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Websol Energy System Limited Audit Report / Information 2023

May 30, 2023

62406_rns_2023-05-30_631ad6eb-5f3a-43ba-8d5e-22b9c734efd5.pdf

Audit Report / Information

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Date: May 30, 2023

To, To,
The Manager Listing, The Manager Listing,
National Stock Exchange of India Limited BSE Limited
Exchange Plaza, Floor 25,
Bandra Kurla Complex, PJ Towers, Dalal Street,
Bandra (E) Mumbai: 400051 Mumbai: 400 001
Scrip Code- WEBELSOLAR Scrip Code- 517498

WEBSOL ENERGY SYSTEM LIMITED: ISIN-INE855C01015

Sub: Outcome of Board Meeting held on 30" May, 2023 and Submission of Standalone Audited Financial Results for the quarter & year ended 31" March, 2023 as per SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015

Dear Sir,

In continuation to our letter dated 22nd May, 2023 and 25th May, 2023 i.e. Intimation of the Board Meeting, we wish to inform you that the Board of Directors of the Company at their meeting held today, inter alia decided the following:

    1. The Board has approved the Audited Financial Results for the quarter and year ended 31st March, 2023. A copy of Standalone Audited Financial Results for the Quarter and year ended 31st March, 2023 pursuant to Regulation 33 and other applicable regulations of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 is enclosed along with a copy of Audit report by the Statutory Auditors on the Audited Financial Results of the Company and Declaration on auditor's Report with unmodified opinion under regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
    1. The Board in its meeting dated 15.05.2023 had approved a preferential issue of upto 1400000 equity shares of face value of Rs. 10/- each on Preferential Basis to the Promoters/ Promoter Group of the Company at an Issue Price of Rs. 105/- per equity share, including a premium of Rs. 95/- per equity share. However, as Strategic Investors have shown their interest to invest in the equity shares of the Company vide their intention letter dated 30.05.2023 the Board has revised the terms of the Preferential Issue which is detailed herein point no. 3 below.
    1. Issue of upto 1800000 equity shares of face value of Rs. 10/- each on Preferential Basis to the Promoters/ Promoter Group of the Company and other Strategic Investors at an Issue Price of Rs. 95/- per equity share, including a premium of Rs. 85/- per equity share, or at such higher price as may be determined in compliance with provisions of Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("SEBI ICDR Regulations"), in lieu of conversion of loan outstanding as on date and payable in cash, subject to the approval of the Stock Exchanges and Members in compliance of sections 42 & 62 of the Companies Act, 2013 to the extant rules notified and other applicable rules and regulations thereto.
    1. The Notice to convene the Extra Ordinary General Meeting to be held on Friday, 30th June, 2023 at 1:00 P.M. for obtaining members approval for the Preferential Issue of Equity Shares to the Promoters/ Promoter Group of the Company in accordance with the sections 42 & 62 of the Companies Act. 2013 to the extant rules notified & other applicable provisions of the SEBI (ICDR) Regulations and other applicable rules and regulations.

5.

Further in terms of Regulation 30, Schedule III, Part A, pursuant to SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015read with SEBI circular no. C1R/CFD/CMD/4/2015 dated September 09, 2015 we hereby submit the following disclosures for your kind consideration:

Websol Energy System Limited

Registered Office:

48, Pramatha Choudhury Sarani, Plot No-849, Block-'P', 2nd Floor, New Alipore, Kolkata - 700 053, Phone: +91-33-24000419, Fax: +91-33-24000375 E-mail: [email protected]

Corporate Office and Plant:

Sector II, Falta Special Economic Zone, Falta 24 Parganas (South), West Bengal, India, Pin- 743504 Ph.: 91-3174-222932, Fax: 91-3174-222933 E-mail: [email protected]

