1.5 Provisions and contingencies
The company creates a provision when there is a present obligation as a result of past event
that propably requires an outflow of resources and a reliable estimate can be made of the
amount of the obiligation. A disclosure for a contingent liability is made when there is a
possible obligation or present obligation that probably will not require an outflow of
resources or where reliable estimate of the amount of the obligation cannot be made.
1.6 Inventories
Inventories are stated at the lower of cost or net realisable value. Stores and spares are
written off in the year of purchase.
1.7 Employee benefit
1.7.1 Short Term Employee Benefits
Short term employee benefits are recognised in the period during which the services
have been rendered.
1.7.2 Long Term Employee Benefits
Leave encashment liabilities is accounted as and when paid.
1.8 Foreign Currency Transactions
Transaction in foreign currency is recorded at the exchange rate prevailing on the date of the
transaction. Exchange rate differences resulting from foreign exchange transactions settled
during the period including year-end translation of current assets and liabilities are
recognised in the statement of profit and loss. In case of gains or losses arising on long term
foreign currency Monetary items relating to the acquisition of depreciable assests are added
to or deducted from the cost of such assests.
In respect of forward exchange contract, except in case of fixed assets, The differences
between forward rate and the exchange rate at the inception of the forward exchange
contract is recognised as income/expenses over the life of the contract.
Gain/Loss on settlement of transaction arising on cancellation or renewal of such a forward
exchange contract is recognized as income or expense for the period.
1.9 Borrowing cost
Borrowing costs directly attributed to the acquisition of fixed assets are capitalised as a part
of the cost of asset upto the date the asset is put to use.Other borrowing Costs are charged
to the profit and loss account in the year in which they are incurred.
1.10 Income tax
a a Tax expenses comprise of current and deferred tax.
i Provision for current income tax is made on the basis of relevant provisions of the Income
Tax Act,1961 as applicable to the financial year.
ii Deferred Tax is recognised subject to the consideration of prudence on timing
differences,being the difference between taxable income and accounting income
that originate in one period and are capable of reversal in one or more subsequent periods.
1.11 Operating Lease
Lease where the lessor effectively retains substantially all the risks and benefits of ownership
of the leased term, classified as operating leases. Operating lease payments are recognised
as an expense in the statement of profit and loss on a straight-line basis over the lease term.
1.12 Claims, Demands and Contingencies
Disputed and/ or contingent liabilities are either provided for / or disclosed depending on
management's judgment of the outcome.
1.13 Impairment of Asset
If internal/external indications suggest that an asset of the company may be impaired., the
recoverable amount of asset/cash generating asset is determined on the balance - sheet date
and if it is less than its carrying amount of the asset/cash generating unit is reduced to the
said recoverable amount. The recoverable amount is measured as the higher of net selling
price and value in use of such asset/cash generating unit, which is determined by the
present value of carrying amount of the estimated future cash flow.
30 During the year, the Company has revised the estimated useful life of solar plates from 15 years to 25 years based on
technical evaluation, in accordance with Accounting Standard (AS) 5 - “Net Profit or Loss for the Period, Prior Period
Items and Changes in Accounting Policies.”
31 During the year, the Company has recognized income of ? 60.95 Lacs from its investment in Prakash Power (Partnership
Firm), which pertained to the previous financial year but was inadvertently omitted in the earlier period. In accordance
with Accounting Standard (AS) 5 - Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting
Policies, the said income has been accounted for under the head “Prior Period Income” in the Statement of Profit and
Loss for the
current year.
32 Aspire Infracon Pvt Ltd, a subsidiary of the Company, had purchased land in the previous years, and no further business
activity has been carried out till date. The subsidiary is capitalizing the interest expense of ^33.68 lakhs incurred on
unsecured loans taken from the Company for the acquisition of land. Correspondingly, the Company has recognized
interest income of ^33.68 lakhs in its books for the year. The impact of such treatment has been appropriately reflected
in the financial statements of both entities.
33 Other statutory information
(i) The Company do not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.
(ii) The Company do not have any transactions with companies struck off.
(iii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.
(iv) The Company have not traded or invested in Crypto currency or Virtual Currency during the year
(v) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall: directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(vii) The Company do not have any such transaction which is not recorded in the books of accounts and that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as,
search or survey or any other relevant provisions of the Income Tax Act, 1961)
(viii) The company holds all the title deeds of immovable property in its name.
(ix) There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237 of the
Companies Act, 2013.
(x) The company is not declared as wilful defaulter by any bank or financial Institution or other lender.
(xi) There is Rs.2140.21 Lakhs Capital Work in Progress as on 31.03.2025 and Rs. 26.59 Lakhs Capital Work in Progress
as on 31.03.2024. The CWIP comprises expenditures incurred on projects under development.
(xii) During the financial year 2024-25, a search was conducted by the Income Tax Department. The appraisal report and
subsequent proceedings related to the search are currently pending with the department.
34 Previous Year's figures have been regrouped, rearranged and reclassified whenever necessary.
As per our Report of even date For and on behalf of the Board
For J C H & Associates LLP For Waa Solar Ltd.
Chartered Accountants
Firm Registration No.134480W/W101042
(Chintan Joshi - Partner) Director
Membership No.144277 Amit Khurana
Din No:00003626
Vadodara
Date: 11/06/2025
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