Accounting Policies of Anand Projects Ltd. Company

Mar 31, 2024

2 Significant Accounting Policies.

2.1 Statement of compliance

In accordance with the notification dated 16th February, 2015, issued by the Ministry of Corporate Affairs, the Company
has adopted Indian Accounting Standards (referred to as “Ind AS”) notified under the Companies (Indian Accounting
Standards) Rules, 2015 (as amended) with effect from April 1, 2017

The standalone financial statements for the year ended March 31, 2024 have been prepared in accordance with Ind AS
notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended).

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted
or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

2.2 Basis of Preparation

The standalone financial statements have been prepared on a historical cost basis, except for the certain financial assets
measured at fair value (refer accounting policy regarding financial instruments).

The standalone financial statements are presented in f and all values are rounded to the nearest f lakh with two decimal
points, except when otherwise indicated.

All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and
other criteria set out in Ind AS 1 ''Presentation of Financial Statements'' and Schedule III to the Companies Act, 2013.

Current Assets do not include elements which are not expected to be realised within 12 months and Current Liabilities do
not include items which are due after 12 months, the period of 12 months being reckoned from the reporting date.

2.3 Revenue Recognition:

The Company has adopted Ind AS 115 using the cumulative effect method with the effect of initially applying this standard
recognized at the date of initial application (i.e. 1 April 2018).

Revenue from project development activity which are in substance similar to delivery of goods is recognised upon transfer
of significant risk and rewards of ownership of the goods to the customer which generally coincides with delivery and
acceptance of the goods sold. The Company adopts percentage completion method of revenue recognition. The method
adopted for determining work performed is based on completion of physical proportion of the contract work. The expenses
on incomplete projects are recognised and disclosed under the head ''Contract in Progress''.

Revenue is recognised to the extent that it is probable that economic benefit will flow to the Company and that the revenue
can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable.

Interest income is accounted for on an accrual basis at effective interest rates applicable on initial recognition.

A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the
Company performs by transferring goods or services to a customer before the customer pays consideration or before
payment is due, a contract asset is recognised for the earned consideration that is conditional.

A contract liability is the obligation to transfer goods or services to a customer for which the Company has received
consideration from the customer. If a customer pays consideration before the Company transfers goods or services to the
customer, a contract liability is recognised when the payment is made. Contract liabilities are recognised as revenue when
the Company performs under the contract.

2.4 Property Plant and equipment:

Property, plant and equipment (PPE) are stated at cost of acquisition less accumulated depreciation and impairment loss,
if any. Depreciation has been provided based on the useful life prescribed in Schedule II of the Companies Act, 2013 in
the manner stated therein. Depreciation on assets added, sold or discarded during the year is provided on pro rata basis.

For transition to Ind AS, the Company has elected to continue with the carrying value of all its property, plant and
equipment recognised as of April 1, 2016 (transition date) measured as the Previous GAAP and used that carrying value
as deemed cost as of the transition date.

2.5 Taxation

Income tax expense comprises current and deferred tax. Tax expenses are recognised in the standalone statement of
profit and loss, except to the extent that it relates to items recognised directly in equity or other comprehensive income, in
which case the corresponding tax effect is also recognised directly in equity or in other comprehensive income.

(i) Current tax

The current tax is the expected tax payable on the taxable income for the year on the basis of the tax laws enacted or
substantively enacted at the reporting date and any adjustments to tax payable in previous years. Taxable profit differs
from profit as reported in the standalone statement of Profit and Loss because it excludes items of income or expense that
are taxable or deductible in other years and it further excludes items that are never taxable or deductible.

(ii) Deferred tax

Deferred tax is recognised 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
recognised for all taxable temporary differences. Deferred tax assets are generally recognised 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 utilised.

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 realised, based on tax rates (and tax laws) that have been enacted or substantively enacted
by the end of the reporting period.

2.6 Inventories:

Inventories are valued at cost or net realisable value whichever is lower. Cost is determined on weighted average basis.

2.7 Impairment of non-financial assets

The carrying amount of assets are reviewed at each balance sheet date for any indication of impairment based on
internal/external factors. An asset is impaired when the carrying amount of the asset exceeds the recoverable amount. An
impairment loss is charged to the standalone statement of profit and loss in the year in which an asset is identified as
impaired.

2.8 Borrowing Cost:

Interest and other costs in connection with borrowing of funds to the extent related / attributed to the acquisition /
construction of qualifying assets are capitalised upto the date when such assets are ready for its intended use and other
borrowing cost are charged to standalone statement of profit and loss.

2.9 Retirement Benefits:

(i) Short term employee benefits

Short term employee benefits are recognised as expenditure at the undiscounted amount in the standalone statement of
profit and loss of the year in which the related service is rendered on accrual basis.

