i. Provision
A provision is recognized when the company has a present obligation as a result of past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a
reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their present
value and are determined based on the best estimate required to settle the obligation at the reporting date.
These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. Where
the company expects some or all of a provision to be reimbursed, for example under an insurance contract,
the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The
expense relating to any provision is presented in the statement of profit and loss net of any reimbursement.
j. Cash and cash equivalents.
Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and
short-term investments with an original maturity of three months or less.
k. Measurement of EBITDA
As permitted by the Guidance Note on the Revised Schedule of the Companies Act, 2013, the company has
elected to present earnings before interest, tax, depreciation and amortization (EBITDA) as a separate line
item on the face of the statement of profit and loss. The company measures EBITDA on the basis of profit /
(loss) from continuing operations. In its measurement, the company does not include depreciation and
amortization expense, finance costs and tax expenses.
Basic EPS amounts are calculated by dividing the profit/(loss) for the period attributable to
equity holders by the weighted average number of equity shares outstanding during the Period.
Diluted EPS amounts are calculated by dividing the profit/(loss) attributable to equity holders by
the weighted average number of equity shares outstanding during the period plus the weighted
average number of equity shares that would be issued on conversion of all the dilutive potential
equity shares into equity shares.
28 Related party transactions
Name of related parties and description of relationship with whom transactions have taken
(A) Related parties where control exists
1. Associates Company
Pujya Guruwar Solar India Pvt Ltd ( Formally known as Prog Dychem Pvt Ltd)
Sanjog Developers
Terms and conditions of transactions with related parties
The transactions with related parties are in the ordinary course of business and are on terms equivalent to those that
prevail in arm's length transactions. Outstanding balances at the Period-end are unsecured and settlement occurs in
cash. For the period ended 31 March 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 parties and the market in which the related parties operate.
Note 29: Details of micro enterprises and small enterprises as defined under the Micro, Small and
Medium Enterprises Development (MSMED) Act, 2006:
The Company did not have any transactions with Small Scale Industrial (‘SME's') Undertakings during the year ended
March 31, 2024 and hence there are no amounts due to such undertakings. The identification of SME's undertakings is
based on the management's knowledge of their status..
The Company has not received any information from "suppliers” regarding their status under the Micro, Small and
Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amount unpaid as at the year
ended together with interest paid / payable as required under the said Act have not been furnished..
Note 30:Capital Commitments
There are no capital commitments outstanding as at 31 March 2024.
Note 32: Employee Benefits - Retirement benefits
Defined Contribution Plan:
An entity is not participating in any employer defined benefit plan that does not prepare plan valuations on an Ind AS 19
basis. Company not having employee who served from more than 5 years.
Note 33: Financial instruments - fair value measurements
Some of the Company's financial assets and financial liabilities are measured at fair value at the end of each reporting
period. The following table gives information about how the fair values of these financial assets and financial liabilities
are determined (in particular the valuation techniques and inputs used).
Fair value hierarchy
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within
the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value
measurement as a whole:
Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable.
Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.
The Company has assessed that trade receivables, cash and cash equivalents, other financial assets, trade payables
and other financial liabilities approximate their carrying amounts largely due to the short term nature of the instruments.
Long term Borrowings are evaluated based on parameters such as interest rate and risk characteristic of financial
project. Based on the evaluation, no impact has been identified.
Note 34: Financial risk management objectives and policies
The Company's principal financial liabilities comprise of borrowings, trade payables, other payables and other financial
liabilities. The main purpose of these financial liabilities is to finance the Company's operations. The Company's principal
financial assets include trade and other receivables, other financial assets and cash and cash equivalents that arise
directly from its operations.
The Company's activities expose it to market risk, liquidity risk, credit risk and interest rate risk.
(A) Market Risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price
of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates,
foreign currency exchange rates, and other market changes that affect market risk sensitive instruments. Market risk is
attributable to all market risk sensitive financial instruments, including investments and deposits, payables and
borrowings.
The Company's overall risk management focuses on the unpredictability of financial markets and seeks to minimise
potential adverse effects on the financial performance of the Company.
Details relating to the risks are provided here below:
(i) Foreign currency risk
Foreign exchange risk is the risk of impact related to fair value or future cash flows of an exposure in foreign currency,
which fluctuate due to changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign
exchange rates relates to import of modules, wherever required.
