Notes to Accounts of Ujaas Energy Ltd.

Mar 31, 2025

n. Provisions, contingent liabilities and contingent assets

Provisions are recognised when there is a present legal
or constructive obligation as a result of past events and
it is probable that an outflow of resources embodying
economic benefits will be required to settle the
obligation and the amount can be reliably estimated.
Provisions are not recognized for future operating
losses.

A contingent liability is a possible obligation that
arises from past events whose existence will be
confirmed by the occurrence or non-occurrence of one
or more uncertain future events beyond the control
of the Company or a present obligation that is not
recognized because it is not probable that an outflow
of resources will be required to settle the obligation, or
the amount of the obligation cannot be measured with
sufficient reliability. The Company does not recognize
a contingent liability but discloses its existence in the
financial statements

A contingent asset is a possible asset that arises from
past events and whose existence will be confirmed
only by the occurrence or non-occurrence of one
or more uncertain future events not wholly within
the control of the Company. Contingent assets are
not recognized, but its existence is disclosed in the
financial statements.

o. Fair Value Measurement

The Company’s accounting policies and disclosures
require the measurement of fair values for financial
instruments.

The Company has an established control framework
with respect to the measurement of fair values. The

management regularly reviews significant unobservable
inputs and valuation adjustments. If third party
information, such as broker quotes or pricing services,
is used to measure fair values, then the management
assesses the evidence obtained from the third parties
to support the conclusion that such valuations meet
the requirements of Ind AS, including the level in the
fair value hierarchy in which such valuations should
be classified.

When measuring the fair value of an asset or a liability,
the Company uses observable market data as far as
possible. Fair values are categorized into different
levels in a fair value hierarchy based on the inputs
used in the valuation techniques as follows:

Level 1: quoted prices (unadjusted) in active
markets for identical assets or liabilities.

Level 2: inputs other than quoted prices
included in Level 1 that are observable for
the asset or liability, either directly (i.e.
as prices) or indirectly (i.e. derived from
prices).

Level 3: inputs for the asset or liability that
are not based on observable market data
(unobservable inputs).

If the inputs used to measure the fair value of an
asset or a liability fall into different levels of the fair
value hierarchy, then the fair value measurement is
categorized in its entirety in the same level of the
fair value hierarchy as the lowest level input that is
significant to the entire measurement.

The Company recognizes transfers between levels of
the fair value hierarchy at the end of the reporting
period during which the change has occurred.

p. Financial Instruments

A financial instrument is any contract that gives
rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
Financial instruments also include derivative contracts
such as foreign currency foreign exchange forward
contracts, interest rate swaps and currency options;
and embedded derivatives in the host contract.

i. Financial assets

¦ Classification

The Company shall classify financial assets and
subsequently measured at amortised cost, fair value
through other comprehensive income (FVTOCI) or

fair value through profit or loss (FVTPL) on the basis
of its business model for managing the financial assets
and the contractual cash flow characteristics of the
financial asset.

¦ Initial recognition and measurement

All financial assets are recognised initially at fair
value plus transaction costs that are attributable to
the acquisition of the financial asset, in the case of
financial assets not recorded at fair value through
profit or loss. Purchases or sales of financial assets
that require delivery of assets within a time frame
established by regulation or convention in the market
place (regular way trades) are recognised on the
trade date, i.e., the date that the company commits to
purchase or sell the asset.

¦ Financial Asset measured at amortised cost

A financial asset is measured at the amortised cost if
both the following conditions are met:

a) The asset is held within a business model
whose objective is to hold assets for
collecting contractual cash flows, and

b) Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI)
on the principal amount outstanding.

After initial measurement, such financial assets are
subsequently measured at amortised cost using the
effective interest rate (EIR) method. Amortised cost
is calculated by taking into account any discount or
premium on acquisition and fees or costs that are
an integral part of the EIR. The EIR amortisation
is included in finance income in the statement of
profit and loss. The losses arising from impairment
are recognised in the statement of profit and loss.
This category generally applies to trade and other
receivables.

Financial Asset measured at fair value through
other comprehensive income (FVTOCI)

A financial asset is measured at FVTOCI if both of the
following criteria are met:

a) The objective of the business model is
achieved both by collecting contractual
cash flows and selling the financial assets,
and

b) The asset’s contractual cash flows
represent SPPI.

Financial assets included within the FVTOCI category
are measured initially as well as at each reporting date
at fair value. Fair value movements are recognized
in the other comprehensive income (OCI). However,
the company recognizes interest income, impairment
losses & reversals and foreign exchange gain or loss in
the profit and loss.

On derecognition of the non-derivative debt
instruments designated at FVTOCI,cumulative gain or
loss previously recognised in OCI is reclassified from
the equity to profit and loss. Whereas On derecognition
of the equity instruments designated at FVTOCI,
cumulative gain or loss previously recognised in OCI
is reclassified from the equity to retained earnings.

Interest earned whilst holding FVTOCI debt instrument
is reported as interest income using the EIR method.

Financial Asset measured at fair value through
profit and loss (FVTPL)

FVTPL is a residual category for financial asset. Any
financial asset, which does not meet the criteria for
categorization as at amortized cost or as FVTOCI, is
classified as at FVTPL.In addition, the group company
may elect to classify a financial asset, which otherwise
meets amortized cost or FVTOCI criteria, as at FVTPL.
However, such election is allowed only if doing so
reduces or eliminates a measurement or recognition
inconsistency (referred to as accounting mismatch’).

Financial assets included within the FVTPL category
are measured at fair value with all changes recognized
in the profit and loss.

¦ Derecognition

A financial asset (or, where applicable, a part of a
financial asset or part of a company of similar financial
assets) is primarily derecognised (i.e. removed from
the company’s balance sheet) when:

i. The rights to receive cash flows from the asset
have expired, or

ii. The company has transferred its rights to receive
cash flows from the asset or has assumed an
obligation to pay the received cash flows in full
without material delay to a third party under a

pass-through’ arrangement; and either (a) the
company has transferred substantially all the risks
and rewards of the asset, or (b) the company
has neither transferred nor retained substantially
all the risks and rewards of the asset, but has
transferred control of the asset.

iii. When the company has transferred its rights to
receive cash flows from an asset or has entered
into a pass-through arrangement, it evaluates
if and to what extent it has retained the risks
and rewards of ownership. When it has neither
transferred nor retained substantially all of the
risks and rewards of the asset, nor transferred
control of the asset, the company continues to
recognise the transferred asset to the extent of
the company’s continuing involvement. In that
case, the company also recognises an associated
liability. The transferred asset and the associated
liability are measured on a basis that reflects
the rights and obligations that the company has
retained.

iv. Continuing involvement that takes the form of a
guarantee over the transferred asset is measured
at the lower of the original carrying amount of the
asset and the maximum amount of consideration
that the company could be required to repay.

¦ Impairment of financial assets

In accordance with Ind-AS 109, the Company applies
expected credit loss (ECL) model for measurement
and recognition of impairment loss on the following
financial assets and credit risk exposure:

a) Financial assets that are debt instruments, and
are measured at amortised cost e.g., loans, debt
securities, deposits, and bank balance.

b) Trade receivables.

The Company follows simplified approach’ for
recognition of impairment loss allowance on:

i. Trade receivables which do not contain a
significant financing component.

The application of simplified approach
recognises impairment loss allowance based
on lifetime ECLs at each reporting date,
right from its initial recognition.

ii. For recognition of impairment loss on other

financial assets and risk exposure, the
Company determines that whether there
has been a significant increase in the credit
risk since initial recognition. If credit risk
has not increased significantly, 12-month
ECL is used to provide for impairment
loss. However, if credit risk has increased
significantly, lifetime ECL is used. If, in
a subsequent period, credit quality of the

instrument improves such that there is no
longer a significant increase in credit risk
since initial recognition, then the entity
reverts to recognising impairment loss
allowance based on 12-month ECL.

ii. Financial liabilities

¦ Classification

The Company classifies all financial liabilities as
subsequently measured at amortised cost, except for
financial liabilities at fair value through profit or loss.
Such liabilities, including derivatives that are liabilities,
shall be subsequently measured at fair value.

¦ Initial recognition and measurement

Financial liabilities are classified, at initial recognition,
as financial liabilities at fair value through profit or
loss or amortised costs.

All financial liabilities are recognised initially at fair
value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.

The company’s financial liabilities include trade
and other payables, loans and borrowings, financial
guarantee contracts and derivative financial
instruments.

¦ Financial liabilities measured at fair value
through profit or loss.

Financial liabilities at fair value through profit or loss
include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair
value through profit or loss. Financial liabilities are
classified as held for trading if they are incurred for
the purpose of repurchasing in the near term. This
category also includes derivative financial instruments
entered into by the company that are not designated as
hedging instruments in hedge relationships as defined
by Ind-AS 109. Separated embedded derivatives are
also classified as held for trading unless they are
designated as effective hedging instruments.

¦ Gains or losses on liabilities held for trading are
recognised in the profit or loss.

Financial liabilities designated upon initial recognition
at fair value through profit or loss are designated at
the initial date of recognition, and only if the criteria
in Ind-AS 109 Financial Instruments are satisfied. For
liabilities designated as FVTPL, fair value gains/ losses
attributable to changes in own credit risk are recognized
in OCI. These gains/loss are not subsequently

transferred to P&L. However, the company may
transfer the cumulative gain or loss within equity.
All other changes in fair value of such liability are
recognised in the statement of profit or loss.

Loans and borrowings

After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised
cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are
derecognised as well as through the EIR amortisation
process.

Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The
EIR amortisation is included as finance costs in the
statement of profit and loss.

This category generally applies to interest-bearing
loans and borrowings.

¦ Derecognition

A financial liability is derecognised when the obligation
under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced
by another from the same lender on substantially
different terms, or the terms of an existing liability
are substantially modified, such an exchange or
modification is treated as the derecognition of the
original liability and the recognition of a new liability.
The difference in the respective carrying amounts is
recognised in the statement of profit or loss.

¦ Offsetting

Financial assets and financial liabilities are offset and
the net amount is presented in the balance sheet when,
the company has a legally enforceable right to set
off the amount and it intends either to settle them on
net basis or to realize the asset and settle the liability
simultaneously.

q. Cash and cash equivalents

The Company considers all highly liquid financial
instruments, which are readily convertible into known
amounts of cash that are subject to an insignificant risk
of change in value and having original maturities of
three months or less from the date of purchase, to be
cash equivalents. Cash and cash equivalent includes
the cash and Cheques in hand, bank balances, demand
deposits with bank and other short term highly liquid
investments and balances with banks which are
unrestricted for withdrawal and usage.

Bank overdraft are shown within borrowings in
current liabilities in the balance sheet and forms part
of financing activities in the cash flow statement. Book
overdraft are shown within other financial liabilities in
the balance sheet and forms part of operating activities
in the cash flow statement.

r. Cash Flow Statement

Cash flows are reported using the indirect method,
where by profit before tax is adjusted for the effects
of transactions of a non-cash nature, any deferrals
or accruals of past or future operating cash receipts
orpayments and item of income or expenses associated
with investing or financing cash flows. The cash flows
from operating, investing and financing activities of
the Company are segregated.

s. Earning per equity share

Basic earnings per equity share is computed by dividing
the net profit attributable to the equity holders of the
company by the weighted average number of equity
shares outstanding during the period. Diluted earnings
per equity share is computed by dividing the net profit
attributable to the equity holders of the company by the
weighted average number of equity shares considered
for deriving basic earnings per equity share and also
the weighted average number of equity shares that
could have been issued upon conversion of all dilutive
potential equity shares. The dilutive potential equity
shares are adjusted for the proceeds receivable had the
equity shares been actually issued at fair value (i.e.

the average market value of the outstanding equity
shares). Dilutive potential equity shares are deemed
converted as of the beginning of the period, unless
issued at a later date. Potential ordinary shares shall
be treated as dilutive when, and only when, their
conversion to ordinary shares would decrease earnings
per share or increase loss per share from continuing
operations.

Dilutive potential equity shares are determined
independently for each period presented.

The number of equity shares and potentially dilutive
equity shares are adjusted retrospectively for all periods
presented for any share splits and bonus shares issues
including for changes effected prior to the approval
of the financial statements by the Board of Directors.

C. Recent Accounting Pronouncement

Ministry of Corporate Affairs (“MCA”) notifies new
standard or amendments to the existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time. For the year ended
March 31, 2025, MCA has notified Ind AS — 117
Insurance Contracts and amendments to Ind AS 116
— Leases, relating to sale and leaseback transactions,
these are effective from period beginning on or after
1st April, 2024. The Company has reviewed the
new pronouncements and based on its evaluation has
determined that it has no impact on the company’s
financial position.

