INDOSOLAR LIMITED — Audit Report / Information 2021

Feb 12, 2021

INDOSOLARLIMITED

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

February 12, 2021

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

Sub: Outcome of RP and KMP Meeting

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 we wish to inform you that a meeting held today i.e. Friday, February 12, 2021 has inter-alia approved, considered and took note of the Audited Standalone Financial Statement along with Auditors' Report for the quarter and year ended March 31, 2020.

In view of the above, please find enclosed herewith the Standalone Audited Financial Statement of the Company for the captioned period along with Auditors Report thereon.

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

The meeting commenced at 1200 hours and concluded at 1330 hours.

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

Thanking You

Yours faithfully,

For Indosolar Limited

(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

A.K.G. & ASSOCIATES Chartered Accountants

IN DEPENDENT AU DITOR'S REPORT

To the Insolvency Resolution Professional of Indosolar Limited ("A Company under Corporate Insolvency resolution process vide NCLT 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 37,2020, 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 Statemenb')'

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 were appointed as auditors of the company after March 37, 2020 and thus could not obserue 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, Accordingly, we were unable to satisfy ourselves by alternative means concerning the inventory quantities held at March 3!,2020 and valuation thermf.

1. 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 flxed 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* March 2018 and books of accounts produced before us with a corresponding difference in value of closing stock.

The Company has a net carrying value of Plant & Machinery of Rs. 7,500.32 lakh, (ii) CWIP of plant & Machinery Rs. 8,298.65 lakh and (iii) Buildings Rs. 4768.37 lakh as at March 31, 2020.

As per "Indian Accounting Standard 36" which talks about 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't March, 2020 thus

Page

of propety, plant & equipment (Rs. 14,720.19 Lakh), Gpital work-in-progress (Rs. 8298.62 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,

Further, the company has not done impairment test and not booked resultant impairment loss as on 31,03,2020.

• 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'8546'99 lakh respectively as at March 37,2020.
• 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. tOtO28.27 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'

• 1. The financial records do not reconcile with the GST Returns and provision of GST related to return filing, deposit of GST etc has not been complied with'
• 1. 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, 2020 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. 2I,460.26lakh. 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 l,,to. szfzoos cus. Dated 31,03.2003. Presently we are unableto assess upon the possible impact if any on the accompanying statement'
• 1. In the matter of Company's claim for eligibility of capital subsidy under SIP scheme of Govt. of India. The uncertainW 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'
• B, 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.
• 9, Company is under CIRP as explained in Note 45 of Notes to the Financial Statements'
• 10, The Non-adherence of IND-AS as explained in Note 46 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'

Emphasis of Matter

We draw attention to the following matters;

• Note No 9 of the financial statements regarding inventories. Closing stock of finished goods and raw material has been taken as NIL' 1.
• Note 45 regarding verification and admission of claim by RP. As per the code the RP has to receive, collate and reconcile all the claims submitted by the creditors of \he 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 2

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 mlfters 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 unceftainty related to going concern, we could not determine whether there are other key audit matters or not to be communicate in our report'

Material Unceftainty related to Going Concern

possible financial impacts of the same'

We draw attention to

• 1. Note No. 44A (iii) of notes to the financial statements relating to Going Concern.
• 1. Note No. 45 relation to corporate Insolvency Resolution Process

In view of above unceftainties 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 financral statements, if any that might have been netessary 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't March 2020 is presently not asceftainable,

Information other than financial statements and Auditor's Repoft thereon

The Company's Board of Directors is responsible for the preparation of the other information. We have not obbined the other information comprises of the Financial or non-financial information (other than financial sbtements and the auditor's report thereon) included in an entity's annual repoft.

