j;j.::..- · mr. pujan pankaj doshi being a subsidiary company in which mr. pujan doshi is...

August 13, 2019

The General Manager Corporate Relation Department, BSE Limited Dalal Street, Mumbai -400 001

Dear Sir,

.~\ ... I// -= ~ =- SANGAM -..::\j;j.::..- RENEWABLES

Sub.: 20 th Annual Report of Sangam Renewables Limited (Formerly known as Sangam Advisors Limited) for the financial year ended on March 31, 2019.

Script Code: 534618

Pursuant to regulation 34 of SEBI (LODR), 2015, we are submitting herewith the 20th Annual Report of the Company for the financial year ended March 31, 2019.

Please acknowledge and take the same on your records.

Thanking you,

Yours faithfully, For Sangam Renewables Limited (Formerly known ns Sangam Advisors Limited)

Encl.: As above

Sang-am Renewahles Limited (Erstwhile "Sangam Advisors Limited")

50 I, Western Edge - I, Of!. Western Express Highway, Borivali (East) Mumbai - 400066, INDIA

Tel: +91 224333 1500 [email protected] www.sangamrenew.com

C~:L93000NDfI999PLCI20470

GST: 27AADCSI824J2ZB

20th ANNUAL REPORT

FINANCIAL YEAR 2018-19

SANGAM RENEWABLES LIMITED(Formerly known as Sangam Advisors Limited)

COMPANY INFORMATIONBoard of Directors• Mr.NileshBhogilalGandhi Chairman&Non-ExecutiveIndependentDirector• Mr.MitulMehta Non-ExecutiveIndependentDirector• Ms.AnitaJaiswal Non-ExecutiveIndependentDirector• Mr.PujanPankajDoshi ExecutiveDirector• Mr.SharadKumarSaxena Whole-timeDirector

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

BankersAxisBankLimited

Statutory AuditorRTJain&Co.LLP,CharteredAccountants

Secretarial AuditorRMMimani&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]

Registered Office and Contact Details and Website501,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........................................................................................................................................ 14AnnexurestoDirectors’Report................................................................................................................. 19ManagementDiscussionandAnalysis....................................................................................................... 30CorporateGovernanceReport.................................................................................................................... 32CEO/CFOCertification.............................................................................................................................. 41AuditorCertificateonCorporateGovernance........................................................................................... 42AuditorReportonStandaloneFinancialStatement................................................................................... 43StandaloneBalanceSheet,ProfitandLossAccount,CashFlowStatementandNotestoAccounts......... 48Auditors’ReportonConsolidatedFinancialStatement.............................................................................. 74ConsolidatedBalanceSheet,ProfitandLossAccount,CashFlowStatementandNotestoAccounts.... 78AttendanceSlip.......................................................................................................................................... 105ProxyForm.................................................................................................................................................. 107

Sangam Renewables Limited (Formerly known as Sangam Advisors Limited)FY 2018-19

3

NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN THAT THE 20TH ANNUAL GENERAL MEETING of the Members of the Sangam Renewables Limited (Formerly known as Sangam Advisors Limited)willbeheldatNirvanBungalow&PartyHallPlotNo.65,RoadRSC20,Charkop,SectorNo.9,BehindMTNL,NearRaviTower,Mumbai–400067,MaharashtraonTuesday,10thdayofSeptember,2019at10.00a.m.totransactthefollowingbusinesses;

ORDINARY BUSINESS:

1. To receive, consider andadopt theAuditedFinancialStatements (includingconsolidatedfinancial statements)of theCompanyfor thefinancialyearendedMarch31,2019 including theReportsof theBoardofDirectorsandAuditorsthereon.

2. ToappointaDirectorinplaceofMr.PujanDoshi(DIN:07063863),whoretiresbyrotationandbeingeligible,hasofferedhimselfforre-appointment.

SPECIAL BUSINESS

3. Toconsiderand,ifthoughtfit,topass,withorwithoutmodification,thefollowingresolutionasanordinaryresolution:

“RESOLVED THATpursuant totheprovisionsofSection149and152readwithScheduleIVandotherapplicableprovisions, ifany,of theCompaniesAct,2013andCompanies (AppointmentandQualificationsofDirectors)Rules,2014(includinganystatutorymodification(s)orre-enactment thereof, for the timebeinginforce)andSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015,asamendedfromtimetotime,Ms.AnitaJaiswal(DIN:08485642),beandisherebyappointedasanIndependentDirectoroftheCompanyforatermoffiveyearscommencingfromJune20,2019toJune19,2024,notliabletoretirebyrotation;

RESOLVED FURTHER THATtheBoardbeandisherebyauthorizedtodoallsuchactsandtakeallsuchstepsasmaybenecessary,properorexpedienttogiveeffecttothisresolutionwithoutbeingrequiredtoseekanyfurtherconsentorapprovalofthemembersorotherwisetotheendandintentthatitshallbedeemedtohavetheirapprovaltheretoexpresslybytheauthorityofthisresolution.”


“RESOLVED THATpursuant to theprovisionsofSections196,197and203andallotherapplicableprovisionsoftheCompaniesAct,2013(“theAct”)(includinganystatutorymodificationorre-enactmentthereofforthetimebeinginforce)readwithScheduleVoftheActandCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014andArticlesofAssociationoftheCompanyandsubjecttosuchapprovals,permissionsandsanctions,asmayberequired,andsubjecttosuchconditionsandmodifications,asmaybeprescribedorimposedbyanyoftheauthoritiesincludingtheCentralGovernmentingrantingsuchapprovals,permissionsandsanctions,consentof theshareholdersoftheCompanybeandisherebyaccordedtotheappointmentandremunerationofMr.SharadKumarSaxena(DIN:01874149)astheWhole-timeDirector(WTD)oftheCompanyforaperiodoffiveyearswitheffectfromApril08,2019toApril07,2024(bothdaysinclusive),ontermsandconditionsincludingremunerationassetoutintheExplanatoryStatementannexedtothenoticeconveningthisMeeting,withlibertytotheBoardofDirectors(hereinafterreferredtothe“Board”whichtermshallbedeemedtoincludetheNominationandRemunerationCommitteeoftheBoard)toalterandvarythetermsandconditionsofthesaidre-appointmentand/orremunerationasitmaydeemfitandasmaybeacceptabletoMr.SharadKumarSaxena,subjecttothesamenotexceedingthelimitsspecifiedunderScheduleVoftheCompaniesAct,2013oranystatutorymodification(s)orre-enactmentsthereof;

RESOLVED FURTHER THAT notwithstanding anything herein,where in any financial year during the tenure oftheWTD,theCompanyhasnoprofitsoritsprofitsareinadequate,theCompanymaysubjecttoreceiptoftherequisiteapprovalsincludingapprovalofCentralGovernment,ifany,paytotheWTDtheaboveremunerationastheminimumremunerationbywayofsalary,perquisites,performancepay,otherallowancesandbenefitsasspecifiedintheexplanatorystatementannexedtotheNoticeconveningthisMeetingandthattheperquisitespertainingtocontributiontoprovidentfund,superannuationfundorannuityfund,gratuityandleaveencashmentshallnotbeincludedinthecomputationoftheceilingonremunerationspecifiedinSectionIIandSectionIIIofpartIIofScheduleVoftheCompaniesAct,2013;

“RESOLVED FURTHER THATtheOfficeofWhole-timeDirectorshallbeliabletoretirebyrotationpursuanttoSection152(6)ofCompaniesAct,2013andRulesmadethere-underandanysubsequentamendment(s)and/ormodification(s)intheAct,Rulesand/orapplicablelawsinthisregardandArticle141oftheArticlesofAssociationoftheCompany;

“RESOLVED FURTHER THATMr.SharadKumarSaxena,Whole-timeDirectoroftheCompanybeandisherebyauthorised,empoweredandvestedwiththesubstantialpowersoftheManagementoftheCompanyforcarryingouttheaffairsandactivitiesoftheCompanysubjecttothesuperintendence,controlanddirectionoftheBoardofDirectorsoftheCompany;

Sangam Renewables Limited (Formerly known as Sangam Advisors Limited) FY 2018-19

4

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

“RESOLVED FURTHER THATtheBoardofDirectors(whichtermshall,unlessrepugnanttothecontextormeaningthereof,bedeemedtoincludeadulyauthorised‘Committee’thereof)beandisherebyauthorisedtodoandperformallsuchacts,deeds,mattersorthingsasmaybeconsiderednecessary,appropriate,expedientordesirabletogiveeffecttoaboveresolution.”


“RESOLVED THATpursuanttotheprovisionsofSection188andotherapplicableprovisions,ifany,oftheCompaniesAct,2013readwithRulesframedthereunder(includinganystatutorymodification(s)orre-enactment(s)thereofforthetimebeinginforce)andtheprovisionsofSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015(asamendedfromtimetotime),consentoftheShareholdersoftheCompanybeandisherebyaccordedtotheCompany,forenteringintofollowingrelatedpartytransaction(s)asstatedagainstrespectivenatureoftransactionsanddetailedbelow:

Name of the related party

The nature of transactions

as per section 188 of the

Companies Act, 2013

Name of Director or key

Managerial Personnel

who is related, if any

Nature of Relationship

Material terms and particulars

of the contract or arrangement

Monetary value

(Rs. in lakhs)

Any other information relevant or

important for members to

take decision on the proposed

resolutionWaacoxEnergyPrivateLimited

ProjectManagementandsupervisionofsolarpowerprojectsatvariousplaces

Mr.PujanDoshiandMr.NileshGandhi

BeingaSubsidiaryCompanyinwhichMr.PujanDoshiandMr.NileshGandhiareDirectors.

Asperthetermsoftherespectivecontractsorarrangementsenteredintoortobeenteredintofromtimetotimeintheordinarycourseofbusinessandonanarms’lengthbasis

1,000 None

WaareeEnergiesLimited(Waaree)

ProjectManagementandsupervisionofsolarpowerprojectsatvariousplaces,Purchase-WorksContracts

Mr.PujanPankajDoshi

BeingholdingCompanyinwhichrelativesofMr.PujanPankajDoshiareDirectorsofWaareeEnergiesLimited

Asperthetermsoftherespectivecontractsorarrangementsenteredintoortobeenteredintoformtimetotimeintheordinarycourseofbusinessandonanarms’lengthbasis

5,000 None

SangamRooftopSolarPrivateLimited

ProjectManagementandsupervisionofsolarpowerprojectsatvariousplaces,Sale-Purchase-WorksContracts

Mr.PujanPankajDoshiandMr.SharadKumarSaxena

BeingaSubsidiaryCompanyinwhichMr.PujanDoshiandMr.SharadKumarSaxenaareDirectors.


5,000 None


5




Companies Act, 2013



who is related, if any




Monetary value

(Rs. in lakhs)




resolutionWaasangSolarOnePrivateLimited


Mr.PujanPankajDoshi

BeingaSubsidiaryCompanyinwhichMr.PujanDoshiisDirectors


1,000 None

WaasangSolarPrivateLimited



BeingaSubsidiaryCompanyinwhichMr.PujanDoshiandMr.SharadKumarSaxenaareDirectors


1,000 None

WaareePVTechnologiesPrivateLimited

ProjectManagementandsupervisionofsolarpowerprojectsatvariousplaces,,Sale-Purchase-WorksContracts

Mr.PujanPankajDoshi

BeingaSubsidiaryCompanyinwhichrelativeofMr.PujanDoshiisDirectors


10,000 None

RESOLVED FURTHER THATtheBoardofDirectorsoftheCompany(the“Board”,whichtermshallbedeemedtoincludeits“CommitteeofDirectors”),beandisherebyauthorizedtodoorcausetobedoneallsuchacts,matters,deedsandthingsandtosettleanyquestions,difficultiesordoubtsthatmayarisewithregardtoanytransactionswithrelatedpartiesandexecutesuchagreements,documentsandwritingsandtomakesuchfilings,asmaybenecessaryordesirableforthepurposeofgivingeffecttothisresolution.”

6. Toconsiderandifthoughtfit,topasswithorwithoutmodification(s),thefollowingresolutionasaspecialresolution:

“RESOLVED THAT pursuant to the provisions of Sections 185 of the Companies Act, 2013 (“Act”) read withCompanies (Meetings ofBoard and its Powers)Rules, 2014 (including any statutorymodification(s), amendment(s)or re-enactment(s) thereof for the time being in force) and other applicable provisions of theAct and the rules andregulationsmadethereunderandaspertheregulation23ofSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations, 2015 (“SEBILODR”) and the enabling provisions of theMemorandumandArticlesofAssociationoftheCompany,consentofthemembersbeandisherebyaccordedtograntaloans/provideguaranteeorsecurity(“ProposedLoan”),totheextentofRs.1,000,000,000(RupeesHundredCrores)includingloans/guaranteealreadyprovided,inoneormoretranches,fortheexpansionofmanufacturingcapabilitiesandthebusinessactivitiesrelatedtheretoonsuchtermsandconditionsasmaybemutuallyagreeduponbetweenthepartiestothefollowingentitiesasdetailedbelow;


6

Sr. No

Name of the Company Type % of shares held Amount(In lakh)

1 SangamRooftopSolarPrivateLimited Subsidiary 100 3,0002 WaacoxEnergyPrivateLimited Subsidiary 100 1,0003 WaasangSolarOnePrivateLimited Subsidiary 51 1,0004 WaasangSolarPrivateLimited Subsidiary 74 1,0005 WaareePVTechnologiesPrivateLimited Subsidiary 100 4,000


7. Toconsiderandifthoughtfit,topasswithorwithoutmodification(s),thefollowingresolutionasaSpecialresolution:

“RESOLVED THATpursuant to theprovisionsofSection5,14of theCompaniesAct,2013,readwithCompanies(Incorporation)Rules,2014andotherapplicableprovisions,ifany,oftheCompaniesAct,2013,(includinganyamendmenttheretoorre-enactmentthereof),thenewsetofArticlesofAssociation,asplacedbeforethemeetingandinitialledbytheChairmanforthepurposeofidentification,beandisherebyapprovedandadoptedasnewArticlesofAssociationoftheCompanyintheplaceandexclusionoftheexistingArticlesofAssociationoftheCompany;


By Order of the Board of Directors

Sd/-Sharad Kumar Saxena

Dated:July26,2019 Whole-time DirectorPlace:Mumbai DIN: 01874149

Registered Office:501,WesternEdge-I,Off:WesternExpressHighway,Borivali(E),Mumbai-400066

NOTES:

1. TheRegisterofMembersandtheShareTransferbooksoftheCompanywillremainclosedfrom7thdayofSeptember2019to10thdayofSeptember,2019(bothdaysinclusive)forthepurposeoftheAnnualGeneralMeeting.

2. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY/ PROXIES TO ATTEND AND VOTE INSTEAD OF HIMSELF/HERSELF. SUCH A PROXY/ PROXIES NEED NOT BE A MEMBER OF THE COMPANY.Apersoncanactasproxyonbehalfofmembersnotexceedingfifty(50)andholdingintheaggregatenotmorethan10%ofthetotalsharecapitaloftheCompany.TheinstrumentofProxyinordertobeeffective,shouldbedepositedattheRegisteredOfficeoftheCompany,dulycompletedandsigned,notlessthan48hoursbeforethecommencementofthemeeting.AProxyformissentherewith.Proxiessubmittedonbehalfofthecompanies,societiesetc.,mustbesupportedbyanappropriateresolution/authority,asapplicable.

3. CorporateMembersintendingtosendtheirauthorizedrepresentativestoattendtheMeetingpursuanttoSection113oftheCompaniesAct,2013arerequestedtosendtotheCompany,acertifiedtruecopyoftherelevantBoardofDirectorsresolutiontogetherwiththeirrespectivespecimensignaturesauthorisingtheirrepresentative(s)toattendandvoteontheirbehalfattheMeeting.

4. ElectroniccopyoftheNoticeofthe20thAnnualGeneralMeetingoftheCompanyinteraliaindicatingtheprocessandmannerofe-votingalongwithAttendanceSlipandProxyFormisbeingsenttoallthememberswhoseemailIDsareregisteredwiththeCompany/DepositoryParticipants(s)forcommunicationpurposesunlessanymemberhasrequestedforahardcopyofthesame.Formemberswhohavenotregisteredtheiremailaddress,physicalcopiesoftheNoticeofthe20thAnnualGeneralMeetingoftheCompanyinteraliaindicatingtheprocessandmannerofe-votingalongwithAttendanceSlipandProxyFormisbeingsentinthepermittedmode.

5. Notice of the 20thAnnualGeneralMeeting and theAnnualReport for thefinancial year 2018-19will also bemadeavailableontheCompany’swebsitei.e.www.sangamrenew.com.ThephysicalcopiesoftheaforesaiddocumentswillalsobeavailableattheCompany’sRegisteredOfficeinMumbaiforinspectionduringnormalbusinesshoursonworking


7

days.Evenafterregisteringfore-communication,membersareentitledtoreceivesuchcommunicationfreeofcostinphysicalform,uponmakingarequestfor thesamebypost.Foranycommunication, theshareholdersmayalsosendrequeststotheCompany’sinvestoremailid:[email protected].

6. In compliancewith the provisions of Section 108 of theAct readwithRule 20 of theCompanies (Management&Administration)Rules,2014,theCompanyispleasedtoofferRemotee-votingfacilitywhichwillenablethememberstocasttheirvoteselectronicallyonalltheresolutionssetoutinthenotice.TheBoardofDirectorshasappointedRMMimani&AssociatesLLP,CompanySecretaries(FirmRegistrationNo.I200IMH250300)asScrutinizerforconductingtheelectronicvotingprocessinafairandtransparentmanner.

7. E-votingFacility:(i)thee-votingperiodcommencesonSeptember06,2019(10.00a.m.)andendsonSeptember09,2019(5.00p.m.).TheRemotee-votingmoduleshallbedisabledforvotingthereafter.(ii)TheCompanyhasengagedCentralDepositoryServices(India)Limited(“CDSL”)toofferRemotee-votingfacilitytoallitsmemberstoenablethemtocasttheirvoteelectronically.

8. Votingrightswillbereckonedonthepaid-upvalueofthesharesregisteredinthenameofthemembersasonthecut-offdatei.e.September02,2019.TheScrutinizer,afterscrutinizingthevotescastatthe20thAnnualGeneralMeeting,andthroughremotee-votingwill,notlaterthanthreedaysoftheconclusionofthe20thAnnualGeneralMeeting,makeaconsolidatedreportandsubmitthesametotheChairman/ManagingDirector.Theresultsalongwiththeconsolidatedscrutinizer’sreportshallbeplaceonthewebsiteoftheCompanyandonthewebsiteofCDSLwithinfortyeighthoursfromtheconclusionofthe20thAnnualGeneralMeeting.TheresultsshallsimultaneouslybecommunicatedtotheStockExchange.

9. TheVotingrightsofshareholdersshallbeinproportiontotheirsharesofthepaidupequitysharecapitaloftheCompany.

10. TheequitysharesoftheCompanyaremandatedfortradinginthecompulsorydematmode.TheISINNo.allottedfortheCompany’ssharesisINE299N01013.

11. Members/Proxiesarerequestedtobringattendance-slipalongwiththeircopyofAnnualReporttotheMeeting.

12. Membersdesiringtoexercisetheirvotebyusinge-votingfacilityshouldcarefullyfollowtheinstructionsgivenbelow.

a. Theshareholdersshouldlogontothee-votingwebsite:www.evotingindia.com

b. ClickonShareholders/MembersTab.

c. EnteryourUserID:

i. ForCDSL:[16digitsbeneficiaryID];

ii. ForNSDL:[8CharacterDPIDfollowedby8DigitsClientID];

iii. MembersholdingsharesinphysicalformshouldenterfolionumberregisteredwiththeCompany.

d. Entertheimageverificationasdisplayedandclickonlogin.

e. Ifyouareholdingsharesindematformandhadloggedontowww.evotingindia.comandvotedonanearliervotingofanyCompany,thenyourexistingpasswordistobeused.

f. Ifyouareafirsttimeuser,followthestepsgivenbelowandfilltheappropriateboxes:formembersholdingsharesindematformandphysicalform:PAN*enteryour10digitalpha-numeric*PANissuedbyIncomeTaxDepartment(Applicableforbothdematshareholdersaswellasphysicalshareholders)

g. Members who have not updated their PAN with the Company/Depository Participant are requested to use thesequencenumberwhichisprintedonPostalBallot/AttendanceSlipindicatedinthePANfield.

h. Incasethesequencenumberislessthan8digits,entertheapplicablenumberof0’sbeforethenumberafterthefirsttwocharactersofthenameinCAPITALletters.i.e.IfyournameisRameshKumarwithsequencenumber1thenenterRA00000001inthePANField.DOBEntertheDateofBirthasrecordedinyourdemataccountorintheCompanyrecordsforthesaiddemataccountorfolioindd/mm/yyyyformat.DividendBankDetails#EntertheDividendBankDetailsasrecordedinyourdemataccountorintheCompanyrecordsforthesaiddemataccountorfolio.#pleaseenterstheDOBorDividendBankDetailsinordertologin.IfthedetailsarenotrecordedwiththedepositoryorCompany,pleaseenterthememberid/folionumberintheDividendBankdetailsfieldasmentionedininstruction

i. Afterenteringthesedetailsappropriately,clickon“SUBMIT”tab.

j. MembersholdingsharesinphysicalformwillthendirectlyreachtheEVSNselectionscreen.However,membersholdingsharesindematformwillnowreach‘PasswordCreation’menuwhereintheyarerequiredtomandatorilyentertheirloginpasswordinthenewpasswordfield.KindlynotethatthispasswordistobealsousedbythedematholdersforvotingforresolutionsofanyotherCompanyonwhichtheyareeligibletovote,providedthatCompanyoptsfore-votingthroughCDSLplatform.Itisstronglyrecommendednottoshareyourpasswordwithanyotherpersonandtakeutmostcaretokeepyourpasswordconfidential.


8

k. Formembersholdingsharesinphysicalform,thedetailscanbeusedonlyfore-votingontheresolutionscontainedinthisNotice.

l. ClickontherelevantEVSNforSangamRenewablesLimited(FormerlyKnownasSangamAdvisorsLimited)onwhichyouchoosetovote.

m. Onthevotingpage,youwillsee“RESOLUTIONDESCRIPTION”andagainstthesametheoption“YES/NO”forvoting.SelecttheoptionYESorNOasdesired.TheoptionYESimpliesthatyouassenttotheResolutionandoptionNOimpliesthatyoudissenttotheResolution.

n. Clickonthe“RESOLUTIONSFILELINK”ifyouwishtoviewtheentireResolutiondetails.

o. Afterselectingtheresolutionyouhavedecidedtovoteon,clickon“SUBMIT”.Aconfirmationboxwillbedisplayed.Ifyouwishtoconfirmyourvote,clickon“OK”,elsetochangeyourvote,clickon“CANCEL”andaccordinglymodifyyourvote.

p. Onceyou“CONFIRM”yourvoteontheresolution,youwillnotbeallowedtomodifyyourvote.

q. Youcanalsotakeaprintofthevotescastbyclickingon“Clickheretoprint”optionontheVotingpage

r. IfdemataccountholderhasforgottenthechangedpasswordthenentertheUserIDandtheimageverificationcodeandclickonForgotPassword&enterthedetailsaspromptedbythesystem.

s. ShareholderscanalsocasttheirvoteusingCDSL’smobileappm-Votingavailableforandroidbasedmobiles.Them-VotingappcanbedownloadedfromGooglePlayStore.AppleandWindowsphoneuserscandownloadtheappfromtheAppStoreandtheWindowsPhoneStorerespectively.Pleasefollowtheinstructionsaspromptedbythemobileappwhilevotingonyourmobile.

t. Note for Non – Individual Shareholders and Custodians

- Non-Individualshareholders(i.e.otherthanIndividuals,HUF,NRI,etc.)andCustodianarerequiredtologontowww.evotingindia.comandregisterthemselvesasCorporate.

