INDOSOLAR LIMITED — Interim / Quarterly Report 2023

Nov 14, 2022

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November 14, 2022

The General Manager, Manager - Listing Compliance Corporate Relationship Department, National Stock Exchange of India Limited Bombay Stock Exchange Ltd. Exchange Plaza’. C-1, Block G, 25th Floor, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Fort, Mumbai - 400 051 Mumbai – 400 001

SCRIPT CODE: 533257 Company Symbol: INDOSOLAR ISIN: INE866K01015

Sub.: Outcome of Board Meeting held today i.e., on November 14, 2022

Dear Madam/Sir,

With regard to the captioned subject and in compliance with the Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, this is to inform that the Board of Directors of Indosolar Limited at its meeting held today i.e., on November 14, 2022 at 6:30 p.m. and concluded at 8:30 p.m. have inter alia considered and approved Standalone Unaudited Financial Results for the quarter year ended on June 30, 2022 and quarter and half year ended on September 30, 2022. In this regard, please find enclosed herewith:

• (a) Standalone Unaudited Financial Results of the Company for the quarter ended on June 30, 2022 along with limited review report.

• (b) Standalone Unaudited Financial Results of the Company for the quarter and half year ended on September 30, 2022 along with limited review report.

These are also being made available on the website of the Company at www.indosolar.co.in.

Please take the same on your records and suitably disseminate to all the concerned.

Thanking you, Yours faithfully, For Indosolar Limited AKALPITA Digitally signed by AKALPITA HARNISH HARNISH PATEL PATEL Date: 2022.11.14 20:53:33 +05'30'

Akalpita Patel Company Secretary and Compliance Officer Membership No. ACS40528 Email Id: akalpitapatel@waaree.com Encl.: As above

INDOSOLAR LIMITED

Registered Office :- C-12, Friends Colony (East), New Delhi – 110065, India

Factory – 3C / 1eco Tech -11 , Udyog Vihar, Greater Noida – 201306, Uttar Pradesh, India

TEL - +91 -120 – 4762500 / FAX +91-120-4762525

CIN: L18101DL2005PLC134879

A.K.G. & ASSOCIATES C h a r t e r e d A c c o u n t a n t s

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Independent Auditor’ s Review Report on Unaudited Standalone Financial Results of Indosolar Limited for the quarter and six months ended September 30, 2022, pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 as amended

To, The Board of Directors of Indosolar Limited

1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Indosolar Limited (the “Company”), for the quarter and six months ended on September 30, 2022. This Statement which is the responsibility of the Company's Management and approved by the Board of Directors. Our responsibility is to issue a report on the Statement based on our review.

2. We conducted our review in accordance with the Standard on Review Engagement (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 financial statements are free of material misstatement.

3. A review is limited primarily to inquiries of company personnel and analytical procedure applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with Ind AS and other recognized accounting practices and policies, and has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

11-CSC, DDA Market, A-Block, Saraswati Vihar, Delhi-110034 E-mail: audit@akgandassociates.com www.akgandassociates.com 1800-309-9986

Delhi, Mumbai, Bengaluru, Jaipur and Karnal

1. We draw attention to Notes to the Statement in respect of resolution plan approved by the National Company Law Tribunal vide its order dated April 21, 2022 under section 31(1) of the Insolvency and Bankruptcy Code, 2016. The Company has accounted the impact as per the aforesaid resolution plan.

Place: New Delhi Date: 14.11.2022

For A.K.G. & ASSOCIATES Chartered Accountants FRN. 002688N HARVIND Digitally signed by HARVINDER SINGH ER SINGH Date: 2022.11.14 20:19:18 +05'30' CA. Harvinder Singh Partner M. No. 087889 UDIN: 22087889BDCSVS1988

CIN: L18101DL2005PLC134879 Regd Office: C-12, Friends Colony (East), New Delhi – 110065, India

Indosolar Limited

Statement of Unaudited Financial Results for the quarter ended 30th September, 2022

(All amounts in Rupees in lakh, unless otherwise stated)

