Powerica Ltd. ಖಾತೆಯ ಉಪಯುಕ್ತ ಮಾಹಿತಿ

Mar 31, 2025

On 19th March, 2025 Board of Directors of the Company and on 25th April, 2025 the Shareholders of the Company has approved an increase in Authorised share capital of the Company from ? 45.01 Crores (divided into 7,00,20,000 equip shares of ? 5 each and 1,00,00,000 preference shares of ? 10 each) to ? 1 10.00 Crores (divided into 20,00,00,000 equity shares of ? 5 each and 1,00,00,000 preference shares of ? 10 each).

21.1)    Terms/Rights attached to Equity Shares

riVi¹Â Company has only one class of equity shares having a par value of? 5/- each. Each holder of Equip’ Share is entitled to one vote per share, The Company declares and pa\s 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. Interim Dividend is recognised on approval of the Board of Directors.

During the year, the amount of per share dividend recognised as distributions to equity shareholders was \^Til (Pr. Yr. Nil) on face value of? 5/- each.

In the event of liquidation of the Company, the holder of Equity Shares will he entitled to remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equip' Shares held bv the shareholders.

21.2) Aggregate value of Issued, Subscribed and Paid-up Equity Share Capital as on the Balance Sheet date for the period of preceding five years includes:

i)    98,02,978 (Pr. Yr. 98,02,978) Equip Shares of ? 5 each/- have been bought back during the period of five years immediately preceding balance sheet date.

ii)    No shaies have been alloted as bonus shares during the period of five vears immediately preceding balance sheet date.

(g) Items of Other Comprehensive Income

i)    Remeasurements of Net Defined Benefit Plans: Differences between the interest income on plan assets and the return actually achieved, and any changes in the liabilities over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in 'Other comprehensive income' and subsequently not reclassified to the Statement of Profit and Loss,

ii)    Cash Flow Hedge Reserve: The cash flow hedge reserve represents the cumulative effective portion of gains or losses arising on changes in fair value of designated portion of hedging instruments entered into for Cash Flow Hedges. The cumulative gain or loss arising on changes in fair value of the designated por tion of the hedging instruments that are recognised and accumulated under the heading of cash flow reserve will be reclassified to statement of profit and loss only when the hedged items affect the profit or loss.

23.1) Term Loan from HDFC Bank is secured by way of first exclusive charge on all the immovable properties, all tangible movable assets, intangible assets, current assets, receivables all rights, title, interest, claims and demands of the wind power project located at Rajkot. It is repayable in 20 consecutive quarterly installments beginning from 30th June, 2023, repayment amounts shall be pro-rated as per actual disbursement dates It carries a interest rate in the range of 8?o Ui 10%.

23 2) Term Loan from Axis Bank is secured by way of first exclusive charge on all tangible movable assets (including capital goods) of the wind power project located at Khambhaliva, all rights, title, interest, claims and demands pertaining to the project including mortgage of leasehold rights in relation to the privately lease land and negative lien on the leased revenue land and all current assets of the wind power project located at Khambhaliva. It is repayable in 38 quarterly installments beginning from 28th November, 2024. It carries a interest rate in the range of 8% to 10%.

233) 0.001% Non-Convertible Non-Cumulative Redeemable Preference Shares

Preference shares was treated as financial liability as per IND AS 32, as these are redeemable at the option of Company for a fix determinable amount and cai rv fixed rate of dividend The same are redeemed during the year i) Rights, preferences and restrictions attached to Preference Shares:

The Company has one class of preference shares i.e Non-Convertible Non-Cumulative Redeemable Preference Shares of ? 10 per share.

a)    Such shares shall confer on the holders thereof, the right to prefential dividend from the date of allotment

b)    Such shares shall rank for capital and dividend and for repayment of capital in winding up, pari passu inter se and in priority to the Ordinary Shares of the Company, but shall not confer any further or other right to participate either in profits or assets.

c)    The holder of such shares shall have the right to receive all notices of general meetings of the Company and have a right to vote only on resolution placed

before the share holders which directly affect their rights attached to preference shares like winding up of Company or repayment of preference shares etc.

d)    Such shares are to be redeemed at par at the option of Company at any time within 20 years from the date of allotment.

e)    Such shares carries a dividend rate of 0.001% per annum (non cumulative),

iii) Preference dividend was provisionally accrued as finance cost. However as per Companies Act, 2013, the preference shares are treated as part of share capital and the provisions of the Act related to declaration of Preference Dividend would be applicable. The Board of Directors had recommended preference dividend of 0.001% on the outstanding preference shares amounting to Nil (Pr. Yr. ^ 993) for the year,