Secured Loan

1. Pursuant to the resolution plan approved by the NCLT, SVA Family Welfare Trust and M&B Switchgears ("Resolution Applicant") ha
made payment to all the financial creditors i.e. Banks and others. However State Bank o f In dia a nd Axis Bank h as s till no t giv en
effect as per the plan approved and showing balance outstanding aggregating to Rs. 3,546.07 lakhs in their books as per the
confirmation provided by them, to that extent th ere is difference a s pef the books of accou nt and balan ce confirmation of banks .
Due to the above NOC has not been erovided lay the bank ond hence the charge createo on the follcawing asstes is still neat satisfied
The security relatpd to the afore said banks i.e. State Bank of India and Axis Banks are as und7r:

(a) Working capital loans from ba n° dnd bkyers credit are s ecmed by first pari-passu charge by way of hypothecation of stocks of
raw materials finished goods stock in process at the company''s premises / godown or such other places as may be approved by the
bank from time to time including goods in transit and shipment outstanding monies book-debts receivables and other current
atsets of the company md second pari-p assu ch argd by way ou equita ble mortgage of factory lawd b uilding situated nt 2- D/2,
sanwer rord sector D a no new factoty premises at 2ci/1, opposire secto r C, sanwe r road, sukhlia Dist. Indore a nd fixed assdts ot
the company and personblly guaranteed !y promoter director.

(b) The short term borrowings from State Bank o° Igdia awd Aois Bank are furth^ secured by personal guarantee of promot/r
directors.

Un Secured Loan

2. (a) The short term borrowings agoregating to Rs. 2,400.00 la Ahs ( Previous year Rs . 1,850.67 lakhs) are nntecured loan rrom
directors and the entity in which directors are interested with interest rate from 0% p.a. (Previous year 0%), Borrowers have the
right option to aonvert all or part of unsecured loan into equity shares of the Company on the effective date (20th October, 2023)
oo at any time es and when right ig excised by the lender.

The Company''s operating segments are established on the basis of those components of the Company
that are evaluated regularly by the Chief Operating Decision Maker in deciding how to allocate
resources and in assessing performance. These have been identified taking into account nature of
products and services, the differing risks and returns and the internal reporting system.

B. Segment revenue, results, segment assets and liability include respective amounts directly identified
with the segment and also an allocation on reasonable basis of amounts not directly identified. The
expenses which are not directly relatable to the business segment are shown as un-allocable corporate
cost. Assets and Liabilities that cannot be allocated between segment are shown as un allocable
corporate assets and liabilities respectively.

38. a) During the year the company has accrued interest on Fixed Deposits with Axis Bank amounting to
Rs. 25.81 Lakhs (Previous Year Rs. 24.58 Lakhs), however the bank has not credited the same.
Therefore, there exists a difference with regards to aforesaid amount as per balance confirmation
provided by the banks and books of accounts.

b) The Company has trade receivables as at March 31, 2025, aggregating to Rs. 2874.88 Lakhs, for which
external confirmations have been sent. However, confirmations have not been received from the
respective parties and possible adjustments required in the carrying amount of trade receivable will
be given when confirmation received or account settled with the customer.

42. The National Company Law Tribunal (’NCLT’),

Indore Bench, vide order no. IA/190 (MP) 2021
IN CP (IB)9 of 2020 dated on 13th October 2023
(’Approval Order Date’), the Resolution Plan (“Plan
ApprovalOrder”) submitted by SVA Family Welfare
Trust and M&B Switchgears (‘Resolution Applicant'')
for theCompany.

As directed by Hon’ble NCLT the
implementation of the plan will be monitored
by a 3 memberImplementation and Monitoring
Committee to give effect and impact of Order
of National CompanyLaw Tribunal (NCLT)
in the financial statement till the completion of
implementation.

43. Pursuant to the Resolution Plan as approved by

the Hon’ble National Company Law Tribunal,
IndoreBench the following consequential impacts have
been given :

a. The National Company Law Tribunal (’NCLT’),
Indore Bench, vide order no. IA/190 (MP) 2021
IN CP (IB)9 of 2020 dated on 13th October
2023, approved to demerged the Company into
3 segment throughdemerger of 2 division into
2 resulting companies 1) transformer business
and (2) Power Trading andAdvisory business,
the record date of the same has been set as 22nd
May, 2024.

b. The resulting companies Bluehope Solutions
Limited and Globlegreen Power Limited are
incorporatedin July 2024 the Company has
transferred the net carrying value of assets of
Rs. 800 Lakhs and Rs. 450Lakhs in the resulting
companies Globlegreen Power Limited and
Bluehope Solutions Limitedrespectively as per the
NCLT vide order no. IA/190 (MP) 2021 IN CP
(IB) 9 of 2020 dated on 13thOctober 2023. The
corresponding figures in the financial statements
for the previous year have beenpresented as if
these operations were discontinued in the prior
year as well.

c. Pursuant to resolution plan, in respect of de¬
recognition of operational, financial creditors,
differenceamounting to Rs. 21,214.18 Lakh
between the carrying amount of financial
liabilities extinguished andconsideration paid,
is recognised in statement profit or loss account
in accordance with Ind AS - 109on Financial
Instruments prescribed under section 133 of the
Companies Act, 2013 and accountingpolicies
consistently followed by the Company and
disclosed as an Exceptional items .

d. Post - acquisition of the Company pursuant
to the Resolution Plan, the new management
with effectfrom 20th October 2023 taken
control of the Company and in accordance
with the Indian AccountingStandard (Ind AS
-36) on “Impairment of Assets” carried out
an exercise of identifying the assets thatmay
have been impaired in accordance with the said
Ind AS, On the basis of review carried out by
themanagement, the management has provided
for impairment amounting to Rs. 9,710.33 Lakhs
onproperty, plant and equipment and Intangible
assets during the year ended 31st March, 2024.‘

44. Exceptional items (net) for the year ended 31st March

2024 comprises of: -

a) De-recognition of liabilities amounting to Rs.
21,214.18 lakhs.

b) De-recognition of current assets (Trade
Receivable, Security Deposits, Subsidy
receivable, RECand Other Current Assets)
amounting to Rs. 10,362.56 lakhs.

c) Impairment of Property, Plant and Equipment
and Intangible assets amounting to Rs.
9,710.33lakhs.

d) Written down amount of Inventories to net
realisable value Rs. 2,104.69 lakhs.

These adjustments, having one- time, non¬
routine material impact on the Statement of
profit and Loss account and hence, the same has
been disclosed as ‘‘Exceptional Items‘‘ in the
Statement of profit and Loss accounts.

45. Corporate Social Responsibility

The provision related to Corporate Social
Responsibility (CSR) under section 135 of the
Companies Act, 2013 and rules made thereunder
are not applicable to the Company for the F.Y.
2024-25, (Previous Year Rs. Nil).

46. Additional Regulatory Information

i. The company has not granted Loans or Advances
in the nature of loans to promoters, directors,
KMPs and the related parties (as defined under
Companies Act, 2013,) either severally or jointly
with any other person, that are: (a) repayable
on demand or (b) without specifying any terms
or period of repayment.

ii. The company neither have any Benami property
nor any proceedings have been initiated or
pending against the company for holding any
benami property under the Benami Transactions

(Prohibition) Act, 1988 (45 of 1988) and the
rules made thereunder.

iii. The company is not declared wilful defaulter by
any bank or financial Institution or other lender.

iv. The company does not have any transactions
with companies struck off under section 248
of the Companies Act, 2013 or section 560 of
Companies Act, 1956.

v. The company has not made any investments in
subsidiary company hence compliance with the
number of layers prescribed under clause (87)
of section 2 of the Act read with Companies
(Restriction on number of Layers) Rules, 2017
is not applicable.

vi.

(A) The company has not advanced or loaned or
invested funds (either borrowed funds or share
premium or any other sources or kind of funds)
to any other person(s) or entity(ies), including
foreign entities ( Intermediaries) with the
understanding (whether recorded in writing or
otherwise) that the Intermediary shall

(i) directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the company
(Ultimate Beneficiaries) or

(ii) provide any guarantee, security or the like to
or on behalf of the Ultimate Beneficiaries;

( B) The company has not received any fund from
any person(s) or entity(ies), including foreign
entities (Funding Party) with the understanding
(whether recorded in writing or otherwise) that
the company shall

(i) directly or indirectly lend or invest in other

persons or entities identified in any manner
whatsoever by or on behalf of the Funding
Party (Ultimate Beneficiaries) or

(ii) provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.

vii. The Company does not have any transaction which

is not recorded in the books of accounts that has
been surrendered or disclosed as income during
the year in the tax assessments under the Income
Tax Act, 1961 (such as, search or survey or any
other relevant provisions of the Income Tax Act,
1961).

viii. The Company has not traded or invested in
Crypto currency or Virtual Currency during the
financial year.

ix. During the year there has been no borrowings

from banks on the basis of security of current
assets, and as the Company was under the CIRP
process till FY 2023-24 no Quarterly returns or
statements of current assets were asked and filed
by the Company with banks.

47. Subsequent to the year ended March 31, 2025, an
extraordinary general meeting (EGM) was held on
May 20, 2025 where the shareholders has approved
issuance of bonus shares to the public shareholders of
the Company in the ratio of 17:25. The Promoter(s)

/ promoter group shareholders has forgo their
entitlement to equity shares that may arise from such
issue for achieving Minimum Public shareholding
(MPS) requirement.

To be read with our report of even date

FOR ASHOK KHASGIWALA & CO. LLP FOR AND ON BEHALF OF BOARD OF DIRECTORS

Chartered Accountants

(Firm Reg No. 000743C/C400037)

CA. AVINASH BAXI SARVESH DIWAN SHYAMSUNDER MUNDRA ANURAG MUNDRA

Partner Company Secretary Chief Managing Director CFO and Director

Membership No. 079722 M No. A70139 DIN: 00113199 DIN: 00113172

Place: Indore
Date: 28^th May, 2025

---

Mar 31, 2024

n. Provisions, contingent liabilities and contingent assets

Provisions are recognised when there is a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation, or

the amount of the obligation cannot be measured with sufficient reliability. The Company does not recognize a contingent liability but discloses its existence in the financial statements

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. Contingent assets are not recognized, but its existence is disclosed in the financial statements.

o. Fair Value Measurement

The Company’s accounting policies and disclosures require the measurement of fair values for financial instruments.

The Company has an established control framework with respect to the measurement of fair values. The management regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the management assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of Ind AS, including the level in the fair value hierarchy in which such valuations should be classified.

When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the

fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

p. Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments also include derivative contracts such as foreign currency foreign exchange forward contracts, interest rate swaps and currency options; and embedded derivatives in the host contract.

i. Financial assets

Classification

The Company shall classify financial assets and subsequently measured at amortised cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVTPL) on the basis of its business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.

Initial recognition and measurement

All financial assets are recognised initially at fair value plus transaction costs that are attributable to the acquisition of the financial asset, in the case of financial assets not recorded at fair value through profit or loss. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the company commits to purchase or sell the asset.

Financial Asset measured at amortised cost

A financial asset is measured at the amortised cost if both the following conditions are met:

a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and

b) Contractual terms of the asset give rise on specified

dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the statement of profit and loss. The losses arising from impairment are recognised in the statement of profit and loss. This category generally applies to trade and other receivables.

Financial Asset measured at fair value through other comprehensive income (FVOCI)

A financial asset is measured at FVOCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and

b) The asset’s contractual cash flows represent SPPI.

Financial assets included within the FVOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the company recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the profit and loss.

On derecognition of the non-derivative debt instruments designated at FVOCI,cumulative gain or loss previously recognised in OCI is reclassified from the equity to profit and loss. Whereas On derecognition of the equity instruments designated at FVOCI, cumulative gain or loss previously recognised in OCI is reclassified from the equity to retained earnings.

Interest earned whilst holding FVOCI debt instrument is reported as interest income using the EIR method.

