Sangam Renewables Limited - BSE

August 27, 2020

The Manager (Listing) BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Fort Mumbai 400 023 Fax No.2272 5092/3030

Scrip No. 534618

RENEWABLES

Subject: Notice of the 21" Annual General Meeting and the Annual Report for the Financial Year 2019-2020

Pursuant to Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended , please find enclosed the Annual Report for the Financial Year 2019-2020 along with the Notice of the 21 s 1 Annual General Meeting ("AGM") of the Company to be held on Saturday, the 19th day of September, 2020 at 1l.00 a.m. (1ST) through Video Conferencing ("VC")/ Other Audio Visual Means ("OAVM").

The said Notice which forms a part of the Annual Report for the financial year 2019-2020 has been sent electronically to the members whose e-mail IDs are registered with the Company / Purva Sharegistry (India) Private Limited, Registrar and Share Transfer Agents of the Company and the Depositories viz. the National Securities Depository Limited and Central Depository Services (India) Limited.

The Notice of the AGM and the Annual Report has also been uploaded on the website of the Company at www.sangamrenew.com.

Please take the same on your records and suitably disseminated at all concerned.

Thanking You,

Yours faithfully ,

Managing Director

DIN: 07063863 Email ID.:[email protected] Encl.: As Above

Sangam Renewables Limited

50 I , Western Edge - I, Off. Western Express Highway, Borivali (East) Mwnbai - 400066, INDIA

Tel: +912243331500 [email protected] www.sangamrenew.com

CIN: L93000MHI999PLC 120470 CST: 27AADCSI824j2ZB

21st ANNUAL REPORT

FINANCIAL YEAR 2019-20

SANGAM RENEWABLES LIMITED(formerly known as Sangam Advisors Limited)

COMPANY INFORMATION

Board of Directors• Mr.NileshBhogilalGandhi Chairman&Non-ExecutiveIndependentDirector• Mr.MitulMehta Non-ExecutiveIndependentDirector• Ms.AnitaJaiswal Non-ExecutiveIndependentDirector• Mr.HiteshMehta ExecutiveDirector• Mr.PujanPankajDoshi ManagingDirector

Key Managerial Personnel• Mr.B.C.Bhandari ChiefFinancialOfficer• Ms.RuchiSethi CompanySecretary&Complianceofficer

Bankers

AxisBankLimited

Statutory Auditors

RTJain&Co.LLP,CharteredAccountants

Secretarial Auditors

RMMimani&AssociatesLLP,CompanySecretaries

Registrar and Transfer AgentPurva Sharegistry (India) Private LimitedUnitno.9,ShivShaktiInd.Estate,J.R.BorichaMarg,Opp.KasturbaHospitalLane,LowerParel(E),Mumbai400011Tel:91-22-23016761/8261Fax:91-22-23012517Email:[email protected]/[email protected]

Registered Office and Contact Details and Website504,WesternEdge-I,Off:WesternExpressHighway,Borivali(E)Mumbai-400066;TelNo.022-43331500Email:[email protected]:www.sangamrenew.comCIN:L93000MH1999PLC120470

TABLE OF CONTENTSPARTICULARS PAGE NOCompanyInformation.................................................................................................................................Notice.......................................................................................................................................................... 3Directors’Report........................................................................................................................................ 12AnnexurestoDirectors’Report................................................................................................................. 17ManagementDiscussionandAnalysis....................................................................................................... 31CorporateGovernanceReport.................................................................................................................... 33CEO/CFOCertification.............................................................................................................................. 42AuditorCertificateonCorporateGovernance........................................................................................... 43AuditorReportonStandaloneFinancialStatement................................................................................... 44StandaloneBalanceSheet,ProfitandLossAccount,CashFlowStatementandNotestoAccounts......... 50Auditors’ReportonConsolidatedFinancialStatement.............................................................................. 75ConsolidatedBalanceSheet,ProfitandLossAccount,CashFlowStatementandNotestoAccounts.... 80

Sangam Renewables LimitedFY 2019-20

3

NOTICENOTICEisherebygiventhatthe21st(Twentyfirst)ANNUALGENERALMEETINGOFTHEMEMBERSOFSANGAMRENEWABLESLIMITEDwill be held onSaturday,September 19, 2020 at 11.00 a.m. IST throughvideo conferencing(“VC”)/OtherAudioVisualMechanism(“OAVM”)totransactthefollowingbusiness:

ORDINARY BUSINESS:

1. Toreceive,considerandadopt

a. theauditedstandalonefinancialstatementsoftheCompanyforthefinancialyearendedMarch31,2020,togetherwiththereportsoftheBoardofDirectorsandtheAuditors’thereon;and

b. theauditedconsolidatedfinancialstatementsoftheCompanyforthefinancialyearendedMarch31,2020,togetherwiththereportoftheAuditors’thereon.

SPECIAL BUSINESS:

2. Toconsiderandifthoughtfit,topasswithorwithoutmodification(s),thefollowingresolutionasanordinaryresolution:

“RESOLVED THAT pursuant to theprovisionsof section149, 152, 160 and all other applicableprovisionsof theCompaniesAct,2013(“theAct”)andtheCompanies(AppointmentandQualificationofDirectors)Rules,2014(includinganystatutorymodification(s)orre-enactmentthereofforthetimebeinginforce),ArticlesofAssociationoftheCompanyandotherapplicablelaws,Mr.HiteshPranjivanMehta(DIN:00207506),whowasappointedasanAdditionalDirectorof theCompanywitheffectfromJune15,2020bytheBoardofDirectorspursuant toSection161oftheActandasrecommendedbytheNominationandRemunerationCommitteeandwhoholdsofficeonlyuptothedateoftheensuingAnnualGeneralMeetingoftheCompanyandinrespectofwhomtheCompanyhasreceivednoticeinwritingalongwithrequisitedepositfromamemberunderSection160oftheAct,proposingthecandidatureofMr.HiteshPranjivanMehtafortheofficeoftheDirector,beandisherebyappointedasanExecutiveDirectoroftheCompany,whoseperiodofofficewillbeliabletodeterminationbyretirementofdirectorsbyrotation.

RESOLVED FURTHER THATtheBoardofDirectorsoftheCompanybeandisherebyauthorizedtodoallactsandtotakeallsuchstepsasmaybenecessary,properorexpedienttogiveeffecttotheforegoingresolution.”


“RESOLVED THATpursuant to theprovisionsofSections196,197and203andallotherapplicableprovisionsoftheCompaniesAct,2013(“theAct”)(includinganystatutorymodificationorre-enactmentthereofforthetimebeinginforce)readwithScheduleVoftheActandCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014andArticlesofAssociationoftheCompanyandsubjecttosuchapprovals,permissionsandsanctions,asmayberequired,andsubjecttosuchconditionsandmodifications,asmaybeprescribedorimposedbyanyoftheauthoritiesincludingtheCentralGovernmentingrantingsuchapprovals,permissionsandsanctions,consentoftheshareholdersoftheCompanybeandisherebyaccordedtoappointMr.PujanPankajDoshi(DIN:07063863)astheManagingDirector(MD)oftheCompanyforaperiodoffiveyearswitheffectfromJune15,2020toJune14,2025(bothdaysinclusive),ontermsandconditionsincludingremunerationassetoutintheExplanatoryStatementannexedtothenoticeconveningthisMeeting,withlibertytotheBoardofDirectors(hereinafterreferredtothe“Board”whichtermshallbedeemedtoincludetheNominationandRemunerationCommitteeoftheBoard)toalterandvarythetermsandconditionsofthesaidre-appointmentand/orremunerationasitmaydeemfitandasmaybeacceptabletoMr.PujanPankajDoshi,subjecttothesamenotexceedingthelimitsspecifiedunderScheduleVoftheCompaniesAct,2013oranystatutorymodification(s)orre-enactmentsthereof;

RESOLVED FURTHER THAT notwithstanding anything herein,where in any financial year during the tenure oftheMD,theCompanyhasnoprofitsoritsprofitsareinadequate,theCompanymaysubjecttoreceiptoftherequisiteapprovals includingapprovalofCentralGovernment, ifany,paytotheMDtheaboveremunerationastheminimumremunerationbywayofsalary,perquisites,performancepay,otherallowancesandbenefitsasspecifiedintheexplanatorystatementannexedtotheNoticeconveningthisMeetingandthattheperquisitespertainingtocontributiontoprovidentfund,superannuationfundorannuityfund,gratuityandleaveencashmentshallnotbeincludedinthecomputationoftheceilingonremunerationspecifiedinSectionIIandSectionIIIofpartIIofScheduleVoftheCompaniesAct,2013;

RESOLVED FURTHER THAT theOffice ofManagingDirector shall not be liable to retire by rotation pursuantto Section 152(6) of CompaniesAct, 2013 and Rules made there-under and any subsequent amendment(s) and/ormodification(s)intheAct,Rulesand/orapplicablelawsinthisregardandoftheArticlesofAssociationoftheCompany;

RESOLVED FURTHER THATMr.PujanPankajDoshi,MDoftheCompanybeandisherebyauthorized,empoweredandvestedwiththesubstantialpowersoftheManagementoftheCompanyforcarryingouttheaffairsandactivitiesoftheCompanysubjecttothesuperintendence,controlanddirectionoftheBoardofDirectorsoftheCompany;

Sangam Renewables Limited FY 2019-20

4

RESOLVED FURTHER THATtheBoardofDirectors(whichtermshall,unlessrepugnanttothecontextormeaningthereof, be deemed to include a duly authorized ‘Committee’ thereof) be and is hereby authorized to enter into anAgreement(includinganyrevisionintermsandconditionsofaforesaidre-appointmentand/oragreement,ifrequired)onbehalfoftheCompanywithMr.PujanPankajDoshiintermsoftheaforesaiddraftagreement;

RESOLVED FURTHER THATtheBoardofDirectors(whichtermshall,unlessrepugnanttothecontextormeaningthereof,bedeemedtoincludeadulyauthorized‘Committee’thereof)beandisherebyauthorizedtodoandperformallsuchacts,deeds,mattersorthingsasmaybeconsiderednecessary,appropriate,expedientordesirabletogiveeffecttoaboveresolution.”


“RESOLVED THATpursuanttotheprovisionsofSection188andotherapplicableprovisionsoftheCompaniesAct,2013, includingany statutorymodificationor re-enactment thereof for the timebeing in forceand theRules framedthereunder,asamendedfromtimetotime(“theAct”),readwithRegulation23oftheSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015,(“theRegulations”),andsubjecttosuchotherapprovals,consents,permissionsandsanctionsofotherauthoritiesasmaybenecessary,consentoftheMembersoftheCompanybeandisherebyaccordedtotheBoardofDirectorsoftheCompany(hereinafterreferredtoas‘theBoard’whichtermshallbedeemedtoincludeanyCommitteewhichtheBoardmayhaveconstitutedorhereinafterconstituteto exercise its powers including the powers conferred by this Resolution), to ratify/approve all existing contracts/arrangements/agreements/transactions and to enter into new/further contracts/ arrangements/agreements/transactions(includinganymodifications,alterationsoramendmentsthereto),intheordinarycourseofbusinessandonarm’slengthbasiswithWaareeEnergiesLimited(“Waaree”),SangamRooftopSolarPrivateLimited(“SRPL”),WaasangSolarOnePrivateLimited(“WaasangOne”),WaasangSolarPrivateLimited(“Wassang”),WaareePVTechnologiesPrivateLimited(“WaareePV”)andWaacoxEnergyPrivateLimited(“Waacox”),‘RelatedParties’withinthemeaningoftheActandtheRegulations,asmoreparticularlyenumeratedintheexplanatorystatementtotheNoticeandonsuchtermsandconditionsasmaybeagreedbetweentheCompanyandWaaree,SRPL,WaasangOne,Waasang,WaareePVandWaacox;

RESOLVED FURTHER THATforthepurposeofgivingeffecttothisresolution,theBoardbeandisherebyauthorizedtodoallsuchacts,deeds,mattersandthingsasitmay,initsabsolutediscretion,deemnecessaryandwithpoweronbehalfoftheCompanytosettlequestions,difficultiesordoubtsthatmayariseinthisregardwithoutrequiringtheBoardtosecureanyfurtherconsentorapprovalofthemembersoftheCompany.”

ByOrder of the Board of Directorsof Sangam Renewables Limited

Sd/-Pujan Doshi

Managing DirectorDIN:07063863

Emailid:[email protected]:August12,2020Place:Mumbai

RegisteredOffice:504,WesternEdge-I,Off:WesternExpressHighway,Borivali(E),Mumbai-400066

NOTES:

1. InviewofthecontinuingCovid-19pandemic,theMinistryofCorporateAffairs(“MCA”)hasvideitscirculardatedMay5,2020readwithcircularsdatedApril8,2020andApril13,2020(collectivelyreferredtoas“MCACirculars”)permittedtheholdingoftheAnnualGeneralMeeting(“AGM”)throughVC/OAVM,withoutthephysicalpresenceoftheMembersatacommonvenue.IncompliancewiththeprovisionsoftheCompaniesAct,2013(“Act”),SEBI(ListingObligationsandDisclosureRequirements)Regulations,2015 (“SEBIListingRegulations”)andMCACirculars, theAGMof theCompanyisbeingheldthroughVC/OAVM.

2. Therelevantdetails,pursuanttoRegulations26(4)and36(3)oftheSEBIListingRegulationsandSecretarialStandardonGeneralMeetingsissuedbytheInstituteofCompanySecretariesofIndia,inrespectofDirectorsseekingappointment/re-appointmentatthisAGMisannexed.

3. PursuanttotheprovisionsoftheAct,aMemberentitledtoattendandvoteattheAGMisentitledtoappointaproxytoattendandvoteonhis/herbehalfand theproxyneednotbeaMemberof theCompany.Since thisAGMisbeing


5

heldpursuanttotheMCACircularsthroughVC/OAVM,physicalattendanceofMembershasbeendispensedwith.Accordingly,thefacilityforappointmentofproxiesbytheMemberswillnotbeavailablefortheAGMandhencetheProxyFormandAttendanceSliparenotannexedtothisNotice.

4. Institutional/CorporateShareholders(i.e.otherthanindividuals/HUF,NRI,etc.)arerequiredtosendascannedcopy(PDF/JPGFormat)ofitsBoardorgoverningbodyResolution/Authorizationetc.,authorizingitsrepresentativetoattendtheAGMthroughVC/OAVMonitsbehalfandtovotethroughremotee-voting.ThesaidResolution/AuthorizationshallbesenttotheScrutinizerbyemailthroughitsregisteredemailaddresstormimani@csrma.in/[email protected]@cdslindia.com.

5. TheRegisterofMembersandtheShareTransferbooksoftheCompanywillremainclosedfromSeptember14,2020toSeptember19,2020,(bothdaysinclusive)forthepurposeofAnnualGeneralMeetingoftheCompany.

6. Tosupportthe‘GreenInitiative’,MemberswhohavenotyetregisteredtheiremailaddressesarerequestedtoregisterthesamewiththeirDPsincasethesharesareheldbytheminelectronicformandwithPurvaSharegistry(India)PrivateLimitedincasethesharesareheldbytheminphysicalform.

7. Membersarerequestedtointimatechanges,ifany,pertainingtotheirname,postaladdress,emailaddress,telephone/mobilenumbers,PermanentAccountNumber(PAN),mandates,nominations,powerofattorney,bankdetailssuchas,nameofthebankandbranchdetails,bankaccountnumber,MICRcode,IFSCcode,etc.,totheirDPsincasethesharesareheldbytheminelectronicformandtoPurvaSharegistry(India)PrivateLimitedincasethesharesareheldbytheminphysicalform.

8. AspertheprovisionsofSection72oftheAct,thefacilityformakingnominationisavailablefortheMembersinrespectofthesharesheldbythem.MemberswhohavenotyetregisteredtheirnominationarerequestedtoregisterthesamebysubmittingFormNo.SH-13.MembersarerequestedtosubmitthesaiddetailstotheirDP.

9. Incaseofjointholders,theMemberwhosenameappearsasthefirstholderintheorderofnamesaspertheRegisterofMembersoftheCompanywillbeentitledtovoteattheAGM.

10. MembersdesiringanyclarificationonaccountsarerequestedtowritetotheCompanyatanearlydatethroughemailoninfo@sangamrenew.comsoastoenabletheCompanytokeeptheinformationready.

11. IncompliancewiththeaforesaidMCACircularsandSEBICirculardatedMay12,2020,NoticeoftheAGMalongwiththeAnnualReport2019-20isbeingsentonlythroughelectronicmodetothoseMemberswhoseemailaddressesareregisteredwith theCompany/Depositories.Membersmaynote that theNoticeandAnnualReport2019-20willalsobeavailableontheCompany’swebsitewww.sangamrenew.com,websitesoftheStockExchangesi.e.BSELimitedatwww.bseindia.com,andonthewebsiteofCDSL:https://www.evotingindia.com.

12. Atthe17thAGMheldonSeptember30,2016,theMembersapprovedappointmentofRTJain&Co.LLP,CharteredAccountants,(FirmRegistrationNo.103961W)asStatutoryAuditorsoftheCompanytoholdofficeforaperiodoffiveyearsfromtheconclusionofthatAGMtilltheconclusionofthe22ndAGM,subjecttoratificationoftheirappointmentbyMembersateveryAGM,ifsorequiredundertheAct.TherequirementtoplacethematterrelatingtoappointmentofauditorsforratificationbyMembersateveryAGMhasbeendoneawaybytheCompanies(Amendment)Act,2017witheffectfromMay7,2018.Accordingly,noresolutionisbeingproposedforratificationofappointmentofstatutoryauditorsatthe21stAGM.

13. SincetheAGMwillbeheldthroughVC/OAVM,theRouteMapisnotannexedinthisNotice.

14. Instructionsfore-votingandjoiningtheAGMareasfollows:

(a) Pursuant to the provisions of Section 108 of the CompaniesAct, 2013 read with Rule 20 of the Companies(ManagementandAdministration)Rules,2014(asamended)andRegulation44ofSEBI(ListingObligations&DisclosureRequirements)Regulations2015(asamended),andMCACircularsdatedApril08,2020,April13,2020andMay05,2020theCompanyisprovidingfacilityofremotee-votingtoitsMembersinrespectofthebusinesstobetransactedattheAGM.Forthispurpose,theCompanyhasenteredintoanagreementwithCentralDepositoryServices (India) Limited (CDSL) for facilitating voting through electronic means, as the authorized e-Voting’sagency.Thefacilityofcastingvotesbyamemberusingremotee-votingaswellasthee-votingsystemonthedateoftheAGMwillbeprovidedbyCDSL.

(b) TheMemberscan join theAGMin theVC/OAVMmode15minutesbeforeandafter thescheduled timeof thecommencementoftheMeetingbyfollowingtheprocedurementionedintheNotice.ThefacilityofparticipationattheAGMthroughVC/OAVMwillbemadeavailabletoatleast1,000membersonfirstcomefirstservedbasis.ThiswillnotincludelargeShareholders(Shareholdersholding2%ormoreshareholding),Promoters,InstitutionalInvestors,Directors,KeyManagerial Personnel, theChairpersons of theAuditCommittee,Nomination andRemunerationCommitteeandStakeholdersRelationshipCommittee,Auditorsetc.whoareallowedtoattendtheAGMwithoutrestrictiononaccountoffirstcomefirstservedbasis.


6

(c) TheattendanceoftheMembersattendingtheAGMthroughVC/OAVMwillbecountedforthepurposeofascertainingthequorumunderSection103oftheCompaniesAct,2013.

(d) Theinstructionsforshareholdersvotingelectronicallyareasunder:(i) ThevotingperiodbeginsonSeptember16,2020at9.00a.m.andendsonSeptember18,2020at5.00pm.During

thisperiodshareholders’oftheCompany,holdingsharesasonthecut-offdate(recorddate)ofSeptember12,2020maycasttheirvoteelectronically.Thee-votingmoduleshallbedisabledbyCDSLforvotingthereafter.

(ii) Shareholderswhohavealreadyvotedpriortothemeetingdatewouldnotbeentitledtovoteatthemeetingvenue.

(iii) Theshareholdersshouldlogontothee-votingwebsitewww.evotingindia.com.(iv) Clickon“Shareholders”module.(v) NowenteryourUserID

a. ForCDSL:16digitsbeneficiaryID,b. ForNSDL:8CharacterDPIDfollowedby8DigitsClientID,c. ShareholdersholdingsharesinPhysicalFormshouldenterFolioNumberregisteredwiththeCompany.

(vi) NextentertheImageVerificationasdisplayedandclickonLogin.(vii) Ifyouareholdingsharesindematformandhadloggedontowww.evotingindia.comandvotedonanearlier

e-votingofanycompany,thenyourexistingpasswordistobeused.(viii) Ifyouareafirsttimeuserfollowthestepsgivenbelow:

ForShareholdersholdingsharesinDematFormandPhysicalFormPAN Enteryour10digitalpha-numeric*PANissuedbyIncomeTaxDepartment(Applicablefor

bothdematshareholdersaswellasphysicalshareholders)• ShareholderswhohavenotupdatedtheirPANwiththeCompany/DepositoryParticipant

arerequestedtousethesequencenumberwhichisprintedonPostalBallot/AttendanceSlipindicatedinthePANfield.

DividendBankDetailsORDateofBirth(DOB)

EntertheDividendBankDetailsorDateofBirth(indd/mm/yyyyformat)asrecordedinyourdemataccountorinthecompanyrecordsinordertologin.• Ifboththedetailsarenotrecordedwiththedepositoryorcompanypleaseenterthemember

id/folionumberintheDividendBankdetailsfieldasmentionedininstruction(v).(ix) Afterenteringthesedetailsappropriately,clickon“SUBMIT”tab.(x) ShareholdersholdingsharesinphysicalformwillthendirectlyreachtheCompanyselectionscreen.However,

shareholdersholdingsharesindematformwillnowreach‘PasswordCreation’menuwhereintheyarerequiredtomandatorilyentertheirloginpasswordinthenewpasswordfield.Kindlynotethatthispasswordistobealsousedbythedematholdersforvotingforresolutionsofanyothercompanyonwhichtheyareeligibletovote,providedthatcompanyoptsfore-votingthroughCDSLplatform.Itisstronglyrecommendednottoshareyourpasswordwithanyotherpersonandtakeutmostcaretokeepyourpasswordconfidential.

(xi) Forshareholdersholdingsharesinphysicalform,thedetailscanbeusedonlyfore-votingontheresolutionscontainedinthisNotice.

(xii) ClickontheEVSNfortherelevant<CompanyName>onwhichyouchoosetovote.(xiii)Onthevotingpage,youwillsee“RESOLUTIONDESCRIPTION”andagainstthesametheoption“YES/

NO” for voting. Select the optionYES orNO as desired.The optionYES implies that you assent to theResolutionandoptionNOimpliesthatyoudissenttotheResolution.

(xiv) Clickonthe“RESOLUTIONSFILELINK”ifyouwishtoviewtheentireResolutiondetails.(xv) Afterselectingtheresolutionyouhavedecidedtovoteon,clickon“SUBMIT”.Aconfirmationboxwillbe

displayed.Ifyouwishtoconfirmyourvote,clickon“OK”,elsetochangeyourvote,clickon“CANCEL”andaccordinglymodifyyourvote.

(xvi) Onceyou“CONFIRM”yourvoteontheresolution,youwillnotbeallowedtomodifyyourvote.(xvii)Youcanalsotakeaprintofthevotescastbyclickingon“Clickheretoprint”optionontheVotingpage.(xviii)IfademataccountholderhasforgottentheloginpasswordthenEntertheUserIDandtheimageverification

codeandclickonForgotPassword&enterthedetailsaspromptedbythesystem.(xix) Shareholders can also cast their vote using CDSL’s mobile app “m-Voting”. The m-Voting app can be

downloadedfromrespectiveStore.PleasefollowtheinstructionsaspromptedbythemobileappwhileRemoteVotingonyourmobile.


7

PROCESSES FOR THOSE SHAREHOLDERSWHO’S EMAILADDRESSESARE NOT REGISTEREDWITH THEDEPOSITORIESFOROBTAININGLOGINCREDENTIALSFORE-VOTINGFORTHERESOLUTIONSPROPOSEDINTHISNOTICE:

(i) ForPhysicalshareholders-pleaseprovidenecessarydetailslikeFolioNo.,Nameofshareholder,scannedcopyofthesharecertificate(frontandback),PAN(self-attestedscannedcopyofPANcard),AADHAR(self-attestedscannedcopyofAadharCard)byemailtoCompany/RTAemailid.

(ii) ForDematshareholders-,pleaseprovideDemataccountdetails(CDSL-16digitbeneficiaryIDorNSDL-16digitDPID+CLID),Name,clientmasterorcopyofConsolidatedAccountstatement,PAN(self-attestedscannedcopyofPANcard),AADHAR(self-attestedscannedcopyofAadharCard)toCompany/RTAemailid.

(iii)Thecompany/RTAshallco-ordinatewithCDSLandprovidesthelogincredentialstotheabovementionedshareholders.

INSTRUCTIONSFORSHAREHOLDERSATTENDINGTHEAGMTHROUGHVC/OAVMAREASUNDER:

(i) Shareholderwillbeprovidedwitha facility toattend the21stAGMthroughVC/OAVMthrough theCDSLe-Votingsystem.Shareholdersmayaccessthesameathttps://www.evotingindia.comundershareholders/membersloginbyusingtheremotee-votingcredentials.ThelinkforVC/OAVMwillbeavailableinshareholder/membersloginwheretheEVSNofCompanywillbedisplayed.

(ii) ShareholdersareencouragedtojointheMeetingthroughLaptops/IPadsforbetterexperience.

(iii)FurthershareholderswillberequiredtoallowCameraanduseInternetwithagoodspeedtoavoidanydisturbanceduringthemeeting.

(iv)PleasenotethatParticipantsconnectingfromMobileDevicesorTabletsorthroughLaptopconnectingviaMobileHotspotmayexperienceAudio/Videolossduetofluctuationintheirrespectivenetwork.ItisthereforerecommendedtouseStableWi-FiorLANConnectiontomitigateanykindofaforesaidglitches.

INSTRUCTIONSFORSHAREHOLDERSFORE-VOTINGDURINGTHE21STAGMAREASUNDER:-

(i) Theprocedurefore-VotingonthedayoftheAGMissameastheinstructionsmentionedaboveforRemotee-voting.

(ii) Only thoseshareholders,whoarepresent in theAGMthroughVC/OAVMfacilityandhavenotcasted theirvoteontheResolutionsthroughremotee-Votingandareotherwisenotbarredfromdoingso,shallbeeligibletovotethroughe-VotingsystemavailableduringtheAGM.

(iii)IfanyVotesarecastbytheshareholdersthroughthee-votingavailableduringtheAGMandifthesameshareholdershavenotparticipatedinthemeetingthroughVC/OAVMfacility,thenthevotescastbysuchshareholdersshallbeconsideredinvalidasthefacilityofe-votingduringthemeetingisavailableonlytotheshareholdersattendingthemeeting.

(iv)ShareholderswhohavevotedthroughRemotee-VotingwillbeeligibletoattendtheAGM.However,theywillnotbeeligibletovoteattheAGM.

(v) Shareholderswhowouldliketoexpresstheirviews/askquestionsduringthemeetingmayregisterthemselvesasaspeakerbysendingtheirrequestinadvanceatleast3dayspriortomeetingmentioningtheirname,demataccountnumber/folionumber,emailid,mobilenumberat(companyemailid).TheshareholderswhodonotwishtospeakduringtheAGMbuthavequeriesmaysendtheirqueriesinadvance7dayspriortomeetingmentioningtheirname,demataccountnumber/folionumber,emailid,mobilenumberat(companyemailid).Thesequerieswillberepliedtobythecompanysuitablybyemail.

(vi)Thoseshareholderswhohaveregisteredthemselvesasaspeakerwillonlybeallowedtoexpresstheirviews/askquestionsduringthemeeting.

(vii)Non–IndividualShareholdersandCustodians

• Non-Individualshareholders(i.e.otherthanIndividuals,HUF,NRIetc.)andCustodiansarerequiredtologontowww.evotingindia.comandregisterthemselvesinthe“Corporates”module.

• AscannedcopyoftheRegistrationFormbearingthestampandsignoftheentityshouldbeemailedtohelpdesk.evoting@cdslindia.com.

• After receiving the logindetailsaComplianceUsershouldbecreatedusing theadmin loginandpassword.TheComplianceUserwouldbeabletolinktheaccount(s)forwhichtheywishtovoteon.

• Thelistofaccountslinkedintheloginshouldbemailedtohelpdesk.evoting@cdslindia.comandonapprovaloftheaccountstheywouldbeabletocasttheirvote.

• Ascannedcopyof theBoardResolutionandPowerofAttorney(POA)which theyhave issued in favourof theCustodian,ifany,shouldbeuploadedinPDFformatinthesystemforthescrutinizertoverifythesame


8

• AlternativelyNonIndividualshareholdersarerequiredtosendtherelevantBoardResolution/Authorityletteretc.togetherwithattestedspecimensignatureofthedulyauthorizedsignatorywhoareauthorizedtovote,totheScrutinizerandtotheCompanyattheemailaddressviz;[email protected]/[email protected];[email protected],iftheyhavevotedfromindividualtab&notuploadedsameintheCDSLe-votingsystemforthescrutinizertoverifythesame.

Incaseyouhaveanyqueriesor issues regardinge-voting,youmay refer theFrequentlyAskedQuestions (“FAQs”)ande-votingmanualavailableatwww.evotingindia.com,underhelpsectionorwriteanemailtohelpdesk.evoting@cdslindia.comorcall1800225533.

AllgrievancesconnectedwiththefacilityforvotingbyelectronicmeansmaybeaddressedtoMr.RakeshDalvi,Manager,(CDSL,)CentralDepositoryServices(India)Limited,AWing,25thFloor,MarathonFuturex,MafatlalMillCompounds,NMJoshiMarg,LowerParel(East),Mumbai-400013orsendanemailtohelpdesk.evoting@cdslindia.comorcall1800225533.

OtherInstructions:

1. TheScrutinizershall,immediatelyaftertheconclusionofvotingattheAGM,firstcountthevotescastduringtheAGM,thereafterunblockthevotescastthroughremotee-votingandmake,notlaterthan48hoursofconclusionoftheAGM,aconsolidatedScrutinizer’sReportofthetotalvotescastinfavouroragainst,ifany,totheChairmanorapersonauthorizedbyhiminwriting,whoshallcountersignthesame.

2. TheresultdeclaredalongwiththeScrutinizer’sReportshallbeplacedontheCompany’swebsitewww.sangamrenew.comandonthewebsiteofCDSLhttps://www.evotingindia.comimmediately.TheCompanyshallsimultaneouslyforwardtheresultstoBSELimited,wheretheshareoftheCompanyislisted.

ExplanatoryStatementinrespectofthespecialbusinesspursuanttosection102(1)oftheCompaniesAct,2013

Item No. 2

Mr.HiteshPranjivanMehta (DIN:00207506), on the recommendationof theNomination andRemunerationCommitteewasappointedasanAdditionalDirectorwitheffectfromJune15,2020bytheBoardinaccordancewiththeArticlesoftheArticlesofAssociationandSection161oftheCompaniesAct2013(“theAct”).

AsperSection161oftheAct,Mr.HiteshP.MehtaholdsofficeuptothedateoftheensuingAnnualGeneralMeeting.TheCompanyhasreceivedtherequisitenoticeinwritingunderSection160oftheActalongwithrequisitedepositfromamemberproposingthecandidatureofMr.HiteshP.MehtatobeappointedasanExecutiveDirectorattheensuingAnnualGeneralMeetingliabletoretirebyrotation.Mr.HiteshP.Mehtahasconsentedtotheproposedappointmentanddeclaredqualified.

Mr.HiteshP.Mehtapossessestherequisiteknowledge,experienceandskillforthepositionofDirector.TheBoardonreceiptofthesaidnoticefromamemberandontherecommendationofNominationandRemunerationCommitteeandsubjecttoapprovalofmembersintheensuingAnnualGeneralMeetinghasaccordeditsconsent, toappointMr.HiteshP.MehtaasanExecutiveDirectorliabletoretirebyrotation.Mr.HiteshP.MehtawillnotbeentitledforanyremunerationasperthecompanypolicyexceptsittingfeesforattendingBoardMeetings.

Abrief profile ofMr.HiteshP.Mehta is provided in the “Annexure” to theNotice pursuant to the provisions of (i) theSecurities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and (ii)SecretarialStandardonGeneralMeetings(“SS-2”),issuedbytheInstituteofCompanySecretariesofIndia.

ExceptMr.HiteshP.Mehta,nootherDirector,KeyManagerialPersonnelof theCompanyandtheirrelatives thereofareinterestedorconcernedfinancialorotherwiseintheproposedresolution.TheBoardofDirectorsrecommendpassingoftheresolutionsetoutinItemNo.02ofthisnotice.

Item No. 3

TheBoard,initsmeetingheldonJune15,2020,hasapprovedtheappointmentofMr.PujanPankajDoshi(DIN:07063863)astheManagingDirectoroftheCompanyforaperiodoffiveyearsendsonJune14,2025.TheBoardhastakenthedecisionofsaidappointmentbasedontherecommendationoftheNominationandRemunerationCommitteeandsubjecttotheapprovalofthemembersofthecompany.

Mr.PujanP.DoshiisnotdisqualifiedfrombeingappointedasaDirectororManagingDirectorintermsofSection164oftheCompaniesAct,2013.HehascommunicatedhiswillingnesstobeappointedandhasgivenhisconsenttoactasManagingDirectorofthecompany.HesatisfiesalltheconditionsassetoutinSection196(3)ofthesaidActandPart-IofScheduleVthereofandhence,iseligibleforre-appointment.

AbriefprofileofMr.PujanP.Doshiisprovidedinthe“Annexure”totheNoticepursuanttotheprovisionsof(i)theSecuritiesand Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and (ii) SecretarialStandardonGeneralMeetings(“SS-2”),issuedbytheInstituteofCompanySecretariesofIndia.


9

It is proposed to seekMembers’ approval for the appointment of and remuneration payable toMr. Pujan P.Doshi as aManagingDirector,intermsoftheapplicableprovisionsofthesaidActandtheRulesmadethereunder.

BroadparticularsofthetermsofappointmentofandremunerationpayabletoMr.PujanP.Doshiareasunder:

(1) Salary(includingperquisites)Re.1/-(RupeeOneOnly)perannumwithannualormid-termincrementsasapprovedbytheBoard/CommitteeoftheBoardwithinalimitsothatthetotalremunerationiswithin5%(five)percentofthenetprofitsoftheCompany.AnnualperformanceincentiveasmaybedecidedbytheBoard/CommitteeoftheBoard,subjecttoaceilingofonehundred(100)percentofsalary.

(2) Otherkeyconditions:

• ReimbursementofmedicalexpensesforhimselfandhisfamilyaspertheCompany’spolicy.

• Leave as per the Company’s policy, subject tomaximum thirty (30) days leave each year with encashment ofun-availedleaveattheendofhistenure.

• HewillnotbeentitledtosittingfeesformeetingsoftheBoard/CommitteesoftheBoardattendedbyhim.

• ThesalarywillbesubjecttoallapplicableprovisionsoftheIncomeTaxAct,1961.

• Thetenurewillbesubjecttoterminationbysixmonth’snoticeinwritingoneitherside

(3) MinimumRemuneration:

In the event of lossor inadequacyofprofits in anyfinancial year, during the currencyof the termof theManagingDirector,thecompanywillpayremunerationtotheManagingDirector,withinthemaximumceilingperannumasperSectionIIofPartIIofScheduleVtotheCompaniesAct,2013,includinganystatutorymodification(s)orre-enactment(s)thereof,forthetimebeinginforce,aspertherecommendationoftheNominationandRemunerationCommitteeandtheapprovaloftheBoardofDirectorsofthecompany.

Mr.PujanP.Doshiholds488,406EquitySharesofthefacevalueofRs.10/-eachinthecompany,whichamountsto2.35%ofthetotalnumberofequitysharesofthecompany.

Mr.PujanP.Doshihasbeenassociatedwiththecompanyforlast04yearsandhascontributedagreatvalueinthegrowthandsuccessofthecompanywithher/hisrichexpertiseintheindustrywherethecompanyoperates.ItwouldbeintheinterestofthecompanytocontinuetoavailofhisconsiderableexpertiseandtoappointhimastheManagingDirector.

ThisExplanatoryStatementmayalsobeconsideredastherequisiteabstractunderSection190oftheCompaniesAct,2013settingoutthetermsandconditionsofappointmentofMr.PujanP.DoshiastheManagingDirectorofthecompany.

SaveandexceptMr.PujanP.Doshiandtheirrelativestotheextentoftheirshareholdinginterest,ifany,inthecompany,noneoftheotherDirectors,KeyManagerialPersonnelofthecompanyandtheirrelativesare,inanyway,concernedorinterested,financiallyorotherwise,intheaforesaidresolution.

TheBoardcommendstheOrdinaryResolutionsetoutatItemNo03fortheapprovalofMembers.

Item No. 4

PursuanttotheprovisionsofSection188oftheCompaniesAct,2013(“theAct”),readwiththeCompanies(MeetingsofBoardanditsPowers)Rules,2014(‘Rules’),theCompanyisrequiredtoobtainconsentoftheBoardofDirectorsandpriorapprovalofthemembersbywayofordinaryresolution,incaseofcertaintransactionswithrelatedpartiesexceedssuchsumasisspecifiedinthesaidRules.TheaforesaidprovisionsarenotapplicableinrespectoftransactionswhichareintheOrdinarycourseofbusinessandonarm’slengthbasis.

However, pursuant to Regulation 23 of the Securities Exchange Board of India (Listing Obligations and DisclosureRequirements)Regulations,2015(‘ListingRegulations’),approvalofthemembersthroughordinaryresolutionisrequiredforallmaterialrelatedpartytransactions,eveniftheyareenteredintointheordinarycourseofbusinessandonarm’slengthbasis.Forthispurpose,atransactionisconsideredtobematerial,ifthetransaction/transactionstobeenteredintoindividuallyortakentogetherwithprevioustransactionsduringafinancialyearexceed10%oftheannualconsolidatedturnoveroftheCompany,asperthelastauditedfinancialstatementsoftheCompany.

AlltheRelatedPartytransactionsentered/tobeenteredintobytheCompanyareonarm’slengthbasisandintheordinarycourseofbusinessandapprovaloftheAuditCommittee/Boardareobtained,whereverrequired.

Thetransaction(s)tobeenteredintobytheCompany,togetherwiththetransactionsalreadyenteredwithWaareeEnergiesLimited (“Waaree”), a holdingCompany, SangamRooftop Solar PrivateLimited (“SRPL”),WaasangSolarOne PrivateLimited(“WaasangOne”),WaasangSolarPrivateLimited(“Waasang”),WaareePVTechnologiesPrivateLimited(“WaareePV”),andWaacoxEnergyPrivateLimited(“Waacox”),beingsubsidiaryCompaniesqualifiestobeamaterialrelatedpartytransactionsunderListingRegulations.


