARIAL STANDARD Your company looks upon them as partners in its progress
The Company has complied with the Secretarial Standards and has shared with them the rewards of growth. It will be
issued by The Institute of Company Secretaries of India and your Company’s endeavor to build and nurture strong links on
approved by the Central Government as required under mutuality of benefits, respect for and co-operation with each
Section 118(10) of the Companies Act, 2013. other, consistent with consumer interests.
The Directors also take the opportunity to thank all
VIGIL MECHANISM shareholders, clients, vendors, Banks, Government and
The Company has framed a vigil mechanism/whistle blower Regulatory authorities and stock exchanges, for their
policy to deal with unethical behavior actual or suspected continued support.
fraud or violation of the Companies Code of Conducts or For and on behalf of the Board of Directors
ethics policy, if any. The Vigil Mechanism/ whistle blower SHAKTI PUMPS (INDIA) LIMITED
policy has been uploaded on the website of the Company.
Dinesh Patidar
Place:- Pithampur Chairman
Dated:- July 14, 2022 DIN:-00549552

Annexure “I”
Form AOC-1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures
Part “A”: Subsidiaries

(Information in respect of each subsidiary to be presented with amounts in `)
1. Name of the subsidiary Shakti Shakti Pumps Shakti Pumps Shakti Pumps Shakti Energy Shakti Green
Pumps LLC FZE (Shanghai) (Bangladesh Solutions Pvt. Industries
USA Limited Limited) Ltd. Private
Limited
2. Reporting period for the 31.03.2022 31.03.2022 31.03.2022 31.03.2022 31.03.2022 31.03.2022
subsidiary concerned, if
different from the holding
company’s reporting period
3. Reporting currency and USD USD RMB BDT INR INR
Exchange rate as on the last 75.20 75.20 12.15 0.88 1.00 1.00
date of the relevant Financial
year in the case of foreign
subsidiaries
4. Share capital 3331941 15656115 1691875 3726750 19957610 100000
5. Reserves & surplus 229131103 196098039 (706035) (882393) 266509277 5000000
6. Total assets 255871351 294264227 1747921 20881251 657085817 5199090
7. Total Liabilities 23408307 82510073 911507 17953114 67491655 99090
8. Investments - - - - - -
9. Turnover 336942579 811902714 1332 24574454 1546811296 -
10. Profit before taxation 51659872 54581839 (237743) 289711 115969416 -
11. Provision for taxation 11198507 - - - 4161475 -
12. Profit after taxation 40461365 54581839 (237743) 289711 82712892 -
13. Proposed Dividend - - - - - -
14. % of shareholding 100 100 100 99.99 100 100
Notes:-
1. Shakti Pumps (India) Limited has incorporated a Wholly Owned Subsidiary i.e. Shakti Green Industries Private Limited on
16th December, 2021.
Part “B”:- Associates and Joint Ventures

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
Name of associates/Joint Ventures NA NA NA
1. Latest audited Balance Sheet Date
2. Shares of Associate/Joint Ventures held by the company on the year end
No.
Amount of Investment in Associates/Joint Venture
Extend of Holding%
3. Description of how there is significant influence
4. Reason why the associate/joint venture is not consolidated
5. Net worth attributable to shareholding as per latest audited Balance Sheet
6. Profit/Loss for the year
i. Considered in Consolidation
ii. Not Considered in Consolidation
For and on behalf of the Board of Directors

Dinesh Patidar Ramesh Patidar

Managing Director Executive Director
DIN:-00549552 DIN:00931437
Dinesh Patel Ravi Patidar

Chief Financial Officer Company Secretary
M. No. ACS 32328
Place:- Pithampur
Dated:- May 02, 2022

Annexure ‘II’
ANNUAL REPORT
ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
1. Brief outline on CSR Policy of the Company:
A brief outline of the company’s CSR policy, including overview of projects or Programmes proposed to be undertaken and
a reference to the web-link to the CSR policy and projects or Programmes.
Our aim is to be one of the most respected companies in India delivering superior and everlasting value to all our
customers, associates, shareholders, employees and Society at large. The CSR initiatives focus on holistic development of
host communities and create social, environmental and economic value to the society. To pursue these objectives, we will
continue to:-
1. Work actively in areas of eradication of hunger and poverty, provide opportunity and financial assistance for the
promotion of education, provide medical aid to the needy and down trodden.
2. Collaborate with likeminded bodies like Voluntary organizations, charitable trusts, governments and academic institutes
in pursuit of our goals.
3. Interact regularly with stakeholders, review and publicly report our CSR initiatives.
2. Composition of CSR Committee:
Number of Number of meetings

SI. Designation/Nature of meetings of CSR of CSR Committee
Name of Director
No. Directorship Committee held attended during the
during the year year
1. Mr. Pramod Kumar Bhawsar Chairman 1 1
2. Mrs. Nishtha Neema Member 1 1
3. Mr. Navin S Patwa Member 1 1
3. Web-link where Composition of CSR Committee, CSR Policy and CSR projects approved by the board are disclosed on the
website of the company: www.shaktipumps.com
4. Details of the Impact assessment of CSR Projects carried out in pursuance of sub-rule (3) of Rule 8 of the Companies
(Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report): Not Applicable
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social
responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any:
Amount available for set-off from Amount required to be set-off for

SI.No. Financial Year
preceding financial the year, if any (in `)
-- -- -- --
Total
6. Average net profit of the company as per section 135(5):
Net Profit: ` 36,33,23,466/-
(a) Two percent of average net profit of the company as per section 135(5): ` 72,66,469 /-
(b) Surplus arising out of the CSR projects or programs or activities of the previous financial years: Nil
(c) Amount required to be set off for the financial year(if any): Nil
(d) Total CSR obligation for the financial year (7a+7b- 7c): ` 72,66,469/-

7. (a) CSR amount spent or unspent for the financial year:
Amount Unspent
Total Amount Spent Amount transferred to Unspent
Amount transferred to any fund specified under
for the Financial CSR Account as per section 135 (6)
Schedule VII as per section 135(6), if any.
Year (in `) of the Act
Amount Date of transfer Name of the Fund Amount Date of transfer
72,66,469 - - - - -
(b) Details of CSR amount spent against ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Amount
Item from Amount Transferred
the list of Amount spent to Unspent, Mode of Mode of
Local
Name activities Project allocated in the CSR Imple- Implementation
Sr. Area Location of the
of the in duration. for the current Account for mentation Through
No. (Yes/ project
Project schedule (in years) project financial the Project Direct implementing
No) year (in as per
VII to the (in `) (Yes/No) Agency
Act. `) Section 135
(6) (in `)
State/ District Name CSR
Union registration
Territories number
(c) Details of CSR amount spent against other than ongoing projects for the financial year
(1) (2) (3) (4) (5) (6) (7) (8)

Item
from the Mode of implementation-
Location of the project Mode of Through implementing
list of Local
Amount spent Imple- agency
Sr. Name of activities Area
for the project mentation
No. the Project in (Yes/
State/ (in `) –Direct CSR
Schedule No)
Union District (Yes/No) Name registration
VII to the
Act Territories Number
1. Promoting Item Yes Madhya Indore ` 70,57,568/- No Shakti CSR00005544
Education No. ii Pradesh Foundation
2. Promoting Item Yes Madhya Dhar ` 50,000/- Yes -- --
Health No. i Pradesh
Care
3. Availability Item Yes Madhya Dhar ` 11,500/- Yes -- --
of Safe No. i Pradesh
Drinking
Madhya Indore ` 94,323/-
Water
Pradesh
Madhya Khargone ` 53,078/-
Pradesh

(d) Amount spent on Administrative Overheads: Nil.

(e) Amount spent on Impact Assessment, if applicable: Not Applicable
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): ` 72,66,469/-
(g) Excess amount for set-off, if any: Not Applicable
SI. No. Particular Amount (in `)

(i) Two percent of average net profit of the company as per section 135(5) of the -
Companies Act, 2013
(ii) Total amount spent for the Financial Year -
(iii) Excess amount spent for the financial year [(ii)-(i)] -
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous -
financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] -
8. (a) Details of Unspent CSR amount for the preceding three financial years:
Amount transferred to any

Amount fund specified under Schedule Amount
Amount
transferred to VII as per section 135(6), if remaining to
spent in the
Sl. Preceding Unspent CSR any. be spent in
reporting
No. Financial Year Account under succeeding
Financial Year Name
section 135 (6) Amount Date of financial years.
(in `) of the
(in `) (in `. transfer (in `)
Fund
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
(1) (2) (3) (4) (5) (6) (7) (8) (9)

Financial Total Amount Cumulative Status
Name Year in amount spent on the amount spent of the
Sr. Project Project
of the which the allocated project in at the end Project-
No. ID Duration
Project project was for the the reporting of reporting Completed
commenced project Financial Year Financial Year /Ongoing
9. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR
spent in the financial year (asset-wise details):
(a) Date of creation or acquisition of the capital asset(s): None
(b) Amount of CSR spent for creation or acquisition of capital asset: Nil
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address,
etc.: Not Applicable
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset):
Not Applicable
10. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5): Not
Applicable
On behalf of the CSR Committee
Dinesh Patidar Pramod Kumar Bhawsar

Managing Director Chairman CSR Committee
(DIN: 00549552) (DIN: 07825119)
Place:- Pithampur
Dated:- July 14, 2022

Annexure “III”
STATEMENT OF DISCLOSURE OF REMUNERATION
(Pursuant to Section 197 of the Companies Act 2013 read with Rule 5(1) of the Companies
(Appointment and Remuneration Managerial Personnel) Rules, 2014.
A. The ratio of the remuneration of each director to the median remuneration of the employees of the company and percentage
increase in Remuneration of each Director, Chief Financial Officer, Chief Executive Officer and Company Secretary in the
financial year 2021-22:
% Increase in
Name of Director/ Remuneration Ratio to median
S. No. Designation remuneration in the
KMP (in `) remuneration
financial year
1 Mr. Dinesh Patidar Managing Director 9,00,00,000 209.30 0.00
2 Mr. Sunil Patidar Whole - Time Director 12,61,500 2.90 0.00
3 Mr. Ramesh Patidar Whole - Time Director 45,84,800 10.65 10.30%
4 Mr. Dinesh Patel Chief Financial Officer 21,86,956 5.09 10.00%
5 Mr. Ravi Patidar Company Secretary 12,90,364 3.01 10.00%
B. The percentage increase in the median remuneration of employees in the financial year 19.77%.
C. The number of permanent employees on the rolls of the Company: 496.
D. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last
financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and
point out if there are any exceptional circumstances for increase in the managerial remuneration: 15.47%
E. Affirmation that the remuneration is as per the remuneration policy of the Company: It is hereby affirmed that the
remuneration is as per the remuneration policy of the Company.

Annexure “IV”
Form No. MR - 3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2022
[Pursuant to Section 204(1)of the Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
CIN: L29120MP1995PLC009327
Plot No. 401, 402 & 413 Sector III Industrial Area
Pithampur, (M.P.) - 454774
I have conducted the Secretarial Audit of the compliance of applicable statute or provisions and the adherence to good corporate
practices by SHAKTI PUMPS (INDIA) LIMITED (hereinafter called the company). Secretarial Audit was conducted in a manner
that provided us are reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion
thereon.
Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by
the Company and also the information provided by the Company, its officers, agents and authorized representatives during the
conduct of secretarial audit, I hereby report that in my opinion, the Company has, during the audit period covering the financial
year ended on March 31, 2022, complied with the statutory provisions listed hereunder and also that the Company has proper
Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
I have examined the books, papers, minute books, forms and returns filed and other records made available to me and maintained
by the Company for the financial year ended on March 31, 2022 according to the applicable provisions of:
i. The Companies Act, 2013 (the Act) and the rules made there under read with notifications, exemptions and clarifications
thereto;
ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’)and the rules made there under;
iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;
iv. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct
Investment, Overseas Direct Investment and External Commercial Borrowings;
v. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act,1 992 (‘SEBI
Act’):-
a. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 as
amended from time to time;
b. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 as amended from time
to time;
c. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and
as amendments from time to time. [Not Applicable as the Company has not issued further share capital during the
financial year under review];
d. The Securities and Exchange Board of India (Share Based Employee Benefits) Regulation, 2014.(Not Applicable to the
Company during the Audit Period)
e. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations,2008.[Not Applicable as
the Company has not issued and listed any debt securities during the financial year under review]
f. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations,1993 as
amended from time to time regarding the Companies Act and dealing with client;
g. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 as amended from time to
time. [Not Applicable as the Company has not delisted/propose to delist its equity shares from any Stock Exchange
during the financial year under review.]

h. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018. [Not Applicable as the Company
has not bought back/propose to buy-back any of its securities during the financial year under review].
vi. I have relied on the representation made by the Company and its officers for system and mechanism framed by the
Company for the compliances under the following applicable Act (if applicable), Law & Regulations to the Company
i. Workmen’s compensation Act, 1923 and all other allied labor laws,
ii. Applicable Direct and Indirect Tax Laws.
iii. Prevention of Money Laundering Act, 2002
iv. Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
I have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards with respect to Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by the
Institute of Company Secretaries of India.
(ii) SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.
During the period the company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc.
mentioned above.
I further report that, the compliance by the Company of applicable financial laws such as direct and indirect tax laws and
maintenance of financial records and books of accounts have not been reviewed in this Audit since the same have been subject
to review by the statutory financial auditors, tax auditors, and other designated professionals.
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors
and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under
review were carried out in compliance with the provisions of the Act.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least
seven days in advance other than those held at shorter notice and a system exists for seeking and obtaining further information
and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
As per the minutes of the meetings duly recorded and signed by the Chairman, the decisions of the Board were unanimous and
no dissenting views have been recorded.
As per the records, the Company filed all the forms, returns, documents and resolutions as were required to be filed with the
Registrar of Companies and other authorities and all the formalities relating to the same is in compliance with the Act.
I further report that there are adequate systems and processes in the company commensurate with the size and operations of
the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
I report further that, during the audit period:
The company has altered its Object Clause of the Memorandum of Association of the company by inserting new clauses (V) (A)
3, 4 and 5 with the existing clauses and Deletion of all clauses of other Object Clause of the Memorandum of Association and
Amendment of Incidental or Ancillary Object Clause of the Memorandum of Association pursuant to Section 13 (1) read with
sub section (9) and Adoption of New set of Articles of Association of the company as per Section 14 (1) of the Companies Act,
2013 through postal ballot on 30th December 2021 by altering the provisions of Memorandum of Association and Articles of
Association during the period under review and has complied with the provisions of the Act.
There were no other specific events / actions in pursuance of the above referred laws, rules, regulations, guidelines, etc. having
a major bearing on the Company’s affairs.
Note: This Report is to be read with our letter even date which is annexed as Annexure A and forms and integral part of this
report.
For M. Maheshwari & Associates

Company Secretaries
Firms U.C.N. I2001MP213000
Manish Maheshwari
Date : 11th July 2022 Proprietor
Place : Indore FCS-5174
UDIN : F005174D000598327 CP-3860

To,
The Members,
CIN: L29120MP1995PLC009327
My Secretarial Audit Report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express
an opinion on these secretarial records based on our audit.
2. I have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness of
the contents of the Secretarial records. The verification was done on the test basis to ensure that correct facts are reflected
in secretarial records. I believe that the process and practices, I followed provide a reasonable basis for our opinion.
3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the company.
4. Where ever required, I have obtained the Management representation about the compliances of laws, rules, regulations and
happening of events etc.
5. The compliances of the provisions of Corporate and other applicable laws, rules, regulations, standards are the responsibility
of management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy of
effectiveness with which the management has conducted the affairs of the company.

Company Secretaries
Manish Maheshwari
Date : 11th July 2022 Proprietor
Place : Indore FCS-5174
UDIN : F005174D000598327 CP-3860

Annexure “V”
CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
[Section 134 (3) (M) of The Companies Act, 2013 read with Rule 8(3) of the Companies Accounts) Rules, 2014]
S.No. Particulars
Conservation of Energy:-
1 the steps taken or impact on Being an energy efficient product manufacturer we make energy efficient
conservation of energy; stainless steel pumps motors and power electronic products. We offer
energy efficient pumping systems for agriculture and offers energy savings
over 40% compared to conventional pumping system.
Our all the newly developed product is having utmost care in terms of
energy efficiency, every single watt of energy we save at the product end,
it helps to create big difference at the power generation end.
Also, we are keen in educating our employees, stack holders and all
interested parties to educate on energy conservations and energy efficiency
2 the steps taken by the Company for The company is constantly adopting solar as alternative source of energy
utilizing alternate sources of energy; and promoting solar pumps and grid interactive inverters across globe and
company made solar business as key focus area of business. This solar
power could transform our agricultural landscape and improve quality
of life in rural and urban India ensuring energy security to the poor and
marginalizes. This would immensely help climate change mitigation efforts
by in line with global. The company is also working towards the solar chulha
and home lighting systems to improve the quality of rural personals.
Our admin building is fully run on solar energy as we have installed in-
house 150kW solar roof top and solar parking
3 the capital investment on energy We have invested heavily on R&D and other renewable energy applications
conservation equipments and equipments such as solar simulators and state of the art facility for
solar pumps and inverter development and testing setups, power quality
measurement equipments, load banks, grid simulators etc.
We have added few other R&D infrastructure to support our interest in
energy conservation and energy efficiency.
Technology absorption: -
(i) the efforts made towards technology We have indigenously developed solar pumping technology and associated
absorption products to make solar pumping successful. For solar pumping not only
solar panel but other key element like energy efficient motors, pumps,
power converter and structure to harness maximum of solar energy.
This made us capable to offering end-to-end solar pumping solutions in
agriculture, commercial and domestic applications that has potential to
impact the energy scenario in India.
Recently we have developed technology to harvest solar energy not only
to grid but also utilize the same in other house hold or agriculture needs.
The extensive R&D in the field of solar pumping helps us to develop above
said products and R&D resulted in filing several patents in this area.
We are working towards indigenous development of VFD’s, Grid-tie
Inverters for single phase and three-phase for supporting domestic and
export market.
We have also collaborated with IIT Delhi, IISc Bangalore and other premium
institutes for research and development in motor pumps and power
converter technology.

S.No. Particulars
(ii) the benefits derived like product Solar water pumping systems developed by us has great potential to
improvement, cost reduction, product bring transformational changes in agriculture, reduction in irrigation cost
development or import substitution and effective use of water. Our newly developed solar drives are best
substitutes against import of drives from China.
Also, the grid tie inverters developed by us are feeding power to the grid
has immense potential to reduce the energy cost along with its clean
solution
Our all the power electronic based products are having very high impact
on import as earlier most of the products were imported from China
(iii) in case of imported technology No
(imported during the last three years
reckoned from the beginning of the
financial year
(a) the details of technology imported Nil
(b) the year of import Not Applicable
(c) whether the technology been fully -
absorbed
(d) if not fully absorbed, areas where -
absorption has not taken place, and the
reasons thereof; and
iv. The expenditure incurred on Research ` 4.52 Cr.
and Development
Foreign Exchange earnings and outgo
i) Foreign Exchange Earned ` 180.32 Cr.
ii) Foreign Exchange Outgo ` 64.30 Cr.

Annexure “VI”
BUSINESS RESPONSIBILITY REPORT FOR THE FY 2021-22
In terms of Regulation 34 of the Listing Regulations
Section A: General Information about the Company
1. Corporate Identity Number (CIN) of the Company L29120MP1995PLC009327
2. Name of the Company SHAKTI PUMPS (INDIA) LIMITED
3. Registered address Plot No. 401, 402 & 413 Sector III Industrial Area Pithampur MP
454774
4. Website www.shaktipumps.com
5. E-mail id [email protected]
6. Financial Year reported Financial year 2021-22 (01st April, 2021 to 31st March, 2022)
7. Sector(s) that the Company is engaged in NIC Code 28132 (Manufacture of other pumps)
(industrial activity code-wise)
8. List three key products/services that the Company Energy Efficient Submersible/Surface Pumps & Motors
manufactures/provides (as in balance sheet) Solar Irrigation Pumps & Motors
Solar Pump Controller
Variable Frequency Drives (VFDs)
9. Total number of locations where business activity
is undertaken by the Company
I. Number of International Locations (Provide
4 International Locations namely USA, Bangladesh, China and UAE
details of major 5)
II. Number of National Locations 21 Branch Offices across the country
10. Markets served by the Company – Local/State/ The Company serves in both national and international markets.
National/International
Section B: Financial Details of the Company

1. Paid up Capital (INR in lacs) ₹ 1838.02
2. Total Turnover (INR in lacs) ₹ 118467.65
3. Total profit after taxes (INR in lacs) ₹ 6481.60
4. Total Spending on Corporate Social Responsibility The Company’s total spending on CSR activities for the financial year
(CSR) as percentage of profit after tax (%) 2021-22, is ` 72.66 i.e. 2% of average net profit of the Company
for last three financial years calculated as per section 198 of the
Companies Act, 2013.
5. List of activities in which expenditure in 4 above The CSR amount is spent in following broad areas:
has been incurred:- I. Capacity building and skill development training
II. Promotion of education and sports.
III. Preventive health care
Section C: Other Details

1. Does the Company have any Subsidiary Company/ Companies?
Yes, the Company has 6 subsidiary companies.
2. Do the Subsidiary Company/Companies participate in the BR Initiatives of the parent company? If yes, then indicate the
number of such subsidiary company(s)
No, the subsidiary companies do not participate in the BR initiatives of the Company.
3. Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with, participate in the BR
initiatives of the Company? If yes, then indicate the percentage of such entity/entities? [Less than 30%, 30-60%, More
than 60%]
The Company is working towards including its supply chain in their BR initiatives. However, none of its suppliers or
distributors as now is a part of BR Initiatives.

Section D:-BR Information

1. Director/Directors responsible for BR
(a) Details of the Director/Directors responsible for implementation of the BR policy/policies
The CSR Committee of the Board of Directors is responsible for implementation of BR policies. The members of the
CSR Committee are as follows:
Name Designation DIN

Mr. Pramod Kumar Bhawsar* Independent Director 07825119
Mrs. Nishtha Neema Independent Director 01743710
Mr. Navin Sunderlal Patwa Independent Director 01009404
*Chairman of the Committee
(b) Details of the BR head
DIN Number (if applicable) 07825119

Name Mr. Pramod Kumar Bhawsar
Designation Head-BRR
Telephone number +91 7292410500
E-mail id [email protected]
2. Principle-wise (as per NVGs) BR Policy/policies
The National Voluntary Guidelines provide the following nine principles.
Principle 1: Ethics, Transparency and Accountability [P1] Principle 6: Environment [P6]
Principle 2: Products Lifecycle Sustainability [P2] Principle 7: Policy Advocacy [P7]
Principle 3: Employees’ Wellbeing [P3] Principle 8: Inclusive Growth [P8]
Principle 4: Stakeholder Engagement [P4] Principle 9: Customer Value [P9]
Principle 5: Human Rights [P5]
(a) Details of compliance: -
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1. Do you have a policy/ policies for Y Y Y Y Y Y Y Y Y
2. Has the policy being formulated in Y Y Y Y Y Y Y Y Y

consultation with the relevant stakeholders?
3. Does the policy conform to any national / The Company’s policies are complaint with relevant
international standards? If yes, specify? (50 national/international standards as well as all applicable
words) laws and regulations and also meet national regulatory
requirements. The policies are written in accordance with
the relevant regulatory requirements.
4. Has the policy being approved by the Board? Y Y Y Y Y Y Y Y Y
Is yes, has it been signed by MD/ owner/
CEO/ appropriate Board Director?
5. Does the Company have a specified Y Y Y Y Y Y Y Y Y
committee of the Board/ Director/ Official to
oversee the implementation of the policy?
6. Indicate the link for the policy to be viewed www.shaktipumps.com/Policy_on_BRR/Testing_Policy_on_

online? BRR.pdf

7. Has the policy been formally communicated Y Y Y Y Y Y Y Y Y
to all relevant internal and external
stakeholders?
8. Does the company have in-house structure to Y Y Y Y Y Y Y Y Y
implement the policy/ policies?
9. Does the Company have a grievance redressal Y Y Y Y Y Y Y Y Y
mechanism related to the policy/ policies to
address stakeholders’ grievances related to
the policy/ policies?
10. Has the company carried out independent N N N N N N N N N
audit/ evaluation of the working of this policy
by an internal or external agency?
(b) If answer to the question at serial number 1 against any principle, is ‘No’, please explain why:-
1. The company has not understood the Principles
2. The company is not at a stage where it finds itself in
a position to formulate and implement the policies on
specified principles
3. The company does not have financial or manpower Not Applicable
resources available for the task
4. It is planned to be done within next 6 months
5. It is planned to be done within the next 1 year
6. Any other reason (please specify)
3. Governance related to BR.
(a) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR
performance of the Company. Within 3 months, 3-6 months, Annually, More than 1 year.
The Business Responsibility performance of the Company is assessed annually by the CSR Committee.
(b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? How
frequently it is published?
The Company publishes the information on BR in the Annual Report, which is available on the website of the Company.
The Business Responsibility Report of the Company will be published annually.
Section E: Principle-Wise Performance

Principle 1: Businesses should conduct and govern themselves with Ethics, Transparency and Accountability
1. Does the policy relating to ethics, bribery and corruption cover only the company? Yes/ No. Does it extend to the Group/
Joint Ventures/ Suppliers/Contractors/NGOs /Others?
No, Ethics, Transparency and Accountability Policy is applicable to the directors and employees of the Company across all
its functions, units and branches.
2. How many stakeholder complaints have been received in the past financial year and what percentage was satisfactorily
resolved by the management? If so, provide details thereof, in about 50 words or so.
During the financial year 2021-22, no complaints were received by the Company.

Principle 2: Businesses should provide goods and services plant locations. The contractors, engaged in the plants,
that are safe and contribute to sustainability throughout their mostly employ workmen from the nearby villages. Also
life cycle. the company has a vast network of suppliers both in
India and abroad. However, the procurement decisions
1. List up to 3 of your products or services whose design
are always taken considering the development of local
has incorporated social or environmental concerns, risks
economy. Many of our suppliers are local and from other
and/or opportunities
parts of the country thereby leading to ease of delivery
The Company is committed to work with its stakeholders of products and services and minimal environmental
to mitigate the environmental and social impacts of its footprints and costs.
products throughout their life cycle. We manufacture
We are committed to development of small vendors in
products responsibly with minimum negative impact on
terms of technology and skills and our engineers often
environment, few such products include: -
educate and enhance skills of resources of vendors by
(a) Solar Irrigation Pumps/Energy Efficient Pumps helping them through direct knowledge sharing and
and Motors: Company manufactures clean energy arranging trainings in a need based manner.
products such as solar pump and motors that
4. Does the company have a mechanism to recycle
reduces GHG emissions as compared to traditional
products and waste? If yes, what is the percentage of
pumps. Company has an aggregate solar installation
recycling of products and waste (separately as <5%,
capacity of about 227 MW in solar pumping system
5-10%, >10%)? Also, provide details thereof, in about
and solar rooftops. Moreover, the conventional
50 words or so.
pumps and motors manufactured are highly energy
efficient resulting in huge monetary savings coupled Not applicable.
with reduced impact on environment.
2. For each such product, provide the following details in Principle 3: Businesses should promote the
respect of resource use (energy, water, raw material etc.) wellbeing of all employees
per unit of product (optional):
1. Please indicate the total number of employees, number
(a) Reduction during sourcing/production/ of employees hired on temporary/ contractual /casual
distribution achieved since the previous year basis, number of permanent women employees and
throughout the value chain? Not Applicable number of permanent employees with disabilities?
(b) Reduction during usage by consumers (energy, The total number of permanent employees are 496 on
water) has been achieved since the previous year? roll employees number of employees hired on temporary/
contractual /casual basis are 732, total number of
Our products are solar energy operated and 40%
permanent women employees is 14.
energy efficient contributing to usage of energy.
Moreover, our micro irrigation products are aimed at 2. Do you have an employee association that is recognized
saving water on a substantial scale i.e. up to 80% as by management?
compared to the conventional farming techniques.
No.
3. Does the company have procedures in place for
3. What percentage of your permanent employees is
sustainable sourcing (including transportation)? (a)
members of this recognized employee association?
If yes, what percentage of your inputs was sourced
sustainably? Also, provide details thereof, in about 50 Not Applicable
words or so.
4. Please indicate the Number of complaints relating to
We work in tandem with our suppliers and most of child labour, forced labour, involuntary labour, sexual
our procurement of raw materials and services are harassment in the last financial year and pending, as on
awarded to vendors who have systems in place to ensure the end of the financial year:
responsible behavior such as adherence to local and
No complaints related to child labour, forced labour,
national compliances, implementation of management
involuntary labour and sexual harassment were reported
systems including ISO 9001:2015, ISO 14001:2015, ISO
during the year.
45001:2018 etc.
5. What percentage of your under mentioned employees
Has the company taken any steps to procure goods
were given safety & skill up-gradation training in the last
and services from local & small producers, including
year?
communities surrounding their place of work? (a) If yes,
what steps have been taken to improve their capacity (a) Permanent Employees 50%
and capability of local and small vendors?
(b) Permanent Women Employees 57%
The Company uplifts the procurement of goods and
services from local and small producers surrounding its (c) Casual/Temporary/Contractual Employees 67%

Principle 4: Businesses should respect the general environmental guidelines as key stakeholder in
interests of, and be responsive towards climate change mitigation campaign of the Government
of India.
all stakeholders, especially those who are
disadvantaged, vulnerable and marginalized. 2. Does the company have strategies/ initiatives to address
global environmental issues such as climate change,
1. Has the company mapped its internal and external global warming, etc.? Y/N. If yes, please give hyperlink
stakeholders? Yes/No for webpage etc.
Yes, during the reporting period, the company has Yes, the Company has taken initiatives to combat climate
mapped its internal and external stakeholders. change which include education of carbon emissions
2. Out of the above, has the company identified by setting up own rooftop and ground mounted solar
the disadvantaged, vulnerable & marginalized power generation systems. Overall solar power capacity
stakeholders? across Shakti group of companies is 418KW. This means
solar energy accounts for 12% of the overall energy
Yes, the Company has identified disadvantaged,
consumption. More importantly, we are a company that
vulnerable and marginalized communities in the
produces energy efficient and solar energy operated
vicinity of the manufacturing plants as most vulnerable
pumps and motors which help our customers and
external stakeholders. The youth, children and women
stakeholders to scale up the use of solar energy and
emerged as target groups and hence are being catered
energy efficient products contributing to the cause of
through CSR projects.
climate change mitigation efforts by government f India.
3. Are there any special initiatives taken by the company
to engage with the disadvantaged, vulnerable and 3. Does the company identify and assess potential
marginalized stakeholders? If so, provide details environmental risks? Y/N.
thereof, in about 50 words or so? Yes, the Company believes in taking informed decisions
The company through its CSR activity established a when it comes to environmental risks and opportunities.
Charitable Trust named as ‘Shakti Foundation’ under Does the company have any project related to Clean
which various initiatives and programs have been Development Mechanism? If so, provide details thereof,
organized to engage with disadvantaged, vulnerable in about 50 words or so. Also, if yes, whether any
and marginal stakeholders. The Foundation is primarily environmental compliance report is filed?
engaged in establishment and maintenance of
Institutions for providing education and health care to No, we don’t have any specific project on Clean
the vulnerable and the poor. Development Mechanism. However, we are constantly
trying to increase the share of clean energy to
meet in-house energy requirements while we are
Principle 5: Businesses should respect and
committed to manufacture products that are energy
promote human rights. efficient, eco-friendly and solar (clean) energy operated
1. Does the policy of the company on human rights that bring positive change in the environment in the
cover only the Company or extend to the Group/Joint long run.
ventures/ suppliers/ Contractors/NGOs/Others? 4. Has the company undertaken any other initiatives on
Presently the company does not have any human rights clean technology, energy efficiency, renewable energy
policy. However, we follow the broader guidelines of etc. Y/N. If yes, please give hyperlink for web page etc.
human rights and company strives to ensure that
neither the company nor any of its stakeholders indulge The Company being an energy efficient product
in any form of human rights violations. manufacturer makes energy efficient stainless steel
pumps motors and power electronic products apart
2. How many stakeholder complaints have been received from its flagship product namely solar irrigation pumps.
in the past financial year and what percent was Company offers energy efficient pumping systems for
satisfactorily resolved by the management? agriculture and offers energy savings over 40% compared
During the reporting period, no complaints were to conventional pumping system. Our all our new
received. products have utmost care in terms of energy efficiency.
And believe every single watt we save at the product end
Principle 6: Business should respect, protect, will have big impact on the demand of power generated.
and make efforts to restore the environment The company is constantly adopting solar as alternative
1. Does the policy related to Principle 6 cover only the source of energy and promoting solar pumps and
company or extends to the group/ joint ventures/ inverters across the globe and made solar business a
suppliers/ contractors/ NGOs/other. key focus area. It is believed that the solar power could
transform our agriculture, rural landscape, employment
As of now, we do not have any specific policy on and quality of life in rural and urban India. Scaling up
environment, but the company is keen to follow the the use of solar energy and its applications will ensure

energy security to the poor and the marginalized. This sustainable development oriented interventions, capacity
would immensely help climate change mitigation efforts building, skill developments, sanitation, education, and
on a global scale. The company is also working towards health care. The Company has developed programs
the solar chulha (solar stove) and home lighting systems based on the needs of the community and we consider
to improve energy access and the quality of life among all stakeholder groups are significant for the projects at
the rural population. various stages of its implementation. The following are
the areas of intervention;
5. Are the Emissions/Waste generated by the company
within the permissible limits given by CPCB/SPCB for (a) Education: Supporting education so that its benefits
the financial year being reported? may be available for the economically weaker
sections at large.
Yes, the emissions/waste generated by the Company
during the year was within permissible limits given by (b) Living condition (Social Development): Preventive
CPCB/SPCB(s) and we set a target for ourselves for a Healthcare and Sanitation, Women Empowerment,
zero waste organization. Environmental initiatives, Sport promotions etc.
6. Number of show cause/ legal notices received from (c) Skill development initiatives in various fields
CPCB/SPCB which are pending (i.e. not resolved to
2. Are the Programmes/projects undertaken through
satisfaction) as on end of Financial Year.
in-house team/own foundation/external NGO/
As on 31st March, 2022, the company has not received government structures/any other organization?
any show cause/ legal notices from CPCB/SPCB
To give greater attention to the CSR programs, the
Company established a charitable foundation namely
Principle 7: -Businesses, when engaged in ‘Shakti Foundation’ which is a registered trust under
influencing public and regulatory policy, should Indian Trust Act. The Foundation implements projects
do so in a responsible manner. directly by using internal resources and expertise.
Although, Shakti Foundation is sole owner of all its
1. Is your company a member of any trade and chamber community Programmes, to bring external expertise
or association? If Yes, Name only those major ones that and knowledge to make programme more effective, we
your business deals with: - collaborate with likeminded organizations at different
Yes, we are member of many industry body or associations, stages of Programmes.
FICCI, CII, EEPC, FIEO, NSEFI, IEEMA, AEEE etc. are to 3. Have you done any impact assessment of your initiative?
name a few apart from being the member of various
committees with government and industry organizations. No
2. Have you advocated/lobbied through above associations 4. What is your company’s direct contribution to
for the advancement or improvement of public good? community development projects- Amount in INR and
Yes/No; if yes specify the broad areas (drop box: the details of the projects undertaken?
Governance and Administration, Economic Reforms, Total amount spent on CSR activities in FY 2021-22
Inclusive Development Policies, Energy security, Water, is ` 72.66 Lacs. The amount was spent on following
Food Security, Sustainable Business Principles, Others) programmes:
Presently, the Company is carrying out activities on Education/Skill Building: The Company through
advancement or improvement of public good both its Charitable Trust Shakti Foundation established
directly and through various associations. The Company an education institution for providing education to
actively participates in these forums to raise issues children’s so that the benefit thereof may be available to
related to policy and regulatory matters that impact the the underprivileged at large.
interest of our stakeholders. We prefer to be part of the
broader policy development process in the larger interest For detail information please refer CSR section and
of the industry and environment and do not practice Annexure II of Directors Report in Annual Report.
lobbying on any specific issue for the benefit of individual Promoting Health Care: The Company has also made
interest. contribution in promoting health care of the society.
Principle 8: Businesses should support inclusive Drinking Water: Company also helped in providing basic
amenities such as drinking water facilities to marginalized
growth and equitable development. groups and village communities at various places.
1. Does the company have specified Programmes/ 5. Have you taken steps to ensure that this community
initiatives/projects in pursuit of the policy related to development initiative is successfully adopted by the
Principle 8? If yes details thereof. community? Please explain in 50 words, or so.
The Company is committed to engage the organizational The Company believes in need based CSR, the
resources and knowledge to ensure and enhance programmes are designed in consultation with the
livelihoods and living conditions of communities through local communities. Therefore, there is a sense of

ownership that instills pride and accountability Metrology Act, 2011 and the applicable Rules thereunder/
leading to a successful adoption of the community other laws. In addition, wherever it is considered relevant
development initiative. Further, during the course of the and appropriate for it to facilitate better usage of the
project implementation, we work towards building the product/goods by the consumer, additional information
capacity of local community and stakeholders to ensure about the products/goods, the use and the mode of
sustainability of the programme e.g. in skill development handling thereof are also provided
Programmes, building the capacity of community and
3. Is there any case filed by any stakeholder against the
empower them to make projects self-sustainable.
company regarding unfair trade practices, irresponsible
advertising and/or anti-competitive behavior during the
Principle 9: Businesses should engage with and last five years and pending as on end of financial year? If
provide value to their customers and consumers so, provide details thereof, in about 50 words or so.
in a responsible manner. There have been no cases relating to unfair trade
1. What percentage of customer complaints/consumer practices, irresponsible advertising and/or anti-
cases are pending as on the end of financial year. competitive behaviour against the Company during last
five years and pending as on end of the financial year
The Company has a firmly established system for dealing 2021-22.
with customer complaints and consumer cases. All
complaints are legitimately addressed and resolved, in 4. Did your company carry out any consumer survey/
most of the cases at the earliest. As on 31st March 2022 consumer satisfaction trends?
no complaints are pending for resolution. Yes. Customer satisfaction and consumer survey is
2. Does the company display product information on carried out through internal resources. We believe the
the product label, over and above what is mandated consumer plays an important role in our value chain. We
as per local laws? Yes/No/N.A./Remarks (additional engage with them regularly through exclusive centralized
information). customer care centre with toll free numbers and take their
feedback directly or through surveys with an objective to
All the Products information is displayed on all product/ improve our service quality and performance aiming to
goods of the Company in accordance with the Legal improve consumer satisfaction.

