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Notes to Accounts of Uniroyal Marine Exports Ltd.

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.

 
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