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;~rfns ;~rfns ;~rfns
 cKk/ ;f]n' xfO{8«f] O{n]S6«Ls sDkgL lnld6]8
xflQ;f/, sf7df08f}sf]
kmf]g g+M $%@^($!÷$@
gjf}F jflif{s ;fwf/0f ;ef ;DaGwL ;"rgf
-k|yd k6s k|sflzt ldlt @)*! dfu{ @* ut]_
-bf];|f] k6s k|sflzt ldlt @)*! kf}if % ut]_

o; sDkgLsf] ldlt @)*!.)*.@& df a;]sf] sDkgLsf] ;~rfns ;ldltsf] -a}7s g+= !&_ lg0f{ofg';f/ gjf}F jflif{s
;fwf/0f ;ef lgDg lnlvt ldlt, ;do / :yfgdf a:g] lg0f{o ePsf] x'Fbf ;Dk'0f{ z]o/wgL dxfg'efjx?sf] hfgsf/Lsf] nflu
of] ;"rgf k|sflzt ul/Psf] 5 .
;ef x'g] ldlt, ;do / :yfg M
ldlt M @)*! ;fn kf}if @^ ut]
;do M laxfgsf] !)M)) ah] .
:yfg M ln;f/f l/;]K;g, eujtLaxfn, gS;fn -s[liflasf; a}+s ;Fu}_
;efdf 5nkmn x'g] ljifo ;"rLx? M
-s_ ;fdfGo k|:tfjx?M
!= ;~rfns ;ldltsf] tkm{af6 cWoIfHo"n] k|:t't ug'{x'g] cfly{s jif{ @)*)÷)*! jflif{s k|ltj]bg pk/
5nkmn u/L kfl/t ug]{ ;DaGwdf .
@= cfly{s jif{ @)*)÷)*! sf] jf;nft, gfkmf gf]S;fg lx;fa tyf gub k|jfx ljj/0f tyf ;f] ;Fu ;DalGwt
cg';"rLx? pk/ 5nkmn u/L kfl/t ug]{ ;DaGwdf .
#= n]vfk/LIf0f ;ldltsf] l;kmfl/z adf]lhd cfly{s jif{ @)*!÷)*@ sf] n]vfk/LIf0f ug{sfnflu
n]vfk/LIfssf] lgo'lQm ug]{ tyf lghsf] kfl/>lds lgwf{/0f ug]{ ;DaGwdf .
$= ljleGg ;ldltdf ;~rfns ;ldltaf6 k|ltlglw ug]{ ;~rfnssf] a}7s eQf cg'df]bg ;DaGwdf .
%= ;+:yfks ;d"xsf rf/ -$_ hgf ;~rfnsx?sf] lgjf{rg ;DaGwdf .
-v_ ljljw
;+rfns ;ldltsf] cf1fn]
sDkgL ;lrj
aflif{s ;fwf/0f ;ef ;DaGwL cGo hfgsf/L M
!= gjf}+ jflif{s ;fwf/0f ;ef k|of]hgsf] nflu o; sDkgLsf] z]o/ bflvn vf/]hL ldlt @)*!÷)(÷)* ut] aGb /xg]5 .
z]o/ bflvnf vf/]hL aGb x'g] cl3Nnf] sf/f]jf/ lbg cyf{t\ ldlt @)*!÷)(÷)& ut];Dd g]kfn :6s PS;r]~hdf
sf/f]af/ eO{ k|rlnt sfg"gadf]lhd tf]lsPsf] ;dofjlw leq o; sDkgLsf] z]o//lhi6«f/ PgPdla Soflk6n
lnld6]8 afn'jf6f/, sf7df8f}+df k|fKt z]o/ gfd;f/Lsf] cfwf/df z]o/wgL btf{ lstfadf sfod z]o/wgLx?n];f]
;efdf efu lng tyf dtbfg ug{ of]Uo x'g' x'g]5 .
@= ;efdf efu lng OR5's z]o/wgL dxfg'efjx?n] sDkgLn] pknAw u/fPsf] sfuhft jf lxtu|fxLvftfsf] k|df0f tyf
cfˆgf] kl/ro v'Ng] kmf]6f] ;lxtsf] kl/ro kq clgjfo{ ;fydf lnO{ cfpg' x'g cg'/f]w 5 .
#= ;efdf efu lng] k|To]s z]o/wgL dxfg'efjx?n] ;ef :yndf /x]sf] xflh/L k'l:tsfdf b:tvt ug'{ kg]{5 . xflh/L
k'l:tsf laxfg (M)) ah] b]lv v'Nnf /xg]5 .

3
$= gfafns z]o/wgLx?sf] tkm{af6 ;+/Ifs -z]o/wgLsf] btf{ lstfadf pNn]v_ n] ;efdf efu lng, 5nkmn ug{,
k|ltlglw lgo'Qm ug{ / dt lbg ;d]t ;Sg]5g\ . ;+o'Qm ?kdf z]o/ lnPsf] z]o/wgLsf] xsdf ;j{;Ddt Ps JolQm dfq
;efdf efu lng kfpg] 5 . ;j{;Ddt k|ltlglw tf]Sg g;s]sf] v08df z]o/wgLsf] btf{ lstfadf h;sf] gfd klxn]
pNn]v ePsf] 5 ;f]xL JolQmn] lbPsf] dt jf k|ltlgwL kq dfq ;b/ x'g]5 .
%= ;efdf efu lng :jo+ pkl:yt x'g g;Sg] eO{ k|f]S;L dfkm{t k|ltlgwL lgo'Qm ug{ rfxg] z]o/wgL dxfg'efjx?n]
;ef z'? x'g'eGbf $* 306f cufj} sDkgLsf] /lhi68{ sfof{no, xflQ;f/, sf7df08f}+df k|f]S;L btf{ u/L ;Sg' kg]{5 .
k|ltlgwL -k|f]S;L_ lgo'Qm u/L;Sg' ePsf] z]o/wgL :jod\ ;efdf pkl:yt eO{ xflh/L lstfadf b:tvt ug'{ ePdf
pQm k|f]S;L :jtMjb/ x'g]5 .
^= gfafns jf czQm z]o/wgLsf] k|ltlgwLsf] xsdf sDkgLsf] z]o/ nut lstfadf ;+/Ifssf] ?kdf gfd btf{ ePsf]
JolQmn] dfq k|ltlgwL tf]Sg ;Sg]5 .
&= s'g} ;+ul7t ;+:yf jf sDkgLn] z]o/ v/Lb u/]sf] xsdf To:tf] ;+ul7t ;+:yf jf sDkgLn] dgf]lgt u/]sf] k|ltlgwLn]
z]o/jfnfsf] x}l;otn] ;efdf efu lng ;Sg' x'g]5 .
*= k|ltlgwL lgo'Qm ug'{ ePsf] z]o/wgLx?sf] lgj]bgdf ePsf] b:tvt sDkgLsf] z]o/sf] clen]vdf /x]sf] b:tvt;Fu
ldNg' kg]{5 .
(= sDkgLsf] jflif{s ;fwf/0f ;ef ;DaGwL ;"rgf, ;~rfns ;ldltsf] jflif{s k|ltj]bg, cfly{s ljj/0fx? sDkgLsf]
j]j;fO{6 https://ushec.com.np df /flvg] 5 . s;}n] x]g{ g;Sg' ePdf o; sDkgLsf] /lhi68{ sfof{no
xflQ;f/, sf7df08f}+ jf o; sDkgLsf] z]o/ /lhi6«f/ >L PgPdla Soflk6n lnld6]8, afn'jf6f/, sf7df08f}+af6
pknAw x'g] Joxf]/f ;d]t cg'/f]w ul/G5 . z]o/wgLn]] cfkm\gf] k|df0f k|:t't u/L ;f] k|ltj]bg lng' x'g]5 .
!) z]o/wgLx¿af6 p7]sf k|Zg, lh1f;f jf dGtJox¿sf] ;DaGwdf ;~rfns ;ldltsf] tkm{af6 cWoIf jf cWoIfaf6
cg'dlt k|fKt AolQmn] hjfkm lbg ;Sg]5g\ .
!!= lgjf{rg ;DaGwL sfo{qmdx? lgjf{rg clws[tn] ;"rgf k|sflzt u/] adf]lhd x'g]5 . lgjf{rg clws[tåf/f lgjf{rg
;DaGwL sfo{ tflnsf jflif{s ;fwf/0f ;efsf] lbgeGbf !) lbg cufj} xflQ;f/, sf7df8f}+df /x]sf] sDkgLsf]
/lhi68{ sfof{nosf] ;"rgf kf6Ldf 6fF; ul/g]5 .
!@= o; sDkgLsf] ;~rfnsx?sf] ælgjf{rg sfo{ljlw lgb]{lzsf @)&(Æ z]o/wgLx?n] o; sDkgLsf] /lhi68{
sfof{noaf6 ?= !,)))÷– z'Nslt/L k|fKt ug{ ;Sg'x'g]5 .
!#= s'g} z]o/wgL dxfg'efjx?nfO{ sDkgL ;DaGwdf s]xL lh1f;f eP To:tf] Joxf]/f lnlvt ?kdf ;ef z'? x'g' eGbf
sDtLdf & lbg cufj} sDkgLsf] /lhi68{ sfof{no xflQ;f/, sf7df08f}+df k7fpg' x'g cg'/f]w ub{5f}F . sfg'gtM
cGoyf elgPsf]df afx]s o;nfO{ 5nkmn / kfl/t x'g] k|:tfjsf] ?kdf ;dfj]z ul/g] 5}g .
!$= cGo lj:t[t hfgsf/Lsf] nflu sDkgLsf] /lhi68{ sfof{no xflQ;f/, sf7df08f}+df sfof{no ;do leq kmf]g g+=
$%@^($!÷$@ df ;Dk{s /fVg ;Sg' x'g]5 .
!%= cGo s'/fx? k|rlnt sfg"g adf]lhd x'g]5g\ .

4
 ;fwf/0f ;efdf cfkm\gf] k|ltlglw lgo'Qm ug]{ lgj]bg -k|f]S;L kmf/d_
sDkgL P]g @)^# sf] bkmf &! sf] pkbkmf -#_ ;+u ;DalGwt

>L ;+rfns ;ldlt

cKk/ ;f]n' xfO{8«f] O{n]S6«Ls sDkgLln=
sf=d=g=kf j8f g+–! xflQ;f/, sf7df08f}
laifo M k|ltlgwL lgo'QmL u/]sf] af/]
dxfzo,
==================lhNnf========================g=kf÷uf=kf j8f g+=======a:g] d÷xfdL====================================
n] To; sDkgLsf] z]o/wgLsf] x}l;otn] ldlt @)*! ;fn kf}if @^ ut]sf lbg x'g] gjf}+ jflif{s ;fwf/0f ;efdf d÷xfdL :jo+
pkl:yt e} 5nkmn tyf lg0f{odf ;xefuL x'g c;dy{ ePsf]n] pQm ;efdf d]/f]÷xfd|f] tkm{af6 k|ltlglwTj u/L efu lng tyf
dtbfg ug{sf nflu=================== lhNnf ================================== g=kf÷uf=kf j8f g+================a:g]
>L ===================================================== nfO{ d]/f]÷xfd|f] k|ltlglw lgo'Qm ul/ k7fPsf]] 5'÷5f}+ .

k|ltlglw lgo'Qm ePsf] JolQmsf] gfdM k|ltlglw lgo'Qm ug]{sf] gfd M
x:tfIf/sf] gd'gf M x:tfIf/ M

z]o/wgL g+÷BOID No.: z]o/wgL g+÷BOID No.
z]o/ ;+VofM
kmf]g gDa/M
ldltM

k|j]z kq
z]o/wgLsf] gfd M===================================================== z]o/wgL g+ M=======================================
z]o/wgL g+÷BOID No.============================================ z]o/ ;Vof M=====================================
ldltM @)*!.)(.@^ sf lbg x'g] cKk/ ;f]n' xfO{8«f] O{n]S6«Ls sDkgL lnld6]8sf] gjf}+ aflif{s ;fwf/0f ;efdf pkl:yt x'g
hf/L ul/Psf] k|j]z kq .
b|i6AoM
z]o/wlgx?n] dfly pNn]lvt ;Dk'0f{ laa/0f clgjfo{ ?kdf eg'{ x'g cg'/f]w ul/G5 .
;ef xndf k|j]z ug{ of] k|a]z kq clgjfo{ 5 .