27.1) Working Capital Loan from Kotak Mahindra Bank Limited is secured by way of first paripassu hypothecation charge to be shared with Banks on all existing and future current assets of the Company excluding charge on specific stocks and receivables in respect of project of Nuclear Power Corporation of India Limited 'and current assets of wind power projects of Rajkot and Khambhaliya, The loan is repayable within a period not exceeding 90 days. It carries interest rate in the range of 10% to 11%.    _ _

39. Contingent Liabilities and Commitments: Contingent Liabilities		Â	{? in Crores)
Â	Claims against the Company not acknowledged as debts	31.03.2025	31.03.2024
Â	a) Sales Tax demand disputed, contested in appeal	0.01	0.38
Â	Amount paid there against and shown as Advances Recoverable	Nil	0.22
Â	b) Service Tax demand disputed, contested in appeal	0.90	0.88
Â	Amount paid there against and shown as Advances Recoverable	0.02	0.01
Â	c) Goods and Service Tax demand disputed, contested in appeal	9.62	3.94
Â	Amount paid there against and shown as Advances Recoverable	0.16	0.16
Â	d) Custom Duty demand disputed, contested in appeal	0.37	0.37
Â	Amount paid there against and shown as Advances Recoverable	0.03	0.03
Â	d) Income Tax demand disputed, contested in appeal	0.69	0.59
Â	Amount paid there against and shown as Advances Recoverable	Nil	Nil
Â	e) Corporate Guarantee given to bank on behalf of Related Parties	121.37	70.85
Â	f) Claims against the Company not acknowledged as debts	1.09	Nil
Â	g) Letter of Credit Outstanding not acknowledged as debts	22.88	Nil

It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings as it is determinable only on receipt of judgments/decisions pending with various forums/authorities. The Company does not expect the outcome of the matters stated above to have a material adverse impact on the Company's financial condition, results of operations or cash flows.

The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its financial statements.

Commitments:

a) Capital Commitments

(? in Crores)
Estimated amounts of contracts remaining to be executed on capital account and not provided for, net of advances	38.89	340.93

41. Leases:

The Company leases land and buildings. The leases typically run for the period between 11 months to 360 months with an option to renew the lease after that date.

iii) Financial Risk Management Maturities of Financial Liabilities:

The table below analyse the Company's financial liabilities into relevant maturity analysis based on their contractual maturities for all financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows.

iv)    Commitments and Contingencies

The Company has not entered into lease contracts that have not yet commenced as at 31.03.2025.

B. Information about leases for which the Company is lessor is presented below:

The Company has given commercial premises forming part of Property, Plant and equipment on operating lease.

ii) Financial Risk Management Maturities of Lease Payments Receivable:

The table below analyse the Company's lease payment receivable into relevant maturity analysis based on their contractual maturities for all lease payments receivables. The amounts disclosed in the table are the contractual undiscounted cash flows.

42. Employee Benefits

(a) Defined Contribution Plans:

The Company offers its employees defined contribution plans in the form of Provident Fund (PF) and Employees' Pension Scheme (EPS) with the government, and certain state plans such as Employees' State Insurance (ESI). PF and EPS cover substantially all regular employees and the ESI covers eligible workers. Contributions are made to the Government's funds. While both the employees and the Company pay predetermined contributions into the Provident Fund and the ESI Scheme, contributions into the pension fund is made only by the Company. The contributions are normally based on a certain portion of the employee's salary.

(b)Defined Benefit Plans

Gratuity: Company makes annual contributions to the Employees' Group Gratuity-cum Life Assurance (Cash Accumulation) Scheme of the LIC, a funded defined benefit plan for qualifying employees. The scheme provides for payment to vested employees as under:

i)    On normal retirement / early retirement / withdrawal / resignation:

As per the provisions of Payments of Gratuity Act 1972 with vesting period of 5 years of service-^=^

ii) On the death in service:

As per the provisions of Payment of Gratuity Act, 1972 without any vesting period.

Aforesaid post-employment benefit plans typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary risk.

Investment Risk	The present value of the defined benefit liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds.
Interest Risk	A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan's investments.
Longevity Risk	The present value of the defined benefit liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan's liability.
Salary Risk	The present value of the defined benefit liability is calculated by reference to the future salaries of plan participants. As such, an increase in salary of the plan participants will increase the plan's liability.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the Balance Sheet.