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 responsibiliW is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statemenb-or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated,

If, based on the work we have performed on the other information obtained prior to the date of this audrtOr'S repgft, we conclude that there is a material misstatement of this other information' are required to repot that fact. we have nothing to report in this regard'

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

The Company,s Board of Directors is responsible for the matters stated in section 134(5) of the ith resPect to the PreParation view of the financial Position, fi e with the accounting PrinciPle specified under section 133 of (Accounts) Rules, 2015'

dequate accounting records in accordance with ssets of the Company and for preventing and tion and application of appropriate accounting at are reasonable and prudent; and design, ternal financial controls that were operating for unting records relevant to the preparation and atrue and fair view and are free from material

In preparing the financial statements e ability to continue as going concern, oi and using the going concern basis of s the company or to cease operations, or has no r

Auditor's ResPonsibilitY

Our objectives are to obtain reasonable assur her the financial statements as a whole are free from material misstatement, fraud or error, and to issue an auditor's report that includes our opinion. Reas eis a high level of assurance but rs not a guaranree 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 professionaljudgment 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 th;t is sufficient and appropriate to provid-e 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 tn.i ir" appiopriate in the circumstances. Under Section 143(3) (i) of the Act' we are also responsibie for explaining our opinion on whether the Company has adequate internal financial controls system in ptace 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.
• . 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 unceftainty 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 drawattention 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 statemenb represent the underlying transactions and events in a manner that achieves fair presenbtion'

Materiality is the ncial stateme in aggregate, make of a reasona of the financial stat quantitative ve factors in (i) planning the scope of our audit wo evaluating th nd (ii) to evaluite the effect of any identifled misstatements in the financial statements'

Wecomchargednanceregarding,amongothermatters,the o|annedtheauditcantauditfindings,inc|udinganysignificant deflcienc that we id ring 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 l.etationstrips 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 in our unless law or regulation precludes public disclosure about th hen, in circumstances, we determine that a matter should not be c in our theadverseconseqUencesofdoingsowou|dreasonab|ybeexpectedtooutweighthepublic interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2016 ('"the Order") Fs.ued 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.

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 explanat'rons wnicn'to tfie best of our knowledge and belief were necessary for the purpose of our audiU
• b) Due to the possible effects of the matter described in the Basis for Disclaimer of opinion paragrapn, 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 examinatron of those boorc;
• c) Due to the possible the Ba mer of Opinion paragraph, we are q I Sheet' Profit and Loss and Cash Flow Stat t re in a h the books of account;
• d)DuetotheposofthematterdescribedintheBasis paragraph, we ostate whether the aforesaid financia theAccountingnderSectionl33oftheActreadwith there under;
• e) The matter oescribed in the Basis for Disclaimer of opinion paragraph above, in our opinion' may have an adverse effect on the functioning of the Company'
• 0 No written representations has been received from the directors as on March 3I,2020, and not taKen on ,"..J by the Board of Directors regarding disqualification- of directors aS on March3l,2020,frombeingappointedasadirectorintermsofsectiont64(2)oftheAct.So we are unable to comment uPon this'
• g)ProvisionsofESlandPFhavenotbeencomp|iedduringtheyear.
• h)Non-ComplianceofTDSprovisionsobseruedinfollowingcases:
  • a)TDSonlistingfeeofNSEandBSEbookedon0l'04'2019and02'04'20t9amountlng to ns s,gi,oo.-o and Rs 4,50,000 respectively had not been deducted.
  • b) TDS on payment of Rs 1,25,000 made to MS Yadav on 03'04'2019 for the legal & professional expense had not been t educted'
• i) The company nas not complied with the following provisions of Companies Act 2013 and securities and Exchange Board of India (Listing ootigations And Disclosure Requirements) Regulations, 2015
  • i. Appointment of qualified Co officer as per Regulation 6' During the year ly for the period starting from 26th August 20 liance has been identifled for the rest of the period'
  • ii, Submission of Annual Secretarial Compliance Repoft (Regulation 24A)'
  • iii. submission of corporate Governance Report (Regulation 27(2))'
  • iv, Submission of unaudited quarterly financial results along with limited review repoft for the quafter ended Dec 2018'( Regulation 33)