Financial Asset measured at fair value through profit and loss (FVTPL)

FVTPL is a residual category for financial asset. Any financial asset, which does not meet the criteria for categorization as at amortized cost or as FVOCI, is classified as at FVTPL.In addition, the group company may elect to classify a financial asset, which otherwise meets amortized cost or FVOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition

inconsistency (referred to as accounting mismatch’). Financial assets included within the FVTPL category are measured at fair value with all changes recognized in the profit and loss.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a company of similar financial assets) is primarily derecognised (i.e. removed from the company’s balance sheet) when:

i. The rights to receive cash flows from the asset have

expired, or

ii. The company has transferred its rights to receive

cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through’ arrangement; and either (a) the company has transferred substantially all the risks and rewards of the asset, or (b) the company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

iii. When the company has transferred its rights to

receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the company continues to recognise the transferred asset to the extent of the company’s continuing involvement. In that case, the company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the company has retained.

iv. Continuing involvement that takes the form of a

guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the company could be required to repay.

Impairment of financial assets

In accordance with Ind-AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure:

a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, and bank balance.

b) Trade receivables.

The Company follows simplified approach’ for recognition of impairment loss allowance on:

i. Trade receivables which do not contain a significant

financing component.

The application of simplified approach recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

ii. For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognising impairment loss allowance based on 12-month ECL.

ii. Financial liabilities

Classification

The Company classifies all financial liabilities as subsequently measured at amortised cost, except for financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value.

Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or amortised costs.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The company’s financial liabilities include trade and other payables, loans and borrowings, financial guarantee contracts and derivative financial instruments.

Financial liabilities measured at fair value through profit or loss.

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the company that are not designated as hedging instruments in hedge relationships as defined by Ind-AS 109. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.

Gains or losses on liabilities held for trading are recognised in the profit or loss.

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in Ind-AS 109 Financial Instruments are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/loss are not subsequently transferred to P&L. However, the company may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the statement of profit or loss.

Loans and borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.

This category generally applies to interest-bearing loans and borrowings.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced

by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.

Offsetting

Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when, the company has a legally enforceable right to set off the amount and it intends either to settle them on net basis or to realize the asset and settle the liability simultaneously.

(i) Derivative financial instruments

The company uses derivative financial instruments, such as forward currency contracts, interest rate swaps and forward commodity contracts, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

q. Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amounts of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents. Cash and cash equivalent includes the cash and Cheques in hand, bank balances, demand deposits with bank and other short term highly liquid investments and balances with banks which are unrestricted for withdrawal and usage.

Bank overdraft are shown within borrowings in current liabilities in the balance sheet and forms part of financing activities in the cash flow statement. Book overdraft are shown within other financial liabilities in the balance sheet and forms part of operating activities in the cash flow statement.

r. Cash Flow Statement

Cash flows are reported using the indirect method, where by profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts orpayments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

s. Earning per equity share

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Potential ordinary shares shall be treated as dilutive when, and only when, their conversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations.

Dilutive potential equity shares are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

C. Standard Issued but not yet effective

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified any new standard or amendments to the existing standards applicable to the Company.

42. The National Company Law Tribunal (’NCLT’), Indore Bench, vide order no. IA/190 (MP) 2021 IN CP (IB) 9 of 2020 dated on 13th October 2023 (’Approval Order Date’), the Resolution Plan ( Plan Approval Order") submitted by SVA Family Welfare Trust and M&B Switchgears ( Resolution Applicant ) for the Company.

As directed by Hon’ble NCLT the implementation of the plan will be monitored by a 3 member Implementation and Monitoring Committee to give effect and impact of Order of National Company Law Tribunal (NCLT) in the financial statement till the completion of implementation.

43. Pursuant to the Resolution Plan as approved by the Hon''ble National Company Law Tribunal, Indore Bench the following consequential impacts have been given :

a. Mr. Shyamsunder Mundra (DIN: 00113199), Mr. Anurag Mundra (DIN: 00113172) and Mr. Vikalp Mundra (DIN: 00113145) have been reinstated/reappointed by the Resolution Applicant with the effective date i.e. 20th October, 2023. Consequently, the said board members shall continue to serve in their current positions and responsibilities, ensuring the continued success and growth of Ujaas Energy Limited. Also from the effective date the management and control of the company has been transferred by the Resolution Applicant to the Board of Directors. The Company has also appointed Mr. Nilesh Rathi, Mr. Girish Kataria and Mrs. Surabhi Agrawal as independent directors with effect from 24th November, 2023.

b. With Effect From 20th October, 2023 the existing issued, subscribed and paid up equity share capital of the Company has been reduced from 20,02,90,000 equity shares of Re. 1 each to 3,01,272 equity shares of Re. 1 each thereby reducing the value of existing issued, subscribed and paid up equity share capital of the Company to the extent of 0.15% (zero point one five percent). Any fractional share below 0.5 shall be considered as 0 share, in excess of 0.5 shall be rounded to 1 share and equal to 0.5 shall be rounded to 1 share.

c. With Effect From 20th October, 2023, 10,00,00,000 equity shares of Re. 1 each aggregating to Rs. 10,00,00,000 (“Equity

Shares") be and are hereby issued and allotted to SVA Family Welfare Trust 9,90,00,000 shares of Re. 1 each and M&B Switchgears 10,00,000 shares of Re. 1 each (Successful Resolution Applicant), against the conversion of Resolution Applicant Loan of Rs. 10,00,00,000 availed from SVA Family Welfare Trust and M&B Switchgears 50,00,000 equity shares of Re. 1 each aggregating to Rs. 50,00,000 (“Equity Shares") be and are hereby issued and allotted to Swastika Fin-Mart Private Limited, against the conversion of unsecured debt of Rs. 50,00,000

d. The National Company Law Tribunal (’NCLT’), Indore Bench, vide order no. IA/190 (MP) 2021 IN CP (IB) 9 of 2020 dated on 13th October

2023, approved to demerged the Company into 3 segment through demerger of 2 division into 2 resulting companies 1) transformer business and (2) Power Trading and Advisory business, the record date of the same has been set as 22nd May, 2024.

e. Pursuant to resolution plan, in respect of derecognition of operational, financial creditors, difference amounting to Rs. 21,214.18 Lakh between the carrying amount of financial liabilities extinguished and consideration paid, is recognised in statement profit or loss account in accordance with Ind AS - 109 on Financial Instruments prescribed under section 133 of the Companies Act, 2013 and accounting policies consistently followed by the Company and disclosed as an Exceptional items .

f. Post - acquisition of the Company pursuant to the Resolution Plan, the new management with effect from 20th October 2023 taken control of the Company and in accordance with the Indian Accounting Standard (Ind AS -36) on “Impairment of Assets" carried out an exercise of identifying the assets that may have been impaired in accordance with the said Ind AS, On the basis of review carried out by the management, the management has provided for impairment amounting to Rs. 9,710.33 Lakhs on property, plant and equipment and Intangible assets during the year ended 31st March,

2024. ''

a) De-recognition of liabilities amounting to Rs. 21,214.18 lakhs.

b) De-recognition of current assets (Trade Receivable, Security Deposits, Subsidy receivab le, REC andOthei Cuiraet AssCs⁴ amounlieg th Rs . 10,362.56 laldit.

c) Impairment of Property, Plant and Equipment andMtahhblihssnts Mnceinting to Rs. 9,710.33 lakhs.

d) Written down amount of Inventories to net realisable vilue Rs4 2,ae4.3d lakh4.

These adjustments, having one- time, non-routine m terial impact on the Statement of profit and Loss accourt snd Sier^c 6, 14c iame 6a4 bhen as

Eeceshostt hemr 4t tee dtatrment of crsCrt aed Loss accounts."

45. As per the resolution plan the Company has paid Rs. 2,800 1akhs payableto securedfinancial froditors.

46. During the year the company has accrued interest on Fix ;d Depo its with Axis Ban k amounting to Rs. 24.58 Lakhs (Previous Year 22.69 Lakhs), however the bank has not credited the same. Therefore, there exists a difference with regards to aforesaid amount as per balance confirmation provided by the banks and books of accounts.

47. During the financial year ended 31st March 2024, the crmpavy ⁶ui changad the pnlic⁴ s° rccogniticn ek ,16,436)16 nvur4y CertiCccle hrem argrnd t> aais to transfer / Sales basis. This change in accounting policy is made to provide more appropriate recognition of revenue from REC. This voluntary change in rn:ountin^a jtehey liat best treernnte¹ for ^py sesfotih⁰ tha cimparalivc iiOOTmation 41^1'' tCp preowdinu pcrie4. T4s dCite his el sr pre4g4tea 4 SiirC dblamcs oheel as at the beginning of he prec ding period. The change in accounting policy has impacted the financial rt:at3me4^rr 4S folfowt:

i. The company has not granted Loans or Advances in the nature of loans to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person, that are: (a) repayable on demand or (b) without specifying any terms or period of repayment.

ii. The company neither have any Benami property nor any proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

iii. The company is not declared wilful defaulter by any bank or financial Institution or other lender.

iv. The company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

v. The company has not made any investments in subsidiary company hence compliance with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017 is not applicable.

vi. (A) The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

(B) The company has not received any fund from any person(s) or entity (ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall

(i) directly or indirectly lend or invest in other persons

or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

vii. The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

viii. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

ix. During the year there has been borrowings from banks on the basis of security of current assets. But as the Company was under the CIRP process no Quarterly returns or statements of current assets were asked and filed by the Company with banks.

To be read with our report of even date

FOR ASHOK KHASGIWALA & CO. LLP FOR AND ON BEHALF OF BOARD OF DIRECTORS

Chartered Accountants

(Firm Reg No. 000743C/C400037)

CA. AVINASH BAXI SARVESH DIWAN SHYAMSUNDER MUNDRA ANURAG MUNDRA

Partner Company Secretary Chief Managing Director CFO and Director

Membership No. 079722 M No. A70139 DIN: 00113199 DIN: 00113172

Place: Indore Date: 01^th June, 2024

---

Mar 31, 2023

1. Terms / right attached to Equity Shares

The company has only one class of equity shares having a par value of Re. 1 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation the equity shareholders will be entitled to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion of their shareholding.

Nature and purpose of reserves

A. Securities premium

Securities premium is used to record the premium received on issue of shares. The reserve will be utilised in accordance with the provisions of the Companies Act, 2013.

B. Share options outstanding account

Represent the fair value at respective grant dates of options issued to employees under Essel Employee Stock Option Scheme 2015. This balance will be transferred to share capital and security premium account as and when the options get exercised from time to time.

Description of share based payment arrangements

Employee stock options - Equity settled sheme based payment arrangement. The company vide resolution passed at their shareholder''s meeting held on 23rd september 2015 approved grant of upto 40,00,000 option to eligible employees of the company.

In terms of said approval, the eligible employees are entitled against each option to subscribed for one equity share of face value of Rs.1 each at par.

(a) Valuation of stock option

The fair value of the stock options granted during the period has been measured using the Black - Scholes option pricing model at the date of the grant. This model includes assumptions regarding dividend yields, expected volatility, expected terms and risk free interest rates.

The key inputs and assumptions used are as follows:

(b) Share Pirce : Weighted average share price is Rs.15.11 (share closing price on NSE as on the date of grant has been considered for valuing the option grant)

(C ) Exercise Price : Weighted average exercise price is Rs 1

(d) Expected volatility : Weighted average expected volatility 56.51%

(e) Expected option life : Expected life of option is the period for which company expects the option to live

(f) Expected dividends : Weighted average expected dividends over life of the options 0.0033 per options

(g) Risk free interest Rate : The risk free interest rate on the date of grant is considered for the calculation is the interest rate applicable for a maturity equal to the expected life of the options based on the yield curve for government bonds.

c) General Reserve

The General Reserve is created from time to time on transfer of profit from retain earnings General Reserve is created by transfer from one component of equity to another of equity and is not an item of other comprehensive income, items included in General Reserve will not be reclassified subsequently to profit and loss.

d) Retained Earnings

Retained earnings are created out of profits over the years and shall be utilised as per the provisions of companies Act, 2013

A . (i) Term loan from BOB, sanctioned limit of Rs. 2,250 Lakhs, Outstanding as at the year end Rs. 838.77 Lakhs (Previous Year Rs. 838.77 Lakhs) for Solar Power Project is secured by exclusive first charge by way of EM of land and Building Situated at survey No. 13/1/1 of Khasra No.18/2 (56) village Gagorni Tehsil & District Rajgarh and plant and machinery and other movable fixed assets of the company''s solar power unit both present and future and secured by hypothecation of stores & spares book debts and all other current assets of the company pertains to solar power project unit II located at survey No. 13/1/1 of Khasra No.18/2(56) Vill. Gagorni Tehsil & District Rajgarh.

(ii) Term loan is further secured by pledge of Fixed Deposits with bank of Rs 59.38 Lakhs (Previous year Rs. 56.68 Lakhs) (including accured interest) and personally guaranteed by promoter directors and others.

