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Notes to Accounts of Ocean Agro (India) Ltd.

Mar 31, 2015

1. As confirmed by the company .they have carried out investigation in respect of old outstanding debtors through a management team and taken incentive steps to recover old outstanding debtors and reviving those customer by supply of goods to them. Pursuant to scheme and work carried out by the company .they hope to recover old outstanding dues from old debtors and therefore after a detailed analytical review of recovering the same a provision of Rs.1.65 crore(approx) would be required to be made out of which Rs.65.00 lacs is provided as provision for bad & doubtful debts during the year Company intends to provide Rs.1 crore in phased manner of 2 years with a constant review of debtors provision. To that extent Rs.1 crore remains unprovided. A sum of Rs.87.50 lacs is written off as bad & doubtful debt.

2. Cost of material is not netted by Cenvat Credit. Payment of net excise debited to excised expense.

3. In the opinion of directors, the net realizable value of current assets sold in ordinary course of business is not less than the market value.

4. Some debtors, creditors, loans & advances, bank deposits are subject to confirmation and reconciliation.

5. Contingent Liabilities :

There are no contingent liabilities as certified by the Directors.

6. a) The company has identified the suppliers who are covered under the Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993. The liability under the said Act on account of interest is not ascertained as at 31 March 2015. However, no claims have been received for interest from suppliers with reference to the above Act.

b) There are no small scale industrial undertakings to whom the company owes a sum which is outstanding as per terms of contract agreed for more than 30 days as at Balance Sheet date.

7. Segment Reporting:

Considering the organization structure, nature of Products and risk and return profile based on geographical distribution, the agro chemicals business is considered as a single segment in accordance with AS-17 "Segment Reporting".

8. Related Party Disclosure :

a) Related Parties:

i) Subsidiaries of the Company Ocean Agro LLC

ii) Other related parties Industrial Additives

m) Key Management Personnel Mr. Kaushik B. Parikh (MD)

Mr. Manhar D. Patel (Jt. MD)

b) The following transactions were carried out during the year with the related parties in the ordinary course of business.

9. Disclosure as required under clause 32 of listing agreement

i) Loans and Advances in the nature of loans to Firms/Companies in which Directors are interested - Nil (Previous Year - Rs. Nil)

ii) Investment by the loanee in the shares of the Company as on 31 March 2015 is nil (Previous Year-nil)


Mar 31, 2014

1. Share Capital

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

2. Short-term borrowings

Cash Credit from Bank of Baroda carried interest @13.25% to 14.50% p.a. The C.C. is secured against paripasu charge of inventory book debt advances plot of lease hold land. Further the loan has been guranted by the personal gurantee of director Kaushik Babubhai Parikh, Manhar Dayaljibhai Patel.

3. Non Current Investments

Company has established with name ''OCEANAGRO LLC'' 100% fully owned subsidary company. Company has transferred US $456000. For that shares yet to be issued.

4. During the year under consideration Rs. 83 Lacs(approx) has been written off as bad debt, being the amount irrecoverable for debtors outstanding. Provision of Rs. 75 Lacs has been made during the year. The management is confident that had from the current year onwards the company will able to recover a substantial amount of its long outstanding. Company has setup various schemes to recover old outstandings from debtors (including farmers) and hopeful to recover substantial amount in two / three years hence no further provisions are required. Confirmations and its reconciliation from various parties and banks are in progress through professionals. Moreover, the Company has allowed credit to various debtors in lieu of interest free advance for Godown deposits given by them which is mainly used to store the goods of the Company. The debtors include amount for such facilities which is recoverable and would be useful for future expansion. Company feels that the debtors are good for recovery and no further provision is required for debts.

5. Cost of material is not netted by Cenvat Credit. Payment of net excise debited to excised expense.

6. In the opinion of directors, the net realizable value of current assets sold in ordinary course of business is not less than the market value.

7. Some debtors, creditors, loans & advances, bank deposits are subject to confirmation and reconciliation.

8. Contingent Liabilities:

There are no contingent liabilities as certified by the Directors.

