m. Provisions. Contingent Liabilities and Contingent Assets
Provision is recognized in the accounts when there is a present obligation as a result of past event(s) and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are recognized at undiscounted present value of 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.
Contingent liabilities are disclosed unless the possibility of outflow of resources is remote.
Contingent assets are neither recognized nor disclosed in the financial statement.
n. Impairment of Financial Assets
The Company assesses on a forward-looking basis the expected credit loss associated with its financial assets which are not fairly valued through profit or loss. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For Bijan Ghosh & Associates Chartered Accountants
Date: 24.05.2023
FOR AGNI GREEN POWER LTD.
Dr. Kanak Mukhopadhyay Mr.Arup Kumar Mahanta
AMANAGING DIRECTOR) (WHOLE-TIME DIRECTOR)
DIN - 00254415 DIN: 00792851
Mr. Bijan Ghosh
Proprietor Place: Kolkata Date: 24.05.2023
Mr. Prabir Ranjan Karmakar Mr. Avishek kumar Sinha
UD>IIN * 23009491BGQEJV6494 (Chief Financial Officer) (Company Secretary)
M.No. A68136
The shown above represent the best possible estimates arrived at on the basis of available information. The uncertainties and timing of the cash flows are dependent on the outcome of the different legal processes which have been invoked by the Company or the claimants as the case may be and therefore cannot be estimated accurately. The management is of opinion that no provision is considered necessary for the disputes mentioned above on the grounds that there are fair chances that ultimate resolution will not have a material adverse effect on the Company’s financial position and results of operations.
Segment Reporting
Disclosures under Accounting Standard (AS-17) on Segment Reporting is not applicable for the Company for the year.
9. Account Balances Written-off and/or Written-back:
9A. The company has written-off certain receivables pertaining to earlier financial years. Several times the management has followed-up with the parties to settle the dues. Finally, the dues are settled with parties. Amount receivable in excess of the settled amounts are written-off as bad-debt in the books of a ccount. Following are the party-wise break-up of amount written-off :
10. The Company has long-term investment in shares in M/s. Pulse Power Technologies Pvt. Ltd., having historical cost of Rs.5000 and in National Savings Certificates (inclusive of accrued interests) of Rs.8006. Both of these investments are not quoted investments.
11. There is no Micro, Small and Medium Enterprise, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2022. This information as required under the Micro, Small and Medium Enterprises Development Act, 2006 and has been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors.
12. There is no pending litigation by or against the Company which has or may have impact on financial position as on 31st March 2023.
13. There are no outstanding trade receivables which resulted into significant increase in credit risk however, confirmation for outstanding trade receivable are not yet received/available.
15. Outstanding bank guarantee as at 31.03.2023 : Rs. 584.42 lakhs (previous year : Rs. 506.95 lakhs).
16. Corporate Guarantee given by the Company — NIL
17. There is no Operating Lease entered into by the Company.
18. There is no recognized impairment of assets in terms of AS-28.
19. The company has spent Rs.0.08 lakhs as Research and Development Expense by the Company during the year.
20. Un-hedged foreign currency exposure — NIL.
21. The company had made an initial public offering (IPO)of 52,50,000 equity shares of face value of Rs. 10/-each fully paid up for cash at a price of Rs. 10/-per equity share aggregating to Rs.525.00 lakhs. The issue was oversubscribed and money received towards abovementioned IPO was initially received and kept into a designated account namely ICICI Bank IPO Escrow account as share application money. Oversubscriptions were duly refunded to respective applicants and rest sum has been kept in the escrow account till the date of allotment. Date of allotment of the aforementioned equity shares was 28.07.2022 and the company got listed on NSE Emerge Platform on 01.08.2022.
The Company has no Intangible assets under developement as at 31.03.2023, therefore, no disclosure as above is required.
VI Details of Benami Property held
The Company has no benami property as at 31.03.2023, therefore no disclosure in this regard is required.
VII Where the Company has borrowings from banks or financial institutions on the basis of current assets
(a) whether quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts.
(b) if not, summary of reconciliation and reasons of material discrepancies, if any to be adequately disclosed
The Company has borrowings from banks or financial institutions on the basis of current assets. It files quarterly returns or statements of current assets with banks or financial institutions and those are in agreement with the books of accounts. Sometime it files provisional or proj ecte d/e stimate d statement of current assets which may not in agreement with the books of accounts of the company.
VIII Wilful Defaulter
a. Date of declaration as wilful defaulter,
b. Details of defaults (amount and nature of defaults),
The company has never been declared as wilful defaulter by any of its financers.
XII Compliance with approved Scheme(s) of Arrangements
The Company neither applied for nor being imposed any Scheme of Arrangements in terms of sections 230 to 237 of the Companies Act, 2013, therefore, the Company does not require disclosure for the effect of Scheme of Arrangements have been accounted for in the books of account of the Company ‘in accordance with the Scheme’ and ‘in accordance with accounting standards’ and any deviation in this regard.
XIII Utilisation of Borrowed funds and share premium:
The company has -
Neither A) 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;
Nor B) has 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, therefore the company does not require any disclosure of the following:-
(I) date and amount of fund received from Funding parties with complete details of each Funding party.
(II) date and amount of fund further advanced or loaned or invested other intermediaries or Ultimate Beneficiaries alongwith complete details of the other intermediaries‘ or ultimate beneficiaries.
(III) date and amount of guarantee, security or the like provided to or on behalf of the Ultimate Beneficiaries
(IV) declaration that relevant provisions of the Foreign Exchange Management Act, 1999 (42 of 1999) and Companies Act has been complied with for such transactions and the transactions are not violative of the Prevention of Money-Laundering act, 2002 (15 of 2003).
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