10

TheCompanyhasexistingarrangementswithWaaree,SRPL,WaasangOne,Waasang,WaareePVandWaacox,whichisintheordinarycourseofbusiness.However,thevalueoftransactionswithWaaree,SRPL,WaasangOne,Waasang,WaareePVandWaacoxinrespectoffinancialyear2019-20exceeds10%oftheannualconsolidatedturnoveroftheCompany,basedontheauditedfinancialstatementsforyearendedMarch31,2019.

Waaree,SRPL,WaasangOne,Waasang,WaareePVandWaacoxbeingthe‘RelatedParties’asperdefinitionunderSection2(76)oftheCompaniesAct,2013.

Basedonpasttrend,thetransactionsasdescribedbelowarelikelytoexceed10%oftheAnnualConsolidatedTurnoverasperlastauditedfinancialstatementsoftheCompanyandmayexceedthematerialitythresholdsprescribedunderRegulation23oftheListingRegulations.

Particulars Information of transactionsNameoftherelated

partyWaaree SRPL Waasang

OneWaasang Waaree PV Waacox

NatureofRelationship

HoldingCompany

WhollyownedSubsidiary

Subsidiary WhollyownedSubsidiary

Whollyowned

Subsidiary

Subsidiary

NatureofContract Sales/Purchase/Service

Sales/Purchase/Service/Advance/Guarantee/Security





DurationofContract

NA NA NA NA NA NA

SalientfeaturesofContract

Normaltradeunderordinarycourseofbusiness






EstimatedValueoftransactionsforthe

FY2020-21

Rs.50Crores Rs.50Crores Rs.10Crores Rs.10Crores Rs.10Crores Rs.10Crores

EstimatedValueoftransactionsforthe

FY2021-22

Rs.50Crores Rs.50Crores Rs.10Crores Rs.10Crores Rs.10Crores Rs.10Crores

Thus,thetransactionsasdescribedabovewouldrequiretheapprovaloftheMembersbywayofanordinaryresolution.

None of theDirectors and/orKeyManagerial Personnel of theCompany and/or their relatives exceptMr. PujanDoshi,ManagingDirector,Mr.HiteshMehta,Directorof theCompany,are inanywayconcernedor interested in theaforesaidspecialresolutionsetoutatItemNo.4ofthisNotice,saveandexcepttotheextentoftheirDirectorship/Shareholding,ifany,intheentitymentionedinthesaidresolution.

YourDirectorsrecommendtheordinaryresolutionproposedatItemNo.4ofthisNoticeforyourapproval.


Sd/-Pujan Doshi





11

DetailsofDirectorsseekingappointment/re-appointmentattheensuingAnnualGeneralMeetingonSeptember19,2020asrequiredunderRegulation36(3)ofSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015aregivenhereunder:

ItemNo.2

NameoftheDirector Mr. Hitesh Pranjivan MehtaDIN 00207506DateofBirth July29,1965Qualification FCA;B.ComExpertiseinspecificfunctional VastExperience in the areaof strategicfinance,

corporate structuring, operational finance, taxplanning,audit,treasury

ListofotherDirectorshipsheldexcludingforeigncompanies,CompaniesunderSection8oftheCompaniesAct,2013andPrivateCompanies

WaareeEnergiesLimited

Chairman/MemberoftheCommitteesoftheBoardofotherCompaniesinwhichheisaDirector

Nil

No.ofsharesheldintheCompany NilRelationshipbetweenDirectorinter-se HeisontheBoardoftheholdingCompanyItemNo.3

NameoftheDirector Mr. Pujan P. DoshiDIN 07063863DateofBirth September29,1989Qualification B.E.InstrumentationExpertiseinspecificfunctionalareas Vast Experience in Instrumentation and

RenewableEnergydomainListofotherDirectorshipsheldexcludingforeigncompanies,CompaniesunderSection8oftheCompaniesAct,2013andPrivateCompanies

Nil

Chairman/MemberoftheCommitteesoftheBoardofotherCompaniesinwhichheisaDirector

Nil

No.ofsharesheldintheCompany 488,406RelationshipbetweenDirectorinter-se Nil


Sd/-Pujan Doshi




12

DIRECTORS’ REPORTThe MembersSangam Renewables Limited(Formerly known as Sangam Advisors Limited)

TheDirectorsarepleasedtopresentthe21stAnnualReportonthebusinessandoperationsoftheCompanyandtheaccountsfortheFinancialYearendedMarch31,2020.

1. FINANCIAL RESULTS

TheCompany’sfinancialperformancefortheyearendedMarch31,2020issummarisedbelow:

(AmountinRs.Lakh)

Particulars Consolidated Standalone2019-20 2018-19 2019-20 2018-19

Total Income 737.05 758.54 508.07 582.14Less:Expenditure 989.06 676.47 547.86 490.80Profit/(Loss) before Tax (252.01) 82.07 (39.79) 91.33TaxExpense(includingPreviousYearTaxAdjustment) 65.64 273.51 (21.21) 60.40Profit/(Loss) after Tax (317.65) (191.44) (18.59) 30.93

2. RESULTS OF OPERATIONS & STATE OF COMPANY’S AFFAIRS

FinancialYear2019-20hasbeenachallengingyearwithweakeningmacro-economicconditions,slowingmarketgrowthsandfinally,COVID-19outbreakandcontainmentmeasurestowardstheendoftheyear.Wehavegrowncompetitivelyoverallinthesegmentsinwhichweoperate,infinancialyear2019-20.

DuringFinancialYear2019-20,theyearunderreview,SangamRenewablesLimitedanditssubsidiaries(theCompany)commissioned1.64MWp(3.5MWpFY18-19)rooftopprojects,signedPPAsfor18.60MWp(34.6MWlastFY18-19)rooftopandgroundmountedprojects.Atotalof42.2MWpareunderconstruction.Projectsof15.80MWparealsoscheduledtobetakenupforconstructionsoon.

ForthecurrentFY2020-21,theCompanyrevenuesandperformancemaybeaffectedduetothefollowingfactors:

• Projectdelaysduetolockdownsaffectingdelayinrevenuegeneration.

• Increaseinconstructioncosts(duetoCOVIDrestrictions).

• Increaseininterestcostduringconstruction(IDC).

• InadequatemaintenanceofoperationalprojectsduetoCOVIDlockdownsandlackofreadilyavailablemanpower.

ThesefactorsshallaffecttheIRRandthusthefeasibilityofprojectsaffectingprofitabilityoftheCompanyinthisfinancialyear.

TheCompanyplanstocontinueitsfocusontheCommercial&Industrial(C&I)marketsegmenttosignPowerPurchaseAgreementswithcompaniesofhighcreditrating(BBB+andbetter),toinstallSolarPVplantsonrooftopsaswellasgroundmounted(withincampusorremotelylocatedunderopenaccess).TheCompanyshallalsocontinuetoprovideadvisory and consultancy services in solar specific vertical. Given the COVID situation at present, the Company’smarketingeffortsaresubduedtillthelockdownislifted.Thiscouldhaveanimpactontheachievementoftheplannedfigures.

Foreaseofoperations,administrativeconvenience, theCompanyhasdecided tohavemultiplesubsidiarycompaniesbasedonthetypeofOffTakers.

TheCompanyincurredconsolidatedlossbeforetaxofRs.252.01lakhsandaftertaxlossofRs.317.65LakhsfortheFY2019-20,asagainstconsolidatedprofitbeforetaxofRs.82.07lakhsandaftertaxlossofRs.191.44lakhsduringFY2018-19.

Impact of Covid-19

During the last quarter of the year under review the incidence ofCovid-19 developed into a global pandemic.ThedirectorshaveassessedtheimpactofCovid-19onthebusinessatthebalancesheetdateandtherewassignificantadverseimpactinenergyrevenueandchangesasofthebalancesheetdate.Thecompanycontinuestoprovidetheservicestoitscustomers,althoughsomepartsofthebusinesshavebeendisruptedduetothecurrentlockdownconditionsinmostpartofthecountry.DuetotheworldwideuncertaintycausedbyCovid-19,anditspotentialtoimpactthecompany,thecompanyhasputinplacemitigationplanstominimizetheadverseimpactonbothrevenueandprofitability.TherearenomaterialchangesorcommitmentsaffectingthefinancialpositionoftheCompanybetweentheendofthefinancialyearandthedateofthereport.


13

3. DIVIDEND AND RESERVES Nodividendwasdeclaredforthecurrentfinancialyearduetoconservationofprofitsandcontinuedinvestmentinthe

business.

4. SHARE CAPITAL TheauthorisedsharecapitaloftheCompanyisRs.210,000,000/-(RupeesTwentyOnecroresonly)comprising21,000,000

equitysharesoffacevalueofRs.10/-each.

ThepaidupequitysharecapitalasatMarch31,2020stoodatRs.208,148,340(RupeesTwentyCroreEightyoneLakhForty-EightThousandThreeHundredandFortyonly).

TheCompanyhasallotted10,800,000(OneCroreEightLakh)EquitySharesofthefacevalueofRs.10eachtoWaareeEnergiesLimited,apromotergroupCompanyandwiththisallotmenttheCompanyhasbecomesubsidiaryofWaareeEnergiesLimitedwitheffectfromApril08,2019.

The Company has not issued any equity shareswith differential rights during the year under review and hence noinformationasperprovisionsofRule4(4)oftheCompanies(ShareCapitalandDebenture)Rules,2014isfurnished.

TheCompanyhasnot issuedanysweatequitysharesduring theyearunder reviewandhenceno informationasperprovisionsofRule8(13)oftheCompanies(ShareCapitalandDebenture)Rules,2014isfurnished.

There are no shares held by trustees for the benefit of employees and hence no disclosure underRule 16(4) of theCompanies(ShareCapitalandDebentures)Rules,2014hasbeenfurnished.

5. SUBSIDAIRY AND ASSOCIATES COMPANIES DuringthefinancialyeartheCompanyhasacquired10,000equitysharesoffacevalueofRs.10/-eachofWaareePV

TechnologiesPrivateLimited representing 100%of the paid up equity share capital of theCompany andwith thisacquisition,WaareePVTechnologiesPrivateLimitedbecomewhollyownedsubsidiaryoftheCompanywitheffectfromApril08,2019.

DuringtheyeartheCompanyhasacquiredbalance2600equitysharesoffacevalueofRs.10/-eachofWaasangSolarPrivateLimitedrepresenting26%ofthepaidupequitysharecapitaloftheCompanyandwiththisacquisition,WaasangSolarPrivateLimitedbecomewhollyownedsubsidiaryoftheCompanywitheffectfromDecember10,2019.

AsonMarch31,2020theCompanyhasthefollowingfivesubsidiaries:

• WaacoxEnergyPrivateLimited(51%shareholding)

• WaasangSolarOnePrivateLimited(51%shareholding)

• WaasangSolarPrivateLimited(100%shareholding)

• WaareePVTechnologiesPrivateLimited(100%shareholding)

• SangamRooftopSolarPrivateLimited(100%Whollyowned)

TheCompanyhasnoassociatesorjointventuresCompany.

6. CONSOLIDATED FINANCIAL STATEMENT TheCompanyhasconsolidatedfinancialstatementforthefinancialyearendedonMarch31,2020,asrequiredinterms

oftheprovisionofSection129(3)oftheCompaniesAct,2013andRulesmadethere-under.

7. CORPORATE GOVERNANCE AReportonCorporateGovernance,asrequiredintermsoftheprovisionsofScheduleVoftheSEBI(ListingObligations

andDisclosureRequirements)Regulations,2015togetherwiththeAuditor’sCertificatethereonisannexedherewith.

8. EXTRACT OF ANNUAL RETURN TheextractoftheAnnualReturninFormMGT-9isannexedherewithas“Annexure- 1”andthesameisavailableon

thewebsiteoftheCompanyi.e.(www.sangamrenew.com)

9. DIRECTORS AND KEY MANAGERIAL PERSONNEL• AllIndependentDirectorshavefurnishedtotheCompanyadeclarationunderSection149(7)oftheCompaniesAct,

2013statingthattheymeetcriteriaofIndependenceasprovidedundersection149(6)oftheCompaniesAct,2013andSEBIListingRegulations.

• Mr.PujanPankajDoshihasbeenappointedastheManagingDirector(MD)oftheCompanywitheffectfromJune15,2020.

• Mr. Hitesh PranjivanMehta (DIN: 00207506) has been appointed as an additional Director in the category ofExecutiveDirectoroftheCompanywitheffectfromJune15,2020wouldholdtheofficetilltheensuingAnnualGeneralMeeting,andbeingeligibleforre-appointment.


14

• Mr.SharadKumarSaxena,Whole-timeDirector (WTD)of theCompanyhas resignedwitheffect fromJuly15,2020.

10. BOARD EVALUATION, INDUCTION AND TRAINING OF BOARD MEMBERS

PursuanttotheprovisionsoftheCompaniesAct,2013theBoardhascarriedoutanannualperformanceevaluationofitsownperformance,theDirectorsindividuallyaswellasevaluationoftheworkingoftheBoardanditsCommittees,culture,executionandperformanceofspecificduties,obligationsandgovernance.

TheperformanceevaluationoftheIndependentDirectorswascompleted.TheperformanceevaluationoftheChairmanandtheNon-independentDirectorswascarriedoutbytheIndependentDirectors.TheBoardofDirectorsexpressedtheirsatisfactionwiththeevaluationprocess.

TheprocessfollowedbytheCompanyforinductionandtrainingtoBoardmembershasbeenexplainedintheCorporateGovernanceReport.

11. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY COMPANY

DetailsofLoans,GuaranteesandInvestmentscoveredundertheprovisionsofSection186oftheCompaniesAct,2013aregiveninthenotestofinancialstatements.

12. WHISTLE BLOWER POLICY

TheCompanyhasawhistleblowerpolicytoreportgenuineconcernsorgrievances.TheWhistleBlowerpolicyhasbeenpostedonthewebsiteoftheCompany.(www.sangamrenew.com)

13. REMUNERATION AND NOMINATION POLICY

TheBoardofDirectorshasframedapolicywhichlaysdownaframeworkinrelationtoremunerationofDirectors,KeyManagerialPersonnelandSeniorManagementof theCompany.Thispolicyalso laysdowncriteriaforselectionandappointmentofBoardMembers.TheremunerationandnominationpolicyhasbeenpostedonthewebsiteoftheCompany(www.sangamrenew.com)

14. RELATED PARTY TRANSACTIONS AND POLICY

The Company has developed a related party transactions framework through standard operating procedures for thepurposeofidentificationandmonitoringoftransactionswiththerelatedparties.

ThepolicyonrelatedpartytransactionsasapprovedbytheBoardofDirectorshasbeenuploadedonthewebsiteoftheCompany.NoneoftheDirectorshasanypecuniaryrelationshiportransactionsvis-d-vistheCompany.

Thedetailsof transactionsenteredintowiththerelatedpartiesaregiveninformAOC-2intermsoftheprovisionofsection188(1)includingcertainarm’slengthtransactionsandannexedherewithasAnnexure- 2.

15. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

TherearenosignificantandmaterialorderspassedbytheRegulators/CourtsthatwouldimpactthegoingconcernstatusoftheCompanyanditsfutureoperations.

16. DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuanttotheprovisionsofsection134(5)oftheCompaniesAct,2013,theDirectorsconfirmthat;

i. inthepreparationoftheAnnualAccountsfortheyearendedMarch31,2020,theapplicableaccountingstandardshavebeenfollowedalongwithproperexplanationrelatingtodepartures,ifany;

ii. appropriateaccountingpolicieshavebeenselectedandappliedconsistentlyandsuchjudgmentsandestimateshavebeenmadethatarereasonableandprudentsoastogiveatrueandfairviewofthestateofaffairsoftheCompanyasatMarch31,2020andoftheprofit/lossoftheCompanyfortheyearendedonthatdate

iii. properandsufficientcarehasbeentakenforthemaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsofthisActforsafeguardingtheassetsoftheCompanyandforpreventinganddetectingfraudandotherirregularities;

iv. theannualaccountshavebeenpreparedona“goingconcern”basis;

v. proper internal financial controls are laid down and such internal financial controls are adequate and operatingeffectively;

vi. propersystemstoensurecompliancewiththeprovisionsofallapplicablelawshavebeendevisedandsuchsystemswereadequateandoperatingeffectively.


15

17. STATUTORY AUDITOR

RTJain&Co.LLP,CharteredAccountants,(FirmRegistrationNo:103961W),istheStatutoryAuditoroftheCompanyappointedattheAGMheldintheyear2016foraperiodoffiveyears,tilltheconclusionoftheAGMoftheCompanytobeheldintheyear2021.

Thereisnoauditqualification,reservationoradverseremarkforthefinancialyearunderreview.

18. COST AUDIT

ProvisionofSection148oftheCompaniesAct,2013readwiththeCompanies(CostRecordsandAudit)Rules,2014arenotapplicabletotheCompanyduringthefinancialyearunderreview.

19. SECRETARIAL AUDIT

Pursuant to theprovisionsofSection204of theCompaniesAct,2013and rulesmade thereunder, theCompanyhasappointedRMMimani&AssociatesLLP,CompanySecretariestoundertaketheSecretarialAuditoftheCompany.TheSecretarialAuditReportforthefinancialyearendedonMarch31,2020isannexedherewithas“Annexure – 3”andformsanintegralpartofthisreport.

Thereisnoauditqualification,reservationoradverseremarkforthefinancialyearunderreview.

20. INTERNAL FINANCIAL CONROL AND THEIR ADEQUACY

YourCompanyhasaneffectiveinternalcontrolandrisk-mitigationsystem,whichareconstantlyassessedandstrengthenedwithnew/revisedstandardoperatingprocedures.TheCompany’sinternalcontrolsystemiscommensuratewithitssize,scaleandcomplexitiesof itsoperations.Themain thrustof internalaudit is to testand reviewcontrols,appraisalofrisksandbusinessprocesses,besidesbenchmarkingcontrolswithbestpracticesintheindustry.TheAuditCommitteeoftheBoardofDirectorsactivelyreviewstheadequacyandeffectivenessoftheinternalcontrolsystemsandsuggestsimprovementstostrengthenthesame.TheCompanyhasarobustManagementInformationSystem,whichisanintegralpartofthecontrolmechanism.TheAuditCommitteeoftheBoardofDirectors,StatutoryAuditorsandtheBusinessHeadsareperiodicallyapprisedoftheinternalauditfindingsandcorrectiveactionstaken.AuditplaysakeyroleinprovidingassurancetotheBoardofDirectors.SignificantauditobservationsandcorrectiveactionstakenbythemanagementarepresentedtotheAuditCommitteeoftheBoard.Tomaintainitsobjectivityandindependence,theInternalAuditfunctionreportstotheChairmanoftheAuditCommittee.

21. RISK MANAGEMENT

YourCompanyhasaRiskManagementPolicyadoptedbytheBoard.Periodicalin-houseriskauditswereconductedtodetectandmitigatetherisksinatimelyandeffectivemanner.

ManagementDiscussionandAnalysisReportcontainmoredetailsontheriskmanagementpracticedbytheCompany

Duringthefinancialyearunderreview,theCompanyhasidentifiedandevaluateselementsofbusinessrisk.ConsequentlyaBusinessRiskManagement framework is in place.The riskmanagement frameworkdefines the riskmanagementapproachoftheCompanyandincludesperiodicreviewofsuchrisksandalsodocumentation,mitigatingcontrolsandreportingmechanism of such risks. The framework has different riskmodels which help in identifying risks trend,exposureandpotentialimpactanalysisataCompanylevelasalsoseparatelyforbusiness.

22. PREVENTION OF SEXUAL HARASSMENT POLICY

The Company has in place a Prevention of Sexual Harassment policy in line with the requirements of the SexualHarassment ofWomen at theWorkplace (Prevention, Prohibition andRedressal)Act, 2013.An InternalComplaintsCommitteehasbeensetuptoredresscomplaintsreceivedregardingsexualharassment.

Allemployees(permanent,contractual,temporary,trainees)arecoveredunderthispolicy.Duringtheyear2019-2020,nocomplaintswerereceivedbytheCompanyrelatedtoSexualHarassment.

23. CORPORATE SOCIAL RESPONSIBILITY (CSR)

ProvisionofScheduleVIIof theCompaniesAct,2013 readwithCompaniesCorporateSocialResponsibilityPolicyRules,2014arenotapplicabletotheCompanyduringtheyearunderreview.

24. ENVIRONMENT AND SAFETY

Your Company is committed to ensure sound Safety, Health and Environmental (SHE) performance related to itsactivities,productsandservices.YourCompanyistakingcontinuousstepstodevelopSaferProcessTechnologiesandUnitOperationsandhasbeeninvestingheavilyinareassuchasProcessAutomationforincreasedsafetyandreductionofhumanerrorelement.EnhancedleveloftrainingonProcessandBehaviorbasedsafety,adoptionofsafe&environmentalfriendlyproductionprocess;ManagementSystemisdoneonacontinuousbasis.

TheCompanyiscommittedtocontinuouslytakefurtherstepstoprovideasafeandhealthyenvironment.


16

25. STATUTORY INFORMATION

• Theinformationonconservationofenergy,technologyabsorptionandforeignexchangeearningsandoutgopursuanttoSection134(3)(m)oftheCompaniesAct,2013,readwiththeRule8(3)oftheCompanies(Accounts)Rules,2014arenotapplicabletotheCompanyduringthefinancialyearunderreview.

• The information required under section 197 of the CompaniesAct, 2013 read with Rule 5(1),(2) & (3) of theCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014inrespectofemployeesoftheCompanyaregiveninAnnexure–4&5tothisreport.

• TheCompanyhasnotacceptedanydeposits,withinthemeaningofSection73oftheCompaniesAct,2013,readwiththeCompanies(AcceptanceofDeposits)Rules,2014.

• TheBusinessResponsibilityReportingasrequiredunderSEBI(LODR),2015andisnotapplicabletoyourCompanyforthefinancialyearunderreview.

• Disclosure as required under paraF ofScheduleVofSEBI (ListingObligations andDisclosureRequirements)Regulations,2015,arenotapplicabletotheCompanyduringthefinancialyear.

26. MANAGEMENT DISCUSSION AND ANALYSIS

ManagementDiscussionandAnalysisReportfortheyearunderreviewasstipulatedunderSEBI(LODR),Regulations,2015ispresentedinaseparatesectionformingpartofthisAnnualReportforthefinancialyearendedMarch31,2020.

27. CAUTIONARY STATEMENT

Statements in thisReport,ManagementDiscussion andAnalysis,CorporateGovernance,Notice to theShareholdersorelsewhereinthisAnnualReport,describingtheCompany’sobjectives,projections,estimatesandexpectationsmayconstitute‘forwardlookingstatement’withinthemeaningofapplicablelawsandregulations.ActualresultsmightdiffermateriallyfromthoseeitherexpressedorimpliedinthestatementdependingontheMarketconditionsandcircumstances.

28. DISCLOSURES UNDER SECTION 134(3)(l) OF THE COMPANIES ACT, 2013:

Exceptasdisclosedelsewhereinthisreport,nomaterialchangesandcommitmentswhichcouldaffecttheCompany’sfinancialpositionhaveoccurredbetweentheendofthefinancialyearoftheCompanyanddateofthisreport.

29. STATEMENT PURSUANT TO SEBI LISTING REGULATIONS

TheCompany’ssharesarelistedwithBSELimitedYourCompanyhaspaidtherespectiveannuallistingfeesandtherearenoarrears.

30. ACKNOWLEDGEMENT AND APPRECIATION

Your Directors express their sincere gratitude for the assistance and co-operation extended by Banks, GovernmentAuthorities,Shareholders,SuppliersandCustomers.YourDirectorsalsowishtoplaceonrecordtheirappreciationofthecontributionmadebytheemployeesattheirlevelstowardsachievementsoftheCompany’sgoals.


Sd/-Pujan Doshi





17

Annexure -1ANNEXURES TO DIRECTORS’ REPORT

FORM NO. MGT 9

EXTRACT OF ANNUAL RETURN

As on financial year ended on March 31, 2020

Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management & Administration) Rules, 2014

I. REGISTRATION & OTHER DETAILS:

1. CIN L93000MH1999PLC1204702. RegistrationDate 22/06/19993. NameoftheCompany Sangam Renewables Limited4. Category/Sub-categoryofthe

CompanyPublicCompanyLimitedbyShares

5. AddressoftheRegisteredOfficeandContactdetails

504,WesternEdge-I,Off.:WesternExpressHighway,Borivali(East)Mumbai–400066Email:[email protected]:-www.sangamrenew.com

6. Whetherlistedcompany Yes7. Name,Address&contactdetailsofThe

Registrar&TransferAgent,ifany.Purva Sharegistry (India) Private Limited,Unitno.9,ShivShaktiIndustrialEstate,J.R.BorichaMarg,Opp.KasturbaHospitalLane,LowerParel(E),Mumbai400011.Tel:91-22-23016761/8261Fax:91-22-23012517EmailId:[email protected]

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:

All the business activities contributing 10 % or more of the total turnover of the company shall be stated)

Sr. No

Name and Description of Product or Service

NIC Code of Product/Service % of Total Turnover of the Company

1 SolarBusinessManagementConsultancy 74140 74.06%2 SolarEnergyGeneration 35105 25.94%

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:

Sr. No

Name and Address of Company CIN/GLN Holding/Subsidiary/Associate

% of shares held

Applicable Section

1 SangamRooftopSolarPrivateLimited504,WesternEdge-I,Off.:WesternExpressHighway,Borivali(East)

Mumbai–400066

U74999MH2016PTC315380 Subsidiary 100 2(87)

2 WaacoxEnergyPrivateLimited504,WesternEdge-I,Off.:WesternExpressHighway,Borivali(East)

Mumbai–400066


3 WaasangSolarOnePrivateLimited504,WesternEdge-I,Off.:WesternExpressHighway,Borivali(East)

Mumbai–400066


4 WaasangSolarPrivateLimited504,WesternEdge-I,Off.:WesternExpressHighway,Borivali(East)

Mumbai–400066


5 WaareePVTechnologiesPrivateLimited504,WesternEdge-I,Off.:WesternExpressHighway,Borivali(East)

Mumbai–400066Limited

U40300DL1985PTC022322 Subsidiary 100 2(87)


18

IV. SHARE HOLDING PATTERN:

(Equity Share Capital Breakup as percentage of Total Equity)

i. Category-wise Shareholding:

CategoryofShareholders No.ofSharesheldatthebeginningoftheyear(As on April 01, 2019)

No.ofSharesheldattheendoftheyear(As on March 31, 2020)

%ChangeduringtheyearDemat Physical Total %ofTotal

SharesDemat Physical Total %ofTotal

SharesA. Promoter1) Indiana)Individual/HUF 3,864,875 - 3,864,875 38.59 4,007,959 - 4,007,959 19.26 -19.33b)CentralGovt. - - - - - - - - -c)StateGovt.(s) - - - - - - - - -d)BodiesCorp - - - - 10,878,841 - 10,878,841 52.26 +52.26e)Banks/FI - - - - - - - - -f)AnyOther - - - - - - - - -Sub-total (A)(1) 3,864,875 - 3,864,875 38.59 14,886,800 - 14,886,800 71.52 +32.932) Foreigng)NRIs-Individuals - - - - - - - - -h)Other-Individuals - - - - - - - - -i)BodiesCorp. - - - - - - - - -j)Banks/FI - - - - - - - - -k)Anyother - - - - - - - - -Sub-total (A)(2): 3,864,875 - 3,864,875 38.59 14,886,800 - 14,886,800 71.52 +32.93B. Public Shareholding1. Institutions - - - - - - - - -a)MFs - - - - - - - - -b)Banks/FI - - - - - - - - -c)CentralGovernment - - - - - - - - -d)StateGovernments - - - - - - - - -e)VentureCapitalFunds - - - - - - - - -f)InsuranceCompanies - - - - - - - - -g)FIIs 140,660 - 140,660 1.40 150,660 - 150,660 0.72 -0.68h)ForeignVentureCapitalFunds

- - - - - - - - -

i)Others-MarketMaker - - - - - - - - -Sub-total(B) (1)

140,660 - 140,660 1.40 150,660 - 150,660 0.72 -0.68

2. Non Institutions - - - - - - - - -a)BodiesCorp.(i)Indian 1,117,105 - 1,117,105 11.15 1,043,800 - 1,043,800 5.01 -6.14(ii)Overseasb) Individuals(i) Individual shareholdersholding nominal sharecapitaluptoRs.1lakh

1,724,824 - 1,724,824 17.22 2,074,573 - 1,612,393 7.75 -9.47

(ii)Individualshareholdersholding nominal sharecapital in excess of Rs 1lakh

1,859,592 - 13,84,314 18.57 1,310,255 - 1,772,435 8.52 -10.05

c ) OthersNRI 1,093,277 1,093,277 10.92 1,007,107 1,007,107 4.84 -6.08HUF 77,232 - 77,232 0.77 70,555 - 70,555 0.34 -0.43ClearingMembers 29,469 - 29,469 0.29 163,284 - 163,284 0.78 +0.49LLP 107,800 - 1,07,800 1.08 107,800 - 107,800 0.52 -0.56Sub-total (B) (2) 6,149,959 6,149,959 61.41 5,777,374 5,777,374 27.76 -33.65Total Public Shareholding(B) = (B) (1) + (B) (2)

61,49,959 61,49,959 61.41 5,928,034 5,928,034 28.48 -32.93

C. Shares held by Custodian for GDRs & ADRs

- - - - - - - - -

Grand Total (A+B+C) 10,014,834 - 10,014,834 100.00 20,814,834 - 20,814,834 100.00 -


19

ii. Shareholding of Promoters:

Sr. No

Shareholder’s Name

Shareholding at the beginning of the year i.e. April 01, 2019

Shareholding at the end of the year i.e. March 31, 2020

% change in shareholding

during the year

No. of Shares % of total Shares of the

company

%of Shares Pledged /

encumbered to total shares

No. of Shares

% of total

Shares of the

company

% of Shares Pledged /

encumbered to total shares

1. HiteshCDoshi 870,511 8.69 - 890,444 4.28 - -4.412. BinitaHDoshi 552,696 5.52 - 574,505 2.76 - -2.763. PankajCDoshi 542,128 5.41 - 571,740 2.75 - -2.664. NeepaV.Doshi 1,120,661 11.19 - 1,124,836 5.40 - -5.795. BindiyaK.Doshi 320,715 3.20 - 358,028 1.72 - -1.486. PujanP.Doshi 458,164 4.57 - 488,406 2.35 - -2.227. WaareeEnergies

Limited- - - 108,78,841 52.26 - +52.26

Total 3,864,875 38.59 - 14,886,800 71.52 - +32.93

iii. Change in Promoters’ Shareholding (please specify, if there is no change)

Sr. No

Name of PromotersDate wise Increase / Decrease in PromotersShareholding during the year specifying the

reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.)

Shareholding at the beginning of the year

Cumulative Shareholding during the year

No. of shares % of total shares of the

company

No. of shares % of totalshares of the

company1. Hitesh C Doshi

Atthebeginningoftheyear 870,511 8.69 870,511 8.69Add/Less:08-04-2019-PreferentialAllotment10-01-2020–openmarketpurchase28-02-2020–openmarketpurchase20-03-2020–openmarketpurchase

6,6853,2302,0407,978

At the end of the year 890,444 4.282. Binita H Doshi


3,75011,4771,4845,098

At the end of the year 574,505 2.763. Pankaj C Doshi


8,1786,1362,01813,280

At the end of the year 571,740 2.754. NeepaViren Doshi

Atthebeginningoftheyear 1,120,661 11.19 1,120,661 11.19Add/Less:08-04-2019-PreferentialAllotment 4,175AttheEndoftheyear 1,124,836 5.40

5. Bindiya K. DoshiAtthebeginningoftheyear 320,715 3.20 320,715 3.20Add/Less:08-04-2019-PreferentialAllotment10-01-2020–openmarketpurchase20-03-2020–openmarketpurchase

10,6008,81717,896

At the End of the year 358,028 1.72


20

Sr. No

Name of PromotersDate wise Increase / Decrease in PromotersShareholding during the year specifying the

reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.)



No. of shares % of total shares of the

company


company6. Pujan P. Doshi

Atthebeginningoftheyear 458,164 4.57 458,164 4.57Add/Less:08-04-2019-PreferentialAllotment10-01-2020-openmarketpurchase20-03-2020-openmarketpurchase

3,75012,87313,619

At the End of the year 488,406 2.357. Waaree Energies Limited

Atthebeginningoftheyear Nil Nil Nil NilAdd/Less:08-04-2019-PreferentialAllotment31-05-2019-acquiredthroughopenoffer

10,800,00078,841

At the End of the year 1,08,78,841 52.26

(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):

Sr. No

Name of Top 10 ShareholdersDate wise Increase /Decrease in Top 10

Shareholders holding during the year specifying the reasons for increase / decrease (e.g.

allotment / transfer / bonus/ sweat equity etc.)




company


company1. Taib Securities India Limited

Atthebeginningoftheyear 510,000 5.09Add/(Less)duringtheyear -- -- -- -

At the end of the year 510,000 2.452 Money Care Finance & Leasing Private Limited


At the end of the year 440,700 2.123. Sandeep Kapadia


At the end of the year 219,487 1.054. Harshil Kantilal Kothari


At the end of the year 199,000 0.965. Bharat Gunvantilal Shah

Atthebeginningoftheyear 148,131 1.48Add/(Less)duringtheyear08-04-2019-PreferentialAllotment

-- -- --10,000

-

At the end of the year 158,131 0.766. Om Prakash Chugh


At the end of the year 100,000 0.487. India Max Investment Fund Limited


At the end of the year 100,000 0.488. Sudhir Laxman Nayak

Atthebeginningoftheyear 90,630 0.90Add/(Less)duringtheyear12-07-201930-08-201920-12-201913-03-2020

(10,630)(30,921)(42,829)(6,250)

At the end of the year Nil Nil


21

Sr. No

Name of Top 10 ShareholdersDate wise Increase /Decrease in Top 10

Shareholders holding during the year specifying the reasons for increase / decrease (e.g.

allotment / transfer / bonus/ sweat equity etc.)




company


company9. Amlan Hasmukh Shah


At the end of the year 87,000 0.4210 Anand Mohan

Atthebeginningoftheyear 85,800 0.86Add/(Less)duringtheyear08-04-201917-01-202024-01-202031-01-202013-03-2020

-- -- --(20,000)(1,345)(5,655)

500(20,000)

-

At the end of the year 39,300 0.1911 Ila Jayesh Thar


At the end of the year 83,416 0.4012 Sharekhan Limited

Atthebeginningoftheyear 4,696 0.05Add/(Less)duringtheyear08-04-201926-04-201903-05-201910-05-201931-05-201907-06-201914-06-201921-06-201902-08-201909-08-201930-08-201906-09-201913-09-201920-09-201918-10-201925-10-201913-12-201920-12-201927-12-201931-12-201910-01-202024-01-202031-01-202007-02-202014-02-202028-02-202006-03-202013-03-202020-03-202027-03-202031-03-2020

-- -- --20030072

(572)1,800

(6,422)435

(435)1,000

(1,000)66

(66)235

(235)45

(45)4,95034,605

(23,535)34,912

(31,056)1,522(272)

(1,124)(126)

(8,688)(5,659)94,763(8,776)55,5081,232

-

At the end of the year 148,330 0.71


22

iv. Shareholding of Directors and Key Managerial Personnel:Nameofeachtopten

ShareholderNo.ofSharesheldatthebeginningof

theyear

Changesduringtheyear Cumulativeshareholdingatthe

endofyearNo.ofshares

%oftotalCapital

Date Increase(+)Decrease(-)duringtheyear

Reason No.ofshares

%oftotalCapital

Mr.PujanP.Doshi 458,164 4.57 08-04-1910-01-2020-03-20

3,75012,87313,619

AllotmentMarketPurchaseMarketPurchase

488,406 2.35

Mr.MitulMehta - - - - - - -Mr.NileshB.Gandhi - - - - - - -*Mr.SharadSaxena - - - - - - -Mr.BhagchandBhandari - - - - - - -Ms.AnitaJaiswal - - - - - - -Ms.RuchiSethi - - - - - - -* Mr.SharadSaxenahasresignedfromDirectorshipwitheffectfromJuly15,2020.

V. INDEBTEDNESS: IndebtednessoftheCompanyincludinginterestoutstanding/accruedbutnotdueforpayment (Amount in Rs.)

Particulars Secured Loans excluding deposits

UnsecuredLoans

Deposits TotalIndebtedness

Indebtednessatthebeginningofthefinancialyeari)PrincipalAmountii)Interestduebutnotpaidiii)Interestaccruedbutnot

-318,750,00017,743,022

-318,750,00017,743,022

Total ( i + ii + iii ) - 336,493,022 - 336,493,022ChangeinIndebtednessduringthefinancialyear-Addition-Reduction

- - - -

Net Change - - - -Indebtednessattheendofthefinancialyeari)PrincipalAmountii)Interestduebutnotpaidiii)Interestaccruedbutnotdue

-318,750,00047,947,423

318,750,00047,947,423

Total ( i + ii + iii) - 366,697,423 366,697,423VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

A. Remuneration to Managing Director, Whole-time Director, Executive Directors and/or Manager

Sr. No.

Particulars of Remuneration Mr. Sharad Saxena – Whole-time Director

TotalAmount

1 Gross salary(a)Salaryasperprovisionscontainedinsection17(1)oftheIncome-taxAct,1961(b)Valueofperquisitesu/s17(2)Income-taxAct,1961(c)Profitsinlieuofsalaryundersection17(3)Income-taxAct,1961

3,628,063 3,628,063

2 StockOption - -3 SweatEquity - -4 Commission

-as%ofprofit-Othersspecify

- -

5 Otherspleasespecify-Reimbursements - -Total (A) 3,628,063 3,628,063

Ceiling as per the Act NA NAB. Remuneration to the other directors:

Sr. No.

Particulars of Remuneration Mr. Mitul Mehta Ms. Anita Jaiswal Mr. Nilesh Gandhi

Non-ExecutiveIndependentDirector

Non-ExecutiveIndependentDirector

Chairman-NonExecutiveIndependentDirector

1 IndependentDirectors-FeeforattendingBoard/CommitteeMeetings-Commission-Otherspleasespecify

Nil 75,000 155,000

Total (1) Nil 75,000 155,000


23

Sr. No.

Particulars of Remuneration

2 OtherNon-ExecutiveDirectors·FeeforattendingBoard/Committeemeetings·Commission·Others,pleasespecify

Total (2) - - -3 Total (B) = ( 1 + 2 )

Overall Ceiling as per the Act NA NA NAC. Remuneration to Key Managerial Personnel Other Than MD / Manager / WTD:

Sr. No.

