II Where the Company has revalued its Property, Plant and Equipment, the company shall disclose as to whether the revaluation is based on the valuation by a
registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017 - No
III where Loans or Advances in the nature of loans are 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:
VI Details of Benami Property held - No
VII Where the Company has borrowings from banks or financial institutions on the basis of current assets - No
(a) whether quarterly returns or statements of current assets filed by The Company has secured Business Loan (CC/OD) of Rs. 3.74 crore outstanding at the end of the period the Company with banks or financial institutions are in agreement with 31.03.2024
the books of accounts. - Yes
(b) if not, summary of reconciliation and reasons of material discrepancies, if any to be adequately disclosed - NA
VIII Wilful Defaulter - No
a. Date of declaration as wilful defaulter, - NA
b. Details of defaults (amount and nature of defaults), - NA
IX Relationship with Struck off Companies' - No
x Registration of charges or satisfaction with Registrar of Companies - Not Applicable
Where any charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period, details and reasons thereof shall be disclosed.
XI Compliance with number of layers of companies
Where the company has not 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, the name and CIN of the companies beyond the specified layers and the relationship/extent of holding of the company in such downstream companies shall be
XIII Compliance with approved Scheme(s) of Arrangements - NA
Where any Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013, the Company shall disclose that the effect of such 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 deviation in this regard shall be explained
XIV Utilisation of Borrowed funds and share premium: - NA XV Details of crypto currency or virtual currency: - NA
The Company has neither traded nor invested in cryptocurrency or virtual currency during the current or previous year.
Other Notes to Financial Statements for the year ended 31st March 2024
a) Figures for the previous year have been re-grouped, reclassified, restated and re-arranged wherever necessary, in order to make them comparable, to the best possible extent, with the figures of current year as per the requirements of schedule III of the companies Act, 2013.
b) During the year under consideration, the company has given remuneration of Rs. 85.00/-Lakh (Previous year remuneration Rs. 45.00/-Lakh) to the directors of the company as per the provisions of the Companies Act 2013.
c) The Small-Scale Industrial Undertaking to whom an amount outstanding for more than 30 days is Nil as per management.
d) The company has got confirmation from some of the parties (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium enterprises Development Act, 2006) claiming their status as micro, small and medium enterprises and on the basis of that details, the company has made the bifurcation in its financial statements. However, the company has not made any provision of interest as required under MSMED.
e) Our company is actively involved in the business of distribution of a wide range of solar inverters and solar panels. As an authorized distributor, we specialize in trading high-quality solar products serving as the representative of Sungrow for their reliable solar inverters, Saatvik and LONGi for efficient and durable solar panels. We offer products of Sungrow, LONGi and Saatvik in North India region, we also serve as an integrated solar energy solutions provider, delivering comprehensive engineering, procurement, and construction ("EPC") services to our Commercial and residential customers. Our company also has its own brand called "Invergy" through our wholly owned subsidiary named as “Invergy India Private Limited" (“Invergy"). Invergy sell hybrid solar inverters and lithium ferro phosphate batteries under the said brand. Invergy deals in OEM manufacturing for Hybrid and LFP products. Invergy has its own quality and reliable protocol for contract manufacturing of there said products. Invergy manages its own supply chain stream to provide easy and comfortable transitions.
i) Contingent liabilities
The company has the following outstanding bank Guarantees:
|
Party Name (In favor)
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Purpose
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Amount (INR)
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Secured Against
|
|
Sungrow India Pvt Ltd
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To avail credit facility for goods in trade
|
80.00
|
It is secured against 15% bank FD
|
|
Sungrow India Pvt Ltd
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To avail credit facility for goods in trade
|
320.00
|
It is secured against 15% bank FD
|
Capital Structure and Shareholding Pattern
The authorized share capital of the Company is Rs. 1200 lakhs (12,000,000 Equity shares of Rs. 10/-each.) The paid-up share capital Rs.843.48 lakhs (8434800 Equity shares of Rs. 10/- each).
m) The director of the company, Mr. Deepak Pandey, has opened a new LLC in Dubai on 20.07.2022 under the name of Invergy Power General Trading Co LLC with a share capital of DHS 2,00,000/-. The company has give n an advance of Rs.00.55 crore to the LLC during the year under consideration out of which goods worth of Rs.1.55 crore has been imported and balance of Rs.1.87 crore is still outstanding as an advance with M/s. Invergy Power General Trading Co LLC as on 31.03.2024.
n) Segment reporting
The Company is engaged in one segment of installation and operation of solar power project. The company do not have any identifiable reportable business segment( In accordance with Accounting Standard 17) and hence business segment information is required/not required to be disclosed.
o) UDIN (Unique Document Identification Number)
We initially generated a UDIN (Unique Document Identification Number) on August 5th,2024 for the purpose of a limited review report instead of company audit. This statement makes it clear that two separate UDINs were issued on the same date.
p) Approval of Consolidated Financial Statement
The consolidated financial statement were approved for issue by the Board of director on August 5th, 2024
q) Transfer Pricing
As per the Transfer Pricing Rules of the Income Tax Act, 1961, every Company is required to get a transfer pricing study conducted to determine whether the international transactions with associated enterprises were undertaken at an arm's length basis for each financial year end. Transfer pricing study for the transactions during the year ended 31st March, 2024 is currently in progress and hence adjustments if any which may arise there from will be effective in the financial statements for the year ended 31st March, 2024. However in the opinion of the Company's management, adjustments, if any, are not expected to be material.
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