Note No. 1 Significant Accounting Policies and key accounting estimates:
Basis of preparation of financial statements:
1) The financial statements are prepared under the historical cost convention and have been prepared in accordance
with applicable mandatory Indian Accounting Standards (IND-AS) and relevant presentational requirements of
the Companies Act, 2013.
2) The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual
basis. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally
accepted accounting principle in India. Accounting policies have been consistently applied except when IND-AS
were initially adopted.
3) The preparation of financial statements in conformity with generally accepted accounting principle requires
management to make estimates and assumption that affect the reported amount of assets and liabilities and
disclosure of contingent liabilities and commitments at the end of the reporting period and results of operations
during the reporting period. Although these estimates are based upon the management's best knowledge of
current events and actions, actual results could differ from those estimates. Difference between the actual result
and estimates are recognized in the period which the results are known/materialized.
4) Property Plant and equipment are stated at cost less depreciation. The cost of these includes interest on specific
borrowings obtained for the purpose or acquiring up to the date of commissioning of the assets and other
incidental expenses incurred up to that date.
5) Plant and Machinery includes expenses incurred on erection and commissioning, foundation, laboratory equipment,
air and water pollution devices, electric installation, technical know-how fees, tools, and miscellaneous fixed
assets other than land, building, furniture & fixture, vehicles, office equipment's computer equipment's and air
conditioning equipment's. Technical know-how fee is inseparable and hence treated as part of plant & machinery.
No adjustment is required to be made as per Indian accounting standard 38 on intangible assets, issued by the
Institute of Chartered Accountants of India. Agricultural land valued at Rs. 1,90,13,150/- Situated at Sahabad
Garhi, Mawana, Meeruth (UP) is under dispute.
6) Expenditure related to and incurred during implementation of new/expansion-cum-modernization projects is
included under capital work in progress and the same is allocated to the respective tangible assets on completion
of its construction/erection.
7) Useful lives of property, plant and equipment and intangible assets:
Charge in respect of periodic depreciation of these assets is derived after determining an estimate of expected
useful life and expected residual value at the end of their life. This estimates of useful life and residual value are
determined by the management at the time of acquisition.
8) Employee benefits
Provision for employee benefits charged on accrual basis is determined based on Indian Accounting standard 19
"Employees Benefits" issued by the Institute of Chartered Accountants of India. No provision for Gratuity and
Leave encashment has been made during the year.
(i) Short-term benefits
All employee benefits payable wholly within twelve months of rendering service are classified as short
term-benefits and are recognized in the period in which employee renders service.
(ii) Post-employment benefits
Gratuity liability is provided for on the basis of actuarial valuation.
(iii) Leave salary
Liability towards leave salary is calculated and settled at the time of termination of employment.
(iii) Claims against company not acknowledged as debts
10) Long-term investments are valued at cost. Where investment are reclassified from current to long term, transfers
are made at the lower of cost and fair value at the date of transfer.
11) Inventories of raw materials, stock-in-progress, semi-finished products, stores, packing materials, spares and
loose, finished products are valued at lower of cost or net realizable value. In determining the cost, first in first
out method is used.
12) Prior year expenses/income, if any are adjusted in the respective head of expense/income. This has no effect on
the working result of the Company.
13) Depreciation is charged at the written down value rates provided in schedule II to the Companies Act, 2013,
whenever applicable.
14) The Government grants are recognized only on the assurance that the same will be received. The Government
grants in respect of capital investment have been shown as capital reserve.
15) Taxes are accounted for in accordance with Indian Accounting Standard-12 on Accounting for Taxes on Income.
Income Tax Comprise of both current and deferred Tax.
Current Tax is measured at the amount expected to be paid to/recovered from the revenue authorities, using
applicable tax rates and laws.
The tax effect of the timing difference that results between taxable income and accounting income and are
capable of reversal in one or more subsequent periods are recorded as Deferred Tax Asset or Deferred Tax
Liability. Deferred Tax Assets and Liabilities are recognized for future tax consequences attributable to timing
differences. They are measured using substantively enacted tax rates and tax regulations.
(ii) Borrowing costs are directly attributable to the acquisition, construction or production of qualifying
assets is capitalized till the month in which the assets is ready to use as part of the cost of that asset.
Other interest and borrowing costs are charged to revenue.
(iii) In case of the new industrial unit, all the operating expenditure (including borrowing costs) specifically
for the project, incurred up to the date of installation, is capitalized and added pro-rata to the cost of fixed
assets.
(iv) Revenue from sale of goods is recognized on transfer of significant risks and rewards of ownership to
the buyer. Gross revenue from operations comprises of sale of products and others operating incomes.
Excise duty in not applicable on the finished goods manufactured by the company.