Sl. No. Particulars Disclosures
1. Type of Securities proposed to be issued Equity shares;
2. Type of Issue Preferential Issue;
3. Total number of Securities proposed to be issued Upto 1800000 equity shares approx.;
4. Issue Price Issue Price of Rs. 95/- (Rupees Ninety-Five Only) per
equity share (including a premium of Rs. 85/-per equity
share) or at such higher price as may be determined in
compliance with provisions of Chapter V of the SEBI
(ICDR) Regulations;
5. Number of Investor 5 (Five);
6. Name of the Proposed Allottees / Investors Promoter:
1.
Websol Green Projects Pvt. Ltd.
2.
S L Industries Pvt. Ltd.
Strategic Investor:
3.
Rajinder Kumar Jain
4.
Devanshi Marfatia
5.
Sanjeev Subhashchand Poddar
7. Convertibles Instrument No

You are, therefore requested to take the aforesaid information on your record and acknowledge the receipt. The meeting commenced at 1 pm today and ended on 2.10 pm today.

Thanking you,

Yours faithfully,

For Websol Energy System Limited

______________________ Sohan Lal Agarwal [Managing Director] SOHAN LAL AGARWAL Digitally signed by SOHAN LAL AGARWAL Date: 2023.05.30 14:12:28 +05'30'

Cc.
To, To. To.
R&D Infotech Private Limited National Securities Depository Ltd. Central Depository Services (India) Ltd.
(Contact Person: Mr. Ratan Kr. 4th Floor, 'A' Wing, Trade World. 16th, Floor, P. J. Towers, Dalai Street.
Mishra Kamala Mills Compound. Mumbai- 400 00I
15/C, Naresh Mitra Sarani, Senapati Rapat Marg, Lower Parel,
Kolkata- 700026 Mumbai — 400 013

Websol Energy System Limited

Registered Office:

48, Pramatha Choudhury Sarani, Plot No-849, Block-'P', 2nd Floor, New Alipore, Kolkata - 700 053, Phone: +91-33-24000419, Fax: +91-33-24000375 E-mail: [email protected]

Corporate Office and Plant:

Sector II, Falta Special Economic Zone, Falta 24 Parganas (South), West Bengal, India, Pin- 743504 Ph.: 91-3174-222932, Fax: 91-3174-222933 E-mail: [email protected]

G. P. AGRAWAL & Co.

Independent Auditor's Report on Quarterly and Year to Date Audited Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

To The Board of Directors of Websol Energy System Limited

Report on the audit of the Financial Results

Opinion

We have audited the accompanying financial results of Websol Energy System Limited ("the Company") for the quarter and year ended 31% March, 2023, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, these Financial Results:

  • i. are presented in accordance with the requirements of Regulations 33 of the Listing Regulations in this regard; and
  • ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally * accepted in India of the net profit and other comprehensive income and other financial information for the quarter and year ended 31st March, 2023.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our opinion.

GSTN: 19AACFG8964F 1Z2 +9133 46012771 +9133 46017361 +9133 66076831 @ C www.gpaco.net

[email protected] ; se

Unit 606, 6th Floor Diamond Heritage 16, Strand Road Kolkata - 700001 INDIA (o

Management's Responsibilities for the Financial Results

These quarterly financial results as well as the year to date financial results have been prepared on the basis of the annual financial statements. The Company's Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial results, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting 'process.

Auditor's Responsibilities for the Audit of the Financial Results

Our objectives are to obtain reasonable assurance about whether the financial results 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 an audit conducted in accordance with SAs 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 results.

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

  • e Identify and assess the risks of material misstatement of the financial results, 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.
  • e Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

  • e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
  • e Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of requirements specified under Regulation 33 of the Listing Regulations.
  • e Conclude on the appropriateness of the Board of Directors' 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 results 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.
  • e Evaluate the overall presentation, structure and content of the financial results, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
  • e Obtain the sufficient appropriate audit evidence regarding the Financial Results of the Company to express an opinion on the Standalone Financial Results.

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.