- Ascannedcopyof the registration formbearing the stampandsignatureof theentity shouldbeemailed [email protected]

- Afterreceivingthelogindetailsacomplianceusershouldbecreatedusingtheadminloginandpassword.TheComplianceuserwouldbeabletolinktheaccount(s)forwhichtheywishtovoteon.

- Thelistofaccountsshouldbemailedtohelpdesk.evoting@cdslindia.comandonapprovaloftheaccountstheywouldbeabletocasttheirvote.

- AscannedcopyoftheBoardResolutionandPowerofAttorney(POA)whichtheyhaveissuedinfavouroftheCustodian,ifany,shouldbeuploadedinPDFformatinthesystemforthescrutinizertoverifythesame.

u. Incaseyouhaveanyqueriesorissuesregardinge-voting,youmayrefertheFrequentlyAskedQuestions(“FAQs”)ande-votingmanualavailableatwww.evotingindia.com,underhelpsectionorwriteanemailtohelpdesk.evoting@cdslindia.comorcall1800225533.

13. PursuanttoSection107oftheActreadwithRule20oftheCompanies(ManagementandAdministration)Rules,2014,therewillnotbevotingbyshowofhandsonanyoftheagendaitemsattheMeetingandpollwillbeconductedinlieuthereof.


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EXPLANATORY STATEMENTThefollowingExplanatoryStatementspursuant toSection102(1)of theCompaniesAct,2013setsoutallmaterialfactsrelatingtothebusinessmentionedinitemno.3to7oftheaccompanyingNoticeoftheAnnualGeneralMeeting.

Item No. 3TheBoardofDirectorsoftheCompany(‘theBoard’)atthemeetingheldonJune20,2019ontherecommendationoftheNomination&CompensationCommittee(‘theCommittee’),recommendedfortheapprovaloftheMembers,theappointmentofMs.AnitaJaiswal (DIN:08485642)as IndependentDirectorsof theCompanywitheffect fromJune20,2019 toJune19, 2024, in termsofSection149 readwithSchedule IVof theCompaniesAct, 2013 (‘theAct’), andRegulation17oftheSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015(‘ListingRegulations2015’),assetoutintheResolutionsrelatingtoherappointment.TheCommitteeandtheBoardareoftheviewthat,giventheknowledge,experienceandperformanceofMs.AnitaJaiswal,herassociationwouldbenefittheCompany.DeclarationshavebeenreceivedfromMs.AnitaJaiswalthatshemeetthecriteriaofIndependenceprescribedunderSection149oftheActreadwiththeCompanies(AppointmentandQualificationofDirectors)Rules,2014andRegulation16oftheListingRegulations2015.IntheopinionoftheBoard,Ms.AnitaJaiswalfulfilstheconditionsspecifiedintheAct,theRulesthere-underandtheListingRegulations2015fortheappointmentasIndependentDirectorsandsheisindependentofthemanagementoftheCompany.ConsentoftheMembersbywayofOrdinaryResolutionisrequiredfortheappointmentofMs.AnitaJaiswal,intermsofSection149oftheAct.RequisiteNoticesunderSection160oftheActproposingtheappointmentofMs.AnitaJaiswalhavebeenreceivedbytheCompany,andconsentshavebeenfiledbyMs.AnitaJaiswalpursuanttoSection152oftheAct.AdditionalinformationinrespectofMs.AnitaJaiswalpursuanttotheListingRegulations2015andtheSecretarialStandardonGeneralMeetingsisappearingintheAnnexureandformingthepartofthisReport.Ms.AnitaJaiswaldonotholdanyshareintheCompany,eitherintheirindividualcapacityoronabeneficialbasisforanyotherperson.Ms.AnitaJaiswalandherrelativesareinterestedintheOrdinaryResolutionrelatingtoherappointment.NoneoftheotherDirectorsandKeyManagerialPersonneloftheCompany,ortheirrelatives,isinterestedintheseOrdinaryResolutions.TheBoardofDirectorsrecommendstheItemNo.3tobepassedbythemembersoftheCompanyasOrdinaryResolution.

Item No. 4TheBoardofDirectorsoftheCompany,ontherecommendationmadebytheNominationandRemunerationCommittee,proposed theappointmentofMr.SharadKumarSaxena(DIN:01874149)wasas theWhole-timeDirector (WTD)of theCompanyforaperiodoffiveyearswitheffectfromApril08,2019toApril07,2024(bothdaysinclusive).TheothertermsandconditionsandremunerationpayabletoMr.SharadKumarSaxena,asWhole-timeDirectoraresetoutbelow:1. Salary(includingperquisites)Rs.40,00,000/-(RupeesFortyLakhsOnly)perannumwithannualormid-termincrements

asapprovedbytheBoard/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 of

un-availedleaveattheendofhistenure.• HewillnotbeentitledtosittingfeesformeetingsoftheBoard/CommitteesoftheBoardattendedbyhim.• ThesalarywillbesubjecttoallapplicableprovisionsoftheIncomeTaxAct,1961.• Thetenurewillbesubjecttoterminationbythreemonthsnoticeinwritingoneitherside.

PursuanttotheprovisionsofSections196,197and203andallotherapplicableprovisionsoftheCompaniesAct,2013(“theAct”),includingScheduleVtotheAct,theappointmentandremunerationpayabletotheWhole-timeDirectorisnowbeingplacedbeforethemembersinthe20thAnnualGeneralMeetingfortheapprovalbywayofanordinaryresolutionassetoutatitem4ofthenotice.AdditionalinformationinrespectofMr.SharadKumarSaxenapursuanttotheListingRegulations2015andtheSecretarialStandardonGeneralMeetingsisappearingintheAnnexureandformingthepartofthisReport.ApartfromMr.SharadSaxenabeingAppointeeDirector,noneoftheotherDirectorsorKeyManagerialPersonneloftheCompanyortheirrelativesisconcernedorinterested,financialorotherwise,intheresolutionassetoutatItemNo.4.TheBoardofDirectorsrecommendstheItemNo.4tobepassedbythemembersoftheCompanyasOrdinaryResolution.Item No. 5TheSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015(“SEBIRegulations”)provides forobtainingapprovalof theShareholders forentering into relatedparty transactionsasprovidedtherein.Further,intermsoftheprovisionsofSection188(1)oftheCompaniesAct,2013readwithRulesframedthereunder,


10

forenteringintorelatedpartytransactionswherethetransactionvalueexceedthethresholdsprescribed,priorapprovaloftheShareholdersbywayofanordinaryresolutionisrequired.Accordingly,intermsoftheprovisionsoftheSEBIRegulationsandtheCompaniesAct,2013,approvaloftheShareholdersoftheCompanyisbeingsoughtbywayofanordinaryresolutionsetoutatItemNo.5ofthisNotice.PursuanttotherequirementsprescribedundertheCompanies(MeetingsoftheBoardanditsPowers)Rules,2014,asamendedfromtimetotime,thedetailsinrelationtothetransactionswithrelatedparties,isasunder:




Companies Act, 2013



who is related, if

any




Monetary value

(Rs. in lakhs)




resolutionWaacoxEnergyPrivateLimited

ProjectManagementandsupervisionofsolarpowerprojectsatvariousplaces

Mr.PujanDoshiandMr.NileshGandhi

BeingaSubsidiaryCompanyinwhichMr.PujanDoshiandMr.NileshGandhiareDirectors.


1,000 None

WaareeEnergiesLimited(Waaree)

ProjectManagementandsupervisionofsolarpowerprojectsatvariousplaces,Purchase-WorksContracts

Mr.PujanPankajDoshi

BeingholdingCompanyinwhichrelativesofMr.PujanPankajDoshiareDirectorsofWaareeEnergiesLimited

Asperthetermsoftherespectivecontractsorarrangementsenteredintoortobeenteredintoformtimetotimeintheordinarycourseofbusinessandonanarms’lengthbasis

5,000 None

SangamRooftopSolarPrivateLimited


Mr.PujanPankajDoshiandMr.ShaaradKumarSaxena

BeingaSubsidiaryCompanyinwhichMr.PujanDoshiandMr.SharadKumarSaxenaareDirectors.


5,000 None

WaasangSolarOnePrivateLimited


Mr.PujanPankajDoshi

BeingaSubsidiaryCompanyinwhichMr.PujanDoshiisDirectors


1,000 None

WaasangSolarPrivateLimited



BeingaSubsidiaryCompanyinwhichMr.PujanDoshiandMr.SharadKumarSaxenaareDirectors


1,000 None

WaareePVTechnologiesPrivateLimited


Mr.PujanPankajDoshi

BeingaSubsidiaryCompanyinwhichrelativeofMr.PujanDoshiisDirectors


10,000 None


11

NoShareholderoftheCompanybeingarelatedpartyorhavinganyinterestintheordinaryresolutionassetoutatItemNo.5oftheNoticeshallbeentitledtovoteonthisordinaryresolution.

YourDirectorsrecommendtheordinaryresolutionproposedatItemNo.5ofthisNoticeforyourapproval.

None of theDirectors and/orKeyManagerial Personnel of theCompany and/or their relatives exceptMr. PujanDoshi,Director,Mr.SharadSaxena,WholetimeDirectorareinanywayconcernedorinterestedintheaforesaidordinaryresolutionsetoutatItemNo.5ofthisNotice,saveandexcepttotheextentoftheirDirectorship/Shareholding,ifany,intheentitymentionedinthesaidresolution.

Item No. 6

AspartofrequirementundervariouscontractsoftheCompanyandalsotoachievelongtermstrategicandbusinessobjectives,Companyhastograntloans,givecorporateguaranteesorprovidesecuritiestofortheloanstoitssubsidiariesfromtimetotime,incompliancewiththeapplicableprovisionsoftheAct.Thesesubsidiariesare‘RelatedParty’intermsofSection2(76)oftheCompaniesAct,2013(“Act”)andRegulation2(1)(zb)oftheSEBILODR.Further,theproposedgrantofloan/provideguaranteeorsecuritymayqualifyasa‘MaterialRelatedPartyTransaction’intermsoftheprovisionsofRegulation23(1)ofSEBILODR.

IntermsofSection185oftheAct(asamendedbyCompanies(Amendment)Act,2017andnotifiedbyMinistryofCorporateAffairsvidenotificationdatedMay7,2018),andRegulation23ofSEBILODR,2018,theproposedgrantofloan/providegruanrateeorsecurityrequirestheapprovalofthemembersoftheCompanybywayofaSpecialResolution.

TheBoardofDirectorsrecommendstheresolutionatitemno.6asspecialresolutionfortheapprovaloftheMembers.

None of theDirectors and/orKeyManagerial Personnel of theCompany and/or their relatives exceptMr. PujanDoshi,Director,Mr.SharadSaxena,WholetimeDirectorareinanywayconcernedorinterestedintheaforesaidspecialresolutionsetoutatItemNo.6ofthisNotice,saveandexcepttotheextentoftheirDirectorship/Shareholding,ifany,intheentitymentionedinthesaidresolution.

Item No. 7

Your Directors considered that the existingArticles ofAssociation of the Company do not cover latest amendments ofCompaniesAct, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Therefore, it isproposedtoamendtheexistingArticleofAssociationbyadoptinganewsetofArticlesofAssociationintheplaceoftheexistingArticlesofAssociationoftheCompany.

IntermsofSection14oftheCompaniesAct,2013,theconsentoftheMembersbywayofSpecialResolutionisrequiredforadoptionofnewsetofArticlesofAssociationoftheCompany.

TheBoardofDirectorsrecommendstheresolutionatitemno.7asspecialresolutionfortheapprovaloftheMembers.

Noneof theDirectorsand/orKeyManagerialPersonnelof theCompanyand/or their relativesare inanywayconcernedorinterestedintheaforesaidspecialresolutionsetoutatItemNo.7ofthisNotice,saveandexcepttotheextentoftheirDirectorship/Shareholding,ifany,intheentitymentionedinthesaidresolution.

By Order of the Board of Directors


Dated:July26,2019 Whole-time DirectorPlace:Mumbai DIN: 01874149


12

ROUTE MAP TO THE AGM VENUEAddress:NirvanBungalow&PartyHallPlotNo.65,RoadRSC20,Charkop,

SectorNo.9,BehindMTNL,NearRaviTower,Mumbai–400067


13

AnnexuretotheNotice

DetailsofDirectorsseekingappointment/re-appointmentattheAnnualGeneralMeeting

Particulars Ms. Anita Jaiswal Mr. Sharad Saxena Mr. Pujan Doshi

DIN 08485642 01874149 07063863

DateofBirth 12/10/1986 11/07/1960 29/09/1989

DateofAppointment June20,2019 April08,2019 September02,2016

Qualification B.Com,ACS,LL.B.,DHRM

B.E.(Mechanical)andM.B.A.

B.E.Instrumentation

Expertiseinspecificfunctionalareas LegalandSecretarial,

VastexperienceofSolarIndustry

VastExperienceinInstrumentationand

RenewableEnergydomain

Directorships held in other public companies(excluding foreign companies and Section 8companies)

NIL NIL NIL

Memberships /Chairmanshipsof committeesofotherpubliccompanies

NIL NIL NIL

NumberofsharesheldintheCompany NIL NIL 4,58,164

Disclosure of relationships between Directorsinter-se

NIL NIL NIL


14

DIRECTORS’ REPORTThe MembersSangam Renewables Limited(FormerlyknownasSangamAdvisorsLimited)Mumbai

TheDirectorsarepleasedtopresentthe20thAnnualReportonthebusinessandoperationsoftheCompanyandtheaccountsfortheFinancialYearendedMarch31,2019.

1. FINANCIAL RESULTS

TheCompany’sfinancialperformancefortheyearendedMarch31,2019issummarisedbelow:

(AmountinRs.Lakh)

Particulars Consolidated Standalone2018-19 2017-18 2018-19 2017-18

Total Income 758.54 203.37 582.14 204.20Less:Expenditure 676.47 164.74 490.80 162.52Profit/(Loss) before Tax 82.07 38.63 91.33 41.68TaxExpense(includingPreviousYearTaxAdjustment)

273.51 29.44 60.40 29.45

Profit/(Loss) after Tax (191.44) 9.19 30.93 12.23

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

DuringFY19, theyearunderreview,SangamRenewablesLimitedanditssubsidiaries(theCompany)commissioned7.415MW(0.86MWlastFY)rooftopprojects,signedPPAsfor34.60MWp(10.7MWlastFY)rooftopandgroundmountedprojects.Outofthese16.97MWpareunderconstructionandwillbecommissionedbyOct2019.Therest17.63MWparealsoscheduledtobetakenupforconstructionsoon.TheCompany’sbusinessiscarriedoutfromitsregisteredofficeinMumbai.

ForthecurrentFY20,theCompanyplanstocontinueitsfocusontheCommercial&Industrial(C&I)marketsegmenttosignPowerPurchaseAgreementswithcompaniesofhighcreditrating,toinstallSolarPVplantsonrooftopsaswellasgroundmounted(withincampusorremotelylocatedunderopenaccess).TheCompanyexpectstoinkPPAsfor30MWpto60MWpduringFY20.TheCompanyshallalsocontinuetoprovideadvisoryandconsultancyservicesinsolarspecificvertical.GiventheimpetustheCentralgovernmentisplanninginthecomingyears,theCompanyseesahugepotentialinthesolarindustryandiswellpoisedtotaptheseopportunities.

Foreaseofoperations,administrativeconvenience,theCompanyhasdecidedtohavemultipleSubsidiarycompaniesbasedonthetypeofOffTakers.

FinancialPerformanceReview&Analysis(Consolidated)

TheCompanyearnedconsolidatedprofitbeforetaxofRs.82.07lakhsandaftertaxlossofRs.191.44fortheFY2018-19,asagainstconsolidatedprofitbeforetaxofRs.38.63lakhsandaftertaxprofitofRs.9.19lakhsduringFY2017-18.

3. DIVIDEND AND RESERVES

Nodividendwasdeclaredforthecurrentfinancialyearduetoconservationofprofitsandcontinuedinvestmentinthebusiness.

4. SHARE CAPITAL

Duringtheyearunderreview,theauthorisedsharecapitaloftheCompanyisincreasedfromRs.102,500,000(RupeesTencrorestwentyfivelakhsonly)comprising10,250,000equitysharesoffacevalueofRs.10/-eachtoRs.210,000,000(RupeesTwentyOnecroresonly)comprising21,000,000equitysharesoffacevalueofRs.10/-eachbyspecialresolutionpassedinanExtra-ordinaryGeneralMeetingoftheMembersoftheCompanyheldonMarch28,2019.

ThepaidupequitysharecapitalasatMarch31,2019stoodatRs.100,148,340(RupeesTenCroresoneLakhForty-EightThousandThreeHundredandFortyonly).

Duringthecurrentfinancialyear,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.


15

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

Duringthefinancialyear,theCompanyhasincorporatedtwosubsidiariesi.e.WaasangSolarPrivateLimitedandWaasangSolarOnePrivateLimitedandasonMarch31,2019theCompanyhasthefollowingfoursubsidiaries:

• WaacoxEnergyPrivateLimited(100%Whollyowned)

• SangamRooftopSolarPrivateLimited(100%Whollyowned)

• WaasangSolarOnePrivateLimited(51%shareholding)

• WaasangSolarPrivateLimited(74%shareholding)

DuringthecurrentfinancialyeartheCompanyhasacquired10,000equitysharesoffacevalueofRs.10/-eachofWaareePVTechnologiesLimitedrepresenting100%ofthepaidupequitysharecapitaloftheCompanyandwiththisacquisition,WaareePVTechnologiesLimitedbecomewhollyownedsubsidiaryoftheCompanywitheffectfromApril08,2019.

TheCompanyhasnoassociatesorjointventuresCompany.

6. CONSOLIDATED FINANCIAL STATEMENT

TheCompanyhasconsolidatedfinancialstatementforthefinancialyearendedonMarch31,2019,asrequiredintermsoftheprovisionofSection129(3)oftheCompaniesAct,2013andRulesmadethere-under.

7. CORPORATE GOVERNANCE

AReportonCorporateGovernance,asrequiredintermsoftheprovisionsofScheduleVoftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015togetherwiththeAuditor’sCertificatethereonisannexedherewith.

8. EXTRACT OF ANNUAL RETURN

TheextractoftheAnnualReturninformMGT-9,isannexedherewithasAnnexure1.

9. DIRECTORS AND KEY MANAGERIAL PERSONNEL

• Intermsoftheprovisionofsection152oftheCompaniesAct,2013andofArticlesofAssociationoftheCompany,Mr.PujanDoshi,Directorof theCompanyretiresby rotationat theensuingAnnualGeneralMeetingandbeingeligible,seeksre-appointment.

• AllIndependentDirectorshavefurnishedtotheCompanyadeclarationunderSection149(7)oftheCompaniesAct,2013statingthattheymeetcriteriaofIndependenceasprovidedundersection149(6)oftheCompaniesAct,2013andSEBIListingRegulations.

• Duringthefinancialyear,Ms.MenkaJhaIndependentDirectorandMr.MayankJ.Shah,ManagingDirectoroftheCompanyresignedwitheffectfromMarch01,2019andMarch30,2019respectively.Mr.AnkitDoshi,Director&CFOoftheCompanyhasresignedwitheffectfromApril08,2019.

• Mr.SharadKumarSaxena(DIN:01874149)hasbeenappointedastheWhole-timeDirector(WTD)oftheCompanywitheffectfromApril08,2019.

• Mr.B.C.BhandarihasbeenappointedastheChiefFinancialOfficer(CFO)oftheCompanywitheffectfromApril08,2019.

• Ms.Anita Jaiswal has been appointed as an additionalDirector in the category ofNon-Executive, IndependentDirectoroftheCompanywitheffectfromJune20,2019.

10. BOARD EVALUATION, INDUCTION AND TRAINING OF BOARD MEMBERS

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

TheperformanceevaluationoftheIndependentDirectorswascompleted.TheperformanceevaluationoftheChairmanandtheNon-independentDirectorswascarriedoutbytheIndependentDirectors.TheBoardofDirectorsexpressedtheirsatisfactionwiththeevaluationprocess.


16

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-à-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. inthepreparationoftheAnnualAccountsfortheyearendedMarch31,2019,theapplicableaccountingstandardshavebeenfollowedalongwithproperexplanationrelatingtodepartures,ifany;

ii. appropriateaccountingpolicieshavebeenselectedandappliedconsistentlyandsuchjudgmentsandestimateshavebeenmadethatarereasonableandprudentsoastogiveatrueandfairviewofthestateofaffairsoftheCompanyasatMarch31,2019andoftheprofitoftheCompanyfortheyearendedonthatdate

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.

17. STATUTORY AUDITOR

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

Thereisnoauditqualification,reservationoradverseremarkforthefinancialyearunderreview.

18. COST AUDIT

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


17

19. SECRETARIAL AUDIT

Pursuant to theprovisionsofSection204of theCompaniesAct,2013and rulesmade thereunder, theCompanyhasappointedRMMimani&AssociatesLLP,CompanySecretariestoundertaketheSecretarialAuditoftheCompany.TheSecretarialAuditReportisannexedherewithasAnnexure-3andformsanintegralpartofthisreport.

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.Duringtheyear2018-2019,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.

25. STATUTORY INFORMATION

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

• The information required under section 197 of theCompaniesAct, 2013 readwithRule 5(1), (2)& (3) of theCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014inrespectofemployeesoftheCompanyaregiveninAnnexure-4&5tothisreport.


18

• 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,2015ispresentedinaseparatesectionformingpartofthisAnnualReportforthefinancialyearendedMarch31,2019.

27. CAUTIONARY STATEMENT

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

29. 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.