The expected contributions for Defined Benefit Plan for the next financial year will be in line with financial year 2024-2025.

(c) Leave Encashment:

Company's employees are entitled for compensated absences which are allowed to be accumulated and encashed as per Company's rule. The liability of compensated absences, which is non-funded, has been provided based on report of independent actuary using "Projected Unit Credit Method".

Accordingly ? 5.49 Crores (Pr. Yr. ? 4.88 Crores) being liability as at the year-end for compensated absences as per actuarial valuation has been provided in the accounts.

v.    Reason for shortfall - As informed by the management, a portion of the CSR funds allocated by the Company for the financial year 2024-25 remained unutilized as of 31^st March, 2025, as certain supported projects were not fully executed in line with the projected budgets.

vi.    Nature of CSR activities include promoting education among children, women, elderly and to support especially non-profit organization working for disabled children from under privileged background, promoting healthcare including preventive health care and eradicating hunger and malnutrition, employment and livelihood enhancing vocation skills and disaster management, including relief, rehabilitation and reconstruction activities.

vii.    No Amount is required to be transferred to a special account designated as "Unspent Corporate Social Responsibility Account" of the Company within 30 days from end of financial year.

viii.    The Company has recognized a provision of ? 0.01 crore during the current year towards Corporate Social Responsibility (CSR) expenses. The unspent CSR amount has been transferred to the specified fund in May 2025, in accordance with applicable regulations. No provision for CSR expenses was

__carried in the previous financial year._

45. Capital Management

The primary objective of the Company's capital management is to maximize the shareholder value. Management monitors the return of capital, as well as the level of dividends paid to equity shareholders. The board of directors seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowing and advantages and security afforded by a sound capital position.

Company monitors capital using a ratio of 'adjusted net debt' to 'adjusted equity'. For this purpose, adjusted net debt is defined as total liabilities, comprising interest bearing loans and borrowings less cash and cash equivalents and current investments. Equity comprises all components of equity.

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

No changes were made in the objectives, policies or processes for managing capital during the year ended 31^st March, 2025 and year ended 31st March, 2024.

46. Financial Instrument- Fair values and risk management A) Accounting Classification and Fair Values:

Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, are presented below. It does not include the fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

Fair value hierarchy

Level 1 - Level 1 hierarchy includes financial instruments measured using quoted prices. This includes mutual funds that have declared buyback NAV. The mutual funds are valued using the closing NAV.

Level 2 - The fair value of financial instruments that are not traded in an active market (like Mark to Market Derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value as instrument are observable, the instrument is included in level 2.

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

C) Financial risk management

The Company's business activities are exposed to a variety of financial risks, namely liquidity risk, market risks and credit risk. The Company's senior management has the overall responsibility for establishing and governing the Company's risk management framework. Management is responsible for developing and monitoring Company's risk management policies, under the guidance of Operations & Management Committee. The framework seeks to identify, assess and mitigate financial risks in order to minimize potential adverse effects on the Company's financial performance. Audit Committee reviews investments at periodical intervals

i) Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks, mutual funds and financial institutions, foreign exchange transactions and other financial instruments.

a) Trade receivables

Customer credit risk is managed by each business unit subject to Company's established policy, procedures and control relating to customer credit risk management. Company extends credit only to customers based on its past dealings and outstanding customer receivables are being monitored by individual business managers located in those places. In most cases an appropriate letter of credit / bank guarantee is taken from the customers to cover the risk. The concentration of credit risk is limited due to the fact that the customer base is large. There is no customer representing more than 5% of the total balance of trade receivables.

On account of adoption of IND AS 109, the Company uses ECL model to assess the impairment loss or gain. The Company uses a provision matrix to compute the ECL allowance for trade receivables.

b) Financial instruments

Credit risk arising from investment in mutual funds, bonds, debentures, preference shares, derivative financial instruments and other balances with banks is limited and there is no collateral held against these because the counterparties are banks and recognised financial institutions with high credit ratings assigned by the national and international credit rating agencies.

ii) Liquidity risk

Liquidity risk is the risk that Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses. Company's objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. Company closely monitors its liquidity position and deploys a robust cash management system. It maintains adequate sources of financing including overdraft from banks at an optimised cost.

Company aims to maintain the level of its cash and cash equivalents and other highly marketable debt investments at an amount required to meet expected cash outflows on financial liabilities over foreseeable future.

