INDOSOLAR LIMITED — Audit Report / Information 2021

Dec 30, 2021

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INDOSOLARLIMITED

Regd. Office: C-12 Friends Colony (East), New Delhi-110065, India CIN- L18101DL2005PLC134879 Website-www.indosolar.co.in

December 29, 2021

	BSE Limited The Secretary Corporate Relations Department P.J. Towers, Dalal Street Mumbai – 400001 Scrip Code: 533257	The National Stock Exchange of India Ltd The Secretary Corporate Relations Department Exchange Plaza, Bandra-Kurla Complex Bandra East, Mumbai – 400059 Scrip Code: INDOSOLAR

Sub: Audited financial Results for the quarter and year ended March 2021 Ref: Regulation 30, 33 and 43 of the SEBI (LODR) Regulations. 2015

Dear Sir/Madam,

Pursuant to Regulation 30 read with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 the audited financial results of the Company for the quarter and year ended March 2021 has been approved by the Resolution Professional and Key Managerial Personnel of the Company in its meeting held today i.e. December 29, 2021.

In view of the above, please find enclosed herewith the audited Financial Statement of the Company for the quarter and year ended March 2021 along with Independent Auditors Report thereon.

The aforesaid Results shall also be hosted on Company's website at www.indosolar.co.in

Factory: 3C/1, EcoTech - II, Udyog Vihar, Greater Noida - 201 306 (U.P.) India Tele: +91 – 11-26841375, E-mail: cirp.indosolar@gmail.com

You are requested to kindly take the same on your records and oblige.

Thanking You

Yours faithfully,

For Indosolar Limited

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(Sonam Prasad)

Company Secretary

Issued with approval of Mr. Gulshan Gaba Resolution Professional for Indosolar Limited

(Indosolar Limited is under Corporate Insolvency Resolution Process pursuant to the provisions of the Insolvency and Bankruptcy Code 2016. Its affairs, business and assets are being managed by Mr. Gulshan Gaba Resolution Professional appointed by Hon'ble National Company Law Tribunal vide order dated 12/04/2019)

Encl: As above

INDEPENDENT AUDITOR’S REPORT

To the Insolvency Resolution Professional of Indosolar Limited (“A Company under Corporate Insolvency resolution process vide Hon’ble NCLT Delhi order”)

Report on the Audit of the Financial Statements

Disclaimer of Opinion

We were engaged to audit the accompanying financial statements of Indosolar Limited company under CIRP (“the Company”), which comprise the Balance Sheet as at March 31, 2021, and the Statement of Profit and Loss (including other comprehensive income), the Statement of cash flows and the statement of changes in equity for the year then ended, and notes to accounts, including a summary of significant accounting policies and other explanatory information (herein after referred to as “Financial Statements”).

We do not express an opinion on the Financial Statements. Because of the significance of the matters described in the Basis for Disclaimer of Opinion paragraph, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.

Basis for Disclaimer of Opinion

1. We have been appointed as auditors of the company after March 31, 2021, and thus could not observe the counting of physical inventories at the beginning and end of the year. Inventory records were not provided to us for checking. These were not physically verified by us.

2. Accordingly, we were unable to satisfy ourselves by alternative means concerning the inventory quantities held at March 31, 2021 and valuation thereof.

3. Gross block and net block of fixed assets as per books are inconsistent with data provided in Fixed Asset register. As a result of this, we are unable to verify the written down value of fixed assets sold during the year and resultant Profit/Loss.

There is a difference of Rs. 283.80 lakh in net fixed assets in the audited balance sheet for the year ended 31[st] March 2018 and books of accounts produced before us.

The Company has a net carrying value of Plant & Machinery of Rs. 7,125.06 lakh, (ii) CWIP of Plant & Machinery Rs. 8,298.65 lakh and (iii) Buildings Rs. 4,591.97 lakh as at March 31, 2021.

As per “Indian Accounting Standard 36” , “Impairment of Asset”, if the carrying amount of the asset is more than recoverable amount then asset need to be impaired and as per “Indian Accounting Standard 109” on financial assets through expected credit loss method basis these provisions we were required to seek for any impairment obligations from management but since the corporate debtors is still under the process CIRP. The management has not determined value in use as on 31[st] March 2021 thus the value of Property, Plant & equipment (Rs. 14,009.41 Lakh), Capital work-in-progress (Rs. 8,298.65 Lakh), old trade Receivables which have been standing in the books of account before initiation of CIRP process, accordingly we are unable to ascertain the effect of the same on the financial statements.

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 15:24:50 +05'30'

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Further, the company has not done impairment test and not booked resultant impairment loss as on 31.03.2021.

1. We were unable to confirm or verify balances of accounts receivable and accounts payables included in the Balance Sheet of total amount of Rs.14.26 lakh and Rs.8,561.29 lakh respectively as at March 31, 2021.