9. Claims against the Company not acknowledged as debts (estimated):

2013-14 2012-13

i) In respect of Labour matters nil nil

ii) Other claims nil nil

10. a) The company has identified the suppliers who are covered under the Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993. The liability under the said Act on account of interest is not ascertained as at 31 March 2014. However, no claims have been received for interest from suppliers with reference to the above Act.

b) There are no small scale industrial undertakings to whom the company owes a sum which is outstanding as per terms of contract agreed for more than 30 days as at Balance Sheet date.

11. i) Remuneration paid to Managing Director and Joint Managing Director is computed as per the provisions of Section 198 of the Companies Act, 1956 read along with the provisions of Schedule XIII thereto.

ii) As per the terms of appointment applicable during the year, no amount is payable to the Managing Director and Joint Managing Director as Commission

12. Segment Reporting:

Considering the organization structure, nature of Products and risk and return profile based on geographical distribution, the agro chemicals business is considered as a single segment in accordance with AS-17 "Segment Reporting".

13. Disclosure as required under clause 32 of listing agreement

i) Loans and Advances in the nature of loans to Firms/Companies in which Directors are interested- Nil (Previous Year-Rs. Nil)

ii) Investment by the loanee in the shares of the Company as on 31 March 2014 is nil (Previous Year-nil)


Mar 31, 2013

1. During the year under consideration Rs.7.11 Lacs has been written off as bad debt, being the amount in recoverable for debtors outstanding.During year the under consideration no additional amount has been provided for doubtful debt. and Provision of Rs. 50 lacs has been carried forward to next year. The management is confident that had from the current year onwards the company will able to recover a substantial amount of its long outstanding.

Moreover, the Company has allowed credit to various debtors in lieu of interest free advance for Godown deposits given by them which is mainly used to store the goods of the Company. The debtors include amount for such facilities which is recoverable and would be useful for future expansion. Company feels that the debtors are good for recovery and do not need any provision for doubtful debts.

2. Cost of material is not netted by cenvate credit. Payment of net excise debited to excised expenses.

3. In the opinion of directors, the net realizable value of current assets sold in ordinary course of business is not less than the market value.

4. Some debtors, creditors, loans & advances, bank deposits are subject to confirmation and reconciliation.

5. Contingent Liabilities :

There are no contingent liabilities as certified by the Directors.

6. a) The company has identified the suppliers who are covered under the Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993. The liability under the said Act on account of interest is not ascertained as at 31 March 2013. However, no claims have been received for interest from suppliers with reference to the above Act. b) There are no small scale industrial undertakings to whom the company owes a sum which is outstanding as per terms of contract agreed for more than 30 days as at Balance Sheet date.

7. Segment Reporting:

Considering the organization structure, nature of Products and risk and return profile based on geographical distribution, the agro chemicals business is considered as a single segment in accordance with AS-17 "Segment Reporting".

8. Disclosure as required under clause 32 of listing agreement

i) Loans and Advances in the nature of loans to Firms/Companies in which Directors are interested - Nil (Previous Year - Rs. Nil)

ii) Investment by the loanee in the shares of the Company as on 31 March 2013 is nil (Previous Year - nil)

9. Unoperated Bank accounts at various C&F states having balance of approx. Rs. 40 lakhs is under reconcilation and shall be provided suitably.


Mar 31, 2012

1. During the year under consideration Rs. 17.66 Lacs has been written off as bad debt, being the amount in recoverable for debtors outstanding During year the under consideration no additional amount has been provided for doubtful debt, and Provision of Rs. 50 lacs has been carried forward to next year. The management is confident that had from the current year onwards the company will able to recover a substantial amount of its long outstanding.

Moreover, the Company has allowed credit to various debtors in lieu of interest free advance for Godown deposits given by them which is mainly used to store the goods of the Company. The debtors include amount for such facilities which is recoverable and would be useful for future expansion. Company feels that the debtors are good for recovery and do not need any provision for doubtful debts.

2. Cost of material is not netted by cenvate credit. Payment of net excise debited to excised expenses.

3. In the opinion of directors, the net realizable value of current assets sold in ordinary course of business is not less than the market value.

4. Some debtors, creditors, loans & advances, bank deposits are subject to confirmation and reconciliation.

5. The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre- revised Schedule VI to the Companies Act, 1956. Consequent to the notification under the Companies Act, 1956, the financial statements for the year ended 31st March, 2012 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification.