The table below analysis derivative and non-derivative financial liabilities of the Company into relevant maturity groupings based on the remaining period from the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

iii) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risks: interest rate risk, currency risk and other price risk. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. Financial instruments affected by market risk includes borrowings, investments, trade payables, trade receivables, loans and derivative financial instruments.    _

Company's activities expose it to a variety of financial risks, including the effects of changes in foreign currency exchange rates and interest rates. Company uses derivative financial instruments such as foreign exchange contracts & options to manage its exposures to foreign exchange fluctuations, as per foreign exchange exposure policy adopted by the Company.

The sensitivity analysis have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant.

The analysis excludes the impact of movements in market variables on the carrying value of postemployment benefit obligations, provisions and on the non-financial assets and liabilities.

The sensitivity of the relevant income statement item is the effect of the assumed changes in the respective market risks. This is based on the financial assets and financial liabilities held as of 31^s1 March, 2025 and 31^st March, 2024.

a) Foreign Currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes in foreign exchange rates.

The currencies in which these transactions are primarily denominated are US dollars, EURO and GBP.

Consequently, the Company uses both derivative instruments i.e. foreign exchange forward contracts to mitigate the risk of changes in foreign currency exchange rates in respect of its highly probable forecasted transactions and recognised assets and liabilities.

At any point in time, Company covers foreign currency risk by taking appropriate hedges as a percentage of its foreign currency exposure, in accordance with the policy as approved by the Board. Company uses forward exchange contracts to mitigate its currency risk, most with a maturity of less than one year from the reporting date. In respect of other monetary assets and liabilities denominated in foreign currencies, Company's policy is to ensure that its net exposure is kept to an acceptable level by buying or selling foreign currencies through Swaps and Forwards.

The Company also enters into derivative contracts in order to hedge and manage its foreign currency exposures towards future export earnings and future import payments. Such derivative contracts are entered into by the Company for hedging purposes only and are accordingly classified as cash flow hedge.

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 changes in market interest rates. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing financial assets or borrowings because of fluctuations in the interest rates if such assets/borrowings are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing borrowings will fluctuate because of fluctuations in the interest rates.

Fair value sensitivity analysis for fixed-rate instruments

The Company does not account for any fixed-rate borrowings at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect the profit or loss.

The risk estimates provided assume a change of 0.25 basis points interest rate for the interest rate benchmark as applicable to the borrowings summarized above. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt outstanding during the period.

c) Other Price risk

Other price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. Other price risk for the Company arises from financial assets such as investments in equity instruments, liquid mutual funds, debt mutual funds and bonds.

The Company is exposed to price risk arising mainly from investments in debt mutual funds, equity instruments, debentures and bonds recognised at FVTPL. As at 31^st March, 2025, the carrying value of such debt mutual funds, equity instruments, debentures and bonds recognised at FVTPL amounts to ? 343.03 Crores (Pr. Yr. ? 333.41 Crores). The details of such investments in debt mutual funds, equity instruments, debentures and bonds are given in Notes 8 and 14.

Investments in Debentures, Bonds and Debt Mutual Funds, being debt instruments, the exposure to risk of changes in market rates is minimal.

Company has recognsied an asset as mentioned above from cost incurred to obtain a contract and fulfill a contract. Asset is included in Note 20 Other Current Assets : Prepaid Expenses

While disclosing the aggregate amount of transaction price yet to be recognised as revenue towards unsatisfied (or partially) satisfied performance obligations, along with the broad time band for the expected time to recognize those revenues, the Company has applied the practical expedient in Ind AS 115. Accordingly, the Company has not disclosed the aggregate transaction price allocated to unsatisfied (or partially satisfied) performance obligations which pertain to contracts where revenue recognised corresponds to the value transferred to customer typically involving time and material and outcome based contracts.

48. Hedge Accounting:

The Company's risk management policy is to hedge its estimated foreign currency exposure in respect of highly probable forecast sales and purchases over the following 12-48 months. The Company uses forward exchange contracts to hedge its currency risk. Such contracts are generally designated as cash flow hedges.

The forward exchange contracts are denominated in the same currency as the highly probable forecast sales and purchases, therefore the hedge ratio is 1:1. These contracts have a maturity of 12-48 months from the reporting date. The Company's policy is for the critical terms of the forward exchange contracts to align with the hedged item.

The Company determines the existence of economic relationships between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows. The Company assess whether the derivative designated in each hedging relationships is expected to be and has been effective in offsetting changes in the cash flow of hedged item using the hypothetical derivative method.