The Company regularly evaluates exchange rate exposure arising from foreign currency transactions. The Company
follows the established risk management policies. It uses derivative instruments like forward covers/swap to hedge
exposure to foreign currency risk.
When a derivative is entered into for the purpose of hedge, the Company negotiates the terms of those derivatives to
match the terms of the foreign currency exposure.
(ii) 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 prevailing market interest rates. The Company's exposure to the risk due to changes in interest rates relates
primarily to the Company's borrowings with floating interest rates. Interest rate sensitivity has been calculated assuming
the borrowings outstanding at the reporting date have been outstanding for the entire reporting period. The Company
constantly monitors the credit markets and revisits its financing strategies to achieve an optimal maturity profile and
financing cost.
(iii) Credit risk
Credit risk arises when a customer or counterparty does not meet its obligations under a customer contract or financial
instrument, leading to a financial loss. The Company is exposed to credit risk from its operating activities primarily trade
receivables and from its financing/investing activities, including deposits with banks and foreign exchange transactions.
The carrying amount of financial assets represents the maximum credit risk exposure.
a. Trade receivables
The Company has already evaluated the credit worthiness of its customers and did not find any credit risk related to
trade receivables. As per simplified approach, the Company makes provision of expected credit losses on trade
receivables using a provision matrix on the basis of its historical credit loss experience to mitigate the risk of default in
payments and makes appropriate provision at each reporting date wherever outstanding is for longer period and involves
higher risk. Total trade receivables as on 31 March 2024 is NIL.
(b) . Cash and cash equivalents and bank deposits
Credit risk on cash and cash equivalents, deposits, is generally low as the Company has transacted with reputed banks.
(c) Liquidity risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at
reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and
the availability of funding through an adequate amount of credit facilities to meet obligations when due. The
management is responsible for managing liquidity, funding as well as settlement. Further the management monitors the
Company's liquidity position through rolling forecasts on the basis of expected cash flows.
The table below provides details of financial liabilities further, based on contractual undiscounted payments.
(D) Capital management
The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going
concern in order to provide maximum returns for shareholders and benefits for other stakeholders and to maintain an
optimal capital structure to reduce the cost of capital.
For the purposes of the Company's capital management, capital includes issued capital, securities premium and all other
equity reserves attributable to the equity holders.
The Company monitors capital using debt to equity ratio, which is net debt divided by total equity. The Company
includes within net debt, interest bearing loan and borrowings, less cash and cash equivalents, excluding discontinued
operations.
Gearing Ratio-There is no Debts in the company as on 31.03.2024 and 31.03.2023 .Thus ,Gearing Ratio is Nil as on
31.03.2024 and 31.03.2023.
Note: 36 Other statutory information
a) The Company do not have any Benami property, where any proceeding has been initiated or pending against
the Company for holding any Benami property.
b) As per the information and explanations to us The Company do not have any transactions with companies
struck off.
c) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial Period.
d) The Company has not entered into any such transaction which is not recorded in the books of accounts that
has been surrendered or disclosed as income during the Period 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)
e) The Company has not been declared wilful defaulter by any bank or financial institution or other lender
f) The Company does not have any Intangible Assets, thus, disclosures relating to revaluation of Intangible
Assets is not applicable.
g) The Company has not revalued its property, Plant and Equipment (including Right of use Assets), thus
valuation by a registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation)
Rules, 2017 is not applicable.
h) The Company has not advanced or loaned or invested funds to any other person or entity, including foreign
entities (Intermediaries) with the understanding 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.
i) The Company have 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:
(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 on behalf of the ultimate beneficiaries
j) Company has complied with the number of layers prescribed under clause (87) of section 2.
k) Registration of charges or satisfaction with Registrar of Companies: Where any charges or satisfaction yet to
be registered with Registrar of Companies beyond the statutory period, details and reasons thereof shall be
disclosed.
The accompanying notes are an integral part of these standalone financial statements
In terms of our report of even date For and on behalf of the Board of Directors
For Agarwal J ain & Gupta ACI INFOCOM LIMITED
Chartered Accountants
Firm Reg. No. : 013538C
Sarwan Kumar Prajapati Kushal (hand Jain Hemantkumar S.Jain
Partner Managing Director Director
MNo. 199969 DIN-03545081 DIN- 06778764
UDIN:24199969BKAKKT6408
Dilip Kumar Dhariwal Sarika Mehta
Place : Mumbai CFO Company Secretary
Date:28th May 2024
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