Other Matters

'

The Statement include the results for the quarter ended 31% March, 2023 being the balancing figure between the audited figures in respect of full financial year ended 31% March, 2023 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For G.P. Agrawal & Co. Chartered Accountants Firm's Registration No. 302082E

Von is

CA. Sunita Kedia Partner Place of Signature: Membership No. 060162 Date: 30" May, 2023 UDIN: 23060162BGVTSJ3925

WEBSOL ENERGY SYSTEM LIMITED
Regd. Office: Plot No. 849, Block P 48 Pramatha Choudhary Sarani 2nd Floor New Alipore, Kolkata - 700053 -
CIN - L29307WB1990PLC048350, Phone No (033) 24000419, Fax No. (033) 24000375
Website: www.webelsolar.com, Email: [email protected]
Statement of Audited Financial Results for the Quarter and year ended 31st March, 2023
Three Months Ended Year Ended ( Rs. In Crore)
PARTICULARS 31.12.2022 31.03.2022 31,03.2023 31.03.2022)
31.03.2023
(Audited) (Unaudited) (Audited) (Audited) (Audited)
I.
Revenue from operations
JOther Income
0.11 0.33 6262 17.22 213.22
it. Total Income (I + Il) 1.14
4.25
059
0.92
0.81 3.01 459
IV, Expenses 63.43 20.23 217.81
(a) Cost of Material consumed 001 0.30 35.84 9.78) 149 76
Stores & Spares consumption
(b)
002 0.07 3.87 3.29) 11.64
{c ) Changes in inventories of stock in trade
(d) Power
& fuel consumption
008 (0.01) 844 (0.65) (3.34)
) Employee benefits expense
(€
000
026
0.21
2.22
236 1.80 10.86)
(f} Finance cost 087 1.26 2.90)
081
6.79)
3.82
10.44
(g) Depreciation and amortisation expense 3.79 3.87 3.79 15.35 3.05)
15.34
Other expenses
(h)
Total Expenses
1.20 297 3.82 9.07] 744
V. Profit(Loss) before exceptional items tax (lll + IV) 6.23 10.83 61.83 49.25) 205.19
Vi. a
Items
(4.98) (9.91) 1.60 (29,02) 12.62
Profit/(Loss) before
tax (V- Vi)
0.10
(5.08)
1.36
(11.27)
- 2.50 (1.22)
Vil. Tax Expenses 1.60 (31.52) 13.84
(@) Current Tax - - + - -
Vill. (b) Deferred
Tax Charge/(Credit)
[Net Profit/(Loss)
0.28 (4.44) 1.10 (7,85) 4.17
IX. after tax (VI- Vil
Other Comprehensive
(5.36) (6.83) 0.50 (23.67) 9.67
income (net of tax)
. Items that will not be reclassified to Profit or Loss
- Remeasurements of defined benefit plan 0.08
~ Income tax relating
to above item
0.38
=
0.08
=
0 50
Other Comprehensive
Income (net of tax)
0.08 - 0.38 0.08 S
0.50
x,
Xi.
Total Comprehensive income (Net of tax) (Vill + 1X)
Paid-up
(5.28) (6.83) 0.88 (23.59) 10.17
Equity Share Capital of Rs. 10/- each
Other
Equity
38.80) 38.80) 36.64 38.80 36.64
Xil. Earning per Share (of Rs 10)- each) (not annualised)
a) Basic
N/A N/A, N/A 152.49} 154.95

