INDOSOLAR LIMITED - Interim / Quarterly Report 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: Unaudited financial Results for the quarter and half year ended September 2020 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 unaudited financial results of the Company for the quarter and half year ended September 2020 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 unaudited Financial Statement of the Company for the quarter and half year ended September 2020along with Limited Review 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: [email protected]

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 Review Report on Unaudited Standalone Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015.

To,

The Resolution Professional of, Indosolar Limited,

1. We, the Statutory Auditors, of the company have reviewed the accompanying statement of unaudited financial results of Indosolar Limited, company under CIRP (“the company”), for the quarter ended September 30, 2020 (hereinafter referred to as "the Statement") being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, read with SEBI CIR/CFD/CMD1/44/2019 dated March 29, 2019 including relevant circulars issued by SEBI from time to time.

2. The Company had shut down its production facilities w.e.f 15th May 2018. A corporate insolvency resolution process (“CIRP”) has been initiated against the company vide an order of Delhi bench of the National Company Law Tribunal (NCLT) dated April 12, 2019 under the provisions of the Insolvency and Bankruptcy Code 2016 (Code). Pursuant to the order, the power of the Board of directors stands suspended as per Section 17 of the Code and such powers are exercisable by Mr. Gulshan Gaba, who was appointed as Interim Resolution Professional (IRP) and was consequently continued as Resolution Professional (RP) by the Committee of Creditors (COC).

Further vide an Order dated October 09, 2019, Hon’ble NCLT has extended the CIRP period for a period of 90 days beyond the initial a statutory period of 180 days and subsequently vide pursuant to an Order dated January 09, 2020 passed by the Hon’ble

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 15:31:42 +05'30'

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NCLT the CIRP period was further extended by a period of 60 days beyond the period of 270 days and by an order dated March 12, 2020. The NCLT had extended the CIRP period by further 15 days in terms of the amended provisions of the Code.

3. This Statement which is the responsibility of the company’s management, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting (IND AS 34) prescribed under section 133 of the Companies Act, 2013(“the Act”) , SEBI Circular CIR/CFD/FAC/62/2016 dated 5[th] July 2016 (herein referred to as the SEBI Circular”) and other accounting principles generally acceptable in India.

4. Since the powers of the Board have been suspended the above statements have not been adopted by Board of Directors. However, the same have been signed by Mr. Anand Kumar Agarwal, Chief Financial Officer of the Company confirming accuracy and completeness of the results and taken on record by Mr. Gulshan Gaba, Resolution Professional. Our responsibility is to issue a report on the statement based on our review.

5. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free from material misstatement. A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures to financial data. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

6. In preparing the financial results, 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

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HARVINDER Digitally signed by HARVINDER SINGH Date: 2021.12.29 SINGH 15:31:57 +05'30'

to do so. Under section 20 of the Code, it is incumbent upon Resolution Professional to manage the operations of the Company as a going concern and the financials results have been prepared on going concern basis.

Basis for Disclaimer of Opinion

1. 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 September 30, 2020 and valuation thereof.

2. 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.

As per “Ind AS-36” which talks about impairment of asset, if the carrying amount of the asset is more than recoverable amount then asset needs to be impaired and as “Ind AS109” on financial instruments which also contain provision of impairment of financial asset through expected credit loss method basis, these provisions were required to seek for any impairment obligation from management but since the corporate debtor is still under the CIRP Process and resolution professional and CoC are in process of Finalization of successful resolution applicant and the management has not determined the value in use thus impairment of Fixed asset including Capital WIP, which are standing in the books of account before initiation of CIRP Process. Consequently, we are unable to determine whether any adjustment to the carrying value are necessary and consequential impact on the financial statement.

3. We were unable to confirm or verify balances of accounts receivable and accounts payables and their resultant effect on Profit and loss account, if any.