Report on Corporate Governance

1. Company’s Philosophy on Corporate management serves the short and long-term interests
Governance: - of shareholders and other stakeholders. This belief is
reflected in our governance practices, under which
The Company strongly believes that the system of we strive to maintain an effective, informed and
Corporate Governance protects the interest of all independent Board. We keep our governance practices
the stakeholders by inculcating transparent business under continuous review and benchmark ourselves to
operations and accountability from management towards best practices across the globe.
fulfilling consistently the high standard of Corporate
Governance in all facets of the Company’s operations. 2. Board of Directors: -
The Company believes that good governance principles
are to be followed relentlessly in its Onward and Upward The Board of Directors is entrusted with the ultimate
growth trajectory to safeguard the interest of all the responsibility of the management, general affairs,
stakeholders and enhancing their values. direction and performance of the Company and has been
vested with requisite powers, authorities and duties. The
Corporate governance is important for every Management Committee of the Company is headed by
organisation, as it creates a set of rules and practices, the Managing Director has business /functional heads
for steering the operations ethically and aligning as its members, which look after the management of the
the interest of all its stakeholders. Practice of good day-to-day affairs of the Company.
governance principles leads to operational and financial
viability. The Company always endeavors to uphold the Composition of Board: -
principles of transparency, accountability and fairness in
As on March 31, 2022, the Board of Directors of the
its operations. The philosophy of practicing unwavering
Company has 7 (Seven) Directors. Out of the Seven
governance principles has enabled the Company to
Directors, 3 (Three) are Executive Director including
achieve a steadfast growth in its four decades of
Chairman, 4 (Four) are Non-Executive Directors and
existence.
all are Independent Directors including one woman
The Corporate Governance Code adopted by the Board Director. The composition of the Board is in conformity
acts as a comprehensive framework within which the with Regulation 17(1) (b) of the SEBI (Listing Obligations
Company, Board of Directors (‘the Board’), Statutory and Disclosure Requirements) Regulations, 2015 read
Board Committees may effectively operate for the with Section 149 and 152 of the Act. The composition of
benefit of its varied stakeholders. the Board represents an optimal mix of professionalism,
knowledge and experience and enables the Board to
The Board is responsible for and committed to sound discharge its responsibilities productively and provide
principles of Corporate Governance in the Company. effective leadership to the Company.
The Board plays a crucial role in overseeing how the
Composition and Directorship(s)/Committee Membership(s)/Chairmanship(s) and number of other Board and Committees
as on 31st March, 2022:
No. of outside No. of Committee position held in
S. Category of Directorship in other Public Limited Companies.
Name of Directors
No. Directorship Public Limited
Held Membership Chairmanship
1 Mr. Dinesh Patidar Executive 1 - -

2 Mr. Sunil Patidar Executive 1 - -
3 Mr. Ramesh Patidar Executive - - -
4 Mr. Navin Sunderlal Patwa Independent - - -
5 Mrs. Nishtha Neema Independent - - -
6 Mr. Pramod Kumar Bhawsar* Independent - - -
7 Mr. Keyur Bipinchandra Thaker Independent - - -
* Mr. Pramod Kumar Bhawsar ceased to be director with effect from 18th May, 2022 on completion of his term as Independent
Director of the Company.
The company has accordingly reconstituted the committee/s where Mr. Pramod Kumar Bhawsar was a member or chairman.

Appointments and Tenure Board Meetings
The Directors of the Company are appointed/re- The Board meets at regular intervals to discuss and
appointed by the Board on the recommendations of the decide on Company / Business policy and strategy
Nomination and Remuneration Committee and approval apart from other Board business. The notice of
of the Members at the General Meetings. In accordance Board / Committee meeting is given well in advance
with the Articles of Association of the Company, to all the Directors. The Agenda of the Board /
all Directors, except Independent Directors of the Committee Meetings is set by the Company Secretary
Company, are liable to retire by rotation at the AGM each in consultation with the Managing Director of the
year and, if eligible, offer themselves for re-election. The Company. The Agenda is circulated a week prior to
Executive Directors on the Board have been appointed the date of the meeting. The Agenda for the Board
as per the provisions of the Companies Act, 2013 and and Committee Meetings covers items set out as per
serve in accordance with the terms of employment with the guidelines in Listing Regulations to the extent it
the Company. is relevant and applicable. The Agenda for the Board
None of the Independent Director(s) of the Company and Committee Meetings include detailed notes on
resigned before the expiry of their tenure. the items to be discussed at the meeting to enable the
As regards the appointment and tenure of the Directors to take an informed decision.
Independent Directors, following is the policy adopted During the financial year 2021-22, all the Board and
by the Board: - Committee meetings were conducted through audio
• The Company has adopted the provisions with visual means as per the circulars/rules issued by Ministry
respect to appointment and tenure of Independent of Corporate Affairs (MCA) and SEBI from time to time,
Directors which are consistent with the Companies for conducting meetings during the pandemic. During
Act, 2013 and the Listing Regulations. the financial year ended March 31, 2022, Six Board
• The Independent Directors will serve a maximum of meetings were held on May 17, 2021, July 21, 2021,
two terms of five years each, after the introduction August 13, 2021, October 19, 2021, November 29, 2021,
of the Companies Act, 2013. and January 18, 2022. The interval between any two
Board Meetings was well within the maximum allowed
• The Company would not have any upper age limit
gap of 120 days.
of retirement of Independent Directors from the
Board and their appointment and tenure will be
governed by provisions of the Companies Act, 2013
and the Listing Regulations.
Attendance for the Board
No. of Board Meetings Attendance

S. No. Name of the Directors Category of Directorship
Held Attended at last AGM
1 Mr. Dinesh Patidar Executive Director 6 6 Yes
2 Mr. Sunil Patidar Executive Director 6 6 Yes
3 Mr. Ramesh Patidar Executive Director 6 6 Yes
4 Mr. Navin Sunderlal Patwa Independent Director 6 6 Yes
5 Mrs. Nishtha Neema Independent Director 6 6 Yes
6 Mr. Pramod Kumar Bhawsar Independent Director 6 6 Yes
7 Mr. Keyur Bipinchandra Thaker Independent Director 6 6 Yes
Board Support
The Company Secretary is responsible for collation, review and distribution of all papers submitted to the Board and
Committees thereof for consideration. The Company Secretary is also responsible for preparation of the Agenda and
convening of the Board and Committee Meetings. The Company Secretary attends all the Meetings of the Board and its
Committees, either in the capacity of Secretary of the Board/Committees or as a Member of the Committee. The Company
Secretary advises/assures the Board and its Committees on Compliance and Governance principles and ensures appropriate
recording of minutes of the Meetings.
Confirmation and Certification
The Company annually obtains from each Director, details of the Board and Board Committee positions he/she occupies
in other Companies, and changes if any regarding their Directorships. The Company has obtained a certificate from M/s.
M. Maheshwari & Associates, Company Secretaries, under Regulation 34(3) and Schedule V Para C Clause (10)(i) of Listing
Regulations confirming that none of the Directors on the Board of the Company have been debarred or disqualified from

being appointed or continuing as Directors of Company During the year, Board Evaluation cycle was completed
by the SEBI and MCA or any such authority and the same by the Company internally which included the Evaluation
forms part of this Annual Report. of the Board as a whole, Board Committees and Peer
Evaluation of the Directors. The exercise was led by the
Board Independence:-
Chairman and Managing Director of the Company along
Our definition of ‘Independence’ of Directors is derived with the Chairman of the Nomination and Remuneration
from Section 149(6) of the Act and Regulation 16 of Committee of the Company. The Evaluation process
Listing Regulations. The Independent Directors provide focused on various aspects of the functioning of the
an annual confirmation that they meet the criteria of Board and Committees such as composition of the
independence. Based on the confirmations/disclosures Board, improving Board effectiveness, performance of
received from the Directors and on evaluation of the Board Committees, Board knowledge sessions and time
relationships disclosed, supported by a certificate allocation for strategic issues, etc. Separate exercise was
from M/s. M. Maheshwari & Associates, Company carried out to evaluate the performance of individual
Secretaries, as per the requirement of Regulation 25(9) Directors on parameters such as attendance, contribution
of the Listing Regulations, the Board confirms, that the and independent judgment.
Independent Directors fulfill the conditions as specified
As an outcome of the above exercise, it was noted that
under Schedule V of the Listing Regulations and are
the Board as a whole is functioning as a cohesive body
independent of the management. The Board includes
which is well engaged with different perspectives. The
four Independent Directors.
Board Members from different backgrounds bring about
Separate Meeting of Independent Directors: - different complementarities and deliberations in the
Board and Committee meetings are enriched by such
In accordance with the provisions of Schedule IV of the
diversity and complementarities. It was also noted that
Companies Act 2013, and regulation 25(3) of SEBI (Listing
the Committees are functioning well and besides the
Obligation and Disclosure Requirements) Regulations,
Committee’s terms of reference as mandated by law,
2015 a separate meeting of the Independent Director
important issues are brought up and discussed in the
was held on January 18, 2022. Without the attendance
Committees.
of Non-Independent Directors and Members of the
Management. The Board also noted that given the changing external
environment the Company should be prepared for any
The following Independent Directors were present
likely disruption. The Board emphasized role of technology
at the Meeting Namely Mr. Navin Sunderlal Patwa,
in this regard and the need to build capabilities in this
Mrs. Nishtha Neema, Mr. Pramod Kumar Bhawsar and
area. The evaluation exercise also highlighted the need
Mr. Keyur Bipinchandra Thaker.
for having better understanding of competitive landscape
The Meeting reviewed the performance of Non- in a dynamic business environment and importance of
Independent Directors and the Board as a whole. external perspective in Board deliberations. These areas
Also the meeting reviewed the performance of the have been identified for the Board to engage itself with
Chairman of the Company. and the same will be acted upon.
Assist the quantity and quality and timeliness of law of Director’s Induction and Familiarization: -
information between Company Management and Board.
The Board Familiarization program comprises of the
Board Evaluation following:
In terms of the requirement of the Companies Act, 2013 • Induction program for new Independent Directors.
and the Listing Regulations, an annual performance
• Immersion sessions for new Independent Directors.
evaluation of the Board is undertaken where the Board
formally assesses its own performance with the aim • Strategy session
to improve the effectiveness of the Board and the
All new Independent Directors are taken through detail
Committees. The criteria of performance evaluation of
induction and familiarization program when they join
Board, its Committees and Individual Directors forms part
the board of your company. The Induction program is
of the Corporate Governance Code which is available
an exhaustive one that covers the history and culture
on the website of the Company. For Independent
of Shakti background of the Company and its growth
Directors, evaluation is carried out based on the criteria
over the last several decades, various milestones in the
viz. the considerations which led to the selection of
companies’ existence since its incorporation, the present
the Director on the Board and the delivery against the
structure and an overview of businesses and functions.
same, contribution made to the Board / Committees,
attendance at the Board / Committee Meetings, impact As a part of the induction sessions, the Managing
on the performance of the Board / Committees, instances Director provides an overview of the organization,
of sharing best and next practices, engaging with top its history, values, culture and purpose. The Business
management team of the Company, participation in and Functional Heads take the Independent directors
Strategy Board Meetings, etc. through their respective businesses and functions. The

Independent Directors are also inducted through Factory fees and fees for any other services rendered by
and Market visits to understand the operation of the them and if required, the replacement or removal of
Company. The Independent Directors are also exposed the Auditors.
to the Constitution, board procedures, matters reserved
3) Reviewing, with the management, the annual
for the Board and major risks facing the Business and
financial statements and auditor’s report thereon
mitigation programs. The Independent Directors are also
before submission to the board for approval, with
made aware of their roles and responsibility at the time
particular reference to:
of their appointment and a detailed letter of appointment
is issued to them. a) Matters required to be included in the directors’
responsibility statements to be included in
3. Committees of the Board: - the board’s report in terms of 134(3)(c) of the
companies Act 2013.
The Board Committees play a crucial role in the
governance structure of the Company and have been b) Change if any in accounting policies &practices
constituted to deal with specific areas/activities as and reasons for the same.
mandated by applicable regulation; which concern c) Major accounting entries involving estimates
the Company and need a closer review. The Board based on the exercise of judgment by
Committees are set up under the formal approval of management.
the Board to carry out clearly defined roles which are
considered to be performed by Members of the Board, d) Significant adjustments made in the financial
as part of good governance practices. The Chairman statements arising out of audit findings
of the respective Committee informs the Board about e) Compliance with listing and other legal
the summary of the discussions held in the Committee requirements relating to financial statements
Meetings. The minutes of the meeting of all Committees
are placed before the Board for review. The Board f) Disclosure of any related party transactions
Committees can request special invitees to join the g) Qualifications in the draft audit report.
meeting, as appropriate.
4) Reviewing with the management the quarterly
During the year, all recommendations of the Committees financial statements before submission to the board
of the Board have been accepted by the Board. for approval.
Committees of the Board and other related information 5) Reviewing with the management the statement of
are provided hereunder: - uses /application of Funds raised through an issue
I. Audit Committee: - (Public, Right, Preferential Issues), The Statements of
funds utilized for purposes other than those stated
Audit committee is constituted according to the in the offer document Notices/Prospectus/Notice
provisions of Regulation 18 SEBI (Listing Obligations and and Report submitted by the Monitoring agency the
Disclosure Requirements) Regulations, 2015 read with utilization of proceeds of a public or right issue and
section 177 of the Companies Act, 2013. making appropriate recommendations to the Board
The Company’s audit committee consists of Three to take up steps in the matter.
Directors, out of which two are Non-Executive 6) Review and monitor the auditor’s independence,
Independent Directors. All the members have adequate performance and effectiveness of Audit Process.
knowledge in the areas of finance and accounting.
7) Approval or any subsequent modification of
The Company Secretary of the Company acts as the transactions of the company with related Parties.
Secretary to the audit committee.
8) Scrutiny of Inter Corporate Loans and Investments.
The committee takes advice and recommendations
from all the departmental heads, internal auditor, and 9) Valuation of Undertakings or Assets of the Company
statutory auditors whenever required. where ever it is necessary.
Terms of Reference: - 10) Evaluation of Internal Financial Control and Risk
Management.
Terms of reference of the committee broadly are as
under: - 11) Reviewing with Management Performance of
Statutory and Internal Auditor Adequacy of Internal
1) Overseeing the Company’s financial reporting Control Systems.
process and the disclosure of its financial
information to ensure that the financial statements 12) Reviewing the adequacy of Internal Audit Function,
are correct, sufficient and credible. if any including the Structure of Internal Audit
Department, Staffing and Seniority of the Official
2) Considering and recommending the appointment, Heading of the Department, Reporting Structure
re-appointment of Auditors, fixation of the audit Coverage and Frequency of Internal Audit.

13) Discussion with Internal Auditors of any Significant 18) Approval of Appointment of CFO (i.e. Whole time
Findings and follow- up thereon. Finance Director or any other Person heading the
Finance Function for discharging that Function)
14) Reviewing the Findings of any Internal Investigations
after assessing the qualification experience and
by the Internal Auditors into matters where there is
background etc. of the candidate.
suspected Fraud or Irregularity or failure of Internal
Control Systems of a material Nature and reporting 19) Carrying out any other function as is mentioned in
the matter to the Board. the terms of reference of the Audit Committee.
15) Discussion with Statutory Auditor before the Audit The powers and role of the Audit committee is in
Commences, about the nature and Scope of Audit accordance with the provisions of Section 177 of
as well as post Audit Discussion to ascertain any the companies act 2013 and Regulation 18(3) SEBI
area of Concern. (Listing Obligations and Disclosure Requirements)
Regulations, 2015, includes oversight of the
16) To look into reasons for substantial defaults in the
Company’s financial process, reviewing the
payment to the Depositors, Debenture Holders,
financial statements, review of significant related
Shareholders (In case of Non Payment of Declare
party transactions, adequacy of internal audit
Dividend) and Creditors.
and look in to such matters as mandated SEBI
17) To Review the functioning of the Whistle Blower (Listing Obligations and Disclosure Requirements)
Mechanism. Regulations, 2015.
During the financial year ended March 31, 2022, 4 (Four) meeting of the Audit Committee were held on May 17, 2021, July
21, 2021, October 19, 2021, and January 18, 2022.
Number of Meetings during the

S.N. Name Category year 2021-22
Held Attended
1 Mrs. Nishtha Neema Independent Director 4 4
2 Mr. Navin Sunderlal Patwa Independent Director 4 4
3 Mr. Dinesh Patidar Executive Director 4 4
II. Nomination and Remuneration Committee: -
The Company has constituted Nomination and Remuneration Committee, as per the requirement of Section 178 of the
Companies Act, 2013. Which Comprises of 3 (Three) members namely, Mr. Navin Sunderlal Patwa, Mr. Pramod Kumar
Bhawsar and Mrs. Nishtha Neema all are Independent Directors.
During the financial year ended March 31, 2022, 1 (One) Meeting was held on i.e. July 21, 2021, the details of meetings held
and attendances are as follows: -
Number of Meetings during the Year

S.No. Name Category 2021-22
Held Attended
2 Mr. Pramod Kumar Bhawsar Independent Director 1 1

Terms of References: - and recommending candidates for election as a Director
on the Board. The criteria for appointment to the Board
Terms of reference of committee broadly are as under: -
include: -
1) Formulate the criteria for determining the
• composition of the Board, which is commensurate
qualifications, positive attributes and independence
with the size of the Company, its portfolio,
of a director and recommend to the Board a Policy,
geographical spread and its status as a listed
relating to the remuneration of the Directors, key
Company;
Managerial Personnel and other employees.
• desired age and diversity on the Board;
2) Formulation or criteria for evaluation of Independent
Directors of the Board. • size of the Board with optimal balance of skills
and experience and balance of Executive and
3) Devising a Policy on Board diversity: and
Non-Executive Directors consistent with the
4) Identifying Persons who are qualified to become requirements of law;
directors and who may be appointed in senior
• professional qualifications, expertise and experience
management in accordance with the criteria
in specific area of relevance to the Company;
laid down and recommend to the Board their
appointment and removal and shall carry out • balance of skills and expertise in view of the
evaluation of every Directors Performance. objectives and activities of the Company;
Board Membership Criteria and list of core skills / • avoidance of any present or potential conflict of
expertise / competencies identified in the context of interest;
the business:-
• availability of time and other commitments for
The Board of Directors are collectively responsible for proper performance of duties;
selection of a member on the Board. The Nomination
• personal characteristics being in line with the
and Remuneration Committee of the Company follows
Company’s values, such as integrity, honesty,
a defined criterion for identifying, screening, recruiting
transparency, pioneering mindset.
In terms of requirement of Listing Regulations, the Board has identified the following skills/expertise/competencies of the
Directors as given below:-
Navin Sunderlal
Ramesh Patidar
Nishtha Neema
Pramod Kumar
Dinesh Patidar
Bipinchandra
Sunil Patidar
Skills and its description

Bhawsar
Thaker
Patwa
Keyur
Leadership experience of running large enterprise – √ √ √
Experience in leading well-governed large Organisations, with an
understanding of organizational systems and processes complex
business and regulatory environment, strategic planning and risk
management, understanding of emerging local and global trends and
management of accountability and performance.
Experience of crafting Business Strategies – √ √ √ √
Experience in developing long-term strategies to grow consumer
/ FMCG business, consistently, profitably, competitively and in a
sustainable manner in diverse business environments and changing
economic conditions.
Understanding of Consumer and Customer Insights in diverse √ √ √ √ √ √
environments and conditions –
Experience of having managed organizations with large consumer /
customer interface in diverse business environments and economic
conditions which helps in leveraging consumer insights for business
benefits.

Navin Sunderlal
Ramesh Patidar
Nishtha Neema
Pramod Kumar
Dinesh Patidar
Bipinchandra
Sunil Patidar
Skills and its description
Bhawsar
Thaker
Patwa
Keyur
Finance and Accounting Experience – √ √ √ √ √
Leadership experience in handling financial management of a large
organisation along with an understanding of accounting and financial
statements.
Experience in overseeing large and complex Supply Chain – √ √ √
Experience in overseeing large and complex supply chain operations,
management of innovations, understanding of emerging technologies
including digital information technologies and their disruptive impact.
Understanding use of Digital / Information Technology across the √ √ √
FMCG value chain –
Understanding the use of digital / Information Technology across
the value chain, ability to anticipate technological driven changes &
disruption impacting business and appreciation of the need of cyber
security and controls across the organisation.
Experience of large companies and understanding of the changing √ √ √ √ √
regulatory landscape-
Experience of having served in large public companies in diverse
industries to provide Board oversight to all dimensions of business
and Board accountability, high governance standards with an
understanding of changing regulatory framework.
Details of Remuneration paid/ payable to the Directors during the Financial Year 2021-22 are as follows: -
Amount in `
Name Category Salary Perquisites Sitting fees
Mr. Dinesh Patidar Executive 9,00,00,000 0 Nil
Mr. Sunil Patidar Executive 12,00,000 61,500 Nil
Mr. Ramesh Patidar Executive 44,34,000 1,50,500 Nil
Mr. Navin Sunderlal Patwa Independent Nil Nil 2,50,000
Mrs. Nishtha Neema Independent Nil Nil 2,50,000
Mr. Pramod Kumar Bhawsar Independent Nil Nil 2,50,000
Mr. Keyur Bipinchandra Thaker Independent Nil Nil 2,50,000
III. Stakeholder Relationship Committee: -
The Company has constituted Stakeholder Relationship Committee which shall act in accordance with the prescribed
provision of Section 178 of the Companies Act, 2013 and inter alia approves transfer/transmission of share, issue of
duplicate/dematerialization of shares and consolidation, Splitting of Certificate Redressal of complaints from investors etc.
The committee Comprises of 4 (Four) members namely Mr. Navin Sunderlal Patwa, Mr. Pramod Kumar Bhawsar, Mr. Dinesh
Patel and Mrs. Nishtha Neema.
During the financial year ended March 31, 2022, 4 (Four) Meeting were held during the year i.e. May 17, 2021, July 21,
2021, October 19, 2021, and January 18, 2022. and the details are as follows:-
S. Number of Meetings during the Year 2021-22

Name of Member Category
No. Held Attended
4 Mr. Dinesh Patel CFO 4 4

Terms of Reference: - 1) To formulate and recommend to the Board a
Corporate Social responsibility policy which shall
Terms of reference of committee broadly as under: -
indicate the Activities to be undertaken by the
1) Looks into the Shareholders Complaints like Non- Company as specified in the Schedule VI of the
Receipt of Dividend warrants, Non-receipt of Annual Companies Act, 2013.
reports, Transfer of Shares Issue of Duplicate Share
2) To recommend the amount of expenditure to be
Certificates, Approving Demat Request.
incurred on the activities referred to in Clause (a) in
2) Oversee the Performance of Share Transfer Agent a financial year.
and recommend measures for overall improvement
3) To monitor the Corporate Social responsibility
in the Investor Services.
policy of the Company from time to and any other
IV. Corporate Social Responsibility Committee: - matter/thing as may be considered expedient.
The Corporate Social Responsibility (CSR) Committee Composition: -
has been constituted by The Board of Directors of the
The Committee Comprises of 3 (Three) Members. As
Company as per Provision of section 135 of Companies
on end of the financial year company have following
Act, 2013 read with Corporate Social responsibility (CSR)
members namely
rules, 2014.
1) Mr. Pramod Kumar Bhawsar
Terms of Reference: -
2) Mr. Navin Sunderlal Patwa
Terms of reference of committee broadly as under: -
3) Mrs. Nishtha Neema
During the financial year ended March 31, 2022, 1 (One) Meeting was held on January 18, 2022, the details are as follows:-
Number of Meetings
S.No. Name Category during the Year 2021-22
Held Attended
V. RISK MANAGEMENT COMMITTEE:

The Company has constituted Risk Management Committee which shall act in accordance with the prescribed provision of
Regulation 21 of SEBI Listing Regulations.
The committee Comprises of 3 (Three) members namely Mr. Dinesh Patidar, Mr. Navin Sunderlal Patwa and Mr. Pramod
Kumar Bhawsar.
During the financial year ended March 31, 2022, 2 (Two) Meeting were held on i.e. July 21, 2021 and January 18, 2022 and
the details are as follows:-
Number of Meetings
S.No. Name Category during the Year 2021-22
Held Attended
1 Mr. Dinesh Patidar Executive Director 2 2
4. GENERAL BODY MEETINGS: -

The details of last three Annual General Meeting and Extra-Ordinary General Meeting are as follows: -
Year AGM/EGM Date of AGM/EGM Time Venue
2018-19 AGM September 27, 2019 12:30 P.M. Plot No. 401,402 & 413, Sector-III,
Industrial Area, Pithampur, Dist.-Dhar
(M.P.)-454774.
2019-20 AGM September 29, 2020 12:30 P.M. through video conferencing (“V.C.) /
other Audio Visual means (“OAVM")
2020-21 AGM September 29, 2021 12:30 P.M. through video conferencing (“V.C./ other
Audio Visual means)” “OAVM”

Special resolutions passed in the last three years General Meetings: -

24th Annual General Meeting held on September 27, 2019, Two Special Resolution was passed as Special resolution as
mentioned hereunder: -
i) Re-appointment of Mr. Navin Sunderlal Patwa (DIN:-01009404) as an Independent Director of the Company for a
period of 5 (Five) consecutive years, commencing from July 31st 2019 to July 30th 2024.
ii) Revision of remuneration of Mr. Dinesh Patidar (DIN: 00549552) Chairman & Managing from 01st September 2019 till
31st August, 2021.
25th Annual General Meeting held on September 29, 2020, One, Special Resolution was passed as Special resolution as
mentioned hereunder: -
i) Re-appointment of Mrs. Nishtha Neema (DIN: 01743710) as an Independent Director.
26 Annual General Meeting held on September 29, 2021, One, Special Resolution was passed as Special resolution as
th
mentioned hereunder:
i) Re-appointment of Mr. Dinesh Patidar (DIN: 00549552) as Managing Director.
ii) Re-appointment of Mr. Ramesh Patidar (DIN: 009314317) as Whole Time Director.
iii) Re-appointment of Mr. Sunil Patidar (DIN: 02561763) as Whole-Time Director.
iv) Approval of Power to Borrow funds pursuant to the provisions of section 180(1)(c) of the Companies act, 2013, not
exceeding ` 1000 Crores.
v) Approval of Power to create charge on the assets of the Company to secure Borrowings up to ` 1,000 Crores pursuant
to section 180(1)(a) of the Companies act, 2013.
Postal ballot: -
During the year 2021-22, under Section 110 of the Companies Act, 2013 read with Companies Management and
Administration Rules, 2014, the Company passed the following Resolutions by postal ballot:-
Special Resolution:
Votes cast in favour of the Votes cast against the Invalid

S. Resolution Resolution Votes
Particulars of Resolution
No.
No. % No. % No.
1. Alteration of the Objects 98,62,968 99.60 40,084 0.40 NA
Clause of the Memorandum of
Association of the Company
2. Deletion of the Other Objects 98,62,840 99.59 40,212 0.41 NA
Clause of the Memorandum of
Association
3. Amendment of incidental or 98,62,840 99.59 40,209 0.41 NA
ancillary objects clause of
Memorandum of Association
4. Adoption of New set of 98,62,843 99.59 40,209 0.41 NA
Articles of Association of the
Company
PROCEDURE FOR POSTAL BALLOT:-
In compliance with Sections 108 and 110 and other applicable provisions of the Companies Act, 2013 read with the related
rules, General Circular No. 14/2020 dated 8th April, 2020, General Circular No. 17/2020 dated 13th April, 2020, General
Circular No.22/2020 dated 15th June, 2020, General Circular No. 33/2020 dated 28th September, 2020, General Circular
No. 39/2020 dated 31st December, 2020, General Circular No. 10/2021 dated 23rd June, 2021 and General Circular No.
20/2021 dated 8th December, 2021 (the “MCA Circulars”) respectively issued by the Ministry of Corporate Affairs (MCA),
the Company provided electronic voting (e-voting) facility to all its Members.
The Notice of Postal Ballot was sent in electronic mode only to all those Members who had registered their e-mail addresses
with the Company or Depository Participant/Depository/Adroit Corporate Services Pvt. Ltd. Further, the Members had

the option to vote only through remote e-voting and voting through physical ballot papers was not provided. Further, the
Company also published a notice in the newspaper declaring the details of completion of dispatch through electronic mode
and giving an opportunity to those Members who have not registered their e-mail IDs for registering their e-mail IDs in
order to obtain the electronic copies of the Notice.
Voting right was reckoned on the paid-up value of shares registered in the name of the member as on the cut-off date. The
scrutiniser completed their scrutiny and submitted the report to the Chairman/Managing Director, and the consolidated
results of the voting were announced by the Chairman/Authorised Officer. The results were also displayed on the Company’s
website www.shaktipumps.com besides being communicated to the Stock Exchanges, Depositories and Registrar and Share
Transfer Agent.
5. SUBSIDIARY COMPANIES: -
S.No. NAME OF COMPANY RELATION
1 Shakti Pumps USA, LLC Wholly Owned Subsidiary
2 Shakti Pumps FZE, UAE Wholly Owned Subsidiary
3 Shakti Pumps (Shanghai) Limited, China Wholly Owned Subsidiary
4 Shakti Pumps (Bangladesh) Limited Subsidiary
5 Shakti Energy Solutions Private Limited Wholly Owned Subsidiary
6 Shakti Green Industries Private Limited Wholly Owned Subsidiary
GOVERNANCE OF SUBSIDIARY COMPANIES: -
The minutes of the Board Meetings of the subsidiary companies along with the details of significant transactions and
arrangements entered into by the subsidiary companies are shared with the Board of Directors on a quarterly basis. The
financial statements of the subsidiary companies are presented to the Audit Committee. The Company does not have
a material subsidiary as on the date of this Report, having a net worth exceeding 20% or 10% of the consolidated net
worth or income of 20% or 10% of the consolidated income of your Company. The information in respect of the loans and
advances in the nature of loans to subsidiaries pursuant to Regulation 34 of the Listing Regulations is provided in Notes to
the standalone financial statements.
6. COMPANY POLICIES
Vigil Mechanism/ Whistle Blower Policy: -
In Compliance with the provision of Section 177 (9) of the Companies Act, 2013 and regulation 4 of the SEBI (Listing
Obligation and Disclosure Requirements) Regulations, 2015, the Company framed a Vigil Mechanism/ Whistle Blower
Policy and the same has also been placed on the website of the Company. None of the employees of the Company has been
denied access to the Audit Committee.
Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013.
Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:
The Company is committed to ensuring that all employees work in an environment that not only promotes diversity and
equality but also mutual trust, equal opportunity and respect for human rights. The Company is also committed to provide
a work environment that ensures every woman employee is treated with dignity, respect and afforded equal treatment.
The Company has formulated a Policy on prevention of Sexual Harassment in accordance with the provisions of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder
which is aimed at providing every woman at the workplace a safe, secure and dignified work environment.