WEBSOL ENERGY SYSTEM LIMITED CIN No.-L29307WB1990PLC048350

STATEMENT OF AUDITED ASSETS AND LIABILITIES AS AT 31ST MARCH,2023

WEBSOL ENERGY SYSTEM LIMITED
CIN No.-L29307WB1990PLC048350
STATEMENT OF AUDITED ASSETS AND LIABILITIES AS AT 31ST MARCH,2023 (Rs. In Crore)
Particulars An At As At
JASSETS 31st March, 2023 31st March, 2022
(1)]Non - current assets
Property, plant and equipment
(a)
209.77] 224.67
(b) Capital work in progress
Right of use assets
(c)
5.61
0.35
0.29
(d) Intangible assets
Financial assets
0.01 0.02
(e)
Other financial assets
(i)
3.43 3.45
Other non-current assets
(f)
30.28
249.45
0.06
228.49
(2){Current assets
Inventories
(a)
13.61 22,42
Financial assets
(b)
Trade receivables
(i)
2
72
27.09
Cash and cash equivalents
(ii)
(iii) Other financial assets
0.09)
0.00
Soa
Current tax assets (Net)
(c)
0.38 0.01
0.30
(d) Other current assets 1.82
17.62
3.83
57.42
Total Assets 267.07 285.91
FEQUITY AND LIABILITIES
(1)] Equity
Equity share capital
(a)
(b) Other equity
38.80
152.49
30.64
154.95
191.29 191.59
. Liabilities
:
(2){Non - current liabilities
Financial liabilities
(a)
Borrow ings
(i)
Lease liabilities
0,08 +46
(ii)
Provisions
(b)
1.75 ~
1.76
Deferred tax liabilities (Net)
(c)
(d) Other non-curren} liabilities
16.18 24.03
: F
18.01
142
31.37
(3)iCurrent liabilities
Financial liabilities
(a)
Borrowings
(i)
27.11 31.69
Lease abilities
(ii)
Trade and other payables
(iii)
0.32 0:32
Total outstanding dues of micro and small
enterprises
Total outstanding dues of creditors other
U.14
+.
0.08
than micro and small enterprises
4.15
1.78
(iv) Other financial liabilities
{b) Other current liabilities
2.45
Provisions
(c)
57.77

WEBSOL FNERGY SYSTEM LIMITED
5
CIN No. - 1.29307WB1990PLC048350
STATEMENT OF AUDITED CASH FLOWS FOR THE YEAR ENDED 31ST MARCH, 2023
WEBSOL FNERGY SYSTEM LIMITED
CIN No. - 1.29307WB1990PLC048350
STATEMENT OF AUDITED CASH FLOWS FOR THE YEAR ENDED 31ST MARCH, 2023
5
Particulars Year ended
31st March, 2023
(Rs. In Crore)
Year ended
3ist March, 2022
A CASH FLOW FROM OPERATING ACTIVITIES.
Net Profit before tax & exceptional item
(29.02) 13.84
Adjustments tor
Depreciation
15.35 15.3
Finance costs
Interest income
2.82
(2.80)
2.22]
Sundry balances written back
Sundry balances written off
(0.20)
1.67
{1.88)
CSR expenditure
Exchange fluctuation (Income)/ Loss
:
068
(Ll)
Allowance tor impairment of recervebles
Operating, Profil (Loss) before working capital changes
140
(9.10)
29.37
Increase / (Decrease) in Trade and other payables
Increase / (Decrease) in provisions
(1.67)
ail
(13.04)}
Increase / (Decrease) in Lease liabilities
(Increase) / Decrease in Trade receivables
Increase / (Decrease) in Other habilities
(0.34)
22,29
(Al)
(0,34)
(9.79)
Increase / (Decrease) in Other financial liabilities
{Increase)/Decrease in Other financial assets
2.00
0.02
(3.31)
(Increase) / Decrease in Other assets
(Increase) / Decrease in Inventories
(28.21)
767
(1.86)}
(4.67)}
Cash generated from operations
Direct axes Paid
(8.34)
(0.08)}
(2.77)
{0.17)}
& Net cash outflow from operating activities
CASH PLOW FROM INVESTING ACTIVITIES
(8.42) (2.94)
Purchase of property, plant and equipment and capital work in progress
Purchase of intangible assets
(5.76)
(0.00)
(0.97)
(0.01)
c Net cash outflow from investing activities
CASH FLOW FROM FINANCING ACTIVITIES
(5.76) (0.98)
Repayment of long term borrowings
(Repayment)/ Proceeds from short term borrowings (net)
(5.17)
(4.58)
Interest paid
Proceeds from issue of Share warrant (Converted into quity shares)
Proceeds trom issue of Share through preferential allotment
(3.05)
-
23,29
Net cash inflow from financing, activities
Increase in cash and cash equivalents (A+B+C)
10.49
(3.69)
Cash and cash equivalents at beginning of the year 3.77