On behalf of the BoardFor Sangam Renewables Limited

(FormerlyknownasSangamAdvisorsLimited)

Sd/- Sd/- Sharad Kumar Saxena Pujan DoshiPlace:Mumbai (Whole-time Director) (Director)Dated:July26,2019 DIN: 01874149 DIN: 07063863


19

ANNEXURES TO DIRECTORS’ REPORTAnnexure -1

FORM NO. MGT 9EXTRACT OF ANNUAL RETURN

As on financial year ended on 31.03.2019Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company

(Management & Administration) Rules, 2014I. REGISTRATION & OTHER DETAILS:

1. CIN L93000MH1999PLC1204702. RegistrationDate 22/06/19993. NameoftheCompany Sangam Renewables Limited

(FormerlyknownasSangamAdvisorsLimited)4. Category/Sub-categoryoftheCompany PublicCompanyLimitedbyShares5. AddressoftheRegisteredOfficeand

Contactdetails501,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:[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 92.54%III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:

Sr.No

NameandAddressofCompany

CIN/GLN Holding/Subsidiary/Associate

%ofsharesheld

ApplicableSection

1 SangamRooftopSolarPrivateLimited

U74999MH2016PTC315380 Subsidiary 100 2(87)

2 WaacoxEnergyPrivateLimited


3 WaasangSolarOnePrivateLimited


4 WaasangSolarPrivateLimited


IV. SHARE HOLDING PATTERN:

(Equity Share Capital Breakup as percentage of Total Equity)

i. Category-wise Shareholding:

CategoryofShareholders No.ofSharesheldatthebeginningoftheyear(As on April 01, 2018)

No.ofSharesheldattheendoftheyear(As on March 31, 2019)

%Changeduringthe

yearDemat Physical Total %ofTotalShares

Demat Physical Total %ofTotalShares

A. Promoter1) Indiana)Individual/HUF 38,61,975 - 38,61,975 38.56 38,64,875 - 38,64,875 38.59 +0.03b)CentralGovt. - - - - - - - - -c)StateGovt.(s) - - - - - - - - -d)BodiesCorp - - - - - - - - -e)Banks/FI - - - - - - - - -f)AnyOther - - - - - - - - -Sub-total(A)(1):- 38,61,975 - 38,61,975 38.56 38,64,875 - 38,64,875 38.59 +0.03


20

CategoryofShareholders No.ofSharesheldatthebeginningoftheyear(As on April 01, 2018)

No.ofSharesheldattheendoftheyear(As on March 31, 2019)

%Changeduringthe

yearDemat Physical Total %ofTotalShares

Demat Physical Total %ofTotalShares

2) Foreigng)NRIs-Individuals - - - - - - - - -h)Other-Individuals - - - - - - - - -i)BodiesCorp. - - - - - - - - -j)Banks/FI - - - - - - - - -k)AnyOther…. - - - - - - - - -Sub-total(A)(2):- 38,61,975 - 38,61,975 38.56 38,64,875 - 38,64,875 38.59 +0.03B. Public Shareholding1. Institutions - - - - - - - - -a)MutualFunds - - - - - - - - -b)Banks/FI - - - - - - - - -c)CentralGovt - - - - - - - - -d)StateGovt(s) - - - - - - - - -e)VentureCapitalFunds - - - - - - - - -f)InsuranceCompanies - - - - - - - - -g)FII - - - - - - - - -h)ForeignVentureCapitalFunds

- - - - - - - - -

i)Others-MarketMaker - - - - - - - - -Sub-total (B) (1) - - - - - - - - -2. Non Institutions - - - - - - - - -a)BodiesCorp.(i)Indian 13,18,816 - 13,18,816 13.17 11,17,105 - 11,17,105 11.15 -2.01(ii)Overseas 2,08,925 - 2,08,925 2.09 1,40,660 - 1,40,660 1.40 0.68b)Individuals(i)IndividualshareholdersholdingnominalsharecapitaluptoRs.2lakh

21,72,419 - 21,72,419 21.69 22,00,102 - 22,00,102 21.97 +0.28

(ii)IndividualshareholdersholdingnominalsharecapitalinexcessofRs2lakh

10,89,497 - 10,89,49710.88

13,84,314 - 13,84,31413.82

+2.94

c)Others–NRI 9,57,563 - 9,57,563 9.56 10,93,277 10,93,277 10.92 +1.36

d)Others-HUF 1,76,096 - 1,76,096 1.76 77,232 - 77,232 0.77 -0.99e)Others–ClearingMembers

1,41,743 - 1,41,743 1.42 29,469 - 29,469 0.29 -1.12

f)Others–LLP 87,800 - 87,800 0.88 1,07,800 - 1,07,800 1.08 +0.20Sub-total (B) (2) 61,52,859 - 61,52,859 61.44 61,49,959 61,49,959 61.41 -0.03

Total Public Shareholding(B) = (B) (1) + (B) (2)

61,52,859 - 61,52,859 61.44 61,49,959 61,49,959 61.41 -0.03

C. Shares held by Custodian for GDRs & ADRs

- - - - - - - - -

Grand Total (A+B+C) 1,00,14,834 - 1,00,14,834 100.00 1,00,14,834 - 1,00,14,834 100.00 -

ii. Shareholding of Promoters:

Sr. No

Shareholder’s Name Shareholding at the beginning of the year i.e. April 01, 2018

Shareholding at the end of the year i.e. March 31, 2019

%changeinshareholdingduringthe

year

No.ofShares %oftotalSharesof

thecompany

%ofSharesPledged/

encumberedtototalshares

No.ofShares

%oftotalSharesofthe

company

%ofSharesPledged/encumberedtototalshares

1. HiteshCDoshi 8,70,511 8.69 - 8,70,511 8.69 - Nochange2. BinitaHDoshi 5,49,796 5.49 - 5,52,696 5.52 - +0.033. PankajCDoshi 5,42,128 5.41 - 5,42,128 5.41 - Nochange4. NeepaVirenDoshi 11,20,661 11.19 - 11,20,661 11.19 - Nochange5. BindiyaKiritDoshi 3,20,715 3.20 - 3,20,715 3.20 - Nochange6. PujanPankajDoshi 4,58,164 4.57 - 4,58,164 4.57 - Nochange

Total 38,61,975 38.56 - 38,64,875 38.59 - 0.03


21

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

NameofPromoter No.ofSharesheldatthebeginningof

theyear

Changesduringtheyear Cumulativeshareholdingatthe

endofyearNo.ofshares

%oftotalCapital

Date Increase(+)Decrease(-)

duringtheyear

Reason No.ofshares

%oftotalCapital

BinitaHDoshi 5,49,796 5.49 22/02/2019 +2900 OpenMarketPurchase 5,52,696 5.52

iv. Change in Top Ten Shareholders (Other than Directors, Promoters and Holders of ADRs and GDRs and Broker’s Pool Account)

Shareholdingpatternoftoptenshareholders(OtherthanDirectors,promotersandholderofGDRsandADRs)

NameofeachtoptenShareholder

No.ofSharesheldatthebeginningof

theyear



%oftotalCapital


duringtheyear

Reason No.ofshares

%oftotalCapital

TaibSecuritiesPrivateLimited

5,10,000 5.09 2018-19 Nil Nil 5,10,000 5.09

MoneyCareFinance&LeasingPrivateLimited

4,44,500 4.44 18/05/2018 -1,800 OpenMarketSale 4,40,700 4.4031/05/2018 -2,000 OpenMarketSale

Sandeepkapadia 1,99,487 1.99 22/03/2019 +20,000 OpenMarketPurchase

2,19,487 1.05

HarshilKantilalKothari 1,99,000 1.99 16/11/2018 +1,99,000 OpenMarketPurchase

1,99,000 1.99

23/11/2018 -1,99,000 OpenMarketSaleAnandMohan 1,38,906 1.39 06/04/2018 -53,006 OpenMarketSale 85,800 0.86

08/03/2019 -50 OpenMarketSale15/03/2019 -50 OpenMarketSale

BharatGunvantilalShah 1,11,454 1.11 01/06/2018 15,243 OpenMarketPurchase

1,48,131 1.48

29/06/2018 3,665 OpenMarketPurchase



BijalKishorMadhani 1,00,000 1.00 06/04/2018 -12,950 OpenMarketSale Nil Nil13/04/2018 -17,050 OpenMarketSale20/04/2018 -20,000 OpenMarketSale27/04/2018 -25,000 OpenMarketSale04/05/2018 -15,000 OpenMarketSale11/05/2018 -10,000 OpenMarketSale

MilindKMadhani 1,00,000 1.00 06/04/2018 -5,000 OpenMarketSale Nil Nil13/04/2018 -5,000 OpenMarketSale20/04/2018 -25,000 OpenMarketSale27/04/2018 -10,000 OpenMarketSale04/05/2018 -10,000 OpenMarketSale11/05/2018 -10,000 OpenMarketSale18/05/2018 -35,000 OpenMarketSale

OmPrakashChugh 1,00,000 1.00 - - - 1,00,000 1.00IndiaMaxInvestmentFundLimited

1,00,000 1.00 - - - 1,00,000 1.00

SudhirLaxmanNayak 90,630 0.90 - - - 90,630 0.90AmlanHasmukhShah 87,000 0.87 - - - 87,000 0.87


22

v. Shareholding of Directors and Key Managerial Personnel:

Shareholdingpatternoftoptenshareholders(OtherthanDirectors,promotersandholderofGDRsandADRs)

NameofeachtoptenShareholder

No.ofSharesheldatthebeginningofthe

year



%oftotalCapital


duringtheyear

Reason No.ofshares

%oftotalCapital

Mr.PujanPankajDoshi 4,58,164 4.57 - - - 4,58,164 NochangeMr.MitulMehta - - - - - - -Mr.NileshBhogilalGandhi - - - - - - -*Mr.AnkitHiteshDoshi - - - - - - -Ms.RuchiSethi - - - - - - -

*Mr.AnkitHiteshDoshihasresignedfromdirectorshipw.e.f.April08,2019.V. INDEBTEDNESS:

IndebtednessoftheCompanyincludinginterestoutstanding/accruedbutnotdueforpayment (Amountinlakh)

Particulars Secured Loans excluding deposits

UnsecuredLoans

Deposits TotalIndebtedness

Indebtednessatthebeginningofthefinancialyeari)PrincipalAmountii)Interestduebutnotpaidiii)Interestaccruedbutnotdue

---

---

---

---

Total(i+ii+iii) - - - -ChangeinIndebtednessduringthefinancialyear-Addition-Reduction

--

362,271,156-

--

362,271,156-

NetChange - 362,271,156 - 362,271,156Indebtednessattheendofthefinancialyeari)PrincipalAmountii)Interestduebutnotpaidiii)Interestaccruedbutnotdue

---

362,271,156--

---

362,271,156--

Total ( i + ii + iii ) - 362,271,156 - 362,271,156VI. 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. Mayank Shah - Managing

Director

Mr. Ankit Doshi–

Executive Director & CFO

Kuldeep Kumar Jain- 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

6,383,070 600,000 2,706,250 9,689,320

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

-as%ofprofit-Othersspecify…

- - - -

5 Otherspleasespecify-Reimbursements - - - -Total (A) 6,383,070 600,000 2,706,250 9,689,320

Ceiling as per the Act NA NA NA NA


23

B. Remuneration to the other Directors:

Sl. No.

Particulars of Remuneration Mr. Mitul Mehta Ms. Menka Jha Mr. Nilesh GandhiNon-Executive

IndependentDirectorNon-Executive

IndependentDirectorChairman-NonExecutiveIndependentDirector

1 IndependentDirectors-FeeforattendingBoardcommitteemeetings-Commission-Otherspleasespecify

170,000 195,480 205,000

Total (1) 170,000 195,480 205,0002 OtherNon-ExecutiveDirectors

·FeeforattendingBoardcommitteemeetings·Commission·Others,pleasespecify

- - -

Total (2) - - -3 Total (B) = ( 1 + 2 ) 170,000 195,480 205,000

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

Sl. no.

Particulars ofRemuneration

Key Managerial PersonnelChief Executive

OfficerCompanySecretary

Total

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

---

180,000--

180,000--

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

-as%ofprofit-Othersspecify…

- - -

5 Others,pleasespecify - - - 6 Total ( C ) - 180,000 180,000

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 - - - - -





24

ANNEXURES TO DIRECTORS’ REPORTANNEXURE –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. Dateonwhichthespecialresolutionwaspassedingeneralmeetingasrequiredunderfirstprovisiontosection188: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 – A Company in which Directors of the Company are interested

Natureofcontract/arrangements/transaction ServicesofferedbyCompanyDurationofcontract/arrangements/transaction N.A.Salient terms of contract/arrangements/transactionincludingthevalue,ifany,

Purchase/Salesofservices

Date(s)ofapprovalbytheBoard June22,2018Amountpaidasadvances,ifany, NIL





25

ANNEXURES TO DIRECTORS’ REPORTANNEXURE – 3

Form No. MR-3Secretarial Audit Report for the financial year ended on March 31, 2019

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

To,The MembersSangam Renewables Limited(FormerlyknownasSangamAdvisorsLimited)[CIN: L93000MH1999PLC120470]501,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 thefinancialyearendedonMarch31,2019compliedwiththestatutoryprovisionslistedhereunderandalsothattheCompanyhasproperBoard-processesandcompliance-mechanisminplacetotheextent,inthemannerandsubjecttothereportingmadehereinafter:

Wehaveexaminedthebooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbytheCompanyforthefinancialyearendedonMarch31,2019accordingtotheprovisionsof:

(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;

(vi)TheManagementhasidentifiedandconfirmedthefollowinglawsasspecificallyapplicabletotheCompany;

i. ElectricityAct,2003

ii. EnergyConservationAct,2001

iii. TheIndianElectricityRules,1956

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

Wehavealsoexaminedcompliancewiththeapplicableclausesofthefollowing;

(i) SecretarialStandardsissuedbytheInstituteofCompanySecretariesofIndia

(ii) TheSEBI(ListingObligationandDisclosureRequirement)Regulation,2015andlistingagreemententeredintobytheCompanywithStockExchangesinIndia.

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

ThecompliancebytheCompanyoftheapplicabledirecttaxlaws,indirecttaxlawsandotherfinanciallawshasnotbeenreviewedinthisAudit,sincethesamehavebeensubjecttoreviewbytheotherdesignatedprofessionalsandbeingreliedonthereportsgivenbysuchdesignatedprofessionals.


26

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

Duringthefinancialyearunderreview,provisionsofthefollowingregulationswerenotapplicabletotheCompany;

a) TheSecuritiesandExchangeBoardofIndia(DelistingofEquityShares)Regulations,2009;and

b) TheSecuritiesandExchangeBoardofIndia(BuybackofSecurities)Regulations,1998;

c) TheSecuritiesandExchangeBoardofIndia(IssueofDebtSecurities)Regulations,2008

d) TheSecuritiesandExchangeBoardofIndia(EmployeeStockOptionSchemeandEmployeeStockPurchaseScheme)Guidelines1999

e) The Securities and Exchange Board of India (Registrars to an Issue and ShareTransferAgents) Regulations, 1993regardingtheCompaniesActanddealingwithclient;

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:MumbaiDated:July26,2019

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]501,WesternEdge-I,WesternExpressHighway,Borivali(East),Mumbai-400066

OurSecretarialAuditReportofevendateistobereadalongwiththisletter;

1. Maintenanceof secretarial records is the responsibility of themanagement of theCompany.Our responsibility is toexpressanopiniononthesesecretarialrecordsbasedonouraudit;

2. Wehavefollowedtheauditpracticesand theprocessesaswereappropriate 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 future viability of theCompanynor of the efficacyoreffectivenesswithwhichthemanagementhasconductedtheaffairsoftheCompany.

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

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



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) RatiooftheremunerationofeachExecutiveDirectortothemedianremunerationoftheEmployeesoftheCompanyfor

thefinancialyear2018-19Sl. No.

Name of the Director Designation Ratio of remuneration of each Director to median remuneration of employees

1.2.3.4.

MayankShahKuldeepJainAnkitDoshiRuchiSethi

ManagingDirectorWholeTimeDirectorChiefFinancialOfficeCompanySecretary

11.02 : 15.09 : 11.04 : 10.41 : 1

ii) ThepercentageincreaseinremunerationofeachDirector,ChiefFinancialOfficer,ChiefExecutiveOfficerandCompanySecretaryormanagerduringthefinancialyear2018-19.Sl. No. Name Designation Percentage increase in remuneration1.2.3.4.


ManagingDirectorWholeTimeDirectorChiefFinancialOfficeCompanySecretary

NILNILNILNIL

iii) ThepercentageincreaseinthemedianremunerationofEmployeesinthefinancialyearisnotapplicableasemployeesjoinedduringtheyear.

iv) TheCompanyhas3permanentemployeesontherollsofCompanyason31stMarch,2019.v) RelationshipbetweenaverageincreaseinremunerationandCompany’sperformance:Sincethereisnoincreaseinthe

remuneration,hence,itisnotapplicable.vi).ComparisonoftheremunerationoftheKeyManagerialPersonnelagainsttheperformanceoftheCompany:

Rs. in lakhsSl. No. Particulars Year (2018 – 19) Year (2017 – 18) Percentage of increase/ (decrease)1 Sales 582.13 204.20 185.08%2 Profitbeforetax 91.33 41.68 119.12%3 RemunerationoftheKMP 99.29 81.06 22.49%

vii)Marketcapitalizationandpriceearningsratiodetailsareasunder:Particulars As on 31.03.2019 As on 31.03.2018 Increase / (Decrease) (%)

PriceEarningsRatio 54.00 264.09 (389.06)%MarketCapitalization(Rs.inCrore) 19.98 29.09 (31.32)%

TheCompanyhasnotmadeanypublicissueofshares.viii)Asemployeesandmanagerialpersonnelwereappointedthroughtheyear,averagepercentageincreaseinthesalariesof

employeesotherthanthemanagerialpersonnelinthefinancialyearisnotapplicable.ix) ComparisonoftheeachremunerationoftheKeyManagerialPersonnelagainsttheperformanceoftheCompany.

Sl. No.

Name of Key Managerial Personnel

Designation Percentage increase in Remuneration

Percentage of increase in performance

1.2.3.4.


ManagingDirectorDirectorChiefFinancialOfficeCompanySecretary

NILNILNILNIL

119.12%119.12%119.12%119.12%

x) ThekeyparameterforanyvariablecomponentofremunerationavailedbyManagingDirectors:xi) TheratiooftheremunerationofthehighestpaidDirectortothatoftheEmployeeswhoarenotDirectorsbutreceive

remunerationinexcessofthehighestpaidDirectorduringtheyear:xii) ItisherebyaffirmedthattheremunerationpaidduringtheyearisaspertheRemunerationPolicyoftheCompany.

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.





29

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

SEBI(ListingObligationsandDisclosureRequirements)Regulations,2015)To,The MembersSangam Renewables Limited[CIN:L93000MH1999PLC120470]501,WesternEdge-I,Off:WesternExpressHighway,Borivali(E),Mumbai-400066

Wehave examined the relevant registers, records, forms, returns anddisclosures received from theDirectors ofSangamRenewablesLimited(hereinafterreferredtoas‘theCompany’),producedbeforeusbytheCompanyforthepurposeofissuingthisCertificate,inaccordancewithRegulation34(3)readwithScheduleVPara-CSubclause10(i)oftheSecuritiesExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015.

Inouropinionandtothebestofourinformationandaccordingtotheverifications(includingDirectorsIdentificationNumber(DIN)statusattheportalwww.mca.gov.in)asconsiderednecessaryandexplanationsfurnishedtousbytheCompanyanditsofficers,weherebycertifythatnoneoftheDirectorsontheBoardoftheCompanyasstatedbelowforthefinancialyearendingonMarch31,2019havebeendebarredordisqualifiedfrombeingappointedorcontinuingasDirectorsofcompaniesbytheSecuritiesandExchangeBoardofIndia,MinistryofCorporateAffairs,oranysuchotherStatutoryAuthority.

DIN Full Name Designation03570656 Mr.NileshBhogilalGandhi Chairman&Non-ExecutiveIndependentDirector03434692 Mr.MitulMehta Non-ExecutiveIndependentDirector07063863 Mr.PujanPankajDoshi ExecutiveDirector07605202 Mr.AnkitHiteshDoshi Whole-timeDirector

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



30

MANAGEMENT DISCUSSION AND ANALYSISIndustry Overview of the Solar PV Market

Theyear2018wasanexcitingyearfortheSolarIndustryglobally.Inspiteofturbulentmarketconditionscreatedbychangingpoliciesandtradedisputesandtheuncertaintyandvolatilepricingdynamicswhichcameasaresult,thedemandforsolarPVcontinuedtogrowand100GWofannualinstallationswasachievedyetagain.

All around theworld, solar and other renewables are playing a key part in the decentralization and digitalization of thepowersystem,ortheso-called“EnergyTransition”,whichisnowontheagendaofnearlyallcompanies,governmentsandinstitutions.Distributedgenerationnowplaysaverysignificantpartintheoverallpowermix.

TheIndianrenewableenergysectoristhefourthmostattractiverenewableenergymarketintheworldaspertheRenewableEnergyAttractivenessIndex2018.AsofApril2019,totalrenewablepowerinstalledcapacity(excludinglargehydro)inthecountrystoodat79.03GW.Overall,Indiaadded8.62GWofgridinteractiverenewableenergycapacityinFY19.

TheMinistryofNewandRenewableEnergy,GovernmentofIndia,hasformulatedanactionplantoachieveatotalcapacityof100GWofSolarpowerbytheyear2022.This100GWissplitinto3partsi.e.40GWofutilityscalepowerplants,40GWofrooftopPowerplantsandtheother20GWtobedeployedbypublicsectorcompaniesownedbyGOI.TheGovernmentofIndiaallocatedRs3,004.90crore(US$416.48million)intheinterimbudget2019-20fordevelopmentofsolarpowerprojectsincludingbothgrid-interactiveandoff-gridanddecentralizedcategories.AsIndia looks tomeet itsenergydemandonitsown,whichisexpectedtoreach15,820TWhby2040,renewableenergyissettoplayanimportantrole.By2030,renewablesourcesareexpectedtohelpmeet40percentofIndia’spowerneeds.

AccordingtoMercom’sIndiaSolarProjectTracker,solarinstalledcapacityinthecountryattheendofFY2018-19reached30GW,a32%increasecomparedto22.7GWinstalledtillFY2017-18.

TheMNREtargetforFY19-20istoaddaround9,000MWandthenumbersareexpectedtostabilisethereafter-tothetuneof10,000MW-12,000MWtillFY2023.

Company achievements and plans

During FY19, the year under review, Sangam Renewables Limited and its subsidiaries (the Company) commissioned7.415MW(0.86MWlastFY)rooftopprojects,signedPPAsfor34.60MWp(10.7MWlastFY)rooftopandgroundmountedprojects.Outofthese16.97MWpareunderconstructionandwillbecommissionedbyOct2019.Therest17.63MWparealsoscheduledtobetakenupforconstructionsoon.TheCompany’sbusinessiscarriedoutfromitsregisteredofficeinMumbai.

ForthecurrentFY20,theCompanyplanstocontinueitsfocusontheCommercial&Industrial(C&I)marketsegmenttosignPowerPurchaseAgreementswithcompaniesofhighcreditrating,toinstallSolarPVplantsonrooftopsaswellasgroundmounted(withincampusorremotelylocatedunderopenaccess).TheCompanyexpectstoinkPPAsfor30MWpto60MWpduringFY20.TheCompanyshallalsocontinuetoprovideadvisoryandconsultancyservicesinsolarspecificvertical.GiventheimpetustheCentralgovernmentisplanninginthecomingyears,theCompanyseesahugepotentialinthesolarindustryandiswellpoisedtotaptheseopportunities.

Foreaseofoperations,administrativeconvenience,theCompanyhasdecidedtohavemultipleSubsidiarycompaniesbasedonthetypeofOffTakers.

Operational Performance during FY19

DuringFY19,yourCompany’srevenueonconsolidatedbasiswasRs.758.54lacsasagainstRs.203.37lacsinpreviousyearandprofitbeforetaxforFY19wasRs82.07lakhsLakhsasagainstRs.38.63lacsinpreviousFY18.

Opportunities and Challenges

India’s transition towards renewable energy presents an incredible opportunity but also challenges. Increasing the powersystemflexibilityisnoteasyasmoreintermittentrenewablesareaddedtothegrid.Gridintegrationhasalreadybecomeasignificantissueasmoresolarpowercomesonlineinseveralregionsofthecountry.

India’stargetofadding100GWofsolarprojectcapacityby2022isfacingheadwindsaslackofclarityonpolicy,frequentbidcancellationandsafeguardmeasureshavenegativelyimpactedthesector,amarketresearchhasrevealed.However,thedemandcontinuestogrowwithrapidadoptionofSolarPVbytheC&Isector,inparticular.

ForourCompanyhugeopportunitiesexistinsolarPVRooftopmarket,aswellastheOpenAccessmarketinmanystates,bothinpublicandprivatesector,andspecificallyinC&Imarketsegment.Thereisincreasedwillingnessofconsumerstomeetahighershareoftheirenergydemandthroughonsitesources.ManyPSUs,MunicipalitiesandGovernmentagenciesareplanningforSolarRooftopplantsovertheirbuildingsduetoastrongpolicypushbynationalandlocalgovernments.

Boostingovernmentdemand,ontheotherhand,isveryencouragingwithGovernmentexpectedtobecomeamajordemandsourceforrooftopsolarinthecomingyears.Allbuildingfacilitiesunderdifferentcentralgovernmentdepartmentsarebeingurgedtoadoptrooftopsolarandapotentialof6GWcapacityhasbeenidentifiedsofar.SECIhasalreadyannouncedmajortendersforsuchbuildings.


31

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.

Risk & Concerns

TheCompanyisexposedtovariousbusinessriskssuchasun-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.

Adequacy of Internal Control System

The 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 Development

Thecompanyrecognisesitshumancapitalasitsmostimportantresource,andtakesprideinthecommitment,competenceanddedicationshownbyitsemployees.Companyiscommittedtonurturing,enhancingandretainingallitsemployeesthroughsuperiorLearningandOrganizationaldevelopment.Thecompanyrecognisesthatitsemployeesarecriticalpillartosupporttheorganization’sgrowthanditssustainabilityinthelongrun.

