12) Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognized when there is
a present obligation as a result of past events and it is probable that there will be an outflow of
resources. Contingent liabilities of the company as on March 31, 2025 are as follows:
13) Accounting for Leases
A lease is classified at the inception date as finance lease or an operating lease. A lease that
transfers substantially all the risk and rewards incidental to the ownership to the Company is
classified as a finance lease.
The Company as a lessee:
i. Operating Lease: - Rental payable under the operating lease are charged to the Statement
of Profit and Loss on a Straight-line basis over the term of the relevant lease.
ii. Finance Lease: - Finance lease are capitalized at the commencement of the lease, at the
lower of the fair value of the property or the present value of the minimum lease
payments. The corresponding liability to the lessor is included in the Balance Sheet as a
finance lease obligation. Lease payments are apportioned between finance charges and
the reduction of the lease obligation so as to achieve a constant rate of interest on the
remaining balance of the liability. Finance charges are charged directly against the
income over the period of the lease.
The Company has not provided any of its assets on the basis of operating lease or finance lease to
others.
14) Cashflow
Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the
effects of transactions of a non-cash nature and any deferrals of past or future cash receipts and
payments. The cash flows from regular operating, investing and financing activities of the
company are segregated.
15) Earnings Per Share
The Company reports the basic and diluted Earnings per Share (EPS) in accordance with
Accounting Standard 20, “Earnings per Share”. Basic EPS is computed by dividing the Net Profit
or Loss attributable to the Equity Shareholders for the year by the weighted average number of
equity shares outstanding during the year. Diluted EPS is computed by dividing the Net Profit or
Loss attributable to the Equity Shareholders for the year by the weighted average number of
Equity Shares outstanding during the year as adjusted for the effects of all potential Equity Shares,
except where the results are Anti - Dilutive.
The weighted average number of Equity Shares outstanding during the period is adjusted for
events such a Bonus Issue, Bonus elements in right issue, share splits, and reverse share split
(consolidation of shares) that have changed the number of Equity Shares outstanding, without a
corresponding change in resources.
16) Discontinuing Operations
During the year the company has not discontinued any of its operations.
17) Event after Reporting Date
Material events occurring after the balance sheet are considered up to the date of approval of the
accounts by the board of directors.
18) The previous year’s figures have been reworked, regrouped, and reclassified wherever necessary. Amounts
and other disclosures for the preceding year are included as an integral part of the current annual financial
statements and are to be read in relation to the amounts and other disclosures relating to the current
financial year.
19) Credit and Debit balances of unsecured loans, sundry creditors, sundry Debtors, loans and Advances are
subject to confirmation and therefore the effect of the same on profit could not be ascertained.
20) Balances of Trade Payables, Trade Receivable and Loans and Advances are subject to confirmations and
reconciliation if any, by the respective parties.
21) The account balances existing at the beginning of the period have been relied upon the audited financial
statements.
22) Amounts are in lakhs except units are in actual numbers wherever required considered accordingly for
respective computations.
23) Segment Reporting
The company is engaged in Residential Rooftop & Government EPC as well as C & I and Ground
mount Solar Project as primary segment. Company doesn’t have separate parts of the business that
focus on specific products or services, each with its own risks and rewards.
24) Statement of Management
i. The current assets, loans and advances are good and recoverable and are approximately of
the values, if realized in the ordinary courses of business unless and to the extent stated
otherwise in the Accounts. Provision for all known liabilities is adequate and not in
excess of amount reasonably necessary.
ii. Balance Sheet, Statement of Profit and Loss and Cash Flow Statement read together with
Notes to the accounts thereon, are drawn up so as to disclose the information required
under the Companies Act, 2013 as well as give a true and fair view of the statement of
affairs of the Company as at the end of the year and results of the Company for the year
under review.
25) Related Party Disclosure (AS 18)
Related party transactions are reported as per AS-18 of Companies (Accounting Standards) Rules,
2006, as amended.
26) Tittle deeds of immovable property: -
According to the information and explanations given to us, the records examined by us, the title
deed / lease deed of immovable properties included in Property Plant and Equipment are held in
the name of company.
27) Revaluation of property, plants and equipment’s: -
The Company has not revalued its Property, Plant and Equipment for the current year.
28) Loans or Advances in the nature of loans: -
Loans or Advances in loans are granted to promoters, directors, KMPs and the related parties
except one of subsidiaries (as defined under Companies Act, 2013,) either severally or jointly with
any other person.