5
 cKk/ ;f]n' xfO{8f] O{n]S6«Ls sDkgL ln=sf]
gjf}+ jflif{s ;fwf/0f ;efdf ;~rfns ;ldltsf
cWoIf >L ;'/]z nfn >]i7Ho"sf] dGtJo

cfb/0fLo z]o/wgL dxfg'efjx¿,

o; sDkgLsf] gjf}+ jflif{s ;fwf/0f ;efdf pkl:yt x'g' ePsf ;Dk"0f{ z]o/wgL dxfg"efjx?nfO{ xflb{s :jfut Pj+
clejfbg ub{5' . sDkgL P]g, @)^# sf] bkmf !)( sf] pkbkmf -$_ adf]lhd ;+rfns ;ldltsf] cfly{s aif{ @)*)÷*!
k|lta]bg, jflif{s ljQLo ljj/0f, ;~rfns ;ldltsf] k|ltj]bg cnUu} k]z ul/Psf] 5 .
sDkgLsf] o; lgoldt aflif{s ;fwf/0f ;efdf sDkgLn] @)*).)*! Dff xfl;n u/]sf ljlQo glthfx? tyf sDkgLsf]
efjL of]hgf tyf cGo ultljlwx?sf] af/]df k|ltj]bg dfkm{t oxf+x? ;dIf k|:t't ug]{ k|of; u/]sf] 5' .
sDkgLåf/f k|a{l4t ;f]n' hnlaB't cfof]hgf -@#=%d]=jf=_ ;f]n'v'Da' lhNnf ;f]n' b'ws'08 gu/kflnsfdf /x]sf] / ldlt
@)&*.!!.)* b]lv pTkflbt ljB't /fli6«o k|;f/0f nfOgdf h8fg eO{ ljB't Jofkf/ ub}{ cfPsf] Aoxf]/f oxf+x?df lalbt}
5 . ;ldIff cjlwdf sDkgLsf] ljlQo tyf cGo sfo{x? ;Gtf]ifhgs g} /x]sf] 5 . sDkgLn] k|sfzg u/]sf] o;};fy /x]sf]
cfly{s ljj/0fx?af6 sDkgLsf] ljlQo tyf cGo hfgsf/Lx? k|fKt ug'{ x'g] g} 5 eGg] k'0f{ laZjf; lnPsf] 5' .
sDkgLsf] d'Vo pb]Zo sDkgLn] k|a4{g u/sf] ;f]n' hnlaB't cfof]hgf -@#=%d]=jf=_ nfO{ r':t b'?:t ?kdf ;+rfng
u/L sDkgLsf] g]6j{y a[l4 ub}{ n}hfg] tyf sDkgLsf z]o/wgLx?nfO{ elaiodf cfs{ifs k|ltkmn k|bfg ug{ ;Ifd x'g] /
sDkgLsf] Aoa;flos If]qnfO{ ;dofg's'n la:tf/ ub}{ n}hfg] /x]sf] 5 . – ut cf=j=@)&(.)*) df ?= ^^&,*^(,%^@.))
a/fa/sf] laB't las|L u/]sf]df o; cfly{s aif{ @)*).)*! df ?= ^&$,*!$,#!(.)) a/fa/sf] laB't las|L ePsf] ;fy}
k|ltj]bg tof/ ubf{sf cjlw;Dd cf=j= @)*!.)*@ -sflt{s;Dd_ df ?= ##&,&(&,#^).)) A./fa/sf] laB't laqmL
ug{ ;kmn ePsf] 5 . ut cf=j= @)&(.)*) df sDkgL gf]S;fgL /x]sf]df cf=j= @)*).)*! Dff ;Dk'0f{ vr{ s6fO{
?=!),^(%,*%^.)) a/fa/sf] gfkmf cfh{g ug{ ;kmn /x]sf] Aoxf]/f ;d]t ;x{if hfgsf/L u/fpg rfxG5' .
cGTodf sDkgLsf] k|ult tyf ;d[l4sf] nflu ;xof]u ug]{ ;Dk"0f{ z]o/wgL, ;/sf/L tyf u}/ ;/sf/L lgsfox?, laleGg
;+3 ;+:yfx? tyf ;/f]sf/jfnfx? g]kfn ;/sf/ phf{ hn>f]t tyf l;+rfO{ dGqfno, laB't lasf; laefu, laB't lgodg
cfof]u, g]kfn laB't k|fl3s/0f / cfof]hgf lgdf0f{sf] nfuL cfaZos lalQo Aoa:yfkgdf ;xefuL a}s tyf lalQo
;+:yfx?, cfof]hgf If]qsf ;/sf/L tyf u}/ ;/sf/L lgsfox?, :yflgo jfl;Gbfx? tyf sd{rf/Lx? k|lt xflb{s wGojfb
lbg rfxG5' . eljiodf klg ;j}sf] k'0f{ ;xof]u tyf ;dy{g k|fKt x'g] g} 5 eGg] k"0f{ ljZj; lnPsf] 5' . z]o/wgLx?jf6
sDkgLsf nflu /rgfTds ;'emfj k|fKt x'g] ck]Iff ub{5' . ;fy} ;efdf k]z u/]sf k|:tfjx? 5nkmn kZrft kfl/t ul/g] 5
egL ck]Iff ub{5' .
wGojfb .

;'/]z nfn >]i7

cWoIf

6
 cKk/ ;f]n' xfO{8f] O{n]S6«Ls sDkgL ln=sf]
;~rfns ;ldltsf] jflif{s k|ltj]bg .

>L z]o/wgL dxfg'efjx?,

;fwf/0f ;ef ;dIf sDkgL P]g, @)^# sf] bkmf !)( sf] pkbkmf -$_ adf]lhd ;+rfns ;ldltsf] cfly{s aif{ @)*)÷*!
jflif{s k|lta]bg b]xfo jdf]lhd k]z ul/Psf] 5 .
!=cfly{s jif{ @)*)÷)*! sf] sf/f]af/sf] ;ldIffM
o; sDkgLsf] cf=j= @)*)÷)*! df cfly{s ultljlwx? ljut cfly{s aif{x?df h:t} /x]sf] tYo z]o/wgL dxfg'efjx?nfO{
pknAw u/fO{Psf] n]vfk/LIf0f ul/Psf] ljQLo ljj/0faf6 hfgsf/L k|fKt ug'{ x'g] g} 5 . sDkgLn] g]kfn rf6{8 PsfpG6]G6
;+:yfaf6 dfGotf k|fKt rf6{8 PsfpG6]G6åf/f n]vfkl/If0f ;DkGg u/fPsf] 5 . sDkgLåf/f cfkm\gf] jflif{s ljlQo laa/0f
tof/ ubf{ NFRS tyf k|rltn sfg'gsf] clwgdf /lx tof/ ul/Psf] 5 .
-s_ ljut jif{sf] sf/f]af/sf] l;+xfjnf]sg
tflnsf !M sDkgLsf] ljQLo cj:yf M -?= xhf/df_ tflnsf @M xfn cf=j @)*).)*! sf] pTkfbg tyf laqmLsf] ca:yf
cfly{s aif{ ?= a[l4÷-sdL_ s}
ljj/0f
2080÷081 2079÷080 /sd ?= k|ltzt
laqmL cfDbfgL 674,814.32 667,869.56 6,944.76 1.04
cGo cfDbfgL 3,724.00 6,409.69 -2,685.70) -41.90_
hDdf cfDbfgL 678,538.32 674,279.26 4,259.06 0.63
laqmL nfut 74,585.91 76,449.97 -1,864.06) -2.44_
k|zf;lso vr{ tyf cGo vr{ 402,134.70 445,894.31 -43,759.61) -9.81_
x|f; s§L 189,985.83 187,014.29 2,971.54 1.59
hDdf vr{ 666,706.44 709,358.57 -42,652.14) -6.01_
;DklQsf] d"No ckn]vg - - - -
cfos/ cl3sf] gfkmf 11,831.88 -35,079.32_ 46,911.20 133.73
cfos/ Joj:yf - - - -
v'b gfkmf 11,831.88 -35,079.32_ 46,911.20 133.73
v'b gfkmf af]g; tyf s/ cl3 11,831.88 -35,079.32_ - -

tflnsf @M xfn cf=j @)*).)*! sf] pTkfbg tyf laqmLsf] ca:yf

laB't vl/b laqmL cg'?k pTkflbt laB't -lsnf]jf6 cfj/_ k|fKt /sd
dlxgf pTkfbg ug'{ kg]{ laB't
-lsnf]jf6 cfj/_ cf=j= @)*)÷)*! cf=j= @)&(÷)*) cf=j= @)*)÷)*! cf=j= @)&(÷)*)
>fj0f 16,362,891 18,342,530 16,362,891 87,022,153.27 78,541,876.80
efb| 16,362,891 17,806,770 16,362,891 84,399,062.67 78,541,876.80
cflZjg 16,362,891 17,411,430 16,155,690 81,934,017.90 77,547,312.00
sflt{s 15,835,055 13,943,520 14,334,160 68,880,988.80 68,803,968.00
dfu{ 10,942,350 9,347,920 9,133,860 46,178,724.80 43,842,528.00
kf}if 7,583,586 6,981,440 7,301,780 60,389,456.00 61,334,952.00
df3 6,382,209 5,478,850 5,450,950 47,392,052.50 45,787,980.00