Your Company has constituted Internal Committees. Disclosure on accounting treatments: -

In the Preparation of financial statements, the company
Number of Complaints filed during the FY 0
has followed the IND AS referred to in section 133 of
2021-22
the Companies Act, 2013. The Significant accounting
Number of Complaints disposed off. during 0 policies which are consistently applied have been set out
the FY 2021-22 in notes to the financial statements.
Number of Complaints pending as on 31st 0 Risk management: -
March, 2022
The Company has laid down Risk Assessment and
Policy on dealing with Related Party Transactions Minimization procedures and the same is periodically
The Company has not entered into any material reviewed by the Board to ensure that the executive
related Party transaction during the year. In line with management controls the risk in properly defined
the requirement of companies act 2013 and Listing framework.
regulations , your company has formulated a policy on Details of non-compliances by the Company penalties,
Related Party Transactions which is also available at the strictures imposed on the Company by stock exchanges,
Company’s website www.shaktipumps.com. The policy SEBI, any other statutory authority on any matter related
intends to ensure that proper reporting, approval and to the capital market: -
disclosure processes are in place for all transactions
between the Company and Related Parties. This policy i) The Company has complied with the requirements
specifically deals with the review and approval of of SEBI (Listing Obligations and Disclosure
material Related Party Transactions keeping in mind the Requirements) Regulations, 2015 with stock
potential or actual conflicts of interest that may arise exchanges as well as regulations and guidelines of
because of entering into these transactions. All related SEBI, No penalties/strictures were imposed against
party transactions are placed before Audit Committee by SEBI and Stock Exchanges any other statutory
for review and approval. Prior omnibus approval is authority on any matter related to the capital market
obtained for Related Party Transactions on a quarterly during last three years.
basis for transactions, which are of repetitive nature ii) A qualified practicing Company Secretary carried
and/ or entered during the year were in Ordinary Course out a share capital audit to reconcile the total
of business and on Arm’s length basis. No Material admitted equity share capital with the National
Related Party Transactions i.e. transactions exceeding Securities Depositary Limited (NSDL) and the
ten percent of annual consolidated turnover as per the Central Depository Services (India) Limited (CDSL)
last audited financial statements, were entered during and the total issued and listed equity share capital.
the year by your Company. The audit report confirms that the total issued/paid-
Policy regarding Material subsidiaries: - up capital is in agreement with the total number of
shares in physical form and the total number of
The Company does not have any material unlisted Indian dematerialized shares held with NSDL and CDSL.
Subsidiary Company.
iii) The Company has also undertaken Secretarial
Policy on Dividend Distribution Audit for the financial year 2021-22 which, inter
During the year, the Board of Directors had review alia, includes audit of compliance with Companies
Dividend Distribution Policy in terms of the requirements Act and Rules made under the Act, SEBI (Listing
of Listing Regulations. The Policy is available on the Obligations and Disclosure Requirements)
website of the Company Regulations, 2015 and Guidelines prescribed by
the Securities and Exchange Board of India. The
Secretarial Audit Report is annexed with this annual
7. DISCLOSURES :- report.
Disclosure on materially related party transactions: -
Prevention of Insider Trading: -
All transaction entered into with related Parties as
The Company properly advised and cautioned the
defined under Companies Act, 2013 and the SEBI (Listing
management, staff and other relevant business
Obligations and Disclosure Requirements) Regulations,
associates on the procedure to be followed while dealing
2015 during the financial year were in the ordinary course
with the securities of the Company in the light the SEBI
of Business and at arm length basis and do not attract the
(Prohibition of Insider Trading) Regulations, 2015. The
provisions of section 188 of the Companies Act, 2013.
same has been displayed in the Company’s website
There were no materially significant transactions with
(www.shaktipumps.com).
related parties during the financial year which were in
conflict with the interest of the Company.

Foreign exchange risk and hedging activities: - (iv) Annual Report: Annual Report containing inter alia,
Audited Annual Accounts, consolidated Financial
The company has exposure to foreign exchange risk vis-
Statements, Directors Report, Auditors’ Report
à-vis Total Sales /Purchases of the Company.
and other important information is circulated to
The Company has a mechanism in place wherein a members and others entitled thereto.
dedicated team keeps a close watch on the market
(v) BSE Corporate Compliance & Listing Centre (the
behavior and adopts best purchase /sale practices to
“Listing Center”) The Listing Center of BSE is a web
minimize the effect of price/foreign exchange fluctuation.
based application designed by BSE for corporate.
The Company has not however undertaken any hedging All periodically compliances filing like shareholding
activities during the year under review. pattern, corporate governance report etc. are also
filed electronically on the Listing Center.
Disclosure of Pending Cases / Instances of Non-
Compliance (vi) NSE Corporate Compliance & Listing Centre (the
“Listing Center”): The Listing Center of NSE is a web
There were no non-compliances by the Company and
based application designed by NSE for corporate.
no instances of penalties and strictures imposed on the
All periodically compliances filing like shareholding
Company by the Stock Exchanges or SEBI or any other
pattern, corporate governance report etc. are also
Statutory Authority on any matter related to the capital
filed electronically on the Listing Center NSE.
market during the last three years.
(vii) SEBI Complaints Redress System (SCORES): The
Secretarial Audit Report
investor complaints are processed in a centralized
The Company has undertaken Secretarial Audit for the web based complaints redress system.
financial year 2021-22 which, inter alia, includes audit of
compliance with the Companies Act, 2013, and the Rules 9. COMPLIANCE WITH THE DISCRETIONARY
made under the Act, Listing Regulations and applicable REQUIREMENTS UNDER THE LISTING
Regulations prescribed by the Securities and Exchange
Board of India and Foreign Exchange Management Act, REGULATIONS
1999 and Secretarial Standards issued by the Institute of The Board of Directors periodically reviewed the
the Company Secretaries of India. The Secretarial Audit compliance of all applicable laws and steps taken by
Report forms part of this Annual Report. the Company to rectify instances of non-compliance, if
Annual Secretarial Compliance Report any. The Company is in compliance with all mandatory
requirements of Listing Regulations. In addition, the
The Company has undertaken an audit for the financial Company has also adopted the following non-mandatory
year 2021-22 for all applicable compliances as per requirements to the extent mentioned below:-
Securities and Exchange Board of India Regulations and
Circulars/Guidelines issued thereunder. • Shareholders’ rights: The quarterly results along
with the press release are uploaded on the website
The Annual Secretarial Compliance Report has been of the Company at www.shaktipumps.com.
submitted to the stock exchanges within 60 days of the
end of the financial year. • Audit qualifications: Company’s financial statements
are unqualified.
8. MEANS OF COMMUNICATIONS: - • Reporting of Internal Auditor: The Internal Auditor
of the Company directly reports to the Audit
(i) Quarterly Results: The quarterly, financial results of Committee on functional matters.
the Company are published in at least one English
language national daily newspaper circulating in The Company has submitted quarterly compliance report
the whole or substantially the whole of India and on Corporate Governance with the Stock Exchanges, in
in one daily newspaper published in the language accordance with the requirements of Regulation 27(2)(a)
of the region i.e. Hindi daily newspaper and are of the Listing Regulations.
also displayed on the Company’s website www.
shaktipumps.com. 10. AFFIRMATION AND DISCLOSURE
(ii) News Releases, Presentations, etc.: Official news All the Members of the Board have affirmed their
releases and Official Media Releases are regularly compliance with the Code of Conduct as on 31st March,
sent on event basis to the Stock Exchanges. 2022 and a declaration to that effect, signed by the
(iii) Website: the Company’s website www.shaktipumps. Managing Director, is attached and forms part of this
com contains a separate dedicated section Investor Report.
Relations where shareholders information is The Company has complied with the requirements
available. The Annual Report is also available on the specified in Regulations 17 to 27 and clauses (b) to (i) of
website in a user-friendly and downloadable form. the Regulation 46(2) of the Listing Regulations.

No funds were raised through preferential allotment or 15. GENERAL SHAREHOLDERS INFORMATION
Qualified Institutional Placement as per the Regulation
32(7A) of Listing Regulations. • Annual General Meeting to be held (Day, date, time
and venue)
11. FEES PAID TO AUDITORS Day : Thursday
The total fees for all services paid by the Company to M/s. Date : September 29, 2022
PGS & Associates, Chartered Accountants, Statutory
Auditors during the financial year 2021-22 is `10.00 Time : 01:00 P.M.
Lacs and estimated fees to be paid for the financial year Venue : Annual General Meeting through
2022-23 shall be `10.00 Lacs. Video Conferencing /Other Audio
Visual Means Facility Deemed
12. DISCLOSURE ON WEBSITE Venue for Meeting: Plot No. 401,
402 & 413, Sector-III, Industrial
Following information has been disseminated on the Area, Pithampur, Dist.-Dhar
website of the Company at www.shaktipumps.com; (M.P.).
1. Details of business of the Company; • Financial Calendar 2022-23
2. Terms and conditions of appointment of Financial Reporting for the Quarter ending June 30
Independent Directors; 2022:- On or before August 14, 2022.
3. Composition of various Committees of Board of Financial Reporting for the Quarter ending
Directors; September 30, 2022:- On or before November 14,
4. Code of Conduct for Board of Directors and Senior 2022.
Management Personnel; Financial Reporting for the Quarter ending
5. Details of establishment of vigil mechanism / December 31, 2022:- On or before February 14,
Whistle Blower policy; 2023.
6. Policy on dealing with Related Party Transactions; Financial Reporting for the Quarter ending March
31, 2023:- On or before May 30, 2023.
7. Policy for Determining Material Subsidiaries;
• Book Closure Date: -
8. Details of Familiarization Programmes imparted to
Independent Directors; From Friday, September 23, 2022, to Thursday,
September 29, 2022, (both days inclusive) for the
9. Policy for Determination of Materiality of Events; purpose of Annual General Meeting.
10. Policy for Dividend Distribution. • Unclaimed Dividend: -
Pursuant to the provisions of Section 124(5) of the
13. PLANT LOCATION: - Companies Act, 2013, if the dividend transferred
Main Unit:- Plot No. 401, 402 & 413 Sector III, Industrial to the Unpaid Dividend Account of the Company
Area Pithampur Dist. Dhar-454774 remains unpaid or unclaimed for a period of seven
years from the date of such transfer then such
SEZ Address:- Plot No. F-14 & 15 Phase–I Sector No.3
unclaimed or unpaid dividend shall be transferred
Special Economic Zone Pithampur Dist. Dhar M.P.
by the company to the Investor Education and
454774
Protection Fund (‘the IEPF’), a fund established
under sub-section (1) of section 125. The Company
14. Credit Rating: - has sent intimation to all such shareholders
a) INDIA Ratings & Research had given Rating for who have not claimed their dividend for seven
Bank Facilities credit rating for Fund-based working consecutive years. The details of unclaimed/unpaid
capital limits of ` 260.00 Cr. IND A/Stable/ IIND A1, dividend are also available on the website of the
Non-fund-based working capital limits of ` 195.85 Company viz. www.shaktipumps.com .
Cr. IND A1, Term loan ` 1.19 Cr. IND A/Stable. The Company has transferred all unpaid/unclaimed
equity dividends up to the financial year 2013-14
to the Investor Education & Protection Fund (IEPF)
established by the Central Government pursuant to
Section 125 of Companies Act, 2013

The Company has appointed a Nodal Officer under the provisions of IEPF, the details of which are available on the
website of the Company at www.shaktipumps.com .
• Listing Details: -
Company’s equity shares are listed on the following stock exchanges. The annual listing fee for the year 2021-22 has
been paid to both these stock exchanges.
Name and Address of Stock Exchanges Stock Code/Symbol

1. BSE Limited (BSE)
531431
P.J. Towers, Dalal Street, Mumbai-400001
2. National Stock Exchange of India Limited (NSE)
SHAKTIPUMP
“Exchange Plaza”, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051.
a. ISIN Code: - INE908D01010.
b. Custodial fee:- The Company has paid the custodial fee to the NSDL and CDSL for the Financial Year 2022-23.
c. Corporate Identification Number (CIN): -L29120MP1995PLC009327.
d. Stock Market data: The month-wise highest and lowest and total number of shares traded during the last financial year
was as follows: -
a) BSE Limited
Month Highest Lowest Total No. of Shares traded

Apr 21 575.00 475.00 2,56,000
May 21 901.40 526.00 11,53,168
Jun 21 910.00 724.60 8,78,911
Jul 21 876.20 742.05 5,39,622
Aug 21 785.00 638.40 2,16,360
Sep 21 765.00 683.00 1,49,448
Oct 21 833.25 642.15 3,75,034
Nov 21 696.25 548.60 1,86,339
Dec 21 683.00 576.05 2,14,156
Jan 22 711.15 565.00 3,53,511
Feb 22 628.40 480.35 1,52,250
Mar 22 535.00 453.00 3,08,422
b) National Stock Exchange of India Ltd.
Month Highest Lowest Total No. of Shares traded

Apr 21 575.00 480.00 20,07,789
May 21 787.80 526.00 1,21,36,904
Jun 21 910.00 712.95 68,68,102
Jul 21 876.00 742.55 49,13,153
Aug 21 786.40 638.05 15,47,500
Sep 21 766.85 683.00 12,34,864
Oct 21 834.00 642.00 37,17,936
Nov 21 696.00 550.80 14,01,533
Dec 21 683.85 576.05 15,16,098
Jan 22 711.10 565.75 35,25,497
Feb 22 630.00 480.00 14,67,351
Mar 22 530.00 454.00 16,90,769

• Registrar and Transfer agent: -

ADROIT CORPORATE SERVICES PVT.LTD.
17-20, Jafferbhoy Industrial Estate, 1st Floor, Makwana Road,
Marol, Andheri (E), Mumbai-400059 (MH.), India
Phone No.:-(022) 28594060, 28596060 Fax No.- (022) 28503748
Email- [email protected]
• Share transfer system: -
All valid requests for transfer of equity shares in physical mode received for transfer at the office of the Registrar and
Transfer Agents or at the Registered Office of the Company are processed and returned within a period of fifteen days
from the date of receipt.
In terms of amended Regulation 40 of Listing Regulations w.e.f. 1st April, 2019, transfer of securities in physical form
shall not be processed unless the securities are held in the demat mode with a Depository Participant. Further, with
effect from 24th January, 2022, SEBI has made it mandatory for listed companies to issue securities in demat mode
only while processing any investor service requests viz. issue of duplicate share certificates, exchange/sub-division/
splitting/consolidation of securities, transmission/transposition of securities. Vide its Circular dated 25th January,
2022, SEBI has clarified that listed entities/RTAs shall now issue a Letter of Confirmation in lieu of the share certificate
while processing any of the aforesaid investor service request
• Shareholding as on March 31, 2022: -
A. Distribution of Shareholding as on March 31, 2022.
Range of equity No. of Face Value per equity % of

% Number of Shares
shares held Shareholders shares (in `) Shareholding
Up to-5000 41181 96.06 2452681 24526810 13.34
5001-10,000 842 1.96 645090 6450900 3.51
10,001-20,000 427 1.00 633700 6337000 3.45
20,001-30,000 146 0.34 366680 3666800 1.99
30,001-40,000 62 0.14 222094 2220940 1.21
40,001-50,000 40 0.09 184071 1840710 1.00
50,001-1,00,000 75 0.17 541309 5413090 2.95
1,00,000 and Above 95 0.22 13334531 133345310 72.55
Total 42868 100.00 18380156 183801560 100.00
B. Categories of Shareholding as on March 31, 2022.

Number of % of % of
S.N. Category No. of Shares
Shares holders Shareholders Shareholding
1 Resident Individuals 41118 95.92 6254941 34.03
2 Non Resident Indians (Individuals) 640 1.49 296578 1.61
3 Corporate Bodies (Promoters) 2 0.01 1480000 8.05
4 Corporate Bodies 204 0.48 1054862 5.74
5 Mutual Funds 1 0.00 11000 0.06
6 Directors (Promoters ) 2 0.01 5330300 29.00
7 Directors 1 0.00 76848 0.42
8 Directors Relatives (Promoters) 6 0.01 3266000 17.77
9 Clearing Member 95 0.22 121738 0.66
10 Corporate Body - Broker 1 0.00 280 0.01
11 Foreign Portfolio Investors 17 0.04 81182 0.44
12 Investor Education and Protection Fund 1 0.00 21911 0.12
13 Alternate Investment Fund 1 0.00 3155 0.02
14 Hindu Undivided Family (HUF) 779 1.82 381361 2.07
Total 42868 100.00 1,83,80,156 100.00

C. Dematerialization of Shares March 31, 2022.
S.N. Mode of Holding No. of Shareholders No. of Shares % age

1 CDSL 28027 6471744 35.21
2 NSDL 14821 11879504 64.63
3 Physical 20 28908 0.16
Total 42868 18380156 100.00
99.84% of the Company’s Paid-up Equity Share Capital is dematerialized as on 31 March, 2022. Trading in Equity Shares
st
of the Company is permitted only in dematerialized form.

• Address for correspondence: -
The Shareholder may address their communication/suggestions/grievances/queries to: -
The Company Secretary
Plot No. 401, 402, 413, Sector III, Industrial Area
Pithampur Dist. Dhar- M.P.-454774.
Tel:- 7292 410552
Fax:-7292410519
Email:[email protected]
• Details of Compliance with mandatory requirements and adoption of non-mandatory requirements: -
Compliance with Mandatory requirements and adoption of Non-Mandatory requirement of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015: -
The company has complied with all mandatory requirements as per SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. Statutory auditor’s certificate to this effect has been included in this report SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
The company has also adopted the following non mandatory requirements under SEBI (Listing Obligations and Disclosure
a) The internal auditors of the company are directly reporting to the audit committee of the Board.

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)
To,
The Members
CIN: L29120MP1995PLC009327
Pithampur M.P. 454774
I have examined the following documents: -
i) Declaration of non-disqualification as required under Section 164 of Companies Act, 2013 (‘the Act’);
ii) Disclosure of concern or interests as required under Section 184 of the Act; (hereinafter referred to as ‘relevant documents’),
as submitted by the Directors of Shakti Pumps (India) Limited (‘the Company’) bearing CIN: L29120MP1995PLC009327
and having its Registered Office at Plot No. 401, 402 & 413 Sector III Industrial Area Pithampur M.P. 454774, to the
Board of Directors of the Company (‘the Board’) for the financial year 2021-22. We have considered non-disqualification to
include non-debarment.
It is the responsibility of Directors to submit relevant documents with complete and accurate information in accordance
with the provisions of the Act.
Based on my examination of relevant documents made available to me by the Company and such other verifications carried
out by me as deemed necessary and adequate, in my opinion and to the best of our information and knowledge and
according to the explanations provided by the Company, its officers and authorized representatives, I certify that as on
date of this Certificate, none of the Directors on the Board of the Company, as listed hereunder, have been debarred or
disqualified from being appointed or continuing as Directors of the Company by Securities and Exchange Board of India/
Ministry of Corporate Affairs or any such statutory authority.
Sr. No. Name of Director DIN Date of appointment in Company

1 Mr. Sunil Manoharlal Patidar 02561763 21/04/1995
2 Mr. Dinesh Patidar 00549552 30/01/2006
3 Mr. Ramesh Patidar 00931437 17/10/2006
4 Mr. Navin Sunderlal Patwa 01009404 18/01/2012
5 Mrs. Nishtha Neema 01743710 28/03/2015
6 Mr. Keyur Bipinchandra Thaker 08474827 11/06/2019
7 Mr. Pramod Kumar Bhawsar 07825119 19/05/2017
This Certificate has been issued at the request of the Company to make disclosure in its Corporate Governance Report of
the Financial Year ended 31st March, 2022.
Company Secretaries
Manish Maheshwari
Proprietor
FCS-5174
Date : 11th July 2022 CP-3860
Place : Indore UDIN : F005174D000598241

CERTIFICATE REGARDING COMPLIANCE OF
CONDITIONS OF CORPORATE GOVERNANCE
Certificate regarding compliance of conditions of Corporate Governance
{Under Regulation 34(3) and Schedule V (E) of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015}
To,
The Members,
CIN: L29120MP1995PLC009327
Dear Sir(s)/Madam,
I have examined the compliance of the conditions of Corporate Governance by SHAKTI PUMPS (INDIA) LIMITED (‘the
Company’) for the year ended on March 31, 2022, as stipulated under Regulations 17 to 27, clauses (b) to (i) of sub- regulation
(2) of Regulation 46 and para C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”).
The compliance of the conditions of Corporate Governance is the responsibility of the management of the Company. This
responsibility includes the design, implementation and maintenance of internal control and procedures to ensure the compliance
with the conditions of the Corporate Governance stipulated in Listing Regulations.
My examination was limited to the review of procedures and implementation thereof, as adopted by the Company for ensuring
compliance with conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial
statements of the Company.
In my opinion and to the best of my information and according to the explanations given to me, and the representations made
by the Directors and the Management, I certify that the Company has complied with the conditions of Corporate Governance
as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C and D of Schedule V of the Listing
Regulations during the year ended March 31, 2022.
I further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
Company Secretaries
Manish Maheshwari
Proprietor
FCS-5174
Date : 11th July 2022 CP-3860
Place : Indore UDIN : F005174D000598241

CERTIFICATION BY MANAGING DIRECTOR, CHIEF FINANCIAL OFFICER

(Pursuant to Regulation 17(8) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 the CEO/ CFO Certificate as per the format specified In Part B of Schedule II of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015).
To, Date: 02.05.2022

Plot No. 401, 402, & 413, Sector III, Industrial Area
Pithampur M.P.-454775
We the undersigned, in our respective capacities as Managing Director and Chief Financial Officer of SHAKTI PUMPS (INDIA)
LIMITED, to the best of our knowledge and belief certifies that:-
a) We have reviewed financial statements and the cash flow statement for the financial year ended March 31, 2022 and that
to the best of our knowledge and belief;
i. These statements do not contain any materially untrue statement or omit any material fact or contain any statements
that might be misleading;
ii. These statements together present a true and fair view of the Company’s affairs and are in compliance with existing
IND AS, applicable laws and regulations.
b) We further state that to the best of our knowledge and belief, there are no transactions entered into by the Company during
the year, which are fraudulent, illegal or violative of the Company’s Code of Conduct.
c) We hereby declare that all the members of the Board of Directors and Management Committee have confirmed compliance
with the Code of Conduct as adopted by the Company.
d) We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated
the effectiveness of internal control systems of the Company pertaining to financial reporting of the Company and have
disclosed to the Auditors and Audit Committee, deficiencies in the design or operation of internal controls, if any, of which
we are aware and the steps we have taken or proposed to take to rectify these deficiencies.
e) We have indicated, to the Auditors and the Audit Committee: -
i. significant changes, if any, in internal control over financial reporting during the year;
ii. significant changes, if any, in the accounting policies during the year and that the same has been disclosed in the notes
to the financial statements; and
iii. Instances of significant fraud of which we have become aware and the involvement therein, if any, of the management
or an employee having significant role in the Company’s internal control system over the financial reporting.
Yours faithfully,
For Shakti Pumps (India) Limited For Shakti Pumps (India) Limited
Dinesh Patidar Dinesh Patel
Managing Director Chief Financial Officer
(DIN: -00549552)
DECLARATION OF CODE OF CONDUCT

This is to confirm that the Board of Directors of the Company has laid down a Code of Conduct for its member and senior
management personnel of the Company and the same has also been posted on the Company’s website. It is further confirmed
that All the Director and Senior Management Personnel of the Company have affirmed compliance with the Code of Conduct
of the Company for the Financial Year ended March 31, 2022, as envisaged under SEBI (Listing Obligation and Disclosure
Date: 02.05.2022 Dinesh Patidar
Place: Pithampur Managing Director

DISCLOSURE WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/
UNCLAIMED SUSPENSE ACCOUNT PURSUANT TO REGULATION 34 (3)
READ WITH SCHEDULE V (F) OF THE SEBI(LISTING OBLIGATIONS &
DISCLOSURE REQUIREMENT) REGULATION, 2015
Number of No. of Shares held
Particulars
Shareholders by them
Detail of shareholders as on 01.04.2021 NIL NIL
Shareholders who approached during the year for transfer of shares (including NIL NIL
Those Shareholders whose shares transferred to IEPF Account)
Shareholders to whom shares are transferred during the year (including NIL NIL
Those Shareholders whose shares transferred to IEPF Account)
Detail of shareholders as on 31.03.2022 NIL NIL
Further the voting rights on above mentioned shares are frozen till the rightful owner claims the shares
Dinesh Patidar
Place: Pithampur Managing Director

Independent Auditors’ Report

To the Members of BASIS FOR OPINION
SHAKTI PUMPS (INDIA) LIMITED We conducted our audit of the Standalone Financial
Statements in accordance with the Standards on Auditing
Report on the Audit of the Standalone Financial (SAs), as specified under Section 143(10) of the Act. Our
Statements responsibilities under those Standards are further described in
the ‘Auditors’ Responsibilities for the Audit of the Standalone
Financial Statements’ section of our report. We are
OPINION independent of the Company in accordance with the ‘Code
We have audited the accompanying Standalone Financial of Ethics’ issued by the Institute of Chartered Accountants of
Statements of Shakti Pumps (India) Limited (“the Company”), India together with the ethical requirements that are relevant
which comprise the Balance sheet as at March 31, 2022, to our audit of the financial statements under the provisions
the Statement of Profit and Loss, including the statement of of the Act and the Rules thereunder, and we have fulfilled
Other Comprehensive Income, the Cash Flow Statement and our other ethical responsibilities in accordance with these
the Statement of Changes in Equity for the year then ended, requirements and the Code of Ethics. We believe that the
and notes to the Standalone Financial Statements, including audit evidence we have obtained is sufficient and appropriate
a summary of significant accounting policies and other to provide a basis for our audit opinion on the Standalone
explanatory information. Financial Statements.
In our opinion and to the best of our information and according

to the explanations given to us, the aforesaid Standalone KEY AUDIT MATTERS
Financial Statements give the information required by the Key audit matters are those matters that, in our professional
Companies Act, 2013, as amended (“the Act”) in the manner judgment, were of most significance in our audit of the
so required and give a true and fair view in conformity with standalone financial statements of the current period. These
the accounting principles generally accepted in India, of the matters were addressed in the context of our audit of the
state of affairs of the Company as at March 31, 2022, its profit standalone financial statements, and in forming our opinion
including other comprehensive income, its cash flows and the thereon, and we do not provide a separate opinion on these
changes in equity for the year ended on that date. matters. We have determined the matters described below to
be the key audit matters to be communicated in our report.
Sr.No. Key Audit Matter Auditor’s Response

1 Evaluation of uncertain tax positions Principal Audit Procedures
The Company has material uncertain tax Obtained details of completed tax assessments and demands for
positions including matters under dispute the year ended March 31, 2022 from management. We involved
which involves significant judgment to our internal experts to challenge the management’s underlying
determine the possible outcome of these assumptions in estimating the tax provision and the possible outcome
disputes. of the disputes. Our internal experts also considered legal precedence
and other rulings in evaluating management’s position on these
Refer Notes 32 to the Standalone Financial
uncertain tax positions. Additionally, we considered the effect of new
Statements
information in respect of uncertain tax positions as at April 1, 2021 to
evaluate whether any change was required to management’s position
on these uncertainties.
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS’ REPORT THEREON
The Company’s Board of Directors is responsible for the other information. The other information comprises the information
included in the Management Discussion and Analysis, Board’s Report including Annexures to that Board’s Report, Corporate
Governance and Shareholder’s Information, but does not include the Standalone Financial Statements, consolidated financial
statement and our auditor’s report thereon.
Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the Standalone Financial As part of an audit in accordance with SAs, we exercise
Statements, our responsibility is to read the other information professional judgment and maintain professional scepticism
and, in doing so, consider whether such other information throughout the audit. We also:
is materially inconsistent with the financial statements or
• Identify and assess the risks of material misstatement
our knowledge obtained in the audit or otherwise appears
of the standalone financial statements, whether due
to be materially misstated. If, based on the work we have
to fraud or error, design and perform audit procedures
performed, we conclude that there is a material misstatement
responsive to those risks, and obtain audit evidence that
of this other information, we are required to report that fact.
is sufficient and appropriate to provide a basis for our
We have nothing to report in this regard.
opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from
RESPONSIBILITES OF MANAGEMENT AND error, as fraud may involve collusion, forgery, intentional
THOSE CHARGED WITH GOVERNANCE FOR omissions, misrepresentations, or the override of internal
THE STANDALONE FINANCIAL STATEMENTS control.
The Company’s Board of Directors is responsible for the • Obtain an understanding of internal financial controls
matters stated in section 134(5) of the Act with respect to relevant to the audit in order to design audit procedures
the preparation of these standalone financial statements that that are appropriate in the circumstances. Under
give a true and fair view of the financial position, financial section 143(3)(i) of the Act, we are also responsible for
performance, total comprehensive income, changes in equity expressing our opinion on whether the Company has
and cash flows of the Company in accordance with the Ind AS adequate internal financial controls system in place and
and other accounting principles generally accepted in India. the operating effectiveness of such controls
This responsibility also includes maintenance of adequate • Evaluate the appropriateness of accounting policies used
accounting records in accordance with the provisions of and the reasonableness of accounting estimates and
the Act for safeguarding the assets of the Company and for related disclosures made by management.
preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; • Conclude on the appropriateness of management’s use of
making judgments and estimates that are reasonable and the going concern basis of accounting and, based on the
prudent; and design, implementation and maintenance of audit evidence obtained, whether a material uncertainty
adequate internal financial controls, that were operating exists related to events or conditions that may cast
effectively for ensuring the accuracy and completeness of significant doubt on the Company’s ability to continue
the accounting records, relevant to the preparation and as a going concern. If we conclude that a material
presentation of the standalone financial statements that give uncertainty exists, we are required to draw attention
a true and fair view and are free from material misstatement, in our auditor’s report to the related disclosures in the
whether due to fraud or error. standalone financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions
In preparing the standalone financial statements, management are based on the audit evidence obtained up to the
is responsible for assessing the Company’s ability to continue date of our auditor’s report. However, future events or
as a going concern, disclosing, as applicable, matters related to conditions may cause the Company to cease to continue
going concern and using the going concern basis of accounting as a going concern.
unless management either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to • Evaluate the overall presentation, structure and content
do so. of the standalone financial statements, including the
disclosures, and whether the standalone financial
The Board of Directors are responsible for overseeing the statements represent the underlying transactions and
Company’s financial reporting process. events in a manner that achieves fair presentation.
Auditor’s Responsibility Materiality is the magnitude of misstatements in the

standalone financial statements that individually or in
Our objectives are to obtain reasonable assurance about aggregate makes it probable that the economic decisions of
whether the standalone financial statements as a whole a reasonably knowledgeable user of the standalone financial
are free from material misstatement, whether due to fraud statements may be influenced. We consider quantitative
or error, and to issue an auditor’s report that includes our materiality and qualitative factors in (i) planning the scope of
opinion. Reasonable assurance is a high level of assurance our audit work and in evaluating the results of our work and
but is not a guarantee that an audit conducted in accordance (ii) to evaluate the effect of an identified misstatements in the
with SAs will always detect a material misstatement when it standalone financial statements.
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they We communicate with those charged with governance
could reasonably be expected to influence the economic regarding, among other matters, the planned scope and
decisions of users taken on the basis of these standalone timing of the audit and significant audit findings, including
financial statements. any significant deficiencies in internal control that we identify
during our audit.

We also provide those charged with governance with a given to us, the remuneration paid by the Company
statement that we have complied with relevant ethical to its directors during the year is in accordance with
requirements regarding independence, and to communicate the provisions of section 197 of the Act.
with them all relationships and other matters that may
h) with respect to the other matters to be included in
reasonably be thought to bear on our independence, and
the Auditor’s Report in accordance with Rule 11 of
where applicable, related safeguards.
the Companies (Audit and Auditors) Rules, 2014, in
From the matters communicated with those charged with our opinion and to the best of our information and
governance, we determine those matters that were of most according to the explanations given to us:
significance in the audit of the standalone financial statements
i. The Company has disclosed the impact of pending
of the current period and are therefore the key audit matters.
litigations on its financial position in its standalone
We describe these matters in our auditor’s report unless law
financial statements- Refer Note No. 32 of financial
or regulation precludes public disclosure about the matter or
statements;
when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because ii. The Company has made provision, as required under
the adverse consequences of doing so would reasonably be the applicable law or accounting standards, for material
expected to outweigh the public interest benefits of such foreseeable losses, if any, on long-term contracts
communication. including derivative contracts;
iii. There has been no delay in transferring amounts,
Report on Other Legal and Regulatory required to be transferred, to the Investor Education and
Requirements Protection Fund by the Company;
1. As required by Section 143(3) of the Act, we report that: iv. a) The management has represented that, to the best of
their knowledge and belief, no funds (which are material
a) we have sought and obtained all the information and
either individually or in the aggregate) have been
explanations which to the best of our knowledge
advanced or loaned or invested (either from borrowed
and belief were necessary for the purpose of our
funds or share premium or any other sources or kind
audit;
of funds) by the Company to or in any other person or
b) in our opinion, proper books of account as required entity, including foreign entity (“Intermediaries”), with
by law have been kept by the Company so far as it the understanding, whether recorded in writing or
appears from our examination of those books; otherwise, that the Intermediary shall, whether, directly
or indirectly lend to or invest in other persons or entities
c) The Balance Sheet, the Statement of Profit and
identified in any manner whatsoever by or on behalf of
Loss (including other comprehensive income), the
the Company (“Ultimate Beneficiaries”) or provide any
Cash Flow Statement and Statement of Changes in
guarantee, security or the like on behalf of the Ultimate
Equity dealt with by this Report are in agreement
Beneficiaries.
with the books of account;
b) The management has represented, that, to the best
d) in our opinion, the aforesaid standalone financial
of their knowledge and belief, no funds (which are
statements comply with the Indian Accounting
material either individually or in the aggregate) have
Standards prescribed under Section 133 of the Act;
been received by the Company from any person or
read with Companies (Indian Accounting Standards)
entity, including foreign entity (“Funding Parties”), with
Rules, 2015, as amended;
the understanding, whether recorded in writing or
e) on the basis of the written representations received otherwise, that the Company shall, whether, directly or
from the directors as on 31 March 2022 taken indirectly, lend to or invest in other persons or entities
on record by the Board of Directors, none of the identified in any manner whatsoever by or on behalf of
directors is disqualified as on 31 March 2022, from the Funding Party (“Ultimate Beneficiaries”) or provide
being appointed as a director in terms of Section any guarantee, security or the like on behalf of the
164(2) of the Act; Ultimate Beneficiaries.
f) with respect to the adequacy of the internal c) Based on the audit procedures that have been considered
financial controls over financial reporting of the reasonable and appropriate in the circumstances, nothing
Company and the operating effectiveness of such has come to our notice that has caused us to believe that
controls, refer to our separate report in ‘Annexure the representation under sub clause (i) and (ii) of Rule
A’; and 11(e) of The Companies (Audit and Auditors) Rules, 2014,
as provided under (a) and (b) above, contains any material
g) With respect to the other matters to be included
misstatement.
in the Auditor’s Report in accordance with the
requirements of section 197(16) of the Act, as v. The final dividend paid by the Company during the
amended, in our opinion and to the best of our year in respect of the previous year is in accordance
information and according to the explanations with Section 123 of the Act to the extent it applies to

payment of dividend.
b) As stated in the note 30 to the standalone financial
statements, the Board of Directors of the Company has
proposed final dividend for the year which is subject
to the approval of the members at the ensuing annual
general meeting. The dividend declared is in accordance
with Section 123 of the Act to the extent it applies to the
declaration of dividend.
2. As required by the Companies (Auditor’s Report) Order,
2020 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we give in “Annexure
B” a statement on the matters specified in paragraphs 3
and 4 of the Order
For PGS & Associates

Chartered Accountants
Firm Registration Number: 122384W
UDIN: 22111592AIGLFV1137
Premal Gandhi
Partner
Membership Number: 111592
Place: Mumbai
Date:May,02,2022

Annexure- A to the Independent Auditors’ Report

The Annexure A referred to in our Report of even date to the Members of Shakti Pumps (India) Limited (“the Company”) on the
financial statements for the year ended 31 March 2022.
Report on the Internal Financial Controls under internal financial controls over financial reporting, assessing
Clause (i) of sub-section 3 of Section 143 of the the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal
Companies Act, 2013 (‘the Act’) control based on the assessed risk. The procedures selected
We have audited the internal financial controls over financial depend on the auditor’s judgment, including the assessment
reporting of Shakti Pumps (India) Limited (‘the Company’) as of the risks of material misstatement of the Ind AS financial
of 31 March 2022 in conjunction with our audit of the Ind AS statements, whether due to fraud or error.
financial statements of the Company for the year ended on We believe that the audit evidence we have obtained is
that date. sufficient and appropriate to provide a basis for our audit
opinion on the Company’s internal financial controls system
Management’s Responsibility for Internal Financial over financial reporting.
Controls
The Board of Directors of the Company is responsible for Meaning of Internal Financial Controls Over
establishing and maintaining internal financial controls Financial Reporting
based on the internal control over financial reporting criteria A Company’s internal financial control over financial reporting is
established by the Company considering the essential a process designed to provide reasonable assurance regarding
components of internal control stated in the Guidance Note on the reliability of financial reporting and the preparation of Ind
Audit of Internal Financial Controls Over Financial Reporting AS financial statements for external purposes in accordance
issued by the Institute of Chartered Accountants of India. with generally accepted accounting principles. A Company’s
These responsibilities include the design, implementation and internal financial control over financial reporting includes
maintenance of adequate internal financial controls that were those policies and procedures that:
operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to respective 1) pertain to the maintenance of records that, in reasonable
company’s policies, the safeguarding of its assets, the detail, accurately and fairly reflect the transactions and
prevention and detection of frauds and errors, the accuracy dispositions of the assets of the Company;
and completeness of the accounting records, and the timely
2) provide reasonable assurance that transactions are
preparation of reliable financial information, as required under
recorded as necessary to permit preparation of Ind AS financial
the Companies Act, 2013.
statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the Company
Auditors’ Responsibility are being made only in accordance with authorisations of
Our responsibility is to express an opinion on the Company’s Management and directors of the Company; and
internal financial controls over financial reporting based on 3) provide reasonable assurance regarding prevention or timely
our audit. We conducted our audit in accordance with the detection of unauthorised acquisition, use, or disposition of
Guidance Note on Audit of Internal Financial Controls over the Company’s assets that could have a material effect on the
Financial Reporting (the ‘Guidance Note’) and the Standards Ind AS financial statements.
on Auditing, issued by ICAI and deemed to be prescribed
under Section 143(10) of the Act, to the extent applicable to
Inherent Limitations of Internal Financial Controls
an audit of internal financial controls, both applicable to an
audit of Internal Financial Controls and, both issued by the Over Financial Reporting
ICAI. Those Standards and the Guidance Note require that we Because of the inherent limitations of internal financial
comply with ethical requirements and plan and perform the controls over financial reporting, including the possibility
audit to obtain reasonable assurance about whether adequate of collusion or improper management override of controls,
internal financial controls over financial reporting were material misstatements due to error or fraud may occur and
established and maintained and if such controls operated not be detected. Also, projections of any evaluation of the
effectively in all material respects. internal financial controls over financial reporting to future
Our audit involves performing procedures to obtain audit periods are subject to the risk that the internal financial control
evidence about the adequacy of the internal financial over financial reporting may become inadequate because of
controls system over financial reporting and their operating changes in conditions, or that the degree of compliance with
effectiveness. Our audit of internal financial controls over the policies or procedures may deteriorate.
financial reporting included obtaining an understanding of

Annexure- A to the Independent Auditors’ Report on the Ind AS
Financial Statements (continued)
Opinion
In our opinion, the Company has, in all material respects, an
adequate internal financial controls system over financial
reporting and such internal financial controls over financial
reporting were operating effectively as at 31 March 2022,
based on the internal control over financial reporting criteria
established by the Company considering the essential
components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting
issued by the ICAI.