• v. MSME Form-1, ACtive INC 22A and FormS for direCtOrS' resignations'
• vi. Appointment of internal auditor (sec 138 of the companies Act, 2013)'
• vii. Accounting Standards (Regulation 48)'
• viii. 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' !9,20,21 and 40 of SEBI (LODR)'
• ix. secretarial audit for the year 2O7g-20 (Regulation 24A and sec 204 of the companies Act, 2013.)
• x, Application for CIRP filed on 23rd October, 2018 and thereafter 3 independent directors namely Mr. Vidyut Vora, Ms. Vinati Dev and Mr. Gautam singh Kuthari has submitted their resignation to company on 26th November 2018' However such directors have not filed form DIR 11 with MCA and company have also not filed form DIR 12. Consequently the Company has left with one director only and no board meeting have 'been called or held thereafter. Further financial statements are approued and signed by only chief Financial officer Mr' Anand Kumar Aggarwat'

Fufther, 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'

• The reservation relating to the maintenance of accounts and other matters connected therewith are as stated i-n th" g.tit for Disclaimer of Opinion paragraph above'
• k) With respect t contro e company ano ntrols, n 'tAnnexure B"' on on g effectiveness of the company's internal fina ntrols d internal audit has also not been taken placed by company.
• 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 bestof ourinformationandaccordingtotheexp|anationsgiventoUS:
  • 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 periding iiSgations 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 paragiapn, 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 transferrd, to the Investor Education and Protection Fund bY the ComPanY.

For A.K.G. & ASSOCIATES Chartered Accountants SINGH Partner M. No.087889

Place: Delhi Date: 12n February, 2021

UDIN: 2 1 087889turyMB184s7

A.K.G. & ASSOCIATES

Annexure A to the Independent Auditor's Repoft

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 audtt, we repoft that:

• 1. In resoect of its flxed assets
  • (a) exPl , the g full block inconsistent with data provided in Fixed Asset register'
  • (b) During the year fixed assets were verified once at the time of initiating the process of cIRp during -May 2019by the resolution professional. However no impact of such verification has been taken in books of accounts'
  • (c) given to us and on the b ;"Jii :I,'x;tr,.:: :i H.' l: 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.
• 1. inventory records have not been provided to us for verification'
• 1. In our opinion and according to the information and explanations given to us, the company has not granted iny fo"nr-secured or unsecured to the companies/firms, limited liabilitY partnership or othei pafties listed in the register maintained under section 189 of the companies Act, 2013.
• 1. 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'
• 1. 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 provistons of the Companies Act, 2013,
• 1. The Company is not required to maintain cost records which have becn specified by the Central Government under sub-section (1) of section 148 of companies act, 2013'
• 1. (a)According to the records of the company, the company is generally rot regular in depositing Jndisputed statutory dues including.Goods and service tax, Excise Duty, Provident Fund, ESI ancl other statutory dues applicable over the company.

11-CSC, DDA Market, A-Block, Saraswati Vihar, Delhi-110034 Tel.: 011-27020489,2701 6986, 981 0046631 tr-mail' aknca 198OrOvahoo.com

(b)Acco formation given to us and as per the produced before us, the following dues relating to Goods and tax' income tax' custom ty, cessls at 31st March,2020 that h sited on account of dispute:

PARTICULAR	As at March 31,2020(Rs. In lakh)
demand of customs pending")-outy-forgonesettlementx	L,L93.43
b) vAT (A.Y. 2014-1s)	4.35
Total	LL97.78

* order dated 09.06.2020 has been passed by The commissioner of customs, Noida in favour of the company dropping the proceedings'

Fufther,iSc|aimfore|igibidyunderSlPscheme of Govt. exists with rega and receipt of claim pending ; t of Electronics & ology (DErf)'