Particulars ofRemuneration

Key Managerial PersonnelChief Executive

OfficerCompanySecretary

Chief Financial Officer

Total

1 Gross Salary(a)Salaryasperprovisionscontained in section17(1)oftheIncome-taxAct,1961(b)Valueofperquisitesu/s17(2)Income-taxAct,1961(c)Profits in lieuofsalaryundersection17(3)Income-taxAct,1961

---

240,000--

4,132,418--

4,372,418--

2 StockOption - - - -3 SweatEquity - - - -4 Commission

-as%ofprofit-Othersspecify

- - - -

5 Others,pleasespecify - - - -6 Total (C) - 240,000 4,132,418 4,372,418

VII. PENALTIES / PUNISHMENT / COMPOUNDING OF OFFENCES:

Type Section of the companies Act

Brief description

Details of Penalty/Punishment/Compounding fees imposed

Authority [RD/NCLT/Court]

Appeal made. If any (give details)

A. CompanyPenalty - - - - -Punishment - - - - -Compounding - - - - -B. DirectorsPenalty - - - - -Punishment - - - - -Compounding - - - - -C. Other Officers In DefaultPenalty - - - - -Punishment - - - - -Compounding - - - - -

By Order of the Board of Directorsof Sangam Renewables Limited

Sd/-Pujan Doshi

Managing DirectorDIN: 07063863

Email id: [email protected]: August 12, 2020Place: Mumbai

Registered Office:504, Western Edge-I,Off: Western Express Highway,Borivali (E), Mumbai-400066


24

ANNEXURE –2

Form No. AOC-2(Pursuanttoclause(h)ofsub-section(3)ofsection134oftheActandRule8(2)oftheCompanies(Accounts)Rules,2014)

Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso thereto

1. Details of contracts or arrangements or transactions not at arm’s length basis :NIL

a. Name(s)oftherelatedpartyandnatureofrelationship :N.A.

b. Natureofcontracts/arrangements/transactions :N.A.

c. Durationofthecontracts/arrangements/transactions :N.A.

d. Salienttermsofthecontractsorarrangementsortransactionsincludingthevalue,ifany :N.A.

e. Justificationforenteringintosuchcontractsorarrangementsortransactions :N.A.

f. Date(s)ofapprovalbytheBoard :N.A.

g. Amountpaidasadvances,ifany :N.A.

h. Dateonwhichthespecialresolutionwaspassedingeneralmeetingasrequiredunderfirstprovisotosection188:N.A.

2. Details of material contracts or arrangement or transactions at arm’s length basis:

Name(s) of the related party and nature of relationship Waaree Energies Limited – Holding CompanyNatureofcontract/arrangements/transaction ServicesofferedbycompanyDurationofcontract/arrangements/transaction N.A.Salienttermsofcontract/arrangements/transactionincludingthevalue,ifany,

Purchase/Salesofservices

Date(s)ofapprovalbytheBoard May14,2019Amountpaidasadvances,ifany, NIL


Sd/-Pujan Doshi



Registered Office:504, Western Edge-I,Off: Western Express Highway,Borivali (E), Mumbai-400066


25

ANNEXURES TO DIRECTORS’ REPORTANNEXURE – 3

Form No. MR-3Secretarial Audit Report for the financial year ended on March 31, 2020

[PursuanttoSection204(1)oftheCompaniesAct,2013andtheRule9ofthecompanies(Appointmentandremunerationofmanagerialpersonnel)Rule,2014]

To,The MembersSangam Renewables Limited[CIN: L93000MH1999PLC120470]504,WesternEdge-I,WesternExpressHighway,Borivali(East),Mumbai-400066

Wehaveconducted theSecretarialAuditof thecomplianceofapplicable statutoryprovisionsand theadherence togoodcorporatepracticesbySangam Renewables Limited(hereinaftercalledthe“Company”).SecretarialAuditwasconductedinamannerthatprovidedusareasonablebasisforevaluatingthecorporateconducts/statutorycompliancesandexpressingouropinionthereon.

Basedonourverificationofthebooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbytheCompanyandalsotheinformationprovidedbytheCompany,itsofficers,agentsandauthorizedrepresentativesduringtheconductofsecretarialaudit,weherebyreport that inouropinion, theCompanyhas,during theauditperiodcovering thefinancialyearendedonMarch31,2020compliedwiththestatutoryprovisionslistedhereunderandalsothattheCompanyhasproperBoard-processesandcompliance-mechanisminplacetotheextent,inthemannerandsubjecttothereportingmadehereinafter:

Wehaveexaminedthebooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbytheCompanyforthefinancialyearendedonMarch31,2020accordingtotheprovisionsof:

(i) TheCompaniesAct,2013(the Act)andtheRulesmadethere-under;

(ii) TheSecuritiesContracts(Regulation)Act,1956(‘SCRA’)andtheRulesmadethere-under;

(iii)TheDepositoriesAct,1996andtheRegulationsandbye-lawsframedthere-under;

(iv)ForeignExchangeManagementAct,1999andtheRulesandRegulationsmadethere-undertotheextentapplicable;

(v) ThefollowingRegulationsandGuidelinesprescribedundertheSecuritiesandExchangeBoardofIndiaAct,1992(‘SEBI Act’) totheextentapplicabletotheCompany;

i. TheSecuritiesandExchangeBoardofIndia(SubstantialAcquisitionofSharesandTakeovers)Regulations,2011;

ii. TheSecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTrading)Regulations,2015;

iii. TheSecuritiesandExchangeBoardofIndia(IssueofCapitalandDisclosureRequirements)Regulations,2009;

iv. TheSEBI(ListingObligationandDisclosureRequirement)Regulation,2015andlistingagreemententeredintobytheCompanywithStockExchangesinIndia;

v. TheSecuritiesandExchangeBoardofIndia(RegistrarstoanIssueandShareTransferAgents)Regulations,1993regardingtheCompaniesActanddealingwithclient.

(vi)TheManagementhasidentifiedandconfirmedthefollowinglawsasspecificallyapplicabletotheCompany;

i. ElectricityAct,2003

ii. EnergyConservationAct,2001

iii. TheIndianElectricityRules,1956

iv. TheRules,Regulationsandapplicableorder(s)undercentralandstateElectricityRegulatorycommissions/Authority.

Wehavealsoexaminedcompliancewiththeapplicableclausesofthefollowing;

(i) SecretarialStandardsissuedbytheInstituteofCompanySecretariesofIndia

Wehave relied on the representationmade by theCompany and itsOfficers for systems andmechanism formedby theCompanyandtestverificationonrandombasiscarriedoutforcompliancesunderotherapplicableActs,LawsandRegulationstotheCompany.


26

ThecompliancebytheCompanyoftheapplicabledirecttaxlaws,indirecttaxlawsandotherfinanciallawshasnotbeenreviewedinthisAudit,sincethesamehavebeensubjecttoreviewbytheotherdesignatedprofessionalsandbeingreliedonthereportsgivenbysuchdesignatedprofessionals.

Duringthefinancialyearunderreview,theCompanyhascompliedwiththeprovisionsoftheAct,rules,regulations,guidelines,standardsetc.asmentionedabove.

Duringthefinancialyearunderreview,provisionsofthefollowingregulationswerenotapplicabletotheCompany;

a) TheSecuritiesandExchangeBoardofIndia(DelistingofEquityShares)Regulations,2009;and

b) TheSecuritiesandExchangeBoardofIndia(BuybackofSecurities)Regulations,2018;

c) TheSecuritiesandExchangeBoardofIndia(IssueandListingofDebtSecurities)Regulations,2008

d) TheSecuritiesandExchangeBoardofIndia(EmployeeStockOptionSchemeandEmployeeStockPurchaseScheme)Guidelines1999

We further report that:

• TheBoardofDirectorsoftheCompanyisdulyconstitutedwithproperbalanceofExecutiveDirectors,Non-ExecutiveDirectorsandIndependentDirectors.ThechangesinthecompositionoftheBoardofDirectorsthattookplaceduringtheperiodunderreviewwerecarriedoutincompliancewiththeprovisionsoftheAct.

• AdequatenoticeisgiventoallthedirectorstoscheduletheBoardMeetings,agendaanddetailednotesonagendaweresentatleastsevendaysinadvanceandasystemexistsforseekingandobtainingfurtherinformationandclarificationsontheagendaitemsbeforethemeetingformeaningfulparticipationatthemeeting.

• DecisionsatthemeetingsofBoardofDirectorsoftheCompanyandCommitteethereofwerecarriedoutwithrequisitemajority.

We further report thatbasedontheinformationprovidedandrepresentationmadebytheCompanyandalsoonthereviewofcompliance reportsof the respectivedepartmentduly signedby thedepartmentheadandComplianceCertificate(s)oftheManagingDirector/CompanySecretary/CFOtakenonrecordbytheBoardofDirectorsoftheCompany,inouropinionadequatesystemandprocessexistsinthecompanycommensuratewiththesizeandoperationsoftheCompanytomonitorandensurecompliancewiththeapplicablelaws,rules,regulationsandguidelines.

We further report duringthefinancialyearunderreview,nospecificevents/actionshavingamajorbearingontheaffairsoftheCompanyinpursuanceofanyoftheabovereferredlaws,rules,regulations,guidelinesstandardsetc.

ForR M MIMANI & ASSOCIATES LLP[COMPANY SECRETARIES][Firm Registration No. I2001MH250300]

Sd/-RANJANA MIMANI(PARTNER)FCSNo:6271CPNo:4234

Place:MumbaiAugust21,2020UDIN:F006271B000604968

Note: This report is to be read with our letter of even date which is annexed as “Annexure A” and forms and integral part of this report.


27

Annexure – “A”To,The MembersSangam Renewables Limited[CIN: L93000MH1999PLC120470]504,WesternEdge-I,WesternExpressHighway,Borivali(East),Mumbai-400066

OurSecretarialAuditReportofevendateistobereadalongwiththisletter;

1. Maintenanceof secretarial records is the responsibilityof themanagementof theCompany.Our responsibility is toexpressanopiniononthesesecretarialrecordsbasedonouraudit;

2. Wehavefollowedtheauditpracticesandtheprocessesaswereappropriate toobtainreasonableassuranceabout thecorrectnessofthecontentsofthesecretarialrecords.Theverificationwasdoneontestbasistoensurethatcorrectfactsarereflectedinsecretarialrecords.Webelievethattheprocessesandpractices,wefollowedprovideareasonablebasisforouropinion;

3. WehavenotverifiedthecorrectnessandappropriatenessoffinancialrecordsandBooksofAccountsoftheCompany;

4. Whereeverrequired,wehaveobtainedtheManagementRepresentationaboutthecomplianceoflaws,rulesandregulationandhappeningofeventsetc.;

5. Thecomplianceoftheprovisionsofcorporateandotherapplicablelaws,rules,regulations,standardsistheresponsibilityofmanagement.Ourexaminationwaslimitedtotheverificationofprocedureontestbasis;

6. TheSecretarialAudit report is neither an assurance as to the futureviabilityof theCompanynorof the efficacyoreffectivenesswithwhichthemanagementhasconductedtheaffairsoftheCompany.

ForR M MIMANI & ASSOCIATES LLP[COMPANY SECRETARIES][Firm Registration No. I2001MH250300]

Sd/-RANJANA MIMANI(PARTNER)FCSNo:6271CPNo:4234

Place:MumbaiAugust21,2020UDIN:F006271B000604968


28

Annexure – 4Statement of Disclosure of Remuneration under Section 197 of Companies Act, 2013 and Rule 5(1) of

Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

i) RatiooftheremunerationofeachExecutiveDirectortothemedianremunerationoftheEmployeesoftheCompanyforthefinancialyear2019-20

Sr. No. Name of the Director Designation Ratio of remuneration of each Director to median remuneration of employees

1.2.3.

SharadSaxenaBhagchandBhandariRuchiSethi

WholeTimeDirectorChiefFinancialOfficerCompanySecretary

5.66:16.45:10.37:1

ii) ThepercentageincreaseinremunerationofeachDirector,ChiefFinancialOfficer,ChiefExecutiveOfficerandCompanySecretaryormanagerduringthefinancialyear2019-20.

Sr. No. Name Designation Percentage increase in remuneration1.2.3.

SharadSaxenaBhagchandBhandariRuchiSethi

WholeTimeDirectorChiefFinancialOfficerCompanySecretary

NilNilNil

iii) ThepercentageincreaseinthemedianremunerationofEmployeesinthefinancialyearisnotapplicableasemployeesjoinedduringtheyear.

iv) TheCompanyhas5permanentemployeesontherollsofCompanyason31stMarch,2020.v) RelationshipbetweenaverageincreaseinremunerationandCompany’sperformances,sincethereisnoincreaseinthe

remuneration,hence,itisnotapplicable.vi).ComparisonoftheremunerationoftheKeyManagerialPersonnelagainsttheperformanceoftheCompany:

Rs. in lakh

Sr. No. Particulars Year (2019 -20) Year (2018–19) Percentage of increase/(decrease)1 Sales 508.07 582.13 (12.72%)2 Profitbeforetax (39.79) 91.33 (143.57%)3 RemunerationoftheKMP 80.00 99.29 (19.43%)

vii)Marketcapitalizationandpriceearningsratiodetailsareasunder:

Particulars As on 31.03.2020 As on 31.03.2019 Increase / (Decrease) (%)PriceEarningsRatio (7.08) 54.00 (113.11%)MarketCapitalization(Rs.inCrore) 22.69 19.98 13.56%

TheCompanyhasnotmadeanypublicissueofshares.

viii)Asemployeesandmanagerialpersonnelwereappointedthroughtheyear,averagepercentageincreaseinthesalariesofemployeesotherthanthemanagerialpersonnelinthefinancialyearisnotapplicable.

ix) ComparisonoftheeachremunerationoftheKeyManagerialPersonnelagainsttheperformanceoftheCompany.

Sr. No.

Name of Key Managerial Personnel

Designation Percentage increase in Remuneration

Percentage of increase in performance

1.2.3.4.

SharadSaxenaPujanDoshiBhagchandBhandariRuchiSethi

Whole-timeDirectorDirectorChiefFinancialOfficerCompanySecretary

NILNILNILNIL

(143.57%)(143.57%)(143.57%)(143.57%)

x). ThekeyparameterforanyvariablecomponentofremunerationavailedbyManagingDirectors:

xi) TheratiooftheremunerationofthehighestpaidDirectortothatoftheEmployeeswhoarenotDirectorsbutreceiveremunerationinexcessofthehighestpaidDirectorduringtheyear:

xii) ItisherebyaffirmedthattheremunerationpaidduringtheyearisaspertheRemunerationPolicyoftheCompany.


Sd/-Pujan Doshi

Managing DirectorDated: August 12, 2020 DIN: 07063863Place: Mumbai Email id: [email protected]


29

Annexure – 5Details of employees pursuant to Section 197 of the Companies Act, 2013 read with Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rule, 2014.–NotApplicableasnoemployeesormanagerialpersonneldrawsalaryequaltoorexceedingRs.102,00,000p.a.orRs.8,50,000permonth.


Sd/-Pujan Doshi




30

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS(PursuanttoRegulation34(3)andScheduleVParaCclause(10)(i)oftheSEBI

(ListingObligationsandDisclosureRequirements)Regulations,2015)

To,The MembersSangam Renewables Limited[CIN: L93000MH1999PLC120470]504,WesternEdge-I,Off:WesternExpressHighway,Borivali(E),Mumbai-400066Wehaveexamined the relevant registers, records, forms, returnsanddisclosures received from theDirectorsofSangam Renewables Limited (hereinafter referred toas ‘theCompany’),producedbeforeusby theCompanyfor thepurposeofissuingthisCertificate,inaccordancewithRegulation34(3)readwithScheduleVPara-CSubclause10(i)oftheSecuritiesExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015.

Inouropinionandtothebestofourinformationandaccordingtotheverifications(includingDirectorsIdentificationNumber(DIN)statusattheportalwww.mca.gov.in)asconsiderednecessaryandexplanationsfurnishedtousbytheCompanyanditsofficersandconsideringtherelaxationsgrantedbytheMinistryofCorporateAffairsandSecuritiesandExchangeBoardofIndiawarrantedduetothespreadoftheCOVID-19pandemic,weherebycertifythatnoneoftheDirectorsontheBoardoftheCompanyasstatedbelowforthefinancialyearendingonMarch31,2020havebeendebarredordisqualifiedfrombeingappointedorcontinuingasDirectorsofcompaniesbytheSecuritiesandExchangeBoardofIndia,MinistryofCorporateAffairs,oranysuchotherStatutoryAuthority.

DIN Full Name Designation Date of Appointment03434692 MitulChandulalMehta Director 02/09/201603570656 NileshBhogilalGandhi Director 13/02/201707063863 PujanPankajDoshi Director 02/09/201601874149 SharadKumarSaxena Whole-timeDirector 08/04/201908485642 AnitaRameshprasadJaiswal Director 20/06/2019

Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of themanagementoftheCompany.Ourresponsibilityistoexpressanopiniononthesebasedonourverification.

ThiscertificateisneitheranassuranceastothefutureviabilityoftheCompanynoroftheefficiencyoreffectivenesswithwhichthemanagementhasconductedtheaffairsoftheCompany.

ForR M MIMANI & ASSOCIATES LLP[Company Secretaries][Firm Registration No.: I2001MH250300]

Sd/-Ranjana Mimani(Partner)FCSNo:6271CPNo:4234

Place:MumbaiDated:August18,2020UDIN:F006271B000590998


31

MANAGEMENT DISCUSSION AND ANALYSISIndustry Overview of the Solar PV MarketTheGlobalPhotovoltaicMarket2020reportoftheIEArevealedthatPVdevelopersthroughouttheworldinstalled114.9GWofnewsolarpowerinCY2019.Thisrepresenteda12%increasefrom2018,withsignificantgrowthacrossallcontinents.Chinawastheworld’slargestPVmarketforthethirdyearinarowwith30.1GWoffreshcapacityinthe12monthstotheendofDecember2019,followedbytheUnitedStateswith13.3GWandIndiaat9.9GW.Overall,atotalof629GWofsolarwasinstalledthroughouttheworldbytheendof2019.Cumulative Solar PV installations in India till 31March 2020were 34.40MW accounting for 9.3% of the total powergenerationinstalledcapacityinthecountry.Theenergygeneratedbythesesolarpowerplantswas50,100GWh,whichwasonly3.6%ofthetotalenergygeneration.Allaroundtheworld,solarandotherrenewablesarenowontheagendaofnearlyallcompanies,governmentsandinstitutions.Distributedgenerationnowplaysaverysignificantpartintheoverallpowermixes.Inthecomingyears,SolarPVwillhavethepotentialtodevelopintoanimportantsourceofelectricityinanextremelyfastpaceinseveralcountriesaroundtheworld.TheCOVID-19situationisexpectedtoimpactthegrowthofSolarPVglobally.TheIEAforecaststhatadditionsofrenewableelectricitycapacitywilldeclineby13%in2020comparedwith2019,thefirstdownwardtrendsince2000.Thisisa20%downwardrevisioncompared to theirprevious forecast inwhich2020wasdue tobea recordyear for renewablepower.Theupdate reflectsbothpossibledelays inconstructionactivitydue tosupplychaindisruptions, lockdownmeasuresandsocialdistancingguidelines,andemergingfinancingchallenges.TheoutlookalsotakesintoaccountongoingpolicyuncertaintyandmarketdevelopmentssuchasthemostrecentauctionsandnewlyfinancedprojectsbeforetheCovid-19outbreak.However,themajorityofthesedelayedprojectsareexpectedtocomeonlinein2021andleadtoareboundincapacityadditions.Asaresult,2021isforecasttoalmostreachthelevelofrenewablecapacityadditionsof2019.TheMinistryofNewandRenewableEnergy,GovernmentofIndia,hasformulatedanactionplantoachieveatotalcapacityof100GWofSolarpowerbytheyear2022.This100GWissplitinto3partsi.e.40GWofutilityscalepowerplants,40GWofrooftopPowerplantsandtheother20GWtobedeployedbypublicsectorcompaniesownedbyGOI.Thepushtowardlowertenderprices,atatimewhencomponentshavebecomemorecostlythroughsafeguardduties,hasdelayedseveraltendersandcouldshakeupthefutureIndiansolarPVmarket.Company achievements and plansDuringFY19-20, theyear under review,SangamRenewablesLimited and its subsidiaries (theCompany) commissioned1.64MWp(3.5MWpFY18-19)rooftopprojects,signedPPAsfor18.60MWp(34.6MWlastFY18-19)rooftopandgroundmountedprojects.Atotalof42.2MWpareunderconstruction.Projectsof15.80MWparealsoscheduledtobetakenupforconstructionsoon.ForthecurrentFY20-21,theCompanyrevenuesandperformancemaybeaffectedduetothefollowingfactors:• Projectdelaysduetolockdownsaffectingdelayinrevenuegeneration• Increaseinconstructioncosts(duetoCOVIDrestrictions)• Increaseininterestcostduringconstruction(IDC).• InadequatemaintenanceofoperationalprojectsduetoCOVIDlockdownsandlackofreadilyavailablemanpower.ThesefactorsshallaffecttheIRRandthusthefeasibilityofprojectsaffectingprofitabilityoftheCompanyinthisfinancialyear.TheCompanyplanstocontinueitsfocusontheCommercial&Industrial(C&I)marketsegmenttosignPowerPurchaseAgreementswithcompaniesofhighcreditrating(BBB+andbetter),toinstallSolarPVplantsonrooftopsaswellasgroundmounted(withincampusorremotelylocatedunderopenaccess).TheCompanyshallalsocontinuetoprovideadvisoryandconsultancyservicesinsolarspecificvertical.GiventheCOVIDsituationatpresent,theCompany’smarketingeffortsaresubduedtillthelockdownislifted.Thiscouldhaveanimpactontheachievementoftheplannedfigures.Operational Performance during FY20DuringFY20,yourCompany’srevenueonconsolidatedbasiswasRs565.89lakhsasagainstRs.703.82lakhsinpreviousyearandlossofRs317.64LakhsasagainstlossofRs191.44inpreviousFY19.Opportunities and ChallengesIndia’stargetofadding100GWofsolarprojectcapacityby2022isfacingheadwindsduetothecurrentCOVIDsituationatpresentasuncertaintyoncertainpolicydecisionsespeciallyrelatingtoimports.Overmediumandlongterm,India’stransitiontowardsrenewableenergypresentsanincredibleopportunitybutalsochallenges.Increasingthepowersystemflexibilityisnoteasyasmoreintermittentrenewablesareaddedtothegrid.Gridintegrationhasalreadybecomeasignificantissueasmoresolarpowercomesonlineinseveralregionsofthecountry.


32

ForourCompanyhugeopportunitiesexistinsolarPVRooftopmarket,aswellastheOpenAccessmarketinmanystates,bothinpublicandprivatesector,andspecificallyinC&Imarketsegment.Thereisincreasedwillingnessofconsumerstomeetahighershareoftheirenergydemandthroughonsitesources.ManyPSUs,MunicipalitiesandGovernmentagenciesareplanningforSolarRooftopplantsovertheirbuildingsduetoastrongpolicypushbynationalandlocalgovernments.Boostingovernmentdemand,ontheotherhand,isveryencouragingwithGovernmentexpectedtobecomeamajordemandsourceforrooftopsolarinthecomingyears.ThetilttowardstheRESCOmodelisdrivenbyanincreaseinthenumberofcompaniesofferingprojectsunderthismodel,governmentprocurement, acceptanceby largeC&Iconsumersof long termcontracts and lowerperformance risks.LackoffinancingforRESCOcompanieshowevercontinues tobeadampener.RESCOadoptionhasbeen limited toC&Iandgovernmentclientssofar.Other policy & Government initiatives:Exceptinafewstates,nomajorpolicychangeshavebeenobservedsincethelastoneyear.NetMeteringpolicy,subsidiesforresidential,institutional&governmentconsumersprovidesrobustbusinessopportunitiesfortheCompany.MoststatesandUnionTerritorieshavenotifiedgridconnectivityofsolarPVplantsunderNetmeteringpolicy and regulations. The Government of India has recommended mandatory rooftop solar installations for buildingsexceedingspecifiedsizeand/orpowerconsumptionthresholdsunderthemodel.FinancingisamajorbackboneforsolarPVsegmentexpansion.TheGovernmentofIndia,withassistancefrommultilateralfinancialinstitutionssuchasAsianDevelopmentBankandTheWorldBank,hasearmarkedsignificantamountofconcessionalcreditlinesfortherooftopsolarmarket.TheCompanyisthereforepoisedforgrowthinthecomingyearsduetoavailabilityofmultiplemeansoffinancing,endusersegmentsastargetandexecutioncapabilitiestodeliver.However,thisFY20shallbeayearwithlowerperformanceduetothecurrentCOVIDsituationinthecountry.Risk & ConcernsTheCompanyisexposedtovariousbusinessriskssuchasun-anticipatedlabourcosts,interestrates,financingappetiteoflenders, executionchallenges suchas less experienced installers, strengthof roof, rentalproperty,government regulatorypolicychanges, likely impositionofanti-dumpingand/orsafeguardduty,delay insubsidiespayments, lackof thirdpartyinsuranceproducts,futureconstructionriskandaboveallbiggestriskoftariffre-negotiationbypoweroff-takerinlightofdroppingtariffs,globalsourcing,forexandsolarplantcost.TheCompanyisalsoexposedtothefluctuationsofeconomy,exchangeratesandindustrycycles/downturns.DuringthecurrentFY20,themajorconcernistheCOVIDlockdownsandrestrictions,affectingourmarketingeffortsandconstructionactivitiesatsites.Adequacy of Internal Control SystemThe Company’s has adequate internal control systems for the business processes in respect of all operations, financialreporting,compliancewith lawsand regulations,etc.TheManagement informationsystemformsaneffectiveandsoundtoolinmonitoringandcontrollingalloperatingparameters.Regularinternalauditsensurethatresponsibilitiesareexecutedeffectively.TheAuditCommitteereviewstheadequacyofinternalcontrolsonregularbasis.Human Resource DevelopmentThecompanyrecognisesitshumancapitalasitsmostimportantresource,andtakesprideinthecommitment,competenceanddedicationshownbyitsemployees.Companyiscommittedtonurturing,enhancingandretainingallitsemployeesthroughsuperiorLearningandOrganizationaldevelopment.Thecompanyrecognisesthatitsemployeesarecriticalpillartosupporttheorganization’sgrowthanditssustainabilityinthelongrun.Cautionary StatementStatementmade in theManagementDiscussion andAnalysisReport, as describing theCompany’s outlook, projections,estimates,expectationsandpredictionsmaybe“ForwardLookingStatements”withinthemeaningofapplicablesecuritiesLawsandRegulations.Actualperformancemaybeandcoulddiffermateriallyfromthoseexpressedorimplied.


Sd/-Pujan Doshi


Registered Office:504, Western Edge-I, Off: Western Express Highway,Borivali (E), Mumbai-400066


33

CORPORATE GOVERNANCE REPORTTheDirectors present theCompany’sReport onCorporateGovernance for the year endedMarch 31, 2020, in terms ofRegulation34(3)readwithScheduleVoftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015(The“ListingRegulations”).

COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE

SangamRenewableLimited(“TheCompany”)governancephilosophyisbasedontrusteeship,transparencyandaccountability.As a corporate citizen, our business fosters a culture of ethical behaviour and disclosures aimed at building trust of ourstakeholders.TheCompany’sCodeofBusinessConductandEthics,InternalCodeofConductforRegulating,MonitoringandReportingofTradesbyDesignatedPersonsandtheCharter–BusinessforPeaceareanextensionofourvaluesandreflectourcommitmenttoethicalbusinesspractices,integrityandregulatorycompliances.

TheCompany’sgovernanceframeworkisbasedonthefollowingprinciples:

AppropriatecompositionandsizeoftheBoard,witheachmemberbringinginexpertiseintheirrespectivedomains;

AvailabilityofinformationtothemembersoftheBoardandBoardCommitteestoenablethemtodischargetheirfiduciaryduties;

Timelydisclosureofmaterialoperationalandfinancialinformationtothestakeholders;

Systemsandprocessesinplaceforinternalcontrol;and

ProperbusinessconductbytheBoard,SeniorManagementandEmployees.

THE BOARD OF DIRECTORS

TheBoardisentrustedwithanultimateresponsibilityoftheManagement,directionsandperformanceoftheCompany.Asitsprimary role isfiduciary innature, theBoardprovides leadership, strategicguidance,objectiveand independentviewtotheCompany’smanagementwhiledischargingitsresponsibilities,thusensuringthatthemanagementadherestoethics,transparencyanddisclosures.Committeesof theBoard:TheBoardhasconstituted the followingCommitteesviz.;AuditCommittee, Nomination and Remuneration Committee, Stakeholders’ Relationship Committee, and Risk ManagementCommittee.EachofthesaidCommitteehasbeenmandatedtooperatewithinagivenframework.

TheCompanyismanagedbytheBoardofDirectorsinco-ordinationwiththeSeniorManagementteam.ThecompositionandstrengthoftheBoardisreviewedfromtimetotimeforensuringthatitremainsalignedwithstatutoryaswellasbusinessrequirements.AsonMarch31,2020,theCompany’sBoardconsistsofFiveDirectors.TheBoardcomprisesofOneExecutiveDirector,OneExecutivePromoterDirector,andthreeNon-ExecutiveIndependentDirectors.TheChairmanoftheBoardisNon-ExecutiveIndependentDirector.

The number of Directorships, Committee Membership(s)/ Chairmanship(s) of all Directors is within respective limitsprescribedundertheCompaniesAct,2013(“Act”)andListingRegulations.

Directors’ Directorships/Committee memberships

InaccordancewithRegulation26oftheListingRegulations,noneoftheDirectorsaremembersinmorethan10committeesexcludingprivatelimitedcompanies,foreigncompaniesandcompaniesunderSection8oftheCompaniesAct,2013oractasChairpersonofmorethan5committeesacrossalllistedentitiesinwhichhe/sheisaDirector.TheAuditCommitteeandStakeholders’RelationshipCommitteeareonlyconsideredincomputationoflimits.FurtherallDirectorshaveinformedabouttheirDirectorships,CommitteeMemberships/Chairmanshipsincludinganychangesintheirpositions.RelevantdetailsoftheBoardofDirectorsasonMarch31,2020aregivenbelow:

Name of the Director

Date of appointment

Category of Director Directorships in other Indian Public Limited

Companies(Including Sangam)

No. of Board Committees in

which Chairman / Member

(Including Sangam)

List of Directorshipheld in Other

ListedCompanies and

CategoryChairman MemberMr.NileshBhogilalGandhi

13/02/2017 ChairmanandNon-Executive-

IndependentDirector

01 01 01 Nil

Mr.MitulMehta

02/09/2016 Non-Executive-IndependentDirector

01 02 02 Nil

Mr.PujanPankajDoshi

02/09/2016 ExecutiveDirector 01 Nil 01 Nil


34

Name of the Director

Date of appointment

Category of Director Directorships in other Indian Public Limited

Companies(Including Sangam)

No. of Board Committees in

which Chairman / Member

(Including Sangam)

List of Directorshipheld in Other

ListedCompanies and

CategoryChairman MemberMs.AnitaJaiswal

20/06/2019 Non-Executive-IndependentDirector

01 Nil Nil Nil

Mr.SharadKumarSaxena

08/04/2019 WholeTimeDirector 01 Nil 01 Nil

Notes:

MembershipofCommitteeonlyincludesAuditCommitteeandStakeholdersRelationshipCommitteeinIndianPublicLimitedCompaniesincludingSangam.

Independent Directors confirmation by the Board

AllIndependentDirectorshavegivendeclarationsthattheymeetthecriteriaofindependenceaslaiddownunderSection149(6)of theCompaniesAct,2013andRegulation16(1)(b)of theListingRegulations. In theopinionof theBoard, theIndependentDirectors,fulfill theconditionsof independencespecifiedinSection149(6)of theCompaniesAct,2013andRegulation 16(1) (b) of theListingRegulations.A formal letter of appointment to IndependentDirectors as provided inCompaniesAct,2013hasbeenissuedanddisclosedonwebsiteoftheCompanyviz.www.sangamrenew.com

Number of Independent Directorships

AsperRegulation17AoftheListingRegulations,IndependentDirectorsoftheCompanydonotserveasIndependentDirectorinmore than seven listed companies.Further, theManagingDirector of theCompanydoesnot serve as an IndependentDirectorinanylistedentity.

Board Meetings

TheBoardmeetsatregularintervalstodiscussanddecideonbusinessstrategies/policiesandreviewthefinancialperformanceoftheCompanyanditssubsidiaries.TheBoardMeetingsarepre-scheduledwellinadvancetofacilitatethemtoplantheirschedulesaccordingly.Incaseofbusinessexigencies,theBoard’sapprovalistakenthroughcircularresolutions.ThecircularresolutionsarenotedatthesubsequentBoardMeeting.

ThenoticeanddetailedagendaalongwiththerelevantnotesandothermaterialinformationaresentinadvanceseparatelytoeachDirectorandinexceptionalcasestabledattheMeetingwiththeapprovaloftheBoard.Thisensurestimelyandinformeddecisionsby theBoard.MinimumfourprescheduledBoardmeetingsareheldeveryyear (onemeeting ineverycalendarquarter).Additionalmeetingsareheldtoaddressspecificneeds,ifany,oftheCompany.

During the FinancialYear 2019-20, theBoard ofDirectorsmet 06 (six) times and themaximum gap between any twoconsecutivemeetingswaslessthanonehundredandtwentydays,asstipulatedunderSection173(1)oftheAct,andRegulation17(2)oftheListingRegulationsandtheSecretarialStandardbytheInstituteofCompanySecretariesofIndia.

Attendance of Directors at the Board Meetings and at the last Annual General Meeting (AGM)

Date of the Board Meeting

Name of the Directors

Mr. Nilesh BhogilalGandhi

Mr. Mitul Mehta

*Mr. Sharad Kumar Saxena

**Ms. Anita Jaiswal

Mr. Pujan Pankaj Doshi

08.04.2019 NA NA 14.05.2019 NA 20.06.2019 NA 26.07.2019 #LOA 05.11.2019 07.02.2020 #LOA

AGM(10.09.2019) x #Leaveofabsence

*AppointedwitheffectfromApril08,2019andresignedwitheffectfromJuly15,2020

**AppointedwitheffectfromJune,20,2019


35

Information placed before the BoardTheCompanyprovidestheinformationassetoutinRegulation17readwithPartAofScheduleIIoftheListingRegulationstotheBoardandtheBoardCommitteestotheextentitisapplicableandrelevant.SuchinformationissubmittedeitheraspartoftheagendapapersinadvanceoftherespectiveMeetingsorbywayofpresentationsanddiscussionsduringtheMeetings.Post Meeting MechanismThe important decisions taken at theBoard/BoardCommitteeMeetings are communicated to the concerned department/division.Board SupportThe Company Secretary attends the Board Meetings and advises the Board on Compliances with applicable laws andgovernance.Roles, Responsibilities and Duties of the BoardThedutiesofBoardofDirectorshavebeenenumerated inListingRegulations,Section166of theCompaniesAct,2013andSchedule IVof the saidAct (Schedule IV is specifically for IndependentDirectors).There is a cleardemarcationofresponsibilityandauthorityamongsttheBoardofDirectorsFamiliarization Programme for DirectorsAt the time of appointing aDirector, a formal letter of appointment is given to him,which inter alia explains the role,function,dutiesandresponsibilitiesexpectedfromhimasaDirectoroftheCompany.TheDirectorisalsoexplainedindetailtheCompliancerequiredfromhimunderCompaniesAct,2013,theListingRegulationsandothervariousstatutesandanaffirmationisobtained.TheChairmanandManagingDirectoralsohaveaonetoonediscussionwiththenewlyappointedDirectortofamiliarizehimwiththeCompany’soperations.Further,onanongoingbasisasapartofAgendaofBoard/CommitteeMeetings,presentationsareregularlymadetotheIndependentDirectorsonvariousmatters inter-aliacoveringtheCompany’sanditssubsidiaries/associatesbusinessesandoperations, industryandregulatoryupdates,strategy,finance,riskmanagementframework,role,rights,responsibilitiesoftheIndependentDirectorsundervariousstatutesandotherrelevantmatters.ThedetailsofthefamiliarizationprogrammeforDirectorsareavailableontheCompany’swebsite,i.e.www.sangamrenew.comGovernance CodesCode of Business Conduct & EthicsTheCompanyhasadoptedCodeofBusinessConduct&Ethics(“theCode”)whichisapplicabletotheBoardofDirectorsandallEmployeesoftheCompany.TheBoardofDirectorsandthemembersofSeniorManagementTeamoftheCompanyarerequiredtoaffirmsemi-annualComplianceofthisCode.AdeclarationsignedbytheChairmanandManagingDirectoroftheCompanytothiseffectisplacedattheendofthisreport.TheCoderequiresDirectorsandEmployeestoacthonestly,fairly,ethically,andwithintegrity,conductthemselvesinprofessional,courteousandrespectfulmanner.TheCodeisdisplayedontheCompany’swebsitei.e.www.sangamrenew.comConflict of InterestsEachDirectorinformstheCompanyonanannualbasisabouttheBoardandtheCommitteepositionsheoccupiesinothercompanies includingChairmanships and notifies changes during the year.TheMembers of theBoardwhile dischargingtheirduties,avoidconflictofinterestinthedecisionmakingprocess.TheMembersofBoardrestrictthemselvesfromanydiscussionsandvotingintransactionsinwhichtheyhaveconcernorinterest.Insider Trading CodeTheCompanyhasadoptedan‘InternalCodeofConductforRegulating,MonitoringandReportingofTradesbyDesignatedPersons’(“theCode”)inaccordancewiththeSEBI(ProhibitionofInsiderTrading)Regulations,2015(ThePITRegulations).TheCodeisapplicabletoPromoters,MemberofPromoter’sGroup,allDirectorsandsuchDesignatedEmployeeswhoareexpectedtohaveaccesstounpublishedpricesensitiveinformationrelatingtotheCompany.Committees of the BoardTheBoardofDirectorshasconstitutedBoardCommitteestodealwithspecificareasandactivitieswhichconcerntheCompanyandrequiresacloserreview.TheBoardCommitteesareformedwithapprovaloftheBoardandfunctionundertheirrespectiveCharters.TheseCommitteesplayanimportantroleintheoverallManagementofday-to-dayaffairsandgovernanceoftheCompany.TheBoardCommitteesmeetatregularintervalsandtakenecessarystepstoperformitsdutiesentrustedbytheBoard.TheMinutesoftheCommitteeMeetingsareplacedbeforetheBoardfornoting.TheCompanyhas03(three)BoardLevelCommittees:• AuditCommittee,• NominationandRemunerationCommittee,• Stakeholders’RelationshipCommittee


36

Audit CommitteeAuditCommitteeof theBoardofDirectors (“theAuditCommittee”) is entrustedwith the responsibility to supervise theCompany’s financial reporting process and internal controls. The composition, quorum, powers, role and scope are inaccordancewithSection177oftheCompaniesAct,2013andtheprovisionsofRegulation18oftheListingRegulations.AllmembersoftheAuditCommitteearefinanciallyliterateandbringinexpertiseinthefieldsofFinance,Taxation,EconomicsandRisketc. It functions inaccordancewith its termsof reference thatdefines its authority, responsibilityand reportingfunction.Meetings and AttendanceTheAuditCommitteemetfour(04)timesduringtheFinancialYear2019-20.ThemaximumgapbetweentwoMeetingswasnotmorethan120days.TheCommitteemeton14/05/2019,26/07/2019,05/11/2019,and06/02/2020.TherequisitequorumwaspresentatalltheMeetings.TheChairmanoftheAuditCommitteewaspresentatthelastAnnualGeneralMeetingoftheCompanyheldonSeptember10,2019.ConstitutionoftheAuditCommitteeandattendanceattheirmeetingsduringthefinancialyearendedMarch31,2020aregivenbelow:

Name of Directors Designation in Committee

Nature of Directorship Total Meetings held during the Year

Meetings Attended by the Member

Mr.NileshBhogilalGandhi Chairman Non-Executive–Independent 4 4Mr.MitulMehta Member Non-Executive–Independent 4 3Mr.SharadSaxena Member WholeTime-Director 4 4

Nomination and Remuneration CommitteeTheNominationandRemunerationCommitteecomprisesofthreeDirectors.Mr.MitulMehta,IndependentDirectoristheChairmanoftheCommittee.TheothermembersoftheNominationandRemunerationCommitteeincludeMr.NileshBhogilalGandhiandMs.AnitaJaiswal,IndependentDirector.TheCompositionofNominationandRemunerationCommitteeisinaccordancewiththeprovisionsofSection178(1)oftheCompaniesAct,2013andRegulation19oftheListingRegulations.TheNomination andRemunerationCommitteemet two times during the financial year ended onMarch 31, 2020.TheCommitteemeton08/04/2019,20/06/2019.Theremunerationpolicyisdirectedtowardsrewardingperformance,basedonreviewofachievements.Itisaimedatattractingandretaininghighcalibertalent.TheNominationandRemunerationPolicyisdisplayedontheCompany’swebsitei.e.www.sangamrenew.comTheNon-ExecutiveDirectorsarepaidremunerationbywayofSittingFeesandCommission.TheNon-ExecutiveDirectorsarepaidSittingFeesforeachMeetingoftheBoardorCommitteeasattendedbythem.ThetotalamountofsittingfeespaidtoNon-ExecutiveDirectorsduringtheFinancialYear2019-20wasRs.230,000/-.TheNon-ExecutiveDirector/IndependentDirectorsdonothaveanymaterialpecuniaryrelationshiportransactionswiththeCompany.Stakeholders Relationship CommitteePursuanttoprovisionsofSection178(5)oftheCompaniesAct,2013readwithRegulation20oftheListingRegulations,CommitteeofDirectors(StakeholdersRelationshipCommittee)oftheBoardhasbeenconstituted.ThisCommitteecomprisesofthreeDirectorsandIndependentDirectoristheChairmanofthisCommittee.TherequisitequorumwaspresentatalltheMeetings.DetailsofconstitutionandattendanceattheirmeetingsduringthefinancialyearendedMarch31,2020aregivenbelow:

Name of Director Designation in Committee

Nature of Directorship Total Meetings Held during the Year

Meetings Attended by the Member

Mr.MitulMehta Chairman Non-Executive-Independent 4 4Mr.SharadSaxena Member Non-Executive-Independent 4 4Mr.PujanDoshi Member ExecutiveDirector 4 4Therewerenoinvestor/shareholders’grievancescomplaintsoutstandingasonMarch31,2020.Independent Directors’ MeetingDuringtheyearunderreview,theIndependentDirectorsmetonFebruary07,2020atwhichallIndependentDirectorswerepresent,interalia,to: EvaluateperformanceofNon-IndependentDirectorsandtheBoardofDirectorsasawhole; EvaluateperformanceoftheChairmanoftheCompany,takingintoaccounttheviewsoftheExecutiveandNon-Executive

Directors;

Evaluationofthequality,contentandtimelinessofflowofinformationbetweentheManagementandtheBoardthatisnecessaryfortheBoardtoeffectivelyandreasonablyperformitsduties.