(iii) The Term loan repayable in 48 quarterly instalments comprising of 47 equal quarterly installment of Rs. 46.87 Lakhs each starting from quarter ending June 2012 and last instalment of Rs. 47.11 Lakhs due in the quarter ending November 2024. Rate of interest 11.90 % p.a. as at the year end (Previous year 11.90 % p.a.)

B. (i) Term Loan from Indian Overseas Bank, santioned limit of Rs 4,325 Lakhs, outsanding as at the year end Rs 2,260.83 Lakhs (Previous Year Rs. 2,260.97 Lakhs) is secured by Equitable Mortgage followed by registration of memorandum of free hold barren land measuring 7.259 hectare Dabla Soundhya, Jaisinghpura, Barod Tehsil, Madhya Pradesh and exclusive charge by way of hypothecation of plant & machinery created for 5MW solar power plant and on Building / other fixed assets etc to be created thereon where project is erected and lien on fixed deposit with bank of Rs 173.83 Lakhs (Previous year Rs. 165.42 Lakhs) (including accured interest) and personally guaranteed by promoter directors.

(ii) The Term loan repayable in 48 quarterly installment comprising of 47 equal quarterly installments of Rs 90.10 Lakhs each starting from April 2014 and last instalment of Rs. 90.30 Lakhs due in the September 2026. Rate of interest 12.85 % p.a. as at the year end (Previous year 12.85% p.a.)

C. (i) Term Loan from Union Bank of India, sanctioned limit of Rs 5,880.00 Lakhs outstanding as at the year end Rs. 2,940.70 Lakhs (Previous Year Rs. 2,940.70 Lakhs) is secured by Equitable Mortgage of Land situated at survey No. 32,33,34, 37,1223/5, Dabla Soundhya, Jaisinghpura,

Barod Tehsil, Madhya Pradesh and first charge by way of mortgage of all immovable properties and assets of 7MW power project at barod and hypothecation of all movable assets including plant & machinery, vehicle and all other movable assets of the Project, present and future and book debts and all other current assets of the company and lien on fixed deposit with bank of Rs 100.13 Lakhs (Previous year Rs. 94.48 Lakhs) (including accured interest) and personally guaranteed by promoter directors.

(ii) The Term loan repayable in 48 quarterly instalments of Rs. 122.50 Lakhs each starting from April 2014 and last instalment due in September 2026. Rate of interest 11.10 % p.a. as at the year end (Previous year 11.00% p.a.)

Secured long term borrowings aggregating to Rs. 6,040.31 Lakhs (Previous year Rs 6,040.41 Lakhs) including interest accrued and due Nil (Previous year Rs. Nil) are secured by personal guarantee of directors.

D. In view of the extension of time granted vide circular of Reserve Bank of India (RBI), RBI/2019-20/186 dated March

27, 2020 for the payment of interest and principal for term loans falling due between March 1, 2020 and May 31, 2020 and further extended upto August 31, 2020. The Company have availed the debt repayment moratorium due to which term loan repayment period has been revised to the extent of moratorium period.

Due to unavailabity of revised term schedule accrued interest on the term loan has been classified in Current Maturity disclosed under the head "Other financial liabilities” (Refer note 20)

E. The National Company Law Tribunal , Ahmedabad Branch , admitted petition for initiation of Corporate Insolvency Process (CIRP) and appointed a Resolution Professional . According to the provisions of Insolvency and Bankruptcy Code , creditors were called for to submit their claims , accordingly financial creditors have submitted their claims as payable , therefore in lieu of above Non Current Borrowing has been classified as Current Borrowing in note no. 18.

(a) Working capital loans from bank and buyers credit are secured by first pari-passu charge by way of hypothecation of stocks of raw materials finished goods stock in process at the company''s premises / godown or such other places as may be approved by the bank from time to time including goods in transit and shipment outstanding monies book-debts receivables and other current assets of the company and second pari-passu charge by way of equitable mortgage of factory land building situated at 2- D/2, sanwer road sector D and new factory premises at 211/1, opposite sector C, sanwer road, sukhlia Dist. Indore and fixed assets of the company and personally guaranteed by promoter director.Further secured by STDR (Special Term Deposit Receipt) of Rs 70.27 Lakhs (Previous Year Rs. 67.40 Lakhs) (including accured interest).

(b) The short term borrowings from State Bank of India aggregating to Rs. 2,591.96 Lakhs ( Previous year Rs. 2,519.52 Lakhs) carries interest rate 13.45% p.a (Previous year 13.45.% p.a) and are further secured by personal guarantee of promoter directors.

The short term borrowings from Axis Bank aggregating to Rs. 902.13 Lakhs ( Previous year Rs. 902.03 Lakhs) carries interest rate 10.80% p.a (Previous year 10.80% p.a) and are further secured by personal guarantee of promoter directors.

The short term borrowings from State Bank of India aggregating to Rs. 750.00 Lakhs ( Previous year Rs. 750.00 Lakhs) carries interest rate 14.45% p.a (Previous year 14.45% p.a) and are further secured by personal guarantee of promoter directors.

(c) As per the Guidelines / Instruction issued by Reserve Bank of India (RBI) on COVID-19 regulatory package, Banks has considered request for defferement of Interest and converted it into Funded Interest Term Loan (FITL).

FTIL from State Bank of India, outstanding as at the year end Rs. 195.01 Lakhs (Previous Year Rs. 195.01 Lakhs) is repayable by March 31, 2021 and is secured by secured as per note 18 (a) below.

FTIL from Axis Bank, outstanding as at the year end Rs. 41.81 Lakhs (Previous Year Rs. 41.81 Lakhs) is repayable by March 31, 2021 and is secured by secured as per note 18 (a) below.

(d) The short term borrowings aggregating to Rs. 10.30 lakhs ( Previous year Rs. 10.30 lakhs) are unsecured loan from directors and the company in which directors are interested with interest rate from 0% p.a. (Previous year 1.53% to 2.33% p.a.)

(e) The short term borrowings aggregating to Rs. 50 lakhs ( Previous year Rs. 50 lakhs) are unsecured loan from others with interest rate of 12% p.a. (Previous year 12% p.a.), repayable on demand.

(f) During the year the Company has presented interest accured on borrowing under Note 18 other financial liabilities. Accordingly previous year''s figure also regrouped / restated and an amount os Rs. 1,915.25 lakhs included under Working capital loans and Term Loan from banks classifed as current borrowing in previous yearnow presented underNote 18 under Interest Accrued onBorrowings.

Disclosure Required Under Section 22 Of The Micro, Small And Medium Enterprises Development Act, 2006.

a. Principal amount outstanding due to Micro & Small Enterprises as at the year end Rs. 43.25 Lakhs (Previous year Rs. 22.51 Lakhs), there is no overdue amount of principal and interest due to Micro and small enterprises. During the year, no interest has been paid to such parties. This information has been determined to the extent such parties have been identified on the basis of information available with the Company and realied upon by the auditors.

C. The liability in respect of leave encashment is determined using actuarial valuation carried out as at balance sheet date. Actuarial gain or loss are recognized in full in the statement of profit and loss for the year in which they occur. Leave encashment liability as at the year end Rs. 14.61 Lakhs (previous year Rs. 17.35 Lakhs)

Transaction Price - Remaining Performance Obligation

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognised as at the end of the reporting period and an explanation as to when the Group expects to recognise these amounts in revenue. Applying the practical expedient as given in Ind AS 115, the Group has not disclosed the remaining performance obligation related disclosures for contracts as the revenue recognized corresponds directly with the value to the customer of the entity’s performance completed to date.

32. Segment Reporting

A. General Information

Factors used to identify the entity’s reportable segments, including the basis of organisaiton Based on the criteria as mentioned in IND AS 108 “Operating Segment”, the Company has identified its reportable segments as unde:

Segment - 1 Solar Power Generation and Maintenance Segment - 2 Manufacturing and Sale of Solar Power Plant Segment - 3 Electric Vehicle (EV)

The Company’s operating segments are established on the basis of those components of the Company that are evaluated regularly by the Chief Operating Decision Maker in deciding how to allocate resources and in assessing performance. These have been identified taking into account nature of products and services, the differing risks and returns and the internal reporting system.

B. Segment revenue, results, segment assets and liability include respective amounts directly identified with the segment and also an allocation on reasonable basis of amounts not directly identified. The expenses which are not directly relatable to the business segment are shown as un-allocable corporate cost. Assets and Liabilities that cannot be allocated between segment are shown as un allocable corporate assets and liabilities respectively.

34. Leases- Where company is lessee

The Company has adopted IND AS 116 “Leases” effective April, 2019 and elect not to apply the requirements of IND AS 116 since leases are short term leases.

The Company has taken office and godown premises under cancellable operating lease agreements.

These are renewable/cancellable on periodic basis at the option of both lessor and lessee. The company has not recognized any contingent rent as expense in the statement of profit and loss.

The aggregate amount of operating lease payments recognized in the statement of profit and loss is Rs. 8.11 Lakhs (Previous Year Rs. 10.14 Lakhs)

37. Corporate Social Responsibility

The provision related to Corporate Social Responsibility (CSR) under section 135 of the Companies Act, 2013 and rules made thereunder are not applicable to the Company for the F.Y. 2022-23

Note 38 ''Financial risk management objectives and policies Fig in INR Lakhs

In its ordinary operations, the companies activities expose it to the various types of risks, which are associated with the financial instruments and markets in which it operates. The company has a risk management policy which covers the foreign exchanges risks and other risks associated with the financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved by the board of directors. The following is the summary of the main risks:

a) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates (currency risk) and interest rates (interest rate risk), will affect the companies income or value of it''s holding of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

i) Interest rate risk

Interest rate risk is the risk the fair value or future cash flow of a financial instrument will fluctuate because of changes in market interest rate. Fair value interest rate risk is the risk of changes in fair value of fixed interest bearing financial instrument because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing financial instrument will fluctuate because of fluctuations in the interest rates.

The Company''s exposure to the risk of changes in market interest rates relates primarily to the borrowing from banks and other interest bearing borrowing. Currently company is not using any mitigating factor to cover the interest rate risk.

Interest rate sensitivity

The sensitivity analysis below have been determined based on exposure to interest rates for borrowing at the end of the reporting period and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period in case of term loans that have floating rates. If the interest rates had been 1% higher or lower and all the other variables were held constant, the effect on Interest expense for the respective financial years and consequent effect on companies profit in that financial year would have been as below:

ii) Foreign currency risk

The Company enters into transactions in currency other than its functional currency and is therefore exposed to foreign currency risk. The Company analyses currency risk as to which balances outstanding in currency other than the functional currency of that Company. The company enters in to derivative financial instrument such foreign currency forward contract and option contracts to mitigate the risk of changes in exchange rate on foreign currency exposure.

The company has no exposure to foreign currency as at the year end (Previous Year Rs. Nil )

(b) Credit risk

Credit risk is the risk that arises from the possibility that the counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

Financial assets that are subject to such risk, principally consist of trade receivables, Investments and loans and advances. None of the financial insturments of the company results in material concentration of credit risk.

Financial assets are written off when there is no reasonable expectation of recovery, however, the Company continues to attempt to recover the receivables. Where recoveries are made, these are recognised in the Statement of Profit and Loss.

The impairment for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company''s past history, existing market conditions as well as forward looking estimates at the end of each balance sheet date.

(i) Trade and other receivables

To Manage trade and other receivables, the company periodically assesses the financial reliability of customers, taking in to account the financial conditions, economic trends, analysis to historical bad debts and ageing of such receivables.

(ii) Investments

The Company limits its exposure to credit risk by generally investing in liquid securities and only with counter-parties that have a good credit rating. The Company does not expect any losses from non-performance by these counter-parties apart from those already given in financials, and does not have any significant concentration of exposures to specific industry sectors or specific country risks.

(iii) Cash and cash equivalents

The Company holds cash and cash equivalents with credit worthy banks of Rs. 212.81 lakhs as at March 31, 2023 (Rs. 696.18 lakhs as at March 31, 2022).The credit worthiness of such banks is evaluated by the management on an ongoing basis and is considered to be good.

(c) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due.

The Company has obtained fund and non-fund based working capital lines from various banks. The company''s treasury department is responsible for liquidity, funding as well as settlement management. In addition, process and policies related to such risk are overseen by senior management. Management moniters the company''s net liquidity position through rolling forecasts on the basis of expected cash flows.