(v) In the opinion of the company's Management, there is no impairment to the assets to which Indian
Accounting Standard 36 "Impairment of Assets" applied requiring any revenue recognition.
(vi) Earnings per share
Basic Earnings per equity share is computed by dividing the net profit or loss attributable to equity
shareholders of the Company by the weighted average number of equity shares outstanding during the
financial year. Diluted earnings per equity share is computed by dividing the net profit or loss attributable
to equity shareholders of the Company by the weighted average number of equity shares considered for
deriving basic earnings per equity share and also the weighted average number of equity shares that
could have been issued upon conversion of all dilutive potential equity shares.
(vii) Statement of Cash Flow
Cash flows are reported using the indirect method prescribed in IND AS 7 'Statement of Cash Flows',
whereby profit for the year is adjusted for the effects of transactions of a non-cash nature, any
deferrals or accruals of past or future operating cash receipts or payments and item of income or
expenses associated with investing or financing cash flows from operating, investing and financing
activities of the Company are segregated. The Company considers all highly liquid investments that are
readily convertible to known amounts of cash.
(viii) Certain balances of debtors, creditor's, loans and advances are subject to confirmation from parties.
Effect of the same will be adjusted at the time of confirmation.
(ix) Based on the information available with the management , there are no outstanding dues to Micro, Small
and Medium Enterprises as per Micro, Small and Medium Enterprises Development Act, 2006 as at year
end.
(x) As per information and explanation given to us there are no Benami Properties in the company.
(xi) As explained to us by the management, the company has not been declared a willful defaulter by any
bank/financial institution.
(xii) As per the information & Explanation given to us, the Company has not traded or invested in crypto
currency or virtual currency.
(xiii) The figures of previous year have been recast/re-grouped to conform to the classification required
wherever necessary to make from comparable with the figure of the current year.
(xiv) In the opinion of Board, current assets loans and advances have a realizable value equivalent to the
amount at which they are stated in the Balance Sheet and the provision for all known liabilities have been
made except to the extent appearing in the annexure to accounting policies and general notes forming
part of these financial statements.
(xv) Company has not disclosed or surrendered any income which were not disclosed in earlier year under
the relevant provision of Income Tax Act, 1961.
(xvi) Company has not entered into any transaction with any struck off company.
(xvii) Related Party Disclosures
Associates
Key Managerial Persons
Mr. Mehinder Sharma (MD), Mr. Umesh Kumar (CS) & Mr. Sanjeev Kumar CFO
Other Directors
Mr. Dhruv Sharma Director, Mr. S R Sahore, independent Direct, Mrs. Kamal Saib, Woman Independent Director,
Relatives of Directors
Mrs. Santosh Sharma, Mrs. Poonam Sharma
Entities Owned/Significantly Influenced/Controlled by KMP's or Directors Relatives
AGILE DEVELOPERS PRIVATE LIMITED, OMKARESHWAR DEVELOPERS PRIVATE LIMITED, MOUNTAIN HOTEL
AND RESORTS CHAIL PRIVATE LIMITED, MD RENTALS PRIVATE LIMITED, ANS AUTOZONE PRIVATE LIMITED, M-
TECH TOWNSHIP AND PROJECTS PRIVATE LIMITED, CONNOISSEUR DEVELOPERS PRIVATE LIMITED, OM NAMAH
SHIVAY ESTATES PRIVATE LIMITED, SHAMBUNATH PROPERTIES PRIVATE LIMITED, BANKE BIHARI PROPERTIES
PRIVATE LIMITED, ANS INFRASTRUCTURE PRIVATE LIMITED, SHARMA FARMS PRIVATE LIMITED, ANS
CONSTRUCTIONS PRIVATE LIMITED, AMRUTH BIOLOGICAL AND CLINICAL SERVICE PRIVATE LIMITED, LORDS
ISHWAR HOTELS LIMITED,
(xviii) (a) The Company has used accounting softwares for maintaining its books of account for the
financial year ended March 31, 2024 which has a feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all relevant transactions recorded in the
softwares. Further, during the course of audit there was no instance of the audit trail feature
being tampered with.
(xviii) (b) As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1,2023,
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of
audit trail as per the statutory requirements for record retention is not applicable for the financial
year ended March 31, 2024.
As per our separated report of even date For and on Behalf of the Board of Directors of
For , D M A R K S & Associates For ANS Industries Limited
CHARTERED ACCOUNTANTS
FRN: 006413N
Sd/- Sd/- Sd/-
(CA. DD NAGPAL) Mehinder Sharma Dhruv Sharma
Partner Managing Director Director
M.No. 085366 DIN:00036252 DIN:07844050
Sd/- Sd/-
Umesh Kumar Sanjeev Kumar
Date: 30.05.2024 Company Secretary CFO
Place: New Delhi M.No. ACS 30516 PAN: FTTPK4278K
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