Cautionary Statement

Statementmade in theManagementDiscussion andAnalysisReport, as describing theCompany’s outlook, projections,estimates,expectationsandpredictionsmaybe“ForwardLookingStatements”withinthemeaningofapplicablesecuritiesLawsandRegulations.Actualperformancemaybeandcoulddiffermateriallyfromthoseexpressedorimplied.





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CORPORATE GOVERNANCE REPORTTheDirectors present theCompany’sReport onCorporateGovernance for the year endedMarch 31, 2019, in terms ofRegulation34(3)readwithScheduleVoftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015(The“ListingRegulations”).COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCESangamRenewableLimited(“TheCompany”)governancephilosophyisbasedontrusteeship,transparencyandaccountability.As a corporate citizen, our business fosters a culture of ethical behavior and disclosures aimed at building trust of ourstakeholders.TheCompany’sCodeofBusinessConductandEthics,InternalCodeofConductforRegulating,MonitoringandReportingofTradesbyDesignatedPersonsandtheCharter–BusinessforPeaceareanextensionofourvaluesandreflectourcommitmenttoethicalbusinesspractices,integrityandregulatorycompliances.TheCompany’sgovernanceframeworkisbasedonthefollowingprinciples:• AppropriatecompositionandsizeoftheBoard,witheachmemberbringinginexpertiseintheirrespectivedomains;• AvailabilityofinformationtothemembersoftheBoardandBoardCommitteestoenablethemtodischargetheirfiduciary

duties;• Timelydisclosureofmaterialoperationalandfinancialinformationtothestakeholders;• Systemsandprocessesinplaceforinternalcontrol;and• ProperbusinessconductbytheBoard,SeniorManagementandEmployees.THE BOARD OF DIRECTORSTheBoardisentrustedwithanultimateresponsibilityoftheManagement,directionsandperformanceoftheCompany.Asitsprimary role isfiduciary innature, theBoardprovides leadership, strategicguidance,objectiveand independentviewtotheCompany’smanagementwhiledischargingitsresponsibilities,thusensuringthatthemanagementadherestoethics,transparency and disclosures.Committees of theBoard:TheBoard has constituted the followingCommittees viz,AuditCommittee, Nomination and Remuneration Committee, Stakeholders’ Relationship Committee, and Risk ManagementCommittee.EachofthesaidCommitteehasbeenmandatedtooperatewithinagivenframework.TheCompanyismanagedbytheBoardofDirectorsinco-ordinationwiththeSeniorManagementteam.ThecompositionandstrengthoftheBoardisreviewedfromtimetotimeforensuringthatitremainsalignedwithstatutoryaswellasbusinessrequirements.AsonMarch31,2019,theCompany’sBoardconsistsofFourDirectors.TheBoardcomprisesofTwoExecutivePromoterDirectorsandtwoNon-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 membershipsInaccordancewithRegulation26oftheListingRegulations,noneoftheDirectorsaremembersinmorethan10committeesexcludingprivatelimitedcompanies,foreigncompaniesandcompaniesunderSection8oftheCompaniesAct,2013oractasChairpersonofmorethan5committeesacrossalllistedentitiesinwhichhe/sheisaDirector.TheAuditCommitteeandStakeholders’RelationshipCommitteeareonlyconsideredincomputationoflimits.FurtherallDirectorshaveinformedabouttheirDirectorships,CommitteeMemberships/Chairmanshipsincludinganychangesintheirpositions.RelevantdetailsoftheBoardofDirectorsasonMarch31,2019aregivenbelow:

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 02 02 Nil

Mr.MitulMehta

02/09/2016 Non-Executive-IndependentDirector

01 01 03 Nil

Mr.PujanPankajDoshi

02/09/2016 ExecutiveDirector 01 Nil 01 Nil

Mr.AnkitHiteshDoshi

02/09/2016 ExecutiveDirector 01 Nil Nil Nil


33

Notes:• MembershipofCommitteeonlyincludesAuditCommitteeandStakeholdersRelationshipCommitteeinIndianPublic

LimitedCompaniesincludingSangam.• Mr.AnkitHiteshDoshihasresignedwitheffectfromApril08,2019.Independent Directors confirmation by the BoardAllIndependentDirectorshavegivendeclarationsthattheymeetthecriteriaofindependenceaslaiddownunderSection149(6)of theCompaniesAct,2013andRegulation16(1)(b)of theListingRegulations. In theopinionof theBoard, theIndependentDirectors, fulfil theconditionsof independencespecified inSection149(6)of theCompaniesAct,2013andRegulation 16(1) (b) of theListingRegulations.A formal letter of appointment to IndependentDirectors as provided inCompaniesAct,2013hasbeenissuedanddisclosedonwebsiteoftheCompanyviz.www.sangamrenew.comNumber of Independent DirectorshipsAsperRegulation17AoftheListingRegulations,IndependentDirectorsoftheCompanydonotserveasIndependentDirectorinmore than seven listed companies.Further, theManagingDirector of theCompanydoesnot serve as an IndependentDirectorinanylistedentity.Board MeetingsTheBoardmeetsatregularintervalstodiscussanddecideonbusinessstrategies/policiesandreviewthefinancialperformanceoftheCompanyanditssubsidiaries.TheBoardMeetingsarepre-scheduledwellinadvancetofacilitatethemtoplantheirschedulesaccordingly.Incaseofbusinessexigencies,theBoard’sapprovalistakenthroughcircularresolutions.ThecircularresolutionsarenotedatthesubsequentBoardMeeting.ThenoticeanddetailedagendaalongwiththerelevantnotesandothermaterialinformationaresentinadvanceseparatelytoeachDirectorandinexceptionalcasestabledattheMeetingwiththeapprovaloftheBoard.Thisensurestimelyandinformeddecisionsby theBoard.MinimumfourprescheduledBoardmeetingsareheldeveryyear (onemeeting ineverycalendarquarter).Additionalmeetingsareheldtoaddressspecificneeds,ifany,oftheCompany.During theFinancialYear2018-19, theBoardofDirectorsmet08 (eight) timesand themaximumgapbetweenany 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. NileshBhogilalGandhi

Mr. Mitul Mehta

Mr. Mayank Shah

*

Ms. Menka Jha**

Mr. Pujan Pankaj Doshi

Mr. Kuldeep Jain***

Mr. Ankit Doshi

28.05.2018 3 x 3 3 3 3 3

22.06.2018 3 3 3 #LOA 3 3 3

07.08.2018 3 3 3 #LOA 3 3 3

28.08.2018 3 3 3 #LOA 3 3 3

03.11.2018 3 3 3 #LOA 3 N.A 3

11.02.2019 3 3 3 #LOA 3 N.A 3

02.03.2019 3 3 3 N.A 3 N.A 3

30.03.2019 #LOA 3 N.A N.A 3 N.A 3

AGM(28.08.2018) 3 x 3 x 3 3 3#Leaveofabsence*ResignedwitheffectfromMarch30,2019**ResignedwitheffectfromMarch01,2019***ResignedwitheffectfromOctober01,2018Information placed before the BoardTheCompanyprovidestheinformationassetoutinRegulation17readwithPartAofScheduleIIoftheListingRegulationstotheBoardandtheBoardCommitteestotheextentitisapplicableandrelevant.SuchinformationissubmittedeitheraspartoftheagendapapersinadvanceoftherespectiveMeetingsorbywayofpresentationsanddiscussionsduringtheMeetings.Post Meeting MechanismThe important decisions taken at theBoard/BoardCommitteeMeetings are communicated to the concerned department/division.


34

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.TheCompanyhas04(four)BoardLevelCommittees:• AuditCommittee,• NominationandRemunerationCommittee,• Stakeholders’RelationshipCommitteeand• RiskManagementCommittee.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,Economics


35

andRisketc. It functions inaccordancewith its termsof reference thatdefines its authority, responsibilityand reportingfunction.Meetings and AttendanceTheAuditCommitteemetfive (05) timesduring theFinancialYear2018-19.Themaximumgapbetween twoMeetingswasnotmorethan120days.TheCommitteemeton28/05/2018,22/06/2018,07/08/2018,03/11/2018and11/02/2019.Therequisite quorumwaspresent at all theMeetings.TheChairmanof theAuditCommitteewas present at the lastAnnualGeneralMeetingoftheCompanyheldonAugust20,2018.ConstitutionoftheAuditCommitteeandattendanceattheirmeetingsduringthefinancialyearendedMarch31,2019aregivenbelow:

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 5 5Mr.MitulMehta Member Non-Executive–Independent 5 3Mrs.MenkaJha* Member Non-Executive–Independent 5 2Mr.MayankShah** Member ManagingDirector 5 5*ResignedwitheffectfromMarch01,2019**ResignedwitheffectfromMarch30,2019Nomination and Remuneration CommitteeTheNominationandRemunerationCommitteecomprisesofthreeDirectors.Mr.MitulMehta,IndependentDirector,istheChairmanoftheCommittee.TheothermembersoftheNominationandRemunerationCommitteeincludeMr.NileshBhogilalGandhiandMrs.MenkaJha,IndependentDirectors.TheCompositionofNominationandRemunerationCommitteeis inaccordancewiththeprovisionsofSection178(1)oftheCompaniesAct,2013andRegulation19oftheListingRegulations.DuringthefinancialyearMrs.MenkaJhahasresignedwitheffectfromMarch01,2019.TheNominationandRemunerationCommitteenothaveanymeetingduringthefinancialyearendedonMarch31,2019.Theremunerationpolicyisdirectedtowardsrewardingperformance,basedonreviewofachievements.Itisaimedatattractingandretaininghighcalibertalent.TheNominationandRemunerationPolicyisdisplayedontheCompany’swebsitei.e.www.sangamrenew.comTheNon-ExecutiveDirectorsarepaidremunerationbywayofSittingFeesandCommission.TheNon-ExecutiveDirectorsarepaidSittingFeesforeachMeetingoftheBoardorCommitteeasattendedbythem.ThetotalamountofsittingfeespaidtoNon-ExecutiveDirectorsduringtheFinancialYear2018-19wasRs.570,480/-.TheNon-ExecutiveDirector/IndependentDirectorsdonothaveanymaterialpecuniaryrelationshiportransactionswiththeCompany.Stakeholders Relationship CommitteePursuanttoprovisionsofSection178(5)oftheCompaniesAct,2013readwithRegulation20oftheListingRegulations,CommitteeofDirectors(StakeholdersRelationshipCommittee)oftheBoardhasbeenconstituted.ThisCommitteecomprisesofthreeDirectorsandIndependentDirectoristheChairmanofthisCommittee.TherequisitequorumwaspresentatalltheMeetings.DetailsofconstitutionandattendanceattheirmeetingsduringthefinancialyearendedMarch31,2019aregivenbelow:

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 4Mrs.MenkaJha* Member Non-Executive-Independent 4 0Mr.PujanDoshi Member ExecutiveDirector 4 4*ResignedwitheffectfromMarch01,2019Therewerenoinvestor/shareholders’grievancescomplaintsoutstandingasonMarch31,2019.Risk Management CommitteePursuanttoRegulation21oftheListingRegulations,theBoardofDirectorshasconstitutedtheRiskManagementCommitteeonMarch 29, 2019.The composition of theCommittee is in conformitywith the ListingRegulations,withmajority ofmembersbeingDirectorsoftheCompany.Duringtheyearunderreview,nomeetingwasheldforthesaidCommittee.Independent Directors’ MeetingDuringtheyearunderreview,theIndependentDirectorsmetonMarch02,2019atwhichallIndependentDirectorswerepresent,interalia,to:• EvaluateperformanceofNon-IndependentDirectorsandtheBoardofDirectorsasawhole;


36

• EvaluateperformanceoftheChairmanoftheCompany,takingintoaccounttheviewsoftheExecutiveandNon-ExecutiveDirectors;

• Evaluationofthequality,contentandtimelinessofflowofinformationbetweentheManagementandtheBoardthatisnecessaryfortheBoardtoeffectivelyandreasonablyperformitsduties.

Subsidiary CompaniesTheBoardofDirectorsoftheCompanyhasapprovedaPolicyfordeterminingMaterialSubsidiarieswhichisinlinewiththeListingRegulationsasamended.ThesaidpolicyhasbeenuploadedonthewebsiteoftheCompanyi.e.www.sangamrenew.com.WaacoxEnergyPrivateLimitedisamaterialSubsidiaryasperthethresholdslaiddownundertheListingRegulationsandrequirementsrelatingtocompositionofBoardofDirectorsofUnlistedMaterialSubsidiaryiscompliedwithAffirmations and Disclosures:(a) Compliances with Governance Framework TheCompanyisincompliancewithallmandatoryrequirementsundertheListingRegulations.(b) Related party transactions AlltransactionsenteredintowiththeRelatedPartiesasdefinedundertheCompaniesAct,2013andRegulation23of

theListingRegulationsduringthefinancialyearwereonarm’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, andstrictures imposed on the Company by Stock Exchangesor SEBI or any statutory authority, on any matter relatedto capital markets, during last three financial years.

TheCompanyhascompliedwithallrequirementsspecifiedundertheListingRegulationsaswellasotherregulationsandguidelinesofSEBI.Consequently,therewerenostricturesorpenaltiesimposedbyeitherSEBIorStockExchangesoranystatutoryauthorityfornon-complianceofanymatterrelatedtothecapitalmarketsduringthelastthreeFinancialyears.

(d) Vigil Mechanism / Whistle Blower Policy Pursuant toSection177(9) and (10)of theCompaniesAct, 2013, andRegulation22of theListingRegulations, the

Company 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,theCompanyhasfollowedtheAccountingStandardsreferredtoinSection

133oftheCompaniesAct,2013.ThesignificantaccountingpolicieswhichareconsistentlyappliedaresetoutintheNotestotheFinancialStatements.

(f) Risk Management Businessriskevaluationandmanagement isanongoingprocesswithin theCompany.Theassessment isperiodically

examinedbytheBoard.(g) Commodity price risk and Commodity hedging activities TheCompanyhasadequateriskassessmentandminimizationsysteminplaceincludingforcommodities.TheCompany

doesnothavematerialexposureofanycommodityandaccordingly,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.


37

(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

(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.24totheStandaloneFinancialStatementsandNoteno.27totheConsolidatedFinancialStatements.

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

ThedetailsofnumberofcomplaintsfiledanddisposedofduringtheyearandpendingasonMarch31,2019isgivenintheDirectors’report.

(m) Non-mandatory requirements Adoptionofnon-mandatoryrequirementsoftheListing RegulationsisbeingreviewedbytheBoardfromtime-totime.Details of Adoption of Non-Mandatory (Discretionary) RequirementsNon-mandatory(discretionary)requirementsunderRegulation27oftheListingRegulations.Thestatusofcompliancewiththenon-mandatoryrequirementsoftheListingRegulationsisprovidedbelow:• The Board NoseparateofficewasmaintainedforChairmanand/orManagingDirectoroftheCompany.• Shareholders rights TheCompanyhasnotadoptedthepracticeofsendingoutquarterlyorhalf-yearlydeclarationoffinancialperformanceto

shareholders.QuarterlyresultsasapprovedbytheBoardaredisseminatedtoStockExchangesandupdatedonthewebsiteoftheCompany.

• Modified opinion(s) in audit report Therearenomodifiedopinionsinauditreport.• Reporting of Internal Auditor InaccordancewiththeprovisionsofSection138oftheCompaniesAct,2013,theCompanyhasappointedanInternal

AuditorwhoreportstotheAuditCommittee.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 Passed19th 2017-18 August28,2018

10:00a.m.NirvanBungalow&PartyHall,PlotNo.65,RoadRSC20,Charkop,SectorNo.9,BehindMTNL,NearRaviTower,Mumbai–400067

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

2. To authorize Board to create security,mortgage or otherwise deal in terms ofSection180(1)(a)oftheCompaniesAct,2013.

3. ToauthorizeBoardtogiveloansto/investin shares, debentures and securities inexcessofthelimitspecifiedundersection186oftheCompaniesAct,2013

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

18th 2016-17 September15,2017

10.30a.m.

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

Nil


38

AGM Financial Year Date and Time Venue Details of Special Resolution Passed17th 2015-16 September30,

201611.00a.m.

17/19NaviWadi,NandBhavan,GroundFloor,D.S.A.Lane,Mumbai-400002

To appoint Mr. Pujan Doshi as ManagingDirectoroftheCompany

Duringthefinancialyearunderreview,theCompanyhasnotconductedpostalballotasperprovisionsofSection110oftheCompaniesAct,2013.Atpresentthereisnospecialresolutionproposedtobeconductedthroughpostalballot.Annual General Meeting for the Financial Year 2018-19

DayandDate Tuesday,September10,2019Time 10:00a.m.Venue NirvanBungalow&PartyHallPlotNo.65,RoadRSC20,Charkop,

SectorNo.9,BehindMTNL,NearRaviTower,Mumbai–400067FinancialYear 2018-19BookClosure 07/09/2019to10/09/2019LastDateofReceiptofProxyforms 08/09/2019(till10a.m.)

Tentative Calendar for Financial Year ending March 31, 2020ThetentativedatesforBoardMeetingsforconsiderationofquarterlyfinancialresultsareasfollows:

FirstQuarterResults Onorbeforethe2ndweekofAugust2019SecondQuarter&HalfYearlyResults Onorbeforethe2ndweekofNovember2019ThirdQuarter&Nine-monthsendedResults Onorbeforethe2ndweekofFebruary2020FourthQuarter&AnnualResults OnorbeforethelastweekofMay2020

General Shareholder Information

Dividendpaymentdate NotapplicableListingonStockExchange BSELimitedPaymentofannuallistingfees Listingfeesfortheyear2019-2020havebeenpaidtoBSELimitedStockCode(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.RuchiSethi501,WesternEdge-I,Off:WesternExpressHighway,Borivali(E)Mumbai-400066;TelNo.02243331500Email:[email protected]:www.sangamrenew.com

Unclaimed Dividend/ SharesTheCompanywasnotrequiredtotransferanyamountofunclaimedDividendtoInvestorEducationandProtectionFund(‘theIEPF’)pursuanttotheprovisionsofSection124(5)oftheCompaniesAct,2013.Distribution of Shareholding as on March 31, 2019

No. of Shares held No. of Shareholders % No. of Shares % of Total Capital1to500 469 35.32 106,888 1.07

501to1000 234 17.62 201,275 2.011001to2000 228 17.17 360,296 3.602001to3000 100 7.53 263,434 2.633001to4000 55 4.14 192,988 1.934001to5000 49 3.69 231,807 2.315001to10000 92 6.93 653,279 6.5210001onwards 101 7.61 8,004,867 79.93

Total 1328 100.00 1,00,14,834 100.00


39

Share holding pattern of the Company as on 31.03.2019:

Sr. No. Category No. of Shares % (Percentage)1 Promoters(IncludingPromotersBodyCorporate) 3,864,875 38.592 BodyCorporate(otherthanPromoters) 1,117,105 11.153 ResidentIndividualsandHUF 3,661,648 36.564 AnyOther 1,371,206 13.70

TOTAL 1,00,14,834 100.00Dematerialization of Shares and Liquidity100.00%oftheequitysharesoftheCompanyhavebeendematerialized(NSDL74.31%andCDSL25.69%)asonMarch31, 2019. The Company has entered into agreements with National Securities Depository Limited (NSDL) and CentralDepositoryServices(India)Limited(CDSL)wherebyshareholdershaveanoptiontodematerializetheirshareswitheitheroftheDepositories.Reconciliation of Share Capital Audit ReportAsstipulatedbySEBI,aqualifiedPracticingCompanySecretarycarriesoutSecretarialAudittoreconcilethetotaladmittedcapitalwithNationalSecuritiesDepositoryLimited(NSDL)andCentralDepositoryServices(India)Limited(CDSL)andthetotalissuedandlistedcapital.ThisauditiscarriedouteveryquarterandthereportthereonissubmittedtotheStockExchangewheretheCompany’ssharesarelisted.TheauditconfirmsthatthetotalListedandPaid-upCapitalisinagreementwiththeaggregateofthetotalnumberofsharesindematerializedform(heldwithNSDLandCDSL)andtotalnumberofsharesinphysicalform.Compliance with Secretarial StandardsTheInstituteofCompanySecretariesofIndia(ICSI),aStatutoryBody,hasissuedSecretarialStandardsonvariousaspectsofcorporatelawandpractices.TheCompanyhascompliedwitheachoneofthem.Share Price Data:TheSharesoftheCompanyislistedatBSELimited.Thedetailsofthesharepricedataasbelow;

Month High (In Rs.) Low (In Rs.) VolumeApril,2018 33.50 24.95 9,373,372May,2018 27.80 17.25 7,656,826June,2018 23.90 17.15 1,947,958July,2018 25.70 17.80 2,007,418

August,2018 24.20 17.80 1,252,494September,2018 21.50 16.90 1,138,514October,2018 21.50 18.35 654,685November,2018 21.50 17.65 1,991,553December,2018 19.30 15.75 607,439January,2019 20.40 16.25 462,147February,2019 17.05 13.00 592,454March,2019 22.40 12.50 2,058,297

ClosingPriceasonMarch28,2019(Lasttradingdayofthefinancialyear) Rs.19.95Marketcapitalization Rs.1997.96lacs

Outstanding GDRs/ Warrants and Convertible Bonds, conversion date and likely impact on equity:TherewerenoGDRs/WarrantsandConvertibleBondsoutstandingasonMarch31,2019,hencenotapplicabletotheCompany.Means of Communication to Shareholders(i) TheUn-auditedquarterly/halfyearlyresultsareannouncedwithinforty-fivedaysofthecloseofthequarter.Theaudited

annualresultsareannouncedwithinsixtydaysfromtheclosureofthefinancialyearaspertherequirementoftheListingRegulations.

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


40

TheCompany’sfinancialresultsandofficialpressreleasesaredisplayedontheCompany’sWebsitei.e.www.sangamrenew.com.ManagementDiscussionandAnalysisreportformspartoftheAnnualReport,whichissenttotheshareholdersoftheCompany.Thequarterlyresults,shareholdingpattern,quarterlycompliancesandallothercorporatecommunicationtotheBSELimitedarefiledelectronically.TheCompanyhascompliedwithfilingsubmissionsthroughBSE’sBSEListingCentre.SEBI processes investor complaints in a centralizedweb based complaints redressal system i.e. SCORES.Through thissystemashareholdercanlodgecomplaintagainstacompanyforhisgrievance.TheCompanyuploadstheactiontakenonthecomplaintwhichcanbeviewedbytheshareholder.TheCompanyandshareholdercanseekandprovideclarificationsonlinethroughSEBI.The Company has designated the email id: [email protected] exclusively for investor relation, and the same isprominentlydisplayedontheCompany’swebsitei.e.www.sangamrenew.comShare Transfer SystemThe transferofshares inphysical formisprocessedandcompletedbyRegistrar&TransferAgentwithinstipulated timefromthedateofreceiptthereofprovidedallthedocumentsareinorder.Incaseofsharesinelectronicform,thetransfersareprocessedbyNSDL/CDSL through respectiveDepositoryParticipants. Incompliancewith theListingRegulations,aPracticingCompanySecretarycarriesoutauditoftheSystemofTransferandacertificatetothateffectisissued.NominationNominationfacilityinrespectofsharesheldinelectronicformisalsoavailablewiththeDepositoryParticipantsasperthebye-lawsandbusinessrulesapplicabletoNSDLandCDSL.NominationformscanbeobtainedfromtheCompany’sRegistrarandShareTransferAgent.Service of documents through electronic modeAsapartofGreenInitiative,thememberswhowishtoreceivethenotices/documentsthroughe-mail,maykindlyintimatetheire-mailaddressestotheCompany’sRegistrarandSharetransferAgent,Purva Sharegistry (India) Private Limited,[email protected] for correspondence

CompanySecretary&Complianceofficer Ms. Ruchi Sethi501,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

For Sangam Renewables Limited(FormerlyknownasSangamAdvisorsLimited)


Place:Mumbai (Whole-time Director)Dated:July26,2019 DIN: 01874149


41

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,alltheDirectorsandtheSeniorManagementPersonneloftheCompanyhaveaffirmedcompliancetotheCodeofConductfortheFinancialYearendedMarch31,2019

For Sangam Renewables Limited(FormerlyknownasSangamAdvisorsLimited)


Place:Mumbai (Whole-time Director)Dated:July26,2019 DIN: 01874149

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 (FormerlyknownasSangamAdvisorsLimited)appointedintermsofprovisionofCompaniesAct2013,certifytotheBoardthat:a. WehavereviewedthefinancialstatementsandthecashflowstatementforthefinancialyearendedonMarch31,2019

andthattothebestofourknowledgeandbelief:• Thesestatementsdonotcontainanymateriallyuntruestatementoromitanymaterialfactorcontainstatementsthat

mightbemisleading;• ThesestatementstogetherpresentatrueandfairviewoftheCompany’saffairsandareincompliancewithexisting

accountingstandards,applicablelawsandregulations;b. Thereare,tothebestofourknowledgeandbelief,notransactionsenteredintobytheCompanyduringthefinancialyear

endedonMarch31,2019whicharefraudulent,illegalorviolativeoftheCompany’scodeofconduct;c. Weacceptresponsibilityforestablishingandmaintaininginternalcontrolsandthatwehaveevaluatedtheeffectivenessof

theinternalcontrolsystemsoftheCompanyandwehavedisclosedtotheauditorsandtheAuditCommittee,deficienciesinthedesignoroperationoftheinternalcontrol,ifany,ofwhichweareawareofandthestepswehavetakenorproposetotaketorectifythesedeficiencies.

d. WehaveindicatedtotheAuditorsandtheAuditCommittee:• Significantchangesininternalcontroloverthefinancialreportingduringthefinancialyear2018-19.• Significantchangesinaccountingpoliciesduringthefinancialyear2018-19andthatthesamehavebeendisclosed

inthenotestothefinancialstatements;and• Instancesofsignificantfraudofwhichwehavebecomeawareandtheinvolvementtherein,ifany,ofthemanagement

oranemployeehavingasignificantroleintheCompany’sinternalcontrolsystemoverthefinancialreporting.

