Mar 31, 2015
Note 1: Segment reporting
The company has only one segment. The company's operation predominantly
related to processing and exporting of marine products and has
disclosed exports as its primary segment. Since the income on account
of other activities are only incidental to the main business of seafood
export and does not individually contribute to 10% or more of the total
revenue receipts as per AS 17, separate segment reporting is not
applicable. Local turnover is not significant in total turnover.
Segment has been identified in time with AS 17 on Segment Reporting.
Operation of the company is at present only in India within a single
geographical segment.
Note 2: Previous year figures
The financial statements for the current year ended March 31, 2015 &
Previous year ended 31st March 2014 have been prepared as per Schedule
III of Companies Act 2013.
Note 3: Contingent Liabilities and commitments
For the year For the year
Contingent liabilities and commitments ended 31 ended 31
(to the extent not provided for) March 2015 March 2014
(i) Contingent Liabilities
(a) Claims against the company not
acknowledged as debt
Income Tax demand under appeal Nil 2,701,190
(b) Guarantees
1. Infavour of Spl.Tahsildar
2. In favour of KSEB 127,765 127,765
908,610 885,280
(c) Other money for which the
company is contingently liable
(Bills purchased by Banks) 72,504,177 34,416,267
73,540,552 38,130,502
(ii) Commitments
(a) Estimated amount of contracts
remaining to be executed on capital
account and not provided for Nil Nil
(b) Uncalled liability on shares and Nil Nil
other investments partly paid
(c) Other commitments Nil Nil
Nil Nil
TOTAL CONTINGENT LIABILmES 73540552 38130502
AND COMMITMENTS
Note: 4 Related Parties Disclosure (a)Details of Related Parties:
Description of Relationship
Names of Related Parties
Key Management Personnel
Mr. Anush K Thomas - Managing Director
Mr. Iype Mathew- Director
Mr. K C Thomas- Director
Ms. Nithya Alex - Director
Mr. Mohanlal- Director
Mr. Nathram- Director
Mr. Thomas P Koshy- Chief Executive
Mr. Joseph P G- Company Secretary
Ms. Bindu Suresh- CFO
Company inwhich KMP/Relatives ofKMP can exercise si£nificant influence
M/s. Max Lab Cinemas And Entertainment Private Limited
M/s. Laab M Screens Private Limited
M/s. Vismayas Max Studio Complex Private Limited
M/s. Anuja Property Developers Private Limited
M/s. Surefire Securities Private Limited
M/s. Baby Memorial Hospital Limited
M/s. Caleb Securities Private Limited
M/s. Alston Builders And Developers Private Limited
M/s. Avruti Mall Management Company Private Limited
M/s. Kensha Builders And Developers Private Limited
M/s. Freo Rentals And Leasing Private Limited
M/s. Gilgal Property Developers Private Limited
M/s. Casper Securities Private Limited
M/s. Himax Builders India Private Limited
M/s. Cornelian Realtors And Developers Private Limited
M/s. Acelin Projects Private Limited
M/s. Enso Financial Consultancy Private Limited
M/s. Baby Marine Eastern Exports, Mandapam
M/s. Baby Marine Products, Malpe
M/s. Baby Marine Exports, Calicut
M/s. Tharian & Iype, Chartered Account ants
M/s. Ramnath & Co
M/s. Pranavam Arts
M/s. Lakshmi Agencies
Relatives of KMP with whom transactions have taken place during the
year (other than those in the ordinary course of business) : NIL
Note:5
In the opinion of the Board of Directors, all items of Current
Assets, Loans and Advances continue to have a realisable value of at
least the amounts at which they are stated in the Balance sheet unless
otherwise stated
Note:6
Balances of Trade Receivables, Loans & Advances and Trade Payables
are subject to confirmation and are as per books of accounts only.
However, in the opinion of management, the reconciliation will not have
any material impact on profitability of the company for the year.
Note:7
Export premium and incentives are accounted on Receipt Basis.
Note:8
No amount is due for transfer to Investor-Education and Protection
Fund in accordance with Sec.125 ofthe Companies Act, 2013, as at the
end ofthe year.
Note:9
Cash Flow Statement is prepared under indirect method.
Note:10
Borrowing Cost:Interest and other cost in connection with the borrowing
of funds by the company are recognized as an expense in the period in
which they are incurred unless the qualifying assets for its intended
use are in progress.
Note:11
Quarterly financial results are published in accordance with the
listing agreements.
Mar 31, 2014
1. LONG TERM PROVISIONS
Export packing credit limit of Rs. 7 Crores secured by first charge on
all the goods to be exported and the whole of the company''s stock of
marine products and also charge by way of hypothecation on land,
building, machineries and equipments, ** and also personal guarantee of
Mr. K C Babu, repayable on demand.
FDBP discounted as on 31.3.2014 has been secured against document of
title to goods, evidencing export against LC and also by way of
hypothecation on land, building, machineries and equipments, and also
personal guarantee of Mr. K C ** Babu, repayable on demand.