(ii) Post employment benefits

Post employment and other long term employee benefits comprise of gratuity and compensated absences. The gratuity
plan is a defined benefit plan. The cost of gratuity benefits is determined based on the actuarial valuation using the
projected unit method. The liability of compensated absences is worked out by the management on the basis of
outstanding number of leaves multiplied with the last drawn basic salary.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by
reference to market yields at the end of the reporting period on government bonds that have terms approximating to the
terms of the related obligation.

Re-measurements gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised in the period in which they occur, directly in other comprehensive income and is not reclassified to profit or
loss. They are included in retained earnings in the standalone statement of changes in equity.

Past service cost is recognised in profit or loss in the period of a plan amendment. The net interest cost is calculated by
applying the discount rate to the net balance of the defined benefit obligation. This cost is included in employee benefit
expense in the standalone statement of profit and loss.

2.10 Leases:

The Company as lessee

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of
time in exchange for consideration. At the date of commencement of the lease, the Company recognizes a right-of-use
asset (“ROU”) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for short term
leases and low value leases. For short-term and low value leases, the Company recognizes the lease payments as an
operating expense on a straight-line basis over the term of the lease.

Transition to Ind AS 116

Effective April 1, 2019, the Company has adopted Ind AS 116 “Leases” and applied the standard to all lease contracts
existing on April 1,2019. The Company has evaluated and classified all lease contract existing as at April 1,2019 as short
term leases / low value leases.

---

Mar 31, 2014

I) Basis of Preparation of Financial Statements:

The accounts are prepared on historical cost convention method and in accordance with the normally accepted accounting principles and the accounting standards where applicable. The Company has been following mercantile method of accounting.

ii) Use Of Estimates:

The preparation of financial statement requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Difference between actual results and estimates are recognised in the period in which they materialise.

iii) Revenue Recognition:

Income from sale Is recognised upon transfer of significant risk and rewards of ownership of the goods to the customer which generally coincides with delivery and acceptance of the goods sold. The Company generally adopts percentage completion method of revenue recognition, The method adopted for determining work performed is based on completion of physical proportion of the contract work. The expenses on incomplete projects are recognised and disclosed under the head ''Contract in Progress''. Sale of goods is exclusive of Sales Tax/VAT.

iv) Fixed Assets & Depreciation:

Fixed Assets are stated at cost of acquisition less depreciation. Depreciation is provided on WDV method as per rates prescribed in Schedule XIV of the Companies Act, 1956.

v) Investment:

Unquoted and Long Term Investments are stated at cost. Provision is mads for diminution, other than temporary, in the value of investments, wherever applicable.

vi) Deferred Tax:

Income tax expense comprises current and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting Income and taxable income for the year). The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognised using the tax rates that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future. However, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognised only if there Is a virtual certainty of realisation of such assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realised.

vii) Inventories:

Inventories are valued at cost or net realisable value whichever is lower (determined on weighted/moving average basis)

viii) Impairement of Assets:

Impairment loss is provided to the extent, the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an assets net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuous use of an asset and from its disposal as the end of its useful life.

ix) Borrowing Cost:

Interest and other costs in connection with borrowing of funds to the extent related/ attributed to the acquisition / construction of qualifying fixed assets are capitalised upto the date when such assets are ready for its intended use and other borrowing cost are charged to profit & toss account.

x) Foreign Exchange Transactions:

Foreign Exchange Transactions are recorded at the exchange rate prevailing on the dates of the transactions.

xi) Retirement Benefits:

Retirement benefits provided as and when applicable under various Acts

xii) Contingent Liabilities:

Contingent Liabilities are not provided for In the accounts and are separately disclosed by way of notes.

---

Mar 31, 2013

I) Basis of Preparation of Financial Statements :

The accounts are prepared on historical cost convention method and in accordance with the normally accepted accounting principles and the accounting standards where applicable. The Company has been following mercantile method of accounting.

ii) Use Of Estimates:

The preparation of financial statement requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Difference between actual results and estimates are recognised in the period in which they materialise.

iii) Revenue Recognition:

Income from sale is recognised upon transfer of significant risk and rewards of ownership of the goods to the customer which generally coincides with delivery and acceptance of the goods sold. The Company generally adopts percentage completion method of revenue recognition. The method adopted for determining

work performed is based on completion of physical proportion of the contract work. The expenses on incomplete projects are recognised and disclosed under the head ''Contract in Progress''. Sale of goods is exclusive of Sales Tax/VAT.

iv) Fixed Assets & Depreciation:

Fixed Assets are stated at cost of acquisition less depreciation. Depreciation is provided on WDV method as per rates prescribed in Schedule XIV of the Companies Act, 1956.