Premal Gandhi
Partner
Place: Mumbai
Date: May 02, 2022

Annexure- B to the Independent Auditors’ Report on the Ind AS

Financial Statements
The Annexure-B referred to in the Independent Auditors’ Report of even date to the Members of Shakti Pumps (India) Limited
(‘the Company’) on the financial statements for the year ended 31 March 2022, we report that:
I. In respect of the Company’s Property, Plant and the information and explanations given to us, the
Equipment and Intangible Assets: quarterly statements comprising stock details and
other stipulated financial information filed by the
a) (A) The Company has maintained proper records
Company with such banks or financial institutions
showing full particulars, including quantitative
are in agreement with the unaudited books of
details and situation of property, plant and
account of the Company of the respective quarter
equipment and capital work-in-progress.
and no material discrepancies have been observed.
(B) The Company has maintained proper records
III. a) The Company has provided loans during the year and
showing full particulars of intangible assets.
details of which are given below
b) The company has a programme of physical
verification of its Property, Plant and Equipment, Loans
so to cover all the items once every 3 years which, Aggregate amount granted/provided 42.25
in our opinion, is reasonable having regard to the during the year to subsidiaries
size of the Company and the nature of its assets.
Pursuant to the program Property, Plant and Balance outstanding as at balance sheet Nil
Equipment which were due for verification during date
the year were physically verified by the management b) The guarantees provided, security given, and
during the year. According to the information and the terms and conditions of the grant of all the
explanation given to us, no material discrepancies above-mentioned loans and guarantee provided,
were noticed on such verification. during the year are, in our opinion prima facie, not
c) Based on our examination of the registered sale prejudicial to the Company’ interest, as applicable.
deed / transfer deed / conveyance deed provided c) In respect of loans granted by the Company, the
to us, we report that, the title deeds of all the schedule of repayment of principal and payment
immovable properties, (other than immovable of interest has been stipulated and the repayments
properties where the Company is the lessee and of principal amounts and receipts of interest are
the lease agreements are duly executed in favour of regular as per stipulation.
the Company) disclosed in the financial statements
included in property, plant and equipment are held d) According to information and explanations given to
in the name of the Company as at the balance sheet us and based on the audit procedures performed, in
date. respect of loans granted by the Company, there is
no overdue amount remaining outstanding as at the
d) The Company has not revalued any of its property, balance sheet date. There are no advances in the
plant and equipment and intangible assets during nature of loan provided.
the year.
e) According to information and explanations given to
e) No proceedings have been initiated during the year us and based on the audit procedures performed,
or are pending against the Company as at 31st the Company has granted loans or advances in the
March 2022 for holding any benami property under nature of loans to subsidiary Shakti Green Industries
the Benami Transactions (Prohibition) Act, 1988 (as Pvt. Ltd. (newly incorporated subsidiary) repayable
amended in 2016) and rules made thereunder. on demand however loan is squared off at the end
II.(a) The physical verification of inventory except goods- of financial year.
in-transit has been verified by the management IV. The Company has complied with the provisions of
during the year. The discrepancies noticed on Sections 185 and 186 of the Companies Act, 2013
verification between the physical stocks and the in respect of loans granted, investments made and
books records were not material and have been guarantees and securities provided, as applicable
properly dealt in the books of account.
V. The Company has not accepted any deposits or amounts
(b) According to the information and explanations given which are deemed to be deposits. Hence reporting under
to us, the Company has been sanctioned working clause 3(v) of the order is not applicable.
capital limits in excess of ` 5 crores, in aggregate,
at points of time during the year, from banks or VI. We have broadly reviewed the books of accounts
financial institutions on the basis of security of maintained by the Company pursuant to the rules
current assets. In our opinion and according to prescribed by the Central Government for the

maintenance of cost records under Section 148(1) of the Act and are of the opinion that prima facie, the prescribed accounts
and records have been made and maintained. However, we have not made a detailed examination of the cost records with
a view to determine whether they are accurate or complete.
VII. In respect of statutory dues:
a) In our opinion, the company has been generally regular in depositing undisputed statutory dues, including Goods
and Service tax, Provident Fund, Employees’ State Insurance, Income Tax, Duty of Custom, Cess and other material
statutory dues applicable to it with the appropriate authorities. There were no undisputed amounts payable in respect
of Goods and Service tax, Provident Fund, Employees’ State Insurance, Income Tax, Duty of Custom, Cess and other
material statutory dues in arrears as of March 31, 2022 for a period of more than six months from the date they
became payable:
b) Details of statutory dues referred to above which have not been deposited as on March 31, 2022 on account of
disputes are given below:
Amount
Nature of Period in which the Unpaid
Involved Forum where the Dispute is Pending
Dues amount relates (FY)
(Rs. Lacs) (Rs. Lacs)
ET 2010-11 7.39 7.39 Hon’ble M.P. High Court, Indore Br.
CST 2010-11 0.91 0.12 MP Comm. Tax Appellate Board, Bhopal
VAT 2012-13 8.51 2.65 MP Comm. Tax Appellate Board, Bhopal
CST 2014-15 9.99 7.49 Appellate Authority Comm Tax, Indore
VAT 2016-17 26.1 18.1 Appellate Authority Comm Tax, Indore
DRI 2018-20 280.86 252.77 Hon’ble Commissioner Appeal
DRI & Custom
2014-18 483.14 328.56 CESTAT, Mumbai
Duty
DRI & Custom
2014-18 623.44 259.99 CESTAT, New Delhi
Duty
Income Tax 2009-10 to 2011-12 1,484.77 1,484.77 ITAT, Indore Bench
Income Tax 2012-13 to 2015-16 2,274.07 2,274.07 ITAT, Indore Bench
Income Tax 2016-17 124.7 100.12 CIT Appeal Indore
VIII. There were no transactions relating to previously e) The company has not taken any funds from any entity
unrecorded income that have been surrendered or person on account of or to meet the obligations of
or disclosed as income during the year in the tax its subsidiaries.
assessments under the Income Tax Act, 1961;
f) The Company has not raised loans during the year on
IX. a) The Company has not defaulted in repayment of the pledge of securities held in its subsidiaries.
loans or other borrowings or in the payment of
X. a) No moneys were raised by way of initial public offer
interest thereon to any lender during the year,
or further public offer (including debt instruments)
b) The company is not a declared wilful defaulter by any during the year hence reporting under this clause is
bank or financial institution or other lender, not applicable to Company;
c) The Company has not taken any term loan during b) The company has not made any preferential allotment
the year and there are no unutilised term loans at or private placement of shares or convertible
the beginning of the year and hence, reporting under debentures (fully, partially, or operationally
clause (IX)(‘c) of the Order is not applicable. convertible) during the year.
d) On an overall examination of the financial statements XI. (a) No fraud by the Company and no material fraud on
of the Company, funds raised on short-term basis the company has been noticed or reported during the
have, prima facie, not been used during the year for year.
long-term purposes by the Company.

(b) No report under sub-section (12) of section 143 of XIX. On the basis of the financial ratios, ageing and
the Companies Act has been filed by the auditors expected dates of realisation of financial assets and
in Form ADT-4 as prescribed under rule 13 of payment of financial liabilities, other information
Companies (Audit and Auditors) Rules, 2014 with the accompanying the financial statements, knowledge
Central Government, during the year and upto the of the Board of Directors and management plans and
date of this report; based on our examination of the evidence supporting
the assumptions, nothing has come to our attention,
(c) As represented to us by the management, there
which causes us to believe that any material
are no whistle blower complaints received by the
uncertainty exists as on the date of the audit report
company during the year.
indicating that company is not capable of meeting
XII. The Company is not a Nidhi Company and hence its liabilities existing at the date of balance sheet as
reporting under clause (xiii) of the Order is not and when they fall due within a period of one year
applicable. from the balance sheet date; We, however, state that
this is not an assurance as to the future viability of
XIII. The Company is in compliance with Section 177 and
the company. We further state that our reporting is
188 of the Companies Act, 2013 with respect to
based on the facts up to the date of the audit report
applicable transactions with the related parties.
and we neither give any guarantee nor any assurance
XIV. (a) In our opinion , the company has an adequate internal that all liabilities falling due within a period of one
audit system commensurate with the size and nature year from the balance sheet date, will get discharged
of its business; by the company as and when they fall due.
(b) We have considered report of the internal auditors XX. (a) The Company has fully spent the required amount
for the period under audit; issued to the company towards Corporate Social Responsibility (CSR) on
during the year and till date, in determining the other than ongoing projects and there are no unspent
nature, timing and extent of our audit procedures. CSR amount for the year requiring a transfer to a
Fund specified in Schedule VII to the Companies Act
XV. The Company has not entered into non-cash in compliance with the provision of sub-section (5)
transactions with the directors or persons connected of section 135 of the said Act. Accordingly, reporting
with its directors. Hence, the provisions of Section under clause (xx)(a) of the Order is not applicable for
192 of the Act are not applicable; the year.
XVI. (a) The Company is not required to be registered under (b) The Company do not have any ongoing project in
section 45-IA of the Reserve Bank of India Act, 1934. respect to Corporate Social Responsibility (CSR), so
Hence, reporting under clause 3 (xvi) (a), (b) and (c) of close XX(b) is not applicable.
the Order is not applicable.
(b) In our opinion, there is no core investment company
within the Group (as defined in the Core Investment For PGS & Associates
Companies (Reserve Bank) Directions, 2016) and Chartered Accountants
accordingly reporting under clause 3 (xvi) (d) of the Firm Registration Number: 122384W
Order is not applicable. UDIN: 22111592AIGLFV1137
XVII. The company has not incurred cash losses in the
financial year and in the immediately preceding
financial year; Premal Gandhi
Partner
XVIII. There has been no resignation of the statutory Membership Number: 111592
auditors of the Company during the year;
Place: Mumbai
Date: May 02, 2022

Standalone Balance Sheet
As At March 31, 2022
(` in Lacs)
As at As at
Particulars Note No.
March 31, 2022 March 31, 2021
I ASSETS
1 Non - Current Assets
(a) Property, Plant and Equipment 3 11,607.14 11,943.04
(b) Capital Work-In-Progress 3 49.53 57.92
(c) Intangible Assets 4 463.09 421.88
(d) Intangible Assets Under Development 4 10.89 18.01
(e) Financial Assets 5
(i) Investments 5.1 1,944.97 1,893.97
(ii) Other Financial Assets 5.2 243.79 247.17
(f) Non-Current Tax Assets (Net) 6 24.58 1,734.43
(g) Other Non-Current Assets 7 196.05 156.79
Total Non-Current Assets 14,540.04 16,473.21
2 Current Assets
(a) Inventories 8 19,285.58 11,655.04
(b) Financial Assets 9
(i) Trade Receivables 9.1 36,188.59 24,993.75
(ii) Cash and Cash Equivalents 9.2 2,821.40 1,630.38
(iii) Bank Balance Other than Above 9.3 1,168.99 1,968.89
(iv) Other Financial Assets 9.4 349.68 377.48
(c) Current Tax Assets (Net) 10 58.30 -
(d) Other Current Assets 11 5,978.15 5,452.93
Total Current Assets 65,850.69 46,078.47
Total Assets 80,390.73 62,551.68
II EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 12 1,838.02 1,838.02
(b) Other Equity 13 32,431.75 28,370.99
Total Equity 34,269.77 30,209.01
Liabilities
1 Non-Current Liabilities
(a) Financial Liabilities 14
(i) Borrowings 14.1 487.87 989.16
(ii) Lease Liability 14.2 43.43 43.75
(b) Provisions 15 572.24 563.06
(c) Deferred Tax Liabilities (Net) 16 525.48 1,136.83
Total Non-Current Liabilities 1,629.02 2,732.80
Current Liabilities
(i) Borrowings 17.1 9,300.75 5,710.12
(iii) Trade Payables 17.3
- Dues of Micro and Small Enterprise 5,879.67 5,751.60
- Dues of Other than Micro and Small Enterprise 22,604.44 12,956.20
(iv) Other Financial Liabilities 17.4 4,927.58 3,826.67
(b) Provisions 18 37.89 17.03
(c) Other Current Liabilities 19 1,736.12 1,281.38
(d) Current Tax Liabilities (Net) 20 - 61.38
Total Current Liabilities 44,491.94 29,609.87
Total Equity And Liabilities 80,390.73 62,551.68
Company Overview, Basis of preparation and Significant Accounting Policies 1 to 2
The accompanying notes are an integral part of the Financial Statements 3 to 41
As per our report of even date
For PGS & Associates For and on behalf of the Board of Directors of
Chartered Accountants Shakti Pumps (India) Limited
ICAI Firm Registration No. : 122384W
Premal Gandhi Dinesh Patidar Ramesh Patidar

Partner Chairman and Managing Director Executive Director
M.No.111592 DIN:00549552 DIN:00931437

Place: Pithampur Chief Financial Officer Company Secretary
Date: May 02, 2022 M. No. ACS 32328

Standalone Statement of Profit & Loss

For The Year Ended March 31, 2022
(` in Lacs - unless otherwise stated)
Particulars Note No. For the Year Ended For the Year Ended
March 31, 2022 March 31, 2021
I Revenue from Operations 21 1,12,405.82 88,698.55
II Other Income 22 1,063.27 330.50
III Total Income (I+II) 1,13,469.09 89,029.05
IV Expenses
Cost of Materials Consumed 23 92,564.95 62,549.38
Purchase of Stock-in-Trade - -
Changes in Inventories of Finished Goods, Stock-In-Trade and Work-In- 24 (4,145.46) 2,011.16
Progress
Employee Benefits Expenses 25 4,936.16 4,105.03
Finance Costs 26 1,357.27 1,403.90
Depreciation and Amortisation Expense 27 1,734.29 1,702.95
Other Expenses 28 10,154.76 7,935.63
Total Expenses (IV) 1,06,601.97 79,708.05
V Profit/(loss) before Exceptional Items and Tax (III-IV) 6,867.12 9,321.00
VI Exceptional Items - -
VII Profit/ (loss) before Tax(V-VI) 6,867.12 9,321.00
VIII Tax Expense:
(1) Current Tax 1,922.86 2,202.95
(2) Excess/Short Provision of Tax (3.78) -
(3) Deferred Tax (611.36) 1,001.08
IX Profit/(loss) for the year (VII-VIII) 5,559.40 6,116.97
X Other Comprehensive Income
(A) (i) Items that will not be reclassified to profit or loss
Re-measurement gains/(loss) on defined benefit plans (37.71) 71.37
(ii) Income tax relating to items that will not be reclassified to profit or loss 9.49 (24.70)
(B) (i) Items that will be reclassified to profit or loss
Unrealised exchange gain/(loss) - -
Total Comprehensive Income for the year (X) (28.22) 46.67
XI Total Comprehensive Income /Loss for the year (IX+X) 5,531.18 6,163.64
XII Earnings per equity share [nominal value of share ` 10/-] 29
(1) Basic 30.25 33.28
(2) Diluted 30.25 33.28

M.No.111592 DIN:00549552 DIN:00931437

Date: May 02, 2022 M. No. ACS 32328

Standalone Cash Flow Statement
(` in Lacs)
Particulars For the Year Ended For the Year Ended

March 31, 2022 March 31, 2021
A CASH FLOW FROM OPERATING ACTIVITIES
Net Profit & loss before tax as per profit & Loss Account 6,867.12 9,321.00
Adjusted For :
Depreciation and Amortisation Expense 1,734.29 1,702.95
Interest Income (307.70) (150.85)
Dividend Income (453.58) -
Interest Expenses 995.56 1,090.41
Provision for Doubtful Debts/ Security Deposits 75.73 61.25
Re-measurement (gains) / loss on defined benefit plans (37.71) 71.37
Unrealised Exchange (gains)/loss (net) (12.86) (10.18)
(Profit) /Loss on Investment in subsidiary (net) - 20.26
(Profit) /Loss on sale of property, plant and equipment (net) 2.57 2.67
1,996.28 2,787.88
Operating Profit Before Working Capital Changes 8,863.40 12,108.87
Adjusted For :
(Increase)/Decrease in Trade and Other Receivables (11,693.23) (14,031.12)
(Increase)/Decrease in Inventories (7,630.54) 1,213.96
Increase/(Decrease) in Trade and other payables 11,295.97 16,027.78
(8,027.81) 3,210.62
Net Cash Flow From Operating Activities 835.59 15,319.49
Income taxes (paid)/refund (net) (319.41) (2,156.38)
(319.41) (2,156.38)
Net Cash Flow From/(Used In) Operating Activities (A) 516.18 13,163.11
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant and Equipment (1,647.87) (1,199.96)
Purchase of Intangible Assets (66.68) (58.96)
Sale of Fixed Assets 279.50 58.48
Movement in Capital Work-in-Progress 8.39 (11.95)
Movement in Advance for Capital Goods (11.17) 0.73
Disinvestment/(Investment) in Subsidiaries (51.00) 97.56
Interest Received 272.86 75.52
Dividend Received 453.58 -
(Deposits)/Redemption with banks 799.90 1,198.66
Net Cash Flow From/(Used In) Investing Activities (B) 37.52 160.07

Particulars For the Year Ended For the Year Ended

March 31, 2022 March 31, 2021
C CASH FLOW FROM FINANCING ACTIVITIES
Repayment of Long Term Borrowings (1,199.92) (477.44)
Proceeds/(Repayment) from Short Term Borrowings ( Net ) 4,289.26 (10,593.15)
Dividend Paid including tax thereon (1,470.41) -
Interest Paid (981.61) (1,083.39)
Net Cash Flow From/(Used In) Financing Activities (C ) 637.32 (12,153.98)
Net Change in Cash & Cash Equivalents (A+B+C) 1,191.02 1,169.21
Cash & Cash Equivalents at the beginning of the year 1,630.38 461.17
Cash & Cash Equivalents at the end of the year 2,821.40 1,630.38
Note :
1. Figures in brackets represent Cash Outflow.
2. Cash and Cash Equivalents comprise of : (` in Lacs)
Particulars As at As at
March 31, 2022 March 31, 2021
Cash in Hand 1.92 3.34
Balance with Scheduled Banks 1,911.72 44.09
Fixed Deposit with Maturity Less than three months 907.76 1,582.95
Total 2,821.40 1,630.38

M.No.111592 DIN:00549552 DIN:00931437

Date: May 02, 2022 M. No. ACS 32328

Standalone Statement of Changes in Equity
A Equity share capital (` in Lacs)
As at March 31, 2022 As at March 31, 2021

Particulars Number of Face value Number of
Rs. in Lacs Face value Rs. in Lacs
shares (INR) shares
Balance as at beginning of the year 18,380,156 10.00 1,838.02 18,380,156 10.00 1,838.02
Changes due to prior period errors - - - - - -
Restated balance at the beginning of 18,380,156 10.00 1,838.02 18,380,156 10.00 1,838.02
the current reporting period
Changes during the current year - - - - - -
Balance at the end of the year 18,380,156 10.00 1,838.02 18,380,156 10.00 1,838.02
B Other Equity (` In Lacs)
Reserve & Surplus Other

Particulars Capital Securities Retained General Comprehen- Total
Reserve Premium Earnings Reserve sive Income
Balance as at April 1, 2020 20.58 8,797.82 3,721.41 9,752.49 (84.94) 22,207.37
Profit /(Loss) for the year - - 6,116.97 - - 6,116.97
Remeasurement Gain/(Loss) - - - - 46.67 46.67
Unrealised Gain/(Loss) - - - - - -
Balance as at March 31, 2021 20.58 8,797.82 9,838.38 9,752.49 (38.27) 28,370.99
Dividend paid including tax - - (1,470.41) - - (1,470.41)
thereon
Remeasurement Gain/(Loss) - - - - (28.22) (28.22)
Unrealised Gain/(Loss) - - - - - -

M.No.111592 DIN:00549552 DIN:00931437

Date: May 02, 2022 M. No. ACS 32328

Notes to the Standalone Financial Statements

1. Corporate Information: The cost of an item of property, plant and equipment
comprises its purchase price, including import duties
Shakti Pumps India Limited (“SPIL’’ or “the Company”) and other non-refundable taxes or levies and any directly
is a public limited company domiciled in India and attributable cost of bringing the asset to its working
incorporated under the provisions of the Indian condition for its intended use; any discounts and rebates
Companies Act. SPIL is engaged in manufacturing of are deducted in arriving at the purchase price.
Pumps, Motors & their spare parts. The core products of
the Company are Engineered Pumps, Industrial Pumps, Borrowing costs directly attributable to the construction
and Solar Pumps etc. or acquisition of a qualifying asset up to completion or
acquisition are capitalized as part of the cost. The present
value of the expected cost for the decommissioning of an
2. Basis of preparation of financial statements
asset after its use is included in the cost of the respective
and significant accounting policies: asset if the recognition criteria for a provision are met.
2.1 Basis of Preparation When parts of an item of property, plant and equipment
The financial statements have been prepared in have different useful lives, they are accounted for as
accordance with Indian Accounting Standards (Ind AS) separate items (major components) of property, plant
as prescribed under Section 133 of the Companies and equipment.
Act, 2013 read with Companies (Indian Accounting Property, plant and equipment under construction are
Standards) Rules, 2015 and Companies (Indian disclosed as capital work-in-progress. Advances paid
Accounting Standards) (Amendment) Rules, 2016 and towards the acquisition of property, plant and equipment
relevant provisions of the Companies Act, 2013. outstanding at each reporting date are disclosed under
2.2 Basis of Measurement “Other non-current assets”.
These financial statements have been prepared in Subsequent costs

Indian Rupee which is the functional currency of The cost of replacing a part of an item of property, plant
the Company. These financial statements have been and equipment is recognised in the carrying amount of
prepared on historical cost basis, except for certain the item if it is probable that the future economic benefits
financial instruments which are measured at fair value or embodied within the part will flow to the Company and
amortised cost at the end of each reporting period, as its cost can be measured reliably. The carrying amount of
explained in the accounting policies below. the replaced part is derecognised. The costs of the day-
The statement of cash flows has been prepared under to-day servicing of property, plant and equipment are
indirect method. recognised in the statement of profit and loss as incurred.
2.3 Use of judgments, estimates and assumptions Disposal
The preparation of these financial statements requires An item of property, plant and equipment is derecognised
management judgments, estimates and assumptions upon disposal or when no future benefits are expected
that affect the application of accounting policies, the from its use or disposal. Gains and losses on disposal of
accounting disclosures made and the reported amounts an item of property, plant and equipment are determined
of assets, liabilities, income and expenses. by comparing the proceeds from disposal with the
carrying amount of property, plant and equipment, and
Estimates and underlying assumptions are reviewed on are recognised net within other income/expenses in the
a periodic basis. Revisions to accounting estimates are statement of profit and loss.
made in the period, in which, the estimates are revised
and in any future periods, effected pursuant to such Depreciation
revision. Depreciation is calculated over the depreciable amount,
2.4 Property, plant and equipment which is the cost of an asset, or other amount substituted
for cost, less its residual value. Depreciation is recognised
Measurement in the statement of profit and loss on a straight-line
Freehold land is carried at historical cost. All basis over the estimated useful lives of each part of an
other items of property, plant and equipment are item of property, plant and equipment as prescribed in
measured at cost of acquisition or construction less Schedule II of the Companies Act 2013 except in the
accumulated depreciation and accumulated impairment cases mentioned below where the management based
loss, if any. on the technical evaluation have estimated the life to be
lower than the life prescribed in schedule II.

Depreciation is not recorded on capital work-in-progress differences arising on foreign exchange transactions
until construction and installation are complete and the settled during the year are recognised in the statement
asset is ready for its intended use. of profit and loss.
2.5 Intangible assets Monetary assets and liabilities denominated in foreign
currencies which are outstanding, as at the reporting
Recognition and measurement
period are translated at the closing exchange rates and
Intangible assets are recognised when the asset is the resultant exchange differences are recognised in the
identifiable, is within the control of the Company, it is statement of profit and loss.
probable that the future economic benefits that are
Non-monetary assets and liabilities denominated in
attributable to the asset will flow to the Company and
foreign currencies that are measured in terms of historical
cost of the asset can be reliably measured.
cost are translated using the exchange rate at the date of
Intangible assets acquired by the Company that have the transaction.
finite useful lives are measured at cost less accumulated
2.9 Borrowing costs
amortisation and accumulated impairment losses (if any).
Borrowing costs are interest and other costs that an
Subsequent measurement
entity incurs in connection with the borrowing of funds.
Subsequent expenditure is capitalised only when it
Borrowing costs directly attributable to the acquisition,
increases the future economic benefits embodied in the
construction or production of a qualifying asset are
specific asset to which it relates.
capitalized in the cost of that asset. Qualifying assets
Amortisation are those assets which necessarily takes a substantial
period of time to get ready for its intended use. All other
Amortisation is calculated over the cost of the asset, or
borrowing costs are recognised in the year in which they
other amount substituted for cost, less its residual value.
are incurred.
Amortisation is recognised in statement of profit and loss
on a straight-line basis over the estimated useful lives 2.10 Current and Non-Current Classification
of intangible assets from the date that they are available
All assets and liabilities are classified into current and
for use, since this most closely reflects the expected
non-current.
pattern of consumption of the future economic benefits
embodied in the asset. Assets
Amortisation is not recorded on intangible assets under An asset is classified as current when it satisfies any of
development until development is complete and the the following criteria:
asset is ready for its intended use.
• It is expected to be realised in or is intended for sale
The intangible asset are amortised over the estimated or consumption in the Company’s normal operating
useful lives as given below: - cycle;
- Computer Software : 15 years • It is held primarily for the purpose of being traded;
2.6 Inventories • It is expected to be realised within 12 months after
the reporting date; or
Inventories are valued at lower of cost and net realisable
value. The cost is computed on weighted average basis. • It is cash or cash equivalent unless it is restricted
Inventories of Finished Goods and Work-In-Progress from being exchanged or used to settle a liability for
include cost of conversion and other costs incurred in at least 12 months after the reporting date.
bringing the inventories to their present location and
Current assets include the current portion of non-
condition.
current financial assets. All other assets are classified as
2.7 Research and Development Expenditure non-current.
Revenue expenditure on research & development is Liabilities
charged to the Statement of Profit and Loss of the year
A liability is classified as current when it satisfies any of
in which it is incurred.
the following criteria:
Capital expenditure incurred during the period on
• It is expected to be settled in the Company’s normal
research & development is accounted for as an addition
operating cycle;
to property, plant & equipment.
• It is held primarily for the purpose of being traded;
2.8 Foreign currencies transactions
• It is due to be settled within 12 months after the
Transactions and balances
reporting date; or
Transactions in foreign currency are recorded at exchange
• The company does not have an unconditional right
rates prevailing at the date of transactions. Exchange
to defer settlement of the liability for at least 12

months after the reporting date. Terms of a liability economic benefits from use of the asset and has right
that could, at the option of the counterparty, result to direct the use of the identified asset. The cost of the
in its settlement by the issue of equity instruments right-of-use asset shall comprise of the amount of the
do not affect its classification. initial measurement of the lease liability adjusted for any
lease payments made at or before the commencement
Current liabilities include current portion of non-current
date plus any initial direct costs incurred. The right-of-
financial liabilities. All other liabilities are classified as
use assets is subsequently measured at cost less any
non-current.
accumulated depreciation, accumulated impairment
Operating cycle is the time between the acquisition of losses, if any and adjusted for any remeasurement of
assets for processing and their realisation in cash and the lease liability. The right-of-use assets is depreciated
cash equivalents. using the straight-line method from the commencement
date over the shorter of lease term or useful life of right-
2.11 Investment
of-use asset.
Current investments are carried at lower of cost and The Company measures the lease liability at the present
fair value. Non-current investments are stated at cost. value of the lease payments that are not paid at the
Provision for diminution in the value of long term commencement date of the lease. The lease payments
investment is made only if such a decline is other than are discounted using the interest rate implicit in the lease
temporary. if that rate can be readily determined. If that rate cannot
2.12 Employee benefits be readily determined, the Company uses incremental
borrowing rate.
Short-term employee benefits For short-term and low value leases, the Company
All employee benefits payable wholly within twelve recognises the lease payments as an operating expense
months of rendering the services are classified as short on a straight-line basis over the lease term.
term employee benefits. Benefits such as salaries, wages, 2.14 Income tax
expected cost of bonus and short term compensated
absences, leave travel allowance etc. are recognised in Income tax expense comprises current tax and deferred
the period in which the employee renders the related tax. Income tax expenses are recognised in statement of
service. profit or loss except to the extent that it relates to items
recognized in other comprehensive income (OCI).
Defined Benefit Plans
Current tax
The Company operates a gratuity plan covering qualifying
employees. The benefit payable is the greater of the Current tax is the tax payable or receivable on the taxable
amount calculated as per the payment of Gratuity Act or income or loss for the year and any adjustment to the
the Company scheme applicable to the employee. The tax payable or receivable in respect of the previous year.
benefit vests upon completion of five years of continuous It is measured using tax rates (and tax laws) enacted or
service and once vested it is payable to employees on substantially enacted by the reporting date.
retirement or on termination of employment. In case of Current tax assets/liabilities are offset only if there
death while in service, the gratuity is payable irrespective is a legally enforceable right to set off the recognised
of vesting. The Company makes annual contribution amounts, and it is intended to realise the asset and settle
to the group gratuity scheme administered by the Life the liability on a net basis.
Insurance Corporation of India through its Gratuity Trust
Fund. Deferred tax
Defined contribution plans Deferred tax is recognised in respect of temporary

differences between the carrying amounts of assets
Company’s contribution to Provident Fund, ESIC scheme and liabilities for financial reporting purposes and the
for the year is charged to Profit and Loss account. corresponding amounts used for taxation purposes.
Retirement benefit, medical reimbursement and leave
payments to employees are recognise as employee Deferred tax assets (if any) are recognised only to the
benefit expense when they are due. extent that it is probable that future taxable profits will
be available against which they can be used. Deferred
2.13 Lease tax assets/liabilities are reviewed at each balance sheet
date and are recognised/ reduced to the extent that it
The Company, as a lessee, recognises a right-of-use
is probable / no longer probable respectively that the
asset and a lease liability for its leasing arrangements, if
related tax benefit will be realised.
the contract conveys the right to control the use of an
identified asset. Deferred tax is measured at the tax rates that are
expected to apply to the period when the asset is realised
The contract conveys the right to control the use of an
or the liability is settled, based on the laws that have
identified asset, if it involves the use of an identified
been enacted or substantively enacted by the reporting
asset and the Company has substantially all of the
date.

2.15 Provisions are measured neither at Amortised Cost nor
at Fair Value through OCI. Therefore, they are
A Provision is recognised when the Company has a
subsequently measured at each reporting date
present obligation (legal or constructive) as a result of a
at fair value, with all fair value movements
past event and it is probable that an outflow of resources
recognised in the Statement of Profit and Loss.
embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the Investment in Equity shares of subsidiaries and
amount of the obligation. associates are valued at cost.
2.16 Financial Instruments: The Company derecognises a financial asset when
the contractual rights to the cash flows from the
A financial instrument is any contract that gives rise to
financial asset expire or it transfers the financial
a financial asset of one entity and a financial liability or
asset and the transfer qualifies for derecognition
equity instrument of another entity.
under Ind AS 109.
(a) Financial assets
The company assesses impairment based on the
Financial assets include cash and cash equivalents, expected credit losses (ECL) model to all its financial
trade and other receivables, investments in assets measured at amortised cost.
securities and other eligible current and non-
(b) Financial liabilities
current assets.
Financial liabilities include long-term and short-term
At initial recognition, all financial assets are
loans and borrowings, trade and other payables and
measured at fair value. Such financial assets are
other eligible current and non-current liabilities.
subsequently classified under one of the following
three categories according to the purpose for which All financial liabilities are recognised initially at
they are held. The classification is reviewed at the fair value and, in the case of loans and borrowings
end of each reporting period. and other payables, net of directly attributable
transaction costs. After initial recognition, financial
• Financial assets at amortised cost: At the
liabilities are classified under one of the following
date of initial recognition, are held to collect
two categories:
contractual cash flows of principal and interest
on principal amount outstanding on specified • Financial liabilities at amortised cost: After
dates. These financial assets are intended initial recognition, such financial liabilities
to be held until maturity. Therefore, they are subsequently measured at amortised
are subsequently measured at amortised cost by applying the Effective Interest Rate
cost by applying the Effective Interest Rate (EIR) method to the gross carrying amount of
(EIR) method to the gross carrying amount the financial liability. The EIR amortisation is
of the financial asset. The EIR amortisation included in finance expense in the profit or
is included as interest income in the profit or loss.
loss. The losses arising from impairment are
• Financial liabilities at fair value through profit
recognised in the profit or loss.
or loss: which are designated as such on initial
• Financial assets at fair value through other recognition, or which are held for trading. Fair
comprehensive income: At the date of initial value gains / losses attributable to changes
recognition, are held to collect contractual in own credit risk is recognised in OCI. These
cash flows of principal and interest on principal gains / losses are not subsequently transferred
amount outstanding on specified dates, as to Statement of Profit and Loss. All other
well as held for selling. Therefore, they are changes in fair value of such liabilities are
subsequently measured at each reporting date recognised in the Statement of Profit and Loss.
at fair value, with all fair value movements
The Company derecognises a financial liability
recognised in Other Comprehensive Income
when the obligation specified in the contract is
(OCI). Interest income calculated using
discharged, cancelled or expires.
the Effective Interest Rate (EIR) method,
impairment gain or loss and foreign exchange 2.17 Revenue Recognition
gain or loss are recognised in the Statement of
The Company derives revenues primarily from business
Profit and Loss. On derecognition of the asset,
of Sales of pumps and motors.
cumulative gain or loss previously recognised
in Other Comprehensive Income is reclassified As per Ind AS 115 revenue is recognised upon transfer
from the OCI to Statement of Profit and Loss. of control of promised products or services to customers
in an amount that reflects the consideration which the
• Financial assets at fair value through profit
Company expects to receive in exchange for those
or loss: At the date of initial recognition,
products or services. Revenue is measured based on the
financial assets are held for trading, or which
transaction price, which is the consideration, adjusted

net of returns, allowances, trade discounts and volume The Board of Directors of the group assesses the
discounts and GST etc. financial performance and position of the group and
makes strategic decisions. The Board of Directors which
Dividend and interest income is recorded when the right
are identified as a CODM, consist of CMD, CFO & all
to receive payment is established.
other executive Directors.
2.18 Earnings per share
Considering the nature of business & financial reporting
Basic earnings per share are computed by dividing of SPIL, the Company has only one segment as
profit or loss attributable to equity shareholders of the reportable segment. The Company operates in Local &
Company by the weighted average number of equity Export Segments Geographically. The sales for both are
shares outstanding during the period. The Company did separately given, but due to the nature of business the
not have any potentially dilutive securities in any of the assets/liabilities and expenses for these activities cannot
periods presented. be bifurcated separately
2.19 Segment Reporting 2.20 Cash and Cash Equivalents
SPIL is mainly engaged in the business of manufacturing Cash and cash equivalents in the balance sheet comprise
of various types of Pumps & Motors. Operating cash at banks, cash on hand and highly liquid short-term
segments are reporting in a manner consistent with the deposits with an original maturity of three months or
internal reporting to the Chief Operating Decision Maker less, which are subject to an insignificant risk of changes
(CODM). in value.