2. SEGMENT REPORTING
The company has only one segment. The company''s operation predominantly
related to processing and exporting of marine products and has
disclosed exports as its primary segment. Since the income on account
of other activities are only incidental to the main business of seafood
export and does not individually contribute to 10% or more of the total
revenue receipts as per AS - 17 as prescribed under companies
(Accounting Standards) Rules, 2006 separate segment reporting is not
applicable. Local turnover is not significant in total turnover.
Segment has been identified in tune with AS 17 on Segment Reporting.
Operation ofthe company is at present only in India within a single
geographical segment.
3. PREVIOUS YEAR FIGURES
The financial statements for the current year ended March 31, 2014 &
Previous year ended 31st March 2013 have been prepared as per Revised
Schedule VI.
4. CONTINGENT LIABLITIES AND COMMITMENTS
Contingent liabilities and commitments For the year For the year
(to the extent not provided for) ended ended
31 March 2014 31 March 2013
(i) Contingent Liabilities
(a) Claims against the company noT
acknowledged as debt 2,701,190 0.00
(b) Guarantees
1. Infavour of Spl.Tahsildar 127765 127765
2. In favour of KSEB 885280 885280
(c) Other money for which the company
is contingently liable (Bills purchased
by banks) 34416267 36884346
35429312 367897391
(ii) Commitments
(a) Estimated amount of contracts
remaining to be executed on capital
account and not provided for Nil Nil
(b) Uncalled liability on shares and
other investments partly paid Nil Nil
(c) Other commitments Nil Nil
Nil NiL
38130502 367897391
5. Related Parties Disclosure
Relationship
1. M/s.Baby Marine Eastern Exports 11. M/s.Ramanath & Co.
2. M/s.Tharian & Iype 12. M/s.Pranavam Arts
3. M/s.Thomsun Electronics 13. M/s.Thomsun Supermarket
4. M/s.Thomsun Musics 14. M/s.East Fish Private Limited
5. M/s.Laxmi Agencies 15. M/s.Modus Logistic Pvt. Ltd.
6. M/s.Alston Builders & Developers 16. M/s.Casper Securities
Pvt. Ltd. Pvt. Ltd.
7. M/s.Kensha Builders & Developers 17. M/s.Sure Fire Securities
Pvt.Ltd. Pvt. Ltd.
8. M/s.Gilgal Property Developers 18. M/s.Clenergen India
Pvt. Ltd. Pvt. Ltd.
9. M/s.Max Lab Cinemas and
Entertainment Pvt. Ltd.
10. M/s.Falcon Infrastructures Limited
Note: Related party relationship is as identified by the company and
relied upon by the auditors.
Transaction with related parties :-Nil
6. In the opinion of the Board of Directors, all items of Current
Assets, Loans and Advances continue to have a realisable value of at
least the amounts at which they are stated in the Balance sheet unless
otherwise stated.
7.Balances of Trade Receivables, Loans & Advances and Trade Payables
are subject to confirmation and are as per books of account only.
However, in the opinion of management, the reconciliation will not have
any material impact on profitability of the company for the year.
8. Export premium and incentives are accounted on receipt basis.
a. Payment made to Directors
Directors are not claiming any commission and hence calculation of net
profit under section 349 of the Companies Act, 1956 for computation of
eligible commission to Directors are not given.
9. No amount is due for transfer to Investor Education and Protection
Fund in accordance with Sec.205C of the Companies Act, 1956, as at the
end of the year.
10. Cash Flow Statement is prepared under indirect method.
11. Borrowing Cost: Interest and other cost in connection with the
borrowing of funds by the company are recognized as an expense in the
period in which they are incurred unless the qualifying assets for its
intended use are in progress.
12. Allotment money of Rs. 1, 11,500 recoverable from 22,300 partly
paid share holders remains outstanding for long period.
13. Quarterly financial results are published in accordance with the
listing agreements.
Notes: The above cash flow statwment has been prepared under the
indirect method set out in As-3 issused by the Institute of Chartered
Account of India.
Figures in brackets are outflows.
Previous year figures have been regrouped wherever necessary.
Mar 31, 2013
Note 1: Segment reporting
The company has only one segment. The company''s opeartion predominently
related to processing and exporting of marine products and has
disclosed exports as its primary segment. Since the income on account
of other activities are only incidental to the main business of seafood
export and does not individually contribute to 10% or more of the total
revenue receipts as per AS - 17 as prescribed under companies
(Accounting Standards) Rules, 2006 separate segment reporting is not
applicable. Local turnover is not significant in total turnover.Segment
has been identified in time with AS 17 on Segment Reporting.Operation
of the company is at present only in India within a single geographical
segment.
Note 2: Previous year figures
The financial statements for the current year ended March 31, 2013 &
Previous year ended 31 March 2012 have been prepared as per Revised
Schedule VI.
3.In the opinion of the Board of Directors, all items of Current
Assets, Loans and Advances continue to have a realisable value of at
least the amounts at which they are stated in the Balancesheet unless
otherwise stated.
4.Balances of Trade Receivables, Loans & Advances and Trade Payables
are subject to confirmation and are as per books of account only.
However, in the opinion of management, the reconciliation will not have
any material impact on profitability of the company for the year.
