Onix Renewable Limited Shares

Financial Report Summary

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ONIX RENEWABLE LIMITED - Consolidated Financial Statements (April 1, 2023 - March 31, 2024)

This document contains the consolidated financial statements of ONIX RENEWABLE LIMITED and its subsidiaries for the fiscal year spanning April 1, 2023, to March 31, 2024, with comparative figures from April 1, 2022, to March 31, 2023. All monetary values are expressed in thousands of Indian Rupees (INR).

1. General Information:

• Company: ONIX RENEWABLE LIMITED
• Corporate Identity Number: U31501GJ2014PLC080979
• Address: P-212 B, Gate No:2, Lodhika GIDC, Metoda, Rajkot, Gujarat, India, 360021
• Industry: Commercial and Industrial
• Registration Date: October 7, 2014
• Category: Company limited by shares/Non-government company
• Listing Status: Not a listed company
• Number of Employees: 777
• Sustainability Report: No sustainability report was published
• Reporting Period: 12 Months
• Reporting Dates: April 1, 2023 - March 31, 2024
• Nature of Report: Consolidated
• Presentation Currency: INR
• Rounding: Thousands
• Cash Flow Statement Method: Indirect Method

2. Auditors' Report:

• Auditor Firm: S.D. Mehta & Co.
• Signing Auditor: SHAISHAV DEVESHRAI MEHTA
• Firm Registration Number: 137193W
• Auditor Membership Number: 032891
• Auditor Address: 1601, 16th Floor, Himalaya Business Center, B/H. BRTS Bus Stand, Nr. RTO Circle, 132 Ft. Ring Road, Ahmedabad - 380027
• Auditor Firm PAN: ACMFS4446A
• SRN of Form ADT-1: N04413795
• Audit Report Signing Date: September 5, 2024
• Balance Sheet Signing Date: September 5, 2024
• Auditor's Report Order Applicability: Not applicable
• Auditor's Report Qualification: No qualifications, reservations, or adverse remarks.

The report expresses an unmodified opinion on the consolidated financial statements, indicating they present a true and fair view in accordance with the Companies Act, 2013, and Accounting Standards. The audit was conducted according to Standards on Auditing (SAs). Key audit matters (KAM) were addressed within the context of the audit as a whole, and no separate opinion is provided on these matters.

3. Financial Position (Balance Sheet):

(Amounts in Thousands of INR)

| Item | March 31, 2024 | March 31, 2023 | | ------------------------- | -------------- | -------------- | | Equity and Liabilities | | | | Share Capital | 16,700 | 15,500 | | Reserves and Surplus | 9,58,047.07 | 1,64,126.64 | | Total Equity | 9,74,747.07 | 1,79,626.64 | | Long-Term Borrowings | 6,53,018.45 | 1,09,650.03 | | Other Long-Term Liabilities | 50,257.75 | 65,582.75 | | Total Non-Current Liabilities| 7,03,276.2 | 1,75,232.78 | | Short-Term Borrowings | 2,47,069.78 | 70,037.84 | | Trade Payables | 14,36,575.06 | 4,32,607.62 | | Other Current Liabilities | 14,49,489.07 | 57,180.23 | | Short-Term Provisions | 1,40,037.05 | 24,482.3 | | Total Current Liabilities | 32,73,170.96 | 5,84,307.99 | | Total Equity and Liabilities| 49,51,162.54 | 9,39,088.12 | | Assets | | | | Tangible Assets | 1,08,680.28 | 73,553.51 | | Non-Current Investments | 1,160.42 | 1,144.38 | | Deferred Tax Assets (Net) | 6,370.53 | 1,453.88 | | Other Non-Current Assets | 3,61,124.61 | 1,56,999.46 | | Total Non-Current Assets| 4,77,335.84 | 2,72,479.83 | | Inventories | 10,61,379.91 | 2,73,543.2 | | Trade Receivables | 13,42,107.93 | 1,59,792.3 | | Cash and Bank Balances | 21,279.85 | 85,750.19 | | Short-Term Loans & Advances | 17,44,799.58 | 59,104.68 | | Other Current Assets | 3,04,259.43 | 88,417.92 | | Total Current Assets | 44,73,826.7 | 6,66,608.29 | | Total Assets | 49,51,162.54 | 9,39,088.12 |

4. Financial Performance (Cash Flow Statement):

(Amounts in Thousands of INR)

| Item | March 31, 2024 | March 31, 2023 | | ------------------------------------------------------------- | -------------- | -------------- | | Profit Before Tax | 5,27,863.35 | 1,10,394.2 | | Net Cash Flow from Operations | 5,48,754.23 | 2,04,029.36 | | Net Cash Flow from Investing | -16,89,593.9 | -1,68,115.07 | | Net Cash Flow from Financing | 10,76,369.33 | 35,072.47 | | Net Increase/(Decrease) in Cash | -64,470.34 | 70,986.76 | | Cash and Cash Equivalents at End of Period | 21,279.85 | 85,750.19 |

5. Share Capital:

• Authorized Capital: 25,000,000 Equity Shares
• Issued Capital: 1,670,000 Equity Shares
• Increase in share capital during period of 120,000 shares.
• Shareholders holding more than 5% shares: Mansukh Chanabhai Savalia and Divyeshkumar Mansukhlal Savaliya
• Shares in company held by holding/ultimate holding company or subsidiaries/associates: Nil

6. Borrowings:

• Secured Term loans from banks are detailed, including interest rates and installment details.
• Long-term borrowings include loans from Canara Bank, HDFC Bank, and ICICI Bank.
• Short-term borrowings include Canara Bank CC, Bank of India CC and ICICI Bank OD A/c.

7. Key Ratios:

• Current Ratio: 1.37 (2024), 1.14 (2023)
• Debt-Equity Ratio: 0.92 (2024), 1.00 (2023)
• Return on Equity Ratio: 68.25% (2024), 59.56% (2023)
• Inventory turnover ratio: 5.25 (2024), 8.23 (2023)

8. Other Key Points:

• The company did not declare any dividend
• Company has used accounting software with audit trail facility enabled
• The auditor's report on Internal Financial Controls over Financial Reporting expresses an unmodified opinion
• Directors are not disqualified under Section 164(2) of the Act
• Directors' remuneration is in compliance with Section 197 of the Act.
• The company is compliant with applicable Accounting Standards.
• There are no pending litigations that would impact the company's financial position
• No long term contracts including derivative contracts for which there were any material foreseeable losses
• No amounts were required to be transferred to the Investor Education and Protection Fund
• The company has complied with relevant ethical requirements regarding independence