6. Contingent Liabilities:

There are no contingent liabilities as certified by the Directors.

7. Claims against the Company not acknowledged as debts (estimated):

2011-12 2010-11

i) In respect of Labour matters nil nil

ii) Other claims nil nil

8. a) The company has identified the suppliers who are covered under the Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993. The liability under the said Act on account of interest is not ascertained as at 31 March 2012. However, no claims have been received for interest from suppliers with reference to the above Act.

b) There are no small scale industrial undertakings to whom the company owes a sum which is outstanding as per terms of contract agreed for more than 30 days as at Balance Sheet date.

Notes:

i) Remuneration paid to Managing Director and Joint Managing Director is computed as per the provisions of Section 198 of the Companies Act, 1956 read along with the provisions of Schedule XIII thereto.

ii) As per the terms of appointment applicable during the year, no amount is payable to the Managing Director and Joint Managing Director as Commission

9. Segment Reporting:

Considering the organization structure, nature of Products and risk and return profile based on geographical distribution, the agro chemicals business is considered as a single segment in accordance with AS-17 "Segment Reporting".

10. Disclosure as required under clause 32 of listing agreement

i) Loans and Advances in the nature of loans to Firms/Companies in which Directors are interested - Nil (Previous Year - Rs. Nil)

ii) Investment by the loan in the shares of the Company as on 31 March 2012 is nil (Previous Year-nil)


Mar 31, 2010

1. During the year under consideration Rs. 23.85 Lacs has been written off as bad debt, being the amount in recoverable for debtors outstanding.During year the under consideration no additional amount has been provided for doubtful debt, and Provision of Rs. 50 lacs has been carried forward to next year. The management is confident that had from the current year onwards the company will able to recover a substantial amount of its long outstanding.

Moreover, the Company has allowed credit to various debtors in lieu of interest free advance for Godown deposits given by them which is mainly used to store the goods of the Company. The debtors include amount for such facilities which is recoverable and would be useful for future expansion. Company feels that the debtors are good for recovery and do not need any provision for doubtful debts.

2. Deferred Revenue Expenses:

Rs.7,15,000/- shown as Deferred Revenue Expenses has been writtenoff and no balance amount under the head Deferred Revenue Expenditure not written-off is with respect to sum of Marketing Expenditure remains unamortised which was deferred starting from 31-03-2001 @ 10% of the sum incurred . As per the guidelines & AS-26, it is required to be completely written-off.

3. Cost of material is not netted by cenvate credit. Payment of net excise debited to excised expenses.

4. In the opinion of directors, the net realizable value of current assets sold in ordinary course of business is not less than the market value.

5. Some debtors, creditors, loans & advances, bank deposits are subject to confirmation and reconciliation.

6. Previous years figures have been rearranged and regrouped, wherever necessary.

7. Contingent Liabilities:

There are no contingent liabilities as certified by the Directors.

8. Claims against the Company not acknowledged as debts (estimated):

2009-10 2008-09

i) In respect of Labour matters nil nil

ii) Other claims nil nil

9. a) The company has identified the suppliers who are covered under the Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993. The liability under the said Act on account of interest is not ascertained as at 31 March 2010. However, no claims have been received for interest from suppliers with reference to the above Act.

b) There are no small scale industrial undertakings to whom the company owes a sum which is outstanding as per terms of contract agreed for more than 30 days as at Balance Sheet date.

10. Segment Reporting:

Considering the organization structure, nature of Products and risk and return profile based on geographical distribution, the agro chemicals business is considered as a single segment in accordance with AS-17 "Segment Reporting".

11. Related Party Disclosure :

a) Related Parties:

i) Subsidiaries of the Company Nil

ii) Other related parties Industrial Additives

iii) Key Management Personnel Mr. Kaushik B. Parikh (MD)

Mr. Manhar D. Patei (Jt. MD)

12. Disclosure as required under clause 32 of listing agreement

i) Loans and Advances in the nature of loans to Firms/Companies in which Directors are interested- Nil (Previous Year-Rs. Nil)

ii) Investment by the loanee in the shares of the Company as on 31 March 2010 is nil (Previous Year-nil)

 
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