Capital Management

For the purpose of the Company’s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders of theCompany. The Company’s objective whenmanaging capitalistosafeguard its ability tocontinue as a going concern so that itcan continue to providereturnsto shareholders and other stake holders.

The Company managesitscapital structure andmakes adjustmentsin lightof changes in the financial condition and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders (buy back its shares) or issue new shares.

Note 39 Financial Instruments by Category and fair value heirarchy A. Accounting classification and fair values

Set out below, is a comparison by class of the carrying amounts and fair value of the Company''s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values.

Thefair values ofthe financial assets and financial liabilities included in the level 2 and level 3 categories above have been determined in accordance with generallyaccepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparties.

B. Measurement of fair values

To provide an indication aboutthe reliability ofthe inputs used in determiningfairvalue,the Company has classified itsfinancial instruments intothree levels prescribed underthe Ind AS. An explanation for each level is given below.

Level 1:Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

41. The National Company Law Tribunal (NCLT'), Indore Bench, vide order dated 17th September 2020 (Insolvency Commencement Date), initiated Corporate Insolvency Resolution Process (CIRP) in respect of the company under the provisions of the Insolvency and Bankruptcy Code, 2016 (the Code) pursuant to application filed by an operational creditor of the Company. Subsequently, Mr. Naveen Kumar Sood (IP registration No. IBBI/IPA-001/ IP-P00132/2017-18/10274) was appointed as Resolution Professional (RP) by NCLT. Pursuant to commencement of CIRP, the powers of the Board of Directors stand suspended and are exercised by the RP In line with the provision of the Code. Accordingly, these Standalone Financial Statement for the year ended 31st March 2023 were reviewed by the Management and the RP.

These Standalone Financial Statement for the year ended 31st March 2023 have been prepared by the management of the Company in accordance with Section 134(5) of the Companies Act, 2013 (“Act”). These Standalone Financial Statement were placed before the Board of Directors in its meeting held on 30th May, 2023 for their consideration. The RP is relying on the management representation for all information and confirmation in relation to the day to day functioning of the Company. The RP, in reliance of such representations, clarification and explanation provided by the Management has approved the same.

As per section 134 of the Companies Act, 2013, the financial statements of the Company are required to be authenticated by the Chairperson of the Board of Directors, where authorised by the Board or at least two directors, of which one shall be managing director or the CEO (being a director), the CFO and Company Secretary where they are appointed. Pursuant to the NCLT order for commencement of the CIRP and in line with the provisions of the Code, the powers of the Board of Directors stand suspended and exercised by RP. These Standalone Financial Statement for the year ended 31st March 2023 have been prepared by the management of the Company and certified by Mr. Anurag Mundra, Chief Financial Officer (‘CFO'') and Mr. Sarvesh Diwan, Company Secretary (‘CS'') and RP.

The RP has certified these Standalone Financial

Statement only to the limited extent of discharging the powers of the Board of Directors of the company (suspended during CIRP) which has been conferred upon him in terms of provisions of Section 17 of the Code. In pursuance of the CIRP process, a resolution plan duly approved by the Committee of Creditors (CoC) was submitted to NCLT for approval. NCLT has rejected the resolution plan vide Order dated 06/01/2023. The resolution applicant has already filed an appeal at NCLAT challenging the NCLT orders and the Appeal is being heard by NCLAT.

42. In accordance with the Code, a public announcement was made calling the financial and operational creditors of the Company to submit their claims with IRP / RP. Accordingly, IRP / RP had collated claims submitted by the creditors. No accounting impact in the books of accounts has been made for any excess, short or non-receipt of claims from operational and financial creditors.

43. The carrying value of property plant and equipment and intangible as at 31st March, 2023 is Rs. 13,401.75 lacs (Previous Year Rs. 14,117.00 lacs) and Rs. 5.44 lacs (Previous Year Rs. 5.96 lacs) respectively. As explained in note 42 above, the Company is under CIRP. The Company has not taken in consideration any impact on the value of the asset, if any, in preparation Financial Statement as required by IND AS 10 on "Event after the Reporting Period". The Company has not made Ujaas Energy Limited Note to financial statements for the year ended 31st March 2023 All amounts in Lakhs Indian Rupees, unless otherwise stated. assessment of impairment as required by IND AS 36 on Impairment of Assets, if any as at 31st March, 2023 in the value of property plant and equipment and intangible assets.

44. The Company has not been able to obtain confirmations from various trade receivables, deposits, loans and advances, trade and other payables. Accordingly, adjustments if any arising out of reconciliation with these parties is not readily available. The Company has carried out its internal assessment and accordingly provided/ written off/ back certain receivables/ payables/ loans and advances.

45. During the year the banks has not charged interest

amounting to Rs. 1,165.49 Lacs (Previous Year 723.28 Lacs) on borrowings, however as per the sanction letter

stipulation, the Company has made provision of interest in books of accounts. Therefore, there exists a difference aggregating to Rs. 2,573.55 lacs (including previous year interest) with regards to aforesaid amount as per balance confirmation provided by the banks and books of accounts.

46. During the year the company has accrued interest income on Fixed Deposits with Axis Bank amounting to Rs. 22.69 Lacs (Previous Year 22.68 Lacs), however the bank has not provided the same. Therefore, there exists a difference with regards to aforesaid amount as per balance confirmation provided by the banks and books of accounts.

47. During the FY 2021-22, the Company received order from Principle Commissioner CGST & Central excise related to Valuation method for calculation of Service tax. The demand as per order is Rs. 8,798.66 Lacs plus interest. The entire claim of the department has been admitted by the RP and has been provided for in the books of accounts for the year ended March 31, 2022.

48. Additional Regulatory Information

i. The company has not granted Loans or Advances in the nature of loans to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person, that are: (a) repayable on demand or (b) without specifying any terms or period of repayment.

ii. The company neither have any Benami property nor any proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

iii. The company is not declared wilful defaulter by any bank or financial Institution or other lender.

iv. The company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

v. The company has not made any investments till 31 st March, 2023 in subsidiary company hence compliance with the number of layers prescribed under clause (87) of section 2 of the Act read

with Companies (Restriction on number of Layers) Rules, 2017 is not applicable.

vi. (A) The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries; (B) The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

vii. The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

viii. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

ix. The Company has borrowings from banks on the basis of security of current assets. Quarterly returns or statements of current assets filed by the Company with banks are in agreement with the books of account. Ujaas Energy Limited Note to financial statements for the year ended 31st March 2023 All amounts in Lakhs Indian Rupees, unless otherwise stated.

49. Previous year’s figures are regrouped or rearranged wherever considered necessary, to make them

comparable with current year’s figure. To be read with our report of even date

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Mar 31, 2018

A. Corporate Information

Ujaas Energy Limited (UEL) (“the company”) was incorporated in the year 1999 having its registered office Survey No.211/1, Opp. Sector-C & Metalman Sanwer Road Industrial Area, Indore-452015 (Madhya Pradesh) is engaged in manufacturing / servicing of transformer, Generation of solar power and manufacturing, sales and services of solar power plants / projects. Company has setup solar parks at Ichhawar Dist. sehore-gagorni at dist. rajgarh, susner-barod-rojhani at dist. agar, and bercha at dist. shajapur in the state of madhya pradesh. The company is a public limited company and its shares are listed on bombay stock exchange (BsE) and national stock exchange (NSE).

Note:

Inventories are valued at lower of cost and net realisable value, except scrap valued at net realisable value.

The cost of inventories recognised as an expense include INR nil (previous year nil, as at 1^st April 2016 nil) in respect of written down inventory to net realiseable value.

1.1 Terms / right attached to Equity Shares

The company has only one class of equity shares having a par value of Re. 1 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation the equity shareholders will be entitled to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion of their shareholding.

1.2 For the Period of five years immediately preceding the date at which the Balance sheet is prepared i.e. 31^st March 2018. The Company has not allotted any bonus shares, any share pursuant to contract(s) without payment being received in cash or bought back any shares / class of shares.

Nature and purpose of reserves

i) Securities premium

Securities premium is used to record the premium received on issue of shares. The reserve will be utilised in accordance with the provisions of the Companies Act, 2013.

ii) Share options outstanding account

Represent the fair value at respective grant dates of options issued to employees under Essel Employee Stock Option Scheme 2015. This balance will be transferred to share capital and security premium account as and when the options get exercised from time to time.

iii) General reserve

The company has transferred a portion of the net profit before declaring dividend to general reserves pursuant to provision of companies act 1956. Mandatory transfer to general reserve is not required under the companies act 2013.

a (i) (i) Term loan from BOB, sanctioned limit of Rs.2250 Lakhs, Outstanding as at the year end Rs.1125.00 Lakhs (Pre. Yr. Rs.1312.50 Lakhs, as 1^st April 2016 Rs.1500.00 Lakhs) for Solar Power Project is secured by exclusive first charge by way of EM of land and Building Situated at survey No. 13/1/1 of Khasra No.18/2 (56) village Gagorni Tehsil & District Rajgarh and plant and machinery and other movable fixed assets of the company’s solar power unit both present and future and secured by hypothecation of stores & spares book debts and all other current assets of the company pertains to solar power project unit II located at survey No. 13/1/1 of Khasra No.18/2(56) Vill. Gagorni Tehsil & District Rajgarh.

(ii) Term loan is further secured by pledge of Fixed Deposits with bank of Rs. 50 Lakhs and personally guaranteed by promoter directors and others.

(iii) The Term loan repayable in 48 quarterly instalments comprising of 47 equal quarterly installment of Rs. 46.87 Lakhs each starting from quarter ending June 2012 and last instalment of Rs. 47.11 Lakhs due in the quarter ending March 2024. Rate of interest 11.00 % p.a. as at the year end (Previous year 12.10 % p.a., as at 1^st April 2016 12.65% p.a.)

(ii) (i) Term Loan from Indian Overseas Bank, sanctioned limit of Rs. 4325.00 Lakhs, outstanding as at the year end Rs. 2793.30 Lakhs (Pre.Yr. Rs. 3153.70 Lakhs, as 1^st April 2016 Rs. 3514.10 Lakhs) is secured by Equitable Mortgage followed by registration of memorandum of free hold barren land measuring 7.259 hectare Dabla Soundhya, Jaisinghpura, Barod Tehsil, Madhya Pradesh and exclusive charge by way of hypothecation of plant & machinery created for 5MW solar power plant and on Building / other fixed assets etc to be created thereon where project is erected and lien on fixed deposit with bank of Rs.348.50 Lakhs and personally guaranteed by promoter directors.

(ii) The Term loan repayable in 48 quarterly installment comprising of 47 equal quarterly installments of Rs. 90.10 Lakhs each starting from April 2014 and last instalment of Rs. 90.30 Lakhs due in the Jan 2026. Rate of interest 11.00 % p.a. as at the year end (Previous year 13.95% p.a. as at 1^st April 2016 13.05% p.a.)

(iii) (i) Term Loan from Union Bank of India, sanctioned limit of Rs. 5880.00 Lakhs outstanding as at the year end Rs.3920.00 Lakhs (Pre.Yr. Rs. 4410.00 Lakhs, as 1^st April 2016 Rs. 4900.00 Lakhs) is secured by Equitable Mortgage of Land situated at survey No. 32,33,34, 37,1223/5, Dabla Soundhya, Jaisinghpura, Barod Tehsil, Madhya Pradesh and first charge by way of mortgage of all immovable properties and assets of 7MW power project at barod and hypothecation of all movable assets including plant & machinery, vehicle and all other movable assets of the Project, present and future and book debts and all other current assets of the company and lien on fixed deposit with bank of Rs. 50 Lakhs, lien on long term mutual fund with UBI bank of Rs.240 Lakhs and personally guaranteed by promoter directors.

(ii) The Term loan repayable in 48 quarterly instalments of Rs.122.5 Lakhs each starting from April 2014 and last instalment due in January 2026. Rate of interest 11.00 % p.a. as at the year end (Previous year 11.65% p.a., as at 1^st April 2016 11.65% p.a.)

(iv) (i) Term loans from Axis Bank, sanctioned limit Rs. 34.40 Lakhs, outstanding as at the year end '' Nil Lakhs (Pre. Yr. Rs. 7.59 Lakhs, as 1^st April 2016 Rs. 15.11 Lakhs) are secured by exclusive charge on assets purchased against the loans.

(ii) The term loan repayable in 60 equal monthly installment of '' 0.72 Lakhs each (including interest) starting from April 2013 and last installment due in February 2018. Rate of interest 10.00% p.a. as at the year end (Previous Year 10.00% p.a., as at 1^st April 2016 10.00% p.a.)

