| 1. CORPORATE INFORMATION -
Anka India Limited is a public company, incorporated in India under the
provisions of Companies Act, 1956. The Company is having its Regd.
Office at Gurgaon Haryana and Corporate office at New Delhi.
2. BASIS OF PREPARATION -
The accompanying financial statements have been prepared in accordance
with Generally Accepted Accounting Principles (GAAP) in India under the
historical cost convention on the accrual basis. GAAP comprises
mandatory accounting standard issued by the Institute of
CharteredAccountants of India (ICAI) and the provisions of Companies
Act, 1956. These accounting policies have been consistently applied,
except where newly issued accounting standard is initially adopted by
the Company. Management evaluates the effect of accounting standards
issued on an-on-going basis and ensures they are adopted as mandatory
by the ICAI.
3. Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of
Rs. 10/- per share. Each holder of equity shares is entitled to one
vote per share.
4. Secured Loan from Darsh Polymers Pvt. Ltd is secured by a first
charge and mortgage of all immovable properties both present and future
and first charge by way of hypothecation of movable assets (except book
debts), and guaranteed by a Non executive Director, a Whole time
Director and Joint Managing Director of the Company and further secured
by way of pledge of 341800 Equity Shares of Rs.10 each of promoter
group. Darsh Polymers Pvt. Ltd. has an option to convert 50% of the
amount of loan into equity, subject to the approval of the shareholders
of Anka India Ltd. and the Board for Industrial and Financial
Reconstruction and also in accordance with prevalent norms , policies
and statutory provisions.
6. Leave Encashment
There were no accumulated unavailed leaves in respect of any of the
employees as on 31.03.2014, hence no actuarial valuation was required
in this regard as on that date
Gratuity
The company had not made the provision for gratuity on the basis of
actuarial valuation. Considering the fact that only one employee is
working in the company and high cost involved in the getting the
actuarial valuation done, the provision for gratuity for the period has
been made on estimated basis. In the absence of actuarial valuation as
on 31st March 2014 the impact, of such deviation from the accounting
standard - 15 as prescribed under the Companies Act, 1956, on the
accounts is not ascertainable and also the required disclosures cannot
be made.
7. The Company has reclassified previous year figures to conform to
this year's classification.
8. In the opinion of the Management, the value on realization of
current assets, loans & advances in the ordinary course of business
would not be less than the amount at which they are stated in the
Balance Sheet and provision for all known liabilities has been made.
9. Figures are rounded-off to the nearest rupee.
10. Contingent Liabilities-
Particulars 31.03.2014 31.03.2013
Claims against the company not
acknowledged as debt or Guarantees -NIL- -NIL-
Other money for which the company is
contingently liable
Disputed Demand from Central Excise Deptt. 1,88,319 1,88,319
Disputed Demand under Land ReformAct. 1,90,000 1,90,000
Disputed Demand under Sales Tax - 1,82,760
Custom Duty Written Back 3,15,664 3,15,664
Total 6,93,983 8,76,743
11. Balances outstanding under the captioned heads Sundry Debtors,
Sundry Creditors, Loans & Advances, Bank Balances as on the date of
Balance Sheet - are subject to reconciliation and confirmation.
12. Deferred Tax -
The company has unabsorbed depreciation and carryforward losses
undertax laws. In the absence of virtual certainty of sufficient future
taxable income, net deferred tax asset has not been recognised on
prudent basis in accordance with the Accounting Standard - 22 on
"Accounting for Taxes on Income" issued by the Institute of Chartered
Accountants of India.
13. The Company being engaged only in the business of manufacture of
Shoe -Soles, separate segment reporting, in terms of Accounting
Standard AS -17 on "Segment Reporting" issued by the Institute of
Chartered Accountant of India, is not required.
14. Additional information pursuant to the provisions of Paragraph 3
and 4 of part-II of Schedule VI to the Companies Act, 1956.
15. Without considering the impact, if any, of the qualifications in
the auditor's report, the Company has no intention to discontinue its
operations even though the net worth is negative. Therefore, these
accounts have been prepared on 'Going Concern Basis'. and is looking
fora new profitable venture.
16. The company has requested its suppliers to intimate whether they
are registered under "The Micro, Small and Medium Enterprises
Development Act 2006", No supplier has intimated to the company that
they are registered under the said Act.
17. Directors have waived off their right to sitting fee in respect of
meetings of Board of Directors and committees thereof attended by them.
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