37

Subsidiary Companies

TheBoardofDirectorsoftheCompanyhasapprovedaPolicyfordeterminingMaterialSubsidiarieswhichisinlinewiththeListingRegulationsasamended.ThesaidpolicyhasbeenuploadedonthewebsiteoftheCompanyi.e.www.sangamrenew.com.WaacoxEnergyPrivateLimitedisamaterialsubsidiaryasperthethresholdslaiddownundertheListingRegulationsandrequirementsrelatingtocompositionofBoardofDirectorsofUnlistedMaterialsubsidiaryiscompliedwith.

Affirmations and Disclosures:

(a) Compliances with Governance Framework

TheCompanyisincompliancewithallmandatoryrequirementsundertheListingRegulations.

(b) Related party transactions

All transactionsenteredintowiththeRelatedPartiesasdefinedundertheCompaniesAct,2013andRegulation23oftheListingRegulationsduringthefinancialyearwereonarm’slengthbasisanddonotattracttheprovisionsofSection188oftheCompaniesAct,2013.Relatedpartytransactionshavebeendisclosedundersignificantaccountingpoliciesandnotes formingpart of theFinancialStatements in accordancewith “INDAS”.A statement in summary formoftransactionswithRelatedPartiesinordinarycourseofbusinessandarm’slengthbasisisperiodicallyplacedbeforetheAuditCommitteeforreviewandrecommendationtotheBoardfortheirapproval.AsrequiredunderRegulation23(1)oftheListingRegulations,theCompanyhasformulatedapolicyondealingwithRelatedPartyTransactions.ThePolicyisavailableonthewebsiteoftheCompanyi.e.www.sangamrenew.com.

(c) Details of non-compliance by the Company, penalties, and strictures imposed on the Company by Stock Exchanges or SEBI or any statutory authority, on any matter related to capital markets, during last three financial years.

TheCompanyhascompliedwithallrequirementsspecifiedunder theListingRegulationsaswellasotherregulationsandguidelinesofSEBI.Consequently,therewerenostricturesorpenaltiesimposedbyeitherSEBIorStockExchangesoranystatutoryauthorityfornon-complianceofanymatterrelatedtothecapitalmarketsduringthelastthreeFinancialyears.

(d) Vigil Mechanism / Whistle Blower Policy

Pursuant toSection177(9) and (10)of theCompaniesAct, 2013, andRegulation22of theListingRegulations, theCompany has formulatedWhistle Blower Policy for vigil mechanism of Directors and employees to report to themanagementabouttheunethicalbehavior,fraudorviolationofCompany’scodeofconduct.ThemechanismprovidesforadequatesafeguardsagainstvictimizationofemployeesandDirectorswhousesuchmechanismandmakesprovisionfordirectaccesstotheChairmanoftheAuditCommitteeinexceptionalcases.NoneofthepersonneloftheCompanyhavebeendeniedaccesstotheAuditCommittee.TheWhistleBlowerPolicyisdisplayedontheCompany’swebsitei.e.www.sangamrenew.com.

(e) Disclosure of Accounting Treatment

Inthepreparationofthefinancialstatements,theCompanyhasfollowedtheAccountingStandardsreferredtoinSection133oftheCompaniesAct,2013.ThesignificantaccountingpolicieswhichareconsistentlyappliedaresetoutintheNotestotheFinancialStatements.

(f) Risk Management

Businessriskevaluationandmanagement isanongoingprocesswithin theCompany.Theassessment isperiodicallyexaminedbytheBoard.

(g) Commodity price risk and Commodity hedging activities

TheCompanyhasadequateriskassessmentandminimizationsysteminplaceincludingforcommodities.TheCompanydoesnothavematerialexposureofanycommodityandaccordingly,nohedgingactivitiesforthesamearecarriedout.Therefore,thereisnodisclosuretoofferintermsofSEBIcircularno.SEBI/HO/CFD/CMD1/CIR/P/2018/0000000141datedNovember15,2018.

(h) Details of utilization of funds raised through preferential allotment or qualified institutions placement as specified under Regulation 32 (7A). NotApplicable

(i) A certificate from a Company Secretary in practice that none of the directors on the board of the company have been debarred or disqualified from being appointed or continuing as directors of companies by the Board/Ministry of Corporate Affairs or any such statutory authority. TheCertificateofCompanySecretaryinpracticeisannexedherewithasapartofthereport.

(j) Where the board had not accepted any recommendation of any committee of the board which is mandatorily required, in the relevant financial year. NotApplicable


38

(k) Total fees for all services paid by the listed entity and its subsidiaries, on a consolidated basis, to the statutory auditor and all entities in the network firm/network entity of which the statutory auditor is a part.

DetailsrelatingtofeespaidtotheStatutoryAuditorsaregiveninNoteNo.23totheStandaloneFinancialStatementsandNoteno.28totheConsolidatedFinancialStatements.

(l) Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

ThedetailsofnumberofcomplaintsfiledanddisposedofduringtheyearandpendingasonMarch31,2020isgivenintheDirectors’report.

(m) Non-mandatory requirements

Adoptionofnon-mandatoryrequirementsoftheListingRegulationsisbeingreviewedbytheBoardfromtime-totime.

Details of Adoption of Non-Mandatory (Discretionary) Requirements

Non-mandatory(discretionary)requirementsunderRegulation27oftheListingRegulations.Thestatusofcompliancewiththenon-mandatoryrequirementsoftheListingRegulationsisprovidedbelow:

• The Board

NoseparateofficewasmaintainedforChairmanand/orManagingDirectoroftheCompany.

• Shareholders rights

TheCompanyhasnotadoptedthepracticeofsendingoutquarterlyorhalf-yearlydeclarationoffinancialperformancetoshareholders.QuarterlyresultsasapprovedbytheBoardaredisseminatedtoStockExchangesandupdatedonthewebsiteoftheCompany.

• Modified opinion(s) in audit report

Therearenomodifiedopinionsinauditreport.

• Reporting of Internal Auditor

InaccordancewiththeprovisionsofSection138oftheCompaniesAct,2013,theCompanyhasappointedanInternalAuditorwhoreportstotheAuditCommittee.QuarterlyinternalauditreportsaresubmittedtotheAuditCommitteewhichreviewstheauditreportsandsuggestsnecessaryaction.

Shareholder Information:

General Body Meetings:

Details of last three Annual General Meetings held

AGM Financial Year

Date and Time

Venue Details of Special Resolution Passed

20th 2018-19 September10,201910:00a.m.

NirvanBungalow&PartyHall,PlotNo.65,RoadRSC20,Charkop,SectorNo.9,BehindMTNL,NearRaviTower,Mumbai–400067

1. To authorize Board to grant loans/ provideguaranteeorsecuritytothesubsidiariesoftheCompanyundersection185oftheCompaniesAct,2013

2. ToadoptthenewsetofArticlesofAssociationoftheCompany

19th 2017-18 August28,2018

10:00a.m.

NirvanBungalow&PartyHall,PlotNo.65,RoadRSC20,Charkop,SectorNo.9,BehindMTNL,NearRaviTower,Mumbai–400067

1. To authorize Board to borrow money inexcessofpaidupcapitalandfreereservesofthecompanyintermsofSection180(1)(c)oftheCompaniesAct,2013.

2. To authorize Board to create security,mortgageorotherwisedealintermsofSection180(1)(a)oftheCompaniesAct,2013.

3. ToauthorizeBoardtogiveloansto/investinshares,debenturesandsecuritiesinexcessofthe limit specified under section 186 of theCompaniesAct,2013

4. To approve rescind of the resolution no. 4approved through postal ballot datedMarch30,2018


39

AGM Financial Year

Date and Time

Venue Details of Special Resolution Passed

18th 2016-17 September15,201710.30a.m.

TheNumberOnepartyhall,SumerNagarBuildingno.1,SwamiVivekanandRoad,ShastriNagar,Borivaliwest,mumbai-400092

Nil

Duringthefinancialyearunderreview,theCompanyhasnotconductedpostalballotasperprovisionsofSection110oftheCompaniesAct,2013.Atpresentthereisnospecialresolutionproposedtobeconductedthroughpostalballot.

Annual General Meeting for the Financial Year 2019-20DayandDate Saturday,September19,2020Time 11:00a.m.Venue ThroughVideoConferenceFinancialYear 2019-20BookClosure 14/09/2020to19/09/2020

Tentative Calendar for Financial Year ending March 31, 2020

ThetentativedatesforBoardMeetingsforconsiderationofquarterlyfinancialresultsareasfollows:

FirstQuarterResults Onorbeforethe2ndweekofAugust2020SecondQuarter&HalfYearlyResults Onorbeforethe2ndofNovember2020ThirdQuarter&Nine-monthsendedResults Onorbeforethe2ndweekofFebruary2021.FourthQuarter&AnnualResults OnorbeforethelastweekofMay2021

General Shareholder Information

Dividendpaymentdate NotapplicableListingonStockExchange BSELimitedPaymentofannuallistingfees Listingfeesfortheyear2020-2021havebeenpaidtoBSELimitedStockCode(BSE) 534618/SARELDematISINno.forCDSLandNSDL INE299N01013CorporateIdentityNumber(CIN) L93000MH1999PLC120470ShareRegistrar&TransferAgent Purva Sharegistry (India) Private Limited

9,ShivShaktiIndustrialEstate,J.R.BorichaMarg,OffN.M.JoshiMarg,NearLodhaExcelus,LowerParel(E),Mumbai–400011.India

CompanySecretary&Complianceofficer Ms.RuchiSethi504,WesternEdge-I,Off:WesternExpressHighway,Borivali(E),Mumbai-400066;TelNo.02243331500Email:[email protected]:www.sangamrenew.com

Unclaimed Dividend/ Shares

TheCompanywasnotrequiredtotransferanyamountofunclaimedDividendtoInvestorEducationandProtectionFund(‘theIEPF’)pursuanttotheprovisionsofSection124(5)oftheCompaniesAct,2013.

Distribution of Shareholding as on March 31, 2020

No. of Shares held No. of Shareholders % No. of Shares % of Total Capital1to500 463 37.86 94,669 0.45

501to1000 200 16.35 170,409 0.821001to2000 192 15.70 304,453 1.462001to3000 91 7.44 238,088 1.143001to4000 47 3.84 163,447 0.794001to5000 41 3.35 191,181 0.925001to10000 93 7.60 663,465 3.1910001onwards 96 7.85 18,989,122 91.23

Total 1223 100.00 20,814,834 100.00


40

Share holding pattern of the Company as on 31.03.2020:

Sr. No. Category No. of Shares % (Percentage)1 Promoters(IncludingPromotersBodyCorporate) 14,886,800 71.522 BodyCorporate(otherthanPromoters) 1,043,800 5.013 ResidentIndividuals&HUF 3,455,383 16.604 AnyOther 1,428,851 6.87

TOTAL 20,814,834 100.00Dematerialization of Shares and Liquidity

100.00%oftheequitysharesoftheCompanyhavebeendematerialized(NSDL88.55%andCDSL11.45%)asonMarch31, 2020. The Company has entered into agreements with National Securities Depository Limited (NSDL) and CentralDepositoryServicesIndia)Limited(CDSL)wherebyshareholdershaveanoptiontodematerializetheirshareswitheitheroftheDepositories.

Reconciliation of Share Capital Audit Report

AsstipulatedbySEBI,aqualifiedPracticingCompanySecretarycarriesoutSecretarialAudittoreconcilethetotaladmittedcapitalwithNationalSecuritiesDepositoryLimited(NSDL)andCentralDepositoryServices(India)Limited(CDSL)andthetotalissuedandlistedcapital.ThisauditiscarriedouteveryquarterandthereportthereonissubmittedtotheStockExchangewheretheCompany’ssharesarelisted.TheauditconfirmsthatthetotalListedandPaid-upCapitalisinagreementwiththeaggregateofthetotalnumberofsharesindematerializedform(heldwithNSDLandCDSL)andtotalnumberofsharesinphysicalform.

Compliance with Secretarial Standards

TheInstituteofCompanySecretariesofIndia(ICSI),aStatutoryBody,hasissuedSecretarialStandardsonvariousaspectsofcorporatelawandpractices.TheCompanyhascompliedwitheachoneofthem.

Share Price Data:

TheSharesoftheCompanyislistedatBSELimited.Thedetailsofthesharepricedataasbelow;

Month High (In Rs.) Low (In Rs.) VolumeApril,2019 19.85 17.20 551,386May,2019 18.50 16.35 2,500,265June,2019 17.50 14.45 835,630July,2019 17.00 13.30 1,696,461

August,2019 16.00 12.00 763,608September,2019 14.79 11.76 293,908October,2019 15.45 10.65 527,054November,2019 12.60 10.60 609,953December,2019 16.20 12.48 2,266,803January,2020 17.79 13.75 1,292,278February,2020 15.60 11.52 469,975March,2020 12.12 8.93 2,682,288

ClosingPriceasonMarch31,2020 Rs.10.90Marketcapitalization Rs.226,881,691

Outstanding GDRs/ Warrants and Convertible Bonds, conversion date and likely impact on equity:

TherewerenoGDRs/WarrantsandConvertibleBondsoutstandingasonMarch31,2020,hencenotapplicabletotheCompany.

Means of Communication to Shareholders

(i) TheUn-auditedquarterly/halfyearlyresultsareannouncedwithinforty-fivedaysofthecloseofthequarter.TheauditedannualresultsareannouncedwithinsixtydaysfromtheclosureofthefinancialyearaspertherequirementoftheListingRegulations.

(ii) TheapprovedfinancialresultsareforthwithsenttotheStockExchangesandarepublishedinFinancialExpress(Englishnewspaper)andAaplaMahanagar/MumbaiLakshadeep(locallanguage(Marathi)newspaper),withinforty-eighthoursofapprovalthereof.Presentlythesamearenotsenttotheshareholdersseparately.

(iii)TheCompany’sfinancialresultsandofficialpressreleasesaredisplayedontheCompany’sWebsitei.e.www.sangamrenew.com.


41

(iv)ManagementDiscussionandAnalysisreportformspartoftheAnnualReport,whichissenttotheshareholdersoftheCompany.

(v) Thequarterly results, shareholdingpattern,quarterlycompliancesandallothercorporatecommunication to theBSELimitedarefiledelectronically.TheCompanyhascompliedwithfilingsubmissionsthroughBSE’sBSEListingCentre.

(vi)SEBIprocessesinvestorcomplaintsinacentralizedwebbasedcomplaintsredressalsystemi.e.SCORES.Throughthissystemashareholdercanlodgecomplaintagainstacompanyforhisgrievance.TheCompanyuploadstheactiontakenonthecomplaintwhichcanbeviewedbytheshareholder.TheCompanyandshareholdercanseekandprovideclarificationsonlinethroughSEBI.

(vii)TheCompanyhasdesignatedtheemailid:[email protected],andthesameisprominentlydisplayedontheCompany’swebsitei.e.www.sangamrenew.com

Share Transfer System

The transferofshares inphysical formisprocessedandcompletedbyRegistrar&TransferAgentwithinstipulated timefromthedateofreceiptthereofprovidedallthedocumentsareinorder.Incaseofsharesinelectronicform,thetransfersareprocessedbyNSDL/CDSL through respectiveDepositoryParticipants. Incompliancewith theListingRegulations,aPracticingCompanySecretarycarriesoutauditoftheSystemofTransferandacertificatetothateffectisissued.

Nomination

NominationfacilityinrespectofsharesheldinelectronicformisalsoavailablewiththeDepositoryParticipantsasperthebye-lawsandbusinessrulesapplicabletoNSDLandCDSL.NominationformscanbeobtainedfromtheCompany’sRegistrarandShareTransferAgent.

Service of documents through electronic mode

AsapartofGreenInitiative,thememberswhowishtoreceivethenotices/documentsthroughe-mail,maykindlyintimatetheire-mailaddressestotheCompany’sRegistrarandSharetransferAgent,Purva Sharegistry (India) Private Limited,[email protected]

Address for correspondence

Company Secretary & Complianceofficer

Ms. Ruchi Sethi504,WesternEdge-I,Off:WesternExpressHighway,Borivali(E)Mumbai-400066;TelNo.02243331500Email:[email protected]:www.sangamrenew.com

ShareRegistrar&TransferAgent Purva Sharegistry (India) Private Limited9,ShivShaktiIndustrialEstate,J.R.BorichaMarg,OffN.M.JoshiMarg,NearLodhaExcelus,LowerParel(E),Mumbai–400011.IndiaTel.No.91-22-23012518/6761Email:[email protected]:www.purvashare.com


Sd/-Pujan Doshi


Registered Office:504, Western Edge-I, Off: Western Express Highway,Borivali (E), Mumbai-400066


42

DECLARATION BY THE CEO UNDER REGULATION 26(3) OF THE SEBI (LISTING OBLIGATION AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 REGARDING ADHERENCE CODE OF CONDUCT:InaccordancewithRegulation26(3)ofSEBI(ListingObligationandDisclosureRequirements)Regulations,2015,Iherebyconfirmthat,alltheDirectorsandtheSeniorManagementPersonneloftheCompanyhaveaffirmedcompliancetotheCodeofConductfortheFinancialYearendedMarch31,2020

For Sangam Renewables Limited

Sd/-Pujan Doshi

Managing DirectorPlace:Mumbai DIN: 07063863Dated:August12,2020 Email id: [email protected]

CEO/CFO CERTIFICATION TO THE BOARD[Regulation 17(8) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015]

We, Mr.Sharad Kumar Saxena,Whole-timeDirectorandMr. B.C.Bhandari,ChiefFinancialOfficer(CFO)ofSangam Renewables Limited appointedintermsofprovisionofCompaniesAct2013,certifytotheBoardthat:

a. WehavereviewedthefinancialstatementsandthecashflowstatementforthefinancialyearendedonMarch31,2020andthattothebestofourknowledgeandbelief:

• Thesestatementsdonotcontainanymateriallyuntruestatementoromitanymaterialfactorcontainstatementsthatmightbemisleading;

• ThesestatementstogetherpresentatrueandfairviewoftheCompany’saffairsandareincompliancewithexistingaccountingstandards,applicablelawsandregulations;

b. Thereare,tothebestofourknowledgeandbelief,notransactionsenteredintobytheCompanyduringthefinancialyearendedonMarch31,2020whicharefraudulent,illegalorviolativeoftheCompany’scodeofconduct;

c. WeacceptresponsibilityforestablishingandmaintaininginternalcontrolsandthatwehaveevaluatedtheeffectivenessoftheinternalcontrolsystemsoftheCompanyandwehavedisclosedtotheauditorsandtheAuditCommittee,deficienciesinthedesignoroperationoftheinternalcontrol,ifany,ofwhichweareawareofandthestepswehavetakenorproposetotaketorectifythesedeficiencies.

d. WehaveindicatedtotheAuditorsandtheAuditCommittee:

• Significantchangesininternalcontroloverthefinancialreportingduringthefinancialyear2019-20.

• Significantchangesinaccountingpoliciesduringthefinancialyear2019-20andthatthesamehavebeendisclosedinthenotestothefinancialstatements;and

• Instancesofsignificantfraudofwhichwehavebecomeawareandtheinvolvementtherein,ifany,ofthemanagementoranemployeehavingasignificantroleintheCompany’sinternalcontrolsystemoverthefinancialreporting.

Sharad Saxena B C Bhandari Whole-time Director Chief Financial Officer DIN:01874149Place:MumbaiDated:June15,2020


43

INDEPENDENT AUDITORS CERTIFICATE ON CORPORATE GOVERNANCETo the Members ofSangam Renewables Limited

We, have examined the compliance of conditions of Corporate Governance by Sangam Renewables Limited (“the Company”),fortheyearendedonMarch 31, 2020,asstipulatedinRegulations17to27andclauses(b)to(i)ofRegulation46(2)andparaCandDofScheduleVtotheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015(the“ListingRegulations”).

Managements’ Responsibility

ThecomplianceofconditionsofCorporateGovernanceistheresponsibilityoftheManagement.Thisresponsibilityincludesthedesign,implementationandmaintenanceofinternalcontrolandprocedurestoensurecompliancewiththeconditionsoftheCorporateGovernancestipulatedintheListingRegulations.

Auditor’s Responsibility

Ourresponsibilityislimitedtoexaminingtheproceduresandimplementationthereof,adoptedbytheCompanyforensuringcompliancewith the conditions of theCorporateGovernance. It is neither an audit nor an expression of opinion on thefinancialstatementsoftheCompany.

Wehave examined the books of account and other relevant records and documentsmaintained by theCompany for thepurposesofprovidingreasonableassuranceonthecompliancewithCorporateGovernancerequirementsbytheCompany.WehavecarriedoutanexaminationoftherelevantrecordsoftheCompanyinaccordancewiththeGuidanceNoteonCertificationofCorporateGovernanceissuedbytheInstituteoftheCharteredAccountantsofIndia(the“ICAI”),theStandardsonAuditingspecifiedunderSection143(10)oftheCompaniesAct2013,insofarasapplicableforthepurposeofthiscertificateandaspertheGuidanceNoteonReportsorCertificatesforSpecialPurposesissuedbytheICAIwhichrequiresthatwecomplywiththeethicalrequirementsoftheCodeofEthicsissuedbytheICAI.

Opinion

BasedonourexaminationoftherelevantrecordsandaccordingtotheinformationandexplanationsprovidedtousandtherepresentationsprovidedbytheManagement,wecertifythattheCompanyhascompliedwiththeconditionsofCorporateGovernanceasstipulatedinRegulations17to27andclauses(b)to(i)ofRegulation46(2)andParaCandDofScheduleVtotheListingRegulationsduringtheyearended31stMarch2020.

WestatethatsuchcomplianceisneitheranassuranceastothefutureviabilityoftheCompanynortheefficiencyoreffectivenesswithwhichtheManagementhasconductedtheaffairsoftheCompany.

For R T Jain & Co LLPChartered Accountants

FRN: 103961W / W100182

(CA Bankim Jain)Partner

Membership No.: 139447Mumbai, August 12, 2020UDIN: 20139447AAAACK9668


44

INDEPENDENT AUDITOR’S REPORTTotheMembersofSangam Renewables LimitedReport on the Audit of Standalone Ind AS financial statements

Opinion

WehaveauditedtheaccompanyingstandaloneIndASfinancialstatementsofSangam Renewables Limited(“theCompany”),whichcomprisethestandalonebalancesheetasatMarch31,2020,thestandaloneStatementofProfitandLoss,(includingthestatementofOtherComprehensiveIncome),thestandaloneStatementofCashFlowsandthestandaloneStatementofChangesinEquityfortheyearthenendedandnotestothefinancialstatements,includingasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.

Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,theaforesaidstandaloneIndASfinancialstatementsgivetheinformationrequiredbytheCompaniesAct,2013,asamended(“theAct”)inthemannersorequiredandgiveatrueandfairviewinconformitywiththeIndAS&accountingprinciplesgenerallyacceptedinIndia:

a) inthecaseofthestandalonebalancesheet,ofthestateofaffairsoftheCompanyasatMarch31,2020;and

b) inthecaseofthestandalonestatementofprofitandloss,ofthelossincludingothercomprehensiveincomefortheyearendedonthatdate.

c) inthecaseofthestandalonestatementofcashflows,ofthecashflowsfortheyearendedonthatdate.

d) inthecaseofthestandalonestatementofchangesinequity,ofthechangesinequitysharecapitalandotherequityfortheyearendedonthatdate.

Basis for Opinion

WehaveconductedourauditofthestandaloneIndASfinancialstatementsinaccordancewiththeStandardsonAuditingasspecifiedundersection143(10)oftheAct.Ourresponsibilitiesunderthosestandardsarefurtherdescribedinthe‘Auditor’sresponsibilitiesfortheauditoftheIndASfinancialstatements’sectionofourreport.Weareindependentofthecompanyinaccordancewiththe‘CodeofEthics’issuedbytheInstituteofCharteredAccountantsofIndiatogetherwiththeethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsundertheprovisionoftheActandtheRulesthereunder,andwehavefulfilledourethicalresponsibilities inaccordancewith theserequirementsandtheICAICodeofEthics.WebelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinionontheIndASfinancialstatements.

Other Information

TheCompany’sBoardofDirectorsisresponsiblefortheotherinformation.TheotherinformationcomprisestheBoardofDirectors’Report,butdoesnotincludetheIndASfinancialstatementsandourAuditor’sreportthereon.

Ouropinionon the IndASfinancial statementsdoesnotcover theother informationandwedonotexpressanyformofassuranceconclusionthereon.

InconnectionwithourauditoftheIndASfinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethersuchotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.

Management’s Responsibility for the Ind AS Financial Statements

TheCompany’sBoardofDirectorsisresponsibleforthemattersstatedinsection134(5)oftheCompaniesAct,2013(“theAct”)withrespecttothepreparationoftheseStandaloneIndASfinancialstatementsthatgiveatrueandfairviewofthestandalonefinancialposition,standalonefinancialperformanceincludingothercomprehensiveincome,standalonecashflowsandstandalonechangesinequityoftheCompanyinaccordancewiththeaccountingprinciplesgenerallyacceptedinIndia,includingtheIndianAccountingStandards(IndAS)specifiedunderSection133oftheAct,readwiththeCompanies(IndianAccounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accountingrecordsinaccordancewiththeprovisionsoftheActforsafeguardingoftheassetsoftheCompanyandforpreventingand


45

detectingthefraudsandotherirregularities;selectionandapplicationofappropriateaccountingpolicies;makingjudgmentsandestimatesthatarereasonableandprudent;anddesign,implementationandmaintenanceofadequateinternalfinancialcontrol,thatwereoperatingeffectivelyforensuringtheaccuracyandcompletenessoftheaccountingrecords,relevanttothepreparationandpresentationofthestandaloneIndASfinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.

InpreparingtheIndASfinancialstatements,themanagementisresponsibleforassessingtheCompany’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessmanagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.

TheBoardofDirectorsarealsoresponsibleforoverseeingtheCompany’sfinancialreportingprocess.

Auditors Responsibility for the Audit of the Standalone Ind AS Financial Statements

OurobjectivesaretoobtainreasonableassuranceaboutwhethertheIndASfinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisoftheseIndASfinancialstatements.

AspartofanauditinaccordancewithSAs,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:

• IdentifyandassesstherisksofmaterialmisstatementoftheIndASfinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.

• Obtainanunderstandingofinternalfinancialcontrolrelevanttotheaudit inordertodesignauditproceduresthatareappropriateinthecircumstances.Undersection143(3)(i)oftheAct,wearealsoresponsibleforexpressingouropiniononwhethertheCompanyhasadequateinternalfinancialcontrolssysteminplaceandtheoperatingeffectivenessofsuchcontrols.

• Evaluate the appropriatenessof accountingpoliciesused and the reasonablenessof accounting estimates and relateddisclosuresmadebymanagement.

• Concludeontheappropriatenessofmanagement’suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubton theCompany’s ability to continue as a going concern. Ifwe conclude that amaterial uncertainty exists,we arerequiredtodrawattentioninourauditor’sreporttotherelateddisclosuresinthestandalonefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.

• Evaluate the overall presentation, structure and content of the standalone IndASfinancial statements, including thedisclosures,andwhetherthestandaloneIndASfinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.

Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.

Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.


46

Report on Other Legal and Regulatory Requirements

1. AsrequiredbytheCompanies(AuditorsReport)Order,2016(“theOrder”)issuedbytheCentralGovernmentofIndiaintermsofsub-section(11)ofsection143oftheAct,wegiveintheAnnexure A,astatementonthemattersspecifiedintheparagraph3and4oftheorder.

2. Asrequiredbysection143(3)oftheAct,wereportthat:

a) wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryforthepurposeofouraudit;

b) inouropinion,properbooksofaccountasrequiredbylawhavebeenkeptbytheCompanysofarasappearsfromourexaminationofthosebooks.

c) thestandalonebalancesheet,thestandalonestatementofprofitandlossincludingthestatementofothercomprehensiveincome,thestandalonestatementofcashflowsandstandaloneStatementofChangesinEquitydealtwithbythisreportareinagreementwiththebooksofaccount.

d) inouropinion,theaforesaidstandaloneIndASfinancialstatementscomplywiththeIndianAccountingStandardsspecifiedunderSection133oftheAct,readwithCompanies(IndianAccountingStandards)Rules,2015,asamended;

e) onthebasisofwrittenrepresentationsreceivedfromthedirectorsason31March,2020andtakenonrecordbytheBoardofDirectors,noneofthedirectorsisdisqualifiedason31March,2019,frombeingappointedasadirectorintermsofSection164(2)oftheAct;

f) With respect to the adequacy of the internal financial controls over financial reporting of the company and theoperatingeffectivenessofsuchcontrols,refertoourseparatereportin“Annexure B”.

g) In our opinion, themanagerial remuneration for the year ended 31March 2020 has been paid/provided by theCompanytoitsdirectorsinaccordancewiththeprovisionsofsection197readwithScheduleVtotheAct;

h) withrespecttotheothermatterstobeincludedinAuditorsReportinaccordancewithRule11oftheCompanies(AuditandAuditors)Rules,2014,asamended,inouropinionandtothebestofourinformationandaccordingtoexplanationsgiventous:

i. TheCompanydoesnothaveanypendinglitigationswhichwouldimpactitsfinancialposition;

ii. TheCompanydidnothaveany long termcontracts includingderivativecontracts forwhich therewereanymaterialforeseeablelosses;

iii. TheCompanywasnotrequiredtotransferanyamounttoInvestorEducationandProtectionFund,


FRN : 103961W / W100182

Sd/-(CA Bankim Jain)

PartnerMem No. : 139447

Mumbai, June 15, 2020UDIN:20139447AAAACA1514


47

Annexure A to the Independent Auditors’ ReportReferred to in paragraph 1 of the section on “Report on other legal and regulatory requirements” of our report of even date

Onthebasisofsuchchecksasweconsideredappropriateandaccordingtotheinformationandexplanationgiventousduringthecourseofouraudit,wereportthat:

i. (a) Thecompanyhasmaintainedproperrecordsshowingfullparticularsincludingquantitativedetailsandsituationofitsfixedassets.

(b)Asexplainedtous,fixedassetshavebeenphysicallyverifiedbythemanagementatreasonableintervals;nomaterialdiscrepancieswerenoticedonsuchverification.

(c) According to the informationandexplanationreceivedbyus,as thecompanyownsno immovableproperty, therequirement on reportingwhether title deeds of immovable properties held in the name of the company is notapplicable.

ii. TheCompany’sbusinessdoesnotinvolveinventories.Sotherequirementofreportingoftheclause(ii)isnotapplicable.

iii. Accordingtotheinformationandexplanationsgiventousandonthebasisofourexaminationofthebooksofaccount,theCompanyhasgrantedloantoitssubsidiarieswhichiscoveredintheregistermaintainedunderSection189oftheCompaniesAct,2013.

Therepaymentscheduleinrespectofthesaidloanisnotstipulatedastheloanisondemand.TermsandConditionsofsuchloanarenotprejudicialtothecompany’sinterest.

iv. Thecompanyhasgivenloantoitssubsidiarieswhichisincomplianceofsection185andsection186ofCompaniesAct,2013.

v. Inouropinion,thecompanyhasnotacceptedanydepositswithinthemeaningofRule2(b)ofCompanies(AcceptancesofDeposits)Rules,2014.

vi. Accordingtotheinformationandexplanationsprovidedbythemanagement,nocostrecordshavebeenprescribedundersection148(1)oftheCompaniesAct,2013tobemaintainedbytheCompany.

vii. (a) Accordingtotherecordsofthecompany,undisputedstatutoryduesincludingIncome-tax,GoodsandServiceTax,CustomDuty,totheextentapplicableandanyotherstatutorydueshavegenerallybeenregularlydepositedwiththeappropriateauthorities.Accordingtotheinformationandexplanationsgiventoustherearenooutstandingstatutoryduesason31stofMarch,2020foraperiodofmorethansixmonthsfromthedatetheybecamepayable.

(b)Accordingtotheinformationandexplanationsgiventous,thereisnoamountspayableinrespectofincometax,goodsandservicetax,salestax,customsdutywhichhavenotbeendepositedonaccountofanydisputes.

viii.Basedonourauditproceduresandtheinformationandexplanationsgivenbythemanagement,thecompanyisnothavinganyloanfromfinancialinstitution,bankordebentureholdersoweareoftheopinionthat,nodefaultsinrepaymentofloanstoanyfinancialinstitution,bankordebentureholdershasoccurred.

ix. Basedonrecordsofthecompany,thecompanyhasneitherraisedanymoneysbywayofInitialPublicOfferorFurtherPublicOfferortermloanduringtheyear.

x. Basedontheauditproceduresperformedandtheinformationandexplanationsgiventous,wereportthatnofraudonorbytheCompanyhasbeennoticedorreportedduringtheyear.

xi. Accordingtoinformationandexplanationsgiventous,inouropinion,thecompanyhaspaidmanagerialremunerationin accordancewith the requisite approvalsmandated by the provisions of Section 197 readwith ScheduleV to theCompaniesAct,2013.

xii. TheCompanyisnotanidhicompany.Therefore,theprovisionofthisclauseoftheCompanies(Auditor’sReport)Order,2016isnotapplicabletotheCompany.

xiii.Basedonourauditproceduresandontheinformationgivenbythemanagement,thecompanyhascompliedwiththesections177and188oftheCompaniesAct,2013forallthetransactionswiththerelatedpartiesandthedetailsofsuchtransactionshavebeenproperlydisclosedinthefinancialstatementsasrequiredbytheapplicableaccountingstandards.


48

xiv.The Company has not made any preferential allotment of shares during the year to parties covered in the registermaintainedundersection189oftheCompaniesAct,2013.

xv. Thecompanyhasnotenteredintoanynon-cashtransactionswithdirectorsofthecompanyoritssubsidiaryorpersonsconnectedwiththem.

xvi.TheCompanyisnotrequiredtoberegisteredunderSection45-IAofReserveBankofIndiaAct,1934.


FRN : 103961W / W100182



Mumbai, June 15, 2020 UDIN:20139447AAAACA1514

Annexure - B to the Auditors’ ReportReport on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

WehaveauditedtheinternalfinancialcontrolsoverfinancialreportingofSangam Renewables Limited (“theCompany”)asofMarch31,2020inconjunctionwithourauditofthestandalonefinancialstatementsoftheCompanyfortheyearendedonthatdate.

Management’s Responsibility for Internal Financial Controls

TheCompany’smanagementisresponsibleforestablishingandmaintaininginternalfinancialcontrolsbasedontheinternalcontroloverfinancialreportingcriteriaestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrolstated in theGuidanceNote onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India (‘ICAI’). These responsibilities include the design, implementation and maintenanceofadequate internalfinancialcontrols thatwereoperatingeffectivelyforensuring theorderlyandefficientconductof itsbusiness,includingadherencetocompany’spolicies,thesafeguardingofitsassets,thepreventionanddetectionoffraudsanderrors,theaccuracyandcompletenessoftheaccountingrecords,andthetimelypreparationofreliablefinancialinformation,asrequiredundertheCompaniesAct,2013.