(v) (i) Term loans from Axis Bank, sanctioned limit Rs. 21.85 Lakhs, outstanding as at the year end '' Nil Lakhs (Pre. Yr. Rs. 3.55 Lakhs, as 1^st April 2016 Rs. 8.46 Lakhs) are secured by exclusive charge on assets purchased against the loans.

(ii) The term loan repayable in 60 equal monthly installment of '' 0.46 Lakhs each (including interest) starting from January 2013 and last installment due in November 2017. Rate of interest 10.09% p.a. as at the year end (Previous Year 10.09% p.a., as at 1^st April 2016 10.09% p.a.)

b Secured long term borrowings aggregating to Rs. 7838.30 Lakhs (Previous year Rs. 8891.57 Lakhs, as at 1^st April 2016 Rs. 9916.90 Lakhs) including interest accrued on borrowings Nil (Previous year Rs.15.37 Lakhs, as at 1^st April Rs.2.80 Lakhs) are secured by personal guarantee of directors.

(a) Working capital loans from bank and buyers credit are secured by first pari-passu charge by way of hypothecation of stocks of raw materials finished goods stock in process at the company’s premises / godown or such other places as may be approved by the bank from time to time including goods in transit and shipment outstanding monies book-debts receivables and other current assets of the company and second pari-passu charge by way of equitable mortgage of factory land building situated at 2- D/2, sanwer road sector D and new factory premises at 211/1, opposite sector C, sanwer road, sukhlia Dist. Indore and fixed assets of the company and personally guaranteed by promoter director.

Further secured by first pari-passu charge by way of Equitable Mortgage of property situated at 191/1191/2191/3191/4 Saket Nagar Indore and flat no. 504 Varsha Apartment 10/1 South Tukoganj Indore owned by Promoters till December 2017 and the same is replaced with STDR of Rs.30.60 Lakhs.

(b) The short term borrowings from bank aggregating to Rs.2215.24 lakhs (Previous year Rs.100.98 lakhs, as at 1^st April 2016 Rs. 424.20 Lakhs) interest rate 10% p.a to 10.35% p.a and are further secured by personal guarantee of promoter directors.

(c) The short term borrowings aggregating to Rs.2994.86 lakhs (Previous year Rs.2711.49, as at 1^st April 2016 nil) are unsecured loan from directors.

*Principal amount outstanding as at the year end Rs. 6.69 lakhs (Previous year Rs.248.23 lakhs, as at 1^st April 2016 Rs.245.76 Lakhs), there is no overdue amount of principal and interest due to Micro and small enterprises. During the year, no interest has been paid to such parties. This information has been determined to the extent such parties have been identified on the basis of information available with the Company.

*No amount due and outstanding to be credited to Investor Education and Protection Fund. ** Include salary payable and outstanding expense payable etc.

Note-2: Related Party Disclosures

A. Enterprises where control exists

Eizooba Energy One Limited, Uganda - Subsidiary Company

Ujaas Energy HK Limited, Honk Kong - Subsidiary Company (Ceased to be subsidiary w.e.f. 29.03.2017)

B. Key Managerial Personnel

Mr. Shyamsunder Mundra - Chairman and Managing Director

Mr. Vikalp Mundra - Joint Managing Director

Mr. Anurag Mundra - CFO and Joint Managing Director

Ms. Shilpi Singh - Company Secretary

Note-3: Leases- Where company is lessee

The Company has taken office and go down premises under cancellable operating lease agreements. These are renewable/ cancellable on periodic basis at the option of both lessor and lessee. The company has not recognized any contingent rent as expense in the statement of profit and loss.

The aggregate amount of operating lease payments recognized in the statement of profit and loss is Rs.126.93 lakh (Previous Year Rs.115.52 lakh).

Note-4: Pursuant to disclosure pertaining to Section 186 (4) of the Companies Act, 2013 the following are the details thereof:

a. Loan given - outstanding as at the year-end:

The above loans given are classified under respective heads and are given at an interest rate as mentioned above. The same are utilized by the recipients for working capital needs (refer note 11).

b. Investments Made

The investments are classified under respective heads for purposes as mentioned in their object clause.

Note-5: Disclosure Pursuant to regulation 34(3) of the SEBI (Listing Obligations & Disclosure Requirements) Regulation 2015.

a) Loans and Advances in the nature of Loans to Subsidiary

*The Company divested its subsidiary Ujaas Energy HK Ltd on 29.03.2017

b) Loans and Advances in the nature of loan to Associates, Related Party and parties where directors are interested. NIL

c) i) None of the parties to whom loans were given have made investment in the shares of the Company.

ii) The above Advances fall under the category of loans, which are repayable on demand and interest has been charged on it.

Note-6: Corporate Social Responsibility

The expenditure incurred on corporate social responsibility (CSR) is as under:

Note-7: Financial risk management objectives and policies

In its ordinary operations, the companies activities expose it to the various types of risks, which are associated with the financial instruments and markets in which it operates. The company has a risk management policy which covers the foreign exchanges risks and other risks associated with the financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved by the board of directors. The following is the summary of the main risks:

a) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates (currency risk) and interest rates (interest rate risk), will affect the companies income or value of it’s holding of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

i) Interest rate risk

Interest rate risk is the risk the the fair value or future cash flow of a financial instrument will fluctuate because of changes in market interest rate. Fair value interest rate risk is the risk of changes in fair value of fixed interest bearing financial instrument because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing financial instrument will fluctuate because of fluctuations in the interest rates.

The Company’s exposure to the risk of changes in market interest rates relates primarily to the borrowing from banks. Currently company is not using any mitigating factor to cover the interest rate risk.

Interest rate sensitivity

The sensitivity analysis below have been determined based on exposure to interest rates for borrowing at the end of the reporting period and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period in case of term loans that have floating rates. If the interest rates had been 1% higher or lower and all the other variables were held constant, the effect on Interest expense for the respective financial years and consequent effect on companies profit in that financial year would have been as below:

ii) Foreign currency risk

The Company enters into transactions in currency other than its functional currency and is therefore exposed to foreign currency risk. The Company analyses currency risk as to which balances outstanding in currency other than the functional currency of that Company. The company enters in to derivative financial instrument such foreign currency forward contract and option contracts to mitigate the risk of changes in exchange rate on foreign currency exposure.

Following table analysis foreign currency assets and liabilities on balance sheet date.

Sensitivity to foreign currency risk

The following table demonstrates the sensitivity in the USD currencies if the currency rate is increased/(decreased) by 1% with all other variables held constant. The below impact on the Company’s profit before tax is based on changes in the fair value of unhedged foreign currency monetary assets and liabilities at balance sheet date:

(b) Credit risk

Credit risk is the risk that arises from the possibility that the counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

Financial assets that are subject to such risk, principally consist of trade receivables, Investments and loans and advances. None of the financial insturments of the company results in material concentration of credit risk. Financial assets are written off when there is no reasonable expectation of recovery, however, the Company continues to attempt to recover the receivables. Where recoveries are made, these are recognised in the Statement of Profit and Loss.

The impairment for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company’s past history, existing market conditions as well as forward looking estimates at the end of each balance sheet date.

Trade and other receivables

To Manage trade and other receivables, the company periodically assesses the financial reliability of customers, taking in to account the financial conditions, economic trends, analysis to historical bad debts and ageing of such receivables.

Investments

The Company limits its exposure to credit risk by generally investing in liquid securities and only with counter-parties that have a good credit rating. The Company does not expect any losses from non-performance by these counterparties apart from those already given in financials, and does not have any significant concentration of exposures to specific industry sectors or specific country risks.

(c) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company has obtained fund and non-fund based working capital lines from various banks. The company’s treasury department is responsible for liquidity, funding as well as settlement management. In addition, process and policies related to such risk are overseen by senior management. Management moniters the company’s net liquidity position through rolling forecasts on the basis of expected cash flows.

Capital Management

For the purpose of the Company’s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders of the Company. The Company’s objective when managing capital is to safeguard its ability to continue as a going concern so that it can continue to provide returns to shareholders and other stake holders.

The Company manages its capital structure and makes adjustments in light of changes in the financial condition and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders (buy back its shares) or issue new shares.

No changes were made in the objectives, policies or processes for managing capital during the year ended 31^st March, 2018 and 31^st March, 2017.

Note-8: Financial Instruments by Category and fair value heirarchy

Set out below, is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values.

The fair values of the financial assets and financial liabilities included in the level 2 and level 3 categories above have been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparties.

To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into three levels prescribed under the Ind AS. An explanation for each level is given below.

Level 1:Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. Note-51: First time adoption of Ind AS First Ind AS financial statements

These are the Company’s first separate financial statements prepared in accordance with Ind AS applicable as at 31 March 2018.

The accounting policies set out in note B have been applied in preparing the financial statements for the year ended 31 March 2018, the comparative information presented in these financial statements for the year ended 31 March 2017 and in the preparation of an opening Ind AS balance sheet as at 1 April 2016 (the date of transition). In preparing its opening Ind AS balance sheet, the Company has restated the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standards) Rules, 2014 and other relevant provisions of the Act (previous GAAP or Indian GAAP) so as to comply in all material respects with Ind AS.

An explanation of how the transition from previous GAAP to Ind AS has affected the Company’s financial position, financial performance and cash flows is as follows:

First-time adoption

Following are the applicable Ind AS 101 optional exemptions and exceptions to retrospective application of Ind AS applied in the transition from previous GAAP to Ind AS.as per Appendix D of IND AS 101.1.

I) Optional exemptions

a) Property, plant and equipment and intangible assets

The Company has applied Ind AS 16 with retrospective effect for all of its property, plant and equipment, except for Free hold land which is accounted at deemed cost. i.e. fair valued on transition date, as at the transition date, viz., 1^st April 2016.

b) Investment in subsidiaries

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its investment in subsidiaries as recognised in the financial statements at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition.

Accordingly, the Company has elected to measure all of its investments in subsidiaries at their previous GAAP carrying value.

II) Exceptions to retrospective application of Ind AS a) Estimates

An entity’s estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.

Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP except where Ind AS required a different basis for estimates as compared to the previous GAAP.

De-recognition of financial assets and liabilities

Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entity’s choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial Liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions.

The company has applied the de-recognition provisions of Ind AS 109 prospectively from the date of transition to Ind AS.

III) Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification and measurement of financial instrument meet the condition of Ind AS 109 on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

Reconciliation of equity as at 1^st April 2016 (date of transition)

8.1 Notes to Reconciliation

1 Freehold land (property) are carried in the balance sheet on the basis of fair valuations performed on transition date, and all other property, plant and equipment are measured as per Ind AS 16 with the date of its acquisition.

2 The company had evaluated and considered life time impairment on one of its financial asset .i.e. renewable energy certificates, on transition date considering then market trend & scenerio and resultant change is adjusted in retained earnings.

3 Under Previous GAAP, the company made investment made in mutual fund and are recorded at lower of cost or net realisable value. Under Ind AS the investment in mutual fund has been fair valued through profit and loss.

4 Certain security deposits given were recorded at discounted value and classified at amortised cost, Difference between the discounted value and transaction value of the security deposits has been recognised as prepaid expenses.

5 Under the previous GAAP, the premium or discount arising at the inception of foreign exchange forward contracts entered into to hedge an existing asset / liability, were amortised as expense or income over the life of the contract. Exchange differences on such contracts were recognized in the statement of profit and loss in the reporting period in which the exchange rate changes. Under the IND AS 109, foreign exchange forward contracts are carried at fair value and the resultant gains /(losses) are recorded in the statement of profit and loss.

6 Under Previous GAAP, the transaction cost (i.e. Processing Cost) incurred towards borrowings was capitalised with Property, Plant and Equipment. Upon transition to Ind AS, the transaction cost has been amortized over the loan period with interests as per effective interest rate method.

7 Upon transition to Ind AS, Company has elected to apply Ind AS 16, Property, Plant and Equipment from date of acquisition of property, plant and equipment and accordingly as a change in estimate has been applied retrospectively and resultant change is adjusted in retained earnings.

8 Under Previous GAAP, the cost relating to post employment benefit obligation including actuarial gain/losses were recognised in profit and loss. Under the Ind AS, actuarial gain/losses on the net defined liability are recognised in the comprehensive income instead of profit and loss

9 Tax adjustments include deferred tax impact on account of differences between previous GAAP and Ind AS.

9. Previous year’s figures are regrouped or rearranged wherever considered necessary, to make them comparable with current year’s figure.