2. In case of non - availability of certificates of Fixed Deposit of Union Bank of India, we were unable to confirm the Fixed Deposit balance with the balance appearing in the books of accounts. As per Books of accounts balance of Fixed Deposit with Union bank of India was Rs. 2,16,73,110.67.

3. There was a mismatch in the balance of Security Deposit with Noida Power Company Limited appearing in Books of accounts with that of Electricity bill made available to us. As per books balance was Rs. 1,34,71,287 and as per bill Rs. 1,35,80,160.

4. Interest on borrowing in respect of facilities from Corporation bank, Union bank of India and Bank of Baroda has not been booked in the books of account as it is in moratorium period. Being the company under CIRP there is difference in total interest/ penal interest / expenses / other charges of approximately Rs. 1,01,028.27 lakh which pertain to this year or earlier years between claims admitted by Resolution Professional and balances in books as on 16.04.2019. So, we are unable to comment on the financial impact of the same on loss for the year.

5. The Company (being an EOU) has not been able to meet its commitment under the Foreign Trade Policy on the basis of which the Company imported certain raw material, stores and spares and machineries without payment of custom duty. As on 31st March, 2021 the Company's NFE is positive by Rs. 17,693.23 lakh without considering the import value of amortization of Line-C. However, after amortisation of value of line C NFE becomes negative by Rs 26,336.73 lakh. The company is not able to achieve positive NFE during the stipulated time; the company would be liable to duties and penalties payable in accordance with Notification No. 52/2003 Cus. Dated 31.03.2003. Presently we are unable to assess upon the possible impact if any on the accompanying statement.

6. In the matter of Company's claim for eligibility of capital subsidy under SIP scheme of Govt. of India. The uncertainty exists with regard to its quantum and receipt of claim pending its appraisal by Department of Electronics & Information Technology (DEIT). In the absence of the reasonable assurance, the management has not recognized the claim.

7. Company has not complied with companies act with respect to Secretarial Audit and Listing Agreement. Further, in the absence of Secretarial Audit we cannot comment on detailed compliances of Companies Act provisions.

8. Company is under CIRP as explained in Note 41 of Notes to the Financial Statements.

9. The Non-adherence of IND-AS as explained in Note 42 of Notes to the Financial Statements.

As a result of above matters, we were unable to determine whether any adjustments might have been found necessary in respect of assets and liabilities in the Balance Sheet, and the corresponding elements making up the Statement of Profit and Loss and Cash Flow Statement.

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 15:25:43 +05'30'

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Emphasis of Matter

We draw attention to the following matters;

1. Note No 9 of the financial statements regarding inventories. Closing stock of finished goods and raw material has been taken as NIL.

2. Note 41 regarding verification and admission of claim by RP. As per the IBC code the RP has to receive, collate and reconcile all the claims submitted by the creditors of the company. The RP has verified and admitted the claims submitted by the creditors against the company as per the Code.

3. Accounting impact in the books of accounts has not been made in respect to excess, short or non-receipts of claim or liabilities for financial and operational creditor. Hence, consequential impact, if any, is not ascertainable and we are unable to comment on the possible financial impacts of the same.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Except for the matters described in the Basis for disclaimer of opinion and Material uncertainty related to going concern, we could not determine whether there are other key audit matters or not to be communicate in our report.

Material Uncertainty related to Going Concern

We draw attention to

1. Note No. 40A (iii) of notes to the financial statements relating to Going Concern.

2. Note No. 41 relation to Corporate Insolvency Resolution Process

In view of above uncertainties, we are also unable to comment on the ability of the Company to continue as a going concern and consequential classification and adjustment to the accompanying financial statements, if any that might have been necessary had the financial statements being prepared under liquidation basis. The extent of the effect on the resultant adjustments to the accumulated losses, assets and liabilities as at 31[st] March 2021 is presently not ascertainable.

Information other than financial statements and Auditor’s Report thereon

The Management of the company is responsible for the preparation of the other information. We have not obtained the other information comprises of the Financial or non-financial information (other than financial statements and the auditor’s report thereon) included in an entity’s annual report.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance/conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 15:26:28 +05'30'

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If, based on the work we have performed on the other information obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, are required to report that fact. We have nothing to report in this regard.

Management and Those Charged with Governance’s Responsibility for the Financial Statements

The Management of the company is responsible for the matters stated in section 134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Companies (Accounts) Rules, 2015.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating for ensuring accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibility

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for explaining our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

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HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 15:27:16 +05'30'

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order.

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 15:28:57 +05'30'

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As required by section 143 (3) of the Act, we report that:

• a) As described in the Basis for Disclaimer of Opinion paragraph, we sought but were unable to obtain all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

• b) Due to the possible effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we are unable to state whether proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

• c) Due to the possible effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we are unable to state whether the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

• d) Due to the possible effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we are unable to state whether the aforesaid financial statements comply with the Accounting Standards under Section 133 of the Act read with the relevant rules issued there under;

• e) The matter described in the Basis for Disclaimer of Opinion paragraph above, in our opinion, may have an adverse effect on the functioning of the Company.

