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)