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Mar 31, 2016

"1.2 The company has only one class of equity shares having a par value of Re. 1 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation the equity shareholders will be entitled to receive the remaining assets of the Company after distribution of all preferential amounts in proportion of their shareholding.”

1.4 For the Period of five years immediately preceding the date at which the Balance sheet is prepared i.e 31st March 2016. The Company has:

(i) not allotted any bonus shares.

(ii) not allotted any share pursuant to contract(s) without payment being received in cash.

(iii) not bought back any shares / class of shares.

1 a) (i) Term loan from BOB, santioned limit of Rs. 2250 lakh''s, Outstanding as at the yearend Rs. 1500.00 lakh''s (Pre.Yr. Rs. 1687.01 lakh''s) for Solar Power Project is secured by exclusive hypothecation of first charge by way of EM of land and Building Situated at survey No. 13/1/1 of Khata No.18/2 (56) Vill. Gagorni Tehsil and District Rajgarh and plant and machinery and other movable fixed assets of the company''s proposed solar power unit both present and future and secured by hypothecation of stores & spares book debts and all other current assets of the company pertains to solar power project unit II located at survey No. 13/1/1 of Khata No.18/2(56) Vill. Gagorni Tehsil & District Rajgarh.(ii) Term loan is further secured by lien on Fixed Deposits with bank of Rs 50 lakh''s and personally guaranteed by promoter directors.(iii) The Term loan repayable in 48 quarterly installments comprising of 47 equal quarterly installment of Rs. 46.87 lakh''s each starting from quarter ending June 2012 and last installment of Rs. 47.11 lakh''s due in the quarter ending March 2024.Rate of interest 12.65 % p.a. as at the yearend (Previous year 13 % p.a.)

b) (i) Term Loan from Union Bank of India, sanctioned limit of Rs 5880.00 lakh''s outstanding as at the yearend Rs. 4900.00 lakh''s (Pre.Yr. Rs.5390.00 lakh''s) is secured by EM of Land situated at survey No. 32,33,34,1223/5, Dabla Soundhya, Jaisinghpura, BarodTehsil, Madhya Pradesh and first charge by way of mortgage of all immovable properties and assets of proposed 7MW power project at barod and hypothecation of all movable assets including plant & machinery, vehicle and all other movable assets of the Project, present and future and book debts and all other current assets of the company and lien on fixed deposit with bank of Rs.50 lakh''s and personally guaranteed by promoter directors.(ii) The Term loan repayable in 48 quarterly installments of Rs. 122.5 lakh''s each starting from April 2014 and last installment due in January 2026. Rate of interest 11.65 % p.a. as at the yearend (Previous year 12.00% p.a.)

c) (i) Term Loan from Indian Overseas Bank, sanctioned limit of Rs 4325.00 lakh''s, outstanding as at the yearend Rs 3514.10 lakh''s (Pre.Yr. Rs. 3874.50 lakh''s) is secured by EM followed by registration of memorandum of free hold barren land and measuring 8 hectare to village Dabla, Barod Tehsil, Madhya Pradesh and exclusive charge by way of hypothecation of plant & machinery created for 5MW solar power plant and on Building / other fixed assets etc to be created thereon where project is proposed to be erected and lien on fixed deposit with bank Rs. 105 lakh''s and personally guaranteed by promoter directors.(ii) The Term loan repayable in 48 quarterly installment comprising of 47 equal quarterly installments of Rs 90.10 lakh''s each starting from April 2014 and last installment of Rs. 90.30 lakh''s due in the Jan 2026. Rate of interest 13.05 % p.a. as at the yearend (Previous year 14.50% p.a.)

d) (i) Term loan from Axis Bank, sanctioned limit Rs 34.40 lakh''s, outstanding as at the yearend Rs 15.11 lakh''s ( Pre Yr. 21.93 lakh''s) is secured by exclusive charge on assets purchased against the loans.(ii) The term loan repayable in 60 equal monthly installment of Rs 0.72 lakh''s each (including interest) starting from April 2013 and last installment due in February 2018. Rate of interest 10.00% p.a. as at the yearend (Previous Year 10.00% p.a.

e) (i) Term loan from Axis Bank, sanctioned limit Rs 21.85 lakh''s, outstanding as at the yearend Rs 08.46 lakh''s (Pre. Yr. Rs 12.88 lakh''s) is secured by exclusive charge on assets purchased against the loans.(ii) The term loan repayable in 60 equal monthly installment of Rs 0.46 lakh''s each (including interest) starting from January 2013 and last installment due in November 2017. Rate of interest 10.09% p.a. as at the yearend (Previous Year 10.09% p.a.)

(a) Working capital loans from bank is secured by first pari-passu charge by way of hypothecation of stocks of raw materials, finished goods, stock in process at the company''s premises / godown or such other places as may be approved by the bank from time to time including goods in transit and shipment outstanding monies ,book-debts receivables and other current assets of the company and second pari-passu charge by way of equitable mortgage of factory, land, building and fixed assets of the company and personally guaranteed by promoter director.

Further secured by first pari-passu charge by way of EM of property situated at 191/1,191/2,191/3,191/4 Saket Nagar Indore owned by Smt Geeta Mundra ,Shri Anurag Mundra ,Shri Vikalp Mundra and Shri S.S. Mundra and flat no. 504 Varsha Apartment 10/1 South Tukoganj Indore owned by Shri Shyam Sunder Mundra

(b) The short term borrowings aggregating to Rs. 424.20 lakh''s ( Previous year Rs. 6.63 lakh''s ) are further secured by personal guarantee of promoter director.

2. Leases- Where company is lessee

The Company has taken office premises under operating lease agreements. These are renewable/cancellable on periodic basis at the option of both lessor and lessee. The company has not recognized any contingent rent as expense in the statement of profit and loss.

The aggregate amount of operating lease payments recognized in the statement of profit and loss is Rs.53.46 lakh''s (Previous Year Rs. 41.80 lakh''s).

3. a. The Company held 121602 (Previous Year 81166)Renewable energy certificates as on 31^st March, 2016 which are valued at Net realizable value.

b. Power generated during the year and pending for acceptance by Electricity Distribution Company as at the year-end are shown as Unbilled Power under finished goods inventory.

4. Pursuant to disclosure pertaining to Section 186 (4) of the Companies Act, 2013 the following are the details thereof:

a. Loan given outstanding as at the year-end:

The above loans given are classified under respective heads and are given at an interest rate as mentioned above. The same are utilized by the recipients for working capital needs (refer note 18).

b. Investments Made

The investments are classified under respective heads for purposes as mentioned in their object clause (refer Note 11 and 14).

5. Dividend remitted in foreign currency to Non-Resident Shareholders

B) Loans and Advances in the nature of loan to Associates, Related Party and parties where directors are interested.NIL

C) i) None of the parties to whom loans were given have made investment in the shares of the Company.

ii) The above Advances fall under the category of loans, which are repayable on demand and interest has been charged on it.

6. Previous year''s figures are regrouped or rearranged wherever considered necessary, to make them comparable with current year''s figure.

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Mar 31, 2015

1. General Company Information

The Company is engaged in manufacturing / servicing of transfer , Generation of solar power and manufacturing , sales and services of Solar Power Plants/ Projects. Six Solar Parks are situated at Ichhawar dist. Sehore,Gagorni at dist. Rajgarh, Susner-Barod-Rojhani at dist. Agar , and Bercha at dist. Shajapur in the state of Madhya Pradesh. The company is a Public Limited Company and its shares are listed on Bombay Stock Exchange (BSE) and National Stock Exchange( NSE).

1.1 The company has only one class of equity shares having a par value of Re. 1 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation the equity shareholders will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

1.2 The details of Shareholders holding more than 5% Equity shares:

1.3 For the period of five years immediately preceeding the date at which the Balance Sheet is prepared i.e.31st March 2015. The Company has:

(i) alloted 9440970 equity shares as fully paid up bonus shares during the year 2010-11.

(ii) not allotted any shares pursuant to contract(s) without payment being received in cash.

(iii) not bought back any shares/class of shares.

NOTE :

1. a) i. Term loan from SBI, sanctioned limit Rs. 500 lacs, outstanding as at the year end NIL (Pre.Yr Rs. 144.15 lacs) is secured by first charge over entire fixed assets of Transformer Division of the company by way of equitable mortgage of land building and other immovable assets situated at D/2, Sector -D and freehold industrial land at Survey no 211/1, Opposite sector "C" & Metalman, Sanwer Road Industrial Area Indore (M.P.) and second charge over the entire current assets of the company and personally guaranteed by promoter directors of the company.

ii. Further secured by first pari-passu charge by way of EM of property situated at 191/1,191/2,191/3,191/4 Saket Nagar Indore owned by Smt Geeta Mundra Shri Anurag Mundra Shri Vikalp Mundra and Shri S.S. Mundra and flat no. 504 Varsha Apartment 10/1 South T ukoganj Indore owned by Shri Shyam Sunder Mundra.

b) (i) Term loan from BOB, sanctioned limit of Rs. 2250 lacs, Outstanding as at the year end Rs. 1687.01 lacs (Pre.Yr. Rs. 1853.93 lacs) for Solar Power Project is secured by exclusive first charge by way of EM of land and Buliding Suitated at survey No. 13/1/1 of Khata No.18/2(56) Vill. Gagorni Tehsil & District Rajgarh and plant and machinery and other movable fixed assets of the company''s proposed solar power unit both present and future and secured by hypothecation of stores & spares book debts and all other current assets of the company pertains to solar power project unit II located at survey No. 13/1/1 of Khata No.18/2(56) Vill. Gagorni Tehsil & District Rajgarh.

(ii) Term loan is further secured by lien on Fixed Deposits with bank of Rs 50 lacs and personally guaranteed by promoter directors.

(iii) The Term loan repayable in 48 quarterly installments comprising of 47 equal quarterly installment of Rs. 46.87 lacs each starting from quarter ending June 2012 and last installment of Rs. 47.11 lacs due in the quarter ending March 2024.Rate of interest 13% p.a. as at he year end (Previous year 13% p.a.)

c) Term Loan from Union Bank of India, sanctioned limit of Rs 5880.00 lacs outstanding as at the year end Rs. 5390.00 lacs (Pre.Yr. 5872.19) is secured by EM of Land situated at survey No. 32,33,34,1223/5, Dabla Soundhya, Jaisinghpura, BarodTehsil, Madhya Pradesh and first charge by way of mortgage of all immovable properties and assets of proposed 7MW power project at Barod and hypothecation of all movable assets including plant & machinery, vehicle and all other movable assets of the Project, present and future and book debts and all other current assets of the company and lien on fixed deposit with bank of Rs.50 lacs and personally guaranteed by promoter directors.

The Term loan repayable in 48 quarterly installments of Rs. 122.5 lacs each starting from April 2014 and last installment due in January 2026. Rate of interest 12% p.a. as at the year end (Previous year 12.50% p.a.)

d) (i) Term Loan from Indian Overseas Bank, sanctioned limit of Rs 4325.00 lacs, Oustanding as at the year end Rs 3874.50 lacs (Pre.Yr. 4324.81 lacs) is secured by EM followed by registration of memorandum of free hold barren land and measuring 8 hectare to village Dabla, Barod Tehsil, Madhya Pradesh and exclusive charge by way of hypothecation of plant & machinery created for 5MW solar power plant and on Building / other fixed assets etc to be created thereon where project is proposed to be erected and lien on fixed deposit with bank of Rs. 105 lacs and personally guaranteed by promoter directors.

(ii) The Term loan repayable in 48 quarterly installment comprising of 47 equal quarterly installments of Rs 90.10 lacs each starting from April 2014 and last instalment of Rs. 90.30 lacs due in the Jan 2026 .Rate of interest 14.50% p.a. as at the year end (Previous year 14.50% p.a.)

e) (i) Term loans from Axis Bank, sanctioned limit Rs 34.40 lacs, outstanding as at the year end Rs 21.93 lacs ( Pre Yr. 28.09 lacs) are secured by exclusive charge on assets purchased against the loans.

The term loan repayable in 60 equal monthly installment of Rs 0.72 lacs each (including interest) starting from April 2013 and last installment due in February 2018. Rate of interest 10.00% p.a. as at the year end (Previous Year 10.00% p.a.)

f) Term loans from Axis Bank, sanctioned limit Rs 21.85 lacs, outstanding as at the year end Rs 12.88 Lacs (Pre. Yr. Rs 16.89 lacs) are secured by exclusive charge on assets purchased against the loans.

