h) Provisions, Contingent Liabilities and
Contingent Assets
Provisions are recognised when the Company has
a present obligation as a result of a past event, it
is probable that an outflow of resources will be
required to settle the obligation and a reliable
estimate can be made. Provisions are reviewed at
each reporting date and adjusted to reflect current
best estimates. Where the effect of time value of
money is material, provisions are discounted; the
unwinding is recognised as finance cost. Onerous
contracts are provided for when the unavoidable
costs of meeting the obligations exceed the
expected benefits.
Contingent liabilities are disclosed when there is a
possible obligation arising from past events whose
existence will be confirmed only by uncertain future
events not wholly within the Company’s control, or
a present obligation that is not recognised because
a probable outflow is not expected or cannot
be reliably measured. Contingent assets are not
recognised but are disclosed when an inflow of
economic benefits is probable.
i) Leases
Leases are classified as finance leases where
substantially all the risks and rewards incidental to
ownership are transferred to the Company. Assets
taken on finance lease are capitalised at the lower
of fair value and the present value of minimum lease
payments with a corresponding liability recognised;
lease payments are apportioned between finance
charges and reduction of the liability using the
effective interest method.
Operating lease rentals are recognised as an
expense on a straight-line basis over the lease term,
unless the escalation is structured to compensate
for expected general inflation, in which case the
expense is recognised as per the terms of the
lease. Future minimum lease payments under
non-cancellable operating leases are disclosed
separately in the notes.
j) Foreign Currency Transactions
Foreign currency transactions are recorded at the
exchange rates prevailing on the date of transaction.
Monetary assets and liabilities denominated in
foreign currencies are translated at the closing
exchange rate at the reporting date. Exchange
differences arising on settlement or translation are
recognised in the Statement of Profit and Loss.
Exchange differences on long-term foreign
currency monetary items relating to acquisition of
depreciable capital assets are adjusted to the cost
of the assets and depreciated over the balance life
of the asset; exchange differences on other such
items are amortised over the remaining term of the
liability, in line with applicable MCA notifications.
Premium/discount on forward exchange contracts
is amortised over the life of the contract; exchange
differences on such contracts are recognised in the
Statement of Profit and Loss. Forward contracts
outstanding at the reporting date, other than those
for firm commitments or highly probable forecast
transactions, are marked-to-market and losses, if
any, recognised.
k) Investments
Investments intended to be held for more than one
year are classified as long-term and carried at cost,
less provision for diminution, other than temporary.
Current investments are carried at the lower of
cost and fair value, determined on an individual
investment basis. Provision for diminution is made
to recognise a decline, other than temporary, in the
value of long-term investments having regard to
the investee’s financial position, performance and
expected future cash flows.
Investments in subsidiaries where control is intended
to be temporary, i.e., acquired and held exclusively
with a view to subsequent disposal in the near future,
have not been consolidated in accordance with AS
21. In line with Schedule III, such investments are
classified under Other Current Assets rather than
under Investments, ensuring that the ‘Investments’
head represents only continuing interests.
l) Retirement and Other Employee
Benefits
• Provident Fund: Contributions to the provident
fund, a defined contribution plan, are recognised
as an expense when due in accordance with
statutory requirements. The Company has no
further obligations beyond the contributions.
• Gratuity: The Company operates a funded
defined benefit plan governed by the Payment
of Gratuity Act, 1972. Liabilities are determined
using the projected unit credit method based
on actuarial valuation at each reporting date.
Actuarial gains and losses are recognised in the
Statement of Profit and Loss. Plan assets are
measured at fair value.
• Compensated Absences: Liability for
accumulating compensated absences is
recognised on the basis of actuarial valuation;
non-accumulating absences are recognised
when availed.
• Short-term Benefits: Short-term employee
benefits are recognised at undiscounted
amounts in the period in which the related
services are rendered.
• Code on Social Security, 2020: The Code
has been enacted but is not yet effective. The
Company will assess the impact and give effect in
the period in which the Code becomes effective
and the rules are notified.
m) Taxes on Income
Current tax is recognised in accordance with the
provisions of the Income-tax Act, 1961 for the
period to which it relates. Deferred tax is recognised
on timing differences between accounting income
and taxable income that originate in one period and
are capable of reversal in one or more subsequent
periods. Deferred tax assets are recognised only
to the extent there is reasonable certainty of
realisation; in case of unabsorbed depreciation
and carry-forward losses, deferred tax assets are
recognised only when there is virtual certainty
supported by convincing evidence. The carrying
amount of deferred tax assets is reviewed at each
reporting date.