7
 kmfNu'0f 5,518,914 4,618,460 4,669,540 39,949,679.00 39,224,136.00
r}q 4,956,973 4,262,710 4,666,840 37,938,119.00 40,368,166.00
a}zfv 6,324,666 3,958,970 4,603,780 19,437,385.66 22,742,673.20
h]i7 9,006,358 5,613,980 7,082,280 28,369,420.40 34,986,463.20
cfiff9 16,890,726 14,326,770 15,414,500 72,923,259.00 76,147,630.00
hDdf 132,529,510 122,093,350 121,539,162 674,814,319.00 667,869,562.00
s_ cfly{s aif{ @)*).*! df sDkgL ;+rfng tyf cfof]hgf ;+rfngsf] lznlznfdf k|ToIf ?kdf eP u/]sf vr{x?nfO{
cfo ljj/0fdf b]vfO{Psf] 5 eg] cfof]hgf ;+rfngsf] lznlznfdf eP u/]sf k'Flhut vr{x?nfO{ ;DktL tkm{
n]vfªsg ul/Psf] 5 .
-v_ /fli6«o tyf cGt/f{li6«o kl/l:yltaf6 sDkgLsf] sf/f]af/nfO{ s'g} c;/ k/]sf] eP ;f] c;/,
v /fli6«o tyf cGt/f{li6«o ahf/df lalQo If]qdf x'g] kl/j{tgsf sf/0fjf6 d'No a[l4sf] c;/n] cfof]hgfsf
kf6k'hf{x?sf] vl/bdf d'No a[l4eO{ sDkgLsf] lalQo ca:yfdf c;/ kg{ hfbf ;fdfGo gfkmfdf c;/
k/]sf] .
-u_ k|ltj]bg tof/ ePsf] ldlt ;Dd rfn' jif{sf] pknlAw / eljiodf ug'{ kg]{ s'/fsf] ;DaGwdf ;~rfns ;ldltsf]
wf/0ff,
v cf=j= @)&(.)*) df ?= ^^&,*^(,%^@.)) ePsf]df cfly{s aif{ @)*).)*! df pTkflbt laB't k'0f{
?kdf g]kfn laB't k|flws/0fnfO{ laqmL ug{ ;Ifd ePsf] sf/0f ?= ^&$,*!$,#!(.)) / k|ltj]bg tof/
kfbf{sf] cjlw;Dd cf=j= @)*!.)*@-sflt{s;Dd_df ?= ##&,&(&,#^).)) A./fa/sf] laB't laqmL ug{
;kmn ePsf] 5f}F .
-3_ sDkgLsf] cf}Bf]lus jf Jofj;flos ;DaGw,
v o; cKk/ ;f]n' xfO{8f] O{n]S6«Ls sDkgL ln=n] cfkm\gf] Aoa;fo;+u k|ToIf jf ck|ToIf ;DaGw /fVg]
;/sf/L tyf u}/ ;/sf/L lgsfox?, laleGg ;+3 ;+:yfx? tyf ;/f]sf/jfnfx? g]kfn ;/sf/ phf{ hn>f]t
tyf l;+rfO{ dGqfno, laB't lasf; laefu, laB't lgodg cfof]u, g]kfn laB't k|fl3s/0f, g]kfn lwtf]kq
af]8{, sDkgL /lhi6f/sf] sfof{no, g]kfn :6s PS;r]Gh ln, l;l8P; P08 lSnolªu lnld6]8, z]o/
/lhi6«f/, pBf]u laefu, cfof]hgfsf] ladf ug]{ ladf sDkgL, cfof]hgf lgdf0f{sf] nfuL cfaZos lalQo
Aoa:yfkgdf ;xefuL a}s tyf lalQo ;+:yfx?, cfof]hgf If]qsf ;/sf/L tyf u}/ ;/sf/L lgsfox?,
cfof]hgf ;+rfngsf] nfuL cfaZos kf6{k'hf{ tyf pks/0fx? cfk'lt{stf{ :jb]zL tyf lab]zL sDkgLx?;+u
;'dw'/ ;DaGw sfod /x]sf] 5 .
-ª_ ;~rfns ;ldltdf ePsf] x]/k]m/ / ;f] sf] sf/0f,
v ;+rfns ;ldtLdf x]/km]/ gePsf] .

xfn sfod /x]sf] ;+rfns ;ldltsf] ljj/0f M

l;=g+ ;+rfnssf] gfd kb
! >L ;'/]znfn >]i7 cWoIf
@ >L lbg]znfn >]i7 k|aGw ;+rfns
# >L z]v/ s'df/ /f0ff ;+rfns
$ >Ldlt s';'d uf]vf{nL ;+rfns
% >L dx]Gb| axfb'/ >]i7 ;+rfns, ;j{;fwf/0f ;]o/wgLx?sf] tkm{af6
^ >L cho s'df/ bfxfn :jtGq ;+rfns

8
-r_ sf/f]af/nfO{ c;/ kfg]{ s'/fx?,
v k|rlnt P]g lgodx?df a]nf avt x'g] ;+;f]wg tyf kl/j{tgsf sf/0f hnlaB't pTkfbg ug]{ cfof]hgfx?nfO{
cg's'n÷k|lts'n c;/ kg{ ;S5 .
v k|lts'n /fhg}lts jftfa/0f, k|fs[lts k|sf]k, v8]/L, e'sDk h:tf ck|Tofl;t 36gfqmdx?af6 cfof]hgf
ljsf; tyf ;+rfngdf k|lts'n c;/ kb{5 .
v ahf/df x'g] d'No a[l4, a}+s tyf lalQo ;+:yfx?sf] shf{sf] Aofhb/df a[l4 h:tf s'/fx?af6 cfof]hgfsf]
nfut a9\g hfG5 .
-5_ n]vfk/LIf0f k|ltj]bgdf s'g} s}lkmot pNn]v ePsf] eP ;f] pk/ ;~rfns ;ldltsf] k|ltlqmof ,
v sDkgLn] NFRS ( Nepal Financial Reporting Standards) dfkb08 cg'?k jflif{s ljlQo ljj/0f tof/ u/]sf]
5 . n]vfk/LIf0f k|ltj]bg, lgoldt sf/f]af/df ;fdfGo k|s[ltsf] s}lkmot tyf ;'emfjx? afx]s sDkgLnfO{
c;/ ug]{ cGo s}lkmotx? gePsf] .
-h_ nfef+z afF8kmf8 ug{ l;kmfl/z ul/Psf] /sd,
v k|:t't cf=j=df z]o/ nfef+z afF8kmfF8sf] nfuL k|:tfa gul/Psf] .
-em_ z]o/ hkmt ePsf] eP hkmt ePsf] z]o/ ;+Vof, To:tf] z]o/sf] c+lst d'No, To:tf] z]o/ hkmt x'g'eGbf cufj} ;f]
jfkt sDkgLn] k|fKt u/]sf] hDdf /sd / To:tf] z]o/ hkmt eP kl5 ;f] z]o/ ljlqm u/L sDkgLn] k|fKt u/]sf] /sd
tyf hkmt ePsf] z]o/ jfkt /sd lkmtf{ u/]sf] eP ;f] sf] ljj/0f,
v k|ltj]bg cjlwdf sDkgL4f/f s'g} z]o/ hkmt gePsf] .
-`_ ljut cfly{s jif{df sDkgL / o;sf] ;xfos sDkgLsf] sf/f]af/sf] k|ult / ;f] cfly{s jif{sf] cGtdf /x]sf]
l:yltsf] k'g/fjnf]sg,
v sf/f]af/ gePsf] .
-6_ sDkgL tyf To;sf] ;xfos sDkgLn] cfly{s jif{df ;DkGg u/]sf] k|d'v sf/f]af/x? / ;f] cjlwdf sDkgLsf]
sf/f]af/df cfPsf] s'g} dxTjk'0f{ kl/jt{g,
v o; sDkgLsf]] sf/f]af/x? o;};fy ;+nUg ljlQo ljj/0fx?M jf;nft, cfo ljj/0f, gub k|afx ljj/0f,
cg';"rLx?, n]vf ;DaGwL l6Kk0fLx?df pNn]v ePsf] .
v o; sDkgLsf] ;xfos sDkgL l;;f xfO{8«f] O{n]S6«Ls sDkgL lnld6]8sf] Aoa;flos s'g} sf/f]jf/ gePsf] .
-7_ ljut cfly{s jif{df sDkgLsf] cfwf/e't z]o/wgLx?n] sDkgLnfO{ pknAw u/fPsf] hfgsf/L,
v laut cfly{s aif{df sDkgLsf cfwf/e't z]o/wgLx?af6 sDkgLnfO{ s'g} hfgsf/L pknAw gu/fPsf] .
-8_ ljut cfly{s jif{df sDkgLsf ;~rfns tyf kbflwsf/Lx?n] lnPsf] z]o/sf] :jfldTjsf] ljj/0f / sDkgLsf] z]o/
sf/f]af/df lghx? ;+nUg /x]sf] eP ;f] ;DaGwdf lghx?af6 sDkgLn] k|fKt u/]sf] hfgsf/L,
v sDkgLsf ;+rfns tyf kbflwsf/Lx?af6 cGo nufgLsf] af/] hfgsf/L k|fKt x'g gcfPsf]] .
d'Vo z]o/ nufgLstf{ tyf cGo nufgLstf{x? tyf z]o/ kF"hL ;lxt M
l;=g+ z]o/wlgsf] gfd nufgL u/]sf] /sd k|ltzt
s= ! k|ltzt eGbf al9 z]o/ nufgL ug]{ ;+:yfks z]o/wgLx?
>L ;'/]znfn >]i7 92,526,800.00 6.85
>L lbg]znfn >]i7 92,526,700.00 6.85
>L k|ljg >]i7 110,091,200.00 8.15
la=O=P;= k|f= ln= 260,768,000.00 19.32
>Ldlt ?sd0fL b]jL >]i7 15,146,200.00 1.12
>L l8h] >]i7 32,922,200.00 2.44
>L /fh]znfn >]i7 85,155,900.00 6.31

9
 >L kbdnfn >]i7 21,762,000.00 1.61
>L k|hf]nnfn >]i7 43,525,200.00 3.22
v= ! k|ltzt eGbf sd nufgL ug]{ ;+:yfks z]o/wgLx? M
cGo ;++:yfks nufgLstf{x? 264,825,800.00 19.62
u= :yflgo ;j{;fwf/0fx? 135,000,000.00 10.00
#= ;j{;fwf/0fx? 195,750,000.00 14.50
hDdf 1,350,000,000.00 100.00
-9_ ljut cfly{s jif{df sDkgL;+u ;DalGwt ;Demf}tfx?df s'g} ;~rfns tyf lghsf] glhssf] gft]bf/sf] JolQmut
:yfy{sf] af/]df pknAw u/fOPsf] hfgsf/Lsf] Joxf]/f,
v o; k|sf/sf] hfgsf/L ;+rfnsaf6 sDkgLnfO{ k|lta]bg cjlwdf k|fKt x'g gcfPsf] .
-0f_ sDkgLn] cfkm\gf] z]o/ cfkm}n] vl/b u/]sf] eP To;/L cfkm\gf] z]o/ vl/b ug'{sf] sf/0f, To:Tff] z]o/sf] ;+Vof /
c+lst d'No tyf To;/L z]o/ vl/b u/] afkt sDkgLn] e'QmfgL u/]sf] /sd,
v sDkgLn] cfkm\gf] z]o/ cfkm}n] vl/b gu/]sf] .
-t_ cfGtl/s lgoGq0f k|0ffnL eP jf gePsf] / ePsf] eP ;f]sf] lj:t[t ljj/0f,
v sDkgLn] cfGtl/s lgoGq0f k|0ffnLnfO{ k|efjsf/L Pj+ hf]lvdx? Go'lgs/0f ug{sf] nfuL laleGg ljlgodx?
agfO{ nfu' ul//x]sf], ;do cg's'n ;+rfns ;ldtLn] lglt lgb]{zg lbg] u/]sf], sDkgL P]g, @)^# sf] bkmf
!^$ adf]lhd ;+rfns ;ldtLsf ;b:ox? tyf sfg'gL la1 /x]sf] n]vfkl/If0f ;ldlt u7g u/L ;f]xL
;ldtLsf] lgb]{zg Pj+ cg'udgdf sDkgLsf] n]vf k|0ffnL ;+rfng x'Fb} cfPsf] ;fy} cfGt/Ls n]vfk/LIf0f
;d]t u/fpg] u/]sf] 5 .
-y_ ljut cfly{s jif{sf] s'n Joj:yfkg vr{sf] ljj/0f,
ljj/0f cfly{s jif{ @)*).*! cfly{s jif{ @)&(.*)
cfof]hgf ;+rfng vr{ 74,585,911.87 76,449,970.00
k|zf;lgs vr{ 13,766,765.00 11,675,078.00
sd{rf/L vr{ 17,492,040.13 20,662,442.00
Aofh vr{ 370,875,893.00 413,556,814.00
-b_ n]vfk/LIf0f ;ldltsf ;b:ox?sf] gfdfjnL, lghx?n] k|fKt u/]sf kfl/>lds, eQf tyf ;'ljwf, ;f] ;ldltn] u/]sf
sfd sf/jfxLsf] ljj/0f / ;f] ;ldltn] s'g} ;'emfj lbPsf] eP ;f] sf] ljj/0f,
gfd kb s}lkmot
>L z]v/ /f0ff ;+of]hs ;+rfns
>Ldlt s';'d uf]{vfnL ;b:o ;+rfns
>L k|sfz /]UdL ;b:o clwaQmf -sfg'gL k/fdz{bftf_
n]vfk/LIf0f ;ldltsf kbflwsf/Lx?n] cfly{s jif{ @)*).)*! df s'g} k|sf/sf] kfl/>lds tyf eQf jfktsf] /sd e'QmfgL glnPsf] .