• g. Based on our audit procedures and according to the information and explanations given to us, the Company nas defaulted in repayment of dues to a financial institution or bank or debenture holders. (Refer Note 45 of notes to the financial statements)
• 1. 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'
• 1. s given to us' based upon the audit procedures minagement, we repoft that no fraud on or by ring course of our audit'
• 11.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 bV tne provisions of slction 197 read with Schedule V to the Act.
• 1. The company is not a Nidhi company and hence this clause is not applicable'
• 1. In our opinion and according to information and explanation given to us, all tran-sactions with related parties are in compliance with sections L77 and 188 of Companies Act, 2013 and are disclosed in the financial statemenb as required by the applicable accounting standards.
• 14, Company has not made any preferential allotment or private placement of shares or fully or partlir convertible or debentures during the year'

• 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 diretors and nence the provision of section 192 of the companies act is not applicable'
• 1. The company is not required to be registered under section 45-IA of Reserue Bank of India, 1934.

For A.K'G. & ASSOCIATES Chartered Accountanb FRN.002588N Date: 12ft February, 2021 Partner' M. No. 087889 UDIN : 21 O87 889AAA/4B18457

Place: Delhi

Annexure Bto the Independent Auditor's Repoft

(Referred to in our report of even date)

Reportonthelnterna|Financia|Contro|underClause(i)ofSub.section3ofsection i+i oiill" Companies Act, 2013 ("the Act')

We have audited the internal flnancial controls over financ of Indosolar Limited Company under CIRP f int Cotpuny') as on 020 inconjunctionwitho*.'oitofthefinanciatstatementsofthethe year ended on that date'

Management's Responsibility for Internal Financial Controls

The ComPanY's management is resPo internat flnancial controls based on the criteria established by the Company internal control stated in the Guidance over financial Repoting issued by the ("ICAI',).

Auditors' ResPonsi bi litY

Our responsibility is to express an opl controls' over financial reporting based accordance with the Guidance Note on 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 whetheradequateinterna|financiaIcontro|soverfinanciaIrepotingWas established ano ,aintained and if such controls operated effectively in all material respects,

11-CSC, DDA Market, A-Block, Saraswati Vihar' Delhi-110034 fel.: 011-27020489,2701 6986, 981 0046631 E-mail: akqca-1 980@Yahoo'com

btain bout the over and their finan financial 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'

MeaningoflnternaIFinanciaIContro|soverFinanciaIRepofting

statements'

InherentLimitationsoflnternaIFinanciaIContro|soverFinanciaI RePorting

Because of the inherent limitati I financial financial reporting, including the possibility improper verride of controls, material 'misstatements or'fraud dnot be detected.

Qualified OPinion

Due to insufficient staff and availability of relevant records, in our opinion, the Company does not has an adequate internal financial controls system over financial t.pohind and such internal fina not opeiatin-g effectively as at 31$ M the internal control over financial any considering the essential components of nce Note on Audit of tnternal Financial controls over Financial Reporting issued by the Institute of Chartered Accountants of Indta'

For A.K.G. & ASSOCIATES Chartered Accountants FRN. 002688N g"-f

,re,,r.,

UDIN : 21 O87 889AtuMB18457

Haruinder Singh

M, No.087889

Paftner

Place: Delhi Date: 12rh February, 2021

14otL4lPage

Regd. office: c hi-110065' Indla website-ww r@gmail'com

	Statement of audited Fi
	PARTICULARS		3t.rz.zotg
						r6t2.85
		(30.63)
I		(181.62)	(242.52)	(LO24.e7l	(834.1s)	(9,582.18)
ll	ffi-tit/[Lo ss) bef o re exce pti on a I ite m s	(181.62)	(242.s2\	(1024.e71	(834.1s)	(52,501.30)
ill	Profit / (Loss) before tax
	Net Profit/(Loss) after tax		(742.s2)	(LO24.e7)	(834.1-s)	(52,501.30)
IV	(after exceptional items/extraord inary	(181-.62)
	items)
	Total Comprehensive for the period			(LO24.st)		(52,495.53)
	tn.ome (Comprising Profit/(Loss) and	(181.62)	1242.sz]l
	other comPrehensive Income			31206.7t	37206.7t	37206.1t
	f aid-up equity share capital (Face value	31206.11	31206.7t
VI	of Rs. 10/- each)				(13s3ss.20)
	Other Equity
xlll	Earnings Per equitY share (EPS)
	(Face value of Rs' 10/- each)
						(14.11)
	(not annuallsed):					(14.1L)
	- Basic (Rs.)
	Diluted (Rs.)