4. Interest on borrowing in respect of facilities from Corporation bank, Union bank of India and Bank of Baroda had 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 / others of approximately Rs. 1,01,028.27 lakh pertaining to this year or earlier years between claims admitted by Resolution Professional and balances in books as on 16[th] April 2019. So we’re unable to comment on the financial impact of the same on loss for the year.

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HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 15:32:14 +05'30'

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 30[th ] June 2020 the Company's NFE is positive by Rs. 17,893.46 lakh without considering the import value of amortization of Line-C. However, after amortization of value of line C NFE becomes negative by Rs. 17,602.67 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 regards 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.

Emphasis of Matter

We draw attention to the following matters:

a) Note No. 1 regarding Corporate Insolvency Resolution Process (CIRP) initiated under Insolvency and Bankruptcy Code, 2016 ('the Code') and the outcome of the CIRP is subject to decision of APEX Court / NCLT.
b) Note no. 4 of the financial statement, regarding preparation of financial statement on going concern basis, which states that the company has incurred losses, its liabilities exceeded total assets and its net worth has been eroded as on 30th September 2020. Since the CIRP is currently in progress, as per the code, it is required that the company be managed as a going concern during CIRP. The financial statement is continued to be prepared on going concern basis. However there exists material uncertainty about the company’s ability to continue as a going concern since the same is dependent upon the resolution plan to be approved by Hon’ble NCLT. The appropriateness of preparation of financial statement on going concern basis is critically dependent upon CIRP as specified in the code. Our opinion is not modified in respect of this matter.

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 P a g e 4 | 6

Digitally signed HARVIND by HARVINDER SINGH ER SINGH Date: 2021.12.29 15:32:40 +05'30'

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 13[th] 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].

In the cited judgment the apex court, “has declared the position in law to not enable a withdrawal or modification to a successful Resolution Applicant after its submission to the Adjudicating Authority”. Apex Court also observed that- “Such inordinate delays cause commercial uncertainty, degradation in the value of the Corporate Debtor and makes the insolvency process inefficient and expensive. Judicial delay was one of the reasons of failure of last insolvency regime prior to IBC.”

There is a potential risk on the Going Concern since the resolution plan approved in CoC meeting is still pending for approval by the Hon’ble NCLT.

c) Closing Stock of finished goods and raw material has been taken as nil.
d) 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 to the RP during the CIRP, till the approval of a resolution plan by COC. The RP has verified and admitted the claims submitted by the creditors against the company as per the Code. Pending approval of resolution plan by the Hon’ble NCLT, the impact of such claims if any that may also have not been considered in the preparation of the financial statements.

The accounting impact in the books of accounts has not been made in respect of excess, short or non –receipts of claims for financial and operational creditors. Hence, consequential impact, if any, is currently not ascertainable and we are unable to comment on possible financial impact of the same.

HARVIN Digitally signed DER by HARVINDER SINGH Date: 2021.12.29 SINGH 15:33:12 +05'30'

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Conclusion:

Due to the possible effects of the matters described in the Basis of Disclaimer of Opinion paragraph, we are unable to state whether the accompanying Statements are in accordance with the Indian Accounting Standards and other accounting principles generally accepted in India and have disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015 including relevant circulars issued by SEBI from time to time, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For A.K.G. & ASSOCIATES Chartered Accountants FRN. 002688N HARVIND Digitally signed by HARVINDER SINGH ER SINGH Date: 2021.12.29 15:31:20 +05'30'

Place: New Delhi Date: 29.12.2021

CA. Harvinder Singh Partner M. No. 087889 UDIN:21087889AAAAGV4777

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INDOSOLAR LIMITED Regd. Office: C-12, Friends Colony (East), New Delhi- 110065 Corporate Identification Number (CIN)- L18101DL2005PLC134879