• f) No written representations has been received from the suspended directors as on March 31, 2021, and not taken on record by the suspended Board of Directors regarding disqualification of directors as on March 31, 2021, from being appointed as a director in terms of section 164(2) of the Act. So we are unable to comment upon this.

• g) Provisions of ESI and PF have not been complied during the year.

• h) The company has not complied with the following provisions of Companies Act 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

• i. Submission of Annual Secretarial Compliance Report (Regulation 24A).

• ii. MSME Form-1, Active INC – 22A and Forms for directors’ resignations.

• iii. Appointment of internal auditor (Sec 138 of the Companies Act, 2013).

• iv. Indian Accounting Standards as mentioned in Note no. 42 (Regulation 48).

• v. Constitution of Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, Risk management Committee and Share transfer Committee. (Sec 177 and 178 of the Companies Act, 2013 and Regulation 18, 19, 20, 21 and 40 of SEBI (LODR).

• vi. Secretarial audit for the year 2019-20 and 2020-21 (Regulation 24A and Sec 204 of the Companies Act, 2013.)

Further, in the absence of Secretarial Audit we cannot comment on detailed compliances of Companies Act provisions and Regulations of Securities and Exchange Board of India.

• i) The reservation relating to the maintenance of accounts and other matters connected therewith are as stated in the Basis for Disclaimer of Opinion paragraph above.

• j) With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate report in “Annexure B”. Our report expresses a disclaimer opinion on the adequacy and the operating

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HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 15:31:16 +05'30'

effectiveness of the company’s internal financial controls over financial reporting; and internal audit has also not been taken placed by company.

• k) With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,2014, in our opinion and to the best of our information and according to the explanations given to us:

• i. Due to the possible effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we are unable to state whether the Company has disclosed the impact of pending litigations on its financial position in its financial statements;

• ii. Due to the possible effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we are unable to state whether the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts;

• iii. There is no amount required to be transferred, to the Investor Education and Protection Fund by the Company.

For A.K.G. & ASSOCIATES Chartered Accountants FRN 002688N

HARVINDER Digitally signed by HARVINDER SINGH SINGH Date: 2021.12.29 15:32:25 +05'30'

Place: Delhi Date: 29[th] December 2021

CA. Harvinder Singh Partner M. No. 087889 UDIN: 21087889AAAAGX1338

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Annexure A to the Independent Auditor’s Report

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that:

1. In respect of its fixed assets

2. (a) According to the information and explanation given to us and on the basis of examination of books and records, the company has maintained the records; however the same was not showing full particulars including quantitative details and situation of fixed assets. Also, Gross block and net block of fixed assets as per books are inconsistent with data provided in Fixed Asset register.

3. (b) During the year fixed assets were verified once at the time of initiating the process of CIRP during May 2019 by the resolution professional. However no impact of such verification has been taken in books of accounts.

4. (c) According to the information and explanations given to us and on the basis of our examination of the records of the company, the company does not have any immovable properties which are freehold and held in the name of company as at the balance sheet date. In respect of immovable properties taken on lease, Lease hold improvements have been disclosed as fixed assets in the financial statements, the lease agreement are in the name of the company. However supplement lease agreement as mentioned in lease deed are not on record.

5. Inventory records have not been provided to us for verification.

6. In our opinion and according to the information and explanations given to us, the company has not granted any loans secured or unsecured to the companies/firms, limited liability partnership or other parties listed in the register maintained under section 189 of the companies Act, 2013.

7. In our opinion and according to the information and explanations given to us, the company has not given loans, guarantees, security or made any investments which need to comply with the section 185 and 186 of Companies Act, 2013.

8. According to the information and explanations given to us, the Company has not accepted any deposit during the year within the meaning of section 73 to 76 or any other relevant provisions of the Companies Act, 2013.

9. The Company is not required to maintain cost records which have been specified by the Central Government under sub-section (1) of section 148 of companies act, 2013.

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 15:33:55 +05'30'

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1. (a)According to the records of the company, the company is generally has not filed regular in depositing undisputed statutory dues like, Provident Fund, ESI and other statutory dues applicable over the company.

(b)According to the information given to us and as per the books of accounts produced before us, the company has following dues relating to sales tax, income tax, custom tax, excise duty, cess as at 31st March,2021 that have not been deposited on account of dispute:

PARTICULAR	As at March 31, 2021 (Rs. In lakh)
a) Duty forgone demand of customs pending settlement*	1,193.43
b) VAT (A.Y. 2014-15)	4.35
Total	1197.78

• Order dated 08.06.2020 has been passed by The Commissioner of Customs, Noida in favour of the company dropping the proceedings.