5.Key Management Personnel:
Mr. Anush K. Thomas, Managing Director and Mr. Thomas Koshy, Chief
Executive Officer.
6. No amount is due for transfer to Investor Education and Protection
Fund in accordance with Sec.205C of the Companies Act. 1956, as at the
end of the year.
7. Cash Flow Statement is prepared under indirect method.
8. Borrowing Cost: Interest and other cost in connection with the
borrowing of funds by the company are recognized as an expense in the
period in which they are incurred unless the qualifying assets for its
intended use are in progress.
9. Allotment money of Rs. 1. 11,500 recoverable from 22,300 partly
paid share holders remains outstanding for long period. ,
10. Quarterly financial results are published in accordance with the
listing agreements.
Mar 31, 2012
Export packing credit limit ofRs. 3 Crores secured byfirst charge on
all the goods to be exported and the whole ofthe company's stock
ofmarine products and charge by way of hypothecation on land, building,
machineries and equipments, and also ** personal guarantee of Mr. K
CBabu. Repayable on demand
FDBP discounted as on 31.3.2012 has been secured against document of
title to goods, evidencing export against LC and by way of
hypothecation on land, building, machineries and equipments, and also
personal guarantee of Mr. K C Babu. ** Repayable on demand.
Note 1: Segment reporting
The company has only one segment. The company's opeartion predominently
related to processing and exporting of marine products and has
disclosed exports as its primary segment. Since the income on account
of other activities are only incidental to the main business of seafood
export and does not individually contribute to 10% or more of the total
revenue receipts as per AS 17 as prescribed under companies (Accounting
Standards) Rules, 2006 separate segment reporting is not applicable.
Local turnover is not significant in total turnover. Segment has been
identified in time with AS 17 on Segment Reporting.Operation of the
company is at present only in India within a single geographical
segment.
Note 2: Previous year figures
The financial statements for the previous year ended March 31,2011 had
been prepared as per the then applicable, Schedule VI to the Companies
Act, 1956. Consequent to the noification of Revised Schedule VI under
the Companies Act, 1956, the financial statements for the current year
ended March 31, 2012 have been prepared as per Revised Schedule VI.
Accordingly, the previous year figures have also been reclassified to
conform to this years classification. The adoption of revised schedule
VI for previous year figures does not impact recognition and
measurement principles followed for preparation of financial
statements._
Note: 3 Related Parties Disclosure
Relationship
1 Baby Marine Eastern Exports
2 Narayanan & Co.
3 Ramanath & Co.
4 M/s.Tharian & Iype
5 Pranavam Arts
6 Thomsun Eletronics
7 Thomsun Supermarket
8 Esat Fish Private Limited
9 Laxmi Agencies
10 SAM property developers and Hotels (p) Ltd Note: Related party
relationship is as identified by the company and relied upon by the
auditors. Transaction with related parties:- Ramanath & Co. Commission
on Exports Rs. 175275_
4.In the opinion of the Board of Directors, all items of Current
Assets, Loans and Advances continue to have a realisable value of at
least the amounts at which they are stated in the Balancesheet unless
otherwise stated.
5.Balances of Trade Receivables, Loans & Advances and Trade Payables
are subject to confirmation and are as per books of account only.
However, in the opinion of management, the reconciliation will not have
any material impact on profitability of the company for the year.
6. Sale of DEPB Licence is accounted on Realization Basis.
Directors are not claiming any commission and hence calculation of net
profit under section 349 of the Companies Act, 1956 for computation of
eligible commission to Directors are not given.
7. No amount is due for transfer to Investor Education and Protection
Fund in accordance with sec.205C of the Companies Act, 1956, as at the
end of the year.
8. Cash Flow Statement is prepared under indirect method.
9. Borrowing Cost: Interest and other cost in connection with the
borrowing of funds by the company are recognized as an expense in the
period in which they are incurred unless the qualifying assets for its
intended use are in progress.
10. Allotment money of Rs. 1,11,500 recoverable from 22,300 partly
paid share holders remains outstanding for long period.
11. Quarterly financial results are published in accordance with the
listing agreements.
Mar 31, 2010
1. Contingent Liabilities not
provided for Current Year Previous Year
a) Foreign documentary Bills
Discounted Rs.2,49,26,725/- Rs.2,60,14,9007-
b) Bank Guarantee given by the
Company in Favour of Special
Tahsildar: Rs.1,27,765/- Rs.1,27,765/-
c) Bank Guarantee given in favour
of KSEB Rs.8,64,970/- Rs.8,64,970/-
2. No amount is due for transfer to Investor Education and Protection
Fund in accordance with Sec.205Cof the Companies Act, 1956, as at the
end of the Year.
3. Cash Flow Statement is prepared under indirect method.
4. Contingencies and events occurring after the balance sheet date
-NIL.
5. Borrowing Cost: Interest and other cost in connection with the
borrowing of funds by the company are recognised as an expense in the
period in which they are incurred unless the qualifying assets for its
intended use are in progress.
6. Allotment money of Rs.1,11,500 recoverable from share holders
remains outstanding for long period
7. Quarterly financial results are published in accordance with the
listing agreements.
8. Previous years figures have been regrouped wherever found
necessary.