STATEMENT OF ASSETS AND LIABILITIES	(Rs. in Lakh)	(Rs. in Lakh)
Particulars	As at 30.09.2020	As at 31.03.2020
	(Unaudited)	(Audited)
A. 1 2 Current Assets ASSETS Non - Current Assets a) Property, Plant and Equipment b) Capital work in progress c) Other intangible assets d) Financial Assets i) Loans ii) Other Financial Assets e) Non current tax assets (net) f) Other non-current assets Total Non-Current Assets a) Inventories b) Financial Assets i) Trade receivables ii) Cash & Cash Equivalents iii) Bank balances (other than cash and cash iv) Loans v) Other Financial assets c) Other current assets Total Current Assets	14,364.79 8,298.65 6.84 34.22 - - 35.86	14,720.19 8,298.65 8.82 34.22 - - 34.84
	22,740.34	23,096.72
	537.34 14.26 8.35 416.79 - 88.96 936.02	537.34 14.26 170.72 305.11 - 78.09 948.98
	2,001.71	2,054.51

TOTAL - ASSETS	24,742.06	25,151.23
B. 1 2 EQUITY EQUITY AND LIABILITIES a) Financial Liabilities a) Equity Share Capital b) Instruments entirely equity in nature c) Other Equity Total Equity LIABILITIES Non - Current Liabilities a) Financial Liabilities i) Borrowings b) Provisions Total Non-Current Liabilities Current Liabilities i) Borrowings ii) Trade Payables iii) Other financial liabilities b) Other current liabilities c) Provisions Total Current Liabilities	37,206.71 - (1,36,600.22)	37,206.71 - (1,36,189.35)
	(99,393.51)	(98,982.64)
	575.70 48.79	575.70 48.79
	624.49	624.49
	3,558.27 8,558.84 1,10,567.13 808.59 18.26	3,558.27 8,547.00 1,10,574.56 811.30 18.25
	1,23,511.09	1,23,509.38

TOTAL - EQUITY AND LIABILITIES	24,742.06	25,151.23

Place: Delhi

Date : 29-12-2021 Taken on Record Gulshan Gaba

GULSHA Digitally signed by GULSHAN GABA N GABA Date: 2021.12.29 12:15:44 +05'30'

ANAND Digitally signed by ANAND KUMAR KUMAR AGARWAL AGARWAL Date: 2021.12.29 12:16:45 +05'30'

Anand Kumar Agarwal Chief Financial Officer

Sonam Prasad Digitally signed by Sonam Prasad DN: cn=Sonam Prasad, o=Indosolar Limited, ou=Secretarial, [email protected], c=IN Date: 2021.12.29 14:51:43 +05'30' Sonam Prasad Company Secretary

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 14:38:55 +05'30'

Resolution Professional Regn no: IBBI/IPA-001/IP-P00548/2017-18/10978

INDOSOLAR LIMITED

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

Statement of Unaudited Financial Results for the Quarter and Half year ended 30th September, 2020

		(Rs. in Lakhs)	(Rs. in Lakhs)	(Rs. in Lakhs)	(Rs. in Lakhs)	(Rs. in Lakhs)	(Rs. in Lakhs)
S. No.	P A R T I C U L A R S	Quarter Ended			Half Year Ended		Year Ended
		30.09.2020	30.06.2020	30.09.2019	30.09.2020	30.9.2019	31.03.20
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
I II III V IV	Revenue from operations Other Income	7.19	- 6.20	- 38.85	- 13.56	- 47.27	- 80.96
	Total Income (I + II)	7.19	6.20	38.85	13.56	47.27	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	- - - 10.34 - 178.70 21.28	- - - 6.80 0.03 178.70 28.57	- - - 7.39 0.45 190.70 40.84	- - - 23.39 0.11 357.39 43.54	- - - 12.05 0.45 390.02 54.76	- - - 30.87 4.37 714.78 165.09
	Total Expenses (IV)	210.32	214.10	239.38	424.43	457.28	915.11
	Profit / (Loss) before exceptional items and tax (III - IV)	(203.13)	(207.90)	(200.53)	(410.87)	(410.01)	(834.15) - - (834.15) - - - (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	(203.13) - - - - (203.13) - - - - -	(207.90) - - - - (207.90) - - - - -	(200.53) - - - - (200.53) - - - - -	(410.87) - - - - (410.87) - - - - -	(410.01) - - - (410.01) - - - - -
	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.)	(203.13) 37,206.71 (0.05) (0.05)	(207.90) 37,206.71 (0.06) (0.06)	(200.53) 37,206.71 (0.05) (0.05)	(410.87) 37,206.71 (0.11) (0.11)	(410.00) 37,206.71 (0.11) (0.11)	(834.15) 37,206.71 (0.22) (0.22)