Auditors’ Responsibility

OurresponsibilityistoexpressanopinionontheCompany’sinternalfinancialcontrolsoverfinancialreportingbasedonouraudit.WeconductedourauditinaccordancewiththeGuidanceNoteonAuditofInternalFinancialControlsoverFinancialReporting(the“GuidanceNote”)andtheStandardsonAuditing,issuedbyICAIanddeemedtobeprescribedundersection143(10)oftheCompaniesAct,2013,totheextentapplicabletoanauditofinternalfinancialcontrols,bothapplicabletoanauditofInternalFinancialControlsand,bothissuedbytheInstituteofCharteredAccountantsofIndia.ThoseStandardsandtheGuidanceNoterequire thatwecomplywithethicalrequirementsandplanandperformtheaudit toobtainreasonableassuranceaboutwhetheradequateinternalfinancialcontrolsoverfinancialreportingwasestablishedandmaintainedandifsuchcontrolsoperatedeffectivelyinallmaterialrespects.

Ourauditinvolvesperformingprocedurestoobtainauditevidenceabouttheadequacyoftheinternalfinancialcontrolssystemoverfinancial reportingand theiroperatingeffectiveness.Our audit of internalfinancial controlsoverfinancial reportingincludedobtaininganunderstandingofinternalfinancialcontrolsoverfinancialreporting,assessingtheriskthatamaterialweaknessexists,andtestingandevaluatingthedesignandoperatingeffectivenessofinternalcontrolbasedontheassessedrisk.Theprocedures

selecteddependontheauditor’s judgment, includingtheassessmentof therisksofmaterialmisstatementof thefinancialstatements,whetherduetofraudorerror.


49

WebelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinionontheCompany’sinternalfinancialcontrolssystemoverfinancialreporting.

Meaning of Internal Financial Controls over Financial Reporting

Acompany’sinternalfinancialcontroloverfinancialreportingisaprocessdesignedtoprovidereasonableassuranceregardingthe reliability of financial reporting and the preparation of financial statements for external purposes in accordancewithgenerally accepted accounting principles.A company’s internal financial control over financial reporting includes thosepoliciesandproceduresthat(1)pertaintothemaintenanceofrecordsthat,inreasonabledetail,accuratelyandfairlyreflectthetransactionsanddispositionsoftheassetsofthecompany;(2)providereasonableassurancethattransactionsarerecordedasnecessarytopermitpreparationoffinancialstatementsinaccordancewithgenerallyacceptedaccountingprinciples,andthatreceiptsandexpendituresofthecompanyarebeingmadeonlyinaccordancewithauthorisationsofmanagementanddirectorsofthecompany;and(3)providereasonableassuranceregardingpreventionortimelydetectionofunauthorisedacquisition,use,ordispositionofthecompany’sassetsthatcouldhaveamaterialeffectonthefinancialstatements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Becauseoftheinherentlimitationsofinternalfinancialcontrolsoverfinancialreporting,includingthepossibilityofcollusionorimpropermanagementoverrideofcontrols,materialmisstatementsduetoerrororfraudmayoccurandnotbedetected.Also,projectionsofanyevaluationoftheinternalfinancialcontrolsoverfinancialreportingtofutureperiodsaresubjecttotheriskthattheinternalfinancialcontroloverfinancialreportingmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.

Opinion

Inouropinion,tothebestofourinformationandaccordingtotheexplanationsgiventous,theCompanyhas,inallmaterialrespects, an adequate internal financial controls systemover financial reporting and such internal financial controls overfinancialreportingwereoperatingeffectivelyasat31stMarch,2020,basedonthecriteriaforinternalfinancialcontroloverfinancialreportingestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancialControlsoverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia.


FRN : 103961W / W100182





50

STANDALONE BALANCE SHEET(Amount in Rupees)

Particulars Note No. As at March 31, 2020 As at March 31, 2019A. ASSETS

(1) Non-Current Assets(a) Property,PlantandEquipment 2 3,38,80,310 3,54,71,749(b) IntangibleAsset 2(a) 73,084 36,893(c) FinancialAssets

(i)Investments 3 32,09,95,000 31,90,26,000(ii)Loans 4 31,29,67,350 8,12,89,322

(d) OtherNon-CurrentAssets 5 42,59,472 42,61,004Total non - current assets 67,21,75,216 44,00,84,968

(2) Current Assets(a) FinancialAssets

(i)Tradereceivables 6 1,90,939 2,88,01,942(ii)Cashandcashequivalents 7 17,95,047 11,69,979(iii)OtherBalanceswithBanks 8 10,00,000 53,91,690(iv)Otherfinancialasset 9 25,000 25,000

(b) CurrentTaxAssets(Net) 10 78,04,507 50,62,265(c) Othercurrentassets 11 7,97,159 9,07,620

Total current assets 1,16,12,652 4,13,58,496Total Assets 68,37,87,868 48,14,43,465

B. EQUITY AND LIABILITIES(1) EQUITY

(a) EquityShareCapital 12 20,81,48,340 10,01,48,340(b) OtherEquity 13 9,61,32,371 61,85,979

Total Equity 30,42,80,711 10,63,34,319LIABILITIES

(2) Non-current Liabilities(a) Loans 14 36,67,03,340 36,22,71,156(b) Provisions 15 4,56,296 50,463(c) DeferredTaxLiabilities(Net) 67,93,088 89,11,965

Total Non-current liabilites 37,39,52,724 37,12,33,584(3) Current Liabilities

(a) FinancialLiabilities(i)TradePayable 16 1,41,291 2,75,170

(b) OtherCurrentliabilities 17 49,98,865 34,49,381(c) Provisions 18 4,14,277 1,51,011

Total current liablities 55,54,433 38,75,562Total Equity and Liabilities 68,37,87,868 48,14,43,465

Notes forming part of the financial statements 2-30

Asperourreportofevendateattached For&onbehalfoftheBoardofDirectorsFor R T JAIN & CO LLP Sangam Renewables LimitedChartered AccountantsFirmRegistrationNo.103961W/W100182Sd/- Sd/- Sd/-CA Bankim Jain Sharad Kumar Saxena Pujan DoshiPartner Whole time Director DirectorMembership No.: 139447 DIN: 01874149 DIN: 07063863

Sd/- Sd/-Place:Mumbai B. C. Bhandari Ruchi SethiDate:June15,2020 (Chief Financial Officer) (Company Secretary)


51

STANDALONE STATEMENT OF PROFIT & LOSS(Amount in Rupees)

Sr. No

Particulars Note No.

Year endedMarch 31, 2020


I RevenueFromOperations 19 1,97,57,000 5,02,94,824II OtherIncome 20 3,10,50,011 79,18,738III Total Income (I+II) 5,08,07,011 5,82,13,561IV Expenses:

(a)EmployeeBenefitExpense 21 1,03,45,933 1,53,96,974(b)FinanceCost 22 3,38,43,390 2,20,30,429(c)DepreciationandAmortizationExpense 2 16,10,169 16,31,412(d)OtherExpenses 23 89,86,678 1,00,21,513Total expenses (IV) 5,47,86,170 4,90,80,328

V Profit/(loss) before exceptional items and tax (III-IV) (39,79,160) 91,33,233VI Exceptional Items - -VII Profit/(loss) before tax (V-VI) (39,79,160) 91,33,233VIII TaxExpense 24

(1)Currenttax - -Provisionfortax - 18,54,535MATCreditEntitlement - (18,54,535)(2)DeferredTax (21,20,612) 60,40,505Total Tax Expense(VIII) (21,20,612) 60,40,505

IX Profit (Loss) for the period (VII-VIII) (18,58,548) 30,92,728X OtherComprehensiveIncome(NetofTax)

A(i)ItemsthatwillnotbereclassifiedtoprofitorlossLossonEmployeeBenefitExpensesRevaluation 6,675 4,92,106NetchangesinfairvaluesofinvestmentsinequitysharescarriedatfairvaluesthroughOCI

- 1,51,850

A(i)Itemsthatwillnotbereclassifiedtoprofitorloss - -(ii)Incometaxrelatingtoitemsthatwillnotbereclassifiedtoprofitorloss

(1,736) -

B(i)Itemsthatwillbereclassifiedtoprofitorloss - -(ii)Incometaxrelatingtoitemsthatwillbereclassifiedtoprofitorloss - -

XI Total Comprehensive Income for the year (IX+X) (Comprising Profit (Loss) and Other Comprehensive Income for the year)

(18,53,608) 37,36,684

XII Earningperequityshare 30(ofRs.10/-each)(1)Basic (0.09) 0.37(2)Diluted (0.09) 0.37

Notes forming part of the financial statements 2-30

Asperourreportofevendateattached For&onbehalfoftheBoardofDirectorsFor R T JAIN & CO LLP Sangam Renewables LimitedChartered AccountantsFirmRegistrationNo.103961W/W100182

Sd/- Sd/- Sd/-CA Bankim Jain Sharad Kumar Saxena Pujan DoshiPartner Whole time Director DirectorMembership No.: 139447 DIN: 01874149 DIN: 07063863



52

STATEMENT OF CHANGES IN EQUITY(Amount in Rupees)

A: Equity Share Capital

As atApril 1, 2018

Changes in equity share capital during 2018-19

As at March 31,2019

Changes in equity share capital during the period

As at March 31,2020

10,01,48,340 - 10,01,48,340 10,80,00,000 20,81,48,340B : Other Equity

Particulars Retained earnings Securities Premium TotalBalance as at April 1, 2018 24,49,295 - 24,49,295Profit/(loss)fortheyear 30,92,728 - 30,92,728OtherComprehensiveIncome 6,43,956 - 6,43,956Total Comprehensive Income 37,36,684 - 37,36,684Balance as at March 31,2019 61,85,979 - 61,85,979Premiumonallotment 9,18,00,000 9,18,00,000Profit/(loss)fortheyear (18,58,548) - (18,58,548)OtherComprehensiveIncome 4,940 - 4,940TotalComprehensiveIncome (18,53,608) - (18,53,608)Balance as at March 31,2020 43,32,371 9,18,00,000 9,61,32,371

See accompanying notes to the financial statements





53

STANDALONE STATEMENT OF CASH FLOW(Amount in Rupees)

Particulars Year ended31st March, 2020

Year ended31st March, 2019

Cash flow from operating activitiesProfitbeforetaxfromContinuingoperations (39,79,160) 91,33,233Discontinuingoperations -Profit before tax (39,79,160) 91,33,233AdjustmentsforDepreciationandamortizationexpense 16,10,169 16,31,412ChangesinacturialvalueofGratuity 6,675InterestIncome (2,94,93,808) (78,00,166)UnwindingOfInterest (1,12,461) (91,618)Profit/(Loss)onsaleofInvestment/Asset (13,32,166) (26,954)FinanceCost 3,38,43,390 2,20,30,429Change in operating assets and liabilities(Increase)/DecreaseinTradeReceivables 2,86,11,003 (2,47,34,032)(Increase)/DecreaseinOtherCurrentassets 1,10,460 (3,75,705)(Increase)/DecreaseinOtherBankBalance 43,91,690 6,38,35,722(Increase)/DecreaseinOtherNonCurrentAssets 1,533 (16,77,317)Increase/(Decrease)inprovision 6,69,098 (6,54,355)Increase/(Decrease)inTradepayables (1,33,879) (70,789)Increase/(Decrease)inOtherfinancialCurrentliabilities - (1,37,24,180)Increase/(Decrease)inCurrentLiabilities&Payables 15,49,484 10,62,205Increase/(Decrease)inNonCurrentLiablitiesCash generated from operations 3,57,42,029 4,85,37,885Incometaxespaid (27,42,241) (33,92,135)Net cash outflow from operating activities 3,29,99,788 4,51,45,750Cash flows from investing activitiesPaymentsforproperty,plantandequipment (54,920) (77,557)InterestIncome 2,96,06,269 78,91,784NetPaidforPurchaseofInvestments (19,69,000) (31,88,26,000)ProfitfromsaleofInvestment/asset 13,32,166 26,954Net cash outflow from investing activities 2,89,14,515 (31,09,84,819)Cash flows from financing activitiesNetProceedsfromLoansgiven (23,16,78,028) (7,42,54,931)NetProceedsfromLoansTaken 44,32,184 36,22,71,156NetProceedsfromissueofequityshares 19,98,00,000 -Financecost (3,38,43,390) (2,20,30,429)Net cash inflow from financing activities (6,12,89,234) 26,59,85,797Net increase (decrease) in cash and cash equivalents 6,25,068 1,46,728Cashandcashequivalentsatthebeginningofthefinancialyear 11,69,979 10,23,251Cash and cash equivalents at end of the year 17,95,047 11,69,979

Reconciliation of cash and cash equivalents as per the cash flow statementCashandcashequivalentsasperabovecompriseofthefollowing

31st March 2020 31st March 2019Cashinhand 4,959 5,17,529Balancewithschedulebanks 17,90,088 6,52,450Balances as per statement of cash flows 17,95,047 11,69,979Notes forming part of the financial statements 2-30

Asperourreportofevendateattached For&onbehalfoftheBoardofDirectorsFor R T JAIN & CO LLP Sangam Renewables LimitedChartered AccountantsFirmRegistrationNo.103961W/W100182Sd/- Sd/- Sd/-CA Bankim Jain Sharad Kumar Saxena Pujan DoshiPartner Whole time Director DirectorMembership No.: 139447 DIN: 01874149 DIN: 07063863



54

Note 1 : NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2020A CORPORATE INFORMATION: SangamRenewablesLimited(“theCompany”)wasincorporatedon22ndofJune,1999asaprivatecompanylimited

byshares.ItwasconvertedintoapubliccompanyonNovember18,2011.TheCompanyisengagedinthebusinessofgenerationofpowerthroughrenewableenergysourcesandalsoprovidingconsultancyserviceinthisregard.IthasitsregisteredofficeinMumbaianditsenergygenerationsiteislocatedinstateofMaharashtra.

B BASIS OF PREPARATION:B.1 Compliance with Ind AS: MinistryofCorporateAffairsnotifiedroadmaptoimplementIndianAccountingStandards(‘IndAS’)notifiedunderthe

Companies(IndianAccountingStandards)Rules,2015asamendedbytheCompanies(IndianAccountingStandards)(Amendment)Rules,2016.Asperthesaidroadmap,theCompanyisrequiredtoapplyIndASstartingfromFinancialYearbeginningonorafterApril1,2017.Accordingly,theFinancialStatementsoftheCompanyhavebeenpreparedinaccordancewiththeIndAS.

FortheyearendedMarch31,2020,theCompanyprepareditsFinancialStatementsinaccordancewiththeAccountingStandardsnotifiedundertheSection133oftheCompaniesAct2013,readtogetherwithCompanies(Accounts)Rules2014(IndianGAAP).

Thefinancialstatementshavebeenpreparedonahistoricalcostbasis,exceptforthefollowingassetsandliabilitieswhichhavebeenmeasuredatfairvalue:a) Certainfinancialassetsandliabilitiesmeasuredatfairvalue. TheFinancialStatementsarepresentedinIndianRupees(INR)whichisthefunctionalcurrencyfortheCompany.

Allamountshavebeenrounded-offtothenearestlakhs,unlessotherwiseindicated.B.2 CURRENT AND NON-CURRENT CLASSIFICATION: TheCompanypresentsassetsandliabilitiesinthebalancesheetbasedoncurrent/non-currentclassification. Anassetascurrentwhenitis:

• Expectedtoberealizedorintendedtosoldorconsumedinnormaloperatingcycle• Heldprimarilyforthepurposeoftrading• Expectedtoberealizedwithintwelvemonthsafterthereportingperiod,or• Cashorcashequivalentunlessrestrictedfrombeingexchangedorusedtosettlealiabilityforatleasttwelvemonths

afterthereportingperiod.Allotherassetsareclassifiedasnon-current.Aliabilityiscurrentwhen:• Itisexpectedtobesettledinnormaloperatingcycle• Itisheldprimarilyforthepurposeoftrading• Itisduetobesettledwithintwelvemonthsafterthereportingperiod,or• Thereisnounconditionalrighttodeferthesettlementoftheliabilityforatleasttwelvemonthsafterthereporting

period Allotherliabilitiesareclassifiedasnon-current. Theoperatingcycle is the timebetween theacquisitionofassets forprocessingand their realization incashorcash

equivalents.Deferredtaxassetsandliabilitiesareclassifiedasnon-currentassetsandliabilities.B.3 SIGNIFICANT ACCOUNTING POLICIES: ThefollowingarethesignificantaccountingpoliciesappliedbytheCompanyinpreparingitsfinancialstatements:

a) Property, plant and equipment:• Freeholdlandiscarriedathistoricalcost.Allotheritemsofproperty,plantandequipmentarestatedatcostless

accumulateddepreciationand impairment losses, if any.Historical cost includes expenditure that isdirectlyattributabletotheacquisitionoftheitem.

• Subsequentcostsareincludedintheasset’scarryingamountorrecognisedasaseparateasset,asappropriate,onlywhenitisprobablethatfutureeconomicbenefitsassociatedwiththeitemwillflowtotheCompanyandthecostofitemcanbemeasuredreliably.

• Thegainorlossarisingonthedisposalorretirementofanitemofproperty,plantandequipmentisdeterminedasthedifferencebetweenthesalesproceedsandthecarryingamountoftheassetandisrecognizedintheStatementofProfitandLossonthedateofdisposalorretirement.

• OntransitiontoIndAS,theCompanyhaselectedtocontinuewiththecarryingvalueofallofitsproperty,plant


55

andequipmentrecognizedasat1stApril2016measuredasperthepreviousGAAPandusethatcarryingvalueasthedeemedcostoftheproperty,plantandequipment.

• Capitalwork in progress:Direct expenses including borrowing cost incurred during construction period oncapitalprojectsarecapitalized.Otherdirectexpensespertainingtocapitalprojectsareallocatedtoprojectsshallalsocapitalized.

• Depreciationontheproperty,plantandequipmentisprovidedonthestraightlinebasisovertheusefullifeofassetsasspecifiedinPartCofScheduleIItotheCompaniesAct,2013orusefullivesofassetsestimatedbythemanagementbasedontechnicaladviceincaseswhereausefullifeisdifferentthanindicatedinscheduleII.

Thefollowingtableshowstheperiodoverwhichmanagementexpectstouseassets:

Assetcategory Managementestimatedusefullife UsefullifeasperscheduleIIEnduserdevicessuchasdesktops,laptops 3yrs 3yrsServersandnetworks 6yrs 6yrsFurniture 10yrs 10yrsOfficeequipment 5yrs 5yrsSolarPowerPlant 25yrs 15yrs

• Property,plantandequipmentwhichareadded/disposedoffduringtheyear,depreciationisprovidedonpro-ratabasiswithreferencetothemonthofaddition/deletion.

b) Impairment of non-financial assets: Forassetsexcludinggoodwill,anassessmentismadeateachreportingdatetodeterminewhetherthereisanindication

thatpreviouslyrecognisedimpairmentlossesnolongerexistorhavedecreased.Ifsuchindicationexists,theCompanyestimatestheasset’sorCashgeneratingUnits(CGU’s)recoverableamount.Apreviouslyrecognisedimpairmentlossisreversedonlyiftherehasbeenachangeintheassumptionsusedtodeterminetheasset’srecoverableamountsincethelastimpairmentlosswasrecognised.Thereversalislimitedsothatthecarryingamountoftheassetdoesnotexceeditsrecoverableamount,norexceedthecarryingamountthatwouldhavebeendetermined,netofdepreciation,hadnoimpairmentlossbeenrecognisedfortheassetinprioryears.Suchreversalisrecognisedinthestatementofprofitorlossunlesstheassetiscarriedatarevaluedamount,inwhichcase,thereversalistreatedasarevaluationincrease.Whereitisnotpossibletoestimatetherecoverableamountofanindividualasset,theCompanyestimatestherecoverableamountofthecash-generatingunittowhichtheassetbelongs.

c) Cash and cash equivalents: Forthepurposeofpresentationinstatementofcashflows,cashandcashequivalentsincludescashonhand,deposit

heldatcallwithfinancialinstitution,othershortterm,highlyliquidinvestmentswithoriginalmaturitiesof3monthsorlessthatarereadilyconvertibletoknownamountsofcashandwhicharesubjecttoaninsignificantriskofchangesinvalue,andbankoverdraft.

d) Financial Instruments:(I) Financial Assets:

Initial recognition and measurement Allfinancialassetsarerecognisedinitiallyatfairvalueplus,inthecaseoffinancialassetsnotrecordedat

fairvaluethroughprofitorloss,transactioncoststhatareattributabletotheacquisitionofthefinancialasset. Financialassetsareclassified,atinitialrecognition,asfinancialassetsmeasuredatfairvalueorasfinancial

assetsmeasuredatamortisedcost.Subsequent Measurement

• Financial assets measured at Amortised Cost AfinancialassetismeasuredatAmortisedcostisitisheldwithinabusinessmodelwhoseobjective

istoholdtheassetinordertocollectcontractualcashflowsandthecontractualtermsofthefinancialassetgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.

• Financial assets measured at Fair Value Through Other Comprehensive Income (FVTOCI) A financial asset ismeasured at FVTOCI if it is heldwithin a businessmodelwhose objective is

achievedbybothcollectingcontractualcashflowsandsellingfinancialassetsandthecontractualtermsofthefinancialassetgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.

• Financial assets measured at Fair Value Through Profit or Loss (FVTPL) AfinancialassetwhichisnotclassifiedinanyoftheabovecategoriesaremeasuredatFVTPL.Impairment of Financial Assets:

NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2020


56

TheCompanyassessesimpairmentbasedonexpectedcreditlossesmodeltothefollowing:• Financialassetsmeasuredatamortizedcost;• Financialassetsmeasuredatfairvaluethroughothercomprehensiveincome(FVTOCI); Expectedcreditlossesaremeasuredthroughalossallowanceatanamountequalto:• The12-monthsexpectedcreditlosses(expectedcreditlossesthatresultfromthosedefaulteventson

thefinancialinstrumentthatarepossiblewithin12monthsafterthereportingdate);or• Fulllifetimeexpectedcreditlosses(expectedcreditlossesthatresultfromdefaulteventsoverthelife

ofthefinancialinstruments). The Company follows ‘simplified approach’ for recognition of impairment loss allowance on Trade

receivablesorcontractrevenuereceivables. Under simplified approach, the Company does not track changes in credit risk. Rather, it recognizes

impairmentlossallowancebasedonlifetimeexpectedcreditlossesateachreportingdate,rightfromitsinitialrecognition.

TheCompany uses provisionmatrix to determine impairment loss allowance on the portfolio of tradereceivables.Theprovisionmatrixuseshistoricalratestodetermineimpairmentlossontheportfoliooftradereceivables.Ateveryreportingdatethesehistoricaldefaultdatesarereviewedandchangesintheforwardlookingestimatesareanalysed.

Forrecognitionofimpairmentlossonotherfinancialassetsandriskexposure,theCompanydeterminesthatwhethertherehasbeenasignificantincreaseinthecreditrisksinceinitialrecognition.Ifthecreditriskhasnotincreasedsignificantly,12monthexpectedcreditlossesisusedtoprovideforimpairmentloss.However,ifthecreditriskhasincreasedsignificantly,lifetimeexpectedcreditlossesisused.If,insubsequentperiod,creditqualityoftheinstrumentimprovessuchthatthereisnolongerasignificantincreaseincreditrisksince initial recognition, then theCompany reverts to recognizing impairment loss allowance based on12-monthexpectedcreditlosses.

Forassessingincreaseincreditriskandimpairmentloss,theCompanycombinesfinancialinstrumentsonthebasisofsharedcreditriskcharacteristicswiththeobjectiveoffacilitatingananalysisthatisdesignedtoenablesignificantincreaseincreditrisktobeidentifiedonatimelybasis.

Derecognition: Afinancialasset(or,whereapplicable,apartofafinancialassetorpartofaCompanyofsimilarfinancial

assets)isprimarilyderecognised(i.e.removedfromtheCompany’sstatementoffinancialposition)when:• Therightstoreceivecashflowsfromtheassethaveexpired,or• TheCompanyhastransferreditsrightstoreceivecashflowsfromtheasset.

(II)Financial liabilities:Initial Recognition and measurement All financial liabilities are recognised initially at fair value and, in the case of loans, borrowings and

payables,netofdirectlyattributabletransactioncosts.TheCompany’sfinancialliabilitiesincludetradeandotherpayables,loansandborrowingsincludingbankoverdrafts.

Subsequent measurement Themeasurementoffinancialliabilitiesdependsontheirclassification,asdescribedbelow:

• Financial liabilities at fair value through profit and loss: Itincludesfinancialliabilitiesheldfortradingandfinancialliabilitiesdesignateduponinitialrecognition

asatfairvaluethroughprofitandloss. Financialliabilitiesclassifiedasheldfortradingiftheyareincurredforthepurposeofrepurchasingin

thenearterm.Gainsorlossesonliabilitiesheldfortradingarerecognizedinthestatementofprofitandloss.

Financialliabilitiesdesignateduponinitialrecognitionatfairvaluethroughprofitandlossaredesignateduponinitialrecognition,andonlyifthecriteriainIndAS109aresatisfied.

• Loans and Borrowings: Borrowings are initially recognised at fair value, net of transaction cost incurred. Borrowings are

subsequentlymeasured at amortized cost.Any difference between the proceeds (net of transactioncost)andtheredemptionamountisrecognisedinprofitorlossovertheperiodoftheborrowingsusingEIRmethod/Straightlinemethod.Feespaidontheestablishmentofloanfacilitiesarerecognisedas



57

transactioncostsoftheloantotheextentthatit isprobablethatsomeorallofthefacilitieswillbedrawndown.Inthiscase,thefeesisdeferreduntilthedrawndownoccurs.Totheextentthereisnoevidencethatitisprobablethatsomeorallofthefacilitieswillbedrawndown,thefeeiscapitalisedasaprepaymentofliquidityservicesandamortisedovertheperiodofthefacilitiestowhichitrelates.

Derecognition of Financial Liabilities: Borrowingsareremovedfromthebalancesheetwhentheobligationspecifiedinthecontractisdischarged,

cancelled or expired.The difference between the carrying amount of a financial liability that has beenextinguished or transferred to another party and the consideration paid, including any non-cash assettransferredorliabilitiesassumed,isrecognisedinprofitorlossasothergain/(losses).

(III) Offsetting of financial instruments: Financialassetsandfinancialliabilitiesareoffsetandthenetamountisreportedinthebalancesheetifthereisa

currentlyenforceablelegalrighttooffsettherecognisedamountsandthereisanintentiontosettleonanetbasis,torealisetheassetsandsettletheliabilitiessimultaneously.Thelegallyenforceablerightmustnotbecontingentonfutureeventsandmustbeenforceableinthenormalcourseofbusinessandintheeventofdefault,insolvencyorbankruptcyoftheCompany,orthecounterparty.

e) Fair value measurement: Fairvalueisthepricethatwouldbereceivedtosellanassetorsettlealiabilityinanordinarytransactionbetween

marketparticipantsatthemeasurementdate.Thefairvalueofanassetoraliabilityismeasuredusingtheassumptionthatmarket participantswould usewhenpricing an asset or liability acting in their best economic interest.TheCompanyusedvaluationtechniques,whichwereappropriateincircumstancesandforwhichsufficientdatawereavailableconsideringtheexpectedloss/profitincaseoffinancialassetsorliabilities.

f) Revenue Recognition:• Sale of Power Revenuefromthesaleofpowerisrecognisedwhentheelectricityissuppliedandmeasuredbasedoncontractually

agreedtariffrates.• Interest income Interestincomeisaccountedonaccrualbasis.Interestincomeisrecognisedonatimeproportionbasistaking

intoaccounttheamountoutstandingandtherateapplicable. Interestincomeisincludedinotherincomeinthestatementofprofitandloss.• Dividend income: Dividendincomeisaccountedforwhentherighttoreceivethesameisestablished,whichisgenerallywhen

shareholdersapprovethedividend.g) Employee benefits:

i. Short term employee benefits: Allemployeebenefitspayablewhollywithintwelvemonthsofrenderingtheserviceareclassifiedasshortterm

employeebenefits.Short-termemployeebenefitsareexpensedastherelatedserviceisprovided.AliabilityisrecognisedfortheamountexpectedtobepaidiftheCompanyhasapresentlegalorconstructiveobligationtopaythisamountasaresultofpastserviceprovidedbytheemployeeandtheobligationcanbeestimatedreliably.

ii. Defined Benefit plans: TheCompany’s net obligation in respect of defined benefit plans is calculated separately for each plan by

estimatingtheamountoffuturebenefitthatemployeeshaveearnedinthecurrentandpriorperiods,discountingthatamountanddeductingthefairvalueofanyplanassets.

Thecalculationofdefinedbenefitobligationsisperformedannuallybyaqualifiedactuaryusingtheprojectedunitcreditmethod.WhenthecalculationresultsinapotentialassetfortheCompany,therecognisedassetislimitedtothepresentvalueofeconomicbenefitsavailableintheformofanyfuturerefundsfromtheplanorreductionsinfuturecontributionstotheplan.Tocalculatethepresentvalueofeconomicbenefits,considerationisgiventoanyapplicableminimumfundingrequirements.

Remeasurementof thenetdefinedbenefit liability,whichcomprisesactuarialgainsandlosses, thereturnonplanassets (excluding interest)and theeffectof theassetceiling (ifany,excluding interest),are recognisedimmediatelyinothercomprehensiveincome.Netinterestexpense(income)onthenetdefinedliability(assets)iscomputedbyapplyingthediscountrate,usedtomeasurethenetdefinedliability(asset),tothenetdefinedliability(asset)atthestartofthefinancialyearaftertakingintoaccountanychangesasaresultofcontributionandbenefitpaymentsduringtheyear.NetinterestexpenseandotherexpensesrelatedtodefinedbenefitplansarerecognisedinStatementofProfitandLoss.



58

iii. Other long-term employee benefits TheCompany’snetobligationinrespectoflong-termemployeebenefitsistheamountoffuturebenefitthat

employeeshaveearnedinreturnfortheirserviceinthecurrentandpriorperiods.Thatbenefitisdiscountedtodetermineitspresentvalue.RemeasurementisrecognisedinStatementofProfitandLossintheperiodinwhichtheyarise.

Entitlementstoannualprivilegeleavearerecognizedwhentheyaccruetoemployees.Privilegeleavecanbeavailedorencashedsubjecttoarestrictiononthemaximumnumberofaccumulationofleave.TheCompanydetermines the liability for such accumulated leaves using the projected unit credit method with actuarialvaluationsbeingcarriedoutateachreportingdate.

h) Finance Cost Borrowingcostsspecificallyrelatingtotheacquisitionorconstructionofqualifyingassetsthatnecessarilytakesa

substantialperiodoftimetogetreadyforitsintendedusearecapitalized(netofincomeontemporarilydeploymentoffunds)aspartofthecostofsuchassets.FinancecostsconsistofinterestandothercoststhattheCompanyincursinconnectionwiththeborrowingoffunds.Allotherborrowingcostsareexpensedintheperiodinwhichtheyoccur.

i) Leases: Thedeterminationofwhetheranarrangementis,orcontains,aleaseisbasedonthesubstanceofthearrangementat

theinceptiondate,andwhetherthefulfilmentofthearrangementisdependentontheuseofthespecificassetsorthearrangementsconveysarighttousetheasset,evenifthatrightisnotexplicitlyspecifiedinthearrangement.

As Lessee (expenses) AssetsleasedbytheCompanyinitscapacityaslesseewheresignificantportionofrisksandrewardsofownership

areretainedbylessorareclassifiedasoperatingleases.Paymentsmadeunderoperatingleases(netofanyincentivesreceivedfromthelessor)arechargedtoprofitorlossonastraightlinebasisovertheperiodoftheleaseunlessthepaymentsarestructuredtoincreaseinlinewithexpectedgeneralinflationtocompensateforthelessorsexpectedinflationarycostincreases.

j) Segment Reporting: TheoperationsoftheCompanyarelimitedtoonesegment,namelygenerationofpowerthroughrenewableenergy

resources.AlltheassetsandrevenueearnedbytheCompanyareinIndia.Inviewofasinglebusinessandgeographicalsegment,nofurtherdisclosureasperIndAS108needstobemade.

k) Taxation:i. Taxonincomeforthecurrentperiodisdeterminedonthebasisonestimatedtaxableincomeandtaxcredits

computed inaccordancewith theprovisionsof the relevant tax lawsandbasedon theexpectedoutcomeofassessments/appeals.

ii. Currentincometaxrelatingtoitemsrecogniseddirectlyinequityisrecognisedinequityandnotinthestatementofprofitandloss.Managementperiodicallyevaluatespositionstakeninthetaxreturnswithrespecttosituationsinwhichapplicabletaxregulationsaresubjecttointerpretationandestablishesprovisionswhereappropriate.

iii. Deferredtaxisprovidedusingthebalancesheetapproachontemporarydifferencesatthereportingdatebetweenthetaxbasesofassetsandliabilitiesandtheircarryingamountsforfinancialreportingpurposesatthereportingdate.

iv. Thecarryingamountofdeferredtaxassetsisreviewedateachreportingdateandreducedtotheextentthatitisnolongerprobablethatsufficienttaxableprofitwillbeavailabletoallowallorpartofthedeferredtaxassettobeutilized.Unrecogniseddeferredtaxassetsarereassessedateachreportingdateandarerecognisedtotheextentthatithasbecomeprobablethatfuturetaxableprofitswillallowthedeferredtaxassettoberecovered.

v. Deferredtaxassetsandliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplyintheyearwhentheassetisrealizedortheliabilityissettled,basedontaxrates(andtaxlaws)thathavebeenenactedorsubstantivelyenactedatthereportingdate.

vi. Deferred tax relating to items recognised outside the statement of profit and loss is recognised outside thestatementofprofitandloss.Deferredtaxitemsarerecognisedincorrelationtotheunderlyingtransactioneitherinothercomprehensiveincomeordirectlyinequity.

vii. Deferredtaxassetsanddeferredtaxliabilitiesareoffsetifalegallyenforceablerightexiststosetoffcurrenttaxassetsagainstcurrentincometaxliabilitiesandthedeferredtaxesrelatetothesametaxableentityandthesametaxationauthority.

viii.Thebreak-upofthemajorcomponentsofthedeferredtaxassetsandliabilitiesasatbalancesheetdatehasbeenarrivedataftersettingoffdeferredtaxassetsandliabilitieswheretheCompanyhavealegallyenforceablerighttoset-offassetsagainstliabilitiesandwheresuchassetsandliabilitiesrelatetotaxesonincomeleviedbythesamegoverningtaxationlaws.



59

ix. TheCompanyreviewtheapplicabilityofMinimumAlternativeTax(MAT)attheendofeachreportingdate.CreditofMAT,ifanyisrecognisedasapartofdeferredtaxassets.Asdeferredtaxassetshallberecognisedforthecarryforwardofunusedtaxlossesandunusedtaxcreditstotheextentthatitisprobablethatfuturetaxableprofitwillbeavailableagainstwhichtheunusedtaxlossesandunusedtaxcreditscanbeutilized.

x. Deferredtaxassetsaretheamountsofincometaxesrecoverableinfutureperiodsinrespectof:(a) Deductibletemporarydifferences;(b) Thecarryforwardofunusedtaxlosses;and(c) Thecarryforwardofunusedtaxcredits.

TheCompanyreviews thesameateachreportingdateandwritesdownthecarryingamountofMATcreditentitlementtotheextentthereisnolongerconvincingevidencetotheeffectthattheCompanywillpaynormalincometaxduringthespecifiedperiod.

l) Earnings per share: Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity

shareholdersbytheweightedaveragenumberofequitysharesoutstandingduringtheperiod. Forthepurposeofcalculatingdilutedearningspershare,thenetprofitorlossfortheperiodattributabletoequity

shareholdersandtheweightedaveragenumberofsharesoutstandingduringtheperiodareadjustedfortheeffectsofalldilutivepotentialequityshares.

m) Provisions and contingencies: ProvisionsarerecognizedwhentheCompanyhasapresentobligation(legalorconstructive)asaresultofapastevent,

itisprobablethatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettletheobligationandareliableestimatecanbemadeoftheamountoftheobligation.Iftheeffectofthetimevalueofmoneyismaterial,provisionsarediscountedusingcurrentpre-taxratethatreflects,whenappropriate,therisksspecifictotheliability.Whendiscountingisused,theincreaseintheprovisionduetothepassageoftimeisrecognisedasafinancecost.Provisionsarereviewedateachbalancesheetdateandareadjustedtoreflectthecurrentbestestimate.

Contingentliabilitiesaredisclosedincaseof:• A present obligation arising from past events,when it is not probable that an outflow of resourceswill be

requiredtosettletheobligation;• Apresentobligationarisingfrompastevents,whennoreliableestimateispossible;• Apossibleobligationarisingfrompastevents,unlesstheprobabilityofoutflowofresourcesisremote.Commitmentsincludecapitalexpenditure(netofadvances)inrelationtosolarpowerplant.Provisions,contingentliabilities,contingentassetsandcommitmentsarereviewedateachbalancesheetdate.

B.4Use of Judgements, Estimates and Assumptions IntheprocessofapplyingtheCompany’saccountingpolicies,managementhasmadethefollowingestimates,assumptions

andjudgments,whichhavesignificanteffectontheamountsrecognizedinthefinancialstatement.Actualresultmaydifferfromtheseestimates.

Estimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionstoaccountingestimatesarerecognisedprospectively.

Assumptionsandestimationuncertainties: Assumptionsandestimationuncertaintiesthathaveasignificantriskofresultinginamaterialadjustmentrecognisedin

thefinancialstatementsareasunder:Measurementofusefullife,residuallifeandimpairmentofproperty,plantandequipment.

Technicalexpertsassessestheremainingusefullivesofsolarpowerprojectat25years.Managementbelievesthattheassignedusefullifeisreasonable.Recognitionofdeferredtaxassets:availabilityoffuturetaxableprofitagainstwhichtaxlossescarriedforwardcan

beused.Measurementofdefinedbenefitobligationsandplannedassets.Recognitionandmeasurementofprovisionsandcontingencies:keyassumptionsaboutthelikelihoodandmagnitude

ofanoutflowofresources.Impairmentoffinancialandnon-financialassets.Revenueandmarginrecognitiononconstructionand/orlongtermservicecontractsandrelatedprovision.