Minimum Alternate Tax (MAT) credit entitlement
is recognised as an asset when there is convincing
evidence that the Company will pay normal income
tax within the specified period; it is reviewed at each
reporting date and written down to the extent it
is no longer supported by such evidence. Indirect
taxes such as GST/VAT paid on acquisition of assets
or services are presented net of recoverable credits,
with unrecoverable amounts forming part of the
cost of the related asset or expense. Provisions for
uncertain tax positions are recognised when outflow
is probable based on management’s assessment.
n) Government Grants
Government grants are recognised when there is
reasonable assurance that the conditions attached
will be complied with and the grants will be received.
Grants relating to specific fixed assets are deducted
from the gross value of the asset and depreciation is
charged on the reduced carrying amount over the
useful life. Grants related to revenue are recognised
in the Statement of Profit and Loss on a systematic
basis over the periods in which the related costs
are incurred. Non-monetary grants received at
concessional rates are accounted for at acquisition
cost. General assistance that cannot be reasonably
valued is not recognised.
o) Earnings Per Share (EPS)
Basic EPS is computed by dividing net profit
attributable to equity shareholders by the weighted
average number of equity shares outstanding
during the year, adjusted for bonus issues and share
splits. Diluted EPS is computed by adjusting the net
profit and the weighted average number of shares
for the effects of all dilutive potential equity shares.
p) Impairment of Assets
At each balance sheet date, the Company assesses
whether there is any indication that an asset
may be impaired. If any indication exists, the
recoverable amount is estimated. An impairment
loss is recognised whenever the carrying amount
of an asset exceeds its recoverable amount.
Recoverable amount is the higher of an asset’s net
selling price and its value in use (present value of
estimated future cash flows from continuing use
and from disposal at the end of useful life). Assets
are grouped at the lowest levels for which there are
separately identifiable cash inflows. Impairment
losses recognised in prior periods are reversed
when there is a change in the estimates used to
determine the recoverable amount, except in the
case of goodwill. No impairment was identified in
FY 2024-25 (FY 2023-24: Nil).
q) Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand,
balances with banks and short-term deposits with
original maturities of three months or less, which are
subject to an insignificant risk of changes in value.
For the purpose of the Cash Flow Statement, cash
and cash equivalents are presented net of bank
overdrafts that are repayable on demand and form
an integral part of the Company’s cash management.
r) Exceptional Items
Items of income and expense which are of such size,
nature or incidence that their separate disclosure is
considered necessary to explain the performance
of the Company are disclosed as exceptional items.
s) Changes in Accounting Policies and
Estimates; Prior-Period Items
The financial statements have been prepared using
consistent accounting policies and estimates as
applied in the previous year. Changes in accounting
policies are disclosed with their financial impact
where material. Changes in accounting estimates
are recognised prospectively. Prior-period items
are included in the determination of net profit or
loss for the current period with separate disclosure
where material.
t) Previous Year's Figures
Previous year’s figures have been regrouped/
reclassified, wherever necessary, to conform to the
current year’s presentation.
u) Related Party Disclosures
Disclosures are made in accordance with the
applicable Accounting Standard on Related Party
Disclosures. Related parties primarily include
subsidiaries, key management personnel and
entities over which key management personnel
exercise significant influence. Transactions with
related parties are conducted at arm’s length
and in the ordinary course of business; balances
outstanding at the year-end are unsecured, interest-
free unless otherwise stated, and settlement occurs
in cash.
v) Events After the Reporting Period
Adjusting events occurring between the reporting
date and the date when the financial statements
are approved that provide additional evidence
of conditions existing at the reporting date are
reflected in the financial statements. Material non¬
adjusting events are disclosed separately.
(d Vehicle loan of ^52.00 lakhs from ICICI Bank Limited, secured by hypothecation of vehicles, repayable in
monthly installments, with 37 EMIs outstanding, carrying an interest rate of 9.30%.
