NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED Statement of Cashflow ..... 14,57,277 20,243...

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Transcript of NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED Statement of Cashflow ..... 14,57,277 20,243...

  • MARVEL SOLREN PRIVATE LIMITED

    3648

    Please check thoroughly. Vakils will not be responsible for errors not noted on this proof. CTP

    Rupees

    Financial year Business

    loss Unabsorbed Depreciation

    Deffered tax Assets

    2016-17 ........................................ 1,50,964 - 46,648

    2017-18 ........................................ 1,57,398 249,17,265 77,48,071

    Total ............................................. 3,08,362 249,17,265 77,94,719

    (3) Deferred Tax Asset (DTA) has been recognised by the Company. The Company has a Power Purchase Agreement with Tech Mahndra Limited for 25 years and based on the revenue generation model, the management believes that the Company will earn taxable profits in the future, and will be able to adjust the DTA against future profits.

    (c) Movement in deferred tax balances

    Rupees For the Year ended 31st March, 2018

    Particulars Opening

    Balance

    Recognised in profit

    and Loss Closing Balance

    Tax effect of items constituting deferred tax liabilities

    Property, Plant and Equipment ... – 75,83,567 75,83,567

    – 75,83,567 75,83,567

    Tax effect of items constituting deferred tax assets

    Carryforward Tax Loss ................ 1,00,466 76,94,253 77,94,719

    1,00,466 76,94,253 77,94,719

    Net Deferred Tax Asset (Liabilities) ................................. 1,00,466 1,10,686 2,11,152

    Rupees For the Year ended 31st March, 2017

    Particulars Opening

    Balance

    Recognised in profit

    and Loss Closing Balance

    Tax effect of items constituting deferred tax liabilities – – –

    – – –

    Tax effect of items constituting deferred tax assets Carryforward Tax Loss ................ 53,818 46,648 1,00,466

    53,818 46,648 1,00,466

    Net Deferred Tax Asset (Liabilities) ................................. 53,818 46,648 1,00,466

    Note No. 6 – Cash and Cash Equivalents

    Rupees

    Particulars

    As at 31st March,

    2018

    As at 31st March,

    2017

    Balance with Bank in current account ................. 14,57,277 20,243

    Total Cash and cash equivalents ...................... 14,57,277 20,243

    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2018

    Reconciliation of Cash and Cash Equivalents

    Rupees

    Particulars

    As at 31st March,

    2018

    As at 31st March,

    2017

    Total Cash and Cash Equivalents as per Balance Sheet ....................................................... 14,57,277 20,243

    Add: Bank Overdraft ............................................. – –

    Add: Cash and bank balances included in a disposal group held for sale ................................ – –

    Total Cash and Cash Equivalents as per Statement of Cashflow ..................................... 14,57,277 20,243

    Notes: (1) Cash and cash equivalents include cash in banks, net of overdraft, if any.

    Note No. 7 – Other Financial Assets

    Rupees

    As at 31st March, 2018 As at 31st March, 2017

    Particulars Current Non-

    Current Current No-

    Current

    Financial assets at amortised cost

    Unbilled Revenue ................................ 2,55,608 – – –

    Total Other Financial Assets ............ 2,55,608 – – –

    Note No. 8 – Other assets

    Rupees

    As at 31st March, 2018 As at 31st March, 2017

    Particulars Current Non-

    Current Current No-

    Current

    (a) Capital advances ........................ – – – –

    (b) Other advance (i) Security Deposits ........................... 4,66,000 – – –

    (c) Others (i) Prepaid Expenses- Loan process

    charges ......................................... 59,46,000 – – –

    64,12,000 – – –

    Note No. 9 – Equity Share Capital

    Rupees

    As at 31st March, 2018 As at 31st March, 2017

    Particulars No. of

    shares Value of

    shares No. of shares

    Value of shares

    Authorised:

    Equity shares of Rs. 10 each with voting rights ....................................... 50,000 5,00,000 50,000 5,00,000

    Total Authorised Equity Share Capital............................................... 50,000 5,00,000 50,000 5,00,000

    Issued, Subscribed and Fully Paid:

    Equity shares of Rs. 10 each with voting rights ....................................... 10,000 1,00,000 10,000 1,00,000

    Total Paidup Equity Share Capital .... 10,000 1,00,000 10,000 1,00,000

    139_MARVEL SOLREN PRIVATE LIMITED.indd 3648 7/14/18 3:31 PM

  • MARVEL SOLREN PRIVATE LIMITED

    3649

    Please check thoroughly. Vakils will not be responsible for errors not noted on this proof. CTP

    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2018

    Notes (i) Reconciliation of the number of shares outstanding at the beginning

    and at the end of the period.

