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ANS Industries Ltd.

BSE: 531406 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE234J01018
BSE 00:00 | 29 Jun 9.97 0.47
(4.95%)
OPEN

9.97

HIGH

9.97

LOW

9.97

NSE 05:30 | 01 Jan ANS Industries Ltd
OPEN 9.97
PREVIOUS CLOSE 9.50
VOLUME 1
52-Week high 13.63
52-Week low 6.04
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.97
CLOSE 9.50
VOLUME 1
52-Week high 13.63
52-Week low 6.04
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

ANS Industries Ltd. (ANSINDUSTRIES) - Auditors Report

Company auditors report

To the Member of

ANS INDUSTIRIES LIMITED

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS Financial Statements of ANS INDUSTIRIESLIMITED which comprise the Balance Sheet as at March 31 2021 the Statement ofProfit and Loss the Cash Flow statement and the statement of Changes in equity for theyear ended and a summary of significant accounting policies and general notes.

Management's Responsibility for the Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 with respect to the preparation of these Ind ASfinancial statements that give true and fair view of the financial position financialperformance cash flows and changes in equity of the Company in accordance with accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)specified under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementation andmaintenance of adequate internal financial control that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Ind AS financial statement that give a true and fairview and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder. We conducted our audit of the IndAS financial statements in accordance with the Standards on auditing issued by theInstitute of Chartered Accountants of India as specified under section 143(10) of theAct. Those standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the Ind ASfinancial statement whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of theInd AS financial statement that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the Ind AS financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the Ind ASfinancial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the Ind AS financial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2021 its cash flows and the changes in equity for the year ended on that date.

Emphasis of Matters

We draw attention of members of the prevailing conditions on covid-19 pandemic whichhas impacted various operations of the company especially impact on consumer demandavailability of personnel for work and physical verification functions. Our opinion thoughnot modified but is constrained under the circumstances incorporating the specialprocedures for the stocks though not been able to physically verify and so also theimpact of extensions of so many due dates and the like relaxations by the Govt.

Other Matter

Report Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) order 2016issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act we give in the"Annexure A" a statement on the matter specified in paragraph 3 and 4 ofthe Order.

2 As required by section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss the Cash Flow Statement andStatement of Changes in equity dealt with by this Report are in agreement with the booksof accounts;

(d) In our opinion the aforesaid Ind AS financial Statement comply with the AccountingStandards specified under section 133 of the Act read with Companies (Indian AccountingStandards) Rules 2015 as amended;

(e) On and basis of written representations received from the directors as on March 312021 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of section 164(2) of theAct;

(f) With respect to the adequacy of the financial controls over financial reporting ofthe Company and the operating effectiveness of such controls refer to our separate Reportin "Annexure B" to this report;

(g) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us;

i. The Company has disclosed the impact of pending litigation on its financial positionin its Ind AS financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company;

Annexure A referred to in paragraph 1 under the heading "Report on Other Legal andRegulatory Requirement" of our report of even date.

Re: ANS INDUSTRIES LIMITED

(i) (a) The Company has maintained proper records showing full particularsincludingquantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assetsunder which fixed assets are verified in a phased manner over the period of two yearswhich in our opinion is reasonable having regard to the size of the Company and thenature of its Assets. In accordance with the program certain fixed were verified duringthe year and no material discrepancies were notices on such verification.

(c) According to the information and explanations given by the management there are nomaterial discrepancy noticed in immovable properties included in property plant andequipment of the company.

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year.

ii. (b) The procedures of physical verification of inventory followed by the managementare reasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventory. Material discrepancies werenoticed on physical verification of finished goods which were written off in the books.

iii. The Company has granted secured or unsecured loans but not to companies firms orother parties covered in the register maintained under section 189 of the Act.

(iii) In our opinion and according to the information and explanations given to usprovisions of section 185 and 186 of the Companies Act 2013 whenever applicable inrespect of loans to directors including entities in which they are interested and respectof loans and advances given investments made and guarantees and securities given havebeen complied with by the company.

(iv) The Company has not accepted any deposits from the public.

(v) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under section 148(1) of the Companies Act 2013for the products/services of the Company.

(vi) (a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees state insurance income-taxsales-tax service-tax duty of custom duty of excise value added tax cess goods andservices tax(GST) and other statutory dues applicable to it. According to the informationand explanations given to us no undisputed amounts payable in respect of provident fundemployees state insurance income-tax service-tax sales-tax duty of custom duty ofexcise value added tax cess goods and service tax(GST) and other material statutorydues were outstanding at the year end for a period of more than six months from the datethe became payable.

(vii) In our opinion and according to the information and explanations given by themanagement the Company has not defaulted in repayment of dues to bank or dues todebenture holders. The Company did not have any outstanding loans of borrowing in respectof Government of financial institution during the year.

(viii) Accordingly to the information and explanations given by the management theCompany has not raised any money way of initial public offer/further public offer /furtherpublic offer/debt instrument) and term loans hence reporting under clause (ix) is notapplicable to the Company and hence not commented upon.

(ix) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statement and according to the information and explanationsgiven by the management we report that no fraud by the Company or no fraud on the Companyby the officers and employees of the Company has been noticed or reported during the year.

(x) According to the information and explanation given to us no managerialremuneration has been paid/provided in the books of accounts. Therefore requirements underparagraph are not applicable to the company.

(xi) In our opinion the Company is not a nidhi Company. Therefore the provisions forclause 3(xii) of the order are not applicable to the Company and hence not commented upon.

(xii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.

(xiii) According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or party convertible debentures during the year underreview and hence reporting requirements under clause 3(xiv) are not applicable to theCompany and not commented upon.

(xiv) According to the information and explanations given by the management thecompany has not entered into any non-cash transactions with directors or persons connectedwith him. Accordingly the provisions of clause 3 (xv) of the Order are not applicable tothe Company and hence not commented upon.

( xv) According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

Annexure B referred to in paragraph 2(f) under the heading "Report on OtherLegal and Regulatory Requirement" of our report of even date.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013("the Act")

We have audited the internal financial controls over financial reporting of ANSINDUSTRIES LIMITED as of March 31 2021 in conjunction with our audit of the financialstatements of the company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information as underCompanies Act 2013.

Auditor's Responsibility

Our responsibilities is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingand the Standards on Auditing as specified under section 143(10) of the CompaniesAct2013 to the extent applicable to an audit of internal financial controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirement and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining and understanding of internal financial controls over financial controls overfinancial reporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on assessedrisk The procedures selected depend upon the auditor's judgement including the assessmentof the risks of material misstatement of the financial statement whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls Over Financial reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that

(1) pertain to the maintenance of the records that in reasonable detail accuracy andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transaction are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitation of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatement due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of change in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For R.C. SHARMA & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
(CA R C SHARMA)
PARTNER
Place : New Delhi. M. No. 083543
Dated : 29-06-2021
UDIN: 21083543AAAABT1331

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