Sd/- Sd/ Sharad Saxena B C Bhandari Whole-time Director Chief Financial Officer DIN: 01874149Place:MumbaiDated:May14,2019


42

INDEPENDENT AUDITORS CERTIFICATE ON CORPORATE GOVERNANCETo the Members ofSangam Renewables LimitedMumbaiWe, have examined the compliance of conditions of Corporate Governance by Sangam Renewables Limited (“the Company”),fortheyearendedonMarch 31, 2019,asstipulatedinRegulations17to27andclauses(b)to(i)ofRegulation46(2)andparaCandDofScheduleVtotheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015(the“ListingRegulations”).Managements’ ResponsibilityThecomplianceofconditionsofCorporateGovernanceistheresponsibilityoftheManagement.Thisresponsibilityincludesthedesign,implementationandmaintenanceofinternalcontrolandprocedurestoensurecompliancewiththeconditionsoftheCorporateGovernancestipulatedintheListingRegulations.Auditor’s ResponsibilityOurresponsibilityislimitedtoexaminingtheproceduresandimplementationthereof,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.OpinionBasedonourexaminationoftherelevantrecordsandaccordingtotheinformationandexplanationsprovidedtousandtherepresentationsprovidedbytheManagement,wecertifythattheCompanyhascompliedwiththeconditionsofCorporateGovernanceasstipulatedinRegulations17to27andclauses(b)to(i)ofRegulation46(2)andParaCandDofScheduleVtotheListingRegulationsduringtheyearended31stMarch2018.WestatethatsuchcomplianceisneitheranassuranceastothefutureviabilityoftheCompanynortheefficiencyoreffectivenesswithwhichtheManagementhasconductedtheaffairsoftheCompany.

For R T Jain & Co LLPChartered Accountants

FRN: 103961W / W100182

Sd/-(CA Bankim Jain)

Mumbai, PartnerJuly 26, 2019 Membership No.: 139447


43

INDEPENDENT AUDITOR’S REPORTTotheMembersofSangam Renewables Limited(Formerly known as Sangam Advisors Limited)Mumbai

Report on the Audit of Standalone Ind AS financial statementsOpinionWehaveauditedtheaccompanyingstandaloneIndASfinancialstatementsofSangam Renewables Limited(formerlyknownasSangamAdvisorsLimited) (“theCompany”),which comprise the standalonebalance sheet as atMarch31, 2019, thestandaloneStatementofProfitandLoss,(includingthestatementofOtherComprehensiveIncome),thestandaloneStatementofCashFlowsandthestandaloneStatementofChangesinEquityfortheyearthenendedandnotestothefinancialstatements,includingasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,theaforesaidstandaloneIndASfinancialstatementsgivetheinformationrequiredbytheCompaniesAct,2013,asamended(“theAct”)inthemannersorequiredandgiveatrueandfairviewinconformitywiththeIndAS&accountingprinciplesgenerallyacceptedinIndia:a) inthecaseofthestandalonebalancesheet,ofthestateofaffairsoftheCompanyasatMarch31,2019;andb) inthecaseofthestandalonestatementofprofitandloss,oftheprofitincludingothercomprehensiveincomefortheyear

endedonthatdate.c) inthecaseofstandalonestatementofcashflows,ofthecashflowsfortheyearendedonthatdate.d) inthecaseofstandalonestatementofchangesinequity,ofthechangesinequitysharecapitalandotherequityfortheyear

endedonthatdate.Basis for OpinionWehaveconductedourauditofthestandaloneIndASfinancialstatementsinaccordancewiththeStandardsonAuditingasspecifiedundersection143(10)oftheAct.Ourresponsibilitiesunderthosestandardsarefurtherdescribedinthe‘Auditor’sresponsibilitiesfortheauditoftheIndASfinancialstatements’sectionofourreport.WeareindependentoftheCompanyinaccordancewiththe‘CodeofEthics’issuedbytheInstituteofCharteredAccountantsofIndiatogetherwiththeethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsundertheprovisionoftheActandtheRulesthereunder,andwehavefulfilledourethicalresponsibilities inaccordancewith theserequirementsandtheICAICodeofEthics.WebelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinionontheIndASfinancialstatements.Management’s Responsibility for the Ind AS Financial StatementsTheCompany’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 accountingrecordsinaccordancewiththeprovisionsoftheActforsafeguardingoftheassetsoftheCompanyandforpreventinganddetectingthefraudsandotherirregularities;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 StatementsOurobjectivesaretoobtainreasonableassuranceaboutwhethertheIndASfinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisoftheseIndASfinancialstatements.AspartofanauditinaccordancewithSAs,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:• IdentifyandassesstherisksofmaterialmisstatementoftheIndASfinancialstatements,whetherduetofraudorerror,

designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriate


44

toprovideabasisforouropinion.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.Report on Other Legal and Regulatory Requirements1. AsrequiredbytheCompanies(AuditorsReport)Order,2016(“theOrder”)issuedbytheCentralGovernmentofIndia

intermsofsub-section(11)ofsection143oftheAct,wegiveintheAnnexure A,astatementonthemattersspecifiedintheparagraph3and4oftheorder.

2. Asrequiredbysection143(3)oftheAct,wereportthat:a) wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwere

necessaryforthepurposeofouraudit;b) inouropinion,properbooksofaccountasrequiredbylawhavebeenkeptbytheCompanysofarasappearsfrom

ourexaminationofthosebooks.c) thestandalonebalancesheet,thestandalonestatementofprofitandlossincludingthestatementofothercomprehensive

income,thestandalonestatementofcashflowsandstandaloneStatementofChangesinEquitydealtwithbythisreportareinagreementwiththebooksofaccount.

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

e) onthebasisofwrittenrepresentationsreceivedfromtheDirectorsason31March,2019andtakenonrecordbytheBoardofDirectors,noneoftheDirectorsisdisqualifiedason31March,2019,frombeingappointedasaDirectorintermsofSection164(2)oftheAct;

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

g) In our opinion, themanagerial remuneration for the year ended 31March 2019 has been paid/provided by theCompanytoitsDirectorsinaccordancewiththeprovisionsofsection197readwithScheduleVtotheAct;

h) withrespecttotheothermatterstobeincludedinAuditorsReportinaccordancewithRule11oftheCompanies(AuditandAuditors)Rules,2014,asamended,inouropinionandtothebestofourinformationandaccordingtoexplanationsgiventous:i. TheCompanydoesnothaveanypendinglitigationswhichwouldimpactitsfinancialposition;ii. TheCompanydidnothaveany long termcontracts includingderivativecontracts forwhich therewereany

materialforeseeablelosses;iii. TheCompanywasnotrequiredtotransferanyamounttoInvestorEducationandProtectionFund,


FRN : 103961W / W100182


PartnerMumbai, May 14, 2019 Mem No. : 139447


45

ANNEXURE A TO THE INDEPENDENT AUDITORS’ REPORT

Referred 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) TheCompanyhasmaintainedproperrecordsshowingfullparticularsincludingquantitativedetailsandsituationof

itsfixedassets.

(b)Asexplainedtous,fixedassetshavebeenphysicallyverifiedbythemanagementatreasonableintervals;nomaterialdiscrepancieswerenoticedonsuchverification.

(c) Accordingtotheinformationandexplanationreceivedbyus,astheCompanyownsnoimmovableproperty, therequirement on reportingwhether title deeds of immovable properties held in the name of theCompany is notapplicable.

ii. AsexplainedtousandaccordingtoourverificationofbooksofaccountstheCompanyownsnoinventoryasonMarch31st2019.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,undisputedstatutoryduesincludingProvidentFund,InvestorEducationand Protection Fund, Employees’ State Insurance, Income-tax, Sales-tax, Service Tax, Goods and Service Tax,CustomDuty,ExciseDuty,cesstotheextentapplicableandanyotherstatutorydueshavegenerallybeenregularlydepositedwiththeappropriateauthorities.Accordingtotheinformationandexplanationsgiventousfollowingaretheoutstandingstatutoryduesason31stofMarch,2019foraperiodofmorethansixmonthsfromthedatetheybecamepayable.

Nature of Dues AmountTDSPayable Rs.1,625/-

(b)Accordingtotheinformationandexplanationsgiventous,thereisnoamountspayableinrespectofincometax,servicetax,goodsandservicetax,salestax,customsdutyandexcisedutywhichhavenotbeendepositedonaccountofanydisputes.

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.


46

xiii.Basedonourauditproceduresandontheinformationgivenbythemanagement,theCompanyhascompliedwiththesections177and188oftheCompaniesAct,2013forallthetransactionswiththerelatedpartiesandthedetailsofsuchtransactionshavebeenproperlydisclosedinthefinancialstatementsasrequiredbytheapplicableaccountingstandards.

xiv.TheCompanyhasnotmadeanypreferentialallotmentofsharesduringtheyeartopartiescoveredinregistermaintainedundersection189oftheCompaniesAct,2013.

xv. TheCompanyhasnotenteredintoanynon-cashtransactionswithDirectorsoftheCompanyoritsSubsidiaryorpersonsconnectedwiththem.

xvi.TheCompanyisnotrequiredtoberegisteredunderSection45-IAofReserveBankofIndiaAct,1934.


FRN : 103961W / W100182



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 (formerlyknownasSangamAdvisorsLimited)(“theCompany”)asofMarch31,2019inconjunctionwithourauditofthestandalonefinancialstatementsoftheCompanyfortheyearendedonthatdate.Management’s Responsibility for Internal Financial ControlsTheCompany’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’ ResponsibilityOurresponsibilityistoexpressanopinionontheCompany’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.Theproceduresselecteddependontheauditor’s judgment, includingtheassessmentof therisksofmaterialmisstatementof thefinancialstatements,whetherduetofraudorerror.WebelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinionontheCompany’sinternalfinancialcontrolssystemoverfinancialreporting.


47

Meaning of Internal Financial Controls over Financial ReportingAcompany’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 ReportingBecauseoftheinherentlimitationsofinternalfinancialcontrolsoverfinancialreporting,includingthepossibilityofcollusionorimpropermanagementoverrideofcontrols,materialmisstatementsduetoerrororfraudmayoccurandnotbedetected.Also,projectionsofanyevaluationoftheinternalfinancialcontrolsoverfinancialreportingtofutureperiodsaresubjecttotheriskthattheinternalfinancialcontroloverfinancialreportingmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.OpinionInouropinion,tothebestofourinformationandaccordingtotheexplanationsgiventous,theCompanyhas,inallmaterialrespects, an adequate internal financial controls systemover financial reporting and such internal financial controls overfinancialreportingwereoperatingeffectivelyasat31stMarch,2019,basedonthecriteriaforinternalfinancialcontroloverfinancialreportingestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancialControlsoverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia.


FRN : 103961W / W100182




48

STANDALONE BALANCE SHEET(Amount in Rupees)

Particulars Note No. As at March 31, 2019 As at March 31, 2018A. ASSETS

(1) Non-Current Assets(a) Property,PlantandEquipment 2 3,54,71,749 3,70,62,498(b) IntangibleAsset 2(a) 36,893(c) FinancialAssets

(i)Investments 3 31,90,26,000 48,150(ii)Loans 4 8,12,89,322 70,34,391(iii)OtherFinancialAssets - -

(d) OtherNon-CurrentAssets 5 42,61,004 25,83,688Total non - current assets 44,00,84,968 4,67,28,727

(2) Current Assets(a) Inventories - -(b) FinancialAssets

(i)Tradereceivables 6 2,88,01,942 40,67,910(ii)Cashandcashequivalents 7 11,69,979 10,23,251(iii)OtherBalanceswithBanks 8 53,91,690 6,92,27,412(iv)Otherfinancialasset 9 25,000 25,000

(c) CurrentTaxAssets(Net) 10 50,62,265 16,70,130(d) Othercurrentassets 11 9,07,620 5,31,915

Total current assets 4,13,58,496 7,65,45,618Total Assets 48,14,43,465 12,32,74,345

B. EQUITY AND LIABILITIES(1) EQUITY

(a) EquityShareCapital 12 10,01,48,340 10,01,48,340(b) OtherEquity 13 61,85,979 24,49,295

Total Equity 10,63,34,319 10,25,97,635LIABILITIES

(2) Non-current Liabilities(a) Loans 14 36,22,71,156(b) Provisions 15 50,463 8,37,829(c) DeferredTaxLiabilities(Net) 89,11,965 28,71,460

Total Non-current liabilites 37,12,33,584 37,09,289.00(3) Current Liabilities

(a) FinancialLiabilities(i)TradePayable 16 2,75,170 8,38,065(ii)OtherFinancialLiabilities 17 - 1,37,24,180

(b) OtherCurrentliabilities 18 34,49,381 23,87,176(c) Provisions 19 1,51,011 18,000

Total current liablities 38,75,562 1,69,67,421Total Equity and Liabilities 48,14,43,465 12,32,74,345

Notes forming part of the financial statements 2-32

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:14/05/2019 (Chief Financial Officer) (Company Secretary)


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STANDALONE STATEMENT OF PROFIT & LOSS(Amount in Rupees)

Sr. No

Particulars Note No.

Year endedMarch 31, 2019


I RevenueFromOperations 20 5,02,94,824 1,30,11,273II OtherIncome 21 79,18,738 74,09,157III Total Income (I+II) 5,82,13,561 2,04,20,430IV Expenses:

(a)EmployeeBenefitExpense 22 1,53,96,974 1,06,14,836(b)FinanceCost 23 2,20,30,429 7,72,664(c)DepreciationandAmortizationExpense 2 16,31,412 3,57,754(d)OtherExpenses 24 1,00,21,513 45,07,384Total expenses (IV) 4,90,80,328 1,62,52,638

V Profit/(loss) before exceptional items and tax (III-IV) 91,33,233 41,67,791VI Exceptional Items - -VII Profit/(loss) before tax (V-VI) 91,33,233 41,67,791VIII TaxExpense 25

(1)Currenttax - -Provisionfortax 18,54,535 7,98,171MATCreditEntitlement (18,54,535) (7,98,171)(2)AdditionalTax(EarlierYears) - 73,214(3)DeferredTax 60,40,505 28,71,460Total Tax Expense(VIII) 60,40,505 29,44,674

IX Profit (Loss) for the period (VII-VIII) 30,92,728 12,23,117X OtherComprehensiveIncome(NetofTax)

A(i)ItemsthatwillnotbereclassifiedtoprofitorlossLossonEmployeeBenefitExpensesRevaluation 4,92,106NetchangesinfairvaluesofinvestmentsinequitysharescarriedatfairvaluesthroughOCI

1,51,850 (1,51,850)

A(i)Itemsthatwillnotbereclassifiedtoprofitorloss - -(ii)Incometaxrelatingtoitemsthatwillnotbereclassifiedtoprofitorloss

- -

B(i)Itemsthatwillbereclassifiedtoprofitorloss - -(ii)Incometaxrelatingtoitemsthatwillbereclassifiedtoprofitorloss

- -

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

37,36,684 10,71,267

XII Earningperequityshare(ofRs.10/-each) 32(1)Basic 0.37 0.11(2)Diluted 0.37 0.11

Notes forming part of the financial statements 2-32

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



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STATEMENT OF CHANGES IN EQUITY(Amount in Rupees)

A: Equity Share Capital

As atApril 1, 2017

Changes in equity share capital during 2017-18

As at March 31,2018

Changes in equity share capital during 2018-19

As at March 31,2019

10,01,48,340 - 10,01,48,340 - 10,01,48,340B : Other Equity

Particulars Retained earningsBalance as at April 1, 2017 13,78,028Profit/(loss)fortheyear 12,23,117OtherComprehensiveIncome -1,51,850Total Comprehensive Income 10,71,267Balance as at March 31,2018 24,49,295Profit/(loss)fortheyear 30,92,728OtherComprehensiveIncome 6,43,956TotalComprehensiveIncome 37,36,684RecognitionofInvestmentsatfairvalue -AdjustmentsofDepreciationonfixedasset -Balance as at March 31,2019 61,85,979

See accompanying notes to the financial statements





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STANDALONE STATEMENT OF CASH FLOW(Amount in Rupees)

Particulars Year ended31st March, 2019

Year ended31st March, 2018

Cash flow from operating activitiesProfitbeforetaxfromContinuingoperations 91,33,233 41,67,791Discontinuingoperations - -Profit before tax 91,33,233 41,67,791AdjustmentsforDepreciationandamortizationexpense 16,31,412 3,57,754InterestIncome (78,00,166) (73,79,551)UnwindingOfInterest (91,618) (29,606)Profit/(Loss)onsaleofasset (26,954) -FinanceCost 2,20,30,429 7,72,664Change in operating assets and liabilities(Increase)/DecreaseinTradeReceivables (2,47,34,032) (40,67,910)(Increase)/DecreaseinOtherCurrentassets (3,75,705) 6,19,860(Increase)/DecreaseinOtherCurrentFinancialassets - -(Increase)/DecreaseinOtherNonCurrentFinancialassets - -(Increase)/DecreaseinOtherNonCurrentAssets (16,77,317) (17,85,517)(Increase)/Decreaseininventories - 6,33,35,000Increase/(Decrease)inprovision (6,54,355) 8,45,829Increase/(Decrease)inTradepayables (70,789) 7,19,534Increase/(Decrease)inOtherfinancialCurrentliabilities (1,37,24,180) 1,37,24,180Increase/(Decrease)inCurrentLiabilities&Payables 10,62,205 23,81,680Increase/(Decrease)inOtherbankbalance 6,38,35,722 (6,71,78,452)Increase/(Decrease)inNonCurrentLiablitiesCash generated from operations 4,85,37,885 64,83,257Incometaxespaid (33,92,135) (20,13,410)Net cash outflow from operating activities 4,51,45,750 44,69,847Cash flows from investing activitiesPaymentsforproperty,plantandequipment (77,557) (3,74,20,252)InterestIncome 78,91,784 74,09,157NetPaidforPurchaseofInvestments (31,88,26,000) (2,00,000)ProfitfromsaleofInvestment/asset 26,954 -Net cash outflow from investing activities (31,09,84,819) (3,02,11,095)Cash flows from financing activitiesNetProceedsfromLoansgiven (7,42,54,931) 2,51,15,609NetProceedsfromLoansTaken 36,22,71,156Financecost (2,20,30,429) (7,72,664)Net cash inflow from financing activities 26,59,85,797 2,43,42,945Net increase (decrease) in cash and cash equivalents 1,46,728 (13,98,303)Cashandcashequivalentsatthebeginningofthefinancialyear 10,23,251 24,21,555Cash and cash equivalents at end of the year 11,69,979 10,23,251

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

31st March 2019 31st March 2018Cashinhand 5,17,529 5,04,704Balancewithschedulebanks 6,52,450 5,18,546Balances as per statement of cash flows 11,69,979 10,23,251Notes forming part of the financial statements 2-32

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



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Note 1 : NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019A CORPORATE INFORMATION: SANGAMRENEWABLESLIMITED(erstwhileknownasSangamAdvisorsLimited)(“theCompany”)wasincorporated

on22ndofJune,1999asaprivatecompanylimitedbyshares.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.

FortheyearendedMarch31,2019,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.


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• OntransitiontoIndAS,theCompanyhaselectedtocontinuewiththecarryingvalueofallofitsproperty,plantandequipmentrecognizedasat1stApril2016measuredasperthepreviousGAAPandusethatcarryingvalueasthedeemedcostoftheproperty,plantandequipment.

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

• Depreciationontheproperty,plantandequipmentisprovidedonthestraightlinebasisovertheusefullifeofassetsasspecifiedinPartCofScheduleIItotheCompaniesAct,2013orusefullivesofassetsestimatedbythemanagementbasedontechnicaladviceincaseswhereausefullifeisdifferentthanindicatedinscheduleII.

Thefollowingtableshowstheperiodoverwhichmanagementexpectstouseassets:

Assetcategory Managementestimatedusefullife

UsefullifeasperscheduleII

Enduserdevicessuchasdesktops,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.

NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019


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

Impairment of Financial Assets:TheCompanyassessesimpairmentbasedonexpectedcreditlossesmodeltothefollowing:• Financialassetsmeasuredatamortizedcost;• Financialassetsmeasuredatfairvaluethroughothercomprehensiveincome(FVTOCI);Expectedcreditlossesaremeasuredthroughalossallowanceatanamountequalto:• The12monthsexpectedcreditlosses(expectedcreditlossesthatresultfromthosedefaulteventsonthe

financialinstrumentthatarepossiblewithin12monthsafterthereportingdate);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 on12monthexpectedcreditlosses.

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. Financialliabilitiesdesignateduponinitialrecognitionatfairvaluethroughprofitandlossaredesignated

uponinitialrecognition,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)andtheredemptionamountisrecognisedinprofitorlossovertheperiodoftheborrowingsusing



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EIRmethod/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).

(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.



56

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.



57

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:• Apresent 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.



