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NOTES TO ACCOUNTS

Anka India Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 14.37 Cr. P/BV 10.82 Book Value (₹) 2.12
52 Week High/Low (₹) 24/13 FV/ML 10/1 P/E(X) 0.00
Bookclosure 29/09/2018 EPS (₹) 0.00 Div Yield (%) 0.00
Year End :2014-03 
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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