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Quarter Ended Half year ended Year Ended 31-
Sr.
Particulars 30-09-2022 30-06-2022 30-09-2022 03-2022
No
Unaudited Unaudited Unaudited Audited
1 Income
Revenue from operations 74.37 - 74.37 -
Other Income 6.74 0.29 7.03 19.05
Total income 81.11 0.29 81.40 19.05
2 Expenses
Cost of materials consumed - -
Purchase of Stock in Trade - -
Change in inventories of finished goods, work-in-progress - -
and stock-in-trade
Employee benefit expense 0.19 0.83 1.02 19.95
Finance cost - - - 0.01
Depreciation and amortisation expense 49.69 49.70 99.39 710.53
Other expenses 95.72 17.70 113.42 772.47
Total Expenses 145.60 68.23 213.83 1,502.96
3 Profit/(Loss) before exceptional item and tax (64.49) (67.94) (132.43) (1,483.91)
4 Exceptional item - 1,09,157.11 1,09,157.11 (10,748)
5 Profit/(Loss) from ordinary activities before tax (64.49) 1,09,089.17 1,09,024.68 (12,231.79)
6 Tax Expense:
- - - -
Deferred Tax Liability / (Assets)
MAT credit reversal - - - -
- - - -
Tax of earlier years
7 Net Profit/(loss) after tax (64.49) 1,09,089.17 1,09,024.68 (12,231.79)
8 Other Comprehensive Income / (Loss)
Items That will not be reclassified into Profit or loss - - - -
Items That will be reclassified into Profit or loss - - - -
9 Total Comprehensive income/ (Loss) for the period (64.49) 1,09,089.17 1,09,024.68 (12,231.79)
10 [Paid-up equity share capital ] 4,160.37 4,160.37 4,160.37 37,206.71
(Face Value of Rs. 10 each)
11 Reserves (excluding Revaluation Reserve) (1,49,216.15) (1,49,216.15) (1,49,216.15) (1,49,216.15)
12 Earnings per share (of Rs. 1 (P.Y.10/- each)
(not annualised)
(a) Basic (0.16) 262.21 262.06 (3.29)
(b) Diluted (0.16) 262.21 262.06 (3.29)
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For IndoSolar Limited HITESH CHIMANLAL DOSHI Digitally signed by HITESH CHIMANLAL DOSHI DN: c=IN, o=Personal, 2.5.4.20=16f8c403f199746ca0a5701be5721c5facb4829f57973b1376ffd7108f5a599c, postalCode=400101, st=Maharashtra, serialNumber=1e0e6d16cf0ba3a9099f4dd4bf66adcbdcd4bed80702c0fcc891a48c2cf43796, cn=HITESH CHIMANLAL DOSHI Date: 2022.11.14 20:03:13 +05'30'

……………………………..

Place: Mumbai Date : 14th November 2022

Hitesh C. Doshi DIN: 00293668 Director

CIN: L18101DL2005PLC134879 Regd Office: C-12, Friends Colony (East), New Delhi – 110065, India

Indosolar Limited

Statement of Assets & Liabilities as at 30th September, 2022

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As at As at
Sr. Particulars 30-09-2022 31-03-2022
(Unaudited) (audited)
A ASSETS
1 Non Current Assets
(a) Property, Plant and Equipment 3,783.63 6,555.30
(b) Capital work in progress 348.07 2,653.00
(c) Right to use Assets 1,646.20 1,646.20
-
(d) Intangible asset
(e) Intangible asset under Development
(f) Financial Assets
Investments
Security deposits 22.74 22.73
Other Financial Assets
Income Tax Assets (Net) 27.96 27.26
Deferred tax asset (net)
Other Non Current Assets
Total Non - Current Assets 5,828.60 10,904.49
2 Current assets
Inventories
Financial Assets
(i) Trade receivables 3.74
(ii) Security Deposit
(iii) Cash and Cash Equivalents 117.46 24.82
(iv) Bank Balances other than cash & cash equivalents 433.66 427.86
(v) Other Financial Assets 89.50 89.50
Other Current Assets 163.16 156.66
Total Current Assets 807.52 698.84
3 Non current asset held for sale 610.01
TOTAL ASSETS 7,246.13 11,603.33
B EQUITY AND LIABILITIES
1 Equity
(a) Equity Share Capital 4,160.37 37,206.71
(b) Other Equity (3,145.94) (1,49,216.15)
Equity attributable to Owners of the Company 1,014.42 (1,12,009.44)
- -
Non-Controlling interests
Total Equity 1,014.42 (1,12,009.44)
Liabilities
2 Non-current liabilities
(a) Financial Liabilities
(i) Borrowings - 500.73
(ii) Lease Liability 74.97 74.97
-
(iii) Other Financial Liabilities
-
(b) Deferred Tax Liabilities
(b) Provisions - 48.79
Total Non - Current Liabilities 74.97 624.49
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As at As at
Sr. Particulars 30-09-2022 31-03-2022
(Unaudited) (audited)
3 Current liabilities
(a) Financial Liabilities
(i) Borrowings 5,014.30 82,333.55
(ii) Lease liability 17.25 17.25
(iii) Trade Payables
- Due to micro and small enterprises - 86.95
- Due to Others 48.08 8,519.63
(iv) Other Financial Liabilities 1,074.92 31,213.18
(b) Other current liabilities 2.19 799.47
(c) Provisions - 18.25
Total Current Liabilities 6,156.74 1,22,988.28
TOTAL EQUITY AND LIABILITIES 7,246.13 11,603.33
For IndoSolar Limited
HITESH Digitally signed by HITESH CHIMANLAL DOSHI DN: c=IN, o=Personal, 2.5.4.20=16f8c403f199746ca0a5701be5721c5facb4
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HITESH CHIMANLA L DOSHI