-w_ ;~rfns, k|aGw ;~rfns, sfo{sf/L k|d'v, sDkgLsf cfwf/e't z]o/wgL jf lghsf] glhssf gft]bf/ jf lgh
;+nUg /x]sf kmd{, sDkgL jf ;+ul7t ;+:yfn] sDkgLnfO{ s'g} /sd a'emfpg afFsL eP ;f] s'/f,
v gePsf] .
-g_ ;~rfns, k|aGw ;~rfns, sfo{sf/L k|d'v tyf kbflwsf/Lx?nfO{ e'QmfgL ul/Psf] kfl/>lds, eQf tyf ;'ljwfsf]
/sd,
v o; sDkgLsf] ;+rfns ;ldltsf cGo ;+rfnsx?nfO{ cf=j= @)*).)*! df a}7s eQf dfq k|bfg ul/Psf]
5.

10
 Gffd Kfb e'QmfgL /sd
>L lbg]z nfn >]i7 k|aGw ;+rfns 8,484,920.00
>L ofufy{ kf]v/]n k|d'v sfo{sf/L clws[t 50,53,400.00
-k_ z]o/wgLx?n] a'lem lng afFsL /x]sf] nf+efzsf] /sd,
v gePsf] .
-km_ bkmf !$! adf]lhd ;DklQ vl/b jf ljqmL u/]sf] s'/fsf] ljj/0f,
v bkmf !$! adf]lhd ;DklQ vl/b jf ljqmL gePsf] .
-a_ bkmf !&% adf]lhd ;Da4 sDkgL aLr ePsf] sf/f]af/sf] ljj/0f,
v gePsf] .
-e_ o; P]g tyf k|rlnt sfg'g adf]lh ;~rfns ;ldltsf] k|ltj]bgdf v'nfpg' kg]{ cGo s'g} s'/f,
v gePsf] .
-d_ cGo cfjZos s'/fx? .
!= shf{ e'QmfgL M sDkgLn] lgdf{0f ;DkGg u/]sf] ;f]n' hnlaB't cfof]hgfsf] lgdf{0f sfo{sf] nfuL cfjZos
ljlQo Aoa:yfkg ug{ nIdL a}+s lnld6]8sf] cu'jfO{df a}s tyf ljlQo ;+:yfx?;+usf] ;Demf}tf adf]lhd
k|fKt shf{ /sd dWo] xfn;Dd ?= @@!,&$@,%!%.## e'QmfgL u/L ;lsPsf] 5 .
@_ ;+:yfut ;fdflhs pQ/bfloTj M o; sDkgLn] ;fdflhs pQ/bfloTj cGtu{t cfof]hgf If]qdf ;+:yfut
;fdflhs pQ/bfloTj cGtu{t ljleGg sfo{x?df tyf ljz]if u/]/ ljB't s]Gb| jl/k/Lsf k|ToIf jf ck|ToIf
?kdf k|efljt If]qx?df ljB't, vfg]kfgL, lzIff, :jf:Yo, /f]huf/L, af6f]3f6f], dlGb/ lgdf{0f h:tf sfo{x?df
pNn]Vo cfly{s ;xof]u k'¥ofpb}+ cfPsf] 5 .
#_ sd{rf/L Joj:yfkg M o; sDkgLdf cf=j=@)*).)*! df laleGg kbx?df -Joj:yfkg kIf ;lxt_ hDdf
%^ hgf sd{rf/Lx? sfo{/t /x]sf]df sd{rf/Lx¿nfO{ cfjZostf cg';f/ sfo{sf/L k|d'våf/f ljleGg sfo{
If]qdf v6fpg] ul/Psf] 5 . log} sd{rf/Lx?jf6 xfn ljB't s]Gb|sf] ;+rfng tyf ;Def/sf sfo{x? eO{/x]sf
5g\ .

dx]Gb|axfb'/ >]i7 ;'/]z nfn >]i7

;~rfns cWoIf

11
12
13
14
 Upper Solu Hydro Electric Company Limited
Statement of Financial Position at Ashadh 31, 2081 (July 15, 2024)
All amounts are in Rs unless otherwise stated

Particulars Notes As at Ashadh 31, 2081 As at Ashadh 31, 2080

ASSETS

Non-current Assets
(a) Property, Plant & Equipment
(i) General Assets (Gross) 5 26,654,331.00 21,650,080.00
Less: Accumulated Depreciation (17,581,244.00) (15,394,060.00)
General Assets (Net) 9,073,087.00 6,256,020.00

(ii) Project Assets 5,096,860,142.00 5,031,762,523.00

Less: Accumulated Depreciation (448,843,785.00) (261,045,144.00)
Project Assets (Net) 4,648,016,357.00 4,770,717,379.00
(iii) Project Assets Under Development
(b) Intangible Assets (Net) 6 - -
(c) Investment in Subsidiaries 7 44,574,600.00 44,374,600.00
Total Non-current Assets 4,701,664,044.00 4,821,347,999.00
Current Assets
(a) Financial Assets
(i)Trade Receivables 8 101,282,312.00 111,128,909.00
(ii) Cash and Cash Equivalents 9 21,358,038.00 11,573,904.00
(iii) Other Financial Assets 10 101,070.00 1,421,795.00
(b) Current Tax Assets 11 938,942.00 686,731.00
(c) Other Current Assets 12 22,185,453.00 74,805,880.00
Total Current Assets 145,865,815.00 199,617,219.00

Total Assets 4,847,529,859.00 5,020,965,218.00

EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 13 1,350,000,000.00 1,350,000,000.00
(b) Other Equity 14 (75,020,733.00) (85,716,589.00)
Total Equity 1,274,979,267.00 1,264,283,411.00
Liabilities
Non-current Liabilities
(a) Financial Liabilities
Borrowings 15 3,403,477,666.00 3,545,804,989.00
Total Non-current Liabilities 3,403,477,666.00 3,545,804,989.00
Current liabilities
(a) Financial liabilities
(i) Borrowings 16 142,033,610.00 171,575,089.00
(ii) Other Financial Liabilities 17 22,055,315.00 31,797,786.00
(b) Current Tax Liabilities 18 791,350.00 861,013.00
(c) Other Current Liabilities 19 4,192,651.00 6,642,930.00
Total Current Liabilities 169,072,926.00 210,876,818.00
Total Liabilities 3,572,550,592.00 3,756,681,807.00
Total Equity and Liabilities 4,847,529,859.00 5,020,965,218.00
The accompanying notes are integral parts of the financial statements As per Our Report of Even Date
Date: For :I.P Mainali & Associates
Chartered Accountants
Kathmandu, Nepal

Finance Manager Chief Executive Officer Director Chairman CA Indra Prasad Mainali
Proprietor

15
 Upper Solu Hydro Electric Company Limited
Statement of Profit or Loss and Other Comprehensive Income for the year ended Ashadh 31, 2081
(July 15, 2024)
All amounts are in Rs unless otherwise stated
Year ended Ashadh 31, Year ended Ashadh 31,
Particulars Notes
2081 2080
Revenue from Operations 20 674,814,319.00 667,869,562.00
Cost of Operations 21 74,585,911.87 76,449,970.00
Gross Profit 600,228,407.13 591,419,592.00

Other Income 22 3,723,999.00 6,409,694.00

603,952,406.13 597,829,286.00
Expenses
Administrative Expenses 23 13,766,765.00 11,675,078.00
Employee Benefits Expense 24 17,492,040.13 20,662,422.00
Finance Costs 25 370,875,893.00 413,556,814.00
Depreciation and Amortisation Expense 26 189,985,825.00 187,014,289.00
Reversal of Impairment on Financial Assets 27 - -

Total Expenses 592,120,523.13 632,908,603.00

Profit Before Bonus & Tax 11,831,883.00 (35,079,317.00)
Provision For Staff Bonus 236,638.00 -

Less: Tax Expense

(1) Current Tax 28 791,350.00 861,013.00
(2) Deferred Tax
Profit/(Loss) Before CSR Expenses 10,803,895.00 (35,940,330.00)
Provision For CSR Expenses 108,039.00 -
Profit/(Loss) for the Period 10,695,856.00 (35,940,330.00)
Other Comprehensive Income
(A) Items That Will Not be Reclassified to Profit or Loss;
(i) Equity Instruments Through Other Comprehensive
- -
Income
Total Other Comprehensive Income - -
Total Comprehensive Income For The Period 10,695,856.00 (35,940,330.00)

Earnings Per Equity Share

29
(For Continuing Operation):
(1) Basic (in Rs.) 0.79 (2.66)
(2) Diluted (in Rs.) 0.79 (2.66)
The accompanying notes are integral parts of the financial statements As per Our Report of Even Date
Date: For :I.P Mainali & Associates
Chartered Accountants
Kathmandu, Nepal

Finance Manager Chief Executive Officer Director Chairman CA Indra Prasad Mainali
Proprietor

16
 Upper Solu Hydro Electric Company Limited
Statement of cash flows for the year ended Ashad 31,2081 (July 15, 2024)
All amounts are in Rs unless otherwise stated
Particulars Year ended Ashadh 31, 2081 Year ended Ashadh 31, 2080
Cash Flows From Operating Activities
Profit For The Year 10,695,856.00 (35,940,330.00)
Adjustments For:
Finance Costs 370,875,893.00 413,556,814.00
Profit on Disposal of Assets - (2,357,868.00)
Depreciation And Amortization Of Non-Current Assets 189,985,825.00 187,014,289.00
571,557,574.00 562,272,905.00
Movements In Operating Assets:
(Increase)/Decrease in Trade Receivables 9,846,597.00 (40,992,861.00)
(Increase)/Decrease in Other Financial Assets 1,320,725.00 184,865,328.00
(Increase)/Decrease in Other Current Assets 52,620,427.00 75,087,159.00
(Increase)/Decrease in Current Tax Assets (252,211.00) (540,457.00)
Increase/ (Decrease) in Current Borrowings (29,541,479.00) (82,746,071.00)
Increase/ (Decrease) in Other Financial Liabilities (9,742,471.00) (56,489,904.00)
Increase/(Decrease) in Current Tax Liabilities (69,663.00) 861,013.00
Increase/(Decrease) in Other Current Liabilities (2,450,279.00) 98,122.00
21,731,646.00 80,142,329.00
Cash Generated From Operations 593,289,220.00 642,415,234.00

Net Cash Generated By Operating Activities 593,289,220.00 642,415,234.00

Cash Flows From Investing Activities

Addition in General Assets (5,004,251.00) (93,218,529.00)
Addition in Project (65,097,619.00)
Sale of Property, Plant And Equipment - 3,500,001.00

Net Cash (Used In)/Generated By Investing Activities (70,101,870.00) (89,718,528.00)

Cash Flows From Financing Activities
Increase or Decrease Of Borrowings (142,327,323.00) (125,406,660.00)
IPO Issue Expenses - (2,596,840.00)
Share Premuim
Advance for Share Capital (200,000.00)
Increase or Decrease in Share Capital - -
Dividends Paid on Equity Shares
Finance Expenses (370,875,893.00) (413,556,814.00)

Net Cash Used In Financing Activities (513,403,216.00) (541,560,314.00)

Net Increase In Cash And Cash Equivalents 9,784,134.00 11,136,392.00
Cash And Cash Equivalents At The Beginning Of The Year 11,573,904.00 437,512.00
Effects Of Exchange Rate Changes On The Balance Of Cash And
- -
Cash Equivalents Held In Foreign Currencies
Cash And Cash Equivalents At The End Of The Year 21,358,038.00 11,573,904.00