(e) Vehicle loan of ^54.00 lakhs from BMW India Financial Services Private Limited, secured by hypothecation
of vehicles, repayable in monthly installments, with 13 EMIs outstanding, carrying an interest rate of 11.25%.
Note i
(a) Vehicle loan of ^12.00 lakhs from State Bank of India, secured by hypothecation of vehicles, repayable in
monthly installments, with 55 EMIs outstanding as at the balance sheet date, carrying an interest rate of 9.30%.
(b) Vehicle loan of ^45.00 lakhs from Bank of Baroda, secured by hypothecation of vehicles, repayable in monthly
installments, with 63 EMIs outstanding, carrying an interest rate of 9.25%.
(c) Vehicle loan of ^19.00 lakhs from ICICI Bank Limited, secured by hypothecation of vehicles, repayable in
monthly installments, with 50 EMIs outstanding, carrying an interest rate of 9.30%.
Notes:
(i) The Company has availed Cash Credit facility (Fund Based Working Capital) of ^6.90 crores from SBI,
repayable on demand, carrying interest at MCLR 2.80% per annum.The facility is secured by a first pari
-passu charge on hypothecation of company’s entire Stock, book-debts/receivables and other current assets
and cash collateral coverage of 35.65 % and personal guarantees of Mr. Anirudh Saraswat, Mr. Rupal Gupta
and Mr. Parveen Kumar.
(ii) The Company has availed Cash Credit facility (Fund Based Working Capital)of ^25.00 crores from Axis Bank,
repayable on demand, carrying interest linked with repo rate. The facility is secured by a first pari-passu
charge on the entire current assets of the company both present & future , Second pari-passu charge on the
entire moveable fixed assets of the company, both present and future (except those hypothecated to other
banks /FII) and and cash collateral coverage of 30% and personal guarantees of Mr. Rupal Gupta, Mr. Parveen
Kumar and Mr. Anirudh Saraswat.
(iii) The Company has availed Cash Credit facility (Fund Based Working Capital) of ^10.00 crores from ICICI Bank,
repayable on demand, carrying interest at 6M -MCLR 0.25% per annum.The facility is secured by first pari-
passu charge on the company’s entire current assets and movable fixed assets and cash collateral coverage
of 30.00 % and personal guarantees of Mr. Rupal Gupta, Mr. Parveen Kumar and Mr. Anirudh Saraswat.
(iv) The Company has availed Cash Credit facility (Fund Based Working Capital ) of ^5.00 crores from YES
Bank, carrying interest at EBLR 3% per annum. The facility is secured by a first pari-passu charge on the
company’s entire current assets and movable fixed assets and cash collateral coverage of 30% , and personal
guarantees of Mr. Parveen Kumar, Mr. Rupal Gupta and Mr. Anirudh Saraswat.
(v) The Company has availed a Cash Credit facility of ^10.00 crores from HDFC Bank, carrying interest linked to
the 3-month Repo rate plus 2.75% spread. The facility is secured by a first pari-passu charge on the entire
current assets of the Company (both present and future, except those already charged to other lenders)
along with a cash margin of 25% in the form of fixed deposits, and are further supported by the personal
guarantees of Mr. Parveen Kumar, Mr. Rupal Gupta and Mr. Anirudh Saraswat.
(vi) The Company has availed Cash Credit facility (Fund Based Working Capital) of ^50.00 crores from Federal
Bank, repayable on demand, carrying interest linked to repo rate. The facilities are secured by a first pari-
passu charge over entire current assets of the company both present and future except exclusively charged
with other lenders and Second Pari passu charge on the entire movable fixed assets both present and
future of the company and cash collateral coverage of 30% and personal guarantees of Mr. Parveen Kumar,
Mr. Rupal Gupta and Mr. Anirudh Saraswat.
(vii) Dropline Overdraft from ICICI Bank Limited for ^835 Lakhs is secured and secured by given 75% Fixed
deposit margin
(viii) Dropline Overdraft from L & T Finance Limited for ^35 Lakhs is sanctioned for Working Capital requirement.
The OD carries interest of 18%.
(ix) Dropline Overdraft from Aditya Birla Finance Limited for ^100 Lakhs is sanctioned for Working Capital
requirement The OD carries interest of 16.25%.