29) Notes forming part of accounts in relation to Micro and small enterprise
Based on information available with the company, on the status of the suppliers being Micro or
small enterprises, on which the auditors have relied, the disclosure
requirements of Schedule III to the Companies Act, 2013 with regard to the payments made/due to
Micro and small Enterprises are given below:
The company has initiated the process of obtaining the confirmation from suppliers who have
registered themselves under the Micro, Small and Medium Enterprises Development Act, 2006
(MSMED Act, 2006) but has not received the same in totality. The above information is compiled
based on the extent of responses received by the company from its suppliers.
30) Intangible assets under development: -
There are no Intangible assets under development in the current year.
31) Details of Benami property held: -
The company does not hold any benami property under the Benami Transaction (prohibition) act,
1988 and the rules there made under. Hence any proceeding has not been initiated or pending
against the company for holding any benami property under the Benami Transaction (prohibition)
act, 1988 and rules made there under.
32) Borrowings from bank or financial institution on the basis of current assets: -'
The Company has availed borrowings from banks secured against current assets. The quarterly
returns or statements relating to current assets submitted by the Company to the banks are not fully
aligned with the corresponding figures as per the books of accounts due to classification and
recognition variations.
33) Willful Defaulter: -
The company has not been declared as willful defaulter by any bank or financial institution or
government or government authority during the year reporting period.
34) Relationship with struck off companies: -
The company does not have transaction with the struck off under section 248 of companies’ act,
2013 or section 560 of companies’ act, 1956.
35) Registration of charges or satisfaction with Registrar of companies: -
The company does not have any charges or satisfaction, which is yet to be registered with ROC
beyond the statutory period.
36) Compliance with number of layers of companies: -
The company is in compliance with the number of layers prescribed under clause (87) of section 2
of company’s act read with companies (restriction on number of layers) Rules, 2017.
37) Compliance with approved scheme of Arrangements: -
Company does not have made any arrangements in terms of section 230 to 237 of company’s act
2013, and hence there is no deviation to be disclosed.
38) Utilization of borrowed funds and share premium: -
During the year ended on March 31, 2025, the Company has not advanced or loaned or invested funds
(either borrowed funds or share premium 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
During the year ended on March 31, 2025, 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:
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
39) Issue of Shares
The Company has completed its Initial public offer (“IPO”) of 54,99,600 Equity shares of face value of Rs
10 at an issue price of Rs. 191 per share. The issue comprised of fresh issue of 54,99,600 equity share
aggregating to Rs. 10504.24 Lakhs. IPO expense incurred amounting to Rs 877.04 Lakhs (excluding taxes)
has been adjusted against Security Premium.
40) Corporate social responsibility (CSR).
As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to
spend at least 2% of its average net profit for the immediately preceding three financial years on corporate
social responsibility (CSR) activities. The areas for CSR activities are promoting education, promoting
gender equality by empowering women, healthcare, environment sustainability, art and culture, destitute
care and rehabilitation, disaster relief, COVID-19 relief and rural development projects.
A CSR committee has been formed by the Company as per the Act. The funds were primarily utilized
through the year on these activities which are specified in Schedule VII of the Companies Act, 2013.
The provisions of Corporate Social Responsibility (CSR) are applicable from this financial year.
41) Details of crypto currency and virtual currency.
The company has not traded or invested in crypto currency or virtual currency during the financial year.
42) Undisclosed income
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 years 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), unless there is
immunity for disclosure under any scheme.
As per our Report of Even Date attached
For ABHISHEK KUMAR & ASSOCIATES FOR AND ON BEHALF OF BOARD OF DIRECTORS
CHARTERED ACCOUNTANTS SOLARIUM GREEN ENERGY LIMITED
(Firm Registration Number: 130052W)
Sd/- Sd/-
Ankit Garg Pankaj Vallabhbhai Gothi
Sd/- Ankit Garg Pankaj Vallabhbhai Gothi
CA Abhishek Agarwal Managing Director Whole Time Director
Proprietor din :08027760 DIN :07348565
Membership No. 132305
UDIN : 25132305BMHVVX2636 Sd/- Sd/-
Himanshu Garg Pankti Kashyapbhai Thakkar
Chief Financial Officer Company Secretary
Date : May 03, 2025 Date : May 03, 2025
Place : Ahmedabad Place : Ahmedabad
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