In these hedge relationships, changes in timing of the hedge transactions are the main source of hedge ineffectiveness.

Terms and Conditions of transactions with related parties

Company has completed an independent evaluation for all transactions, for the year ended 31.03.2025 and for the year ended 31.03.2024 to determine whether the transactions with associate enterprises are undertaken at arm's length price based on the internal pricing review and validation, Company believes that all transaction with associated enterprises are in the ordinary course of the business and on arm's length basis.

For the year ended 31.03.2025 and for the year ended 31.03.2024 the Company has not recorded any impairment of receivables relating to amounts owed by related parties. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

Outstanding balances at the year-end are unsecured and settlement occurs in cash.

Disclosure of transactions between Company and Related Parties during the year which are more than 1% of Revenue

There were no transactions between Company and Related Parties during the year which are more than 1% of Revenue

52. The Company has a process whereby periodically all long term contracts (including derivative contracts) are assessed for material foreseeable loss. At the year end, the Company has reviewed and ensured that adequate provision as required under any law/accounting standard for material foreseeable losses on such long term contracts (including derivative contracts) has been made in the books of accounts.

Details of significant changes

1)    Due to increase in debts during the year for wind power projects, this ratio is high.

2)    During the previous year, there was prepayment of borrowings amounting to ? 311.57 crores. Therefore, this ratio is not comparable.

3)    Previous year profits were high mainly because of the profit from the sale of wind turbine generators at the Tamil Nadu site, which amounted to ?85.26 Crores. Therefore, these ratios are not comparable.

55.    The Company has a Working Capital limit of ? 823.30 Crores from Citi Bank, HDFC Bank, Standard Chartered Bank, Axis Bank and Kotak Mahindra Bank, comprising of Fund-based limits of ? 488.00 Crores and Non-fund based limits of ? 810.30 Crores. The quarterly returns/ statements read with subsequent revisions filed by the Company with the banks are in agreement with the books of accounts of the Company for the respective period, which were not subject to audit.

56.    Subsequent Events:

56.1    Bonus Shares

Subsequent to the reporting date, the shareholders of the Company approved the issuance of bonus shares in the ratio of 3:1 by capitalizing the Company's free reserves or other eligible reserves, at the Extraordinary General Meeting held on 21st May 2025.

The Board of Directors, at its meeting held on 21^st June, 2025, approved the allotment of 8,16,19,050 fully paid-up equity shares of ?5 each as bonus shares to shareholders whose names appeared in the Register of Members as of the record date, 16th May 2025. The filing of the relevant return of allotment with the Registrar of Companies is currently in progress.

In accordance with Indian Accounting Standard (Ind AS) 33 - Earnings Per Share, the basic and diluted earnings per share for all periods presented have been retrospectively adjusted to reflect the bonus issue, as the shares were allotted prior to the approval of these financial statements. Although the bonus issue qualifies as a non-adjusting event under Ind AS 10 - Events after the Reporting Period, it necessitates retrospective adjustment in earnings per share under Ind AS 33.

56.2    Dividend declared by Subsidiary

Subsequent to the reporting date, the Board of Directors of Powerica Renewable Infra Private Limited, in which the Company holds 65% equity interest, has declared a final dividend of ? 500 per equity share at its meeting held on 16^th May, 2025. The Company's share of the declared dividend amounts to ? 3.25 crores, which has not been recognized in the financial statements for the year ended 31st March, 2025, as it represents a non-adjusting event in accordance with Ind AS 10, Events after the Reporting Period.

This dividend will be accounted for in the financial statements of the Company for the year ending 31st March, 2026 upon establishment of the right to receive the dividend.

57.    Other Statutory Informations as notified by MCA pursuant to amended Schedule III:

a)    The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

b)    The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company.

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

d)    During the year, the Company has not surrendered or disclosed any income 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). Accordingly, there are no transaction which are not recorded in the books of accounts.

e)    The Company is not declared as willful defaulter by any bank or financial institution (as defined under the Companies Act, 2013) or consortium thereof or other lender in accordance with the guidelines on willful defaulters issued by the Reserve Bank of India.

f)    The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:

i)    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

ii)    provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

g)    The Company has not received any funds from any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Company shall:

i)    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

ii)    provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

h)    The Company has complied with the requirements of the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

i)    The Company has not revalued any of its Property, Plant and Equipment (including Right-of-Use Assets) during the year.

58. Previous year's figures have been re-grouped / re-classified to conform to those of the current year.