NON-CURRENT ASSETS
118
3 PROPERTY PLANT AND EQUIPMENT AND CAPITAL WORK-IN-PROGRESS (` in Lacs)
Other than Research and Development Research and Development Right Capital
Furniture Furniture of use Work-
Particulars Freehold Plant & Die and Motor Office Plant and Die and Office Total
Buildings Computers & Computers & Asset- In-
Land Machinery Tools Vehicles Equipment Machinery Tools Equipment Leases Progress
Fixtures Fixtures
Gross Carrying
Amount
As at March 31, 2020 178.38 3,650.90 7,885.94 9,289.12 669.83 624.97 238.34 585.47 49.16 241.04 29.15 3.44 36.48 56.34 23,538.57 45.97
Additions - 5.14 500.84 539.11 12.48 30.11 0.02 31.17 - 26.72 0.20 - 50.51 - 1,196.30 11.95
Sales/Disposals/ - 0.11 108.96 1.51 37.03 0.02 - 0.02 - 0.12 - - 0.11 - 147.88 -
Adjustments
As at March 31, 2021 178.38 3,655.93 8,277.82 9,826.72 645.28 655.07 238.36 616.62 49.16 267.64 29.35 3.44 86.89 56.34 24,586.99 57.92
Additions - 62.78 478.12 932.25 18.48 15.78 7.89 42.91 2.49 85.23 1.51 - 24.68 0.35 1,672.47 37.03
Sales/Disposals/ - - 184.83 286.71 3.08 4.11 79.38 (1.77) - - - 0.16 - - 556.49 45.42
Adjustments
As at March 31, 2022 178.38 3,718.71 8,571.11 10,472.26 660.68 666.73 166.87 661.30 51.66 352.87 30.85 3.28 111.57 56.69 25,702.96 49.53
Accumulated
Depreciation
As at March 31, 2020 - 729.69 3,562.72 5,549.52 482.69 356.08 108.95 226.69 3.89 32.61 3.55 0.37 5.03 0.94 11,062.74 -
Charge for the Year - 94.85 487.22 856.16 64.45 48.95 22.40 53.83 3.11 29.83 4.64 0.33 3.96 1.88 1,671.60 -
Sales/Disposals/ - - 49.20 1.40 38.80 0.18 - 0.87 - - - - - - 90.48 -
Adjustments
As at March 31, 2021 - 824.55 4,000.74 6,404.28 508.34 404.84 131.41 279.64 7.00 62.46 8.19 0.69 8.99 2.81 12,643.95 -
Sales/Disposals/ - (0.17) 68.60 109.77 2.40 1.10 68.12 (0.03) - - - 0.04 - - 249.83 -
Adjustments
As at March 31, 2022 - 919.28 4,445.27 7,144.14 566.80 452.15 85.49 335.38 10.20 100.34 13.09 0.98 18.02 4.69 14,095.82 -
Net Block Value
As at March 31, 2021 178.38 2,831.38 4,277.08 3,422.44 136.94 250.23 106.95 336.98 42.16 205.17 21.16 2.75 77.90 53.53 11,943.04 57.92
As at March 31, 2022 178.38 2,799.43 4,125.83 3,328.12 93.88 214.58 81.39 325.92 41.46 252.53 17.77 2.31 93.55 52.00 11,607.14 49.53
A. Capital Work-In-Progress: Includes assets under construction at various plant and yet to be commissioned.
B. Property, plant and equipment pledged as security: Please refer details of security provided in Note No.14.1 & 17.1
C. Capital commitment: The estimated amount of contracts remaining to be executed on capital account, and not provided for is ` 152.39 Lacs as at 31st March, 2022 (` 164.90 Lacs as at 31st
March, 2021).
D. The Company has carried out the exercise of assessment of any indications of impairment to its property, plant and equipment as on the Balance Sheet date. Pursuant to such exercise it is
determined that there has been no impairment to its property, plant and equipment during the year.
E. Capital expenditure incurred during the year on research & development is accounted for as an addition to property, plant & equipment.(Refer accounting policies 2.7)
F. Title Deed of Immovable Property: The Company does not hold any immovable property which is not in the name of the Company.
Annual Report 2021-22

G. Revaluation of Property: The Company has not revalued its property, plant and equipment (including Right-of-Use Assets) and intangible assets during the year.
4 INTANGIBLE ASSETS & INTANGIBLE ASSETS UNDER DEVELOPMENT (` in Lacs)
Intangible
Computer
Particulars Assets Under
Software
Development
Gross Carrying Amount
As at March 31, 2020 422.43 23.53
Additions 58.40 0.43
Capitalised during the year - (5.96)
Sales/Disposals/Adjustments (41.53) -
As at March 31, 2021 522.36 18.01
Sales/Disposals/Adjustments - -
As at March 31, 2022 596.15 10.89
Accumulated Amortisation
As at March 31, 2020 33.70 -
Charge for the Year 31.35 -
Disposals/Adjustments (35.44) -
As at March 31, 2021 100.48 -
Disposals/Adjustments - -
As at March 31, 2022 133.07 -
Net Block Value
As at March 31, 2021 421.88 18.01
As at March 31, 2022 463.09 10.89
(a) Capital Work-in-progress (CWIP) Ageing Schedule : Projects in progress (` In Lacs)
Period of As at As at
March 31, 2022 March 31, 2021
Less than 1 year - 2.08
1-2 years 2.08 42.91
2-3 years - 12.93
More than 3 years 47.45 -
Total 49.53 57.92
(b) Intangible Asset Under Development (IAUD) Ageing Schedule : Projects in progress (` In Lacs)
As at As at
Period of
March 31, 2022 March 31, 2021
Less than 1 year 2.25 0.43
1-2 years - 12.37
2-3 years 6.04 5.20
Total 10.89 18.01

5 Financial Assets
5.1 Investments (At Cost) (Unquoted fully paid-up unless otherwise stated) (` in Lacs)
As at As at
Particulars
March 31, 2022 March 31, 2021
Investments in Subsidiaries :
(i) Equity Instrument of Subsidiaries 1,944.95 1,893.95
Investments in Others :
(i) Equity Instrument of Others ( in Cosmos Bank ) 0.02 0.02
Total 1,944.97 1,893.97
(a) Equity Instrument of Subsidiaries (` in Lacs)
As at As at
Particulars
March 31, 2022 March 31, 2021
19,95,761 Shares of Shakti Energy Solution Pvt Ltd. (` 10 each) 1,649.89 1,649.89
(As at March 31, 2021, 19,95,761 shares)
5,10,000 Shares of Shakti Green Industries Pvt Ltd (` 10 each) 51.00 -
(As at March 31, 2021, Nil) (Refer point 1)
6 Shares of Shakti Pumps FZE (AED 1,50,000 each) 156.56 156.56
(As at March 31, 2021, 6 shares)
65,000 Shares of Shakti Pumps USA LLC (USD 1 each) 33.32 33.32
(As at March 31, 2021, 65,000 shares)
41,000 Shares of Shakti Pumps (Bangladesh) Limited (Taka 100 each) 37.27 37.27
(As at March 31, 2021, 41,000 shares)
Investment in Shakti Pumps (Shanghai) Limited 16.92 16.92
Total 1,944.95 1,893.95
Note:
1 During the current year, The company has incorporated wholly owned subsidiary i.e (Shakti Green Industries Pvt Ltd)
on 16th December, 2021 and made investment of ` 51 Lacs ( 5,10,000 shares @Rs10 each ). Out of total 5,10,000
shares allotment on 5,00,000 shares pending as on 31 March 2022.
2 In the previous year, The Company has disinvested its wholly owned subsidiary i.e (Shakti Pumps Pty Ltd., Australia).
Effective date of closure is 15th March, 2021 and recognised related loss of `20.26 lacs.
3 Fair Valuation of Investment Property: The Company has not done fair market valuation of its investment property
during the year.
4 Compliance with number of layers of companies: The Company has complied with the number of layers prescribed
under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.
5.2 Other Financial Assets (` in Lacs)
As at As at
Particulars
March 31, 2022 March 31, 2021
(i) Security Deposits 286.52 289.91
Less: Provision for Doubtful Deposits (42.74) (42.74)
Total 243.79 247.17

6 Non-Current Tax Assets (Net) (` in Lacs)
March 31, 2022 March 31, 2021
(i) Net Income Tax Assets 24.58 1,734.43
Total 24.58 1,734.43
7 Other Non-Current Assets (` in Lacs)

As at As at
Particulars
March 31, 2022 March 31, 2021
(Unsecured, considered good)
(i) Capital Advances 32.39 21.22
(ii) Balances with Government Authorities 444.15 416.06
Less: Provision for Doubtful Assets (280.49) (280.49)
Total 196.05 156.79
(a) Loans and Advances to Promoters, Directors,KMP’s and Related Parties.
Loans or Advances in the nature of loans granted to promoters, Directors, KMPs and the related parties (as defined under
Companies Act, 2013,) either severally or jointly with any other person, that are:
Repayable on demand (` in Lacs)
As at During the year As at

Type of Borrower
March 31, 2021 Given Recoverd March 31, 2022
Related Parties
Shakti Green Industries Pvt. Ltd. - 42.25 42.25 -
CURRENT ASSETS
8 Inventories (` in Lacs)
March 31, 2022 March 31, 2021
(i) Raw Material 8,630.62 5,052.65
(ii) Packing Material & Consumables 84.31 175.27
(iii) Work In Process 3,803.61 2,887.23
(iv) Finished Goods 6,391.39 3,162.31
(v) Stock in Transit 375.66 377.59
Total 19,285.58 11,655.04
Notes:
1 Inventories are hypothecated with the bankers against working capital limits. {Refer note 17.1(b)}
2 Valued at lower of cost and Net Realisable value unless otherwise stated (Refer accounting policies)

9 Financial Assets
9.1 Trade Receivables (` in Lacs)
March 31, 2022 March 31, 2021
(Unsecured, at amortised cost)
(i) Considered good 36,188.59 24,993.75
(ii) Considered doubtful 103.24 27.51
Less : Provision for expected credit Loss (103.24) (27.51)
Total 36,188.59 24,993.75
Notes:
1 Trade Receivable are hypothecated with the bankers against working capital limits. {Refer note 17.1(b)}
2 Trade receivables are usually non-interest bearing and are on trade terms of 30 to 180 days.
3 Related party transactions & balance {Refer note no. 38}
(a) Trade Receivable Ageing Schedule

(Ageing from due date of payment)
As at March 31, 2022 (` in Lacs)
Considered Good Significant increase in credit risk

Range of O/s period Total
Undisputed Disputed Undisputed Disputed
Not Due 2,514.52 - - - 2,514.52
less than 6 months 29,517.70 - - - 29,517.70
6 months - 1 year 2,170.39 - - - 2,170.39
1-2 year 926.41 5.05 103.24 - 1,034.70
2-3 year 546.00 0.19 - - 546.19
> 3 years 484.83 23.50 - - 508.33
Total 36,159.86 28.73 103.24 - 36,291.83
(b) Trade Receivable Ageing Schedule

(Ageing from due date of payment) (` in Lacs)
As at March 31, 2021

Not Due 1,735.59 - - - 1,735.59
less than 6 months 19,393.45 - - - 19,393.45
6 months - 1 year 1,923.61 - - - 1,923.61
1-2 year 1,048.44 5.05 27.51 - 1,081.00
2-3 year 576.46 0.19 - - 576.65
> 3 years 287.47 23.50 - - 310.97
Total 24,965.02 28.73 27.51 - 25,021.26

9.2 Cash and Cash Equivalents (` in Lacs)
As at As at
Particulars
March 31, 2022 March 31, 2021
(i) Cash in Hand 1.92 3.34
(ii) Balance with Scheduled Banks :
(a) In Current Accounts 1,911.72 44.09
(b) Fixed Deposit with Maturity less than 3 Months 907.76 1,582.95
Total 2,821.40 1,630.38
9.3 Other Bank Balances (` in Lacs)
March 31, 2022 March 31, 2021
(i) In Fixed Deposit Accounts 1,150.67 1,951.52
(ii) Unclaimed Dividend 18.32 17.37
Total 1,168.99 1,968.89
Notes:
1 Fixed deposit with remaining maturity of more than three months have been disclosed under other bank balances.
2 The Company can utilise the balance of unclaimed dividend towards settlement of unclaimed dividend.
9.4 Others Financial Assets (` in Lacs)
March 31, 2022 March 31, 2021
(Unsecured- considered good)
(ii) Interest Receivable on Fixed Deposits with Bank 140.29 105.45
Total 349.68 377.48
10 Current Tax Assets (Net) (` in Lacs)
March 31, 2022 March 31, 2021
(i) Net Income Tax Assets 58.30 -
Total 58.30 -
11 Other Current Assets (` in Lacs)
March 31, 2022 March 31, 2021
(i) Prepaid Expenses 723.13 310.63
(ii) Advance to Suppliers 211.84 275.12
(iii) Statutory and Other Receivables 5,043.18 4,867.19
Total 5,978.15 5,452.93

EQUITY
12 Share Capital (` in Lacs)
Particulars As at March 31, 2022 As at March 31, 2021

No. of Shares Amount No. of Shares Amount
Authorised :
Equity Shares of `10/- each 2,50,00,000 2,500.00 2,50,00,000 2,500.00
15 % Compulsory Convertible 15,00,000 1,500.00 15,00,000 1,500.00
Preference Shares of `100/- each
Total 2,65,00,000 4,000.00 2,65,00,000 4,000.00
Issued & Subscribed :
Equity shares of `10/- each 1,85,60,356 1,856.04 1,85,60,356 1,856.04
Total 1,85,60,356 1,856.04 1,85,60,356 1,856.04
Paid Up Capital :
Equity Shares of `10/- each 1,83,80,156 1,838.02 1,83,80,156 1,838.02
Total 1,83,80,156 1,838.02 1,83,80,156 1,838.02
12.1 Terms/rights attached to the equity shares :
(i) The Company has only one class of equity shares having a par value of ` 10/- per share.
(ii) Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian
rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting except in case of interim dividend.
(iii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
12.2 1,80,200 Shares out of Issued Share are forfeited by the company which has not been reissued.
12.3 Reconciliation of the no. of shares outstanding at the beginning and at the end of the year :
(a) Equity Shares : (` in Lacs)

Balance as at the beginning of the year 1,83,80,156 1,838.02 1,83,80,156 1,838.02
Add: Additional equity shares issued during the year - - - -
Less: Equity shares forfeited/bought back during the - - - -
year
Balance as at the end of the year 1,83,80,156 1,838.02 1,83,80,156 1,838.02

12.4 The details of shareholders holding more than 5% Shares :

Name of the Shareholder
No. of Shares % held No. of Shares % held
(i) Mr. Dinesh Patidar 37,68,100 20.50% 37,68,100 20.50%
(ii) Mr. Sunil Patidar 15,62,200 8.50% 15,62,200 8.50%
(iii) Mr. Ankit Patidar 15,00,000 8.16% 15,00,000 8.16%
(iv) Shakti Irrigation India Limited 9,32,000 5.07% 9,32,000 5.07%
12.5 Shareholding of Promoters

(a) Shares held by promoters at March 31, 2022
Name of the Promoter No. of Shares % of total shares % change 2021-22

(i) Mr. Dinesh Patidar 37,68,100 20.50% -
(ii) Mr. Sunil Patidar 15,62,200 8.50% -
(iii) Mr. Ankit Patidar 15,00,000 8.16% -
(iv) Shakti Irrigation India Limited 9,32,000 5.07% -
(v) Vintex Tools Private Limited 5,48,000 2.98% 5.59%
(vi) Mrs. Geeta Patidar 6,10,800 3.32% -
(vii) Mrs. Aishwarya Patidar 3,85,400 2.10% -
(viii) Mrs. Indira Patidar 3,34,000 1.82% -
(ix) Mrs. Pallavi Patidar 3,41,800 1.86% -
(x) Mrs. Seema Patidar 94,000 0.51% -
Total 1,00,76,300 54.82%
Total No of Shares issued and Subscribed 1,83,80,156
(b) Shares held by promoters at March 31, 2021

(i) Mr. Dinesh Patidar 37,68,100 20.50% 2.26%
(iv) Shakti Irrigation India Limited 9,32,000 5.07% 100%
(v) Vintex Tools Private Limited 5,18,994 2.82% -
Total 1,00,47,294 54.66%

13 Other Equity (` in Lacs)
Reserve & Surplus Other

Particulars Capital Securities Retained General Comprehensive Total
Reserve Premium Earnings Reserve Income
Balance as at April 1, 2020 20.58 8,797.82 3,721.41 9,752.49 (84.94) 22,207.37
Add/(Less):
Appropriations/Adjustments :
Re-measurement gains/(loss) on - - - - 46.67 46.67
defined benefit plans(Net of Taxes)
Add/(Less):
Dividend & Dividend Tax - - (1,470.41) - - (1,470.41)
Re-measurement gains/(loss) on - - - - (28.22) (28.22)
Note:
1. Capital reserve: The reserve will be utilised in accordance with the provisions of the Act.
2. Securities premium: Securities premium is credited when shares are issued at premium. This will be utilised in accordance
3. Retained earnings: Retained earnings are the profits that the Company has earned till date, less any transfers to general
reserve, dividends or other distributions paid to shareholders.
4. General reserve: The General reserve is created by way of transfer of profits from retained earnings for appropriation
purposes. This reserve is utilised in accordance with the provisions of the Act.
5. Other Comprehensive Income : The Other Comprehensive Income is created by way of Re-measurement gains/(loss) on
defined benefit plans, Unrealised exchange gain/(loss) and tax there on. This reserve is utilised in accordance with the
provisions of the Act.
NON-CURRENT LIABILITIES
14 Financial Liabilities
14.1 Non Current Borrowings (` in Lacs)
March 31, 2022 March 31, 2021
Term Loans:
(i) Term loan from Bank
Rupee Loan 256.29 702.68
Foreign Currency Loan 732.87 977.87
Other:
(ii) Vehicle Loan from Bank - 7.24
Less: Current Maturities of Long Term Borrowings (501.29) (698.63)
Total 487.87 989.16

(a) Interest rate of the above loan in range between 6.00% to 9.50%
(b) Borrowings from banks are secured by way of :-
(i) First parri passu charge on both present and/or future, movable & immoveable property, plant & equipements.
(ii) Second parri passu charge on both present and/or future, current assets including inventories & receivables.
(c) Amount payable during next 12 months, disclosed under the head “Current Borrowings” (Note No. 17.1)
(d) Vehicle Loans are secured by respective vehicles.
(e) Corporate Guarantee of holding company for loan of subsidiary company in Previous year.
(f) Utilisation of Borrowings taken from Bank and Financial Institution
- The company has not taken any fresh loan from banks and financial institutions during The year.
(g) Maturity Profile of the above loan as below : (` in Lacs)
March 31, 2022 March 31, 2021
(i) Within One year 501.29 698.63
(ii) Two to Five years 487.87 989.16
Total 989.16 1,687.79
14.2 Lease Liability (` in Lacs)
March 31, 2022 March 31, 2021
(i) Lease Liability Payable 43.43 43.75
Total 43.43 43.75
Amount payable during next 12 months, disclosed under the head “Lease Liability [Current]” (Note No. 17.2)
Disclosures as required by Ind AS 116 ‘Lease’ are stated below
(a) Lease Liability Movement (` in Lacs)
March 31, 2022 March 31, 2021
Opening Balance /Transaction Adjustment 49.24 47.11
Add: Addition during the year - 2.57
Interest on lease liability 5.17 5.05
Less: Lease rental payments (5.49) (5.49)
Total 48.92 49.24
(b) Maturity Analysis of Lease Liabilities (` in Lacs)
March 31, 2022 March 31, 2021
(i) Not later than one year 5.49 5.49
(ii) Later than one year but not later than five years 21.96 21.96
(iii) Later than five years 21.47 21.79
Total 48.92 49.24

15 Provisions (` in Lacs)
March 31, 2022 March 31, 2021
Provision for Employee Benefits :
(i) Gratuity Payable 541.93 508.86
(ii) Leave Encashment 30.31 54.21
Total 572.24 563.06
{Refer provision for employee benefits note no.36}
16 Deferred Tax Liabilities (Net) (` in Lacs)
March 31, 2022 March 31, 2021
Tax effect of items constituting deferred tax liabilities:
(i) Property, plant and equipment 525.48 1,136.83
Total 525.48 1,136.83
CURRENT LIABILITIES
17 Financial liabilities
17.1 Current Borrowings (` in Lacs)
March 31, 2022 March 31, 2021
(i) Secured Loans
Loans Repayable on Demand from Banks 8,799.46 5,011.49
Current Maturities of Long Term Borrowings 501.29 698.63
Total 9,300.75 5,710.12
(b) Working Capital loans and other credit facility are secured by way of :
(i) First parri passu charge on both present and/or future, current assets including inventories & receivables.
(ii) Second parri passu charge on both present and/or future, movable & immoveable property, plant & equipements.
(iii) Personal Guarantee of Directors.
(iv) Corporate Guarantee of holding company for loan of subsidiary company in previous year.
(c) Current Maturities of Long Term Debt (` in Lacs)
March 31, 2022 March 31, 2021
(i) Term Loan from Banks 501.29 691.39
(ii) Vehicle Loan from Banks - 7.24
Total 501.29 698.63
(d) Borrowings from banks or financial institutions on the basis of security of current assets
Quarterly statements of current assets filed by the Company with banks or financial institutions are in agreement with the
books of accounts.

17.2 Lease Liability (` in Lacs)

March 31, 2022 March 31, 2021
Total 5.49 5.49
Amount payable during next 12 months.
17.3 Trade payables (` in Lacs)
March 31, 2022 March 31, 2021
(i) Dues to Micro, Small and Medium Enterprises
-Other than above 5,879.67 5,751.60
Total 5,879.67 5,751.60
(ii) Dues to other than Micro, Small and Medium Enterprises
- Acceptance 1,135.97 2,056.03
-Other than above 21,468.47 10,900.17
Total 22,604.44 12,956.20
Grand Total 28,484.11 18,707.80
Related party transactions & balance {Refer note no. 38}
(a) Trade Payable Ageing Schedule
Range of O/s MSME Other than MSME

Total
period Undisputed Disputed Undisputed Disputed
Not Due 2,699.97 - 15,421.19 - 18,121.17
Less than 1 year 3,179.69 - 7,170.01 - 10,349.70
1-2 years - - 8.70 - 8.70
2-3 year - - 3.77 - 3.77
> 3 years - - 0.77 - 0.77
Total 5,879.67 - 22,604.44 - 28,484.11
(b) Trade Payable Ageing Schedule
Range of O/s MSME Other than MSME Total

period Undisputed Disputed Undisputed Disputed
Not Due 3,640.67 - 9,164.12 - 12,804.79
Less than 1 year 2,110.93 - 3,599.18 - 5,710.11
1-2 years - - 158.79 - 158.79
2-3 year - - 30.81 - 30.81
> 3 years - - 3.30 - 3.30
Total 5,751.60 - 12,956.20 - 18,707.80

(c) Amounts due to Micro, Small and Medium Enterprises
Outstanding to Micro, Small and Medium Enterprise : ` 5879.67 Lacs Previous Year : ` 5751.60 Lacs. The identification of
suppliers under “Micro, Small and Medium Enterprises Development Act, 2006” was done on the basis of the information
to the extent provided by the suppliers to the Company. Total outstanding dues of Micro and Small Enterprises, which were
outstanding for more than the stipulated period, are given below:
(` in Lacs)
March 31, 2022 March 31, 2021
(i) Principal amount due and remaining unpaid 5,879.67 5,751.60
(ii) Interest paid - -
(iii) Interest due - -
(iv) Interest accrued and due - -
(v) Interest due and remaining unpaid - -
17.4 Other Financial Liabilities (` in Lacs)
March 31, 2022 March 31, 2021
(i) Unclaimed Dividend * 18.32 17.37
(ii) Security Deposits Payable 143.02 103.36
(iii) Creditors for Service & Others 1,602.23 1,286.35
(iv) Other Payables :
-Employee Dues 416.36 297.24
-Others 2,747.65 2,122.33
Total 4,927.58 3,826.67
* Investor Education and Protection Fund will be credited, as and when due.
18 Provisions (` in Lacs)
March 31, 2022 March 31, 2021
Total 37.89 17.03
19 Other Current Liabilities (` in Lacs)
March 31, 2022 March 31, 2021
(i) Advance from Customers 661.43 1,122.52
(ii) Creditors for Capital Goods 849.54 72.09
(iii) Duties and Taxes payable 225.14 86.76
Total 1,736.12 1,281.38

20 Current Tax Liabilities (Net) (` in Lacs)
March 31, 2022 March 31, 2021
(i) Provision for Income Tax (Net) - 61.38
Total - 61.38
REVENUE FROM OPERATION

21 Sale of Products (` in Lacs)
Particulars 2021-22 2020-21

(i) Domestic Sales 93,384.86 71,368.55
(ii) Export Sales 16,423.13 15,615.59
(iii) Other Operating Income 2,597.83 1,714.42
Total 1,12,405.82 88,698.55
(a) Other Operating Income includes : (` in Lacs)

(i) Export benefits 226.70 389.72
(ii) Scrap Sales 2,365.56 1,242.62
(iii) Income from Services 5.57 62.79
(iv) Other Operating Income - 19.28
Total 2,597.83 1,714.42
I Disclosure in accordance with Ind AS - 115 “Revenue Recognition Disclosures”, of the Companies (Indian Accounting
Standards) Rules, 2015
a) Revenue disaggregation based on Product Type and Customer type:
(i) Revenue disaggregation by Product Type: Pumps and Motors.
(ii) Revenue disaggregation by Customer Type is as follows: (` in Lacs)
Customer Type 2021-22 2020-21

OEM Customers 3,123.00 8,590.04
Other Customers 9823.52 8,518.53
1,12,405.82 88,698.55
22 Other Income (` in Lacs)

(i) Interest Income 307.70 150.85
(ii) Rent Received 12.12 13.31
(iii) Dividend Income 453.58 -
(iv) Others 289.87 166.34
Total 1,063.27 330.50

EXPENSES
23 Cost of Material Consumed (` in Lacs)

Opening Stock of Raw Material 5,605.50 4,808.30
Add: Purchase of Raw Material 96,050.03 63,346.59
1,01,655.53 68,154.88
Less: Closing Stock of Raw Material 9,090.58 5,605.50
Total 92,564.95 62,549.38
24 Changes in Inventories of Finished Goods, Stock-In-Trade and Work-In-Progress (` in Lacs)

Inventories (at Close)
(i) Finished Goods/Stock in Trade 6,391.39 3,162.31
(ii) Work-In-Progress 3,803.61 2,887.23
Total 10,195.00 6,049.54
Inventories ( at Opening )
Total 6,049.54 8,060.70
Change in Inventories (4,145.46) 2,011.16
25 Employee Benefit Expenses (` in Lacs)

(i) Salaries, Wages and Bonus 4,526.14 3,776.71
(ii) Contribution to Provident and Other Funds 193.92 227.46
(iii) Staff Welfare Expenses 216.10 100.87
Total 4,936.16 4,105.03
26 Finance Cost (` in Lacs)

(i) Interest to Bank 991.10 1,083.86
(ii) Interest to Other 4.45 6.54
(iii) Other Borrowing Costs 361.72 313.50
Total 1,357.27 1,403.90
27 Depreciation and Amortisation Expense (` in Lacs)

(i) Depreciation 1,699.83 1,669.72
(ii) Amortisation 34.46 33.22
Total 1,734.29 1,702.95

28 Other Expenses (` in Lacs)

(i) Power & Fuel 213.32 196.20
(ii) Job Work Expenses 45.56 82.88
(iii) Clearing & Forwarding Charges 113.19 86.67
(iv) Freight Charges 1,211.20 599.60
(v) Travelling Expenses 211.56 93.26
(vi) Advertising Expenses 153.86 107.99
(vii) ECGC Premium 27.60 28.15
(viii) Selling & Distribution Expenses 5,406.48 3,890.19
(ix) Legal, professional and consultancy charges 249.69 207.82
(x) Rent 62.91 45.24
(xi) Manufacturing Expenses 475.96 712.96
(xii) Auditors Remuneration 10.00 5.00
(xiii) Corporate Social Responsibility Expenses 72.66 114.76
(xiv) Rates and taxes 114.29 180.51
(xv) Repair & Maintenance 128.31 106.95
(xvi) Conveyance Expenses 265.64 205.74
(xvii) Communication Expenses 202.15 125.28
(xviii) Directors Remuneration 958.46 905.16
(xix) Office & Administrative Expenses 63.80 77.53
(xx) Bad Debts Written off 4.46 2.63
(xxi) Provision for Doubtful Debts / Security Deposits 75.73 61.25
(xxii) Donations and Contributions 0.05 25.00
(xxiii) Software Maintenance Expenses 80.20 49.95
(xxiv) Miscellaneous Expenses 7.69 24.92
Total 10,154.76 7,935.63
28.1 Payment To Auditors : (` in Lacs)

(i) For Audit 10.00 5.00
(ii) For Taxation Matters - -
(iii) For Other Services-Including components auditor - -
Total 10.00 5.00

29 Earnings Per Share (` in Lacs)
Profit / (Loss) for the year as per Statement of Profit and Loss 5,559.40 6,116.97
Weighted Average Number of Shares 1,83,80,156 1,83,80,156
Weighted average number of equity shares, (nos) for Basic DPS 1,83,80,156 1,83,80,156
Face Value of Share (`) 10.00 10.00
Basic Earning Per Share 30.25 33.28
Diluted Earning Per Share 30.25 33.28
30 Proposed Dividend
A dividend at the rate of 20% i.e. `2/- per equity share is recommended by the Board of Directors at their meeting held on
May 02, 2022 which is subject to approval at the ensuing Annual General Meetings, and if approved will be payable within the
statutory time limits of 30 Days.
31 Research & Development (` in Lacs)

Nature of Expenditure 2021-22 2020-21
(i) Capital Expenditure 113.92 77.32
(ii) Revenue Expenditure 338.62 253.06
Total Expenditure Incurred 452.54 330.38
Less: Income Earned by R&D 0.01 0.25
Net Expenditure Incurred 452.53 330.13
This includes expenditure incurred by the Company on in-house research and development in respect of eligible facilities at
Pithampur (Plot No. 401, 402 & 403, Sector-III), approved by the Department of scientific and Industrial Research, Ministry of
Science and Technology. (Refer accounting policies)
32 Contingent Liabilities (` in Lacs)

(i) Bank Guarantee Outstanding 8,461.75 7,944.04
(ii) Unexpired Letter of Credit 13,442.89 6,834.21
(iii) Corporate Guarantee Outstanding - 2,350.00
(iv) Commercial Tax Demand under Dispute 73.58 94.38
(v) Income Tax Demand Under Dispute 3,883.54 3,759.64
(vi) Custom Duty Demand Under Dispute 1,387.44 971.95
Less : Provision for Doubtful Assets (280.49) (280.49)
Total 26,968.71 21,673.73

33 Expenditure in Foreign Currency on Account of : (` in Lacs)

(i) Travelling Expenses 51.83 8.45
(ii) Advertisement Expenses - 1.58
(iii) Commission on Sales 2.84 20.33
(iv) Software Development Expenses 10.53 12.18
(v) Legal, Professional and Consultancy charges - 0.55
(vi) Testing & Other Charges - 5.77
Total 65.20 48.84
34 Other Amendments with respect to Schedule III :

(i) The company does not have any transactions with companies struck off.
(ii) The company is not declared as wilful defaulter by any bank or financial Institution or other lender.
(iii) The company have not traded or invested in Crypto currency or Virtual Currency during the year.
(iv) There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237of the Companies
Act, 2013.
(v) The company does not have any Benami property, where any proceeding has been initiated or pending against the company
for holding any Benami property.
(vii) The company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
(iv) The company has no such 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 (such as, search or survey or any other
relevant provisions of the Income Tax Act, 1961.
(viii) The Company has not advance 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 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 company (Ultimate Beneficiaries) or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(ix) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) 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.