60

NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2020(AmountinRupees)

Note 2: Property, Plant and Equipment

Particulars Computer Server Furniture Office Equipment

Solar Power Plant

Total

Gross carrying amountYear Ended March 31, 2019Cost as at April 1,2018 1,99,135 2,70,200 29,000 1,22,757 3,67,99,160 3,74,20,252Additions 1,40,728 1,40,728Disposals (1,80,021) (1,80,021)Closing Gross carrying amount 1,59,842 2,70,200 29,000 1,22,757 3,67,99,160 3,73,80,959Period Ended March 31, 2020Cost as at April 1,2019 1,59,842 2,70,200 29,000 1,22,757 3,67,99,160 3,73,80,959Additions - -Disposals - -Closing Gross carrying amount 1,59,842 2,70,200 29,000 1,22,757 3,67,99,160 3,73,80,959Accumulated DepreciationAsatApril1,2018 45,172 1,523 415 4,152 3,06,492 3,57,754Depreciationchargeduringtheyear 80,030 42,773 2,755 23,324 14,71,966 16,20,848Disposals (69,392) (69,392)Closing accumulated depreciation at 31st March,2019

55,810 44,296 3,170 27,475 17,78,458 19,09,210

Accumulated DepreciationOpeningaccumulateddepreciation 55,810 44,296 3,170 27,475 17,78,458 19,09,210Depreciationchargeduringtheyear 50,622 42,773 2,755 23,324 14,71,966 15,91,440Disposals - -Closing accumulated depreciation at 31st March, 2020

1,06,432 87,069 5,925 50,799 32,50,425 35,00,649

Net Carrying AmountAs at March 31, 2019 1,04,032 2,25,904 25,830 95,282 3,50,20,701 3,54,71,749As at March 31, 2020 53,411 1,83,131 23,075 71,958 3,35,48,735 3,38,80,310

Note 2a : Intagible Asset

Particulars SoftwareGross carrying amountYear Ended March 31, 2019Cost as at April 1,2018 -Additions 47,458Disposals -Closing Gross carrying amount 47,458Period Ended March 31, 2020Opening gross carrying amount 47,458Additions 54,920Disposals -Closing Gross carrying amount 1,02,378Accumulated DepreciationAs at April 1, 2018 -Depreciationchargeduringtheyear 10,564DisposalsClosing accumulated depreciation at 31st March,2019 10,564Accumulated DepreciationAsatApril1,2019 10,564Depreciationchargeduringtheyear 18,729DisposalsClosing accumulated depreciation at 31st March, 2020 29,294Net Carrying AmountAs at March 31, 2019 36,893As at March 31, 2020 73,084


61

Note 3 : Investments

Particulars As at March 31, 2020

As at March 31, 2019

(I) InvestmentsinEquityInstruments(a) Investmentsinsubsidiaries

(i) WaacoxEnergyPvtLtd 31,88,01,000 31,88,01,000 3,18,80,100Eq.shares(FY18-19-3,18,80,100)(ii)SangamRooftopSolarPvtLtd 1,00,000 1,00,000 10,000Eq.shares(FY18-1910,000)(iii)WaasangSolarPvt.Ltd 1,00,000 74,000 7400Eq.shares(FY18-197400)(iv)WaasangSolarOnePvt.Ltd 51,000 51,000 5100Eq.shares(FY18-195100)(v)WaareePVTechnologiesPrivateLimited 19,43,000 - 1000Eq.shares(FY18-19NIL)

Total 32,09,95,000 31,90,26,000Total non current investments 32,09,95,000 31,90,26,000(a) Aggregateamountofquotedinvestmentsandmarketvaluethereof - -(b)Aggregateamountofunquotedinvestments 32,09,95,000 31,90,26,000(c) Aggregateamountofimpairmentinvalueofinvestments - -

Note 4 : Loans



(Unsecured,consideredgood)LoantoRelatedParties(i) LoantoSangamRooftopSolarPvtLtd 18,05,89,755 7,81,62,216(ii)LoantoWaasangSolarOnePvtLtd 3,24,50,221 25,30,200(iii)LoantoWaasangSolarPvtLtd 6,69,683 33,895(iv)LoantoWaareePVTechnologiesPrivateLimited 9,92,05,212 -LoantoOthers 52,479 5,63,011

Total 31,29,67,350 8,12,89,322

Note 5 : Other Non Current Assets



SecurityDeposit 13,89,503 12,77,042MATCreditEntitlement 26,57,548 26,52,706Prepaidrent 2,12,421 3,31,257

Total 42,59,472 42,61,004

Note 6 : Trade Receivables



(Unsecured,consideredgood)Tradereceivable 1,90,939 2,88,01,942Less:Allowancefordoubtfuldebts - -

Total 1,90,939 2,88,01,942



62

Note 7 : Cash and cash equivalents



Current Account Balance with Schedule BanksInCurrentaccounts 17,90,088 6,52,450Cashinhand 4,959 5,17,529

Total 17,95,047 11,69,979

Note 8 : Other Bank Balances



Fixeddepositwithbanks 10,00,000 53,91,690Total 10,00,000 53,91,690

Fixed deposit with banks:(i)Balanceswithbankheldasmarginmoney 10,00,000 53,91,690

Note 9 : Other Financial Assets



DepositswithRevenueAuthority 25,000 25,000Total 25,000 25,000

Note 10 : Current Tax Assets (Net)



AdvanceIncometax(FortheYear) 44,07,646 33,92,135AdvanceIncometax(Earlieryears) 33,96,861 16,70,130

Total 78,04,507 50,62,265

Note 11 : Other Current Assets



UnbilledRevenue 5,05,440 5,99,612AdvancetoSupplier 29,580 -PrepaidExpenses 24,059 80,643BalancewithRevenueAuthority 1,19,244 1,08,529Prepaidrent-Current 1,18,836 1,18,836

Total 7,97,159 9,07,620

Note 12 : Equity share capital

Authorised equity share capital

Particulars No. of Shares AmountAsat1April2018 1,02,50,000 10,25,00,000Increaseduringtheyear 1,07,50,000 10,75,00,000As at 31 March 2019 2,10,00,000 21,00,00,000Increaseduringtheyear - -As at 31 March 2020 2,10,00,000 21,00,00,000



63

(i) Movements in equity share capital

Particulars No. of Shares AmountIssued, Subscribed & Paid upAsat1April2018 1,00,14,834 10,01,48,340Increaseduringtheyear - -As at 31 March 2019 1,00,14,834 10,01,48,340Increaseduringtheyear 1,08,00,000 10,80,00,000As at 31 March 2020 2,08,14,834 20,81,48,340

Terms & conditions

TheCompanyhasonlyoneclassofequityshareshavingafacevalueofINR10pershare.Eachholderofequityshareisentitledtoonevotepershare.

In theeventof liquidationof theCompany, theholderofequityshareswillbeentitledtoreceiveremainingassetsof theCompany,afterdistributionofallpreferentialamounts.Thedistributionwillbeinproportiontothenumberofequitysharesheldbytheshareholders.

(ii) Details of shareholders holding more than 5% shares in the Company

Particulars As at March 31, 2020 As at March 31, 2019No. of Shares % of Holding No. of Shares % of Holding

HiteshCDoshi 8,70,511 4.18% 8,70,511 8.69%NeepaVirenDoshi 11,20,661 5.38% 11,20,661 11.19%PankajCDoshi 5,42,128 2.60% 5,42,128 5.41%BinitaHDoshi 5,49,796 2.64% 5,49,796 5.49%WaareeEnergiesLimited 1,08,78,841 52.26% - -

Note 13 : Other Equity

Particulars As atMarch 31,2020

As atMarch 31,2019

Securities PremiumOpeningbalance - -Receivedduringtheyear 9,18,00,000 -

Closing Balance 9,18,00,000 -Retained earningsOpeningbalance 61,85,979 24,49,295Totalcomprehensiveincome/(loss)fortheyear (18,53,608) 37,36,684

Closing Balance 9,61,32,371 61,85,979

Note 14 : Loans



UnsecuredloansLoanfromothers 36,67,03,340 36,22,71,156

Total 36,67,03,340 36,22,71,156

Note 15 : Provisions



ProvisionforGratuity 93,112 20,438ProvisionforLeaveSalary 3,63,184 30,025

Total 4,56,296 50,463



64

Note 16 : Trade Payables



Tradepayablestootherparties 54,000 86,157Tradepayablestorelatedparties 87,291 1,89,013

Total 1,41,291 2,75,170

Disclosureofpayabletovendorsasdefinedunderthe‘Micro,SmallandMediumEnterpriseDevelopmentAct,2006’isbasedontheinformationavailablewiththeCompanyregardingthestatusofregistrationofsuchvendorsundertheAct,aspertheinformationreceivedfromthemonrequestmadebytheCompany.Therearenooverdueprincipalamounts/interestpayableamountsfordelayedpaymenttosuchvendorsatBalanceSheetdate.Therearenodelaysinpaymentmadetosuchsuppliersduringtheyearorforanyearlieryearsandaccordinglythereisnointerestpaidoroutstandinginterestinthisregardinrespectofpaymentmadeduringtheyearorbroughtforwardfrompreviousyears.

Note 17 : Other Current Liabilities



SalaryPayable 7,59,367 10,10,844Duties&Taxes 37,50,224 20,34,076Operatingleaseliabilities 4,89,274 4,04,461

Total 49,98,865 34,49,381




Provisionforexpenses 97,198 1,47,400ProvisionforGratuityCurrent 1,430 33ProvisionforLeaveSalaryCurrent 3,15,649 3,578

Total 4,14,277 1,51,011

Note 19 : Revenue from operation

Particulars Year endedMarch 31, 2020


ServiceIncome 1,46,31,100 4,46,69,063Generationofelectricityfromsolarpowerplant 51,25,900 56,25,761

Total 1,97,57,000 5,02,94,824

Note 20 : Other Income



InterestIncome 2,94,93,808 78,00,166ProfitonsaleofAsset - 26,954Profitonsaleofunits 13,32,166 -InterestonIncomeTaxRefund 1,11,576 -Interestincomeonfinancialassetcarriedatamortizedcost 1,12,461 91,618

Total 3,10,50,011 79,18,738



65

Note 21 : Employee benefit expenses



DirectorsRemuneration 36,28,063 96,89,320Salariesandincentives 59,25,664 51,07,680LeaveSalaryExpense 6,45,229 3,04,235Gratuityexpense 80,746 55,233StaffWelfareExpense 66,231 2,40,506

Total 1,03,45,933 1,53,96,974

Note 22 : Finance costs



Interestexpenses 3,36,34,825 2,18,15,514InterestondelayedpaymentofTaxes 2,04,285 40,266BankCharges&Commission 4,280 1,74,649

Total 3,38,43,390 2,20,30,429

Note 23 : Other expenses



AdvertisementExpenses 62,104 50,988AuditorsRemuneration* 87,500 55,000RentExpense 38,95,713 40,45,587Rates&Taxes 16,73,990 19,68,223Conveyance&ReimbursementExpenses 6,28,684 -Travelling&Conveyance 2,02,961 13,12,975Operation&Maintenance 2,25,751 1,79,168CommunicationCosts 2,59,991 3,07,476Printing&Stationery 2,59,806 2,07,739ProfessionalExpenses 5,88,944 4,23,787ElectricityExpenses 4,22,680 3,04,250Repairs&Maintenance 19,990 44,766DirectorsSittingFees 2,30,000 5,40,479MeetingExpenses 12,918 -Insuranceexpense 72,479 27,380TenderFees 5,963 9,524AppealFees 1,000 -MiscellaneousExpenses 3,36,206 5,44,171

Total 89,86,678 1,00,21,513*Auditors RemunerationPayment to Auditors'Auditfee 87,500 55,000

Total 87,500 55,000



66

Note 24 : Income Tax expense



Income Tax expenseCurrenttax - 18,54,535MATCreditEntitlement - (18,54,535)Deferredtax (21,20,612) 60,40,505

Total (21,20,612) 60,40,505

Note 25 : Related Party Disclosures

Inaccordancewith the requirementsof INDAS24,on relatedpartydisclosures,nameof the relatedparty, relatedpartyrelationship,transactionsandoutstandingbalancesincludingcommitmentswherecontrolexitsandwithwhomtransactionshavetakenplaceduringreportedperiods,are:

a) List of the related party

Particulars Relationship (% of holding)As at

March 31, 2020As at

March 31, 2019WaareeEnergiesLimited Holdingw.e.fApril08,2019 52% -SangamRooftopSolarPrivateLimited Subsidiaryw.e.fSeptember13,2017 100% 100%WaasangSolarOnePrivateLimited Subsidiaryw.e.fAugust29,2018 51% -WaasangSolarPrivateLimited Subsidiaryw.e.fJuly18,2018 100% -WaacoxEnergyPrivateLimited Subsidiaryw.e.fNovember18,2017 51% 100%WaareePVTechnologiesPrivateLimited Subsidiaryw.e.fApril08,2019 100% -

b) Key Management Personnel of Company

MayankShah-ManagingDirector(appointedw.e.fNovember14,2017uptoMarch30,2019)

PujanDoshi-Director(Directorw.e.fSeptember2,2016&ManagingDirectoruptoNovember14,2017)

AnkitDoshi-Director&CFO(Directorw.e.fSeptember02,2016&CFOw.e.fFebruary,13,2017uptoApril08,2019)

KuldeepJain-Director(appointedw.e.fMay16,2017uptoSept30,2019)

RuchiSethi-CompanySecretary(appointedw.e.fFebruary13,2017)

B.C.Bhandari-CFO(fromApril8,2019)

SharadkumarSaxena-WholeTimeDirector(appointedw.e.fApril8,2019)

c) Transactions during the year with related parties

Name of the party Nature of transactions As atMarch 31, 2020

As atMarch 31, 2019

Waaree Energies Limited i) Operation&Maintanance 2,61,875 -ii) LoanTaken 12,50,000 -iii) Loanrepaid 2,68,97,251 -iv) InterestExpense 67,804 -v) ProjectManagementfeesincome 1,46,31,100 -

Sangam Rooftop Solar Private Limited

i) LoanGiven 14,14,84,293 7,09,42,969ii) LoanRepaymentreceived 5,73,92,241 38,50,000iii) InterestIncome(Gross) 2,03,78,856 51,08,741

Waacox Energy Private Limited i) LoanGiven 3,32,725 5,29,49,127ii) LoanRepaymentreceived 3,32,725 5,29,49,127iii) InterestIncome - 8,13,227

Waasang Solar Private Limited i) LoanGiven 72,96,175 36,594ii) Loanrepaymentreceived 70,31,769 5,200iii) InterestIncome 4,12,647 2,501



67

Name of the party Nature of transactions As atMarch 31, 2020

As atMarch 31, 2019

Waasang Solar One Private Limited i) LoanGiven 2,78,27,469 23,76,018ii) Loanrepaymentreceived 34,194 -iii) InterestIncome(Gross) 23,63,051 1,71,313

Waaree PV Technologies Private Limited

i) LoanGiven 9,52,89,376 -ii) Loanrepaymentreceived 16,51,802 -iii) InterestIncome(Gross) 61,86,264 -

Mayank Shah i) DirectorRemuneration - 63,83,070Kuldeep Jain i) DirectorRemuneration - 27,06,250Ankit Doshi i) DirectorRemuneration - 6,00,000Sharadkumar Saxena i) DirectorRemuneration 36,28,063 -Bhagchand Bhandari i) ChiefFinancialOfficer 41,32,418 -

d) Balance outstanding of related parties

Name of the Party Receivable / (Payable) As atMarch 31, 2020

As atMarch 31, 2019

SangamRooftopSolarPrivateLimited Receivable 18,05,89,539 7,81,62,216WaasangSolarPrivateLimited Receivable 6,69,683 33,895WaasangSolarOnePrivateLimited Receivable 3,24,50,221 25,30,200WaareeEnergiesLimited Receivable 1,01,399 -WaareePVTechnologiesPrivateLimited Receivable 9,92,05,212 -MayankShah Payable - (22,722)

e) Key Management Personnel Compensation

Particulars As atMarch 31, 2020

As atMarch 31, 2019

Otherlongtermbenefits - 2,76,337Total Compensation - 2,76,337

Note 26 : Earning per Share

Particulars As atMarch 31, 2020

As atMarch 31, 2019

Basic Earning Per ShareProfit/(Loss)attributabletoEquityshareholders (18,53,608) 37,36,684Weightedaveragenumberofequityshares 2,05,00,652 1,00,14,834FacevalueperShare 10 10Basic Earnings Per Share(in `) (0.09) 0.37Diluted Earnings per Share ( in `) (0.09) 0.37



68

Note 27 : Fair Value Measurement

i) Fair Value of Financial assets and Financial liabilities

SetoutbelowisacomparisonbyclassofthecarryingamountsandfairvalueoftheCompany’sfinancialinstrumentsthatarerecognisedinthefinancialstatements.

Particulars March 31, 2020 March 31, 2019 Carrying Amount

Fair Value Carrying Amount

Fair Value

Financial assets designated as fair value through Other Comprehensive IncomeFinancial assets designated at amortised costLoans 31,29,67,350 31,29,67,350 8,12,89,322 8,12,89,322Tradereceivables 1,90,939 1,90,939 2,88,01,942 2,88,01,942Cashandcashequivalents 17,95,047 17,95,047 11,69,979 11,69,979OtherBankBalance 10,00,000 10,00,000 53,91,690 53,91,690Securitydeposits 25,000 25,000 25,000 25,000

31,59,78,336 31,59,78,336 11,66,77,933 11,66,77,933Financial liabilities designated at amortised costTradepayables 1,41,291 1,41,291 2,75,170 2,75,170

1,41,291 1,41,291 2,75,170 2,75,170

(ii) Valuation technique used to determine fair value

The Companymaintains policies and procedures to value financial assets or financial liabilities using the best andmostrelevantdataavailable.Thefairvaluesofthefinancialassetsandliabilitiesareincludedattheamountthatwouldbe received tosellanassetorpaid to transfera liability inanorderly transactionbetweenmarketparticipantsat themeasurementdate.

Thefollowingmethodsandassumptionswereusedtoestimatethefairvalues:

a) FairvalueforfinancialinvestmentsarevaluedusingclosingNAV.

b) Fairvalueofcashanddeposits,tradereceivables,tradepayables,andothercurrentfinancialassetsandliabilitiesapproximatetheircarryingamountslargelyduetotheshort-termmaturitiesoftheseinstruments.

c) Long-termfixed-rateandvariable-ratereceivables/borrowingsareevaluatedbytheCompanybasedonparameterssuchasinterestrates,specificcountryriskfactors,creditriskandotherriskcharacteristics.Fairvalueofvariableinterestrateborrowingsapproximatestheircarryingvalues.

d) Thefairvalueoftheremainingfinancialinstrumentsisdeterminedusingdiscountedcashflowanalysis.

Note 28 : Financial Risk Management

Financial Risk Factors

TheCompany’sprincipalfinancialliabilitiescompriseborrowingsandtradeandotherpayablesThemainpurposeofthesefinancialliabilitiesistomanagefinancesfortheCompany’soperations.TheCompanyhasloan,tradeandotherreceivables,cashandshort-termdepositsthatarisedirectlyfromitsoperations.TheCompany’sactivitiesexposeittoavarietyoffinancialrisks:

i) Market Risk

Marketriskistheriskthatthefairvalueorfuturecashflowsofafinancialinstrumentwillfluctuatebecauseofchangesinmarketprices.Marketpricescomprisethreetypesofrisks:Interestraterisk,Otherpricerisks,suchasEquitypriceriskandCommodityrisk.Financialinstrumentsaffectedbymarketriskincludeloans,borrowings,depositsandinvestments.Interest rate risk is therisk that thefairvalueor futurecashflowsofafinancial instrumentwillfluctuatebecauseofchangesinmarketinterestrates.ThisisbasedonthefinancialassetsandfinancialliabilitiesheldasatMarch31,2020andMarch31,2019.



69

ii) Credit Risk

Creditriskarisesfromcashandcashequivalentsanddepositswithbank(s)/othercompany,aswellascreditexposuretocounterpartythatwillnotmeetitsobligationsunderafinancialinstrumentorcustomercontract,leadingtoafinancialloss.

iii) Liquidity Risk

LiquidityriskistheriskthattheCompanymaynotbeabletomeetitspresentandfuturecashandcollateralobligationswithoutincurringunacceptablelosses.

Prudentliquidityriskmanagementimpliesmaintainingsufficientcashandmarketablesecuritiesandtheavailibilityoffundingthroughanadequateamountofcommittedcreditfacilitiestomeetobligationswhendueandtocloseoutmarketpositions.

iv) Market Risk

Thesensitivityanalysisexcludestheimpactofmovementsinmarketvariablesonthecarryingvalueofpost-employmentbenefitobligationsprovisionsandonthenon-financialassetsandliabilities.ThesensitivityoftherelevantStatementofProfitandLossitemistheeffectoftheassumedchangesintherespectivemarketrisks.TheCompany’sactivitiesexposeittoavarietyoffinancialrisks,includingtheeffectsofchangesinforeigncurrencyexchangeratesandinterestrates.

(a) Foreign Exchange Risk

TheCompanytransactsbusinessinIndianNationalRupee(INR).TheCompanydoesnothaveanyforeigncurrencyfinancialinstrumentsandthereforeisnotexposedtoforeignexchangerisk.

(b ) Price Risk

Thebusinessofthecompanyisprovidingservicesinrelationsettingupofsolarpowerproject.Thepricevolatilityof the commodities indomestic and internationalmarketsdoesnotgenerally affect theoperatingactivityof theCompany.

Expectedcreditlossfortradereceivables

Particulars Neither impaired or

due

Past Due TotalUpto 6 months

6 to 12 months

< 12 months

Trade ReceivablesAs at March 31, 2020Grosscarryingamount 1,90,939 - - - 1,90,939ExpectedlossrateExpectedcreditlosses(Lossallowanceprovision)

- - - - -

Carrying amount of trade receivables (net of impairment)

1,90,939 - - - 1,90,939

As at March 31, 2019Unsecured 2,88,01,942 - - - 2,88,01,942Net Total 2,88,01,942 - - - 2,88,01,942

Financial instruments and cash deposits

TheCompanyconsidersfactorssuchastrackrecord,sizeoftheinstitution,marketreputationandservicestandardstoselectthebankswithwhichbalancesanddepositsaremaintained.Generally,thebalancesaremaintainedwiththeinstitutionswithwhichtheCompanyhasalsoavailedborrowings.TheCompanydoesnotmaintainsignificantcashanddepositbalancesotherthanthoserequiredforitsdaytodayoperationssubjecttothecompliancewithloanfacilities.

Liquidity Risk

TheCompany’s objective is to at all timesmaintain optimum levels of liquidity tomeet its cash and collateralrequirements.TheCompanyreliesonamixofborrowings,capitalinfusionandexcessoperatingcashflowstomeetitsneedsforfunds.Thecurrentcommittedlinesofcreditaresufficienttomeetitsshorttomediumtermexpansionneeds.ManagementmonitorstheCompany’sliquiditypositionthroughrollingforecastsonthebasisofexpectedcashflows.



70

Thetablebelowprovidesdetailsregardingtheremainingcontractualmaturitiesoffinancialliabilitiesatthereportingdatebasedoncontractualundiscountedpayments.

Particulars As at March 31, 2020Carrying Amount On Demand < 6 months 6 to 12 months > 1 year

Loans 36,67,03,340 - - - 36,67,03,340Otherliabilities 49,98,865 - 49,98,865 - -Tradeandotherpayables 1,41,291 - 1,41,291 - -

Total 51,40,156 - 51,40,156 - 36,67,03,340

Particulars As at March 31, 2020Carrying Amount On Demand < 6 months 6 to 12 months > 1 year

Otherliabilities 34,49,381 - 34,49,381 - -Tradeandotherpayables 2,75,170 - 2,75,170 - -

Total 37,24,551 - 37,24,551 - -

Note 29 : Capital managementForthepurposesoftheCompany’scapitalmanagement,capitalincludesissuedcapitalandallotherequityreserves.TheCompany’sobjectiveswhenmanagingcapitalareto:(a) Safeguardtheirabilitytocontinueasagoingconcern,sothattheycancontinuetoprovidereturnsforshareholdersand

benefitsforotherstakeholders.(b)Maintainanoptimalcapitalstructuretoreducecostofcapital.The Companymanages its capital structure andmakes adjustments in light of changes in economic conditions and therequirementsofthefinancialcovenants.TheCompanymonitorscapitalusingagearingratio,whichisdebtdividedbyequitycapital.Nochangesweremadeinobjectives,policiesorprocessessduringtheyearendedMarch31,2020andMarch31,2019.


As atMarch 31, 2019

Borrowings 36,67,03,340 36,22,71,156Net Debt 36,67,03,340 36,22,71,156TotalEquity 30,42,80,711 10,63,34,319Total capital 30,42,80,711 10,63,34,319Net Debt to Equity ratio 1.21 3.41

Note 30 : Employee benefit obligation

Post Employement Benefit Plans

(A) Gratuity:

TheCompanyprovides for gratuity for employees as per thePayment ofGratuityAct,1972.Employeeswho are incontinuous service for the period of 5 years are eligible for gratuity.The amount of gratuity payable on retirement/terminationistheemployeelastdrawnsalarypermonthcomputedproportionatelyfor15dayssalarymultipliedforthenumberofservices.

Movement in Obligation



Obligationattheyearbeginning 6,90,941 3,76,013InterestCost 2,640 50,638PastServiceCost -CurrentServiceCost 78,106 2,64,290PastServiceCost–VestedBenefit -CurrentCost/(Credit) - -BenefitsPaid - -Actuarial(Gain)/Loss - -Obligation at the year end 7,71,687 6,90,941.00



71

Recognised in Profit and loss



CurrentServiceCost 78,106 2,64,290PastServiceCost - -InterestCost 2,640 50,638PastServiceCast–VestedBenefit - -NetActuarial(Gain)/Loss - -Employees’Contribution - -Total Expenses recognized in Profit and Loss A/c 80,746 3,14,928

Other Comprehensive Income for the period



Componentofacturialgain/lossesonobligation:Duetochangeinfinancialassumption 4,691 14,725Duetochangeindemographicassumption (37) -Duetochangeinexperienceadjustment (11,329) (7,66,526)Returnonplanassetsexcludingamountsincludedininterestincome - -Total Expenses recognized in Other Comprehensive Income A/c (6,675) (7,51,801)

Reconciliation of net defined benefit - Gratuity LiabilityNetopeningprovisionsinbooksofaccounts 20,471 3,76,013Transferin/(out)obligation - 81,331CurrentServiceCost 78,106 2,64,290InterestCost 2,640 50,638Transferin/(out)planasset - -Employeebenefitexpenses - -AmountsrecognizedinOtherComprehensiveIncome (6,675) (7,51,801)BenefitspaidbytheCompany - -Contributionstoplanassets - -Closing provisions in books of accounts 94,542 20,471

Funded status of the planPresentvalueofunfundedobligation 94,542 20,471Presentvalueoffundedobligation - -Fairvalueofplanasset - -Net Liability/(Asset) 94,542 20,471

(B) Leave Encashment

TheCompany’sLongTermbenefitincludesLeaveencashmentpayableatthetimeofretirementinfull,otherwiseitisencashableduringtheyearinwhichservicesarerenderedsubjecttoinexcessof30days.




Obligationattheyearbeginning 9,57,609 4,61,816Currentservicecost 2,96,620 4,42,046Interestcost 14,473 53,747Actuarial(Gain)/Loss - -Benefitspaid - -Obligation at the year end 12,68,702 9,57,609



72



Recognised in Profit and lossCurrentServiceCost 2,96,620 4,42,046PastServiceCostandloss/(gain)oncurtailmentandsettlement - -NetInterestCost 14,473 53,747Netvalueofremeasurementsontheobligationandplanassets 3,34,136 (4,59,635)Total Expenses recognized in Profit and Loss A/c 6,45,229 36,158

Reconciliation of net defined benefit - Leave Encashment LiabilityNetopeningprovisionsinbooksofaccounts 33,603 4,61,816Transferin/(out)obligation - -CurrentServiceCost 2,96,620 4,42,046NetInterestCost 14,473 53,747Transferin/(out)planasset - -Employeebenefitexpenses - -AmountsrecognizedinOtherComprehensiveIncome 3,34,136 (4,59,635)BenefitspaidbytheCompany - (4,64,371)Contributionstoplanassets - -Closing provisions in books of accounts 6,78,832 33,603

Funded status of the planPresentvalueofunfundedobligation 6,78,832 33,603Presentvalueoffundedobligation - -Fairvalueofplanasset - -Net Liability/(Asset) 6,78,832 33,603

Sensitivity Analysis of Gratuity:

Particulars Impact on defined benefit obligation( in %)



0.5%IncreaseinDiscountrate Refernotebelow*

Refernotebelow*

0.5%DecreaseinDiscountrate0.5%IncreaseinSalarygrowthrate0.5%DecreaseinSalarygrowthrate10%IncreaseinWithdrawalrate10%DecreaseinWithdrawalrate

Sensitivity Analysis of Leave Encashment:




0.5%IncreaseinDiscountrate ReferNotebelow*

ReferNotebelow*

0.5%DecreaseinDiscountrate0.5%IncreaseinSalarygrowthrate0.5%DecreaseinSalarygrowthrate0.5%DecreaseinSalarygrowthrate10%IncreaseinWithdrawalrate



73

Sensitivity Analysis Method

Sensitivityanalysisisperformedbyvaryingasingleparameterwhilekeepingallotherparametersunchanged.Hence,theresultmayvaryiftwoormorevariablesarechangedsimultaneously.Itfailstofocusontheinterrelationshipbetweenunderlyingparameters.Themethodsuseddoesnotindicateanythingaboutthelikelihoodofchangeinanyparameterandtheextentofthechangeifany.

Themethodsandtypesofassumptionsusedinpreparingthesensitivityanalysisdidnotchangecomparedtopriorperiod.

Following are the Principal Actuarial Assumptions used as at the Balance Sheet date :



DiscountRate Refernotebelow*

Refernotebelow*

SalaryEscalationRate–ManagementStaffTurnoverRateMortalityTable

*Note:TheCompanyhadlessthan10employeesonitspayroll.Consideringmateriality,liabilityforleaveencashmentason31stMarch,2019and31stMarch,2020hasbeenrecognisedonactualbasisratherthanonacturialbasis.

(C) Risk Exposure

Thoughitsdefinedbenefitplans,theCompanyisexposetonumberofrisks,themostsignificantofwhicharedetailedbelow:

1. Acturial risk :

It’stheriskthatbenefitwillcostmorethanexpected.Thiscanariseduetofollowingreasons:

(a) Adversesalarygrowthexperience:salaryhikesthatarehigherthantheassumedsalaryescalationwillresultinanincreaseinobligationataratethatishigherthanexpected.

(b)Variabilityinmortalityrates:IfactualmortalityratesarehigherthanassumedmortalityrateassumptionthantheGratuitybenefitswillbepaidearlierthanexpected.Sincethereisnoconditionofvestingonthedeathbenefit,theaccelerationofcashflowwillleadtoanactuariallossorgaindependingontherelativevaluesoftheassumedsalarygrowthanddiscountrate.

(c) Variabilityinwithdrawalrates:Ifactualwithdrawalratesarehigherthanassumedwithdrawalrateassumptionthan theGratuitybenefitswillbepaidearlier thanexpected.The impactof thiswilldependonwhether thebenefitsarevestedasattheresignationdate.

2. Investment Risk

Forfundedplansthatrelyoninsurersformanagingtheassets,thevalueofassetscertifiedbytheinsurermaynotbethefairvalueofinstrumentsbackingtheliability.Insuchcases,thepresentvalueoftheassetsisindependentofthefuturediscountrate.Thiscanresultinwidefluctuationsinthenetliabilityorthefundedstatusiftherearesignificantchangesinthediscountrateduringtheinter-valuationperiod.

3. Liquidity Risk:

Employeeswithhighsalariesandlongdurationsorthosehigherinhierarchy,accumulatesignificantlevelofbenefits.Ifsomeofsuchemployeesresign/retirefromtheCompanytherecanbestrainonthecashflows.

4. Market Risk:

Marketriskisacollectivetermforrisksthatarerelatedtothechangesandfluctuationsofthefinancialmarkets.Oneactuarialassumptionthathasamaterialeffectisthediscountrate.Thediscountratereflectsthetimevalueofmoney.AnincreaseindiscountrateleadstodecreaseinDefinedBenefitObligationoftheplanbenefits&viceversa.Thisassumptiondependsontheyieldsonthecorporate/governmentbondsandhencethevaluationofliabilityisexposedtofluctuationsintheyieldsasatthevaluationdate.

5. Legislative Risk:

Legislative risk is the riskof increase in theplan liabilitiesor reduction in theplanassetsdue to change in thelegislation/regulation.ThegovernmentmayamendthePaymentofGratuityActthusrequiringthecompaniestopayhigherbenefitstotheemployees.ThiswilldirectlyaffectthepresentvalueoftheDefinedBenefitObligationandthesamewillhavetoberecognizedimmediatelyintheyearwhenanysuchamendmentiseffective.



74

CONSOLIDATEDFINANCIAL

STATEMENTS


75

INDEPENDENT AUDITOR’S REPORTTotheMembersofSangam Renewables LimitedReport on the Audit of Consolidated Ind AS financial statementsOpinionWehaveauditedtheaccompanyingConsolidatedIndASfinancialstatementsofSangam Renewables Limited(hereinafterreferredtoas the“HoldingCompany”)anditssubsidiaries(HoldingCompanyanditssubsidiariestogetherreferredtoas“theGroup”),whichcomprisetheConsolidatedbalancesheetasatMarch31,2020,theConsolidatedStatementofProfitandLoss, (including the statementofOtherComprehensive Income), theConsolidatedStatementofCashFlowsand theConsolidated Statement ofChanges inEquity for the year then ended and notes to the financial statements, including asummaryofsignificantaccountingpoliciesandotherexplanatoryinformation(hereinafterreferredtoas“theconsolidatedfinancialstatements”).Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,theaforesaidConsolidatedIndASfinancialstatementsgivetheinformationrequiredbytheCompaniesAct,2013,asamended(“theAct”)inthemannersorequiredandgiveatrueandfairviewinconformitywiththeIndAS&accountingprinciplesgenerallyacceptedinIndia:a) inthecaseoftheConsolidatedbalancesheet,ofthestateofaffairsoftheGroupasatMarch31,2020;andb) inthecaseoftheConsolidatedstatementofprofitandlossincludingothercomprehensiveincome,ofthelossincluding

othercomprehensiveincomefortheyearendedonthatdate.c) inthecaseofConsolidatedstatementofcashflows,ofthecashflowsfortheyearendedonthatdate.d) inthecaseofConsolidatedstatementofchangesinequity,ofthechangesinequitysharecapitalandotherequityforthe

yearendedonthatdate.Basis for OpinionWehaveconductedourauditoftheConsolidatedIndASfinancialstatementsinaccordancewiththeStandardsonAuditingasspecifiedundersection143(10)oftheAct.Ourresponsibilitiesunderthosestandardsarefurtherdescribedinthe‘Auditor’sresponsibilitiesfortheauditoftheConsolidatedIndASfinancialstatements’sectionofourreport.WeareindependentoftheGroupinaccordancewiththe‘CodeofEthics’issuedbytheInstituteofCharteredAccountantsofIndiatogetherwiththeethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsundertheprovisionoftheActandtheRulesthereunder,andwehavefulfilledourethicalresponsibilitiesinaccordancewiththeserequirementsandtheCodeofEthics.WebelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinionontheIndASconsolidatedfinancialstatements.Management’s Responsibility for the Ind AS Financial StatementsTheHoldingCompany’sBoardofDirectorsisresponsibleforthemattersstatedinsection134(5)oftheCompaniesAct,2013(“theAct”)withrespecttothepreparationoftheseConsolidatedIndASfinancialstatementsthatgiveatrueandfairviewoftheConsolidatedfinancialposition,Consolidatedfinancialperformanceincludingothercomprehensiveincome,ConsolidatedcashflowsandConsolidatedchangesinequityoftheGroupinaccordancewiththeaccountingprinciplesgenerallyacceptedinIndia,includingtheIndianAccountingStandards(IndAS)specifiedunderSection133oftheAct,readwiththeCompanies(IndianAccountingStandards)Rules,2015,asamended.TherespectiveBoardofDirectorsof thecompanies includedintheGroup are responsible formaintenance of adequate accounting records in accordancewith the provisions of theActfor safeguardingof theassetsof theGroupand forpreventinganddetecting the fraudsandother irregularities; selectionandapplicationofappropriateaccountingpolicies;making judgmentsandestimates thatare reasonableandprudent;anddesign,implementationandmaintenanceofadequateinternalfinancialcontrol,thatwereoperatingeffectivelyforensuringtheaccuracyandcompletenessoftheaccountingrecords,relevanttothepreparationandpresentationoftheConsolidatedIndASfinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror,whichhavebeenusedforthepurposeofpreparationoftheconsolidatedfinancialstatementsbytheDirectorsoftheHoldingCompany,asaforesaid.In preparing the Consolidated IndAS financial statements, themanagement of the companies included in the Group isresponsibleforassessingtheGroup’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessmanagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.TherespectiveBoardofDirectorsofthecompaniesincludedintheGrouparealsoresponsibleforoverseeingthefinancialreportingprocessoftheGroup.


76

Auditors Responsibility for the Audit of the Consolidated Ind AS Financial StatementsOurobjectivesaretoobtainreasonableassuranceaboutwhethertheConsolidatedIndASfinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisoftheseConsolidatedIndASfinancialstatements.AspartofanauditinaccordancewithSAs,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:• IdentifyandassesstherisksofmaterialmisstatementoftheConsolidatedIndASfinancialstatements,whetherdueto

fraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.

• Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.Undersection143(3)(i)oftheAct,wearealsoresponsibleforexpressingouropiniononwhethertheCompanyhasadequateinternalfinancialcontrolssysteminplaceandtheoperatingeffectivenessofsuchcontrols.

• Evaluate the appropriatenessof accountingpoliciesused and the reasonablenessof accounting estimates and relateddisclosuresmadebymanagement.

• Concludeontheappropriatenessofmanagement’suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheGroup’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredto draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycausetheGrouptoceasetocontinueasagoingconcern.

• Evaluatetheoverallpresentation,structureandcontentoftheconsolidatedIndASfinancialstatements, includingthedisclosures,andwhethertheIndASfinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.

• ObtainsufficientappropriateevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheGrouptoexpressanopinionontheconsolidatedfinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceoftheauditofthefinancialstatementsofsuchentitiesincludedintheconsolidatedfinancialstatementsofwhichwearetheindependentauditors.Fortheotherentitiesincludedintheconsolidatedfinancialstatements,whichhavebeenauditedbyotherauditors,suchotherauditorsremainresponsibleforthedirection,supervisionandperformanceoftheauditscarriedoutbythem.Weremainsolelyresponsibleforourauditopinion.

We communicate with those chargedwith governance of theHolding Company and such other entities included in theconsolidatedfinancialstatementsofwhichwearetheindependentauditorsregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditoftheconsolidatedfinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.Other Matter(a) Wedidnotauditthefinancialstatements/financialinformationoffivesubsidiaries,whosefinancialstatements/financial

informationreflecttotalassetsof`5,322.57lakhsasat31stMarch,2020,totalrevenuesof`368.32lakhstotalnetlossaftertaxof`299.06lakhs, totalcomprehensiveincome/(loss)of`299.06lakhs,andcashflows(net)of`2700.63lakhsfortheyearendedonthatdate,asconsideredintheconsolidatedfinancialstatements.Thesefinancialstatements/financialinformationhavebeenauditedbyotherauditorswhosereportshavebeenfurnishedtousbytheManagement


77

andouropinionontheconsolidatedfinancialstatements,insofarasitrelatestotheamountsanddisclosuresincludedinrespectofthesesubsidiaries,ourreportintermsofsub-sections(3)and(11)ofSection143oftheAct,insofarasitrelatestotheaforesaidsubsidiariesisbasedsolelyonthereportsoftheotherauditors.