ANAND Digitally signed by ANAND KUMAR KUMAR AGARWAL AGARWAL Date: 2021.12.29 12:19:16 +05'30' Anand Kumar Agarwal Chief Financial Officer

Taken on Record Anand Kumar Agarwal Place: New Delhi Gulshan Gaba Chief Financial Officer Dated: 29-12-2021 Resolution Professional GULSHAN GABA Digitally signed by GULSHAN GABA Date: 2021.12.29 12:17:50 +05'30' Sonam Prasad Sonam Prasad Digitally signed by Sonam Prasad DN: cn=Sonam Prasad, o=Indosolar Limited, ou=Secretarial, [email protected], c=IN Date: 2021.12.29 14:50:39 +05'30' Regn no: IBBI/IPA-001/IP- Company Secretary

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 14:39:18 +05'30'

1. Corporate Insolvency Resolution Process:

As per order of Hon’ble NCLT, New Delhi dated 12[th] April,2019 under the provisions of Insolvency and Bankruptcy Code 2016, the company is under Corporate Insolvency Resolution Process (CIRP). Its affairs, business and assets are being managed by the Resolution Professional (RP). 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 period, till the approval of a resolution plan by the CoC. The RP has verified, reconciled and admitted the claims filed by the creditors of the company based on the information available with him. The summary of claims filled by financial creditor, operational creditors and employees of the company and admitted by resolution professional as on 06[th] March 2020 are as follows:

S.No.	Particulars	Claim Received	Claim Admitted*
		(INR in Lakh)	(INR in Lakh)
1	Financial Creditors	2,13,826.52	2,13,791.49**
2	Operational Creditors	9,372.42	4,712.08
3	Employees***	737.78	261.90

*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 as resolution plan approved by the members of Committee of Creditor was not approved by the Hon’ble NCLT till 30[th] September 2020.

** It includes claim of Bank of Baroda amounting to Rs.25,918.78 lakh, Corporation Bank Rs - 39,576.4 lakh, AIRCL - Rs 49,974.1 lakh and Union Bank of India - Rs 98,322.09 lakh.

*** A Litigation has been filed by 49 employees of the company for a claim of Rs. 399.49 lakh with the Labour Court at Noida (UP) before initiation of CIRP. However, most of the said employees have also filed their claim with Resolution Professional (RP) which have been admitted by RP on merits. Details of claim received and admitted by RP are available on the website of company.

Since the creditors have been shown at their carrying value and there is uncertainty relating to amount payable to them, no further MSME interest has been provided during the quarter.

Further, the Company has continued to incur losses in the current quarter resulting in erosion of its net worth.

Further, vide an Order dated October 09, 2019, Hon’ble NCLT has extended the CIRP period for a period of 90 days beyond the initial a statutory period of 180 days and subsequently vide pursuant to an Order dated January 09, 2020 passed by the Hon’ble NCLT. The CIRP period was further extended

by a period of 60 days beyond the period of 270 days and by an order dated March 12, 2020 the Hon’ble NCLT had extended the CIRP period by further 15 days in terms of the amended provisions of

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 14:39:33 +05'30'

GULSHAN GABA Digitally signed by GULSHAN GABA Date: 2021.12.29 12:25:43 +05'30'