35 Corporate Social Responsibility (CSR)
The company is covered under section 135 of the companies act, the following is the disclosed with regard to CSR activities:-
(` in Lacs)
1 Gross amount required to be spent by the company during the year. 72.66 114.76
2 Amount approved by the Board to be spent during the year:
(a) Ongoing - -
(b) Other than ongoing 72.66 114.76
Total 72.66 114.76
3 Amount spent during the year on:
(a) Construction/acquisition of any asset - -
(b) On purposes other than (a) above 72.66 114.76
Total 72.66 114.76
4 Shortfall at the end of the year, - -
5 Total of previous years shortfall, - 70.60
6 Reason for shortfall- N.A. N.A.
7 Nature of CSR activities-
(a) I&C Charges of 5hp CSR Site Mandu 0.12 -
(b) Donation To Homeopathic Rogi Kalyan 0.50 -
(c) Shakti Foundation 72.05 83.23
(d) Parcel lunch box COVID-19 & Sanitization - 0.73
(e) Construction of Girls Hostel - 25.00
(f) Installation of Solar Pumps System - 2.70
(g) Donation for Mandu Ustav - 0.10
(h) Donation to Police Welfare - 1.00
(i) Installation of Pumps and Motors system - 0.37
(j) Installation of Solar Pump system at Nalcha, Mandu - 1.83
Total 72.66 114.96
Shakti Foundation 72.05 83.23
N.A. N.A.
In case of S. 135(5) unspent amount
Opening Balance - 70.60
Amount deposited in Specified Fund of Sch. VII within 6 months - -
Amount required to be spent - 70.60
Amount spent during the year 70.60
Shortfall / (Excess) - -

36 Employee Benefit Obligations

36.1 Defined Contribution Plan :
The Company makes contribution to statutory provident fund as per Employees Provident Fund and Miscellaneous Provisions
Act, 1952. This is a defined contribution plan as per IND-AS 19.
(` In Lacs)
Employers Contribution to Provident Fund/ Pension Fund 128.55 125.53
Employers Contribution to ESIC 2.99 4.32
Total 131.55 129.85
36.2 Defined Benefit Plan for Gratuity & for Leave Encashment :
(i) Actuarial gains and losses in respect of defined benefit plans are recognised in the Financial statements through other
comprehensive income.
(ii) Through its defined benefit plans the Company is exposed to a number of risks, the most significant of which are detailed
below:
a) Asset Volatility :
(i) The plan liabilities are calculated using a discount rate; if plan assets under perform compared to the discount
rate, this will create or increase a deficit.
(ii) As the plans mature, the Company intends to reduce the level of investment risk by investing more in assets that
better match the liabilities.
b) Life Expectancy :
The majority of the plan’s obligations are to provide benefits for the service life of the member, so increases in service
life expectancy will result in an increase in the plan’s liabilities. This is particularly significant in the Company’s defined
benefit plans, where inflationary increases result in higher sensitivity to changes in service life expectancy.
The amounts recognized in the Balance Sheet are as follows : (` In Lacs)
Particulars Leave Encashment Gratuity
2021-22 2020-21 2021-22 2020-21
Present value of obligation at the end of year 32.78 57.82 603.17 542.28
Fair value of plan assets at the end of year - - 25.82 20.00
Net liability recognized in the Balance Sheet 32.78 57.82 577.35 522.28
The amounts recognized in the Statement of Profit and Loss are as follows: (` In Lacs)

2021-22 2020-21 2021-22 2020-21
Current Service Cost 1.28 9.24 39.30 52.34
Interest Cost 4.10 4.93 37.03 35.09
Past Service Cost - - - -
Benefits Paid - - - -
Recognized Net Actuarial (Gain)/ Loss (28.24) (23.53) - -
Total, included in Employee Benefit Expenses (22.86) (9.35) 76.33 87.43

Changes in present value of defined benefit obligation representing reconciliation of opening and closing balances thereof are
as follows :
(` In Lacs)

2021-22 2020-21 2021-22 2020-21
Defined benefit obligation at 57.82 72.78 542.28 567.54
beginning of the year
Interest Cost 4.10 4.93 38.45 38.48
Benefits Paid (2.18) (5.61) (37.21) (43.62)
Actuarial (Gain)/ Loss (28.24) (23.53) 20.35 (72.46)
Defined benefit obligation at the end 32.78 57.82 603.17 542.28
of the year
The Financial assumptions used in accounting for the Gratuity Plan & Leave Encashment are set out below:

2021-22 2020-21 2021-22 2020-21
(i) Discount Rate 7.51% 7.09% 7.51% 7.09%
(ii) Salary Escalation Rate 6.00% 6.00% 6.00% 6.00%
(iii) Expected Rate of Return on Plan None None 7.44% 7.84%
Assets
The Demographic assumptions used in accounting for the gratuity plan & leave encashment are set out below:
Leave Encashment Gratuity

Particulars
2021-22 2020-21 2021-22 2020-21
(i) Retirement Age 60 years 60 years 60 years 60 years
(ii) Employee Turnover :
18-30 Years 3.00% 3.00% 3.00% 3.00%
30-45 Years 2.00% 2.00% 2.00% 2.00%
Above 45 Years 1.00% 1.00% 1.00% 1.00%
The Sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
Gratuity : (` In Lacs)
Impact on defined benefit obligation

Changes in
Principal assumption Year Decrease in
assumption Increase in assumption
assumption
(i) Discount Rate 2022 100 Basis Points (75.23) 90.75
2021 100 Basis Points (72.11) 87.81
(ii) Salary Growth Rate 2022 100 Basis Points 91.23 (76.86)
2021 100 Basis Points 87.89 (73.41)

Leave Encashment : (` In Lacs)

Impact on defined
benefit obligation Decrease in
Principal assumption Year Changes in assumption
assumption
Increase in assumption
2021 100 Basis Points (7.69) 9.46
2021 100 Basis Points 9.47 (7.83)
Expected Cash Flow for the Next Ten Years March 31, 2022 March 31, 2021
Year 2022 - 13.86
Year 2023 35.91 38.84
Year 2024 25.48 26.79
Year 2025 20.79 21.88
Year 2026 32.53 33.48
Year 2027 37.99 -
Year 2027 - 2031 - 295.85
Year 2028 - 2032 354.86 -
The estimates of future salary increase, considered in actuarial valuation, take into account inflation, seniority, promotions
and other relevant factors such as supply and demand in the employment market. The Company evaluates these assumptions
annually based on its long-term plans of growth and industry standards. The discount rate is based on prevailing market yields on
government securities as at balance sheet date for the estimated term of the obligations.
37 Income Tax Expenses (` In Lacs)

(i) Profit or Loss Section
Current Tax Expenses on Profit before tax 1,922.86 2,202.95
(Short)/Excess provision for tax relating to prior period (3.78) -
Deferred Tax (611.36) 1,001.08
Total Income Tax Expenses Recognised in Statement of Profit & Loss 1,307.72 3,204.03
(ii) Other Comprehensive Income (OCI) Section
Income tax charged to OCI 9.49 (24.70)
(iii) Reconciliation of Effective Tax Rate
A) Profit Before Tax 6,867.12 9,321.00
B) Enacted Tax Rate In India 25.17% 34.94%
C) Expected Tax Expenses 1,728.32 3,257.13
D) Tax Effect of
- Difference Between Book Depreciation And Tax Depreciation 369.94 130.80
- Deduction on account of Research and Development Expenses - (77.32)
- Other Provisions 403.04 (3,070.22)
E) Net Adjustment 772.98 (3,016.74)
F) Tax Expenses/(Saving) on Net Adjustment (E*B) 194.54 (1,054.17)
G) Current Tax Expenses Recognised In Statement of Profit & Loss (C+F) 1,922.86 2,202.96
H) Excess/(Short) Provision for tax relating to prior year (3.78) -
I) Changes on Account of Deferred Tax (611.36) 1,001.08
Net Current Tax Expenses Recognised in Statement of Profit & Loss (G+H+I) 1,307.72 3,204.03

38 Related Party Disclosure as required by Indian Accounting Standard 24 is as below :
(i) List of Related Parties and Relationships
S.No. Description of Relationship & Name of Related Party :

1. Wholly Owned Foreign Subsidiary Companies :
(i) Shakti Pumps LLC, USA
(ii) Shakti Pumps FZE , UAE
(iii) Shakti Pumps Pty Ltd., Australia
(iv) Shakti Pumps (Shanghai) Limited, China
(v) Shakti Pumps (Bangladesh) Ltd., Bangladesh
2. Wholly Owned Domestic Subsidiary Company :
(i) Shakti Energy Solutions Pvt. Ltd.
(ii) Shakti Green Industries Pvt. Ltd.
3. Enterprise over which Key Management are able to exercise Significant Influence :
(i) Shakti Irrigation India Ltd.
(ii) Vintex Tools Pvt. Ltd.
(iii) Arsh Industrial Solutions Pvt. Ltd.
(iv) Shakti Irrigation Pvt. Ltd.
(v) SPIL Energy LLP (Earlier known as "SPIL Energy Limited")
4. Key Managerial Personnel :
(i) Mr. Dinesh Patidar - Managing Director
(ii) Mr. Sunil Patidar - Whole Time Director
(iii) Mr. Ramesh Patidar - Whole Time Director
(iv) Mr. Dinesh Patel: - Chief Financial Officer
(v) Mr. Ravi Patidar: - Company Secretary & Compliance Officer
(ii) Transaction with Related Parties : (` in Lacs)
S. No Name of Party Nature of Transaction 2021-22 2020-21

1 Shakti Pumps LLC, USA Sale of Pump & Motors 2,207.92 1,435.45
Dividend Received 453.58 -
2 Shakti Pumps FZE , UAE Sale of Pump & Motors 7,293.05 6,762.17
Purchase of Pump & Motors 0.53 0.76
3 Shakti Pumps Pty Ltd., Australia Sale of Pump & Motors - 1.54
4 Shakti Pumps (Shanghai) Limited, Purchase of Raw material - 46.61
China
5 Shakti Energy Solutions Pvt. Ltd. Purchase of Solar System 11,936.59 6,767.32
Purchase of Asset - 6.05
Sale of Pump Motors & Others 132.93 33.06
Sales of Asset 2.69 1.33
6 Shakti Green Industries Pvt. Ltd. Sale of Assets 1.98 -
Loan Given 42.25 -
Loan Received back 42.25 -
7 Shakti Irrigation India Ltd. Purchase of Components 1,497.43 1,234.36
(excluding transit)
Sale of Pumps & Motors & other 6.15 77.54
material
Sale of Assets - 0.11
8 Vintex Tools Pvt. Ltd. Purchase of Dies & Other 46.83 101.14
material (excluding transit)


Purchase of Assets (excluding 1,045.57 826.94
transit)
Sale of Spare parts (excluding 23.35 12.40
transit)
9 Arsh Industrial Solutions Pvt. Purchase of Nuts & Bolts 1,137.28 986.63
Ltd.
Sale of Asset - 47.20
Sale of Spare Parts 155.76 352.09
10 Shakti Irrigation Pvt. Ltd. Purchase of Pipes 2,796.33 1,849.77
Sale of Pumps, Motors & other 29.39 5.19
material
Income from Rent 12.12 13.31
11 Mr. Dinesh Patidar Remuneration 900.00 450.00
Sales Incentive - 406.05
12 Mr. Sunil Patidar Remuneration 12.00 9.65
Other Allowances 0.62 0.60
13 Mr. Ramesh Patidar Remuneration 44.34 32.33
14 Mr. Dinesh Patel Remuneration 21.89 15.98
15 Mr. Ravi Patidar Remuneration 13.00 9.92
(iii) Related Party Balance :
As at As at
S. No Nature Name of Party
March 31, 2022 March 31, 2021
1 Investments Shakti Pumps LLC, USA 33.32 33.32
Shakti Pumps FZE, UAE 156.56 156.56
Shakti Pumps (Shanghai) Ltd., China 16.92 16.92
Shakti Pumps (Bangladesh) Ltd., Bangladesh 37.27 37.27
Shakti Energy Solutions Pvt. Ltd. 1,649.89 1,649.89
Shakti Green Industries Pvt. Ltd. 51.00 -
(Including share application money)
2 Trade Receivables Shakti Pumps FZE, UAE 694.20 860.27
Shakti Energy Solutions Pvt. Ltd. 131.01 -
Shakti Irrigation India Ltd. 2.43 48.80
Vintex Tools Pvt. Ltd. 5.97 -
Arsh Industrial Solutions Pvt. Ltd. 54.66 66.31
Shakti Irrigation Private Ltd. 3.91 0.39
3 Trade Payables Shakti Pumps FZE, UAE - 197.15
Shakti Energy Solutions Pvt. Ltd. 2,582.13 789.67
Vintex Tools Pvt. Ltd. 971.45 1,009.60
4 Advance from Shakti Pumps LLC, USA 550.93 934.35
Customers
5 Advance to Shakti Pumps (Shanghai) Ltd, China 0.15 0.30
Vendor

39 Financial Instruments
A. Fair Values
Set out below, is a comparison by class of the carrying amounts and fair value of the financial instruments of the Company
(` in Lacs)
Financial Instruments by Carrying Value Fair Value

category As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Financial Assets at Amortised
Cost
Cash and Bank Balances 3,990.39 3,599.27 3,990.39 3,599.27
Investments 1,944.97 1,893.97 1,944.97 1,893.97
Other Financial Assets 593.47 624.65 593.47 624.65
Trade Receivables 36,188.59 24,993.75 36,188.59 24,993.75
Total 42,717.43 31,111.65 42,717.43 31,111.65
Financial Liabilities at Amortised
Cost
Trade Payables 28,484.11 18,707.80 28,484.11 18,707.80
Borrowings 9,788.62 6,699.28 9,788.62 6,699.28
Other Financial Liabilities 4,976.51 3,875.91 4,976.51 3,875.91
Total 43,249.23 29,283.00 43,249.23 29,283.00
The following methods and assumptions were used to estimate the fair values:
Cash and short-term deposits, trade receivables, loans, trade payables, and other current financial assets and liabilities
approximate their carrying amounts largely due to the short-term maturities of these instruments.
Long-term receivables/payables are evaluated by the Company based on parameters such as interest rates, risk factors,
individual creditworthiness of the counterparty and the risk characteristics of the financed project. Based on this evaluation,
allowances are taken into account for the expected credit losses of these receivables.
All foreign currency denominated assets and liabilities are translated using exchange rate at reporting date.
Fair Value Hierarchy
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly
or indirectly; and
Level 3: Inputs based on unobservable market data.

Quantitative Disclosures of Fair Value Measurement Hierarchy for Assets: (` in Lacs)
Particulars As at March 31, 2022

Level of input used in
Carrying Amount
Level 1 Level 2 Level 3
Financial Assets at Amortised Cost
Cash and Bank Balances 3,990.39 - - 3,990.39
Investments 1,944.97 - - 1,944.97
Other Financial Assets 593.47 - - 593.47
Trade Receivables 36,188.59 - - 36,188.59
Financial Liabilities at Amortised Cost
Trade Payables 28,484.11 - - 28,484.11
Borrowings 9,788.62 - - 9,788.62
Other Financial Liabilities 4,976.51 - - 4,976.51
(` in Lacs)
Particulars As at March 31, 2021
Carrying Amount Level of input used in
Investments 1,893.97 - - 1,893.97

Trade Payables 18,707.80 - - 18,707.80
Borrowings 6,699.28 - - 6,699.28
B. Financial Risk Management
Shakti Pumps (India) Limited is exposed primarily to market risk (fluctuation in foreign currency exchange rates & interest
rate), credit, liquidity which may adversely impact the fair value of its financial instruments. The Company assesses the
unpredictability of the financial environment & seeks to mitigate potential adverse effects on the financial performance of
the Company.
1. Capital Management :
The company’s capital management objectives are:
(i) The Board policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and
to sustain future development of the business. The board of directors monitors the return on capital employed.
(ii) The Company manages capital risk by maintaining sound/optimal capital structure through monitoring of financial
ratios, such as debt-to-equity ratio and net borrowings-to-equity ratio on a monthly basis and implements capital
structure improvement plan when necessary.
(iii) The Company uses debt equity ratio as a capital management index and calculates the ratio as the net debt
divided by total equity. Net debts and total equity are based on the amounts stated in the financial statements.

(iv) Debt Equity Ratio is as follows: (` In Lacs)
March 31, 2022 March 31, 2021
Debt (A) 9,788.62 6,699.28
Equity (B) 34,269.77 30,209.01
Debt Equity Ratio (A/B) 0.29 0.22
2. Credit Risk :
(i) Credit risk is the risk of financial loss arising from counter-party failure to repay or service debt according to the
contractual terms or obligations. Credit risk encompasses both, the direct risk of default and the risk of deterioration of
creditworthiness as well as concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness
of customers on a continuous basis to whom the credit has been granted after obtaining necessary approvals for credit.
(ii) Financial instruments that are subject to concentration of credit risk principally consists of trade receivables,
investments, derivative financial instruments and other financial assets. None of the financial instruments of the
Company results in material concentration of credit risk.
3. Liquidity Risk :
Liquidity Risk Management : Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The
objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as
per requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve
borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of
financial assets and liabilities.
Maturities of Borrowings :
The following table details the Company’s expected maturity for borrowings : (` In Lacs)
Exposure to Risk As at As at
March 31, 2022 March 31, 2021
Interest bearing borrowings:
On Demand 8,799.46 5,011.49
Less than 180 Days 250.64 349.32
181-365 Days 250.64 349.32
More than 365 Days 487.87 989.16
4. Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Such changes in the values of financial instruments may result from changes in the foreign currency exchange
rates, interest rates, credit, liquidity and other market changes. The Company’s exposure to market risk is primarily on
account of foreign currency exchange rate risk.
a) Foreign Currency Exchange Rate Risk :
The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit or loss and
other comprehensive income and equity, where any transaction references more than one currency or where assets /
liabilities are denominated in a currency other than the functional currency of the respective entities. Considering the
countries and economic environment in which the Company operates, its operations are subject to risks arising from
fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in AED, US Dollar, Australian
Dollar, Great Britain Pound, Euro, JPY against the respective functional currencies of the Company. The Company, as
per its risk management policy, evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to
exchange rate risks & uses derivative instruments primarily to hedge foreign exchange (if required).

Foreign Currency Exposures : (` In Lacs)
Particulars Foreign As at March 31, 2022 As at March 31, 2021

Currency Foreign Curr. Foreign Curr. Amount in `
Amount in `
Amount Amount
I. Trade receivables/Advance USD 43.02 3,234.95 43.01 3,079.33
from customer : EUR 0.49 40.50 1.45 123.49
Total 3,275.45 3,202.82
II. Advance for Capital Goods : USD - - 0.06 4.17
Total - 4.17
III. Borrowing balances : USD 10.19 732.87 13.60 977.87
Total 732.87 977.87
IV. Trade payables : USD 14.74 1,108.60 17.16 1,228.72
EUR 2.18 179.25 2.16 183.46
Total 1,287.85 1,412.18
Foreign Currency Sensitivity :
The following tables demonstrate the sensitivity to a reasonably possible change in foreign currency exchange rates,
with all other variables held constant. The impact on the Company’s profit before tax is due to changes in the fair value
of monetary assets and liabilities.
(` In Lacs)
Effect on profit
Particulars Currency Change in rate
before tax
March 31, 2022
Based on YOY change between F21 & F22 USD +10% 139.35
USD -10% (139.35)
EUR +10% (13.87)
EUR -10% 13.87
March 31, 2021
USD -10% (87.69)
EUR +10% (6.00)
EUR -10% 6.00
b) Interest Rate Risk :
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of change
in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the
Company’s debt obligations with floating interest rates.
(` In Lacs)
Floating Interest rate exposure : As at As at

March 31, 2022 March 31, 2021
Secured Loans :
Loans repayable taken from Banks: 8,799.46 5,011.49
Total 8,799.46 5,011.49

Interest Rate Sensitivity :
The sensitivity analyses below have been determined based on exposure to interest rate. For variable rate liabilities, analysis
is prepared assuming the amount of liability outstanding at the end of the reporting period was outstanding for the whole
year. With all other variables held constant, the Company’s profit before tax is affected through the impact on variable rate
borrowings, as follows:
(` In Lacs)
Increase / Decrease in Effect on Profit Before
Particulars
Basis Points Tax(Loss)
As at March 31, 2022 +100 (87.99)
-100 87.99
As at March 31, 2021 +100 (50.11)
-100 50.11
40 Analytical Ratios
Numerator Ratios Ratios % of Reason for
Ratios
Denominator (2021-22) (2020-21) Variation variance
1 Current Ratio Current Assets 1.48 1.56 -4.89% -
Current Liabilities
2 Debt-Equity Ratio Total Debts⁽¹⁾ 0.29 0.22 28.80% Refer Note 1
Shareholders Equity⁽²⁾
3 Debt Service Earnings available for debt service⁽³⁾ 6.41 6.77 -5.32% -
Coverage Ratio Debt Service⁽⁴⁾
4 Trade Payables Net Credit Purchases 4.07 5.30 -23.18% -
Turnover Ratio Average Trade Payables
5 Inventory Turnover Net Sales⁽⁵⁾ 7.25 7.20 0.78% -
Ratio Average Inventory
6 Trade Receivables Net Credit Sales⁽⁵⁾ 3.67 4.85 -24.45% -
Turnover Ratio Average Trade Receivables
7 Net Capital Turnover Net Sales⁽⁵⁾ 5.93 6.59 -9.98% -
Ratio Average working capital
8 Net Profit Ratio Net Profits after Tax 4.96% 6.93% -28.52% Refer Note 2
Net Sales⁽⁵⁾
9 Return on Equity Net Profits after Tax 17.24% 22.55% -23.53% -
Ratio (ROE) Average Shareholder’s Equity
10 Return on Net Profit after tax 16.22% 20.25% -19.88% -
Investment (ROI) Total Equity
11 Return on Capital Earning before interest and taxes 17.85% 28.21% -36.74% Refer Note 2
Employed (ROCE) Capital Employed⁽⁶⁾

Explanation :
(1) Total Debt represents Current Borrowings + Non Current Borrowings.
(2) Shareholders Equity represents Equity Share Capital + Other equity
(3) Earnings available for debt service represents Profit Before Tax + Depreciation and Amortizations + Interest on Debt + Loss
on Sale of Fixed Assets.
(4) Debt Service represents Interest on Debt + Scheduled Principal Repayment of Non Current Borrowings
(5) Net Sales represents Domestic Sales + Export Sales + Scrap Sales
(6) Capital Employed represents Total Equity + Borrowings
Reason for variance :
(1) During the financial year ended March 31, 2022, there had been an increase in Short term Borrowings compared to previous
financial year, resulting into variation in ratio .
(2) During the financial year ended March 31, 2022, there had been an increase raw material cost compared to previous
financial year, this impacted the operating margins, resulting into variance in ratio reported above.
41. Previous year figure have been regrouped / recast, wherever necessary, to correspond with the current year's classification
/ disclosure.

M.No.111592 DIN:00549552 DIN:00931437

Date: May 02, 2022 M. No. ACS 32328

Independent Auditors’ Report
To the Members of changes in equity for the year ended on that date.
Basis for Opinion
Report on the Audit of the Consolidated Financial We conducted our audit of the consolidated financial
Statements statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs). Our
responsibilities under those Standards are further described in
OPINION the Auditor’s Responsibilities for the Audit of the Consolidated
We have audited the accompanying consolidated financial Financial Statements section of our report. We are independent
statements of Shakti Pumps (India) Limited (‘the Parent’) and its of the Group in accordance with the Code of Ethics issued by
subsidiaries, (the Parent and its subsidiaries together referred the Institute of Chartered Accountants of India (ICAI) together
to as “the Group”) which comprise the Consolidated Balance with the independence requirements that are relevant to our
Sheet as at 31 March 2022, the Consolidated Statement of audit of the consolidated financial statements under the
Profit and Loss (including other comprehensive income), the provisions of the Act and the Rules made there under, and we
Consolidated Cash Flows Statement and the Consolidated have fulfilled our other ethical responsibilities in accordance
Statement of Changes in Equity for the year then ended, and with these requirements and the ICAI’s Code of Ethics. We
a summary of the significant accounting policies and other believe that the audit evidence we have obtained is sufficient
explanatory information. and appropriate to provide a basis for our audit opinion on the
consolidated financial statements.
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid consolidated
financial statements give the information required by the Key Audit Matters
Companies Act, 2013 (“the Act”) in the manner so required Key audit matters are those matters that, in our professional
and give a true and fair view in conformity with the Indian judgment, were of most significance in our audit of the
Accounting Standards prescribed under section 133 of the consolidated financial statements of the current period. These
Act read with the Companies ( Indian Accounting Standards) matters were addressed in the context of our audit of the
Rules, 2015, as amended, (“Ind AS”) and other accounting consolidated financial statements as a whole, and in forming
principles generally accepted in India, of the consolidated our opinion thereon, and we do not provide a separate opinion
state of affairs of the Group as at 31 March 2022, and their on these matters. We have determined the matters described
consolidated profit , their consolidated comprehensive below to be the key audit matters to be communicated in our
income, their consolidated cash flows and their consolidated report.
Sr. No. Key Audit Matter Auditor’s Response

1 Evaluation of uncertain tax positions Principal Audit Procedures
The Group has material uncertain Obtained details of completed tax assessments and demands for the
tax positions including matters under year ended March 31, 2022, from management. We involved our internal
dispute which involves significant experts to challenge the management’s underlying assumptions in
judgment to determine the possible estimating the tax provision and the possible outcome of the disputes.
outcome of these disputes. Our internal experts also considered legal precedence and other rulings
in evaluating management’s position on these uncertain tax positions.
Refer Notes 32 to the Consolidated
Additionally, we considered the effect of new information in respect
Financial Statements
of uncertain tax positions as at April 1, 2021 to evaluate whether any
change was required to management’s position on these uncertainties.
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT THEREON
The Parent’s Board of Directors is responsible for the other information. The other information comprises the information included
in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility
Report and Corporate Governance Report, but does not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.

In connection with our audit of the financial statements, our with SAs will always detect a material misstatement when it
responsibility is to read the other information and, in doing exists. Misstatements can arise from fraud or error and are
so, consider whether the other information is materially considered material if, individually or in the aggregate, they
inconsistent with the financial statements or our knowledge could reasonably be expected to influence the economic
obtained during the course of our audit or otherwise appears decisions of users taken on the basis of these consolidated
to be materially misstated. financial statements.
If, based on the work we have performed, we conclude that As part of an audit in accordance with SAs, we exercise
there is a material misstatement of this other information, professional judgment and maintain professional scepticism
we are required to communicate the matter to those charged throughout the audit. We also:
with governance as required under SA 720 ‘The Auditor’s
• Identify and assess the risks of material misstatement
responsibilities Relating to Other information.
of the consolidated financial statements, whether due
to fraud or error, design and perform audit procedures
Management’s Responsibility for the Consolidated responsive to those risks, and obtain audit evidence that
Financial Statements is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement
The Parent’s Board of Directors is responsible for the
resulting from fraud is higher than for one resulting from
matters stated in section 134(5) of the Act with respect to
error, as fraud may involve collusion, forgery, intentional
the preparation of those consolidated financial statements
omissions, misrepresentations, or the override of internal
that give a true and fair view of the consolidated financial
control.
position, consolidated financial performance including other
comprehensive income, consolidated changes in equity • Obtain an understanding of internal financial controls
and consolidated cash flows of the Group in accordance relevant to the audit in order to design audit procedures
with the Ind AS and other accounting principles generally that are appropriate in the circumstances. Under section
accepted in India. The respective Board of Directors of 143(3)(i) of the Act, we are also responsible for expressing
the Companies included in the Group are responsible for our opinion on whether the Parent has adequate internal
maintenance of adequate accounting records in accordance financial controls system in place and the operating
with the provisions of the Act for safeguarding the assets effectiveness of such controls
of the Group and for preventing and detecting frauds and
• Evaluate the appropriateness of accounting policies used
other irregularities; selection and application of appropriate
and the reasonableness of accounting estimates and
accounting policies; making judgments and estimates that
related disclosures made by management.
are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls, • Conclude on the appropriateness of management’s use of
that were operating effectively for ensuring the accuracy the going concern basis of accounting and, based on the
and completeness of the accounting records, relevant to the audit evidence obtained, whether a material uncertainty
preparation and presentation of the consolidated financial exists related to events or conditions that may cast
statements that give a true and fair view and are free from significant doubt on the Group ability to continue as a
material misstatement, whether due to fraud or error. going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s
In preparing the consolidated financial statements, the
report to the related disclosures in the consolidated
respective Board of Directors of the companies included in the
financial statements or, if such disclosures are inadequate,
Group are responsible for assessing the ability of the Group to
to modify our opinion. Our conclusions are based on the
continue as a going concern, disclosing, as applicable, matters
audit evidence obtained up to the date of our auditor’s
related to going concern and using the going concern basis of
report. However, future events or conditions may cause
accounting unless management either intends to liquidate the
the Group to cease to continue as a going concern.
Company or to cease operations, or has no realistic alternative
but to do so. • Evaluate the overall presentation, structure and content
of the consolidated financial statements, including the
The respective Board of Directors of the companies are also
disclosures, and whether the consolidated financial
responsible for overseeing the Group’s financial reporting
statements represent the underlying transactions and
process.
events in a manner that achieves fair presentation.
Auditor’s Responsibility for the Audit of the • Obtain sufficient appropriate audit evidence regarding
Consolidated Financial Statements the financial information of the entities within the
Group to express an opinion on the consolidated
Our objectives are to obtain reasonable assurance about financial statements. We are responsible for the
whether the consolidated financial statements as a whole direction, supervision and performance of the audit of
are free from material misstatement, whether due to fraud the financial statements of such entities included in the
or error, and to issue an auditor’s report that includes our consolidated financial statements of which we are the
opinion. Reasonable assurance is a high level of assurance independent auditors. For the other entities included
but is not a guarantee that an audit conducted in accordance in the consolidated financial statements, which have

been audited by the other auditors, such other auditors respect to our reliance on the work done and the reports of
remain responsible for the direction, supervision and the other auditors and the financial statements / financial
performance of the audits carried out by them. We information certified by the Management.
remain solely responsible for our audit opinion.
Materiality is the magnitude of misstatements in the Report on Other Legal and Regulatory
consolidated financial statements that, individually or in Requirements
aggregate, makes it probable that the economic decisions of
1. As required by Section 143(3) of the Act, based on our
a reasonably knowledgeable user of the consolidated financial
audit and on the consideration of the reports of the
statements may be influenced. We consider quantitative
other auditors on the separate financial statements of
materiality and qualitative factors in (i) planning the scope of
the subsidiaries referred to in the Other Matters section
our audit work and in evaluating the results of our work; and
above we report that:
(ii) to evaluate the effect of any identified misstatements in
the consolidated financial statements. a) we have sought and obtained all the information and
explanations which to the best of our knowledge
We communicate with those charged with governance of the
and belief were necessary for the purpose of
Parent and such other entities included in the consolidated
our audit of the aforesaid consolidated financial
financial statements of which we are the independent
statements;
auditors regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including b) in our opinion, proper books of account as required
any significant deficiencies in internal control that we identify by law relating to preparation of the aforesaid
during our audit. consolidated financial statements have been kept
so far as it appears from our examination of those
We also provide those charged with governance with a
books and reports of the other auditors;
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate c) The Consolidated Balance Sheet, the Consolidated
with them all relationships and other matters that may Statement of Profit and Loss (including other
reasonably be thought to bear on our independence, and comprehensive income), the Consolidated Cash
where applicable, related safeguards. Flow Statement and Consolidated Statement of
Changes in Equity dealt with by this Report are in
From the matters communicated with those charged with
agreement with the books of account maintained
governance, we determine those matters that were of
for the purpose of preparation of the consolidated
most significance in the audit of the consolidated financial
financial statements;
statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s d) in our opinion, the aforesaid consolidated financial
report unless law or regulation precludes public disclosure statements comply with the Indian Accounting
about the matter or when, in extremely rare circumstances, Standards prescribed under Section 133 of the Act;
we determine that a matter should not be communicated in read with Companies (Indian Accounting Standards)
our report because the adverse consequences of doing so Rules, 2015, as amended;
would reasonably be expected to outweigh the public interest
e) on the basis of the written representations received
benefits of such communication.
from the directors of the Parent as on 31 March
2022 taken on record by the Board of Directors
Other Matters including two Companies incorporated in India
We did not audit the financial statement of 6 subsidiaries included in the Consolidated financial statement ,
included in the audited consolidated financial statement, none of the directors of parent is disqualified as on
whose financial statements reflect total assets of ` 12,294.60 31 March 2022, from being appointed as a director
lacs as on 31 March 2022. total revenues of ` 27,020.23 in terms of Section 164(2) of the Act;
lacs, total net (loss)/profit after tax of ` 1,777.77 lacs and f) With respect to the adequacy of the internal
total comprehensive income/(loss) of ` 1,984.22 lacs for the financial controls over financial reporting and the
period from 01 April 2021 to March 31, 2022, respectively operating effectiveness of such controls, refer
as considered in the Statements. These financial statements to our separate Report in “Annexure A” which is
have been audited by other auditors whose reports have based on the auditor’s report of the Parent to
been furnished to us by the Management and our conclusion whom internal financial controls over financial
on the Statement, in so far as it relates to the amounts and reporting is applicable. Our report expresses an
disclosures included in respect of these subsidiaries is based unmodified opinion on the adequacy and operating
solely on the reports of the other auditors and the procedures effectiveness of internal financial controls over
performed by us as stated in paragraph above. financial reporting of the parent.
Our opinion on the consolidated financial statements above g) With respect to the other matters to be included
and our report on Other Legal and Regulatory Requirements in the Auditor’s Report in accordance with the
below, is not modified in respect of the above matters with requirements of section 197(16) of the Act, as

amended, in our opinion and to the best of our including foreign entities (“Funding Parties”),
information and according to the explanations with the understanding, whether recorded
given to us, the remuneration paid by the Parent to in writing or otherwise, that the Holding
its directors during the year is in accordance with Company, its subsidiaries and its associate
the provisions of section 197 of the Act. shall, whether, directly or indirectly, lend or
invest in other persons or entities identified
h) with respect to the other matters to be included in
in any manner whatsoever by or on behalf of
the Auditor’s Report in accordance with Rule 11 of
the Funding Party (“Ultimate Beneficiaries”) or
the Companies (Audit and Auditors) Rules, 2014, in
provide any guarantee, security or the like on
our opinion and to the best of our information and
behalf of the Ultimate Beneficiaries; and
according to the explanations given to us:
iii. Based on such audit procedures that we have
i. The consolidated financial statement has
considered reasonable and appropriate in
disclosed the impact of pending litigations
the circumstances, nothing has come to our
on its consolidated financial position of the
notice that has caused us to believe that the
Group- Refer Note 32;
representations under sub-clause (i) and (ii)
ii. The Group did not have any material contain any material mis-statement.
foreseeable losses on long-term contracts
As stated in note 30 to the financial statements, the Board of
including derivative contracts;
Directors of the Company have proposed final dividend for
iii. There has been no delay in transferring the year which is subject to the approval of the members at
amounts, required to be transferred, to the the ensuring Annual General Meeting. The dividend declared
Investor Education and Protection Fund by is in accordance with section 123 of the Act, to the extent it
the only Company to which such requirements applies to declaration of dividend.
apply;
The final dividend proposed in the previous year, declared
iv. and paid by the Parent during the year is in accordance with
section 123 of the Act, as applicable.
i. The Management of the Parent which is
a company incorporated in India, whose With respect to the matters specified in paragraphs 3(xxi)
financial statements has been audited under and 4 of the Companies (Auditor’s Report) Order, 2020 (the
the Act, has represented to us that, to the best “Order”/ “CARO”) issued by the Central Government in terms
of its knowledge and belief, no funds have of Section 143(11) of the Act, to be included in the Auditor’s
been advanced or loaned or invested (either report, according to the information and explanations given
from borrowed funds or share premium or any to us, and based on the CARO reports issued by us for
other sources or kind of funds) by the Holding the Company and its subsidiary auditors included in the
Company, its subsidiaries and its associates consolidated financial statements of the Company, to which
to or in any other person(s) or entity(ies), reporting under CARO is applicable, we report that there are
including foreign entities ("Intermediaries"), no qualifications or adverse remarks in the CARO report of
with the understanding, whether recorded in the subsidiaries.
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 For PGS & Associates
the Holding Company, its subsidiaries and its Chartered Accountants
associates ("Ultimate Beneficiaries") or provide Firm Registration Number: 122384W
any guarantee, security or the like on behalf of UDIN: 22111592AIGKWP3921
the Ultimate Beneficiaries;
ii. The Holding Company Management has
Premal Gandhi
represented, that, to the best of it’s knowledge
Partner
and belief, no funds have been received by
the Holding Company, its subsidiaries and its
Place: Mumbai
associate from any person(s) or entity(ies),
Date: May,02,2022

Annexure- A to the Independent Auditors’ Report
The Annexure A referred to in our Report of even date to the Members of Shakti Pumps (India) Limited (“the Company”) on the
financial statements for the year ended 31 March 2022.
(Referred to in paragraph 1(f) under ‘Report on Our audit involves performing procedures to obtain audit
Other Legal and Regulatory Requirements’ section evidence about the adequacy of the internal financial
controls system over financial reporting and their operating
of our report of even date) effectiveness. Our audit of internal financial controls over
financial reporting included obtaining an understanding of
Report on the Internal Financial Controls under internal financial controls over financial reporting, assessing
Clause (i) of sub-section 3 of Section 143 of the the risk that a material weakness exists, and testing and
Companies Act, 2013 (‘the Act’) evaluating the design and operating effectiveness of internal
control based on the assessed risk. The procedures selected
In conjunction with our audit of the consolidated financial depend on the auditor’s judgment, including the assessment
statements of the Company as of and for the year ended March of the risks of material misstatement of the Ind AS financial
31, 2022, we have audited the internal financial controls over statements, whether due to fraud or error.
financial reporting of Shakti Pumps (India) Limited (hereinafter
referred to as “Parent”), as of that date. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion on the Parent’s internal financial controls system over
Management’s Responsibility for Internal Financial financial reporting.
Controls
The Board of Directors of the Parent is responsible for Meaning of Internal Financial Controls Over
establishing and maintaining internal financial controls Financial Reporting
based on the internal control over financial reporting criteria
established by the Company considering the essential A Company's internal financial control over financial reporting is
components of internal control stated in the Guidance Note on a process designed to provide reasonable assurance regarding
Audit of Internal Financial Controls Over Financial Reporting the reliability of financial reporting and the preparation of Ind
issued by the Institute of Chartered Accountants of India. AS financial statements for external purposes in accordance
These responsibilities include the design, implementation with generally accepted accounting principles. A Company's
and maintenance of adequate internal financial controls internal financial control over financial reporting includes
that were operating effectively for ensuring the orderly those policies and procedures that:
and efficient conduct of its business, including adherence 1) pertain to the maintenance of records that, in reasonable
to Parent’s policies, the safeguarding of its assets, the detail, accurately and fairly reflect the transactions and
prevention and detection of frauds and errors, the accuracy dispositions of the assets of the Company;
and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under 2) provide reasonable assurance that transactions are
the Companies Act, 2013. recorded as necessary to permit preparation of Ind
AS financial statements in accordance with generally
accepted accounting principles, and that receipts and
Auditors’ Responsibility expenditures of the Company are being made only in
Our responsibility is to express an opinion on the Parent's accordance with authorisations of Management and
internal financial controls over financial reporting based on directors of the Company; and
our audit. We conducted our audit in accordance with the
3) provide reasonable assurance regarding prevention or
Guidance Note on Audit of Internal Financial Controls over
timely detection of unauthorised acquisition, use, or
Financial Reporting (the ‘Guidance Note’) and the Standards
disposition of the Company's assets that could have a
on Auditing, issued by ICAI and deemed to be prescribed
material effect on the Ind AS financial statements.
under Section 143(10) of the Act, to the extent applicable to
an audit of internal financial controls, both applicable to an
audit of Internal Financial Controls and, both issued by the Inherent Limitations of Internal Financial Controls
ICAI. Those Standards and the Guidance Note require that we Over Financial Reporting
comply with ethical requirements and plan and perform the
Because of the inherent limitations of internal financial
audit to obtain reasonable assurance about whether adequate
controls over financial reporting, including the possibility
internal financial controls over financial reporting were
of collusion or improper management override of controls,
established and maintained and if such controls operated
material misstatements due to error or fraud may occur and
effectively in all material respects.
not be detected. Also, projections of any evaluation of the

Annexure- A to the Independent Auditors’ Report on the Ind AS

Financial Statements (continued)
internal financial controls over financial reporting to future
periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of
changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.
Opinion
In our opinion to the best of our information and according
to the explanations given to us, the Parent, has, in all material
respects, an adequate internal financial controls system over
financial reporting and such internal financial controls over
financial reporting were operating effectively as at March 31,
2022, based on the internal control over financial reporting
criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India.