58

NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019(AmountinRupees)

Note 2: Property, Plant and Equipment

Particulars Computer Server Furniture Office Equipment

Solar Power Plant

Total

Gross carrying amountYear Ended March 31, 2018Cost as at April 1,2017 36,350 - - - - 36,350Additions 1,99,135 2,70,200 29,000 1,22,757 3,67,99,160 3,74,20,252Disposals (36,350) - - - - (36,350)Closing Gross carrying amount 1,99,135 2,70,200 29,000 1,22,757 3,67,99,160 3,74,20,252Year Ended March 31, 2019Opening gross carrying amount 1,99,135 2,70,200 29,000 1,22,757 3,67,99,160 3,74,20,252Additions 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 3,73,80,959

Accumulated DepreciationAsatApril1,2017 36,350 - - - - 36,350Depreciationchargeduringtheyear 45,172 1,523 415 4,152 3,06,492 3,57,754Disposals -36,350 - - - - (36,350)Closing accumulated depreciation at 31st March,2018

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

Accumulated DepreciationOpeningaccumulateddepreciation 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,2018

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

Net Carrying AmountAs at March 31, 2018 1,53,964 2,68,677 28,585 1,18,605 3,64,92,668 3,70,62,498As at March 31, 2019 1,04,032 2,25,904 25,830 95,282 3,50,20,701 3,54,71,749

Note 2a : Intagible Asset

Particulars SoftwareGross carrying amountYear Ended March 31, 2018Cost as at April 1,2017 -Additions -Disposals -Closing Gross carrying amount -Year Ended March 31, 2019Opening gross carrying amount -Additions 47,458Disposals -Closing Gross carrying amount 47,458Accumulated DepreciationAsatApril1,2017 -Depreciationchargeduringtheyear -Disposals -Closing accumulated depreciation at 31st March,2018 -Accumulated DepreciationAsatApril1,2018Openingaccumulateddepreciation -Depreciationchargeduringtheyear 10,564DisposalsClosing accumulated depreciation at 31st March,2019 10,564Net Carrying AmountAs at March 31, 2018 -As at March 31, 2019 36,893


59

Note 3 : Investments

Particulars As at March 31, 2019

As at March 31, 2018

(I) InvestmentsinEquityInstruments (a) Investmentsinsubsidiaries

(i) 3,18,80,100shares(FY17-18-10,000)inWaacoxEnergyPvtLtd 31,88,01,000 1,00,000 Less:Fairvalueadjustment-1 - (51,850)

(ii)10,000shares(FY17-1810,000)in8MSolarFundPvtLtd 1,00,000 1,00,000 Less:Fairvalueadjustment - (1,00,000)

(iii)7400shares(FY17-18NIL)WaasangSolarPvt.Ltd 74,000(iv)5100shares(FY17-18NIL)WaasangSolarPvt.Ltd 51,000

InvestmentinShares - -Total 31,90,26,000 48,150

Total non current investments 31,90,26,000 48,150(a) Aggregateamountofquotedinvestmentsandmarketvaluethereof - -(b)Aggregateamountofunquotedinvestments 31,90,26,000 48,150(c) Aggregateamountofimpairmentinvalueofinvestments - -

Note 4 : Loans



(Unsecured,consideredgood)LoantoRelatedParties(i) Loanto8MSolarFundPvtLtd 7,81,62,216 64,71,380(ii)LoantoWaasangSolarOnePvtLtd 25,30,200(iii)LoantoWaasangSolarPvtLtd 33,895LoantoOthers 5,63,011 5,63,011

Total 8,12,89,322 70,34,391

Note 5 : Other Non Current Assets



SecurityDeposit 12,77,042 13,35,424MATCreditEntitlement 26,52,706 7,98,171Prepaidrent 3,31,257 4,50,093

Total 42,61,004 25,83,688

Note 6 : Trade Receivables



(Unsecured,consideredgood)Tradereceivable 2,88,01,942 40,67,910Less:Allowancefordoubtfuldebts - -

Total 2,88,01,942 40,67,910

Note 7 : Cash and cash equivalents



Current Account Balance with Schedule BanksInCurrentaccounts 6,52,450 5,18,546Cashinhand 5,17,529 5,04,704

Total 11,69,979 10,23,251



60

Note 8 : Other Bank Balances



Fixeddepositwithbanks 53,91,690 6,92,27,412Total 53,91,690 6,92,27,412

Fixed deposit with banks:(i)Balanceswithbankheldasmarginmoney 53,91,690 6,92,27,412.00

Note 9 : Other Financial Assets



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

Note 10 : Current Tax Assets (Net)



AdvanceIncometax(FortheYear) 33,92,135 11,43,879AdvanceIncometax(Earlieryears) 16,70,130 5,26,251

Total 50,62,265 16,70,130

Note 11 : Other Current Assets



UnbilledRevenue 5,99,612 -AdvancetoStaff - 1,322PrepaidExpenses 80,643 2,083BalancewithRevenueAuthority 1,08,529 -OtherReceivable - 4,09,674Prepaidrent-Current 1,18,836 1,18,836OtherAdvances - -

Total 9,07,620 5,31,915

Note 12 : Equity share capital

Authorised equity share capital

Particulars No. of Shares AmountAsat1April2017 1,02,50,000 10,25,00,000Increaseduringtheyear - -As at 31 March 2018 1,02,50,000 10,25,00,000Increaseduringtheyear 1,07,50,000 10,75,00,000As at 31 March 2019 2,10,00,000 21,00,00,000

(i) Movements in equity share capital

Particulars No. of Shares AmountIssued, Subscribed & Paid upAsat1April2017 1,00,14,834 10,01,48,340Increaseduringtheyear - -As at 31 March 2018 1,00,14,834 10,01,48,340Increaseduringtheyear - -As at 31 March 2019 1,00,14,834 10,01,48,340



61

Terms & conditions

TheCompanyhasonlyoneclassofequityshareshavingaparvalueofINR10pershare.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, 2019 As at March 31, 2018No. of Shares % of Holding No. of Shares % of Holding

HiteshCDoshi 8,70,511 8.69% 8,70,511 8.69%NeepaVirenDoshi 11,20,661 11.19% 11,20,661 11.19%PankajCDoshi 5,42,128 5.41% 5,42,128 5.41%BinitaHDoshi 5,52,696 5.52% 5,49,796 5.49%TaibSecuritiesIndiaLimited 5,10,000 5.09% 5,10,000 5.09%

Note 13 : Other Equity

Particulars As atMarch 31, 2019

As atMarch 31, 2018

Retained earningsOpeningbalance 24,49,295 13,78,028Totalcomprehensiveincome/(loss)fortheyear 37,36,684 10,71,267

Closing Balance 61,85,979 24,49,295

Note 14 : Loans


As atMarch 31, 2018

UnsecuredloansLoanfromothers 36,22,71,156 -

Total 36,22,71,156 -

Note 15 : Provisions


As atMarch 31, 2018

ProvisionforGratuity 20,438 3,76,013ProvisionforLeaveSalary 30,025 4,61,816

Total 50,463 8,37,829

Note 16 : Trade Payables


As atMarch 31, 2018

Tradepayablestootherparties 86,157 6,51,446Tradepayablestorelatedparties 1,89,013 1,86,619

Total 2,75,170 8,38,065

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



62

Note 17 : Other Financial Liabilities


As atMarch 31, 2018

Capitalcreditors - 1,37,24,180Total - 1,37,24,180

Note 18 : Other Current Liabilities


As atMarch 31, 2018

SalaryPayable 10,10,844 7,38,383Duties&Taxes 20,34,076 16,01,808Operatingleaseliabilities 4,04,461 46,985

Total 34,49,381 23,87,176



As atMarch 31, 2018

Provisionforexpenses 1,47,400 18,000ProvisionforGratuityCurrent 33ProvisionforLeaveSalaryCurrent 3,578

Total 1,51,011 18,000

Note 20 : Revenue from operation

Particulars Year endedMarch 31, 2019


ServiceIncome 4,46,69,063 1,20,40,938Generationofelectricityfromsolarpowerplant 56,25,761 9,70,335

Total 5,02,94,824 1,30,11,273

Note 21 : Other Income



InterestIncome 78,00,166 73,79,551ProfitonsaleofAsset 26,954 -Interestincomeonfinancialassetcarriedatamortizedcost 91,618 29,606

Total 79,18,738 74,09,157

Note 22 : Employee benefit expenses



DirectorsRemuneration 96,89,320 77,30,245Salariesandincentives 51,07,680 28,84,591LeaveSalaryExpense 3,04,235Gratuityexpense 55,233StaffWelfareExpense 2,40,506

Total 1,53,96,974 1,06,14,836



63

Note 23 : Finance costs



Interestexpenses 2,18,15,514 50,365InterestondelayedpaymentofTaxes 40,266 -LoanProcessingFees - 5,00,000BankCharges&Commission 1,74,649 2,22,299

Total 2,20,30,429 7,72,664

Note 24 : Other expenses



AdvertisementExpenses 50,988 47,092AuditorsRemuneration* 55,000 51,000RentExpense 40,45,587Rates&Taxes 19,68,223 15,45,785Travelling&Conveyance 13,12,975 3,15,030Operation&Maitenance 1,79,168CommunicationCosts 3,07,476 1,09,233Printing&Stationery 2,07,739 94,636ProfessionalExpenses 4,23,787 7,01,470ElectricityExpenses 3,04,250 41,490Repairs&Maintenance 44,766 89,722DirectorsSittingFees 5,40,479 3,00,000Insuranceexpense 27,380TenderFees 9,524 4,16,128Brokerage&Commission - 2,90,000MiscellaneousExpenses 5,44,171 5,05,798

Total 1,00,21,513 45,07,384

*Auditors RemunerationPayment to Auditors'Auditfee 55,000 51,000Taxauditfee - -Otherservice - -

Total 55,000 51,000

Note 25 : Income Tax expense

a) Income Tax expense



Currenttax 18,54,535 7,98,171MATCreditEntitlement (18,54,535) (7,98,171.0)AdditonalTax(EarlierYears) - 73,214Deferredtax 60,40,505 28,71,460.0Decrease/(increase)indeferredtaxassets (13,442) (1,28,477)(Decrease)/increaseindeferredtaxliabilities 60,53,946 29,99,937

Total 60,40,505 29,44,674



64

b) Reconcilation of tax expenses and the accounting loss multiplied by India’s tax rate



Profit/(Loss) before income tax expenses 91,33,233 41,67,791 Tax at the Indian tax rate of 19.24%(March 31, 2019- 26%)

17,57,234 7,94,173

Taxeffectof theamountswhicharenotdeductible(taxable) incalculating taxableincome:-ExpensesDisallowed 97,301 3,998Current Tax Provision 18,54,535 7,98,171MAT Credit (18,54,535) (7,98,171)Additonal Tax (Earlier Years) - 73,214Deferred Tax - Incremental Deferred Tax Liability/(Asset) on account of Employment BenefitExpense

(13,120) -

-IncrementalDeferredTaxLiabilityonaccountofProperty,PlantandEquipment 60,53,625 28,71,460Income tax expenses 60,40,505 29,44,674

Note 26 : Fair Value Measurement

i) Fair Value of Financial assets and Financial liabilities SetoutbelowisacomparisonbyclassofthecarryingamountsandfairvalueoftheCompany’sfinancialinstrumentsthat

arerecognisedinthefinancialstatements.

Particulars March 31, 2019 March 31, 2018 Carrying Amount

Fair Value Carrying Amount

Fair Value

Financial assets designated as fair value through Other Comprehensive Income

Financial assets designated at amortised costFixedDepositwithbanks - - - -Loans 8,12,89,322 8,12,89,322 70,34,391 70,34,391Tradereceivables 2,88,01,942 2,88,01,942 40,67,910 40,67,910Cashandcashequivalents 11,69,979 11,69,979 10,23,251 10,23,251OtherBankBalance 53,91,690 53,91,690 6,92,27,412 6,92,27,412Securitydeposits 25,000 25,000 25,000 25,000

11,66,77,933 11,66,77,933 8,13,77,964 8,13,77,964Financial liabilities designated at amortised costTradepayables 2,75,170 2,75,170 8,38,065 8,38,065Capitalcreditors - - 1,37,24,180 1,37,24,180

2,75,170 2,75,170 1,45,62,245 1,45,62,245

(ii) Valuation technique used to determine fair value The Companymaintains policies and procedures to value financial assets or financial liabilities using the best and

mostrelevantdataavailable.Thefairvaluesofthefinancialassetsandliabilitiesareincludedattheamountthatwouldbe received tosellanassetorpaid to transfera liability inanorderly transactionbetweenmarketparticipantsat themeasurementdate.

Thefollowingmethodsandassumptionswereusedtoestimatethefairvalues:a) FairvalueforfinancialinvestmentsarevaluedusingclosingNAV.b) Fairvalueofcashanddeposits,tradereceivables,tradepayables,andothercurrentfinancialassetsandliabilities

approximatetheircarryingamountslargelyduetotheshort-termmaturitiesoftheseinstruments.c) Long-termfixed-rateandvariable-ratereceivables/borrowingsareevaluatedbytheCompanybasedonparameters

suchasinterestrates,specificcountryriskfactors,creditriskandotherriskcharacteristics.Fairvalueofvariableinterestrateborrowingsapproximatestheircarryingvalues.

d) Thefairvalueoftheremainingfinancialinstrumentsisdeterminedusingdiscountedcashflowanalysis.



65

Note 27 : Financial Risk Management

Financial Risk FactorsTheCompany’sprincipalfinancialliabilitiescompriseborrowingsandtradeandotherpayablesThemainpurposeofthesefinancialliabilitiesistomanagefinancesfortheCompany’soperations.TheCompanyhasloan,tradeandotherreceivables,cashandshort-termdepositsthatarisedirectlyfromitsoperations.TheCompany’sactivitiesexposeittoavarietyoffinancialrisks:i) Market Risk Marketriskistheriskthatthefairvalueorfuturecashflowsofafinancialinstrumentwillfluctuatebecauseofchangesin

marketprices.Marketpricescomprisethreetypesofrisks:Interestraterisk,Otherpricerisks,suchasEquitypriceriskandCommodityrisk.Financialinstrumentsaffectedbymarketriskincludeloans,borrowings,depositsandinvestments.Interest rate risk is therisk that thefairvalueor futurecashflowsofafinancial instrumentwillfluctuatebecauseofchangesinmarketinterestrates.ThisisbasedonthefinancialassetsandfinancialliabilitiesheldasatMarch31,2019andMarch31,2018.

ii) Credit Risk Creditriskarisesfromcashandcashequivalentsanddepositswithbank(s)/othercompany,aswellascreditexposure

tocounterpartythatwillnotmeetitsobligationsunderafinancialinstrumentorcustomercontract,leadingtoafinancialloss.

iii) Liquidity Risk LiquidityriskistheriskthattheCompanymaynotbeabletomeetitspresentandfuturecashandcollateralobligations

withoutincurringunacceptablelosses. Prudentliquidityriskmanagementimpliesmaintainingsufficientcashandmarketablesecuritiesandtheavailibilityof

fundingthroughanadequateamountofcommittedcreditfacilitiestomeetobligationswhendueandtocloseoutmarketpositions.

iv) Market Risk Thesensitivityanalysisexcludestheimpactofmovementsinmarketvariablesonthecarryingvalueofpost-employment

benefitobligationsprovisionsandonthenon-financialassetsandliabilities.ThesensitivityoftherelevantStatementofProfitandLossitemistheeffectoftheassumedchangesintherespectivemarketrisks.TheCompany’sactivitiesexposeittoavarietyoffinancialrisks,includingtheeffectsofchangesinforeigncurrencyexchangeratesandinterestrates.(a) Foreign Exchange Risk TheCompanytransactsbusinessinIndianNationalRupee(INR).TheCompanydoesnothaveanyforeigncurrency

financialinstrumentsandthereforeisnotexposedtoforeignexchangerisk.(b ) Price Risk Thebusinessofthecompanyisprovidingservicesinrelationsettingupofsolarpowerproject.Thepricevolatility

of the commodities indomestic and internationalmarketsdoesnotgenerally affect theoperatingactivityof theCompany.

Expectedcreditlossfortradereceivables

Particulars Past Due TotalNeither impaired

or dueUpto 6 months

6 to 12 months

< 12 months

Trade ReceivablesAs at March 31, 2019Grosscarryingamount 2,88,01,942 - - - 2,88,01,942ExpectedlossrateExpectedcreditlosses(Lossallowanceprovision)

- - - - -

Carrying amount of trade receivables (net of impairment)

2,88,01,942 - - - 2,88,01,942

As at March 31, 2018Unsecured 40,67,910 - - - 40,67,910Net Total 40,67,910 - - - 40,67,910



66

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.

Thetablebelowprovidesdetailsregardingtheremainingcontractualmaturitiesoffinancialliabilitiesatthereportingdatebasedoncontractualundiscountedpayments.

Particulars As at March 31, 2019CarryingAmount

On Demand

< 6 months 6 to 12 months

> 1 year

Loans 36,22,71,156 - - - 36,22,71,156Otherliabilities 34,49,381 - 34,49,381 - -Tradeandotherpayables 2,75,170 - 2,75,170 - -

Total 37,24,551 - 37,24,551 - 36,22,71,156


On Demand

< 6 months 6 to 12 months

> 1 year

Otherliabilities 23,87,176 - 23,87,176 - -Tradeandotherpayables 1,45,62,245 - 1,45,62,245 - -

Total 1,69,49,421 - 1,69,49,421 - -

Note 28 : Capital management

ForthepurposesoftheCompany’scapitalmanagement,capitalincludesissuedcapitalandallotherequityreserves.

TheCompany’sobjectiveswhenmanagingcapitalareto:

(a) Safeguardtheirabilitytocontinueasagoingconcern,sothattheycancontinuetoprovidereturnsforshareholdersandbenefitsforotherstakeholders.

(b)Maintainanoptimalcapitalstructuretoreducecostofcapital.

TheCompanymanagesitscapitalstructureandmakesadjustmentsinlightofchangesineconomicconditionsandtherequirementsofthefinancialcovenants.TheCompanymonitorscapitalusingagearingratio,whichisdebtdividedbyequitycapital.Nochangesweremadeinobjectives,policiesorprocessessduringtheyearendedMarch31,2019andMarch31,2018.


As atMarch 31, 2018

Borrowings 36,22,71,156 -Net Debt 36,22,71,156 -TotalEquity 10,63,34,319 10,25,97,635Total capital 10,63,34,319 10,25,97,635Net Debt to Equity ratio 3.41 -



67

Note 29 : 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


As atMarch 31, 2018

Obligationattheyearbeginning 3,76,013 -InterestCost 50,638 -PastServiceCost - -CurrentServiceCost 2,64,290 -PastServiceCost–VestedBenefit - 3,76,013CurrentCost/(Credit) - -BenefitsPaid - -Actuarial(Gain)/Loss - -Obligation at the year end 6,90,941 3,76,013.00

Recognised in Profit and loss


As atMarch 31, 2018

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

Other Comprehensive Income for the period


As atMarch 31, 2018

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

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



68


As atMarch 31, 2018

Funded status of the planPresentvalueofunfundedobligation 20,471 3,76,013Presentvalueoffundedobligation - -Fairvalueofplanasset - -Net Liability/(Asset) 20,471 3,76,013

(B) Leave Encashment

TheCompany’sLongTermbenefitincludesLeaveencashmentpayableatthetimeofretirementinfull,otherwiseitisencashableduringtheyearinwhichservicesarerenderedsubjecttoinexcessof30days.



As atMarch 31, 2018

Obligationattheyearbeginning 4,61,816 -Currentservicecost 4,42,046 4,61,816Interestcost 53,747 -Actuarial(Gain)/Loss - -Benefitspaid - -Obligation at the year end 9,57,609 4,61,816

Recognised in Profit and lossCurrentServiceCost 4,42,046 4,61,816PastServiceCostandloss/(gain)oncurtailmentandsettlement - -NetInterestCost 53,747 -Netvalueofremeasurementsontheobligationandplanassets (4,59,635) -Total Expenses recognized in Profit and Loss A/c 36,158 4,61,816

Reconciliation of net defined benefit - Leave Encashment LiabilityNetopeningprovisionsinbooksofaccounts 4,61,816 -Transferin/(out)obligation -CurrentServiceCost 4,42,046NetInterestCost 53,747Transferin/(out)planasset - -Employeebenefitexpenses - 4,61,816AmountsrecognizedinOtherComprehensiveIncome (4,59,635) -BenefitspaidbytheCompany (4,64,371) -Contributionstoplanassets - -Closing provisions in books of accounts 33,603 4,61,816




69

Sensitivity Analysis of Gratuity:

Particulars Impact on defined benefit obligation( in %)


As atMarch 31, 2018

0.5%IncreaseinDiscountrate Refernotebelow*

Refernotebelow*

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

Sensitivity Analysis of Leave Encashment:



As atMarch 31, 2018

0.5%IncreaseinDiscountrate ReferNotebelow*

ReferNotebelow*

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

Sensitivity Analysis Method

Sensitivityanalysisisperformedbyvaryingasingleparameterwhilekeepingallotherparametersunchanged.Hence,theresultmayvaryiftwoormorevariablesarechangedsimultaneously.Itfailstofocusontheinterrelationshipbetweenunderlyingparameters.Themethodsuseddoesnotindicateanythingaboutthelikelihoodofchangeinanyparameterandtheextentofthechangeifany.

Themethodsandtypesofassumptionsusedinpreparingthesensitivityanalysisdidnotchangecomparedtopriorperiod.

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


As atMarch 31, 2018

DiscountRate Refernotebelow*

Refernotebelow*

SalaryEscalationRate–ManagementStaffTurnoverRateMortalityTable

*Note:TheCompanyhadlessthan10employeesonitspayroll.Consideringmateriality,liabilityforleaveencashmentason31stMarch,2018and31stMarch,2019hasbeenrecognisedonactualbasisratherthanonacturialbasis.

(C) Risk Exposure

Thoughitsdefinedbenefitplans,theCompanyisexposetonumberofrisks,themostsignificantofwhicharedetailedbelow:

1. Acturial risk :

It’stheriskthatbenefitwillcostmorethanexpected.Thiscanariseduetofollowingreasons:

(a) Adversesalarygrowthexperience:salaryhikesthatarehigherthantheassumedsalaryescalationwillresultinanincreaseinobligationataratethatishigherthanexpected.



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(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.