ANAND KUMAR AGARWAL Digitally signed by ANAND KUMAR AGARWAL Date: 2021.12.29 12:26:15 +05'30' Sonam Prasad Digitally signed by Sonam Prasad DN: cn=Sonam Prasad, o=Indosolar Limited, ou=Secretarial, [email protected], c=IN Date: 2021.12.29 14:49:41 +05'30'

the Code. After that the Resolution plan was received by the resolution applicant which is still under consideration

2. 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 Mr. Anand Kumar Agarwal, Chief Financial Officer of the Company confirming accuracy and completeness of the results and taken on record by Mr. Gulshan Gaba, Resolution Professional. The same have also been subjected to Limited Review by the Statutory Auditor.

3. The operation of company relates to single segment i.e, manufacturer of Solar Photovoltaic Cells. However, no manufacturing activities have been carried out by the company during the quarter ending 30[th] September 2020.

4. Going Concern:

The Company has continued to incur losses, its liabilities exceeds total asset and its net worth has been eroded as at 30[th] September 2020.

No business activities have been carried out by the company during the period ended 30[th] June, 2020. The company is under Corporate Insolvency Resolution Process (CIRP) and has received two resolution plans from the prospective resolution applicants out of which the Committee of Creditors (CoC) has approved the resolution Plan of “Waaree Energies Limited”. Although the same has not been approved by the Hon’ble NCLT till date.

Waree 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 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.

5. 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 subsidy claim of the company. In the absence of the reasonable assurance, pending appraisal, the claim has not

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 14:39:49 +05'30' GULSHAN GABA Digitally signed by GULSHAN GABA Date: 2021.12.29 12:26:46 +05'30' ANAND KUMAR AGARWAL Digitally signed by ANAND KUMAR AGARWAL Date: 2021.12.29 12:27:22 +05'30' Sonam Prasad Digitally signed by Sonam Prasad DN: cn=Sonam Prasad, o=Indosolar Limited, ou=Secretarial, [email protected], c=IN Date: 2021.12.29 14:48:44 +05'30'

been recognized. The RP has also filed an application before Hon’ble NCLT for early release of capital subsidy vide its application dated 02.01.2020 having diary number 0710102000292020.

6. The value of inventory of finished goods and raw material has been taken as nil, as it is expired and its present market value is negligible.

7. 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 30[th] September 2020 the Company's NFE is positive by Rs. 17,693.26 lakh without considering the import value of amortization of Line-C. However, after considering the amortization of value of line-C NFE becomes negative by Rs. 23,898.48 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.

8. Considering the ongoing Corporate Insolvency Resolution Process, the uncertainty as to the realisation of unused tax losses cannot be ascertained at this stage. Consequently, adjustment to Deferred Tax(Net) have not been given effect to.

9. Previous period figures have been regrouped/rearranged whenever considered necessary to make them comparable with current period.

ANAND KUMAR Digitally signed by ANAND KUMAR AGARWAL AGARWAL Date: 2021.12.29 12:21:58 +05'30' Anand Kumar Agarwal Place: New Delhi Chief Financial Officer Dated: 29-12-2021 Sonam Prasad Digitally signed by Sonam Prasad DN: cn=Sonam Prasad, o=Indosolar Limited, ou=Secretarial, [email protected], c=IN Date: 2021.12.29 14:46:18 +05'30' Sonam Prasad Company Secretary

HARVINDER SINGH Digitally signed by HARVINDER SINGH Date: 2021.12.29 14:40:06 +05'30'

Taken on Record By

Gulshan Gaba GULSHAN Digitally signed by GULSHAN GABA GABA Date: 2021.12.29 12:20:17 +05'30'

Resolution Professional Regn no: IBBI/IPA-001/IP-P00548/2017-18/10978

AI assistant

INDOSOLAR LIMITED Interim / Quarterly Report 2021

62435_rns_2021-12-30_ab7037e8-4f82-4c1a-8379-732012d0d809.pdf