The accompanying notes are integral parts of the financial statements As per Our Report of Even Date
Date: For :I.P Mainali & Associates
Chartered Accountants
Kathmandu, Nepal

Finance Manager Chief Executive Officer Director Chairman CA Indra Prasad Mainali
Proprietor

17
18
Upper Solu Hydro Electric Company Limited
Statement of changes in equity for the year ended Ashadh 31, 2081 (July 15, 2024)
All amounts are in Rs unless otherwise stated

Other Equity Total

Equity Instrument
Securities
Particulars Share Capital Through Other Retained
Capital Reserve Premium
Comprehensive Earnings
Reserve
Income
-
Balance As At Sharwan 1, 2079 1,350,000,000.00 - - - (47,179,419.00) 1,302,820,581.00
Issue of Share Capital - - - - -
Profit For The Year - - - - (35,940,330.00) (35,940,330.00)
Other Comprehensive Income For The Year,
- -
Net Of Income Tax - - -
IPO Issue Expenses (2,596,840.00) (2,596,840.00)
Payment of Dividends - - - - -
Transfer To Retained Earnings - - - - - -
Balance As At Ashad 31, 2080 1,350,000,000.00 - - - (85,716,589.00) 1,264,283,411.00

Balance As At Sharwan 1, 2080 1,350,000,000.00 - - - (85,716,589.00) 1,264,283,411.00

Issue of Share Capital - - - - -
Profit For The Year - - - - 10,695,856.00 10,695,856.00
Other Comprehensive Income For The Year,
- - - - -
Net Of Income Tax
IPO Issue Expenses - -
Payment of Dividends - - - - -
Transfer To Retained Earnings - - - - - -
Balance As At Ashad 31 , 2081 1,350,000,000.00 - - - (75,020,733.00) 1,274,979,267.00
The accompanying notes are integral parts of the financial statements As per Our Report of Even Date
Date: For :I.P Mainali & Associates
Chartered Accountants
Kathmandu, Nepal

Finance Manager Chief Executive Officer Director Chairman CA Indra Prasad Mainali
Proprietor
 Upper Solu Hydroelectric Company Limited
Notes to the Financial Statements for The Year Ended Ashad 31, 2081 (July 15, 2024)

1. COMPANY BACKGROUND
Upper Solu Hydro Electric Company Ltd. (from herein referred as USHEC or the Company) is a
limited liability company registered under the Company Act 2063. The Projects of the Company is
developed on Build, Own, Operate and Transfer (BOOT) model. The Company has developed Solu
Hydroelectric Project having a capacity of 23.5 MW. The remaining generation licensee period of the
project is 24 Year 9 Month at Ashad end, 2081.

2. Statement of Compliance
The financial statements have been prepared in accordance with the applicable Nepal Financial
Reporting Standards (NFRS) as issued by the Accounting Standard Board (ASB), Nepal. The financial
statements have also been prepared in accordance with the relevant presentational requirements of the
Companies Act, 2063 of Nepal.

This is the separate financial statements of the company.

These financial statements were authorized for issue by the Board of Directors on Mangsir 27, 2081
The Board of Directors acknowledges the responsibility of preparation of financial statements.

3. SIGNIFICANT ACCOUNTING POLICIES

3.1 Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis except for certain financial
instruments that are measured at fair values at the end of each reporting period, as explained in the
accounting policies below:

i) Historical cost is generally based on the fair value of the consideration given in exchange for
goods and services.
ii) Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date, regardless of whether
that price is directly observable or estimated using another valuation technique. In estimating
the fair value of an asset or a liability, the Company takes into account the characteristics of
the asset or liability if market participants would take those characteristics into account when
pricing the asset or liability at the measurement date.
(iii) Financial assets and financial liabilities measured at fair value (refer accounting policy on
financial Instruments).
(iv) Financial statements prepared under Going concern and accrual basis.
(v) The financial statements are presented in Nepalese Rupee (Rs.), which is the functional and
presentation currency of the Company. Amounts in the financial statements are rounded off to
the nearest rupee.
(vi) The Reporting period of the financial statements is Shrawan 1, 2080 to Ashadh 31, 2081 (17
July 2023 to 15 July 2024).

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3.2 Investments in Subsidiaries
Company has option to account for investments in subsidiaries, joint ventures and associates either:
(a) at cost; (b) in accordance with NFRS 9; or (c) using the equity method as described in NAS 28. The
company has measured the investment in subsidiaries at cost.

3.3 Property, Plant and Equipment

i) Property, plant and equipment are measured at cost less accumulated depreciation and impairment
losses, if any. Cost includes expenditures directly attributable to the acquisition of the asset.
ii) Subsequent costs are included in the asset's carrying amount or recognized as a separate asset,
as appropriate, only when it is probable that future economic benefits associated with the item
will flow to the Company and the cost of the item can be measured reliably.
iii) The residual values, useful lives and methods of depreciation of property, plant and equipment
are reviewed at each financial year end and adjusted prospectively, if appropriate.
iv) An item of property, plant and equipment and any significant part initially recognized is
derecognized upon disposal or when no future economic benefits are expected from its use
or disposal, any gain or loss arising on derecognition of the asset (calculated as the difference
between the net disposal proceeds and the carrying amount of the asset) is included in the
statement of profit or loss when the asset is derecognized.

3.4 Depreciation & Amortization

i) Depreciation is recognized so as to write off the cost of assets less their residual values over
their useful lives, using the diminishing balance method.
ii) The estimated useful lives and depreciation method are reviewed at the end of each reporting
period, with the effect of any changes in estimate being accounted for on a prospective basis.
iii) The useful lives of the assets and the corresponding rates at which the assets are depreciated are
as follows: -
Category of Assets Depreciation Rate
Plant & Machinery 15%
Office Equipment 25%
Furniture & Fixtures 25%
Computer & Accessories 20%

The Company has depreciated project assets on SLM basis on remaining lives of project. Upper Solu
Hydroelectric Project (23.5 MW) which have a remaining lives of 24 years 9 months at Ashad end,
2081.

3.5 Intangible Assets

i) Intangible assets are stated at their cost of acquisition, less accumulated amortization and
impairment losses. An intangible asset is recognized, where it is probable that the future
economic benefits attributable to the asset will flow to the enterprise and where its cost can
be reliably measured. The amortizable amount of intangible assets is allocated over the best
estimate of its useful lives on a straight-line basis.
ii) An intangible asset is derecognized on disposal, or when no future economic benefits are

20
 expected from use or disposal. Gains or losses arising from derecognition of an intangible asset,
measured as the difference between the net disposal proceeds and the carrying amount of the
asset, are recognized in profit or loss when the asset is derecognized.

3.6 Impairment of Tangible and Intangible Assets:

An asset is considered as impaired in accordance with NAS 36 on Impairment of Assets when at the
balance sheet date there are indications of impairment and the carrying amount of the asset, or where
applicable the cash generating unit to which the asset belongs, exceeds its recoverable amount (i.e.
the higher of the asset’s net selling price and value in use). The carrying amount is reduced to the
recoverable amount and the reduction is recognized as an impairment loss in profit or loss.

When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating
unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that would have been determined had no impairment
loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment
loss is recognized immediately in profit or loss.

3.7 Classification of Current and Non current of Assets and Liabilities.

All assets and liabilities have been classified as current & non current assets as per the company's
normal operating cycle. Based on the nature of products and time between acquisition of assets for
processing and their realization cash and cash equivalents, the company has ascertained its operating
cycle as twelve months for the purpose of classification currents & non current classification.

3.8 Revenue from Contracts with Customers

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced
for estimated rebates, penalties, Short Supply and other similar items.

Revenue from operations comprises of sale of power. It is recognized at an amount that reflects the
consideration for which the Company expects to be entitled in exchange for transfer of power to the
customer.

Revenue from sale of power is accounted in accordance with tariff provided in Power Purchase
Agreement (PPA) with the Nepal Electricity Authority (NEA) and no significant uncertainty as to the
measurability or collectability exist.

3.9 Employee Benefits

Compensation to employees for services rendered is measured and accounted for in accordance with
NAS 19 on Employee Benefits.

Short-term obligations
Expenses in respect of short-term benefits are recognized on the basis of the amount paid or payable
during which services are rendered by the employees. Liabilities for salary and allowances that are
expected to be settled wholly within twelve months after the end of the financial year in which the
employees render the related services are recognized in respect of employees' services up to the end
of the reporting period and are measured at the amounts expected to be paid when the liabilities are
settled.

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Defined contribution plan
These are plans in which the Company pays pre-defined amounts to publicly administered funds as
per local regulations and does not have any legal or informal obligation to pay additional sums. These
comprise of contributions to the social security fund with the government on account of provident
fund, social security fund and gratuity. The Company’s payments to the defined contribution plans are
recognized as employee benefit expenses when they are due.

3.10 Borrowing Costs

Borrowing costs consist of interest and other costs that an entity incurs in connection with the
borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an
adjustment to the borrowing costs.

Borrowing costs directly attributable to the acquisition, construction or production of qualifying

assets, which are assets that necessarily take a substantial period of time to get ready for their intended
use or sale, are added to the cost of those assets, until such time as the assets is substantially ready for
their intended use or sale. All other borrowing costs are recognized in profit or loss in the period in
which they are incurred.

3.11 Income Tax

Income tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit
before tax’ as reported in the Statement of Profit and Loss because of items of income or expense that
are taxable or deductible in other years and items that are never taxable or deductible. The company is
currently enjoying tax holiday for the income from sales of power.

Deferred tax
Deferred tax is recognized on temporary differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of
taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences.
Deferred tax assets are generally recognized for all deductible temporary differences to the extent that
it is probable that taxable profits will be available against which those deductible temporary differences
can be utilized.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced
to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or
part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period
in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been
enacted or substantively enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow
from the manner in which the Company expects, at the end of the reporting period, to recover or
settle the carrying amount of its assets and liabilities.

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Current and Deferred Tax for The Year
Current and deferred tax are recognized in profit or loss, except when they relate to items that are
recognized in other comprehensive income or directly in equity, in which case, the current and
deferred tax are also recognized in other comprehensive income or directly in equity respectively.

3.12 Earnings Per Share

The Company reports basic and diluted Earnings per Share (EPS) in accordance with NAS 33 on
Earnings Per Share. Basic EPS is computed by dividing the net profit or loss for the year attributable
to equity shareholders by the weighted average number of equity shares outstanding during the
year. Diluted EPS is computed by dividing the net profit or loss for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the year as adjusted
for the effects of all dilutive potential equity shares, except where the results are anti-dilutive.

3.13 Leases
The Company, as a lessee, recognizes a right of use asset and a lease liability for its leasing arrangements,
as the contract conveys the right to control the use of an identified asset. The contract conveys the
right to control the use of an identified asset, as it involves the use of an identified asset and the
Company has substantially all of the economic benefits from use of the asset and has right to direct
the use of the identified asset. The cost of the right of use asset shall comprise of the amount of
the initial measurement of the lease liability adjusted for any lease payments made at or before the
commencement date plus any initial direct costs incurred. The right-to-use assets is subsequently
measured at cost less any accumulated depreciation, accumulated impairment losses, if any and
adjusted for any remeasurement of the lease liability. The right-of-use assets is depreciated using the
straight-line method from the commencement date over the shorter of lease term or useful lives of
right-to-use asset. The Company measures the lease liability at the present value of the lease payments
that are not paid at the commencement date of the lease. The lease payments are discounted using the
interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily
determined, the Company uses incremental borrowing rate. For short-term and low value leases, the
Company recognizes the lease payments as an operating expense on a straight-line basis over the lease
term.

3.14 Cash Flow Statement

The Cash Flow Statement is prepared by the indirect method set out in NAS 7 on Cash Flow Statements
and presents the cash flows by operating, investing and financing activities of the Company.