UDIN: 22111592AIGKWP3921
Premal Gandhi
Partner
Place: Mumbai
Date: May 02, 2022

Consolidated Balance Sheet
As At March 31, 2022
(` in Lacs)
As at As at
Particulars Note No.
March 31, 2022 March 31, 2021
I ASSETS
1 Non - Current Assets
(a) Property, Plant and Equipment 3 14,109.18 14,313.41
(b) Capital Work-In-Progress 3 49.53 57.92
(c) Intangible Assets 4 463.09 421.88
(d) Intangible Assets Under Development 4 10.89 18.01
(e) Financial Assets 5
(i) Investments 5.1 0.02 0.02
(ii) Other Financial Assets 5.2 243.79 247.17
(f) Non-Current Tax Assets (Net) 6 24.58 1,734.43
(g) Other Non-Current Assets 7 206.55 160.96
Total Non-Current Assets 15,107.63 16,953.80
2 Current Assets
(a) Inventories 8 21,582.69 13,340.68
(b) Financial Assets 9
(i) Trade Receivables 9.1 38,277.58 26,456.75
(ii) Cash and Cash Equivalents 9.2 3,124.99 2,157.43
(iii) Bank Balance Other than Above 9.3 1,335.12 1,989.84
(iv) Other Financial Assets 9.4 369.05 383.91
(c) Current Tax Assets (Net) 10 114.79 -
(d) Other Current Assets 11 6,455.72 5,775.06
Total Current Assets 71,259.94 50,103.67
Total Assets 86,367.57 67,057.47
II EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 12 1,838.02 1,838.02
(b) Other Equity 13 37,479.65 32,222.92
Total Equity 39,317.67 34,060.94
Liabilities
1 Non-Current Liabilities
(i) Borrowings 14.1 930.37 1,991.66
(b) Provisions 15 577.09 564.36
(c) Deferred Tax Liabilities (Net) 16 695.46 1,155.72
Total Non-Current Liabilities 2,303.93 3,755.49
2 Current Liabilities
(i) Borrowings 17.1 9,570.75 5,883.46
(iii) Trade Payables 17.3
- Dues of Micro and Small Enterprise 6,359.67 5,938.94
- Dues of Other than Micro and Small Enterprise 22,039.51 12,480.92
(iv) Other Financial Liabilities 17.4 5,187.01 3,990.04
(b) Provisions 18 38.08 17.03
(c) Other Current Liabilities 19 1,538.78 592.34
(d) Current Tax Liabilities (Net) 20 - 332.82
Total Current Liabilities 44,745.97 29,241.04
Total Equity And Liabilities 86,367.57 67,057.47
Company Overview, Basis of preparation and Significant Accounting Policies 1 to 2
The accompanying notes are an integral part of the Financial Statements 3 to 43

M.No.111592 DIN:00549552 DIN:00931437

Date: May 02, 2022 M. No. ACS 32328

Consolidated Statement of Profit & Loss

(` in Lacs - unless otherwise stated)
Particulars Note No. 2021-22 2020-21

I Revenue from Operations 21 1,17,853.51 92,966.14
II Other Income 22 614.14 377.12
III Total Income (I+II) 1,18,467.65 93,343.26
IV Expenses
Cost of Materials Consumed 23 95,445.60 63,838.80
Purchase of Stock-in-Trade - -
Changes in Inventories of Finished Goods, Stock-In-Trade and Work- 24 (4,981.15) 1,829.54
In-Progress
Employee Benefits Expenses 25 5,241.19 4,363.71
Finance Costs 26 1,567.62 1,621.14
Depreciation and Amortisation Expense 27 1,857.46 1,836.46
Other Expenses 28 11,102.73 8,728.98
Total Expenses (IV) 1,10,233.45 82,218.63
V Profit/(loss) before Exceptional Items and Tax (III-IV) 8,234.20 11,124.63
VI Exceptional Items - -
VII Profit/ (loss) before Tax(V-VI) 8,234.20 11,124.63
VIII Tax Expense:
(1) Current Tax 2,224.81 2,491.92
(2) Excess/Short Provision of Tax (0.28) -
(3) Deferred Tax (471.93) 1,074.07
IX Profit/(loss) for the year (VII-VIII) 6,481.60 7,558.64
X Other Comprehensive Income
(A) (i) Items that will not be reclassified to profit or loss
Re-measurement gains/(loss) on defined benefit plans (37.28) 71.37
(ii) Income tax relating to items that will not be reclassified to profit 9.37 (24.70)
or loss
(B) (i) Items that will be reclassified to profit or loss
Unrealised exchange gain/(loss) 206.14 (111.85)
(ii) lncome tax relating to items that will be reclassified to profit or loss - -
Total Comprehensive Income for the year (X) 178.23 (65.19)
XI Total Comprehensive Income /Loss for the year (IX+X) 6,659.83 7,493.46
XII Earnings per equity share [nominal value of share ` 10/] 29
(1) Basic 35.26 41.12
(2) Diluted 35.26 41.12

M.No.111592 DIN:00549552 DIN:00931437

Date: May 02, 2022 M. No. ACS 32328

Consolidated Cash Flow Statement
(` in Lacs)
For the Year Ended For the Year Ended

Particulars
March 31, 2022 March 31, 2021
A CASH FLOW FROM OPERATING ACTIVITIES
Net Profit & loss before tax as per profit & Loss Account 8,234.20 11,124.63
Adjusted For :
Depreciation and Amortisation Expense 1,857.46 1,836.46
Interest Income (312.33) (153.26)
Interest Paid 1,140.38 1,235.39
Provision for Doubtful Debts/ Security Deposits 75.73 61.25
Re-measurement (gains) / loss on defined benefit plans (37.28) 71.37
Unrealised exchange (gain)/loss (net) 273.46 (59.38)
Profit /Loss on sale of property, plant and equipment (net) 2.57 2.67
2,999.98 2,994.50
Operating Profit Before Working Capital Changes 11,234.18 14,119.13
Adjusted For :
(Increase)/Decrease in Trade and Other Receivables (12,558.66) (14,317.31)
(Increase)/Decrease in Inventories (8,242.01) 1,114.48
Increase/(Decrease) in Trade and other payables 12,207.25 15,446.58
(8,593.42) 2,243.75
Net Cash Flow From Operating Activities 2,640.76 16,362.88
Income taxes (paid)/refund (net) (941.25) (2,242.47)
(941.25) (2,242.47)
Net Cash Flow From/(Used In) Operating Activities (A) 1,699.51 14,120.41
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant and Equipment (2,087.71) (1,249.17)
Purchase of Intangible Assets (73.80) (64.49)
Movement in Capital Work-in-Progress 15.51 (6.43)
Sale of Fixed Assets 464.50 58.48
Movement in Advance for Capital Goods (7.00) (2.84)
Interest Received 273.43 77.96
(Deposits)/Redemption with banks 654.71 1,201.44
Net Cash Flow From/(Used In) Investing Activities (B) (760.35) 14.95

For the Year Ended For the Year Ended

Particulars
March 31, 2022 March 31, 2021
C CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Long Term Borrowings - 290.00
Repayment of Long term borrowings (1,258.63) (782.81)
Proceeds/(Repayment) from Short Term Borrowings (Net) 3,884.63 (10,924.14)
Dividend Paid including tax thereon (1,470.41) -
Interest Paid (1,127.18) (1,221.32)
Net Cash Flow From/(Used In) Financing Activities (C) 28.40 (12,638.28)
Net Change in Cash & Cash Equivalents (A+B+C) 967.56 1,497.08
Cash & Cash Equivalents at the beginning of the year 2,157.43 660.35
Cash & Cash Equivalents at the end of the year 3,124.99 2,157.43
Note :
1. Figures in brackets represent Cash Outflow
2. Cash and Cash Equivalents comprise of :
March 31, 2022 March 31, 2021
Cash in Hand 2.37 4.34
Balance with Scheduled Banks 2,181.86 570.14
Fixed Deposit with Maturity Less than three months 940.76 1,582.95
Total 3,124.99 2,157.43

M.No.111592 DIN:00549552 DIN:00931437

Date: May 02, 2022 M. No. ACS 32328

Consolidated Statement of Changes in Equity
A Equity share capital

Particulars Number of Face value Amount Number of Face value Amount
shares (INR) (` In Lacs) shares (INR) (` In Lacs)
Balance as at beginning of the year 18,380,156 10.00 1,838.02 18,380,156 10.00 1,838.02
Changes due to prior period errors - - - - - -
Restated balance at the beginning of 18,380,156 10.00 1,838.02 18,380,156 10.00 1,838.02
the current reporting period
Changes during the current year - - - - - -
Balance at the end of the year 18,380,156 10.00 1,838.02 18,380,156 10.00 1,838.02
B Other Equity (` In Lacs)
Reserve & Surplus Foreign

Other
Exchange
Particulars Capital Securities General Retained Comprehen- Total
Fluctuation
Reserve Premium Reserve Earnings sive Income
Reserve
Balance as at April 1, 2020 49.87 8,797.81 9,636.71 6,145.82 58.97 (12.18) 24,677.00
Profit for the year - - - 7,558.64 - - 7,558.64
Foreign currency translation - - - - 52.47 - 52.47
Remeasurement Gain/(Loss) - - - - - 46.67 46.67
Unrealised Gain/(Loss) - - - - - (111.85) (111.85)
Balance as at March 31, 2021 49.87 8,797.81 9,636.71 13,704.47 111.44 (77.37) 32,222.92
Dividend & Dividend Tax Paid - - - (1,470.41) - - (1,470.41)
Remeasurement Gain/(Loss) - - - - - (27.91) (27.91)
Unrealised Gain/(Loss) - - - - - 206.14 206.14
Balance as at March 31, 2022 49.87 8,797.81 9,636.71 18,715.65 178.76 100.86 37,479.65

M.No.111592 DIN:00549552 DIN:00931437

Date: May 02, 2022 M. No. ACS 32328

Notes to the Consolidated Financial Statements

1. The Group Overview:
The Group, Shakti Pumps India Limited (SPIL) and its subsidiaries, engaged in manufacturing & trading of Pumps, Motors &
their spare parts. The core products of the Company are Engineered Pumps, Industrial Pumps, and Solar Pumps.
2. Basis of Preparation of Consolidated Financial Statements and significant accounting policies:

2.1 Statement of Compliance
The Consolidated Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS)
as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards)
Rules, 2015 and Companies (Indian Accounting Standards) (Amendment) Rules, 2016 and relevant provisions of the
2.2 Basis of Preparation
a) The Consolidated Financial Statements comprise of the financial statements of Shakti Pumps (India) Limited
(Parent Company) and the following subsidiaries as on 31st March 2022:
Country of Proportion of
Name of the Company
Incorporation Ownership Interest of SPIL
Shakti Pumps LLC USA 100%

Shakti Pumps FZE UAE 100%
Shakti Pumps (Bangladesh) Ltd. Bangladesh 100%
Shakti Pumps (Shanghai) Ltd. China 100%
Shakti Energy Solutions Pvt. Ltd. India 100%
Shakti Green Industries Pvt. Ltd.
(Incorporated 16th December, 2021) India 100%
b) The Financial Statements of the parent e) The accounts of Shakti Pumps LLC, USA is
company and its subsidiaries have been exempt from Audit.
consolidated on a line by line basis by adding
f) The Accounting Policies of the parent
together the book value of like items of
company and its subsidiaries are largely
assets, liabilities, income and expenses, after
similar. However, few accounting policies are
eliminating Intra-group balances, Intra-group
different as certain subsidiaries located in
transactions and unrealised profits or losses in
different countries have to comply with the
accordance with Ind AS 110 – “Consolidated
local regulatory requirements.
Financial Statements”.
g) In case of foreign subsidiaries, revenue items
c) Post-acquisition, the Company accounts for
are consolidated at the average exchange
its share in the change in net assets of the
rate during the year. All assets and liabilities
subsidiaries (after eliminating unrealised
are translated at year end exchange rate. The
profits and losses resulting from transactions
resulting exchange differences are recognised
between the Company and its subsidiaries to
as Other Comprehensive Income/ (loss) and
the extent of its share), through its statement
disclosed accordingly.
of profit and loss, other comprehensive income
and through its reserves for the balance. h) Significant Accounting Policies of the financial
statements of the company and its subsidiaries
d) The difference between the cost of investment
are set out in their respective Financial
and the share of net assets at the time of
Statements.
acquisition of shares in the subsidiaries is
identified in the financial statements as Capital i) The Group has adopted Ind AS 116 using the
Reserve/Goodwill as the case may be. prospective approach. The application of Ind
AS 116 has resulted into recognition of ‘Right-

of-Use’ asset with a corresponding Lease acquiree’s identifiable assets, liabilities and
Liability in the Balance Sheet. contingent liabilities that meet the recognition
criteria are stated at their fair values at the
2.3 Significant Accounting Policies:
acquisition date except certain assets and
The significant accounting policies to prepare liabilities required to be measured as per the
consolidated financial statements are in uniformity applicable standard.
with the standalone financial statements of the
b) Deferred Tax:
Company. Following are the additional policies
specifically considered for preparation of The Company does not recognised deferred
consolidated financial statements: tax liability with respect to undistributed
retained earnings of subsidiaries and foreign
a) Business Combination:
currency translation difference, comprised in
Business Combinations are accounted for Other Comprehensive Income, recognised on
using the acquisition method. The cost of consolidation of foreign subsidiaries as the
acquisition is measured at the aggregate of the Company controls the timing of distribution of
fair values at the date of exchange of assets profits and it is probable that the subsidiaries
given, liabilities incurred or assumed and will not distribute the profits in the foreseeable
equity instruments issued by the Company future.
in exchange for control of the acquiree. The

NON-CURRENT ASSETS
3. PROPERTY PLANT AND EQUIPMENT AND CAPITAL WORK-IN-PROGRESS (` In Lacs)
Other than Research and Development Research and Development Right
Capital
of use
Particulars Total work-in-
Freehold Plant & Die and Furniture Motor Office Plant and Die and Furniture Office Asset-
Buildings Computers Computers progress
Land Machinery Tools & Fixtures Vehicles Equipment Machinery Tools & Fixtures Equipment's Leases

As at March 31, 2020 415.86 4,648.24 8,978.52 9,388.12 677.64 627.30 260.43 672.28 49.16 241.05 29.15 3.44 36.48 56.34 26,084.03 45.97
Additions - 12.04 527.02 552.96 14.16 30.11 0.03 31.76 - 26.72 0.20 - 50.51 - 1,245.50 11.95
Sales/Disposals/ - 0.10 110.70 - 36.96 0.02 - 0.02 - 0.13 - - 0.11 - 148.04 -

Adjustments
As at March 31, 2021 415.86 4,660.18 9,394.83 9,941.08 654.84 657.40 260.47 704.02 49.16 267.64 29.35 3.44 86.89 56.34 27,181.48 57.92
Additions - 256.39 610.60 940.34 19.05 21.89 40.03 46.86 2.49 85.23 1.51 - 24.68 64.60 2,113.66 37.03
Sales/Disposals/ - - 385.51 307.29 3.08 4.11 79.38 (1.77) - 0.00 - 0.16 - - 777.76 45.42
Adjustments
As at March 31, 2022 415.86 4,916.56 9,619.92 10,574.12 670.80 675.17 221.12 752.65 51.66 352.87 30.85 3.28 111.57 120.95 28,517.38 49.53
Accumulated Depreciation
As at March 31, 2020 - 729.88 3,620.11 5,558.99 484.79 356.24 125.30 231.83 3.89 32.63 3.55 0.36 5.02 0.94 11,153.53 -
Sales/Disposals/ - 0.01 49.40 1.40 38.80 0.19 0.29 0.50 - - - - - - 90.59 -

Adjustments
As at March 31, 2021 - 862.46 4,128.32 6,426.52 511.65 405.23 150.30 293.45 7.00 62.46 8.19 0.69 8.99 2.81 12,868.07 -
Sales/Disposals/ - (0.17) 98.29 114.99 2.40 1.10 68.12 (0.03) - - - 0.04 - - 284.74 -
Adjustments
As at March 31, 2022 - 989.27 4,608.09 7,173.94 571.89 453.04 105.90 357.69 10.20 100.34 13.09 0.98 18.02 5.76 14,408.20 -
Net Block
As at March 31, 2021 415.86 3,797.72 5,266.51 3,514.56 143.19 252.17 110.16 410.58 42.16 205.17 21.16 2.75 77.90 53.53 14,313.41 57.92
As at March 31, 2022 415.86 3,927.29 5,011.83 3,400.18 98.91 222.13 115.21 394.97 41.46 252.53 17.77 2.31 93.55 115.18 14,109.18 49.53
A. Capital Work-In-Progress: Includes assets under construction at various plant and yet to be commissioned.
B. Property, plant and equipment pledged as security: Please refer details of security provided in Note No. 14.1 & 17.1
C. Capital commitment: The estimated amount of contracts remaining to be executed on capital account, and not provided for is ` 152.39 Lacs. as at March 31, 2022 (Rs. 169.07 Lacs. as at March 31, 2021).
D. The Company has carried out the exercise of assessment of any indications of impairment to its property, plant and equipment as on the Balance Sheet date. Pursuant to such exercise it is determined that
there has been no impairment to its property, plant and equipment during the year.
E. Capital expenditure incurred during the year on research & development is accounted for as an addition to property, plant & equipment. (Refer accounting policies)
F. Title Deed of Immovable Property: The Company does not hold any immovable property which is not in the name of the Company.
161
G. Revaluation of Property: The Company has not revalued its property, plant and equipment (including Right-of-Use Assets) and intangible assets during the year.
4 INTANGIBLE ASSETS & INTANGIBLE ASSETS UNDER DEVELOPMENT (` In Lacs)
Intangible
Computer
Particulars Assets Under
Software
Development
As at March 31, 2020 422.43 23.53
Sales/Disposals/Adjustments (41.53) -
As at March 31, 2021 522.36 18.01
Sales/Disposals/Adjustments - -
As at March 31, 2022 596.15 10.89
Accumulated Amortisation
As at March 31, 2020 33.70 -
Disposals/Adjustments (35.44) -
As at March 31, 2021 100.48 -
Disposals/Adjustments - -
As at March 31, 2022 133.07 -
Net Block Value
As at March 31, 2021 421.88 18.01
As at March 31, 2022 463.09 10.89
(a) Capital Work-in-progress (CWIP) Ageing Schedule : Projects in progress (` In Lacs)
Period of As at As at
March 31, 2022 March 31, 2021
Less than 1 year - 2.08
1-2 years 2.08 42.91
2-3 years - 12.93
Total 49.53 57.92
(b) Intangible Asset Under Development (IAUD) Ageing Schedule : Projects in progress (` In Lacs)
As at As at
Period of
March 31, 2022 March 31, 2021
Less than 1 year 2.25 0.43
1-2 years - 12.37
2-3 years 6.04 5.20
Total 10.89 18.01

5 Financial Assets
5.1 Investments (At Cost) (Unquoted fully paid-up unless otherwise stated) (` In Lacs)
March 31, 2022 March 31, 2021
Investments in Others :
(i) Equity Instrument of Others ( in Cosmos Bank ) 0.02 0.02
Total 0.02 0.02
Note:
1 Fair Valuation of Investment Property: The Company has not done fair market valueation of its investment property during
the year.
2 Compliance with number of layers of companies: The Company has complied with the number of layers prescribed under
clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.
5.2 Other Financial Assets (` In Lacs)

March 31, 2022 March 31, 2021
Less: Provision for Doubtful Deposits (42.74) (42.74)
Total 243.79 247.17
6 Non-Current Tax Assets (Net) (` In Lacs)
March 31, 2022 March 31, 2021
(i) Net Income Tax Assets 24.58 1,734.43
Total 24.58 1,734.43
7 Other Non-Current Assets (` In Lacs)

March 31, 2022 March 31, 2021
(Unsecured, considered good)
(i) Miscellaneous Expenditure 10.50 -
(ii) Capital Advances 32.39 25.39
(iii) Balance with the Government Authorities 444.15 416.06
Less: Provision for Doubtful Assets (280.49) (280.49)
Total 206.55 160.96
(a) Loans and Advances to Promoters, Directors,KMP's and Related Parties.

Loans or Advances in the nature of loans granted to promoters, Directors, KMPs and the related parties (as defined under
Companies Act, 2013,) either severally or jointly with any other person, that are:
Repayable on demand (` In Lacs)
Type of Borrower As at During the year As at

March 31, 2021 Given Recoverd March 31, 2022
Related Parties
Shakti Green Industries Pvt. Ltd. - 42.25 42.25 -

CURRENT ASSETS
8 Inventories (` In Lacs)
March 31, 2022 March 31, 2021
(i) Raw Material 8,848.41 5,491.81
(ii) Packing Material & Consumables 90.88 184.71
(iii) Work In Process 4,109.84 3,019.27
(iv) Finished Goods 8,157.88 4,267.31
(v) Stock in Transit 375.69 377.59
Total 21,582.69 13,340.68
Notes:
1 Inventories are hypothecated with the bankers against working capital limits. {Refer note 17.1(b)}
2 Valued at lower of cost and Net Realisable value unless otherwise stated (Refer accounting policies)
9 Financial Assets
9.1 Trade Receivables (` In Lacs)
March 31, 2022 March 31, 2021
(Unsecured, at amortised cost)
(i) Considered good 38,277.58 26,456.75
(ii) Considered doubtful 103.24 27.51
Less : Provision for expected credit Loss (103.24) (27.51)
Total 38,277.58 26,456.75
Notes:
1 Trade Receivable are hypothecated with the bankers against working capital limits. {Refer note 17.1(b)}
2 Trade receivables are usually non-interest bearing and are on trade terms of 30 to 180 days.
3 Related party transactions & balance {Refer note no. 38}
(a) Trade Receivable Ageing Schedule
As at March 31, 2022 (` In Lacs)

Not Due 2,514.52 - - - 2,514.52
less than 6 months 31,351.39 - - - 31,351.39
6 months - 1 year 2,378.72 - - - 2,378.72
1-2 year 929.99 5.05 103.24 - 1,038.28
2-3 year 587.49 0.19 - - 587.68
> 3 years 486.73 23.50 - - 510.23
Total 38,248.85 28.73 103.24 - 38,380.82

(b) Trade Receivable Ageing Schedule


Not Due 1,735.59 - - - 1,735.59
less than 6 months 20,460.58 - - - 20,460.58
6 months - 1 year 2,005.18 - - - 2,005.18
1-2 year 1,339.77 5.05 27.51 - 1,372.33
2-3 year 588.68 0.19 - - 588.86
> 3 years 298.21 23.50 - - 321.71
Total 26,428.01 28.73 27.51 - 26,484.26
9.2 Cash and Cash Equivalents (` In Lacs)
March 31, 2022 March 31, 2021
(i) Cash in Hand 2.37 4.34
(ii) Balance with Scheduled Banks :
(a) In Current Accounts 2,181.86 570.14
(b) Fixed Deposit with Maturity less than 3 Months 940.76 1,582.95
Total 3,124.99 2,157.43
9.3 Other Bank Balances (` In Lacs)
March 31, 2022 March 31, 2021
(i) In Fixed Deposit Accounts 1,316.80 1,972.46
(ii) Unclaimed Dividend 18.32 17.37
Total 1,335.12 1,989.84
Notes:
1 Fixed deposit with remaining maturity of more than three months have been disclosed under other bank balances.
2 The Company can utilise the balance of unclaimed dividend towards settlement of unclaimed dividend.
9.4 Others Financial Assets (` In Lacs)
March 31, 2022 March 31, 2021
(ii) Interest Receivable on Fixed Deposits with Bank 144.55 105.65
Total 369.05 383.91

10 Current Tax Assets (Net) (` In Lacs)
March 31, 2022 March 31, 2021
(i) Net Income Tax Assets 114.79 -
Total 114.79 -
11 Other Current Assets (` In Lacs)
March 31, 2022 March 31, 2021
(i) Prepaid Expenses 785.82 361.62
(ii) Advance to Suppliers 591.82 517.30
(iii) Statutory and Other Receivables 5,078.08 4,896.14
Total 6,455.72 5,775.06
EQUITY
12 Share Capital (` In Lacs)
Authorised :
Equity Shares of Rs.10/- each 2,50,00,000 2,500.00 2,50,00,000 2,500.00
15 % Compulsory Convertible Preference Shares 15,00,000 1,500.00 15,00,000 1,500.00
of Rs.100/- each
Total 2,65,00,000 4,000.00 2,65,00,000 4,000.00
Issued & Subscribed :
Equity shares of Rs.10/- each 1,85,60,356 1,856.04 1,85,60,356 1,856.04
Total 1,85,60,356 1,856.04 1,85,60,356 1,856.04
Paid Up Capital :
Equity Shares of Rs.10/- each 1,83,80,156 1,838.02 1,83,80,156 1,838.02
Total 1,83,80,156 1,838.02 1,83,80,156 1,838.02
12.1 Terms/rights attached to the equity shares :
(i) The Company has only one class of equity shares having a par value of ` 10/- per share.
(ii) Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian
rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting except in case of interim dividend.
(iii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.

12.2 1,80,200 Shares out of Issued Share are forfeited by the company which has not been reissued.
12.3 Reconciliation of the no. of shares outstanding at the beginning and at the end of the year :
(a) Equity Shares : (` In Lacs)

Balance as at the beginning of the year 1,83,80,156 1,838.02 1,83,80,156 1,838.02
Add: Additional equity shares issued - - - -
during the year
Less: Equity shares forfeited/bought back - - - -
during the year
Balance as at the end of the year 1,83,80,156 1,838.02 1,83,80,156 1,838.02
12.4 The details of shareholders holding more than 5% Shares :
Name of the Shareholder As at March 31, 2022 As at March 31, 2021

No. of Shares % held No. of Shares % held
(i) Mr. Dinesh Patidar 37,68,100 20.50% 37,68,100 20.50%
(ii) Mr. Sunil Patidar 15,62,200 8.50% 15,62,200 8.50%
(iii) Mr. Ankit Patidar 15,00,000 8.16% 15,00,000 8.16%
(iv) Shakti Irrigation India Limited 9,32,000 5.07% 9,32,000 5.07%
12.5 Shareholding of Promoters
(a) Shares held by promoters at March 31, 2022

(i) Mr. Dinesh Patidar 37,68,100 20.50% -
(iv) Shakti Irrigation India Limited 9,32,000 5.07% -
(v) Vintex Tools Private Limited 5,48,000 2.98% 5.59%
Total 1,00,76,300 54.82%
Total No of Shares issued and 1,83,80,156
Subscribed

(b) Shares held by promoters at March 31, 2021

(i) Mr. Dinesh Patidar 37,68,100 20.50% 2.26%
(iv) Shakti Irrigation India Limited 9,32,000 5.07% 100%
(v) Vintex Tools Private Limited 5,18,994 2.82% -
Total 1,00,47,294 54.66%
13 Other Equity (` In Lacs)
Reserve & Surplus Foreign Other

Exchange Compre-
Particulars Capital Securities General Retained Total
Fluctuation hensive
Reserve Premium Reserve Earnings Reserve Income
Balance as at April 1, 2020 49.87 8,797.81 9,636.71 6,145.82 58.97 (12.18) 24,677.00
Add/(Less):
Re-measurement gains/(loss) on - - - - - 46.67 46.67
Unrealised Exchange Gain/Loss - - - - - (111.85) (111.85)
Balance as at March 31, 2021 49.87 8,797.81 9,636.71 13,704.47 111.44 (77.37) 32,222.92
Add/(Less):
Dividend & Dividend Tax - - - (1,470.41) - - (1,470.41)
Re-measurement gains/(loss) on - - - - - (27.91) (27.91)
Unrealised Exchange Gain/Loss - - - - - 206.14 206.14
Balance as at March 31, 2022 49.87 8,797.81 9,636.71 18,715.65 178.76 100.86 37,479.65
Note:
1. Capital reserve: The reserve will be utilised in accordance with the provisions of the Act.
2. Securities premium: Securities premium is credited when shares are issued at premium. This will be utilised in accordance

3. Retained earnings: Retained earnings are the profits that the Company has earned till date, less any transfers to general
reserve, dividends or other distributions paid to shareholders.
4. General reserve: The General reserve is created by way of transfer of profits from retained earnings for appropriation
purposes. This reserve is utilised in accordance with the provisions of the Act.
5. Foreign exchange fluctuation reserve: The Foreign exchange fluctuation reserve is created by way of foreign currency
translation impact on balance sheet as well as profit and loss statement items for converting in Indian rupees. This reserve
is utilised in accordance with the provisions of the Act.
6. Other Comprehensive Income : The Other Comprehensive Income is created by way of Re-measurement gains/(loss) on
defined benefit plans, Unrealised exchange gain/(loss) and tax there on. This reserve is utilised in accordance with the
provisions of the Act.
NON-CURRENT LIABILITIES
14 Financial Liabilities
14.1 Non Current Borrowings (` In Lacs)
March 31, 2022 March 31, 2021
Term Loans:
(i) Term loan from Bank
Rupee Loan 968.79 1,975.18
Foreign Currency Loan 732.87 977.87
Other:
(ii) Vehicle Loan from Bank - 7.24
Less: Current Maturities of Long Term Borrowings (771.29) (968.63)
Total 930.37 1,991.66
(b) Borrowings from banks are secured by way of :-
(i) First parri passu charge on both present and/or future, movable & immoveable property, plant & equipements.
(ii) Second parri passu charge on both present and/or future, current assets including inventories & receivables.
(c) Amount payable during next 12 months, disclosed under the head "Current Borrowings" (Note No. 17.1)
(d) Vehicle Loans are secured by respective vehicles.
(e) Corporate Guarantee of holding company for loan of subsidiary company in Previous year.
(f) Utilisation of Borrowings taken from Bank and Financial Institution
-The company has not taken any fresh loan from banks and financial institutions during The year.
(g) Maturity Profile of the above loan as below : (` In Lacs)
March 31, 2022 March 31, 2021
(i) Within One year 771.29 968.63
(ii) Two to Five years 930.37 1,991.66
Total 1,701.66 2,960.29

14.2 Lease Liability (` In Lacs)
March 31, 2022 March 31, 2021
Total 101.01 43.75
Amount payable during next 12 months, disclosed under the head "Lease Liability [Current]" (Note No. 17.2)
Disclosures as required by Ind AS 116 'Lease' are stated below
(a) Lease Liability Movement (` In Lacs)
March 31, 2022 March 31, 2021
Opening Balance /Transaction Adjustment 49.24 47.11
Add: Addition during the year 65.22 2.57
Interest on lease liability 10.88 5.05
Less: Lease rental payments (12.17) (5.49)
Total 113.18 49.24
(b) Maturity Analysis of Lease Liabilities (` In Lacs)
March 31, 2022 March 31, 2021
(i) Not later than one year 12.17 5.49
(ii) Later than one year but not later than five years 48.67 21.96
(iii) Later than five years 52.34 21.79
Total 113.18 49.24
15 Provisions (` In Lacs)
March 31, 2022 March 31, 2021
Total 577.09 564.36
16 Deferred Tax Liabilities (Net) (` In Lacs)
March 31, 2022 March 31, 2021
Tax effect of items constituting deferred tax liabilities:
(i) Property, plant and equipment 705.02 1,274.77
Tax effect of items constituting deferred tax assets:
(i) Mat Credit Entitlement (9.57) (119.04)
Total 695.46 1,155.72