v) Investment:

Unquoted and Long Term Investments are stated at cost. Provision is made for diminution, other than temporary, in the value of investments, wherever applicable.

vi) Deferred Tax:

Income tax expense comprises current and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the year). The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognised using the tax rates that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future. However, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognised only if there is a virtual certainty of realisation of such assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realised.

vii) Inventories:

Inventories are valued at cost or net realisable value whichever is lower (determined on weighted/moving average basis)

viii) Impairement Of Assets:

Impairment loss is provided to the extent, the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an assets net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuous use of an asset and from its disposal as the end of its useful life.

ix) Borrowing Cost:

Interest and other costs in connection with borrowing of funds to the extent related/ attributed to the acquisition / construction of qualifying fixed assets are capitalised upto the date when such assets are ready for its intended use and other borrowing cost are charged to profit & loss account.

x) Foreign Exchange Transactions:

Foreign Exchange Transactions are recorded at the exchange rate prevailing on the dates of the transactions.

xi) Retirement Benefits:

Retirement benefits provided as and when applicable under various Acts

xii) Contingent Liabilities:

Contingent Liabilities are not provided for in the accounts and are separately disclosed by way of notes.

---

Mar 31, 2012

1 Basis of Preparation of Financial Statements

The accounts are prepared on historical cost convention method and in accordance with the normally accepted accounting principles and the accounting standards where applicable. The Company has been following mercantile method of accounting.

2 Use of Estimates:

The preparation of financial statement requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Difference between actual results and estimates are recognized in the period in which they materialize.

3 Revenue Recognition:

Income from sale is recognized upon transfer of significant risk and rewards of ownership of the goods to the customer which generally coincides with delivery and acceptance of the goods sold. The Company generally adopts percentage completion method of revenue recognition. The method adopted for determining work performed is based on completion of physical proportion of the contract work. The expenses on incomplete projects are recognized and disclosed under the head 'Contract in Progress'. Sale of goods is exclusive of sales tax/VAT.

4 Fixed Assets & Depreciation:

Fixed Assets are stated at cost of acquisition less depreciation. Depreciation is provided on WDV method as per rates prescribed in Schedule XIV of the Companies Act, 1956.

5 Investment:

Unquoted and Long Term Investments are stated at cost. Provision is made for diminution, other than temporary, in the value of investments, wherever applicable.

6 Deferred Tax:

Income tax expense comprises current and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the year). The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future. However, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realized.

7 Inventories:

Inventories are valued at cost or net realizable value whichever is lower (determined on weighted/moving average basis)

8 Impairments Of Assets:

Impairment loss is provided to the extent, the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an assets net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuous use of an asset and from its disposal as the end of its useful life.

9 Borrowing Cost:

Interest and other costs in connection with borrowing of funds to the extent related/ attributed to the acquisition / construction of qualifying fixed assets are capitalized upto the date when such assets are ready for its intended use and other borrowing cost are charged to profit & loss account.

10 Foreign Exchange Transactions:

Foreign Exchange Transactions are recorded at the exchange rate prevailing on the dates of the transactions.

11 Retirement Benefits:

Retirement benefits provided as and when applicable under various Acts

12 Contingent Liabilities:

Contingent Liabilities are not provided for in the accounts and are separately disclosed by way of notes.

---

Mar 31, 2010

1 SYSTEM OF ACCOUNTING : Company follows accrual system of accounting.

2 FIXED ASSETS: Fixed Assets are stated at cost of acquisition less depreciation. Depreciation is provided on WDV method as per rates prescribed in Schedule XIV of the Companies Act, 1956.

3 INVESTMENT: Unquoted and Long Term Investments are stated at cost. Provision is made for diminution, other than temporary, in the value of investments, Wherever applicable.

4 DEFERRED TAX: Income tax expense comprises current and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the year). The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognised using the tax rates that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax assets are recognised only to the extent there is reaonable certainity that the assets can be realised in future. However, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognised only if there is a virtual certainity of realisation of such assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonably/virually certain (as the case may be) to be realised.

5 INVENTORIES; Inventories are valued at cost or net realisable value whichever is lower (determined on weighted/moving average basis)

6 FOREIGN EXCHANGE TRANSACTIONS: Foreign Exchange Transactions are recorded at the exchange rate prevailing on the dates of the transactions.

7 EMPLOYEE RETIREMENT BENEFIT: Company does not have any employee and as such no policy is determined so far.

8 CONTINGENT LIABILITIES: Contingent Liabilities are not provided for in the accounts and are separately disclosed in the Notes to Accounts.

9 Policies not stated here in are not inconsistent with the requirement of Standard Accounting Policies as prescribed by ICAI of India.