3.15 Provisions and Contingencies

Provisions are recognized when the Company has a present obligation (legal or constructive) as a
result of a past event, it is probable that the Company will be required to settle the obligation, and a
reliable estimate can be made of the amount of the obligation.

The amount recognized as a provision is the best estimate of the consideration required to settle the
present obligation at the end of the reporting period, taking into account the risks and uncertainties
surrounding the obligation. When a provision is measured using the cash flows estimated to settle the
present obligation, its carrying amount is the present value of those cash flows (when the effect of the
time value of money is material).

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A contingent liability is a possible obligation that arises from past event whose existence will be
confirmed by the occurrence of one or more uncertain future events beyond the control of the
company or present

obligation that arises from past events but is not recognized because it is not probable that an outflow of
resources embodying economic benefits will be required to settle the obligations or a reliable estimate
of the amount of obligation cannot be made.

A contingent asset is neither recognized nor disclosed in the financial statements.

3.16 Financial Instruments

Financial assets and financial liabilities are recognized when the Company becomes a party to the
contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are
directly attributable to the acquisition or issue of financial assets and financial liabilities (other than
financial assets and financial liabilities at fair value through profit or loss) are added to or deducted
from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair
value through profit or loss are recognized immediately in profit or loss.

Financial Assets
All regular way purchases or sales of financial assets are recognized and derecognized on a trade date
basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of
assets within the time frame established by regulation or convention in the marketplace.

All recognized financial assets are subsequently measured in their entirety at either amortized cost or
fair value, depending on the classification of the financial assets.

Classification of Financial Assets

Debt instruments that meet the following conditions are subsequently measured at amortized cost
(except for debt instruments that are designated as at fair value through profit or loss on initial
recognition):

• the asset is held within a business model whose objective is to hold assets in order to collect
contractual cash flows; and
• the contractual terms of the instrument give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
All other financial assets are subsequently measured at fair value.
Effective Interest Method
The effective interest method is a method of calculating the amortized cost of a debt instrument and
of allocating interest income over the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash receipts (including all fees and points paid or received that form an
integral part of the effective interest rate, transaction costs and other premiums or discounts) through
the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying
amount on initial recognition.

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Income is recognized on an effective interest basis for debt instruments other than those financial
assets classified as at FVTPL. Interest income is recognized in profit or loss and is included in the
“Other income” line item.

Financial assets at Fair Value Through Profit or Loss (FVTPL)

Financial instruments that do not meet the amortized cost criteria or Fair Value Through Other
Comprehensive Income (FVTOCI) criteria are measured at FVTPL.

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any
gains or losses arising on remeasurement recognized in profit or loss. The net gain or loss recognized
in profit or loss incorporates any dividend or interest earned on the financial asset and is included in
the ‘Other income’ line item. Dividend on financial assets at FVTPL is recognized when the Company’s
right to receive the dividends is established, it is probable that the economic benefits associated with
the dividend will flow to the entity, the dividend does not represent a recovery of part of cost of the
investment and the amount of dividend can be measured reliably.

Impairment of Financial Assets

The Company applies the expected credit loss model for recognizing impairment loss on financial
assets measured at amortized cost, trade receivables and other contractual rights to receive cash or
other financial asset.

Loss allowance for trade receivables with no significant financing component is measured at an
amount equal to life time ECL. For all other financial assets, expected credit losses are measured at an
amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from
initial recognition in which case those are measured at lifetime ECL The amount of expected credit
losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that
is required to be recognized is recognized as an impairment gain or loss in profit or loss.

Financial Liabilities and Equity Instruments

Classification as Debt or Equity
Debt and equity instruments issued by the Company are classified as either financial liabilities or
as equity in accordance with the substance of the contractual arrangements and the definitions of a
financial liability and an equity instrument.

Equity Instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after
deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds
received, net of direct issue costs.

Financial Liabilities
All financial liabilities are subsequently measured at amortized cost using the effective interest method
or at FVTPL.

Financial Liabilities at FVTPL

Financial liabilities at FVTPL represented by contingent consideration that are measured at fair value
with all changes recognized in the profit or loss.

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Derecognition of Financial Instruments
The Company derecognizes a financial asset when the contractual rights to the cash flows from the
financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition. A
financial liability (or a part of a financial liability) is derecognized from the Company's Balance Sheet
when the obligation specified in the contract is discharged or cancelled or expires.

4. Critical Accounting Judgements and Key Sources of Estimation Uncertainty

In application of the Company's accounting policies, which are described in note 3, the directors of the
Company are required to make judgements, estimates and assumptions about the carrying amounts
of assets and liabilities that are not readily apparent from other sources. The estimates and associated
assumptions are based on historical experience and other factors that are considered to be relevant.
Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the period in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and
future periods.

Critical Judgements in Applying Accounting Policies

The following are the critical judgements, apart from those involving estimations that the directors
have made in the process of applying the Company’s accounting policies and that have the most
significant effect on the amounts recognized in the financial statements.

Income Taxes
The Company’s tax jurisdiction is in Nepal. Significant judgments are involved in determining the
provision for income taxes, including the amount expected to be paid or recovered in connection with
uncertain tax positions.

Key Sources of Estimation Uncertainty

The following are the key assumptions concerning the future, and other key sources of estimation
uncertainty at the end of the reporting period that may have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year.

Useful Lives of Property, Plant and Equipment

As described above, the Company reviews the estimated useful lives of property, plant and equipment
at the end of each reporting period. There was no change in the useful lives of property, plant and
equipment as compared to previous year.

Impairment of Trade Receivables

The Company estimates the probability of collection of accounts receivable by analyzing historical
payment patterns, customer status, customer credit-worthiness and current economic trends. If the
financial condition of a customer deteriorates, additional allowances may be required.

26
 Upper Solu Hydro Electric Company Limited
Notes to the financial statements for the year ended Ashadh 31, 2081 (15 July, 2024)
5. Property, Plant and Equipment
Current Year
Cost or deemed cost Accumulated depreciation and impairment Carrying Amount

Particulars Impairment losses

Balance as at Disposals/ Balance as at Eliminated on Depreciation Balance as at As at Ashadh 31, As at Ashadh 31,
Additions Balance as at Ashadh 31, 2080 recognised in profit
Ashadh 31, 2080 Transfer Ashadh 31, 2081 disposals of assets expense Ashadh 31, 2081 2081 2080
or loss
Property Plant And Equipment (General Assets)
Office Equipment Furnitures & Fixtures 2,319,884.00 153,351.00 2,473,235.00 1,256,746.00 300,956.00 1,557,702.00 915,533.00 1,063,138.00
Automobiles 17,145,376.00 4,850,900.00 21,996,276.00 13,667,358.00 1,628,997.00 15,296,355.00 6,699,921.00 3,478,018.00
Plant & Machinery 2,184,820.00 - 2,184,820.00 469,956.00 257,231.00 727,187.00 1,457,633.00 1,714,864.00
Subtotal 21,650,080.00 5,004,251.00 - 26,654,331.00 15,394,060.00 - - 2,187,184.00 17,581,244.00 9,073,087.00 6,256,020.00
Property Plant And Equipment ( Project Assets)
Solu Hydropower Project 5,031,762,523.00 65,097,619.00 5,096,860,142.00 261,045,144.00 187,798,641.00 448,843,785.00 4,648,016,357.00 4,770,717,379.00
Subtotal 5,031,762,523.00 65,097,619.00 - 5,096,860,142.00 261,045,144.00 - - 187,798,641.00 448,843,785.00 4,648,016,357.00 4,770,717,379.00
Project Assets Under Development

Subtotal
Total 5,053,412,603.00 70,101,870.00 - 5,123,514,473.00 276,439,204.00 - - 189,985,825.00 466,425,029.00 4,657,089,444.00 4,776,973,399.00
Previous Year
Accumulated
Particulars Cost or deemed cost Carrying Amount
depreciation and impairment
Impairment losses
Balance at Ashad Disposals/ Balance at Ashad Eliminated on Balance at Ashad
Additions Balance as at Ashad 32, 2079 recognised in profit Depreciation expense As at Ashad 31,2080 As at Ashad 32, 2079
32, 2079 Transfer 31, 2080 disposals of assets 31, 2080
or loss
Property Plant And Equipment (General Assets)
Office Equipment Furnitures & Fixtures 2,218,884.00 101,000.00 2,319,884.00 913,589.00 343,157.00 1,256,746.00 1,063,138.00 1,305,295.00
Automobiles 24,400,476.00 274,900.00 7,530,000.00 17,145,376.00 18,957,294.00 6,387,867.00 1,097,931.00 13,667,358.00 3,478,018.00 5,443,182.00
Plant & Machinery 603,000.00 1,581,820.00 2,184,820.00 167,333.00 302,623.00 469,956.00 1,714,864.00 435,667.00
Subtotal 27,222,360.00 1,957,720.00 7,530,000.00 21,650,080.00 20,038,216.00 6,387,867.00 - 1,743,711.00 15,394,060.00 6,256,020.00 7,184,144.00
Property Plant And Equipment ( Project Assets)
Solu Hydropower Project 4,940,501,714.00 91,260,809.00 5,031,762,523.00 75,774,566.00 185,270,578.00 261,045,144.00 4,770,717,379.00 4,864,727,148.00
Subtotal 4,940,501,714.00 91,260,809.00 - 5,031,762,523.00 75,774,566.00 - - 185,270,578.00 261,045,144.00 4,770,717,379.00 4,864,727,148.00
Project Assets Under Development
Subtotal
Total 4,967,724,074.00 93,218,529.00 7,530,000.00 5,053,412,603.00 95,812,782.00 6,387,867.00 - 187,014,289.00 276,439,204.00 4,776,973,399.00 4,871,911,292.00
Solu Hydropower Project is in pledged for security against the loan taken from bank.

As per Our Report of Even Date

For :I.P Mainali & Associates

27
Finance Manager Chief Executive Officer Director Chairman CA Indra Prasad Mainali Chartered Accountants
Proprietor
 6.Intangible Assets

28
Current Year
Cost or deemed cost Accumulated amortization and impairment Carrying Amount
Particulars Additions from separate Transfer from Intangible Additions from internal Impairment losses rec- Balance at Ashad 31, As at Ashad 31, 2080
Balance at Ashad 31, 2080 Balance at Ashad 31, 2081 As at Ashad 31, 2080 Amortisation expense As at Ashad 31, 2081
acquisitions asets under Developments developments ognised in profit or loss 2081
Intangible Assets
Software 44,340.00 44,340.00 44,340.00 44,340.00 -
Subtotal 44,340.00 - - - 44,340.00 44,340.00 - - 44,340.00 - -
Intangible Assets Under Development

Subtotal - - - - - - - - - - -
Total 44,340.00 - - - 44,340.00 44,340.00 - - 44,340.00 - -
-
Previous Year
Cost or deemed cost Accumulated amortization and impairment Carrying Amount
Particulars Additions from separate Transfer from Intangible Additions from internal Impairment losses rec- Balance at Ashad 32,
Balance at Ashad 32, 2079 Balance at Ashad 31, 2080 Balance at Ashad 32, 2079 Amortisation expense As at Ashad 31, 2080 As at Ashad 32, 2079
acquisitions asets under Developments developments ognised in profit or loss 2080
Intangible Assets - - - -
Software 44,340.00 44,340.00 35,473.00 8,867.00 44,340.00 - 8,867.00
Subtotal 44,340.00 - - - 44,340.00 35,473.00 8,867.00 - 44,340.00 - 8,867.00

Intangible Assets Under Development -

-
Subtotal - - - - - - - - - - -
Total 44,340.00 - - - 44,340.00 35,473.00 8,867.00 - 44,340.00 - 8,867.00