Further, in the matter of Company's claim for eligibility of capital subsidy under SIP scheme of Govt. of India. The uncertainty exists with regard to its quantum and receipt of claim pending its appraisal by Department of Electronics & Information Technology (DEIT).

1. Based on our audit procedures and according to the information and explanations given to us, the Company has defaulted in repayment of dues to a financial institution or bank or debenture holders. (Refer Note 41 of notes to the financial statements)

2. The company has not raised any money by way of initial public deposit offer, further public offer, debt instrument or term loans during the year.

3. According to the information and explanations given to us, based upon the audit procedures performed and representations made by the management, we report that no fraud on or by the Company has been noticed or reported during course of our audit.

4. In our opinion and according to information and explanation given to us, the company has paid/ provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

5. The company is not a Nidhi company and hence this clause is not applicable.

6. In our opinion and according to information and explanation given to us, all transactions with related parties are in compliance with sections 177 and 188 of Companies Act, 2013 and are disclosed in the financial statements as required by the applicable accounting standards.

7. Company has not made any preferential allotment or private placement of shares or fully or partly convertible or debentures during the year.

HARVI Digitally signed NDER by HARVINDER SINGH Date: 2021.12.29 SINGH 15:35:36 +05'30'

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1. Based on the representation given by the management, the company has not entered into any non-cash transactions with the directors or other persons connected to directors and hence the provision of section 192 of the companies act is not applicable.

2. The company is not required to be registered under section 45-IA of Reserve Bank of India, 1934.

For A.K.G. & ASSOCIATES Chartered Accountants FRN. 002688N HARVINDE Digitally signed by HARVINDER SINGH R SINGH Date: 2021.12.29 15:37:52 +05'30'

Place: Delhi Date: 29[th] December 2021

CA. Harvinder Singh Partner M. No. 087889 UDIN: 21087889AAAAGX1338

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Annexure B to the Independent Auditor’s Report

(Referred to in our report of even date)

Report on the Internal Financial Control under Clause (i) of Sub-section 3 of section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of Indosolar Limited Company under CIRP (“the Company”) as on 31[st] March 2021 in conjunction with our audit of the financial statements of the company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (“ICAI”).

These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India.

Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 15:39:37 +05'30'

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financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Ind AS financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Ind AS financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the Ind AS financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.

Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

HARVIN Digitally signed DER by HARVINDER SINGH Date: 2021.12.29 SINGH 15:41:36 +05'30'

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Qualified Opinion

Due to inadequate staff and availability of relevant records, in our opinion, the Company does not have an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were not operating effectively as at 31[st] March, 2021. We have not been provided with the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.

For A.K.G. & ASSOCIATES Chartered Accountants FRN. 002688N

HARVINDE Digitally signed by HARVINDER SINGH R SINGH Date: 2021.12.29 15:43:47 +05'30'

CA. Harvinder Singh

Place: Delhi Date: 29[th] December 2021

Partner M. No. 087889 UDIN: 21087889AAAAGX1338

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INDOSOLAR LIMITED

Regd. Office: C-12, Friends Colony (East), New Delhi- 110065

Statement of Audited Financial Results for the Quarter ended 31st March 2021

		(Rs. in Lakhs)	(Rs. in Lakhs)	(Rs. in Lakhs)	(Rs. in Lakhs)	(Rs. in Lakhs)
		Quarter Ended			Year Ended
S. No.	P A R T I C U L A R S	31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
		(Audited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
I II III V IV	Revenue from operations Other Income	8.71	- 43.17	- 30.63	- 65.30	- 80.96
	Total Income(I + II)	8.71	43.17	30.63	65.30	80.96
	Expenses : (a) Cost of Materials consumed (b) Purchases of Stock-in-trade (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (d) Employee benefits expense (e) Finance costs (f) Depreciation and amortisation expense (g)Other expenses	- - - 0.15 178.69 49.60	- - - 13.59 178.69 15.15	- - - 9.24 3.90 134.20 64.90	- - - 25.62 0.15 714.78 119.76	- - - - 30.87 4.37 714.78 165.09
	Total Expenses(IV)	228.44	207.43	212.24	860.31	915.11
	Profit / (Loss) before exceptional items and tax (III - IV)	(219.73)	(164.26)	(181.61)	(795.01)	(834.15)
VI	Exceptional items	-	-	-	-	-
VII IX X XI XII XIII XIV VIII	Prior Period expenses Profit / (Loss) before tax (V - VI) Tax expense (a) Current Tax (b) Deferred Tax Total Tax Expense Net Profit/(Loss) after tax (VII - VIII) Other Comprehensive Income /(Loss) Items to be reclassified to profit or loss Income tax relating to items to be reclassified to profit or loss Items not to be reclassified to profit or loss Income tax relating to items not to be reclassified to profit or loss	(219.73) - - - - (219.73) - - - - -	(164.26) - - - - (164.26) - - - - -	(181.61) - - - - (181.61) - - - - -	(795.01) - - - (795.01) - - - - -	- (834.15) - - - (834.15) - - - -
	Total Comprehensive Income (Comprising Profit/(Loss) and other comprehensive Income (IX + X) Paid-up equity share capital (Face value of Rs. 10/- each) Other Equity Earnings per equity share (EPS) (Face value of Rs. 10/- each) (not annualised): - Basic (Rs.) - Diluted(Rs.)	(219.73) 37,206.71 (0.06) (0.06)	(164.26) 37,206.71 (0.04) (0.04)	(181.61) 37,206.71 (0.05) (0.05)	(795.00) 37,206.71 (0.21) (0.21)	(834.15) (0.22) (0.22)