Notes:

• 1,. Theaboveisanextractofthedetairedformatof Financiar ResurtsfortheQuarterandyearendedMarch3L'2020 fired with Stock Exchanges under Reguration 33 of the sEBr (Listing obrigations and Disclosures Requirements) Reguration,2015. The comprete format of the said Financiar nesurts rs avairabre on the stock Exchanges websites
• Hon,bre NCLT dated 12th Aprir, 201g the powers of the board of directors are suspended and are vested in the Resorution professionar and rts affair, business and assets are being managed by the Resolution Professional' The Resolution professionar is performing the function as mentioned under lnsorvency and BankruptCy code'

For Indosolar limited resolution process vide NCLT order) (a comPanY under corPorate t

Place: New Delhi Dared 12-02-2021'

[ii,:ll';Ii$''"".ff ;[iiH iry: ^'' -' ) ;:i'ilil;;iis at 31 t;"''i;"" Yi'il'29?9 ::f ;t ;E., ffi "kti ;-n r e s s o t h e rw i se st at e d )

	Notes	As at 31 March 2020	As at 31 March 2019
Particulars
Assets		14,720.18	15,430.98
Non-current assets	4(a)	8,298.65	8,298.65
(a) Property, Plant & Equipment	4(b)		12.79
(b) Capital work-in-progress	4(c)	8.82
(c) Intangible Assets			157.69
(d) Financial assets	5	34.22
(i) Loans	6		$\omega$
(ii) Other financial assets	$\overline{\phantom{a}}$		36.04
	8	34.84
(e) Deferred tax assets (Net)		23,096.71	23,936.15
(f) Other non-current assets
Total non current assets
		537.34	537.34
2 Current assets	9
(a) Inventories			14.53
(b) Financial assets	10	14.26	67.02
(i) Trade receivables	11	170.72	405.11
(ii) Cash and cash equivalents	12	305.11
(iii) Bank balances (other than cash & cash equivalents)	5		55.84
	6	78.09
(iv) Loans		948.99	869.44
(v) Other financial assets	8	2,054.51	1,949.28
(c) Other current assets
Total current assets		25,151.22	25,885.43
TOTAL ASSETS
Equity and Liabilities		37,206.71	37,206.71
Equity	13(a)(b)
(a) Equity share capital			(1, 35, 355.20)
(b) Instruments entirely equity in nature	14	(1,36,189.35)	(98, 148.49)
(b) Other equity		(98, 982.64)
Total Equity
Liabilities
1 Non-current liabilities		575.70	584.32
(a) Financial liabilities	15 and 16	48.79	48.79
Borrowings	17	624.49	633.11
(b) Provisions
Total non current liabilities
2 Current liabilities			3,557.02
(a) Financial liabilities	18	3,558.27	8,570.75
(i) Borrowings	19	8,547.00	1,10,561.10
(ii) Trade payables	20	1,10,574.56
(iii) Other financial liabilities	21	811.30	693.70
		18.25	18.25
(b) Other current liabilities	17	1,23,509.38	1,23,400.81
(c) Provisions
Total current liabilities		25,151.22	25,885.43
TOTAL EQUITY AND LIABILITIES

Summary of significant accounting policies Note 1 to 48 form an integral part of the balance sheet As per our report of even date attached of the comPanY'

For A-K'G & ASSOCIATES

Chortered Accountonts lCAl Firm registration numDer:

++r,.^i,^J'."^'

CA. HARVINDER SINGH onn'llii!..,n, o No': 08788e

Place: Date: U ubl ftArqSBLS\s-l 2&3

For ond on behotl ol the Boord of Directors of ffi;;Ja-iL'-ii.i (6otP"nY under clRP)

lndosolar Limited (companv under clRP)

iiru' lrerorouoosPLcl34sTs

Eikf i'Jii"T"".'n'-i"-'-ir*t'"'ended31*"1'.1:il'to

All amounts in Rupees in lakh, unless otherwise stated	For the year ended31 March 2020	For the year ended31 March 2019
A. Cash flow from operating activities	(834.15)	(52, 501.30)
Loss before tax as per Statement of Profit and Loss		2,413.69
Adjustments for:	714.78
Depreciation and Amortisation Expense	4.37	5,093.04
Interest Expenses	(50.38)	(52.39)
Interest income		799.61
Provision for doubtful debts written back
Provision for doubtful debtsProvision for service tax not recoverable written back		21.60
Service tax not recoverable written off
Exceptional Items		42.819.12
-Waiver of Interest on loans
-Impairment Losses of Property, Plant & Equipment-Gain on modification of loan due to fair valuation of 1% OCCRPS		60.18
Bad debts written off		3.66
Demurrage/detention charges	(30.58)	10.39
Unrealized Foreign Exchange Rate Difference (Gain) / Loss (Net)		(248.49)
(Gain) / Loss on Sale of Property, Plant and Equipment (net)
Provisions/Liabilities no longer required written backAmortised ancillary cost of arranging the borrowings		(1,580.89)
	(195.96)
Operating profit before working capital changes
	0.27	(586.68)
Movements in Working Capital:	(0.00)	2.128.27
(Increase)/decrease in Trade Receivables(Increase)/decrease in Inventories	43.93	180.94
(Increase)/decrease in Other financial assets and Other assets	(23.75)	2,333.69
Increase/(decrease) in Trade payables	121.22	769.36
Increase/(decrease) in Other liabilities and Provisions	(54.29)	3.244.69
Cash used from operations		3,244.69
Direct taxes (paid)/refund received	(54.29)
Net cash generated from operating activities		(2, 337.86)
B. Cash flow from investing activities	1.20
Capital expenditure on Property, Plant and Equipment, including capital work in	30.58	23.33
Imapirment Losses of CWIP	100.00	(2.71)
Proceeds from sale of Property, Plant and Equipment	28.13	33.82
Movement in Fixed Deposits with Banks	159.91	(2, 283.42)
Interest receivedNet cash used in investing activities
C. Cash flow from financing activities	1.21	(197.85)
Proceeds from issue of share capital	1.25	10.82
Proceeds from/ (repayment of) Long term borrowingsProceeds from/ (repayment of) Short term borrowings	(4.37)	(999.68)
	(1.91)	(1, 186.71)
Interest paidNet cash used in financing activities	103.71	(225.46)
Net increase in cash and cash equivalents	67.01	292.46
		÷.
Opening Balance of Cash and Cash Equivalents		67.01
Add: Exchange loss/(gain) on foreign currency in hand	170.72
Closing Balance of Cash and Cash Equivalents
	٠	0.12
Cash and cash equivalent comprises:	60.72	66.89
Cash in hand	110.00
Balances with scheduled banksDeposits with original maturity of less than three months	170.72	67.01

'lndirect Method" as set out in the Indian Accounting Standard - 7 C2sh ta ct' 2013' o

in company'

le

attached

As per our rePort of even date For A.KG&ASSOCIATES Chortercd Accountonts

CA. HARVINDER SINGH Pa rtner MembershiP No :087889

3:;"i uD AAffAgL &q5'1

For ond on beholf of the Boord of Directors of i'i,lJlil- Li.it"e (companv under clRPl

Kumai Agarwal

Taken o!