As per Our Report of Even Date

For :I.P Mainali & Associates
Finance Manager Chief Executive Officer Director Chairman CA Indra Prasad Mainali Chartered Accountants
Proprietor
 Upper Solu Hydro Electric Company Limited
Notes to the financial statements for the year ended Ashad 31,2080 (15 July, 2024)
All amounts are in Rs unless otherwise stated

7. Investment in Subsidiaries (at Cost)

Particulars As at Ashadh 31, 2081 As at Ashadh 31, 2080
Sisa Hydro Electric Co. Ltd. 43,636,000.00 43,636,000.00
Sisa Hydro Electric Co. Ltd. (Advance for Share) 938,600.00 738,600.00
Total 44,574,600.00 44,374,600.00

8. Trade Receivables
Particulars As at Ashadh 31, 2081 As at Ashadh 31, 2080
Nepal Electricity Authority 101,282,312.00 111,128,909.00
Total 101,282,312.00 111,128,909.00

9. Cash and Cash Equivalents

Particulars As at Ashadh 31, 2081 As at Ashadh 31, 2080
Balances with Banks 21,331,026.00 11,552,962.00
Parbhu Bank Ltd. 942.00 411,197.00
Everest Bank Ltd. 3,220,903.00 825,247.00
NMB Bank Ltd. 332,416.00 562,933.00
Laxmi Bank Ltd. (A/C No.00511148550) 23,296.00 11,493.00
Laxmi Bank Ltd. (OD Account) 2,283,223.00
Laxmi Bank Ltd. (A/C No.00511149258) 1,834,785.00 721,459.00
Laxmi Bank Ltd. (A/C No.00511148569) 9,997,498.00 258,736.00
Laxmi Bank Ltd Debt Payment 3,154,568.00 8,714,323.00
Laxmi Bank Limited Capex Reserve 465,069.00 29,248.00
Rastriya Banijya Bank Ltd. 18,326.00 18,326.00
Cash in hand 27,012.00 20,942.00
Others
Total 21,358,038.00 11,573,904.00

10. Other Financial Assets - Current

Particulars As at Ashadh 31, 2081 As at Ashadh 31, 2080
Bank Guarantee 30,000.00 30,000.00
Bills Receivable From Others 7,731.00 1,087,659.00
Cash Margin 2,500.00 2,500.00
Other Receivables 60,839.00 301,636.00
Total 101,070.00 1,421,795.00

11. Current Tax Assets

Particulars As at Ashadh 31, 2081 As at Ashadh 31, 2080
Current tax assets
Advance Income Tax 938,942.00 686,731.00
Total 938,942.00 686,731.00

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12. Other Assets - Current
Particulars As at Ashadh 31, 2081 As at Ashadh 31, 2080
Advance to Contractors, Suppliers & Others 11,609,745.00 61,681,251.00
Prepaid Insurance 10,215,867.00 10,919,438.00
Rent Advance 186,667.00 186,667.00
Staff Advance 36,674.00 1,882,024.00
Store Consumables 136,500.00 136,500.00
Total 22,185,453.00 74,805,880.00

13. Equity Share Capital

Particulars As at Ashadh 31, 2081 As at Ashadh 31, 2080
Equity share capital 1,350,000,000.00 1,350,000,000.00
Total 1,350,000,000.00 1,350,000,000.00

Authorised Share capital : As at Ashadh 31, 2081 As at Ashadh 31, 2080

Fully paid equity shares of Rs.100 each 1,500,000,000.00 1,500,000,000.00
(as at Ashad 31,2081: 15,000,000)
Issued :

Fully paid equity shares of Rs.100 each 1,350,000,000.00 1,350,000,000.00

(as at Ashad 31,2081: 13,500,000)
Paid-up capital :
Fully paid equity shares of Rs.100 each 1,350,000,000.00 1,350,000,000.00
(as at Ashad 31,2081: 1,350,000,000)
1,350,000,000.00 1,350,000,000.00
The Company has single class of equity shares having face value of Rs. 100 per share. Every shareholder holding equity share shall have voting
rights in proportion to the their share.
Reconciliation of number of share outstanding
Particular As at Ashadh 31, 2081 As at Ashadh 31, 2080
Balance at the beginning of the year 13,500,000.00 13,500,000.00
Add: Share Issued
Balance at the end of the year 13,500,000.00 13,500,000.00

30
14. Other Equity
Particulars As at Ashadh 31, 2081 As at Ashadh 31, 2080
Reserve For Equity Instruments Through Other Comprehensive Income
Balance At the Beginning Of Year

Net Fair Value Gain On Investments In Equity Instruments At FVTOCI

Income Tax On Net Fair Value Gain On Investments In Equity Instruments
At FVTOCI
Balance At the End Of The Year
Share Premuim
Share Premuim
Retained Earnings
Balance At the Beginning Of Year (85,716,589.00) (47,179,419.00)
Profit For The Year 10,695,856.00 (35,940,330.00)
Less: Dividend Paid (Bonus Share)
Less: IPO Issue Expenses (2,596,840.00)
Less: Dividend Paid (Cash)
Total Retained Earning (75,020,733.00) (85,716,589.00)
Balance at the End of the Year (75,020,733.00) (85,716,589.00)
Total (75,020,733.00) (85,716,589.00)

15. Non-current Borrowings

Particulars As at Ashadh 31, 2081 As at Ashadh 31, 2080
Secured – at Amortised Cost
Term loans
-From Banks 3,545,511,276.00 3,660,615,854.00
Less: Current Portion of Long Term Loans (142,033,610.00) (114,810,865.00)
Total Non-current Borrowings 3,403,477,666.00 3,545,804,989.00

16. Current Borrowings

Particulars As at Ashadh 31, 2081 As at Ashadh 31, 2080
Unsecured - At Amortised Cost
(a) Loans Repayable On Demand
Bridge Gap Loan -
Laxmi Bank Ltd. (Overdraft Loan) 56,764,224.00
- Current Portion Of Long Term Loans 142,033,610.00 114,810,865.00
Total 142,033,610.00 171,575,089.00

31
17. Other Financial liabilities - Current
Particulars As at Ashadh 31, 2081 As at Ashadh 31, 2080
Audit Fee Payable 557,500.00 557,500.00
Payable to House Owner 1,927,080.00 2,642,815.00
Royalty Paybles 13,041,689.00 13,234,507.00
Payable to Promotors - -
Bills Payable to Contractors 355,328.00 5,662,122.00
Salary Payable 2,323,315.00 2,675,255.00
Other Payable to Staff 43,518.00 66,228.00
Renention Money Payable 1,634,302.00 1,376,670.00
Other Payable 877,209.00 3,817,181.00
Bill Payables to Suppliers 1,295,374.00 1,722,642.00
Advance from Supplier - 42,866.00
Total 22,055,315.00 31,797,786.00

18. Current Tax liabilities

Particulars As at Ashadh 31, 2081 As at Ashadh 31, 2080
Provision for Income Tax 791,350.00 861,013.00
Total 791,350.00 861,013.00

19. Other Current Liabilities

Particulars As at Ashadh 31, 2081 As at Ashadh 31, 2080
Staff PF, SSF and CIT Payable 94,528.00 545,951.00
Gratuity Payable 1,498,418.00 1,853,556.00
Provision For Staff Bonus 236,638.00 -
Provision for CSR Expenses 108,039.00 -
Staff Bonus Payable 1,886,958.00 1,886,958.00
TDS Payable 368,070.00 2,356,465.00
Total 4,192,651.00 6,642,930.00

32
 Upper Solu Hydro Electric Company Limited
Notes to the financial statements for the year ended Ashad 31,2080 (15 July, 2024)
All amounts are in Rs unless otherwise stated

20. Revenue From Operations

Particulars Year ended Ashadh 31, 2081 Year ended Ashadh 31, 2080
Electricity Sale to NEA 674,814,319.00 667,869,562.00
Total 674,814,319.00 667,869,562.00

21. Cost of Operations

Particulars Year ended Ashadh 31, 2081 Year ended Ashadh 31, 2080
Royalty Expenses 15,864,130.00 15,701,976.00
Project Operation 33,279,515.00 38,042,399.00
Review Consulting Services 237,300.00 224,249.00
Consultancy Service 219,446.00 316,400.00
Internal Conumption NEA 27,324.00 28,512.00
Fuel Expenses 1,849,788.00 2,274,760.00
Insurance Expenses 20,643,633.00 23,491,478.00
Office Rent Site 333,333.00 360,000.00
Renewals-Vehicle Tax 148,200.00 299,520.00
Repair & Maintenance - Vehicle (Block - C) 1,771,760.00 1,252,854.00
Repair & Maintenance - Project 881,779.00 3,040,657.00
Security Expenses 6,793,812.00 6,040,037.00
Travel Expenses 330,527.00 638,811.00
Rates & Taxes - 4,046.00
Trasportation Expenses - 66,667.00
Vehicle Running Expense 42,613.00 4,408.00
Employee Benefit Expenses 25,442,266.87 22,705,595.00
Staff Salary 25,442,266.87 22,705,595.00
Total 74,585,911.87 76,449,970.00

22. Other Income

Particulars Year ended Ashadh 31, 2081 Year ended Ashadh 31, 2080
Interest Income from Call Account 1,555,657.00 878,786.00
Plant hire income 1,321,624.00 1,199,920.00
Gain on Disposal of Vehicle 2,357,868.00
Miscellaenous Income 846,718.00 1,973,120.00
Total 3,723,999.00 6,409,694.00

33
23. Administrative Expenses
Particulars Year ended Ashadh 31, 2081 Year ended Ashadh 31, 2080
Advertising & Publicity 92,852.00 531,633.00
Annual General Meeting Expenses 98,609.00 122,961.00
Audit Fee 565,000.00 565,000.00
Internal Audit Fee 169,500.00
Corporate Social Responsibility Expenses 1,015,472.00 896,218.00
Electricity 699,638.00 545,199.00
Guest Entertainment 839,882.00 776,881.00
ICRA Rating Expenses 752,168.00 580,940.00
Share Management Fee 150,000.00 145,068.00
IT Services & Solutions 861,973.00 805,690.00
Legal Advice Service Fee 632,800.00 649,750.00
Meeting Allowance 600,000.00 883,529.00
Membership Fee 60,000.00 60,000.00
Mess Expenses 1,495,645.00 1,338,605.00
Miscellaneous Expenses 148,885.00 245,867.00
Office Contingencies & Equipment Expenses 55,880.00 17,063.00
Office Expenses-Utilities 729,202.00 994,009.00
Office Refreshment 138,179.00 115,408.00
Office Rent-Head Office 3,636,000.00 1,890,000.00
Registration and Renewal Expenses 633,200.00 70,252.00
Repair & Maintenance - Office Equipment (Block - B) 5,400.00 37,000.00
Repair & Maintenance of Generator - 6,750.00
Staff Welfare - 25,100.00
Stationeries 135,734.00 113,912.00
Talk Time for Mobile 60,400.00 62,030.00
Telephone 20,700.00 33,300.00
Toiletries 22,118.00 19,290.00
Vehicle Insurance Expenses 147,528.00 143,623.00
Total 13,766,765.00 11,675,078.00

24. Employee Benefits Expense

Particulars Year ended Ashadh 31, 2081 Year ended Ashadh 31, 2080
Staff Salary & Benefit 17,002,093.13 19,937,588.00
Other Alllowances 489,947.00 724,834.00
Total 17,492,040.13 20,662,422.00

25. Finance Cost

Particulars Year ended Ashadh 31, 2081 Year ended Ashadh 31, 2080
Bank & Financial Institution
Bank Charges 3,183,985.00 5,303,355.00
Interest Expenses 367,486,166.00 424,815,964.00
Total Finance Expenses 370,670,151.00 430,119,319.00
NFRS Adjustments on Term Loans 205,742.00 (16,562,505.00)
Total Finance Expenses 370,875,893.00 413,556,814.00
Less: Capatilization Of Interest -
Total 370,875,893.00 413,556,814.00

34
26. Depreciation And Amortisation Expenses
Particulars Year ended Ashadh 31, 2081 Year ended Ashadh 31, 2080
Depreciation Of Property, Plant And Equipment (General
Assets) 2,187,184.00 1,743,711.00
Depreciation Of Property, Plant And Equipment (Project
Assets) 187,798,641.00 185,270,578.00
Amortization Expenses on Intangible Assets
Less: Capatilization Portion
Total Depreciation And Amortisation Pertaining To
Continuing Operations 189,985,825.00 187,014,289.00

27. Impairment Losses On Financial Assets And Reversal Of Impairment On Financial Assets
The management has concluded to the best of its decisions, there are no indications of impairment as at Balance sheet date and the carrying
amount of these asset , exceeds its recoverable amount (i.e. the higher of the asset’s net selling price and value in use). Hence, no impairment
losses on financial assets and reversal of impairment on financial assets is recognized.