Place: New Delhi Dated: 29.12.2021

HARVINDE R SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 17:18:16 +05'30'

Taken on Record Gulshan Gaba Digitally signed GULSHA by GULSHAN GABA N GABA Date: 2021.12.29 17:28:04 +05'30'

Resolution Professional Regn no: IBBI/IPA-001/IP-

Anand Kumar Agarwal Chief Financial Officer

ANAND KUMAR Digitally signed by ANAND KUMAR AGARWAL AGARWAL Date: 2021.12.29 17:28:53 +05'30'

Sonam Prasad Digitally signed by Sonam Prasad DN: cn=Sonam Prasad, o=Indosolar Limited, ou=Secretarial, email=cs.indosolarltd@gmail.com, c=IN Date: 2021.12.29 17:32:11 +05'30' Sonam Prasad Company Secretary

Sonam Prasad Digitally signed by Sonam Prasad DN: cn=Sonam Prasad, o=Indosolar Limited, ou=Secretarial, email=cs.indosolarltd@gmail.com, c=IN Date: 2021.12.29 16:51:24 +05'30'

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Sonam Prasad Digitally signed by Sonam Prasad DN: cn=Sonam Prasad, o=Indosolar Limited, ou=Secretarial, email=cs.indosolarltd@gmail.com, c=IN Date: 2021.12.29 16:50:36 +05'30'
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Indosolar Limited (Company under CIRP)

Notes to the financial statements for the year ended 31 March 2021 (All amounts in Rupees lakh, unless otherwise stated)

1. Corporate Insolvency Resolution Process:

As per order of Hon’ble NCLT New Delhi dated 12 April 2019 under the provisions of Insolvency and Bankruptcy Code, the company is under Corporate Insolvency Resolution Process (CIRP). Its affairs, business and assets are being managed by the Resolution Professional. As per the code the RP has to receive, collate and reconcile all the claims submitted by the creditors of the company. Such claims can be admitted by the RP during the CIRP, till the approval of a resolution plan by the COC. The RP has verified and admitted the claims submitted by the creditors against the company as per the Code. The summary of claims filled by financial creditor, operational creditors and employees and admitted by resolution professional as on 06 March 2020 are as follows:

a) Financial Creditors: Rs. 2,13,791.49 (including Bank of Baroda: Rs. 25,918.78, Corporation Bank: Rs. 39,576.49, ARCIL: Rs. 49,974.13, Union Bank of India: Rs. 98,322.09)

b) Operational Creditors: Rs. 4,712.08

c) Employees*: Rs. 261.90

• A litigation has been filed by 49 employees of the company for a claim of Rs. 399.49 with the Labour Court at Noida (UP). However, most of the said employees has also filed their claim with Resolution Professional (RP) which was admitted by RP on merits and details of which are available on Website of company.

Pending finalization of resolution plan, the impact of such claims if any have not been considered in the preparation of the financial statement.

Since the creditors are shown at their carrying value and uncertainty relating to their payable amount, no further MSME interest has been provided during the year.

The Company has not provided any liability towards interest, penal interest charges and any foreign currency fluctuation on claims by financial creditors for the period w.e.f. the Insolvency Commencement Date. No accounting impact in the books of accounts has been made in respect of excess, short or non –receipts of claims for financial and operational creditors.

The Company had shut down its production facilities W.e.f. 15th May, 2018. As a result majority of employees gradually left the organization. Due to lack of human resources and insufficient information, provisions and contingencies cannot be completely ascertained and provided in the books. Statutory payments made to authorities (ESI, PF, etc.) during the year 2018-19 are inconsistent with the salary amount booked for the year.

The process for submission, reconciliation and admission of claims is an on-going process till the time resolution plan is approved by the member of Committee of Creditor. No accounting impact in the books of accounts have been made in respect of excess, short or non –receipts of claims from financial creditor ,operational creditors and employees. Hence the consequential impact, if any is not ascertainable.