Ouropinionontheconsolidatedfinancialstatements,andourreportonOtherLegalandRegulatoryRequirementsbelow,isnotmodifiedinrespectoftheabovematterswithrespecttoourrelianceontheworkdoneandthereportsoftheotherauditorsandthefinancialstatements/financialinformationcertifiedbytheManagement.Report on Other Legal and Regulatory RequirementsAsrequiredbysection143(3)oftheAct,totheextentapplicable,basedonourauditandconsiderationofthereportofotherauditorsonseparatefinancialsstatementsofsubsidiaries,wereportthat:a) wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwere

necessaryforthepurposeofourauditoftheaforesaidconsolidatedfinancialstatements;b) inouropinion,properbooksofaccountasrequiredbylawrelatingtothepreparationofaforesaidconsolidatedIndAS

financialstatementshavebeenkeptbytheCompanysofarasitappearsfromourexaminationofthosebooksandthereportsofotherauditors.

c) theConsolidatedbalancesheet,theConsolidatedstatementofprofitandlossincludingthestatementofothercomprehensiveincome,theConsolidatedstatementofcashflowsandConsolidatedStatementofChangesinEquitydealtwithbythisreportareinagreementwiththerelevantbooksofaccountmaintainedforthepurposeofpreparationoftheconsolidatedIndASfinancialstatements.

d) inouropinion, theaforesaidConsolidatedIndASfinancialstatementscomplywith theIndianAccountingStandardsspecifiedunderSection133oftheAct,Companies(IndianAccountingStandards)Rules,2015,asamended;

e) onthebasisofwrittenrepresentationsreceivedfromthedirectorsoftheHoldingCompanyason31March,2020andtaken on record by theBoard ofDirectors of theHoldingCompany and the reports of the statutory auditors of itssubsidiarycompaniesinIndia,noneofthedirectorsoftheGroupcompaniesisdisqualifiedason31March,2020,frombeingappointedasadirectorintermsofSection164(2)oftheAct;

f) WithrespecttotheadequacyoftheinternalfinancialcontrolsoverfinancialreportingoftheGroupandtheoperatingeffectivenessofsuchcontrols,refertoourseparatereportin“Annexure A”.

g) Inouropinion,themanagerialremunerationfortheyearended31March2020hasbeenpaid/providedbytheholdingCompanytoitsdirectorsinaccordancewiththeprovisionsofsection197readwithScheduleVtotheAct;

h) WithrespecttotheothermatterstobeincludedinAuditorsReportinaccordancewithRule11oftheCompanies(AuditandAuditors)Rules,2014,asamended,inouropinionandtothebestofourinformationandaccordingtoexplanationsgiventous:i. TheGroupdoesnothaveanypendinglitigationswhichwouldimpactitsfinancialposition;ii. TheGroupdidnothaveanylongtermcontractsincludingderivativecontractsforwhichtherewereanymaterial

foreseeablelosses;iii. TheHoldingCompanyanditssubsidiarycompanieswerenotrequiredtotransferanyamounttoInvestorEducation

andProtectionFund,For R T Jain & Co LLPChartered Accountants

FRN : 103961W / W100182



Mumbai, June 15, 2020 UDIN: 20139447AAAACB6820


78

Annexure - A to the Auditors’ ReportReport on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting ofSangam Renewables Limited (“theHoldingCompany”)anditssubsidiariesasofMarch31,2020inconjunctionwithourauditoftheConsolidatedfinancialstatementsoftheGroupfortheyearendedonthatdate.

Management’s Responsibility for Internal Financial Controls

The Holding and Subsidiary Companies’ management is responsible for establishing and maintaining internal financialcontrolsbasedontheinternalcontroloverfinancialreportingcriteriaestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancialControlsoverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia(‘ICAI’).Theseresponsibilitiesincludethedesign,implementationandmaintenanceofadequateinternalfinancialcontrolsthatwereoperatingeffectivelyforensuringtheorderlyandefficientconductofitsbusiness,includingadherencetocompany’spolicies,thesafeguardingofitsassets,thepreventionanddetectionoffraudsanderrors,theaccuracyandcompletenessoftheaccountingrecords,andthetimelypreparationofreliablefinancialinformation,asrequiredundertheCompaniesAct,2013.

Auditors’ Responsibility

Our responsibility is toexpressanopinionon theCompanyand its subsidiaries’ internalfinancialcontrolsoverfinancialreportingbasedonouraudit.WeconductedourauditinaccordancewiththeGuidanceNoteonAuditofInternalFinancialControlsoverFinancialReporting(the“GuidanceNote”)andtheStandardsonAuditing,issuedbyICAIanddeemedtobeprescribedundersection143(10)oftheCompaniesAct,2013,totheextentapplicabletoanauditofinternalfinancialcontrols,bothapplicabletoanauditofInternalFinancialControlsand,bothissuedbytheInstituteofCharteredAccountantsofIndia.ThoseStandardsandtheGuidanceNoterequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetheradequateinternalfinancialcontrolsoverfinancialreportingwasestablishedandmaintainedandifsuchcontrolsoperatedeffectivelyinallmaterialrespects.

Ourauditinvolvesperformingprocedurestoobtainauditevidenceabouttheadequacyoftheinternalfinancialcontrolssystemoverfinancial reportingand theiroperatingeffectiveness.Our audit of internalfinancial controlsoverfinancial reportingincludedobtaininganunderstandingofinternalfinancialcontrolsoverfinancialreporting,assessingtheriskthatamaterialweaknessexists,andtestingandevaluatingthedesignandoperatingeffectivenessofinternalcontrolbasedontheassessedrisk.Theproceduresselecteddependontheauditor’sjudgment,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.

WebelievethattheauditevidencewehaveobtainedandtheauditevidenceobtainedbyotherauditorsofsubsidiarycompaniesissufficientandappropriatetoprovideabasisforourauditopinionontheCompanyanditssubsidiaries’internalfinancialcontrolssystemoverfinancialreporting.

Meaning of Internal Financial Controls over Financial Reporting

Acompany’sinternalfinancialcontroloverfinancialreportingisaprocessdesignedtoprovidereasonableassuranceregardingthe reliability of financial reporting and the preparation of financial statements for external purposes in accordancewithgenerally accepted accounting principles.A company’s internal financial control over financial reporting includes thosepoliciesandproceduresthat(1)pertaintothemaintenanceofrecordsthat,inreasonabledetail,accuratelyandfairlyreflectthetransactionsanddispositionsoftheassetsofthecompany;(2)providereasonableassurancethattransactionsarerecordedasnecessarytopermitpreparationoffinancialstatementsinaccordancewithgenerallyacceptedaccountingprinciples,andthatreceiptsandexpendituresofthecompanyarebeingmadeonlyinaccordancewithauthorisationsofmanagementanddirectorsofthecompany;and(3)providereasonableassuranceregardingpreventionortimelydetectionofunauthorisedacquisition,use,ordispositionofthecompany’sassetsthatcouldhaveamaterialeffectonthefinancialstatements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Becauseoftheinherentlimitationsofinternalfinancialcontrolsoverfinancialreporting,includingthepossibilityofcollusionorimpropermanagementoverrideofcontrols,materialmisstatementsduetoerrororfraudmayoccurandnotbedetected.Also,projectionsofanyevaluationoftheinternalfinancialcontrolsoverfinancialreportingtofutureperiodsaresubjecttotheriskthattheinternalfinancialcontroloverfinancialreportingmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.


79

Opinion

Inouropinion,tothebestofourinformationandaccordingtotheexplanationsgiventousandbasedontheconsiderationofreportofotherauditorsreferredtoinothermatterparagraphbelow,theHoldingCompanyandsubsidiarycompanieshave,inallmaterial respects, anadequate internalfinancialcontrols systemoverfinancial reportingandsuch internalfinancialcontrolsoverfinancialreportingwereoperatingeffectivelyasat31stMarch,2020,basedonthecriteriaforinternalfinancialcontroloverfinancialreportingestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancialControlsoverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia.

Other Matter

Ouraforesaidreportundersection143(3)(i)oftheActontheadequacyandoperatingeffectivenessoftheinternalfinancialcontrolsoverfinancialreportinginsofarasitrelatestofivesubsidiarycompaniesisbasedonthecorrespondingreportoftheauditorsofsuchcompanies.


FRN : 103961W / W100182





80

CONSOLIDATED BALANCE SHEET(Amount in Rupees)

Particulars Note No. As at March 31, 2020 As at March 31, 2019A. ASSETS

(1) Non-Current Assets(a) Property,PlantandEquipment 2 29,78,12,935 31,19,88,570(b) IntangibleAsset 2(a) 73,084 36,893(c) Goodwill 70,02,751 68,93,187(d) CapitalWorkinProgress 3 41,17,77,724 3,34,60,514(e) Investment 4 1,000(f) FinancialAssets

(i)Loans 5 52,479 5,63,011(g) OtherNon-CurrentAssets 6 4,90,42,823 46,85,94,691

Total non - current assets 76,57,62,796 82,15,36,867(2) Current Assets

(a) Inventories - -(b) FinancialAssets

(i)Tradereceivables 7 1,35,74,764 4,11,99,960(ii)Cashandcashequivalents 8 27,46,79,521 39,91,463(iii)OtherBalanceswithBanks 9 9,28,78,517 6,97,63,682(iv)Loans&Advances 10 5,00,00,000 -(v)Otherfinancialasset 11 37,53,511 9,71,355

(c) CurrentTaxAssets(Net) 12 88,04,838 50,73,785(d) Othercurrentassets 13 65,91,313 47,56,554

Total current assets 45,02,82,464 12,57,56,799Total Assets 1,21,60,45,260 94,72,93,666

B. EQUITY AND LIABILITIES(1) EQUITY

(a) EquityShareCapital 14 20,81,48,340 10,01,48,340(b) OtherEquity 15 5,13,60,249 -68,05,037

Equityattributabletoowners 25,95,08,589 9,33,43,303(c) Non-ControllingInterest 15 30,57,19,093 30,37,07,131

Total Equity 56,52,27,682 39,70,50,434LIABILITIES

(2) Non-current Liabilities(a) Loans 16 36,67,03,340 36,94,98,992(b) Provisions 17 4,56,296 50,463(c) DeferredTaxLiabilities(net) 18 3,61,50,010 2,96,52,623

Total Non-current liabilites 40,33,09,646 39,92,02,079(3) Current Liabilities

(a) FinancialLiabilities(i)Borrowings 19 3,10,33,837 -(ii)TradePayable 20 6,72,87,062 5,06,254(iii)OtherFinancialLiabilities 21 13,29,28,953 14,54,97,708

(b) OtherCurrentliabilities 22 1,46,48,638 38,80,234(c) Provisions 23 16,09,442 11,56,957

Total current liablities 24,75,07,932 15,10,41,152Total Equity and Liabilities 1,21,60,45,260 94,72,93,666

Seeaccompanyingnotestothefinancialstatements





81

CONSOLIDATED STATEMENT OF PROFIT & LOSS(Amount in Rupees)

Sr. No

Particulars Note No.



I RevenueFromOperations 24 5,65,88,873 7,03,82,007II OtherIncome 25 1,71,16,065 54,71,701III Total Income (I+II) 7,37,04,938 7,58,53,707IV Expenses:

(a)EmployeeBenefitExpense 26 1,03,45,933 1,53,96,974(b)FinanceCost 27 3,47,75,749 2,15,42,190(c)DepreciationandAmortizationExpense 2 1,10,91,787 74,74,541.94(d)OtherExpenses 28 4,26,91,966 2,32,32,838Total expenses (IV) 9,89,05,436 6,76,46,544

V Profit/(loss) before exceptional items and tax (III-IV) (2,52,00,497) 82,07,164VI Exceptional ItemsVII Profit/(loss) before tax (V-VI) (2,52,00,497) 82,07,164VIII TaxExpense

Currenttax - 24,24,467Short/(Excess)Provisionfortax 68,348MATCreditEntitlement - (18,54,535)Deferredtax 64,95,651 2,67,81,164EarlierYearTax(AY2014-15) - -Total Tax Expense(VIII) 65,63,999 2,73,51,097

IX Profit (Loss) for the period (VII-VIII) (3,17,64,496) (1,91,43,933)X OtherComprehensiveIncome(NetofTax) -

A(i)ItemsthatwillnotbereclassifiedtoprofitorlossLossonEmployeeBenefitExpensesRevaluation (6,675) (4,92,106)NetchangesinfairvaluesofinvestmentsinequitysharescarriedatfairvaluesthroughOCI

- -

A(i)Itemsthatwillnotbereclassifiedtoprofitorloss - -(ii)Incometaxrelatingtoitemsthatwillnotbereclassifiedtoprofitorloss

1,736 -

B(i)Itemsthatwillbereclassifiedtoprofitorloss - -(ii)Incometaxrelatingtoitemsthatwillbereclassifiedtoprofitorloss

- -

XI Total Comprehensive Income for the period (IX+X) (Comprising Profit (Loss) and Other Comprehensive Income for the period)

(3,17,59,556) (1,86,51,827)

XII Earningperequityshare(of`10/-each)(1)Basic (1.54) (1.86)(2)Diluted (1.54) (1.86)





82

STATEMENT OF CHANGES IN EQUITY( Rs in INR)

A: Equity Share Capital

As at March 31,2018

Changes in equity share capital during

2018-19

As at March 31,2019

As at April 1,2019

Changes in equity share capital

during 2019-20

As atMarch 31, 2020

10,01,48,340 - 10,01,48,340 10,01,48,340 10,80,00,000 20,81,48,340B. Other Equity

Particulars As at March 31, 2020 As at March 31, 2019Securities PremiumOpening balance - -Receivedduringtheyear 9,18,00,000 -Closing balance 9,18,00,000 -Retained EarningsProfit / (loss) of the OwnersOpening balance (68,05,037) 22,86,735Profit/(loss)fortheperiod (3,17,59,556) (1,86,51,827)GoodwillonConsolidation/AdjustmentofNCIprofit (18,75,158) 95,60,055Closing Balance (4,04,39,751) (68,05,037)Profit / (loss) of the NCIOpening balance 30,37,07,131 -NCIfortheperiod 20,11,961 30,37,07,131Closing Balance 30,57,19,092 30,37,07,131Total Comprehensive Income 35,70,79,341 29,69,02,094

See accompanying notes to the financial statements





83

CONSOLIDATED STATEMENT OF CASH FLOW(Amount in Rupees)



Cash flow from operating activitiesProfitbeforetaxfrom

Continuingoperations (2,52,00,497) 82,07,163Discontinuingoperations - -

Profit before tax (2,52,00,497) 82,07,163Adjustmentsfor

Depreciationandamortizationexpense 1,10,91,787 74,74,542InterestIncome (1,50,19,205) (46,24,457)UnwindingOfInterest (1,12,461) (91,618)Profit/(Loss)onsaleofMFunits (13,32,166) -Profit/(Loss)onsaleofasset 50,40,948 (7,28,672)

ProvisionforImpairmentofAssets 1,76,33,754 -FinanceCost 3,47,75,749 2,15,42,190

AdjustmentonaccountofGoodwill - 95,34,305AdjustmentonaccountofMinorityInterest - 30,37,07,131Change in operating assets and liabilities

(Increase)/DecreaseinTradeReceivables 2,76,25,196 (3,71,32,050)(Increase)/DecreaseinOtherCurrentassets (17,81,533) (51,20,754)(Increase)/DecreaseinOtherBankBalance (2,31,14,835) (5,36,270)(Increase)/DecreaseinOtherCurrentFinancialassets (27,82,156) -(Increase)/DecreaseinOtherNonCurrentAssets 41,95,51,867 (46,60,11,003)Increase/(Decrease)inprovision 8,64,993 8,43,697Increase/(Decrease)inTradepayables 6,67,80,809 (3,83,661)Increase/(Decrease)inOtherfinancialCurrentliabilities (1,25,68,755) 9,78,78,388Increase/(Decrease)inCurrentLiabilities&Payables 1,07,68,404 13,74,567

Cash generated from operations 51,22,21,899 (6,40,66,502)Incometaxespaid (37,31,053) (39,73,588)Net cash outflow from operating activities 50,84,90,846 (6,80,40,090)Cash flows from investing activitiesPaymentsforproperty,plantandequipment (1,96,08,916) (28,03,68,351)InterestIncome 1,50,19,205 47,16,075NetPaidforPurchaseofInvestments (1,000) -Profit/(Loss)onsaleofMFunits 13,32,166 -IncreaseinCapitalWorkinProgress (37,83,17,210) -Net cash outflow from investing activities (38,15,75,755) (27,56,52,276)Cash flows from financing activitiesNetProceedsfromLoansgiven (4,94,89,468) -NetProceedsfromLoansTaken 2,82,38,185 36,69,95,704NetProceedsfromissueofequityshares 19,98,00,000 -Financecost (3,47,75,749) (2,15,42,190)Net cash inflow from financing activities 14,37,72,968 34,54,53,514Net increase (decrease) in cash and cash equivalents 27,06,88,058 17,61,149Cashandcashequivalentsatthebeginningofthefinancialyear 39,91,463 22,30,314Cash and cash equivalents at end of the year 27,46,79,521 39,91,463

Reconciliation of cash and cash equivalents as per the cash flow statementCashandcashequivalentsasperabovecompriseofthefollowing

March 31, 2020 March 31, 2019Cashinhand 42,907 5,21,422Balancewithschedulebanks 33,36,614 15,60,323FixedDepositwithbankwithoriginalmaturityoflessthanthreemonth 27,13,00,000 19,09,717Balances as per statement of cash flows 27,46,79,521 39,91,463Notes forming part of the financial statements 2-33Asperourreportofevendateattached For&onbehalfoftheBoardofDirectorsFor R T JAIN & CO LLP Sangam Renewables LimitedChartered AccountantsFirmRegistrationNo.103961W/W100182




84

Note 1 : NOTES TO CONSOLIDATED FINANCIAL STATEMENT FOR THE YEAR ENDED MARCH 31, 2020A CORPORATE INFORMATION: The Consolidated Financial Statements comprise financial statements of “Sangam Renewables Ltd” (“ the Holding

Company”)anditssubsidiaries(collectivelyreferredtoas“theGroup”)fortheyearended31stMarch2020. The principal activities of the Group is generation of power through renewable energy sources and also providing

consultancyserviceinthisregard.B SIGNIFICANT ACCOUNTING POLICIESB.1 Basis of Preparation: Theconsolidatedfinancialstatementshavebeenpreparedonahistoricalcostbasis,exceptforthefollowingassetsand

liabilitieswhichhavebeenmeasuredatfairvalue:a) Certainfinancialassetsandliabilitiesmeasuredatfairvalue. TheConsolidatedFinancialStatementsof theGrouphavebeenprepared to complywith the IndianAccounting

Standards(‘IndAS’),includingtherulesnotifiedundertherelevantprovisionsoftheCompaniesAct,2013. TheConsolidated Financial Statements comprise of SangamRenewables Ltd and all its subsidiaries, being the

entities that it controls.Controlsareassessed inaccordancewith the requirementof IndAS110–ConsolidatedFinancialStatements.

TheConsolidatedFinancialStatementsarepresentedinIndianRupees(INR)whichisthefunctionalcurrencyfortheGroup.Allamountshavebeenrounded-offtothenearestlakhs,unlessotherwiseindicated.

Note:Comparativefiguresforlastyearisnotprovidedintheconsolidatedfinancialstatementssincethisisthefirstyearofconsolidation.Like-wisetheconsolidatedcashflowstatementisnotapplicableforthecurrentyear.

B.2 Principles of Consolidationa. TheConsolidatedFinancialStatements arepreparedusing theFinancialStatementsof theParentCompany and

SubsidiaryCompaniesdrawnuptothesamereportingperiodi.e31stMarch2018.b. ThefinancialstatementsoftheHoldingCompanyanditsSubsidiariesarecombinedonalinebylinebasisbyadding

togetherlikeitemsofassets,liabilities,equity,incomes,andexpensesafterfullyeliminatingintra-groupbalancesandintra-grouptransactions.Theresultsofoperationsofsubsidiaryareincludedintheconsolidatedfinancialstatementsfromthedateonwhichtheparentsubsidiaryrelationshipcameintoexistence.

c. Goodwill represents thedifferencebetween thecompany’sshare in thenetworthofsubsidiariesand thecostofacquisitionateachpointoftimeofmakingtheinvestmentinthesubsidiaries.

d. TheConsolidatedFinancialStatementshavebeenpreparedusinguniformaccountingpoliciesforliketransactionsandothereventsinsimilarcircumstances.

e. Thecarryingamountoftheparent’sinvestmentineachsubsidiaryisoffset(eliminated)againsttheparent’sportionofequityineachsubsidiary.

B.3 Summary of Significant Accounting Policies: The following are the significant accounting policies applied by the Group in preparing its consolidated financial

statements:a) Property, plant and equipment:

• Freeholdlandiscarriedathistoricalcost.Allotheritemsofproperty,plantandequipmentarestatedatcostlessaccumulateddepreciationand impairment losses, if any.Historical cost includes expenditure that isdirectlyattributabletotheacquisitionoftheitem.

• Subsequentcostsareincludedintheasset’scarryingamountorrecognisedasaseparateasset,asappropriate,onlywhenitisprobablethatfutureeconomicbenefitsassociatedwiththeitemwillflowtotheGroupandthecostofitemcanbemeasuredreliably.

• Thegainorlossarisingonthedisposalorretirementofanitemofproperty,plantandequipmentisdeterminedas the difference between the sales proceeds and the carrying amount of the asset and is recognized in theConsolidatedStatementofProfitandLossonthedateofdisposalorretirement.

• OntransitiontoIndAS,theGrouphaselectedtocontinuewiththecarryingvalueofallofitsproperty,plantandequipmentrecognizedasat1stApril2016measuredasperthepreviousGAAPandusethatcarryingvalueasthedeemedcostoftheproperty,plantandequipment.

• Capitalwork in progress:Direct expenses including borrowing cost incurred during construction period oncapitalprojectsarecapitalized.Otherdirectexpensespertainingtocapitalprojectsareallocatedtoprojectsshallalsocapitalized.


85

• Depreciationontheproperty,plantandequipmentisprovidedonthestraightlinebasisovertheusefullifeofassetsasspecifiedinPartCofScheduleIItotheCompaniesAct,2013orusefullivesofassetsestimatedbythemanagementbasedontechnicaladviceincaseswhereausefullifeisdifferentthanindicatedinscheduleII.

Thefollowingtableshowstheperiodoverwhichmanagementexpectstouseassets:

Assetcategory Managementestimatedusefullife UsefullifeasperscheduleIIEnduserdevicessuchasdesktops,laptops 3yrs 3yrsServersandnetworks 6yrs 6yrsFurniture 10yrs 10yrsOfficeequipment 5yrs 5yrsSolarPowerPlant 25yrs 15yrs

• Property,plantandequipmentwhichareadded/disposedoffduringtheyear,depreciationisprovidedonpro-ratabasiswithreferencetothemonthofaddition/deletion.

b) Impairment of non-financial assets – PPE and Other Intangible Assets: Forassetsexcludinggoodwill,anassessmentismadeateachreportingdatetodeterminewhetherthereisanindication

thatpreviouslyrecognisedimpairmentlossesnolongerexistorhavedecreased.Ifsuchindicationexists,theGroupestimatestheasset’sorCashgeneratingUnits(CGU’s)recoverableamount.Apreviouslyrecognisedimpairmentlossisreversedonlyiftherehasbeenachangeintheassumptionsusedtodeterminetheasset’srecoverableamountsincethelastimpairmentlosswasrecognised.Thereversalislimitedsothatthecarryingamountoftheassetdoesnotexceeditsrecoverableamount,norexceedthecarryingamountthatwouldhavebeendetermined,netofdepreciation,hadnoimpairmentlossbeenrecognisedfortheassetinprioryears.Suchreversalisrecognisedintheconsolidatedstatementofprofitorlossunlesstheassetiscarriedatarevaluedamount,inwhichcase,thereversalistreatedasarevaluationincrease.Whereitisnotpossibletoestimatetherecoverableamountofanindividualasset,theGroupestimatestherecoverableamountofthecash-generatingunittowhichtheassetbelongs.

c) Financial Instruments:(I) Financial Assets:

Initial recognition and measurement Allfinancialassetsarerecognisedinitiallyatfairvalueplus,inthecaseoffinancialassetsnotrecordedat

fairvaluethroughprofitorloss,transactioncoststhatareattributabletotheacquisitionofthefinancialasset. Financialassetsareclassified,atinitialrecognition,asfinancialassetsmeasuredatfairvalueorasfinancial

assetsmeasuredatamortisedcost. Subsequent Measurement

• Financial assets measured at Amortised Cost AfinancialassetismeasuredatAmortisedcostisitisheldwithinabusinessmodelwhoseobjective

istoholdtheassetinordertocollectcontractualcashflowsandthecontractualtermsofthefinancialassetgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.

• Financial assets measured at Fair Value Through Other Comprehensive Income (FVTOCI) A financial asset ismeasured at FVTOCI if it is heldwithin a businessmodelwhose objective is

achievedbybothcollectingcontractualcashflowsandsellingfinancialassetsandthecontractualtermsofthefinancialassetgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.

• Financial assets measured at Fair Value Through Profit or Loss (FVTPL) AfinancialassetwhichisnotclassifiedinanyoftheabovecategoriesaremeasuredatFVTPL.

Impairment of Financial Assets: TheGroupassessesimpairmentbasedonexpectedcreditlossesmodeltothefollowing:

• Financialassetsmeasuredatamortizedcost;• Financialassetsmeasuredatfairvaluethroughothercomprehensiveincome(FVTOCI);Expectedcreditlossesaremeasuredthroughalossallowanceatanamountequalto:• The12-monthsexpectedcreditlosses(expectedcreditlossesthatresultfromthosedefaulteventson

thefinancialinstrumentthatarepossiblewithin12monthsafterthereportingdate);or• Fulllifetimeexpectedcreditlosses(expectedcreditlossesthatresultfromdefaulteventsoverthelife

ofthefinancialinstruments).

NOTES TO CONSOLIDATED FINANCIAL STATEMENT FOR THE YEAR ENDED MARCH 31, 2020


86

TheGroupfollows‘simplifiedapproach’forrecognitionofimpairmentlossallowanceonTradereceivablesorcontractrevenuereceivables.

Undersimplifiedapproach,theGroupdoesnottrackchangesincreditrisk.Rather,itrecognizesimpairmentlossallowancebasedonlifetimeexpectedcreditlossesateachreportingdate,rightfromitsinitialrecognition.

The Group uses provision matrix to determine impairment loss allowance on the portfolio of tradereceivables.Theprovisionmatrixuseshistoricalratestodetermineimpairmentlossontheportfoliooftradereceivables.Ateveryreportingdatethesehistoricaldefaultdatesarereviewedandchangesintheforwardlookingestimatesareanalysed.

Forrecognitionofimpairmentlossonotherfinancialassetsandriskexposure,theGroupdeterminesthatwhethertherehasbeenasignificantincreaseinthecreditrisksinceinitialrecognition.Ifthecreditriskhasnotincreasedsignificantly,12monthexpectedcreditlossesisusedtoprovideforimpairmentloss.However,ifthecreditriskhasincreasedsignificantly,lifetimeexpectedcreditlossesisused.If,insubsequentperiod,creditqualityoftheinstrumentimprovessuchthatthereisnolongerasignificantincreaseincreditrisksinceinitial recognition, then theGroupreverts torecognizingimpairment lossallowancebasedon12-monthexpectedcreditlosses.

Forassessingincreaseincreditriskandimpairmentloss,theGroupcombinesfinancialinstrumentsonthebasisofsharedcreditriskcharacteristicswiththeobjectiveoffacilitatingananalysisthatisdesignedtoenablesignificantincreaseincreditrisktobeidentifiedonatimelybasis.

Derecognition: Afinancialasset(or,whereapplicable,apartofafinancialassetorpartofagroupofsimilarfinancialassets)

isprimarilyderecognised(i.e.removedfromtheGroup’sconsolidatedstatementoffinancialposition)when:• Therightstoreceivecashflowsfromtheassethaveexpired,or• TheGrouphastransferreditsrightstoreceivecashflowsfromtheasset.

(II) Financial liabilities: Initial Recognition and measurement All financial liabilities are recognised initially at fair value and, in the case of loans, borrowings and

payables,netofdirectlyattributabletransactioncosts.TheGroup’sfinancialliabilitiesincludetradeandotherpayables,loansandborrowingsincludingbankoverdrafts.

Subsequent measurement Themeasurementoffinancialliabilitiesdependsontheirclassification,asdescribedbelow:

• Financial liabilities at fair value through profit and loss: Itincludesfinancialliabilitiesheldfortradingandfinancialliabilitiesdesignateduponinitialrecognition

asatfairvaluethroughprofitandloss. Financialliabilitiesclassifiedasheldfortradingiftheyareincurredforthepurposeofrepurchasingin

thenearterm.Gainsorlossesonliabilitiesheldfortradingarerecognizedintheconsolidatedstatementofprofitandloss.

Financialliabilitiesdesignateduponinitialrecognitionatfairvaluethroughprofitandlossaredesignateduponinitialrecognition,andonlyifthecriteriainIndAS109aresatisfied.

• Loans and Borrowings: Borrowings are initially recognised at fair value, net of transaction cost incurred. Borrowings are

subsequentlymeasured at amortized cost.Any difference between the proceeds (net of transactioncost)andtheredemptionamountisrecognisedinprofitorlossovertheperiodoftheborrowingsusingEIRmethod/Straightlinemethod.Feespaidontheestablishmentofloanfacilitiesarerecognisedastransactioncostsoftheloantotheextentthatit isprobablethatsomeorallofthefacilitieswillbedrawndown.Inthiscase,thefeesisdeferreduntilthedrawndownoccurs.Totheextentthereisnoevidencethatitisprobablethatsomeorallofthefacilitieswillbedrawndown,thefeeiscapitalisedasaprepaymentofliquidityservicesandamortisedovertheperiodofthefacilitiestowhichitrelates.

Derecognition of Financial Liabilities: Borrowingsareremovedfromthebalancesheetwhentheobligationspecifiedinthecontractisdischarged,

cancelled or expired.The difference between the carrying amount of a financial liability that has beenextinguished or transferred to another party and the consideration paid, including any non-cash assettransferredorliabilitiesassumed,isrecognisedinprofitorlossasothergain/(losses).



87

(III) Offsetting of financial instruments: Financialassetsandfinancialliabilitiesareoffsetandthenetamountisreportedinthebalancesheetifthereisa

currentlyenforceablelegalrighttooffsettherecognisedamountsandthereisanintentiontosettleonanetbasis,torealisetheassetsandsettletheliabilitiessimultaneously.Thelegallyenforceablerightmustnotbecontingentonfutureeventsandmustbeenforceableinthenormalcourseofbusinessandintheeventofdefault,insolvencyorbankruptcyoftheGroup,orthecounterparty.

d) Fair value measurement: Fairvalueisthepricethatwouldbereceivedtosellanassetorsettlealiabilityinanordinarytransactionbetween

marketparticipantsatthemeasurementdate.Thefairvalueofanassetoraliabilityismeasuredusingtheassumptionthatmarketparticipantswouldusewhenpricinganassetorliabilityactingintheirbesteconomicinterest.TheGroupusedvaluation techniques,whichwereappropriate incircumstancesandforwhichsufficientdatawereavailableconsideringtheexpectedloss/profitincaseoffinancialassetsorliabilities.

e) Revenue Recognition:• Sale of Power Revenuefromthesaleofpowerisrecognisedwhentheelectricityissuppliedandmeasuredbasedoncontractually

agreedtariffrates.• Interest income Interestincomeisaccountedonaccrualbasis.Interestincomeisrecognisedonatimeproportionbasistaking

intoaccounttheamountoutstandingandtherateapplicable. Interestincomeisincludedinotherincomeintheconsolidatedstatementofprofitandloss.• Dividend income: Dividendincomeisaccountedforwhentherighttoreceivethesameisestablished,whichisgenerallywhen

shareholdersapprovethedividend.f) Employee benefits:

i. Short term employee benefits: Allemployeebenefitspayablewhollywithintwelvemonthsofrenderingtheserviceareclassifiedasshortterm

employeebenefits.Short-termemployeebenefitsareexpensedastherelatedserviceisprovided.AliabilityisrecognisedfortheamountexpectedtobepaidiftheGrouphasapresentlegalorconstructiveobligationtopaythisamountasaresultofpastserviceprovidedbytheemployeeandtheobligationcanbeestimatedreliably.

ii. Defined Benefit plans: TheGroup’snetobligationinrespectofdefinedbenefitplansiscalculatedseparatelyforeachplanbyestimating

theamountoffuturebenefitthatemployeeshaveearnedinthecurrentandpriorperiods,discountingthatamountanddeductingthefairvalueofanyplanassets.

Thecalculationofdefinedbenefitobligationsisperformedannuallybyaqualifiedactuaryusingtheprojectedunitcreditmethod.WhenthecalculationresultsinapotentialassetfortheGroup,therecognisedassetislimitedtothepresentvalueofeconomicbenefitsavailableintheformofanyfuturerefundsfromtheplanorreductionsinfuturecontributionstotheplan.Tocalculatethepresentvalueofeconomicbenefits,considerationisgiventoanyapplicableminimumfundingrequirements.

Re-measurementofthenetdefinedbenefitliability,whichcomprisesactuarialgainsandlosses,thereturnonplanassets (excluding interest)and theeffectof theassetceiling (ifany,excluding interest),are recognisedimmediatelyinothercomprehensiveincome.Netinterestexpense(income)onthenetdefinedliability(assets)iscomputedbyapplyingthediscountrate,usedtomeasurethenetdefinedliability(asset),tothenetdefinedliability(asset)atthestartofthefinancialyearaftertakingintoaccountanychangesasaresultofcontributionandbenefitpaymentsduringtheyear.NetinterestexpenseandotherexpensesrelatedtodefinedbenefitplansarerecognisedinConsolidatedStatementofProfitandLoss.

iii. Other long-term employee benefits TheGroup’s net obligation in respect of long - termemployeebenefits is the amount of future benefit that

employeeshaveearnedinreturnfortheirserviceinthecurrentandpriorperiods.Thatbenefitisdiscountedtodetermineitspresentvalue.RemeasurementisrecognisedinConsolidatedstatementofProfitandLossintheperiodinwhichtheyarise.



88

Entitlementstoannualprivilegeleavearerecognizedwhentheyaccruetoemployees.Privilegeleavecanbeavailed or encashed subject to a restriction on themaximumnumber of accumulation of leave.TheGroupdetermines the liability for such accumulated leaves using the projected unit credit method with actuarialvaluationsbeingcarriedoutateachreportingdate.

Furtherrefernoteno31ofaccompanyingnotedofconsolidatedfinancialstatements.g) Finance Cost Borrowingcostsspecificallyrelatingtotheacquisitionorconstructionofqualifyingassetsthatnecessarilytakesa

substantialperiodoftimetogetreadyforitsintendedusearecapitalized(netofincomeontemporarilydeploymentoffunds)aspartofthecostofsuchassets.FinancecostsconsistofinterestandothercoststhattheGroupincursinconnectionwiththeborrowingoffunds.Allotherborrowingcostsareexpensedintheperiodinwhichtheyoccur.

h) Leases: Thedeterminationofwhetheranarrangementis,orcontains,aleaseisbasedonthesubstanceofthearrangementat

theinceptiondate,andwhetherthefulfilmentofthearrangementisdependentontheuseofthespecificassetsorthearrangementsconveysarighttousetheasset,evenifthatrightisnotexplicitlyspecifiedinthearrangement.

As Lessee (expenses) AssetsleasedbytheGroupinitscapacityaslesseewheresignificantportionofrisksandrewardsofownershipare

retainedbylessorareclassifiedasoperatingleases.Paymentsmadeunderoperatingleases(netofanyincentivesreceivedfromthelessor)arechargedtoprofitorlossonastraightlinebasisovertheperiodoftheleaseunlessthepaymentsarestructuredtoincreaseinlinewithexpectedgeneralinflationtocompensateforthelessorsexpectedinflationarycostincreases.

i) Segment Reporting: Theoperationsof theGroupare limited toonesegment,namelygenerationofpower through renewableenergy

resources.AlltheassetsandrevenueearnedbytheGroupareinIndia.Inviewofasinglebusinessandgeographicalsegment,nofurtherdisclosureasperIndAS108needstobemade.

j) Taxation:i. Taxonincomeforthecurrentperiodisdeterminedonthebasisonestimatedtaxableincomeandtaxcredits

computed inaccordancewith theprovisionsof the relevant tax lawsandbasedon theexpectedoutcomeofassessments/appeals.

ii. Currentincometaxrelatingtoitemsrecogniseddirectlyinequityisrecognisedinequityandnotintheconsolidatedstatementofprofitandloss.Managementperiodicallyevaluatespositionstakeninthetaxreturnswithrespecttosituationsinwhichapplicabletaxregulationsaresubjecttointerpretationandestablishesprovisionswhereappropriate.

iii. Deferredtaxisprovidedusingthebalancesheetapproachontemporarydifferencesatthereportingdatebetweenthetaxbasesofassetsandliabilitiesandtheircarryingamountsforfinancialreportingpurposesatthereportingdate.

iv. Thecarryingamountofdeferredtaxassetsisreviewedateachreportingdateandreducedtotheextentthatitisnolongerprobablethatsufficienttaxableprofitwillbeavailabletoallowallorpartofthedeferredtaxassettobeutilized.Unrecogniseddeferredtaxassetsarereassessedateachreportingdateandarerecognisedtotheextentthatithasbecomeprobablethatfuturetaxableprofitswillallowthedeferredtaxassettoberecovered.

v. Deferredtaxassetsandliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplyintheyearwhentheassetisrealizedortheliabilityissettled,basedontaxrates(andtaxlaws)thathavebeenenactedorsubstantivelyenactedatthereportingdate.

vi. Deferred tax relating to items recognisedoutside theconsolidated statementofprofitand loss is recognisedoutside theconsolidatedstatementofprofitand loss.Deferred tax itemsare recognised incorrelation to theunderlyingtransactioneitherinothercomprehensiveincomeordirectlyinequity.

vii. Deferredtaxassetsanddeferredtaxliabilitiesareoffsetifalegallyenforceablerightexiststosetoffcurrenttaxassetsagainstcurrentincometaxliabilitiesandthedeferredtaxesrelatetothesametaxableentityandthesametaxationauthority.

viii.Thebreak-upofthemajorcomponentsofthedeferredtaxassetsandliabilitiesasatbalancesheetdatehasbeenarrivedataftersettingoffdeferredtaxassetsandliabilitieswheretheGrouphavealegallyenforceablerighttoset-offassetsagainstliabilitiesandwheresuchassetsandliabilitiesrelatetotaxesonincomeleviedbythesamegoverningtaxationlaws.