28. Income Taxes Relating to Continuing Operations

28.1 Income Tax Recognised in Profit or Loss
Particulars Year ended Ashadh 31, 2081 Year ended Ashadh 31, 2080
Current tax
In respect of the current year 791,350.00 861,013.00
In respect of prior years
Others
791,350.00 861,013.00
Deferred tax
In respect of the current year

Total income tax expense recognised in the current year

relating to continuing operations

28.2 Income Tax Recognized in Other Comprehensive Income

Particulars Year ended Ashadh 31, 2081 Year ended Ashadh 31, 2080
Current tax
In respect of the current year
In respect of prior years
Others

Deferred tax
In respect of the current year

Total income tax expense recognised in the current year

relating to continuing operations

35
29. Earnings Per Share
Particulars Year ended Ashadh 31, 2081 Year ended Ashadh 31, 2080
From Continuing Operations Rs. per share
Basic Earnings Per Share 0.79 (2.66)
Diluted Earnings Per Share 0.79 (2.66)
a)There are no potential dilutive instruments.
29.1. Basic Earnings per share
The earnings and weighted average number of equity shares used in the calculation of basic earnings per share are as follows.
Particulars Year ended Ashadh 31, 2081 Year ended Ashadh 31, 2080
Profit for the year attributable to owners of the Company
(A) 10,695,856.00 (35,940,330.00)
Weighted average number of equity shares for the purposes
of basic earnings per share (B) 13,500,000.00 13,500,000.00
Basic Earnings per share (A/B) 0.79 (2.66)

36
 Upper Solu Hydro Electric Company Limited
Notes to the financial statements for the year ended Ashad 31, 2081 (15 July, 2024)
All amounts are in Rs unless otherwise stated

30. Segment Reporting
The management evaluates the Company's performance and allocates resources based on the analysis
of various performance indicators, however the company is primarily engaged in only one segment,
i.e., "Generation and sale of electricity" and that all its operations are in Nepal. Hence the Company
does not have any reportable segments as per NFRS 8 "Operating Segments".

31.1 Financial risk management objectives
The company’s principal financial liabilities, comprise trade and other payables and borrowings. The
main purpose of these financial liabilities is to support its operations. The company’s principal financial
assets include trade and other receivables, cash & cash equivalents, that are derived directly from its
operations. The company's activities expose it to a variety of financial risks: credit risk, liquidity risk,
market risk. The company's Board of Directors reviews and sets out policies for managing these risks
and monitors suitable actions taken by management to minimize potential adverse effects of such
risks on the company's operational and financial performance.

31.2 Credit Risk
Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in
financial loss to the Company. The credit risk for the company primarily arises from credit exposures
to trade receivables.
Trade and other receivables: The company’s business is predominantly through sales of power. The
company has PPA agreement with Nepal Electricity Authority (NEA). NEA is government body due
to which the risk of credit default is significantly low.
Other Financial Assets: Credit risk from balances with banks and financial institutions are managed
by maintaining the balances with highly reputed Commercial banks only.

31.3 Liquidity risk management
Liquidity risk is the risk that the company will encounter difficulty in meeting the obligations associated
with the financial liabilities that are settled by delivering cash or another financial asset. The company's
approach to managing liquidity is to ensure , as far as possible, that will always have sufficient liquidity
to meet both normal and stressed conditions, without incurring unacceptable losses or risking damage
to the company's reputations.
Liquidity risk tables
The following tables detail the company's remaining contractual maturity for its financial liabilities
with agreed repayment periods.

37
 Financial Liabilities Less than 1 year 1 - 3 years 5 years and above Total
31 Ashad, 2081
(i) Borrowing 171,575,089.00 633,437,140.00 2,740,499,047.00 3,545,511,276.00
(ii) Other Financial Liabilities 22,055,315.00 - - 22,055,315.00
193,630,404.00 633,437,140.00 2,740,499,047.00 3,567,566,591.00
31 Ashad, 2080
(i) Borrowing 171,575,089.00 535,083,436.00 3,010,721,553.00 3,717,380,078.00
(ii) Other Financial Liabilities 31,797,786.00 - - 31,797,786.00
203,372,875.00 535,083,436.00 3,010,721,553.00 3,749,177,864.00

31.4 Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instruments will fluctuate
because of changes in market prices. Market prices comprise three type of risk: interest rate risk,
currency risk and other price risk such as equity price risk .
Interest Rate Risk: The company has material exposure to the debt instruments and on which interest
rate is fluctuating according to the market .
Particulars As at Ashadh 31, 2081 As at Ashadh 31, 2080
Carrying Amount Fair value Carrying Amount Fair value
Non-current Assets
Current
(i)Trade Receivables 101,282,312.00 101,282,312.00 111,128,909.00 111,128,909.00
(ii) Cash and Cash Equivalents 21,358,038.00 21,358,038.00 11,573,904.00 11,573,904.00
(iii) Other Financial Assets 101,070.00 101,070.00 1,421,795.00 1,421,795.00
Total 122,741,420.00 122,741,420.00 124,124,608.00 124,124,608.00
Liabilities
Non current
Borrowings 3,403,477,666.00 3,403,477,666.00 3,545,804,989.00 3,545,804,989.00
Current
(i) Borrowings 142,033,610.00 142,033,610.00 171,575,089.00 171,575,089.00
(ii) Other Financial Liabilities 22,055,315.00 22,055,315.00 31,797,786.00 31,797,786.00
Total 3,567,566,591.00 3,567,566,591.00 3,749,177,864.00 3,749,177,864.00

32. Fair value measurements
This note provides information about how the Company determines fair values of various financial
assets and financial liabilities.
Fair value measurements are categorized into Level 1, 2, or 3 based on the degree to which the
inputs to the fair value measurements are observable and the significance of the inputs to the fair value
measurement in its entirety, which are described as follows:
• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities
that the entity can access at the measurement date;
• Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable
for the asset or liability, either directly or indirectly; and
• Level 3 inputs are unobservable inputs for the asset or liability.
The directors are of the belief that the carrying amounts of financial assets and financial liabilities
recognized in the financial statements approximate their fair values.

38
 Upper Solu Hydro
Electric Company Limited
Notes to the financial statements for the year ended Ashad 31,2081 (15 July, 2024)
All amounts are in Rs unless otherwise stated
33. Related Party Disclosures
(a)Key Management Personnel
Mr. Suresh Lal Shrestha Chairman
Mr. Dinesh Lal Shrestha Managing Director
Mr. Shekhar Kumar Rana Director
Ms.Kusum Gorkhali Director
Mr. Mahendra Bahadur Shrestha Director
Mr. Ajay Kumar Dahal Independent Director
Mr. Yagartha Pokhrel CEO

(b) Subsidiaries
Sisa Hydro Electric Co. Pvt. Ltd. (Fully Subsidiary)

Summary of closing Balances with Related Parties

For the Year Ended
Ashad 31,2081 Transaction (Net) Ashad 31,2080
Investment in Subsideries
Sisa Hydro Electric Co. Pvt. Ltd. (Fully
Subsidiary) 44,574,600.00 200,000.00 44,374,600.00
Company has paid Rs 3,636,000 for rent to Mr. Rajesh Lal Shrestha in FY 2080.81
(2079.80: Rs1,890,000)

Salary, Benefit & Allowances of Key Management Personal:

Particulars " Salary, Benefits & Allowances "
Mr. Suresh Lal Shrestha 120,000.00
Mr. Dinesh Lal Shrestha 8,484,920.00
Mr. Shekhar Kumar Rana 90,000.00
Ms.Kusum Gorkhali 75,000.00
Mr. Mahendra Bahadur Shrestha 90,000.00
Mr. Ajay Kumar Dahal 90,000.00
Mr. Yagartha Pokhrel 5,053,400.00
Total 14,003,320.00

34. Contingent Liabilities and Commitments

Company has following contingent liabilities:
a. CE Construction Pvt. Ltd. (a contractor) has claimed Rs 58,569,910 to the Company for various
reasons.
b. The Company has booked the royalty expenses as per Electricity Act, 2049, however the au-
thority claimed royalty according to generation licensee. The Company filed the petition at
Honorable Supreme Court against the claim of the authority.

39
40
41
42
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ldltM

43
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bf]>f] 357.00 216.20 345.00 49 9525 851,123
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s :yflgo ahf/df cfaZos pks/0fx? tyf kf6k'hf{x? pknAw gx'Fbf afXo cfk'lt{stf{x?df lge{/ x'g' kbf{ nfut
a9\g] tyf ;dodf pknAwtfdf s7LgfO{ .
s hnafo' kl/j{tgsf] sf/0f vf]nfgfnfdf kfgLsf] axfjdf sdL cfpbf cfof]hgfx?sf] laB't pTkfbg Ifdtf x'bfF x'Fb}
klg laB't pTkfbgdf x|f; .

44
/0fgLtL M
s ;dodf g} elaiodf x'g ;Sg] c;/ tyf k|efjsf] d'Nofªsg u/L To;sf] k"j{tof/Lsf ;fy cfof]hgfsf] ;+rfng
ug]{ .
s :yflgo ahf/df cfj:os pks/0fx? tyf kf6{k'hf{x?sf] ;/ntfsf ;fy pknJwtf gx'g] x'Fbf ;dodf g} Joj:yfkg
ug]{ .
s cfof]hgf ;+rfngsf] nfuL cfj:os hgzlQmx?sf] ;dodf g} klxrfxg / Joj:yfkg .

&= ;+:yfut ;'zf;g M

s k|rlnt P]g, lgod, lgodgsf/L lgsfox? tyf ;Da4 kIfaf6 ;do ;dodf ul/Psf lgb]{zg tyf kl/kqx?sf]
kl/kfngf ul/Psf] 5 . ;+:yfut ;'zf;gnfO{ ;b}j x[boËd ub}{ cfO{Psf] / ;+:yfut ;'zf;gsf] nfuL cfaZos
sfo{x? ;b}a ul/Psf] / ul/g] .
s ;+:yfut ;'zf;g clej[låsf] nfuL sd{rf/L lalgodfjnL, cfly{s k|zf;g ljlgodfjnL, cfGt/Ls lgoGq0f
k|0ffnLnfO{ r':t b'?:t /fVgsf] nfuL n]vfkl/If0f ;ldtL, cGt/Ls n]vfk/LIfssf] lgo'QmL tyf cWofjlws ?kdf
;+rfns ;ldtLåf/f a]nf a]nfdf lbg] lgb]{zgx?sf] kfngf ug]{ ul/Psf] .

;'/]znfn >]i7 cfO{=lk= d}gfnL P08 P;f]l;P6\;

cWoIf n]vfkl/Ifs

45
 cfof]hgfsf] OG6]s

46
cfof]hgfsf] h]g]/]6/ cG8/ :n';

47
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