(x) Dropline Overdraft from Tata Finance Limited for ^75 Lakhs is sanctioned for Working Capital requirement.
The OD carries interest of 16%.
(xi) Dropline Overdraft from Bajaj Finance Limited for ^35 Lakhs issanctioned for Working Capital requirement.
The OD carries interest of 17%.
(i) Financial obligations include ^3,272.25 lakhs under bills discounted through the TReDS facility and
^10,487.04 lakhs towards bank liabilities on account of Letters of Credit issued, classified under Other
Current Liabilities.
(ii) An amount of ^1,352.27 lakhs has been recognised as “Accrued Contract Cost” pursuant to the requirements
of Accounting Standard (AS) 9 - Revenue Recognition, applying the Percentage of Completion Method
(POCM). The liability represents costs attributable to contract activity that are recognised in proportion to
the stage of completion and is accordingly classified under Other Current Liabilities.
(iii) The amount includes ^ 9.34 lakhs payable to Yamuna Expressway Industrial Development Authority
(YEIDA) towards allotment of leasehold land, pending allotment, which shall be capitalised under PPE
upon possession.
(f) The Company have borrowings from the banks or financials institutions on the basis of security of Current
Assets. However, monthly returns or statements of current assets submitted to the bank or financial
institutions have not been made available to us, and therefore, we cannot comment on the same.
(g) The Company has not been declared wilful defaulter by any bank or financial institution or Government or
any Government authority or other lender, in accordance with the guidelines on wilful defaulters issued by
the Reserve Bank of India.
(h) The Company does not have any transaction with companies struck off under Section 248 of the Companies
Act, 2013.
(i) The Company does not have any charge or satisfaction which is yet to be registered with Registrar of
Companies beyond the statutory period.
(j) The Company do not have any such transaction which is not recorded in the books of accounts that has
been surrendered or disclosed as income 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).
(k) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.
(l) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(m) (a) 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
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(n) 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:
(a) 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
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(ii) Additional Regulatory Information as per Para Y of Schedule III to Companies Act, 2013
(a) The Company does not have title deeds of any Immovable Property which is not held in the name of Company
(other than properties where the Company is the lessee and the lease agreement are duly executed in the
Favor of the lessee).
(b) The Company has not revalued its Property, Plant & Equipment.
(c) The Company has not granted Loan & Advances in the nature of Loans to promoters, directors, KMPs and the
related parties (as defined under Companies Act, 2013) either severally or jointly with any other person, that are:
(a) Repayable on demand or
(b) without specifying any terms or period of repayment
(d) The Company do have Capital-work-in-progress for its Intangible Assets. Detailed schedule of the same has
been given in Note No. 12.
(e) The Company do not have any benami property, where any proceeding has been initiated or pending against
the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45
of 1988) and rules made thereunder.
The information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties
have been identified on the basis of information available with the Company. Based on such information, there are
no overdue amounts payable to suppliers registered under the Micro, Small and Medium Enterprises Development
Act, 2006 (‘MSMED Act’) other than those disclosed above. Further, in the opinion of the Management, the liability,
if any, for interest under the MSMED Act is not expected to be material. The Company has not received any claim
of interest from any supplier as at the balance sheet date.
31. LEAVE ENCASHMENT & GRATUITY
The Company has an unfunded defined benefit gratuity plan. Every employee who has completed five years or
more of service gets a gratuity on separation equal to 15 days salary based upon average last drawn salary for
each completed year of continuous service or part thereof in excess of six months.
The following table summarizes the components of net benefit expense recognized in the statement of profit
and loss and the funded status and amounts recognized in the balance sheet for the respective plans.
For and on behalf of: For and on behalf of the Board of Directors
J V A & Associates ORIANA POWER LIMITED
Chartered Accountants
(ICAI Firm Regn No: 026849N)
Vaibhav Jain, FCA Rupal Gupta Parveen Kumar Anirudh Saraswat
Designated Partner DIN: 08003344 DIN: 08003302 DIN: 06472271
Membership No.: 518200 Managing Director Director Director
UDIN: 25518200BMKSHT5844
Place: Noida Tanvi Singh Shivam Aggarwal
Date: May 28, 2025 Company Secretary Chief Financial Officer
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