Note 30 : 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, 2019As at

March 31, 20188MSolarFundPrivateLimited Subsidiaryw.e.fSeptember13,2017 100% 100%WaasangSolarOnePrivateLimited Subsidiaryw.e.fAugust29,2018 51% -WaasangSolarPrivateLimited Subsidiaryw.e.fJuly18,2018 74% -WaacoxEnergyPrivateLimited Subsidiaryw.e.fNovember18,2017 51% 100%

b) Key Management Personnel of Company

MayankShah-ManagingDirector(appointedw.e.fNovember14,2017uptoMarch30,2019) MitulMehta-Director(w.e.fSeptember2,2016) NileshGandhi-IndependentDirector(w.e.fFebruary13,2017) MenkaJha-IndependentDirector(w.e.fFebruary13,2017uptoMarch02,2019) PujanDoshi-Director(Directorw.e.fSeptember2,2016&ManagingDirectoruptoNovember14,2017) AnkitDoshi-Director&CFO(Directorw.e.fSeptember02,2016&CFOw.e.fFebruary,13,2017uptoApril07,2019) KuldeepJain-Director(appointedw.e.fMay16,2017uptoSept30,2019) RuchiSethi-CompanySecretary(appointedw.e.fFebruary13,2017) B.C.Bhandari-CFO(w.e.f.fromApril8,2019) SharadSaxena-Director(w.e.f.8thApril2019)



71

c) Transactions during the year with related parties

Name of the party Nature of transactions As atMarch 31, 2019

As atMarch 31, 2018

8M Solar Fund Private Limited i) ReimbursementofExpenses 3,76,870 16,662ii) LoanGiven 7,05,66,099 68,80,000iii) LoanRepayment 38,50,000 5,00,000iv) InterestIncome 51,08,741 83,020

Waacox Energy Private Limited i) ReimbursementofExpenses 16,99,127ii) LoanGiven 5,12,50,000iii) LoanRepayment 5,12,50,000iv) InterestIncome 8,13,227

Waasang Solar Private Limited i) LoanGiven 36,594ii) Loanrepayment 5,200iii) Interestexpense 2,501

Waasang Solar One Private Limited ii) LoanGiven 23,76,018iii) Interestexpense 1,71,313

Mayank Shah i) DirectorRemuneration 63,83,070 24,35,558Kuldeep Jain i) DirectorRemuneration 27,06,250 50,99,115Ankit Doshi i) DirectorRemuneration 6,00,000 1,95,572Nilesh Gandhi i) DirectorSittingFees 2,05,000 1,50,000Menka Jha i) DirectorSittingFees 1,95,480 60,000Mitul Mehta i) DirectorSittingFees 1,70,000 90,000

d) Balance outstanding of related parties

Name of the Party Receivable / (Payable) As atMarch 31, 2019

As atMarch 31, 2018

8MSolarFundPrivateLimited Receivable 7,81,62,216 64,71,380WaasangSolarPrivateLimited Receivable 33,895 -WaasangSolarOnePrivateLimited Receivable 25,30,200 -MayankShah (Payable) (22,722) (1,20,490)KuldeepJain (Payable) - (66,129)

e) Key Management Personnel Compensation


As atMarch 31, 2018

Otherlongtermbenefits 2,76,337 4,00,360Total Compensation 2,76,337 4,00,360

Note 31 : Contingent Liabilities

Particulars Guarantees excluding financial guarantees

As atMarch 31, 2019

As atMarch 31, 2018

BankGuarantee issued by banks on behalf of the Company against lien of fixeddepositreceipts:- In favour of Maharashtra State Power Generation Company Limited

(MAHAGENCO)towardsearnestmoneydepositfortender1,80,00,000

- Infavourof(MAHAGENCO)towardsperformanceunderthePPA 4,62,00,000- In favour of Railway Energy Management Company towards earnest money

depositfortender39,69,600

- In favour ofNashikMunicipal SmartCityDevelopmentCorporationLimitedtowardsearnestmoneydepositfortender

10,00,000

Total 10,00,000 6,81,69,600



72

Note 31 : Commitments

a) Capitalexpenditurecontractedattheendofthereportingperiodbutnotrecognisedasliabilityisasfollows:

Particulars Capital CommitmentsAs at

March 31, 2019As at

March 31, 2018EPCcontractforSolarPowerProject - 4,20,00,000

b) TheCompanyhastakenofficepremisesundernoncancellableoperatingleasesexpiredwithin5yearsfrom15thJanuary2018.Theleasehasvaryingterms,esclationclausesandrenewalrights.Thefutureminimumleasepaymentinrespectofwhichareasfollows:

Particulars Operating Lease commitmentsAs at

March 31, 2019As at

March 31, 2018-Notlaterthan1year 36,92,063 33,86,000-Laterthan1yearbutnotlaterthan5years 1,12,95,884 1,43,80,463-Laterthan5years - -

Note 32 : Earning per Share


As atMarch 31, 2018

Basic Earning Per Share 0.37 0.11Profit/(Loss)attributabletoEquityshareholders 37,36,684 10,71,267Weightedaveragenumberofequityshares 1,00,14,834 1,00,14,834FacevalueperShare 10 10Basic Earnings Per Share(in `) 0.37 0.11Diluted Earnings per Share ( in `) 0.37 0.11






73

CONSOLIDATEDFINANCIAL

STATEMENTS


74

INDEPENDENT AUDITOR’S REPORTTotheMembersofSangam Renewables Limited(Formerly known as Sangam Advisors Limited)Mumbai

Report on the Audit of Consolidated Ind AS financial statementsOpinionWehaveauditedtheaccompanyingConsolidatedIndASfinancialstatementsofSangam Renewables Limited(formerlyknown as SangamAdvisors Limited) (hereinafter referred to as the “Holding Company”) and its subsidiaries (HoldingCompany and its subsidiaries together referred to as “theGroup”),which comprise theConsolidatedbalance sheet as atMarch31,2019,theConsolidatedStatementofProfitandLoss,(includingthestatementofOtherComprehensiveIncome),theConsolidatedStatementofCashFlowsandtheConsolidatedStatementofChangesinEquityfortheyearthenendedandnotestothefinancialstatements,includingasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation(hereinafterreferredtoas“theconsolidatedfinancialstatements”).Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,theaforesaidConsolidatedIndASfinancialstatementsgivetheinformationrequiredbytheCompaniesAct,2013,asamended(“theAct”)inthemannersorequiredandgiveatrueandfairviewinconformitywiththeIndAS&accountingprinciplesgenerallyacceptedinIndia:a) inthecaseoftheConsolidatedbalancesheet,ofthestateofaffairsoftheGroupasatMarch31,2019;andb) inthecaseoftheConsolidatedstatementofprofitandlossincludingothercomprehensiveincome,oftheprofitincluding

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.Auditors Responsibility for the Audit of the Consolidated Ind AS Financial StatementsOurobjectivesaretoobtainreasonableassuranceaboutwhethertheConsolidatedIndASfinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.


75

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/financialinformationoffoursubsidiaries,whosefinancialstatements/financialinformationreflecttotalassetsofRs.465,850,200/-asat31stMarch,2019,totalrevenuesofRs.20,087,183/-andnetcashinflowsamountingtoRs.16,14,421/-fortheyearendedonthatdate,asconsideredintheconsolidatedfinancialstatements.Thesefinancialstatements /financial informationhavebeenauditedbyotherauditorswhosereportshavebeenfurnishedtousbytheManagementandouropinionontheconsolidatedfinancialstatements,insofarasitrelatestotheamountsanddisclosuresincludedinrespectofthesesubsidiaries,ourreportintermsofsub-sections(3)and(11)ofSection143oftheAct,insofarasitrelatestotheaforesaidsubsidiariesisbasedsolelyonthereportsoftheotherauditors.Ouropinionontheconsolidatedfinancialstatements,andourreportonOtherLegalandRegulatoryRequirementsbelow,isnotmodifiedinrespectoftheabovematterswithrespecttoourrelianceontheworkdoneandthereportsoftheotherauditorsandthefinancialstatements/financialinformationcertifiedbytheManagement.


76

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) on the basis ofwritten representations received from theDirectors of theHoldingCompany as on 31March, 2019andtakenonrecordbytheBoardofDirectorsoftheHoldingCompanyandthereportsofthestatutoryauditorsofitsSubsidiarycompaniesinIndia,noneoftheDirectorsoftheGroupcompaniesisdisqualifiedason31March,2019,frombeingappointedasaDirectorintermsofSection164(2)oftheAct;

f) WithrespecttotheadequacyoftheinternalfinancialcontrolsoverfinancialreportingoftheGroupandtheoperatingeffectivenessofsuchcontrols,refertoourseparatereportin“Annexure A”.

g) Inouropinion,themanagerialremunerationfortheyearended31March2019hasbeenpaid/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



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”)WehaveauditedtheinternalfinancialcontrolsoverfinancialreportingofSangam Renewables Limited (formerlyknownasSangamAdvisorsLimited)(“theHoldingCompany”)anditssubsidiariesasofMarch31,2019inconjunctionwithourauditoftheConsolidatedfinancialstatementsoftheGroupfortheyearendedonthatdate.Management’s Responsibility for Internal Financial ControlsThe Holding and Subsidiary Companies’ management is responsible for establishing and maintaining internal financialcontrolsbasedontheinternalcontroloverfinancialreportingcriteriaestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancialControlsoverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia(‘ICAI’).Theseresponsibilitiesincludethedesign,implementationandmaintenanceofadequateinternalfinancialcontrolsthatwereoperatingeffectivelyforensuringtheorderlyandefficientconductofitsbusiness,includingadherencetocompany’spolicies,thesafeguardingofitsassets,thepreventionanddetectionoffraudsanderrors,theaccuracyandcompletenessoftheaccountingrecords,andthetimelypreparationofreliablefinancialinformation,asrequiredundertheCompaniesAct,2013.


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Auditors’ ResponsibilityOur 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 ReportingAcompany’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,andthatreceiptsandexpendituresofthecompanyarebeingmadeonlyinaccordancewithauthorisationsofmanagementandDirectorsof thecompany;and(3)providereasonableassuranceregardingpreventionor timelydetectionofunauthorisedacquisition,use,ordispositionofthecompany’sassetsthatcouldhaveamaterialeffectonthefinancialstatements.Inherent Limitations of Internal Financial Controls over Financial ReportingBecauseoftheinherentlimitationsofinternalfinancialcontrolsoverfinancialreporting,includingthepossibilityofcollusionorimpropermanagementoverrideofcontrols,materialmisstatementsduetoerrororfraudmayoccurandnotbedetected.Also,projectionsofanyevaluationoftheinternalfinancialcontrolsoverfinancialreportingtofutureperiodsaresubjecttotheriskthattheinternalfinancialcontroloverfinancialreportingmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.OpinionInouropinion,tothebestofourinformationandaccordingtotheexplanationsgiventousandbasedontheconsiderationofreportofotherauditorsreferredtoinothermatterparagraphbelow,theHoldingCompanyandSubsidiarycompanieshave,inallmaterial respects, anadequate internalfinancialcontrols systemoverfinancial reportingandsuch internalfinancialcontrolsoverfinancialreportingwereoperatingeffectivelyasat31stMarch,2019,basedonthecriteriaforinternalfinancialcontroloverfinancialreportingestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancialControlsoverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia.Other MatterOuraforesaidreportundersection143(3)(i)oftheActontheadequacyandoperatingeffectivenessoftheinternalfinancialcontrolsoverfinancialreportinginsofarasitrelatestofourSubsidiarycompaniesisbasedonthecorrespondingreportoftheauditorsofsuchcompanies.


FRN : 103961W / W100182




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CONSOLIDATED BALANCE SHEET(Amount in Rupees)

Particulars Note No. As at March 31, 2019 As at March 31, 2018A. ASSETS

(1) Non-Current Assets(a) Property,PlantandEquipment 2 31,19,88,570 3,70,62,499(b) IntangibleAsset 2(a) 36,893(c) Goodwill 68,93,187 25,750(d) CapitalWorkinProgress 3 3,34,60,514 4,16,68,435(e) FinancialAssets

(i)Loans 4 5,63,011 5,63,011(f) OtherNon-CurrentAssets 5 46,85,94,691 25,83,688

Total non - current assets 82,15,36,867 8,19,03,382(2) Current Assets

(a) Inventories - -(b) FinancialAssets

(i)Tradereceivables 6 4,11,99,960 40,67,910(ii)Cashandcashequivalents 7 39,91,463 22,30,314(iii)OtherBalanceswithBanks 8 6,97,63,682 6,92,27,412(iv)Otherfinancialasset 9 25,000 25,000

(c) CurrentTaxAssets(Net) 10 50,73,785 16,70,130(d) Othercurrentassets 11 57,02,909 5,82,155

Total current assets 12,57,56,799 7,78,02,921Total Assets 94,72,93,666 15,97,06,304

B. EQUITY AND LIABILITIES(1) EQUITY

(a) EquityShareCapital 12 10,01,48,340 10,01,48,340(b) OtherEquity 13 (68,05,037) 23,12,485

Equityattributabletoowners 9,33,43,303 10,24,60,825(c) Non-ControllingInterest 14 30,37,07,131

Total Equity 39,70,50,434 10,24,60,825LIABILITIES

(2) Non-current Liabilities(a) Loans 15 36,94,98,992(b) Provisions 16 50,463 8,37,829(c) DeferredTaxLiabilities(net) 17 2,96,52,623 28,71,460

Total Non-current liabilites 39,92,02,079 37,09,289(3) Current Liabilities

(a) FinancialLiabilities(i)Borrowings 18 - 25,03,288(ii)TradePayable 19 5,06,254 8,89,915(iii)OtherFinancialLiabilities 20 14,54,97,708 4,76,19,320

(b) OtherCurrentliabilities 21 38,80,234 25,05,667(c) Provisions 22 11,56,957 18,000

Total current liablities 15,10,41,152 5,35,36,190Total Equity and Liabilities 94,72,93,666 15,97,06,304

See accompanying notes to the financial statements 2-37





79

CONSOLIDATED STATEMENT OF PROFIT & LOSS(Amount in Rupees)

Sr. No

Particulars Note No.



I RevenueFromOperations 23 7,03,82,007 1,30,11,273II OtherIncome 24 54,71,701 73,26,137III Total Income (I+II) 7,58,53,707 2,03,37,410IV Expenses:

(a)EmployeeBenefitExpense 25 1,53,96,974 1,06,14,836(b)FinanceCost 26 2,15,42,190 8,40,742(c)DepreciationandAmortizationExpense 2 74,74,542 3,57,754(d)OtherExpenses 27 2,32,32,838 46,60,696Total expenses (IV) 6,76,46,544 1,64,74,029

V Profit/(loss) before exceptional items and tax (III-IV) 82,07,164 38,63,381VI Exceptional ItemsVII Profit/(loss) before tax (V-VI) 82,07,164 38,63,381VIII TaxExpense

Currenttax 28 24,24,467 7,98,171MATCreditEntitlement (18,54,535) (7,98,171)Deferredtax 2,67,81,164 28,71,460EarlierYearTax(AY2014-15) - 73,214Total Tax Expense(VIII) 2,73,51,097 29,44,674

IX Profit (Loss) for the period (VII-VIII) (1,91,43,933) 9,18,707X OtherComprehensiveIncome(NetofTax) -

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

- -

A(i)Itemsthatwillnotbereclassifiedtoprofitorloss - -(ii)Incometaxrelatingtoitemsthatwillnotbereclassifiedtoprofitorloss

- -

B(i)Itemsthatwillbereclassifiedtoprofitorloss - -(ii)Incometaxrelatingtoitemsthatwillbereclassifiedtoprofitorloss

- -

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

(1,86,51,827) 9,18,707

XII Earningperequityshare 36(of`10/-each)(1)Basic (1.86) 0.09(2)Diluted (1.86) 0.09

See accompanying notes to the financial statements 2-37





80

STATEMENT OF CHANGES IN EQUITY( Rs in INR)

A: Equity Share Capital

As at March 31,2017

Changes in equity share

capital during 2017-18

As at March 31,2018

As at March 31,2018

Changes in equity share

capital during 2018-19

As at March 31,2019

10,01,48,340 - 10,01,48,340 10,01,48,340 - 10,01,48,340B. Other Equity

Particulars Retained earnings As at

March 31, 2019 As at

March 31, 2018Profit / (loss) of the OwnersOpening balance 22,86,735 13,93,778Profit/(loss)fortheperiod -1,86,51,827 9,18,707GoodwillonConsolidation 95,60,055 -25,750Closing Balance -68,05,037 22,86,735Profit / (loss) of the NCIOpening balance -NCIfortheperiod 30,37,07,131Closing Balance 30,37,07,131 -Total Comprehensive Income 29,69,02,094 22,86,735

See accompanying notes to the financial statements





81

CONSOLIDATED STATEMENT OF CASH FLOW(Amount in Rupees)

Particulars Year ended31st March, 2019

Year ended31st March, 2018

Cash flow from operating activitiesProfitbeforetaxfrom 82,07,163

ContinuingoperationsDiscontinuingoperations - -

Profit before tax 82,07,163 -Adjustmentsfor

Depreciationandamortizationexpense 74,74,542InterestIncome (46,24,457)UnwindingOfInterest (91,618)Profit/(Loss)onsaleofasset (7,28,672)FinanceCost 2,15,42,190

AdjustmentonaccountofGoodwill 95,34,305AdjustmentonaccountofNonControllingInterest 30,37,07,131Change in operating assets and liabilities, net of effects from purchase of controlled entities and sale of Subsidiary:

(Increase)/DecreaseinTradeReceivables (3,71,32,050)(Increase)/DecreaseinOtherCurrentassets (51,20,754)(Increase)/DecreaseinOtherCurrentFinancialassets -(Increase)/DecreaseinOtherNonCurrentFinancialassets(Increase)/DecreaseinOtherNonCurrentAssets (46,60,11,003)(Increase)/DecreaseininventoriesIncrease/(Decrease)inprovision 8,43,697Increase/(Decrease)inTradepayables (3,83,661)Increase/(Decrease)inOtherfinancialCurrentliabilities 9,78,78,388Increase/(Decrease)inCurrentLiabilities&Payables 13,74,567Increase/(Decrease)inOtherbankbalance (5,36,270)Increase/(Decrease)inNonCurrentLiablities

Cash generated from operations (6,40,66,502) -Incometaxespaid (39,73,588)Net cash outflow from operating activities (6,80,40,089) -Cash flows from investing activitiesPaymentsforproperty,plantandequipment (28,03,68,351)InterestIncome 47,16,075NetProceedsreceivedfromInvestmentsProfitfromsaleofInvestment/assetNet cash outflow from investing activities (27,56,52,276) -Cash flows from financing activitiesNetProceedsfromLoansgiven -NetProceedsfromLoansTaken 36,69,95,704Financecost (2,15,42,190)Net cash inflow from financing activities 34,54,53,514 -Net increase (decrease) in cash and cash equivalents 17,61,149 -Cashandcashequivalentsatthebeginningofthefinancialyear 22,30,314Cash and cash equivalents at end of the year 39,91,463 -

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

31st March 2019 31st March 2018Cashinhand 5,21,422Balancewithschedulebanks 15,60,323Fixeddepositswithbankswithoriginalmaturityoflessthanthreemonths 19,09,717Balances as per statement of cash flows 39,91,463 -NotesformingpartofthefinancialstatementsAsperourreportofevendateattached For&onbehalfoftheBoardofDirectorsFor R T JAIN & CO LLP Sangam Renewables LimitedChartered AccountantsFirmRegistrationNo.103961W/W100182




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Note 1 : NOTES TO CONSOLIDATED FINANCIAL STATEMENT FOR THE YEAR ENDED MARCH 31, 2019A CORPORATE INFORMATION: The Consolidated Financial Statements comprise financial statements of “Sangam Renewables Ltd” (“ the Holding

Company”)anditssubsidiaries(collectivelyreferredtoas“theGroup”)fortheyearended31stMarch2019. 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.

TheConsolidatedFinancialStatementsoftheGrouphavebeenpreparedtocomplywiththeIndianAccountingStandards(‘IndAS’),includingtherulesnotifiedundertherelevantprovisionsoftheCompaniesAct,2013.

TheConsolidatedFinancialStatementscompriseofSangamRenewablesLtdandallitssubsidiaries,beingtheentitiesthatitcontrols.ControlsareassessedinaccordancewiththerequirementofIndAS110–ConsolidatedFinancialStatements.

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

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.

• Depreciationontheproperty,plantandequipmentisprovidedonthestraightlinebasisovertheusefullifeofassetsasspecifiedinPartCofScheduleIItotheCompaniesAct,2013orusefullivesofassetsestimatedbythemanagementbasedontechnicaladviceincaseswhereausefullifeisdifferentthanindicatedinscheduleII.


83

Thefollowingtableshowstheperiodoverwhichmanagementexpectstouseassets:

Assetcategory Managementestimatedusefullife

UsefullifeasperscheduleII

Enduserdevicessuchasdesktops,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). TheGroupfollows‘simplifiedapproach’forrecognitionofimpairmentlossallowanceonTradereceivables

orcontractrevenuereceivables.

NOTES TO CONSOLIDATED FINANCIAL STATEMENT


84

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).



85

(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.

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.



86

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.

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENT FOR THE YEAR ENDED MARCH 31, 2019


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

The Group reviews the same at each reporting date and writes down the carrying amount ofMAT creditentitlementtotheextentthereisnolongerconvincingevidencetotheeffectthattheGroupwillpaynormalincometaxduringthespecifiedperiod.

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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENT FOR THE YEAR ENDED MARCH 31, 2019


88

Note 2: Property, Plant and Equipment

Particulars Computer Server Furniture Office Equipment

Building Solar Power Plant*

Total

Gross carrying amountYear Ended March 31, 2018Opening gross carrying amount

36,350 - - - 36,350

Additions 1,99,135 2,70,200 29,000 1,22,757 3,67,99,160 3,74,20,252Disposals (36,350) - - - (36,350)Closing Gross carrying amount

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

Year 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 -75,13,571Closing 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

Accumulated DepreciationOpeningaccumulateddepreciation

36,350 - - - 36,350

Depreciationchargeduringtheperiod

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

Disposals -36,350 - - - -36,350Closing accumulated depreciation at 31st March,2018

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

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 31st March,2019

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

Net Carrying AmountAs at March 31, 2018 1,53,964 2,68,677 28,585 1,18,605 - 3,64,92,668 3,70,62,499As at March 31, 2019 1,04,032 2,25,904 25,830 95,282 42,36,303 30,73,01,219 31,19,88,570

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS(AmountinRupees)


89

Note 2a : Intangible Asset

Particulars SoftwareGross carrying amountYear Ended March 31, 2018Cost as at April 1,2017 -Additions -Disposals -Closing Gross carrying amount -Year Ended March 31, 2019Opening gross carrying amount -Additions 47,458Disposals -Closing Gross carrying amount 47,458Accumulated DepreciationAsatApril1,2017 -Depreciationchargeduringtheyear -Disposals -Closing accumulated depreciation at 31st March,2018 -Accumulated DepreciationAsatApril1,2018Openingaccumulateddepreciation -Depreciationchargeduringtheyear 10,564DisposalsClosing accumulated depreciation at 31st March,2019 10,564Net Carrying AmountAs at March 31, 2018 -As at March 31, 2019 36,893

Note 3 : Capital work in progress

Particulars Capital work in progressGross carrying amountYear Ended March 31, 2018Deemed cost as at April 1, 2017 -Additions 4,16,68,435Disposals -Transfers -Closing Gross carrying amount 4,16,68,435Year Ended March 31, 2019OpeningGrosscarryingamount 4,16,68,435Additions 3,34,60,514DisposalsTransfers (4,16,68,435)ClosingGrosscarryingamount 3,34,60,514Accumulated DepreciationAsatApril1,2017 -Depreciationchargeduringtheyear -Disposals -ClosingaccumulateddepreciationatMarch31,2018 -Accumulated DepreciationAsatApril1,2018Openingaccumulateddepreciation -Depreciationchargeduringtheyear -Disposals -Closing accumulated depreciation at March 31, 2019 -Net Carrying AmountAs at March 31, 2018 4,16,68,435As at March 31, 2019 3,34,60,514

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



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Note 4 : Loans



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

Total 5,63,011 5,63,011

Note 5 : Other Non Current Assets



SecurityDeposit-1 20,40,541 13,35,424MATCreditReceivable 26,52,706 7,98,171Prepaidrent-1 3,31,257 4,50,093Capitaladvance 46,32,86,250TDSreceivable(NetofProvision) 2,83,937

Total 46,85,94,691 25,83,688

Note 6 : Trade Receivables



(Unsecured,consideredgood)Tradereceivable 4,11,99,960 40,67,910Less:Allowancefordoubtfuldebts - -

Total 4,11,99,960 40,67,910

Note 7 : Cash and cash equivalents



Current Account Balance with Schedule BanksInCurrentaccounts 15,60,323 16,25,610Cashinhand 5,21,422 6,04,704Fixeddepositswithbankswithoriginalmaturityoflessthanthreemonths* 19,09,717 -

Total 39,91,463 22,30,314

Note 8 : Other Bank Balances



Fixeddepositswithbanks 6,97,63,682 6,92,27,412Total 6,97,63,682 6,92,27,412

Note 9 : Other Financial Assets



SecurityDeposit 25,000 25,000Total 25,000 25,000

Note 10 : Current Tax Assets (Net)



AdvanceIncometax 50,73,785 16,70,130Total 50,73,785 16,70,130



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Note 11 : Other Current Assets



UnbilledRevenue 18,98,772EMDDeposits 23,70,000AdvancetoStaff - 1,322Balancewithrevenueauthorities 1,08,529AccruedIncome 9,46,355CapitalAdvances -Prepayment 2,60,417 52,323OtherReceivable - 4,09,674Prepaidrent 1,18,836 1,18,836

Total 57,02,909 5,82,155

Note 12 : Equity share capital

Authorised equity share capital

Particulars No. of Shares AmountAsat1April2017 1,02,50,000 10,25,00,000Increaseduringtheyear - -As at 31 March 2018 1,02,50,000 10,25,00,000Increaseduringtheyear 1,07,50,000 10,75,00,000As at 31 March 2019 2,10,00,000 21,00,00,000

(i) Movements in equity share capital

Particulars No. of Shares AmountIssued, Subscribed & Paid upAsat1April2017 1,00,14,834 10,01,48,340Increaseduringtheyear - -As at 31 March 2018 1,00,14,834 10,01,48,340Increaseduringtheyear - -As at 31 March 2019 1,00,14,834 10,01,48,340

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

Particulars As at 31 March 2019 As at 31 March 2018No. of Shares % of Holding No. of Shares % of Holding

