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Notes to Accounts of Oceanic Foods Ltd.

Mar 31, 2018

k Contingent liabilities are disclosed unless the possibility of outflow of resources is remote. ^b Contingent assets are not recognized in the financial statements.

Term Loan from Bank (HDFC)

(a) Loan is secured against hypothecation of stock, book debt and fixed assets. It is also secured by equitable mortgage of Industrial Land and Building situated at Jamnagar-Porbandar Highway at Lalpur, District Jamnagar and personal guarantee of directors.

(b) Rate of Interest is MCLR 1.35%

Car Loan from Bank (SBI):

(a) Tern Loan is Secured against vehicle finance

(b) Rate of Interest is MCLR 0.45%.

Term Loan from NBFC

(a) Term loan is secured against vehicle finance.

(b) Interest rate of loan is 10.82%.

(c) Term Loan is repayable in 36 monthly installment of Rs. 84,250/- commencing from 02/06/2016 and last installment of Rs. 20,83,050/-.

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