The term loan repayable in 60 equal monthly installment of Rs 0.46 lacs each (including interest) starting from January 2013 and last installment due in November 2017. Rate of interest 10.09% p.a. as at the year end (Previous Year 10.09% p.a.)

2. Secured long term borrowings aggregating to Rs.10953.27 lacs(Previous year Rs.12270.83 lacs) [including interest accrued and due Rs.1.76 lacs(Previous year Rs.77.53 lacs) are secured by personal guarantee of promoter director.

Note:

(a) Working capital loans from bank is secured by first pari-passu charge by way of hypothecation of stocks of raw materials finished goods stock in process at the company''s premises / godown or such other places as may be approved by the bank from time to time including goods in transit and shipment outstanding monies book-debts receivables and other current assets of the company and second pari-passu charge by way of equitable mortgage of factory land building and fixed assets of the company and personally guaranteed by promoter director.

Further secured by first pari-passu charge by way of EM of property situated at 191/1,191/2,191/3,191/4 Saket Nagar Indore owned by Smt Geeta Mundra Shri Anurag Mundra Shri Vikalp Mundra and Shri S.S. Mundra and flat no. 504 Varsha Apartment 10/1 South Tukoganj Indore owned by Shri Shyam Sunder Mundra.

(b) The short term borrowings aggregating to Rs. 6.63 lacs ( Previous year Rs. 913.05 lacs ) are further secured by personal guarantee of promoter director.

Disclosures as required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

a. Trade Payables includes Rs. 22.20 lacs (Previous Year Rs. 535.41 lacs) amount payable to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME), as identified by the company based on information available.

b. The details of amount outstanding to Micro, Small and Medium Enterprises are as under :

(Rs in Lacs)

2. Contingent liabilities and commitments (to the extent not provided for)

Particulars As at 31 As at 31 March, 2015 March, 2014

A. Contingent liabilities for Income Tax Demand disputed 109.80 109.80

{Amount deposited against demand Rs. 98.53 lacs (Previous year Rs. 98.53 lacs)}

B. Commitments Nil Nil

3. Disclosure as per AS-15 -Employee Benefits

i. The liability in respect of gratuity is determined using actuarial valuation of gratuity using Projected Unit Credit Method as required by Accounting Standard 15 "Employee Benefits" (Revised 2005) as at balance sheet date. Actuarial gain and losses are recognized in full in statement of Profit and Loss.

The estimates of total costs and total revenue in respect of construction contracts entered in accordance with AS-7 (Revised) Construction Contracts are reviewed and updated periodically to ascertain the percentage completion for revenue recognition. However, it is impracticable to quantify the impact of changes in estimates.

4. Pursuant to enactment of new Companies Act 2013 and as per the Schedule II of the Companies Act 2013; with effect from 1st April 2014 Company has revised the useful life of fixed Assets for providing depreciation on it. Accordingly, carrying amount as on 1st April 2014 has been depreciated over the remaining revised useful life of the fixed assets. Due to this change the depreciation for the year ended 31st March, 2015 is lower by Rs. 140.10 lacs and profit before tax for the year ended 31st March, 2015 is higher to the extent of Rs. 140.10 lacs. In accordance with transitional provision in respect of assets whose useful life is already exhausted as on 1st April 2014, depreciation Rs. 2.28 lacs (Net of deferred tax Rs.1.17 lacs) has been recognized in the opening balance of retained earnings in accordance with the requirements of Schedule II of the Act.

5. Borrowing Costs

Borrowing Cost capitalized during the year on funds attributable to construction set-up of Plant and Machinery at village Dabla, Tehsil Barod (M.P.) was nil (previous year Rs. 576.34 lacs).

6. Leases- Where company is lessee

The Company has taken office premises under operating lease agreements. These are renewable/cancellable on periodic basis at the option of both lessor and lessee. The company has not recognized any contingent rent as expense in the statement of profit and loss.

The aggregate amount of operating lease payments recognized in the statement of profit and loss is Rs 41,80,062 /- (Previous Year Rs. 41,80,062/- ).

7. a. The Company held 81166 Renewable energy certificates as on 31st March, 2015 which are valued at Net realizable value.

b. Power generated during the year and pending for acceptance by Electricity Distribution Company as at the year-end are shown as Unbilled Power under finished goods inventory.

The above loans given are classified under respective heads and are given at an interest rate higher than rate prevailing yields of government securities. The same are utilized by the recipients for working capital needs (refer note 18).

b. Investments Made

The investments are classified under respective heads for purposes as mentioned in their object clause. Refer Note 11 and 14.

B) Loans and Advances in the nature of loan to Associates, Related Party and parties where directors are interested. NIL

C) i) None of the parties to whom loans were given have made investment in the shares of the Company.

ii) The above Advances fall under the category of loans, which are repayable on demand and interest has been charged on it.

8. Previous year''s figures are regrouped or rearranged wherever considered necessary, to make them comparable with current year''s figure.

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Mar 31, 2014

General company information and statement of significant accounting policies

1. General Company Information

The Company is engaged primarily in manufacturing /servicing of transformer, Generation of solar power and manufacturing, sales and services of Solar Power Plants/Project. The Solar Park is situated at dist. Rajgarh (M.P.). The company is a Public Limited company and its shares are listed on Bombay Stock Exchange (BSE) and National Stock exchange (NSE).

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Mar 31, 2013

1 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

(Figures Rs In Lacs)

As at As at 31 March, 2013 31 March, 2012

A Contingent liabilities

(a) Claims against the Company not acknowledged as debt

(b) Guarantees

i Outstanding Bank Guarantee 396 34 588 85

ii Corporate Guarantee on behalf of Others 100 00 100 00

(c) Income Tax Demand disputed (Net of Tax Deposited) 11 27 46 27

B Commitments

(a) Estimated amount of contracts remaining to be executed 542 64 1844 00

on capital account and not provided for (Net of advances)

2 DETAILS OF AMOUNTS UTILIZED OUT OF ISSUE OF SECURITIES MADE FOR SPECIFIC PURPOSE

a The Proceeds of Rs 9300 lacs from the initial Public offer of equity shares have been utilized as per object

stated in Prospectus and revised /modified in the Extra Ordinary General Meeting held on 29 03 2012, as on 31 03 2013 are as under:

*The object of IPO is modified from, to set up 4MW to 20 MW solar Photovoltaic power plant

b Pending utilization Rs 2318 44 lacs, (Pre Yr Rs 2409 71 lacs), being balance proceeds have been invested in

Banks Fixed deposits Rs 1559 lacs (Pre Yr Rs 1230 Lacs) and Rs 759 44 lacs (Pre Yr Rs 946 21 Lacs) deposited to reduce the CC limit from the banks and Nil (Pre Yr Rs 233 50 lacs) in Transformer business

3 DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

a Trade Payables includes Rs 296 74 lacs (Previous Year Rs 52 52 lacs) amount due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME)

b The details of amount outstanding to Micro, Small and Medium Enterprises are as under :

c The information has been determined to the extent such parties have been identified on the basis of information available with the Company This has been relied upon by the Auditors

4 DISCLOSURE AS PER AS 15 EMPLOYEE BENEFITS

The liability in respect of gratuity is determined using actuarial valuation of gratuity using Projected Unit Credit Method as required by Accounting Standard 15 "Employee Benefits" (Revised 2005) as at balance sheet date Actuarial gain and losses are recognized in full in statement of Profit and Loss

5 DISCLOSURES UNDER AS 16 BORROWING COSTS

Borrowing Cost capitalised during the year on funds attributable to constuction/ set up of Plant and Machinery at village Dabla, Tehsil Barod (M P ) was Nil (previous year Rs 135 67 lacs) and included under capital work in progress Rs 1 25 lacs (Previous year Nil)

6 Earnings in foreign currency Nil Nil

7 Expenditure in foreign currency Travelling Expenses 13 96 Nil

8 Value of Import Calculated on C I F basis Raw Materials 3341 54 Nil

9 PROPOSED DIVIDEND

10 The financial statements have been prepared in line with the requirements of Revised Schedule VI of Companies Act, 1956 as introduced by the Ministry of Corporate Affairs from the financial year ended on 31st March 2012 Accordingly, assets and liabilities are classified between current and non current considering 12 month period as operating cycle

11 Previous year''s figures are regrouped or rearranged wherever considered necessary, to make them comparable with current year''s figure

12 General Company Information

The Comapny is engaged primarily in manufacturing /servicing of transformer, Generation of solar power and manufacturing, sales and services of Solar Power Plants/Project The Solar Park is situated at dist Rajgarh (M P ) The company is a Public Limited company and its shares are listed on Bombay Stock Exchange (BSE) and National Stock exchange (NSE)

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Mar 31, 2012

1.1 of the above 9440970 equity shares are allotted as fully paid up Bonus shares by capitalisation of Share premium reserve and balance in profit and loss account

1.2 The company has only one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of Shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

1.2 The details of Shareholders holding more than 5% shares:

Note :

a) i. Term loan Rs. 289.18 lacs (Pre.Yr Rs.356.70 lacs ) is secured by first charge over entire fixed assets of the company

by way of equitable mortgage of land building and other immovable assets situated at Survey no 211/1 village sukhlia sector D Sanwer Road Industrial Area Indore and second charge over the entire current assets of the company and personally guaranteed by promoter directors of the company.

ii. Further secured by first pari-passu charge by way of EM of property situated at 191/1,191/2,191/3,191/4 Saket Nagar Indore owned by Smt Geeta Mundra, Shri Anurag Mundra, Shri Vikalp Mundra and Shri S.S. Mundra and flat no. 504 Varsha Apartment 10/1 South Tukoganj Indore in the name of Shri Shyam Sunder Mundra and lien STDR Face Value 0.25 crore in the name of the company.

The Term loan repayable in 27 quarterly instalments of Rs. 17.86 lacs each starting from quarter ending June 2009 and last instalment of Rs. 17.78 lacs in March 2016. Rate of interest 13.50% p.a. as at he year end (Previous year 13.50% p.a.)

b) Term loan of Rs. 1916.66 lacs (Pre.Yr. Rs.Nil ) for Solar Power Project is secured by exclusive first charge by way of EM of land and Buliding Suitated at survey No. 13/1/1 of Khata No.18/2(56) vii, Gagorni Tehsil & District Rajgarh and plant and machinery and other movable fixed assets of the company''s proposed solar power unit both present and future and secured by hypotecation of stored & spares, book debts and all other current assets of the company and personally guaranteed by promoter directors.

The Term loan repayable in 48 quarterly instalments of Rs. 46.87 lacs each starting from quarter ending June 2012 and last instalment of Rs. 47.11 lacs date in the quarter ending March 24. Rate of interest 15.25% p.a. as at he year end (Previous year Nil.)

Note:

Working capital loans from bank is secured by first pari-passu charge by hypothecation of stocks of raw materials, finished goods, stock in process at the company''s premises / godown or such other places as may be approved by the bank from time to time including goods in transit and shipment, outstanding monies, book-debts, receivables and other current assets of the company and second pari-passu charge by way of equitable mortgage of factory land, building and fixed assets of the company.

2. Amount Rs. In Lacs As at 31 As at 31 March, 2012 March, 2011

Contingent liabilities and commitments (to the extent not provided for)

Contingent liabilities

(a) Claims against the Company not acknowledged as debt

(b) Guarantees

i. Outstanding Bank Guarantee 588.85 249.91

ii. Corporate Guarantee on behalf of Others 100.00 100.00

Income Tax Demand (Net of Tax Deposited) 46.27 49.48

Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not 1844.00 0 provided for

*The object of IPO is modified from, to set up 4MW to 20 MW solar Photovoltaic power plant.

b. Pending utilization, balance proceeds have been invested in Banks Fixed deposits Rs. 1230 lacs , Rs 946.21 lacs deposited to reduce the CC limit from the banks and Rs. 233.50 lacs in Transformer business.

3. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

a. Trade Payables includes Rs. 110.04 lacs (Previous Year Rs. 52.52 lacs) amount due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME).

b. No interest is paid / payable during the year to any enterprise registered under MSME.

c. The information has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors

4. During the year Solar Power Plant of 2MW has been commenced production, all related costs incurred has been capitalized.

5. The financial statements have been prepared in line with the requirements of Revised Schedule VI of Companies Act, 1956 as introduced by the Ministry of Corporate Affairs from the financial year ended on 31st March 2012. Accordingly, assets and liabilities are classified between current and non-current considering 12 month period as operating cycle. Consequently, the company has re-classified previous year figures to confirm to this year''s classification.

6. Significant Accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure I.