HiteshCDoshi 8,70,511 8.69% 8,70,511 8.69%NeepaVirenDoshi 11,20,661 11.19% 11,20,661 11.19%PankajCDoshi 5,42,128 5.41% 5,42,128 5.41%BinitaHDoshi 5,52,696 5.52% 5,49,796 5.49%TaibSecuritiesIndiaLimited 5,10,000 5.09% 5,10,000 5.09%

Note 13 : Other Equity

Particulars As atMarch 31,2019

As atMarch 31,2018

Retained earningsOpeningbalance 22,86,735 13,93,778Totalcomprehensiveincome/(loss)fortheperiod (1,86,51,827) 9,18,707Closing Balance (1,63,65,092) 23,12,485

Note 14 : Non-Controlling Interest: NotApplicable



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Note 15 : Loan



LoanfromRelatedparty 72,27,836 -Loandfromothers 36,22,71,156 -

Total 36,94,98,992 -




ProvisionforGratuity 20,438 3,76,013ProvisionforLeaveSalary 30,025 4,61,816

Total 50,463 8,37,829

Note 17 : Differed Tax Liabilities



Onaccountofgratuity (13,120) (1,28,477)OnaccountofdisallowanceunderIncomeTaxAct,1961 2,96,65,743 29,99,937

Total 2,96,52,623 28,71,460

Note 18 : Borrowings



Loansrepayableondemand:Fromotherparties - 25,03,288

Total - 25,03,288

Note 19 : Trade Payable



Tradepayables 3,17,241 7,03,296Tradepayablestorelatedparties 1,89,013 1,86,619

Total 5,06,254 8,89,915

Note 20 : Other Financial Liabilites



CapitalCreditors 10,05,45,817 4,76,19,320Payabletowardscapitalexpenditure(includingretentionmoney) 4,49,51,891 -

14,54,97,708 4,76,19,320

Note 21 : Other Current Liabilities



SalaryPayable 10,10,844 7,38,383Duties&Taxes 24,64,929 16,09,636Operatingleaseliabilities 4,04,461 46,985Others - 1,10,663

Total 38,80,234 25,05,667



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Provisionforexpenses 5,83,413 18,000ProvisionforGratuityCurrent 33 -ProvisionforLeaveSalaryCurrent 3,578 -Provisionfortax 5,69,933 -

Total 11,56,957 18,000

Note 23 : Revenue from operation



ServiceIncome 4,46,69,063 1,20,40,938Generationofelectricityfromsolarpowerplant 2,57,12,944 9,70,335

Total 7,03,82,007 1,30,11,273

Note 24 : Other Income



InterestIncome 46,24,457 72,96,531Profit/(Loss)onsalesofasset 26,954ProfitonSlumpSale 7,28,672Interestincomeonfinancialassetcarriedatamortizedcost 91,618 29,606

Total 54,71,701 73,26,137

Note 25 : Employee benefit expenses



DirectorsRemuneration 96,89,320 77,30,245Salariesandincentives 57,07,654 28,84,591

Total 1,53,96,974 1,06,14,836

Note 26 : Finance costs



InterestonDelayedPaymentsoftaxes 1,18,016 50,472LoanProcessingFees - 5,59,000InterestExpense 2,12,27,347 3,288BankCharges&Commission 1,96,827 2,27,983

Total 2,15,42,190 8,40,743

Note 27 : Other expenses



AdvertisementExpenses 90,783 47,092AuditorRemuneration 5,75,349 86,400Rates&Taxes 1,19,43,015 16,22,085Travelling&Conveyance 14,28,642 3,15,030CommunicationCosts 3,07,476 1,09,233Printing&Stationery 2,07,739 94,636ProfessionalExpenses 19,36,608 7,15,470ElectricityExpenses 4,01,480 41,490Operation&Maintenance 3,59,992



94



Repairs&Maintenance 44,766 89,722RentExpense 40,45,587DirectorsSittingFees 9,46,279 3,00,000InsuranceExpense 1,26,146TenderFees 9,524 4,16,128Brokerage&Commission - 2,90,000MiscellaneousExpenses 8,09,452 5,33,410

Total 2,32,32,838 46,60,696

*Auditor’s Remuneration



Payment to AuditorAuditfee 4,19,000 51,000Taxauditfee - -Otherservice - -

Total 4,19,000 51,000

Note 28 : Income Tax expense

a) Income Tax expense



CurrentTax 24,24,467 7,98,171MATCreditEntitlement (18,54,535) (7,98,171)EarlierYearTax(AY2014-15) - 73,214Deferredtax 2,67,81,164 28,71,460Decrease/(increase)indeferredtaxassets (13,442) (1,28,477)(Decrease)/increaseindeferredtaxliabilities 2,67,94,605 29,99,937

Total 2,73,51,097 29,44,674

b) Reconcilation of tax expenses and the accounting loss multiplied by India’s tax rate



Profit/(Loss) before income tax expenses 82,07,164 38,63,381Tax at the Indian tax rate of 19.24%(For 31st March 2018 Rate - 19.055%) 15,79,058 7,36,167Taxeffectof theamountswhicharenotdeductible(taxable) incalculating taxableincome:-ExpensesDisallowed 49,870 3,998-NonTaxableSubsidiaries 7,95,539 58,005Current Tax Provision 24,24,467 7,98,171MAT Credit (18,54,535) (7,98,171)Additional Tax - 73,214Deferred Tax 2,67,81,164 28,71,460 - Incremental Deferred Tax Liability/(Asset) on account of Employment BenefitExpense

(13,120) (1,28,477)

-IncrementalDeferredTax(Liability)onaccountofProperty,PlantandEquipment 2,67,94,284 29,99,937Income tax expenses 2,97,75,564 37,42,844



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Note 29 : Fair Value Measurement

i) Fair Value of Financial assets and Financial liabilities

SetoutbelowisacomparisonbyclassofthecarryingamountsandfairvalueoftheCompany’sfinancialinstrumentsthatarerecognisedinthefinancialstatements.

Particulars March 31, 2019 March 31, 2018 Carrying Amount

Fair Value Carrying Amount

Fair Value

Financial assets designated as fair value through Other Comprehensive IncomeFinancial assets designated at amortised costLoans 5,63,011 5,63,011 5,63,011 5,63,011Tradereceivables 4,11,99,960 4,11,99,960 40,67,910 40,67,910Cashandcashequivalents 39,91,463 39,91,463 22,30,314 22,30,314OtherBankBalance 6,97,63,682 6,97,63,682 6,92,27,412 6,92,27,412SecurityDeposit 25,000 25,000 25,000 25,000

11,55,43,116 11,55,43,116 7,61,13,647 7,61,13,647Financial liabilities designated at amortised costBorrowings - 25,03,288Tradepayables 5,06,254 5,06,254 8,89,915 8,89,915CapitalCreditors 14,54,97,708 14,54,97,708 4,76,19,320 4,76,19,320

14,60,03,962 14,60,03,962 4,85,09,235 4,85,09,235

(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) Fair value of cash and deposits, trade receivables, trade payables, and other current financial assets and liabilitiesapproximatetheircarryingamountslargelyduetotheshort-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.



96

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

TheGrouptransactsbusinessinIndianNationalRupee(INR).TheGroupdoesnothaveanyforeigncurrencyfinancialinstrumentsandthereforeisnotexposedtoforeignexchangerisk.

(b ) Price Risk

ThebusinessoftheGroupisprovidingservicesinrelationsettingupofsolarpowerproject.ThepricevolatilityofthecommoditiesindomesticandinternationalmarketsdoesnotgenerallyaffecttheoperatingactivityoftheGroup.

Expectedcreditlossfortradereceivables

Neither impaired or due

Upto 6 months

6 to 12 months

< 12 months

Trade ReceivablesAs at March 31, 2019Grosscarryingamount 4,11,99,960 - - - 4,11,99,960ExpectedlossrateExpectedcreditlosses(Lossallowanceprovision) - - - - -Carrying amount of trade receivables (net of impairment)

4,11,99,960 - - - 4,11,99,960

As at March 31, 2018Unsecured 40,67,910 - - - 40,67,910Net Total 40,67,910 - - - 40,67,910

Financial instruments and cash deposits

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

Liquidity Risk

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

Thetablebelowprovidesdetailsregardingtheremainingcontractualmaturitiesoffinancialliabilitiesatthereportingdatebasedoncontractualundiscountedpayments.



97


On Demand < 6 months 6 to 12 months > 1 year

Borrowings 36,94,98,992 - - - 36,94,98,992Otherliabilities 38,80,234 38,80,234Tradeandotherpayables 14,60,03,962 - 14,60,03,962 - -Total 51,93,83,188 - 14,98,84,196 - 36,94,98,992.26


On Demand < 6 months 6 to 12 months > 1 year

Borrowings 25,03,288 - 25,03,288 - -Otherliabilities 25,05,667 25,05,667Tradeandotherpayables 4,85,09,235 - 4,85,09,235 - -Total 5,35,18,190 - 5,35,18,190 - -

Note 31 : Capital management

ForthepurposesoftheGroup’scapitalmanagement,capitalincludesissuedcapitalandallotherequityreserves.

TheGroup’sobjectiveswhenmanagingcapitalareto:

(a) Safeguardtheirabilitytocontinueasagoingconcern,sothattheycancontinuetoprovidereturnsforshareholdersandbenefitsforotherstakeholders.

(b)Maintainanoptimalcapitalstructuretoreducecostofcapital.

TheGroupmanages its capital structure andmakes adjustments in light of changes in economic conditions and therequirementsofthefinancialcovenants.TheGroupmonitorscapitalusingagearingratio,whichisdebtdividedbyequitycapital.Nochangesweremadeinobjectives,policiesorprocessessduringtheyearendedMarch31,2019.


As atMarch 31, 2018

Borrowings 36,94,98,992 -Net Debt 36,94,98,992 -TotalEquity 10,01,48,340 10,01,48,340Total capital 10,01,48,340 10,01,48,340Net Debt to Equity ratio 3.69 -

Note 32 : 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.



As atMarch 31, 2018

Obligationattheyearbeginning 3,76,013 -InterestCost 50,638 -PastServiceCost - -CurrentServiceCost 2,64,290 -PastServiceCost–VestedBenefit - 3,76,013CurrentCost/(Credit) - -BenefitsPaid - -Actuarial(Gain)/Loss - -Obligation at the year end 6,90,941 3,76,013.00



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Recognised in Profit and loss


As atMarch 31, 2018

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

Other Comprehensive Income for the period


As atMarch 31, 2018

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

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


(B) Leave Encashment

TheCompany’sLongTermbenefitincludesLeaveencashmentpayableatthetimeofretirementinfull,otherwiseitisencashableduringtheyearinwhichservicesarerenderedsubjecttoinexcessof30days.



As atMarch 31, 2018

Obligationattheyearbeginning 4,61,816 -Currentservicecost 4,42,046 4,61,816Interestcost 53,747 -Actuarial(Gain)/Loss - -Benefitspaid - -Obligation at the year end 9,57,609 4,61,816



99


As atMarch 31, 2018

Recognised in Profit and lossCurrentServiceCost 4,42,046 4,61,816PastServiceCostandloss/(gain)oncurtailmentandsettlement - -NetInterestCost 53,747 -Netvalueofremeasurementsontheobligationandplanassets (4,59,635) -Total Expenses recognized in Profit and Loss A/c 36,158 4,61,816

Reconciliation of net defined benefit - Leave Encashment LiabilityNetopeningprovisionsinbooksofaccounts 4,61,816 -Transferin/(out)obligation -CurrentServiceCost 4,42,046NetInterestCost 53,747Transferin/(out)planasset - -Employeebenefitexpenses - 4,61,816AmountsrecognizedinOtherComprehensiveIncome (4,59,635) -BenefitspaidbytheCompany (4,64,371) -Contributionstoplanassets - -Closing provisions in books of accounts 33,603 4,61,816


Sensitivity Analysis of Gratuity:



As atMarch 31, 2018

0.5%IncreaseinDiscountrate Refernotebelow**

Refernotebelow**

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

Sensitivity Analysis of Leave Encashment:



As atMarch 31, 2018

0.5%IncreaseinDiscountrate ReferNotebelow**

ReferNotebelow**

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



100

Sensitivity Analysis Method

Sensitivityanalysisisperformedbyvaryingasingleparameterwhilekeepingallotherparametersunchanged.Hence,theresultmayvaryiftwoormorevariablesarechangedsimultaneously.Itfailstofocusontheinterrelationshipbetweenunderlyingparameters.Themethodsuseddoesnotindicateanythingaboutthelikelihoodofchangeinanyparameterandtheextentofthechangeifany.

Themethodsandtypesofassumptionsusedinpreparingthesensitivityanalysisdidnotchangecomparedtopriorperiod.

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


As atMarch 31, 2018

DiscountRate Refernotebelow*

Refernotebelow*

SalaryEscalationRate–ManagementStaffTurnoverRateMortalityTable

*Note:TheCompanyhadlessthan10employeesonitspayroll.Consideringmateriality,liabilityforleaveencashmentason31stMarch,2018and31stMarch,2019hasbeenrecognisedonactualbasisratherthanonacturialbasis.

(C) Risk Exposure

Thoughitsdefinedbenefitplans,theCompanyisexposetonumberofrisks,themostsignificantofwhicharedetailedbelow:

1. Acturial risk :

It’stheriskthatbenefitwillcostmorethanexpected.Thiscanariseduetofollowingreasons:

(a) Adversesalarygrowthexperience:salaryhikesthatarehigherthantheassumedsalaryescalationwillresultinanincreaseinobligationataratethatishigherthanexpected.

(b)Variabilityinmortalityrates:IfactualmortalityratesarehigherthanassumedmortalityrateassumptionthantheGratuitybenefitswillbepaidearlierthanexpected.Sincethereisnoconditionofvestingonthedeathbenefit,theaccelerationofcashflowwillleadtoanactuariallossorgaindependingontherelativevaluesoftheassumedsalarygrowthanddiscountrate.

(c) Variabilityinwithdrawalrates:IfactualwithdrawalratesarehigherthanassumedwithdrawalrateassumptionthantheGratuitybenefitswillbepaidearlierthanexpected.Theimpactofthiswilldependonwhetherthebenefitsarevestedasattheresignationdate.

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.



101

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


March 31, 2019AdityaBirlaRenewablesLimited(ABReL) AssociateCompany

(From27thJune,2018)49

GrasimIndustriesLimited AssociateCompany(From27thJune,2018)

100%HoldingcompanyofABReL

For Waasang Solar Private Limited


March 31, 2019WaaareeEnergiesLimited AssociateCompany

(W.e.f.18thJuly,2018)26

For Waasang Solar One Private Limited


March 31, 2019WaaareeEnergiesLimited AssociateCompany

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

For 8M Solar Fund Private Limited

-NIL-

a) Key Management Personnel of Group

For Sangam Renewables limited

MayankShah-ManagingDirector(appointedw.e.fNovember14,2017uptoMarch30,2019) MitulMehta-Director(w.e.fSeptember2,2016) NileshGandhi-IndependentDirector(w.e.fFebruary13,2017) MenkaJha-IndependentDirector(w.e.fFebruary13,2017uptoMarch02,2019) PujanDoshi-Director(Directorw.e.fSeptember2,2016&ManagingDirectoruptoNovember14,2017) AnkitDoshi-Director&CFO(Directorw.e.fSeptember02,2016&CFOw.e.fFebruary,13,2017uptoApril07,2019) KuldeepJain-Director(appointedw.e.fMay16,2017uptoSept30,2019) RuchiSethi-CompanySecretary(appointedw.e.fFebruary13,2017) B.C.Bhandari-CFO(w.e.f.fromApril8,2019) SharadSaxena-Director(w.e.f.8thApril2019)


PujanDoshi-Director KuldeepJain-Director(upto28June2018) NileshGandhi-IndependentDirector(w.e.f.27June2018) KamleshShivjiVikamsey-IndependentDirector(w.e.f.27June2018) SubhashChandraBhargava-IndependentDirector(w.e.f.27June2018) RavinderKhanna-Director(w.e.f.27June2018) NikhilSanghani-CFO(w.e.f.01February2019) AmitabhVerma-Manager(w.e.f.25February2019)



102


PujanDoshi-Director SharadKumarSaxena-Director


PujanDoshi-Director SharadKumarSaxena-Director

For Waasang Solar One Private Limited

PujanDoshi-Director HiteshMehta-Director

b) Transactions during the year with related parties


Name of the party Nature of transactions As atMarch 31, 2019

- Mayank Shah DirectorRemuneration 32,31,064- Ankit Doshi DirectorRemuneration 3,00,000- Nilesh Gandhi DirectorSittingFees 1,05,000- Menka Jha DirectorSittingFees 70,479- Mitul Mehta DirectorSittingFees 55,000


Name of the party Nature of transactions Half Year EndedMarch 31, 2019

- Grasim Industries Limited Projectmanagementfees 60,43,950- Grasim Industries Limited ICD-Principal 35,00,00,000

ICD-Interest 33,16,439- Nilesh Gandhi DirectorSittingFees 1,40,000- Kamlesh Shivji Vikramsey DirectorSittingFees 70,000- Subhash Chandra Bhargava DirectorSittingFees 1,40,000


Name of the party Nature of transactions Half Year EndedMarch 31, 2019

- Waaree Energies Limited 1)LoanTaken 70,00,0002)InterestonunsecuredLoan 2,53,151


-NIL-


-NIL-

c) Balance outstanding of related parties


Name of the Party Receivable /(Payable)

As atMarch 31, 2019

MayankShah (Payable) (22,722) For Waacox Energy Private Limited


As atMarch 31, 2019

GrasimIndustriesLimited (Payable) (55,31,732)



103



As atMarch 31, 2019

WaareeEnergiesLimited (Payable) (72,27,836) For 8M Solar Fund Private Limited

-NIL-


-NIL-

d) Key Management Personnel Compensation


Short-termemployeebenefits -Post-employmentbenefitsOtherlongtermbenefits* 2,76,337Terminationbenefits -Sharebasedpayment -Total Compensation 2,76,337


-NIL-


-NIL-


-NIL-


-NIL-

Note 34 : Contingent Liabilities

Particulars Guarantees excluding financial guarantees

Guarantees excluding financial guarantees



BankGuaranteeissuedbybanksonbehalfoftheCompanyagainstlienoffixeddepositreceipts:-InfavourofMaharashtraStatePowerGenerationCompanyLimited(MAHAGENCO)towardsearnestmoneydepositfortender

1,80,00,000

-Infavourof(MAHAGENCO)towardsperformanceunderthePPA 4,62,00,000-InfavourofRailwayEnergyManagementCompanytowardsearnestmoneydepositfortender

39,69,600

-InfavourofNashikMunicipalSmartCityDevelopmentCorporationLimitedtowardsearnestmoneydepositfortender

10,00,000

Total 10,00,000 6,81,69,600



104


Note 35 : Commitments

a) TheGrouphastakenofficepremisesundernoncancellableoperatingleasesexpiredwithin5yearsfrom15thJanuary2018.Theleasehasvaryingterms,esclationclausesandrenewalrights.Thefutureminimumleasepaymentinrespectofwhichareasfollows:

Particulars Operating Lease commitments

Operating Lease commitments



-Notlaterthan1year 36,92,063 33,86,000-Laterthan1yearbutnotlaterthan5years 1,12,95,884 1,43,80,463-Laterthan5years - -

Note 36 : Earning per Share



Basic Earning Per ShareProfit/(Loss)attributabletoEquityshareholders

(1,86,51,827) 9,18,707

Weightedaveragenumberofequityshares

1,00,14,834 1,00,14,834

FacevalueperShare 10 10

Basic Earnings Per Share(in `) (1.86) 0.09Diluted Earnings per Share ( in `) (1.86) 0.09

Note 37 :

Figuresofpreviousyearhavebeenregroupedwherevernecessary,toconfirmtocurrentyear’spresentation.




SANGAM RENEWABLES LIMITED(Formerly known as Sangam Advisors Limited)

[CIN: L93000MH1999PLC120470]RegisteredOffice:501,WesternEdge-I,Off:WesternExpressHighway,Borivali(E),Mumbai-400066

TelNo.02243331500;Email:[email protected]:www.sangamrenew.com

ATTENDANCE SLIP(Please fill the attendance slip and hand it over at the entrance of the meeting hall)

Regd.FolioNo.**……………………………………………..…DPID…………………………………...............................

No.ofSharesheld……………………………………………......ClientID………………………….....……………………

Name(s)andaddressoftheshareholderinfull…………………………………………………................................................

...................................……………………………………………………………………………………………………………

I/weherebyrecordmy/ourpresenceatthe20thAnnualGeneralmeetingoftheCompanyheldonTuesday,September10,2019at10:00a.m.atNirvanBungalow&PartyHallPlotNo.65,RoadRSC20,Charkop,SectorNo.9,BehindMTNL,NearRaviTower,Mumbai–400067.

SignatureofShareholder/Proxy**Applicableforinvestorholdingsharesinphysicalform

THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK

Proxy form

Form No. MGT-11[Pursuanttosection105(6)oftheCompaniesAct,2013andrule19(3)oftheCompanies

(ManagementandAdministration)Rules,2014]

CIN:L93000MH1999PLC120470

Name of the Company:SangamRenewablesLimited(FormerlyknownasSangamAdvisorsLimited)

Registered office: 501,WesternEdge-I,Off:WesternExpressHighway,Borivali(E),Mumbai-400066.

NameoftheShareholder(s):

RegisteredAddress:

EmailId:

FolioNo./ClientId:

DPId:

I/We,beingthemember(s)of………..................................................….sharesoftheabovenamedcompany,herebyappoint1. Name:………………………………………………........................................................................................................… Address………………...................................................................................………………..........................................….. E-mailId:…………........................................................…..Signature:………..................................…….,orfailinghim2. Name:………………………………………………........................................................................................................… Address………………...................................................................................………………..........................................….. E-mailId:………….......................................................…..Signature:………...................................…….,orfailinghim3. Name:………………………………………………........................................................................................................… Address………………...................................................................................………………..........................................….. E-mailId:…………................................................….........Signature:………............................................................……. asmy/ourproxytoattendandvote(onapoll)forme/usandonmy/ourbehalfatthe20thAnnualgeneralmeetingofthe

membersoftheCompany,tobeheldontheTuesday,September10,2019at10:00a.m.atNirvanBungalow&PartyHallPlotNo.65,RoadRSC20,Charkop,SectorNo.9,BehindMTNL,NearRaviTower,Mumbai–400067andatanyadjournmentthereofinrespectofsuchresolutionsasareindicatedbelow:

1. Toreceive,considerandadopttheauditedFinancialStatements(includingconsolidatedfinancialstatements)oftheCompanyforthefinancialyearendedMarch31,2019includingtheReportsoftheBoardofDirectorsandAuditorsthereon.

2. ToappointaDirectorinplaceofMr.PujanDoshi(DIN:07063863),whoretiresbyrotationandbeingeligible,hasofferedhimselfforre-appointment.

3. ToappointMs.AnitaJaiswal(DIN:08485642)asanIndependentDirectoroftheCompany.4. ToappointMr.SharadKumarSaxena(DIN:01874149)astheWhole-timeDirector(WTD)oftheCompany.5. Toapprovetherelatedpartytransactions.6. ToauthorizeBoardtogiveloansloans/provideguaranteeorsecurityundersection185oftheCompaniesAct,2013.7. ToadoptnewsetofArticlesofAssociationoftheCompany.

Signedthis……dayof………2019

Signatureofshareholder

SignatureofProxyholder(s)

Note: This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company, not less than 48 hours before the commencement of the Meeting.

AffixRevenueStamp

THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK

NOTES

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If undelivered Please return to:Sangam Renewables Limited(FormerlyknownasSangamAdvisorsLimited)501,WesternEdge-I,Off:WesternExpressHighway,Borivali(E)Mumbai-400066;TelNo.02243331500Email:[email protected]:www.sangamrenew.comCIN:L93000MH1999PLC120470

j;j.::..- · mr. pujan pankaj doshi being a subsidiary company in which mr. pujan doshi is...

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