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Notes to Accounts of Coastal Corporation Ltd.

Mar 31, 2014

1 Contingent liabilities/claims not provided for :

Unexpired Bank Guarantee issued in favour of:

- Against letters of credit(SBLC) Rs. 90.00 Lakshs 75.00 Lakshs

- A.P.TRANSCO Rs. - 20.00 Lakshs

2 Conformation of balaces in case of Debtors and Crediots have not been received

3 Directors have waived their sitting fee hence no provision has been made in the accounts

4 In compliance with the Accounting Standard relating to "Accounting for taxes on income" (AS22) issued by the Institute of Chartered Accountants of India the Company has provided deferred tax liability of Rs.61,75,656/- on account of timing difference in the method of depreciation adopted.

5 Accounting Standard - 18 -- Related Party Disclosure

(i) Names of related parties and description of relationship

Key Management Personnel

(a) Sri T. Valsaraj - Key Management Personnel

(b) Sri.G.V.V.Satyanarayana- Key Management Personnel Enterprises in which KMP or Relatives having significant influence

(a) M/s.T.V.R.Estates and Resorts Pvt. Ltd. - Associate Company

(b) M/s.Balaji Seafoods Ltd. - Associate Company

(c) M/s.Coastal Developers Pvt. Ltd. - Associate Company

(d) M/s. Sai Srekara Realtors & Fisheries - Associate Firm

(e) M/s. Snehadara Consultants - Associate Firm

6 There are no overdue amounts payable to micro,small, and medium enterprises

7 The operations on Toll way division and Manufacture of plastic woven sacks (Poly pack division) have been completed and there will be no reporatable segments in the next year.

8 During the year 28,400 equity shares have been forfieted and the same have not been further issued. for forfeiture of shares.

9 Previous years figures have been regrouped where ever necessary.


Mar 31, 2013

1A) Corporate information:

Coastal corporation Ltd was oringinally Registered as Coastal Trawlers Pvt Ltd in the year 1981 under the Companies Act 1956 and converted into Public limited company in the year 1985. The company has made a public offer of equity shares in the year 1986. The name of the company has been changed to Coastal corporation Ltd in the year 2005. The company . is carrying on business in Export of Fish & Fish Products with processing

2 Contingent liabilities/claims not provided for:

Unexpired Bank Guarantees issued in farvour of: -Against letters of credit (S B L C) Rs. 75.00 Lakhs 50.00 Lakhs

A.P.TRANSCO Rs. 20.00 Lakhs

3 Confirmation of balances in case of Debtors and Creditors have not been received.

4 Directors have waived their sitting fee hence no provision has been made in the accounts

5 In compliance with the Accounting Standard relating to "Accounting for taxes on income"

(AS22) issued by the Institute of Chartered Accountants of India the Company has provided deferred tax liability of Rs.2,75,829/- on account of timing difference in the method of depreciation adopted.

6 There are no overdue amounts payable to micro,small, and medium enterprises

7 The company has been utilising duty free credit entitlment certificates granted by the Minister/ of Commerce and Industry, Government of India for import of plastic granuels for manufacture of piastre woven sacks. The license issued has expired on 31st January 2013 and hence the operation under this segment have been completed.

8 Interest on calls-in-arrears has not been provided in the accounts. Notices have been issued for forfeiture of shares.

9 Previous years figures have been regrouped where ever necessary.


Mar 31, 2012

(a) Terms and Rights attached to shares Equity shares

The company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of equity shares are eligible to receive share in the remaining assets of the company after distribution of all preferential amounts in proportion to their shareholding.

Preference shares

The company has only one class of Preference shares of 6.5% Redeemable Preference shares having par value of Rs.10/- per share. Preference Share holders are not entitled to vote. Preference shares carry a preferential right for repayment in priority to the equity shares to the company but shall not carry any further or other right to participate either in the profits or assets of the company. Preference Shares shall be redeemable on the expiry of 36 months from the date of allotment with an option to the company / the holder of preference share(s) to redeem the same earlier but not before the expiry of 2 years from the date of allotment.

1 The Company has not made any Provision towards leave encashment.

2 Confirmation of balances in case of Debtors and Creditors have not been received.

3 In compliance with the Accounting Standard relating to "Accounting for taxes on income" (AS22) issued by the Institute of Chartered Account ants of India the Company has provided deferred tax liability of Rs.2,75,829/- on account of timing difference in the method of depreciation adopted.

4 Accounting Standard -18 - Related Party Disclosure (i) Names of related parties and description of relationship Key Management Personnel

(a) Sri T valsaraj - Key Management Personnel

(b) Sri. G.V.V.Satyanarayana- Key Management Personnel

Enterprises in which KMP or Relatives having significant influence

(a) M/s.T.V.R.Estates and Resorts Pvt. Ltd. -As sociate Company

(b) M/s.Balaji Seafoods Ltd. -Associate Company

(c) M/s.Coastal Developers Pvt. Ltd. - Associate Company

(d) M/s. Sai Sreekara Realtors & Fisheries-Associate Firm

(e) M/s. Snehadara Consultants -Associate Firm


Mar 31, 2010

I) During the Accounting yea' the Authorised Capital of 50,00,000 Equity Shares of Rs.10 each has been reclassified as 30.00,000 Equity Shares of Rs.10 each and 20,00,000 Redeemable Preference Shares of Rs.10 each Vide special resolution passed at E.G.M held on 15.03.2010

II) Other Income includes export benefits earned on account of exports amounting to Rs.296.73 lakhs.

III) The Company has not made any Provision towards leave encashment.

IV) Confirmation of balances in case of Debtors and Creditors have not been received.

V) Directors have waived their sitting fee hence no provision has been made in the accounts

VI) In compliance with the Accounting Standard relating to "Accounting for taxes on income" (AS22) issued by the Institute of Chartered Accountants of India the Company has provided deferred tax liability of Rs. 1,91,909/- on account of timing difference in the method of depreciation adopted. The company has provided Rs.13.60 lakhs towards income under Minimum Alternate Tax.

1. Accounting Standard -18 - Related Party Disclosure

(i) List of related parties and their relationships

(a) M/s.Konad Investments & Finance Pvt Ltd. - Associate Company

(b) Sri T. Valsaraj - Key Management Personnel

(c) Sri G.V.V. Satyanarayana - Key Management Personnel

(d) M/s.Coastal Feed Products Pvt Ltd. - Associate Company

(e) M/s Balaji Seafoods Ltd - Associate Company

(f) M/s Coastal Developers Pvt. Ltd - Associate

2. Interest on calls-in-arrears has not been provided in the accounts Notices have been issued for forfeiture of shares.

3. Previous years figures have been regrouped where ever necessary.

 
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