CURRENT LIABILITIES
17 Financial liabilities
17.1 Current Borrowings (` In Lacs)
March 31, 2022 March 31, 2021
(i) Secured Loans
Loans Repayable on Demand from Banks 8,799.46 4,914.83
Current Maturities of Long Term Borrowings 771.29 968.63
Total 9,570.75 5,883.46
(b) Working Capital loans and other credit facility are secured by way of :
(i) First parri passu charge on both present and/or future, current assets including inventories & receivables.
(ii) Second parri passu charge on both present and/or future, movable & immoveable property, plant & equipements.
(iii) Personal Guarantee of Directors.
(iv) Corporate Guarantee of holding company for loan of subsidiary company in previous year.
(c) Current Maturities of Long Term Debt (` In Lacs)
March 31, 2022 March 31, 2021
(i) Term Loan from Banks 771.29 961.39
(ii) Vehicle Loan from Banks - 7.24
Total 771.29 968.63
(d) Borrowings from Banks or Financial institutions on the basis of security of current assets
Quarterly statements of current assets filed by the Company with the banks are in agreement with the books of
accounts.
17.2 Lease Liability (` In Lacs)
March 31, 2022 March 31, 2021
Total 12.17 5.49
Amount payable during next 12 months.
17.3 Trade payables (` In Lacs)
March 31, 2022 March 31, 2021
(i) Dues to Micro, Small and Medium Enterprises
- Other than above 6,359.67 5,938.94
Total 6,359.67 5,938.94
(ii) Dues to other than Micro, Small and Medium Enterprises
- Acceptance 1,135.97 2,056.03
-Other than above 20,903.54 10,424.89
Total 22,039.51 12,480.92
Grand Total 28,399.19 18,419.86
Related party transactions & balance {Refer note no. 38}

(a) Trade Payable Ageing Schedule
MSME Other than MSME

Unbilled - - - - -
Not Due 2,911.37 - 14,649.39 - 17,560.76
Less than 1 year 3,448.31 - 7,324.42 - 10,772.73
1-2 years - - 18.11 - 18.11
2-3 year - - 7.06 - 7.06
> 3 years - - 40.53 - 40.53
Total 6,359.67 - 22,039.51 - 28,399.19
(b) Trade Payable Ageing Schedule
( Ageing from due date of payment)
MSME Other than MSME

Unbilled - - - - -
Not Due 3,828.49 - 7,593.19 - 11,421.68
Less than 1 year 2,110.45 - 4,693.26 - 6,803.71
1-2 years - - 158.84 - 158.84
2-3 year - - 32.21 - 32.21
> 3 years - - 3.41 - 3.41
Total 5,938.94 - 12,480.92 - 18,419.86
(c) Amounts due to Micro, Small and Medium Enterprises
Outstanding to Micro, Small and Medium Enterprise : ` 6359.67 Lacs Previous Year : ` 5938.94 Lacs. The identification of
suppliers under “Micro, Small and Medium Enterprises Development Act, 2006” was done on the basis of the information
to the extent provided by the suppliers to the Company. Total outstanding dues of Micro and Small Enterprises, which were
outstanding for more than the stipulated period, are given below:
(` In Lacs)
March 31, 2022 March 31, 2021
(i) Principal amount due and remaining unpaid 6,359.67 5,938.94
(ii) Interest paid - -
(iii) Interest due - -
(iv) Interest accrued and due - -
(v) Interest due and remaining unpaid - -

17.4 Other Financial Liabilities (` In Lacs)
March 31, 2022 March 31, 2021
(i) Unclaimed Dividend * 18.32 17.37
(ii) Security Deposits Payable 144.97 98.86
(iii) Creditors for Service & Others 1,770.06 1,365.68
(iv) Other Payables :
-Employee Dues 438.76 311.17
-Others 2,814.90 2,196.94
Total 5,187.01 3,990.04
* Investor Education and Protection Fund will be credited, as and when due.
18 Provisions (` In Lacs)
March 31, 2022 March 31, 2021
Total 38.08 17.03
19 Other Current Liabilities (` In Lacs)
March 31, 2022 March 31, 2021
(i) Advance from Customers 396.22 414.91
(ii) Creditors for Capital Goods 850.47 73.64
(iii) Duties and Taxes payable 292.09 103.79
Total 1,538.78 592.34
20 Current Tax Liabilities (Net) (` In Lacs)
March 31, 2022 March 31, 2021
(i) Provision for Income Tax (Net) - 332.82
Total - 332.82

21 Sale of Products (` In Lacs)

(i) Domestic Sales 96,533.11 73,102.91
(ii) Export Sales 18,511.19 18,001.59
(iii) Other Operating Income 2,809.21 1,861.63
Total 1,17,853.51 92,966.14
(a) Other Operating Income includes : (` In Lacs)

(i) Export benefits 226.71 389.72
(ii) Scrap Sales 2,566.24 1,389.83
(iii) Income from Services 5.57 62.79
(iv) Other Operating Income 10.69 19.28
Total 2,809.21 1,861.63
I Disclosure in accordance with Ind AS - 115 "Revenue Recognition Disclosures", of the Companies (Indian
Accounting Standards) Rules, 2015
a) Revenue disaggregation based on Product Type and Customer type:
(i) Revenue disaggregation by Product Type: Pumps and Motors.
(ii) Revenue disaggregation by Customer Type is as follows:
(` In Lacs)
Customer Type 2021-22 2020-21

OEM Customers 3,123.00 8,590.04
Other Customers 13,183.14 10,400.10
Total 1,17,853.51 92,966.14
22 Other Income (` In Lacs)

(i) Interest Income 312.33 153.26
(ii) Rent Received 12.12 13.31
(iii) Others 289.69 210.55
Total 614.14 377.12

23 Cost of Material Consumed (` In Lacs)

Opening Stock of Raw Material 6,054.11 5,014.24
Add: Purchase of Raw Material 98,706.47 64,878.67
1,04,760.58 69,892.91
Less: Closing Stock of Raw Material 9,314.98 6,054.11
Total 95,445.60 63,838.80
24 Changes in Inventories of Finished Goods, Stock-In-Trade and Work-In-Progress (` In Lacs)

Inventories (at Close)
Total 12,267.72 7,286.57
Inventories ( at Opening )
Total 7,286.57 9,116.12
Change in Inventories (4,981.15) 1,829.54
25 Employee Benefit Expenses (` In Lacs)

(i) Salaries, Wages and Bonus 4,812.65 4,020.14
(ii) Contribution to Provident and Other Funds 204.88 232.94
(iii) Staff Welfare Expenses 223.66 110.64
Total 5,241.19 4,363.71
26 Finance Cost (` In Lacs)

(i) Interest to Bank 1,130.92 1,228.87
(ii) Interest to Other 9.47 6.52
(iii) Other Borrowing Costs 427.23 385.75
Total 1,567.62 1,621.14
27 Depreciation and Amortisation Expense (` In Lacs)

(i) Depreciation 1,821.93 1,803.24
(ii) Amortisation 35.53 33.22
Total 1,857.46 1,836.46

28 Other Expenses (` In Lacs)

(i) Power & Fuel 241.46 223.94
(ii) Job Work Expenses 64.84 117.97
(iii) Clearing & Forwarding Charges 113.19 86.67
(iv) Freight Charges 1,454.32 794.13
(v) Travelling Expenses 237.15 109.56
(vi) Advertising Expenses 198.09 159.58
(vii) ECGC Premium 27.60 28.15
(viii) Selling & Distribution Expenses 5,550.47 3,938.99
(ix) Legal, professional and consultancy charges 406.98 343.92
(x) Rent 185.67 142.91
(xi) Manufacturing Expenses 493.70 829.26
(xii) Auditors Remuneration 13.60 6.33
(xiii) Corporate Social Responsibility Expenses 75.96 114.76
(xiv) Rates and taxes 170.45 182.62
(xv) Repair & Maintenance 135.59 107.96
(xvi) Conveyance Expenses 267.76 207.00
(xvii) Communication Expenses 209.82 133.86
(xviii) Directors Remuneration 958.46 907.16
(xix) Office & Administrative Expenses 109.84 129.24
(xx) Bad Debts Written off 24.04 24.06
(xxi) Provision for Doubtful Debts / Security Deposits 75.73 61.25
(xxii) Donations and Contributions 0.05 25.00
(xxiii) Software Maintenance Expenses 80.20 49.95
(xxiv) Miscellaneous Expenses 7.73 4.69
11,102.73 8,728.98
28.1 Payment To Auditors : (` In Lacs)

(i) For Audit 10.00 5.00
(ii) For Taxation Matters - -
(iii) For Other Services-Including components auditor 3.60 1.33
Total 13.60 6.33

29 Earnings Per Share (` In Lacs)

Profit / (Loss) for the year as per Statement of Profit and Loss 6,481.60 7,558.64
Weighted Average Number of Shares 18,380,156 18,380,156

Weighted average number of equity shares, (nos) for Basic DPS 18,380,156 18,380,156
Face Value of Share (Rs.) 10.00 10.00
Basic Earning Per Share 35.26 41.12

Diluted Earning Per Share 35.26 41.12
30 Proposed Dividend
A dividend at the rate of 20% i.e. Rs.2/- per equity share is recommended by the Board of Directors at their meeting held on
May 02, 2022 which is subject to approval at the ensuing Annual General Meetings, and if approved will be payable within
the statutory time limits of 30 Days.
31 Research & Development

Nature of Expenditure 2021-22 2020-21
(i) Capital Expenditure 113.92 77.32
(ii) Revenue Expenditure 338.62 253.06
Total Expenditure Incurred 452.54 330.38
Less: Income Earned by R&D 0.01 0.25
Net Expenditure Incurred 452.53 330.13
This includes expenditure incurred by the Company on in-house research and development in respect of eligible facilities at
Pithampur (Plot No. 401, 402 & 403, Sector-III), approved by the Department of scientific and Industrial Research, Ministry
of Science and Technology. (Refer accounting policies)
32 Contingent Liabilities (` In Lacs)

(i) Bank Guarantee Outstanding 8,461.75 7,962.33
(ii) Unexpired Letter of Credit 14,684.45 6,834.21
(iii) Corporate Guarantee Outstanding - 2,350.00
(iv) Commercial Tax Demand under Dispute 73.58 94.38
(v) Income Tax Demand Under Dispute 3,883.54 3,759.64
(vi) Custom Duty Demand Under Dispute 1,387.44 971.95
Less : Provision for Doubtful Assets (280.49) (280.49)
Total 28,210.26 21,692.02

33 Expenditure in Foreign Currency on Account of : (` In Lacs)

(i) Travelling Expenses 51.83 8.45
(ii) Advertisement Expenses - 1.58
(iii) Commission on Sales 2.84 20.33
(iv) Software Development Expenses 10.53 12.18
(v) Legal, Professional and Consultancy charges - 0.55
(vi) Testing & Other Charges - 5.77
Total 65.20 48.84
34 Other Amendments with respect to Schedule III :

(i) The company does not have any transactions with companies struck off.
(ii) The company is not declared as wilful defaulter by any bank or financial Institution or other lender.
(iii) The company have not traded or invested in Crypto currency or Virtual Currency during the year.
(iv) There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237of the
(v) The company does not have any Benami property, where any proceeding has been initiated or pending against the
company for holding any Benami property.
(vi) The company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.
(vii) The company has no such 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 (such as, search or survey
or any other relevant provisions of the Income Tax Act, 1961.
(viii) The Company has not advance 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 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 company (Ultimate
Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(ix) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) 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.
35 Corporate Social Responsibility (CSR) (` In Lacs)

The company is covered under section 135 of the companies act, the following is the disclosed with regard to CSR activities:-

1 Gross amount required to be spent by the company during the year. 75.96 114.76
2 Amount approved by the Board to be spent during the year:
(a) Ongoing - -
(b) Other than ongoing 75.96 114.76
Total 75.96 114.76
3 Amount spent during the year on:
(a) Construction/acquisition of any asset - -
(b) On purposes other than (a) above 75.96 114.76
Total 75.96 114.76


4 Shortfall at the end of the year, - -
5 Total of previous years shortfall, - 70.60
6 Reason for shortfall- N.A. N.A.
7 Nature of CSR activities-
(a) I&C Charges of 5hp CSR Site Mandu 0.12 -
(b) Donation To Homeopathic Rogi Kalyan 0.50 -
(c) Shakti Foundation 75.35 83.23
(d) Parcel lunch box COVID-19 & Sanitization - 0.73
(e) Construction of Girls Hostel - 25.00
(f) Installation of Solar Pumps System - 2.70
(g) Donation for Mandu Ustav - 0.10
(h) Donation to Police Welfare - 1.00
(i) Installation of Pumps and Motors system - 0.37
(j) Installation of Solar Pump system at Nalcha, Mandu - 1.83
Total 75.96 114.96
8 Details of related party transactions, e.g., contribution to a trust
controlled by the company in relation to CSR expenditure as per
relevant Accounting Standard,
(a) Shakti Foundation 75.35 83.23
9 where a provision is made with respect to a liability incurred by entering
into a contractual obligation, the movements in the provision during the
year should be shown separately.
N.A. N.A.
10 Disclosures under section 135(5) and 135(6)
A In case of S. 135(5) unspent amount
Opening Balance - 70.60
Amount deposited in Specified Fund of Sch. VII within 6 months - -
Amount required to be spent - 70.60
Amount spent during the year 70.60
Shortfall / (Excess) - -
36 Employee Benefit Obligations

36.1 Defined Contribution Plan :
The Company makes contribution to statutory provident fund as per Employees Provident Fund and Miscellaneous
Provisions Act, 1952. This is a defined contribution plan as per IND-AS 19.

Employers Contribution to Provident Fund/ Pension Fund 129.87 127.00
Employers Contribution to ESIC 3.02 4.32
Total 132.89 131.33
36.2 Defined Benefit Plan for Gratuity & for Leave Encashment :
(i) Actuarial gains and losses in respect of defined benefit plans are recognised in the Financial statements through other
comprehensive income.

(ii) Through its defined benefit plans the Company is exposed to a number of risks, the most significant of which are
detailed below:
a) Asset Volatility :
(i) The plan liabilities are calculated using a discount rate; if plan assets under perform compared to the discount
rate, this will create or increase a deficit.
(ii) As the plans mature, the Company intends to reduce the level of investment risk by investing more in assets
that better match the liabilities.
b) Life Expectancy :
The majority of the plan’s obligations are to provide benefits for the service life of the member, so increases
in service life expectancy will result in an increase in the plan’s liabilities. This is particularly significant in the
Company's defined benefit plans, where inflationary increases result in higher sensitivity to changes in service life
expectancy.
The amounts recognized in the Balance Sheet are as follows : (` In Lacs)

Particulars
2021-22 2020-21 2021-22 2020-21
Present value of obligation at the end of year 33.67 59.11 607.32 542.28
Fair value of plan assets at the end of year - - 25.82 20.00
Net liability recognized in the Balance Sheet 33.67 59.11 581.50 522.28
The amounts recognized in the Statement of Profit and Loss are as follows: (` In Lacs)

Particulars
2021-22 2020-21 2021-22 2020-21
Interest Cost 4.18 4.93 37.31 35.09
Benefits Paid - - - -
Recognized Net Actuarial (Gain)/ Loss (28.85) (23.53) - -
Total, included in Employee Benefit Expenses (23.09) (9.09) 76.95 87.43
Changes in present value of defined benefit obligation representing reconciliation of opening and closing
balances thereof are as follows :
(` In Lacs)

Particulars
2021-22 2020-21 2021-22 2020-21
Defined benefit obligation at beginning of the year 59.11 73.81 546.24 567.54
Interest Cost 4.00 4.93 38.73 38.48
Benefits Paid (2.18) (5.61) (37.21) (43.62)
Actuarial (Gain)/ Loss (28.85) (23.53) 19.92 (72.46)
Defined benefit obligation at the end of the year 33.23 59.11 607.32 542.28

The Financial assumptions used in accounting for the Gratuity Plan & Leave Encashment are set out below:
(` In Lacs)
Particulars
2021-22 2020-21 2021-22 2020-21
(i) Discount Rate 6.78% 7.09% 6.78% 7.09%
(ii) Salary Escalation Rate 6.00% 6.00% 6.00% 6.00%
(iii) Expected Rate of Return on Plan Assets None None 7.44% 7.84%
The Demographic assumptions used in accounting for the gratuity plan & leave encashment are set out below:
(` In Lacs)

Particulars
2021-22 2020-21 2021-22 2020-21
(i) Retirement Age 60 years 60 years 60 years 60 years
(ii) Employee Turnover :
18-30 Years 3.00% 3.00% 3.00% 3.00%
30-45 Years 2.00% 2.00% 2.00% 2.00%
Above 45 Years 1.00% 1.00% 1.00% 1.00%
The Sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:

Changes in
Principal assumption Year Increase in Decrease in
assumption
assumption assumption
2021 100 Basis Points (72.11) 87.81
2021 100 Basis Points 87.89 (73.41)
Leave Encashment : (` In Lacs)

Changes in
Principal assumption Year Increase in Decrease in
assumption
assumption assumption
2021 100 Basis Points (7.69) 9.46
2021 100 Basis Points 9.47 (7.83)

Expected Cash Flow for the Next Ten Years March 31, 2022 March 31, 2021
Year 2022 - 13.86
Year 2023 36.04 38.84
Year 2024 25.61 26.79
Year 2025 20.94 21.88
Year 2026 32.72 33.48
Year 2027 38.21 -
Year 2027 - 2031 - 295.85
Year 2028 - 2032 357.37 -
The estimates of future salary increase, considered in actuarial valuation, take into account inflation, seniority,
promotions and other relevant factors such as supply and demand in the employment market. The Company
evaluates these assumptions annually based on its long-term plans of growth and industry standards. The discount
rate is based on prevailing market yields on government securities as at balance sheet date for the estimated term
of the obligations.
37 Income Tax Expenses (` In Lacs)

(i) Profit or Loss Section
Current Tax Expenses on Profit before tax 2,224.81 2,491.92
(Short)/Excess provision for tax relating to prior period (0.28) -
Deferred Tax (471.93) 1,074.07
Total Income Tax Expenses Recognised in Statement of Profit & Loss 1,752.60 3,565.99
(ii) Other Comprehensive Income (OCI) Section
Income tax charged to OCI 9.37 (24.70)
(iii) Reconciliation of Effective Tax Rate
A) Profit Before Tax 8,234.20 11,124.63
B) Enacted Tax Rate In India 25.17% 34.94%
C) Expected Tax Expenses 2,072.38 3,887.39
D) Tax Effect of
- Difference Between Book Depreciation And Tax Depreciation 286.51 4.78
- Deduction on account of Research and Development Expenses - (77.32)
- Other Provisions 319.12 (3,920.92)
E) Net Adjustment 605.62 (3,993.46)
F) Tax Expenses/(Saving) on Net Adjustment (E*B) 152.42 (1,395.47)
G) Current Tax Expenses Recognised In Statement of Profit & Loss (C+F) 2,224.81 2,491.92
H) Excess/(Short) Provision for tax relating to prior year (0.28) -
I) Changes on Account of Deferred Tax (471.93) 1,074.07
Net Current Tax Expenses Recognised in Statement of Profit & Loss (G+H+I) 1,752.60 3,565.99

38 Related Party Disclosure as required by Indian Accounting Standard 24 is as below : (` In Lacs)

(i) List of Related Parties and Relationships
S.No. Description of Relationship & Name of Related Party :
1. Enterprise over which Key Management are able to exercise Significant Influence :
(i) Shakti Irrigation India Ltd.
(ii) Vintex Tools Pvt. Ltd.
(iii) Arsh Industrial Solutions Pvt. Ltd.
(iv) Shakti Irrigation Pvt. Ltd.
(v) SPIL Energy LLP (Earlier known as "SPIL Energy Limited")
2. Key Managerial Personnel :
(i) Mr. Dinesh Patidar - Managing Director
(ii) Mr. Sunil Patidar - Whole Time Director
(iii) Mr. Ramesh Patidar - Whole Time Director
(iv) Mr. Dinesh Patel: - Chief Financial Officer
(v) Mr. Ravi Patidar: - Company Secretary & Compliance Officer
(vi) Mrs. Indira Patidar - Whole Time Director (in Subsidiary Company i.e. Shakti Energy Solutions Private Limited)
(ii) Transaction with Related Parties : (` In Lacs)

1 Shakti Irrigation India Ltd. Purchase of Components (excluding 1,497.43 1,234.36
transit)
Sale of Pumps & Motors & other material 18.77 102.34
Sale of Assets - 0.11
2 Vintex Tools Pvt. Ltd. Purchase of Dies & Other material 53.86 115.17
(excluding transit)
Purchase of Assets (excluding transit) 1,045.57 826.94
Sale of Spare parts (excluding transit) 23.35 12.40
3 Arsh Industrial Solutions Purchase of Nuts & Bolts 1,137.28 986.63
Pvt. Ltd. Purchase of Asset - 19.24
Sale of Asset - 47.20
Sale of Spare Parts 156.02 352.74
4 Shakti Irrigation Pvt. Ltd. Purchase of Pipes 2,797.33 1,850.04
Sale of Pumps, Motors & other material 33.14 5.19
Income from Rent 12.12 13.31
5 Mr. Dinesh Patidar Remuneration 900.00 450.00
6 Mr. Sunil Patidar Remuneration 12.00 9.65
7 Mr. Ramesh Patidar Remuneration 44.34 32.33
8 Mr. Dinesh Patel Remuneration 21.89 15.98
9 Mr. Ravi Patidar Remuneration 13.00 9.92

(iii) Related Party Balance : (` In Lacs)
As at As at
S. No Nature Name of Party
March 31, 2022 March 31, 2021
1 Trade Receivables Shakti Irrigation India Ltd. 3.34 61.45
Vintex Tools Pvt. Ltd. 5.97 -
2 Trade Payables Shakti Irrigation Private Ltd. 4.93 1.40
Vintex Tools Pvt. Ltd. 971.45 1,009.60
39 Financial Instruments
A. Fair Values (` In Lacs)
Set out below, is a comparison by class of the carrying amounts and fair value of the financial instruments of the Company
Carrying Value Fair Value

Financial Instruments by category As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Cash and Bank Balances 4,460.11 4,147.27 4,460.11 4,147.27
Investments 0.02 0.02 0.02 0.02
Other Financial Assets 612.83 631.07 612.83 631.07
Trade Receivables 38,277.58 26,456.75 38,277.58 26,456.75
Total 43,350.55 31,235.11 43,350.55 31,235.11
Trade Payables 28,399.19 18,419.86 28,399.19 18,419.86
Borrowings 10,501.12 7,875.12 10,501.12 7,875.12
Other Financial Liabilities 5,300.18 4,039.28 5,300.18 4,039.28
Total 44,200.49 30,334.26 44,200.49 30,334.26
The following methods and assumptions were used to estimate the fair values:
Cash and short-term deposits, trade receivables, loans, trade payables, and other current financial assets and liabilities
approximate their carrying amounts largely due to the short-term maturities of these instruments.
Long-term receivables/payables are evaluated by the Company based on parameters such as interest rates, risk factors,
individual creditworthiness of the counterparty and the risk characteristics of the financed project. Based on this evaluation,
allowances are taken into account for the expected credit losses of these receivables.
All foreign currency denominated assets and liabilities are translated using exchange rate at reporting date.
Fair Value Hierarchy
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly; and
Level 3: Inputs based on unobservable market data.

Quantitative Disclosures of Fair Value Measurement Hierarchy for Assets: (` In Lacs)

Particulars Level of input used in
Carrying Amount
Investments 0.02 - - 0.02
Trade Payables 28,399.19 - - 28,399.19
Borrowings 10,501.12 - - 10,501.12
(` In Lacs)

Particulars Level of input used in
Carrying Amount
Investments 0.02 - - 0.02
Trade Payables 18,419.86 - - 18,419.86
Borrowings 7,875.12 - - 7,875.12
B. Financial Risk Management
Shakti Pumps (India) Limited is exposed primarily to market risk (fluctuation in foreign currency exchange rates &
interest rate), credit, liquidity which may adversely impact the fair value of its financial instruments. The Company
assesses the unpredictability of the financial environment & seeks to mitigate potential adverse effects on the financial
performance of the Company.
1. Capital Management :
The company’s capital management objectives are:
(i) The Board policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and
to sustain future development of the business. The board of directors monitors the return on capital employed.
(ii) The Company manages capital risk by maintaining sound/optimal capital structure through monitoring of financial
ratios, such as debt-to-equity ratio and net borrowings-to-equity ratio on a monthly basis and implements capital
structure improvement plan when necessary.
(iii) The Company uses debt equity ratio as a capital management index and calculates the ratio as the net debt
divided by total equity. Net debts and total equity are based on the amounts stated in the financial statements.

(iv) Debt Equity Ratio is as follows:
(` In Lacs)
March 31, 2022 March 31, 2021
Debt (A) 10,501.12 7,875.12
Equity (B) 39,317.67 34,060.94
Debt Equity Ratio (A/B) 0.27 0.23
2. Credit Risk :
(i) Credit risk is the risk of financial loss arising from counter-party failure to repay or service debt according to
the contractual terms or obligations. Credit risk encompasses both, the direct risk of default and the risk of
deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analysing credit
limits and creditworthiness of customers on a continuous basis to whom the credit has been granted after
obtaining necessary approvals for credit.
(ii) Financial instruments that are subject to concentration of credit risk principally consists of trade receivables,
investments, derivative financial instruments and other financial assets. None of the financial instruments of the
Company results in material concentration of credit risk.
3. Liquidity Risk :
Liquidity Risk Management : Liquidity risk refers to the risk that the Company cannot meet its financial obligations.
The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for
use as per requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and
reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity
profiles of financial assets and liabilities.
Maturities of Borrowings :
The following table details the Company’s expected maturity for borrowings : (` In Lacs)
As at As at
Exposure to Risk
March 31, 2022 March 31, 2021
Interest bearing borrowings:
On Demand 8,799.46 4,914.83
Less than 180 Days 385.64 484.32
181-365 Days 385.64 484.32
More than 365 Days 930.37 1,991.66
4. Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market prices. Such changes in the values of financial instruments may result from changes in the foreign currency
exchange rates, interest rates, credit, liquidity and other market changes. The Company’s exposure to market risk is
primarily on account of foreign currency exchange rate risk.
a) Foreign Currency Exchange Rate Risk :
The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit or loss
and other comprehensive income and equity, where any transaction references more than one currency or where
assets / liabilities are denominated in a currency other than the functional currency of the respective entities.
Considering the countries and economic environment in which the Company operates, its operations are subject
to risks arising from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations
in AED, US Dollar, Australian Dollar, Great Britain Pound, Euro, JPY against the respective functional currencies
of the Company. The Company, as per its risk management policy, evaluates the impact of foreign exchange rate
fluctuations by assessing its exposure to exchange rate risks & uses derivative instruments primarily to hedge
foreign exchange (if required).

Foreign Currency Exposures : (` In Lacs)
As at As at
Foreign March 31, 2022 March 31, 2021
Particulars
Currency Foreign Curr. Amount in Foreign Curr. Amount in
Amount Rs. Amount Rs.
I. Trade receivables/Advance USD 43.02 3,234.95 43.01 3,079.33
from customer : EUR 0.49 40.50 1.45 123.49
Total 3,275.45 3,202.82
II. Advance for Capital Goods : USD - - 0.06 4.17
Total - 4.17
III. Borrowing balances : USD 10.19 732.87 13.60 977.87
Total 732.87 977.87
IV. Trade payables : USD 14.74 1,108.60 17.16 1,228.72
EUR 2.18 179.25 2.16 183.46
Total 1,287.85 1,412.18
Foreign Currency Sensitivity :
The following tables demonstrate the sensitivity to a reasonably possible change in foreign currency exchange
rates, with all other variables held constant. The impact on the Company’s profit before tax is due to changes in
the fair value of monetary assets and liabilities.
(` In Lacs)
Effect on profit
Particulars Currency Change in rate
before tax
March 31, 2022
USD -10% (139.35)
EUR +10% (13.87)
EUR -10% 13.87
March 31, 2021
USD -10% (87.69)
EUR +10% (6.00)
EUR -10% 6.00
b) Interest Rate Risk :

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of change in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates
primarily to the Company’s debt obligations with floating interest rates.

(` In Lacs)
As at As at
Floating Interest rate exposure :
March 31, 2022 March 31, 2021
Secured Loans :
Loans repayable taken from Banks: 8,799.46 4,914.83
Total 8,799.46 4,914.83
Interest Rate Sensitivity :
The sensitivity analyses below have been determined based on exposure to interest rate. For variable rate
liabilities, analysis is prepared assuming the amount of liability outstanding at the end of the reporting period was
outstanding for the whole year. With all other variables held constant, the Company’s profit before tax is affected
through the impact on variable rate borrowings, as follows:
(` In Lacs)
Increase / Decrease Effect on Profit

Particulars
in Basis Points Before Tax(Loss)
As at March 31, 2022 +100 (87.99)
-100 87.99
As at March 31, 2021 +100 (49.15)
-100 49.15
40 Segment reporting
Information reported to the chief operating decision maker (CODM) for the purposes of resource allocation and assessment
of segment performance focuses on the types of goods or services delivered or provided. The Company is in the business
of manufacture and sale of pump sets, which in the context of Indian Accounting Standard 108 ‘Segment Information’
represents single reportable business segment. The accounting policies of the reportable segments are the same as the
accounting policies disclosed in Note 2. The revenues, total expenses and net profit as per the Statement of Profit and Loss
represents the revenue, total expenses and the net profit of the sole reportable segment.
Information about Operating Segments: (` In Lacs)
Particular 2021-22 2020-21

1. Segment Revenue
India 1,28,937.21 97,409.88
Overseas 11,552.11 10,984.80
Total Segment Revenue 1,40,489.32 1,08,394.68
Inter segment sales (22,021.67) (15,051.42)
Income from Operations 1,18,467.65 93,343.26
2. Segment Results
Profit/(Loss) before Finance Costs, Exceptional Items & Tax
India 8,706.25 11,597.91
Overseas 1,095.57 1,147.86
Total 9,801.82 12,745.77
Less: Finance Cost 1,567.62 1,621.14
Profit before Exceptional Items & Tax 8,234.20 11,124.63
Exceptional Items - -
Profit before Tax 8,234.20 11,124.63

Particular 2021-22 2020-21

3. Capital Employed
(Segment Assets)
India 80,691.66 61,698.13
Overseas 5,675.91 5,359.34
Total Segment Assets 86,367.57 67,057.47
(Segment Liabilities)
India 45,853.53 31,412.84
Overseas 1,196.37 1,583.68
Total Segment Liabilities 47,049.90 32,996.52
Net Capital Employed
(Segment Assets-Segment Liabilities)
India 34,838.13 30,285.28
Overseas 4,479.54 3,775.66
Total Capital Employed 39,317.67 34,060.94
41 Additional Information Regarding Subsidiaries as per Schedule III of the Companies Act, 2013
(` In Lacs)
Net Assets Share in Profit or Loss
Name of the Entity As % of As % of

Consolidated Amount Consolidated Amount
Net Assets Profit or Loss
F.Y. 2021-22
a) Parent
Shakti Pumps India Limited 81.19% 31,922.46 72.57% 4,703.83
b) Subsidiaries
Indian
Shakti Energy Solutions Pvt. Ltd. 7.29% 2,864.67 12.76% 826.82
Foreign
Shakti Pumps LLC, USA 5.91% 2,324.63 6.24% 404.61
Shakti Pumps FZE , UAE 5.39% 2,117.54 8.42% 545.82
Shakti Green Industries Pvt Ltd. 0.13% 51.00 0.00% -
Shakti Pumps (Shanghai) Limited, China 0.02% 8.09 -0.04% (2.38)
Shakti Pumps (Bangladesh) Ltd., Bangladesh 0.07% 29.28 0.04% 2.90
c) Minority Interest
i) Indian - - - -
ii) Foreign - - - -
Total 100% 39,317.67 100% 6,481.60

Net Assets Share in Profit or Loss
Name of the Entity As % of As % of

Consolidated Amount Consolidated Amount
Net Assets Profit or Loss
F.Y. 2020-21
a) Parent
Shakti Pumps India Limited 82.93% 28,247.74 80.04% 6,049.65
b) Subsidiaries
Indian
Shakti Energy Solutions Pvt. Ltd. 5.98% 2,037.54 6.64% 501.55
Foreign
Shakti Pumps LLC, USA 6.63% 2,256.79 6.26% 472.91
Shakti Pumps FZE , UAE 4.36% 1,483.74 6.86% 518.82
Shakti Pumps Pty Ltd., Australia * - - 0.26% 19.95
Shakti Pumps (Shanghai) Limited, China 0.03% 9.86 -0.10% (7.87)
Shakti Pumps (Bangladesh) Ltd., Bangladesh 0.07% 25.27 0.05% 3.63
c) Minority Interest
i) Indian - - - -
ii) Foreign - - - -
Total 100% 34,060.94 100% 7,558.64
Note :
*In the previous year, The company has disinvested its wholly owned subsidiary i.e (Shakti Pumps Pty Ltd., Australia).
Effective dare of closure is 15th March, 2021. The Company has been recognised related loss of ` 20.26 lacs.
42 Previous year figure have been regrouped / recast, wherever necessary, to correspond with the current year's classification
/ disclosure.
43 Figures pertaining to Subsidiary Companies have been reclassified wherever necessary to bring them in line with the Parent
Company's Financial Statements.


M.No.111592 DIN:00549552 DIN:00931437
Ravi Patidar
Place: Pithampur Dinesh Patel Company Secretary
Date: May 02, 2022 Chief Financial Officer M. No. ACS 32328

Advisory & Visualization
Shakti Pumps (India) Ltd.,
CIN: L29120MP1995PLC009327
Plot No. 401, 402 & 413, Industrial Area, Sector-III,
Pithampur-454 775 (MP) India
Ph. No. - (07292) 410500
Fax No. - (07292) 410645, 407044, 400371
Email - [email protected] | [email protected]

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Date:-07.09.

ISIN:-INE908D01010, NSE Symbol SHAKTIPUMP, BSE Code: - 531431

The same is also available on the website of the Company at www.shaktipumps.com.

You are requested to kindly take above information on record.

For Shakti Pumps (India) Limited

About the Company 02 Corporate Information 47

‘SHAKTI’ personifies the

Shakti Pumps (India) Limited 1

2 Annual Report 2021-22

Shakti Pumps (India) Limited 3

Domestic Business Overseas Business

4 Annual Report 2021-22

Shakti Pumps (India) Limited 5

6 Annual Report 2021-22

Message from the Chairman

Shakti Pumps (India) Limited 7

8 Annual Report 2021-22

Shakti Pumps (India) Limited 9

10 Annual Report 2021-22

Shakti Pumps (India) Limited 11

12 Annual Report 2021-22

Shakti Pumps (India) Limited 13

14 Annual Report 2021-22

1982 1986 1996 2003

2008 2009 2013 2014

2018 2020 2021 2022

16 Annual Report 2021-22

FY21 58% FY21 2%

FY20 32% FY20 5%

FY19 41% FY19 4%

FY18 37% FY18 4%

OEM Customers Export Customers

FY21 9% FY21 19%

FY20 12% FY20 33%

FY19 18% FY19 25%

FY18 20% FY18 30%

Contributed 10.2% revenue with CAGR of 30.5% includes

Shakti Pumps (India) Limited 17

North America Africa Oceania

18 Annual Report 2021-22

Financial Highlights (Consolidated)

REVENUE (` in Crore) EBITDA (` in Crore)

FY22 1,178 FY22 110

FY21 930 FY21 141

FY20 383 FY20 11

FY19 547 FY19 88

FY18 437 FY18 78

PBT (` in Crore) PAT (` in Crore)

FY21 110 FY21 76

FY20 (22) FY20 (14)

EPS (`) NET WORTH (` in Crore)

FY22 35.3 FY22 393

FY21 41.1 FY21 341

FY20 (7.7) FY20 265

FY19 24.5 FY19 290

FY18 19.0 FY18 254

Shakti Pumps (India) Limited 19

MONOBLOCK & END MONOBLOCK END-SUCTION HORIZONTAL OPENWELL VERTICAL MULTISTAGE

MONOBLOCK PUMPS SELF-PRIMING PUMPS SINGLE SHAFT VERTICAL IMMERSIBLE PUMPS