Digitally signed by HITESH CHIMANLAL DOSHI DN: c=IN, o=Personal, 2.5.4.20=16f8c403f199746ca0a5701be5721c5facb4 829f57973b1376ffd7108f5a599c, postalCode=400101, st=Maharashtra, serialNumber=1e0e6d16cf0ba3a9099f4dd4bf66adc bdcd4bed80702c0fcc891a48c2cf43796, cn=HITESH CHIMANLAL DOSHI Date: 2022.11.14 20:03:30 +05'30'

……………………………..

Place: Mumbai Date : 14th November 2022

Hitesh C. Doshi DIN: 00293668 Director

Indosolar Limited CIN: L18101DL2005PLC134879

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

Cash Flow Statement for the year ended 30th September, 2022

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Particulars 30-Sept-2022 31-Mar-22
Unaudited Audited
A. CASH FLOW FROM OPERATING ACTIVITIES
Net (loss) / profit before tax 1,09,023.57 (12,231.79)
Adjustments for
Depreciation and amortisation expense 99.39 710.53
Interest income (7.03) (18.34)
Allowance for doubtful receivables - 14.26
Provision for doubtful advances - 86.66
Inventories written off - 537.34
Assets written off - 58.06
Operating profit before working capital changes 1,09,115.93 (10,843.28)
Movements in Working Capital :
-
Decrease / (increase) in Trade Receivables (3.74)
- -
Decrease / (increase) in Inventories
-
Decrease / (increase) in Other Current Assets (6.50)
Decrease / (increase) in Other Financial Assets (0.01) 41.42
(Decrease) / Increase in Trade and Other Payables 384.69 45.27
(Decrease) / Increase in Other Financial Liabilities 371.89 -
Increase/(decrease) in Other liabilities and Provisions 277.74 (30.40)
Cash generated from / (used in) operations 1,10,140.00 (10,786.99)
Add/(Less) : Exceptional Items (1,09,157.11) 10,747.88
982.89 (39.11)
Direct taxes paid (net of refunds received) (0.70) 9.38
Net cash (used in) / from generated from operating activities 983.59 (48.49)
B. CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditure on Property, Plant and Equipment, including
-
(348.72)
capital work in progress & capital advances
Movement in Fixed Deposits with Banks (5.80) (3.10)
Interest received 7.03 18.34
Net cash (used in) / generated from investing activities (347.49) 15.24
C. CASH FLOW FROM FINANCING ACTIVITIES
Issue of Equity 4,000.00
Proceeds/ (Repayment) from borrowings (net) (4,543.46) 56.79
Net cash (used in) / from financing activities (543.46) 56.79
Net increase / (decrease) in cash and cash equivalents 92.64 23.54
Cash and cash equivalents at the beginning of the year 24.82 1.28
Cash and cash equivalents at the end of the year 117.46 24.82
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Particulars 30-Sept-2022 31-Mar-22
Unaudited Audited
Cash and cash equivalent comprises:
Particulars
As at As at
30 September 2022 31 March 2022
Cash in hand 0.45 -
Balances with scheduled banks 117.01 24.82
- -
Deposits with original maturity of less than three months
Total 117.46 24.82
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For IndoSolar Limited

HITESH Digitally signed by HITESH CHIMANLAL DOSHI DN: c=IN, o=Personal, 2.5.4.20=16f8c403f199746ca0a5701be57 21c5facb4829f57973b1376ffd7108f5a59 CHIMANL 9c, postalCode=400101, st=Maharashtra, serialNumber=1e0e6d16cf0ba3a9099f4d d4bf66adcbdcd4bed80702c0fcc891a48c 2cf43796, cn=HITESH CHIMANLAL DOSHI AL DOSHI Date: 2022.11.14 20:03:56 +05'30'

……………………………..

