Vikram Solar Unlisted Shares

Annual Report Summary

Vikram Solar Limited's consolidated financial statements for the period April 1, 2022, to March 31, 2023, reveal general company information, auditor details, balance sheet figures, and a statement of profit and loss. All monetary values are expressed in millions of INR unless specified otherwise.

General Information:

• The company's name is Vikram Solar Limited, with corporate identity number U18100WB2005PLC106448, and permanent account number AABCI5168D.
• The registered office is located in Kolkata, West Bengal.
• The company operates in the commercial and industrial sector.
• The financial statements cover the period from April 1, 2022, to March 31, 2023, and are consolidated.
• The presentation currency is INR, rounded to the nearest million.
• The cash flow statement uses the indirect method.

Auditor's Report:

• The auditor is Kedia Singhania & Co., with Amit Singhania signing the report.

• The audit firm's registration number is 0126519W, and the membership number of the auditor is 304102.

• The auditor's address is in Mumbai, Maharashtra.

• The audit report was signed on June 27, 2023, and the SRN of form ADT-1 is F61157863.

• The auditor's report is unqualified but includes emphasis of matter paragraphs, and there are reservations in the auditors' report. The Companies (Auditor's Report) Order, 2020 ("the Order") is applicable.

• Emphasis of Matter notes:

  • Payment of safeguard duty amounting to Rs. 1485.20, considered as receivable.
  • Rs. 833.97 million withheld/recovered by customers related to EPC contracts.
  • Remuneration paid to the Managing Director and Executive Directors exceeded the limit by Rs. 13.67 million

Balance Sheet (as of March 31, 2023):

• Assets:
  • Total non-current assets: ₹7,233.54 million (including property, plant, and equipment of ₹6,332.15 million and capital work-in-progress of ₹170.45 million)
  • Total current assets: ₹17,529.37 million (including inventories of ₹3,732.45 million and trade receivables of ₹9,589.59 million)
  • Total Assets: ₹24,762.91 million
• Equity and Liabilities:
  • Total equity attributable to owners of parent: ₹3,651.95 million
  • Total non-current liabilities: ₹8,148.93 million (including borrowings of ₹2,142.27 million)
  • Total current liabilities: ₹12,962.03 million (including borrowings of ₹5,235.6 million and trade payables of ₹4,458.74 million)
  • Total Equity and Liabilities: ₹24,762.91 million

Statement of Profit and Loss (for the year ended March 31, 2023):

• Revenue from operations: ₹20,732.3 million
• Other income: ₹186.81 million
• Total Income: ₹20,919.11 million
• Total expenses: ₹20,730.37 million
• Profit Before Tax: ₹188.74 million
• Total tax expense: ₹43.83 million
• Total Profit (Loss) for the Period: ₹144.91 million
• Total comprehensive income OCI components presented net of tax: ₹139.08 million
• Basic and Diluted Earnings Per Share (EPS): INR 0.56

Cash Flow Statement (Indirect):

• Net cash flows from operating activities ₹1,954.3 million.
• Net cash flows from investing activities ₹-1,105.06 million.
• Net cash flows from financing activities ₹-1,022.23 million.
• Net decrease in cash and cash equivalents ₹-172.37 million.
• Cash and cash equivalents cash flow statement at end of period ₹16.31 million.

Accounting Policies:

• The financial statements are prepared in accordance with Indian Accounting Standards (Ind AS).
• The historical cost convention is followed, except for certain financial instruments measured at fair value.
• Revenue is recognized when control of goods or services is transferred to the customer. The company uses the proportionate completion method.
• Property, plant, and equipment are depreciated using the straight-line method based on the estimated useful life.
• Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalized.
• The consolidated financial statements include the financial statements of Vikram Solar Limited and its subsidiaries.
• In the given document, the management also gives emphasis on significant accounting judgements, estimates, and assumptions, fair value measurements and contingent liabilities.

Auditor's Report Considerations:

• The report mentions a possible impact because the Company has an arguable case, and it is hoped that the process will be resolved in favor of the Company and is not adjusted in the financial statements.

Other Key Highlights:

• The financial statements also contains discussion on legal and regulatory requirements, as well as significant accounting policy, changes in accounting estimates and errors
• A significant portion of the report relates to detailed notes on various balance sheet and income statement items, providing breakdowns of asset classes, revenue components, financial instrument classifications, and contingent liabilities. This information offers a granular view of the company's financial structure and performance.