89

ix. TheGroupreviewtheapplicabilityofMinimumAlternativeTax(MAT)attheendofeachreportingdate.CreditofMAT,ifanyisrecognisedasapartofdeferredtaxassets.Asdeferredtaxassetshallberecognisedforthecarryforwardofunusedtaxlossesandunusedtaxcreditstotheextentthatitisprobablethatfuturetaxableprofitwillbeavailableagainstwhichtheunusedtaxlossesandunusedtaxcreditscanbeutilized.

x. Deferredtaxassetsaretheamountsofincometaxesrecoverableinfutureperiodsinrespectof:(a) Deductibletemporarydifferences;(b) Thecarryforwardofunusedtaxlosses;and(c) Thecarryforwardofunusedtaxcredits. TheGroupreviewsthesameateachreportingdateandwritesdownthecarryingamountofMATcredit

entitlementtotheextentthereisnolongerconvincingevidencetotheeffectthattheGroupwillpaynormalincometaxduringthespecifiedperiod.

k) Earnings per share: Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity

shareholdersbytheweightedaveragenumberofequitysharesoutstandingduringtheperiod. Forthepurposeofcalculatingdilutedearningspershare,thenetprofitorlossfortheperiodattributabletoequity

shareholdersandtheweightedaveragenumberofsharesoutstandingduringtheperiodareadjustedfortheeffectsofalldilutivepotentialequityshares.

l) Provisions and contingencies: ProvisionsarerecognizedwhentheGrouphasapresentobligation(legalorconstructive)asaresultofapastevent,

itisprobablethatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettletheobligationandareliableestimatecanbemadeoftheamountoftheobligation.Iftheeffectofthetimevalueofmoneyismaterial,provisionsarediscountedusingcurrentpre-taxratethatreflects,whenappropriate,therisksspecifictotheliability.Whendiscountingisused,theincreaseintheprovisionduetothepassageoftimeisrecognisedasafinancecost.Provisionsarereviewedateachbalancesheetdateandareadjustedtoreflectthecurrentbestestimate.

Contingentliabilitiesaredisclosedincaseof:• A present obligation arising from past events,when it is not probable that an outflow of resourceswill be

requiredtosettletheobligation;• Apresentobligationarisingfrompastevents,whennoreliableestimateispossible;• Apossibleobligationarisingfrompastevents,unlesstheprobabilityofoutflowofresourcesisremote.

Commitmentsincludecapitalexpenditure(netofadvances)inrelationtosolarpowerplant. Provisions,contingentliabilities,contingentassetsandcommitmentsarereviewedateachbalancesheetdate.

B.4Use Of Judgements, Estimates And Assumptions IntheprocessofapplyingtheGroup’saccountingpolicies,managementhasmadethefollowingestimates,assumptions

andjudgments,whichhavesignificanteffectontheamountsrecognizedinthefinancialstatement.Actualresultmaydifferfromtheseestimates.

Estimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionstoaccountingestimatesarerecognisedprospectively.

Assumptionsandestimationuncertainties: Assumptionsandestimationuncertaintiesthathaveasignificantriskofresultinginamaterialadjustmentrecognisedin

thefinancialstatementsareasunder: Measurementofusefullife,residuallifeandimpairmentofproperty,plantandequipment.

Technicalexpertsassessestheremainingusefullivesandresidualvalueofsolarpowerproject.Managementbelievesthattheassignedusefullifeisreasonable. Recognitionofdeferredtaxassets:availabilityoffuturetaxableprofitagainstwhichtaxlossescarriedforwardcan

beused. Measurementofdefinedbenefitobligationsandplannedassets. Recognitionandmeasurementofprovisionsandcontingencies:keyassumptionsaboutthelikelihoodandmagnitude

ofanoutflowofresources. Impairmentoffinancialandnon-financialassets. Revenueandmarginrecognitiononconstructionand/orlongtermservicecontractsandrelatedprovision.



90

Note 2: Property, Plant and Equipment

Particulars Computer Server Furniture Office Equipment

Building Motor Vehicle

Solar Power Plant*

Land Total

Gross carrying amountYear Ended March 31, 2019Opening gross carrying amount

1,99,135 2,70,200 29,000 1,22,757 - - 3,67,99,160 - 3,74,20,252

Additions 1,40,728 - - - 43,23,161 - 28,53,70,339 - 28,98,34,228Disposals (1,80,021) - - - (73,33,550) (75,13,571)Closing Gross carrying amount

1,59,842 2,70,200 29,000 1,22,757 43,23,161 - 31,48,35,949 - 31,97,40,909

Year Ended March 31, 2020Opening gross carrying amount

1,59,842 2,70,200 29,000 1,22,757 43,23,161 - 31,48,35,949 - 31,97,40,909

OpeningaccumulateddepreciationofNewsubsidiary

1,56,879 - - - - - - - 1,56,879

Additions 13,500 - - - - 28,200 6,29,93,826 5,60,26,007 11,90,61,533Disposals - - - - (12,51,76,812) - (12,51,76,812)Closing Gross carrying amount

3,30,221 2,70,200 29,000 1,22,757 43,23,161 28,200 25,26,52,963 5,60,26,007 31,37,82,509

Accumulated DepreciationOpeningaccumulateddepreciation

45,172 1,523 415 4,152 - - 3,06,492 - 3,57,754

Depreciationchargeduringtheperiod

80,030 42,773 2,755 23,324 86,858 - 72,28,238 - 74,63,978

Disposals (69,392) - - - - - - - (69,392)Closing accumulated depreciation at March 31,2019

55,810 44,296 3,170 27,475 86,858 - 75,34,730 - 77,52,339

Accumulated DepreciationOpeningaccumulateddepreciation

55,810 44,296 3,170 27,475 86,858 - 75,34,730 - 77,52,339

OpeningaccumulateddepreciationofNewsubsidiary

1,46,050 - - - - - - - 1,46,050

Depreciationchargeduringtheperiod

65,317 42,773 2,755 23,324 1,44,502 2,421 1,07,91,966 - 1,10,73,058

Disposals - - - - - - (30,01,873) - (30,01,873)Closing accumulated depreciation at March 31, 2020

2,67,177 87,069 5,925 50,799 2,31,360 2,421 1,53,24,822 - 1,59,69,574

Net Carrying AmountAs at March 31, 2019 1,04,032 2,25,904 25,830 95,282 42,36,303 - 30,73,01,219 - 31,19,88,570As at March 31, 2020 63,044 1,83,131 23,075 71,958 40,91,801 25,779 23,73,28,140 5,60,26,007 29,78,12,935

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS(AmountinRupees)


91

Note 2(a) : Intangible Asset

Particulars SoftwareGross carrying amountYear Ended March 31, 2019Cost as at April 1,2018 -Additions 47,458Disposals -Closing Gross carrying amount 47,458Year Ended March 31, 2020Opening gross carrying amount 47,458Additions 54,920Disposals -Closing Gross carrying amount 1,02,378Accumulated DepreciationAsatApril1,2018 -Depreciationchargeduringtheyear 10,564Disposals -Closing accumulated depreciation at March 31,2019 10,564Accumulated DepreciationAsatApril1,2019Openingaccumulateddepreciation 10,564Depreciationchargeduringtheyear 18,729DisposalsClosing accumulated depreciation at March 31, 2020 29,293Net Carrying AmountAs at March 31, 2019 36,893As at March 31, 2020 73,084

Note 3 : Capital work in progress

Particulars Capital work in progressGross carrying amountYear Ended March 31, 2019Deemed cost as at April 1, 2018 4,16,68,435Additions 3,34,60,514DisposalsTransfers (4,16,68,435)Closing Gross carrying amount 3,34,60,514Year Ended March 31, 2020OpeningGrosscarryingamount 3,34,60,514OpeningGrosscarryingamountofNewsubsidiary 6,52,835Additions 43,91,53,323DisposalsTransfers (6,14,88,948)ClosingGrosscarryingamount 41,17,77,724Carrying AmountAs at March 31, 2019 3,34,60,514As at March 31, 2020 41,17,77,724

Notes:*CapitalworkinprogressrelatestoSolarPowerunderdevelopmentpursuanttoPowerPurchaseAgreement(PPA)for:(i) RoopPolymersatManesar(Haryana)(ii)ArvindLimitedatBanglore(Karnataka)



92

Note 4 : Investment



OtherInvestment 1,000 -Add:FairValueGainonInvestmentinMutualFund - -

Total 1,000 -

Note 5 : Loans



(Unsecured,consideredgood)LoantoOthers 52,479 5,63,011

Total 52,479 5,63,011

Note 6 : Other Non Current Assets



SecurityDeposit-1 20,03,002 20,40,541MATCreditReceivable 26,57,548 26,52,706Prepaidrent-1 2,12,421 3,31,257Capitaladvance 4,21,86,397 46,32,86,250TDSreceivable(NetofProvision) 19,83,456 2,83,937

Total 4,90,42,823 46,85,94,691

Note 7 : Trade Receivables



(Unsecured,consideredgood)Tradereceivable 1,35,74,764 4,11,99,960Less:Allowancefordoubtfuldebts - -

Total 1,35,74,764 4,11,99,960

Note 8 : Cash and cash equivalents



Current Account Balance with Schedule BanksInCurrentaccounts 33,36,614 15,60,323Cashinhand 42,907 5,21,422Fixeddepositswithbankswithoriginalmaturityoflessthanthreemonths* 27,13,00,000 19,09,717

Total 27,46,79,521 39,91,463

Note 9 : Other Bank Balances



Fixeddepositswithbanks 9,28,78,517 6,97,63,682Total 9,28,78,517 6,97,63,682

Note 10 : Loans & Advances



Loans&Advances 5,00,00,000 25,000Total 5,00,00,000 25,000



93

Note 11 : Other Financial Assets



SecurityDeposit 4,63,800 25,000Accruedincome 32,89,711 9,46,355

Total 37,53,511 9,71,355

Note 12 : Current Tax Assets (Net)



AdvanceIncometax 88,04,838 50,73,785Total 88,04,838 50,73,785

Note 13 : Other Current Assets



UnbilledRevenue 29,03,298 18,98,772EMDDeposits - 23,70,000AdvancetoStaff 35,000 -Balancewithrevenueauthorities 1,19,244 1,08,529Advancetosupplier 25,58,833 -MATCredit 6,71,828Prepayment 1,03,442 2,60,417OtherReceivable 80,831 -Prepaidrent 1,18,836 1,18,836

Total 65,91,313 47,56,554

Note 14 : Equity share capital

Authorised equity share capital

Particulars No. of Shares AmountAsat1April2018 1,02,50,000 10,25,00,000Increaseduringtheyear - -As at 31 March 2019 1,02,50,000 10,25,00,000Increaseduringtheyear 1,07,50,000 10,75,00,000As at 31 March 2020 2,10,00,000 21,00,00,000

(i) Movements in equity share capital

Particulars No. of Shares AmountIssued, Subscribed & Paid upAsat1April2018 1,00,14,834 10,01,48,340Increaseduringtheyear - -As at 31 March 2019 1,00,14,834 10,01,48,340Increaseduringtheyear 1,08,00,000 10,80,00,000As at 31 March 2020 2,08,14,834 20,81,48,340

(ii) Details of shareholders holding more than 5% shares in the Company

Particulars As at 31 March 2020 As at 31 March 2019No. of Shares % of Holding No. of Shares % of Holding

HiteshCDoshi 8,90,444 4.28% 8,70,511 8.69%NeepaVirenDoshi 11,24,836 5.40% 11,20,661 11.19%PankajCDoshi 5,71,740 2.75% 5,42,128 5.41%BinitaHDoshi 5,74,505 2.76% 5,49,796 5.49%WaareeEnergiesLimited 1,08,78,841 52.26% - -



94

Note 15 : Other Equity


As atMarch 31,2019

Securities PremiumOpeningbalancePremiumreceived 9,18,00,000 -Closing Balance (A) 9,18,00,000 -Retained earningsOpeningbalance (68,05,037) 22,86,735Totalcomprehensiveincome/(loss)fortheperiod (3,17,59,556) (1,86,51,827)AdjustmentofGoodwill/Reserves (18,75,158) 95,60,055Closing Balance (B) (4,04,39,751) (68,05,037)Other Comprehensive IncomeOpening balanceAdd/(Less): - (4,92,106)Closing Balance (C) - (4,92,106)Other Equity (A)+(B) 5,13,60,249 (68,05,037)Non-Controling InterestOpeningbalance 30,37,07,131 -NCIfortheperiod 20,11,962 30,37,07,131Closing Balance 30,57,19,093 30,37,07,131

Note : 16 Loan



LoanfromRelatedparty - 72,27,836Loanfromothers 36,67,03,340 36,22,71,156

Total 36,67,03,340 36,94,98,992

Note : 17 Provisions



ProvisionforGratuity 93,112 20,438ProvisionforLeaveSalary 3,63,184 30,025

Total 4,56,296 50,463

Note 18 Deffered Tax Liabilities



Onaccountofgratuity (1,18,637) (13,120)OnaccountofdisallowanceunderIncomeTaxAct,1961 3,62,68,647 2,96,65,743

Total 3,61,50,010 2,96,52,623

Note 19 : Borrowings



Loansrepayableondemand:Fromotherparties 3,10,33,837 -

Total 3,10,33,837 -



95

Note 20 : Trade Payable



Tradepayables 6,71,99,771 3,17,241Tradepayablestorelatedparties 87,291 1,89,013

Total 6,72,87,062 5,06,254

Note 21 : Other Financial Liabilites



CapitalCreditors 12,05,86,888 14,54,97,708Advancereceipt 1,20,00,000 -OtherPayable 3,42,064 -

13,29,28,953 14,54,97,708

Note 22 : Other Current Liabilities



SalaryPayable 7,59,367 10,10,844Duties&Taxes 1,33,99,997 24,64,929Operatingleaseliabilities 4,89,274 4,04,461

Total 1,46,48,638 38,80,234




Provisionforexpenses 7,22,431 5,83,413ProvisionforGratuityCurrent 1,430 33ProvisionforLeaveSalaryCurrent 3,15,648 3,578Provisionfortax 5,69,933 5,69,933

Total 16,09,442 11,56,957

Note 24 : Revenue from operation Particulars Year ended

March 31, 2020 Year ended

March 31, 2019ServiceIncome 2,37,06,100 4,46,69,063Generationofelectricityfromsolarpowerplant 3,28,82,773 2,57,12,944

Total 5,65,88,873 7,03,82,007

Note 25 : Other Income



InterestIncome 1,50,19,205 46,24,457Interestontradereceivable 2,52,122 -Operation&MaintenanceIncome 2,31,000 -Profit/(Loss)onsalesofasset - 26,954ProfitonSlumpSale - 7,28,672Profitonsaleofunits(MutualFund) 13,32,166 -InterestonIncomeTaxRefund 1,24,349 -Interestincomeonfinancialassetcarriedatamortizedcost 1,12,461 91,618LossofProfitclaim 33,368 -MiscellaneousIncome 11,395 -

Total 1,71,16,065 54,71,701



96

Note 26 : Employee benefit expenses



DirectorsRemuneration 36,28,063 96,89,320Salariesandincentives 59,25,664 57,07,654LeaveSalaryExpense 6,45,229 -Gratuityexpense 80,746 -StaffWelfareExpense 66,231 -

Total 1,03,45,933 1,53,96,974

Note 27 : Finance costs



InterestonDelayedPaymentsoftaxes 3,56,657 1,18,016ProvisionforInterest 3,39,08,888 2,12,27,347BankCharges&Commission 5,10,205 1,96,827

Total 3,47,75,749 2,15,42,190

Note 28 : Other expenses



AdvertisementExpenses 62,104 90,783AuditorsRemuneration 8,39,314 5,75,349Rates&Taxes 20,16,457 1,19,43,015Conveyance&ReimbursementExpenses 6,28,684 -Travelling&Conveyance 6,09,012 14,28,642CommunicationCosts 2,59,991 3,07,476Printing&Stationery 2,73,718 2,07,739ProfessionalExpenses 15,01,877 19,36,608ElectricityExpenses 6,34,812 4,01,480Operation&Maintenance 19,72,197 3,59,992Repairs&Maintenance 1,64,752 44,766RentExpense 38,95,713 40,45,587DirectorsSittingFees 11,85,800 9,46,279InsuranceExpense 4,22,202 1,26,146TenderFees 5,963 9,524SubcriptionFees 1,36,329 -Transportcharges 15,000 -Postage&Courier 160 -LegalCharges 1,82,375 -Deputationcharges 5,85,198 -Lossonsaleofasset 50,40,948 -ProvisionforImpairmentofAssets 1,76,33,754 -Capital-work-in-progresswrittenoff 41,80,924 -MiscellaneousExpenses 4,31,765 8,09,452

Total 4,26,91,966 2,32,32,838

*Auditors Remuneration



Payment to Auditors'AuditorsRemuneration 8,39,314 5,75,349

Total 8,39,314 5,75,349



97

Note 29 : Fair Value Measurement

i) Fair Value of Financial assets and Financial liabilities

SetoutbelowisacomparisonbyclassofthecarryingamountsandfairvalueoftheCompany’sfinancialinstrumentsthatarerecognisedinthefinancialstatements.

Particulars March 31, 2020 March 31, 2019 Carrying Amount

Fair Value Carrying Amount

Fair Value

Financial assets designated as fair value through Other Comprehensive IncomeFinancial assets designated at amortised costLoans 52,479 52,479 5,63,011 5,63,011Tradereceivables 1,35,74,764 1,35,74,764 4,11,99,960 4,11,99,960Cashandcashequivalents 27,46,79,521 27,46,79,521 39,91,463 39,91,463OtherBankBalance 9,28,78,517 9,28,78,517 6,97,63,682 6,97,63,682SecurityDeposit 4,63,800 4,63,800 25,000 25,000

38,16,49,080 38,16,49,080 11,55,43,116 11,55,43,116Financial liabilities designated at amortised costBorrowings 3,10,33,837 3,10,33,837 - -Tradepayables 6,72,87,062 6,72,87,062 5,06,254 5,06,254CapitalCreditors 13,29,28,953 13,29,28,953 14,54,97,708 14,54,97,708

23,12,49,852 23,12,49,852 14,60,03,962 14,60,03,962

(ii) Valuation technique used to determine fair value

The Companymaintains policies and procedures to value financial assets or financial liabilities using the best andmostrelevantdataavailable.Thefairvaluesofthefinancialassetsandliabilitiesareincludedattheamountthatwouldbe received tosellanassetorpaid to transfera liability inanorderly transactionbetweenmarketparticipantsat themeasurementdate.

Thefollowingmethodsandassumptionswereusedtoestimatethefairvalues:

a) FairvalueforfinancialinvestmentsarevaluedusingclosingNAV.

b) Fairvalueofcashanddeposits,tradereceivables,tradepayables,andothercurrentfinancialassetsandliabilitiesapproximatetheircarryingamountslargelyduetotheshort-termmaturitiesoftheseinstruments.

c) Long-termfixed-rateandvariable-ratereceivables/borrowingsareevaluatedbytheCompanybasedonparameterssuchasinterestrates,specificcountryriskfactors,creditriskandotherriskcharacteristics.Fairvalueofvariableinterestrateborrowingsapproximatestheircarryingvalues.

d) Thefairvalueoftheremainingfinancialinstrumentsisdeterminedusingdiscountedcashflowanalysis.

Note 30 : Financial Risk Management

Financial Risk Factors

TheGroup’s principal financial liabilities comprise borrowings and trade and other payablesThemain purpose of thesefinancialliabilitiesistomanagefinancesfortheGroup’soperations.TheGrouphasloan,tradeandotherreceivables,cashandshort-termdepositsthatarisedirectlyfromitsoperations.TheGroup’sactivitiesexposeittoavarietyoffinancialrisks:

i) Market Risk

Marketriskistheriskthatthefairvalueorfuturecashflowsofafinancialinstrumentwillfluctuatebecauseofchangesinmarketprices.Marketpricescomprisethreetypesofrisks:Interestraterisk,Otherpricerisks,suchasEquitypriceriskandCommodityrisk.Financialinstrumentsaffectedbymarketriskincludeloans,borrowings,depositsandinvestments.Interest rate risk is therisk that thefairvalueor futurecashflowsofafinancial instrumentwillfluctuatebecauseofchangesinmarketinterestrates.ThisisbasedonthefinancialassetsandfinancialliabilitiesheldasatMarch31,2018.



98

ii) Credit Risk

Creditriskarisesfromcashandcashequivalentsanddepositswithbank(s)/othercompany,aswellascreditexposuretocounterpartythatwillnotmeetitsobligationsunderafinancialinstrumentorcustomercontract,leadingtoafinancialloss.

iii) Liquidity Risk

LiquidityriskistheriskthattheGroupmaynotbeabletomeetitspresentandfuturecashandcollateralobligationswithoutincurringunacceptablelosses.

Prudentliquidityriskmanagementimpliesmaintainingsufficientcashandmarketablesecuritiesandtheavailibilityoffundingthroughanadequateamountofcommittedcreditfacilitiestomeetobligationswhendueandtocloseoutmarketpositions.

iv) Market Risk

Thesensitivityanalysisexcludestheimpactofmovementsinmarketvariablesonthecarryingvalueofpost-employmentbenefitobligationsprovisionsandonthenon-financialassetsandliabilities.ThesensitivityoftherelevantconsolidatedStatement of Profit andLoss item is the effect of the assumed changes in the respectivemarket risks.TheGroup’sactivitiesexposeittoavarietyoffinancialrisks,includingtheeffectsofchangesinforeigncurrencyexchangeratesandinterestrates.

(a) Foreign Exchange Risk

TheGroup transacts business in IndianNational Rupee (INR).TheGroup does not have any foreign currencyfinancialinstrumentsandthereforeisnotexposedtoforeignexchangerisk.

(b ) Price Risk

ThebusinessoftheGroupisprovidingservicesinrelationsettingupofsolarpowerproject.ThepricevolatilityofthecommoditiesindomesticandinternationalmarketsdoesnotgenerallyaffecttheoperatingactivityoftheGroup.

Expectedcreditlossfortradereceivables.

Particulars Neither impaired or

due

Past Due TotalUpto 6 months

6 to 12 months

< 12 months

Trade ReceivablesAs at March 31, 2020Grosscarryingamount 1,35,74,764 - - - 1,35,74,764ExpectedlossrateExpectedcreditlosses(Lossallowanceprovision) - - - - -Carrying amount of trade receivables (net of impairment)

1,35,74,764 - - - 1,35,74,764

As at March 31, 2019Unsecured 4,11,99,960 - - - 4,11,99,960Net Total 4,11,99,960 - - - 4,11,99,960

Financial instruments and cash deposits

TheGroupconsidersfactorssuchastrackrecord,sizeoftheinstitution,marketreputationandservicestandardstoselectthebankswithwhichbalancesanddepositsaremaintained.Generally,thebalancesaremaintainedwiththeinstitutionswithwhichtheGrouphasalsoavailedborrowings.TheGroupdoesnotmaintainsignificantcashanddepositbalancesotherthanthoserequiredforitsdaytodayoperationssubjecttothecompliancewithloanfacilities.

Liquidity Risk

TheGroup’sobjectiveistoatalltimesmaintainoptimumlevelsofliquiditytomeetitscashandcollateralrequirements.TheGroupreliesonamixofborrowings,capitalinfusionandexcessoperatingcashflowstomeetitsneedsforfunds.Thecurrentcommittedlinesofcreditaresufficienttomeetitsshorttomediumtermexpansionneeds.ManagementmonitorstheGroup’sliquiditypositionthroughrollingforecastsonthebasisofexpectedcashflows.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


99

Thetablebelowprovidesdetailsregardingtheremainingcontractualmaturitiesoffinancialliabilitiesatthereportingdatebasedoncontractualundiscountedpayments.

(AmountinRupees)

Particulars As at March 31, 2020CarryingAmount

On Demand

< 6 months 6 to 12 months

> 1 year

Borrowings 39,77,37,177 - - - 39,77,37,177Otherliabilities 1,46,48,638 1,46,48,638Tradeandotherpayables 20,02,16,015 - 20,02,16,015 - -

Total 61,26,01,830 - 21,48,64,653 - 39,77,37,177.00

Particulars As at March 31, 2019CarryingAmount

On Demand

< 6 months 6 to 12 months

> 1 year

Borrowings 36,94,98,992 - - - 36,94,98,992Otherliabilities 38,80,234 38,80,234 -Tradeandotherpayables 14,60,03,962 - 14,60,03,962 - -

Total 51,93,83,188 - 14,98,84,196 - 36,94,98,992

Note 31 : Capital managementForthepurposesoftheGroup’scapitalmanagement,capitalincludesissuedcapitalandallotherequityreserves.TheGroup’sobjectiveswhenmanagingcapitalareto:(a) Safeguardtheirabilitytocontinueasagoingconcern,sothattheycancontinuetoprovidereturnsforshareholdersand

benefitsforotherstakeholders.(b)Maintainanoptimalcapitalstructuretoreducecostofcapital. TheGroupmanages its capital structure andmakes adjustments in light of changes in economic conditions and the

requirementsofthefinancialcovenants.TheGroupmonitorscapitalusingagearingratio,whichisdebtdividedbyequitycapital.Nochangesweremadeinobjectives,policiesorprocessessduringtheyearendedMarchr31,2020.


As atMarch 31, 2019

Borrowings 36,67,03,340 36,94,98,992Net Debt 36,67,03,340 36,94,98,992TotalEquity 25,95,08,589 9,33,43,303Total capital 25,95,08,589 9,33,43,303Net Debt to Equity ratio 1.41 3.96

Note 32 : Employee benefit obligationPost Employement Benefit Plans(a) Gratuity: TheCompanyprovides for gratuity for employees as per thePayment ofGratuityAct,1972.Employeeswho are in

continuous service for the period of 5 years are eligible for gratuity.The amount of gratuity payable on retirement/terminationistheemployeelastdrawnsalarypermonthcomputedproportionatelyfor15dayssalarymultipliedforthenumberofservices.




Obligationattheyearbeginning 6,90,941 3,76,013InterestCost 2,640 50,638PastServiceCost -CurrentServiceCost 78,106 2,64,290PastServiceCost–VestedBenefit -CurrentCost/(Credit) - -BenefitsPaid - -Actuarial(Gain)/Loss - -Obligation at the year end 7,71,687 6,90,941.00



100

Recognised in Profit and loss



CurrentServiceCost 78,106 2,64,290PastServiceCost - -InterestCost 2,640 50,638PastServiceCast–VestedBenefit - -NetActuarial(Gain)/Loss - -Employees’Contribution - -Total Expenses recognized in Profit and Loss A/c 80,746 3,14,928

Other Comprehensive Income for the period



Componentofacturialgain/lossesonobligation:Duetochangeinfinancialassumption 4,691 14,725Duetochangeindemographicassumption (37) -Duetochangeinexperienceadjustment (11,329) (7,66,526)Returnonplanassetsexcludingamountsincludedininterestincome - -Total Expenses recognized in Other Comprehensive Income A/c (6,675) (7,51,801)Reconciliation of net defined benefit - Gratuity LiabilityNetopeningprovisionsinbooksofaccounts 20,471 3,76,013Transferin/(out)obligation - 81,331CurrentServiceCost 78,106 2,64,290InterestCost 2,640 50,638Transferin/(out)planasset - -Employeebenefitexpenses - -AmountsrecognizedinOtherComprehensiveIncome (6,675) (7,51,801)BenefitspaidbytheCompany - -Contributionstoplanassets - -Closing provisions in books of accounts 94,542 20,471Funded status of the planPresentvalueofunfundedobligation 94,542 20,471Presentvalueoffundedobligation - -Fairvalueofplanasset - -Net Liability/(Asset) 94,542 20,471

(B) Leave Encashment

TheCompany’sLongTermbenefitincludesLeaveencashmentpayableatthetimeofretirementinfull,otherwiseitisencashableduringtheyearinwhichservicesarerenderedsubjecttoinexcessof30days.




Obligationattheyearbeginning 9,57,609 4,61,816Currentservicecost 2,96,620 4,42,046Interestcost 14,473 53,747Actuarial(Gain)/Loss - -Benefitspaid - -Obligation at the year end 12,68,702 9,57,609



101



Recognised in Profit and lossCurrentServiceCost 2,96,620 4,42,046PastServiceCostandloss/(gain)oncurtailmentandsettlement - -NetInterestCost 14,473 53,747Netvalueofremeasurementsontheobligationandplanassets 3,34,136 (4,59,635)Total Expenses recognized in Profit and Loss A/c 6,45,229 36,158

Reconciliation of net defined benefit - Leave Encashment LiabilityNetopeningprovisionsinbooksofaccounts 33,603 4,61,816Transferin/(out)obligation -CurrentServiceCost 2,96,620 4,42,046NetInterestCost 14,473 53,747Transferin/(out)planasset - -Employeebenefitexpenses - -AmountsrecognizedinOtherComprehensiveIncome 3,34,136 (4,59,635)BenefitspaidbytheCompany - (4,64,371)Contributionstoplanassets - -Closing provisions in books of accounts 6,78,832 33,603

Funded status of the planPresentvalueofunfundedobligation 6,78,832 33,603Presentvalueoffundedobligation - -Fairvalueofplanasset - -Net Liability/(Asset) 6,78,832 33,603

Sensitivity Analysis of Gratuity:




0.5%IncreaseinDiscountrate Refernotebelow*

Refernotebelow*

0.5%DecreaseinDiscountrate0.5%IncreaseinSalarygrowthrate0.5%DecreaseinSalarygrowthrate10%IncreaseinWithdrawalrate10%DecreaseinWithdrawalrate

Sensitivity Analysis of Leave Encashment:




0.5%IncreaseinDiscountrate ReferNotebelow*

ReferNotebelow*

0.5%DecreaseinDiscountrate0.5%IncreaseinSalarygrowthrate0.5%DecreaseinSalarygrowthrate0.5%DecreaseinSalarygrowthrate10%IncreaseinWithdrawalrate



102

Sensitivity Analysis Method

Sensitivityanalysisisperformedbyvaryingasingleparameterwhilekeepingallotherparametersunchanged.Hence,theresultmayvaryiftwoormorevariablesarechangedsimultaneously.Itfailstofocusontheinterrelationshipbetweenunderlyingparameters.Themethodsuseddoesnotindicateanythingaboutthelikelihoodofchangeinanyparameterandtheextentofthechangeifany.

Themethodsandtypesofassumptionsusedinpreparingthesensitivityanalysisdidnotchangecomparedtopriorperiod.

Following are the Principal Actuarial Assumptions used as at the Balance Sheet date :



DiscountRate Refernotebelow*

Refernotebelow*

SalaryEscalationRate–ManagementStaffTurnoverRateMortalityTable

*Note:TheCompanyhadlessthan10employeesonitspayroll.Consideringmateriality,liabilityforleaveencashmentason31stMarch,2019and31stMarch,2020hasbeenrecognisedonactualbasisratherthanonacturialbasis.

(C) Risk Exposure

Thoughitsdefinedbenefitplans,theCompanyisexposetonumberofrisks,themostsignificantofwhicharedetailedbelow:

1. Acturial risk :

It’stheriskthatbenefitwillcostmorethanexpected.Thiscanariseduetofollowingreasons:

(a) Adversesalarygrowthexperience:salaryhikesthatarehigherthantheassumedsalaryescalationwillresultinanincreaseinobligationataratethatishigherthanexpected.

(b)Variabilityinmortalityrates:IfactualmortalityratesarehigherthanassumedmortalityrateassumptionthantheGratuitybenefitswillbepaidearlierthanexpected.Sincethereisnoconditionofvestingonthedeathbenefit,theaccelerationofcashflowwillleadtoanactuariallossorgaindependingontherelativevaluesoftheassumedsalarygrowthanddiscountrate.

(c) Variabilityinwithdrawalrates:Ifactualwithdrawalratesarehigherthanassumedwithdrawalrateassumptionthan theGratuitybenefitswillbepaidearlier thanexpected.The impactof thiswilldependonwhether thebenefitsarevestedasattheresignationdate.

2. Investment Risk

Forfundedplansthatrelyoninsurersformanagingtheassets,thevalueofassetscertifiedbytheinsurermaynotbethefairvalueofinstrumentsbackingtheliability.Insuchcases,thepresentvalueoftheassetsisindependentofthefuturediscountrate.Thiscanresultinwidefluctuationsinthenetliabilityorthefundedstatusiftherearesignificantchangesinthediscountrateduringtheinter-valuationperiod.

3. Liquidity Risk:

Employeeswithhighsalariesandlongdurationsorthosehigherinhierarchy,accumulatesignificantlevelofbenefits.Ifsomeofsuchemployeesresign/retirefromtheCompanytherecanbestrainonthecashflows.

4. Market Risk:

Marketriskisacollectivetermforrisksthatarerelatedtothechangesandfluctuationsofthefinancialmarkets.Oneactuarialassumptionthathasamaterialeffectisthediscountrate.Thediscountratereflectsthetimevalueofmoney.AnincreaseindiscountrateleadstodecreaseinDefinedBenefitObligationoftheplanbenefits&viceversa.Thisassumptiondependsontheyieldsonthecorporate/governmentbondsandhencethevaluationofliabilityisexposedtofluctuationsintheyieldsasatthevaluationdate.

5. Legislative Risk:

Legislative risk is the riskof increase in theplan liabilitiesor reduction in theplanassetsdue to change in thelegislation/regulation.ThegovernmentmayamendthePaymentofGratuityActthusrequiringthecompaniestopayhigherbenefitstotheemployees.ThiswilldirectlyaffectthepresentvalueoftheDefinedBenefitObligationandthesamewillhavetoberecognizedimmediatelyintheyearwhenanysuchamendmentiseffective.



103

Note 33 : Related Party Disclosures

Inaccordancewith the requirementsof INDAS24,on relatedpartydisclosures,nameof the relatedparty, relatedpartyrelationship,transactionsandoutstandingbalancesincludingcommitmentswherecontrolexitsandwithwhomtransactionshavetakenplaceduringreportedperiods,are:

a) List of Related Parties for the Group

For Waacox Energy Private Limited

Particulars Relationship (% of holding) (% of holding)As at

March 31, 2020As at

March 31, 2019AdityaBirlaRenewablesLimited

(ABReL)AssociateCompany

(From27thSeptember,2018)49 49

GrasimIndustriesLimited AssociateCompany(From27thSeptember,2018)

100%HoldingcompanyofABReL

100%HoldingcompanyofABReL

For Waasang Solar Private Limited


March 31, 2020As at

March 31, 2019WaaareeEnergiesLimited UltimateHoldingCompany

(W.e.f.8thApr,2019)Holdingcompanyof

SRL26

For Waasang Solar One Private Limited


March 31, 2020As at

March 31, 2019WaaareeEnergiesLimited AssociateCompany

(W.e.f.29thAug,2018)49 49

For Sangam Rooftop Solar Private Limited


March 31, 2020As at



SRLHoldingcompanyof

SRL For Waaree PV Technologies Private Limited


March 31, 2020As at



SRLHoldingcompanyof

SRLb) Key Management Personnel of Group

For Sangam Renewables limited MayankShah-Director(appointedw.e.fNovember14,2017uptoMarch30,2019) PujanDoshi-ManagingDirector(w.e.fSeptember2,2016) AnkitDoshi-Director&CFO(directorw.e.fSeptember02,2016&CFOw.e.fFebruary,13,uptoApril08,2019) RuchiSethi-CompanySecretary(appointedw.e.fFebruary13,2017) B.C.Bhandari-CFO(w.e.f8thApril2019) SharadSaxena-Director(w.e.f.April8,2019)



104

For Waacox Energy Private Limited PujanDoshi-Director KuldeepJain-Director(upto28September2018) RavinderKhanna-Director(w.e.f.27September2018) NikhilSanghani-CFO(w.e.f.01February2019) AmitabhVerma-Manager(w.e.f.25February2019) For Sangam Rooftop Solar Private Limited PujanDoshi-Director SharadKumarSaxena-Director For Waasang Solar Private Limited PujanDoshi-Director SharadKumarSaxena-Director For Waasang Solar One Private Limited PujanDoshi-Director HiteshMehta-Director For Waaree PV Technologies Private Limited PankajDoshi-Director B.C.Bhandari-Director KiritDoshi-Director

c) Transactions during the year with related parties

For Sangam Renewables Limited

Name of the party Nature of transactions Year EndedMarch 31, 2020

Year EndedMarch 31, 2019

- Mayank Shah DirectorRemuneration - 63,83,070 - Kuldeep Jain DirectorRemuneration - 27,06,250 - Ankit Doshi DirectorRemuneration - 6,00,000 - Sharad Saxena DirectorRemuneration 36,28,063 - Bhagchand Bhandari ChiefFinancialOfficer 41,32,418

For Waacox Energy Private Limited



- Grasim Industries Limited Projectmanagementfees - 60,43,950ICD-Principal - 35,00,00,000Supervision&Monitoringservices 33,553ICD-Interest - 33,16,439

- Aditya Birla Renewables Limited

Deputationcharges 4,60,942

ICDGiven 25,00,00,000ICDRefund-Principal 20,00,00,000ICD-Interest 32,24,932

- Waaree Energies Limited Capitaladvancegiven - 46,32,86,250Capitaladvancerefund 37,67,90,364Purchaseundersupply&servicecontract 14,26,40,043 13,16,54,986



105




- Waaree Energies Limited 1)LoanTaken - 70,00,0002)LoanRepaid 72,44,4063)InterestonunsecuredLoan 18,411 2,53,151

For Sangam Rooftop Solar Private Limited



- Waaree Energies Limited 1)Purchase 8,73,66,960 -2)Sale 1,04,95,1943)Operation&MaintainanceExpense 5,15,8654)Expensereimbursement 2,40,2795)ProjectManagementFees 90,75,000 -

For Waasang Solar One Private Limited



- Waaree Energies Limited 1)Purchases 2,81,66,575 - For Waaree PV Technologies Private Limited



- Waaree Energies Limited 1)Purchases 12,87,52,701 -d) Balance outstanding of related parties

For Sangam Renewables limited

Name of the Party Receivable /(Payable) As at March 31, 2020

As atMarch 31, 2019

MayankShah (Payable) - 22,722 For Waacox Energy Private Limited


As atMarch 31, 2019

AdityaBirlaRenewablesLimited Receivable 5,04,77,398 -WaareeEnergiesLimited Receivable (4,53,70,932) 50,82,38,141GrasimIndustriesLimited (Payable) (55,41,965) (55,31,732)



As atMarch 31, 2019

WaareeEnergiesLimited (Payable) - (72,27,836) For Sangam Rooftop Solar Private Limited


As atMarch 31, 2019

WaareeEnergiesLimited (Payable) (1,79,10,036) - For Waasang Solar One Private Limited


As atMarch 31, 2019

WaareeEnergiesLimited (Payable) (4,84,682) -



106


For Waaree PV Technologies Private Limited


As atMarch 31, 2019

WaareeEnergiesLimited (Payable) (6,51,82,430) -e) Key Management Personnel Compensation


As atMarch 31, 2019

Short-termemployeebenefits -Post-employmentbenefitsOtherlongtermbenefits* 2,76,337Terminationbenefits -Sharebasedpayment -Total Compensation - 2,76,337




If undelivered Please return to:Sangam Renewables Limited(Formerly known as Sangam Advisors Limited)504,WesternEdge-I,Off:WesternExpressHighway,Borivali(E)Mumbai-400066;TelNo.02243331500Email:[email protected]:www.sangamrenew.comCIN:L93000MH1999PLC120470

+9

1 2

2

Sangam Renewables Limited - BSE

Documents

Transcript of Sangam Renewables Limited - BSE