| A Background
Aankit Granites Limited was incorporated on 14th September 1989 with
its registered office in Bangalore, India. The Company is a
manufacturer of Granites Tiles. The Company also undertakes machining
and job works for its customers.
B (a) Basis of preparation and presentation of financial statements
The financial statements have been prepared and presented under the
historical cost convention on the accrual basis of accounting in
accordance with the Generally Accepted Accounting Principles in India
('Indian GAAP') and comply in all material respects with the Accounting
Standards notified by Companies (Accounting Standards) Rules, 2006 (as
amended) and the relevant provisions of the Companies Act, 1956 ('the
Act').
From the beginning of the reporting period, the revised Schedule VI
notified under the Companies Act, 1956 has become applicable to the
company, for preparation and presentation of its financial statements
which has significant impact on presentation and disclosures made in
the financial statements. The company has also reclassified the
previous year figures in accordance with the requirements applicable in
the current year. Current year and previous year figures have been
reported in Crores with two decimals.
(b) Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles, requires the management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent liabilities at the date of
the financial statements and the results of operations during the
reporting periods. Although these estimates are based upon management's
best knowledge of current events and actions, actual results could
differ from those estimates. Significant estimates used by management
in the preparation of these financial statements include the estimates
of the economic useful lives of the fixed assets, provisions for bad
and doubtful debts, recognition of deferred tax asset, provision for
employee benefits and provision for income taxes.
I. Contingent Liabilities And Commitments (in Rupees)
Contingent liabilities
Claims against the Company not
acknowledged as debt - -
Guarantees - In favour of Excise
Department 504,170 504,170
- Other money for which Company
is contingently liable
Penalty under section 114 of
Customs Act, 1962 1,000,000 1,000,000
1,504,170 1,504,170
C) As on date the company has not received intimation from any of the
parties for having registered themselves under the provisions of Macro,
Small & Medium Industries Development Act, 2006. As such the
information required under the act is not furnished for the year.
D) As there is no qualified Company Secretary, the accounts can not be
authenticated under section 215 of the companies act 1956, read with
Section 383 A of the companies act 1956. The companies has initiated
steps to recruit a qualified a company secretary.
E) Previous year comparatives Previous year's amounts have been
regrouped/reclassified wherever considered necessary to conform to
those of the current year.
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