    Particulars Opening Balance

    Fresh Issue Bonus ESOP

    Other Changes

    Closing Balance

    Equity Shares with Voting rights#

    Year Ended 31st March 2018

    No. of Shares ..... 10,000 – – – – 10,000

    Amount ................ 1,00,000 – – – – 1,00,000

    Year Ended 31 March 2017*

    No. of Shares ...... 10,000 – – – – 10,000

    Amount in Rupees 1,00,000 – – – – 1,00,000

    (ii) Details of shares held by the holding company, the ultimate holding company, their subsidiaries and associates

    No. of Shares

    Particulars

    Equity Shares with Voting

    rights

    Equity Shares with Differential

    Voting rights Others

    As at 31st March, 2018

    Mahindra Renewables Private Limited, the Holding Company ............ 10,000 – –

    As at 31st March 2017

    Mahindra Renewable Private Limited, the Holding Company ............ 10,000 – –

    (iii) Details of shares held by each shareholder holding more than 5% shares:

    As at 31st March, 2018 As at 31st March, 2017

    Class of shares/Name of shareholder

    Number of shares

    held

    % holding in that

    class of shares

    Number of shares

    held

    % holding in that

    class of shares

    Equity shares with voting rights

    Mahindra susten private Limited# ........ 10,000 100% – –

    Mahindra Renewables Private Limited (Holding Company)* ........................... – – 10,000 100%

    # Note:- This includes 1 equity share held as nominee by an individual on behalf of the holding company.

    (Mahindra Susten Private Limited jointly with Mr. Roshan Gandhi - 1 equity share)

    * Note :- This includes 1 equity share held as nominee by an individual on behalf of the holding company.

    (Mahindra Renewables Private Limited jointly with Mr. Roshan Gandhi - 1 equity share)

    Note No. 10 – Non-Current Borrowings

    Rupees

    Particulars Rate of Interest Maturity

    As at 31st March

    2018

    As at 31st March

    2017

    Measured at amortised cost*

    A. Secured Borrowings: .................... – – – –

    Total Secured Borrowings ................. – – – –

    B. Unsecured Borrowings - at amortised Cost

    (a) Loans from Related Party 11.50% Refer note

    2 below

    8,00,00,000 –

    Total Unsecured Borrowings – – 8,00,00,000 –

    Total Non – Current Borrowings – – 8,00,00,000 –

    Notes: (1) The Company has a sanction for project financing from ICICI bank for Rs.

    59.46 Crores. No amount has been drawn against this sanction till the balance sheet date.

    (2) The Company has taken an unsecured loan in form of Subordinated debt from Mahindra Susten Private Limited (the holding Company ) of INR 8,00,00,000.00 in the period December 17 to march 18 at 11.50 % fixed. This loan is subordinated to above loans to be taken from the bank.

    Note No. 11 – Trade Payables

    Rupees

    As at 31st March, 2018 As at 31st March, 2017

    Particulars Current Non-

    Current Current No-

    Current

    Trade payable – Micro and small enterprises ......................................... – – – –

    Trade payable – Other than micro and small enterprises ................................ 69,437 – 2,37,563 –

    Total Trade Payables ...................... 69,437 – 2,37,563 –

    Notes:

    (1) Trade Payables are payables in respect of the amount due on account of goods purchased or services received in the normal course of business.

    (2) The identification of suppliers as Micro and Small enterprises covered under the “Micro, small and medium enterprises development act, 2006” was done on the basis of the information to the extent provided by the suppliers of the company.

    Note No. 12 – Other Financial Liabilities

    Rupees

    Particulars As at 31st March

    2018 As at 31st March

    2017

    Other Financial Liabilities Measured at Amortised Cost

    Non-Current ............................................................ – –

    Current

    (a) Interest accrued on loan ........................ 14,64,596 –

    (b) Creditors for c