WEBSOL ENERGY SYSTEM LIMITED
Regd. Office: Plot No. 849, Block P 48 Pramatha Choudhary Saran: 2nd Floor New Alipore, Kolkata - 700053
CIN - L29307WB1990PLC048350, Phone No. (033) 24000419, Fax No. (033) 24000375
Website: www.webelsolar.com, Email: [email protected]
The above audited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their
1)
meeting held on 30th May 2023 The statutory auditors, G. P. Agrawal & Co. have expressed an unmodified audit opinion on these
results.
The figures for quarter ended. 31 st March, 2023 are balancing figures between the audited figures of the full financial year and the
2)
reviewed year-to-date figures up to the third quarter of the financial year.
These Financial Results will be made available on Company's website viz., www.webelsolar.com and website of the BSE and the
3)
NSE.
The Company's business activity primarily falls within a single business segment i.e. manufacturing of Solar Photo-Voltaic Cells and
4)
Modules, in term of Ind AS 108 on Operating Segment.
Exceptional items includes write down of inventory, litigation settlement of central excise duty etc.
5)
Registered Office :
Plot No. 849, Block P48, Parmatha Choudhary Sarani
2nd Floor, New Alipore
Kolkata- 700053
Phone No. (033)-24000419
Fax No. (033)-24000375
Website 'www.webelsolar.com
Notes:
For and on behalf of the Board of Directors of
Websol Energy System Limited
Place of Signature
Kolkata
:
Date: - 30-05-2023
Managing Director

Date: 30.05.2023

To, To, The Manager Listing, The Manager Listing, Limited, Exchange Plaza, Floor25, Bandra Kurla Complex, PJ Towers, Dalal Street, Bandra (E)Mumbai:400051 Mumbai:400001 Scrip Code-WEBELSOLAR ScripCode-517498

National Stock Exchange of India Bombay Stock Exchange Limited,

WEBSOL ENERGY SYSTEM LIMITED: ISIN-INE855C01015

SUB: DECLARATION FOR UN-MODIFIED OPNION WITH AUDIT REPORT ON ANNUAL AUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER AND THE FINANCIAL YEAR ENDED ON 31ST MARCH, 2023

Dear Sir,

This is in reference to the regulation 33 (3) (d) of the SEBI (Listing Obligations & Disclosures Requirements) Regulations, 2015 as amended by the SEBI (Listing Obligations & Disclosures Requirements) Regulations, 2015 vide Notification No. SEBI/LAD-NRO/GN/2016-17/001 dated 25/05/2016.

We, hereby confirm and declare that the Statutory Auditors of the Company, M/s G. P. AGRAWAL & CO., Chartered Accountants (FRN: 302082E) has issued Audit Report with un-modified opinion(s) in respect of Annual Audited Standalone Financial Results for the fourth quarter and the financial year ended 31st March, 2023.

Kindly take the above on records.

For Websol Energy System Limited

Sohan Lal Agarwal Managing Director (DIN: 00189898) SOHAN LAL AGARWAL Digitally signed by SOHAN LAL AGARWAL Date: 2023.05.30 14:15:55 +05'30'

Websol Energy System Limited

Registered Office:

48, Pramatha Choudhury Sarani, Plot No-849, Block-'P', 2nd Floor, New Alipore, Kolkata - 700 053, Phone: +91-33-24000419, Fax: +91-33-24000375 E-mail: [email protected]

Corporate Office and Plant:

Sector II, Falta Special Economic Zone, Falta 24 Parganas (South), West Bengal, India, Pin- 743504 Ph.: 91-3174-222932, Fax: 91-3174-222933 E-mail: [email protected]