Place: Mumbai Date : 14th November 2022

Hitesh C. Doshi DIN: 00293668 Director

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Notes
1 The above Financial Results of the Company have been reviewed by the Audit committee and approved by the
Board of Directors at their respective meeting held on 14th November, 2022
2 Pursuant to an application made by Corporation Bank, the Hon’ble National Company Law Tribunal, New Delhi
Principal bench (“Adjudicating Authority”), vide its order dated
April 12, 2019, had ordered the commencement of the corporate insolvency resolution (“CIR”) process in respect
of the Company under the provisions of the Insolvency and Bankruptcy Code, 2016 (the “Code”).
Pursuant to its order dated April 21, 2022 (“NCLT Order”), the Adjudicating Authority approved the resolution
plan (“Approved Resolution Plan”) submitted by Waaree Energies Limited (“Resolution Applicant”) (“RA”) for the
takeover of the Company under Section 31 of the Insolvency and Bankruptcy Code, 2016 (“Code”). As per the
terms of Section 31 of the Code, the Approved Resolution Plan shall be binding on the Company, its employees,
members, creditors, guarantors and other stakeholders involved in the Resolution Plan.
Pursuant to the Approved Resolution Plan, a management control was taken over by Resolution Applicant to
manage the affairs of the Company and to maintain the Company as a going concern. Considering this the
financial statements are being presented on a 'Going Concern Basis'.
3 Implementation of the Approved Resolution Plan (Plan) has commenced with effect from April 21, 2022 and the
following steps have been completed as per the terms of the said Plan:
A The pay-out on account of CIRP costs, worker dues, employees dues, other operational creditors and dues of
the financial creditors as envisaged under the approved resolution plan has been effected;
B Total plan outlay of Rs. 189.793 Crore would be deployed as under:-
(i) Payment to financial creditors - INR 90 crore (less any excess CIRP Cost, if any, in terms of resolution plan)
(ii) Payment towards CIRP cost, Amount due to Operational creditors, workmen and employees - INR 4.583 crore
(iii) Payment towards capital expenditure - INR 95.210 crore
C The resolution plan provides for reduction of the issued, subscribed and paid-up capital of the Company from
Rs. 3,72,06,71,160/- consisting of 37,20,67,116 equity shares of Rs. 10/- each to Rs. 1,60,36,910/- consisting
of 16,03,691 equity shares of Rs. 10/- each by cancelling and extinguishing, in aggregate, 99% of the total
issued, subscribed and paid-up equity share capital of the Public Shareholders of the Company and 100% of the
total issued, subscribed and paid-up equity share capital of the erstwhile promoters of the Company. The
Resolution plan also provides for allotment of 4,00,00,000 equity shares of face value of Rs. 10 to the Resolution
Applicant. The Company has accordgly allotted shares to the Resolution Applicant. The corproate actions of
capital reduction, extingushment of erstwhile promoter shares and allotment of shares are in porcess. The
Company's application for recommencement of trading in shares is pending before NSE and BSE.
4 The Deferred tax asset as on 30th September 2022 on business losses/depreciation under the tax laws and on
other timing differences have not been recognised in the absence of virtual certainity supported by convincing
evidence that the company will have taxable profits in the future.
5 Considering the nature of its business activities and related risks and returns ,the Company had at the time of
transition to IndAS ,determined that it operating segment namely 'Manufacturing of Solar Cells' which
constitutes a reportable segment in context of Ind SA 108 on 'Operating Segments'. There has been no
development during the quarter necessitating any changes in Operating Segment.
6 Exceptional Income on account of gains recognized in accordance with the approved resolution plan comprises of
Particulars Amount
(Rs. In lakhs)
Extinguishment of Operational Creditors (including the Central Govt, State Govt or Local
(8,944)
authority) as per the terms of approved Resolution Plan
Write back of non-assignable loans of financial creditors (1,03,787)
Extinguishment of Other Current and Non Current Liability (1,142)
Total (1,13,873)
7 Previous year quarter / half year figures has not been furnished as the Company was under the corporate
Insolvency resolution (CIR) process in terms of Insolvency and Bankruptcy Code ,2016 ,vide an order dated April
12, 2019 of Hon'ble National Company Law Appellate Tribunal, New Delhi (Adjudicating Authority) . Hence the
results was not submitted during that respective period.
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