1. Terms / right attached to Equity Shares

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

Nature and purpose of reserves

A. Securities premium

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

B. Share options outstanding account

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

Description of share based payment arrangements

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

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

(a) Valuation of stock option

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

The key inputs and assumptions used are as follows:

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

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

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

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

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

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

c) General Reserve

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

d) Retained Earnings

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Transaction Price - Remaining Performance Obligation

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

32. Segment Reporting

A. General Information

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

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

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

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

34. Leases- Where company is lessee

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

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

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

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

37. Corporate Social Responsibility

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

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

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

a) Market risk

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

i) Interest rate risk

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

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

Interest rate sensitivity

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

ii) Foreign currency risk

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

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

(b) Credit risk

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

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

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

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

(i) Trade and other receivables

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

(ii) Investments

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

(iii) Cash and cash equivalents

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

(c) Liquidity risk

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

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

Capital Management

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

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

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

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

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

B. Measurement of fair values

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

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

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

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

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

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

The RP has certified these Standalone Financial

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

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

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

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

45. During the year the banks has not charged interest

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

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

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

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

48. Additional Regulatory Information

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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