Accounting Policies of Australian Premium Solar (India) Ltd. Company

Mar 31, 2025

CORPORATE INFORMATION

Australian Premium Solar (India) Limited (The Company) is a public company domiciled in
India and incorporated under the provisions of the Companies Act. Its shares are listed on
National Stock exchange of India. The Company is mainly dealing in Solar Business.

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

A. Accounting Convention:

Financial statements are prepared under the historical cost convention on accrual basis in
accordance with the generally accepted accounting principles in India and the provisions of
the Companies Actas adopted consistently by the company.

B. Use of Estimates and Judgments:

The preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amount of assets and liabilities and disclosure of contingent liabilities at the date of financial
statements and the results of operations during the reporting period. Although these estimates
are based upon management''s best knowledge of current events and actions, actual results
could differ from these estimates. Difference between the actual results and estimates are
recognized in the period in which the results are known/ materialized.

C. Fixed Assets:

Fixed assets are carried at the cost of acquisition or construction less accumulated
depreciation.

The cost of fixed assets includes non-refundable taxes, duties, freight and other incidental
expenses related to the acquisition and installation of the respective assets.

D. Depreciation :

Depreciation on tangible assets is provided on the written down value method over the useful
lives of assets as per part “C” of the schedule II of The Companies Act 2013.Depreciation for
assets purchased/sold during a period is proportionately charged. Intangible assets are
amortized over their respective individual lives on written down value basis, commencing from
the date the asset is available to the Company for its use.

E. Inventories :

(i) Raw Materials, Work in Progress and Finished goods are valued at lower of cost or net
realizable value. After the final inspection and approval of the test results and clearance cum
dispatch instructions from customer the final product is reckoned as excisable finished goods.

(ii) Consumable stores are valued at cost.

(iii) Cost formulae used is either, Weighted Average cost or specific identification, as
applicable.

F. Investments:

Investments are valued at Cost.

G. Employee Benefits:

Provision for gratuity payable to employees is provided in the books of Accounts.

H. Revenue Recognition:

Revenue from operations is recognized only when it can be reliably measuredand it is
reasonable to expect ultimate collection. Sales value is excluding Sales Tax, excise duty and net
of sales return, if any.

I. Impairment of Assets:

The Company assesses at each Balance Sheet date whether there is any indication that an asset
may be impaired. If any such indication exists, the Company estimates the recoverable amount
of the assets. If such recoverable amount of the assets is less than its carrying amount, the
carrying amount is reduced to its recoverable amount. The reduction is treated as an
impairment loss and is recognized in the Statement of Profit and Loss. If at the Balance Sheet
date there is an indication that if a previously assessed impairment loss no longer exists, the
recoverable amount is reassessed and the asset is reflected at the

J. Taxes on Income :

1. Current Tax: - Provision for current tax is made after taken into consideration benefits
admissible under the provisions of the Income Tax Act, 1961.

2. Deferred Taxes: - Deferred Income Tax is provided using the liability method on all
temporary difference at the balance sheet date between the tax basis of assets and
liabilities and their carrying amount for financial reporting purposes.

I. Deferred Tax Assets are recognized for all deductible temporary differences to the
extent that it is probable that taxable profit will be available in the future against which this
items can be utilized.

II. Deferred Tax Assets and liabilities are measured at the tax rates that are expected to
apply to the period when the assets is realized or the liability is settled, based on tax rates ( and
the tax) that have been enacted or enacted subsequent to the balance sheet date.

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Mar 31, 2024

CORPORATE INFORMATION

Australian Premium Solar (India) Private Limited (the Company) is a private company domiciled in India and incorporated under provisions of the Companies Act.The company is engaged in the manufacturing of various types of barrels and trading in steel.

A. BASIS OF ACCOUNTING

Financial statements are prepared under the historical cost convention on accrual basis in accordance with the generally accepted accounting principles in India and the provisions of the Companies Actas adopted consistently by the company.

B. USE OF ESTIMATES

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of financial statements and the results of operations during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Difference between the actual results and estimates are recognized in the period in which the results are known/ materialized.

C. FIXED ASSETS

Fixed assets are carried at the cost of acquisition or construction less accumulated depreciation. The cost of fixed assets includes non-refundable taxes, duties, freight and other incidental expenses related to the acquisition and installation of the respective assets.

D. DEPRECIATION

Depreciation on tangible assets is provided on the written down value method over the useful lives of assets as per part “C” of the schedule II of The Companies Act 2013.Depreciation for assets purchased/sold during a period is proportionately charged.Intangible assets are amortized over their respective individual lives on written down value basis,commencing from the date the asset is available to the Company for its use.

E. INVENTORIES

(i) Raw Materials, Work in Progress and Finished goods are valued at lower of cost or net realizable value. After the final inspection and approval of the test results and clearance cum dispatch instructions from customer the final product is reckoned as excisable finished goods.

(ii) Consumable stores are valued at cost. applicable.

F. REVENUE RECOGNITION

Revenue from operations is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection. Sales value is excluding Sales Tax, excise duty and net of sales return, if any.

G. EMPLOYEE BENEFITES

Provision for gratuity payable to employees is provided in the books of accounts.

H. INVESTMENTS Investments are valued at Cost.

I. FOREIGN CURRENCY TRANSACTIONS:

Foreign currency transactions are accounted at the rate prevailing on the day of transaction and the difference if any on realization is debited to Profit & Loss Account.

J. INCOME TAX EXPENSE

(I) Income Tax expenses comprises of current and deferred tax. Current charge for income taxes is calculated in accordance with the relevant tax regulations applicable to the company.

(ii) The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been enacted or substantially enacted by the balance sheet date. Deferred Tax asset are recognized only to the extent there is reasonable certainty that the assets can be realized in future, however where there is unabsorbed depreciation or carry forward of losses, deferred tax assets are recognizedonly if there is a virtual certainty of realizations of such asset. Deferred tax assets are reviewed at each balance sheet date and are written-down or written-up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realized.

K. IMPAIRMENT OF ASSETS

The Company assesses at each Balance Sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the assets. If such recoverable amount of the assets is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the Statement of Profit and Loss. If at the Balance Sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciated historical cost.

L. PROVISION AND CONTINGENT LIABILITY

(i) Provision are recognized when the present obligation of a past event gives rise to a probable outflow, embodying economic benefits on settlement, and the amount of obligation can be reliably estimated.

(ii) Contingent Liabilities are not recognized but are disclosed after a careful evaluation of facts and legal aspects of the matter involved.

(iii) Provisions and Contingent Liabilities are reviewed at each Balance Sheet date And adjusted to reflect the current best estimates.

M. GENERAL

Accounting policies not specifically referred to are consistent with generally accepted accounting policies.