Further, the Company has continued to incur significant losses in the current year resulting in erosion of its net worth. The Company has a negative net worth amounting to Rs. 99,779.48 as on 31st March, 2021 (as on 31st March, 2020 Rs. 98,982.63) and Company’s current liabilities exceeds the current assets by Rs. 1,21,538.74 as on 31.03.2021 ( as on 31st March 2020 Rs. 1,21,446.23 ). The Company’s term loan payable to various lender banks becomes nonperforming assets.

Sonam Prasad Digitally signed by Sonam Prasad DN: cn=Sonam Prasad, o=Indosolar Limited, ou=Secretarial, email=cs.indosolarltd@gmail.com, c=IN Date: 2021.12.29 17:26:44 +05'30'

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 16:07:17 +05'30' GULSHAN GABA Digitally signed by GULSHAN GABA Date: 2021.12.29 14:35:36 +05'30'

ANAND KUMAR AGARWAL Digitally signed by ANAND KUMAR AGARWAL Date: 2021.12.29 14:36:05 +05'30'

1. As the powers of the Board of Directors have been suspended, the above statement have not been adopted by the Board of Directors. However, the same have been signed by Chief Financial Officer and Company Secretary of the Company confirming accuracy and completeness of the results on and taken on record by Mr. Gulshan Gaba, Resolution Professional.

2. The operation of company relate to single segment i.e, manufacturer of Solar Photovoltaic Cells.

3. During the year 2017-18, the Company has received the approval of One Time Settlement (‘OTS’) Scheme from Union Bank of India (‘Bank’) vide sanction letters dated 20.10.2017 which were duly approved by the Board of Directors in their meeting held on 20th December, 2017. As per the terms of OTS If the company does not pay as per stipulations, the OTS proposal will stand cancelled automatically and the bank will take suitable legal steps for recovery of entire dues. The Bank has option to convert OCCRPS into equity shares, in case of default in the payment of principal sum of the OCCRPS and Coupons on the due date.

During the year 2018-19, the Company has defaulted in payment of interest due from 31.07.2018 onwards and instalment due from 30th September 2018 and onwards. Due to such default, OTS has been revoked vide letter having reference no. IFB:CR:IND:2018-19/2011 dated 12.12.2018.

1. The Company has continued to incur significant losses in the current year resulting in further erosion of its net worth. The Company has a negative net worth amounting to Rs. (99,779.49) as on 31st March, 2021. The Company’s current liabilities exceeds the current assets by Rs. 1,21,538.74 as on 31st March 2021. The Company’s term loan payable to various lender banks become non-performing assets. Further, OTS scheme approved by Union Bank of India has been revoked. These conditions/factors raise significant doubt about the Company's ability to continue as a going concern.

The company is under Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code. Its affairs, business and assets are being managed by the Resolution Professional appointed by the Hon’ble NCLT New Delhi vide its order dated 12 April 2019 under the provisions of the Code as Interim Resolution Professional and subsequently as per section 22 of the Code as Resolution Professional of Indosolar Limited. Invitation for expression of interest has been issued by Resolution Professional on 03.07.2019 as a result of which two Resolution Plans out of which the Committee of Creditors (COC) has approved the resolution Plan of “Waaree Energies Limited”. Waaree Energies Limited vide its letter dated 13/07/2020 has informed the resolution professional that they are withdrawing the resolution plan due to various reasons and further requested to refund the bid bond amount of Rs 1,00,00,000/-. The letter was submitted before COC. After detailed discussion among the members of the COC, legal counsel of the COC and chairman it was decided that RP should request the Hon’ble NCLT for early hearing of application filed for approval of resolution plan, subsidy application and request the Hon’ble NCLT to direct the resolution applicant to honour its commitment and execute the plan.

Further, in this regard, we invite your attention towards landmark Judgment dated 13th September, 2021 passed by the Hon’ble Supreme Court of India in the matter of Ebix Singapore Private Limited Vs. Committee of Creditors of Educomp Solutions Limited & Anr. [Civil Appeal No. 3224 of 2020 and other appeals].

Considering the above and in expectation of the successful outcome of the above proposals. The management believes and has concluded that it is appropriate to prepare the accounts on going concern basis.

The financial statements do not include any adjustments relating to the recoverability and classification of carrying amounts of the assets and classification of liabilities that might be necessary should the Company be unable to

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 16:08:35 +05'30'

GULSHAN GABA Digitally signed by GULSHAN GABA Date: 2021.12.29 14:34:43 +05'30'

ANAND KUMAR AGARWAL Digitally signed by ANAND KUMAR AGARWAL Date: 2021.12.29 14:35:06 +05'30' Sonam Prasad Digitally signed by Sonam Prasad DN: cn=Sonam Prasad, o=Indosolar Limited, ou=Secretarial, email=cs.indosolarltd@gmail.com, c=IN Date: 2021.12.29 17:28:10 +05'30'

continue as a going concern. In wake of COVID-19 pandemic there is a potential risk although the resolution plan has been approved in COC meeting.

1. Confirmations/ Reconciliation of balances of certain unsecured loans, trade receivables, trade and other payables

2. (including of micro and small enterprises and including capital creditors) and loans and advances are pending.

3. The company is eligible for capital subsidy under SIP scheme of Govt. Of India. Department of Electronics & Information Technology (DEIT) has initiated the process of appraisal of the company. In the absence of the reasonable assurance, pending appraisal, the claim has not been recognized. The RP has also filed an application before Hon’ble NCLT for early release NCLT for early release of capital subsidy vide its application dated 02.01.2020 having diary number 0710102000292020.

4. According to Ind AS 20: Accounting for Government Grants and Disclosure of Government Assistance; Government grants, including non-monetary grants at fair value, shall not be recognized until there is reasonable assurance that:

5. (a) the entity will comply with the conditions attaching to them; and

6. (b) the grants will be received.

As the appraisal of subsidy claim is still pending, the management, in the absence of the reasonable assurance, has not recognized the claim for capital subsidy in accordance with Ind AS- 20.

1. Being an Export Oriented Unit, the Company needs to achieve positive NFE during a period of 10 years from the start of commercial production. Till date the Company has spent Rs. 192,409.58 in foreign currency for Raw Material consumption, Stores & Spares and Expenses in foreign currency including amortization of all imported Plant and Machinery and the Company has earned foreign currency equivalent to Rs. 210,102.81 as per para 6.9(f) of FTP resulting into positive NFE Rs. 17,693.23 as on March 31,2021 (FY 19-20: Rs 17,693.23 ) without considering amortization of imported Plant and machinery, pending installation /commissioning (disclosed as CWIP). In case the Company also amortizes value of Line-C till date (commercial production is yet to start) the Company’s NFE will become negative to the extent Rs. 26,336.73 (FY 19-20: Rs 21,460.26 ).

2. Figures of the quarter ended March 31,2021 and March 31, 2020 are balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the respective financial year.

For Indosolar Limited

(a company under corporate insolvency resolution process vide NCLT order)

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 16:10:02 +05'30' ANAND KUMAR AGARWAL Digitally signed by ANAND KUMAR AGARWAL Date: 2021.12.29 14:33:37 +05'30' Sonam Prasad Digitally signed by Sonam Prasad DN: cn=Sonam Prasad, o=Indosolar Limited, ou=Secretarial, email=cs.indosolarltd@gmail.com, c=IN Date: 2021.12.29 17:29:26 +05'30' GULSHAN GABA Digitally signed by GULSHAN GABA Date: 2021.12.29 14:34:08 +05'30' Place: Delhi Anand Kumar Agarwal Sonam Prasad Gulshan Gaba Date: 29-12-2021 (Chief Financial Officer) (Company Secretary) (Resolution Professional)

INDOSOLAR LIMITED

(a company under corporate insolvency resolution process vide NCLT order)

ANNEXURE-I

Statement on Impact of Audit Qualifications (for audit report with modified opinion) Submit along-with Annual Audited Financial Results

(Amount in Rs. lakhs, unless otherwise stated)

	Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2021 [See Regulation 33/52 of the SEBI (LODR) (Amendment) Regulations, 2016]	Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2021 [See Regulation 33/52 of the SEBI (LODR) (Amendment) Regulations, 2016]	Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2021 [See Regulation 33/52 of the SEBI (LODR) (Amendment) Regulations, 2016]	Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2021 [See Regulation 33/52 of the SEBI (LODR) (Amendment) Regulations, 2016]
	Sr. No.	Particulars	Audited Figures (as reported before adjusting for qualifications)	Adjusted Figures (audited figures after adjusting for qualifications)
I.	1.	Turnover/Total income	65.30	65.30
	2.	Total Expenditure	860.31	1,01,888.58
	3.	Net Profit/(Loss)	(795.01)	(1,01,823.28)
	4.	Earnings Per Share of INR 10 each	(0.21)	(27.37)
	5.	Total Assets	24,379.17	24,379.17
	6.	Total Liabilities	1,21,156.82	2,25,185.09
	7.	NetWorth	(96,777.65)	(2,00,805.92)
	8.	Any other financial item (s) (as felt appropriate bythe management)
II.	1. Audit Qualification:
	a. Details of Audit Qualification:
	Interest on borrowing in respect of facilities from Corporation bank, Union bank of India and Bank of Baroda has not been booked in the books of account as it is in moratorium period. Being the company under CIRP there is difference in total interest/ penal interest / expenses / other charges of approximately Rs. 1,01,028.27 lakh which pertain to this year or earlier years between claims admitted by Resolution Professional and balances in books as on 16.04.2019. So, we are unable to comment on the financial impact of the same on loss for the year.
	b. Type of Audit Qualification: Disclaimer of opinion
	c. Frequency ofqualification:Repetitive
	d. For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views:The company is under CIRP and claim admitted by the RP is already on record.
	**e. For Audit Qualification(s) where the impact is not quantified by the auditor: NA **
	(i) Management's estimation on the impact of audit qualification:NA (ii) If management is unable to estimate the impact, reasons for the same:NA (iii) Auditors' Comments on (i) or (ii) above:NA
	2. Details of Audit Qualification:
	The financial statements regarding inventories, Closing stock of finished goods and raw material has been taken as NIL. As per the code the RP has to receive, collate and reconcile all the claims submitted by the creditors of the company. The RP has verified and admitted the claims submitted by the creditors against the company as per the Code Accounting impact in the books of accounts has not been made in respect to excess, short or non- receipts of claim or liabilities for financial and operational creditor. Hence, consequential impact, if any, is not ascertainable and we are unable to comment on the possible financial impacts of the same.
	a. Type of Audit Qualification: Disclaimer of opinion
	b. Frequency ofqualification:repetitive

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 16:01:25 +05'30'

Digitally signed by GULSHAN GABA Date: 2021.12.29 15:49:06 +05'30'

GULSHAN GABA

ANAND KUMAR AGARWAL Digitally signed by ANAND KUMAR AGARWAL Date: 2021.12.29 15:49:37 +05'30'

Sonam Prasad Digitally signed by Sonam Prasad DN: cn=Sonam Prasad, o=Indosolar Limited, ou=Secretarial, email=cs.indosolarltd@gmail.com, c=IN Date: 2021.12.29 16:10:19 +05'30'

• c. For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views: The Financial impact could not be quantified

d. For Audit Qualification(s) where the impact is not quantified by the auditor:

(i) Management's estimation on the impact of audit qualification: The Financial impact could not be quantified

(ii) If management is unable to estimate the impact, reasons for the same:

Since the company is under CIRP, Consequential impact of claims being higher than the book balances, if any, has not been considered and will be appropriately dealt with basis the outcome of the proceedings pending with NCLT going forward.

(iii) Auditors' Comments on (i) or (ii) above:

Refer “Basis for Disclaimer of Opinion” and “Emphasis of Matter” in audit report the same is selfexplanatory.

3. Audit Qualification:

a. Details of Audit Qualification:

The Company (being an EOU) has not been able to meet its commitment under the Foreign Trade policy on the basis of which the Company imported certain raw material, stores and spares and machineries without payment of custom duty. As on 31st March 2021 the Company's NFE is positive by Rs, 17,693.23 lakh without considering the import value of amortization of Line-C. However, after amortisation of value of line C NFE becomes negative by Rs. 26,336.73lakh. The company is not able to achieve positive NFE during the stipulated time, the company would be liable to duties and penalties payable in accordance with Notification 52/2003 Cus. Dated 31.03.2003. Presently we are unable to assess upon the possible impact if any on the accompanying statement.

b. Type of Audit Qualification: Disclaimer of Opinion

c. Frequency of qualification : repetitive

d. For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views: The Financial impact could not be quantified e. For Audit Qualification(s) where the impact is not quantified by the auditor:

(i) Management's estimation on the impact of audit qualification: The Financial impact could not be quantified (ii) If management is unable to estimate the impact, reasons for the same: NA

(iii) Auditors' Comments on (i) or (ii) above: Refer “Basis for Disclaimer of Opinion” and “Emphasis of Matter” in audit report the same is self-explanatory.

III. Signatories: ANAND Digitally signed by ANAND KUMAR GULSHA Digitally signed by GULSHAN KUMAR AGARWAL GABA AGARWAL Date: 2021.12.29 N GABA Date: 2021.12.29 15:48:26 +05'30' 15:47:48 +05'30' (Anand Kumar Agarwal) (Gulshan Gaba) Chief Financial Officer Resolution Professional PAN: AAAPA0706B IP Registration No. IBBI/IPA-001/IP- P00548/2017-18/10978

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Sonam Prasad Digitally signed by Sonam Prasad DN: cn=Sonam Prasad, o=Indosolar Limited, ou=Secretarial, email=cs.indosolarltd@gmail.com, c=IN Date: 2021.12.29 16:11:37 +05'30'
Sonam Prasad
Company Secretory
Place: Delhi
Dated: 29-12-2021
IV. Auditors:
Refer our Independent Auditors Report dated 29 [th] December 2021 on Financial Results of
the Company.
For A. K. G. & Associates
Chartered Accountants
Firm’s Registration No . 002688N
HARVIND Digitally signed by HARVINDER SINGH
ER SINGH Date: 2021.12.29 15:59:34 +05'30'
CA. Harvinder Singh
Partner
Membership No . 087889
Place : Delhi
Date: 29-12-2021
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GULSHAN GABA Digitally signed by GULSHAN GABA Date: 2021.12.29 15:50:30 +05'30' ANAND KUMAR AGARWAL Digitally signed by ANAND KUMAR AGARWAL Date: 2021.12.29 15:50:57 +05'30'
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